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VOL NO. XII 218, 18 PAGES, `10.00 P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E READ TO LEAD

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Sept inflation at 5-month high DOUBLE WHAMMY

CPI
(% change, y-o-y)

of 7.41%; IIP shrinks in Aug 8

7
7.79
Apr ‘22
7.41

7
6
trade-off between growth and 6.07 Aug ‘22
Data point to yet another inflation doesn’t really exist at this 5 Feb ‘22
rate hike by RBI in Dec juncture.
4
This means the Centre’s reliance 4.35
BANIKINKAR PATTANAYAK on the Budgetary capex, as a credi- 3
New Delhi, October 12 ble growth lever, will rise substan- Sept 2021 Sept 2022
tiallyin the next fiscal aswell.States

19.7
RETAIL INFLATION INCHED up to maygettospendapartofthiscapex IIP
7.41% in September from 7% in without any stringent conditions. (% change, y-o-y)
IN THE NEWS August, official data showed on Finance minister Nirmala Sithara-

12.7
Wednesday.Also, industrial output cal authorities. man has already said growth con-

13
SC to hear Sebi unexpectedly shrank 0.8% in The Reserve Bank of India (RBI) cerns would be the next Budget’s
August from a year ago, against a will now be forced to raise the top priority.

6.7
review against RIL modest rise of 2.2% in July. benchmark lending rate,yet again, While base effect will remain

4.4
4.2
Finance minister Nirmala Sitharaman with US treasury secretary Janet
The first contraction in indus- in December, while striving to inconducive for the computation
on October 19

2.2
2.2
Yellen during their meeting in Washington DC on Tuesday.

1.2

-0.8
trial production in one-and-a-half ensurea“soft-landing”fortheecon- of retail inflation in October, it 1 1 2
THE SUPREME COURT years in August, albeit on an omy. may turn out to be favourable for
on Wednesday did a U- LISTS OIL PRICES AS A BIG WORRY unfavourable base, and a further The government, meanwhile, the index of industrial production

Aug ‘21
Sept
Oct
Nov
Dec
Jan ’22
Feb
Mar
Apr
May
June
July
Aug
turn and decided to rise in inflation to a five-month will have to scourforways to stimu- (IIP).
hear in chambers -- and peakinSeptemberjustcomplicated lategrowthwithoutstokingfurther

FM says growth
Source: MoSPI
not in open court - Sebi’s petition the tasks of both monetary and fis- price pressure.The choice of a strict Continued on Page 13
seeking a review of its August 5
judgment that had directed it to
share certain documents with RIL,
Part of HZL residual stake to Govt grants oil
reports Indu Bhan in New Delhi.
The next date of hearing is
October 19. ■ PAGE 5

Telcos, mobile firms

top priority for be sold in FY23, says Pandey PSUs `22K cr
asked to be 5G-ready
by early December
FY24 Budget for LPG losses PRASANTA SAHU
New Delhi, October 12 TUHIN KANTA PANDEY,
SECRETARY, DIPAM FE BUREAU
THE GOVERNMENT ON THE GOVERNMENTWILLsellpartofits residual New Delhi, October 12
Wednesday asked the
Inflation also needs to NIRMALA SITHARAMAN,
stake in Vedanta-controlled Hindustan Zinc The timing and
FINANCE MINISTER
telecom operators as tackled for a balancing (HZL) in the current fiscal,department of invest- tranche of HZL THE CENTRE WILL provide an additional
well as handset makers mentandpublicassetmanagement(Dipam)sec- `22,000 crore to the state-run oil marketing
to sort out glitches in 5G services
act, outlines minister "Broadly, growth retary Tuhin Kanta Pandey told FE. Besides, he stake sale will be companies (OMCs) to compensate them for the
maximum by December so that priorities will be kept said,expressions of interest (EoIs) will be invited decided in under-recoveries on cooking gas between June
user experience is seamless and FE BUREAU absolutely on the top. forstrategicsalesofContainerCorporation(Con- 2020 and June 2022.
not marred by patchy network New Delhi, October 12 Cor) and two former Air India arms – Air Trans-
consultation with The Union Cabinet approved this ‘one-time
coverage, reports Jatin Grover in
Inflation concerns will port Services andAir India Engineering Services advisers and after grant’forIndianOil(IOCL),BharatPetroleum(BPCL)
New Delhi. ■ PAGE 5 THE GOVERNMENT WILL keep also have to be by November-December. gauging the andHindustanPetroleum(HPCL).Sharepricesofall
growth concerns “absolutely on addressed. The natural “The timing and tranche of HZL stake sale
feedback to
threecompaniesroseonWednesdaywithIOCclos-
90% large cap funds top” while firming up proposals question is how to be will be decided in consultation with advisers ing1.89%higherwhileBPCLandHPCLendedwith
for the next Budget and also and after gauging the feedback to be received be received gainsof0.85%&0.05%respectivelyontheBSE.
lag benchmarks in take into account the need to able to balance the in road shows,” Pandey said.The domestic and in road “During the period from June 2020 to June
last one year tackle inflation risks, finance two…even many global road shows for HZL residual stake sale - 2022,theinternationalpricesofLPGincreasedby
minister Nirmala Sitharaman through offer for sale (OFS) route - will begin shows around 300%. However, to insulate consumers
multilateral institutions
ABOUT 90% OF the has said. this month. from fluctuations in international LPG prices,the
equity large cap funds Responding to a question on are observing that The government’s residual 29.54% stake in costincreasewasnotfullypassedontoconsumers
underperformed the the FY24 Budget during a chat India cannot be HZL, an integrated miner and producer of non- ofdomesticLPG.Accordingly,domesticLPGprices
index in the one-year with economist Eshwar Prasad weakened." ferrous metals, including zinc, lead, silver and and offered to sell a total of 60.72% stake in the have raised by only 72% during this period.This
period ending June 2022, at the Brookings Institute in cadmium is worth about `36,100 crore at cur- bank, including 30.48% (`14,400 crore at cur- has led to significant losses for these OMCs,” the
reports Ashley Coutinho in Washington DC, the minister rent market prices. rent prices) held bythe government and 30.24% government said in a statement.
Mumbai. The beginning of the also flagged elevated oil prices INSIDE The Supreme Court had, in November 2021, by LIC. Thismeansthatsubsidyexpenditureonfuels,
year was particularly tough for as one of the biggest worries for cleared thewayforsale of government's residual The government may also look at offloading which was brought down to just `241 crore in
large cap managers, with 87.5% the economy. SOVEREIGN RATING MAY stake in HZL. a part of the indirectly-held stakes through the FY22,will rise significantly in the current finan-
of the funds in the category "Specifics (of the Budget for BE HIT: S&P PAGE 2 It is believed that the proposed mid-sized Specified Undertaking of the Unit Trust of India cial year. In the FY23 Budget, the Centre made a
underperforming in the first half FY24) may be difficult at this strategicsalessuch asthatofIDBIBankandCon- (SUUTI) in ITC and Axis Bank. SUUTI’s 7.91% provision of `5,800 crore for LPG subsidies,
of the year. ■ PAGE 9 stage because it's a bit too early. Cor will be completed only in FY24, given the stake in ITC isworth about `32,380 crore and its includingadirectbenefittransferof`4,000crore
But broadly, the growth scheduled to be presented on processes involved. 1.55% stake in Axis Bank is worth `3,850 crore for domestic use and another `800 crore for the
India-UK trade deal priorities will be kept February 1, 2023 and the A higher stake dilution in HZLwill help max- at current market prices. poor under the Ujjwala scheme.
absolutely on the top… inflation finance ministry usually starts imise revenues from disinvestment in FY23.On
on ‘verge of collapse' concerns will also have to be holding customary pre-Budget October 7, the Centre invited EoI for IDBI Bank Continued on Page 13 Continued on Page 13
over visa comments addressed. But then how would
you manage growth would be
meetings with stakeholders
from November.
THE INDIA-UK FTA is
reportedly on the
“verge of collapse” after
the natural question,” she said.
The Budget for FY24 is Continued on Page 13 Extradition can push me to suicide: Nirav
the Indian government
was angered by comments made FE BUREAU now at suicide risk and that suicide cludedthathismentalhealthwillonly depression.The arguments will con-
by UK home secretary Suella
Braverman questioning action
Wipro Q2 profit misses estimates New Delhi, October 12 riskwillbeexacerbatedifextradited.”
Modiisfightinghisextraditionto
deteriorate,according to Helen Mal-
colm,whoarguedforIndia.
tinueonWednesday.
Malcolm drew the court’s atten-
over visa overstayers from the IT SERVICES major INSIDE Revenue for the FUGITIVE DIAMANTAIRE NIRAV face charges of allegedly India has made assurances tion to a video and photographs of
country, a UK media report Wipro on Wednesday quarter grew 14.6% Modi,accusedofa`13,000croreloan masterminding the relating to prison conditions, Arthur Road Jail’s Barrack No. 12 to
claimed on Wednesday. ■ PAGE 3 said its net profit rose HCLTECH annually and 4.7% on a fraud in India, involving Punjab largestbankfraudcasein health monitoring and proper reassure Modi that he would not be
3.7% sequentially to NET UP sequential basis to National Bank,has requested a Lon- India. He has contested treatment. “This is an sequesteredinanovercrowdedcell,to
Carbon Resources `2,659 crore in the Sep- 6.28% `22,540 crore on the don court to block his extradition to his extradition ordersay- extremelyhigh profile case in which the defence then questioned
tember quarter,coming ■ PAGE 4 back of a strong demand his home country, as such a move ing concerns over his Indiaandthatmeanstherewill whether Modi would face solitary
plans binding offer inbelowBloombergesti- environment for cloud, couldpushhimtosuicide. mental health weren’t bemanyeyesonhim,”Mal- confinement. The court also heard
for McLeod Russel mates of `2,847 crore, reports fe digital engineering and cyberse-
Bureau in Bengaluru. On an curity services.The revenue nar-
A Bloomberg report quoted his
lawyer Edward Fitzgerald as telling
properly considered. His
lawyer also denied allega-
colmsaid.
The day’s argu-
that to allay fears of solitary confine-
ment. The Indian government had
CARBON RESOURCES, annual basis, however, net profit rowly missed Bloomberg esti- the court that Modi suffers a“long- tions of fraud.The Indian ments saw an also proposed that an undertrial in a
WHICH had earlier declinedabout9%duetoahigher mates of `22,581 crore. standing depressive condition”and authorities opposed extended discus- white-collar criminal case,speaking
submitted a non- one-time tax benefit in the same sending him to a “hostile environ- those arguments,saying siononthedefini- thesamelanguageasModi,wouldbe
binding letter of intent quarter of the previous fiscal. ■ REPORT ON PAGE 4 ment,”wherepeopleburnhiseffigies depression is curable tionofmild,mod- keptinincarcerationwithhiminBar-
to lenders of Mcleod Russel to couldworsenhissituation.“Heiseven and it can’t be con- erate and severe rackNo12.
acquire a controlling stake in the
debt-laden tea major, is now
planning to make a binding
proposal, reports Mithun EXERCISE TO BE SPREAD OVER SIX MONTHS
Dasgupta in Kolkata. ■ PAGE 4

FE S P E C I A L
In fresh restructuring, Byju’s to lay off 2,500 employees
FE BUREAU senior leadership to further build Mohit, CEO, Byju's India business,
Bengaluru, October 12 As a mature organisation IN THE FIRING LINE operationalstrength. said.
“There will also be retargeting of Thesemovesareexpectedtoresult
THE COUNTRY'S MOST-VALUED
that takes its responsibility ■ The layoffs will be ■ Byju's said it plans
the marketing budget towards more insizeablesavingswithnoimpacton
towards investors and across Byju's subsidiaries to hire 10,000 more
edtechstartupByju’ssaidonWednes- efficient growth. Since significant growth,the company said.“None of
Toppr, Meritnation, teachers in the
day that it will lay off around 2,500 stakeholders seriously, we brand awareness has been created in these measures will have any impact
employees–5%ofits50,000-strong
TutorVista, Scholr and coming year, adding Indiaoverthepastfewyears,thereisa on our revenue run rate,” added
workforce – across various sub- aim to ensure HashLearn to “avoid to its current scopetooptimisemarketingbudgets Mohit.
sidiaries including Toppr, Meritna- sustainable growth redundancies” strength of 20,000 locally and prioritise spending to Thisisthesecondroundoflayoffs
tion, TutorVista, Scholr and Hash- alongside strong increasebrandawarenessinoverseas atByju’sinthecurrentyearafteritini-
Learnto“avoidredundancies”inroles. ■ These moves ■ This is the second markets,”the statement stated fur- tially fired around 500 employees
HP Spectre x360: A The edtech firm said that these revenue growth. are expected to round of layoffs at ther. acrossitstwosubsidiariesWhitehatJr
businesses,whichcametoitaspartof —MRINAL MOHIT, CEO, result in sizeable Byju’s in the current Byju's said that it will focus on andTopprback in June.However,the
good laptop for acquisitions,willnowbe consolidated BYJU'S INDIA BUSINESS savings for the year after firing growing overall profitability in the total number of layoffs in June was
work and play asonebusinessunit.OnlyAakashand edtech firm around 500 in June nextfewquarters.“Asamatureorgan- believedtobeamuchhigher.
Great Learning,whichwere acquired isation that takes its responsibility Toppr,WhitehatJr, Meritnation,
Sleek and lightweight, this in 2021 and 2022 respectively,will towards investors and stakeholders TutorVista,Scholr,andHashLearnare
HP laptop has a bright continue to function as separate “Toavoidredundanciesanddupli- tent,media,andtechnologyteamsin atotalof10,000moreteachersinthe seriously,we aim to ensure sustain- afewofthe17companiesthatByju’s
OLED screen and a sharp organisations. cationofroles,andbyleveragingtech- a phased manner,” the company said coming year, adding to its current ablegrowthalongsidestrongrevenue acquired till date in what was touted
webcam The layoffs will be in a phased nology better, around 5% of Byju's inastatement. strengthof20,000teachers.Tofuelits growth.These measures will help us asamajorconsolidationspree.
■ Gadgets, P7 manner, spread over the next six 50,000-strongworkforceisexpected Even as it continues to lay off growth, the company also plans to achieve profitability in the defined
months. toberationalisedacrossproduct,con- employees,Byju's said it plans to hire expand its team strength across the time frame of March 2023,”Mrinal Continued on Page 13

Pune
 2 FINANCIAL EXPRESS WWW.FINANCIALEXPRESS.COM
G20 IS KEY TO GLOBAL GOOD

Economy
Nirmala Sitharaman, finance minister
The grouping of the top 20 economies of the
world has great potential to work towards the
global public good... India stack, for instance, can
become a global stack. Efficient cross-border
THURSDAY, OCTOBER 13, 2022
payments and cheaper remittances are all the
benefits which we can derive out of it.

QUICK ● FY23 ECONOMIC GROWTH FORECAST AT 7.3%

IIP growth contracts
VIEW S&P: A mix of factors to shake for the first time
India’s sovereign credit metrics in 18 months
MINING MANUFACTURING
"Under more severe conditions (% change, y-o-y) (% change, y-o-y)
Rating for India kept though, a few factors could have 15 25
at lowest investment the potential to apply downward
10 20
pressure on our sovereign credit
grade of ‘BBB-’ ratings on India,"Wood added. 5
3 15
The agency said the decline in 10
0 5
1.9
FE BUREAU India’s foreign exchange reserves
to around $533 billion from a peak -5 0
New Delhi, October 12 -3.9 -0.7
of about $634 billion in 2021 has -10 -5
Jan Feb Mar Apr May Jun Jul Aug Jan Feb Mar Apr May Jun Jul Aug
GLOBALRATINGAGENCY S&Pon been caused,in part,by its growing
Visvesvaraya Iron Wednesday said India is facing a
KEY PROJECTIONS current account deficit (CAD). It ELECTRICITY OVERALL IIP
“mixture of factors that may shake forecast that the CAD will hit 3%
and Steel Plant its sovereign credit metrics”. ■ S&P forecast that the CAD will of GDP in FY23, from its estimate
(% change, y-o-y) (% change, y-o-y)
■ The agency has 25 25
sale EoI annulled Nevertheless, it conceded that
strong economic growth and
hit 3% of GDP in FY23, from its predicted retail inflation to
of 1.6% in FY22, thanks to the
surging import bill. 20 20
estimate of 1.6% in FY22 average 6.8% this fiscal, 15
THE CENTRE HAS annulled the external balance sheet are The agency has predicted retail 15
expression of interest (EoI) for expected to offset risks inherent in before slowing to 5% in inflation to average 6.8% this fis- 10 2
■ It expects RBI’s policy rate to FY24 and 4.5% per year 10 1.4 5
the strategic disinvestment of the growing external headwinds. cal, before slowing to 5% in FY24 0.9
Visvesvaraya Iron and Steel But if the economy witnesses a end this fiscal at 5.9%. beyond that and 4.5% per year beyond that. It 5 0
Plant,a unit of SAIL,due to a prolonged downturn in real and expects RBI’s policyrate to end this 0 -5 -0.8
Jan Feb Mar Apr May Jun Jul Aug Jan Feb Mar Apr May Jun Jul Aug
lack of investor interest.DIPAM nominal GDP growth, “material fiscal at 5.9%. -

said,“Due to insufficient bidder downward pressure on the sover- Nevertheless,the country will Source: MoSPI
interest in proceeding further
with the transaction,GoI,with
eign ratings could emerge, espe-
cially if large government deficits
India's debt ratio projected to be probablycontinue to gain from the
active use of its currency in inter- like textiles and garments and
the approval of Alternative are left unchecked”, it cautioned. 84% of its GDP by 2022-end: IMF national transactions and its abil- Factory output shrinks chemicals have registered a slow-
Mechanism (Empowered S&P has retained its sovereign ity to fund itself via local currency 0.8% in August down, while both consumer
Group of Ministers).has rating for India at the lowest INDIA'S DEBTRATIOisprojected ment, International Monetary debt markets. durables and non-durables seg-
decided to annul the EoI and investment grade of “BBB-” for 15 to be 84% of its GDP by the end Fund, said there's still not a However, any deeper-than- ments contracted. The growth in
thereby terminating the years now.Its outlook forthe coun- of 2022, which is higher than whole lot of clarity on the fiscal anticipated global economic FE BUREAU capital goods, a gauge for invest-
present transaction.” try remains“stable”. many emerging economies, but anchor. slowdown could adversely affect New Delhi, October 12 ments, remained far from impres-
In a credit FAQ titled“Can India its debt is a little bit easierto sus- “It would be very important to the country’s economic perfor- sive. Textiles output dropped
FY23 growth rate to Sovereign Ratings Withstand the tain, a senior IMF official give reassurance to people and mance this fiscal and the next, it INDUSTRIAL OUTPUT SHRANK 12.2% in August from 8.6%a year
Global Sputter”,the agencysaid the has said. to investors that things are cautioned. Tighter global mone- 0.8% in August from a year before, before, while that of garments
be 6-7% : PHDCCI country, despite strong external Stressing that it is important for under control, and things are tary conditions, extended period the first contraction in 18 months, shrank 18.3% against 15.2%.Even
PHDCCI ON balance sheet, has not quite India to now have a very clear going to become less vulnerable of elevated inflation, and poor thanks to an unfavourable base, the output of chemical products
WEDNESDAY said escaped the difficult landscape the medium-term objective on the over time,” Mauro, told PTI in investment or consumer senti- slowdown down in export orders grew at a slower pace of 5.3%
going by the current rest of its emerging market peers fiscal, Paolo Mauro, Deputy an interview. ment both at home and abroad and heavy monsoon downpour in against 6.9%.
trend,it is expecting have faced over the course of the Director, Fiscal Affairs Depart- — PTI pose upside risks to the economy. select regions. This also suggests a Crisil chief economist DK Joshi
the Indian economy to grow at year.More severe conditions could "In ourview,India's economy is credible industrial recovery is still said there are signs of slowdown
6-7% during current fiscal year. exert downward pressure on unlikely to downshift for an far away, especially due to the fact seeping to other segments as well.
India's sovereign credit ratings. and globally," S&P Global Ratings lence. "We expect these strengths extended time on this basis alone, that production didn’t improve The IIP dropped for capex-related
BHEL to set up 2 coal "India is facing a mixture of fac- sovereign analyst Andrew to help neutralise the risks inher- especially given its predomi- even in the build-up to the festive segments, such as infrastructure
tors that may shake its sovereign Wood said. ent in the treacherous global envi- nantly domestic orientation.Still, season. However, the index of and construction goods (1.7% vs
gasification plants credit metrics. Amid external tur- However, it also acknowledged ronment,"it added. in the event of a prolonged down- industrialproductionwillrecoverin 3.8% in the previous month) and
STATE-OWNED BHEL on bulence, its foreign exchange that India's sound economic The agency has kept its FY23 turn in real and nominal GDP September, as the unfavourable capital goods (5% vs 5.7%). The
Wednesday said it has entered reserves are falling,and its current growth has long been a key coun- economic growth forecast at 7.3%, growth,material downward pres- base effect wanes. The IIP had drop in the domestic-oriented con-
into two separate agreements account deficit is rising. Mean- terbalance to its high fiscal deficit higher than the predictions made sure on the sovereign ratings grown13% inAugust 2021 butjust sumer non-durables just worsened
with Coal India and NLC India while, the economy is battling and debt burdens.Its strong exter- by some other agencies, including could emerge, especially if large 4.4% in September last year. to 9.9%--theworst slide sinceApril
Ltd to set up coal gasification faster inflation and tightening nal balance sheet also offers cush- the IMF and the World Bank, in government deficits are left What worries analysts are the 2020 and compared with 2.8%
based plants. financial conditions both at home ion against global market turbu- recent weeks. unchecked,"Wood said. facts that export-sensitive sectors in July.

IMF REVIEW When everyone Retail inflation hits 5-month

Global headwinds won't spare is slowing, India is
doing better: IMF
high of 7.41% in September
India, other emerging markets BANIKINKAR PATTANAYAK SPIKE IN PRICES
THE INTERNATIONAL MONETARY FUND it revised down FY23 growth PRESS TRUST OF INDIA New Delhi, October 12
(IMF), in its latest review, kept its 2022 projection for the country by 0.6% to (% change, y-o-y)
Washington, October 12
growth projection for the global 6.8%, the steepest cut for any major 10
RETAIL INFLATION HIT a five- CPI Food 8.6
economy unchanged at 3.2%, with a country other than the US (in April IMF WHEN EVERYONE IS slowing down in terms of month high of 7.41% in Septem- CPI
gloomier prognosis for 2023 (2.7%). had seen India FY23 growth at 8.2%). It economic growth, India has not remained unim- ber, as price pressure in the food 8
pacted, but is doing better and is in a relatively segmentspikedtoa22-monthhigh CPI core
The worst, it said, is yet to come, even cites “more subdued external demand” 6.1 7.41
as it added that 2022 will be worse than for the latest change in India growth bright spot compared to othercountries,a top IMF and core inflation inched up fur- 6
seen earlier for the US and better for the estimate, and puts the country in the official said on Tuesday. ther. 4.35 6.1
Just look at the global conjuncture right now, With this,inflation based on the 4
Euro area. The prospect of a recession in same league among the advanced
which is the overarching problem,IMFDirectorof consumerprice index (CPI) beat the
the mature economies is implicit in the economies which would witness an Asia and Pacific Department, Krishna Srinivasan, upper band of the Reserve Bank of
dismal 2023 forecasts for both the US year-on-year growth decline in 2023 2
said, adding that the growth was "slowing across India’s (RBI’s) medium-term target 0.68
(1%) and the Euro area (0.5%). (FY24). Notably, a sharp decline in manyparts of theworld even as inflation is rising". of 2-6% fora ninth straight month.
Though the agency has borne out global trade volume growth, the Fund "We expect countries accounting for 1/3 of the This means the RBIwill nowhave to 0
Sept 2021 Sept 2022
“the relatively bright spot” status of says, will hit EMEs more than the global economy to go into a recession this year or explain to the government, for-
Source: MoSPI/India Ratings
India even amid the global headwinds, advanced economies in 2022 (FY23). the next. And inflation is rampant. So that is the mally in writing, as to why it failed
overarching story,”Srinivasan told PTI in an inter- to keep inflation within the pre-
view. “Almosteverycountryisslowing.Inthatcon- scribed level. Retail inflation has
GDP GROWTH text,India is doing betterand is in a relative bright also remained above 7% for a sec- RBI to submit report on inflation
% chg, y-o-y 2019 2020 2021 2022 (P) 2023 (P) spot compared to the other countries in the ond quarter in a row.
region,”Srinivasan said. Thanks to the latest rise in infla- AS INFLATION BREACHED its rein in price pressure within the
6.8
6.1
8.7
5.7

TheIMFonTuesdayinitsWorldEconomicOut- tion, the central bank will be con- medium-term target of 2-6% targeted band. According to the
8.1

6 6
5.2

4.4

look projected a growth rate of 6.8% in 2022 as strained to raise the repo rate in for a ninth straight month inflation-targetting framework,
3.7
3.2
3.1
3.2
2.8

2.7

2.2

compared to 8.7% in 2021 for India. Decemberaswell.But the quantum through September,the Reserve which came into effect in 2016,
2.3

1.7
1.7
1.6

1.6
1.6

The projection for 2023 slides down further to of the hike will hinge on the infla- Bank of India (RBI) will have to the central bank has to submit
0.5

1
6.1%.More than a third of the global economy will tion print in October. Any further submit a report to the govern- the report if inflation breaches
contract in 2023,while the rise in inflation in October will ment for the first time,explain- its target forthree straight quar-
-0.4
-4.6

The IMF on three largest economies -- mean another rate hike of 50 basis ing the reasons for its failure to ters. --FE BUREAU
3
-6.1
-3.4

-6.6

Tuesday in its the United States,the Euro- points,analysts said.

