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Bessent Warns of Higher Secondary Tariff On India: Expect An Income Tax Refund Rush Before New Law Dawns

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THURSDAY • 14 AUGUST 2025

40 pages in 3 sections
LUCKNOW
~14.00
VOLUME XX NUMBER 64
PUBLISHED SIMULTANEOUSLY FROM: AHMEDABAD • BENGALURU
• BHOPAL • BHUBANESWAR • CHANDIGARH • CHENNAI
• HYDERABAD • KOCHI • KOLKATA • LUCKNOW • MUMBAI
• NEW DELHI (ALSO PRINTED IN JAIPUR) • PUNE

THE MARKETS ON WEDNESDAY

change †
- www.business-standard.com
Sensex 80,539.9 + 304.3
Nifty 24,619.3 + 131.9 compa nies 2 > th e s mart inv estor II, 1 > back 20 >
Nifty future ‡ 24,712.2 + 92.8
Dollar ~87.4 ~87.7 ‡‡ Noel’s appointment to JioBlackRock debut IOA approves bid
Euro ~102.6 ~101.8 ‡‡ Tata Sons board may be powers record NFO for 2030 CWG
Brent Crude ($/bbl) 66.3 * 67.1 ‡‡
Gold (10gm)** ~99,696.0 + ~426.0
discussed in AGM today haul in July in Ahmedabad
† Over previous close; ‡ (August) Premium on Nifty Spot; ‡‡ Previous close;
* At 9pm IST; ** Market rate exclusive of VAT; Source: IBJA

bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb

Bessent warns of Expect an income tax refund

in brief
ICICI Bank lowers
minimum balance for
new savings accounts higher secondary rush before new law dawns MoniKA YADAv

tariff on India
from April 1, 2026. tions for the year due to this
New Delhi, 13 August “There are new sections in the government refundexercise,theofficialsaid
theBill,andthesystemshaveto to pay back pendIng thesepayoutshadalreadybeen
Ahead of the implementation be aligned accordingly. We tax dues to avoId accounted for and a negative
of the new income tax (IT) law want to clear these pending transItIonal glItches effect on revenue collections is
clearedbyParliament,thegov- refunds so that no issues arise after the Income tax not likely.
Asks EU to join in; much will depend on ernment plans to release a slew once the new Act takes effect,” act of 2025 kIcks In on An email sent to the finance
aprIl 1, 2026
the outcome of Putin-Trump meeting of pending tax refunds in the
current financial year, includ-
the official said. “If old refund
cases linger, they could get
ministryremainedunanswered
until press time.
AsiT rAnjAn MishrA ing cases dating back up to a entangledinthenewprocesses. Income Tax “Themoveto
New Delhi, 13 August decade, according to a senior By settling these now, we Appellate Tribu- expedite issue
government official. ensurethatthetransitiontothe nal (ITAT) level. of refunds is
US Treasury Secretary Scott Bessent on These refunds, reckoned to new act is seamless and free of Even if such aligned with the
ICICI Bank, India’s second-largest private Wednesday warned that Washington be close to ~1,000 crore, largely legacybaggage,”heelaborated. orders are subject stated objectives
sector lender, has reversed its decision to could raise its current 25 per cent sec- relate to tax demand cases in According to another offi- to further appeal of the govern-
raise the minimum monthly average bal- ondarytariffonIndiaifAmericanPresi- which taxpayers had secured cial, aligning the IT depart- by the department, as reiterated
ance (MAB) for new savings accounts in dent Donald Trump’s meeting with his favourable orders from appel- ment systems to the provisions ment, the refund by the Finance Min-
metro and urban locations to ~50,000, Russian counterpart Vladimir Putin in late authorities but the refunds of the new legislation will amount will be ister in her speech while
revising it instead to ~15,000, effective Alaska on Friday fails to make headway had not been issued due to sys- require a fresh mapping of pro- released in accord- introducing the Finance Bill of
August 1. The MAB for new savings onUkraine.HealsoaskedtheEuropean temic issues. cesses within the Central ance with the existing legal 2025. This will greatly ease the
accounts in semi-urban locations has been Union to impose a similar secondary The exercise is part of a pre- Board of Direct Taxes (CBDT), provisions,” the second official financial difficulties faced by
revisedfrom~25,000to~7,500,andforrural levy on India. migration clean-up in the IT including the protocols for added. “We have already the taxpayer on one hand,
locations from ~10,000 to ~2,500. “We had “We put a secondary tariff on department to ensure that issuing refunds. cleared a large chunk of this while at the same time, the
introduced new requirements for the MAB Indians for buying Russian oil, and I legacy refund cases are settled “The refunds in question refund and will clear the back- interest burden on delayed
for new savings accounts opened from could see if things don’t go well (in the before the Income Tax Act of largely pertain to cases where log in coming months,” he said. refunds will be reduced for the
August1,2025.Followingvaluablefeedback Trump-Putin meeting), then sanctions 2025 replaces its 64-year old the tax demand has been When asked if there will be exchequer,” said Riaz Thinga,
from our customers, we have revised these or secondary tariffs could go up,” Bes- (..If thIngs don’t go well predecessor and back-end sys- reducedattheCommissionerof anyadverseimpactontheGov- partner with Grant Thornton.
requirementstobetterreflecttheirexpecta- sent told Bloomberg Television. “Presi- (In the trump-putIn tems aligned with it take effect Income Tax (Appeals) or ernment’s revenue expecta- Turn to Page 6 >
tions and preferences. We thank our cus- dent Trump is meeting with President meetIng), then sanctIons
tomers for their continued trust and Putin, and the Europeans are in the or secondary tarIffs could bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb
feedback,whichhelpusservethembetter,” wings carping about how he should do go up)
the bank said. MAB is the simple average of it, what he should do. The Europeans Scott Bessent, US Treasury Secretary PAGE 6
PAGE 2
day-end balances for a calendar month,
reports subrata panda 6>
need to join us in these sanctions. The
Europeans need to be willing to put on
RBI panel urges responsible AI push n CFOs join the
Zelenskyy, EU leaders meet Trump AI race as new
these secondary sanctions.” n The Reserve Bank of India’s (RBI’s) Committee on the Framework
ahead of Alaska Summit 10 > change agents
When asked about China being the for Responsible and Ethical Enablement of Artificial Intelligence
~ logs biggest one-day largestpurchaserofRussiancrude,Bes- (FREE-AI) in the financial sector has recommended an approach
PAGE 10
gain in over a month sent said Trump may tell Putin that “all
options are on the table.” He added:
AmericantariffonIndiangoodsto50per
cent, “unfair, unjustified and unreason-
that treats the objectives of fostering innovation and mitigating risks
as complementary forces to be pursued in tandem. The committee n Companies are
Rupee on Wednesday witnessed its highest “Sanctions can go up, they can be loo- able,”andsaiditwouldtakeallnecessary has outlined seven “sutras” — core principles to guide AI adoption pouring billions into
single-day gain in more than a month since sened, they can have a definitive life, actions to protect its national interests. in the financial sector, writes subrata panda AI; it is yet to pay off
July3,asthedollarweakenedonchancesof they can go on indefinitely.” Speaking at an event in Mumbai on
a rate cut in September by the US Federal InanearlierinterviewwithFoxBusi- Wednesday, Chief Economic Advisor bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb
Reserve, said dealers. The local currency ness, Bessent described India as “a bit V Anantha Nageswaran said US tariff-
appreciated by 0.46 per cent to settle at recalcitrant” in its trade negotiations related challenges would likely dissi-
87.44 per dollar, against the previous close with the US. pate within one or two quarters, and
of 87.71 per dollar. 6> The Ministry of External Affairs on urgedtheprivatesectortostepupasthe
August 6 had called the 25 per cent sec- country addresses longer-term con-
n Bond market maintains caution ahead of
ondary tariff, which raised the total cerns. Turn to Page 6 >
weekly auction, gives up early gains 6>

n Benchmark indices climb as steady

Govt working towards Brics diplomacy gathers

NH toll norms revision
Amid rising cases of toll being charged on
national highways (NHs) even after the end
pace, busy weeks ahead
of the concession period, the Ministry of
RoadTransportandHighwayshasinitiated Archis MohAn
a study with central policy think tank NITI New Delhi, 13 August
Aayog to revise the user-fee determination
framework, it has informed the Public Amid a flurry of engagement between the
Accounts Committee of Parliament. 4> Brics’ founding members following US Presi-
dent Donald Trump’s latest round of tariffs,
External Affairs Minister S Jaishankar will
rEsUlTs rEcKonEr meet his Russian counterpart Sergey Lavrov
Quarter ended Jun 30, 2025; in Moscow on August 21. Chinese Foreign
Common sample of 2,626 companies MinisterWangYiisalsoexpectedinIndianext
(Results available for 3,082) wang yI’s IndIa vIsIt and week for talks on the boundary dispute with
Sales Change JaIshankar–lavrov talks National Security Adviser Ajit Doval, under
Jun 30, 2024 9.0% ~34.40 trn ì next week could set the special representatives’ mechanism
the stage for pm between the neighbours.
Jun 30, 2025 6.3% ~36.57 trn ì India has yet to officially confirm either
narendra modI’s
Net profit bIlateral meetIngs wIth visit. However, on Wednesday afternoon the
Jun 30, 2024 16.6% ~4.05 trn ì xI JInpIng and vladImIr Russian foreign ministry announced the Jai-
putIn, on the sIdelInes shankar–Lavrov meeting, saying it would
Jun 30, 2025 5.7% ~4.27 trn ì cover bilateral relations and “aspects of coop-
Adj net profit (excluding extraordinary items)
of the sco summIt
eration within international frameworks”.
Jun 30, 2024 10.0% ~3.79 trn ì The two are also expected to finalise dates for
n Op Sindoor, Swadeshi may be Russian President Vladimir Putin’s visit to
Jun 30, 2025 8.8% ~4.13 trn ì focus of PM’s I-Day speech 9> India later this year. Turn to Page 6 >

The third report in the series looks at how the foundry and casting units
are rushing last shipments before the 50% US tariff takes effect

Howrah races against the clock

ishiTA AYAn DUTT
Howrah, 13 August Facing disruption PAGE 2

n 500 foundry and forging units in Price erosion weakens

Tarak Saha, a veteran in Howrah’s West Bengal pharma’s US prescription
foundry and casting industry, has
never heard of Donald Trump, let alone n 75% are in Howrah; around 20% Pricing pressure in a key cancer drug,
the steep tariff the US president has involved in exports coupled with a steep rise in March ship-
slapped on the goods made at the n Around 100 units are linked to the ments to the US ahead of potential tar-
manufacturing unit US market iffs, has led to a mixed performance for
where he works. Yet top drug exporters to the US in Q1FY26.
n 40,000–45,000 employed directly Pharmaceutical majors like Dr Reddy’s
he is one of its quiet and indirectly; a total 90,000 if
beneficiaries, clock- Laboratories, Cipla, and Aurobindo
ancillaries are included Pharma have posted a fall in US exports.
ing overtime ahead of
Durga Puja next n Bengal foundries specialise in
sanitary castings, railway
month. But with a
components, and more
TAKE TWo PAGE 18
total of 50 per cent
TARIFF tariff set to come into Pragmatism over payback
TURBULENCE force in days, those Once hailed as the “Sheffield of the Any sectoral costs of a US trade deal
PART-III extra hours — and East”, Howrah is West Bengal’s foundry must be traded off with the rising costs
extra pay — may soon and forging hub, its landscape studded of not having a deal. External pragmatism
vanish. with hundreds of workshops. They are coupled with internal reforms can yet
Saha is oblivious to the tug-of-war clustered along National Highway 6 turn this impasse into an opportunity,
over tariffs. He is simply racing to meet and its feeder, Benaras Road — a writes saJJId Z chInoy
a tight deadline for orders bound for the narrow, congested stretch choked with
United States — a story repeated across cycle vans and workshops spilling onto n MSME bodies seek emergency
the export-focused units of Howrah. the street. Turn to Page 4 > liquidity, faster refunds 4>
2 COMPANIES LUCKNOW | THURSDAY, 14 AUGUST 2025 B
STOCKS n Max Healthcare Institute
Q1FY26 profit rises 30%
n Oswal Pumps
Bags order worth ~442 cr
n Kaveri Seed Co
Q1FY26 profit up 13%
n Antony Waste Handling Cell
Antony Lara Enviro bags
n SpiceJet
To induct five more
IN THE NEWS Y-o-Y to ~308 cr from Maharashtra to Y-o-Y to ~326 cr order worth ~1,600 cr Boeing 737s ahead of
supply solar water pumps from NREDCAP winter schedule

~ 1,267.6 CLOSE ~ 804.8 CLOSE ~ 1,131.4 CLOSE ~ 611.0 CLOSE ~ 34.4 CLOSE
* OVER PREVIOUS CLOSE + 0.5% UP* + 4.6% UP* + 2.5% UP* + 5.6% UP* + 0.3% UP*

Mixed Q1 for top drug firms amid price erosion, tariff threat
SOHINI DAS & ANJALI SINGH the factors behind the fall in US revenues paediatric rare diseases. It launched three they are witnessing low-level price erosion
Mumbai, 13 August for some companies. Moreover, shipments Bitter pill products in the US in Q1 and received ap- in their base business, consistent with the
to the US had grown in March as well in an- proval for six more during the quarter. trend over the past few quarters.
Q1FY26 North America formulation sales
Pricing pressure in a key cancer drug, ticipation of potential tariffs. We don’t see Sun Pharma is doubling down on its “The timing of Revlimid’s taper over the
coupled with a steep rise in March ship- any systemic issues with US exports in Q1.” Dr. Reddy's Laboratories 408.6 -11.00 specialty portfolio too — now rebranded as next two quarters is a bit unpredictable, but
ments to the US ahead of potential tariffs, Some analysts expect the pricing com- “innovative medicines”. It draws 29 per we have strong traction in our pipeline and
has led to a mixed performance for top petition to be long term. Nilaya Varma, Cipla 226.0 -9.60 cent of its consolidated revenues from the are focused on taking additional market
drug exporters to the US in the first quarter group chief executive officer (CEO) and co- Sun Pharma 473.0 1.50 US, and Chairman and Managing Director share,” said Umang Vohra, MD and global
(Q1) of 2025-26 (FY26). founder, Primus Partners, said, “Several (MD) Dilip Shanghvi said that the US CEO, Cipla.
Pharmaceutical (pharma) companies Indian pharma companies experienced Lupin 282.0 24.30 launch of Leqselvi will be a growth driver. Fresh launches have helped companies

Y-o-Y chg (%)

like Dr Reddy’s Laboratories, Cipla, and subdued growth in North America in It represents an important step forward, like Lupin and Torrent grow. Ten launches

($ mn)
Aurobindo 408.0 -4.30
Aurobindo Pharma have posted a fall in Q1FY26, primarily because of the con- offering a new treatment option for pa- are expected in FY26 by Torrent Pharma,
exports to the US, primarily due to price tinued price erosion in the US generics Torrent Pharma 36.0 16.00 tients with severe alopecia areata. with some of them being Day One
erosion in key products. Meanwhile, Sun market.” Apart from fewer high-value Complex generics and specialty prod- launches. Esomeprazole was the biggest
Alembic 62.6 13.00
Pharmaceutical Industries posted a mod- launches, inventory rationalisation by US ucts offer higher margins and regulatory launch in Q1FY26. However, the US busi-
est 1.5 per cent growth, while Zydus Life- distributors and regulatory delays Gland 85.9 -5.00 protection, but they remain a small part of ness is not yet profitable.
sciences posted a 3 per cent year-on-year further exacerbated the slowdown. most Indian pharma revenue streams. Sudhir Menon, chief financial officer
growth. In contrast, companies like Lupin, Varma felt this was more “structural Zydus Lifesciences 372.0* 3.00 “While firms like Dr Reddy’s and Lupin and executive director of finance at Tor-
Torrent Pharmaceuticals, and Alembic erosion”. Over the past few years, buyer *In constant currency terms Source: Companies are making strides in inhalers, injectables, rent, said in an after-earnings call: “The US
Pharmaceuticals have posted strong consolidation — essentially three major and biosimilars, these products are still business is not yet profitable after research
double-digit growth, riding on launches in buying groups controlling over 90 per cent ing and high competition are long-term Zydus, which draws 49 per cent of its scaling. The commercial impact is signifi- and development, but the trajectory is posi-
the market. of the US market — has squeezed supplier challenges, not temporary ones, Varma consolidated revenues from the US mar- cant but not large enough to offset broader tive. Quarter-on-quarter losses are reduc-
A Mumbai-based pharma analyst said, margins. Plus, there is an oversupply in said. Firms are thus prepping for fresh ket, is expanding its presence in the erosion in base generics,” Varma said. ing, and we expect a stronger contribution
“Price erosion in generic Revlimid is one of several molecules, suggesting that low pric- launches, more so in complex products. specialty space and enhancing its focus on Erez Israeli, CEO of Dr Reddy’s, said to overall as launches gain traction.”

IN BRIEF
Tata Sons shareholders to vote on Brigade signs
IBM unveils India
pact to build 6
client experience
centre in Mumbai
IBM on Wednesday announced the opening
Noel’s board appointment today Marriott hotels
of its India Client Experience Center in
Mumbai. The company added that it has
signed a Letter of Intent (LOI) with the
AGM to also decide on reinstating Venu Srinivasan, Saurabh Agrawal as directors
Dev CHAtterJee
On the agenda
in India by FY30
Maharashtra government to identify Mumbai, 13 August AkSHArA SrIvAStAvA
opportunities for the state’s quantum Shareholders to vote on dividend payout: New Delhi, 13 August
initiatives. Inaugurating the center, Tata Sons Pvt Ltd, the $150-billion n Board recommends ~64,900 per share dividend, up
Devendra Fadnavis, Maharashtra chief holding company of the Tata group, from ~35,000 last year, implying a ~2,622.91 cr payout Bengaluru-based Brigade Hotel Ventures (BHV),
minister said: “These technologies (AI, will seek shareholder nod to appoint which recently listed on the bourses, on Wednesday
n Tata Trusts to get ~1,731 cr
quantum computing, and semiconductors) Noel Tata to its Board and vote on three signed a multi-deal agreement with global hotel
can accelerate sustainability and efficiency other directorships at its 107th annual IPO calling: chain Marriott International to develop six hotels for
across sectors, creating new opportunities general meeting (AGM) on Thursday. n Chairman N Chandrasekaran expected to give update the company.
for growth and progress. Through our Noel, who became chairman of on the Tata Capital IPO, slated for September-end The hotels will come up in four key southern
collaboration with IBM, we will harness Tata Trusts in October 2024, was cities — Chennai, Bengaluru, Thiruvananthapuram
quantum innovation to transform lives, nominated to the Tata Sons Board by FY25 financials: and Kochi. The move will add about 940 keys to
while building a skilled talent pool to the trusts and appointed additional di- n Revenue: ~38,834.58 cr (vs ~43,893 cr in FY24, which BVH’s portfolio in the country, taking it to 3,300
democratise benefits and make them rector last year. included a ~9,375.66 cr investment gain) keys. The new hotels will be classified under the
accessible to every citizen.” BS reporter Shareholders will also decide on n PAT: ~26,231.74 cr (vs ~34,653.98 cr in FY24) Fairfield by Marriott, JW Marriott, Courtyard by
the reappointment of Venu Srinivasan Marriott and The Ritz-Carlton brands.
n All borrowings repaid
and Saurabh Agrawal as directors, and “With this signing, Brigade reinforces its nearly
Ikea opens 1st store in Anita George — co-founder and chief 15-year partnership with Marriott, further
Delhi, aims to increase executive officer (CEO) of emerging-
markets growth fund Prosperete — as
crore to fund philanthropic initiatives.
The online AGM comes amid stra-
Tata Sons did not respond to an
email seeking comments on the AGM
~34,653.98 crore. It repaid all borrow-
ings during the year ending March,
strengthening a successful relationship and brings
the total to eight hotels with Marriott, totalling 1,388
local sourcing in 5 yrs independent director.
Tata Sons Executive Chairman N.
tegic shifts under Noel’s leadership at
Tata Trusts, including talks with the
agenda.
For 2024-25 (FY25), Tata Sons re-
with net cash of ~7,117.43 crore versus
~2,679.19 crore a year earlier.
keys,” the company stated in a release.
While the Courtyard by Marriott offering at
Swedish home decor and furniture retailer Chandrasekaran is expected to brief Shapoorji Pallonji Group — which ported revenue of ~38,834.58 crore, With its debt-free status, the com- Chennai World Trade Center with 45 keys is ex-
Ikea entered the north Indian market on the shareholders on the planned in- owns 18.4 per cent of Tata Sons — for down from ~43,893 crore a year earlier, pany has applied to the Reserve Bank pected to open in the financial year 2027 (FY27), the
Wednesday, with the opening of its Delhi itial public offer of Tata Capital, slated a potential exit. when results were boosted by a of India (RBI) to declassify it as a non- Fairfield by Marriott Bengaluru International Air-
store. Patrik Antoni, Ikea India chief for September-end. Discussions have yet to yield an ~9,375.66 crore gain from the sale of in- banking financial company (NBFC) — port (224 keys) and Fairfield by Marriott Bengaluru
executive officer (CEO), said the company is The Board has recommended a agreement. The trusts have also di- vestments. Expenses fell to ~1,945.64 upper layer — and remain private. Brigade Valencia (151 keys) are set to open in FY28.
also working to increase local sourcing for its dividend of ~64,900 per ordinary rected the company to remain private. crore from ~2,776.49 crore. The RBI had earlier set a deadline Additionally, the JW Marriott at OMR Chennai
local retail operations from 30 per cent to 50 share, up from ~35,000 last year, im- With the upcoming retirement of The company’s profit before tax of September this year for NBFCs — with 250 keys, the 70-key all-villa Ritz Carlton Vai-
per cent in the next five years. “The plying a cash payout of ~2,622.91 crore. directors Ajay Piramal and Ralf Speth, (PBT) slipped to ~35,440.76 crore from upper layer, to list their shares. The kom Island, in Kerala, and the mixed-use Thiruvan-
population size itself, the economic growth, Tata Trusts, which hold 66 per cent of the group will also induct two new ~39,813.16 crore, while profit after tax company’s application is currently anthapuram Marriott Hotel World Trade Center
but also the whole demographics of the Tata Sons, would receive about ~1,731 Board members in due course. (PAT) dropped to ~26,231.74 crore from pending with the apex bank. with 200 keys are set to open in FY30.
society, where there are so many young “Our growth strategy focuses on being present
people, so many young families that are where our guests want us to be. Today’s signed
coming out. So, I think it's probably the agreement underscores our long-standing relation-

GCCs make up 10% of Coforge’s top line

growth potential we see over the coming 30 ship with the Brigade Hotel Ventures Limited, and
years,” Antoni added. pti leveraging the strength of our diverse brand port-
folio, we are confident these new developments will
meet the needs of travellers, for every trip purpose,”
RInfra secures said Rajeev Menon, president, Asia Pacific exclud-
arbitration award AvIk DAS
Bengaluru, 13 August
cross the $2 billion mark, as our chief
executive officer (CEO) mentioned, in
sys and Tech Mahindra have been
working with GCCs for some time. I
ing China at Marriott International.
Last month, the NASDAQ-listed global hospital-
worth ~526 cr Mid-tier information technology (IT)
the next two years, then $200 million
would not be terrible,” Hegde added.
GCCs are the technology centres of
foreign companies in India. Once
ity major had signed an agreement with Blackstone-
backed Ventive hospitality, for six new hotels — at
Reliance Infrastructure (RInfra) has won an company Coforge said its global capa- The company set up a GCC centre called captive centres, many in the in- Varanasi in Uttar Pradesh, Mundra in Gujarat, and
arbitration award of ~526.23 crore along with bility centre (GCC) business already of excellence earlier this year to help dustry now prefer the term GCC, re- Pune and Navi Mumbai in Maharashtra — by 2030.
interest, according to the company’s stock contributes about 10 per cent — clients establish and scale GCCs as an flecting their growing maturity and The American hospitality chain has over 155 ho-
exchange filing on Wednesday. The award roughly $147 million — to its top line, integral part of their businesses. It said greater autonomy from headquarters. tels and over 29,000 rooms in over 40 Indian cities
has been passed by an arbitral tribunal in an as it doubles down on a sector that has many enterprises are struggling to Over the past decade, these centres currently.
arbitration invoked by RInfra against Aravali posed a stiff challenge to IT service drive their offshore strategies alone — have insourced much of the technol- Earlier this year, Anthony Capuano, president
Power Company Private Limited (APCPL). R- providers. a gap helping service providers across ogy work that was previously out- and chief executive officer of Marriott International,
Infra had invoked arbitration against the Coforge is focusing on its core ver- business process service and GCC the spectrum engage with them and sourced to IT companies. had stated that he expects India to become its third-
wrongful termination of a contract by APCPL ticals — banking, financial services, units, told Business Standard. capture a slice of this hottest vertical. This shift has also led to higher largest market within five years.
in 2018. The tribunal, by a majority, held the and insurance (BFSI), and travel, “There is this deep hyperspecial- Large IT service providers are also attrition among IT firms, as GCCs “We will continue the momentum we enjoy in
termination to be invalid and awarded transportation, and hospitality (TTH) isation from an industry standpoint, deepening their engagement with often pay a premium over prevailing the upper, upscale, and luxury segment. We will also
consequential claims in favour of R-Infra, the — while also expanding its presence to which I think stands us in good stead. GCCs, setting up dedicated business salaries to attract talent in cutting- look at the lower end of the chain scales and create
company said. BS reporter help healthcare GCCs set up units in I am quite okay to say we will con- units and appointing heads to manage edge areas such as artificial intelli- more opportunities for the value-conscious in-
India, Maddee Hegde (pictured), tribute 10–15 per cent, but Coforge has them. Wipro and Cognizant are the la- gence, machine learning, data bound international traveller and the domestic
executive vice-president and head of also been growing very fast. Now, if we test to join the bandwagon, while Info- analytics, and cybersecurity. traveller,” Capuano had said.
Eli Lilly launches
weight-loss drug at
~14K for starting dose
CFOs join the AI race as new change agents
number had dropped to 33 per cent, and
Eli Lilly on Wednesday launched the easy- today it stands at just 3 per cent. This
to-use injector pen of its blockbuster weight- change reflects a recognition among
loss drug Mounjaro for ~14,000 (nearly $160) financial leaders that AI is now a vital
for its starting dose of 2.5 mg in India,
stepping up competition with Novo
SHIvANI SHINDe
Mumbai, 13 August
Making the shift about looking into growth and
productivity, building financial
tool for efficiency, operational
optimisation, and long-term growth.
Nordisk. Lilly said in June it received n CFOs are taking bigger, more frameworks, creating an accountability “CFOs today have to be truly
approval from India’s drug regulator for its Earlier this year, when global software strategic bets with AI, accord- lens, and leaning into operations. But strategic business partners. They are
once-weekly Mounjaro Kwikpen, two days giant Salesforce set out to appoint a new ing to Salesforce research with AI, it is becoming a multi- looking at how to define and allocate
after Novo Nordisk launched Wegovy in chief financial officer (CFO), the role n In 2020, over 63% of CFOs in dimensional task that requires CFOs to resources. That’s why we’re seeing roles
multiple dose strengths in a similar pen came with an addition. Instead of Asia-Pacific reported having a be far more integrated into operations. like ours, where finance and operations
device. reuterS hiring solely a CFO, the company conservative AI strategy In fact, they have to be, if they’re going are combined to unlock insights and
wanted someone who would also play to bring the full value of AI back to efficiencies that directly impact
an integral role in operations. n By 2023, that number had companies.” She added that her team is business execution,” said Washington,
Arintra raises $21 mm That’s why, four months ago, when plummeted to 33%, and using AI agents to create internal president and COFO at Salesforce.
today it stands at just 3%
in Series A round led Robin Washington was appointed CFO,
she was also given the title of chief n Half of CFOs in APAC say AI
content around data analysis and first
drafts of executive-level materials,
According to the data, CFOs’
rethinking of return on investment (RoI)
by Peak XV Partners operating officer. When asked if this
was the first time Salesforce had
agents are changing how particularly for summarising strategy.
Salesforce’s latest research shows
underscores this transformation. Half of
APAC CFOs say AI agents are changing
they evaluate RoI
Arintra, a Gen AI powered medical coding merged the two positions, she said: “I CFOs are moving away from a how they evaluate RoI, moving beyond
platform for healthcare providers, has joined Salesforce only four months ago conservative stance on AI. Over the past traditional metrics to consider a broader
secured $21 million in Series A funding led as chief operating and financial officer She was speaking at a virtual media also made this shift earlier this year. five years, they have shifted from range of outcomes. Last year, 65 per cent
by Peak XV Partners, with Endeavor Health (COFO). This is the first time we have briefing on the changing role of CFOs in Jamie Miller, CFO of PayPal, saw her cautious experimentation to fully faced pressure to accelerate RoI from
Ventures, Y Combinator, and others looked at the chief operating officer and the AI era, as the firm unveiled the role expand to include that of chief embracing its potential, largely driven tech investments. Today, they recognise
participating. The investment will drive the financial officer role as one. I think latest findings of research showing that operating officer. Miller, who also by opportunities for revenue growth. AI’s value lies not only in cost savings
nationwide adoption, accelerate product this allows us to break down silos. This CFOs are taking bigger, more strategic joined the media interaction, In 2020, 63 per cent of CFOs in Asia- but also in long-term gains like revenue
development, grow the team, and establish also makes the COFO organisation a bets on artificial intelligence (AI). acknowledged the need for this change: Pacific (APAC) reported having a generation, productivity gains, and
a headquarters in US’s Bay Area. BS reporter much more effective business partner.” Global financial technology PayPal “The role of the CFO has always been conservative AI strategy. By 2023, that better decision-making.

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B luckNow | THuRSDAY, 14 AuGuST 2025
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companieS 3
Micro markets see strong rental, capital growth since pandemic

surges 64%
India’s housing micro markets have back of strong employment-driven ment, which provides green spaces, and that capital values have followed a trajec- In Pune’s Hinjewadi, rental values
delivered remarkable gains post-pan- demand and steady infrastructure large-scale amenities, attracting both tory of rapid appreciation between 2021 appreciated by 60 per cent, compared to
demic, with prominent cities seeing an upgrades. investors and end-users. to 2023, followed by steadier gains as new a 40 per cent rise in capital values.
increase in both rental and capital Delhi NCR’s Noida Sector 150 micro Hyderabad Information Technology supply hit the market and buyers Similarly, capital appreciation in Kol-
appreciation between the end of 2021 market led with a 139 per cent growth in and Engineering Consultancy City became more price sensitive. kata’s Eastern Metropolitan Bypass was
and mid-2025, according to a report by capital values at ~13,600 per square feet (HITEC City) and Gachibowli saw a simi- “In the early recovery years, annual just 25 per cent between the end of 2021
real estate consultancy firm Anarock. in the second quarter of 2025 compared lar trend, seeing a strong rental as well as rental increases of 12 to 24 per cent were and mid-2025, lower than the 53 per cent
Capital appreciation in some parts to ~5,700 per square feet at the end of capital value growth. common in prime employment hubs. By rental value growth over the same
was as high as 139 per cent, with Noida 2021. Rental values for the market too In the Mumbai Metropolitan Region H12025, rental growth has moderated period.
Sector 150 leading the race. grew by 71 per cent during the period. (MMR), capital values in Chembur and nationally to 7 to 9 per cent, which is still In Kolkata’s satellite city Rajarhat,
“While property prices have nearly Following it was Gurugram’s Sohna Mulund grew by 53 per cent and 50 per ahead of consumer inflation, but a lot rental values grew by 40 per cent, outpac-
doubled in some areas, in other areas Road, which saw its capital values rise by cent respectively, while rental appreci- more sustainable,” he added. ing capital appreciation of 37 per cent
rents have climbed at a pace that out- 74 per cent, along with a 50 per cent ation was lower at 46 per cent and 32 While average capital values rose over the period.
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Carving out gains
Consolidated figures in ~ crore
Q1FY26 Change Y-o-Y (%)
Revenue 2,260.86 16.96
Net profit 91.76 64.44
Source: Company; Compiled by BS Research Bureau

Sharleen D’Souza
Mumbai, 13 August

Jubilant FoodWorks saw its net proﬁt surge

64.4 per cent during the April-June quarter
(Q1) of FY26.
The company saw its profit before interest,
depreciation and tax (PBIDT) go up 44.60 per
centto~459.7crore.Salesofthecompanywere
up 17 per cent to ~2,260.9 crore.
According to an investor presentation,
Domino’sIndiarevenuewasupby17.7percent
year-on-year (Y-o-Y), driven by strong order
growth of 17.3 per cent across all tiers and its
like-for-like(LFL)riseof11.6percent.Thiswas
on account of strong delivery LFL growth of
20.1 per cent.
It also said that its mature stores average
daily sales came in at ~85,396 for Domino’s
India stores.
The company added that delivery channel
revenue was up by 24.6 per cent and dine-in
channel revenue rose 2.5 per cent, mainly
driven by lunch-hour meals.
Shyam S Bhartia, chairman, and Hari S
Bhartia, co-chairman, Jubilant FoodWorks,
said in its results release, “We are pleased with
the strong start to the year, marked by healthy
top-line growth and disciplined profitability.
This performance sets a solid foundation for
whatwebelievewillbeahigh-impactyear.Our
unwavering commitment to putting the cus-
tomer first combined with sustained invest-
ments in technology, innovation, and
operational excellence — continue to power
our competitive edge and promote long-term
value creation.”
Sameer Khetarpal, chief executive officer
(CEO)andmanagingdirector(MD),saidinthe
results release that Q1 has been a stellar start,
setting the tone for a dynamic year ahead.
“We’ve accelerated menu innovation, sig-
nificantly expanded the share of our own digi-
tal assets and made decisive strides towards
achieving 20-minute delivery. In parallel, we
continuetoscalePopeyeswiththeambitionof
making it India’s most-loved chicken brand.
Our focus remains firmly on margin expan-
sion,whilemaintainingstrongcashflowsfrom
our Turkey business,” he added.
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lucknow | thurSDAY, 14 AuGuSt 2025 B
IN BRIEF
Govt working towards revising NH toll framework

141% to ~6,839 cr
forward, commerce and industry minister
Piyush Goyal said, citing examples of how all

time for preferential transactions

developed nations prioritised and reaped its
benefits. “If you look at the world, all Bharat Petroleum Corporation Ltd (BPCL) on
developed countries have one thing in Wednesday reported more than doubling of its first
common – they give priority to quarter net profit, as marketing margins surged
innovation and research because of holding retail prices despite a drop in
and development, and
because of that, they
New look-back period will now be counted from the date insolvency is initiated input oil cost.
The firm reported a consolidated net profit of
progressed. Hard work is Ruchika chitRavanshi ~6,839.02 crore in the April-June quarter of 2025-26
Hitting fast forward
done everywhere, but when
hard work is combined
New Delhi, 13 August
n This change aims to prevent corporate
IBBI to CoCs: Scrutinise (Q1FY26), compared to ~2,841.55 crore earnings in the
same period of the last year, marking a 140.64 per
with innovation,
the results are
In order to capture a broad range of trans-
actions, particularly those undertaken
debtors from delaying applications to insolventfirms’IMs cent rise according to a stock exchange filing.
The first quarter profit is a record for BPCL and is
exclude assets
greater,” Goyal to exclude assets from the insolvency The Insolvency and Bankruptcy Board of more than half of the full 2024-25 (April 2024 to March
n The amendment also proposes
said. process, the Insolvency and India (IBBI) has urged the committee of 2025) financial year earnings. It had reported a net
allowing for the part resolution
BS reporter Bankruptcy Code (IBC) creditors (CoCs) to discuss the information profit of ~13,336.55 crore in FY25.
of a company’s assets
Amendment Bill has amended the memorandum (IM), a key document that The profit surge was despite inventory losses aris-
look-back period, which will be n Government concessions contains detailed information about a coming from selling products at rates lower than the price
US tariffs not to impact counted from the initiation of like licenses and permits pany undergoing insolvency. IBBI has also at which input crude oil was bought at, lower refining
will continue during the
India’s growth, no threat insolvency instead of its com-
mencement. The Centre on Tuesday resolution process
asked the creditors to share extracts from any
audits they have carried out, such as stock
margins and unpaid LPG subsidy. The earning boost
came from holding retail petrol and diesel prices
to positive outlook: S&P introduced the IBC Bill in the Lok
Sabha, proposing a wide range of reforms
n The adjudicating authority can audits, transaction audits, or forensic audits
with the resolution professional (RP) to pre-
despite a fall in their benchmark international rates.
This led to a margin boost. BPCL’s pre-tax profit from
now also approve a resolution plan and
Trump tariffs will not have any impact on from group and cross-border insolvency to distribution separately pare an accurate IM. IBBI also proposed the downstream petroleum business (basically fuel
India’s growth, as it is not a trade-oriented creditor-initiated insolvency resolution process. n A new provision allows the committee of imposing a cap on the number of assign- retailing) surged to ~80.60.47 crore in April-June
economy, and its sovereign ratings outlook The Bill has been referred by the government creditors 30 days to rectify defects in a plan ments that insolvency professionals (IPs) can from ~3,858.90 crore last year. agencieS
will continue to remain positive, S&P Global to a select committee. handle, in a bid to improve efficiency and
Ratings director YeeFarn Phua said on In cases where the admission of an application ensure equitable distribution of work. Cur-
Wednesday. In May last year, S&P had
upgraded the outlook on India’s sovereign
takes longer than 14 days, as required under the
Code, the look-back period for preferential trans-
such cases already pending in the National
Company Law Tribunals (NCLTs),” said Surendra
rently, IPs are restricted to a maximum of 10
assignments as RPs in corporate insolvency ONGC Q1 net slips 10%
rating of ‘BBB-’ to positive, citing robust
economic growth. pti
actions may not be able to capture a significant
portion of transactions that occurred before the fil-
Raj, Partner, Grant Thornton Partner.
Aligning with the recent regulations introduced
resolution processes,ofwhichnotmorethan
threecaninvolve admitted claims exceeding on lower oil prices
ing of an application. by the Insolvency and Bankruptcy Board of India ~1,000 crore each. BS reporter & agencieS State-owned Oil and Natural Gas Corporation (ONGC)
The government was concerned that this could (IBBI) — allowing part resolution of assets — the has reported a 10 per cent decline in its quarter ending
Ravi Narayanan give corporate debtors a perverse incentive to delay Bill has also inserted a similar provision to Section June (Q1) net profit on lower oil prices and stagnant
named SMFG admission of the application for commencement
of the insolvency resolution process to reduce the
5 of the Act. It is to allow “merger, amalgamation,
demerger and sale of one or more assets of the cor-
Soumitra Majumdar, partner, JSA Advocates &
Solicitors, said.
production from its aging fields.
The company reported a net profit of ~8,024 crore
India Credit CEO scope of an avoidable transaction.
“The threshold for the look-back period for pref-
porate debtor.”
An important clarification brought in the Bill
The amendments have provided for a continued
supervisory role of the committee of creditors (CoC)
in the Q1 of 2025-26, compared to ~8,938 crore earning
in the same period last year, a company statement
SMFG India Credit has erential transactions, therefore, has been adjusted relates to the assurance that government conces- even during liquidation. In order to address delays said. The firm realised $67.87 for every barrel of crude
appointed Ravi to more effectively capture a broader range of pre- sions such as licence, permit, registration and on account of inter-creditor disputes, the Bill has oil it pumped out of ground and below seabed from
Narayanan as its chief filing transactions, particularly those undertaken quota, by the Centre, state, local authority or sec- said that the adjudicating authority may, before sale to refiners, who convert it into fuels like petrol
executive officer, in anticipation of the commencement of the insol- toral regulator would continue as part of a resol- rejecting the resolution plan, give notice of an addi- and diesel, as compared to $80.64 per barrel realisation
effective August 28. vency resolution process to exclude assets from the ution process. “Several similar assets are languish- tional 30 days to the CoC to rectify any defects in in April-June 2024.
Having served in senior process,” the Bill stated. ing before the courts, suffering value erosion and the resolution plan. Price of natural gas, which is used to generate elec-
leadership capacities at “The resolution professional and liquidators being prejudicial to all stakeholders. Apart from The proposed amendments enable the adjudi- tricity, produce fertiliser or turned into CNG and piped
Axis Bank and HDFC should do a careful analysis so that genuine busi- enhancing the efficacy of IBC, this should also cating authority to first approve implementation cooking gas, marginally rose to $6.64 per million
Bank respectively, Ravi brings over three ness transactions do not get counted as preferential make these projects bankable by project financiers. of the resolution plan. Then, by a separate order, it British thermal units in Q1 from $6.5 in last year. The
decades of extensive experience in retail and transactions. And, everything is not pushed as avoi- This is indeed a significant step, and in absolute can approve the manner of distribution, thereby firm produced 4.68 million tonnes (mt) of crude oil in
branch distribution. BS reporter dance or fraudulent. There are a huge number of consonance with the stated objectives of the IBC,” segregating the two issues. Q1, almost same as last year’s 4.62 mt. pti

