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BS English Delhi 28 06

The document provides a financial overview for June 28, 2025, highlighting market performance with the Sensex at 84,058.9 and Nifty at 25,637.8. It discusses challenges in India's economy, particularly regarding credit growth and the impact of rare earth export curbs from China. Additionally, it notes a significant increase in consumer spending on FMCG products and a current account surplus for the first time since October 2024.

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BS English Delhi 28 06

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You are on page 1/ 24

saturday • 28 june 2025

24 pages in 1 section
new delhi
~14.00
volume xxxii number 62
• published simultaneously from:
• ahmedabad • bengaluru • bhopal • bhubaneswar
• chandigarh • chennai • hyderabad • kochi • kolkata
• lucknow • mumbai • new delhi • pune

the markets on friday

change †
- www.business-standard.com
Sensex 84,058.9 + 303.0
Nifty 25,637.8 + 88.8 companies 2 > world 8 > back 24 >
Nifty Future ‡ 25,750.2 + 112.4
Dollar ~85.5 ~85.7 ‡‡ Mercedes-Benz India Masayoshi Son hints Beyond 9 to 5: The
Euro ~100.1 ~100.5 ‡‡ unfazed by China’s at succession while rise of part-time
Brent Crude ($/bbl) 67.2 * 66.6 ‡‡
Gold (10gm)** ~95,400.0 − ~1370.0
magnet supply curbs chasing AI ambition bike taxi drivers
† Over previous close; ‡ (July) Premium on Nifty Spot; ‡‡ Previous close;
* At 9pm IST; ** Market rate exclusive of VAT; Source: IBJA

FM nudges PSBs to Torrent nears deal to buy

Consumers spent over ~34,000 crore on

fortnight ended June 13, at 9.6 per
cent, shows data released by the
Sitting on capital Credit growth offer for public shareholders
under takeover regulations.
Mcap (June 27) 28,080 113,185 discussion with global lenders to
line up financing for the poten-
ITC’s non-cigarette fast-moving consumer Reserve Bank of India (RBI) on Ten of 12 state-owned banks in slow lane The private-equity firm’s
PBIDT: Profit before depreciation,
interest, and taxes; PAT: Profit after tax tial deal, said one of the persons
had a CRAR of over 17% as of
goods (FMCG) products in FY25, according Friday. This growth was over 20 per
end March 2025, against the Capital Growth rate (Y-o-Y in %) stake was valued at ~13,461 crore Source: Capitaline close to the development.
to the company’s latest annual report. cent till March 2024. minimum requirement Adequacy ($1.57 billion) as of Friday’s close, The Mehta family, which
The segment revenue from the FMCG Data compiled by Business Stan- of 11.5% Ratio (%) with JB Chemicals’ shares ending The stock has fallen around controls the Torrent group, owns
business in FY25 was at ~21,981.57 crore dard shows 10 out of 12 state-owned at ~1,800 apiece, giving the com- 4.5 per cent since the beginning 68 per cent in Torrent Pharma,
and Ebitda stood at ~2,163.92 crore. In FY24, banks had a capital to risk weighted State Bank of India 14.25 pany a market capitalisation of of the year. which has a market value of
the annual consumer spend stood at nearly assets ratio (CRAR) of over 17 per cent Canara Bank 16.33 ~28,080 crore ($3.27 billion). KKR declined to comment on ~1.13 trillion. Turn to Page 6 >
~32,500 crore. 3> as of March 2025, against the mini- Punjab National Bank 17.01
mum requirement of 11.5 per cent. Central Bank of India 17.02 bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb
While State Bank of India (SBI)
had a CRAR of 14.25 per cent as of Bank of Baroda 17.19
SPECIAL
Sensex reclaims 84K level for
March 2025, Canara Bank had a Punjab & Sind Bank 17.41
ON SATURDAY CRAR of 16.33 per cent. All other Bank of India 17.77
state-owned banks have a CRAR in Indian Bank 17.94

1st time since Oct, nears peak

the range of 17 per cent to 20.53 per
national interest cent, with Union Bank of India, Uco
Union Bank of India 18.02
New York, new comrade Bank, Indian Overseas Bank, and Uco Bank 18.49
Bank of Maharashtra having a Indian Overseas Bank 19.74
Zohran Mamdani’s faith, support CRAR of over 18 per cent. Bank of Bank of Maharashtra 20.53 Indices log best weekly Regaining lost ground
for Gaza, and dislike of Modi and Maharashtra’s CRAR stood at 20.53
Netanyahu are reasons why many per cent as of March 2025.
Source: Capitaline
Compiled by BS Research Bureau
Sources: RBI, Bloomberg gains since May 16 Sensex
in India are unhappy to see his rise, Sitharaman was also apprised
rather than celebrate it as another that the PSBs were adequately sundar sethuraman
‘Indian’ conquest. capitalised, with their CRAR stand- PAGE 4 Mumbai, 27 June
shekhar gupta writes 9 > ing at 16.15 per cent as of March Current account swings to a surplus after
2025, a finance ministry statement Benchmark indices rose for a fourth straight session
on the review meeting noted. The three quarters in Q4FY25; at 1.3% of GDP on Friday, with the Sensex closing above the 84,000
Summer holidays get minister urged state-owned
lenders to proactively identify
India’s current account balance
posted a surplus of $13.5 billion, or
contribution of a surge in services
exports, latest data released
mark for the first time since October 1, 2024. The rally
was fuelled by improving sentiment amid easing
25-30% costlier this yr emerging commercial growth 1.3 per cent of gross domestic by the Reserve Bank of India geopolitical tensions and optimism over potential
areas, the statement noted, adding product (GDP), during the fourth (RBI) showed. trade deals between the US and its trading partners.
Summer holidays are 25–30 per cent more that deepening corporate lending quarter of 2024-25 (Q4FY25). This Both indices posted weekly gains of 2 per cent,
expensive for Indian travellers this year in productive sectors was empha- surplus comes after a gap of three I India’s external debt rises the most since the week ended May 16. The Nifty
versus last year, as airfares and hotel rates sised as well. Turn to Page 6 > quarters of deficit, reflecting the to 19.1% of GDP in FY25 rose 0.35 per cent, or 89 points, to settle at
have risen sharply across both domestic 25,638, while the BSE Sensex climbed
and international destinations. Airfares bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb 0.36 per cent, or 303 points, to close
have risen by 15-25 per cent over the at 84,059. Both benchmarks On recovery path
May-June period, while hotel tariffs have ended at their highest levels since Date Sep 30, Jun 27, Chg %
risen by 20 per cent year-on-year.

Real wage growth

24 >
‘Very big’ trade deal coming, October 1. In the broader market,
the Nifty Smallcap 100 and
Midcap 100 indices gained 4.3 per Nifty
Nifty
50
2024
25,810.9
2025
25,637.8 -0.7 t
cent and 2.4 per cent, respectively,
highest for ‘managers’
Growth in real average annual income
maybe with India: Trump over the week.
Most of the week’s gains were
driven by HDFC Bank and Reliance
Midcap 100
Nifty
Smallcap 100
60,153.8 59,385.2 -1.3 t

19,179.7 18,976.8 -1.1 t

between 2017-18 and 2023-24 has been the shreya nandi The ongoing in-person round of Industries (RIL), the top two weights in
BSE mcap
highest for “administrators and managers”, New Delhi, 27 June talks between New Delhi and Wash- the Sensex and Nifty. RIL rose 3.5 per cent 474.4 460.1 -3.0 t
while wages of “clerks” have declined, ington is crucial, considering that the this week, supported by upbeat earnings forecasts (~ trn)
shows the latest paper by private think tank After concluding a trade deal with end of the 90-day pause on the US’s from multiple brokerages. HDFC Bank gained 2.5 per
Centre for Social and Economic Progress China, US President Donald Trump plan to impose country-specific cent during the week on expectations of lower fund- Rupee’s top weekly gains since Jan 2023
(CSEP). Daily wages of “clerks” declined at has said that a “very big” trade agree- reciprocal tariffs on July 9 is less than ing costs and strong gross domestic product growth.
an annual average of 1.3 per cent to ~397.6 ment with India may be signed soon. a fortnight away. Both are aiming to The Nifty and Sensex are now trading less Date ~ vs $ spot W-o-W chg %
from ~429.7 in the period. 4> “We just signed (a trade deal) with finalise an “early tranche” or first part than 3 per cent below their all-time highs, last seen Jan 13, 2023 81.34 1.71
China. We are not going to make deals of a broader trade deal — bilateral on September 27. Mar 21, 2025 85.98 1.19
with everybody… But we’re having trade agreement (BTA) — that Prime The week’s gains followed the announcement of
Net worth of Pine Labs some great deals. We have one Minister Narendra Modi and Trump a ceasefire between Israel and Iran, which led to a Jun 27, 2025 85.49 1.29

CEO may hit ~1,000 cr coming up, maybe with India, very
big one, where we’re going to open up
had announced in February.
The Trump administration
decline in oil prices. Turn to Page 6 > Source: Bloomberg Compiled by BS Research Bureau

As ﬁntech major Pine Labs gears up for its India,” Trump said while speaking at announced reciprocal tariffs on PAGE 14
initial public offering (IPO), its Draft Red a White House event on Thursday. countries, including India (26 per
us president donald
Herring Prospectus has highlighted its top
trump’s comments Trump’s comments come at a cent), on April 2. Subsequently, it Investors make it large; mid and HDB Financial Services
executives’ pay and stock options, includ- time when a trade delegation from announced a 90-day pause on those
ing those of Chief Executive Oicer (CEO)
come at a time when an New Delhi, led by Chief Negotiator tariffs to negotiate trade deals while smallcaps underperform in H1 IPO subscribed 16.7x
Amrish Rau. Rau’s net worth is estimated at
indian trade delegation Rajesh Agrawal, is in Washington DC retaining a universal 10 per cent tariff Mid and smallcap indices have underperformed Despite a slow start, HDB Financial Services’ mega
~850 crore-1,000 crore following the IPO.
is in washington dc to hold further talks for a trade deal. on countries. Turn to Page 6 > their frontline peers in the ﬁrst half of calendar offering proved to be a blockbuster, attracting bids
The company was valued at $5 billion when
to hold further talks year 2025 with a fall of 2.2 per cent in BSE Smallcap worth ~1.6 trillion. The IPO saw nearly 17 times
it last raised capital — in 2022. 2>
for a trade deal I Trump plans energy push to power AI in race with China P8 > and 0.2 per cent in BSE Midcap index. more demand than the shares on offer.

Consensus goes for a toss over question of weight in car CAFE norms
deepak patel imaging: ajaya mohanty come into force from April 2027. Between may have to exit the segment and focus would still have to spend hundreds of
New Delhi, 27 June Turn of events June and December 2024, all car- only on SUVs (sport utility vehicles) and crores on engine redesigns and R&D
n June 2024: BEE issues draft CAFE-3 and CAFE-4 norms makers, along with Siam, partici- MPVs (multi-purpose vehicles). (research and development) to meet the
The sudden turn of events linked to pated in discussions with the Under the CAFE norms, each more stringent new norms. This, many
n Jun-Dec 2024: Automakers, Siam hold consultations
Corporate Average Fuel Eiciency government on the draft automaker is assigned a carbon dioxide believe, would tilt the playing field.
with govt
(CAFE) norms has thrown the automo- CAFE norms. In emission target (in grams per kilometre) Moreover, many carmakers argue
bile industry into a tizzy. Even as CAFE n Dec 2024: Siam submits unified industry December, Siam coordi- based on factors like the average weight that affordability alone is not to blame for
norms are still two years away from proposal to govt nated and submitted a of its vehicles and the emissions of the decline in small car sales. Changing
implementation, the industry is learnt to n Dec-Jun 2025: One carmaker goes on its own unified industry proposal. individual models. Lighter fleets have buyer preferences — especially first-time
be staring at uncertainty after a major and revives pitch for special dispensation for The BEE was in the final stages stricter limits, while heavier ones that car owners choosing compact SUVs that
carmaker recently approached the small cars of consultation and was expected can carry more passengers get more are spacious, have more features and
government, seeking leniency in terms to notify the final CAFE-3 and relaxed targets. have higher visual appeal — have also
of emission targets for cars weighing n June 17, 2025: Heavy industries CAFE-4 norms soon, oicials stated. Since each company’s target is deter- contributed to the shift in demand.
under about 1,000 kg. ministry holds a meeting on this However, earlier this month, a single mined by a formula, a special dispensa- The rationale of the company —
The new proposal made by the auto exemption proposal. Industry carmaker approached the government tion for small cars would mathematically which has made the new pitch — was
major goes against the consensus posi- caught off-guard asking for a carve-out: that cars under raise the target for any company that that further investments required to
tion submitted to the government in 1,000 kg be given relaxed emission tar- makes them, giving it more headroom to comply with CAFE-3 would push up
December 2024 after months of industry- submit its comments. to invest hundreds of crores gets under the CAFE-3 and CAFE-4 emit carbon dioxide. Industry sources costs of entry-level cars even more,
wide consultation, sources said. Almost all carmakers, except the one while allowing others to bypass the norms. The company argued that small said such a carve-out would unfairly hurting demand and defeating the
The Ministry of Heavy Industries that made the new pitch, are backing the burden entirely, oicials said. cars (sedans and hatchbacks) have benefit companies that make small cars, government’s goals of affordable mass
held a meeting on June 17 to discuss the December consensus, according to In June 2024, the Bureau of Energy become unaffordable for entry-level as it would effectively keep their corpor- mobility. But this logic had already
new proposal. It has asked the main sources. There are concerns that any Eiciency (BEE), which functions under buyers — largely due to escalating costs ate average emissions targets at older been considered during the consensus-
industry body, the Society of Indian deviation on such a sensitive issue could the Ministry of Power, issued the draft from increasingly stringent emission CAFE-2 levels. Companies that do not building process in 2024, industry
Automobile Manufacturers (Siam), to skew the level playing field, forcing some norms CAFE-3 and CAFE-4 that will norms — and that if relief is not given, it produce hatchbacks or small sedans sources mentioned. Turn to Page 6 >
2 COMPANIES
bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb
NEW DELHI | SATURDAY, 28 JUNE 2025 B

JSW may take up debt for Akzo Nobel buy

worth may soar to by China’s magnet supply curbs

Ashok Leyland secures sohini das
order for 200 trucks
~1,000 cr after IPO
Mumbai, 27 June

from Instant Transport China restricting imports of rare-earth

magnets (REM) will not affect Mer-
Ashok Leyland, the Indian flagship of the Hin- cedes-Benz India’s production or
duja group and leading commercial vehicle ajinkya kawale launch plans this year, said a senior
manufacturer, on Friday, announced that it Mumbai, 27 June executive of the automaker on Friday.
has bagged an order to deliver 200 state-of-the- The company is “comfortably
art trucks to Instant Transport Solution , a key As fintech major Pine Labs gears up for placed” this year in sourcing REM, San-
express logistics player in India. To mark the its initial public offering (IPO), its Draft tosh Iyer, managing director of Mer-
commencement of deliveries, Sanjeev Kumar, Red Herring Prospectus has highlighted cedes-Benz India, told Business
President — MHCV, Ashok Leyland handed its top executives’ pay and stock options, Standard at the sidelines of the launch
over the keys to the first batch of 100 trucks to including those of Chief Executive of the company’s performance cars
Rajbir Singh Chaudhary, chairman, Instant Oicer (CEO) Amrish Rau. AMG – GT 63 and GT 63 Pro in Mumbai.
Transport Solution. Kumar said, “We are Rau’s net worth is estimated at The company does not plan produc-
delighted to deliver the first batch of 1916 ~850 crore-1,000 crore following the IPO. tion cuts or delay timelines for
single-axle & 2820 multi-axle haulage trucks to The company was valued at $5 billion launches as a result of the REM crisis,
Instant Transport Solution Pvt Ltd. This order when it last raised capital — in 2022. he said. Its German parent is handling
underscores the confidence customers place Rau holds 2.35 per cent in the com- sourcing.
in our robust, innovative and reliable vehicles. pany, translating into 17.76 million Deliveries of GT 63 (priced ~3 crore)
As we continue to push the boundaries of tech- shares, with him holding 24.96 million Amrish Rau received ~3.76 crore as the will start in the fourth quarter of calen- Mercedes-Benz India MD Santosh Iyer at the launch of the AMG – GT 63 in
nology and customer experience, collabora- on a fully diluted basis. CEO of Pine Labs Singapore in FY25 dar year 2025 followed by those for GT Mumbai on Friday
tions like these will help shape a more eicient, He is also oloading up to 3.2 million 63 Pro (priced ~3.65 crore) in the first
future-ready logistics sector.” bs reporter equity shares in the offer for sale (OFS), quarter of 2026. green channel that will be eligible for In fact, in 2024 luxury car sales in India
according to the DRHP.
Key insights ‘The South China Post’, while quot- export licence applications to expedite touched 51,000 units for the first time.
Previous grants enabled Rau to vest ing sources in the European Union approval processes to the EU firms. India’s demand for luxury electric
Over 99% new subscribers 7.19 million employee stock options
n Rau holds 2.35% of Pine Labs
(EU), reported that China has started Reuters reported in the first week of cars has increased sharply this year,
n Expected to offload up to 3.2 mn
joined Reliance Jio, Airtel (Esops).
He also received 23.17 million shares,
equity shares in OFS
issuing export licences for rare earth
elements and magnets to bloc com-
June that Mercedes-Benz production
oicer Joerg Burzer indicated that he
much in line with the EV growth in the
mass-market segment.
networks in May: Trai subject to shareholders’ approval,
between January and June this year.
n His annual pay cheque stands at
~5.8 crore
panies. EU governments and com-
panies have held talks with Chinese
was talking to top REM suppliers about
building “buffers” as protection against
Iyer highlighted the strong perform-
ance of luxury EVs this year, with
The total number of telecom subscribers in Pine Labs has filed its DRHP with the n Pine Labs plans to raise ~2,600 crore authorities in the past few weeks on the potential disruptions. Mercedes is not industry volumes rising 66 per cent to
India grew marginally to 1,207 million in May, Securities and Exchange Board of India through a fresh issue issue and are trying to ease the export affected by the shortage. cross 2,000 units in the first five months
with Reliance Jio and Bharti Airtel adding over (Sebi), with plans to raise ~2,600 crore restrictions. Last year was Mercedes-Benz’s best of 2025. Mercedes-Benz India’s EV sales
99 per cent new customers during the month, through a fresh issue and an offer for sale China indicated earlier in June it in India in its 30-year history by selling grew 73 per cent, accounting for 11 per
according to data published by Trai on Friday. (OFS) of up to 147.82 million shares. platform), earns ~3 crore as gross annual was willing to establish a so-called 19,565 units and growing 12.4 per cent. cent of the luxury segment.
The total net subscriber addition by telecom It may consider a pre-IPO placement salary.
service providers was 4,358,231 while Reliance of up to ~520 crore. Mehra holds 4.06 million shares and bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb
Jio and Bharti Airtel jointly added 4,351,294, Rau’s annual pay stands at ~5.8 crore, he is expected to oload 440,000 of
thereby accounting for 99.84 of the total net which includes a basic salary of ~3.8 those in the OFS.
subscriber addition in May. The overall growth
in subscriber base was mitigated by loss of sub-
scribers by debt-ridden Vodafone Idea (Vi) and
public sector firms BSNL and MTNL. pti
crore and ~1.9 crore as annual incentive.
During 2024-25, he received ~3.76
crore as CEO of Pine Labs Singapore.
That includes a performance-linked
Investors such as Peak XV Partners,
Actis, Macritchie, PayPal, Mastercard,
AIM Investment Funds, and Madison
India Opportunities IV are expected to
Sep deadline for BSNL 5G rollout
bonus accrued for FY24 and paid partially exit through the OFS. subhayan chakraborty installed 4G sites under the nationwide by June 2025 by services — years after private
in FY25. Peak XV will pare its stake by selling New Delhi, 27 June first phase of the 1,00,000 deploying 1 lakh sites and telecom operators Reliance
Biocon Biologics gets Meanwhile, others in the company the largest chunk — 39 million shares — sites deployment, they converting them to 5G in a Jio, Bharti Airtel, and Voda-
Health Canada nod for such as Kush Mehra, executive director,
president and chief business oicer
in the OFS. PayPal and Mastercard will
sell 11.50 million and 10.04 million,
State-owned BSNL
expected to meet the latest
is added. month. More than 93,000 4G
“A stepwise plan will be towers have been installed as
fone Idea—have repeatedly
been delayed. As a result,
biosimilar Yesafili (digital infrastructure and transaction respectively. deadline of launching 5G ser-
vices in Delhi and other select
implemented to roll
out 5G across telecom officials said
of May, of
which
BSNL’s customer base
steadily declined as 2G users
Biocon Biologics, a subsidiary of Biocon Ltd, cities by the end of Septem- circles, after the first the network over migrating to 4G chose other
has received approval from Health Canada for
Yesafili (aflibercept), a biosimilar to Eylea,
Wakefit files DRHP to raise ~468 crore ber, oicials said on Friday.
The telecom operator has
1,00,000 towers are
found to be operating
infrastructure for 70,000 are operators. BSNL’s mobile ser-
the new technology now oper- vices market share stood at
marking the first such approval for an Eylea Wakefit Innovations Ltd., India’s largest exit for the company’s founders and completed testing 5G tech- optimally and meet-
biosimilar in the country. The authorisation, direct-to-consumer (D2C) home and fur- early backers. Promoters Ankit Garg and nology at most state capitals, ing quality-of-service
was being tested in ational.
The telco
7.82 per cent as of May 2025.
But oicials say the ongoing
granted via a Notice of Compliance (NOC), nishings brand, has filed a draft red her- Chaitanya Ramalingegowda will partici- at the new 4G sites installed requirements,” an
telecom circles is set to momentum in deployment is
covers both vial and prefilled syringe formats ring prospectus (DRHP) with the pate in the offer-for-sale, along with a as part of the ongoing 1 lakh oicial said. The firm
where bsnl had install an expected to see the network
(2 mg/0.05 ml). Yesafili is set to launch in Securities and Exchange Board of India clutch of institutional investors, includ- 4G sites deployment, they is aiming to emulate
strong presence additional rollout plans through.
Canada on July 4. Shreehas Tambe, CEO and (Sebi), laying the groundwork for an ing Peak XV Partners, Verlinvest S.A., said. the circle-wise rollout 1 lakh 4G While the telco plans to
managing director, Biocon Biologics, said: initial public offering. Investcorp funds, Redwood Trust, and Most state capitals, done for 4G, which went live towers following the success- begin 5G operations in the
“The approval of Yesafili is a proud moment The Bengaluru-based company Paramark KB Fund I, among others. including Jaipur, Lucknow, in all four metro cities before ful deployment of the first next three months, network
for Biocon Biologics. We are excited that in plans to raise up to ~468.2 crore through Among the promoters, cofounder Chandigarh, Bhopal, Kolkata, December 2024. batch this month, Minister of infrastructure for the new
July, Canada will be the first country where a fresh issue of equity shares, according Ankit Garg holds the largest individual Patna, Hyderabad, and Chen- Since October last year, State for Communications technology is already being
we will launch Yesafili, making it our 10th to the filing. The offering also includes a stake at 33.38 per cent, with fellow nai, have seen 5G sites being Telecom Minister Jyotirad- Pemmasani Chandrasekhar tested in telecom circles
biosimilar to be commercialised worldwide. secondary sale of 58.4 million shares by cofounder Chaitanya Ramalingegowda activated, BSNL oicials said. itya Scindia said BSNL will has said. where BSNL has a strong
bs reporter existing shareholders, marking a partial owning 10.09 per cent. peerzada abrar Most of these are newly roll out its 4G network BSNL’s plans to launch 4G presence, oicials said.

Tea exporters cautiously optimistic as Israel-Iran truce lifts demand

ishita ayan dutt Anshuman Kanoria, chair- top markets for Indian tea. It is believed The next few weeks will be crucial in
Kolkata, 27 June man, Indian Tea Exporters Auction aroma to be a 30 million kg (mkg) market. determining the direction of the market.
Association said that a high Orthodox leaf tea sale at Kolkata auctions In 2022, tea exports to Iran stood at M K Shah is one of the largest exporters
The ceasefire in the Israel-Iran conflict percentage of the teas were (in kg) 22.21 mkg. It dropped to 5.92 mkg in 2023 and producers of orthodox tea in India.
has brought a sense of cautious optimism unsold last week as exporters Sale no. Sales in Quantity Quantity Sold Avg price as Iran stopped registering contracts for Mohit Agarwal, director of Asian Tea
among Indian tea producers and were in a “wait-and-watch” June offered sold (%) (in ~/kg) Indian tea. In 2024, however, tea exports Company, said the cargo was lying at the
exporters, who had seen orthodox tea mode. to Iran increased to 9.24 mkg. Nhava Sheva port in Mumbai. He said,
23 3rd & 4th 9,62,530 8,85,785 92.03 322.16
prices slide amid the rising tensions. He said, “But the But direct export figures to Iran don’t “The buyers are back and enquiries are
After the fall, orthodox tea prices are moment the ceasefire 24 10th & 11th 11,98,580 10,57,547 88.23 316.87 reflect the size of the market as a signifi- coming in. Trade should start from Sat-
showing signs of recovery even as announcement came on 25 17th & 18th 13,71,734 6,75,788 49.26 269.4 cant volume is routed through the UAE, a urday. This was a temporary setback and
exporters and traders reassess the risks Tuesday morning, ahead of 26 24th & 25th 12,98,135 10,19,640 78.55 290.66 major re-exporting hub. the expectation is that the market would
and demand outlook. the auction, demand picked Source: Calcutta Tea Traders Association Even as prices have recovered from go back to pre-war levels next week.”
At the Kolkata auctions held this week, up. Buying has resumed for the the lows of last week, it’s yet to go back to The average price realised for ortho-
the average price of orthodox leaf teas was pending orders from Iran and there is Indian Tea Association covering for quantities they had com- the levels before June 13. This is when dox leaf at the Kolkata auctions for Sale
~290.66 per kg compared to ~269.40 last optimism.” (ITA) chairman Hemant Bangur said the mitted to Iran and the Commonwealth Israel launchean attack on Iran. 17 to Sale 24 was ~317.32 per kg compared
week. Moreover, 78.55 per cent of the teas However, he added that some shippers demand environment was uncertain of Independent States countries. But Himanshu Shah, chairman of MK to ~293.69 per kg in the previous year.
on offer were sold at the auction held on had decided to hold back their cargo a bit last week. obviously everybody is cautious,” Shah Exports, said tea prices have The drop in prices last week, however,
June 24 and 25 against 49.26 per cent last to see how the situation develops. “But the “But I think that is behind us now. he said. improved from last week, but remain was prompting some producers to con-
week. signals are positive,” he said. The exporters are back at the auctions Traditionally, Iran has been one of the below pre-conflict levels. vert to the CTC variety.

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B NEW DELHI | SATURDAY, 28 JUNE 2025 COMPANIES 3
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ITC FMCG biz saw Genomic testing gets a booster shot

~34K cr consumer Demand surges beyond metro cities
anjali singh
Mumbai, 27 June
stantially. Prices for routine genomic
tests — like BRCA1/2 (done to analyse a
New advancements
n The market was worth $550 million
in 2024. It is expected to grow to

spend in FY25
person's DNA to identify mutations in $2 billion by 2030
Demand for genomic testing in India genes that increase the risk of breast, n Test prices have fallen by 30–40%
has surged significantly over the past 2– ovarian cancers) and non-invasive pre- for common panels
3 years, fuelled by growing clinical natal testing (NIPT), a blood test per-
awareness, rapid technological formed on pregnant women to assess n Complex tests like exome
ishita ayan dutt advancements, and the rising adoption the risk of certain genetic conditions in sequencing can still cost up to
Kolkata, 27 June of personalised medicine. the fetus — have come down by 30–40 ₹2 lakh
From being a niche service in Tier-I per cent. They now range between n Common tests like BRCA1/2 and NIPT
Consumers spent more than ~34,000 crore on cities, genomic diagnostics is now ~5,000 and ~20,000, depending on the now cost ₹5,000–₹20,000
ITC’s non-cigarette fast-moving consumer expanding into Tier II and III cities. It is complexity.
goods (FMCG) products in 2024-25 (FY25), thus reshaping the landscape of preven- While advanced oncology panels
according to the company’s latest annual report. tive and precision healthcare. and exome sequencing can still cost up “Genomic testing now contributes sequencing (NGS) platforms.
The company mentioned that its over 25 The Indian genomic diagnostics to ~2 lakh, widespread adoption of high- 5–7 per cent of our total diagnostics rev- “We’ve seen over 50 per cent revenue
“world-class” Indian brands, largely built market was valued at $550 million in throughput platforms and in-house test enue, up from under 2 per cent three growth in genomics since our entry into
through an organic growth strategy leveraging 2024. It is projected to grow at a com- development have made even complex years ago,” said Anand K, managing the space three years ago. Genomic test-
institutional synergies in a relatively short Steady rise pound annual growth rate (CAGR) of 18 testing more accessible. director (MD) & CEO of Agilus Diag- ing is increasingly being integrated into
period of time, represented an annual consumer Consumer spend on FMCG brands (~ crore) per cent, reaching $2,066.31 million by Experts believe that though there nostics. Redcliffe Labs pegs this routine health check-ups, cancer diag-
spend of over ~34,000 crore and reached over 2030, according to industry estimates. has been an increase in demand for number even higher at 30–40 per cent, nostics, rare disease screening, and per-
260 million households in India. Year Expenditure Key drivers include wider physician genomic testing across multiple seg- with a consistent 20 per cent year-on- sonalised treatment planning. We are
The segment revenue from the FMCG busi- FY25 34,000 adoption, declining test prices, ments, the country-wide focus on year (Y-o-Y) growth in test volumes. investing heavily in bioinformatics and
ness in FY25 was at ~21,981.57 crore and Ebitda FY24 32,500 improved accessibility, and a shift in cancer detection and reproductive “We've seen a dramatic rise in NGS platforms to scale further,” said
stood at ~2,163.92 crore. Ebitda stands for earn- consumer behaviour towards proactive health has been the driving factor in genomic testing demand over the past Kirti Chadha, chief scientific and inno-
FY23 29,000
ings before interest, taxes, depreciation and and personalised healthcare. this growth. five years, especially in oncology, rare vation oicer, Metropolis Healthcare.
amortization. FY22 24,000 Diagnostics majors such as Agilus “The rapid increase in demand for diseases, and reproductive health. Similarly, Dr Lal PathLabs, through
Consumer spend is net sales turnover, FY21 22,000 Diagnostics, Metropolis Healthcare, Dr cancer tests along with pediatric and What’s encouraging is that Tier II and III its genomics division ‘Genevolve’, has
including margins and taxes. In FY24, the Source: Company Lal PathLabs, Mahajan Imaging & Labs, reproductive health applications like cities like Lucknow, Bhubaneswar, and launched over 500 tests covering
annual consumer spend stood at nearly and Redcliffe Labs reported double- prenatal and carrier testing are major Coimbatore are now actively adopting oncogenomics, neurogenomics, rare
~32,500 crore. digit growth in the segment. contributing factors driving the growth these tests,” said Himani Pandey, Lab disease panels, and reproductive
The consumer spend in FY25 reflected a a good monsoon along with improvement in While metros like Mumbai, Benga- in genetic testing. The country is also Head – Genomics, Redcliffe Labs. health.
growth of about 4.6 per cent over FY24. It is at the urban demand as inflation stabilises and tax luru, and Delhi still contribute the lion’s witnessing a growth in demand for test- Metropolis Healthcare, which “We’re bringing cutting-edge testing
lower end compared to recent years, albeit in the cuts announced in the Union Budget boost dis- share, growing awareness and infra- ing in rare genetic diseases which is entered the genomics space three years to both metros and smaller towns,” said
face of challenges in consumption expenditure posable income. structure in cities like Lucknow, Bhuba- driven by the huge genetic diversity of ago, has seen more than 50 per cent rev- Shankha Banerjee, CEO of Dr Lal Path-
facing the overall FMCG sector. The cumulative impact of pickup in capital neswar, Pune, Kochi, and Surat are India,” said Nilaya Varma, group chief enue growth in the segment. It plans Labs. Most labs are also investing
In FY24, the growth in consumer spend was expenditure (capex) in the second half of FY25, driving demand beyond urban hubs. executive oicer (CEO) and co-founder, further expansion through investments in artificial intelligence (AI)-driven
about 12.1 per cent, and in FY23 it was 20.8 per and frontloading of government capex outlay in Test affordability has improved sub- Primus Partners. in bioinformatics and next-generation bioinformatics.
cent as the economy came out of the grip of the FY26, along with interest rate cuts and liquidity
Covid-19 pandemic. In FY22, growth in con- support from the Reserve Bank of India (RBI),
sumer spend was more than 9.1 per cent. would also be supportive of growth, the com-
ITC’s management commentary in the pany mentioned.
annual report mentioned that the impact of Amid subdued demand conditions, ITC
inflationary pressures on household savings launched 100 new FMCG products during the
weighed on consumption expenditure, particu- year, anchored on the vectors of health and
larly in urban markets. nutrition, hygiene, protection and care, con-
However, demand in rural markets was venience and on-the-go, indulgence, et al.
relatively resilient. The weakness in consump- The company said that FMCG businesses
tion was reflected, inter alia, in the muted were well poised to be rapidly scaled up across
volume growth of the FMCG sector. the three growth platforms — fortifying the core,
However, the company expects consump- addressing value-added adjacent opportunities
tion expenditure to pick up, progressively led by leveraging mother brands, and nurturing new
continued recovery in rural demand backed by vectors of growth.

DHL Express expects 11–12%

CAGR, expands B’luru ops
aneeka chatterjee
Bengaluru, 27 June

Germany-headquartered logistics major DHL

Express is expanding at a compound annual
growth rate (CAGR) of 11–12 per cent in India,
R S Subramanian, senior vice-president, South
Asia, told Business Standard. The top execu-
tive noted that India continues to contribute
10 per cent by value to the overall Asia-Paciﬁc
portfolio.
“Growth is our big focus. The express indus-
try grows at 1.5 times the gross domestic product
(GDP), and every year we have surpassed that
mark. Hence, our CAGR in topline in India is
growing nearly about 11–12 per cent,” Subra- R S Subramanian, DHL senior VP for South
manian said. Asia , said the Bengaluru facility represents
Eyeing the continued growth momentum, a strategic investment for the company
DHL Express has announced the expansion of
its operations at the Bengaluru airport with an while reducing manual effort.”
investment of ~34 crore, resulting in a consoli- Commenting on sectoral opportunities for
dated footprint of over 130,000 square feet. This DHL Express in India, Subramanian said he
expansion includes the integration of a new, believes micro, small, and medium enterprises
purpose-built service centre at the AISATS Ben- (MSMEs), engineering, and manufacturing will
galuru Logistics Park within Kempegowda thrive in the long run. Building on this, the new
International Airport. initiative addresses the increasing shipment
“This facility at the airport represents a stra- volumes from small and medium-sized enter-
tegic investment that reinforces our operational prises (SMEs) and large enterprises across
strength in a key market like Bengaluru. With southern India. The expansion is strategically
closer proximity to the airport and cutting-edge timed to leverage India’s geographic potential,
automation, we can process shipments faster with a focus on sustainable growth.

