NEW DELHI, MUMBAI, BENGALURU, KOLKATA, CHENNAI, AHMEDABAD, HYDERABAD, CHANDIGARH*, PUNE*, LUCKNOW* VOL. 18 NO.

123

Wednesday, May 22, 2024

Think Ahead. Think Growth.

mint primer QUICK EDIT

Budget homes Kashmir’s

are in coma. Can turnout
Nearly five years after Article
they be revived? 370 of the Indian Constitution
was revoked, high participa-
tion in parliamentary elections
BY MADHURIMA NANDY just held in Jammu and Kash-
A big casualty of the ongoing housing boom, ironically, has been mir (J&K) is an encouraging
affordable homes, whose supply and sales have been shrinking. By sign for the re-establishment of
contrast, the luxury homes segment has expanded. Can the budget democratic processes there.
home dream be revived? Mint explains: Voter turnout across the Union
territory was higher than in
Chasing the rich previous elections, hitting lev-
Budget housing continues to bleed even amid a recovery of the overall property sector. els unseen for decades in some
Total sales (units) (left hand scale) constituencies. Polling data is
Share of affordable housing sales Share of luxury housing sales (in %) an unreliable guide to the local
500,000 50 politics of any place. Yet, it’s
400,000 40 likely that these turnout gains
300,000 30 reflect more than just enthusi-
200,000 20 asm for democracy. It may be a
100,000 10
mark of an electorate that felt
0 0
2019 2020 2021 2022 2023 2024* confident enough to go vote, as
Note: *data available for January-March. 7 cities are: calm prevailed across much of
Delhi-NCR, MMR, Bengaluru, Chennai, Hyderabad,
Kolkata and Pune; affordable homes: less than ₹40 lakh; the valley and the fear of terror
luxury homes: more than ₹1.5 crore. attacks seemed to recede.
Source: Anarock Research Women, especially, were seen
queuing up at polling stations.
SATISH KUMAR/MINT On the whole, the numbers
How did affordable How has luxury speak well of the security situa-
1 housing lose its sheen?
Sales of homes priced at ₹40 lakh
2 housing fared?
Luxury housing is usually a big
tion in J&K. Peace in this
region has been a key aim all
and below have been falling over gainer of real estate upcycles. along. That said, the restora-
the past five years in top cities. Luxury homes have gained more tion of popular representation
Even as the overall property sector traction in supply and sales since in J&K is not yet complete. It
witnessed a recovery, budget the pandemic with branded last saw assembly elections a
housing continued to bleed. While developers launching projects in decade ago, and we need to see
home sales climbed sharply from superior locations at higher prices.
movement at the sub-national
2019 to 2023, the share of As a result, the sales share of
affordable housing dropped from luxury homes jumped from 7% in level too. The Supreme Court
38% to 19% during the period. In 2019 to 25% in 2023. In January- has set a September deadline
January-March of 2024, the sales March 2024, this was at 21%, but it for it, so assembly elections can
share stayed flattish, at 20%. Not is expected to pick up during the be expected to follow soon.
just sales, budget housing supply year. Of all the cities, Mumbai
or new launches too shrank from Metropolitan Region (MMR) has
40% to 18% in the same period. seen the most traction in this
The decline of affordable housing segment. The encouraging
became increasingly apparent
after the pandemic, as larger,
numbers have also brought back
investors – domestic and non-
MINT METRIC
premium homes gained favour. resident Indians – after a long gap. by Bibek Debroy
ISTOCKPHOTO

In Delhi, a woman married twice,

3 Is this the norm across the
major cities?
Kolkata is an exception, benefiting from a
Each husband in a fool’s paradise.
steady supply and sales of budget homes.
Neither knew the other existed,
This is primarily because home prices have But divorce suits become twisted.
risen moderately compared to other cities,
given that budget housing in Kolkata is the
In the same court—to be precise.
clear demand driver. In comparison, NCR
has seen a trend reversal–from affordable
having the lion’s share in 2019 to it slipping
to the lowest in January-March 2024.
QUOTE OF THE DAY
We’re entering this new era
4 How can budget
housing recover?
This will need government push
5 Has the government
proposed anything?
A housing scheme for the urban
where computers not only
and intervention. Developers have middle-class was proposed in the
understand us, but can actually
been asking for new incentives in Interim Budget in February. But anticipate what we want
this segment. A credit-linked there are no details. A new home
subsidy scheme (CLSS) was loan interest subsidy scheme for
and our intent.
launched in 2015, but was not low and middle-income groups
renewed in the 2023 Budget. was also announced last August.
Under CLSS, a subsidy was The scheme, said to be in the final
credited upfront to the borrower’s stages of preparation, will replace
account. A similar scheme could the discontinued CLSS. It is SATYA NADELLA
CHAIRMAN AND CEO,
help borrowers now. With rising targeted at those who live in cities MICROSOFT
construction costs and land prices, but in rented homes, slums or
building low-cost homes has ‘unauthorized colonies’. The
become challenging. Land for government will help them build
affordable housing at subsidized homes with relief in interest rates
prices could be an answer. and loans from banks.

mint Election Bites

LOW VOTER TURNOUT

MARS LOK SABHA POLLS IN METRO CITIES
Voter turnout (%) in metro cities that have gone to polls so far

South South Central North

47.7 51.9 55.2

Mumbai North East North Central North West

53.8 51.4 53.7

South Central North

For more
Bengaluru 53.2 54.1 54.5 election-based charts
and historical analysis,
visit the infographics
section on the
Hyderabad Secunderabad Malkajgiri Mint app.
Hyderabad 48.5 49.0 50.8
Data: Shuja Asrar,
Design: Satish Kumar
South Central North The data is provisional.
Chennai 54.2 54.0 60.1 Source: Election
Commission of India
 PLAIN FACTS

Dichotomies in India’s
promise of rural jobs
BY MANJUL PAUL, NITI KIRAN & HOWINDIALIVES.COM

T
he ruling party’s poll pitch has relied on several planks; welfare is one. A new Plain Facts series, starting today, will assess
the government’s progress on four key welfare schemes using granular data on beneficiaries put out by the relevant
ministries. Part 1 looks at the world’s largest jobs programme, the Mahatma Gandhi National Rural Employment Guar-
antee Scheme (MGNREGS).
Year after year, the scheme has faced cuts in its initial budgeting, but the final expenditure routinely goes astray. The gap
became even more accentuated in 2023-24, the year just before India went to polls. A Congress-era scheme once derided
by Prime Minister Narendra Modi, the MGNREGS’ budget is likely to have overshot its initial outlay by 43% last fiscal, the
widest such gap in at least eight years, barring the pandemic-hit 2020-21.
A frugal budget estimate signifies hope that the jobs market will stay afloat; an elevated final bill shows that distress found
its way. Since its launch in 2006, MGNREGS has come to be a proxy for rural distress: When more Indians seek work under
this last-resort scheme, as they did in 2020-21, it could mean access to fewer jobs otherwise. About 84% of states were still
reporting more work being done under MGNREGS in 2023-24 compared with the last pre-covid year, a Mint analysis showed.
The low budgeting despite elevated demand has often drawn criticism, with a parliamentary committee noting earlier
this year that the fund cuts tend to cascade into delays in wage payments, despite the scheme being demand-driven.

MGNREGS spending exceeded the budget Employment given under the scheme
by 43% in fiscal year 2023-24 still exceeds pre-pandemic levels
Spending on Mahatma Gandhi National Rural Employment Change in person-days of MGNREGS employment
Guarantee Scheme (in ₹ crore) given, 2019-20 vs 2023-24 (%)
Budgeted Actual

2023-24 -20 0 20 40

Arunachal
2022-23 Pradesh
Rajasthan
87.7
Uttar Pradesh
2021-22 14.2 41.4

2020-21

2019-20

2018-19 Manipur
-34
Maharashtra
2017-18 84.6

2016-17 Tamil Nadu

64.5
0 20,000 40,000 60,000 80,000 100,000 120,000
The analysis excludes West Bengal, for which
Revised estimate used instead of actuals for 2023-24. central funds for the scheme have been paused.
Source: Budget documents Source: MGNREGS dashboard, Mint calculations

Towards Normalcy Demand has eased since the covid

high, but there are exceptions
DURING THE pandemic years, demand for MGNREGS jobs Change in number of persons who demanded work under
surged across almost all states. A total of 133 million individuals MGNREGS, 2020-21 vs 2023-24 (%)
sought work in 2020-21, highlighting the acute need among Top 5
Maharashtra 30.0
returning migrant workers for such jobs. Three years later, the
Arunachal Pradesh 15.1
number was down to 93 million in 2023-24, same as in 2019-20,
Nagaland 12.6
but the drop has not been uniform countrywide.
Himachal Pradesh 6.5
A state-wise analysis showed that demand for work was still
Tripura 1.6
up by 30% in a large state economy like Maharashtra in 2023-24
compared with 2020-21, and was down by less than 10% in Bottom 5
Gujarat -29.8
Karnataka and Andhra Pradesh, indicating sustained stress in
Odisha -33.5
some pockets. Demand remained higher than the pandemic
Uttar Pradesh -43.2
year in several north-eastern states.Of the 32 states and Union
Madhya Pradesh -43.5
territories for which data could be analysed, 25 saw a decrease
Goa -49.7
in the number of persons who demanded work under The analysis excludes West Bengal, for which central funds for the
MGNREGS between 2020-21 and 2023-24. However, how scheme have been paused.
much work do they end up getting offered is a critical question. Source: MGNREGS dashboard, Mint calculations

Over 10% of those who seek work

under MGNREGS don't get it...
Unmet Demand
Share of unmet demand* under the scheme (%) HERE, THE dichotomy between employment “demanded”
FY20 FY21 FY24 and employment “availed” comes into the picture. About 10.5%
Rajasthan 15.8 11.1 7.2 of the demand for work was unmet in 2023-24, the least such
Uttar Pradesh 17.9 25.9 8.6 share during the government’s second term. That’s another
Tamil Nadu 5.6 4 3 metric that shows an uptick in work under the scheme in the
Andhra Pradesh 16.2 11.2 11.6 pre-election year. The share of unmet demand was 16% in
Madhya Pradesh 20.7 22 16.5 2020-21 and 15.6% a year before that.
Karnataka 13.7 12 10 The change varied across states. Only a handful of states
Bihar 21.6 20.1 12.7 showed sharp declines in this demand-supply gap over the past
Odisha 14.6 24.5 8.7 five years. Among major MGNREGS beneficiary states, Uttar
Chhattisgarh 22.9 18.1 15.3 Pradesh saw a significant decline in unmet demand during this
Maharashtra 15.7 15.4 13.4 period, while Tamil Nadu managed to maintain a relatively
India 15.6 16.0 10.5 lower gap that stands below 5%.
Analysis based on top 10 states that saw the highest MGNREGS
employment in FY24. *Unmet demand refers to the number of persons
However, once work is provided based on demand from a
who did not get work as a share of persons who demanded work. household, it’s the quality of employment given, as measured
Source: MGNREGS dashboard, Mint calculations
by the number of days of employment, that matters as well.

Broken Promise ...and those who do, avail far less than
the 100 days' promise
MGNREGS PROMISES at least 100 days of work each year to Average number of days of employment availed
a registered household. Yet, households that are provided work per household
get it for only around 50 days a year on average. During the 51.5 52.1 52.1
50.9
pandemic, when the number of households seeking work 48.4 47.8
45.7
through the scheme rose by nearly 40%, the average number of
days worked per household increased only marginally, from
48.4 days in 2019-20 to 51.5 in 2020-21.
As lockdowns eased, demand fell, but even in 2023-24, an
average of just 52.1 days of work was provided per household. In
the intervening years, this figure even slipped below 50. It’s
here that the parliamentary panel’s observation about the
cascading impact of frugal budgets comes into play. Experts
argue that huge delays in wage payments beyond the legal
mandate of within 15 days of the closure of muster rolls, could
disincentivize participation of rural workers in this scheme. 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24
Source: MGNREGS dashboard, Mint calculations
This is the first of a four-part data journalism series.
PARAS JAIN/MINT

PEANUTS by Charles M. Schulz

 New Delhi, mumbai, bengaluru, kolkata, chennai, Ahmedabad, Hyderabad, chaNdiGarh*, pune*, lucknow* VOL. 18 NO. 123 Rs. 10.00 . Price with Hindustan Times Rs. 15.50 18 pages

Wednesday, May 22, 2024

Q-commerce: Will Flipkart be Do NRI marriages abroad hit

livemint.com third-time lucky? uP10 succession in India? uP11

SENSEX 73,953.31 52.63 NIFTY 22,529.05 27.05 DOLLAR ₹83.31 ₹0.02 EURO ₹90.58 ₹0.21 OIL $81.35 $1.67 POUND ₹105.99 ₹0.12

Adani eyes 3 global ports, KKR picks banks DON’T MISS

MINT

to sell industrial
prepares $3 bn cash chest waste biz at $1 bn MINT
Europe, Africa, SE Asia ports on radar; group seeks presence in India-Europe route Sneha Shah &
Ranjani Raghavan
Select exports beat slowing of
Anirudh Laskar Tanzania and Australia. The com- global trade during FY24
[email protected] new horizons pany also has signed agreements
mumbai
Only a few sectors, such as engineering

K
mumbai to help in various port-related KR & Co. has set the goods, and electronic goods, witnessed a
The Adani Group is planning to fund the $3 billion capex through a activities in Vietnam, Malaysia stage for an exit from rise in their annual export value during FY24,

T
he Adani Group has mix of cash, internal accruals and debt. and the Philippines. RE Sustainability Ltd a year that saw high interest rates globally
readied a $3 billion war “The Adani Group is open to any (ReSL), selling the municipal curb demand and geopolitical conflicts
chest to build a strong $3 bn 25-30% 800 mt 3 ports ₹30,000- opportunity, especially interna- business back to its founders, increase energy prices. >P2
ports presence in the THE war chest CAPACITY CARGO PLANNED 31,000 cr tionally, for further growth in our and hiring bankers to find a
for expanding increase over handling acquisitions in REVENUE target
India-Europe corridor, international the next two capacity Europe, Africa and
in 2024-2025 portfolio. While expanding the buyer for the remaining
years South East Asia
two persons aware of the group’s ports business target international ports capacity and industrial waste business. Lenders seek to reverse deals
plans said, as it aims to capitalize higher cargo volumes, Adani The global private equity for over ₹31,000 cr in 131 cases
on the rising demand for imports Ports’ revenue is expected to be (PE) firm is seeking a valuation This is the PE firm’s second Administrators of insolvent companies have
of iron ore and coal, and exports of ₹11,500 cr 50% ₹30,000-31,000 crore in fiscal of $1 billion for its entire stake, attempt to sell the business. asked tribunals to reverse questionable pre-
finished goods. CAPEX target in THE jump in Adani Ports' profit 2025,” the first person said. three people aware of the mat- bankruptcy transactions of businesses
2024-25 to ₹8,104 cr in 2023-24
The conglomerate is likely to APSEZ’s consolidated revenue ter said on the condition Morgan have been appointed worth over ₹31,000 crore from 131 cases in
enhance its overall port (container Source: Regulatory filings; research reports in 2023-24 grew 28% year-on-year of anonymity. “The sale of the for the same,” the second per- Q4FY24 in a bid to maximise the resources
handling) capacity from around to ₹26,711 crore, and net profit municipal business back to its son added. available for restructuring them. >P5
600 million metric tonne per jumped 50% to ₹8,104 crore. Both original promoters has been This is the American PE
annum (of which 420 mmt is are record highs. completed. KKR has appointed firm’s second attempt to sell
domestic) to 800 mmt in the next An email sent to the Adani bankers to help it sell the the business, after trying a sale Meta failed to stop politically
two years, primarily via a series of Group seeking comment on the remaining business of indus- in August 2021 and a public inflammatory ads: Report
international acquisitions, the two latest capex plan remained unan- trial waste management,” one listing. According to the sec- Meta Platforms India has failed to filter at
persons said on the condition swered till press time. of the three people said. ond person, infrastructure least 14 advertising campaigns that include
of anonymity. In India, APSEZ, the country’s KKR acquired 60% in the funds and other buyout funds politically inflammatory content amid the
According to the persons, the biggest private ports operator, company, then called Ramky have been approached. “It is general elections, a report on the matter by
Adani Group has set its sights on at owns 15 ports and terminals (seven Enviro Engineers Ltd, for more palatable now. We will US-based activist bodies Eko and India Civil
least three large ports across on the west and eight on the east $530 million in 2018, with the need to discover the value of Watch International has alleged. >P9
coastal Europe, Africa and South the company’s (APSEZ) revenues Ltd (APSEZ), is planning to fund coast). The company handled a Alla Ayodhya Rami Reddy the business,” he added.
East Asia in line with its strategy. from 10% currently to about the $3 billion capex through a mix record domestic cargo volume of family holding the rest. In According to regulatory and
“This will be largely driven by 20-25% in the next three years. of cash, internal accruals and debt, 420 mmt in 2023-24, a jump of preparation for KKR’s exit, its National Company Law Tribu- Generative AI video: Excitement
inorganic growth,” the first person Also, the group’s plan is in line according to the first person. To 24% year-on-year. Adani’s cargo municipality and industrial nal (NCLT) filings seen by Mint, served with a dash of scepticism
said, adding that the group’s target with the government’s vision to acquire new overseas ports, the volumes form a big part or around waste businesses were sepa- boards of the two RE compa-
A week ago, Google unveiled Veo, a new
is to boost port revenues by achiev- build better trade ties with Euro- group may also use a part of pro- 25% of the country’s overall vol- rated, with the founders taking nies—RE Sustainability Ltd generative AI video model, in some ways,
ing economies of scale in the cru- pean, West Asian and African ceeds that are expected to come umes of around 1540 mmt (as of full control of the former and and Mumbai Waste Manage- the search giant’s direct salvo at OpenAI’s
cial international trade route that nations,” said the second person. from an upcoming fundraise. 2023-24), according to data from KKR owning the latter. ment Ltd approved the demer- Sora, introduced in February. This has
is currently dominated by China. The Adani Group, which mana- The group currently has oper- the Ministry of Ports, Shipping and “The initial outreach to PE ger on 18 January. The parties sparked debate around AI’s impact on
“The aim is to increase the con- ges ports business under Adani ating capacity in countries includ- funds have been done. Invest- creative industries such as filmmaking. >P7
tribution of international ports to Ports and Special Economic Zone ing Israel, Sri Lanka, Indonesia, TURN TO PAGE 6 ment banks Barclays and JP TURN TO PAGE 6

India inbound: Still awaiting a push Silver near ₹1 lakh

By Manjul Paul
[email protected]
Amid uneven global tourism recovery, India’s travel industry faces challenges. Despite an
triggers concerns
impressive comeback after the pandemic, the country has dropped 10 places to 39th Ram Sahgal
in the World Economic Forum’s latest Travel and Tourism Development Index, as [email protected]
compared to 2019. The index ranks countries on various factors and policies that
mumbai
enable the sustainable and resilient development of travel and tourism. India’s fall was
steeper than several other leading economies. The richer nations dominated the list

W
with the US on top. India’s poor show underlines the crucial need to streamline regula- hite-hot silver pri-
tions and incentivize investments to boost its attractiveness. Full report on page 6. ces may deter buy-
ers and spark prof-
India made the sharpest plunge India's travel and tourism it-booking if the precious
So far in FY25, share issuances of over ₹50,000 crore have been among the leading economies in score was weak among metal advances to the psycho-
lined up, not including the SME IPO market. ISTOCKPHOTO post-pandemic recovery emerging economies logical mark of ₹1 lakh a kg,
How the world's top 10 economies fare in How India scored vis-a-vis emerging market stakeholders said. The

Record IPO funds post-pandemic recovery on Travel &Tourism

Development Index

2024 rank
Change
since 2019
market peers in 2024 (score out of 7)

China 4.94
While India is culture-rich and
affordable, areas such as hygiene
metal has surged 26% this year
so far, from ₹73,501 in early
January to a record ₹92,475 The metal has surged 26% this
need improvement
likely this year as US 1 0 
on Tuesday. year so far. MINT
Indonesia 4.46 How India fared on different indicators “At ₹90,000, silver is ade-
China 8 1  (score out of 7) quately priced, and any further had slumped over the past few
Brazil 4.41 Top 3
rise could create an imbalance months because of the surge in

issue size swells 

Germany 6 1 5.8
Turkey Natural resources in pricing,” said Shekhar prices, adding a 5-10% decline
4.39
Japan 3 0  Price competitiveness 5.66 Bhandari, president-global was imminent. “When prices
Malaysia 4.28 transaction banking, Kotak rise sharply and suddenly, buy-
Dipti Sharma & India 39 10  Cultural resources 5.62
appetite and the maturing of Mahindra Bank. “There is a ers tend to defer purchases on
Mexico 4.26
Ranjani Raghavan India’s primary markets. UK 7 3  Bottom 3 good chance of a 5-10% pull- the ground that they would
Investment bankers expect France 4 2  India 4.25 Tourism services
1.6 back, given the recent spike correct,” said Modak. “A 5-10%
mumbai the IPO line-up in 2024-25 to and infrastructure we have seen, before the prices correction would see some
be twice as many as in the pre- Brazil 26 8  Thailand 4.12 Human resource 2.85 stabilize and a fresh global buying emerge.”
and labour market

L
ed by several billion-dol- vious fiscal year, as well as rally gets under way.” Silver’s rally has been
Italy 9 3  Philippines 3.84 Health and hygiene 3.47
lar share sales and rising larger in size. “Unless the mar- Agreed Amit Modak, the fuelled by a parallel rise in
A total of 17 indicators used for score calculations.
issue size, India’s initial kets witness a significant and Canada 11 1  chief executive of Pune-based gold and copper prices to
public offering (IPO) market sustained increase in volatility, Source: Travel & Tourism Development Index 2024, World Economic Forum jeweller PN Gadgil & Sons, who
may set a new record we expect (primary) issuance said demand for silver articles TURN TO PAGE 6
PARAS JAIN/MINT
in 2024-25, signalling an activity in 2024-25 to easily
enthusiasm undimmed by cross ₹1.5 trillion,” said Munish
election jitters. Aggarwal, head of equity capi-
Barely two months into
2024-25, share issuances of
over ₹50,000 crore have been
tal markets and managing
director, Equirus.
India’s IPO market has pre-
A Chinese phone maker did something Apple couldn’t: Make an EV
lined up, not including the IPO viously crossed the ₹1-trillion
market for small and medium milestone only once, in Sha Hua & Yoko Kubota tric vehicles and received company adopted practices set distance from home, smart
enterprises. According to 2021-22, with companies [email protected] nearly 90,000 binding orders. from Tesla and other automak- lights and air conditioners
Prime Database Group, that’s including Paytm and Nykaa beijing Priced between $30,000 and ers, mined its own product-de- switch on inside the residence.
about 85% of the total ₹61,915 raising about ₹1.13 trillion. $42,000, the company says the velopment know-how and In April, at China’s biggest

X
crore raised by 76 companies Paytm’s parent company iaomi is a Chinese com- SU7 can go up to 500 miles on plugged into China’s fast-mov- annual car show, executives
through mainboard IPOs in One97 Communications Ltd pany known for its rice one charge, undercutting com- ing car supply chain. Years of from the world’s largest car
2023-24, and ₹52,116 crore by raised ₹18,300 crore, while cookers, robot vacuums, parable versions of the Tesla honing laptops, blenders and brands crowded around the
37 companies the year earlier. Nykaa (FSN E-Commerce air purifiers and smartphones. Model 3 in China by around petcams helped it develop fea- Xiaomi stall. Wang Chuanfu ,
Ola Electric Mobility Pvt. Ventures Ltd) raised ₹5,351 Now, it has pulled off what $4,000 and outrunning it by tures tailored to a fickle con- chief executive of Warren Buf-
Ltd, Swiggy Pvt. Ltd, National crore, of which only about Apple, its longtime rival, couldn’t around 200 miles per charge. sumer base, including a detacha- fett-backed BYD , China’s big-
Securities Depository Ltd ₹600 crore was a primary sale. : Make an Xiaomi’s ble panel of physical buttons that gest EV maker, told Xiaomi
(NSDL), Afcons Infrastructure Amit Thawani, managing electric car feat illumi- magnetically clips on below the CEO Lei Jun that he had initially
Ltd, and FirstCry operator director and head of invest- and bring it nates a new 16.1-inch center screen for those doubted Xiaomi could pull it
BrainBees Solutions Pvt. Ltd ment banking at Nomura India, to market. reality in the who don’t like to control their off, but said he had been proved
have already approached the expects the issue size of a num- And it did it in three years. century-old automotive busi- Since early April, Xiaomi said it had delivered more than 10,000 volume or seat via touch screen. wrong. “That’s no small feat.
Securities and Exchange ber of IPOs in 2024-25 to be In its home market, Xiaomi ness: The barriers to entry for of the EVs and received nearly 90,000 binding orders. REUTERS Consumer-product expert- Respect!” he said, according to
Board of India (Sebi), while larger than $1 billion. “The size —pronounced SHAU-mee— is making a car have shrunk in ise also helped in integrating video footage of the exchange.
Tata Capital Ltd, JSW Cement of the issuances are becoming cranking out its SU7 sedan to a recent years with the emer- makes an appealing product head of China autos research the car with smartphones and
Ltd, and Hexaware Technolo- bigger and the market is also waiting list of buyers after its gence of electric vehicles. And has shifted decisively to soft- at UBS. “Chinese carmakers household devices. For exam- Eyeing Tesla
gies Ltd are also expected to able to support such transac- launch in late March. Since in this new reality, China is ware and features. are now ahead of almost every- ple, the phone screen can be Xiaomi is the world’s third-
join the queue. Several market tions comfortably,” he said. early April, the Beijing-based speeding way ahead . “New EVs are more like one else along the entire EV mirrored on the touch screen. largest smartphone maker, after
experts said the year’s IPO company said it had delivered As the hardware has become computers with batteries on supply chain.” When the car is in a “going
rush signals rising investor TURN TO PAGE 6 more than 10,000 of the elec- simpler, the focus for what wheels,” said Paul Gong, To save on time and costs, the home” mode, once it reaches a TURN TO PAGE 6
02 WEDNESDAY, 22 MAY 2024
NEW DELHI ECONOMY & POLICY LIVEMINT.COM

India may grow by

7.5% in Q1 driven by
Select exports defy slowing
rural spending: RBI of global trade during FY24
PTI
[email protected]
MUMBAI
Engineering and electronic goods, drugs and pharmaceuticals were outliers amid damp trade
I
ndia is likely to grow by 7.5% Reliance Industries is unlikely
in the first quarter of the cur- to accept the Centre’s request
rent financial year, driven by Rhik Kundu omies are following an industrial pol- for a joint effort. BLOOMBERG
rising aggregate demand and [email protected] Global headwinds icy, and are trying to strengthen their
non-food spending in the rural
economy, according to an arti-
NEW DELHI India's trade performance in 2024 was impacted by global events such as
the Red Sea crisis and Russia-Ukraine war.
manufacturing base.
Also, this form of protectionism India asks

O
cle in the RBI’s May bulletin nly a few Indian sec- Performance of key sectors in India's export basket in FY24 doesn’t only lead to higher tariffs but
released on Tuesday.
The Indian economy has
tors—engineering
goods, electronic
Year-on-year growth (in %)
Share in India's
total exports (in %)
also different kinds of standards such
as labour standards, and supply chain
refiners to
demonstrated marked resil-
ience in the face of geopolitical
headwinds impacting the sup-
Non-food spending is rising
with rural spending. MINT
goods, and drugs &
pharmaceuticals prod-
ucts—have seen a rise in their annual
Engineering goods

Petroleum products
2.1
-11.8
25.2
18.6
due diligence legislation, which can
impact our exports going forward,”
Dhar added.
collaborate
ply chain, said the article on the
state of the economy published
in April 2024. Automobile sales
increased by 25.4% (y-o-y) in
export value during FY24, a year that
saw high interest rates globally curb
Gems and jewellery

Organic and inorganic chemicals

-13.8
-2.8
7.6
6.8
In its Global Trade Outlook and Sta-
tistics report released last month, the for Russian
in the May Bulletin. April 2024, led by strong demand and geopolitical conflicts WTO said the volume of global mer-
“According to the economic
activity index (EAI), activity
growth in the two-wheelers
and three-wheelers segment,
increase energy prices.
Now, with the World Trade Organi-
Electronic goods 23.5 6.7 chandise trade will increase by 2.6% in
2024 and 3.3% in 2025 as economic
crude deal
Drugs and pharmaceuticals 9.7 6.4
rebounded in April, and early while passenger vehicles zation (WTO) expecting global goods pressures ease and incomes rise.
estimates suggest that GDP recorded the highest-ever and merchandise trade to recover Iron-ore 117.2 0.9 During 2023, global trade declined Bloomberg
growth for Q1: 2024-25 is likely monthly sales. gradually, these sectors, plus iron ore, Source: Ministry of commerce and industry
1.2% amid geopolitical and economic [email protected]
to remain close to 7.5%,” it said. “There is a growing opti- are expected to drive exports during turmoil, after registering a 3% growth

I
The EAI was constructed by mism that India is on the cusp FY25, too. in 2022, WTO data showed. ndia has made a rare request
extracting the common trend of a long-awaited economic According to commerce ministry maceuticals, together contributing US-China trade tensions leading to In value terms, the decline in mer- to its state-run oil refiners
underlying 26 high-frequency take-off. Recent indicators are data, the export of engineering goods, about 14% share in India’s export bas- more expensive value chains; and the chandise exports was more pro- and private processor Reli-
indicators of economic activity, pointing to a quickening of the which had about a 25% share in the ket, saw an annual growth of 23.5% EU’s proposed Carbon Tax and Forest nounced in 2023, falling 5% to $24.01 ance Industries Ltd to jointly
using a Dynamic Factor Model. momentum of aggregate export basket, grew by about 2.14% and 9.73%, respectively, during FY23. r e g u l a t i o n s , think t a n k trillion, while services exports negotiate a long-term supply
The Centre will be releasing demand,” said the article, pre- annually in value terms during FY24. During FY24, India’s merchandise Global Trade Research Initiative increased by 9% to $7.54 trillion dur- deal with Russia, according to
the quarterly GDP estimates for pared by a team led by Reserve During the same period, the exports stood at $437.06 bil- (GTRI) said in a report. ing 2023, partially offsetting people familiar with the matter.
Q4FY24, and provisional esti- Bank Deputy Governor Mich- export of petroleum prod- lion, down from $451.07 bil- “Going forward, these the decline in goods trade. The government wants its
mates of National Income for ael Debabrata Patra. ucts and gems & jewellery, lion during the previous sectors such as electronic Meanwhile, Indian refiners to lock in at least a third
2023-24 on 31 May.
The Indian economy grew
Non-food spending is rising
with rural spending recovery. A
which have 18.6% and
7.6% share in the export
Growth in engg
2.14% fiscal. goods, mobile assem-
Goods imports fell to bling, drugs and phar-
Decline in export
top markets such as 11.8%
exports remained flat to of their contracted supply from
Russia at a fixed discount to
8.2% in the June quarter, 8.1% modest easing of headline basket, declined by 11.8% $677.24 billion from m a c e u t i c a l s are North America (includ- help shield the nation’s econ-
in the September quarter and inflation in April confirms the and 13.83%, respectively. goods exports in $715.97 billion recorded expected to continue to of petroleum ing the US), Europe, and omy from volatile prices, the
8.4% in the December quarter expectation that an uneven and These sectors have the value terms in FY24 during the same period. do well,” said Biswajit products in FY24 West Asia North Africa people said, asking not to be
of 2023-24. lagged pace of alignment with second and third largest India’s trade perform- Dhar, a professor at the (Wana) region. named due to the sensitivity of
The article noted that high- the target is under way. share in the export basket. ance in 2024 was impacted Centre for Economic Studies However, exports talks. The appeal to join forces
frequency indicators point It also noted that for the first Shipments of organic and by global events: Houthi attacks and Planning at Delhi’s Jawahar- declined to other regions such as was informal, they added.
towards sustained momentum time in at least two years, rural inorganic chemicals, constituting on ships on the Red Sea led to higher lal Nehru University. Asean (South-east Asia), South Asia, However, Reliance is
in domestic demand condi- demand for fast-moving con- about 7% of the export basket, fell by freight and disrupted supply chains; “However, what worries me is the North-east Asia, and Africa during unlikely to share sensitive
tions in April 2024. Toll collec- sumer goods has outpaced 2.78% in value terms during FY24. expensive crude oil on account of the threat of protectionism rising among FY24, according to commerce minis- information with the state oil
tions increased by 8.6% (y-o-y) urban markets in Q4FY24. Electronic goods and drugs & phar- continuing Russia-Ukraine war; the advanced economies. These econ- try data. refiners given they’re competi-
tors in the domestic fuel mar-
ket, stifling the government’s
efforts at collaboration, they