NUS TARIFF IMPACTN

> from page 1 ComMin proposes ~25K cr plans to help exporters

Howrah races against the clock
shREYa nanDi Business Standard. sifying markets and the export be rolled out.
New Delhi, 13 August The schemes, designed under basket to mitigate such risks in The new schemes have been
the Export Promotion Mission, the future. It also seeks to push designed especially for small
The commerce and industry will include World Trade exporters to enhance the “export- exporters, to help them secure
Some of these units export directly, Why the clock is ticking said Agarwal, adding it will decide ministry has firmed up support Organization (WTO)-compliant ability” of Indian products. collateral-free loans, promote
others supply exporters — and right On August 6, the Trump which products remain competitive schemes worth about ~25,000 interventions focusing on trade The development comes alternative financing instru-
now, all are waiting with bated breath. administration had imposed a further and which do not. “What we don’t crore under the Export finance and easing market access against the backdrop of exporters ments through cross-border fac-
25 per cent tariff on Indian exports to want is for our customers to start Promotion Mission for a six-year for exporters. The government seeking government support, as toring, and provide assistance for
Surge before the slump the US as punishment for New Delhi’s looking for alternatives as that would period, amid continuing uncer- believes the mission addresses they will soon face a 50 per cent high-risk markets, among other
On the surface, units tied to US orders purchase of Russian oil. This was put the medium- to long-term viability tainties from higher tariffs challenges that go beyond tariff- tariff on goods shipped to the US. measures. A direct subsidy-
are working at full tilt — the clang of above the 25 per cent reciprocal tariff of the business in doubt.” imposed by the US. and trade-war-related uncer- Sectors such as gems and jewel- based approach is considered
metal ringing out against the lull they announced by the US on August 1 and Sehgal agreed: “About 15–20 per The proposal has been sent tainties. “It goes much beyond lery, textile, and marine products unlikely, as it is difficult to imple-
fear is coming. implemented on August 7. cent higher prices may be accepted in to the finance ministry for tariff. Tomorrow, the situation like shrimp are expected to be ment and raises concerns of
“We are rushing to get products to These tariffs are being levied on top the US. But above 20 per cent is a no- approval. Once it clears the con- may worsen. We are looking at a among the hardest hit. moral hazard. It is also hard to
the US on the vessel before the August of existing World Trade Organization- go. We are building inventory of items tours and allocation, the long-term strategy,” one of the The Export Promotion assess the actual impact on
28 deadline. Workers are putting in compatible duties. we believe cannot be easily schemes will be rolled out after persons mentioned above said. Mission was announced in the exporters and justify the corre-
overtime, and those with long The Russia penalty applies to manufactured in the US.” the Union Cabinet’s nod, two The strategy is not limited to Union Budget with a ~2,250 crore sponding subsidy, apart from the
commutes have been asked to stay shipments arriving after a 21-day people aware of the matter told promotion but also aims at diver- outlay for 2025-26 but has yet to risk of violating WTO norms.
nearby,” said Ravi Sehgal, mentor at window — from August 28 onwards. The ecosystem
Essen International. “But after August Hence the frenzy to get consignments An industry veteran, speaking on
28, we don’t know what will happen.”
Essen International exports cast
iron products such as manhole covers,
on ships before the cut-off.
The castings Howrah specialises in
fall under the classification of iron and
condition of anonymity, said the
timing was especially sensitive given
the upcoming festival season. “If
MSMEs seek urgent liquidity, faster refund
valve boxes, and meter boxes — all for steel products, part of the broader uncertainty persists, the entire haRsh kumaR exporters to either absorb addi- these measures must now be Enterprises (CGTMSE), top-up
the US market. engineering goods category. ecosystem will feel the hit -- from raw New Delhi, 13 August tional costs or lose orders. deployed in targeted, time-bound guarantees and concessional
Dinesh Seksaria, who owns two According to International Trade material suppliers to the rickshaw “Either way, it tightens oper- ways to prevent production stop- interest rates for tariff-hit clusters,
foundry units — Govind Steel and Centre (ITC) data, sourced via trade pullers hauling goods. Owners will Industry associations represent- ating cash flows, lengthens pages and layoffs. with a target disbursement time
Dinesh Brothers — said the number of body EEPC India, India’s exports of bear the brunt because they will have ing micro, small and medium receivable cycles, raises The letter further said of seven days for pre-verified
finishing workers had doubled. “Shift ferrous castings to the US averaged $1.7 to make bonus payments and so on.” enterprises (MSMEs) have working capital needs that the short-term asks firms,” the letter said.
timings have increased and we are now billion between 2022 and 2024. Industry estimates suggest 40,000– written to the Union ministries of for production and include an “emerg- In the near term (1-6 months),
working seven days a week. I have to “Everyone’s shipping whatever 45,000 people are directly and finance and commerce seeking shipping, and ency liquidity corri- the associations have sought fast-
ship everything before the deadline.” they have to the US, any which way,” indirectly employed by Howrah’s urgent intervention to cushion worsens credit dor” on the lines of tracking of Remission of Duties
Exports account for 70 per cent of said EEPC India Chairman Pankaj foundry units. Factoring in ancillaries, exporters from the impact of the access for MSMEs the earlier and Taxes on Export Products
Seksaria’s production; of this, 60 per Chadha. “Even without firm orders, the number rises to 90,000 or more, recent tariff hikes by the United that depend on Emergency Credit (RoDTEP) and goods and services
cent goes to the US. exporters are sending products across. according to Agarwal, who is also States. They warned that this small margins and Line Guarantee tax (GST) refunds for export-
Navneet Agarwal, managing But after August, the trouble will start. president of the Institute of Indian move by the US is already com- quick turnovers,” Scheme (ECLGS), facing MSMEs, aiming for pro-
partner of R B Agarwalla & Company, From October to December, exports Foundrymen. pressing margins and threaten- said Vinod Kumar, routed through the cessing within 7-10 days for certi-
has redeployed resources to prioritise could fall by at least 50 per cent.” Exporters expect the situation ing jobs in key sectors. president at the India Small Industries fied clusters.
the US. “Even if we ship out 10 could take six to nine months to Citing “immediate stress” on SME Forum. Development Bank of India They have also recommended
containers more, our customers can Clouds over the future stabilise — a long time in cash flows in clusters dependent The letter dated August 9, (Sidbi), public sector banks (PSBs) subsidised micro-insurance pre-
save that much on tariff.” For exporters, the short-term future is manufacturing. For now, all eyes are on US buyers — including tex- reviewed by Business Standard and non-banking financial com- miums by Export Credit
About 98 per cent of R B Agarwalla’s entirely uncertain. “We are hoping for on a high-stakes meeting between tiles, engineering goods and notes that while several policy panies (NBFCs). Guarantee Corporation (ECGC) to
output, which includes manhole a trade deal between India and the US. Trump and Vladimir Putin on Friday. gems & jewellery — small and levers already exist — such as the “This would feature pre- help small exporters venture into
covers and allied products, is exported; But the big question is what the final A Russia–Ukraine peace deal, medium enterprise (SME) bodies government’s ~20,000 crore approved Credit Guarantee Fund newer, riskier markets without
nearly 30 per cent is for the US. tariff will be — that is creating anxiety,” exporters say, is their best hope. said the higher duties have forced Export Promotion Mission — Trust for Micro and Small full balance-sheet exposure.
B lucknow | THuRSDAY, 14 AuGuST 2025 5
bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb

CIN: L74899DL1993PLC051841
Regd Office: 352, Aggarwal Plaza, Plot No. 8, Kondli, East Delhi, New Delhi-110096
Corp Office: FC-23, Sector-16A, Film City, Noida (UP)-201301
Tel : 91-120 4602424, E-mail: info@bagnetwork.in
Website: www.bagnetwork24.in
Extract of Unaudited Standalone and Consolidated Financial Results for the Quarter Ended June 30, 2025
(` in Lakhs)
STANDALONE CONSOLIDATED
Quarter Ended Year Ended Quarter Ended Year Ended
PARTICULARS
30.06.2025 31.03.2025 30.06.2024 31.03.2025 30.06.2025 31.03.2025 30.06.2024 31.03.2025
(Unaudited) (Audited) (Unaudited) (Audited) (Unaudited) (Audited) (Unaudited) (Audited)
Total Income from operation (net) 937.01 1,082.06 907.06 3,814.28 3,146.70 4,188.62 2,847.55 13,595.87
Net Profit / (Loss) for the period (before Tax, 92.11 43.09 54.42 154.18 279.10 835.25 188.82 1,224.26
Exceptional and/or Extraordinary items)
Net Profit / (Loss) for the period before tax 92.11 43.09 54.42 154.18 279.10 835.25 188.82 1,224.26
(after Exceptional and/or Extraordinary items)
Net Profit / (Loss) for the period after tax 78.99 31.62 40.37 108.95 224.62 649.67 158.24 999.03
(after Exceptional and/or Extraordinary items)
Total Comprehensive Income for the period 78.99 52.73 40.37 130.06 224.62 632.48 158.24 981.84
[Comprising Profit / (Loss) for the period
(after tax) and Other Comprehensive Income
(after tax)]
Equity Share Capital 3,956.66 3,956.66 3,956.66 3,956.66 3,956.66 3,956.66 3,956.66 3,956.66
Earnings Per Share (of Rs. 2/- each)
(for continuing and discontinued operations) -
Basic: 0.04 0.03 0.02 0.07 0.11 0.33 0.08 0.50
Diluted: 0.04 0.03 0.02 0.07 0.09 0.27 0.07 0.41
NOTES:
1. The above Unaudited Standalone and Consolidated Financial Results for the quarter ended June 30, 2025 have been reviewed by the Audit Committee. These
results have been approved by the Board of Directors at their meeting held on August 12, 2025.
2. The above is an extract of the detailed format of Unaudited Standalone and Consolidated Financial Results for the quarter ended on June 30, 2025 filed with the
Stock Exchanges under Regulation 33 of the SEBI (Listing and Other Disclosure Requirements) Regulations, 2015. The full format of the Unaudited Standalone
and Consolidated Financial Results for the quarter ended June 30, 2025 are available on the Stock Exchange websites www.nseindia.com and
www.bseindia.com and also on the Comapny's website www.bagnetwork24.in. The same can be accessed by scanning the QR Code provided below:
3. Previous quarter/ year's figures have been regrouped / reclassified , wherever considered necessary.

For B.A.G. Films and Media Limited

Sd/-
Anuradha Prasad Shukla
Place: Noida Chairperson and Managing Director
Date : August 12, 2025 DIN: 00010716

MAHINDRA RURAL HOUSING FINANCE LIMITED

2nd oor, Piramal Amiti Building, Agastya Corporate Park, Lal Bahadur Shastri Marg, Kurla West, Mumbai - 400 070.

INVITATION OF BIDS FOR TRANSFER OF STRESSED LOANS

UNDER SWISS CHALLENGE PROCESS
Mahindra Rural Housing Finance Limited (“MRHFL”/ “Company”) invites bids from eligible buyers, for transfer of
pool of stressed home loans on“As is where is”,“As is what is”,“whatever there is”and“without recourse to MRHFL”
basis, in terms of the RBI’s Master Direction on Transfer of Loan Exposures, dated December 28, 2023 (Ref. no.
RBI/DOR/2021-22/86/ DOR.STR.REC.51/21.04.048/2021-22), as amended from time to time.
The transfer of loans is being conducted under Swiss Challenge process, based on an existing bid in hand (i.e., Base
Bid) received from an Asset Reconstruction Company (ARC), herein referred as Base Bidder. Snapshot of the pool
for transfer, with position as of 30 June, 2025 is given below:
(Amount in ` crores)
Principal DPD of pool Reserve
Type of loans Security
Outstanding (POS)* (in months) Price
Stressed home loans ` 328.48 crores Average weighted Loans are secured by ` 145.20
spread over 517 rural (all contracts shall be DPD of contracts in residential properties crores
branches in 15 states. sold as single lot) the pool is about primarily in rural
Pool comprises of 31,760 35 months areas
contracts with average
ticket size of ~ ` 1.03 lakh

*-The count & POS number of contracts may change due to closure / exclusion of some accounts in the interim period.
• Cutoff date for the transfer: 30th June 2025
The counter bid from interested bidders must be equal or above the Reserve Price of ` 145.20 crores. The Reserve
Price has been xed after applying the mark-up of 10% over & above the Base Bid of ` 132.00 crores.
The Base bidder ARC will issue Security Receipts (SRs) aggregating ` 132.00 crores against the loans acquired by it.
Base bidder ARC’s minimum investment in SRs will be 22% and seller’s investment will be 78% of total SRs.Winning
bidder’s investment in SRs should be at or above the same ratio of 22% of its total SR issuance.
The prospective buyers should have prior experience of acquisition and resolution of stressed loans under retail
segments with portfolio size of minimum ` 100 crores of principal dues, spread over more than two states.
Note - The Base Bidder will have the right of rst refusal (ROFR) to match or outbid the highest counter bid and being
declared the winning bidder, under the Swiss Challenge auction process.
Interested Parties who would like to participate in the Swiss Challenge process are requested to intimate their
willingness by submitting, their Expression of Interest (EOI) by email at the address given in contact details below.
The EOI has to be accompanied with the interest free refundable Earnest Money Deposit (EMD) of ` 1.45 crores (i.e.,
~1% of the Reserve Price) by way of a demand draft favouring “Mahindra Rural Housing Finance Limited” or
electronic fund transfer in account no. 57500000475289, Bene ciary name- “Mahindra Rural Housing Finance
Limited”, IFSC code - HDFC0000257. The EOI and EMD should reach MRHFL official latest by 5:00 pm, August 19,
2025.
On receipt of the EOI and EMD amount, the interested parties will be provided the copy of the Bid document.
Further, on execution of Non-Disclosure Agreement (NDA), if not already executed, the parties shall be given the
access to Data Room for completing their due diligence. The transfer of loans will be conducted as per the terms
and conditions set out in the Bid Document and subsequent communications.
In the event, no EOI and requisite EMD is received by the given time, the transfer process shall be concluded with
the Base bidder, subject to internal approvals. Further, MRHFL reserves the sole right to not consider a bid or cancel
or defer the transfer or auction process at any stage, without assigning any reason or notice to any party. MRHFL
shall not be liable for any costs or expenses incurred by any party in connection with this invitation.
In case of a query with respect to the above transfer process, following officials may be contacted:

Sr. No. Name Contact Details

1. Hemant Agrawal +91 90290 00488, hemant.agrawal@mahindra nance.com
2. Anilkumar Nambiar +91 98250 06028, anilkumar.nambiar@mahindrahome nance.com
Sd/-
Date: August 14, 2025 Authorised Oﬃcer
Place: Mumbai Mahindra Rural Housing Finance Limited
6 ECONOMY & PUBLIC AFFAIRS LUCKNOW | THURSDAY, 14 AUGUST 2025 B

RBI’s AI panel calls for balancing DATANOMICS

innovation with risk mitigation Killings of journalists

surge in recent years
suBrATA pAnDA
Mumbai, 13 August
Artificial Intelligence plan tee urged all regulated entities to formulate
a board-approved AI policy, expand prod-
n Panel outlines seven “sutras” or core principles uct approval processes, update consumer
The Reserve Bank of India’s (RBI’s) Com- to guide AI adoption in the financial sector protection frameworks and audits to
mittee on the Framework for Responsible n AI has the potential to unlock new forms include AI-related aspects, and strengthen
and Ethical Enablement of Artificial Intelli- of customer engagement, improve risk cybersecurity practices and incident repor-
gence (FREE-AI) in the financial sector has monitoring and fraud detection ting frameworks.
recommended an approach that treats the It also recommended establishing
objectives of fostering innovation and miti- n Increased AI adoption could lead to new risks robust governance frameworks across the
gating risks as complementary forces to be such as bias and lack of explainability AI lifecycle, and ensuring consumers are
pursued in tandem. n Shared infrastructure mooted in order to informed when they are interacting with AI.
The FREE-AI committee was consti- democratise access to data, along with an AI “For an emerging economy like India, AI
tuted by the RBI to encourage the respon- innovation sandbox, and the development of presents new ways to address developmen-
sible and ethical adoption of AI in the indigenous, financial sector-specific AI models tal challenges. Multi-modal, multi-lingual
financial sector. AI can enable the delivery of financial ser-
The committee outlined seven “sutras” vices to millions who have been excluded,”
— core principles to guide AI adoption in as bias and lack of explainability, while financial sector-specific AI models. the FREE-AI committee said, adding that
the financial sector: trust is the foundation; amplifying existing challenges related to Thecommitteealsocalledfortheformu- when used responsibly, AI offers tremen-
people first; innovation over restraint; fair- data protection, cybersecurity, and more. lation of an AI policy to provide regulatory dous benefits.
ness and equity; accountability; under- According to the committee, the twin guidance, as well as institutional capacity At the same time, it warned that without
standable by design; and safety, resilience, objectives of innovation and risk mitigation building at all levels, including boards, the guardrails, AI could exacerbate existing Demonstrations in Gaza on Sunday after Al Jazeera correspondents
and sustainability. can be achieved through a unified vision workforce of regulated entities, and other risks and create new forms of harm. were killed in an Israeli airstrike photo: reuters
It observed that AI has the potential to built on six strategic pillars: Infrastructure, stakeholders. “The challenge with regulating AI lies in
unlocknewformsofcustomerengagement, Policy, Capacity, Governance, Protection, It recommended sharing best practices striking the right balance, making sure Recent killings of journalists in Israel have shifted the focus on targeted
enable alternative approaches to credit and Assurance. These address both innova- and lessons across the financial sector, and society benefits from what this technology attacks on media personnel around the globe. During 2015-25 (latest
assessment, improve risk monitoring and tion enablement and risk mitigation. taking a more tolerant approach to com- has to offer while mitigating its risks. Juris- figures), 846 journalists and media workers have been killed worldwide,
fraud detection, and offer new supervisory Its recommendations include establish- pliance with regulations for low-risk AI sol- dictions have adopted different approaches according to the Committee to Protect Journalists (CPJ). shiKhA ChAturvedi
tools. ing a shared infrastructure to democratise utions to promote inclusion and other to AI policy and regulation based on their
However, it cautioned that increased AI access to data, creating an AI innovation priorities. national priorities and institutional read-
adoption could also lead to new risks such sandbox, and developing indigenous, TomitigateAI-relatedrisks,thecommit- iness,” the panel concluded. Journalist and media
workers killed across
the world

~ sees highest single-day ICICI revises minimum balance

Killings of journalists have spiked in
recent years. In 2023, 91 journalists
and 12 media workers were killed.

gain in over a month requirement for new savings a/cs The toll rose to 114 for journalists
and 10 for media workers in 2024.
56 journalists and 1 media worker
suBrATA pAnDA Earlier, MAB for new savings accounts in metro have been killed in 2025* so far.
AnJALi kumAri oilprices,andfallinthedomesticCon- Mumbai, 13 August and urban areas was ~10,000, ~5,000 in semi- *2025 data till August 10
Mumbai, 13 August sumer Price Index (CPI),” said Dilip urban branches, and ~2,500 in rural branches. Source: Committee to
Parmar,seniorresearchanalyst,HDFC ICICI Bank has reversed its decision to raise the Reserve Bank of India Governor Sanjay Mal- Protect Journalism
Rupee on Wednesday witnessed its Securities. minimum monthly average balance (MAB) for hotra,earlierthisweek,clarifiedthattheregula-
highest single-day gain in more than a Thedollarindexfellby0.28percent new savings accounts in metro and urban loca- torhasleftittoindividualbankstodecideonthe Top ten countries in terms of killing
month since July 3, as the dollar after the release of the US CPI data. It
weakened on chances of a rate cut in was trading below 98 at 97.83 on Wed-
tions to ~50,000, revising it instead to ~15,000,
effective August 1. The MAB for new savings
extent of MAB. Other large private-sector
lenders such as HDFC Bank, Axis Bank, Kotak of journalists during 2015-25 (latest)
September by the US Federal Reserve, nesday. Dollar index measures the accounts in semi-urban locations has been Mahindra Bank, IndusInd Bank, Yes Bank, and The Palestine region recorded assassination of 190 journalists from
said dealers. strength of the greenback revised from ~25,000 to ~7,500, and for rural others have a lower MAB requirement of 2015 to 2025 (latest) — 186 of them in 2023, 2024, and 2025.
The local currency against a basket of six locations from ~10,000 to ~2,500. ~10,000inmetroandurbancentres.Incontrast,
appreciatedby0.46per Gaining ground major currencies. The “We had introduced new requirements for state-ownedlenderssuchasStateBankofIndia, Palestine region 190
cent to settle at 87.44 Rupee spot headline inflation in the the MAB for new savings accounts opened from BankofBaroda,UnionBankofIndia,andothers Mexico 86
per dollar, against the (~ vs $ in inverted scale) US remained steady at 2.7 August 1, 2025. Following valuable feedback haverecentlywaivedtheminimumaccountbal- Syria 71 Note: 2025
previous close of 87.71 per cent, in line with from our customers, we have revised these ance requirement for customer convenience. figures
Afghanistan 46 include
per dollar. expectations, easing con- requirementstobetterreflecttheirexpectations Meanwhile, HDFC Bank, the country’s lar-
Iraq 36 killing of five
“The Indian rupee cerns over tariff-driven and preferences,” the bank said. gest private-sector lender, clarified that there journalists in
experienced its biggest inflation. MAB is the simple average of day-end bal- has been no change in its average monthly bal- Philippines 35 Palestine
one-day appreciation According to the CME ancesforacalendarmonth.Thebankfacedcriti- ance (AMB) requirement for any account type. India 33 Source:
sinceJuly3,drivenbya Fedwatch tool, 98.1 per cism from customers after raising the MAB for AMB for the regular savings account continues Committee
Yemen 29 to Protect
declineintheUSdollar. cent of investors expect a new savings accounts. Even after the revision, to be ~10,000, and AMB for the savings max Journalism
The dollar weakened 25 basis points rate cut by the MAB is higher than the previous structure. account remains at ~25,000, the bank said. Pakistan 24
amid expectations of a Source: Bloomberg the US rate-setting panel Somalia 24
Septemberinterestrate in September.
cutfromtheFederalReserve,following “Thereisnowchanceofaratecutin
a decline in US inflation. Further bol- the US, which means the dollar might

SBI to raise up to ~15,000 crore via Tier-II bonds in FY26

stering the rupee's performance were weakenfurther,”saidthetreasuryhead
several domestic and regional factors, at a private bank. “The rupee will trade
including gains in Indian equities and between 87.20 per dollar and 87.80 per
other Asian currencies, a fall in crude dollar in the near term,” he added.
The trajectory ABhiJiT LeLe
Mumbai, 13 August
Tier-I (AT1) is about ~5,000 crore
and Tier-II is about ~15,000 crore.
Institutional Placement (QIP).
Its capital adequacy ratio (CAR)
total CAR. The Tier-II instruments
issued under Basel-III norms can
Debt capital raised by SBI (in ~ cr)
Bond mkt cautious ahead of weekly auction n AT1 n Tier-II State Bank of India, the country’s
The timing, and coupon rate
would be subject to market condi-
stoodat14.63percentwithcommon
equity Tier-I of 11.1 per cent, addi-
be written down at the point of
non-viability (PONV). According
Government bonds gave up almost all shortcovering,saiddealers.Itsettledat 15,000 largest lender, plans to enter the tions, the executive added. Tier-II tional Tier-I of 1.35 per cent, and to rating agency CRISIL Ratings,
4,000 10,000
the gains by the end of the trade on 6.48percent,againstthepreviousclose debt capital market this ﬁnancial bonds worth ~6,000 crore are Tier-IIat2.18percentatendofJune. thePONVtriggerisaremotepossi-
Wednesdayduetocautionaheadofthe of 6.49 per cent. “There was short yearbyissuingTier-IIbondsraising maturing in FY26. With the recent equity capital raise bility in the Indian context. A
weekly auction on Thursday. The auc- covering by primary dealers and state- up to ~15,000 crore to replace SBI’s Tier-II capital stood at of ~25,000 crore from institutional robust regulatory and supervisory
tionofgovernmentbondsisscheduled owned banks in the morning,” said a maturingpaperandfreshissuance. ~78,092 crore at the end of March investors,thecapitaladequacyratio framework and the systemic
for on Thursday, since markets are dealer at a primary dealership. “Later, 15,133 8,101 5,000 A senior SBI executive said the this year, according to the red her- will increase to 15.33 per cent. importance of the banking sector
closed on Friday. in the day there was sell-off due to FY23 FY24 FY25 bank has approval from the board ring prospectus for raising equity The capital requirements are expected to ensure adequate
Theyieldonthe10-yearbenchmark speculation that RBI has been enquir- TOTAL of directors to raise up to ~20,000 capital from institutional investors under Basel-III guidelines for andtimelyinterventionbytheRBI
government bond softened by 3 basis ing about Thursday auction which led 19,133 18,101 20,000 crore through debt capital in 2025- inJuly.SBIhasraised~25,000crore banks in India indicate a mini- to avoid a situation wherein a bank
points during the day on the back of to caution,” he added. AnjAli KumAri Source: SBI annual report 2026 (FY26). Out of this, additional of equity capital through Qualiﬁed mum Tier-II level of 2.0 per cent in becomes non-viable.

> frOm pAge 1

Revised co-lending
norms to boost Brics diplomacy gathers pace, busy weeks ahead
NBFC growth: Crisil Government sources in New
Delhi said Wang’s trip, possibly
New Delhi and Beijing are
also exploring an early
penalty imposed on India for
purchasing Russian crude.
Since the White House
announced its tariffs and
Last week, Doval was in
Moscow for talks with Russian
with Putin. Jaishankar is also
expected to call on the Russian
AnuprekshA JAin their books, compared with a as early as August 18, had been resumption of flights between According to sources, officials imposed one of the steepest Security Council Secretary president during his Moscow
Mumbai, 13 August minimum 20 per cent expo- in the works. Alongside efforts the two countries. In a further said India’s engagement with rates (25 per cent) on India, Sergey Shoigu and a meeting visit next week.
sure requirement for NBFCs to advance de-escalation sign of easing tensions, China the US remains strong in most besides the added 25 per cent
The revised co-lending guide- currently, which should par- between the two militaries, the has also reportedly relaxed areas except trade, where a levy for New Delhi’s purchase
lines of the Reserve Bank of ticularly benefit mid-and- meeting could pave the way for restrictions on urea shipments communication deadlock of Russian crude, Brics leaders
India (RBI) are expected to smaller NBFCs that face a bilateral between Prime Min- to India. exists at the highest levels of have intensified their engage-
N BS SUDOKU #4659N
increase growth opportunities higher funding constraints,” ister Narendra Modi and Chi- The Jaishankar-Lavrov both governments. ment. On August 7, Modi and
for non-banking finance com- she added. nese President Xi Jinping on meeting would also help India That could change in late Brazilian president Luiz Inácio
panies,ratingagencyCrisilsaid. The co-lending assets the sidelines of the Shanghai understand Moscow’s assess- September. Modi may travel to Lula da Silva spoke by phone
It also said that the new under management of NBFCs Cooperation Organisation ment of the Trump-Putin’s the US for the UN General about bilateral trade; Lula has
norms will expand regulatory have seen healthy traction (SCO) Summit in Tianjin from summit in Alaska on Friday. It Assembly in New York, with a also spoken to Xi. A day after
oversight of the segment by over the past few years and are August 31 to September 1. It is likely that Modi could meet possible meeting with Trump. Trump’s penalty announce-
extending the arrangements estimated to have crossed ~1.1 would be Modi’s first visit to Putin in Tianjin as the Russian The prime minister’s schedule ment, Putin and Modi held a
to all regulated entities and to trillion as of March 31, 2025, China in seven years. president is also slated to is not yet finalised, but India’s call in which they pledged to
all forms of loans, “Therevised said the ratings agency. The Wang and Doval are the attend the SCO Summit. “head of government” appears deepen ties and discussed the
directions will increase growth revised guidelines introduce designated special represen- Members of the parliamen- in a provisional list of speakers Ukraine conflict. Modi has also
opportunities for NBFCs over animportantchangebyallow- tatives for boundary talks. tary panel on external affairs for the general debate on Sep- spoken to Ukraine’s president,
the long term because their ing originating REs to provide Doval visited China in were told on Monday that the tember26.ModiandTrumplast Volodymyr Zelenskyy, who
applicability extends to such Direct Lending Guarantees December last year for dis- Trump–Putin meeting on the metinFebruaryinWashington. urged India to limit Russian oil
arrangements between all REs (DLG) of up to 5 per cent of cussions with Wang, following Ukraine conflict could help They couldn’t meet at the G7 imports and has said he hopes
and all forms of loans, whether loans across all forms of lend- a thaw agreed by Modi and Xi persuade the White House to summit in Canada on June 16- to meet Modi at the UNGA in
securedorunsecured,”Malvika ing, as opposed to the current in Kazan on October 24, 2024. lift the additional 25 per cent 17 but spoke over phone. September.
Bhotika,director,CrisilRatings. restriction to digital lending.
“Further, the directions This move is expected to
requireeach regulatedentities
(RE) to retain a minimum 10
enhance risk and reward shar-
ing among co-lending
Bessent warns of higher Expect an Income Tax refund
per cent share of the loans in partners. secondary tariff on India rush before new law dawns
“I do believe that the current Trump-Putin meeting in “While there may be some largely attributed to the
situation will ease out in a Alaska is likely to influence impact on cash flows for the extended deadline [of Sep- SOLUTION TO #4658
India hits 100 Gw solar PV quarter or two. I don’t think developments. revenue, it will be sustainable tember 15] for income tax Medium:
that from a long-term pic- The CEA also empha- against the tax collection return filing and therefore, HHH
module manufacturing capacity ture the India impact will be sised that the focus on tariff trends,” Thinga further said. expected to correct in the Solution
India’s empaneled solar photovoltaic (PV) module manufactur- that significant, but in the disputes should not over- “In the present fiscal year next month,” he noted. tomorrow
ing capacity under the approved list of models and manufac- short run there will be some shadow more pressing so far, the net direct tax col- Moreover, all refunds will
turers (ALMM) for solar PV modules has hit 100 gigawatt (Gw), impact,” Nageswaran was issues, including the impact lections have registered a be due for payment even
theministryofnewandrenewableenergy(MNRE)saidonWed- quoted by PTI as saying. of artificial intelligence, decline of 3.95 per cent, which where the tax department has HOW TO PLAY
nesday. The 100 GW solar module capacity developed is fully With speculation over dependence on a single is a result of a modest dip in gone in for further appeal Fill in the grid so
under the government's Approved List of Models and Manufac- whether US officials will country for critical minerals collections and the increase unless the refund is adjusted that every row, every
turers(ALMM),alistmaintainedbytheMNRE,specifyingwhich visit India for trade talks and processing, and the of about 10 per cent in against outstanding demands column and every
solar PV modules and their manufacturers are eligible for use in later this month, Nageswa- imperative to strengthen refunds to taxpayers. How- of the taxpayer for other 3x3 box contains
governmentandgovernment-assistedsolarprojects. bs reporter ran said the outcome of the supply chains. ever, the dip in collections is years, Thinga pointed out. the digits 1 to 9
B LUCKNOW | THURSDAY, 14 AUGUST 2025 7
bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb
NIRLON LIMITED
(CIN:- L17120MH1958PLC011045)
Registered Ofice: Pahadi Village, off the Western Express Highway, Goregaon (E), Mumbai 400 063.
Tele No.: + 91 (022) 4028 1919 / 2685 2257 / 58 / 59 Fax No.: + 91 (022) 4028 1940
Email: info@nirlonltd.com, Website: www.nirlonltd.com

NOTICE
NOTICE is hereby given pursuant to Section 91 of the Companies Act, 2013 and in
accordance with the Listing Agreement that the Register of Members of the Company will
be closed from Friday, September 12, 2025 to Thursday, September 25, 2025 (both
days inclusive) for the purpose of the 66th Annual General Meeting of the Company.
Subject to Members’ approval , at their 66th Annual General Meeting to be held on
Thursday, September 25, 2025 at 12.00 noon (IST) through Video Conferencing (VC)
/ Other Audio Visual Means (OAVM), a inal dividend of Rs.11.00 (@ 110% on the face
value of equity share Rs.10/- each) per equity share for the F.Y. 2024-25, subject to
applicable tax deduction at source shall become payable to Members as follows:
a. Dividend, in respect of equity shares held in Dematerialised /Electronic Form will
be payable to the beneicial owners of shares as on Thursday, September 11, 2025
(Record Date) as per downloads furnished to the Company by Depositories for this
purpose.
b. In case of shares held in Physical Form, the dividend will be paid to Members
whose names shall appear on the Register of Members as on Thursday,
September 11, 2025 (Record Date).
Please Note:
1. The Company has appointed MUFG Intime India Pvt. Ltd. (“MUFGIIPL”) to provide
Video Conferencing facility thru their “InstaMeet” for Members to attend the 66th
AGM. Please open the internet browser and launch the URL: “https://instameet.
in.mpms.mufg.com”
2. The Company has also appointed MUFGIIPL to provide e-voting facility and voting
at 66th AGM to Members to cast their votes electronically for the purpose of 66th AGM.
3. In case Members have any queries regarding login/ e-voting, they may send an email
to https://instameet.in.mpms.mufg.com / enotices@in.mpms.mufg.com, and/ or
contact Tele: +091 (022) 49186175/49186000.
4. Members of the Company holding shares either in Physical Form or Dematerialized
Form as on the cut-off date i.e. Thursday, September 18, 2025, may cast
their vote by remote e-Voting. The remote e-Voting period commences on
Saturday, September 20, 2025 at 9:00 a.m. (IST) and ends on Wednesday,
September 24, 2025 at 5:00 p.m. (IST). The remote e-Voting module shall be
disabled by MUFGIIPL for voting thereafter.
5. Members are requested to complete and/or update their Residential Status,
Permanent Account Number (“PAN”), Category as per the IT Act with their
Depository Participants (“DPs”), or in case shares are held in Physical Form, with
the Company by sending documents on link of MUFG Intime India Private Limited at
“https://web.in.mpms.mufg.com/formsreg/submission-of-form-15g-15h.html”
on or before 5.00 p.m. (IST), Thursday, September 11, 2025.
6. No communication on the tax determination/ deduction shall be considered after the
Record date for the dividend, i.e. Thursday, September 11, 2025.
7. Registration of e-mail id for Members holding shares in Physical Form and who
have not registered their e-mail addresses may get their e-mail addresses registered
with MUFG Intime India Pvt. Ltd., by clicking the link: https://web.in.mpms.mufg.
com/EmailReg/Email_Register.html in their web site www.in.mpms.mufg.com
by providing details such as Name, Folio Number, Certiicate number, PAN, mobile
number and e mail id and also upload the image of share certiicate in PDF or JPEG
format (upto 1 MB).
8. Members are requested to furnish their Bank Account details, change of address
etc. if any, by sending the required applicable Form as prescribed by the SEBI i.e.
ISR 4 etc. to the Share Transfer Agent of the Company, i.e. MUFG Intime India Pvt.
Ltd., C-101, Embassy 247, LBS Marg, Vikhroli (West), Mumbai 400 083, in respect
of shares held in Physical Form, and in case the shares are held in Electronic Form,
then the said details should be furnished to their respective Depository Participants.
By Order of the Board of Directors
For Nirlon Limited
Sd/-
Jasmin K. Bhavsar
Company Secretary & V.P.(Legal) & Compliance Oicer
FCS 4178
Mumbai, August 13, 2025

Rameshwar Media

Corporate Identity Number: U65990MH1991PLC060670

Registered Oice: 11 Floor, Tower A, Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai - 400013
th

Tel.: 022 6606 9000

Website: www.tatacapital.com Email: investors@tatacapital.com
Extract of Financial Results for the quarter ended June 30, 2025
(Rs. in crore)
Standalone Consolidated

Quarter ended Year ended Quarter ended Year ended

Sr. Particulars
No. June June March June June March
30, 2025 30, 2024 31, 2025 30, 2025 30, 2024 31, 2025

(Audited) (Audited) (Audited) (Audited) (Audited) (Audited)

1 Total Income from operations 5,600.26 5,435.37 21,940.08 7,691.65 6,557.40 28,369.87
2 Net profit/(loss) for the period
(before tax, exceptional items) 762.84 604.22 3,375.38 1,382.19 641.63 4,918.56
3 Net profit/(loss) for the period before tax
(after exceptional items) 762.84 604.22 3,375.38 1,382.19 641.63 4,918.56
4 Net profit/(loss) for the period after tax
(after exceptional items)
Attributable to owners of the Company 568.08 513.68 2,594.28 989.89 461.66 3,664.66
5 Total Comprehensive income for the period
[comprising profit/(loss) for the period
(after tax) and other comprehensive income
(after tax)]
Attributable to owners of the Company 586.50 554.06 2,406.82 1,004.16 527.46 3,509.87
6 Paid up Equity Share Capital
(Face value : Rs. 10 per share) 3,983.79 3,746.41 3,799.93 3,951.36 3,703.63 3,762.44
7 Shares pending for issuance - 4,162.76 4,162.76 - 4,162.76 4,162.76
8 Instruments entirely equity in nature 1,203.00 1,808.00 1,808.00 1,203.00 1,808.00 1,808.00
9 Reserves (excluding Revaluation Reserve) 22,875.68 15,212.48 18,328.15 28,434.45 19,198.15 23,458.61
10 Securities Premium Account 9,107.47 3,685.33 5,128.58 9,061.37 3,638.44 5,074.29
11 Net worth 27,539.46 25,133.87 27,734.65 32,761.73 28,839.00 32,587.82
12 Paid up Debt Capital / Outstanding Debt 1,45,796.00 1,31,135.05 1,47,120.90 2,11,737.33 1,82,477.78 2,08,225.51
13 Outstanding Redeemable Preference Shares 262.09 810.03 330.52 262.09 810.03 330.52
14 Debt Equity Ratio 5.29 5.22 5.30 6.46 6.33 6.39
15 Earnings Per Share (of Rs. 10/- each)
(for continuing and discontinued operations)
- Basic *1.43 *1.31 6.60 *2.48 *1.17 9.32
- Diluted *1.43 *1.31 6.60 *2.48 *1.17 9.32
16 Capital Redemption Reserve 5.75 5.75 5.75 5.75 5.75 5.75
17 Debenture Redemption Reserve N.A. N.A. N.A. N.A. N.A. N.A.
18 Debt Service Coverage Ratio N.A. N.A. N.A. N.A. N.A. N.A.
19 Interest Service Coverage Ratio N.A. N.A. N.A. N.A. N.A. N.A.

(* Not annualised)
Notes: -
1 The above is an extract of the detailed format of quarterly / annual financial results filed with the Stock Exchange under
Regulation 52 of the Securities and Exchange Board of India ("SEBI") (Listing Obligations and Disclosure Requirements)
Regulations, 2015. The full format of quarterly / annual financial results are available on the website of BSE Limited
(www.bseindia.com), National Stock Exchange of India Limited (www.nseindia.com) and website of the Company
(https://www.tatacapital.com/about-us/investor-information-and-financials.html).