Zilo bags $4.5 mn Rollins ends investment

from Info Edge, deal with EaseMyTrip
Chiratae Ventures
akshara srivastava management of Rollins, we
udisha srivastav New Delhi, 27 June have reached a collective deci-
New Delhi, 27 June sion to not proceed with the
Rollins International has transaction,” said Rollins in a
Fashion-tech platform Zilo has pulled out of a deal that would letter to EaseMyTrip.
closed a $4.5 million seed fund- have online travel agency “Upon evaluation of our
ing round led by Info Edge Ven- EaseMyTrip acquire a 30 per long-term strategic direction
tures and Chiratae Ventures. cent stake in the healthcare and evolving vision, we have
The firm plans to use the company, the OTA told concluded that proceeding
investment to build supply exchanges earlier this week as further with the deal may not
chain, deepen brand partner- it pursues opportunities in be fully aligned with our goals.
ships, and expand beyond India’s medical tourism Considering the interests of all
Mumbai to other top-tier Indian industry. our stakeholders, including
cities by the end of the year. The two companies in Sep- our internal team and future
By the festive season, Zilo tember had signed definitive aspirations of Rollins — we
plans to offer more than 250 agreements for EaseMyTrip to believe this course of action is
brands and nearly 100,000 acquire a stake in Rollins the most responsible at this
styles, expanding into footwear, through a share swap deal of stage,” it said.
watches, bags, accessories, and ~60 crore. The OTA allotted Rollins is a subsidiary of
fashion jewellery. Zilo simplifies 32.9 million fully paid-up Singapore-based RHA Hold-
last-minute fashion shopping by equity shares to Rollins in ings and focuses on gluten-
delivering on-trend outfits from April 2025. and lactose-free food prod-
leading brands like Levi’s, Louis “Following thorough ucts, allergen-free health sup-
Philippe, United Colors of Benet- internal deliberations and plements, and wellness
ton, Rare Rabbit, Jack & Jones, detailed discussions with the therapies and technologies.
Puma, Reebok, Snitch, Manya-
var, Veromoda, ONLY, Biba,
Libas, Global Desi, Koskii,
Jockey, Damensch, Bliss Club,
Gini & Jony, Barbie, and more —
in under 60 minutes.
The app, which stocks in-
season and high-demand styles,
allows customers to return items
immediately upon delivery.
With its 'Scheduled Home Trials'
option, users can also order
multiple sizes of the same item.
4 ECONOMY & PUBLIC AFFAIRS
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NEW DELHI | SATURDAY, 28 JUNE 2025 B

Current account swings to

finmin’s monthly economic review

External debt rises to 19.1% States, UTs may

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vide complete support and technological concluded. of air passenger traic and
expertise to enhance real-time monitoring The ministry also weighed hotel occupancy. However,
and enforcement at the ground level,” in on the challenges facing there are signs of softening in
he added. bs reporter
of GDP on $ appreciation borrow ~2.87 trn India owing to rare earth areas like construction inputs
elements’ export curbs and vehicle sales,” the review

in Q2FY26: RBI
imposed by China, ‘terming it pointed out.
ICAI to limit individual abhijit lele original maturity of up to one year) in a concerning phenomenon While the outlook for the
tax audits by CAs to 60 Mumbai, 27 June total external debt declined to 18.3 per
cent at end-March 2025 from 19.1 per States and Union Territories (UTs) plan to borrow up to
amidst the tariff and trade economy remains positive,
developments’ that is bound to external challenges could
annually from 2026-27 India’s external debt rose to $736.3 bil-
lion, or 19.1 per cent of gross domestic
cent at end-March 2024.
However, the ratio of short-term
~2.87 trillion through state government securities in the
second quarter of the current financial year, the Reserve
hamper the development of potentially impact India’s
industries such as electric growth trajectory and warrant
Chartered accountants (CAs) will be individ- product (GDP), at the end of March 2025 debt (original maturity) to foreign Bank of India said in a release on Friday. Further, the central vehicles, defence and renew- close and continuous moni-
ually allowed to carry out only up to 60 tax from $668.8 billion, or 18.5 per cent of exchange reserves increased to 20.1 per bank said the government plans to borrow ~2.69 trillion via able energy. toring, the review reckoned.
audits in a financial year, with the ICAI taking GDP, a year ago. cent at the end of FY25 from 19.7 per cent treasury bills. Bond market participants said that the bor- “Minerals such as lithium, “Global growth continues to
a decision to implement the limit from April 1, In a statement, the Reserve Bank of at the end of FY24. rowing amount for both state government securities and T- cobalt, nickel, and rare earth face headwinds, with persist-
2026. The Institute of Chartered Accountants India (RBI) said the valuation effect due US dollar-denominated debt bills was tad lower than the expected. elements are vital for solar ent trade frictions, heightened
of India (ICAI), which also regulates the char- to the appreciation of the US dollar vis- remained the largest component of “Usually, states borrow less than the indicative amount panels, wind turbines, electric policy uncertainty, and
tered accountants, has more than 400,000 à-vis the Indian rupee and other cur- India’s external debt, with a share of 54.2 in the first half of the current financial year. We are expect- vehicles, and energy storage ongoing geopolitical conflicts
members. ICAI President Charanjot Singh rencies amounted to $5.3 billion. per cent at end-March 2025. This was ing that they may end up borrowing around ~2.50 trillion,” systems. Hence, such restric- weighing on the broader econ-
Nanda on Friday said the limit of 60 tax audits Excluding the valuation effect, external followed by debt denominated in the said a dealer with a primary dealership. tions are bound to hamper the omic outlook,” it noted.
is already in place but a chartered accountant debt would have increased by $72.9 bil- Indian rupee (31.1 per cent), yen (6.2 per State government securities will continue to witness development of industries The review also high-
is also permitted to carry out the audits for lion instead of $67.5 billion at the end of cent), Special Drawing Rights (4.6 per demand from public-sector banks, life insurers and pen- such as electric vehicles, lighted that recent develop-
partners also. “It is going to be in force from the March 2025 over the end of March 2024. cent), and euro (3.2 per cent). sion funds, said market participants. Aditi Nayar, chief defence and renewable ments in global trade,
next financial year starting from April 1, 2026,” The long-term debt (with original Loans remained the largest compo- economist, ICRA, said, “In aggregate, the states have indi- energy,” the review’s authors geopolitics, and evolving
Nanda said at a briefing in Delhi. pti maturity of above one year) at end- nent of external debt, with a share of 34 cated a substantial borrowing of ~2.86 trillion in Q2FY26, 20 explained. investor priorities are creating
March 2025 was placed at $601.9 billion, per cent, followed by currency and per cent higher on a Y-o-Y basis. Additional instalment(s) With the disinflationary conditions where traditional
an increase of $60.6 billion over its level deposits (22.8 per cent), trade credit and of tax devolution and the pace of disbursement of capex outlook bolstered by improved safe-haven assets are increas-
Imports of certain jute at end-March 2024. advances (17.8 per cent), and debt secur- loans can affect the actual borrowing of the states’ relative agricultural production esti- ingly being viewed as sources
products from B’desh The share of short-term debt (with ities (17.7 per cent). to the planned issuances.” anupreksha jain mates and a forecast of an of risk rather than stability.

via land routes banned bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb

The government on Friday banned imports of
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certain jute products and woven fabrics from

Bangladesh through land routes. However, it
is allowed only through Nhava Sheva seaport,
Non-crop sector continues to shine in agri GVO ESIC okays
the Directorate General of Foreign Trade said.
On May 17, India imposed port restrictions on Share of the crop sector fell at constant prices from 2011-12 to 2023-24 amnesty plan
the import of certain goods like readymade
garments and processed food items, from
Bangladesh. The goods under these curbs
Contributor count sanjeeb mukherjee & shiva rajora
New Delhi, 27 June
per cent in 2023-24.
Non-crop sector’s share in the
to 50.2 per cent whereas the share of
marine fish has increased from 42.3
in bid to ease
include jute products, Single flax yarn, single
yarn of jute, multiple folded, woven fabrics or
flex, and unbleached woven fabrics of jute.
% share of categories in total GVO of agriculture
and allied sectors (at constant prices) The share of the non-crop sector —
namely livestock, fishing and aqua-
overall agriculture and allied activ-
ities GVO has been consistently
rising since the last few decades.
per cent to 49.8 per cent, the report
said. The report also showed that
bananas have outstripped man-
compliance
Such port restrictions will not apply to Bang- Year Crop Livestock Forestry Fishing & culture — continued to grow in the This is reinforcing the growing goes to become the most valuable shiva rajora
ladeshi goods transiting through India to & logging aquaculture overall gross value of output (GVO) importance of livestock, forestry contributor to the GVO in fruits New Delhi, 27 June
Nepal and Bhutan, it added. pti 2011-12 62.4 25.6 7.8 4.2 for agriculture and allied activities and fishing in agriculture. during 2023-24. Mango was the top
2012-13 61.8 26.2 7.7 4.3 from 2011-12 to 2023-24, showed a The GVO of livestock products contributor consistently from 2011- In a bid to reduce litigation and promote
recent report by the Ministry of has increased from ~4.88 trillion in 12 to 2021-22, the report showed. compliance under the Employees' State
Train fares will be 2013-14 61.8 26.1 7.7 4.4 Statistics and Programme Imple- 2011-12 to ~9.19 trillion in 2023-24, In 2023-24, the value of output Insurance (ESI) Act, 1948, the ESI Corpor-
hiked in phases: 2014-15 60 27.4 7.9 4.7 mentation (MoSPI).
However, it added that the share
making it one of the fastest-grow-
ing components of agriculture and
from mangoes was ~461 billion
while that from bananas was
ation (ESIC) on Friday approved a one-
time amnesty scheme applicable from
2015-16 58.2 28.7 7.9 5.1
MoS Railways 2016-17 57.8 29 7.9 5.3
of the crop sector fell at constant
prices though it still remained the
allied activities, the report said.
Milk remained dominant in this
~471 billion.
Overall, the GVO from agricul-
October 1, 2025.
“The scheme aims to reduce the
Union Minister of State for Railways V 2017-18 57.4 28.9 7.8 5.9 bigger contributor. sector in 2023-24, though its share ture and allied sectors at constant number of litigations by providing a
Somanna on Friday said train fares will be 2018-19 55.4 30.2 8.2 6.2 The crop sector’s share in over- has decreased from 67.2 per cent to prices rose steadily from ~19.08 tril- mechanism for the resolution of disputes
raised in stages without affecting the com- 2019-20 55.3 30.3 8.3 6.1 all GVO for agriculture and allied 65.9 per cent during 2011-12 to 2023- lion in 2011-12 to ~29.49 trillion in outside the court, offering employers an
muters. Hinting that there may be a gradual activities at constant prices has 24. Share of meat in total GVO of the 2023-24, recording a growth of opportunity to come forward for a mutual
hike in fares, he said, “Discussion is going on 2020-21 54.9 30.6 8.4 6.1 fallen from 62.4 per cent in 2011-12 livestock sector increased from 19.7 almost 55 per cent. Crop sector, with settlement to promote ease of doing busi-
and we are proceeding stage by stage.” 2021-22 54.3 30.9 8.1 6.7 to 54.1 per cent in 2023-24. That of per cent to 24.1 per cent during GVO at ~15.95 trillion, remains the ness,” the labour ministry said in a state-
Somanna was responding to a question from 2022-23 54.8 30.6 7.8 6.8 livestock has risen from 25.6 per 2011-12 to 2023-24 (at constant largest contributor to total GVO (at ment after the meeting of the apex
a reporter on the possible additional fare cent to 31.2 per cent. Fishing and prices), the report showed. constant prices) of agriculture and decision making body of the social secur-
2023-24 54.1 31.2 7.7 7
increase following the July 1 increase in AC aquaculture’s share has risen from The share of inland fish in the allied sectors with a share of 54.1 per ity organisation. The scheme will be
class railway fares. pti Source: MOSPI 4.2 per cent in 2011-12 to almost 7 overall GVO has decreased from 57.7 cent in 2023-24. applicable till September 30, 2026.
Under the scheme, the regional direc-
bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb tors have been empowered to withdraw
cases where contributions and interest
have been paid, and also to withdraw

Administrators and managers saw highest wage growth in 6 yrs cases filed against insured persons over
five years ago where no notices
were issued. For the first time, disputes
along with cases involving damages and
A paper by CSEP finds wages for ‘Clerks’ saw an annual average decline of 1.3% from ~429.7 in 2017-18 to ~397.6 in 2023-24 interest regarding coverage are included.
Besides, the ESIC has also approved
shiva rajora Who gets what I Administrators and managers I Labourers and unskilled workers I Craftsmen and machine operators has seen a decline during this period. the re-launch of scheme to promote regis-
New Delhi, 27 June I Sales and service workers I Clerks Real daily wages of “graduates and tration of employers/employees (SPREE)
611.9
593.1

Daily wage (in ~) above” saw an annual average decline of with the objective of expanding ESI cover-
Growth in real average annual income 0.22 per cent to ~517.7 from ~524.6 during age across the country. The scheme intro-
426.0
429.7

between 2017-18 and 2023-24 has been the this period, and those of “secondary, duced in 2016, successfully facilitated the
422.7
419.2
416.8

398.6
395.9
414.1

397.6
383.6

374.9
365.3

highest for “administrators and man- higher secondary and diploma holders” registration of over 88,000 employers and
agers”, while wages of “clerks” have also went down by 0.12 per cent to ~281.1 10.2 million employees.
254.8

262.5
248.9
250.8
253.7

252.9
244.0

250.3
243.0
252.6
234.8

247.7
239.3
245.1

declined, shows the latest paper by pri- from ~283.2. The renewed SPREE will be open from
199.6
195.8

195.0
178.6

178.0
175.9

vate think tank Centre for Social and On the other hand, the average real July 1 to December 31, 2025, offering a one-
172.5

Economic Progress (CSEP). wages of “low educated Indians” saw a time opportunity for unregistered
The paper, authored by Amaresh paltry increase over this period. The data employers and left-out workers—includ-
Dubey and Laveesh Bhandari, estimated shows that people who are categorised as ing contractual and temporary staff—to
average annual growth in daily real wages “literate but below primary” saw their enroll under the ESI Act. Under the
for seven occupations for the period. 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 wages rise by an average of 1.63 per cent scheme, employers registering during
The data showed real daily wages for during this period, followed by people this period will be treated as covered from
“administrators and managers” grew at Average of annual growth (in %) 6.72 2.06 1.07 0.64 -1.29 who are categorised as “primary edu- the date of registration or as declared by
an annual average of 6.7 per cent to ~611.9 Source: CSEP cated” (1.10 per cent) and “not literate” them, while newly registered employees
in 2023-24 from ~414.1 in 2017-18. (0.96 per cent). will be covered from their respective dates
Wages of “clerks” declined at an key issue is that overall real wages have ~262.5 from ~252.6, while those of “agri- of concern. Although the six-year period The study examined the broad pat- of registration. “By focusing on voluntary
annual average of 1.3 per cent to ~397.6 not increased significantly for most seg- culture and fishery workers” and “profes- is not particularly long, it is not short terns of employment emerging in India, compliance rather than penalization, the
from ~429.7 in the period. ments,” the paper read. sionals, associate professionals” grew 0.72 either. If these trends persist, they could utilising datasets from the National Stat- scheme will seek to ease the litigation
“The most notable increase in annual In the six-year period, real daily wages per cent and 0.81 per cent, respectively. impact not only equity but also long-term istics Oice (NSO), specifically the burden, encourage formal registration,
incomes has been among those classified for other occupation groups like “sales “We believe that this low wage growth, economic growth,” the paper said. Employment and Unemployment Survey and foster improved engagement and
as administrators and managers. While and service workers” saw an average despite high employment growth, is not a The paper shows growth in the real (EUS) and the Periodic Labour Force goodwill among stakeholders,” the labour
there is some variation in real growth, the annual growth rate of 0.64 per cent to temporary anomaly. It is indeed a matter average annual wage of educated Indians Survey (PLFS). ministry statement said.
B NEW DELHI | SATURDAY, 28 JUNE 2025 5
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6 ECONOMY & PUBLIC AFFAIRS NEW DELHI | SATURDAY, 28 JUNE 2025
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B
Overnight rates rise on VRRR auction DATANOMICS
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RBI receives bids worth ~84,975 crore, against notified amount of ~1 trillion Derailments
anjali kumari
Liquidity check Meanwhile, the rupee witnessed its continue to
Mumbai, 27 June
RBI net liquidity injected (~ trn)
highest weekly gains in more than two
year, since January 13, 2023. The local cur-
dominate
Overnight money market rates rose after
the Reserve Bank of India’s (RBI’s) seven-
rency appreciated by 1.3 per cent during
the week on the back of a fall in dollar
train accidents
day Variable Rate Reverse Repo (VRRR) index, said dealers. Two weeks ago, a passenger train
auction on Friday. -2.71 On Friday, the rupee appreciated by 0.3 running from Hazrat Nizamuddin
The weighted average call rate (WACR), per cent against the greenback, tracking to Ghaziabad derailed near Shivaji
which is the operating target of the mon- -1.42 the fall in crude oil prices and broad-based bridge station in New Delhi.
etary policy, inched closer to the policy weakness in dollar to recover all its losses Though no fatalities were reported, Railway Safety, in a recent report,
repo rate of 5.5 per cent as it settled at 5.38 for the current financial year (FY26). The the incident highlights the persist- noted that a failure to detect flaws in
per cent, against the previous close of 5.27 rupee settled at 85.49 per dollar, against ent issue of train accidents in India. the rail led to a derailment in Bihar.
per cent. The weighted average overnight the previous close of 85.71. Between 2015 and 2023, around 543 These incidents raise concerns
Note: (-) indicates liquidity absorption
TREPS (Treasury Bills Repurchase) rate Sources: RBI, Bloomberg In the current calendar year (CY25), the train accidents occurred, resulting about railway safety, especially as
settled at 5.42 per cent, against 5.24 per domestic unit has depreciated by 0.15 per in 805 deaths, with derailments safety expenditure has remained
cent on Thursday. cent against the dollar so far. accounting for 71 per cent of the between 20 per cent and 27 per cent
The VRRR auction was conducted to and could have declined further with the Market participants said that the 6.33 “The broad-based dollar weakness, and accidents and 35 per cent of the of total railway spending over the
align the overnight rates closer to the repo onset of government spending at the start per cent 2035 government bond is poised fall in crude prices were the reasons behind fatalities. The Commissioner of past decade. jayant pankaj
rate. These rates were trading much below of the month (July), said dealers. to become India's new 10-year benchmark the rupee’s appreciation,” said a dealer at a
the policy repo rate due to significant sur- The net liquidity in the banking system bond starting next week, replacing the 6.79 state-owned bank. “The RBI has been Derailment share at all-time high in 2024
plus liquidity in the banking system. was in a surplus of ~2.71 trillion on Thurs- per cent 2034 bond. With the auction on there in the market for the last two days,”
The RBI received bids worth ~84,975 day, according to the latest RBI data. Friday, the outstanding amount on the he added. Derailments share in I Derailment (as % of total train accidents)
crore at the VRRR auction, against the On the other hand, the coupon on the 2035 bond now stands at ~90,000 crore. The dollar index fell by 1.5 per cent total train accidents rose 90.3
notified amount of ~1 trillion. Money new three-year government bond was set “The three-year coupon was better during the week to 97.30. It measures the dramatically in the ten 75.0 74.0 78.0 72.7 77.3 77.1 75.0
market participants said that the amount at 5.91 per cent at the weekly auction, than what we expected, but the cutoff strength of the greenback against a 60.7 62.5
years from 2015 to 2024.
of bids was lower than expected. which was better than market expectation. price on 10-year was 7-8 paise lower, which basket of six major currencies. Brent However, deaths due to
“The bids were lower because of repor- However, the cutoff price on the 10-year is the reason we saw some selling after the crude oil prices fell by over 12 per cent derailments as a share of
ting Friday, which is today, and quarter- was lower than expected, which led to a results were out,” said a dealer at a primary over the week to $68.17 per barrel. The
total train accident
end. Also, it is a long-tenor VRRR, hence selloff in the secondary market, said dealership. “Now is the time for the 2035 dollar index fell after US President
the bidding was lower," said a call dealer dealers. bond (new 10-year bond) to become Donald Trump suggested that Federal
fatalities fluctuated
with a public sector bank (PSB). The yield on the benchmark 10-year benchmark as the outstanding is now Reserve Chair Jerome Powell could soon sharply in nine years 29.5 81.1 50.0 35.1 0.0 0.0 100 50.0 1.5 NA
The central bank accepted the amount government bond rose by 3 basis points ~90,000 crore; the liquidity should be replaced, fuelling expectations of a (2015-2023), peaking at
Derailment deaths (as % of total train accident deaths)
at a 5.49 per cent cutoff rate. The VRRR (bps) after the auction results. The bench- improve now, and it should take over as rate cut as early as July. The remark 100 per cent in 2021.
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
auction was conducted as the overnight mark yield settled at 6.40 per cent, against benchmark from next week,” sparked concerns over the future inde-
rates remained well below the repo rate the previous close of 6.37 per cent. he added. pendence of the US Federal Reserve. Sources: Written reply to Lok Sabha, Indian Railways, media report, BS Calculation

bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb Safety spends may drop to 21% of total expenditure

RBI prescribes Safety expenditure as a
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percentage of total
1 year of bond inclusion in JP Morgan Index due diligence for railway expenditure
was 27 per cent in the

Passive inflow Amount (in ~ crore) Active inflow AePS operators financial year 2019
(FY19), rising to 42 per
Foreign portfolio investors net bought ~1.09 trillion worth of Indian Amount (in ~ crore) The Reserve Bank of India (RBI) on Friday cent in FY21. However,
government securities designated under the FAR (fully accessible route) issued ﬁnal guidelines for the due diligence it declined to 21.4 per
route after the official inclusion of domestic securities in the JP Morgan indices After the announcement of of operators managing Aadhaar Enabled cent in FY25 (RE) and
between July 2024 and March 2025. The inclusion process was phased over a 10- the inclusion in JP Morgan Payment System (AePS) touchpoints, was projected to
month period with 1 per cent weight included each month until March 31, 2025 indices, there was net active inflow aiming to streamline their onboarding pro- further drop slightly to
worth ~92,302 crore between cess and enhance fraud risk management.
21 per cent in FY26 (BE).
After completion of inclusion process of domestic government securities in September 2023 and June 2024 as These directions shall come into effect
JP Morgan Indices on March 31, 2025, FPIs have net sold ~31,262 crore investors took positions ahead of from January 1, 2026. Sources: India Budget, BS Calculation, Note: RE = Revised Estimates, BE= Budget Estimates
worth of FAR securities so far. The selling was primarily driven by profit- the official inclusion. Investment in Acquiring banks are required to carry out
booking, along with narrowing of the yield spread between 10-year US Treasury FAR securities had exceeded the due diligence of all the AePS Touchpoint
bond and domestic benchmark 10-year bond which narrowed below 200 basis ~1 trillion on October 16, 2023 Operators (ATOs) according to the KYC Track renewals constitute 20% of safety expenditure
points in April as domestic demand on the back of expectations of deeper rate anjali kumari norms outlined by the banking regulator
Source: CCIL Share of safety expenditure components (%)
cut weighed on yields before taking them on board.
If an ATO remains inactive for three con- Among safety expendi- Safety expenditure FY24 FY25(RE) FY26(BE)
Total 1,09,287 Total 92,302
secutive months, meaning no ﬁnancial or tures, the highest shares R&M of permanent 20.0 19.1 20.0
23,914

non-ﬁnancial transactions have been car- are allocated to R&M of ways & works
21,602

9,658

ried out for a customer, the acquiring bank

18,982

permanent ways and

17,972

17,671
17,755

7,466

Track renewals 17.6 19.9 19.6

7,080

16,863

17,239
16,290

7,097

Total must update their KYC before allowing

5,208
14,430

works, track renewals,

2,548

-31,262 them to resume operations. R&M of carriages & wagons 22.6 20.5 19.1
and R&M of carriages
“If the due diligence of ATOs has already
and wagons in FY26 (BE). R&M of plant & equipment 10.6 10.6 11.1
Oct Nov Apr May Jun Apr
been done in their capacity as Business Cor- R&M of motive powers 7.8 7.1 7.2
-7,800

-9,857

Jul Aug Sep Dec Jan Feb Mar Sep Oct Nov Dec Jan Feb Mar May Jun respondent / subagent, then the same may
-11,145

-12,317

Note: R&M stands for Road safety works 6.0 6.6 6.0
be adopted. The acquiring bank shall also
-5,142

-5,187

repairs and maintenance.

carry out periodic updation of KYC of RE = Revised Estimates,
Others 15.4 16.2 17.0
2023 2024
2024 2025 ATOs,” the RBI said. bs reporter BE= Budget Estimates. Sources: India Budget, BS Calculation

> FROM PAGE 1

FM nudges PSBs to raise credit growth CAFE norms: Consensus lost Sensex reclaims 84K
RBI data showed deposit growth noted the slowdown in credit credit. However, with adequate At the time of consultations in At the June 17 meeting, the Most Asian markets also gained ~1,397 crore, while domestic
stood at 10.4 per cent as on June 13, growth in April is primarily driven liquidity in the system, reduction in 2024, the lone carmaker's proposal Ministry of Heavy Industries asked on Friday after the US and China institutional investors were net
up from 9.9 per cent in the previous by a moderation in growth of credit repo rate and future reduction for weight-based leniency had Siam to respond to the proposal agreed to fast-track rare earth sellers to the tune of ~589 crore.
fortnight, and continuing to out- to services sector and agriculture banks’ cash reserve ratio (CRR) some backing from two other auto- submitted by the lone carmaker. shipments, signalling easing The total market capitalisation
pace credit growth. The last time and allied activities. An article in the requirements are likely to bode well mobile companies. But after the While the meeting itself did not go trade tensions between the of BSE-listed firms rose by ~2.5
credit growth was below 9 per cent bulletin also attributed the moder- for a pick-up in credit growth in the latest development, these two into technical options, a govern- world’s two largest economies. trillion to ~460 trillion ($5.4 tril-
was back in March 2022. ation in credit growth to under 10 near term. automobile companies have reaf- ment oicial later told Business The Nifty Metal index out- lion).
This sluggish lending trend per cent as of May 30, to weaker The rating agency has estimated firmed their support for the Standard that if the proposal had to performed this week, jumping “For trend-following traders,
comes despite the central bank momentum as well as unfavourable credit growth in FY26 to be in the December consensus. Siam is cur- be considered, there could be vari- nearly 5 per cent as a weaker 25,500–25,300 on the Nifty and
slashing the policy repo rate by 100 base effects. range of 13-13.5 per cent Y-o-Y, with rently under intense discussions ous ways to offer relief. These could dollar lifted the global outlook 83,300-82,700 on the Sensex
basis points (bps) since February, Banks have been cautious in the mix likely to change with a con- with its members, but sources said include applying a multiplier (such for commodities by making would act as crucial retracement
and keeping the system flush with lending, in a bid to prioritise asset tinued slowdown in lending to it was expected to communicate as 0.6 or 0.7) to small cars during them more affordable. Expecta- support zones. As long as the
liquidity so that the cut in policy quality over growth amid higher NBFCs and retail. This is likely to be formally to the government that CO₂ calculations to reduce their tions of deeper US rate cuts and market remains above these
rates could be transmitted to lend- stress in the microfinance and unse- offset by a revival in private capex, the industry stands by the earlier influence on the fleet average, uncertainty ahead of former levels, the uptrend is likely to
ing and deposit rates. The repo rate cured segments. benefitting growth of the corporate agreed position, which did not assigning a notional kerb weight President Donald Trump’s July 9 continue on the higher side, with
now stands at 5.5 per cent and net In FY25, credit growth slowed segment. seek any weight-based exemp- (e.g. 1,000 kg) instead of the actual tariff deadline weighed on the 25,850/84,400 serving as the
liquidity in the system was in sur- down to 12 per cent from 16 per cent “During the review of deposit tions. lower weight, or even devising a dollar. immediate resistance level,” said
plus of ~2.71 trillion as of Thursday. a year ago, as the pace of bank retail and credit trends, FM emphasised One reason Siam is holding firm separate formula altogether for “Things are looking better on Amol Athawale, VP-Technical
“The Minister has asked banks to lending sharply to 11.6 per cent in the need for sustained efforts to is also technical: there is no oicial companies with a high share of the geopolitical front, and there Research, Kotak Securities.
aggressively increase lending fol- FY25 from 27.6 per cent in FY24 as improve deposit mobilisation to definition of a “small car” based on small cars. All of these mechan- is hope that the US and its key Meanwhile, the rupee
lowing the interest rate cuts. Banks lenders scaled down disbursements support ongoing credit growth. kerb weight. While the govern- isms, the oicial said, would result trading partners will reach a strengthened for the second
should provide loans to as many in unsecured loans due to regula- PSBs were advised to undertake ment offers tax benefits to vehicles in a more lenient corporate-level deal,” said Ambareesh Baliga, consecutive day on Friday, sup-
people as possible. Banks have been tory concerns and high base effect. special drives, make effective use of under four metres in length, the CO₂ target for a company that is independent equity analyst. ported by likely inflows from
directed to focus on higher lending According to IndiaRatings, their branch networks, and deepen company pushing for relief did not producing hatchbacks and sedans. Even if a deal doesn’t materialise global funds and a weaker dollar
compared to last year,” said another credit growth in the system has lost outreach in semi-urban and rural propose that metric, likely because The final notification for CAFE- before the July 9 deadline, index. The domestic currency
source about the review meeting. steam due to the base effect and areas,” the ministry statement said. many compact SUVs also fall 3 norms will be issued by the BEE, there’s a chance of an extension, closed 22 paise higher at 85.49, a
The RBI’s June monthly bulletin lower growth in retail and NBFCs’ (With inputs from Harsh Kumar) under that definition. Using which is reviewing the matter. Baliga said. day after closing at 86.71 against
weight alone — especially without Siam, the Ministry of Power, and Market breadth was positive, the dollar. The currency saw its
a regulatory precedent — could the Ministry of Heavy Industries with 2,165 stocks advancing and best week since January 2023,
open up room for more confusion did not respond to queries emailed 1,846 declining. driven mainly by a plunge in
Torrent nears deal to buy JB Chemicals and manipulation, industry
sources said.
by Business Standard on this
matter.
Foreign portfolio investors
were net buyers to the tune of
crude oil prices amid Israel-Iran
conflicts.

Founded in the 1970s by U N Mehta, chise in the Indian Premier League, market. With 75 per cent of India-
a former medical representative from CVC Capital for ~5,000 crore, branded formulations sales in pro-
with Sandoz, Torrent Pharma
began as a small generics company
valuing the team at ~7,453 crore.
Torrent Pharma is focused on the
gressive, faster-growing segments,
we are confident in sustained strong
‘Very big’ trade deal coming, maybe with India: Trump
focused on niche psychiatric drugs home market and draws around 55 performance going forward.”
to avoid competition from multina- per cent of its consolidated revenue Both companies have a strong However, in a press briefing, agreements could get wrapped up India is concerned, the first phase US by July 9, but both sides are
tional players. from domestic formulations. chronic focus. Last month chronic White House spokesperson Karo- by the Labor Day holiday (Sep- of the deal may include tariffs positively engaged towards a pact
Under the present leadership of Sales in India grew 13 per cent in therapies grew 10 per cent while line Leavitt on Thursday said that tember 1, 2025), indicating some reduction and focus on the prior- despite challenges.
Sudhir and Samir Mehta, the com- FY25 to touch ~6,393 crore. While the acute therapies (like antibiotics) there’s a possibility that the negotiations are likely to extend ity non-tariff barriers faced by the Delhi-based think tank Global
pany has expanded through acquisi- company has been beating industry went up 5 per cent. Growth leaders Trump administration may past the upcoming July deadline. exporters from both countries. Trade Research Initiative (GTRI)
tion, such as the domestic businesses growth in the domestic market, it is in May were Glenmark, JB Pharma, extend the July 9 deadline. “Per- “We have countries approach- The US is bargaining for relax- said that the next seven days
of Elder Pharma and Unichem. planning to increase its medical-rep- Ajanta, Sun, Intas, Dr Reddy’s, haps it could be extended, but ing us with very good deals,” Bes- ation of India's quality control could determine whether India
In 2024-25, Torrent Pharma resentative strength by 23 per cent by Mankind, Abbott, Ipca, Zydus, that’s a decision for the President sent said on Friday on Fox order (QCO) norms. Washington and the US settle for a limited
reported revenue of ~11,516 crore and the end of FY26. Indoco, Torrent, Emcure, USV, to make,” she said. Business, highlighting Com- also wants India to open up its “mini-deal” or walk away from
a net profit of ~1,911 crore. Analysts at Motilal Oswal said in Alkem and Aristo. Leavitt also said that the dead- merce Secretary Howard Lut- agriculture sector. the negotiating table — at least for
JB Chemicals, which KKR had a recent report the firm was working Torrent has a strong presence in line was not critical. “The Presi- nick’s comments the day before India has been pushing for now.
acquired in 2020, posted revenue of towards enhancing its over-the- cardiovascular, gastrointestinal and dent can simply provide these that the White House has immi- exemption from the 26 per cent Regardless of the outcome,
~3,918 crore and a net profit of ~660 counter franchise. neurology segments. JB too has countries with a deal if they nent plans to reach agreements reciprocal tariff proposal and the trade experts caution that India
crore in the same period (see chart). JB Pharma too is focused strong cardiac and gastro brands like refuse to make us one by the with 10 major trading partners. existing 10 per cent universal must hold its ground and insist on
The Torrent group had previously on sales of India-branded formula- Cilacar, Metrogyl, and Rantac. deadline. The President can take “So, if we can ink 10 or 12 of the tariff. a reciprocal, balanced, and trans-
explored a takeover of Cipla, but talks tions. Torrent is working on launching a reciprocal tariff rate that he important 18 — there are another While both sides have time parent agreement. “Any trade
collapsed on valuation. Cipla’s Nikhil Chopra, chief executive GLP-1 products as a day-one launch believes is advantageous for the important 20 relationships — and again shown optimism deal with the US must not be
founding family later oloaded part oicer and wholetime director, JB in FY26. Analysts expect a com- US and for the American worker,” then I think we could have trade towards signing of the deal, ear- politically driven or one-sided, it
of its stake through block deals on the Pharma, had said after the Q4FY25 pound annual growth rate of she added. wrapped up by Labor Day,” Bes- lier this week a senior govern- must protect our farmers, our
stock exchange. results: “Our domestic business con- 15 per cent in sales in domestic for- Separately, Treasury Secretary sent said. He didn’t specify the ment oicial said that India is digital ecosystem, and our sover-
Earlier this year, Torrent acquired tinues to be one of the fastest-grow- mulations for Torrent Pharma over Scott Bessent said the Trump countries he expects deals with. “not desperate” to conclude an eign regulatory space,” GTRI said
a 67 per cent in Gujarat Titans, a fran- ing in the Indian pharmaceutical FY25-27. administration’s agenda for trade As far as the trade deal with early-tranche trade deal with the on Friday.
B NEW DELHI | SATURDAY, 28 JUNE 2025
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ECONOMY & PUBLIC AFFAIRS 7

vvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvv vvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvv vvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvv

W
Life insurance cover under
PMJJBY may be doubled INVITATION FOR EXPRESSION OF INTEREST FOR SALE OF STRESSED LOAN EXPOSURES
illustration: binay sinha
harsh kumar THROUGH AUCTION UNDER SWISS CHALLENGE METHOD
New Delhi, 27 June Coverage boost
YES BANK Limited (“Bank”) invites Expression of Interest (“EOI”) to participate in the public auction under Swiss Challenge
The Union finance ministry is working n As part of the revamp, revisions in Method (“SCM”), for the proposed sale of the below mentioned stressed loan exposure of the Bank (on a portfolio basis), in
on a proposal to double the life insur- PMJJBY premiums are under terms of the extant guidelines of Reserve Bank of India (“Sale Process”). The stressed loan exposure is being ofered for sale
ance cover under its flagship financial consideration
on a “100% upfront cash basis” only:
inclusion insurance scheme, the n Annual premium of PMJJBY, currently
Pradhan Mantri Jeevan Jyoti Bima at ~436 per subscriber; it may be Portfolio level Principal Outstanding Ageing post NPA Base/ Anchor Bid Minimum Markup
Yojana (PMJJBY), said a senior govern- increased to ~700-800 (Rs. in Cr) as on June 15, 2025 (In year) Amount (Rs. in Cr) stipulated for bidding
ment oicial. n The government is also mulling
As part of this revamp, a revision in expanding the coverage under the Afordable Housing
premiums is also under consideration. Pradhan Mantri Suraksha Bima Yojana Finance Loans 38.38* 1 year and above 16.21 5%
“Under the proposed plan, the life insur- (AHFL)
ance cover under PMJJBY, which cur- n Insurance penetration in India peaked
rently provides a one-year term life cover at 4.2% in 2021-22 but has since Total
of ~2 lakh for individuals aged 18-50 years, declined 38.38
(at Portfolio level)
may be doubled to ~4 lakh.
However, the annual premium, which insurers in partnership with participating they had met just 30 per cent of the 41 mil- * The stated principal outstanding was Rs. 39.54 Cr as on the date of publication of Base Bid advertisement on May 26, 2025 which is now
is currently ~436 per subscriber, could banks or post oices. As on April 23, 2025, lion target for PMJJBY. reduced to Rs. 38.38 Cr on account of recovery in few accounts.
also be increased to ~700–800,” the oi- more than 236.3 million people had Among PSBs, Bank of India had the Eligible interested applicants may access the process document for the SCM (“Process Document”) on the following link
cial said. The oicial said the government enrolled, and ~18,398 crore had been dis- lowest achievement with only 11 per cent of the Bank’s website https://www.yesbank.in/about-us/media/auction-property/sale-npa-portfolio, or the same
was also considering expanding coverage bursed for 920,000 claims. of the target, followed by UCO Bank (14 may be obtained by sending an email to [email protected] mentioning “Sale of AHFL portfolio” – EOI
under the Pradhan Mantri Suraksha Bima The PMSBY is an accident insurance per cent), Bank of Maharashtra (24 per Advertisement dated June 28, 2025” as the subject line. The details of the base/anchor bid and related process is set out
Yojana (PMSBY), details of which are yet scheme that provides coverage of up to ~2 cent), and Union Bank of India (24 per in the Process Document. The eligible interested applicants shall submit their EOI along with a duly signed (executed by
to be finalised. lakh for accidental death or disability at a cent). State Bank of India (SBI) and Indian authorised signatory) and adequately stamped Non-Disclosure Agreement (as per the format and in the manner prescribed
“The government is still in the process nominal premium of ~20 per annum. It Bank had the highest enrolment percen-
in the Process Document) on or before 5:00 p.m. of July 03, 2025, post which access to the data room may be provided as
of gathering feedback and assessing the offers a one-year renewable cover and is tages, 60 per cent and 45 per cent, till
feasibility of the proposed enhance- administered through Public Sector Gen- October 2024, respectively.
per the terms of the Process Document. This invitation of EOI is subject to the terms of the Process Document and selection
ments,” the oicial said. An email sent to eral Insurance Companies (PSGICs) and The annual report of the Insurance of the successful bidder, will be governed by the terms set out thereto.
the finance ministry remained other approved general insurers in collab- Regulatory and Development Authority The sale is on “as is where is”, “as is what is”, “whatever there is”, and “without recourse” basis to the Bank. The Bank
unanswered till the time of going to oration with participating banks or post of India (Irdai) reported a worrying fall in reserves the right to modify, alter, and/or amend any terms of the Sale Process and the Process Document, including the
press.The oicial added that the key con- oices. insurance penetration, including both prescribed timelines, and/or to cancel the Sale Process at any stage and/or accept or reject any EOI, with or without assigning
cern being examined was the affordability Individuals aged 18-70 years holding a life and non-life, which fell to 3.7 per cent any reason thereof (which decision will be final, binding and conclusive), without any liability to any person whatsoever.
of higher premiums, especially among bank or post oice account and who give in financial year 2023-24 from 4 per cent
low-income segments. consent to auto debit are eligible to enrol in the preceding year.
“Feedback from public-sector banks through only one account, even if they Life insurance penetration declined to Place: Mumbai
(PSBs) indicates there is already some have multiple.As of April 23, 2025, over 2.8 per cent of GDP in FY24, compared to Date: June 28, 2025 Resolution and Recoveries
resistance from customers to the existing 510.6 million people have enrolled under 3 per cent in FY23. India's insurance pen-
~436 premium. Without an upward revi- the scheme, and ~3,121 crore has been etration remains significantly lower than
sion, it would be diicult to sustain or paid out against 157,000 claims. the global average of 7 per cent in 2023,
expand the scheme,” the oicial The PSBs have fallen short of achieving which rose from 6.8 per cent in 2022.
added.The PMJJBY is a government- the annual targets of the two flagship Insurance penetration peaked at 4.2
backed life insurance scheme aimed at insurance schemes for social security, per cent during the pandemic in 2021-22
providing coverage for death due to any PMSBY and PMJJBY, according to govern- but has since declined. The Irdai report
reason. ment data reviewed by Business Standard. highlighted that low penetration reflects
It offers a one-year renewable cover, Till October 2024, while PSBs had a lack of widespread insurance coverage,
administered through Life Insurance Cor- achieved only 40 per cent of their annual which is a concern in a rapidly develop-
poration (LIC) and other approved life enrolment target of 64 million for PMSBY, ing economy.