QCOs for build-tech textiles in the works Govt invites proposals for coal said.
An oil ministry spokesman
didn’t immediately reply to a
Dhirendra Kumar
[email protected]
gasification under VGF scheme Advocates for the rights of
construction workers do not
text message seeking com-
ment. Reliance, Indian Oil Ltd,
Bharat Petroleum Corp and
NEW DELHI see any improvement in safety Hindustan Petroleum Corp Ltd
concerns following the repeal Rituraj Baruah also didn’t reply to emails seek-

T
he government is plan- of the Building and Other Con- [email protected] ing comment.
ning to introduce Quality struction Workers’ Act. This NEW DELHI India has been a major buyer
Control Orders (QCOs) Act included comprehensive of Russian crude since the inva-

T
targeting 11 key textile products safety and security provisions he coal ministry on sion of Ukraine, but tighter
in the build tech category, two for construction workers. Tuesday sought propos- enforcement of US sanctions
people aware of the matter said, “The government should als from public and pri- crimped the trade and led to
to step up safety standards of focus on restoring the Building vate sector players among oth- refiners needing to buy more
clothing used by workers and and Other Construction Work- ers for coal gasification pro- expensive oil. The South Asian
professionals in the construc- ers’ Act, 1996 that was repealed jects under a ₹8,500-crore nation wants state processors
tion sector. without making any adequate viability gap funding (VGF) to work together and boost
These QCOs are specifically provision in the labour codes. scheme. The proposals have to their bargaining power during
designed to elevate the quality In this situation, we are be submitted by 12 September. supply negotiations, the people
and performance of fabrics The QCOs aim to raise quality and performance of fabrics used demanding the restoration of “To promote clean coal said.
used in protective clothing, as in protective clothing, scaffolding nets, etc. WIKIMEDIA COMMONS the Act, and if anything is to be technologies, the ministry of The proposals need to be submitted by 12 September. COAL.GOV.IN There is precedent for col-
well as in scaffolding nets, done, it should be done under coal has issued RFP (request laboration. State refiners have
ropes and tarpaulins. struction sites,” the first person ment to ensure that certain that Act and not separately. for proposal) seeking propos- net approved a ₹8,500 crore their coal for gasification, for held joint talks with suppliers
The move is part of the gov- said, adding it will improve the products meet specific stan- Only then will the govern- als from public sector under- VGF scheme for coal gasifica- which a 50% incentive on rev- in West Asia and West Africa
ernment’s effort to limit dump- quality of products and put a dards of quality and safety. BIS ment’s proposed QCOs be takings, private sector inves- tion. enue-share would be pro- previously to secure more
ing of cheap products from check on import of substan- enforces such orders. helpful for workers,” National tors, R&D agencies, etc. under According to current plans, vided. favourable terms, but it is unu-
China and help India improve dard products. “Technical textiles are Campaign Committee for Con- scheme for promotion of lig- for public sector units, a viabil- Gasification is the process sual for India to request help
its position in the global manu- Following the designed for per- struction Labour (NCCCL) nite and coal gasification,” said ity gap funding of ₹1,350 crore by which coal is turned into from a private refiner.
facturing and supply chain notification of the The move is part formance rather coordinator Subhash Bhatna- an official statement. per project would be provided. fuel gas and is considered as a State refiners have been
through a focus on quality con- QCO, manufac- of efforts to limit than aesthetics. gar said. Coal and lignite production Under category II, mainly pri- cleaner option than burning seeking oil at a discount of
trol. turers of all such dumping of cheap Products such as Queries emailed to the tex- in FY24 stood at 1 billion ton- vate sector investors, a viabil- coal. This gas can be used to more than $5 a barrel to Dated
The implementation of the goods will be products from ropes, scaffolding tiles secretary, spokesperson of nes and the target for this fiscal ity gap support of ₹1,000 crore produce gaseous fuels such as Brent, but Moscow is offering
proposed QCOs will signifi- required to meet nets, tarpaulins, textiles ministry, Director Gen- has been set at 1.08 billion ton- would be provided. Under cat- hydrogen, methane, methanol crude at a discount of $3 and is
China and help
cantly increase the protection the standards set and other similar eral of BIS remained unan- nes. Noting that in future there egory III or demonstration and ethanol. However, the showing an unwillingness to
of workers in the construction by the Bureau of India in global items must meet swered. would be surplus domestic projects, the support is for high ash content in Indian coal budge, according to the people.
industry and reduce the risk of Indian Standards manufacturing specific technical After a QCO is notified, no coal after meeting the require- ₹100 crore per project. is a technical barrier to a wider Indian Oil is the only state
injuries and accidents. (BIS). Failure to specifications, firm can manufacture, import, ment of power and other sec- Apart from VGF, the minis- adoption of coal gasification. refiner to previously have a
“The key objective behind comply will including load- distribute, sell, hire, lease, store tors, the ministry said that try has created a separate long- India has the fourth largest long-term supply deal with
introducing QCOs for build attract hefty penalties. The bearing capacity, to ensure or exhibit any product covered coal-to-chemical and gasifica- term linkage window. It has coal reserves in the world, with Russia, but that expired at the
tech textiles is to provide qual- QCOs are expected to be noti- they function effectively and under the QCO without an ISI tion processes are being pro- also notified a policy under reserves of 361.41 billion ton- end of March and hasn’t been
ity products for workers and fied soon. A QCO is a regulatory safely in their intended applica- standard mark and violations moted. which commercial or captive nes, according to data from the renewed due to a lack of con-
reduce the mishaps at con- mandate issued by the govern- tions,” the second person said. can attract jail terms and fines. In January, the Union cabi- coal mine owners may utilize coal ministry. sensus on volumes and price.

Kerala’s revenue has risen to

m MINT SHORTS declining since the covid-19 pandemic owing to higher
borrowings, may have rebounded in FY24, rating agency
Crisil said in a report on Tuesday. While official data
Medical devices to face
tough safety standards record ₹77,000 cr: minister
CORRECTIONS AND
CLARIFICATIONS
from the National Statistical Office is awaited, early indi- REUTERS The Left government in Ker- Mint welcomes comments,
Suspension order on Vedanta cators are that household savings may have revived in ala has achieved a record rev- suggestions or complaints
FY24 and growth in household liabilities is likely to have enue increase from ₹47,000 about errors.
mining ops in K’taka lifted moderated, the rating agency said. RHIK KUNDU crore in 2020-21 to ₹77,000
Readers can alert the
New Delhi: The suspension order on mining operations crore in 2023-24, helping to
newsroom to any errors in the
at Vedanta’s iron ore plant at Chitradurga in Karnataka mitigate financial challenges paper by emailing us, with your
REUTERS has been revoked, the com- Draft strategy for FTA talks to posed by the BJP-ruled Cen- full name and address to
pany said on Tuesday. It had tre, state finance minister K.
in April informed the BSE
be circulated soon: Official N. Balagopal said. PTI
[email protected].

about the suspension in view New Delhi: The commerce ministry has prepared a It is our policy to promptly
respond to all complaints.
of non-compliance with draft comprehensive strategy for negotiating future Free Readers dissatisfied with the
approved mining plan. The Trade Agreements (FTAs) and it will be circulated to cer- Govt must expand PLI to make response or concerned about
Office of Regional Controller tain key departments soon to get their feedback, an offi- New Delhi: Life-saving medical devices will soon
of Mines in Bengaluru had ISTOCKPHOTO cial said.The draft strategy in have to face tougher safety norms. The Central
India ‘global drone hub’ Mint’s journalistic integrity may
write directly to the editor by
issued the order. PTI the form of a standard operat- Drugs and Standards Control Organization and New Delhi: The government needs to expand the pro- sending an email to
ing procedure was recently Bureau of Indian Standards are revisiting the duction-linked incentive (PLI) scheme and develop an [email protected]
discussed in a meeting benchmarks for such medical devices in India. The ecosystem to make India a global drone hub, a report by Mint’s journalistic Code of
Indian household savings may involving former commerce Union government is focusing on standards for Nexgen Exhibitions, an exhibition organizer, said on Conduct that governs our
secretaries, senior officers medical devices, to keep up with the evolution of Tuesday. Nexgen’s study also highlighted that govern-
have rebounded in FY24: Crisil from ministries and interna- technologies in medicine. PRIYANKA SHARMA ment procurement, and pushing the Make in India initi-
newsroom is available at
www.livemint.com
New Delhi: Indian household savings, which have been tional trade experts. PTI ative are also essential to achieve the goal. PTI

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LIVEMINT.COM DEALS, TECH & STARTUPS WEDNESDAY, 22 MAY 2024
NEW DELHI 03

m MINT SHORTS
Humors Tech secures pre-seed
Wow Skin eyes $75 mn fresh
funding from Venture Catalysts
Bengaluru: Healthtech startup Humors Tech has raised
$240,088 (₹2 crore) in a pre-seed funding round, from Venture
Catalysts. The fund will be used to accelerate the startup’s flagship
capital at $400 mn valuation
product Respyr’s commercial launch, and for clinical validation
studies and Humors Tech’s expansion into global markets. The
firm’s flagship product Respyr is a breath-based health screening
device, capable of early detection and routine monitoring of criti- The beauty and personal care brand is in early talks with investors from Japan, Middle East Save runs a banking business
cal lifestyle disorders like diabetes, hypertension, heart, liver, kid- network catering to over 25
ney, and respiratory issues. K. AMOGHAVARSHA million customers. ISTOCKPHOTO
Sneha Shah fuelled this growth.

Microsoft unveils AI software,

[email protected]
MUMBAI
Established in 2014 by brothers
Manish and Karan Chowdhary, the
Save Group
devices as it battles rivals company specializes in toxin-free
raises $13 mn
W
AP
ow Skin Science, a beauty products crafted from natural
direct to consumer ingredients spanning skin, hair, nutri-
(D2C) beauty and
personal care brand,
tional supplements, bath and body,
and wellness categories.
to boost rural
is looking to raise
$65-75 million in primary capital from
Its distribution channels include
e-commerce platforms, its own web- lending biz
both new and existing investors. site, and physical retail outlets, with
The company is likely to secure around 40,000 retail touchpoints Aman Rawat
funding at its previous round’s valua- across four brands: WOW Skin Sci- [email protected]
tion of $400 million, when GIC had ence, WOW Life Science, Body Cupid NEW DELHI
invested $48 million in 2022, said two and Nature Derma.

F
people in the know. Wow Skin Science is also present in inancial services provider
“The company has initiated talks the US, the Middle East, and European for rural India, the Save
with certain Japanese and Middle Union. The company has so far been Group, has raised $13 mil-
Microsoft Corp. introduced new software and computers East-based funds for a new funding aggressive in expanding its product lion in new funding from exist-
infused with artificial intelligence features, stepping up its round,” one of the two people said. “It categories as well as its geographic ing investors Incofin and Maj
efforts to out-compete Google and Apple in the dawning AI will be raising capital at a flat valua- The company has posted 40-50% revenue growth in FY24. ISTOCKPHOTO footprint. Invest. The international asset
age. A new category of AI-focused PCs will be called Copi- tion, which in this market is also However, for the financial year management firms invested in
lot+PC, chief executive officer Satya Nadella said on Monday. great.” about 35% in Wow Skin Science for interest.” ended 31 March 2023, the company’s the firm via the Incofin India
The machines from Microsoft’s Surface line and manufactur- The company has appointed invest- $50 million, valuing the company at Wow Skin Science reflects the sub- losses had jumped 56% to ₹213 crore Progress Fund and Maj Invest
ing partners will offer more power and will be 58% faster than ment bank Investec for the fundrais- $125 million. stantial post-covid-19 growth in from ₹136 crore in FY22. Financial Inclusion Fund III K,
Apple’s top-of-the-line MacBook Air M3, the company said, ing process, while consulting firm The company has posted 40-50% India’s beauty and personal care sec- It competes with with the likes of respectively.
thanks in part to a special chip that’s dedicated to AI process- KPMG is conducting vendor due Plum, EarthRhythm, Juicy In March, Maj had invested
ing. The new machines will start at $1,000. BLOOMBERG diligence, said the second person. PLANNING FOR TOMORROW Chemistry, Organic Harvest, around $3 million into Save
“It is early days, the final con- mCaffeine, Beardo, Mamaearth Solutions, the holding com-
tours of the fund raise will be THE firm is likely to THE company has EXISTING investors WOW reflects the and Bombay Shaving Co. in the pany of Save Group. IPF has
Deeptech startup 8chili raises decided in months to come.” secure funding at its
2022 valuation of
appointed
investment bank
of Wow Skin Science
are likely to invest
post-covid growth in
India’s beauty and
Indian market. invested $10 million in SaG-
The company’s existing inves- $400 million, when it Investec for the The beauty and personal care graha Management Services, a
funding from angel investor tors are likely to invest pro-rata in last raised capital fundraising process.
pro-rata in the new
funding round.
personal care sector,
especially in D2C. sector is witnessing considerable wholly-owned subsidiary of
Bengaluru: California and Bengaluru-based 8chili has raised an the new funding round, he added. investor interest. For instance, Save, that specialises in micro-
undisclosed amount in a funding round from angel investor Karna A Wow Skin Science spokesper- online beauty store Purplle raised finance loans. Established in
D Shinde. 8chili is a deeptech startup that enables workforce train- son declined to comment. Emailed revenue growth in FY24, up from tor, especially in the D2C segment. $100 million from Abu Dhabi Invest- 2009 by Ajeet Kumar Singh,
ing through immersive technologies. It has developed a virtual queries sent to Investec and KPMG did ₹320 crore in FY23, said the first per- Rising disposable incomes, and the ment Authority (ADIA) in April, while Pankaj
reality platform HintVR to deliver immersive training for various not elicit any response. son. “As it contains its burn and gets expansion of quick commerce and Sugar Cosmetics is in talks to close its Kumar,
disciplines. K. AMOGHAVARSHA In 2021, ChrysCapital had acquired closer to profitability, there is investor omnichannel approaches, have new round. and Ajay
Kumar
Sinha, Save operates a banking
business correspondent net-

India fastest-growing market for Silicon Valley-based startup Moloco work catering to over 25 mil-
lion customers. It will use the
capital to expand its services,
including microfinance loans,
Gaurav Laghate market. tion engineer who was part of Recognizing inefficiencies Rayan. Initially, the company year, Moloco entered India and secured small business loans,
[email protected] According to Sunil Rayan, the initial team brought in to in ad selling, Ikk-jin founded focused on gaming and e-com- signed its first partnership with and affordable housing loans,
MUMBAI Moloco’s chief business officer, address YouTube’s early finan- Moloco in 2013 and decided to merce solutions with DSP and Viacom18 for JioCinema to facilitated by its wholly-owned
India represents a critical area cial challenges. “He realized create a demand- Retail Media Plat- help them monetize the Indian subsidiaries.

M
oloco Inc., a Silicon for expansion. “India is our fast- that YouTube was only mone- side platform The firm, which form (RMP). After Premier League. “Beyond strengthening our
Valley-based startup est-growing market. Apart tizing its most popular videos, (DSP) to aggregate specializes in Rayan was hired Rayan said the company’s ability to expand the loan book
specializing in from South Korea, it’s the only leaving a long tail of less- ad spaces and AI-powered ad in July 2022, they partnership with Viacom18 to this infusion emboldens our
AI-powered advertising servi- market where we operate viewed content untapped,” optimise place- services, is also added the provide ad services for JioCin- pursuit to deliver high-quality
ces, is rapidly expanding its across all three sectors: gaming, Rayan explained. This insight ments for adver-
targeting gaming, Streaming Media ema underscores the scalability financial services in the rural
footprint in India, targeting the streaming, and e-commerce,” led to the development of tisers. After sev- Monetisation of its technology, which man- underserved segment,” Ajeet
gaming, streaming, and e-com- Rayan told Mint. machine learning models that eral years of streaming and Solution, a full- aged over 32 million peak con- Kumar Singh, director, Save
merce sectors. Valued at over $2 billion last target ads based on user pro- development, e-commerce funnel solution current users during the Indian Solutions, said. “We will bene-
The company, which has year after a secondary stock Sunil Rayan, Moloco’s chief files rather than content popu- Moloco began enabling stream- Premier League 2023. “Our fit from Maj Invest’s and Inco-
already secured 30 clients in transaction, which saw inves- business officer. larity. This technology was generating reve- ing companies to technology ensures ad cam- fin’s global experience and
the region, including JioCin- tors like Fidelity Management subsequently applied to nue in 2018, achieving a 100- offer both brand and perform- paigns can scale without break- value creation.” As of March, it
ema and Zupee, is eyeing fur- & Research Company and Moloco was founded by South Android and Google Play, fold increase in the past five ance ads, expanding their total ing, even during unpredictable had assets worth ₹1,962 crore
ther growth in what has Singapore-based global inves- Korean-American Ahn Ikk-jin, where it proved equally effec- years, and crossed $1.5 billion in market opportunity, and events like major sports under management. It has 522
become its fastest-growing tor EDBI joining its cap table, a former YouTube monetiza- tive. gross ad revenue last year, said increasing ad revenue. Last matches,” Rayan noted. branches spanning 17 states.

How quick commerce is fuelling D2C expansion

Priyamvada C chandise value (GMV) last $22.5 million led by Bertels-
[email protected] year and is estimated to sus- mann India alongside other
BENGALURU tain 40-45% growth over investors.
three years, riding on promis- “These assisted commerce

Q
uick commerce is ing user growth potential, services are designed to help
poised to become an according to a March report individuals in Tier-II and III
important channel by Redseer. cities learn how to navigate
for direct-to-con- Founded in 2012, Bertels- e-commerce,” Makkar said.
sumer (D2C) companies, mann India is a sector-agnos- “Over time, users receive
including those backed by tic mid-stage growth fund assistance and gradually tran-
Bertelsmann India Invest- focusing on Series B and sition to completing transac-
ments (BII), said managing Series C rounds. It typically tions independently as they
director Pankaj Makkar. completes four to six deals develop trust in the platform.
“We consider quick com- annually. Since the start of Assisted commerce models
merce the next stage of this year, the company has may also require an offline
e-commerce evolution,” Mak- completed two deals and element to help rural con-
kar told Mint, adding that Pankaj Makkar, managing director, Bertelsmann India expects to do another four to sumers to build initial trust
e-commerce marketplaces , Investments. five deals by the end of 2024, with the brand. These physi-
such as Amazon and Flipkart, said Makkar. cal centres serve as a point of
must seriously explore this sumer-tech startups, which uct development, but also BII is currently deploying contact for purchasing prod-
strategy. make up 80% of its portfolio. within supply chain manage- capital from its $500-million ucts that have a complex pro-
Quick commerce surged in Recently, Nat Habit, a per- ment. As we identify compa- second fund, which was cess, or require some consul-
popularity during the pan- sonal care D2C brand, which nies meeting these criteria, raised in 2022. Its first fund tation and assistance at the
demic, offering grocery and raised $10.2 million in a round we remain committed to had a corpus of is $250-300 time of purchase.
essential deliveries in under led by Bertelsmann in 2023, invest in them.” million. Beyond assisted com-
20 minutes. Its scope recently was one among several com- Last week, logistics plat- “We believe India has sub- merce, even brands like
broadened to include beauty, panies to consider adopt the form Delhivery’s CEO Sahil stantial growth potential, Nykaa, Wakefit and Mamae-
fashion, electronics, and eye- quick commerce model, to Barua expressed interest to with strong underlying fun- arth realise the opportunity of
wear. Key players in the mar- sell its products. operate in the quick com- damentals and favourable offline centres as people
ket include Swiggy’s Instam- According to Makkar, Ber- merce space and stressed the macroeconomic climate. return to pre-pandemic shop-
art, Zomato-backed Blinkit, telsmann India is also explor- company’s efforts to be a part Consequently, we remain ping habits. These players are
and Zepto. ing “innovative of the supply quite optimistic, and will con- making rapid strides to set up
Highlighting the impor- business models” Quick commerce chains for clients, tinue to invest in India ,” Mak- stores to expand their reve-
tance of optimizing inventory within D2C, par- gained popularity such as Amazon kar added. nue channels.
for quick commerce firms to ticularly those during the and Flipkart that Bertelsmann has invested Investors at Fireside Ven-
avoid operational inefficien- that have revolu- pandemic by have announced in startups from other catego- tures and Accel Partners are
cies, Makkar said: “These tionized supply also noticing the shift in con-
offering essential plans to foray
ries as well, such as Rozana,
companies should prioritize chain operations. into this which operates in the assisted sumer behaviour and increas-
fast-moving products instead “Supply chain deliveries in space. While commerce segment. ingly backing online brands
of stocking all SKUs (stock- management is under 20 minutes highlighting the Assisted commerce refers having long-term offline
keeping units).” one of the most large gap to fill to startups that help first-time strategy. “Companies must
“This requires leveraging challenging top- between 10-15- internet users in tier-2 and launch their products across
technology and advanced ics for firms to create massive minute deliveries and same or smaller markets make online all channels, provided unit
data analysis to determine Moats. We are enthusiastic next-day deliveries, Barua purchases. economics are viable,” Mak-
optimal inventory across about direct-to-consumer said an emerging line of prod- Under this model, compa- kar said.
urban dark stores, demanding brands,” he said. ucts could be categorized nies, such as Rozana, appoint Investors are also encour-
significant innovation and Moat is a business’s ability under the quick commerce sales representatives at vari- aging this strategy, seeking to
effort,” he added. to maintain competitive segment for 2-4-hour deliver- ous touchpoints to help con- support businesses which are
BII, which has invested in advantage to sustain profita- ies. sumers become familiar with substantially leveraging mul-
meat delivery startup Licious bility and market share. Quick commerce, currently the online ordering process. ti-channel access to generate
and furniture retailer Pepper- “We anticipate significant a $2.8 billion market, clocked In March, the rural area-fo- demand and facilitate growth
fry, primarily focuses on con- innovation not only in prod- 77% growth in gross mer- cussed startup raised about of large companies, he added.
04 WEDNESDAY, 22 MAY 2024
NEW DELHI MARK TO MARKET LIVEMINT.COM

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

73,953.31 0.07 22,529.05 0.12 21,187.65 0.20 68,241.75 0.86 23,569.90 0.26 43,191.88 0.34 47,873.56 -0.18
PREVIOUS CLOSE OPEN PREVIOUS CLOSE OPEN PREVIOUS CLOSE OPEN PREVIOUS CLOSE OPEN PREVIOUS CLOSE OPEN PREVIOUS CLOSE OPEN PREVIOUS CLOSE OPEN

74,005.94 73,842.96 22,502.00 22,404.55 21,144.45 21,114.65 67,657.00 68,054.05 23,508.60 23,450.95 43,047.52 43,131.83 47,959.67 48,071.39
HIGH LOW HIGH LOW HIGH LOW HIGH LOW HIGH LOW HIGH LOW HIGH LOW

74,189.19 73,762.37 22,591.10 22,404.55 21,224.70 21,068.85 68,324.25 67,706.90 23,625.90 23,449.75 43,223.69 42,846.73 48,099.29 47,577.05

m MINT SHORTS
Investors pull €10 bn in a year
Balkrishna is on a roll, Drive for a modern,
indigenous defence
from Europe property funds
Retail investors pulled €10.2 billion from euro-denomi-
nated real estate funds in the year through April amid
warnings that falling valuations could create liquidity
but watch the bumps can give a lift to HAL
pressures for the products. The redemptions mark a huge Harsha Jethmalani Ashish Agrawal
Solid show Up and above
turnaround from the preceding 12 months, when the [email protected] [email protected]
Balkrishna Industries saw an Hindustan Aeronautics stock has
funds attracted inflows of almost €2 billion, data com- impressive volume growth in Q4FY24

F
massively outperformed the

H
piled by Morningstar show. Total net assets held by the or a prolonged period, channel industan Aeronautics Ltd Nifty50 index in the last one year
Tonnage sold Year-on-year volume growth
open-ended and exchange-traded property products fell destocking, or reduced inven- (in metric tonne) (in %) (right-hand scale)
(HAL) shares have soared
below €163 billion last month, the lowest level since tory, became a niggling worry for close to 15% since Thursday Hindustan Aeronautics Nifty50
100,000 25
August 2019. The data comes days after the European investors in tyremaker Bal- after it announced strong March 350
Central Bank cautioned that the commercial property krishna Industries Ltd’s stock. 90,000 20 quarter results (Q4FY24) with repo- 308.60
market decline may pose a challenge for real estate But it seems like the worst of this problem rted revenue and Ebitda rising year- 300
80,000 15
investment funds. Valuation losses may not have been is over as demand is seen recovering in on-year by 18% and 82%.
fully priced, the watchdog said in its financial stability the market. 70,000 10 HAL is set for substantial growth
250
review, which could put stress on the funds’ cash buffers. Inventory at the dealer level in the key ahead aided by defence moderniza-
60,000 5
That, in turn, could force the sale of assets to meet the European market normalized to 40-45 tion, gains from newer markets seg-
200
withdrawal demands. BLOOMBERG days in the March quarter, similar to what 50,000 0 ment and sustained profit margin.
it was in the preceding three months, the The company designs, develops and
40,000 -5 150
management said. manufactures aircraft and helicopters 123.01
Contrary to expectations of shipment 30,000 -10 including its engines and electronic
delays due to the Red Sea crisis, business systems with Indian Air Force as its 100

picked up for export-focused Balkrishna 20,000 -15 major customer.

Industries between January and March. 10,000 -20 In FY24, HAL’s revenue grew by 50
In effect, volume rose 13% year-on-year nearly 13% and this is projected at 22 May 21 May
2023 2024
(y-o-y) to around 82,085 tonnes in the 0
Q1FY23 Q4FY24
-25 15-18% going forward. Its revenue visi-
Note: Values rebased to 100
March quarter. This was driven by strong Business picked up for Balkrishna Source: Company, Antique Stock Broking
bility comes from an orderbook of
Source: Bloomberg
growth in the agri tyre segment and Industries in the January-March period. HT ₹94,000 crore, more than three times
PRANAY BHARDWAJ/MINT PRANAY BHARDWAJ/MINT
improved replacement demand from its FY24 revenue. Management exp-
North America. The jump comes after the peers, which should help it to outperform said Antique Stock Broking. ects fresh order of ₹47,000 crore in laboration with Safran.
company’s volumes declined in industry growth,” it added. The double- The brokerage has built-in a bit lower FY25 with net orderbook projected to Yet, the biggest deal is the MoU
FY2023-24, although only by 3% y-o-y. digit volume growth translated into high- margin estimate of 25.5% for Balkrishna cross ₹1.2 trillion by the year-end. with GE for the manufacture of eng-
Due to the ongoing geopolitical ten- er-than-anticipated revenue in the fourth Industries in FY25. In this backdrop, “We remain positive on HAL given ines for fighter jets including technol-
sions, Balkrishna’s management refra- quarter. Realization improved by 3% price hikes in the June quarter could its strong order backlog and robust ogy transfer of up to 80%. The deal
ined from providing volume guidance. sequentially. Despite the positives, the come as a breather. The company did not pipeline. We forecast an earnings required approval from US Congress
The value of shipments adjusted for working-day However, volume decline is not expe- coast is not completely clear for Bal- increase prices in the March quarter. CAGR of 27% over FY24-27F,” says because of complex requirements rel-
differences increased 17.7% from a year earlier. BLOOMBERG cted in FY25. The management foresees krishna Industries. In the fourth quarter, However, increasing the prices could Nomura in a research report. ated to the sensitive tech transfer and
stable demand in US. And in the domestic Ebitda margin at 25.9% was ahead of con- dampen the volume growth momentum. Among the important orders being received the same in June 2023.
market, Balkrishna eyes a 10% market sensus estimate of 23.1%. The company Balkrishna Industries has planned a capi- undertaken by HAL is manufacture of The technical and other details for
South Korea’s early trade data share in the medium term, up from 5-6% aims to maintain margins at this level in tal expenditure of ₹500-600 crore for 83 indigenously developed Light the JV is being worked out and is
show export momentum rising market share currently. FY25. It is setting up a mold Combat Aircraft (LCA) MK 1A, to be expected to be finalized by the end of
South Korea’s early trade data showed that exports are The Street gave Bal- STEADY PATH manufacturing capacity at delivered by 2029. the year. To augment its capacity to
continuing to grow at a double-digit clip, boosting the krishna's upbeat commen- Bhuj, which will require a On top of the strong orderbook and deliver, company plans to spend
prospects for an acceleration in economic growth this tary and better-than-antici- VOLUME growth is THE management IN the domestic capex of ₹300 crore. revenue visibility from domestic mar- ₹3,000 crore during the year. It is also
year. The value of shipments adjusted for working-day pated fourth-quarter results driven by the
agriculture tyre
foresees
stable demand
market, Balkrishna
eyes a 10% market
The aim of setting up this ket, it is also trying to enter the huge investing ₹6,000 crore for develop-
differences increased 17.7% from a year earlier in the first a thumbs up. The stock segment, the North upcoming share in the unit is to reduce lead time to global market for defence aircraft and ment of newer versions of helicopters
20 days of May, according to data released Tuesday by zoomed 9% on Tuesday, hit- American market from the US market medium term market and better its quality helicopters. In terms of market expa- including one for Indian navy.
the customs office. Unadjusted exports rose 1.5%, while ting a 52-week high of control. The facility is nsion, it is also venturing into seg- While the company has established
overall imports decreased by 9.8%, resulting in a trade ₹3,174.30 a piece on NSE. expected to be commercial- ments of commercial aircraft market. its capability it still faces the near-
shortfall of $304 million. South Korea posted a 1.3% eco- “Post a period of subdued demand FY25. But there can be challenges. ized by June, the management said. With It has a deal with Airbus to establish term challenge of geopolitical uncert-
nomic expansion in the first quarter from the previous impacted by channel destocking (flat vol- Also, the higher costs of crude-based large capex behind, the company antici- a facility for maintenance, repair and ainty which affects the supply chain as
three-month period, with a robust recovery in exports. umes over FY22-24), we expect Bal- raw material and rubber are a worry. In pates becoming debt-free by the end of overhaul of commercial aircraft to be it is dependent on the global market
That performance, which soundly exceeded the 0.6% krishna Industries to benefit from the Q4, Balkrishna's total raw material basket FY25. operational by November. for several key components. Delays in
forecast, will likely prompt the Bank of Korea to raise its upcycle,” Nomura Financial Advisory and cost stood at ₹152/kg, compared with In the last one month, the stock has It has also signed another deal with order from the government side or
economic growth forecast for the year from 2.1% when Securities (India) said in a report. ₹150/kg in Q3. The management expects seen a steep rally of 30%. However, the French engine maker Safran to prod- inability to break into the export mar-
the board convenes later this week. Strong exports can “Balkrishna Industries has gained mar- this cost to marginally increase to ₹154/kg risks mentioned can put investors’ opti- uce engines for advanced helicopters kets could be other challenges. For
add to the rationale for the central bank to hold its policy ket share in India (mix increased from 11% in the ongoing first quarter of FY25. mism to test amid Balkrishna’s expensive and certain components of engines now, the near tripling of stock price in
rate elevated for longer. The BOK is widely expected to in FY22 to 27% in FY24), and globally as Balkrishna Industries may have limited FY25 price-to-earnings multiple of for aircraft. HAL is already producing the past year suggests investors have
keep its benchmark rate steady at 3.5%. BLOOMBERG well, according to our analysis of listed pricing power amid higher competition, around 37 times. engines for existing helicopters in col- shrugged-off these challenges.