2 For the other items referred in Regulation 52(4) of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, the pertinent disclosures have been made to the stock exchanges and can be accessed on the
website of BSE Limited (www.bseindia.com), National Stock Exchange of India Limited (www.nseindia.com) and can be
assessed on https://www.tatacapital.com/about-us/investor-information-and-ﬁnancials.html.
For Tata Capital Limited
Sd/-
Rajiv Sabharwal
Place: Singapore Managing Director & CEO
Date: August 13, 2025 DIN: 00057333
8 companies
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LUCKNOW | THURSDAY, 14 AUGUST 2025 B

Goal should be to get 20 mn Paytm’s PA nod may increase

The Reserve Bank of India’s in-principle

increased competition in the digital pay-
ments ecosystem.
“With an established presence in off-
Amid a sustained domestic travel boom,
TourismMinisterGajendraSinghShekha-
wat on Wednesday stressed the impor-
back tourism: IndiGo chief approvalforPaytmPaymentsServicestooper-
ate as an online payment aggregator (PA)
paves the way for the firm to onboard more
line merchant acquiring, this develop-
ment could support their broader
acquiring operations and contribute to
tance of remaining focused on getting Deepak patel merchants,whichmayalsointensifycompeti- increased competition in India’s digital
more foreign tourists to India, which can New Delhi, 13 August tioninthedigitalpaymentsecosystem. payments market. Their approach to
be done by developing new arenas of This comes at a time when it competes expandingintothecross-borderpayments
experiential tourism and working on the India should reform its visa process and with a market of 55 fully licensed rivals space, which offers higher revenue poten-
human capital available in the country. make travel easier for foreign visitors to although the payments market is still ripe tial, will be one to watch,” said Ranadurjay
Shekhawat, who was speaking at the boost inbound tourism, as it currently for growth. The lifting of merchant Talukdar, partner and payments sector
two-day national conclave organised by attracts only a “handful” of overseas onboarding restrictions comes more than The RBI nod came over two years after leader, EY India.
the Federation of Associations of Indian travellers compared with neighbours like two years after they were imposed on the it had imposed curbs on the firm In its first quarter 2025-26 earnings call,
Tourism and Hospitality (FAITH) in New Thailand, IndiGo CEO Pieter Elbers said company in November 2022. The only Paytm founder Vijay Shekhar Sharma had
Delhi, added that India’s goal should be to on Wednesday. businessrestrictionthatremainsnowison after restrictions were placed on different saidheexpectedanother4-5timesgrowthleft
achieve 20 million foreign tourist arrivals “We have 44 UNESCO heritage sites in itsassociateentity,PaytmPaymentsBank. businesses. While it is difficult to take inthecountryintermsofdigitalpayments.
(FTAs) in the country. India. Thailand has eight. We have moun- In the past two years, multiple fintech onboard new large merchants currently “Lately, we augmented our manage-
“There is an urgent need to think about tains, the seas, the backwaters. We have companies have been recognised as an due to the size of its competitors, the com- ment team on online merchants because
taking FTAs to the 20 million milestone culture, festivals, music, food, everything. IndiGo CEO Pieter Elbers said ease of onlinepaymentaggregator,eachvyingfor panymaystillbeabletoscoopsomeoutfor wealreadyhavehadthemonboardedfora
and that is not just the work of the govern- And yet, it (India) attracts a handful of for- travel is another issue that has to be new merchants. itself,” a top executive at a large payments long time. And by focusing on more far-
ment. Members of the hospitality sector, eigners. So, I would say that the opportun- resolved to increase inbound tourism “Paytmalreadyhadacertainnumberof company said, requesting anonymity. ming (them), we hope to get even more
too, are working towards achieving this ity is out there,” he said at a tourism merchantsthatitcontinuedtoserviceeven Experts added that the RBI’s in-prin- growth,” he had said.
goal,” Shekhawat said. conclave organised by Federation Of I would say, is the visa structure,” he
“Wehavealsodevelopedanactionplan Associations in Indian Tourism & Hospi- added. bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb
to align different line ministries over the tality (FAITH). He mentioned that even though the
nextoneyearandtakeawhole-of-the-gov- India welcomed about 9.95 million for- visa processing fee in India is low, even the

Infy to buy 75% in Telstra arm for ~1.3K cr

ernmentapproachtoensureweareamong eign tourists in 2024, up from 9.52 million cheapest visa has $10 fees.
thetop10positionsintheWorldEconomic in 2023 but still below the 10.93 million “It is not the issue of money but the
Forum’sTravelandTourismDevelopment recorded in 2019. Thailand, by contrast, inconvenience. You need to go to the site,
Index (TTDI). Work on this is going on in a attracted around 35.55 million visitors last then upload the pictures, then you need to
mission mode to ensure we are able to suc- year, a 26.3 per cent rise from 2023. do the payment, and then payment does- shivaNi shiNDe stra group — that delivers officer (CEO), Infosys, said: large blue-chip organisations
ceedonthisfrontinthecomingfiveyears,” When asked what could be done to n'twork.Thatisnotaverysmoothprocess, Mumbai, 13 August cloud and digital transforma- “We are excited to bring Info- with established presence in
he added. boost inbound tourism in India, Elbers to say the least,” Elbers noted. tion. Infosys is investing Aus- sys Topaz to enable trans- government & education,
Overthethreeyears,Indiamovedupto replied, “The opportunity of inbound “You see foreigners coming to a hotel - Information technology (IT) tralian dollar 233.25 million formative AI-first capabilities financial institutions, energy,
the 39th position in 2024 from 54th posi- tourism is enormous. But you need to get - how many copies of the passport they services major Infosys on Wed- (around ~1,300 crore) in the JV. to complement Versent and the utilities sector.
tion on the World Economic Forum’s certain things in place. I heard the dis- need to make? They have the visa already. nesday announced the forma- The IT services major will group’scloud-firstdigitalfoun- In 2024, Infosys had
TTDI. cussion here about trade conferences. Why do you need to take ten copies of their tion of a joint venture (JV) with have operational control while dation. Expanding our trusted announced a strategic multi-
“Only infrastructure growth cannot Trade conferences come if other stuff is passports? They have their visa,” he stated Telstra, Australia’s leading Telstrawillcontinuetoretainthe collaboration with Telstra, year collaboration with the
helpusachievethisgoal.Thereisaneedto properly in order. Otherwise, it is throwing IndiGo CEO said the second issue that telecommunications and tech- remaining 25 per cent minority with whom we share a valued firm to accelerate its software
workoncreatingnewexperienceofferings, good money after not very effective has to be resolved to boost inbound tour- nology company. This will stakeintheVersentgroup. relationship, unveils a new engineering and IT trans-
increase branded room inventory, amp up elements.” ism is the “ease of travel and ease of going allow Infosys to accelerate The formation of the JV will opportunity to further acceler- formation journey, and
basic amenities, and develop the indus- “Citizens from about 70 countries in around” in the country. artificial intelligence (AI)- accelerate Infosys’ strategy to ate the innovation agenda for enhance customer experience.
try’s human resource,” he further said. the world can travel to China without a “I live here so I know my way around. enabled cloud and digital sol- help clients navigate their AI enterprises across the region.” Further, in 2025, Infosys
India saw nearly 10 million FTAs in visa. People from about 90 countries in the But, every now and then, I see some clue- utions for Australian journey, and this collaboration With a team of 650 engin- announced a collaboration
2024. According to the Ministry of Tour- world can travel to Thailand without a less foreigner standing on the street corner businesses. will propel AI-enabled cloud eers, advisors, and strategists with Telstra International to
ism, FTAs stood at 2.6 million in the Janu- visa. People from three countries -- somewhere, who needs to go somewhere,” Infosys will acquire 75 per and digital solutions for Aus- spread across Australia, the advance technology leader-
ary-March quarter this year, marginally Bhutan, Nepal and the Maldives -- in the he explained. cent of shareholding in the tralian businesses, the com- Versent group strengthens ship, drive innovation, and
lower than 2.9 million in the same period world can travel to India without a visa. He said that the third issue is the “pro- Versent group — a wholly pany said. Infosys’ local presence. The support Telstra’s new Con-
last year. These are statistics in themselves. So, one, motion and the activities around it”. owned subsidiary of the Tel- SalilParekh,chiefexecutive Versent group primarily serves nected Future 30 strategy.
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B lucknow | THuRSDAY, 14 AuguST 2025 Economy & public affairs 9
bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb

Op Sindoor, Swadeshi likely to

be focus of PM’s I-Day speech
archis Mohan two Mi-17 helicopters of the Indian Air
New Delhi, 13 August Force will shower flower petals, with one
trooping the National Flag and the other a
India’s success against Pakistan in Oper- flag depicting ‘Operation Sindoor’.
ation Sindoor, the government’s resolve to The invitation cards for the 79th Inde-
protect interests of farmers amid US tariff pendence Day celebration also carry the
threat,arenewedpushtowardsAtmanirb- Operation Sindoor logo, and the water
har Bharat and Swadeshi are set to feature mark of Chenab bridge to exemplify the
prominently during Prime Minister Nar- rise of ‘Naya Bharat’. Floral decorations at
endra Modi’s Independence Day speech the venue will also be based on ‘Operation
from the ramparts of the Red Fort on Sindoor’.
Friday. Apart from personnel of the three
On Wednesday, chief ministers of Bha- defence services, 2,500 boy and girl cadets
ratiya Janata Party (BJP)-ruled states and (Army, Navy and Air Force) and ‘My
Union ministers participated in ‘Tiranga Bharat’ volunteers will participate in the
Yatras’ across the country. The PM’s speech may highlight the celebrations.
Home Minister Amit Shah hoisted the government’s resolve to protect the Nearly 5,000 special guests have been
NationalFlagathisresidenceinNewDelhi interests of farmers in the face of invited to witness the celebrations at Red
aspartofthe‘HarGharTiranga’campaign. pressure from the US for market access Fortthisyear,includingIndiancontingent
He said the initiative has become a ofSpecialOlympics2025,winnersofinter-
people's movement that strengthens the hood, and village to do the same,” he national sports events, farmers trained
spirit of patriotism. added. under National Beekeeping and Honey
Union Agriculture Minister Shivraj Chouhan said the Indus Waters Treaty Mission, farmers engaged in sustainable
Singh Chouhan organised a Tiranga Yatra is no longer the issue. “The issue is Pakis- managementofmedicinalplants,andsar-
and‘SwadeshiMarch’inhisparliamentary tan-occupiedKashmir.Itisours,anditwill panches of open defecation free plus vil-
constituency Vidisha–Raisen in Madhya remain ours,” he said. At a meeting that lages as well as interns enrolled under the
Pradesh. Chouhan attended on Tuesday in New PM Internship Scheme, among others.
He appealed to the people to hoist the Delhi, farmers welcomed the PM’s deci- Other guests include sanitation
National Flag at their homes on Indepen- sion to resist “foreign pressure in trade workers,beneficiariesoftheLakhpatiDidi
dence Day and took a pledge with them to negotiations,”accordingtoanofficialpress scheme, Aanganwadi workers, rehabili-
adopt ‘swadeshi’ ‘made in India’ products. statement. tated bonded labourers and guests from
Chouhan said three million women in Under the overarching objective of the ‘vibrant villages’ in border areas.
the country are set to become Lakhpati government’s vision of Viksit Bharat by The guest list represents the govern-
Didis (earning ~100,000 annually). 2047, the theme of the 79th Independence ment’s commitment to the welfare of the TARC LIMITED
“I pledge to buy only products that are Day is to celebrate the “continuing rise of a poor, farmers, women and youth, and also
made in India for my daily use, and I will prosperous,secureandboldNayaBharat.” theScheduledCastes(SCs)andScheduled Registered Office: 2nd Floor, C-3, Qutab Institutional Area, Katwaria Sarai,
urge everyone in my family, neighbour- After the PM hoists the National Flag, Tribes (STs). New Delhi (India)-110016
Tel.: 011-41244300; E-mail: tarc@tarc.in
bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb Website: www.tarc.in; CIN: L70100DL2016PLC390526

Multiple documents SC orders SIT probe

UN-AUDITED STANDALONE AND CONSOLIDATED FINANCIAL RESULTS

FOR THE QUARTER ENDED JUNE 30, 2025
into Noida land
norm for SIR shows
The Board of Directors of TARC Limited at its meeting held on August 12, 2025 approved the un-audited Standalone and
compensation Consolidated financial results for the quarter ended June 30, 2025 and the said financial results along with limited review reports
are available on the Stock Exchange websites at www.bseindia.com, www.nseindia.com and Company website at https://
payout irregularities
it is voter-friendly: SC Bhavini Mishra
New Delhi, 13 August
www.tarc.in/financial-information.php and can also be accessed by scanning the Quick Response Code published herewith.
For the other line items referred in Regulation 52(4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015, pertinent disclosures have been made to the Stock Exchanges and are available at their abovementioned websites and
Bhavini Mishra Company website.
New Delhi, 13 August The Supreme Court on Wednesday ordered
an SIT probe into alleged irregularities in
The Supreme Court on Wednesday payment of compensation to land owners For TARC Limited
observedthattheoptionof11documents by Noida Authority, which in several cases Sd/-
in Special Intensive Revision (SIR) of was “exorbitant” highlighting the nexus Amar Sarin
electoral rolls in Bihar to prove citizen- between senior officials and land owners. Date : August 12, 2025
ship is “voter-friendly rather than A bench of Justice Surya Kant and Jus-
Managing Director & CEO
Place: New Delhi
restrictive”. tice Joymalya Bagchi ordered a new special DIN: 00015937
Justice Joymalya Bagchi made this investigation team (SIT) of three Indian
observation while addressing senior Police Service officers, replacing the earlier
advocate AM Singhvi, who is appearing SIT, which highlighted the irregularities in
for one of the petitioners challenging thelandacquisitioncompensationpayouts.
Election Commission’s (EC’s) SIR of Theapexcourtdirectedthattherewillbe
Bihar’s electoral rolls. no project development in Noida without
A bench of Justice Surya Kant and Earlier summary revision of electoral prior Environmental Impact Assessment
Justice Joymalya Bagchi is hearing a rolls in Jharkhand allowed only and approval by the court’s green bench,
clutch of petitions challenging the EC’s seven documents as proof of identity, which hears environmental cases.
June 24 directive, ordering SIR of Bihar the Supreme Court said In January this year, the court had con-
electoral roll. The directive requires stituted an SIT of three senior IPS officers
voters not listed in the 2003 electoral roll documents to prove citizenship is seen fromtheUPcadretoinvestigatethe“overall
to submit documents proving their citi- as “voter-friendly rather than restrict- functioning” of Noida Authority. The SIT
zenship. Those born after December ive”. report found that in at least 20 cases, land
2004 must also furnish the citizenship Singhvi questioned the “compelling compensation paid to certain beneficiaries
documents of both parents, with addi- need” to conduct the SIR within such a exceeded legal entitlements. It also named
tional requirements if a parent is a for- short time, pointing out that it will lead errant Noida Authority officials and raised
eign national. to the exclusion of a large number of concernsaboutpotentialcollusion,central-
The court said that the ongoing SIR voters. He argued that most women in isedpower,andalackoftransparencyinthe
exercise in Bihar permits the use of any Bihardonothaveamatriculationoredu- administrative operations of the authority.
of 11 documents to establish citizenship, cational certificates issued by recogni- The new SIT is directed to register pre-
whereastheearliersummaryrevisionof sed boards or universities, which is one liminary enquiries and, if they find credible
electoralrollsinJharkhandallowedonly of the 11 documents. evidence of wrongdoing, escalate to FIRs.
seven documents as proof of identity. During the hearing, Justice Bagchi The court said that this process must be
The court noted that while the exclu- noted that there is some “elbow room” overseen by a police officer of at least Com-
sionary argument from Aadhaar is given to the ECI in Section 21(3) of the missioner rank, who will also file periodic
understood, the availability of multiple Representation of the People(RP) Act. status reports to the court.

ALL IN A DAY
Indian consulate Sonia was a voter before getting citizenship: BJP
slams temple The BJP alleged on Wednesday that former Congress president Sonia Gandhi was registered
as a voter before she became an Indian citizen, as the ruling party stepped up its counter-
defacement in US offensive amid the Opposition’s charge of “vote-chori” against the government and the Elec-
tion Commission.
The signboard of a Hindu temple “Sonia Gandhi’s tryst with India’s voters’ list is riddled with glaring violations of electoral
was defaced in the US city of law. This perhaps explains Rahul Gandhi’s fondness for regularising ineligible and illegal
Indiana, an incident described voters, and his opposition to the Special Intensive Revision,” BJP’s IT department head Amit
by the Indian consulate as Malviya said on X. ptI
“reprehensible”.
The “hateful act” took place at
the BAPS Swaminarayan Temple
in Greenwood city, the temple’s
Ex-CEC Rajiv Kumar EC ‘colluding’ with
official public affairs account said
in an X post on Tuesday. This was
hasn’t left India: Sources BJP to ‘steal’ votes in
the fourth time in less than a year Former chief election commissioner Rajiv Bihar: RJD’s Tejashwi
that a BAPS temple has been tar- Kumar is in India and has not left the
geted, it said. The Indian Consu- country, people close to him said on Wed- RJD leader Tejashwi Yadav on Wednesday
late in Chicago called the act nesday, amid speculation on social media accused the Election Commission of “col-
“reprehensible”. ptI that he has settled in a foreign country. luding” with the BJP to “steal” votes in
The 2024 Lok Sabha polls were held Bihar, where assembly polls are due later
under his supervision. He demitted office in this year.
CTS to shift to February. People close to him said he is very
much in India and has not settled in Malta.
He alleged that the poll panel was “helping
BJP leaders secure two voter cards each”,
steady clearing Kumar has been in the limelight after
Congress leader Rahul Gandhi alleged “vote
and reiterated that the RJD could boycott
the Bihar polls if alleged irregularities on the
in two phases theft” in Karnataka, Maharashtra and electoral rolls are not rectified.
Haryana during polls, which took place The BJP termed these allegations as
Reserve Bank of India on when the former headed the poll panel. ptI “false and misleading”. ptI
Wednesday said the Cheque
Truncation System (CTS) will
move to continuous clearing and
settlement on realisation regime
ED questions Suresh Raina in betting app case
in two phases. The first phase of Former Indian cricketer Suresh Raina was on Wednesday questioned by the Enforcement
transition will be implemented Directorate (ED) in an alleged illegal online betting app-linked money laundering case, offi-
on October 4, 2025 and phase two cial sources said.
on January 3, 2026. At present, Raina (38) was seen interacting with CISF personnel and ED staff outside the ED’s office in
CTS works under batch process- central Delhi before he marked his attendance at around 11 am.
ing. Under the new system, The The federal probe agency recorded his statement under the PMLA as part of the
cheques will be scanned, pres- probe linked to a sports betting app, 1xBet, the sources said. Raina is understood to have been
ented, and passed in a few hours linked to the app through certain endorsements.
and on a continuous basis during The ED wants to understand his links with this app, any endorsement fee earned and the
business hours. bs reporter mode of communication between the two parties, according to the sources. ptI
10 world
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LUCKNOW | THURSDAY, 14 AUGUST 2025 B
‘Trump wants Ukraine to have China, US clash over

vvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvv
US, Pak boost bilateral
naval incident near
cooperation to tackle
militant groups
Pakistan and the US have agreed to deepen
say on land talks with Russia’ Scarborough Shoal
bilateral cooperation to tackle leading mili- reuters Josh Xiao Brunei, Indonesia, Malaysia,
tant groups, including the Balochistan Liber- Berlin/Kyiv, 13 August 13 August the Philippines, and Viet-
ation Army (BLA), ISIS-Khorasan, and the nam. Unresolved disputes
Taliban. The issues were discussed during a US President Donald Trump has said Ukraine The Chinese military said on have festered for years over
bilateralcounterterrorismdialogueinIslama- must be involved in talks about land in any Wednesday it monitored and ownership of various islands
badonTuesday,adayaftertheUSdesignated truce deal with Russia, French President “drove away” a US destroyer and features.
the Pakistan-based BLA a foreign terrorist Emmanuel Macron said on Wednesday, that sailed near the disputed The US regularly carries
organisation.Thedialoguewasco-chairedby suggesting Kyiv and its European allies had Scarborough Shoal in the out “freedom of navigation”
NabeelMunir,Pakistan’sSpecialSecretaryfor got their message across before a superp- South China Sea, while the operations in the South
the UN, and Gregory D LoGerfo, the acting ower summit. US Navy said its action was in China Sea, challenging what
coordinator for counterterrorism at the US The comments were among the first indica- line with international law. it says are curbs on innocent
Department of State. Meanwhile, Pakistani tions of what cameout of talksbetweenTrump, The first known US mili- passage imposed by China
securityforceskilled50terroristsinafour-day European leaders and Ukrainian President tary operation in at least six and other claimants.
operation in the border region of the troubled Volodymyr Zelenskyy, intended to influence The comments came out of talks between US President Donald Trump (left), European years within the shoal’s The Scarborough Shoal
Balochistan province. The army said in an Trump as he prepares to meet Russian Presi- leaders and Ukrainian President Volodymyr Zelenskyy (right), ahead of Trump’s meet waters came a day after the has been a major source of
overnight statement that the terrorists were dent Vladimir Putin in Alaska on Friday. with Russian President Vladimir Putin (centre) in Alaska on Friday Philippines accused Chinese tension in what is a strategic
targetedondifferentoccasionsfromAugust7 Trump’s insistence on involving Ukraine, if vessels of “dangerous conduit for more than $3 tril-
to11intheSambazaareaofZhobdistrictalong confirmed, could bring a measure of relief to that territories belonging to Ukraine cannot be indicate Ukrainians do not want peace at any manoeuvres and unlawful lion of annual ship-borne
the border with Afghanistan. PTi Ukraine and its allies, who have feared that negotiated and will only be negotiated by the cost if that means crushing concessions. interference” during a supply commerce.
Trump and Putin could reach a deal that sells Ukrainian president,” Macron said. Ahead of the calls, Zelenskyy said it would mission around the atoll. The actions of Chinese
out Europe’s and Ukraine’s security interests “There are currently no serious territorial be impossible for Kyiv to agree to a deal that In a statement, the Chi- vessels in the shoal this week
Musk’s bid to dismiss and proposes to carve up Ukrainian territory. exchange schemes on the table.” would require it to withdraw its troops from the nese military’s Southern also resulted in a collision of
OpenAI’s harassment Trump and Putin are due to discuss how to
end the three and a half year-old conflict, the
German Chancellor Friedrich Merz said
Trump would prioritise reaching a ceasefire on
eastern Donbas region, a large swathe of which
is already occupied by Russia.
Theatre Com- two of them,
mand said the The US Navy’S SeveNTh Manila said,
claims denied in court biggest in Europe since World War Two. Trump Friday, adding that there was no question of That, he told reporters on Tuesday, would USS Higgins FleeT rejecTed chiNa’S the first such
hassaidbothsideswillhavetoswaplandtoend legallyrecognisingRussia’sterritorialholdings. deprive Ukraine of a vast defensive network in had entered claim, deScribiNg known inci-
A federal judge on Tuesday denied Elon fighting that has cost tens of thousands of lives Zelenskyy said there should be a three-way the region, easing the way for a Russian push the waters The miSSioN To be dent in the
Musk’s bid to dismiss OpenAI’s claims of a and displaced millions. meeting between himself, Putin and Trump. deeper into Ukraine in the future. “without ‘coNSiSTeNT wiTh area.
“years-long harassment campaign” by the On a day of intense diplomacy, Zelenskyy Merz said Ukraine was prepared to negoti- He said territorial issues could only be dis- approval iNTerNaTioNal law’ On Wed-
Tesla CEO against the company he co- flew into Berlin for German-hosted virtual ate on territorial issues, but “legal recognition cussed once a ceasefire was in place and of the Chinese nesday, the
founded in 2015 and later abandoned before meetings with European leaders and then of Russian occupation is not up for debate”. Ukraine had received security guarantees. government” Philippine coast guard said
ChatGPT became a global phenomenon. In with Trump. “If the United States of America now works Russian foreign ministry spokesperson on Wednesday. the objective of the two Chi-
the latest turn in a court battle that kicked off The Europeans worry that a land swap towards a peace in Ukraine that safeguards Alexei Fadeev said Moscow’s stance had not “The US move seriously nese vessels had been to
last year, US District Judge Yvonne Gonzalez could leave Russia with almost a fifth of European and Ukrainian interests, he can changed since it was set out by Putin in violated China’s sovereignty “completely block” it from
Rogers ruled that Musk must face OpenAI’s Ukraine, rewarding it for almost 11 years of count on our full support in this endeavour,” June 2024. As preconditions for a ceasefire and and security, severely under- getting near Scarborough
claims that the billionaire, through press efforts to seize Ukrainian territory, and Merz said at a joint press conference the start of negotiations, the Kremlin leader mined peace and stability in Shoal.
statements, social media posts, legal claims embolden Putin to expand further west into with Zelenskyy. had demanded that Ukraine withdraw its the South China Sea,” it Global Times, a Chinese
and “a sham bid for OpenAI’s assets” had the future. A Gallup poll released last week found that forces from four regions that Russia has added, vowing to maintain a state media outlet, reported
attempted to harm the AI startup. reUTerS “The second point on which things were 69 per cent of Ukrainians favour a negotiated claimed as its own but does not fully control, “high alert at all times”. on Wednesday that a Philip-
very clear, as expressed by President Trump, is end to the war as soon as possible. But polls also and formally renounce its plans to join Nato. In response, the US Navy’s pine coast guard ship had
Seventh Fleet said “China’s “conducted highly danger-
Corruption trial begins bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb statement about this mission ous manoeuvres on Chinese
against Sheikh Hasina, is false”, adding that the Hig- law enforcement vessels”
gins had “asserted naviga- near the Scarborough Shoal
her nieces in plot scam China investing in US not part Bessent urges Fed to lower rates tional rights and freedoms” on Monday, citing videos it
near the Scarborough Shoal obtained from an unidenti-
The corruption trial against ousted prime
ministerSheikhHasinaand17others,includ-
of a trade deal, says Bessent by 150 basis points or more “consistent with interna- fied source.
tional law”. Neither the report nor the
ing her nieces Azmina Siddiq and British MP US Treasury Secretary critical industries that we need US Treasury Secretary Scott be 150, 175 basis points lower.” The operation reflected video clips published by
Tulip Siddiq, in a housing plot scam started Scott Bessent dismissed the to reshore and a lot of those Bessent made his most explicit Fed policymakers last month the US commitment to Global Times showed the
on Wednesday at a Dhaka court with deposi- possibility that Chinese invest- need to be reshored away call yet for the Federal Reserve to kept their benchmark at a target uphold freedom of navigation collision between Chinese
tions of the complainant, media reports said. ments in the US could be part from China.” Whether the execute a cycle of interest-rate range of 4.25 per cent to 4.5 per and lawful uses of the sea, the vessels.
Afnan Jannat Keya, a complainant who is an of any trade pact, comments industry was semiconductors, cuts, suggesting the central cent, where it’s been all year. Bes- Seventh Fleet told Reuters in On Monday, China’s coast
assistant director of the Anti-Corruption that narrow the options for the rare-earth magnets, pharma- bank’s benchmark ought to be at sent said officials might have cut an emailed statement. guard said it had taken
Commission, testified before Judge two sides to resolve their run- ceuticals or steel, “my sense is least 1.5 per centage points lower rates if they’d been aware of the “The United States is “necessary measures” to
Md Rabiul Alam of the Special Judge’s ning dispute. that isn’t what will happen,” than it is now. revised data on the labor market defending its right to fly, sail expel Filippino vessels from
Court-4 in Dhaka in the afternoon, The Daily When asked if China could Bessent said in an interview “I think we could go into a that came out a couple of days and operate wherever inter- the waters.
Star newspaper reported. PTi make pledges worth billions of with Fox Business on Tuesday series of rate cuts here, starting after the latest meeting. The national law allows, as USS In 2016, an international
dollars like Japan, South Korea in the US. Bessent’s comments with a 50-basis-point rate cut in Bureau of Labor Statistics on Higgins did here. Nothing arbitral tribunal ruled there
and the EU have as part of their point to the competition September,” Bessent said in a Aug. 1 slashed the numbers for China says otherwise will was no basis in international
South Korean Prez trade agreements, Bessent said between the US and China television interview on Bloom- payroll gains in May and June by deter us.” China claims law for Beijing’s claims, based
Lee to visit Japan for “my sense is no because a lot of
the buyout or the funds from
over a range of issues, with tech
and AI among the most high
berg Surveillance Wednesday. “If
you look at any model” it sug-
258,000. “I suspect we could have
had rate cuts in June and July,”
almost the entire South on its historic maps. China
China Sea, overlapping the does not recognise that deci-
summit with Ishiba the buyout are going to go to profile. bloomberg gests that “we should probably Bessent said. bloomberg exclusive economic zones of sion, however. reUTerS

South Korean President Lee Jae Myung will bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb

visit Japan from August 23-24 and hold a
summit with Prime Minister Shigeru Ishiba,
Lee’s office said at a briefing on Wednesday.
The leaders will discuss ways to improve
regional peace and boost trilateral cooper-
Europe embraces air conditioning Wildfires scorch Greece as heatWave Grips europe
ation with Washington, Kang Yu-jung, Lee’s
spokesperson, told reporters. Kang did not
specify the date of the summit during Lee’s
as temperatures hit record-high
two-day visit. Lee has in the past been critical
of efforts by administrations in Seoul to eamon akil farhat Médoc region, where the city of Bor- France has now overtaken Italy and
improvetieswithTokyo,thoughwhenhemet 13 August deaux hit a record-high 41.6°C (106.9°F) Spain as the fastest-growing air condi-
Ishibafortheirfirstsummitonthesidelinesof this week. Historic buildings like the tioning market in Europe for Hitachi.
aG7meetinginCanadainJunetheyvowedto As Europe sweats through another Château Monbrison — a centuries-old HouseholdACpenetrationthereroseto
deepen the relationship. PTi summer of record-high temperatures, wineestate—havebeenforcedtoadapt. 25 per cent by 2020, from 14 per cent in
much of the continent is undergoing a This spring, the owners installed air 2016, the company said. By 2035, about
rapid and often tense transformation. conditioning — discreet Mitsubishi half of French homes are expected to
France, Germany, UK Once seen as an American excess or Compact+ units mounted against the have a unit.
threaten to reimpose Mediterraneannecessity,aircondition-
ing is becoming a fixture of life in places
exposed stone walls to preserve the
château’s traditional charm.
Theboominbusinessisanchoredby
a troubling fact: Europe is warming at
sanctions on Iran whereitwaslongconsideredaluxuryor
even unwelcome. The shift reflects a
The trend tracks across Europe.
Cooling systems, once reserved for the
twice the global average. Cooling degree
days — or how often and how intensely
The top diplomats of Britain, France, and Ger- new climate reality: Extreme heat is no most scorched parts of Italy and Spain, buildings require cooling — have more
manythreatenedtoreimposesanctionsonIran longer rare across much of Europe. It’s are an increasingly common sight than tripled in Paris over the past two
as an end-of-the-month deadline nears for the increasingly the new norm. further north, in places like the decades, according to data from Euros-
country to resume negotiations with the West Europe might not be prepared to Netherlands and the UK. tat. France’s capital now experiences
over its nuclear programme and cooperation cope. Power grids — many designed for Residential AC purchases have heatcomparabletoBarcelonainthelate
withtheUnitedNationsnuclearwatchdog.The milder climates — are already under doubled in Europe since 2010, accord- 1990s. Berlin’s temperatures mirror
three countries, known as the E3, wrote in a strain. On the hottest days, electricity ing to Daikin Industries Ltd., one of the thosehistoricallyrecordedinTurin.And
letter to the United Nations dated Friday that demandspikesandoftenoutpaceswhat continent’s biggest manufacturers. the climate in Brussels resembles what
they were willing to trigger a process known as renewables can supply. Governments Electronics marketplace Galaxus parts of Croatia were like 25 years ago.
the “snapback” mechanism, which allows one are now facing a tough question: recently reported record sales in Ger- Even countries long considered too A wildfire burns in Achaia, Greece. Wildfires intensified across southern
of the Western parties to reimpose UN how to keep their countries cool many and Austria, and Samsung Elec- coldforcoolingarechangingtheirways. Europe on Wednesday after a nightlong battle to protect the perimeter of
sanctions if Tehran doesn’t comply with its withoutdrivingupemissionsortrigger- tronics Co. is boosting its training ThemarketforairconditioninginScan- Greece’s third-largest city, with at least three more deaths reported in
requirements. French Foreign Minister ing blackouts. budgetinEuropeforACinstallationsby dinavia,oncetiny,isregisteringmeasur- Spain, Türkiye, and Albania Photo: ReuteRs
Jean-Noel Barrot posted the letter on X. aP TheevolutionisapparentinFrance’s an average of 10 per cent each year. able growth. bloomberg

Companies are pouring billions into AI; it has yet to pay off
steve lohr
13 August The generative AI paradox John-David Lovelock, the chief
forecaster at Gartner.
gence is going to replace literally half of
all white-collar workers in the US”
n Companies see no significant n Failures stem from both technical That was the pattern with past Whether that type of revolutionary
Nearly four decades ago, when the per- bottom-line gains from GenAI problems, human factors like technologies like personal computers change occurs, and how soon, depends
sonal computer boom was in full swing, despite rapid adoption resistance or lack of skills and the internet — early exuberance, the on the real-world testing ground of
a phenomenon known as the “produc- hard slog of mastering a technology, many businesses.
tivity paradox” emerged. It was a refer- n Business investment in GenAI n Gartner warns AI is entering followed by a transformation of indus- “The raw technological horsepower
ence to how, despite companies’ huge expected to jump 94% this year the “trough of disillusionment”, tries and work. is terrific, but it’s not going to determine
investments in new technology, there to $61.9 billion with payoffs still years away The winners so far have been the sup- how quickly AI transforms the econ-
was scant evidence of a corresponding n 42% of firms abandoned most AI pilot n Main winners so far are Microsoft, pliers of AI technology and advice. They omy,” said Andrew McAfee, a principal
gain in workers’ efficiency. projects in 2024, up from 17% in 2023 Amazon, Google, and Nvidia include Microsoft, Amazon, and Google, research scientist and co-director of the
Today, the same paradox is appear- which offer AI software, while Nvidia is Massachusetts Institute of Technology’s
ing, but with generative artificial intelli- the runaway leader in AI chips. Initiative on the Digital Economy.
gence. According to recent research from payoff for businesses outside the tech report. Investments in generative AI by technical hurdles, but often because of Executives at those companies have Still, some businesses are finding
McKinsey & Company, nearly eight in 10 sector is lagging behind, plagued by businesses are expected to increase 94 “human factors” like employee and bragged how AI is reshaping their own ways to incorporate AI — although in
companies have reported using gener- issues including an irritating tendency per cent this year to $61.9 billion, accord- customer resistance or lack of skills, said work forces, eliminating the need for most cases the technology is still a long
ative AI, but just as many have reported by chatbots to make stuff up. ing to IDC, a technology research firm. Alexander Johnston, a senior analyst at some entry-level coding work and way from replacing workers. One
“no significant bottom-line impact”. That means that businesses will have But the percentage of companies S&P Global. making other workers more efficient. company where AI’s promise and
AI technology has been racing ahead to continue to invest billions to avoid abandoning most of their AI pilot pro- Gartner, a research and advisory firm AI will eventually replace entire flaws are playing out is USAA, which
with chatbots like ChatGPT, fueled by a falling behind — but it could be years jects soared to 42 per cent by the end of that charts technological “hype cycles,” swaths of human employees, many pre- provides insurance and banking
high-stakes arms race among tech giants before the technology delivers an econ- 2024, up from 17 per cent the previous predicts that AI is sliding toward a stage dict, a perspective that is being widely services to members of the military
and superrich start-ups and prompting omywide payoff, as companies gradually year, according to a survey of more than it calls “the trough of disillusionment.” embraced and echoed in the corporate and their families.
an expectation that everything from figure out what works best. 1,000 technology and business managers The low point is expected next year, mainstream. At the Aspen Ideas Festival vvvvvvvvvvvvvvvvvvvvvvvv
back-office accounting to customer ser- Call it the “the generative AI para- by S&P Global, a data and analytics firm. before the technology eventually in June, Jim Farley, the chief executive ©2025 The New York Times
vice will be revolutionised. But the dox,” as McKinsey did in its research Projects failed not only because of becomes a proven productivity tool, said of Ford Motor, said, “Artificial intelli- News Service

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staY inForMED tHrouGH tHE DaY @ WWW.BusinEss-stanDarD.CoM OPINION 11
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VOLUME XX NUMBER 64

Trump tariffs and India’s choice

LUCKNOW | THURSDAY, 14 AUGUST 2025

Timely resolution The only way to improve farmers’ fortunes is by 0.5 per cent in 1990 to 2.5 per cent in 2022. Despite our
experience that restrictions on international trade are
More efforts are needed to address IBC delays increasing productivity, not condemning them to self-defeating, the policy stance since 2017 has turned
inward. The steadily increasing trend toward protec-
Union Minister of Finance and Corporate Affairs Nirmala Sitharaman on Tuesday
introduced the Insolvency and Bankruptcy Code (Amendment) Bill, 2025, in the
penury in the name of protection illustration: BinaY sinHa
tionism is reflected in the simple average tariff, which
rose from 8.9 per cent in 2010-11 to 11.1 per cent in
Lok Sabha, paving the way for further improvement in the Insolvency and Bank- 2020-21. The proportion of tariff lines above 15 per
ruptcy Code (IBC). The Bill has been sent to a select committee of Parliament for cent increased from 11.9 per cent in 2010-11 to 25.4 per
deliberation. This is the seventh time the IBC is being amended, and the Bill has cent in 2020-21. The average most-favoured nation
been awaited for some time. Various stakeholders and policy analysts have criti- applied tariff on non-agricultural products rose from
10 per cent in 2015 to 15 per cent in 2021
cised the IBC for falling short of expectations, primarily due to delays. The cases
Liberalising the economy for trade and invest-
that yielded a resolution plan by the end of June took an average of 602 days. A ment is the only way to accelerate growth. The ad-
recent Supreme Court judgment that set aside a resolution plan and ordered the vantage of attracting larger foreign direct
liquidation of a corporate debtor raised serious question marks on the entire pro- investment is that it brings advanced technology
cess. Fortunately, the judgment has been recalled, and the matter is being heard. and improves productivity and competitiveness. In
The objective of the bankruptcy process is to resolve insolvencies quickly to pre- the name of “Atmanirbhar” Bharat, we have slowly
turned to import substitution, with export incen-
serve the value of assets. Delays in resolution destroy value, which not only affects tives to selected sectors. The time is ripe to erect a
creditors but also the overall productive capacity of the economy. proper wall rather than clinging to scaffolding. The
To its credit, the government has been constantly working to improve the code, production-linked incentive scheme has had only
and the latest Bill is a step in the right direction. It aims to improve the code to re- limited success and needs a careful review. The ob-
solve cases in time. Among the noteworthy proposals, the Bill introduces a credi- jective should not be merely to assemble imported
tor-initiated insolvency-resolution process with an out-of-court initiation parts but to substantially add value through pro-
duction, technology, and innovation.
procedure to facilitate faster and cost-effective resolutions. The process is aimed A major sticking point in bilateral trade negoti-
at minimising business disruption. The goal clearly is to reduce pressure on the Never in recent history have we come across in- flight due to the tariff can have long-term impacts. ations is the hesitancy to open up agriculture and
judicial process, and it is expected to be completed in 150 days. The adjudicating stances where tariffs are used blatantly as a weapon The hope of attracting investment under the China- dairying. Excessive protectionism in agriculture and
authority may extend the process for a maximum of 45 days if necessary. Further, of subjugation and a threat to national sovereignty in 1 strategy will no longer hold. animal husbandry remains a barrier in every bilateral
the Bill introduces the process for group insolvency and cross-border insolvency. calibrating domestic policies, as United States Presi- We can take a defiant view that we are a sover- trade negotiation. It is naïve to think that liberalising
dent Donald Trump has done to establish his hegem- eign country, and that no one can dictate terms to trade in these sectors would open the floodgates to
The objective of the group insolvency process is to tackle complex corporate group
ony. While applying sanctions to target unfriendly us, but the ability to counter a superpower depends imports of farm and dairy products.
structures facing insolvency. This will help establish a common Bench and coor- regimes has become a practice, the use of tariffs as a on our own inner strength. Indeed, countries like Over the years, policies encouraging excessive ap-
dinate the insolvency process, which will minimise delays and enable timely res- strategic weapon at this scale is alarming. China can and do stand up to seek a better bargain. plication of fertiliser and pesticides, a consumer-
olution. The cross-border insolvency framework aims to protect stakeholder Mr Trump has used his dictates on tariff rates not Despite all the bravado and statements about our rather than producer-oriented approach in pricing
interests in proceedings both domestically and in foreign jurisdictions. The gov- just as a protectionist measure but also as a strategic own greatness, we should realise that we have very and trade policies, the free supply of irrigated water
ernment will be expected to frame rules in this regard. weapon to determine from whom countries should limited bargaining power in the international arena. and electricity leading to increased soil salinity, dis-
trade and transact. Increasing tariffs uni- Although India’s exports to the US in incentives for crop diversification, and the drying of
The Bill also proposes to amend the Section dealing with the initiation of the
versally leads to an increase in the prices 2024 were valued at $86.5 billion, we en- aquifers have caused stagnation in production and
insolvency process by the financial creditor. If the default has been established of imported goods in the US, but that is joyed a trade surplus with the US of ecological damage.
and the procedural requirements are fulfilled, the adjudicating authority will man- not our concern. The uncertainty in in- $45.7 billion, and that would be signifi- The only way to improve productivity in agricul-
datorily admit the application. The adjudicating authority will not be expected to ternational trade and relations has dam- cantly impacted. ture is to usher in a second Green Revolution, which
consider any other grounds for rejecting the application where the requirements pened investors’ appetite, with adverse The US believes that India protects is possible when we overcome our hesitancy towards
of the provision have been met. It will need to decide on the application within 14 consequences on world trade, invest- itself highly by not providing access to GM crops, embrace innovation, use better seeds, and
ment, and economic growth. An even US exports and, therefore, decided to apply fertilisers in a balanced manner. The cultural
days or record the reasons for the delay. This will help the timely admission of
more serious issue is that individual levy a 25 per cent general tariff rate and religious concerns may be overblown. Many In-
cases, with the possibility of timely resolution. countries no longer have the sovereign from August 7. An additional 25 per dians who travel abroad appear to show little concern
Improving the law and strengthening various provisions will be expected to power to calibrate their own economic or cent will be charged from August 27 as about consuming food made from GM crops or
ameliorate outcomes under IBC. However, there is another important aspect that diplomatic policies and must go by what policy
a penalty for buying Russian oil and os- drinking milk from cattle fed with animal protein.
needs attention. One of the reasons for delays in resolution is the lack of capacity the emperor dictates.
For India, the 50 per cent tariff un-
tensibly financing its war with pillars
Ukraine. India’s refusal to give credit to
The share of the agricultural sector in the
country’s gross value added is just about 14 per cent.
at the National Company Law Tribunal and National Company Law Appellate
leashed by Mr Trump is bound to M GOVINDA RAO President Trump for stopping the war This is the time to move beyond a “live for the mo-
Tribunal. Unless there are adequate human resources available to adjudicate
dampen its exports of textiles, leather & with Pakistan is also believed to have ment” approach, because we need a better tomorrow.
matters, which are often complex and fiercely contested, it will be difficult to ad- footwear, gems & jewellery, chemicals, and electrical precipitated this action. Political obstacles to change are, of course, formi-
dress delays. Thus, improving the law is important, but the government must machinery. This will have adverse consequences Given India’s low bargaining power and the need dable, but this is an opportunity to cast the net wide,
also address the capacity gap. This is also something the select committee must not only on the current year’s growth, employment, to accelerate growth, how should it react to this de- negotiate, seek the cooperation of the states, and work
deliberate on. trade balance, and macroeconomic stability, but velopment? Surely not by increasing protectionism out a time-bound action plan that can also be used in
also on the flow of investment in the medium- to in the name of “Atmanirbhar” Bharat. India must trade negotiations. The only way to improve farmers’
bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb long term, disrupting the goal of becoming a devel- further calibrate the opening up of its economy and fortunes is to increase their productivity, not to con-
oped country. Brave statements such as — we will actively expedite bilateral agreements, in addition to demn them to penury in the name of protection.