US trade talks: ONGC caps Assam gas leak

Apple growers
flags concerns Rudrasagar gas field was leaking for 15 days
subhayan chakraborty rected the gas ﬂow securely to the top of the
sanjeeb mukherjee New Delhi, 27 June capping stack, allowing containment.
New Delhi, 27 June Before this, an extra-long boom crane
State-owned national oil & gas major ONGC and a 40-tonne crane had been used suc-
Apple growers from Jammu & on Friday managed to stop the natural gas at cessfully to remove the 42 tubing stands
Kashmir, Uttarakhand, and Hima- the Rudrasagar gas field in Assam which had from the derrick of the rig, clearing the path
chal Pradesh have called upon the been leaking for the past 15 days. for the safe removal of the rig base from the
chief ministers of their respective ONGC announced that cap- wellhead.
states to jointly approach the cen- ping operation has successfully The gas leak had
tral government to ensure that completed at the RDS 147A well ongc’s crisis sparked widespread fear,
there are no unreasonable changes site in Sivasagar district. “This management team, and 330 families were
in the tariff structure on apples blowout started on June 12, and along with experts evacuated from surround-
imported from the US, as part of the has been capped successfully from us-based cudd ing areas as a precaution-
bilateral trade deal. within shortest possible time pressure control, ary measure.
Apples, at present, attract an following all the best prac- completed the The first team of
import duty of 50 per cent from the tices,”Petroleum and Natural operation to safely mining engineers and
US, which the country is demand- Gas Minister Hardeep Singh remove the damaged experts from the United
ing to be brought down. “Since Puri said in a post on X. blowout preventer States had reached the gas
2001, India’s apple imports have ONGC’s crisis management field on June 20, or the 8th
climbed from 200,000 tonnes to team (CMT), along with experts day after the leak had
600,000 tonnes and from 1.7 per from the Texas-based Cudd Pressure Control begun. The team included experts from the
cent of the domestic production to company, completed the operation to safely International Well Control Agency.
22.5 per cent. Foreign apples from remove the damaged Blowout Preventer Rudrasagar is one of India’s oldest pro-
the US and other countries are out- (BOP) from the wellhead. “The effort was duction sites operational since 1960, and is
competing our domestic fruit, put- carried out with high precision and coordi- located on the outskirts of district head-
ting the lives of more than 800,000 nation to ensure stability and prevent any quarters Sivasagar. More than 1,500 people
apple growing households in peril,” imbalance or toppling during the lifting pro- from villages around the rig have been
a statement from the Apple cess,” ONGC said in a statement. evacuated. In June, 2020, a similar gas well
Farmers’ Federation of India (AFFI) Once the BOP was safely removed, the blowout in Oil India Limited’s (OIL) Baghjan
— a body of apple growers from pre-positioned capping stack, prepared at gas field, in Assam’s Tinsukia district,
Jammu and Kashmir, Himachal the staging area, was carefully and accu- resulted in three deaths and large
Pradesh and Uttarakhand said. rately placed onto the wellhead. This redi- scale evacuation.

India pushes China for road map

for resolving border issues
later against terrorist camps
satarupa bhattacharjya in Pakistan that India said
New Delhi, 27 June ‘SCO document without terrorism were linked to the attack.

Defence Minister Rajnath

reference not acceptable to India’ India refused to sign an
intended SCO communique
Singh on Thursday told his Union External Affairs minister S Jaishankar on Thursday because it didn’t
Chinese counterpart Admiral (pictured) on Friday said India wanted a reference to include the Pahalgam terror-
Dong Jun that a structured terrorism in the outcome document of the Shanghai ist attack, among other con-
road map of permanent Cooperation Organisation (SCO) defence cerns.
engagement and de-escala- ministers’ meeting, but it was not Singh also met Russian
tion would help in solving acceptable to one member country, an Defence Minister Andrey
complex India-China border oblique reference to Pakistan. He said Belousov in Qingdao, where
issues, the Ministry of Defence Minister Rajnath Singh’s view they discussed the produc-
Defence (MoD) said in a on the matter was right since the main tion of air defence items and
media statement on Friday. purpose of SCO was to fight terrorism and air-to-air missiles, as well as
“Singh stressed on border without a reference on it (on India's the supply of Russian-made
management and having a concerns on terrorism), he would not S-400 systems and Su-30MKI
permanent solution to border accept the outcome document. pti fighter jet upgrades.
demarcation by rejuvenating India deployed the S-400
the established mechanism missile system, which is inte-
on the issue,” the MoD state- need to create “good neigh- President Xi Jinping met on grated with its indigenous
ment said. bourly conditions” to achieve the sidelines of a Brics platforms, effectively during
Singh met Dong in Qing- the best mutual benefits as summit in Russia in October. the four-day conflict with
dao, China, on the sidelines of well as to cooperate for stabil- The two ministers agreed Pakistan after Operation Sin-
the defence ministers’ meet- ity in Asia and the world. to continue discussions at door was launched on May 7.
ing of the Shanghai Cooper- The defence minister various levels to achieve prog- India is seeking to
ation Organisation (SCO) on urged to bridge the trust defi- ress on issues related to disen- upgrade its Su-30MKI fleets,
Thursday.In-depth dis- cit created after the Galwan gagement, de-escalation, estimated to be 260. The pro-
cussions on the need to main- River valley standoff in 2020 border management, and cess, according to govern-
tain peace and tranquillity by “taking action on the “eventually delimitation ment sources, will likely
along the Indo-China border ground”. through existing mechan- include upgrading avionics,
were held during the bilateral At least 24 Indian and Chi- isms”, the statement said. radars, engines, electronic
meeting, the statement said. nese soldiers were killed in Singh also briefed Dong on warfare equipment and
It added that Singh acknowl- the clash that led to the freez- the Pahalgam terror attack, weapons. It is one the most
edged the work being under- ing of bilateral relations, when 26 people were killed in strategically significant fleets
taken by both sides to bring which have started thawing a targeted manner, and on of the Indian Air Force and
back a “semblance of nor- since Prime Minister Nar- Operation Sindoor – India’s has been upgraded over the
malcy”. He emphasised the endra Modi and Chinese military campaign two weeks past decade or so.
8 WORLD
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NEW DELHI | SATURDAY, 28 JUNE 2025 B

curbs power of 27 June although he hasn’t disclosed who they

are to anyone, the 67-year-old said.
Past lieutenants who have been oi-
cially or unoicially in the running to
asked if AI would either extend Son’s
lifespan or make it possible for Son to
SoftBank Chief Executive Oicer While saying that he is healthy and be Son’s successor have included somehow remotely control the com-
judges to block Masayoshi Son acknowledged the out-
lines of a succession plan, addressing
intends to lead, Son added, “If I should
become a barrier to growth, SoftBank
Nikesh Arora, Marcelo Claure and Kats-
unori Sago. All have left SoftBank.
pany from beyond the grave. Son
responded by saying that while he
executive actions what may be the single biggest concern
among investors, and name-checked
should move to its next phase.” He then
listed Miyakawa — who is now in
Son added, however, that he is
passionate enough to work tirelessly for
intends to use AI “more than anyone,”
he didn’t see it replacing him.
agencies the head of the company’s telecom unit charge of rolling out AI infrastructure the next ten years to realise an era The annual shareholders’ meeting
27 June Junichi Miyakawa. within Japan — as someone who’s where artificial intelligence is pervasive has long been a platform for Son to
Son said he plans to hold SoftBank’s doing “an extremely solid job.” in society. share his vision of a future of tech-
The US Supreme Court dealt a blow on Friday reins another ten years, but added he “I feel very pleased, encouraged and SoftBank’s ability to finance big bets driven progress. Many shareholders
to the power of federal judges by restricting has several candidates for its next reassured by his efforts,” he said. “As a resides in part on fervent support from have hung onto his words and their
their ability to grant broad legal relief in cases chief in mind from within the result, I have almost never felt the need Japanese retail investors, who in the shares from before the dot-com boom
as the justices acted in a legal fight over Presi- Japanese technology group, to interfere in what he does. I trust him.” past have been quick to snatch up the and bust. Son said he’s now cornered
dent Donald Trump’s bid to limit birthright speaking during a general share- SoftBank’s shares rose as much as tech investor’s bonds. Many voiced key artificial intelligence chip architec-
citizenship, ordering lower courts that SoftBank CEO Masayoshi Son (front) name-checked holders’ meeting in Tokyo on 3.2 per cent after his comments, buoyed their fear about what would happen to ture, part of an ambition to become the
blocked the policy to reconsider the scope of the head of the group’s telecom unit Junichi Miyakawa Friday. The candidates work by a broader rally that boosted the the technology group without its char- world’s top platform.
their orders. The justices, in a 6-3 ruling,
granted a request by the Trump administra- bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb
tion to narrow the scope of three nationwide
injunctions issued by federal judges in Mary-

Trump plans energy

land, Massachusetts and Washington state
that halted enforcement of his directive while
litigation challenging the policy plays out.

Venice wedding: The best

The ruling was written by conservative Justice
Amy Coney Barrett.

push to power AI
The court ordered lower courts to recon-
sider the scope of their injunctions and spec-
ified that Trump’s order cannot take effect
until 30 days after Friday’s ruling.
The outcome was a victory for the Repub-
that Bezos’ money can buy
lican president, who has complained about Executive orders likely to give US edge over China in tech race Amazon founder Jeff Bezos and journalist Lauren Sanchez have invited scores of
individual judges throwing up obstacles to his VIPs from film, finance, and show business to Venice for three days of celebrations.
agenda. He called it a “monumental victory”
and said he’d “promptly file” to advance pol-
reuters
27 June
‘China deal to Here are some facts and figures about what has been dubbed the “Wedding of the
Century,” much of which has been kept secret
icies blocked by judges, including birthright
citizenship restrictions. The Trump administration is ready-
expedite rare
bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb
ing a package of executive actions
aimed at boosting energy supply to earth exports’
power the US expansion of artificial reuters
intelligence, according to four 27 June
IN BRIEF sources familiar with the planning.
Top economic rivals US and The United States has reached an
China removes naval China are locked in a technological
arms race and with it secure an econ-
agreement with China on how to
expedite rare earth shipments to
chief and top scientist omic and military edge. The huge
amount of data processing behind AI
the US, a White House oicial said
on Thursday, amid efforts to end a
in major military purge requires a rapid increase in power On the cards trade war between the world’s big-
supplies that are straining utilities gest economies.
n White House set to unveil AI
The purge of China’s powerful defence and and grids in many states. President Donald Trump ear-
Action Plan on July 23
security establishment continued as top mili- The moves under consideration lier said the United States had
tary oicials, including a senior general, chief include making it easier for power- n Move will address massive signed a deal with China on Wed-
of navy and a nuclear scientist, were expelled generating projects to connect to the power demand for data centres nesday, without providing addi-
from the national legislature on Friday. General grid, and providing federal land on n It will target grid connection delays, tional details, and that there might
Miao Hua along with Vice Admiral Li Hanjun, which to build the data centres offer federal land for data centers be a separate deal coming up that
chief of staff of the People’s Liberation Army needed to expand AI technology, would “open up” India.
Navy (PLAN), and Liu Shipeng, deputy chief according to the sources. During US-China trade talks in
engineer of China National Nuclear Corpor- The administration will also Meanwhile, power demand from May in Geneva, Beijing committed
ation, have been removed from the National release an AI action plan and sched- AI data centres could grow more to removing non-tariff counter- San Giorgio Maggiore island on
People’s Congress (NPC), the Hong Kong- ule public events to draw public than thirty fold by 2035, according to measures imposed against the US the second day of the wedding
based South China Morning Post reported. Li is attention to the efforts, according to a new report by consultancy Deloitte. since April 2, although it was festivities of Amazon founder
the latest of a string of PLA generals and a the sources, who requested anonym- Building and connecting new unclear how some of those Jeff Bezos and Lauren Sanchez
handful of defence industry executives to have ity to discuss internal deliberations. power generation to the grid, how- measures would be walked back.
been implicated in a sweeping crackdown in The White House did not respond ever, has been a major hurdle As part of its retaliation
the military, the Post reported. pti to requests for comment. because such projects require exten- against new US tariffs, China sus- Bezos(left) leaves Venice
Training large-scale AI models sive impact studies that can take pended exports of a wide range of hotel with his fiancee
requires a huge amount of electricity, years to complete, and existing trans- critical minerals and magnets, Lauren Sanchez
Iran dismisses US and the industry’s growth is driving mission infrastructure is over- upending the supply chains cen-
claim of nuclear talks the first big increase in US power
demand in decades.
whelmed.
Among the ideas under consider-
tral to automakers, aerospace
manufacturers, semiconductor
resuming next week Between 2024 and 2029, US elec-
tricity demand is projected to grow at
ation by the administration is to
identify more fully developed power
companies and military contrac-
tors around the world. transport
Iran denied that nuclear talks with the US five times the rate predicted in 2022, projects and move them higher on A separate administration oi- n 90: Private jets to land at Venice and
are scheduled to resume, diminishing pros- according to power-sector consul- the waiting list for connection, two of cial said the US-China agreement nearby airports
pects for diplomacy after President Donald tancy Grid Strategies. the sources said. took place earlier this week. a $55 million occasion n 30: Water taxis booked from different
Trump suggested a deal could come as
n The wedding and its parts are firms for guests
early as next week.“I say explicitly that no
expected to cost $46.5 - $55.6 million
agreement, arrangement or discussion has
taken place regarding the initiation of new
negotiations,” Foreign Minister Abbas
Pay-or-consent model: Germany asks venue
accommodation
Araghchi said in an interview late Thurs-
day. “Some of the speculation about the Meta likely to face Apple, Google to n Main party is today at the
n 5: Luxury hotels booked
n Hotels include Cipriani on the island of
Arsenale, a historical site in the
resumption of negotiations should not be
taken seriously.” Trump had said on Wed-
daily fines, warns EU remove DeepSeek eastern part of the city
Giudecca, and Aman on the Grand Canal
n 200-250: Guests expected
nesday that the two sides would talk next Germany’s data protection commissioner n Day and venue for the wedding
week and “may” sign an agreement. While has asked Apple and Google to remove Chi- are still confidential
some Iranian oicials including the presi- reuters rules mainly targeting its firms. nese AI startup DeepSeek from their app
dent have indicated a readiness for talks,
they face resistance from others who are
27 June Daily fines for not comply-
ing with the DMA can be as
stores in the country due to concerns about
data protection.
guests
especially opposed to engagement in the Meta Platforms may face daily much as 5 per cent of a com- Commissioner Meike Kamp said in a n Key guests include Bill Gates (left) , Oprah
wake of the conflict. bloomberg fines if European Union (EU) pany’s average daily worldwide statement on Friday that she had made the Winfrey, Orlando Bloom, Rania of Jordan,
regulators decide the changes it turnover. request because DeepSeek illegally transfers Tom Brady, Kim Kardashian, Kendall
has proposed to its pay-or-con- users’ personal data to China. Jenner and Ivanka Trump (right)
Congo, Rwanda to sign sent model fail to comply with Apple changes App Store The two US tech giants must now review Source, photos: Reuters
US-mediated peace an antitrust order issued in
April, they said on Friday.
rules in European Union
Apple changed rules and fees in
the request promptly and decide whether to
block the app in Germany, she added.
deal to end conflict The warning from the Euro-
pean Commission, which acts
its App Store in the EU after the
bloc’s antitrust regulators
DeepSeek did not respond to a request for
comment. Apple and Google were not
Gondolas with
mannequins depicting
TThe Democratic Republic of Congo and as the EU competition enforcer, ordered it to remove commer- immediately available for comment. Bezos and Sanchez in
Rwanda are set to sign a peace deal facilitated came two months after it cial barriers to sending cus- According to its own privacy policy, Deep- wedding attire, as part of
by the US to help end the decades-long deadly slapped a 200-million-euro tomers outside the store. Seek stores numerous personal data, such as a parody stunt by art
fighting in eastern Congo.The deal, to be ($234 million) fine on the US Apple said developers will requests to its AI programme or uploaded collective Konn Artiss
signed in Washington on Friday, would also social media giant for breach- pay a 20 per cent processing fee files, on computers in China. were seen in Venice, Italy
help the US government and American coming the Digital Markets Act for purchases made via the App “DeepSeek has not been able to provide
panies gain access to critical minerals in the (DMA) aiming at curbing the Store, though the fees could go my agency with convincing evidence that
conflict-battered, mineral-rich region.The power of Big Tech. as low as 13 per cent for Apple’s German user data is protected in China to a
Central African nation of Congo has been The move shows the Com- small-business program. level equivalent to that in the European
ripped apart by conflict with more than 100 mission’s continuing crack- Developers who send cus- Union,” Kamp said.
armed groups. The most prominent is the M23 down against Big Tech and its tomers outside the App Store “Chinese authorities have far-reaching
rebel group, backed by neighbouring push to create a level playing for payment will pay a mini- access rights to personal data within the
Rwanda, whose major advance early this year field for smaller rivals despite mum fee of 5 per cent and at sphere of influence of Chinese companies,”
left bodies littered on the streets. ap US criticism about the bloc’s most 15 per cent. she added. reuters

THE BS CROSSWORD #3579 BS SUDOKU #4619

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Across: 20 Drained soggy parts around 5 Order directions for growing 21 Provides a touch of affection very difficult:
1 Is it his hobby to get the boot the river (5) grass? (5) (6) «««««
23 Jammy copper retiring (5) Solution on Monday
form everyone? (5-9) 22 Shout out various numbers 6 Gave a reason for broken axle-
10 Romantic type in anguish during course of test (7) pin, Ed (9) 24 Climb on a horse (5)
without love? Right (5) 25 Dreams up trapdoors (7) 7 Unenthusiastic prime minister 26 Little drum for Bill Moreheart
11 Mail perhaps, that may come 27 Ingredients of plum tarts about to be sanctimonious (5) (5)
through letter-box (9) arranged for the final trick (4,5) 8 Rugby Union convention in SOLUTION #3578
12 Shaw is out and out failure 28 Be about lie-about and prove the country? (7)
(4,3) to be false (5) 9 Usual traffic system in river is SOLUTION TO #4618
13 Outside prison, bloke’s get-up 29 Having stopped being serious a huge success (3-3)
in the next world ? (6,3,5)
is a public disgrace (7) 15 Shoe-maker puts modern cat
14Surrender return on invest- in order (3,6)
Down:
ment (5) 17 She overrated Socrates (9)
2 Use tour as means of getting
16 When Mike Tyson has to 18 Ballet producer - he'd a vigil
work during festive season (6,3)
an outfit together (9) choreographed (9) how to play
3 He is super in video games (5) 19 Classic sci-fi monster Fill in the grid so that every row, every
19 The only legal form of cosh,
4 An artist pores over the cata- wrecked B&B hotel (3,4)
column and every 3x3 box contains
one might say ? (9) the digits 1 to 9
logue (9)

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B NEW DELHI | SATURDAY, 28 JUNE 2025
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OPINION 9
Can Asia and Europe rescue the global economy? The key to a successful framework
would be to keep all the WTO rules that
have proven effective in driving trade and
prosperity for the past seven decades,
For example, a new stablecoin could be
pegged to the euro or one of the major
Asian currencies. Central banks could form
a network of currency-swap agreements
geopolitically induced reshuling of global from being a rule-setter to becoming a rule- of US gross domestic product in 2024). And including the MFN principle. But Asian that are independent of the US dollar. And
supply chains continues, and the risk of cli- breaker. For example, Mr Trump’s mislead- with congressional Republicans poised to and European leaders should also seek to countries could work towards a more
mate and environmental breakdown has ingly labelled “reciprocal tariffs” explicitly raise the debt limit by another $5 trillion, US improve upon the WTO rules that are defi- robust multilateral debt-relief framework
increased, especially now that the United violate the most-favoured-nation (MFN) federal government debt could reach 134 cient, including those governing subsidies for low-income countries, building on
States has withdrawn from the Paris cli- principle, which prohibits any World Trade per cent of GDP by the time Mr Trump and the conduct of state-owned firms. cooperation among the European Invest-
mate agreement again. Organization member from maintaining leaves oice. Ernest Hemingway famously They also would need to resuscitate the ment Bank, the Asian Development Bank,
Given that everyone will suffer from different trade barriers for different coun- wrote that bankruptcy happens “gradually WTO dispute-settlement mechanism, per- the Asian Infrastructure Investment Bank,
these shocks, cooperation to ameliorate tries except under a formal free-trade and then suddenly.” Because the US has haps tripling the number of Appellate Body the African Development Bank, and the
them should be a priority, especially for agreement. Mr Trump has also violated the never technically defaulted, the recent rise judges. On the climate front, the danger Paris Club of sovereign creditors.
shang-jin wei Asia and Europe. Both regions are heavily US commitment not to raise its tariff rates in risk premia on government bonds can be now is that other countries (such as None of these solutions will be easy to
integrated into the global trading system, beyond WTO “bound rates” — another cor- said to fall within the “gradually” phase. Argentina) may follow the US in exiting the achieve, of course, given the tensions
and both could be affected by the loss of US nerstone of the global system. But investors must now consider the possi- Paris agreement. To head off that possibil- between countries within each regional
Countries around the world are confront- fiscal credibility. Many Asian countries’ Similarly, the US is undermining the bility of “suddenly” coming sooner than ity, Asia and Europe should pursue a bloc regarding a variety of issues. Cooper-
ing the same confluence of shocks. The foreign-exchange reserves are heavily dollar-centric system that Asian and Euro- previously thought. common carbon-tariff framework. If the ation would require compartmentalisa-
continued breakdown of the global trading weighted towards dollar assets, and most of pean countries have long relied on for Rather than looking for separate hedg- world’s two largest trading regions impose tion, with governments focusing squarely
system, owing to a volatile US tariff policy, their external trade is invoiced in dollars. liquidity, trade financing, and financial risk ing strategies, Asia and Europe would the same penalties on carbon-intensive on providing global public goods. As chal-
is now accompanied by the risk of dis- Similarly, climate change poses a major management. The expected erosion of the benefit more from collaboration. On the imports, they will create a powerful incen- lenging as this might seem, the alternative
ruptions to trade routes and oil production threat to all countries, but Europe, US fiscal position, combined with Mr trade front, an enhanced framework tive to stay the course on decarbonisation. will be far costlier to Asia and Europe —
from military conflicts in West Asia. especially, has staked its future on the Trump’s capricious tariff policy, has cast between the European Union and the two On international finance, the two and to the rest of the world.
Moreover, concerns about the safety of clean-energy transition. doubt on the dollar’s reliability. big Asian trading blocs, the Regional Com- regions can work towards a system that is vvvvvvvvvvvvvvvvvvvvvvvv
dollar-denominated assets are growing, Simply put, the recent shocks threaten According to the non-partisan Con- prehensive Economic Partnership and the more resilient to irresponsible behaviour The author is professor of finance and
because United States President Donald the foundation on which Asian and Euro- gressional Budget Oice, the budget Bill Comprehensive and Progressive Agree- on the part of any single country. The goal economics at Columbia Business School
Trump’s “big, beautiful” spending Bill is pean countries have built their economic that Mr Trump wants Congress to pass will ment for Trans-Pacific Partnership, would is not to displace the US dollar as the domi- and Columbia University’s School of
expected to erode America’s already-weak models: Open trade, which itself is based add an estimated $2.4 trillion to the $36 tril- establish trading rules for almost the whole nant global currency, but to offer more International and Public Affairs
fiscal position. At the same time, the broad, on a rules-based system. The US has gone lion of existing US debt (some 100 per cent world — regardless of what the US does. instruments for risk management. ©Project Syndicate, 2025

The surprise in New York illustration: binay sinha

or disingenuous about his policy
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New York, New Comrade
stances. Mr Mamdani has always by Democrats. And Mr Mamdani, if anything, stands
said he wants to make life more Zohran Mamdani’s faith, support for Gaza, and dislike of way to the Left of “the squad”. Socialism, ironically,
affordable for the low-to-
median-income New Yorker.
Modi and Netanyahu are reasons why many in India are oozes a magnetic appeal in a city that should be the
brand ambassador of capitalist success.
Going beyond ideological unhappy to see his rise, rather than celebrate it as another Or is it the case that such success ultimately
labels, a fiscally conservative breeds socialism? That you become so rich, you can
thinker with a long-term view ‘Indian’ conquest afford socialism? Europe swerved hard Left after
may find justifications for these the riches piled up, and has been course-correcting
VIEWPOINT policies. What if the investments
in social welfare actually gener-
Zohran Mamdani is going to be in the “talk”, not just the diaspora in New York as well. I am not so affected
in New York City or American politics, but also in by this. If anything, I might have the boasting rights
lately. Because socialism in rich societies also
brings in immigration, racial and religious diver-
devangshu datta ate higher growth and more GDP India. Or, rather than saying that he will be in the that the new mayor of the world’s greatest city (if he sity and, truth be told, tribal internal conflicts from
for NYC in the long run? headlines, we could use language more apt for the wins) is someone whose mom I hosted twice on Walk distant lands. Inevitably, it draws a reaction, and
The results of the Democratic Big cities like NYC (and the digital era and his demographic: He’s going to be a The Talk, a story I will tell you in the postscript. the Right returns. Even in Scandinavia, the home
Party primary for New York greater NYC metropolitan area) most searched name for some time. So, what am I triggered by then? To understand of the best socialism.
City’s (NYC’s) mayoral elections are hives of activity because they There’s enormous oomph to a 33-year-old, super- this, let me take you through some highlights of his India’s problem is that the bad ideas never left
have thrown up a surprise incomes above $1 million (US shove people with multiple skill stylish and articulate Muslim of Indian origin, who is election promises. He will eliminate fares on buses us. Only the good people, the best minds left. Mil-
winner: Zohran Mamdani, a 33- states levy income tax in addition sets into close proximity. The now a frontrunner to govern the most powerful, rich, (hello Delhi, Karnataka, Telangana — and the list lions of our brightest, most ambitious, entrepre-
year-old of mixed ethnicity, a to the Federal income tax), free network effects lead to interest- Jewish, and cosmopolitan city in the world. In India, keeps growing) freeze the rent on two million already neurial citizens made America their home. What
Shia Muslim and a Democratic public buses, freeze on subway ing ideas, and those translate it has played into the Hindu-Muslim binary. In the subsidised housing units (remember your Rent Con- were they fleeing if not our fake socialism? Every
Socialist. fares, investments in affordable into new opportunities and rev- minds of the Hindu Right, it is the conquest of trol Act?) and to build more than 200,000 homes over Indian who risks their lives on a “dunki” today is
Ranked choice voting means housing, universal childcare for enue streams. Those 8 million another great global city by a Muslim from the sub- three years through Social Housing Development fleeing socialism that survives even in the Modi era.
the result will not be confirmed children under five, free educa- NYC residents (and the multi- continent. Sadiq Khan of London being the other. Agency (every Indian city has some version of this, Check out how much the Modi government spends
until July 1, but Mr Mamdani’s tion at state colleges, and govern- tudes who commute into the city His support for Gaza, strong anti-Trumpism (in DDA, MHADA, BDA, no?), provide universal child on distributive welfare and how the BJP, sup-
lead makes his victory almost ment-run grocery stores. daily) would be a lot less produc- the US President’s own borough), and endorsement care for kids from six weeks to five years (anganwa- posedly a Right-wing party, has embraced the free-
mathematically certain. NYC is a Mr Mamdani hopes to ease tive if they lived dispersed across by the Democratic Left make him a personality dis?) and, hold your breath, sarkari grocery stores bie culture of Indian socialists.
deep-blue city, with over 3.3 mil- the pressure on the average New 8,000 villages. important enough for Donald Trump to with low prices. Remember our “fair In January 1990, while covering the unravelling
lion registered Democratic Yorker’s pocket by taxing the Urban clusters need armies write a long post on. price shops”, kendriya bhandars and of the Soviet Bloc, I picked up some taxi driver’s
voters compared to 558,000 rich to generate revenues, while of low-income workers to pro- He’s paid him “compliments’ like “a cooperative supermarkets? wisdom in Prague. Except that this taxi driver had a
Republicans. Winning the Pri- lowering the cost of commutes vide services like handling gar- 100% Communist lunatic”, one who All of these ideas are so familiar to master’s in engineering and was waiting for Václav
mary, therefore, makes Mr Mam- and housing, subsidising nanny bage, driving buses, running “looks terrible, his voice is grating” and two generations of Indians as the great Havel to fully liberate the economy. You Indians
dani a shoo-in for mayor of services, college education, and water supply, and repairing so on. Of course, he also links his rise to failures of the socialist state. If you were fought back for your political freedoms in the
America’s largest city. reducing retail grocery inflation. roads. If those workers cannot his pet hate — the quartet of women also parked in the ration shop line by Emergency, he said, but how come you never fought
This has caused many shock- Not surprisingly, Republi- afford to live in the city, services politicians on the Democratic Left who your mom, as I was when just 10, to hold for your economic freedoms?
waves. Mr Mamdani’s own party cans are calling him a commu- deteriorate. If the quality of ser- he calls “the Squad”, led by New York her spot until she finished cooking He had the answer: Because you had never
is worried. His victory over an nist along with other epithets vices is poor, the talented and Congresswoman Alexandria Ocasio- lunch and came to buy almost anything experienced economic freedom. You didn’t even
established, if tainted politician, (and some distasteful slurs). highly educated, who generate Cortez or AOC. we needed, you will know what I mean. NATIONAL know what you were denied. This was a conversation
former NY Governor Andrew These proposals would indeed revenues, may leave. The President’s choice of words is, From sugar (200 grams per head per at Prague’s Wenceslas Square, where a sparkling
Cuomo, could set a precedent. be characterised as socialist, But if the services are high- of course, Trumpian. In the Trump week in 1967) to wheat and even cloth by INTEREST streamer hung from a building saying, “Welcome
The progressive elements in the even in places such as Western quality and affordable, the city world, “Communist” or “lunatic” shekhar gupta the metre — everything for the working back home, Mr Bata.” He was driven out by Commu-
Democratic Party may replicate Europe, which are much further may attract more talent. Young, might be common enough description classes was to be found at state-run nism, the driver said, built a fortune in Canada, and
the model: Identify deep-blue to the left than the US. talented individuals may choose for anybody he dislikes, used as casually as old shops. Even if you did not have an experience like now all you Indians wear his shoes.
seats across America, and chal- The campaign promises may to live in a place with low rents, Captain Haddock of Tintin comics dismissing this, you’ve seen the state-built concrete working-
lenge older, more conservative have been partly driven by the free transport, free nanny ser- somebody as a pestilential pachyderm or, simply, class housing in our cities, which are concrete slum PostScript: Mira Nair and I set up our first Walk-
Dem incumbents in primaries. desire to win back voters. Mr vices and free education over a vegetarian. To be abused by President Trump isn’t clusters by another name. In New Delhi, I call them TheTalk interview one chilly January morning in
This could shift the ideology of Mamdani talked to a lot of regis- places that don’t check those a liability in New York. slums built by the Delhi Destruction (oops, Develop- 2005 at Delhi’s Jama Masjid. We had just about
the party to the left. tered Democrats who had voted boxes. Do I have a problem, or even an opinion on Mr ment) Authority, and every city has its own version. started when the Shahi Imam arrived, furious. “Ek
Mr Mamdani’s campaign for Donald Trump in 2024. NYC A focus on improving the Mamdani’s rise? The answers are: Problem, no; and Our free bus services are now collapsing along with dum rukiye aap” (stop at once), he said. He recogni-
focussed on making NYC an swung sharply towards the lives of low-to-median-income opinion, it’s great to see Indians rise in Western the state government finances. All of the ideas that sed me and softened. “Aap ke liye izzat hai, aap jab
affordable place to live. The Big Republicans in ’24, though it was residents can, therefore, be justi- democracies. We took pride in Rishi Sunak, on the failed so spectacularly in the country of his origin, Mr marzi record keejiye. Inke liye nahin” (We respect
Apple is the US’ most expensive retained by the Dems. Voters fied on utilitarian grounds, if the Indian Right, Kash Patel, Jay Bhattacharya, and even Mamdani is now promising to replicate in a city that your. You can record whenever you like. But not with
city. Its 8 million-plus inhabit- who changed allegiance consist- social welfare expenditure indi- Hindu American Tulsi Gabbard are celebrated, as is millions of Indians have made their new home, her). Why, I asked, and explained to him what a bril-
ants contribute $1.3 trillion to US ently cited economic stress as a rectly leads to accelerated the star cast of “Indian” CEOs. Mr Mamdani will be a mostly as economic refugees. liant and globally respected woman she was. He
gross domestic product (which is reason for the switch. They may growth. I have no idea how many stellar addition. Mr Mamdani is too young to have picked these wasn’t impressed and used adjectives that I’d rather
around $29.2 trillion) while the have been foolish to believe that of Mr Mamdani’s proposed pol- I know what I am saying is triggering a lot of our ideas from India, and it is unlikely his parents experi- not repeat. I wouldn’t even commit the sin of imagin-
state of NY contributes $2.3 tril- Mr Trump would make their icies will be actualised (or readers. I am triggered too, but not for the reasons as enced too much of this. However, this love of social- ing if maulana sahib had seen Ms Nair’s Kama Sutra
lion, just behind Texas and Cali- lives economically easier, but indeed, if he will make it to some of you might be. His faith, his views, support for ism in a country that gave the modern world its or heard of it.
fornia. their unhappiness about infla- mayor) and how some of this will Gaza, his dislike of Narendra Modi or Benjamin Net- capitalist dream, and in the city that represents that But we retreated, recorded in the street outside,
His proposals include a rent tion was real. work in practice. But it’s not anyahu are the reasons many in India are unwilling breathless success is an interesting point. What’s and concluded the conversation over a breakfast of
freeze on rent-controlled apart- However, nothing in Mr impossible that this socialist to celebrate it as another “Indian” conquest. For even more interesting is the appeal this finds among naan and nihari.
ments, a 2 per cent hike in income Mamdani’s fledgling political agenda could actually underpin them, it is a conquest by the wrong guy (read, the New York’s young. vvvvvvvvvvvvvvvvvvv vvvvvvvvvvvvvvvvvvvvvvvvvvvv
tax for NYC residents with career suggests that he is cynical faster GDP growth for NYC. wrong faith). This polarisation has played out among This is especially so in the big cities, nearly all run By special arrangement with ThePrint

Mr Im-Perfectionist Worthy of emulation

Khan, a remake of the 1994 hit For-
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rest Gump, starring the inimitable