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

Sebi introduces framework to The unlikely stocks that became a hot bet on AI
address market rumours David Uberti
[email protected]
manufacture equipment for
the grid may lag behind. There
is also the possibility that the
PTI

A
n unlikely stock-mar- U.S. economy slows or AI hype
[email protected] ket winner this spring dissipates before utilities—a
NEW DELHI stands out even in a rare sector where investors
year full of Wall Street sur- often applaud capital expendi-

S
ebi on Tuesday came out prises. Utilities—yes, utili- tures—can get into build
with a framework for ties—are outpacing the com- mode.
determining the share petition. “Nothing in the world of
price level for transactions in The climb in shares of electric power is a sprint,” said
cases where a listed company power companies is in part a Pavel Molchanov, a Raymond
verifies a market rumour rebound from a bleak 2023. James analyst.
within a stipulated time But their move upward also The longer-term threat to
period. reflects the growing belief that investors: Higher electricity
Amid instances of the mar- the U.S. economy can power prices or dirtier power genera-
ket rumours resulting in steep through higher interest rates tion could push regulators to
movement of share prices, the and turn the hype around arti- clamp down.
watchdog has already come ficial intelligence into reality. In states including Georgia,
out with detailed norms for The Sebi move comes amid instances of market rumours Data in recent weeks has utilities’ plans to build new
verifying the rumours that are resulting in steep movement of share prices. REUTERS shown job growth cooling and fossil-fuel-burning power
going to be applicable for the inflation resuming its gradual plants have drawn the ire of
top 100 listed companies from subject to the rumour pertain- The ISF—comprising repre- slowdown, without any alarm- consumer groups and climate
1 June. ing to such a transaction being sentatives from industry asso- ing deterioration in economic The climb in shares of power companies is in part a rebound from a bleak 2023. AP advocates. If growth projec-
In this backdrop, Sebi has confirmed by the company ciations Assocham, Ficci, and conditions. That has turned tions for power demand don’t
issued the framework for con- within 24 hours from the trig- CII—along with stock power generators, which are companies vying to dominate for 10.9% of U.S. electricity still take home less income materialize, critics warn that
sidering “unaffected price for ger of material price move- exchanges in consultation set to supply a wave of increas- AI. On Wall Street, though, a demand by 2030, according to from utility dividends than ratepayers would be stuck
transactions upon confirma- ment, according to a circular. with Sebi has formulated the ingly energy-hungry data cen- growing cohort feels the sector Citi analysts, up from 4.5% government debt. Even so, with higher costs for decades.
tion of market rumour”. “It has been specified that standards. ters needed for AI, into a bank- will ride higher as new data today. If power needs grow as more traders have flocked to “The risk is always that this
Generally, unaffected price the unaffected price shall be The industry associations shot bet on the projected tech centers drive what many ana- much as many anticipate, it the sector after tech analysts build-out is very inflationary,”
refers to the considered by and the stock exchanges will boom. lysts believe will be the first will also mean more plants, and power providers put out a said Jim Lydotes, deputy chief
share price of a Sebi suggests excluding the publish the industry standards The S&P 500’s typically sizable growth in U.S. electric- transmission lines and other slew of projections of balloon- investment officer of equities
company in case considering effect on the price notes on their websites. staid utility sector has ity demand in a generation. infrastructure—and more ing electricity demand in the at Newton Investment Man-
there is no mar- “unaffected of the equity For considering the unaf- advanced 18% over the past “That’s where the puck is returns for the years ahead. It agement. “It’s going to have to
ket rumour. price for shares of the listed fected price, Sebi has issued three months, while the sec- going,” said John Bartlett, companies that The S&P 500’s has turned power come on the backs of con-
Since sharp price
transactions upon entity due to the guidelines for the calculation ond-place president build them. companies,
typically sumer bills.”
movements material price of adjusted Volume Weighted energy of Reaves Utility stocks’ staid utility which are usually That tension between rate-
could impact the confirmation of movement and Average Price (VWAP). industry Asset Man- rise marks a seen as defensive payer concerns and share-
market rumour” confirmation of sector has
overall value of a “The variation in daily WAP h a s agement. U-turn from last stocks, into a sur- holder returns could grow as
advanced 18%
transaction, the the rumour,” Sebi from the day of material price climbed 11%. Of the index’s top A longtime utility investor, year, when the prising bet on more utilities propose con-
regulator has said. movement till the end of the five performers this year, three Bartlett now trains much of his Federal Reserve’s over the past growth. struction. Regulators might
proposed considering a scrip’s The requirement to verify next trading day after confir- are power producers. Texas- focus on the development interest-rate three months The rally effectively cap utility returns,
unaffected price. market rumours will be appli- mation of the rumour shall be based Vistra’s 138% surge in plans of cloud-computing hikes created a began early this hurting the investment appeal
Under the Listing Obliga- cable to the top 250 listed enti- attributed to the rumour and 2024 has made Nvidia’s much- giants funneling billions into world awash with year with inde- of companies that will likely
tions and Disclosure Require- ties from 1 December. confirmation of the rumour,” celebrated 91% increase look AI, including Alphabet, Ama- tempting high-yield invest- pendent power producers that have to issue stock to finance
ments (LODR) Regulations, Besides, the Industry Stan- it said in the circular. pedestrian. zon.com and Microsoft. ments. The shift turned basi- sell electricity into wholesale projects.
Sebi said that unaffected pri- dards Forum (ISF) has formu- The adjusted daily WAP will Few if any investors think “Those are the people that cally risk-free Treasurys into markets and has since “The utilities are going to
ces shall be considered for lated industry standards on a be calculated by excluding the power stocks, prized for their you really need to pay atten- cash machines, drawing inves- expanded to regulated utili- have to self-fund this growth,”
transactions on which pricing pilot basis for effective imple- WAP variation from the daily steady dividends, are en route tion to on what’s going on with tors away from utilities and ties. Lydotes said. “The regulators
norms specified by it or stock mentation of market rumour WAP in the look-back period to the high price/earnings the demand for electricity,” he their solid dividends. Analysts warn that compa- have to keep returns accepta-
exchanges are applicable. verification under the LODR from the day of the material multiples commanded by the added. That dynamic hasn’t nies with less exposure to data ble.”
This requirement is also rules. price movement onwards. chip makers and large tech Data centers could account relented this year; investors centers and businesses that ©2024 DOW JONES & CO. INC.
LIVEMINT.COM CORPORATE WEDNESDAY, 22 MAY 2024
NEW DELHI 05

Added over
200 Zudio Lenders seek to reverse
stores in
FY24: Trent
₹31,000 cr deals in 131 cases
Suneera Tandon
[email protected]
MUMBAI Dubious deals include preferential, undervalued, fraudulent and extortionate transactions

T
rent Ltd’s value apparel
format Zudio opened a Gireesh Chandra Prasad Ireda chairman and MD Pradip Kumar Das. @IREDALTD/X
record 203 new stores [email protected]
during fiscal 2024, while
entering 46 new cities during
NEW DELHI
Ireda plans FPO
T
the year taking the total num- he administrators of insol-
ber of stores to 545, the retailer
said.
“During the year, Zudio
vent companies have
approached tribunals to
reverse questionable pre-
to bolster growth
added 203 new stores to its bankruptcy transactions of
portfolio and consolidated 10 businesses worth over ₹31,000 crore Rituraj Baruah first half of FY26.
stores. With a store footprint from 131 cases in the March quarter in [email protected] Currently, Ireda’s net
of 10,000 sq. ft, the concept an effort to maximise the resources NEW DELHI worth is around ₹8,600 crore
affords expansion across available for restructuring them, offi- and its loan book stands at

I
numerous micro-markets,” cial data showed. ndian Renewable Energy around ₹59,698 crore. In
Trent said in its annual report With this, the number of such voida- Development Agency FY24, the company disbursed
for the year FY24. ble transactions flagged before tribu- (Ireda) is planning to around ₹25,089 crore, higher
“The capital employed for a nals by debt resolution professionals launch a follow-on public from ₹21,639 crore in FY23.
new Zudio store is in the has gone up to 1,237 at the end of offering (FPO) amid rising The CMD said that in FY25,
region of ₹3 crore to ₹4 crore March, estimated at ₹3.7 trillion, up financing opportunities in the the loan disbursement would
including cap-ex, deposits and from ₹3.39 trillion at the end of Decem- energy transition space and to be over ₹30,000 crore. For
inventory,” the annual report ber, according to data from Insolvency bolster the company's growth. this loan disbursement plan
said. and Bankruptcy Board of India (IBBI), In a press interaction on for the current fiscal, more
In FY24, Zudio entered 46 the rule maker for the sector. Tuesday, Ireda chairman and resources would be required,
cities and added more pres- These dubious deals executed by the managing director (CMD) he said.
ence in 48 cities. businesses during their period of finan- Pradip Kumar Das said that Ireda launched its initial
Zudio grew its footprint by cial distress just before admission for The number of voidable transactions flagged before tribunals by debt resolution professionals has gone up to 1,237 at the with plans to expand its loan public offering (IPO) in
203 stores in the last financial insolvency proceedings by tribunals, end of March, according to data from Insolvency and Bankruptcy Board of India. MINT book, the company will look December last year, after two
year and is now more accessi- include preferential, under-valued, at raising funds this fiscal year failed attempts in 2017 and
ble than ever before with a fraudulent and extortionate transac- inflation of claims and efficiency of Lakshmikumaran & Sridharan Attor- total amount involved in all avoidance and would consider a fol- 2019. In April, its board of
growing density of presence in tions. recovery. Of this, ₹280 crore came in neys said that recovery of ₹280 crore applications disposed of so far. low-on public offering and directors had approved a bor-
multiple micro markets, the The authorities have been encourag- the March quarter from 37 petitions may seem insignificant against ₹31,792 “This is further indicative of the perpetual debt instruments. rowing plan of ₹24,200 crore
retailer said. ing debt resolution professionals to be disposed of. Experts pointed out that crore of total avoidance transactions imminent necessity to establish spe- “We feel we would require during FY25 through bonds,
For the full year, the com- proactive in moving the tribunals to the huge difference between the reported by resolution professionals in cialized technical benches for such more equity capital... The perpetual debt instruments,
pany that operates a portfolio reverse questionable transac- clawed back amounts and the the March quarter in 131 applications. The speedy dis- project size in green energy is term loans, commercial
of retail formats in India such tions by the erstwhile man- claimed amounts could indi- cases. However, it is perti- posal of applications for getting bigger, and we intend papers and external commer-
as Westside, Zara and Star agement of the sick busi- cate improper or inflated nent to measure the recov- avoidance transactions will to support the sector’s cial borrowings.
supermarket in India reported
consolidated revenues of
nesses as any recovery
would boost the assets ₹3.39
The estimated
tn claims by the resolution eries against the total
professionals as these amount involved in the ₹6,599
The amount
cr surely have a significant
positive impact on the
growth. For this, we believe
an FPO is the route to raise
Das also said that Ireda has
requested the Centre to
₹12,375.11 crore. It recorded a and funds available for amounts could lure new applications which have recoveries made as well,” more equity capital,” he said, include it in the list for the
profit of ₹1,477.46 crore for the restructuring the busi- value of voidable investors into the bank- been disposed of and not clawed back till said Aldak. adding that the FPO would capital gains exemption bond
12 months ended 31 March ness. deals at Dec end rupt company in certain against that of all the the end of March Anjali Jain of Areness require the approval of the under Section 54EC of the
2024. The company operates However, recovery has situations. applications filed during said that the issue of avoid- Union cabinet. Income Tax Act, 1961 as in the
811 stores across 178 cities. been somewhat slow given Besides, infrastructure the period which also ance transactions needs to be Das also said that the com- case of other power sector
Zudio operates in the value that decisions taken around dis- issues and inadequate bench includes pending applications. In addressed to retain IBC as a mas- pany would look at launching focused state-run compa-
segment and focuses on tressed firms are often bitterly con- strength at the National Company Law the last quarter, 37 additional applica- ter stroke reform. the FPO during October-No- nies—Power Finance Corp.
younger shoppers. As of tested by some of the stakeholders. Tribunal (NCLT) and delaying tactics tions were disposed of involving ₹4,393 “The Adjudicating Authorities can vember or in February. In Ltd and REC Ltd. The Union
March 2024, Zudio had 545 Till the end of March, only ₹6,599 by respondents could be contributing crore, indicating a recovery rate close get stricter in their approach and may case the the green energy-fo- ministry of new and renewa-
stores across 164 cities, includ- crore, or less than 2% of the amounts to low recovery, explained Anjali Jain, to 6% which is, unfortunately, lower routinely come up with intense costs or cused NBFC is unable to ble energy would also recom-
ing stores co-located with Star flagged by resolution professionals, has partner at law firm Areness. than the average of 12.75%—the share closure of rights on the parties on fail- launch the FPO this fiscal year mend its inclusion in the list,
supermarket. been clawed back, raising doubts about Yogendra Aldak, partner at of amount recovered so far against the ure of compliance,” added Jain. then it would launch it in the he added.

JSW Cement to set up new unit at ₹3,000 cr

Naman Suri eyor belt stretching about 7km The company currently has
[email protected] to transport limestone from manufacturing units at Vijaya-
NEW DELHI the mines to the manufactur- nagar in Karnataka, Nandyal in
ing plant, and arrangements to Andhra Pradesh, Salboni in

J
SW Cement, the IPO- use alternative fuel in the kiln. West Bengal, Jajpur in Odisha,
bound cement venture of JSW Cement has already and Dolvi in Maharashtra.
the $24-billion JSW received certain regulatory JSW Cement, Jindal had
Group, plans to invest and statutory approvals for the told Mint last year, plans to go
around ₹3,000 crore to estab- new facility, the company said public through an initial pub-
lish an integrated cement in the statement. lic offer after the
manufacturing facility in The new unit The company ongoing general
Rajasthan, marking its entry marks JSW Cem- aims to raise as election to raise
into the northern markets. ent’s entry into much as ₹4,000 as much as
The proposed investment the north Indian crore through an ₹4,000 crore.
will be funded through a mix cement market, The company
initial public offer
of equity and long-term debt, JSW Cement managing enabling it to ser- plans to utilise
the company announced on director Parth Jindal. PTI vice Rajasthan, to finance its the proceeds
Tuesday, adding that it would Haryana, Punjab, expansion plans from the initial
create more than 1,000 direct ity stands at 21 mtpa. and the National public offer to
and indirect jobs. “The proposed investment Capital Region. increase its
The new cement facility in to establish our integrated “This investment will mark capacity to 60 mtpa over the
Rajasthan’s Nagaur district cement facility in Nagaur puts our entry into the fast-growing next five years, which will
will include a clinkerization JSW Cement firmly on its path cement markets of north require an investment of
unit of up to 3.30 million ton- to achieving a pan-India footp- India. These states have one of ₹18,000 crore.
nes per annum (mtpa), a grind- rint within the next few years,” the highest GDP growth rates JSW Cement expects over
ing unit of up to 2.50 mtpa, Parth Jindal, managing and are witnessing significant 20% of the total capital expe-
and an 18-megawatt power director, JSW Cement, said in infrastructure and housing nditure to come through the
plant. a statement. development,” said Nilesh IPO, and plans to raise the
JSW Cement’s current The new facility, JSW said, Narwekar, chief exectuive offi- remainder through internal
cement manufacturing capac- will include an overland conv- cer of JSW Cement. accruals and debt.

Theatres struggle as new releases dry up

Lata Jha maintenance, staff and other
[email protected] overhead expenses are prov-
NEW DELHI ing disproportionately high in
comparison to returns from

R
ecent films such as new releases.
Maidaan, Laapataa For now, the theatre has cut
Ladies and Aavesham down on early-morning and
continue their theatrical runs late-night shows whereas aft-
despite many of them moving ernoon and evening shows are
to OTT platforms, as new registering 15-20% occupan-
releases have practically dried cies.
up, hurting theatre revenues. Last week, the Telangana
Trade experts say the thea- Theatres Association
tre industry has hit rock bot- announced that the 450-odd
tom, leaving cinemas with no single-screen cinemas in the
choice but to keep playing state will remain shut until 26
these older films at negligible Trade experts say the theatre industry has hit rock bottom, leaving May amid dwindling footfall
footfalls and revenues. cinemas with no choice but to keep playing older films. REUTERS and lack of notable releases.
Ironically, some of these Some theatre owners, how-
recent films will see a 50-day “There is no option for cine- providing some variety by ever, still remain hopeful.
run in theatres without really mas at the moment. Whatever playing films like Laapataa Ashutosh Agarwal, owner of
having set the cash registers has arrived in theatres over the Ladies and Maidaan together, Star World Cinemas in Uttar
ringing. For instance, Laapa- past few weeks hasn’t proven where we can at least manage Pradesh, said the initial release
taa Ladies had only made enough value for money,” some footfalls and people of Ajay Devgn-starrer Maid-
₹18.59 crore at last count while Pranav Garg, managing don’t go back entirely disap- aan had clashed with exami-
Maidaan had earned ₹51.39 director at Maya Palace, a two- pointed.” nations but the theatre is now
crore. Box-office duds are typ- screen cinema in Muzaffarna- Garg said several single- seeing bookings from schools
ically taken off screens within gar, said. screen cinemas are looking to in bulk and students coming in
a week of their release. “We can only hope we are shut down for a few weeks as significant numbers.
06 WEDNESDAY, 22 MAY 2024
NEW DELHI CORPORATE LIVEMINT.COM

Record IPO funds India slips 10 spots on WEF's

likely this year as
issues turn bigger tourism ranking since covid
FROM PAGE 1

According to data from

Prime Database, 40 firms with Weak access to health facilities and inadequate tourism infrastructure have hurt the country
a combined estimated issue
size of ₹53,515 crore have filed The Adani Group is betting on
offer documents with Sebi and Varuni Khosla sector investment recovery. container-demand recovery.
are currently awaiting [email protected] Globally, the travel and tourism
approval. Besides, as of 10 May,
19 firms with a combined esti-
NEW DELHI industry, which historically accounted
for 10% of global GDP, is on a path to Adani eyes

D
mated issue size of ₹11,901 espite a burgeoning travel post-pandemic recovery. International
crore have received the green
light from the regulator.
sector and strong economic
growth since covid, India
tourist arrivals are projected to reach
88% of 2019 levels in 2023 and are likely
three global
In May alone, Blackstone- India’s IPO market crossed the
backed Aadhar Housing ₹1-tn mark only once, in FY22. HT
Finance Ltd, Carlyle-backed
has slipped 10 places to 39
in the World Economic
Forum’s Travel and Tourism Develop-
to return to pre-pandemic levels by
2024. West Asia has outpaced other
regions, with tourist arrivals 20% above
ports, builds
Indegene Ltd, GoDigit Gen- of India equity capital market,
eral Insurance Ltd and Gen- at UBS Global Markets. UBS
ment Index 2024 (TTDI) ranking since
2019, mostly hurt by weak access to
2019 levels, while Europe, Africa and the
Americas have recovered to around 90% $3 billion
eral Atlantic-backed TBO Tek expects primary markets to be health facilities, inadequate tourism of their pre-pandemic levels.
collectively raised over “very active”, with several $1
₹6,000 crore. billion-plus IPOs also
infrastructure, and low-skilled man-
power serving the sector.
However, the recovery is uneven, par-
ticularly in conflict-stricken areas and
cash chest
Others in the pipeline for expected, Joshi said, adding On an overall index score of 7, where 1 regions affected by natural disasters
IPOs include BrainBees, investors should have plenty is the worst and 7 the best, India's score of such as forest fires. Also, environmental FROM PAGE 1
which plans to raise $500 mil- of interesting opportunities to 4.25 was lower than its emerging-market challenges continue to impact the travel
lion, while Swiggy and Ola evaluate this year. peers such as China and Brazil, WEF’s and tourism sector globally. Issues such Waterways and Adani’s regula-
Electric are expected to see Flows into domestic funds new Insight Report showed. Among the as bio-diversity loss, climate-related tory filings.
IPO sizes of about $1 billion continue to be strong as seen world’s top 10 economies, India’s slide extreme weather events, and pollution The two persons cited ear-
when they launch. in the SIP (systematic invest- down the ranking was the sharpest, fol- pose significant risks to tourism resour- lier said the mega port expan-
Carlyle-owned Hexaware is ment plan) numbers, which is lowed by the UK, which fell three places ces and infrastructure. The sector, which sion plan has been discussed
also expected to go for an IPO supporting both primary and since 2019 to occupy the seventh spot. India’s budget for the tourism sector remains unchanged at ₹2,400 crore, the accounted for 5.8% of global water use internally over the past
of at least $1 bil- secondary mar- The US retained its top position, while same as in 2022-23. AFP and 5-8% of global material extraction in three months.
lion, according to Forty firms with a kets, he added. China, the world’s second-largest econ- 2019, is under pressure to adopt more Ashwani Gupta, whole-time
a Bloomberg combined Even if there is omy, moved a notch higher to 8. boosting its allure for tourism. The compared to other regions, impacting sustainable practices, the report added. director and chief executive,
report. JSW estimated issue some market vol- The TTDI focuses on 119 economies WEF’s annual report flagged poorly its ability to recover air route capacity According to the report, a big damp- APSEZ, told analysts in a post-
Cement Ltd size of ₹53,515 atility post the based on factors and policies contribut- skilled human resources as well as poor and attract international tourists. ener for India has been the steady earnings call last Monday,
m a n a g i n g Lok Sabha elec- ing to a sustainable and resilient devel- hygiene hurting growth of travel and The report suggests that India needs reduction in government funding for “Moving forward, we are under
director Parth
crore are
tion, which con- opment of the travel and tourism sector. tourism in the country that received to improve its infrastructure, policy overseas tourism promotions over the discussion for further expan-
Jindal told Mint currently awaiting c l u d e s this The ranking reflects each country’s abil- about 10.93 million international travel- conditions, and sustainability to years, from ₹524 crore in 2021-22 to sion in the international ports.”
in an interview Sebi’s approval month, it should ity to develop and sustain its travel and lers in 2019-20, before the pandemic. enhance its future rankings and fully ₹341 crore in 2022-23, and further down “...capex (of Adani ports) is
that the firm was reduce in 3-6 tourism industry. to ₹167 crore in 2023-24. In con- expected to range between
planning an IPO months, said The report calls for revamping SHARPEST SLIDE trast, substantial funds have been ₹10,500 crore and ₹11,500
in 2024 to raise as much as Gaurav Sood, managing tourism policies to create a more directed towards the development crore (in 2024-25),” said Gupta.
₹4,000 crore. Several fintech director and head, equity capi- conducive environment for both ON an overall index AMONG the world’s THE US retained THE report calls for of pilgrimage destinations, with an Adani Ports is looking at the
firms, including PhonePe, tal markets, Avendus Capital. domestic and international travel- score of 7, India's 4.25 top 10 economies,
was lower than its India’s slide down
its top position,
while China
revamping tourism
policies to create a
increase of 66%, from ₹150 crore in cargo traffic in the Middle
PayU India and BillDesk, are In addition to IPOs, an lers. Streamlining regulations and EM peers such as the ranking was the moved a notch more conducive 2022-23 to ₹250 crore in 2023-24. East, South East Asia, Africa
also expected to go public in increasing number of compa- incentivising investment in the China and Brazil sharpest higher to 8 environment Despite these shifts, the budget and Mediterranean for growth
2024-25 with large primary nies are passing resolutions to tourism sector can significantly for the tourism sector remains in the medium term. “There
market raises, according to raise capital through qualified boost India’s attractiveness as a des- unchanged at ₹2,400 crore, the will be strategic acquisitions
reports. institutional placements tination, since it currently lags on tour- The US leads the TTDI rankings, leverage its potential. same as in 2022-23. But, only ₹1,343 and partnerships in these four
“Assuming market senti- (QIPs), indicating that compa- ism policies, air transport, and tourist standing at 32.3% above the average. Asia-Pacific was the second-highest crore of this allocation was spent on pro- regions according to the
ment remains constructive nies are pursuing aggressive service infrastructure, the report high- Interestingly, Thailand, a popular tour- performer among all regions globally, moting tourism in 2022-23, with a mere group’s strategic roadmap for
post elections, we expect there growth and deleveraging lighted. ist destination, ranks lower than India, but experienced the largest average ₹60 crore of the ₹341 crore budgeted for the next 3-5 years,” said the
to be several large IPOs com- plans, Sood added. By contrast, India scored high on with its score falling by 4.12%. This is decline in TTDI scores (-0.7%) due to overseas promotions utilized. An equal first person.
ing to market,” said Abhishek dipti.sharma@live- price competitiveness as well as availa- possibly due to delays in easing travel delays in loosening travel restrictions amount was spent on domestic cam- While drawing the ports
Joshi, executive director, head mint.com bility of cultural and natural resources, restrictions after the pandemic ebbed, and struggles with air route capacity and paigns, from the allocated ₹75 crore. expansion strategy, the Adani
Group is essentially betting on
the recovery in container
demand from a subdued 2023.

Silver near ₹1 lakh sparks concerns KKR picks banks to sell An August 2023 report by
Crisil says the government’s
ambitious logistics sector-ori-

FROM PAGE 1
Poor man’s gold
In 2023, India’s silver imports accounted for 73%
landed rate of silver trading at
a premium to MCX’s silver
industrial waste biz at $1 bn ented Sagarmala programme
envisages the country’s port
capacity to go beyond 3,300
record highs due to central (3,475 tonnes) of total supply of 4,742 tonnes. price. If spot demand was high, mtpa by 2025 via initiatives
bank actions and Chinese the spot market price would FROM PAGE 1 including Gati Shakti Scheme,
Total demand Total supply Silver in India (in tonnes)
demand, respectively. have instead traded at a pre- National Logistics Policy and
12,000
While global central bank mium to the bank rate.A filed for approval at the NCLT, Bharatmala Pariyojana.
buying catapulted interna- banker who heads the bullion which approved it on 9 May. Crisil expects Indian ports
tional spot gold to a record 8,000
desk at a private bank said that “The idea is to sell it to to grow at 3-6% over fiscals
high of $2,450.07 per ounce the bank rate was around another sponsor as there is still 2024-2028, on the back of
(₹74,222 per 10 gm approxi- ₹96,000 against the MCX rate immense growth potential in growth in container cargo, fer-
mately) on Monday, China’s 4,000 of ₹92,475. the industrial waste manage- tilisers, cement, and steel
announcement of a rescue He believes the Indian spot ment business. There could be transportation. The container
package for its property sector rate could head toward the ₹1 manifold growth from here segment is expected to see a
pushed copper to a record 0 lakh mark on short covering on,” the third person said. growth of 4-7% over fiscals
2018 2019 2020 2021 2022 2023
$11,104.5 (₹9,36,000) a tonne by global traders. Mint first wrote about the 2023-2028.
Source: Metals Focus
on LME. According to the banker, PE firm’s plan to carve out the Adani wants to capitalize on
PRANAY BHARDWAJ/MINT
Meanwhile, the interna- investors or traders on municipality business in Sep- KKR has completed the sale of the municipal business back to its this increasing demand.
tional spot price of silver hit a Indeed, with prices holding in turn has led to price expec- exchanges like Comex of the tember 2023. original promoters.. MINT Adani’s Colombo terminal
13-year-high of $32.51 an above ₹70,000 a kg, Washing- tations turning more positive,” CME (Chicago Mercantile A KKR spokesperson acquired last year, which
ounce on Monday. The life- ton-based Silver Institute, a the institute’s World Silver Exchange) group or Shanghai declined to comment, while ergy projects and integrated lion,” the third person said. In received a financing commit-
time high for the metal stands global silver lobby, expects Survey 2024 released in mid- Futures Exchange (SHFE) queries sent to the company environmental services like 2022-23, the combined busi- ment of $553 million from the
at $49.8 an ounce on 25 April Indian investors to liquidate a April noted, adding that Indian could begin to cover their remained unanswered. water and waste treatment ser- ness had operational revenue US, DFC, is scheduled for
2011, according to Bloomberg. significant quantity of the investors have bought shorts with prices having risen Founded in 1994 by Reddy, vices, setting up desalination of ₹3,632 crore over an Ebitda commissioning before
The global rally in silver, 17,500 tonnes of bars and upwards of 563Moz (17,500 34% to $31.62 an ounce year- a member of Parliament from plants, laboratory services and of ₹1145 crore ($137 million) 2024-25 end. A fortnight ago,
accompanies by copper, has coins purchased over the past tonnes) of bars and coins in the to-date and showing no sign of YSR Congress, the company waste containment. and a profit after tax ₹479 the Philippines government
been fuelled by its use in elec- 10 years. past 10 years and “there relenting.“Once that happens, offers services including man- “The industrial waste man- crore, according to VCCEdge, said Adani Ports is planning to
tric vehicles, solar panels and “....we believe this year’s remains a risk of large-scale prices could rise rapidly agement of municipal solid agement company has earn- the data platform of HT Media. invest significantly in the
semi-conductors. India relies Indian investment could see a liquidations”. toward the ₹1 lakh mark, waste, industrial waste, bio- ings before interest, tax, The company has not filed country by supporting the
on imports of silver to meet strong increase as the price has Another signal of demand before longs liquidate their medical waste, e-waste, apart depreciation and amortisation 2023-24 earnings yet. government’s port develop-
domestic demand. held above ₹70,000/kg, which destruction is visible in the bullish bets,” he said. from recycling, waste-to-en- or Ebitda of around $150 mil- [email protected] ment plan at Bataan.