Immature nuclear power

continue to be the fastest growing large country — pursuing reforms to achieve greater competitiveness. vvvvvvvvvvvvvvvvvvvvvvvvvvvvv
are of no consolation, because the direction of trade Exports have been a powerful engine in every The author is chairman, Karnataka Regional
also determines the ﬂow of investment. As India at- country that has achieved high growth performance. Imbalances Redressal Committee. He was a
India needs to be on high alert tracts virtually zero net foreign direct investment This is evident even in India after liberalisation in member of the Fourteenth Finance Commission,
and domestic private investment is stagnant, capital 1991, when its share in global exports increased from and a former director, NIPFP. The views are personal
Pakistan’s army chief, Asim Munir, who was recently raised to the rank of ﬁeld
marshal, has created waves with his second visit to the United States (US) in as bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb
many months. On his last visit, he was granted lunch with President Donald

CSR’s sub-par reputation

Trump, a privilege that Pakistan Prime Minister Shahbaz Sharif has not yet en-
joyed. This visit, supposedly to commemorate the retirement of the head of the
US military’s central command (Centcom), comes at a time when the Pakistan es-
tablishment is feeling particularly secure in its domestic and geopolitical position.
India’s unique corporate social responsibility (CSR) policies — health, education and so on. projects get far less attention, though they too are hot-
But that does not provide sufficient reason for the reports that have emerged of
law was introduced in 2013 under the second United On the broad philosophical principle of “do no button issues. Though it would be unfair to label CSR
General Munir’s statements and overall demeanour during his visit to Tampa, Progressive Alliance government at a time when harm,” the policy has worked. CSR spending has as compliance-driven virtue signalling, it is also true
Florida, the location of US Centcom headquarters. It cannot be known what Gen- India Inc’s reputation was somewhat tarnished. Anil grown strongly — in FY24 alone, spending by listed that companies are likely to invest in areas beyond
eral Munir said on this trip, and much of the reporting of his statements has not Agarwal’s Vedanta was embroiled in a controversy companies rose 16 per cent to ~17,967 crore. Accord- their immediate ambit and in causes that ensure
been backed up or confirmed by official sources. What has emerged is nevertheless over mining bauxite in a tribal area in Odisha. The fa- ing to Prime Database, 98 per cent of companies met maximum PR bang for the buck.
disquieting from the point of view of peace and stability in South Asia. mous “no-go area” dispute over allowing or disallow- their CSR obligations and about half went beyond The additional problem with legally mandated
ing coal mining in environmentally fragile forests in the required spending. The latter fact is notable be- CSR spending is the opportunity it affords for increas-
It may be the case that the Pakistani military is satisfied with its performance
the east had erupted within the government under cause CSR spending cannot be deducted from tax- ing government intrusion. In a throwback to the
in the military actions that took place in May as retaliation for the terrorist attack pressure from the mining lobby. able income unless the money is being donated to licence raj era, the law already tells companies how
on Pahalgam in April this year. The generals might also feel that the security situ- The government’s optimistic special economic organisations that have tax-exempt status. With for- much to spend and what they can spend it on. It is
ation, as well as their successful domestic propaganda campaign following the zone (SEZ) policy of 2005 provoked a rash of indis- eign funding for NGOs becoming increasingly prob- not outside the realm of possibility that the discovery
confrontation, has strengthened their control of Pakistan’s politics. Nevertheless, criminate land acquisition that often de- lematic, domestic CSR money has of the skewed geographical nature of CSR spending
it would be unwise for them to give in to misplaced overconfidence. Successive frauded farmers and land losers of admittedly become a critical source of would prompt the government to stipulate region-
rightful compensation. These devious funding for thousands of voluntary or- wise targets next. The legal obligation creates addi-
Indian responses to cross-border terrorism over the past decade have moved up
practices prompted the passage of a land ganisations working at the grassroots. tional headaches. In 2018, for instance, the
in impact and scale. Further escalation is clearly not in Pakistan’s interests. A ra- acquisition law that made it well-nigh The policy has the additional benefit of government issued preliminary notices to 272 com-
tional approach would be to step back and consolidate at this point. There is more impossible for corporations to acquire getting corporate executives out of their panies for not complying with their CSR obligations.
than enough work required on Pakistan’s flailing economy to absorb the energies land. The Satyam scandal had broken air-conditioned cocoons into the real India is the only country to have a legal mandate
of the country’s establishment for the next several years. However, the current out in all its fraudulent ignominy, raising world of Bharat. for CSR (under section 135 of the Companies Act).
leadership of the Pakistan military — and Gen Munir in particular — have a troub- questions about the legitimacy of inde- But as a strategy to transform India’s Most other countries such as the United States, the
pendent directors and casting a shadow socio-economic dynamics, the gains United Kingdom and the European Union follow
ling addiction to bombast and overconfidence. It would indeed be unfortunate if over India’s fabled “IT story”. Prime Min- from the CSR mandate are less evident. policies designed to nudge companies to follow CSR
some of the unconfirmed statements from Gen Munir about Pakistan’s nuclear ister Manmohan Singh’s mild sugges- swot
In recent years, studies have shown that programmes. Critically, most of these jurisdictions
posture are an accurate reflection of its current strategic thinking. If so, they do tion that chief executive officers should KANIKA DATTA the relatively economically prosperous have inheritance taxes, the major reason billionaires
not demonstrate the maturity required of a nuclear power. pay themselves less in the interests of states — Maharashtra, Rajasthan and such as Bill Gates and George Soros set up massive
Indian decision-makers will have to be on high alert over the coming months. equity sent C-suites into a tizzy. Tamil Nadu, where most companies are charitable foundations in their lifetimes. India
A Pakistan that is more secure in its relations with the US — which seems to be So the move to make CSR spending compulsory located — are the ones that have been the prime scrapped its version of inheritance tax in 1985 be-
was seen as a policy corrective to corporate excess and beneficiaries of CSR funding. According to the latest cause the collections were meagre and the cost of
the case, given Gen Munir’s repeated visits to that country, and Mr Trump’s warm hinted accusations of cronyism. The mandate under one by Development Intelligence Unit, districts in collection high. In the West, however, this tax has
words about it as well as the favourable trade deal the two have negotiated — is section 135 of the Companies Act for listed companies six zones that the NITI Aayog had labelled as “aspir- unleashed enormous sums of money for social
also one that might well wish to indulge in another cross-border misadventure. of a specified net worth, turnover, and profitability ational” (meaning low income) — Jharkhand, causes that have made an appreciable impact on a
New Delhi will have to demonstrate not just watchfulness, but also restraint and was designed to remind corporations of an obligation Chhattisgarh, Bihar, Odisha, Madhya Pradesh and range of issues.
responsibility. It might begin to do so by properly investigating the security lapses to society at large. Eligible companies must spend at the Northeast — receive less than 20 per cent of the Despite the creation of a powerful industry-CSR
least 2 per cent of their average net profit over the pre- total CSR pool. complex as a result of the new-found ideal of CSR, the
that led to the Pahalgam attack and minimising the chances that such an outrage
vious three financial years on CSR activities. Those Most of the money, researchers in multiple insti- biggest irony is this: In public perception, whatever
could be allowed to happen again. As a mature and reliable nuclear power, India that do not do so must explain why. Specifying the tutions have found, goes into high-profile sectors the magnitude of spending wherever in the world,
will unfortunately have to go the extra mile to ensure that Pakistan’s intemperate areas that qualify for CSR activity also aligned corpor- such as education and healthcare. Slum develop- corporate reputational values, whether in India or
leadership is not permitted to set the agenda for the subcontinent. ate philanthropy to the government’s socio-economic ment, livelihood enhancement and environmental globally, still trade well below par.

bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb

document will decide who an Indian and eventually, delimitation of virtual reality have the transferred via RTGS to electors’

Managing the ballot citizen is? And, second, when reports

pour in from all across India that people
with the same names are registered as
constituencies, these could
become issues that have the
potential of questioning the
potential of turning
communication channels
like WhatsApp into a thing of
account, to cash given to rivals/
competitors to “throw” the election.
Mr Quraishi also talks about the
voters in more than one voting booth, Election Commission’s the past and totally practicality of simultaneous elections.
Voter Education towards Peoples’ does the de-duplication effort of the ECI authority and legitimacy. reinventing the paid news While conceding that expenditure
Participation and Money Power in even have any meaning? Mr Quraishi Mr Quraishi dwells on the concept. These concerns do incurred on frequent polls, policy
Elections. The powers of the Election touches on these issues. Model Code of Conduct and figure in the book but it will paralysis as the Model Code of Conduct
Commission and commissioners are But the irony is palpable. He reports other aspects of holding take another one to probe the kicks in, and the delivery of essential
also discussed, making it all the more that a team of six polling personnel had elections, including the role of full extent of the problem. Mr services impacted by the deployment of
relevant as it comes in the midst of to be dispatched to a village that had exit polls, media and hate An Undocumented Quraishi quotes a study by officials on election duty are concerns,
several current controversies around only one eligible voter because the right speech. He writes: “The 2024 Wonder: The the Tech Global Institute that he says it is not a feasible option —
Making of the Great
ADITI PhADNIs Indian elections: Duplication of voters; to vote of even one voter could not be election, unfortunately, may Indian Election found that 85 per cent of the constitutional and legal reasons come in
the Special Intensive Revision; the role denied. The book is rich with detail also go down in history as the by S Y Quraishi
political content posted by the way. The bottom line is: “How can we
The first edition of this book came out of the Supreme Court in the conduct of about how polling teams are sent to the election of hate speech. The Published by Indian influencers across dissolve state assemblies when they are
several years ago. The author, who polls; and the powers of the Election remotest corners of the country from number of instances of hate Rupa Publications various platforms failed to democratically chosen by the people”.
served as India’s 17th Election Commission of India (ECI). snow-capped mountain villages to speech against minority 499 pages ~695 disclose its sponsorship, This book comes at a time when the
Commissioner (2010-2012), has revisited The SIR and the agitation against it by desert areas. The teams often have to communities in 2023 and in bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb undermining transparency ECI is in the vortex of unprecedented
some of the central problems, revised the Opposition parties — Chunaav Aayog trek for several days to reach the polling 2024 reflects the desire of the and accountability legal and political challenges. The value
and updated the volume and has added (Election Commission) cannot be Churao booths and use all modes of transport ruling dispensation to divide the during elections. of the book lies in its ability to clearly
to it, bringing it up to date to the 2024 Aayog (Theft Commission), per Congress like bullock-carts, camels or sometimes electorate and push the party’s There’s an interesting chapter on and succinctly — and bravely — explain
Lok Sabha polls. The pages are replete MP in the Rajya Sabha, Jairam Ramesh — even elephants. And yet, the same sectarian ideology”. money power in elections that has a central issues, including the
with anecdotes, case studies and amid the cacophony that elections have system allows dead people to vote and There is a big section on “paid news” checklist of the modus operandi of controversies surrounding the men who
analyses. The book is divided into 16 been “stolen” has its origins in two issues. enables the same person to vote, and the media. However, the rising tide illegal expenses during elections. The are appointed to the top posts in ECI. For
chapters like Engaging Youth: One, obviously the Election Commission sometimes 15 times. of influencers on channels such as items range from envelopes of cash anyone who wants to understand
Converting Subjects into Citizens, is the only agency that has the power to With the looming challenge of the YouTube, deployment of artificial hidden inside newspapers and slipped elections in India, warts and all, this is a
Secure Elections, Safer Democracy, order revision of electoral rolls. But what ongoing census, revision of electoral rolls intelligence, augmented reality and beneath the electors’ door to cash go-to work, a labour of love.
12 lucknow | THuRSDAY, 14 AuGuST 2025 B
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BLUE CHIP TEX INDUSTRIES LIMITED 9 ? ? % ?A
CIN: L17100DN1985PLC005561
Regd Off: Plot No. 63-B, Danudyog Sahakari Sangh Ltd, Village Piparia, Silvassa, U.T. of Dadra & Nagar Haveli – 396230 ,>( "& # : : 9> > >> *> >
7>@( ' ? 3 >
17 9 5 ( 1**117) 175!$ %&&$"
Tel no.: +91 (0260) 299 1068, Email: bluechiptex@gmail.com, Website: www.bluechiptexindustrieslimited.com
Corp Off: 15-17, Maker Chambers III, Jamnalal Bajaj Road, Nariman Point, Mumbai – 400021, Maharashtra. Tel no: 022 4353 0400
Notice of the 40th Annual General Meeting of the Company to be convened through Video Conferencing
(VC) or Other Audio Visual Means (OAVM)
1. PUBLIC NOTICE is hereby given that in compliance with the provisions of the Companies Act, 2013 and the requirements of the
General Circular No. 10 / 2022 dated 28th December, 2022 and the latest being General Circular No. 09 / 2024 dated 19th September,
2024 issued by the Ministry of Corporate Affairs (hereinafter referred to as ‘MCA Circular’), the 40th Annual General Meeting
(‘AGM’) of Blue Chip Tex Industries Limited (‘the Company’) will be held through Video Conferencing (‘VC’) or Other Audio Visual
Means (‘OAVM’) on Tuesday, 23rd September, 2025 at 11.45 a.m., to transact the Ordinary and Special Businesses as set out
in the Notice dated 6th August, 2025 convening the AGM. The said MCA Circular has allowed the Companies to conduct their AGM
through VC or OAVM in accordance with the requirements provided in paragraphs 3 and 4 of the General Circular No. 20 / 2020
dated 5th May, 2020 and in the manner provided in General Circular No. 14 / 2020 dated 8th April, 2020 and General Circular No.
17 / 2020 dated 13th April, 2020 issued by MCA. Accordingly in compliance with the requirements of the aforesaid MCA General
Circulars, the Company is convening its 40th AGM through VC or OAVM, without the physical presence of the Members at a
common venue.
2. The MCA Circular dated 5th May, 2022 read with MCA General Circular No. 20 / 2020 dated 5th May, 2020 and SEBI Circular No.
SEBI/HO/CFD/CMD2/CIR/P/2022/62 dated 13th May, 2022 read with SEBI Circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/79
dated 12th May, 2020 and SEBI Circular No. SEBI/HO/CFD/PoD-2/P/CIR/2023/4 dated 05th January, 2023 has granted relaxations
to the Companies, with respect to printing and dispatching of physical copies of Annual Report to shareholders. Accordingly, the
Company will only be sending soft-copy of the Notice convening the 40th AGM and Annual Report 2024-25 to the shareholders
whose email IDs are registered with the Company / Registrar and Share Transfer Agent (‘RTA’) / Depository Participants (‘DPs’)
as on cut-off date i.e. Friday, 22nd August, 2025. Those shareholders of the Company whose email IDs are not updated with the
Company / RTA / DPs can avail soft-copy of the 40th AGM Notice and Annual Report 2024-25 by raising a request to the Company
at bluechiptex@gmail.com. Alternatively, the Notice of 40th AGM and Annual Report 2024-25 will also be made available on the
Company’s website i.e. www.bluechiptexindustrieslimited.com, on the website of CDSL i.e. www.evotingindia.com and on the
website of BSE Limited i.e. www.bseindia.com.
3. Further, Members are requested to register/update their address and e-mail address to their DPs in case of shares held in
electronic form and to the Company and/or its RTA in case of shares held in physical form for receiving all communications,
including Annual Report, Notices, Circulars etc. from the Company in future.
4. Members who are holding shares in physical form or whose email addresses are not registered with the Company can cast
their vote through remote e-voting or through the e-voting at the time of the AGM in the manner and following the instructions
as mentioned below:
A) Manner in which Members whose email addresses are not registered with the Company / RTA / Depositories can obtain
credentials for e-voting:
a. Members holding shares in Physical form are requested to provide necessary details like Folio No., Name of Member,
scanned copy of the share certificate (front and back), PAN (self-attested scanned copy of PAN card), AADHAR (self-
attested scanned copy of Aadhar Card) by email at the Company’s email ID i.e. bluechiptex@gmail.com / RTA’s email ID
i.e. investor@bigshareonline.com.
b. Members holding shares in Demat mode are requested to provide Demat account details (CDSL-16 digit beneficiary ID or
NSDL-16 digit DPID + CLID), Name, client master or copy of Consolidated Account statement, PAN (self-attested scanned
copy of PAN card), AADHAR (self-attested scanned copy of Aadhar Card) by email at the Company’s email ID i.e.
bluechiptex@gmail.com / RTA’s email ID i.e. investor@bigshareonline.com.
B) Instructions for Members for remote e-voting are as under:
a. The voting period begins on Friday 19th September, 2025 at 9:00 a.m. and ends on Monday 22nd September, 2025 at 5:00
p.m. During this period Members of the Company, holding shares either in physical form or in dematerialized form, as on
the cut-off date i.e. 16th September, 2025, may cast their vote electronically. The remote e-voting module shall be disabled
by CDSL for voting thereafter.
b. The Members should log on to the e-voting website www.evotingindia.com.
c. Click on “Shareholders/Members” module.
d. Now enter your User ID
• For CDSL: 16 digits beneficiary ID,
• For NSDL: 8 Character DP ID followed by 8 Digits Client ID,
• Members holding shares in Physical Form should enter Folio Number registered with the Company.
e. Next enter the Image Verification as displayed and Click on Login.
f. If the Member is holding shares in demat form and had logged on to www.evotingindia.com and voted on an earlier e-voting
of any company, then your existing password of the Member is to be used.
g. If the Member is a first time user, then follow the steps given in the Notice convening the 40th AGM.
h. Click on the relevant EVSN of the Company to vote.
i. On the voting page, the Member will see “RESOLUTION DESCRIPTION” and against the same the option “YES/NO” for voting.
Select the option YES or NO as desired. The option YES implies that the Member assent to the Resolution and option NO
implies that the Member dissent to the Resolution.
j. Click on the “RESOLUTIONS FILE LINK” if the Member wishes to view the entire Resolution details.
k. After selecting the resolution the Member have decided to vote on, click on “SUBMIT”. A confirmation box will be displayed.
If the Member wish to confirm your vote, click on “OK”, else to change their vote, click on “CANCEL” and accordingly modify
the vote.
l. Once the Member “CONFIRMS” his / her vote on the resolution, the Member will not be allowed to modify his / her vote.
m. If a demat account holder has forgotten the changed login password then Enter the User ID and the image verification code
and click on Forgot Password & enter the details as prompted by the system.
C) Instructions for Members for attending the AGM through VC/OAVM and e-voting during the AGM are as under:
a. The procedure for attending meeting & e-Voting on the day of the AGM is same as the instructions mentioned above for
remote e-voting.
b. Only those Members, who are present in the AGM through VC/OAVM facility and have not cast their vote on the Resolutions
through remote e-voting and are otherwise not barred from doing so, shall be eligible to vote through e-voting system
available during the AGM.
c. If any Votes are cast by the Members through the e-voting available during the AGM and if the same Members have not
participated in the meeting through VC/OAVM facility, then the votes cast by such Members shall be considered invalid as
the facility of e-voting during the meeting is available only to the Members attending the meeting.
d. Members who have voted through remote e-voting will be eligible to attend the AGM, however, they will not be eligible to
vote at the AGM. In case Members cast their vote both by remote e-voting and e-voting at the time of AGM, then voting done
through remote e-voting shall prevail and voting done by e-voting at the time of AGM will be treated as invalid.
Members may also refer the detailed instructions as specified in the Notice dated 06th August, 2025 convening the 40th AGM of the
Company.
By Order of the Board of Directors
For Blue Chip Tex Industries Limited
Sd/-
Place: Mumbai Binita Gosalia
th
Date: 14 August, 2025 Company Secretary & Compliance Officer
B LUCKNOW | THURSDAY, 14 AUGUST 2025 13
bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb

ManipalCigna Health Insurance Company Limited (Formerly

known as CignaTTK Health Insurance Company Limited)
Corporate Identity Number: U66000MH2012PLC227948.
Registered Oice: 4th Floor - Unit No. 401/402, Raheja
Titanium, Of. Western Express Highway, Goregaon (East),
Mumbai – 400 063. Maharashtra, India. IRDAI Regn. No. 151
T: +91 22 61703600.
Website: www.manipalcigna.com Email: customercare@manipalcigna.com

NOTICE OF RELOCATION OF THE

MANIPALCIGNA HEALTH INSURANCE COMPANY
LIMITED KOLHAPUR BRANCH OFFICE

Please note that with efect from 15th October 2025

our Kolhapur Branch Oice is shifting:

From: To:
1667-1669, 2nd Floor, Unit no 401, 4th Floor, ‘Aurum’,
White Box, Rajarampuri, CS No 247/3, E Ward, Aditya EXTRACT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2025
11th Lane, Rajarampuri Main Corner, Tarabai Park, Kolhapur- (₹ in crores)

Road, Kolhapur - 416008, 416003, Maharashtra, India. STANDALONE

Maharashtra, India. Sl.
Particulars
Quarter ended Year ended
No.
June 30, 2025 March 31, 2025 June 30, 2024 March 31, 2025
(Unaudited) (Audited) (Unaudited) (Audited)
Place : Kolhapur 1. Total Income from Operations 1,029.60
Date : 14th August 2025 2.
243.52 239.56 247.71

3.
243.52 239.56 247.71

4.
179.31 191.67 181.17 787.15

5.
335.78 451.45 327.61

6.
193.78 193.71 193.71 193.71

7.
8. 381.95 381.37 381.37 381.37
9.
10.
11.
12. 5.67 5.86 4.55 5.86
13.

9.25 9.89 9.35 40.64

8.58 9.52 9.00 39.10
14.
15.
16.
17.
Notes:

By and on behalf of the Board of Directors

For Muthoot FinCorp Limited
Sd/-
Thomas John Muthoot
Place: Thiruvananthapuram
Managing Director
Date: August 13, 2025 DIN: 00011618

KEMP & COMPANY LIMITED

Regd. Office: 5 Floor, DGP House, 88C, Old Prabhadevi Road,
th

Mumbai – 400 025 CIN: L24239MH1982PLC000047

TEL: 022 66539050 FAX: 022 66539089
Email: kemp-investor@kempnco.com WEB: www.kempnco.com
TH
NOTICE OF THE 144 ANNUAL GENERAL MEETING
NOTICE is hereby given that the 144th Annual General Meeting (“AGM”) of Kemp &
Company Limited (“the Company”) will be held on Tuesday, 9th September, 2025, at
3:00 p.m. IST through Video Conferencing (“VC”) / Other Audio Visual Means
(“OAVM”) in compliance with circulars issued by the Ministry of Corporate Affairs
(“MCA”) vide General Circular Nos. 14/2020, 17/2020, 20/2020,02/2021, 21/2021,
02/2022, 10/2022, 09/2023 and 09/2024 dated April 8, 2020, April 13, 2020, May 5,
2020, January 13, 2021, December 14, 2021, May 5, 2022, December 28, 2022,
September 25, 2023 and September 19, 2024 respectively (collectively referred to as
'MCA Circulars'), to transact the Ordinary and Special Business as set out in the Notice
of AGM.
In compliance with provisions of the above MCA circulars, the Companies Act, 2013
(“Act”) and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
(“SEBI Listing Regulations”), the notice of the AGM along with the Annual Report
2024-25 shall be sent only by electronic mode to those Members whose email
addresses are registered with the Company/ Depositories. Members may note that the
Notice and Annual Report 2024-25 will also be available on the Company's website
www.kempnco.com, website of the Stock Exchange i.e. BSE Limited at
www.bseindia.com and on the website of NSDL https://www.evoting.nsdl.com.
Members can attend and participate in the AGM through VC / OAVM only. Members
attending the AGM through VC / OAVM shall be counted for the purpose of reckoning
the quorum under Section 103 of the Act.
The Company is providing remote e-voting facility (“remote e-voting”) to all its
members to cast their votes on all resolutions set out in the notice of the AGM.
Additionally the Company is providing the facility of voting through e-voting system
during the AGM (“e-voting”). The remote e-voting period commences on Saturday, 6th
September, 2025 at 9:00 a.m. (IST) and ends on Monday, 8th September, 2025 at 5:00
p.m. (IST). During this period, Members holding shares either in physical form or in
dematerialized form, as on Tuesday, 2nd September, 2025 i.e. cut-off date, may cast
their vote electronically. The e-voting module shall be disabled by NSDL for voting
thereafter. Those Members, who will be present in the AGM through VC / OAVM facility
and have not cast their vote on the Resolutions through remote e-voting and are
otherwise not barred from doing so, shall be eligible to vote through e-voting system
during the AGM.
Detailed procedure for remote e-voting, attending the AGM through VC/OAVM and
e-voting for all members is provided in the Notice of the AGM.
If your Email ID is already registered with the Company/Depository, login details for
e-voting are being sent on your registered email address.
In case you have not registered your email id, please follow the below instructions for
obtaining Annual Report and user id/password for e-voting.
Physical Holding Send a request by filing Form ISR-1 along with relevant proofs to
MUFG Intime India Private Limited at Unit: Kemp & Company
Limited, C 101, 247 Park, LBS Marg, Vikhroli (West), Mumbai
400083 or by mailing the scan copies of the documents, duly
signed, from their email id registered with MUFG Intime at
https://web.in.mpms.mufg.com/helpdesk/Service_Request.html.
Format of Form ISR-1 is available on the RTA website at
https://www.in.mpms.mufg.com>R esources>Downloads>K
YC>Formats for KYC and on Company's website at
https://www.kempnco.com/updates-for-shareholders/
FORMFOR.pdf
Demat Holding Please contact your Depository Participant (DP) and register your
email address and bank account details in your demat account, as
per the process advised by your DP
For KEMP & COMPANY LIMITED
Place: Mumbai Karan Gudhka
th
Date: 14 August, 2025 Company Secretary
14 LUCKNOW | THURSDAY, 14 AUGUST 2025 B
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CIN: L15142MH2001PLC133714
RAJ OIL MILLS LIMITED
RAJSHREE POLYPACK LIMITED
Regd Oice: 503-504, Lodha Supremus, Building No.1, 5th Floor, Road No. 22, Near New Passport Oice,
Registered Office Address: 224-230 BELLASIS ROAD MUMBAI - 400008
Wagle Estate, Thane (W) – 400 604. India
Corporate Office Address: 205, Raheja Centre, Free Press Journal Marg, 214, Nariman point, Mumbai – 400021.
Email: contact@rajoilmillsltd.com |Phone: 022 -66666988/989 | Website: www.rajoilmillsltd.com Corporate Oice: 502, Lodha Supremus, Building No.1, 5th Floor, Road No. 22, Near New Passport Oice,
Wagle Estate,Thane (W) – 400 604. Tel: +91 22 2581 8200
EXTRACT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND THREE-MONTHS ENDED JUNE 30, 2025
(Rs. in Lakhs except EPS) CIN: L25209MH2011PLC223089 Website: www.rajshreepolypack.com
Sr. Quarter Ended Year Ended EXTRACT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2025
Particulars (₹ in Lakhs)
No. 30/06/2025 31/03/2025 30/06/2024 31/03/2025
Un-Audited Audited Un-Audited Audited SI Pariculars Quarter Ended Year Ended
1. Total Income From Operations 3360.58 3,224.08 2124.93 11451.33 N0. Jun 30, 2025 Mar 31, 2025 Jun 30, 2024 Mar 31, 2025
2. Net Profit/(Loss) for the period Unaudited Audited Unaudited Audited
1 Total Income from Operaions 8,444.50 9,174.37 7,976.17 33,469.67
(before tax, Exceptional and /or Extraordinary Items) 136.51 134.47 (76.53) 280.33
3. Net Profit/(Loss) for the period before tax
2 Net Proit / (Loss) for the period (before Tax, Excepional and/ 540.70 502.10 527.09 1,941.33
(after Exceptional and /or Extraordinary Items) 136.51 134.47 (76.53) 280.33 or Extraordinary Items)
4. Net Profit / (Loss) for the period after tax
3 Net Proit / (Loss) for the period before tax (ater Excepional 540.70 502.10 348.08 1,297.57
(after Exceptional and/or Extraordinary items) 140.65 131.24 (79.15) 269.68 and/or Extraordinary Items)
4 Net Proit / (Loss) for the period ater tax (ater Excepional 408.27 364.82 202.84 796.10
5. Total Comprehensive Income for the period [Comprising Profit / (Loss)
for the period (after tax) and Other Comprehensive Income (after tax)] 140.65 135.46 (79.15) 273.90 and/or Extraordinary Items)
5 Total Comprehensive Income for the period 409.77 362.99 205.46 802.12
6. Equity Share Capital 1498.87 1498.87 1498.87 1498.87
7. Reserves (excluding Revaluation Reserve) as shown in the
6 Equity Share Capital 3,712.20 3,667.20 3,665.20 3,667.20
Audited Balance Sheet of the previous year (1759.11) (1899.76) (2255.69) (1899.76)
8. Earnings Per Share (of Rs. 10/- each) 7 Other Equity (Excluding Revaluaion Reserve) - - - 12,314.47
(for continuing and discontinuing operations) 8 Earning Per Share :
i) Basic 0.94 0.88 (0.53) 1.80 Basic 0.55 0.50 0.28 1.09
ii) Diluted 0.94 0.88 (0.53) 1.80 Diluted 0.55 0.50 0.28 1.08
Notes : EXTRACT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2025
• The above results have been reviewed and recommended by the Audit Committee and approved by the Board of Directors at its meeting (₹ in Lakhs)
held on Wednesday, August 13, 2025.
SI Pariculars Quarter Ended Year Ended
• The above is an extract of the detailed format of the Un-audited Financial Results for the quarter and three-months ended June 30, 2025
N0. Jun 30, 2025 Mar 31, 2025 Jun 30, 2024 Mar 31, 2025
filed with the Stock Exchanges under Regulation 33 of the SEBI (Listing and Other Disclosure Requirements) Regulations, 2015. The
full format of the Un-audited Financial Results for the quarter and three-months ended June 30, 2025 are available on the websites of Unaudited Audited Unaudited Audited
the concerned Stock Exchanges at www.bseindia.com and www.nseindia.com and also on the website of the Company at 1 Total Income from Operaions 8,444.50 9,174.37 7,994.95 33,469.67
www.rajoilmillsltd.com. 2 Net Proit / (Loss) for the period (before Tax, Excepional and/ 540.70 502.10 545.87 1,941.33
• Figures for the previous quarter has been regrouped and rearranged wherever necessary. or Extraordinary Items)
3 Net Proit / (Loss) for the period before tax (ater Excepional 540.70 502.10 545.87 1,941.33
For Raj Oil Mills Limited and/or Extraordinary Items)
Sd/-
4 Net Proit / (Loss) for the period ater tax (ater Excepional 408.27 364.82 400.63 1,439.86
and/or Extraordinary Items)
Place: Mumbai Priya Pandey
Date: August 13, 2025 Company Secretary & Compliance Officer
5 Total Comprehensive Income for the period 409.77 362.99 403.25 1,445.88
6 Equity Share Capital 3,712.20 3,667.20 3,665.20 3,667.20
7 Other Equity (Excluding Revaluaion Reserve) - - - 13,065.97
8 Earning Per Share :
Basic 0.55 0.50 0.55 1.96
Diluted 0.55 0.50 0.55 1.96
Notes:
1 The above results for the quarter ended June 30, 2025 were reviewed by the Audit Commitee and approved by the Board of
Directors of the Company at the meeing held on Wednesday, August 13, 2025. The Statutory Auditors of the Company have
carried out Limited Review of the aforesaid results.
2 The above is an extract of the detailed format of Unaudited Standalone and Consolidated Financial Results iled with the Stock
Exchanges under Regulaion 33 of the SEBI (Lising Obligaionsand Disclosure Requirements) Regulaions,2015. The full format
of the Unaudited Standalone and Consolidated Financial Results are available on the websites of the Stock Exchanges i.e. www.
nseindia.com and on the Company‘s website www.rajshreepolypack.com.
3 The igures for quarter ended March 31, 2025 are arrived as diference between audited igures in respect of full inancial year
and the unaudited published igures upto nine months of the relevant inancial years, which were subject to limited review.
For and on Behalf of the Board of Directors
Ramswaroop Radheshyam Thard
Chairman & Managing Director
Date: August 13, 2025 DIN: 02835505
B LUCKNOW | THURSDAY, 14 AUGUST 2025 15
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NAVAYUGA ENGINEERING COMPANY LIMITED

CIN: U45203AP1986PLC006925
Regd. Office : D No # 48-9-17, Dwaraka Nagar, Visakhapatnam, Andhra Pradesh - 530016
Corporate Office: Plot No.379, Road No.10, Jubilee Hills, Hyderabad, Telangana - 500 033
Email: cs@necltd.com Website: www.navayuga.com
Phone: 040-23339990 Fax: 040-23337789
NOTICE TO THE SHAREHOLDERS
Notice is hereby given to the Shareholders of Navayuga Engineering
Company Limited regarding Dematerialisation of Shares held in physical
form and KYC Updation. Sammaan Capital Limited (Formerly Indiabulls Housing Finance Limited) (as standalone entity)
As Shareholders are aware that, pursuant to Rule 9A of the Companies (CIN: L65922DL2005PLC136029)
(Prospectus and Allotment of Securities) Rules, 2014, inter-alia no sale or
Standalone Financial Results for the quarter ended June 30, 2025
transfer of shares is permitted in physical form. In this context, we request
Additional Information in Compliance with the provisions of Regulation 52(4) of the SEBI (Listing Obligations And Disclosure
the Shareholders holding shares in physical form to kindly convert shares
Requirements) Regulations, 2015.
from physical form to demat form at the earliest possible. Dematerialisation
facility for the Equity Shares of Navayuga Engineering Company Limited is Particulars As on June 30, 2025
available with both the Depositories i.e NSDL and CDSL bearing ISIN 1 Debt Equity Ratio 1.78
INE951J01017. (Debt Securities + Borrowings (Other than Debt Securities) + Subordinated
liabilities) / Own Funds)
For the purpose of dematerialization, physical shareholders are requested
to approach or contact respective Depository Participant (DP) with whom 2 Debt Service Coverage Ratio Not Applicable, being an NBFC
Demat Account has been opened. In case no Demat Account has been 3 Interest Service Coverage Ratio Not Applicable, being an NBFC
opened so far, then any DP in local/preferable area may be contacted for the 4 Outstanding Redeemable Preference Shares (quantity and value) N.A.
5 Capital Redemption Reserve (Rs. in Crores) 0.36
purpose.
6 Debenture Redemption Reserve (Rs. in Crores) 146.39
Further, in order to facilitate timely and seamless statutory communications 7 Equity (Equity share capital + Other equity) (Rs. in Crores) 23,064.80
and processing of shareholders benefits like dividend, if any, Shareholders 8 Net Proit after Tax (Rs. in Crores) 297.44
of Navayuga Engineering Company Limited are hereby advised to update 9 Earnings per Share (EPS) - Basic (Amount in Rs.) - not annualised 3.59
their e-mail address, mobile numbers, address, PAN, bank mandates and Diluted (Amount in Rs.) - not annualised 3.59
nominations with their Depository Participants/ with the Company at Email 10 Current Ratio Not Applicable, being an NBFC
id: cs@necltd.com/ RTA i.e., Kfin Technologies Limited at Email id: 11 Long term debt to working capital Not Applicable, being an NBFC
einward@kfintech.com to enable them to receive communications from the 12 Bad debts to Account receivable ratio Not Applicable, being an NBFC
Company. 13 Current liability ratio Not Applicable, being an NBFC
Navayuga Engineering Company Limited 14 Total debts to total assets (Debt Securities + Borrowings (Other than Debt 0.59
Sd/- Securities) + Subordinated liabilities) / Total Assets
Ashish Kumar 15 Debtors turnover Not Applicable, being an NBFC
Date : 13.08.2025 Company Secretary 16 Inventory turnover Not Applicable, being an NBFC
Place : Hyderabad FCS 8151 17 Operating Margin Not Applicable, being an NBFC
18 Net proit Margin (Proit after tax / Total Income) 13.52%
19 Other Ratios (not subjected to review)
(A) % of Gross Non Performing Assets (Gross NPA / Loan Book) 2.07%
(B) % of Net Non Performing Assets (Net NPA / Loan Book) 1.20%
(C) Liquidity Coverage Ratio (%) for Q1 FY 26 280%
(D) Capital to risk-weighted assets ratio (Calculated as per RBI guidelines) 29.17%

Sammaan Finserve Limited

(Formerly Indiabulls Commercial Credit Limited)
Unaudited Financial Results for the quarter ended June 30, 2025
Additional Information in Compliance with the provisions of Regulation 52(4) of the SEBI (Listing Obligations And
Disclosure Requirements) Regulations, 2015
Particulars June 30, 2025
1 Debt Equity Ratio 1.15
(Loan Funds / Own Funds)
2 Debt Service Coverage Ratio Not Applicable, being an NBFC
3 Interest Service Coverage Ratio Not Applicable, being an NBFC
4 Outstanding Redeemable Preference Shares (quantity and value) N.A.
5 Capital Redemption Reserve (Rs. in Crores) 4.00
6 Debenture Redemption Reserve (Rs. in Crores) 1.01
7 Equity (Equity share capital + Other equity) (Rs. in Crores) 3,088.99
8 Net Loss after Tax (Rs. in Crores) 44.37
9 Earnings per Share (EPS) - Basic and Diluted (Amount in Rs.) 0.36
10 Current Ratio Not Applicable, being an NBFC
11 Long term debt to working capital Not Applicable, being an NBFC
12 Bad debts to Account receivable ratio Not Applicable, being an NBFC
13 Current liability ratio Not Applicable, being an NBFC
14 Total debts to total assets (Debt Securities + Borrowings (Other than Debt 0.49
Securities) + Subordinated liabilities) / Total Assets
15 Debtors turnover Not Applicable, being an NBFC
16 Inventory turnover Not Applicable, being an NBFC
17 Operating Margin Not Applicable, being an NBFC
18 Net proit Margin (Proit / Loss after tax / Total Income) - Quarter ended 30 18.13
June 2025
19 Other Ratios (not subjected to review)
A % of Gross Non Performing Assets (Gross NPA / Loan Book) 0.91%
B % of Net Non Performing Assets (Net NPA / Loan Book) 0.38%
C Capital to risk-weighted assets ratio (Calculated as per RBI guidelines) 27.26%
D Liquidity Coverage Ratio (%) for Q1 FY 26 566%

Sammaan Finserve Limited

Sammaan Capital Limited (Formerly Indiabulls Commercial Credit Limited) (CIN: U65923DL2006PLC150632)
(Formerly Indiabulls Housing Finance Limited) (CIN: L65922DL2005PLC136029) Extract of Unaudited Financial Results for the quarter ended June 30, 2025
Extract of Consolidated Unaudited Financial Results for the quarter ended June 30, 2025 (Rupees in Crores)
(Rupees in Crores)
Quarter ended Year ended Quarter ended
Quarter ended Year ended Quarter ended Sr. No. Particulars
Sr.No. Particulars 30.06.25 31.03.25 30.06.24
30.06.25 31.03.25 30.06.24 (Unaudited) (Audited) (Unaudited)
(Reviewed) (Audited) (Reviewed) 1. Total Income from Operations 244.55 1,267.33 409.14
2. Net Proit / (Loss) for the period (before Tax, Exceptional and/or Extraordinary items) 61.71 (3,622.49) 103.12
1. Total Income from Operations 2,400.33 8,623.33 2,206.67 3. Net Proit / (Loss) for the period before tax (after Exceptional and/or Extraordinary 61.71 (3,622.49) 103.12
2. Net Proit / (Loss) for the period (before Tax, Exceptional and/or Extraordinary items) 468.11 (2,375.57) 437.14 items)
3. Net Proit / (Loss) for the period before tax (after Exceptional and/or Extraordinary items) 468.11 (2,375.57) 437.14 4. Net Proit / (Loss) for the period after tax (after Exceptional and/or Extraordinary 44.37 (2,717.92) 76.40
4. Net Proit / (Loss) for the period after tax (after Exceptional and/or Extraordinary items) 334.30 (1,807.46) 326.76 items)
5. Total Comprehensive Income / (Loss) for the period [Comprising Proit for the period (after 232.65 (1,660.24) 413.84 5. Total Comprehensive Income for the period [Comprising Proit / (Loss) for the period 11.18 (2,607.59) 134.79
tax) and Other Comprehensive Income (after tax)] (after tax) and Other Comprehensive Income (after tax)]
6. Equity Share Capital 162.70 162.70 113.74 6. Paid-up Equity Share Capital 247.80
7. Earnings per Share (EPS) (not annualised) (for continuing and discontinued operations) 7. Reserves excluding Revaluation Reserves (as per balance sheet of previous 2,823.24
-Basic (Amount in Rs.) 4.10 (26.70) accounting year)
5.43
-Diluted (Amount in Rs.) 4.10 (26.70) 8. Securities Premium Account 3,249.41
5.41
9. Equity (Equity share capital + Other equity) 3,071.04
Notes:
10. Debt Capital / Outstanding Debt 3,297.20
1. The above results have been reviewed by the Audit Committee on August 13, 2025 and subsequently approved at the meeting of the Board of Directors held on August 11. Outstanding Redeemable Preference Shares -
13, 2025. 12. Debt Equity Ratio 1.07
2. The inancial results have been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 – Interim 13. Earnings per Share (EPS) before extraordinary items
Financial Reporting, notiied under Section 133 of the Companies Act, 2013 read with Companies (Indian Accounting Standards) Rules 2015, as amended from time to *(EPS for the quarters are not annualised)
time, and other accounting principles generally accepted in India and in compliance with Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure -Basic (Amount in Rs.) 0.36 (43.47) 0.83*
Requirements) Regulations, 2015 as amended from time to time. -Diluted (Amount in Rs.) 0.36 (43.47) 0.83*
3. Key Standalone Financial Information: (Rupees in Crores) -Face Value (Amount in Rs.) 2.00 2.00 10.00
14. Capital Redemption Reserve (Rs. in Crores) 4.00
15. Debenture Redemption Reserve (Rs. in Crores) 1.01
Quarter ended Year ended Quarter ended
16. Debt Service Coverage Ratio Not Applicable, being an NBFC
Particulars
17. Interest Service Coverage Ratio Not Applicable, being an NBFC
30.06.25 31.03.25 30.06.24
(Reviewed) (Audited) (Reviewed) Notes:
Total Income 2,200.20 7,671.14 1,933.57 1. The above results have been reviewed by the Audit Committee on August 12, 2025 and subsequently approved at the meeting of the Board of Directors held on August
Proit before Tax 411.62 1,273.78 338.93 13, 2025.
Net Proit after Tax 297.44 942.69 256.63 2. This unaudited inancial results of the Company for the quarter ended June 30, 2025 has been prepared in accordance with the requirement of Regulation 52 of SEBI
4. The above is an extract of the detailed format of Quarterly / Annual Financial Results iled with the Stock Exchanges under Regulation 33 of the SEBI (Listing and (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended from time to time.
Other Disclosure Requirements) Regulations, 2015. The full format of the Quarterly / Annual Financial Results are available on the Company's website (https://www. 3. The above is an extract of the detailed format of Quarter ended / Annual Financial Results iled with the Stock Exchanges under Regulation 52 of the SEBI (Listing and
sammaancapital.com) and on the website of BSE (http://www.bseindia.com) and NSE (http://www.nseindia.com). Other Disclosure Requirements) Regulations, 2015. The full format of the Quarter ended / Annual Financial Results are available on the Company's website (http://www.
5.Figures for the prior year / period have been regrouped and / or reclassiied wherever considered necessary. sammaaninserve.com) and on the website of BSE (http://www.bseindia.com) and NSE (http://www.nseindia.com).
4. Figures for the prior year / period have been regrouped and / or reclassiied wherever considered necessary.
Registered Oice: A - 34, 2nd & 3rd Floor, Lajpat Nagar-II, New Delhi-110024
Registered Oice: 2nd Floor, Plot NO-3, Block-A, Pocket-2, Sector-17,
For Details Kindly Scan Below QR Code
Dwarka Residential Scheme, Dwarka, New Delhi- 110075.
For Details Kindly Scan Below QR Code

Place: Mumbai For and on behalf of the Board of Directors

For and on behalf of the Board of Directors
Date : August 13, 2025
Place: Mumbai
Gagan Banga Rajiv Gandhi
Date : August 13, 2025
Vice-Chairman, Managing Director & CEO Managing Director & CEO
16 lucknow | THuRSDAY, 14 AuGuST 2025 B
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PFIZER LIMITED
CIN: L24231MH1950PLC008311
The Capital, 1802/1901, Plot No.C-70, G-Block, Bandra Kurla Complex, Bandra (E), Mumbai 400 051
Tel: +91 22 6693 2000 Fax: +91 22 2654 0274
Email ID: contactus.india@pfizer.com Website: www.pfizerltd.co.in
Extract of Statement of Unaudited Financial Results for the
Quarter ended 30 June 2025
(` in crore except earnings per share)
Year to date
Preceeding Corresponding figures for
Particulars Quarter 3 months 3 months current year
ended ended ended ended
30 June 31 March 30 June 31 March
2025 2025 2024 2025
Unaudited Audited Unaudited Audited
1 Total Income 670.22 636.49 604.70 2,453.60
2 Net Profit for the quarter/year (before Tax,
Exceptional and/or Extraordinary items) 259.53 252.99 202.62 843.28
3 Net Profit for the quarter/year before tax
(after Exceptional and/or Extraordinary items) 259.53 425.80 202.62 1,016.09
4 Net Profit for the quarter/year after tax (after
Exceptional and/or Extraordinary items) 191.75 330.94 150.71 767.60
5 Total Comprehensive Income for the
quarter/year [Comprising Profit for the
period(after tax) and Other Comprehensive
Income (after tax)] 190.83 333.29 150.17 768.34
6 Equity Share Capital 45.75 45.75 45.75 45.75
7 Reserves (excluding Revaluation Reserve)
as shown in the Audited Balance Sheet of
the previous year - - - 4,171.66
8 Earnings per share (of ₹10/- each)
(not annualised)*
Basic: 41.91* 72.34* 32.94* 167.79
Diluted: 41.91* 72.34* 32.94* 167.79
Note:
1. The above is an extract of the detailed format of Quarterly Financial Results filed with the Stock Exchanges
under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The
full format of the Quarterly Financial Results are available on the Stock Exchanges websites viz.
www.bseindia.com and www.nseindia.com. The same is also available on the Company's website at
www.pfizerltd.co.in

For Pfizer Limited

Meenakshi Nevatia
August 13, 2025 Managing Director

ECOS (INDIA) MOBILITY & HOSPITALITY LIMITED

(Formerly Ecos (India) Mobility & Hospitality Private Limited)
Registered & Corporate Ofice: 45, First Floor, Corner Market, Malviya Nagar, New Delhi, India – 110017
Corporate Identity Number: L74999DL1996PLC076375
Phone: +91 11 41326436 | Website: www.ecosmobility.com | E-mail: legal@ecosmobility.com

STATEMENT OF UNAUDITED FINANCIAL RESULTS (STANDALONE AND CONSOLIDATED)

FOR THE QUARTER ENDED ON JUNE 30, 2025
The Board of Directors of the Company, at their meeting held on Tuesday,
August 12, 2025, approved the unaudited financial results (standalone and For more
consolidated) of the company for the quarter ended on June 30, 2025. information
The results along with the Limited Review Report, have been posted on the please scan:
Company’s website at www.ecosmobility.com and can be accessed by scanning
the QR Code.
By Order of the Board
For Ecos (India) Mobility & Hospitality Limited
Sd/-
Rajesh Loomba
Place: Delhi (Chairman & Managing Director)
Date: August 12, 2025 DIN: 00082353
Note: The above intimation is in accordance with the Regulation 33 read with Regulation
47(1) of SEBI (Listing Obligation & Disclosure Requirements) Regulations, 2015.