Tom Hanks in the titular role.
Khan’s own performance in that
EYE CULTURE Khan calls this film a family film was loud, over-the-top, border- Forty-four-year-old Cirrus entrepreneurship by the MIT’s tups in Silicon Valley. This story is
entertainer and a spiritual successor ing on buffoonery. It was a far cry Logic (originally Patil Systems, Amar Gopal Bose. I recall that Bose a testament to disciplined innova-
vishal menon to his 2007 directorial venture Taare from Hanks’ nuanced Oscar-win- now publicly listed), an American also influenced Ratan Tata in tion, as also to the biological model
Zameen Par. Khan left no stone ning portrayal. Khan’s labour of fabless semiconductor supplier, entrepreneurship. for innovation.
When he sings Pehla Nasha in Jo unturned in promoting the film. He love, which was over two years in specialises in integrated circuits. Suhas gave up the MIT to move Later during my visit, I met
Jeeta Wohi Sikander, you feel the was everywhere — on billboards, on the making, sank without a trace at The idea (foetus) of a fabless chip to the University of Utah, where he another contemporary, Anjan
electric rush of first love. When he television screens, popping up on the box-oice. emerged in the inventor’s mind could access an existing chip-fab- Bose, Regents Professor. He
proclaims: “Mein apne mulk ko mobile phones, and giving inter- The telltale signs were evident around 1980, then got adapted and rication facility. In those days, recently received a lifetime
apna ghar samajtha hoon,” in Sarfa- views to just about everyone. when in 2013 he did Dhoom 3, where prototyped (childhood and ado- semiconductor chips were barely achievement award from the Insti-
rosh, it strikes a deep patriotic In these four decades, Khan the he looked jarring and out of his depth lescence). The product was known — chips meant potato tute of Electrical and Electronics
chord. And when he quietly steps movie star has also shown his pen- as a circus entertainer. It showcased THE WISE LEADER launched commercially, and the chips! Within four years, Suhas Engineers. He was recognised for
away to concede a painting com- chant for innovation in film promo- Khan’s limitations as an actor. company was listed on Nasdaq in built a semiconductor chip based his pioneering contribution to
petition to his dyslexic protégé in tion. In 2009, before the release of Lal Singh Chaddha’s debacle r gopalakrishnan 1989 (young adulthood). The com- on dramatically accelerating the automation and control of power-
Taare Zameen Par, you’re left with a Three Idiots, he embarked on a sent Khan into depression, to the pany is now headquartered in chip design process and then out- grid operations, training, and edu-
lump in your throat. Bharat Darshan in incognito mode. point that he even contemplated Austin, Texas. Its revenue is $1.9 sourcing the manufacture to a fab, cation all over the world.
For the past 40 years, Aamir He landed up in Ludhiana as a Mex- stepping away from cinema alto- I love low-profile builders of tech- billion with a market capitalisa- a breakthrough at that time. Anjan worked on the electric
Khan has carved out a career as an ican tourist and roamed the streets gether. He is now back with Sitaare nology-led and “psychological tion of $5 billion. Its founder is a Seven years later, in 1981, power grid for more than 50 years.
actor with his unique, off-beat of Varanasi as a vagrant. His detrac- Zameen Par, which has had a market share” businesses — Jamshedpur-schooled alumnus of Suhas had created a unique intel- When he was in industry, he pion-
choices. Known for his impeccable tors called it a gimmick. But the film decent run at the box-oice so far. hidden champions (Hermann IIT Kharagpur, Suhas Patil. He and lectual property, which could eered the computerisation of the
work ethic and the ability to go went on to become a blockbuster, But it did little to mask Khan’s Simon, HBS Press). Businesses and his charming wife, Jayashree, were design large-scale integrated cir- control centres that operate the
against the grain, his oeuvre is an sending Khan’s stardom into orbit. inconsistent performance. organisations should be designed my gracious hosts at Cupertino. cuits in one-fourth the normal grid, and when in academia, he
eclectic mix—from Dangal to Rang He was rechristened “Mr Perfec- Going forward, Khan has an for Deergha Ayush (long life), At Kharagpur, Suhas was stu- time, and get the chip fabricated. developed the simulators for train-
De Basanti, Lagaan to Dil Chahta tionist” by fans and the media for his interesting lineup. It includes a which connotes that business is a dious, shy and an ever curious tin- His technology for a fabless semi- ing grid operators.
Hain — traversing a dizzying array unwavering attention to detail and high-octane cameo in Coolie, a film living entity. The metaphor of life kerer. With the change in conductor was not known to even He has been advisor to the US
of genres. hands-on involvement in projects. headlined by Rajinikant, an action appears in my 2017 book A Biogra- immigration laws in 1965, Suhas Intel. In fact, IBM became his cus- Department of Energy and to Grid
In March this year, Khan turned Perhaps, he took this tag a little too film with Lokesh Kanagaraj, and the phy of Innovations — an idea gets went to the US to earn a master’s, tomer! An IPO (initial public offer- India on power grid operations.
60. Four decades have passed since seriously. By then, Khan had posi- biopic on Dadasaheb Phalke, to be “conceived” (foetus), the idea goes doctor of science, and a professor- ing) followed in 1989. Suhas came Michael Baumgartner, member of
his first onscreen performance in tioned himself as the superstar with directed by Rajkumar Hirani. through “adaptation” (childhood), ship at the Massachusetts Institute to be recognised widely as a fantas- Congress from Anjan’s home state
Holi, which was released three years a conscience, but the cracks had Audiences will be hoping that then a “prototype” (adolescence), of Technology (MIT). By 1973, when tic inventor. Cirrus Logic became a of Washington, made an extensive
before his breakout role in Qayamat begun to surface in his acting. This these big-ticket films with seem- before emerging as a “product” computer software was trans- powerful entity, endowed with its mention of his work in the House
Se Qayamat Tak in 1988. When his has become more apparent in ingly interesting premises are not (young adulthood), which evolves formed into an “industry”, Suhas unique intellectual asset. of Representatives!
contemporaries were dancing in Sitaare Zameen Par, where he plays marred by Khan’s disconcerting, with updates for continued suc- challenged himself to design hard- What next? Approaching 60, These are “hidden cham-
front of the Swiss Alps, Khan was a despicable basketball coach. While repetitive performances. Khan’s real cess (maturity) over its life. ware to work without defect, just Suhas desired to propagate and pions” of strategic research and
busy doing films that held up a the film has been elevated by strong strength lies behind the camera, as a On a recent trip to the United like software could be developed perpetuate the social value of innovation. They are worthy of
mirror to life. “I don’t follow logic … performances from the supporting director and producer, championing States (US), I reconnected with without having to debug it. He enterprise. He cofounded The emulation within Indian industry,
just do what my heart tells me to,” the cast, Khan’s portrayal is underwhel- stories that challenge conventions two contemporaries from the deployed a clockless array, whereby Indus Entrepreneurs (TiE) with and maybe even a Padma!?
actor-producer famously remarked ming—botched by odd mannerisms and are considered risky by main- Indian Institute of Technology logic gates could open and close in Kanwal Rekhi and A J Patel to nur- vvvvvvvvvvvvvvvvvvvvvvvvvvvvv
when asked about his film choices. and bizarre expressions.. stream filmmakers. In doing so, he (IIT), Kharagpur, both “hidden a decentralised manner. ture the next generation through a The writer’s book, JAMSETJI
Last week, Khan unveiled his latest It seemed like he was still stuck will continue to surprise and capti- champions”. Their research and Suhas recalls: “People thought network of mentors and advisors. Tata—Powerful Learnings for
film: Sitaare Zameen Par, a coming- on a loop from the character he vate audiences while cementing his innovation accomplishments that mine was too revolutionary an TiE now has over 60 centres, Corporate Success, is coauthored
of-age sports drama that explores the played in his previous film: Lal legacy as one of Indian cinema’s count as top-class. India needs idea, not a comfortably evolution- including several in India. Indians with Harish Bhat.
theme of neurodiversity. Singh Chaddha. It was produced by most compelling storytellers. thousands like them. ary one.” Suhas was tutored in account for one-third of the star- [email protected]
10 NEW DELHI | SATURDAY, 28 JUNE 2025 B
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B NEW DELHI | SATURDAY, 28 JUNE 2025 11
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M.P. STATE ELECTRONICS DEVELOPMENT

CORPORATION LIMITED
State IT Centre, 47-A, Arera Hills
Bhopal-462011 M.P., Tel. : 0755-2518603
E-mail : [email protected], Website: www.mpsedc.gov.in
NOTICE INVITING TENDER (NIT)
Tender No. : MPSEDC/SDC/2025/631 Dated : 25.06.2025
Online Tender is invited for RFP for “Request for Proposal
Selection of Data Center Operator for Providing Data
Centre Operations/SI & Support For Madhya Pradesh State
Data Center (MPSDC), Disaster Recovery (DR) Center &
NDR”. Interested eligible bidders may view/download the
tender document from www.mptenders.gov.in. First time
users of this portal will be required to register online with
payment of registration charge.
M.P. Madhyam/120863/2025 CHIEF GENERAL MANAGER

DCB BANK LTD.

2nd Floor, S-1 To S-2, Geejgarh Tower,
Hawa Sadak, Civil Lines Jaipur-302006 (Rajasthan)
POSSESSION NOTICE
The undersigned being the authorized officer of the DCB Bank Ltd., under the Securitization and Reconstruction of Financial Assets and
Enforcement of Security Interest (54 of 2002) and in exercise of powers conferred under section 13(12) read with rule 3 of the Security Interest
(Enforcement) Rules, 2002 issued a demand notice on below mentioned dates calling upon the borrowers (Borrower’s and Co-Borrower’s) to repay
the amount mentioned in the notice as detailed below in tabular form with further interest thereon from within 60 days from the date of receipt of the
said notice.
The borrower and Co-Borrower having failed to repay the amount, notice is hereby given to the borrower, Co-Borrower and the public in general that
the undersigned has taken possession of the property described herein below in exercise of powers conferred on him under sub-section (4) of
section 13 of Act read with rule 8 also r/w section 14(1) of the Security Interest Rules 2002 on 25th June, 2025.
The borrower, Co-Borrower in particular and the public in general is hereby cautioned not to deal with the property (Description of the immovable
Property) and any dealings with the property will be subject to the charge of the DCB Bank Ltd., for respective amount as mentioned here below.
The Borrower’s attention is invited to provisions of Sub-section (8) of Section 13 of the act, in respect of time available, to redeem the secured assets.
Demand Notice Dated. 31-01-2025
Name of Borrower(S) and Co-borrower(S) Mr. Kana Ram Bahadur and Mrs. Santosh Kanaram
Loan Account Number DRHLPLI00536149
Total Outstanding Amount. Rs.14,09,615/- (Rupees Fourteen Lakh Nine Thousand Six Hundred Fifteen Only) as on
30th January, 2025
Description of The Immovable Property All the piece & parcel Plot No 96 Admeasuring 990 Sq Ft comprised in Chak No 2 Khasra No 314
situated at KK Naga R Dist: Pali Bounded By: Towards North: Plot No 97, Towards South: Plot No
Plot No 95, Towards East: Road, Towards West: Plot No 60 (The Secured Assets)
Demand Notice Dated. 16-12-2024
Name of Borrower(S) and Co-borrower(S) Mr. Shrawan Kumar Mali, Mrs.lila Devi, Mr. Sheshmal Bhati, Mrs. Kamla Devi Bhati and M/s
Jagdamba Computer Sewa Center (Through its Proprietor Mrs. Lila Devi)
Loan Account Number DRBLPLI00499994, DRHLPLI00499998 & DRBLPLI00553268
Total Outstanding Amount. Rs.71,08,088.99/-(Rupees Seventy One Lakh Eight Thousand Eighty Eight and Ninety Nine Paisa
Only) as on 16th December 2024
Description of The Immovable Property All The Piece & Parcel Of Plot No 1 Admeasuring 600 Sq Gaj Situated At Pali Dist: Jodhpur
Bounded By: - Towards North: Road, Towards South: Khalsa Land, Towards East: Plot No 2 Of
Madan Singh, Towards West: Road (The Secured Assets)
Demand Notice Dated. 07-11-2024
Name of Borrower(S) and Co-borrower(S) Mr. Prem Kumar and Mrs. Janu Prem Kumar
Loan Account Number DRBLPLI00576106
Total Outstanding Amount. Rs.21,18,516/- (Rupees Twenty One Lakh Eighteen Thousand Five Hundred Sixteen Only) as on
7th November 2024
Description of The Immovable Property All the piece & parcel of House No 145 Admeasuring 552 Sq Ft Shindi Colony Pali Teh: Pali
Jodhpur Bounded By: - Towards East: House Of Tohrajaji Jain, Towards West: Remaining Part of
Current House, Towards North: Remaining Part Of Current House, Towards South: Road
(The Secured Assets)
Demand Notice Dated. 28-02-2025
Name of Borrower(S) and Co-borrower(S) Mr. Praveen SO Bhagchandra, Mrs. Indra Devi, Mr. Bhagchand
Loan Account Number DRHLPLI00540060
Total Outstanding Amount. Rs.8,97,572/- (Rupees Eight Lakh Ninety Seven Thousand Five Hundred Seventy Two Only) as on
28th February, 2025
Description of The Immovable Property All the piece & parcel of Plot No 37 Admeasuring 1000 Sq Ft Comprised In Khasra No 383 Situated
At Bhati Nagar Dist: Pali Jodhpur Bounded By Towards North: Road, Towards South: Plot No 30,
Towards East: Plot No 38, Towards West: Plot No 36 (The Secured Assets)
Sd/-,
Date: 28.06.2025 Authorized Officer,
Place: Pali, Jodhpur DCB Bank Limited
12 NEW DELHI | SATURDAY, 28 JUNE 2025 B
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B NEW DELHI | SATURDAY, 28 JUNE 2025 13
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Government of Jammu & Kashmir

DIRECTORATE OF FLORICULTURE SRINAGAR KASHMIR
Tel-0194-2474234 Fax -2482032 – email:- [email protected]
CORRIGENDUM
Sub: Commissioning & Running of Fast Food Point (Kiosks 02 No.)
located at Children’s Park Srinagar
Since the validity period of contract is for three (03) years from the date of
issuance of contract and the successful bidder shall has to deposit approved
bid amount along with applicable taxes in one go, as such:-
“The condition No. 06 of above subjected e-tender invited vide e-NIT
No. 15 of 2025 dated: 19.05.2025 may be treated as null and void ab-initio”

Other terms & condition shall be remain same.

Sd/-
Accounts Officer,
(Member Secretary)
Floriculture Department, KASHMIR
No: DOFK-GS0TNDR/6/2025/E-7679149/e-NIT 15 Dated: 26/06/2025
DIPK 3046/25 Send date: 27/06/2025

(formerly known as Edelweiss Housing Finance Limited),
having its office at: 5th Floor, Tower 3 Wing-B, Kohinoor City Mall, Kohinoor City, H O M E F I N A N C E

Mumbai-400070
SALE OF IMMOVABLE PROPERTY UNDER PRIVATE TREATY
Sale Notice for sale of immovable property in exercise of the powers under the SARFAESI Act, 2002 and pursuant to the
possession taken by the Authorised Officer under the said Act and Rules for recovery of the secured debts. We have
received the offer of Rs.47,00,000/- (Rupees Forty Seven Lakhs Only) to purchase the said property under private treaty
sale. Therefore, Authorised Officer has decided to sell the secured asset described herein under the private treaty.
Notice hereby is given to the public in general and in particular to the Borrower(s), Co Borrower(s) and Guarantor(s) that
the under mentioned property mortgaged in favour of Nido Home Finance Limited (Formerly Known as Edelweiss
Housing Finance Limited) (hereinafter referred to as ‘Nido’) will be sold on “As is where is”, “As is what is”, and
“Whatever there is” condition, by way of “Private Treaty” for recovery of dues in terms of the provisions of SARFAE-
SI Act read with Rules 8 (5) (d) & 9 of Security Interest (Enforcement) Rules, 2002. If in case, you have an offer for the
said Property for an amount over and above Rs.47,00,000/- (Rupees Forty Seven Lakhs Only) then same to be submit-
ted to authorized officer within 15 days from the date of publication. If we do not receive any offer as mentioned herein
above, we shall proceed with the said offer price of Rs.47,00,000/- (Rupees Forty Seven Lakhs Only) under Private
Treaty sale as per the relevant provisions of the SARFAESI Act, 2002.
Sr. Name and Address of the Borrower, Co Borrower Guarantor and
Details of the Secured Asset
No. Loan Account No.
1. 1.UMESH SINGH (BORROWER) All that piece and parcel of land Flat
C-7, F-4, 2ND FLOOR, GAURAV APARTMENT CHANDER No.102, 1st Floor, Area measuring
NAGAR, GHAZIABAD-201011 1192 sq.ft, In Tower, Block-H-102,
2. RINA KUMARI (CO-BORROWER) Habitat 9 of Cloud 9, situated at Plot
C-7, F-4, 2ND FLOOR, GAURAV APARTMENT, CHANDER
No. RC-1/2, Vaishali, Ghaziabad,
NAGAR, GHAZIABAD-201011
LAN NO.: LNDPOHL0000084558 Uttar Pradesh-201010.
Place: GHAZIABAD, U.P Sd/- Authorized Officer
Date: 28.06.2025 For Nido Home Finance Limited, (Formerly Known As Edelweiss Housing Finance Limited)

DCB Bank Ltd.

POSSESSION NOTICE
The undersigned being the authorized officer of the DCB Bank Ltd., under the Securitization and Reconstruction of Financial Assets and
Enforcement of Security Interest (54 of 2002) and in exercise of powers conferred under section 13(12) read with rule 3 of the Security Interest
(Enforcement) Rules, 2002 issued a demand notice on below mentioned dates calling upon the borrowers (Borrower’s and Co-Borrower’s)
to repay the amount mentioned in the notice as detailed below in tabular form with further interest thereon from within 60 days from the date of
receipt of the said notice.
The borrower and Co-Borrower having failed to repay the amount, notice is hereby given to the borrower, Co-Borrower and the public in general
that the undersigned has taken possession of the property described herein below in exercise of powers conferred on him under sub-section (4)
of section 13 of Act read with rule 8 of the Security Interest Rules 2002 on this 24-06-2025.
The borrower, Co-Borrower in particular and the public in general is hereby cautioned not to deal with the property (Description of the immovable
Property) and any dealings with the property will be subject to the charge of the DCB Bank Ltd., for respective amount as mentioned here below.
The Borrower’s attention is invited to provisions of Sub-section (8) of Section 13 of the act, in respect of time available, to redeem the
secured assets.
Demand Notice Dated. 28-03-2024
Name of Borrower(S) and Co-borrower(S) Mr. Munavvar Munavvar Alias Mr. Munavvar Khan (S/o. Mr Sharafat) and Mrs. Asma Khan (W/o.
Mr. Munavvar Khan)
Total Outstanding Amount. Rs.21,97,451/- (Rupees Twenty One Lakh Ninety Seven Thousand Four Hundred Fifty One Only)
as on 28th March 2024
Description of The Immovable Property All piece and parcel of a House Measuring 77 Sq. Yatds=64.38 Sq. Meters Part of Khet Khasra No.
276/3 & New Khet Khasra No. 831 Situated At Mauja Manzoorgarhi, Pargana & Tehsil Koil, District
Aligarh, Bounded As Under:- East: Measuring 15 Ft. After Plot of Javed., West: Measuring 15 Ft.
After Road 14.5 Ft. Wide., North: Measuring 46 Ft. After Plot.of Munavvar Khan., South: Measuring
47 Ft. After Plot Of Bismillah. (The Secured Assets)
Sd/-,
Date: 28.06.2025 Authorized Officer,
Place: ALIGARH, U.P. DCB Bank Limited
NEW DELHI | SATURDAY, 28 JUNE 2025
STREET VIEW
“MOST INVESTORS THINK
THEY CAN MAKE EASY MONEY
BY PICKING COMPANIES
WAITING FOR IPO…BUT IT'S
NOT EASY AND THERE ARE
ALL SORTS OF RISKS”
Nithin Kamath
Founder & CEO, Zerodha
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Investors make it large; midcaps Sebi mandates deeper
and smallcaps lag in H1CY25 disclosures for RPTs
illustration : binay sinha same period, according to Bajaj
khushboo tiwari
Mumbai, 27 June
Regulator streamlines rules
In Q1FY26, market Top BSE Smallcap gainers Finserv AMC. n Revised standards for minimum information to
The Securities and Exchange come into effect from September 1
value of 501 stocks in As on June 27 Road ahead Board of India (Sebi) has re- n MD, CEO or CFO need to certify that the terms of RPTs are
Share price Chg* Market experts believe that smallcaps vised the minimum informa-
mid, smallcap indices (₹) (%) are promising from a long-term tion that companies must
in the interest of the listed company
n More transparency on royalty payments to related parties
jumped over 18% Lumax Auto
Technologies
1,143.6 112.0
perspective, provided investors are dili-
gent and invest in quality stocks and
provide to their audit commit-
tees and shareholders for the n Audit committee may also seek additional
Suven Life stay put. approval of related party trans- information; valuation report may be
deepak korgaonkar 238.7 110.5 “I continue to believe India is a actions (RPTs). The new stan- shared
Sciences
& puneet wadhwa smallcap market. While the headline dards will come into effect n Disclosure of total amount of
NACL Industries 207.8 104.2
Mumbai/New Delhi, 27 June indexes – the BSE Sensex and the Nifty from September 1. transactions undertaken with
Camlin Fine 50 – may not deliver much return for Sebi initially issued the the related party in the current
318.5 89.7
Small and midcap indices underper- Sciences the next couple of years, at smaller minimum standards in Febru- financial year(FY) and any
formed their frontline peers in the first Sterlite levels there are amazing companies in ary 2025. However, after con- default made in previous FY
107.6 89.0
half of calendar year 2025 (H1CY25), fall- Technologies India,” said Shankar Sharma, founder sulting industry players, the
ing 1.7 per cent in BSE Smallcap and a Cosmo First 1,138.2 84.6 of GQuant Investech. standards have been tweaked.
marginal 0.2 per cent rise in BSE Mid- Analysts at Bernstein were for a year The updates were made based Watchdog probes pump-and-dump scam
India Glycols 2,043.1 84.1
cap index. The Sensex and the Nifty cautious about small and midcaps in on feedback from industry as-
moved up 8 per cent each. Garden Reach the backdrop of macro earnings risks sociations such as Assocham, The Securities and Exchange Board of India (Sebi) has con-
3,032.1 80.0
Analysts said small and midcaps Shipbuilders and valuations. Ficci, and CII. ducted several search operations across multiple cities as part
underperformed (SMIDs) in H1CY25 Shankara Building They have now upgraded midcaps Under the revised stan- of its crackdown on "pump and dump" schemes. “Sebi has con-
due to US tariff decisions, geopolitical 1,015.3 79.3 within their SMID coverage to ‘neutral’, dards, company management ducted search and seizure operations at multiple locations in
Products
concerns, and tepid corporate earnings HLE Glascoat 446.1 78.7 with room for some outperformance in will be required to provide a the month of June 2025 in connection with pump and dump in
in the December 2024 quarter (Q3FY25). the near-term. certificate confirming that the certain scrips and has seized incriminating evidence. Investi-
These events made investors run to the *Change over March 28, 2025 “Current valuations for Midcap 150 terms of RPTs are in the best gation in the matter is under progress,” the regulator said.
safety of largecaps, regarding them as a Source: BSE are at 28x FY26 earnings from 39x FY25 interest of the listed firm. Pump and dump is a fraudulent practice where perpetrators
safer bet in choppy markets. in September 2024, reflecting the on- Gaurav Pingle, a company sec- artificially inflate the price of a stock by creating trading volume
However, March quarter earnings earnings season and the commentary Suven Life Sciences (up 111 per cent) going reset. With margins stabilising retary, said that the inclusion and generating hype, often through misleading information.
(Q4FY25) and ensuing commentary in- for most mid and smallcaps were good. and NACL Industries (104 per cent) and macro tailwinds, we believe it’s of the managing director, This attracts unsuspecting investors who buy the stock at in-
fused confidence and investors lapped It is due to this earnings performance doubled investors’ money. prudent to shift from a negative to a whole-time director, or flated prices. bs reporter
up SMID stocks over the next few that DIIs (domestic institutional inves- The smallcap segment has delivered neutral — or mildly positive — stance manager to certify that
months, said analysts. tors), too, poured in money in stocks of healthy growth in seven years, accord- on midcaps,” wrote Venugopal Garre, RPTs are in the company's in- as the relationship and owner- tions undertaken by the listed
In Q1FY26, the BSE Midcap, BSE these segments. However, one needs to ing to Bajaj Finserv AMC. The basket’s managing director and India head of re- terest is necessary. ship structure of the entity. company or its subsidiary with
Smallcap, Nifty Midcap 100, and Small- be stock specific now,” said Kranthi market capitalisation has grown five- search at Bernstein, in a recent This comes as many com- “Sebi has streamlined the the related party in the current
cap 100 outperformed the market by re- Bathini, director – equity strategy, fold – ~ 17 trillion in 2017 to ~ 92 trillion coauthored note. panies have promoters or information needed from the financial year. Any defaults
cording double-digit returns in the WealthMills Securities. by the end of 2024 — reflecting a com- Coforge, KPIT Technologies, Persist- executive directors on their management on RPTs and in- made by the related party dur-
range of 12 per cent to 18 per cent. In The market value of 501 stocks in the pound annual growth rate (CAGR) of ent Systems, Delhivery, Paytm, Max Fi- boards. Previously, only the cluded relevant details for ing the last financial year must
comparison, the BSE Sensex and Nifty mid and smallcap indices jumped over 27.6 per cent during this period. nancial, HDFC AMC, Jubilant CEO or CFO was permitted to decision-making. Additional also be disclosed.
50 index gained around 8.6 per cent and 18 per cent in Q1FY26. Of these, 75 Largecap and midcap segments re- FoodWorks, and Devyani International provide this certification. details for transactions “The audit committee may,
9 per cent, respectively. stocks surged over 50 per cent. Lumax corded a CAGR of 14.5 per cent and are Bernstein’s top picks in the Furthermore, Sebi has now involving royalty payments at its discretion, comment on
“The March 2025 quarter (Q4FY25) Auto Technologies (up 112 per cent), 21.6 per cent, respectively, in the SMID universe. prescribed the content of the have also been rationalised,” the information provided by
certificate. The audit commit- said Pingle. the management. Such com-
bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb tee may seek additional in- The 29-page document ments and the rationale for not
formation, if needed. This outlining the minimum in- approving an RPT shall be re-
Rayzon Solar files
draft papers to HDB Financial IPO subscribed 16.7x information will include de-
tails of previous transactions
with the related party, as well
formation requirements also
mandates the disclosure of the
total amount of all transac-
corded in the minutes of the
audit committee meeting,” the
standards specify.
individual investors was on account of
raise ~1,500 crore Attracts bids worth modest grey market premium. Shares Listing boom
Gujarat-based Rayzon Solar has filed of HDB Financials were changing n Subscription (x)
a draft paper with capital markets ~1.6 trillion hands at less than 8 per cent premium
regulator Sebi to raise ~1,500 crore in the unoicial grey market. The stro- QIB 55.47 JioBlackRock
through an initial public offering samie modak ng demand from institutional investors Equity, hybrid funds Broking gets
(IPO). The IPO is entirely a fresh issue Mumbai, 27 June was on account of HDFC’s strong brand HNI
of up to ~1,500 crore with no offer for pedigree even as concerns remained
10.0
dominate small nod to launch
sale component. The offer also in-
cludes a subscription reservation with
Despite a slow start, HDB Financial over HDB Financial’s IPO pricing and a
Services' mega public offering proved key regulatory overhang.
Retail 1.41 town MF flows brokerage biz
a discount to eligible persons in the to be a blockbuster one, attract- HDB's ~12,500 crore IPO Mutual fund investments in
employee reservation portion, ac- ing bids worth ~1.6 trillion. has been priced between ~700 Employee 5.72 Overall areas outside the top 30 press trust of india
cording to the draft red herring pro- The initial public offering IPO and ~740 per share. At the top 16.7 cities (referred to as B-30) New Delhi, 27 June
spectus (DRHP) filed on Wednesday. (IPO) saw nearly 17 times (x) end, HDB is valued at ~61,388 Shareholder 4.26 are predominantly
The company is also looking to more demand than shares on crore on a post-dilution basis allocated to equity and Jio BlackRock Broking Pvt Ltd,
QIB: Qualified institutional buyer
raise about ~300 crore in a pre-IPO offer. Most of the bids came from — about 3.4 times its book HNI: High networth individual hybrid funds. According to a wholly owned subsidiary of
round. pti institutional investors, with the value. Source: Exchanges an analysis by Icra Anal- Jio BlackRock Investment Ad-
portion served for them witness- “The company is backed ytics, 76 per cent of B-30 visers Pvt Ltd, has received
ing 55x subscription.
WATCH by strong parentage, brand, poration, ICICI Prudential Mutual assets are invested in equity regulatory approval from the
mybs.in/ipo
Demand from other cat- governance, risk management Fund, Nippon Life, and Goldman funds, while 9 per cent are in Securities and Exchange
Shadowfax likely egories of investors were relatively sub- and a high credit rating. It is one of the Sachs Funds were among those ap- hybrid schemes. Debt funds account for only 12 per cent Board of India (Sebi) to com-
dued. The high networth individual largest NBFCs catering to the 2nd lar- plied in the anchor category. The IPO of the total assets under management (AUM) in these mence operations as a broker-
to file confidential (HNI) portion of the issue was sub- gest customer franchise. The company comprises a fresh issue of ~2,500 crore regions. In contrast, the investment pattern in the top 30 age firm. JioBlackRock
DRHP papers scribed 10 times and the retail investor is well placed to register healthy growth
portion garnered just 1.41 times sub- going ahead, while witnessing an im-
and an offer for sale of ~10,000 crore.
Following the IPO, parent HDFC
cities (T-30) differs significantly due to the presence of
institutional investors. These investors hold a subst-
Broking aims to bring afford-
able, transparent, and technol-
TPG-backed logistics service provider scription. provement in the asset quality,” said a Bank's stake will drop from 94.32 per antial share of T-30 AUM, resulting in a higher debt fund ogy-driven execution
Shadowfax is likely to file draft papers The portion reserved for employees note by SBI Securities. cent to 74.2 per cent. A proposal allocation of 31 per cent. As of May 2025, equity funds capabilities for investors, the
with capital markets regulator Sebi and HDFC Bank shareholders was sub- Ahead of the IPO, NBFC major had mooted by the Reserve Bank of India, accounted for 49 per cent of T-30 AUM, according to company said in a statement.
through a confidential route for its scribed 5.7 times and 4.3 times, respect- allotted shares worth ~3,369 crore to if approved, would require HDFC Bank Association of Mutual Funds in India data. The broking entity's parent
IPO to raise up to ~2,500 crore early ively. The subdued demand from anchor investors. Life Insurance Cor- to reduce its stake to 20 per cent. abhishek kumar company, JioBlackRock In-
next week, according to sources. The vestment Advisers, is a 50:50
confidential pre-filing route allows a Divergent choices joint venture between Jio Fi-
company to withhold public disclo-
sure of details under the draft red her-
Crizac IPO opens on Jul 2; sets Sambhv Steel Tubes booked Asset mix (%) n T-30 n B-30 nancial Services Ltd (JFSL)
and BlackRock Inc of the US.
31.1
ring prospectus (DRHP) until later price band at ~233-245/share 28.46 times on concluding day Debt
11.7 Along with the recent regu-
stages. Sources said that the Initial latory approvals received by
Equity 49.4
Public Offering (IPO) of Shadowfax is Student recruitment solution provider Crizac on Friday The initial public offering (IPO) of Sambhv Steel Tubes Ltd 76.4 Jio BlackRock Asset Manage-
Category

expected to be in the range of ~2,000- said it has ﬁxed the price band at ~233-245 per equity share got subscribed 28.46 times on the closing day of bidding on 4.5 ment Pvt Ltd and Jio Black-
2,500 crore. The public issue com- for its ~ 860-crore initial public offering (IPO) that will open Friday. The three-day initial share sale received bids for Balanced Rock Investment Advisers to
9.4
prises a mix of fresh issue of shares for public subscription on July 2. The public issue will 140,02,39,022 shares against 4,92,06,100 shares on offer, ac- 14.6 commence operations, the re-
ETFs
and offer for sale (OFS) by existing conclude on July 4, and the bidding for anchor investors cording to NSE. Qualiﬁed institutional buyers portion re- 2.2 T-30: Top 30 cities; ceipt of the broking license en-
shareholders. The company is ex- will open for a day on July 1. Investors can bid for a mini- ceived 62.32 times subscription while the category for ables the Jio BlackRock joint
FoF Overseas 0.4
B-30: Areas other than T-30
pected to be valued around ~8,500 mum of 61 equity shares and in multiples thereof, the com- non-institutional investors fetched 31.82 times subscrip- 0.3 Source: Icra Analytics venture to offer holistic invest-
crore, they added. pti pany said in a statement. pti tion. Retail individual investors got subscribed 7.99x. pti ment solutions.

the compass

Better policy mix drives growth for private insurers ividual non-single policies. But the new
policy mix may compress margins.
A brief look at some insurers as
~4,463 crore. In FY25, NBP stood at
~35,580 crore, with a private market
share of 20.8 per cent. Individual NBP
devangshu datta rose 14.4 per cent Y-o-Y in May with APE follows: was ~26,360 crore, up 11 per cent (private
up 13.2 per cent compound annual market share of 25.3 per cent).
Q1 (April-June quarter) is usually weak growth rate (CAGR) between May 2023 HDFC Life In FY25, gross written premium
for life insurers as most policies are and May 2025. Private insurers grew at The management of HDFC Life says came in at ~84,980 crore, up 4 per cent.
bought at the end of a financial year. In 13.8 per cent CAGR, versus LIC’s growth regulatory concerns and competitive VNB rose 7.2 per cent to ~5,950 crore,
May 2025, year-on-year (Y-o-Y) growth of 12.4 per cent. In May 2025, private pressures are receding. The target is to with VNB margin at 27.8 per cent.
witnessed a fall. May also saw 10.4 per players’ new business premiums (NBPs) grow APE ahead of industry average and Embedded value grew 21 per cent to
cent fall in the life insurance policies increased 16.6 per cent, outpacing LIC’s double value of new business (VNB) ev- ~70,250 crore. Profit after tax was flat
sold. However, private insurers 10.3 per cent. Growth is influenced by ery 4-4.5 years. The Q1FY26 is trending (up 0.3 per cent Y-o-Y) at ~814 crore in
reported premium growth, indicating a structural changes, such as adjustments better with April-May 2025 posting 10 Q4FY25. The company is focused on
mix of higher-value policies. to sum assured and commission per cent retail APE growth (on a high long-term growth and is strengthening
The industry reported Y-o-Y growth structures following revised surrender base) and 14.4 per cent total APE growth. agency and banca channels.
of 12.7 per cent in May 2025, reaching value. Market volatility has reduced The product mix is favourable with
~30,463.2 crore, after 8.4 per cent demand for unit-linked insurance plans Ulips peaking-out and low base for Max Life
growth in April 2025. The expansion (Ulips). In May, non-single premiums group credit protection. This may aid Max Life is an APE growth leader with
was across all segments except for a grew by 15.1 per cent. Single premiums VNB margin, but investment into dis- two-year APE CAGR of 18.5 per cent
decline in LIC’s non-single premium. saw 11.7 per cent rise. Single premiums tribution and technology may lead to compared with 0.1-12.8 per cent for
This was lower than 15.1 per cent are 2.5x larger than non-single margins remaining range-bound in the peers. There was a 735 basis points (bps)
growth in May 2024. It may be because premiums in absolute terms. near-term. rise in share of Ulips but share of low-
surrender value regulations are still The private sector holds a larger margin retail APE has peaked and is
playing out. share in non-single individual cent in May 2024. Individual premiums versus 13.8 per cent growth in May SBI Life down, according to the management.
Private players reported growth in premiums, while LIC dominates the grew 3.3 per cent, much slower than 2024. The decline in policies sold is due In Q4FY25, SBI Life’s net premium in- Max Life has a healthy return on em-
individual non-single premiums, while single premium group. 18.6 per cent growth in May 2024. to new surrender value norms, come declined 5 per cent Y-o-Y to bedded value of 19.1 per cent in FY25
LIC saw 7.8 per cent decline. In May 2025, group premiums rose In May 2025, individual non-single (effective October 2024). Private players ~23,861 crore, driven by 42.1 per cent re- and changes in holding company struc-
Annual premium equivalent (APE) by 18.4 per cent compared to 13.1 per policy sales declined by 10.5 per cent, coped by increasing the value of ind- duction in single premium income to ture could lead to valuation upgrade.
B NEW DELHI | SATURDAY, 28 JUNE 2025 THE SMART INVESTOR 15
bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb

