https://t.
me/srikakulam
MONDAY, 17 APRIL 2017
20 pages in 1 section
MUMBAI (CITY)
~6.00
VOLUME XXI NUMBER 171
How markets performed last week
Index on *One- --————————————————————————————————————————————————————————
Apr 13, ‘17 week Local currency
Sensex 29,461 0.1
Nifty 9,151 0.5
Dow Jones 20,453 -0.7
Nasdaq
Hang Seng
5,805
24,262
-0.4
-0.4
Nikkei (Apr 14) 18,336 -4.8
FTSE 7,328 -0.1
DAX 12,109 0.4
*Change (%) over previous week
SC ORDER PUTS BRAKES
ON SALES OF TRACTORS,
CONSTRUCTION VEHICLES
Tractor and construction equipment
vehicle makers’ business has had a
near-freeze across the country since April 1.
Regional transport offices in most states
have refused to register these vehicles after
the Supreme Court order of last month,
which stopped sales of two-wheelers,
three-wheelers, passenger and
commercial vehicles meeting only BS-III
emission standards. AJAY MODI writes 2 >
ECONOMY P4
Sand mining saps the
lifeblood along Kosi river
With the recent lifting
of a ban on mining
and a proposal to
build a road through
core tiger habitats in
SCORCHED Uttarakhand, its
EARTH-I fragile ecology is being
threatened like never
before. In the first of a
two-part series, GEETANJALI KRISHNA looks
at the effects of sand mining in the state.
COMPANIES P2
Now, vehicle recalls set
to get a codified route
With the Lok Sabha
passing the Motor
Vehicles Amendment
Bill, a significant
change is expected in
MOTORING the whole ecosystem
CHANGE-I around vehicles and
road safety. In the first
part of a series on the
impact of the Motor Vehicles Act, AJAY MODI
examines the issue of vehicle recall.
ON
SPECIALS
MONDAY
BRAND WORLD: Brands line
up on the highway to the South
Baahubali 2, VIP 2 draw big national brands
into their lair. T E NARASIMHAN writes 13 >
START-UP CORNER: Selling
fruits & veggies is a piece of cake
Ninjacart,aB2Bagri-marketingplatform,needs
toexpand.AABHISHEK JEJANI writes 15 >
STRATEGY: BigBasket
widens offline cart
To make the shift in strategy a success, it
needs to acquire a host of new capabilities.
SANGEETA TANWAR writes
STATSGURU: BS analyses
the broad-based revival in
economic activity
GSTN ready for last-minute
rush from taxpayers
SAHIL MAKKAR & ISHAN BAKSHI
New Delhi, 16 April
Indian taxpayers typically wait till the
last moment to file their tax returns.
This habit is expected to linger in the
regime of the goods and services tax
(GST), which would be rolled out on
the goods and services tax network
(GSTN) throughout the country.
The GSTN anticipated this
last-minute rush and designed its
system to withstand a massive surge
in transactions in the last few days.
“We have designed the system in a
such a way that almost 50 per cent of
the registered taxpayers with the
GSTN can upload their files (invoices)
concurrently in the last few days.
Though it may take some time
to process all files simultane-
ously, our system will not
crash,” a confident Prakash
Kumar, chief executive officer
of the GSTN, told Business
Standard, while demonstrat-
ing how the system would work.
Kumar said the GSTN had set up
servers in Delhi and Bengaluru to
handle the transactions through its
portal. It is creating a capacity to han-
dle three billion invoices a month.
Officials are also planning to
launch awareness campaigns to
educate taxpayers on uploading
invoices in a timely manner. The
% chg over Dec 30, ‘16
in US $
10.6 16.7
11.8 17.9
3.5 3.5
7.8
10.3
7.8
10.0
-4.1 3.4
2.6 3.9
5.5 6.4
Source: Bloomberg PUBLISHED SIMULTANEOUSLY FROM AHMEDABAD, BENGALURU, BHUBANESWAR, CHANDIGARH, CHENNAI, HYDERABAD, KOCHI, KOLKATA, LUCKNOW, MUMBAI (ALSO PRINTED IN BHOPAL), NEW DELHI AND PUNE
More stocks at lofty
valuations again
Number of scrips trading above 50 times and 100 times earnings at record highs
VISHAL CHHABRIA
& SHEETAL AGARWAL
Mumbai, 16 April
I
ndian stock markets
have not looked back
since their low on
December 26, 2016, and
have emerged as the top
performer among major
markets globally in 2017.
In a bull market such as this,
almost all stocks tend to run up,
irrespective of their fundamen-
tals, which is reason enough for
investors to be careful.
A key measure to identify a
potential risk or reward is a
stock’s price-to-earnings (P/E)
multiple. This ratio is arrived
at by dividing the stock price
with its earnings per share or
by dividing the company’s
market capitalisation with its
net profit. The higher the mul-
tiple, the more the price an
investor is paying to buy the
stock and vice versa.
At present, 81 stocks in the
BSE 500 universe are trading
at a P/E of 50 or more, based on
their financials for the
trailing 12 months ended
December 2016.
Within these, 20 command
a P/E of 100 to 640 times; three
are trading at more than 1,000
times their earnings. Another
56 stocks have a negative P/E,
WHEN INVESTORS
CALL THE SHOTS AT
E-COMMERCE FIRMS
Many of the famous founders of Indian
e-commerce companies are fast losing
their halo, as marquee investors
capture the centre stage of business.
With a growing appetite for returns and
exit in a marked-down market,
investors who poured in billions of
12 > dollars into firms such as Flipkart,
Snapdeal, Ola, Zivame and others are
now in full control of the operations
of several online majors.
4> KARAN CHOUDHURY reports
BUSINESS ENABLER
FRAMEWORK
ideal situation would be if taxpayers
upload their invoices daily.
Currently, around eight million
traders and companies are
registered with various
state governments and the
Centre. Of these, 5.65 mil-
lion have registered with
COUNTDOWN the GSTN. These taxpayers
have been allotted a GST
identification (ID) number — a 15-
digit number based on their income
tax permanent account number
(PAN) and the state of registration.
This number serves as a unique
identifier of the company and is used
to track its transactions on both sides
— as a buyer and as a seller.
Under the GST regime, a taxpayer
will typically have to fill two types of
bubbly
www.business-standard.com
BUSINESS LAW P14 PERSONAL FINANCE P16
OPENING THE SOCIAL SECURITY LAST-MINUTE HOTEL DEALS
UMBRELLA FOR A RAINY DAY TO GET A ROOM WITH A VIEW
Clean Money 2.0
casts wider net
CBDT probes property deals, foreign
exchange remittances
SHRIMI CHOUDHARY
ASSESSING ASSET BUBBLES Mumbai, 16 April
ILLUSTRATION: AJAY MOHANTY
The income tax department (I-T)
Date Jan 29, ’15 has widened the net to nab tax
Sensex value 29,682 evaders who have not just deposit-
ed unaccounted cash during the
Sensex P/E (x) 20.13
note-ban period but have also made
Stocks with P/E* Nos high-value property deals and sent
More than 100 23 money abroad under the guise of
Between 50-100 52 outward remittances in the second
phase of Operation Clean Money, A BIGGER APERTURE
Date Sep 8, ’16 which kicked off last week. Focus areas of Phase-II
Sensex value 29,045
The tax department last week
identified 60,000 individuals; | Tax wing to probe real estate
Sensex P/E (x) 21.45 1,300 of them were termed deals of ~6,000 crore
Stocks with P/E* Nos high-risk under the second phase of
| Scrutinise misuse of outward
More than 100 18 Operation Clean Money to detect
the generation of black money
remittances of ~1,800 crore
Between 50-100 56
in the system. | To examine the role of
“The shortlisting of these public sector bankers,
Date Apr 13, ’17 individuals was not only based on
100+ P/E stocks 50+ P/E stocks doctors in government
Sensex value 29,461
Price in ~ on P/E* Price in ~ on P/E*
cash deposits but also included
other crucial factors,” said Central
hospitals, bureaucrats
Sensex P/E (x) 22.62
Apr 13, ’17 (x) Apr 13, ’17 (x) Board of Direct Taxes Chairman | Taxmen seek internal
Stocks with P/E* Nos
Indian Hotels 128 268 United Spirits 1,902 99 Sushil Chandra in an exclusive enquiry against government
More than 100 23 interaction with Business Standard. officials’ to share information
Max Financial 656 116 Trent 270 91
Between 50-100 58 These 1,300 individuals have with the CBI
Bharat Earth Movers 1,379 109 ABB 1,455 82
been described as “high-risk”,
*Filtered for BSE 500 companies Note: These are some of the well-known names on the list mainly due to their real estate deals
Source: Exchange
Compiled by BS Research Bureau
Figures for share price and P/E have been rounded off; P/E: Price to earnings,
based on trailing 12 months ended December 2016 Source: Capitaline
and land purchases, which were found to be excessive compared with
their tax profile and earnings; the total value of their property deals is
estimated to be over ~6,000 crore.
as the companies have posted a peaked at 29,682 on January 29, 2015, 75 stocks were trading at a In another 6,600 cases, the I-T wing has found people misusing
loss. The current scenario is 2015, and at 29,045 on P/E of 50 or more, while those the outward remittance route under the Liberalised Remittance Scheme
similar to what was seen in September 8, 2016, and at that over 100 were at 23. and remitted over ~1,800 crore.
January 2015 and September time their P/E was 20.13 and Turn to Page 19 > According to Chandra, the exercise in the second phase is
2016, when markets had made 21.45, respectively. The based on integrating data sources, which the department has received
tops comparable to current latest Sensex value is 29,461 PERSONAL FINANCE 16 > from third parties. Turn to Page 19 >
levels. The S&P BSE Sensex and P/E is 22.62. In January > A rally without spine?
TENANTS FORCE
CUTS IN MUMBAI
OFFICE RENTS
Late last month, Deutsche Bank
renegotiated the lease rental for its
corporate office of 90,000 sq ft at
The Capital, a premium commercial
building at the Bandra-Kurla Complex
in Mumbai. It did so by 15 per cent. With
a number of options and reduced lease
rents, office tenants in Mumbai are
renegotiating their rents downward
when their lock-in periods are close to
expiring. Even earlier in some cases.
3> RAGHAVENDRA KAMATH reports 2>
Source: GSTN website
returns each month — GSTR-1 for
outward supplies made by the
taxpayer and GSTR-2 for inward
supplies received by the taxpayer.
In GSTR-1, the firm will have to list
invoice details. It will have to give the
GSTN company ID of the firm to
whom it is selling goods as well as
details of the supplies. The data will
reflect in GSTR-2 of the company to
which it is selling. Turn to Page 19 >
BS PRIMER: DECODING THE NEW
INDIRECT TAX REGIME 9>
BIZ ENTITIES TO RAISE SOME CONCERNS 9 >
A LONG LAST MILE 14 >
MODI CALLS FOR A ‘LONG JUMP’ TO
GIVE INDIA ADVANCED TAG 20 >
https://t.me/srikakulam bubbly

2 COMPANIES
>
MUMBAI | MONDAY, 17 APRIL 2017 1

IN BRIEF

Assembly unit in India a matter

Tenants force cuts in Mumbai office rents
of when, not if: Volvo Cars RAGHAVENDRA KAMATH the brunt of escalations as well
Mumbai, 16 April
RENT RENEGOTIATIONS from the 2011 numbers. Hence,
when the opportunity arose,

Swedish luxury carmaker Volvo Cars will
consider assembling its vehicles in India,
where it is looking to garner 10 per cent
market share in the high-end segment by
2020. The company is also gearing up to
enter into pre-owned car segment with its
global programme Volvo Select in India as
it looks to widen customer base here. Volvo Cars sells a range of
luxury cars and SUVs from the hatchback V40 D Kinetic to SUV XC90
T8 Excellence priced between ~26 lakh and ~1.28 crore. It has
been witnessing double digits growth for the last two years.
“India is among the fastest growing markets for Volvo cars
globally. This year also we are looking at double-digit growth,”
Volvo Auto India Managing Director Tom von Bonsdorff said. PTI
Dish TV expects
merger with
Videocon d2h by Oct
Zee group
direct-to-
home (DTH)
service arm
Dish TV expects
to complete merger
with Videocon Group’s DTH
arm Videocon d2h by October
2017 after receiving necessary
regulatory approvals. The
merged entity would have a
subscriber base of 27.2
million, creating the largest
DTH service provider in the
industry. “We have to receive
approvals from regulatory
bodies like Competition Com-
mission of India, National
Company Law Tribunal and
stock exchanges. The merger
is expected to be completed
by October this year after
getting clearances," Dish TV
CEO Arun Kapoor said. PTI<
85% Indian firms
optimistic on
economic recovery
Corporate India is among the
fourth most optimistic
globally as 85 per cent of the
businesses are hopeful of
economic recovery,
compared to 48 per cent in
China, a survey has said. The
Grant Thornton International
Business Report says that in
the first quarter of 2017, 85
per cent respondents were
optimistic about economic
recovery. India is ranked
fourth on the global
optimism index during the
January-March quarter of
2017, and is behind
economies like Indonesia,
Philippines and Malta. PTI
Firms contributed
25% less to PM’s
Relief Fund in FY16
Companies’ contribution
towards the Prime Minister’s
Relief Fund fell by 25 per cent
to ~80.55 crore during 2015-16
compared to the previous
financial year, a report
tracking the corporate social
responsibility spend of 1,270
firms has revealed. However,
during the financial year
ended March 31, 2016, the
1,270 companies collectively
spent ~8,185 crore, which was
27 per cent more than ~6,400
crore spent during FY15, acco-
rding to the report by the CII-
ITC Centre of Excellence for
Sustainable Development.
The companies collectively
had budgeted ~10,257 crore,
which is 15 per cent more than
the minimum budget
required. PTI
Lodha group sales
up 30 pc at ~8,500cr
in FY17
Realty major Lodha group’s
sales bookings rose by 30 per
cent last financial year to
about ~8,500 crore driven by
growth in the domestic
market and foray into London.
Mumbai-based developer
achieved a modest 10 per cent
rise in sales bookings from
projects in India at about
~7,000 crore during the last
fiscal with demand getting
affected for three months post
demonetisation. “Our new
sales bookings grew by 30 per
cent last financial year at
around ~8,300-8,500 crore.
Out of this, about ~7,000 crore
sales were from Indian market
and rest from London where
we launched our first project,”
Lodha group Managing Direc-
tor Abhishek Lodha said. PTI<
Sanofi to boost
volumes as price
control hits margins
With price
controls
continuing to
crimp margins,
Sanofi India
expects a muted
growth in the domestic
market in 2017 and therefore
will be focusing on volumes
as well as exports. “We
expect to continue to face
annualised negative impact
of price cuts imposed in 2016.
Due to this reason, growth of
domestic business will be
muted in value terms in 2017.
Therefore our focus will be to
drive the volume growth as
well as exports, which is
likely to grow steadily,”
Sanofi India said in its
annual report for 2016. PTI<
Hidesigntoopen15
storesacrossIndia
inFY18
Premium leather goods
manufacturer Hidesign is
looking to launch 15 stores
across airports and malls this
financial year.”Hidesign plans
to open 15 stores, nine of
which will be in airports, and
about five-six will be across
malls,” its president Dilip
Kapur said. The company
would invest ~20 crore to open
new stores, he said. Hidesign
will open stores at the airports
of Delhi, Mumbai, Bengaluru
and Kochi, and some more
stores will be opened at tier-I
cities, he added. The brand
has 80 stores across the coun-
try and abroad. It entered the
US in 2014 to make global
inroads. PTI
L
ate last month, Ger-
many-based Deutsche
Bank renegotiated the
lease rental for its corporate
office of 90,000 sq ft at
The Capital, a premium com-
mercial building at the Bandra-
Kurla Complex (BKC) in this
city.
It did so by 15 per cent, from
a monthly ~306 a sq ft to ~265 a
sq ft. Its earlier agreement
started in the year 2012 at ~278
a sq ft per month, with a lock-
in period until March 2018, the
annual escalation being 10 per
cent till it reached ~306 a sq ft.
And, the lock-in period has
been extended until March
2022, sources said.
“The average rent of a
Grade-A office in BKC, Mum-
bai, is ~269 a sq ft per month.
The Motor Vehicles Amendment Bill has proposed significant changes to issues around vehicles
and road safety. A three-part series looks at the impact the new rules will have on insurance
claims and taxi aggregators, starting with car recalls
Vehicle recalls set to get a codified route
AJAY MODI
New Delhi, 16 April
The Motor Vehicles (Amend-
ment) Bill 2016 is set to stream-
line the vehicle recall process,
with the legislation clearly
defining the conditions under
which the government can
order such a recall and penalise
the manufacturer concerned.
The Bill, which will revamp
the laws governing transporta-
tion in the country, was passed
by the Lok Sabha last week and
is now awaiting ratification by
the Rajya Sabha. Among other
things, the Bill seeks to intro-
duce measures that would
enhance road safety.
The recall of vehicles has
been a grey area under the exist-
ing laws, and largely practised
by manufacturers voluntarily.
While most car makers have
been doing recalls for the last
two decades, the recall of two-
and three-wheelers and com-
mercial vehicles is unheard of.
“Some measures may look
harsh but they are in the right
direction. If there is a case for
recall and the company does
not initiate one, the govern-
ment will direct a manufactur-
er to do it. If it still does not
recall, the government will take
action and impose
penalty on the compa-
ny. One can expect a
formal recall frame-
work,” said Vishnu
Mathur, director gen-
eral at Society for
Indian Automobile MOTORING
Manufacturers (Siam), CHANGE-I
the apex body of auto-
mobile makers.
In July 2012, Siam intro-
duced a voluntary recall code
for its members. It’s not that
recalls were not happening
before. Jagdish Khattar, former
managing director at Maruti
Suzuki, said the company had
recalled Omni vans more than
15 years ago. There was also a
recall of Zen before Omni.
The Siam code puts the
responsibility of initiating recall
of a defective vehicle on the
manufacturer. The code asks
manufacturers to state the
Thus, Deutsche Bank’s rent is
now aligned with the market
average,” says Abhishek Tiw-
ari, co- founder of CRE Matrix,
a realty data analytics entity.
Deutsche is not alone. With
a number of options and
reduced lease rents, office ten-
recall information on their web-
site and also share it with indi-
vidual owners. A recall should
be made in cases of a manufac-
turing defect that could com-
promise the safety of a vehicle,
the code says. Vehicles within
seven years of manufacture are
covered under the recall.
The industry responded
well to this code and has
recalled more than two mil-
lion vehicles since the code
was introduced. Car makers,
big and small, have recalled
hundreds of thousands of
vehicles and addressed the
defects while bearing the cost.
However, there has hardly
been any recall of two-wheel-
er and commercial vehicles in
the country.
The new legislation states
the government can order a
recall if there is a defect in a
vehicle that could harm the
environment, the occupants or
those on the road. A recall can
also be initiated in case a per
cent (to be decided when the
rule is notified) of owners or a
testing agency approaches the
government. In such a case, the
manufacturer must either
replace the vehicle or reimburse
the entire cost of the vehicle or
repair it. There will be provi-
sions for imprison-
ment and penalty in
case of failure.
The industry wel-
comes the move, but
insistsnothingchanges
for them. “We already
have a proactive and
robustsystemtovolun-
tarily recall vehicles in
the interest of cus-
tomers and their safety,” said a
spokesperson at Maruti Suzuki.
Last year, the country’s biggest
car maker announced a recall of
more than 75,000 units of
Baleno, manufactured over the
previous few months, due to a
defect in the airbag controller
software.
Experts said all companies
will align to the recall system
once it gets formalised. “But if
you see the trend, companies
have not been holding back
news of a defect as their bigger
ants in Mumbai and the Delhi
region are renegotiating their
rents downward when their
lock-in periods are close to
expiring. Even earlier in some
cases, experts say.
According to CRE Matrix,
clients have renegotiated rents
REVERSE GEAR
Major vehicle recalls in India
Company
Volkswagen
Honda (City, Civic, Jazz, CR-V)
Ford (Figo, Fiesta Classic)
GM (Spark, Beat, Enjoy)
Ford (Figo, Fiesta Classic)
GM (Tavera)
Maruti Suzuki (Swift, Dzire, Ertiga)
Source: Companies
worry today is retaining the
confidence of buyers. Now, one
can expect these processes to
be quicker,” said Abdul Majeed,
partner at Price Waterhouse.
Some also raise concerns
about the efficacy of the regula-
tory machinery to detect a case
of recall. “The first such deci-
sion has to come from the com-
pany as it will be the first one to
discover it. If a company keeps it
under the wraps, then discov-
ery only can happen in case of
an accident or malfunctioning,”
said an industry official.
One can see the scale of
recalls going up as the market
expands and inconsistency in
the quality of inputs shows up,
especially at the lower level of
the automobile value chain. As
makers squeeze lower and low-
er prices out of component
manufacturers to make their
price tags as competitive as
Tenant
DeutscheBank BKC
Visa BKC
PlatinumPartners LowerParel
MarshIndia LowerParel
Zim&StarShipping Kalina
Source: CRE MATRI; rates in ~sq ft
by 13-27 per cent in recent
months in the Mumbai mar-
ket. For instance, Star Shipping
renegotiated its rent down-
ward by 27 per cent in the
Kalina area.
Experts say the office mar-
ket recovered in 2011-12 after a
sharp decline in 2009, in the
wake of a global financial slow-
down. “Most tenants entered
into agreements at peak rates in
2012. As the lease agreements
are expiring, they are renegoti-
Year
Dec '15
Sept '15
Sept '13
July '15
July '12
July '13
April '14
possible, many vendors look to
cut costs by compromising on
the quality.
Majeed said the incidence
of recall was only expected to
go up. “Vehicles are getting
more sophisticated and there
is use of newer technologies
and components. These will
take time to settle and in spite
of quality checks there could
be challenges,” he said.
Indeed, most of the recalls in
India have happened due to
quality issues from small com-
ponent vendors. It is these ven-
dors who in most cases have to
bear the cost of the free replace-
ment of component during a
recall. The dealerships and
service stations, too, are bur-
dened when a recall is executed.
A recall can indeed bring
death for a component maker
by impacting profitability and
operations. Take the case of
Old New
Area rent rent Change (in %)
306 265 15
356 275 23
159 138 13
201 175 13
216 158 27
ating it downwards, as rents are
lower now,” said Tiwari.
Tiwari said there were
options available for clients
and property owners are also
not ready to leave marquee
tenants which occupy large
spaces.
Ashish N Shah, chief oper-
ating officer at Mumbai-based
Radius Developers, agrees.
"The market has seen correc-
tion between 2011 to 2016.
Most occupants were bearing
Number
323,700
223,578
166,021
155,000
128,655
114,000
103,311
Japanese company Takata, one
of the world’s biggest airbag
manufacturers. Millions of cars
from top car makers like Toyota
have been recalled globally in
the last couple of years after
instances of explosion in air
bags (supplied by Takata) and
deaths were reported. The con-
sequence: millions of dollars in
penalty and loss of top cus-
tomers like Honda and Nissan
who decided against using the
company’s air bags.
Still, a recall is something
everyone is advocating. “If the
problem comes from the cus-
tomers and then you decide to
recall, it looks reactive. It would
adversely affect their image. So,
doing recall proactively is only
in the interest of manufactur-
ers,” said Khattar.
Next: Insurance premium
might not go down
they have gone back to rene-
gotiate their rentals, in line
with market rates," he said.
Lease rents in Mumbai
have gone down by 10-15 per
cent in this period.
Shah said another reason is
that companies are looking at
newer ways to reduce office
costs. With the promoting of
policies like hot-desking and
work-from-home, there is a
correction in the requirement
for office space.
Ashok Kumar, managing
director of Gennext Partners, a
commercial property services
firm, says the trend is differ-
ent in Bengaluru and Hydera-
bad, where developers are ask-
ing for higher rent after expiry
of lease agreements, as supply
is limited in these cities.
Paytm unveils
food wallet
to whet
corporate
appetite
KARAN CHOUDHURY
New Delhi, 16 April
In an effort to tap into the
~25,000 crore ‘tax-free allo-
wance’ market, mobile wal-
let company Paytm has
rolled out a ‘food wallet’ to
replace the traditional meal
voucher and provide tax-sav-
ing opportunities to corpo-
rate employees.
According to Paytm, this
will help employers pass on
food allowance to employ-
ees under the government-
approved tax-redemption
bracket. The ‘food wallet’ will
be be available in the Paytm
app, and the food allowance
passed on to employees will
be digital, eliminating risks
of its loss or expiry.
“Paytm’s food wallet
comes with a unique interface
where employees can see on
real-time balance in the pass-
book and can locate the clos-
est food outlet in the ‘nearby’
feature on the app. This wallet
can be used at office cafete-
rias and also at a wide range of
online and physical mer-
chants,includingsmallstand-
aloneoutlets. Thelistincludes
KFC, Burger King, Zomato,
Pizza Hut, Café Coffee Day
and Big Bazaar, among oth-
ers,” the company said.
In addition to the ease
and convenience, customers
can also enjoy added bene-
fits like exclusive deals, dis-
counts and cashback.
Employers can instantly
transfer money to the food
wallets of employees based
anywhere in the country wi-
th a click of a button, without
any hassles of procuring,
handling and distributing
bulky coupons and cards.
This solution is already live
at some corporate offices.
“Paytm food wallet will
change traditional meal
voucher space and will ben-
efit all stakeholders —
employers, employees and
food retailers,” said Kiran
Vasireddy, senior vice presi-
dent, Paytm.

Supreme Court order puts brake on sales of tractors, construction vehicles

AJAY MODI
New Delhi, 16 April
SALES TAKE A
Equipment Manufacturers’
Association, says the Supreme
Court order has been misun-
SBI slips on tractor loan settlement plan
BACK SEAT
T
ractor and construction derstood by RTOs. “This is an
equipment vehicle
makers’ business has Tractor sales in units
important season for sales. We
are not able to bill anything at
TRACKING SBI’S BAD LOANS
had a near-freeze across the most places. The detailed SC 1,61,829 Farm loans SME
country since April 1. order came this Thursday and
1,25,068
551,463

Regional transport offices it only talks about vehicles

634,151

(RTOs) in most states have under Rule 115. We now expect 17,194
refused to register these vehi- a clarification to emerge,” said
590,672

582,000
493,764

cles after the Supreme Court Sundaresan, also vice-chair-

order of last month, which
stopped sales of two-wheelers,
three-wheelers, passenger and
commercial vehicles meeting
only BS-III emission standards.
The order was not meant
for tractors, combines and
heavy construction vehicles,
which have different emission
norms. However, the RTOs
have declined to allow their
registration. It was late last
week when Odisha and Guja-
rat resumed doing so.
“Registration and sales of
tractors are completely stalled.
RTOs do not want to do any-
thing that might form con-
tempt of court. We are in touch
with the Union ministry of
road transport and expect it to
issue a clarification,” said
Rajesh Sinha, director (sales
and marketing) at John Deere,
a leading tractor maker.
India is a large tractor mar-
ket, with average monthly sale
of 48,000 units. Mahindra &
Mahindra is the largest. Rajesh
Jejurikar, president of its farm
equipment sector, would not
comment on the issue.
The Central Motor Vehicles
Rules have separate and distinct
rules for emissions from agri-
cultural tractors, power tillers,
construction and earth moving
vehicles, and combine har-
vesters. All these come under
Rule 115A; other vehicles meant
for transportation of goods and
passengers are under Rule 115.
Raman Mittal, executive
director at Sonalika ITL, hopes
the registration process to be
back in place by the end of this
FY13 FY14 FY15 FY16
Source: Industry
month. “Our association is
making the required represen-
tations. While this is a pan-
India development, we do not
expect this to disrupt business
significantly,” he said.
Tractors follow the Bharat
(Trem) Stage III A emission
norms, different from the BS-
III norms for other vehicles.
Anand Sundaresan, presi-
dent at the Indian Construction
man and managing director at
Schwing Stetter, a construction
equipment maker.
The impacted segment is
valued at ~20,000 crore, with
annual volume of 48,000 units.
FY17 Sundaresan said the past 15
days had been a ‘nightmare’ for
most entities, which have spent
long hours with ministries and
lawyers to address the situation.
The SC order banning sales
and registration of BS-III vehic-
les from April 1 shook many
companies. Two-wheeler ma-
kers had to liquidate hundreds
of thousands of BS-III stocks
at hefty discounts. Commer-
cial vehicle makers remain
saddled with inventory of BS-
III stock valued at a few thou-
sand crores.
Total loans
(~ cr)
ABHIJIT LELE
Mumbai, 16 April
StateBankofIndia’sone-timesettlement(OTS)
schemefortractorloanshasfailedtogetadequate
response.Only~24croreworthcaseshavecome
underit.Inaportfolioofaround~4,000croreof
tractorloans,about~800croreworthloanswere
eligibleforthescheme.Thebankisassessing
reasonsforthelukewarmresponse,andmight
lookatextendingtheMarch31deadline.
Crop failure and inability to deploy tractors were
some of the reasons for the loans turning bad,
13.30% 7,047
10.30%
As % of domestic Non-performing
advances loans (~ cr)
Source: SBI Q3Fy17 presentation
SBI executives said. The lender saw better
traction with its OTS scheme for small and
medium enterprises (SMEs). The scheme received
2,772 applications (~671 crore), out of which 2,703
applications (~647 crore) were approved. The
schemes were floated as a part of a process to
clean up the books, after making prudential
provisions for non-performing loans. The tractor
loan book was part of the bank’s farm loan
portfolio and the lender announced a settlement
scheme to shed debts with prospects of low
recovery, after adequate provisioning. SBI was to
take a haircut of 40 per cent on these loans.
https://t.me/srikakulam bubbly

.
MUMBAI | MONDAY, 17 APRIL 2017 COMPANIES 3 <

When investors call the Dilip Buildcon to monetise old projects

to execute new hybrid annuity ones
shots at e-comm firms
KARAN CHOUDHURY at the centre of many deci-
MEGHA MANCHANDA
New Delhi, 16 April

Infrastructure firm Dilip

NewDelhi,16April sions in the company. Last
January, when Binny Bansal
Net profit jumped 151.7 per
cent to ~108.6 crore on a
41.9 per cent rise in net sales to
~1,388.4 crore in the December
Buildcon, in a bid to get quarter of 2016 over the same
National Highway (NH) con- period a year earlier.

M
any of the famous
founders of Indian
e-commerce compa-
nies are fast losing their halo,
as marquee investors capture
centre stage at the business.
With a growing appetite for
returns and exit in a marked-
down market, investors who
poured billions of dollars into
companies such as Flipkart,
Snapdeal, Ola, Zivame and
others are now in full control
of the operations of several
online majors.
According to experts, while
founders such as Sachin
Bansal, Binny Bansal of
Flipkart, Kunal Bahl and Rohit
Bansal of Snapdeal have all
been celebrated as pioneers of
the Indian e-commerce sector
for long, it is the firms with
money bags, whether in
Silicon Valley or New York,
Tokyo or Hong Kong, which
are taking the core business
decisions.
Consolidation in the sec-
tor, which has seen eBay India
become a part of Flipkart and
the proposed merger between
Bengaluru-based firm’s merg-
er with Snapdeal, is being han-
dled by top executives from
SoftBank, Tiger Global and
eBay.
“It all boils down to who
owns the largest percentage in
the company. If investors hold
more, they would be the ones
calling the shots,” said
Sandeep Aggarwal, founder
and chief executive officer
(CEO), Droom.
Even as Flipkart and
Snapdeal founders might have
at times clashed on social
SHADOW ON E-COMMERCE HALO
The not-so-high stakes of start-up founders
Company Founders
FLIPKART Sachin Bansal, Binny Bansal
SNAPDEAL Kunal Bahl, Rohit Bansal
OLA Ankit Bhati, Bhavish Aggarwal
SHOPCLUES Sandeep Aggarwal
Radhika Aggarwal, Sanjay Sethi Insingledigit
Allfiguresareindustry,marketestimates
media, the rivalry was not fac-
tored in when SoftBank,
biggest investor in Snapdeal,
decided to sell the firm to
Tiger Global, one of the biggest
investors in Flipkart, a source
said.
According to at least three
persons close to the board of
Snapdeal, founders Kunal
Bahl and Rohit Bansal, who
together hold only 6.5 per cent
stake in the company, are
mere spectators now, as exec-
utives at SoftBank are taking
all the calls.
“SoftBank holds 33 per cent
stake in the company, while
the founders hold just 6.5 per-
cent combined. Right now all
they are trying to do is get a
good deal for them, as well as
the employees who were given
employee stock options,” said
a source close to the board.
% stake
5.0
6.5
10-14
12.5
In a letter to employees,
Bahl indicated he was
‘requesting’ the board to not
leave his team in the lurch.
Experts believe investors
have been calling the shots for
some time now. This is
because investors saw that
even after multiple funding
rounds, founders were not
able to improve either the top
line or bottom line.
“After two to three rounds
of funding, if the business is
still not performing, investors
had to step in. This is going to
be the trend, going forward,”
said Arvind Singhal, chairman
and managing director,
Technopak.
Things are not different
down south in Bengaluru,
home to Flipkart. Tiger Global,
which owns close to 35 per
cent in the company, has been
became the CEO, replacing tracts, is planning to monetise With the government
Sachin Bansal, it was largely its old projects for executing focusing on tendering more
seen as a move to show to new hybrid annuity projects highway contracts on the
investors Flipkart’s serious- being offered by the central hybrid annuity mode, compa-
ness to take on Amazon. government. Dilip Buildcon might opt for a follow-on public offer during the year nies like Dilip Buildcon, MEP
However, exactly a year lat- According to sources, the Infra and Sadbhav
er, Tiger’s go-to ‘turnaround company has firmed up plans Last week, Dilip Buildcon projects. They will account for Engineering stand to benefit
man’, Kalyan Krishnamurthy, to sell its completed projects, announced that it had bagged 40 per cent of the mix of the due to cleaner balance sheets.
was brought in as CEO. It was mainly in Himachal Pradesh, two EPC (engineering, pro- company’s highway projects The central government
only after that did the compa-
ny manage to orchestrate the
Gujarat, Maharashtra and curement and construction) in 2017-18. The remaining con-
Madhya Pradesh. projects worth about ~700 tracts would be executed on
was unable to achieve its road
contract award target of
$1.4-billion funding round and The company is executing crore in Maharashtra from the EPC mode. 25,000 km last year.
the merger with eBay. three NH contracts worth ministry of road transport and Dilip Buildcon, which has a The number of EPC awards
Giving the reins to profes- ~3,333.13 crore and covering a highways. But the company is market capitalisation of might go up during the cur-
sional CEOs is a time-tested length of 261.72 km in Uttar focused on executing hybrid ~5,070.7 crore on the BSE, rent year as the finance min-
way in the Silicon Valley to Pradesh, Maharashtra and annuity NH projects during might also opt for a follow-on istry has increased the budg-
ensure a company performs. West Bengal, according to the 2017-18. public offer during the year. etary outlay for National
Back home, another latest data of the National According to a source, the When and how much have not Highways to ~64,000 crore in
online company — Zivame — Highways Authority of India company will participate in been decided. Queries to the 2017-18 from ~57,676 crore in
recently witnessed a lot of (NHAI). bids to win hybrid annuity company were not answered. 2016-17.
churn. Former CEO-Founder
Richa Kar gave her resigna-
tion to the board in February
even as the company pivoted
to a marketplace model. The
investors, which include
Zodius Technology Fund and
Khazanah Nasional Berhad,
investment holding arm of
the Malaysian government,
reportedly said the founders
were not able to handle the
pressures of running a multi-
ple shareholder-held compa-
ny.
According to recent media
reports, the investors in
Zivame found running the
company via a person
appointed by the board much
better than founders who
might not be able to handle
the demands of investors and
shareholders.

Cairn and partners to invest Snapchat

~3,240 crore in Ravva Field
PRESS TRUST OF INDIA
Hyderabad, 16 April
Cairn India, along with its part-
ners, is to invest ~3,240 crore in
the Ravva Fields in the
Krishna-Godavari basin to
undertake 20 developmental
wells and for setting up related
infrastructure, as the oil and
gas production is dwindling
from existing wells.
Cairn India approached the
ministry of environment need-
ed for clearances.
According to the minutes of
a meeting last month by Expert
Appraisal Committee (EAC)
under the ministry, the pro-
posal was given a green signal
as far as the Coastal Regulation
Zone is concerned.
“The cost of the above pro-
posed oil and gas development
is estimated to be approximate-
ly ~3,240 crore,” the EAC said in
the minutes of the meeting held
last month.
According to the company’s
annualreportofFY16,theRavva
Fields produced 18,602 barrels
ofoilequivalentperday(boepd)
average daily gross operated
production in 2016-17 against
23,845 boepd in FY16.
Cairn India officials did not
respond to an e-mail seeking
additional information.
The Ravva field (PKGM-1
Block), in the shallow offshore
area of K-G basin, completed
21 years of successful opera-
tions with Cairn India as the
operator, with 22.5 per cent
participating interest.
Exploration, development
and production in the block are
governed by a production shar-
ingcontractthatrunsuntil2019,
in partnership with Oil and
Natural Gas Corporation,
Videocon and Ravva Oil
Cairn needs 3rd
party reserve
audit for licence
extension
Cairn India will have to
submit a third-party audit
report on balance oil and
gas reserves in its
Rajasthan block to get a 10-
year extension of licence
beyond 2020. Weeks after
the Cabinet approved a
policy for extension of
licence of pre-bidding
rounds of oil and gas fields,
the petroleum ministry has
issued a gazette notifica-
tion, listing the ones that
will be eligible. These, 10
blocks — six in Gujarat, two
in Rajasthan, one in Assam
and one extending across
Assam-Mizoram-Manipur
— will be eligible for a 10-
year extension. PTI
Singapore.
There are eight unmanned
offshore platforms and a
225-acre onshore processing
facility at Surasaniyanam in
East Godavari district of
Andhra, which processes the
natural gas and crude oil pro-
duced from the field, the annu-
al report said.
Overtheyears,duetoageing
of the field, production of oil
and gas has declined.
backlash hits
snapdeal
PRESS TRUST OF INDIA
New Delhi, 16 April
In a case of mistaken identity,
many people downgraded
and uninstalled the mobile
application of e-commerce
platform Snapdeal instead of
social networking app
Snapchat, to mark their
protest against certain unver-
ified comments of Snapchat’s
chief executive about the
Indian market.
Social media was on
Sunday abuzz with criticism
against Snapchat CEO Evan
Spiegel after a report quoted
one of the company’s former
employees as saying that
Evan told him that the “app is
only for rich people” and that
he (CEO) was not interested
in expanding the business to
“poor countries” like India
and Spain.
Snapchat has rubbished
the allegations.
However, soon after the
controversy erupted,
#BoycottSnapchat became
one of the top trending topics
on Twitter, with over 69,000
tweets.
People began to uninstall
the app and give it poor rat-
ings and reviews on various
app stores. “Dear CEO of
Snapchat...why don't you
come to India and check
out Indians’ phones,” wrote
a user in review of
Snapchat's app.

Infosys to ramp up local hiring in US

amid visa concerns, says COO
PRESS TRUST OF INDIA
New Delhi, 16 April
Information technology major
Infosys plans to focus more on
local hiring in the US and is also
looking at setting up develop-
mentandtrainingcentresinthe
country, as part of its efforts to
tide over visa-related issues.
Infosys has been in favour
of a healthy mix of local and
global personnel, though hir-
ing locals in foreign markets
often pushes up operational
costs for IT outsourcing
companies.
With the US government
mulling measures to make visa
normsstricterundertheDonald
Trump administration, Indian
IT firms have been contemplat-
ing tweaking their business
models and accommodating
more locals.
“We are closely monitoring
the overall situation with
respect to visa... in the past 24
months, we have focused on
increasing our presence in the
US with a lot more local hiring,”
Infosys Chief Operating Officer
U B Pravin Rao told investors
on a recent conference call.
He added at this stage,
Infosys had not seen any
“undue things” that would
impact the way it does business.
“In this year, we will continue
that focus. We will accelerate it.
We will also start looking at
developments and training cen-
tres in the US as well,” he said.
Rao, however, did not talk
about the investments
Infosys would make on the
expansion.
The North American mar-
ket accounted for about 60 per
cent of Infosys’ $10.2-billion
revenue in the financial year
2016-17.
During his election cam-
paign, US President Trump had
promised stricter immigration
lawsandprotectionoflocaljobs.
Besides, a legislation
(Lofgren Bill) has been intro-
duced that proposes doubling
of the minimum wages of H1B
visa holders to $130,000.
Recently, the US
Citizenship and Immigration
Services had come out with a
policy memorandum that
potentially makes it difficult
for IT professionals to work in
the US at entry positions.
Any change in visa norms
can affect the movement of
labour as well as spike opera-
tional costs for the IT players.
Indian firms like TCS,
Infosys and Wipro that are
dependent on visas are now
focusing on bringing on board
more locals to comply with the
norms.
https://t.me/srikakulam bubbly

4 ECONOMY
>
MUMBAI | MONDAY, 17 APRIL 2017 1

Economy braces for Met Withtherecentliftingofabanonminingandaproposaltobuildaroadthroughcoretiger

habitatsinUttarakhand,itsfragileecologyisbeingthreatenedlikeneverbefore.Inthe
firstofatwo-partseries,BusinessStandardlooksattheeffectsofsandmininginthestate

monsoon forecast Sand mining saps the lifeblood

along the Kosi river
GEETANJALI KRISHNA
Ramnagar (Nainital), 16 April

Five years ago, Chandrashekhar Tamta used

to get 20 quintals an acre from his litchi
orchard in village Choi, Ramnagar. Today,
the yield has dropped to about 14 quintals
an acre.
Along Ramnagar’s famous fruit belt, his
neighbours have seen similar dips in litchi
and mango yields but they have more press-
ing problems to worry about. Next door,
Ganga Singh Chauhan can’t walk a couple of
steps without getting breathless and is under-
going treatment for asthma. A few metres
ahead, Manju Yadav has just obtained an oxy-
gen tank for her aged father, suffering from
chronic obstructive pulmonary disease.
“Coughing has just become a habit now,” says
her neighbour Pratap Singh Rautela. “We
A farmer in Chikmagalur on Sunday. On schedule is the first IMD forecast on the 2017 southwest monsoon, an don’t even notice it anymore.”
annual event that sets the tone not only for agricultural production but also the manner in which the economy, These problems have a single root cause.
stock markets, inflation and interest rates would move in the year PHOTO: PTI Situated on the banks of the Kosi, Choi has
become the cynosure of illegal sand mining in
SANJEEB MUKHERJEE the area. A temporary ban on mining by the
NewDelhi,16April Uttarakhand high court on March 28 gave its
ALL EYES ON IMD residents some respite. On April 10, the

T
his week, many eyes would be Supreme Court stayed the order, and it has A pile of stones left behind during a raid in Choi. Today, nine sand stockpiles in Choi have
on the large red building on been business as usual along the Kosi and destroyed land that was once fertile and productive PHOTO: GEETANJALI KRISHNA
Lodhi Road here that houses the Dabka.
the headquarters of India The riverbed along Choi has always been least eight fatal accidents, the had several legal precedents,
Meteorological Department (IMD). mined for sand and stones. But residents say last one involving a six-year- the latest being the National
On schedule is its first forecast on their problems have exacerbated since the old child, on these roads in the Green Tribunal’s 2016 decision
the 2017 southwest monsoon, an government allowed stockpiling in the vil- last two years.” to ban mining on the Gaula,
annual event that sets the tone not lage in 2013. Today, nine sand stockpiles in Environmentalists aver that which flows into the
only for agricultural production but Choi have come up on land that was once fer- riverbed mining in the Terai Ramganga, on the grounds
also the manner in which the tile and productive. “We’ve noticed that the and Bhabhar regions of the that it flows through an eco-
economy, stock markets, inflation areas used for stockpiling sand have become Himalayas has far-reaching logically fragile wildlife area.
and interest rates would move in the permanently sterile,” says Chauhan, point- ecological consequences. Yet, mining continues there,
year. ing to one where the soil has turned white “These areas are natural thanks to a politician-bureau-
The impact of a failed monsoon is *Percentage of Long Period Average (LPA). At present, the LPA of seasonal rainfall over the and barren. sponges, absorbing water flow- crat-mafia nexus and the
not as severe as was the case in the Moreover, dust from the stockpiles has ing down the Himalayas,” says
SCORCHED ceaseless demand for sand and
country as a whole is 89cm. Rainfall below 90 per cent of the average is considered as a
deficient. Rainfall between 96-104 per cent of LPA is normal and that between 105 to 110 per
past. Even so, the June-to-September cent of LPA is ‘above normal’. Rainfall above 110 per cent of the average would mean an adversely affected the productivity of the Ajay Rawat, environmentalist building materials.
rains are vital for farming. Less than
half of arable land in the country is
excessive monsoon. IMD issues its first forecast in April, which is subsequently updated in June
Source: IMD
abundant litchi and mango trees. “It has lit- and retired professor of
erally choked many of my trees to death,” Kumaon University. “Mining
EARTH-I While many locals support
the mining ban, others stand
under canal irrigation. The south- says Tamta, pointing to the grey dusty cast of riverbeds here can affect Environmentalists aver to lose too much. One of them
west monsoon provides a little more Weather watchers are keeping their rain down to the leaves. groundwater recharge not that riverbed mining has built a road through his
than 70 per cent of the country’s figures crossed and have predicted a 12 per cent below the normal. Most of this riverbed mining illegal and, only close to the dense forests in the Terai and Bhabhar private land in Choi, connect-
annual precipitation. 50:50 chance of an El Niño this year. A reassuring factor is the Indian therefore, uncontrolled. According to law, of Corbett, but all the way regions of the Himalayas ing the riverbed to the main
Private weather forecasters, led The IMD’s latest report on this, Ocean Dipole (IOD), another of the only chugaan, picking up mining materials by across the Indo-Gangetic has far-reaching road. Rumour has it he charges
by Skymet, predict slightly less than in end-March said in June-August, factors that has a bearing on the hand, is allowed here. Yet, excavators are a plain.” ecological consequences. ~150 for a truck to pass
average rain for 2017, with the sea surface tempera- southwest monsoon. It is expected common sight in Choi and other mining areas Indeed, water levels in Indeed, water levels in through. The 200-odd trucks
the El Niño weather phe- IMD chief ture anomaly was expected to remain neutral during the four- in the region. Choi, which used to be as high Choi, which used to be as operational here make at least
nomenon again playing a K J Ramesh to cross the El Niño thresh- month southwest monsoon. Some A settlement of migrant labourers has as 15 feet, have dipped in some high as 15 feet, have five trips a day. About 150 vil-
key role. An El Niño is had said some old of 0.5 degrees Celsius. weather scientists believe that in come up on the riverbed. During mining sea- areas to 150 feet. Also, even as dipped in some areas to lagers around the Kosi and
characterised by gradual weeks earlier This typically should mean the absence of a clear picture on El son (mainly summer), there are as many as the forest department states 150 feet Dabka have signed a petition
warming of the sea sur- that an El Niño the weather phenomenon Niño, this would be a vital factor in 9,000 labourers living here. that none of the riverbed min- to disallow mining and
face temperature along would not be would be in an evolving determining the rains. An IOD is “There’s noise and dust all night as ing on Kosi and Dabka is tak- stockpiling so close to their
the equatorial Pacific present during stage during the peak mon- defined as an irregular oscillation dumpers carry sand to the stockpiles, where ing place close to forest and wildlife habitats, homes. Others say the high court’s blanket
Ocean. It has an overbear- the monsoon soon months. of sea-surface temperatures, in larger trucks are loaded all night,” says the recent killing of a man-eating tiger close ban on mining was anyway an impractical
ing impact on the Indian development IMD chief K J Ramesh which the western Indian Ocean Chauhan. “None of us are able to sleep in to the mining area on Dabka’s riverbed belies decision.
rains and 80 per cent of El stage had told this newspaper becomes alternately warmer and peace.” He shows the furrows pockmarking their assertion. “We can’t wish away our need for sand,”
Niño years has seen a some weeks earlier that an then colder than the eastern part. the riverbed, some so deep that groundwater Residents and scientists are also worried says Yadav, as she locks her gate to keep her
below-normal monsoon; 60 per El Niño would not be present during There are also other factors which has pooled in their depths. Piles of stone lie about the impact of this uncontrolled mining three-year-old from stepping out on the vil-
cent have been outright drought the monsoon development stage. determine the southwest monsoon. everywhere, dumped when trucks have had on flooding during monsoons. “This is bound lage road. “But, if mining is not strictly
years. However, some private weather fore- Whether these combine to generate to flee government raids. Yadav describes to lead to greater floods in the years to come,” regulated and continuously monitored,
Till mid-December, the oceans casters believe an evolving El Niño a normal one in what happens on their narrow village roads says Yadav, “and all this damage to the we will leave a barren, dead world for our
were in a neutral state. In 2017, can be as bad as a full-blown one. 2017 would be clearer in the next few when these raids are in progress. “Trucks riverbed may cause the river to change children.”
they’ve started heating, the first indi- This had happened in 2014, when an days. move down these roads at breakneck speeds, course”.
cation of an El Niño reappearance. evolving El Niño pulled monsoon trying to avoid capture. There have been at A recent riverbed mining ban in the state Next: Road construction in fragile environments

Start-up balm
The Insolvency
Bankruptcy Board plans to
and STATSGURU 1: SENSEX SOARS, SHRUGS OFF GROWTH
CONCERNS
2: BUT INDIA ISN’T AN OUTLIER, OTHER
EMERGING MARKETS HAVE ALSO RALLIED

Divorced
S&P BSE Sensex Index (Base=100)
fast-track the resolution
process for “smaller cases”,
including for start-ups, and
complete them within 90
days. The board has been set
up under the Insolvency and
from reality?
Bankruptcy Code.
PTI IN THE THIRD QUARTER of 2016-
17, gross domestic product
(GDP) grew at a robust 7 per
Business Standard cent. But there is little
MUMBAI EDITION evidence of a broad-based
Printed and Published by Sangita Kheora revival in economic activity.
on behalf of Business Standard Private The index of industrial production (IIP)
Limited and printed at M/s. Dangat Media
Private Limited,
contracted by 1.2 per cent in February. Within Note: April 1 taken as 100 Source: Bloomberg
Source: BSE
22 Digha M.I.D.C., TTC Industrial Area, the IIP, all major segments such as
Vishnu Nagar, Digha, Navi Mumbai, manufacturing, capital goods, consumer
400708 and published at 3rd & 4th Floor, durables and non-durables have contracted. 3: INDIA IS THE THIRD-MOST EXPENSIVE 4: FII INVESTMENT HAS SOARED IN THE LAST
Building H, Paragon Condominium, Opp.
Century Mills, P. B. Marg, Worli, In the light of the recent economic data, EMERGING MARKET FEW MONTHS
Mumbai - 400 013 HSBC Global Research expects FY18 gross Price to earnings ratio FIIs net equity investment (~ crore)
domestic product (GDP) growth to be lower Index Price to earnings ratio
Editor : Shyamal Majumdar
than what the Reserve Bank of India (RBI) is Jakarta Composite Index 25.1
RNI NO: 66308/1996
currently projecting. Despite this uncertain
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https://t.me/srikakulam
.
Axis Bank logs 1 million
micro-borrowers
The bank has
ruled out
any buyout
PRESS TRUST OF INDIA
Mumbai, April 16
P
rivate lender Axis Bank
has touched 1 million
micro-borrowers mark
and is not keen on acquiring
stake in any microlender, a
senior official has said.
Three years after getting
into the segment, the bank
touched 1 million borrowers
mark recently and all of them
are women who have availed
of credit through the joint
lending group model, Axis
Bank’s retail banking head
Rajiv Anand said.
Stating that the book
stands at ~1,100 crore now, he in the space.
hinted that the bank would
focus on expanding the busi- Axis Bank’s borrowers have
ness organically rather than been tapped by the bank’s ded-
buying into a microfinance icated team of 1,600 people
company.
“As of now, we As many as 90%
don’t believe there of Axis Bank’s
is any need for us to borrowers have
take on any equity been tapped by
stake in an MFI,” the bank’s
Anand said. dedicated team
like
It can be noted of 1,600 people
that other lenders while the rest
Kotak have come from
Mahindra Bank and intermediaries
IDFC Bank, and oth-
ers have acquired stakes in cent, he said, asserting that
MFIs, while IndusInd Bank is this is a “profitable” business
in talks with Bharat Financial for the bank.
(formerly SKS) for what can be
one of the biggest acquisitions states with its microlending
Credit growth falls to 60-year low
PRESS TRUST OF INDIA
Mumbai, 16 April
Saddled with high bad debt
and weak corporate demand,
credit growth plunged to a six-
decade low of 5.08 per cent in
the financial year 2016-17, as
against 10.7 per cent a year ago,
according to the Reserve Bank
data.
For the year to March,
banks’ outstanding credit
stood at ~78.81 trillion com-
pared to ~75.01 trillion as of
April 1 2016, show the central
bank data. The numbers are
surprising as the economy has
been clipping at close to 7 per
cent during the year under
review and interest rates have
been heading south. One main
Mumbai zone
service tax
mop-up falls
short of
revised target
PRESS TRUST OF INDIA
Mumbai, 16 April
The service tax collection
from the Mumbai zone has
missed the revised target by a
whisker at ~81,599 crore,
which is a growth of 18.8 per
cent from ~68,696 crore a
year ago, a senior official has
said.
The Union Budget 2017
had set a target of ~76,300
crore from the Mumbai zone
but this was revised upwards
to ~83,000 crore.
The service tax depart-
ment of Mumbai zone is
responsible for over one-
third of overall service tax
collection from the entire
country. “Our revenue mop-
up increased 18.8 per cent to
~81,599 crore in the year gone
by (FY16/17) over the previ-
ous year (FY15/16),” Chief
Commissioner of service tax
Piyusha Patnaik said.
“We were able to collect
more revenue by taking sev-
eral steps like tracking defau-
lters who had filed returns
but couldn’t make payment,
better handling of audit and
above all, realisation of arre-
ars,” he said.
Gross revenue collection
by the department for March
also grew 13.6 per cent at
~11,237 crore up from ~9,895
crore in the year-ago period.
Explaining the reasons for
missing the target, he said the
department had made refu-
nds to the tune of ~1,435 crore
duringtheyear, which though
was lower than ~1,505 crore
refunds in the year ago.
MUMBAI | MONDAY, 17 APRIL 2017
As many as 90 per cent of
while the rest have
come from inter-
mediaries, Anand
said.
The average
ticket size of its
micro loans is
~18,000 and there is
a three-tier rate
structure with
interest ranging
from 12 to 22 per
Axis Bank is present in 18
reason for the massive plunge
is the rising corporate bond
market from where companies
are tapping funds even for
working capital as most of
them could have been turned
away by banks due to their
over-leveraged balance sheets.
It can be noted that the
credit growth in financial year
2016-17 is the lowest since
1953-54 when it had inched up
by a paltry 1.7 per cent, accord-
ing to the apex bank data.
In this year to March 2016,
banks reported a credit growth
of 10.69 per cent at ~75.30 tril-
lion. According to domestic
rating agency Icra, the outlook
on the asset quality of the ban-
king sector seems to be weak
even as the fresh non-per-
offerings and is targeting to
take it to 22 states by 2020, he
added.
Even as the bank faces reg-
ulatory action for alleged irreg-
ularities during the note-ban
period, Anand said he was
“proud” of the work done by
his retail banking staff.
Anand said the average
transactions jumped four
times of the usual during the
period, and the bank also had
to work with the rules getting
changed every day almost.
Asserting that Axis Bank is
not the only one to have been
found of indulging in irregu-
larities, Anand admitted that
“there have been a few stray
incidents and we have a zero
tolerance on such issues. Stric-
forming asset (NPA) genera-
tion rate continues to show
signs of moderation.
The annualised fresh NPA
generation declined to 4.1 per
cent during the third quarter of
2016-17 compared to 10.7 per
cent during the fourth quarter
of the financial year 2015 -16,
6.1 per cent during the first
quarter of 2016-17 and 5.8 per
cent in the second quarter of
2016-17, Icra had said in a
report. Fresh NPA additions to
gross NPAs during Q3 of fiscal
2017 inched down to ~26,400
crore compared to ~1.36 lakh
crore during the first nine
months of the fiscal 2017, part-
ly aided by higher write-offs
during the last quarter.
Icra has projected gross
test action has been taken
against all those indulged in
irregularities.” He also said,
speculation of the bank merg-
ing with another one does not
have any bearing on its expan-
sion strategies, underlining
that such talk has been
denied.
Even as the advent of digi-
tal banking raises concerns on
the relevance of the network-
led model, Anand said 90 per
cent of customers for the
banking system do not use
digital alternatives.
He said physical networks
are important from a brand
trust perspective and that the
nature of the work undertaken
at the branches can undergo a
change eventually.
NPAs to increase to ~7.5-7.7
lakh crore or 9.7-10 per cent for
March 2017 and ~8.2-8.5 lakh
crore or 9.9-10.3 per cent for
fiscal 2018 with upside risks in
case of slower resolution of
SDR accounts, leading to high-
er slippages.
Warning of more pains on
the restructured accounts, spe-
cially those under the 2/25
scheme, Icra said, of the 40
large borrowers with a total
debt of ~316,000, 29 per cent
of the debt turned NPA till
December 2016. Bank depo-
sits, however, grew by 11.75 per
cent during fiscal 2017, helped
by large flow of funds into the
banking system after demon-
etisation of high value notes
last November.
UP-based sugar mills to take part
in raw sugar import programme
DILIP KUMAR JHA
Mumbai, 16 April
A couple of Uttar Pradesh-
based large sugar mills are
planning to participate in the
raw sugar import programme
to extend operations of their
refineries despite risk on prof-
it margins due to high inland
transportation cost from
the designated ports to the
refinery.
At least two large sugar fac-
tories with their refineries in
Uttar Pradesh that Business
Standard spoke to, are prepar-
ing to apply for import of raw
sugar which they confirmed
on condition of anonymity.
Simbhaoli Sugars Ltd, accord-
ing to its chief financial officer
Sanjay Tapriya, has not yet
decided whether to take part
in import of raw sugar or not.
“We are yet to take a final call
on whether to import raw sug-
ar or not this year,” said
Tapriya.
Balrampur Chini and Dwa-
rikesh Sugar, however, have
decided to stay away from raw
sugar imports, confirmed their
senior officials. “We do not see
financial viability in convert-
ing raw sugar into refined sug-
Jaitley expects six banks to raise
funds via FPO as market improves
PRESS TRUST OF INDIA
New Delhi, 16 April
With stock prices on the mend,
the finance ministry will
nudge at least six public sector
banks to hit markets to raise
funds and ease the pressure on
the exchequer of pumping in
capital according to the Indra-
dhanush plan.
“Time has come for banks
to tap capital market and we
think that at least half a dozen
banks would take advantage
of the opportunity and raise
bubbly
ECONOMY 5 <
ar being designated ports away cost of production higher be-
from the refinery,” said Vivek cause of lower volume. They
ing for imports in the ports of
south, west and east India,”
Saraogi, Managing Director, will not fire boilers for proce-
Balrampur Chini. ssing few thousands of raw
said Narendra Murkumbi,
Managing Director, Shree
Sugar mills participating in sugar,” said a senior industry
imports, however, are assess- official.
Renuka Sugars Ltd.
Faced with a sharp deficit
ing financial viability for con- Abinash Verma, Director in sugar availability in the
verting raw into refined sugar General of the apex industry western and southern Indian
and sell the sweetener in and body Indian Sugar Mills Asso- states including Maharashtra,
around Uttar Pradesh, the ciation, however sees better Gujarat, Tamil Nadu, Karna-
state which already flushed business potential for south taka, Andhra Pradesh and
out with sugar this India-based sugar West Bengal, the government
year with its esti- Sugar mills mills being their allowed 300,000 tonnes of raw
mated production participating in refineries closer to sugar import through ports in
of imports, the designated ports. the South zone and 150,000
8.7 million tonnes, however, are Shree Renuka tonnes and 50,000 tonnes of
nearly 40 per cent of assessing Sugars with its the unrefined sweetener imp-
20.3 million tonnes financial refineries in all three ort through the west and east
output estimated for viability for locations Haldia zones, respectively.
the current crushing converting raw (West Bengal), Interested importers may
season. into refined Kandla (Gujarat) and apply to the designated region-
“The landed cost sugar two places in Karna- al offices of the Directorate
of imported raw taka will benefit General of Foreign Trade until
sugar from Brazil currently from the government’s move April 23 and quota allocations
stands at ~31.50 a kg as against to allow 0.5 million tonnes of under TRQ will be handed out
the current prevailing price in raw sugar import this year. on April 27th valid for import
and around Uttar Pradesh at Other mills in these regions upto June 30.
~35.50 a kg (ex-factory). will also benefit with savings of For actual import, however,
Estimating ~2 as transporta- ~4 a kg from processing of the importers need to apply
tion and refining costs, Uttar imported raw sugar and ~1.50 a with Apeda which would issue
Pradesh sugar mills will be kg of premiums over prevailing a non-transferable Registra-
able to sell the sweetener with prices in Uttar Pradesh. tion–Cum-Allocation–Certi-
~2 a kg of profit. In this “We have refining capacity ficate (RCAC) on first come
process, however, small sugar in all three zones where gov- first serve basis with a validity
factories would not be able to ernment has assessed a short- of 45 days and extendable for
process raw sugar being their age. Hence, we will be apply- another similar period.
capital from the market dur- kets, including follow-on pub- means, including public offer
ing the current financial year,” lic offer, to meet Basel III and overseas issuance of sha-
a senior finance ministry offi- requirements, which kick in res, during the current fiscal.
cial said. from March 2019. The funds will be raised
“It is up to individual banks This will be over and above either through follow-on public
to decide when they want to ~70,000 crore banks will get as issue, qualified institutional
raise capital and how much,
but in our assessment, there
are a few fit candidates for this,
including State Bank of India
capital support from the gov-
ernment. Of this, the govern-
ment has already infused
~50,000 crore in the past two
placement, rights issue, private
placement, Global Depository
Receipt, American Depository
Receipt or a combination of
(SBI), Bank of Baroda and fiscals and the remaining will these, SBI had said last month.
Punjab National Bank,” the be pumped in by the end of The fund-raising will be
official said. 2018-19. done at an opportune time or
According to the scheme, SBI has already taken board as may be approved by the
public sector banks need to approval for raising up to government and the RBI, it
raise ~1.10 lakh crore from mar- ~15,000 crore through various added.
https://t.me/srikakulam bubbly