World Economic pean Union, and China -- Official data released on
World US Euro Area China India* Japan Outlook will continue tostall,it said. Wednesday showed that food infla- India Ratings. prints is likelyto be partlymollified
projected a "In short,theworst isyet tionroseto8.6%inSeptemberfrom Icra chief economist Aditi Nayar by the high base that lies ahead for
CONSUMER PRICE INFLATION growth rate of
to come,and for many peo- 7.62% inAugust and 6.69% in July. said:“The excessive rainfall in early H2FY23.”
% chg, y-o-y 2019 2020 2021 2022 (P) 2023 (P) ple, 2023 will feel like a Core inflation rose to a four-month October may adversely impact the DK Joshi, chief economist at
6.8% in 2022 as recession,” said Pierre- highof6.07%inSeptember,against kharifharvestanddelayrabisowing, Crisil, said: “There is pressure on
compared to
6.9

OlivierGourinchas,theEco- 5.85% in the previous month, pri- thereby posing a material upside both, the supply (from food infla-
8.3

6.2
8.1

nomic Counsellor and the marilyduetoelevatedpricepressure risk to the food inflation outlook. tion-cerealsandvegetables)andthe
5.7

8.7% in 2021
5.5

5.1
4.8
4.7

for India Director of Research of the in the clothing, footwear and hous- However,the impact of the same on demand side (recovery in demand,
3.5

IMF, in his forward to the ing segments, according to the year-on-year food inflation particularly in services).”
2.9
2.6

2.4

WEO released during the

2.2
2.2

2
1.8

1.4
1.2

annual meeting of the IMF

1.2

0.9

Cabinet clears cooperative law

0.5
0.3

-0.2

andtheWorldBank.Nowbeyondthat,therearethree
0
underlying headwinds. One, of course, is financial
US Euro Area China India* Japan conditions tightening because central banks and

changes for transparency

* For India data on a fiscal year basis (2022 is FY23) Asianeconomiesaretighteningtoaddressinflation.
Second is Ukraine, a war which has led to an
WORLD TRADE EXPORTS VOLUME IMPORTS VOLUME increase in food and commodity prices,widening
Volume: Goods & services, % chg, y-o-y % chg, y-o-y
currentaccountdeficits.Andthethirdisintheregion
% chg, y-o-y itself,China is slowing down,he observed. FE BUREAU broadcasting said after the Cabinet digitalecosystem.Theproposedleg-
Advanced economies Advanced economies A combination of these factors is driving New Delhi, October 12 meeting.Currently, there are islation also seeks to improve the
2019 0.9 EM & DM EM & DM prospects down across manyparts ofAsia including around 0.8 million cooperative composition of the board and
11.8

9.5

India.Indiaishavinganeffectwithexternaldemand THE UNION CABINET on Wednes- societies ofwhich around 1,500 are ensure financial discipline, besides
11.8
8.7

-7.8 coming down.Also,domestically,inflation has been day approved amendments to the MSCS.The government is planning enabling the raising of fun.
2020 6
4.2

rising. “What the RBI has done is that it's tightened Multi-State Cooperative Societies to introduce the Multi-State Coop-
3.3

2.9

2.4
2.5

2.1

2 3 Cabinet nod to bonus for

1.2

monetary policy. Rightfully so.They have been in a (MSCSs) Act to bring in trans- erative Societies (amendment) bill,
0.5

2021 10.1 proactivetighteningmonetarypolicy,”hesaid.“Now, parency and accountability in the 2022 in the forthcoming winter 1.1 million railway staff
what that means is there has been a bearing on governance structure. session of the parliament. The act TheUnionCabinethasapproved
-1

domestic demand.You have inflation,which affects "The amendments have been was last amended in 2002. the payment of productivity-linked
-7.8
-4.8

-8.4

2022 (P) 4.3 consumer demand, and when you try to address introduced to improve governance, Thakur said the proposed bonus (PLB) equivalent to 78 days
-9

2019 2020 2021 2022 2023 2019 2020 2021 2022 2023
inflation,that by tightening monetary policy,it will reform the electoral process, amendments have been brought in wages to about 1.1 million non-
2023 (P) 2.5 (P) (P) (P) (P) bearuponinvestment.Andso,bothforbothreasons, strengthen monitoring mecha- to improve the ease of doing busi- gazetted railway employees for the
you see some slowing in India, and that's why we nisms and enhance transparency ness.The bill also proposes to intro- financial year 2021-22. The maxi-
Source: IMF EM & DM: Emerging market & developing economies revised it to 6.8% this year and to 6.1% the next andaccountability,"AnuragThakur, duce electronic submission and mum amount payable per eligible
year,”Srinivasan added. union ministerforinformation and issuanceofdocumentsforensuring employee is `17,951.

Pune
WWW.FINANCIALEXPRESS.COM THURSDAY, OCTOBER 13, 2022

FINANCIAL EXPRESS ECONOMY 3

India-UK trade deal on the ‘verge

of collapse’ over visa comments
PRESS TRUST OF INDIA A report in ‘Politico' claims some reservations. Look at
London, October 12 that any plans of a UK visit by migrationinthiscountry–the
PrimeMinisterNarendraModi largest group of people who
THE INDIA-UK free trade forDiwalitosignoffonanFTAis overstay are Indian migrants.”
agreement (FTA) is reportedly also nownot likelyto go ahead. “We even reached an agree-
on the“verge of collapse”after Last week, the Indian-ori- ment with the Indian govern-
the Indian government was gin Home Secretary said in an ment last year to encourage
angered by comments made interview that she feared a and facilitate better coopera-
by UK home secretary Suella trade deal with India would tion in this regard. It has not
Bravermanquestioningaction increase migration to the UK necessarily worked very well.”
overvisa overstayers from the when Indians already repre- Bravermanwasreferencingthe
country, a UK media report sented the largest group of Migration and Mobility Part-
claimed on Wednesday. visa overstayers. nership (MMP) clinched
‘The Times' quoted gov- the Diwali deadline for the “Ihaveconcernsabouthav- betweenherpredecessorinthe
ernment sources to say that pact,set byformerPrime Min- ing an open borders migration HomeOffice,Indian-originfor-
ministers in New Delhi were ister Boris Johnson, is now policy with India because I merHomeSecretaryPritiPatel,
“shocked and disappointed” believed to be diminishing. don't think that's what people and ExternalAffairs MinisterS
by the “disrespectful” “There's still a lot of good- voted for with Brexit,” Braver- Jaishankarin Maylastyear.
remarks made by Braverman, will but if certain individuals mantold‘TheSpectator'weekly The Indian High Commis-
who said she had concerns of are still embedded in the [UK] news magazine. Asked about sion in London responded by
an “open borders” offer to government it will paralyse visaflexibilityforstudentsand pointing out that action had
India as part of an FTA. the talks,” the newspaper entrepreneurs under an India- been initiated on all cases
The likelihood of meeting quoted a source as saying. UKFTA,she said:“But I do have referred to it underthe MMP.

NHAI InvIT CLASSIFIEDS

raises PERSONAL
`1,430 cr THANKSGIVING
HOLY Spirit thou who
NATIONAL HIGHWAYS makes me see every-
INFRA Trust (NHAI InvIT), thing and shows me the
the infrastructure invest- way to reach my ideals,
who gives me the
ment trust sponsored by
Divine gift to forgive
the National Highway and forget the wrong
Authority of India (NHAI) that is done unto me
to monetise road assets,has and who is in all
raised `1,430 crore from instances of my life
domestic and international with me. I in this short
dialogue want to thank
investors through a follow- you for everything and
on issuance of InvIT. confirm once more that
The funds will be used I do not want to be
to part finance the separated from you, No
InvIT’s acquisition of three matter how great the
material desire may be
additional road projects I want to be with you
from NHAI. Launched in and my loved ones in
November 2021, NHAI your perpectual glory
InvIT had raised `8,011 forever Amen. ZDS.
crore for NHAI in its 0070806390-1
maiden round,with an ini-
tial portfolio of five operat- “IMPORTANT”
ing toll roads of an aggre- Whilst care is taken prior to acceptance of advertising
gate length of 390 km. copy, it is not possible to verify its contents. The Indian
Express(P)Limitedcannotbeheldresponsibleforsuch
With the acquisition of contents, nor for any loss or damage incurred as a
three additional road pro- result of transactions with companies, associations or
jects, NHAI InvIT will own, individuals advertising in its newspapers or
Publications. We therefore recommend that readers
operate and maintain a make necessary inquiries before sending any monies
portfolio of eight operating or entering into any agreements with advertisers or
toll roadswith an aggregate otherwise acting on an advertisement in any manner
whatsoever. Registered letters are not accepted
length of 636 km. in response to box number advertisement.''
—FE BUREAU

Janardan Bhagat Shikshan Prasarak Sanstha’s

MORU NARAYAN MHATRE VIDYALAYA &
TUKARAM NARAYAN GHARAT JR. COLLEGE Janardhan Bhagat Shikshan Prasarak Sanstha, Panvel
(ENGLISH MEDIUM)
GAVHAN- KOPAR, ULWE NODE RAMSHETH THAKUR HIGHER
Plot No.1 Sector- 8, Tal : Panvel, Dist : Raigad,
Navi Mumbai - 410206. SECONDARY VIDYALAYA, KHARGHAR
APPLICATIONS ARE INVITED FOR THE FOLLOWING Plot No- 1, Sector-33, KHAGHAR – 410210.
POSTS FOR THE ACADEMIC YEAR 2022-2023 (SELF FINANCE - JR. COLLEGE)
• SECONDARY SECTION - APPLICATIONS ARE INVITED FOR THE FOLLOWING
1) COMPUTER LAB ASSISTANT :- POSTS FOR THE ACADEMIC YEAR 2022-2023.
B.Sc. IT / B.Sc.Computer Science Full Time & Part Time Assistant Teachers for the Academic Year
Applica�ons with full details should reach to the 2022-2023, On Purely Temporary basis for the following subjects.
CHAIRMAN, JBSP SANSTHA, at MORU NARAYAN MHATRE Sr.
Subjects Qualifica�ons / Specializa�on
VIDYALAYA, Plot No. 1, Sector-8, GAVHAN- KOPAR, ULWE No.

NODE. 1 Physics M.Sc. B.Ed. ( Part Time)

Candidates may submit the applica�on by email to 2 Information Technology M.C.A. M.Sc. In Computer
mnmv.primary@gmail.com. on or before 5th November Science, M.Sc. IT - B.Ed.
2022.
If required Contact No. 9993023114 / 7045299876. Qualifica�ons as per university norms.
Applica�ons with full details should reach to
Shri. Ramsheth Thakur (Ex-M.P.) the CHAIRMAN, J.B.S.P. Sanstha’s, RAMSHETH THAKUR
Chairman, Janardan Bhagat Shikshan Prasarak Sanstha, Panvel SECONDARY & HIGHER SECONDARY VIDYALAYA, Plot No.
1, Sector-33, Khaghar - 410210.
• Last date for applica�on 5th November 2022
Janardan Bhagat Shikshan Prasarak Sanstha, Panvel • Candidates may submit the applica�on by email to
CHANGU KANA THAKUR ARTS, principalrthsv@gmail.com.
• If required Contact : I/C Principal Mrs. Nisha Nair -
COMMERCE AND SCIENCE COLLEGE, 9987476532 Mr. Meshram – 9821057464
NEW PANVEL (AUTONOMOUS) Shri. Ramsheth Thakur (Ex-M.P.)
Plot No.01, Sector 11, Khanda Colony, New Panvel (W),
Navi Mumbai - 410206. Chairman, Janardan Bhagat Shikshan Prasarak Sanstha, Panvel
APPLICATIONS ARE INVITED FOR THE FOLLOWING
POSTS FOR THE ACADEMIC YEAR 2022-2023 Janardhan Bhagat Shikshan Prasarak Sanstha, Panvel
(FOR
( SELF-FINANCE PROGRAMMES) )
Full Time Assistant Professors for the Academic Year 2022-2023,
CHANGU KANA THAKUR VIDYALAYA
Plot No.8 Sector- 14, Tal : Panvel, Dist : Raigad-410206
On Purely Temporary basis for the following subjects.
Sr.
APPLICATIONS ARE INVITED FOR THE FOLLOWING
No.
Subjects Qualifica�ons / Specializa�on POSTS FOR THE ACADEMIC YEAR 2022-2023
1 Management Studies MBA / MMS – Finance with • ENGLISH MEDIUM – PRE-PRIMARY SECTION
SET / NET / Ph.D
1) SUPERVISOR : - GRADUATE / POST GRADUATE, E.C.C.Ed,
2 Microbiology M.Sc. (Mircrobiology) with SET/
with 5 years experience.
NET / Ph.D.
3 Training & Placement MBA / MMS – Finance with • ENGLISH MEDIUM - SECONDARY SECTION :
Of�cer Experience in the �eld of 1) COMPUTER LAB ASST. : HSC / GRADUATE, Dip. in
Training & Placement Computer Hardware & MS.CIT.
4 Co-Ordinator - M.Sc. In M.Sc. (Computer Science) or 2) LADY BUS ATTENDANT. : 8th PASSED.
Data Analytics M.Sc. (Information Technology)
or MCA, M.E. in addition to • MARATHI MEDIUM :- SECONDARY SECTION :
above quali�cation, Diploma in 1) MUSIC TEACHER : GRADUATE with Sangeet Visharad
Data Analytics is required. 2) DRAWING TEACHER (PART TIME) : Graduate with A.T.D.
Qualifica�ons as per university norms.. - NET/SET/ Ph.D. • HIGHER SECONDARY : JR. COLLEGE :
will be given a preference.
Applica�ons with full details should reach to the 1) ASST. TEACHER : - MARATHI – M.A. B.Ed.
CHAIRMAN, J.B.S.P. Sanstha’s, CHANGU KANA THAKUR 2) ASST. TEACHER : - ENGLISH – M.A. B.Ed. IN ENGLISH
ARTS, COMMERCE AND SCIENCE COLLEGE, (AUTONOMOUS) 3) ASST. TEACHER :- MATHEMATICS – M.Sc. B.Ed
Plot No. 1, Sector-11, Khanda Colony New Panvel (W) - Applica�ons with full details should reach the
410210. CHAIRMAN, JBSP SANSTHA, plot no: 8, Sector-14, New
• Last date for application is 5th November 2022. Panvel, Tal : Panvel, Dist : Raigad, Navi Mumbai - 410206.
• Candidates may submit the application by Candidates may submit the applica�on by email to
email to principal@ckthakurcollege.net. jbspsanstha1992@gmail.com on or before 5th November
• If required Contact : Mr- Asmitak Bhagat – 8767764567 or 2022.
Mr. Pralhad Thakur – 9022600288 If required Contact No. 9930718675
Shri. Ramsheth Thakur (Ex-M.P.) Shri. Ramsheth Thakur (Ex-M.P.)
Chairman, Janardan Bhagat Shikshan Prasarak Sanstha, Panvel Chairman, Janardan Bhagat Shikshan Prasarak Sanstha, Panvel

Pune
 4 FINANCIAL EXPRESS WWW.FINANCIALEXPRESS.COM
ROBUST PERFORMANCE

Companies
THURSDAY, OCTOBER 13, 2022
Ramon Laguarta, chairman & CEO, PepsiCo
...Our global business momentum remains
strong. Given our year-to-date performance,
we now expect our full-year organic revenue to
increase 12% and core constant currency earnings
per share to increase 10%.

● `1,245-CR NON-BINDING OFFER SENT EARLIER

At `2,659 cr,Wipro profit misses estimates
Carbon Resources plans IT major projects modest
Q3 revenue growth
THIERRY DELAPORTE,
CEO & MD, WIPRO
pipeline...As the market conditions
evolve, I believe our comprehensive
portfolio of differentiated offerings

binding offer for McLeod guidance at 0.5-2.0%

FE BUREAU
Our ongoing
investments
in high-
position us extremely well to serve
thechangingneedsofourclientsand
help them face the challenges of an
uncertain macro environment with
company,whichcurrentlyhas31gar- Bengaluru, October 12 confidence,” Delaporte said.
Jalan-owned firm yet densinAssam and two in Dooars.
growth Operating margin narrowed to
to get formal response MK Shah Exports,which made a IT SERVICES MAJOR Wipro on strategic 15.1% in the September quarter
counter offer to the lenders by Wednesday said its net profit rose areas have from17.8%ayearago,butshoweda
from lenders on offer putting forward a proposal to pur- 3.7%sequentiallyto`2,659crorein marginalimprovementonasequen-
chase tea gardens from McLeod to the September quarter.It was below allowed us tial basis from 15% in the preceding
help the company reduce debt and Bloombergestimateof`2,847crore. to steadily threemonths.“Weachievedmargins
MITHUN DASGUPTA realise the restructuring plan,is also On an annual basis, however, net of 15.1% in Q2 after absorbing the
Kolkata, October 12 waiting to hearfrom them.MKShah profit declined about 9% due to a increase our impact of salary increases and pro-
Exports, India’s largest producer of higher one-time tax benefit in the win rate... motions.Our margin improvement
CARBON RESOURCES, WHICH orthodox varieties of tea, has pro- same quarterof the previous fiscal. was led by better price realisations
had earlier submitted a non-bind- posed to extend its support to exist- Revenue for the quarter grew and strong operational improve-
ing letter of intent to lenders of CUP OF WOES ing promoters in the ongoing 14.6% annually and 4.7% on a mentsinautomation-ledproductiv-
McLeod Russel to acquire a control- restructuringplan. sequential basis to `22,540 crore on ity,” JatinDalal,CFO,Wipro,said.
■ According to Sept offer,
ling stake in the debt-laden tea “The lenders have acknowledged the back of a strong demand envi- ber quarter. Unlike Infosys, which double-digitgrowthforthefullfiscal. The voluntary attrition rate, on
major, is now planning to make a Carbon Resources would thereceiptofourletterofintent.They ronment for cloud,digital engineer- guides for the full fiscal,Wipro typi- The IT services revenue in dollar thelast12-monthbasis,forthequar-
binding proposal, two sources infuse upfront equity of will call us, but all these things take ing and cybersecurity services.The callyguides forthe quarterahead. terms grew 4.1% sequentially and ter rose to 23% from 20.5% a year
familiarwith the matter told FE. `300 cr & `945 cr debt time,” Himanshu Shah, chairman, revenuenarrowlymissedBloomberg The modest guidance is keeping 13% on a year-on-year basis in con- ago,indicating that demand fortech
Both Carbon Resources and for McLeod Russel dues MKShah Exports,told FE. estimate of `22,581 crore. in mind a challenging macro-eco- stantcurrencyto$2.80billiononthe talent continues to outpace supply,a
anothercompany,MKShahExports, “If the biggest player such as Thecompanyexpectsrevenuefor nomicenvironmentandaseasonally backofsomelargedealwinsaswellas trend seen across the industry.On a
are yet to receive formal responses ■ Secured lenders would McleodRusselgetsdisruptedandbro- thethirdquarterendingDecemberto weakthirdquarter,saidThierryDela- expansion in smaller deals. “Our sequential basis,it,however,moder-
from the lenders on their offers for be paid in full, while ken up,the tea industry suffers defi- beintherangeof$2.81-2.85billion, porte, chief executive officer and ongoinginvestmentsinhigh-growth atedfrom23.3%intheJunequarter,
McLeod Russel. unsecured lenders would nitely.Wewantedtokeeptheintegrity which translates to a sequential managing director,Wipro, address- strategic areas have allowed us to indicatingthatitisgraduallycoming
The carbon products manufac- have to take a 45% haircut andimpeccabilityoftheleadingcom- growth of 0.5-2.0%, lower than the ing the media in a conference.Wipro steadily increase our win rate and down.“We expect further modera-
turer alleged that lenders are“drag- pany.Now,they are in a problem.As 3-5% it had guided for the Septem- is, however, confident of achieving enhance the quality of our tion in Q3,” Delaporte said.
■ On the other hand, MK
ging their feet” on its `1,245-crore their debt restructuring proposal is
offer for the troubled company,part Shah Exports put forward goingonandthereisanissueoffunds,
a proposal to purchase
ofthefinanciallystressedWilliamson
Magor group. “Carbon Resources'
offer is still on the table. However,
McLeod tea gardens to
help the company reduce
we are there to pitch in to bring back
the incumbent promoter and let
thembegivenachance.Weproposed
Moonlighting: Contracts need to be respected, says CEO
lendersaredraggingtheirfeet...They debt and realise the tobuygardensfromthem,itwillhelp FE BUREAU humanresourcesofficer,said“noth- leadership team to come in three impactoftwoincrementalmonthsof
are stonewalling the efforts to pro- restructuring plan them reduce the company debt to a Bengaluru, October 12 ing has changed from the past”. days aweek”. salaryincreases,” Delaporte said.
vide documents. For around three sustainablelevel,”Shahsaid. Some IT companies, including The company further said it had Wipro added 605 employees in
years, McLeod has been an NPA “The talks on debt restructuring WIPROONWEDNESDAYreiterated Wipro,haveopenlyopposedtheidea rolled out quarterly promotions in Q2, sharply lower from 15,446 last
account.Certain loan amounts have The lenders to the teamaker are proposal,putforwardbythepromot- that it does not tolerate the idea of of employees moonlighting. Last Julyandalsoincreasedsalaries,effec- quarter.“InQ1wehaddoneanexcep-
already been written off from the ICICI Bank, State Bank of India, ers,havebeengoingonformorethan moonlighting as it was strictly month, Rishad Premji, chairman, tive September.That likely helped it tional amount of hiring,we did that
books,” the sources cited above said, Indian Bank, RBL Bank, Axis Bank, ayear.Becauseofthepandemic,itgot unethical.“There are contracts and Wipro, had said the company had bringdownitstrailingtwelvemonth because we had a huge amount of
adding: “The company is now plan- HDFC Bank, UCO Bank, Punjab delayed.Inbetween,lendersreceived theyneedtoberespected,inparticu- fired 300 employees after theywere (TTM) attrition rate to 23%,moder- demandandknewitwouldtaketime
ning to make a bindingoffer.” National Bank, Yes Bank and an offer from a company (Carbon lar when people are taking up a job foundworking forcompetitors. ating from Q1FY22’s 23.3%. before we utilise this talent — that is
According to the offer made in IndusIndBank.WithpromoterKhai- Resources), which wants a hostile that has a conflict of interest with Wipro also asked its staff to It expects operating margins in what we have done in Q2,” he said.
September, Jalans-owned Carbon tans having only a little over 6.2% takeover. As a counter, this is the Wipro’sbusiness,”ThierryDelaporte, return to the office starting October Q3FY23 to be impacted from the “We’re also focused on hiring fresh-
Resources would infuse upfront stake in the company,debt stands at actionwhichhasbeentaken,”hesaid. CEO and MD,Wipro,said. 10 at least thrice a week. Without salaryincreases,whilesayingthatfor ers,we have hired several thousands
equity of `300 crore and a debt of over`1,700 crore. Meanwhile,McleodRusselchair- Asked if Wipro had introduced revealingwhatpercentagewereback thefullyear,itexpectsstrongdouble- offreshersandwillcontinuetofollow
`945 crore to resolve Mcleod’s out- Carbon Resources had picked up man Aditya Khaitan told sharehold- newpoliciestoreininonmoonlight- in office, it said its office was open digit growth.“Our margin in Q3 will this strategy over the coming quar-
standingdebt.Securedlenderswould a5.03%stakeinMcLeodRusselfrom ersatitsannualgeneralmeetingheld ing practices, Saurabh Govil, chief four days a week and “expects the have some headwinds. That is the ters,” he added.
bepaidinfull,whileunsecuredwould the open market last month. It said on September 30 that banks have
have to take a 45% haircut as the the stake purchase was to show “concluded”intermsofwhatthedebt
Jalans proposed to take over. lenders that it is keen to acquire the restructuring resolutionshould be.
HCLTech Q2 profit at `3,487 cr; Vedanta
IiAS red-flags Future shareholders
QUICK raises full-year revenue guidance approve
VIEW Lifestyle Fashion’s FE BUREAU shifting of
REPORT CARD