Listed bearings makers have any backing from an insur-

ance company,” says Yatharth
Rohila, advocate and partner,
How fraud victims
should respond
YOUR
have a strong outlook
Aeddhaas Legal. Once the n Report to Irdai via email
money is collected, the ([email protected])
MONEY fraudsters disappear.
n File a complaint on the
Fake policy scam National Cyber Crime Portal
Earnings forecasts lifted for Schaeler, SKF, and Timken insurance-related frauds Fraudsters sell fake policies (www.cybercrime.gov.in)
posing as genuine agents or n Lodge FIR under IPC
ram prasad sahu structure. While Timken and brokers. They use forged docu- Sections 406, 415, 420
Mumbai, 27 June Schaeler saw strong domestic
traction, export demand stayed Beware of pressure ments, websites, and helplines to
appear legitimate. Premiums are
n Inform the bank to freeze
transaction, attempt
Bearings outperformed other seg- weak for Timken and SKF due to collected via personal UPI IDs or
ments in the auto component
sector in the fourth quarter of 2024-
global macro headwinds, though
Schaeler saw a rebound led by the
tactics: Limited-time bank accounts, and victims
receive fake documents with
chargeback
n Preserve digital evidence like
screenshots, chat logs, emails
25 (Q4FY25). Three major listed
bearing biggies — Schaeler India,
SKF India, and Timken India
Asian markets, says Amit Dhameja
of the brokerage.
The operating performance of
deals, fear-based appeals policy numbers and QR codes.
Fraudsters make references
to familiar and reputable institu- SMS, or calls urging immediate
(Timken) — saw their earnings get bearing majors was also healthy. tions to gain trust. “They put payment to avoid policy lapse or
upgraded for FY26 and FY27 after The operating profit of the trio was himali patel Recovery scam pressure on victims saying the penalties,” says Prashant Mali,
the Q4 show, and the prospects for up 20 per cent Y-o-Y due to favour- Fraudsters lure individuals with offer is valid only for a short cybercrime lawyer, Bombay
the sector going ahead. able transfer pricing, and a richer A 65-year-old retired resident of false promises of recovering period,” says Goenka. High Court.
The three stocks have generated product mix, points out Rishi Vora Mumbai recently lost ~2.36 crore bonuses or maturity proceeds Only later do victims realise Upadhyay suggests being wa-
higher returns than their peers and of Kotak Research. As a result, net in an online insurance refund from lapsed policies. They use they have been duped. “They ry of unusually high returns or
broader indices over the last three profit grew 20 per cent Y-o-Y. scam. Fraudsters posing as leaked policy data and imper- learn that the policy is false only bonuses. “No life insurance pro-
months, with Timken leading the Robust showing Centrum Research points out oicials from bodies like the sonate insurance agents. when they attempt to make a duct offers a guaranteed return
chart, registering gains of 23.5 per that bearing companies saw stable- Insurance Regulatory and “Sometimes they promise claim,” says Anita Upadhyay, of more than 5-6 per cent per an-
cent. The average returns for the to-improving margins despite Development Authority of India support in getting refunds of pre- chief executive oicer, Lords num,” says Arora. Mali warns
bearing companies over this period input cost pressures and an unfa- (Irdai), National Securities miums already paid for mis-sold Mark Insurance Broking Sevices. against offers with unrealistically
has been 20 per cent, which is twice vourable product mix. Margin Depository Limited (NSDL), and policies,” says Vikram Babbar, low premiums. Rohila cautions
that of the BSE 200 and resilience was driven by localisa- National Payments Corporation partner, EY Forensic & Integrity Premium diversion fraud against pressure tactics, such as
BSE 500 indices. The BSE Auto tion, backward integration, operat- of India (NPCI) contacted Services – Financial Services. This occurs when an agent, limited-time offers. “For social
index, too, has lagged behind them ing leverage, and pricing actions him via WhatsApp in November Fraudsters then request pay- either alone or in collusion with engineering frauds, the warning
with returns of 12.7 per cent. while select one-offs and disci- 2024, promising refunds for ments under various pretexts. an insurer’s employee, diverts signs are fear that the caller (frau-
In Q4, aggregate revenues of plined cost control further premiums of seven lapsed “They request payments for premiums for purposes other dster) conveys,” says Babbar.
bearing companies grew 9 per cent supported profitability. While insurance policies. legal, tax, or administrative rea- than issuing the policy. Reputable insurers never
year-on-year (Y-o-Y), driven by operating profit margin of SKF was After paying the initial pro- sons,” says Pankaj Goenka, vice “This fraud happens when request transfers to personal
strong growth in the railway seg- up 573 basis points (bps) Y-o-Y to cessing fee, the victim was asked president and head – B2B2C insurance premiums are paid in accounts, ask for OTPs, or
ment (Timken), an uptick in the 23.5 per cent, it expanded 89 bps for to make several more payments business, InsuranceDekho. cash and the agent enjoys the demand secrecy. “Genuine insu-
aftermarket division (Schaeler Source Bloomberg Schaeler to 19 per cent, and 19 bps under various pretexts. When no “Sometimes, they persuade customer’s trust,” says Vibhaw rance payments are always made
and Timken), robust growth cent growth in the automotive seg- to 22.3 per cent for Timken. refund materialised,he realised victims to buy new policies by Kumar, practice head – liability to the oicial bank account of the
in two-wheeler production vol- ment. What dragged the overall Underlying sector growth, in May 2025 that he had been falsely claiming that the recovery and miscellaneous insurance, insurer or through authorised
umes (SKF), and a recovery in show was a 13 per cent decline in strong order book, and localisation defrauded and filed a complaint. amount can only be credited Anand Rathi Insurance Brokers. payment gateways,” says Kumar.
export revenue (Schaeler), says the export segment due to weak are expected to help bearing com- This National Insurance Day, to an active policy,” says Shilpa Finally, avoid buying insur-
Kotak Research. demand trends in the European panies grow and improve margins let us look at the various types of Arora, co-founder and chief Red flags to watch for ance over the phone. “Always
Revenue growth for the bearing Union (EU) and the Americas. In going ahead. The top picks for Cen- fraud that are taking place and operating oicer (CEO), Insur- Customers should be on the alert meet the seller in person, verify
majors was led by Schaeler, which addition to one-time gains, trum Research are Timken and how you can avoid falling prey ance Samadhan. for warning signs. “Be warned if credentials, and check their Irdai
posted an uptick of 16 per cent Y-o- Timken’s revenue growth was on Schaeler led by growth in sectors to them. “In reality, these offers do not you receive unsolicited emails, licence,” says Arora.
Y. While SKF put up a ﬂattish per- account of a high single-digit like railways, wind, and steel, in
formance, Timken’s sales were up 5 increase in the railway and process addition to focus on localisation. bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb
per cent over the year-ago quarter. industries segment while replace- For Kotak Research, Timken and
Schaeler’s growth was driven by a
13 per cent increase in the automo-
ment, commercial vehicles, and
export segments saw a low single-
SKF are top picks. For SKF, growth
in the medium term should be
‘Validation error’ in filing tax return: How to fix it and get refunds
tive technologies business. Other digit growth. driven by an increase in bearing Taxpayers sometimes get sons for the error and ex- mismatch / wrong n Check reason for valida- exactly with the bank
growth contributors for the com- Centrum Research highlights content in the railway segment, a “bank account valida- plained how to resolve it. ISFC code tion failure displayed ne- account
pany were exports, which grew that domestic bearing demand a pickup in the industrial segment, tion error” message while n Account is closed xt to your bank account n If the bank isn’t
23 per cent on a low base, vehicle remained strong across com- and a steady performance in filing Income-Tax returns Common reasons for it or inactive supported, consider
lifetime solutions (up 12 per cent), panies, driven by healthy momen- the automotive segment. For online, preventing them n PAN not linked with Take corrective action adding another account
and a 12 per cent increase in the tum in railways, automotive Timken, the triggers are domestic from completing the e- your bank account Steps to fix it n If it’s a PAN linking iss- that is supported
bearing business. (especially tractors, small commer- railways market, exports, and the verification process. The n Mismatch in name n Log in to the portal usi- ue, contact your bank n Click ‘Revalidate’ after
SKF disappointed on the rev- cial vehicles, and sports utility upcoming new manufacturing Central Board of Direct between PAN and ng your PAN credentials n If there’s a name mis- corrections, or choose
enue front with a 2 per cent growth vehicles), and industrial segments plant for spherical and cylindrical Taxes (CBDT), at income- bank records n Navigate to the ‘My match, ensure the name ‘Add Bank Account’ to
in the industrial segment, and 1 per like food & beverage, and infra- roller bearings. tax.gov.in, has listed rea- n Bank account number Bank Account’ section in your PAN matches register a different one

Read full report here: mybs.in/2enrVFA compiled by amit kumar

NIFTY 50
Company Close (~) % Wt PE Company Close (~) % Wt PE
ADVANCES/DECLINES F&O SNAPSHOT DAY’S TOP GAINERS DAY’S TOP LOSERS
27 Jun ’25 Chg (%) Con Std 27 Jun ’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 2646.3 2.3 0.7 43.0 50.6 Jio Financial 323.5 3.5 0.9 - - price price (%) price price (%)
Adani Ports 1440.2 0.8 0.9 28.0 126.6 JSW Steel 1028.9 -0.4 1.1 71.8 43.1 Adani Total Gas 694.0 682.2 5.7 721.5 941.1 Phoenix Mill 1565.2 1571.1 -3.4 1420.0 1340.0
MOST BULLISH MOST BEARISH
Apollo Hosp 7308.5 2.9 0.6 72.7 81.1 Kotak Mah Bank 2207.9 0.2 2.7 19.8 26.7 HPCL 440.3 439.1 4.5 440.3 457.2 Oberoi Relty 1912.9 1918.6 -3.2 1440.1 1440.1
Asian Paints 2358.7 3.0 0.9 61.7 62.9 Uno Minda 1120.1 1109.8 0.9 SBI Card & Pay 953.3 991.4 -3.8 Suzlon Energy 67.7 67.3 4.3 74.3 86.0 Aditya Birla 268.7 269.4 -2.7 169.6 148.8
L&T 3679.2 0.5 4.2 33.7 46.5
Axis Bank 1225.1 -0.7 2.9 13.5 14.4 Torrent Phar 3370.6 3341.4 0.9 Page Inds 47580.0 49440.0 -3.8 Maha Gas 1524.9 1511.4 4.2 1524.9 1988.6 Birlasoft 431.3 432.4 -2.3 330.2 330.2
Mah & Mah 3203.3 -0.4 2.7 30.8 33.6
KFin Technologi 1357.6 1346.4 0.8 Nykaa 206.4 209.9 -1.6 Torrent Phar 3375.0 3344.4 3.7 3375.0 3590.0 Cochin Ship 2025.9 2045.0 -2.2 1223.1 1180.5
Bajaj Auto 8436.0 0.0 0.9 32.2 28.9 Maruti Suzuki 12642.0 -0.6 1.4 27.4 28.5 Kalyan Jeweller 549.3 544.8 0.8 Chola Inv 1636.3 1654.1 -1.1 Jio Financial 329.3 323.6 3.6 329.3 363.0 APL Apolo Tb 1742.6 1754.6 -2.2 1367.1 1253.0
Bajaj Fin 947.0 -0.5 2.2 35.4 35.3 Nestle India 2458.7 1.1 0.7 - 71.5 Policy Bazar 1834.9 1819.9 0.8 Tata Elxsi 6280.0 6345.0 -1.0 Bharat Dyn 1906.0 1891.5 3.5 2096.0 2096.0 Indian Hotel 764.5 767.7 -2.0 698.8 571.2
Bajaj Finsrv 2044.0 -0.5 1.1 36.8 209.5 NTPC 338.3 0.3 1.3 14.0 16.7
Bharat Elctn 414.5 1.1 1.2 56.9 57.3 Laurus Labs 704.0 701.7 3.1 704.0 704.0 Blue Star 1617.0 1628.1 -1.9 1521.2 1521.2
ONGC 242.8 -0.8 1.0 8.4 8.6 BSE NSE Asian Paints 2365.0 2359.3 3.1 2490.7 3394.0 Prestige Est 1660.1 1666.7 -1.9 1048.3 1048.3
Bharti Airtel
Cipla
2027.1
1502.4
0.6 4.5
-0.8 0.7
34.4 49.2
23.0 23.5
Power Grid 299.3 2.0 1.1 17.9 18.1 Index Stock Index Stock PUT-CALL RATIO Shree Cement 31292.9 30999.6 3.0 31924.6 31924.6 HUDCO 235.3 236.0 -1.9 183.4 158.9
Reliance Ind 1515.4 1.3 8.6 29.4 58.2 Apollo Hosp 7324.8 7306.0 2.9 7324.8 7545.1 Tata Consumer P 1120.0 1122.9 -1.9 975.0 884.0
Coal India 394.2 0.0 0.7 6.9 14.3
SBI 805.4 1.0 2.6 9.3 10.1 FUTURE (Open Interest in Mn) Put Call PC Ratio
Dr Reddys 1301.0 -1.6 0.7 19.2 20.3 Contracts 1854 23 107513 1591143 Indraprst Gs 216.5 213.9 2.7 218.5 285.3 Oil India 431.1 434.3 -1.8 322.2 322.2
SBI Life Ins 1850.6 -0.5 0.7 - 76.9 Market 2229.0 3127.2 0.7 IndusInd Bank 880.9 857.8 2.6 880.9 1498.7 Jindal Steel 938.2 939.3 -1.6 770.0 724.0
Eicher Motor 5660.0 0.9 0.7 32.8 36.3 Open Int.(000) 1 0 21657 8901992
Shriram TrFn 700.0 -0.5 0.8 13.8 13.5 Uno Minda 1119.6 1108.5 2.6 1119.6 1252.9 LTIMind 5281.0 5287.2 -1.6 3841.1 3841.1
Eternal 261.9 -1.3 2.1 - - Shares(In Mn) 0 0 7.1 2876.8 Top 5 PC Ratio Bottom 5 PC Ratio
Sun Pharma 1687.6 1.1 1.5 37.0 94.5 Tube Inv of Ind 3113.3 3080.5 2.5 3254.5 4807.1 LIC Hsg Fin 610.2 612.4 -1.6 514.0 483.5
Grasim Ind 2861.1 -0.8 0.9 52.5 918.0 Value(~ crore) 311 1 20983 113998
Tata Consumer P 1124.3 -1.8 0.6 87.0 88.4 APL Apolo Tb 1.7 Amber Enter Ind 0.1
HCL Techno 1723.3 0.0 1.5 26.9 38.1 OPTIONS * Ranked on the basis of percentage gain/loss on previous close
Tata Motors 686.9 0.6 1.2 11.1 46.4 Chola Inv 1.3 KFin Technologi 0.1
HDFC Bank 2014.9 -0.3 12.7 21.8 22.9 Contracts 26240542 9 46841660 5085612
Tata Steel 161.5 0.6 1.1 58.9 14.4 Blue Star 1.2 PG Elect 0.1
HDFC Std Life
Hero MotoCorp
807.0
4320.3
0.9 0.7
1.0 0.5
96.0 96.5
19.7 18.7 TCS 3441.1 0.0 2.9 25.6 25.9
Open Int.(000)
Shares(In Mn)
1680
12
0
0
408750
3450.1
4947424
6714.0
Dabur India 1.2 Uno Minda 0.2 MOST TRADED TOP M-CAP TRENDS
Tech Mahindra 1674.4 -0.9 0.9 38.6 47.0 Coal India 1.2 Kaynes T 0.2
Hindalco 697.4 1.0 0.8 9.8 24.5 Value(~ crore) 4401523 1 9009867 381311 Value Volume Rank Company Mcap (~ cr) Company % change Company % change
HUL 2306.9 1.1 1.7 50.9 50.9 Titan Company 3666.2 -0.8 1.3 97.5 97.6 BSE+NSE BSE+NSE
Trent 6019.5 -1.4 1.1 138.4 135.0 1 Reliance Ind 2051590.1 BS200 DOWN 7 DAYS
ICICI Bank 1462.2 1.6 8.6 20.4 22.1 (~ crore) (Mn shrs)
IndusInd Bank 857.7 2.6 0.5 - 25.3 UltraTech 12213.0 2.2 1.2 55.6 54.4 ACTIVE CALLS ACTIVE PUTS ICICI Bank 3332.6 22.9
2
3
HDFC Bank
TCS
1544621.8
1245766.1
UP 7 DAYS 08Qpr -52.2
Infosys 1608.0 -0.5 4.8 25.0 26.1 Wipro 265.1 -1.3 0.6 21.2 25.7 Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg UltraTech 7.3 Artificial E -30.1
Himadri Sp Chem 3002.4 59.0 4 Bharti Airtel 1156328.9
ITC 418.7 -0.4 4.3 15.1 14.9 Nifty 50 25637.8 0.3 100.0 24.7 28.7 MARKET OVERVIEW (In Million) Date Price Qty Interest (OI) (In Million) Date Price Qty Interest (OI)
HDFC Bank 2885.0 14.3 5 ICICI Bank 1043039.0 Marico 6.0 Reliable Vnt -30.0
Index Index 6 SBI 718787.3 UP 3 DAYS
INDEX PE SHRS TRDS 1 YR Kotak Mah Bank 2183.8 9.9 Bhaskar Agro -26.5
Shree Cement 8.7
BSE SENSEX AGGREGATES C/S MN ‘000 ADV DEC RETURN Nifty
Nifty
03/07/25
03/07/25
25600
25700
216.3
146.7
4.4 79.1
4.3 93.5
Nifty
Nifty
03/07/25
03/07/25
25600 171.5
25500 131.3
5.8 574.7
8.8 70.9
Bajaj Fin 2083.8 22.1
7
8
Infosys
LIC India
668257.5
605523.9 HPCL 8.1 Gajanan Sec -22.0
Adani Ports 1440.1 0.7 1.0 28.0 126.6 Mah & Mah 3205.5 -0.3 3.2 30.8 33.6 SENSEX 24.9/29.3 8.6 175 18 12 6.1 Jio Financial 2063.2 63.9 Adani Total Gas 8.0 LS Inds -14.3
NIFTY 50 24.7/28.7 564.0 6398 26 23 6.6 Nifty 03/07/25 26000 133.6 7.8 55.2 Nifty 03/07/25 25550 91.1 2.8 220.4 9 Bajaj Fin 588214.6
Asian Paints 2359.3 3.1 1.0 61.7 62.9 Maruti Suzuki 12644.9 -0.6 1.6 27.4 28.5 Nifty 03/07/25 25650 122.9 2.6 275.2 Nifty 03/07/25 25400 75.1 6.7 57.3 Dixon Tech 2037.0 1.4 10 HUL 541853.0 MCX 7.8 Kati Patang Lif -13.2
C = CONSOLIDATED; S = STANDALONE
Axis Bank 1225.2 -0.7 3.4 13.5 14.4 NTPC 338.0 0.2 1.6 14.0 16.7 Nifty 03/07/25 25800 109.7 4.1 53.5 Nifty 03/07/25 25650 69.5 2.4 1195.2 NTPC 1737.8 51.3 11 ITC 524278.2 Jio Financial 7.5
UP 3 DAYS
Bajaj Fin 946.6 -0.5 2.6 35.4 35.3 Power Grid 299.6 2.1 1.3 18.0 18.1 CASH DERIVATIVES Stock Stock Bharat Elctn 1733.4 41.9 12 L&T 505970.6 Hind Copper 7.4
Bajaj Finsrv 2042.9 -0.5 1.2 36.8 209.4 TURNOVER BSE NSE BSE NSE Maha Gas 7.1 Orbit Exports 34.9
Reliance Ind 1516.1 1.4 10.1 29.5 58.2 Vodafone Idea 31/07/25 8 442.9 258.1 38.2 Vodafone Idea 31/07/25 7 167.3 219.3 -1.8 Reliance Ind 1732.4 11.5 13 HCL Techno 468131.8
Bharat Elctn 415.0 1.2 1.4 57.0 57.4 SBI 805.4 1.1 3.0 9.3 10.1 VALUE(IN ~ CRORE) 7190 152743 4401836 9526159 Vodafone Idea 31/07/25 7 271.9 305.1 1.9 Vodafone Idea 31/07/25 8 56.3 64.3 53.3 14 Kotak Mah Bank 439012.2 DOWN Jai Balaji 33.2
Mah & Mah 1648.1 5.1
Bharti Airtel 2027.9 0.7 5.3 34.5 49.2 SHARES(IN MN) 801.2 5021.4 119 13048.1 Vodafone Idea 31/07/25 9 86.8 111.6 16.7 YES Bank 31/07/25 20 22.8 64.2 2.3 15 Sun Pharma 405001.8 Cochin Ship -5.5 TSIL 33.1
Sun Pharma 1688.0 1.1 1.8 37.1 94.6 Eternal 1634.6 62.3
Eternal 262.2 -1.1 2.5 - - TRADES(000) 3257 39927 - 26367 YES Bank 31/07/25 21 85.7 63.9 39.7 YES Bank 31/07/25 21 21.8 27.9 66.2 16 Mah & Mah 398610.3 Oberoi Relty -3.7
Tata Motors 686.7 0.5 1.4 11.1 46.4 MCX 1625.4 1.8 Adhinath Tex 30.2
HCL Techno 1725.1 0.1 1.8 26.9 38.2 YES Bank 31/07/25 20 54.3 43.8 16.4 Tata Steel 31/07/25 160 17.1 6.4 64.3 17 Maruti Suzuki 397555.7 Macrotech Devlp -3.3
Tata Steel 161.4 0.6 1.3 58.9 14.4 InterGlobe Avia 1611.1 2.8 KIFS Financial 26.8
HDFC Bank 2014.4 -0.4 15.0 21.8 22.9 MARKET-CAP (~ CR) TRADED TOTAL 18 Axis Bank 379946.8 KPIT Techno -2.9
HUL 2306.2 1.1 2.0 50.9 50.9 TCS 3443.2 0.0 3.4 25.7 25.9 Hubtown 24.2
SBI 1599.9 19.9 19 UltraTech 360539.5 Supreme Ind -2.9
Tech Mahindra 1675.1 -0.9 1.0 38.6 47.0 BSE 46,037,752 46,318,359
ICICI Bank 1461.8 1.6 10.1 20.4 22.1 Policy Bazar -2.3
Infosys 1608.6 -0.4 5.6 25.0 26.1 Titan Company 3665.1 -0.8 1.5 97.5 97.6 NSE 45,664,618 45,965,315 SPURT IN VOLUMES Infosys
HDFC Std Life
1448.8
1401.1
9.0
17.4
20
21
NTPC
HAL
327699.0
327474.8 CG Power -1.4
Rajdarshan 23.1
Trent 6018.2 -1.4 1.3 138.3 135.0 DERIVATIVES 34,038,362 34,038,362 DOWN 3 DAYS
ITC 419.0 -0.3 5.1 15.1 14.9 Company Days 2-week Avg Change Close *Price 22 Bajaj Finsrv 326414.6 Others
Bharti Airtel 1316.7 6.5 Utcrfs2Rqp -27.1
Kotak Mah Bank 2208.0 0.2 3.2 19.8 26.7 UltraTech 12235.0 2.4 1.4 55.7 54.4 Volume Volume % price %chg 23 Titan Company 325387.6 UP 7 DAYS
L&T 3678.9 0.5 4.9 33.6 46.5 BSE SENSEX 84058.9 0.4 100.0 24.9 29.3 TRADING ACTIVITY AKZO Noble I 1298500.0 20177.5 6335.4 3414.8 7.0
Mazagon Dock
Bajaj Finsrv
1301.2
1298.8
4.1
6.4
24 Adani Ports 311083.2 Rainbow Fond 54.3 Risha Digha -18.3
C = Consolidated; S = Standalone (~ crore) FIIs MF Orbit Exports 1140909.0 18171.6 6178.5 231.2 7.8 25 Adani Enter 305672.6 SAB 40.7 Hilltone -14.3
Equity Debt Equity Debt Brainbees Solut 1295.8 32.7 26 ONGC 305575.0 Ajwa Fun Wor 40.6
Net Net Net Net Himadri Sp Chem 59023310.0 949561.9 6115.8 505.0 12.7 Timex Group -14.3
Max Health 1278.4 10.0 27 Bharat Elctn 303320.2 Sbec Systems 40.5
WORLD INDICES On 26 Jun 10663 614 - - Sundram Fast 3725007.0 71706.9 5094.8 999.3 -0.1 SBI Life Ins 1255.4 6.8 28 Avenue Supermar 280526.4 Nutech Glob 40.0
Likhami Cons -14.2
On 25 Jun -854 -341 - - Gacm Technologi 40815371.0 959181.8 4155.2 0.9 -10.0 Trent 1186.7 2.0 29 Power Grid 278646.0 U H Zaveri 37.2 Nutricircle -14.2
Indices Close % Chg* Indices Close % Chg*
On 24 Jun -4337 -198 - - Master Trust 5065621.0 161572.6 3035.2 146.4 -1.7 30 Wipro 277829.4 Chothani 34.7 Salguti Inds -14.2
Suzlon Energy 1184.7 178.3
Americas (Jun 26,25) Asia/Pacific (Jun 27,25) On 23 Jun -1836 -48 5196 -704 Prime Focus 23702538.0 846759.4 2699.2 137.1 20.0
Nasdaq Composite 20167.9 1.0 Jakarta Composite (Jun 26) 6897.4 1.0 On 20 Jun 8472 -163 -1549 -860 Net Avenue Tech 216000.0 11200.0 1828.6 6.6 14.8
Jun till date 12919 183 46239 -27797
Dow Jones
S&P/ TSX Composite
43386.8
26752.0
0.9
0.7
Straits Times
Kuala Lumpur Comp (Jun 26)
3966.2
1528.2
0.7
0.6 2025 till date -82300 -366 230110 -325879
Hindprakash Ind
Guj Petronet
228983.0
5185874.0
12171.5
276842.8
1781.3
1773.2
143.1
331.1
10.1
3.5
BOARD MEETINGS INTRA-DAY
Europe/Africa (Jun 26,25) Taiwan Taiex 22580.1 0.4 Group Company prove the recom- East West Hold: To ited.
CAC 40 7664.4 1.4 Shanghai Se Comp 3424.2 -0.7 FIIs IN DERIVATIVES 52-WEEK NEW HIGHS/LOWS Purpose mendation of Nomi-
nation and
consider and ap-
prove the re-ap-
Inv & Prec: To
consider and ap-
DAX 23845.3 0.8 Kospi 3055.9 -0.8 Company Price Company Price Company Price Company Price JUNE 28 Remuneration pointment of M/s. prove To take ap-
(~crore) Index Stock Index Index Stock
IBEX 35 13903.2 0.6 Stock Exchange of Thai (Jun 26) 1082.4 -2.2 NET Net Fut OI Opt OI OI Au Small Fin: To Committee of the Bhumika C. Agar- proval of Bonus
HIGHS *Narayana Hruday . . 2371.6 LOWS SBL Infratech . . . . . . . . . 31.2 consider and ap- Board. wal & Associates issue
FTSE 100 8786.6 0.6 Volatility (Jun 26,25) BS 200 *Binayak Tex . . . . . . . 2367.8 BS 200 Popees Care . . . . . . . . 27.1
On 26 Jun 37080 7659 0.1 1.2 5.8 prove Annual fund Chartered as the Joindre Cap: To
Asia/Pacific (Jun 27,25) CBOE S&P 500 16.2 -2.3 On 25 Jun 21621 2489 0.2 2.7 7.7 *Page Inds . . . . . . . . 50470.6 *Hyundai Motor . . . . . 2214.0 NONE Mehta I Fin . . . . . . . . . . . 24.5 raising/borrowing JUNE 30 Internal Auditor of consider and ap-
Nikkei 225 40150.8 1.4 CBOE Dow Jones 15.3 -2.5 On 24 Jun -33263 4642 0.2 2.5 7.7 *Solar Ind . . . . . . . . . 17792.0 *India Glycol . . . . . . . 2080.0 Others *Salguti Inds . . . . . . . . . 23.9 plan Akshar Spintex: To the Company for FY prove the Draft Di-
Hang Seng 24284.2 -0.2 * Change over previous close On 23 Jun 12472 4708 0.2 2.2 7.7 *MCX . . . . . . . . . . . . . 9075.0 *Affle I . . . . . . . . . . 2032.2 Mirae -ET . . . . . . . . 1000.0 *Tejnaksh Health . . . . . . 18.1 Deccan Bear: Meet- consider and ap- 2025-2026 rectors Report .
On 20 Jun -22248 10042 0.2 2.2 7.8 *InterGlobe Avia . . . . 5844.5 *Bharti Hexacom . . . 2023.1 Liquidsbi . . . . . . . . . . 1000.0 *City Crops Agro . . . . . . 17.4 ing of the Board of prove appointment Esaar (I): To con- JP Associat:
*SRF . . . . . . . . . . . . . . 3186.0 *RRP Semico . . . . . 1983.9 Sanco Trans . . . . . . . . . 662.5 SAL Steel . . . . . . . . . . . . 16.0 Directors of the & resgination sider and approve Audited Financial
MAJOR INDICES Jun till date
2025 till date
76991
-1558138
-14709
-13714
-
-
-
-
-
- *TVS Motor . . . . . . . . 2960.0 *Lloyds Metals . . . . . . 1562.0 Shree Gan Rem . . . . . . 592.5 *V R Films . . . . . . . . . . . . 14.6 Company Astec Life: To The Audited Finan- Results
Deccan Poly: To consider and ap- cial Result of the Longview Tea: To
Previous Close Open High Low Close Change % chng OI in number of contracts(million) *Grasim Ind . . . . . . . . 2897.6 *Home First Fin . . . . . 1508.3 MPIL Corpn . . . . . . . . . 475.0 *Alexander Stamp . . . . . 11.5
consider & approve prove to consider, Company for the consider and ap-
Dalmia Bharat . . . . . . 2220.5 *City Puls Mult . . . . . 1480.0 Lerthai Financ . . . . . . . 310.7 Encode Packagin . . . . . . 10.8 the Appointment of discuss and decide Quarter and year prove the audited
BSE Sensex 83,755.9 83,774.5 84,089.4 83,645.4 84,058.9 303.0 0.4 *Bharti Airtel . . . . . . . 2038.6 *Lumax Tech . . . . . . 1200.0 Suraj Produc . . . . . . . . 269.6 *Sadhana Ntro . . . . . . . . . 9.5 Chief Financial Of- various matters in ended March 31 financial results for
*Max Fin Sre . . . . . . . 1656.9 *NDR Auto Co . . . . . . 1103.7 *Nutricircle . . . . . . . . . 107.4 *Axita Cotton . . . . . . . . . . 9.0 ficer of the Com- connection with the 2025. the quarter and
BSE Sensex 50 26,675.9 26,692.0 26,789.2 26,652.8 26,779.1 103.2 0.4 BSE SECTORAL INDICES *Max Health . . . . . . . . 1296.0 *Liquidadd . . . . . . . . 1079.2 Viceroy Hotels . . . . . . . . 93.1 *Alfavision . . . . . . . . . . . . 8.5 pany Rights Issue Federal Bank: To financial year
BSE-100 26,728.9 26,749.7 26,855.5 26,727.2 26,840.9 112.0 0.4 Prev cls Close % Chng
*HDFC Std Life . . . . . . . 810.9 *Liquidplus . . . . . . . . 1038.9 Transvoy Logist . . . . . . . 76.3 *Neil Ind . . . . . . . . . . . . . . 7.1 Kaushalya I: To Bannr Am Spg: To consider and ap- ended 31.03.2025 ANNUAL GENERAL MEET NG
*Fortis Health . . . . . . . 802.8 *Liquidbetf . . . . . . . . 1036.8 Fineline Cir . . . . . . . . . . . 72.2 Julien Agro . . . . . . . . . . . 6.6 consider and ap- consider and approve the proposal Mangalam Seeds:
BSE-200 11,563.5 11,575.8 11,620.7 11,568.3 11,614.1 50.6 0.4 prove conversion of prove the raising of to raise Tier 1 Cap- To consider and JUNE 28 Group XT Dynamic Cables Group A JULY 03
Auto 53,596.7 53,758.9 0.3 *Laurus Labs . . . . . . . . 704.0 *AGI Infra . . . . . . . . . . 1022.0 Hipolin . . . . . . . . . . . . . . . 70.9 *JMD Ventures . . . . . . . . 5.8
Loan given to funds . ital and Raising of approve the pro- Group A Prasant Ind. Pilani Investme Tata Invest Group A
BSE-500 36,896.0 36,947.0 37,084.0 36,928.1 37,060.9 165.0 0.4 Bankex 64,305.7 64,556.0 0.4 Poonawalla Finc . . . . . 457.8 Mirae -ET . . . . . . . . 1000.0 *Gorani Indus . . . . . . . . . 70.9 Aadi Indus . . . . . . . . . . . . . 4.8
Pakka Inc. into Bemco Hydrau: To Funds through Issu- posal for sale of Dr Lal PathLabs JUNE 30 GNA Axles Alkyl Amines SRF
Cons. Durables 59,299.4 59,533.8 0.4 *L&T Finan . . . . . . . . 207.5 Abslliquid . . . . . . . . . 1000.0 21st Cnt Fin . . . . . . . . . . . 60.8 *Integra.Hite . . . . . . . . . . 3.8
Equity Shares; Ac- consider the Stock ance of Bonds. immovable prop- Epigral Group A Andhra Cements Polycab India Trent
BSE IPO 15,366.4 15,389.0 15,539.0 15,340.5 15,506.0 139.6 0.9 Cap. Goods 70,957.2 71,548.8 0.8 Others Liquidsbi . . . . . . . . . . 1000.0 Vikram Kamats . . . . . . . 58.0 Spright Agr . . . . . . . . . . 3.2 quisition of subsidi- Split and Bonus Hind Adhes: To con- erty of the Com- Group B Dalmia Bharat IGIL JULY 02 Cyient DLM
FMCG 20,263.9 20,293.2 0.1 *Abbott India . . . . . . 35821.5 *GHV Infra Pr . . . . . . . 982.9 Uma Exports . . . . . . . . . . 55.1 *Alliance Int Me . . . . . . . . 2.9 ary of Pakka issue of the com- sider and approve pany situated at
Dollex-30 8,022.1 - - - 8,071.3 49.1 0.6 Meghmani Organi Tata Chem Sagar Cem Group A Network 18 M
Healthcare 43,714.4 44,014.7 0.7 *Gillette I . . . . . . . . . 10951.0 *ITD Cemnt . . . . . . . . . 900.0 Gajanan Sec . . . . . . . . . . 49.0 *AF Enterprices . . . . . . . . 2.9 Guatemala, a sub- pany. the audited Finan- Survey No. 1380/P Radhika Jewe Piramal Entp Group X Tata Steel Group B
Nifty 50 25,549.0 25,576.7 25,654.2 25,523.6 25,637.8 88.8 0.3 Infra 607.8 610.1 0.4 *Godfrey Ph . . . . . . . . 9452.7 *Aayush Art And . . . . . 895.0 *Ola Electric . . . . . . . . . . 43.0 *New infra . . . . . . . . . . . 2.5 sidiary of Pakka Capri Global: To cial Results and 1383/P Mouje
SMC Gobal Bank of Maha TCI Ind Ove Bank Prime Sec
IT 38,152.7 38,060.1 -0.2 *Nuvama . . . . . . . . 8405.0 *Midwest Gold . . . . . . . 885.8 *Rose Merc . . . . . . . . . . 41.0 Kobo Biotech . . . . . . . . . . 2.3 Inc. consider and Hubtown: To Con- Chhatral Taluka-
Nifty Next50 68,295.2 68,479.0 68,904.2 68,439.7 68,712.4 417.3 0.6 Raj Tube Mfg: re-approve the sider and approve Kalol District Gan- Mawana Sugar Kansai Nerol Laffans Petr Oberoi Relty Group XT
Metal 31,732.3 31,850.7 0.4 *JK Cement . . . . . . . . 6499.0 *Lucent Industri . . . . . 862.0 *Gensol Engg . . . . . . . . . 40.4 *Sybly Inds . . . . . . . . . . . . 1.6
Meeting of the issuance of NCD for the draft Scheme of dhinagar India. Jindal Drill Orient Green Group XT Group IF Swad.Polytex
Nifty 500 23,517.6 23,566.7 23,644.4 23,538.6 23,620.2 102.6 0.4 Oil & Gas 27,585.9 27,919.8 1.2 *Frontier Spr . . . . . . . 4900.0 Ind.Link Chain . . . . . . . 843.4 *Hamps Bio . . . . . . . . . . 39.0 Jai Mata Gl . . . . . . . . . . . . 1.6
Board of Directors an amount not ex- Arrangement be- Nanavati Ventur: To Group X Sundram Fast Hind.Applian Embassy Office JULY 04
Power 6,851.3 6,929.4 1.1 *Navin Fluo . . . . . . . . 4895.0 *Valiant Comm . . . . . . 750.3 *Clinitech Labs . . . . . . . 34.4 *PS IT Infra . . . . . . . . . . . . 0.9
India VIX 12.6 12.6 12.9 12.3 12.4 -0.2 -1.6 of the Company ceeding Rs. 1000 tween the Com- consider and ap- Transcorp I ICICI Lombard Group Z Group T Group A
PSU 19,727.9 19,867.0 0.7 *Lumax Ind . . . . . . . . 3517.0 *Aryaman Fin . . . . . . . . 712.5 *Sahara Maritime . . . . . 34.0 *Panafic Inds . . . . . . . . . . 0.7
Vijay Solvex: To Crore in one or pany and 25 West prove appointment Solitair Mac Group B Podd Hou & Dev Aut Corp Goa Tata Power
Nifty CPSE 6,593.9 6,614.8 6,650.4 6,610.7 6,621.0 27.1 0.4 Realty 7,832.4 7,709.5 -1.6 m m w w consider and ap- more tranches. Realty Private Lim- & resignation. G. G. Dandekar Rossari Biotech JULY 01 Group XTVTM Supreme Petroch

> 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 ABB IndiaH Adani Energy So
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 (6015.2) (6012.5) (864.7) (864.8)
m ~50 H ~2 Open 6015.3 6060.0 860.3 865.0
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 6174.9 6175.0 900.7 900.9
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 6015.3 6030.0 860.3 863.0
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 6069.6 6069.5 883.6 883.7
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 10518 241K 140K 3118K
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 - - 100.1 100.2
company name is followed by shares traded, and also the 52 Wk H/L 8941/4590 8941/4684 1348/588 1348/588
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 128615 128613 106139 106157
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
Adani Enter« Adani Green En Adani PortsH Adani Total Gas« Aditya Bir Fa Aditya Birla m mH O H H « « « m m « m H
(2586.0) (2586.2) (992.2) (992.0) (1429.4) (1429.3) (645.7) (645.5) (74.4) (74.4) (276.8) (276.8)
O 2590.0 2587.7 998.0 994.4 1438.7 1434.9 650.0 648.0 74.4 74.5 275.3 276.8 O O
2681.4 2681.6 1046.9 1046.9 1456.4 1456.8 694.0 693.9 75.3 75.4 277.7 278.0
w 2583.2 2582.0 993.3 993.0 1427.1 1427.0 648.4 647.8 74.3 74.3 268.7 268.6 w w
2648.4 2646.3 1015.8 1015.6 1440.1 1440.2 682.2 682.5 74.8 74.7 269.4 269.3
143K 4049K 880K 6045K 146K 2888K 1457K 11651K 2082K 9705K 374K 5492K
43.1 43.0 - - 28.0 28.0 - - - - 63.5 63.5
W 3258/2027 3258/2025 2092/758 2091/758 1604/994 1605/996 941/533 942/533 365/72 364/71 278/149 278/149 W W
M 305673 305436 164816 164791 311083 311105 75028 75056 9123 9115 70306 70301 M M