6 WORLD
>
MUMBAI | MONDAY, 17 APRIL 2017 1

IN BRIEF

Erdogan declares victory as North Korean test missile ‘fizzles’

US and China are working on a range of responses to the latest attempt, says Trump’s NSA McMaster
opposition contest result
Turkish President Recep Tayyip Erdogan (pictured) LUCIA MUTIKANI & SUE-LIN WONG sought to defuse some of the tension,
declared victory in a referendum to increase his Soul/Pyongyang, 16 April KIM JONG UN’S BIG NUCLEAR PUSH IS CLOSING IN ON AMERICA saying the test of what was believed to
powers as opposition parties contested the result. Kim Jong Un has sped up North Korea’s nuclear programme since he tookpower in late 2011, testing more powerful be a medium-range missile had come
With 98 per cent of ballots counted, Turks approved he United States, its allies and weapons and developing longer-range missiles to carrythem. His regime is thoughtto possess rockets thatcan hit as no surprise.
the most radical constitutional overhaul since the
republic was founded 93 years ago by 51.3 per cent to
48.7 per cent, according to the state-run Anadolu news
T China are working together on a
range of responses to North
Korea’s latest attempted ballistic mis-
South Korea and Japan with as manyas 20 atomic bombs, and it’s nowfocused on building a long-range missile
capable of hitting Washington, DC, with a nuclear warhead.
WHERE NORTH KOREA’S MISSILES COULD HIT Estimated maximum missile ranges from North Korea
“We had good intelligence before
the launch and good intelligence after
the launch,” the advisor told reporters
agency. Erdogan will have authority to appoint ministers and top sile test, US President Donald Trump’s on condition of anonymity.
judges at his discretion and call elections at any time. national security advisor said on “It’s a failed test. It follows another
As Erdogan was declaring victory for the “Yes” camp, broad swathes of Sunday, citing what he called an inter- failed test. So really no need to rein-
the opposition were alleging foul play. Erdal Aksunger, the deputy national consensus to act. In development Intercontinental- force their failure. We don’t need to
head of the CHP, the largest opposition bloc, said 2.5 million votes “We are working together with our expend any resources against that.”
range
were “problematic” and that the state-run Anadolu Agency was allies and partners and with the The adviser said the missile’s flight
“manipulating” results, announcing totals that were different from Chinese leadership to develop a range Medium-range Intermediate-range lasted four or five seconds.
the official tally. BLOOMBERG of options,” national security advisor Pence, addressing an Easter serv-
HR McMaster said on ABC’s This Week 0 1,500 4,000 10,000 11,500 15,000 ice with American troops in South
programme. Korea, said the US commitment to
Senior Chinese Death toll from “This latest missile test just fits into Km South Korea was unwavering.
a pattern of provocative and destabil- “Let me assure you under President
banking regulator Aleppo bomb attack

Taepodong-2

BM-25 Musudan
KN-08
KN-14

under investigation
Aseniorofficialat
theChina
Banking
Regulatory
Commission
(CBRC)isunder
investigationforsuspectedlinks
toaloanscandal,thefinancial
magazineCaixinreported,citing
sourcesclosetothematter.Yang
Jiacai,assistantchairmanofCBRC,
hasbeenunderinvestigation
sinceApril9inconnectionwith
thescandalinHubeiprovince,
CaixinsaidlateonSaturday,
followingdaysofrumours
circulatingonlinethatYanghad
gonemissing.China’sgraft
watchdogonApril9also
announcedaninvestigationinto
thechairmanofthecountry’s
insuranceregulator,Xiang
Junbo,themostseniorfinancial
regulatortobeinvestigatedas
partofagovernmentfight
againstgraft. REUTERS<
at least 126
The death toll from a bomb
blast on a crowded Syrian bus
convoy outside Aleppo reached
at least 126 people, the Syrian
Observatory for Human Rights
monitoring group said on
Sunday. Syrian rescue workers
the Civil Defence said that they
had carted away at least 100
bodies from the site of
Saturday’s blast, which hit
buses carrying Shi’ite residents
as they waited to cross from
rebel into government territory
in an evacuation deal between
warring sides. The British-
based Observatory said the
number was expected to rise.
Those killed were mostly
residents of the villages of al-
Foua and Kefraya in Idlib
province, but included
rebel fighters guarding the
convoy, the Observatory
said. BLOOMBERG<
No-Dong
ising and threatening behavior on the Tokyo Guam Hawaii Washington, DC Trump’s leadership, our resolve has
part of the North Korean regime,” never been stronger. Our commitment
McMaster said. to this historic alliance with the coura-
He said the president has asked the geous people of South Korea has never
national security council to integrate NUCLEAR TEST POWER Min- range BALLISTIC MISSILE been stronger.”
the efforts of the Defense and State LAUNCHES Pence was beginning a 10-day trip
departments and US intelligence agen- Estimated yield, kilotons Max- range to Asia in what his aides said was a sign
UnderKim Jong Un
cies to develop options if “this pattern (From 2011) of US commitment to its ally in the face
of behaviour continues and if the North Kim Jong Un 13 21 of rising tension.
takes Hiroshima, 18 18
Korean Regime refuses to denu- The US nuclear-powered Carl
power 1945
clearise.” “There is an international Vinson aircraft carrier strike group is
consensus now, including the Chinese
7 8 also heading to the region.
leadership, that this is a situation that China, which Trump has urged to
just cannot continue,” McMaster said. 4 do more to rein in North Korea, has
The North Korean missile “blew up <1 2-6 6-9 6-9 10 spoken out against its weapons tests
almost immediately” after its test
Oct 9, May 25, Feb 12, Jan 6, Sept 9,
File footage of a North Korea’s ballistic
2006 2009 2013 2016 2016 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 and has supported UN sanctions. It has
launch on Sunday, the US Pacific missile in South Korea on Sunday AP/PTI repeatedly called for talks while appear-
Source: Bloomberg
Command said. ing increasingly frustrated with the
Hours later US Vice-President Mike North.
Pence landed in South Korea for talks missiles were on display in the parade. Trump on Sunday acknowledged We will see what happens!” Trump said China banned imports of North
on the North’s increasingly defiant Tensions have been steadily rising that the softer line he has taken on on Twitter. Trump has backed away Korean coal on February 26, cutting off
arms programme. His visit comes a day as Trump takes a hard rhetorical line China’s management of its currency from a campaign promise to label its most important export. China’s cus-
after North Korea held a grand mili- with North Korean leader Kim Jong was linked to China’s help on the North China in that way. toms department issued an order on
tary parade in its capital city of Un, who has rebuffed admonitions Korea issue. South Korea said the North’s latest April 7 telling traders to return North
Pyongyang, marking the birth anniver- from China and proceeded with “Why would I call China a currency show of force “threatened the whole Korean coal cargoes, said trading
sary of the state founder. What nuclear and missile programs seen by manipulator when they are working world.” But a US foreign policy adviser sources with knowledge of the order.
appeared to be new long-range ballistic Washington as a direct threat. with us on the North Korean problem? travelling with Pence on Air Force Two REUTERS

Mitsui Insurance to
boost Japanese debt
investment
Japan’sMitsuiSumitomo
InsuranceCoplanstoincreaseits
investmentinJapanese
corporatedebtthisfiscalyearto
huntforhigheryieldsamidthe
low-yieldingdomesticbond
environment,aseniorexecutive
saidonFriday.Thecorecompany
ofMS&ADInsuranceGroup
Holdings,whichhad6.57trillion
yenintotalassetsasofSept2016,
planstoinvestabout100billion
yeninJapanesecorporatebonds
fortheyearendedMarch2018,
TomonoriMano,managerof
investmentplanning
departmentatMitsuiSumitomo,
toldReutersinaninterview.
That’sanincreasefrom70billion
yenininvestmentduringlast
fiscalyear. BLOOMBERG<
Iran boosts
gas-output capacity
with new projects
Iran, holder of the world’s
biggest natural gas reserves,
boosted output by inaugurating
six projects at the giant South
Pars offshore field. The country
raised total production capacity
at South Pars to 570 million cubic
meters a day of gas, putting it
almost on par with
neighbouring Qatar, which
produces from an adjacent
portion of the same deposit, Oil
Minister Bijan Namdar
Zanganeh said Sunday at a
ceremony in the port city of
Assaluyeh. Iran invested $20
billion to complete the six
projects, or phases, President
Hassan Rouhani said at the
event. REUTERS<
Brazil’s Odebrecht
Tech giant LeEco
loses corporate
finance head
SELINA WANG
16 April
LeEco’s global head of corpo-
rate finance is leaving, accord-
ing to a person familiar with
the matter, the latest sign of
retrenchment by the Chinese
technology giant.
Winston Cheng, who
joined LeEco in 2015, will be
president of international at
Chinese e-commerce compa-
ny JD.com, leading new busi-
ness initiatives including
investments and mergers and
Barclay brothers bid for
Grosvenor House hotel
SHARON SMYTH
16 April
David and Frederick Barclay,
the billionaire owners of the
Daily Telegraph, bid more
than £600 million ($751 mil-
lion) for London’s Grosvenor
House Hotel, the Sunday
Times reported, citing a per-
son with knowledge of the
matter that it didn’t identify.
The property was put up for
sale three years ago by its cur-
rent owner, the Sahara Group.
The company is controlled by
Indian businessman Subrata
Controlled by billionaire Jia Roy, who was imprisoned in
Yueting, LeEco has witnessed early 2014 for allegedly
July, 3 Associates Capital
Management, an investment
vehicle of several wealthy UK
families, and two Middle
Eastern partners submitted a
$1.3 billion bid for Grosvenor
House and the two New York
stakes, a bid hampered by the
complexity of the financing
behind the hotels, the Times
said.
The Barclay brothers are
only interested in buying
Grosvenor House, a luxury
hotel operated under the JW
Marriott brand next to Hyde
Park in London’s Mayfair
The property was put up for sale three years ago by its current neighborhood, the Times said.
owner, the Sahara Group The talks may fail to produce a

S Africa finance
aide advocates
nationalisation
An advisor to South Africa’s new
finance minister advocated the
state takeover of banks, mines
and insurance companies in a
newspaper editorial, two weeks
after President Jacob Zuma’s
ouster of Pravin Gordhan
shocked investors and led to a
debt downgrade. In an opinion
piece titled “Our chance to
complete the revolution,”
published in South Africa’s
SundayTimes, Christopher
Malikane, an economics
professor at Johannesburg’s
University, also proposed the
establishment of a state bank
that would combine all
government-owned financial
institutions.
BLOOMBERG<
paid $3.3 bn in bribes
over a decade
Odebrecht SA ,
the Brazilian
engineering
company at
the center of a
historic corruption
scandal, paid out a total of
about $3.3 billion in bribes in
the nine years through 2014,
according to testimony cited by
local media on Saturday.
Through a department
specifically established to pay
politicians and other recipients
for public works contracts,
Odebrecht paid as much as $730
million annually in both 2012
and 2013, the years when bribe
payments peaked, according to
a spreadsheet that a former
executive reportedly gave
investigators as part of a plea
deal. REUTERS<
acquisitions, the person said.
LeEco declined to comment.
JD.com didn’t respond to a
request for comment on
Friday.
Cheng previously held
managing director roles at
Bank of America Merrill Lynch
and Goldman Sachs Group
Inc. Merrill Lynch was a lead
underwriter for JD.com when
the company went public in
2014, a deal Cheng worked on.
He also advised JD.com that
same year when Tencent
Holdings bought a 15 per cent
stake. JD.com has become
Alibaba Group Holding’s
biggest competitor in China’s
online shopping sector.
LeEco’s ambitious interna-
tional expansion plans have
suffered from a cash squeeze
and other roadblocks. Cheng
played a key role in LeEco’s
proposed acquisition of TV
several high-profile executive defrauding investors and deal given the messy sales
departures in the past year released on parole. The Times line of Monday to deposit sev- Sahara also owns majority process, the newspaper cited
said Roy must raise 1.3 billion eral hundred million pounds stakes in New York’s Plaza and the person as saying.
maker Vizio for $2 billion, a pounds in bail and has a dead- to the Indian regulator. Dream Downtown hotels. In BLOOMBERG
deal that the company said fell
apart because of regulatory
hurdles. LeEco’s US plans have
also been set back by lacklus-
ter sales, job cuts, and delayed
payroll to US employees.
Saudi to reform billions of $ of unfinished projects
Controlled by billionaire MARWARASHAD Many of these projects are relics of a the private sector, possibly through build-
Jia Yueting, LeEco lured exec- 16 April decade-long boom of high oil prices and operate-transfer (BOT) contracts,” said one
utives from global technology lavish state spending, which ended when source familiar with the plan, declining to
giants and banks to run its Saudi Arabia’s government is ordering oil began sliding in mid-2014, making it be named as the matter is not yet public.
operations. In the past year, its ministries and agencies to review increasingly difficult for Riyadh to find Under BOT contracts, private investors
there have been several high- billions of dollars’ worth of unfin- the money needed to complete their finance and build projects and operate
profile executive departures. ished infrastructure and eco- construction. them for a period of time to earn a profit
Todd Pendleton, a marketing nomic development projects with Officials will study the feasibili- before eventually transferring ownership to
executive, and Shawn a view to shelving or restructuring ty of the projects in light of the gov- the government. Riyadh has said it is keen
Williams, a senior vice-presi- them, government sources said. ernment’s reform drive, which aims to begin bringing the private sector into
dent from Samsung Riyadh’s Bureau of Capital and to diversify the economy beyond oil projects to ease pressure on state finances.
Electronics, left LeEco after Operational Spending Rationalization, set exports, and decide whether to suspend “Other projects could be suspended if
about a year, according to sev- up last year to make the government more them indefinitely or try to improve how they do not meet the current economic
eral people familiar with the efficient, is compiling a list of projects that they are conducted. objectives,” the source said.
matter and Williams’ LinkedIn are under 25 per cent complete, the sources “Some projects could be retendered so Recommendations for some projects may
profile. BLOOMBERG told Reuters. they can be executed in partnership with be made within days, he added. REUTERS

Investing in solar and wind in a coal and oil moment

NORM ALSTER
16 April
Alternative energy investments like wind
and solar power have not performed well
in recent years. To make matters worse,
the Trump administration has opted for a
resurgence of coal and other carbon
fuels, not an emphasis on alternative
energy.
Yet there is a reasonable argument
that the outlook for investing in
renewable energy may actually be quite
good. For one thing, wind and solar
power have been rapidly winning market
acceptance. Last year, the installed
capacity of solar power in the United
States nearly doubled. And wind is now
being harnessed to produce 5.5 percent of
America’s electricity, according to the US
Energy Information Administration.
Five states draw at least 20 per cent of
their electricity needs from wind.
Kansas, for example, relied on wind for
less than 1 per cent of its electric power as
recently as 2005. By 2016, wind produced
29.6 per cent of its electric power,
according to government figures.
Intriguingly, all five of the most wind-
dependent states — Kansas, Iowa,
Oklahoma, North Dakota and South
Dakota — are traditional Republican
strongholds. “The windiest places in the
country are all red states,” said Garvin
Jabusch, a manager of the Shelton Green
Alpha mutual fund.
And the solar industry now employs
over 260,000 workers nationwide, many
of them in states that have leaned
Republican. Texas, Florida, Arizona and
North Carolina are among the largest
solar employers.
The reliance of these states on wind
and solar could foreshadow continuing
support for alternative energy within
sectors of the Republican party, despite
the pro-fossil-fuel stance of the
president. Along with Gina M Raimondo,
the Democratic governor of Rhode
Island, Sam Brownback, the Republican
governor of Kansas, recently wrote a
letter to President Trump that said
“expanding renewable energy
production is one of the best ways to meet
the country’s growing demand for
energy.” And, the governors added, “The
nation’s wind and solar resources are
transforming low-income rural areas in
ways not seen since the passage of the
Homestead Act over 150 years ago.”
Ryan Issakainen, exchange-traded
fund strategist and senior vice president
at First Trust Bank, said that such
sentiments could maintain policy
production in red states could splinter
the GOP on Trump’s plans.”
Still, solar’s recent past has been
miserable for many investors. The
Guggenheim Global Solar ETF has lost
over 24 per cent a year over the last three
years, according to Morningstar. Wind
has fared better, but with an annual total
return of 4.95 per cent the last three years
First Trust Global Wind Energy ETF has
lagged in an exuberant bull market. The
Standard & Poor’s 500-stock index, for
example, gained over 10 percent a year in
the same period.
But for solar power, the fundamental
economic outlook may conceivably be
improving. “The reason solar stocks have
done poorly is a big oversupply of panels,
which drove down the price,” said
Richard Asplund, research director for
the MAC Solar Index, the tracking index
Solar’s recent past has been miserable for many investors. The Guggenheim Global for the Guggenheim Solar fund. “Pricing
Solar ETF has lost over 24% a year over the last three years. Wind has fared better, but looks better for this year and next.” The
with an annual total return of 4.95% the last three years First Trust Global Wind Guinness Atkinson fund, loaded with
Energy ETF has lagged in an exuberant bull market PHOTO: REUTERS Chinese solar panel producers, has
suffered large losses the last three years.
support for solar and wind power. power, you’re not going to be supportive But it was up nearly 5 per cent in the first
“Policies that favour coal over other of pro-coal policies.” quarter.
sources would be sound in places like Edward Guinness, portfolio manager Guinness says that investors have
West Virginia,” he said. “But if you’re in of the Guinness Atkinson Alternative been too gloomy. “The sentiment on the
the middle part of the country where Energy fund, went further, saying, “I sector is terrible,” he said. Negative
you’ve got more opportunity for wind think the presence of wind and solar sentiment has produced valuations “as
low as we’ve seen” by measures like price
to book, Guinness said.
Part of the problem, he said, is that
solar power has been widely viewed as a
heavily subsidised market. But the latest
extension of the federal Investment Tax
Credit phases out solar subsidies for
homes by 2021.
Solar power will soon have to compete
without government support, Guinness
said, but he’s untroubled by the switch.
“We’re excited about the transition from
a government market to a nonsubsidised
market,” he said.
Such excitement may be difficult to
sustain in the wake of recent Trump
actions. On March 28, the president
signed an executive order to initiate a
rewrite of President Obama’s Clean
Power Plan, an initiative designed to
speed utility conversion from coal. Under
that plan, renewable energy sources were
projected to become more important
than coal and second only to natural gas
in electricity generation by 2030, said
Chris Namovicz, lead renewable energy
analyst at the US Energy Information
Administration. If the Clean Power Plan
is really abandoned, he said, “in 2040,
renewables will still be third, behind both
coal and natural gas.”
©2017 The New York Times News Service
https://t.me/srikakulam bubbly

MUMBAI | MONDAY, 17 APRIL 2017 7

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https://t.me/srikakulam bubbly

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MUMBAI | MONDAY, 17 APRIL 2017 1

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https://t.me/srikakulam bubbly

.
MUMBAI | MONDAY, 17 APRIL 2017 ECONOMY 9 <

IN BRIEF
DRAFT GST RULES
Withdrawal trend reverses
in Jan Dhan accounts
Arresting the trend of withdrawals that
began in December, the net balance in
Jan Dhan accounts swelled by ~1,000
Business entities to raise some concerns
DILASHA SETH
crore to ~63,971.38 crore during the week
ended April 5. The net balance in the
New Delhi, 16 April E-commerce definition
too wide: Assocham
A
accounts opened under the Pradhan goods supplier with annual
Mantri Jan Dhan Yojana (PMJDY) was turnover under ~20 lakh and
~62,972.42 crore on March 29, according not registered under the goods Thegovernmentmustclearlyoutlinethescope
to the Finance Ministry’s data. Total deposits in these accounts and services tax (GST) network might of‘e-commerce’underthegoodsandservices
had increased to a record high of ~74,610 crore on December 7 escape the need for prior online regis- tax(GST),asthecurrentdefinitioncaninclude
and thereafter, started declining gradually. According to the tration and Electronic Way (e-way) Bill evencommodityderivativesexchangeswhere
PMJDY data for April 5, it is for the first time the net balance in foranyconsignmentover~50,000,with thereisnoactualdeliveryofgoods,Assocham
the accounts has shown an increase on a weekly basis. PMJDY the onus falling on the registered recip- hassaid.“E-commercedefinition,asgivenin
was launched in August 2014 to increase banking penetration ient in that case. GSTdispensation,hasbeenleftsowidethatit
and promote financial inclusion in the country. Meanwhile, According to the draft e-way rules, couldgowellbeyondAmazonorFlipkart
the number of Jan Dhan accounts have increased to 28.23 crore where goods and services go from an marketplaceplatformsandmayevencoverthe
of which 18.50 crore have been seeded with Aadhaar. The unregisteredsuppliertoarecipientwho commodityexchanges,”itsaid. PTI
deposits in the accounts had surged following demonetisation is registered, the movement will be
of old ~500 and ~1,000 notes in November last year. PTI< considered to be ‘caused by recipient if
recipient is known at the time of com-
Services rate decision this week
mencement of movement of goods.’ Taxofficialsofthecentralandstate
governmentswillholdthisweektheir
EPFO weighs exit Of 38,000 black TheGSTexemptionlimitis~20lakh
annual turnover in all states except maidenmeetingondevisingaformulafortax
policy to maximise money tip mails, those of the Northeast, where the lim- ratetobeleviedonservicesunderthegoods
returns on only 16% probed it is ~10 lakh. Those in the exemption andservicestax(GST)regimefromJuly1.The
bracket will not need to register under taskistokeeptheimpactofGSToninflation
investments the GST network, unless they want to andpricesnearneutralorzero. PTI
TheEmployeesProvidentFund avail of input tax credit.
Organisation(EPFO)has By the draft rules, moving goods
decidedtobringoutanexit worth more than ~50,000 under GST The draft has been put in the public up to ports and movement for job- over to a transporter, the supplier will the common portal, a unique e-way bill
policytoliquidateits will require prior online registration of domain for comments by April 21. work. Suppliers will also have an option also need to furnish the details of trans- number (EBN) shall be made available
investmentsingovernment the consignment and securing of an e- Businesses are expected to raise some to issue e-way bills even if the value of porter in the prescribed form and the to the supplier, the recipient and the
securities,ETFsandstateloans way bill, to check tax evasion by allow- concerns. These include enhancing the goods involved in movement is less transporter will be required to generate transporter on the common portal. The
tomaximisereturnsforits ing officials to inspect consignments threshold from ~50,000 for generation than ~50,000. the e-way bill on the common portal. transporter or person in charge of con-
members.EPFOhasnoexit anytime during the transit. ofe-way bills, doing awaywith the need The rules authorise the tax com- The e-way bills generated by the veyance will be required to carry the
policyatpresentasitlargely “The only relief for the industry is for intra-state supplies and physical missioner or an officer empowered on GST Network will be valid for one to 15 invoiceorbillofsupplyordeliverychal-
investsingovernment the fact that the e-way bills need to be verification of transport. the former’s behalf to intercept any days, depending on distance to be lan, and a copy of the e-way bill or the
securitiesthathaveadefinite The email address launched generated either by the supplier or the There are also concerns on genera- conveyance to verify the e-way bill or travelled — one day being for 100 e-way bill number, either physically or
maturitywindow.Theissue by the Finance Ministry for transporter, not the customer, reducing tion of e-way bills for cases such as free number in physical form, for all inter- kilometres and 15 days for more than mapped to a Radio Frequency
wasdiscussedattherecent getting tips about black the dependency for obtaining this from of cost supplies, supply of non-GST state and intra-state movement of 1,000 km transit. Identification Device embedded on to
meetingofEPFO’sapex money received over 38,000 customers,” say consultants PwC India. goods, movement for import or export goods. When the goods are handed Upongenerationofthee-waybillon the conveyance.
decision-makingbody,the emails, but only 16 per cent of
CentralBoardofTrustees(CBT), them were forwarded for
onApril12whereitsChairman further inquiry, the Central
andLabourMinisterBandaru
Dattatreyahadassuredthe
Board of Direct Taxes (CBDT)
said in a reply to an RTI query
BS PRIMER

Decoding the new indirect tax regime

trusteesofbringingoutanexit
policy.TheEPFOisunder
pressuretoofferhigherinterest
rateonEPFtoitsaround
40millionsubscribers.TheCBT
haddecidedtoprovide
8.65percentinterestonEPF
depositsfor2016-17in
Decemberlastyear.Butthe
financeministryhadnot
approvedthesameandasked
theEPFOtoreduceitbyupto
50basispointstoavoidany
deficit. PTI<
EU foreign policy
chief to visit India; to
push for FTA talks
EuropeanUnionforeignpolicy
chief,FedericaMogherini,will
arriveinDelhionFriday,fora
two-dayvisit,duringwhich
sheislikelytostronglypush
forresumptionoftalksforthe
India-EUfreetrade
agreementbesidesdiscussing
preparationsfortheannual
summitbetweenthetwo
sides.Mogheriniwillhold
talkswithExternalAffairs
MinisterSushmaSwaraj,
coveringbilateral,regional
andglobalissues.Theywill
alsoreviewpreparationsfor
theIndia-EUannualsummit
whichwillbeheldherelater
thisyear,atopEUofficialsaid.
ShewillarrivefromBeijing
andwillthenleaveforRussia.
ShewillalsomeetNational
SecurityAdviserAjitDovaland
willexplorethepossibilityof
enhancingcounter-terror
cooperationbetweenthe
twosides. PTI<
earlier this month. Jitendra
Ghadge, a city-based Right
To Information activist, had
asked for information about
response to the email
address blackmoney-
info@incometax.gov.in,
launched last December. The
remaining 32,018 emails
were closed without any
action, it said. To Ghadge’s
query about number of
“false” emails received, CBDT
said this information was
“subject to completion of
investigation”. PTI<
Pranab Mukherjee
will inaugurate
GES today
PresidentPranabMukherjee
willinaugurateGlobal
ExhibitiononServices(GES)on
Monday,whichwillhighlight
India’spotentialtoboostits
servicesexportsacrosssectors.
Finance Minister Arun Jaitley
will also address the inaugural
session to be held at
Rashtrapati Bhavan. The third
edition of the GES comes in
the backdrop of increased
focus on services trade and
India’s submission to the
World Trade Organisation on
trade facilitation in services.
India’s services exports
increased from $52 billion in
2005 to $155 billion in 2015,
with a share of 3.3 per cent in
global services exports. In the
first 11 months of 2016-17,
services exports stood at
$146.5 billion, growing at
three per cent. PTI<
With the goods and services tax (GST) set to be rolled out
from July, Indivjal Dhasmana clears up some confusion about
the indirect tax regime
What is GST?
It is a proposed new indirect tax
regime, where one commodity will
have the same rate, pan-India.
There could be exceptions based
on local importance, in which case
those would be exempt.
Input tax credit
Refunds for taxes paid on input.
This would be done in each stage,
so that there is no cascading tax
on tax.
How is it different
from now?
In GST, only two buckets
will have to be created to
get input tax credit — one COUNTDOWN
for State-GST and another
for Central-GST. Currently, if
companies are selling in, say,
seven states, they have to make
seven buckets for taking input tax
credit in value added tax (VAT).
Similarly, for excise duty, they
have to make as many buckets as
there are manufacturing units. For
services, only one bucket is
required.
Filing of statements and
returns
They will have to file a statement
of outward supplies by the 10th of
the next month of sale, statement
What is left now, beside
state GST Bills?
Fitment of items in five GST rates,
and finalisation of four GST
rules — on input tax credit,
of inward supplies or inputs by the composition, transition and
15th of the next month and returns valuation.
by the 20th of the next month,
matching inward and outward Have other rules been
supplies and claims on input tax cleared by the Council?
credit. Five rules have been cleared —
invoice, payment, refunds,
Which taxes will be registration and returns. Rules on
subsumed in GST? returns are yet to be made public.
Service tax, central excise duty,
state level value added tax and How many returns are
local taxes such as octroi. to be filed by companies
under GST?
GST Council Rules on returns are yet to be out,
A body to recommend but the draft rules say it should be
any changes in GST, 13. One each month and then a
including rates. It final return. Currently, 13 returns
will have the Union GST slabs It would be there for these five are to be filed for state-level VAT,
finance minister as Five slabs have been approved by years only. 13 for excise and two for supplies.
chair and state finance the council. These are zero, 5%, So, for suppliers, it would be a less
ministers as members. 12%, 18% and 28%. There could be What is not included in tedious task in the goods and
one more for bullion. GST? services tax.
Voting rights in GST Council Real estate, except for land
The Centre will have one-third Will cess and surcharges be leasing, alcohol and electricity. Do companies have to file
vote and all states combined will subsumed in GST? for registration in
have two-third. Each state will Yes, except for the cess on demerit, Is petroleum included? every state they are
have equal voting power. luxury and polluting items such as Yes. But, it will be zero rated till the selling, manufacturing
tobacco, luxury cars, aerated Council decides to impose GST on or offering services?
Requirement for approval drinks and coal over the peak rate it. Till then, central excise duty Yes. Life will be a bit complicated
by the Council of 28%. and state VAT will be imposed on for service providers currently
Every decision has to be passed it. they have to file only for a
with three-fourth voting. Use of this cess and its centralised registration.
longevity Have all the Bills been
Does the Centre have a It would be used for compensating enacted for rolling out GST? Are e-commerce companies
veto? states for any revenue loss due to Yes, except for state GST Bills, required to collect one per
No, but the Centre alone can block GST for the first five years of the which will have to be passed in cent tax at source?
a resolution. rollout, slated from this July. respective states. Yes.

THE LAST PART OF A FOUR-PART SERIES ON THE IMPACT OF A STRONG RUPEE ON KEY EXPORT-ORIENTED Need to buy
INDUSTRIES LOOKS AT THE AUTOMOBILES SECTOR paper trail
machines now:
Automakers largely absorb the impact CEC to Govt
Exchangeriskmanagement&naturalhedgesoffsetpartofpressure;somealsobenefitfromsignificantimportofinputs Citing “prevailing environ-
ment”, Chief Election
Commissioner Nasim Zaidi
AJAY MODI has urged the government to
New Delhi, 16 April VEHICLE EXPORTS FROM INDIA speed up release of funds for
timely procurement of paper
| FY ‘14 | FY ‘15 | FY ‘16 | FY ‘17

O
ne of every five cars and every 10 trail machines so that these
two-wheelers produced in this can be deployed in the 2019
758,830
653,053

country gets exported. India also Lok Sabha elections.

596,142
621,341

exports commercial vehicles and three- In a fresh letter to Law

407,600
404,441
353,392

wheelers in large numbers. In addition, Minister Ravi Shankar

271,894

2,482,876
2,457,466
2,084,000

2,339,273

automobile components worth ~70,000 Prasad, he has also said the

64,552

crore get exported every year. Not to forget Supreme Court, while hear-
56,287
30,652

67,927
43,719
23,813

53,237
35,197

thousands of tractors and millions of tyres, ing a contempt petition, has

to destinations across the globe. directed the poll panel to
So, any strengthening of rupee against Passenger Medium&heavy Light Three- Two- bring on record the approx-
the dollar hits the sector, reducing the vehicles commercial commercial wheelers wheelers imate time within which the
export income of companies and putting vehicles vehicles entire system of voter verifi-
pressure on their margins. The industry Source: SIAM able paper audit trail
produced 3.79 million passenger vehicles (VVPAT) can be introduced.
(cars, vans and utility vehicles) and shipped short duration. Businesses need to take happens in the yen, the export realisation content in cars, especially in the bigger and material is more than 40 per cent in many Though the CEC did not
out 758,830 units in FY17. such fluctuations in their stride and adjust would be in dollars. premium ones. These imports get billed in of their products. While sourcing of com- elaborate what he meant by
Hyundai, Ford and Maruti operations accordingly,” he said. “We absorb the impact of any fluctuation dollars; so, a weaker dollar is good. In recent ponents from local vendors brings a host of “prevailing environment”, he
Suzuki are the top three car Maruti has a well-structured in foreign exchange. As the rupee turns quarters, car makers had taken decisions benefits and mitigates currency fluctua- was apparently referring to
exporters. Hyundai did not exchange risk management policy. stronger, there is a small decline in prof- to increase prices in the domestic market, tion risks, complete localisation is not fea- Opposition parties questioni-
respond to queries seeking a com- “The company manages this risk by itability to that extent. At our end, we try to attributing the decision to a weaker rupee, sible due to unavailability of desired tech- ng the reliability of the EVMs
ment on the impact from the appropriate hedge instruments, push distributors in our export markets to among other things. A strong rupee now nology or quality, both due to lack of and pressing for the depl-
stronger rupee. R C Bhargava, CURRENCY depending on market conditions and expand volume. There is no other measure makes the margins better, unless compa- economies of scale. oyment of more VVPATs,
chairman at Maruti Suzuki, said
exporters cannot expect the
IMPACT the view on currency,” the country’s
biggest car maker said in its latest
at this point,” said Roy Kurian, vice-presi-
dent (sales & marketing) at Yamaha India.
nies pass on the gains to customers.
Toyota, for instance, imports almost 30
Motherson Sumi, the country’s biggest
auto component maker, said it did not need
which dispel doubts about
votes cast using EVMs. The
exchange rate to be always annual report. Its risk on foreign The company ships about 14,000 two- per cent of the content by value for its to hedge, as most of its exports are in the euro Bahujan Samaj Party, the
favourable for them. “The rupee has exchange fluctuation, it said, was mainly wheelers or 18 per cent of its production Innova Crysta and Fortuner bestsellers. and to subsidiaries abroad. “Exports contin- Aam Aadmi Party and the
strengthened but is still weak compared to on account of import of components, raw every month. The situation is similar with many others. ue to be steady. We have a natural hedge,” Congress had attacked the
what it was a few years ago. In today’s cli- materials, royalty payments (to Japanese The strengthening rupee has a signifi- Luxury car makers Mercedes-Benz and said G N Gauba, chief financial officer. EC for allegedly using “tam-
mate, the currency fluctuation is so fre- parent Suzuki) and export of vehicles. While cant positive angle as well for the industry. Audi will benefit more from the stronger pered” EVMs.
quent that any hedging only works for a royalty payments and the bulk of import There is significant imported raw material rupee, as the content of imported raw Series concludes PTI
https://t.me/srikakulam
10 ISSUES AND INSIGHTS
>
A shortfall too big to ignore
A 23 per cent gap between the authorised strength of IAS officials and their actual number raises
questions about the priority of manpower requirements of administration and governance
RAISINA HILL
A K BHATTACHARYA
he gap between the authorised
T strength of officials belonging to
the Indian Administrative Service
(IAS) and the actual number of such offi-
cials functioning from different states
and at the Centre last year was estimated
at 1,470. At 23 per cent of the authorised
strength, the gap is quite significant,
though no comparable data for previous
years are available to indicate if the gap
has been widening for some time. But
this gap alone is sufficient to indicate the
state of India’s famed steel frame.
Two questions arise from these num-
Evenly balanced risks
In the short term the market could fall further or rise to new highs easily. In the long term, the sentiment remains bullish
FRONT RUNNING
DEVANGSHU DATTA
eopolitics left investors puzzled
G and markets without a clear
sense of direction in the past
fortnight. The US hit Syria with a mis-
sile strike and dropped a massive, non-
nuclear bomb in Afghanistan. The
Syrian strike has led to heightened ten-
sions with Russia. Turkey heads into a
referendum that could lead to consti-
tutional change to a presidential gov-
ernment. Either way, the results will
cause volatility across forex markets
and affect European Union equity mar-
kets as well.
In India as elsewhere, corporate
results season gets moving. Infosys
came through with Q4, 2016-17 results
and guidance for 2017-18. The results
were flat. The guidance was a little
below expectations. Infy also says it
will disburse about ~13,000 crore to
shareholders by March 2018. The stock
lost some ground. TCS is due to
declare results on Tuesday and that
could set the pace for the information
technology industry.
The US economy remains strong.
March saw 98,000 non-farm jobs cre-
ated, well below consensus expecta-
tions of 180,000. But the unemploy-
Whatif we could upload books to ourbrains?
Human brain might interface directly with non-biological forms of intelligence
CATHY O'NEIL
What if humans could upload all the
great classics of literature to their
brains, without having to go through
the arduous process of reading?
Wonderful and levelling as that may
seem, it’s a prospect that I’m not sure
we should readily embrace.
A while ago, I listened to an
interview with futurist Ray Kurzweil
on astrophysicist Neil deGrasse
Tyson’s radio show StarTalk. Kurzweil
described how our brains might
someday interface directly with non-
biological forms of intelligence,
possibly with the help of nano-bots
that travel through our capillaries.
Given how much faster this
interface would be than regular
reading, he went on, we’d be able to
consume novels like The Brothers
Karamazov in moments, rather than
the current rather clumsy form of
ingestion known as reading, which,
he said, “could take months”.
At this point Tyson interjected:
Are you saying we could just upload
War and Peace? Yes, Kurzweil
answered: “We will connect to
neocortical hierarchies in cloud with
pre-loaded knowledge.”
This snippet of conversation has
baffled and fascinated me ever
since. I confess that I do not know a
lick about neuroscience. But just
knowing something about reading
makes the above story implausible,
if not alarming.
From my perspective, the learning
that we do when we read a book has
little to do with knowledge — what
would a pre-loaded version of The
Brothers Karamazov constitute? —
and everything to do with responding
bers. One, why have the governments in
states and at the Centre allowed this gap
to continue without taking necessary
steps to bridge it? Not too many people
in the government system seem to be
bothered. Do requirements of adminis-
tration and governance enjoy such a low
priority that a manpower deficit of this
order can be ignored?
The second question that the gap
raises is even more disconcerting. If
administration could go on in spite of a
23 per cent shortfall in the deployment
of IAS officers, is there something wrong
in the way estimates of the authorised
strength of such officers have been
made? It is likely that the requirement of
IAS officers in different jobs has been
overestimated as part of the so-called
planning for sudden shortages or emer-
gency situations.
If that is the case then the immediate
requirement is to undertake a country-
wide assessment to arrive at a more real-
istic and reduced number of IAS offi-
ment rate dropped to a 10-year low at
4.5 per cent. Inflation seems headed
up and a tight labour market makes it
likely that the Federal Reserve will
tighten soon.
Investors are still wondering about
Donald Trump’s policy direction.
Trump said recently in an interview
that the USD “was getting too strong”
(though USD has weakened a lot since
he was sworn in). He also stated a pref-
erence for “a low-interest rate policy”,
which is not in his hands.
India has mixed macroeconomic
news. Exports seem to be rebounding.
Exports grew by 4.7 per cent in 2016-17,
which is excellent since three of the
past four fiscals have seen shrinkage.
February and March 2017 saw big year-
on-year increases over corresponding
months though this was partly due to
base effects. Imports also rose, and this
included a big jump in gold imports.
The trade deficit is about $105 bil-
lion and the current account deficit is
about 0.7 per cent of gross domestic
product (GDP). The INR is ruling
strong, and overvalued by the Reserve
Bank of India’s (RBI) calculations. The
USA is threatening protectionism
while the UK is embroiled in the
throes of Brexit. So it remains to be
seen if this positive export trend
is sustainable.
The Index of Industrial Production
(IIP) indicates year-on-year contrac-
tion in February 2017, and 0.4 per cent
cumulative growth for the April 2016-
February 2017 period. That’s effec-
tively zero. This is yet another number
that leads to doubts about official esti-
mates of GDP growth at 7.1 per cent
for the fiscal.
In its latest release, the Central
Statistics Office has cut its estimates
BUSINESS LIFE
The learning that we do when we read a book has little to do with knowledge
and much to do with responding emotionally and morally to the story
emotionally and morally to the story.
As I’ve become older, I forgive
hypocrisies more quickly, and I
identify with decay more readily. I
understand spiritual conflict but I’m
not alarmed by it. Thus the book itself
is different each time it’s read by a
different version of me.
I’m not sure what Kurzweil thinks
when he says our computer minds
won’t need to bother to read the book,
and I want to give him and his other
futurist computer-brain friends some
credit. They surely mean more than
having the text of the book itself
available to us, or even memorised.
That wouldn’t represent knowledge.
It must be something deeper, a
representation of the book possibly as
a narrative, or maybe a movie. But
again, if we have access only to that
movie, it doesn’t represent the same
learning that would come through
reading and experiencing the book.
There are only two more
possibilities left, at least in my limited
cers needed in states and at the Centre.
If the government could do without 23
per cent of the authorised posts, surely
a start could be made in government
downsizing by abolishing these vacan-
cies as the first step. The second step
would be to re-calculate what the autho-
rised strength of IAS posts should be in
each of the states and at the Centre.
The third step should be to do away
with the current system of reviewing
the strength of IAS posts in states once
in five years. Instead of a five-year
review, any estimate of authorised IAS
posts should be subject to the state or
the Centre justifying the need for an
enhancement in strength. The most
recent review of authorised strength of
IAS officers took place in Uttar Pradesh
(UP) in December 2014. That review led
to a five per cent increase in UP’s IAS
cadre strength to 621 officers. An embar-
go on fresh reviews of authorised
strength of IAS officers in states should
be imposed and a de novo assessment of
MEASURED STEPS
+
Nifty value
Index PE
Index dividend yield
Index book value
USD INR (RBI reference rate)
FII net equity buys/sales (Apr 1-13) (~cr)
DII net equity buys/sales (Apr 1-13) (~cr)
*Mar 1-31 net equity buys/sales, +200-Day Moving Average
NB FIIs bought net debt of ~25,355 cr (Mar 1-31) and bought net debt of ~13,532 cr (Apr 1-17)
for GDP growth by about 30 basis
points from the January 2-17 estimate.
Gross-value added (GVA) may be a bet-
ter indicator than GDP given that the
latter includes net indirect taxes. GVA
numbers suggest that growth fell by 1.1
per cent during Q3.
March inflation was 3.81 per cent
year-on-year on the Consumer Price
Index (CPI). This is higher than the 3.55
per cent in February. The Wholesale
Price Index for February was at 6.55
per cent. That’s the highest CPI value in
iSTOCK
biological brain. First, that the “true
meaning” of the book is codified once
and for all by a computer, and is
inserted into our long-term
memories. This would inevitably be
unsatisfying, because it would mean
that if I “read it again” I’d actually
experience the same exact thing.
Also, whose experience gets codified?
Finally, there’s the possibility that
the book’s true meaning would
change depending on the state of my
brain — that the interface would look
into my mind, see and understand
my patience with hypocrisy and
spiritual conflict, and then transform
the story accordingly. In which case,
every time I uploaded that book or
any other, I’d experience a different
story. I doubt this is possible, and in
any case I would find the lack of
active participation creepy. That said,
I’d definitely pay a monthly
subscription to try it out.
© Bloomberg
MUMBAI | MONDAY, 17 APRIL 2017
deployment? An assessment that can
indicate such correlation or the lack of it
would be useful in arriving at what the
ideal authorised strength of IAS officers
> CHINESE
ought to be in different states.
Interestingly, the shortfall in
Chhattisgarh and Punjab is only 15 per
cent and 16 per cent, respectively. States
the actual requirement of such officers such as Madhya Pradesh, Odisha,
should be undertaken. Andhra Pradesh, UP, Arunachal
The stock response of the Union Pradesh, Goa, Mizoram and Union ter-
Ministry of Personnel, Public ritories have a shortfall range of 18-19
Grievances and Pensions to questions per cent. In contrast, apparently better-
on the shortfall in IAS officers is that administered states have a deficit that
their annual intake is being raised. But raises questions about the correlation
the problem of a 23 per cent gap
between the authorised strength and
between governance and the shortfall
rate — Maharashtra, Haryana and
actual deployment is not new and the Himachal Pradesh (22 per cent gap for
government has been troubled by this each of them), Gujarat and Tamil Nadu
gap for quite a few years. This problem, (24 per cent each), Karnataka and West
therefore, is not going to be solved
through a supply-side response. Instead,
there is need for a demand-side solu-
Bengal (28 per cent each) and Kerala (32
per cent).
It is possible to argue that some of
tion by reassessing the actual need for these states are no longer as well-
such posts. administered as they used to be and
There is another issue at stake here. the gap only reflects deterioration in
The widest gap between the authorised governance. But the extent of the gap
strength and actual deployment of IAS in different states calls for a fresh
officers is seen in Bihar at 37 per cent; review of the ideal authorised strength
the narrowest gap is in Rajasthan at 14 of IAS officers in the country, instead of
per cent. Is it possible to establish a cor- the bland response that more IAS offi-
relation between governance and the cers are being inducted to address the
extent of shortfall in IAS officers’ apparent shortage.
(GST), and so on. Like every other
commentator, the central bank has its
proverbial fingers crossed in the hopes
of a good monsoon. Other downside
Correction started.
Support at 9,100-9,150 risks include “ebbing consumer opti-
mism on the outlook for income about
the general economic situation and
about employment gains”, going by the
polling in the March 2017 round of the
RBI’s Consumer Confidence Surveys.
To that, one would add that the
inevitable chaos of changeover to the
new tax system could mean a short-
term to medium-term dip in growth
rates until the economy adjusts to GST.
The Supreme Court’s ruling banning
liquor sales within 500 metres of a
highway will lead to the loss of up to an
estimated one million jobs. That’s
Value
--------------------------------------------------------------------------------------------------------------------------------------
bound to have some adverse impact.
Mar 31 Current (Apr 13) Change % The RBI also expects most com-
9,173.75 9,150.8 -0.25 modity prices, other than crude, to
23.26 23.2 -0.26 harden next fiscal. The bank’s poll of
1.25 1.26 0.80 professional forecasters suggests that
modest growth is expected through the
3.37 3.49 3.56
2017-18 with little change in interest
64.85 64.41 0.68
costs. Bank credit is expected to pick
30,906* 2,998 up slightly to around 10 per cent, from
-4,395.61* 1,843.44 a multi-year low of five per cent
in 2016-17.
The Nifty is in the middle of what
looks like a small correction that’s
five months and it could climb above landed on good support. Next week
the RBI’s medium-term target of four could see the correction continuing if
per cent. The central bank held rates foreign portfolio investors continue to
steady at its April review. It is unlikely sell as they have done for the past few
to cut rates given that it sees a “hard- sessions. Also, look for news flow to
ening of inflation expectations across continue driving trends.
product groups”. If the market does fall further, it
The Monetary Policy statement was could knock another three per cent off
cautiously positive. Growth accelera- values. It could also bounce to new
tion is expected due to various highs as easily. To use the RBI’s termi-
favourable factors, including remon- nology, “risks are evenly balanced” in
etisation, a global rebound, structural the short-term. In the longer-term, the
reforms via goods and services tax bull market continues.
> LETTERS
Welcome move
With reference to the front-page report,
“RBI tightens screws on banks to ease
bad debt” by Anup Roy and Abhijit Lele
(April 14), the Reserve Bank of India’s
(RBI) proposed advanced risk manage-
ment measures known as Prompt
Corrective Action (PCA) in alignment
with Basel norms are welcome.
PCA as a corrective measure could
help the RBI trim the banking system if
commercial bank fails to comply with
revised prudential norms or do not
improve their performance. Threshold
limits specified in PCA for four financial focused on productivity, skill training and
indicators, namely capital adequacy, asset the need to shift people from agriculture to
quality, return on asset and leverage can industry, as a strategy to overcome pover-
help the central bank alert scheduled ty. He was an economist first, who flow-
commercial banks. The earlier version of ered to become a legal luminary and
PCA was first imposed on a few banks shaped the Constitution. It is worth reflect-
due to their poor asset management. ing on some of his thoughts on Hinduism,
While the RBI’s revised PCA deserves the caste system and its perversions.
special mention with respect to survival of “The first and foremost thing that
banks, individual banks should be proac- must be recognised is that ‘Hindu socie-
tive in managing their rate-sensitive ty is a myth’,” Ambedkar said in his book
assets and liabilities to improve earnings The Annihilation of Caste. Some of the
and augment economic value of equities. quotable quotes from the book: “Hindu
For example, some assets are more society… is only a collection of castes…
sensitive to market interest rate move- Each caste had no conception of their
ment while some liabilities are not or vice having constituted a community… A
versa. Any of these possibilities affects a caste has no feeling that is affiliated to
bank’s net interest margin and prof- other castes, except when there is a
itability, and induces portfolio risks. Hindu-Moslem riot… Its survival is the
While asset-liability management is be-all and end-all of its existence. Castes
a prime focus of a bank, non-performing do not even form a federation. On all oth-
asset management is central to sustain its er occasions each caste endeavours to
operational effectiveness. That assumes
banks’ risk aversion to lending in rela-
tion to borrowers’ credit worthiness. > HAMBONE
Kushankur Dey Odisha
Fitting tribute
President Pranab Mukherjee’s gesture of
dedicating the new economics institution
modelled on the London School of
Economics to B R Ambedkar in Bengaluru
on April 14 was a fitting tribute.
Next year marks the centenary of
Ambedkar’s PhD in economics, which
bubbly
1
WHISPERS
Cut-out contest
For the duration of the Bharatiya Janata
Party (BJP) national executive in
Bhubaneswar from April 14 to 16, the
capital city of Odisha witnessed a cut-out
war. Larger-than-life cut-outs of Prime
Minister Narendra Modi and BJP chief Amit
Shah competed for space with those of
Chief Minister Naveen Patnaik and his
father Biju Patnaik. One of the second-
rung leaders of the BJP thought it was his
moment in the sun as well and asked his
supporters to erect his cut-outs. However,
a message soon went out to tear these
down. The party conveyed to the leader
that his cut-outs, if at all, can be put up
along with those of three other second-
rung state unit leaders. The hoardings,
meanwhile, had Modi, Shah and four state
leaders, including Union ministers
Dharmendra Pradhan and Jual Oram.
Taxing times
Tax officials have been burning the
midnight oil since November 8, when
demonetisation began, with the intent of
nabbing black money hoarders. They have
been monitoring high-value deposits in
bank accounts and making such taxpayers
explain the source of their cash. Besides
late night duties, tax officials are said to be
sacrificing their weekends and holidays.
They were working over the three-day
weekend that began on Good Friday, busy
preparing an action plan to identify tax
evaders. When asked why they were
working so hard, a senior official replied,
“Government servants are working on
holidays for the betterment of the nation.”
App-happy
At a conference, a journalist asked Power
and Coal Minister Piyush Goyal (pictured)
why research and development (R&D)
work on some government projects had
got delayed. Taking potshots at the
media, Goyal responded that R&D work
was not as easy as writing a
news report. To this
another journalist
retorted that writing a
news article was not as
easy as launching an app.
Goyal has launched a
string of mobile
apps for real-time
information
on various
central
government
schemes.
segregate itself and to distinguish itself
from other castes.”
I appeal to all to realise that it was the
vastness of thinking in our civilisation
that made our sages and seers attain
extraordinary limits of consciousness,
and for humans to benefit from achieve-
ments in science and philosophy.
N Narasimhan Bengaluru
Animated poll analyses
It seems India is the most vibrant and
vocal democratic nation and its media an
animated one. Chatting about elections, a
passion in normal times, has turned into
a mania due to the unending cavalcade of
elections, big, small or even a by-poll.
Panellists on TV are revelling in the
limelight afforded by discussions over
elections. Pre- or post-poll analyses of
even a minor by-poll showcases their
spread of history, politics and how
assuredly they extrapolate these to draw
outlines of bigger polls in the future.
Percentage changes in party votes from
the last known base data are dissected to
such a degree that it would relegate the
best psephologists to kindergarten!
R Narayanan Ghaziabad
Letters can be mailed, faxed or e-mailed to:
The Editor, Business Standard
Nehru House, 4 Bahadur Shah Zafar Marg
New Delhi 110 002
Fax: (011) 23720201 · E-mail: letters@bsmail.in
All letters must have a postal address and telephone
number
BY MIKE FLANAGAN
https://t.me/srikakulam bubbly

>
OPINION 11
STAY INFORMED THROUGH THE DAY @ WWW.BUSINESS-STANDARD.COM.