PVR shareholders
motion to sell assets Mumbai, October 12

ITMAJOR HCLTECH onWednesday

(` crore) Q2FY21
(Sept)
cash reserves
RAJESH KURUP operations,” IiAS said in a note. posted a 6.28% rise in consolidated
24,686

approve merger Mumbai, October 12 “It is unclear how the company net profit of `3,487 crore on a seq- Q1FY22 FE BUREAU
23,464

(June)
with rival INOX will be able to operate at its current uential basis for the quarter ended Mumbai, October 12
20,655

PROXY ADVISORY FIRM Institu- scale without these assets. Further, September30,led bystrong growth Q2 FY22
MULTIPLEX tional Investor Advisory Services except that the sale of assets will be across all verticals. (Sept) LONDON-BASED VEDANTA
OPERATOR PVR India (IiAS) has advised sharehold- at least at bookvalue,there isno fur- Its net profit on a year-on-year Resources, helmed by billionaire
on Wednesday said ers against supporting Future ther disclosure on the proposed dis- basis rose 6.86% to `3,263 crore. Anil Agarwal, has received
5,425
5,023
4,975

it has received the LifestyleFashions(FLFL)motionfor posal.The board needs to provide a Revenue from operations rose shareholders’ approval of its
4,427
3,944
3,992

3,281
3,487
3,263

nod from its shareholders for the sale of fixed assets to repaydebt plan to the company’s shareholders 5.2% to `24,686 crore on a sequen- Indian unit to move funds into its
the scheme of mergerwith as this would reduce its scale of on the potential continuation of the tial basis from `23,464 crore posted balance sheet.
rival Inox Leisure.The proposal operations.However,it business in light of the in the June quarter and a 19.5% rise The company had held a meet-
was passed by over 99% of the asked them to support The proxy advisory sale of a dominant por- from `20,655 crore from the same ing of shareholders of its India-list
number of valid votes cast two other motions, tion of assets,”it added. quarter of last year.A consensus esti- unit,Vedanta Ltd,in which it holds
both appointments of firm asked the In the postal ballot matebyBloombergwasexpectingthe Revenue from Ebitda Ebit PAT about 70% stake, on October 11.
Tata Power’s 7MWsolar independentdirectors. shareholders to notice,FLFLhadsought firm to post a net profit of `3,419 operations The special resolution by
The Future Group support two other authorisation to sell, croreonrevenueof`24,459.10crore. Vedanta was favoured with a total
project in Uttarakhand firm had earliersought motions, both lease, rent, transfer or “Our services business grew revenue guidance for FY23. headcount to 2.19 lakh. Its IT ser- 99.97% ofvotes cast,ofwhich pro-
TATAPOWERonWednesdaysaid theconsentofitsmem- appointments dispose of fixed assets 5.3%q-o-qand18.9%y-o-yincon- “Our first-half growth and deal vices attrition stood at 23.8% on a moters and promoter groups
itwill set up a 7 MWsolarproject bers for the sale of in- of independent (in-store retail infra stant currency, led by strong wins leadus toincrease ourrevenue last 12-month trailing basis. approved it with 100% votes.
forTata Motorsin Pantnagar. storeretailinfra-assets, assets)whichwerelying demand forcloud,engineering and guidance to 16-17% for services “We expect to onboard 30,000 Public institutions supported
directors
The project once completedwill which will be used for at non-operational digital services. Our bookings and and 13.5-14.5% at the company freshers this year,” Ramachandran it with 99.98% and non-public
generate 215 million units of the repayment of debt stores. The board had pipeline continue to be strong,that level,reflectiveofourstronggrowth Sundararajan,chiefpeopleofficerat institutions with 99.97% of votes,
electricity,,mitigating over0.17 and other operational proposedtousethepro- augurs well for our future growth,” visibility. Our Ebit guidance is now HCLTech said. according to a stock exchange
million tonne of CO2,the liabilities. It is seeking approval ceeds for repayment of debt and HCLTech CEO and MD C Vijayaku- in a narrower range of 18-19%,” On moonlighting,the company update.
companysaid. through an e-voting,which ends on other operational liabilities,which mar said.“We had a very good first HCLTech chief financial officerPra- said it does not approve of doing a According to a stock exchange
Thursday. would help the company reduce its half, we had excellent bookings in teek Aggarwal said. job for another company while notice convening the meeting of
Mercedes-Benz crosses “While we understand that the debt“considerably”. the first half, which will result in The company had expected rev- working with HCL Technologies. shareholders, the proposed
company will need funds to keep The board believed that with the good revenue growth in the coming enuetogrowat12-14%inconstant “Everybody who signs up to work scheme of arrangement between
2021 sales in 9 months itself afloat, the approval sought is remainingassets,FLFLwillbeableto quarters,”he added. currency terms and Ebit margin to with HCLTech is signing an Vedanta and its shareholders pro-
MERCEDES-BENZ for disposal of assets worth `1,390 continue its business operations. HCLTech alsowon 11 large deals be at 18-20% for FY23. Its board employment contract which vides for capital reorganisation of
India sold more crore,whichcontributedto64.2%of IiAS has asked shareholders to (8in servicesand 3inproducts).The alsodeclaredaninterimdividendof requires exclusivity, confidential- the company. This is to provide
cars in the January thecompany’srevenuesinFY21and support two other motions — to totalcontractvalueofnewdealwins `10 per share. ity and non-compete provisions for transfer of amounts standing
to Septemberperiod 32%ofthecompany’stotalassetsas appoint Bharat Ram and Neelam rose 16% from the previous quar- The firm added 8,359 employ- among others. We expect our to the credit of the general reserves
thisyearcomparedwith the ofMarch2022.Thiswillsignificantly Chhiberasindependentdirectorsfor terand 6%y-o-yto $2,384 million. ees,including 10,339 freshers,dur- employees to honour these com- to the retained earnings of
totalvehicles sold in the reduce the scale of the company’s fiveyears from July19,2022. HCLTechnologiesalsorevisedits ing the quarter, taking its total mitments,”he added. the company.
entire CY2021.

BNYMellontogo
electricinIndia
BNY MELLON plans to convert
Sahyadri sets up subsidiary to raise funds, IPO also on the cards
its corporate vehicles fleet into GEETA NAIR pany and the company has set a rev-
electric in India by 2025.The Pune, October 12 12 years of groundwork, enue target of `1,191 crore and
company has a total fleet of
restructuring of
Ebitda of`140 crore forFY23. Sahyadri FPC’s corporate structure
700 diesel-powered multi- THE BUZZATtherecentlyheld12th Sahyadri supplies to some big
purpose vehicles (MPVs). annualgeneralmeetingofSahyadri operations and the names such as HUL, BigBasket, move to set a trend for others
Farmers Producer Company at the Mother Dairy, Del Monte,Veeba, an
KettleboroughVC Sahyadri campus in Mohadi, Din- recent funding will see Reliance.Itgotintoamanufacturing SAHYADRI FARMER PRO- However,regulatorshavestip-
closesfirst$5-mfund dori, in Nashik was different this Sahyadri get into a partnershipwithHUL in2019forthe DUCER Company (FPC) receiv- ulated that the shareholding of
time.Thefarmerproducercompany Kissan range of products.This gave ing the required regulatory the parent FPC in the subsidiary
KETTLEBOROUGH (FPO) has created a new subsidiary new growth phase. them the confidence of making a approvals to split the farmer should not fall below51%.
VC,an early-stage with an aim to raise capital from VILAS VISHNU SHINDE, foray into the retail segment with facilitationandpost-harvestcare Rahul Rai, partner, Incofin
venture capital,has overseas to scale up their business. CMD, SAHYADRI FARMERS their own brand of value-added and business could set a trend for India, an investment firm, said
raised $5 million to An IPO is also on the cards. PRODUCERS COMPANY ready-to-eat food products. FPCs. Till now, only Sahyadri FPC would become a
invest in technology-centric The horticulture-focused com- Sahyadri currently sources from producers/farmers could be FPC model for other FPCs to follow,
startups in their seed stage. panyhasalreadyreceivedtheregula- Maharashtra, Karnataka, Gujarat, shareholders and capital could give confidence to the sectorand
toryapprovaltohiveoffitspost-har- lastmonthfromagroupofEuropean farmer producer companies (FPCs). AndhraPradesh,Rajasthan,Kashmir only be raised from them or show them the pathway to scale.
eBikeGotosetup vest business division into a new investors who picked up a 16.6% Shinde, a first-generation entrepre- and Himachal Pradesh. They will through internal accruals. Alpen Capital, strategic advi-
corporate entity. The 100% sub- stakeinthefirm,whichwasvaluedat neur, and his family, own 52.8% in expand into Punjab, Kerala, Tamil Vilas Vishnu Shinde, chair- sors to Sahyadri Farms for the
subsidiaryinSpain sidiary,SahyadriFarmsPost-Harvest `2,000 crore. Shinde added that SFPC, 32.9% is held by small and Nadu,Telangana and the NorthEast. man,Sahyadri FPC,said the new transaction, said Sahyadri had
ELECTRIC TWO-WHEELER Care Limited,will house all the post- Sahyadriwould be going publicwith marginal farmers, and 14.3% by Multiple pilots are on for a direct corporate structure has enabled overcome the most difficult part
platform eBikeGo on harvest business,including the pro- anIPOplannedinthenext3-4years. largefarmers andFPCs. retail business and to supplydirectly farmers to continue with collec- of the process and cleared all the
Wednesday announced cessing business,retail,logistics,and Thiscouldbethefirst-of-its-kindlist- The firm’s FY22 revenueswere at to street vendors and retailers.“12 tive farming and be part ofvalue legal hurdles and therewould be
its plans to set up a wholly- newlines of business. ing forfarmerproducercompanies. `785.7 crore, Ebitda at `66.4 crore, yearsofgroundwork,restructuringof creation through the subsidiary, no roadblocks to the expansion
owned subsidiary in Spain to Vilas Vishnu Shinde, CMD at Sahyadriisownedby731farmers and net profit at `23 crore.Around operations and the recent funding which could raise growth capital and growth of the FPC.
cater to the demand from the SahyadriFarmers,saidthesubsidiary, with681farmersdirectlyowningthe 71% revenues come from the will see Sahyadri get into a new from non-producer investors. —FE BUREAU/PUNE
European market. Sahyadri Farms, raised `310 crore company and the rest through 48 Sahyadri Farms Post Harvest Com- growthphase,” Shindesaid.

Pune
WWW.FINANCIALEXPRESS.COM THURSDAY, OCTOBER 13, 2022

FINANCIAL EXPRESS COMPANIES 5

5G: Telcos, phonemakers Sebi’s plea

against RIL:
get deadline till mid-Nov SC hearing
Apple says upgrade GETTING 5G-READY
to now be
in Dec, Samsung to
roll it out mid-Nov
■ Most other Android device in chambers
makers have started rolling
out the software upgrade
and are expected to fully
JATIN GROVER meet Nov 15 deadline
New Delhi, October 12
■ Telcos said they are rolling
THE GOVERNMENT ON out services in a phased
Wednesday asked the telecom manner and will continue to
operators as well as handset do once the handset makers
makers to sort out glitches in upgrade the software
5G services byNovember15 so
that user experience is seam-
less and not marred by patchy statement that its update spokesperson said. INDU BHAN
network coverage or device- across all 5G devices will be Most other Android device New Delhi, October 12
related issues. completed by mid-November, makershavestartedrollingout
In a meeting with the tele- Apple said that it will start the software upgrades and are THE SUPREME COURT on
com operators — Reliance Jio, rolling out software upgrades expected to fully meet the Wednesday did a U-turn and
BhartiAirtel,andVodafoneIdea to its iPhone users in November 15 deadline. decided to hear in chambers —
and all the handset manufac- December. The telecom operators, on and not in open court — the
turerslikeApple,Samsung,and “We are working with our their part, said that they are Sebi’s petition seeking a review
others, secretary, ministry of carrier partners in India to rolling out services in a phased of its August 5 judgment that
electronics and information bring the best 5G experience mannerandwillcontinuetodo haddirectedthemarketregula-
technology, said that by to iPhone users as soon as net- once the handset makers tor to share certain documents
December, all issues should be work validation and testing upgrade the software on their with RelianceIndustries(RIL).
sorted out by both the parties. for quality and performance devices, customer experience The company claims these
Both parties have been are completed. 5G will be will be seamless in parts where records will exonerate it and its
asked to provide fortnightly enabled via a software update services are being rolled out. promoters from criminal pros-
updates to the government and will start rolling out to Subscribers of BhartiAirtel ecution initiated in a case
on the progress of their net- iPhone users in December,” can now check on the Airtel relatedtotheallegedirregulari-
works and software upgrades Apple said in a statement. Thanks app, whether 5G ser- ties in the acquisition of its
on 5G devices, respectively. “We are working closely vices are available in their sharesbetween1994and2000.
“The government is focused with our operator partners area. Through the app, sub- While the casewas listed for
only on one goal which is to and are committed to rolling scribers will also be able to hearing on Wednesday in the
increase 5G coverage for out OTAupdates across all our check whether their phones opencourtat3.55pm,itwasnot
users and these meetings are 5G devices by mid-November are 5G enabled or not, and if takenup.However,ashortorder
necessary to take stock of the 2022, enabling Indian con- enabled whether it has the was later uploaded on the
situation,” an official said. sumers to experience 5G upgraded software to support court's website stating that
While Samsung said in a seamlessly,” a Samsung India 5G services. Sebi’sapplicationforseekingan
open courthearingis rejected.
A Bench led by Chief Justice

PepsiCo posts double-digit Uday Umesh Lalit and justices

J.K.MaheshwariandHimaKohli
whilerecallingitsSeptember29

volume growth in India orderdirectedtheRegistrytolist

the review petition“by normal
mode i.e., through circulation”
on October19.
FE BUREAU declined 14%, reflecting a 62- In its short order,the judges
New Delhi, October 12 percentage points impact of stated that it had on September
higher commodity costs, pri- 29 directed the listing of the
GLOBAL FOOD AND bever- marily grains and packaging review petition in open court.
ages major PepsiCo on materials,certainoperatingcost “However,onminuteperusalof
Wednesday reported good increasesandhigheradvertising the contents of the application
double-digit volume growth and marketing expenses, the seeking open court hearing,we
in India for the quarter that companysaid. donotdeemitappropriatetolist
ended September 30, amid In the AMESA zone,Pepsico thereviewpetitioninopencourt
higher commodity prices and convenient foods unit volume and we are of the view that the
rising operating costs. declined 2%,primarily reflect- same should be listed byway of
Thecompany’srevenuedur- ingahigh-single-digitdeclinein circulation,” it said while reject-
ing the quarter was up 3.66% its earnings statement. South Africa,partially offset by ing the Sebi’s application for an
year-on-year to $1.72 billion PepsiCo reported a mid-sin- double-digitgrowthintheMid- open courthearing.
from the Africa, Middle East gle-digit growth in the conve- dle East and Pakistan and mid- So far, Sebi has not shared
(West Asia) and South Asia niencefoodsunitvolumeinthe single-digit growth in India. the three documents — the two
(AMESA) regionwhich includes Indian market, said the state- Its beverage unit volume legal opinions by former SC
India.This is“primarily reflect- ment. The company's conve- grew 11%, similar to the dou- judgeBNSrikrishnaandthefor-
ing effective net pricing, par- nience foods unit volume in ble-digit growth in India, the mer ICAI president YH
tially offset by a net decline in AMESAgrew5%reflectingdou- company said. The beverage Malegam’s reportwhich exam-
organic volume. Unfavourable ble-digit growth in the Middle unit volume grew 17%, pri- inedtheirregularities—thatthe
foreign exchange reduced net East, India and Pakistan on a marily mirroring double-digit SC had asked it to share“forth-
revenue growth by 14 percent- year-to-date basis. growth in India during the with”,thuspromptingRILtofile
agepoints,”thecompanysaidin The operating profit same period. a contemptpetition.

Jio unit gets satellite NSDL acquires 5.6% stake

communication in ONDC for `10 crore
LEADING DEPOSITORYNSDL mentroute,thedepositorysaid

licence from DoT on Wednesday said it has

acquired a 5.6% stake in the
Union government’s Open
in a statement.
“Thisstrategicdealwillfur-
ther strengthen the digital
JATIN GROVER NetworkforDigitalCommerce ecosystem to take digital e-
New Delhi, October 12 for `10 crore. commerce to the people of
National Securities Deposi- India,” Padmaja Chunduru,
JIO SATELLITE COMMUNICA- tory Limited (NSDL) invested MD and CEO at NSDL,said.
TIONS,a unit of telecom oper- an amount of `10 crore in ONDC is an initiative of the
ator Reliance Jio, has got a ONDCundertheprivateplace- commerce ministry. —PTI
licence from the Department
of Telecommunications (DoT)
to offer satellite-based com-
munication services in the
country.Thecompanyreceived
the Global Mobile Personal
Communication by Satellite and hilly areas without the
(GMPCS) licence on Tuesday, need for fibre-based connec-
according to people aware of tivity. It is also the only
the matter. medium through which com-
With this, Jio Satellite has munication can be established
become the second company in disasterzoneswhen normal
after Bharti Group-backed communication gets affected.
OneWebtogetaGMPCSlicence “We are getting interested
fromthegovernment.AGMPCS from other private players as
licence is issued by the govern- well to get satcom licence and
ment for20years,which allows moreclarityonthatwouldcome
companies to offer satellite in going forward,”a senior DoT
communication services in official said, adding that Ama-
licensedservice areas. zon’s Project Kuiper has not
Jio Satellite was expected to shown any interest to offer ser-
complywiththelicencerequire- vices inthe countryas of now.
ments and sign the agreement The satellite communica-
within this week,basis which it tion sector is currently at a
was to be given the licence to nascent stage in India,andwith
operate satellite communica- requirements of higher band-
tions services in the country,FE width, lower latency require-
reported onTuesday. ment of data and demand for
In February, Reliance Jio’s such services in defence and
parent Jio Platforms formed a military sectors,the segment is
jointventurewithLuxembourg- expected to seestrong growth.
based satellite communication According to a report by the
services provider SES to offer Indian SpaceAssociation (ISpA)
high-speed satellite-based and EY,the Indian space sector
broadband services. is expected to grow to $13 bil-
Apart from OneWeb and Jio lion by 2025, and of that satel-
Satellites,otherplayers such as lite services and applications
Elon Musk’s SpaceX-owned segment is likely to contribute
Starlink are also seeing a huge the largest36% share.
business opportunity to offer The satellite internet ser-
satellite-based internet ser- vice providers are expected to
vices. One of the reasons for start the services from next
the growing interest in the year as currently, the govern-
satellite broadband segment is ment is yet to allocate spec-
the opportunity to provide trum in the 27.5-28.5 MHz
internet services to far-flung band for satellite services.