Bajaj Fin« Bajaj Finsrv« Balkrishna IH Bandhan Bank Bank of BarodaH Bank of India Bharat Dyn Bharat Elctn« Bharat ForgeH Bharti Airtel BHELH Biocon BirlasoftH Blue StarH BPCL Britannia« BSEH CAMS
(951.5) (951.5) (2052.4) (2053.6) (2434.8) (2433.3) (185.0) (185.1) (239.3) (239.3) (116.9) (116.9) (1827.7) (1827.3) (410.0) (410.1) (1286.9) (1286.5) (2014.2) (2014.3) (264.6) (264.5) (350.5) (350.5) (442.4) (442.2) (1660.4) (1660.9) (329.6) (329.8) (5828.8) (5828.0) (-) (2803.0) (4214.9) (4212.8)
O 952.8 950.0 2055.1 2060.0 2435.0 2445.7 185.0 185.0 239.0 239.0 117.0 117.4 O 1828.1 1834.9 411.0 410.5 1285.5 1287.9 2010.0 2010.0 264.7 265.0 350.6 352.0 O 445.0 446.0 1664.0 1668.0 329.7 330.0 5828.9 5849.0 - 2816.5 4214.9 4234.7
959.0 959.5 2065.0 2065.0 2468.5 2468.9 187.4 187.3 245.0 245.1 120.4 120.4 1906.0 1907.0 416.8 416.8 1324.4 1324.5 2038.6 2039.0 268.3 268.4 355.2 355.6 452.3 452.0 1683.5 1683.0 334.1 334.2 5828.9 5849.0 - 2838.1 4333.5 4334.0
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B NEW DELHI | SATURDAY, 28 JUNE 2025 17
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FORM NO. CAA. 2 DCB Bank Ltd.
[Pursuant to Section 230 (3) of the Companies Act, 2013 and Rules 6 and 7 of the Companies (Compromises,
Arrangements, and Amalgamations) Rules, 2016] POSSESSION NOTICE
COMPANY APPLICATION NUMBER: CAA-34/ND/2025 The undersigned being the authorized officer of the DCB Bank Ltd., under the Securitization and Reconstruction of Financial Assets and
READ WITH CA-119/2025 Enforcement of Security Interest (54 of 2002) and in exercise of powers conferred under section 13(12) read with rule 3 of the Security Interest
(Enforcement) Rules, 2002 issued a demand notice on below mentioned dates calling upon the borrowers (Borrower’s and Co-Borrower’s) to
IN THE MATTER OF THE COMPANIES ACT, 2013 repay the amount mentioned in the notice as detailed below in tabular form with further interest thereon from within 60 days from the date of
AND receipt of the said notice.
The borrower and Co-Borrower having failed to repay the amount, notice is hereby given to the borrower, Co-Borrower and the public in general
IN THE MATTER OF SECTIONS 230 AND 232 OF THE COMPANIES ACT, 2013 AND OTHER APPLICABLE PROVISIONS OF that the undersigned has taken possession of the property described herein below in exercise of powers conferred on him under sub-section (4)
THE COMPANIES ACT, 2013 READ WITH COMPANIES (COMPROMISES, ARRANGEMENTS AND AMALGAMATIONS) of section 13 of Act read with rule 8 also r/w section 14(1) of the Security Interest Rules 2002 on as mentioned here below.
RULES, 2016 The borrower, Co-Borrower in particular and the public in general is hereby cautioned not to deal with the property (Description of the immovable
AND Property) and any dealings with the property will be subject to the charge of the DCB Bank Ltd., for respective amount as mentioned here below.
The Borrower’s attention is invited to provisions of Sub-section (8) of Section 13 of the act, in respect of time available, to redeem the
IN THE MATTER OF COMPOSITE SCHEME OF AMALGAMATION secured assets.
Hinduja Housing Finance Ltd. BETWEEN Symbolic Possession Date 24th June,2025
Corporate Office: No. 167-169, 2nd Floor, Anna Salai, 30-01-2025
Saidapet, Chennai - 600015, Tamil Nadu, India, R SYSTEMS INTERNATIONAL LIMITED ("AMALGAMATED COMPANY") having its registered office at GF-1-A, 6, Devika Demand Notice Dated.
Branch Office: Office No-286, Pocket-1, Second Floor, Tower, Nehru Place, New Delhi - 110019, India Name of Borrower(S) and Co-borrower(S) MR. GAURAV KUMAR AND MRS. KUMARI VAISHALI
Sector-25, Near CNG Pump, Rohini, New Delhi-110085 Loan Account Number DRHLAGR00490324
A.O. : Mr. Parmod Chand - 9990338759; Email: [email protected] VELOTIO TECHNOLOGIES PRIVATE LIMITED ("AMALGAMATING COMPANY 1") having its registered office at GF-1-A, Total Outstanding Amount. Rs.9,63,548.57/- (Rupees Nine Lakh Sixty Three Thousand Five Hundred Forty Eight and Fifty
RRM- Pawan Kumar Pandey, Mob No.- 8010562716 • CLM- Nidhi Juyal, Mob No.- 7292079861 6, Devika Tower, Nehru Place, New Delhi - 110019, India
CLM - Himanshu Bhasin - 8006879454 • CLM - Sunny Malik - 9654130749 Seven Paisa Only) as on 30th January 2025
NOTICE OF SALE THROUGH PRIVATE TREATY AND Description of The Immovable Property All the piece & parcel of House On Plot No 39 (part) Admeasuring 53.33 Sq Gaj Gat No 85 Situated
SALE OF IMMOVABLE ASSETS CHARGED TO HHFL UNDER THE SECURITISATION AND at Ram Nagar Phase I Mauza Mohammadabad Teh & Dist: Firozabad Bounded By Towards East:
RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT SCALEWORX TECHNOLOGIES PRIVATE LIMITED ("AMALGAMATING COMPANY 2") having its registered office at Road, Towards West: Plot No 45, Towards North: Remaining Part Of Plot No 39, Towards South:
2002 (SARFAESI ACT). GF-1-A, 6, Devika Tower, Nehru Place, New Delhi - 110019, India.
The undersigned as Authorized Officer of HHFL has taken over possession of the scheduled property us/ Plot No 38 (The Secured Assets)
13(4) of the SARFAESI Act. Public at large is informed that the secured property as mentioned in the ADVERTISEMENT OF NOTICE FOR MEETINGS OF EQUITY SHAREHOLDERS AND UNSECURED CREDITORS OF 24th June,2025
Schedule are available for sale through Private Treaty, as per the terms agreeable to HHFL for the Symbolic Possession Date
realisation of it’s dues on “AS IS WHERE IS BASIS” and “AS IS WHAT IS BASIS”. AMALGAMATED COMPANY AND UNSECURED CREDITORS OF AMALGAMATING COMPANY 1 Demand Notice Dated. 31-12-2024
Standard terms & conditions for sale of property through Private Treaty are as under: Notice is hereby given that by an order dated May 22, 2025, read with order dated June 10, 2025, the New Delhi Bench Name of Borrower(S) and Co-borrower(S) MR. RAJ KUMAR AND MRS. RADHADEVI
1. Sale through Private Treaty will be on “AS IS WHERE IS BASIS” and “AS IS WHAT IS BASIS”.
2. The purchaser will be required to deposit 25% of the sale consideration on the next working day of receipt of the National Company Law Tribunal ("NCLT"/ Tribunal") has directed for convening the meetings of equity shareholders Loan Account Number DRBLAGR00575890/DRHLAGR00569397
of HHFL’s acceptance of offer for purchase of property and the remaining amount within and unsecured creditors of the Amalgamated Company and unsecured creditors of the Amalgamating Company 1 for the Total Outstanding Amount. Rs.15,74,644/- (Rupees Fifteen Lakh Seventy Four Thousand Six Hundred Forty Four Only) as on
15 days thereafter. 31st December 2024
3. The purchaser has to deposit 10% of the offered amount along with application which will be adjusted purpose of considering, and if thought fit, approving, with or without modification(s), approving the proposed Composite
against 25% of the deposit to be made as per clause (2) above. Scheme of Amalgamation of Amalgamating Company 1, Amalgamating Company 2 with the Amalgamated Company Description of The Immovable Property All piece and parcel of Property Bearing Part of Khasra No.958a, situated at Vidhanagar Mauza
4. Failure to remit the amount as required under clause (2) above will cause forfeiture of amount already Narayach Tehsil Etmadpur and District Agra. Bounded By. East- Plot of Seller, West- Plot of Seller,
paid including 10% of the amount paid along with application. (hereinafter referred to as the "Scheme") under Sections 230 to 232, and other applicable provisions of the Companies
5. In case of non-acceptance of offer of purchase by the HHFL, the amount of 10% paid along with the Act, 2013 (the "Act") North- 15 Ft Wide Road, South- Plot of Other (The Secured Assets).
application will be refunded without any interest. Sd/-,
6. The property is being sold with all the existing and future encumbrances whether known or unknown to In pursuance of the said orders and as directed therein further notice is hereby given that the meeting of equity shareholders Date: 28.06.2025 Authorized Officer,
HHFL. The Authorized Officer / Secured Creditor shall not be responsible in any way for any of the Amalgamated Company will be held on Thursday, July 31, 2025, at 10:00 A.M., through video conference ("VC") and/
third-party claims / rights / dues. Place: Firozabad, Agra. DCB Bank Limited
7. The purchaser should conduct due diligence on all aspects related to the property (under sale through or other audio and visual means ("OAVM") in compliance with the applicable provisions of the Act read with applicable
private treaty) to his satisfaction. The purchaser shall not be entitled to make any claim against the circulars issued by the Ministry of Corporate Affairs, from time to time ("MCA Circulars"), Securities and Exchange Board
Authorized Officer / Secured Creditor in this regard at a later date.
8. HHFL reserves the right to reject any offer of purchase without assigning any reason. of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations") and the Master
9. In case of more than one offer, HHFL will accept the highest offer. Circular No. SEBI/HO/CFD/POD-2/P/CIR/2023/93 dated June 20, 2023 issued by SEBI and as amended from time to time
10. The interested parties may contact the Authorized Officer for further details / clarifications and for
submitting their application. ('Scheme Master Circular') and the Circulars issued by SEBI, and the said equity shareholders are requested to attend the
11. The purchaser has to bear all stamp duty, registration fee, and other expenses, taxes, duties in respect of Meeting.
purchase of the property.
12. Sale shall be in accordance with the provisions of SARFAESI Act / Rules. In pursuance of the said orders and as directed therein further notice is hereby given that the meeting of unsecured
13. The Sale Date Will be 14-07-2025. creditors of the Amalgamated Company will be held on Thursday, July 31, 2025, at 12:00 Noon, through VC and/ or OAVM
SCHEDULE Description of the Property (Secured Asset)
1. Built-Up Second Floor, without roof/terrace rights, out of built up property bearing plot no. 5-k, land area in compliance with the applicable provisions of the Act read with MCA Circulars, Listing Regulations, Scheme Master
measuring 100 sq. yards, out of khasra no. 65/19 and 65/20, situated in the revenue estate of village Circular and the Circulars issued by SEBI and the said unsecured creditors of the Amalgamated Company are requested
Hastsal, colony known as Pratap Enclave, Mohan Garden, Uttam Nagar, New Delhi-110059.
LAN : DL/DEL/DLHI/A000001557 (MR. KANHIYA KANHIYA)
to attend the Meeting.
Reserve Price : Rs. 24,00,000/- (Rupees Twenty Four Lakhs Only) In pursuance of the said orders and as directed therein further notice is hereby given that the meeting of unsecured
2. Pvt Unit No. 404 On 3rd Floor (Front RHS), Wing No. A, With Roof/Terrace Rights, Area Measuring 56
Square Yards, built on Property Bearing No. 30-A/1, (Part Of Plot No. 30-A), Khasra No. 28/18 Min creditors of the Amalgamating Company 1 will be held on Thursday, July 31, 2025, at 03:30 P.M., through VC and/ or OAVM
Situated At Village Razapur Khurd, Colony Mohan Garden, Block-R-III, A-2, Chandi Farm, Uttam Nagar, in compliance with the applicable provisions of the Act read with MCA Circulars, Listing Regulations, Scheme Master
New Delhi-110059. Boundaries: East: Pvt. Road 14 feet, West: Others Plot, North: Plot No. 30-A/2 then
Gali 8 ft wide, South: Remaining portion of said property Circular and the said unsecured creditors of the Amalgamating Company 1 are requested to attend the Meeting.
LAN NO : DL/NGL/MEBH/A000000082 (MR. JASKARAN SINGH) The copy of the Scheme along with the Explanatory Statement can be obtained free of charge, between 10:00 A.M. IST to
Reserve Price : Rs. 16,00,000/- (Rupees Sixteen Lakhs Only)
3. Pvt. Unit No- 303, Second Floor, Without Roof/Terrace Rights, (Front Middle Portion RHS), Area 04:00 PM. IST on any day (except Saturday, Sunday and public holidays) up to one day prior to the date of the Meeting from
Measuring 60 Square Yards, out of above-said Plot Bearing No.- 3B & 4B, Tower-2, of Khasra No. 590 & the Registered Office of the Company or by sending a request, along with details of your shareholding in the Company,
631, situated in the revenue estate of village Nawada Extension, Block B-4, Uttam Nagar, New Delhi-
110059. BOUNDARIES : EAST- Back side Flat/ Other’s Property, West- Road 16 feet, North- Main via e-mail at [email protected].
Entry/Road 18 feet, South- Other Property The NCLT has appointed Mr. Sumit Kumar Shukla, as the Chairperson of the said meetings and Mr. Sangeeth Mohan K
LAN NO : DL/DEL/DLHI/A000001626 (MR. AMIT KUMAR)
Reserve Price : Rs. 13,00,000/- (Rupees Thirteen Lakhs Only) as the Alternate Chairperson for the said meetings. The NCLT has also appointed Mr. Ankit Monga as the Scrutinizer for
4. PLOT NO- RZ-M-60, GALI NO-1, BLOCK M, UPPER GROUND FLOOR (3 BHK )(LHS SIDE FLAT), the said meetings. The above-mentioned Scheme, if approved at the meetings, will be subject to the subsequent approval
WITHOUT ROOF RIGHTS, AREA MEASURING 90 SQ. YDS., OLD PLOT NO. RZ-M-41, OUT OF
KHASRA NO. 7/21/2 & 8/25/2, SITUATED IN THE REVENUE ESTATE OF VILLAGE MIRZAPUR, of NCLT.
COLONY KNOWN AS VIJAY ENCLAVE, M-BLOCK, NEW DELHI-110045 BOUNDARIES : EAST : Road Further, in terms of the provisions of Sections 230-232 and other applicable provisions, if any, of the Act read with rules
20ft., WEST : Portion of the said plot, NORTH : Other’s Property, SOUTH : Other’s Property
LAN NO : DL/SDR/SDRA/A000000640 (MR. BHARAT PRAKASH) made thereunder, Regulation 44 of Listing Regulations and the NCLT order dated May 22, 2025, read with order dated
Reserve Price : Rs. 27,50,000/- (Rupees Twenty Seven Lakhs Fifty Thousand Only) June 10, 2025:
Date: 28-06-2025, Place: Delhi Authorised Officer, For Hinduja Housing Finance Limited
1. the Amalgamated Company has completed the dispatch of the notices to its (a) equity shareholders whose name
appear on the Register of members/ beneficial owners as on June 24, 2025 by way of email to the equity shareholders
HINDUJA HOUSING FINANCE LIMITED whose email addresses are registered in the records of depository participants and through speed post to equity
Corporate Office: No. 167-169, 2nd Floor, Anna Salai, Saidapet, Chennai-600015. shareholders whose email addresses are not registered and to (b) its Unsecured Creditors as at March 12, 2025
Branch Offices at Office No-286, 2nd Floor, Pocket-1, Sector-25, Rohini,
New Delhi-110085 Email: [email protected] through email on the email ids as registered with the Amalgamated Company for seeking their consent on the
ALM - Parmod Chand, Mob No.- 9990338759 • CLM - Mukul Sharma - Mob No. 8285415168 proposed Scheme as mentioned above.
CLM - Nidhi Juyal, Mob No.- 7292079861 • CLM - Himanshu Bhasin, Mob No.- 8006879454
2. the Amalgamating Company 1 has completed the dispatch of the notice, to its Unsecured Creditors as at March 12,
SYMBOLIC POSSESSION NOTICE 2025 through email on the email ids as registered with the Amalgamating Company 1 for seeking their consent on
Whereas the undersigned being the Authorized Officer of the HINDUJA HOUSING FINANCE LIMITED
under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, the proposed Scheme as mentioned above.
2002 (No. 3 of 2002) and in exercise of powers conferred under section 13(12) read with Rule 3 of the
Security Interest (Enforcement) Rules, 2002 issued a demand notice was issued on the dates mentioned 3. the Amalgamated Company and Amalgamating Company 1 have provided the facility to the equity shareholders and
against each account and stated hereinafter calling upon the borrower (hereinafter the borrower and unsecured creditors, respectively to cast their votes by the way of (a) remote e-voting prior to the Meeting, and
guarantors are collectively referred to as the "the Borrowers") to repay the amount within 60 days from the
date of receipt of said notice. (b) e-voting during the Meeting through VC/OAVM as set out in the Notice through electronic voting system provided
The borrowers having failed to repay the amount, notice is hereby given to the borrower and the public in by MUFG Intime India Private Limited ("MUFG Intime").
general that the undersigned has taken possession of the property described herein below in exercise of
powers conferred on him under sub-setion 4 of section 13 of Act read with rule 8 of the Security Interest 4. Copy of Notice along with Explanatory Statement are placed on the website of the Amalgamated Company and can
Enforcement Rules, 2002 on this the dates mentioned against each account. be accessed at https://www.rsystems.com/schemes-of-amalgmation-arrangement-capital-reduction/ and also
The borrower/guarantor in particular and the public in general is hereby cautioned not to deal with the
property and any dealing with the property will be subject to the charge of the HINDUJA HOUSING available on the websites of National Stock Exchange of India Limited at www.nseindia.com; BSE Limited at
FINANCE LIMITED for an mount and future interest at the contractual rate on the aforesaid amount www.bseindia.com; and on the website of MUFG Intime at https://instavote.linkintime.co.in/.
together with incidental expenses, costs, charges, etc. thereon.
The borrower's attention is invited to provisions of sub-section (8) of section 13 of the Act, in respect of 5. Since, the meetings are being held, pursuant to the Order passed by the NCLT and in compliance of MCA Circulars
time available, to redeem the secured assets.
and Circulars issued by SEBI, through VC/OAVM, physical attendance of the equity shareholders has been dispensed
Sr. LAN Nos. / Name of Borrowers / Demand Notice Date Amount with. Accordingly, the facility for appointment of proxy by the equity shareholders of the Amalgamated Company is not
Guarantors Date of Possession Outstanding
available at this Meeting.
1. HR/NCH/GURH/A000001468, Mr. Shiva Saxena 10-04-2025 Rs. 3909231/-
(borrower) S/o Devender Swroop Saxena, Mrs. 25-06-2025 as on 10-04-2025 6. The Scheme, if approved by the equity shareholders and unsecured creditors, will be subject to subsequent approval
Sunita Saxena W/o Devender Swroop Saxena (co- SYMBOLIC plus interest thereon of the NCLT and such other regulatory approvals as may be necessary.
borrower), House No-259, Street No-11, Rajeev Chowk,
Hans Enclave, Gurgoan, Haryana - 122001 In this regard, please note that:
Details of Immovable Property : Entire First Floor (with Roof Right) Having Covered Area 550 Sq. Ft.,
Along With Proportunate Undivided and Impartible Rights of the Land Underneath The Building a. the equity shareholders and unsecured creditors of the Amalgamated Company and Amalgamating Company 1,
constructed on Plot Bearing No. 564R/2, Property I.D. No. 1C3JFH97 Measuring 200 Sq. Yds., Situated respectively, have an option to exercise their votes either through remote e-voting prior to the meeting or equity
in the Residential Colony Known As Adarsh Nagar, Gurugram, Haryana in the Revenue Estate of
Gurugram Village Municipal Corporation Area, Gurugram Tehsil And District Gurugram, Haryana shareholders/ unsecured creditors who will be present at the Meeting through e-voting facility. However, the equity
Boundaries: East : Shop of JMD Printer, West : Property Of Sandeep, North : Other Property, South : shareholders/ unsecured creditors who have cast their votes by remote e-voting prior to the meeting will be eligible
Entry-Road
10-04-2025
to participate at the meeting but shall not be eligible to cast their vote again during the meeting.
2. GR/KAP/KUNJ/A000001022, Mr. Sahil S/o Ashok Rs. 999582/-
Kumar (borrower), Mr. Ashok Kumar W/o Nanak 25-06-2025 as on 10-04-2025 b. The voting process through remote e-voting will commence at 09:00 A.M. on Tuesday, July 01, 2025 and will end at
Chand (co-borrower), Mrs. Anju Bala (co-borrower) SYMBOLIC plus interest thereon
W/o Ashok Kumar, H. No-466, Commeti Mohalla, Ward the close of working hours i.e. by 5:00 P.M. on Wednesday, July 30, 2025. The e-voting module shall be disabled by
No.-6, Sohna, Gurgoan, Haryana - 122103 MUFG Intime thereafter. The e-voting facility provided by MUFG Intime is available at the link
Details of Immovable Property : A Residential House/property/plot Old Property I.d. https://instavote.linkintime.co.in/.
14m0026c00049200779/new I.D. 3TJ3L427 Total Rakba 48.41 Sq. Yds., Waka Moja Sohna Inside Lal
Dora Abadi Nagar Parisad Sohna, 228 Kumharwada, Near New Sarkari School, Ward No. 14, Tehsil c. Information and instructions for attending the Meetings including manner of voting (both remote e-voting and
Sohna And District Gurugram, Haryana Boundaries: East : GALI 9 FEET, West : GALI 12 FEET, North :
GALI 6 FEET, South : OTHER PROPERTY e-voting at the meeting) by the equity shareholders holding shares in dematerialised mode, physical mode, equity
3. GR/KAP/KUNJ/A000001033, Mr. Jaspal S/o Dalip 10-04-2025 Rs. 1021986/- shareholders who have not registered their e-mail address and unsecured creditors, has been provided in the
Singh (borrower), Mrs. Santosh Devi (co-borrower) 25-06-2025 as on 10-04-2025 Notice of the meetings.
C/o Jaspal, Khalilpur(272), Gurgoan, Haryana - 122502. SYMBOLIC plus interest thereon
Mr. Ravi W/o Vijay Kumar (Co-borrower), Village d. The results of the votes cast through remote e-voting and e-voting during the meeting of equity shareholders/
Malahera Post Shyed Shahpur, Malahera(278), Rewari, unsecured creditors, including separate results of the remote e-voting and e-voting during the meeting exercised by
Haryana-122414
Details of Immovable Property : A Property/house/plot Area Measuring 5 Marla 4 Sarsai (approx. 162 the Public Shareholders, will be announced on or before close of business hours on Monday, August 04, 2025. The
Sq, Yards) comprised in Khewat/khata No. 6/6, Mustkil/killa No. 3//10,5-0,11, 8-0, 12, 8-0, 20, 9-13, results, together with the scrutinizer's report, will be displayed at the registered office of the Companies. The results
4//6/1, 6-14, 10/2/2, 6-12, 16/1, 4-7, Khasar No. 127, 0-18, 284, 0-2, Kitta 9 Rakba 49 Kanal 06 Marla shall also be submitted to the stock exchanges where shares of the Company are listed and will also be posted on
Share 1/180 That Is Rakba 0 Kanal 5 Marla 4 Sarsai. Total Land Is 162 Sq. Yards. Waka Moja Khalilpur,
Tehsil Pataudi, District Gurugram, Haryana Boundaries: East : Rasta 8 Feet, West : Plot Of Gajendra, the Company's website, www.rsystems.com and on MUFG Intime's website i.e. https://instavote.linkintime.co.in/.
North : Plot Of Satya Prakash, South : Gali 11 Feet
e. Equity shareholders holding equity shares in physical mode, who have not registered/updated their e-mail address
4. DL/NGL/MEBH/A000000040, MR.PARAMVEER 26-02-2025 Rs. 66,64,849/-
SINGH, MRS. PARMINDER KAUR, H. NO. WZ-37 A, 21-06-2025 as on 26-02-2025 with the Amalgamated Company, are requested to register/update their e-mail address by submitting Form ISR-1
UGF, VISHNU GARDEN, NEW DELHI -110018 SYMBOLIC plus interest thereon available on the website of the Amalgamated Company at https://www.rsystems.com/kyc-updation/ duly filled and
Details of Immovable Property : Entire Second Floor With Roof Rights Out Of Property Bearing No. A- signed along with requisite supporting documents to MUFG Intime at [email protected].
37, Land Area Measuring 100 Sq. Yds. i.e. 83.61 Sq. Mtrs., Approx Out Of Khasra No. 15/12/1, Situated
In The Area Of Village Chaukhandi, Colony Known As Vishnu Garden, Part-1, New Delhi-110018 f. Equity shareholders holding equity shares in dematerialised mode, who have not registered/ updated their e-mail
And Ground Floor And First Floor Without Roof Rights Out Of Freehold Built Up Property Bearing No.
A-37, Land Area Measuring 100 Sq. Yds. I.e. 83.61 Sq. Mtrs., Approx Out Of Khasra No. 15/12/1, address with their depository participant(s), are requested to register/ update their e-mail address with the depository
Situated In The Area Of Village Chaukhandi, Colony Known As Vishnu Garden, Part-1, New Delhi- participant(s) where they maintain their demat accounts.
110018 Boundaries: East : Property No. A-38, West : Remaining Portion, North : Gali 10 Ft. Wide ,
South : Road 30 Ft Wide g. In case equity shareholders and unsecured creditors of Amalgamated Company and Amalgamating Company 1
5. DL/DEL/DLHI/A000002265&CO/CPC/CPOF/A000003723, 06-03-2025 Rs. 38,00,975/- have any queries or issues regarding e-voting, please refer the Frequently Asked Questions ("FAQs") and Instavote
Mrs. Radhika Kakkar, Mrs. Anju, Property Bearing No. 27-06-2025 as on 06-03-2025
56/1, Ashok Nagar, Tihar II, New Delhi-110018 SYMBOLIC
e-Voting manual available at https://instavote.linkintime.co.in/, under Help section or write an email to
plus interest thereon
Details of Immovable Property : Property Bearing Plot No. 26C, Third Floor, with Roof/Terrace Rights [email protected] or contact on: - Tel: 022 - 4918 6000.
towards front side LHS, area measuring 75 Sq. Yards, i.e. 62.71 Sq. Meters approx., out of Khasra No.
79/15, situated in the revenue estate of village Hastsal, area abadi known as colony Om Vihar, Phase-3, Sd/-
Uttam Nagar, New Delhi– 110059 Boundaries: East : Road 20ft, West : Gali Dead End, North : Other Bhasker Dubey
Property, South : Part of Plot (Other Property) Company Secretary & Compliance Officer
Date: 28.06.2025, Place: Delhi-NCR Authorised Officer, Hinduja Housing Finance Limited
Dated this 27th day of June, 2025
18 NEW DELHI | SATURDAY, 28 JUNE 2025 B
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Protium Finance Limited

(Formerly known as Growth Source Financial Technologies Ltd.)
Nirlon Knowledge Park (NKP) B-2, Seventh Floor, Pahadi Village, Off. The Western
Express Highway, Cama Industrial estate, Goregaon (E), Mumbai, Maharashtra- 400063