Volume XXI Number 171

ILLUSTRATION BY AJAY MOHANTY
MUMBAI | MONDAY, 17 APRIL 2017

FRBM 2.0 sold for ~30, this hurts. Banks are keen to hide bad
Fiscal prudence is about the quality of expenditure, not just quantity news. Every manager, every CEO of a bank is keen
to avoid this recognition of bad news. This is where

A
committee to review the Fiscal Responsibility and Budget Management
banking regulation must come in.
Act (FRBM) has suggested steep targets for achieving fiscal rectitude by Bank regulation has to do two things. First, the
the Central and state governments. A key recommendation is to move RBI should insist that there should be a clean sale
towards using public debt-to-GDP (gross domestic product) as the of the NPA in exchange for cash. The shell game of
main variable to map fiscal performance. The committee, after running several tests paying for an NPA using pieces of paper should
and looking at the global norm, has settled at a 60 per cent debt-to-GDP ratio as be stopped.
Second, the RBI should force banks to rapidly
the anchor, to be achieved by 2022-23. At present, India’s debt-to-GDP ratio is
mark down the value of an asset once it has gone
around 68 per cent, which makes India one of the most indebted economies bad. The value of the asset on the books of the
among the emerging ones. In the existing FRBM approach, the focus has been sole- bank should go to zero fairly quickly. The bank
ly on the fiscal and revenue deficits. The shift to the debt-to-GDP target as the medi- should face the internal question as follows: “This
um-term goal looks logical. The committee has also recommended using the fis- asset has got a value of near 0 in our books, now are
cal and revenue deficits as operational targets to achieve the debt anchor: By we better off extracting value from it on our own,
or are we better off auctioning it into the market
2022-23, the former should be 2.5 per cent of GDP and the latter 0.8 per cent of GDP.
and getting some hard cash in return?” When the
The targets, however, look quite arbitrary. For example, it is imprudent to treat problem is posed like this, banks will make ration-
the revenue deficit as merely the gap between current receipts and consumption al decisions.
expenditure. India needs massive spending on health care and education, which What is required in banking regulation is not
represent vital investment in human resources, without which no economy can much different from basic notions of accounting

How can ARCs help

compete effectively in the emerging, knowledge-intensive world. And if public under the International Financial Reporting
Standards (IFRS). Assets must be carried at an esti-
spending in education and health care is to grow, a revenue deficit becomes mate of prospective market value, and conservative
unavoidable. Also, the target of reducing government debt to 60 per cent implies accounting practices must be followed, through
a virtual ban on fresh debt that is over and above what is needed to service exist-

solve the banking crisis?

which the accounting value of the asset is shaded
ing debt. The recommendation of the committee in this regard looks impractical. on the lower side. The simple application of the
In his dissent note, Arvind Subramanian, chief economic adviser (CEA) and IFRS would go a long way in addressing the failures
also a member of the committee, has also spoken against affixing “arbitrary” tar- of banking regulation in India.
We must note that both elements of regulation
gets for debt and the fiscal and revenue deficits and has said that the government
should aim to wipe out the primary deficit. The primary deficit is the fiscal deficit
For an ARC to make sense, it must be a simple private equity fund. — forcing sale in exchange for cash only, and forc-
ing a very rapid mark-down of the value of NPAs
minus interest payments, and it measures whether the government collects The notion of the RBI writing regulations governing ARCs was wrong — only pertain to regulating banks. There is no role
enough revenue to meet its annual running cost. The CEA has also pointed to for the RBI, or any financial regulator, in the work-
here is much interest in the role of asset Legislative Reforms Commission) checklist. Private ing of private equity funds such as ARCs. The
India’s vulnerability in this regard by showing that despite reducing the general
government (both Centre and states) primary deficit between 2007 and 2016,
India still had much higher levels of it than global peers. The situation is made worse
T reconstruction companies (ARCs) in solving
India's banking crisis. In order to do this, we
need to remedy the basic mistakes that have been
equity funds have no retail investors, so there is no
consumer protection problem. They make no
promises, so there is no micro-prudential regula-
notion of the RBI writing regulations governing
ARCs was wrong.
Once we get the basic concepts right, the ARC
by the fact that these high deficits persisted even when India registered much high- made in the regulation of ARCs to date. We must tion problem. They are not large enough to rock the industry will work. There is quasi-infinite capital
er growth by global standards. His suggestion is to “fix the roof while the sun shines” ask: Why will an ARC fare better than a bank in economy, so there is no need for systemic risk reg- available in the global financial system from
— that is, reduce the primary deficit while India’s growth rate is far in excess of the dealing with an NPA? Why will a bank accept the ulation. With the three justifications for regulation investors in ARCs. Hence, the scale on which this
interest rate. More so, as unlike interest payments, which are “largely pre-deter- bad news by selling assets to an ARC? out of the way, private equity funds should be operates can be very large. But this requires
Banks in India fare poorly in giving loans and in unregulated. addressing one more policy mistake: The capital
mined”, the primary balance is in the ambit of government control.
dealing with an NPA. Why do we believe that an Unfortunately, the notion of an ARC in India controls that hinder foreign capital coming into
The CEA’s position may give the government more room because the primary ARC will work better? Both groups today is a mess. The ARC does not ARCs. We will be better off if the term ARC is abol-
deficit for the Centre, at least, is already close to zero. As such, in his scheme, not of firms will hire from the same pay cash. It pays the banks using ished, and all we have are private equity funds.
much further fiscal correction is required. The point, however, is that while workforce. pieces of paper. The entanglement The ARC industry in India has failed. This does
there is merit in wanting to eliminate the primary deficit, this approach is more For an ARC to make sense, it of the bank does not end when the not mean that the government needs to start an
suited for developed economies, where tax revenues are higher and demands on must be a simple private equity asset is sold. There are intrusive ARC. We need to diagnose the policy failures
fund. There would be managers ARC regulations which are riddled through which the ARC industry failed. The policy
government for capital expenditure are far more modest. A zero primary deficit
and investors. The managers would with conceptual confusion. These failure is in the concept that the ARC is an RBI-reg-
would make it impossible to borrow for capital/infrastructure projects unless there convince investors to commit cap- mistakes have choked the ARC ulated person and the RBI regulations that shape
is a substantial revenue surplus. For a country like India, fiscal prudence must take ital to the venture. The ARC would concept at birth. the life of the ARC to a great extent. This was done
into account the quality of expenditure and not just the quantity. buy a bad loan by paying hard cash. Let's turn to the bank. A bank as part of the overall effort to hide bad news about
It would then process the bad asset. has to decide that it will sell an banks. That approach has failed. It has given us
The profits that it makes would go asset. It would run an auction, and recurring banking crises, and it must be reversed.
back to its investors, with perform- SNAKES & LADDERS an ARC (or some other private A long list of mistakes in banking regulation

Back in the cart ance-linked payments to the man- AJAY SHAH

agers. The managers of the ARC
would use tools like the
Flipkart must not squander its latest funding on discounts Securitisation and Reconstruction of Financial
Assets and Enforcement of Security Interest Act
person) would be the highest bid-
der. This auction would be simple
as it would just involve paying
hard cash. Once the asset is sold, the bank achieves
closure.
have given us recurrent banking crises. The status
quo is nice for the RBI and banks, but it is bad for
the taxpayer and the economy. We need to address
these mistakes at the root cause. This calls for
strengthening intellectual capacity at the RBI, and

F
lipkart, the homegrown e-retail major, has raised $1.4 billion from (SARFAESI) and Insolvency and Bankruptcy Code
Tencent Holdings, eBay and Microsoft in its single-largest round of (IBC) in order to realise the maximal value. Any
funding so far. This comes almost two years after it had mobilised $2.4 public sector ARC is a confused concept as it would
not have this incentive structure.
billion in three rounds, ending in July 2015. At its peak, Flipkart was val-
Do private equity funds require regulation? Let’s
ued at $15 billion. But, after it came to light that the Indian e-retail opportunity walk through the FSLRC (Financial Sector
was not as big as initially expected and that Flipkart was still a long distance away
from profitability, investors had started to mark down their investments. The most
dramatic of the write-downs came when Morgan Stanley revalued Flipkart at $5.4
billion. That is why raising these funds is all the more creditable. The latest val-
uation is pegged at $11.6 billion and sends out the message that Flipkart has a
viable business strategy in place.
Want the government to ‘act’? Think again
In the past, Flipkart had unwisely used money raised from investors to here are reports of strong protests having bro-
acquire customers through deep discounts. According to some estimates, its
burn rate was as high as $80 million a month in 2015, when the discount wars
were at their peak. So long as the money was easy, there was nobody to question
T ken out in Gurgaon and Faridabad over the
steep hike in the school fees by some 40 private
schools. Schools do charge usurious fees, do not invest
in better education systems and then arm-twist par-
the strategy. But investors soon realised that giving discounts was like putting ents to buy products and services from vendors dic-
money into a bottomless pit. There were no gainers in this game, and everybody tated by them. On top of all these costs, parents are
bled. Loyalty among customers was zero, and they were happy to move to often forced to hire teachers from the school for private
another e-retailer if it offered more discounts. That is when the investors start- tuition. If you don’t, your kid is penalised. The whole
ed to push for lower discounts so that e-retailers could focus on unit econom- business of education stinks. Parents grit their teeth
and go through it. Since they couldn’t stand it any
ics and become cash-flow positive. Loyalty was sought to be created by offering
longer, they took to the streets. The public anger is jus-
them a wider choice, exclusive deals and a better shopping experience. Indeed, tified. But not the default solution
Flipkart had told analysts late last year that its burn rate was down a quarter from we think up as our immediate reac-
the peak levels — or at around $60 million a month. Though this had impact- tion: Appeal to the government to
ed growth, it brought some sanity into its business model. That the earlier strat- fix it. We don’t realise that it is the
egy needed a rethink was evident when Kalyan Krishnamurthy was appointed government that is the problem.
This column is not about the
chief executive officer in place of co-founder Binny Bansal. Earlier, Binny Bansal
ethics of the education business. It is
had replaced Sachin Bansal, the other founder, at the helm. Many felt the about the “solution” we think of in
change was imposed by Tiger Global, which has so far invested a billion dollars every problem area — farm loans,
in the company — Mr Krishnamurthy was a Tiger Global appointee. exploitation by builders, poor health
Flipkart would be advised to stay the course and not squander the money it has care facilities or bad infrastructure:
Strong governmental action. It is an
raised now on discounts even as it faces a formidable opponent in Amazon, which
has earmarked a whopping $5 billion for India. Of the $1.4 billion Flipkart has
obvious demand, but it may be IRRATIONAL CHOICE
worth remembering that it is the DEBASHIS BASU
received, analysts have said that $200-250 million will be used to acquire eBay’s busi- government that has boxed us into
ness in India. The remaining $1.2 billion can finance its cash burn for 20 months. certain situations and prevented bet-
If it wants to utilise this money to expand its reach and acquire capabilities, it has ter options from coming up in the first place. Take the
no option but to reduce its burn rate. In an interview, Binny Bansal, the group CEO case of the education itself. It is a highly regulated
of Flipkart, indicated that the money would be used to scale up PhonePe, the digi- activity, with the education department having the
powers to sanction schools, what is taught and what
tal wallet, expand into newer categories like furniture and private labels, and imbibe
ought to be the school conditions. It can shut down a
automation and artificial intelligence. Flipkart is reportedly in talks to merge school anytime. But nothing happens to schools,
Snapdeal into itself at the insistence of SoftBank, which has a huge exposure to the which create so much of distress instead of creating a
latter; if that happens, it will achieve both customers and supply chain capabilities. happy experience for students in their formative years
and also parents, who are their customers.
When an asset with a nominal value of ~100 is
sold for ~30, the bank has to take a loss of ~70 in its
profit and loss statement. To the extent that it has
started writing down the value of the asset, the hit
would be smaller.
If a loss of ~70 is experienced when an asset is
The reason private colleges and schools are able to
charge usurious fees is because there are so few good
ones. This, in turn, is because the supply of all the
resources needed to set up educational establish-
ments is controlled or influenced by the government.
Land/building is expensive (bad town planning), a
few influential people are able to swing the permis-
sions to start schools and “follow the rules” to keep
them running (government corruption), with the
result that the really compassionate, thoughtful and
competent educationists are kept out. The business is
so foul that only politicians and people close to them
can wade into this. In many parts of
the country, especially Maharashtra,
educational institutions are con-
trolled by politicians, set up as char-
itable trusts to get cheap land and
soon grow into a business empire. In
Kolkata, political units in each col-
lege vet who gets admission. Merit
lists don’t matter. You have to pay to
these political cells. The education
department knows it. Appealing to
them for redress will get you noth-
ing. Nevertheless, in the heat of the
moment, when things get unbear-
able, we want the government to
step in. We should be careful about
what we wish for.
When we want the government to intervene we
are inviting trouble. Every serious case of public
protests ends with the government agreeing to set
up a committee and eventually tighten the laws
like the draconian laws we have enacted on issues
like dowry and rape. But does the situation on the
ground improve? The unintended consequence is
that a different set of citizens (distinct from the
revamping the legal foundations of the RBI and of
banking regulation, so as to break with bank-friend-
ly bank regulation.
The writer is a professor at National Institute of Public
Finance and Policy, New Delhi
protestors) are either exploiting these laws or being
subjected to harassment and extortion. Then the
courts, especially the lower courts, come in with
their own nasty judgments from time to time, using
these new “protective” laws. It is financially crip-
pling to anyone caught in the clutches of the police
and court proceedings.
Apart from the public demanding government
action, the government itself intervenes in thousands
of different ways every day — all for our own good, but
usually harming us. India is a land of laws and regu-
lations. New perverse ones get added on top of the old
ones. Every aspect of our life is now controlled and
governed. As a citizen if you were to follow every rule,
you will not be able to function. This is especially true
for enterprises. It may be a joke but not a complete sur-
prise that the government now wants to control the
portions that restaurants serve. Whenever a new gov-
ernment is elected, it sets about working busily for us.
But legislators don’t want to uproot the perverse sys-
tem which keeps the issues alive on a slow boil. When
the problem actually boils over, we demand govern-
ment action. The government is happy to jump in
and apply band-aid. We are happy that something
has been done — until the next crisis. Despite the
continuous expansion of government and more and
more regulations, our lives are not simpler, merit does
not count much and the justice system is broken. Any
government that really wishes to improve our lives
must put each of its actions to the simple test: Will they
deliver durable peace, justice, lower costs and min-
imise friction? The answers would lead to a surprising
alterative form of governance. Smart politicians may
want to consider it.
The writer is the editor of www.moneylife.in
Twitter: @Moneylifers

A new rule book for the Great Game
BOOK REVIEW
SERGE SCHMEMANN
At the start of the 2015 Henry L
Stimson Lectures at Yale, on which
this book is based, Anne-Marie
Slaughter, a distinguished political
scientist, authority on international
law and now president of the New
America think tank, explained that
the topic came to her while she was
serving as director of policy planning
at the State Department — in effect
while she was practicing what she had
preached in her academic career. The
time-honoured exercise of interna-
tional politics as a “great game,” an
endless competition for strategic
advantage among sovereign and equal
powers, was in urgent need of a radi-
cal update for a world in which net-
works spawned by the internet and
social media, both benign and malig-
nant, were shaping a far different
global order. “The Chessboard and the
Web” is meant as a guide for foreign
policy in this new world.
Whether in human interrelations
or terrorism, efficient businesses or
nefarious crime syndicates, govern-
ment services or governments med-
dling in each other’s politics,
Slaughter declares, we are at the dawn
of a “Networked Age” when “all
humanity is connected beneath the
surface like the giant colonies of aspen
trees in Colorado that are actually all
one organism.” Yet foreign-policy
makers, she argues, still play on the
two-dimensional chessboard fash-
affiliation networks, with the idea that
these repositories of social capital can
be mobilised into civic capital.” But
the fascinating complexity and conse-
how the grand strategy she advocates
would apply to these political
realities.
Growing nationalism and authori-
ioned by the 17th-century Peace of or limits on information. quence of the web that is enveloping tarianism, after all, are also in part
Westphalia, partly because they lack Slaughter, a former dean of the the world certainly justifies a reader’s consequences of the digital age and
the strategies for the web. Woodrow Wilson School of Public and extra effort. the echo chambers it has enabled, and
The grand strategy she proposes is International Affairs at Princeton, Slaughter’s government service if indeed the Networked Age is a clash
an international develops her ideas in was in Hillary Clinton’s State of open and closed, many Americans
order based on a detailed journey Department, and her book was evi- and Europeans seem to be opting for
three pillars: Open Slaughter declares we are at the through existing dently completed before the 2016 closed in all the forms Slaughter out-
society, open gov- dawn of a “Networked Age” research and schol- presidential election (there is no lines. That does not negate the need
ernment and an when “all humanity is connected arship, guided by mention of Donald Trump); the for a grand strategy of openness, of
open international beneath the surface like the numerous charts and grand strategy she outlines is course, but exploring the conse-
system. Open ver- giant colonies of aspen trees in graphs, on how new described as something the next quences of choosing “closed” would
sus closed, she Colorado that are actually all one technologies and president should adopt. Granted, the make for a fascinating follow-up to a
declares, is the organism.” Yet foreign-policy ever-widening webs book is about a continuing global valuable study.
fault line of the makers, she argues, still play on have affected the shift in international relations and
digital age, the way the two-dimensional chessboard behaviour of people not about the political movements du © 2017 The New York Times News Service
capitalism versus fashioned by the 17th-century and nations. The jour that have led to the election of
Communism was Peace of Westphalia narrative is not President Trump or to the rise of
in the last century. always easy to follow, authoritarian and nationalist move-
THE CHESSBOARD AND THE WEB
In the new order, and I found myself ments in Europe and elsewhere, yet Strategies of Connection in a Networked
in which competing states have been longing for more concrete examples on reading The Chessboard and the World
replaced by networks, openness when confronting riffs like “A network Web and listening on YouTube to the Anne-Marie Slaughter
means participation, transparency, strategy to build resilience across a lectures Slaughter gave, I found Yale University Press
autonomy and resistance to controls society could start by searching for myself repeatedly yearning to ask her 296 pages; $26
https://t.me/srikakulam bubbly

12 STRATEGY MUMBAI | MONDAY, 17 APRIL 2017

“We are focused on ramping up some of the “As airlines build networks and “Our (Enfield) dealerships are unique
new businesses, such as alternative travel. We alliances, it makes sense to use and don’t cater to mass products. It is
want to leverage the existing manpower and common technologies. That is what not like a factory shop. We are working
use the best people to grow the business” has made Amadeus successful” to improve and enhance the experience”
ASHISH KASHYAP ALBERT POZO SIDDHARTHA LAL
Founder & group chief executive, ibibo President, Amadeus Asia Pacific Managing director and chief executive officer, Eicher
> .

BigBasket widens offline cart REUTERS

VANTAGE POINT
INSIGHTS FROM CUTTING-EDGE RESEARCH

Baby boomers influencing the

To make the shift in
strategy a success, it needs
future of health care technology
The future of health care is being
to acquire a host of shaped by both demographic
and technological changes. New
new capabilities and advanced technologies,
including robotics and wear-
ables, are changing the way that
SANGEETA TANWAR treatment and diagnoses can be
conducted, while greater life
nstitutional sales for long have been an expectancy and aging baby

I opportunity for various businesses to build

an alternative source of revenue on the
back of volumes. Traditionally, industries like
finance, dairy and automobile have been big
on institutional sales and see a large number
of players benefiting from scale of economies.
The latest kid on the block aspiring to make it
to the big league of institutional sellers is
BigBasket. The online grocery store is look-
ing to capture the HoReCa (hotels, restaurants
and caterers) segment with its offerings of
meats, private labels, staples, fruits and veg-
etables (F&V) and gourmet products.
Present in 25 cities, BigBasket launched its
HoReCa business in June 2016 and has rep-
ortedly raked in a turnover of ~100 crore as of
March 2017. It serves institutions in eight
metro cities including Bengaluru, Delhi and
Mumbai, and some of the smaller cities such
as Jaipur. The company plans to invest ~50
crore over the next 12 months as it expands
the business nationally.
Industry dynamics of catering to the busi-
ness-to-business (B2B) segment are
significantly different from tho-
se of business-to-customer
(B2C). And hence, BigBasket is
focusing on acquiring new ca-
pabilities to handle large vol-
umes and building requisite
infrastructure to serve the
HoReCa segment.
To meet the diverse require-
ments of HoReCa players, the
online grocery store has to stre-
ngthen its sourcing capabilities.
The company is buying F&V directly from
farmers. Unlike in the B2C market, here
BigBasket needs to further penetrate its sup-
ply chain and diversify its sourcing so as to
meet the higher demand for international
F&V. Primarily, it needs to look beyond the
standard offerings of Indian F&V and
include more and more international vari-
ants in its basket.
“The product range and assortment in
institutional selling is different. Apart from
that, one also has to focus on building all-
iances and sales partnerships to tap into
the HoReCa segment,” says Abhinay
BigBasket plans to open warehouses, each about 20,000-25,000 square feet in size, across eight cities where it caters to different institutions
THE BIGGER THE BETTER
 To meet the diverse
requirements of the
HoReCa segment, the
online grocery store has to
strengthen its sourcing
capabilities
 It needs to look beyond
the standard offerings of
Choudhari, co-founder and
head, new focus on building alliances and
sales partnerships, BigBasket.
According to Rini Dutta, co-founder, Cen-
tric Brand Advisors, a player like BigBasket
will help bring in hygiene and standardisa-
tion as it looks to cater to HoReCa. The com-
pany has systematically gone about strength-
ening its back-end infrastructure including
sourcing and supply chain and is in a position
to deliver a fresh and wide assortment of
products to clients.
The nature of operations in case of insti-
Indian F&V and include
more international
variants in its basket
 The widening of product
offerings calls for an
upgrade of functions
including sorting and
grading of food products
tutional selling is different on many levels
from that of B2C. One such area is payments.
In direct sales to consumers payment is
made on the spot in cash, whereas instituti-
onal selling works on credit. Here, the typical
payment cycle is seven to 21 days. BigBasket
has tied up with banks and financial insti-
tutes to facilitate payments.
BigBasket caters to about 1,500 hotels and
restaurants including the likes of JW Marriott,
Le Meridien and Sheraton in Bengaluru, apart
from start-ups such as Oyo.
Given the huge volumes involved in insti-
tutional selling and varying specifications
related to food items, the company needs to
set up separate warehouses with sorting and
grading facilities. BigBasket plans to open
warehouses, each about 20,000-25,000
square feet in size, across eight cities where it
caters to different institutions.
HoReCa is not a virgin market. There are
a number of local and regional players. There-
fore, BigBasket has to offer differentiated
services to compete with existing players who
enjoy a strong relationship with hotels,
restaurants and caterers.
Choudhari is confident that BigBasket can
make a huge impact by helping clients conso-
lidate vendors by virtue of its multi-city pres-
ence. Further, its technology-based platform
can help reduce overheads and help stop leak-
ages by moving away from paper-based pay-
ments to a more transparent system of billing.
Dutta observes the B2B space lacks big org-
anised players. It is fragmented. A new entrant
like BigBasket has a huge advantage as it can
add value to clients with its expertise in artifi-
cial intelligence and data analytics. Smaller
and regional players lack such capabilities.
boomers are presenting unique
challenges to health care insti-
tutions and systems. Medical equipment manufacturers are also
evolving in time with these changes in order to ensure their products
are effective, up-to-date, and that they meet market standards and
patient expectations. According to Infiniti Research, the global mar-
ket for intensive care unit (ICU) and operating room equipment, driv-
en by these advancements and innovations, will grow at a CAGR of
seven per cent until 2020.
Infiniti Research has recently completed a market intelligence
study on market opportunities for ICU and operating room (OR)
equipment for a leading medical technology company. The large
number of baby boomers entering into retirement age and facing age-
related health issues is putting a strain on health care systems in sev-
eral countries across the world, especially in North America. This
demographic is more likely to require in-patient surgical procedures
and to require emergency care and procedures than other age groups.
Digital supply chain will be
predominant model in five years
Nine technologies are working
together to create next-genera-
tion supply chains that are digi-
tal, on-demand and always-on,
according to the fourth in a series
of MHI Annual Industry Reports
developed in collaboration with
Deloitte Consulting. These sup-
ply chain models will soon bec-
ome the new supply chain reali-
ty. Eighty per cent of those
surveyed believe digital supply chains will be the predominant mod-
el within five years. Sixteen per cent say they already are. This year’s
report provides updates on the eight innovative technologies MHI pre-
dicted would have the most potential to transform supply chains
three years ago when the MHI Annual Industry Report was launched.
The 2017 report also covers the potential of these technologies to
disrupt the industry as well as their adoption rates and barriers to
adoption. The eight technologies are: Inventory and network opti-
misation; sensors and automatic identification; cloud computing
and storage; robotics and automation; predictive analytics; wear-
able and mobile technology; autonomous vehicles and drones; and
3D printing. This year's survey revealed the emergence of a ninth
innovation, the Internet of Things (IoT) that has growing impor-
tance in the digital economy.

Online shoppers in India use

STATSPEAK two or more devices for shopping
The majority of today’s video service providers have either Android TV or Android Open Source Platform

FUTURE OF ANDROID (AOSP) on their technology road maps, with almost three out of four (72 per cent) considering Android
implementations as part of their short, medium, or longer-term set top box (STB) strategies, according to
a global survey by digital platform security Irdeto and consultancy firm Ovum
More than 51 per cent of online
shoppers in India use two or more
devices for shopping, according to
a recent report by performance
marketing technology company
IMPORTANCE OF ANDROID DO YOU BELIEVE VIEWS ON ANDROID SECURITY UPDATES Criteo. The report titled “The State
TECHNOLOGY ON STB STRATEGIES ANDROID WILL (How frequently do you think your of Cross-Device Commerce —
organisation would roll out the Android India” highlights a clear need for
Important for our BECOME THE NO. 1 security updates to your install base?) retailers to deepen their under-
immediate goals within
the next 2 years 25 PLATFORM IN TV
MARKET BY 2025?
As and when feature
updates are released 30
standing of cross-device consumer
behaviour trends. The data can
also be used to align their market-
Part of our medium-term
goals within 2018-21 25 ot
sure
Monthly 25 ing strategies to maximise the return on investment (RoI). “India’s
online shoppers have seen a paradigm shift in last decade. The fierce
Quarterly 19 competition of online players, increase of smartphones usage and in-
N

14
More of a long-term
strategy, beyond 2021 22 No Annually
16 ternet penetration has resulted in an extended customer online jour-
ney across devices,” said Dushyant Sapre, commercial director, Criteo.
18 Yes “Adoption of a cross-device measurement strategy is a critical
Not important for us 18 68 In line with the
Android release heart 7
beat; every 2 weeks
imperative for all retailers. Marketers not only need to adopt cross-
device measurement to ensure proper attribution, but also to ensure
Not sure 10 Don’t know 4
their expenditure is optimised for the channels delivering the highest
performance. Retailers who are able to deliver a seamless and per-
All figures in per cent Source: Is Android the future of the set-top box? 2017 sonalised customer experience across devices will stand out from the
crowd,” he added.

Brand: Siyaram’s
CAMPAIGN LOGIC Budget: ~5-7 crore*
Agency: Makani

Putting a new face to Siyaram’s Creatives

*Industry estimate

With its series of RITWIK SHARMA ads are direct in their communication and
attempt to project the company as a trend-
ural fabrics are the biggest fashion trends
and linen has been a frontrunner in the
The idea for the multi-channel cam-
paign, #TheNewFaceofLinen, has been
our consumers,” Gangadhar says.
The campaign was conceptualised by
new television ver the years, television commer- setter in linen. international market. With the new cam- drawn from fashion-conscious youths Makani Creatives Pvt. Ltd.

commercials,
textile major tries
O cials of blended fabric and garment
manufacturer Siyaram Silk Mills
have been laced with the familiar tagline
of “Coming home to Siyaram’s”. In a just
to project itself as a launched campaign, four short advertise-
ments have shed the jingle while retaining
trendsetter in linen the familiar tune at the end frames. Barely
15 seconds long each, the blink-and-miss
The ads showcase male and female
models sashaying in variants of linen
such as checkered, stripes and ethnic
wear. N Gangadhar, vice-president, mar-
keting, Siyaram Silk Mills Ltd., says,
“Siyaram’s has been a pioneer in bringing
international trends and global fashion
into the Indian market. At present, nat-
paign, we intend to introduce a wide
range of linen fabrics in various prints,
textures, designs and weaves for the
Indian consumer. While the TVCs are
focused only on the product’s proposi-
tion, a clear essence of balanced style
and sensibilities suitable for a fashion
brand is portrayed.”
who follow international trends and are
willing to experiment. With this cam-
paign, the company intends to target
men and women in the country aged 23
years and above.
“The campaign comes with the inten-
tion of keeping true to our commitment to
innovation and offers the best of fashion to
Its director, Sameer Makani, says,
“Drawing from the product line, we saw
the task as breaking linen out of its fashion
code or stereotype. Therefore, we wanted to
portray linen in a different light altogether,
Not just as a texture that is relevant to a
laid-back aesthetic, but also as high-fashion
wear that is bold and full of attitude.”
Asked if this campaign marks a break
from earlier ones with the memorable jin-
gle, Makani says, “The brand’s positioning
— Come Home to Siyaram’s — has forged
an emotional connect with Indians across
the globe. Siyaram’s intends to continue
with the tagline as it helps the company to
identify itself as a global Indian.”
The Indian textiles industry is worth
around ~7.2 trillion, and it is projected to
reach nearly ~15 trillion by 2021. Siyaram
Silk Mills, which was set up in 1978, includes
brands such as Oxemberg and J
Hampstead, and claims to be India’s largest
producer of blended high fashion suit-
ing/shirting fabrics.
https://t.me/srikakulam bubbly

.
MUMBAI | MONDAY, 17 APRIL 2017 BRAND WORLD 13 <

ANALYSIS DATA TRACKER

Brands line up on the Future consumers

ing to Shobu Yarlagadda, producer of
Baahubali 2. He says that the movie has
become the brand today, implying that
it does not need a star to pitch its value By 2030, the global consumer universe is set to look dramatically different from
to brands just like many superhero films the one we have today. Technology, urbanisation and economics will drive
in Hollywood. Yarlagadda has roped in behavioural changes and open up new channels of access for consumers and

highway to the South 15 brands including Nestle, Britannia,

Oppo, AMD Radeon and others. There is
no in-film branding he points out,
except for Amrapali Jewellery; the rest
are all going to be a part of the movie’s
promotion and marketing exercise.
brands. A study by Euromonitor International (The future consumer:
Households by 2030) lays out the landscape

Single-person households will

Baahubali 2, VIP 2 draw big national brands into their lair, run up hefty Baahubali 2 was produced at a cost
of around ~200 crore and the team
marketing budgets as audiences expand beyond the Southern states expects to earn around ~25-30 crore as
direct revenue from these associations.
T E NARASIMHAN More than the revenue component,
Mumbai, 16 April The movie the movies gain hugely in terms of
Baahubali 2 has visibility and reach according to
n a few weeks, Baahubali 2, the D Paranthaman, CEO, V Creations. His
become a major consumption group
| Over 2016–2030, single-person
households will see faster growth
than any other household type
globally, 120 million new single
person homes to be added
| This demographic is being driven by
younger singles exchanging
households are not contracting, but
urban hubs are expanding at a much
faster pace; by 2030, some five billion
people will be living in 1.7 billion
urban households
| Urbanisation will drive demand for
home finance; the world’s largest
mortgage markets, led by India, will
see surging growth rates in mortgaged

I
sequel to the hugely popular mytho-
logical-historical fiction film will hit
the screens in India and the US. It
already has 15 brands in the bag, com-
panies such as Nestle, Britannia among
others that have a national and global
footprint have all come on board.
Another movie, VIP 2 that stars
Dhanush and Kajol has also got the big
brands on its rolls as did Rajinikanth-
starrer Kabali that was released last year;
as movies made in the South break out
of the local mould in terms of storylines
and star casts, big brands are flocking in.
And producers are pulling out the stops
in marketing, merchandising and dis-
tributing their films to a larger and wider
set of moviegoers.
Producers say that brands have been
getting keener on movies in the South as
they find that the audience is much larg-
er than the states the film is made in,
sometimes even as large as big
Bollywood starrers. This is partly
because of the growing Southern dias-
pora and also because of the changing
storylines and production values of the
movies. Kabali had reached over 12,000
screens across the world on a par with
some big Bollywood releases of its time.
Excitement around Baahubali 2 has
been building for a few months with the
movie producers and fans using digital
media to drum up a buzz around the
film. Its trailer became the seventh
most-watched online video within 24
hours of launch and has crossed over
100 million views on YouTube so far.
The movie is set to release in over 6,500
screens across the country on April 28.
Brands have worked with the movie
makers to come up with several innova-
tive merchandising and promotional
initiatives. Nestlé will use special
Baahubali 2 packaging for five new
Munch limited edition packs and pro-
mote the film through a television cam-
signed 15 brands
including Oppo,
Nestle and
Britannia
BRANDS AND MOVIES
| Batman v Superman: The Dawn of
Justice and Cadbury: Arange of Dairy
Milkchocolate bars moulded in the
shape of Batman and Superman
| Star Wars: The Force Awakens and
Amazon India: Around 40 lakh
packages customised forthe movie
| Beauty and The Beast and Hidesign:
Alimited edition range of leather
has associated with the movie for Milk
Bikis and Tiger biscuits. Around 150 mil-
lion Tiger and Milk Bikis packs will be
co-branded with Baahubali merchan-
dise and distributed across 1.2 million
outlets, the company said. Tiger will
focus on a pan-India approach with
handbags and wallets forthe movie
| McDonald's and Kung Fu Panda 3:
Kung Fu Panda toys a partof the
Happy Meal plus a limited edition
menu themed around the movie
| Bollywood films Raees, and Rock On 2
had merchandise deals with e-
commerce portal The Souled Store for
T-shirts, badges, posters, etc
ed along with the product pack. Ali
Harris Shere, vice-president, marketing
at Britannia said, “It resonates perfectly
with the personalities of both our
brands, Tiger and Milk Bikis, which are
targeted towards kids across India.”
Companies consider movies like
production house worked on relationships for careers and households to 2030
Rajinikanth’s Kabali. He had roped in education and the growing widowed Educated, digital consumers
nearly 12 brands for the movie, including and divorced elderly group | By 2030, the majority of the world’s
AirAsia, Mondelez International, homes will have unlocked access to
| Households with three or more
Amazon, Airtel and Shop Cj. “We would services including online video,
have got marketing and branding worth
persons are growing slowly, a
reflection of the declining birth and gaming, gambling, social media,
at least ~100 crore in Kabali,” he says.
Kabali was not a one-off success sto- fertility rates globally e-commerce, banking, e-health and
ry, Paranthan says. His next venture, e-education, among others
What is driving single-person
Velaiyilla Pattathari 2 (VIP 2) has seen a | Higher level of connectivity will
growing interest from brands, although
households? transform consumption behaviour.
not on the same scale as Kabali. The | Young people are focusing prioritising
One such trend is ‘cocooning’, living a
point he makes is that brands are now academic and career pursuits, many
fully domesticated lifestyle by
looking beyond the big stars as they see women are delaying having serious
receiving goods and services at home
a valuable association in movies made in relationships and kids
without needing to leave the house.
the South. In the 1980s, when the first | As life expectancy rises and the
brand associations were struck, these
E-commerce, takeaway foods, and
number of elderly people swells, there home entertainment are winners
were mostly in-film engagements and of
is a growing number of widowed,
a far lower value than the deals today. | Over 2016–2030, number of homes
Also the brands were largely local play-
divorced or otherwise single homes
with household heads with higher
ers; Apoorvaraagangal in which K populated by persons aged 65+
education globally will increase by
Balachander introduced Rajinikant had More urban households, more around 100 million
its heroine play the part of a sales girl for
Medimix soaps, for instance. In Kamal
consumers of home loans | Improved education will enable more
Haasan’s Ala Vandhan, there was a bal- | Urbanisation will continue to grow knowledgeable consumption of
loon fight in which oil brand Gold quickly through to 2030, rural online banking products
Winner was featured. And when a glob-
al FMCG major such as HUL came on
board, it did so for products that had a
local fan base such as Fair & Lovely. Global households by family Largest markets by mortgaged
type, 2016–2030 households, 2030
Apart from the growing reach of the
movies because of the wider geograph-
Single Rank Country Million % growth
ical spread of its audiences, many
person households 2016–2030
movies in the South are being dubbed in
1 India 291.2 57.5
multiple languages. This helps increase Couple
the brand value of these movies too. For without 2 China 233.5 17.7
children 3 Brazil 53.9 26.6
instance Kabali was released in six to
seven languages; Bahubali 2 will be out Single 4 Indonesia 45.1 13.1
in four Indian languages on the first day parent 5 Nigeria 38.9 287
of release and will later be dubbed into family
6 Russia 37.7 62
foreign languages including German, Couple 7 Pakistan 35.5 74.6
Japanese, French and Chinese apart with
children 8 USA 31.1 11.7
from English. Analysts said it is a good
time for South Indian films, although 0 5 10 15 20 25 30 35 9 Vietnam 27.4 148
there is still a long way before the indus- % growth 10 Philippines 21.9 68.3
try can catch up with Bollywood, just as
Bollywood has a way to go before it can Source: Euromonitor International, Note: Figures for 2016–2030 are forecast

paign and on social media. Britannia attractive merchandise and tattoos gift- Baahubali valuable properties accord- match big brother Hollywood.

ECONOMY
>
1

Airtel doles out free data Don’t dump EPCG scheme for now
duced in 1990, when the import duty rates plies to EPCG authorisation holders earn

to postpaid customers
on capital goods were very high. Over time,
the duty rates have come down and the
scheme has evolved, gaining in popularity.
At present, the basic duty rates on most cap-
ital goods is 7.5 per cent, bringing the aggre-
gate duty rates to 26.4283 per cent. Of this,
PRESS TRUST OF INDIA If the usage charges are less 18.3 per cent can be taken as Cenvat Credit.
New Delhi, 16 April than ~499, the users will only A GST of 18 per cent will bring the aggregate
be charged on the rates that import duty to 26.85 per cent, with Input
obile operator Bharti are applicable, the e-mail Tax Credit available for 19.35 per cent.
deemed export benefits. The scheme also
incentivises domestic sourcing of capital
goods by reducing the export obligation to
4.5 times the duty saved.
Based on a proposition that the GST
regime should not allow any upfront
exemption that will break a seamless flow
of credit, an option being considered is to
levy full duty at the time of import. And,
to let the capital goods importer rebate

M Airtel is handing out

free high-speed data
to its postpaid subscribers for
added. Airtel said the move
will protect consumers from
bill shocks while travelling
EXIM MATTERS
T N C RAJAGOPALAN
The scheme is very attractive because
the duty saving of 26.43 per cent on import-
ed capital goods is substantial whenever
himself of the GST portion through Input
Tax Credit and get the rebate of basic cus-
toms duty through a scheme similar to
the next three months to abroad. exporters set up new projects or expand the present post-export EPCG scheme.
counter aggressive offerings The company is sending Sections of the media have reported that their capacities or go for technological The finance ministry would prefer to
by newcomer Reliance Jio. out mails in batches to inform the Export Promotion Capital Goods upgradation. Even on locally procured collect all duties and grant the refund after
Airtel is offering up to all its postpaid customers (EPCG) scheme might be abolished when goods, they save the excise duty of 12.5 per exports are effected, rather than grant
30 GB of free data for the next about the offers. the Goods and Services Tax (GST) laws take cent. Without the scheme, they will have to upfront exemption. The latter would entail
three months for postpaid sub- Over the last few months, effect. Normally, I wouldn’t give impor- find more resources to fund the projects, following up on whether an export obli-
scribers logging onto the ‘My Airtel is offering up to 30 GB of free data for the next three Reliance Jio’s disruptive posi- tance to such reports. However, the com- their capital costs will go up and to that gation is fulfiled. Such a scheme might be
Airtel’ app by April 30. months to postpaid subscribers logging onto its ‘My Airtel’ app tioning in the market has merce ministry did recently take up this extent, their competitiveness will take a hit. convenient for the bureaucracy but
For those who have already by April 30 PHOTO: REUTERS forced other operators to issue for discussion at senior levels. It was The domestic capital goods industry has increase the fund requirement of
availed of a similar offer by the respond with generous count- based on a study on the impact of imports always been a bit wary of the EPCG scheme, exporters significantly. And, y dent their
company previous month, 10 Chief Executive Officer Gopal Citing an example, Airtel er-offers to retain customers, under the EPCG scheme on India’s export for making imports cheaper. In response to ability to build new capacities or upgrade
GB free data (one month valid- Vittal said in an e-mail to sub- said if a subscriber has not turning up the competitive and its capital goods sector, by the Centre its representations, used capital goods and their production facilities. So, it would be
ity) will be up for grabs, a com- scribers. activated a pack before travel- heat in a market of more than for WTO Studies in August 2015. some relating to electricity generation and unwise to abolish the EPCG scheme when
pany spokesperson said. In addition, Airtel has said ling abroad and in case the dai- 1.12 billion mobile subscribers. The EPCG scheme allows import of cap- transmission are not allowed now under the private investment in the economy is
“Now enjoy some free data it will offer the value to cus- ly usage exceeds ~499, Airtel Jio, which debuted previ- ital goods, including spares for pre-produc- scheme. Also, a specific provision has been weak, export revival is beginning and the
every month for the next three tomers who have not activated will automatically activate the ous year with free data and tion, production and post-production, at made to allow EPCG authorisation holders rupee is overvalued. The scheme must
months...That should cover the right international roam- ~499 pack (that includes voice offering, now has 72 mil- zero duty. This is subject to an export obli- to procure their capital goods from indige- continue its upfront exemption.
any long vacation you may ing pack, before their travel unlimited incoming calls, free lion paid subscribers (as on gation of six times the duty saved, to be ful- nous sources. The local suppliers may
have planned,” Bharti Airtel abroad. data, SMS) at no added cost. March 31). filed in six years. The scheme was intro- import their inputs duty-free and their sup- E-mail: tncrajagopalan@gmail.com

> THE BS CROSSWORD
ACROSS
8 Broken knee produces plaintive
cry (4)
9 Offer wickedness as a diversion
(4,6)
10 Gain a little territory in hard
conditions? (6)
11 By the genie, made young (8)
12 Makes a speech that brings it
home to? (8)
14 Craft in which wives seldom
excel (6)
16 Put out the flags in
Pennsylvania before victory in
Europe? (4)
17 With a decision to make, one's
boxed in (5)
18 To get you back, get restlessly
eager to run (4)
19 Once the scourge of Kenya (3-3)
21 One may take a lofty view of
some decoration (5,3)
23 Put in a dash (8)
26 Disreputable type taken in hand
by rodent exterminator (6)
27 Lessening of one's sense of
# 2704 > BS SUDOKU # 2207 > WEATHER TODAY’S FORECAST
O
Max/min temperatures in C
balance? (7,3) 18 Severe test for copper, back in
28 Impacted by the wind, perhaps small bed with large sides (8) NATIONAL
(4) 20 Nevertheless, meditated Ahmedabad . . . . .Partly cloudy 43/25
endlessly (6) Aizawl . . . . . . . . . .Partly cloudy 23/16
DOWN 22 Not much good but not in the Bengaluru . . . . .Thunderstorms 34/19
1 One is all in when such a view of those who have
Bhopal . . . . . . . . . . . . . . .Sunny 42/25
portrait is completed (4,6) benefitted from penicillin? (6)
2 Is very bad at playing Schubert Bhubaneswar . .Thunderstorms 34/26
24 Brazilian city — the first to have
arrangement (8) public disorder (4) Chandigarh . . . . . . . . . . .Sunny 40/24
3 Battles taking on Chennai . . . . . . . . .Partly cloudy 38/28
25 Girl crying (4)
multinational corporation Delhi . . . . . . . . . . .Partly cloudy 41/24
risky propositions (6)
Guwahati . . . . . . .Partly cloudy 29/19
4 Desire to hit out, having bagged
SOLUTION to #2703 Hyderabad . . . . . .Partly cloudy 42/25
the century (4)
Imphal . . . . . . . . . . . . .Showers 25/17
5 Being courteous and kind is said
to follow goodness (8) SOLUTION TO #2206 Indore . . . . . . . . . . . . . . . .Sunny 41/27
Easy:
Kochi . . . . . . . . . . .Partly cloudy 33/26
6 State of majesty associated with
an elite force (6)
 Kolkata . . . . . . . . .Partly cloudy 32/25
Solution tomorrow
7 Fuel considered all right in Lucknow . . . . . . . .Partly cloudy 39/24
church (4) Mangaluru . . . . . .Partly cloudy 33/25
13 Algebraic problem without HOW TO PLAY
Mumbai . . . . . . . . .Partly cloudy 35/26
"A,B,C" - I need a drink (5) Fill in the grid so
that every row, Pune . . . . . . . . . . . . . . . . .Sunny 39/25
15 Hope engendered by
the will? (10) every column and Srinagar . . . . . . . . . . . . . .Sunny 26/11
17 This jumper rides up (3-5) every 3x3 box cont- Surat . . . . . . . . . . . . . . . . .Sunny 40/27
ains the digits 1 to 9 Thiru’puram . . . . .Partly cloudy 32/27
https://t.me/srikakulam bubbly

14 BUSINESS LAW
>
MUMBAI | MONDAY, 17 APRIL 2017 1

BRIEF CASEN  M J ANTONY

A weekly selection of key court orders

Insurer’s rejection quashed

The Supreme Court has dismissed two
Widening social GST roll-out: A
long last mile
security cover
appeals of the National Insurance
Company, which had rejected claims by
Hindustan Safety Glass Works Ltd and
Kanoria Chemicals & Industries Ltd for Admirable legislative
damage caused to its works by progress has been made
floodwater and fire. The insurance towards the implementa-
company repudiated the claims on grounds of delay, but the ILLUSTRATION: BINAY SINHA tion of goods and services
court found the delay was caused by the insurer itself. In the
first case of Hindustan Safety Glass Works, rain caused
Draft code on social tax (GST). The first week of
the new financial year in
damages which the first surveyor determined at ~24 lakh security & welfare April witnessed Parliament
against a claim of ~53 lakh. The insurer felt the surveyor’s passing the final set of GST
report was not bona fide and appointed another, who also would expand the laws i.e. central GST, inte-
reached the same figure. Then the insurer raised new issues
such as limitation for a filing suit in the National Consumer
benefits but add to grated GST, Union Territory
GST and compensation
Disputes Redressal Commission. The commission rejected it compliance costs for SIMPLY TAX cess, with minimal floor
and in the appeal, the Supreme Court described how the opposition. Further, the
government insurer caused the delay. The claim was filed in businesses MUKESH BUTANI GST council released four
1992, the day after the damage, but the surveyors took more sets of draft rules on crucial
than two years to assess the loss. “The entire delay is aspects related to input tax credit, valuation, transition provi-
attributable to National Insurance and cannot prejudice the ARINDAM MAJUMDER & SAYAN GHOSAL sions. These rules accompanied revised rules related to regis-
claim of the insured,” the judgment said, adding: tration, invoicing, payment and refunds (which were origi-
“To make matters worse, National Insurance actually hrough a Draft Labour Code on nally released in September 2016) for stakeholder consultation.
repudiated the claim of the insured only in 2001, well after the
complaint was filed with the National Commission.” The court
further underlined that “in a dispute concerning a consumer,
T Social Security & Welfare, the
government has drawn up a plan
to consolidate 15 different social secu-
As immediate steps, the aforesaid rules need to be debat-
ed with industry representatives and finalised to get moving
on implementation, since at the present, businesses are mere-
it is necessary for the courts to take a pragmatic view of the rity statutes into a common piece of ly able to absorb statutory provisions, given that finer proce-
rights of the consumer principally since it is the consumer legislation. dural nuances will emerge on journey towards the finalisation
who is placed at a disadvantage vis-à-vis the supplier of Through this, the ministry of labour & of such rules. A case in point is applicability of draft rules on
services or goods”. Similarly, in the Kanoria case, employment hopes to bring workers of valuation principles for intra-unit transfers, a most common
the report of a fire was made in 1993 but the repudiation almost all categories — including casual form of transaction. Similarly, transactions such as rent-a-
came in 1999. workers, those earning below the mini- cab services, tour operator, etc. which enjoy abatement, under
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> mum wage and those in the unorgan- the extant law will undergo changes, as specific valuation
ised, part-time, seasonal and self- mechanism or concessional benefits will have to be accorded
Conviction upheld in coal mine mishap employed sectors — under a robust, under GST.
In a coal mine disaster of 1996, the defined and comprehensive social secu- Another important element is mechanism (prescribed in
Supreme Court upheld the conviction of rity net. The impact, when it takes a final the draft rules) for transition of credits for excise, value-added
a manager and the agent for criminal shape, is likely to be felt by businesses in tax (VAT) and service tax under GST. While the method of
negligence, but reduced their jail terms of additional costs of compliance, transitioning has been provided under the draft rules, there is
sentence to a fine. The incident was 20 more so for small entities. no clarity on filing and compliance requirements under the
years old, the manager was now an The concept of amalgamating and present legislations i.e. excise duty, service tax and VAT/CST,
invalid and 75 years old, while the agent simplifying these laws are based on rec- and how they would be aligned to closing returns of June 30
was negligent only to a degree, it held. The other accused had ommendations of the Second National (assuming GST implementation will start from July 1). Likewise
already been sentenced to rigorous imprisonment and fined. Commission on Labour in 2002. Which final rules for registration/returns/ refunds will pin down
A mining sirdar had asked 17 loaders to continue work despite had taken inspiration from the Inter- understanding of documentation, related reporting and cred-
warnings by workers from the earlier shift that the roof was national Labour Organization’s Social it eligibility. Though, the draft rules are in the public domain,
about to collapse. The roof did collapse, killing four and Security (Minimum Standards) businesses are skeptical to rely on these and undertake changes
severely injuring several others. A probe found the Convention, 1952. The World Social Se- in their systems.
coal mine authorities had violated the system support rules curity Report, issued in 2010 by the ILO, The debate on stratification of products across the pre-
under the mines and minerals Act. A criminal complaint was reported India’s dismal record on social scribed rates of GST is open. Currently, only broad rate slabs
made before the chief judicial magistrate of Dhanbad security protection for citizens. have been made available by the GST council i.e. to recap,
who found seven persons guilty, including four public The Code envisages compulsory reg- leaving aside basic essential goods, 12, 18
servants who violated the rules and warnings. Their istration for all types of workers contribution for gratuity benefits & 28 for goods along with luxury cess not The govt has
appeals were dismissed by the Jharkhand High Court. Two through an Aadhaar-based system, WHAT WORKS FOR under the Code. “As of now, barring to exceed 15 per cent of the peak GST rate. to test the
convicts moved the Supreme Court; but it dismissed their portable social security accounts THE EMPLOYEE the state of Andhra Pradesh, there is no Though the council has clarified that the robustness of
appeals in a long judgment in the case Binoy Kumar vs State (VIKAS) and a three-tier regulatory  A worker earlier enrolling in four obligation to contribute gratuity pay- final GST rate would be (as close) to the the GSTN
of Jharkhand. structure, with a National Social separate schemes can now get all outs to any government body,” says upper side of the current amalgam of all portal before
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> Security Council (headed by the Prime the benefits from a single body Atul Gupta, partner, Trilegal. This indirect tax levies, businesses will have to it is released
Minister), the Central Board and shifts the payment of gratuity from an wait for firming up pricing decisions. for public
CCI probe can’t be stalled State/UT Boards.  Social security contributions will employer-based model to a fund-based Delays in pricing strategy will have a testing
When the Competition Commission of Under the Code, contributions from be supplemented by government approach and allows for a more com- cyclical delay impact on negotiations
India (CCI) forms a prima facie opinion workers and employers will be supple- outlays prehensive social security structure. with vendors, distribution agents and so on. From an inter-
that certain firms have formed a cartel mented by government outlays to create The Code proposes to shift the lia- nal organisation standpoint, any increase in rates will neces-
 Payment of gratuity from an
and asks its director general to probe the a social security corpus in each state. This bility of gratuity payouts from contrac- sitate assessment of incremental working capital, its impact
allegation, it is an administrative will be used to provide assorted benefits
employer-based model to a tors to principal employers of contract on cash flows and rejigging of supply chain. All of the above
decision. It is a direction to one of its to workers such as pension, provident fund-based approach, creating more labourers. This move will enhance the will require advance meticulous planning and execution, a
departments and does not involve fund, accident compensation and group comprehensive social security latter’s social security benefits but luxury not available given the timelines. This coupled with
adjudicatory function. The firms against which the probe is insurance, as well as sickness and mater- structure could mean additional payouts and the fear of anti-profiteering law obligating businesses to
being conducted has no right to inspect documents and nity benefits.  The Code gives supremacy to social compliance burden for sectors like pass the benefits of lower tax to the customers could further
evidence against them at that stage, the Delhi High Court ruled “The idea is to amalgamate and security liabilities, as opposed to automobiles and construction. procrastinate pricing decisions. The challenge though would
last week in the appeals of Premier Rubber Mills and Somi rationalise various existing laws. These The greatest opposition to the Code be less pronounced in the context of services.
other debts in cases of liquidation
Conveyor Beltings Ltd. In these cases, the commission, on its give every worker a right to the bene- might come from small businesses, pre- Come July 1, a fundamental change is switch from the age-
own, ordered a probe by the director general as it felt the firms fits,” said a senior ministry official. To viously exempt from many social secu- old practice of indirect taxes such as excise on manufacturing,
had been indulging in a bid-rigging cartel in the market for this effect, the Code even gives IMPACT ON rity contributions. “Large corporate VAT or CST on sale of goods and service tax on rendering of
conveyor belts and exchanged commercial and confidential
price sensitive information among themselves prior to
supremacy to social security liabilities
as opposed to all other debts, in cases of
BUSINESS firms already have an organised social
security structure. It’s the smaller firms
services to applicability of GST i.e. on the activity of ‘supply’.
This necessitates that business IT systems are equipped to
 Increased social security payouts
submission of bids. The firms told the high court their company liquidation. that employ up to nine workers each process invoices issued by vendors on which credit can be
application for permission to inspect documents and get However, this could also mean an  Higher compliance costs, especially which are likely to oppose the Code,” availed, coordinated in a manner that the reporting require-
certified copies was rejected on the ground of confidentiality. increased burden of contribution for the for small business says a senior NITI Aayog official. ments associated with filing returns on the GSTN portal are ful-
Their right to defend themselves had been arbitrarily denied, employer. Currently, employers con-  Additional payouts in gratuity
According to Gupta, the shift from filed. In the present transitional situation, taxpayers are unable
they argued. They also challenged the regulations related tribute 8.33 per cent of basic pay to the having to make multiple registrations to freeze their business processes and positions, including
contributions for contract workers
to the investigation. The high court rejected all their Employees’ Provident Fund (EPF, if the to comply under the existing laws shift to a robust IT system, which could handle this level of
contentions and allowed the investigation by the director worker earns a monthly wage over might simplify compliance related transactional data.
general to proceed. ~15,000). If the employee is eligible for issues for corporates after implemen- Periodic updates on the readiness of the GSTN, an online
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> Employees State Insurance (ESI) (i.e if for certain sectors, says a spokesperson tation. But, the inclusion of self- GST portal forming the backbone of government’s imple-
earning a monthly wage under ~21,000) from Confederation of Indian Industry employed professionals, Hindu mentation plan and dependent upon disclosure of transac-
High court intervenes in ITC’s trademark suit the employer contribution is a further (CII). “How the added expense is viewed Undivided Familiess and the unor- tional data will be welcome. The government has to test the
The Calcutta High Court ruled last week 4.75 per cent of wages. by companies depends on their outlook ganised sector, and the necessity of robustness of portal, still under wraps, before it is released for
that it has jurisdiction to decide a trade Under the proposed Code, the on comprehensive social security.” compulsory registration, might com- public testing. Coinciding with portal are related aspects for tax-
mark suit moved by ITC Ltd against a employer contribution to social secu- One of the biggest issues the Code plicate matters. Issues with imple- payers on final formats for returns, registrations, payments etc.
cooperative bank in a “nondescript” rity goes up to 17.5 per cent of wages, might resolve is the ongoing ambigui- mentation of the Aadhaar-based reg- draft of which were released in September 2016. In summary,
Kerala town. The name of the bank is with reduced rates for industries hav- ty on payment of social security con- istration process and its underlying all of the above have to converge and form an integral part of
Irinjalakuda Town Co-operative Bank, ing cess obligations. The existing safe- tributions on wage components. “The data privacy concerns are also areas implementation for a transformational tax regime change.
abbreviated as ITC Bank. The corporation ty nets, such as EPF and ESI, will be definition of ‘wages’ in the Code is of concern. On a positive note, I am reminded of a quote from a famous
with its registered office in Kolkata alleged infringement of its subsumed in this. more specific as compared to the social However, experts still say this Code American essayist, poet, philosopher (and also a tax resister)
trade mark and accused the bank of trying to pass off its “Rather than a single worker enrolling security laws enacted just after India’s has received a more favourable response Henry David Thoreaux – All endeavour calls for the ability to
services as that of the big corporation. It asserted that the in four schemes, he can get all the bene- independence,” says Nishanth than the previously drafted Industrial tramp the last mile, shape the last plan, endure the last hours
website of the bank is accessible everywhere and that the fit from a single body,” says Brijesh Ravindran, member, employment & Relations Code and Wage Code. As with foil. The fight to finish spirit is the one – characteristic we must
cheques or drafts carrying the name "ITC Bank" are being Upadhyay, general secretary of the HR practice, Nishith Desai Associates. many such attempts to modernise possess if we are to face the future as finishers!
issued and can be encashed at all banks situated within Bharatiya Mazdoor Sangh. Apart from contributions towards India’s complex system of labour laws,
the jurisdiction of the Calcutta High Court. Similarly, the debit The costs associated for compliance the social security fund, there is a when this new system sees the light of The writer is a partner with BMR and assisted by Anshul Agarwal.
cards issued can be used at ATMs everywhere. The bank under the new system might increase requirement to make a two per cent day is difficult to gauge. Views are personal
submitted that the high court could not claim jurisdiction in
this case as it operated in Kerala. The high court rejected
its defence.
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