KALPATARU LIMITED
CIN: L45200MH1988PLC050144
Registered Oﬃce: 91, Kalpataru Synergy, Opposite Grand Hyatt, Santacruz (East), Mumbai - 400055.
Tel : +91 22 30645000; Website – www.kalpataru.com; Email : investor.cs@kalpataru.com

STANDALONE AND CONSOLIDATED UNAUDITED FINANCIAL

RESULTS FOR THE QUARTER ENDED JUNE 30, 2025
The Board of Directors of the Company at its meeting held on August 13, 2025 has
approved the standalone and consolidated unaudited ﬁnancial results for the
quarter ended June 30, 2025.
The standalone and consolidated unaudited ﬁnancial results of the Company along
with the Limited Review Reports of the Auditors thereon, are available on the website
of the Stock Exchanges at www.bseindia.com and www.nseindia.com and are also
posted on the Company's website at https://www.kalpataru.com/investor-corner. For Kalpataru Limited
The same can also be accessed by scanning the Quick Response Code. Sd/-
Parag Munot
Place : Mumbai Managing Director
Date : August 13, 2025 (DIN - 00136337)
B LUCKNOW | THURSDAY, 14 AUGUST 2025 17
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General Administration Department, Divisional Oﬃce Raebareli

First Floor, BSNL Oﬃce, Firoz Gandhi Nagar, Raebareli, U.P.-229001
Ph. No.: 817997717/8755186084, e-mail: coraebareligad@pnb.co.in
We hereby notify the Closure & Merger of the below branch with effect from 13.11.2025 Kind attention of Esteemed Customers of PNB!!!
efjkeâJejer DevegYeeie Recovery Section, ceC[ue keâeÙee&ueÙe, jeÙeyejsueer Circle Oﬃce: Raebareli- 229001
"Dear Customers, DEMAND NOTICE (UNDER SARFAESI ACT- 2002)
As per RBI guidelines, KYC updation is mandatory for all customers.
A Notice is hereby given that the following Borrowers/ Guarantors/ Mortgagors have defaulted in the repayment of principal and Payment of
If your account has become due for KYC updation as of 30.06.2025,
interest of the credit facility granted to them at their request by us and said facilities have turned Non Performing Assets. The Notice under
you are requested to get your KYC updated through PNB ONE/lBS/
section 13(2) of Securitization and Re-construction of Financial Assets and Enforcement of Security Interest Act. 2002 were issued to
registered e—mail/post or in person visit to any branch by
30.08.2025. Non updation may lead to restriction of operations in Borrowers/Guarantor/Mortgagors on their last available addresses as on below mentioned date. However the notices return undelivered.
your account. as such they are hereby informed by way of public notice about the same.
Amount
S. Name of the Borrower Details of Properties/ Address of Date of Date of outstanding
DATE : 14.08.2025
N. Secured Assets to be Enforced Notice NPA (As on the
date of notice
1. Borrower:- M/s Global Group of Marketing Prop. Mr. EM of land situated at Gata No. 1882
Vipin Kumar Srivastava S/o Mr. Laxmi Narayan & 1883 area 253 sq. mtr, Vill.
Rs.
ANGEL ONE LIMITED
Regd. Of: 601, 6th Floor, ACKRUTI STAR, CENTRAL ROAD, MIDC, ANDHERI EAST, MUMBAI -400093
Srivastava Add- Rana Complex Malikmau Chauraha Ahmadpur nazool, Raebareli, Uttar
Civil Lines Raebareli, Uttar Pradesh-229001 Pradesh in the name of Mr. Vipin
9,15,105.93/-
with further
Centralized desk : 18001020 Email id : support@angelone.in Borrower/Mortgagor:- (1) Mr. Vipin Kumar K u m a r S r i v a s t a v a H a v i n g
interest &
Member of : NSE / BSE / BSE REMISIER / MCX / MCX SX / NCDEX
Member IDs: NSE : 12798, BSE : 612, MCX : 12685,
Srivastava S/o Mr. Laxmi Narayan Srivastava H. N. B- Boundaries as per title deed dtd 30.07.2025 09.06.2025
Charges
NCDEX : 00220 SEBI Registration No: INZ000161534 NOTICE 212 Indira Nagar, Raebareli,Uttar Pradesh- 229001 01-08-2016 North- Land of seller
minus
This is to inform all concerned that we have initiated the process of cancellation of registration of our below mentioned Authorised (2) Mr. Vipin Kumar Srivastava S/o Mr. Laxmi Narayan South- Proposed Rasta 15 ft East-
Person (AP) due to regulatory reasons/concerns. Srivastava 237/29 Satya Nagar, Raebareli Uttar Plot of Morya Ji West- Proposed recovery
Name Of Trade Name of AP Address of AP AP Registration No. Pradesh - 229001 Rasta 15 ft
Authorised Person
Sanjeev Tiwari Sanjeev Tiwari House N0. 372/18-B Second Floor Patanjali NSE : AP0397616351 We call upon the above Borrowers/Guarantors/Mortgagors to discharge in full their liabilities within a period of 60 days from the date of
Megastorenear V Mart B.k.d. Chauraha BSE Reg. No. : AP01061201168880 publication of this notice failing which we will be exercising the powers under Section 13(4) of Securitization and Reconstruction of
Shakti Nagar Colony Near V Mart Jhansi MCX Reg. : MCX/AP/172205
284001 Uttar Pradesh
Financial Assets and Enforcement of Security interest Act 2002.
Innist Investments Innist Investments Bareban Chauraha Basti 272001 Uttar NSE : AP0397611563 Date: 14.08.2025 Place: Raebareli Authorized Officer, Punjab National Bank
And Brokings And Brokings Pradesh BSE Reg. No. : AP01061201165724
Private Limited Private Limited
Any person dealing with the above-mentioned Authorised Person henceforth shall do so at their own risk. ANGEL ONE
LTD. shall not be liable for any dealings with the said entity post the issuance of this notice. Investors having any queries or
concerns regarding this matter are requested to contact ANGEL ONE LTD. within 15 days from the date of issuing this notice.
Date : 14.08.2025 For ANGEL ONE LTD
Place : Uttar Pradesh Sd/-, Authorised Signatory
18 TAKE TWO lucknow | THuRSDAY, 14 AuGuST 2025 B
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Pragmatism over payback

Any sectoral costs of a US trade deal must be compared to the costs of or Opec will be able to increase supply
commensurate with that. The
not having a deal. External pragmatism coupled with internal reforms implication: Crude prices will rise
sharply around the world with its
can yet turn this impasse into an opportunity attendant consequences, whether
adversely impacting India’s current
account deficit or pushing up US
gasoline prices and impinging on the
US consumer.
So moving away from Russian oil
to secure a deal is not a panacea.
Instead, negotiators will need to go
back to the drawing board and look
illustration: binay sinha for mutually beneficial outcomes.
India stands to gain from preferential
access to US markets in labour-inten-
sive sectors. The US stands to gain
from India lowering tariffs on a host
of sectors, barring the very sensitive
ones. The very essence of com-
parative advantage is it can create
several win-win opportunities during
negotiations.
To those who ask, “Is all this really
worth it? Why can’t domestic demand
fill the gap?”, it is important to remind For those arguing that india should retaliate and escalate,
them that only 13 economies since the what iF president trump responds with a tax on india’s service
Second World War have grown at 7 per exports and gccs? given the manner in which nvidia and amd
cent or more for 25 years — like India were taxed at 15 per cent For chip sales in china, anything is
needs to. They all had one thing in possible in this environment. so india needs to be careFul not to
common: Strong export growth move up the escalation ladder
underpinned by strong global
engagement. The size of the global
market was the key source of demand
in each case. So we cannot succumb to implement the four Labour Codes; order. Only structural reforms can.
to the prevailing export pessimism. to double down on privatisation and The public backlash on US capri-
Instead, we must double down on our disinvestment; simplify and rational- ciousness is understandable. But
efforts to reach a trade deal with the ise the GST slabs; and expedite the policymakers have to pull off a more
US so as to complement the UK deal India-Euro trade deal. These will send delicate balancing act, recognising
and a potential Euro area trade deal. an unmistakable signal that India is the new world order. Optimising
More fundamentally, growth in an open for business. India’s interests in this environment
era of rising protectionism will need In the near term, supportive fiscal will require calmness, firmness, and
economic reforms more than ever and monetary policies may be needed cold and calculated pragmatism.
before. Only productivity-enhancing as a balm. Until any deal is reached, Economically, much has been made
reforms will increase the competitive- targeted sectoral fiscal support, about the costs of any trade deal. But
ness of India’s exports and its global liquidity and credit lines/guarantees these must be compared with the
market share at a time when global can temporarily cushion the blow for costs of not having one — and how
trade is subject to such disruption. exporters. Meanwhile, to the extent these costs will grow over time. Mean-
Only sustained economic reforms will that the balance of payments funda- while, we must use the current
unleash other growth drivers at a time mentals are impacted, the exchange moment to double-down on the next
“Things take longer to happen than But such a static analysis is missing when exports are facing headwinds. rate should serve as the automatic tranche of economic reforms.
you think they will, and then happen several components: India’s economic history is replete stabiliser. Recall, some exchange rate External pragmatism coupled with
faster than you thought they could.” n If India’s tariffs remain at 50 per with examples of external shocks depreciation will help mitigate the internal reforms can yet turn this
Meanwhile, India is the latest cent and competitors (Vietnam, opening up space for domestic punitive impact of tariffs, especially impasse into an opportunity. Let’s not
country in the crosshairs. Tariffs Indonesia, Bangladesh) are much reforms. We must seize the moment. at a time of such benign inflation. But miss the forest for the trees.
have been doubled to 50 per cent. lower at 19-20 per cent, India’s exports Now is the time to announce the cyclical policies can only provide vvvvvvvvvvvvvvvvvvvvvvvvv
Given the sectoral tariffs and exemp- to the US will face an existential risk deregulation commission — with a temporary support. They cannot be The writer is Head of Asia Economics
tions, the effective tariff on Indian over time. broad mandate and strict timelines; an antidote to the changing global at JP Morgan
imports is 34 per cent, lower only n There will then be second-round
than China (42 per cent). Given impacts. Fifty per cent of India’s
India’s repeated efforts to seek a deal, exports to the US are in labour-inten-
the capriciousness of US policy has sive sectors (textiles and clothing,
understandably elicited a strong gems and jewellery). These are heavy
Sajjid Z Chinoy reaction in India, with some com- job creators, and so a stall in exports
mentators urging authorities to look will have a knock-on impact on
the US in the eye, others proposing a employment and consumption.
The global trading order has been boycott of US goods, and yet others
upended more dramatically than suggesting India reciprocate with a n The elephant in the room is ser-
even the sceptics had envisioned 50 per cent tariff, thereby moving up vice exports. India’s services export to
under Trump 2.0. A multilateral, the escalation ladder. the US is estimated around 6 per cent
rules-based system has been But discretion is often the better of GDP — almost thrice as large as
uprooted and replaced with coercive part of valour. While India’s response goods exports — and is key to white-
bilateral mercantilism. What’s worse, will undoubtedly have to take into collar jobs and urban consumption.
tariffs have been weaponised for rea- account the economic and For those arguing that India should
sons far beyond trade. From fentanyl geopolitical calculus, it’s important retaliate and escalate, what if Presi-
to judicial rulings in sovereign coun- to be clear about the economic costs dent Trump responds with a tax on
tries, to purchases of crude, to geo- of living with a 50 per cent tariff on India’s service exports and global
political proclivities — everything is exports to the US — our largest capability centres (GCCs)? Given the
now fair game. export market. manner in which Nvidia and AMD
The implication is a byzantine The focus by commentators thus were taxed at 15 per cent for chip sales
spaghetti bowl of tariffs imposed by far has been relatively narrow and in China, anything is possible in this
the United States. Consequently, the static — only looking at India’s goods environment. So India needs to be
US effective tariff rate is creeping up exports to the US, which are 2.2 per careful not to move up the escalation
towards 18 per cent — levels last seen cent of gross domestic product ladder.
in the 1930s. But US equity markets (GDP), accounting for 20 per cent of
continue their unabated march for- India’s merchandise exports. Calcu- n Most of all, the medium-term
ward. Markets keep believing the lations go something like this: costs of not having a trade deal with
President will pull back if economic Almost 30 per cent of India’s exports the US with comparable (ideally,
outcomes become pernicious. In to the US (electronics, pharmaceuti- lower) tariffs to the rest of Asia could
turn, the administration looks at cals) are exempt, and the import con- be felt on investment and foreign
buoyant markets, seeks comfort and tent in several other sectors (gems direct investment (FDI). Until
keeps pushing ahead. Eventually and jewellery) is high, so the recently, the expectation was India
something will have to give. Weak job domestic value-add currently would attract lower tariffs than many
numbers in the US in recent months exposed to the US is lower, around of our Asean neighbours who are seen
may well be the canary in the coal 1.1 per cent of GDP. Based on this, as potential Chinese transshipment
mine. There’s never a free lunch in analysts take comfort that the hit hubs to the US. A tariff differential in
economics. As the German econ- to growth would be a few tens of India’s favour, coupled with the need
omist Rudi Dornbusch once noted, basis points. to diversify, would serve as powerful
push factors to invest in India. We
would then benefit from this
“China+1” impulse and better inte-
grate into global value chains. The
long-term absence of a US-India trade
deal could jeopardise those prospects,
the associated FDI, technology
transfer, and animal spirits.

Of course, India must only agree to

a deal if it creates a win-win — the
foundational underpinning of trade
— and is in the national interest. But
when evaluating any sectoral econ-
omic costs under a deal, it’s important
to recognise the economic costs of not
having a deal. These costs will likely
be larger than the estimates put out
and can only be expected to rise over
time. These considerations must not
be lost on negotiators as they prepare
for the next round of talks.
Of course, striking a deal will
require tough bargaining as recent
months have shown. Can diversifying
away from Russian oil be a quick way
of getting closer to a deal? Not really.
Those who argue that the Russian
discount has fallen to less than about
$5 per barrel and, therefore, the cost of
moving away From russian oil to secure a deal is not a panacea. moving away is less than 0.1 per cent
instead, negotiators will need to go back to the drawing board of GDP, are missing the general equi-
and look For mutually beneFicial outcomes. india stands to gain librium impact in the oil market. If
From preFerential access to us markets in labour-intensive India were to move its 1.7 million bar-
sectors. the us stands to gain From india lowering tariFFs on a rels a day away from Russian supply,
host oF sectors, barring the very sensitive ones it’s very unlikely that either US shale
B lucknow | THuRSDAY, 14 AuGuST 2025 19
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Generating Renewable
Energy Sustainably...

EXTRACT OF STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE 2025
(` in crore)
Standalone Consolidated
Sl. Quarter ended Year ended Quarter ended Year ended
Particulars
No. 30.06.2025 30.06.2024 31.03.2025 30.06.2025 30.06.2024 31.03.2025
Unaudited Unaudited Audited Unaudited Unaudited Audited
1) Total Income from operations 2,977.43 2,416.12 8,994.26 3,213.77 2,694.20 10,379.86
2) Net Profit before Tax (before Exceptional items) 1,391.43 1,326.58 4,000.05 1,518.31 1,500.49 4,767.19
3) Net Profit before Tax (after Exceptional items) 1,391.43 1,326.58 4,000.05 1,518.31 1,500.49 4,767.19
4) Net Profit for the period after tax attributable to :
- Owners of the Parent Company 1,071.87 1,018.43 3,083.98 1,065.02 1,021.77 3,006.67
- Non-controlling interest - - - 66.14 79.86 405.06
5) Total Comprehensive Income for the period [Comprising Profit
and Other Comprehensive Income (after tax)] attributable to :
- Owners of the Parent Company 1,063.49 1,029.52 2,981.09 1,056.27 1,032.72 2,902.22
- Non-controlling interest - - - 65.80 79.72 403.56
6) Paid-up Equity Share Capital (Face Value of ` 10/- each) 10,045.03 10,045.03 10,045.03 10,045.03 10,045.03 10,045.03
7) Other equity excluding revaluation reserve 29,366.94 28,260.44 28,303.45 30,680.68 29,658.58 29,623.13
8) Net Worth 39,411.97 38,305.47 38,348.48 40,725.71 39,703.61 39,668.16
9) Paid-up debt capital 40,059.03 33,326.62 38,019.10 44,452.20 35,101.54 41,573.98
10) Debt equity ratio 1.02 0.87 0.99 1.09 0.88 1.05
11) Earning per share (Basic and Diluted) - (not annualised)
(Equity shares, face value of ` 10/- each)
- Excluding movements in Regulatory Deferral Account Balances (in `) 0.91 0.96 2.93 0.88 0.93 2.72
- Including movements in Regulatory Deferral Account Balances (in `) 1.07 1.01 3.07 1.06 1.02 2.99
12) Capital redemption reserve 2,255.71 2,255.71 2,255.71 2,255.71 2,255.71 2,255.71
13) Debenture (Bond) redemption reserve 788.66 950.61 788.66 788.66 950.61 788.66
14) Debt service coverage ratio (DSCR) 3.22 3.15 2.52 3.31 3.25 2.65
15) Interest service coverage ratio (ISCR) 5.75 5.49 3.93 5.89 5.59 4.13
16) Securities Premium Account - - - - - -
Notes:
1. The above is an extract of the detailed format of Financial Results ﬁled with the Stock Exchanges under Regulations 33 and 52 of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015. The full format of these Financial Results are available on the website of Stock Exchange(s) www.nseindia.com and www.bseindia.com and
on the Company's website https://www.nhpcindia.com/welcome/page/105.
2. Figures for the previous periods have been re-grouped/re-arranged/re-classiﬁed/re-stated wherever necessary.

Scan QR Code to view For and on behalf of the Board of Directors of

Unaudited Financial NHPC Ltd.
Results for Quarter Sd/-
Ended 30.06.2025
(Rajendra Prasad Goyal)
Place : Faridabad Chairman & Managing Director and Director (Finance)
DIN - 08645380
Date : 12th August, 2025 ISO 9001 : 2015, ISO 14001 : 2015 & ISO 45001 : 2018 Certiﬁed Company
Important Notice: Shareholders are requested to update their e-mail address with their respective Depository Participants/Company for receiving all communications from the company electronically.
20 lucknow | THuRSDAY, 14 AuGuST 2025 B
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New SC bench to hear stray dog case today

PRESS TRUST OF INDIA wala and Justice R Mahadevan the stray dog issue to respect- Besides, the bench warned
New Delhi, 13 August on August 11. ive high courts. of strict action against an indi-
When some petitioners in The plea by Conference for vidualororganisationincaseof
After widespread protests anotherstraydogs-relatedcase Human Rights (India) claims any kind of obstruction in the
across the country following a mentioned their plea while the Animal Birth Control (Dog) relocationdrivethatmightalso
top court verdict on relocation referring to the August 11 ver- Rules, 2001 — mandating prompt the court to initiate
of stray dogs in Delhi-NCR, a dict before the Chief Justice of regular sterilisation and contempt proceedings.
new three-judge bench of the India B R Gavai, he said he “will immunisation programmes Meanwhile, Karnataka
Supreme Court will hear the look into it”. for stray dogs to curtail their Chief Minister Siddaramaiah
suo motu case on Thursday. On August 11, a bench of growing population — are not has said treating stray dogs as a
A bench comprising Jus- JusticesPardiwalaandMahad- being complied with. nuisance to be ‘removed’ is not
tices Vikram Nath, Sandeep evan observed instances of dog CJI B R Gavai said “I will In its August 11 ruling, the governance, it is “cruelty”.
MehtaandNVAnjariawillhear bites had given rise to an look into it”, when another apex court also said dog “Treating stray dogs as a
the matter. “extremely grim” situation and plea relating to stray dogs shelters will have to be aug- nuisance to be ‘removed’ is not
The directions to perma- ordered the permanent reloca- was mentioned before him mented over time and directed governance — it is cruelty.
nently relocate all strays from tion of all strays in Delhi-NCR Delhi authorities to start with Humane societies ﬁnd
streets to shelters “at the ear- “at the earliest”. passed by a bench led by creating shelters of around solutions that protect people
liest” were passed by a bench On Wednesday, the lawyer Justice J K Maheshwari rel- 5,000 canines within six to and animals,” Siddaramaiah
comprising Justice J B Pardi- referred to a May 2024 order egating petitions relating to eight weeks. posted on X.

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IOA approves India’s 2030

Commonwealth Games bid
PRESS TRUST OF INDIA fullfledgedonejustlikewedidin2010,”
New Delhi, 13 August she added, referring to the pruned
roster of the 2026 Glasgow edition
The Indian Olympic Association (IOA) where major sports like hockey, bad-
on Wednesday formally approved the minton, wrestling and shooting have
country’s bid to host the 2030 Com- been left out citing the cost factor.
monwealth Games during its Special IOA CEO Raghuram Iyer said “we
General Meeting (SGM) here with its cannot say anything as of now”, when
top officials saying that India would askedwhetherthereisachanceofmore
hostan“inclusive”editionfeaturingall than one city hosting the 2030 CWG. 69,511.75 69,483.88
7,684.83 7,745.35
“medal-earning” sports. With Canada having pulled out of 5,730.05 5,810.54
India has already submitted an the race, India’s chances of getting the 5,724.64 5,805.08
ExpressionofInterestforthe2030CWG 2030 CWG have brightened.
with Ahmedabad as the “The plan is to have all
host city. But the nation will our medal-earning sports 2,909.78 2,909.78
have to submit the propo- IndIa wIll like shooting, archery, - -
sals for the final bid before have to submIt wrestling etc. Our
the August 31 deadline. the proposals traditional sports like
IOA President P T Usha for the fInal kabaddi, kho kho, and
said along with Ahmeda- bId before the yoga should also be there,”
bad, 2010 host Delhi and august 31
19.69 19.97
IOA joint secretary Kalyan 19.69 19.97
Bhubaneswar will also be deadlIne Chaubey said.
considered. A team of officials from
“I’m happy that all are Commonwealth Sport (ear-
together and it was a unanimous deci- lier CGF), led by its Director of Games
sion. Our preparations will go ahead. Darren Hall, recently visited Ahmeda-
We can’t just tell whether Ahmedabad bad to inspect the venues and meet
is the host city. We have good facilities Gujarat government officials.
inBhubaneswarandeveninDelhialso. Asked about the feedback from the
We will very soon announce where the Commonwealth Sport delegation, Iyer
Gameswillbeheld,”Ushasaidafterthe said, “Overall they have gone back
SGM that lasted just over half an hour. happy and by the end of the month,
“The 2026 Glasgow CWG is a scaled now that we have the go ahead of the
down Games because of circum- General Body, we will be putting in the
stances. If we get 2030 CWG, it will be proposals.”
lUCknOW | THUrSDAY, 14 AUgUST 2025
street vIew
“US reTAIl SAleS WIll be An
IMPOrTAnT bArOMeTer OF HOW
Well THe eCOnOMY IS TrAvelIng
AnD InFlUenCe MArkeT PrICIng
FOr FeD rATe CUTS AnD THe DOllAr”
David Forrester
Senior Currency Strategist, Credit Agricole

JioBlackRock debut powers

DHFL case: Wadhawan brothers Indian Reits

ogy), Zomato (now Eternal),

India’s 25 venture capital and Startups that have generated best and Nazara Technologies and
give ~1,559 cr private equity-backed “new- worst alpha over the BSE 500 index PolicyBazaar combined clear

banned from markets for 5 yrs to unitholders

age” companies that listed
between May 2020 and June Leaders
2025, revealed a sobering Ixigo
Alpha (%)
89.3
Laggards
Yatra
Alpha (%)
-20.9
proﬁtability paths with rev-
enue scaling and margin
expansion Underperformers

Khushboo Tiwari eventually threatened market in Q1FY26 reality behind the hype: barely Zaggle
a third have delivered Ather
62.5
48.1
First Cry
Paytm
-27.3
-32.9
including Ola Electric, Paytm,
Mobikwik and FirstCry were
Mumbai, 13 August stability,” noted Sebi’s whole- sustained outperformance often dragged down by
time member Ananth Prachi Pisal against the market. Awfis Space 44.9 Mobikwik -42.6 capital-heavy models, over-
The Securities and Exchange Narayan. Mumbai, 13 August According to the white Zomato 36.8 Ola -60.1 valuation,orinabilitytodefend
BoardofIndia(Sebi)hasbarred Sebi will determine the paper by Client Associates, Source: Client Associates white paper; Note: Alpha Since Respective market share.
Pre-IPO Funding Round
Dewan Housing Finance Cor- quantum of illegal gains or India’s four publicly listed only 36 per cent of Technology-enabled plat-
poration Ltd’s (DHFL) former benefits made by the fraudu- real estate investment trusts IPOinvestorsand32 window often “The study concludes that forms with network effects or
promoters Kapil and Dheeraj lent scheme and may initiate (Reits) have distributed per cent of post-list- IPO
reaped the highest while new-age IPOs created asset-light models typically
Wadhawan for five years from further action. ~1,559 crore to over 270,000 ing investors gener- returns versus substantial excitement and delivered better post-listing
the securities market for The regulator added that unitholders in the first ated positive alpha much lower or short-term gains, the risk- returns.
alleged diversion of funds. had the company presented quarter of the current finan- over the BSE 500 even negative adjusted returns for retail By contrast, capital-inten-
They have also been barred the real picture of its financial cial year (Q1FY26), which is index. returns for long- investors, particularly in the sive businesses without sus-
from holding any key position statements, and excluded the 13 per cent more than ~1,371 Pre-IPO inves- term holders. unlisted market, remain ques- tainable unit economics
in a listed company. ‘fictitious’ interest income crore disbursed in the same tors fared slightly While strong tionable when compared to destroyed substantial share-
A four-year restraint has The market regulator has from loans to BBEs, the com- quarter of the previous year. betterat43percent, subscription WATCH diversified fund-based holder value after debut.
beenimposedonRakeshWad- also imposed a total penalty pany would have reported The number of but only if they mybs.in/ipo demand was approaches or established Asubsetof10“retailfrenzy”
hawan, who was non-execu- of ~120 crore on all of them, losses every year between unitholdershavealsorisenin timed exits well. common, the listed alternatives,” the white stocks, actively traded in pre-
tive chairman, and Sarang the highest being ~27 crore FY08 and FY16. Instead, the Q1FY26, when compared to Those who sold at the manda- report finds that most listing paper by Client Associates IPO secondary markets, badly
Wadhawan, former non- each on Kapil and Dheeraj company continued to report Q1FY25. It now stands at tory six-month lock-in expiry gains proved unsustainable. noted. lagged the benchmark.
executive director, while Wadhawan profit. 270,000, up from 245,000,
former CEO & Joint MD Har- “To effect this elaborate reflecting the rising popular-
shil Mehta and former CFO
Santosh Sharma have been
bursed by DHFL, have trans-
ferred 40 per cent of the
deception, a fake virtual
branch (Bandra branch) and
ity of the real estate linked
investment instrument.
India’s first AI firm Fractal Analytics Vikram Solar’s public
debarred for three years each.
The market regulator has
amount received from DHFL
into 48 companies connected
previously closed retail loan
accounts were employed
Compared to the quarter
ended March 2025, the dis-
to raise ~4,900 cr via public offer issue to open on Aug 19
also imposed a total penalty of to the DHFL promoters. alongside three different tributions grew marginally, Enterprise AI company, Fractal 15percenttonon-institutionalinvestors SolarmodulemakerVikramSolaronWednes-
~120 crore on all of them, the The market watchdog accounting softwares camou- by about 38 basis points. Analytics, has filed its draft red herring and 10 per cent to retail individual day fixed a price band of ~315 to ~332 per share
highestbeing~27croreeachon added that as of March 2019, flaging the BBE loans as retail In FY25, the cumulative prospectus with the Securities and investors. It also includes a reservation for its upcoming ~2,079 crore IPO. The firm’s
Kapil and Dheeraj. the net outstanding loans to housing loans. In the initial distribution by the four Reits Exchange Board of India (Sebi), with an for subscription by eligible employees, IPO would open for subscription on August 19
The market regulator has BBEs amounted to ~14,040 years, well over 30 per cent of reached ~6,070 crore, up initialpublicoffering(IPO)worth~4,900 not exceeding 5 per cent of the com- and conclude on August 21, it announced. PtI
alleged their involvement in crore. all loans of DHFL were to these from ~5,366 crore in FY24, crore. Fractal will be the first AI-focused pany’s post-offer paid-up equity share
perpetrating a fraudulent Sebi has alleged that these BBEs,” notes the order. reflecting a growth of 13 per firm to tap into the public market. capital. The firm may consider a
scheme by disbursing loans to large unsecured loans to The market regulator cent. The four publicly listed The IPO comprises a fresh issue of pre-IPO placement aggregating up to
BlueStone Jewellery
87 ‘Bandra Book Entities’
(BBEs), which were connected
related parties with extremely
weak financials were “bla-
added that publication of false
financials misled all stake-
Reits are Brookfield India
Reit, Embassy Office Parks
equity shares aggregating up to ₹12,79.3
crore and an offer for sale of equity
₹2,55.8 crore. Fractal Analytics proposes
to utilise the net proceeds towards
booked 2.7x on final day
or related to each other as well tantly mischaracterised” as holdersandinterferedwiththe Reit, Mindspace Business shares aggregating up to ₹3620.7 crore. investment in one of the company’s The initial public offering of BlueStone
as the promoter group of retail housing loans. integrity of share price dis- Parks Reit, and Nexus Select The offer is being made through the subsidiaries, Fractal USA. Jewellery and Lifestyle got subscribed
DHFL. “The disguised nature of covery, inducing investors to Trust. Reits are mandated to book building process, in compliance Fractal was cofounded by Srikanth 2.70 times on the closing day of share sale on
Sebi noted that 39 BBEs, to the BBE loans also delayed remain invested believing that distribute at least 90 per cent with Regulation 6(2) where 75 per cent of Velamakanni and Pranay Agrawal Wednesday. The issue has a price band of
which~5,662.44croreweredis- regulatory intervention and “all was well” at DHFL. of their taxable income. the net offer shall be available to QIBs, in 2000. BS rePOrter ~492-517 per share. PtI

ThE comPass

High valuation may limit gains in Nykaa’s stock despite resilient Q1, robust outlook
DEvangshu DaTTa 46 per cent. Aggressive strategy led to Overall, the contribution margin growth of 4 per cent was led by premiu- trade deal may create new opportun-
high marketing costs at 15.2 per cent. expanded to 20.4 per cent versus 19.9 misation and there is not much infla- ities. Nykaa’s performance has been
FSN E-Commerce Ventures, popularly PAT was at ~24.5 crore, up 72 per per cent in Q1FY25 due to BPC at 21 per tion. Demand remains a mixed bag and resilient despite competition and weak
known for its Nykaa range of beauty, cent, and return on capital employed cent (versus 20.3 per cent in Q1FY25). competition is high, but with new seg- discretionary spending. The stock is
fashion and lifestyle products, posted (RoCE) ratio was 12.7 per cent against Fashion’s Ebitda margin expanded ments such as quick commerce, Nykaa expensive (P/E of over 100 times on
revenue growth of 23 per cent year-on- 11.3 per cent. Q1FY26 revenue growth of 467 bps, despite a 271 bps contraction in continues growing ahead of the indus- FY27 estimated earnings) but growth
year (Y-o-Y) for the April-June quarter 23 per cent was in line with estimates. contribution margin on account try. The BPC margins are highest in rate has been good and fashion is get-
(Q1), aided by 26 per cent growth in BPC segment’s GMV increased 26 per of control of costs. ecommerce, followed by offline and ting closer to breakeven.
overall gross merchandise value (GMV). cent, driven by a 17 per cent rise in The Ebitda margin in BPC was at then by own brands. Marketing spends Margins are improving but still
The beauty and personal care (BPC) orders and a 4.4 per cent increase in 9 per cent, down 50 bps quarter-on- are high, due to the customer acquisi- behind expectations and analysts may
segment reported a 26 per cent growth average order value (AOV). quarter (Q-o-Q), while fashion was at tion strategy. start to downgrade projections
in GMV and revenue rose 25 per cent. The fashion segment’s GMV growth minus 6 per cent, an improvement In Fashion, there is short-term on this front. Therefore, earnings
Fashion segment reported a was led by AOV growth of 6.3 per cent. of 300 bps Q-o-Q. uncertainty around demand but Nykaa per share (EPS) expectations may also
25 per cent Y-o-Y growth in GMV and a BPC’s revenue grew 24 per cent, Annual unique transacting users will continue to outpace competition. be lowered.
lower 15 per cent revenue growth. slower than its GMV. Nykaa BPC (ATU) for the fashion segment grew 10 Gross margins reached 44.6 per cent in According to Bloomberg, of the
BPC’s contribution and earnings firmly focused on adding more users per cent to 3.4 million and offline Q1FY26, representing a 132 bps 19 analysts polled post Q1 results
before interest, taxes, depreciation (annual transacting user growth of expanded to 250 stores across 82 cities. improvement and the highest since (announced on Tuesday evening),
and amortisation (Ebitda) margins 26 per cent at 16.5 million). The company is adding brands, using Q3FY23. It was driven by strong ‘House 11 are bullish, six are bearish and two
expanded 73 basis points (bps) and Nykaa reported an overall contribu- innovative methods such as OTT con- of Nykaa’ beauty brands' performance neutral on the stock with an average
47 bps, respectively. Fashion’s Ebitda tion margin of 20.4 per cent, as a per- tent to drive BPC demand. It is looking and improved marketing and service ment expenses are relatively steady at one-year target price of ~215.34.
margin increased 467 bps, as fixed centage of revenues (versus 20 per cent to drive customer acquisition in fashion income. The management feels com- 9.4 per cent despite increased order On Wednesday, the stock closed
costs were controlled. in Q4FY25 and 19.9 per cent in Q1FY25). as well and is confident of achieving petitive pressure may remain high but volume and rollout of faster delivery. with almost 5 per cent gains at
The Q1FY26 revenue was at ~2,150 Ebitda margin came in at 6.5 per cent, Ebitda breakeven in FY26. could start to level off. Going global remains an ambition ~215.05 on the BSE, indicating little
crore. Ebitda was at ~140 crore, up and increased 100 bps. The management says BPC's AOV The company highlighted that fulfil- despite geopolitics and the India-UK room for upside.
2 THE SMART INVESTOR lucknow | THuRSday, 14 auguST 2025 B
bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb

HAL stock lifts off on yOur

as we expect a strong recovery in
the asset cycle, which, in turn,
will result in a robust earnings
Trough after
the peaks

earnings surprise
cycle for the next three years.
This is because a PSU asset cycle Period Category average return (%)
mOney follows the Government of India
(GoI) spending cycle with a two-
1-year -11.3

year lag. This lends conﬁdence 3-year 31.6

PSU FUndS that the cycle is not done yet,” 5-year 31.3
~1.84 trn order book On the runway
Govt spending could
says Krishnan. 10-year 14.4
Hindustan Aeronautics share price (~)
stokes optimism Government backing,
Returns are of direct plans
Source: PBCS.in

aid recovery, but take

reasonable valuations
as brokerages see PSUs are expected to do well
up to 38% upside owing to government backing. funds are vulnerable to change in

limited exposure
Actively managed PSU funds can government policies, which can
offer diversified exposure to impact profitability and
Tanmay Tiwary PSUs, many of which are likely to valuations. Bureaucratic
New Delhi, 13 August benefit from policies like Make in inefficiencies, political
SarbajeeT K Sen product (GDP) growth, weaker India and Atmanirbhar Bharat. influence, and low growth can
India’s leading defence equipment commodity prices, and slower “The long-term fundamen- limit their potential for capital
maker Hindustan Aeronautics Public sector undertaking (PSU) private capital expenditure tals for India’s PSUs remain appreciation,” says Singhal. PSUs
(HAL) saw its shares rally on Wed- funds, a top-performing theme (capex) recovery has had an supported by ongoing govern- offer low exposure to high-
nesday after the public sector main 2024 calendar year (CY24), impact,” says Harish Krishnan, ment reforms, rising capex and growth sectors like
jor’s April–June quarter (Q1) have witnessed a sharp reversal. co-chief investment officer sectoral revival in banking, technology and healthcare.
2025-26 (FY26) earnings surprised Compiled by BS Research Bureau In the past year, they have lost an (Co-CIO) and head equity, energy and infrastructure. Cur-
the Street with robust margins and Source: Bloomberg average of 11.3 per cent, the stee- Aditya Birla Sun Life Asset Man- rent valuations are more reason- For risk takers
solid execution. On the BSE, HAL’s pest drop among equity fund cat- agement Company (AMC). able and may provide attractive Experts say PSU funds suit those
stock rose as much as 3.66 per cent Nomura maintained its ‘buy’ than-expected Q1FY26 results, egories. This includes a 4.7 per entry points for long-term inves- with a high risk appetite. “Start
to an intraday high of ~4,567.2 befo- rating with a target price of ~6,100, driven by strong execution, lifted cent fall in the past month. Diverse sector exposure tors with moderate risk appetite,” with a limited exposure (less
re closing 2.69 per cent higher at implying about 38.4 per cent operating profit margins to 26.7 per “After a stupendous perform- PSUs operate in sectors such as says Singhal. than 20 per cent) and increase
~4,524.2.Incomparison,Sensexen- upside. The Japan-based broker- cent, well ahead of the Street’s 23 ance in 2024 (up 22.9 per cent), energy, metals, defence, finan- over time as you gain experience
ded0.38percenthigherat80,539.91. age cited HAL’s 16–17 per cent per cent estimate. With a ~1.84 tril- these funds experienced heavy cial services, capital goods, Dividend appeal and expertise. In sector and
Despiteaslightdipinnetprofit, Ebitda beat over estimates and lion order book and a ₹4.6 trillion inflows, as investors chased logistics, and allied activities. Many PSUs pay high dividends. thematic investing, investors
thedefencepublicsectorundertak- highlighted its robust 24x book-to- pipeline over the next seven to recent high returns. Following Funds may be actively managed These are taxable in the hands of need to evaluate cycles, act
ing’s strong operational perform- bill ratio in the manufacturing seg- eightyears,itseesstronglong-term strong rallies, many investors — investing at least 80 per cent in investors. But PSU funds do not counter-cyclically, and time
ance and upbeat brokerage ment. With execution timelines on growth, forecasting a 21 per cent booked profits, contributing to PSU stocks — or passively, track- pay tax on dividends received entry and exit,” says Jiral Mehta,
guidancehavestokedbullishsenti- or ahead of schedule and minimal revenue CAGR over FY25–28. The downward pressure on PSU stock ing indices like Nifty PSE, Nifty and reinvest them, which makes senior research manager,
ment, with some analysts project- downside risk, Nomura expects brokerage has maintained its ‘buy’ prices. Also, recent quarters have India Railways PSU, or Nifty PSU them tax efficient. “PSU funds FundsIndia.
ing as much as 38 per cent upside HAL’s net profit to grow at a com- rating with a target price of ~6,000, seen an earnings shortfall that Bank (a subset of banking are well suited for investors seek- Limit your exposure to these
from current levels. pounded annual growth rate implying a 35 per cent upside from has led to disappointment,” says sector funds). ing steady income (high divi- funds. “They are better suited as
HAL’srevenuerose10.8percent (CAGR)of24percentbetweenFY25 current levels. Devender Singhal, fund man- dend payouts in general) and satellite holdings. Allocate
year-on-year (Y-o-Y) to ~4,819 and 2027-28 (FY28). It also flagged Morgan Stanley, while more ager, Kotak Mutual Fund. Outlook remains positive lower default risk,” says Singhal. 5–10 per cent in your equity
crore, indicating steady execution the company’s strong indigenisa- cautious, acknowledged HAL’s “Recently, PSUs saw delays in Experts see scope for good portfolio with a holding period of
despiteamodestrevenuemiss.Net tion efforts, cost controls, and strong Q1 performance, noting a project execution and policy-led returns if investments are made Volatility risk 3–5 years,” says Krishnan.
profit declined 4.11 per cent Y-o-Y research and development invest- beat on both Ebitda and PAT. It margin pressures, particularly in at attractive valuations. “We Policy changes can hurt profit- vvvvvvvvvvvvvvvvvvvvvvvvvvvvv
to ~1,377 crore in Q1FY26, comments as key positives. maintainedan‘equalweight’rating oil and gas, leading to subdued remain structurally and cycli- ability and valuations, limiting The writer is a Gurugram-based
pared to ~1,436 crore in the same Motilal Oswal Securities was with a target price of ~5,092. earnings. Softer gross domestic cally positive on the PSU sector capital appreciation. “These independent journalist
quarter last year (2024-25/FY25), similarly upbeat, saying: “HAL With India’s defence modern-
but still came in ahead of expecta- reported a decent quarter with a isation drive accelerating, HAL is bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb
tions. Bloomberg had pegged Q1 slightrevenuemissoffsetbybetter- well-positionedtobenefit,particu-
revenue and net profit estimates at than-expectedmarginsandhigher larly amid a critical shortfall in the RBI leaves it to banks to frame minimum balance rules: What it means
~4,996 crore and ~1,205 crore, other income, resulting in a beat at IndianAirForce’sfightersquadron
respectively. the profit after tax (PAT) level.” strength (currently 31 squadrons The Reserve Bank of India (RBI) l Several public sector banks Whydoesthismattertoyou? before signing up
Operationally, HAL delivered a The brokerage remains optimi- versus a sanctioned 42). The has clarified that banks were free (PSBs) have waived the For customers, the MAB is the l Compare across lenders to
standout performance. Earnings stic on deliveries, particularly with rampup in Tejas deliveries and the to decide their minimum mon- requirement entirely for average balance that must be find one that fits your budget
before interest, tax, depreciation, GE engine supplies for the Tejas finalisation of additional orders thly average balance (MAB) rules certain account types maintained during the month. and usage
and amortisation (Ebitda) surged Mk1A ramping up. It retained its provide strong visibility for future for savings accounts as it does not Accounts under the Pradhan Falling short typically attracts l Consider PSBs or BSBDAs if you
29.2percentY-o-Yto~1,284.3crore, ‘buy’ rating and raised its target revenue and earnings. fall under “regulatory domain”. Mantri Jan Dhan Yojana and non-maintenance charges, which prefer a zero-balance option
whilemarginsexpandedsharplyto price to ~5,800, based on 32x Sep- As execution gathers pace and basic savings bank deposit can vary by bank and location. With the RBI leaving it to
26.7 per cent from 22.86 per cent in tember 2027 estimated earnings, valuations remain relatively Variationsacrossbanks accounts (BSBDAs) are exempted market forces, banks will con-
Q1FY25. The beat was driven by citing the stock’s attractive 31x/27x reasonable, analysts believe HAL l Some banks keep the minimum from MAB rules, ensuring Ifyouareopening tinue to set minimum balance
higher gross margins and lower price-to-earnings valuation on could be a long-term portfolio balance as low as ~2,000 financial access for low-income anewaccount: thresholds in line with their
provisions,offsettingtheslighttop- 2025-26 (FY26)/2026-27 estimated candidate for investors betting on l Others have at ~10,000 or more households. l Check the bank’s MAB rules business models.
line miss and resulting in a stro- earnings. India’s strategic and manufactur-
nger-than-expected bottom line. Nuvama said HAL’s better- ing self-reliance. Read full report here: mybs.in/2epJAJD Compiled by Amit KumAr
bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb
B LUCKNOW | thUrsDAY, 14 AUgUst 2025 STOCKS 3
bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb
IN THE
NEWS
n NMDC Steel
Top A-group gainer, Volume
n Apollo Hospitals Enterprise
Hits new all-time high at ~7,839
n EIH
Trading volume surged 36x STOCK
surged 48x over 2-week on BSE over 2-week average on BSE OF THE DAY
average
n HBL Engineering
~ 35.9 PREVIOUS CLOSE ~ 7,236.6 PREVIOUS CLOSE ~ 364.2 PREVIOUS CLOSE Hits new all-time high at
~ 43.1 CLOSE ~ 7,808.5 CLOSE ~ 418.5 CLOSE ~779; Surged 62 per cent
* OVER PREVIOUS CLOSE + 20.0% UP + 7.9% UP + 14.9% UP FYTD
bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb

NIFTY 50
Company Close (~) % Wt PE Company Close (~) % Wt PE
ADVANCES/DECLINES F&O SNAPSHOT DAY’S TOP GAINERS DAY’S TOP LOSERS
13 Aug ’25 Chg (%) Con Std 13 Aug ’25 Chg (%) Con Std Futures Cash Premium Futures Cash Discount Company Day’s high Close % chg* 3mth high 52 wk high Company Day’s low Close % chg* 3mth low 52 wk low
Adani Enter 2280.1 -0.4 0.0 76.0 76.0 Jio Financial 330.6 1.1 0.0 131.2 131.2 price price (%) price price (%)
Adani Ports 1319.6 -0.8 17.8 25.1 25.1 JSW Steel 1053.7 0.5 0.0 50.5 50.5 Apollo Hosp 7839.3 7808.5 7.9 7839.3 7839.3 PG Elect 484.0 486.1 -5.7 473.2 415.0
MOST BULLISH MOST BEARISH
Apollo Hosp 7808.5 7.9 0.0 80.6 80.6 Kotak Mah Bank 1987.7 1.5 0.0 20.6 20.6 Bharat Dyn 1609.0 1590.7 7.1 2096.0 2096.0 SJVN 93.2 93.5 -4.6 90.7 80.5
Asian Paints 2500.2 0.9 0.0 62.3 62.3 RBL Bank 255.4 253.8 0.6 LIC Hsg Fin 566.7 574.4 -1.3 Hindalco 705.0 700.9 5.1 708.3 772.0 Oil India 401.3 407.0 -4.2 401.3 322.2
L&T 3693.7 0.2 0.0 32.8 32.8
Axis Bank 1066.0 -0.4 0.0 11.9 11.9 Jubilant Fd 643.3 639.8 0.5 Coal India 381.8 386.1 -1.1 Angel One 2637.2 2631.6 4.9 3283.0 3502.6 LIC India 877.8 884.3 -3.5 820.0 715.4
Mah & Mah 3282.2 1.4 0.0 29.7 29.7
Amber Enter Ind 6981.0 6945.5 0.5 Voltas 1263.0 1276.1 -1.0 Nykaa 220.8 215.1 4.9 222.1 229.9 Inox Wind 137.6 138.0 -2.0 137.6 128.3
Bajaj Auto 8248.5 0.6 0.0 30.3 30.3 Maruti Suzuki 12834.0 0.0 0.0 27.8 27.8 Ashok Leyland 120.3 119.7 0.5 NMDC 71.9 72.6 -0.9 Alkem Labs 5400.0 5390.9 4.7 5402.9 6440.0 PI Inds 3700.1 3772.0 -1.8 3535.5 2952.1
Bajaj Fin 860.0 0.8 0.0 30.7 30.7 Nestle India 1096.9 0.5 0.0 71.2 71.2 Poonawalla Finc 454.0 451.8 0.5 TVS Motor 2996.6 3019.2 -0.7 Kaynes T 6156.0 6065.8 4.4 6836.1 7825.0 Petronet LNG 274.5 274.9 -1.7 270.2 269.9
Bajaj Finsrv 1914.4 0.3 0.0 32.1 32.1 NTPC 340.0 0.0 0.0 13.8 13.8
Bharat Elctn 388.9 2.2 25.4 51.7 51.7 Uno Minda 1118.6 1114.2 4.2 1143.0 1252.9 Chambal Fert 525.7 527.5 -1.6 502.7 443.2
ONGC 238.7 1.3 0.0 8.3 8.3 BSE NSE Laurus Labs 866.0 863.5 3.9 922.6 922.6 Page Inds 43420.0 43523.9 -1.4 43420.0 38909.6
Bharti Airtel
Cipla
1867.4
1561.0
0.9 0.0 36.7 36.7
2.6 0.0 23.4 23.4
Power Grid 288.2 1.2 0.0 17.4 17.4 Index Stock Index Stock PUT-CALL RATIO Samvardhana Mot 94.5 93.4 3.5 108.1 144.7 Pidilite Ind 3055.0 3060.2 -1.4 2846.2 2620.2
Reliance Ind 1382.6 0.2 0.0 25.2 25.2 Zydus Lifescien 997.2 989.1 3.4 1015.2 1218.6 Kalyan Jeweller 513.8 515.6 -1.3 502.6 399.2
Coal India 386.1 0.2 0.0 7.2 7.2 FUTURE (Open Interest in Mn) Put Call PC Ratio
SBI 821.9 0.2 0.0 9.5 9.5 Solar Ind 15125.0 15037.7 3.1 17805.0 17805.0 Colgate 2158.0 2173.5 -1.3 2158.0 2158.0
Dr Reddys 1253.4 2.7 0.0 18.4 18.4 Contracts 1022 31 90785 1098906
SBI Life Ins 1840.3 0.1 0.0 - - Market 3020.5 4669.9 0.6 PAYTM 1186.5 1154.3 3.1 1186.5 1186.5 Glenmark 2025.0 2031.8 -1.2 1372.0 1274.7
Eicher Motor 5714.5 1.0 0.0 32.4 32.4 Open Int.(000) 1 0 24273 14415078
Shriram TrFn 619.3 1.2 0.0 13.7 13.7 Indian Hotel 770.8 769.8 3.0 791.9 894.2 Ambuja Cem 574.0 580.7 -1.2 526.2 452.9
Eternal 312.4 2.1 0.0 1007.6 1007.6 Shares(In Mn) 0 0 6.3 1991.5 Top 5 PC Ratio Bottom 5 PC Ratio
Sun Pharma 1639.8 1.1 0.0 34.3 34.3 Aarti Inds 393.0 382.9 2.9 494.0 649.0 IndusInd Bank 766.9 773.5 -1.2 725.7 605.4
Grasim Ind 2745.9 0.2 0.0 44.0 44.0 Value(~ crore) 165 2 16956 77767
Tata Consumer P 1056.1 0.9 0.0 79.5 79.5 Alkem Labs 1.1 Page Inds 0.2
HCL Techno 1501.1 0.1 0.0 24.0 24.0 OPTIONS * Ranked on the basis of percentage gain/loss on previous close
Tata Motors 663.8 1.5 0.0 11.3 11.3 Petronet LNG 1.1 Bosch 0.3
HDFC Bank 1980.3 0.5 0.0 21.5 21.5 Contracts 16005653 3 120835566 5636916
Tata Steel 160.2 0.0 0.0 41.8 41.8 Manapp Finance 1.0 Dabur India 0.3
HDFC Std Life
Hero MotoCorp
776.6
4768.7
1.4 0.0 89.1 89.1
2.7 0.0 18.9 18.9 TCS 3036.2 0.0 56.8 22.3 22.3
Open Int.(000)
Shares(In Mn)
793
9
0
0
617319
8975.8
7073044
5960.8
MCX 1.0 SBI Life Ins 0.3 MOST TRADED TOP M-CAP TRENDS
Tech Mahindra 1506.3 -0.2 0.0 32.5 32.5 KPIT Techno 1.0 Shree Cement 0.3
Hindalco 700.5 5.0 0.0 9.8 9.8 Value(~ crore) 2587079 0 22369953 414918 Value Volume Rank Company Mcap (~ cr) Company % change Company % change
HUL 2495.1 0.5 0.0 55.1 55.1 Titan Company 3466.8 -0.6 0.0 82.9 82.9 BSE+NSE BSE+NSE
Trent 5398.5 0.6 0.0 121.2 121.2 1 Reliance Ind 1871067.0 BS200 DOWN 7 DAYS
ICICI Bank
IndusInd Bank
1420.8
773.5
-0.1 0.0 19.2 19.2
-1.2 0.0 59.7 59.7 UltraTech 12401.0 -0.4 0.0 52.8 52.8 ACTIVE CALLS ACTIVE PUTS PAYTM
(~ crore)

2362.6
(Mn shrs)

20.2
2
3
HDFC Bank
TCS
1519131.3
1098310.4 DOWN 7 DAYS HCKK Ventures -30.2
Infosys 1426.6 0.2 0.0 21.7 21.7 Wipro 241.7 0.0 0.0 18.8 18.8 Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg Aayush Food -30.1
4 Bharti Airtel 1065152.3 PI Inds -8.8
ITC 414.1 -0.5 0.0 26.0 26.0 Nifty 50 24619.4 á0.5 100.0 23.5 28.2 MARKET OVERVIEW (In Million) Date Price Qty Interest (OI) (In Million) Date Price Qty Interest (OI)
Apollo Hosp
JM Financial
1837.9
1790.5
2.4
98.4 5 ICICI Bank 1014594.5 UP 3 DAYS Flexituff Vent -26.7
INDEX PE SHRS TRDS 1 YR Index Index NSDL 1725.1 14.0 6 SBI 758893.8 Camlin Fine Sci -26.1
BSE SENSEX AGGREGATES C/S MN ‘000 ADV DEC RETURN Nifty
Nifty
14/08/25
14/08/25
24600
24700
765.1
565.2
9.2
12.9
-22.0
4.6
Nifty
Nifty
14/08/25
14/08/25
24600
24550
724.6
477.0
15.3 258.0
9.1 165.6
HDFC Bank 1546.4 7.8
7 Infosys 592400.3 Alkem Labs
MCX
13.2
8.1
Emergent Ind -20.9
SENSEX 23.9/28.5 12.3 178 20 10 2.0 8 HUL 586236.9
Adani Ports 1319.8 -0.8 17.8 25.1 25.1 Mah & Mah 3282.7 1.4 0.0 29.7 29.7 Nifty 14/08/25 24650 520.9 7.3 12.5 Nifty 14/08/25 24500 473.4 14.1 74.9 Infosys 1517.9 10.6 9 LIC India 559319.8 Triumph Int. -20.9
Asian Paints 2500.3 0.9 0.0 62.3 62.3 NIFTY 50 23.5/28.2 236.0 4578 38 12 2.0 ICICI Bank 1478.8 10.4 Nykaa 6.4
Maruti Suzuki 12830.7 -0.1 0.0 27.8 27.8 C = CONSOLIDATED; S = STANDALONE Nifty 14/08/25 24800 370.2 9.7 3.5 Nifty 14/08/25 24650 330.2 5.2 271.2 10 Bajaj Fin 534709.4 EPIC Energy -20.5
Axis Bank 1066.3 -0.3 0.0 11.9 11.9 NTPC 340.0 -0.1 0.0 13.8 13.8 Nifty 14/08/25 24550 298.8 2.0 -58.5 Nifty 14/08/25 24400 267.3 12.0 47.4 Bharti Airtel 1432.1 7.7 11 ITC 518551.6 Tube Inv of Ind 5.9
UP 3 DAYS
Bajaj Fin 860.5 0.9 0.0 30.7 30.7 Power Grid 288.5 1.3 0.0 17.4 17.4 CASH DERIVATIVES Stock Stock Yatra 1411.1 93.7 12 L&T 507937.8 Zydus Lifescien 5.7 NDL Ventures 56.1
Bajaj Finsrv 1913.6 0.3 0.0 32.1 32.1 Reliance Ind 1382.7 0.2 0.0 25.2 25.2 TURNOVER BSE NSE BSE NSE Vodafone Idea 28/08/25 7 131.8 319.1 4.1 Vodafone Idea 28/08/25 6 78.8 302.6 8.8 13á Mah & Mah 408204.1
BSE 1328.9 5.4 Fortis Health 5.5
Bharat Elctn 388.8 2.2 25.4 51.7 51.7 SBI 822.2 0.2 0.0 9.6 9.6 VALUE(IN ~ CRORE) 8373 87369 2587247 22879594 Suzlon Energy 28/08/25 70 78.7 17.6 31.4 Vodafone Idea 28/08/25 7 43.5 142.2 3.8 14â HCL Techno 407156.0 Yatra 55.0
HBL Engineering 1287.6 17.5
Bharti Airtel 1868.0 1.0 0.0 36.7 36.7 SHARES(IN MN) 879.1 3304.8 86 16934.4 Suzlon Energy 28/08/25 65 74.8 19.8 67.8 Suzlon Energy 28/08/25 60 29.4 8.4 76.0 15â Maruti Suzuki 403397.2 Cipla 5.1 08Qpr 33.1
Sun Pharma 1639.6 1.1 0.0 34.3 34.3 HAL 1273.8 2.8
Eternal 312.3 2.1 0.0 1007.4 1007.4 TRADES(000) 3501 30513 - 50084 Vodafone Idea 28/08/25 6 62.5 53.2 19.8 Samvardhana M 28/08/25 90 28.7 5.8 94.8 16 Kotak Mah Bank 395319.8
Tata Motors 663.6 1.5 0.0 11.3 11.3 Transrail Light 1259.5 15.5 DOWN Adcounty Media 30.7
HCL Techno 1500.4 0.1 0.0 24.0 24.0 Vodafone Idea 30/09/25 7 43.0 35.4 69.5 Tata Steel 28/08/25 160 22.7 7.8 3.3 17 Sun Pharma 393377.2
Tata Steel 160.2 0.0 0.0 41.8 41.8 Suzlon Energy 1128.9 185.3 Muthoot Finance -4.0 Superiron 28.5
HDFC Bank 1979.4 0.5 0.0 21.5 21.5 MARKET-CAP (~ CR) TRADED TOTAL 18 UltraTech 365304.5
HUL 2495.1 0.5 0.0 55.1 55.1 TCS 3035.6 0.0 56.8 22.3 22.3 HBL Engineering 27.6
Reliance Ind 1083.3 7.8 19 Axis Bank 330776.9 Others
Tech Mahindra 1509.4 0.0 0.0 32.6 32.6 BSE 44,633,941 44,857,763
ICICI Bank
Infosys
1421.2
1426.0
-0.1 0.0 19.2 19.2
0.1 0.0 21.7 21.7 Titan Company 3466.7 -0.5 0.0 82.9 82.9 NSE 44,154,273 44,439,814 SPURT IN VOLUMES Waaree Energies
Nykaa
1041.9
1016.2
3.5
47.1
20
21
NTPC
Titan Company
329638.3
307773.6
UP 7 DAYS Pentokey Org 26.2
Trent 5398.6 0.6 0.0 121.2 121.2 DERIVATIVES 32,640,430 32,640,430 DOWN 3 DAYS
ITC 414.0 -0.6 0.0 26.0 26.0 Company Days 2-week Avg Change Close *Price 22 Bajaj Finsrv 305755.0 Spice Islands I 58.6
Hindalco 952.2 13.7 Morgan Vent -33.5
Kotak Mah Bank 1988.2 1.5 0.0 20.6 20.6 UltraTech 12396.7 -0.5 0.0 52.8 52.8 Volume Volume % price %chg
L&T 3692.8 0.2 0.0 32.8 32.8 BSE SENSEX 80539.9 á0.4 100.0 23.9 28.5 TRADING ACTIVITY NMDC Steel 107935581.0 1680297.2 6323.6 43.1 20.0
Eternal
Bajaj Fin
917.8
892.3
29.5
10.4
23á
24
HAL
Eternal
302569.4
301382.0
Sobhagh Mercant
Elitecon
40.7
40.6
W H Brady -18.5
C = Consolidated; S = Standalone (~ crore) FIIs MF 25â ONGC 300605.8 NIBE -17.0
Aarvi Encon 963906.0 15524.8 6108.8 120.6 20.0 Jayaswl Nec 861.2 143.3
Equity Debt Equity Debt 26 Adani Ports 285085.8 Blue Coast 40.5
Net Net Net Net Honasa Consumer 21895273.0 438189.3 4896.8 285.3 6.4 Pioneer Inv -15.4
Bharat Dyn 845.3 5.4
WORLD INDICES On 12 Aug -2649 -671 - - Birlaslamc - Te 2510191.0 50305.9 4889.9 37.0 0.4 Mah & Mah 825.2 2.5
27á
28â
Bharat Elctn
Avenue Supermar
284205.0
282036.1
Crimson Meta 40.5 Popees Care -14.3
On 11 Aug -965 -133 5472 -4378 NDL Ventures 2236073.0 48085.7 4550.2 99.1 20.0 Zinka Logistics 679.4 12.9 29 Power Grid 268275.8 Ind.Link Chain 36.7 SAB -14.3
Indices Close % Chg* Indices Close % Chg*
On 08 Aug 2826 81 6090 -7525 EIH 11094153.0 245579.0 4417.5 418.5 14.9 30 Adani Enter 263261.5 Esha Media Rese 36.6 Anirit Ventures -14.2
TCS 673.7 2.2
Americas (Aug 12,25) Asia/Pacific (Aug 13,25) On 07 Aug -5520 606 9103 -4296 AVT Natl 3343551.0 89062.5 3654.2 73.8 3.7
Nasdaq Composite 21681.9 1.4 Stock Exchange of Thai (Aug 08) 1277.4 1.5 On 06 Aug -4399 333 5710 -7158 Windlas 1179398.0 40154.9 2837.1 1056.8 10.5
Dow Jones
S&P/ TSX Composite
44458.6
27921.3
1.1
0.5
Jakarta Composite
Straits Times
7892.9
4272.8
1.3
1.2
Aug till date
2025 till date
-12557
-109900
2806
3907
33223
315587
-40528
-394378
Priti Internati
Khandwala S
384399.0
1026348.0
13089.5
40139.9
2836.7
2456.9
93.9
24.7
20.0
-8.5
BOARD MEETINGS INTRA-DAY
Europe/Africa (Aug 12,25) Kuala Lumpur Comp 1586.6 1.2 Quarterly Alankit Indian Card Palash Sec Spandana Sph
IBEX 35 14988.6 0.9 Kospi 3224.4 1.1 FIIs IN DERIVATIVES 52-WEEK NEW HIGHS/LOWS Results AMD Ind Int.Conveyor Panacea Bio Spectrum
AUGUST 14 Andrew Yule Intrasoft T PLANTER SPIC
DAX 24211.7 0.8 Taiwan Taiex 24370.0 0.9 Company Price Company Price Company Price Company Price
(~crore) Index Stock Index Index Stock BS 200 Asian Hot-E Jai Corp POLYSAC Sree Rayala
CAC 40 7785.2 0.4 Shanghai Se Comp 3683.5 0.5 NET Net Fut OI Opt OI OI Ashok Leyland B L Kashyap Jamna Auto Platinum Inds Sreeleathers-ff
HIGH *Healthcare Glob . . . . 682.6 LOW *CP Capital . . . . . . . . . 139.0
FTSE 100 9162.6 0.2 Volatility (Aug 12,25) BS 200 *Infobeans Techn . . . . 639.4 BS 200 Crestchem . . . . . . . . . . 130.3 Glenmark B&B Triplewall Jeena Sikho LC Popular Vehicle SRM Contractors
On 12 Aug -205 325 0.2 1.6 5.8
Asia/Pacific (Aug 13,25) CBOE S&P 500 14.5 -1.3 On 11 Aug -5605 2721 0.2 1.5 5.8 *Apollo Hosp . . . . . . . 7839.3 *Steilant Sec . . . . . . . . 494.9 Colgate . . . . . . . . . . . . 2158.0 *Mcel . . . . . . . . . . . 126.5 Hind Copper Barak Vally JETK India Prajay Engg Super House
Hang Seng 25613.7 2.6 CBOE Dow Jones 13.3 -9.9 On 08 Aug -1911 -2371 0.2 1.5 5.7 *TVS Motor . . . . . . . . 3043.7 *KRBL . . . . . . . . . . . . . . 494.8 HFCL . . . . . . . . . . . . . . . . 71.4 Saumya Cons . . . . . . . . 125.0 Inox Wind BCG Jindal World Prakash Pipes Supreme Ho
Nikkei 225 43274.7 1.3 * Change over previous close On 07 Aug 2743 1207 0.2 1.1 5.7 *PAYTM . . . . . . . . . . . 1186.5 *Sirca Paint Ind . . . . . . 470.4 Others *Mysore Petro . . . . . . . 115.0 IOC Bhandari Hosier Jyoti Stru Primo Chemicals Tarmat
On 06 Aug 9758 -1573 0.2 1.6 5.6 *Fortis Health . . . . . . . 948.8 *Nuvoco Vistas . . . . . . 460.9 Poly Medicur . . . . . . . 1822.7 *Credo Brands . . . . . . 114.1 IRB Infra Bharat Global D Kamdhenu Prostarm Info Taylormade Ren

MAJOR INDICES Aug till date

2025 till date
1470
-1560274
-1511
-36511
-
-
-
-
-
-
*Indian Bank . . . . . . . . 678.3
Others
*Aryaman Cap . . . . . . . 444.2
*Apis . . . . . . . . . . . . 434.8
*Venkys India . . . . . . 1424.5
*Bata India . . . . . . . . . 1090.3
Suyog Gurbaxani . . . . . 112.1
*Cninfotech 26 . . . . . . 107.7
Patanjali Foods
Vodafone Idea
Blue Cloud
CCHHL
Ventur
Kaushalya I
Radaan Media
Rajshree Sug
TCI Exp
Tips Films
Previous Close Open High Low Close Change % chng OI in number of contracts(million) *Alfred Herbt . . . . . . . 3974.0 *HIRA auto . . . . . . . . . 410.0 Mirae -ET . . . . . . . . 1000.0 Odyssey Tech . . . . . . . . . 76.5 Group A Coral India KDDL Rana Sugars Vantage Knowled
*RRP Semico . . . . . 3812.4 *Nat Agro Prod . . . . . . 404.8 *Abslliquid . . . . . . . . 1000.0 *Shalimar Pts . . . . . . . . . 71.0 Alkyl Amines Country Con Kenvi Jewels Reliable Data Vikram Kamats
BSE Sensex 80,235.6 80,492.2 80,683.7 80,319.0 80,539.9 304.3 0.4 *Authum Invest . . . . . 3000.0 *Indokem . . . . . . . . . . . 384.4 *Wonderla Holida . . . . 562.5 *Storage Techno . . . . . . 66.1 Amara Raja Ener Davangere sugar Keynote Fin Ser Reliance Chm Vinny Overseas
*GE Vernova T&D . . . 2939.0 *Hubtown . . . . . . . . . . . 355.1 Coral Lab . . . . . . . . . . . 551.5 *Vinyoflex . . . . . . . . . . . 60.3 Astrazen Ph DCM Knowledge Marin Repro India Western Carrier
BSE Sensex 50 25,574.4 25,655.8 25,753.9 25,630.2 25,712.3 137.9 0.5 BSE SECTORAL INDICES *Car Trade . . . . . . . . . 2378.0 Skm Egg Prod . . . . . . . . 347.0 *Tejas Networks . . . . . 543.0 Haryana Lthr . . . . . . . . . 56.0 D B Realty Deccan Health La-Opala Rg RO Jewels Group M
BSE-100 25,659.6 25,741.1 25,836.2 25,713.4 25,795.6 136.0 0.5 Prev cls Close % Chng
*Midwest Gold . . . . . . 1701.2 *Jetking Inf . . . . . . . . . . 328.6 *Praj Ind . . . . . . . . . . . . 397.4 *Capital Trst . . . . . . . . . . 55.9 Easy Trip Deepak Builders Lloyds Enterpri Roto Pumps Khazanchi Jewel ANNUAL GENERAL MEETING
*Nazara techno . . . . . 1450.0 *RRP Defense . . . . . . . 319.3 *Medicam Bio . . . . . . . 342.8 21st Cnt Fin . . . . . . . . . . . 55.7 Plann Euro Panel Prod Lovable Lngr Ruby Mills Virtuoso Optoel
BSE-200 11,096.4 11,132.6 11,172.4 11,120.6 11,154.9 58.5 0.5 AUGUST 14 Manapp Finance Group M AUGUST 16 BLB
Auto 53,320.5 53,948.4 1.2 *Thyrocare Tech . . . . 1434.3 *Curaa tec . . . . . . . . 305.0 PDS Ltd . . . . . . . . . . . . . 319.0 Tradewell Holdi . . . . . . . 47.0 Ethos Expleo Solution Markolines Pav S P Apparels Group MT Group A Avanti Feeds Gretex Corpor Group X Group X
BSE-500 35,437.1 35,561.1 35,684.0 35,521.3 35,631.9 194.9 0.5 Bankex 61,307.9 61,484.0 0.3 *Algoquant Fin . . . . . . 1409.0 *Tourism Fin . . . . . . . . . 303.6 Patels Airt . . . . . . . . . . . 311.0 Mercury Ev-Tech . . . . . . 46.0 Nava Fedders Holding MBL Infrastruct SAL Steel Jungle Camps PI Inds Sharda Crop Amwill HC Atv Projects Neelamlai Ag
Cons. Durables 58,461.2 58,579.2 0.2 Ind.Link Chain . . . . . . 1191.2 *Elitecon . . . . . . . . . . 300.5 *Ksolves India . . . . . . . 307.6 *Jaykailash . . . . . . . . . . 45.7 Swan Energy Fiberweb I Mcleod Russl Sanstar Sudarshan Pharm
BSE IPO 15,450.4 15,513.6 15,579.8 15,480.1 15,541.0 90.7 0.6 Aegis Log Nava Group MT Group XT Group Z
Cap. Goods 66,460.7 67,133.0 1.0 *AGI Infra . . . . . . . . . . 1145.6 *Star Cement . . . . . . . . 299.8 *M M Forgings . . . . . . . 296.0 Hemadri Cem . . . . . . . . 45.5 Thirumala Ch Fischer Chemic Meghna In Sasken Comm Group P Deepak Nitrt Group B Gautam Exim India Stel W Dhenu Buildcon
FMCG 20,263.5 20,257.8 0.0 *Liquidplus . . . . . . . . 1045.5 *Nidhi Gran . . . . . . . . . 259.0 Capacite Infra . . . . . . . 279.0 QGO Fina . . . . . . . . . . 44.1 Vinati Org Flexituff Vent Mercury Ev-Tech Securekloud Tec Garodia Chem
Dollex-30 7,516.5 - - - 7,553.4 36.9 0.5 Amara Raja Ener Sasken Comm Group P AUGUST 18 AUGUST 19
Healthcare 43,824.9 44,597.5 1.8 *Liquidbetf . . . . . . . . 1043.2 *Auto Pins(I) . . . . . . . . 254.8 *Hikal . . . . . . . . . . . . . . 254.2 *HCKK Ventures . . . . . . 41.4 Zaggle GKP Printing Modern Threads SEPC Hari Govind Linde India Aegis Vopak Guj.Contain. Group A Group A
Nifty 50 24,487.4 24,586.2 24,664.6 24,535.3 24,619.4 131.9 0.5 Infra 583.4 584.1 0.1 Mirae -ET . . . . . . . . 1000.0 Hemant Surgical . . . . . 248.3 Khadim India . . . . . . . . 248.0 Guj Terc Lab . . . . . . . . . . 41.0 Group B Global Surfaces Modison Shah Alloys HIRA auto CCL Products Disa India Group T Globus Sprt Timken India
IT 34,035.7 34,048.4 0.0 *Sai Life Scienc . . . . . . 905.0 *Choksi Labs . . . . . . . . 223.9 *Updater Service . . . . . 239.3 Supra Trends . . . . . . . . . 40.0 3B BlackBio Dx Globe Civil Pro Mufin Green Fin Shashijit Infra Hisar Spg
Nifty Next50 66,223.9 66,396.0 66,735.5 66,393.0 66,622.3 398.4 0.6 Aditya Birla Chembondch Chembond Materi Group B Eternal
Metal 30,744.7 31,121.2 1.2 *Sobhagh Mercant . . . 860.9 *Avishkar Infra . . . . . . . 218.6 *One Mobikwik Sy . . . . 223.6 Genomic Valley . . . . . . . 38.7 Aaa Techno Gokul Ref Nagarjuna Fert Shivam Auto Prism Fin Bombay Burm GE Power India Walchand Ind MIRC Elect H G Infra Engg
Nifty 500 22,568.6 22,655.2 22,733.8 22,624.5 22,698.1 129.5 0.6 Oil & Gas 26,342.4 26,334.5 0.0 *Transteel Seat . . . . . . 855.4 *Alan Scott . . . . . . . . . 209.7 *Chembond Materi . . . 170.0 Rudra Ecovatio . . . . . . . 35.6 Aartech Solonic Guj Raffia Naksh Precious Shree Tirupati Shyamacomp Astrazen Ph Vishnu Chem Bajel Starteck Fin BHEL
Power 6,644.3 6,644.8 0.0 *Choice Int’l . . . . . . . . . 805.8 *IMEC Services . . . . . . 200.9 Shiva Texya . . . . . . . . . 168.2 *Swashthik Plasc . . . . . 34.6 Agarwal Inds Hemisphere Prop National Fer Signpost Soft BPO
India VIX 12.2 12.2 12.4 10.8 12.1 -0.1 -0.7 Dish TV Dhunseri Inv Group X Veer Global UltraTech
PSU 19,022.5 19,134.6 0.6 *HBL Engineering . . . . 779.0 *DEL . . . . . . . . . . . . . 196.5 *Sukhit Strch . . . . . . . . 166.3 Daulat Sec. . . . . . . . . . . . 33.5 AGI Infra Hind Oil Oricon Ent SIL Invest Global Esab India La-Opala Rg Mysore Petro Kronox Lab Sci Group B
Nifty CPSE 6,356.0 6,386.3 6,419.0 6,374.0 6,403.3 47.3 0.7 Realty 6,865.6 6,883.3 0.3 * Indicates that the market price of these companies reached two-year highs/lows. Ahluwalia Co IL&FS Inv Mg Orient Green Softtech T.N.Steel Tu Ashok Leyland Repro India Kalyan Capitals West Coast Pape Indo Count

> BS 200
WHAT THIS STOCK PAGE CONTAINS AND WHY The third sub-set of The table also contains the (F&O) section a wide set of an option may be exercised. becomes valueless while compared with the previous XD after the traded quotes SYMBOLS FOR FACE VALUE OF
SCRIPS BSE NSE BSE NSE
information is the stock’s company’s price-earnings data has been provided. An option is “in-the-money” futures contracts are close, the close price is indicate that the scrip has
market capitalisation. The (P/E) multiple. The P/E Open Interest: OI is the if the market price exceeds compulsorily settled on underlined. A significant gone ex-dividend after that l ~100 q ~3 360 ONE WAM« ABB IndiaH
BS 200 stocks account for over paid-up value . Four « H
85 per cent of the volume of categories of information are market capitalisation is multiple is arrived at by number of contracts open at the SP (in case of a call option) expiry. On NSE, it is the last change means a 3 per cent date; XB denotes ex-bonus, PCLose (1018.0) (1018.6) (5072.1) (5071.5)
m ~50 H ~2 Open 1016.6 1018.8 5072.4 5097.5
shares, value and trades on provided: First, the basic shown in ~crore and is arrived dividing the day’s closing end of day in the futures and and the market price is below Thursday of every month. rise or fall in scrips whose XR ex-rights; XO ex-indicator
n ~20
High 1036.4 1038.0 5102.5 5102.0
the Bombay Stock Exchange information on the day’s at by multiplying the closing price by its reported earning options segment. OI thus SP (in case of a put). Put/call ratio: The ratio of market values are over 10 for other corporate actions « ~1
Low 1015.0 1015.6 5040.0 5038.5
and National Stock Exchange. trading. Information is also prices of shares with equity per share (EPS) for trailing 12 indicates traders’ Otherwise it is “out-of- open interest in put options & times paid-up value or 15 per like AGM/EGM/ preference u ~6 Face value Close 1027.3 1028.0 5087.2 5087.0
For BS 200 stocks, the given on the number of capital. It changes either months. EPS is calculated on expectations. High OI is money” call options. cent for the rest of the shares. shares/mergers and others . M of scrips is Shares 23122 326K 19873 232K
because more shares have the basis of consolidated typical when traders see a Expiry date: The date on ABBREVIATIONS: When a The letters H or L appended denotes volume of shares in < ~5 ~10 in all PE 39.3 39.4 59.9 59.9
company name is followed by shares traded, and also the 52 Wk H/L 1317/766 1318/791 8941/4590 8941/4684
been issued (or extinguished) earnings wherever available. continuing trend. which a derivative expires . significant change occurs in to prices indicate a new high million, L in lakhs & K in cases if not
its BSE group in brackets and price trend with 52-week Q ~4 specified. Mcap 41565 41593 107798 107794
the symbol indicating the highs and lows. or the price has moved. In the futures and options Strike Price: The price at which An unexercised option the day’s closing value or low in the scrip; the letters ‘000’.

BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE
Adani Energy So Adani Enter«
« Adani Green En Adani PortsH
H Adani Total Gas«
« Aditya Bir Fa Aditya Birla Alkem LabsH
H Amber Enter Ind Ambuja CemH
H Angel One APL Apolo TbH
H Apollo Hosp<
< Ashok Leyland«
« Asian Paints«
« Astral«
« Au Small Fin Aurob Pharma«
«
PCLose (786.6) (786.8) (2291.1) (2288.2) (931.0) (930.9) (1330.2) (1330.5) (611.8) (611.8) (74.0) (74.0) PCLose (267.9) (268.0) (5150.6) (5149.0) (6840.5) (6843.0) (587.9) (587.2) (2507.6) (2506.8) (1582.0) (1582.3) PCLose (7236.6) (7236.5) (119.3) (119.4) (2478.8) (2478.3) (1269.8) (1269.3) (723.9) (724.8) (1058.0) (1058.2)
Open 794.0 793.0 2295.0 2299.0 931.1 932.1 1334.0 1335.2 611.2 611.9 74.2 74.1 Open 269.4 268.5 5245.0 5240.0 6850.2 6862.0 588.0 587.5 2516.6 2519.0 1581.9 1583.9 Open 7395.0 7403.0 119.5 119.7 2478.8 2479.8 1277.9 1273.0 730.5 730.0 1065.7 1059.2
High 795.6 795.7 2315.0 2314.9 938.0 938.5 1339.0 1339.3 616.0 616.2 75.5 75.5 High 273.1 273.3 5400.0 5400.0 7011.1 7010.0 588.2 589.3 2637.2 2637.9 1610.2 1611.0 High 7839.3 7840.0 121.1 121.1 2503.0 2504.4 1300.0 1300.0 742.3 742.5 1083.8 1083.6
Low 782.1 782.0 2246.4 2245.4 920.0 919.5 1317.2 1316.6 604.2 604.0 74.1 74.1 Low 267.8 267.3 5245.0 5240.0 6840.0 6837.5 574.0 574.3 2516.6 2519.0 1578.7 1578.1 Low 7395.0 7389.0 119.2 119.2 2472.1 2461.2 1275.6 1272.3 729.2 729.0 1057.6 1057.2
Close 786.4 786.3 2280.9 2280.1 924.1 924.2 1319.8 1319.6 609.3 609.3 74.7 74.7 Close 269.7 269.7 5390.9 5388.5 6954.8 6945.5 580.7 580.9 2631.6 2631.8 1581.8 1582.6 Close 7808.5 7808.5 119.7 119.7 2500.3 2500.2 1292.6 1292.1 737.9 738.0 1077.2 1078.2
Shares 27441 537K 60175 834K 155K 1024K 39751 1206K 38349 351K 192K 3099K Shares 67720 3152K 26303 900K 21201 344K 226K 2110K 72284 912K 5544 320K Shares 98265 2292K 214K 4598K 29982 351K 68244 2237K 102K 1328K 11409 444K
PE 39.4 39.4 76.0 76.0 76.9 76.9 25.1 25.1 103.4 103.4 - - PE 20.7 20.7 28.3 28.3 85.7 85.6 33.3 33.3 24.0 24.0 54.8 54.8 PE 80.6 80.6 23.0 23.0 62.3 62.3 71.7 71.6 25.2 25.2 18.6 18.6
52 Wk H/L 1138/588 1138/588 3209/2027 3211/2025 2092/758 2091/758 1517/994 1517/996 868/533 869/533 365/72 364/71 52 Wk H/L 284/149 284/149 6440/4499 6440/4492 8174/3965 8177/3964 660/453 660/453 3503/1942 3503/1941 1935/1253 1936/1273 52 Wk H/L 7839/6002 7840/6001 132/95 132/96 3394/2125 3395/2125 2040/1232 2038/1232 841/479 841/478 1593/994 1592/1010
Mcap 94463 94457 263261 263169 149944 149953 285086 285053 67011 67005 9115 9113 Mcap 70406 70419 64448 64420 23570 23538 143032 143069 23852 23855 43895 43917 Mcap 112270 112271 70301 70319 239829 239819 34719 34706 55022 55029 63110 63172

Avenue Supermar Axis BankH

H Bajaj Auto Bajaj Fin«
« Bajaj Finsrv«
« Balkrishna IH
H Bandhan Bank Bank of BarodaH
H Bank of India Bharat Dyn<
< Bharat Elctn«
« Bharat ForgeH
H Bharti Airtel<
< BHELHH Biocon<
< Blue StarH
H Bosch BPCL
PCLose (4272.4) (4252.5) (1069.3) (1070.0) (8195.7) (8196.5) (852.9) (853.0) (1908.2) (1908.0) (2406.9) (2411.6) PCLose (166.7) (166.7) (243.0) (243.1) (113.4) (113.5) (1485.8) (1486.0) (380.3) (380.4) (1151.9) (1152.4) PCLose (1850.2) (1850.3) (222.8) (222.9) (354.9) (354.9) (1743.6) (1745.6) (38636.4) (38610.0) (323.6) (323.7)
Open 4251.1 4255.0 1069.9 1071.1 8196.4 8214.5 856.7 854.6 1924.0 1914.0 2422.6 2424.9 Open 166.7 167.0 243.0 243.1 113.5 113.5 1510.1 1520.3 381.0 382.2 1168.0 1158.1 Open 1855.2 1853.0 223.4 224.0 355.0 355.5 1757.5 1750.9 38829.6 38795.0 326.4 325.0
High 4344.6 4340.0 1072.0 1072.8 8307.8 8309.5 863.8 864.0 1924.0 1920.0 2469.0 2425.0 High 168.3 168.4 244.7 244.9 114.5 114.6 1609.0 1609.9 389.8 389.9 1186.6 1185.6 High 1872.3 1872.5 226.9 227.0 361.0 361.9 1773.5 1774.8 38898.8 38910.0 326.4 326.3
Low 4248.6 4247.3 1063.3 1063.2 8195.7 8189.0 848.7 849.0 1892.7 1892.9 2392.1 2391.1 Low 164.8 164.8 241.2 241.3 112.9 112.8 1502.7 1502.0 381.0 382.1 1161.0 1158.1 Low 1852.9 1851.8 221.5 221.5 354.0 354.0 1750.1 1745.0 38540.8 38510.0 321.2 321.1
Close 4334.2 4334.6 1066.3 1066.0 8250.7 8248.5 860.5 860.0 1913.6 1914.4 2412.4 2412.3 Close 165.6 165.7 241.8 241.8 113.5 113.6 1590.7 1591.0 388.8 388.9 1181.9 1181.5 Close 1868.0 1867.4 224.0 224.0 360.2 360.3 1754.4 1755.8 38637.7 38660.0 322.8 322.5
Shares 20172 470K 48492 4967K 8145 368K 311K 10117K 20222 710K 8446 122K Shares 110K 2358K 439K 4734K 103K 3142K 376K 5047K 459K 10930K 18682 425K Shares 987K 6697K 170K 4866K 84346 2379K 6221 152K 630 13806 63996 2708K
PE 104.2 104.2 11.9 11.9 30.3 30.3 30.7 30.7 32.1 32.1 32.1 32.1 PE 13.0 13.0 6.4 6.4 5.2 5.2 106.1 106.1 51.7 51.7 55.1 55.1 PE 36.7 36.7 269.8 269.9 135.9 135.9 67.5 67.6 51.3 51.4 10.3 10.3
52 Wk H/L 5484/3337 5485/3340 1282/934 1282/934 12772/7088 12774/7089 979/643 979/643 2134/1524 2135/1523 3162/2157 3156/2152 52 Wk H/L 215/128 215/128 267/191 267/191 130/90 130/90 2096/897 2097/890 436/240 436/240 1647/919 1648/919 52 Wk H/L 2046/1446 2046/1447 304/176 304/176 406/291 406/291 2420/1521 2417/1521 41299/25938 41290/25922 376/234 376/234
Mcap 282036 282065 330777 330684 230408 230348 534709 534430 305755 305883 46631 46630 Mcap 26670 26694 125017 125048 51673 51700 58309 58320 284205 284242 56504 56488 Mcap 1065152 1064810 77981 77994 48157 48164 36070 36099 113943 114008 140047 139917