POSSESSION NOTICE ( U/S 13(4) & As per Appendix IV read

with rule 8(1) of the Security Interest Enforcement Rules, 2002)
WHEREAS, The undersigned being the Authorized Officer of the Protium Finance Limited
(ERSTWHILE Growth Source Financial Technologies Ltd.) (“hereinafter referred to as
“Protium Finance Limited”) under the Securitization and Reconstruction of Financial Assets
& Enforcement of Security Interest Act, 2002 (Act No. 54 of 2002) (SARFAESI Act) and in
exercise of powers conferred under Section 13 (2) read with Rule 3 of the Security Interest
(Enforcement) Rules, 2002, issued a Demand Notice dated 31st January, 2025 calling
upon the borrowers 1.BIHARI JI TRADERS through its Proprietor Yogesh Garg And
Co-Borrowers 1. YOGESH GARG S/O Om Prakash 2. NARENDRA S/o Om
Prakash 3. AFROJ GARG 4. SANJAY S/o Om Prakash in respect of loan account
bearing No. GS064EEL2266003 to repay the amount mentioned in the said notice being
INR 24,20,271.68/- (Rupees Twenty-Four Lakh Twenty-Two Hundred Seventy-One and
Sixty-Eight Paise Only) as on 30th January, 2025 with further interest, within 60 days from
the date of receipt of the said notice.
The borrowers having failed to repay the amount, notice is hereby given to the Borrower and
Public in General that the Hon’ble District Magistrate AGRA Court in exercise of powers
conferred on them under Sec 14 of the said Act, had issued an order dated 21.06.2025 in
Case Number 1051/2025 appointed Commissioner of Police to take possession of the
Secured Assets at the location mentioned. The said order was executed on 27.06.2025, and
Commissioner of Police took physical possession of the Secured Asset/Mortgaged
Property, described herein below on 27.06.2025 and handed over physical possession of the
Secured Asset/Mortgaged Property to the Authorised Officer of Protium Finance Limited.
Further, Protium Finance Limited are in process of disposal of the said property
through Public Auction for recovery of outstanding dues. Public in general are
informed that no stay/ injunction order has been passed by any Court/Tribunal and
have clear title and free from encumbrance. People who are interested in the said
property can participate in auction as and when initiated by Protium Finance Limited
by giving advertisement in newspaper.
The borrowers in particular and the public in general is hereby cautioned not to deal with the
property and any dealings with the property will be subject to the charge of Protium Finance
Limited, for an amount of INR 24,20,271.68/- (Rupees Twenty-Four Lakh Twenty-Two
Hundred Seventy-One and Sixty Eight paise) as on 30th January, 2025 and further
interest thereon, plus costs, charges, expenses incurred.
The Borrowers attention is invited to the provisions of sub-section (8) of Section 13 of the Act,
in respect of the time available, to redeem the secured assets.
DESCRIPTION OF THE IMMOVABLE PROPERTY “ ALL THAT PIECE AND PARCEL OF
PROPERTY BEING PLOT NO.7, HOUSE NO.07 TULSI BAGH PHASE - II, KHASRA NO.
645 MAUZA MAU MUSTAKIL MUSRAKIL TEHSIL AND DIST AGRA (U.P)
ADMEASURING 90 SQ. YARDS OR 75.24 SQ. MTRS, HAVING ADMEASUREMENT,
EAST TO WEST 14 FT. 6 INCH, NORTH TO SOUTH – 56 FT. 3 INCH, COVERED AREA
75.24 SQ.MTS TOGETHER ALL OTHER RIGHTS, BUILDINGS, IMPROVEMENTS AND
EASEMENTS APPURTENANT THERETO.
Date of Possession: 27th June 2025 Sd/-Authorised Officer
Place of Possession: Agra, Uttar Pradesh. For Protium Finance Limited
B NEW DELHI | SATURDAY, 28 JUNE 2025 19
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deals in Agri/PP/Bullion and prices of all these products are volatile and quality dependent.
Factors such as the terms of trade are mostly agreed to on verbally whereas the rates are finalized, and delivery periods are also fixed,
thereby it is natural for price variations to be visible on particular dates.
STRESSED ASSET MANAGEMENT DIVISION (SAMD), HEAD OFFICE The Review Committee noted that Auditor conducted a price analysis to assess whether preferential pricing was offered to FIEL by its
PLOT NO.4, SECTOR-10, DWARKA, NEW DELHI-110075 vendors or was offered by FIEL to any of its customers. It was observed that there are variations in purchase price and sale price on the
17.05.2025 same day/different day.
ORDER OF THE REVIEW COMMITTEE FOR DECLARATION OF WILFUL DEFAULTERS, PURSUANT TO PROCEEDINGS • In case of merchant trades, the variation in purchase price and sale price is ranging from 5% to 111 % and 5% to 53% respectively.
CONDUCTED AT HEAD OFFICE ON 02.05.2025 • Excess purchase cost incurred on account of procurement of same product at different rate amounts to Rs. 161.59 crore. Similarly,
M/s Frost Infrastructure and Energy Ltd. potential loss on account of sale of same product to customers at lower rate amounts to Rs. 285.87 crore
SAMB/Zonal Office: Delhi/Delhi Against the allegation of based upon the relationship between FIEL, Mohan Steels and Rotomac Group, the Representor stated that
Date of NPA: 07.08.2018 that during the review period, MSL was not a related party of FIEL and even FIL ceased to be a related party of MSL on 20 August 2016.
In terms of RBI Master Circular No. DBR.No.CID.BC.22/20.16.003/15-16 dated July 01, 2015, Committee for Identification of Wilful Further with respect to the issue of interest charged on the Loans on the provided to MSL, the representor submitted that bank
Defaulters issued Show Cause Notice dated 17.09.2024 to following persons mentioning the grounds on the basis of which they are borrowings were never utilized for loans extended to MSL. Therefore, the interest rate of 8% charged cannot be considered lower than
identified as wilful Defaulter: - the borrowing cost. In fact, the interest rate aligns well with the prevailing Fixed Deposit (FD) rates and Government security rates.
Moreover, for the recovery of the Loan amount, FIEL has filed an application before the NCLT, Allahabad against MSL.
1. M/s Frost Infrastructure and Energy Ltd
The Review Committee noted that upon review of annual report of Mohan Steels Limited for FY 2015-16, it observed Frost Group is a
2. Shri Uday J Desai (Whole Time Director/Guarantor)
shareholders in Mohan Steels holding 2.07% of total shares through Mr. Uday Desai & family members along with employees.
3. Shri Sunil Kumar (Whole Time Director/Guarantor)
Similarly, Rotomac Group is holding 47.05% of shares through Rotomac Exports Pvt.ltd, Mr. Vikram Kothari and his family members.
4. Shri Anoop Kumar Wadhera (Whole Time Director/Guarantor)
No interest had been charged or paid against the loans given and taken from Mohan Steels Limited during the FY 2012-13 and 2013-
Vide Show Cause Notice, the above-named persons were given opportunity to make a representation, if they so desire, to the Bank 14, post which interest has been charged @ 8% p.a. which is lower than the borrowing cost of company
within 15 days from receipt of notice, as to why they should not be classified as wilful defaulters.
The Review Committee observed that borrower and its related parties failed to provide any concrete evidence to disapprove
Pursuant to the Show Cause Notice dated 17.09.2024, no representation was received (one representation dated 21.11.2024 received allegations of wilful default.
after decision to issue Identification Order was taken by Identification Committee) from the Borrower or its related parties.
The Review Committee noted that all earlier letters/ representations of the borrower and its related parties have been considered by
The Identification Committee upon due deliberation and considering the representation and after due consideration of the facts on the Bank. It was observed that borrower and its related parties failed to provide any concrete evidence to disapprove allegations of
record found that the charges against the Borrower and its above-named related parties stands proved for the reasons and facts stated wilful default.
above and passed order in its proceedings dated 21.11.2024 identifying the Borrower and its related parties as wilful defaulters on the
Keeping in view the above-mentioned facts and circumstances, the Review Committee observed that the parties have failed to refute
ground mentioned above. The order of the Identification Committee was issued on 09.12.2024. Further, the committee had also
the charges of wilful default which are as under:-
advised that the Borrower/Directors may submit their representation to the Review Committee headed by MD & CEO, within 15 days
Diversion of Funds
from the date of receipt of the order, if they so desire.
As per the Forensic Audit Report of Haribhakti and Co. LLP conducted by Bank of India for the period of 01.04.2012 to 31.03.2018
In response to the order dated 09.12.2024, representation through e-mail dated 14.01.2025 was made by Authorized Signatory of the
following diversion was reported as unusual indicators by the Forensic Auditor:
borrower company
i. Potential diversion of funds through unsecured loans & advances:
In terms of SASTRA Division Circular No. 72/2024, the Review Committee is required to grant an opportunity of personal hearing to the
borrower and its related parties. During the review period i.e. FY 2012-13 to FY 2017-18, unsecured loans & advances amounting to INR 5,999.15 crore were given to
44 parties, out of which INR 305.15 crore pertaining to 22 parties is outstanding as on 31st March 2018.
Hence, it was decided to grant an opportunity of personal hearing on 02.05.2025 before the Review Committee.
Unsecured Loans taken:
Shri Sunil Verma (Director) vide letter dated 30.04.2025 requested for an adjournment due to unavoidable personal difficulties.
During the review period unsecured loans amounting to Rs. 283.01 crore was taken from 16 parties at different point in time. As on 31
The Committee considered the above and decided not to grant adjournment to the borrower and its related parties.
March 2018, unsecured loans amounting to Rs. 22.93 Crore are yet to be repaid by FIEL to 8 parties. FIEL has not entered into any
Hence, the Committee decided to consider representation dated 20.12.2021 and deliberated as under:
agreement with the parties for obtaining unsecured loans.
Deliberation of the Committee:
ii. Review of Merchant Trade (MT) Transactions:
The Representor stated that Identification Committee without properly considering the detailed submissions made by the Company
a. Based on export data obtained, it is observed that during January 2018 :
on 21.11.2024, has proceeded to pass the Order in the Stage – I proceedings.
• No exports from party named Fareast Distribution & Logistics Pte Ltd is found during the month of January 2018 from China.
The Review Committee noted that Show Cause Notice was issued pursuant to meeting held on 21.11.2024 and representation dated
• Exports from China to African countries (HSN Code - 84718000 - laptop/computer-parts and computer products) amounts to USD
21.11.2024 (sent through Speed Post bearing Consignment No. ED013780217IN) was received much later, hence the same could not
1.77 lakh as compared to USD 138.73 lakh reported in the books of FIEL.
be considered.
• On review of vessel movement details obtained, mismatch is observed in 12 MT transactions. This mismatch was with respect to
The Representor stated that reliance on the forensic audit report by HBCO is flawed due to a clear conflict of interest, procedural
either port of loading /discharge or date mismatch in vessel movement data while comparing BL date with port calls report.
deficiencies, and the lack of a proper money trail exercise.
b. Merchant Trade Transactions between related parties/ potentially related parties Total Merchant Trading sales during the
The Review Committee noted that as per Forensic audit report submitted by M/s Haribhakti Co. & LLP, following observations were
scope period was INR 25,221.12 Cr against purchase of INR 25,076.87 Cr. On review of merchant trades transactions,
made:
following was observed:
• Loans given to non-business related parties
• Purchase worth Rs. 600.08 Cr and sale transactions worth Rs. 603.80 Cr were executed among parties having common key
• Inadequate documentation (loan agreements) for loans & advance given and taken
managerial personnel.
• Loan given at rate lower than borrowing cost
• Purchase and sale transactions amounting to Rs. 3,085.03 Cr and Rs. 3,068.27 Cr respectively among parties known to each other
• Interest not charged/partially charged on loans & advances given and taken
i.e. they are already having relations as customers or vendors among themselves.
• Unsecured loans are given while secured loans are outstanding
• Some of the parties are having similar format of contracts, pattern of contract number, contract content, addresses and invoice
• Unusually high number of parties to whom loan is given format.
Moreover, the observations of auditor are based on data provided by the company and consortium bankers. There has been data • Common signature on invoices and agreements for different parties.
limitations in respect of data provided by the company.
• Receipt of significant advances from customer against Merchant trade sales ranging from 31% to 314% of sales even when credit
So, mere allegations by the borrower that the auditor has used a faulty approach is baseless. period of 180 days is allowed.
The Representor stated that allegations regarding diversion of funds is baseless and consequently the proposal to declare the • Netting off customer receivables against advances/balances of another customer through accounting adjustments amounting to
account of FIEL as wilful defaulter is arbitrary. Rs. 1,841.58 Cr.
The Review Committee noted that during review of loans and advances ledger extracts and non-availability of adequate supporting c. Mismatch in Bill of lading Date against purchase contract date
documents, they concluded that there is potential diversion of funds by providing loans to non-business-related parties.
• For 9 MT purchase transactions, third party BL (Bill of lading having shipper and customer name other than Frost Supplier and
The Representor stated that Forensic Auditor did not analyse the container tracking reports which were available to them and failed to customer) wherein bill of lading date was after purchase contract date.
analyse the transactions accurately. They failed to differentiate between container and bulk vessel shipments for assessing the • 66 cases of MT purchases wherein own documents having Bill of lading date before purchase contract date.
movement of goods. They assumed all the transactions to be bulk shipments and focused only on vessel names which is a faulty and
d. Documentary discrepancies for MT transactions
incomplete approach.
The Forensic Auditor observed as under: THE INDIAN HUME PIPE COMPANY LIMITED
The Review Committee noted that based on review of merchant trade documentation and ledgers, these transactions appeared to be
• Same product description on the sale and purchase documents. CIN : L51500MH1926PLC001255
suspicious due to following factors:
• Absence of details related to make of product, quality of product etc. in invoice and contract. Regd. Office: Regd. Office: Construction House, 5,
• No export of materials from loading port country for merchant trade transactions Walchand Hirachand Road, Ballard Estate, Mumbai 400 001
• Irrelevant governing law clause mentioned in contract.
• Mismatch in port details & date as per Bill of lading when compared with port call report for vessels Tel: +91-22-22618091,+91-22-40748181 Fax : +91-22-22656863
• Mismatch in business profile of vendors/customers.
• High volume of Trade with the related/connected parties and with vendors & customers already known to each other. E-mail : [email protected] Website : www.indianhumepipe.com
• Common Contact number was observed for different parties namely “Bat Universal Pte Limited and Frost Global Pte Limited” &
• Advances/GL balances of different merchant trade customers adjusted against each other. th
NOTICE OF 99 ANNUAL GENERAL MEETING TO
“Brightway Holdings International Ltd and RBAVenture Limited.”
• Trade with the parties having similar format of documents & Trade with the parties having mismatch in business profile THE SHAREHOLDERS OF THE INDIAN HUME
• Same font used in contract and invoices.
Unusual rate variation in goods sold and purchased on same day or within a short period of time. PIPE COMPANY LIMITED
e. Variation in sale and purchase prices of Merchant Trade transactions
Against the allegation that the MT transactions were between related parties/potentially related parties, the Representor stated that
• We conducted a price analysis to assess whether preferential pricing was offered to FIEL by its vendors or was offered by FIEL to NOTICE is hereby given that the 99th Annual General Meeting (‘AGM’) of
the Forensic Auditor has ignored the shareholding structure of the foreign parties which is the fundamental basis of determining if two
any of its customers. We observed the variations in purchase price and sale price on the same day/different day. The Indian Hume Pipe Company Limited (‘the Company’) is scheduled to
companies are related to each other or not. HBCO has also conveniently ignored that the foreign companies. were being managed and
• In case of merchant trades, the variation in purchase price and sale price is ranging from 5% to 111 % and 5% to 53% respectively. be held on Friday, 1st August, 2025 at 2.30 p.m. (IST) through Video
controlled by independent persons.
• Excess purchase cost incurred on account of procurement of same product at different rate amounts to Rs. 161.59 crore. Similarly, Conferencing (‘VC’) or other Audio-Visual Means (‘OAVM’) facility in
None of the directors or employees of FIEL were involved or connected in any manner with the foreign parties. compliance with all the applicable provisions of the Companies Act, 2013
potential loss on account of sale of same product to customers at lower rate amounts to Rs. 285.87 crore.
Without prejudice, it is submitted that it is perfectly legal to do business with legal entities which may have common shareholders or (“the act”) and the rules made thereunder, read with General circular No.
Based on review of merchant trade documentation and ledgers, these transactions appears to be suspicious due to
management. 09/2024 dated September,19, 2024 issued by Ministry of Corporate Affairs
following factors :
The Review Committee noted that based on review of merchant trade documentation and ledgers, these transactions appear to be (“MCA”), Circular No. SEBI/HO/CFD/CFD-PoD-2/P/CIR/2024/133 dated
• No export of materials from loading port country for merchant trade transactions October 3, 2024 issued by Securities Exchange and Board of India (“SEBI”)
suspicious due to following factors:
• Mismatch in port details & date as per Bill of lading when compared with port call report for vessels hereinafter collectively referred as “Circulars”, and all other applicable laws, to
• No export of materials from loading port country for merchant trade transactions
• High volume of Trade with the related/connected parties and with vendors & customers already known to each other. transact the business as set out in the Notice convening the AGM, which will be
• Mismatch in port details & date as per Bill of lading when compared with port call report for vessels
• Advances/GL balances of different merchant trade customers adjusted against each other. circulated in due course of time.
• High volume of Trade with the related/connected parties and with vendors & customers already known to each other.
• Trade with the parties having similar format of documents & Trade with the parties having mismatch in business profile In compliance with the Act, the Rules made thereunder and the above
• Advances/GL balances of different merchant trade customers adjusted against each other.
• Unusual rate variation in goods sold and purchased on same day or within a short period of time. circulars, the Notice of the AGM along with the Annual Report for the Financial
• Trade with the parties having similar format of documents & Trade with the parties having mismatch in business profile Year 2024-25 will be sent to all the Members whose email address are
Review other than Merchant sales transactions:
• Unusual rate variation in goods sold and purchased on same day or within a short period of time. registered with the Company/RTA/Depositories. As per MCA circulars and
Against the allegation that the FIEL conducted trade with parties having similar format of contracts, similar pattern of contract number, a. Absence of supporting documentation for movement of goods th
SEBI circulars, no physical copies of the 99 AGM Notice and Annual Report
contract content, addresses and invoice formats, the Representor stated that the Forensic Auditor has failed to understand that once The Forensic Auditor observed following on review of documentations for local purchase and sale transactions: for the Financial Year 2024-25 will be sent to any shareholder.
a contract is standardised between any two parties, for the purpose of convenience and efficiency the same may be templatized and • Documentation for movement of goods like transporters challan /lorry receipt, weighing slips, etc were not available. In case any Member is desirous of obtaining physical copy of the Annual
used by multiple parties with similar terms and conditions. • Details and records for inward and outward movement of goods involved in local trade transactions were not available. Report for the Financial year 2024-25, he/she may send request to
The Review Committee noted that in the report it is mentioned that FIEL does not have/had any business/commercial relationship In absence of required documentation, we could not verify movement of goods as well as genuineness of local purchase and sale [email protected] mentioning their Folio-No/DPID and Client-Id.
with most of parties. However, loans & advances were given to such parties without entering into any agreement or formal contract transactions. A letter providing weblink for accessing the Annual Report 2024-25 will be sent
containing significant clauses such as interest rate, indemnity clause, purpose of loan, etc. b. Variation in sales and purchase prices of other trade transactions to those shareholders who have not registered their email address with
The Representor stated that with respect to two parties having similar address, the HBCO Report finds that Fareast - a MT party with The Forensic Auditor observed as under: Company/RTA/Depositories.
whom FIEL has trade relations is owned 100% by Fausta Limited (‘FL’). Through a public domain search, HBCO found that FL and Gulf • We conducted a price analysis to assess whether preferential pricing was offered to FIEL by its vendors or was offered by FIEL to Members may note that the Notice of the AGM and Annual Report for 2024-25
Distribution Ltd (Gulf) have the same address and has thereby highlighted such commonality of address as an ‘Unusual Indicator’. any of its customers. We observed the variations in purchase price and sale price on the same day/different day. will also be available on the Company’s website www.indianhumepipe.com,
• In case of other trades, the variation in purchase price and sale price is ranging from 1% to 25% and 1% to 13% respectively. websites of the Stock Exchanges i.e. BSE Ltd. and National Stock Exchange
Mere commonality in office addresses between parties is not unusual in International Trade. The commonality of address between the
• Excess cost incurred due to procurement at different rate amounts to Rs. 0.33 crore. Similarly, potential loss due to sale of same of India Limited at www.bseindia.com and www.nseindia.com respectively and
vendors has no correlation to FIEL as there is no commonality with FIEL's addresses or its group companies. the website of NSDL https://www.evoting.nsdl.com. Members can attend and
It is also relevant to point out that Fareast does not have its registered office at the said address, rather, Fareast's parent company product at different rate amounts to Rs. 0.10 crore.
participate in the AGM through the VC/OAVM facility only.
(`Fausta') does, which is a separate legal entity. As per Forensic Audit Report of Haribhakti Co. & LLP, the Forensic Auditor has observed as under:
The instructions for joining the AGM are provided in the Notice of the AGM.
The Review Committee noted that upon review of the underlying documents of merchant trading transactions it was observed the FIEL and Rotomac Group as shareholders in Mohan Steels Limited: On review of annual report of Mohan Steels Limited for FY Members attending the meeting through VC/OAVM shall be counted for the
following for below mentioned parties: 2015-16, it observed Frost Group is a shareholder in Mohan Steels holding 2.07% of total shares through Mr. Uday Desai & family purpose of reckoning the quorum under Section 103 of the CompaniesAct, 2013.
• Contract format is similar for group of parties. (Enclosed on the subsequent page) members along with employees. Similarly, Rotomac Group is holding 47.05% of shares through Rotomac Exports Pvt. Ltd., Mr. Vikram The Company is providing remote e-voting facility (remote e-voting) to all its
• Similar pattern of contract number for group of parties – On reviewing the contracts, we found that the contract number is formed by Kothari and his family members. members to cast their votes on all resolutions set out in the Notice of the AGM.
adding the initials of the name of the company and reversing the date of the contract. For e.g., a sale contract with Gulf Distribution Directorship in Mohan Steels and Rotomac: On review of list of directors in Mohan Steel it is observed that Mr. Vikram Kothari Additionally, the Company is providing the facility of voting through
Limited is entered on 29th June 2017. Hence, contract number is GDL 17-0629. (Managing Director of Rotomac Group) is acting as director in company from Mar,05. Similarly, Mr. Uday Desai (Managing Director of e-voting system during the AGM (e-voting). Detailed procedure for remote
• Similar contents of contracts for group of parties Frost Group) was a director from Aug,06 till Aug,16. e-voting/ e-voting is provided in the Notice of the AGM.
As per HSN code provided by FIEL, we have obtained details to verify actual movement of goods (Laptop/computer- Parts and Relation as Associates company: On review of financial statements submitted by Mohan Steel with ROC for the Period FY 2010-11 If your email ID is already registered with the Company/Depositories/RTA login
Computer Products) from loading country (China) during the month of January 2018 as specified in Bill of lading. However, based on to FY 2013-14, we observed that Mohan Steel has reported companies of Rotomac Group and Frost Group companies as associates. details for e-voting are being sent to your registered email address.
the verification observed following:- Potential diversion of funds through unsecured loans and advances has been reported by the Forensic Auditor Haribhakti The Company has fixed Friday, 25th July, 2025 as the cut-off date for
• No exports were made by Fareast Distribution & Logistics Pte Ltd during the month of January 2018 from China to United Arab Co. & LLP in its Forensic Audit Report for the period 01.04.2012 to 31.03.2018 as under: determining entitlement of members to cast their vote.
Emirates and Africa countries (Ghana and Nigeria). During the review period 2012-13, unsecured loans & advances amounting to Rs. 5999.15 Crore were given to 44 parties out of which Pursuant to Finance Act 2020, the dividend income will be taxable in the hands
• Total value of exports (HSN Code - 84718000 - laptop/computer-parts and computer products) from China to African countries Rs. 305.15 Crore pertaining to 22 parties is outstanding as on 31.03.2018. of shareholders w.e.f. April 1, 2020 and the Company is required to deduct Tax
The Forensic Auditor observed as under: at Source from dividend paid to Shareholders at the prescribed rates.
amounts to USD 1.77 lakh as compared to USD 138.73 lakh reported in the books of FIEL.
Regarding the allegation of receipt of significant advances cannot be the basis to allege that FIEL wilfully defaulted in meeting the • FIEL does not have/did not have business relations with majority of these parties. For the prescribed rates for various categories, the shareholders are
• Loans & advances were given to such party without entering into any agreement, as such there is no clarity regarding tenure, rate of requested to refer to the Finance Act, 2020 and amendments thereof. The
payment obligations, the Representor stated that Forensic Audit Report failed to understand that the same is considered to be a
shareholders are requested to update their PAN with the Company/RTA (in
healthy sign of a trade. interest, indemnity.
case of shares held in physical mode) and depositories (in case of shares held
The Review Committee noted that upon review of 21 ledgers pertaining to merchant trade transactions, we noted that significant • Interest rate ranging from 3% to 18% has been charged on the amount of loan. However, interest was not charged consistently in demat mode).
amount has been received as advances from customers against sales even when company normally allows a credit period of during the review period.
A resident individual shareholder with the PAN and who is not liable to pay
180 days. In case of 11 out of 18 customers, auditor observed that advances have been received in the range of 31% to 314% of sales • Sources of funds for loan given is receipts from customers, loans taken from bank. income tax can submit a yearly declaration in Form No.15G/15H/10F and
undertaken during the review period. • Out of Rs. 110.71 Crore loan given to Mohan Steel Rs. 94.93 Crore loan is outstanding for more than 2 years. Declaration under Rule 37BA to avail the benefit of no-deduction of tax at
Regarding the allegation of Netting off of customer receivables against advances of another customer to doubt the genuineness of the Out of total loan outstanding given amounting to Rs. 305.15 Crore, loans amounting to Rs. 221.92 Crore was given to potential source are required to be update at https://web.in.mpms.mufg.com/
transactions, the Representor stated that the practice of netting-offs of receivables/advances between multiple parties is quite related/connected parties. EmailReg/Email_Register.html on or before 18th July, 2025. Shareholders are
common in trading businesses and does not in any manner go on to cast a doubt on the genuineness of the transaction. ORDER OF THE REVIEW COMMITTEE FOR DECLARATION OF WILFUL DEFAULTERS: requested to note that in case their PAN is not registered, the tax will be
The Review Committee noted that upon review of customer ledgers and advance GLs, observed that multiple customer invoices are The Review Committee chaired by the Executive Director of the Bank and the Chief General Managers/General Managers of the Bank deducted at a higher rate of 20%.
adjusted against advances/GL balance of other customers. they observed that in case of 19 out of 21 ledgers invoices/payments of one as members, after due consideration of the above said facts and evidence on record, in its meeting held on 02.05.2025 concurred with Non-resident shareholders can avail beneficial rates under tax treaty between
customer is adjusted with GLs of other customer. Adjustments entries among these customers indicate potential relationship between the order of the Identification Committee and found that the below mentioned borrower and its related parties are responsible for the India and their country of residence, subject to providing necessary
these parties. above event of wilful default, which constitute cogent grounds of being declared as ‘Wilful Defaulter’ in terms of extant Bank guidelines documents i.e. no permanent establishment and beneficial ownership
declaration. Tax residency certificate, Form 10F, any other documents which
Against the allegation of Mismatch in date of bill of lading and purchase contract date, the Representor stated that the contracting issued in consonance with the RBI guidelines/Master Circular No. RBI/DoR/2024-25/122, DoR.FIN.REC.No.31/ 20.16.003/2024 -25,
may be required to avail the tax treaty benefits by updating the above
parties may have verbally agreed on a particular transaction, and this would have led to the issuance of a bill of Lading with the' Dated July 30, 2024 and the following persons as willful defaulters on the following grounds: documents at https://web.in.mpms.mufg.com/EmailReg/
purchase contract having been executed/concluded subsequently after a few days. S. No. Name Designation/Status Charge Email_Register.html. The aforesaid declaration and documents need to be
The Review Committee noted that as per the Forensic Audit Report, there were: 1 M/s Frost Infrastructure and Energy Ltd Borrower Diversion of Funds th
submitted by the shareholders on or before 18 July, 2025.
• For 9 MT purchase transactions, third party BL (Bill of lading having shipper and customer name other than Frost Supplier and 2 Shri Uday J Desai Director st
Pursuant to applicable SEBI Circular, w.e.f.1 April, 2024, the Dividend to the
customer) wherein bill of lading date was after purchase contract date 3 Shri. Sunil Kumar Director shareholders will be paid by the Company through electronic mode only.
• 66 cases of MT purchases wherein own documents having Bill of lading date before purchase contract date. 4 Shri Anoop Kumar Wadhera Whole Time Director Members are requested to update their complete bank account details with
Against the allegation of mismatch in customer & vendor profile, the Representor stated that the Forensic Auditor did not list down all The committee directed to issue the order accordingly and to serve the same upon the above persons. their depositories in case the shares are held in demat mode and in case the
products/business profile of the select entities as was appearing in public domain/respective D&B reports. Review Committee-II constituted in consonance with the RBI directives comprises of the following members: shares are held in physical mode, by sending duly filled form ISR-1 along with
The Review Committee observed that there is Mismatch in business profile of vendors/customers involved in merchant trade such as i. Executive Director of the Bank (Head of Committee) necessary supporting documents to the Registrar and Transfer Agent at M/s
mismatch in port details & date as per Bill of lading when compared with port call report for vessels. MUFG Intime India Pvt. Ltd, C-101, Embassy 247, L.B.S. Marg, Vikhroli (W),
ii. Chief General Manager, Credit Division, Member
Mumbai 400083.
Against the allegation of consideration of inadequate documentation for trading transactions (other than MT Trade), the Representor iii. General Manager, SAM Division, Member
stated that list of documents/information that could not be provided by FIEL to HBCO was duly explained and clarified that it was either By order of the Board
iv. Deputy General Manager, Law Division, HO (Invitee)
not possible to obtain such information or such information was not required to be maintained in the normal course of business at all. The Indian Hume Pipe Company Limited
The Review Committee-I, has authorized the undersigned to send this ORDER OF THE COMMITTEE FOR REVIEW OF WILFUL
The Review Committee noted that out of 355 sample merchant trade transactions reviewed, complete documentation was not Place: Mumbai Sd/-
DEFAULTERS under his signature. Date:26th June, 2025
available in 2 cases and inadequate documentation was available in 12 cases with regard to adequate documents. Sd/ Niraj R. Oza
Against the allegation of variation in sale and purchase price of other trade transactions, the Representor stated that the borrower Authorized Signatory Vice President - Company Secretary & Legal
20 NEW DELHI | SATURDAY, 28 JUNE 2025 B
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Z.O. Gurgaon
Institutional Plot No.- 151, Sector- 44,
Gurgaon-122003 Ph.- 0124-4843537 SALE NOTICE
PUBLIC NOTICE FOR E-AUCTION FOR SALE OF IMMOVABLE PROPERTIES ON 29.07.2025 (12.00 PM to 3.00 PM)
E-Auction Sale Notice for Sale of Immovable Assets is issued under the Securitisation and Reconstruction of Financial assets and Enforcement of Security Interest Act, 2002 read with provision to Rule 6(2) movable & 8(6) immovable of the Security Interest (Enforcement) Rules, 2002.Notice
is hereby given to the public in general and in particular to the Borrower, Mortgagor (s) and Guarantor (s) that the below described immovable property mortgaged/charged to the Secured Creditor, Symbolic/Physical possession of which has been taken by the Authorized Officer of the
Bank/Secured Creditor, will be sold on “As is where is”, “As is what is”and “Whatever there is” basis for recovery of dues in below mentioned account/s. The details of Borrower(s)/Mortgagor(s)/Guarantors(s)/details of secured Assets(s)/Dues/Reserve price /e-Auction date & Time,
EMD amount are mentioned in the table below.
DESCRIPTION OF IMMOVABLE PROPERTIES
Sl. Name of Borrower/ Description of the property Demand Notice Date & Outstanding Reserve Price Property Status of possession Last Date Date/ Time Name & Contact Nos. of QR CODE FOR QR CODE FOR QR CODE FOR
No. Guarantor & Branch Amount (Rs.) as on + future interest EMD Inspection (Physical or & Time of EMD of Authorized Officer LOCATION SITE PROPERTY SERVICE
& other expenses thereon Bid increase Amount Date & Time Submission e-Auction IMAGE PROVIDER
Symbolic)
1. DEEP HOTEL PROP. JAIPAL ALL Part and Parcel of property bearing khewat no. 1049, 01-06-2024 Rs. 7500000.00 23.07.2025 Symbolic 28.07.2025 29.07.2025 Sh.Devpreet Singh (Chief Manager)
/Bahadurgarh khata no. 2011/3(1-13), measuring 208 sq.yds. At shastri Rs.290223.57 Rs. 750000.00 10:00 AM Possession Upto 4:00 PM 12:00 PM Mobile No: 9888953140
nagar Bahadurgarh, Jhajjar, Haryana-124507 to 4:00 PM to 3:00 PM Email ID: [email protected]
Rs. 75000.00

2. POOJA MALHOTRA & TINU Residential property at Flot No.B3 First Floor on Property 05-04-2021 Rs. 2677000.00 23.07.2025 Physical 28.07.2025 29.07.2025 Sh. Jitender Kumar (Chief Manager)
MALHOTRA/ Gurgaon Main No. B-90-91,BLOCK B ANAND VIHAR, Uttam Nagar, New Rs.3405007.81 Rs. 267700.00 10:00 AM Possession Upto 4:00 PM 12:00 PM Mobile: 8800697770
Delhi, measuring 300 sq yards & Flat Area is 720sq ft out of to 4:00 PM to 3:00 PM Email Id: [email protected]
Rs. 26770.00
Khasra No.78/14 situated in the area of village Hastal &
Colony Know as Om Vihar Extension Phase 3 Uttam Nagar
New Delhi-110059
3. PADAMA BISTA SEHGAL & All part & parcel of Built up second floor without roof rights 04-02-2023 Rs. 3600000.00 23.07.2025 Physical 28.07.2025 29.07.2025 Sh. Jitender Kumar (Chief Manager)
BHARAT DEEP SEHGAL/ out of Built up Property bearing number 68,69&70 , land Rs.3143739.49 Rs. 360000.00 10:00 AM Possession Upto 4:00 PM 12:00 PM Mobile: 8800697770
Gurgaon Main area measuring 100sq yards out of khasra no. 78/14 to 4:00 PM to 3:00 PM Email Id: [email protected]
Rs. 36000.00
situated inthe area of village Hastal & Colonmy Know as Om
Vihar Extension Phase 3 Uttam Nagar New Delhi-110059

4. MANOJ SO SATBIR/ Manesar Residential free Hold Property No.594/11, new number 16-04-2024 Rs. 5800000.00 23.07.2025 Symbolic 28.07.2025 29.07.2025 Smt. Suman Sharma (Chief Manager)
73/13 situated at Nehru Lane Gurugram Haryana-122001 Rs.3070977.08 Rs. 580000.00 10:00 AM Possession Upto 4:00 PM 12:00 PM Mobile: 9899748099
area measuring 84.03 sq meter or 100.50 sq yards to 4:00 PM to 3:00 PM Email Id: [email protected]
Rs. 58000.00

5. SANDEEP/ Manesar Residential Double storied Property H.No. 2230 Prop Id. 16-04-2024 Rs. 3186000.00 23.07.2025 Symbolic 28.07.2025 29.07.2025 Smt. Suman Sharma (Chief Manager)
C801U826, PART of killa no. 17/24, Khewat/ Khata No. Rs.1804927.51 Rs. 318600.00 10:00 AM Possession Upto 4:00 PM 12:00 PM Mobile: 9899748099
259/329 near Shree Ram Convent School & Shiv Mandir , to 4:00 PM to 3:00 PM Email Id: [email protected]
Rs. 318600.00
Gali No. 28A surat Nagar Phase 2 Gurgaon 122001 area
measuring 50.16 sq m or 60 sq yads.

6. SUNIL SHARMA/ Manesar Residential Double storied Property Plot No.4198/A Prop Id 08-02-2024 Rs. 2542000.00 23.07.2025 Symbolic 28.07.2025 29.07.2025 Smt. Suman Sharma (Chief Manager)
39C3380U634A Block D part of Khasra No.5579/28, near Rs.2959781.97 Rs. 254200.00 10:00 AM Possession Upto 4:00 PM 12:00 PM Mobile: 9899748099
RK Hospital Rajender Park Gurgaon 122001 measuring 38 to 4:00 PM to 3:00 PM Email Id: [email protected]
Rs. 25420.00
sqm / 45sqyards

7. DEEPAK GUPTA/ Manesar H.No G90, GALI NO.3 BLOCK G, RAJENDER PARK , 08-02-2024 Rs. 4005000.00 23.07.2025 Symbolic 28.07.2025 29.07.2025 Smt. Suman Sharma (Chief Manager)
GURUGRAM-122001 AREAMEASURING 60SQYARDS Rs.1721947.90 Rs. 400500.00 10:00 AM Possession Upto 4:00 PM 12:00 PM Mobile: 9899748099
to 4:00 PM to 3:00 PM Email Id: [email protected]
Rs. 40050.00

8. PREM SEELA DEVI & RAM Residential Triple storied Property PlotNo.1253, PART of 03-01-2025 Rs. 3612000.00 23.07.2025 Symbolic 28.07.2025 29.07.2025 Smt. Suman Sharma (Chief Manager)
CHET/ Manesar Mustil/Killa No. 16/10/1 (3-0) Gali No. 37, Near Lord Krishna Rs.3104152.34 Rs. 361200.00 10:00 AM Possession Upto 4:00 PM 12:00 PM Mobile: 9899748099
Convent School, Dhanwapur Road Surat Nagar Phase 2 to 4:00 PM to 3:00 PM Email Id: [email protected]
Rs. 36120.00
Gurgaon 122001 area measuring 41.8sq m or 50sq yards

9. RAJJO DEVI & AJAY GARG/ Plot No.386, gali no.16, near Gurjar Chowk, Garg Colony, 10-07-2024 Rs. 3560000.00 23.07.2025 Symbolic 28.07.2025 29.07.2025 Smt. Suman Sharma (Chief Manager)
Manesar Ballabgarh Faridabad, area measuring 62sqyards Rs.1803723.00 Rs. 356000.00 10:00 AM Possession Upto 4:00 PM 12:00 PM Mobile: 9899748099
to 4:00 PM to 3:00 PM Email Id: [email protected]
Rs. 35600.00

TERMS & CONDITIONS:-

1. The online E-auction shall be held through auction platform i.e. https://baanknet.in on the date and time provided. The intending bidders/purchasers are required to register through https://baanknet.in by using valid email ID and mobile number. The intending bidders/purchasers are further required to upload their KYC documents and Bank details.
Registration and uploading formalities should be completed well in advance.
2. EMD Payment: The intending Bidders/Purchasers are requested to register on portal (https://baanknet.in) using their email-id and mobile number. The process of e-KYC is to be done through Digilocker and after completion of KYC verification, the intending bidders/Purchasers may login and make the EMD payment.For EMD payment intending
bidders/purchasers can be guided by the buyer manual provided therein on portal after login as buyer. Payment can be made through payment gateway and also by way of creating challans and by depositing the amount in the wallet. The payment must be ensured well in advance before the stipulated time. Interested bidder shall deposit pre-bid EMD
with https://baanknet.in Auction portal before the close of e-auction. The EMD shall not bear any interest, for refund of EMD of the unsuccessful bidders, bidder has to seek the refund online from e-auction service provider by logging in https://baanknet.in and by following procedure for refund given in buyer manual. EMD amount of the unsuccessful
bidder will be returned without interest. After successful H1 bidding that remaining amount is to be remitted to A/c no. 80235040070003 Name : NEFT INWARD STP PARKING ACCOUNT IFSC code: PSIB0008023
3. While bidding the bidder has to select the property for which offer is submitted from the list mentioned in the above website and /or bidder can directly enter property ID. For queries contact number-8291220220 & email id – [email protected]. For registration, Login and Bidding Rules, please refer Buyer Manual link provided in the
home page of https://baanknet.in.
4. Bidder’s e-Wallet should have sufficient balance equivalent to or above the EMD amount at the time of bidding.
5. During the e-auction, bidders will be allowed to offer higher bid in inter-se bidding over and above the last bid quote and the increase in the bid amount must be of increment amount mentioned. Ten minutes time will be allowed to bidders to quote successive higher bid and if no higher bid is offered by any bidder after the expiry of ten minutes to the last
highest bid, the e-auction shall be closed.
6. It is the responsibility of intending Bidders(s) to properly read the Sale Notice, Terms & Conditions of e-auction, Help Manual on operational part of e-Auction and follow them strictly.
7. After finalization of e-Auction by the Authorized Officer, successful bidder will be informed by our above referred service provider through SMS/email registered with the service provider.
8. The secured asset shall not be sold below the reserve price.
9. The success auction Purchaser/Bidder shall, have to deposit 25% (twenty five percent) of the bid amount (i.e. including EMD amount deposited earlier) immediately on finalization/concluding of Auction i.e. on the same day or not later than next working day. The balance amount of bid/purchase price payable shall be paid by successful auction
Purchaser/Bidder to the Authorized officer on or before fifteenth day of confirmation of sale of the property or such extended period as may be agreed upon in writing between the purchaser and secured creditors, in any case not exceeding three months. In case of failure to deposit the amount as mentioned above within the stipulated time, the amount
deposited by successful bidder shall be forfeited to the Bank and Authorized Officer shall have the liberty to conduct a fresh auction/sale of the property & the defaulting bidder shall not have any claim over the forfeited amount and the property.
10. Default of payment: Default of payment of 25% of bid amount (including EMD) on the same day or the next working day as stated above and /or 75% of balance bid amount within stipulated time shall render automatic cancellation of sale without any notice. The EMD and any other monies paid by the successful bidder shall be forfeited to the Bank by the
Authorized officer and the defaulting purchaser shall forfeit all claims to the property or to any part of the sum for which it may be subsequently sold.
11. Payment of sale consideration by the successful bidder to the Bank will be subject to TDS under Section 194-1Aof Income Tax act 1961 and TDS is to be deposited by the successful bidder only at the time of deposit of remaining 75% of the bid amount.
12. No request for inclusion/substitution of names, other than those mentioned in the bid, in the sale certificate, shall be entertained. The sale certificate shall be issued only in the name of the successful bidder.
13. The Authorized Officer reserve the right to accept any or reject any/all bids, if not found acceptable or to postpone/cancel/adjourn/discontinue or vary the terms of the auction at any time without assigning any reason whatsoever and his decision in this regard shall be final.
14. The sale certificate shall not be issued pending operation at any stay/injunction/restraint order passed by the DRT/DRAT/High Court or any other court against issue of sale certificate. Further, no interest shall be paid on the amount deposited during this period. The deposit made by the successful bidder, pending execution of Sale Certificate, shall be
kept in non-interest bearing deposit account. No request for return of deposit either in part or full/cancellation of sale shall be entertained. In case of stay of further proceeding by DRT/DRAT/High Court or any other court, the auction may either be deferred or cancelled and persons participating in the same shall have no right to claim damages,
compensation or cost for such postponement or cancellation against Authorized officer/Bank.
15. The intending purchaser can inspect the property on date and time mentioned above or as communicated by the Bank at their expense. For inspection about the title document & other documents available with the Bank, the intending bidders may contact concerned branch of Punjab & Sind Bank during office hours.
16. The properties are being sold on “As is where is”, “As is what is” and “Whatever there is” basis and the intending bidders should make their own discreet independent inquires& verify the concerned Registrar/SRO/Revenue Records/other Statutory authorities regarding the encumbrances and claims/right/dues/charges of any authority such as Sale tax,
Excise/GST/Income Tax beside the Bank’s Charge and shall satisfy themselves regarding the, title nature, description, extent, quality, quantity, condition, encumbrance, lien, charge, statutory dues, etc. over the property before submitted their bids. The e-auction advertisement does not constitute and shall not be deemed to constitute any commitment
or any representation of the Bank. The Authorized officer/Secured Creditor shall not be responsible in any way for any third party encumbrances/claims/rights/dues. No claim of whatsoever nature regarding the property put for sale for charges/encumbrances, over the property or on any other matter etc. shall be entertained after submission of the online bid.
17. The bank does not undertake any responsibility to procure any permission/license, NOC etc. in respect of the property offered for sale. The Authorized Officers/Secured creditor shall not be responsible for any dues like outstanding water/service charges, transfer fees, electricity dues, dues to the Municipal Corporation/Local Authority/Co-operative
Housing Society or any other dues, taxes levies, fees, transfer fees id any in respect of and/or in relation to the sale of the said property. Successful Bidders has to comply with the provisions of Income tax regarding purchase of property & to pay the tax to the authorities as per applicable rates.
18. The bidder should ensure proper internet connectivity, Power back-up etc. The Bank shall not be liable for any disruption due to internet failure, power failure or technical glitches or reason/contingencies affecting the e-auctions.
19. If Property is in symbolic possession of Bank and bidder is purchasing the property in symbolic possession then same shall be at their own risk and responsibility.
20. In case of any dispute arises as to the validity of the bid(s), amount of bid, EMD or as to the eligibility of the bidder, authority of the person representing the bidder, the interpretation and decision of the Authorized Officer shall be final. In such an eventuality, the Bank shall in its sole discretion be entitled to call of the sale and put the property to sale once
again on any date and at such time as may be decided by the Bank. For any kind of dispute, bidder are required to contact the concerned Authorized Officer of the concern branch only.
21. The Sale is subject to confirmation by the Secured Creditor Bank.
22. The sale is subject to a condition/Rules/Provision prescribed in the SARFAESI Act and Security interest (Enforcement) Rules, 2002 framed there under and the terms & conditions mentioned above. For more details if any prospective bidders may contact the Authorized Officer.
THIS NOTICE IS ALSO BE TREATED AS 30 DAYS STATUTORY SALE NOTICE TO BE BORROWER AND GUARANTOR (LRS) UNDER RULE 8(6) SARFEASI SECURITY INTEREST(ENFORCEMENT) RULE 2002
Date: 27.06.2025, Place: Gurgaon Authorised Officer, Punjab & Sind Bank
B NEW DELHI | SATURDAY, 28 JUNE 2025 21
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SALE NOTICE
FIRESTAR DIAMOND INTERNATIONAL PRIVATE LIMITED
(IN LIQUIDATION)
Sale of assets (Natural Diamonds, Cultured Pearls,
Gold & Platinum Rings studded with the Natural Diamonds)
Liquidator’s address: 144 – B, 14th Floor, Mittal Court, Nariman Point, Mumbai 400021.
Email: [email protected], [email protected],
[email protected]
Mobile: 8800865284 (Mr. Wasim) / Liquidator : 9167086977 / Mr. Vaibhav Mohnot (022-42667394)
(Strictly between 10.00 a.m. and 6.30 p.m. except on Sunday)
E-Auction Sale of Assets under Insolvency and Bankruptcy Code, 2016
Date and Time of E-Auction: 02/08/2025 between 01.30 pm to 03.30 pm
(With unlimited extension of 5 minutes each)
Last date for submission of Eligibility Documents by interested bidders with Annexures: 24/07/2025, Inspection
or Due Diligence of assets under auction till: 25/07/2025
Last date for submission of additional documents and EMD by the qualified bidders:
31/07/2025 by the end of the day.
Sale of Natural Diamonds, Cultured Pearls, Gold & Platinum Rings studded with the Natural Diamonds belonging
to Firestar Diamond International Private Limited (in Liquidation) released by the Directorate of Enforcement (ED),
forming part of Liquidation Estate formed by the Liquidator, appointed by the Hon’ble National Company Law Tribunal,
Mumbai Bench vide order dated 26th February 2020. The sale will be done by the undersigned through the e-auction platform
i.e., Baanknet auction platform. (https://baanknet.com/).
RESERVE PRICE WILL BE DECLARED ON THE DATE OF AUCTION
Initial EMD Incremental
Asset Details
Amount (In Rs.) Value
Option – A
Net Weight
Sale of Gold & Platinum Rings Gold – 2931.27 Grm & Diamond
studded with Natural Diamonds – 353.95 Crt 22,25,000 5000
Platinum - 174.50 Grm &
Diamond – 29.93 Crt
Option – B
Net Weight
Sale of Gold & Platinum Rings Gold – 3099.12 Grm &
studded with Natural Diamonds Diamond – 269.68 Crt 22,45,000 5000
Platinum – 166.31 Grm &
Diamond – 32.05 Crt
Option – C
Net Weight
Sale of Gold & Platinum Rings Gold – 1489.51 Grm &
studded with Natural Diamonds Diamond – 206.57 Crt 16,00,000 5000
(Platinum - 8 Pcs GIA Certified) Platinum – 133.73 Grm &
Diamond – 31.21 Crt
Option – D
Net Weight
Sale of single Gold Rings studded Gold – 12.82 Grm
with a Solitaire of 10.19 carats Centre stone (RBC+Asscher) is 22,00,000 5000
light yellow with 10.19 Cts side
stones 0.592 Cts
Option – E
Sale of single Ring Studded with Gold – 12.82 Grm (Net Weight)
Fancy Yellow Solitaire of 20.25 carats. Centre Stone is Cushion Modified 60,00,000 5000
Center Solitaire having Clarity – Brilliant Cut - 20.25 Cts and side
IF (GIA Certified) stones - 02.66 Cts
Option – F
Natural Diamond – 482.90 Crt
(RBC, Round Modified Brilliant,
Sale of Natural Diamond 20,00,000 5000
Princess, Oval, Emerald, Cushion
Modified Brilliant, Cushion Brilliant
& Marquise Modified Brilliant)
Total – 964 Pcs,
23 are GIA Certified
Option – G
Sale of Single Solitaire Cushion Modified Brilliant Cut – 17,00,000 5000
(Natural Diamond) 10.420 CRT
bykgkckn ALLAHABAD Option – H
2 – Asscher (10.160 Crt Each)
Sale of four Solitaires 1 – Pear Modified Brilliant 20,00,000
(Natural Diamond) (12.190 Crt) 5000
1 – Asscher Modified (5.620 Crt)
Option – I
Sale of Single Solitaire Cushion Modified Brilliant 21,50,000 5000
(Natural Diamond) Cut – 25.250 Crt
Option – J
Sale of two Solitaires Oval Modified Brilliant 24,00,000 5000
(both GIA Certified) • 5.620 Crt
• 17.180 Crt
Option – K - 28,17,000 (Reserve Price)
Sale of Loose Pearls & 139.445 KG (White, Blue, 2,80,000 5000
Necklaces Black & Pink)
The liquidator has got all the items certified by Gemmological Institute of India (GII). All the certificates and reports obtained
from (GII) regarding authenticity, purity, grading, weight of the precious stones & metals (Pearls have not been tested or
graded by GII) details will be uploaded on the auction portal and the bidders will have to refer to the certificates & a few
images to ascertain their view on the inventory. It is to be noted that the certification done by GII on the Jewellery are
“as mounting permits”, there could be some variations in the gross and net weight of the metal and stones that are
studded.
Material is lying in Surat.
It is clarified that this invitation is purported to invite prospective bidders and does not create any kind of binding obligation
on the part of the Liquidator or the Company to effectuate the sale. The Liquidator reserves the right to cancel or modify the
process and / or not to accept and / or disqualify any interested party / potential investor / bidder without assigning any
reason and without any liability.
As per the Paragraph 12 of Schedule I of IBBI (Liquidation Process), Regulations, 2019, “On the close of the auction, the
highest bidder shall be invited to provide balance sale consideration within ninety days of the date of such demand: Provided
that payments made after thirty days shall attract interest at the rate of 12%: Provided further that the sale shall be
cancelled if the payment is not received within ninety days.”
NOTE:
• Prospective bidders need to register on Baanknet auction platform. (https://baanknet.com/)
• Prospective bidders should carefully read the eligibility criteria and shall submit the requisite documents, including
a declaration of eligibility under Section 29A of the Insolvency and Bankruptcy Code through the electronic auction platform.
• Prospective bidders shall deposit the Earnest Money Deposit (EMD) through the Baanknet auction platform.
• It is also specified that if the H1 bidder is found ineligible under any criteria, EMD shall be forfeited as per IBBI, vide
Circular No. IBBI/LIQ/84/2025 dated 28th March, 2025.
• The liquidator will not be responsible for any item/ material after the handover is given to the H1 bidder.
• All the auction process documents are uploaded on the Baanknet Portal and the participants must download the same
and submit all the documents on the portal.
Due Diligence by qualified bidders:
Inspection will be allowed by prior appointment only for due diligence, and no inspection shall be given beyond 25/07/2025.
The E-Auction will be conducted strictly on “AS IS WHERE IS’’, “AS IS WHAT IS” and “WHATEVER THERE IS BASIS’’
through approved service provider PSB Alliance Private Limited. The auction participants are fully responsible for
doing their own due diligence and the Liquidator assumes no responsibility as to the quality and quantity of the
materials which have been valued by authorized valuers and certified by GII. All the terms and conditions of the auction
are available at https://ibbi.baanknet.com/eauction-ibbi/home.

