SATURDAY, 4 JANUARY 2025

16 pages in 1 section www.business-standard.com

MUMBAI
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VOLUME XXIX NUMBER 125

THE MARKETS ON FRIDAY chg#

Sensex 79,223.1  720.6

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Euro
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76.9##
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76.5**
US SURGEON GENERAL FOR CANCER AFTER SINDHU, WHO’S THE NEXT
Gold (10 gm)### ~77,194.0 p
*(January) Premium on Nifty Spot; **Previous close;
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WARNINGS FOR ALCOHOLIC DRINKS STAR IN WOMEN’S BADMINTON?
### Market rate exclusive of VAT; Source: IBJA P U B L I S HE D S I M UL T A N E OUSL Y FR OM A HM ED AB AD , B ENG AL UR U, B HO PAL , B HUB ANE SW AR , CH AND I GA RH, CHE NNAI , HY DE R AB A D, K OC H I, K O L K AT A, L U C K N O W , MU M BA I , N E W D E L H I A N D P U N E

NO CAUSE FOR ALARM:

INDIAN OFFICIALS ON
hMPV SPREAD IN CHINA
HUL in talks to buy skincare Framework for
As the world marks the fifth
anniversary of the Covid-19 brand Minimalist for ~3K cr gig workers set
for June launch
pandemic in 2025, another
flu-like illness has
emerged, though Indian
officials insist there is no
Maker of Pond’s products may ink deal with Peak XV-backed startup in Q4
reason to panic. Addressing concerns about SHARLEEN D'SOUZA SHIVA RAJORA
the outbreak of human metapneumovirus
(hMPV) in China, the Indian authorities
Mumbai, 3 January HUL'S BIG BUYS Target
name
Deal Amount
type ($ mn)
New Delhi, 3 January

H
on Friday said the situation was under industan Unilever (HUL) is in 2018 GlaxoSmithKline M&A 3,909 To provide welfare and social security
control, and that the health ministry was advanced talks to acquire Consumer Healthcare net to millions of gig and platform
actively monitoring the spread of respiratory direct-to-consumer (D2C) workers, the labour ministry is
illnesses within the country, alongside skincare brand Minimalist 1998 Ponds India Investment 1,042 considering launching a “framework for
seasonal influenza trends. 16 > at a valuation of ~3,000 crore, according 2015 Induleka brand M&A 50 social security coverage” by June this
to a source in the know. 2022 Zywie Ventures M&A 32 year, senior government officials told
The brand that came into being in Business Standard.
ECONOMY & PUBLIC AFFAIRS P4 2020 is known for its ingredient-based 2000 International Bestfoods M&A 28 “While the labour codes are not yet
Rural poverty rate falls skincare products. It had raised funds in Source: Bloomberg in place, the government is committed

below 5% for first time

its series A from Unilever Ventures, and
Sequoia Capital India (now known as Peak MAXIMISING SALES to ensure that the burgeoning gig work-
force is not deprived of its rights. The
Poverty declined faster in rural areas during XV Partners). Financials of Minimalist's parent new comprehensive framework is
FY24 as the poverty ratio dipped below 5 per “In line with our business strategy, on Uprising Science (~ crore) 347.4 expected to be introduced by June this
cent for the first time to 4.86 per cent from an ongoing basis, we evaluate various year,” one of the officials said.
7.2 per cent in FY23, according to a study by strategic opportunities for growth and
Net sales > 108.2
183.8 Under the new framework, the gov- WIDENING THE
SBI Research on Friday. The poverty ratio in
urban areas fell to 4.09 per cent from
expansion of our business. We will make
appropriate disclosures whenever there is FY22 FY23 FY24
ernment may introduce unique identity
numbers for gig workers, allowing them SECURITY NET
4.6 per cent during the same period. any material development that requires Networth 115.9 121.9 133.9 to work seamlessly across platforms and n Nearly 7.7 million gig and platform
disclosure under applicable laws,” an HUL Total debt 0.0 0.0 2.5 access the social security net with ease. workers in India in 2020-21
spokesperson said in an email response PBIDT 22.5 9.2 20.9 Among other benefits to be made avail-
ECONOMY & PUBLIC AFFAIRS P7 n Projected to grow to 23.5 million
on the deal. PAT 15.9 5.2 10.8 able, health insurance, life and disability
by the end of 2029-30
H-1B visas benefit both According to the source, HUL is
expected to ink the deal within the ongo-
PBIDT: Profit before depreciation, interest, and taxes; PAT: Profit after tax ; Source: Capitaline
cover, accident insurance, and pension
cover have been proposed. n Health insurance, life and
India and US: MEA ing quarter (Q4FY25) and the intent of the DABUR EXPECTS LOW SINGLE-DIGIT REVENUE GROWTH IN Q3 P2 “The challenge is in defining gig disability cover, accident insurance
The movement of skilled professionals, company is to get a majority control of the workers and who will contribute to social and pension cover proposed under
which is an important part of India-US ties, company. The founders of Minimalist — security schemes, as they lack a tradi- new framework
benefits both countries, the Ministry of Rajasthan-based brothers Mohit Yadav ments to acquire stakes in two companies that offer superior benefits through pleas- tional employer-employee relationship.
n Govt likely to introduce unique
External Affairs (MEA) said on Friday amid a and Rahul Yadav — may hold some stake, — Zywie Ventures, which sells plant-based ant, non-sticky sensitive experiences and The Centre is working on a host of bene-
deepening debate over H-1B visas, on the source added. and clean-label consumer wellness pro- we expect this category to continue pick- fits, ensuring they come under basic
identity numbers for gig workers,
which US President-elect Donald Trump The deal is expected to be at 8-10 times ducts under the brand name OZiva, and ing up pace in times to come.” social security net and are not exploited,” allowing them to work seamlessly
and his backer Elon Musk have of the brand’s revenue, which stood at Nutritionalab, which houses its products Jawa also told investors that as a result said the official. Turn to Page 6 > across platforms
recently commented. ~347.4 crore in FY24, compared to under the brand name Wellbeing of HUL’s dedicated efforts in e-commerce
~183.8 crore in FY23. Its profit after tax Nutrition. and beauty.com channels, the maker of
(PAT) also more than doubled to After its July-September (Q2FY25) Pond’s products continues to gain healthy 500 flights delayed
ECONOMY & PUBLIC AFFAIRS P4 ~10.8 crore in FY24 from ~5.2 crore in FY23. earnings, Rohit Jawa, managing director market shares. “Our focus initiative in
amid fog in Delhi
Rupee at fresh low of The source added that there is a
possibility that the deal could be valued
and chief executive officer at HUL, told
investors on a conference call: “One of the
organised trade has led us to continue with
a double-digit growth trajectory in the More than 500 flights, including
85.79 against dollar higher than the expected valuation. six big bets in beauty and haircare segment September quarter. We remain committed departures and arrivals, and
The rupee depreciated 4 paise to close In December 2022, HUL announced its is the light moisturizer category. Today, in our efforts as we continue to transform 24 trains departing from Delhi
at a fresh low of 85.79 against the entry into the health & wellbeing space by consumers are looking for more than just our portfolio speed to shape the evolving were delayed on Friday amid
US dollar on Friday, as strong dollar making public that it had signed agree- basic moisturisation. They want products aspirations of the country,” he added. dense fog. 16 >
demand from importers and a muted
trend in domestic equities weighed
on investors' sentiments.

ECONOMY & PUBLIC AFFAIRS P4 Centre pushes transfer to No fresh subsidy Govt releases
Govt orders diversion of DPDP Rules
gas for LPG to city retailers
The Petroleum and Natural Gas Ministry has
states to meet capex goals required for EV without any
asked GAIL and ONGC to divert 1.27 million
metric standard cubic meters (MMSCMD) per
day of natural gas to city gas distribution
RUCHIKA CHITRAVANSHI
New Delhi, 3 January KEY MINISTRIES
FY25 BE capital Actuals as %
ecosystem: Goyal penal clause
(CGD) firms. The latest order directs the firms Capital expenditure (capex) in outlay (~ crore) of BE FY25 UDISHA SRIVASTAV
to divert 0.637 MMSCMD of gas towards CGD. the country in November Roads 272,241 54 New Delhi, 3 January PRESS TRUST OF INDIA
declined 9 per cent over the New Delhi, 3 January
previous month amid Railways 252,000 67 Commerce and Industry
Kotak Bank’s COO & CTO expectations that it would Capital outlay on
172,000 41
Minister Piyush Goyal on The government has released the
intensify in the second half defence services Friday said there was no need long-awaited draft of Digital Personal
Milind Nagnur resigns this financial year.
Transfer to states 162,409 43 for fresh subsidies or incentives Data Protection Rules, which do not
Kotak Mahindra Bank on Friday said The data released by the for the electric vehicle (EV) mention any penal action for violations.
Milind Nagnur, currently serving as the Controller General of Accounts Dept of telecom 84,496 6 ecosystem. The draft rules have been issued after
chief operating officer (COO) and chief (CGA), however, shows a posi- BE: Budget Estimates Source: CGA “India’s electric mobility seg- Parliament approved the Digital Data
technology officer (CTO) at the bank, tive trend in the transfer to ment is ready and set to fly. Protection Bill 2023 about 14 months
tendered his resignation from the states, which has grown 5 per ment efforts there has There is no need for new incen- back. “Draft of rules proposed to be made
services, due to personal reasons. His cent in April-November this been a lag in capex pick tives as the existing ones are suf- by the central government in exercise of
resignation will take effect from February financial year from a year-on- up but there is a good ficient to kick-start the ecosys- Everyone (during the powers conferred by sub-sections (1)
15. In his resignation letter, Nagnur has year decline of 20 per cent dur- case for continued tem,” Goyal said during a press the meeting with and (2) of section 40 of the Digital
stated that he intends to relocate to the ing April-October 2024-25. push towards such event here after meeting with Personal Data Protection Act, 2023 (22 of
United States to care for family members. In what could ensure utili- expenditure. stakeholders from the EV sector.
stakeholders) was 2023), on or after the date of coming into
“An interim technology organisation sation of more funds, the CGA “The reason for push Goyal cited reduced battery unanimous that once the force of the Act, are hereby published for
structure has been put in place in the data showed the highest towards infrastructure is that it costs, the availability of battery- existing regime comes to the information of all persons likely to be
bank to ensure smooth functioning,” the amount of loans disbursed for not only reduces the logistics economist, Deloitte India. swapping systems, and the eco- an end, none of them affected thereby,” the notification said.
lender said in an exchange notification capex in any single month this costs, it also is helping in reduc- The railways and highways nomic advantages of owning an The rules have spelt out a mecha-
post market hours on Friday. BS REPORTER financial year was in November ing poverty. The rural economy ministries are among the high- EV to highlight how electric require subsidies” nism for obtaining explicit consent from
with the Centre releasing is now better connected with est spenders, utilising 67 and mobility makes a good case for individuals and mandate parental con-
Disclaimer: Entities controlled by the Kotak ~18,486 crore as against ~12,503 the urban economy and is 54 per cent, respectively, of the transitioning from internal PIYUSH GOYAL sent for children to use their data in any
family have a significant holding in Business crore in October. improving market access for the amount allocated in the combustion vehicles to EVs. Union Minister of form. The Digital Personal Data
Standard Pvt Ltd Experts feel despite govern- former,” said Rumki Majumdar, Budget. Turn to Page 3 > Turn to Page 3 > Commerce & Industry Protection (DPDP)
Act 2023 describes E-commerce,
entities collecting social media,
and using personal and gaming
PAGE 10
Investors betting big on higher-risk equity funds Mkts end new year
data as data fiduci- platforms
aries.
Fiduciary
“A Data will fall under
shall the category
adopt appropriate of data
ABHISHEK KUMAR week with gains technical and orga- fiduciaries
Mumbai, 3 January HOW TABLE HAS TURNED IN TWO YEARS nisational measures
Top fund categories in Nov 2022 Top fund categories in Nov 2024
DOWN AGAIN Indian equity
benchmarks
to ensure that verifi-
Nearly one in two Sensex on Friday able consent of the parent is obtained
ended the first
equity mutual fund Fund category Folios AUM Fund category Folios AUM before the processing of any personal
week in the new
(MF) accounts, or (in mn) (~ trn) (in mn) (~ trn) data of a child,” the draft rule said.
year with gains
folios, are now in the ELSS 14.5 1.6 Sectoral/thematic funds 29.0 4.6 According to the draft, the data fidu-
despite the
three riskiest ciary will have to carry out due diligence
Largecap fund 12.9 2.5 Smallcap fund 23.5 3.3 correction on
categories — sectoral to check that the individual identifying
Friday. The
and thematic, Sectoral/thematic fund 12.8 1.7 Midcap fund 19.0 3.9 herself as the parent of a child is an adult
benchmark indices
smallcap, and midcap and identifiable if required in connection
Flexicap fund 12.5 2.5 ELSS 16.8 2.4 fell amid selling by
funds — thanks to the with compliance with any law in force in
Midcap fund 10.0 1.9 Flexicap fund 16.7 4.4 foreign portfolio
growing penetration of India. According to the draft rules, data
investors. The Sensex ended the session at
online investment platforms ELSS: Equity Linked Savings Scheme Source: Amfi fiduciaries will have to keep it only for
79,223, a decline of 721 points, or 0.9 per cent.
and investors’ preference for the time being for which consent has
top-performing funds. been provided and delete it thereafter.
These categories have accounted slots. Earlier, largecap-oriented Radhika Gupta, managing director and thematic funds have cornered E-commerce, social media and gam-
for the bulk of new accounts in funds, such as equity-linked savings and chief executive officer (CEO) of the majority of inflows in recent ing platforms will fall under the category
recent years. Since November 2022, schemes (ELSS), largecap funds, Edelweiss Asset Management. years. In the first 11 months of 2024, MFs equity buying of data fiduciaries.
sectoral, midcap, and smallcap and flexicap funds, held the lead in “Sectoral and thematic funds these categories have together The draft rules have laid out provi-
funds have collectively added nearly folio counts. have also gained traction due to their garnered ~2 trillion, or 56 per cent of tops ~4 trn in 2024 sions related to the consent processing of
39 million folios, which is 65 per cent “Investors are usually drawn to strong performance and the launch total equity fund inflows. Mutual funds’ (MFs) equity buying individuals and independent entities that
of the total additions to equity funds categories with higher returns. Over of numerous new funds, attracting Marketsmojo Group CEO jumped over twofold in calendar year will manage consents, data fiduciaries
over the past two years. the past four years, midcap and significant subscriptions,” Amit Golia said the increased 2024 to top ~4 trillion for the first time. and the functioning of authorities under
This surge has led to a major smallcap funds have consistently Gupta said. risk-appetite of newer investors The sharp jump comes after two back the Digital Data Protection Act 2023.
reshuffle in the folio pecking order, outperformed largecap and other The multifold rise in high-risk was also leading to higher interest in -to-back years of over ~1.5 trillion The draft rules have not mentioned
with these three higher-risk categories of schemes, rewarding investment accounts also reflects in these schemes. deployment. penalties that were approved under the
categories now occupying the top investors with superior returns," said net inflow data. Smallcap, midcap, Turn to Page 6 > DPDP Act, 2023.
2 COMPANIES
>
MUMBAI | SATURDAY, 4 JANUARY 2025 1

Paytm’s Ebitda likely to

IN BRIEF
Faiz Ahmed Kidwai Dabur expects
appointed DGCA chief muted revenue
Senior IAS officer Faiz Ahmed Kidwai
(pictured) has been appointed the chief
of Directorate General of Civil Aviation
(DGCA) as part of a senior-level
break even this quarter growth in Q3...
bureaucratic reshuffle effected by the
Centre on Friday. The 1996-batch Indian Brokerages expect
Administrative Service (IAS) officer of improved contribution TURNING TIDE n Paytm posted a
consolidated profit of ...but Marico upbeat on top line growth
Madhya Pradesh cadre is currently n Breakeven at net ~928.3 cr in Q2FY25
additional secretary in the Department of financial services profit level expected in AKSHARA SRIVASTAVA
of Agriculture and Farmers Welfare. He n It was on the back
has been appointed as director general into revenue pie Q4FY26
of sale of its movie
New Delhi, 3 January

in the DGCA “in the rank and pay of additional secretary to the n Its merchant base ticketing biz to Homegrown fast-moving con-
Government of India by keeping the recruitment rules of the post AJINKYA KAWALE remains stable at 42 mn Zomato sumer goods (FMCG) major
in abeyance”, an order issued by the Personnel Ministry said. PTI Mumbai, 3 January despite regulatory Dabur India is set to record low
action, say brokerages single-digit growth in consoli-

O
ne97 Communications, the com- dated revenue in the December
n 11.2 mn payment
Vikas Kumar Chona named pany that operates Paytm, is
expected to achieve breakeven at devices are deployed
quarter, it said in an update on
Friday.
among these merchants
Sheraton Grand’s sales head an Ebitda (earnings before interest, taxes,
depreciation, and ammortisation) level
The maker of Hajmola candy
and Real fruit juice said rural HEADWINDS
Sheraton Grand Chennai Resort and Spa has appointed Vikas Kumar before ESOP (Employee Stock consumption continued to be n Health and personal care
Chona as its director-sales and marketing with immediate effect, Ownership Plan) expenses in the current Paytm posted a wider consolidated in Q2FY25. Sequentially, though, revenue resilient and grow faster than biz to grow in mid to high
the hospitality service provider said on Friday. Chona would oversee or fourth quarter of the financial year loss of ~549.6 crore in Q4FY24, compared grew 10.5 per cent from ~1,501.6 crore in urban in the third quarter. single digits
all the aspects of sales, marketing and brand management. He 2024-25 (Q4FY25), according to two bro- to ~168.4 crore in Q4FY23. This had come Q1FY25. It further said that general
n Healthcare portfolio, which
would focus on expanding the resort's reach, strengthening its kerage estimates. after the Reserve Bank of India (RBI) took At present, the company has a base trade continued to remain under
market presence and enhancing it to be a world-class destination, It is expected to achieve breakeven at action on the firm’s associate entity of 42 million registered merchants pressure, while alternative chan- includes Chyawanprash,
it said. “My vision for Sheraton Grand Chennai Resort and Spa in net profit level in Q4FY26, brokerage Paytm Payments Bank. including 11.2 million payment devices nels like modern trade, e-com- may be flattish due to
2025 is to redefine guest experiences through personalised services, firm Mirae Asset Capital Markets said In the quarters succeeding the RBI’s deployed among these merchants. The merce, and quick commerce reg- delayed winters
strategic marketing, and exclusive collaborations. I aim to drive in a note. action, the company paused its pay- number of merchants has largely istered strong growth. n Beverages segment may
sales and revenue growth by introducing bespoke offerings, The company’s stock traded just ments and financial services such as wal- remained unchanged after the RBI In the September quarter, the report a muted growth
including destination weddings”, Chona said on his new role. PTI 0.03 per cent higher to ~982.3 on the BSE lets and buy now, pay later (BNPL) loans. action, Mirae Asset Capital Markets company had undertaken a one-
n Culinary biz — Hommade
on Friday. However, the gross merchandise noted. time inventory rationalisation
The breakeven would come on the value (GMV) at the company is expected After the banking regulator’s crack- exercise for the general trade and Badshah — may show a
US pizza chain Papa John’s back of an improved contribution of
financial services to the revenue pie.
to improve on the condition of the revival
of such products in the future, Mirae
down on its payments bank in January
last year, the company lost its market
channel.
The company said it wit-
strong double-digit growth

targets India re-entry this yr In Q2FY25, the Noida-based company

posted a consolidated profit of ~928.3
Asset Capital Markets added.
“We estimate 10 per cent quarter-on-
share to India’s real-time payments serv-
ice Unified Payments Interface (UPI)
nessed inflationary pressures in
certain segments, which were ness posted a sequential uptick
US pizza chain Papa John’s international plans to make its return crore on the back of the sale of its movie quarter (Q-o-Q) growth in GMV in from 12.79 per cent in January 2024 to mitigated through “tactical price in underlying volume growth
to the Indian market in 2025, a year later than planned, while ticketing and events business to Zomato. Q3FY25 to ~4.9 trillion. Revenue from 6.91 per cent in November 2024, accord- increases and cost-efficiency ini- with sustained market share
many Western brands rethink their plans as inflation hits “Despite facing recent regulatory operations is projected to increase 8 per ing to data from the National Payments tiatives.” The company expects a gains across key franchises.
consumer spending. Papa John’s exited India in 2017 saying its restrictions that caused a decline in its cent Q-o-Q to ~1,800 crore, while con- Corporation of India (NPCI). “flattish operating profit growth” “The consolidated business
restaurants were not able to meet the expectations of the brand monthly transactions (71 million in tribution profit is estimated to rise 14 per In September last year, the com- in the third quarter. delivered mid-teen revenue
and the franchisee. In the meantime rivals Domino’s Pizza and Q2FY25 versus 100 million in Q3FY24), cent Q-o-Q to ~1,012 crore (~10.12 billion) pany’s founder and chief executive The company expects its growth on a year-on-year basis,
Pizza Hut have become popular as Indians increasingly opt for Paytm’s merchant base has remained in Q3FY25,” said Motilal Oswal Financial officer (CEO) Vijay Shekhar Sharma said health and personal care busi- thereby staying on course to
international cuisine. India “remains a priority” and the company stable at 42 million due to strategic meas- Services in a research note. the firm may focus on its core business ness to grow in the mid to high meet the double-digit growth
will open its first restaurants this year, a spokesperson for Papa ures to retain existing merchants on its For the company, revenue from oper- of payments and cross-sell of financial single digits, while the healthcare aspiration on a full-year basis,”
John’s said by email. Under plans outlined in 2023, the company platform,” Mirae Asset Capital Markets ations declined 34.1 per cent from services as it works to achieve ‘profitabil- portfolio, which includes the company stated in its quarter
aimed to scale up to 650 outlets over a decade. REUTERS said in the note. ~2,518.6 crore in Q2FY24 to ~1,659.5 crore ity soon’. Chyawanprash, is expected to be update.
flattish due to the delayed onset While Parachute coconut oil
of winters. Its beverages business remained resilient amid the ris-
Sold small portion of shares is expected to report muted ing input costs, recording a low

for personal reasons: Pitti Pharma firms seek Govt teams up growth, while the culinary busi-
ness – Hommade and Badshah
teen revenue growth; Saffola oils
held firm in volume terms

Co-founder of EaseMyTrip Nishant Pitti with Startup – performed well and is expected
to post a strong double-digit
despite steep pricing interven-
tions, posting high teen
(pictured) on Friday said he sold a “small
portion” of the promoter shares held by him
for “personal reasons”, days after the
booster shot to PLI Policy Forum
growth.
Meanwhile, Marico – the
maker of Parachute coconut oil
revenue growth. Its value-added
hair oils segment declined
marginally due to competitive
company announced his resignation as CEO. SANKET KOUL Among other demands is the removal – stated that its domestic busi- headwinds.
Nishant, who was replaced by his brother and New Delhi, 3 January of Section 194R related to marketing sam- The Department for Promotion of
co-founder Rikant Pittie, reassured that the ples that would ease business operations. Industry and Internal Trade
travel-tech platform is on a "strong growth The pharmaceutical sector has rolled out Further, the industry has also (DPIIT) has entered into a part-
path" and his move to sell a portion of the
promoter shares does not reflect any lack of
a robust wish list for the upcoming
Budget, with import duty exemptions,
demanded incentives for AI (artificial
intelligence) research in the pharmaceu-
nership with the Startup Policy
Forum (SPF). This strategic col-
Adani Group’s US SEC,
confidence in its future. He assured there will simplification of tax procedures, and tical sector, building on AI Centres of laboration is aimed to establish
not be any further stake sale from his side. PTI strengthening of the production-linked
incentive (PLI) scheme among major
Excellence, and medical device training
from the upcoming Budget.
India as a global hub for innova-
tion and entrepreneurship.
NY cases assigned to
Next-gen mobility: Tata Elxsi
demands.
Commenting on the industry’s expec-
tations, Anil Matai, director general,
Commenting on the same, Nikkhil
Masurkar, chief executive officer (CEO),
Entod Pharmaceuticals, said that
The DPIIT works under the
Ministry of Commerce & Industry
while SPF is a premier industry
one judge for efficiency
may partner Qualcomm Organisation of Pharmaceutical
Producers of India (OPPI), which repre-
increased funding for R&D, particularly
in next-generation molecules and AI-
organisation representing India’s
leading new-age companies.
RIMJHIM SINGH
New Delhi, 3 January
Tata Elxsi on Friday said it plans to work with Qualcomm sents multinational pharma companies driven drug discovery, could drive invest- A highlight of this partnership
Technologies to accelerate the adoption of Software-defined working in India, said that pol- ment and innovation. is the upcoming SPF Startup The civil and criminal cases
Vehicle (SDV) for next-generation mobility, leveraging icy-level clarifications, such as Sudarshan Jain, secretary Baithak, a flagship event sched- against the Adani Group, pur-
Qualcomm’s Snapdragon automotive platform. Under this, it aims expanded exemptions for life- general, Indian Pharmaceutical uled to take place from January sued by the US Securities and
to utilise the Snapdragon Digital Chassis Virtual System-on-chips saving drugs and oncology RUNUP Alliance (IPA), which repre- 15-16 at Bharat Mandapam as part Exchange Commission (SEC)
(VSoCs) to help revolutionise the SDV development process. The medications from import duty, TO sents the leading drug firms in of the National Startup Week cele- and the Eastern District of New
company will showcase a live demonstration of its AVENIR SDV are vital for reducing treat-
THE the country, added that priori- brations. The event will serve as a York, have not been
suite of solutions integrated with Qualcomm Technologies’ ment costs. tising innovation, ease of doing platform for fostering meaningful “combined.”
Snapdragon Ride Flex SoC that implements a cloud-native and Pharma bodies have also business, and policies that collaborations between DPIIT and Instead, they have been
virtualised approach to automotive software development at the asked for simplified tax laws, strengthen the life sciences SPF members, showcasing top assigned to a single judge in a
forthcoming Consumer Electronics Show in Las Vegas, US. PTI with expansion of the scope of BUDGET ecosystem can position India innovations, and announcing new US court to streamline proceed-
Section 115 BAB of the Income
Tax Act, which enables new
2025-26 among the top-5 innovators in
the world.
initiatives.
Furthermore, SPF will join
ings and enhance efficiency,
according to media reports. .
This means the civil and
criminal proceedings will be
manufacturing entities to opt “It would be encouraging if hands with DPIIT to curate spe- Court orders dated heard separately, with individ-
[ TECH DIGEST ] for a lower corporate tax rate scheme of
15 per cent, to companies solely engaged
the Budget allocates at least 10 per cent
of the National Research Fund to life
cialised immersive programs,
designed to connect global inves-
December 12 and December 18,
2024, indicate that these cases
ual judgments
for each.
delivered

mybs.in/tech in pharma research and development sciences, reinstates 200 per cent weighted tors with India’s vibrant startup were reassigned to one judge to A spokesperson for the US
(R&D). deductions for R&D expenditure, and ecosystem. prevent scheduling conflicts Department of Justice con-
SAMSUNG UNVEILS 2025 RANGE “Mandatory timelines for disposing of expands the patent box regime to include SPF’s members include many and ensure smoother handling. firmed to CNBC-TV18 that the
appeals, particularly by income tax appel- income from patents abroad,” Jain added. of India’s most successful and While both cases, centred on cases — one involving the SEC
OF OLED MONITORS late authorities, and removing turnover The industry has also asked for valuable startups including allegations of a bribery scheme, and the other brought by the
criteria for safe harbour provisions for strengthening of the PLI scheme for Razorpay, CRED, Groww, are now overseen by US District Eastern District of New York —
Ahead of CES 2025, Samsung has R&D will also encourage innovation and active pharmaceutical ingredients (APIs) Zerodha, Pine Labs, OYO, Acko, Judge Nicholas Garaufis, they are being handled by the same
unveiled new monitors, including investment,” Matai added. and high-value pharma products. and Swiggy. BS REPORTER remain distinct. judge but remain unmerged.
the Odyssey OLED G8 with a 27-inch
4K display and 240Hz refresh rate, and the Odyssey
OLED G6 with a 500Hz OLED panel. The
Odyssey 3D monitor offers a glasses-free 3D experience. The
Smart Monitor M9 features AI for automatic display optimisation
and a 32-inch OLED 4K screen.
Seven billionaire founders rode India’s IPO boom in 2024
BLOOMBERG slowdown in the second. Startups
and tech-companies will find it
3 January
DEEP POCKETS Billionaires that India's IPO market produced last year harder to list, particularly in the
Huawei OPPO Reno 13 A blockbuster year for
Name Net worth ($ bn) Company Market value ($ bn)
second half because there could be a
launches Watch India launch initial public offerings in
India catapulted seven Hitesh C Doshi & family 7.1 Waaree Energies 10.6
liquidity crunch,” he said.
Others are more sanguine,
GT5 Pro in India on Jan 9 entrepreneurs into the dollar
billionaires league, many Chiranjiv Singh Saluja & family 4.7 Premier Energies 7.3
considering that domestic inflows
into equities have been strong for a
OPPO will launch its Reno 13 of them early movers in while now.
series in India on January 9, the country’s booming Bhavish Aggarwal 2.8 Ola Electric Mobility 5.0 “The Indian IPO market is no
featuring advanced AI tools renewable energy sector. Satish R Mehta 2.3 Emcure Pharmaceuticals 3.1 longer dependent on foreign
for imaging and Chiranjeev Singh Saluja investors as domestic investors and
productivity. Key imaging of Premier Energies is Manoj Kumar Upadhyay & family 1.6 Acme Solar Holdings 1.9 domestic institutions have enough
features include AI Clarity among those who money,” said Himanshu Kohli, co-
Enhancer, AI Unblur, and AI successfully rode the Parakramsinh Jadeja 1.6 Jyoti CNC Automation 3.5 founder of Client Associates, a
Portrait, while productivity wave. “My father was in Kishore Chhabria & family 1.0 Allied Blenders & Distillers 1.3 multi-family office and private
Huawei has launched the tools like AI Summary and AI the business of supplying wealth adviser managing over $6
Source: Bloomberg Billionaires index as of Dec 16, 2024
Watch GT 5 Pro in India, Writer are also included. The hand pumps to rural billion in assets.
available in Black (~29,999) Reno 13 series will be villages,” the 51-year-old “Private equity firms and family
and Titanium (~39,999). The powered by the MediaTek said in an interview. “He saw energy space whose personal He sees a surge in new capacity in collectively targeting ~1.53 trillion, offices have moved a huge amount
smartwatch offers features Dimensity 8350 chipset, that access to electricity was sparse fortunes have soared after their solar cell and module manufac- according to Prime Database. of money into unlisted shares and
like ECG monitoring, stress confirmed OPPO. in those areas, so he started Premier companies listed on the stock turing over the next 18-24 months. Issuers will also have to brace for pre-IPO companies over the last year
management, over 100 Solar in 1995,” Saluja said. exchanges last year. “There is definitely going to be headwinds from a slowing economy, in anticipation of a successful exit in
workout modes, and Three decades on, the company The others are Hitesh C Doshi of consolidation in the sector, so only weak corporate profits, volatile 2025,” said Kohli.
outdoor navigation. It rechristened Premier Energies is the Waaree Group, which also makes those who scale up will survive.” rupee, tepid consumer spending “Founders have realized that its
supports both iOS and India’s second largest integrated solar modules, Bhavish Aggarwal of A similar trend could play out in and incoming US President Donald better to own 75 per cent of a $100
Android, with Bluetooth solar module and solar cell electric vehicle maker Ola Electric India’s equity market, which was on Trump’s tariff policies. million company listed on the
calling and up to 14 days of manufacturer behind the Adani Mobility and Manoj K Upadhyaya of a roll in 2024, with a record ~1.66 Kunal Rambhia, fund manager exchanges than own 100 per cent of
battery life. The design Group. Investors bullish on the Acme Solar Holdings. trillion raised through IPOs and head of trading strategies at The a $10 million company,” said Vishnu
includes a titanium bezel, Centre’s investments in solar energy Prospects for solar players compared to ~65,000 crore last year. Streets, a Mumbai-based long-short Agarwal, CEO of Stock Knocks, a
ceramic body, sapphire have bid up Premier shares nearly appear bright as India aims to add This was fueled by a 27 per cent rise fund says rising global tensions and Kolkata-based investment research
glass, and an IP69 threefold since their debut in another 100 Gw of capacity in the in the number of unique investors the threat of tariffs to trigger a deep company. “There are going to be a
water and dust September, valuing it at $7 billion. next four years, according to a report on the main bourse to 109 million. correction in the market this year. tsunami of deals in the coming year
resistance rating. Saluja is one of the four by Frost & Sullivan. But this could be Around 85 companies aim to list “The IPO trend will continue for as founders are hungry for growth,”
entrepreneurs in the renewable a double-edged sword, said Saluja. on the stock exchanges in 2025, the first half of 2025, but could he said.