Britannia«
« BSEHH CAMS Canara BankH
H CDSL CG PowerH
H Chambal Fert Chola InvH
H CiplaH
H Coal India CoforgeHH Colgate«« Containr Crp<
< Cummins (I)H
H Dabur India«
« Delhivery«
« Divis LabH
H Dixon TechH H
PCLose (5340.3) (5338.0) (-) (2368.7) (3769.6) (3769.0) (109.6) (109.6) (-) (1541.7) (658.3) (658.5) PCLose (536.2) (536.7) (1450.8) (1450.7) (1520.7) (1521.6) (385.5) (385.4) (1624.6) (1625.4) (2201.8) (2201.6) PCLose (541.6) (541.5) (3756.0) (3759.9) (502.8) (502.9) (463.1) (463.6) (5961.1) (5961.0) (15824.0) (15828.0)
Open 5340.3 5363.5 - 2385.0 3796.4 3804.9 110.2 109.8 - 1546.0 660.0 660.4 Open 538.6 538.0 1464.4 1457.0 1516.7 1521.6 385.6 386.0 1639.4 1635.0 2205.7 2210.0 Open 541.5 542.0 3750.2 3765.9 506.0 503.4 463.1 463.6 5988.9 5971.0 15845.3 15900.0
High 5388.8 5393.0 - 2501.9 3885.0 3886.7 110.5 110.5 - 1573.0 674.7 674.8 High 538.9 538.8 1475.8 1474.7 1567.5 1567.8 388.0 388.0 1639.4 1640.1 2210.0 2210.0 High 544.4 545.0 3821.4 3824.0 506.0 505.0 467.9 468.0 6140.0 6150.0 16060.0 16070.0
Low 5300.0 5299.0 - 2381.9 3796.2 3789.7 108.5 108.6 - 1543.9 659.4 659.2 Low 525.7 525.6 1457.1 1454.6 1516.7 1520.4 385.1 385.1 1606.6 1607.2 2158.0 2157.0 Low 537.0 536.9 3750.2 3761.0 498.9 498.7 458.6 458.6 5978.0 5970.0 15600.0 15593.0
Close 5375.3 5375.5 - 2496.4 3822.7 3821.4 108.9 109.0 - 1564.5 670.3 670.5 Close 527.5 527.3 1461.1 1460.5 1561.9 1561.0 386.1 386.1 1621.9 1621.7 2173.5 2171.7 Close XD541.7 541.6 3792.1 3792.1 503.4 503.5 467.2 467.1 6103.4 6100.5 15948.6 15952.0
Shares 2714 389K - 5394K 25500 612K 728K 12097K - 1779K 83737 2104K Shares 28579 1023K 23036 672K 34563 1860K 905K 4217K 23137 874K 26192 785K Shares 39476 894K 6045 557K 12753 865K 109K 3127K 4742 395K 18046 236K
PE 59.0 59.0 - 63.9 40.2 40.1 5.3 5.3 - 66.1 105.2 105.3 PE 12.1 12.1 27.6 27.6 23.4 23.4 7.2 7.2 56.5 56.5 42.4 42.4 PE 31.2 31.2 49.3 49.3 50.1 50.1 175.6 175.6 70.3 70.2 117.5 117.5
52 Wk H/L 6473/4507 6470/4506 -/- 3030/842 5367/3030 5368/3031 119/79 119/79 -/- 1990/1047 875/518 875/518 52 Wk H/L 742/443 742/443 1684/1168 1684/1168 1702/1310 1702/1335 545/349 544/349 2004/1158 2005/1158 3893/2158 3890/2157 52 Wk H/L 801/481 801/481 3927/2595 3929/2580 672/420 672/433 471/237 471/237 7078/4617 7072/4616 19150/11844 19149/11840
Mcap 129490 129496 - 101391 18911 18904 98779 98861 - 32698 105534 105566 Mcap 21132 21126 122904 122857 126158 126090 237943 237943 54251 54246 59118 59070 Mcap 41257 41246 105116 105117 89279 89306 34877 34874 162015 161938 96489 96510

DLFHH Dr Reddys«
« Eicher Motor«
« Eternal«
« Federal BankH
H Fortis Health GAIL Glenmark«« GMR Airports«
« Godrej Cons«
« Godrej Prpty<
< Grasim IndH
H HAL<< Havells I«
« HCL TechnoH
H HDFC AMC< < HDFC Bank«« HDFC Std Life
PCLose (757.0) (757.4) (1220.6) (1220.3) (5656.6) (5658.0) (306.0) (305.9) (196.0) (196.0) (931.5) (931.7) PCLose (174.4) (174.3) (2057.1) (2058.2) (88.2) (88.3) (1198.8) (1200.5) (1946.0) (1948.8) (2739.7) (2740.4) PCLose (4405.8) (4409.4) (1464.8) (1464.8) (1499.4) (1499.1) (5465.9) (5466.0) (1969.9) (1969.9) (766.0) (766.2)
Open 757.6 758.5 1217.0 1220.3 5657.3 5658.0 306.0 305.9 196.2 197.0 937.9 933.0 Open 174.0 174.2 2053.2 2067.0 88.0 88.4 1200.1 1205.5 1963.3 1955.1 2740.2 2760.0 Open 4430.1 4439.0 1464.9 1468.0 1509.8 1500.0 5497.1 5499.0 1980.1 1994.0 766.0 765.9
High 766.5 767.2 1255.0 1255.5 5756.3 5757.5 314.0 314.0 197.9 197.9 948.8 948.7 High 174.9 174.8 2069.0 2069.3 89.3 89.3 1201.9 1206.5 1976.3 1977.9 2767.1 2766.0 High 4567.2 4568.6 1478.3 1477.4 1509.8 1507.5 5520.2 5520.0 1988.0 1994.0 783.7 783.7
Low 753.6 753.6 1217.0 1219.8 5650.0 5648.5 306.0 305.6 195.6 195.4 928.6 928.6 Low 172.3 172.3 2025.0 2023.0 87.9 87.9 1186.3 1185.3 1946.8 1948.6 2729.1 2725.5 Low 4427.8 4425.0 1459.4 1459.0 1489.0 1489.0 5471.2 5473.0 1969.0 1969.1 765.0 763.6
Close 757.1 757.7 1252.6 1253.4 5712.7 5714.5 312.3 312.4 196.2 196.2 946.5 945.8 Close 173.4 173.4 2031.8 2029.3 88.7 88.7 XD1198.1 1198.8 1959.6 1960.1 2746.1 2745.9 Close 4524.2 4524.4 1468.7 1465.9 1500.4 1501.1 5481.0 5481.5 1979.4 1980.3 776.5 776.6
Shares 31148 1367K 41837 1193K 17427 428K 1367K 28119K 516K 6992K 56878 3010K Shares 169K 6019K 9963 466K 88600 13948K 9626 887K 31793 1299K 3173 480K Shares 110K 2712K 30838 557K 222K 2916K 3496 298K 1034K 6789K 37922 1721K
PE 44.3 44.3 18.4 18.4 32.4 32.4 1007.4 1007.6 11.9 11.9 77.3 77.3 PE 11.7 11.7 43.5 43.4 - - 64.6 64.7 39.9 39.9 44.0 44.0 PE 36.2 36.2 65.2 65.1 24.0 24.0 45.0 45.0 21.5 21.5 89.0 89.1
52 Wk H/L 929/601 929/601 1420/1026 1421/1020 5908/4500 5907/4509 314/190 314/195 220/173 220/173 949/518 949/517 52 Wk H/L 245/151 245/151 2286/1275 2285/1276 98/68 98/68 1541/980 1542/980 3400/1870 3399/1900 2898/2276 2896/2277 52 Wk H/L 5166/3046 5165/3046 2105/1360 2106/1381 2011/1304 2012/1303 5725/3525 5725/3563 2036/1603 2038/1603 821/585 821/584
Mcap 187405 187541 104538 104609 156698 156749 301382 301430 48224 48222 71457 71404 Mcap 113979 113986 57337 57267 93648 93606 122578 122649 59023 59038 186869 186858 Mcap 302569 302583 92073 91897 407156 407346 117261 117271 1519131 1519860 167360 167392

Hero MotoCorpHH HFCL«« Hind Copper<

< Hind ZincH
H Hindalco«
« HPCL HUDCO HUL«« ICICI BankH
H ICICI Lombard IDFC First Bank IEX«
« IIFL FinanceH
H Indian Bank Indian Hotel«
« Indus Towers IndusInd Bank Info EdgeH
H
PCLose (4645.0) (4645.2) (72.0) (72.0) (239.2) (239.3) (423.5) (423.5) (667.0) (667.0) (408.0) (408.0) PCLose (210.4) (210.7) (2483.6) (2483.8) (1422.1) (1422.0) (1900.6) (1902.9) (69.1) (69.1) (138.0) (138.1) PCLose (448.6) (449.4) (671.7) (671.4) (747.5) (747.5) (339.4) (339.5) (782.5) (783.0) (1321.4) (1321.2)
Open 4673.8 4668.3 72.0 72.0 239.2 240.0 425.0 424.9 670.3 673.0 410.1 411.5 Open 211.4 211.6 2485.0 2485.0 1422.1 1424.6 1915.0 1902.9 69.1 69.1 137.9 138.0 Open 453.3 452.0 678.3 675.0 748.6 751.1 343.2 341.5 784.2 787.0 1328.9 1325.0
High 4793.7 4793.5 72.8 72.8 243.6 243.7 433.7 433.7 705.0 705.0 413.2 413.3 High 214.2 214.3 2501.4 2501.5 1427.2 1427.7 1923.4 1924.3 70.3 70.3 142.3 142.3 High 453.3 452.1 678.3 676.0 770.8 771.3 343.3 343.3 787.8 787.8 1330.7 1331.3
Low 4655.0 4650.2 71.4 71.4 239.2 239.4 424.7 424.5 670.3 671.0 406.8 406.7 Low 210.0 209.8 2475.0 2473.4 1415.6 1415.2 1903.6 1901.0 69.1 69.1 137.9 137.8 Low 443.6 443.5 666.4 666.3 748.6 750.0 336.4 336.4 766.9 766.7 1312.6 1312.5
Close 4770.2 4768.7 71.6 71.6 242.2 242.2 429.9 430.2 700.9 700.5 411.2 411.1 Close 210.4 210.3 2495.1 2495.1 1421.2 1420.8 1911.6 1912.7 69.9 69.9 141.1 141.2 Close 445.9 445.8 670.4 670.7 769.8 769.8 337.2 337.3 773.5 773.5 1326.3 1325.9
Shares 44341 1343K 579K 5095K 119K 1906K 142K 2073K 502K 13151K 196K 3543K Shares 160K 2131K 13323 970K 1397K 9009K 3652 335K 839K 13879K 556K 16616K Shares 16232 561K 28794 717K 186K 2638K 40445 3353K 175K 4114K 15335 1533K
PE 18.9 18.9 311.4 311.3 50.4 50.4 17.6 17.6 9.8 9.8 8.6 8.6 PE 15.1 15.1 55.1 55.1 19.2 19.2 35.5 35.5 39.5 39.5 27.8 27.8 PE 24.2 24.2 7.9 7.9 64.3 64.3 9.3 9.3 59.7 59.7 84.8 84.8
52 Wk H/L 6245/3323 6246/3344 171/71 171/71 353/184 353/184 616/379 618/378 772/546 773/546 457/288 457/288 52 Wk H/L 300/159 300/159 3035/2136 3035/2136 1494/1153 1500/1153 2286/1613 2302/1614 79/53 78/52 244/130 244/130 52 Wk H/L 561/281 561/280 678/474 677/474 894/599 895/600 461/313 460/313 1499/605 1498/606 1839/1151 1826/1157
Mcap 95427 95398 10333 10330 23421 23421 181625 181772 157506 157416 87496 87475 Mcap 42110 42098 586237 586249 1014595 1014345 95019 95076 51252 51274 12577 12588 Mcap 18946 18942 90293 90341 109566 109573 90873 90900 60260 60256 85928 85905

Infosys<
< Inox Wind InterGlobe Avia IOC IREDA IRFC ITC«
« Jindal Steel«
« Jio Financial JSW Energy JSW Steel«
« Jubilant FdH
H Kalyan Jeweller Kaynes T KEI IndH
H KFin Technologi Kotak Mah Bank<< KPIT Techno
PCLose (1424.1) (1424.1) (140.8) (140.8) (5923.9) (5927.5) (142.8) (142.6) (143.6) (143.6) (125.0) (125.0) PCLose (416.4) (416.4) (999.3) (998.5) (327.0) (327.0) (533.2) (533.2) (1048.0) (1048.2) (633.0) (632.8) PCLose (522.5) (522.7) (5807.8) (5808.5) (3760.4) (3764.7) (1085.8) (1086.3) (1958.9) (1959.0) (1218.8) (1219.4)
Open 1429.0 1425.0 141.4 141.5 5916.0 5886.0 142.8 142.7 144.0 144.3 125.1 125.1 Open 416.5 417.2 1002.0 1007.0 327.4 328.6 533.6 534.1 1054.3 1052.2 631.1 632.9 Open 529.0 528.9 5850.0 5834.5 3766.1 3770.0 1097.6 1096.0 1973.9 1968.0 1218.8 1219.5
High 1434.0 1434.0 142.0 142.1 5994.0 5993.0 143.3 143.4 144.9 145.0 126.7 126.6 High 417.7 417.5 1021.5 1021.8 332.5 332.6 538.5 539.0 1059.9 1059.6 644.4 644.0 High 529.0 529.0 6156.0 6155.0 3838.0 3841.4 1124.7 1125.2 1996.0 1996.3 1227.2 1226.9
Low 1422.2 1422.4 137.6 137.7 5905.1 5886.0 141.7 141.7 143.3 143.3 124.9 124.9 Low 413.5 413.6 988.8 988.0 327.4 328.6 533.6 533.9 1050.2 1050.3 631.1 631.4 Low 513.8 514.0 5826.6 5815.5 3766.1 3770.0 1089.9 1088.1 1962.7 1962.2 1207.8 1207.0
Close 1426.0 1426.6 138.0 138.0 XD5969.2 5969.5 142.4 142.4 144.2 144.2 125.7 125.7 Close 414.0 414.1 994.9 996.4 330.5 330.6 534.8 535.0 1053.7 1053.7 639.9 639.8 Close 515.6 515.7 6065.8 6060.0 3798.5 3803.8 1114.3 1114.5 1988.2 1987.7 1215.8 1216.0
Shares 317K 10318K 149K 4653K 8660 510K 398K 4990K 160K 3147K 368K 6384K Shares 610K 10875K 91284 3232K 1336K 11364K 97405 1205K 15708 1126K 49004 713K Shares 149K 4946K 33723 890K 2569 133K 36081 925K 119K 2747K 18107 455K
PE 21.7 21.7 52.3 52.3 34.4 34.4 16.6 16.6 25.9 25.9 24.6 24.6 PE 26.0 26.0 28.8 28.8 131.2 131.2 43.0 43.0 50.5 50.5 190.4 190.4 PE 66.4 66.4 127.9 127.8 48.9 49.0 56.1 56.1 20.6 20.6 41.3 41.3
52 Wk H/L 2007/1307 2006/1307 258/128 258/128 6019/3779 6018/3780 184/111 184/111 266/137 266/137 187/108 187/108 52 Wk H/L 529/392 529/390 1074/724 1074/723 363/199 363/199 805/419 805/419 1074/880 1075/880 797/559 797/558 52 Wk H/L 795/399 795/399 7825/3835 7822/3825 4777/2444 4780/2424 1640/784 1641/784 2302/1679 2302/1679 1920/1021 1921/1021
Mcap 592400 592650 23841 23843 230739 230751 201086 201129 40509 40520 164206 164206 Mcap 518552 518677 101490 101638 209976 210039 93471 93506 257682 257682 42224 42214 Mcap 53205 53210 40617 40578 36295 36345 19189 19193 395320 395230 33329 33335

L & TH
H L&T Finan Laurus LabsH
H LIC Hsg FinH
H LIC India LTIMind«« LupinHH Macrotech Devlp Mah & Mah<< Maha Gas Manapp FinanceH
H Mankind Pharma« « Marico«« Maruti Suzuki< < Max Fin SreH
H Max Health Mazagon Dock<< MCX
PCLose (3686.0) (3686.1) (197.9) (197.8) (830.8) (831.0) (573.2) (573.2) (916.3) (916.5) (5113.0) (5107.0) PCLose (1943.8) (1943.8) (1213.6) (1214.2) (3236.6) (3236.5) (1355.9) (1356.8) (254.0) (254.1) (2430.9) (2430.7) PCLose (705.0) (704.1) (12837.8) (12840.0) (1586.8) (1588.4) (1262.0) (1260.6) (2691.0) (2690.8) (8151.8) (8151.5)
Open 3691.0 3696.0 198.3 198.8 833.6 836.6 575.0 576.1 915.4 916.0 5113.7 5130.0 Open 1936.1 1943.8 1220.2 1214.2 3256.0 3255.0 1361.0 1358.1 255.4 254.1 2435.0 2442.7 Open 706.9 705.1 12801.7 12840.0 1586.8 1573.1 1280.0 1270.0 2715.0 2713.0 8200.4 8223.5
High 3715.8 3716.0 202.6 202.6 866.0 866.0 576.5 577.0 920.3 921.0 5130.0 5132.0 High 2005.5 2005.8 1230.8 1230.7 3297.8 3300.0 1368.7 1369.0 257.4 257.9 2483.0 2483.8 High 711.3 711.0 12931.0 12925.0 1599.9 1600.0 1302.0 1301.7 2769.0 2770.0 8365.0 8365.0
Low 3682.6 3681.3 198.3 198.3 833.6 833.1 571.3 571.4 877.8 881.2 5055.7 5055.5 Low 1936.1 1943.8 1215.0 1214.2 3239.0 3238.7 1341.0 1340.7 252.9 252.8 2435.0 2436.9 Low 700.4 699.3 12750.1 12752.0 1580.8 1573.1 1252.0 1251.4 2705.0 2704.2 8200.4 8196.5
Close 3692.8 3693.7 201.2 201.3 863.5 863.2 574.3 574.4 884.3 887.5 5114.5 5114.5 Close 1989.2 1989.8 1225.9 1225.8 3282.7 3282.2 1343.7 1343.3 255.7 255.9 2465.5 2466.0 Close 710.6 710.2 12830.7 12834.0 1587.9 1588.0 1267.6 1267.1 2748.9 2748.8 8337.6 8339.0
Shares 57573 1227K 245K 3782K 50337 2818K 25209 939K 163K 1527K 4949 238K Shares 30739 876K 12887 965K 85296 2436K 7029 167K 114K 4342K 11226 376K Shares 60693 1292K 17373 252K 5092 291K 118K 3268K 117K 1281K 40477 447K
PE 32.8 32.8 18.9 18.9 91.6 91.5 5.7 5.7 11.5 11.5 32.1 32.1 PE 24.6 24.6 41.3 41.3 29.7 29.7 12.4 12.4 27.1 27.1 53.8 53.8 PE 55.3 55.2 27.8 27.8 201.3 201.3 108.9 108.9 51.1 51.1 65.2 65.2
52 Wk H/L 3963/2968 3964/2965 215/129 215/129 923/418 923/418 735/484 736/484 1095/715 1095/715 6765/3841 6768/3802 52 Wk H/L 2403/1774 2403/1795 1534/1036 1531/1035 3303/2360 3303/2425 1989/1075 1988/1075 285/138 285/138 3050/2116 3055/2115 52 Wk H/L 745/578 745/578 13540/10725 13542/10725 1669/973 1667/950 1314/837 1314/837 3778/1918 3775/1918 9110/4303 9115/4302
Mcap 507938 508068 50279 50314 46609 46593 31589 31592 559320 561344 151594 151594 Mcap 90857 90884 122389 122379 408204 408148 13273 13269 21644 21661 101751 101772 Mcap 92222 92170 403397 403501 54798 54802 123230 123181 110883 110881 42522 42529

Mphasis Muthoot Finance Nat Alum<

< NBCC« « Nestle India«
« NHPC NMDC« « NTPC Nykaa«« Oberoi Relty Oil India ONGC< < Oracle Fin<
< Page Inds Patanjali FoodsHH PAYTM« « Persistent S<
< PG Elect«
«
PCLose (2718.2) (2717.8) (2536.8) (2533.2) (186.7) (186.5) (106.8) (106.8) (1091.3) (1091.1) (83.9) (83.9) PCLose (70.9) (70.9) (340.1) (340.1) (204.9) (204.6) (1613.4) (1613.9) (425.0) (425.1) (235.5) (235.5) PCLose (8511.0) (8513.5) (44127.3) (44080.0) (1820.1) (1819.3) (1119.9) (1120.0) (5230.2) (5232.5) (515.3) (515.2)
Open 2718.3 2731.5 2515.1 2522.0 188.2 187.5 107.1 107.5 1098.0 1091.1 84.5 84.4 Open 71.8 72.0 340.2 340.3 215.0 215.0 1625.0 1616.0 426.0 426.1 237.9 237.7 Open 8639.0 8588.0 43900.7 44010.0 1825.0 1822.8 1162.1 1150.0 5241.1 5275.0 522.1 522.0
High 2741.0 2741.4 2547.6 2549.9 191.7 191.8 108.1 108.1 1100.9 1100.8 85.9 85.9 High 73.0 73.0 343.0 343.0 220.8 220.8 1643.1 1641.0 427.2 427.7 239.9 240.0 High 8639.0 8617.0 44196.0 44280.0 1830.9 1830.0 1186.5 1187.0 5263.3 5277.5 522.2 522.0
Low 2691.0 2691.6 2478.0 2476.6 187.7 187.5 105.6 105.6 1086.5 1086.6 83.8 83.8 Low 71.3 71.1 339.2 339.2 210.0 210.0 1622.4 1616.0 401.3 401.0 236.5 236.3 Low 8472.1 8465.5 43420.0 43405.0 1790.0 1786.8 1151.0 1150.0 5204.0 5202.0 484.0 483.1
Close 2693.9 2695.2 2510.8 2509.9 189.9 189.9 XD105.8 105.8 1097.3 1096.9 85.1 85.1 Close 72.6 72.6 340.0 340.0 215.1 215.0 1628.0 1626.7 407.0 407.0 239.0 238.7 Close 8573.3 8594.5 XD43523.9 43525.0 1800.0 1797.5 1154.3 1155.0 5247.6 5247.5 486.1 486.1
Shares 3718 257K 14125 488K 401K 7481K 422K 3763K 59779 814K 596K 11679K Shares 1786K 33410K 148K 5417K 1843K 45278K 4565 307K 221K 6880K 559K 8502K Shares 1886 70550 477 36102 31273 562K 1230K 18979K 5235 242K 782K 6903K
PE 29.5 29.5 18.9 18.9 6.1 6.1 44.6 44.6 71.2 71.2 29.0 29.0 PE 9.8 9.8 13.8 13.8 935.0 935.0 28.7 28.7 10.1 10.1 8.3 8.3 PE 31.0 31.1 63.5 63.5 50.2 50.1 - - 54.0 54.0 50.8 50.8
52 Wk H/L 3240/2025 3238/2045 2717/1752 2718/1756 263/140 263/138 140/71 140/71 1389/1058 1389/1055 101/71 101/71 52 Wk H/L 83/60 83/60 448/293 448/293 230/155 230/155 2350/1440 2344/1452 767/322 768/325 339/205 339/205 52 Wk H/L 13204/7058 13220/7038 50471/38910 50590/38850 2030/1570 2011/1570 1187/505 1187/506 6789/4164 6789/4149 1055/415 1054/414
Mcap 51251 51276 100799 100765 34869 34885 28553 28561 211592 211515 85443 85493 Mcap 63828 63811 329638 329638 61519 61516 59194 59147 66203 66203 300606 300254 Mcap 74502 74686 48529 48530 65248 65159 73679 73724 82072 82071 13776 13776

Phoenix MillH
H PI Inds«
« Pidilite Ind«
« Piramal EntpH
H Piramal Pharma PNBHH PNB Hou Fin Policy BazarH
H Polycab India Power Fin Power Grid Prestige Est Rail Vikas Niga RBL Bank REC Reliance Ind SAIL Samvardhana Mot««
PCLose (1439.7) (1439.2) (3839.6) (3837.9) (3102.2) (3101.5) (1126.8) (1128.0) (189.4) (189.4) (106.6) (106.7) PCLose (766.6) (767.2) (1829.3) (1827.7) (6803.6) (6803.5) (415.8) (415.7) (284.6) (284.6) (1630.8) (1630.8) PCLose (329.0) (329.5) (253.1) (253.4) (385.5) (385.5) (1380.4) (1380.4) (122.2) (122.2) (90.3) (90.3)
Open 1439.7 1439.2 3700.1 3802.0 3107.6 3100.1 1139.5 1136.7 190.1 191.0 107.0 107.0 Open 770.0 769.0 1839.0 1835.1 6820.6 6827.0 417.6 417.0 287.5 287.0 1630.8 1630.1 Open 324.9 323.2 255.0 254.4 387.8 387.0 1389.8 1388.0 122.7 122.5 91.0 91.0
High 1464.4 1464.8 3870.1 3879.0 3107.6 3104.9 1147.5 1146.1 193.8 193.9 107.3 107.4 High 775.1 775.5 1889.0 1889.5 6978.0 6980.5 419.7 419.7 289.5 289.4 1645.2 1645.8 High 333.8 333.9 258.1 258.3 388.8 388.7 1391.7 1391.8 124.6 124.6 94.5 94.6
Low 1431.7 1431.0 3700.1 3754.0 3055.0 3055.1 1125.5 1120.0 190.1 190.5 106.3 106.2 Low 768.1 767.5 1825.3 1825.5 6820.6 6820.0 415.2 415.3 286.1 286.1 1620.0 1618.8 Low 316.8 316.5 252.1 252.2 385.6 385.5 1377.7 1377.5 122.2 122.2 89.9 89.9
Close 1437.2 1436.9 3772.0 3772.7 XD3060.2 3061.9 1128.4 1127.2 192.2 192.1 106.7 106.6 Close 773.0 773.1 1853.6 1852.0 6963.4 6966.0 417.7 417.8 288.5 288.2 1628.1 1628.9 Close 326.3 326.3 253.8 253.8 387.2 387.2 1382.7 1382.6 124.1 124.1 93.4 93.4
Shares 9232 367K 22847 1198K 12953 256K 11196 244K 122K 2521K 205K 8965K Shares 40929 1124K 96820 1330K 18111 256K 173K 3884K 199K 9928K 13953 668K Shares 722K 9108K 99102 4069K 136K 2044K 369K 7457K 582K 12018K 1884K 27152K
PE 52.4 52.4 34.4 34.4 70.8 70.8 49.2 49.1 295.7 295.6 7.4 7.4 PE 9.9 9.9 225.5 225.3 47.3 47.3 5.7 5.7 17.4 17.4 133.0 133.1 PE 53.0 53.1 26.7 26.7 6.0 6.0 25.2 25.2 16.8 16.8 26.0 25.9
52 Wk H/L 1965/1340 1968/1338 4801/2952 4804/2951 3414/2620 3415/2622 1356/850 1355/848 308/180 308/182 118/86 118/85 52 Wk H/L 1201/746 1202/747 2255/1312 2247/1311 7607/4557 7605/4555 567/357 566/357 366/248 366/247 1971/1048 1972/1048 52 Wk H/L 619/295 620/305 273/146 273/146 636/357 636/357 1551/1116 1551/1115 144/99 144/99 145/72 145/72
Mcap 51385 51376 57221 57232 155672 155759 25581 25554 25548 25539 122572 122561 Mcap 20131 20134 85124 85053 104813 104852 137845 137862 268276 268043 70125 70162 Mcap 68024 68034 15493 15496 101945 101945 1871067 1870999 51239 51239 98620 98568

SBI«« SBI Card & Pay SBI Life Ins Shree Cement Shriram TrFnH
H SiemensHH Solar IndHH Sona BLW Precis SRF Sun Pharma«« Supreme IndH
H Tata Consumer P«« Tata Elxsi Tata MotorsH
H Tata Power«
« Tata Steel«
« Tata TechnoH
H TCS««
PCLose (820.5) (820.6) (790.5) (790.0) (1837.9) (1838.0) (30400.3) (30410.0) (611.7) (611.9) (3133.6) (3135.1) PCLose (14589.8) (14592.0) (439.9) (440.3) (2842.3) (2846.2) (1622.0) (1622.2) (4220.8) (4219.8) (1046.3) (1046.8) PCLose (5615.3) (5617.5) (653.9) (654.1) (384.5) (384.5) (160.2) (160.2) (659.5) (659.2) (3035.5) (3035.4)
Open 823.5 822.7 798.8 797.0 1834.6 1841.3 30555.0 30450.0 616.6 612.1 3133.6 3136.9 Open 14589.8 14700.0 442.9 442.6 2842.7 2859.9 1637.6 1624.2 4239.9 4220.0 1046.4 1047.8 Open 5616.0 5639.5 656.2 657.2 385.4 385.5 160.5 161.0 660.3 662.0 3040.0 3036.1
High 824.9 825.0 798.8 797.2 1858.4 1859.0 30555.0 30735.0 621.3 621.4 3191.0 3192.0 High 15125.0 15132.0 450.2 450.6 2884.5 2887.3 1642.4 1643.5 4335.0 4340.0 1058.8 1058.7 High 5728.5 5733.0 667.0 667.0 388.7 389.0 162.4 162.4 669.7 669.7 3045.9 3044.4
Low 820.6 820.7 784.7 784.3 1834.6 1838.0 30292.0 30250.0 610.3 610.4 3105.1 3102.2 Low 14589.8 14680.0 442.1 442.1 2842.7 2845.3 1619.6 1617.3 4239.9 4220.0 1042.8 1043.2 Low 5584.0 5581.5 656.2 656.7 384.5 384.4 159.9 159.9 660.1 659.8 3029.0 3028.6
Close 822.2 821.9 790.1 790.1 1839.5 1840.3 30390.7 30410.0 619.3 619.3 3149.1 3150.7 Close 15037.7 15039.0 448.7 448.8 2852.4 2855.2 1639.6 1639.8 4295.6 4300.0 1056.6 1056.1 Close 5674.5 5671.0 663.6 663.8 387.1 387.2 160.2 160.2 666.4 666.8 3035.6 3036.2
Shares 847K 4448K 12185 265K 9741 571K 699 47546 83604 5326K 6871 306K Shares 3898 153K 28182 1321K 5788 221K 12242 1314K 4920 283K 10193 502K Shares 4377 114K 1400K 7558K 290K 3758K 1993K 18079K 67591 555K 69512 2148K
PE 9.6 9.5 40.0 40.0 74.1 74.1 73.7 73.8 13.7 13.7 65.1 65.1 PE 107.9 107.9 46.1 46.1 59.1 59.2 34.3 34.3 61.3 61.4 79.5 79.5 PE 47.4 47.4 11.3 11.3 29.9 29.9 41.8 41.8 39.5 39.5 22.3 22.3
52 Wk H/L 876/680 875/680 1023/660 1027/660 1935/1373 1936/1373 32508/23500 32490/23500 730/494 730/493 8130/2490 8130/2450 52 Wk H/L 17805/8479 17820/8483 768/380 769/380 3319/2128 3325/2127 1960/1555 1960/1553 5725/3020 5720/3095 1235/884 1234/883 52 Wk H/L 9083/4601 9080/4700 1142/543 1142/536 495/326 495/326 170/123 170/123 1135/595 1136/597 4586/2992 4592/2992
Mcap 758894 758617 75180 75180 184382 184462 109649 109719 116465 116465 112139 112196 Mcap 136091 136103 27893 27900 84551 84634 393377 393437 54576 54632 104546 104501 Mcap 35346 35325 244318 244373 123690 123722 199923 199961 27034 27050 1098310 1098528

Tech Mahindra<
< TitagarhH
H Titan Company«« Torrent Phar<
< Trent«
« Tube Inv of Ind«
« TVS Motor«« UltraTech Union Bank United SpirtH
H UPLHH Varun BeverH
H Vedanta«« Vodafone Idea Voltas«
« WiproH
H YES BankH
H Zydus Lifescien«
«
PCLose (1509.4) (1509.3) (799.3) (799.5) (3485.8) (3486.8) (3628.1) (3626.1) (5364.7) (5365.5) (3019.9) (3021.7) PCLose (2964.8) (2963.8) (12453.8) (12449.0) (135.6) (135.5) (1297.7) (1297.8) (689.0) (688.7) (514.5) (514.3) PCLose (433.1) (433.3) (6.5) (6.5) (1244.7) (1245.0) (241.7) (241.7) (18.7) (18.7) (956.1) (955.7)
Open 1510.7 1515.0 805.7 805.1 3485.8 3486.8 3625.3 3629.7 5353.7 5365.5 3012.7 3021.8 Open 2992.4 2977.8 12460.7 12485.0 136.8 136.0 1296.4 1300.1 681.7 686.1 515.0 514.0 Open 433.9 435.8 6.5 6.5 1261.4 1249.9 243.0 242.9 18.8 18.8 950.7 955.7
High 1516.1 1518.7 835.5 835.6 3495.1 3494.9 3653.5 3652.3 5444.4 5445.0 3070.5 3071.9 High 3043.7 3044.8 12516.6 12517.0 137.0 136.9 1310.0 1309.0 692.7 693.2 519.9 520.0 High 445.2 445.3 6.5 6.5 1284.0 1284.0 243.0 242.9 18.9 18.9 997.2 997.5
Low 1500.0 1499.3 805.7 805.1 3462.1 3463.2 3605.8 3604.0 5353.7 5360.0 3012.7 3021.8 Low 2961.8 2963.8 12385.0 12388.0 134.8 134.8 1294.5 1294.5 681.0 680.9 510.1 510.1 Low 433.9 435.1 6.4 6.4 1244.0 1243.7 240.1 240.1 18.7 18.7 939.0 938.6
Close 1509.4 1506.3 813.6 813.6 3466.7 3466.8 3618.0 3617.8 5398.6 5398.5 3055.0 3057.2 Close 3019.9 3019.2 12396.7 12401.0 135.7 135.7 1306.8 1306.2 685.5 686.2 510.9 511.1 Close 438.6 438.8 6.4 6.4 1276.3 1276.1 241.7 241.7 18.8 18.8 989.1 988.6
Shares 102K 1815K 236K 3561K 8806 360K 2563 287K 19927 616K 5512 188K Shares 337K 1546K 8898 207K 1049K 6377K 9690 402K 197K 1063K 381K 6970K Shares 366K 5925K 51126K 470360K 20847 1199K 169K 5821K 4351K 37755K 101K 1911K
PE 32.6 32.5 45.5 45.5 82.9 82.9 60.6 60.6 121.2 121.2 91.0 91.1 PE 60.6 60.5 52.8 52.8 5.5 5.5 63.3 63.2 34.6 34.6 60.7 60.7 PE 13.0 13.0 - - 65.2 65.2 18.8 18.8 21.6 21.6 21.4 21.4
52 Wk H/L 1807/1210 1808/1209 1509/655 1510/655 3866/2948 3867/2925 3790/2891 3788/2886 8346/4492 8345/4488 4807/2400 4811/2407 52 Wk H/L 3044/2170 3045/2171 12712/10053 12714/10048 159/101 159/101 1700/1271 1700/1271 736/484 736/484 668/419 668/420 52 Wk H/L 527/362 527/363 17/6 17/6 1946/1136 1945/1135 325/225 325/228 25/16 25/16 1219/797 1220/795
Mcap 147802 147503 10955 10954 307774 307783 122448 122441 191920 191917 59114 59157 Mcap 143473 143442 365304 365433 103588 103580 95050 95006 51450 51502 172781 172849 Mcap 171491 171569 69015 68906 42233 42226 253322 253322 59067 59067 99518 99473
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YUVRAAJ HYGIENE PRODUCTS LIMITED James Warren Tea Limited

CIN : L15491AS2009PLC009345
Registered Oice: Bordoloi Nagar, Bylane-6, Sector 2, Tinsukia, Assam 786125, Tel: 0374-2330020
CIN : L32909MH1995PLC220253 Corporate Oice: 12, Pretoria Street, Kolkata 700071, Telephone: 033-4034 1000, Tele fax: 033-4034 1015
Regd. Office: Plot No. A-650, TTC Industrial Estate, MIDC, Mahape, Pawane Village, Navi Mumbai - 400705. Email: sec@jwtl.in Website: www.jameswarrentea.com

Tel: 022 27784491, Email ID: yhpl@hic.in, Website: www.hic.in Extract of Un-audited Financial Results for the Quarter ended 30th June, 2025
( ` in Lakhs)
Extract of Un-audited Financial Results for the Quarter ended 30.06.2025 Sl. Particulars 3 months 3 months Year
Rs. in Lakhs (Except EPS) No. ended ended ended
30.06.2025 30.06.2024 31.03.2025
FOR THE FOR THE FOR THE FOR THE YEAR Un-audited Un-audited Audited
Sr. QUARTER ENDED QUARTER ENDED QUARTER ENDED ENDED 1 Total Income from Operations 3,355.86 3,286.95 17,042.04
No. Particulars
30.06.2025 31.03.2025 30.06.2024 31.03.2025 2 Net Proit/(Loss) for the period (before Tax, 1,673.79 1,070.60 3,321.78
Exceptional and/or Extraordinary items)
3 Net Proit/(Loss) for the period before Tax 1,673.79 1,070.60 10,398.86
(Un-audited) (Audited) (Un-audited) (Audited)
1 Total income from operations 759.34 911.62 763.46 4,627.92 (after Exceptional and/or Extraordinary items)
4 Net Proit/(Loss) for the period after Tax 1,424.23 970.03 10,139.56
(after Exceptional and/or Extraordinary items)
2 Net Profit / (Loss) for the period before Tax,
Exceptional and/or Extraordinary items 70.17 149.11 47.31 586.62 5 Total Comprehensive Income for the period 1,467.80 982.22 10,181.14
[Comprising Proit/(Loss) for the period (after tax)
3 Net Profit / (Loss) for the period before tax and Other Comprehensive Income (after tax)]
after Exceptional and/or Extraordinary items 70.17 149.11 47.31 586.62 6 Equity Share Capital 370.00 370.00 370.00
4 Net Profit / (Loss) for the period after tax 7 Other Equity (excluding Revaluation Reserve) - - 18,408.53
8 Earnings per share (of Rs. 10/- each)
(after Exceptional and/or Extraordinary items) 70.17 149.11 47.31 586.62 (for continuing and discontinued operations)**
5 Total Comprehensive Income for the period Basic (`): 38.49 26.22 274.04
Diluted (`): 38.49 26.22 274.04
[Comprising Profit / (Loss) for the period (after tax)
**Not Annualised
and other Comprehensive Income (after tax)] 73.15 160.59 47.45 598.52 NOTES :
6 Paid-up equity share capital 1. The aforesaid Un-audited Financial Results have been reviewed by the Audit Committee and
approved by the Board at its Meeting held on 13th August, 2025.
(Face Value of Re. 1/- each) 906.56 906.56 906.56 906.56 2. The above is an extract of the detailed format of the Un-audited Financial Results for the quarter
7 Reserves (excluding Revaluation Reserves as per ended 30th June, 2025 iled with the Stock Exchange under Regulation 33 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015. The full format of the aforesaid
balance sheet of previous accounting year) - - - (808.02) Financial Results are available on the website of BSE (www.bseindia.com) and on the Company's
website (www.jameswarrentea.com).
8 Earnings Per Share (of Rs. 1/-each)
(for continuing and discontinued Operations)- By Order of the Board of Directors
For James Warren Tea Ltd
Basic: 0.08 0.16 0.05 0.65 Sd/-
Place: Kolkata Sandip Das (Wholetime Director)
Diluted: 0.08 0.16 0.05 0.65 Date: 13.08.2025 DIN: 07979791
Note:
a) The above is an extract of the detailed format of Quarterly and Yearly Audited Financial Results filed with the Stock Exchange
under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The full format of the
Quarterly and Yearly Financial Results are available on the website of the Company (www.hic.in) and also on Stock Exchange
website (www.bseindia.com).
b) The Quarterly Un-audited Financial Results have been reviewed by the Audit Committee of the Board and approved by the Board
of Directors of the Company at its meeting held on August 13, 2025. The Statutory Auditors of the Company have carried out a
Limited Review of the same. For Yuvraaj Hygiene Products Limited
Sd/-
Vishal Kampani
Place : Navi Mumbai Managing Director
Dated: 13th August, 2025 DIN : 03335717
B LUCKNOW | THURSDAY, 14 AUGUST 2025 5
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ADC India Communications Ltd.
CIN: L32209KA1988PLC009313
Regd. Off: No.10C, 2nd Phase, 1st Main, Peenya Industrial Area, Bangalore-560058
Tel:+91 80 2839 6102 / 2839 6291
E-mail: support@adckcl.com Website: www.adckcl.com
NOTICE TO SHAREHOLDERS
SPECIAL WINDOW FOR RE-LODGEMENT OF
TRANSFER REQUESTS OF PHYSICAL SHARES
In terms of SEBI Circular No. SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/97 dated
July 02, 2025, a Special Window has been opened for re-lodgement of transfer
deeds that were lodged prior to April 01, 2019 and were rejected, returned or not
attended to due to deficiencies in documents/process/or otherwise.
The facility for re-lodgement will be available for a period of six months from July 07,
2025 to January 06, 2026. The securities that are re-lodged for transfer, if approved,
will be issued only in demat mode.
The concerned shareholders may re-lodge the necessary documents, within the
above period, after rectification of deficiencies, with the Company’s Registrar
and Share Transfer Agent i.e. KFin Technologies Limited, Selenium Tower B,
Plot Nos. 31 & 32, Financial District, Nanakramguda, Hyderabad-500032.
Email: enward.ris@kfintech.com; Toll Free No. 1800 409 4001.
For ADC India Communications Ltd
Place : Bangalore R.Ganesh
Date : August 13, 2025 Company Secretary
6 LUCKNOW | THURSDAY, 14 AUGUST 2025 B
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Corporate Identification Number: L01551KA1999PLC024991

Regd. Office: ‘UB Tower’, # 24, Vittal Mallya Road, Bengaluru-560 001, Karnataka, India.
Tel: +91 80 2221 0705; Fax: +91 80 2224 5253;
Email: investor.india@diageo.com; Website: www.diageoindia.com

UNAUDITED FINANCIAL RESULTS (STANDALONE AND CONSOLIDATED) FOR

QUARTER ENDED 30th JUNE 2025
th
The Board of Directors of the Company, at its meeting held on 13 August 2025, have inter-alia approved
the unaudited financial results (standalone and consolidated) for the quarter ended 30th June 2025.

Pursuant to Regulation 47 read with Regulation 33 of the Securities and

Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 the financial results, along with Limited Review Report
issued by the Statutory Auditors of the Company, have been made available
on the Company’s website at Weblink: https://www.diageoindia.com/tools/
viewer.aspx?src=%2F%7E%2Fmedia%2FFiles%2FD%2FDiageo-V2%2F
Diageo-India%2Finvestors%2Fproduction-library%2Foutcome-of-the-board-
meeting-unaudited-financial-results-for-the-first-quarter-ended-30-June-
2025.pdf and can be accessed by scanning the Quick Response (QR) Code.