A Chinese phone maker did something Apple couldn’t: Make an EV

FROM PAGE 1 dreds of manufacturing steps The company only seriously tariffs on Chinese EVs to “We figured out who calls the spent billions trying to catch or
into one, saving on compo- started looking into entering roughly 100%. Xiaomi has said shots,” said Lei, according to exceed the capabilities of exist-
Apple and South Korea’s Sam- nents, weight, cost and time. the car sector after the U.S. gov- it would focus on the China the video footage, explaining ing carmakers.
sung Electronics . But making Xiaomi also had to innovate. ernment blacklisted it in Janu- market in the next three years. that it was usually women who Upon learning of Apple’s exit,
cars required a whole new level The liquid aluminum that gets ary 2021 for what it said were The company didn’t make Lei made the final buying decision. Lei said he instructed employ-
of complexity, Lei told state injected into the die-casting ties to China’s military, prohib- available for an interview. One feature that was particu- ees to ensure the SU7 would
broadcaster China Central Tel- machine has to be a certain vari- iting Americans from investing larly popular with female cus- work with Apple’s proprietary
evision in an April interview— ety that can withstand an in Xiaomi, Lei told CCTV. (In Know thy customer tomers, he said, was the car’s CarPlay software, which dis-
even without having to make extraordinary amount of pres- May 2021, Washington agreed As the hardware for electric sun protection on its glass roof. plays iPhone screens on car
the internal combustion engine sure. Xiaomi had to come up to remove the company from vehicles becomes simpler, what Xiaomi said that the fortified dashboards, he told CCTV.
that has made traditional cars so with its own material, building the blacklist.) increasingly determines suc- tinted glass keeps the car cool Ma Xiaoyun, a student from
nettlesome to produce. an artificial-intelligence pro- On the day of the blacklisting cess in China is a car’s software in the sun and blocks UV rays— the northern Chinese city of
Xiaomi brought on some gram that used a method known announcement, Lei recalled and features, executives say. a feature appreciated by Chi- Tianjin, said he bought a
6,000 people to work on the as deep learning to simulate gathering board members for an In March 2021, Xiaomi declared its intention to join the ranks of For that, Xiaomi could rely on nese women eager to shield Xiaomi phone in addition to
car project, Lei said. Some were how different materials would emergency meeting, worried Chinese EV makers. AFP its in-house expertise of house- their skin from the sun. the car just so he could experi-
recruited from foreign carmak- behave when placed inside the that Xiaomi could soon lose hold products and gadgets. The The SU7’s dashboard can also ence their seamless integration
ers such as Porsche and BMW; die-cast machine, Ma said. access to American components into the top 10 EV newcomers in Xiaomi needs to quickly company is intimately familiar plug into Xiaomi’s wider soft- with his household devices,
others were transferred from and would no longer be able to China and intensifies a drawn- increase production to meet with customers’ lifestyle prefer- ware ecosystem, showing the such as his water filter and
other departments, said Ma China speed make smartphones. In short, Lei out price war in China’s EV mar- demand. Customers who ences and tapped those insights driver’s Xiaomi phone display robot vacuum cleaner.
Yingbo, a member of Xiaomi’s Xiaomi joined with Beijing said, Xiaomi needed to find new ket, where more than 100 ordered the car in late April will for its product development, and allowing anyone with other But what appeals the most to
marketing team. Among the Automotive Group to begin its ways of making money. brands are vying for a slice of the have to wait 40 to 50 weeks for said Tu Le, who splits his time Xiaomi devices to control them the 21-year-old Ma is the car’s
cars Xiaomi looked to for inspi- plant project using the state- In March 2021, Xiaomi world’s biggest auto market— delivery. There have been between China and the U.S. and through the car. “In that sense, acceleration, advertised as 0 to
ration was Tesla’s Model 3. owned company’s car-making declared its intention to join many of them unprofitable . reports in Chinese-language is the managing director of the SU7 feels more like another 62 miles an hour in 2.78 sec-
To simplify development and license. From there, it took the ranks of Chinese EV makers Lei expects only five to eight media of the car being involved industry research firm Sino gadget in the Xiaomi world,” onds—a pace of acceleration
reduce costs, Xiaomi adopted Xiaomi half a year to design the and pledged to invest $10 bil- companies to survive and said in minor crashes and an SU7 Auto Insights. said Sino Auto Insights’ Le. reminiscent of some versions of
Tesla’s process of “gigacasting,” plant and an additional 15 months lion over the next decade. that Xiaomi is currently selling breaking down shortly after When Lei showed the SU7 to Earlier this year, Apple the Porsche Taycan, which
which employs large-scale, to build it, with the remainder of at a loss. To turn a profit, delivery. The company didn’t BYD’s Wang, he said that from ended its yearslong push to cre- costs at least four times as much
high-pressure aluminum die- the three-year road to launch From one model to mass Xiaomi would have to produce respond to requests for com- the start Xiaomi spent a lot of ate its own electric vehicle, as the SU7. “I’m getting a lot for
casting to create the car’s frame. spent dealing with approvals, production 300,000 to 400,000 of the ments on those reports. time trying to make the car daunted by the increasing diffi- the money,” he said.
The process combines hun- quality control and standards. Xiaomi’s entry catapulted it SU7 each year, he told CCTV. Last week, the U.S. increased appealing to female buyers. culty the company faced as it © 2024 DOW JONES & CO. INC.
LIVEMINT.COM CORPORATE WEDNESDAY, 22 MAY 2024
NEW DELHI 07

Generative AI video: Excitement

served with a dash of scepticism
Early reactions to the ‘magical’ abilities of Google’s GenAI video model Veo or OpenAI’s Sora are lukewarm
The EU wants Apple to stop blocking music-streaming apps from
informing users about cheaper deals outside its App Store. BLOOMBERG
Shouvik Das this could lead to an infringement of ity to generate avatars that could

Apple fights €1.8 bn [email protected]

NEW DELHI
intellectual property (IP),” said mimic human speech, thus potentially
Shailendra Bhandare, partner at law replacing an anchor narrating a story
firm Khaitan & Co. on screen. Synthesia is also quite seri-

EU antitrust fine
A
week ago, Google Bhandare added that multiple cli- ous about its work—it is part of the
unveiled Veo, a new gen- ents may get the same results if they Coalition for Content Provenance and
erative AI video model. In use the same third-party material, Authenticity (C2PA) body that
some ways, this was the which could lead to breach of contract includes Google, Microsoft and
for curbs on Spotify search giant's direct salvo
at younger upstart and rival, OpenAI’s
Sora, which was introduced this Feb-
and infringement of third-party IP.
Creative veterans, too, have a mixed
OpenAI.
Fellow upstart Runway unveiled its
view. Yash Kulshresth, chief creative latest model, Gen-2, in March last year.
Bloomberg decisions in court. ruary. officer at Mumbai-based creative Since then, the company has show-
[email protected] Apple declined to comment Both claim to generate cinematic- agency Atom Network, said that most cased various video-generating capa-
other than pointing to an ear- grade video clips with just a few words AI tools so far, based on initial inspec- bilities of its AI model, and has even

A
pple Inc. is challenging lier blog post in which it said of text. While this has sparked debate tion and review, “lack the emotional established an ‘AI Film Festival’ in Los
a €1.8 billion ($1.9 bil- that EU regulators failed to around AI’s impact on creative indus- depth and unique perspective that Angeles with Nvidia as a partner.
lion) fine levied by the uncover any credible evidence tries such as filmmaking and advertis- humans bring”. On 15 April, the firm announced 10
European Union for thwarting of consumer harm. ing, early reactions to their much- “On the positive side, it can make winners of films made using its AI
fair competition from music- Apple’s appeal sets up yet touted ‘magical’ abilities are luke- visualizing storyboards and concepts model and tool—offering nearly
streaming rivals, including another court battle with the warm. more efficient and cost-effective. This $35,000 in cash prizes.
Spotify Technology SA. EU regulator, which previously According to three content creators Google’s Veo is not available to try in India currently. HT democratization of crea- This clearly reflects
The iPhone maker has filed a slapped the Cupertino, Califor- and three filmmaking and advertising tivity can enable smaller The one thing AI’s potential. “We have
suit at the EU’s General Court nia-based company with a veterans that Mint spoke with, lion funding round last June. These who work closely with YouTube and agencies and independ- most creative never seen something
in Luxembourg to topple the record €13 billion tax bill in a although neither Veo nor Sora are show serious potential for generative requested anonymity to protect their ent creators to compete professionals like this. It would be naive
March decision, according to dispute over Irish state aid. The available to try in India currently to AI video. respective brand partnerships, said more effectively and fos- believe is that to think of our current
people familiar with the matter final outcome is still pending test properly and raise a verdict, they Both OpenAI and Google claim that that generative video platforms may ter a new era of rapid response as cast in stone.
who spoke on condition of ano- after Apple won an early round. appear a bit underwhelming, and may multi-modality of their video genera- not be comprehensive and could lead prototyping and iterative
AI will not spell
It’s just the beginning of
nymity. Silicon Valley not become mainstays for video pro- tion models—the ability to support to branding complications. feedback. It can also the death of AI and, ultimately, the
The E U ’ s The iPhone maker firms have been duction. input prompts in more than one for- “Brands may not prefer knowing serve as a good alterna- creativity future of our industry will
crackdown on has filed a suit on the receiving Instead, the footage generated by mat, including text, audio or images— that any specific video was used with tive to regular hygiene be defined by the synergy
Apple also at the EU’s end of a campaign such AI models may at best be used to is a key ability. Given Big Tech’s might generative AI—there is a fear in the content pieces for brands between human creativ-
included an order General Court in by EU competi- visualize scripts at the pre-production and vast resources of computing and market that using AI videos could lead to put up on social media,” Kulshresth ity and technological advancements,
to stop prevent- tion chief Margre- stage, or create filler or ‘B-roll’ content data available at hand, this can make to copyright lawsuits, and no commer- said. However, he added that content ensuring that the heart and soul of our
Luxembourg to
ing music- the Vestager to that is used for background purposes for a serious resource for creative pro- cial entity wants such complications. oversaturation is a significant risk. work remain unmistakably human,”
streaming apps topple the tame their domi- in longer, more expansive movies and fessionals to either leverage, or con- This is a hindrance right now in India, “The ease of generating visuals might Kulshresth added.
from informing March decision nance through advertisements. tend with. For instance, Bengaluru- at least until there is regulatory and lead to an abundance of mediocre con- The one thing most creative profes-
users of cheaper fines and regula- To be sure, Sora and Veo are not the based technology content creator legal clarity,” one of the creators told tent. This could make it more chal- sionals believe, however, is that AI will
deals away from tory actions, only ones. On 27 January, Google Varun Mayya, who has a cumulative Mint. Each of these creators, however, lenging for truly innovative ideas to not be the death of creativity. “A fun-
its App Store. The investigation including a landmark new law Research unveiled Lumiere—a new following of nearly 2.2 million viewers confirmed that generative AI is well stand out. The key will be for creatives damental thing to understand is that
was sparked by a complaint half — the Digital Markets Act. The text-based AI model that claimed to across his multiple Instagram and and truly being used in India at more to leverage AI as a tool that enhances AI does not have its own imagination,”
a decade ago from Stockholm- new rules establish a raft of dos “portray realistic, diverse and coher- YouTube channels, uses AI to gener- than an experimental pace. While the their work, focusing on originality, said Chaitanya Chinchlikar, vice-pres-
based Spotify, which claimed it and don’ts for some of the ent motion”. ate filler footage as well as piece-to- early mood is anticipatory, it is also authenticity, and emotional connec- ident and chief technology officer at
was forced to ramp up the price world’s most powerful tech Beyond Big Tech, startups have camera videos for many of his content. lukewarm—some cite quality issues, tion to maintain the distinctiveness of Mumbai-based Whistling Woods
of its monthly subscriptions to firms. To bring it in line with made generative video tools available While Mayya focuses on AI-based while others are concerned about human-driven creativity,” he said. International Film School.
cover costs associated with the rules, Apple has been to the general public to fiddle with for educational video content for devel- intellectual property infringements. Despite this, all parties acknowl- “At the level of every pixel that AI
Apple’s alleged stranglehold on forced to overhaul its iOS, more than a year now—from opers and engineers, he has also used “Most content creators sign origi- edge that AI is an evolving field, which creates, it will be a synthesis of content
how the App Store operates. Safari and App Store offerings UK-based Synthesia’s Express-1 model AI to gain assistance in his video pro- nality agreements with clients. For makes it difficult to predict its long- that an algorithm has already seen, or
The European Commission, in the EU. Apple has mounted to New York-headquartered Run- duction schedule. them, if the material used to train a term impact. On 22 April, Synthesia is trained upon. This will make AI an
the EU’s antitrust arm, said it further court challenges way’s Gen-2 model. Google, mean- Unlike Mayya, many others keep generative AI model belongs to a third unveiled its latest AI model— assisting tool at best for the visual crea-
stands ready to defend all its against the regulation. while, invested in Runway’s $141-mil- away. Two other content creators, party, and this reflects in the output, Express-1. The latter showed the abil- tion industry.”

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NEW DELHI GLOBAL LIVEMINT.COM

BMW, Jaguar, VW
parts may have been The highest paid CEOs of 2023
made with forced Chiefs of America’s biggest firms reached new pay heights in 2023 as stock awards swelled the compensations
labor, report says Theo Francis
[email protected]
which posted a 94% return. Ullal’s pay
totaled $15.56 million.
Bottom of the pack

T
Richard Vanderford he chiefs of America’s big- Among the 25 worst-performing
[email protected] gest companies reached companies in the Journal analysis,
new pay heights in 2023 as nearly a third operated in the health-

B
MW, Jaguar Land Rover stock awards swelled the care sector, including six pharmaceu-
and Volkswagen value of compensation tical or biotech companies. They
sourced parts from a packages. were joined by four utilities.
company on a ban list over Half of the executives in a Wall Pfizer said it didn’t pay bonuses to
alleged links to Chinese forced Street Journal analysis made at least top executives last year after weak
labor, a leading U.S. Senate $15.7 million, a record for median CEO demand for Covid-related products
Democrat said in a report that pay in the annual survey, with several led the company to miss financial tar-
calls for stepped up enforce- making more than $50 million. gets. The $17.5 million equity award
ment efforts. Median pay for the same companies a that made up most of CEO Albert
All three automakers had in BMW said it has taken steps to year earlier was about $14.5 million. Bourla’s total pay last year is meant to
their supply chains parts made halt the import of affected Most of the executives received recognize his leadership and give him
by a company under an explicit products. BLOOMBREG year-over-year raises of at least 9%— an incentive to focus on long-term
import ban over forced labor one in four got 25% or more—and strategy, the company said.
concerns, Sen. Ron Wyden, use of forced labor in our sup- most companies recorded annual Poor performance can slash the
chair of the Senate Finance ply chain,” the company said shareholder returns of at least 13%, value of CEO equity awards. Covid-
Committee, said Monday in a in a statement. “With regard to the Journal found in an analysis of vaccine maker Moderna reported
report that follows a month- the supply chain issue refer- data on more than 400 companies total pay of $17.1 million for CEO
slong investigation. enced in the committee from MyLogIQ, a provider of public- Stéphane Bancel last year, including
Wyden called for U.S. Cus- report, we acted as quickly and company data and analysis. (See the $12.5 million in stock and option
toms and Border Protection to responsibly as possible to full ranking below.) awards.
take action to enforce U.S. law replace the part and comply Eight tech executives ranked The value of those awards fell 42%
blocking the import of goods with the UFLPA.” among the 25 top earners, as did five Broadcom’s Hock Tan is the highest-paid CEO in the Journal’s analysis at $162 million. HOCK TAN/LINKEDIN to $7.3 million at year-end, the com-
made with forced labor. German luxury-car maker each heading financial companies pany’s proxy shows, as Moderna’s
“Automakers’ self-policing BMW said the global automo- and media or entertainment compa- holder returns ranked among the top said. Chipotle shares returned about tion industries. Several of the top per- stock price tumbled about the same
is clearly not doing the job,” tive supply chain is intricate, nies. 1% of companies in the S&P 500 over 65% during 2023, and 18% a year over formers bounced back from one or amount for the year. In addition,
said Wyden. “I’m calling on including thousands of tier- Hock Tan, the highest-paid CEO in the past decade. three years. more years of poor returns, often tied equity awards made to Bancel in prior
Customs and Border Protec- one suppliers and hundreds of the Journal’s analysis at $162 million, Stock gains A Chipotle spokeswoman said the to the pandemic. years fell in value by about $167 mil-
tion to take a number of spe- thousands of subsuppliers. has to stay on the job for five years and Equity awards continued to make growth in Niccol’s equity-award Royal Caribbean Group reported lion during 2023.
cific steps to supercharge “Despite this complex, chal- Broadcom’s share price must reach up the bulk of most executives’ pay, value reflects the company’s strong paying Jason Liberty $17.2 million Those losses offset a net $945 mil-
enforcement and crack down lenging and dynamic environ- certain targets after October 2025 to much of it structured to deliver more share-price performance during the and recorded a total return of lion in new equity awards and
on companies that fuel the ment, the BMW Group is com- get the full value of most of his pay. stock or options if the company meets year. The company said the value 162% last year, after posting minus increases in value reported for Bancel
shameful use of forced labor in mitted to monitoring related Broadcom said the company has out- financial or share-price performance Niccol ultimately realizes depends on 36% in 2022 and minus 43% in 2020, during the prior three years.
China.” risks and adapting our policies performed competitors under Tan, over several years. That means the pay continued financial, operating and when the cruise industry was bat- Moderna declined to comment.
CBP didn’t respond to a and procedures to ensure the its CEO since 2006, and he won’t get can lose considerable value if the com- stock-market performance by the tered by illness and travel bans. (The Methodology
request for comment. The BMW Group’s strict standards more equity or cash bonuses for five pany’s share price falls or operating company. company posted a 3% return in 2021.) The Wall Street Journal used data
Finance Committee’s top Repub- are met,” it said. The company years. targets are missed—or soar in value Intel CEO Patrick Gelsinger’s Ride-sharing giant Uber Technolo- from corporate proxy statements
lican, Idaho Sen. Mike Crapo, said it has taken steps to halt the Pay for Nikesh Arora at Palo Alto amid market and operating success. equity awards last year also more than gies recorded a 149% return after filed through May 16 by companies in
didn’t participate in the report import of affected products. Networks totaled $151 million, mostly Restricted stock awarded in early tripled in value by year-end, to $39.3 posting returns of minus the S&P 500 index with
and his office didn’t respond to a British automobile maker in equity awards that included shares March last year to Jensen Huang, million. The company said in its secu- 41% in 2022 and minus Median total pay fiscal years ended after
request for comment. JLR said it stopped shipments granted over three years. CEO of graphics-chip maker Nvidia, rities filings that austerity measures 18% in 2021. was $14.6 mn for June 30, 2023. The data
Since the 2021 passage of of the affected parts once its Blackstone, quadrupled in last year reduced Gelsinger’s salary Chip maker Advanced 20% of CEOs of was collected by MyLo-
the Uyghur Forced Labor Pre- compliance team learned that where Steven value through late by about 15% to $1.1 million, which in Micro Devices, ranked firms with worst gIQ, a provider of pub-
vention Act, the U.S. has put its tier-three supplier was on Schwarzman January, to $107.5 turn reduced his cash bonus target by seventh by one-year lic-company data and
returns, $15.7 mn analysis.
intense pressure on businesses the Entity List, and set aside its made $120 mil- million. Huang’s about 15%, to $2.9 million. performance, was
to ensure their supply chains affected inventory for destruc- lion, said the company’s 83% total pay, originally reported at $34.2 mil- Overall, median cash pay for CEOs, headed by Lisa Su, the for CEOs at best- Aggregate pay and
are free of goods that could be tion. The company said it takes return surpassed U.S. asset managers lion, included $26.7 million of including salary and annual bonuses, second-highest-paid performing firm shareholder-return fig-
tied to forced labor from human-rights and forced labor last year and described its pay struc- restricted stock as valued at grant. remained flat at about $3.8 million. woman in the analysis, at ures exclude companies
China’s Xinjiang region, the issues seriously. ture as aligning executive incentives Under the terms of the award, Top performers just over $30 million, that changed CEOs or
home of the country’s Uyghur Wyden’s investigation was with those of investors. Huang could receive 50% to 100% Pay for CEOs running the best- and including nearly $28 million in fiscal-year-end dates during the year.
people and other minorities. first announced in 2022 after a Christopher Winfrey of Charter more shares than originally targeted worst-performing companies didn’t restricted stock and options. The Pay reflects the value of equity
C h i n a report from Communications, the cable operator, if the company meets performance vary dramatically. Median total highest-paid woman, at $31.55 mil- awards at grant, as reported by compa-
denies alle- Sheffield received total pay valued at $89.1 mil- criteria, according to Nvidia’s proxy. pay was $14.6 million for the 20% of lion, was Julie Sweet of consultant nies. Total returns reflect stock-price
gations of Hallam lion, largely in options and stock vest- Nvidia’s share price tripled during CEOs whose companies recorded the Accenture, which posted a one-year change and dividends, in most cases
human- University ing over five years, and much of it the year. worst returns compared with other total return of about 14%. calculated from the month end closest
rights abuses. found evidence that global only if the company’s shares rise 28% Brian Niccol, CEO of restaurateur companies in the same sector, and Thirty-one women ran S&P 500 to the company’s fiscal-year end.
Wyden said that BMW, JLR automakers were using compo- to 152% from when the grants were Chipotle Mexican Grill, received $15.7 million for CEOs at the best-per- companies for the full year of 2023, Sources: MyLogIQ (compensa-
and Volkswagen bought parts nents made in Xinjiang or sour- made. stock and options valued at $15.5 mil- forming companies. up from around two dozen at the tion); Institutional Shareholder Servi-
from a supplier named in the cing from companies that used A $30 million one-time retention lion when they were granted in Feb- Chip and computer hardware mak- beginning of the decade. None ces, FactSet (shareholder return);
UFLPA’s Entity List, which Uyghur workers elsewhere in and leadership award that vests over ruary 2023 as part of a $22.5 million ers accounted for six of the 25 best- ranked among the top 25 by pay. One Standard & Poor’s (industry groups);
designates companies the U.S. China. The investigation also five years helped boost total pay for pay package. By the end of the year, performing companies—including other woman ran one of the 25 best company filings (pay for select com-
deems linked to forced labor targeted other automakers. Fair Isaac’s Will Lansing to $66 mil- that equity had more than tripled in Nvidia, the top performer—while performers: Jayshree Ullal at net- panies)
from Xinjiang. The UFLPA A spokesman for Wyden lion. The company said its share- value, to $52.2 million, the company four were in the travel or transporta- working company Arista Networks, ©2024 DOW JONES & CO. INC.
effectively bans all imports said the Committee “expects
with links to Xinjiang, but the to continue the investigation.”
list flags specific suppliers the Wyden called on the admin-
U.S. says are problematic.
Wyden said that BMW and
JLR bought parts made with
istration to add more entities
to the Entity List. His report
also criticized audits that auto-
Tencent suspends marquee game within an hour of China debut
components from Sichuan makers conduct within China
Jingweida Technology Group, as being unreliable, echoing Bloomberg regarded as a sign that the aided in part by the new role- material impact on its earn- million player registrations
which was added to the Entity recent complaints from within [email protected] number of players over- playing game. ings. The rebound in Ten- across platforms pre-launch.
List in December. BMW the Biden administration. whelmed the servers dedi- Tencent’s shares were down cent’s 1Q domestic game Tencent had sought to bring

T
imported at least 8,000 Mini “These tools are insuffi- encent Holdings Ltd. cated to hosting the game—a about 3% before the lunch receipts provided confidence the game to China as far back
Cooper model cars with a cient,” the report said. suspended Dungeon & common occurrence for many break, but off their morning the recovery in its China video as 2020, but that coincided
banned component even after Laura Murphy, one of the Fighter Mobile within long-awaited releases. low. The company compen- game business can continue with the height of a Beijing
being put on notice of a poten- academics behind the Shef- an hour of its Chinese debut DnF Mobile, based on sated players with virtual though the rest of 2024, regulatory crackdown that
tial forced labor concern in its field Hallam report that because of unspecified server developer Nexon Co.’s long- coins and other in-game items though at a more modest pace imposed new rules on internet
supply chain, Wyden said. sparked Wyden’s probe, now glitches, suggesting players running franchise, is a key title as it worked to rectify login than recent years. We expect companies. Nexon said at the
German carmaker VW vol- works as an adviser to the U.S. flooded the online platform for for hit-hungry Tencent, as issues. The game resumed for China’s video game market to time it was delaying the title to
untarily disclosed that some of Department of Homeland one of 2024’s most highly the world’s biggest games players after a little over an grow 6% in 2024, down from comply with restrictions
its vehicles bound for the U.S. Security. Murphy recently anticipated titles. publisher replenishes its hour, though not all functions 13.9% in 2023,” said Robert aimed at curbing addiction
contained parts from Sichuan promised more companies Tencent, which had been aging portfolio. Tencent took down the game were available. Lea and Jasmine Lyu, Bloom- among minors.
Jingweida, which led to hold- would be added to the Entity preparing for the launch for New game releases in China for maintenance after “server “The launch-day server out- berg Intelligence analysts Chinese regulators granted
ups at U.S. ports. List. DHS last week months, took down the game were hamstrung by a fluctuations”. REUTERS age of Tencent’s highly-antici- DnF Mobile quickly took DnF Mobile a commercial
“Volkswagen takes allega- announced the addition of a for maintenance after what it prolonged halt in licence pated new game DnF Mobile is the top spot as the most down- licence in February, and Ten-
tions of human rights viola- number of textile industry called “server fluctuations,” approvals, and Tencent plans is estimated to grow by dou- a potential sign of strong loaded free game on the cent executives said they fast-
tions very seriously and is companies to the list. without elaborating. The to ramp up releases as the year ble-digits this quarter after a demand for the title. The dis- iPhone app store in China, and tracked its launch after seeing
committed to preventing the ©2024 DOW JONES & CO. INC. abrupt take-down was goes along. Its gaming revenue long period of contraction, ruption is unlikely to have a the title has garnered over 60 positive testing results.

Jamie Dimon says retirement is getting closer. Finally.

Alexander Saeedy The timing itself isn’t all credit card issuer and past year for instance. America. However, Dimon reiter-
[email protected] that surprising, but Dimon expanded into every one of the He has also turned that stat- He restarted the conversa- ated that he was “cautiously
has been reluctant to put contiguous 48 states. ure into a platform to speak tion recently by selling some pessimistic” about risks to

J
amie Dimon acknowl- much of a point on it. In 2021, The shares of JPMorgan out about issues beyond bank- stock for the first time, though the global economy that
edged that he will likely Dimon was given a special have returned more than ing, including government he said the sales were for estate could dent performance,
be leaving his role as bonus by the board that he 700% since he took over, policy, education and civics. planning and not a tell he was including geopolitical ten-
chief executive officer of could earn by staying as CEO including dividends, while the That has led to questions of leaving. sions in Taiwan and the Fed-
JPMorgan Chase in fewer than until at least 2026. S&P 500’s total return is whether he would run for On Monday, Dimon eral Reserve’s shrinking its
five years. On Monday, he said that his around 500%, according to office or serve in a addressed a $7.7 trillion holdings of
For at least the past decade, successor could come from Dow Jones Market Data. cabinet. Dimon Dimon is likely to crowd of analysts bonds and other assets by
Dimon has answered ques- within the bank’s ranks, point- He is the longest-serving of has always said he step down as and investors, around $80 billion a month.
tions about potentially retiring ing to a number of current the biggest bank leaders and loved being a CEO in less than t o u t i n g the He also said that he thought
with the JPMorgan the only one remaining who banker. five years. He bank’s growth the bank’s stock was priced
same boil- executives was CEO before the 2008-09 Dimon’s retire-
said his successor over the past 10
high and that JPMorgan
erplate who have financial crisis. His obsession ment has long years. wouldn’t use a cash pile of
response: experience Jamie Dimon took over as chief executive officer of JPMorgan with building a “fortress bal- been a source of could come from The bank said $342 million in retained earn-
five more years. On Monday, working across different parts Chase at the end of 2005. BLOOMBERG ance sheet” of capital helped endless specula- within the bank it expects to rake ings to buy back stock. Shares
the 68-year-old admitted of the bank. keep JPMorgan strong during tion and trying to in $91 billion in fell by nearly 4% after Dimon
that the clock is finally starting That includes Jennifer sidered candidates to be CEO. think when I can’t put on the that crisis and the smaller guess his succes- net interest made his comments.
to tick. Piepszak, co-head of the com- If Dimon needed an immedi- jersey or any given full thing, I drama in March 2023, letting sor is a favorite topic of Wall income this year, the amount it JPMorgan’s stock has out-
“The timetable isn’t five mercial and investment bank, ate successor, he has Daniel should leave.” JPMorgan scoop up failed Street conversation. A host of collects on loans minus what it performed many of its com-
years anymore,” Dimon said at and Marianne Lake, who Pinto, the bank’s president Dimon took over as CEO of rivals Bear Stearns, Washing- his lieutenants have left to run pays out for deposits. That is petitors and rose 27% in 2023,
the bank’s annual investor day. serves as the head of the con- and chief operating officer. JPMorgan at the end of 2005. ton Mutual and First Republic. other banks and companies, an extra $1 billion than it had while a broader index of bank
He didn’t provide more detail sumer banking arm. Both But Dimon also said he still Under his watch, JPMorgan He has been the banking including Barclays, Wells previously forecast thanks to stocks was down almost 5%.
about when he plans to leave, executives have worked for feels up for the job. has become the biggest bank industry’s leading spokesman, Fargo, Visa, Standard Char- the growing likelihood that The stock hit a record high on
but he suggested that he could the business and consumer “I still have the energy I’ve in the country by both assets pushing back against higher tered and Teachers Insurance the Federal Reserve won’t cut Friday.
stay on as chairman. banking divisions and are con- always had,” Dimon said. “I and deposits, grown a massive capital requirements over the and Annuity Association of interest rates this year. ©2024 DOW JONES & CO. INC.
LIVEMINT.COM NEWS WRAP WEDNESDAY, 22 MAY 2024
NEW DELHI 09

NEWS
₹3.19 tn
THE TOTAL net profit reported by banks
$437 bn
INDIA’S MERCHANDISE exports in
$60 bn
THE SIZE of India’s childcare products
1.8 mn
THE QUANTITY of oil (in barrels per day)
6.7%
INDIA’S GDP growth in the fourth quarter
IN in India in FY24, including ₹1.78 trillion FY24, down from $451.07 billion in the market by 2027, up from $31 billion in imported from Russia in April, up 8.2% of FY24, the lowest in four quarters, as per
NUMBERS of net profits by 26 private banks and
₹1.41 trillion by 12 PSU banks
previous fiscal, despite a 2.14% growth in
exports of engineering goods
2022, according to a study by
consulting firm Redseer
from March, taking Russia’s share to 38%
of India’s oil imports during the month
estimates by Icra. The rating agency
expects 7.8% growth for the full fiscal

HOWINDIALIVES.COM

Govt defers SBI INDUSTRIAL WASTE KILLS M-cap of BSE-listed

chairman interview cos hits $5 tn mark

T T
he much-anticipated interview for the he combined market capitalisation of
post of chairman at the State Bank of India BSE-listed companies hit the $5-trillion
(SBI) has hit an unexpected snag. milestone for the first time on Tuesday.
Scheduled for Tuesday, the interview has now At the close of trade, the total valuation of the
been postponed, according to two persons exchange-listed companies stood at an all-time
aware of the matter. high of ₹4,14,62,306.56 crore ($4.97 trillion), the
Late on Monday, SBI, the country’s biggest BSE data showed.
bank, received a notice about the deferral, said The 30-share Sensex declined 52.63 points,
one of persons who spoke on condition of or 0.07%, to settle at 73,953.31. However, during
anonymity. The new date for the interview will the day, it hit a high of 74,189.19, rallying 183.25
be communicated in due course, the person points, or 0.24%.”The market capitalisation of
added. The Financial Services Institutions companies listed on the BSE has crossed a
Bureau (FSIB), an autonomous body under the record $5 trillion for the first time—hitting a
central government, was scheduled to conduct fresh high on 21 May. India became the fifth
interviews on Tuesday to recommend a largest market cap country after the US, China,
candidate for the chairman’s post. Japan, and Hong Kong,” said Deepak Jasani,
“The scheduled meeting indeed has been head of retail research, HDFC Securities.
postponed due to elections. The earlier call was The combined market valuation of all BSE-
to complete the process after elections in listed firms reached the $4-trillion milestone for
Mumbai,” said yet another official aware of the the first time ever on 29 November 2023. PTI
matter. GOPIKA GOPAKUMAR & SUBHASH NARAYAN

Dead fish float in the Periyar river following the suspected release of industrial effluents in the Eloor-Edayar industrial area in Ernakulam, Kerala,
on Tuesday. PTI

The finance ministry may raise the CPSE dividend

Sebi suggests altering rules for There were a total of 32,314 flight cancellations
in April. AP
estimates to ₹53,000 crore in the full budget. MINT

FinMin to raise FY25 buybacks, merchant bankers Domestic air traffic

at 13.2 million in Apr
CPSE dividend view
D
omestic air passenger traffic rose by

T
he finance ministry is likely to raise the 3.9% to 13.2 million in April, according
CPSE dividend estimates by ₹5,000 Market regulator has sought comments from the public till 11 June on the proposals to official data released on Tuesday. The
crore to around ₹53,000 crore for traffic stood at 12.88 million in April last year.
the current fiscal in the full budget to be As many as 1,370 passengers were affected
presented in July. PTI date falls within the buyback period. Also, it has offer via stock exchange, it has been suggested that due to denied boarding, with airlines spending
In the interim budget 2024-25, the [email protected] suggested to disclose details of outstanding ESOPs offer open within four working days from the pub- ₹136.23 lakh towards compensation and
government had pegged dividend estimates New Delhi and convertible instruments in the public lic announcement. At present, the offer opens facilities in this regard, as per Directorate
from non-financial central public sector announcement. within four working days from the record date. General of Civil Aviation (DGCA) data.