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.
MUMBAI | SATURDAY, 4 JANUARY 2025 COMPANIES 3 <

Meity sets 2030 electronics > FROM PAGE 1

10-min ambulance
production target at $500 bn service: Blinkit told
SURAJEET DAS GUPTA
New Delhi, 3 January
to follow the law
His comment followed Union

T Centre to
he government, under the aegis Road Transport and Highways
of the Ministry of Electronics and Minister Nitin Gadkari’s state-
Information Technology (Meity),
has taken on board Indian Cellular and
ment last year that the
demand for subsidies was no
celebrate 10 yrs
Electronics Association (ICEA) and con- longer justified, as production of Startup India
sultancy firm Bain & Company to final- costs had reduced and con-
ise a detailed strategy report for the sumers were opting for EVs or On January 16, the
country to hit an ambitious production compressed natural gas government plans to
value of $500 billion in electronics by vehicles on their own. celebrate 10 years of
2030. Goyal said industry partic- Startup India programme,
The report is expected to be released ipants during interactions had union minister of
by Communications Minister Ashwani
Vaishnaw in the next few days, said
unanimously denied the call
for further subsidies.
commerce and industry
Piyush Goyal said on
Govt may relax cash-management
sources in the know. The ambitious
vision for electronics was announced by
“Everyone in the room was
unanimous that once the
Friday. Addressing a press
event, Goyal said the event
norms for the last quarter
Prime Minister Narendra Modi a few existing subsidy regime comes will showcase a decade of
months ago. to an end, none of them achievements in the
ILLUSTRATION: BINAY SINHA
In July 2024, Niti Aayog came out require subsidies,” Goyal said. startup ecosystem.
with a study on how to power India’s of electronics, which include mobile In 2022, Meity had similarly prepared There were also delibera- While the Startup India
participation in the global value chain devices, consumer electronics, auto a road map with stakeholders under tions on safety standards for initiative was launched on
(GVC) of electronics in which it envi- electronics, telecom electronics, IT which it had targeted $300 billion on EVs and the development of January 16, 2016, PM Modi
sioned that India could reach the magic servers, hearables and wearables, and electronics production by 2026. battery charging and swap- had announced the
number, with at least $200 billion com- medical electronics. To put India’s electronics in perspec- ping infrastructure. launch of the programme
ing from exports wherein both finished The aim under discussion is to bring tive, it has a less than 1 per cent share of In March last year, the gov- in his 15th August 2015
goods and components would play a India’s share in global electronics pro- the global production value of $11 tril- ernment rolled out an EV pol- address from the Red Fort.
major role. duction value to 6-7 per cent by 2030. lion. Its share of the electronics GVC is icy that offered incentives to
It also expected that this would lead For instance, ICEA has submitted in slightly better at 2 per cent. companies setting up man-
to generating 5.5-6 million jobs. The its discussions that it can more than Two, there is no doubt electronics ufacturing units in the country solutions to problems and are
study also suggested policy interven- double production of mobile phones in exports have boomed—between April with a minimum investment creating jobs and employment In the first four months of capex loans to states to push
tions to make the target reality across India, which are currently at $57 billion and November of the current financial of $500 million. opportunities,” he said. FY25, according to an ICRA utilisation. “States are given
various areas. (accounting for 12 per cent of global year (FY25), it hit $22.5 billion, growing The newly introduced EV On startups, like quick report, there were awards for funds based on their perform-
Now, Meity is in the final stages of mobile production value), to $120 billion by 28 per cent over the same period of subsidy scheme, PM E-Drive, commerce unicorn Zepto, 563 km, 50 per cent lower than ance and many have been
putting together a production linked by 2030, going up to 16-17 per cent of FY24. It is now the third-largest export gives a subsidy of ~10,000 for shifting their headquarters to the 1,125 km in the similar occupied due to elections.
incentives (PLI) scheme for electronic global production. commodity in the first eight months of each electric two-wheeler sold India, Goyal said: “It is a wel- period of FY24. Finally there will be some slip-
components, with a budgetary alloca- However, in other segments, India is FY25, compared to being at sixth in the until March 2025, which will come sign, and going forward, The Centre is expected to pages in targets but it will give
tion of over ~40,000 crore to build a woefully behind, and will need to catch same period of FY24. be reduced by half in the next India will become a preferred relax cash-management elbow room to the govern-
vibrant supply chain of components not up fast. For instance, India’s share in IT But in comparison, India’s competi- financial year. For electric destination for startups.” guidelines for the last quarter ment to manage the fiscal def-
only for the domestic market but also hardware, small servers, and tablets is a tors in the electronics space in the global three-wheelers, the scheme The government would (January-March) FY25 to icit,” said Madan Sabnavis,
for exports across the world. mere 1 per cent of their global produc- sweepstakes are way ahead—China has offers a ~50,000 subsidy, strive to make the process eas- allow lagging departments chief economist, Bank of
Based on discussions on the specific tion value of $400 billion. In wearables exported 37 times more of electronics in which will decrease to ~25,000 ier for startups wishing to and ministries to utilise their Baroda.
road map to achieve the target, the and hearables, India’s production value value, Vietnam 5.4 times, Malaysia 4.3 starting in April. Separately, return to India, he said. allocation for the financial During April-November
upcoming report is expected to break is $2 billion compared to the global value times, and even Mexico 3.4 times in several states also offer sub- On Blinkit, another quick year. FY25 the Department of
down the target across various segments of $80 billion. comparison to India. sidies to attract EV buyers. commerce startup that rolled Capex contracted 12.3 per Telecommunications was able
The government has plans out a 10-minute ambulance cent year-on-year and this, to utilise only 6 per cent of the
to install 10,763 public charg- service in select areas of experts say, is likely to result budgeted capex as against 66
ing stations across the country Gurugram, Goyal said: “My in a shortfall of ~1-1.5 trillion per cent in the same period
Western Carriers under the FAME-II scheme.
Regarding the startups
only submission would be that
they have to ensure they meet
in the capex target of ~11.1 tril-
lion. There was a year-on-year
last year.
Pending capital infusion
bags ~139 crore landscape, Goyal said there
was enthusiasm in the ecosys-
the law of the land, and wha-
tever other legal requirements
decline of 15 per cent in capex
utilisation in April-October
into Bharat Sanchar Nigam
Ltd, for which the Budget has
Vedanta order tem with several youngsters should be properly taken care FY25. The finance ministry is allocated ~82,916 crore, could
stepping foot. “Startups are of. No laws of the land should expected to relax norms for have increased capex utilisa-
Western Carriers India Ltd coming up with innovative be broken.” the release of interest-free tion by the telecom ministry.
PRESS TRUST OF INDIA reported revenue of ~71,157.6 addressing Indian retailers’ (WCIL), a Kolkata-based
New Delhi, 3 January crore from the mobile phone concerns related to display logistics firm, has secured a
vertical in the financial year and motherboard, which had material handling order
Rising demand for premium 2024. negatively impacted its per- worth ~139 crore from
devices, led by Apple and According to the report, formance earlier this year. Vedanta Ltd, the company
Samsung, is expected to the retail average selling price Besides, the company’s said on Wednesday.
increase India’s smartphone of India’s smartphone market planned investment of ~6,000 The order entails an
market size to over $50 billion is expected to cross the $300 crore (about $720 million) in import, finished goods
(about ~4.28 trillion) this mark (about ~25,700) for local market expansion is domestic and export material
year, market research the first time in 2025. expected to accelerate its handling contract at
firm Counterpoint “Apple is recovery and growth,” the Vedanta’s Jharsuguda plant
Technology Market expected to see report said. for a duration of four years,
Research said on strong demand The premium segment WCIL said in a statement.
Friday. for its Pro models, (starting above ~30,000) is “The order strengthens
The Indian driven by local projected to exceed 20 per our relationship with
smartphone market manufacturing and cent market share by 2025, the Vedanta. This order opens
size was estimated at recent price reduc- reports said. avenues for future projects
$37.9 billion (about ~3.25 tril- tions across its iPhone “The shift towards premi- within the mining and min-
lion) in 2021, according to the lineup. Meanwhile, umisation is also being driven eral sector,” CEO of WCIL
research firm. Samsung’s value-focused by consumers increasingly Kanishka Sethia said.
“India’s smartphone mar- strategy is gaining traction, opting for offline stores, As of March 31, 2024,
ket is on track to achieve its particularly with its flagship where they can experience WCIL reported sales of
highest-ever value in 2025, S series,” the report said. premium smartphones first- ~1,685 crore, a nearly 3 per
crossing $50 billion. Brands Chinese brands like Vivo, hand before making a pur- cent increase from the pre-
like Apple and Samsung are Oppo, and OnePlus are chase. The growing interest in vious year. The company’s
leading this shift by offering attracting consumers by offer- AI-powered features has net profit stood at ~80.35
competitive options in the ing advanced camera systems further motivated consumers crore, translating to a 12 per
premium and ultra-premium in the affordable premium to seek hands-on demonstra- cent on-year growth. In
segments,” the report said. category, ranging between tions to better understand September, the company,
Apple India has registered ~30,000-45,000 apiece. these innovations and make raised ~492 crore via its
a total income of ~67,121.6 “Meanwhile, OnePlus is more informed decisions,” maiden IPO at a price of ~172
crore, while Samsung making a comeback by it said. per share. PTI

CIN: L40106DL1981PLC012228
Registered Office: F 27/2, Okhla Industrial Area, Phase II, New Delhi – 110020
Tel.: 011-26387091; E-mail: [email protected]; Website: www.spml.co.in
NOTICE OF POSTAL BALLOT AND REMOTE E-VOTING INFORMATION
Notice is hereby given that pursuant to Section 110 and other applicable provisions of the
Companies Act, 2013 (“the Act”) read with the rules made thereunder and Regulation 44 of
the Securities and Exchange Board of India (Listing Obligations and Disclosures
Requirements) Regulation, 2015, SPML Infra Limited proposed the resolutions for
approval of Members by Postal Ballot.
The Ministry of Corporate Affairs (the “MCA”) vide its General Circular No. 09/2024 dated
th
19 September, 2024, read with earlier Circulars, issued by the Ministry of Corporate
Affairs in this regard (“MCA Circulars”),applicable regulations of the Securities and
Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015 and other applicable laws and regulations, that the Company seeks approval of the
Members, via Postal Ballot through remote e-voting process (“e-voting”). Accordingly,
Company has sent the postal ballot notice by e-mail to all the Members, on Friday, 03rd
January, 2025 whose names appear on the Register of Members/ List of Beneficial
st
Owners on Tuesday, 31 December, 2024.
Members holding shares either in physical form or in dematerialized form, as on the cut-off
date i.e Tuesday, 31st December, 2024 may cast their vote electronically (remote e-voting
only) on the businesses as set out in the Notice of postal ballot through electronic voting
system of National Securities Depository Limited.
The Company has appointed Mr. Tumul Maheshwari, Company Secretary in practice,
having Mem. No. 16464 as a Scrutiniser for conducting the Postal Ballot process in a fair
and transparent manner. In compliance with Section 108 of the Act read with Rule 20 of the
Companies (Management and Administration) Rules, 2014, the Company has offered e-
voting facility, through National Securities Depositories Limited (NSDL) to enable the
shareholders to cast their votes electronically. The detailed procedure for e-voting is
enumerated in the Postal Ballot Notice. Shareholders can cast their vote online from 9.00
a.m. (IST) on Monday, 06th January, 2025 to 5.00 p.m. (IST) on Tuesday, 04th February,
2025.
Notice of Postal Ballot is also available on website of the Company, www.spml.co.in and
NSDL, www.evoting.nsdl.com. Shareholders, who do not receive the Postal Ballot
Notice by e-mail may obtain the same by sending their request to our RTA/NSDL. Results
th
of the voting will be announced by Thursday, 06 February, 2025 and hosted on the
website of the Company at www.spml.co.in and on NSDL's website
www.evoting.nsdl.com and also be communicated to NSE and BSE, where the shares
of the Companies are listed.
In case of queries relating to remote e-voting / e-voting, Members may refer to Frequently
Asked Questions (FAQs) and e-voting user manual for Shareholders available at the
downloads section of NSDL or contact at toll free no. 1800-1020-990 or send a request to
www.evoting.nsdl.com please contact Ms. Pallavi Mhatre, Manager, NSDL, 4th Floor, 'A'
Wing, Trade World, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel,
Mumbal-400013, email: [email protected] Tel: 1800 1020 990/1800-224-430
For SPML Infra Limited
sd/-
rd
Date: 03 January, 2025 Swati Agarwal
Place: Kolkata (Company Secretary)
4 ECONOMY & PUBLIC AFFAIRS
>
MUMBAI | SATURDAY, 4 JANUARY 2025 1

Rupee at record low

of 85.79 against dollar
Rural poverty ratio fell Gas for LPG set
to be diverted
Change in 1st 3 sessions lowest in 5 yrs
The rupee depreciated by 4
paise to close at a record low
TESTING TIMES
below 5% in FY24, a first to city retailers
of 85.79 (provisional) against ~ spot (inverted scale) SBI Research study attributes decline to consumption growth, infra boost
the US dollar on Friday, as Change 85.72 SUBHAYAN CHAKRABORTY price of $6.5 per metric mil-
strong dollar demand from 85.76 -0.02% SHIVA RAJORA for 2022-23 and 2023-24. New Delhi, 3 January lion british thermal unit
importers and a muted trend 85.74 New Delhi, 3 January “To begin with, the (MMBtu) for APM gas, which
in domestic equities weighed 85.76 Tendulkar poverty line is not a The Petroleum and Natural may be increased yearly by

P
on investor sentiment. overty declined faster in poverty line, but just a ‘destitu- Gas Ministry has asked GAIL about $0.5 per MMBtu till
This is the highest per-
85.78 rural areas during FY24 tional line’ and the previous and ONGC to divert 1.27 mil- 2027. Meanwhile, the gas pro-
centage change in the first 85.80 as the poverty ratio government had to form the C lion metric standard cubic duced from new wells costs
three trading sessions in the 85.78 85.82 dipped below 5 per cent for the Rangarajan committee. Also, meters per day (MMSCMD) of an additional $2.
past five years. Forex traders Jan 2,’25 Jan 3,’25 first time to 4.86 per cent from the SBI report uses a method natural gas to city gas distri- About 83.3 per cent of
noted that the dollar 7.2 per cent in FY23, according for updating the poverty line bution (CGD) firms. Natural India's natural gas is pro-
strengthened against most ~ change for first 3 trading to a study by SBI Research that does not account for gas from new wells will be duced by ONGC and OIL,
currencies throughout 2024 sessions of the year (%) released on Friday. changes in the consumption allocated proportionally on while the remaining
and continues to remain on 2020 -0.60 In comparison, the poverty basket of households. Due to the basis of volume, accord- 16.7 percent was by private
firm footing this year. ratio in urban areas fell to 4.09 both these reasons, among oth- ing to an official order issued companies and joint
The US dollar index 2021 -0.15 per cent from 4.6 per cent dur- ers, they end up using a very on December 31. venture entities.
breached the crucial 109- 2022 -0.03 ing the same period. ILLUSTRATION: BINAY SINHA
low poverty line. The latest Suffering
mark, driven by expectations 2023 -0.09 The report notes this Unsurprisingly, they obtain a order directs the natural decline,
of fewer rate cuts and a belief
that the US economy will out- 2024 -0.09
decline in the rural poverty
ratio is on account of higher
DROP IN Inflation adjusted
poverty line (in ~)
very low level of poverty. In
short, they have underestimat-
firms to divert
0.637 MMSCMD
The government
order directs
the share of APM
gas has been
perform its global peers.
At the interbank foreign
2025 -0.20 consumption growth in the 0-
5 per cent fractile, leading to a
DEPRIVATION  FY12  FY23  FY24 ed the poverty line to obtain a
lower estimate of poverty,” he
of gas, currently
utilized for LPG
natural gas from
new wells to be
declining consis-
tently, and the
Source: Bloomberg
Compiled by BS Research Bureau Poverty ratio using household allocated
exchange market, the rupee shift in the poverty line from 816 added. Separately, the report production, Centre has been
opened weak, hit an intra-day the 5-10 per cent fractile in consumption survey (in %) also mentions the poverty rate towards CGD. proportionally reducing the
Rural 1,545
low of 85.80, and a high of of 85.79 (provisional), falling 4 FY23 to 0-5 per cent fractile in  FY23  FY24 in India could now be in the Currently, 2.55 on the basis allocation of
85.73 against the dollar. It ulti- paise from its previous close. FY24. “Enhanced physical 1,632 range 4-4.5 per cent. MMSCMD of gas of volume APM gas to CGD
mately settled at a record low PRESS TRUST OF INDIA infrastructure is scripting a 7.2 “It is possible that these is used for LPG companies due
4.6 4.86 4.09 1,000
new story in rural mobility [as numbers could undergo minor production. to a decline in
it is] one of the reasons for the
Urban 1,849 revisions once the 2021 census The move comes as a overall gas volumes. In a
increasingly shrinking hori- is completed and a new rural- remedial measure after the report to the government, the
1,944
IN BRIEF zontal income gap between
rural and urban and the verti-
urban population share is pub-
lished. We believe urban pover-
Centre had cut the adminis- Kirit Parikh committee last
tered price mechanism year said India should have a
Rural Urban Source: SBI Report

PM unveils projects, targets cal income gap within rural

income classes,” notes the
ty could decline even further,”
the report said.
(APM) allocation to CGD play- completely free and market-
ers by 20 per cent in two suc- determined pricing for natu-

AAP ahead of Delhi polls study, based on the latest

Household Consumption
factors are mostly due to the
initiatives the government has
per month for rural areas and
~1,944 for urban areas. Earlier
The report also notes
changes in food items, despite
cessive months till November ral gas extracted from legacy
last year. This had led to city fields and remove all caps by
Prime Minister Narendra Modi on Friday inaugurated several Survey (HCES) results. taken in terms of DBT trans- in 2011-12, an expert group a declining share in spending, gas retailers hiking CNG January 1, 2027.
development projects in Delhi, including 1,675 flats for Further, the report notes fers, building rural infrastruc- headed by Tendulkar had esti- had a significant impact on prices by ~2-3 per kg as they However, the demise of
residents of JJ clusters and the World Trade Centre. Taking a dig at another reason for the declin- tures, augmenting farmer’s mated the poverty line at ~816 consumption. Higher inflation had to replace the supply APM gas could be even earli-
the AAP-led Delhi government, Modi warned that the situation in ing rural-urban gap was the rise income, improving the rural for rural areas and ~1,000 for translated into lower con- with more expensive non- er. Global brokerage firm
the national capital would worsen further if the current regime in transfer schemes such as livelihood significantly,” the urban areas. sumption across the board. APM gas or imported lique- Jefferies had earlier predicted
continued. With Assembly Elections scheduled next month, the Direct Benefit Transfer (DBT) report noted. However, R Ramakumar, This impact was more pro- fied natural gas (LNG). that domestic gas allocations
PM said that Delhi had decided to end this “aapda”. Urging voters “Around 30 per cent of the Adjusting for decadal infla- professor, Tata Institute of nounced in rural areas of low- CGDs receive gas from could be completely phased
to defeat the AAP, Modi coined the slogan, “Aapda ko nahi rural monthly per capita tion and the imputation factor Social Sciences, said the SBI income states. older fields. On the other out by mid-2025.
sahenge, badal kar rahenge”. PTI expenditure (MPCE) is in the poverty line set by report used a flawed poverty Alternatively, middle- hand, gas from new wells fol- Shares of ONGC climbed
explained by factors that are Suresh Tendulkar, the SBI line by simply updating the income states were largely low a formula linked to 5.11 per cent to ~258.65, while
endogenous to the rural report estimated the new Tendulkar poverty line for responsible for sustaining con- Indian crude oil prices. shares of ONGC advanced 3.6
Govt mandates stakeholder ecosystem. Such endogenous poverty line for FY24 at ~1,632 inflation to create poverty lines sumption demand. Currently, there is a ceiling per cent to ~480.4.

consultations in FTP
The Directorate General of Foreign Trade (DGFT) has amended the
Foreign Trade Policy (FTP) to mandate stakeholder consultations
on draft policies, the commerce ministry announced on Friday.
Manufacturing sees fall in productivity DFS launches
The amendment requires DGFT to seek views, suggestions, and
feedback from stakeholders, including importers, exporters, and
industry experts, before formulating or amending FTP procedures.
ASUSE survey says sector recorded highest growth in emoluments per hired worker Baanknet to
India’s exports to cross
SHIKHA CHATURVEDI
New Delhi, 3 January PRODUCTIVITY Emoluments per
hired worker
streamline PSB
Manufacturing has experienced a INDICATOR asset auctions
$800 bn in FY25: Goyal decline in productivity, with gross
value added (GVA) per establish-
Y-o-Y growth in GVA per
establishment & worker (in %)
(Y-o-Y growth in %)

Commerce and Industry Minister Piyush Goyal on Friday said ment falling 6.7 per cent in 2023- HARSH KUMAR
despite global economic uncertainties, India’s exports of goods 24 over 2022-23, and GVA per  Manufacturing  Trade New Delhi, 3 January
 Other services Manufacturing 16.1
and services are expected to cross $800 billion this financial year worker decreasing 4.2 per cent
(FY25), which will be a record. In FY24, the exports stood at $778 over the same period. Department of Financial Services (DFS) secretary
billion. He said though there would be stresses in the global This indicates reduced produc- 11.6 10.6 6.1 M Nagaraju on Friday launched a revamped e-
system, but India’s exports basket is large. PTI tivity at both organisational and Other services 14 auction portal ‘Baanknet’ in Delhi.
individual levels, according to an 1.8 It significantly aids the recovery process of
analysis of the recently released -4.2 public sector banks (PSBs), thereby improving
EPFO rolls out centralised fact sheet on the Annual Survey of
Unincorporated Sector
-6.7
Trade 10.4 the balance sheet of banks and enhancing credit
availability to businesses and individuals.
GVA per GVA per
pension system for 6.8 mn Enterprises (ASUSE).
On the other hand, other serv-
establishment worker
According to a finance ministry statement,
this platform consolidates information on e-auc-
The Employees’ Provident Fund Organisation (EPFO) has ices and trade experienced an Note: Data compares 2022-23 to 2023-24, and includes both rural tion properties
implemented the Centralised Pension Payments System (CPPS) increase in both GVA per estab- and urban sectors from all PSBs and ILLUSTRATION: BINAY SINHA
Source: ASUSE 2023-24, Business Standard calculations
across all its regional offices, benefiting over 6.8 million lishment and GVA per worker offers a one-stop
pensioners, the labour ministry announced on Friday. Under CPPS, between 2022-23 and 2023-24. destination for
beneficiaries can withdraw pensions from any bank without However, when the 2023-24 In the trade sector, GVA per estab- trade, the growth rates were 10.4 also be linked to an increase in the buyers and
visiting branches for verification. PTI survey, the latest, is compared to lishment grew 40.5 per cent and per cent and 14 per cent, respec- share of own-account enterprises. investors to dis-
a similar study from 2015-16, the that per worker increased 35.4 per tively, during the same period. “The share of own-account cover a wide
data shows a considerable rise in cent, in 2023-24 over 2015-16. Pronab Sen, former chief stat- enterprises has risen, driven by the range of assets.
Centre tightens rules for GM manufacturing-sector GVA per
establishment (38.5 per cent) and
In absolute terms, however, in
manufacturing GVA per estab-
istician, attributed the decline in
productivity in the manufacturing
addition of newly formed compa-
nies within the manufacturing sec-
“This plat-
form is expected
crop panel transparency GVA per worker (51.7 per cent).
Notably, the rise in GVA per
lishment and GVA per worker
remain lower than in trade and
sector, despite some recovery in
micro, small and medium enter-
tor, which has contributed to the
observed decline,” he concluded.
to enhance the
overall economic
The Centre has proposed amendments to ensure transparency in
the decision-making process of the Genetic Engineering Appraisal
worker is the highest in manufac-
turing when the survey for 2015-
other services.
In growth in emoluments per
prises, to new companies set up.
“Productivity comes with time.
The data shows the share of
own-account enterprises is the
environment by
unlocking the
RECOVERY
Committee, responsible for approving and regulating genetically 16 is compared to the latest one. hired worker, manufacturing Hence, a decline is likely due to highest in manufacturing. It was value of dis- PICTURE
modified (GM) organisms, crops, and products in India. Experts will For services, GVA per establish- recorded the highest growth the rise in newly added compa- 88.3 per cent in 2023-24 from 85.5 tressed assets  Supports recovery
be required to submit written declarations of "conflict of interest" ment increased 24.4 per cent while between 2022-23 and 2023-24 at nies,” he said. per cent in 2015-16, Business and boosting
processes of public
when joining the committee and update them as necessary. PTI GVA per worker rose 42 per cent. 16.1 per cent. For other services and He noted the decline might Standard had reported earlier. investor confi-
sector banks (PSBs)
dence. With the
use of technolo-  Improves banks' balance
gy, this process sheets and enhances

67% of major forest fires in 2023-24 doused within 24 hrs will be more

cient, and acces-

sible,” said
credit availability
transparent, effi-  Unlocks value of
distressed assets and
boosts investor confidence
NITIN KUMAR forest fires, while Jammu & Nagaraju.
New Delhi, 3 January Kashmir recorded the The listings  Consolidates e-auction
highest with 3,829 incidents. COOLING DOWN include residen- property listings
In the November 2023-June Between 2022-23 and Forest fire in last 2 fire seasons tial properties from all PSBs
2024 forest fire season, 67 2023-24 forest fire seasons, such as flats,  Covers residential,
per cent of major fires in there have been notable independent commercial, industrial,
India were extinguished changes in fire incidents houses, open
agricultural, and non-
within 24 hours, according across key states. plots, commer-
to data from the Ministry of Uttarakhand witnessed a cial properties,
agricultural properties,
Environment, Forest, and staggering increase, with industrial land as well as vehicles
Climate Change (MoEFCC). fire incidents rising by over and buildings, and machinery
This marks an improvement 292 per cent from 5,351 to shops, vehicles,
from 33 per cent in the 21,033. Odisha saw a plant and
previous season, attributed marginal decline, with machinery, agricultural and non-agricultural
to faster information incidents decreasing by land.
dissemination and approximately 37.3 per cent, By gathering all these details in one place, it
improved coordination from 33,461 to 20,973. simplifies the process of finding and participat-
among response teams. Seasonal forest fires ing in property e-auctions. It makes it easier for
In the 2023-24 forest fire occur every year due to buyers and investors to identify valuable oppor-
season, the total number of various natural and STATES/UTs WITH HIGH FIRE DETECTIONS STATES/UTs WITH FEWER FIRE DETECTIONS TOTAL FIRE DETECTED tunities.
fires detected by the Forest anthropogenic reasons,  2022-23  2023-24 State/UT 2022-23 2023-24 For all 36 states and UTs The new portal is designed with improved
Survey of India was including accumulations of features to enhance user experience, offering
2,03,544, while in the inflammable materials such 5,351 Lakshadweep 0 0 frictionless journeys that integrate the entire pre-
previous 2022-23 season the as dry leaves, twigs, pine Uttarakhand Puducherry 0 0 212,249 203,544 auction, auction, and post-auction processes
21,033
number stood at 2,12,249. needles, etc. Chandigarh 1 1 within a single application.
Uttarakhand, Odisha, Most of the forest fires in 33,461 2022-23 2023-24 It includes an automated and integrated pay-
Odisha Delhi 16 16
and Chhattisgarh recorded the country are ground fires 20,973 Note: Forest fire season is from Nov to Jun
ment gateway alongside KYC tools, all built on a
the highest forest fire in which ground vegetation, Dadra & Nagar Haveli 16 16 Source: MoEFCC microservices-based architecture that allows for
20,306
incidents with 21,033, 20,973, etc. are burnt. The number Chhattisgarh and Daman & Diu third-party integration through open application
and 18,950 fires, of incidences of forest fire in 18,950 programming interface (API).
respectively. Delhi and Goa the country varies from year Andhra 19,367 76 Users can benefit from a dashboard feature
reported the lowest figures to year, depending on the % OF FIRES for easy access to ‘Spend Analytics’ and various
Pradesh 18,174 EXTINGUISHED
at 16 and 36, respectively. vulnerability of the forests 33 ‘MIS Reports’ at the click of a button.
Among Union Territories, to various forest fire risk Madhya 17,142 IN 24 HRS Additionally, a dedicated helpdesk and call
Lakshadweep and factors, according to the Pradesh 15,878 centre facility with a call back request option
Puducherry reported no MoEFCC. 2022-23 2023-24 ensures customer support.
.
MUMBAI | SATURDAY, 4 JANUARY 2025 5 <