Pune
 6 FINANCIAL EXPRESS WWW.FINANCIALEXPRESS.COM
CLOSED ECOSYSTEMS, TIGHT CONTROL

Opinion THURSDAY, OCTOBER 13, 2022

Meta co-founder Mark Zuckerberg, in an interview with The Verge
In every generation of computing, there’s been an open
ecosystem and a closed ecosystem, there was Windows and
Mac, then Android and iOS. Closed ecosystems focus on tight control
and integration to create unique experiences and lock in. Although
most of that value ends up flowing to the platform over time

Cashing in on e-rupee ● BIG TECH MONOPOLY

THE GIANT DISTRIBUTION PLATFORMS THATWE NOW RELY ON POSE SERIOUS
RBI’s concept paper makes a compelling THREATTO THE FINANCIAL-ECONOMIC-POLITICAL SYSTEMS OF NATIONS
case for central bank digital currency

The global middle-men

A
STHE RESERVE BankofIndia(RBI)hasarticulatedinitsconcept
paper, among the most important uses of central bank digital
currency(CBDC)wouldbeforittoreplacecash.Tobesure,India’s
digitalpaymentsinfrastructuretodayisarobustoneandthevol-

G
umeofdigitaltransactionsisrisingrapidly.However,evenifitisusedinalim- ROWING INEQUALITY dle-men syndrome flourished under the
itedfashion,theCBDCwouldstrengthenthepaymentssystembyproviding IN income and wealth,
coupledwiththeaccelera-
CKG NAIR APMCs too. Several committees and
experts suggested the need for substan-
anotherlayer.Even today,cash accounts fora large share of transactions; in
FY22, currency in circulation was up nearly 10%, at over `31 trillion, and
tion of the number of bil-
lionaires,hasbeenamajor
& MS SAHOO tive disintermediation, and some policy
measures have been taken to bring the
the savings from simply printing notes,not to mention the cost of storing global socioeconomic concern in recent Respectively, director, National Institute of
producers and buyers closer.While this
Securities Markets, and distinguished professor,
and transporting them, could be enormous. Last year, RBI is estimated to times.This is attributed mostlyto hi-tech National Law University, Delhi domesticpolicybattleremainsprotracted
have spent close to `5,000 crore on just printing notes.Among the reasons intermediation/aggregation platforms, Views are personal and inconclusive, it seems we have wel-
why cash is used in such large quantities is that it provides anonymity.The whicharefastemergingasaggregatorsof comed the aggregation-intermediation
central bank is right in pointing out that ensuring anonymity for a digital concern. Consequently, global debates model of the new global monopoly/oli-
overtaxationofsuchplatformsandother massive and fast changes have suddenly Monopoly usually has control over gopolyin distribution.
currency particularly does pose a bit of challenge,given all digital transac- networking entities are raging. Equally brought enormous challenges for pro- supply:quantityandprice.However,these These distribution platforms are get-
tions would leave some trail.At the same time, it finds merit in providing vehement is the debate and regulatory ducers, producer-distributors, distrib- platforms are going one step ahead.They tingbiggerandmoreconcentrated;mak-
some degree of anonymity for small value transactions, as is the case with actioninvariousjurisdictionstoreinthem uters,andsmall-andmedium-scaleoper- also have control over customers. For ingincomedistributionfurtherskewedin
physicalcash.TheCBDCcouldbedesignedtoenablesomedegreeofprivacy. in from abusing their dominance.Their ators in almost all integrated economies instance, a ride-hailing service scores their favour. Being the aggregator of
The central bank prefers the indirect CBDC model inwhich consumers powerandinfluenceoverpeopleandlives around the world,something like the tail everyrideronascaleof5,enablingdenial aggregators, they have effective control
will hold their CBDC in an account or a wallet with a bank, or a service are creating hugely complex sociopoliti- wagging the dog. The macroeconomic ofservicetoariderwhoscoreslow.Itmay over tributary/distributary aggregators.
cal and economic issues, more serious effects of these changes on employment, wipe out or marginalise other taxis from Till these e-commerce giants became
provider.As it rightlypoints out,a direct model,inwhich the central bank
than the so-called multinationals and prices, and incomes, including income the market but may deny a ride to some omnipresent, the domestic distribution
interacts directly with the end customers would result in disintermedia- othernear-monopoliesin the past. distribution, are massive, with huge customers. Similar AI-based algorithms chains were at times competitive, with
tion,somethingforwhichtheIndianbanksarenotreadyyet.Moreover,the An equally interesting angle, though groundswell of gigs and ‘read’andevaluatethepref- manyplayers in the system.However,the
central bank too would be overburdened if it needs to manage customers not much debated,is the type of services temps, predatory pricing, erence of each user or con- global platforms on boarded them too
and operate a retail ledger.Also, such a framework could end up stifling provided by such entities. The largest and other anti-competitive Till the e-commerce sumerof theirservices and aggressively, wiping out even the sem-
innovation in the payments system.Ultimately,financial intermediaries transport company doesn’t own a single practices. A 2018 book by lurethemtoaddictivecon- blanceof anycompetition.
vehicle,the largest retailer doesn’t own a Tom Goodwin captures giants became sumerism. Like the sirens Such monopoly has been entrenched
are best-suited to cater to the needs of consumers. Even in the Universal omnipresent, the
single retail store, and the largest food these new developments in attracting passers-by with throughthetraditionalmethodsofpreda-
Payments Interface (UPI) ecosystem,forinstance,it is the GooglePays and delivery company does not own a single the title of his book,‘Digital melodious music in Greek tory pricing,M&As,sharp business prac-
domestic
PhonePes that have drawn in customers onto the platform. restaurant.Most of them are engaged in Darwinism: Survival of the mythology. tices,promotingconsumerism,etc,aswell
In this context,opting for a non-interest bearing CBDC would be bet-
distribution chains
distribution;theyrarelyproduceanything Fittest in the Age of Business Indian policymakers as through the power of new, high-cost
terin today’s environment.As experts have pointed out,an interest-bear- (goods orservices). Disruption’. were at times had been concerned about frontier technology. Coupled with
ing instrument might make monetary policy more effective as trans- Thenetworkmediadonotevencreate In 1879, Henry George competitive the cost and inefficiencies monopolisation in the payment system,
missionwould shift from the overnight moneymarket rate to the deposit thecontentontheirplatforms.Itisallcre- propounded that agricul- of long chains of distribu- thesegiantdistributionplatformscancre-
ated by the users,though at times not to ture is the only productive tion intermediaries (mid- ateserioussituationstothefinancial,eco-
rate. However, a deposit-like CBDC could result in some degree of disin- thelikingofmany.Intheprocess,theyare humanactivityandadvocatedasingletax dle-men)operatinginmultipleareas,par- nomic,and political systems of nations.
termediation.In otherwords,if customers decide to hold CBDC deposits, facing requests/demand for removing systembasedonthevalueofland.Though ticularly in the primary sector.The major There are several other issues with
banks would be deprived of funds with which to pursue lending activity. suchcontent.Mostoftheonline/stream- nosovereignborrowedtheideainexacti- concerns were that the farmers/produc- monopoly/oligopoly e-platforms.They
To prevent an exodus of customers,lenders would need to price deposits ing entertainment companies,which are tude, tax systems had been fairly simple ers of agricultural and other primary can change shape and location easily, do
at rates that might make it unviable for them to run the business effi- fast becoming global oligopolies,are also till the late 19th century.Industrial revo- products would get very low prices while not provide any direct employment
ciently without taking on too much risk. One key reason for the intro- mainly aggregators,with a few in-house lution,andlater,the explosionof services the end consumers pay substantially except providing fluctuating and uncer-
creationsthrowninbetween.Eveneduca- of umpteen types, created considerable higherpricesbecauseofseveralroundsof tain opportunity for gig workers. Anti-
duction of a CBDC is RBI’s discomfort with crypto-currencies.Given the
tion,oncethepreserveoffamedbrickand complexity in the tax structures of mark-up by these layers of middle-men. labour practices, dodging taxes are very
risks that cryptos pose to financial stability, the CBDC will provide the wood/mortar universities,is being taken nations.Now,the tech platforms,practi- Given the magnitude of such collective common.Therefore,thevalueadditionof
public with a risk-free alternative to work with virtual currencies. over by platform models, some of them cally doing no “productive” activity but mark-up just in the distribution chain,it theiractivitiestotheeconomyislowwhile
Togetherwith the much-needed financial stability,the CBDC would also with their overblown hype and capsuled almostfullyoccupyingthespaceofman- resulted in skewed and undesirable incomegenerationanddistributionshift
help further financial inclusion. The blockchain technology will enable tutorial/coaching models. aging global distribution of nearlyevery- incomedistributioninfavourofthemid- heavily in their favour.We wanted com-
offline transactions,which are needed to ensure wider usage.As the cen- Inshort,justthedistributionofgoods thingasaservice,arethenewreality.Afew dle-menandagainsttheproducersaswell petitive but limited layers of intermedia-
tral bank has pointed out, as of now, just 825 million people have inter- andserviceshasbecomeamajorbusiness global platforms for everyone,including as consumers.Even the Agricultural Pro- tion.What we got are a few giant global
globally.They have become colossal oli- for social interaction, communications, duce Marketing Committee (APMC) intermediaries, crushing everything
net access, and offline transactions would of be of immense help in gopoly platforms,disrupting global sup- and entertainment, seem to be the ulti- enactments by almost all states did not aroundthem,perhapswithlimited,short-
remote locations. In addition, a CBDC will make cross-border transac- ply-chain ecosystems drastically. Such mate destination. help solve the problem; rather, the mid- run gains forsome savvyconsumers.
tions and even local wholesale payments a lot more efficient.

The rich are living in a Devolution to states: Tie it to topography

different economic world
BIBEK With improvements in technology, we can compute
Look at luxury giant LVMH’s recent results and you’ll topographical area objectively and use that as a
DEBROY
wonder how long “luxonomics” can last surrogate indicator of states’ needs
Chairman, EAC-PM

“LUXURYISNOTaproxyforthegeneraleconomy,”Jean-JacquesGuiony,CFOofLVMH
Moet Hennessy Louis Vuitton SE, has said. He could not be more right. Browsing ARTICLE 280 OF the Constitution men- differential sources of revenue.Alterna- In 1936, Otto Niemeyer faced the same sured through geographical area and
throughthethird-quartertradingupdatefromLVMH,youwouldbeforgivenforthink- tionsFinanceCommission(FC).Thereisa tively,cost of delivering that basket may conundrum.Heconcluded,itwouldbefair population,surrogate indicators that go
ing the world wasn’t facing geopolitical turmoil,soaring inflation and sinking stock history behind evolution of federal vary, across geographical zones. Over to“fix the scale of distribution partly on backtoNiemeyer.Toquotefrom15thFC,
markets.Theblingbehemothreporteda19%increaseinsales,excludingmergersand finance. The obvious bit is Section 142 time,villages of course get depopulated. residence and partly on population.”At “ThepopulationofaStaterepresentsthe
acquisitionsandcurrencymovements,inthethreemonthstoSeptember30.Fashion from Government of India Act (1935). They are reclassified, get absorbed into best, these are surrogate indicators.The needsoftheStatetoundertakeexpendi-
andleathergoodsorganicrevenuerose22%.Bothresultstrouncedanalysts’expecta- “Such sums as may be prescribed by His larger agglomerations, or disappear UnionFChasaverticaltask,dividingdivis- ture for providing services to its resi-
tions.Investorsshouldstillbecautious.Thethirdquarterwasalwaysgoingtobeablock- MajestyinCouncilshallbechargedonthe because of migration. For instance, in iblepoolbetween theUnion government dents.” “All Finance Commissions since
busterwith travel restrictions easing and manyAmericansventuring back to Europe revenuesoftheFederationineachyearas 2021Census,CurlewIslandnolongerhas and states. It also has a horizontal task, the FC-Xhave used area as anothercrite-
withastrongdollartomakethemostof.AndnowLVMHhassetaveryhighbarforthe grants in aid of the revenues of such anyinhabitants.Untilthen,theStatecan- dividing state share between different rion in the devolution formula on the
forthcomingreporting season—at a timewhen risks are growing. Provinces as His Majesty may determine not abdicate its responsibility of provid- states. Accordingly,from 1st to 15th,FCs ground of need—the larger the area,
Although Europe has shone,the most important drivers of top-end demand are to be in need of assistance,and different ingthebasket.“Itcannotbe have adopted different for- greater is the expenditure requirement
USandChineseconsumers.Andthereareconsiderableuncertaintiesaroundboth.US sums may be prescribed for different provided in such a remote mulae,with an attempt to for providing comparable services.” But
big spenders are more vulnerable to shocks than slowing economic growth, and so Provinces.” But there were reports too.To location. Therefore, also create incentives, by the point is this.ThewayI understand it,
recentstockmarketgyrationsareaaworry.DemandfromUScustomerswas“moreor name three—Indian Financial Enquiry migrate.”That would be a No Finance attaching weights to fiscal geographical area is the estimated area
less”in line with the second quarter,LVMH said.But a slowdown at Tiffany is worth Report(NiemeyerReport,1936),Krishna- most perverse argument. Commission has efficiency and even demo- ofaplane.Itisn’ttopographicalarea.Isit
watching.The company said weakness in the silver business was due to an inflation- machary Enquiry Committee Report Migration is a voluntary tried to do this yet, graphic performance.This more expensive to deliver physical and
ary environment,where customers prefer gold.But it is also possible that some mar- (1948) and Committee on Financial Pro- decision, often driven by but it can certainly leavesvariableslikepopula- socialinfrastructureonalevelplain,orin
ginalluxurybuyers are beingmore carefulwith theirbudgets. visions of Union Constitution (Sarkar pull(andpush)ofeconomic tion, geographical area, a hilly area? Clearly, the latter.There is a
LVMH’ssalestomainlandChinesecustomerswereflatamidCovid-19restrictions. Committee,1948).WhyshouldProvinces forces.Thatvoluntarydeci- be done. Australia is incomedistance,infrastruc- ranking of states by geographical area. I
That’s an improvement on the second quarter but far needassistance?Equityistheidea.Thereis sion cannot be replaced by likely trying to ture distance and forest haven’tseenasimilarcalculationaccord-
fromarecovery.Demandinthecountryremainsclouded abasketofgoodsandservicesthatshould fiat. Indeed, depopulation measure topography cover. To quote from 15th ing to topographical area, though it is
bypandemiclockdownsandadarkeningeconomicout- be delivered by the State.It is best not to isnotnecessarilydesirable. FC,“There are three broad logicallyobvioustherewillbedifferences
look.Evenwhenlifereturnstonormal,aftertwoyearsof call them public goods, since “public Think of remote villages, approaches to measuring betweenthetwo.Inthisdayandage,with
yo-yoing between lockdowns and freedom, there is no goods”haveaspecificmeaningforecono- along the border, in Arunachal Pradesh. fiscal capacity for formula-based trans- improvements in information technol-
guarantee that consumers will spend with the same mists and this basket has items that are With China forcibly populating villages fers:(a)expenditureequalisationbasedon ogy,can’twecomputetopographicalarea
gusto as they did when China reopened after the first typically collective private goods.Curlew near the border,it is strategically impor- needs/costsofpublicservices;(b)revenue objectivelyandusethatinstead,asabet-
Covidwave in 2020. IslandisinAndamanandNicobarIslands. tant that our remote villages do not get equalisationmeasuredbytheabilityofthe ter surrogate indicator? No FC has tried
Onewildcardistravel.Thestrongdollarcouldbeatail- Till 2011 Census, it had a population of depopulated.Indeed,inthelastfewyears, state to raise revenue from one or more to do that yet, but that doesn’t mean it
wind to more US spending as trips to Europe continue two.PulomiloIsland,alsoinAndamanand physical and social infrastructure in sources; and (c) macro-indicators cover- can’t be done. (Forest cover doesn’t ade-
ANDREA intothefinalquarter.Anysignificantlooseningofrestric- Nicobar, had a population of twenty in remote and border areas have vastly ing broader economic or non-economic quately capture topography.) If I have
tions in China could lead to more Chinese tourism in 2011.At the time of elections,we read of improved, countering incentive to indicators that approximate fiscal capac- understood it right,Australia’s National
FELSTED Europe—and more lavish spending in Paris or Milan— astoundingattemptsmade,sothatvoters migrate.This brings us to the question of itywheredataconstraintsmakeitdifficult Productivity Commission seeks to mea-
Bloomberg thoughthat still looks awayoff rightnow. in remote locations can vote. No one costofdeliveringthatphysicalandsocial toapplytheotherapproaches.”Let’sthink sure topography. It’s probably not used
LVMH looks best placed among the luxury compa- should be disenfranchised because of infrastructure,thebasket,andpercapita, about (a),especially the costs part.Forest forfiscal devolution,as opposed to plan-
nies. It is the biggest and has a muscular balance sheet remotenessof location. itisnotuniformthroughoutthecountry. coverisn’tnecessarilythat,sincethereare ning. However, this seems to be an idea
thatismovingtowardanetcashpositioninearly2024,accordingtoBloombergIntel- Bythe same token,a resident,regard- Union-state and intra-state devolution positiveexternalitiesassociatedwithfor- worth toying with. Think of small vil-
ligence.That gives it the clout to invest in marketing as others cut back,and possibly less of location, must be entitled to that should be a function of that. estcoverand it is an end in itself. lages in Arunachal Pradesh, at altitudes
make acquisitions.It iswell diversifiedthrough drinks andbeauty,and itowns twoof basket. Provinces, now states, can have Computingthesecostsisnoeasytask. Needs/costs are sought to be mea- of more than 10,000 feet.
the industry’s most successful brands,LouisVuitton and Christian Dior.If the luxury
shoppercutsback,theywilllikelyfocusonbrandswiththemostcachet.Theymayeven
spend more on a single item. LVMH and rival Hermes International should benefit
from this. The biggerworrywill be forlessernames.The exception here is Prada SpA.
LETTERS TO THE EDITOR
It is enjoying a Gen Z revival,withyounger shoppers snapping up its bucket hats and
logoed loafers.If the Italian company can translate this into lucrative handbag sales, Gujarat a pipe dream Congress went down to the wire in expansion ahead?", only recently, our without optimum utilisation of
thenit could surpriseon the upside. 2017, and elections are due later this finance minister invoked Lord existing capex, no company would
The macro environment is more challenging for Kering SA,which is managing for the AAP? year. AAP supremo Arvind Kejriwal is Hanuman in the context of Indian like to invest further. And improving
Gucci’s transition to classic from cutting edge.The luxuryconglomerate should ben- The Aam Aadmi Party (AAP) is trying spending a lot of time in the state. His Inc's capabilities as she exhorted credit quality of customers tells a
efit from the strength of its other houses,such asYves Saint Laurent and Balenciaga, to expand its footprint beyond its main hope is anti-incumbency them to invest in the India growth strong story about Indian Inc.
but reorienting its biggest brand through an industrydownturnwill be hardwork. cradle of Delhi. It is also seeking to favouring his party. But this may be a story. Data for the first half of the Despite unseasonal rains recently,
BurberryGroup Plc is also in the midst of a turnaround andvulnerable.That said, capitalize on its success in Punjab, day dream. ongoing fiscal are encouraging with which will adversely impact standing
ifnewdesignerDanielLeecancreatethesortsofwinningbagsandshoeshedelivered where it formed a government earlier --CK Subramanian, Ghaziabad that regard, because, if capacity crops, we may yet achieve a 7% GDP
atKering’sBottegaVeneta,Burberrymaybeabletonavigatethecomingchoppywaters. this year, and which boosted that utilisation is close to 75%, then we in the current financial year.
“Everyone is talking about the recession,but nobodyhad seen ityet,” said LVMH’s ambition. The party is now eyeing are reaching the desired situation --Bal Govind, Noida
Guiony.If andwhen it does arrive,the giant should be the most resilient.But if“luxo- Gujarat, where the contest between Capex thrust ahead where Indian companies start
nomics”goes in thewrong direction,even itwon’t be immune. Bharatiya Janata Party(BJP) and the Apropos of the article "Capacity contemplating fresh capex. Because, ●Write to us at feletters@expressindia.com

R.N.I. Reg. No. MAHENG/2010/34809 Printed and published by Vaidehi Thakar on behalf of The Indian Express (P) Ltd and printed at The Indian Express (P) Ltd Press, Survey No. 288, Plot 1 and 2, Raisoni Industrial Park, Village Maan, Taluka Mulshi, District Pune-411027
and published at The Indian Express (P) Ltd, Express House, Plot No. 1205/2/6, Shirole Road, Shivajinagar, Pune-411004. Phone: 67241000. Chairman of the Board: Viveck Goenka, Editor: Shyamal Majumdar, Editor (Pune): Shobhana Subramanian* (*Responsible for selection of news under PRB Act)
© Copyright: The Indian Express (P) Ltd All rights reserved. Reproduction in any manner, electronic or otherwise, in whole or in part, without prior written permission is prohibited. The Financial Express®

Pune
 7 FINANCIAL EXPRESS WWW.FINANCIALEXPRESS.COM

eFE
CLEAN BUSINESS
Rekha M Menon, Chairperson & Senior MD, Accenture
As businesses set ambitious ESG goals,
success will be determined by the
ability to transform via twin engines of
technology & sustainability.”
THURSDAY, OCTOBER 13, 2022

● DAWAA DOST: AFFORDABLE PHARMACY CHAIN Choudhary says 80 to 85% of

users who are using the app have ● MENTAL HEALTH

A medicine-reminder app
opted for getting pill reminders in
the form of calls.“On an average,
between 8 am and 9:30 am,we are
doing 70,000 to 75,000 calls a
day,”he said.
Can AI be my
to make your life easier
The app, which went live last
year and is only available on
Android-based smartphones, has
currently over 75,000 monthly
therapist?
active users. to better understand the conver-
But what makes Karma Dost Some people might sation between therapists and
Karma Dost improves TECH TO THE different from other medication- find it easier to talk clients.Suchtoolscanhelpensure
reminder apps is the Karma fea- high standards of service.
medical adherence RESCUE ture and hence the name Karma
and open up to a bot
in patients Dost. If a user takes the medicine Counselling with AI
■ Less than 7% of Indians
on time, say for the next seven One of the main benefits of
adhere to their doctor's
days,theyearn KD coinswhich can usingAI in clinical care is its abil-
prescription
ANUJ BHATIA be used for social causes. ity to collect massive amounts of
■ The Karma Dost app is Dawaa Dost, co-founded by data and gather insights from it.
WHEN A DOCTOR prescribes you useful for those who take ChoudharywithYash Harlalka and mental health professionals can
a medicine, the timings and dura- multiple medications Anirudh Batwara in 2018, is an use these data resources and col-
tion of the doses can be a bit con- Around 80 to 85% of omnichannel pharmacy retail lectclinicallyactionabletargetsto
fusing, especially if you have lost ■ The Android app chain that aims to address India’s ■ AJAY MALGAONKAR provide more effective and per-
the prescription or forgot to take a currently has over 75,000
users who are mammoth healthcare problems sonalised care to theirpatients.
pill accidentally.These are some of monthly active users using the app have by making medicines available at THE WORLD IS witnessing a
the most common causes of poor affordable rates. The Jaipur-based severe mental health crisis.
adherence which could have dra- ■ A large section of these opted for getting pill startup primarilyfocuses on tier-2 AccordingtoareportbytheWHO,
matic side effects if patients have are elderly people reminders in the and 3 cities and also owns plat- around 56 million Indians suffer
chronic issues like diabetes or form of calls” forms such as Medwiki which from depression, and 38 million
■ App is end-to-end
heart ailments. That’s where offers short-form videos on treat- experience some kind of anxiety
encrypted, ie, data
Karma Dost comes in, a smart- AMIT CHOUDHARY, CO- ments and Karma Dost. disorder. The country’s mental
is secure
phone app that nudgesyou to take FOUNDER & CEO, DAWAA DOST Choudhary says the Karma health workforce is also gravely
medicines on time. Dost app will continue to get understaffed with there being a
“Fora long time,the traditional improvements through new fea- severe shortage of psychiatrists
model has been that someone topic in healthcare. In fact, half of and then stop a 5-day course mid- out any assistance from a family tures and experiences. and psychologists compared to
reminds us to take medicine and if Americans with chronic illnesses way because they are feeling bet- memberand ensure the treatment Karma Dost is end-to-end the number of people suffering
they forget…I also forget. We stop taking medications within a ter,” he said, adding that people plan is followed. The app lets you encrypted, meaning the company from mental illness.
picked up that theme and said year of the initial prescription, often don’t stick to the prescrip- create a list ofyourmedications by can’t read or otherwise access the Artificial Intelligence (AI) can
what if we recreate that environ- according to the Centres for Dis- tion plan due to fearof adapting to uploading the prescription or just data. Choudhary admits health- prove to be a powerful tool in the At World Well-Being Project
ment in a digital-first environ- ease Control and Prevention. In a new schedule and lack of infor- by typing the name of the medi- care data is critical and that keep- fight against the mental health (WWBP) in Philadelphia, resear-
ment,” Amit Choudhary, co- India, although there is no scien- mation on when to take medicine. cine.You can then schedule notifi- ing data secure is keyto protecting crisis.Here are its benefits: chers used anAI algorithm to col-
founder and CEO of Dawaa Dost, tific data available,experts say the The concept of a medication- cations on your phone when it’s patient privacy. The app will get a Reduces the burden on lectdatafromseveralsocialmedia
describes the idea behind the adherence rate is well below 10% reminder app like Karma Dost is time to take them exactly as pre- two-factorauthentication feature, mentalhealthprofessionals:AI users to examine their posts for
Karma Dost app. which is on the lower side. simple: let your smartphone scribed.You can indicate the form which adds an additional layer of can provide immense support to identification of linguistic cues
Medication adherence is a less- “Most people in India take a remindyouwhen to take medicine of medicine – tablet or capsule by security to the authentication mental health professionals. that could predict depression.AI
discussed and often overlooked medicine for the first three days as prescribed by your doctor with- its colour and size. process. Algorithmscanbeusedtoanalyse alsohasthepotentialtopickupon
and process data; suggest appro- vocalfeaturesthehumanearcan’t
priate treatments as well as track and analyse vocal cues to predict
a patient’s progress.AI and men- mental illnesses like depression,

Google working towards a waste-free world tal health professionals can work
togethertoachievebetterresults.
Easyaccessto all: AI tools are
available24/7,atnocost,andthey
post-traumatic stress disorder
and schizophrenia.
Several companies today are
usingchatbotsthatprovidedirect
pollution is more prevalent, said using technology to solve circular- cohort will comprise 10-15 organ- reducethestigmaaroundaccess- counsellingservicestoemployees
Introduces a new Mike Werner, Lead for Circular itychallenges,he informed. isations using technology to tackle ing treatment. These tools can byanalysing theirusage ofwords
accelerator for circular Economy, Google Global Sustain- TheGoogleforStartupsAcceler- circulareconomychallenges.These either be used as stand-alone in theirconversations.
abilityTeam. ator is a ten-week virtual accelera- challenges include reuse, refill, treatment agents or as a supple-
economy startups Recently, the tech giant intro- tor programme for Seed to Series A recycling, composting, fashion, ment to traditional therapy. Future prospects
ducedanewacceleratorprogramme technology that is “designed to food, safe and circular materials, Tracking progress and per- The primary results of inclu-
thatisgearedtosupporttechnology bring the best of Google’s pro- and the built environment.Partici- sonalised care: It is evident that sion of AI in mental health are
SUDHIR CHOWDHARY startups and non-profit organisa- grammes, products, people, net- pants will also be assigned a dedi- theuseofAIwithinmentalhealth promisingandthefutureoflong-
tions based in North America and workandtechnologytothosework- cated success manager for even servicescanbeagame-changer.It term efficacy is yet to be deter-
EVERY YEAR, HUMANITY con- AsiaPacificthatfurtheracircular ing towards a waste-free world.” In more support that is specific to not only gives a deeper insight mined. Despite it being depen-
sumes far more than what the economy.“At Google, we want to additiontomentorshipandproject their organisation. into a patient’s needs but also dent on several factors, if the
planet can naturally replenish. support efforts to create a circular supportontechnicalsubjectslikeAI Selected organisations will helps track theirprogress. industry is able to overcome cer-
While this linear economic model economy and build a sustainable and machine learning, geospatial receivetrainingindesign,marketing tain major obstacles,AI will defi-
hasledtoagreatdealofprogressfor future without waste,”said Werner. and Google Cloud, the accelerator and leadership, strategic support, Quality control nitely appear as an adjunct in
humanityinashorttime,ithasalso Building on the success of itsAccel- will focus on product design, cus- earlyaccess to newGoogle products Several mental health clinics mental healthcare delivery.
createdenvironmentalharm,injus- erator: Climate Change (which has tomer acquisition, leadership andtoolsandmentoringfrommore are experimenting with auto-
tice, and disparities — particularly supported companies like 75F, development, expert-led circular than 20 Google teams.Applications mated ways to monitor the qual- The writeris offshore head of
for lower-income and under- AmpUp, Carbon Limit and Char- Mike Werner, Lead for Circular economy deep dives, workshops arenowopentillNovember14,2022 ityoftherapysessions.Techfirms engineering,Prolifics,a digital
resourced communities that are geNet),Google forStartupsAcceler- Economy, Google Global and leadership development. andtheprogrammewillcommence areworkingontoolsthatcanhelp and engineering consulting firm
located nearindustrial areaswhere ator:CircularEconomyisfocusedon Sustainability Team According to Werner, each in February2023.