T
enterprises (CPSEs) at ₹48,000 crore for the o facilitate ease of doing business, mar- The current rules prohibit issuing any shares or On disclosures in the letter of offer, it has been The data showed there were a total of 32,314
current fiscal. kets regulator Sebi on Tuesday proposed securities until the buyback period ends. On the suggested to include the entitlement ratio for small flight cancellations in April and airlines spent
“The estimates may go up by about ₹5,000 tweaking norms governing buyback of manner of computa- and general share- ₹89.26 lakh towards compensation and
crore in the final budget to be presented in shares, merchant bankers and bankers tion ration, the panel holders on the cover facilities.
July,” an official told PTI. to an issue. The proposals are based on has suggested that if The proposals are based on page and also pro- Last month, a total of 109,910 flights were
The interim budget estimates were based on recommendations given by a committee chaired by any promoter or recommendations given by a vide a link in the let- delayed. Airlines shelled out ₹135.42 lakh
the estimates in December 2023, and January Sebi’s former whole-time member S. K. Mohanty. member of the pro-
2024, and the estimates in the full budget will The committee was formed by the markets reg- moter group committee chaired by Sebi’s former ter of offer for share-
holders to check
towards facilitation.
In terms of on-time performance, Akasa Air
be higher as we have a better picture of the ulator to review the merchant bankers rule, bank- declares upfront whole-time member S. K. Mohanty their buyback enti- topped the list at 89.2%, followed by AIX
dividend now, the official added. ers to an issue and buyback norms from the point they will not partici- tlement on the regis- Connect (79.5%), Vistara (76.2%), IndiGo
The dividend receipts of the government in of view of facilitating ease of doing business, Sebi pate in the buyback, trar’s website. (76.1%) and Air India (72.1%). PTI
a particular fiscal include interim dividends said in its consultation paper. The Securities and their shares should not be considered in the enti- With regards to merchant banker rule, the panel
announced by state-owned companies during Exchange Board of India (Sebi) has sought com- tlement ratio calculation. has suggested that the existing requirement to sub-
the fiscal, as well as final dividends for the ments from the public till 11 June on the proposals. This increases the entitlement for remaining mit statement of responsibility to Sebi at least one
previous fiscal. So far in the current financial
year, the government has obtained ₹4,837.25
With regards to buyback norms, the panel has
suggested allowing conversion of ESOPs or con-
shareholders. At present, there is no specific month before the opening of the issue be removed
method for calculating the entitlement ratio. as such responsibilities are already disclosed in the
Muthoot FinCorp
crore as dividends from the CPSEs. PTI vertible instruments if the exercise or conversion In respect of reference date for opening buyback offer document under the ICDR Regulations.
FY24 profit up 62%

M
uthoot FinCorp on Tuesday said it has
‘Draft rules will help recorded highest-ever loan
Derivatives frenzy has govt worried disbursements in FY24 that rose 18.6%
tackle pesky calls’ to ₹61,703.26 crore on a consolidated basis.
The asset under management (AUM) stood
and chief economic advisor V. Anantha at ₹33,359.30 crore. The consolidated net

T
he draft guidelines being prepared by the Nageswaran sounded caution in recent profit rose 62% to ₹1,047.98 crore in FY24,
consumer affairs ministry will help tackle days about growing retail participation in Muthoot FinCorp said in a statement.
the menace of unregistered telemarketers, the equity futures and options market. “Muthoot FinCorp Ltd, the flagship
the apex telecom industry body COAI said on “We need to ask ourselves is that a sign of company of 137-year-old Muthoot Pappachan
Tuesday. The Cellular Operators Association of progress or a sign of concern,” Nageswaran Group, reports highest-ever loan
India (COAI) said the industry body is working said at an industry event last week. “India disbursements in FY24 with consolidated
closely with the government and regulator to needs to make sure that the capital market disbursement at ₹61,703.26 crore, up 18.60%,”
address the issue of unsolicited commercial grows in areas where the country can the statement said.
communications (UCC). actually harness household savings for On a standalone basis, Muthoot FinCorp’s
COAI director general S.P. Kochhar said the productive purposes.” disbursements rose 15% year-on-year to
industry body and its members are also part of The notional volume of equity derivative The ongoing six-week long national election has ₹50,167.12 crore from ₹43,443.26 crore in the
the committee, formed by the Department of trading in India reached $6 trillion in early led to slower government spending. AP previous year. The profit after tax (PAT)
Consumer Affairs to tackle the menace of pesky The volume of equity derivative trading in February, a six-fold surge since the start of increased 22.40% to ₹562.81 crore compared to
calls from unregistered telemarketers.
“The Committee is working to prepare draft
India hit $6 trillion in February. ISTOCKPHOTO 2022, before easing recently. This
“unchecked retail surge” could lead to
‘Govt spends may ₹459.81 crore in FY23. PTI

T be slow for a while’

guidelines under the Consumer Protection Act, he surge in equity derivatives that’s future challenges for the markets as well as
2019, to safeguard consumers from driven up volumes to the highest in for household finances, Sitharaman said
unwarranted commercial communications. the world is spurring concern among last week. The surge has come despite
Power demand in
S
We believe that these guidelines, once notified, the nation’s policymakers that the frenzy repeated warnings from the market pending by India’s federal government is
will be helpful in addressing the menace of
UCC substantially as it will put a deterrence on
may hurt efforts to harness household
savings for productive purposes.
regulator, whose own studies suggested
that 90% of active retail traders lose money
likely to remain slower for a few more
months, which may prompt more steps to Delhi at record high
the Unregistered Telemarketers,” Kocchar said Finance minister Nirmala Sitharaman trading derivative contracts. BLOOMBERG infuse cash into the banking system, two people

D
in a statement. PTI familiar with the matter said on Tuesday. elhi’s peak power demand reached an all-
Over the past three weeks, the government time high of 7,717 megawatt (MW) on
has announced three buybacks of short-term Tuesday afternoon amid intense summer
securities along with a change in the planned heat, discom officials said.
Singapore Airlines flight hits turbulence, one passenger dead treasury bill borrowings for the next six weeks.
“We see slow pace of spending till about
According to the State Load Dispatch Centre
(SLDC), Delhi, real-time data, the peak demand
August,” said one of the people, a government of the city broke all previous records. It reached

O
ne passenger was killed and 30 injured after a Singapore Airlines official who declined to be named as he is not 7,717 MW at 3.33 pm, they said. Delhi’s previous
flight from London hit severe turbulence en route on Tuesday, authorised to speak to the media. all-time high peak power demand was recorded
forcing it to make an emergency landing in Bangkok, officials and the “We will take a call on further buybacks at 7,695 MW on 29 June 2022, officials said.
airline said. “Singapore Airlines offers its deepest condolences to the family of after the next auction but we do not want to The national capital is reeling under intense
the deceased. We deeply apologise for the traumatic experience that our carry too much cash on our books,” the person heat with a steady temperature rise. The India
passengers and crew members suffered on this flight,” the airline said, adding mentioned above said. Meteorological Department (IMD) has
it was working with Thai authorities to provide all necessary assistance. The finance ministry did not immediately predicted heatwave conditions in many parts
The flight fell into an air pocket while cabin crew was serving breakfast respond to Reuters’ email for comment. of Delhi and severe heatwave conditions in
before it encountered turbulence, prompting the pilots to request an The ongoing six-week long national election some areas. It has also issued a red alert for the
emergency landing, Suvarnabhumi airport general manager Kittipong has led to slower government spending, next four days.
Kittikachorn told a press conference. leaving the banking system facing an average According to the seven-day forecast, the
A 73-year-old British man died during the incident, likely due to a heart liquidity deficit of ₹1.2 trillion ($14.41 billion) so maximum temperature will be in the range of 44
attack, he said. Seven people were critically injured with head injuries. far in May. to 47°C. The minimum temperature on Tuesday
Eighteen people have been hospitalised and 12 are being treated in The government, meanwhile, has seen strong settled at 30.7°C, four notches above normal,
hospitals, Singapore Airlines said. REUTERS The Singapore Airlines flight made an emergency landing in Bangkok. AP tax revenue due to a buoyant economy. REUTERS according to the IMD. PTI
10 WEDNESDAY, 22 MAY 2024
NEW DELHI LONG STORY LIVEMINT.COM

Q-COMMERCE: WILL FLIPKART

BE THIRD-TIME LUCKY?
After failing in 2015 and 2020, the e-commerce giant is attempting a quick commerce venture yet again

Samiksha Goel
mint
[email protected]
SHORT
BENGALURU STORY

O
n a chilly winter evening,
last year, Sanjith G.S., a stu- WHAT
dent of engineering in Ben-
galuru, realized he needed Quick commerce companies are
a hair dryer. diversifying beyond grocery.
A quick online search led to many hair They are selling everything from
dryer options on the two familiar e-tailing smartwatches to kitchenware.
platforms, Amazon and Flipkart. But to his This has become a headache
surprise, Blinkit, known for delivering gro- for e-tailing giant Flipkart.
ceries, also popped up. What caught his
attention most was the price tag—on Blinkit,
a particular brand of hair dryer, selling for SO
₹999, was a tad cheaper when compared to
the other online stores. While speed wasn’t Flipkart is planning to launch
a top priority, the swift delivery didn’t hurt. quick commerce services soon.
“Within minutes, I had the hair dryer in It had made two unsuccessful
hand, along with some savings,” said Sanjith. attempts before, in 2015 and
Blinkit, owned by Zomato, is a quick 2020. Unit economics did not
commerce company. So are Swiggy make sense at that time.
Instamart and Zepto. They mostly deliver
goods to our homes super quick, within
15-20 minutes. These companies have set NOW
up dark stores or micro-fulfillment cen-
tres across many neighbourhoods in a city It is not going to be easy. The
to facilitate the stocking, packing and fast business requires a massive
dispatch of orders. Convenience-loving overhaul of logistics. Flipkart is
millennials in India’s large cities have also dominant in non-metros
lapped up their services—the gross mer- where quick commerce is yet
chandise value (GMV) of quick commerce, to gain steam.
or the value of all goods sold, have jumped
from a negligible $0.1 billion in 2020 to
$2.8 billion in 2023, according to esti- merce business. The massive overhaul of
mates by Redseer, an advisory firm. logistics that Flipkart requires to be in the
All quick commerce companies started quick commerce game is therefore daunting.
with groceries, or by selling stuff such as “Flipkart is a more national company.
potatoes, tomatoes, mangoes, apples, rice They have divided the India market into
and oil. But more recently, like Sanjith dis- different cities, into different segments and
covered, they stock everything from hair they ensure the right selection and supply,”
dryers and induction cooktops to smart said an industry expert who didn’t want to
watches and dildos. be identified. “However, the quick com-
This has become a headache for Flip- merce business requires local execution.
kart, one of India’s largest e-tailing compa- Flipkart will have to work hard to develop
nies with revenue of ₹55,823 crore in and adapt to a more fast, agile model. The
2022-23. Selling everything is its domain. existing companies understand the hyper-
That’s what the company, now owned by local play better,” the executive added.
Walmart, pioneered in India for over 15 “Companies like BigBasket started
years. But this fortress is under threat. much earlier when compared to Instam-
Elara Capital, an investment banking art, Zepto or even Blinkit. But still, they
firm, in a report published in April this haven’t been able to evolve themselves in
year, stated that quick commerce is terms of quick commerce,” Taurani said.
impacting the sales of traditional and A second challenge for Flipkart would
e-commerce companies in cities where be market share. By now, companies such
they are operational. “3-6% of the monthly as Blinkit and Zepto have already created
FMCG (fast-moving consumer goods)/gro- muscle memory for customers residing in
cery spends may move to quick commerce cities, market watchers said. When you
platforms led by convenience,” it stated. want a quick delivery, you know these
So, there’s an urgency within Flipkart to platforms are the options.
launch quick commerce to protect its turf. That leaves Flipkart with the non-met-
It could launch the service within weeks, ros, where it is a dominant platform. But
some company employees told Mint. quick commerce is yet to pick up pace in
None of them wanted to be identified. tier 2 or tier 3 markets. “Amazon’s transi-
This would be the company’s third tion would likely be more seamless due
attempt. In 2015, Flipkart launched a quick to existing customer trust in purchasing
service called Nearby to deliver goods non-essential items on the platform.
within 60 minutes. It closed down as the Flipkart, with its limited penetration in
unit economics did not make sense at that metros, will require more time,” Satish
time. In 2020, the company tried the Meena, an independent e-commerce
model again with a service called Flipkart A file photo of a fulfilment centre, operated by Flipkart, in Sangareddy, Telangana. The company’s e-tailing business piggybacks on large warehouses. analyst and advisor at Datum Intelli-
Quick. It shut down for broadly the same gence, said.
reasons, the employees Mint spoke to said. We will have to wait and watch if elec-
But the quick commerce model, which tronics can indeed be a differentiator. In
many industry observers wrote off even existing supply chain infrastructure for deliveries,” said a current executive. the absence of a differentiator, Flipkart
two years back, appears to be working logistics, the person added. “The legacy sup-
BLEEDING GIANT would need to discount, harming the unit
now. “Based on what we’ve estimated, in ply chain was not designed for speed. It was FLIPKART INDIA (CONSOLIDATED) WEIGHT GAIN IMPROVING ECONOMICS economics. While two current employees
2024-25, quick commerce should be able
to register explosive growth, 70-80% or in
that range,” Kushal Bhatnagar, associate
designed for cost optimization—we opti-
mized a lot on the shipment cost,” he said.
Flipkart Quick then struggled with
In FY23, Flipkart’s losses grew faster than its revenue

60,000
Revenue Loss
6,000
Convenience-loving millennials
are lapping up quick commerce
services
M eanwhile, the despair around unit
economics is slowly giving way to
hope. One big lever is advertising. “Quick
said the only differentiator could be a
wider assortment, there’s a problem here
too. The categories that Amazon and Flip-
Gross merchandise value (GMV),
partner at Redseer, said. inventory management. (in  cr) quick commerce (in $ bn) commerce appeals very aggressively to the kart deal with—like electronics and fash-
According to the people Mint spoke to, Zepto has a weekly replenishment plan, 40,000 4,000
3 FMCG sector, which is 40% of India’s adver- ion—are discovery driven, said Meena.
Flipkart is currently gripped by the fear of which helps the company maintain higher 2.80 tising expenditure,” Karan Taurani, senior “Apart from the impulse purchases,
missing out (FOMO). What can it do to in-stock numbers and better availability 20,000 2,000 vice president at Elara Securities, said. your grocery brands are almost defined.
capitalize on the quick commerce wave? for customers. Flipkart, on the other hand, “With quick commerce, brands can see You don’t change your atta or your bread
0 0 2
Flipkart didn’t respond to clarifications had a daily replenishment plan. “On days FY19 FY20 FY21 FY22 FY23
the response of a new product that they brand. You just repeat almost everything.
sought by Mint. when there was a sudden demand surge, have launched in a day,” Bhatnagar of Quick commerce companies know what
many stock keeping units (SKUs) weren’t QUICK GROWTH Redseer chimed. SKUs are being ordered and then stock
Quick commerce companies are growing fast from a smaller base
EARLY BUT NOT QUICK available,” a former executive said. “Let’s 1 Second, dark store efficiencies have gone accordingly,” he said.

B
FY22 FY23 (in  cr)
efore delving into Flipkart’s strategy, say you order an inventory of 15 breads Zepto’s financial performance Blinkit’s financial performance
up, he added. If a micro market has a signifi-
let’s first understand and someone places an Revenue Loss cant Gujarati population, GROWTH PROJECT

N
what went wrong with its order for 15 breads 2,024 Revenue 236 0.04 for example, quick com- onetheless, the quick
previous two endeavours. The despair around unit because of some occa- 390
724 0
2019 2023 merce companies now The quick commerce bet commerce bet is crit-
Flipkart Nearby, economics is slowly giving sion. Breads, therefore, Note: GMV at selling price, stock goods favoured by is critical for Flipkart. ical for Flipkart. Of course,
1,272 997
launched in 2015, was a would be out of stock for Loss
1,079
excluding delivery fee the community. If a dark it has to defend its turf. But
way to hope. One big lever 142 The company needs to
60 minutes delivery ser- other customers,” he Source: Tofler, Company filings, Redseer
store is able to serve a sig- it also has to grow its GMV,
vice. Flipkart Quick in is advertising. Second, said, adding that this nificant demand in a grow its GMV, which, in which, in turn, will deter-
SARVESH KUMAR SHARMA/MINT
2020 promised delivery impacted customer catchment area, the fixed mine the company’s valu-
in 90 minutes. Both the dark store efficiencies experience. costs—such as rents or turn, will determine its ation. A current employee
experiments were largely Zepto did not respond ence in normal deliveries but that is not a electronics in the first release itself,” said delivery partner payouts— succinctly pointed it out,
around delivery of food, have gone up. to Mint’s request for a priority now,” said a current employee. a current employee. Electronics is also get offset, leading to better valuation. calling the venture a
vegetables and other gro- clarification. The quick commerce project is being led where Flipkart can differentiate because platform economics, “growth project”.
cery items. by Hemant Badri, Flipkart’s senior vice pres- of the company’s existing relationships Bhatnagar explained. On 18 March, PTI, a news agency,
The 2015 venture was a five-month BIGGER AND BETTER? ident and group head of supply chain. A new with manufacturers and sellers, as well as reported that the e-tailer’s valuation had
pilot in Bengaluru. Flipkart was way
ahead of its time—the term ‘quick com- O n 4 April, Albinder Dhindsa, the chief
executive officer (CEO) of Blinkit,
merce’ was not in vogue back then and posted a short message on X, formerly
business unit has been set up within Flipkart
with a separate technology team. The mes-
sage—it won’t be a half-hearted attempt this
the opportunity to make fatter margins.
“Fruits and vegetables attract custom-
ers. But when someone buys electronics,
IT ISN’T EASY

F
taken a hit. Citing transactions by its
ounded in 2007 by Binny Bansal and US-based parent, Walmart, it said that as of
Sachin Bansal, Flipkart started as an 31 January 2024, Flipkart was valued at $35
the idea did not vibe with consumers, Twitter. “PlayStation 5 on Blinkit. time. “We’ve built bigger and better teams. it is profitable for the platforms. Flipkart’s online bookstore. It has traditionally not billion, down from $40 billion in 2022-23.
former employees said. Launching tomorrow,” he wrote. And there’s infrastructure being set up in wider range is going to be a differentia- been a fast delivery company, with most The decline in value was attributed to the
In 2020, expenses burdened Flipkart A ‘slim’ version of Sony’s latest gaming parallel,” said another employee. tor,” said a current employee. deliveries taking over two days. This separation of the company’s fintech arm,
Quick. “The burn wasn’t making sense. console is priced at ₹54,990. Blinkit Like Blinkit, Zepto and Instamart, Flip- While the quick commerce infrastruc- hasn’t changed over the years. It has PhonePe, into an independent entity.
There was less traffic on the website, promises to deliver it in under 20 minutes. kart is also setting up dark stores, which is ture is being built, Flipkart is seeing a focused on bigger warehouses instead of Kalyan Krishnamurthy, the Flipkart
which made it even more difficult when This made product managers at Flip- at the heart of quicker deliveries. It plans company-wide strategic change too—the fragmented ones. Amazon has more frag- group’s CEO, has communicated to
you are dealing with fruits and vegetables,” kart rather nervous. “This is alarming for to ready 1,000 such stores by the end of entire organization is moving towards a mented warehouses, which helps it employees on several occasions about his
said a former employee of Flipkart Quick. both Amazon and Flipkart,” one Flipkart June, employees quoted above informed. more hyperlocal approach. “We are also deliver within 24 hours. desire to take the company public “after
“Since there was less traffic, the company employee said. What could be Flipkart’s differentiator? looking at being a lot more relevant on the The legacy business of both Swiggy and reaching a certain valuation”. We don’t
was buying less. When you’re buying less, “The communication now is to re-prior- According to multiple current employ- normal groceries front. Some routes in Zomato, on the other hand, pivoted around know what that number is but there is defi-
you don’t get the cost-benefit,” said a cur- itize the quick commerce project. We were ees, the company is looking at a larger Bengaluru, for example, are being readied faster food deliveries. That experience has nitely a lot at stake for the e-tailer’s quick
rent employee. The company was using its working on improving customer experi- assortment of categories. “You will see for same-day deliveries and next-day helped the two companies in the quick com- commerce venture.
LIVEMINT.COM MINT MONEY WEDNESDAY, 22 MAY 2024
NEW DELHI 11

Do NRI marriages abroad Compare your bank FD rates

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

impact succession in India? investors who can’t stomach risk. But overexposure to FDs is not good, and you need
to assess your asset allocation and goals to decide how much money you should
park in them. For instance, saving for your child’s
higher education that’s 15 years away through FDs
may not be effective as the post-tax interest rate
of an FD may not give you a real return (return
that’s above the rate of inflation). But if you plan to
take a holiday in two years, an FD can help. Before
choosing an FD, you should compare the interest
Understanding the implications of overseas nuptials can be as complex as it is crucial rates on offer. Here is a list of banks that offer the
highest FD rates for deposits up to 1 crore over
various tenures.
Shipra Singh
[email protected] Safeguarding succession rights
Interest rates (%) for fixed deposits up to 1 crore
NEW DELHI
What?
6 months 1 to < 2 2 to < 3 3 to < 5 5 years

N
avigating the legal land- NRIs don’t have to mandatorily
scape of succession rights register their marriage in India to to < 1 year years years years and above
in India can be particularly safeguard the succession rights of
children and spouse. DCB Bank 6.25-7.25 7.15-7.85 7.55-8.00 7.40-7.90 7.25-7.65
challenging for non-resi-
dent Indians (NRIs) mar- If married as per civil laws of Axis Bank 5.75-6.00 6.70-7.20 7.10 7.10 7.00
ried to foreign nationals. Questions the foreign country...
about the financial rights of offspring HDFC Bank 4.50-6.00 6.60-7.25 7.00-7.15 7.00-7.20 7.00
A marriage duly registered in any other
and spouses of NRIs whose marriages country is valid in India. IndusInd Bank 5.00-6.50 7.75 7.25-7.75 7.25 7.00-7.25
aren't solemnized in India often arise,
creating a maze of legal intricacies. Will it ensure succession in India?
IDFC First Bank 4.50-5.75 6.50-7.90 7.25-7.75 7.00-7.25 7.00
While the short answer is that there Yes. But an apostille foreign marriage
are no immediate issues, the longer certificate can ease the process of RBL Bank 4.75-6.05 7.50-8.00 7.50-8.00 7.10-7.50 7.00-7.10
answer uncovers several legal nuances. succession.
YES Bank 5.00-6.35 7.25-7.75 7.25 7.25 7.00-7.25
Legal experts say that couples involv-
India is a member of the Hague Example
ing NRIs who marry abroad don’t need Convention which has 117 partner A and B, both NRIs but Indian ICICI Bank 4.75-6.00 6.70-7.20 7.00-7.20 7.00 6.90-7.00
to register their marriage in India, pro- countries. An apostille marriage citizens, live in the US. They get
vided it is duly registered in the country certificate is accepted as a valid married in the US as per the local Canara Bank 6.15-6.25 6.85-7.25 6.85 6.80 6.70
where they wed. A marriage certificate document in all of them. laws. The marriage certificate is
from India is unnecessary for their Dhanlaxmi Bank 6.50 6.75-7.25 6.50-6.75 6.50-7.25 6.60-7.25
valid in India. However, they can
Who does it apply to?
spouses’ and children’s inheritance Or apostille the marriage certificate to Federal Bank 5.00-6.00 6.80-7.40 7.05 7.00 6.60
rights. They can register the marriage under Any Indian, irrespective of whether make it an iron-clad document to
“The laws of succession do not bar India’s Foreign Marriage Act, which is a both are NRIs or one is an NRI married ease the process of succession. Bank of Baroda 5.60-7.10 6.85-7.15 7.25 6.50-7.25 6.50
anyone from receiving property in India foolproof way to safeguard succession. to a foreign citizen.
through succession, which includes Bank of Maharashtra 5.25-6.90 6.50-7.10 6.50 6.50 6.50
Note: Apostille is an attestation issued by one country that validates a document issued by another country.
NRIs and their next of kin,” explained Indian Overseas Bank 5.75 6.90-7.30 6.80 6.50 6.50
PRANAY BHARDWAJ/MINT
Wilson Mathew, an advocate in the
Supreme Court and the Bombay High to inherit the assets of a late NRI spouse registration of the marriage, they issue marriages in India within 30 days of the State Bank of India 6.00-6.25 6.80-7.10 7.00 6.75 6.50
Court. in India as being a foreigner does not a certificate of marriage, which is proof marriage, whether solemnized within
Union Bank of India 4.90-5.75 6.50-7.25 6.40-6.50 6.50 6.50
“There is no mandate for an Indian exclude them from the line of succes- of valid marriage in India,” noted Nag. India or abroad. Non-compliance would
marrying anyone across the globe to sion. This was ruled in an important Legal steps for succession attract penalties. Jammu & Kashmir Bank 4.75-6.00 7.05 7.00 6.50 6.50
mandatorily register their marriage in judgement passed by the Supreme For an NRI who is an Indian citizen, “However, this bill, known as the
India. A child born out of such a wedlock Court in 2018,” said Amit Kumar Nag, a no further action is needed to safeguard Registration of Marriage of Non-Resi- Data taken from respective bank's website as on 16 May 2024; Only main entity of the merged banks are taken. Banks which merged
with its main entity are removed from the table; The list of 15 banks is based on highest fixed deposit rates available for 5 years and above
is automatically entitled to receive prop- partner at AQUILAW, a succession rights in India dent Indian Bill, 2019, has not been
Source: www.Bankbazaar.com
erties in India through succession. Even full-service law firm. post-marriage. However, passed in either house of Parliament,”
if such a couple divorces or if one of the A marriage that is duly A marriage that is NRIs who are citizens of he said. This bill aims to protect women
spouses dies, the surviving spouse and registered abroad as per duly registered another country must pro- from being deserted by their NRI
their children are entitled to receive local laws is valid in India abroad as per cess an Overseas Citizen of spouses.
properties in India through will or suc-
cession,” Mathew added.
He noted that even children born out
for claiming succession.
NRIs have two options
to make this process
local laws is valid India (OCI) card for faster
in India for processing of their rights
under personal succession
NRIs marrying foreign citizens in
India must register their marriage under
the Special Marriage Act. In such mar-
How to ensure seamless estate
claiming
of live-in relationships or adopted by
Indians abroad are entitled to succes-
sion in India.
smoother: They can either
register their marriage
under the civil laws of the
succession
laws based on their reli-
gion, according to Mathew.
Beyond succession, a
riages, succession rights are governed
by the Indian Succession Act, 1925,
rather than the personal laws of the
planning under succession acts
Inheritance rights for NRIs, for- country they got married marriage certificate is cru- Indian spouse.
eign spouses in and obtain an apostille, or they can cial for obtaining visas, passports, insur- “However, if both parties are Hindus, Aditya Chopra & Amay Jain my intentions for asset dis-
Regardless of whether both parties register their marriage under the For- ance, bank accounts and other docu- despite being from different countries, tribution are taken care of?
are resident Indians or NRIs, or one is a eign Marriage Act. ments for foreign spouses and children the Hindu Succession Act, 1956, and its I am a Hindu father with —Name withheld on request.
foreign citizen married to an NRI, they “Under the Foreign Marriage Act, in India. 2005 amendment apply,” added Smita two daughters and a son,
are entitled to inheritance in India. 1969, diplomatic or consular officers are Nag highlighted a pending Indian law Paliwal, a partner at King Stubb & Kas- living in Mumbai. I own a As a Christian woman living
“The foreigner spouse is also entitled appointed as marriage officers, and after that would require NRIs to register their iva, Advocates and Attorneys. house and some land in my in Kerala, the Indian Succession
hometown. I’ve heard about Act of 1925 governs the distri-
the changes made by the bution of your assets. If you die
Hindu Succession (Amend- intestate (without a will), the act

It’s PhDs against MBAs in credit as quants jump in ment) Act, 2005, but I’m not
sure how they apply to my
situation. How can I plan
stipulates that your property
will be distributed among your
legal heirs, which include your
BLOOMBERG my estate to ensure an equal husband and children. Your
Bloomberg with technical PhDs against electronic and portfolio trading and fair distribution of my husband will receive one-third
[email protected] traditional portfolio managers have become more popular in assets among my children ASK MINT of your estate, and the remain-
that have business degrees. credit markets, improving according to the latest m E S TAT E P L A N N I N G ing two-thirds will be equally

R
obot investors are Systematic investors use com- liquidity. Roughly $3.3 trillion changes? divided among your children. If
increasingly taking over puter models to scan entire of cash volumes were traded —Name withheld on request. you do not have children, your
credit markets. markets and select securities electronically last year, with 1956. By drafting a will, you can husband will inherit half of your
Systematic money manag- that fit their strategies. That about 16% coming from sys- As a Hindu father with two specify how your self-acquired property, and the other half will
ers, making fast decisions about allows them to examine much tematic accounts, Barclays daughters and a son, the Hindu (non-ancestral) assets should go to your next of kin.
corporate bonds to buy and sell more than fundamental inves- strategists found. Succession (Amendment) Act be distributed, appoint an exec- To ensure that your specific
using complicated algorithms, tors, who can only Traditional of 2005 ensures that your utor to manage your estate, and intentions for asset distribution
have seen their assets more scour through so The shift is pitting asset managers daughters have equal rights to minimize potential disputes are respected, it is advisable to
than double over the last year much data, and investors with wi ll ha v e t o your property as your son. This among heirs. Additionally, you draft a will. A will allows you to
by one measure, according to also helps them technical PhDs “evolve or risk amendment abolished gender may consider setting up a fam- designate beneficiaries, specify
Barclays Plc strategists. By find m o r e against traditional being left behind,” discrimination in inheritance ily trust to manage your assets, for the distribution of your
another metric, there could be obscure opportu- they wrote. laws, making daughters copar- ensuring a smooth transfer assets, and appoint an executor
portfolio
$90 billion to $140 billion of nities hidden in Automated ceners in joint Hindu family according to your wishes. to manage your estate.
funds in these strategies in US the market. How- managers with credit trading has property. To ensure an equal Aditya Chopra is a managing
high-grade and junk bond mar- black-box trading models, to wrote in a note to clients on Fri- ever, computers business degrees been growing for and fair distribution of your I am a Christian woman partner and Amay Jain is a sen-
kets. gain more of a foothold in com- day. “Up until the past few may not always be years, particularly assets, you can create a will living in Kerala with prop- ior associate at Victoriam
It’s the latest sign of how pany debt markets as well, years, systematic strategies able to pick up among brokers clearly stating your intentions. erties both in my name and Legalis, Advocates & Solicitors.
bonds are trading with growing according to Barclays. occupied a relatively small cor- nuance in legal documents, lis- and dealers, but was focused on If you pass away intestate jointly with my husband. I
frequency in credit markets, “The number of funds and ner of the credit market. This ten to tones on earnings calls or helping traders buy and sell (without a will), your assets, want to know more about Do you have a personal
thanks in part to exchange the total deployed assets associ- has been changing rapidly, and follow relevant news in the securities more efficiently. including the house and land, how the Indian Succession finance query? Send in your
traded funds. That higher ated with systematic strategies the effects on liquidity and same manner as humans, the What’s different now is that the will be divided equally among Act, 1925, will affect the dis- queries at
liquidity is allowing innova- have ballooned recently,” Bar- price action are already appar- strategists said. robots are making more deci- your three children and your tribution of my assets if I do [email protected]
and get them answered by
tions that have fuelled stock clays strategists Andrew John- ent.” Nonetheless, they expect the sions about what securities to wife (if she survives you) under not have a will. What should
industry experts.
trading for decades, including son and Dominique Toublan The shift is pitting investors systematic swell to continue, as buy and sell. the Hindu Succession Act, I be aware of to ensure that

ELECTIONS 2024: HOW TO POSITION YOUR PORTFOLIO AHEAD OF SIGNIFICANT EVENTS

Investors are also humans, and their brains have evolved in similar Hedging is another way to protect your portfolio from downside
aspects to other facets of their lives. This extends to their invest- risks. Futures and options contracts are common instruments that
POWER ment journey as well. When faced with a planned event like general
election results or an unplanned event like a war, their minds enter
can be used to offset losses during market downturns. But, again,
there are no free lunches in the market. So, unless one is nimble
POINT a state of hyperaction, attempting to predict the outcome and lev- and prepared to accept that the trade might not go their way, one
erage it to their advantage or for survival to fight another day. should not be adventurous and avoid such a strategy.
ABHISHEK KUMAR For an event like the general election results, both incumbents So, what else could one do apart from this to manage big events?
and opponents build narratives through moves and countermoves. One should always be mindful of maintaining liquidity to meet
We welcome your views and comments at These narratives create confusion, which then leads to uncertainty financial commitments. There is no
[email protected] in the minds of market participants. They, in turn, start assigning Politicians are point in investing in an asset class and
probabilities to outcomes—incumbent win, opposition win or a unlikely to take then monitoring its day-to-day per-
“There’s always been a market for people who pretend to know the hung parliament. Depending on how one was positioned regard- formance. A better strategy would be to
future.” —Charlie Munger ing market direction, they either take comfort in these probable actions that assess one’s liquidity needs for impor-
outcomes or become perturbed by events not unfolding as desired. could hit their tant goals in the next few years and then
re-election
R
ecently, social media has been inundated with inquiries from Acting on whims is not advisable, especially in equities. So, let’s reallocate funds from volatile assets like
people seeking advice on how to position themselves in consider what one can do to navigate big events. When faced with chances equities to less volatile one like debt.
anticipation of significant events, such as trends emerging such a situation, one is always advised to control what’s in their This reallocation should occur regard-
from the general election at 9.15am on 4 June, when India’s equity hands by reverting to two principles of personal finance—reducing AFP less of any significant events.
markets open for trade. risk and maintaining liquidity. eliminated but can be mitigated through additional measures. Finally, remember that politicians aim to win elections, so they
Big events often create anxiety for most people regarding the Risk reduction can be achieved through diversification, defen- One could also include defensive assets in their portfolio, such often make promises that appease their supporters and attract
decision to act or not. This response is quite natural. Uncertainties, sive asset allocation and hedging. Diversification assists in mitigat- as debt, cash or precious metals like gold that have exhibited lower fence-sitters by offering grandiose pledges. However, they also
especially unfavourable ones, were historically addressed by the ing unsystematic or non-market risks, which are specific to a com- volatility during market turmoil. These assets can serve as a hedge know that harming the economy ultimately goes against their self-
fight-or-flight response. For example, primitive humans living in pany, sector, country or asset class. By spreading investments against downturns and provide stability to the portfolio. However, interest. Once in power, they are unlikely to take actions that could
jungles relied on their senses to survive in a hostile environment. across a wide range of assets, one can potentially minimize the this comes at a cost. As the saying goes: ‘A ship in harbour is safe, jeopardize their re-election chances. So, there’s no need to lose sleep
So, when faced with a rustle in the bushes, their minds would enter impact of adverse market movements on their overall portfolio. but that is not what a ship is for.’ Therefore, one could miss out on over or be swayed by public opinion on the outcome of an election.
hyper mode, first estimating whether it was a tiger or a rabbit However, even after sufficient diversification, a residual risk potential gains if they take a defensive position and the markets Abhishek Kumar is a registered investment advisor and founder
behind the bush, and then deciding whether to flee or stay put. remains—primarily systematic or market risk—which cannot be rally from that point onward. of Sahaj Money.
12 WEDNESDAY, 22 MAY 2024
NEW DELHI
LIVEMINT.COM