Banker’s gratuity can’t be withheld

The Bombay High Court last week
‘Taxes are increasingly being discussed at board level’
ordered payment of gratuity to a bank JANE McCORMICK, partner, global head of tax, KPMG, shares with Sudipto Dey her insights on how ed is financial services. We are already seeing
employee who was prematurely businesses could prepare for a fragmented and changing global tax landscape. Edited excerpts some banks move part of their business to
terminated 20 years ago, alleging Europe. From a tax perspective, tariffs and
financial irregularities. In this case, You see corporate boardrooms discussing customs procedures are the biggest concerns
Nannubhai Desai vs UCO Bank, the court tax and tax implications more than before for businesses. The main thing companies
noted that the bank had not issued a in 2017? need to do is modelling to see how the impact
show-cause notice to the employee, it had not proved the Absolutely. Taxes and their impact are hits the supply chain. Businesses cannot risk
extent of financial loss and no criminal or civil suit had been increasingly being discussed at the board waiting for two years to figure out the impact
filed against him. The court also noted that the Payment of
JANE MCCORMICK level. There are two things that are driving on their supply chain.
Gratuity Act is a welfare legislation and the employer is not Global head of tax, KPMG that. One, there is a call from civil society for
empowered to forfeit gratuity. “Forfeiture of gratuity has companies to be transparent and responsible How will the tax reforms proposed by the
serious consequences and any order providing for such How does the global tax landscape look like about what they do with tax. So, tax is not just US president impact the global tax
forfeiture is a quasi-judicial order. It goes without in the backdrop of Brexit, the Trump factor, a financial issue, but it is about the percep- scenario?
saying, it must be passed after following principles of and the anti-globalisation sentiment? tion of the business and has reputational It could be one of the most significant tax
natural justice which call for an impartial and fair inquiry The phrase we have been using is fragmen- risks. The other thing is that because of all reforms the world has seen in terms of
after giving adequate notice and affording sufficient tation and change. There is a view that Base these changes tax is not something that can impact — it could tear up the global agree-
opportunity to show cause to the delinquent employee,” Erosion and Profit Shifting (BEPS) marks the only be dealt with in the finance function. ment on how you deal with taxes.
the judgment said. high-water mark of the globalisation of tax Developments like Brexit and the tax The most common reaction of businesses
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> policy. We are now moving to a situation of (reform) proposals in the United States will is to wait for reforms to come and then react
more fragmentation and change at national have a significant impact on business and to the situation. But Brexit or the tax reforms
GAIL’s challenge to rules dismissed levels. So, rather than going to a more har- will call upon people to re-work business in the US have such a significant impact on
The Delhi High Court last week dismissed monised, consistent, and coherent interna- strategies. That elevates tax to be a business business that one cannot afford to wait (for it
the petition of Gas Authority of India Ltd tional tax system, we are probably going to issue discussed at the board level. to happen). Corporate tax rates have been
(GAIL) challenging a set of regulations have more fragmentation and confusion. going down across the world. There is some
dealing with tariff, distribution Coming to Brexit, how should companies degree of tax competition among countries in
networks and laying of pipelines passed How should industry prepare for such prepare for it? relation to the headline rates. However, when-
under the Petroleum and Natural Gas a scenario? The biggest issue is whether Brexit also ever the rates go down, this is invariably fol-
Regulatory Board Act. In this writ Companies, more than anything else, want means leaving the single European market as lowed by a broadening of the (tax) base.
petition, GAIL vs Petroleum and Natural Gas Regulatory Board, certainty. So, the three biggest things compa- that is what drives a lot of tax. Unless new At the same time, competition on tax
the public sector undertaking pleaded that 12 tariff orders nies need to prepare for are: Change, change arrangements are negotiated, it looks like rates becomes important only when all oth-
issued by the board fixing tariff for gas pipelines should be and change. Tax directors need to be conne- the UK will leave the market. As a fallout er factors are similar. Tax rate is just one of
held illegal as the board has no power to do so. The high court cted with what is going on outside. They there will be tariffs across Europe and cus- the things that make an investment destina-
rejected the contention. have to be good in scenario planning. toms procedures. The business most affect- tion attractive.
https://t.me/srikakulam
.
MUMBAI | MONDAY, 17 APRIL 2017
Selling fruit & vegetables is a piece of cake
Ninjacart, a B2B agri-marketing
platform, needs to expand its reach,
writes Abhishek Jejani
he everyday hassle of transferring
T fruit and vegetables from vendors to
retail stores has come to an end for
Raghavendra Swamy as he now relies on
Ninjacart to do it for him. The head of mer-
chandising of departmental store
FoodWorld says he can maintain the “qual-
ity” and “freshness” as well through
instant orders at the grocery store.
Bengaluru-based Ninjacart is a busi-
ness-to-business (B2B) agri-marketing
platform connecting fruit and vegetables
farmers directly with retailers. Last week,
the company raised $5.5 million (~37 crore)
from new investors — Mistletoe Inc and
Nandan Nilekani’s NRJN Family Trust.
Existing investors Accel Partners,
Qualcomm Ventures and M&S Partners
also participated in the funding round.
Co-founded by Thirukumaran
Nagarajan, Sharath Loganathan,
Kartheeswaran K K, Ashutosh Vikram,
Sachin P Jose and Vasudevan
Chinnathambi in May 2015, the compa-
ny had raised $3 million (~20 crore) last
year from existing investors.
Concept
Ninjacart started as an on-demand gro-
cery delivery company, but after facing an
inefficient and broken supply chain it piv-
oted to becoming a B2B platform. Poor
logistics, lack of market information, dis-
tribution inefficiency and marginal farm-
ing lead to creation of numerous middle-
men who are involved in supplying
produce from farm to store. As a result,
farmers are shortchanged and stand to
earn less than half of what the consumer
pays. Also, the necessity to go to the mar-
ket every day puts retailers and restaura-
teurs at a disadvantage.
The start-up aims to solve this prob-
lem by enabling farmers with a supply-
chain platform to sell directly to busi-
nesses, thereby helping to maximise
farmers’ income. It picks up the produce
from farms and delivers it to businesses,
helping more more than 1,000 farmers to
sell their produce daily to more than 500
retailers and restaurants in Bengaluru.
“The team’s strong technology-first
thinking enables the fruit and vegetables
supply chain to be extremely cost efficient,
thus improving farmer earnings and living
standards. Despite limited cold chain facil-
FAC T B OX
Founded
May 2015
Co-founders of Bengaluru-based start-up Ninjacart
ities in India, the team has built a logistics
system with which they are able to supply
the produce from farm to stores in less
than 14 hours,” Nandan Nilekani said.
Currently, 30 per cent of fruit and veg-
etables are wasted because of an ineffi-
cient supply chain and broken agri-mar-
keting ecosystem but the company claims
to have less than 4 per cent wastage in its
supply chain. “Initially, we started in B2C
and quickly pivoted to B2B when we
realised the bigger pain point and superi-
or economics. The opportunity is big as it
a very large market with inherent ineffi-
ciencies. It is a difficult execution-orient-
ed business so the team has to be good at
running operations,” says Abhinav
Chaturvedi, principal, Accel Partners.
Opportunity
The fruit and vegetables market is worth
approximately $150 billion (2015) and it is
growing at 9 per cent a year. It is expected
to reach $224 billion by 2020, according to
data compiled by Euromonitor. “The pro-
duce we deal with is for everyday con-
sumption, which makes the opportunity
comparable with markets for milk and
water,” says Thirukumaran Nagarajan, CEO
bubbly
START-UP CORNER 15 <
LAUNCH PAD
Area of business Funding Area of operation
Investors Team strength
B2B agri-marketing
platform
$3 million in 2016,
$5.5 million in 2017
Accel Partners, Qualcomm
Ventures, M&S Partners,
Bengaluru
170
Mistletoe Inc, NRJN Family Trust
Apurv Agrawal, co-founder & CEO of SquadRun
Combining human,
artificial intelligence
to automate process
Data automation start-up SquadRun has
raised $2.1 million in its second round of
funding from Blume Ventures, Contrarian
Capital, 91springboard, angel investors, and
others. Besides, it has partnered Uber,
Sephora, Tata group, Flipkart, and others.
Founded by Apurv Agrawal, Kanika Jain,
and Vikas Gulati in 2014, the company uses
artificial intelligence to
automate most of the SquadRun
process; the rest is done plans to grow
by people. (Artificial intel- in banking,
days. It charges a platform and distribu- ligence is the theory and telecom and
tion fee from the farmer's selling price and development of computer insurance
ensures that farmers receive their payment systems able to perform industries,
EXPERT Efficient supply chains key to growth without any commission or logistics fee. tasks normally requiring and aims to
TA K E “We are transacting 60 tonnes of fruit and human intelligence, such provide tools
A business model that focuses on model wherein efficient supply vegetables a day. We hope to reach city lev- as visual perception, spe- that save
benefiting farmers — connects chain management and el break-even at 150 tonnes a day and ech recognition, decision- manual
them directly to customers like stemming losses along the chain organisational level break-even at 300 making, and translation labour
hotel, restaurants and reduces will play a crucial part. The tonnes a day,” says Nagarajan. “We have a between languages.)
wastage — is indeed a good Indian economy is at a cusp turnover of ~3 crore per month.” With a 32-member team, SquadRun uses
proposition. Given the fact where such efficient supply internet to tap 75,000 people across India,
farmers have been at the chains can add significantly to Road ahead the Philippines, Malaysia, Uganda, and
receiving end for many decades, growth of gross domestic Ninjacart aims to reach the mark of 300 Kenya, for their analytical skills. Above 18,
Indian economy needs many product and it is highly tonnes to achieve break-even in the next six these people earn ~100 per hour.
such models to evolve and scale imperative that NinjaCart gets it months. To achieve scale, the company The company reached break-even on the
PALAT with good foundation. Scaling is right. Indian farming landscape will be focusing on building a strong farmer revenue front in June 2016.
VIJAYARAGHAVAN indeed tough but it is a is dotted with small land hold network to ensure consistent supply. SquadRun chief executive Apurv
Founder & CEO, challenge to relish, as there is farmers and we need to bring all Ninjacart will use the raised funds in areas Agrawal says, “The price varies according to
Lawrencedale Agro significant growing support from available resources of using like technology, data science, customer the plan one chooses but it typically costs
Processing (LEAF) public and private stakeholders. technology smartly for the acquisition and sourcing. It will also invest one-third to one-tenth less than in-house
The other challenge will be to benefit of the farming in supply-chain innovation and automa- and outsourcing companies.”
work on a sustainable business community. tion to improve reliability. With 170 With over 88 per cent of user transac-
employees, the start-up aims to increase its tional data still unstructured, according to
customer count fourfold. The company IDG, a data and marketing services firm, the
and co-founder of Ninjacart. “The viabili- agri-marketing ecosystem,” he adds. sees varying seasons, volatile prices, incon- field is expected to grow 10 times over the
ty of our business model is proven for sistent supply and logistics as major chal- next five years. Thus, scaling up continues to
decades. Ninjacart rides on a proven busi- Revenue lenges. To deliver 300 tonnes, an army of be SquadRun’s biggest challenge. The com-
ness model with innovative execution, bet- The company makes money by charging trucks is required to ensure on-time deliv- pany plans to grow in banking, telecom,
ter cost and a strong value proposition for customers at the time of delivery in cash as ery with minimum wastage. The challenge insurance industries, and others, and aims
farmers and customers while solving the it does not offer credit. However, from will be to build a reliable and responsive to provide tools that save manual labour.
problems left unsolved by the traditional farmers it enjoys a credit period of up to 15 logistics network, says Nagarajan. SHAMEEN ALAUDDIN
https://t.me/srikakulam bubbly

16 PERSONAL FINANCE MUMBAI | MONDAY, 17 APRIL 2017

VALUE OF ~1 LAKH SENSEX

1-YEAR
GOLD SILVER FD (SBI) PPF
INVESTED IN VARIOUS ASSET 1,14,963.66 1,00,292.50 1,12,299.67 1,07,000 1,08,700
CLASSES 1-YEAR 1,14,963.66 1,00,204.75** 1,08,609.79** 1,05,075 1,08,700
POST-TAX RETURNS
#Silver prices suffered losses
**Taxed at 30% income tax slab 5-YEAR 1,72,344.51 1,01,852.18 75,539 1,55,635 1,51,060
* Taxed at 10 per cent without indexation
All post-tax returns calculated on capital 5-YEAR 1,72,344.51 1,01,666.98* NA# 1,36,847.93 1,51,060
gains, except PPF POST-TAX RETURNS
Sensex data as on April 13, 2017 As on April 13, in ~; data compiled by BS Research Bureau
> .

locality is where you wish to stay.

A rally without
spine?
Get hefty discounts with To overcome this problem,
Findmystay has provided a tool
called ‘price slider’. “It tells you the
average cost of the hotel room in a
particular locality and of a certain

hotel booking apps

star quality. You can then quote a
price lower than that. But, of course,
The Nifty is trading at a P/E you should not quote one that is
ridiculously low,” says Simran Sial,
over 23 — well above the co-founder, Findmystay. Next, you
get a list of hotels that have accept-
discount for 15% EPS growth You can get a discount of 25% or more and stay in a hotel room which, in the normal ed your price, and you can choose
from these. Sial says travellers can,
The Reserve Bank of India course, might be beyond your budget IMAGES: iSTOCK
on an average, get a discount of
(RBI) uses multiple sur- around 30 per cent through the plat-
veys to assess consumer SANJAY KUMAR SINGH form. Findmystay covers about 45
and expert expectations. cities and offers accommodation in
It doesn’t publish too n the past, when 46-year old 4,000-odd hotels.
much detail about the
way these surveys are con-
structed. So, we must take
I information technology (IT) pro-
fessional Nirmalya Barua had to
book hotel rooms for business or
To get a good rate, it is advisable
to book in advance. “Rates are lower
when a lot of inventory is available
the rigour on trust. One leisure travel, he would go to the and move up as it diminishes,” says
MARKET INSIGHT set of surveys involves
professional forecasters.
website of an online travel agency
because it offered a wide range of
Sial. He adds that customers are usu-
ally able to get a good discount by
DEVANGSHU DATTA Another involves con- choices. When looking for budget booking seven days in advance.
sumer and household options, he would book through Big discounts for small business-
expectations. The professional forecasters are asked hotel room aggregators, where he es: Large companies have their own
questions about macroeconomic trends. The questions was assured of value-for-money travel desks. Since they can promise
to consumers range around inflation expectations, pricing and no-frills but standard- large volumes to hotels, they are able
employment, spending plans, etc. ised quality. Lately, he has begun to to negotiate good discounts. Smaller
Such surveys could have large error factors — at sev- rely on multiple mobile apps, corporates don’t command the same
eral levels. Survey construction could also lead to bias- depending on his needs, which heft. Therein comes Savvymob. “We
es. Forecasters are also often wrong in their projections, include travelling at the last aggregate the demand from a num-
as are households. However, assuming the surveys are moment or seeking a room at his ber of smaller companies and offer it
well-constructed and rigorous, the results are important. desired price. In recent times, these to the hotel. If we offer 10 of our
Professional forecasters’ projections influence insti- apps, which negotiate for discounts clients to a hotel, it offers us better
tutional investment flows and corporate strategies. Also, with hotels on the customer’s rates,” says Bikram Sohal, chief exec-
central banks take household inflation expectations seri- behalf, have grabbed travellers’ utive officer.
ously, as these can be self-fulfilling. Household expecta- attention in a big way. He adds that they are able to get
tions influence buying, savings and investment deci- Book a room at the last minute: a price at least 20-30 per cent cheap-
sions. In India, household savings form, by far, the largest Imagine you have to travel to a city er than what is offered by an online
component of national savings. Consumption also makes
the largest contribution to gross domestic product (GDP).
for a business meeting at short
notice and have not booked a hotel
IT'S RAINING DISCOUNTS displaying it on the app,”
says Khan.
travel agency. Savvymob now has
tie-ups in at least a hundred coun-
The March 2017 survey targeted 21 professional fore- room in advance. Or, your one-day City Hotel Locality Original Discounted Discount Until recently, one limitation of tries and can offer its customers an
casters who are mildly optimistic about this financial trip to a new city gets extended at the price (~) price (~) (%) the Nightstay app was that you could inventory of about 300,000 hotel
year, albeit less so than in the earlier round of the same last minute, leaving you without an book only on the same day. Also, rooms. These apps get you rooms
survey in December 2016. accommodation for the night. In all Park Plaza Sushant Lok 7,892 3,199 59 your stay can’t extend beyond three spanning the entire spectrum from
Delhi-NCR
In detail, these forecasters expect gross value added these scenarios, you can turn to the Radisson Blu Greater Noida 6,725 3,649 46 nights. “We target the unplanned budget to luxury and at both busi-
(GVA) growth to rise to 7.3 per cent in 2017-18 (up from Nightstay app on your mobile traveller. Our experience has been ness and leisure destinations.
6.7 per cent in 2016-17). They believe services and indus- phone. The Lalit Sahar 10,328 4,899 53 that unplanned travel does not gen- Ensuring quality: Besides a good
Mumbai
try will see acceleration but agriculture will get slower. This platform aggregates unsold Sahara Star Vile Parle East 14,856 5,999 60 erally extend beyond three nights,” price, another aspect that worries
Gross savings rates and private final consumption expen- inventory from hotels and sells it to says Khan. Lately, they have relaxed travellers is whether they will have
diture will improve a little. Merchandise export and last-minute customers at a dis- Chancery Pavilion MG Road 7,288 3,549 51 their rules to permit bookings one a quality experience at a hotel.
Bengaluru
import will grow after three years of near-stagnation. counted rate. Says Nasr Khan, Hyatt Bangalore MG Road 9,898 5,149 48 day in advance. But in that case you Many of these platforms have tied
The inflation indices will move in opposite directions. founder and chief executive officer, must book for at least two nights. up with TripAdvisor and offer its
Consumer Price Index (CPI)-based inflation (estimated at Nightstay: “Hotel inventory is a per- Raintree Hotel Tyanampet 10,980 3,699 66 Quote your price: Nowadays, ratings of hotels on their app and
Chennai
3.6 per cent in the fourth quarter of FY17) will rise to 5.3 per ishable commodity. If you don’t sell The Park Anna Salai 7,899 4,799 39 some hotel booking apps even allow web site, which you can consult.
cent in Q4 of FY18. Core CPI (excluding food and fuel) it today, the unsold inventory goes you to quote the price you wish to They also check the hotel’s stan-
Source: Nightstay app; All discounts as on April 13, 2017
amounts to less than half of the CPI weight. But, core will waste. We ask hotels to put their pay for a hotel room. Findmystay dards before signing it up. “We have
run at a “sticky” 4.9 per cent. Wholesale Price Index- unsold rooms on our platform at a midnight. Nightstay has tie-ups with ensures the rates on their platform lets you do so through what is known a checklist of 20-25 criteria. Only
based inflation will ease from the current 6.55 per cent to discounted rate.” Across India, 800 hotels across 12 cities. are lower than those offered any- as the reverse bidding model. if a hotel passes them all do we bring
3.7 per cent by Q4, 2017-18. informs Khan, the average occupan- The rates you can get at Nighstay where else. “If a hotel wishes to be Customers first enter the date of it on board. Further, if we get two or
Both the central and combined fiscal deficits are cy of hotels is only 61 per cent. In are at least 25-30 per cent lower than showcased by us, it must give us the stay, city and sub-location, and then three complaints about a hotel,
expected to reduce slightly, with the central fiscal deficit other words, 39 per cent of the inven- you would on the hotel’s website. lowest rates. We check regularly the state the price they are willing to pay we drop it from our platform,” says
down to 3.2 per cent from 3.5 per cent for 2016-17 of the tory goes waste. Sometimes, if the supply of rates that others are offering for the for a room. Nightstay’s Khan. For these players,
GDP. Bank credit is expected to rise 10 per cent, better than The inventory available for the unutilised inventory is high, dis- same hotels. If the prices they have If you are a novice traveller or ensuring quality is a paramount
the multi-year-low of six per cent in 2016-17. Yields on the day is put up on the Nightstay app counts can soar to 40-50 per cent or given us are not the lowest, we send unfamiliar with the destination, you concern since about half of
91-day treasury bill and the 10-year government bond and website at nine in the morning. more (see table). a notification. If the hotel still does- would wonder what the average rate their business comes from repeat
are expected to be at 6.3 per cent and 6.7 per cent, respec- Starting then, you can book until The Nightstay management n’t make amends, our system stops of a hotel room in that city and customers.
tively, by March nest year. This gives a fix on interest rate
expectations. It is just 20-30 basis points lower than in
2016-17. The implication: Little change in policy rates.
The consumer surveys polled 5,084 urban house-
holds. A large proportion of the respondents (81 per cent)
expect higher inflation in the next three months, com-
pared to the previous round (68 per cent expected price
WHAT SIPs HAVE FETCHED OVER THE PAST DECADE
increase in December 2016). About 45 per cent of respon- SANJAY KUMAR SINGH  The 10-year SIP returns improve as Fund Corpus value (~) Returns (%) Fund Corpus value (~) Returns (%)
dents expect inflation rates to accelerate. you go down the market cap ladder Large-caps
Current expectations about the general economy are
Flexi-cap
The recently published Sebi investor
negative, for the first time since September 2014. Future  This does not, however, mean you Birla SL MNC 371,802 21.62 DSPBR Opportunities 277,079 16.06
survey said nearly 60 per cent of
expectations have worsened but remain positive overall. investors buy mutual funds (MFs) should invest more in flexi-cap ICICI Pru Value Discovery 354,125 20.71 Kotak Opportunities 267,497 15.42
There are marginally improved expectations in terms of through the systematic investment funds and mid- and small-cap
UTI MNC 331,207 19.46 Birla SL Frontline 267,784 15.40
income, employment and spending. plan (SIP) route. It’s the best strategy, funds than in large-cap funds
Both professional forecasters and households could be Birla SL India GenNext 319,690 18.80 HDFC Equity 266,651 15.24
that averages your cost of purchase  These funds are more volatile and
wrong in consensus assessments and RBI’s own assess- Tata Equity P/E 316,670 18.62 Birla SL Top 100 264,982 15.22
and lets you tide over the ups and so the largest chunk of your portfolio
ment might differ markedly from those revealed by the L&T Equity 256,632 14.61
downs in the stock market should be in large-cap funds Escorts High Yield Eq 305,787 17.97
survey. In fact, going by previous surveys, households
seem to consistently overestimate inflation in the con-
effectively. Almost ~5,000 crore
comes into MFs through the SIP route  By having a long investment
sensus. Professional forecasters’ median forecasts are horizon of seven years or more,
each month. If you had been an Fund Corpus value (~) Returns (%)
often “conservative” and underestimate changes in macro-
early adopter of the SIP approach, you can smoothen out the Mid- & small-cap
trends in both directions. Right or wrong, these surveys
offer nuanced and slightly negative projections on many see the tables for the returns you volatility in flexi- and
mid- and small-cap Canara Rob Emerg Equities 425,693 24.14
counts. At first glance, there is nothing to justify the huge would have made.
funds, and benefit Franklin India Smaller Cos 415,601 23.69
rally over the past three months. Looking closer, the
 Many diversified equity funds from their high Sundaram Select Midcap 370,300 21.54
expected acceleration across industry and services could
be reflected in higher growth rates for corporates. An old have given annualised returns of return potential L&T Midcap 367,846 21.42
rule of thumb suggests corporate earnings can grow at 14 per cent and above, going all
the way to 24 per cent, over the Franklin India Prima 367,695 21.41
twice GVA — that's about 15 per cent — during a favourable
cycle. The National Stock Exchange’s Nifty 50 is now trad- past decade for those who took DSPBR Small & Mid Cap 365,005 21.27
ing at a price-to earnings ratio of over 23, well above the rea- the SIP route. These are very
attractive returns Source: Ace MF, data as on April 12, 2017; Corpus value is for SIP of ~1,000 for the
sonable discount for 15 per cent earnings per share growth. past 10 years

Putting a price on your spare room

You could give it on rent to a paying guest, for commercial activity,
or run a bed and breakfast scheme
PRIYA NAIR
A large three-bedroom house can
be difficult to maintain for an eld-
erly couple living on their own,
especially in a metro like Mumbai
or Delhi, where the cost of living is
higher. But, if they rent out the
extra room, it can be an additional
source of income.
With your housing society’s per-
mission you could rent out the room
to a student who cannot afford to
pay high rent. Or if the building is
close to a commercial area, you
could rent it out for a commercial
activity. Running a bed and break-
fast scheme is another option, pro-
vided you get all the approvals.
Renting for residential purpose
The easiest way is to rent out your
extra rooms to a paying guest (PG).
While doing so, one will have to
include the cost of facilities like
electricity, water, etc, in the charge
because it is difficult to fit separate
meters. “If you are letting out only
one room, it is difficult to get a sep-
arate meter because the ownership
is with one person. Unless it is an
independent house, where you can
show more than one owner and a
separate entrance, and try to get
separate meters,’’ says Siddhart
Goel, senior director, research serv-
ices, India, Cushman and
Wakefield.
Typically, water and electricity
charges are applied on a propor-
tionate basis, and other charges
including cable, internet, maid, etc.
are charged on actual usage. An
owner keeping a PG invariably
charges deposit which is generally
lower than the usual deposit
charged for an entire house. These
conditions must be mentioned in
the agreement.
“An agreement is not necessary
but both parties involved gener-
ally get such a deal in writing to
safeguard their respective
interests,” says Ashwinder Raj
Singh, chief executive officer -
residential services, JLL India.
In many cases, the owner
might not want to register the
agreement because it will
involve additional cost like
stamp duty, says Ghulam Zia,
executive director, Knight
Frank.
“An agreement is more
important when the entire
house is given on rent, as it
gives the owner control over the
house, in case the tenants refuse to
vacate. But, in the case of PG, the
landlord is living in the same prem-
ises. So, he still has control over the
property,’’ he points out.
And, tenants will not be able to
claim tax exemption if the owner
does not provide a rent receipt,
which is what usually happens in
case of paying guests.
The rent in this case will depend
on the kind of room, facilities, etc.
For instance, if the rent for a two
BHK (bedroom, hall, kitchen) is
~30,000, for renting out one room
you can expect ~15,000, provided
WHILE LETTING OUT
THAT EXTRA SPACE
I Include charges for water,
electricity in the rent
I Take permission from
municipal corporation for any
commercial activity
I If the commercial activity is
not eligible for exemption, you
will have to bear higher tax
I Licence from tourism
department is a must for bed
and breakfast service
the tenant gets access to com-
mon areas like kitchen and living
room, in addition to the bedroom,
and if it includes services like clean-
ing and so on. Otherwise the charge
could be ~ 7,000-10,000, says Goel.
Renting for commercial
purpose
Another option is to let out the
room for a commercial activity,
again subject to permission from
your society. But, first check which
commercial activities are permit-
ted to be carried out in residential
areas by the municipal corpora-
tion. There have been instances
where owners have gone to
court for renting out their proper-
ty for commercial activities like a
yoga centre, or offices for chartered
accounts, lawyers and doctors.
“Commercial activities that are
non-polluting and do not put a
strain on infrastructure such
as water or sewage are usually per-
mitted, according to municipal
corporation rules. These vary
from city to city,” says Goel.
Running a commercial kitchen
might not be permitted in a resi-
dential building.
If your house is in a gated com-
munity, chances are the society
might not permit a commercial
activity. Too many outsiders com-
ing into the building could prove to
be a nuisance for others. It could
also impact the valuation of other
houses. But, if it is a mixed-use
building and your apartment is on
the ground floor, letting out part of
the space for commercial activity is
easier.
While certain commercial activ-
ities are exempt from tax, some
could be charged the commercial
charges on property, water and elec-
tricity rates. Keep this in mind.
Bed and breakfast
One could also run a bed and break-
fast service. For this, a licence from
the tourism department is required.
It is available for a certain fee and
after all the no objection certificates
and documents that are mentioned
on the respective state’s tourism
department website.
For example, Maharashtra
Tourism Development Corp-
oration seeks documents such as
property card, 7/12 abstract, iden-
tification from two local respected
persons like special executive
magistrate, sarpanch, talathi etc;
rate of rooms and menu rates;
NOC from Grampanchayat,
Nagarparishad, Nagarpalika,
Mahanagarpalika, photograph of
rooms, receipt of property tax,
water, electricity bill, etc.
“Since a bed and breakfast is
closer to hospitality, one has to fol-
low the rules and regulations. One
may not find too many takers if your
house is in a city, but in a tourist des-
tination it can do well,” says Zia.
https://t.me/srikakulam bubbly

MUMBAI | MONDAY, 17 APRIL 2017 POLITICS & PUBLIC AFFAIRS 17

“How dare somebody talk like this, "I strongly condemn such statements. "A strong message should go from
especially against a woman The state government the government against such
chief minister? Is this the way you is free to take appropriate behaviour and action must
are going to protect women?” legal action on this issue" be taken against the guilty"
JAYA BACHCHAN, Samajwadi Party MP on bounty announced on MUKHTAR ABBAS NAQVI, Minister for Parliamentary Affairs
West Bengal CM Mamata Banerjee MALLIKARJUN KHARGE , Congress MP and opposition leader
> .

Delhi’s local polls arouse national interest

While BJP has made the elections a matter of prestige, ELECTED MUNICIPAL CORPORATIONS IN DELHI
Aam Aadmi Party’s national prospects hinge on these NORTH DELHI CIVIC BODY
PHOTOS: SANJAY K SHARMA The North Delhi Municipal Corporation inherited a debt of around
~750 crore during the trifurcation of the MCD in 2012. It has 22
colonies in the A, B and C categories. Schools run by this
corporation recorded the highest dropout. The residences of
Delhi’s Lieutenant Governor and chief minister fall under its
jurisdiction. Main problems in the area are illegal construction,
cleaning of garbage and clogged drains.
EAST DELHI CIVIC BODY
The smallestamong the three civic bodiesand inherited debtof
around ~451 crore during the trifurcation of the MCD in 2012. Its
property taxcollection is the lowest,as nota single colony falls in
the poshA, Band Ccategories.Areas underthese civic bodiesare
susceptible to outbreakof disease because of uncleaning ofgarbage
and open drains. EastDelhi is believed to be having highest
concentration of migrantpopulation from UttarPradeshand Bihar

6,254,758 56,000 3,949,846 26,000

| Total households | Total households
POPULATION SCHOOL DROPOUT | Property taxpayers POPULATION SCHOOL DROPOUT | Property taxpayers
IN 2011 (BETWEEN 2012-13 Figuresinlakh(approx) IN 2011 (BETWEEN 2012-13 Figuresinlakh(approx)
AND2016-17) 10.0 AND 2016-17)
3.5 4.0 2.28
2012 MCD EXPENDITURE (~cr) 2012 MCD EXPENDITURE (~cr)
ELECTIONS RESULTS | Education ELECTIONS RESULTS
FINANCE (‘16-’17) | Education FINANCE (‘16-’17)
Others 16 | Sanitation Others 10 | Sanitation
BJP | Public health | Internal revenue BJP | Public health
59 35 | Internal revenue
| Budget deficit | budget deficit

1,038.47
(Figuresin~cr) Figuresin~cr
TOTAL TOTAL

892.4

351.48
819.25
819.89
104 2,755 2,754 64

692.93
1,478
2,041
INC INC
29 19

SAHIL MAKKAR least four million households. These teams are to explain to peo- SOUTH DELHI CIVIC BODY
New Delhi, 16 April ple that most of the promises made before the Delhi assembly
election in 2015 have been fulfilled. These include reducing pow- The richest among the three civic bodies in

A
few days before the Punjab Assembly elections, par-
ties in opposition, mainly the Congress, managed to
plant an element of doubt in voters’ minds about the
Aam Aadmi Party’s (AAP’s) performance in Delhi.
The Opposition ran a concerted campaign that the Arvind
Kejriwal-led Delhi government had failed to deliver on most gov-
ernance issues, beside being at loggerheads with the Bharatiya
Janata Party (BJP) government at the Centre. Many were per-
suaded that the Narendra Modi government would deny funds
and resources to Punjab if AAP won the state.
This took the wind out of AAP’s sails and the party lost its
er bills by half, providing free water supply up to 20,000 litres a NORTH DELHI the national capital, despite having
month and free education loan up to ~10 lakh.
MUNICIPALITY received the highest debt of ~850 crore
The AAP government also raised the minimum wage for during the trifurcation of MCD in 2012. It
unskilled workers from ~9,724 to ~13,350 a month, for semi- is as big as the North Delhi Municipality,
skilled workers from ~10,764 to ~14,968 and for skilled workers
from ~11,830 to ~16,182. The pension for senior citizens, persons
with 104 wards. It has the biggest share
with disability and widows was increased by ~1,000 a month. EAST DELHI of tony colonies, such as Green Park, and
The 110 Mohalla Clinics started by the city government treat- MUNICIPALITY collects the highest revenue in property
ed 2.6 million, the party claims, and 10,000 beds were added to taxes. It has 388 approved colonies, 86
government hospitals. The education sector has got 24 per cent rural villages, 81 urbanised villages, 111
of the Budget; the highest among all states and Union

Yam
unauthorised colonies, 252
strong momentum before the polling. Territories. Twenty four schools and 8,000 classrooms have
unauthorised regularised colonies and 32

una
All eyes are now trained at the elections, on April 23, to the been added; another 10,000 are expected in the next finan- SOUTH DELHI
JJ resettlement colonies.

Rive
three municipal corporations in Delhi. Currently, the BJP rules cial year. Its actions against private schools in nursery MUNICIPALITY
all the three — East, South and North civic bodies. stage admissions and fee hikes have been well received.

r
These local bodies are mainly tasked with the work of clear- Enough to win the civic elections? The answer is per-
ing garbage, primary education and primary health care. And,
the elections are being keenly observed by both AAP sympa-
haps a No. AAP has begun to make new promises, includ-
ing waiver of property tax, to attract the rich and 6,214,059 54,000
thisers and other parties across the country. middle-class, and water subsidies for tenants to woo migrant POPULATION SCHOOL DROPOUT
Both the AAP supporters and those on the fence would take the workers from Uttar Pradesh and Bihar. This was mainly to IN 2011 (BETWEEN
results as a referendum on the AAP performance in Delhi. Political counter the BJP’s move to influence the migraant population. 2012-13 T0
parties not currently part of the BJP-led National Democratic Similarly, AAP is trying to woo civic employees, especially the
Alliance (NDA) government at the Centre would see it as either a garbage and sanitation workers, regularly having their pay
2016-17)
rise or fall of another opposition force. Loss for AAP is likely to fur- delayed because of mismanagement in the civic bodies and
ther compel regional satraps to form a rainbow coalition against also because of a tussle between the Delhi government and the
FINANCE(‘16-’17)
the NDA government before the 2019 general election. three municipalities over funds. AAP has promised the 55,000- | Total households | Internal revenue
AAP leaders agree a win in the civic elections would consoli- odd cleaners and sweepers of salaries on the seventh of every | Property taxpayers | Budget deficit
date their position. “AAP is an alternative party. A win in these month, besides health facilities. Figuresinlakh (Figuresin~cr)
elections will further strengthen the faith of AAP supporters,” says AAP leaders are busy reminding people about the record out- (approx)
2,755
Dilip Pandey, convenor of its Delhi unit. break of dengue and chikungunya cases in the national capital 11.0
There is a sense in the AAP leadership that the BJP and the last year. It is the responsibility of the civic bodies to fumigate 4.75
Congress are in a ‘friendly fight’ in the Delhi elections, aimed to and keep a check on breeding of mosquitoes. Last year, 4,431 250
keep their party out. A similar rumour kept circulating during the cases of dengue and 9,749 cases of chikungunya were reported.
Punjab Assembly election. “The Congress should have high- AAP says its organisational strength has grown from its first
lighted the BJP’s failure in the civic bodies. The BJP is fighting the Delhi assembly election in 2013. It claims a cadre presence on most 2012 MCD EXPENDITURE (~cr)
elections not on the basis of their achievements in the past 10 years polling booths, estimated at a little over 13,000 in Delhi. It believes
ELECTIONS RESULTS | Education
but on mudslinging. The BJP is scared, as its councillors are fac- Muslims (17 per cent) and Dalits (13 per cent), which voted for it
ing anti-incumbency, and they have failed,” alleges Pandey. in the 2014 Delhi assembly election, would continue to do so in Others 31 | Sanitation
The BJP has made the elections a matter of prestige, involv- the civic polls. The party’s hopes are based on the 2016 munici- WILL ‘MODI WAVE’ WORK? | Public health
898.97

ing the party’s national president Amit Shah and several cabi- pal bypolls, where AAP won five of the 13 seats. The Congress, BJP The BJP is expecting to win
857.25

net and state chief ministers. The party has replicated the and independents won rest of the seats. on Prime Minister TOTAL
Gujarat style of election fighting by denying poll tickets to most However, things have changed in the past year. The BJP has Narendra Modi’s 104
of its incumbent councillors. The BJP is expecting to win on increased its presence among Dalits and consolidated its vote popularity, similar to its
221.55

Prime Minister Modi’s popularity, similar to its success in the bank of middle class and traders. The result of the bypolls at success in the recent INC
recent elections in five states. The aim would be to contain Rajouri Garden assembly seat, where the AAP candidate lost his elections in five states. The 29 BJP
AAP to a minimum, as happened with the Bahujan Samaj Party deposit to the BJP-Shiromani Akali Dal winner, has sent the aim would be to contain 44
and the Samajwadi Party in Uttar Pradesh. alarm bells ringing. The party is now focusing more on 57 AAP as happened with the
The BJP’s aggressive stance has forced AAP on the back foot. wards either won by independents or non-BJP parties, and Bahujan Samaj Party and
Instead of riding on Kejriwal’s popularity, the party has formed another 60 seats where the margin of victory was less than the Samajwadi Party BJP: Bharatiya Janata Party;
around 4,000 teams for door-to-door campaigning, is to reach at 1,000 votes. in Uttar Pradesh INC: Indian National Congress
Source: Delhi govermnent's civic bodies and media
reports

STORY IN NUMBERS PERISCOPE

PM Modi’s packed home visit
A DIFFERENT PLAY: TENDULKAR, REKHA PERFORM BADLY PrimeMinisterNarendraModiisinhishomestate,Gujarat,on
Former cricketer Sachin Tendulkar and nomination in 2012. While the 62-year-old translates to an expenditure of ~3,60,000 a expenditure incurred on him/her would be Mondaytoinaugurateseveralprojects,includingahospitalinSurat
actress Rekha are the worst performers in actress attended the Upper House for the day on Rekha and ~2,56,000 a day on high. In Rekha’s case, it is the opposite. andSumulDairy’scattlefeedplantinTapidistrict.ThePMisalso
attending the Rajya Sabha among the 12 least number of days, compared to those Tendulkar. The difference is only because of Each MP is entitled to the following: scheduledtoinauguratePhase-IoftheSAUNI(SaurashtraNarmada
nominated members. While Tendulkar has nominated with her, the expenditure the allowances, since all other components | Salary : ~50,000 a month AvataranIrrigation)project.ProvidingdetailsofModi’sscheduled
attended 23 of the 348 days since his incurred on her is the highest till date: ~65 are fixed for every Member of Parliament visit,BJPMPfromSurat,CRPatilsaid,“ModiwouldlandattheSurat
| Constituency allowance: ~45,000 a month airportontheeveningofApril16,wherewewillgivehimagrand
nomination in 2012, Rekha has attended 18. lakh as salary and expenses. Expenditure (MP). If a particular MP attended the House welcome.Nextmorning,hewillinaugurateKiranHospitalin
| Office expense allowance: ~15,000 a month
Further, Rekha has not attended more than a incurred on Tendulkar is ~58.8 lakh, more often than others and has travelled KatargamareaofSurat.”Thehospitalhasbeenbuiltatacostof~400
single day in any session since her according to the Rajya Sabha data. This more extensively than others, the | Travel and daily allowance: Variable
crorebyatrust,hesaid.
PMModiwouldthenheadtoBajipuravillageintheneighbouring
Tapidistricttoinaugurateacattlefeedplantandanicecreamplantof
SuratDistrictCo-operativeMilkProducers’Union,popularlyknownas
SumulDairy.“HewillalsoaddressalargegatheringatBajipura.We
expectthatover300,000womenwouldturnupforthismegaevent,”
SumulChairmanRajubhaiPathaksaid.Accordingtohim,thePMhad
Anu Rekha Sachin K Parasaran K T S Tulsi Sambhaji Swapan Das Roopa Narendra M C Mary Suresh Subramanian performedtheground-breakingceremonyoftheprojectin2014
Aga Tendulkar Chhatrapati Gupta Ganguly Jadhav Kom Gopi Swamy duringhistenureastheGujaratchiefminister.
Apr 27, 2012 Apr 27, 2012 Apr 27, 2012 Jun 29, 2012 Feb 25, 2014 Jun 13, 2016 Apr 25, 2016 Oct, 2016 Apr 25, 2016 Apr 25, 2016 Apr 25, 2016 Apr 25, 2016
INDUSTRIALIST ACTRESS CRICKETER LAWYER LAWYER SOCIAL WORKER JOURNALIST ACTRESS ECONOMIST SPORTS PERSON ACTOR POLITICIAN Rahul’s defamation case to be heard
Nominated Nominated Nominated Nominated Nominated BJP Nominated BJP Nominated Nominated BJP BJP The defamation case filed by the Rashtriya Swayamsevak Sangh
(RSS) against Congress Vice-President Rahul Gandhi’s alleged
Attendance in remark regarding Mahatma Gandhi's assassination will come
69.83 5.17 6.61 82.42 88.40 96.88 89.87 84.09 65.82 60.76 64.56 92.41 up for hearing on Friday. He was not present at the last hearing.
the Rajya Sabha
Last November, Rahul was granted bail on the basis of personal
(%) surety by Maharashtra's Bhiwandi court. A local RSS functionary,
Rajesh Kunte, had filed the case against Rahul for claiming at an
Questions election rally on March 6, 2014, that the right-wing organisation
asked in the 0 0 22 0 134 96 0 0 0 0 0 16
had killed Mahatma Gandhi.
Rajya Sabha Though the apex court has stayed the proceedings against
Participation him, the Congress leader appeared before Magistrate D P Kale in
in the Rajya 13 0 0 9 54 2 9 0 13 3 3 13 Bhiwandi on July 8 last year. He had in September last year
Sabha debates withdrawn his petition filed in the Supreme Court and said that
DATA: RAJYA SABHA & INDIASPEND
he would face trial.
https://t.me/srikakulam bubbly

18 THE SMART INVESTOR MUMBAI | MONDAY, 17 APRIL 2017

BSE 200: TOP 5 GAINERS OF LAST WEEK QUICK TAKE: REC POWERING AHEAD “PEOPLE ARE USUALLY EITHER TOO PESSIMISTIC OR
BSE price in ~ April 7 April 13 % chg Rural Electrification Corporation has gained 36% TOO OPTIMISTIC ON INDIA AND THEY’RE TOO
Piramal Enterprises 1,917.80 2,237.60 16.7
Rural Electrification Corporation 183.70 206.80 12.6
in the past one month. Analysts say the progress OPTIMISTIC AT THE MOMENT. INDIA IS THE SINGLE
on implementation of power sector reforms like
Aditya Birla Fashion and Retail 159.30 178.55 12.1 UDAY has been good and will lead to better
MOST EXPENSIVE MARKET GLOBALLY. IT’S MORE
Bajaj Finserv 4,213.25 4,607.15 9.3 growth and margins for companies like REC. EXPENSIVE THAN THE US”
Bharat Petroleum 675.20 730.85 8.2 Hence, they see more gains ahead for the stock RAJIV JAIN, Chairman and CIO, GQG Partners
<

Cash levels in equity MFs FUND HOUSE-WISE MOVEMENT OF CASH LEVELS

Cash as % of AUM
ICICI Prudential MF
Nov-16
4.53
Dec-16
6.90
Jan-17
12.08
Feb-17
8.92
Mar-17
8.80
STREET
SIGNS

double in 4 months
HDFCMF 1.43 2.58 1.51 3.79 1.50
Reliance Nippon MF 1.20 2.35 2.10 2.73 2.20
Birla Sun Life MF 4.27 4.88 3.66 4.50 4.70
Will anchor investors flip
D-Mart shares?
SBI MF 4.58 4.93 5.26 5.38 4.60 The 30-day lock-in period on anchor
UTI MF 3.83 2.99 2.95 3.43 3.10 investors of Avenue Supermarts, the
Equity funds sitting SUDDEN SURGE IN CASH AS STOCK
KotakMF 6.86 6.39 5.78 4.45 18.90 operator of D-Mart, ends on Monday. The
question market experts are asking is
IDFCMF 6.96 7.84 5.33 6.74 21.70
on ~39,600 crore PRICES RISE DSP BlackRockMF 5.16 3.67 4.40 5.34 3.90 whether anchor investors will sell at least a
part of their shares, due to the good returns
cash or 6% of AUM Cash (~ cr) (LHS) Cash as a % of AUM Axis MF 1.99 8.43 6.34 10.75 11.50 that they are already sitting on. While most
44,000 6.20 AUM is assets under management; AUM and cash data are for the equity segment of them say they plan to stay on with the
Source: Edelweiss Fund Insight Report
CHANDAN KISHORE KANT investment as they are in it for the long
Mumbai, 16 April 33,000 5.40 move on interest rates cash. Amid this, I think return of haul or have strong personal equation with
have kept fund managers money from IPOs allotment too promoter Radhakishan Damani, some fund

C
ash levels in equity mutual
funds (MFs) have reached
almost six per cent in March
amid a sharp rise in stock prices.
The cash levels are the highest in
at least two years. At ~39,600 crore
at the end of March, these are
more than double the levels seen
at the end of November 2016,
according to a report by Edelweiss.
On a year-to-date basis, cash as a
percentage of equity assets under
management (AUM) has
increased 116 basis points, or by
~18,800 crore. The benchmark
indices have gained more than 10
per cent during this period, while
the rally in the broader market has
been even sharper.
Continuous and robust inflows
into equity schemes coupled with
profit-booking by fund managers
in the mid and small cap space are
seen as the reason for the increase
in the cash pile.
The sudden surge in cash com-
22,000
11,000
0
May, ’16
ponent has been seen at fund
houses, including IDFC Mutual
Fund, Kotak Mutual Fund and
Axis Mutual Fund, and are largely
responsible for the rise in cash
with the equity funds segment.
Schemes of Birla Sun Life AMC,
put together, have also seen cash
levels rise.
Expensive valuations or weak
4.60
3.80
3.00
Mar, ’17
outlook for certain sectors trig-
gered some profit-taking, said
fund managers.
Neelesh Surana, head of equi-
ty at Mirae Asset, says, “There
were selective pockets that the
money had been chasing. This led
to an erosion of margin of safety
which may have triggered selling
resulting into high cash.”
Money managers said they
pulled out money from stocks in
the technology, pharma, oil,
cement and some non-banking
finance companies.
Kaustubh Belapurkar, director
(fund research) at Morningstar
India, says events like demoneti-
sation, the US presidential elec-
tion and the US Federal Reserve
guessing and resulted in a
cautious stance. But, he isn’t
worried due to the increase
in cash levels.
“Cash level of six per
cent, although high, is not
alarming and nowhere close
to 2009-10 levels, when the
industry took a conscious cash
call to as high as 15-20 per cent.
I see the current aggregate cash
levels as a temporary blip and as
opportunities come in, fund man-
agers would start re-deploying
cash in stocks,” said Belapurkar.
An official at Kotak Mutual
Fund said, “It is partly due to shift
of positions from cash to futures
for the arbitrage opportunity.”
Fund inflows have also
been robust.
Surana say, “Markets have
moved quite fast in recent times
while inflows remained strong.
Last minute cash inflows in tax
saving schemes, too, have added
would have added up the cash.”
A chief investment officer (CIO)
of a bank-sponsored fund house
echoes similar views. He says that
industry got a massive net inflow
of ~50,000 crore in the past six
months. “All of the inflows don’t
get deployed immediately. The
sharp run up in stocks has delayed
the cash deployment,” he adds.
Fund managers, however,
ruled out sustained selling and
said they would deploy the cash
depending on how earnings pan
out. They don’t rule out a correc-
tion of up to five per cent, given
the steep rise in markets over the
last few months. “Those times will
throw opportunities and excess
cash could be easily absorbed,”
says the above cited CIO.
As on 31 March, the total equi-
ty assets (including equity-linked
savings schemes) stood at about
~5.4 lakh crore managed by near-
ly 480 schemes.
managers said the returns have surpassed
their expectations and they won’t mind
partial profit-taking. D-Mart had raised
~560 crore from anchor investors before its
IPO. The stock is currently trading at
~780.50, 160 per cent higher than the issue
price of ~299.
SAMIE MODAK
PrimeFocusrisesonsalebuzz
The share price of media services company
Prime Focus has been rising steadily
in the past few weeks on reports that
Anil Ambani’s Reliance group had
initiated talks with Dalian Wanda Group,
Tencent and others to sell Reliance
MediaWorks’ entire 35 per cent stake in
the company, which could trigger an
open offer for another 26 per cent stake.
Reliance group had sold around 10 per cent
stake in Prime Focus in October 2015.
Prime Focus’s share price has risen from
~83 to ~115.60 in April – a rise of 40 per cent
in two weeks
JOYDEEP GHOSH
WindfallforliquidMFs
Debt mutual funds (MFs) saw a spurt in
investments on Thursday, ahead of the long
weekend. According to sources, many large

IS THERE CORRELATION BETWEEN FLOWS AND RETURNS? ManaksiaIndustries:Anewstory corporates parked their surplus cash into
liquid MFs to make some treasury income.
“As Friday was a bank holiday, a lot of
The first non-large- equipment whenev- the brothers went their separate companies delayed their payment
That markets dowellwhen overseas inflows go the brokerage as technicallyeverysecondary cap company to er it engages in cap- ways. From a purely cultural per- obligations and instead put that money in
up and correctwhen foreign institutional markettrade includes selling and buying, have reported finan- ital expenditure — spective, the rebound of liquid funds. They will withdraw it on
investors (FIIs) press the sell button is a popular resulting in zero netflow. cials for the last at a considerably Manaksia Industries represents Monday when markets open,” said an
adage heard on theStreet. However, an Actual “liquidity” is the “prevalentsentiment quarter of FY17 (and lower cost than his second coming. From the lit- industry official, adding that a large Sensex
analysis of netinstitutional investor inflows of the market,which is based on expectations effectively the full peers. Result: a high tle that I know, this man is not company has invested in liquid funds of
and marketreturns shows it is more than just about either improvementor deterioration in year) has been the return on gross likely to walk into the sunset four different asset management
netinflows that drive the market. For instance, fundamentals (primarilyearnings) or Kolkata-based block. with a sheathed sword. The last companies.
so far in 2017, netinflows ofclose to $3 billion continuation of prevalenttrends,” the Manaksia Three, if the time he grew a nominal compa- SAMIE MODAK
havecome in but the markets haveclimbed 11.2 note says. Industries. assets for every ny into a multi-business indus-
percent, incontrast to 2014,when the markets
got netinflows of just$629 million butthe
“Wecan onlyhope that the currentexcitement
about the Indian market, especiallythe mid-
One would have
cast a dismissive
MARKET MIND expansion
from within at a
come trial group; this time I am put-
ting a quiet rupee on the fact that
“big deal” except MUDAR PATHERYA moderate cost, then he will do the same – if only > EVENTS THIS WEEK
Sensexsoared 30 per cent.While the flows are cap and small-cap, stocks reflects the market’s
that the company by that logic it flows quicker.
important, sentimentis a bigger factor than confidence in a sharp recoveryin economic
has been the first for a second that the company generates ade- Six, the numbers: Manaksia
liquidity, says a reportbyKotakInstitutional activityand earnings and not simply Date Particulars
successive quarter, which tells quate profits. When reinvested, Industries reported an Ebidta of
Equities. For instance, if tomorrowthe US Fed expectations that the marketand underlying me of a reinvention in the it creates an attractive virtuous ~14.72 crore in the third quarter 17-Apr India - wholesale price index
cuts the interestrates by100 basis points, stocks stockswill deliver positivereturns simply company’s personality (with cycle. There is proof at hand: the with an interest cover of six US - NAHB housing market &
will go up sharplywithoutanymeaningful based on ‘liquidity’ and increased much steam left in rebound, company increased its metal times with a good component of empire manufacturing indices
inflows.There is no correlation between ‘participation’ byretail investors into the if you want to hear it loud processing capacity (for the commission income; in the China - GDP data
institutional activityand marketreturns, says market,” the note adds. SAMIE MODAK and clear). manufacture of caps and clo- fourth quarter the company China - industrial output &
There are a number of rea- sures) from 150 tonnes per year reported a consolidated Ebidta retail sales
A. Investments ($ mn) B. Equity issuance ($ mn) sons why I like this company. to 350 tonnes per year — at such of ~12 crore and an interest cov-
18-Apr US - industrial production &
Year FII FII DII Total IPO Follow- Total Net inflow Sensex One, it is a proxy of the coun- a piffling cost that all was fund- er of four times with a decline in
capacity utilisation figures
(cash) (futures) on (A-B) return (%) try’s fast-moving consumer ed from accruals (and likely to commission income.
goods (FMCG) revolution. be commissioned across the next I am keenly watching the
Results: TCS
2009 17,854 -4,066 5,375 19,163 4,103 7275 11,378 7,785 85.3 Whatever FMCG product needs quarter, if you really want to expansion of metal processing 19-Apr Results: Yes Bank & IndusInd
to be capped or closed in India know). capacity (for caps and closures) Bank
2010 29,321 -5,292 -4,504 19,525 8,340 12,665 21,005 -1,480 17.4
largely goes to Manaksia (I said Four, the company is more going on stream with any sub- 20-Apr US - continuing & initial
2011 -512 -1,086 5,943 4,345 1,328 2,557 3,885 460 -24.6 “largely”, not completely). So if than just a manufacturer; it pos- stantial debt increase as my first jobless claims
2012 24,548 -2,282 -10,854 11,412 1,274 5655 6,929 4,483 25.7 one is backing the FMCG sector, sesses a rich track record of hav- lead that FY18 could be substan- 21-Apr US - Markit PMI services,
I would rather put my cash on ing pioneered technologies. The tially better. manufacturing, composite
2013 19,986 1,502 -12,942 8,546 235 7,867 8,102 444 9
this proxy than on a thin-mar- company’s recall is that of a PhD I can smell a story building Results: ACC & HDFC Bank
2014 16,162 -4,076 -5,090 6,996 197 6170 6,367 629 29.9 gin brand that keeps hitting the holder in a subject where most here. Source:websites;
2015 3,274 -373 10,315 13,216 2,099 13139 15,238 -2,022 -5 sales plateau every few quarters. competitors have barely scraped CompiledbyBSResearchBureau
Two, this is not strictly a caps sectoral matriculation.
2016 2,903 -425 5,425 7,903 3,956 3736 7,692 211 1.9
and closures company; this a Five, this company is man- The author is a stock market writer,
BULK DEALS
2017* 6,699 -1,366 -49 5,283 626 1705 2,331 2,952 11.2 precision engineering company, aged by B K Agarwal who creat- tracking corporate earnings and
Date Name Client Type Qty Price (~)
which explains why the compa- ed the multinational Manaksia investor psychology to gauge where
Apr 12 City Union Bank Ardisia SELL 13353000 145
*Till April 12; FII: Foreign institutional investors; DII : Domestic institutional investors Source: Kotak Institutional Equities ny also manufactures its own Group before it demerged and markets are not headed Apr 10 Somany Ceramics Latinia SELL 1706400 680
Apr 11 JM Financial Morgan Stanley Asia SELL 10000000 99
Apr 11 JM Financial Baron Intl. Growth Fund BUY 9974916 99
Apr 10 Somany Ceramics Franklin Templeton MF BUY 1425000 680
Apr 11 Somany Ceramics Latinia SELL 956000 680

‘Investors should not worry about short-term market volatility’