Gadgets ● REALME 9i 5G

Cutting some corners to

stay in mid-range bracket
● HP SPECTRE X360 (13.5-INCH) SPECIFICATIONS However, it’s fast enough
graphic-intensive games like BGMI
and Call ofDuty.

A good laptop for work ■ Display: 13.5-inch diagonal

3K2K touch display
■ Processor: Intel Evo platform
for most people & also
has a strong battery life
What’s not so good?
Whiletherealme9i5Gdoesfea-
ture an upgraded processor, the

and play from anywhere

powered by Intel Core i7 budgetsegmenthasevolvedalotin
processor ANURAG CHAWAKE thelastyear.Anditlookslikerealme
■ Operating system: Windows has compromised on some areas to
CHOOSING A DECENT budget 5G bring 5G support. Featuring a 6.6-
11 Pro
goodvideocall experience. thatlookspremiuminthehands.It’s phone is not easy these days.With inch 90Hz IPS LCD display, the
Sleek & lightweight, it There’s more: HP Spectre x360 is prettylightweighttooatjust1.36kg. ■ Graphics: Intel Iris Xe mostofthedevicesverysimilar,the screen is by no means bad when it
has a bright OLED builtwithAI-poweredintelligentfea- Once opened, you can see the thin Graphics realme 9i 5G is able to distinguish comes to colour reproduction. But
tures such as Auto-frame, Noise bezelsontheside,thedisplayisbright ■ Memory: 16GB onboard itselffromtherestwithitsglittering comparable models from brands
screen & sharp webcam reduction, dynamic voice leveling, and the keys in the backlit keyboard
LPDDRX4 SDRAM
mirroredback.Butisthatenoughto such as Motorola and Poco in this
health and well-being features, AI areilluminatedforeaseofviewingin make it better than so many others price segment sport AMOLED
based privacy alert and sound dim orcompletelydark conditions. ■ Storage: 1TB PCIe NVMe TLC inthesub-`20,000category?Here’s screens with similar or higher
SUDHIR CHOWDHARY enhancement for a smooth and Thanks to its pair of 360-degree M.2 SSD ourtake on thephone. SPECIFICATIONS refreshrates.Also,thetextishardto
seamlessexperience.Itisavailableat hinges, the Spectre can be folded all ■ Battery: 4-Cell, 66Wh
readwhenunderdirectsunlight.
IN THE AGE of hybrid work that `1,49,999; let us check out its key the way back into a tablet. You can Design and build quality ■ Display: 6.6-inch 90Hz IPS While you can play casual titles
many of us are still in, invariably we features and overall performance. even put it in tent mode orbalance it ■ Estimated street price: The realme 9i 5G sports a CD- like Subway Surfer and Temple Run
LCD
tend to use the same laptop forwork Appearance-wise, HP Spectre onthekeyboardwiththestand-upto `1,49,999 likebackmadeofplasticthatreflects without any hiccups,I experienced
andpersonaluse.Twothingscometo x36013.5-inchhasaslimdesign.Itis use as a display.Basically,the flexible light.While looks may not be that ■ Processor: MediaTek random stuttering when playing
the forefront. One, the machine an attractive and shiny piece of 360-degree design gets you in the important for everyone,the Metal- Dimensity 810 some graphic-intensive
needstobepowerfulenoughinorder equipment in an alu- perfect position,while the dynamic Its Bluetooth connection allows you lica Gold version is definitely eye- ■ Operating system: titles like PUBG: New
to do everything well — play games, minium chassis camerafeaturesletyoulookyourbest toconnectwirelesslytootherdevices catching.Butthisshinybackisalsoa Realme UI based on YOU State and Apex Leg-
watch a movie or undertake regular when live. You can enhance your to share andtransferfiles. dirt and fingerprint magnet. MAYALSO BE ends. Despite having
Android 12
officework.Fewlaptopsachievethat. video calls with the AI-powered There’s a fair selection of ports — Coming to the build quality,the a90Hzdisplaywitha
That brings us to the second point; it appearance filter (GlamCam) twoThunderbolt4withUSB4Type-C phone has a good grip and is com- ■ Memory & INTERESTED IN: 180Hz touch sam-
isimportantthatwetakegoodcareof that keeps you looking 40Gbps signaling rate (USB Power fortable to hold at just 187 grams. storage: 6GB RAM, Poco X4 Pro, pling rate, realmeUI
our machine, for long life and trou- your best while the Delivery, DisplayPort 1.4, HP Sleep The frame of the phone looks and 128GB storage Motorola G71, restricts games to 60
ble-free operations. BacklightAdjust- and Charge), one SuperSpeed USB feels like metal.
■ Cameras: 50MP +
vivo T1 5G fps,whichisreallyalet-
The HP Spectre x360 13.5- ments ensure Type-A 10Gbps signaling rate (HP down since the chipset
inchlaptop(14-ef0054TU)is good lighting Sleep and Charge), and one head- Performance 2MP + 2MP (rear), 8MP can run some games at
a do-it-all device, a judi- to create a phone/microphonecombo. Powered by the MediaTek front camera higherframerates.
cious mix of produc- lasting impre- Keytakeaways:HPSpectrex360 Dimensity 810,the realme 9i 5G is ■ Battery: 5000mAh battery + Like mostphonesin the budget
tivity, personal ssion. The smart is a good combination of speed, an upgrade over its predecessor 18W fast charging segment, the rear camera on the
activities, and camera uses pic- efficiency and power, with all-day (realme 9i).Compared to the Snap- realme 9i 5G is a little doubtful.In
entertainment. ture-in-pictureand battery life. It is sleek and compact dragon 680 4G chipset on the ■ Estimated street price: daytime conditionswith adequate
It’satwo-in-one voice tracking to with a decent number of ports, a realme9i,thisisfasterandhasgood `14,999 (4/6GB), `16,999 light,you can expect the device to
convertible with a automaticallykeep bright screen and a sharp,high-res- thermal management.Running on (6/128GB) take some decent photos. While
lovely OLED display, you in focus. HP Dis- olution webcam.Browsing the web, realme UI 3.0 based on Android 12 the phone manages to preserve
it’s powered by Intel Evo playcontrol‘AutoColour’ streaming video overWi-Fi,playing out of the box, the phone is as most of the details and the colour
platforms featuring 12th pullsyouintoanimmersive games, or undertaking office- smooth as it gets when performing Witha5,000mAhbattery,the9i is on the natural side, the image
Gen Intel Core processors for experience with its crisp and relatedwork,everythingworkedlike daily tasks like watching a video or 5G can easilylast one to two days of softens and loses details when
improved multitasking and perfor- accuratecolourprecision.Also,its a breeze with no lag whatsoever. messagingortakingcalls.Itsupports light usage and a day full of heavy zooming in. The front camera is
mance.It’s also said to be theworld’s AI Noise Reduction and Dynamic Takemyword,it’saworthymachine both Standalone and Non-Stand- usage.Andthankstothepower-effi- not good either.When taking self-
first 13.5-inch convertible laptop PC Voice Levelling feature lets you be that will give you peace of mind, at alone5G,makingitcompatiblewith cient processor, it might last a full ies,the phone loses out on most of
with 5MPIR intelligent camera fora heard clearly without interruption. least for a fewyears for sure. majorIndiantelecomnetworks. day even if you occasionally play the details and contrast.

Pune
 8 FINANCIAL EXPRESS WWW.FINANCIALEXPRESS.COM

International
TO UNDERSTAND SPILLOVERS
Christine Lagarde, president, European Central Bank
We need to have cooperation among ourselves —
central bankers —- to understand what the spillovers
will be, what the spill backs could be, what impact we
have on each other and what ramifications it will take
THURSDAY, OCTOBER 13, 2022 because financial markets are extremely integrated.

QUICK Lawyer: Credit Intel plans to cut

VIEW Suisse was
part of forex thousands of jobs
‘conspiracy ROUGH RIDE
network’ Intel shares have been hammered harder than chip peers this year
Normalised as of 10/11/2021 Intel Philadelphia chip index
30

Percentage change
ZIJIA SONG & CHRIS DOLMETSCH
October 12 20
10
CREDIT SUISSE GROUP AG was 0
Ukraine's major general Eduard Moskaliov, Ukraine's defense minister Oleksiy Reznikov, US secretary of part of a “conspiracy network” -10
defense Lloyd Austin and US chairman of the Joint Chiefs of Staff General Mark A. Milley attend a meeting of focused on rigging the foreign
BoE warns the Ukraine Defence Contact Group during a NATO defence ministers meeting in Brussels REUTERS exchange market, a lawyer said in
-20
-30
opening arguments in an antitrust
households suit against the bank. -40

face strain ● WASHINGTON HAILS GAINS ChristopherBurke,who is repre-

senting a group of plaintiff pension
-50
-60

West meets to pledge

THE BANKOF funds and other investors, told Oct Dec Jan Mar May Jul Oct
England haswarned jurors onTuesdaythat Credit Suisse 2021 2022
that some UK and 15 other banks participated in Source: Bloomberg
households mayface onlinechatroomsinwhichtheycol-
a strain overdebt repayments luded on spreads for currency pairs
that is as great as before the 2008
financial crisis,ifeconomic
conditionscontinue tobe
difficult. If mortgage financing
costs continueto rise,some may
more arms for Ukraine
MAX HUNDER & SABINE SIEBOLD swathesofUkraineforathirddayon
from late 2007 through 2013.
“The chatrooms gave the dealers
an edge,” Burke said in court in Man-
hattan, adding,“With the network,
the dealers win and the customers
MARK GURMAN & DEBBY WU
October 12

INTEL IS PLANNING a major reduc-

tion in headcount,likely numbering
ings call, Intel acknowledged that it
couldmakechangestoimproveprof-
its. “We are also lowering core
expenses in calendar year 2022 and
willlooktotakeadditionalactionsin
face pressure overtheir Kyiv/Brussels, October 12 Wednesdayandtherewerereportsof Germany sends lose.” Credit Suisse is the only one of in the thousands, to cut costs and the second half of the year,” CEO Pat
mortgage and othercosts that someshelling,butnosignofarepeat the banks to go to trial,which kicked cope with a sputtering personal- Gelsingersaid at the time.
are similarto the peak before the MORE THAN 50 Western countries of the intensive countrywide strikes air defence off Tuesday following jury selection. computer market,according to peo- Intel, based in Santa Clara, Cali-
financial crisis,the BOE said. met onWednesdayto promise more of the previous two days. Theotherbanks,includingCitigroup, plewithknowledge ofthe situation. fornia, declined to comment on the
weaponsforUkraine,focusingonits The missiles have mostly tar- system to Ukraine UBS Group AG, Barclays, JPMorgan The layoffs will be announced as layoffs.Intel’s last bigwave of layoffs
ByteDance to buy need for air defences after Moscow geted civilian electricity and heat- Chase,HSBC Holdings and Deutsche early as this month, with the com- occurred in 2016,when it trimmed
launched its most intense missile ing infrastructure, while some hit UKRAINE SAID ON Wednesday Bank,agreedtopay$2.3billiontoset- pany planning to make the move about12,000jobs,or11%ofitstotal.
back staff’s shares strikes since the start of thewar. busy roads, parks and tourist sites, that Germanyhad delivered the tle claimsagainstthem in 2017. around the same time as its third- The companyhas made smallercuts
BYTEDANCE IS OFFERING to Opening the meeting of the including in the centre of Kyiv. first of four ultramodern air Burke cited several examples of quarter earnings report on October sincethenandshutteredseveraldivi-
buyback shares fromits Ukraine Defense Contact Group at NATO secretary-general Jens defense systems — so new that traders at the different banks dis- 27,said the people,who asked not to sions, including its cellular modem
employees,ramping up efforts to the headquarters of NATO in Brus- Stoltenberg said Russia’s missile theyhaveneverbeenusedonthe cussing spreads for currency pairs be identified because the delibera- and drone units. Like many compa-
boost staffmorale afterplansfor sels, US defense secretary Lloyd attacks were a sign of weakness. battlefield — as Russia’s attacks and said the jurors should ask tions are private.The chipmakerhad niesinthetechnologyindustry,Intel
an initialpublic offeringstalled. Austin said Russia’s huge wave of “The reality is that they're not spurred a renewed effort from themselves why the banks weren’t 113,700employees as of July. also froze hiring earlier this year,
The Beijing-based company missileattacksthisweekhadlaidbare able to make progress on the battle- Ukraine’s international allies to competing against each other. Some divisions,including Intel’s when market conditions soured and
informed employees on the“malice and cruelty”of itswar. field.Russia is actuallylosing on the speedupmilitaryaid. “They know it was wrong.They did salesandmarketinggroup,couldsee fears of a recession grew.
Wednesdaythat itwill Ukraine had shifted the momen- battlefield,”Stoltenberg said. Defenceofficialsfromdozens it anyway,”he said,noting that five cuts affecting about 20% of staff, The latest cutbacks are likely
repurchase shares at a price of tum in the conflict since September SinceMonday’sattacks,Germany ofcountriesgatheredinBrussels banks, though not Credit Suisse, accordingto the people. meant to reduce Intel’s fixed costs,
$155 perrestricted stock unit. with“extraordinary”gains,butwould hassentthefirstoffourplannedIRIS- to discuss supplying Ukraine pleaded guilty to criminal charges Intel is facing a steep decline in possibly by about 10% to 15%,
need more help to keep fighting, he T SLM air defence systems, while with more weapons, two days over the conduct. demand for PC processors, its main Bloomberg Intelligence analyst
Mortgage interest said. “These victories belong to Washington said it would speed up afterRussiaunleasheditsbroad- Edward Moss,a lawyer for Credit business, and has struggled to win Mandeep Singh said. He estimates
rates of US rise Ukraine’s brave soldiers. But the the delivery of a promised NASAMS est barrage of missile and drone Suisse,counteredindefenseopening back market share lost to rivals like that those costs range from at least
ContactGroup’ssecurityassistance, airdefence system. strikes on Ukrainian cities since arguments that the plaintiffs were Advanced Micro Devices Inc.In July, $25 billion to $30 billion.
THEAVERAGE training, and sustainment efforts EU energy ministers were also the war began, knocking out trying to connect “smaller isolated thecompanywarnedthat2022sales Gelsinger took the helm at Intel
INTERESTrate on the have been vital,”Austin said. meeting in Prague to work out ways water and power systems and things”to allege a larger conspiracy would be about $11 billion lower last year and has been working to
most popularUS Russian attacks using more than to cope with an energy crisis caused killingmorethan20people. that never existed. “Were those than it previouslyexpected.Analysts restorethefirm’sreputationasaSili-
home loanroseto its 100 missiles have killed at least 26 by the war. On Wednesday, Polish Thewave of attacks came as smaller isolated bad things?” Moss are predicting a third-quarter rev- conValleylegend.Butevenbeforethe
highest level since 2006asthe peopleacrossUkrainesinceMonday, pipeline operator PERN said it had Ukraine’s forces have grabbed asked rhetorically.“Therewere peo- enue drop of roughly 15%. And PC slump,itwas an uphill fight.Intel
housing sectorcontinuedto bear when President Vladimir Putin detected a leak in one pipe in the the momentum on the battle- ple in this industry who did some Intel’s once-enviable margins have lostitslong-heldtechnologicaledge,
the brunt of tightening financial ordered what he called retaliatory Druzhbasystemthatcarriesoilfrom field,reclaimingvast chunks of things theyshouldn’t do.Theywant shriveled:They’re about 15 percent- and its own executives acknowledge
conditions,data fromthe strikes against Ukraine for an explo- Russia to Europe, though it said the territoryin the east and south. to mass them together and say this age points narrower than historical that the company’s culture of inno-
Mortgage BankersAssociation sion ona bridge. causewas probablyan accident. —NYT is one big massive thing. It doesn’t numbers of around60%. vationwithered in recentyears.
showed onWednesday. Air raid sirens sounded across —REUTERS work that way.” —BLOOMBERG During its second-quarter earn- —BLOOMBERG

CPC Congress: Xi Jinping all set ● XPENG’S FLYING CAR HITS THE SKIES Yen falls to
new 24-yr low
to bring back ‘one leader rule’
K J M VARMA Cultural Revolution during which
Beijing, October 12 millions of intellectuals were exter-
minated and wiped out much of the
CHINA'S RULING COMMUNIST country’scivilisationalpasttocreate
Party is set to slide back to its a newsocialist order.
founder Mao Zedong’s era soon as Mao’s mercurial leadership was
President Xi Jinping is set to break markedbybrutalcampaignstopurge
the decades-old 10-year term rule the remnants of the capitalists and
to cling in power and perhaps for traditional elements from society
life, amid mounting pressure from and implement his brand of Com-
the US-led West against Beijing’s munism called Mao Zedong
aggressive quest to become a dom- Thought.Itendedupdisastrouslydri-
inant world power. ving the communist nation to near
On Sunday, 2,296 delegates bankruptcy. Mao’s successor, Deng
“elected”undertheideologicalpara- Xiaoping, who earned the title of MARY BIEKERT
meters set by 69-year-old Xi, will ParamountLeaderforhissedateand October 12
attendthecarefully-choreographed avertthedangeroftheonepartystate pragmatic leadership putting the
Communist Party’s once-in-a-five- becoming a country with a single country on the path of economic THE YEN WEAKENED to a fresh
year Congress which is widely leaderdominatingthepoliticalscene. development reversing Mao’s hard- two-decade lowafterBank of Japan
expected to endorse his continua- In the century-old history of the linepolicies,introducedthecollective Governor Haruhiko Kuroda vowed
tioninpower.Theoutcomeofthein- CPC,Maoremainedatthehelmuntil leadership system with a ten-year XPeng Aeroht, an affiliate of Chinese electric-vehicle maker XPeng, staged the first public flight of to keep monetary policy loose in
cameraPartyCongressisexpectedto his death in 1976, ruling the most term limit and 68-year age limit to its X2 flying car in Dubai this week, displaying a vehicle designed for low-altitude city trips such as order to support an economic
endtwoverystrictfive-yeartermlim- populouscountryandsubjectingitto avoid the ills of the one leader domi- sightseeing and medical transportation. BLOOMBERG
recovery, fueling speculation over
its followed by Xi’s predecessors to his ideological experiments like the nationof the party. —PTI whether Japanese authorities
would step in once more to prop up
the currency.