Liquidator
In the matter of Firestar Diamond International Private Limited
IBBI Regn No.: IBBI/IPA-002/IP-N00360/2017-2018/11055
Address: 144 B, 14th Floor, Mittal Court, Nariman Point, Mumbai – 400021.
Email: [email protected], [email protected],
[email protected]
Contact Person: Mobile: 8800865284 (Mr. Wasim) / Liquidator – 9167086977
Mr. Vaibhav Mohnot (022-426673940)
22 NEW DELHI | SATURDAY, 28 JUNE 2025 B
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A Govt. of tndia undertaking

India Post Payments BankLimited
Corporate Office: 2” Floor, Speed Post Centre, Bhai Vir Singh Marg,
Gole Market, New Delhi, Delhi 110001

BALANCE SHEET AS ON 31ST MARCH 2025

(Amount Rs. in 000)
CAPITAL & LIABILITIES As on 31.03.2025 As on3.03.2024
Capital 2355,00,00 2105,00,00
Reserves & Surplus -815,96,93 -927,78,56
Deposits 19345,23,66 11552,19,20
Borrowings 961,00,00 -
Other Liabilities and Provisions 1062,00,97 933,35,64
TOTAL 22907,27,70 13662,76,28

ASSETS
Cash and,Balances with Reserve Bank of India 1115,60.47 726,50,33
Balances with Banks & Money at call & short notice 4338,55,66 2994,96,75
Investments 16536,79,34 8839,44,93
Advances - -
Fixed Assets 317,25,12 369,21,52
Other Assets 599,07,11 732,62,75
TOTAL 22907,27,70 13662,76,28
Contingent Liabilities 268,17,00 64,29,74
Bills for Collection - -

PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED 318 MARCH 2025
Year ended Year ended
31.03.2025 31.03.2024
I.INCOME
Interest earned 1122,84,73 607,57,59
Other Income 1025,27,56 657,71,50
UCO Bank II.EXPENDITURE
TOTAL 2148,12,29 1265,29,09

Interest expended 366,67,13 169,73,60

Operating expenses 1513,03,64 1003,68,23
Provisions and Contingencies 134,55,93 57,63,48
TOTAL 2014,26,70 1231,05,31

Net Profit/Net Loss 133,85,59 34,23,78

Balance in Profit & Loss Account (Brought Forward) -945,74,49 -969,96,73
Profit available for Appropriation -811,88,90 -935,72,95
Appropriations
Transfer to Reserves (Net) :
Statutory Reserve 33,4640 8,55,95
Capital Reserve 36,97,10 -
Investment Fluctuation Reserve 7,37,50 1,45,59
Balance carried over to Balance Sheet -889,69,90 -945,74,49
TOTAL -811,88,90 -935,72,95

Particulars 31.03.2025 31.03.2024

Shareholding of the Government of India 100.00% 100.00%
Capital Adequacy Ratio (CRAR) (%) 49.24 54.86
Tier 1 Capital ratio (%) 48.85 54.64
Earnings per Share — Basic/Diluted (in Rs ) 0.60 0.18

Sd/-
(Priyanka Bhatnagar)
Company Secretary

Sd/-
(Anoop E S)
Chief Financial Officer

Sd/-
(Rajul Bhatt)
Director

Sd/-
(Navneet Kakkar)
ACB Chairman

Sd/-
(R Viswesvaran)
Managing Director & Chief Executive Officer

Sd/-
(Vandita Kaul)
Chairman

As per our report of even date

For M/s Ambani & Associates
Chartered Accountants

Sd/-
(Hitesh Ambani)
Designated Partner

Date: 20.06.2025 Place: New Delhi

CBC 06346/12/0001/2526

SAM BRANCH DELHI, 4th FLOOR, 7 Bhikaji Cama Place, SALE NOTICE
FOR SALE OF
Delhi-110066 E-mail: [email protected] IMMOVABLE PROPERTIES
E-Auction Sale Notice for Sale of Immovable Assets under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 read with proviso to Rule 8(6) of the Security Interest (Enforcement) Rules, 2002
Notice is hereby given to the public in general and in particular to the Borrower (s) and Guarantor (s) that the below described immovable property mortgaged/charged to the Secured Creditor, the constructive/physical/ symbolic possession of which has been taken by the Authorized Officer of
the Punjab National Bank/ Secured Creditor, will be sold on “As is where is basis”, “As is what is basis”, and “Whatever there is basis” on the date as mentioned in the table herein below, for recovery of its dues due to the Bank/ Secured Creditor from the respective borrower (s) and
guarantor (s). The reserve price and the earnest money deposit will be as mentioned in the table below against the respective properties.
SCHEDULE OF THE SECURED ASSETS
Lot. Name of the Branch Description of the Immovable Properties (A) Date of Demand Notice u/s 13(2) of SARFAESI Act, 2002 (A) RESERVE PRICE Date/ Details of the Name &
(B) EMD (EMD Last Submission Date) Time of
encumbrances Contact No
No Mortgaged/ (B) Outstanding Amount as on ...
Name of the Account E-Auction known to the
Owner's Name [mortgagers of (C) Possession date u/s 13(4) of SARFAESI Act, 2002 (C) Bid Increase Amount secured of Authorized
Name & addresses of the Borrower/ Guarantors Account creditors Officer
property(ies)] (D) Nature of Possession (Symbolic / Physical / Constructive)
1. Punjab National Bank, Stressed Asset Management Branch, DELHI Plot No. 09, Freehold Commercial unit / Suite A) 30.11.2016 (A) Rs. 6.99 Crore 21.07.2025 Not Harshita Nagar
M/s Tristar Global Infrastructure Pvt. Ltd. No. 401, 4th floor, Copia Corporate Suit, B) Rs. 3651.92 Lakh as on 31.08.2016 (B) Rs. 69.9 Lac (19.07.2025 till 4:00 AM) 11:00 AM to Known Mob-
M/s Tristar Global Infrastructure Pvt. Ltd. C-207, Sarvodaya Enclave, Ground Floor, New Mobile No. Delhi-110017 Also at: Plot No.4, Kehar Singh Jasola, New Delhi -110025 measuring 334.57 + further interest Bank Charges + other charges (C) Rs. 3.00 Lac 04:00 PM 9289806800
Estate, Westend Marg, Saidulajab, M B Road, New Delhi-110030 Shri Vijay Vasudeva, C-207, Sarvodaya Enclave, Ground Floor New Delhi-110017. Sq. metres. In the name of Mr. Vijay Vasudeva, C) 24.03.2017.
Mrs. Kusum Vasudeva, C-207, Sarvodaya Enclave, Ground Floor New Delhi-110017. Shri Samir Vasudeva, C-207, Sarvodaya Enclave, Mr. Samir Vasudeva and Ms. Kusum D) Physical Possession
Ground Floor, New Delhi-110017 Ms Anila Chatrath, F-12, Nizamuddin West, New Delhi-110013 Dr. Vandana Charath Nee Vasudeva, F-12, Vasudeva (Jointly). (Physical Possession)
Nizamuddin West, New Delhi-110013 M/s Geniune Infrastructure Pvt Ltd, 104, Kehar Singh Estate, Saidulajab, M B Road, New Delhi-110062
M/s Tristar Realtors Pvt Ltd, C-207, Sarvodaya Enclave, Ground Floor, New Delhi-110017 M/s Triumph Infrastructures Pvt. Ltd, C-207, Sarvodaya
Enclave, Ground Floor, New Delhi-110017
TERMS AND CONDITIONS OF E-AUCTION SALE: The sale shall be subject to the Terms & Conditions prescribed in the Security Interest (Enforcement) Rules 2002 and to the following further conditions:
(1) The properties are being sold on “AS IS WHERE IS BASIS”, “AS IS WHAT IS BASIS” and “WHATEVER THERE IS BASIS” (2) The particulars of Secured Assets specified in the Schedule herein above have been stated to the best of the information of the Authorized Officer, but the Authorized Officer shall not be answerable for any error,
misstatement or omission in this proclamation. (3) The secured asset will not be sold below the reserve price. The first bidding should start at any amount higher than reserve price. (4) The Sale will be done by the undersigned through e-auction platform provided at the Website https://Baanknet.com on date and time of Auction specified above.
(5) For further details & complete Term and conditions of the sale, please refer https://Baanknet.com & www.pnbindia.in
STATUTORY SALE NOTICE UNDER RULE 8(6) OF THE SARFAESI ACT, 2002
DATE : 26.06.2025, PLACE: DELHI AUTHORIZED OFFICER, PUNJAB NATIONAL BANK
B NEW DELHI | SATURDAY, 28 JUNE 2025 TAKE TWO 23
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NOTICE TO SHAREHOLDERS
A meeting of the Board of Directors is scheduled to be held on Thursday, July 10, 2025 to, inter alia,
consider declaration of an interim dividend to the equity shareholders whose names appear on the
Register of Members of the Company or in the records of the Depositories as beneficial owners of the
shares as on Wednesday, July 16, 2025, which is the Record Date fixed for the purpose.
The dividend to shareholders holding shares in physical form shall be paid only through electronic mode. Such

Thinking capped
payment shall be made upon folio being KYC compliant i.e. registering their PAN, contact details including mobile
no., bank account details and specimen signature with Registrar and Share Transfer Agent (“RTA”)/Company. Further,
all shareholders are encouraged, in their own interest, to provide ‘choice of nominaion’ for ensuring smooth
transmission of securiies held by them as well as to prevent accumulaion of unclaimed assets in securiies market.
As per the provisions of the Income Tax Act, 1961, dividend income is taxable in the hands of shareholders and the
Company is required to deduct tax at source (“TDS”) from dividend paid to shareholders at the prescribed rates.
The shareholders are requested to update their PAN with the Depository Paricipants (“DPs”) for shares held in
dematerialized form and with the RTA (MUFG Inime India Private Limited) for shares held in physical form.
The tax deducion rate would vary depending on the residenial status of the shareholder, documents submited by
With tools like ChatGPT threatening to make the brain lazy, the shareholder and accepted by the Company.
In case of individual shareholders, who are mandatorily required to have their PAN-Aadhaar linked and have not
the question is whether humans will remain conscious done so, their PAN would be considered as inoperaive. Such inoperaive PANs would be considered as invalid and
higher TDS rate as per secion 206AA of the Act would be applied.
architects of a future shaped by AI or passive participants in it Any eligible shareholder, who wishes to avail the beneit of non-deducion of tax at source for dividend/s declared
during the inancial year 2025-26, is requested to submit the following documents, (PDF/JPG Format) by e-mail
to [email protected] or upload the documents on htps://web.in.mpms.mufg.com/
photo: shutterstock formsreg/submission-of-form-15g-15h.html by Friday, July 11, 2025 11:59 p.m. (IST).

Category of Shareholder Document(s) to be submited/uploaded

Resident individual shareholder i. Form No. 15G, or
with PAN and whose income does ii. Form No. 15H
not exceed maximum amount not For the format of Form 15G / 15H, please scan the QR code given below:
chargeable to tax or who is not liable
to pay income tax*

Non-resident shareholders [including i. No Permanent Establishment Declaraion

Foreign Portfolio Investors (FPIs)] who ii. Beneicial Ownership Declaraion
can avail beneicial rates under tax iii. Tax Residency Ceriicate
treaty between India and their country iv. Copy of electronically iled Form 10F
of tax residence* v. Any other document which may be required
*Applicaion of beneicial tax rate shall depend upon the completeness of the documents submited by the
shareholder and review to the saisfacion of the Company.
For any queries on Taxaion of Dividend Distribuion, you may refer FAQs at htps://www.tcs.com/investor-
relaions/investor-faqs

For Tata Consultancy Services Limited

Sd/-
Yashaswin Sheth
Company Secretary
ACS 15388
Place : Mumbai
Date : June 27, 2025
Registered Oice:
9th Floor, Nirmal Building, Nariman Point, Mumbai 400 021.
Tel: +91 22 6778 9595
Email: [email protected] Website: www.tcs.com
CIN: L22210MH1995PLC084781

vatsala mishra Anand recommends simple, yet effec-

New Delhi, 27 June tive, routines that can be extended to
Brain drain AI use.
It has been barely three years since The “phone basket ritual”, for
generative artificial intelligence (AI)
chatbots such as ChatGPT appeared
The 4 Cs of digital addiction instance, involves setting aside all
devices in a common space at a fixed
on the scene, and there is already con- n Craving: A constant desire to use digital devices hour each day — usually in the even-
cern over how they might be affecting n Compulsion: Feeling unable to resist the urge ing — to create a screen-free window
the human brain. The early prognosis for family time or rest.
isn’t good. n Control loss: Failing to limit screen time He also suggests “digital fasting”:
The findings of a recent study by n Consequences: Real-world problems like poor sleep, falling grades, or unplugging from all screens for six to
researchers from the Massachusetts strained relationships eight hours once a week to reset atten-
Institute of Technology (MIT) Media tion and reduce compulsive use.
Lab, Wellesley College, and MassArt “These habits help reclaim control
indicate that tools such as ChatGPT What the MIT study found from devices and re-train the brain to
negatively impact the neural, lin- photo: shutterstock function independently,” he says. Per-
guistic, and cognitive capabilities haps, digital fasting can be extended
of humans. to ‘AI fasting’ during work and school
While this study is preliminary assignments to allow the brain to
and limited in scope, involving barely engage in cognitive activities.
54 subjects aged 18 to 34, it found that Pratishtha Arora, chief executive
those who used ChatGPT for writing oicer of Social and Media Matters, a
essays (as part of the research experi- digital rights organisation, highlights
ment) showed measurably lower the essential role of parental
brain activity than their peers who responsibility in shaping children’s
didn’t. “Writing without (AI) assis- digital lives.
tance increased brain network inter- “Technology is inevitable, but how
actions across multiple frequency we introduce it matters,” she says.
bands, engaging higher cognitive “The foundation of a child’s brain is
load, stronger executive control, and laid early. If we outsource that
deeper creative processing,” it found. to screens, the damage can be
Various experts in India, too, reit- long-term.”
erate the concerns of overdependence She also emphasises the need to
on AI, to the extent where people out- recognise children’s innate skills and
source even thinking to AI. Those interests rather than plunging them
dealing with the human brain define into technology at an early age.
this as “cognitive oloading” which, Shivani Mishra, AI researcher at
they caution, can diminish critical the Indian Institute of Technology
thinking and reasoning capability n Writing without AI assistance only group reported higher Kanpur, cautions against viewing AI
while also building a sense of social leads to higher cognitive load satisfaction and demonstrated as a replacement for human intelli-
isolation – in effect, dragging humans engagement, stronger higher brain connectivity, gence. “AI can assist, but it cannot
into an ‘idiot trap’. executive control, and deeper compared to other groups replace human creativity or emo-
creative processing n Essays written with the tional depth,” she says. Like most
Training the brain to be lazy help of LLM carried less experts, she too advises that AI should
n Writing with AI assistance
“We now rely on AI for tasks we used significance or value to the be used to reduce repetitive workload,
reduces overall neural connectivity
to do ourselves — writing essays, solv- participants as they spent less time “and free up space for thinking, not to
ing problems, even generating ideas,” and shifts the dynamics of avoid thinking altogether”.
on writing and mostly failed to
says Nitin Anand additional professor information flow
provide a quote from their essays
of clinical psychology, National Insti- n Large language model (LLM) users The human cost
tute of Mental Health and Neuro n Human teachers recognised the Left unchecked, AI may weaken the
noted a diminishing inclination to
Sciences (Nimhans), Bengaluru. LLM written essays through very abilities that make us human,
evaluate the output critically their conventional structure
“That means less practice in critical caution the experts.
thinking, memory recall, and creative n Participants who were in the brain- and homogeneity The worry is not about the future
reasoning.” of AI, but about the future of humans
This dependence, he adds, is also in a world increasingly dominated
weakening people’s ability to delay director of Rejuvenate Mind Neuro- numbers of friends, family, and by it.
gratification. “AI tools are designed psychiatry Clinic, New Delhi. favourite shops were memorised by According to Mishra, the danger
for speed. They answer instantly. “Their prefrontal cortex — the heart. But with mobile phones offer- lies not in what AI can do, but in
But that trains brain’s centre for plan- ing a convenient “contacts” list, how much we delegate to it, often
people to expect ning, attention, and memory was outsourced. Today, most without reﬂection.
quick solutions various experts in impulse control — is people can barely remember three- Both Anand and Verma share con-
everywhere, reduc- india, too, reiterate still developing,” he odd numbers unaided. cerns about how its unregulated use
ing patience and the concerns of explains. “Constant With AI, such cognitive shifts will could stunt core human faculties.
long-term focus.” overdependence on ai, exposure to fast-chang- likely become more pronounced, the Anand reiterates that unchecked
Anand warns that to the extent where ing AI content over- experts say. What looks like conveni- dependence could erode the brain’s
this behavioural shift people outsource even stimulates neural ence today might well be shaping a capacity to delay gratification, solve
is feeding into a pat- thinking to ai. those circuits, leading to future where essential human skills problems, and tolerate discomfort.
tern of digital addic- dealing with the short attention spans, quietly fade away. “We’re at risk of creating a gener-
tion, which he human brain define poor impulse control, ation of young people who are highly
classifies as the 4Cs: this as “cognitive and diiculty with sus- Using AI without losing ourselves stimulated but poorly equipped to
craving, compulsion, offloading” tained focus.” Experts agree that the solution is not deal with the complexities of real life,”
loss of control, and The effects don’t to reject AI, but to regulate its use Verma says.
consequences stop at attention. with conscious boundaries and The way forward, the experts
(see box). “We’re seeing a decline in memory real-world grounding. agree, lies in responsible develop-
“When someone cannot stop retention and critical thinking, Verma advocates for structured ment, creating AI systems grounded
checking their phone, feels restless simply because people don’t engage rules around technology use, in ethics, transparency, and human
without it, and suffers in real life deeply with information anymore,” especially in homes with children values. Research in AI ethics must be
because of it — that’s addiction,” he Verma adds. Even basic tasks like and adolescents. prioritised not just for safety, but also
says, adding that the threat of addic- asking for directions or speaking to “Children, with underdeveloped to preserve what makes us human in
tion towards technology has others are being replaced by AI, self-regulation, need guidance,” he the first place, they advise.
increased multifold by something as increasing social isolation, he says. says. “We must set clear boundaries The question is not whether AI will
adaptive and customisable as AI. Much of this harks back to the time and model balanced behaviour. With- shape the future; it is already doing so.
Children and adolescents are par- when landlines came to be replaced out regulation, we risk overstimulat- It is whether humans will remain con-
ticularly at risk, says Pankaj Kumar by smartphones. Landline users ing developing brains.” scious architects of that future or
Verma, consultant psychiatrist and rarely needed a phonebook — To prevent digital dependence, passive participants in it.
24
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NEW DELHI | SATURDAY, 28 JUNE 2025 B

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Summer holidays stretch Beyond 9-5 job: The rise of
wallets as costs soar 25-30% part-time bike taxi drivers Rising inflation and stagnant wages are forcing salaried
Hotel, flight rates climb over increased demand, global disruptions
workers into the gig, before and after oice hours
gulveen aulakh
New Delhi, 27 June
Travel blues md kaifee alam
photo: shutterstock
Fatigue factor
n International air fares New Delhi, 27 June Managing a full-time job and a
Summer holidays are 25–30 per cent rose due to West Asia crisis side-hustle is not easy.
more expensive for Indian travellers n User development fees Rakesh Kumar, 32, works as a For many, the day starts at 6
this year versus last year, as airfares added to flying costs sales executive with a Gurugram- am, and after their regular job,
and hotel rates have risen sharply based firm between 10 am and 6 they again hit the road, often
across both domestic and international n Hotel tariffs rose on pm. His oice job pays a modest riding until late into the night.
destinations. demand outlook salary that once covered rent, Given the hectic schedule,
Airfares have risen by 15-25 per cent n Average room rent EMI, and essentials. However, fatigue invariably sets in.
over the May-June period, while hotel climbed 20–30% over the last couple of years, that “I get exhausted everyday,”
tariffs have increased by at least 20 per year-on-year balance has tipped. So, to make admits Mehta. “After a full day at
cent year-on-year, according to indus- n Travellers opting ends meet, Kumar has taken to work, I sometimes feel I should
try executives, online travel platforms, for premiumisation moonlighting — as a bike go home and sleep. But then I
and tour operators. The primary and luxury taxi driver. remind myself that I need the
drivers: Geopolitical disruptions inflat- “Before heading to the oice, extra money.”
photo: shutterstock
ing fuel and operational costs, and a I complete at least five or six While for some, the second
surge in travel demand. travel peaks.” end, luxury experiences. “Hotel tariffs rides,” he says. “In the evening, I income is about lifestyle and sav-
“This summer has seen a notable The prices of package tours, both have also moved upward, especially in ride again for two to three hours.” Going the extra mile ings, for others, it is a matter
increase in airfares on popular routes. domestic and international, have also high-demand leisure destinations, with He uses both Ola and Uber to get n Part-time riders work strategically, usually during peak hours in of survival.
Hotel tariffs, especially in domestic lei- gone up by roughly 10 per cent because average room rates climbing by 20–30 rides. “I earn ~200-300 every day the morning and evening Ravi Singh, 38, a security
sure destinations of Himachal Pradesh, of “higher demand and limited inven- per cent. These changes are reflective of from the rides. This extra income guard at a private firm in Noida,
Uttarakhand, and southern India, have tory”, according to Bharatt Malik, senior strong demand across segments,” Agar- helps me manage my daily n The bike taxi market went up from 141 million rides in 2019 to earns ~11,000 a month, barely
surged nearly 20 per cent, driven by vice president- flights and hotels at wal added. expenses,” he adds. 318 million in 2023 enough to sustain his family of
strong demand and inflationary press- Yatra Online. The travel portal has seen According to a report by HVS Ana- Kumar says he had never n Over 50% of the drivers pick bike taxi driving as a side gig four. To make ends meet, he
ures,” said Ravi Gosain, president of the a 14 per cent rise in advance summer rock on the Indian hospitality industry, imagined himself doing this, but n Indian cities have the potential to provide livelihood to 5.4 million started riding for Rapido in
Indian Association of Tour bookings to European destinations like the average room rate had climbed to desperation has put him on bike drivers by 2030 early 2024.
Operators (IATO). France, Germany, the Netherlands, ~7,800–8,000 in 2024, up nearly 10 per the road. “I finish my shift as a security
International airfares have soared Switzerland, Italy, and Spain, he noted. cent over 2023, resulting in revenue per He’s not the only one pushing guard in the evening and
even higher. Westbound flights, in par- There’s also strong demand for religious available room rising by 10–12 per cent himself at the risk of burnout to income streams. Delhi, started riding for Rapido immediately start picking up
ticular, have seen spikes of up to 100 per travel, particularly to Chardham to ~5,000–5,200. get by. Rising inflation and stag- Unlike full-time drivers, part- in 2023 when he realised his rides,” Singh says. “I also ride in
cent due to recent airspace closures and Ayodhya. Sector watchers noted that since nant wages are forcing a number time riders like Kumar work stra- salary wasn’t enough to sustain the morning before my shift
over Iran, Israel, Jordan, Syria, and Rajeev Kale, president and country travellers were seeking more personal- of salaried professionals to ven- tegically, usually during peak him beyond the bare basics. starts.” He admits “it’s very
parts of Central Asia. These detours head- holidays, MICE (meetings, incen- ised and immersive experiences, hotels ture into bike taxi service as part- hours in the morning and even- “My salary is decent, but after tiring”, but adds that he doesn’t
have extended flight times, raised fuel tives, conferences, and exhibitions), and airlines were offering upgraded time riders. ing, when demand is higher. rent, food, and other expenses, have a choice. “My children are in
usage, and increased crew duty hours. and visa at Thomas Cook (India), offerings that were being factored into An analysis of the earnings According to a March 2024 there’s hardly anything left for school, and there are bills to pay.
“On top of that, airports such as reported price increases of 10–15 per the pricing. data for salaried workers, casual report by consultancy KPMG, savings,” Mehta explains. “I ride This extra ~200–300 a day is
Mumbai have revised upwards their cent to Thailand, Malaysia, Singapore, “While pricing has gone up, many labourers, and self-employed the bike taxi market went up from 7 am to 9 am before work, what’s keeping my family afloat.”
user development fees, adding further Dubai, and Abu Dhabi, and 5–10 per operators have to absorb some cost fluc- persons from the Periodic from 141 million rides in 2019 to and again from 6 pm to 8 pm His situation is different from
to the cost of flying,” said Karan Agar- cent to Japan and South Korea. “This tuations due to competition and cus- Labour Force Survey shows that 281 million in 2022, and then to after work. I make an extra that of salaried professionals, but
wal, director at Cox & Kings. has clearly not been a deterrent to customer sensitivity, especially in when adjusted for inflation, the 318 million in 2023. According to ~10,000 to ~12,000 per month, reflects a larger reality – that for
Mumbai International Airport tomer demand,” he said. fixed-departure group tours. This has wages for salaried workers in the report, over half of the drivers which helps a lot.” many in India, bike taxi work is a
Limited recently increased its user Manjari Singhal, chief growth and added pressure on margins for tour India have stagnated since 2019. selected bike taxi driving as a Sunand, president, Rajdhani need not a choice, even though
development fee from ~187 per flyer to business oicer at Cleartrip said: operators and small hotel properties, Real wages are the income a side gig in addition to their regu- App Workers’ Union, who goes this income stream does not
~615 for each departing international “We’ve seen a 10 per cent drop in air particularly where input costs like worker earns after it is adjusted lar career. by his first name only, says always pay well.
economy passenger and ~695 for busi- bookings this summer, while hotel transportation and staing have risen for inflation. It reflects the actual The study also found that besides stagnant wages or “Since there is no guaranteed
ness class. Arriving passengers now pay bookings are up by 40 per cent. This more sharply than prices can be passed purchasing power of society. bike taxis in Indian cities, par- declining real wages, getting a income in gig work, and it dep-
~260 (economy) and ~304 (business), could be driven by travellers choosing on,” Gosain said. Compared to the pre-pan- ticularly metros, have the poten- salaried employment is also ends on the ride you complete,
while domestic travellers pay ~175 per shorter, more local trips that don’t However, S D Nandakumar, presi- demic June 2019 quarter, real tial to provide livelihood becoming diicult, forcing part-time drivers may not always
departure and ~75 per arrival since May. require flying.” She noted that some air- dent and country head-holidays and wages for salaried jobs were 1.7 opportunities to 5.4 million bike people to find other kinds of pre- meet their expectation in a spec-
There’s a clear upward trend in lines raised prices sharply where capac- corporate tours at SOTC Travel, said per cent lower in the June 2024 drivers by 2030. The bike taxi carious job roles. According to a ified slot as they have to run for
travel costs compared to last year, said ity was limited and demand high. that since summer holiday plans and quarter (for when the data is last industry, it added, can provide 2024 People at Work survey by their regular job on time,” high-
Agarwal, adding, “domestic airfares Hotel tariffs, experts said, have also bookings are typically made well in available). This wage stagnation, employment for approximately 5 global payroll firm ADP Research lights Sunand. “Also, they are
have gone up depending on the route, risen, reflecting broader market formal- advance, particularly due to visa pro- coupled with rising living costs per cent of the estimated 90 mil- Institute, more than 40 per cent active during peak hours, when
while international fares have seen isation, as more investments flow into cessing timelines, customers have such as higher fuel and food lion non-farm jobs needed of Indian workers have two or most riders are looking for riders
increases in the range of 25-45 per cent. the hospitality sector in anticipation of benefitted from air-inclusive products prices, besides rent, especially in by 2030. more sources of income, – making it more competitive.”
These figures are higher for last-minute long-term returns, and a wave of pre- and pre-purchased, bulk-booked inven- urban areas, have forced people Sunil Mehta, a 28-year-old the highest among the 18 coun- These are challenges the part-
bookings or during event-led miumisation as consumers seek high- tory across flights and hotels. to look for alternative sources of working with an IT firm in New tries surveyed. time drivers live with.

‘Duffer Sir’ reflects on

nation and identity
saurabh sharma once noted that he was making a film,
not a documentary, when asked about a
One of the books in the History for Peace blood-donation scene in the movie.
Tracts series by Seagull Books is writer, Desai is pointing out that truth can’t be
poet, and translator Jerry Pinto’s Think- manufactured but stories can. However,
ing Aloud. Each volume from this series in the context of nation-building, one
aims to “grapple with what is and pre- can’t forget the role stories play in divid-
pare for what is likely to be, as a nation, as ing, too. When falsehoods are repeated as
a people, as a community, as individ- facts, they replace something that was
uals”. While the title of the book is unob- thought essential. Which one would you
trusive and casual, something one says call a better “love story”: Kabir Singh
when they’re not necessarily sure about (2019) or Darr (1993)? The choice is yours,
their unprocessed trains of thought, the it seems. However, it seldom is. Why is
book’s content invites readers to think of, Jaggi (2022), which actually shows real-
principally, identity formation from life consequences of “gossip” — an
interesting tangential routes. essential element, too, in Pinto’s mind —
The three essays that comprise this not part of popular imagination, and
book are updated versions of talks Pinto only part of the ‘film circuit’? And why
delivered at conferences organised by leave documentaries out of the process
History for Peace, an initiative of The of nation-building? These were perhaps
Seagull Foundations for the Arts. In the questions equally important to raise in
first, titled “Bollywood and the Idea of Thinking Aloud
this essay.
the Nation,” Pinto proposes using the by Jerry Pinto In the second essay, “Biography as
movies made (largely) in the Hindi lan- Published by Seagull Books History”, Pinto talks about stories of
guage as a prism to witness how a nation 143 pages ~299 many Indias that remain inaccessible to
is built. He submits this fragment of a bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb large sections of the population for a var-
song from Kismet (1943): “Door hato eh iety of reasons. This essay is insightful for
duniyawalon, Hindustan hamara hai,” notes that “even though the woman has demonstrating the use of language as a
then asks, “How did the British censor been held to be central to the making of political tool, asking probing questions
allow it?” Answer: “Because the producer the nation-state, I don’t think most about representation and highlighting
and director argued that while the Indian men know how to converse with a how historiography reveals that history
Second World War was raging, the mess- woman who is not their mother or sister. is “always unbelievable and always
age was directed at the Axis powers: ‘We What kind of state can we devise if half of weird”. Then, Pinot makes a statement
are saying this to Japan. We are saying it has no way of communicating with the that may unsettle many, but makes abso-
this to Germany. They will come and other half?” Which is why India fails to lute sense: “Every moment in literary
attack us. We don’t want them here.’” make one-half of its population feel safe, history is fraught and incomplete, a
This “strategic duplicity” was no because the other half has complete faith reflection of human imperfection.” He
longer needed in the 1950s. “At this point in several oversubscribed dialogues of ends this essay with history inspiring
in time, the nation is equated with mainstream cinema, such as Hasee toh other histories, working together to
motherhood,” writes Pinto, citing Mother phasee or a woman’s “no” is a “yes”, too. imagine something to which one can
India (1957). Suffering, pen- Interestingly, Pinto relate — an experience, a community,
ance, sacrifice, and morally remarks that Shah Rukh a nation.
upright actions were required Khan’s presence on screen The final piece in this collection is
to nurture a nation. Equally, it “gave off an easy sensuality”, “Mothers and Others: How to Bring the
is upbringing and positionality which itself seems like a com- Margins Back into Young Lives”. This
that inform opinions, which is promise — look, at least he’s essay is also a reflection of Pinto’s experi-
why Pinto writes, “Icono- not angry, he can balance ments with teaching. He is proud of the
graphically, the image of tradition and modernity, and, label he attracted — “Duffer Sir”. Decen-
Radha [from Mother India]
leaning a weary head on the
BOOKS & oh my god, he’s in the kitchen,
too. Khan’s characters’ virtue
tring is the word Pinto employs to make
students living in upscale neighbour-
plough always brought to my IDEAS signalling in several movies hoods visit neglected areas to document
mind the image of Christ drag- makes for a tiring watch. something about them. It may be to
ging his cross along the Via Anyway, it took until 2016, make them witness something entirely
Dolorosa, en route to the crucifixion. Or with Pink, for Bollywood to register that a new to them, but I believe privileged
was this only the result of my Roman “no means no”; to have messy characters reflections are something the privileged
Catholic upbringing?” where audiences had to work to consider must keep to themselves. A nation can’t
Those whose ideas of a nation or a for themselves what was acceptable or rely only on second-hand histories for
way of life Mother India didn’t quite rep- not, which, to my mind, is precisely the too long. If one can empower people
resent found the “angry young men” ver- kind of labour required to see, build, and living their lives to tell stories about
sion of everyday life relatable. This remake identities. Nation, in a way, can themselves, then that’s as close as one
dramatic shift, Pinto notes, also signals be customised. can get to a compelling story.
that the nation wasn’t a woman any- Which brings me to another crucial vvvvvvvvvvvvvvvvvvvvvvvvvvvvv
more. In Pinto’s arguments on nation- strand of Pinto’s essay where he relates The reviewer is a Delhi-based
building through movies, a crisis of an anecdote about Manmohan Desai culture critic.
masculinity is reflected inevitably. He (director of Amar Akbar Anthony). Desai On Instagram/X: @writerly_life

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BS English Delhi 28 06

Uploaded by

BS English Delhi 28 06

Uploaded by

saturday • 28 june 2025

the markets on friday

FM nudges PSBs to Torrent nears deal to buy

Consumers spent over ~34,000 crore on

1st time since Oct, nears peak

Real wage growth

19,179.7 18,976.8 -1.1 t

JSW may take up debt for Akzo Nobel buy

worth may soar to by China’s magnet supply curbs

from Instant Transport China restricting imports of rare-earth

Tea exporters cautiously optimistic as Israel-Iran truce lifts demand

ITC FMCG biz saw Genomic testing gets a booster shot

DHL Express expects 11–12%

Germany-headquartered logistics major DHL

Zilo bags $4.5 mn Rollins ends investment

Current account swings to

External debt rises to 19.1% States, UTs may

certain jute products and woven fabrics from

ried out for a customer, the acquiring bank

permanent ways and

Track renewals 17.6 19.9 19.6

Total must update their KYC before allowing

works, track renewals,

repairs and maintenance.

> FROM PAGE 1

US trade talks: ONGC caps Assam gas leak

India pushes China for road map

Defence Minister Rajnath

curbs power of 27 June although he hasn’t disclosed who they

Trump plans energy

Venice wedding: The best

THE BS CROSSWORD #3579 BS SUDOKU #4619

The surprise in New York illustration: binay sinha

Mr Im-Perfectionist Worthy of emulation

rest Gump, starring the inimitable

M.P. STATE ELECTRONICS DEVELOPMENT

DCB BANK LTD.

Government of Jammu & Kashmir

Other terms & condition shall be remain same.

    

DCB Bank Ltd.

Listed bearings makers have any backing from an insur-

Read full report here: mybs.in/2enrVFA compiled by amit kumar

& H & H H H M « H M M &M  M H M m « M « M  M H M H M  M M

Protium Finance Limited

POSSESSION NOTICE ( U/S 13(4) & As per Appendix IV read

m-iz- jkT; phuh ,oa xUuk fodkl fuxe fy-

TERMS & CONDITIONS:-

A Govt. of tndia undertaking

BALANCE SHEET AS ON 31ST MARCH 2025

Interest expended 366,67,13 169,73,60

Net Profit/Net Loss 133,85,59 34,23,78

Particulars 31.03.2025 31.03.2024

As per our report of even date

Date: 20.06.2025 Place: New Delhi

Category of Shareholder Document(s) to be submited/uploaded

Non-resident shareholders [including i. No Permanent Establishment Declaraion

For Tata Consultancy Services Limited

vatsala mishra Anand recommends simple, yet effec-

‘Duffer Sir’ reflects on

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& H & H H H M « H M M &M M H M m « M « M M H M H M M M