Apr 12 EIDParry Sundaram BNP Paribas MF SELL 2098296 270
Apr 12 City Union Bank IDFC MutualFund BUY 3618785 145
Apr 12 City Union Bank Sundaram Mutual Fund BUY 3456250 145
Apr 12 EIDParry ICICI Lombard General Ins. SELL 1500000 270
Apr 13 Indiabulls Real Estate Shaastra Securities SELL 2687623 103
Apr 13 Indiabulls Real Estate Shaastra Securities BUY 2687623 102
With the fourth quarter earnings season for 2016-17 underway, CHANDRESH NIGAM, managing director and chief executive officer at Axis Mutual Fund, tells Puneet Wadhwa that with the helping the medium-term bull case Apr 12 Somany Ceramics Latinia SELL 380200 681
Apr 12 Hubtown Anand Rathi Direct India SELL 2000000 100
markets being fairly valued, the returns from here will be a function of which companies and sectors are able to deliver consistent growth. Edited excerpts: for both equities and bonds. Apr 12 Hubtown Rathi Global BUY 2000000 100
Source: BSE/NSE

around and the same thing should get
reflected in corporate earnings.
How do you see foreign portfolio and
mutual fund flows playing out over
CHANDRESH NIGAM the next few quarters? Do you see
Managing Director & Chief Executive Officer, active retail participation?
Axis Mutual Fund We expect flows to remain supportive.
Domestic investors are in the midst of
Will markets move higher over the a structural rebalancing, away from
next 12 months, despite corporate physical and into financial assets; that
earnings and capital expenditure process has a long way to run. Foreign
cycle showing no signs of a pick-up? portfolio investors have always been
The market never moves in a straight supportive of Indian markets, except
line. Corrections (stock price falls) are a during periods of crisis.
healthy part of any bull market. While
nobody can predict the market What are the key domestic and global
over a shorter time risks to the rally? What is the
period, we feel probability you assign to these
that the medium risks/events materialising?
to long-term What shocks the market typically is not
prospects are known risks but always what comes as
sound, as the a surprise — the unknowns. Having
economy is said that, in the near term, the biggest
set to turn issue will be how GST (goods and serv-
ices tax) implementation pans out and
the potential for short-term disruption
from that. Globally, we have seen that
these sort of big changes do cause
shorter term pain to the economy.
IN THE NEAR TERM, THE BIGGEST ISSUE WILL BE HOW GST IMPLEMENTATION
PANS OUT AND THE POTENTIAL FOR SHORT-TERM DISRUPTION FROM THAT.
GLOBALLY, WE HAVE SEEN THAT SUCH BIG CHANGES DO CAUSE SHORT-TERM
PAIN TO THE ECONOMY
What is your advice to both existing
and new investors in equity
markets? What about investors in
the debt segment?
As I mentioned earlier, this is a time
when India’s structural long-term
investment thesis is getting a boost
from all the structural reforms — infla-
tion targeting by the Reserve Bank, GST
rollout, bankruptcy reform, financial
inclusion, fiscal prudence, to name a
few. According to us, long-term
investors (both debt and equity) should
not worry about potential short-term
market volatility and should invest to
participate in this story.
Are the markets ignoring the likely
impact of a deficient monsoon and
GST implementation on India Inc
and the economy?
Markets, in the short term, are all
about sentiment and flows. These
have been supportive of the recent
rally. Having said that, we are also
seeing a reduction in the India risk
premium, due to the steady and con-
tinuous improvement in our macro
and the structural reforms being car-
ried out by the government. This is
Which sectors offer valuation
comfort at current levels?
Which ones will lead the next
> COMMODITY PICKS
phase of rally?
With the markets being fairly val-
ued, the returns from here will be a MUSTARD SEED
function of which companies and 4,120
(~ / qtl)
sectors are able to deliver consistent 4,040
growth. In our portfolios, we have 3,960
been overweight on private sector 3,880
banks, quality non-banking finance
3,800
companies, automobile and ancil- Mar 1 2017 Apr 13
lary companies, and select media
and consumer durable companies.
Mustardseedistradingat~3,937perquintalat
Jaipurspotmarkets.Intheweekahead,pricesare
What is your view on banks expectedtoheadtowards~3,980.Slowpaceof
investing in real estate investment farmersellingamidgooddemandfrom
trusts and infrastructure processorscouldlendsupporttopricesinthe
investment trusts? nearterm.
This is an overall part of improving
the capital flows into real estate and
infrastructure sectors. While it might GUAR SEED
take some time for the structures to
4,140
get launched and popularised, we are (~ / qtl)
quite positive about the move. 4,030
3,920
What are your expectations from the 3,810
March quarter results season and
3,700
projections for FY18 and FY19? Mar 1 2017 Apr 13
Earnings are still weak for the broad
market, although select quality com- Guar seed prices in Jodhpur market are trading
panies will deliver. Broader market at ~4,115 per quintal. Prices are expected to trade
earnings should improve slowly over higher towards ~4,250 following persistent
the next few quarters — although the export demand and lower arrivals.
rollout of GST and risk of shorter-term
disruption make it very difficult to give Prerana Desai,
a specific road map on earnings. V-P (research), Edelweiss Agri Services and
Credit, Edelweiss Agri Value Chain
https://t.me/srikakulam bubbly

.
MUMBAI | MONDAY, 17 APRIL 2017 ECONOMY & PUBLIC AFFAIRS 19 <

100% FDI likely in > FROM PAGE 1

cash, ATM firms More stocks at lofty Clean Money...

valuations again
This includes statement of financial transactions submitted by
banks, property dealers and registration authorities which had
PRESS TRUST OF INDIA banks have so far been caught sharedthelistoftoppropertydealsthathavetakenplaceinthepast
New Delhi, 16 April in a policy tangle, with the three years.
home ministry insisting that Chandrafurtherexplainedthatcashdepositsmadeduringthe

C
ash and ATM manage-
ment companies will
soon be allowed to
attract 100 per cent foreign
direct investment as they are
not required to comply with
the Private Security Agencies
(Regulation) Act (PSARA).
A clarification to this effect
is likely to be issued by the
home ministry shortly.
The clarification will be
against the backdrop of the
confusion among firms in
cash and ATM management
relating to compliance with
the Act, under which they
can receive FDI only up to
49 per cent.
The issue was discussed at
a meeting convened by the
Prime Minister’s Office (PMO)
last month.
“In that meeting, it was
decided that the home min-
istry would be asked to issue a
> FROM PAGE 1
clarification that these com-
panies will not have to com-
ply with PSARA and would be
eligible to attract 100 per cent
FDI,” an official said.
There are about a dozen
cash management players in
the country, including Writer
Safeguard, SIS Securitas,
CMS, Secure Value, Logicash,
Brinks Arya, Securitrans
and Scientific Security
Management Services.
According to experts, com-
panies managing cash for
100 per cent FDI could not be
allowed for them if they pro-
vide private security guards or
armoured vehicles.
Companies that make
devices such as currency
authenticators and sorting
and currency counting
machines will also benefit
from this clarification, they
added. Several players, includ-
ing TVS Electronics and ITI,
are in such businesses.
Cash management compa-
nies handle over ~40,000 crore
of cash per day.
The government in 2015
permitted 100 per cent FDI
under the automatic route for
white label ATM operations
with an aim to promote
financial inclusion.
FDI into the country grew
22 per cent to $35.85 billion
during April-December of
2016-17.
Comparable numbers when
Sensex peaked on September
8, 2016, were 74 and 18,
respectively.
Notably, the Sensex fell
22.6 per cent in a little over a
year’s time after peaking in
January 2015, while it fell by
11.3 per cent in two months
from its peak in September
2016. An unreasonably high
P/E multiple means the
stock price has run up but
the company’s earnings are
yet to catch up. Most of these
100-plus P/E stocks have
outperformed the BSE 500
index, with gains of 20 to 100
per cent since December 26.
One reason for the gains
could be that markets tend
to react first in hope of an
improvement or deteriora-
tion in any company’s
prospects. But, it is only in
hindsight that investors
come to know whether the
market was right or wrong.
There are many examples to
prove this. Investors should,
thus, be cautious while deal-
ing in the highly valued
ratios. This time, even as stocks still trade at over 20 demonetisation drive exposed the hidden bank accounts and
metal companies (Tata Steel, times the two-year forward permanent account number (PAN) details which helped them
Vedanta) have posted losses (FY19) earnings, which is not unearth more information on the individuals.
in recent times, the stock cheap. So, too, for stocks Chandra met tax officials from across the country in Mumbai
returns have been phenome- with a P/E between 50 and last Friday and Saturday to discuss details of the second phase of
nal. Nischal Maheshwari, 100. its operation. “Under the second phase, we have outlined three
head of institutional equities For stocks trading at 50- options to identify tax evaders. First, we will do a deeper scrutiny
at Edelweiss Securities, plus PEs, Gautam Sinha Roy, of the individuals identified. Second, we may launch an open
explains: “Cyclicals are at the senior vice-president at enquiry,ifwegetmoreinformation,apartfromthedatacompiled.
bottom of the cycle when Motilal Oswal Asset Third,incaseofstrongevidence,wewouldundertakeenforcement
industrials slow down; Management, has sound action and book the individuals on the spot,” said Chandra.
hence, they post losses. advice. He says, “Investors According to tax officials, of the seven million accounts of
Investors should, thus, look should only hold on to these PANcardholdersthatsawsurgeindevaluednoteafterthecurrency
at their enterprise value to stocks if they have very swap,35percenthadneverfiledtheirtaxreturnsortheirdeposits
Ebitda (operating profit) strong earnings growth visi- did not match with their tax profile.
ratio; most of bility. The ones Tax department sources also said that during the probe, they
them are inexpen- While there is no that don’t deliver found information concerning the role of some bankers, govern-
sive on this front. certainty in equity healthy earnings ment officials and bureaucrats during the demonetisation drive.
We like Vedanta markets, the growth are more Sourcessaidgovernmentofficialssuchasbankers,doctorsandoth-
and other cyclical parameters to likely to witness ers, were on the radar as they had deposited cash in the range of
stocks, as recovery consider include time or price cor- ~5-10 lakh. A senior I-T official said that during their enquiry,
will be very the estimated rection in their there were some government employees who claimed to have
strong.” earnings growth valuations.” used their accounts and PAN to deposit other people’s money.
One way of low- for the next Interestingly, Somegovernmentservantssaidtheywerehelpingindividualswho
ering the risk is by one to two years, there are many didn’t have bank accounts to deposit the invalidated currency.
filtering out the quality of prominent names TheCBDTisshortlyexpectedtowritetotherespectivedepart-
undeserving company in the list. Many of ments and offices of these employees for an internal enquiry and
stocks. While management, them could be jus- share the details with the Central Bureau of Investigation. “The
there is no certain- long-term tifiably com- matter needs to be examined further,” said Chandra.
ty in equity mar- potential to scale manding high val-
kets, the parame- up a business and uations, due to
ters to consider so forth strong growth

GSTN ready for scrips.

Coming to valuations, a
caveat here is that the P/E
include the esti-
mated earnings
prospects. Thus,
experts suggest
growth for the next one to investors go a step ahead of

last-minute rush...
ratio tends to vary across sec-
tors and growth cycles. For
example, consumer food
companies usually trade at a
multiple of over 20, due to
steady growth prospects. We
have also seen the swing in
valuations of information
technology and pharmaceu-
tical companies - from high
P/E when growth rates were
strong to the current low P/E
due to slowdown and other
concerns. Likewise, com-
modity producers typically
trade in single-digit P/E
two years, quality of compa- P/E and look at the P/EG
ny management, long-term ratio, of price/earnings to
potential to scale up a busi- growth. This is a stock’s P/E
ness and so forth. divided by the growth rate of
A closer look at the 100- its earnings for a specified
plus P/E companies reveals time period.
that earnings of 16 compa- Rakesh Arora, managing
nies are estimated to grow by partner, Go India Advisors,
over 20 per cent annually says, “High-growth stocks
during FY16-19. Another 21 are also valued using the
are expected to post profit in P/EG ratio. This factors in
FY19 as compared to loss in the pace of growth these
FY16, by Bloomberg consen- stocks are building into.
sus data. However, in cases Theoretically, if the P/EG
where earnings estimates are ratio is below one, it is fine to
available, a majority of the invest at those valuations.”

To deal with teething issues, big companies such as Maruti Suzuki or Hindustan Unilever, which
generate hundreds and thousands of invoices, can use the services of GST Suvidha Providers,
which would act as intermediaries between companies and the GSTN

On the basis of the supply to be able to access data in and medium-sized compa-
side data, firms will be able to order to maintain the integri- nies into the system, officials
avail themselves of input tax ty of the entire chain. in the GSTN expect GSPs to
credit. To deal with teething assist a wide variety of tax-
Take, for example, the issues, big companies such as payers, including small and
case of Maruti Suzuki. The Maruti Suzuki or Hindustan medium enterprises and
company will upload invoic- Unilever, which generate small retail vendors. This
es from outward sales in hundreds and thousands of would entail assistance in
GSTR-1 and inward supplies invoices, can use the services rearranging the purchase,
received in GSTR-2. The of GST Suvidha Providers sales register data in the GST-
details filled by Maruti in (GSPs), which would act as compliant format, and inte-
GSTR-1 will reflect in the intermediaries between com- gration of their accounting
GSTR-2 of its counterparts, panies and the GSTN. packages/ enterprise
and vice versa. And those concerned resource planning with the
Now, firms have the right about the integration of small GST system.
to either accept the informa-
tion uploaded by its counter-
party, edit it or reject it. If
both parties accept the
bills, another form, GSTR-3,
will be automatically gener-
ated for claiming input tax
credit.
Deadlines have been set
to file these returns. GSTR-1
has to be filled by the 10th of
the month, while GSTR-2 is
to be filed by the 15th.
Every company would be
required to file these three
tax returns every month and
all invoices will have to be
uploaded in the system.
As companies can avail
themselves of input tax cred-
it only after their counter-
parties have uploaded their
invoices and/or accepted
them, the system has an
inbuilt incentive for compa-
nies to push their counter-
parties to upload their tax
details.
There are also other forms
such as GSTR-5 for non-resi-
dent foreign taxpayers and
GSTR-10 for government
entities.
On the GSTN dashboard,
a firm will be able to see the
various taxes it has paid,
notably Central GST, State
GST, Integrated GST, and
cesses. Officials of the GSTN
said that the proceeds of the
State GST would be routed to
states via the Reserve Bank
of India.
Firms will also be able to
see the mismatches in the
receiver and supplier data on
their dashboard. A segment-
wise breakup of invoices —
business-to-business, busi-
ness-to-consumer, exports,
imports, etc — is also avail-
able.
The GSTN has also tied up
with the Customs authority
https://t.me/srikakulam
20
>
Modi calls for a ‘long jump’
to give India advanced tag
PMsaysmixofpro-poorsteps&good
governancetomakeanewIndiaby2022
ARCHIS MOHAN
Bhubaneswar, 16 April
Prime Minister Narendra Modi on Sunday
stressed the need to pursue a road map of
“P2G2” — combining pro-poor proactive ini-
tiatives with good governance — as he shared
his government’s vision of building a “new
India” by 2022.
Addressing the Bharatiya Janata Party
(BJP) leaders on the concluding day of the
party’s two-day national executive here,
Modi said the government’s economic poli-
cies like the goods and services tax (GST)
would foster more honesty in business and
improve tax compliance. This can help dou-
ble tax revenue in the next two years from the
2014 level of ~13 lakh crore.
The PM said the country needed to pull off
a “long jump” to be counted among advanced
nations on the 75th year of its independence in
2022. Modi said the focus of BJP governments
and its allies, whether at the Centre or in states,
should be to make the lives of the poor sus-
tainable, ensure social justice and economic
equality to workers and peasants.
On social justice, he spoke about efforts to
give constitutional status to a National
Commission for Socially and Educationally
Backward Classes, saying this would benefit
all OBCs across religions.
Briefing the media on the PM’s speech, BJP
leader and Cabinet minister Nitin Gadkari said
Modi underscored how “Muslim sisters” suf-
fered because of ‘triple talaq’.
The government didn’t want conflict or ten-
sion within the Muslim community, and its
women deserved social justice, Gadkari quot-
ed Modi.
The PM said the cornerstones of his gov-
ernment’s vision would be Jan Dhan, economic
empowerment of the poor; Van Dhan, forest-
based economy to empower the tribal popula-
tion and protect the environment; and Jal
Dhan, to ensure better irrigation.
He talked about the need to protect the
livelihoods of the tribal population, and on
ethical exploitation of natural resources.
Odisha is a state the BJP aims to win in 2019.
According to the 2011 census, tribals comprised
22 per cent of its population.
The BJP also plans to do better in the north-
eastern states, which have sizable tribal popu-
lations.
Narendra Modi visits the Lord Lingaraj temple
in Bhubaneswar on Sunday PTI PHOTO
On Jal Dhan, Gadkari said the Modi gov-
ernment was the first to allocate ~85,000 crore
as part of the Pradhan Mantri Krishi Sinchayee
Yojana, adding that better water management
would reduce agrarian stress, bring prosperity
to villages and reduce farmer suicides.
The PM said merely building infrastructure
such as roads and hospitals wasn’t enough.
Delivery of services in hospitals, schools and
state-run transportation was important.
On allegations of rigging of electronic voting
machines (EVMs), he asked his party col-
leagues not to pay heed to “manufactured con-
troversies”. Similar controversies, he said, had
been raked up over ‘award wapsi’ and alleged
attacks on churches.
Modi asked party leaders to implement the
pro-poor vision and achieve the dream of con-
structing a “new India”. He called upon them to
take inspiration from Mahatma Gandhi, who
pursued the objective of India’s independence
with single-minded focus from 1922.
Party chief Amit Shah said the BJP had an
iconic leader in Modi and should leverage it to
expand across India.
BJP national meet commends
Modi govt policies
ARCHIS MOHAN
Bhubaneswar, 16 April
The Bharatiya Janata Party
(BJP) adopted two resolutions
at its national executive
meeting here.
The first, a political
resolution, congratulates
Prime Minister Narendra Modi
and Finance Minister Arun
Jaitley for ensuring passage of
the goods and services tax
(GST), and for presenting a
‘pro-poor budget’.
Crediting the PM for the
party’s emphatic wins in
recent state assembly polls,
the resolution said Modi had
emerged as the most popular
leader in independent India.
The second resolution
complimented the
government’s effort on a
statutory National
Commission for Socially and
Educationally Backward
Classes. It also slams
opposition parties for
blocking the passage of a
constitution amendment Bill
in this regard in the Rajya
Sabha.
The move for statutory
status is an effort by the BJP to
consolidate support among
the other backward classes
(OBCs), after the Uttar Pradesh
assembly poll success. In his
speech at the meet, the PM
said the new Commission
would benefit all classes listed
under the OBC category,
which spanned religions.
bubbly
MUMBAI | MONDAY, 17 APRIL 2017 1
Mumbai, Hyderabad, Chennai
airports on alert after hijack threat
PRESS TRUST OF INDIA
New Delhi, 16 April
Security at international air-
ports in Mumbai, Hyderabad
and Chennai was put on maxi-
mum alert after state police
forces and the Central
Industrial Security Force (CISF)
were informed about a possi-
ble aircraft hijack attempt.
Security protocols at these
civilian air facilities was
increased to a level done on
Republic Day and Indepen-
Security personnel stand guard at the Chennai International
dence Day and the CISF, which
Airport on Sunday following a hijack alert PTI PHOTO
guards the airports, and police
were taking special measures. investigations conclude, all specific and actionable.
Mumbai Police last night security drills to thwart a Anti-sabotage sweeps are
got an e-mail, purportedly sent hijack-like scenario are being being carried out at the three
by a Hyderabad-based woman. carried,” he said. airports and security agencies
She claimed she overheard six “The woman wrote what are carrying out full passenger
men telling each other that “all she heard could be ‘true or not’ checks, baggage scanning, pre-
the 23 people have to split from but chose to inform the embarkation checks and like
here and board flights in three authorities as she felt it was measures.CISFhaspressedinto
cities and hijack planes”. her duty as a citizen,” a senior service its sniffer dog squads
CISF Director-General O P officer said. and quick reaction commando
Singh told PTI the security The contents of the e-mail teams for sanitisation drills.
apparatus at these airports were shared with all security “There is no reason to pan-
had been put on “an enhanced and intelligence agencies last ic and all the operations at
alert and protocols have been night and a meeting of all these airports will be conduct-
stepped up”. stakeholders at these airports ed as normally as possible so
“The e-mail could eventu- was subsequently convened that passengers don’t face any
ally turn out be a hoax but till with the input being declared problem,” a senior officer said.
Air India to empower staff
to tackle unruly fliers
PRESS TRUST OF INDIA him, we will make these public,” an official said.
New Delhi, 16 April Under the new guidelines, an airport man-
ager would be empowered to take action
Air India (AI) plans more autonomy to its man- against a passenger showing unruly behaviour
agers at airports under a stricter framework either onboard or on the ground, without wait-
being prepared to deal with unruly fliers. ing for approval of the chairman.
Since Shiv Sena MP Ravindra Gaikwad “The guidelines have a provision to seek
assaulting an AI staffer last month, the nation- financial compensation from any such pas-
al carrier and the government have been senger for the loss of revenue if the flight is
exploring ways to bolster the existing mecha- held up due to such incidents,” the official said.
nism to rein in unruly passengers. The airline has also changed the log book
Providing more autonomy for managers, a entry format to ensure the exact reason for
stronger mechanism to report incidents of delay in flights are recorded, rather than gener-
untoward behaviour and monetary compen- ic explanations. The government is planning a
sation from unruly fliers are being looked at. ‘no fly’ list as part of stronger measures to deal
“The draft guidelines, prepared with the with unruly behaviour by individuals onboard.
assistance of Air India’s legal department, are Following the Gaikwad incident, AI and
now with Chairman and Managing Director other domestic airlines had barred him from
Ashwani Lohani. Once we get a go-ahead from flying with them. AI later revoked the ban.
https://t.me/srikakulam bubbly

The Smart 1QUICK TAKE: CRUDE TO MOVE IN $45-$55 RANGE

Investor
TSI P2 COMMODITIES P12
Oil prices have fallen 10% in a month
following resumed supply of shale oil,
US FEDERAL BSE PLANS GOLD
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MUMBAI |
FRIDAY, 17 MARCH 2017
on OPEC’s production cut. Analysts
expect oil to trade in $45-$55 range,
MARKET SPOT TRADE AT
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WWW.SMARTINVESTOR.IN.FOR INFORMED DECISION MAKING <

Rally after US Fed rate Regulator allows insurers to

invest in infrastructure funds
hike stumps experts RAGHAVENDRA KAMATH
Mumbai,16March

The Insurance Regulatory and

ty & mergers and acquisitions at Nishith
Desai Associates, said since Reits and
InvITs offered low-risk fixed income, insur-
ance companies would look to invest in
HAMSINI KARTHIK Development Authority of India (Irda) has them.
Mumbai,16March cleared investment by insurance compa- While a handful of companies have
nies in Real Estate Investment Trusts filed application for InvITs, none of the

U
sually, a rate hike by US Federal
Reserve or Fed isn’t viewed as pos-
itive, particularly for emerging mar-
kets (EMs), because higher interest rates
increase the price of funds (liquidity) that
typically chase riskier assets like EM equi-
ties, for higher returns. If past perform-
ance is any indicator, the traders were brac-
ing up for some correction or consolidation
in Thursday’s trading session. But, what
happened instead was totally contrary to
past performances and even logic. The S&P
BSE Sensex gained 187 points and CNX
Nifty closed at its all-time high of 9,153
points. Experts unanimously say that
Thursday’s trading session is clearly a case
of sentiments overtaking logic or underly-
ing market fundamentals. And, from cur-
rent levels, downside is much higher than
upside.
A LOOK AT PROFITS
Sensex’s earnings-per-share estimates
“BJP (Bharatiya Janata Party) winning
election in Uttar Pradesh has changed the
sentiments even for foreign institutional
(Reits) and Infrastructure Investment
Trusts (InvITs), thus making an important
breakthrough for the sponsors.
Insurance companies are allowed to
buy into commercial real estate, and let-
ting them invest in Reits is expected to
deepen the commercial property market,
according to experts.
In a circular dated March 14, Irda said
an insurer could invest not more than 3 per
cent of its fund size or in not more than 5
per cent of the units issued by a single
Reit/InvIT, whichever is lower.
Irda has said that no investment will be
made in a Reit/Invit in which the sponsor
is under the promoter group of the insur-
er.
Irda said the Reit/Invit rated not less
INDEX TRACKER than AA would form part of approved
investments and Reit/Invit rated less than
Base is 100
AA would be part of other investments.
FY17E FY18E “Since insurance companies are one of
the major subscribers of Reits globally,
1,941
Irda said an insurer could invest not
over 3% of its fund size or in not
more than 5% of the units issued by
a Reit/InvIT, whichever is lower
Irda's move will help those floating a Reit,"
said a senior executive of a real estate com-
pany planning to float a Reit.
Ruchir Sinha, co-head of private equi-
companies has filed for Reits.
Companies such as Stellite Power, IRB,
RInfra and IndiGrid have filed papers for
creating InvITs.
Only the Embassy-Blackstone joint
venture has filed for intent papers with
Sebi for Reits.
According to realty consultant JLL
India, around 229 million square feet of
office space is currently Reit-compliant.
“Even if 50 per cent of this space is list-
ed in the next few years, we are looking at
a total Reit listing worth $18.5 billion.
Moreover, India’s stock of Grade A com-
mercial assets is increasing, with Reits act-
ing as a sure-fire growth catalyst,” JLL said.
InvITs might give a fillip to the cash-
starved infra space by infusing capital to
the tune of ~20,000 crore over the next 18
months, said a report by rating agency
Icra.

1,849

1,849

investors. So any news tends to be inter-

1,830

1,838

1,715
1,626

preted by sentiments and that’s what

1,548

1,538

1,524

1,483

1,432

played out on Thursday,” Lalit Nambiar,

senior vice-president and fund manager,
equity, UTI Mutual Fund, says. Another
fund manager points out that some seg-
ment of institutional investors’ interpret-
ed US Fed rate hike and the commentary
by its chief as signs of improvement in
growth in the US. Janet Yellen (the US Fed
chief, pictured) has targeted for two rate
hikes this year and three next year.
“Normally, this would be interpreted as a
cap on global liquidity. But this time, equi-
ties the world over view Fed’s decision as
green shoots of growth. When the leader-
ship in the US is taking aggressive stance
on protectionism, it is unlikely that India
would gain from US growing this time,”
he warns. Experts suggest that measures
such as lowering tax rates for companies,
which will increase their presence in the
US, could be detrimental to India. “Indian
equities are completely ignoring the glob-
al headwinds,” Gautam Chhaochharia,
head of India research, UBS says.
What also worries experts is the lack of
depth in market fundamentals in the cur-
rent rally. “Only two bull market rallies out
of six that Indian market has witnessed so
far (1993-97 and 2003-07) have been sup-
ported by growth in earnings. Otherwise,
it is largely just a price-earnings expan-
sion. This has been the nature of equities
Mar 31, Jun 30, Sep 30 Nov 08
2016
Compiled by BS Research Bureau
and I don’t see the current rally any differ-
ent from what was in the past,” Nambiar
adds. “The market is behaving blind to
another round of earnings downgrade,”
CEO of domestic brokerage flags off.
“Without visibility on earnings, it might be
tough to justify valuations,” says Pramod
Gubbi, head of equities, Ambit Capital.
“Not much of earnings' downgrade likely
due to adoption of goods and services tax
in FY18 getting priced in. If the commen-
tary after March quarter's earnings isn’t
strong, I expect a break in the rally,” Gubbi
adds. Chhaochharia is factoring in for eight
per cent cut in earnings estimate for FY18.
Nambiar, who largely handles a portfo-
lio of mid-cap stocks, says he is now con-
centrating on stocks which could be rela-
tively immune to global headwinds and
could start delivering earnings once capac-
ity-expansion cycle kicks in. “But, are we
paying the right price for the stocks is the
question to ask,” he adds. Experts believe
that while it may not be a challenge to raise
Dec 31 Mar 16
2017
Source: Exchange
incremental domestic fund flows, stock
selection may become very tricky.
“Therearefewerqualitynameslefttocon-
sidercomparedtoayearago,andmyguessis
if the rally continues to be sentiment-driven,
we will run out of options soon,” he cautions.
There are other risks to earnings. Dhananjay
Sinha, equity strategist, Emkay Global
Financial, states that with higher Fed rate,
ReserveBankofIndia(RBI)toomaynotreduce
its rates. Experts feel that this could worsen
loangrowth.“Implicationsofthiscouldbefar
worse as it can further dampen the earnings
projections,”Sinhastates.
Fornow,expertsadviseinvestorstolatch
ontotheirsavingsandbeveryselectivewith
their stock picks as at “frothy” valuations
(Sensex at 22.9 times its companies’ FY17
estimatednetprofits),downsideriskishigh-
erthanupsidegains.Already,FY18earnings
estimate has been lowered by nearly 12 per
cent since last March, and experts say there
is scope for it to be lowered further.
Government could launch 2nd
public-unit fund by early May
ARUP ROYCHOUDHURY
NewDelhi,16March
The government is firming up
plans for launching another
CPSE ETF (central public sector
enterprises exchange-traded
fund) and will likely have it
ready to hit the bourses by ear-
ly May. The discussions
between the Centre and the
asset manager, ICICI Mutual
Fund, on the stocks of the ETF
are in final stages, sources say.
ETFs are index-tracking
funds that can be traded on
exchanges just like a stock, so
they combine the diversified
holdings of a fund with the low
cost and tradability of a share.
The biggest advantage is that it
provides diversification to
investors and is cheaper than
investing in a fund. The broker-
age fees are the same as trad- ETF. Everything should be proposed second ETF will also
ing in an individual stock. An finalised by end-April or early be a new fund offer (NFO) fol-
open-ended ETF has no upper May," said a senior government lowed by additional offers.
investment limit but a closed official aware of the develop- "Government may provide
one has. ments. appropriate discount for differ-
This CPSE ETF will draw on The request for proposal ent investors in the form of a
the success of the (RFP) for asset suitable mix of upfront and
first one, which was The request for managers for the back-end loyalty discount," the
launched in March proposal for asset second ETF in advertisement had said.
2014, and whose managers for said August last year The constituent firms of the
third tranche is the ETF could clarified that the first ETF are Coal India, Oil and
open for subscrip- contain govt’s ETF could also con- Natural Gas Corporation, GAIL,
tion till Friday. The share stake in tain government's Rural Electrification Corp,
first CPSE ETF is non-state-owned stake in non-state- Power Finance Corp, Container
managed by companies owned companies. Corp of India, Indian Oil, Oil
Reliance Mutual Officials have said India, Bharat Electronics, and
Fund and has so far garnered that, hence, the ETF could Engineers India. Of these, the
~9,000 crore over the previous include Centre's stake in Axis largest are ONGC, with a 23.62
two tranches. Bank, Larsen & Toubro, ITC, percentweight,CoalIndia(17.18
"DIPAM (Department of and Hindustan Zinc. It could per cent), and GAIL (16.81 per
Investment and Public Asset also include state-owned banks, cent). The other companies'
Management) and ICICI Mutual which were not included in the weights range between 1 and 8.5
Fund are working on the con- first CPSE ETF. per cent.
stituents of the second CPSE Just like the first ETF, the

THE COMPASS

For Biocon, windfall seen from drug launch

Settlement with innovators of a key drug clears up legal hurdles, offers up a revenue machine
RAM PRASAD SAHU
Biocon stock is up five per cent this week after its
partner Mylan settled up with Roche and
Genentech, which hold patent for cancer drug
trastuzumab. With analysts predicting more gains
for the stock, the development looks significant
for Biocon.
In 2016, the cancer drug is said to have clocked
sales of just under $7 billion (~46,000 crore), large-
ly from developed markets of the United States or
US and the European Union. Analysts at Morgan
Stanley believe Mylan and Biocon would clock
sales of $200 million within two years of the drug’s
launch, factoring in a 60 per cent erosion in its
price as well as a market share of 15 per cent. This
should help Biocon clock $40 million (~260 crore)
in profit, factoring in a profit share of 35 per cent
with partner Mylan. Any gains from emerging mar-
kets would rack up over and above this profit esti-
mate.
The cancer drug is expected to be launched in
the second half of 2018 in Europe and in 2019 in the
US. Biocon launched the drug, Used to treat low White Blood Cell
used to treat early-stage and late- count, it has been assigned a per-
stage breast cancer, in India in share value of ~80.
2014 and is registering documents Morgan Stanley analysts assign
for it in other emerging markets. one-year forward price-to-earn-
Analysts are positive about ings of 30 for Biocon, with a stock
Mylan’s settlement with Roche target price of ~1,264. They justify
and Genentech removing legal this 40 per cent premium to its
hurdles and paving the way for three-year average by citing
launch in key developed markets improving business fundamen-
within a strict time frame. tals; 30 per cent premium to peers
The importance of the drug can is all down to the company being
be seen from the fact that, out of the only pure-play Indian story on
the five key biosimilars Biocon global biosimilar opportunities. In
expects to launch in developed addition, prospects for domestic
markets, the drug alone represents formulations and contract
the biggest revenue potential. (A biosimilar is research, as well as commercialisation of new facil-
designed to have active properties similar to a drug ity in Malaysia, also support these valuations. Citi
that has previously been licensed.) Analysts at Citi Research has a stock target price of ~1,315. Given the
Research value the drug at ~195 a share, with the current stock price of ~1,121, there is a potential of
overall valuation for the five products at ~515 per 13-18 per cent. While launch clarity helps, any delay
share of Biocon. The Street expects the next biosim- could make pressure the valuations.
ilar, pegfilgrastim, to be launched in 2018 or 2019.

Should investors worry on HDFC Life, Max Life’s slower growth?

While managements of both are confident of growth picking up, some analysts wait for signals
SHEETAL AGARWAL our bank partners during this period to
HDFC AND MAX LIFE LAG PEERS improve the quality of new business written
At a time when most bank-led life insurers have significantly. We are already seeing an uptick in
grown at a healthy clip, HDFC Life and Max % Y-o-Y change our bancassurance business and we believe
Life, to be joined up soon, have lagged behind, Annual premium equivalent growth (%) Feb FY17* this upward trajectory will continue," says
particularly in the individual (consumer) seg- ICICI Prudential Life Insurance company 57.0 29.0 Subrat Mohanty, senior executive vice-presi-
ment that makes up bulk of the premiums. SBI Life Insurance 18.5 38.4 dent, HDFC Life.
This has weighed on the share price of Max Management of Max Life Insurance, too,
Financial Services (holding company of Max
HDFC Standard Life Insurance 2.7 6.1 remains positive. Prashant Tripathy, senior
Life), which has fallen nearly six per cent over Max Life Insurance Company 10.8 22.9 director and finance chief at Max Life
the past one month as against a four per cent *This year so far Sources: IRDA, Antique Stock Broking Insurance, says, "We have witnessed some
rise in the S&P BSE 200 index. So, should slowdown in January and February but the
investors be worried? measure used for comparison of life insurance rev- reasons were short term. We are confident that with
A key reason for the slowdown could be that HDFC enue by normalising policy premiums (single premi- strong performance in March, we will be able to bring
Bank has consciously decided not to push insurance um and regular premium) into the equivalent of regu- back the growth momentum." Few leading players
products to consumers during demonetisation (note lar annual payments. have witnessed some high growth years driven pri-
ban), says Nitin Aggarwal, an analyst at Antique Stock Slowdown in Max's business is also likely due to marily by Ulips (unit-linked insurance plans) sales, he
Broking. On the other hand, in their endeavour to effi- the upcoming union with HDFC Life, believe analysts adds. Ulips are a smaller proportion (one-third) of
ciently deploy huge deposit inflows after demonetisa- at Kotak Institutional Equities. They also believe high Max's total new business premiums.
tion, most banks have stepped up cross-selling of their growth in early FY17 was on account of a low base of While the management commentary is positive,
insurance and mutual fund products to their cus- FY16 in case of Max. some analysts prefer to wait and watch. Improvement
tomers leading to a spike in life insurance premium However, the management team of both compa- in premium growth is key to support valuations. "We
growth. In fact, private life insurers witnessed a 42 per nies is taking corrective measures and remains con- will watch out for HDFC Life's performance for one
cent growth in individual annualised premium equiv- fident of recovery. HDFC Life, for instance, believes more month before concluding anything," says
alents (APE) in the demonetisation month of that slowdown in the bancassurance individual seg- Aggarwal. Analysts also say that investors must watch
November, more than double than the 20 per cent ment led to its weaker performance in Q2 and Q3 of out for continued high competition in this business.
growth seen between April and October 2016. APE is a this financial year. "We were working closely with
https://t.me/srikakulam bubbly

2 THE SMART INVESTOR

>
MUMBAI | FRIDAY, 17 MARCH 2017 1

DOING GOOD, WHILE DOING BUSINESS

Institutional investorAdvisory Services (IiAS) studied the FY16 corporate social Dovish US Fed boosts
market sentiment
responsibility (CSR) initiatives and disclosures of the S&P BSE 100 companies.
The data reveal companies are taking their CSR initiative seriously.
Overall spends of the universe increased 25% to ~6,550 crore, or
1.7% of their three-year average profits. The largest increase in
overall spends have been from public sector undertakings (PSUs),
which have increased their spends by 41%. PSU spends, at 1.8%,
are higher than those of non-PSUs (which are at 1.7%). Over 60% of
the aggregate FY16 spend was made towards the causes of education, Nifty at new high, prices climbed, after the dollar
index fell to a one-month low.
hunger, health care and poverty alleviation. Contributions to the Prime
Minister’s Relief Fund, and to the Swachh Bharat Campaign aggregated a equities see surge MARKETS ACROSS THE WORLD WELCOME FED MOVE European stocks also got a
Asia Country Mar 16, 2017 % chg* boost from defeat of a populist
little less than ~400 crore. As many as 48 companies undertook CSR
initiatives that were strategically positioned to the core business. Here are
in foreign flows Hang Seng Hong Kong 24,288.28 2.08
party in the Netherlands poll,
reducing political uncertain-
some key numbers: COMPILED BY N SUNDARESHA SUBRAMANIAN Jakarta Composite Indonesia 5,518.24 1.58 ty in the region. The gains
BS REPORTER FTSE Bursa Malaysia KLCI Malaysia 1,737.14 1.15 were broad-bases, with the
CSR HIGHLIGHTS IN FY16 PUBLIC SECTOR DRIVES THE CSR SPENDS IN FY16 Mumbai, 16 March Stock Exch of Thai Thailand 1,557.05 1.05 Nifty Midcap index gaining 1.7
In FY16, PSUs spentan aggregate of ~2,420 cr on CSR, per cent to a record high and
~6,550 CR ~7,600 CR Taiwan TAIEX Taiwan 9,837.83 1.00

T
a significantincrease from the ~930 cr spentin FY13 he benchmark Nifty on the Nifty 500 gaining 0.9 per
was spent on CSR wastheprescribed the National Stock Shanghai SE Composite China 3,268.94 0.84 cent. The India VIX index, a
| 2015 | 2016 (~ cr) 17%
initiatives by the amounttobe Figures in % are increase in CSR spends from FY15 Exchange clocked a new Straits Times STI Singapore 3,163.52 0.83 gauge for market volatility,
S&P BSE 100 spentbythe all-time high on Thursday, KOSPI South Korea 2,150.08 0.80 dropped 4.1 per cent to a new

4,130
companies S&PBSE100 even as the US Federal Reserve Nifty 50 India 9,153.70 0.76 low of 11.91, signalling a posi-
41%
3,520

raised its policy rate, the third tive undercurrent. There were
S&P BSE Sensex India 29,585.85 0.64
46 1.7% 41% increase since December 2015. nearly two advancing shares
2,420

Domestic stocks and cur- Nikkei 225 Japan 19,590.14 0.07 for every one that declined on
of three-year increase
1,710

companies rency climbed, along with oth- the BSE.

average in CSR
America (As of March 15)
spent2% er global markets, after the US Adani Ports and Tata Steel
ormore of profits was spends central bank said its monetary
S&P 500 United States 2,385.26 0.84 gained a little more than four
theaverage spent by the by PSUs PSU spends Non-PSU spends policy stance would remain Nasdaq Composite United States 5,900.05 0.74 per cent each and were the
three-year S&P BSE 100 from last CSR spends as a % accommodative for “some Dow Jones Indus Avg United States 20,950.10 0.54 biggest Sensex gainers on
1.8 time”, implying its three-rate Thursday. Bajaj Auto and
profits on on CSR in year of three-year Europe (18:00 IST)
CSR FY16 FY ‘16 hike forecast for 2017 would Asian Paints gained about two
average profits FY ‘13 0.6 not be overshot. Euro Stoxx 50 Pr Eurozone 3,439.87 0.90 per cent. Among sectoral
The Nifty 50 index, a gauge DAX Germany 12,098.28 0.74 indices, the BSE Metal index
SECTORAL SPENDS fortheperformanceofthecoun- FTSE 100 Britain 7,413.28 0.61 gained the most at 2.8 per cent,
try’s top companies across sec- CAC 40 France 5,014.45 0.58 followed by the BSE Power
tors, rose nearly 0.8 per cent to index at 1.8 per cent.
*Change over previous close Compiled by BS Research Bureau
9,153.7.The30-sharebenchmark Analysts expect pro-risk sen-
Sensex on the BSE exchange timent to continue on hope of
rose 0.6 per cent or 187.74 points more rate hikes in 2017. The rupee’s weakening. On ty markets emanating from global economic growth after
METALS AND INFORMATION to 29,585.85, about 1.4 per cent Fed’s stance bodes well for Thursday, FPIs net bought foreign liquidity flows. The the Fed highlighted the US
ENERGY BANKS AND NBFCs MINING TECHNOLOGY RETAIL AND FMCG away from a new high. The Indian equity markets, where shares worth ~1,360 crore, tak- markets will now take a direc- economy's robustness.
rupee gained 0.4 per cent to we expect the positive momen- ing their three-day investment tion based on earnings growth However, concerns remain over
~2,170 CR ~1,280 CR ~740 CR ~720 CR ~510 CR close at 65.41 against the dollar. tum to continue,” said Sanjay tally to ~6,600 crore ($1 billion). prospects for the next fiscal,” market valuations and lack of
8 among the 12 6 among the 22 7 among the 8 2 among the 5 8 among the 13 “The message from the Fed Kumar, chief investment offi- “The Fed's statement made said Rakesh Tarway, head of sustained pick-up in earnings
companies in this companies in this was less hawkish than antici- cer, PNB MetLife Insurance. it clear that the path for rate research, Reliance Securities. and economic growth.
companies in this companies in this companies in this
pated. It has maintained its Foreign portfolio investor hikes is on expected lines for Most Asian and European
sector met/ sector met/ sector met/ sector met/ sector met/ stance of gradually normalis- (FPI) flows into the Indian 2017. Clarity on the path will stocks also advanced on the COMMODITIES, P16
exceeded the exceeded the exceeded the exceeded the exceeded the ing interest rates, pegging two market accelerated with the remove overhang on the equi- Fed decision. Metal and gold Commodity prices move up
prescribed spend prescribed spend prescribed spend prescribed spend prescribed spend

TOP FOUR CSR THEMES IN FY16 (~ cr) TOP 5 COMPANIES BY

CSR FUND ALLOCATION
(~ cr)
RCap to spin off health biz from general insurance
Reliance 650 PRESS TRUST OF INDIA arate the health segment. ~50,000 crore ($8 billion) by gic and equity partners, it on BSE, up 8.47 per cent from
Industries New Delhi, 16 March Sector regulator Insurance 2020. RGIL's health insurance added. Ravi Viswanath has the previous close. In the
EDUCATION HUNGER, RURAL ENVIRONMENT Regulatory and Development portfolio recorded gross pre- been named the CEO of intra-day trade, the stock had
HEALTH CARE DEVELOPMENT SUSTAINABILITY NTPC 490 Reliance Capital will set up a Authority of India (Irdai) is yet mium of ~570 crore ($87 mil- Reliance Health Insurance Co. climbed 9.45 per cent to touch
AND POVERTY PROJECTS standalone health insurance to approve the plan. lion) as of March 31, 2016. Shares of Reliance Capital the 52-week high of 609. On
1,460

company by carving it out Reliance Health Insurance, Reliance Capital said the on Thursday surged by NSE, it closed 9.07 per cent
ONGC 420
1,000

from the general insurance the proposed new company, proposal to separate health around nine per cent after the higher at ~607.25. It had
2,030

1,960

entity. will be a wholly owned sub- business will enhance man- company announced plans to touched year-long high of
1,490

530

TCS
430

290
470

The board of directors of sidiary of Reliance Capital, a agement focus on this seg- set up a standalone health ~609.50 during the day.
Reliance General Insurance company statement said. ment. It will provide flexibili- insurance firm by carving it Following the uptick, the
ITC Company (RGIL), a subsidiary Health insurance business, one ty to the company to unlock out from the general insur- market capitalisation of the
FY15 FY16 FY15 FY16 FY15 FY16 FY15 FY16 250 of Reliance Capital, has of the fastest growing in India, value by bringing in global ance entity. company increased by ~170.3
Source: IiAS approved the proposal to sep- is estimated to double to about leaders in this space as strate- The scrip settled at ~603.50 crore to ~3,653.14 crore.

More legs to the rally in Delta Corp IN BRIEF

The company is a concept play on expansion of the casino and gaming industry in India
SHEETAL AGARWAL
Mumbai,16March
Casino and hotel operator Delta
Corp(Delta)hasahostofgrowth
catalysts in place going forward.
Under-penetration of casinos in
India, launch of the company’s
casino in Daman (Union
Territory) and value unlocking
from sale of land parcels are
among the catalysts. The com-
pany'sleadershippositioninthe
Indiangamingindustrymakesit
well poised to benefit from
growthofthismarketinIndia.In
fact, ace investor Rakesh
Jhunjhunwala recently stepped
up his stake in the company to
10.28 per cent from 9.74 per cent
earlier—anindicationofhispos-
itiveviewsonthestock.Notably,
even as the stock has run up 2.7
times in the past one year to the
current level of ~172 apiece on
the back of strong financial per-
formance, there is room for fur-
ther upside.
After achieving break-even
in FY15, the company’s net prof-
it growth is pegged to grow by 82
percentthisfinancialyearto~77
crore and at a compounded
annualgrowthrateof77percent
DELTA CORP
BSE price in ~
over FY17 to FY19 according to
Bloomberg consensus esti-
mates. Such a strong earnings
growthwouldalsoleadtomean-
ingful expansion in the compa-
ny’s return ratios like return on
equity. Increasing the use of
capacityatcurrentlyoperational
casinos as well as the launch of
the Daman casino will aid
Delta’s revenue growth. Given
that 68 per cent of its costs are
fixed in nature, increase in
capacity use tends to drive up
profit margins.
Investors should note that
the above profit estimates do
not factor in any gains from the
sale of Delta’s land parcels in
Goa, Sri Lanka and non-core
investments. The company is
also looking to sell off these
assets which have a book value
of about ~200 crore. Apart from
deleveraging its balance sheet
(loans of ~26 crore), it will also
provide fuel for expansion.
Delta is also tapping the
inorganic route to grow and has
acquired online gaming portal
Adda52.com. The deal will
improve Delta’s presence in the
online gaming segment and is
likely to be EPS accretive in the
second year of acquisition, esti-
mate analysts. Adda52.com
enjoys similar margins as Delta
and hence is an additional
avenue to drive profitable
growth. But more importantly,
the scalability of an online busi-
ness is much higher than of
physical capacity, and hence it
can drive up Delta's revenues
much faster than anticipated.
These catalysts could con-
tinue to support the rally in
Delta’s scrip, believe analysts.
While delay in the launch of the
Daman casino is an immediate
downside risk, any tightening
of regulations around casinos
could over the medium-to long-
term also affect Delta's
prospects meaningfully.
MFs’ asset base from smaller
cities up 44% at ~3 lakh cr
Contributionofthecountry's
smallertowns—knownas
beyond-15cities(B15)—to
mutualfunds’(MFs’)assetbase
surged44percentto~3.07lakh
crorebyendofFebruarydueto
investor-friendlyinitiativesby
Sebi.MutualFunds’assetsunder
management(AUM)fromB15
locationsgrewfrom~2.13lakh
croreinFebruary2016to~3.07
lakhcroreattheendofthelastmonth.Inthelast12months,assets
fromsuchtownshavegrownduetoinvestor-friendlyinitiativesby
themarketsregulatorSebiandcampaignsbyassetmanagement
companies(AMCs),ICRAsaidinanote.Currently,B15accountsfor16.7
percentofthetotalassetsoftheindustry.Theshareofdirectplans
inB15townsis23.4percentagainst46.2percentinT15cities. PTI

BNP Paribas MF Radio City FM

> TODAY’S PICKS YOUR MONEY
Nifty
Current: 9,154 (fut: 9,177), Target: NA
Stop-loss long positions at 9,100.
Avoid withdrawing provident
Stop-short positions at 9,250. Big
moves could go till 9,300, 9,050.
A long 9,100p (41), short 9,000p
(22) could gain 10-15 if the futures
fund money to buy a house
falls on profit booking. Instead,usephysicalassetsuchasgoldorsellsharesifyouaresittingonprofits
TINESH BHASIN
Bank Nifty
Current: 21,250 (fut: 21,325) You would soon be able to use a
Target: NA
Stop-loss short positions at
major chunk of your retirement
money to buy a house. The
21.225. Stop-long positions at Employees’ Provident Fund
21,400. Big moves could go till Organisation (EPFO) is plan-
21,650, 21,000. Major resistance ning to allow its subscribers to
at 21,375-21,400. withdraw up to 90 per cent of
their funds to buy or construct
a house or even pay equated
Hindalco monthly instalments
Current price: ~199 But despite the option, it
Target price: ~203 might not be a great things to
Keep a stop at ~197 and go dip into your retirement kitty
long. Add to the position to buy a house. “It would be
between ~201 and ~202. Book
profits at ~203.
better to save for the initial
down payment and then opt
for a loan. But don’t liquidate
retirement kitty, even if it
Asian Paints means you have to go for a
Current price: ~1,087 Target price: ~1,105 smaller property,” says Suresh
Keep a stop at ~1,075 and go long. Add to the position between Sadagopan, founder, Ladder 7
~1,095 and ~1,100. Book profits at ~1,105. Financial Advisories.
Instead of using your prov-
ident fund (PF) money, finan-
NTPC cial advisors say a person can
Current price: ~161 Target price: ~158 pledge gold for purchasing a
Keep a stop at ~163 and go short. Add to the position between property. Using a real asset to
~158.5 and ~159. Book profits at ~158. create another one is a better
option than using a financial
DEVANGSHU DATTA asset.
But most individuals save
Target prices, projected movements in terms of next session, haphazardly. They don’t use
unless otherwise stated instruments based on each
goal. Typically, there’s invest-
ment in the Employee
Provident Fund (EPF), fixed
deposits and few mutual funds
or insurance plans. “In such
cases, one has to look at the
investments in different
instruments. Rather than com-
pletely dipping into the PF,
they can withdraw partially
from all instruments,” says
Steven Fernandes, a Mumbai-
based financial planner.
According to him, the with-
drawal from equities needs to
be planned and over the course
of many months. This way,
even if the markets are down,
you can tide the volatility and
not incur a loss. If you with-
draw everything from the PF,
you will lose the compound-
ing benefit of many years. He,
therefore, suggests to look at a
combination of different
investments.
Withdrawing from PF is
also advisable only for some-
one who has at least 15-20 years
of service left. Over the years,
these individuals can replen-
ish the money withdrawn by
stepping up their investments
slowly. If you have few years
left to retire, don’t use the PF
money though you may have
investments in other instru-
ments that can help you meet
your expenses once you are out
of a job. Also, look at retirement
money only if it is your first
house, and the property is not
bought for investment.
The provision to withdraw
money from the EPF account
has always existed but it came
with a rider. A subscriber could
get only 24 times the wages
(basic salary plus dearness
allowance). The new scheme,
too, will come with riders
attached. While the details are
not out yet, the Labour
Minister Bandaru Dattatreya
told the Rajya Sabha that at
least 10 EPF subscribers need
to form a group to buy houses
from a builder or construct
homes on their own to avail the
benefit. “It would mean that
the government is promoting
cooperative structure, which is
a good move. Subscribers com-
ing together to construct their
own house means the costs
will be lower than what devel-
opers offer,” says Malhar
Majumder, a certified financial
planner.
The labour minister has
said EPFO will add a new para-
graph, 68 BD, to the Act, which
means the current provisions
for eligibility would apply. For
example, a person should be a
subscriber for at least five
years before he can withdraw
money. The property also
needs to be in the name of the
applicant or jointly owned
with one’s spouse. The appli-
cation also needs to be made
through the employer. The
company processes the papers
after the verification and
sends it to the regional EPFO
office.
eyes ~7,000-cr
average AUM
BNPParibasMutualFundsaid
onThursdayitisaimingto
cross~7,000croremarkin
averageassetsunder
management bytheyear-
endfromaround~6,000
crorenow.Thefundhouseis
alsolookingatachievinga
growthof30percentinits
systemicinvestmentplan
inflowsbytheyear-end. PTI<
BSE, Sentifi ink
pact for social
media updates
TheBSEhastiedupwith
Switzerland’salgorithmic-
basedanalysisfirmSentifito
reportsocialmediaupdates
relatedto40,000globally
listedstocks.Underthe
partnership,Sentifiwould
track,analyseandreport
socialmediamessageson
variousstockswhichwould
beprovidedonBSEwebsite.
Theinform-ationwouldbe
relatedtorankingofthemost
talkedaboutstocks,themarket
attentiontostocksfromglobal
voicesinnewsandsocial
media,comp-arisonofmarket
attentionandstockpriceover
time. PTI<
operator’s shares
to list on Friday
Shares of Music Broadcast Ltd,
a Jagran Group firm that runs
Radio City FM channel, will list
on the stock exchanges on
Friday. The IPO, the first in 11
years by a radio channel,
received robust response and
was subscribed more than 39
times last week. Earlier in
2006, Entertainment
Network's initial public offer
(IPO) was subscribed 40.61
times. DB Corp's was the most
recent media sector IPO in
2009. Music Broadcast's IPO
comprised fresh issue of
shares of up to ~400 crore
and an offer for sale of up to
2.6.6 million scrips by the
existing shareholders. Price
band for the offer was fixed
at ~324-333 and the IPO was
open for subscription during
March 6-8. PTI<
Ashoka Buildcon
gains 5% on
order win
Shares of Ashoka Buildcon
ended nearly five per cent
higher on Thursday after the
firm said its subsidiary has
emerged as the lowest bidder
for a ~1,187.10 crore road
project in Andhra Pradesh.
On BSE, the scrip closed at
~195.20, up 4.89 per cent. It
had opened at ~186.70 and
touched a high of ~199.65 in
intra-day trade. On NSE, the
stock ended at ~193.90, up
4.67 per cent. PTI<
https://t.me/srikakulam bubbly

z
MUMBAI | FRIDAY, 17 MARCH 2017 3
<
m m

4 STOCKS MUMBA FR DAY, 17 MARCH 2017

IN THE
> STOCK
> Dredg ng Corporat on of nd a > Power Mech Pro ects > J nda Po y F ms

NEWS Top ga ner among the

S&P BSE PSU ndex
C oseatupperc rcu t
tero 20percent
Trad ng vo ume umps
ten t mes OF THE DAY
Adan Ports and Spec a
~522 45 PR V OU O ~400 00 PR V OU O ~353 45 PR V OU O Econom c Zone : Stockh ts
~625 95 O ~480 00 O ~42 30 O 52-weekh ghat~325.65 up9
 9 8 % UP  20 00% UP  9 20% UP percent romoneyear ow
>

N FTY 50 ADVANCES/DECL NE
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> FUTURES TRADING

Instrument Open, High, Low, Close Open Expiry Instrument Open, High, Low, Close Open Expiry Instrument Open, High, Low, Close Open Expiry Instrument Open, High, Low, Close Open Expiry Instrument Open, High, Low, Close Open Expiry Instrument Open, High, Low, Close Open Expiry Instrument Open, High, Low, Close Open Expiry
[Trd Qty, Contracts, Traded Value#] Int Date [Trd Qty, Contracts, Traded Value#] Int Date [Trd Qty, Contracts, Traded Value#] Int Date [Trd Qty, Contracts, Traded Value#] Int Date [Trd Qty, Contracts, Traded Value#] Int Date [Trd Qty, Contracts, Traded Value#] Int Date [Trd Qty, Contracts, Traded Value#] Int Date