There’s no recession in luxury with Shanghai quietly shuts Theyenquicklyfellto146.86per

dollar after Koruda’s comments on
Wednesday, surpassing the 145.90

sales of Dior, LV, Mercedes booming down as Covid returns level that had previously prompted
Japan’s nearly $20 billion interven-
tion to buytheyen in September,the
BLOOMBERG issuedbyCovid preventionoffices. firstinterventiontosupportthecur-
October 12 Authorities said there’s no city- rencysince 1998.
ANGELINA RASCOUET assailing retailers — luxury goods. wideschoolshutdownafterspecula- “We have to continue our mon-
October 12 Gyrating markets,surging infla- SHANGHAI IS QUIETLY shutting tion rippledvia social media that the etary easing until we achieve the
tionandgatheringeconomicgloom down schools and a raft of other measurewould be rolled out.But the 2% target in a sustainable and sta-
THE LEAP IN sales reported by have proven no barrier to demand venues as officials try to rein in a creeping suspensions, as well as a blemanner,”Kurodasaidatanevent
LVMH, the owner of Louis Vuitton among the well-heeled for hand- flareup that’s hit the financial hub rampupinotherrestrictionslikethe at the Institute of International
and Christian Dior,suggests that at bags, watches, jewelry and cars. just days before one of China’s most lockdown of neighborhoods & indi- Finance in Washington.“The econ-
least one segment of the economy That’s evident in the 22% jump in importantpoliticalevents. vidual residential compounds have omyisstillrecoveringfromthepan-
remains immune to the crises sales of LVMH’s fashion and leather Several schools dotted through- left Shanghai’s residentson edge. demic so we have to continue to
assailing retailers — luxury goods. goods last quarter. out the city have suspended in-per- Schools, venues like gyms and support the economy to recover.”
Gyrating markets,surging infla- “The relief of getting out of the son classes as the fear of infection bars have shut in the Shanghai dis- Earlierthisweek,JapanesePrime
tionandgatheringeconomicgloom pandemicalivehastrumpedanybad spread grows, according to parents tricts of Changning, Putuo, Jiading, Minister Fumio Kishida also sig-
have proven no barrier to demand news, as consumers who can and social media posts.At least five Yangpu,and Qingpu.Shanghai Dis- naled his support for the Bank of
among the well-heeled for hand- embrace a ‘carpe diem’ attitude,” districts have closed entertainment ney Resort said on Saturday that Japan’s ultra-easy monetary policy
bags, watches, jewelry and cars. Bernstein analyst Luca Solca said in venues,including cinemas,bars and some facilities have been shut and despite the yen’s plunge this year,
That’s evident in the 22% jump in anotetoclients.“Nobodywantstobe gyms,inanefforttostampouttrans- performances canceled to followthe the Financial Times reported.
sales of LVMH’s fashion and leather the richest person in the graveyard.” mission, according to statements Covidcontrol requirements. The Bank of Japan is one of the
goods last quarter. That attitude has caused lines to world’sfewremainingcentralbanks
“The relief of getting out of the build up outside Christian Dior and maintaining rock-bottom rates
pandemic alive has trumped any ChanelboutiquesinParis,Berlinand Europe likely to witness another wave while the majority of its peers are
bad news, as consumers who can London,inscenesreminiscentofthe aggressively lifting rates to combat
embrace a ‘carpe diem’ attitude,” pre-pandemic era when Chinese ANOTHER WAVE OF Covid-19 Wednesday.“Althoughwe are not inflationandkeeppacewiththeFed-
Bernstein analyst Luca Solca said in and London, in scenes reminiscent dollars and Europeans who are tourists took advantage of lower infections may have begun in where we were one year ago, it is eral Reserve’s tightening regime.
a note to clients.“Nobody wants to of the pre-pandemic era when Chi- doing the buying. pricesinEurope.Onlynow,withChi- Europe as cases begin to tick up clear that the Covid-19 pan- Koruda’s comments re-empha-
be the richest person in the grave- nese tourists took advantage of The leap in sales reported by neseshoppersstilllargelyabsentdue across the region, the World demic is still not over,” WHO’s sized the central bankwon’t be piv-
yard.” lower prices in Europe. Only now, LVMH, the owner of Louis Vuitton to their country’s Covid policies,it’s Health Organisation and Euro- Europe director,Hans Kluge,and oting from its loose policy anytime
That attitude has caused lines to with Chinese shoppers still largely and Christian Dior,suggests that at Americans with strong dollars and pean Centre for Disease Preven- ECDC’sdirector,AndreaAmmon, soon. That sharpens the policy
build up outside Christian Diorand absent due to their country’s Covid least one segment of the economy Europeanswhoaredoingthebuying. tion and Control (ECDC) said on said in a statement. —REUTERS divergencebetweentheBOJandthe
Chanel boutiques in Paris, Berlin policies, it’s Americans with strong remains immune to the crises —BLOOMBERG Federal Reserve. —BLOOMBERG

Pune
 9 FINANCIAL EXPRESS WWW.FINANCIALEXPRESS.COM

Markets
The one-year to five-year part of the curve has
EXPERTVIEW repriced significantly, taking cognizance of both
monetary as well as liquidity tightening.
—Amit Tripathi, CIO — fixed income investments,
Nippon Life
THURSDAY, OCTOBER 13, 2022

Money Matters ● EVEN AVERAGE MID-CAP FUNDS HAVE BEATEN INDICES

Stocks jump 1%
G-SEC
Yield rose ahead 0.009%
About 90% large cap funds on value buying in
underperform benchmarks
of domestic
inflation data
7.47 7.44 IT, banking, FMCG
PRESS TRUST OF INDIA SENSEX
In contrast, only 27.5% Mumbai, October 12
Intra-day, October 12
of mid/small cap funds 57,750 57,625.91
BENCHMARK BSE SENSEX
Oct 3 Oct 12
underperformed rebounded nearly 1% while Nifty 57,600 57,312.49
reclaimed the 17,100 level on 57,450
ASHLEY COUTINHO Wednesday as value buying in
`/$ Mumbai, October 12 energy, banking, IT and FMCG 57,300
shareshelpedtheindicescutshorta 57,150 Previous close
The rupee ends 0.01% ABOUT 90% OF equity large cap three-day losing run. 57,147.32
marginally higher 57,000
funds underperformed the index in Positive trends in European Open Close
despite outflows the one-year period ended June markets and US stock index futures
2022.The beginning of the yearwas ahead of the release of Fed meeting NIFTY BANK
81.88 Inverted scale
particularlytoughforlargecapman- minutes and inflation data also Intra-day, October 12
agers,with87.5%ofthefundsinthe boosted investor sentiment. 39,200 39,118.55
category underperforming in the The 30-share BSE Sensex 39,050 38,784.2
82.31 first half of theyear,the latest report PERCENTAGE OF FUNDS UNDERPERFORMING THE INDEX climbed 478.59 points or0.84% to
38,900
by the S&P Indices Versus Active (Based on absolute return) settle at 57,625.91.During the day,
Funds (SPIVA) India Scorecard said. it jumped 540.32 points or 0.94% 38,750
Oct 3 Oct 12
In contrast, only 27.5% of Category Comparison index 1-year 5-year 10-year to 57,687.64. Previous close
38,600
mid/small cap funds underper- Indian Equity Large Cap S&P BSE 100 90.91 89.06 67.36 ThebroaderNSENiftyreclaimed 38,712.45
=/$
C formedtheirrespectivebenchmarks. the17,100levelbyjumping140.05 38,450
Indian ELSS S&P BSE 200 75.61 88.37 63.89 Open Close
Thesefundsfaredthebestbyfarinthe points or 0.82% to close at
The euro ended 0.25% long run among equity categories, Indian Equity Mid/Small Cap S&P BSE 400 MidSmallCap Index 27.45 51.11 46.88 17,123.60.
lower against with53%ofthosetobeattheS&PBSE "Bears took a breather today to a strong start, which improved
the dollar Indian Composite Bond S&P BSE India Bond Index 29.37 77.70 98.10
400MidSmallCapIndexoverthe10- (Wednesday) as markets witnessed the sector's spirits," said Vinod
yearperiodendedJune2022. Indian Government Bond S&P BSE India Government Bond Index 34.62 75.61 88.46 a relief rally after getting ham- Nair, Head of Research at Geojit
0.98
Benedek Voros, director, index Source: S&P Dow Jones Indices LLC, Morningstar, and Association of Mutual Funds in India Data as ofJune 30, 2022. mered in the past few sessions. Financial Services.
investment strategy,S&P Dow Jones However, the recovery doesn't Among Sensex shares, Power
0.97 Indices, said,“Although the Indian seem to be sustainable as multiple Grid rose the most by 3.5%. Axis
mid-capbenchmarkhaditsworstH1 polarisation of markets in the past Aboutthree-fourthsofELSSfunds AsfrequentlyseenonSPIVAscore- negative factors are at play," said Bank rose by 2.89%, NTPC by
since 2013, active managers in the few years and the higher expense underperformedtheirbenchmarksin cards across geographies and cate- Shrikant Chouhan,Head of Equity 2.42%, IndusInd Bank 1.97%,
categoryhad a great start to theyear, ratios vis-a-vis index funds have the past year. Notably, ELSS funds gories,underperformance rates gen- Research (Retail),Kotak Securities. L&T by 1.7%, and UltraTech
Oct 3 Oct 12
with an underperformance rate of made it harder for active large-cap boast the highest long-term survival erallyrosewiththelengthoftheperiod "The domestic market was suc- Cement by 1.65%.
just 35.3%, possibly benefitting by fund managers to outperform the ratesacrossallcategoriesintheSPIVA inwhichtheyweremeasured.Overthe cessfulinovercomingtheweakcues Gains in Reliance Industries,
exposure to a few larger names in benchmarks,” said Vicky Mehta, an India Scorecard,with 77.8% of them 10-year horizon,more than 60% of from global peers as it focused on HDFC, HDFC Bank, Kotak Bank,
theirportfolios.” independent analyst who tracks stillsurvivingafter10years. funds underperformed in all cate- quarterly earnings. HUL, and ITC helped indices
QUICK TheSensexwasdown1.4%inthe
yeartill September.
mutual funds.
Mehta said while the disquiet
Just 22% of Indian government
bondfundslaggedtheS&PBSEIndia
gories,exceptmid/smallcapfunds.
SPIVAIndia Scorecard reports on
“The IT earnings season got off bounce back.

Markets have become more effi- among the investor community is Government Bond Index in the first theperformanceofactivelymanaged

VIEW cient and are far more integrated to

globalmarkets,whichiswhyoutper-
forming benchmarks has become
harderforactivefundmanagers,par-
understandable,thingscouldchange
going forward if the index-heavy
stocksstartunderperformingornon-
index stocks start doingbetter.
sixmonthsof2022.Thisputsactively
managed Indian government bond
fundsontrackfortheirlowestunder-
performanceratesincetheinception
Indian mutual funds, compared to
their respective benchmark indices
over one-, three-, five- and 10-year
investment horizons.It is not possi-
Rupee falls to 82.33 against US
dollar, bond yield up marginally
ticularly those managing large cap Small and midcap fund man- of India SPIVAreports in 2013. ble to invest directly in an index and THE RUPEE fell by 12 paise to and inflation data weighed on
Tracxn Tech IPO funds,said experts. agers,he said,have a larger universe Underperformanceofactiveman- indexreturnsdonotreflectexpenses close at 82.33 against the US the local unit.
A fund manager's flexibility for of stocks (particularly under- agers for Indian composite bond an investorwould pay. dollar on Wednesday due to sus- Bond yields ended margin-
subscribed 2.01x risk taking has been curtailed over researched ones) to choose from, funds was the lowest across all cate- Someexpertssaythatneedtolook tained foreign fund outflows ally higher after a volatile trad-
on final day the years.The regulator introduced
its diktat on categorisation of funds
whichiswhytheirchancesofbeating
the benchmarks are higher. “Even
goriesinthefirsthalfoftheyear,atjust
19.2%.Overthe10-yearperiod,how-
atrollingreturnstogetherwithpoint-
to-pointandrisk-adjustedreturnsfor
and a stronger dollar in the over-
seas markets.
ing session, as investors waited
for retail inflation data due after
THEINITIALPUBLIC in 2017, which has made the style average mid-cap funds have beaten ever,thecategorydisplayedthehigh- judging a scheme's performance. Besides, risk aversion senti- market hours for cues on the
offeringofdata drift difficult. theindices.That'smoretodowiththe estunderperformancerateacrosscat- What's more, not all schemes in the ment among investors ahead of central bank's interest rate
providerTracxn “Thebenchmarkingofascheme's construction of the indices, more egories, with 98.1% of managers mutualfunduniverseusethebench- the release of US Fed minutes trajectory. —AGENCIES
Technologieswas returns to total return indices, the than anythingelse.” failingtobeattheirbenchmark. marks used bySPIVA.
subscribed2.01timesonthefinal
dayofbidding.Theretailportion
wassubscribed4.87times.

AU SFB hikes FD
Brokers return `32,000 crore ANALYST CORNER SBI home
rates by 60 bps
AU SMALLFINANCE Bank on to clients on settlement day Margin pressure sees loan AUM
Wednesdaysaidit has hiked fixed
deposit rates by60basispointsto
7.5% forregularcustomers.
FE BUREAU
Mumbai, October 12
bers was shortened on October 7
with a view to carry out the settle-
moderation for TCS crosses
Seniorcitizenswillget an interest
of 8%on theirfixed deposits. FUNDS TO THE tune of `31,884
ment process on time.
The time window was extended COMFORTABLE NUMBERS
`6 trillion
crore were released to about 12.3 byclearing corporations foraccept-
TCS’s 15.4% y-o-y organic cc growth rate was similar to Q1 . Although
Dish TV,four others million clients on account of the ing release request of cash/fixed
the street may continue to have legitimate concerns about FY24/25
FE BUREAU
runningaccountsettlementcarried deposit receipts from members. Mumbai, October 12
settle case with Sebi out by brokers last Friday. The settlement of running
growth given macro uncertainty, we remain comfortable with USD
revenue growth of 7-8% CAGR over FY24/25e
DISHTVINDIAand Of this, clearing corporations account of client funds was STATE BANK OF India (SBI) on
fourothershavesettled released funds and fixed deposit FUND RELEASE required to be carried out by all the Organic y-o-y cc growth Wednesdaysaidithas added`1tril-
withmarketsregulator receipts of `30,173 crore to trading trading members as per revised 25.0 Accenture 15.4% lion in its assets under manage-
Sebiacasepertaining members, a joint note put out by ■ Clearing corporations guidelines that came into force ment(AUM)underhomeloansdur-
toallegednon-disclosureofvoting brokers on Tuesday said. released funds and fixed on October 7. 18.0 Infosys ing the past 18 months. The bank
resultsofthecompany'sannual Brokers expect a large portion of deposit receipts of `30,173 Brokers who don't have ade- 11.0 3.0% TCS now has AUM of `6 trillion in the
generalmeeting(AGM)heldon this amount to come back in the crore to trading members quate funding capabilitieswill bear 4.0 homeloansegment,comparedwith
December30,2021. form of margin money from active the brunt of the new norms. `5 trillion in January 2021.
clients over the next few days. ■ Brokers expect a large According to earlierregulations, -3.0 SBIisthefirstbankinthecountry
LIC sells over2% in Around 10-15% of the money, portion of this amount to brokers had to settle the client's -10.0
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
to achieve `6-trillion AUM in the
however, may not come back into come back as margin money unused funds lying in the trading home loan segment, the lender said
PowerGridin5months the system, according to industry accounts at least once in 90 days FY20 FY21 FY22 FY23 inarelease.TheloanbookofHousing
LICHASSOLDover2%holdingin officials. (every quarter) or 30 days. Source: Company data, HSBC estimates Development Finance Corporation
PowerGridoverthepastfive Overall, this could result in a ber of steps in order to ensure This was on a rolling settle- (HDFC) on an AUM basis stood at
monthsfor`3,079.43crore,the lower float for brokers, impacting smooth implementation of the sin- ment basis and referred to as“run- `6.71trillionasof
insurersaidonWednesday.There revenues, and will necessitate a gle-day settlement process. ning account settlement” or HSBC get PE multiple of 26x for TTM 2Q June 30, 2022. Of
isadeclineof2.003%inholding higherworking capital. The regular cut-off time to dis- “quarterly settlement of funds”. FY24e EPS. Our target valuation is this, the retail
duringtheperiodfromMay18, The regulator, exchanges and seminate certain files by market The aim was to prevent misuse of TCS REPORTED A slight beat on now near the 5-year average (25x), home loan book
2022toOctober11,2022. clearing corporations took a num- infrastructureinstitutionstomem- excess cash by brokers. both revenues and margins in the limiting downside. wasof`5.363tril-
second quarter, but those will have That said,lowupside risk to rev- lion and the non-
little impact on FY24/25 estimates. enue expectations for the sector individual loan

TVS Motor overtakes Hero Moto to It posted a revenue growth of 4% limits meaningful re-rating poten-
QoQ in CC terms and EBIT margins tial.
of 24% (vs Street estimate of 3.5%
growth and 23.8% margins).
Our estimates for FY23, FY24
and FY25e change marginally as
book stood at
`1.351trillion.
SBI's market
share in home

become 6th most-valued auto firm While the current demand envi- the decline in growth due to cross-
ronment and deal pipeline remain currency headwinds and margins
steady, the manage-
ment did admit uncer- While the current
are largely offset by
the weaker rupee
Dinesh Khara, loans is 33.3%.
chairman, SBI Banking sector
lending to hous-
ing segment,includingprioritysec-
FE BUREAU MCAP (` crore) taxes, depreciation, and amortiza- tainties around demand against the dollar. tor, grew 16% year-on-year in
New Delhi, October 12 tion (Ebitda) margin recently 2023/FY24 growth as environment and Rating and tar- August, with total outstanding
1,40,000 1,04,881.07 touching 10% mark and potential clients face business deal pipeline remain get price: Our target being `17.8 trillion.
TVS MOTOR COMPANY has Hero MotoCorp forfurthermargin expansion led to risks/uncertainties, price of Rs 3,330 “Weareextremelygratefultoour
1,20,000 steady, the
become the sixth most-valuable earnings upgrade and valuation and hence mayhave to implies c7% upside. customers, comprising more than
listed automobile company,with its Bajaj Auto expansion over the last two quar- recalibrate their tech management did We maintain our 28lakhfamilies,whohavetrustedus
1,00,000 admit uncertainties
share prices zooming 72% so far in ters, taking the market cap to new budgets. 'hold' rating largely and chosen us to be their partner in
2022, beating the world's largest highs. Despite challenging busi- Some of the long- around 2023/FY24 due to the premium the home-ownership journey,” SBI
80,000 51,675.22
two-wheeler maker Hero Moto- ness environment for the two- term deals/projects growth valuations and lim- chairman Dinesh Khara said.
Corp. Data from the BSE show that 60,000 wheeler sector during past two have already slowed ited upside risk to the To mark this occasion, SBI will
TVS Motors reached a market capi- quarters because of rural slow- down,and as expected, revenue growth. offera concession of up to 0.25% on
talisation of `51,675 crore after its 40,000 down, the company has recorded TCS is targeting more cost-trans- Upside risks: A stronger-than- home loans,0.15% on top-up loans,
shares scaled 1.9% on Wednesday 15,721.44 TVS healthyvolumes and all-time-high formational work from clients. expected pick-up in the BFSI and and0.30%onloanagainstproperty.
to `1,087.70.The stock has surged 20,000 8,749.74 quarterly profitability. Positively,margin pressures are retail segments, aggressive large The interest rate for buyers of new
over 100% since its March lows. 50,955.67 AnalystsbelieveTVSwillkeepon moderating and TCS reiterated its dealconversion and depreciation in homeloansaswellastakeoversstarts
The market capitalisation of 0 910.98 delivering superior earnings target to achieve 25% margins by the rupee are upside risks to our at 8.40% and the same for top-up
Hero MotoCorp stood at `50,956 May 26, 2008 October 12, 2022 growth compared to other two- the end of this year, despite a sea- estimates. Increase in pricing is a loans starts at 8.80%.The bank has
crore with its shares trading flat at wheeleroriginal equipment manu- sonallyweak H2. potential upside risk if TCS were also completely waived off process-
`2,548 and reporting a 3.77% rise facturers (OEMs) due to a combina- Cloud adoption remains the key able to push it across to its cus- ingfeesonhomeloansuptoJanuary
year-to-date. Reliance Securities,told FE thatTVS pany. Its improving brand equity tion of new models, revenue driver of tech spend and TCS tomers. 31.Earlier,SBI had said that itwould
Maruti Suzuki India remained Motor has strongly outperformed has helped TVS Motor on domestic diversification as well as its com- remainswell positioned to leverage Downside risks: A deep and charge 50% of processing fees on
the country's most-valued auto the Niftyaswell as the auto index in volume front,while betterproducts mitment to electric vehicles. The this trend. prolonged recession in the US and homeloansduringthefestiveperiod.
company, followed by Mahindra & 2022, primarily due to strong have led to market share gain in demandis likelytoremainstrongat Valuation: TCS remains a Europe could plunge IT spending, Banks’ share in the home loan
Mahindra, Tata Motors, Bajaj Auto exports and operating margins overseas markets, specifically least till the festive period in Sep- leader in terms of both size and and increasing competition from segment has risen to around 62%
and Eicher Motors. touching double-digit mark for the African markets. tember-October, led by the pre- market positioning in emerging global competitors for digital deals as of March 2022, ratings agency
Mitul Shah, head of research at first time in the history of the com- Its earnings before interest, mium segment,they said. technologies.WevalueTCS on a tar- may impact the growth outlook. Crisil said in a report.

Pune
THURSDAY, OCTOBER 13, 2022 WWW.FINANCIALEXPRESS.COM

10 FINANCIAL EXPRESS

Pune
WWW.FINANCIALEXPRESS.COM THURSDAY, OCTOBER 13, 2022

FINANCIAL EXPRESS 11

Pune
THURSDAY, OCTOBER 13, 2022 WWW.FINANCIALEXPRESS.COM

12 COMPANIES FINANCIAL EXPRESS

Edtech firm FrontRow lays off 75% of workforce Fireside

Tender No : 37/2022-23/SE/PHC/MVPA
JJM-WSS to Kudayathoor panchayath in Idukki District.- Supply and Laying Clear Water Pumping
Mains,Construction of sump cum pump house, construction of GLSR at various zones, Supply and erection of
Pumpsets and Supply and erection of 400 KVA Transfomer- Package I & Providing Distribution System and

Ventures
Providing FHTC to various zones- package II
EMD : Rs. 500000
Tender fee : Rs. 15000
Last Date for submitting Tender: 07-11-2022 04:00:pm
TUSHAR GOENKA off 150 employees, citing a “We’ve laid off employees that he had a runway of over
Phone : 04852835637 Bengaluru, October 12 cash crunch. Since April, the from the sales and marketing 24 months.
closes
Website : www.kwa.kerala.gov.in
www.etenders.kerala.gov.in company’s employee strength team. Over years, we have “However, our belief in the
Superintending Engineer
PH Circle LIGHTSPEED-BACKED FRON- has come down from around realised that building based on market and the need is still
KWA-JB-GL-6-899-2022-23 Muvattupuzha
TROW, the edtech startup, has 500 to 40 now. heavy marketing is not a sus- extremely strong… we’ll con-
laid off 75% of its workforce,
impacting about 130 employ-
As reported earlier,
FrontRow was also in talks to
tainable model, we are now
realigning to be a product-first
tinuetosolveforthemalbeitin
a revamped avatar.
$225-m
ees,leavingthecompanywitha
leaner team of about 40
raise a fresh round.Itwas look-
ing at a $30-40 million round
company and hence had to lay
off around 130 employees.
“We remain bullish on
the space and what we’re third fund
staffers,its foundertold FE. at a valuation of $200 million, “We are now a much leaner building and have sufficient
This is the second round of but that deal seems to have team with about 40 people,” capitalandagreatteamtocon- TUSHAR GOENKA
layoffs at the Gaurav Munjal- fallen through now, resulting Ishaan Preet Singh, IshaanPreetSingh,co-founder tinue to solve this problem,” Bengaluru, October 12
backed firm.In May,it had laid in the layoff. co-founder, FrontRow of FrontRow, told FE, adding Singh added.
FIRESIDE VENTURES, AN
early-stageventurecapital(VC)