PUBLIC NOTICE NOTICE FOR LOSS OF RELEASE DEED

Notice is hereby given to the Public that our clients are negotiating with
I am concerned for my clients MRS. SULBHA ANANT TATEKAR,
Varsha Vinod Doshi presently residing at Flat No. 46 / 47, 6th Floor,
MR. SUNIL ANANT TATEKAR, MRS. SHIVANI SANTOSH RELE NEE
Dariya Mahal, 80 Nepeansea Road, Mumbai - 400006 and Kamlesh
ASHWINI ANANT TATEKAR, MRS. PALLAVII PARAG PRADAAN NEE
Vrajlal Doshi, presently residing at Kwikstaartlaan 13, 2610 Wilrijk,
ANJALI ANANT TATEKAR, are co-owner of Flat no.201 in SADASHIV
Antwerpen, Belgium for purchase of Flat No. 47 on 6th Floor of the
SRA Co-op Housing Society Ltd., Shivaji Nagar, Opp. Bhuta High
building Om Dariya Mahal Co-op. Housing Society Ltd., 80 Nepeansea
School, Shahaji Raje Marg, Vile-Parle ( E ), Mumbai – 400057 (Society)
Road, Mumbai - 400 006 and 5 shares of INR 50 each fully paid up
in Flat no.201, by way of Release Deed (Occasioned due to death of
bearing Distinctive Numbers from 236 to 240 (both inclusive) comprised
Anant Krishnarao Tatekar,) executed by Legal Heirs of Late Archana
in Share Certificate No. 47 dated 1 May 1976 issued by Om Dariya Co-
Srivishnu Peyyeti NEE Archana Anant Tatekar through Abhinav and
operative Housing Society Limited (Registration Number BOM/HSG/
Sayli Srivishnu Peyyeti in favor of my clients have been lost and
4357 of 1974), more particularly described in the Schedule hereunder
could not be found beyond reasonable search.
written (hereinafter referred to as "the said Premises"). Any person(s)
That my client have reported loss of Release Deed registered no. BDR-
having any agreement, right, title, claim or interest into or upon the said
189357-2020 pertaining to Flat no. 201 to Concerned Police Station in
Premises or any part thereof by way of lease, lien, gifts, licence, Address- Canfin Homes ltd
order to obtain Duplicate copy from Concerned Sub-Registrar Office
inheritance, sale, exchange, easement, mortgage, charge or otherwise 101,1st Floor, Ganjawala elegance, Ganjawala lane,
and to satisfy financing Bank, Society that my client are Releasee.
of whatsoever nature are hereby requested to inform the same in Above PNB bank Borivali west, Mumbai 4000092
writing to the undersigned at the address mentioned below together with NOTICE is hereby given to the public at large that any person having
the possession of the Release Deed or any claim by way of lien, Tel: 022-28925385, e-mail: [email protected]
documentary evidence thereof within 14 days from the date of publication CIN : L85110KA1987PLC008699
hereof failing which the claim or claims if any, of such person or mortgage, security, charge, trust or otherwise may raise their
persons will be considered to have been waived and/or abandoned and objection/s within TEN Days from the date of publication of this DEMAND NOTICE
notice at the address below.
the transaction shall be completed without any reference to such claim. Under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of
THE SCHEDULE OF THE PREMSIES REFERRED TO ABOVE: Mumbai Sd/-
Security Interest Act 2002 (SARFAESI Act) read with Rule 3(1) of the Security Interest (Enforcement)
Flat No. 47 admeasuring 881 sq. feet carpet area on the 6th Floor of the Dated –04th January 2025 Ashok Panchan Maru
Rules, 2002 (Rules)
building Om Dariya Mahal, 80 Nepeansea Road, Mumbai - 400 006, Advocate High Court, Mumbai.
Maravoor Chambers, 1st Floor, 30-H, Bomanji Lane, Near
Whereas the undersigned being the Authorised Officer of Can Fin Homes Ltd., under SARFAESI Act and in
falling under cadastral survey No. 384 of Malabar & Cumballa Hill exercise of powers conferred under Section 13(12) read with Rule 3, issued Demand Notice under Section 13(2)
Division, Mumbai and 50 shares of INR 50/- each fully paid-up bearing Handloom House, Behind Fort Fire Brigade, Fort, Mumbai - 400001
Mobile -9819104665 [email protected] of the said Act, calling upon the Borrowers / guarantors listed hereunder (hereinafter referred to as the “said
Distinctive Numbers from 236 to 240 (both inclusive) comprised in
Borrowers”), to repay the amounts mentioned in the Notice, within 60 days from the date of receipt of Notice, as per
Certificate No. 47 dated 1 May 1976 of Om Dariya Mahal Co-operative
Housing Society Ltd., Mumbai - 400 006. details given below.
Sd/- PUBLIC NOTICE The said Notices have been returned undelivered by the postal authorities / have not been duly acknowledged by
SAMPAT & MEHTA Notice is hereby given to the Public that our clients are negotiating with the borrowers. Hence the Company by way of abundant caution is effecting this publication of the demand notice
Chartered Accountants Varsha Vinod Doshi (in individual capacity) and Varsha Vinod Doshi (as per the provisions of Rule 3 (1)). The undersigned has, therefore, caused these Notices to be pasted on the
Mumbai B-501/502, 11 Sarvoday, Western Express Highway karta of and representing Vinod V Doshi HUF, presently residing at Flat premises of the last known addresses of the said Borrowers, as per the said Act.
Dated: 04th January 2025. Bandra East, Mumbai 400 051. No. 46/47, 6th Floor, Dariya Mahal, 80 Nepeansea Road, Mumbai - As security for due repayment of the loan, the following assets have been mortgaged to the Company by the
400006 for purchase of Flat No. 46 on 6th Floor of the building Om respective parties as detailed below.
Dariya Mahal Co-op. Housing Society Ltd., 80 Nepeansea Road, Mumbai No. Name of Borrowers/ Guarantors Amount claimed as Description of the Secured Date of
- 400 006 and 5 shares of INR 50 each fully paid up bearing Distinctive
with address per Demand Notice * Asset NPA
Numbers from 231 to 235 (both inclusive) comprised in Share Certificate
No. 46 dated 1 May 1976 issued by Om Dariya Co-operative Housing 1 Rajnish Sanjay Pandey (Borrower) Rs. 2512487.00 Flat No. A/201, 2nd Floor, 29.11.2024
Society Limited (Registration Number BOM/HSG/4357 of 1974), more & Sanjay Bansraj Pandey (Twenty five lakh Highway Residency, Ajde
particularly described in the Schedule hereunder written (hereinafter (Co Borrower) twelve thousand four Golavali Kalyan Shil Road
referred to as "the said Premises"). Any person(s) having any agreement, Flat No. A/201, 2nd Floor, Highway hundred and ,Chindi Market Galli, Golavali,
right, title, claim or interest into or upon the said Premises or any part Residency, Ajde Golavali Kalyan Shil eighty seven Dombivali East 421201
thereof by way of lease, lien, gifts, licence, inheritance, sale, exchange, Road, Chindi Market Galli, Golavali, ONLY)
easement, mortgage, charge or otherwise of whatsoever nature are Dombivali East 421201
hereby requested to inform the same in writing to the undersigned at the 2 Saylee Sushil Katale (Borrower) & Rs.2626376.00 Flat No. A/501, 5th Floor, 29.11.2024
address mentioned below together with documentary evidence thereof Prem Asai Thambi (Co Borrower) (Twenty six lakh Highway Residency,Ajde
within 14 days from the date of publication hereof failing which the Flat No. A/501, 5th Floor, Highway twenty six thousand Kalyan Shil Road Chindi
claim or claims if any, of such person or persons will be considered to Residency, Ajde Golavali Kalyan Shil three hundred Market Galli Golavali
have been waived and/or abandoned and the transaction shall be Dombivali East 421201
Roadchindi Market Galli Golavali, and seventy
completed without any reference to such claim.
Dombivali East 421201 six ONLY)
THE SCHEDULE OF THE PREMSIES REFERRED TO ABOVE:
Flat No. 46 admeasuring 1235 sq. feet carpet area on the 6th Floor of 3 Kishor Maruti Lashkar (Borrower) Rs. 856054 Leelabai Residency, Flat No. 29.11.2024
the building Om Dariya Mahal, 80 Nepeansea Road, Mumbai - 400 006, & Kusum Kishor Lashkar (Eight lakh fifty 02,Ground Floor,SR No.96,
falling under cadastral survey No. 384 of Malabar & Cumballa Hill (Co Borrower) six thousand and HissaNo.05(P),Vill-Ayare
Division, Mumbai and 50 shares of INR 50/- each fully paid-up bearing Leelabai Residency, Flat No. 02, fifty four Gaon Dombivali (E),Tal-
Distinctive Numbers from 231 to 235 (both inclusive) comprised in Ground Floor,SR No.96, Hissa ONLY) Kalyan, District Thane 421201
Certificate No. 46 dated 1 May 1976 of Om Dariya Mahal Co-operative No.05(P),Vill-Ayare Gaon Dombivali
Housing Society Ltd., Mumbai - 400 006. (E), Tal-Kalyan, Dist Thane 421201
Sd/-
You are hereby called upon to pay the above said amount with contracted rate of interest thereon within 60 days
SAMPAT & MEHTA
from the date of publication of this notice, failing which the undersigned will be constrained to Initiate action under
Chartered Accountants
SARFAESI Act to enforce the aforesaid security. Further, the attention of borrowers / guarantors is invited to
Mumbai B-501/502, 11 Sarvoday, Western Express Highway
provisions of Section 13 (8) of the Act, in respect of time available to them to redeem the secured assets
Dated: 04th January 2025. Bandra East, Mumbai 400 051.
Date: 03.01.2025 Sd/-
Place: Mumbai Authorised Officer
Can Fin Homes Ltd.

   -./ 0 0

Since 1973
KOKAN MERCANTILE CO-OP BANK LIMITED Multi State Bank
Registered Office : 1st Floor, Harbour Crest, Mazgaon T.T, Mumbai 400010. | Phone : 23723753, 23729969, 23729970, 23729971, 23734202,
                                  
!  "       #     $ %     &''&    (    )*         +  ,-&.    -/ 23734311. Fax : 23748589 | W : www.kokanbank.net
  *  " 0     $ %    ,  # .  "  &''&    1 #  2    )    " # 34 ""  ) SALE NOTICE
      * ,.   5    ,. ! ""$     " # 3 -   )$  #  #      *   
   3 %  " ()      ,*       " # 3 ,&. *  6' $ #      )    2 3 Notice is hereby given to the public in general and to the Borrower, Mortgagor & Guarantors in particular by the Authorised Officer that the under
""*  * ,. 75   ,. 8  "    )$  #  2   $ 8      * ,. 75   ,. mentioned property mortgaged to Kokan Mercantile Co-operative Bank Limited has taken Physical Possession on 05.12.2024 under the provision
   ) "   "              )) $       "* , " # 3 /. 
(   )*       #     -/,4.     *  " 0     "      #    " # 3 9 of Securitisation and Reconstruction of Financial Assets & Enforcement of Security Interest Act, 2002 will be sold by tender cum public auction as
 "*3 mentioned below for recovery of secured debt amounting to Rs.43,53,592.70 (Rupees Fourty Three Lacs Fifty Three Thousand Five Hundred
*  ,.7    ,.  ) " ,.    ) "   "   $       " *  ))      $ Ninety Two and Paise Seventy Only) towards loan account no..8071/15698 of Mr.Mohammed Jabin Abdul Ghani Shaikh and further interest @
 "  *  ))   *""   :              #  8  " # 3 &         
  " ()     3 13.50 % p.a. as detailed below :
* ; <    8   )8    +  ,0.    -/      )   # 8""     #  The property will be sold without furniture and fixtures on “as is where is and as is what is” basis/condition.
     3       Sr. Name Description of property Status of Reserve E.M.D. Inspection Sale date
      !  "!
#!  $  &   '  $ ( +   No. the Price (in Rs.) date and and time
%!    )*)")"'  )")")"+ property time
  1 5 ! "" )     ) "  "     " 
  ( %! 2  0 0 3.!  4   Loan A/C. 8071/15698 THANE 1)Shop no.4, ground floor, B-Wing, Physical Rs. Rs. 03.02.2025 11.02.2025
3 0="9))9==>0&)1      0 ") 8 "9 !:  0 *9  RABODI BRANCH Bape Tower, 2nd Rabodi Village possession 44,48,000/- 4,44,800/- from at 11 a.m.
  3 23 -07- >" 23&' ? &- @ )  J K ))"  %    6  !9 " >  =" ,.+,D 
"3 >  1 =" ,. + 4&4&'- L--3/' M )3 *   EC439' F . 1. Mr. Mohammed Jabin Abdul Majiwade Thane (W) -400601, adm with the 11a.m. to
! 1 #  "$     *3 33 5    ! $ $  , 1 Ghani Shaikh-Borrower & area 185 sq.ft. on land bearing Tika bank. 4.00 p.m.
0 3.  !$ 5$  Mortgagor. No.7, city survey no.36/1, 36/2, 36/3,
       A" $ >  " >  'E3-'3&'&4 J ) " , > +=#   ; , -0 # 
=" ,. B 4&4&'- %      * 13>  < G >" 23 -0 ? -E !, 2. Mr.Dashrath Baban Kadam - 37 within the limits of Thane Municipal
0 6  6   $        >" 23 && Surety Corporation in the registration district
       A" $ >  " >  # , 0 3.!  4   3. Ms. Shreya Shashank Bhosale and sub district of Thane.
=" ,. B 4&4&'- HA%   %G &'''&&-E'9ECI
Surety 2) Machinery Equipments
0 7  4  
      2+0C @" 8 25" 4. Mrs Najma Mohammed Jaibn
   1 1 " ,. B 4&4''- Shaikh – Surety
 , '&7'-7&'&9 Intending buyers may inspect the property on the date and time as mentioned above.
 , ="
The particulars in respect of the immoveable secured property specified hereinabove have been stated to the best of the information and
knowledge of the undersigned who shall however not be responsible for any error ,misstatement or omission in the said particulars. Terms and
Conditions of public auction :-
1) Sale is strictly subject to the terms and conditions mentioned hereunder.
2) The property will be sold without furniture and fixture on “As is where is and “As is what is” condition.
3) The property under auction can be inspected on the date & time specified above. For any queries with regards to the inspection of property or
submission of tenders,kindly contact the Authorised Officer –Kokan Mercantile Co-op Bank Ltd, 1st floor Harbour Crest, Mazgaon T.T., Mumbai
–400010. Phone : 9820547700/9833657955.
4) The interested buyers may send their offers for the above property in a sealed cover along with the Demand Draft of earnest money, deposit
(EMD) at the Office of the Authorised Officer , Kokan Mer.Co-opBank Limited, 1st floor Harbour Crest Mazgaon, T,.T,Mumbai –400010,.on or
before 07.02.2025 .The sealed cover will be opened by the Authorised Officer at 1st floor, Harbour Crest,Mazgaon,Mumbai –400010 in the
presence of available intending bidders, Borrower,Mortgagor & Sureties on 11.02.2025. at 11 a.m. the time of sale.
5) Offers or conditional offers that are not filled up or offers not accompanied by the EMD or offers received after the above date and time prescribed
herein will not be considered/treated as valid offers and accordingly shall be rejected. The earnest money deposit shall not carry any interest.
6) Along with offer document, the interested intending bidder shall also attach a copy of the KYC Document (Pan Card, & Address Proof).
7) In no eventuality the property would be sold below the reserve price.
8) Property shall be sold to the highest bidder/offerer subject to acceptance of the bid by the secured creditor i.e. Kokan Mer.Co-op Bank Ltd.
However the undersigned has the absolute discretion to allow inter –se-bidding if deemed necessary which will take place at the said place, date
and time.
9) The Auction/Inter Se Biddings will also take place at the same place when the intending bidder may remain present and submit their offers directly
and revise their offers upwards.
10) All dues and outgoings i.e. Municipal Taxes, Maintenance /Society Charges, Electricity and water taxes or any other dues including
all overdue in respect of the said property shall be paid by the successful bidder/purchaser.
11) The successful bidder/purchaser shall have to pay 25% of the purchase amount (after adjusting the E.M.D. already paid)
immediately within 2 working days from the acceptance of the offer by the Authorised Officer in respect of the sale failing which the
earnest money deposit will be forfeited.
12) The balance 75% of the Sale price shall have to be paid within 15 days of conveying the confirmation of the sale to the successful
Purchaser by the Authorised Officer .In the event of the default in payment of the balance 75% of the sale price or any part thereof within
the prescribed period, the amount deposited shall be forfeited and the secured creditor will be at liberty to sell the property once again
and the defaulting Purchaser shall forfeit all claims to the property or to any part of the sum already paid towards the purchase thereof.
13) Sale is subjected to confirmation by the Secured Creditor.
14) The immoveable property described herein above shall remain and be at the sole risk of the successful purchaser in all respects including loss
or damage by fire or theft or other accidents and other risk from the date of the confirmation of the sale by the undersigned Authorised Officer. The
successful bidder shall not be entitled to annul the sale on any ground of whatsoever nature.
15) Any Statutory & Other dues payable including society dues if any and dues on the property shall be borne by the Purchaser and all expenses
relating to Stamp Duty, Registration Charges, Transfer charges and any other expenses and charges in respect of the registration of the Sale
Certificate for the above referred property shall be borne by the successful bidder.
16) No persons other than the Intending bidders/offerers themselves or their duly Authorised representative shall be allowed to participate in the
auction/sale proceedings.
17) The sale will be conducted as per the provisions and rules of Securitisation and Reconstruction Of Financial Assets and Enforcement of
Security Interest Act 2002
STATUTORY 30 DAYS SALE NOTICE UNDER rule 8 (6) OF SARFAESI ACT 2002
The borrower, mortgagor and guarantors are hereby notified to pay the aforesaid sum outstanding up to date and ancillary expenses from 30 days
from today failing which the property will be put up for sale/sold and balance dues if any will be recovered with interest and cost
Place : THANE Authorised Officer
DATE : 04.01.2025 s/d
Kokan Mer.Co-op Bank Limited
6 ECONOMY & PUBLIC AFFAIRS
>
MUMBAI | SATURDAY, 4 JANUARY 2025 1

Securitisation BharatPe parent to sell up to 25% SBI unveils 2

schemes to

volume of banks stake in Unity SFB for $800 mn boost deposit

mobilisation
AJINKYA KAWALE & SUBRATA PANDA
CASE FILE n Move is in line with the same quarter in the previous

tops ~68K cr in Q3
Mumbai, 3 January financial year. State Bank of India – the
regulatory requirements
Its total income increased to country’s largest lender – has
Resilient Innovations, the parent
to reduce its holding in ~640 crore during the quarter unveiled two new schemes to
company of BharatPe, is scouting the bank to 10% by 2029 under review against ~361 crore in boost deposit mobilisation at
for investors to sell up to 25 per cent n Reports suggest the same quarter last year. Its net a time when most banks are
of its 49 per cent stake in Unity fintech major has hired interest income grew to ~320 crore facing challenges to raise
ICRA estimates say private sector banks account Small Finance Bank (Unity SFB).
With this, it is aiming to raise
Rothschild & Co to help
in FY25 from ~232 crore in FY24.
BharatPe, founded in 2018, is a
resources.
The first is ‘Har Ghar
for ~25,000 cr, NBFCs for remaining ~43,000 cr anywhere around $800 million, find suitable buyers for
the stake sale
fintech major which offers pay- Lakhpati,’ a pre-calculated
said sources aware of the develop- ments and financial services. The Recurring Deposit (RD)
AATHIRA VARIER driven by a few private banks, which ment. The move is in line with reg- n Firm will continue its company is backed by marquee scheme designed to help cus-
Mumbai, 3 January have been using securitisation as a ulatory requirements to reduce its investors such as Tiger Global, tomers accumulate ~1,00,000
association with the
means to improve their credit-to- holding in the bank to 10 per cent Dragoneer Investment Group, or multiples thereof and
bank post the stake sale

W
ith increased participation by deposit ratio, given the relatively low by 2029, irrespective of the listing Steadfast Capital, Coatue develop a savings habit. “This
ILLUSTRATION: AJAYA MOHANTY
banks, securitisation vol- pace of deposit growth,” said Abhishek of Unity SFB, said sources aware of Management, Ribbit Capital, product simplifies the
umes topped ~68,000 Dafria, senior vice-president, group the development. Insight Partners, Steadview process of achieving financial
crore in October-December head, structured finance, According to the licensing Innovations Pvt Ltd (RIPL) is an according to the Reserve Bank of Capital, Beenext, Amplo, and goals, allowing customers to
FY25 (Q3FY25), according to ICRA. requirements, BharatPe has to investor. Centrum Financial India’s (RBI’s) requirements after Sequoia Capital (now Peak XV plan and save effectively.
rating agency ICRA’s esti- Sequentially, securitisa- bring down its stake in the bank to Services was granted a small five years of commencing opera- Partners). BharatPe recorded con- This product is also available
mates. tion volumes in Q3FY25 10 per cent within eight years from finance Bank licence by the tions. However, the regulator had solidated earnings before interest, to minors, encouraging early
Of the ~68,000 crore, are nearly flat. However, the bank’s operations. Reserve Bank of India (RBI) in granted more time to Unity for taxes, depreciation, and amortisa- financial planning and
ICRA estimates, ~25,000 year-on-year, they have Reports have suggested that the November 2021. public offering. tion (Ebitda) loss to ~209 crore in savings habit,” SBI said in a
crore is on account of pri- jumped around 80 per fintech major has hired Rothschild Centrum group’s lending busi- Unity SFB started operations on financial year 2024 (FY24), down statement.
vate banks acting as origi- cent from ~38,000 crore. & Co. to help it find suitable buyers nesses, housed under Centrum November 1, 2021. BharatPe is look- from ~826 crore in FY23. In The other is ‘SBI Patrons,’
nators and the remaining This is on account of entry for the stake sale. Financial Services and Centrum ing to divest a sizable chunk in the October, the company announced a specialised Term Deposit
~43,000 crore has been by private banks in securi- The fintech major will continue Microcredit, were transferred to bank before the bank goes for a list- the launch of its new investment scheme tailored for senior cit-
securitised by non-banking Of the banks, tisation this financial year its association with the bank post Unity SFB through a business ing, sources said. platform, Invest BharatPe, launch- izens aged 80 years and
financial companies HDFC Bank’s and the stake sale as this is a planned transfer agreement. In January Unity SFB is a digital first bank ing digital gold as the first product above. It offers enhanced
(NBFCs). securitisation is Q3FY24 was a relatively divestment due to regulatory 2022, the Ministry of Finance pro- with a business model of collabo- on the application. interest rates, recognising the
Also in the total, rough- nearly ~12K crore tepid quarter. requirements, which has been in posed a scheme of amalgamation ration and open architecture. In August, it launched its UPI long-standing relationship
ly ~40,000 crore is through via PTCs as Dafria said: “NBFCs the works for some time now, of the erstwhile PMC Bank with Unity SFB reported a 36 per TPAP (third-party application many senior customers have
pass-through certificates against nearly have seen relatively muted sources said. Unity SFB. Following this, Unity cent rise in its profit to ~187 crore provider) to facilitate consumer with the bank. ‘SBI Patrons’
(PTCs). ~9,000 crore growth in disbursement, Unity SFB is promoted by SFB was granted scheduled com- in the second quarter ended digital payments. Earlier, BharatPe is available to both existing
Of the banks, HDFC in Q2FY25 especially in unsecured Centrum Financial Services and mercial bank status in April 2022. September 2024. The lender had provided merchant-to-merchant and new Term Deposit cus-
Bank’s securitisation is asset classes such as fintech BharatPe's parent, Resilient SFBs are mandated to go public earned a net profit of ~138 crore in digital payment services. tomers. BS REPORTER
nearly ~12,000 crore via microfinance and person-
PTCs as against approximately ~9,000 al loans, due to industry headwinds
crore in Q2FY25. resulting in tepid securitisation volume
“The market volumes are being growth for the quarter.”
Loan growth of banks in Dec qtr picks up pace
RBI lifts restrictions National Co-op,
imposed on Arohan Cosmos Bank merger
BS REPORTER
Mumbai, 3 January
On a Y-o-Y basis, the bank’s
deposits were up 14.6 per cent to HOW THEY PERFORMED in Q3FY25 of December 31, 2024, as against
101.4 per cent as of December 31,
~2.77 trillion in Q3 while its n Deposits n Advances (% chg Y-o-Y) 2023, and 97.7 per cent as of
Financial Services gets RBI approval Bank of Baroda, a state-owned advances grew 12.6 per cent to September 30, 2024.
bank, in its quarterly update on ~2.45 trillion during the same peri- 28.8 21.9 “The bank has been bringing
The Reserve Bank of India (RBI) on The Reserve Bank of India (RBI) on Friday said its domestic deposits od. The lender said its credit- 18.8 down the credit-deposit ratio con-
Friday lifted restrictions imposed on Friday has allowed the merger of grew 9.23 per cent year-on-year (Y- deposit (CD) ratio has inched up 14.6 tinuously since the merger
12.6 11.8
microfinance institution Arohan National Co-operative Bank with o-Y) in October-December to 88.4 per cent at the end of the 9.2 10.3 between IDFC Bank and Capital
Financial Services,with immediate Cosmos Co-operative Bank effective (Q3FY25) at ~11.65 trillion, while December quarter from 84.8 per 7.3 First in December 2018, by retiring
5.1
effect, two months after it barred the from January 6, 2025. advances increased 11.76 per cent cent at the close of the September legacy (pre-merger) bonds and
entity from sanctioning and The branches of The National Co- Y-o-Y at ~9.63 trillion, outpacing quarter. The ratio was 89.9 per cent borrowings and by scaling retail
disbursing loans. operative Bank, Bangalore (Karnataka) deposit growth during the period. in Q3FY24. IDFC First UCO Bank Yes Bank Bank of Baroda Dhanlaxmi customer deposits. The
RBI said Arohan ensured will function as branches of Cosmos Domestic retail advances grew IDFC First Bank, another pri- Source: Banks' quarterly updates Incremental Credit Deposit Ratio
adherence to regulatory guidelines Co-operative Bank Limited at a robust 19.5 per cent Y-o-Y to vate lender, reported 28.8 per cent for trailing 12 months, i.e.
especially for ensuring fairness in loan (Maharashtra) with effect from ~2.43 trillion. Y-o-Y growth in customer deposits from December 31, 2023 to
pricing which led it to remove January 6, 2025. Yes Bank reported a marginal to ~1.76 trillion in Q3FY25. On a 3.5 per cent sequentially to ~1.13 30, 2024. Advances of the lender December 31, 2024 is 76.6 per
restrictions on the firm. In October, the National Cooperative Bank has 13 contraction in deposits in Q3FY25 sequential basis, its deposits grew trillion. The CASA ratio of the bank grew 22 per cent Y-o-Y and 3.7 per cent”, the bank said.
RBI barred four non-banking finance branches. In FY24, Maratha Sahakari over the previous quarter but its 4.2 per cent. stood at 47.8 per cent as of cent sequentially to ~1.89 trillion UCO Bank reported (domestic)
companies (NBFCs), including two Bank and Sahebrao Deshmukh advances grew over 4 per cent dur- In deposits, its current account December 31, 2024, as against 46.8 in Q3FY25. advances growth of 18.83 per cent
microfinance institutions (MFIs) from Sahakari Bank also merged into ing the same period, according to savings account (CASA) ratio per cent as of December 31, 2023, Additionally, the bank said its Y-o-Y and 5.17 per cent sequential-
sanctioning new loans. BS REPORTER Cosmos Bank. BS REPORTER the bank’s Q3 business update. increased 32.3 per cent Y-o-Y and and 48.9 per cent as of September CD ratio stood at 95.7 per cent as ly to ~1.83 trillion in Q3FY25.