PROPERTY SOUTH DELHI SOUTH DELHI SOUTH DELHI NOIDA/GREATER NOIDA NOIDA/GREATER NOIDA GURUGRAM DLF − SUSHANT LOK DLF − SUSHANT LOK DLF − SUSHANT LOK

D-4 L-4 ANGAD

FOR SALE 4BHK, 300 Sq. Yds., 2nd YAMUNA EXPRESSWAY Buy/ Sell AMBIENCE CAITRIONA Ground floor, CORAL COURT Villa, Essel Tower, MG
NORTH DELHI Floor, 4 Bath, Dining/Drawing/ Authority Plots Sec 18 & 20 Plot Size E-Block, 6838 Sqft, 4 BHK + Two Road.5000 sq.ft. Duplex with big
servant Quarter, G. K. Enclave-ll, 300,500,1000,2000 & 4000 sqmtr Servant Room + Two Covered lawn. Livable.Reasonable Price .Call
REAL ESTATE
Contact-9313150272 / 8860623000 also deals all Gr Noida # Punjab Parking. Landmark : Ambience Mall, or WhatsApp Sachdev. 9811070908.
KAILASH COLONY, Prop. 9891008515, 0120-4248129 Gurgaon. Contact : 9004400593
G.K. Enclave -II
9930200005
300 Sq. Yds.
300 Sq.Yds.
Triplex- Basement,
Original Booking Stilt & Ground Floor PLOTS & Built up House Sector-93B PLOTS DLF-II, 500Yd North 18 Mtr
(300, 450 mtr.), Sector-105 (162, Road, 400Yd North 18 mtr Road,
Second Floor Exclusive Lift & 200, 250 mtr.), Sector-44 (240, 300, 300Yd North 12 Mtr Road, 200Yd
Lift, Exclusive Parking, Nearest 350, 450 mtr.) Sector-151 (250, 300, West Kothi 12Mtr Road, Call
ROHINI SALE/ Purchase Plots Alloted 450 mtr.) # 8860881619 9930200005.
by DDA Sector-1 to 38. Liaison/ Two Car Parking Metro Station Kailash
LUXURIOUS BUILDER Floor Shanti
Collaboration/ New Allotment Near to Park Colony Niketan - 800 Yds 1st Floor Westend
Investment. 8448552918
RB URBAN RB URBAN 500 Yds 3rd Floor with Terrace. Top
class specifications. A Class Constru-
DLF CITY 1, 2, 3, 4 & 5 & Sushant Lok
exclusive Builder Floors on Plots
HOMES HOMES ction Dua Associates- 9811769049 300, 400, 500 & 1000 Excellent
location & Ready possession.
9811017103
BhushanGupta Rajesh Arora KALKAJI DESH Bandhu Appatment,
For Sale 3 Bed room , Drawing
9810087626 9810034770 Dining Ground Floor Good Location
Rajesh Arora Bhushan Gupta Contact . 8803030349 LEASE/SALE :OFFICE Space 40,000 EXCLUSIVE PREMIUM Mandate Kothi
9810034770 9810087626 NOIDA VIP Sector-14A, Plot for Sale, SQFT - SEC 136 Noida 500M Metro for Sale DLF Phase 2- 1000yard
Area -450 Sq Mtrs, Park facing, Wide Bank, MNC, EDU INST, IT - Lift, duplex with lift,swiming pool, 18 Mtr
HIG 100 sqyd (Aes)=56 sqmtr 3Side Road, 24 x 7 High Security, Very Well Toilet, Parking, Ready to use Road North fac Best Price Saudagar
Drawing +3Bed+2toilet+lift, H.No. 121 PANCHSHEEL PARK luxurious floor 4 Cont - 9643378079 EXCLUSIVE MANDATE Kothi for Sale/
beds, 5 att. baths, Drawing Dinning, Located, Elite Neighbourhood. Only Properties Pvt.Ltd. 9718511207
-122, Pkt-16A, Sec-22, Rohini. 65L-GF, genuine buyers call: 98994-10005 Rent DLF phase 2- 200yd Two Side
75L-FF,70Lac-SF, 95L-TF,const. plot lobby modular kitchen lift, S. Qtr, Open Floorwise Building /215yd

9910008977
with Loan 9811134984, 9650045100 sep. gate, 3 car parking, ready to Duplex Kothi. Also at Best Price. EXCLUSIVE PLOTS for Sale in DLF
shift. M-9811654291 Rajender Singh Saudagar Properties 9990556669 Phase 1- 270yd built up/200yd Plot
best Price Saudagar Properties Pvt.
INDUSTRIAL PLOT for sale in Ltd. 9718511207
HOUSE AVAILABLE for sale Sarvodaya Dharuhera, HUDA Approved, 10000
FOR SALE Newly built 4 BHK, B-319 CR Enclave 500 Yds, South Ext. -2, 600 sqmtrs Very Nice location suitable
GREATER KAILASH-I, 1000 yds Peace- Park, Delhi 160 sq. yds, 1st, 2nd & for any type of manufacturing
Yds, SDA 600 Yds, Green Park Ext.
ful Loc. Ground + Bsmt 6 Beds D/D, 3rd floor, with Lift, car prkg, & 200 Yds , GK 500 Yds S. Kumar # 9910008977 OUTSIDE DELHI
Ultra Luxury Triplex,All Italian Stone, servant qtr. completion certificate.
Fully Furn Also Defence Cly, H.Khas 98110-31558 RESIDENTIAL, SECTOR-15A, Stunning
Max. Rental assured # 8587095020 DLF NEW Stilt/Lift 215 [email protected],250FF+
Enc. & Vasant Vihar # 9999941695 PLOTS HI Plots Yamuna Ex-way 495 sqmt Duplex Bungalow with TR @3.25, 300 FF @3.50, 300 FF+TR OWNED RESIDNTL/ Comml / Industrl
Residential & Industrial Authority Basement, Park-facing & Prime DLF − SUSHANT LOK @3.25, 300 SF+TR @3, 400 TF @4.25, Land at First Green Field Smart City
BEST INVESTMENT Option Sec 34, Corner, Ideal for a Luxurious Life- Dholera Gujarat & Resi/Comml Prop.
35, 36, 37, 38 Availability of Plots in Commercial Land, Corporate Plot 500 TF @5.50, 650 GF @9.25, 400
CR PARK Corner 3 side Bungalow, Park SAKET 4 beds, 5 att. baths, Drawing Sec-17, 18, 20, 22D, 29, 32, 33 style. Call: 9811110428, 9811110429 DLF-1,2 PREMIUM plot Ashoka Cresent 4flrs@16 and more. Call! 9871177425 Options at Gift City Gandhi Ngr Guja-
Rohini. DDA Liaison Freehold of Facing Terrace, 200 sq.yd. 8000+ / Paschim Marg 502yds Plot on 24 rat. Call: 9999060603 / 9810073210
Plots. 7042292279 Dinning, lobby mod kitchen lift, S. Call : 9911714666, 9582156604
sft. Sep Lift, 10 Car prkg, 3 seperate Qtr, sep. gate, 2 car parking. Also top mtr. Road . 502sq.yd Kothi plot rate
gate, swimpool with Deck, centrly prime location. 300y North/East on
floor 5 beds D/D + terrace garden.
9910000257
AC, High Class, CC & all permsn # 12mtr 9810026076, 9910026336
EAST DELHI 8587095020
M-9811654291 Rajender Singh MEERUT

SJ ENCLAVE Brand New 200yds GF/FF

4.25cr each; Used 200yd GF Crnr lift
SUNDAR NAGAR, 867 sqyd floor, with
lift 2 car parking, with S. Qtr & Golf
Links 375-1200 sqyd Kothi, Corner,
ANGAD FOR SALE 3rd Floor MIG Flat at
Sainik Vihar, Meerut. Area

REAL ESTATE
stilt 3.5cr; Green Park main 200yd SF BOOKING FOR Luxury Triplex and 94.85 Sq. Mtrs. Contact -
Vastu perfect, Broker Excuse 9810146693 /8800199707
lift stilt 3.5cr; Also DDA Flats. Chand Middle Floor DLF Phase 2-

9930200005
# 9910000257 RESI 450M Corner & Park Sec-15A/
Bhatnagar 9717143231, 9810640198 500yd Exclusive Mandate Floorwise EXCLUSIVE PREMIUM Located Kothi
SALE/ PURCHASE Yamuna Plots, 44/47/93B. 450m East Fcng Sec-46/ Building for Sale. Saudagar for Sale in DLF 1- 500yd Duplex Near
Residential n Industrial Noida- 92. 450m Pair plot Sec-44/47. Properties Pvt.Ltd. 9990556669 Sukhchain Marg Best Price OFFICE/SHOPS/
105/108/99/100 n Greater Noida 300m N/E Sec-44/47. IND 800m Saudagar Properties Pvt. Ltd. GODOWN
All Sectors Gour Yamuna City. Corner 18mx18m Sec-67. FLOORS IN Top Locations in DLF 9718511207
FOR SALE, Surajmal Vihar C Block, Tiwari G:- 9811839181 Phase-1 Phase -2, 200 sq.yds top FOR IMMEDIATE Sale, Prime Location,
LAJPAT NAGAR-4, Vikram Vihar Brand with terrace @ 2.10cr, 300 sq.yds top
Old Builtup House 193.33 SqYds New 125 Sq. Yards 2nd Floor Park INDUSTRIAL BUILDING B-21, 2 Adjoining Fully Commercial Free-
West Facing with terrace @ 2.5 cr, 400 top with hold Shops in Meherchand Market,
Facing Corner 3 BHK, Lift, Stilt 1 Car Sector-10, Noida Area 114sq Mtrs terrace @ 3.5cr. Call: 9930200005
Parking A ++ Locations. Contact Built Up Area GF+FF+SF+ Terrace Lodhi Road, N.Delhi, with Approved
Ajay Rajani 9818820507 Corner Building. Contact- 350 FAR! Call: Owner- 9811045463
WEST DELHI SALE COMMERCIAL Building 700syd
9810146693 /8800199707
Basement+3 Floors Tenant car
JANAKPURI, VIKASPURI & Surroun- showroom &others Rent 12L P.Month PRELEASED COMMERCIAL Properties TOLET
and Residential Flats/Kothi Available EMAAR PALM Drive Sky Terrace,
dings Residential / Commercial & 1400syd plot both same mathura 3 BHK, 3300 Sq ft, Lower Floor,
Properties Wanted/Available Kothies Road. Mohan cooperative, Okhla for Sale at Prime Location in Noida /
Greater Noida.Many Options. For Excellent Location, Park Facing & SUSHANT LOK-1 A-block 418yd near
,Floors, Flats, Offices, Hospitals, YAMUNA EXPRESSWAY Plots Sale/ Detail Call-9999060603,9810073210 Club facing. Call : 9811250123 park 270,300,502yd plots, B-blk NORTH DELHI
9910000257
Schools, Rented Prop, Ahuja Estate GREATER KAILASH Corn./ Park Facing Purchase Sector 18 & 20, Size 300, 300y North facing , 502yd Plots.
Consultants (Regd) 9811094924 GF,+ Bsmt+ stilt triplex with sep- lift 500, 1000, 2000,4000 sqm, 215 to 1022y More deals also avail
& 4 car parking,4 beds att baths Contact-Singhal-Associates - SOUTH CITY-1 Plots 1000 yds (E & F prime locations 9958492130 GROUND FLOOR Flat Available for
VASANT VIHAR, 800 sqyd B+GF D/Dining kit. s,qtr, Also top floor 4 9999917703,9899150012 Block on 18 Mtr.),500yds (F-H-J block Commercial Use on Rent on 6/ 7
Duplex, Sep Lift & Driveway, A+ in Gated/Park), 360 yds (G Block., Dividing Road Sector 6 Rohini.
FOR SALE - Newly Built, 1st Floor, B/R + Terr. Garden. M, 9811654291 C Block Gated) 240 yds Corner
Const., East Facing Also 600 sqyd Call 9811046295 / 9811753537
4 BHK Rajouri Garden, 300 yards (M block) 3D Buildcon 9999404040
Plot, Front road 50 ft., 6 Daikin A.C., B+GF Corner, Broker Excuse
Imported Marble, Modular Kitchen, # 9910000257
Fans & Geysers.Contact: 9350394729 EAST DELHI
FOUR FLOORS Stilt - 800y A.Lok, 400y
Vas vhr, 1200y S.Nik 2nd @ 21, 500y INSTITUTIONAL SECTOR-136, Prime EXCLUSIVE NORTH Facing Plot DLF
phase 1 Ashoka Crescent Road- FOR RENT 1800 Sqft. Commercial
SOUTH DELHI Gk 1 GF @ 9, Farm Hse-8 to 50cr-1 & Corp. Building, Expressway Facing,
500yd 24mtr Road Premium Plot Space 3 Side Open, 1st Floor, Khajuri
1/2acre, 2000, 1000 & 400y. Vas 1012 sqm, 61000 sqft built-up, Bsmt+
12 floors, 24 mtr wd roads on both Best Price. Saudagar Properties DLF PHASE-3, Plots & Builder Floors Chowk, Bhajanpura, Delhi-110053,
kunj-GF to 3rd 2.5 to CORPORATE BUILDING 1100mtr,brand 9718511207 Preference for Bank / MNC Comp.
ARADHNA ENCLAVE opp. Hyatt Hotel 4.5#9312502224 sides.# 9899097400, 9899075300 215 Yds, 316 Yds , 402 Yds, 502 Yds &
185 Yds, For Sale 2nd Floor with 1/3 new, Constructed Area 42,000 sqft, 1022 Yds North- East Fac / Park Fa- Cont : 9350362500, 9899362500
Terrace Right, Park view 3 BHK with Sector-136 Plots, 450mtr-300 mtr & cing. Corner Options Also Available.
VASANT VIHAR 800/600 yds original NEW FRIENDS Colony 300-500 Builder 250 mtr, Sec-15A, 26, 30, 36, 39, 40, PLOTS DLF ph-IV, 360yd North, 558yd
attach Baths (without Lift) @ 4.50cr. FOR LEASE. 30000 Sqft Open Space & Floors 4BR, 3rd+Terr. GF +Basm't Ganga Properties. 99999-70994
booking/ ready Bas+G floor (triplex) 44, 47, 50, 51 & 99 Call : 9818077228 N/W Dlf Ph-III, 500yd, 18mtr Road,
contact: 98999-17807, 98111-96433
& top + terrace quiet location wide
5000 Sqft Covered Space in South Duplex, with New FAR- Height, New/ 500yd North, 12mtr Road, Suncity- WEST DELHI
Delhi. Suitable for Stockyard, Used Floors , Top Location. Sandeep
roads further details. 9811072035- EV Charging, Warehouse. 360yd Corner, 12mtr Road -
Desraj SDR Prop 9810173551 , 9266600627 9811196843
9871763222. FULLY FURNISHED office 50 wrkg
stations,3Cabins fully Airconditioned
NEW FRIENDS Colony Maharani Bagh Area 1600 with pantry & washroom,
Sukhdev Vhr 200/300/500/800Yds 3rd flr, Facing main road, Naraina
Park facing, Corner 3/4 BR All Floors community centre # 9810009945
Ready/Booking & Wanted Kothi (Any
Size) Punit Nayyar 9811046119 COMMERCIAL OFFICE Space Avail in
EXCLUSIVE MANDATE Premium Plot West Patel Nagar Main Patel Rd,
ANAND LOK 800y S.F New, Ready, HAUZ KHAS Enclave ( 300 ) ground THREE BED Two Bath D/D Kit open for Sale DLF Phase 2- 320 Yds 18 Mtr Corner, Market side, 1st flr, 800 sqft,
Sep pkg & lift. Also DLF Chattarpur basement, separate driveway., parking, Lift, Club, Swimming pool, Road East facing Near Market, 20 mirrors, Fully Furnished, Beauty
1.80 Acre farm, Vastu perfect, Wide 9810030231 Gym. 1350 sq.ft. @ 1.35 Cr. Jalvayu Metro, NH-8 Highway Best Price. Parlor / Training center + 650 ft Hall
Rd, Clear title, Gated community. THIRD WITH Exclusive Terrace & ANAND LOK 400 Yds, Front/ Back Park Tower, Sec-47. Collection Realty: SECTOR-29, SCO'S , 275 Sq Mtr Rental:
3rd Floor+Exclusive Terrace Garden Saudagar Properties 9718511207 Opp door of beauty parlor area,
PPS 9818881000, 9599808726 Separate Gate for 2 Cars, 208 Sq. yds 8826002600, 9560003000 12 Lac to 15 Lac per Month, Price Total 1450 ft + 500 sqft-2nd flr,
S Block GK-1, Excellent location : & Lift, Huge 4 BHK+ Balconies in 26 cr. to 30 cr. Near Huda Metro

RENTED
Every Room, S.Qtr, Reserved Parking, 700sqft-3rd flr, 700 ft commercial
N/W Facing, New Height, Ultra SAFDARJUNG ENCLAVE 500 sq. Yards Station. Indo Scottish 9990009777 basement. Cont: 8287526874
Luxurious Call :9999 606 901 stilt parking wide road second Floor Well Maintained, Price on call
4 bedrooms lounge, circle rate North
East 9810421614 RENT BEAUTIFUL Factory Bldg, Kirti
OWNER SELLING LUXURY APARTMENTS SBI 2,08,000 Nagar Indl. Area, 150 Sq. Yds, Full
Ground, First, Mezanine Floor, IInd
M3M Sky city & Heights DBS 2,16,000 Flr RCC, 3rd Flr-Sheet 4 Offices &
Size-1828 Sq.Ft 3BHK Axis Bank 2,40,000 Bathrooms, Lift. # 9810135426
Tower-4 Higher Floor
DEFENCE COLONY 400 yards Entire NEW RESIDENTIAL Experion Elements YEIDA PLOTS Sale/ Buy, Sector 18 & Sun facing & Park Facing Infrapromoters Pvt. Ltd. RBL 3,33,000
Building Corner North facing 3 BHK & 4 BHK, Ultra Luxury Project 20, Yamuna Expressway, Size 300,
Unit @17500p.sq.ft SOUTH DELHI
Basement Ground First Second in Noida, Sector-45, Best Investment 500, 1000, 2000 sqm, Call WhatsApp SUSHANT LOK-I Luxury Floors. 4 BHK, Yes Bank 3,91,000
Third Floor with Stilt parking. Purri ANAND NKTN Booking 400/275/200y 9717452701 (all inclusive) &
Realtors 9811015635, 9212063999
BUNGALOWS 300-500-800-2000
New Friends col, M-Bagh, Kalindi, All Floor Avlb; Shanti Nktn 400y all
Opportunity Collection Realty Pvt.
Ltd. 8860004733, 9560003000 Godrej Aristocrat (ultra luxury project)
416 sq.yds, Gated Society, Vastu,
Ready to Move In Call: Owner: Grind Bar Cafe 4,20,000 GREATER KAILASH-III (E-141): Ground
Floor Avlb; Vasant Vihar 800y B/G
Friends Col GK,Niti Bagh, Panchsheel
Vasant Vihar SDA,Def. Col,well built, Indp D'way; Booking 1000/800/600/ sector 49 Gurgaon Tower 6, 95409-38096 SCO’s 275 sq.mtr. 16,00,000 Floor 3 Bed with attach Washroom,
Car Parkg in Stilt, Lift, Servant Qtr. in
U-16, GREEN Park Extn, 500 Yds, Park/ 4th floor 2415 sq.ft
SURENDRA
VASANT VIHAR 800y Triplex (Bsmt 400/260y All Floor # 9899755500. RENTED FIRST Floor Sector 18, Facing stilt. Excellent Well Maintained Flat.
liveable on Top Loc for More Options

RENTED
North-East fac. First Floor Luxurious +GF) Ready, Vastu perfect, wide rd, Main Road for Urgent Sale. Fresh (3bhk +servant) garden facing,
4 BHK, Lift, S.Qtr, Separate Gate Stilt Near to Park. Contact: 9810365930.
Sep Lift & pkg; G.K-1 Enclave 500y Lease for 5 Years Rent 1.35 Lakhs corner unit, 30% paid,
Car Park, Reasonable Price, Reputed FF ready, lift, stilt pkg @ r'ble price. Per Month. Call # 9971438607 Mech. Engineer
possession in 2027 @18800 p.sq.ft
98109-80000
Builder. call Ravinder @ 9810883504 COMMERCIAL SPACE for coaching
PPS 9818881000, 9599808726
More details Call 9811377199
Cut & Style 1,35,000 centre/office space Prime Location
GK- II, 4 BR luxury Flat, 560 Sq yds. VASANT VIHAR ( 1000 ) Bungalow., Icici Bank 1,95,000 80 ft wide Main Road, East of
Kailash, Opp. Isckon Temple, Third
3500 Sq feet, North Park facing, 3
stilt parking , Near M- Block Market,
9810030231
FLATS 3 & 4 BHK in Mahagun Mezzaria Delsey 2,75,000 Floor 3300sq ft, Lift, power Backup
Ready Poss, 2nd Floor -13.5 Cr., 3rd (2880-3525sft.), Godrej Woods Hamleys 3,00,000 150 KVA Call Owner 9099999965
(2258 sqft.) & Godrej Palm Retreat
Floor with Terr Garden-17 Cr., BHP
Real Estate: 9711499560 (1947, 2440, 3200 sqft.). Contact: Jockey 3,21,000
S 285 Greater Kailash Part 2, 300 sq VASANT KUNJ, Available For Rent
SALE- BEGUMPUR, Shivalik Main yards, Second Floor, East Facing, 9560136262 Manyavar 4,20,000 Sec-A/B & C, 1st Floor, 3BHK.
Road, Exclnt locn., 675 ft each,
FOR SALE 3BHK Duplex (L.G.F+U.G.F)
314 Sq yards in Green Park Main Commrcl Ground+ Bmt; Residential
Luxurious 4 Bedroom D/D with Popeyes 6,50,000 Sec-C9, 1st and 2nd Duplex . D-2,
2nd Floor, 3BHK. Call
Separate Car Parking in Stilt. Raman
(with 3 Reserve Parking, Storage F. Flr & Third + Terrace, only : 9810062871 Amit 9810063891 Sanspareils Greenlands 7,50,000 92100-71079 93100-71079.
Area and Servant Quarter). Contact Genuine enquiries M3M GOLF Estate Mandate Deal 5200 NEW BUILDER Floor SL 2 Sec 56 500yd
Owner: 9810034155 Sq ft, 4 Bedrooms+Study, Luxury FF@ 4.30cr with Pwr back up, 450yd
Apartment, Fairway East, Rahul FOR RENT Greater Kailash- 1, M- Block
Corner & Park Facing FF @ 4.30 SF Market Ground floor Shop of 750
RENTED MNC Car Dekho Golf Course Kkaushik 9899215980 @ 4.10 with Fully Loaded kitchen Sq.ft. The Location is Excellent with
Ext. Gurgaon Area 5000 Sqft Rent 4L SAFDARJUNG ENCL. sale 3rd Flr+ Terr. power back up 9810652416 Good Frontage if interested Please
PM Lease 9years Fresh with 3years
Lock in 3yrs Price @6.85cr. Call
200sq.yds 3BHK+2 Car Parkings+1 SQ
brand new,ready to Move,reasonable 9958681717 Call Rohit Pandit 9810148147
Owner 9810404394 Price. Call: Sanjay Malik 9810039071 SALE INSTITUTIONAL Property
Visit: www.malikestateagents.com 2000mt nearby City Center approved C-42, GREEN Park Main, 1st Floor, 2 AC
& allotted from noida Authority for Fited big size Bedrooms, Attach
SHANTI NIKETAN/ Vasant Vihar, NGO, Old Age home, & others social Bath, Modern Kitchen, Store, balcony

BUNGALOWS / FLOORS
Tastefully Built, Luxurious Floor 4 CR PARK 125y New 3rd Flr+Trc 3BR 2.75 welfare work. both side, 1 Car parking, suits small
Beds, Large Living Dining, Stilt Car CR Prk 160y SF 3Br New renovatd 2cr family/ working girl. Call-Major
Parking. Peaceful Location.contact G.K.-II (250)y S.Flr 3 BHK SQ Car 3.85 Rana: 9818276712, 011-41755898
PLF -9811078877 Lokesh Bhardwaj Okhla (1000)y freehold WideRd 14.50
CR Prk rentd Office+pantry toilet 40L RAVINDER YADAV GHAZIABAD WANTED APARTMENTS Aralias,
Magnolias, The Belaire, Central PREMIUM PLOTS for Sale DLF Phase 2
VASANT ENCLAVE adj. Vasant Vihar
2B/R, D/D, Corner. Also Avalb. First/
Second Duplex 4B/R, D/D, 4Bath +
VASANT VIHAR ( 800 ) first & second
floor, park facing., 9810030231
9818935156 MIG FLAT Ground Floor Area
84.24 Sq. Mtrs GK- IV, Indirapuram
Park 1, Beverly Park, La lagune,
The Elevate 9811017103 EXCLUSIVE GATED Kothi For Sale DLF
Phase 2- 500 Yds Duplex Kothi, Best
M block - 400/500 yds 12mtr Road
Best Price. Saudagar Properties Pvt.
Ltd. 9718511207
Study well Maintained. Sandeep # VASANT VIHAR/ Westend/Shanti Nktn Ghaziabad. Contact -9810146693/ DLF-3 CONFIRM Sale W Blk Plot/ North Price Saudagar Properties Pvt. Ltd.
9810298215, Nandan # 9958323698. (600) Grnd+Bmt/FF/TF & (1200) FF/ 8800199707 400sqyd/ Max chq,T Blk 505sqyd 9718511207

ANGAD
TF & 400 Grnd+Bmt & TF @ 12.5 SALE FARM House approx 3Acre Back to Moulsari Near City club,
LAJPAT NAGAR-III 300 Yds, N-East fac Booking/ Ready also 400 Kothi @33 allotted from Noida Authority nearby V Blk /G.Floor 3Bhk/1500sqft/Corner
DEFENCE COLONY corner/park facing
Corner B mt+G.Flr/ F.Flr/3rd+Terrace & 600 @ 56 . Ravinder 9818935156 Noida Expressway Prime location GURUGRAM Adjng Park. Amit Kumar 9899335988
REAL ESTATE
4 BHK with Lift, SQ, overlooking Park luxurious floor 4 beds, 5 att. baths, can use Residential & Banquet Hall. WORLD TRADE Centre - Nauroji Nagar,
Wide Road, Sept. Gate Stilt Car Park Drawing Dinning, lobby modular Ring Road near Bhikaji Cama Metro,

9930200005
for each Floor. Avinash 9582599330 kitchen lift, S. Qtr, sep. gate, 2 car DLF GARDEN City Sec-91,92 (B- Area 3,000 to 90,000 SqFt, Premium
parking. M-9811654291 Rajender Blk) 350yd North-East park facing Office/ Retail Space on Lease/ Rent,
24mtr rd 2side open also (E-Blk) Ready for Fit out. call @ 98100-69114
BRAND NEW Flrs : Anand Nktn 200y FF 250yd 12mtr. rd West Facing Call
@6.5;Uday Park 217y P/F FF&SF 5.10; ANAND LOK 800 Yd, SDA 600 Yd, Hauz My Real Home Pvt Ltd-9810302735 FLOORS NEW 2 Side Open M Block DLF
GK- I, 208y Cnr P/F SF 5.50; SJE 200y Khas Enclave 1000 Yd, Safdarjung Phase-II,300 Sq.yds North Facing
3rd+Ter;Pamposh Enc 200y GF; Hauz Enclave 500/300 Yd, Best Locations, Vaastu Perfect 4BHK Floors with Full
Khas Enc 500 B+GF. SR 999999-6725 Clear Title also Wanted Collaboration FOR SALE Oriental Homes 192 yard VRV AC,imp marble,hafele appliances
/Kothi All Size.Rampal 989-989-3333 Duplex 4 Bedrooms with Servant parking, Lift, 12 mtr Rd. 9930200005
VASANT VIHAR 400y S.F Ready @ Room, Ansal Builtup, Sushant Lok-3,
GROUND FLOOR+ Basement 9.50 Cr; Hauz Khas Enclave 280y Excellent Location, Value for Money
Greater Kailash-1, Brand New 208 SOUTH DELHI Residential Ground INDUSTRIAL, 4000 sqmt Functional
9910003307
Duplex of Bsmt & G.F with sep lift, Shed in Prime Location, Sector-80, Deal. Near Extension rd 9810010295
Sq.Yards Three Bedrooms Attach Ready; GK-1 500y FF Corner P/fac. Floor flat 675 Sq.Feet in Jasola Vihar
Baths, D/D with Lounge Vikram 2 bed 2 bath with 2 car park @70 Lac Noida. Features clear title, one-time
PPS 9818881000, 9599808726 Lease Paid, on 18mt wide road.
Batra 99-99-32-86-25 (Owner) Nego. Jasola Metro 1/2 Apollo Metro
INDEPENDENT HOUSE, Safdarjung 1 Km. Contact: 7676576522. Cont.: 9811110429, 9810334100 COMMERCIAL GROUND Floor
Development Area, 285 sqyd, 3 Side DEFENCE COLONY Kothi 300 yd 12 yrs 100 yards available on rent in
Corner, Lift, Stilt Parking, Peaceful old, 3 Side Corner, LGF+4,Lift, Area Lajpat Nagar 2 , Prime Location
Location, Immediate Sale, Call (Near Apple Store) Suits , Shop/
9910003307
9000", N-Facing, Ample Parking
PWD main Road,Clear [email protected].
NOIDA/GREATER NOIDA Showroom etc. Call : 9999 606901

MANGALAM
Broker's pls excuse, # 9811825502 DLF PHASE -3 Confirm Plots 1000y @
26 ( Gated ) , 500y Park facing , 500y OKHLA PHASE-2 Lease Available.
T block gated @11.00 Cr. 400y W-9, First Floor (2750 sq.ft). On freehold
FARM: (I) 2Acre Fully Dev. Country Club
PROPERTIES
300y V block 2 option (North/East) 600 sq.yds plot. Near C.Lal Chowk.
FOR SALE 4BHK, 300 Sq. Yds., 2nd Pachgon Nr ITC Grand Bharat Hotel@ 3D Buildcon 9999404040 Contact 9810899361
Floor, 4 Bath, Dining / Drawing / 10Cr.(ii)15 Acre School Land Sohna Rd

9811987895
servant Quarter with Lift and Still SALE NOIDA Resi. plot 450mt sec14A, @9.5Cr (iii)10Acres Sohna [email protected]

9910003307
Two Car Parking, G. K. Enclave-II, Cr. (iv) 15-50 Bhiga Nogaon Alwar RJ.

More Classifieds
200, 450mt sec15A, 250.450mt
Contact - 9313150272/8860623000 sec19A, 300. 400mt sec26,300.
450mt sec30, 300,450mt sec36,300, HUDA SECTOR 21, 22, 23, 23A, Palam DLF PH-3 confirm & mandate deals 500
VASANT VIHAR ( 400 ) second floor,

on Page 13
NEETI BAGH, B Block, Area 500sqyd, SALE/ PURCHASE Yamuna authority 450mt sec44,300.450mt, sec47, Vihar. New Palam Vihar, Sector 110A Moulsari Avn, V-1 park fac, 400 W-9
First Floor, Park Facing, Wide Road, park facing., 9810030231 Residential, industrial plots and 7 % 360.450mt sec 50, 300.450, Dwarka Expressway Available crnr plot, 400 W-blk 2.5storey house,
New built, Gated & Peaceful Colony, plots. Home Infra 9810573247, sec105,300 450mt sec 92, Plots, Kothis, Builder Floors. Also 316 corner plot adj park. Sumindra
Call 9910003307 9717237700 Cont: Buyer & Seller Agricultural Land # 9811987895 Prop. 9810165528, 9810165532
LIVEMINT.COM
WEDNESDAY, 22 MAY 2024
NEW DELHI 13

RELIABLE VENTURES
INDIA LIMITED
Regd. Off: “Reliable House”, A-6, Koh-e-fiza,
Indore Road, Bhopal – 462001 (M.P.)
COMPANY NOTICE
In terms of the Reg. 47 of SEBI (LODR)
Regulation 2015, Notice is hereby
given that the Board of Directors of the
Company shall meet on Wednesday the
29th day of May, 2024 at 4.30 P.M. to
consider, inter-alia, and take on record
the standalone financial results of the
Company for the quarter & 12 months
period ended 31st March, 2024.
The Notice is also available on
the website of the Company i.e.
‘Noorussabahpalace.com’ and BSE

the Power to
website www.bseindia.com.
For Reliable Ventures India Limited
Place : Bhopal Sd/-
Date : 15/05/2024 Director
Think Ahead. Think Growth.