INDEX FUTURES ON NSE
Dow Jones 20970, 21030, 20967.5, 21022.5 [9.6K, 319, 2010] ..... 33.2K
Nifty 9156, 9181.25, 9152.1, 9176.15 [74L, 99303, 682613] .......... 260L
Nifty 9186, 9208.75, 9180.7, 9201.55 [5L, 6016, 41476] ................. 42L
Nifty 9200, 9245.85, 9200, 9228.65 [2L, 3307, 22867] .................... 23L
Nifty Bank 21278.65, 21347.1, 21250.05, 21310.8 [22L, 55895, 476269] . . . . . . . . . . . . . . 23L
Nifty Bank 21335, 21378.95, 21290.7, 21352.95 [57.1K, 1427, 12180]1L
S&P 500 2386.25, 2391.5, 2385.75, 2390.5 [2L, 713, 4257] ............... 3L
S&P 500 2381.25, 2386.5, 2380.75, 2383.5 [1L, 583, 3472] ............... 3L
Total [108L, 167563, 1245144.98] ............................................... 357L
INDEX FUTURES ON SGX*
Nifty -, -, -, 8910 [-, 35744, 637] ...................................................... -
Nifty -, -, -, 8951.5 [-, 18, 0]............................................................. -
Total [-, 35762, 637.28] ................................................................... -
STOCK FUTURES ON NSE
ACC 1430, 1436, 1422.1, 1428.3 [9L, 2170, 12401] ........................ 19L
Adani Enter 102.65, 104.2, 101.8, 103 [257L, 3211, 26511] ........... 201L
Adani Ports 312.95, 326.75, 312.6, 325.55 [221L, 8822, 71039] ..... 115L
Adani Ports 316, 328, 316, 327.05 [11L, 436, 3533] ......................... 9L
Adani Power 39.4, 40.2, 39.1, 40.1 [263L, 1314, 10432] .............. 1337L
Adi Bir Nuvo 1529.15, 1537.1, 1520.75, 1533.2 [6L, 1464, 8960] ..... 27L
Ajanta Phar 1722.05, 1774.5, 1722.05, 1763.4 [2L, 573, 4042] .......... 5L
Allahabad Bk 71.25, 72.4, 70.75, 72.2 [116L, 1159, 8299] ............. 149L
Amara Raja 870.95, 899.35, 870.95, 887.6 [25L, 4114, 21926] ........ 20L
Ambuja Cem 234, 236.15, 233.55, 235.55 [41L, 1648, 9677] ......... 122L
Andhra Bank 55.65, 56.3, 55.3, 56.2 [78L, 781, 4360]................... 193L
Apollo Hosp 1220.1, 1236.8, 1220.1, 1229.85 [4L, 1108, 5450]........ 12L
Apollo Tyres 195.7, 198.75, 194.7, 196.35 [109L, 3640, 21450] ..... 140L
Arvind 405.95, 410, 405.5, 408.4 [66L, 3287, 26811] ...................... 63L
Ashok Leyland 92.45, 93.2, 91.9, 92.3 [234L, 3346, 21682] ........... 650L
Asian Paints 1076.15, 1090.25, 1071.55, 1088.5 [22L, 3746, 24322] 43L 30/03/17
17/03/17 Aurob Pharma 681.25, 695.5, 680.3, 689.95 [69L, 9843, 47512] .... 149L 30/03/17
30/03/17 Axis Bank 516.6, 518.8, 513.35, 515.35 [85L, 7111, 44034] ........... 268L 30/03/17
27/04/17 Bajaj Auto 2896, 2956.8, 2876.05, 2948.45 [11L, 4489, 32745] ........ 13L 30/03/17
25/05/17 Bajaj Fin 1135.45, 1172, 1131, 1159.1 [26L, 5123, 29457]............... 44L 30/03/17
30/03/17 Bank of Baroda 168, 170.2, 166.9, 169.05 [322L, 9207, 54339] ..... 531L 30/03/17
27/04/17 Bank of India 128.25, 129.6, 126.7, 128.85 [170L, 2841, 21835] .... 245L 30/03/17
17/03/17 Bata India 531.95, 536, 526.05, 534.15 [20L, 1838, 10738] ............. 37L 30/03/17
21/04/17 BEML 1309.75, 1340.3, 1305, 1337.9 [16L, 2718, 21650] ................ 22L 30/03/17
Bharat Elctn 159.9, 166.25, 157.65, 165.3 [199L, 4428, 32415] ..... 295L 30/03/17
Bharat Forge 1046, 1056.8, 1043.5, 1050.4 [20L, 3310, 20881] ....... 39L 30/03/17
30/03/17 Bharti Airtel 363.25, 365.25, 359.4, 361.35 [50L, 2956, 18150] ..... 398L 30/03/17
27/04/17 Bharti Infratel 312.35, 312.9, 309.5, 310.85 [18L, 1125, 5595] ........ 98L 30/03/17
BHEL 167.95, 169.5, 167.55, 169 [220L, 4400, 37099] .................. 292L 30/03/17
Biocon 1120.95, 1129, 1116.4, 1124.8 [13L, 2153, 14494]............... 29L 30/03/17
30/03/17 Bosch 22925.15, 23119.95, 22841.35, 22951.15 [22.5K, 900, 5166]89.8K 30/03/17
30/03/17 BPCL 642.15, 650, 638.4, 648.4 [60L, 4998, 38686] ...................... 153L 30/03/17
30/03/17 Britannia 3209.05, 3243.8, 3202.1, 3229.3 [2L, 853, 5508] .............. 13L 30/03/17
27/04/17 Cadila Healt 447.65, 451.65, 430.3, 443.75 [33L, 2064, 14645] ....... 38L 30/03/17
30/03/17 Cairn India 290.1, 296.8, 290.1, 295.5 [129L, 3680, 37929] ........... 261L 30/03/17
30/03/17 Canara Bank 292.2, 297.25, 289.25, 296.2 [176L, 5702, 51632] ..... 152L 30/03/17
30/03/17 Canara Bank 290.5, 294.95, 287.85, 294.2 [6L, 207, 1866] ............... 9L 27/04/17
30/03/17 Castrol 419.35, 424.8, 418.8, 422.9 [24L, 1706, 10090] .................. 97L 30/03/17
30/03/17 CEAT 1266.6, 1276, 1252, 1256.95 [30L, 4284, 37863] ................... 25L 30/03/17
30/03/17 Century Tex 1035.45, 1043, 1016.7, 1022.45 [76L, 6950, 78586] ..... 83L 30/03/17
30/03/17 Century Tex 1045.05, 1046.15, 1021, 1027.3 [2L, 204, 2315] ............ 2L 27/04/17
30/03/17 CESC 829.3, 848.1, 823.15, 843.05 [27L, 2476, 22763] ................... 41L 30/03/17
30/03/17 Cipla 604.05, 607, 600.05, 602.75 [17L, 1748, 10554]..................... 65L 30/03/17
30/03/17 Coal India 295.25, 296.7, 292.4, 293.3 [72L, 4216, 21076] ............ 170L 30/03/17
30/03/17 Coal India 296.9, 298, 294, 294.65 [7L, 395, 1985]......................... 12L 27/04/17
Colgate 965, 981.2, 963.1, 978.7 [8L, 1137, 7749] ......................... 11L
Containr Crp 1266.85, 1266.95, 1226.55, 1242.7 [6L, 1280, 7950] ... 12L
Crompton Grv 70.7, 73.6, 70.5, 73.3 [159L, 1324, 11508] ............. 152L
Cummins (I) 875.7, 890.85, 875.7, 888.2 [6L, 930, 4941] ................. 8L
Dabur India 275.55, 276.65, 272.25, 275.95 [47L, 1884, 12936] ..... 124L
Develop Cr Bank 165.9, 167.7, 165.3, 166 [40L, 879, 6575] ............ 49L
Dewan Hsg 352.3, 359.8, 351.8, 358.5 [161L, 5379, 57528]........... 188L
Dish TV 108.8, 109.2, 106.5, 108.05 [153L, 2185, 16497] .............. 260L
Divis Lab 773.45, 781.5, 770.9, 773.2 [15L, 2455, 11445]................ 50L
DLF 148.5, 150.15, 147.45, 149.4 [260L, 5203, 38726] .................. 317L
Dr Reddys 2755.5, 2773.5, 2754.5, 2762.3 [5L, 2616, 14464] .......... 33L
Eicher Motor 24263.5, 24599, 24170, 24538.65 [67.7K, 2709, 16523]2L
Enginers Ind 150.45, 153.15, 149.65, 152.85 [154L, 2204, 23404].. 235L
Exide Ind 223, 225.2, 222.2, 223.1 [88L, 2194, 19610] .................. 188L
Federal Bank 86.9, 89.6, 86.9, 88.85 [503L, 4575, 44466] ............. 648L
GAIL 379.7, 381.2, 377.55, 380.4 [48L, 2383, 18118] .................... 329L
Glenmark 909.55, 909.55, 894.9, 900 [8L, 1101, 6939] ................... 32L
GMR Infra 16.65, 17.45, 16.45, 17.35 [940L, 2088, 16056] .......... 2099L
Godrej Cons 1664.75, 1691, 1655.7, 1686.25 [2L, 427, 2865] ............ 5L
Godrej Ind 503.55, 517.25, 500.05, 515.55 [27L, 1819, 13913] ........ 16L
Granules 131.6, 132.35, 130.4, 131 [17L, 343, 2251] .................... 148L
Grasim Ind 1057.4, 1061.65, 1047.75, 1054.6 [21L, 2820, 22289] .... 67L
Havells I 434.75, 438.4, 434.1, 437.25 [28L, 1417, 12375]............... 44L
HCL Techno 861, 862.45, 850.3, 858.55 [27L, 3919, 23489] ............ 70L
HDFC 1440.55, 1455.6, 1434.75, 1452.6 [29L, 5833, 42199] .......... 120L
HDFC Bank 1425.3, 1426, 1418.55, 1422.1 [34L, 6747, 47990] ...... 318L
HDFC Bank 1423.3, 1423.3, 1416.35, 1419.75 [3L, 551, 3912] ......... 15L
HDIL 76.9, 77.4, 75.8, 76.45 [150L, 1878, 11501] ......................... 255L
Hero MotoCorp 3375, 3400, 3346, 3361.8 [8L, 4120, 27770]........... 15L
Hexaware Tch 225, 226.75, 221.7, 224.2 [34L, 1125, 7558]............. 40L
30/03/17 Hind Zinc 293.4, 297, 290.35, 295.1 [160L, 4991, 46921] .............. 137L 30/03/17 Jubilant Fd 1106.2, 1124.7, 1106.2, 1116.15 [10L, 2089, 11672] ...... 22L 30/03/17 Power Fin 135, 136.8, 134.9, 136.3 [131L, 2183, 17815] ............... 314L 30/03/17 Tata Chem 564.45, 584.4, 564.45, 583.1 [32L, 2124, 18384] ........... 33L 30/03/17
30/03/17 Hindalco 194.7, 199.75, 193.25, 199.2 [517L, 14758, 101627] ....... 416L 30/03/17 Just Dial 590.05, 616.5, 586.45, 613.5 [112L, 9357, 68166] ............. 30L 30/03/17 Power Fin 134.45, 135.7, 133.8, 134.6 [23L, 379, 3064] .................. 24L 27/04/17 Tata Comm 742.55, 780.8, 742.55, 777.7 [53L, 3791, 40785] .......... 59L 30/03/17
30/03/17 HPCL 522.05, 524.7, 515.75, 522.3 [114L, 5446, 59554]................ 211L 30/03/17 Karnataka Bk 141.55, 143.2, 140.6, 142.05 [215L, 2910, 30452] .... 317L 30/03/17 Power Grid 193.75, 196.25, 193.75, 195.85 [63L, 1565, 12229] ..... 283L 30/03/17 Tata Elxsi 1445.55, 1463.45, 1445, 1452.95 [3L, 802, 4661] ............ 11L 30/03/17
30/03/17 HUL 908.95, 914.85, 898.1, 909.65 [26L, 4294, 23403] ................... 80L 30/03/17 Kaveri Seed 524, 540.9, 521.9, 534.1 [48L, 3190, 25505] ................ 41L 30/03/17 PTC India 87.5, 89, 87.35, 88.75 [51L, 639, 4507] ........................ 165L 30/03/17 Tata Global 142.25, 145.95, 142, 145.25 [130L, 2879, 18737] ........ 324L 30/03/17
30/03/17 IBN18 Broadcast 43.3, 43.85, 43, 43.4 [198L, 1164, 8585] ............ 879L 30/03/17 Kotak Mah Bank 851.35, 857.25, 850.55, 853.65 [29L, 3661, 24989]105L 30/03/17 Reliance Cap 565.8, 611.4, 565.2, 605.9 [447L, 29793, 264071] .... 120L 30/03/17 Tata Mot-DVR 289.75, 293.65, 288.85, 293.1 [43L, 2046, 12529] ... 195L 30/03/17
30/03/17 IBN18 Broadcast 43.35, 43.95, 43.35, 43.6 [58L, 341, 2528] ........... 82L 27/04/17 L & T 1563.2, 1577.75, 1562.95, 1572.65 [29L, 5850, 45944] ........... 85L 30/03/17 Reliance Cap 568.7, 614, 568.7, 610.05 [8L, 560, 4985] ................... 6L 27/04/17 Tata Motors 480.15, 482.75, 478.1, 481.95 [118L, 7892, 56898] .... 389L 30/03/17
30/03/17 ICICI Bank 287.45, 288.15, 283.3, 285.55 [267L, 10677, 76264] .... 637L 30/03/17 L&T Finance Hol 122.2, 123.4, 121.95, 122.6 [129L, 1428, 15758] . 189L 30/03/17 Reliance Com 37.25, 38.35, 37.2, 38.2 [153L, 1272, 5765] .......... 1016L 30/03/17 Tata Power 84.95, 86.9, 84.95, 86.4 [73L, 809, 6262] ................... 288L 30/03/17
30/03/17 IDBI Bank 76.8, 77.45, 76.2, 77.2 [127L, 1593, 9794].................... 309L 30/03/17 LIC Hsg Fin 592.45, 594.95, 590.45, 593.8 [34L, 3105, 20260]......... 69L 30/03/17 Reliance Ind 1309.6, 1312.85, 1296.5, 1300.6 [70L, 13958, 90887] 196L 30/03/17 Tata Steel 484.3, 501.75, 483.8, 500.55 [436L, 21775, 215399] ..... 216L 30/03/17
30/03/17 Idea Cellular 113.9, 115.5, 111.55, 113.35 [935L, 13359, 106625] . 880L 30/03/17 Lupin 1457.1, 1464, 1454.7, 1458.45 [13L, 3326, 19413]................. 78L 30/03/17 Reliance Ind 1317.55, 1322.4, 1303.05, 1306.7 [3L, 630, 4122] ......... 7L 27/04/17 Tata Steel 487.25, 503.5, 486.05, 502.65 [9L, 457, 4546].................. 9L 27/04/17
30/03/17 Idea Cellular 114.15, 115.8, 111.95, 113.7 [22L, 308, 2463] ............ 24L 27/04/17 M & M Fin 293.65, 297.3, 292.95, 294.95 [83L, 3314, 24462] ........ 170L 30/03/17 Reliance Infra 582.4, 600.65, 581.75, 597.15 [190L, 14642, 112617]81L 30/03/17 TCS 2517.95, 2537.2, 2511.55, 2530.3 [10L, 4058, 25618] .............. 59L 30/03/17
30/03/17 IDFC 54.4, 55.6, 54.4, 55.2 [233L, 1766, 12839] ........................... 917L 30/03/17 Mah & Mah 1328.2, 1337.35, 1324.3, 1326.9 [12L, 2384, 15863] ..... 37L 30/03/17 Reliance Power 47.25, 49.1, 47.25, 48.9 [199L, 1655, 9580] .......... 560L 30/03/17 Tech Mahindra 482.05, 484.7, 478.9, 483.25 [22L, 2026, 10745] ... 111L 30/03/17
30/03/17 IDFC Bank 62.4, 62.65, 61.8, 62.1 [120L, 1500, 7463] ................... 597L 30/03/17 Marico 288.45, 295.35, 286.45, 292 [27L, 1025, 7767].................... 46L 30/03/17 Rural Elect 160.15, 162.75, 160, 162.3 [127L, 2111, 20499] .......... 286L 30/03/17 Titan Company 464.05, 470.6, 463.45, 465.9 [24L, 1590, 11137] ..... 63L 30/03/17
30/03/17 IFCI 28.9, 29.55, 28.9, 29.4 [238L, 1081, 6954] ............................ 633L 30/03/17 Maruti Suzuki 6179.3, 6193.45, 6145.1, 6161.65 [5L, 3553, 32861] . 26L 30/03/17 SAIL 60.95, 64.4, 60.6, 63.95 [627L, 5225, 39477] ........................ 458L 30/03/17 Torrent Pwer 192.8, 203.65, 192.25, 201.2 [47L, 1561, 9272] ......... 50L 30/03/17
30/03/17 India Cement 163.4, 166.65, 162.85, 164.65 [84L, 2413, 13961] .... 225L 30/03/17 MindTree 469.45, 473.7, 469.45, 472.1 [8L, 635, 3594] .................. 28L 30/03/17 SBI 278.5, 281.25, 276.75, 280.1 [434L, 14467, 121161] ............... 782L 30/03/17 TVS Motor 441.75, 443.65, 439.2, 439.9 [30L, 1504, 13263] ........... 52L 30/03/17
30/03/17 Indiab Real 83.9, 84.7, 83.3, 84.15 [92L, 918, 7706] ..................... 338L 30/03/17 Mothersons S 366.75, 370.3, 366, 367.3 [39L, 1557, 14327] ........... 81L 30/03/17 SBI 279.7, 281.95, 277.65, 280.95 [20L, 679, 5698] ........................ 50L 27/04/17 UltraTech 4057, 4099.25, 4044.05, 4072.15 [5L, 2686, 21875] ......... 24L 30/03/17
30/03/17 Indiabulls Hous 916.7, 956.65, 916.7, 950.7 [55L, 6935, 52169] .... 147L 30/03/17 MRF 57312.1, 57312.1, 56375.05, 56549.25 [33.5K, 2230, 18980] 49.5K 30/03/17 Sesa Sterlite 261.2, 266, 259.7, 265 [467L, 13339, 123088] .......... 379L 30/03/17 Union Bank 151.95, 155.8, 149.3, 155 [216L, 5388, 32867] ........... 224L 30/03/17
30/03/17 Indo Count 189.65, 194.4, 188.05, 189.65 [46L, 1301, 8706] ........... 45L 30/03/17 NCC 81.25, 83.2, 81.25, 83 [97L, 1214, 8008] .............................. 301L 30/03/17 Sesa Sterlite 259.7, 265.4, 259.5, 264.65 [19L, 532, 4889] ............. 20L 27/04/17 Union Bank 150.65, 153.75, 147.8, 153.25 [14L, 360, 2163] ............ 19L 27/04/17
30/03/17 Indraprst Gs 1027.85, 1039.7, 1024.5, 1033.95 [14L, 1239, 14096] .. 19L 30/03/17 NHPC 30.65, 31, 30.6, 30.95 [91L, 336, 2792] .............................. 231L 30/03/17 Shriram TrFn 1071.95, 1071.95, 1041.1, 1054.35 [15L, 2458, 15537]26L 30/03/17 United Brew 781.85, 782.85, 770.95, 774.1 [3L, 396, 2149] ............ 14L 30/03/17
30/03/17 IndusInd Bank 1362.15, 1388.05, 1358.05, 1380.65 [30L, 4984, 41154] . . . . . . . . . . . . . . . 64L 30/03/17 NIIT Techno 421.75, 424, 417.75, 418.6 [5L, 311, 1963] ................... 9L 30/03/17 Siemens 1264.55, 1275.9, 1255, 1268.55 [7L, 1338, 8473]................ 9L 30/03/17 United Spirt 2255, 2255, 2215.25, 2226.5 [9L, 3470, 19375] ........... 33L 30/03/17
30/03/17 Infosys 1014.35, 1032, 1014.35, 1029.15 [43L, 8562, 43895] ......... 272L 30/03/17 NMDC 137.3, 139.5, 135.4, 138.7 [157L, 2622, 21800] .................. 229L 30/03/17 Sintex Ind 98.25, 101.9, 98.05, 101.35 [393L, 5522, 39406]........... 441L 30/03/17 UPL 716.9, 719.9, 710.1, 713.2 [38L, 3187, 27351] ......................... 67L 30/03/17
30/03/17 IOC 374, 378.5, 372.55, 377.75 [94L, 3122, 35180]....................... 179L 30/03/17 NTPC 159.95, 161.75, 159.35, 161.5 [84L, 2103, 13530] ............... 297L 30/03/17 Sintex Ind 99.1, 102.35, 99.1, 101.75 [20L, 278, 1993] ................... 67L 27/04/17 Voltas 393, 394.1, 389.1, 391.85 [36L, 1794, 14052]....................... 53L 30/03/17
30/03/17 IRB Infra 248.45, 249.4, 244.4, 247.5 [92L, 3698, 22837] .............. 142L 30/03/17 Oil India 335.85, 338.4, 334.05, 337.55 [15L, 650, 4947] ................ 27L 30/03/17 SKS Microfin 812, 815.45, 800.35, 807.55 [27L, 2733, 22102] ....... 171L 30/03/17 Wipro 496.2, 502.6, 495.2, 500.9 [21L, 1709, 10217] ...................... 59L 30/03/17
30/03/17 ITC 271, 272.4, 268.65, 269.45 [62L, 2574, 16660] ....................... 534L 30/03/17 ONGC 193.4, 193.95, 192.05, 192.65 [123L, 3287, 23759] ............. 407L 30/03/17 South Ind Bk 20.45, 20.7, 20.35, 20.65 [122L, 367, 2496] ............. 754L 30/03/17 Wockhardt 742, 762.8, 740, 749.45 [29L, 4756, 21504] .................. 35L 30/03/17
30/03/17 Jain Irrig 94.5, 95.4, 94.35, 95.1 [63L, 702, 5994]......................... 383L 30/03/17 Oracle Fin 3971.65, 4038, 3929.2, 3963.4 [1L, 995, 5938] ................ 3L 30/03/17 SRF Ltd 1581.05, 1636.2, 1576.2, 1626.85 [12L, 2453, 19783] ........... 9L 30/03/17 Yes Bank 1534.75, 1546, 1525.1, 1534.1 [52L, 7400, 79600] ........... 83L 30/03/17
30/03/17 Jet Airways 463.25, 468.9, 455.25, 465.8 [24L, 2422, 11219] .......... 49L 30/03/17 Oriental Bank 126.35, 130.3, 126.05, 129.85 [157L, 2621, 20166].. 152L 30/03/17 Strides Arcb 1164.7, 1164.7, 1130.7, 1148.1 [9L, 1861, 10699] ....... 18L 30/03/17 Yes Bank 1545, 1550.9, 1531, 1538.75 [2L, 242, 2613] ..................... 5L 27/04/17
30/03/17 Jindal Steel 125.7, 130.8, 124.25, 128.55 [199L, 2210, 25508] ....... 344L 30/03/17 Page Inds 14700, 14850, 14499.4, 14696.35 [24.0K, 479, 3512] ... 32.3K 30/03/17 Sun Pharma 712.05, 721, 708.5, 711.4 [81L, 11583, 57961] .......... 289L 30/03/17 Zee Enter 527.9, 529.4, 523.7, 527.05 [20L, 1517, 10387] ............... 91L 30/03/17
27/04/17 JP Associat 15.2, 15.3, 14.8, 14.95 [195L, 287, 2926] ................. 1504L 30/03/17 PC Jeweller 391.65, 421.25, 388.5, 418.8 [46L, 3090, 19064] .......... 10L 30/03/17 Sun Pharma 717.2, 724.5, 713, 715.25 [3L, 451, 2265]..................... 7L 27/04/17 Total [18340L, 630819, 4781449.23] ........................................ 36443L
30/03/17 JSW Energy 63, 64.8, 62.9, 64.4 [179L, 2235, 11446] ................... 563L 30/03/17 Petronet LNG 392.4, 396.4, 391.5, 394.5 [27L, 1804, 10665] ........... 60L 30/03/17 Sun TV Net 747.2, 766, 747.2, 761.8 [96L, 4808, 72990]................. 75L 30/03/17 # In ~ lakh, K-in thousand, L-in lakh
* Nifty futures traded on the Singapore exchange.Open Interest in number
30/03/17 JSW Steel 186, 194.85, 185.35, 193.1 [236L, 7882, 45157]............ 406L 30/03/17 Pidilite Ind 704.95, 706.95, 701, 702.45 [6L, 595, 4186] ................. 15L 30/03/17 Sun TV Net 751.4, 767.5, 749.95, 763.95 [3L, 137, 2089] ................. 3L 27/04/17
of contract.One Contract= 2 USD X Nifty. Notional Value in USD Mn
30/03/17 JSW Steel 187.3, 196, 187.3, 194 [15L, 502, 2899] ......................... 33L 27/04/17 PNB 146.65, 148.7, 145.45, 147.8 [478L, 6827, 70291] ................. 474L 30/03/17 Syndicate Bank 68.65, 69.85, 67.95, 69.55 [81L, 901, 5600].......... 139L 30/03/17 Filtered for Traded value more than ~18.00 Crore

> INDEX OPTIONS

Instrument (Mkt Lot) Strike Price, Open Expiry Instrument (Mkt Lot) Strike Price, Open Expiry Instrument (Mkt Lot) Strike Price, Open Expiry Instrument (Mkt Lot) Strike Price, Open Expiry Instrument (Mkt Lot) Strike Price, Open Expiry Instrument (Mkt Lot) Strike Price, Open Expiry Instrument (Mkt Lot) Strike Price, Open Expiry Instrument (Mkt Lot) Strike Price, Open Expiry
Open, High, Low, Close Interest Date Open, High, Low, Close Interest Date Open, High, Low, Close Interest Date Open, High, Low, Close Interest Date Open, High, Low, Close Interest Date Open, High, Low, Close Interest Date Open, High, Low, Close Interest Date Open, High, Low, Close Interest Date
[Traded Qty, No of Contracts, [Traded Qty, No of Contracts, [Traded Qty, No of Contracts, [Traded Qty, No of Contracts, [Traded Qty, No of Contracts, [Traded Qty, No of Contracts, [Traded Qty, No of Contracts, [Traded Qty, No of Contracts,
Notional Value#] Notional Value#] Notional Value#] Notional Value#] Notional Value#] Notional Value#] Notional Value#] Notional Value#]

INDEX OPTIONS ON NSE 9250, 39, 42.4, 33.7, 38.05 [10L, 12668, 88229] .................. 4L 30/03/17 20600, 630.35, 657.4, 600.85, 631.8 [11.0K, 276, 2344] ..... 240 16/03/17 21800, 0.05, 0.1, 0.05, 0.05 [3L, 6457, 56305] ..................... 2L 16/03/17 8100, 1.15, 1.5, 1.1, 1.3 [1L, 1664, 10110] .......................... 9L 30/03/17 9000, 27, 28.2, 20.1, 21.95 [104L, 138385, 936591] ........... 48L 30/03/17 19600, 4.65, 5.45, 4.15, 4.8 [18.4K, 461, 3615]............... 43.1K 30/03/17 20800, 81.25, 85.85, 62.75, 65.8 [2L, 5342, 44601] ........... 1L 30/03/17
Call options 9300, 19.9, 29.8, 19.9, 23.65 [94L, 125630, 878387] .......... 41L 30/03/17 20700, 559.95, 560, 496, 529.1 [30.0K, 750, 6368] ........... 1.7K 16/03/17 21800, 25, 25, 10.85, 12.6 [4L, 10668, 93085] ..................... 2L 23/03/17 8200, 1.3, 1.6, 1.05, 1.5 [3L, 4355, 26788] ........................ 17L 30/03/17 9000, 75.05, 76.95, 68, 69.55 [6L, 7392, 50300] ................ 14L 27/04/17 19700, 0.1, 0.1, 0.05, 0.05 [22.2K, 556, 4381] ................ 48.7K 16/03/17 20900, 14.8, 14.8, 0.05, 0.05 [92L, 231124, 1932266] ........ 7L 16/03/17
Nifty(75) 9300, 91.8, 101.9, 83.25, 91.85 [5L, 6927, 48775]................ 7L 27/04/17 20700, 677.1, 678.9, 619, 645.75 [11.5K, 287, 2451] ....... 22.6K 30/03/17 21800, 63, 66.1, 45.8, 55.05 [1L, 2855, 24960] ............... 53.6K 30/03/17 8200, 4.25, 4.25, 3.45, 3.65 [53.0K, 707, 4350] ................... 4L 27/04/17 9000, 115.65, 118.8, 110, 112.1 [54.8K, 730, 4990] ............. 1L 25/05/17 20000, 0.05, 0.1, 0.05, 0.05 [4L, 11103, 88824] ................... 5L 16/03/17 20900, 47.15, 50.15, 26.8, 30.45 [2L, 6176, 51719]....... 80.7K 23/03/17
7000, 2160, 2173, 2145, 2167.95 [24.7K, 329, 2260] ............ 6L 30/03/17 9300, 150.95, 159.9, 141.55, 157.6 [3L, 3597, 25497] .......... 3L 25/05/17 20800, 449, 472, 401.75, 432.85 [85.1K, 2128, 18074] ...... 4.2K 16/03/17 21900, 0.1, 0.1, 0.05, 0.05 [55.5K, 1388, 12159] ............. 26.6K 16/03/17 8300, 1.6, 1.7, 0.65, 1.6 [3L, 4421, 27526] ........................ 15L 30/03/17 9000, 168, 169, 158.55, 160.95 [1L, 1465, 10072]................ 1L 29/06/17 20000, 1.35, 4.8, 1.35, 2.7 [51.2K, 1281, 10249] ............. 41.9K 23/03/17 20900, 90, 110.5, 82.05, 85.8 [2L, 4799, 40305] ........... 61.2K 30/03/17
7500, 1650.85, 1670, 1648, 1662.7 [33.8K, 451, 3097] ......... 8L 30/03/17 9350, 15, 15.95, 11.1, 13.85 [7L, 9922, 69677] .................... 4L 30/03/17 20900, 345.2, 372, 299.45, 334.45 [94.1K, 2353, 19987] ... 1.3K 16/03/17 21900, 15.7, 15.7, 5.65, 6.85 [3L, 7128, 62463] ................... 1L 23/03/17 8300, 5.5, 5.55, 4.7, 5.1 [88.3K, 1177, 7331] ....................... 3L 27/04/17 9000, 254.95, 260, 250, 251.15 [31.5K, 420, 2915] .............. 5L 28/12/17 20000, 11.1, 12.4, 8.6, 9.55 [3L, 8459, 67707] ..................... 5L 30/03/17 21000, 11.2, 11.2, 0.05, 0.05 [149L, 371255, 3118827] .... 11L 16/03/17
8200, 960.95, 979, 951.05, 975.55 [21.2K, 283, 1944] .......... 8L 30/03/17 9400, 9.9, 10.15, 7.1, 8 [57L, 75721, 534276] .................... 27L 30/03/17 21000, 230.15, 278, 204.85, 241.05 [8L, 18970, 161165] ... 7.2K 16/03/17 21900, 45.85, 47.5, 35.05, 38.4 [51.0K, 1276, 11198] ...... 23.9K 30/03/17 8400, 1.75, 2, 1.65, 1.9 [11L, 15043, 94792] ...................... 27L 30/03/17 9050, 36.8, 39.75, 29.6, 30.6 [7L, 8829, 60149] ................... 3L 30/03/17 20000, 65, 74, 59.45, 62.65 [13.9K, 348, 2794] ............... 24.5K 27/04/17 21000, 67.8, 73.4, 44.65, 48.95 [6L, 15699, 132218].......... 2L 23/03/17
8300, 856, 880.5, 852, 875.9 [49.6K, 661, 4543] .................. 7L 30/03/17 9400, 55.75, 59.15, 52.5, 57.75 [4L, 5875, 41660]................ 7L 27/04/17 21000, 333, 341.3, 278.85, 320.9 [50.6K, 1265, 10785] ... 37.0K 23/03/17 22000, 0.1, 0.1, 0.05, 0.05 [2L, 4783, 42091] ...................... 2L 16/03/17 8400, 6.2, 8.6, 5.55, 7.6 [1L, 1859, 11722] .......................... 6L 27/04/17 9100, 52.2, 53, 41, 42.9 [115L, 152992, 1049599] .............. 41L 30/03/17 20100, 0.05, 0.1, 0.05, 0.05 [42.8K, 1071, 8611] ............. 47.7K 16/03/17 21000, 125.1, 138.25, 103.45, 110.55 [10L, 24334, 205579]7L 30/03/17
8400, 759.7, 778, 751, 773.7 [43.1K, 574, 3944] .................. 6L 30/03/17 9400, 105.2, 115, 102.75, 113.2 [31.0K, 413, 2945] ............. 1L 25/05/17 21000, 426.75, 452.05, 386.85, 415.4 [3L, 6363, 54507] ....... 5L 30/03/17 22000, 10.25, 14.4, 3.75, 4.25 [4L, 9304, 81894] ................. 2L 23/03/17 8400, 24, 25.55, 24, 24.85 [50.1K, 668, 4221] ..................... 2L 25/05/17 9100, 102.7, 112.75, 97.3, 99.25 [4L, 4812, 33217] .............. 4L 27/04/17 20100, 3.45, 6, 2.2, 2.6 [14.3K, 358, 2879] ..................... 14.3K 23/03/17 21000, 275, 292.6, 249.45, 260.25 [14.7K, 368, 3131]... 18.5K 27/04/17
8500, 660, 680.9, 654.5, 675.75 [1L, 1977, 13584] ............. 12L 30/03/17 9450, 5.25, 5.6, 4, 4.7 [3L, 3927, 27847] ........................ 89.3K 30/03/17 21100, 171.85, 190, 111.1, 135.55 [22L, 54475, 462829] ... 6.6K 16/03/17 22000, 29.85, 37, 23.75, 26.35 [6L, 15810, 139299] ............. 5L 30/03/17 8500, 2.95, 2.95, 1.35, 2.35 [15L, 19947, 127196] .............. 30L 30/03/17 9100, 147.45, 151.9, 142.25, 143.95 [21.4K, 285, 1977] .. 19.7K 25/05/17 20100, 18.85, 18.9, 10, 10.75 [10.8K, 269, 2164] ............ 20.0K 30/03/17 21100, 18.5, 19.75, 0.05, 0.1 [222L, 556191, 4695430] ...... 9L 16/03/17
8600, 586.3, 586.3, 554, 575.8 [87.6K, 1168, 8025] ............. 8L 30/03/17 9500, 4.05, 4.4, 3, 3.3 [34L, 45997, 327845] ...................... 42L 30/03/17 21100, 252.35, 280, 215, 251.4 [49.6K, 1241, 10596] ...... 19.3K 23/03/17 22000, 168.2, 175, 150, 154.85 [20.9K, 523, 4636] ......... 21.9K 27/04/17 8500, 12, 12.65, 8.2, 10.35 [3L, 3595, 22948] .................... 13L 27/04/17 9150, 66.55, 72.55, 57.6, 59.75 [9L, 12585, 86979] .............. 3L 30/03/17 20200, 0.05, 0.1, 0.05, 0.05 [67.8K, 1694, 13688] ........... 72.4K 16/03/17 21100, 99.4, 101.1, 68.05, 75.4 [3L, 8674, 73496] ........ 63.4K 23/03/17
8700, 491.9, 491.9, 456.45, 478.6 [1L, 1539, 10578] .......... 10L 30/03/17 9500, 34.75, 35.35, 31, 34.35 [6L, 8165, 58376] ................ 24L 27/04/17 21100, 374.25, 374.9, 323, 343.9 [90.5K, 2262, 19406] ... 21.8K 30/03/17 22100, 0.3, 0.3, 0.05, 0.05 [15.8K, 395, 3492] ................ 16.2K 16/03/17 8500, 31.4, 33, 29.8, 31.3 [38.4K, 512, 3276] ...................... 1L 25/05/17 9200, 98.05, 100.05, 78, 82.4 [45L, 59791, 416549] ........... 15L 30/03/17 20200, 3.35, 6.4, 2.1, 2.7 [17.9K, 447, 3612] .................... 8.4K 23/03/17 21100, 172, 172.85, 132.35, 139.95 [1L, 3529, 29999] .. 28.2K 30/03/17
8700, 515.25, 518, 494.4, 512.1 [41.4K, 552, 3810] ............. 6L 27/04/17 9500, 71, 80.8, 71, 78.7 [1L, 1612, 11576] .......................... 1L 25/05/17 21200, 103.55, 116.85, 25.15, 39.95 [137L, 342050, 2908368]. . . . . . . . . . . 56.0K 16/03/17 22100, 9.85, 9.85, 1.6, 2.65 [29.3K, 733, 6481]............... 11.9K 23/03/17 8500, 62.35, 66.8, 59.7, 63.1 [57.2K, 762, 4893] .................. 5L 29/06/17 9200, 150, 150, 135.1, 138.75 [3L, 4610, 32304] ................. 3L 27/04/17 20200, 14.9, 18.85, 12, 12.95 [28.1K, 702, 5677] ............ 54.4K 30/03/17 21200, 40, 54.7, 0.05, 0.55 [262L, 654473, 5554222] ....... 11L 16/03/17
8800, 358, 384, 358, 379.1 [3L, 3557, 24456] .................... 10L 30/03/17 9500, 392, 412, 390, 408.75 [40.9K, 545, 4047] ................... 5L 28/12/17 21200, 181.55, 217.5, 161.95, 189.7 [2L, 4861, 41585] .... 55.2K 23/03/17 22200, 0.05, 0.05, 0.05, 0.05 [8.1K, 203, 1803] ................ 4.8K 16/03/17 8500, 152, 155.45, 148, 149.75 [45.2K, 602, 3906] .............. 6L 28/12/17 9250, 124.3, 146.9, 106.9, 108.95 [2L, 2164, 15194] ............ 1L 30/03/17 20300, 0.15, 0.15, 0.05, 0.1 [63.6K, 1591, 12919] ........... 63.5K 16/03/17 21200, 130.8, 140.1, 100.9, 110.65 [4L, 10591, 90315] . 92.6K 23/03/17
21200, 182.2, 213.2, 165.5, 174.85 [2L, 5528, 47290] ... 71.5K 30/03/17
8800, 490, 490, 406.45, 426.7 [33.0K, 440, 3041] ................ 5L 27/04/17 9550, 2.15, 2.45, 2, 2.15 [21.6K, 288, 2063] ................... 32.1K 30/03/17 21200, 301.95, 317.5, 264.1, 281 [2L, 4878, 41922] ........ 48.4K 30/03/17 22200, 13.5, 14.9, 9.15, 11.4 [20.4K, 510, 4531] ............. 23.8K 30/03/17 8550, 2.15, 2.6, 1.85, 2.45 [31.1K, 414, 2656] ................ 72.7K 30/03/17 9300, 161.15, 164.75, 140.85, 144.8 [8L, 11019, 78125] ....... 4L 30/03/17 20300, 4.8, 4.8, 3.15, 3.55 [22.6K, 565, 4589] ................ 12.8K 23/03/17
21300, 82.55, 98, 35, 47.7 [88L, 220656, 1885743]....... 20.0K 16/03/17
8900, 275.8, 289.5, 263.6, 284.95 [6L, 7399, 50907] .......... 17L 30/03/17 9600, 1.7, 1.9, 1.35, 1.4 [7L, 8850, 63730] ........................ 12L 30/03/17 21300, 49.55, 75, 0.05, 0.5 [330L, 824872, 7032669] ......... 18L 16/03/17 22400, 0.05, 0.05, 0.05, 0.05 [30.0K, 750, 6720]............... 1.2K 16/03/17 8600, 3.1, 3.4, 2.65, 2.9 [20L, 26295, 169659] ................... 23L 30/03/17 9300, 195.35, 210, 185.1, 188.65 [2L, 2245, 15988] ............. 2L 27/04/17 20300, 20, 24.4, 12.2, 16.4 [35.8K, 896, 7283] ............... 47.9K 30/03/17
21300, 170.35, 194, 145, 155.5 [2L, 6152, 52824] ........ 69.2K 23/03/17
8900, 332.3, 347.65, 323.65, 341.35 [1L, 1719, 11902]......... 4L 27/04/17 9600, 19, 19.45, 15.8, 18.75 [3L, 4417, 31861] .................... 4L 27/04/17 21300, 153.5, 171.4, 116, 139.25 [5L, 11706, 100378] ......... 1L 23/03/17 22500, 5.55, 5.6, 4, 5.1 [35.0K, 874, 7868].......................... 1L 30/03/17 8600, 16.35, 16.75, 14.4, 14.65 [2L, 3263, 21084]................ 7L 27/04/17 9400, 237.7, 247.85, 223.4, 228.35 [3L, 4506, 32579] .......... 3L 30/03/17 20400, 0.2, 0.2, 0.05, 0.05 [2L, 5854, 47769] ...................... 2L 16/03/17
21300, 210.65, 257.45, 205.8, 217.2 [1L, 2641, 22743] . 32.8K 30/03/17
8900, 381.55, 409.8, 381.5, 404 [32.6K, 435, 3036] ........ 60.8K 25/05/17 9600, 46.9, 54.6, 46.25, 52.9 [19.4K, 259, 1874] ............. 26.7K 25/05/17 21300, 239.2, 250, 211, 224.8 [3L, 8277, 71277]............. 75.7K 30/03/17 22500, 65.9, 83.85, 58.1, 66 [12.3K, 307, 2771] ............... 8.3K 27/04/17 8600, 40.7, 42, 38, 39.4 [66.5K, 887, 5748] .................... 94.4K 25/05/17 9400, 257.35, 267, 250, 252.05 [31.1K, 414, 3000] ......... 24.0K 27/04/17 20400, 7.85, 7.9, 3.55, 4.45 [27.0K, 676, 5517]............... 16.3K 23/03/17
21400, 144.25, 180.8, 113.55, 144.5 [10L, 24111, 207819]960 16/03/17
8950, 225, 239.8, 216.85, 236.4 [84.9K, 1132, 7791]............ 1L 30/03/17 9700, 1.2, 1.3, 0.9, 1.05 [3L, 3960, 28812] .......................... 6L 30/03/17 21400, 23.7, 27, 0.05, 0.1 [274L, 684176, 5857755] ........... 17L 16/03/17 Total [1714L, 3658228, 30204221.3] ............................. 592L 8650, 2.85, 3.95, 2.85, 3.45 [73.7K, 983, 6380]............... 79.4K 30/03/17 9500, 332.9, 340.9, 316, 319.9 [1L, 1377, 10155] ................ 6L 30/03/17 20400, 20, 30.9, 15, 21.55 [50.1K, 1252, 10229] ............. 50.7K 30/03/17
21400, 225.15, 255.65, 184.7, 208.4 [55.6K, 1391, 12030] . . 10.9K 23/03/17
9000, 177.9, 202, 175.6, 193.7 [30L, 39381, 271242] ......... 28L 30/03/17 9700, 9.4, 24.9, 7, 10.4 [3L, 3890, 28327] ........................... 2L 27/04/17 21400, 110.6, 126.25, 81.3, 97.9 [6L, 15276, 131360] .......... 2L 23/03/17 INDEX OPTIONS ON NSE 8700, 6.6, 6.6, 4, 4.25 [36L, 47575, 310585] ...................... 36L 30/03/17 9500, 343, 343.7, 323.8, 325.9 [82.2K, 1096, 8084] ............. 1L 27/04/17 20500, 0.35, 0.35, 0.05, 0.05 [6L, 15045, 123370]................ 4L 16/03/17
21400, 259.7, 310.2, 253.05, 264.95 [54.0K, 1351, 11714] . . 11.0K 30/03/17
9000, 263.45, 271.15, 249.05, 266.25 [2L, 2278, 15818] ....... 8L 27/04/17 9800, 0.8, 0.8, 0.6, 0.7 [96.2K, 1283, 9431] ......................... 4L 30/03/17 21400, 191, 204.45, 163.65, 176.2 [2L, 6066, 52359] ...... 57.8K 30/03/17 Put options 8700, 25, 25.15, 21.15, 21.55 [6L, 7405, 48444] ................ 10L 27/04/17 10000, 829, 837.75, 811.05, 816.95 [71.6K, 955, 7755] ...... 12L 30/03/17 20500, 11.1, 12.6, 5.5, 5.95 [3L, 7741, 63497] ..................... 2L 23/03/17
21500, 226.15, 275.1, 205.8, 242 [2L, 3906, 33969] ....... 1.2K 16/03/17
9000, 362.75, 393.1, 362.75, 389.7 [1L, 1467, 10304] .......... 3L 29/06/17 9800, 5, 6.4, 4.4, 6.25 [96.5K, 1286, 9458].......................... 2L 27/04/17 21500, 9, 9.9, 0.05, 0.05 [206L, 514865, 4428165] ............. 14L 16/03/17 Nifty(75) 8700, 58, 58, 49.95, 52 [2L, 3161, 20750] ........................... 3L 25/05/17 10000, 796.95, 807.5, 775.75, 790.45 [32.6K, 434, 3514]. 83.3K 27/04/17 20500, 35.25, 40.45, 28, 29.85 [11L, 26263, 215716] ........... 6L 30/03/17
21500, 293.85, 324, 262, 276.7 [62.6K, 1565, 13640].... 44.2K 23/03/17
9000, 700, 713, 684.8, 708.85 [35.3K, 471, 3427] ................ 7L 28/12/17 9800, 19, 21.5, 19, 21.25 [21.6K, 288, 2121] .................. 30.4K 25/05/17 21500, 78.85, 88.95, 54.05, 64.9 [9L, 23635, 203888] .......... 3L 23/03/17 6000, 3.05, 17.4, 3.05, 13.45 [44.9K, 598, 2696] .................. 4L 28/12/17 8750, 6.2, 6.5, 4.5, 5.15 [3L, 4142, 27199] .......................... 3L 30/03/17 11000, 1718, 1735, 1693.8, 1701.7 [35.3K, 471, 4493] ......... 2L 29/06/17 20500, 137.65, 148, 124, 128.1 [24.1K, 603, 4977] ......... 24.8K 27/04/17
21500, 320.2, 368.15, 305, 320.05 [1L, 3563, 31116] .... 83.2K 30/03/17
9050, 146.75, 156.25, 136.9, 151.85 [2L, 2931, 20212]......... 2L 30/03/17 9900, 0.55, 0.7, 0.5, 0.5 [25.1K, 335, 2488] ......................... 2L 30/03/17 21500, 146.05, 160, 124.1, 134.55 [11L, 27443, 237509] ...... 8L 30/03/17 7000, 0.4, 0.9, 0.3, 0.3 [39.2K, 523, 2746] .......................... 3L 30/03/17 8800, 5.65, 9.5, 5.6, 6.75 [74L, 98287, 649231] ................. 59L 30/03/17 Nifty Bank(40) 20600, 0.25, 0.7, 0.05, 0.1 [7L, 16523, 136151] ................... 2L 16/03/17
21800, 505.25, 574, 486, 528.65 [24.8K, 620, 5532] ....... 1.8K 16/03/17
9100, 98.9, 119.65, 98.9, 115.9 [91L, 120756, 834064] ....... 34L 30/03/17 10000, 0.6, 0.6, 0.45, 0.5 [2L, 3178, 23836] ...................... 10L 30/03/17 21500, 355.7, 355.7, 325, 334.4 [16.0K, 400, 3494] ........ 20.2K 27/04/17 7500, 0.85, 0.9, 0.6, 0.65 [47.0K, 626, 3522] ....................... 6L 30/03/17 8800, 34.95, 37.75, 30.45, 31.85 [5L, 6346, 42044] ............ 12L 27/04/17 18000, 3, 3, 1.3, 1.95 [17.8K, 444, 3197] ....................... 48.0K 30/03/17 20600, 19, 19, 7.3, 7.9 [1L, 3258, 26859] ....................... 35.7K 23/03/17 22000, 697.45, 750.85, 682, 702.9 [15.1K, 378, 3433]... 72.1K 30/03/17
9100, 194.05, 200.1, 182.75, 197.3 [4L, 4991, 34780] .......... 6L 27/04/17 10000, 1.65, 3.8, 1.55, 3.35 [32.2K, 429, 3219] ................... 1L 27/04/17 21600, 2.9, 2.95, 0.05, 0.05 [101L, 253007, 2186032] .......... 7L 16/03/17 7600, 1, 1.4, 0.35, 0.95 [30.4K, 405, 2309].......................... 2L 30/03/17 8800, 65.1, 71.05, 65, 67.5 [30.3K, 404, 2687] ............... 56.4K 25/05/17 18500, 2.45, 2.5, 1.55, 2.1 [10.4K, 261, 1932] ..................... 1L 30/03/17 20600, 46.95, 52.5, 35.95, 38.4 [60.5K, 1513, 12494] ...... 72.6K 30/03/17 22100, 903.95, 995, 903.95, 995 [9.9K, 248, 2291] ......... 9.9K 23/03/17
9150, 78, 106.85, 74.15, 83.85 [10L, 13340, 92344] ............. 2L 30/03/17 11000, 0.35, 0.6, 0.3, 0.4 [52.6K, 701, 5784] ....................... 4L 30/03/17 21600, 53.8, 61.1, 33.6, 40.3 [4L, 9650, 83538] .............. 83.0K 23/03/17 7800, 1, 1, 0.7, 0.95 [51.2K, 683, 3996] .............................. 3L 30/03/17 8850, 11, 11.4, 8.35, 8.7 [5L, 6375, 42360] ......................... 3L 30/03/17 19000, 0.05, 0.05, 0.05, 0.05 [12.2K, 305, 2318] ............. 62.8K 16/03/17 20700, 1.45, 1.45, 0.05, 0.05 [14L, 34908, 289042] .............. 3L 16/03/17 NIfty CPSE(250)
9200, 59.6, 64.65, 50.4, 58.55 [129L, 171378, 1189589] ..... 54L 30/03/17 Nifty Bank(40) 21600, 123.35, 150, 94.35, 102.2 [2L, 4150, 36027] ........ 67.2K 30/03/17 7900, 1, 1.2, 0.75, 1.1 [93.8K, 1250, 7407].......................... 4L 30/03/17 8900, 15.3, 16.1, 7.6, 11.55 [87L, 115493, 772014] ............ 52L 30/03/17 19000, 1.5, 2.8, 1.4, 2.05 [28.6K, 715, 5435] ....................... 2L 30/03/17 20700, 21.75, 25.55, 10.5, 11.7 [3L, 7219, 59813]................ 1L 23/03/17 2525, 18, 18, 0.05, 0.1 [72.0K, 288, 1823] ..................... 7.0K 16/03/17
9200, 139.55, 141.45, 124, 138.4 [5L, 7300, 51104] ........... 10L 27/04/17 20000, 1330, 1330, 1245, 1306 [10.8K, 270, 2299] .............. 1L 30/03/17 21700, 1, 1, 0.05, 0.05 [15L, 36610, 317777]....................... 8L 16/03/17 8000, 0.95, 1.2, 0.95, 1.15 [2L, 3034, 18206] ..................... 14L 30/03/17 8900, 50.2, 52.95, 46.05, 47.55 [6L, 7667, 51465] .............. 10L 27/04/17 19500, 0.05, 0.1, 0.05, 0.05 [12.5K, 313, 2441] ................... 1L 16/03/17 20700, 63, 67.7, 48.05, 50.25 [2L, 5483, 45524] ............. 90.3K 30/03/17 Total [1583L, 3239599, 25907934.09] .......................... 691L
9200, 196.2, 210.05, 188.95, 205.45 [20.2K, 269, 1896] ....... 1L 25/05/17 20500, 724.75, 773.8, 688.5, 727.35 [30.7K, 767, 6513] .... 2.9K 16/03/17 21700, 40.8, 40.8, 19.95, 23.25 [4L, 10426, 90602] ......... 86.2K 23/03/17 8000, 2.5, 2.7, 2.15, 2.4 [55.3K, 737, 4423] ......................... 2L 27/04/17 8900, 88.15, 92, 86, 87.4 [1L, 1546, 10424] ........................ 1L 25/05/17 19500, 2.2, 2.2, 1.1, 1.6 [46.0K, 1150, 8971] .................. 46.1K 23/03/17 20800, 2.1, 2.4, 0.05, 0.05 [34L, 85883, 714563] ................. 6L 16/03/17 # In ~ lakh, K-in thousand, L-in lakh
9200, 591.35, 591.35, 591.35, 591.35 [22.5K, 300, 2203]. 22.5K 28/12/17 20500, 855.05, 855.5, 787.2, 834.9 [15.4K, 385, 3285] ......... 4L 30/03/17 21700, 83.1, 90.45, 68.35, 75.55 [1L, 2883, 25112] ......... 91.1K 30/03/17 8000, 92.05, 95, 90.25, 91.95 [50.3K, 670, 4067] ................. 9L 28/12/17 8950, 15.15, 22.9, 15.15, 15.95 [6L, 8015, 53907]................ 3L 30/03/17 19500, 3.5, 3.85, 2.4, 2.95 [65.0K, 1624, 12669] .................. 2L 30/03/17 20800, 27, 40, 16.2, 18.7 [3L, 8739, 72785] ................... 88.7K 23/03/17 Filtered for notional value more than ~ 18.00 Crore