Haryana govt asks firm,on Wednesday said it has

raised $225 million at the
close of its third fund, double

Maiden Pharma the size of its previous fund

and its largest ever.
Thecompanyplanstomake

to halt production a total of 25-30 investments

from the new fund, averaging
about7-8investmentsinayear
FE BUREAU the state government decided inthehealthandwellness,edu-
Pune, October 12 to stop production. The gov- tainment, lifestyle, and fast-
ernment has issued a notice to moving consumer companies
THE HARYANA GOVERN- the company and further (FMCG) space.
MENT onWednesdayordered action would be taken after “While we will broadly
Maiden Pharmaceuticals to receiving reports from the maintain the investment the-
stop production at the Soni- Kolkata lab,the ministersaid. sisthatwefollowedinthepast,
pat plant afterthe central and India’s drug regulatory we’ll focus on companies for
state regula- authority,the Cen- the millennial women, kids,
tors detected Contaminated tral Drugs Stan- healthcare at home and con-
irregularities dard Control sciousconsumption,”thecom-
and violations cough syrups Organisation pany said.
of good manu- made at the plant (CDSCO), has also The VC firm has already
facturing have been linked launched its inves- made five partial exits and as
processes at to the death of 66 tigations. CDSCO many full exits from its previ-
the plant. infants in Gambia has taken samples ous funds and generated a
Contami- from the same return of about 75% from
nated cough batch manufac- those exits. It has fully sold off
syrups made at tured by Maiden its stake in Pipa Bella to Nykaa,
the plant have been linked to Pharmaceuticals and sent some in Bombay Shaving
the death of 66 infants in the them for testing to the Companyto Reckitt Benckiser,
Gambia. The World Health Regional Drug Testing Lab, its holding in Azani, a sports
Organization (WHO) issued a Chandigarh. nutrition company,to CureFit,
global alert about the children TheWHO had said that the and also offloaded its stake in
in the Gambia developing kid- laboratory analysis of samples Kwik24 to BigBasket. Fireside
neyproblemsafterconsuming confirmed that they contain has also sold some stake in
Maiden's coughsyrups. unacceptable amounts of Mamaearth and boAt, both
NATIONAL STANDARD (INDIA) LIMITED The government has sent diethyleneglycolandethylene IPO-hopeful companies.
CIN : L27109MH1962PLC265959
samples of Maiden's drugs to glycol as contaminants.Apart “Less than 20% of our
Regd. Office: 412, Floor- 4, 17G , Vardhaman Chamber, Cawasji Patel Road, theCentralDrugLabinKolkata from the Gambia,these medi- holdingsincompanieswehave
Horniman Circle, Fort, Mumbai - 400 001; Tel.: 91.22.67737373; Fax: +912223024420 for further analysis.According cines could have been distrib- sold and continue to hold the
SANATHNAGAR ENTERPRISES LIMITED Website: www.nsil.net.in; E-mail: Investors.nsil@lodhagroup.com
to Haryana's health minister, uted, through informal mar- rest for value creation,” Vinay
CIN : L99999MH1947PLC252768
Regd. Office: 412, Floor- 4, 17G , Vardhaman Chamber, Cawasji Patel Road,
EXTRACTS OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF
YEAR ENDED ENDED 30-SEPTEMBER-2022 (Rs. in Lakhs)
Anil Vij, authorities found 12 kets, to other countries or Singh,partner at Fireside Ven-
Horniman Circle, Fort, Mumbai - 400 001; Tel.: 91.22.67737373; Fax: +91.22.23024420
Website: www.sanathnagar.in; E-mail: Investors.SEL@lodhagroup.com Sr. Particulars For the For the For the
violations by the company so regions,WHOsaid. tures,told FE.
No. Quarter Quarter Half year
EXTRACTS OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF ended ended ended
YEAR ENDED ENDED 30-SEPTEMBER-2022 (Rs. in Lakhs)
30-Sep-22 30-Sep-22 30-Sep-21
Sr. Particulars For the For the For the
(Unaudited) (Unaudited) (Unaudited) ''IMPORTANT''
No. Quarter Quarter Half year
1 Total Income from Operations 349.17 702.92 1,600.25
ended ended ended
2 Net Profit/(Loss) for the period before Tax (before Whilst care is taken prior to
30-Sep-22 30-Sep-22 30-Sep-21 Tax, Exceptional and / or Extraordinary items) 129.80 355.54 1,359.02 acceptance of advertising
(Unaudited) (Unaudited) (Unaudited) 3 Net Profit/ (Loss) for the period before Tax
(after Exceptional and / or Extraordinary items) 129.80 233.40 1,035.46
copy, it is not possible to verify
1 Total Income from Operations - 29.18 0.22
4 Net Profit/(Loss) for the period after Tax (after its contents. The Indian
2 Net Profit/(Loss) for the period before Tax (before
Tax, Exceptional and / or Extraordinary items) (7.34) 15.42 (4.55)
Exceptional and / or Extraordinary items) 77.02 233.40 1,035.46 Express (P) Limited cannot be
5 Total Comprehensive Income for the period
3 Net Profit/ (Loss) for the period before Tax [(Comprising Profit / (Loss) for the period (after held responsible for such
(after Exceptional and / or Extraordinary items) (7.34) 15.42 (4.55)
4 Net Profit/(Loss) for the period after Tax
tax)and Other Comprehensive Income (after Tax)] 77.02 233.40 1,035.46 contents, nor for any loss or
6 Equity share capital (Face Value of Rs.10 each) 2000.00 2000.00 2000.00
(after Exceptional and / or Extraordinary items) (6.20) 13.01 (4.55) 7 Reserves (excluding Revaluation Reserve) as damage incurred as a result of
5 Total Comprehensive Income for the period shown in the Audited Balance Sheet of the transactions with companies,
[(Comprising Profit / (Loss) for the period (after
tax) and Other Comprehensive Income (after Tax)] (6.20) 13.01 (4.55) 8
previous year
Earnings Per Share (Face Value of Rs. 10 each)
21,615.10
associations or individuals
6 Equity share capital (Face Value of Rs. 10 each) 315.00 315.00 315.00 (not annualised)Basic and Diluted 0.39 1.17 5.18 advertising in its newspapers
7 Reserves (excluding Revaluation Reserve) as shown
in the Audited Balance Sheet of the previous year (1,485.55) NOTE or Publications. We therefore
8 Earnings Per Share (Face Value of Rs. 10 each) 1 The above is an extract of the detailed format of Quarterly Financial Results filed with the Stock Exchange recommend that readers
(not annualised)“Basic and Diluted (0.20) 0.41 (0.14) under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, make necessary inquiries
2015. The full format of the Quarterly Financial Results are available on the websites of BSE Limited i.e.
NOTE www.bseindia.com and of the Company i.e. www.nsil.net.in before sending any monies or
1 The above is an extract of the detailed format of Quarterly Financial Result filed with the Stock Exchange For and on behalf of the Board entering into any agreements
under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015. The full format of the Quarterly Financial Results are available on the websites of BSE Limited i.e.
For NATIONAL STANDARD (INDIA) LIMITED
Sd/- with advertisers or otherwise
www.bseindia.com and of the Company i.e. www.sanathnagar.in. Smita Ghag acting on an advertisement in
For and on behalf of the Board
Place : Mumbai
Date : October 12, 2022
(Director)
DIN : 02447362
any manner whatsoever.
For Sanathnagar Enterprises Limited
Sd/-
Sanjyot Rangnekar
Place : Mumbai (Director)
Date : 12-Oct-22 DIN : 07128992

POST-OFFER ADVERTISEMENT FOR THE ATTENTION OF THE EQUITY SHAREHOLDERS OF

QUEST SOFTECH (INDIA) LIMITED

IN TERMS OF REGULATION 18(12) OF THE SECURITIES AND EXCHANGE BOARD OF INDIA (SUBSTANTIAL ACQUISITION OF SHARES AND
TAKEOVERS) REGULATIONS, 2011, AND SUBSEQUENT AMENDMENTS THEREOF.
REGISTERED OFFICE: C-75/76, 7TH FLOOR, PLOT NO-224, C WING, MITTAL COURT, JAMNALAL BAJAJ, NARIMAN POINT, MUMBAI - 400021.
Tel. No.: +91-022-67522050; E-mail: info@questprofin.co.in; Website: www.questsoftech.co.in
CIN: L72200MH2000PLC125359
This Post Offer Advertisement is being issued by Kunvarji Finstock Private Limited (‘Manager to the Offer’) on behalf AV AC DC Renew Private Limited
(‘Acquirer’) in connection with the Open Offer made by the Acquirer to acquire 26,00,000 Equity Shares having face value of Rs. 10/- each (“Equity Shares”)
of the Target Company at Rs. 4/- (Rupees Four Only) per Equity Share, representing 26% of the Equity Share Capital of the Target Company (“Offer”),
in compliance with Regulation 18 (12) of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011,
and subsequent amendments thereof. The Detailed Public Statement (‘DPS’) with respect to the aforementioned Open Offer was made on 06th July
2022 in Financial Express (English) (All Edition), Jansatta (Hindi) (All Edition) and Mumbai Lakshadeep (Marathi) (Maharashtra Edition).
1. Name of the Target Company : Quest Softech (India) Limited
2. Name of the Acquirer : AV AC DC Renew Private Limited
3. Name of the Manager to the Offer : Kunvarji Finstock Private Limited
4. Name of the Registrar to the Offer : Purva Sharegistry (India) Private Limited
5. Offer details GENNEX LABORATORIES LIMITED
a.) Date of opening of the Offer : 13/09/2022 (Tuesday) CIN : L24230TG1990PLC011168
b.) Date of closing of the Offer : 26/09/2022 (Monday) Regd. off. : Survey No. 133, Bollaram, Jinnaram Mandal,
6. Date of completion of payment of consideration and communication of Rejection/Acceptance : 10/10/2022 (Monday)
Sangareddy Dist - 502 325, Telangana, India.
Corporate Office: Akash Ganga, 03rd Floor, Plot No.144, Srinagar
Details of Acquisition: Colony, Hyderabad-500073, Telangana, India.
Sr. Particulars Proposed in the Letter of Offer Actuals Phone: 040-67334400; E-mail: investorrelations@gennexlab.com
1. Offer Price (in Rs.) Rs.4 (Rupees Four) Rs.4 (Rupees Four) website: www.gennexlab.com
2. The aggregate number of Shares tendered 26,00,000 Equity Shares 18,00,000 Equity Shares Contact Person: Mr. Rajesh Vankadara, Company Secretary and
3. The aggregate number of Shares accepted 26,00,000 Equity Shares 18,00,000 Equity Shares Compliance Officer
4. Size of the offer (Number of Equity Shares multiplied Rs. 1,04,00,000/- (Rupees One Rs. 72,00,000/- (Rupees Seventy FOR THE ATTENTION OF REGISTERED MEMBERS OF PARTLY PAID-UP
by Offer Price per Equity Share) Crore and Four Lakh Only) Two Lakh Only)
EQUITY SHARES ON PAYMENT OF FIRST AND FINAL CALL
5. Shareholding of the Acquirer before Public Announcement
• Number 0 0 The Board of Directors at its meeting held on Monday, September 26, 2022
• % of Equity Share Capital 0.00% 0.00% decide the following:
6. Shares agreed to be acquired by way of a Share Purchase a) Fixed the record date as Friday, October 07, 2022 for the purpose of
Agreement (‘SPA’)
• Number 43,00,000 43,00,000 determining the shareholders to whom the call notice will be sent for
• % of Equity Share Capital 43.00% 43.00% payment of First and Final Call on 5,25,06,534 partly paid-up equity
7. Shares acquired by way of Open Offer share (Partly Paid-Up Equity Shares) issued and allotted by Gennex
• Number 26,00,000 18,00,000 Laboratories Limited (Company) on Friday, August 26, 2022, pursuant to
• % of Equity Share Capital 26.00% 18.00%
rights issue offer vide letter of offer dated Saturday, July 16, 2022.
8. Shares acquired after Detailed Public Statement (‘DPS’)
• Number Nil Nil b) Further, in accordance with the disclosures included in the Letter of offer
• % of Equity Share Capital Nil Nil dated Saturday, July 16, 2022, the Partly Paid-up Equity shares in
• Price of the Shares Acquired Not Applicable Not Applicable
respect of which the call payable remains unpaid, shall be forfeited at any
9 Pre Offer Post Offer
time after the last date of payment of call money due.
No. of % of Equity No. of % of Equity
Shares Share Capital Shares Share Capital In continuance to the above, at the meeting held on Wednesday,
Pre & Post offer Shareholding of the Acqirer 0 0 61,00,000 61.00 September 26, 2022 of the Board of Directors with reference to the LOF,
Post-offer shares held by existing Promoter/Promoter group 43,81,397 43.81 81,397 0.81 has decided the following:
10 Pre & Post offer Shareholding of the Public Pre Offer Post Offer i) The Call Money for the purpose of making the balance money payment
No. of % of Equity No. of % of Equity by the Partly Paid-up Equity Shareholders will commence on Friday,
Shares Share Capital Shares Share Capital October 14, 2022 and ends on Friday, October 28, 2022.
56,18,603 56.19 38,18,603 38.19 ii) The Trading of Partly Paid-up Equity Shares of the Company (BSE
The Acquirer accepts full responsibility for the information contained in this Post Offer Advertisement and also for the obligations under SEBI (SAST) Scrip Code: 890171; ISIN: IN9509C01016 suspended with effect from
Regulations, 2011.A copy of this Post Offer Advertisement will be available on the websites of SEBI and BSE Limited. Capitalized terms used in this
advertisement, but not defined herein, shall have the same meanings assigned to such terms in the Letter of Offer dispatched on 06/09/2022. October 08, 2022.
ISSUED BY THE MANAGER TO THE OFFER ON BEHALF OF THE ACQUIRER iii) Further Separate email intimation sent to all the Partly-paid Equity
KUNVARJI FINSTOCK PRIVATE LIMITED shareholders of the Company along with the detailed Call Money
Block B, First Floor, Siddhi Vinayak Towers, Off S. G. Highway Road, Mouje Makarba, Ahmedabad, Gujarat - 380051 Notice and payment methods has been dispatched by e-mail on
SEBI Reg. No. : MB/INM000012564
Email Id : niraj.thakkar@kunvarji.com;
Tuesday, October 11, 2022 to all the holders of the partly paid-up equity
Website: www.kunvarji.com shares of the Company as on the record date i.e. Friday,
Contact Person: Mr. Niraj Thakkar/ Mr. Ronak Dhruve October 07, 2022.
Tel. No. : 079- 66669000
For and on behalf of the Acquirer For Gennex Laboratories Limited
Sd/- Sd/-
Date: 13/10/2022 ______________________________ Date : 12.10.2022 Arihant Baid
Place: Vadodara AV AC DC Renew Private Limited Place : Hyderabad Managing Director

Pune
WWW.FINANCIALEXPRESS.COM THURSDAY, OCTOBER 13, 2022

FINANCIAL EXPRESS MARKETS 13

FM says growth
FROM THE FRONT PAGE

In fresh restructuring, Byju’s to lay off 2,500 employees

RBI, Sebi announce SOPs
top priority for
FY24 Budget
SEVERAL INDEPENDENT
THE EDTECH giant’s biggest
M&Adeals include the $950
million purchase of Aakash
cost-saving exercise. It had
also fired 600 workers in
April.Unacademy is the only
for regulatory sandbox
agencies have scaled down Learning, the $600 million edtech unicorn — after FE BUREAU not registered with the mar-
their FY23 growth projec- acquisition of Great Learn- Vedantu — to have laid off Mumbai, October 12 ketsregulatorwillhavetopart-
tions for India in recent weeks ingandToppr’s$150million staff twice in just a few
REGULATING FINTECH nerwith Sebi registered entity
after the June quarter purchase, all of which were months between April and THE RESERVE BANK of India ■ The move is aimed at under its norms. Separately,
recorded lower-than- reported in 2021. June 2022. (RBI) on Wednesday developing a clear International Financial Ser-
expected economic expan- Theseacquisitionweremade Byju’s reported a loss of announced a standard operat- jurisdiction where there are vicesCentresAuthority(IFSCA)
sion of 13.5%, even on a during the height of a fund- `4,564 crore in the 2021 fis- ing procedure (SOP) for inter- overlapping areas involving will be the principal regulator
favourable base amid grow- ing frenzy into various con- cal.Lastmonth,thecompany operable regulatory sandbox multiple regulators in cases where Indian fintech
ing external headwinds and sumer internet segments, released audited financial to regulate newer fintech is looking to launch products
tightening interest rates which saw the edtech star- statements for fiscal 2020- productsandservicesfallingin ■ The dominant feature abroad or foreign fintechs
across the globe. tups alone raising a record 21 (April 2020 to March the ambit of more than one will be determined based planning to initiate products
The International Mone- $4.2 billion across 310 tum, shaking up the seg- 2021) after a delay of more regulator.Themoveisaimedat on the number of relaxations in India.
tary Fund has cut its FY23 rounds in calendar year (CY) ment. This resulted in mas- than 17 months. The finan- developing a clear jurisdiction sought for the product The SOP is prepared by the
growth prediction for the 2021. This was higher than sive layoffs in firms such as cial statement revealed that where there are overlapping and the type of the inter-regulatory technical
country by 60 basis points to the $2.3 billion raised across Byju’s,Vedantu and Unacad- the net loss of the company areas involving multiple regu- product group on fintech, which is
6.8%, while the World Bank 220 rounds in CY2019. emy, while multiple smaller jumped to `4,564 crore as lators,including the RBI,Secu- chaired by chief general man-
has pegged it at 6.5%, the Since most Indian schools start-ups shuttered opera- promotion and employee rities and Exchange Board of ager of the RBI's fintech
gloomiest forecast by any and educational institutions tions. expenses rose. Revenues India(Sebi),Insurance Regula- the regulator under whose based on its framework. The department and representa-
multilateral body for the cur- remained shut during 2020, On June 19, SoftBank- dipped 3.3%to`2,428crore toryandDevelopmentAuthor- jurisdiction such feature will latter will have the final say in tives of Sebi, Irdai, IFSCA,
rent fiscal. The forecast by edtechs saw a tremendous backed Unacademy also as it deferred about 40% of ity(Irdai),Pension Fund Regu- be the principal regulator and admitting a product or service PFRDAandthecentralgovern-
most others is in the range of uptick in registrations and reportedly sacked about its revenue to subsequent latory and Development otherswill be associate regula- in the sandbox and otherregu- ment.
6.7-7.3%. Only the United subscriptions. However, by 2.6% of its workforce, or years due to its new revenue Authority (PFRDA). tors.Thedominantfeaturewill lators will provide their inputs A month ago, the RBI
Nations Conference on Trade 2022 growth lost momen- around 150 employees, in a recognition model. Sebi also came out with an be determined based on the in 30 days. launcheditsfifthcohortunder
and Development has pre- SOP for inter-operable regula- number of relaxations sought The test design will be the regulatory sandbox, with-
dicted a lower 5.7% growth tory sandbox in a bid to facili- forthe product and the type of finalisedbythe principalregu- out a specific theme and has
for India but that is for calen- was cut and the government ers – IOC, BPCL and HPCL – crore revenue loss. tatetestingofinnovativeprod- the product. lator in consultation with invited applications forinnov-
dar year 2022. The minister has extended a free ration which account for over 90% ucts falling within the The initial scrutiny of the other regulators. The fintech ative products related to its
also said that India is talking scheme for the poor by three of domestic fuel supplies Part of HZL regulatoryambit of more than product or the service will be selected for the sandbox will regulatory domain. A regula-
to different countries to make
Rupay acceptable outside the
months through December.It
will shell out greater fertiliser
have suffered a combined loss
of `18,480 crore due to ero-
residual stake to onefinancialsectorregulators.
Under the RBI framework,
done by the coordination
group, which is the fintech
seek permission of the princi-
pal regulator for relaxations
tory sandbox is live testing of
new products or services on a
country also. subsidy to farmers. The gov- sion in the marketing margin be sold in FY23, the dominant feature of the department of the RBI while before launching the product. pilot basis with some relax-
Inresponsetoaquestionon ernment’s additional spend- on petrol,diesel and domestic product will determine the detailed examination will be In cases where Sebi is ations for the limited purpose
startups, which are contem- ing pledges could cost it `2.6 LPG in Q1FY23. ICICI Securi- says Pandey influence of the regulator and donebytheprincipalregulator involved, a fintech applicant of the testing.
plating moving overseas, trillion more than the Budget ties has estimated that these WHILE DIPAM is trying to
Sitharaman said the govern- estimates for this fiscal, three companies will see mobilise as much as possible
mentisreadytotalkwiththem
andaddress theirissuestohelp
mainly on account of food,
fuel and LPG subsidy.
operating losses at about
`23,000 crore in Q2FY23 due
from disinvestment of gov-
ernment equity in many
No entity to RBI cancels registration certificates of 8 NBFCs
them stay in the country.
Meanwhile, consumer
"That is one way in which
we're making sure that those
to weak refining margins,
marketing margins and
CPSEs and other entities, it is
dependent on market obtain fresh FE BUREAU
Mumbai, October 12
Separately, the RBI suo-
moto cancelled certificates of
price inflation inched up fur- of the vulnerable sections inventory losses. appetite and conditions, another four NBFCs — SRM
ther in September to 7.41% don't get hurt...," she said. “Average cracks for gas oil which are unpredictable. ratings from THE RESERVE BANK of India Properties and Finance Com-
(from 7% in August) and "Empowering is the principle declined $8.7/bbl q-o-q to Since the Narendra Modi
remained above the upper rather than entitlement," the $35.1/bbl and after adjust- government came to power in Brickwork: RBI (RBI) on Wednesday cancelled
certificates of registration of
pany Pvt Ltd, North East
Region Finservices Ltd, Sow-
band of the central bank’s minister said in response to ment for excise duty, net gas 2014, it has mobilised about eight non-banking finance jenvee Finance Ltd and Opel
medium-term target of 2-6% another question. oil cracks were $15.4/bbl. `4 trillion through disinvest- FE BUREAU companies (NBFC). Finance Ltd.
for the ninth straight month. Average gasoline product ments. With the government Mumbai, October 12 Four NBFCs surrendered “Theabovecompaniesshall
The minister indicated Sept inflation at cracks saw a decline of stake in many large CPSEs, their certificates of registra- not transact the business of a
that the Budget proposals will
hold the clue as to how India
5-month high of $26.6/bbl q-o-q to $9.02/bbl
while net gasoline crack was
such as Indian Oil and NTPC
is at around 51%,there is not
THE RESERVE BANK of India
(RBI)onWednesdayrestrained
tion to the RBI, the central
bank said in a release.The four
non-bankingfinancialinstitu-
tion, as defined in clause (a) of
is “going to be able to balance 7.41%; IIP $7.02/bbl,” ICICI Securities much scope to further dilute banks andotherfinancial enti- NBFCs are — Ashwini Invest- Section 45-I of the Reserve
the two” (growth and infla- said in a note on October 9. minority stakes in these firms ties from appointing Brick- ment Private Ltd, RM Securi- vate Ltd and Matrix Merchan- Bank of India Act, 1934,” the
tion) and make sure the econ- shrinks in Aug Even though no LPG sub- as it would like to retain a work Ratings India for obtain- ties Pvt Ltd,AmityFinance Pri- dise Ltd. central bank said.
omy grows at a healthy pace. sidy has been transferred to majority stake in some large ing fresh rating with
Even multilateral institu- the bank accounts of house- companies in key sectors as immediate effect. The central
tions, which have recently holds since June 2020, an per policy. Strategic disin- bank also said itwill separately POST-OFFER PUBLIC ANNOUNCEMENT TO THE PUBLIC SHAREHOLDERS OF
trimmed their growth fore- incomplete pass-through of vestment is also not turning issue instructions on the INDERGIRI FINANCE LIMITED
cast for the country, have costs to consumers has out to be easy given all kinds existing ratings issued by the Corporate Identification Number: L65923MH1995PLC161968;
observed that “India cannot inflated the state-run OMCs of obstacles including legal rating agency. Registered Office: Office No 327, 3rd Floor, Goyal Trade Centre, Near Sona Talkies, Shantivan, Borivali (East), Mumbai – 400066, Maharashtra, India;
be weakened,” she added. under-recoveries on this challenges. The RBI directive comes Contact Details: +91-22-22016956; Website: www.indergiri.com; Email Address: info@indergiri.com.