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TOLET CENTRAL DELHI GURUGRAM GURUGRAM DWARKA ENGINEER/ HOTEL/RESTAURANT SIKH BISA AGARWAL HINDU
PROD/TECHNICAL
FOR RENT fully furnished 431 sq.ft. DIGITAL GREEN Golf Course Road AN ISO 9001 Company Req Exp. ( 1-3 URGENTLY NEED an expd. Commis-I WANTED A very good looking,
SM FOR sikh saini 5’4”/35 B.Sc MBA
BASEMENTS FOR RENT
comm. Flat on 6th floor in Ashoka (Salary 16000 to 18000) for a
SOUTH DELHI Estate & 3000 sq.ft. approx. Resi.
Gurgaon 2500 Sq.Ft. Two Side
Open Bare Shell Office Space
years ) Male/Female candidate with
restaurant at Hotel Ajanta,
Canada citizen, ready to relocate homely, vegetarian (eggitarian),
Deg/Dip in Mech./Inst. for office Job. to india or USA. Visit India in June. working, unmarried girl for a very

SOUTH EXT-2, 2BHK Flat for Rent for

Flat on 8th floor in Ashadeep Build.
Haily Road CP. Mob. # 9999411000. LAWYERS & PROFESSIONALS Available for Rent. Contact:
Karan Vir: 9910001162
Walk-in 22-30 May (2-5 PM ) at F-61,
Okhla Phase-I ND-20 M: 8851408860
Paharganj, ND-55. Contact
9958798486 (11am - 7pm) Email CV:
Ph: 9899278446 handsome 39 year-old boy 5'9"
working as a director in an MNC
Contact owner on
Short/Long stay, Good Location. [email protected] currently posted in Germany but
Furnished/Un-furnished. Call- settled in Delhi NCR. He is a single
9968077328, 9811387328
9810020279 DLF − SUSHANT LOK
EXPORT HOUSE JOBS PART TIME JOB DOCTOR
child living with his parents. Mar-
riage bureaus and middlemen not
BASEMENTS FOR Rent for Lawyers & DWARKA SEC-12A, Plot No. 8, 3rd Flr + to contact. Only direct calls will be
OFFICE SPACE Available for Professionals Nizamuddin East- 1700 Terr.6000sft on Rent,Existing Tenan- entertained. Contact 97117 98871
Lease / Rent in DLF South Court Sqft and 1400 Sqft on 1200 Sqyard ts:Croma & Wooden Street, Access to MATCH FOR Dr. girl Punjabi Khatri,
High Speed Elevator, Versatile space, REQD FOR Garment Export House WE ARE Hiring part/Full Time. age 30
Mall Saket. Area 888 Sq. ft., Fully plot. Park Facing Ample Parking to 70 Retired People, H'wifes, VRS, 25.12.94/ 5'7", MBBS with Fellowship
Furnished on First Floor. Prime Suits upscale Restaurants/Cafes. South Delhi Based Exp Computer in Cosmetology Aesthetics, Medical
Self Emply. Earn 50k to 1Lac Fixed +
Location. Contact : 9810109682 Operator/Junior
Variable + Foreign Trip. Call Officer in Haryana Govt. Ggn. Seeks PUNJABI
FOR RENT space available approximate Accountant/Mercha- Dr./ IAS/Industrialist. # 9971327172
3000 Sq. Ft. for Showroom on diser/Production Supervisor #93376 7291059596, 9990245200
FOR RENT Vasant Kunj shop/Office Ist Main Ajmal Khan Road Karol Bagh EMPLOYMENT 90179, [email protected] HANDSOME, TALL, Graduate May
Floor, 354 sq ft attach bath, separate Top Brands Only. 95/5'11" Businessman Punjabi
water connection in Sec-B1, Ist Floor, boy of Educated status family
CSC DDA Mkt, Suits for Dr. clinic, 1800 , 5000 sq.ft ready possession
DLF- GROUND+BAS BUILDER'S BUILT COMPUTER OTHER seek Tall, Charming, Qualified girl
4 BEDS, DD, 2 Parkings Also 5 beds REQUIRED ACCOUNTANT with
small office . Rent 40K . 9810604554
available at ITO suits to MNC, Bank, Kothi South City -1 more details call ACADEMIC minimum 5-10 years experience in OPERATOR of Status family. Con: 8287956709.
Advocates, Institutes Co-working, 7011498399/9811072035 SDR Prop Export House. Alok Int l Pvt. Ltd.,
JANGPURA MATHURA Road 1000 Sft contact:- 9810050659, 9811038187 264, Udyog Vihar, Ph IV, Gurgaon, WANTED DTP Operator / Graphic GROOM WANTED KHATRI QUALIFIED, CHARMING, Slim girl
2 Bhk Att Baths 2nd Flr Fully Furnish Mail CV : [email protected] Designer operator Minimum
FOR LEASE Office Space Areas 5000, of status family req. for Handsome,
All ACs Lift 24 Hrs Water Inverter
Park Facing Ample Parking Excellent 10,000 & 15,000 sq.ft in A+ Grade
FOR RENT Brand new upper ground
floor 500 sq yards , DLF Phase- 1 ,
Experience 3 to 5 years Good Salary SUITABLE MATCH FOR Tall, Graduate 34/5'8" Businessman
Loc. Separate Entrance. 9811081857 FOR RENT Available Prime location Buildings on Golf Course Extn Rd. company lease only - 9873944123
please contact on- 9810429531 /
8882969626 A VERY PRETTY FAIR SM FOR Punjabi Khatri Smart H'some
boy of H.Status family. Con:
main road Chandni Chowk Ground 981823 0051 GENERAL MULTIPLE SHARP FEATURED boy 36yrs/5'10", 12 LPA, Well Settled
8287956709 / 9810286091.
500 sqft (Front 18ft), 1st floor 300 VACANCIES Business Family.Seeks educated girl.
250 SQFT. Basement front road entry sqft. Mezzanine floor 450 Sq feet for GIRL 25/168 CONVENT Call/WhatsApp: 9811997891, Email PUNJABI BOY, B.Tech- BITS Pilani +
near Reliance Fresh, Arjun Nagar,
Safdarjung Enclave, suitable for
best price Contact 9810134666 PRIME LOCATION Showroom at Aipl
FOR RENT DLF-1 (B8/10) Luxury House,
N/E park fac 720 yd, fully furnished,
COMPUTER OPERATOR required with EDUCATED at: [email protected] MBA- IIM,Nov,1995/ H-5'10", working
Joystreet, Gurgaon Sec 66, Ground knowledge of E-mail/Internet in MNC, 60 LPA, Father-Officer,
small Clinic, Courier Service, office
Floor, Front facing, area 1300 sqft,
5 BR DD, study, party b'ment,lawn. Searching. Residing nearby FOLLOWER OF RADHA settled Delhi NCR. # M:-9870518197,
etc. Contact : 9810016527 Foreigners, MNC's, Indian Corp.
FULLY FURNISHED approx 60 co- 20 ft height + Mezzanine surrounded Guest House. Contact 98101-22122
preferred. Contact: PSM Global,
Kapashera Ph: 9873637380.
SOAMI SATSANG BEAS. Email:- [email protected]
with Leading brands. 9810122280
working spaces available opp Plaza LOOKING FOR
GREEN PARK, Park Facing, D/D, 3 Beds
cinema with high speed internent
A BOY WITH SIMILAR VAISH
suits MNC / Startups contact-
OUTSIDE DELHI REQUIRED MALE Graphic Designer DOCTOR
3 Baths,Modular Loaded Kitchen, Car 9810050659, 9811038187 Having Knowledge of Photo Shop & FAITH & FOLLOWING
Prkng, Power Back-up, Lift, Security. Corel Draw in Mangolpuri. Contact #
Prefd. Foreigners/ MNC/ Doctors/
AVAILAIBLE FOR Rent RIICO Ghiloth 1) 9811284338, 9312067584 PLEASE SEND YOUR SM4 H'SOME Jain Btech, 34/5'7" SUITABLE MATCH for Fair, Smart,
Embassy, Ext. Call: 7827390350
FOR RENT to Banks & MNC's only, SHED at B-67, 58,000 sq ft with RCC BIO DATA AT boy Wheaties, Own b'ness Of Smart Punjabi Verma family boy,
office 8,000 sq ft 45 ft height, main home automation, cctv camera & September 95/ 5'9", MDS (endo),
SAKET: OFFICE Space for Rent 2600
Approx 1800 Sq.Ft at Main Road- Nai
road corner. 2) H-24 ghiloth 7000 sq
[email protected] others, own house at Noida, 30 LPA Delhi Based, 15 LPA. Seeks Doctor
Sarak (Chandini Chowk), 45 ft. Front
Sq.Ft. & 1250 Sq.Ft on Ground Floor, at Main Road both on 1st & 2nd floor feet rcc Whatsapp owner Sahni Or call / whatsapps at seeks homely b'ful girl 9870962739 (MDS) bride. WhatsApp 9560595595
Newly Fully Furnished.Only 400 Mtrs (with roof right), two Bathrooms, 9811022988. MATRIMONIALS
from Saket Metro Station. Immediat- Stairs from Main Road.-9910009859 9416000780
ely Available. Contact: 9599010146. STAR TOWER Fully furnished office.
2 Cabin, 7 work stations, 7 seater
KAROL BAGH Ajmal Khan Road 3700
sq ft Commercial Space for Lease /
Conference room, reception, toilet HARYANA GROOMS WANTED
GREATER KAILASH-1 (250 yds ) & Pantry. MGF Megacity 946 sqft re-
Old Ground Floor 3BHK Fully Reno Rent Ideal for Bank, Showroom, tail/ office. Contact 9810060315. MEDIA COSMOPOLITAN
-vation best Location Parking Rent Jewellery Store, Financial Security,
110,000/office/Residence Call Restaurants Call 9560012992
Sharma-9810166637-9910166637 BISA AGARWAL 48/5' UNMARRIED Prajapati Girl,
CLC
Looks Younger, Homely, Slim, Fair,
NOIDA/GREATER NOIDA PQM4 BEAUTIFUL, Slim, Gupta Vegetarian, Under Graduate, Simple

Services
SAFDARJUNG ENCLAVE beautiful 3 Manglik Girl 94/5'4" working in Marriage Seeks Well Settled Boy.
bedrooms apartment stilt parking Auckland (New zealand) seeks well Contact - 9268635648
5800 SQ.FT. Each 1st & 2nd Floor
9999005322
peaceful location Rent 1 lakh pm. settled NRI Boy, Open to Relocation,
9810421614 Broker excuse Industrial Building. Furnished, AC, MOUNT COLUMBUS School C-Block,
Dakshinpuri, New Delhi - 110062. Caste No Bar. Contact 7065898028
Eco-friendly power backup, Ready
to move. Near Metro Stn, 80' Road
Ample parking, D-89, Sec-2, Noida.
9811444190 Phone: 011-29961111, Urgently Req-
uired: Art & Craft Teacher,PET, Music
Call 9350868866, 0120-42633422 LEASE OFFICE/COMPANY Working Teacher & Dance Teacher. All positi- KAYASHTHA
DLF CHHATARPUR-FARMS 5 BHK Space 50-500 Seats 12500/ 45000
Duplex , D/D, 4 Ser.Qtrs,6000 sq.ft. ons are on contract. Apply within 7
sq. ft. CLC Tower Sector: 44, Days To: [email protected]
Built On 1000sq.yds, Swimming Pool, ATM/BANK SERVICES space available Plot 146 Gurugram, Huda Metro.
2 Garages, Generator, Gated Security SM4 SAXENA B'ful girl Jan 95 / 5'4'
for Rent, Size: 10' x 12', City Mall, www.clcservicesindia.com (N-Mglk). MBA- HR (IIFT - Delhi). AGARWAL
Rent Rs.2 lac.pm Sehgal: 9810556471
Shop No.-8, Deepak Vihar, Khora, Wrkg in HR , F'mly based in Delhi/
Labour Chowk, T-Point of Sector-58, ACCOUNTS/FINANCE NCR. Kayastha/Baniya/Brahmin
LAJPAT NGR-I, approx 1100sqft Office Noida. # 9211550037 no Bar. Contact - 9899113116 SM4 JAIN /Garg handsome March-1994
B'fully furnished ready to move in, AVAILABLE JODHPUR Boy 5' 11" Architect wkg in Delhi, well
no expense reqd & ample prkg next ACCOUNTS ASSISTANT required
to Def Clny flyover suits CA & Advo. FOR LEASE having 2 years experience.
stld fmly,Resi. Gurgaon Seeking B'ful
#Owner 9811118088, 7982952177. 5 BHK 250 mtr corner premium kothi 57 K.M. Milestone, Contact: Probe 3, GF Padma PUNJABI Veg. Wkg. Girl Jain / Aggarwal family
Delhi NCR #9311104967,9810004967
posh Sec 15A Noida tastefully
designed large rooms high ceilings Binola Gurgaon (HR) Tower-2, Rajendra Place, New
Delhi, Mob: 9868007007.
S-166 PANCHSHEEL Park, 2nd Floor, fully furnished just renovated Svt Qtr Plot Areas - 19 Acres WELL SETTLED Match for Fair ,
Studio Apartment fully furnished Beautiful , Post Graduate , Height
water soft plant Col. Bahl (CLU Land) 5’5”, 1July 1991, 5:15 AM, New Delhi,
open kitchen wooden/ Italian
flooring with AC & lift. Rent @ 65K.
9868112671
Covered Area - 3 Lakh Girl of a Punjabi Business Family
BRAHMIN
Contact: Owner # 9811199118. Sq. Feet ON N.H- 48,
SALES & MARKETING Tel: 9810530960
FLAT, LOTUS Espacia, Sector-100,
2060sqft, 3BHK+S.Q., Corner Unit, Area Front 1 Acres SM4 BRAHMIN Boy, 41/5'10",
E- BLOCK East of Kailash Brand New Can be given to single COMMERCIAL COMPLEX for rent for EXPERIENCED SALES Executive Reqd. B'FUL, MBA girl 5'4", May 83, Manager unmarried Asst. Professor Pvt.
1700 sqft, Semi Furnished, Corner, Natural Light & Ventilation, Lush showrooms Area GF: 1400 sqft FF: having own conv, Diploma holder can PSU Del Govt. Pref only unmarried, College, Owner of Flat & also a
Main Road, Ample Parking, Huge Greenery, Boasts Beautiful Interiors user or two to three users 2010 sqft, Prime market location also apply. For Manesar/ Bhiwadi. Sal Class- I officer, MBA, CA, Engg., MNC, Coaching Centre, Caste no bar, No
visibility, near Metro, for Profession- @ Rs. 52K. Cont.: 9811110429 Contact No - 9971773840 Sardarpura Jodhpur Rajasthan 20000+incen.Cont: SD 98 Pitampura, Bank Del/ NCR. CNB. B'man, manglik Dowry, Early Marriage through
als. Owner 9811707061, 9811087765 Email: [email protected] Contact: 9413323111, 9414134111 ND # 9811469444, [email protected] excuse. Whatsapp 8130057014 Temple /Court. #8383047874
14 WEDNESDAY, 22 MAY 2024
NEW DELHI VIEWS LIVEMINT.COM

OUR VIEW GUEST VIEW

PTI

Audit fees must be fair to ensure

quality and no overdependence
It should be high enough for auditors to do the job well but not so high that their independence is hit

non-audit assignments from clients to reluctance in making appropriate

boost overall earnings and compensate inquiries and asking difficult questions
for low audit fees. Disciplinary orders during the audit process. It is thus
issued or inspections of audit firms con- important to ensure that audit fees are
ducted by the National Financial always reasonable, neither too high nor
Reporting Authority (NFRA) point to: low. The responsibility for this lies with
(a) inadequate capacity, competence audit firms themselves, apart from audit
and capability among audit firms in regulators, audit committees and other
terms of knowledge, use of tech-based stakeholders at large.
ASHOK HALDIA audit tools commensurate with the size An audit firm, before accepting an
is a chartered accountant. and nature of audit clients and audit assignment, should estimate the cost
risks involved; and (b) compromises on and effort involved and resources
audit independence that raise conflicts required for the task. The company’s
of interest and other ethical concerns. audit committee, while determining the

Chabahar port project:

When an audit firm accepts audit audit remuneration, should discuss
work at a low fee, it survives financially with the audit firm its own assessment

A
uditors for years have lamented by reducing the effort on audits or by of the time, effort and resources
low audit fees whenever audit compromising its quality. As audits are a required, taking into account the size
quality is questioned by regula- matter of public interest, this is a worry. and complexity of the company’s opera-

It’ll test our diplomacy tors, the government or other stake-

holders. Data released by Prime Data-
base and other sources on audit fees
paid by listed entities suggests a meagre
The adequacy or otherwise of audit fees
must not be an excuse for any audit firm
to compromise quality.
Ironically, quality auditing in India
tions and the basis on which the auditor
has quoted its fees. In addition, the com-
pany’s annual report should disclose,
among other things, the methodology
increase of 6 % in 2022-23 and about does not command the premium it adopted by the audit committee to sat-
28% over the 2018-23 period. deserves. Many companies do not see isfy itself on the audit fee. The NFRA,
The death of Iran’s Raisi may prove a setback for India’s port agreement with Tehran. Blame Audits serve the public interest and value in the process, treating it as no while carrying out its inspection of
are relied upon by investors, lenders more than a statutory requirement.The audit firms (and during disciplinary
geopolitics. The US may grimace, but New Delhi should press ahead with strategic autonomy and others while making investment Securities and Exchange Board of India proceedings if any), should look into the
decisions. It is difficult to fathom such a (Sebi), Reserve Bank of India (RBI), basis for fixing fees and their revisions
meagre increase. It doesn’t match even NFRA and institutional investors in to check their reasonableness. High or
the general 10-15% increase that recent years have taken measures to low audit fee should raise red flags as

T
he death of Iranian president Ebra- This setback comes over and above other chal- employee salaries see every year. The enforce audit quality by strengthening they may prima facie indicate a possible
him Raisi in a helicopter crash has lenges. The larger question mark over Chaba- situation for unlisted companies and for the role and responsibility of the board quality problem. Such an approach will
medium and small size firms is worse. of directors, independent directors, deter audit firms from undercutting one
given a new twist to India’s geopoli- har’s progress could emanate from the US dis- Audit firms lack the resources needed audit committee and auditors. The another and companies from selecting
tical choices and manoeuvring over position towards it. Having waived sanctions on to invest in technology-based audit increased rigour of regulations and an audit firm that charges especially low
Iran’s Chabahar port. It was only a its joint development earlier, it has made noises tools, build multi-disciplinary expertise, supervision in recent years has sensi- fees.The cardinal principle is that an
few days ago, on 13 May, that India lately about the possibility of punitive sanc- upgrade skills and recruit as well as tized managements, boards and audit audit firm should not accept an audit
renewed its commitment to this Gulf of Oman tions. A lot will depend on who wins the White retain talent as a sine qua non for quality committees to the need for reasonable job at a fees that is not sustainable, and
audits. Irrespective of their size, these audit-fee payouts. This, however, has the company shouldn’t appoint an audit
port, considering the facility’s strategic location House this November. The second challenge firms cannot pay competitive salaries not raised audit fees by much. In con- firm at a remuneration that will not
on the southern tip of Iran’s Sistan Baluchistan lies north of the Hindukush range. When Cha- and are facing an exodus of chartered trast, the audit fee of firms in the US enable it to meet quality standards.
province and a stone’s throw from its border bahar was originally conceived as a three-way accountants, who are joining industry after their registration with the Public It is imperative that audit firms invest
with Pakistan. In fact, shipping minister Sarba- trade project between India, Iran and Afghani- or consulting firms. Auditing is no Company Accounting Oversight Board, in people and technology. Audit fees are
nanda Sonowal took special permission from stan, an embryonic democracy was being nur- longer a preferred career option for an audit regulator in the country, has their only available source of funding,
many young chartered accountants. seen a significant increase. Hopefully, and if it is unreasonable, audit quality
the Election Commission to take a break from tured in Kabul. The Taliban takeover of Afghan- Inadequate audit fees could lead to the role being played by NFRA will have may suffer. Allowing audit firms to raise
the poll campaign to visit Iran for signing the istan in 2021 has skewed that equation and either a compromise in due diligence the same effect in India. equity finance is a questionable proposi-
agreement, which replaces the investment pact could jeopardize the original plan of extracting exercised during audit processes, or Higher than reasonable audit fees is tion and is beset with practical difficul-
of 2016. The new 10-year deal provides for joint Afghan ores and minerals for Indian refineries. an impairment of the audit firm’s inde- as bad as low fees. High fees may make ties. If Indian audit firms are expected to
development and operation of the port and Chabahar is critical for India’s geo-strategic pendence in carrying out audit work, as audit firms more financially dependent go global, among other things,they need
it may make them seek the favour of on clients, which could lead to their to be paid audit fees by global standards.
commits India Ports Global to invest $370 ambitions on multiple fronts. New Delhi’s tacit
million in upgrading it. Mutual ties have thus support for Israel and tactical ambivalence on
been strengthened amid tightening US sanc- the humanitarian crisis in Gaza, driven prima-
tions against doing business with Iran. As rily by its multi-platform security partnership
India’s foreign minister S. Jaishankar said with Tel Aviv, was threatening to undermine
recently, it was Raisi’s personal interest and our long-held position of ‘strategic autonomy.’
initiative that facilitated the port partnership. The renewed deal with Iran balances that out www.livemint.com
New Delhi, Mumbai, Bangalore, Kolkata, Chennai, Ahmedabad, Hyderabad, Chandigarh*, Pune* Thursday, May 22, 2014 Vol.8 No.121 `4.00 in Delhi-NCR/`5.00 outside Delhi-NCR 24 PAGES

With Raisi’s unfortunate and untimely somewhat. Even otherwise, Chabahar can play WSJ: China, Russia sign
natural gas supply deal >20
ECONOMY: RBI eases some curbs on
import of gold >3

demise, there is now some uncertainty about a pivotal role in India’s ambitious trade routes CONTENT PARTNER
MANAGEMENT: Disgruntled Maruti COO
Maitra said to have put in his papers >3
MARKETS: Sebi orders Calcutta Stock
Exchange to wind up by 30 May >11

his successor’s outlook towards India in general and logistical chains. The India-Middle-East-
SENSEX 24,298.02 æ 78.86 NIFTY 7,252.90 æ 22.60 DOLLAR `58.78 æ `0.14 EURO `80.25 æ `0.02 GOLD `28,470 æ `135 OIL $110.51 Æ $0.82

CONTINUING PROBE STRENGTHENING TIES QUICK EDIT

MCX-SX audit Modi’s swearing-in opportunity Abenomics

and Chabahar in particular. In all likelihood, Europe Economic Corridor, finalized at last finds norms
to reboot South Asia relations
PIB/BLOOMBERG/AFP
B Y E LIZABETH R OCHE
[email protected]
in India
O ne leader that Naren-
dra Modi has often
been compared to is Shin-
zo Abe. The Japanese pre- The family serves the
were breached
························· mier has tried to take the

an election due within two months will put year’s G20 summit, could complement the
NEW DELHI
bull by its horns. He has

I n an unprecedented move,
the incoming government
responded to the economic
crisis in his country with an

business. Neither will do

led by Bharatiya Janata Party aggressive policy response
(BJP) is inviting heads of state that has come to be known
Conflicts of interest and FTIL holds a 99.99% stake in and government of South as Abenomics. The jury is
Asian nations, including Paki-
one-sided, related-party NSEL and 26% in MCX. FTIL and
MCX each hold 5% equity in stan, to attend the swearing-in
still out if his policy pro-
gramme has worked but
transactions similar to MCX-SX, along with convertible of prime minister-elect Naren- there is no doubt that the

another hardliner in political power, as candi- access to Europe that Chahabar is placed to
those unearthed at warrants. NAWAZ SHARIF (Pakistan) dra Modi on Monday.
If indeed the heads of state
financial markets cheered
The Mumbai-based chartered when it was revealed.
MCX have been found accountant Kalyaniwalla and accept the invitation, it creates There are three arrows
Mistry is conducting the audit the space for the new govern- in his quiver: monetary
B Y A NIRUDH L ASKAR ordered by the newly appointed ment to reboot India’s fraying easing, massive fiscal stim-
relations with its immediate

well if the business is run

[email protected] board of MCX-SX on the direc- ulus and structural re-
························· tion of markets regulator Securi- neighbours. It has also deftly forms. Modi has fewer op-
MUMBAI ties and Exchange Board of In- put the political onus of partic- tions. Inflation is too high

I nitial findings of a special dia (Sebi). SUSHIL KOIRALA (Nepal) SHEIKH HASINA (Bangladesh) ipation on neighbouring coun- for significant interest rate

dates will be hand-picked by Iran’s supreme grant via the planned North-South Transport
audit being conducted on The audit covers related-party tries, especially in the case of cuts. The public finance
the MCX Stock Exchange transactions, risk management Pakistan, where the military mess he inherits also rules
(MCX-SX) have revealed viola- practices and corporate govern- has always opposed normali- out fiscal stimulus. Most of
tions of corporate governance ance standards followed at the zation of relations with India. the initial focus will thus
norms, and instances of one- exchange. The foreign ministry held a have to be on structural
sided, related-party transactions Kalyaniwalla and Mistry has special meeting in New Delhi reforms. What needs to be
and conflicts of interest similar submitted its preliminary find- on Wednesday to coordinate done is well known. What
the arrangements for the ges-

to serve the family.

to those unearthed at Multi ings to the top management of MAHINDA RAJAPAKSA (Sri Lanka) HAMID KARZAI (Afghanistan) was lacking in the past
Commodity Exchange of India MCX-SX. The final report will be ture that could see leaders decade was political will.

leader Ayatollah Khamenei. The Chabahar Corridor. But the real problem lies more than
Ltd (MCX), said two people fa- prepared and presented before from Afghanistan, Bangladesh, Modi understands that
miliar with the findings, one of the board next month, said the Bhutan, Maldives, Nepal, Paki- India should have policies
them an official at the capital first person. stan and Sri Lanka travelling to to promote growth. It re-
markets regulator. Replying to an e-mail by Mint Delhi over the weekend. mains to be seen what he
Both MCX-SX and MCX are on the special audit, an MCX-SX That Modi was planning to does in the coming months
affiliates of the Financial Tech- spokesperson said, “The audit is invite leaders from South Asia, to get economic reforms
nologies (India) Ltd (FTIL), comprehensive in nature. Our ABDULLA YAMEEN back on track.
founded by entrepreneur Jig- board has decided to conduct ABDUL GAYOOM (Maldives) TSHERING TOBGAY (Bhutan) TURN TO PAGE 2®
nesh Shah, who was arrested this audit to build confidence.”

project, to be sure, is vital to Tehran’s interests. 300km to the port’s east: Pakistan’s Gwadar
this month with former MCX “The audit is in progress and
chief executive Shreekant Javal- as a part of this process, various
gekar in connection with a
`5,574.34 crore payments crisis
notes are being exchanged be-
tween us and the appointed au- Inside Reliance FUNDS INFUSION
at National Spot Exchange Ltd
(NSEL), another entity of the
group.
Preliminary findings of the
ditor. Since the report is not
ready we would not be taking it
up for discussion in the next
board meeting,” the exchange’s
Jio’s plans for
telecom, info,
Online retailers making the
most of investor interest revival
It not only gives Iran access to different mar- port is being developed jointly with China as
audit of MCX-SX highlighted the spokesperson said.
instances of related-party trans-
actions similar to those found at
The exchange hasn’t officially
disclosed date of the meeting as
entertainment

P E TE R D RU C K E R
the MCX, and also a breach of yet. MINT
corporate governance norms, The special audit of MCX-SX B Y S HAUVIK G HOSH & B Y M IHIR D ALAL & on this strategy. Rather than
said one of the two people cited follows the forensic audit of V IDHI C HOUDHARY S HRUTIKA V ERMA raising money in one go, top e-
above. MCX, which was done at the be- ························· ························· commerce firms are now doing
NEW DELHI BANGALORE/NEW DELHI
“The findings suggest that hest of commodities market reg- so in a gradual manner, repre-
MCX-SX entered into heavily ulator the Forward Markets
R eliance Industries Limited’s
T op online retailers, includ-
ing those behind Flip-
senting a significant shift from

kets, but may also provide a multiplier effect to part of Beijing’s Belt and Road Initiative. India’s
one-sided related-party agree- Commission (FMC) after the cri- (RIL’s) much anticipated previous years when they were
ments with several entities, in- sis at NSEL surfaced. (and also much-delayed) kart.com and Snapdeal.com, willing to take as much as they
cluding FTIL. Many of these re- The audit of MCX conducted launch of data-rich 4G (or are benefiting from a strong re- got, and when they did.
lated-party contracts were detri- by PricewaterhouseCoopers fourth generation) services will, vival of investor interest in In- “Most local e-commerce
mental to the interest and bene- (PwC), whose findings were put apart from challenging telcos dia’s fast-growing e-commerce firms found it difficult to raise
fits of MCX-SX as they favoured out on the exchanges last and cable and DTH (or direct- business. funds last year so they took
the second parties and not month, revealed a number of re- to-home) television companies, The companies are making whatever amount they got.
MCX-SX,” the people said on lated-party transactions and also seek to change the dynam- the most of it by raising money Some of the big name an-
condition of anonymity. failure to comply with corporate ics of the education, entertain- in a gradual manner, announc- nouncements caught the atten-

its economy wounded by US sanctions. And yet, negotiating skills, geopolitical acumen and
The findings could spell more governance norms. ment, financial services and ing successive rounds of fund- Slow and steady: E-commerce com- tion of large foreign investors
trouble for FTIL, which has been The audit had also observed healthcare businesses in the ing within months, which helps panies are now raising money in a who followed-on quickly,” said
at the centre of multiple investi- that FTIL continued to have sig- country, according to executives them benefit from rising valua- gradual manner. Manik Arora, founder and man-
gations by regulators and law nificant control over running of at the company and its rivals, tions. Over the past year, top lo- aging director at venture capital
enforcement agencies since the MCX under its previous man- and details from its annual re- cal e-commerce sites have sig- analysts say, they can’t seem to firm IDG Ventures India. “Now,
crisis at NSEL surfaced at the agement and board of directors port for 2013-14. nificantly increased their get enough; large global finan- with renewed interest in the
end of July last year. Mint has even after it became a listed ex- Reliance Jio Infocomm Ltd spending on technology, mar- ciers such as Morgan Stanley, sector, valuations are rising
not reviewed a copy of the initial change in 2012. will launch its services in the keting and supply chains—re- Singapore’s sovereign wealth much faster. Staggered funding
report of the special audit. “Sebi had asked for a forensic next six to eight months, two quiring hundreds of millions of fund Temasek Holdings Pvt. Ltd will still continue but for a dif-

the new president’s priorities are likely to be the staying power will be severely tested as the
“If the findings are related to audit of MCX-SX, covering the RIL executives familiar with the dollars in fresh funds. and US investment firm Black- ferent reason—to avoid exces-
corporate governance and oper- similar parameters that were fol- company’s plans said, asking They will need to spend even Rock Inc. are queueing up to in- sive dilution for founders and
ational deficiencies, then it may lowed by PwC in case of MCX. not to be identified. more in next few years, partly vest in India’s e-commerce early investors who believe they
have an impact on the daily op- The review period for the special The picture that emerges because of the entry of world’s businesses. can raise more later at a much
erations. Members would move audit is from the inception date from Mint’s reporting is of a largest online retailer Ama- The formula for the top firms higher valuation.”
away if the credibility of the ex- of the stock exchange till date. strategy that will leverage the zon.com Inc., which launched is this: grow faster by increasing Snapdeal, run by New Delhi-
change is affected,” said Ra- The audit report is expected to use of advanced technologies to its India marketplace last June the product offering, advertising based Jasper Infotech Pvt. Ltd,
jnikant Patel, a former manag- be given to Sebi in the next few deliver high-speed data, com- and has since spent heavily to heavily, maintaining the eye- said on Wednesday that it
ing director and chief executive weeks,” said the second of the bined with content and applica- build a large product portfolio. watering discount levels and raised $100 million, mostly from

pressing geopolitical threats Iran faces before country juggles numerous balls up in the air
officer of Bombay Stock Ex- two officials cited above. tions designed to appeal to indi- The revival of investor inter- building the supply chain and five new investors including Te-
change (BSE). Among several instances of vidual and corporate customers. est comes after two years, when delivery networks. Even though masek, BlackRock and Premji
allegedly unfair related-party The picture is also strongly most of the venture capital this requires sites to burn cash Invest—less than three months
Mint is also available for R8 with firms steered clear of local e- faster as they grow bigger, in-
Hindustan Times in Delhi-NCR only TURN TO PAGE 2® TURN TO BACK PAGE ® commerce companies. Now, vestors are willing again to bet TURN TO PAGE 2®

he can turn his attention to such trade enablers. on account of Chabahar alone.