> FROM PAGE 1

New rule to EPFO can start 13 states and UTs
Budgetary support Thematic, smallcap, avoid tax assessment
tagged ‘achievers’
deduction on against firms
scheme for gig midcap funds lead purchases via under IBC in logistics survey
workers likely MF folio table IFSC sellers PRESS TRUST OF INDIA
New Delhi, 3 January PRESS TRUST OF INDIA Tripura, Dadra, and Nagar
Earlier last month, labour secretary Sumita Dawra chaired a “The factors include investor MONIKA YADAV New Delhi, 3 January Haveli and Daman and Diu,
meeting to deliberate on social security schemes for gig and optimism during bullish mar- New Delhi, 3 January The insolvency appellate tri- Jammu and Kashmir,
platform workers as part of the ongoing deliberations to put in ket phases, superior recent bunal has held that there is Gujarat, Karnataka, Lakshadweep, Puducherry,
place social security coverage for this workforce. The meeting performance of these funds, The Ministry of Finance has no bar against assessment Maharashtra, Odisha, Tamil have been categorised as “fast
was attended by labour ministry officials, platform aggregators and a growing appetite for introduced a new tax rule, proceedings by statutory Nadu and Delhi are among the movers” in the report.
like Zomato and Swiggy, workers’ associations, and participants higher returns among effective January 1, 2025, authorities, including the 13 states and Union Territories Those in the “aspirers” cat-
from Niti Aayog, ILO (International Labour Organisation) and younger, more risk-tolerant allowing buyers to avoid tax EPFO, once the liquidation that have been categorised as egory include Kerala, West
NCAER (National Council of Applied Economic Research). investors. Additionally, eco- deduction on purchases process starts against any “achievers” in the logistics Bengal, Chhattisgarh,
The meeting deliberated upon the various forms of benefits nomic recovery, sector-specif- made from sellers operating debt-ridden company under index chart 2024, according to Jharkhand, Andaman and
available to the unorganised and organised sectors, operational ic growth stories, and November 2024, equity new within the International the IBC. the sixth LEADS (Logistics Nicobar Islands, and Ladakh.
mechanisms, funding requirements, monitoring and evalua- increased financial awareness fund offerings (NFOs) collect- Financial Services Centres However, it also clarified Ease Across Different States) The report ranks states on
tion, and grievance redressal aspects. have driven interest in these ed about ~88,000 crore across (IFSC). that once a debt-ridden 2024 report the basis of four key
Labour lawyer B C Prabhakar said that since the new labour categories,” he said. 68 schemes, of which ~73,346 This change simplifies company is protected under released on Friday. The index is an pillars — Logistics
codes are not yet implemented, it is pertinent that the govern- Smallcap and midcap crore came from 47 sector the tax deduction process, moratorium after the initia- The index is an indicator of the Infrastructure,
ment come up with a holistic framework for the welfare of this funds, along with select the- funds. NFOs usually attract provided buyers follow spe- tion of insolvency proceed- indicator of the effi- efficiency of Logistics Services,
bulging workforce. matic funds, have been the new folios, both by existing cific guidelines. ings against it, the ciency of logistical logistical services Operating and
“It is expected that under this framework, the government top-performing MF schemes and new investors,” said Under the new regula- Employees' Provident services necessary necessary for Regulatory
may come up with a scheme with budgetary support. This will across timeframes over the Sriram BKR, senior invest- tion, sellers must submit a Fund Organisation (EPFO) for promoting promoting exports Environment, and
be akin to other schemes that the government has already past two-three years. ment strategist, Geojit declaration detailing the cannot continue such pro- exports and eco- and economic the newly intro-
launched for the welfare of various categories of workers like According to experts, most Financial Services. previous years for which ceedings. nomic growth. growth duced Sustainable
PM SvaNIDHI for street vendors, etc.,” Prabhakar added. investors using online plat- In addition, funds like they are claiming tax deduc- While dismissing the two In 2023 also, 13 Logistics, accord-
The new Code on Social Security 2020 outlines various meas- forms select funds largely on ELSS have their own reasons tions. This declaration must petitions filed by the EPFO, states and UTs were in the ing to the sixth LEADS
ures for gig and platform workers, including life and disability the basis of past performance. for the decline in investor be in the prescribed format National Company Law achievers category. (Logistics Ease Across
insurance, accident insurance, health and maternity benefits, In the case of thematic interest. Experts say the intro- and verified according to the Appellate Tribunal (NCLAT) The other states and UTs in Different States) 2024 report
and old-age protection. It also proposes setting up a Social funds, the jump in folios is also duction of the new tax regime government’s guidelines. said once a company is pro- the “achievers” category are unveiled by Commerce and
Security Fund to support these initiatives. linked to a record number of has dented the fund category Once buyers receive this tected under moratorium as Chandigarh, Haryana, Industry Minister Piyush
According to a 2022 Niti Aayog report, there were around 7.7 fund launches in this category as investors opting for the new declaration from sellers, per the provisions of Section Telangana, Uttar Pradesh, Goyal. The index aims at
million gig and platform workers in India in 2020-21, and are over the past two years. regime get no tax benefits by they will not be required to 14 (1) of the Insolvency & Uttarakhand, Assam, and enhancing focus on improving
projected to grow to 23.5 million by the end of 2029-30. “Between November 2023 and investing into ELSS. deduct tax on payments Bankruptcy Code (IBC), Arunachal Pradesh Andhra logistics performance across
made to them. assessment proceedings for Pradesh, Goa, Bihar, Himachal states, which is essential for
"... the seller shall - (i) fur- determination of quantum Pradesh, Madhya Pradesh, improving the country’s trade
nish a statement-cum-dec- of dues cannot be Punjab, Rajasthan, Meghalaya, and reducing transaction
ACCENT REGION laration in the format pro-
vided in Form No. 1 annexed
continued. Mizoram, Nagaland, Sikkim, costs.

to notification of the
UTTAR PRADESH Government of India in the

Targets ~4,000 crore corpus for startups

Ministry of
Department of Revenue
Finance,

(Central Board of Direct

FISME proposes measures to
address protectionist policies
Taxes) number S.O. 1135(E),
dated the 7th March, 2024
VIRENDRA SINGH RAWAT Now, Chief Minister Yogi The CM also envisaged a youth and enhance the state’s (hereinafter referred to as
Lucknow, 3 January Adityanath has proposed comprehensive mapping of reputation on a global scale. the said form) to the buyer
equalising the contributions of global and local markets to Meanwhile, he called for the giving details of previous MONIKA YADAV (IIMs) or the Indian Institute of Foreign Trade
The Uttar Pradesh (UP) govern- the government and the invest- nudge students for innovations development of trades based years relevant to the ten con- New Delhi, 3 January (IIFT) before any new tariffs or non-tariff barri-
ment is planning to create a ment managers. This will aligned with the current trends on global market mapping and secutive assessment years ers are imposed. They stressed the importance
corpus of almost ~4,000 crore potentially expand the startup and demands. Highlighting the modernisation of traditional for which the seller opts for Amid the recent HSBC India Manufacturing of consulting micro and small & medium enter-
to promote startups and enrich corpus to almost ~4,000 crore. rapid evolution of technology, trades. The government envis- claiming deduction under Purchasing Manager’s Index (PMI) report indi- prises (MSMEs) and user industries to ensure
the market innovation ecosys- “This is expected to boost Yogi noted, “Innovation must ages to integrate startups into subsections (1A) and (2) of cating a concerning 12-month low in manufac- their perspectives are included in the final deci-
tem in the state. innovation across UP and pro- keep pace with changing tech- the trade and business value section 80LA of the said Act; turing activity, the Federation of Indian Micro sion-making process. Additionally, they recom-
The proposed corpus will be vide students with opportuni- nology and global market chain while the technical uni- and (ii) such statement-cum- and Small & Medium Enterprises (FISME) has mended that a group of ministers (GoM) oversee
facilitated by the state govern- ties to showcase their talents trends.” He said that the gov- versities will provide space for declaration so furnished urged the government to take immediate action these measures to ensure balanced and effective
ment and the investment man- and ideas,” the CM said recent- ernment has ample funds for one district one product shall be verified in the man- to mitigate the impact of rising protectionist outcomes.
agers under the aegis of the UP ly while presiding over a meet- supporting young innovators (ODOP) items. ner specified in the said measures on the sector. During the meeting, FISME representatives
Innovation Fund (UPIF). ing to review the UPIF. who often lack timely financial The state will accord full Form, for each previous year During a meeting with Chief Economic raised alarms over the recent QCOs for steel,
Two years ago, the state had He also directed the three support. Underpinning the autonomy to these varsities to relevant to the ten consecu- Advisor V Nageswaran, FISME representatives which impose 151 stringent standards and effec-
contributed ~400 crore for technical universities in the importance of channeling foster innovation and nurtur- tive assessment years for outlined several key recommendations to tively hinder imports, allowing domestic pro-
startups while the investment state to establish dedicated funds through varsities to ing fresh business ideas. They which the seller opts for address these pressing issues. FISME has called ducers to raise prices significantly. They also
managers were expected to innovation centres for prolifer- empower students, he will also collaborate with the claiming deduction under for a thorough analysis of the proposed quality highlighted that similar restrictions are being
contribute between ~1,200 ating the startup culture with observed that the startup cor- Indian Institutes of Technology subsections (1A) and (2) of control orders (QCOs), anti-dumping measures, extended to critical materials like copper, alu-
crore and ~3,600 crore for the the government providing the pus will foster groundbreaking (IITs) to enhance their innova- section 80LA of the said and safeguard duties by reputable institutions minium, and polymers, jeopardising MSMEs’
purpose. necessary funding. innovations, empower the tion capabilities. Act," the notification said. such as the Indian Institutes of Management access to competitively priced inputs.
.
MUMBAI | SATURDAY, 4 JANUARY 2025 ECONOMY & PUBLIC AFFAIRS 7 <

H-1B VISA ROW

Skilled worker movement

helps both US, India: MEA
SUBHAYAN CHAKRABORTY
New Delhi, 3 January
Govt protests China’s
creation of two new
T
he movement of skilled profession-
als, which is an important part of
India-US ties, benefits both coun- counties in Hotan
tries, the Ministry of External Affairs (MEA) India on Friday said it has lodged a
said on Friday amid a deepening debate “solemn protest” with China over
over H-1B visas, on which US President- establishment of two new counties
elect Donald Trump and his backer Elon in Hotan prefecture as parts of
Musk have recently commented. these regions fall in Indian union
“India-US economic ties benefit a lot territory of Ladakh. In a strong
from the technical expertise provided by reaction, New Delhi said creation of
skilled professionals, with both sides lever- new counties will neither have a
aging their strengths and competitive val- bearing on India’s long-standing
ue. We look forward to further deepening INDIA-US ECONOMIC TIES and consistent position regarding
India-US economic ties, which are to our BENEFIT A LOT FROM THE TECHNICAL its sovereignty over the area nor
mutual benefit,” MEA spokesperson lend legitimacy to China’s “illegal
Randhir Jaiswal said, replying to questions EXPERTISE PROVIDED BY SKILLED and forcible” occupation of the
about the H-1B visa debate in the US. PROFESSIONALS, WITH BOTH SIDES same. External Affairs Ministry
“Both our countries have a strong and LEVERAGING THEIR STRENGTHS spokesperson Randhir Jaiswal said
growing economic and technological part- AND COMPETITIVE VALUE India has never accepted
nership, and within this ambit, mobility the "illegal" Chinese occupation of
of skilled professionals is an important RANDHIR JAISWAL Indian territory in the
component,” he stressed. Spokesperson, Ministry of External Affairs area. PTI
The ongoing debate over the H-1B visa
broke out last month (December) after two
of Trump's close confidants — Tesla owner
Elon Musk and entrepreneur Vivek
ment of Indian professionals, including
those under the H-1B visa programme,
Will protect our
Ramaswamy — came out in support of the through the appropriate India-US bilateral interests: Govt on
visa. Both have been tasked to head the dialogue mechanism. According to the
newly created Department of Government data released by the US Citizenship and China’s plan to build
Efficiency. On the other side are leading Immigration Services (USCIS), Indian dam on Brahmaputra
MAGA (Make America Great Again) pro- nationals received the highest number of
ponents, who want US tech companies to H-1B visas, or 72.3 per cent of all the Days after China announced its plan
hire more Americans. Late last month, H-1B visas issued by the US for the finan- to build a mega dam on (A Government of Karnataka Undertaking)
Trump said he fully backed the H-1B pro- cial year 2023. Brahmaputra river in Tibet, India on IMPORT AND EXPORT DIVISION
gramme for foreign workers after Musk India is keen to strengthen ties under Friday said it will continue to # 36, MSIL House, Cunningham Road, Bengaluru - 560 052.
vowed to go to "war" to defend it. Trump, Jaiswal said. He noted that monitor and take necessary Ph:080-22264021-25 FAX:080-22734574
Indians are the main beneficiaries of External Affairs Minister (EAM) S measures to protect its interests. E-mail:[email protected] website:www.msilonline.com
H-1B visas, which bring in the best of the Jaishankar and the Foreign Secretary In its first reaction to the proposed
No.MSIL/BSIS/02/2024-25 Date:03.01.2025
talent and brains from across the world. Vikram Misri visited the US last month dam, New Delhi urged Beijing to
Introduced in 1990, the visas were intend- and held meetings with Trump's transition ensure that the interests of NOTICE INVITING TENDER (NIT)
ed to bring highly skilled foreign workers team. Both Musk and Ramaswamy have downstream states of the SHORT-TERM TENDER NOTIFICATION (CALL-2)
temporarily to the US. Visa-holders could argued that H-1B visas are essential to Brahmaputra are not harmed by
apply for green cards and extend their stay attract the best of the talent, as the US falls activities in upstream areas. Tenders are invited by Mysore Sales International Limited,
in the country. short in many of the specialised fields. “We will continue to monitor and Bengaluru, from eligible Indian Buyers/Traders for "Bulk
However, the visas are capped at They have been joined by Indian take necessary measures to protect Sale of Imported Natural River Sand" (for PAN India
65,000 annually, with an additional 20,000 American Democratic lawmakers, includ- our interests,” External Affairs Sales) on AS IS WHERE IS BASIS, at Adani Krishnapatnam
for those who received higher education ing Ro Khanna, Raja Krishnamoorthi, and Ministry spokesperson Randhir Port, Nellore, Andhra Pradesh, as detailed below: Cost of
from the US. Indian IT companies have Shri Thanedar, who have come out in sup- Jaiswal said. There have been Bidding Document (Non-Refundable): Rs.500 (Five Hundred
been a major beneficiary of the scheme, port of H-1B visas, after a sudden backlash apprehensions that the dam will Only) through e-Portal mode of payment. Bid Document
and receive visas through a lottery system. against it as soon as Trump appointed have adverse impact on Arunachal Available on website: From 04.01.2025 to 18.01.2025.
India remains closely engaged with the US Sriram Krishnan as his senior policy advi- Pradesh as well as Assam. PTI Pre-bid Conference: At 11.00 Hrs onwards (tentatively on
government on all issues relating to move- sor for artificial intelligence (AI). 08.01.2025) at MSIL Head Office, Bengaluru. Bid Due
Date/Time: Up to 15.00 Hrs on 18.01.2025. For further
details please refer Karnataka e-Procurement portal /

NALL IN A DAYN website:https://kppp.karnataka.gov.in (However, the bidder

may contact the undersigned, for any clarifications). All
Corrigendum, amendments, time extensions, clarifications
SC directs Centre to Takes two to tango: India always stood shall be uploaded in the websites only and will not be
published in the Newspapers. Bidders should regularly visit
hold meetings on Pak foreign min on by Maldives, says the above website to keep themselves updated. Tenderers/
Bidders may please note that absolute ownership of the
vacant medical seats relations with India EAM Jaishankar imported sand vest with MSIL.
Sd/- General Manager (Import / Export) Mob:9844282169
Seats in medical courses cannot remain Pakistan's Deputy Prime Minister and India and the Maldives have finalised a
vacant, the Supreme Court on Friday said Foreign Minister Ishaq Dar has framework to promote the use of local
and asked the Centre to hold a meeting emphasised that normalising relations currencies for cross border trade with
with the relevant stakeholders, including with India requires mutual willingness. External Affairs Minister S Jaishankar
the states, and consider the Speaking with journalists at the Foreign asserting that New Delhi has always stood
recommendations of a committee Office here on Thursday, Dar highlighted by the island nation. Jaishankar made the
appointed over the issue. A bench of Justices Pakistan's diplomatic efforts since the remarks at a meeting with his Maldivian
B R Gavai and K V Viswanathan was hearing Pakistan Muslim League-Nawaz (PML-N) counterpart Abdulla Khaleel in Delhi.
the matter when it observed, "Seats also government took office last year. Khaleel arrived on Thursday on a three-
cannot go vacant." In April, 2023, the apex When asked about Pakistan's relations day visit to explore ways to bolster bilateral
court flagged the issue of super speciality with India, he stressed on the ties in key areas including maritime security
seats in medical courses remaining unfilled. importance of mutual effort, and said: and investment. "I see that the framework
The Centre had then proposed to appoint a “It takes two to tango.” Dar also to promote the use of local currencies for
committee, consisting of all the announced plans to visit Bangladesh cross border transaction has been signed,"
stakeholders including representatives of next month and noted that Islamabad Jaishankar said. "We have increased our
states and private medical colleges, under and Dhaka are rebuilding ties after the engagement in various sectors and I do
the chairmanship of director general of fall of the Hasina government in August want to say that India has always stood by
health services to resolve the issue. PTI last year. PTI the Maldives,” he said. PTI

Thousands gather to pay Make 2025 year

of poverty-free
final tribute to Dr Singh villages: Chouhan
ANUSHKA BHARDWAJ SANJEEB MUKHERJEE
New Delhi, 3 January New Delhi, 3 January

From political stalwarts to ordinary admirers, Ahead of the Union Budget, Rural
thousands united in grief and reverence at Development Minister Shivraj
New Delhi’s Rakab Ganj Sahib Gurudwara, Singh Chouhan on Friday called
on Friday, to pay their tribute to former Prime upon state ministers to make 2025
Minister Manmohan Singh, whose quiet a year of ‘poverty-free villages.’
demeanour belied his transformative impact Addressing a virtual review
on India’s economy and polity. meeting with state rural develop-
“Given the stature of Singh Sahab, we had ment ministers, Chouhan said
made arrangements for over 3,000 people,” that few villages in every block
said a member of the Delhi Sikh Gurdwara Congress leader Sonia Gandhi (left) with could be identified for ideal imple-
Management Committee (DSGMC). Among late former PM Manmohan Singh’s wife mentation of all the schemes.
those attending were Congress president Gursharan Kaur (extreme right) PHOTO: PTI He said ‘poverty-free village’
Mallikarjun Kharge, Congress Parliamentary means that no-one should be
Party chairperson Sonia Gandhi, Punjab Opposition in Punjab, was more pointed. unemployed in that village, and
Chief Minister Bhagwant Mann, and former “Manmohan ji was the PM for 10 years. His everyone should have some
chief ministers Bhupinder Singh Hooda and cremation arrangements should have at least source of livelihood. He also said
Ashok Gehlot, and a roster of other political matched his contributions,” he said. the Centre has started the survey
luminaries. Delhi Pradesh Congress Committee presi- to identify new beneficiaries of
Solemn shabads and a sea of mourners dent Devender Yadav, who was among the firsts Pradhan Mantri Awas Yojana and
filled the prayer hall. The mood was contem- to arrive, summed up Singh’s legacy with quiet care should be taken to ensure that
plative as the strains of kirtan by Harjinder conviction: “Manmohan ji was an example of no-one is left behind.
Singh Ji Sri Nagar Wale reverberated in the why silence should not be misunderstood.” Chouhan also called upon the
air. The ragi, a family favourite of the Singhs, Inside the hall, however, Singh’s eldest states to effectively use technology
had flown in from the US to pay his respects. daughter, Upinder Singh, gently reminded and IT solutions to identify the
But political voices stirred outside. “Even the gathering that this was a moment for beneficiaries of PM-Awas Yojana,
if a large-sized memorial is not made today, prayer, not accolades. Gursharan Kaur, his and said the work of identifying
we will get one made after getting back into wife, greeted mourners with folded hands; the fresh beneficiaries using the
power,” declared Sukhjinder Singh earlier in the day, she had sung a shabad dur- Awas plus app should be complet-
Randhawa, former deputy chief minister of ing the Akhand Path at their residence, joined ed in the next three months.
Punjab. His comments found an echo among by Sonia Gandhi, Kharge, and former vice- Chouhan also informed the
other Congress leaders, who voiced their president Hamid Ansari. ministers that towards the dream
demands for greater recognition of Singh’s DSGMC announced a series of initiatives of Prime Minister Narendra Modi
contributions. “Dr Singh’s contribution is to honour Singh’s memory: Scholarships for of creating 30 million Lakhpati
beyond the Bharat Ratna; it is upon the gov- economics students, an institute named after Didi’s, 11.5 million Didi’s have
ernment to decide if they want to confer him him, photographs in all DSGMC-managed become Lakhpati Didi’s and 29.1
with one,” Randhawa added. institutions, and an annual memorial event million potential Lakhpati Didi’s
Pratap Singh Bajwa, the leader of on December 26. have been identified in states.
8 WORLD
>
MUMBAI | SATURDAY, 4 JANUARY 2025

Biden blocks $15 bn

sale of US Steel to
2,700 cops fail to arrest China to offer
phone subsidy in
Japan’s Nippon Steel Yoon after 6 hr standoff spending push
REUTERS
Washington/Tokyo, 3 January
South Korean presidential guards prevent arrest of impeached leader
BLOOMBERG BLOOMBERG sales for not just brands such
US President Joe Biden offi- 3 January 3 January as Huawei Technologies and
cially blocked Nippon Steel’s Xiaomi, but also galvanize

S
proposed $14.9-billion pur- outh Korean anti-corruption China will expand consump- business on platforms popular
chase of US Steel on Friday, investigators failed to arrest tion subsidies to cover smart- with device fans like Alibaba
dealing a probably fatal blow impeached President Yoon phones and other electronics, Group Holding and JD.com.
to the contentious merger plan “Without domestic steel Suk Yeol after a nearly six-hour in a step to promote domestic The move is part of China’s
after a year of review. production and domestic standoff with his security team on spending as external head- efforts to encourage consump-
In reponse, Nippon Steel steel workers, our nation is Friday, showing tensions remain winds pick up. tion to offset the effects of any
has decided to file a lawsuit less strong and less secure” high even after he has been sus- A national trade-in pro- new US tariffs on Chinese
against the US government to pended from his duties. gramme that currently applies exports, which have been a key
challenge the appropriateness JOE BIDEN, US President On a frigid day in Seoul, a team to home appliances and cars growth driver. For only the sec-
of the procedures by which from the Corruption Investigation will broaden this ond time in a
Biden issued an order to block supply chains,” Biden said. Office for High-ranking Officials year to include A national trade-in decade, top
its acquisition of US Steel, the “Without domestic steel pro- backed by some 2,700 police officers personal devices programme that leaders last
Nikkei business daily reported. duction and domestic steel surrounded Yoon’s residence in like phones, tab- currently applies to month made
“A strong domestically workers, our nation is less Seoul’s Yongsan district. His secu- lets and smart- home appliances stimulating
owned and operated steel strong and less secure.” rity team blocked investigators from watches, officials and cars will spending and
industry represents an essen- President-elect Donald executing the arrest warrant for from the nation’s broaden this year domestic
tial national security priority Trump has also vowed to block insurrection related to Yoon’s brief top economic to include phones, demand their
and is critical for resilient a foreign takeover of the firm. imposition of martial law. planning agency tablets, and priority in 2025.
With about a thousand pro- said on Friday. smartwatches The govern-
testers gathered outside his res- Chinese con- ment will “sig-
idence, the investigators called off sumers in the nificantly”

‘Open up’ North Sea, get their efforts at 1:30 pm local time
due to safety concerns for personnel
post-Covid era have begun increase the sale of ultra-long
holding onto their smart- special treasury bonds to fund
on site. phones longer, given a lack of the program, which also
rid of windmills: Trump Yoon’s representative called the
arrest attempt illegal and vowed to
exciting new features and gen- encourages companies to
eral belt-tightening. As with upgrade their equipment,
REUTERS take legal action. cars and washing machines, according to Yuan Da, deputy
3 January investors hope incentives will secretary-general of the
revive the world’s largest National Development and
US President-elect Donald Trump called to “open up” the British
North Sea and get rid of windmills in a post on his social media WHAT'S NEXT? smartphone market and drive Reform Commission.

platform Truth Social on Friday.

 Investigators
In October, the UK said it would increase a windfall tax on
North Sea oil and gas producers to 38 per cent from 35 per cent have until January AI cannot replace human
6 to arrest Yoon
and extend the levy by one year. The government wants to use
the revenue from oil and gas to raise funds for renewable energy Suk-Yeol before decision-making on
projects. “The UK is making a very big mistake. Open up the the current
North Sea. Get rid of Windmills!” Trump’s post said.
His post was in response to a report about
warrant expires battlefield: China military
US oil and gas producer APA Corp’s unit  The anti-corruption Investing heavily in modernisation, the
Apache’s plans to exit the North Sea by 2029 investigators may attempt Chinese military has cautioned its armed
-end. The firm expects North Sea produc- to arrest Yoon again over forces against banking heavily on
tion to fall by 20 per cent in 2025. the weekend artificial intelligence (AI) saying that AI
 Corruption Investigation should be a tool to guide but not a replacement
THE UK IS MAKING A Office can also apply for a for human decision-making in the battlefield
(Clockwise from top) Members of the Korean Confederation of Trade Unions scuffled with because it lacks self-awareness capability. “As AI
VERY BIG MISTAKE” officers as they marched toward the presidential residence in a rally demanding the arrest
new warrant and try to
evolves, it must remain a tool guided by human judgment,
DONALD TRUMP, US President-elect of impeached President Yoon Suk Yeol while Pro-Yoon supporters adopted ‘Stop the Steal’
detain Yoon again ensuring accountability, creativity, and strategic adaptability
slogans popularised by US President-elect Donald Trump supporters in hopes the incoming  The extent of the CIO’s remain at the forefront of military decision-making” said an
president would help their embattled leader. Anti-Yoon protesters marched towards Yoon’s jurisdiction, however, article published in People’s Liberation Army Daily. PTI
residence, after members of the Corruption Investigation Office were seen leaving his has been challenged
IN BRIEF residence after failing to execute an arrest warrant on Friday, in Seoul PHOTOS: AP/PTI & REUTERS
Foreign phone sales Yuan weakens
fall 47% in China in after defending
Morgan Stanley follows
suit, quits climate group US surgeon general calls for accompanying the new report,
adding the type of alcohol con-
sumed does not matter.
trouble for Apple
Shipments to China of
7.3 vs $ for weeks
The onshore yuan
Morgan Stanley terminated its membership of a major
climate-banking group, joining a wave of Wall Street firms
that recently quit a global alliance intended to aid the
cancer warnings on alcohol His advisory sent shares in
alcohol firms including Diageo,
Pernod Ricard, Anheuser-
foreign smartphones,
including Apple’s iPhone,
fell by 47.4 per cent to 3.04
weakened past a level that
China had been defending
throughout December,
reduction of greenhouse-gas emissions. Morgan Stanley is BLOOMBERG colon and liver cancer, but Busch InBev, and Heineken million units in November, opening up room for the
leaving the Net-Zero Banking Alliance, the lender said. 3 January most US consumers remain down, in some cases over 3 per from a year earlier, according managed currency to drop
Citigroup and Bank of America said earlier this week that unaware of this. cent. Alcohol producers and to data released on Friday further amid a sluggish
they were doing the same. BLOOMBERG Alcoholic drinks should carry Murthy also called for the industry associations, did not from a government-affiliated economy. Yuan breached the
a warning about cancer risks guidelines on alcohol con- immediately share comments. research firm, down for the psychological milestone of
on their label, the US Surgeon sumption limits to be It is unclear when or if the fourth month. Apple, the 7.3 per dollar for the first time
Blue-chip firms sell $15 bn General said on Friday in a
move that could signal a shift
reassessed so that people can
weigh the cancer risk when
Surgeon General’s suggestions
will be adopted. President Joe
dominant foreign smart-
phone maker in China, faces
since 2023, amid concerns
over China’s economic
of debt in January spree towards more aggressive
tobacco-style regulation for the
deciding whether or how much
to drink. US dietary guidelines
Biden’s administration is enter-
ing its final two weeks. Murthy
a slowing economy and
competition from domestic
struggles and a widening
bond yield discount to the
A slew of blue-chip firms raised a total of $15.1 billion in the sector. US Surgeon General currently recommend two or could be succeeded by Janette rivals. As its share declined, US. The spot yuan closed the
US investment-grade primary debt market, as underwriters Vivek Murthy (pictured) said fewer drinks per day for men the third leading preventable Nesheiwat, a director of a New Apple launched a rare four- onshore trading session
brace for what’s expected to be one of the busiest Januaries alcohol consumption increases and one drink or less per day cause of cancer in the US, after York chain of urgent care day promotion in China, down 0.14 per cent at 7.3093
for bond sales. Ford Motor, General Motors, and Credit the risk of at least seven types for women. tobacco and obesity,” Murthy’s clinics and Donald Trump’s cutting prices by up to on Friday, its weakest level
Agricole were among 10 high-grade firms that borrowed of cancer, including breast, “Alcohol consumption is office said in a statement pick for the role. $68.50 to boost sales. REUTERS since 2023. AGENCIES
money. Issuance this month could surpass the decade
average of $145 billion for January. BLOOMBERG

Tesla Cybertruck in list of Diamond from Modi: Jill Biden’s priciest gift in 2023
EVs eligible for US subsidy PRESS TRUST OF INDIA Sandalwood Box,’ a book titled The The US president also received a
FILE: PTI

Tesla’s Cybertruck qualified Tesla China sales hit Washington, 3 January Ten Principal Upanishads, a statue, number of expensive presents,
for up to $7,500 in US tax record high in 2024 and an oil lamp, valued together at including a commemorative photo
credits for the first time this Tesla said on Friday its China A $20,000 diamond presented by an estimated $6,232.00. album worth $7,100 from South
year, part of reshuffling sales rose 8.8 per cent to a Prime Minister Narendra Modi to US While President Biden’s gifts Korea’s recently impeached
under tougher rules that record high of more than First Lady Jill Biden was the most have been transferred to the President Suk Yeol Yoon, a $3,495
took effect on January 1 that 657,000 cars in 2024, a expensive gift given by any world National Archieves and Records statue of Mongolian warriors from
also newly disqualify other strong performance in a leader to the Biden family in 2023, Administration (NARA), the First the Mongolian prime minister, a
electric vehicles for federal competitive market in a year the US State Department said. Lady’s diamond has been retained $3,300 silver bowl from the sultan of
subsidies. The number of EVs when its annual global The 7.5 carat eco-friendly, ‘For Official Use in the East Wing,’ Brunei, a $3,160 sterling silver tray
and plug-in hybrids deliveries fell for the first lab-grown diamond was gifted by said the annual accounting from the president of Israel, and a
currently qualified for a time. Tesla’s sales in the Modi in June 2023 at a private dinner published by the State Department. collage worth $2,400 from Ukrainian
credit is 18 models, down world’s largest auto market at the White House during his state The First Lady’s second costliest President Volodymyr Zelenskyy.
from 22 last year, according also increased 12.8 per cent visit on an invitation by President gift was a ‘Steel Fragment Forget- Federal law requires executive
to the Department of Energy in December from a month Joe Biden. According to the Me-Not Flower Brooch’ with an branch officials to declare gifts they
and Environmental earlier to a record high of exchange rate then, the diamond’s estimated cost of $14,063 from receive from foreign leaders and
Protection Agency. 83,000 units. AGENCIES cost was about ~16 lakh. Oksana Markarova, Ambassador of counterparts that have an estimated India PM Narendra Modi gifted a 7.5-carat lab-grown diamond worth $20,000
Modi gifted Biden a ‘Carved Ukraine to the US in July 2023. value of more than $480. in a papier mache box from Kashmir to US First Lady Jill Biden, in June 2023