"So, it will have to again be front. Also, the re-introduc- “There is many a slip after the Securities and Open Offer for acquisition of up to 13,15,860 (Thirteen Lakhs Fifteen Thousand Eight Hundred and Sixty) Equity Shares representing 26.00%
a very carefully structured tion of LPG subsidy under the between cup and lip,” Pandey Exchange Board of India (Sebi) (Twenty-Six Percent) of the Voting Share Capital of the Target Company, Indergiri Finance Limited, at an offer price of `10.30/- (Rupees Ten
and Thirty Paise Only) per offer share, made by Roshan Shah (Acquirer 1), Anand Devendra Tiwari (Acquirer 2), Wunnava V Shanker (Acquirer
Budget in which growth Ujjwala Yojana –under which said referring to the with- cancelled Brickwork Ratings' 3) and Mohit Agarwal (Acquirer 4) (Collectively known as 'Acquirers') in accordance with the provisions of Regulations 3 (1), 4 and such other
momentum will have to be THE IIP,therefore,will stage a up to 12 LPG cylinders a year drawal of the strategic sale licence to operate as a credit applicable provisions of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011,
and subsequent amendments thereto, ('SEBI (SAST) Regulations') ('Offer').
sustained," she said. recovery in September, while are given to 90 million people process of fuel retailer-cum- rating agency for allegedly not This Post-Offer Advertisement is being issued by CapitalSquare Advisors Private Limited ('Manager'), for and on behalf of the Acquirers and pursuant
India’s growth momen- inflation may remain sticky. at the rate of `200/cylinder — refiner BPCL in May due to following proper rating to the provisions of Regulation 18 (12) of the SEBI (SAST) Regulations, in respect of the Offer in Financial Express (English daily) (All Editions), Jansatta
tum has been affected in The incremental price in May 2022 is seen to cost uncertainties in the petro- process,procedural lapses and
(Hindi daily) (All Editions) and Mumbai Lakshadeep (Marathi daily) (Mumbai Edition), wherein the Detailed Public Statement dated Monday, March 14, 2022
was published on Tuesday, March 15, 2022, in accordance with the provisions of Regulation 14 (3) of the SEBI (SAST) Regulations ('Newspapers').
recent months, as a demand pressure has mostly origi- `6,100 crore in FY23. leum sector. The Centre’s conflict of interest. Sebi has This Post-Offer Public Announcement should be read in continuation of, and in conjunction with the:
slowdown in key markets hit nated from elevated food Budgetary LPG subsidy 52.98% stake sale in BPCL directed Brickwork Ratings to (a) Public Announcement dated Wednesday, March 09, 2022 (‘Public Announcement’) ;
its exports. Even industrial inflation, which climbed by came down from `24,172 could have fetched `40,000- wind up operations in six (b) Detailed Public Statement dated Monday, March 14, 2022, which was published on Tuesday, March 15, 2022, in the Newspapers (‘Detailed
Public Statement’)
recovery has remained almost two percentage points crore in FY20 to `11,896 50,000 crore, helping the months. (c) Draft Letter of Offer dated Tuesday, March 22, 2022 (‘Draft Letter of Offer’);
patchy. The escalating over the past two months to crore in FY21. The subsidy government to easily exceed Brickwork Ratings, which (d) Letter of Offer dated Monday, May 16, 2022, along with the Form of Acceptance-cum-Acknowledgement and Form SH-4 Securities Transfer Form
Ukraine war and the recent 8.6% in September. It may was just `241 crore in FY22. FY23 disinvestment target of received licence in 2008,is one (‘Letter of Offer’) ;

decision of Opec+ to reduce force the government to con- Given that other fuels, `65,000 crore. Disinvest- of the seven credit rating
(e) Corrigendum to the Letter of Offer dated Monday, May 16, 2022, which was published in the Newspapers on Tuesday, May 17, 2022
(‘Corrigendum to the Letter of Offer’) ;
production from November sidermore measures --includ- including petrol and diesel, ment receipts stood at agencies registered with Sebi. (f) Recommendations of the Committee of Independent Directors of the Target Company dated Saturday, May 21, 2022, which was published in
to prop up oil prices pose ing curbs on hoarding and on are decontrolled,the Centre’s `24,544 crore so far in the The others are Crisil, ICRA, the Newspapers on Monday, May 23, 2022 (‘Recommendations of IDC’) ;
fresh risks to the Indian econ- exports of spices and certain Budget was almost com- current fiscal or 38% of the CARE, Fitch, Infomerics Rat- (g) The dispatch confirmation of Letter of Offer advertisement dated Monday, May 23, 2022, which is being published in the Newspapers on Tuesday,
May 24, 2022 (‘Dispatch Confirmation Advertisement’) ;
omy. A weak rupee, too, has other non-basmati varieties pletely freed from the burden FY23 target. ings and Acuite Ratings & (h) Pre-Offer Advertisement cum Corrigendum to the Detailed Public Statement dated Monday, May 23, 2022, which was published in the Newspapers
made imports more expen- beyond the broken rice - to of fuel subsidy in FY22,mark- The government will come Research.The markets regula- on Tuesday, May 24, 2022 (‘Pre-Offer Advertisement’) ;
sive. Of course, any sharp ease domestic supplies. ing an end to a sticky and out with EoI for Air India Air tor had conducted a joint (i) Intimation of Extension of Offer Period Advertisement dated Saturday, June 18, 2022, which was published in the Newspapers on Monday, June
20, 2022 (‘Extension of Offer Period Advertisement’) ;
slowdown in global demand, Key monitorables for politically-sensitive item of Transport Services (AIATSL) inspection with the RBI of the (j) Corrigendum to Offer for Revision of Offer Price dated Thursday, September 29, 2022, which was published in the Newspapers on Friday,
thanks to the interest rate authorities would be the deci- revenue expenditure it strug- and Air India Engineering records and documents of September 30, 2022 (‘Corrigendum to the Offer for Revision of Offer Price’), and
hikes, will ultimately weigh sion of Opec+ to cut oil out- gled long to get rid of. Services (AIESL), former sub- Brickwork Ratings between (k) Joint Public Notice pursuant to RBI Approval dated Monday, October 03, 2022, which was published in the Newspapers on Tuesday, October
04, 2022 (‘Joint Public Notice’)
down commodity prices put from November, the pace Since June 2020, the sub- sidiaries of now disinvested January 20 and 24,2020. The Public Announcement, Detailed Public Statement, Draft Letter of Offer, Letter of Offer, Corrigendum to the Letter of Offer, Recommendations
(most of them have already of commodity price modera- sidies on domestic LPG have Air India. There are plenty of The Sebi action on Brick- of IDC, Dispatch Confirmation Advertisement, Pre-Offer Advertisement, Extension of Offer Period Advertisement, Corrigendum to the Offer for
eased from their peaks this tion in the wake of the inter- been limited to small potential buyers for AIATSL work Ratings is seen possibly
Revision of Offer Price, and Joint Public Notice are hereinafter referred to as the ‘Offer Documents’.
1. Name of the Target Company Indergiri Finance Limited
year). est rate hikes across the globe, amounts of freight subsidies (ground handling firm) and as the first instance bythe reg- 2. Name of the Acquirers and PACs Mr. Roshan Shah (Acquirer 1), Mr. Anand Devendra Tiwari (Acquirer 2), Mr. Wunnava V
Sitharaman said the gov- the rupee depreciation and for far-flung regions. The AIESL (engineering services), ulatorof cancelling the licence Shanker (Acquirer 3) and Mr. Mohit Agarwal (Acquirer 4).
ernment is closely monitor- the domestic demand sce- higher fuel subsidies may put Pandey said. of a credit rating agency. 3. Name of Manager to the Offer
There is no person acting in concert with the Acquirers for this Offer.
CapitalSquare Advisors Private Limited
ing external headwinds, nario during the key festival further stress on the govern- Non-core assets of Air In its order dated October 4. Name of Registrar to the Offer Link Intime India Private Limited
including elevated commod- season. ment finances,already under India and its subsidiaries 6, Sebi highlighted several 5. Offer Details
ity prices. But it has made pressure due to about `2.4 (book value of `14,718 crore violations by Brickwork,
Govt grants oil
5.1 Date of Opening of the Offer Wednesday, May 25, 2022
sure that the poor and the trillion in additional subsi- as on August 31, 2021) were including failure to follow a 5.2 Date of Closing of the Offer Tuesday, June 07, 2022

vulnerable sections in India PSUs `22K cr dies announced for FY23, not a part of the AI disinvest- proper rating process and
6. Date of Payment of Consideration Tuesday, October 04, 2022*
*Due to delay in receiving RBI approval, payment to shareholders was delayed and same was made
are protected from high mainly for food and fertiliser. ment transaction and were exercising due diligencewhile on Tuesday, October 04, 2022. However, the payment of interest to the shareholders was delayed
energy, fertiliser or food for LPG losses It had also cut excise duty on transferred to Air India Asset according ratings. by 5 (Five) working days and the interest payment was made on Wednesday, October 12, 2022.
prices. petrol and diesel which will Holding Company (AIAHL), Sebi has barred the agency 7. Details of the Acquisition
Particulars Proposed in the Offer Documents Actuals
The excise duty on fuel THE THREE state-run retail- likely result in about `85,000 100% owned by the Centre. from taking any new clients. (Assuming full acceptance in this Offer)
7.1 Offer Price `10.30/- `10.60/-#
7.2 Aggregate number of Equity Shares tendered 13,15,860 1,97,671

Union Bank hikes 7.3

7.4
Aggregate number of Equity Shares accepted
Size of the Open Offer (Number of Equity Shares
multiplied by Offer Price per Equity Share)
13,15,860
`1,35,53,358.00/-
1,97,071
`20,88,952.60/-

MCLR by 15 bps
7.5 Shareholding of the Acquirers before the Share Purchase Agreement/ Public Announcement
a) Number of Equity Shares 7,80,894 7,80,894
b) % of fully diluted Equity Share capital 15.43% 15.43%
FE BUREAU 7.6 Equity Shares acquired by way of Share Purchase Agreement
a) Number of Equity Shares 20,69,620 20,69,620
Mumbai, October 12 b) % of fully diluted Equity Share capital 40.89% 40.89%
7.7 Equity Shares acquired by way of Offer
UNION BANK OF India onWednesdayincreased a) Number of Equity Shares 13,15,860 1,97,071
marginal cost of funds based lending rates b) % of fully diluted Equity Share capital 26.00% 3.89%
(MCLR) by 15 basis points (bps) to 7.90%. The 7.8 Equity Shares acquired after the Detailed Public Statement

newlending rates are effective October11,as per

a) Number of Equity Shares acquired Nil Nil
b) Price of the Equity Shares acquired Nil Nil
information on the lender's website. c) % of Equity Shares acquired Nil Nil
The bank has set the shorter-term MCLR in 7.9 Post-Offer shareholding of the Acquirers
the range of 7.15-7.70% while two-year and a) Number of Equity Shares 41,66,374 30,47,585
three-year MCLR is set at 8.10% and 8.25%, b) % of fully diluted Equity Share capital 82.32% 60.22%
7.10 Pre-Offer and Post-Offer shareholding of the Public Shareholders
respectively. Particulars Pre-Offer Post-Offer Pre-Offer Post-Offer
Earlierthis month,private sectorlenderICICI a) Number of Equity Shares 29,40,780 8,94,626 29,40,780 20,13,415
Bank raised MCLRby10 bps to 8.10%,while PSU b) % of fully diluted Equity Share capital 58.11% 17.68% 58.11% 39.78%
banks, including Bank of Maharashtra, Bank of 8. The Acquirers accept full responsibility for the information contained in this Post-Offer Public Announcement and for their obligations specified under
India, Punjab National Bank (PNB) and Bank of SEBI (SAST) Regulations.

Baroda increased their cost-based lending rates.

9. The Acquirers will consummate the Share Purchase Agreement transaction in accordance with the provisions of Regulations 22 (1), and 22 (3) read
with 17 of the SEBI (SAST) Regulations and will make an application for reclassification of themselves as the promoters of the Target Company in
Banks are consistently increasing their lend- accordance with the provisions of Regulation 31A (10) of the Securities and Exchange Board of India (Listing Obligations and Disclosure
ing rates after the Reserve Bank of India (RBI) 10.
Requirements) Regulations, 2015, including subsequent amendments thereto (‘SEBI (LODR) Regulations’).
A copy of this Post-Offer Public Announcement will be available and accessible on the websites of Securities and Exchange Board of India at
increased policy repo rate. www.sebi.gov.in, BSE Limited at www.bseindia.com, Manager at www.capitalsquare.in, and the registered office of the Target Company.
11. The capitalized terms used in this Post-Offer Public Announcement shall have the meaning assigned to them in the Letter of Offer, unless otherwise
specified.
#
Note- Offer price is `10.30/- and since there was delay in receiving RBI approval, interest payable to the public shareholders is `0.30/- amounting
to total offer price of `10.60/-
ISSUED BY MANAGER TO THE OFFER
CAPITALSQUARE ADVISORS PRIVATE LIMITED
205-209, 2nd Floor, Aarpee Centre, MIDC Road No 11, CTS 70, Andheri (East), Mumbai – 400093,
Maharashtra, India
Contact Number: +91-22-66849999
Email Address: mb@capitalsquare.in
Website: www.capitalsquare.in
Contact Person: Mr. Viveka Singhal
SEBI Registration Number: INM000012219
Validity: Permanent
Corporate Identification Number: U65999MH2008PTC187863
On behalf of the Acquirers
Date: Wednesday, October 12, 2022 sd/-
Place: Mumbai Mohit Agarwal

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18 BACK PAGE FINANCIAL EXPRESS

Meet Alia Bhatt, the ‘humanpreneur’ ● GOVT PUSH TO DEFAULT-WARY BANKS

Actor says she invests in

Apart from Ed-a-Mamma, which is
her own venture, Bhatt is currently
Education loan: Guarantee
❝
stories and people who invested in a start-up called phool.co,
will tell them
I invest in people, I am a
storyteller, I feel if your story is
which is into recycling floral waste that
goes into waterbodies, the beauty-tech
platform Nykaa and a personal styling
platform called Style Cracker.
cap may be hiked to `10L
SHUBHRA TANDON good and told the right way the Defining her investment philosophy, a borrower of collateral-free
New Delhi, October 12 consumer, or the audience will Bhatt says that while understanding Complaints of THE GREAT LEARNING CURVE loans — currently up to `7.5
buy. I invest in a story, and if the
❝ the health of the business is required, delays in sanction lakh — has to paya nominal fee
■ Education loans
ALIABHATTISN’T just picking up meaty story is right the numbers will she “needs to understand the company for insurance of the loan. This
roles on-screen; she has extended that follow. philosophy and ensure it aligns with and rejection of up to `7.5 lakh are fee could be increased margin-
skill and passion to herbusiness-woman my vision”. backed by a credit ally to fund an increase in the
loan applications guarantee fund
avataraswell.The actor,who has been an And no short-term way of looking loan limit,sources indicated.
investor in different stage startups into things:“When I invest in a business, The finance ministry
■ In this case, banks
and businesses for almost five years I am not looking for quick short term MIHIR MISHRA spokesperson and DFS secre-
now, says her strategy is simple: She results,”she said. New Delhi, October 12 do not seek any tary Sanjay Malhotra did not
needs a buy-in to the stories and people Bhatt,who has done financial invest- collateral for loans respond to emails and a mes-
who are going to tell them.The numbers ments and not restricted herself into THE CENTRE IS likely to up to guaranteed sage sent byThe Indian Express
would follow. putting only sweat equity said, that increase the guarantee limit for amount seeking comment on the pro-
“I invest in people, I am a storyteller, while there is a return expectation like education loans from `7.5 lakh posed move.
I feel if your story is good and told the anybusiness,she understands that there to `10 lakh — a move that The Indian Express had ear-
right way the consumer,or the audience will be “risks” at whatever stage the comesinthebackdropofaGov- Delhi and West Bengal, where “delays”insanctionsanddenial lier reported that banks had
will buy. I invest in a story, and if the investment is made. ernment-led push for public stategovernmentschemesoffer of loans on“flimsygrounds”. slowed lending on education
story is right the numbers will follow,” “Any business, whether it is a film- sector banks (PSBs) to increase additional cover to increase the An increase in the guaran- loans leading to complaints
Bhatta said in an interview to FE. So she making business,or investing in a brand disbursements amid com- total guarantee to `10 lakh. tee limit is expected to nudge frommultiplequarters,includ-
doesn’t put her money into a business or a start-up,or a tech idea,there is a risk plaintsofdelaysinsanctionand The Indian Express had banks to overcome any reluc- ing“VVIP references”.This had
that she doesn’t fully understand. involved. Even when you come in as rejection of loan applications. reported on September 1 that tance in lending amid a surge ledtotheDFScallingameeting
Bhatt who admits that she is not a an early stage investor, and genuinely Currently, education loans with PSBs wary of disbursing in low-value education loans of all the 12 government-
“business student”and“not an expert in investing in an idea, there is a risk. up to `7.5 lakh are backed by a low-value education loans cit- turning into Non-Performing owned banks on August 25 to
finance”,launched herown fashion label When you come as a late stage investor credit guarantee fund, which ing an increase in defaults, the Assets (NPAs). discuss education loan disbur-
called Ed-a-Mamma for kids aged 4 to in a company where everything is means that banks do not seek governmenthadaskedthemto According to the procedure, sal targets.
14 years at the peak of the pandemic in put together, numbers are in any collateral for loans up to ramp up disbursement, point-
October 2020. place and business is doing the guaranteed amount. ing to multiple complaints of
She says she learns the rules of the really well, there is risk there TheIndianExpresshaslearnt Form No. INC-26
(Pursuant to Rule 30 of the Companies(Incorporation) Rules, 2014)
business game by“observing people”. as well,because you never know. thatthedepartmentoffinancial Advertisement to be published in the newspaper for change of registered office of the
In terms of revenue,the sustainable That’s just the nature of a busi- services in the finance ministry Company from one state to another
kids wear brand,as it projects itself,has ness or market which is unpre- hasinitiatedconsultationswith BEFORE THE CENTRAL GOVERNMENT (REGIONAL DIRECTOR, WESTERN REGION) In
registered a 300% top-line growth in dictable,”Bhatt said. the ministry of education on the matter of the Companies Act, 2013, Section 13(4) of the Companies Act, 2013 and Rule 30(5)
FY22 over FY21. It is the same belief that hiking the guarantee limit by (A) of the Companies (Incorporation) Rules, 2014
The range of kids wear has grown seems to be guiding hercurrent 33%.Such a move would bring AND
In the matter of YLM TUBE SOLUTIONS AND SERVICE PRIVATE LIMITED having its
from 160 options at the time of launch investment strategies as well, the limit on parwith the overall registered office at “604, Jogani Complex, Manipada Road, Off. CST Road, Santacruz (East)
to 1,800 options in the year 2022, see- when start-ups are talking cover in some regions, such as Mumbai Mumbai City MH 400098” …………., APPLICANT COMPANY
ing a multi-fold increase. about funding winter and valua- Notice is hereby given to the General Public that the Company proposes to make application to
Ed-a-Mamma touched `1-crore top tions are moving south. the Central Government, power delegated to Regional Director under Section 13 of the
line in the first month of its launch “One of the things I believe is Companies Act, 2013 seeking confirmation of alteration of the Memorandum of Association of the
despite being exclusivelyavailable only that whether it is your invest- Company in terms of the Special Resolution passed at the Extra Ordinary General Meeting held
on FirstCry. ments, or your belief, or your on 1st April 2022 to enable the Company to change its Registered Office from "State of
Maharashtra" to the "State of Haryana”
Starting off as a purely online system,oryourbrand,oryourcom- Any person whose interest is likely to be affected by the proposed change of the Registered Office
brand,it has clocked some good sales pany, it needs to stand the test of of the Company may deliver either on the MCA-21 portal(www.mca.gov.in) by filing investor
numbers on other platforms as well. time,”Bhatt said. complaint form or cause to be delivered or send by registered post of his/ her objections
The sales of Ed-a-Mamma have The actor also highlighted that supported by an affidavit stating the nature of his/ her interest and grounds of opposition to the
increased 10x over the past three the dips being seen across industries Regional Director, Western Region at the address- Everest 5th Floor, 100 Marine Drive,
Mumbai - 400002 within fourteen days from the date of publication of this notice with a copy to the
months on a platform like Ajio. and businesses is“just levelling down
Applicant Company at its Registered Office at the address mentioned below:
The brand is also going offline post pandemic and lockdown”, and it "604, Jogani Complex, Manipada Road, Off. CST Road, Santacruz (East) Mumbai Mumbai
now,and will be available across 40 will take sometime for the system to City MH 400098" For and on behalf of
Lifestyle and Shoppers Stop out- recover from this. YLM TUBE SOLUTIONS AND SERVICE PRIVATE LIMITED
lets by the end of next month. Bhatt said that while she is not Sd/-
The companyis nowlaunching worried as an investor at present, her Atma Prakash
DATE : 13.10.2022 DIRECTOR
Ed-a-Mamma maternity wear on way of dealing with the slowdown in PLACE : Mumbai DIN - 05290489
October 14.The country’s mater- the start-up space, if it so starts
nity wear market is pegged at concerning her, would be to stop
`2,000 crore. investing.

Fans can now buy

NBA merchandise (A GOVERNMENT OF INIDA UNDERTAKING)
ARM-II BRANCH, MUMBAI: 3rd Floor, Canara Bank Building, Adi Marzban Street, Ballard

from Reliance
Estate, Mumbai - 400 001. •Tel.: 022-22651128 / 29, •Email: cb6289@canarabank.com
SALE NOTICE
E-Auction Sale Notice for Sale of Immovable Properties under the Securitization and
Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 read

Retail stores
with provision 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 Properties Mortgaged/ charged to the
Secured Creditor, the Symbolic Possession of which has been taken by the Authorized
Officer of Canara Bank, will be sold on “As is where is”, “As is what is” basis on 29.10.2022
SLAM DUNK ■ Merchandise is for recovery of Rs.18,48,60,757.16 (as on 30.06.2022 plus further interest and charges
thereon) being dues to Canara Bank ARM II Mumbai Branch from M/s. SPIRO LIFECARE
■ Reliance Retail available for fans at PRIVATE LIMITED, B-208/209, Classique Centre, Plot No. 26, Mahal Industrial Estate, Off
introduced a select Reliance Mahakali Caves Road, Andheri (E), Mumbai - 400093, represented by its Directors/ Guarantor
selection ofNBA Retail stores and Mr. Sanjeev Anant Gupte, Mr. Rajesh Shripad Ghangurde, Mr. Vinod Anant Dali and
on Reliance Mr. Hitesh Parmanand Asrani:
team and league- Reserve Earnest Money
branded products, Retail’s e- Description of the Property
Price Deposit
including adult and commerce
All part and parcel of Land and Building measuring
youth apparel, platforms 12000 Sq. Mtr. built up area of 3132.73 Sq. Mtr. at Plot
accessories, toys, under a No. F- 1/2, MIDC Jejuri, Additional Jejuri Industrial
collectibles, etc multi-year Area, Near Shalina Laboratories, Jejuri Nira Road, Rs. Rs.
deal with Village Jejuri, Taluka Purandar, Dist. Pune - 421303, 11,15,00,000/- 1,11,50,000/-
NBA Maharashtra along with plant and machineries
■ Fans who visit installed therein in the name of M/s. Spiro Lifecare
Pvt. Ltd.
the stores will get
The Earnest Money Deposit shall be deposited on or before 28.10.2022 upto 5.00 p.m.
interactive NBA Details of EMD and other documents to be submitted to service provider on or before 28.10.2022
experiences, upto 5.00 pm. Date up to which documents can be deposited with Bank is 28.10.2022 upto
including NBA 5.00 pm.
Date of inspection of properties with prior appointment with Authorised Officer is 25.09.2022
game highlights For detailed terms and conditions of the sale, please refer the link “E-Auction” provided in
and related Canara Bank’s website (www.canarabank.com) or may contact Mr. Paritosh Kumar, Chief
content on Manager, Canara Bank, ARM II Branch, Mumbai (Ph. No. 022 22651128/ 29/ Mob. No.
in-store 8828328297) or Mr. Smit. Jaiswal, Manager, (Mob. No.: 7223002272) E-mail id:
cb6289@canarabank.com during office hours on any working day or the service provider M/s.
TVs C1 India Pvt. Ltd., Udyog Vihar, Phase - 2, Gulf Petrochem Building, Building No. 301, Gurgaon,
Haryana. Pin-122015,Mr. Haresh Gowda Mob. No. 9594597555 (Contact No.+911244302020/
21/ 22 / 23 / 24, support@bankeauctions.com, hareesh.gowda@c1india.com.
Date : 12.10.2022 Authorised Officer
Place : Mumbai Canara Bank, ARM-II Branch

FE BUREAU NBA has a longstanding

Mumbai, October 12 relationship with Reliance
which includes the Reliance
RELIANCE RETAIL AND The Foundation Junior NBA pro-
National Basketball Associa- gramme — a school-based
tion (NBA) have announced a youth basketball programme
multi-year collaboration to since 2013,multi-yearbroad-
launch the latter’s merchan- cast and streaming agree-
dise in India. ments with Viacom18 and
Aspartofthecollaboration, Reliance Jio, and a collabora-
Reliance Retail,a subsidiary of tion with the Lakmé Fashion
Reliance Retail Ventures Week that offered fashion
(RRVL), introduced a selection designers from across India
of NBA team and league- the opportunity to create
branded products, including exclusive NBA capsule collec-
adultandyouthapparel,acces- tions.
sories,back-to-schoolsupplies, “The NBA is one of the
toys, collectibles and more, to most followed sports leagues
fans in India. globallyand Reliance Retail is
In addition,Reliance Retail excited to offer an extensive
will provide fans and cus- range of merchandise to NBA
tomers who visit the stores fans in India,” said Reliance
with interactive NBA experi- Retail president & CEO (fash-
ences, including sweepstakes, ion and lifestyle) Akhilesh
Reliance Foundation Jr. NBA Prasad.“Our goal is to ensure
activations, NBA game high- that Reliance Retail stores are
lights and related content the go-to destination for NBA
on in-store TVs and more, fans across the country.”
the company said in a press At the 45th annual general
release. meeting of Reliance Indus-
The new merchandise is tries held inAugust,chairman
available for fans at select Mukesh Ambani had said that
RelianceRetailstoresacrossthe he is hopeful that Reliance
country and on Reliance Retail would become largest
Retail’se-commerceplatforms. segment within the group.

Pune