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3M India (11078.40)11187.65 [2K] B . . . . . . . . . . . . . . . . . . 60.4 15250/10009 AKZO Noble I (1608.70)1604.5 [5.26K] B . . . 33.0 1745/1252
8K Miles Softwa (620.90)624.1 [21.61K] B23.2 853/570 #Alembic (35.85)36.95 [1.04M] B . . . . . . . . 13.3 47/32
#Alembic Pharma (609.70)604.45 [33.14K] A28.4 699/515
Aarti Drugs (576.80)583.4 [13.47K] B . . . . . . 19.9 686/432 #Alkem Labs (1927.50)1953.5 [25.81K] B . 34.7 2185/1153
Aarti Inds (791.15)796.7 [56.64K] B . . . . . 22.0 818/461 #Allcargo Log (167.95)169.55 [3.28L] B . . . 17.1 222/144
#ABB India (1210.35)1205.35 [26.27K] A . . 67.9 1434/931 #Amrutanjan (537.80)537.25 [11.8K] B . . . 32.1 661/385
Abbott India (4498.15)4587.55 [3.52K] B . . . 33.2 5049/4354 #Anant Raj (49.50)50.5 [1.44M] B . . . . . . . . 23.2 65/31
Accelya (1427.85)1397.45 [6.16K] B . . . . . . . 22.2 1890/856 #Andrew Yule (23.80)24.15 [1.73L] XC . . . . 26.0 28/18
Adani Trans (66.05)65.4 [7.51L] A . . . . . . . . . . NA 70/29 Apar Ind (742.95)768.1 [48.92K] B . . . . . . . . . 17.1 789/456
Aditya Bir Fa (148.75)152.75 [1.12M] B . . . . . NA 178/123 APL Apolo Tb (1096.15)1143.5 [38.35K] B . . 20.4 1153/631
Advanced Enzyme (1730.35)1734.95 [2.24L] B49.4 Aptech (228.95)241 [1.66M] B . . . . . . . . . . . . 56.5 251/56
2376/1168 Arcotech (669.10)678.3 [11.85K] B . . . . . . . . 40.5 813/290
mAegis Log (208.10)208.6 [2.54L] B . . . . . . . 57.1 211/93 mAsahi (I) Gl (217.50)215.35 [18.95K] B . . . 50.2 224/136
Agro Tech Fd (581.25)570.05 [5.27K] B . . . . . 48.1 609/426 #Ashiana Hsg (185.35)195.75 [3.13L] B . . . 14.1 204/116
#Ahluwalia Co (310.85)311.2 [7.16K] B . . . 22.6 338/235 Ashoka Build (185.25)193.8 [5.06L] B . . . 62.0 201/111
#AIA Engg (1479.65)1495.1 [65.51K] A . . . 29.6 1582/885 Astec Life (592.75)591 [66.42K] B . . . . . . . . . 97.7 694/185
#Astra Micro (113.50)114.4 [2.36L] B . . . . . 21.8 139/102
> ETF mAstral Poly (503)538.3 [3.51L] B . . . . . . . . . 74.5 564/367
#Astrazen Ph (943.15)952.7 [25.15K] B . . . 85.4 1235/908
m W Atul (2191.55)2212.4 [8.55K] A . . . . . . . . . . . . 23.1 2492/1450
Atul Auto (411)408.65 [71.4K] B . . . . . . . . . 21.4 568/391
Autom Axle (633.30)631.7 [5.5K] B . . . . . . . . . . . - 805/528
#Avanti Feeds (714.70)732.15 [39.44K] B . 23.1 747/386
mBaj Hind Sug (14.05)14.1 [4.55M] B . . . . . . . . . - 24/13
mBajaj Corp (368.40)366.1 [62.44K] B . . . . . 24.3 439/325
M #Bajaj Elect (306.75)308.65 [6.62L] A . . . . . 30.1 330/185
Bajaj Hold (2075.80)2109.75 [32K] A . . . . . . . . 9.5 2245/1395
#Balaji Amine (335.45)337 [9.29K] B . . . . . 12.0 380/135
#Balkrishna I (1377.75)1420.7 [1.85L] A . . 18.7 1459/582
#Ballarpur I (19.95)20.1 [3.94M] B . . . . . . . . . . . - 21/12
M Balmer L Inv (390.30)391.4 [14.24K] XC . . . . 24.4 429/271
Balmer Lawr (212.70)228.65 [4.63L] B . . . . . 16.6 287/135
mBalram Chini (149.55)149.5 [5.53L] A . . . . . 7.5 162/95
#Banco Prod (201.25)204.95 [73K] B . . . . . 13.8 242/99
m Bank of Maha (32.30)32.4 [1.5L] B . . . . . . . . . . . . - 39/23
Bannr Am Sug (2010.05)2004.55 [1.54K] B . 14.1 2340/1252
BASF India (1216.30)1222.4 [9.16K] B . . . . . . 264 1348/754
Bayer CropSn (3844.75)3854.7 [6.28K] A . . 39.7 4595/3455
Bengal Assm (1424.30)1709.15 [20.7K] XC . 48.7 1709/448
mBerge Paint (228)230.95 [5.01L] A . . . . . . . 73.2 277/159
BF Utilities (395.20)402.25 [1.71M] A . . . . 208 644/356
m m BGR Energy (135)136.75 [3.39L] B . . . . . . . . . 17.2 156/99
m m Bharat Rasa (2696.45)2685.4 [3.37K] B . . . . 24.2 2828/851
#Bhushan Stl (54.85)55.7 [4.94L] B . . . . . . . . . . - 64/35
Birla Corpn (704.90)704.75 [62.06K] B . . . . . 20.1 804/350
M mBliss GVS (148.75)153 [1.77L] B . . . . . . . . . 28.8 185/79
M W BLS Infotech (1672.75)1681.9 [17.75K] XD . . . . - 2040/850
M M BLS Intl Ser (1672.90)1672.85 [5.3K] B . . . . . . NA 2050/974
M Blue Dart E (5103.15)5079.85 [18.14K] A . . . 77.5 6418/4161
M M #Blue Star (560.65)572.55 [61.25K] B . . . . . 36.2 589/355
#Bodal Chem (136.50)134.8 [3.18L] B . . . . 12.2 155/62
#Bombay Burm (761.50)761.05 [1.31L] B . . . . - 825/353
W #Bombay Dyng (68.50)71.2 [5.88M] B . . . . . . . - 72/42
Bombay Rayon (152.75)150 [4.5L] B . . . . . . . . . . - 196/126
Borosil Glas (6270.75)6399.25 [3.2K] XC . . . 11.0 8703/2541
m Brigade Ent (228.50)240.85 [9.59L] B . . . . . . 22.6 244/135
mCamlin Fin (90.15)92.4 [2.68L] B . . . . . . . . 54.7 120/82
Can Fin Home (2098.05)2109.1 [75.44K] B . 26.5 2124/1011
Capital First (690.45)694.75 [2.82L] B . . . . . 31.4 797/394
#Caplin Point (374.70)377.9 [24.81K] B . . . 44.6 460/184
#Capri Global (48.65)49.45 [27.97K] B . . . . 18.4 82/22
mCarborundm (269.80)270.9 [4.02L] B . . . . 30.0 307/166
Care Rating (1495.80)1484 [58.99K] A . . . . . 29.4 1575/901
#CCL Products (335.75)338.05 [1.49L] B . . 33.1 372/188
Central Bank (98.80)99.45 [8.33L] A . . . . . . . . . . - 112/67
mCentrum Cap (34.90)34.85 [2.84L] XD . . . . . . - 39/10
mCentury Ply (243.15)242.85 [1.55L] B . . . . 31.7 268/154
Cera Sanitar (2600.35)2622.3 [8.37K] B . 34.5 2780/1710
#CGCEL (188.85)197.65 [1.37M] B . . . . . . . . . NA 207/125
Chambal Fert (82.35)82 [9.72L] B . . . . . . . . . . . 9.3 89/52
Chennai Petr (369.05)375.35 [4.48L] B . . . . . . 5.0 405/178
Cigniti Tech (362.60)360.7 [67.4K] B . . . . . . . 55.1 495/341
mCity Union B (148.10)147.95 [3.16M] A . . 18.3 169/86
Clariant Ch (643.85)667.45 [24.63K] B . . . . . 58.1 840/589
Claris Life (320.20)324.25 [1.05L] XC . . . . . . 23.1 430/129
Coffee Day (231.90)233.4 [60.9K] B . . . . . . . . . . . - 277/190
mCoromndl Int (315.70)319.95 [3.18L] A . . 21.9 358/170
#Corp Bank (47.45)48.65 [8.6L] A . . . . . . . . . . . . - 56/33
Cox & Kings (192.15)201.75 [1.06M] A . . . . . . - 242/147
mCRISIL (1967.70)1969.15 [42.95K] A . . . . . 43.0 2500/1767
Cyient (465.45)465.2 [16.73K] A . . . . . . . . 15.8 554/405
D B Corp (382)381.75 [1.58L] A . . . . . . . . . . . . 18.7
D B Realty (41.70)42.25 [1.59L] B . . . . . . . . . . . . . -
#Dalmia Bhar (1899.45)1909.7 [41.51K] B 61.6
#Dalmia Sugar (180.50)175.75 [1.98L] B . . . 7.1
#Dcmshriram (276.20)275.75 [39.95K] B . 10.0
Deep Inds (316.85)318.05 [1.29L] B . . . . . . . . 16.0
Deepak Fert (260.10)272.9 [3.41L] B . . . . . . . 17.9
#Deepak Nitrt (119.05)116.25 [1.74L] B . . 13.6
Den Network (83.70)82.3 [1.19L] A . . . . . . . . . . . -
Dena Bank (36.80)37.3 [5.12L] A . . . . . . . . . . . . . . -
DFM Foods (1748.10)1725.8 [1.32K] B . . . . . 72.4
Dhamp Sugar (225.95)226.45 [2.63L] B . . . . . 6.2
#Dhanuka Agri (795.35)794.55 [19.48K] B 32.1
Diamond Pwr (42.80)42.1 [1.46L] B . . . . . . . . . NA
Dilip Build (335.05)343.45 [2.23L] B . . . . . . . 23.9
#Dishman Phar (243.70)247.55 [1.2M] A . . 19.9
mDPSC (40.50)41.75 [11.98K] B . . . . . . . . . . . . NA
Dr Lal PathLabs (951.10)945.45 [1.6L] B . . . 59.4
Dredgng Corp (523.50)627.25 [2.74M] B . . . 42.5
Dynamatic T (2857.10)2844.15 [1.59K] B . . 43.7
eClerx Ser (1380)1390.55 [49.98K] A . . . . . . 14.3
mEdelweiss Finan (140)140.1 [1.14M] A . . . 20.8
mEID Parry (279.85)280.1 [1.44L] A . . . . . . . . 353
#EIH (108.95)108.5 [49.17K] B . . . . . . . . . . . 89.5
EIH Asso Ht (330.80)331 [1.43K] B . . . . . . . . . 23.5
Elantas Beck (1848.65)1842.7 [433] B . . . . . 26.8
Electrost St (4.50)4.55 [7.73L] B . . . . . . . . . . . . . . -
mElectrst Cst (28.15)28.65 [2.16M] B . . . . . . 11.3
mElgi Equip (212.10)214.85 [27.4K] B . . . . . 40.7
mEmami (1046.25)1048.35 [1.39L] A . . . . . . 71.5
Empire Ind (1680.60)1656.75 [68] XC . . . . . . 32.4
Endurance Tech (700.50)704.3 [67.21K] B . . . NA
Ent Network (846.45)834.35 [16.05K] B . . . . 64.9
Equitas Hold (167.10)169.3 [1.18M] B . . . . . 28.7
Eros Intl M (199.15)219.4 [3.74M] B . . . . . . . . 8.0
Esab India (599.05)600 [8.34K] B . . . . . . . . . . 26.7
#Essel Prpack (231.95)238.25 [1.07L] B . . . 19.9
mEsteem Bio (39.05)38.3 [25K] M . . . . . . . . . . NA
Eveready Ind (245.80)250.7 [1.58L] B . . . 20.9
Excel Crop (1796.55)1799.35 [942] B . . . . 27.4
FACT (34)33.5 [1.64L] B . . . . . . . . . . . . . . . . . . . . . . -
FAG Bearings (4110)4187.3 [2.4K] B . . . . . . . 35.8
mFDC (208.35)207.65 [55.28K] B . . . . . . . . . . 20.9
Federal-Mog (494.65)496.75 [5.27K] B . . . . 44.9
FIEM Inds (857.45)855.7 [80.32K] B . . . . . . . 20.8
#Finolex Cab (462.20)460.2 [41.05K] A . . . 21.8
Finolex Ind (541.15)548.45 [4.32L] A . . . . . . . 22.7
Firstsource (43.55)42.9 [1.99M] A . . . . . . . . . . 9.9
Forbes & Co (1895.90)1859.8 [4.7K] B . . . . . 40.7
Fortune Fin (315.50)315.9 [7.83K] XC . . . . . . 77.1
Foseco (1325)1326.3 [126] B . . . . . . . . . . . . . . 25.6
NFuture Consumer (29.95)29.55 [2.77M] B . . -
#Future Enterpri (26.55)26.75 [1.07M] B . . . 4.5
#Future Lifesty (214.15)218.15 [4.46L] B . . 130
#Future Retail (267.70)267.75 [1.91L] B . . . . NA
G E Shipping (376.05)393.45 [2.86L] A . . . . . . 7.4
mGabriel I (114)116 [1.73L] B . . . . . . . . . . . . . 20.7
Gallant Isp (485.55)486.35 [10.77K] B . . . . . 33.4 663/434
Garware-Wall (677.60)687.75 [17.63K] B . . 18.6 706/319
Gateway Dist (251.60)254.6 [70.39K] A . . . . 25.3 326/210
#GATI (132.05)137.45 [2.78M] A . . . . . . . . . 33.9 189/104
#Gayatri Proj (139.70)138.7 [43.02K] B . . . 34.8
GE Power India (573.85)568.8 [13.37K] B . . . . . . - 665/436
#GE T&D Ind (301.35)307.2 [2.22L] A . . . . . . . . . - 498/278
mGenus Power (38.55)38.45 [1.61L] B . . . . . 17.8
mGeojit Financia (49.75)50.95 [4.17L] B . . . 25.4
GHCL (271.65)269.1 [1.35L] B . . . . . . . . . . . . . . 7.6 299/110
GIC Housing (316.55)323.75 [2.46L] B . . . . . 12.7 354/206
Gillette I (4106.30)4168.5 [17.74K] B . . . . . . 57.2 4898/4022
448/290 #GMDC (113.45)114.55 [2.02L] A . . . . . . . . . 12.8
62/35 GNFC (259.70)258.55 [2.11L] B . . . . . . . . . . . . 10.5
2085/701 #GOCL Corp (346)351.9 [9.35K] B . . . . . . . . . 121 374/130
202/85 #Godfrey Ph (1258.70)1284.15 [6.52L] B . . 52.1 1543/800
297/130 Godrej Prpty (375.40)376 [7.37L] A . . . . . . 50.2 394/271
332/131
285/144
Goodyear (761.85)772.5 [45.64K] B . . . . . . . 14.2 921/470
#Graphite (106.75)114.95 [1.05M] B . . . . . . 32.6
134/63 #Greaves Cott (165.95)168.05 [4.47L] B . . 23.8 170/115
104/60 Greenlam Inds (653.30)654.1 [748] B . . . . . NA 860/471
44/28 mGreenply Ind (289.85)287.05 [1.15L] B . . . 26.2 308/171
2145/1642 Grindwell N (339.05)343.8 [17.72K] B . . . 32.7 385/288
234/76 #GRUH Finance (368.30)366.45 [1.57L] A . 48.7 391/233
800/550 #GSFC (123.40)123.85 [1.77M] A . . . . . . . . . 18.6
63/22 GSK Consumer (5428.90)5502.25 [15.73K] A35.06600/4708
347/178 GSK Pharma (2707.40)2747.6 [21.98K] A . . 70.5 3872/2600
269/128 GTL Infra (6.15)5.7 [28.4M] B . . . . . . . . . . . . . . . . . -
49/15 Guj Alkalies (408.40)408.75 [54.76K] B . . . . . . 8.9 434/160
1280/770 #Guj Amb Exp (105.55)110.6 [2.09L] B . . . . . 9.9
628/322 mGuj Fluoro (590.10)611.6 [1.51L] B . . . . . . 18.8 666/436
3656/1577 Guj Ind Power (101.05)100.7 [1.25L] B . . . . . . 7.3
Guj Petronet (161.45)159.05 [7.68L] A . . . . . 19.1 173/123
1784/1190 Guj Pipavav (158)162.05 [1.83L] A . . . . . . . . . 33.5 198/121
148/53 Gujarat Gas (674.65)679.9 [42.18K] B . . . . . . . NA 707/470
310/191 #Gulf Oil Lub (701.75)722.25 [21.28K] B . . 30.1 892/454
127/91 mGVK Power (6)6.1 [2.89M] A . . . . . . . . . . . . . . . . -
379/256
1879/1235 #Hath Cable (38.15)38.15 [5.17L] A . . . . . . . . . . -
7/2 mHatsun Agro (515.15)518.1 [4.53K] B . . . . . 108 527/289
30/17 Hawkins Cook (2851.75)2910.05 [1.18K] B . 33.5 3610/2475
228/124 mHBL Power (43.30)44 [4.52L] B . . . . . . . . . . 42.3
1260/901 #HCL Info (52.05)53.15 [1.45M] B . . . . . . . . . . . -
1995/1485 Healthcare Glob (236.45)239.65 [55.13K] B . 109 265/167
729/519 Heidelberg (119.05)116.85 [2.38L] B . . . . . . 41.7
905/653 Heritage Foods (1080.85)1094.05 [42.57K] B36.2 1174/492
206/134 mHFCL (13.10)13.2 [4.42M] B . . . . . . . . . . . . . . . . -
238/142 #Hikal (194.75)197 [43.51K] B . . . . . . . . . . . 26.3 257/116
689/525 Himatsing S (363.85)358.65 [36.97K] B . . 20.1 385/183
264/152 Hind Copper (66.95)68.9 [1.7M] A . . . . . . . 172
50/26 Hind Media (290.85)293.35 [50.71K] B . . . . . 11.1 314/243
291/200 #Hind Nat Gl (115)112.1 [3.62K] B . . . . . . . . . . . -
2000/1085 Hind Oil (72.40)72.9 [5.17L] B . . . . . . . . . . . . . 34.0
Hinduja Glb (597.85)604.95 [15.48K] B . . . . . . 7.1 637/376
39/19 Hinduja Vent (516.95)515.95 [2.12K] B . . . . 10.3 603/390
4479/3740 HMT (37.90)37.3 [3.79K] Z . . . . . . . . . . . . . . . . . . . - 50/32
244/165 Honda Siel (1388.90)1383.5 [4.12K] B . . . . . 23.6 1755/1115
594/303 Honeywell A (9942.50)9944.55 [637] B . . . . . 50.110500/7578
1510/734 mHSCL (43.95)43.9 [4.95L] B . . . . . . . . . . . . . 29.4
474/239 #HSIL (330.25)333.25 [32.01K] B . . . . . . . . . 19.7 370/256
558/349 #HT Media (82.70)82.8 [96.54K] B . . . . . . . . 10.6
54/31 #Huhtamaki PPL (240.05)238.3 [30.94K] B46.8 326/200
2695/1100
410/122 ICRA (4169.25)4186.2 [749] A . . . . . . . . . . . . . 58.5 4550/3470
1575/1141 IFB Ind (606.05)603.5 [7.63K] B . . . . . . . . . . . 45.9 660/303
31/18 IG Petro (363.90)367.55 [1.23L] B . . . . . . . . . 13.2 380/102
156/14 Igarashi Mtrs (804.25)810.8 [17.47K] B . . . . 33.3 840/491
221/75 #IIFL Holds (394.60)390.2 [1.16M] A . . . . . . 19.5 412/182
278/115 IL&FS Tran (103.05)107.25 [1.22M] A . . . . . . 11.3 125/66
#Ind Hum Pipe (388.35)390.05 [10.4K] B . . 25.2 460/155
411/288 Ind Ove Bank (26.75)27 [8.63L] A . . . . . . . . . . . . . - 33/21
130/83 India Touris (398.35)418.4 [2.65L] B . . . . . . . . . . - 460/203
#Indiabulls Vent (41.95)46.1 [8.7M] B . . . . 51.5 46/13 m m m m m
Indian Bank (273.70)277.95 [1.91L] A . . . . . . 11.4 310/85 # m # m
mIndian Hotel (122)121.6 [5.54L] A . . . . . . . . . . . - 143/89 m m m
Indian Metal (643.90)647.7 [21.01K] B . . . . . 67.5 776/109 m M m m
156/98 Indian Metal (645)649 [74.33K] B . . . . . . . . . . . . . - 778/107 # #
#Indoco Rem (258.55)255.85 [23.13K] B . . 29.6 362/250 m #  W
Ineos Styroluti (609.55)611.2 [7.08K] B . . . . 14.8 679/537 M m m M
60/33 Infinite Com (223.80)223.2 [13.87K] B . . . . . . 5.7 255/189 M m M m m
51/30 Info Edge (821.90)837.8 [1.3L] A . . . . . . . . . . 44.4 1025/711 MW
Ingersoll (673.85)681.05 [20.05K] B . . . . . . . 29.5 790/612 m  m # W M
INOX Leisure (248.60)249.9 [1.46L] B . . . . . . 52.0 293/189 m m
Inox Wind (179.25)181.4 [6.43L] B . . . . . . . . . 10.8 295/163 # # M m M #
123/64 Insectcides (556.20)555.05 [23.77K] B . . . . . 41.5 589/305 m m
292/76 Intell Des Aren (112.45)113.5 [6.98L] A . . . . . - 252/108 #M m m M
InterGlobe Avia (881.45)891.4 [3.35L] B . . . 16.2 1095/790 M # m  m
Intl Pap APPM (312.70)313.05 [13.27K] B . . 34.2 355/270 M m m
#Ipca Labs (552.25)549.85 [65.22K] A . . . . 38.2 644/404 M # M
116/69
ISGEC Heavy Eng (5827.40)5992.55 [20.72K] B24.0
6067/4000
M
M
m 
 M
m
m
#
mITD Cemnt (156.90)156.25 [1.48L] B . . . . . 50.4 179/101 M m
ITI (51.40)52.1 [7.61L] B . . . . . . . . . . . . . . . . . . . 7.8 54/23 M
#M # # m
mJ & K Bank (72.60)74.5 [9.51L] A . . . . . . . . . . . . - 92/56 M M m
J Kumar Infr (253.10)255.35 [4.31L] B . . . 17.9 328/105 mM M m m
125/62 #Jagran Prak (181.85)182.6 [1.67L] B . . . . . 13.4 213/145 #M M
mJai Corp (72.45)74.45 [1.12M] B . . . . . . . . . . 114 84/52 M m m
Jamna Auto (211.85)215.4 [2.04L] B . . . . . 17.7 241/129 mM MW m m m # m
7/2 Jayant Agro (621.10)641.2 [67.58K] B . . . 25.2 648/108 mM m m m M # M
Jaypee Inf (11.30)11.05 [1.28M] B . . . . . . . . . . . . - 14/5 mM M m m M
120/37 #JB Chemicals (326.35)327.15 [46.84K] B . 15.9 404/231 M M
JBF Ind (249)266.35 [4.71L] B . . . . . . . . . . . . . . . . . - 272/177 #M # # m M
116/77 JBM Auto (271.65)277.3 [1.7L] B . . . . . . . . 29.2 327/111 #M # m # W
Jindal Poly (353.75)422.5 [2.84M] B . . . . . . . 14.5 538/299 #M  M m
#Jindal Saw (80.75)84.7 [3.73M] B . . . . . . . . . 9.0 86/ mMM M m m
# M M M
# M M M
8/4 m M
 m #M
40/24 mM # m M
# M M # M #
mM M m M m # M
48/29 M m m
65/36 M M M m m m W M
W M m m # m
151/72 m M m #
m # m
20/11 m m m
#  m M # m M  m
 # m m m W
74/42 m M m m W
m # # m M W
156/73 # M m # mW M
79/30 M m #W
m # # m #W
# m M m W
# m W
m  M m M m Wm
m # W
50/15 m WM # m
 M m m
97/69 # M #
m m m
# m M
#  m
m m #
# M
M m W
 M M M
m # m #
m m m m m
m m M # m m
M # M m
https://t.me/srikakulam bubbly


MUMBAI | FRIDAY, 17 MARCH 2017 STOCKS 5 <

> BS 200
WHAT THESE STOCK PAGES CONTAIN AND WHY Industry P/E, 3) Quarter on quarter EPS on the basis of consolidated earnings compares the prevailing price to BV. stock above the risk-adjusted market Open Interest: OI is the number of option becomes valueless while ABBREVIATIONS: When a significant SYMBOLS
FOR FACE
BSE NSE BSE NSE
growth (Q/Q), and, 4) Standalone EPS wherever available. RoNW is the ratio of net profit to return, given its level of risk measured contracts open at end of day in the futures contracts are compulsorily change occurs in the day’s closing VALUE OF
in the trailing twelve months (TTM). The industry P/E is the aggregate net worth, while RoCE is the ratio of by beta. It is the return given by a futures and options segment. OI thus settled on expiry. On NSE, it is the lastvalue compared with the previous SCRIPS Aban Offsh (A) # ACC (A)
BS 200 stocks account for over 85 per also the price trend with highs/lows On Wednesdays: quarterly EPS for the market capitalisation of the industry PBDT to capital employed. Capital stock when the market index has zero indicates traders’ expectations. High Thursday of every month. close, the close price is underlined. PCLose (223.45) (223.55) (1420.75) (1420.40)
G ~100 Open 226.00 225.80 1421.00 1428.90
cent of the volume of shares, value (3-month and 52-week). last four quarters.On Thursdays; divided by the aggregate standalone employed is net worth plus total movement. A positive alpha indicates OI is typical when traders see a Put/call ratio: The ratio of open A significant change means a 3 per
H ~50 High 228.50 228.00 1429.00 1431.00
and trades on BSE and NSE. Routine The third sub-set of information is 1) Dividend yield %, 2) Payout ratio, net profit (trailing 12 months) of the long-term borrowings. High RoNW the stock performs better than continuing trend. interest in put options & call options. cent rise or fall in scrips whose market Low 224.40 224.10 1417.30 1419.00
information on other stocks are given on a particular stock’s one-year 3) Free float, and 4) FII stake. On industry, after excluding loss-making and high RoCE imply a business is expected, given its beta and vice- Market Lots: The designated value values are over 10 times paid-up I ~20 Close 225.25 225.20 XDO1421.651422.00
separately under Other Traded Stocks. return calculated on a point-to-point Fridays: 1) Book-value per share, companies. capital-efficient. versa. A high alpha value indicates of a single F&O contract. This differs FORMULAS: value or 15 per cent for the rest of N ~6 %Chng 0.81 0.74 0.06 0.11
Only NSE quotes are given in italics for basis for 1 month and 1 year followed 2) Price/book value, 3) Return on Net The market capitalisation is Standard deviation in the returns the stock has a strong trend from underlying to underlying. For Mean: Average of daily returns of a the shares. Shares 232K 620K 44092 284K
all other stocks. For the remaining by market cap. Worth (RoNW) and, 4) Return on shown in ~crore and is arrived at by of a stock measures the volatility of independent of the market’s moves. example, it is 50 Nifty and 25 Nifty scrip in the last 30 trading days. The letters H or L appended to  ~5 Trades 3129 8504 922 10803
stocks, we carry BSE quotes. In order to assess a scrip’s future Capital Employed (RoCE). On multiplying the closing prices of the stock over its trend. Beta indicates R Squared is the square of the Junior Standard Deviation: formula= sqrt prices indicate a new high or low in , ~4 PE - - 44.17 44.18
For BS 200 stocks, the company potential, the table contains ratios Saturdays, the focus is on the shares with equity capital. It changes how much the scrip moves for a unit coefficient of correlation between Strike Price: The price at which an (((n* åy2)- (å y * å y))/(n*n) the scrip; the letters XD after the 3 M H/L 260/203 259/217 1511/1270 1512/1270
K ~3 52 Wk H/L 286/171 286/171 1738/1238 1736/1244
name is followed by its BSE group in on valuation, profitability, strength, volatility of returns using: 1) Alpha, either because more shares have change in the index. A negative beta market returns and stock returns. It is option may be exercised. An option is Beta: formula ((n * å xy) - (å x* å traded quotes indicate that the scrip
brackets and the symbol indicating growth and efficiency. The idea is to 2) Beta, 3) Standard deviation, and been issued (or extinguished) or the indicates the share moves in a the percentage by which the market “in-the-money” if the market price y))/(n* å x2 - (å x * å x)), has gone ex-dividend after that date; # ~2 1 M returns -3.31 -3.33 -2.80 -2.98
1 Yr returns 21.53 21.37 11.62 11.64
the paid-up value . Four categories get an understanding of why a share 4) Mean price has moved. Book value is net direction opposite to the market and influences an individual stock’s exceeds the SP (in case of a call Alpha: formula (å y/n) - (Beta * (å XB denotes ex-bonus, XR ex-rights; m ~1 Mcap 1314 1314 26697 26704
of information are provided : First, may be active and what is in store at DEFINITIONS: worth (equity capital plus reserves vice versa. The beta of the index is 1. movement. R Squared could range option) and the market price is below x/n)) where n is 30 trading days, y is å XO ex-indicator for other corporate Face value Book-value 1036.38 1036.38 448.43 448.43
the basic information on the day’s the counter. P/Es have been arrived at by and surplus minus accumulated Beta is used in conjunction with R from 0 to 1, where 1 would indicate SP (in case of a put). Otherwise it is (sum) of daily price returns of a scrip actions like AGM/EGM/ preference of scrips is Price/Bk-val 0.22 0.22 3.17 3.17
trading. Information is also given on In this segment, a new byte of dividing the day’s closing price by its losses) divided by the number of Squared to draw inferences of perfect correlation between the “out-of-money” for 30 trading days, x is å (sum) of shares/mergers and others . ~10 in all RoNW 0.85 0.85 6.98 6.98
M denotes volume of shares in cases if not RoCE 6.06 6.06 10.00 10.00
the number of shares traded, and the information is given every day: reported earning per share (EPS) for shares outstanding as reported by a volatility. market index and the stock and 0 Expiry date: The date on which a daily index returns (BSE Sensex for specified.
number of trading transactions, as On Tuesdays: 1) Cash P/E, 2) trailing 12 months. EPS is calculated company. Price to book value ratio Alpha is the excess return of the indicates no correlation. derivative expires . An unexercised BSE stocks and Nifty for NSE stocks) million, L in lakhs & K in ‘000’.

BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE
Adani Enter (A) m Adani Ports (A) # Adani Power (A) Adi Bir Nuvo (A) Ajanta Phar (A) # Allahabad Bk (A) Amara Raja (A) m Ambuja Cem (A) # Andhra Bank (A) Apollo Hosp (A)  Apollo Tyres (A) m Arvind (A) Ashok Leyland (A) m Asian Paints (A) m Aurob Pharma (A) m Axis Bank (A) # Bajaj Auto (A) Bajaj Fin (A) #
PCLose (101.25) (101.20) (309.90) (310.30) (38.85) (38.90) (1518.65) (1519.65) (1741.65) (1743.25) (70.50) (70.40) PCLose (865.85) (865.40) (233.25) (233.00) (54.90) (55.00) (1212.80) (1212.90) (194.20) (194.10) (402.05) (401.95) PCLose (91.10) (91.10) (1063.90) (1064.05) (677.65) (678.00) (511.75) (511.70) (2870.35) (2873.10) (1134.15) (1134.55)
Open 102.50 102.45 311.00 312.00 39.10 38.90 1524.00 1524.00 1745.70 1745.50 70.95 71.00 Open 871.00 873.00 231.95 233.80 55.30 55.20 1220.00 1216.00 196.50 195.70 406.00 405.25 Open 92.00 92.00 1068.75 1071.25 681.05 682.00 514.45 513.00 2890.00 2881.30 1134.85 1139.70
High 104.00 103.95 325.65 327.35 39.95 40.00 1530.00 1531.00 1771.00 1771.95 72.10 72.10 High 896.40 896.00 235.70 236.20 56.00 56.05 1230.95 1233.00 198.50 198.65 409.30 409.70 High 92.85 92.90 1090.00 1089.50 692.25 692.90 516.90 516.80 2943.85 2944.90 1175.05 1178.00
Low 101.85 101.80 311.00 311.50 39.00 38.90 1515.50 1516.50 1745.70 1743.80 70.55 70.50 Low 871.00 872.45 231.95 232.75 55.10 55.10 1217.80 1216.00 194.65 194.60 405.00 404.70 Low 91.50 91.40 1068.75 1068.25 678.65 678.50 511.50 511.30 2865.40 2862.50 1131.55 1130.85
Close 102.70 102.75 324.55 325.70 39.90 39.90 1526.30 1526.55 1761.60 1763.80 71.95 71.85 Close 884.45 884.90 XD235.25 235.40 55.90 55.90 1224.30 1226.05 195.95 196.25 407.85 408.40 Close 91.90 91.90 1087.60 1087.55 687.20 687.60 513.60 513.65 2936.70 2936.40 1158.75 1163.50
%Chng 1.43 1.53 4.73 4.96 2.70 2.57 0.50 0.45 1.15 1.18 2.06 2.06 %Chng 2.15 2.25 0.86 1.03 1.82 1.64 0.95 1.08 0.90 1.11 1.44 1.60 %Chng 0.88 0.88 2.23 2.21 1.41 1.42 0.36 0.38 2.31 2.20 2.17 2.55
Shares 1038K 7120K 1297K 7052K 2006K 9916K 42837 210K 8694 82809 245K 2426K Shares 87454 1061K 70813 1386K 236K 2329K 14482 327K 397K 3823K 226K 1591K Shares 889K 11584K 90076 1382K 226K 2214K 1862K 5362K 18518 432K 83337 1235K
Trades 4855 29295 9068 83946 2051 13673 989 10466 776 9843 1079 9732 Trades 3896 24999 834 20059 832 7329 1100 16987 3549 30237 2934 23684 Trades 3810 39631 2157 38532 4948 45759 3755 83616 1548 22921 3129 39472
PE 12.10 12.10 18.21 18.28 21.28 21.28 17.73 17.74 29.39 29.42 - - PE 30.96 30.98 40.40 40.43 19.96 19.96 54.47 54.55 8.94 8.95 31.83 31.88 PE 30.84 30.84 53.63 53.62 17.27 17.28 26.68 26.68 22.19 22.19 37.43 37.58
3 M H/L 104/69 104/69 326/257 327/257 41/27 41/27 1555/1161 1558/1160 1837/1527 1840/1527 80/57 76/57 3 M H/L 943/821 941/822 244/197 245/197 59/46 59/46 1344/1111 1344/1112 199/172 199/172 409/322 410/321 3 M H/L 97/75 97/75 1090/850 1090/851 733/622 731/622 530/425 530/424 2944/2555 2945/2551 1175/762 1178/761
52 Wk H/L 104/58 104/58 326/170 327/170 41/23 41/23 1664/770 1640/770 2150/1312 2125/1310 88/49 88/49 52 Wk H/L 1077/821 1080/820 282/191 282/191 65/45 64/45 1443/1111 1443/1112 235/139 235/139 424/257 424/257 52 Wk H/L 113/74 113/74 1230/837 1227/843 895/622 895/622 638/418 638/418 3122/2252 3120/2250 1180/650 1184/649
1 M returns 9.61 9.54 9.04 9.57 14.49 14.49 1.63 1.61 0.98 0.98 2.20 1.99 1 M returns 3.59 3.57 -1.20 -1.18 4.19 4.19 -3.75 -3.61 9.35 9.33 8.33 8.44 1 M returns -1.97 -2.13 13.18 13.19 3.38 3.45 5.03 5.02 5.58 5.67 6.42 6.79
1 Yr returns 52.60 52.58 37.99 38.18 33.22 33.00 97.39 97.32 29.49 29.81 38.23 37.91 1 Yr returns -1.95 -2.07 7.86 7.91 10.69 10.58 -11.31 -11.34 14.96 15.17 50.01 50.48 1 Yr returns -3.42 -3.52 24.90 24.64 -5.36 -5.38 20.01 19.97 29.38 29.36 76.00 76.78
Mcap 11295 11300 67213 67451 15009 15009 19880 19883 15502 15521 5351 5343 Mcap 15106 15114 46712 46742 3808 3808 17032 17057 9974 9989 10537 10551 Mcap 26154 26154 104323 104318 40263 40286 122948 122960 84979 84971 63720 63981
Book-value 121.98 121.98 63.85 63.85 19.61 19.61 1115.52 1115.52 133.19 133.19 193.95 193.95 Book-value 123.05 123.05 51.73 51.73 147.75 147.75 248.25 248.25 121.40 121.40 102.40 102.40 Book-value 13.95 13.95 58.44 58.44 120.44 120.44 186.63 186.63 450.82 450.82 133.20 133.20
Price/Bk-val 0.84 0.84 5.08 5.10 2.03 2.03 1.37 1.37 13.23 13.24 0.37 0.37 Price/Bk-val 7.19 7.19 4.55 4.55 0.38 0.38 4.93 4.94 1.61 1.62 3.98 3.99 Price/Bk-val 6.59 6.59 18.61 18.61 5.71 5.71 2.75 2.75 6.51 6.51 8.70 8.73
RoNW 7.76 7.76 21.68 21.68 6.62 6.62 12.98 12.98 34.25 34.25 - - RoNW 23.29 23.29 7.87 7.87 6.34 6.34 9.58 9.58 17.69 17.69 13.71 13.71 RoNW 26.97 26.97 30.80 30.80 28.09 28.09 16.47 16.47 29.01 29.01 17.46 17.46
RoCE 7.75 7.75 11.89 11.89 10.62 10.62 9.99 9.99 43.66 43.66 5.33 5.33 RoCE 33.22 33.22 12.28 12.28 6.91 6.91 9.77 9.77 21.88 21.88 14.92 14.92 RoCE 16.88 16.88 44.25 44.25 25.37 25.37 6.40 6.40 41.77 41.77 11.10 11.10

Bajaj Finsrv (A)  Bank of Baroda (A) # Bank of India (A) Bata India (A)  BEML (A) Bharat Elctn (A) m Bharat Fin Incl (A) Bharat Forge (A) # Bharti Airtel (A)  Bharti Infratel (A) BHEL (A) # Biocon (A)  Bosch (A) BPCL (A) Britannia (A) # BSE (B) # Cadila Healt (A) m Cairn Ind (A)
PCLose (3926.00) (3938.65) (166.20) (166.50) (126.30) (126.25) (526.20) (525.60) (1297.05) (1299.35) (157.04) (156.96) PCLose (802.30) (801.90) (1033.05) (1034.30) (363.15) (363.20) (309.05) (308.90) (166.45) (166.90) (1116.60) (1116.45) PCLose (22959.25) (22784.75) (635.35) (636.50) (3188.95) (3190.25) (-) (945.35) (449.40) (449.40) (285.95) (285.80)
Open 3958.95 3950.10 168.00 167.60 126.55 127.50 525.00 530.00 1302.05 1303.10 159.00 159.40 Open 809.95 812.00 1040.00 1040.05 365.20 364.00 312.10 311.00 167.15 167.85 1116.60 1120.00 Open 22915.00 22899.00 641.40 639.00 3200.00 3197.00 - 949.95 451.00 450.00 286.80 287.50
High 4080.95 4081.30 169.40 169.65 129.00 129.15 535.00 534.70 1334.90 1336.00 166.15 166.30 High 815.00 813.80 1054.45 1054.00 366.00 365.60 314.00 311.75 169.35 169.40 1128.00 1128.00 High 23012.05 23012.60 649.35 649.40 3235.90 3238.20 - 952.30 452.00 452.00 295.55 295.80
Low 3950.00 3950.00 166.40 166.40 126.40 126.40 525.00 524.25 1301.00 1300.00 158.00 158.00 Low 798.45 798.60 1040.00 1040.05 359.40 359.10 309.35 309.25 167.15 167.40 1114.00 1113.00 Low 22775.90 22790.00 636.75 637.05 3200.00 3196.35 - 943.00 429.65 429.00 286.80 287.50
Close 4037.65 4040.05 168.25 168.55 128.40 128.35 532.05 531.85 1331.30 1333.10 SS165.10 165.15 Close 804.25 805.10 1044.40 1046.30 360.25 360.65 309.95 310.50 168.55 168.85 1120.80 1120.20 Close 22893.40 22927.00 647.00 647.75 3219.70 3225.05 - 945.25 XD442.80 442.70 294.25 294.30
%Chng 2.84 2.57 1.23 1.23 1.66 1.66 1.11 1.19 2.64 2.60 5.13 5.21 %Chng 0.24 0.40 1.10 1.16 -0.80 -0.70 0.29 0.52 1.26 1.17 0.38 0.34 %Chng -0.29 0.62 1.83 1.77 0.96 1.09 - -0.01 -1.47 -1.49 2.90 2.97
Shares 16355 111K 1276K 9620K 463K 2958K 45510 900K 48014 459K 888K 9148K Shares 437K 4294K 62127 465K 487K 2407K 63016 1573K 753K 5653K 29214 335K Shares 462 15540 151K 1875K 7027 113K - 127K 124K 1467K 155K 2914K
Trades 3022 11691 6778 42923 2022 15857 1625 18665 2615 17255 8504 56328 Trades 8752 67568 2072 16634 2409 34944 1561 33887 4161 36524 1291 11458 Trades 315 5406 3620 48993 814 7629 - 10780 3674 26873 2118 22156
PE 28.62 28.64 - - - - 45.38 45.37 105.35 105.49 25.56 25.57 PE 18.22 18.24 44.85 44.93 30.53 30.57 20.39 20.42 64.47 64.59 26.51 26.50 PE 41.67 41.73 10.70 10.71 44.73 44.80 - 41.43 33.23 33.22 - -
3 M H/L 4081/2541 4081/2541 192/146 192/146 139/103 139/103 536/416 535/416 1356/902 1356/901 166/133 166/133 3 M H/L 885/465 885/465 1094/850 1095/870 401/289 401/289 361/283 361/282 169/116 169/116 1144/882 1144/882 3 M H/L 23640/19000 24000/18973 735/601 733/600 3293/2776 3296/2773 -/- 1200/887 460/330 461/329 300/232 300/232
52 Wk H/L 4081/1634 4081/1631 192/128 192/128 139/79 139/78 614/400 614/399 1356/770 1356/771 166/107 166/107 52 Wk H/L 939/465 939/465 1094/687 1095/682 401/284 401/283 413/283 414/282 169/107 169/107 1144/455 1144/455 52 Wk H/L 25650/18005 25671/17672 735/411 733/413 3575/2523 3584/2519 -/- 1200/887 460/305 461/304 300/130 300/130
1 M returns 9.86 9.62 1.36 1.44 3.13 3.09 6.36 6.19 3.18 3.40 8.18 8.10 1 M returns -7.29 -7.28 -1.55 -1.39 -2.50 -2.40 0.24 0.89 9.88 10.11 1.41 1.34 1 M returns 4.32 4.60 -4.76 -4.60 -0.80 -0.70 - -2.27 -1.12 -1.63 2.53 2.26
1 Yr returns 144.44 144.59 18.40 18.49 35.44 35.32 9.32 9.50 29.93 30.10 52.91 52.37 1 Yr returns 54.68 55.13 26.52 26.76 5.48 5.84 -16.33 -16.01 52.05 52.25 141.81 141.45 1 Yr returns 25.77 25.93 50.00 49.80 19.57 19.55 - - 31.47 31.17 93.03 92.86
Mcap 64255 64293 38767 38836 13542 13537 6838 6835 5544 5551 39624 39636 Mcap 11096 11108 24314 24358 144006 144166 57329 57430 41254 41328 22416 22404 Mcap 69871 69973 93567 93676 38636 38701 - 5076 45329 45319 55198 55207
Book-value 169.41 169.41 174.46 174.46 298.16 298.16 89.87 89.87 506.66 506.66 391.02 391.02 Book-value 100.24 100.24 153.60 153.60 105.81 105.81 99.20 99.20 135.53 135.53 202.74 202.74 Book-value 2715.86 2715.86 193.75 193.75 147.45 147.45 - 488.89 52.28 52.28 260.10 260.10
Price/Bk-val 23.83 23.85 0.96 0.97 0.43 0.43 5.92 5.92 2.63 2.63 0.42 0.42 Price/Bk-val 8.02 8.03 6.80 6.81 3.40 3.41 3.12 3.13 1.24 1.25 5.53 5.53 Price/Bk-val 8.43 8.44 3.34 3.34 21.84 21.87 - 1.93 8.47 8.47 1.13 1.13
RoNW 6.05 6.05 - - 5.43 5.43 18.92 18.92 2.52 2.52 15.54 15.54 RoNW 21.91 21.91 18.18 18.18 10.54 10.54 12.98 12.98 4.25 4.25 22.10 22.10 RoNW 15.03 15.03 28.49 28.49 45.56 45.56 - 4.67 28.45 28.45 7.61 7.61
RoCE 7.23 7.23 4.00 4.00 5.60 5.60 27.19 27.19 4.53 4.53 20.81 20.81 RoCE 13.49 13.49 17.31 17.31 12.78 12.78 19.15 19.15 6.32 6.32 17.81 17.81 RoCE 22.33 22.33 23.27 23.27 63.19 63.19 - 4.69 27.49 27.49 8.71 8.71

Canara Bank (A) Castrol (A)  CEAT (A) Century Tex (A) CESC (A) CG Power (A) # Chola Inv (A) Cipla (A) # Coal India (A) Colgate (A) m Containr Crp (A) Cummins (I) (A) # Dabur India (A) m Datamatics (B)  DCB Bank (A) Delta Corp (A) m Dewan Hsg (A) Dish TV (A) m
PCLose (289.95) (289.55) (416.20) (415.95) (1258.10) (1259.80) (1020.35) (1019.95) (819.70) (818.80) (70.10) (69.90) PCLose (983.50) (988.05) (598.75) (600.20) (293.05) (292.70) (957.50) (956.70) (1254.95) (1254.10) (870.95) (872.15) PCLose (274.30) (273.85) (131.55) (131.35) (164.30) (164.05) (171.85) (172.00) (349.85) (349.70) (107.85) (107.80)
Open 291.00 292.45 418.55 418.10 1272.00 1270.00 1031.40 1035.05 825.35 820.00 70.25 70.05 Open 988.35 990.10 607.85 605.10 293.25 294.60 965.00 965.00 1260.00 1259.50 875.00 874.90 Open 273.25 274.20 133.00 132.50 166.00 165.25 172.20 173.00 350.10 352.00 107.60 108.65
High 296.85 296.80 423.40 423.00 1277.00 1277.00 1042.50 1042.00 844.50 846.65 73.80 74.00 High 1009.85 1010.00 607.85 605.90 295.80 295.50 982.00 981.80 1265.50 1265.20 890.00 889.85 High 275.75 275.60 133.45 133.70 167.05 167.20 175.50 175.40 359.25 359.30 108.95 109.00
Low 289.95 289.60 418.55 417.70 1251.50 1251.50 1015.45 1015.00 820.80 819.40 70.15 70.05 Low 985.00 984.90 598.20 598.05 291.30 291.20 965.00 964.40 1223.00 1223.55 875.00 873.90 Low 271.20 271.20 131.00 130.95 164.55 164.50 172.20 172.15 350.10 350.35 106.20 106.10
Close 295.90 295.65 422.25 422.00 1256.40 1256.90 1020.65 1021.50 838.85 838.85 73.20 73.55 Close 993.20 990.10 600.00 601.40 292.00 291.95 978.35 978.70 1240.30 1240.05 887.40 886.95 Close 274.45 274.90 131.65 131.65 165.10 165.40 173.05 172.90 358.05 357.65 107.55 107.60
%Chng 2.05 2.11 1.45 1.45 -0.14 -0.23 0.03 0.15 2.34 2.45 4.42 5.22 %Chng 0.99 0.21 0.21 0.20 -0.36 -0.26 2.18 2.30 -1.17 -1.12 1.89 1.70 %Chng 0.05 0.38 0.08 0.23 0.49 0.82 0.70 0.52 2.34 2.27 -0.28 -0.19
Shares 195K 2557K 88530 637K 71620 953K 141K 1704K 30886 737K 759K 5511K Shares 35475 916K 143K 852K 477K 8597K 37496 650K 30167 494K 141K 637K Shares 49660 3143K 58569 241K 160K 1733K 646K 2274K 238K 3200K 722K 4039K
Trades 2886 27887 2339 13814 2907 20599 4842 32168 1396 19731 2959 19731 Trades 992 9432 2677 18010 6817 70606 3206 19346 2574 19787 1510 17232 Trades 969 22853 765 2859 1459 13876 5357 14882 6491 30116 2806 20769
PE - - 30.94 30.92 12.72 12.73 175.18 175.33 13.63 13.63 - - PE 22.44 22.37 41.07 41.16 17.08 17.08 45.82 45.84 36.46 36.45 33.23 33.21 PE 37.89 37.96 11.14 11.14 21.76 21.80 44.18 44.14 12.91 12.90 18.48 18.49
3 M H/L 310/250 309/250 439/354 439/353 1277/1060 1277/1060 1043/746 1042/745 886/601 886/601 74/56 74/56 3 M H/L 1074/829 1076/827 622/548 621/548 332/282 332/283 982/862 982/861 1339/1055 1336/1056 920/781 921/780 3 M H/L 288/259 284/259 165/98 165/98 167/103 167/103 178/95 178/95 359/228 359/227 110/81 110/81
52 Wk H/L 330/171 330/171 495/354 495/353 1422/731 1420/730 1043/483 1042/484 886/455 886/455 89/46 89/46 52 Wk H/L 1244/654 1243/656 622/458 621/457 350/272 350/272 1033/788 1033/787 1544/1055 1540/1056 947/747 947/746 52 Wk H/L 320/242 320/242 165/49 165/49 167/72 167/72 195/62 195/61 359/171 359/171 110/77 110/76
1 M returns 1.49 1.29 -2.39 -2.45 11.20 11.22 10.14 10.11 -2.44 -2.43 11.67 12.29 1 M returns -2.25 -3.03 1.25 1.37 -7.76 -7.68 7.52 7.37 1.52 1.52 -0.16 -0.20 1 M returns 3.39 3.40 -7.74 -8.22 19.59 19.34 45.73 45.60 11.18 11.00 22.49 22.41
1 Yr returns 62.73 62.37 13.78 13.73 15.62 15.76 109.95 109.95 80.96 80.98 56.41 57.16 1 Yr returns 46.08 45.81 14.41 14.65 -0.80 -0.78 17.06 17.05 6.09 5.99 5.25 4.85 1 Yr returns 10.87 10.87 160.95 160.18 111.42 111.81 179.11 179.32 104.60 104.31 31.16 30.82
Mcap 17674 17659 20883 20870 5082 5084 11401 11410 11120 11120 4588 4610 Mcap 15521 15472 48267 48380 184438 184406 26611 26621 24182 24177 24599 24586 Mcap 48344 48424 776 776 4708 4717 4008 4004 11212 11199 11465 11470
Book-value 533.40 533.40 11.64 11.64 492.28 492.28 197.56 197.56 417.17 417.17 73.22 73.22 Book-value 234.83 234.83 147.24 147.24 53.67 53.67 37.48 37.48 409.05 409.05 114.40 114.40 Book-value 23.62 23.62 84.35 84.35 62.79 62.79 34.69 34.69 156.22 156.22 3.57 3.57
Price/Bk-val 0.55 0.55 36.28 36.26 2.55 2.55 5.17 5.17 2.01 2.01 1.00 1.00 Price/Bk-val 4.23 4.22 4.07 4.08 5.44 5.44 26.10 26.11 3.03 3.03 7.76 7.75 Price/Bk-val 11.62 11.64 1.56 1.56 2.63 2.63 4.99 4.98 2.29 2.29 30.11 30.13
RoNW 8.48 8.48 106.89 106.89 22.73 22.73 - - 6.63 6.63 5.53 5.53 RoNW 15.66 15.66 12.71 12.71 42.11 42.11 56.55 56.55 9.80 9.80 23.71 23.71 RoNW 30.11 30.11 9.02 9.02 10.86 10.86 5.30 5.30 14.91 14.91 181.88 181.88
RoCE 6.92 6.92 165.35 165.35 27.65 27.65 6.08 6.08 11.06 11.06 8.81 8.81 RoCE 11.17 11.17 12.36 12.36 61.58 61.58 81.23 81.23 13.29 13.29 28.61 28.61 RoCE 32.37 32.37 11.24 11.24 7.13 7.13 9.80 9.80 10.00 10.00 30.91 30.91

Divis Lab (A) # DLF (A) # Dr Reddys (A)  Eicher Motor (A) Enginers Ind (A)  Escorts (A) Exide Ind (A) m Federal Bank (A) # Force Motors (B) Fortis Health (A) GAIL (A) Glenmark (A) m GMR Infra (A) m Godrej Cons (A) m Godrej Ind (A) m Granules (B) m Grasim Ind (A) # Havells I (A) m
PCLose (767.90) (767.40) (146.40) (146.40) (2738.85) (2739.60) (24099.00) (24133.40) (150.40) (150.30) (518.70) (520.20) PCLose (220.60) (220.85) (86.50) (86.40) (4277.20) (-) (183.00) (183.05) (374.75) (375.30) (900.80) (899.45) PCLose (16.40) (16.35) (1654.55) (1654.60) (497.95) (497.85) (130.25) (130.40) (1047.90) (1048.55) (431.80) (432.40)
Open 772.95 769.10 147.25 148.00 2759.95 2750.00 24264.95 24250.00 150.50 151.10 522.00 523.60 Open 222.05 222.00 86.75 86.60 4305.00 - 185.50 185.00 376.00 377.20 909.00 905.00 Open 16.50 16.50 1656.00 1654.60 499.65 499.30 131.30 131.00 1054.90 1055.05 433.05 432.95
High 779.00 779.50 149.90 149.90 2764.00 2765.00 24560.00 24582.35 155.40 155.40 525.00 524.95 High 224.60 224.65 89.20 89.25 4414.00 - 185.85 185.80 379.40 379.45 923.50 906.20 High 17.35 17.35 1685.95 1689.25 514.90 515.00 131.70 131.90 1059.00 1060.00 438.00 437.85
Low 770.00 769.10 147.25 147.30 2746.15 2745.05 24200.05 24198.15 150.40 150.30 516.05 517.50 Low 221.05 221.25 86.75 86.60 4291.10 - 183.35 183.30 376.00 376.60 892.25 891.20 Low 16.40 16.40 1655.45 1650.15 498.25 498.00 130.00 129.85 1045.00 1044.25 433.00 432.50
Close 771.60 771.20 149.15 149.25 2752.30 2751.70 24514.50 24514.80 154.90 155.10 518.20 518.85 Close 222.00 222.10 88.50 88.45 4365.00 - 185.25 185.30 378.60 378.80 898.10 896.15 Close 17.20 17.20 1680.25 1686.05 513.35 513.15 130.35 130.45 1050.00 1050.55 435.55 436.10
%Chng 0.48 0.50 1.88 1.95 0.49 0.44 1.72 1.58 2.99 3.19 -0.10 -0.26 %Chng 0.63 0.57 2.31 2.37 2.05 - 1.23 1.23 1.03 0.93 -0.30 -0.37 %Chng 4.88 5.20 1.55 1.90 3.09 3.07 0.08 0.04 0.20 0.19 0.87 0.86
Shares 66314 580K 633K 5838K 22933 312K 1831 30262 377K 4934K 139K 615K Shares 226K 2704K 1025K 11396K 91009 - 172K 779K 256K 4273K 42748 499K Shares 8653K 42053K 12152 135K 30866 721K 49277 599K 180K 943K 95058 685K
Trades 2470 18172 3744 24013 1721 26660 781 9679 4385 33763 2642 9994 Trades 2450 18449 4080 34099 8888 - 2642 9074 1997 43000 3270 24225 Trades 2709 19458 883 18195 1055 13612 527 3715 1248 39860 1819 14623
PE 18.35 18.34 38.12 38.14 44.32 44.31 43.25 43.25 31.73 31.77 54.11 54.18 PE 26.71 26.72 26.09 26.07 28.95 - 22.51 22.52 15.96 15.97 23.06 23.01 PE - - 46.75 46.91 49.21 49.19 19.61 19.62 14.82 14.83 33.57 33.61
3 M H/L 1168/672 1168/672 156/101 155/101 3204/2702 3204/2700 25533/20210 25550/20228 170/142 172/143 528/278 528/277 3 M H/L 225/170 225/170 90/62 90/62 4530/3525 -/- 205/171 205/171 401/311 401/310 973/863 973/863 3 M H/L 17/11 17/11 1749/1413 1751/1411 525/392 525/393 137/98 137/98 1077/800 1077/800 446/311 446/311
52 Wk H/L 1380/672 1382/672 170/101 170/101 3689/2702 3690/2700 26602/17907 26641/17895 170/80 172/80 528/130 528/130 52 Wk H/L 225/130 225/130 90/43 90/42 4839/2550 -/- 205/143 205/142 401/251 401/251 993/729 994/730 52 Wk H/L 17/10 17/10 1749/1275 1751/1272 525/331 525/332 151/91 151/91 1077/720 1077/719 460/287 459/287
1 M returns 3.16 3.03 4.81 4.85 -5.59 -5.53 -2.10 -2.10 1.67 1.64 27.01 26.90 1 M returns 5.66 5.71 6.24 6.06 6.44 - -5.12 -5.19 -0.97 -1.01 -5.15 -5.32 1 M returns 19.53 19.86 4.21 4.32 6.11 6.06 2.88 3.20 0.90 0.96 2.27 2.29
1 Yr returns -20.80 -20.92 41.98 42.01 -11.83 -11.96 36.06 35.92 92.42 93.15 292.75 292.03 1 Yr returns 64.52 64.70 77.35 76.55 69.84 - 3.29 3.00 42.97 42.96 10.73 10.73 1 Yr returns 48.66 48.92 30.21 30.36 51.45 51.15 10.00 10.27 44.85 44.50 49.22 49.07
Mcap 20482 20472 26608 26626 45617 45607 66704 66705 10438 10452 6352 6360 Mcap 18870 18879 15248 15239 5753 - 9589 9592 64033 64066 25344 25289 Mcap 10382 10382 57229 57427 17254 17247 2981 2983 49014 49040 27218 27252
Book-value 161.53 161.53 153.36 153.36 705.98 705.98 1273.17 1273.17 40.52 40.52 149.58 149.58 Book-value 50.35 50.35 44.91 44.91 1123.25 - 77.22 77.22 209.28 209.28 108.31 108.31 Book-value 9.85 9.85 149.67 149.67 103.60 103.60 27.93 27.93 552.11 552.11 40.93 40.93
Price/Bk-val 4.78 4.77 0.97 0.97 3.90 3.90 19.25 19.25 3.82 3.83 3.46 3.47 Price/Bk-val 4.41 4.41 1.97 1.97 3.89 - 2.40 2.40 1.81 1.81 8.29 8.27 Price/Bk-val 1.75 1.75 11.23 11.27 4.95 4.95 4.67 4.67 1.90 1.90 10.64 10.65
RoNW 25.93 25.93 2.01 2.01 18.39 18.39 36.89 36.89 9.58 9.58 4.20 4.20 RoNW 16.68 16.68 13.00 13.00 12.12 - 2.47 2.47 6.36 6.36 23.56 23.56 RoNW 0.13 0.13 21.96 21.96 13.91 13.91 18.54 18.54 9.15 9.15 47.26 47.26
RoCE 31.90 31.90 6.61 6.61 18.32 18.32 54.46 54.46 14.71 14.71 6.00 6.00 RoCE 23.05 23.05 7.47 7.47 16.98 - 2.67 2.67 8.01 8.01 17.07 17.07 RoCE 3.84 3.84 19.35 19.35 9.01 9.01 19.77 19.77 11.19 11.19 56.48 56.48