THE BS CROSSWORD #3555 BS SUDOKU #4471

ACROSS: hens and wild-fowl (4) hundred a year back (7) growing? (2,4) Hard:
22 Succeeding in showing 4 Country long restricted by 23 Takes something the wrong ««««
7 Hector starting hockey the up (8) revolutionary voices (3,5) way (4) Solution on Monday
old-fashioned way (5) 25 Study the paperwork to 5 A small type of servile 24 It's planted in soil or dug
8 Is behind an idea to ensure it is appropriate (8) creature (6) out of it (5)
improve road safety (4,5) 26 Plainly not in a hairy 6 Cautious since charity is
10Pretentious Greek character fashion (6) without it (5)
doubled up (6) 27 Overbearing pride in the SOLUTION #3554
9 Handle knocked out
11 Dog on the railway line is orange car ? (9) apprentice (4)
mine (8) 28Poles are to set a trap (5) 14 Angry viol composition SOLUTION TO #4470
12Order Pat to be the one to begetting empty self-
seek a victim (8) DOWN: glorification (9)
13Common noun in new 16 Relaxed and in good shape
form (3-1) 1 Christian sacrament involves for a final appraisal (8)
such a rite (9)
HOW TO PLAY
15Ancient kingdom like a 18 Enduring advice on how to
modern state (7) 2 In the midst of drama hero Fill in the grid so that
get old ? (4-4)
17 Holder of the post on the is displaying calm (8) 19 Possesses foot-cover to every row, every column
way (4,3) 3 Piggy comes from gym class kneel on ? (7) and every 3x3 box
20 It has been know to attack and gets a couple of 21 Walking where the corn's contains the digits 1 to 9

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>
MUMBAI | SATURDAY, 4 JANUARY 2025 OPINION 9

Will Trump fire the Fed? policymakers will struggle to stimulate

the economy without triggering runaway
price growth. Such a presidential “vic-
Mr Trump has already done something
similar with the presidency since being
elected in November; the world pays far
political interference.
To understand the stakes, suppose Mr
Trump manages to fire Mr Powell and
however, the spotlight is on whom Mr downturn is mild or at least brief. tory” over the Fed would reduce trust in more attention to him than to Mr Biden. pressures the Fed to keep interest rates
Trump might try to dismiss rather than While no US president has been other key institutions as well. To be sure, this strategy is unlikely to low to boost economic growth, particu-
whom he plans to appoint. Although Mr quicker to fire his appointees than Mr Fortunately, firing Mr Powell is not so have a meaningful impact on the Fed. larly during his first two years, before
Trump has said he will not seek to remove Trump — the former star of The simple. While Fed chairs are appointed Mr Powell might face pointed questions Democrats likely retake the House of
Federal Reserve Chair Jerome Powell — Apprentice — outgoing President Joe by the president, their terms are set by about the policies of Mr Trump’s shadow Representatives. Longer-term interest
whose term ends in May 2026 — there is Biden moved too far in the opposite direc- statute, which means the President does Fed during congressional hearings or rates — such as those on home and car
little doubt that Mr Trump would love to tion, refraining from dismissing any not have the authority to remove them. press conferences, but such a group loans, which the Fed does not control
tell Mr Powell, “You’re fired.” member of his Cabinet. Most notably, Mr Mr Trump could ask Mr Powell to resign, would not carry more weight than other directly — would almost certainly rise,
Mr Trump’s antagonism towards Mr Biden stood by Homeland Security but Mr Powell has already made it clear external critics. first gradually and then dramatically.
Powell is baffling, given that Mr Powell Secretary Alejandro Mayorkas despite Mr that he will not step down. Still, the risks posed by Mr Trump’s Before long, the Fed would be forced to
KENNETH ROGOFF has been doing an excellent job. Though Mayorkas’s role in overseeing the admin- That said, the Fed’s independence is approach should not be underestimated. reverse course, eroding its credibility and
less visually thrilling than a SpaceX istration’s ill-considered “open borders” not enshrined in the US Constitution. Central-bank independence is arguably weakening the US economy.
booster landing, the Fed’s success in policy. And to Mr Trump’s credit, the lead- With sufficient support from the Senate the most important macroeconomic-pol- The good news is that for all his capri-

N
early every Cabinet or staff achieving a soft economic landing amid ing candidate to replace Mr Powell, Kevin and House, Mr Trump could amend the icy innovation since the supply-side rev- ciousness, Mr Trump is ultimately a
appointment announced by US aggressive interest-rate hikes is no less Warsh, is a highly regarded former Fed law to dismiss Mr Powell. But for now, the olution of the 1970s. While inflation tar- pragmatist, not an ideologue. The long-
President-elect Donald Trump spectacular. Such a delicate balancing governor who has consistently been even Fed is shielded by the near-certainty that geting and the “Taylor rule” have played term consequences of undermining the
has been met with a predictable wave of act has been pulled off only once before, more hawkish than Mr Powell. In the long any serious attempt to override its inde- a pivotal role in shaping modern mone- Fed’s independence would be in no one’s
media outrage. Some of this hysteria can in the 1990s, when monetary “maestro” term, any attempt by Mr Trump to under- pendence would roil financial markets. tary policy, they rely on central banks’ interest, including his own.
be attributed to deep-seated partisan Alan Greenspan headed the Fed. Given mine the Fed’s independence could If removing Mr Powell is not an option, credibility and autonomy. Historically,
biases, some reflects legitimate concerns, that sharp increases in interest rates typi- severely impede its ability to respond to Mr Trump might name a “shadow” Open central banks led by technocrats focused The author is professor of economics and
and some is pure nonsense. cally trigger recessions, economists often economic and financial crises. If inflation Market Committee to undermine Mr on maintaining price stability have con- public policy at Harvard University.
When it comes to the US economy, consider it a success when the resulting expectations are not firmly anchored, Powell’s authority and pressure the Fed. sistently outperformed those plagued by ©Project Syndicate, 2025

ILLUSTRATION: BINAY SINHA

Covid’s lessons have

all been forgotten shorter-term incentives. The vaccines
The vaccines allowed Covid to be treated as an allowed Covid to be treated as an aberra-
tion, but we must not forget what it
aberration, but we must not forget what it really was: A really was: A preview of the kind of plan-
preview of the kind of planetary challenges that await us etary challenges that await us. In the
face of climate change, uncontrolled
artificial intelligence, and other devel-

I
n December 2019, as the world was tancing and masks soon became deeply opments, cooperative cross-border solu-
looking ahead to a new year, a novel divisive political issues. tions are not a starry-eyed indulgence,
virus was quietly spreading in The pandemic also lent urgency to but an existential necessity.

Rethinking the woman voter China, having most likely made the leap
from animals to humans in a Wuhan
“wet market.” Soon, the Covid-19 pan-
questions that can seem remote to the
quotidian functioning of the economy.
Should we think of the economy as
Since the pandemic lockdowns were
lifted, we have largely gone back to busi-
ness as usual, averting our gaze from
demic would bring the world to a grind- independent of its host society, and can the frailty of global supply chains that
Party’s (BJP’s) outreach to women on a (from 82 per cent to 85 per cent) since ing halt, forcing billions of people into there even be a global economy without resulted in shortages of basic goods —
national scale. The Aam Aadmi Party NFHS-4. Fifty-four per cent of women unprecedented lockdowns and shutter- global institutions? the consequence of “just-in-time” man-
(AAP) has launched a massive campaign have a mobile phone that they them- ing economies worldwide. Five years on, For a fleeting moment, it looked like ufacturing and overreliance on concen-
for the safety of women and argued for selves use. Seventy-one per cent of we are still grappling with the effects of Covid could be the wake-up call that trated production hubs in the name of
better-lit public spaces in Delhi. Mamata women who have a mobile phone can this “gray rhino”: A high-probability risk would finally bring about greater eco- efficiency. Rather than reinventing our
Banerjee’s 2021 announcement of cash read text messages. that was nonetheless neglected or nomic solidarity. When the severity of production networks to make them
grants to all women regardless of income There is another side to this. Where is ignored. the crisis became apparent, many gov- more resilient and decentralised, we are
level may have been a crucial reason for the money going? Take the case of the What did we learn? For starters, the ernments did move relatively quickly to once again on a quest for the cheapest
her return. In Himachal Pradesh (2022) microcredit crisis in Assam. At one stage, pandemic exposed fundamental flaws enforce lockdowns, protect vulnerable possible “world factory.”
and Karnataka (2023), the Congress it was the biggest empowerment-of- in the design of the global economy. In populations, and roll out fiscal and The “essential workers” whom we
PLAIN POLITICS promised cash grants to women as part
of their Assembly poll promises. BJP-led
women idea. Small collateral-free loans
to low-income groups that did not have
such a tightly interconnected world, the
virus was able to spread
monetary interventions on an unprece-
dented scale to prevent
briefly honoured, clanging our pots
and pans, remain a largely non-union-
ADITI PHADNIS governments were quick to follow. The access to conventional credit sources globally in the space of an economic freefall. It ised precariat lacking the assurances
Madhya Pradesh government’s Laadli became a rapidly spreading contagion just a few weeks, and was the first time in liv- of a strong social safety net. The

I
t looks, at first blush, like an exciting Behna, the Maharashtra government’s when thousands of groups of women governments, focused ing memory that policy- inequalities that we decried have
new winning political formula. Ladki Bahin, and the Haryana govern- (primarily) banded together but when on short-term eco- makers started listening grown only worse, with Oxfam observ-
Empower women — with cash grants, ment’s Laado Laxmi schemes were all some members were unable to pay the nomic goals, were more closely to epi- ing that the pandemic left five billion
free transport, and safety both in public variations on the same theme: Direct loans, collective default led to crisis and reluctant to do what demiologists than econ- people poorer, while doubling the for-
places and within the family — and the cash transfers to women. Around 10 became a political hot potato. In the 2021 was necessary to pre- omists, prioritising tunes of the world’s five richest men.
votes will come pouring in. The central states in India are paying cash to women, Assembly polls, the Congress offered a vent or stop it. While people over profits. Similarly, the outcry over racial injus-
premise is that female voters no longer with many, like Delhi, Tamil Nadu, complete waiver of microcredit dues for the World Health The virus illumi- tice following the murder of George Floyd
vote as directed by the male members of Karnataka, Telangana, Kerala, and women, while the BJP promised relief Organization issued nated the character of is now being dismissed as part of the
the family. Instead, they have emerged as Punjab allowing women to travel free in like extending the repayment window warnings, it lacked the ANTARA HALDAR the “commons,” blur- “woke” agenda that US voters rejected at
independent-thinking entities who vote state government-run buses. The Tamil and interest waiver case by case. In resources or authority ring the line between the ballot box in November. After two
driven by considerations of employment, Nadu government in a study found that December, under the Assam to take decisive action. As hospitalisa- individual and shared interest. It posed years of negotiations, the draft of a global
financial autonomy, welfare of the family this move increased the disposable Microfinance Incentive and Relief tions mounted, not a single healthcare a collective-action problem that only a pandemic treaty remains unsigned, and
and — dare we say it — personal ambition. income of women, improved their par- Scheme, the debt of around 5,000 system in the world proved to be a coordinated effort could address. the seven million people killed directly
It is hard to ignore the evidence. In ticipation in the workforce, reduced women was retired by Chief Minister match for the virus. Briefly, the widespread confrontation by the virus have become mere statistics.
Bihar Nitish Kumar has reaped a huge dependence on family members for Himanta Biswa Sarma, who has told Moreover, inequality — both with death seemed to bring out a kinder, The sobering truth to remember for
dividend from the votes of women over transportation and was generally a lib- women to stop taking microcredit alto- between and within countries — fuelled gentler side of society. the new year is that threats like the cli-
the years, especially from low-income erating experience. Obviously, it has a gether. India has around 100 million heightened social tensions during lock- But a scientific breakthrough mate crisis, unfettered AI, and rising
groups. His scheme in 2005-06, provid- cost: Goldman Sachs research says states women self-help groups. downs, exacerbating class and gender abruptly ended this moral state of geopolitical tensions, not to mention
ing free bicycles for girls, was an electo- collectively provisioned $18 billion in The Assam experience tells us free struggles, but also conflict between the exception. As the economic historian public-health risks like bird flu and
ral super hit. In 2006, his government their 2024-25 Budget Estimates, amount- money to women is not enough. Cultural Global North and South. In the wake of Adam Tooze argued, the mRNA vaccine mpox, are quietly gathering force – just
introduced 50 per cent reservation for ing to 0.5 per cent of India’s gross domes- and social factors and poor financial lit- the vaccine rollout, wealthier countries allowed global capitalism to escape a as the virus was doing five years ago.
women in panchayati raj institutions. tic product (GDP) for the financial year. eracy can lead to inefficient expenditure. hoarded doses while billions of people reckoning once again. The pandemic There are only so many times that
The jury is out on the women-empow- But when you add data from the The thinking that cash transfers cut out in poorer countries had to wait months clearly demonstrated that our current science will come to the rescue. When
erment element of this scheme, as cases National Family Health Survey-5 (2019- intermediaries, foster a sense of auton- or even years for access. economic systems, with their myopic it doesn’t, will our institutions be able
of men taking decisions by proxy have 21), collected by the Department of omy, and can fuel consumption leading This “vaccine nationalism” was a focus on short-term interests, are fun- to protect us?
also been reported. But in 2015, his Health and Family Welfare, it is not hard to growth is only one side of the argu- strategic as well as a moral failure. New damentally ill equipped to deal with It is worth remembering that Covid-
promise of prohibition, projected as a to understand why women are and ment. The Assam microcredit story, variants of the virus soon emerged, pro- what the ecologist and microbiologist 19 was a single “gray rhino,” and it was
way to protect women from violence should be targeted as an independent which follows the previous crisis in longing the pandemic and undermining Garrett Hardin called a “tragedy of the enough to paralyse us. A herd of rhinos
and penury, saw women outnumber voting category. The Survey says 79 per Andhra Pradesh, throws up a darker and the global recovery. The pandemic also commons.” But this inherent fragility — the risk we face in 2025 — is called,
men in poll turnout figures. cent of women have a bank or savings often tragic reality. exposed, and fuelled, a loss of trust in was soon papered over. fittingly, a “crash.”
Other parties have not been twiddling account that they themselves use. This But meanwhile, “women” as a politi- institutions, as mis- and disinformation While the impetus for reform was
their thumbs. They quickly latched on to number was 53 per cent in NFHS-4 (2015- cal constituency appears to be an idea campaigns led to disaffection with gov- lost, it is still obvious that we need inter- The author is associate professor of empirical
women as a viable voting category. The 16). Women’s participation in decisions that has come of age. It is changing India ernment pandemic responses. national institutions that can align legal studies at the University of Cambridge
Ujjwala Yojana was the Bharatiya Janata about their own earnings has increased in ways that we only dimly understand. Commonsense measures like social dis- longer-term global interests with ©Project Syndicate, 2024

The third man during the Yugoslav civil war. This

may have been true but hardly unique.
Hundreds of former Yugoslav
footballers endured similar travails
Beta launch of a new generation to run their new world. Majority” during the youth pro- recession that have come since
EYE CULTURE was this victory, as many expected, a without talking too much about them. But does this generational tests of the late 1960s. the end of the first decade of this
one-off. Performing almost under the At one post-match interview, he darkly change of gears really matter? Its members began to benefit century (or millennium) and
KANIKA DATTA radar, Djokovic continued to amass attributed his fighting spirit to From the “Lost Generation” to from the post-war economic have developed more of a need

I
n the ever contentious debate titles. From 2011 through to 2023, he “roaming with wolves” in the Serbian Screenagers, different genera- growth that most strongly char- for a work-life balance than their
over the Greatest of All Time won Grand Slam trophies every year countryside. When the audience burst tions have defined the course of acterises the Baby Boomers predecessors.
(GOAT) label among the Big bar 2017. In 2024, although he lacked a out laughing assuming it was a joke, he history over the past 150 years. (1946–1964). The latter were Gen Z, 1995–2012, is com-
Three of the tennis world, Novak Grand Slam title, he clocked some new snapped, “I’m not joking, guys, But what exactly is meant by given this name because of the posed of individuals immersed
Djokovic, the youngest of them, records, including becoming the it’s true!” “generations”? As much as the demographic boom following in digital technology from birth:
tends to get short shrift. Is it his clin- oldest world number one of all time at His evangelical endorsement of word “generation” can take on World War II, but today they are These are the so-called digital
ical, high-percentage brand of tennis 37 years and 18 days. Unlike Nadal, veganism didn’t help his cause, not different meanings, in the seen to be the bearers of conser- natives. The favourite ecosys-
that works against him? Sure, when whose extraordinary court coverage least because he declined to share the YES, BUT... humanities, it refers to a group of vative or paternalistic values, tem for centennials is social
compared with Roger Federer’s flu- and 14 French Open titles came formula of his specialised sports individuals, spanning a range of seasoned with a naive approach media. Members of this genera-
SANDEEP GOYAL
ent grace, including that incompa- despite injuries considered career- drinks. The Covid years did not help ages, who have lived in the same to contemporary society. This tion show a strong propensity
rable single-handed backhand, or ending for lesser mortals, Djokovic him either. His attempt to host a period, been shaped by the same generation was characterised by for social activism and the

B
the exciting power tennis that Rafael retained an awesome level of fitness. charity tennis tournament to raise abies born on the first day events, and — as a result — carry a break with the past that led to search for job satisfaction based
Nadal brought to the game, with Yet, as his former coach Boris money for Covid victims in June of 2025 aren’t going to be common values and show a sim- the introduction of issues such more on passions than on mere
those vicious top spins and thunder- Becker so notoriously said in 2020 turned out to be a super- just the first of the year — ilar outlook on the present and as ecology, feminism, and the financial compensation.
ing overhead smashes. commentary during the 2019 spreader event after a bunch of tennis they’re the first of a new genera- their prospects for the future. fight against racism into the The first letter of the Greek
Now 37 years, and as he prepares to Wimbledon final between Djokovic players caught the virus. Then came tion. The incoming Generation The Lost Generation is a def- public discourse. alphabet is used for defining
take his 100th ATP tour title at the and Federer, an enthralling five his famous exit from the US Open of Beta — people born between inition popularised by Ernest Generation X, 1965–1979, the youngest generation on
Brisbane International, the numbers setter, “He doesn’t feel the love”. Why that year, a bad-tempered 2025 and 2039 — is the seventh Hemingway in his book A takes its name from Canadian Earth today: Gen Alpha (2013–
for Djokovic don’t lie. He’s a GOAT, no so? Partly perhaps because of performance in general that earned concurrent generation of our Moveable Feast. By that term he author and artist Douglas 2025). It is, in fact, the first gen-
doubt about it. With 24 Grand Slam variables that shouldn’t count in a him disqualification after a ball he times. They’re expected to make referred to individuals born in Coupland’s 1991 novel eration to have been born
titles, he leads his now-retired GOAT sports person’s career. Where the part viciously hit away after losing a point up 16 per cent of the global pop- the late 19th century, who wit- Generation X: Tales for an entirely in the 21st century. Its
rivals by four and two, respectively, and Swiss, part-South African Federer caught a linesman on the throat. ulation and many of them are nessed the end of the Belle Accelerated Culture. “X” stands members have been growing up
he’s ahead on the head-to-head and the Spanish Nadal displayed an Who knows, he may well have expected to live long enough to Époque and the rearmament for a hidden generation that was in a fully digital and intercon-
statistics too. With Federer, six years his effortless charm off the court in their reached 100 ATP titles mark and see the dawn of the 22nd century. that culminated in World War I, partly raised in the shadow of nected world, where technol-
senior, the win-loss record is 23-27; with engagement with fans and the press, notched up more Grand Slam wins Unlike Gen Z, who witnessed in which many of them served. the Boomers. It witnessed the ogy has been an integral part of
Nadal, just one year older, the numbers the Serbian Djokovic seemed to gloat earlier had it not been for his anti- the transition from analogue to The Greatest Generation fall of the Berlin Wall, the col- daily life since they were born
are 31:29, though Nadal has won 11 of over his victories. vaxxer stance, including the digital technology, Gen Beta will (1901–1924), a term coined by lapse of the Soviet Union, the (hence the term “Screenagers”),
their 18 Grand Slam encounters. Sadly — and illogically — Australian Open (he was deported grow up in a highly technologi- journalist Tom Brokaw, on the consecration of the US as the and the internet has perma-
The unanswerable question, of personality has emerged as a factor in ahead of the 2022 tournament), which cally integrated world, signifi- other hand, experienced the world’s sole superpower, and the nently supplanted television as
course, is whether Djokovic is the the GOAT-dom stakes, and Djokovic he has won a record 10 times. Though cantly altered by the emergence aftershocks of the Great advent of the internet. an entertainment medium.
GOAT. That’s a complex issue over didn’t help himself in this department. he may trail in the popularity stakes, of artificial intelligence. As a Depression in the USA, which The term Millennial, 1980– Back to Gen Beta. Climate
which fans will forever bicker. GOAT- Not that he didn’t try hard, as the knowledgeable fans will always result, they are expected to followed the Wall Street Crash 1994, was introduced by change, sustainability, global
dom is a much more complex business mercurial Australian tennis brat Nick remember him as the player with the exhibit ultra-high technological of 1929, and fought in World War American sociologists William population shifts, rapid urbani-
than statistics can convey. Djokovic Kyrgios shrewdly noted. The artificial best return-of-serves in the game, no fluency. Gen Beta is also being II, developing values of sacrifice, Strauss and Neil Howe. Having sation, technology acceleration
was the upstart who burst on the scene post-match celebrations —“cringe- small feat in high-level tennis, and born into a world where trust in hard work and patriotism. grown up in the digital age, — it is not going to be easy being
in 2003 winning the Australian Open, worthy”, Kyrgios called them — were with one of the most consistent traditional institutions that The Silent Generation (1925– Millennials have a highly inte- born into this world!
disturbing fans’ enjoyment of the one thing. Also contrived is his careful double-handed backhands. Those defined not just a generation but 1945) refers to individuals who grated approach to technology.
unique Federer-Nadal rivalry, by then image curation as a man whose family attributes alone make Novak entire centuries is waning. So, grew up during the McCarthy They have experienced first- The author is chairman of
going on 11 consecutive majors. Nor had prevailed despite many struggles Djokovic great. they may have to set new rules era and then became the “Silent hand the waves of economic Rediffusion
 QUICK TAKE: HIGHER SALES GROWTH FOR KIRLOSKAR OIL ENGINES “We really need to see more of that clarity

The Smart on January 20th for markets to have

Investor
(Stock price in ~) The stock of Kirloskar Oil Engines is down 11 per cent from greater conviction. But I think US
its highs in December. Motilal Oswal Research continues exceptionalism will continue to
to reiterate a ‘buy’ rating on the stock on expectation be the dominant theme at least
MUMBAI | that it will benefit from improved sales from higher
in the first half of the year”
SATURDAY, 4 JANUARY 2025 LAURA COOPER
horsepower segments, exports, and improving Global Investment
trajectory of the business-to-consumer segment Strategist, Nuveen
<

Mkts end new year week with gains

But benchmark indices see decline on Friday amid selling by foreign portfolio investors
SUNDAR SETHURAMAN
Mumbai, 3 January
SENSEX’S SCOREBOARD Share price (~)
80,500
WEEK-RUN GAINERS Dec 27, ’24 Jan 03, ’25 % change

I
ndian equity benchmarks ended the
first week in the new year with gains 79,223 Maruti Suzuki India 10,938.2 11,943.5 9.2
despite the correction on Friday. The
benchmark indices fell amid selling by for- Bajaj Finserv 1,578.6 1,700.5 7.7
eign portfolio investors (FPIs). The Sensex 79,500 Bajaj Finance 6,910.1 7,411.5 7.3
ended the session at 79,223, a decline of 721 0.7
points, or 0.9 per cent. The Nifty, on the
other hand, ended the session at 24,005, a
% Chg
78,699 Tata Motors
IndusInd Bank
750.6
953.6
790.4
998.1
5.3
4.7 MFs’ EQUITY BUYING
decline of 184 points, or 0.8 per cent.
During the week, the Sensex gained
0.7 per cent, and the Nifty 0.8 per cent, their
78,500 LOSERS
ICICI Bank 1,307.2 1,265.5 -3.2
TOPPED ~4 TRN IN 2024
second consecutive week of gains. The total Mutual funds’ (MFs) equity buying margin. Monthly SIP flows in MFs
market capitalisation of BSE-listed firms HDFC Bank 1,797.9 1,749.3 -2.7 jumped over twofold in 2024 continue to see secular growth
declined by ~70,000 crore and was trading Adani Ports & SEZ 1,230.8 1,199.3 -2.6 to top ~4 trillion for the first time. and crossed ~25,000 crore in
at ~450 trillion. 77,500 The sharp rise comes after two October, 2024. Notably, MFs
On Friday, FPIs were net sellers of Indian
TCS 4,168.0 4,099.3 -1.6 back-to-back years of over contributed around 80 per cent of
Dec 27,’24 Jan 3,’25
equities of ~4,227 crore, and domestic insti- Tech Mahindra 1,711.8 1,689.9 -1.3 ~1.5-trillion deployment. net flows by DIIs in 2024,” Mirae
tutions bought shares worth ~821 crore. MFs have the largest Asset MF stated in a report.
HDFC Bank and ICICI Bank contributed to institutional buyers in the equity The surging MF inflows have
most of the Sensex losses, and they declined expectations for rate cuts in 2025 contrib- market in the short term: expensive pause following the recent recovery and market in two of the last three also allowed the market to absorb
2.5 per cent and 1.9 per cent, respectively. uted to the mixed investor sentiments,” said valuations across caps and sectors could persist until the Nifty decisively years — 2022 and 2024. In 2023, record issuances of fresh equity
FPIs hold a significant stake in both HDFC Vinod Nair, head of research of Geojit barring financials, even as headline market crosses the next resistance at 24,250. We they were only slightly behind last year. “The year 2024 witnessed
Bank and ICICI Bank. Financial Services. valuation has come off; earnings cuts; and continue to recommend focusing on stock- foreign institutional investors record primary issuances (~3.4
“The market concluded the week with a Indian indices began the year on a strong continued sluggish consumption specific opportunities in line with sectoral (FIIs). The sharp surge in equity trillion). We may see this
pessimistic note as a sell-on-rally sentiment footing and posted gains in the first two ses- demand, said Kotak Institutional Equities trends. In the near term, sectors like FMCG, buying by MFs has come on the momentum going into 2025 and
prevails due to a strong US dollar, high val- sions of 2025. On Thursday, the indices in a recent note. auto, and energy are expected to outper- back of record inflows into equity may keep up with the demand,
uation, and investors' shift towards a multi- gained nearly 2 per cent, their best single- The policies of the US administration form, so positions should be aligned accord- and hybrid MF schemes. The given the strong pipeline,” the
asset strategy. The auto sector outper- day increase in six weeks, amid a surge in after Donald Trump assumes charge ingly,” said Ajit Mishra, SVP of research of consistent systematic investment report added. ABHISHEK KUMAR
formed other indices, driven by robust technology and auto heavyweights. and rising geopolitical conflicts are also Religare Broking. plan (SIP) inflows have also added
December sales that defied the usual sub-
dued demand. Persistent concerns over FII
Market experts said corporate results for
the quarter ended in December and the
likely to impact the markets. Analysts said
that although India is more immune
Market breadth was strong, with 2,032
stocks advancing and 1,965 declining. Close
to the buying power of MFs.
As of November, active equity
WAX AND WANE
(foreign institutional investor) outflows, a Union Budget in February will determine to these issues, global cues will affect to two-thirds of Sensex stocks declined. schemes had raked in ~0.5 trillion Deployment moderates in Dec ’24
depreciating INR, along with signs of the market trajectory going forward. investor sentiment. Zomato, which declined 4.3 per cent, was from investors in 2024. In Net inflows (~ crore)
improving core sector print, and reduced “We note three headwinds for the Indian “This pullback appears to be a normal the worst-performing Sensex stock. comparison, the inflows stood at
100,000
~1.6 trillion in the whole of 2023.
80,000
The surging equity buying
capacity of MFs has proven to be a 60,000

NSE raced past Asian How front-running works, key support for the market during
phases of heightened FII selling.
“Domestic institutional
23,011
40,000

peers in IPOs in 2024 what’s Ketan Parekh’s role

investors (DII) were strong buyers 20,000
in the equity secondary market 28,138
while foreign portfolio investors 0
(FPIs) turned net buyers at the Jan ’24 Dec ’24
ABHIJEET KUMAR or insiders gain access to confidential trade infor-
ASIAN EXCHANGES New Delhi, 3 January mation and use it to make pre-emptive trades, prof-
iting from subsequent price movements caused by SURGING AHEAD 4.4
& NUMBER OF IPOs The Securities and Exchange Board of India (Sebi) the client’s orders. Net inflows (~ trillion)
Exchange No. of IPOs (2024) has uncovered a sophisticated front-running scam For example, a broker aware of a client’s
involving Ketan Parekh, a stock market manipu- impending bulk purchase might buy shares at a
NSE lator, and Singapore-based trader Rohit Salgaocar. lower price and sell them at a higher price after the 1.9 1.7
268*
(India) The investigation by the market regulator revealed order inflates the stock value. This tactic under- 1.2
Shanghai that the front-running scheme exploited non-pub- mines market integrity, erodes investor trust, and 0.8
101 lic information (NPI) from a major US-based for- is illegal in most jurisdictions. 0.5
Stock Exchange
eign portfolio investor (FPI), referred to -0.5
Japan as the “Big Client”. How does Sebi identify front-running?
93
Exchange group** Sebi employs advanced technology,
Hong Kong How did Ketan Parekh’s front- including algorithms, data analytics, 2018 2019 2020 2021 2022 2023 2024
66 and communication surveillance to
Stock Exchange running scheme unfold? Sources: Sebi, NSDL, and exchanges
*includes SMEs; **Combination of six exchanges According to Sebi’s findings, Parekh detect front-running and insider trad-
Source: NSE Statement and Salgaocar leveraged insider infor- ing. Mule accounts are often used to
mation about the Big Client’s large stock conceal illicit activities, but the regu-
transactions to execute fraudulent
DECODED lator uncovers connections through dig-
BS REPORTER
Mumbai, 3 January
globally with $3.3 billion fundraise.
Globally, there were a total of
1,145 IPOs in CY24, compared to 1,271
trades. Salgaocar acted as a key inter-
mediary, passing sensitive trade data
to Parekh, who then used it to orches- Front-running
ital communication trails.