THEIR VIEW

The Godrej split: It holds lessons for family businesses

ship control, adding diversity and complexity of power and perceptions of fairness, balan- A second lesson is the importance of clear in a “respectful and mindful” manner, fea-
TULSI JAYAKUMAR to family and business dynamics. cing dividends with reinvestment and hiring governance mechanisms at both the family turing a unique “no-compete” clause for six
Complex structures of ownership are professional managers. and corporate levels to support the group’s years, seeking to ensure family harmony and
exemplified by the Godrej group, which An important lesson for family businesses corporate strategy. Effective governance brand reputation. Under this clause, no
began as a lock-maker, operated at a sibling is to understand the evolving dynamics of structures can help manage and mitigate entity will compete in the other’s market for
stage and transitioned to its second genera- family ownership, recognize the challenges conflicts, ensuring that personal disputes do six years, except in real estate. Even after this

T
he 127-year old Indian conglomerate tion without a change in ownership struc- of each phase and work proactively at miti- not interfere with business operations. They period, new competing ventures cannot use
Godrej’s split, driven by a decision of ture. It was led by the four sons of Pirojsha gating the risks associated provide a framework for the Godrej brand. This helps maintain brand
the Godrej family to realign owner- Burjorji Godrej, as Ardeshir Godrej died with various ownership decision-making, conflict integrity and prevents brand dilution.
ship for smooth succession, is a notable childless, and the business moved into the structures. High clarity on resolution and strategic A third lesson from the Godrej split is the
example of both the process and end-goals cousin consortium stage upon the entry of The Godrej family had planning, aligning family need for family enterprises to focus on keep-
of strategic decisions taken by family busi- the third and the fourth generations. With institutionalized an inter- governance can interests with business ing families in business, rather than just pre-
nesses. Founded in 1897 by two brothers, the third generation having joined the busi- nal structure that accorded goals. Note that family serving the family business. Trans-genera-
Ardeshir Godrej and Pirojsha Burjorji God- ness in the 1960s, Godrej has been in its equal ownership rights to
allow a complex groups face unique chal- tional legacies are important, but must take

is professor, finance and

rej, the group now has fourth-generation
leadership. The family pact divides the con-
cousin consortium stage for nearly six dec-
ades. This stage is often characterized by
all family members, in
order to avoid conflicts
group to focus lenges in balancing multi-
ple goals that encompass
into account rapid changes in the business
landscape, the evolving nature of families
economics, and executive
director, Centre for Family
glomerate into two groups: Godrej Enter-
prises and Godrej Industries. One faction of
issues such as accepting differences among
various branches of the family, managing
arising out of these issues.
Such clear structures and
on family aims business, ownership and
family objectives. These
and also the differing mindsets and aspira-
tions among family members. Family groups
Business & Entrepreneurship at the family gets unlisted companies and a issues related to sharing of wealth and its transparency in ownership and business businesses may adopt dif- can reconcile these contradictory forces
Bhavan’s SPJIMR. substantial land bank, while the other gains psychological impact, redefining and served the group well ferent orientations, being through various strategies, with a split being
control of five listed firms. realigning family members with the family throughout much of the objectives both family-first, business-first only one such strategy. In this context, the
Family businesses go through various mission, and in general maintaining unity cousin consortium stage. or family business-first split need not be seen as a vindication of the
ownership stages through their life cycle. and organization within the family. However, cracks within entities. Unlike family-first saying, “Shirtsleeves to shirtsleeves in three
Typically, they progress from ‘controlling Interestingly, after the split, the owner- the Godrej family reportedly began to or business-first entities, which prioritize generations.” Rather, a split may serve as a
owner’ stage, where an individual owner ship structure will likely witness a reversal to appear almost a decade ago, primarily over family or business aims respectively, family- precursor to a surge in innovation associated
controls the business (often with a spouse) to the sibling partnership stage in the next the jointly-owned real estate business. business-first entities strive to achieve both with a controlling-owner stage, unlocking
‘sibling partnership’ stage, where siblings round within each newly created entity or Despite internal differences, the group’s business performance and family cohesion. the entrepreneurial potential of the next
jointly share ownership and control, and sub-entity. The textbook characterization of governance mechanisms prevented these Details of the Godrej deal again illustrate generation and enabling younger leaders to
eventually to a ‘cousin consortium’ stage, this stage highlights common issues such as from becoming public and did not hamper how the family has prioritized the family as re-imagine the group’s legacy.
where a group of cousins assumes owner- sibling tensions arising from the distribution the competitiveness of various businesses. well as the business. The pact was concluded These are the author’s personal views.
LIVEMINT.COM VIEWS WEDNESDAY, 22 MAY 2024
NEW DELHI 15

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

America’s strong dollar: Would Thailand’s U-turn on cannabis

is a cautionary tale for others
a Trump presidency weaken it? Its marijuana legalization policy needs reform and not a reversal

The US Fed is bent on curbing inflation but the former president appears to view currency strength as an export dampener

AFP

KARISHMA VASWANI
is a Bloomberg Opinion columnist covering
Asia politics with a special focus on China.

BARRY EICHENGREEN
is professor of economics at the University of
California, Berkeley, and the author, most
recently, of ‘In Defense of Public Debt’

T
urns out you can have too much of a
good thing. Last week, Thailand’s
Prime Minister Srettha Thavisin

T
he United States’ dollar has strength- ordered a U-turn on the country’s cannabis Thailand legalized weed in 2022 but has
ened sharply in recent months, and policy, saying the plant should soon be had second thoughts about it REUTERS
against Asian currencies in particular. classified as a narcotic again and its use lim-
A rising crescendo of apocalyptic ited to medical and health purposes. This used as a deterrent, although until recently
financial talk threatens to spook decision comes two years after former pre- it was rarely enforced. I had reported on
markets. The Japanese yen, for mier Prayuth Chan-Ocha’s administration the harsh drug laws and outgoing presi-
example, appears to be on the verge of collapse. decriminalized the drug. His aim? To bring dent Joko Widodo administration’s deci-
China may feel compelled to devalue its currency, tourists back to Thailand after the pan- sion to prioritize cracking down on drugs.
with damaging consequences for itself and the demic, open up a multibillion-dollar medi- It’s a policy that is likely to be continued
global economy. So, can anything be done to head cal marijuana business opportunity and under the next leader, Prabowo Subianto.
off the dollar’s strength, and even if something give farmers another cash crop to grow. In contrast, Thailand became the first
can be done, should it? Thavisin’s announcement shouldn’t country in Southeast Asia to allow the use
First, the facts. The Japanese yen has fallen come as a surprise. The new government of marijuana for medical purposes in 2019.
dramatically, reaching ¥160 to the dollar at the has been weighing its options. The weed Almost 8,000 dispensaries and many con-
end of April, down 13% since the start of the year experiment hasn’t gone as planned. sumer-agro firms have cropped up across
and more than 50% since the start of 2021. The Reversing it won’t be easy, but the king- the country, selling everything from can-
South Korean won is down by about 10% against dom should persevere trying to regulate nabis buds and oil extracts to weed-infused
the dollar since the beginning of the year. And the this sector—even if the consequences are candy and baked goods. Foreigners have
Indonesian rupiah recently fell to a four-year low painful. Ignoring it will affect Thai youth also reportedly entered the unregulated
against the greenback. and social harmony. Ultimately, the indus- market, opening shops and selling weed.
But these Asian currencies are not typical. In try is only benefiting businesses, not poor Under current decriminalization laws, can-
fact, the broad nominal dollar index, which farmers. nabis products must not contain more than
measures the dollar’s value against a basket of Walking through Bangkok’s narrow 0.2% tetrahydrocannabinol (THC), the
other currencies, is up by less than 3% since the alleyways recently, it was impossible to psychoactive compound that provides a
start of 2023. miss the numerous cafes that spilt on to the high sensation, to be considered lawful.
Moreover, the dollar’s strength is not a sign of streets or the distinct scent of marijuana Part of the push to legalize the plant was
market dysfunction. It reflects the fact that the wafting through the balmy air. These dis- motivated by economics: The University of
United States has performed better economically pensaries sprang up seemingly overnight the Thai Chamber of Commerce said in a
than other parts of the world. after the 2022 decision to legalize canna- 2022 report that the domestic cannabis
Rapid US growth creates expectations of slow bis. Even then it was controversial—and industry could be worth $1.2 billion by
US disinflation. Hence the US Federal Reserve ever since, competing forces have been 2025. But the U-turn is also being
Board is apt to keep interest rates high, or at least trying to reverse the decision. Of course, prompted by some real concerns, particu-
to disappoint hopes for multiple rate cuts this dence will collapse, taking the yen with it, and the Fed, BoJ and other central banks intervene in there can be benefits in decriminalizing larly over the social and health impact on
year. Meanwhile, weaker-than-expected growth inflation will spiral out of control. In theory, any- the foreign-exchange market together? This was marijuana. One is less pressure on courts young people. Recent research has shows
elsewhere means that other central banks have thing is possible. But against the backdrop of tried in 1985 during an earlier period of dollar and prisons. There are major overcrowd- that a quarter of 18-to-65-year-olds had
less reason to worry about inflation, which makes decades of Japanese deflation, this scenario appreciation. The Plaza Accord, named after ing issues in Thai jails, where 75% of used cannabis since decriminalization—
it correspondingly more likely that they will cut hardly seems plausible. the New York City hotel at which it was agreed, inmates are there on drug-related charges. up from 2.2% in 2019. Young people are
policy rates of interest. Still, for those who think that the greenback’s is sometimes thought to have successfully moder- Research has also shown that taking can- also smoking more weed: 10 times as much.
Recall that the Bank of Japan’s much bally- strength is a problem, what might be done to ated the greenback’s strength at the time. nabis off the underground illegal market Anecdotally, doctors have reported more
hooed abandonment of yield-curve control in address it? Market intervention is one possibility. But it is not in the Fed’s interest today to engage helps drive it out of the illicit drug trade. patients seeking treatment after they’ve
March led it to increase its interest rate to just The BoJ evidently intervened in the foreign-ex- in an internationally coordinated foreign-ex- Many parts of the US have already been fallen ill or tried quitting cannabis. If the
0.1%. This accommodative policy will remain change market in late April, or so currency traders change operation, when fighting inflation through this evolution. Cities like New government does push through with its
appropriate until it is clear that the BoJ has suspect. remains its priority. And in 1985, the dollar York have adopted a far more liberal plans and classifies cannabis as a category-
vanquished deflation. And with the US Fed’s While the yen strengthened to 154 against the already had peaked and begun falling prior approach to decriminalization, but are also five drug, its possession could result in a jail
benchmark federal funds target rate at 5.25-5.5%, dollar in the wake of this operation, we know that to the intervention. Given recent weak US jobs struggling with the consequences. It is sentence of up to 15 years and a maximum
it is equally appropriate that the dollar should be market intervention has a sustained impact on numbers, one wonders whether the same might unlikely that Thailand could learn from its fine of 1.5 million baht ($40,600).
strong against the yen. the exchange rate only when it signals a future be true today. experience. Culturally it is a far more con- Banning the drug outright will no doubt
So, why worry? change in monetary policy. In fact, the BoJ One thing that could change the picture dra- servative society, and sits in a region with cause a lot of pain to farmers, small busi-
It is not as if Japanese financial institutions are intervened surreptitiously not because it is now matically would be a second presidential term in harsh drug laws around possession and ness owners, tourists and consumers. A
at risk from the dollar’s rise. Japan’s banks and prepared to change policy and raise interest rates, the United States for Republican candidate consumption. middle-ground approach to return to med-
companies have extensive investments outside but precisely in order to avoid having to do so. Donald Trump, who is a low-interest-rate man, Thailand used to have those laws too, but ical usage would be wise. Taxing marijuana
the country, including in the US, where their Equally, the Fed is unlikely to cut rates in from what can be made out of his record. Trump now it is the anomaly in Southeast Asia. would also help to boost government cof-
value rises and falls with the dollar. While import response to the dollar’s rise. Its models suggest appears to see a strong dollar as handicapping US Singapore, for instance, imposes the death fers, and weeding out foreigners from the
prices have risen by more than 50% over the last that a 3% broad dollar appreciation, as we have exports. Rumours are afoot that he intends to penalty for trafficking. It considers canna- trade would help to regulate the sector and
four years, Japan is hardly on the verge of hyper- seen this year, takes at the very most 0.3% off of install a like-minded Fed chair, or even require bis a highly addictive narcotic, has banned allow locals to benefit more—which was
inflation. Consumer prices rose by about 2.5% inflation. And even that modest disinflationary the central bank to follow the president’s dictates. its consumption, and runs campaigns that policy’s the original intent. Thailand has
year over year in April, which is just where the effect is apt to be temporary. Hence the case for This would be enough to bring down the dollar. seek to show how much damage it has enjoyed the high from this lucrative field
BoJ wants them. high US interest rates remains intact. But it would also probably bring down American caused in other countries. long enough. It is now time for a managed
The fear, evidently, is that at some point confi- What about concerted intervention, whereby financial markets. ©2024/PROJECT SYNDICATE In Indonesia, the death penalty is also and rational come down. ©BLOOMBERG

MY VIEW | EX MACHINA

Restrictions on open-source AI models will help nobody

hands, fearing that if it ends up with a hostile aspect of human knowledge and become the models argue that it is impossible to place export restrictions would amount to bolting
RAHUL MATTHAN adversary, national security would be jeop- world’s first general-purpose technology guard-rails on models if they are released as the stable door after the horse has bolted.
ardized. This is why US export control regu- since the commercialization of electricity. open source, which would make them fun- As for model safety, this, in many instan-
lations have always prohibited the export of Today, it is the famous large language damentally unsafe. ces, is a case of the pot calling the kettle
encryption technologies. Since PGP could models (LLMs) of US Big Tech companies Then there are geopolitical concerns. If black. Proprietary models, despite all the
be downloaded anywhere from the internet, that are the visible face of the AI revolution. future wars will be won by powers that have reinforcement learning and constraint

I
n the late 1980s, concerns began to arise export curbs designed for physical products These systems can be accessed in a variety of AI superiority, distributing AI models as training they have been subject to, hardly
about the privacy of email communica- were powerless in keeping it within US bor- user-friendly ways, such as open source might erode have an unblemished track record of safety.
tion. Though not yet as ubiquitous as it ders. And so the US Department of Justice through chat interfaces the hard-won competitive On the other hand, since open-source mod-
was destined to become, email had already launched an investigation into PGP. and application program These are useful advantage of the US. While els come with weights and the documenta-
become a common enough means of While concerns about encryption may interfaces (API), or directly this is largely a function of tion, any bugs that surface can be dealt with
exchanging messages that people had begun have been reasonable in earlier technologi- be integrated into other models. Both the extreme Sinophobia by the community—and that too, often
to worry about what would happen if they cal contexts, since PGP was built on the RSA services that we regularly that has gripped the US, quicker and more efficiently than would be
were intercepted. It was this anxiety that algorithm, messages remained confidential use. While this is ideal for
the safety and draft legislation is already possible in large slow-moving corporations.

is a partner at Trilegal and also

Phil Zimmermann set out to address when
he created Pretty Good Privacy (PGP), a soft-
as long as the private keys of participants
stayed secret. It made no difference that the
lay users without technical
expertise, developers
geopolitical underway to make it easy
for the US administration
The US proposal to impose restrictions on
the export of open-source AI is reminiscent
has a podcast by the name Ex
Machina. His Twitter handle is
ware program designed to make online
communications more secure.
underlying technology was publicly known.
This distinction was lost on the US gov-
building AI use-cases pre-
fer working with open-
worries being to impose export controls
on AI models.
of its restrictions on PGP. While this might
be a reaction to the Chinese geopolitical
@matthan Initially, PGP was just a command-line ernment, which argued that PGP should be source alternatives. Not voiced in the US In my view, both these threat, its effects, like in the case of PGP, will
program to encrypt messages. As it gained treated as a “munition” under the rules, as it only are these models free fears are overblown. LLMs be felt by countries that depend on these
popularity, it was adapted to integrate with could be used to encrypt sensitive military to use, they are almost are overblown today are so small that they base models to develop their own bespoke
various email clients. I remember installing information. Though the case was eventu- always accompanied by can be copied on a USB AI solutions.
PGP on Thunderbird, even though at the ally withdrawn, and over time there has model weights and docu- drive and run on an ordi- I am especially concerned for India. Much
time it seemed like a futile exercise, since been a significant relaxation in the US gov- mentation, giving developers the flexibility nary laptop (all the research for this article of our AI strategy is based on pre-training
none of the people I communicated with had ernment’s stance on encryption regulation, they need to get things done. and some part of the text was generated on and fine-tuning open-source AI models to
it installed on their computers. we’ll never know the cost the world has paid Over the past few months, however, voi- the 8-billion-parameter version of Llama3 produce solutions that can address the
Almost from the moment PGP emerged, on account of this delay. ces of opposition have begun to be raised in that I am running locally on my 2021 Mac- diverse needs of this country. If we are sud-
it faced a spate of legal challenges. Govern- Today, we stand at the threshold of an the US against the very idea of open-source Book Pro). Given that models are so small denly denied access to them, it will put our
ments have long been uneasy about encryp- epochal technology revolution. Artificial AI. One of the concerns seems to be in rela- that they can be smuggled out in thumb- ambitions of being the AI use-case capital of
tion technology getting into the wrong intelligence (AI) is poised to disrupt every tion to safety. Opponents of open-source AI sized storage devices, attempting to impose the world in serious jeopardy.
16 WEDNESDAY, 22 MAY 2024
NEW DELHI BUSINESS OF LIFE SPORTS LIVEMINT.COM

A fitting end to Nadal’s

French Open fairy tale?
Rafael Nadal will once
again be the biggest
drawcard at Roland
Garros, though he may Manchester City’s Spanish manager Pep Guardiola. AFP

not be the favourite to

lift the title anymore Premier League:
Deepti Patwardhan
[email protected] 10 stats from the
2023-24 season
I
n the Parisian spring, there hasn’t been
a more dazzling love affair than Rafael
Nadal at Roland Garros. In tennis, there
hasn’t been a more certain lock-in for a
major title. Even when Nadal removed
the element of uncertainty - the lifeblood of The latest Premier League season saw
sport - from the tournament when he partici- a new record for total goals scored
pated, he managed to turn the French Open into
a spectacle. A show of strength, and of character.
Roland Garros was where his career was born, Nitin Sreedhar
and reborn several times. [email protected]
Having won his first title, on tournament

F
debut, in 2005, Nadal has gone on to win 13 or the second year in a row, the race for the Premier League
more times, claiming 14 of his 22 majors at the title went down to the final day of the season. Manchester
clay-court major. There is no greater physical City and Arsenal: two contenders. But there was only win-
and mental challenge than the French Open in ner, as Pep Guardiola’s City lifted yet another Premier League
tennis, and Nadal aced it almost every year. His title on 19 May with a 3-1 home win over West Ham United.
craft was exquisite, mastery absolute. In his 18 Over the last 10 months, and 380 matches, many other records
visits to the Grand Slam so far, the Spaniard has were broken, and some individual winners stood apart from the
lost only thrice, twice to his nemesis and World rest. Let’s look at some of the records, milestones and stats that
No 1 Novak Djokovic. defined the 2023-24 Premier League season.
But Nadal will enter the 2024 French Open, 4: The one number that matters the most. Manchester City
which begins on May 26, in search for some- lifted their fourth Premier League title in a row, becoming the
thing else. A fitting end, a final hurrah at the first men’s team in the history of English football to do so. Guardi-
place his legend is built upon. He is 37 now and ola’s well-oiled machine has redefined the word domination,
trying to shake-off injuries that have kept him having won the Treble last season.
out of the game for almost two years. Last year 6: Phil Foden, Kevin De Bruyne, Ederson, Bernardo Silva, John
Nadal declared that 2024 could well be his last Stones and Kyle Walker have now won 6 Premier League titles
season on the tour. His joints have been savaged each since Guardiola took over City in 2016.
by time and the pounding on tennis courts. His Rafael Nadal returns the ball to Poland’s Hubert Hurkacz during their match at the Italian Open tennis tournament in Rome on 11 May. AP 8: Erik ten Hag and Manchester United managed a win away
body weathered and skin baked to a hue not dis- at Brighton on the last day of the season, but their 8th place finish
similar to the dusty courts he favours. after the match. “Too many doubts.” crowd, is tied with Margaret Court for the most The biggest challenge to Djokovic’s title is the club’s worst ever to a Premier League season. An unwanted
He missed most of last year, including the Until a few days ago, Nadal was not even cer- number of singles majors (24). The 37-year-old defence may yet come from the original ‘Next record in the red half of Manchester.
French Open, due to a hip injury that required tain of playing the French Open. After the defeat is going through a career wobble of his own Genners’ Alexander Zverev, Stefanos Tsitsipas 13: Aston Villa were flying under manager Unai Emery and will
surgery. Nadal’s 2024 comeback, after almost a to Hurkacz, he said: “If I feel ready, I going to try after being knocked out in the semi-final of the and Madrid champion Andrey Rublev. A resur- play Champions League football next
year-long absence, has been everything one to be there and fight for the things that I have Australian Open by Jannik Sinner. His run-up gent Zverev has played himself into form to win Relegated season. A big reason for that is England
would have expected and nothing his fans been fighting the last 15 years, if now seems to the French Open has been scratchy. After a the Rome Masters, while Tsitsipas is always a Sheffield United striker Ollie Watkins who picked up 13
would have hoped for. In the mere four tourna- impossible.” But Nadal will play the French second-round exit at the Rome Masters, Djok- threat on clay. The two-time finalist Casper assists for the season. Add to that tally
ments this season, Nadal has won zero titles and Open, not because he believes he has another ovic took a last-minute wildcard to the Geneva Ruud and Daniil Medvedev, despite his legend- conceded a 19 goals scored, and you can see how
compiled a 6-3 win-loss record. During the high shot at the title, but because he may not get Open this week. ary disregard for the surface, are also in the mix. record total of instrumental Watkins was for Villa.
noon of his career, he would build momentum another shot at bidding farewell to his tribe, at For years, Nadal had used the five sets on 104 goals this 20: Arsenal’s wait for another Pre-
for Roland Garros by steamrolling rivals from his tournament. A NEW CHAMPION? clay, the slowest, most tiring surface in tennis season mier League trophy goes on, as they
one clay tournament to another – Monte Carlo, Before the Nadal era kicked off in in 2005, Just like Wimbledon and Australian Open, the to separate himself from the rest of the field. fell short in the final weeks, finishing
Barcelona, Madrid, Rome. Nadal was the king of Roland Garros was exotic and confounding. It French Open may also see a new champion this Nadal would wait deep in the court, strangle two points behind Manchester City. It
all he surveyed. was the domain of the dirtballers, who sprung to time around. Since 2005, only Nadal, Federer his opponents to slow death with his fizzing has now been 20 years since the Gunners won the Premier
life every year on the European clay season (2009), Djokovic (2016, 2021, 2023) and groundstrokes and relentless retrievals. But League – that famous 2003-04 ‘Invincibles’ season. But the team
FAREWELL RALLY before fading into Wawrinka (2015) have will his beaten body take the workload this is heading in the right direction under manager Mikel Arteta.
This year, even on clay, the former World No 1 obscurity. It was won the Coupe des time around? 22: Where would Chelsea be without Cole Palmer? The
has looked fallible. Circumspect even. In a nod where reputation and Having won his first title, on Mousquetaires. “He comes from a long way away, with vari- 22-year-old forward scored 22 goals and picked up 11 assists in a
to the vintage battling ‘Vamos Rafa’, Nadal artistry of champions tournament debut, in 2005, While Sinner and ous injuries during these months. It’s clear that topsy turvy season for the Blues and manager Mauricio Pochet-
pulled off two encouraging wins at the Madrid like Pete Sampras and Carlos Alcaraz may he lacks some competitive rhythm,” his coach tino. Palmer will be one to watch for England at the Euros.
Masters – a straight-sets win over 11th seed Alex John McEnroe was Nadal has gone on to win the eventually take over Carlos Moya told Spanish media last week. 27: Erling Haaland might not have hit the heights of last season
de Minaur and a 6-1, 6-7 (5), 6-3 victory over ground to dust. Nadal French Open 13 more times the men’s tennis “Since Barcelona, there has been an evolution but still scored 27 league goals, taking the golden boot in doing
Argentina’s Pedro Cachin. The rousing double taught the modern world, they come to on a physical and mental level, but above all in so – his second in his two years in City blue.
piston celebration was back. It was enough to tennis fan to embrace Paris with some injury having certain guarantees of being able to with- 49: The 2023-24 season saw a joint record of 49 own goals
send his ‘home’ crowd in a frenzy and inject the struggle. To appreciate the tactical bril- concerns. Australian Open champion Sinner stand a five-set match.” scored. The last time this happened was in 2013-14.
some belief into his comeback. liance of a long rally, and the brutality of the fin- missed the Rome Masters with a right hip injury If the 2022 campaign, when he picked up the 104: Relegated Sheffield United conceded a record total of 104
A day later reality set in. World No. 31 Jiri ish – in Nadal’s case usually a forceful lefty fore- and his flatter hitting style may not be the per- last of his French Opens, was turbulent and goals this season – a damning stat for a team that remained stuck
Lehečka became the lowest-ranked player to hand. His intensity was enough to energise even fect fit on for the surface. Meanwhile, though teary, this season promises to be more emotion- at the bottom of the table and must now find its way back from the
beat Nadal at a Masters 1000 event on clay. the most mundane of matches. Alcaraz has been deemed as the most logical ally charged. The only guarantee Nadal comes Championship once more.
Eleven days later, at the Rome Masters, he lost Nadal will once again be the biggest draw- successor on clay to Nadal, he has proved a lot into Paris with is that he will fight for every ball, 1,246: Staying with goals, the 2023-04 set a record for goals
1-6, 3-6 to Hubert Hurkacz, the man who sent card at the 2024 French Open, though he may more successful on hard and grass courts, cap- every point. As much as his mind can stretch scored – a remarkable 1,246 goals (and a goals-per-game ratio of
Roger Federer into retirement, for his most lop- not be the favourite. That tag rests with defend- turing the 2022 US Open and the 2023 Wimble- and body will allow. Like he has done for nearly 3.28), which is 24 more than the previous record of 1222 goals
sided defeat on clay in 21 years. ing champion Djokovic, who is searching for a don. Laid low by a muscle issue in the right fore- 20 years. He may not be looking for a career from the inaugural Premier League season of 1992-93.
“I am little bit more unpredictable today, not record-breaking 25th Grand Slam title. The arm during the clay season, Alcaraz is in a race revival anymore, but Nadal will not go gentle Based on numbers and data from the official Premier League
playing enough for the last two years,” he said Serb, who has a history with the hostile French to get fit for Roland Garros. into that good night. website and @OptaJoe on X.

IPL 2024: Kohli finds his best form just in time for RCB
RCB’s turnaround is RCB lost seven out of their first eight backing away to slap boundaries off left- ing to bat first on tacky wickets in Chennai
games, even though their opener, King arm spinners Ravindra Jadeja and Mitch- against CSK on 12 May and then in Guwa-
directly linked to the Kohli, had the orange cap for scoring the ell Santner. Then he got two sixes with hati. They posted scores below 150 in
switch in Virat Kohli’s highest number of runs in the league. slog sweeps against the spin. both games.
Most commentators, like Tom Moody, It’s not easy for a player who is condi- RR’s task is more difficult now in the
attitude and his new attributed it to lack of support from other tioned to play safely in singles and twos, absence of opener Jos Buttler who has
hard-hitting avatar members of the team. But a few intrepid
ones, primarily Sunil Gavaskar, called out
with an occasional boundary, to switch to
a more aggressive form of batting. Kohli
left for England for a series against Paki-
stan before the T20 World Cup.
Kohli’s strike rate. went aerial with two shots that trans- Yashasvi Jaiswal, their other opener,
Sumit Chakraberty This was evident in a match RCB lost to formed his strike rate. He’s now pulling had a couple of good knocks, but has
[email protected] RR in Jaipur on 6 April. Kohli made the pacers for sixes in the powerplay when mostly been dismissed to over-aggres-
slowest century in IPL history and RCB only two fielders are allowed in the deep, sive shots this season.

V
irat Kohli had a strike rate of 142 in ended up with a below par total of 183/3. instead of only aiming for boundaries Skipper Sanju Samson and the refur-
the first six games of the Indian Their strikers Rajat Patidar and Dinesh though the in-field. And he’s slog-sweep- bished Riyan Parag are the mainstays in
Premier League (IPL) 2024. This Karthik did not get a chance to bat at all ing spinners in the middle overs. the batting. RR have failed to get the best
was about the same as his 140-strike rate because Kohli remained unbeaten. The RCB’s turnaround is directly linked to out of their West Indian power-hitters,
last season. But a switch in Kohli’s attitude problem with an opener occupying the the switch in Kohli’s attitude. Even when Rovman Powell and Shimron Hetmyer,
just in time has taken the Royal Challen- crease at a conservative strike rate is that he fails in his new hard-hitting avatar, he who haven’t got enough opportunities to
gers Bengaluru (RCB) to the playoffs, it doesn’t give others in the team a fair gives opportunities to others to take up shine. This leaves them in a precarious
where they now face the Rajasthan Royals opportunity to hit out either. the attack. This is different from earlier in position.
(RR) on 22 May. RCB’s turnaround came in a game the season when he hogged the crease. Choices made in selection, batting
The modern T20 game requires strike against SRH in Hyderabad on 25 April. RCB’s Virat Kohli during a match against the Delhi Capitals in Bengaluru on 12 May. AFP order, and the toss have tripped up RR.
rates above 160 from openers, especially RCB made 206 despite a slow 51 in 43 balls POOR CHOICES HIT RR But they still have a team with an enviable
in the IPL where an extra batsman in the from Kohli, who got off to a fast start in the spree, RCB made 262 and 221 in two on Sunday. He scored only 47 in 29 balls at While RCB made it to the eliminator bowling attack that can go all the way.
form of an ‘impact sub’ spiked scores. Sun- powerplay with 32 in 18 balls, but then games they lost narrowly to SRH and KKR. a strike rate of 162, but it was a selfless against RR in Ahmedabad on Wednesday They would be better off replacing
risers Hyderabad (SRH) openers Travis pushed the ball for 16 singles and a two to Kohli’s strike rate in these eight games knock of the highest quality. with six straight wins, their rivals had the Buttler with one of their South African
Head and Abhishek Sharma had strike get to his fifty. Patidar made up for Kohli’s is 169, which is far higher than the 142 he RCB had to beat CSK by 18 runs or more opposite experience. RR lost four games bowlers, left-arm pacer Nandre Burger or
rates over 200 and Kolkata Knight Riders slowdown with a blistering 50 in 20 balls had in the first six games. The opener went to qualify for the playoffs and got off to a in a row after winning eight of their first left-arm spinner Keshav Maharaj,
(KKR) openers Sunil Narine and Phil Salt to take RCB to a winning score. from strength to strength as he got men- quick start. Then the rain came down. nine games. Then the washout against depending on the wicket. This would
had strike rates over 180, which put those Kohli stepped up his scoring rate after tally attuned to his new approach. When play resumed, CSK brought out KKR in Guwahati on Sunday, in the final require taking a punt with either Powell
two teams at the top of the table. Kohli’s that. their spinners to exploit the damp pitch. game of the league phase, dropped them or Dhruv Jurel as an opener, instead of
142 rate would yield a team total of 170 on RCB’s six back-to-back wins to get to KOHLI GOES AERIAL With sharp turn on the sticky wicket, Faf down to third in the table, behind KKR the IPL rookie, Tom Kohler-Cadmore. As
average, which is just not good enough in the playoffs includes four scores above Kohli saved his best for the deciding du Plessis’ scoring rate dropped to a run a and SRH. RCB have shown, nothing risked, noth-
today’s game. 200. Even before they started the winning match against Chennai Super Kings (CSK) ball. It was Kohli who took up the attack, RR had themselves to blame by choos- ing gained.