HCC (A) m HCL Techno (A) # HDFC (A) # HDFC Bank (A) # HDIL (A) Hero MotoCorp (A) # Hexaware Tch (A) # Hind Zinc (A) # Hindalco (A) m HPCL (A) HUL (A) m ICICI Bank (A) # ICICI Prud Life (B) IDBI Bank (A) Idea Cellular (A) IDFC (A) IDFC Bank (B) IFCI (A)
PCLose (39.80) (39.85) (839.90) (842.90) (1428.75) (1426.10) (1417.45) (1416.60) (76.10) (76.10) (3399.25) (3401.10) PCLose (224.55) (224.75) (292.30) (292.40) (190.80) (190.85) (515.25) (515.40) (899.70) (900.50) (285.15) (285.15) PCLose (376.95) (376.75) (76.00) (76.05) (112.90) (113.10) (53.75) (53.80) (61.55) (61.45) (28.70) (28.70)
Open 40.10 40.40 857.00 860.80 1430.10 1431.65 1417.45 1418.10 76.55 76.80 3367.00 3377.00 Open 223.85 223.85 297.00 299.80 193.50 194.00 515.25 518.25 909.00 908.00 286.00 286.55 Open 377.00 377.00 76.70 76.55 113.60 113.35 54.20 54.30 61.55 62.15 28.80 28.85
High 41.50 41.50 864.00 863.90 1454.65 1454.75 1422.00 1422.85 77.20 77.25 3387.35 3390.00 High 226.20 226.20 310.00 310.30 199.40 199.40 522.25 522.50 912.10 912.40 287.40 287.45 High 378.90 378.90 77.10 77.10 115.10 115.20 55.40 55.40 62.40 62.40 29.40 29.45
Low 40.10 40.25 850.05 849.60 1430.10 1431.15 1414.00 1413.65 75.60 75.55 3341.10 3341.05 Low 221.10 221.00 297.00 298.10 192.80 192.70 513.90 513.60 895.20 895.35 282.50 282.45 Low 368.65 369.15 76.00 76.00 111.30 111.30 54.20 54.10 61.50 61.50 28.80 28.80
Close 40.80 40.85 855.35 855.40 1449.70 1450.25 1418.20 1417.35 76.10 76.10 XD3348.80 3348.00 Close 222.90 223.10 307.90 307.80 198.55 198.75 520.10 520.30 905.80 906.20 284.45 284.50 Close 370.35 370.20 76.85 76.90 112.95 112.95 55.00 54.90 61.85 61.75 29.25 29.25
%Chng 2.51 2.51 1.84 1.48 1.47 1.69 0.05 0.05 0.00 0.00 -1.48 -1.56 %Chng -0.73 -0.73 5.34 5.27 4.06 4.14 0.94 0.95 0.68 0.63 -0.25 -0.23 %Chng -1.75 -1.74 1.12 1.12 0.04 -0.13 2.33 2.04 0.49 0.49 1.92 1.92
Shares 1340K 7086K 302K 1845K 463K 3407K 65607 1245K 742K 7427K 19282 745K Shares 60788 567K 405K 6811K 2063K 17634K 270K 4110K 56065 1053K 2230K 9738K Shares 94941 766K 341K 3777K 3625K 36790K 817K 14777K 986K 12652K 1388K 8849K
Trades 4327 14436 3144 56060 3035 139681 1525 25085 3354 21429 2269 23629 Trades 1000 8650 6802 71632 9569 120479 3534 76449 1780 32942 6272 86349 Trades 5938 26919 1498 12260 15650 124860 2694 21254 2208 35035 2414 12933
PE 71.53 71.62 14.85 14.85 20.13 20.13 26.06 26.04 21.98 21.98 19.25 19.25 PE 16.14 16.16 17.56 17.56 31.57 31.60 8.89 8.89 44.59 44.60 19.54 19.54 PE - - - - 80.82 80.82 12.63 12.61 - - - -
3 M H/L 45/35 45/35 869/778 870/779 1455/1198 1455/1197 1450/1169 1454/1168 77/52 77/52 3406/2957 3412/2958 3 M H/L 230/188 230/188 333/247 333/247 202/148 202/148 584/410 583/410 916/783 917/782 293/247 293/247 3 M H/L 379/294 379/294 87/65 86/65 122/67 122/66 61/50 61/50 66/55 66/55 33/24 33/24
52 Wk H/L 45/18 45/18 869/707 870/706 1463/1060 1464/1060 1450/1011 1454/1011 109/52 109/52 3740/2755 3740/2752 52 Wk H/L 274/178 274/178 333/158 333/158 202/81 202/81 584/247 583/247 954/783 954/782 298/213 298/213 52 Wk H/L 379/274 379/271 87/63 86/63 128/66 128/66 71/37 71/37 83/44 83/44 33/21 33/21
1 M returns 5.02 4.88 2.00 1.92 3.40 3.40 2.98 2.93 17.26 16.99 8.53 8.45 1 M returns 4.89 5.04 2.74 2.67 8.08 8.22 -4.30 -4.18 7.53 7.72 0.49 0.53 1 M returns 2.39 2.01 -5.23 -5.24 6.56 6.66 3.58 3.00 -1.67 -1.83 2.99 2.99
1 Yr returns 111.95 112.76 5.00 4.92 30.64 30.88 39.33 39.17 10.77 10.69 18.77 18.68 1 Yr returns -16.20 -16.17 82.24 82.02 145.12 145.37 105.75 105.77 6.65 6.66 25.01 24.92 1 Yr returns - - 15.30 15.55 12.56 12.39 45.89 45.43 37.90 38.14 23.68 23.68
Mcap 4124 4129 120707 120714 230089 230176 363073 362856 3303 3303 66876 66860 Mcap 6733 6739 130097 130055 44539 44584 52836 52856 196042 196129 165638 165667 Mcap 53157 53136 15822 15832 40702 40702 8778 8762 21011 20977 4861 4861
Book-value 6.96 6.96 193.41 193.41 320.19 320.19 242.21 242.21 253.39 253.39 398.23 398.23 Book-value 47.45 47.45 88.48 88.48 171.25 171.25 167.48 167.48 18.35 18.35 154.09 154.09 Book-value 37.08 37.08 118.11 118.11 71.50 71.50 63.30 63.30 - - 40.64 40.64
Price/Bk-val 5.87 5.87 4.42 4.42 4.53 4.53 5.86 5.85 0.30 0.30 8.41 8.41 Price/Bk-val 4.70 4.70 3.48 3.48 1.16 1.16 3.11 3.11 49.37 49.39 1.85 1.85 Price/Bk-val 9.99 9.98 0.65 0.65 1.58 1.58 0.87 0.87 - - 0.72 0.72
RoNW - - 20.67 20.67 20.05 20.05 16.47 16.47 2.41 2.41 38.90 38.90 RoNW 27.44 27.44 21.84 21.84 0.12 0.12 28.93 28.93 102.80 102.80 10.84 10.84 RoNW 31.05 31.05 3.59 3.59 11.95 11.95 - - - - 5.37 5.37
RoCE 9.10 9.10 24.95 24.95 11.37 11.37 6.50 6.50 5.01 5.01 53.37 53.37 RoCE 35.29 35.29 23.08 23.08 5.29 5.29 16.73 16.73 140.55 140.55 6.01 6.01 RoCE 34.87 34.87 6.73 6.73 9.86 9.86 6.80 6.80 - - 8.71 8.71

India Cement (A) Indiab Real (A) # Indiabulls Hous (A) # Indo Count (B) # Indraprst Gs (A) IndusInd Bank (A) Infibeam Inc (B) Infosys (A)  IOC (A) IRB Infra (A) ITC (A) m Jain Irrig (A) # Jet Airways (A) Jindal Steel (A) m JP Associat (A) # JSW Energy (A) JSW Steel (A) m Jubilant Fd (A)
PCLose (161.80) (161.95) (82.85) (82.95) (912.15) (912.60) (189.60) (189.20) (1019.15) (1020.05) (1349.65) (1348.35) PCLose (1399.00) (1399.15) (1012.10) (1011.95) (369.55) (369.75) (244.55) (244.45) (267.90) (268.20) (93.50) (93.60) PCLose (453.60) (453.35) (122.90) (122.95) (14.90) (14.90) (62.45) (62.35) (183.10) (183.50) (1098.95) (1099.75)
Open 162.00 162.10 83.00 83.40 920.00 915.20 190.80 188.30 1021.00 1021.50 1356.10 1359.40 Open 1399.00 1405.75 1012.00 1013.30 373.50 374.00 248.00 248.80 269.40 270.25 94.00 94.00 Open 456.55 459.05 125.40 125.50 15.20 15.10 62.50 62.65 185.10 185.60 1099.20 1108.10
High 165.90 166.00 84.40 84.40 953.00 952.90 194.00 194.00 1037.00 1037.45 1382.60 1383.00 High 1409.00 1411.00 1032.00 1031.70 377.00 377.00 249.55 249.40 271.00 271.25 95.25 95.40 High 466.00 466.70 130.50 130.60 15.20 15.25 64.45 64.50 194.00 194.30 1118.75 1120.00
Low 162.00 162.10 83.00 83.05 914.30 915.20 187.50 187.50 1021.00 1021.50 1353.25 1353.25 Low 1391.75 1391.00 1012.00 1013.30 371.00 371.00 244.25 244.25 267.55 267.50 94.00 94.00 Low 454.00 454.25 124.20 124.00 14.75 14.75 62.50 62.65 184.90 185.20 1099.20 1104.00
Close 163.85 163.90 83.75 83.80 945.90 947.00 188.55 189.20 1029.70 1030.25 1376.55 1376.55 Close 1403.45 1403.50 1028.50 1028.85 376.00 376.15 246.70 246.80 268.20 268.45 94.80 94.85 Close 463.15 463.40 128.00 128.35 14.85 14.85 64.10 64.05 192.30 192.45 1112.85 1111.70
%Chng 1.27 1.20 1.09 1.02 3.70 3.77 -0.55 0.00 1.04 1.00 1.99 2.09 %Chng 0.32 0.31 1.62 1.67 1.75 1.73 0.88 0.96 0.11 0.09 1.39 1.34 %Chng 2.11 2.22 4.15 4.39 -0.34 -0.34 2.64 2.73 5.02 4.88 1.26 1.09
Shares 214K 2903K 322K 3524K 212K 2664K 185K 2082K 17936 405K 38914 1145K Shares 119K 421K 103K 3351K 320K 3362K 265K 2413K 1250K 8686K 226K 1722K Shares 445K 2944K 2993K 21880K 3713K 31469K 588K 7125K 884K 8054K 39906 438K
Trades 1648 23868 1419 13812 5895 64189 2949 20516 1236 16623 1842 44030 Trades 2746 10997 4234 91634 2753 50844 2942 21946 7448 118339 1277 6372 Trades 7605 32528 16036 77318 2421 11072 2166 15102 7485 55163 2219 37874
PE 26.09 26.09 10.95 10.96 14.62 14.64 15.18 15.23 26.47 26.48 30.08 30.08 PE 230.60 230.61 16.47 16.47 10.98 10.99 13.15 13.15 32.47 32.50 23.90 23.92 PE 7.01 7.01 - - - - 11.54 11.53 16.98 17.00 81.54 81.45
3 M H/L 174/105 174/105 86/65 85/65 953/616 953/617 197/147 199/147 1071/850 1071/861 1383/1045 1383/1037 3 M H/L 1448/1039 1449/1037 1045/905 1042/901 404/299 404/299 250/183 249/183 292/222 292/222 99/80 99/80 3 M H/L 466/332 467/333 131/65 131/65 17/7 17/7 67/55 67/55 201/151 201/151 1119/761 1120/761
52 Wk H/L 174/77 174/77 105/51 105/52 953/600 953/600 216/135 217/135 1071/514 1071/512 1383/899 1383/901 52 Wk H/L 1448/431 1449/432 1278/900 1279/901 404/195 404/195 266/178 266/177 292/204 292/204 109/55 109/55 52 Wk H/L 670/332 670/333 131/56 131/56 17/5 17/5 86/54 87/53 201/120 201/120 1348/761 1349/761
1 M returns 1.02 0.95 6.35 6.41 10.73 10.86 14.76 15.19 -0.65 -0.74 2.97 2.88 1 M returns 3.68 3.30 2.88 2.87 -2.21 -2.36 8.08 8.32 -0.02 0.12 1.50 1.50 1 M returns 26.20 26.34 37.71 38.01 -0.60 -0.67 5.34 5.35 3.97 4.08 12.14 11.98
1 Yr returns 106.75 106.81 61.68 61.46 48.84 48.96 0.59 0.68 97.66 97.35 51.36 50.85 1 Yr returns - - -11.35 -11.44 88.59 88.76 6.43 6.54 24.17 24.42 69.74 70.29 1 Yr returns -11.49 -11.36 117.32 118.28 110.04 109.15 -6.42 -6.28 59.94 60.07 -2.48 -2.69
Mcap 5033 5035 4118 4120 40092 40139 3722 3735 14416 14424 82331 82331 Mcap 7501 7502 236240 236321 182582 182655 8670 8674 325595 325898 4362 4365 Mcap 5261 5264 11712 11744 3612 3612 10513 10505 46483 46519 7339 7332
Book-value 103.28 103.28 123.18 123.18 252.30 252.30 28.41 28.41 176.97 176.97 295.64 295.64 Book-value 122.04 122.04 251.75 251.75 156.50 156.50 137.35 137.35 27.93 27.93 52.92 52.92 Book-value - - 198.33 198.33 53.00 53.00 52.05 52.05 89.54 89.54 111.06 111.06
Price/Bk-val 1.59 1.59 0.68 0.68 3.75 3.75 6.64 6.66 5.82 5.82 4.66 4.66 Price/Bk-val 11.50 11.50 4.09 4.09 2.40 2.40 1.80 1.80 9.60 9.61 1.79 1.79 Price/Bk-val - - 0.65 0.65 0.28 0.28 1.23 1.23 2.15 2.15 10.02 10.01
RoNW 4.24 4.24 0.91 0.91 21.93 21.93 47.20 47.20 18.73 18.73 12.93 12.93 RoNW 1.42 1.42 23.65 23.65 14.76 14.76 13.17 13.17 29.23 29.23 3.62 3.62 RoNW - - 8.45 8.45 - - 16.35 16.35 7.79 7.79 14.31 14.31
RoCE 9.72 9.72 3.88 3.88 11.27 11.27 49.50 49.50 27.96 27.96 7.04 7.04 RoCE 1.57 1.57 32.84 32.84 14.94 14.94 9.77 9.77 45.19 45.19 8.40 8.40 RoCE 45.77 45.77 1.08 1.08 3.88 3.88 14.56 14.56 1.70 1.70 21.18 21.18

Jubilant Lif (A) m Just Dial (A) Karnataka Bk (A) Kaveri Seed (A) # Kotak Mah Bank (A)  KPIT Technologi (A) # Kushal Trade (T) # L & T (A) # L&T Finance Hol (A) Laurus Labs (B) LIC Hsg Fin (A) # Lupin (A) # M & M Fin (A) # Mah & Mah (A)  Manapp Finance (A) # Marico (A) m Maruti Suzuki (A)  Max Fin Sre (A) #
PCLose (800.95) (799.50) (590.65) (590.95) (139.95) (139.65) (518.40) (518.30) (842.55) (844.15) (131.30) (131.65) PCLose (183.88) (-) (1547.30) (1548.90) (121.00) (121.05) (525.65) (527.30) (586.85) (587.00) (1450.40) (1449.85) PCLose (291.35) (291.25) (1322.00) (1323.55) (93.25) (93.40) (286.35) (286.60) (6135.30) (6137.35) (558.60) (558.90)
Open 804.90 802.80 591.55 594.75 140.90 141.40 522.10 521.00 852.90 849.20 131.30 132.25 Open 180.20 - 1555.00 1559.00 121.90 121.75 529.00 530.95 588.00 590.00 1453.00 1452.95 Open 295.00 292.90 1325.00 1326.40 94.20 93.95 288.00 288.20 6150.00 6159.60 562.00 558.90
High 813.45 812.80 618.70 619.40 142.60 142.65 539.70 540.55 856.45 856.35 133.90 133.60 High 180.20 - 1574.40 1575.00 123.00 123.00 536.75 535.00 594.00 594.00 1460.00 1459.30 High 297.00 296.85 1333.35 1333.00 95.00 95.00 294.25 295.00 6179.90 6186.30 568.35 566.70
Low 790.75 790.10 591.55 591.50 140.15 140.10 520.80 520.30 849.15 849.20 131.30 131.25 Low 180.20 - 1555.00 1558.00 121.50 121.50 527.00 526.65 588.00 589.50 1451.20 1450.00 Low 291.80 291.80 1318.45 1318.45 91.75 91.70 287.00 286.75 6125.80 6131.70 556.00 555.50
Close 796.90 798.00 615.15 614.95 141.70 141.70 531.75 533.20 851.85 851.40 133.20 133.25 Close XB180.20 - 1568.30 1571.05 122.30 122.20 529.80 530.60 592.50 592.90 1456.40 1455.40 Close 294.45 293.50 1321.15 1320.90 93.95 94.05 292.70 293.15 6146.15 6155.45 565.30 565.25
%Chng -0.51 -0.19 4.15 4.06 1.25 1.47 2.58 2.87 1.10 0.86 1.45 1.22 %Chng -2.00 - 1.36 1.43 1.07 0.95 0.79 0.63 0.96 1.01 0.41 0.38 %Chng 1.06 0.77 -0.06 -0.20 0.75 0.70 2.22 2.29 0.18 0.29 1.20 1.14
Shares 91681 597K 689K 4502K 485K 4827K 112K 1320K 169K 1262K 28411 336K Shares 17965 - 132K 1597K 375K 3595K 24500 123K 128K 1955K 35721 1092K Shares 147K 2946K 174K 934K 665K 5346K 84597 1813K 22454 253K 52804 390K
Trades 3636 16481 12618 66635 2542 21475 3141 18207 1663 33037 367 4828 Trades 146 - 6542 74150 2733 26140 1954 3434 2687 55020 1871 30871 Trades 2481 45778 1575 33498 4548 21357 1847 23191 2873 35083 1068 9219
PE 25.55 25.59 33.07 33.06 9.52 9.52 21.26 21.32 34.15 34.13 9.63 9.63 PE - - 26.75 26.79 22.29 22.27 - - 16.16 16.17 22.04 22.02 PE 25.97 25.89 21.51 21.51 11.53 11.54 48.51 48.59 27.46 27.50 100.28 100.27
3 M H/L 830/552 833/555 619/318 619/318 143/104 143/104 540/381 541/380 856/692 856/693 147/128 147/128 3 M H/L 306/180 -/- 1574/1302 1575/1303 123/81 123/81 585/453 585/452 594/514 594/513 1572/1399 1574/1397 3 M H/L 310/244 310/244 1362/1142 1361/1141 106/58 106/58 294/239 295/238 6230/5043 6234/5041 638/513 639/512
52 Wk H/L 830/294 833/285 903/318 904/318 143/79 143/80 540/325 541/325 856/643 856/644 197/121 197/121 52 Wk H/L 306/58 -/- 1615/1177 1615/1178 123/56 123/56 585/453 585/452 624/432 624/431 1766/1294 1766/1280 52 Wk H/L 405/231 405/231 1509/1142 1509/1141 107/34 107/34 307/235 307/235 6230/3419 6234/3419 638/317 639/316
1 M returns 13.15 13.09 33.80 33.54 22.95 22.90 15.89 16.06 6.99 6.89 1.02 1.22 1 M returns -19.88 - 6.11 6.30 4.17 4.04 5.79 5.95 6.45 6.54 -0.10 -0.23 1 M returns 0.96 0.67 0.33 0.28 -9.31 -9.09 8.85 9.08 2.62 2.77 -5.81 -5.96
1 Yr returns 108.53 108.44 -4.77 -5.01 72.85 72.85 36.93 37.33 30.65 30.73 -5.80 -5.86 1 Yr returns 205.68 - 31.37 31.66 117.42 117.24 - - 31.51 31.58 -13.02 -13.07 1 Yr returns 25.99 25.29 10.25 10.22 165.02 165.30 19.37 19.41 69.17 69.32 67.10 66.64
Mcap 12695 12712 4343 4342 4006 4006 3672 3682 156774 156692 2631 2632 Mcap 4276 - 146315 146571 21472 21455 5603 5612 29901 29921 65764 65719 Mcap 16747 16693 82057 82041 7910 7918 37770 37828 185663 185944 15108 15106
Book-value 182.65 182.65 95.11 95.11 119.88 119.88 131.31 131.31 130.18 130.18 69.91 69.91 Book-value 11.34 - 471.37 471.37 47.22 47.22 80.54 80.54 182.59 182.59 243.26 243.26 Book-value 113.75 113.75 460.57 460.57 32.76 32.76 16.25 16.25 918.59 918.59 73.53 73.53
Price/Bk-val 4.36 4.37 6.47 6.47 1.18 1.18 4.05 4.06 6.54 6.54 1.91 1.91 Price/Bk-val 15.89 - 3.33 3.33 2.59 2.59 6.58 6.59 3.24 3.25 5.99 5.98 Price/Bk-val 2.59 2.58 2.87 2.87 2.87 2.87 18.01 18.04 6.69 6.70 7.69 7.69
RoNW 14.83 14.83 21.12 21.12 13.32 13.32 19.05 19.05 8.72 8.72 20.39 20.39 RoNW 73.57 - 11.58 11.58 10.33 10.33 15.57 15.57 18.10 18.10 20.67 20.67 RoNW 11.94 11.94 11.23 11.23 12.81 12.81 34.57 34.57 16.93 16.93 12.86 12.86
RoCE 13.11 13.11 29.48 29.48 7.89 7.89 19.71 19.71 6.30 6.30 23.25 23.25 RoCE 47.86 - 10.09 10.09 9.00 9.00 15.27 15.27 9.89 9.89 19.10 19.10 RoCE 10.06 10.06 11.64 11.64 12.05 12.05 42.91 42.91 24.13 24.13 16.91 16.91

Mcleod Russl (A)  MCX (B) MindTree (A) Mothersons S (A) m MRF (A) NBCC (B) # NCC (A) # NHPC (A) NIIT Techno (A) NMDC (A) m NTPC (A) Oil India (A) ONGC (A)  Oracle Fin (A)  Oriental Bank (A) Page Inds (A) PC Jeweller (A) Petronet LNG (A)
PCLose (167.95) (168.20) (1116.60) (1117.45) (467.85) (466.55) (363.60) (364.20) (56854.50) (56836.60) (179.85) (180.05) PCLose (81.10) (81.05) (30.55) (30.65) (416.20) (417.20) (140.75) (140.65) (158.75) (158.65) (333.20) (332.60) PCLose (190.70) (190.70) (3931.20) (3919.10) (125.15) (125.15) (14584.70) (14577.70) (385.45) (386.85) (389.25) (389.30)
Open 170.00 169.00 1123.60 1123.45 467.10 467.10 365.00 364.25 57235.00 57300.00 183.00 182.00 Open 81.45 81.25 30.70 30.75 422.55 420.00 137.10 137.00 158.65 159.45 335.75 336.80 Open 193.00 193.00 3940.00 3935.95 125.35 126.10 14535.95 14500.00 389.35 388.10 390.00 392.00
High 171.65 171.95 1129.90 1131.90 472.55 472.50 369.40 369.70 57429.90 57448.95 183.00 182.00 High 82.90 83.00 31.05 31.05 424.50 424.00 139.05 138.95 161.25 161.50 338.50 338.40 High 193.85 193.60 4019.50 4018.40 129.80 130.25 14785.35 14800.00 419.90 420.70 395.70 396.00
Low 169.00 168.50 1116.90 1117.25 465.20 467.10 365.00 364.25 56265.00 56200.00 179.10 179.50 Low 81.40 81.25 30.50 30.45 416.10 415.50 136.55 136.60 158.65 159.05 333.45 333.40 Low 191.20 191.25 3926.20 3917.05 125.35 125.70 14480.00 14451.30 389.00 387.25 389.75 390.25
Close 169.95 169.20 1122.25 1122.10 471.10 469.75 366.75 367.35 56428.85 56425.55 179.80 180.10 Close 82.60 82.65 30.90 30.95 417.25 416.50 XD138.00 138.05 161.00 161.25 337.30 337.50 Close 191.80 191.80 3944.00 3943.60 129.35 129.70 14619.55 14667.85 416.45 417.75 392.75 392.80
%Chng 1.19 0.59 0.51 0.42 0.69 0.69 0.87 0.86 -0.75 -0.72 -0.03 0.03 %Chng 1.85 1.97 1.15 0.98 0.25 -0.17 -1.95 -1.85 1.42 1.64 1.23 1.47 %Chng 0.58 0.58 0.33 0.63 3.36 3.64 0.24 0.62 8.04 7.99 0.90 0.90
Shares 78254 280K 20533 96824 30067 381K 119K 763K 2759 15441 339K 1739K Shares 532K 3212K 476K 4003K 6380 289K 651K 4228K 229K 3280K 35257 584K Shares 1139K 6733K 3453 58149 567K 3769K 432 7560 215K 1915K 99117 1009K
Trades 552 2513 1567 4956 969 10896 2212 20520 1714 7992 3327 15760 Trades 1663 12382 1184 7205 833 7256 3601 31681 1739 26115 1228 16629 Trades 5118 53131 720 6719 3745 24652 214 3894 7006 36912 2835 28234
PE - - 43.52 43.52 16.58 16.53 27.38 27.42 15.53 15.53 50.24 50.32 PE 41.54 41.56 12.52 12.55 10.88 10.86 16.60 16.61 13.21 13.23 13.53 13.53 PE 13.69 13.69 28.40 28.39 30.76 30.84 63.49 63.70 18.67 18.73 19.98 19.98
3 M H/L 179/137 180/138 1321/1085 1320/1086 534/440 536/433 369/303 370/302 57959/47578 57984/47512 198/143 198/143 3 M H/L 89/75 89/75 32/26 32/26 452/401 453/401 153/118 152/118 178/155 178/155 367/320 371/320 3 M H/L 212/188 212/188 4089/3078 4088/3086 134/102 134/102 15055/12820 15100/12810 424/353 424/353 417/344 417/343
52 Wk H/L 220/137 220/138 1420/809 1420/808 758/400 755/399 369/240 370/241 57959/30464 57984/30101 199/118 200/117 52 Wk H/L 96/69 96/68 32/20 32/20 588/370 587/367 153/85 152/85 178/125 178/125 367/229 371/229 52 Wk H/L 212/133 212/133 4089/2796 4088/2808 138/77 139/77 17351/10400 17399/10321 531/289 531/288 417/237 417/237
1 M returns -0.61 -1.37 -0.11 -0.09 -0.82 -1.14 4.94 5.02 12.71 12.62 2.77 2.86 1 M returns 0.24 0.36 2.83 3.00 -2.00 -2.01 1.25 1.37 -5.07 -5.01 1.06 1.23 1 M returns -1.29 -1.34 9.44 9.13 7.17 7.23 2.17 2.31 9.56 9.92 -1.96 -1.98
1 Yr returns -5.19 -5.45 36.38 36.71 -28.25 -28.48 49.24 49.27 66.76 66.27 42.38 42.86 1 Yr returns 13.01 13.14 43.72 43.95 -11.12 -11.76 43.82 43.88 26.97 27.12 46.83 46.94 1 Yr returns 35.36 35.55 16.48 16.18 45.83 45.73 28.18 27.80 21.43 21.95 58.88 58.77
Mcap 1860 1852 5723 5723 7915 7893 51473 51558 23926 23924 16182 16209 Mcap 4592 4595 34208 34264 2560 2556 43662 43678 132752 132958 27035 27051 Mcap 246142 246142 33556 33552 4478 4490 16301 16355 7460 7484 29456 29460
Book-value 140.61 140.61 236.69 236.69 142.58 142.58 30.18 30.18 16169.25 16169.25 16.72 16.72 Book-value 63.19 63.19 25.97 25.97 259.25 259.25 95.17 95.17 108.18 108.18 281.24 281.24 Book-value 143.96 143.96 431.96 431.96 431.61 431.61 453.11 453.11 129.86 129.86 85.66 85.66
Price/Bk-val 1.21 1.20 4.74 4.74 3.30 3.29 12.15 12.17 3.49 3.49 10.75 10.77 Price/Bk-val 1.31 1.31 1.19 1.19 1.61 1.61 1.45 1.45 1.49 1.49 1.20 1.20 Price/Bk-val 1.33 1.33 9.13 9.13 0.30 0.30 32.26 32.37 3.21 3.22 4.59 4.59
RoNW 2.42 2.42 3.52 3.52 25.18 25.18 30.07 30.07 34.51 34.51 20.67 20.67 RoNW 3.15 3.15 8.49 8.49 17.60 17.60 10.06 10.06 11.42 11.42 8.89 8.89 RoNW 7.65 7.65 31.72 31.72 1.04 1.04 46.05 46.05 17.18 17.18 14.45 14.45
RoCE 6.95 6.95 6.95 6.95 31.88 31.88 20.13 20.13 40.94 40.94 31.85 31.85 RoCE 12.11 12.11 8.72 8.72 22.98 22.98 14.46 14.46 7.13 7.13 10.80 10.80 RoCE 10.26 10.26 50.66 50.66 6.40 6.40 60.09 60.09 22.98 22.98 16.46 16.46

Pidilite Ind (A) m PNB (A) # PNB Hou Fin (B) Power Fin (A) Power Grid (A) PTC India (A) RBL Bank (B) Reliance Cap (A) Reliance Com (A)  Reliance Ind (A) Reliance Infra (A) Reliance Power (A) Rural Elect (A) SAIL (A) SBI (A) m Shriram TrFn (A) Siemens (A) # Sintex Ind (A) m
PCLose (700.70) (700.35) (145.25) (145.40) (1081.55) (1086.55) (135.15) (135.10) (193.00) (192.95) (86.45) (86.55) PCLose (476.10) (476.85) (556.40) (556.75) (36.80) (36.80) (1304.40) (1304.95) (575.90) (576.05) (46.90) (46.85) PCLose (159.30) (159.35) (60.05) (60.05) (277.40) (277.35) (1071.60) (1068.20) (1253.90) (1254.30) (97.25) (97.10)
Open 705.00 702.10 146.50 146.50 1093.00 1092.00 136.00 136.30 193.90 194.15 87.00 86.95 Open 479.45 479.90 561.80 563.50 37.30 37.25 1311.00 1310.00 578.00 581.00 47.05 47.25 Open 160.50 160.00 60.70 60.50 278.80 278.00 1067.80 1071.65 1256.00 1263.90 97.75 97.70
High 705.40 706.50 148.60 148.90 1109.35 1109.00 138.70 138.70 195.75 195.45 88.60 88.75 High 480.90 481.00 609.00 609.50 38.40 38.40 1311.00 1310.40 598.00 598.40 48.85 48.90 High 162.45 162.45 64.15 64.15 280.00 280.20 1071.95 1075.85 1270.50 1271.95 101.40 101.50
Low 697.00 697.40 145.70 145.75 1083.45 1080.20 136.00 136.00 193.00 192.75 86.95 86.90 Low 478.00 477.50 561.80 563.40 36.95 37.15 1294.60 1293.60 578.00 578.70 47.05 47.15 Low 159.95 159.40 60.50 60.50 276.10 276.05 1039.55 1038.80 1250.70 1250.40 97.75 97.70
Close 699.10 699.20 148.00 148.20 1098.60 1101.95 137.00 137.10 195.35 195.10 88.25 88.30 Close 479.65 479.15 603.50 604.10 38.20 38.20 1297.35 1297.65 594.25 594.65 48.65 48.70 Close 161.95 162.00 63.60 63.65 278.95 279.30 1049.60 1050.05 1262.70 1264.50 100.85 100.85
%Chng -0.23 -0.16 1.89 1.93 1.58 1.42 1.37 1.48 1.22 1.11 2.08 2.02 %Chng 0.75 0.48 8.47 8.50 3.80 3.80 -0.54 -0.56 3.19 3.23 3.73 3.95 %Chng 1.66 1.66 5.91 6.00 0.56 0.70 -2.05 -1.70 0.70 0.81 3.70 3.86
Shares 29083 269K 802K 8592K 41696 280K 776K 5989K 149K 2904K 141K 1063K Shares 102K 1197K 1635K 10429K 3869K 25906K 306K 3640K 800K 3715K 991K 5027K Shares 398K 3156K 1567K 15944K 3721K 18005K 30187 755K 25536 269K 1757K 14843K
Trades 815 8413 4911 40188 4294 10020 5195 44666 1071 28208 960 6235 Trades 2242 26919 27161 151462 7470 34915 7513 101204 11047 57396 3611 13372 Trades 3978 33153 5112 38663 11865 139878 1825 41966 1418 10981 6955 63631
PE 41.75 41.76 - - - - 5.32 5.33 14.19 14.17 10.38 10.39 PE - - 14.06 14.08 - - 14.40 14.40 7.65 7.65 11.29 11.30 PE 5.25 5.26 - - 49.66 49.72 19.03 19.03 15.32 15.35 9.08 9.08
3 M H/L 712/569 712/568 156/112 156/112 1138/800 1139/800 142/113 142/113 209/177 209/177 95/70 95/70 3 M H/L 488/326 488/325 609/408 610/407 40/31 40/31 1327/1014 1327/1013 598/439 598/439 49/39 49/39 3 M H/L 162/115 162/115 68/47 68/47 282/241 283/241 1090/778 1090/778 1271/1045 1272/1046 101/70 102/71
52 Wk H/L 770/565 769/562 164/71 164/71 1138/789 1139/792 142/78 142/78 209/136 209/136 95/57 95/58 52 Wk H/L 488/274 488/274 609/358 610/358 60/31 60/31 1327/926 1327/926 635/426 636/427 56/38 56/38 52 Wk H/L 162/76 162/76 68/38 68/38 289/167 289/166 1325/778 1324/778 1355/1011 1356/1011 101/68 102/68
1 M returns 2.14 2.28 5.57 5.67 1.14 1.33 4.74 4.78 -3.51 -3.68 2.44 2.32 1 M returns 14.90 14.51 16.61 16.66 15.23 15.23 20.65 20.66 6.32 6.24 10.69 10.68 1 M returns 12.39 12.35 6.18 6.35 3.78 3.69 11.70 11.75 4.13 4.09 7.75 7.52
1 Yr returns 17.46 17.37 78.74 79.09 - - 61.42 61.45 41.46 41.38 40.64 40.49 1 Yr returns - - 65.91 65.92 -24.80 -24.80 27.75 27.72 16.92 16.27 5.53 5.53 1 Yr returns 92.34 92.51 48.60 48.71 49.85 49.88 15.25 15.12 23.09 23.31 47.25 47.25
Mcap 35843 35848 31494 31536 18197 18253 36169 36196 102199 102068 2612 2614 Mcap 17968 17949 15246 15261 9508 9508 420858 420955 15628 15639 13647 13661 Mcap 31984 31994 26270 26291 222421 222700 23813 23824 44965 45029 5316 5316
Book-value 54.28 54.28 180.03 180.03 129.46 129.46 136.47 136.47 82.13 82.13 115.52 115.52 Book-value 79.77 79.77 559.83 559.83 148.12 148.12 748.46 748.46 1025.52 1025.52 74.53 74.53 Book-value 146.30 146.30 96.67 96.67 180.94 180.94 448.50 448.50 184.83 184.83 104.54 104.54
Price/Bk-val 12.88 12.88 0.82 0.82 8.49 8.51 1.00 1.00 2.38 2.38 0.76 0.76 Price/Bk-val 6.01 6.01 1.08 1.08 0.26 0.26 1.73 1.73 0.58 0.58 0.65 0.65 Price/Bk-val 1.11 1.11 0.66 0.66 1.54 1.54 2.34 2.34 6.83 6.84 0.96 0.96
RoNW 27.15 27.15 - - 15.28 15.28 17.16 17.16 14.00 14.00 12.58 12.58 RoNW 9.79 9.79 7.78 7.78 1.85 1.85 11.38 11.38 7.32 7.32 6.51 6.51 RoNW 19.70 19.70 - - 6.90 6.90 11.63 11.63 43.88 43.88 11.40 11.40
RoCE 38.04 38.04 4.32 4.32 8.40 8.40 10.91 10.91 8.32 8.32 11.68 11.68 RoCE 6.27 6.27 10.21 10.21 3.98 3.98 9.02 9.02 9.77 9.77 7.51 7.51 RoCE 11.32 11.32 - - 5.56 5.56 11.47 11.47 59.69 59.69 9.45 9.45

South Ind Bk (A) m SRF Ltd (A) Strides Shasun (A) Sun Pharma (A) m Sun TV Net (A)  Suzlon Energy (A) # Swan Energy (B) m Syndicate Bank (A) Tata Chem (A) Tata Comm (A) Tata Elxsi (A) Tata Global (A) m Tata Mot-DVR (B) # Tata Motors (A) # Tata Power (A) m Tata Steel (A) TCS (A) m Tech Mahindra (A) 
PCLose (20.25) (20.25) (1567.75) (1566.85) (1148.10) (1148.50) (706.25) (705.85) (749.25) (749.40) (17.05) (17.00) PCLose (145.50) (145.10) (67.85) (67.80) (564.85) (564.55) (752.00) (752.45) (1433.90) (1435.95) (140.90) (140.90) PCLose (286.30) (286.45) (473.35) (473.45) (84.80) (85.05) (478.55) (479.05) (2500.30) (2498.30) (478.05) (479.65)
Open 20.40 20.40 1575.00 1574.10 1155.00 1148.50 710.00 711.00 749.00 752.00 17.20 17.25 Open 147.00 146.10 68.50 68.50 566.95 565.00 752.00 751.55 1442.00 1442.25 141.00 141.60 Open 288.15 289.00 476.90 478.70 85.25 85.50 482.00 484.85 2501.00 2506.00 479.20 482.00
High 20.60 20.60 1628.00 1629.90 1159.45 1159.70 719.75 719.50 767.90 768.40 18.60 18.60 High 159.90 159.75 69.55 69.60 585.00 582.00 780.90 782.00 1456.90 1457.00 145.40 145.50 High 292.80 293.45 481.50 482.00 86.40 86.65 500.95 501.00 2525.00 2527.00 484.00 483.85
Low 20.25 20.20 1571.15 1570.30 1129.60 1130.00 707.40 707.10 749.00 749.30 17.10 17.10 Low 147.00 146.10 67.85 67.80 564.05 563.75 750.00 750.10 1439.15 1437.60 141.00 141.35 Low 288.15 288.25 476.15 476.15 85.10 84.00 481.75 481.95 2501.00 2506.00 478.95 478.50
Close 20.55 20.50 1622.15 1621.40 1143.65 1143.70 710.90 710.80 763.45 763.65 18.35 18.35 Close 158.15 158.30 69.10 69.30 580.45 580.50 776.35 776.45 1445.60 1446.50 144.65 144.70 Close 292.40 292.85 480.40 480.95 86.00 86.20 499.15 499.65 2518.95 2520.90 481.65 481.10
%Chng 1.48 1.23 3.47 3.48 -0.39 -0.42 0.66 0.70 1.90 1.90 7.62 7.94 %Chng 8.69 9.10 1.84 2.21 2.76 2.83 3.24 3.19 0.82 0.73 2.66 2.70 %Chng 2.13 2.23 1.49 1.58 1.42 1.35 4.30 4.30 0.75 0.90 0.75 0.30
Shares 608K 6676K 22282 320K 129K 285K 374K 3087K 121K 1273K 24369K 132351K Shares 426K 1354K 175K 2539K 59253 1611K 60541 833K 26124 179K 333K 3988K Shares 89670 2088K 1834K 6273K 818K 3901K 1251K 10392K 33932 786K 386K 4191K
Trades 1275 7232 1657 16174 1746 11568 8388 67669 2567 28269 13058 54892 Trades 5013 12602 1278 9882 1906 10614 2074 16695 1742 7706 2580 24590 Trades 1541 39047 7463 77790 1801 23548 17155 125001 2344 38597 1511 93785
PE 9.50 9.48 23.74 23.73 26.64 26.64 21.48 21.48 30.72 30.72 - - PE 5221.31 5226.26 - - 13.05 13.05 392.65 392.70 44.12 44.15 17.89 17.90 PE - - 16.52 16.54 17.00 17.04 - - 18.98 19.00 14.74 14.72
3 M H/L 22/17 22/17 1784/1445 1784/1444 1259/1014 1275/1014 728/608 729/608 773/458 774/469 19/14 19/14 3 M H/L 205/141 205/141 74/59 74/59 591/473 591/472 782/596 783/595 1558/1287 1555/1287 147/117 147/116 3 M H/L 346/267 346/267 553/435 552/434 86/73 87/73 505/377 506/377 2584/2154 2587/2153 515/426 515/426
52 Wk H/L 23/16 23/16 1970/1166 1970/1165 1259/918 1275/918 855/572 855/572 773/334 774/335 19/12 19/12 52 Wk H/L 213/58 214/57 82/59 82/59 591/355 591/355 782/356 783/355 2064/1022 2065/1021 158/115 158/114 52 Wk H/L 378/259 378/259 599/358 598/359 86/58 87/58 505/295 506/295 2740/2055 2745/2052 564/405 564/406
1 M returns 2.75 2.50 1.82 1.91 -3.48 -3.42 5.25 5.23 8.54 8.63 7.94 8.26 1 M returns 5.26 5.50 0.80 1.54 3.13 3.14 3.37 3.24 -0.89 -0.86 3.18 3.25 1 M returns 5.24 5.34 6.12 6.18 2.20 2.50 6.67 6.72 4.60 4.69 -4.23 -4.45
1 Yr returns 29.08 29.01 36.15 35.84 11.11 11.12 -14.16 -14.08 109.16 108.88 37.14 37.45 1 Yr returns 155.49 155.74 9.86 9.65 60.92 61.14 115.09 114.79 -24.42 -24.35 24.81 24.96 1 Yr returns 11.14 11.31 33.06 33.26 47.13 47.48 68.75 68.86 7.11 7.18 -0.94 -1.16
Mcap 3705 3696 9314 9310 10221 10221 170566 170542 30086 30094 9220 9220 Mcap 3498 3502 6250 6268 14788 14789 22126 22129 4502 4504 9129 9132 Mcap 14869 14891 138708 138867 23261 23315 48478 48527 496334 496718 46886 46832
Book-value 21.31 21.31 457.45 457.45 350.83 350.83 130.89 130.89 89.48 89.48 - - Book-value 19.43 19.43 136.40 136.40 246.84 246.84 - - 123.86 123.86 89.96 89.96 Book-value - - 279.70 279.70 54.63 54.63 293.23 293.23 331.71 331.71 147.58 147.58
Price/Bk-val 0.96 0.96 3.55 3.54 3.26 3.26 5.43 5.43 8.53 8.53 - - Price/Bk-val 8.14 8.15 0.51 0.51 2.35 2.35 - - 11.67 11.68 1.61 1.61 Price/Bk-val - - 1.72 1.72 1.57 1.58 1.70 1.70 7.59 7.60 3.26 3.26
RoNW 8.67 8.67 16.10 16.10 5.14 5.14 15.02 15.02 25.90 25.90 - - RoNW 0.70 0.70 - - 12.41 12.41 0.40 0.40 40.14 40.14 5.74 5.74 RoNW - - 13.65 13.65 5.91 5.91 6.95 6.95 37.17 37.17 21.70 21.70
RoCE 7.08 7.08 13.66 13.66 6.21 6.21 15.35 15.35 39.45 39.45 39.05 39.05 RoCE 1.96 1.96 5.20 5.20 10.84 10.84 5.46 5.46 61.44 61.44 8.82 8.82 RoCE - - 12.25 12.25 9.51 9.51 2.25 2.25 48.19 48.19 26.36 26.36

Titan Company (A) m Torrent Phar (A)  Torrent Pwer (A) TV18 Broadcast (A) # TVS Motor (A) m Ujjivan Fin Ser (B) UltraTech (A) Union Bank (A) United Brew (A) m United Spirt (A) UPL (A) # Vakrangee (A) m Vedanta (A) m Voltas (A) m Wipro (A) # Wockhardt (A)  Yes Bank (A) Zee Enter (A) m
PCLose (462.00) (462.05) (1352.30) (1350.70) (191.50) (191.20) (42.80) (42.75) (438.45) (439.25) (441.00) (442.10) PCLose (4015.30) (4017.45) (150.95) (150.85) (775.70) (776.35) (2268.05) (2271.70) (709.55) (710.80) (312.70) (313.10) PCLose (255.75) (256.10) (389.85) (389.00) (493.50) (494.80) (734.65) (735.20) (1530.50) (1529.05) (525.25) (525.60)
Open 464.00 463.00 1354.85 1359.95 192.50 192.80 43.10 43.10 440.50 441.45 444.90 445.10 Open 4025.00 4024.00 152.00 152.50 774.10 777.00 2265.00 2259.00 711.00 715.00 312.50 313.85 Open 259.80 260.50 390.00 392.85 500.00 497.30 737.00 741.00 1532.00 1540.00 527.00 527.95
High 470.50 470.60 1377.60 1379.90 203.00 204.00 43.75 43.75 443.35 443.45 446.95 447.00 High 4088.00 4093.95 156.90 156.90 783.00 781.55 2265.00 2259.00 719.65 719.85 317.90 318.95 High 265.30 265.40 394.00 392.95 501.10 502.90 758.95 759.45 1546.60 1545.45 550.00 527.95
Low 462.20 462.60 1354.85 1356.50 192.15 191.80 42.85 42.85 437.40 437.35 442.50 442.00 Low 4025.00 4024.00 151.25 151.20 769.90 768.05 2208.00 2210.00 706.65 706.00 312.50 313.60 Low 258.80 259.05 388.05 387.25 494.00 495.00 737.00 737.50 1520.00 1518.50 521.75 521.80
Close 465.30 465.80 1372.40 1372.75 200.20 200.95 43.25 43.25 438.20 438.40 444.00 444.00 Close 4055.55 4056.55 155.80 155.90 773.55 771.70 2217.65 2217.45 710.00 708.70 316.65 317.50 Close 264.35 264.55 390.00 390.10 499.55 500.55 745.95 746.30 1528.70 1527.95 524.70 525.45
%Chng 0.71 0.81 1.49 1.63 4.54 5.10 1.05 1.17 -0.06 -0.19 0.68 0.43 %Chng 1.00 0.97 3.21 3.35 -0.28 -0.60 -2.22 -2.39 0.06 -0.30 1.26 1.41 %Chng 3.36 3.30 0.04 0.28 1.23 1.16 1.54 1.51 -0.12 -0.07 -0.10 -0.03
Shares 72581 886K 14258 101K 218K 2348K 764K 5588K 61691 628K 50314 297K Shares 37615 177K 835K 4578K 4533 108K 39909 354K 83837 2030K 73117 807K Shares 917K 13837K 122K 1008K 713K 1659K 302K 1608K 237K 2040K 35337 901K
Trades 1715 29504 803 4212 4487 16710 1617 9808 1117 12070 1440 5033 Trades 1809 22587 5706 30566 374 4344 2580 22984 3057 32652 636 5879 Trades 6178 128627 5132 20542 1639 27493 7928 30747 6366 54715 1190 37880
PE 55.28 55.34 21.40 21.41 29.98 30.09 79.52 79.52 37.92 37.93 28.31 28.31 PE 41.06 41.07 19.72 19.73 74.63 74.46 121.60 121.59 22.79 22.75 34.18 34.28 PE - - 26.53 26.54 14.34 14.37 376.52 376.69 20.78 20.77 52.12 52.20
3 M H/L 471/307 471/307 1435/1208 1398/1205 214/170 214/170 44/35 44/35 443/346 443/346 465/285 464/285 3 M H/L 4088/3052 4094/3050 173/120 173/120 848/744 847/743 2429/1819 2428/1820 755/606 755/606 319/263 319/264 3 M H/L 275/205 276/205 394/301 394/301 505/446 506/445 773/627 774/627 1547/1091 1545/1091 550/429 533/428
52 Wk H/L 471/296 471/296 1768/1186 1770/1194 251/159 251/159 50/34 50/34 443/278 443/278 547/217 548/217 52 Wk H/L 4130/2978 4130/2981 173/105 173/105 976/690 977/690 2729/1775 2729/1773 755/431 755/431 319/160 319/162 52 Wk H/L 275/85 276/85 406/250 406/250 607/410 607/408 1129/627 1129/627 1547/792 1545/793 589/373 590/373
1 M returns 7.97 7.95 8.77 8.89 -3.07 -2.71 10.78 10.78 2.98 2.98 0.33 0.42 1 M returns 9.03 9.09 10.03 10.06 -2.17 -2.32 -6.26 -6.19 -0.13 -0.23 1.64 1.65 1 M returns 0.36 0.42 12.55 12.75 5.01 5.30 6.52 6.61 6.12 6.04 0.75 0.82
1 Yr returns 36.97 37.20 9.23 9.29 -16.37 -16.43 11.76 11.50 54.84 54.45 - - 1 Yr returns 33.99 33.92 23.31 23.49 -3.87 -4.11 -12.21 -12.35 62.77 62.06 42.99 43.54 1 Yr returns 206.14 206.72 55.07 54.56 -7.19 -7.17 -21.59 -21.64 91.25 91.10 35.86 35.78
Mcap 41309 41354 23224 23230 9622 9658 7415 7415 20819 20828 5300 5300 Mcap 111325 111352 10710 10717 20453 20404 32229 32226 35993 35928 16757 16802 Mcap 78372 78431 12905 12908 121436 121679 8246 8250 64782 64750 50392 50464
Book-value 39.31 39.31 200.27 200.27 156.78 156.78 21.07 21.07 30.74 30.74 100.33 100.33 Book-value 767.15 767.15 332.99 332.99 79.76 79.76 123.03 123.03 133.95 133.95 29.14 29.14 Book-value 132.48 132.48 72.39 72.39 183.84 183.84 350.32 350.32 325.33 325.33 64.88 64.88
Price/Bk-val 11.84 11.85 6.85 6.85 1.28 1.28 2.05 2.05 14.25 14.26 4.43 4.43 Price/Bk-val 5.29 5.29 0.47 0.47 9.70 9.67 18.03 18.02 5.30 5.29 10.87 10.90 Price/Bk-val 2.00 2.00 5.39 5.39 2.72 2.72 2.13 2.13 4.70 4.70 8.09 8.10
RoNW 19.75 19.75 50.82 50.82 11.49 11.49 3.40 3.40 25.28 25.28 14.80 14.80 RoNW 10.86 10.86 5.90 5.90 13.99 13.99 54.13 54.13 19.13 19.13 25.39 25.39 RoNW 5.66 5.66 16.10 16.10 20.05 20.05 8.41 8.41 18.42 18.42 16.48 16.48
RoCE 24.88 24.88 44.31 44.31 14.76 14.76 3.69 3.69 22.91 22.91 12.56 12.56 RoCE 12.03 12.03 6.36 6.36 18.79 18.79 27.07 27.07 19.99 19.99 35.46 35.46 RoCE 7.84 7.84 21.12 21.12 21.02 21.02 7.20 7.20 7.32 7.32 25.54 25.54
https://t.me/srikakulam
6 TAKE TWO
>
NEWSMAKERS/SANDEEP AGGARWAL & RADHIKA AGGARWAL/CO-FOUNDERS/SHOPCLUES
Blurring the lines between
work and home
SUVEEN SINHA
New Delhi, 16 March
andeep Aggarwal was
S quick to delete the
Facebook posts in which
he accused his wife, Radhika,
of various things, of which the
relevant one is that she blocked
him out of ShopClues, the e-
commerce marketplace they
built together. The rest should
never really have been a part
of public discussion.
“It was one of those weak
moments when I ended up
using a public platform to vent
out,” says Sandeep. He may
not have heard the modern
aphorism: dance like no one is
watching, email like one day
it may be read aloud in a
deposition.
Imagine, then, how far a
Facebook post can travel. And
Aggarwal made two, whose
screenshots would be
ensconced on the hard drives
of journalists covering startups.
It was out of character for a per-
son whose default response to
a problem, honed during a
decade of being a Wall Street
analyst, is to open a spread-
sheet and look at data.
Of all the tremors to rock
the startup world of late —
Snapdeal’s layoffs, Stayzilla’s
shutting down, Flipkart’s fre-
quent devaluations — nothing
will match the rumble at
ShopClues for poignancy. For
this is a story where the per-
sonal stakes are as high as the
business interests and involves
children: Radhika and
Sandeep’s two sons, aged 13
and seven.
Sure, ShopClues is valued
at more than a billion dollars,
mostly because it has tried to
carve a special place for itself
among the e-commerce mar-
ketplaces. Its unofficial self-
description is “digital Karol
Bagh”, after the middle class
shopping haven in west Delhi.
That involved getting a huge
number of small traders on its
network, and may have insu-
lated the company from the
fate that has befallen those that
mirror Amazon.
No wonder, then, the
ShopClues board moved swift-
ly to protect it from the battle
that Sandeep, who claims to
Getting back on track an
uphill climb for Snapdeal
KARAN CHOUDHURY
New Delhi, 16 March
A year ago, ASF Tower A and
B, the sprawling campus of
Snapdeal in Gurugram, would
be teeming with 20-some-
things furiously typing away
on their laptop screens, trying
to increase the gross mer-
chandise value, the ‘erstwhile’
go-to matrix of online mar-
ketplaces.
Cut to 2017, most of the
offices in ASF Tower have a
forlorn look. Missing are the
fresh grads in designer wear,
sprawled on beanbags and
glued to laptop screens or the
blaring music which they
loved playing while at work.
After getting rid of more than
80 per cent of the 10,000-
strong workforce, Snapdeal
bosses are contemplating
moving out to a smaller office
in Gurugram.
Things have turned from
bad to worse for the Kunal
Bahl- and Rohit Bansal-led
company which is powered by
Japanese telecom and invest-
ment giant Softbank.
Over the past year, the
once arch-rival of Flipkart has
lost the fight to global online
marketplace Amazon which
made rapid strides in 2016 and
is at the top of the e-com-
merce heap at present. Efforts
to raise additional funds have
fallen flat, with Softbank,
according to sources, refusing
to invest anymore in the
beleaguered company.
Snapdeal had managed to
raise around $1.7 billion. A
large chunk of it came from
Softbank, and in one of the
rounds it had managed to
rope in Alibaba as well.
In the face of a severe finan-
cial crunch, 8,500 employees
were reportedly asked to quit
over the past year. According to
internal data, as well as inter-
Radhika was 19 when she met Sandeep (top), a couple of
years her senior, at a college in Indore
be the only genuine founder
of the company, is waging
against Radhika, who has cho-
sen to keep a dignified silence.
And those who have known
the couple are dazed at the
turn of events.
Radhika was 19 when she
met Sandeep, a couple of years
her senior, at a college in
views and statements,
accessed and reviewed by
Business Standard, Snapdeal
has cut down its employee
strength to 1,200.
In a candid mail to his
employees a few days back,
Bahl listed out the reasons of
the company’s downfall and
revealed that a ‘painful’ process
to lay off staff was under way.
“Over the last two-three
years, with all the capital com-
ing into this market, our entire
industry, including ourselves,
started making mistakes. We
started growing our business
much before the right eco-
nomic model and market fit
was figured out. We also start-
ed diversifying and starting
new projects while we still
hadn’t perfected the first or
made it profitable,” he said.
Bahl in the past was able to
successfully pivot the compa-
ny twice. From selling offline
Indore. Till recently, he used
to joke that he has known
Radhika longer than her par-
ents have. Radhika is tall and
has the crisp, refined manner
of an army child who has gone
to a bunch of convent schools.
Sandeep, of medium height
and build, is a wizard with
numbers, which pepper
SHAKY FINANCIALS
Losses (~ crore)
1,328 3,316
Mar ‘15 Mar ‘16
Revenue (~ crore)
1,457
933
Mar ‘15 Mar ‘16
Kunal Bahl and Rohit Bansal have
less than 6.5 per cent stake in the
company
coupon books to going online
with couponing to moving to
being an online marketplace,
Snapdeal has managed to sur-
vive close to a decade.
However, this time around
experts believe things are too
haphazard to be set right.
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MUMBAI | FRIDAY, 17 MARCH 2017 1

his rapid-fire speech.
Growing up, Radhika was
sure she will not marry some-
one from the armed forces; she
had moved enough cities
already. She wanted to settle
down in one place and
live there.
She got half of her wish. She
did not marry an army man, but
the one she did marry moved
countries within a year of their
wedding. And they kept moving
cities every two years, until they
came back to India in 2011 to set
up ShopClues and live in
Gurugram. This was to be the
settled life Radhika yearned for.
They raised $4 million in
Series A funding in March
2012, when Nexus Venture
came in as an early investor.
They raised another round,
Series B, of $5 million in early
2013, when Helion came in
and Nexus made a pro rata
investment to preserve its
equity percentage.
Then Sandeep got arrested
by the US Federal Bureau of
Investigation in San Jose,
California, on charges of insider
trading. He was later released
on bail and came back to set up
Droom, an online marketplace
for cars and two-wheelers.
Meantime, Radhika and
Sanjay Sethi, who became the
CEO after Sandeep stepped
down, took ShopClues from
strength to strength. Everyone
thought Sandeep and Radhika
will be the unique couple to
have two highly-valued start-
ups in the family. Few had an
inkling they had been drifting
apart for a while.
They will no doubt be able
to tide over this crisis. All the
three protagonists here are
over 40 and seasoned pros.
The business may also be able
to get over it. The board, led
by its main investors — Nexus,
Helton, and Tiger Global —
has put its faith in Radhika and
Sanjay. Noting that ShopClues
has grown 30 times, the board
said: “It is very disappointing
to see an ex-founder, who dis-
associated from the company
for his criminal wrongdoings,
is now engaged in a personal
vendetta on a public forum.”
Now someone needs to
speak up for protecting the
children.
Snapdeal co-founders Kunal
Bahl (left) and Rohit Bansal
Buying Freecharge for
close to $400 million, invest-
ments in the now closed e-gro-
cery portal, Peppertap, and
spending over ~200 crore on a
rebranding exercise were
some of the major mistakes
made by Snapdeal.
“The company has spent a
huge amount on things which
were unnecessary. It bought a
wallet without understanding
the whole business, just to
show Alibaba that they are a
viable business for the
Chinese major to consider
when they enter India,” says a
senior analyst from an inter-
national consultancy.
“The whole ‘Unbox’ cam-
paign was another expense
that should have been avoid-
ed. Money should have been
spent more on technology
than all this,” he adds.
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MUMBAI | FRIDAY, 17 MARCH 2017 7
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