What are other prominent front-

Sebi warns JM Financial
The National Stock Exchange (NSE)
has recorded the highest number of
initial public offerings (IPOs) in Asia
in the previous calendar year.
“The data suggests that NSE has
alone done more number of IPOs
trate manipulative trades despite being is a fraudulent
banned from trading for 14 years practice where
following his involvement in the 2001 traders use
running cases under Sebi’s scanner?
The Parekh case is part of Sebi’s broader
crackdown on fraudulent practices in
of lapses in due diligence
in the calendar year than other top stock market crash. advance India’s financial markets. In 2023, Axis
2024 (CY24) with a exchanges in Asia The operation also involved six knowledge of Mutual Fund manager Viresh Joshi and KHUSHBOO TIWARI holders for increase in authorised
total of 268 listings
across the main-
board and
SME platform, the
the
IPO which includes the
IPOs Japan’s (Japan
Exchange Group),
Hong Kong’s (Hong
entities, referred to as frontrunners, large client orders 20 others were barred after earning
which carried out trades based on the for personal profit ~30.55 crore through front-running.
leaked information. Sebi’s probe iden- Quant Mutual Fund also faced similar
tified intermediaries, including Nuvama Wealth allegations that year. Other cases involving entities
Mumbai, 3 January

The Securities and Exchange Board

of India (Sebi) has warned invest-
share capital was taken while the issue
was already open for subscription.
Ideally, the approvals for incremental
authorised share capital should have
exchange stated on Kong Stock Exchange), Management Ltd and Motilal Oswal Financial like NNM Securities Ltd, CHL Stocks Concepts, ment banking firm JM Financial for been taken prior to opening of the
Friday. and China’s (Shanghai Services Ltd, as channels through which the Big and companies such as Wockhardt and Bank of certain lapses in due diligence dur- issue and not after opening of the
In CY24, the Stock Exchange) have Client’s trade data was misused. India AXA Mutual Fund are currently under review ing the initial public offering (IPO) issue,” said Sebi in the letter.
exchange recorded done cumulatively,” The scam, active between January 1, 2021 and by the Securities Appellate Tribunal (SAT). of Western Carrier (India). The issue was noted when the
90 successful listings said Sriram Krishnan, June 20, 2023, was exposed after Sebi noticed The administrative warning, dated BRLMs sent an email to Sebi request-

WATCH
on the mainboard chief business develop- unusual trading patterns linked to the Big Client. How is Sebi tackling front-running cases? January 1, points out that the book ing an update in the red herring pro-
while 178 small and ment officer, NSE. The regulator conducted a three-day search-and- To strengthen oversight and deter such practices, running lead managers (BRLMs) spectus (RHP) regarding the increased
medium enterprises According to the seizure operation across 17 locations in June 2023, Sebi has introduced amendments to mutual fund failed to exercise due diligence, as the authorised share capital. The board
made their debut on data shared by the gathering documentary and electronic evidence regulations. These include mandatory recording shortfall in authorised share capital of directors of Western Carrier had
the NSE’s Emerge, mybs.in/ipo exchange, Nasdaq and to substantiate its case. of all communications by dealers and fund man- of the company came to the notice approved it in a meeting on
cumulatively raising NYSE saw fundraisings agers during market hours, with face-to-face inter- only after the opening of the issue for September 15, 2024 while the IPO was
~1.67 trillion in the period. to the tune of $16.5 billion and What is front-running? actions being the only exception. Additionally, subscription. Further, the approvals already open for subscription from
The heightened primary market $15.9 billion, respectively. Front-running is a fraudulent practice where asset management companies (AMCs) are required for the incremental authorised share September 13. Further, the share-
activity in terms of fundraising was The same for Hong Kong Stock traders exploit advance knowledge of large client to establish institutional mechanisms to detect and capital were taken during this period. holders’ approval in the EGM was
also on account of the Hyundai Exchange and Shanghai Stock orders for personal profit. Brokers, asset managers, prevent front-running. “The approval of board and share- taken on September 16.
Motor India’s IPO, which was the Exchange stood at $10.4 billion and
largest in India and second largest $8.8 billion.

THE COMPASS
Film producer Quadrant Future
Vipul Shah’s fixes price band Petronet LNG: Clarity awaited over possible policy changes
Sunshine Pictures at ~275-290, offer DEVANGSHU DATTA capacity (and high utilisation) controlled, there may not be terminals also charge high gas
files DRHP opens on Jan 7 A new consultation paper from
should lead to a reduction in
regasification tariffs but
Base=100
Petronet LNG
180
utilisation benefits for other
terminals until pipeline
handling costs and LNG truck
loading charges equal to the
Film and television producer- Quadrant Future Tek on Friday said the Petroleum and Natural Gas terminals with lower utilisations infrastructure improves and regasification tariff, and also
director Vipul Shah-backed it has fixed the price band at ~275- Regulatory Board (PNGRB), are charging similar tariffs to 160 capacity at other terminals scales negotiate destination-specific
Sunshine Pictures has filed draft 290 per equity share for its ~290- ‘Optimising LNG supplies from Dahej. up. There is LNG regasification contracts.
papers with the market regulator crore initial public offering (IPO) terminals in India’, indicates that On its part, Petronet LNG capacity of 47.7 mmtpa. Under- Gas traffic from West Coast to
Sebi to raise funds through an ini- that will open for public subscrip- Petronet LNG faces regulatory claims the Dahej regasification 140 construction and planned East Coast leads to higher
tial public offering (IPO). tion on January 7. The IPO will con- risk, due to the regulator wishing tariff is the lowest in India, and projects could take it to 87 mmtpa compression costs for GAIL,
The IPO comprises offer size of clude on January 9, while the bid- to control regasification tariff. LNG regasification charges are but expected LNG import which recovers the tariffs from
120
8.37 million equity shares including ding for anchor investors is to open At the moment, these are just 5-6 per cent of delivered gas demand is 56 mmtpa. customers.
a fresh issue of 5 millionshares and for a day on January 6. levied by agreements between prices to customers. The new capacity includes 5 PNGRB claims customers
an offer-for-sale of 3.37 million Investors can bid for a minimum the operator and customer. Petronet LNG promoters are 100 mmtpa each at Dahej and Charra, complain about unreasonable
shares by promoters, according to of 50 equity shares and in multiples The change would require also major off-takers for Qatar and which will be available within a regasification tariff for third
the draft red herring prospectus. of 50 equity shares thereafter, it amendment to the PNGRB Act Gorgon contracts. Hence, limited Sensex few months. parties (which are not Petronet
Promoter Vipul Amrutlal Shah added. The public issue is entirely a but may or may not occur. If it volume is left for other terminals. 80 PNGRB says Petronet hikes stakeholders), difficulty in
is proposing to sell 2.36 million fresh issue of up to ~290 crore with does, it reduces Petronet’s pricing Most LNG volumes are sold to Dec 29,‘23 Jan 3’25 regasification by around 5 per getting access to third-party
shares, while Shefali Vipul Shah no offer of sale component, accord- power. If tariff regulation does state-owned entities like fertiliser cent every year. PNGRB proposes cargoes and lack of real-time
plans to offload about 1 million ing to the red herring prospectus occur, it may also inhibit plants (gas cost is pass-through). it should have regulatory information, among others.
shares. The firm plans to use the (RHP) filed on December 27. investment into liquefied natural The report also argues for Dahej and Hazira terminals oversight over regasification (and If acted upon, the report
proceeds to meet its long-term The net proceeds from its fresh gas (LNG) terminals. separation of ownership of have 98 per cent and 67 per cent other charges of LNG terminals), would weaken the pricing power
working capital requirements, allo- issuance, amounting to ~149.72 There is 95-100 per cent terminals and marketing entities. capacity utilisation over FY16- to ensure availability to of Petronet.
cating up to ~94 crore to support crore, will be to fund the long-term utilisation at Petronet’s Dahej There are seven operating FY23. All other terminals have customers at reasonable rates, The revised 7.5 mmtpa Qatar
future growth and operations, along working capital requirements terminal. But other terminals are LNG terminals, with a cumulative utilisation of 26 per cent. and increase utilisation of all contract starting 2028 has
with other general corporate pur- (Specialty Cable Division). The pro- under-utilised. Some third capacity of 48 million metric The high utilisation at Dahej is terminals. destination flexibility and the
poses. Sunshine Pictures is one of ceeds worth ~24.37 crore will be used parties have complained they tonnes per annum (mmtpa) and a driven by good pipeline Given policy emphasis on gas entire volume may not be
the renowned production-houses for capex on the development of the cannot access the Dahej terminal cumulative investment of ~37,000 connectivity and proximity to usage at affordable prices, the delivered at Dahej.
engaged in the business of originat- electronic interlocking system, and there is poor pipeline crore. Given LNG imports of 21.4 Gujarat where gas demand is recommendation may be seen Investors may be cautious
ing, creating, developing, produc- ~23.62 crore for repayment of debt connectivity for other terminals. mmtpa, overall utilisation was strong. Even if regasification favourably. Apart from until policy responses to the
ing, marketing and distribution of and the balance for general corpo- PNGRB argues that larger just 50 per cent in FY24. charges at Dahej terminal are regasification tariffs, some report are known.
films and web series. PTI rate purposes. PTI
>
MUMBAI | SATURDAY, 4 JANUARY 2025 THE SMART INVESTOR 11

Jefferies: ’25 may be yr of YOUR

10 years, with the policy matur-
ing after another 10 years.
People often forget about such
policies once they stop paying
cates, bank statements, and
other financial documents.
Opening an e-insurance
account can help. “When the

monetary easing in India MONEY the premium,” says Harsh

Roongta, head, Fee Only
Investment Advisors, a
Securities and Exchange Board
relatives or nominees open the
CDSL or NSDL statements of
their loved one, they will get
information about the insur-

Brokerage raises THE PROJECTIONS UNCLAIMED MONEY WITH LIFE INSURERS of India (Sebi)-registered
investment advisor. He adds
ance policy,” says Bhatia.
Currently, e-insurance is
target price for that lapsed policies with sur- mandatory only for new pol-

HDFC, ICICI Bank

Bank
HDFC
Kotak Mahindra
Rating Target price (~)
Buy
Buy*
2,120 Suspect a loved one had render or paid-up value also
tend to be overlooked.
icies. “It should also apply to
existing policies,” says Roongta.

bought a policy? Search

2,120
NIKITA VASHISHT ICICI Buy 1,600 How to prevent this? If you suspect there’s a policy
New Delhi, 3 January Update your bank account, If you suspect a loved one
Axis Buy 1,430
insurers’ websites address, email, and mobile bought a policy but lack the

T
he year 2025 may be the year IndusInd Buy 1,200 number whenever they change. details, search online. “Every
of monetary policy easing Note: Stocks in red show a cut in target price; stocks in green show “If you close a salary account life insurer is mandated to dis-
for India as the gap between increase in target price; *Upgraded to buy Source: Jefferies KARTHIK JEROME add to the problem. (shared with the insurer) on close any unclaimed amount of
loan and deposit growth seems to Sometimes, families of poli- changing jobs, or move house, ~1,000 and above on their web-
have narrowed, believes global bro- Unclaimed amounts with life cyholders are in the dark. update the insurance com- site. A nominee or beneficiary
kerage Jefferies. In its latest report, sector banks, it has downgraded of India (RBI) to reconsider the insurers declined by ~1,018 crore “Family members are unaware pany,” says Bhatia. can search for the policy by pro-
the brokerage notes that a slower Bank of Baroda to ‘hold’ from ‘buy’ tight stance on regulations,” but still stood at a staggering that a policy was purchased and Inform close family viding a few details, such as the
pace of growth in unsecured loans, with a lower price target of ~270 Jefferies said. ~20,062 crore at the end of 2023– hence are unable to make the members and nominees about policyholder’s date of birth,
along with moderation in gross from ~310 and has cut share price The brokerage factors in a 50 24, according to the Insurance claim,” says Amish Banker, chief the policies you hold. If you along with their Aadhaar
domestic product (GDP) growth, targets of Punjab National Bank to basis points (bps) rate cut in the Regulatory and Development operations officer, ICICI buy a policy on another per- number or registered mobile
calls for the rate cut cycle to begin. ~125 from ~135. first half of 2025 (H1CY25), and Authority of India’s (Irdai) Prudential Life Insurance. son’s life, the latter must be number,” says Banker.
Factoring the developments, According to Jefferies, growth expects the stance to stabilise annual report. If a breadwinner People at times even forget informed. Keep all policy doc- Currently, nominees must
Jefferies has retained its ‘buy’ rat- in unsecured loan disbursements thereafter. passes away without informing about policies. “In many pol- uments at the same place search each insurer’s website.
ings on Axis Bank (share price tar- was down to 15 per cent at the end “Liquidity levels were kept tight their family about existing life icies, premiums are payable for where you keep share certifi- “The regulator should create a
get cut to ~1,430 from ~1,500), ICICI of 2024, compared with 19 per cent for most of 2024. However, over the insurance policies, it can have universal searchable database
Bank (target price up to ~1,600 from at the end of March 2024. past few months, the RBI has eased dire consequences, including that will make searching easy,”
~1,550), HDFC Bank (target price
increased to ~2,120 from ~2,020),
Bank lending to non-bank
finance companies (NBFCs) has
stance on liquidity moving from
‘withdrawal’ to ‘neutral’ and then
loss of home if a mortgage
remains unpaid.
OPEN AN E-INSURANCE ACCOUNT says Roongta. Checking the poli-
cyholder’s bank account state-
and IndusInd Bank (target price cut also slowed to 6 per cent vs 15 per cutting the cash reserve ratio (CRR) n E-insurance, an electronic repositories: NSDL, CDSL, ments for premium payments
to ~1,200 from ~1,470). It has also cent; bank loan and deposit growth by 50 bps to pre-Covid level of Why money remains insurance account, is a digital Karvy, or CAMS can offer clues.
retained its ‘buy’ rating on State seem aligned; and real GDP growth 4 per cent of net demand and time unclaimed repository that allows n All policies are stored in one
Bank of India (SBI) with a lower tar- has slowed to 5 per cent in Q2FY25 liabilities (NDTL). Incremental Unclaimed amounts often result policyholders to store and Making the claim
place, making it easier for
get price of ~970 from ~1,030. from 8 per cent in FY24, despite momentum on regulations may be from outdated customer details, manage all their insurance policyholders and their To claim a deceased relative’s
Jefferies has upgraded Kotak inflation (CPI) being sticky around neutralish or supportive of growth making it difficult for insurers to policies (life, health, motor, policy that is found, nominees
nominees to locate them
Mahindra Bank from ‘hold’ to ‘buy’ 5 per cent. and investments,” Jefferies said. trace policyholders or their etc.) in a secure electronic must submit a claim form, pol-
with a new share price target of “We believe these developments nominees. “Many customers n Family members or nominees icy document, death certificate,
format (akin to a demat
~2,120 from ~2,080. Among public may encourage the Reserve Bank More on business-standard.com shift addresses, even move account for securities) via a can access policy details and bank details. For accidental
abroad, without updating their single account through the e-insurance deaths, a police report may be
new address with the insurance account in case of the policy- required. For death due to ill-
company,” says Lalitha Bhatia, n E-insurance account can holder’s demise, provided ness, hospital records might be
Avenue Supermarts hits 15% upper circuit after Q3 update chief operating officer, Ageas
Federal Life. Outdated phone
be opened with one of
the approved insurance
they have the required
credentials or identifiers
needed. Roongta says claimants
must also prove their entitle-
SIRALI GUPTA the BSE. In comparison, of stores as of December with a target price of numbers and email addresses ment to the money.
Mumbai, 3 January the BSE Sensex was 31, 2024 stood at 387. ~3,500 per share, imply-
down 0.90 per cent at Global brokerage Citi ing 57x Sep’26 P/E.
Avenue Supermarts (ow-
ner of DMart retail chain)
79,223.11.
The market capitalisa-
said, “We believe
throughput continues to
Meanwhile, Motilal
Oswal maintained a ‘buy’
Six things to know before investing in arbitrage funds without manual
intervention.
shares clocked 15 per cent tion of the firm stood at be impacted due to rating on the stock with a Arbitrage funds are a investors to secure cash market and stocks with arbitrage n Arbitrage funds thrive
upper circuit in trade on ~2.61 trillion. In its adverse product mix, target price of ~5,300 per popular investment profits with minimal selling them for potential. Around 15-35 in volatile markets but
BSE at ~4,160.4 per share Q3 update, Avenue store additions in smaller share on DMart. Accor- option in India, offering risk. Here’s what future settlement per cent is allocated to may offer below-
on Friday. Buying in the Supermarts said its towns, and increasing ding to analysts at Motilal lower risk and steady you should know to minimise risk corresponding futures average returns when
stock sparked after the standalone revenue from competitive intensity Oswal, Avenue Super- returns amid market before investing in n Returns are based on contracts markets are flat.
company released its operations grew 17. 4 per from quick commerce. marts’ annualised reve- volatility. These mutual arbitrage funds: price differences rather n Algorithms autom- n Arbitrage funds
Q3 business update. cent year-on-year (Y-o-Y) Store additions during nue/store is back on track funds exploit price than market direction. atically identify and typically provide lower
Around close, Avenue at ~15,565.23 crore com- the quarter were 10,” Citi with over 4 per cent Y-o- discrepancies between n Arbitrage funds use n Around 65-85 per cent execute arbitrage returns than pure
Supermarts shares were pared to ~13,247.33 crore said in its note. Y growth to ~16.3 crore as cash and derivatives a hedging strategy, of the portfolio is opportunities, equity funds during
up 11.21 per cent at a year ago. The brokerage has compared to modest 1 per markets, enabling buying securities in the invested in largecap ensuring quick action bullish markets.
~4,023.25 per share on DMart’s total number maintained ‘sell’ rating cent Y-o-Y growth in Q2. Read the full report here: mybs.in/2ejpNXh COMPILED BY AYUSH MISHRA
12 STOCKS
>
MUMBAI | SATURDAY, 4 JANUARY 2025 1
IN THE
> STOCK
> ITI > Avenue Supermarts > Lupin

NEWS Top gainer

amongst A-group
Trading volume
surged 28X over 2-
Snaps 8-day
winning OF THE DAY
companies week average on BSE streak PB Fintech
~381.0 PREVIOUS CLOSE ~3,617.8 PREVIOUS CLOSE ~2,396.3 PREVIOUS CLOSE Hits new all-time high at
~457.1 CLOSE ~4,023.3 CLOSE ~2,367.9 CLOSE ~2,247; Surged 89 per cent
p 20.0% UP p 11.2% UP  1.2% DOWN this fiscal

NIFTY 50
Company Close (~) % Wt PE Company Close (~) % Wt PE
ADVANCES/DECLINE F&O SNAPSHOT DAY’S TOP GAINERS DAY’S TOP LOSERS
3 Jan ’25 Chg (%) Con Std 3 Jan ’25 Chg (%) Con Std Futures Cash Premium Futures Cash Discount Company Day’s high Close % chg* 3mth high 52 wk high Company Day’s low Close % chg* 3mth low 52 wk low
Adani Enter 2564.6 -1.3 0.7 53.5 108.6 ITC 481.6 -1.5 5.4 29.5 29.3 price price (%) price price (%)
Adani Ports 1199.6 -2.2 0.8 26.4 103.8 JSW Steel 915.1 0.3 1.1 44.8 37.8 Avenue Supermar 4165.0 4023.3 11.2 4880.0 5484.0 Zomato 271.7 272.7 -4.3 239.6 121.7
MOST BULLISH MOST BEARISH
Apollo Hosp 7298.4 -1.7 0.7 116.8 93.5 Kotak Mah Bank 1838.7 0.1 2.4 16.5 21.8 ONGC 262.8 258.8 5.2 299.6 344.6 Angel One 2850.0 2857.1 -4.0 2498.1 2027.3
Asian Paints 2336.0 -0.3 0.9 49.0 50.4 HUDCO 247.7 245.9 0.7 L&T Finance Hol 139.2 143.4 -2.9 UPL 533.3 529.7 4.0 587.2 599.5 Nat Alum 207.0 208.0 -3.9 201.5 121.7
L&T 3659.9 -1.4 4.5 37.2 51.6
Axis Bank 1084.9 -0.2 2.8 12.7 12.8 IDFC First Bank 65.5 65.1 0.7 Poonawalla Finc 313.0 319.6 -2.1 Chola Inv 1330.0 1319.8 3.8 1586.2 1650.0 Wipro 294.0 294.5 -3.0 260.2 208.4
Mah & Mah 3190.6 -0.6 2.9 35.2 36.2
Macrotech Devlp 1409.2 1399.6 0.7 RBL Bank 159.4 162.8 -2.1 Oil India 491.2 481.0 3.8 594.2 767.3 MCX 6129.9 6155.9 -2.9 5401.8 2917.0
Bajaj Auto 8965.7 -1.3 1.0 34.0 31.4 Maruti Suzuki 11934.3 0.8 1.4 27.8 27.3 Aditya Birla 185.7 184.5 0.7 Indraprst Gs 434.8 441.4 -1.5 REC 544.5 538.0 3.6 573.0 653.9 Godrej Prpty 2724.0 2729.9 -2.9 2520.5 2054.6
Bajaj Fin 7407.3 0.2 1.9 31.7 29.4 Nestle India 2232.7 1.5 0.7 - 64.8 Muthoot Finance 2251.9 2237.3 0.7 Delhivery 336.8 341.8 -1.5 Indraprst Gs 453.4 441.2 3.3 555.7 570.6 Metropolis Heal 1979.5 1992.8 -2.8 1979.5 1450.1
Bajaj Finsrv 1701.1 0.0 1.0 32.0 174.9 NTPC 339.9 0.5 1.4 15.8 17.1
Bharat Elctn 292.0 -1.6 0.9 53.6 47.0 Tata Motors 800.5 790.4 3.3 949.2 1179.1 Piramal Entp 1091.1 1094.7 -2.8 986.9 736.6
ONGC 258.9 5.2 1.2 6.6 8.1 BSE NSE SBI Card & Pay 728.3 723.1 2.9 757.7 817.1 Balkrishna I 2800.8 2814.9 -2.7 2644.8 2193.9
Bharti Airtel
BPCL
1598.9
296.4
-0.7 3.8 74.2 110.7
-0.2 0.5 4.8 9.9
Power Grid 316.1 0.3 1.3 18.9 19.3 Index Stock Index Stock PUT-CALL RATIO Bata India 1465.0 1461.1 2.8 1468.3 1637.1 Apollo Tyres 510.2 511.9 -2.7 448.5 429.0
Reliance Ind 1251.2 0.8 7.7 24.9 46.3 SRF 2291.1 2285.0 2.8 2431.7 2697.5 Deepak Nitrt 2448.1 2451.8 -2.5 2448.1 2022.8
Britannia 4834.1 1.0 0.5 54.6 55.9
SBI 793.4 -1.0 2.7 9.9 10.9 FUTURE (Open Interest in Mn) Put Call PC Ratio
Cipla 1511.3 -1.7 0.8 27.3 27.8 Contracts 8208 28 401822 1484325 Amber Enter Ind 7900.0 7740.6 2.6 7977.7 7977.7 HDFC Bank 1746.3 1749.3 -2.5 1613.4 1363.5
SBI Life Ins 1447.7 1.8 0.6 - 66.5 Market 2482.0 3641.0 0.7 Dabur India 529.1 525.1 2.3 587.8 672.0 KPIT Techno 1445.0 1449.4 -2.4 1283.3 1283.3
Coal India 393.7 0.2 0.8 6.9 14.4 Open Int.(000) 3 0 18690 11063487
Shriram TrFn 3048.4 -0.4 0.8 15.6 14.7 Union Bank 126.9 124.1 2.2 130.9 172.5 IndiaMART Int 2246.4 2251.8 -2.4 2200.0 2200.0
Dr Reddys 1352.7 -1.6 0.7 21.1 23.5 Shares(In Mn) 0 0 9.5 2170.7 Top 5 PC Ratio Bottom 5 PC Ratio
Sun Pharma 1849.7 -1.5 1.8 40.1 165.0 Info Edge 9080.7 9053.0 2.2 9080.7 9080.7 KEI Ind 4342.5 4369.3 -2.4 3708.0 2822.2
Eicher Motor 5310.8 0.0 0.7 34.1 36.4 Value(~ crore) 752 2 27844 95365
Tata Consumer P 939.5 1.1 0.5 80.8 111.1 Eicher Motor 1.2 Balkrishna Inds 0.3
Grasim Ind 2510.0 -1.3 0.8 29.4 356.1 OPTIONS * Ranked on the basis of percentage gain/loss on previous close
Tata Motors 790.4 3.3 1.5 8.7 31.1 Chola Inv 1.1 Abbott India 0.3
HCL Techno 1946.7 -1.3 1.8 31.4 44.7 Contracts 539717166 82 56871487 6567216
Tata Steel 138.4 0.1 1.0 59.2 11.1 Au Small Fin 1.0 IRFC 0.3
HDFC Bank
HDFC Std Life
1749.2
623.0
-2.5 11.9 20.9 20.3
0.5 0.6 85.2 79.5 TCS 4099.9 -1.8 3.7 31.3 31.4
Open Int.(000)
Shares(In Mn)
5445
101
0
0
483790
3316.1
5639258
7117.3
Bosch 1.0 Sona BLW Precis 0.4 MOST TRADED TOP M-CAP TRENDS
Tech Mahindra 1689.5 -2.2 1.0 50.5 56.4 LIC Hsg Fin 1.0 Adani Green En 0.4
Hero MotoCorp 4243.1 -1.6 0.5 22.7 19.2 Value(~ crore) 43098064 6 8516991 430777 Value Volume Rank Company Mcap (~ cr) Company % change Company % change
Hindalco 591.2 -1.3 0.8 13.1 23.7 Titan Company 3451.7 1.9 1.3 87.7 92.8 BSE+NSE BSE+NSE
Trent 7307.7 -0.2 1.5 174.7 147.3 1 Reliance Ind 1693373.1 BS200 DOWN 7 DAYS
HUL 2406.3 1.5 1.9 55.0 56.1 (~ crore) (Mn shrs)
ICICI Bank 1265.1 -2.0 8.0 20.2 20.4 UltraTech 11786.0 -0.1 1.2 51.9 52.7 ACTIVE CALLS ACTIVE PUTS Avenue Supermar 4061.1 10.0
2
3
TCS
HDFC Bank
1483149.6
1337917.1 UP 3 DAYS Polo Queen Inds -30.1
IndusInd Bank 997.9 0.7 0.6 - 9.6 Wipro 294.5 -3.1 0.7 26.3 32.3 Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg Oil India 11.6 LS Inds -30.1
ITI 3966.9 93.3 4 Bharti Airtel 910935.7
Infosys 1938.8 -1.0 6.3 29.9 29.2 Nifty 50 24004.8 -0.8 100.0 24.6 28.6 MARKET OVERVIEW (In Million) Date Price Qty Interest (OI) (In Million) Date Price Qty Interest (OI)
HDFC Bank 2218.5 12.6 5 ICICI Bank 893379.7 Eicher Motor 10.2 Hind.Applian -30.1
INDEX PE SHRS TRDS 1 YR Index Index 6 Infosys 804832.6 Maruti Suzuki 9.9 Siel Financl -30.1
Tata Motors 2055.6 26.1
BSE SENSEX AGGREGATES C/S MN ‘000 ADV DEC RETURN Nifty
Nifty
09/01/25
09/01/25
24200 131.2
24100 123.9
7.3
5.5
101.2
259.8
Nifty
Nifty
09/01/25
09/01/25
24000 150.0
24100 106.5
5.5 42.4
2.4 31.5
Reliance Ind 2003.5 16.0
7
8
SBI
ITC
708167.0
603063.9
SBI Card & Pay
Bajaj Fin
8.9
8.7
Swatipro -30.1
SENSEX 25.0/29.3 10.9 359 12 18 11.0 ITC 1842.9 38.2 Oswal Yarns -30.0
Adani Ports 1199.3 -2.2 0.9 26.4 103.8 Maruti Suzuki 11943.5 0.9 1.6 27.8 27.4 Nifty 09/01/25 24500 95.4 8.0 171.8 Nifty 09/01/25 23900 80.9 3.5 -1.2 9 LIC India 574689.5 REC 7.5
Asian Paints 2334.3 -0.4 1.1 49.0 50.3 NIFTY 50 24.6/28.6 312.3 6316 21 29 11.6 ICICI Bank 1467.3 11.6 SAB -25.7
Nestle India 2232.6 1.5 0.8 - 64.8 C = CONSOLIDATED; S = STANDALONE Nifty 09/01/25 24000 91.8 5.2 136.1 Nifty 09/01/25 23800 75.7 3.3 0.7 10 HUL 565196.3 Tata Motors 6.7
Axis Bank 1084.2 -0.2 3.2 12.7 12.8 NTPC 339.9 0.5 1.7 15.8 17.1 Nifty 09/01/25 24300 72.8 4.3 130.3 Nifty 09/01/25 24050 70.0 1.4 172.6 Zomato 1409.4 50.8 11 HCL Techno 528415.5 UP 3 DAYS
DOWN
Bajaj Fin 7411.5 0.3 2.2 31.7 29.4 Power Grid 316.2 0.2 1.5 18.9 19.3 CASH DERIVATIVES Stock Stock Liquid Sach 1338.0 13.4 12 L&T 503435.5 Toss The Coin 55.2
TURNOVER BSE NSE BSE NSE
CGCEL -7.1
Bajaj Finsrv 1700.5 0.0 1.1 31.9 174.9 Reliance Ind 1251.4 0.8 8.9 24.9 46.4 Vodafone Idea 30/01/25 8 264.3 149.2 -8.6 Vodafone Idea 30/01/25 8 53.8 103.7 -2.1 13 Bajaj Fin 458771.9 Prozone Realty 42.9
Vishal Mega 1331.4 116.9 Adani Total Gas -4.6
Bharti Airtel 1599.3 -0.6 4.4 74.3 110.8 SBI 793.5 -0.9 3.2 9.9 10.9 VALUE(IN ~ CRORE) 6389 106003 43098824 9070976 Vodafone Idea 30/01/25 9 249.1 202.7 21.4 Vodafone Idea 30/01/25 9 49.8 40.2 13.3 14 Sun Pharma 443654.6 Choksi Labs 42.5
ONGC 1320.5 51.4 Metropolis Heal -3.9
HCL Techno 1947.3 -1.2 2.2 31.4 44.8 SHARES(IN MN) 739.4 3574.9 1010 12613.6 YES Bank 30/01/25 22 70.3 25.0 11.9 ITC 30/01/25 480 36.0 6.6 -41.3 15 Mah & Mah 396340.9
Sun Pharma 1849.1 -1.5 2.1 40.1 164.9 Infosys 1243.9 6.4 Apollo Tyres -3.3 Utcrfs2Rqp 33.1
HDFC Bank 1749.3 -2.5 13.9 20.9 20.3 TRADES(000) 3443 35658 - 31249 Vodafone Idea 30/01/25 7 69.3 55.7 -7.3 ONGC 30/01/25 250 23.6 2.7 202.0 16 Maruti Suzuki 375502.1
Tata Motors 790.4 3.3 1.7 8.7 31.1 Bajaj Fin 1150.1 1.5 Cyient -3.3 08Qpr 33.1
HUL 2405.5 1.5 2.2 55.0 56.1 YES Bank 30/01/25 21 66.8 17.5 2.6 ONGC 30/01/25 245 17.6 2.2 34.4 17 Kotak Mah Bank 365656.1
Tata Steel 138.3 0.1 1.2 59.2 11.1 SBI 1096.5 13.7 MRF -3.2 Utcrfs2Dgr 33.1
ICICI Bank 1265.5 -2.0 9.3 20.2 20.4 MARKET-CAP (~ CR) TRADED TOTAL 18 UltraTech 340404.7
IndusInd Bank 998.1 0.5 0.7 - 9.6 TCS 4099.3 -2.0 4.3 31.3 31.4 Jindal Stan -3.2
IREDA 862.8 37.8 19 Axis Bank 335570.7 EP Biocomposite 30.4
Tech Mahindra 1689.9 -2.2 1.1 50.5 56.4 BSE 44,975,692 45,226,124 Others
Infosys 1938.3 -1.0 7.3 29.9 29.1
ITC 482.0 -1.5 6.3 29.5 29.3 Titan Company 3449.2 1.7 1.5 87.6 92.8 NSE 44,513,528 44,788,847 SPURT IN VOLUMES Maruti Suzuki
Enviro Infra En
857.1
853.0
0.7
26.0
20
21
NTPC
ONGC
329541.3
325514.7 UP 7 DAYS
DOWN 3 DAYS
Jai Corp -31.0
UltraTech 11791.0 0.0 1.4 52.0 52.7 DERIVATIVES 32,290,300 32,290,300
Kotak Mah Bank 1839.2 0.2 2.8 16.5 21.9 Company Days 2-week Avg Change Close *Price 22 Wipro 308267.1 Niesspa 94.8
REC 833.1 15.6 Nippo ETF -20.3
L&T 3661.0 -1.4 5.2 37.2 51.6 Zomato 272.7 -4.3 2.7 - - Volume Volume % price %chg 23 Titan Company 306220.0 Sita Enter 61.6
Mah & Mah 3187.3 -0.7 3.4 35.2 36.2 BSE SENSEX 79223.1 -0.9 100.0 25.0 29.3 TRADING ACTIVITY Emkay Taps 270450.0 3855.0 6915.6 471.9 5.4
Axis Bank
Jio Financial
824.0
814.6
7.6
26.5
24 Adani Enter 296000.4 Ecoboard Ind 50.6
MPDL -15.6
C = Consolidated; S = Standalone (~ crore) FIIs MF 25 Power Grid 294038.5 Genus Prime Inf 44.3 Jafinance -14.3
Salasar exterio 1475000.0 22321.4 6508.0 19.6 4.8 TCS 803.6 2.0
Equity Debt Equity Debt 26 Tata Motors 290954.1 Promax Power 41.0 Lerthai Financ -14.2
Net Net Net Net India Touris 1578072.0 24107.3 6446.0 716.0 14.1 Kotak Mah Bank 795.9 4.3 27 HAL 281265.5
WORLD INDICES On 02 Jan 1664 -555 - - Saregama I 14062209.0 411189.4 3319.9 551.5 15.3 Mah & Mah 764.4 2.4 28 Bajaj Finsrv 271518.8
Blue Coast
Thakral Ser
40.7
40.7
Omega Intera
Vikalp Securiti
-14.2
-14.2
On 01 Jan -597 -84 1427 -1259 Jeena Sikho LC 311310.0 10521.0 2858.9 2360.6 7.3 Saregama I 755.3 14.1 29 Zomato 263166.4
Indices Close % Chg* Indices Close % Chg*
On 31 Dec -5351 -473 2907 3066 Astec Life 373801.0 14789.6 2427.5 1164.8 20.0 30 Avenue Supermar 261804.9 (T+2) cycleStocks which rose/fell continuously
Trent 709.1 1.0
Americas (Jan 02,25) Asia/Pacific (Jan 03,25) On 30 Dec -1599 -1071 2818 -1796 Jayaswl Nec 2770240.0 117304.9 2261.6 43.4 8.6
S&P/ TSX Composite 24898.0 0.7 Kospi 2441.9 1.8 On 27 Dec 370 -525 3313 -667 Miraeamc - Mags 106298.0 4704.3 2159.6 27.5 0.5
Jan till date 1066 -638 1427 -1259
Nasdaq Composite
Dow Jones
19280.8
42392.3
-0.2
-0.4
Stock Exchange of Thai
Taiwan Taiex
1384.8
22908.3
0.4
0.3 2025 till date 1066 -638 1427 -1259
Spencers Retail
Raj Oil Mills
2046652.0
135566.0
104130.7
7144.7
1865.5
1797.4
90.0
58.6
8.5
9.9
BOARD MEETINGS INTRA-DAY
Europe/Africa (Jan 02,25) Straits Times 3801.8 0.0 Group ditions and with the per- approve the in- and approve To
IBEX 35 11685.0 0.1 Jakarta Composite 7164.4 0.0 FIIS IN DERIVATIVES 52 WEEK NEW HIGHS/LOWS Company other related mission of crease in the consider and
Purpose matters in con- Chair. Authorized approve the
FTSE 100 8257.3 0.0 Kuala Lumpur Comp 1629.5 -0.2 Company Price Company Price Company Price Company Price
(~crore) Index Stock Index Index Stock nection with iStreet Net- Share Capital proposal for is-
DAX 19971.4 -0.3 Shanghai Se Comp 3211.4 -1.6 NET Net Fut OI Opt OI OI JANUARY 04 the rights issue work: To con- of the Com- suance of
HIGH *Indo Thai Secur . . . . 1474.0 *Indraprst Md . . . . . . . 555.0 LOW
CAC 40 7343.2 -0.7 Volatility (Jan 02,25) BS 200 *Lloyds Metals . . . . . . 1461.0 *Orient Techno . . . . . . 538.7 BS 200 Bhagirad Chm: of equity sider and pany and to bonus shares
On 02 Jan -21687 10664 0.3 3.1 6.1
Asia/Pacific (Jan 03,25) CBOE Dow Jones 16.3 3.6 *Info Edge . . . . . . . . . 9080.7 *360 ONE WAM . . . . . 1317.3 *Arih Superst . . . . . . . . 538.2 Astral . . . . . . . . . . . 1615.0
To consider shares, includ- approve unau- amend the
On 01 Jan 11544 -737 0.3 4.0 5.9
Hang Seng 19760.3 0.7 CBOE S&P 500 17.7 -1.6 *Eicher Motor . . . . . . 5386.6 *Taril . . . . . . . . . . . 1300.1 *BLS Intl Ser . . . . . . . . . 522.3 Others and approve ing terms and dited financial Capital Clause JANUARY 06
On 31 Dec 49242 -3006 0.3 3.8 5.8
*Shakti Pumps . . . . . . 1231.8 *Taj GVK . . . . . . . . . . . . 458.0 the Change of conditions such results for of the Mem- Abate As
Nikkei 225 (Dec 30) 39894.5 -1.0 * Change over previous close On 30 Dec 45556 3046 0.3 3.2 5.8 *Mah & Mah . . . . . . . . 3237.6 Liquidsbi . . . . . . . . . . 1000.0
*Ceenik Exp . . . . . . . . 1226.4 *Tilaknagar I . . . . . . . . 457.3 Registered Of- as determina- Quarter and orandum of as- Indus: To con-
On 27 Dec 18482 2044 0.3 3.0 5.5 *Muthoot Finance . . . 2270.7 Abslliquid . . . . . . . . . 1000.0
*Innova Captab . . . . . 1214.0 *ITI . . . . . . . . . . . . . . . . 457.3 fice of the tion of the Nine month sociation sider and ap-
MAJOR INDICES Jan till date
2025 till date
-10144
-10144
9927
9927
-
-
-
-
-
-
*Policy Bazar . . . . . . . 2247.0
*HCL Techno . . . . . . . 1992.0 *Fluidomat . . . . . . . . . 1181.4 *Allied Blenders . . . . . . 445.0
WAA tech . . . . . . . . . . . 472.5
Last Mile Enter . . . . . . . 340.0
Company rights issue ended De- accordingly. 2. prove 1.
*Afcom Holdings . . . . 1065.4 Jindal World . . . . . . . . . 444.3 within the local price, rights cember 31 To consider Proposal for is-
Previous Close Open High Low Close Change % chng OI in number of contracts(million) *Coromndl Int . . . . . . 1966.9 Assoc.Cerami . . . . . . . 217.0
*Liquid ETF . . . . . . . . . 1031.4 *SRM Contractors . . . . 430.0 limits in Hyder- entitlement 2024 along and evaluate suance of
*Ipca Labs . . . . . . . . . 1757.7 Jai Corp . . . . . . . . . . . . . 207.6
abad City ratio, record with the Lim- the proposal Equity Shares
BSE Sensex 79,943.7 80,073.0 80,073.0 79,109.7 79,223.1 -720.6 -0.9 *United Spirt . . . . . . . 1700.0 Abslliquid . . . . . . . . . 1000.0 *Firstsource . . . . . . . . . 407.0 *Chemcrux Enter . . . . 165.6
B-Right Reale: date and other ited Review re- for fund raising and / or other
*Jubilant Fd . . . . . . . . . 774.5 Liquidsbi . . . . . . . . . . 1000.0 *Emergent Ind . . . . . . . 391.5 Global Surfaces . . . . . . 164.2
BSE Sensex 50 25,429.8 25,470.0 25,470.0 25,190.0 25,222.1 -207.7 -0.8 BSE SECTORAL INDICES Others *Eyantra Ve . . . . . . . 963.9 *Cosmo Ferr . . . . . . . . . 384.9 Remsons Ind . . . . . . . . . 139.0
To consider
and approve
matters inci-
dental or con-
port
RTFL: To con-
. 3. To consider
and approve
securities of
the Company (Fifteen) to 20 pany Secretary Emerald Leas- audited Finan- the Company
BSE-100 25,613.0 25,666.9 25,666.9 25,431.0 25,460.3 -152.8 -0.6 *Apar Ind . . . . . . . . . 11168.4 *Bhartiya Int . . . . . . . . 850.0 *Padam Cotton . . . . . . 377.8 Samor Reality . . . . . . . . 67.9
Prev cls Close % Chng contents of cir- nected sider and ap- appointment of by way of pref- (Twenty) by as scrutinizer ing: To consider cial Results of for the
*Hawkins Cook . . . . . 9133.1 *Welspun Corp . . . . . . 835.0 *Espire Hospital . . . . . 352.8 *Flex Foods . . . . . . . . . . . 65.8
BSE-200 11,156.4 11,179.7 11,179.7 11,085.7 11,097.3 -59.2 -0.5 cular or circu- therewith. prove statutory audi- erential issue amending the Dhan Jeevan: To and approve the Company quarter/nine
Auto 54,212.7 54,171.8 -0.1 *Dr Agarwals . . . . . . . 7300.0 *GHCL . . . . . . . . . . . . . . 770.4 *Kg Petrochem . . . . . . 330.2 *Getalong Ent . . . . . . . . 50.2 lar in the form Ecoboard Ind: Re-appoint- tors for casual or through any clause no 128 of consider and Unaudited Fi- for the quarter months ended
BSE-500 35,878.7 35,956.4 35,956.4 35,667.5 35,702.1 -176.6 -0.5 Bankex 58,555.8 57,927.7 -1.1 *Kovai Medicl . . . . . . 6400.0 *Deccan Cem . . . . . . . . 755.0 *Royal Hts . . . . . . . . . . 316.1 Ganga Pharma . . . . . . . . 15.0 of advertise- To consider ment of Mr. vacancy other permis- Article of Asso- approve The nancial Results /nine months on 31st De-
Cons. Durables 65,987.9 66,284.0 0.4 *Kingfa Sci Tech . . . . 3840.2 *Assam Entrade . . . . . . 727.8 *Aelea Commoditi . . . . 307.0 Maximus Intl . . . . . . . . . 14.2 ment (DPT-1) and approve 1. Gopal Sridha- caused by res- sible mode 2.To ciation of the agenda. * To for the quarter ended on 31st cember 2024.
BSE IPO 16,616.4 16,650.7 16,797.5 16,643.1 16,660.9 44.6 0.3 Cap. Goods 68,938.9 68,211.2 -1.1 *TCPL Pack . . . . . . . . 3826.0 *Aayush Art And . . . . . 710.2 *Mehai Tech . . . . . . . . . 302.2 AKI India . . . . . . . . . . . . . 12.0 for inviting raise funds/ ran (DIN: ignation of Au- declare and fix company sub- majorly discuss ended December 2024: Palco Metals:
FMCG 21,088.5 21,118.3 0.1 *Indo Tech T . . . . . . . . 3359.7 *Bajaj Healthcar . . . . . 654.1 *B N Rathi S . . . . . . . . . 291.0 *IGC Inds. . . . . . . . . . . . . . 8.5 Fixed Deposit convert loan(s) 09460423) as a ditors. 4. Any relevant date
Dollex-30 7,654.6 - - - 7,580.3 -74.3 -1.0 ject to the ap- the postal bal- 31.12.2024 2. To take on For approval of
Healthcare 45,648.2 45,336.1 -0.7 *Radico Khatn . . . . . . 2637.0 *Welspun Ent . . . . . . . 652.9 *Lehar Footwear . . . . . 288.0 Naturo Indiabul . . . . . . . . 7.8 as per the to Equity. 2. In- Whole Time Di- other business for the pro- proval of lot for regular- Jaus Polymer: Record the scheme of
Nifty 50 24,188.7 24,196.4 24,196.5 23,976.0 24,004.8 -183.9 -0.8 Infra 615.2 617.0 0.3 *Ceinsys Tech . . . . . . 2011.3 *KIMS . . . . . . . . . . . . . . 639.0 P G Foils . . . . . . . . . . . . 271.0 KBS India . . . . . . . . . . . . . 7.6 Companies Act crease in Au- rector of the matter with the posed prefer- shareholders. ization of Mr. Meeting of the Limited Review merger with
IT 44,259.6 43,679.3 -1.3 *Authum Invest . . . . . 2010.0 *EPACK Durable . . . . . 626.0 *Onix Solar . . . . . . . . . . 267.0 *KACL . . . . . . . . . . . . . . . . 6.0 2013. thorized company. permission of ential issue. 3 4To approve Ravi Karan as board of direc- Report by the subsidiary/Who
Nifty Next50 69,103.6 69,444.3 69,785.9 69,096.0 69,192.5 88.9 0.1
Metal 29,148.1 29,214.5 0.2 *Orchid Pharma . . . . 1998.0 *Goldencrest . . . . . . . . 620.8 *Daikaffil Ch . . . . . . . . 265.3 Transgene B . . . . . . . . . . . 5.3 Cinerad Capital of the Sai Swami Chair. An Increase in draft of notice he was ap- tor of the com- Statutory Audi- lly Owned sub-
Nifty 500 22,819.8 22,850.1 22,867.9 22,681.3 22,708.2 -111.6 -0.5 Oil & Gas 26,425.1 26,818.4 1.5 *Wockhardt . . . . . . . . 1580.0 *Blue Jet HC . . . . . . . . . 608.0 *Emerald Leisure . . . . 243.6 *Wardwizard Food . . . . . 5.0 Comm: To con- Company. 3. Metal: To con- the limit on the of postal ballot pointed as ad- pany tors for the sidiary com-
Power 7,062.7 7,034.2 -0.4 *PGIL . . . . . . . . . . . . . 1558.5 Kabra Extrus . . . . . . . . 588.0 *Shri Venkatesh . . . . . 242.0 *Cian Healthcare . . . . . . . 3.7 sider, discuss Such other sider and ap- JANUARY 05 maximum 5To appoint ditional Longspur: To Standalone Un- pany_Palco
India VIX 13.7 13.7 14.0 13.2 13.5 -0.2 -1.5 *Niesspa . . . . . . . . . . 577.1 EP Biocomposite . . . . . 230.0
PSU 19,168.4 19,252.4 0.4 *Shaily Engg . . . . . . . 1550.0 *Thinkink Pictur . . . . . . . 1.6 and decide the item with the prove 1. To Guj Toolroom: number of Di- Rupal Patel independent di- consider and audited Finan- Recycle Indus-
Nifty CPSE 6,218.1 6,237.3 6,333.9 6,229.6 6,273.0 54.9 0.9 Realty 8,229.1 8,180.8 -0.6 m m w w terms and con- permission consider and To consider rectors from 15 Practicing Com- rector. approve 1. Un- cial Results of tries Limited.

> BS 200
WHAT THIS STOCK PAGE CONTAINS AND WHY The third sub-set of The table also contains the (F&O) section a wide set of an option may be exercised. becomes valueless while compared with the previous XD after the traded quotes M
BSE NSE BSE NSE
information is the stock’s company’s price-earnings data has been provided. An option is “in-the-money” futures contracts are close, the close price is indicate that the scrip has
market capitalisation. The (P/E) multiple. The P/E Open Interest: OI is the if the market price exceeds compulsorily settled on underlined. A significant gone ex-dividend after that l ~100 q ~3 Aarti Inds ABB IndiaH
BS 200 stocks account for over paid-up value . Four
85 per cent of the volume of categories of information are market capitalisation is multiple is arrived at by number of contracts open at the SP (in case of a call option) expiry. On NSE, it is the last change means a 3 per cent date; XB denotes ex-bonus, PCLose (415.1) (415.3) (6890.5) (6891.7)
m ~50 H ~2 Open 414.0 416.0 6919.7 6900.0
shares, value and trades on provided: First, the basic shown in ~crore and is arrived dividing the day’s closing end of day in the futures and and the market price is below Thursday of every month. rise or fall in scrips whose XR ex-rights; XO ex-indicator
High 424.3 424.4 6932.2 6931.9
the Bombay Stock Exchange information on the day’s at by multiplying the closing price by its reported earning options segment. OI thus SP (in case of a put). Put/call ratio: The ratio of market values are over 10 for other corporate actions n ~20 « ~1
Low 414.0 415.2 6765.4 6767.0
and National Stock Exchange. trading. Information is also prices of shares with equity per share (EPS) for trailing 12 indicates traders’ Otherwise it is “out-of- open interest in put options & times paid-up value or 15 per like AGM/EGM/ preference u ~6 Face value Close 420.3 420.1 6792.3 6800.2
For BS 200 stocks, the given on the number of capital. It changes either months. EPS is calculated on expectations. High OI is money” call options. cent for the rest of the shares. shares/mergers and others . M of scrips is Shares 53801 1275K 3486 149K
because more shares have the basis of consolidated typical when traders see a Expiry date: The date on ABBREVIATIONS: When a The letters H or L appended denotes volume of shares in  ~5 ~10 in all PE 33.9 33.9 119.1 119.2
company name is followed by shares traded, and also the 52 Wk H/L 770/402 769/402 9200/4342 9150/4340
been issued (or extinguished) earnings wherever available. continuing trend. which a derivative expires . significant change occurs in to prices indicate a new high million, L in lakhs & K in cases if not
its BSE group in brackets and price trend with 52-week Q ~4 specified. Mcap 15235 15229 143929 144095
the symbol indicating the highs and lows. or the price has moved. In the futures and options Strike Price: The price at which An unexercised option the day’s closing value or low in the scrip; the letters ‘000’.

BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE
ACC Adani Energy So Adani Enter« Adani Green En Adani PortsH Adani Total Gas« m H m mH O H H  « « « « m
(2068.9) (2070.1) (808.5) (809.0) (2596.8) (2597.7) (1046.9) (1046.5) (1225.7) (1226.0) (734.5) (734.5)
O 2075.5 2070.2 809.1 810.9 2576.8 2580.0 1047.1 1049.7 1235.0 1234.5 735.8 734.5 O O
2079.0 2078.0 830.9 831.0 2619.9 2619.0 1069.6 1069.9 1236.0 1237.6 751.4 750.8
w 2050.5 2050.5 809.1 810.0 2558.0 2556.6 1036.0 1036.0 1196.4 1197.0 725.3 725.0 w w
2055.0 2055.0 819.9 821.3 2564.6 2564.6 1038.4 1038.3 1199.3 1199.6 727.3 727.7
3197 113K 114K 2551K 46072 933K 292K 2143K 151K 3041K 96772 799K
18.9 18.9 183.3 183.6 53.5 53.5 - - 26.4 26.4 - -
W 2843/1867 2844/1868 1348/588 1348/588 3743/2030 3744/2025 2174/871 2174/870 1608/994 1621/996 1198/550 1190/546 W W
M 38590 38590 98487 98655 296000 296006 164478 164462 259056 259121 79983 80027 M M

Aurob Pharma« Avenue Supermar Axis BankH Bajaj Auto Bajaj FinH Bajaj Finsrv« Bandhan Bank Bank of BarodaH Bank of India Bharat Elctn« Bharat ForgeH Bharti Airtel BHELH Biocon BirlasoftH Bosch BPCL Britannia«
(1348.7) (1348.8) (3617.8) (3611.1) (1086.2) (1086.6) (9072.5) (9079.5) (7387.7) (7389.2) (1700.6) (1700.7) (160.9) (160.9) (241.2) (241.1) (103.8) (103.8) (296.6) (296.8) (1318.5) (1315.7) (1609.8) (1609.7) (232.7) (232.7) (373.0) (373.3) (564.8) (564.3) (34452.8) (34428.6) (296.9) (296.9) (4788.4) (4787.8)
O 1345.5 1348.8 3790.0 3840.0 1089.5 1086.0 9100.0 9100.0 7390.0 7389.8 1705.7 1700.0 O 160.9 160.8 242.1 242.5 104.4 104.2 296.5 296.5 1321.0 1318.2 1612.2 1615.0 O 233.9 233.0 377.4 377.0 567.9 566.0 34566.6 34600.8 296.4 296.0 4818.7 4800.0
1349.0 1350.0 4165.0 4165.9 1093.4 1093.5 9105.7 9110.0 7496.2 7500.0 1720.1 1720.0 161.4 161.4 245.1 245.1 107.2 107.2 297.3 297.3 1321.9 1322.0 1615.0 1617.0 236.9 236.8 377.4 377.0 569.0 568.8 34907.1 34919.3 299.2 299.2 4859.0 4859.5
w 1314.0 1313.7 3790.0 3820.0 1080.0 1079.8 8950.0 8945.0 7360.6 7359.3 1690.8 1692.0 w 157.2 157.3 240.9 240.8 104.2 104.1 291.5 291.5 1292.1 1291.0 1594.0 1593.3 w 229.6 229.7 367.9 368.0 551.6 551.6 34191.9 34180.0 294.5 294.4 4787.9 4785.8
1319.4 1319.5 4023.3 4025.2 1084.2 1084.9 8965.9 8965.7 7411.5 7407.3 1700.5 1701.1 157.7 157.7 241.6 241.6 104.8 104.7 292.0 292.0 1296.6 1296.2 1599.3 1598.9 230.0 230.1 369.3 369.3 552.4 552.2 34240.3 34253.6 296.4 296.4 4835.3 4834.1
21223 932K 682K 9284K 218K 7357K 5796 338K 43362 1506K 132K 1564K 464K 12134K 638K 11308K 911K 12858K 246K 8168K 17908 1816K 164K 3670K 443K 10901K 64105 2143K 94623 1564K 419 18369 205K 4806K 9669 342K
21.6 21.6 91.4 91.5 12.8 12.8 34.0 34.0 29.4 29.4 31.9 32.0 9.1 9.1 6.5 6.5 6.5 6.5 47.0 47.0 44.3 44.3 74.3 74.2 389.2 389.4 30.8 30.8 24.7 24.7 48.5 48.5 9.9 9.9 54.6 54.6
W 1593/959 1592/959 5484/3400 5485/3399 1340/996 1340/996 12772/6887 12774/6887 7830/6190 7830/6188 2029/1419 2030/1419 W 263/157 263/157 298/219 300/219 158/96 158/96 340/172 341/172 1826/1063 1805/1063 1779/1028 1779/1028 W 335/192 335/192 396/244 396/245 862/536 862/536 39052/22207 39089/22203 376/223 376/223 6473/4643 6470/4641
M 77301 77307 261805 261932 335571 335787 250382 250376 458772 458509 271519 271615 M 25405 25402 124940 124961 47712 47676 213410 213410 61988 61969 910936 910679 M 80070 80108 44338 44332 15278 15272 100974 101014 128572 128593 116482 116453

BSEH CAMS Canara BankH CDSL CESC« CG PowerH CGCELH Chambal Fert Chola InvH CiplaH City Union Bk« Coal India Coforge Colgate« Containr Crp Coromndl Int« Cummins (I)H Dabur India«
(-) (5466.2) (5200.0) (5203.3) (101.1) (101.1) (-) (1804.8) (189.1) (189.3) (748.0) (748.0) (372.1) (372.0) (506.3) (506.3) (1271.1) (1271.5) (1537.6) (1537.9) (176.1) (176.2) (393.0) (393.0) (9700.0) (9696.7) (2779.5) (2780.6) (789.5) (789.7) (1955.6) (1956.1) (3254.5) (3257.4) (513.3) (513.3)
O - 5493.6 5219.9 5198.1 101.3 101.5 - 1810.0 189.4 190.5 745.7 747.9 O 374.3 372.1 508.3 507.0 1280.0 1279.0 1540.5 1539.0 177.0 176.8 393.5 393.0 O 9701.1 9730.0 2832.0 2819.8 789.1 789.7 1929.4 1940.2 3299.0 3275.0 514.4 515.0
- 5561.4 5288.0 5287.9 103.1 103.1 - 1828.5 192.3 192.3 753.6 753.7 374.3 373.5 509.0 509.4 1330.0 1330.6 1540.5 1539.0 177.4 177.4 399.2 399.3 9740.7 9745.0 2834.4 2833.5 795.9 795.4 1966.9 1968.8 3299.4 3299.0 529.1 529.0
w - 5313.1 5085.0 5085.3 101.2 101.2 - 1800.1 185.3 185.2 727.4 732.6 w 365.0 364.7 499.4 499.0 1270.7 1270.6 1505.8 1505.1 174.5 174.4 389.5 389.5 w 9535.0 9531.1 2784.0 2781.2 783.3 783.0 1929.4 1940.2 3200.3 3200.0 514.2 514.1
- 5339.8 5096.5 5096.1 101.5 101.5 - 1805.4 185.9 185.9 735.2 736.8 367.3 366.8 500.2 500.3 1319.8 1320.3 1510.3 1511.3 174.9 175.4 393.9 393.7 9669.6 9669.7 2820.9 2821.3 785.3 785.8 1958.4 1958.3 3217.6 3216.9 525.1 524.9
- 1059K 10487 399K 704K 19286K - 1932K 124K 4633K 59798 1115K 131K 3973K 29976 823K 106K 4575K 31276 1582K 31676 1103K 435K 7122K 6492 300K 9664 670K 9431 720K 3689 254K 8965 720K 101K 3814K
- 99.8 - - 6.0 6.0 - - 31.4 31.4 - - 44.0 43.9 13.0 13.0 28.9 28.9 27.3 27.3 12.3 12.3 6.9 6.9 81.1 81.1 52.2 52.2 38.1 38.1 42.2 42.2 47.3 47.3 52.0 52.0
W -/- 5838/1941 5367/2660 5368/2661 129/88 129/88 -/- 1990/811 213/110 212/110 875/415 875/414 W 484/262 484/261 575/331 574/332 1650/1012 1652/1011 1702/1267 1702/1266 188/125 188/125 545/368 544/368 W 10018/4291 10027/4287 3893/2380 3890/2379 1194/758 1180/757 1967/1025 1969/1025 4170/1950 4172/1948 672/489 672/489
M - 72300 25161 25159 92022 92022 - 37732 24636 24643 112371 112616 M 23645 23610 20041 20045 110969 111007 121968 122049 12956 13000 242750 242596 M 64651 64651 76727 76738 47845 47879 57694 57692 89190 89172 93055 93028

N H « H H H « M « « H m « GMR Airports« Godrej Cons« Godrej Prpty Granules« m H H 

(78.7) (78.7) (1093.2) (1093.4) (2810.4) (2811.9) (608.0) (608.6)
O O O 78.7 78.4 1104.3 1100.0 2818.0 2817.0 614.3 613.0
79.9 79.9 1121.2 1122.0 2825.4 2830.6 614.3 613.1
w w w 78.5 78.3 1090.6 1090.4 2724.0 2724.0 599.
78.7 78.7 1116.0 1116.7 2729.9 2734.1
169K 6225K 99327 5834K 15119 530K
- - - - 59.2 59.3
W W W 104/71 104/71 1541/1056 1542/1055 3400/2055 3403/2055
M M M 83131 83078 114162 114233 82219 82346

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.
MUMBAI | SATURDAY, 4 JANUARY 2025 13
<

NOTICE FOR LOSS OF CONFIRMATION DEED AND SHARE CERTIFICATE

I am concerned for my clients MR. SUNIL ANANT TATEKAR, karta
SUNIL ANANT TATEKAR ( HUF ), are owner of Flat no.202 AND
member of SADASHIV SRA Co-op Housing Society Ltd., Shivaji
Nagar, Opp. Bhuta High School, Shahaji Raje Marg, Vile-Parle ( E ),
Mumbai – 400057 (SOCIETY) by virtue of Confirmation Deed dated
07th July 2010 (DEED) executed between M/S. SALASARWALA AND
COMPANY, A REGISTERED PARTNERSHIP FIRM and holding share
certificate no. 23, bearing five shares of Rs. 50/- each having
Distinctive Nos. 111 to 115 (Both Inclusive) (SHARE CERTIFICATE)
That my client have reported loss of Deed registered no. BDR-4-
06384 -2010, Share Certificate pertaining to Flat no. 202 to Concerned
Police Station in order to obtain Duplicate copy from Concerned Sub-
Registrar Office, Society and to satisfy Appropriate Authority,
financing Bank, Society that my client is owner of Flat no.202 in
Society.
NOTICE is hereby given to the public at large that any person having
the possession of the Release Deed or any claim by way of lien,
mortgage, security, charge, trust or otherwise may raise their
objection/s within 10 (Ten) Days from the date of publication of this
notice at the address below.
Mumbai Sd/-
Dated –04th January 2025 Ashok Panchan Maru
Advocate High Court, Mumbai.
Maravoor Chambers, 1st Floor, 30-H, Bomanji Lane, Near
Handloom House, Behind Fort Fire Brigade, Fort, Mumbai - 400001
Mobile -9819104665 [email protected]
14
>
MUMBAI | SATURDAY, 4 JANUARY 2025 1

Shikhar Consultants Ltd

CIN: L74140MH1993PLC071225
Regd Off.: A-41, Nandjyot Industrial Estate, Near Safed Pool, Andheri Kurla Road,
Andheri (East), Mumbai – 400 072 Phone No: 022-2851 8641/ 42
Website: www.shikharconsultants.com, Email Id: [email protected],
NOTICE TO THE SHAREHOLDERS FOR THE EXTRA ORDINARY GENERAL MEETING
NOTICE is hereby given that the Extra Ordinary General Meeting “EGM” of the Members
of Shikhar Consults Ltd will be held on Friday, January 24, 2025 at 11.00 A.M.at A-41,
Nandjyot Industrial Estate, Near Safed Pool, Andheri Kurla Road, Andheri (East), Mumbai
– 400 072, Maharashtra, India to transact the businesses as set out in the Notice of
EGM in compliance with the applicable provisions of the Companies Act, 2013 and SEBI
(Listing Obligations and Disclosure Requirements), Regulations, 2015.
The Company has electronically sent the Notice of the EGM along with the Explanatory
statement, if any on Tuesday, December 31, 2024 to all the members who have registered
their email addresses with the Company/ Depositories/ Depository Participants/ Registrar
and Share Transfer Agents. The Notice of the EGM is also available on the Company’s
website at www.shikharconsultants.com and on the website of BSE Limited at
www.bseindia.com respectively.
In accordance with Section 108 of the Companies Act, 2013 read with Rule 20 of the
Companies (Management and Administration) Rules, 2014 and Regulation 44 of the SEBI
(Listing Obligations and Disclosure Requirements), Regulations, 2015, the Company has
provided electronic voting facility to its members to cast their votes on all resolutions set
out in notice of the Extra-Ordinary General Meeting.
The Details with respect to the e-voting are as follows:
Cut-Off date for E-voting January 17, 2025
Date and time for Commencement of Remote E-voting January 20, 2025 at 09.00 A.M.
Date and time for End of Remote E-voting January 23, 2025 at 05.00 P.M.
Members may note that only persons whose names appears in the Register of members
or the list of beneficial Owner furnished by NSDL and CDSL as on the aforesaid cut-off
date i.e. Friday, January 17, 2025 shall be entitled to vote on the resolutions set out in
the Notice. Once the vote on a resolution is cast by the member, he/she shall not be
allowed to change the same subsequently. Remote E-voting will be disabled by NSDL after
5.00 P.M. on Thursday, January 23, 2025.
The Members who have cast their vote through remote e-voting may also attend the EGM
but shall not be entitled to cast their vote again. The Members attending the EGM who has
not cast their votes through remote e-voting will be able to vote at the meeting.
Members who have not registered their email address or those who have acquired shares
after the dispatch of Notice of EGM and who continue holding shares as on the cut-off
date i.e. Friday, January 17, 2025 can obtain/ generate the USER ID and PASSWORD as
per the Instruction provided in the Notice of the EGM. A person already registered for E-
voting can use his/her existing USER ID and PASSWORD for casting the vote.
The Process for registration of Email ID for obtaining the Notice of EGM and User ID/
Password for e-voting are explained in detail in the Notice of the EGM.
In case of any queries, Members may refer to the Frequently Asked Questions for the
members available on www.evoting.nsdl.com or sent an email to Ms. Pallavi (NSDL) at
[email protected] or contact the Company on Email: [email protected]
who shall address the grievances in connection with the voting by Electronic Means.
By Order of the Board of Director
Shikhar Consultants Ltd
Sd/-
Mr. Rajesh Daga
Date: December 31, 2024 Director
Place: Mumbai DIN: 03249957
.
MUMBAI | SATURDAY, 4 JANUARY 2025 TAKE TWO 15 <

AFTER Women’s badminton faces uncertainty due

to a shrinking talent pool, lack of quality

SINDHU,
coaches, and overreliance on Gopichand

WHO?
P Gopichand (centre) was instrumental in turning PV Sindhu (left) and
Saina Nehwal into world champions PHOTO: PTI

the country. “Our system of top players turn into coaches Olympics. To optimise the
coaching has to develop,” he and pass on their knowledge performance of players and
told Sportskeeda. “We don't and expertise to future gener- create a more unified and sys-
have any system for groom- ations. In India, barring Gopi, tematic approach to training,
ing top players and putting Padukone, Vimal, and now the BAI wants to reduce the
them into coaching. So, as a Kashyap, few international culture of personal coaches
coaching system, we are a players take to coaching. and shift towards a more cen-
failed team, for sure.” “We magically want to tralised training model. The
He however qualified the produce champions with move came in the wake of
statement by saying he was medals around their necks. I BAI appointing Malaysian
trying to be a little harsh have been a national coach doubles specialist Tan Kim
there. “But the fact of the for 16 years, and have got lit- Her to work with the Indian
matter is that after Gopi Sir, tle support,” Nita explained. national team.
where are the coaches? Who “Indians have this fascina- Nevertheless, expect more
are the coaches? Why haven’t tion for foreign coaches. parents to make hopeful jour-
we developed a system? Why They will bring them from neys with their daughters to
are you expecting another abroad and pay lakhs, but Gopi Sir’s academy in the
coach to be as passionate as will continue to ignore our coming year. After all,
Gopi Sir? I am, I know. But local coaches.” Gopichand knows a thing or
one person… the numbers we Last month, the BAI made two about the hard work, sys-
have in India… one is not a slew of changes in training tematic development, and
enough,” he added. methods as India prepares for infra that go into the making
PHOTO: SHUTTERSTOCK
In China and Indonesia, the 2028 Los Angeles of world beaters.

VISHAL MENON
New Delhi, 3 January
THE ‘NEXT’ TAG

O
ver the past two Malvika Bansod
decades, thousands
of parents have The 23-year-old has
embarked on a jour- defeated Sania Nehwal in
ney of hope with their daugh- 2022 and stunned Gregoria
ters. They navigate through Mariska Tunjung in the
the obdurate traffic in previous year. The Nagpur
Hyderabad’s Gachibowli area, girl created buzz after
snake past the towering tech winning the silver medal at
hubs in Cyberabad, and
the Syed Modi International tournament three
finally arrive at the Pullela
Gopichand Badminton seasons ago
Academy.
This bustling state-of-the-
art centre built by Pullela Aakarshi Kashyap
Gopichand, the soft-spoken The Bhilai girl won plaudits for her
bona fide Dronacharya of power game. She was selected to
Indian badminton, also be part of the Indian team at the
fondly known as Gopi sir, is a 2018 Asian Games, and then rose
beacon of aspiration for
through the ranks with her
these parents. This hallowed
turf has witnessed the meta-
impressive performances in the
morphosis of Saina Nehwal, BWF World Championships and Asian Games
Jwala Gutta, Ashwini
Ponappa, and P V Sindhu
from anonymous aspirants Tanvi Patri
into world champions. Tanvi was introduced to
At Gopi’s academy, the badminton by her father who
dreams and potential of
was working in Shanghai.
these young girls take flight.
This is where the 2001 All
She was tutored by China’s
England Open Champion has renowned coach Jiang Yong
been moulding dreams and Yi. The early brush with the
giving Indian badminton a Chinese played a significant
steady stream of world-class role in shaping her fortunes
shuttlers. But, for the first
time last year, this supply
line of Indian badminton — won the 2022 Thomas & Uber leave their homes to train in
which has hitherto meticu- Cup bronze medal, and her Bengaluru and Hyderabad.
lously engineered champions performances at tournaments But that’s just the start.
— is facing a glitch. This dis- such as the Spanish Open and There is a long way to go to
ruption is especially glaring Singapore Open show she can match the aura of Gopi’s
among women shuttlers, compete against top players. nursery.
whose performances and Complementing Bansod Veteran coach Vijaydeep
development have faltered in is Aakarshi Kashyap, who Singh Nita believes a turn-
a way that has raised has made a steady rise around in women’s badmin-
concerns. through the ranks through ton is around the corner.
her performances in the BWF “These young girls will need
Barren cabinet World Championships and some time to improve their
P V Sindhu, Indian women's Asian Games. game and inject consistency
badminton’s superstar, Their talent is evident. But to close out crucial games,” he
endured a lacklustre 2024. what is missing is the consis- explains.
The 29-year-old lost to tency and fitness of Nehwal More importantly, having
Canada’s Michelle Li in the and Sindhu during their national camps across the
first round of the Arctic Open formative years. The world country, and not just in aca-
2024 BWF Super 500 at rankings only illustrate the demies run by Gopi or
Vantaa, Finland. growing cause for concern. Padukone, will provide an
At the Paris Olympics in As of 31 December 2024, endless supply of talent. Nita
August, she endured her big- there are only two Indian concedes that the best way to
gest heartbreak of the year women shuttlers in the plug the gap in women’s bad-
when she went down in world’s top 40: Sindhu (15) minton is by identifying at
straight games to China’s and Bansod (32). Japan has least 10 players, hone their
He Bing Jiao in the pre-quar- eight on this list. skills, condition them men-
terfinals. tally, and unleash them at
Nehwal, at 34, has con- Finding next Saina, major tournaments.
ceded that her career is on its Sindhu The future of women’s
last legs. The 2012 Olympic Finding India’s next Sindhu badminton does not lie in
bronze medallist has been out or Nehwal seems to be an unearthing the next Sindhu,
of mainstream badminton for arduous task, far more rigor- but in creating a pool of tal-
some time, battling arthritis. ous than finding the next ent. By building a squad,
“The knee is not very good. I Indian Idol. And the fault India’s chance of medals
have arthritis. does not lie with increases exponentially. This
My cartilage has The future of Gopi, Prakash is a sure-shot way to compete
gone to a bad women’s Padukone, or against the sport’s super-
state. It is very badminton does Vimal Kumar. powers: China, Denmark,
difficult to push not lie in “For a long Indonesia, and Japan.
for eight-nine unearthing the time, Indian bad-
hours,” Nehwal next Sindhu, but in minton was cen- Gaps in coaching
said on the creating a pool tred around Though India has witnessed
House of Glory of talent Hyderabad and an impressive rise in badmin-
podcast. Bengaluru. A tal- ton over the past two decades
The cabinet in the Indian ented player from the North- with the resounding success
women shuttlers looks East had little avenues for of Saina, Sindhu, Kidambi
barren. training. Her parents would Srikanth, Lakshya Sen, and
Who is the next Sindhu or be hesitant to send her to others. thanks to the likes of
Saina? Gopi’s academy in Gopi and Padukone working
It is a question that baffles Hyderabad or Padukone’s indefatigably behind the
Gopi. There are stars on the centre in Bengaluru,” a senior scenes, the future also lies in
horizon, but they appear to be sports administrator told unearthing more Gopis and
flickering only intermittently. Business Standard. Padukones.
Among them is 23-year-old Last year, the Badminton Parupalli Kashyap, the
Malvika Bansod, whose intel- Association of India (BAI) set 2014 Commonwealth Games
ligence, nous, and power up an academy in Guwahati gold medal winner, who has
have heads turning. She was that gave hope to young shut- turned to coaching, bemoans
part of the Indian team that tlers who did not want to the lack of quality coaches in
16
>
MUMBAI | SATURDAY, 4 JANUARY 2025

DENSE FOG GRIPS NORTH INDIA No cause for alarm: Indian health
Over 500 flights delayed, officials on hMPV spread in China
24 train ops hit in Delhi
SANKET KOUL medicine at Amrita Hospital,
New Delhi, 3 January WHAT DO WE KNOW How is hMPV Faridabad, emphasised that
contracted? hMPV is not new to India and the
As the world marks the fifth What is human virus has been present in the
It is caused by a virus
anniversary of the Covid-19 pan- metapneumovirus? country for years, primarily
which belongs to same
demic in 2025, another flu-like Human metapneumovirus affecting older children aged 10
Palam airport records illness has emerged, though (hMPV) is a viral infection that
viral family as those
to 14 years.
responsible for RSV,
zero visibility from 8 am Indian officials insist there is no
reason to panic.
typically leads to symptoms
resembling those of the measles, and mumps
The virus is known to spread
via droplets, direct contact, and
to 9.30 am Friday Addressing concerns about common cold Transmission mode: possibly airborne particles.
the outbreak of human metap- lCoughing and sneezing Symptoms range from mild,
BS REPORTERS neumovirus (hMPV) in China, Symptoms: Cough, such as a runny nose, to severe,
fever, runny or lPhysical contact such
New Delhi, 3 January the Indian authorities, on as shaking hands, including breathing difficulties
Friday, said that the situation is blocked nose, sore and chest pain. “hMPV is most
or hugging

M
ore than 500 flights, includ- under control, and that the throat, contagious during late winter
ing departures and arrivals, health ministry is actively mon- wheezing, lTouching contaminated and early spring, though infec-
and 24 trains departing itoring the spread of respiratory shortness of objects or surfaces, such as tions can occur year-round,”
from Delhi were delayed on Friday illnesses within the country, breath, and rashes phones, doorknobs, etc explained Dr Tushar Tayal, con-
amid dense fog in several parts of alongside seasonal influenza sultant in internal medicine at
north India. According to fligh- trends. Treatment: Currently, there are no antiviral treatments for hMPV CK Birla Hospital, Gurugram.
tradar24 data, till 5.30 pm on Friday, China has reported a spike Currently, there is no specific
about 145 arrivals were delayed at the in hMPV cases, particularly HMPV is similar to other res- ratory illness cases reported at treatment for hMPV. “Sympto-
national capital’s airport. among children and the elderly, piratory viruses, causing flu-like our centres this December.” matic relief measures include
Moreover, about 394 departures over the past few weeks. The symptoms predominantly in the The National Centre for antipyretics for fever, deconges-
were also delayed at this airport. outbreak has prompted com- very young and the elderly, Disease Control (NCDC) has tants for nasal symptoms, and
In a statement on Friday morning, parisons to the early days of explained Dr Atul Goel, director intensified its monitoring of res- maintaining adequate hydration
India Meteorological Department Covid-19, with reports of over- general of Health Services piratory illnesses, official sources and nutrition,” Pahuja said.
(IMD) said that “very dense” fog Workers clear snow in Srinagar as thick fog engulfs large parts of the Kashmir whelmed hospitals and crema- (DGHS). He noted: “There was told ANI. Dr Sourabh Pahuja,
was reported at Palam airport, which valley. Visibility fell sharply and flights were affected PHOTO: PTI toria raising global concerns. no significant increase in respi- senior consultant in pulmonary More on business-standard.com
adjoins the Delhi International
Airport. IndiGo stated on X on Friday trains to ensure visibility even during
“Palam airport recorded the lowest morning that “another foggy morn- dense fog. In December, the railway
visibility 0 metres from 8 am to 9.30
am which thereafter improved and
became 50 metres at 10 am...Mainly
ing" is expected for Delhi, Bengaluru,
and Lucknow. “We advise you to
monitor your flight status before
ministry had said that it had installed
close to 20,000 fog safety devices in
locomotives.
Union Carbide waste disposal: Protests
moderate fog conditions with wind
speed less than four kilometers per
hour variable direction prevailed over
starting your journey. Additionally,
please allow extra time when travel-
ling to the airport, as reduced visibil-
Additionally, indigenous automat-
ic train protection system Kavach is
also expected to allow loco pilots
rock Pithampur, 2 attempt self-immolation
the region in the forenoon on Friday,” ity might affect vehicle movement,” to pass through foggy areas with rel- ARCHIS MOHAN & PTI Pithampur Bachao Samiti.
the IMD noted. it added. ative ease. New Delhi/Dhar (MP), 3 January On the night of December 2-
Meanwhile, GMR Group-led Delhi SpiceJet had stated on X on On November 20, Civil Aviation 3, 1984, the methyl isocyanate
International Airport Limited (DIAL), Monday morning that due to poor vis- Minister Rammohan Naidu had told Two persons on Friday attempt- (MIC) gas leaked from the Union
which operates and manages the ibility at Delhi airport, all departures the airlines to ensure that all check- ed self-immolation, adding to Carbide pesticide factory in
Delhi airport, stated on X at about 11 and arrivals and their consequential in counters at Delhi airport are fully tensions in Pithampur, Madhya Bhopal, killing at least 5,479
am on Friday, “Low visibility proce- flights might get affected. staffed to minimise passenger incon- Pradesh, as protests against the people and leaving thousands
dures are still in progress at Delhi air- “Passengers are requested to keep a venience as fog and smog started planned disposal of 337 tonnes with serious and long-lasting
port. However, there has been no check on their flight status,” it added. affecting the flight operations. of hazardous waste from health issues in Bhopal.
impact on flight operations. On the morning of Friday, 24 The minister had given this direc- Bhopal’s defunct Union Carbide On December 3, on the 40th
Passengers are requested to contact trains departing from Delhi were tion during a meeting with represen- factory continued in the small anniversary of the Bhopal gas
the airline concerned for the updated reportedly delayed after dense fog tatives of major airlines, DIAL, offi- industrial town. tragedy, the Madhya Pradesh
flight information.” engulfed the national capital. Some cials of the Ministry of Civil Aviation, Pithampur, located in Dhar High Court warned the state Dhar police officials try to persuade the protesters to maintain
DIAL did not release any informa- of these, such as the Brahmaputra Directorate General of Civil Aviation district, 250 km from Bhopal, is government authorities with peace in Pithampur on Friday PHOTO: PTI VIA X
tion about the number of flights Express, were delayed by around four (DGCA) and the Bureau of Civil known as the “Detroit of India”. contempt proceedings for not
delayed or cancelled due to fog. hours due to zero visibility. Aviation Security (BCAS). It has over 700 manufacturing cleaning up the Union Carbide The waste reached Pitha- Chief Minister Mohan Yadav
According to aviation analytics firm Similarly, Gorakh Express, The meeting was called on outfits, including automobile- site in Bhopal despite court mpur Waste Management, in have failed to assuage the resi-
Cirium, IndiGo is the largest airline Mahabodhi Express and Bihar Kranti November 20 to assess readiness of manufacturing units. directives, including that of the collaboration with Re dents of the town, which has a
operator at the Delhi airport with Express, among others, also saw sig- the aviation ecosystem amid the “ear- The waste from the Supreme Court. Sustainability, in Tarapur vil- population of 175,000. Yadav
about 500 daily flights. Air India is nificant delays on account of the con- ly onset of fog/smog” in Delhi. December 1984 disaster at the The 337 tonnes of waste was lage, under the supervision of said the waste comprised 60 per
the second largest operator at Delhi ditions. More than 370 flights, including Union Carbide factory reached packed in 12 containers and the the Bhopal Gas Relief and cent mud and 40 per cent naph-
airport with about 435 daily flights. The Indian Railways has been departures as well as arrivals, were the industrial town’s incinera- administration created a green Rehabilitation Department. thol used to make pesticide
SpiceJet operates about 72 daily installing fog safety devices, which delayed at Delhi airport on November tion facility on Thursday, trig- corridor through Sehore, Dewas, However, the safety mea- methyl isocyanate and was “not
flights to and from the airport. are GPS-based navigation tools, in 18 due to dense fog and pollution. gering protests led by the and Indore for its transportation. sures and assurances from at all harmful”.

A global outreach beyond business PUBLIC ANNOUNCEMENT

(This is a public announcement for information purposes only and not for publication or distribution outside India and is not an Offer Document)

An ancient civilisation with a modern outlook, India has a lot of fine AASTAMANGALAM FINANCE LIMITED
Corporate Identity Number: L65191TN1985PLC011503
Registered Office:No.51 Hunters Road, Choolai, Chennai, Tamil Nadu, 600112. Tel: 9884700471
strengths – in cinema, sports, art, culture, food, yoga — that it is building on Contact Person: Mr. Binod Kumar Chowdhury
ILLUSTRATION: BINAY SINHA Email: [email protected] Website: www.aflindia.co.in
VISHAL MENON
New Delhi, 3 January
THE PROMOTERS OF THE COMPANY ARE: Mrs BHAVIKA M JAIN,
Mrs KHUSHBU MOHAN KUMAR JAIN and Mrs REKHA M JAIN
As Dommaraju Gukesh got up from his NOTICE TO THE ELIGIBLE EQUITY SHAREHOLDERS OF AASTAMANGALAM FINANCE LIMITED
chair, both arms raised and a beaming ISSUE OF UP TO 71,27,800 FULLY PAID-UP EQUITY SHARES OF FACE VALUE OF ₹10/- EACH OF OUR COMPANY (THE “RIGHTS EQUITY
smile, the moment felt timeless. The SHARES”) FOR CASH AT A PRICE OF ₹42.50 PER RIGHTS EQUITY SHARE (INCLUDING A PREMIUM OF ₹32.50 PER RIGHTS EQUITY
raucous cheers from the crowd only SHARE) AGGREGATING UP TO ₹3029.00 LAKHS* ON A RIGHTS BASIS TO THE ELIGIBLE EQUITY SHAREHOLDERS OF OUR COMPANY IN
amplified the significance of his THE RATIO OF 8 (EIGHT) RIGHTS EQUITY SHARES FOR EVERY 10(TEN) FULLY PAID-UP EQUITY SHARES HELD BY THE ELIGIBLE EQUITY
epochal triumph. SHAREHOLDERS ON THE RECORD DATE, THAT IS ON DECEMBER 13, 2024 (THE “ISSUE”). FOR FURTHER DETAILS, SEE “TERMS OF THE
Gukesh, 18, was crowned the ISSUE” ON PAGE 106 OF THIS LETTER OF OFFER.
youngest world champion in the *Assuming full subscripion
history of chess, quelling Ding Liren in
the 2024 FIDE World Championship in RIGHT ISSUE EXTENDED : REVISED ACTIVITY SCHEDULE
Singapore — an occasion that took ISSUE OPENING DATE Friday, December 27, 2024
India’s soft power to new heights.
Since the turn of the century, the LAST DATE FOR ON MARKET RENUNCIATION OF RIGHTS ENTITLEMENTS # Tuesday, December 31, 2024
country has expanded its global ISSUE CLOSING DATE* Tuesday, January 07, 2025
influence in more ways than one, with
yoga, art, sport, cinema and food (with FINALISATION OF BASIS OF ALLOTMENT (ON OR ABOUT) Monday, January 13, 2025
several Michelin star Indian chefs) all DATE OF ALLOTMENT (ON OR ABOUT) Monday, January 13, 2025
contributing to it.
Yoga, in fact, is often described as DATE OF CREDIT (ON OR ABOUT) Tuesday, January 21, 2025
the biggest export from India, with DATE OF LISTING (ON OR ABOUT) Thursday, January 23, 2025
hundreds of thousands of people today
practising it around the world. Note: The above imetable is indicaive in nature and does not provide an opportunity to shareholders to exercise their rights in
Popularised globally by yoga gurus consitute any obligaion on the Company or the Lead Manager. the Rights Issue.
such as BKS Iyengar, it got a day to its democracy,” Deo adds. “Such at the 2024 Paris Olympics, attests to. While our Company shall ensure that all the steps for compleion ACCORDINGLY, THE LAST DATE OF SUBMISSION OF THE DULY
name on December 11, 2014, when the achievements raise the stature of a “Hosting the Olympics will of all the necessary formaliies for the lising and trading of our FILLED IN APPLICATION FORM IS JANUARY 07, 2025, BEING THE
United Nations General Assembly nation considerably.” definitely encourage a sporting culture equity shares on the BSE main board plaform are taken within ISSUE CLOSING DATE.
the prescribed imelines, the ime table may change due to ALLOTMENT ONLY IN DEMATERIALISED FORM: The Allotment
declared June 21 as the International Gukesh’s stellar rise in chess apart, in India and boost the country’s
various factors such as any delay in receiving inal lising and of Equity Shares pursuant to the Issue will only be made in
Day of Yoga following a from cricket to profile,” she said to Business Standard
trading approval from the BSE. The Commencement of the dematerialized form. In accordance with SEBI Master Circular
suggestion by Prime indigenous sports like during an earlier interview. If that
Minister Narendra Modi 2000- kabaddi, kho kho, happens, New Delhi, Mumbai and
trading of Equity shares will be enirely at the discreion of BSE in
accordance with the applicable laws.
SEBI/HO/CFD/PoD-2/P/CIR/2023/00094 dated June 21, 2023, the
credit of Rights Enitlement and the Allotment of Equity Shares
in his UN address and a 2024 wrestling and Ahmedabad will cease to be mere *Eligible Equity Shareholders are requested to ensure that shall be made in dematerialized form only. Accordingly, the
subsequent draft resolution badminton, India’s specks on the Olympics map. renunciaion through off-market transfer is completed in such a Rights Enitlement of Physical Shareholders has been credited
introduced by India’s sports ecosystem is Getting there, though, will require manner that the Rights Enitlements are credited to the demat in the demat suspense escrow account opened in the name and
permanent representative blossoming. significant investment in both accounts of the Renouncees on or prior to the Issue Closing Date. style of “Aastamangalam Finance Limited-Unclaimed Securiies-
to the UN. This multi-pronged sportspersons and sporting Payment Schedule of Rights Equity Shares Suspense Escrow Account”. Eligible Equity Shareholder holding
Like yoga, Indian
cinema, too, has been
THE approach, combined
with hosting
infrastructure. In fact, it would require
deeper interventions, given that the
Rs. 42.50 per Rights Equity Share (including premium of Rs. 32.50 Equity Shares in physical form as on Record Date and desirous of

making a mark since before INDIA international events, country doesn’t really have a sporting
per Rights Equity Share) shall be payable on Applicaion.
ASBA*
subscribing to Equity Shares in this Issue are advised to furnish the
details of their demat account to the Registrar or the Company at
the 2000s — think Satyajit STORY investing in grassroots culture. Schools, for example, either
ASBA* Simple Simple, Safe, Smart way of Applicaion -
least two Working days prior to the Issue Closing Date i.e., January
Ray, whose Oscar award initiatives, and don’t have sports periods or don’t take Make use of it.!
04, 2025, to enable the credit of their Rights Enitlements in their
was announced by another
legend, Audrey Hepburn; or SOFT POWER promoting women in
sports, is allowing the
them seriously.
For now, if there is one sporting
*Applicaion Supported by Blocked Amount (ASBA)
is a beter way of applying to issues by simply
respecive demat account at least one day before the issue Closing
Date. The Rights Enitlement of the Physical Shareholders who do
Raj Kapoor, who had country to enhance its event that has truly turned the spotlight blocking the fund in the bank account, investors can not furnish the details of their demat account to the Registrar
Russians singing “Mera joota hai global stature, strengthen diplomatic on India, it is the Indian Premier avail the same. not later than two Working Days prior to the Issue Closing Date,
Japani”; or superstars such as Amitabh ties, and cultivate a positive image. League (IPL). For further details read secion on ASBA below should lapse. For further details, see “Terms of Issue- Procedure
Bachchan and Shah Rukh Khan; or Since its inception in 2008, the IPL Process for Applicaion in the Issue for Applicaion” on page 107 of the LOF and “Terms of Issue -
more recently, “Naatu Naatu”, a song Olympic ambitions has morphed into something more In accordance with Regulaion 76 of the SEBI ICDR Regulaions, Credit of Rights Enitlements in demat accounts of Eligible Equity
from the 2022 Telugu movie, RRR, During his Independence Day speech than just a glitzy annual cricket the SEBI Rights Issue Circulars and the ASBA Circulars, all Investors Shareholders” on page 117 of the LOF.
ELIGIBLE SHAREHOLDERS OF THE COMPANY WHO ARE ENTITLED
which became a worldwide hit, in 2024, Modi said India dreams of tournament. It is now a powerful desiring to make an Applicaion in this Issue are mandatorily
TO APPLY FOR THE RIGHTS ISSUE ARE REQUESTED TO TAKE NOTE
winning the Academy Award for Best hosting the Olympics in 2036 — an vehicle showcasing the country’s required to use the ASBA process. Investors should carefully read
OF THE DATE OF THE ISSUE CLOSURE I.E. JANUARY 07, 2025.
Original Song in 2023. ambition that was recently backed by vibrant culture and fostering the provisions applicable to such Applicaions before making ACCORDINGLY, THERE IS NO CHANGE IN THE LETTER OF OFFER,
“Indians have in this period (2000 to International Olympic Committee international diplomacy, with its their Applicaion through ASBA.For details, see “Procedure for ABRIDGED LETTER OF OFFER, STATUTORY ADVERTISEMENTS,
2024) created waves in the field of art, head Thomas Bach. viewership spanning countries Applicaion through the ASBA Process” on page 107 of the Leter ENTITLEMENT LETTER AND APPLICATION FORM EXCEPT THE
culture, cinema, mathematics, music, Indeed, India’s Olympic-sized across the globe. of Ofer. MODIFICATION IN THE ISSUE CLOSING DATE, RESULTANT CHANGE
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technology, to name a few areas,” overreach. For an aspirational country American investment bank Houlihan THEIR APPLICATON USING THE ASBA PROCESS ONLY. ASBA ACCOUNT OF EXTENSION OF ISSUE CLOSING DATE.
Kalikesh Narayan Singh Deo, president, to get a seat at the high table at the Lokey, IPL’s business valuation FACILITY IS OPERATIONAL FROM THE ISSUE OPENING DATE. Unless otherwise speciied, all capitalised terms used herein shall
National Rifle Association of India, tells global stage, it is important to be a currently stands at $16.4 billion. “The LAST DATE FOR APPLICATION: This is to inform the Eligible have the same meaning ascribed to such terms in the Leter of
Business Standard. winner in the sporting arena. IPL has its impact in the world of sports Shareholders of the Company that the date of closure of the Ofer dated December 09, 2024.
“This quarter century got us two In modern history, a nation’s rise has and also on the world economy simply Rights Issue, which opened on December 27, 2024 and which For Aastamangalam Finance Limited
individual gold medals in the been intrinsically linked to its phoenix- because it’s one of the richest leagues was scheduled to close on January 03, 2025 has now been Sd/-
Olympics, something which was not like trajectory as a sporting behemoth. in the world,” Deo says. extended by the Company to January 07, 2025, vide the Rights Date: January 03, 2025 Bhavika M Jain
achieved in the previous half a century It is something ace shooter Manu Issue Commitee’s Resoluion dated January 02, 2025, in order to Place: Chennai, Tamil Nadu Director
or so of our existence as a modern Bhaker, who bagged two bronze medals More on business-standard.com