The same is also made available on the website of stock exchanges viz., BSE Limited at
www.bseindia.com and the National Stock Exchange of India Limited at www.nseindia.com

For and on behalf of the Board of Directors of

UNITED SPIRITS LIMITED
Sd/-
Praveen Someshwar
Place : Bengaluru Managing Director and Chief Executive Officer
th
Date : 13 August 2025 DIN: 01802656
B lucknow | THuRSDAY, 14 AuGuST 2025 7
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EXTRACT OF STANDALONE UNAUDITED FINANCIAL RESULTS

FOR THE QUARTER ENDED 30TH JUNE, 2025
(₹ in Lakhs)
Quarter Ended Year Ended Quarter Ended
Sl. 30.06.2025 31.03.2025 30.06.2024
Particulars
No.
Unaudited Audited Unaudited
1 Total Income from operations 3,787.55 18,495.29 4,245.36
2 Net Proit / (Loss) for the period
0.49 257.80 60.72
(before Tax and Exceptional item)
3 Net Proit / (Loss) for the period before Tax
1.60 308.17 153.28
(after Exceptional item)
4 Net Proit / (Loss) for the period after Tax
1.60 246.93 117.28
(after Exceptional item)
5 Other Comprehensive Income 0.00 723.81 622.78
6 Total Comprehensive Income for the
period (Comprising Proit / (Loss) and other 1.60 970.74 740.06
Comprehensive Income for the period)
7 Equity Share Capital (Face value ₹ 10/-) 541.72 541.72 541.72
8 Reserves (excluding Revaluation Reserves) - 4,922.32 -
9 Earning per Share (of ₹10/- each)**
1. Basic (₹) 0.03 4.56 13.66
2. Diluted (₹) 0.03 4.56 13.66
**Not Annualised
Notes:
1 The above is an extract of the detailed format of Standalone Unaudited Financial Results for the quarter ended
30.06.2025 iled with the Stock Exchange under Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015. The full format of the aforesaid Financial Results are available on the website of
BSE (www.bseindia.com), CSE (www.cse-india.com) and on the Company’s website (www.abcindia.com).
2 The above Unaudited inancial results were reviewed by the Audit Committee and thereafter approved by the Board
of Directors at their meeting held on 13th August 2025.
3 Exceptional and/or Extraordinary items adjusted in the Statement of Proit and Loss in accordance with Ind-AS Rules.
4 The igures for the corresponding previous quarter / year have been regrouped / reclassiied wherever necessary, to
make them comparable.

For and on behalf of the Board of Directors of

ABC India Limited
sd/-
Ashish Agarwal
Place : KOLKATA Managing Director
Date : 13th August, 2025 DIN: 00351824

CIN- L63011WB1972PLC217415
Regd. Of: P-10 NEW C.I.T ROAD, KOLKATA - 700 073
Phone: (033) 22371745/24614156, FAX: (033) 24614193
Email: vrmd@abcindia.com; Website: www.abcindia.com

BPL Limited
Regd. Ofice: BPL Works, Palakkad - 678 007, Kerala.
CIN: L28997KL1963PLC002015
e-mail: investor@bpl.in, URL: www.bpllimited.com
Tel: No.+91 80 25589109

Statement of Standalone and

Consolidated Unaudited Financial
Results for the irst quarter ended
30th June 2025

Pursuant to the provisions of Regulation 52(8)

of SEBI (Listing Obligations and Disclosure
Requirements) (SecondAmendment) Regulations,
2024, a listed entity may publish only a window
advertisement in the newspapers that refers to a
Quick Response Code and the link to listed entity’s
website and stock exchanges, Accordingly, the
stakeholders are requested to scan the below QR
code to view the unaudited results of the company,
available in English and Vernacular languages.

For BPL Limited

Sd/-
Bangalore Ajit G Nambiar
August 13, 2025 Chairman & Managing Director
8 LUCKNOW | THURSDAY, 14 AUGUST 2025 B
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TILAKNAGAR INDUSTRIES LTD

CIN: L15420PN1933PLC133303
Registered Office: P.O. Tilaknagar, Tal. Shrirampur, Dist. Ahilyanagar, Maharashtra-413 720
Corporate Office: 3rd Floor, Industrial Assurance Building,
Churchgate, Mumbai, Maharashtra-400 020 Email: investor@tilind.com,
Website: www.tilind.com, Phone: +91 22 22831716, Fax: +91 22 22046904
CORRIGENDUM TO THE NOTICE OF
THE EXTRAORDINARY GENERAL MEETING DATED JULY 29, 2025
1. This is with reference to the Notice dated July 29, 2025 ("EGM Notice") for convening the
Extraordinary General Meeting of the Company ("EGM") on Wednesday, August 20, 2025, at
10:30 a.m. (IST), through Video Conferencing ("VC") / Other Audio Visual Means ("OAVM") to
transact the business(es) specified in the EGM Notice.
In compliance with the requirements of BSE Limited ("BSE") & National Stock Exchange of India
Limited ("NSE"), the Company has issued a corrigendum dated August 13, 2025 to EGM Notice
("Corrigendum"), to notify the modification/provide clarifications and additional details with
respect to certain disclosures made in the explanatory statement to Item Nos. 2 & 3, to those
Members to whom the EGM Notice has been sent. The dispatch of the Corrigendum through e-
mails is completed on Wednesday, August 13, 2025, in compliance with the provisions of the
Act and Listing Regulations, 2015, read with MCA and SEBI Circulars.
2. The members may note that no change is required to the issue price for the proposed preferential
issue as proposed in the EGM Notice.
3. The Corrigendum being an integral part of the EGM Notice, should be read in continuation and
conjunction with the EGM Notice. All other contents of the EGM Notice, save and except as
amended / modified by the Corrigendum, shall remain unchanged.
4. The Corrigendum is available on the website of the Company at www.tilind.com and on the
websites of the Stock Exchanges viz. www.bseindia.com and www.nseindia.com. A copy of
the same is also available on the website of Central Depository Services (India) Limited ("CDSL")
at www.evotingindia.com .
5. All grievances connected with the facility for voting by electronic means may be addressed to
Mr. Rakesh Dalvi, Sr. Manager, Central Depository Services (India) Limited, A Wing, 25th Floor,
Marathon Futurex, Mafatlal Mill Compounds, N M Joshi Marg, Lower Parel (East),
Mumbai - 400013 or send an email to helpdesk.evoting@cdslindia.com or call on 022-
23058738 or 022-23058542/43.
For Tilaknagar Industries Ltd.
Sd/
Date: August 13, 2025 Minuzeer Bamboat
Place: Mumbai Company Secretary & Compliance Officer

The above is an extract of the detailed format of Consolidated/ Standalone Unaudited Quarterly Financial Results iled with the Stock
Exchanges (BSE & NSE) under Regulation 33 of the SEBI (Listing and Other Disclosure Requirements) Regulations, 2015 .The full
format of Unaudited Consolidated and Standalone Financial Results are available on the websites of the BSE and NSE (Stock
Exchanges) i.e. www.bseindia.com and www.nseindia.com and on Company's website i.e. www.bcl.ind.in

RDC Concrete (India) Limited

CIN : U74999MH1993PLC172842
Regd. Office : DIL Complex, 701, 7th Floor, Thane One, Ghodbunder Road,
Majiwade, Thane - 400610 Email : Manish.modani@rdc.in Phone : +91 9930999791
Website : www.rdc.in
EXTRACT OF STATEMENT OF UNAUDITED STANDALONE
FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2025
(Rs in millions)
Sr Particulars Quarter ended Year ended
No 30.06.2025 31.03.2025 30.06.2024 31.03.2025
Unaudited Unaudited Unaudited Audited
1 Total Income from Operations 6,318.21 6,703.08 5,373.38 23,168.94
2 Net Profit / (Loss) for the period (before Tax, 42.92 281.86 134.65 667.09
Exceptional and/or Extraordinary items#)
3 Net Profit / (Loss) for the period before tax (after 42.92 281.86 134.65 667.09
Exceptional and/or Extraordinary items#)
4 Net Profit / (Loss) for the period after tax (after 30.04 217.50 97.33 508.49
Exceptional and/or Extraordinary items#)
5 Total Comprehensive Income for the period 29.3 218.33 96.95 505.92
[Comprising Profit/ (Loss) for the period (after tax)
and Other Comprehensive Income (after tax)]
6 Paid up Equity Share Capital 1,108.30 1,108.30 554.15 1,108.30
7 Reserves (excluding Revaluation Reserve) 834.82 1,005.93 572.39 1,005.93
8 Securities Premium Account - - 516.90 -
9 Net worth 1,943.11 2,114.23 1,643.44 2,114.23
10 Paid up Debt Capital/ Outstanding Debt 3,961.77 3,955.69 3,679.92 3,774.77
11 Outstanding Redeemable Preference Shares - - - -
12 Debt Equity Ratio 2.27 1.96 2.22 1.96
13 Earnings Per Share (of Rs. 10/- each) (for continuing
and discontinued operations) -
1. Basic: 0.27 1.96 0.88 4.59
2. Diluted: 0.26 1.89 0.84 4.42
14 Capital Redemption Reserve - - - -
15 Debenture Redemption Reserve - - - -
16 Debt Service Coverage Ratio 0.79 0.86 0.98 0.89
17 Interest Service Coverage Ratio 2.18 3.67 3.00 3.05
18 Current Ratio 0.82 0.86 0.85 0.86
19 Long Term Debt to Working Capital Ratio (2.81) (5.34) (9.13) (5.34)
20 Bad Debt to Account Receivable Ratio (%) 0.28 0.79 0.07 0.92
21 Current Liability Ratio 0.75 0.75 0.78 0.75
22 Total Debt to Total Assets Ratio 0.27 0.27 0.29 0.27
23 Debtor's Turnover 0.81 0.96 0.84 3.32
24 Inventory Turnover 13.21` 16.60 14.46 57.37
25 Operating Margin Percentage 6.42 9.12 7.90 8.15
26 Net Profit Margin Percentge 0.68 4.20 2.51 2.88
#- Exceptional and/or Extraordinary items adjusted in the Statement of Profit and Loss in accordance with Ind AS
Rules / AS Rules, whichever is applicable.
Notes:
1 The Company has adopted Indian Accounting Standards (Ind AS) as notified by the Ministry of Corporate Affairs with
effect from April 1, 2019, with a transition date of April 1, 2021 For all periods upto and including the quarter ended
June 30, 2025.
2 The above is an extract of the Un-audited Financial Results for the quarter ended June 30, 2025 filed with the Stock
Exchanges under Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The
full format of the Unaudited Financial Results for the quarter ended June 30, 2025 are available on the BSE Ltd. (URL:
https://www.bseindia.com) and on the website of the Company (URL: https://www.rdcconcrete.com)
3 For the other line items referred in regulation 52(4) of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 pertinent disclosures have been made to BSE Limited and are available on the BSE Ltd. website
(URL: https://www.bseindia.com) and on the website of the Company (URL: https://www.rdcconcrete.com)
4 There has been no change in the accounting policies and therefore there has been no impact on net profit/ loss, total
comprehensive income or any other relevant financial item(s).
For RDC Concrete (India) Limited
Sd/-
Anil Kumar Banchhor
Place: Thane Managing Director & CEO
Date: August 13, 2025 DIN: 03179109
B lucknow | THuRSDAY, 14 AuGuST 2025 11
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URAVI DEFENCE AND TECHNOLOGY LIMITED

(Formerly known as URAVI T AND WEDGE LAMPS LIMITED)
CIN: L84220MH2004PLC145760
Address : Shop No. 329, Avior, Nirmal Galaxy, L. B. S. Marg, Mulund (W), Mumbai-400 080 INDIA
Tel. No. : +91 22 2565 1355, Email id :- info@uravilamps.com,, Website :- www.uravilamps.com
EXTRACT OF UNAUDITED STANDALONE AND CONSOLIDATED
FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2025
(` In Lakh except in EPS)
STANDALONE CONSOLIDATED
Sr. Current Quarter Corresponding Current
Particulars
No. ended Quarter ended Quarter ended
30th June 2025 30th June 2024 30th June 2025
1 Total Income 860.14 1,129.65 1,042.40
Net Proit / (Loss) for the period (Before Tax,
2 48.53 64.86 70.99
Exceptional and / or Extraordinary items #)
Net Proit / (Loss) for the period before tax
3 48.53 64.86 70.99
(After Exceptional and / or Extraordinary items #)
Net Proit / (Loss) for the period after tax (After
Exceptional and / or Extraordinary items #)
4 37.06 44.61 52.82
(In case of Consolidated igures, the amounts
include share from proit from Associate Company)
Total Comprehensive Income for the period
5 [Comprising Proit / (Loss) for the period (After tax) 36.01 43.44 51.05
and Other Comprehensive Income (After tax)]
Paid up Equity Share Capital
6 1,136.00 1,100.00 1,136.00
(Face value of ` 10/- per share)
7 Reserves (Excluding Revaluation Reserve)
Earnings Per Share (of ` 10/- each)
8
(For continuing and discontinued operations)
1. Basic: 0.33 0.41 0.38
2. Diluted: 0.32 0.39 0.37
Notes:
1. The above is an extract of the detailed format of standalone and consolidated Financial
Results iled with the Stock Exchanges under Regulation 33 of the SEBI (Listing and
Other Disclosure Requirements) Regulations, 2015. The full format of the Results are
available on the websites of the Stock Exchange(s) i. e. https://www.bseindia.com &
https://www.nseindia.com and on the website of the Company at www.uravilamps.com
For and on behalf of Uravi Defence and Technology Limited
(Formerly known as Uravi T and Wedge Lamps Limited)
sd/-
Mr. Niraj Gada
Date : 12.08.2025 Managing Director & CEO
Place : Mumbai DIN: 00515932
Rameshwar Media
12 LUCKNOW | THURSDAY, 14 AUGUST 2025 B
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STOVEC INDUSTRIES LIMITED

Regd. Office: N.I.D.C., Near Lambha Village, Post: Narol, Ahmedabad - 382 405, Gujarat, India. Tel: +91(0)79 - 6157 2300
Website: www.stovec.com, e-mail: secretarial@stovec.com, CIN: L45200GJ1973PLC050790
Statement of unaudited financial results for the quarter and six months ended June 30, 2025 (₹ in Million)
Quarter ended Half year ended Year ended
Particulars 30/06/2025 31/03/2025 30/06/2024 30/06/2025 30/06/2024 31/12/2024
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
Total income from operations (net) 567.54 490.56 612.03 1,058.10 1,211.60 2,345.70
Net Profit for the periods / year (before tax, Exceptional and/or Extraordinary items) 39.25 34.54 47.55 73.79 110.88 174.49
Net Profit for the periods/year before tax (after Exceptional and/or Extraordinary
items) 39.25 34.54 47.55 73.79 110.88 174.49
Net Profit for the periods/year after tax (after Exceptional and/or Extraordinary items) 29.58 25.79 35.91 55.37 83.41 129.61
Total Comprehensive Income for the periods / year [Comprising Profit (after tax) and
Other Comprehensive Income (after tax)] 28.82 24.05 36.12 52.87 82.65 124.60
Paid up Equity Share Capital (Face value per share ₹ 10) 20.88 20.88 20.88 20.88 20.88 20.88
Other equity (excluding revaluation reserves) as at balance sheet date - - - - - 1,228.75
Earnings per share of ₹ 10 each (not annualised for the quarters):
a) Basic (₹) : 14.17 12.35 17.20 26.52 39.95 62.07
b) Diluted (₹) : 14.17 12.35 17.20 26.52 39.95 62.07
Notes:
(1) The above is an extract of the detailed format of unaudited financial results for the quarter and six months ended June 30, 2025 filed with the Stock Exchange prepared in
accordance with the Indian Accounting Standards (Ind AS) notified under Section 133 of the Companies Act, 2013 (the Act) [Companies (Indian Accounting Standards) Rules,
2015] and other relevant provisions of the Act.
(2) In accordance with the requirement of Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Statutory Auditors have performed a
limited review of Company's unaudited financial results for the quarter and six months ended June 30, 2025. The full format of unaudited financial results are available on the
Company's Website, www.stovec.com and on the BSE website, www.bseindia.com. For Stovec Industries Limited,
Sd/-
Place: Ahmedabad Shailesh Wani
Date: August 12, 2025 Managing Director
(DIN: 06474766)

RAMINFO LIMITED
CIN: L72200TG1994PLC017598
Regd. Off: Unit No. 1609, 16th Floor, Orbit, Plot No. 30C, Sy. No. 83/1,
Hyderabad Knowledge City, TSIIC, Madhapur, Shaikpet, Hyderabad, Telangana-500081,
Telangana, India, Email: cs@raminfo.com, Website: www.raminfo.com
STATEMENT OF UN-AUDITED STANDALONE AND CONSOLIDATED FINANCIAL RESULTS FOR THE
QUARTER ENDED JUNE 30, 2025 (Rs. in Lakhs)
STANDALONE CONSOLIDATED
Sl. PARTICULARS Quarter Ended Quarter Ended Year Ended Quarter Ended Quarter Ended Year Ended
No. 30.06.2025 30.06.2024 31.03.2025 30.06.2025 30.06.2024 31.03.2025
Un-Audited Un-Audited Audited Un-Audited Un-Audited Audited
1. Total Revenue from Operations 1,162.06 798.43 2,058.84 1,161.16 798.43 2,057.54
2. Net Profit for the period (before Tax,
Exceptional and/or extraordinary items) 15.99 103.34 182.38 15.55 105.87 189.55
3. Net profit for the period before tax (after
exceptional and/or extraordinary items) 15.99 103.34 182.38 15.55 105.87 189.55
4. Net profit for the period after tax (after
exceptional and/or extraordinary items) 5.79 76.64 171.06 5.28 85.88 177.95
5. Total comprehensive income for the
period [comprising profit after tax and
other comprehensive income(after tax)] 5.79 76.64 171.06 5.28 85.88 177.95
6. Paid up Equity Share Capital
(Rs.10/- per equity share) 75.42 75.42 75.42 75.42 75.42 75.42
7. Reserves (excluding revaluation
reserve as shown in the balance sheet
of previous year ended) - - 4,371.27 - - 4,338.83
8. Earnings Per Share (of Rs. 10/- each)
(Not annualized):
a) Basic (in Rs.) 0.08 1.02 2.27 0.07 1.14 2.36
b) Diluted (in Rs.) 0.08 1.02 2.27 0.07 1.14 2.36

Notes:
1. The above is an extract of the detailed format of Quarterly Financial Results filed with BSE Limited under Regulation 33 of SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015. The full format of the Quarterly Financial Results are available
on company's website at www.raminfo.com and BSE Limited's website i.e., www.bseindia.com.

For and on behalf of the Board

Raminfo Limited
Sd/-
L. Srinath Reddy
Date : 13.08.2025 Scan the QR Code to view the Results Managing Director
Place : Hyderabad on the website of the Company DIN: 03255638
B LUCKNOW | THURSDAY, 14 AUGUST 2025 13
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BS MARKETING INITIATIVE
AHMEDABAD, BENGALURU, BHOPAL, BHUBANESWAR,
CHANDIGARH, CHENNAI, HYDERABAD, KOCHI, KOLKATA,
LUCKNOW, MUMBAI, NEW DELHI (ALSO PRINTED IN JAIPUR), PUNE

CELEBRATING At a time when India is poised

to lead the world as the fastest-
Those that were spotlighted
as a part of this remarkable FROM THE
CO-FOUNDER’S
growing large economy, the role of

WORKPLACES workplaces in driving this growth

has never been more critical. Most
Preferred Workplace 2025-26
industry - led initiative included:
DESK
POWERING
• Adani Total Gas Limited
recognises organisations that go
beyond the transactional, creating • Amdocs
In today’s rapidly changing world,
environments where employees can • Anant National University

INDIA’S FUTURE
resilience is no longer optional.
thrive, innovate, and feel valued. • Andaz Delhi, by Hyatt Organisations must embrace
change, empower their people, and
In an era defined by technological • Ardom Towergen Private Limited stay rooted in purpose. It is only by
Knowledge Partner acceleration, talent mobility, and • Biocon Ltd weaving together the strengths of our
shifting workforce expectations,
these companies demonstrate what
• Cadila Pharmaceuticals Ltd. people with a clear sense of purpose
and sustainable profit that we can
it takes to build cultures of resilience • Coforge Ltd build businesses that thrive, endure,
and excellence. By shining a light on • Cyble Inc. and create lasting impact.
such trailblazers, this platform not • DCB Bank Ltd
only celebrates visionary leadership Rajesh Khubchandani
but also sets benchmarks for the • Federal Bank
True progress lies in building
future of work in India. After all, • Flatworld Solutions Pvt. Ltd organisations that value people as
workplaces that empower people • Grazitti Interactive LLP much as performance. As leaders, we
are the true architects of sustainable must create cultures that champion
economic and societal progress.
• Hindalco Industries Limited
learning, innovation, and inclusivity.
• Hindustan Petroleum Corporation Limited This balance between people, profit,
• Indospace Development Management Pvt Ltd

PREPARING THE
and purpose will help us not just
• Innodata India Pvt. Ltd. navigate uncertainty but also shape
industries that remain relevant and
• JMS Mining Pvt Ltd

WORKFORCE TO LEAD THE

responsible for generations to come.
• Larsen & Toubro Ltd
Akash Tiwari
• Lenskart Solutions Limited

TRANSITION TO GREENER • Lohia Corp Limited The future belongs to organisations

that understand that people, proﬁt, and
• Marico Limited purpose are deeply interconnected.

ENERGY
• Meril Life Sciences Pvt. Ltd. Investing in people fuels innovation,
purpose anchors strategy, and profit
• NTPC Limited ensures sustainability. Building
• One 97 Communications Ltd. (PayTM) resilient businesses requires us to
Anil Kumar Jadli, Director (HR), NTPC Ltd., elucidates how the hallowed brand is • Prism Johnson Limited [Cement Divison] create workplaces that empower
individuals and industries, thus
bridging the skill gaps in India’s rapidly evolving energy sector • Quinnox uplifting economies and society.
• Ramboll India Pvt Ltd
The pursuit of becoming a technologies, Energy Policy and Data competency gaps and acquisition • Refex Group
Sharad Gupta
“Learning Organization” mandated Planning , Energy modelling, Financial of the required proficiency and is
by its “HR Vision” facilitates NTPC
in anticipating and adapting to the
Modelling & Valuation Analysis,
Sustainable & Green Finance, Energy
unique in terms of customization and
coverage. It facilitates learning in the
•
•
Sagility India Limited
Sanofi Consumer/ Opella FROM THE
changing business needs and the
rapidly evolving energy sector.
Transition, CCUS Technologies,
AI-ML for Power Sector, Battery
flow of work (anywhere, anytime, any
device).
•
•
SKF India Limited
Sonata Software DESK OF THE
The Learning & Development
Matrix at NTPC is geared to come
up with appropriate interventions
Storage, EVs And Charging Station,
Green Hydrogen & Green Chemicals,
Energy Statistics, etc. The content
As the adoption of digital
technology is imperative for Energy
sector to ensure future readiness,
•
•
Syngenta Global Capability Center Pvt Ltd
Tata BlueScope Steel Pvt. Ltd.
CEO
and design of these programs have As leaders, our responsibility
to meet all kinds of organizational it is the need of the hour to make • TCS
been customized and created as per is to build organisations that are
requirements - be it facilitating the NTPC needs.
people digitally fluent. NTPC Ltd • Tech Mahindra resilient and ready for the future.
operational excellence of its units through FutureSkills Prime, has • Timex Group India Ltd This means creating a culture where
or building capabilities to facilitate Further, to achieve net zero targets specially curated a self-learning people feel valued, purpose guides
the transition to Clean/Green Energy by 2070 and Government of India’s training program called Digital 101
• VA TECH WABAG LTD every decision, and profit becomes
or having holistic programs to build goal of achieving 100 GW of nuclear which is industry-vetted content to • Value Creed an enabler of positive change. Such
managerial and leadership capabilities power by 2047 (Amrit Kaal), NTPC is help learners build an understanding • VFS Global organisations don’t just succeed in
of its employees. These efforts ensure committed to support the GoI target of all the important emerging the short term – they inspire progress
employees are equipped for the by enhancing its capability in nuclear. technologies and professional skills. across industries and communities.
evolving energy landscape. To support this objective, NTPC has The topics covered are the basics
of Artificial Intelligence (AI), Machine
Rishi Kapoor
been sponsoring its executives for
In line with the new and emerging

PREPARING
the One-Year Orientation Course for Learning, ChatGPT, GPT-4, OpenAI
business opportunities, Government Engineering Graduates and Science tools, Blockchain, Robotics Process
of India’s (GoI’s) thrust areas and its Postgraduates (OCES) at Bhabha Automation, etc., and also their
expansion plans, NTPC has forayed

STUDENTS TO
Atomic Research Centre (BARC). This applications in various ﬁelds.
into the renewables / green energy program, fully sponsored by NTPC,
domain and associated emerging Considering its operations, NTPC
provides a Post Graduate Diploma
technologies. Since these are newer has introduced Simulators, including

EMBRACE THE
in Nuclear Science and prepares
and emerging areas, there was a remote simulators, for training its
participants for future roles in the
requirement for building competencies executive trainees and operation
nuclear energy sector.

CHALLENGES OF
in these specialized areas. executives on all possible emergency
NTPC sponsors its Executives situations which has enabled
Accordingly, customized programs to the Post Graduate Diploma in experiential learning with no risk of
(including Certiﬁcation Programs)

A FAST-MOVING
Management (Executive) Programme accident and time and cost savings.
have been organized in collaboration from NTPC School of Business Further, immersive technology-
with premier institutions like IITs, IIMs, (NSB), Noida, which brings a unique based VR/AR modules and AI based
NIWE, GIZ, USAID, IEA, KPMG, E & Y,

WORLD ORDER
combination of contemporary VR Welding Simulators have been
etc., in areas like Program on Pathways syllabus quantifying to 45% of deployed for training.
for Carbon Transition(POPCAT), Green subjects in Energy and 55% in core
Hydrogen and Green Chemicals, NTPC realizes that the changing
Management. The programme has
Offshore Wind, Wind Energy, Carbon business scenario requires its leaders
trading and Markets, Supply Chain
special focus on Green Hydrogen,
to constantly navigate dilemmas/
Dr. Sanjeev Vidyarthi, Provost, Anant National
Green Technologies, Carbon Finance,
Management, Nuclear Energy CCU, Cross border trades, Energy
paradoxes and walk a tight rope. University, chalks out how design education is
technologies, Electricity (Power) Economics, Biomass, Nuclear
As such, it conducts a range of evolving to better align with the needs of Industry 4.0
Markets, Pump Storage Hydro, Small initiatives to equip them with the right
Modular Reactors, Electricity Markets,
preparedness, etc.
capacities for a disruptive world. workplaces
Floating Solar PV NTPC has partnered with GP These include Orientation Sessions
Strategies India Private Limited for use for Business Unit Heads, Workshops The evolving landscape of so- environmentally responsible.
of its GPiLearn+ platform by all O&M on Leadership Attributes, 360 Degree called Industry 4.0 in India demands
Anant National University
executives. The platform makes Feedback for all Team Leaders, a research and innovation-centred
embraces an interdisciplinary This hands-on experience provides
available a plethora of technical Competency Assessments, business design education that is both
approach that thrives upon a them with a holistic and practical
and safety courses and has simulation games, etc. nationally and globally relevant.
multidisciplinary curriculum, understanding of complex social and
allowed NTPC to upload its own Doing so ensures students
As NTPC Sites are spread across preparing students to become well- environmental issues, ensuring that
technical courses / modules, graduate as responsible, future-
the country and because NTPC’s trained future professionals ready to students learn to develop feasible
Location Management ready professionals ready to work
growth plans involve entry in new embrace the entire world. solutions rooted in real-world contexts
Instructions (LMIs) and Job- anywhere. This is what we aim to
domains, future Leaders would be rather than in isolated classrooms.
Rotation (Samarth) facilitation achieve at Anant. Smart design requires intelligent
required to display agility and mobility thinking, and college education, As technology continues to evolve,
training modules. O&M Why? Because young Indians
for taking up new/different profiles as therefore, must centre this reality it will play an increasingly important
executives have been assigned today are one of the largest
per the business requirements. by embracing cross-disciplinary role in shaping the future. But basic
customized learning paths demographic cohorts of college-
comprising mandatory and optional NTPC also facilitates acquisition of ways of thinking and doing things. human values will play an equally
going students in the world, and
technical and safety modules and Higher Qualifications / Competency At Anant, we are committed to important role. So, we put special
their future-preparedness will ensure
LMIs based on department and enhancement through modalities decompartmentalising teaching emphasis on training ethically sound
continuity both abroad, where they
posting location considering like Company Sponsorship, Study approaches, where faculty engage students who will employ powerful
find gainful employment in increasing
the peculiarities of Leave, Incentives and Certification across multiple disciplines instead of technological tools like AI morally and
numbers, and at home in India, which
technology at the Programs. being restricted to traditional academic responsibly.
is among the fastest-growing large
locations. The silos. This approach cultivates an
Ensuring the safety of its economies globally. India’s ongoing growth, propelled
initiative is enriched learning environment
operations is paramount! NTPC is Today, AI, automation, Industrial where knowledge, creativity and by infrastructural development and
contributing technological growth and driven
to bridging continuously evaluating to enhance Internet of Things (IIoT), big data, innovation thrive beyond conventional
its safety measures to exceed robotics and other tech improvements boundaries, equipping students to by the momentum of Industry 4.0,
of functional
industry standards, reflecting its are redefining how industries shape industries, influence policies demands beyond well-trained
dedication to operational excellence work, aiming to create robustly and drive forward-thinking solutions doctors, engineers and managers. It
and responsible
re stewardship interconnected, automated and more with profound, measurable impact. also needs solution-oriented smart
of stakeholder interests. It has intelligent production environments. designers, thoughtful and inventive
implemented rigorous safety Design education must also be creators who can work seamlessly
Enabling this transformation within
protocols, devised training modules contextual, deeply rooted in local across disciplines to shape our built
the Indian industrial landscape
for employees and contractual realities, while promoting a global environments, supporting systems
requires smart and well-trained
workers and has invested in state-of- perspective. Anant National University and lived experiences in clever ways
professionals who can address
the-art technology to maintain a safe perceives this paradox both as a good that enhance national development
complex systems, engage creatively
working environment. one and as an essential prerequisite of as well as create a better quality of life
with emerging technologies and find
contemporary design education in the for everyone.
ways to shape human experiences
21st century. This is why internally-
at scale. A contextually grounded,
oriented community immersion is
interdisciplinary design pedagogy
central to our design pedagogy.
is essential to nurturing such
Our students actively engage with
capabilities. It empowers designers to
local place-based communities to
examine problems at hand holistically
understand their myriad challenges
and craft cool solutions that are
and then conceive and offer practical
not just innovative but socially and
and sustainable design solutions.
2 THURSDAY, 14 AUGUST 2025 B
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BS MARKETING INITIATIVE

SHAPING THE SYNGENTA: EMPOWERING

FUTURE THROUGH FARMERS WITH SUSTAINABLE
THE POWER OF INNOVATION
PEOPLE By fostering a culture of innovation anchored in
sustainability, Syngenta is transforming global agriculture
Surbhi Srivastava, Director - People Experience, through an array of solutions
Industrial Region India & South East Asia, SKF, Syngenta fosters innovation farm-level sustainability score and
maps out how the brand is preparing its workforce for while building a sustainability- compare their performance to industry
a more digital and energy-efficient industrial future focused workforce through several peers. A key feature of the app is its
key approaches: Innovation ability to generate carbon scores
At SKF, we believe the future is challenges. Initiatives like our a shift toward Industry 5.0 thinking, Culture, Sustainability Integration, using the Cool Farm Tool (CFT).
shaped by our people—through Innovation Community have already where technology enhances human Employee Development, Practical Cropwise Sustainability has garnered
innovation, responsibility, and sparked breakthroughs—such as talent rather than replacing it. At SKF, Implementation, and Recognition & partnerships with major companies
continuous learning. As technology an energy-efficient bearing design cobots and smart tools are enablers— Incentives. such as Kellogg’s, PepsiCo, PSA, and
and sustainability redefine industry, piloted in Europe. but people lead with insight, purpose, We have sustainability apps numerous others.
we’re preparing our workforce to To build digital confidence, we and impact. (Sustainability scores, Carbon To compliment the app, Syngenta
lead the change with confidence and launched the AI Ambassador Program, Together, these initiatives are Modeling) which have been has created a partner dashboard that
compassion. aiming to deliver AI awareness training cultivating a workforce that’s agile, appreciated by international alliances enables these companies to monitor
Our D.A.R.E. platform—Discover, to 5,000 employees by end of 2025. A sustainability-aware, and future- (e.g. US potato alliance) and have their growers’ field performance
Advance, Reinforce, Empower— cohort of 50 ambassadors is receiving ready. Whether designing sustainable featured in Magazines. through the sustainability mobile in Crop Life, a prominent European
encourages employees to turn advanced training to cascade solutions or adopting AI for smarter Syngenta has developed a digital application. The tool is currently AgTech magazine. Furthermore, PSA
ideas into action. Through internal learning through team workshops, decisions, our people are not just tool called Cropwise Sustainability available in over 20 countries, has provided positive feedback,
and external hackathons, and fostering grassroots innovation—from embracing change—they’re driving it. to enhance the sustainability of including India. The application’s highlighting how the app is helping
our Avishkaar Innovation Lab, predictive maintenance to smarter The future isn’t something we wait agricultural businesses. This free, effectiveness has been recognized their growers make their agricultural
employees collaborate with startups quality controls. for. At SKF, it’s something we build— user-friendly application allows internationally, earning a spot on the businesses more sustainable while
and universities to solve real-world This integrated approach promotes every day, with purpose and heart. farmers to quickly calculate their list of best agricultural applications simultaneously increasing crop yields.

PEOPLE-POWERED DRIVING SUSTAINABLE

PERFORMANCE: CHANGE WITH
HOW VALUE CREED RAMBOLL’S PURPOSE-
IS REDEFINING LED AND FUTURE-
SUCCESS IN READY WORKFORCE
ENERGY & TECH Lone Tvis, Chief People Officer, Ramboll, offers
insights into how a purpose led organization thinks,
CONSULTING works and leads
At Ramboll, our commitment to together creating an environment deliver—ensuring we not only meet
Samridhi Soni, Associate Director - HR, sustainability and culture is deeply where every voice matters and client needs but also contribute
Value Creed, pinpoints how the rooted in our identity as a foundation- innovation thrives. positively to the environment and
owned company. Our purpose to This alignment extends from our society.
organisation builds a positive workplace create sustainable societies where leadership to all our colleagues in our This consistent focus on cultural
culture deeply rooted in people ad purpose people and nature flourish is reflected Ramboll offices across 35 countries. alignment and sustainability ensures
in how we think, work, and lead. Everyone at Ramboll, regardless of we don’t just do business—we
Our people are at the heart of every leadership development efforts focus This feedback-first operating We see culture as a competitive title or location, plays a role in shaping shape a better future. By integrating
innovation, solution, and milestone at on managing across generations, model ensures our culture remains advantage. Guided by our Culture our culture and delivering on our these principles into every layer of
Value Creed. In the fast-moving energy understanding what motivates alive, evolving, and truly built by our Compass, our values, leadership purpose. the organisation, Ramboll continues
and tech consulting landscape, we’ve today’s professionals, and creating people, not just for them. principles, and code of conduct drive to lead with purpose and integrity,
Our people sit at the heart of our
built a company that thrives not by the psychological safety required to CREATING A CULTURE OF not only our business decisions but building a workforce that is both
strategy, empowered to be partners
chasing trends, but by empowering retain them. TRUST AND TOGETHERNESS also our interactions across global values-driven and future-ready. We
talent, listening deeply, and evolving for sustainable change. Sustainability-
We’re not managing people, we’re We’ve intentionally created an teams. Mutual respect, psychological led thinking is embedded in every stand true to our commitment to build
our culture with purpose. partnering with them. Our feedback- safety, and a strong listening strategy sustainable societies where people
environment where people want to design and engineering solution we
Our people strategy is built on rich culture, fluid career models, and show up, not because they have are the cornerstones of how we work and nature can flourish.
three core foundations: accelerating clear pathways to growth ensure to, but because they’re supported,
leadership growth, fostering a
transparent and flat organization, and
that employees stay engaged and
ambitious.
recognized, and surrounded by
teammates who lift each other up. BEYOND TECHNOLOGY:
continuously co-creating a culture
that works for everyone.
FLAT BY DESIGN: ACCESSIBLE
LEADERSHIP, ALWAYS
Collaboration is instinctive, not
instructed. Peer support is organic. BALANCING AI-DRIVEN
ACCELERATING LEADERSHIP,
REDEFINING TIMELINES
One of our strongest differentiators
is how deeply engaged and
Promotions are celebrated, not
resented. TRANSFORMATION WITH HUMAN-
Unlike traditional consulting
firms that follow a rigid ladder, we
believe in compressing the timeline
approachable our leadership is.
Senior leaders personally participate
in interviews to ensure cultural
We’ve built a culture where
success is shared, where feedback
drives progress, and where every
CENTRIC CULTURE AT AMDOCS
between talent and leadership. We alignment, and host regular open person knows they have a voice, a Lynette Dsilva, VP HR - Global People Services, Amdocs, expands on how
invest intentionally in high-potential forums like VC Ignite, Fireside Chats
where they listen, respond, and take
future, and a seat at the table. the brand fosters a culture of continuous innovation and employee well-being
individuals, giving them exposure DESIGNED FOR THE FUTURE,
to business-critical projects, questions directly from teams. GROUNDED IN PEOPLE across its global teams
empowering them with decision- We also follow a no red tape policy, launched AI-powered internal platforms aspirations.
We’ve seen firsthand how In today’s rapidly evolving
making authority, and pairing them where anyone in the company can empowered teams, rapid decision- generative AI era, the organizations that have transformed how teams By embedding innovation into the
with experienced mentors. approach senior leadership directly. making, and a culture of ownership that thrive are those that strike the right access information, creating a more flow of work and prioritizing flexibility,
This dual-pronged model ensures This creates a culture where people drive exceptional outcomes for balance—pushing the boundaries of intuitive, AI-first work environment. well-being, and inclusion, Amdocs
we balance institutional wisdom with speak up early, get heard quickly, and our clients and our people. When innovation while supporting the people We believe innovation should is not just building future-ready
fresh perspective, while building feel seen across levels. The result? individuals are trusted, supported, behind it. As businesses accelerate the
a strong leadership pipeline that Fewer bottlenecks, more ownership, extend beyond labs and leadership. solutions—but a truly future-ready
and given the space to lead, adoption of emerging technologies, the That’s why we promote comprehensive workforce.
scales fast. Through initiatives like and faster progress. innovation happens naturally, and challenge isn’t just transformation—
VC Catalyst, VC Learn by Example, upskilling programs—focused on
IDEAS FROM THE GROUND, impact follows. it’s ensuring the workforce remains GenAI, cloud, and automation—across
and VC Entrepreneurship, we fast- EXECUTED AT THE TOP empowered and future-ready.
track growth and give our people a Value Creed isn’t just future-ready, functions.
real opportunity to lead, regardless of Our most impactful programs didn’t we’re future-driven. We believe that At Amdocs, we strive to maintain Our commitment to employee
tenure. come from boardrooms, they came when you put people at the center, this balance by fostering a culture well-being and flexibility is equally
from our people. Whether it’s VC Fit culture becomes unbreakable, of innovation alongside a holistic
MANAGING THE NEW strong. Through a 360-degree wellness
(fitness and health), VC Care (mental performance becomes sustainable, approach to employee well-being.
GENERATION, DIFFERENTLY program that supports physical, mental
well-being), VC Eats (dinner support and innovation becomes inevitable. For us, innovation isn’t limited to tech
Today’s workforce is driven for our employees), or VC Workcation and social health, we recognize that a
“This is the Value Creed way, teams; it’s embedded in the way we resilient workforce is the foundation
by values, voice, and velocity. To (company-sponsored work and travel a workplace where leadership is work every day. Whether in product
meet them where they are, we’ve experiences), each initiative was of sustainable innovation. Our hybrid
earned fast, trust is built deep, and design or day-to-day operations, work model, ‘vacation without limits’
equipped our managers to lead with born from employee feedback, and culture is created together.” employees are equipped with GenAI
empathy, clarity, and flexibility. Our executed with leadership support. initiative, and strong emphasis on
tools and digital assistants that help internal mobility empower employees
resolve problems faster. We’ve recently
EMBRACING A to shape careers that align with their

RESPONSIBLE-FIRST A MULTI-PRONGED
AI MINDSET: SHAPING APPROACH TO
SONATA SOFTWARE’S BUILDING HUMAN
FUTURE OF WORK CAPITAL
Rajsekhar Datta Roy, Chief Technology Officer, Sonata Through a comprehensive, multi-faceted approach, Tata BlueScope Steel ensures it
Software, outlines the contours of responsible innovation and
builds a talent pool that is future-ready
what it means to the organisation rooted in people and purpose
Tata BlueScope Steel is committed workforce is not only technically emphasis is placed on frontline
At Sonata Software, our AI-First governed by responsible practices. Harmoni.AI and AgentBridge across
to building a future-ready workforce proficient but also adaptable to capability-building, particularly for
mindset is transforming how we Sonata Software’s responsible- various domains - from engineering
that can thrive in India’s rapidly industry advancements. shop-floor and field teams, ensuring
innovate and operate. With a significant first stance ensures AI solutions are and HR to supply chain and customer
evolving construction and colour Tata BlueScope Steel also inclusivity across all levels.
percentage of our engineers actively deployed with built-in guardrails, audit operations - shifting towards AI native
engaged in AI projects and a target trails, and validation mechanisms workflows and proactive decision- coated steel sectors. Recognizing promotes cross-functional learning Moreover, employee well-being,
of achieving 100% GenAI literacy by for large language models (LLMs). making systems. This integration the pace of technological change by engaging employees in innovation safety, and work-life balance remain
FY2026, we are cultivating a workforce This approach supports scalable, accelerates enterprise agility and and shifting industry dynamics, projects, Kaizens, Quality Circles, and central. A healthy and motivated
aligned with AI-driven innovation, all accountable AI across all teams, operational efficiency. the company has adopted a multi- digital transformation initiatives. These workforce is seen as essential
centered around responsible-first AI. reinforcing our commitment to ethical pronged strategy to equip its people platforms encourage employees to to sustained performance and
Responsible-first AI is more than with the right skills, mindset, and
Internal talent development platforms and trustworthy technology. a safeguard; it is Sonata Software’s apply creative problem-solving and innovation.
like Mavin, Sonata Spark, TechFests tools. critical thinking, preparing them for
Additionally, strategic collaborations guiding ethos to enable enterprise- By combining digital readiness,
and Sonata University (the company’s with esteemed institutions such as grade deployment of AI. It accelerates One of the core focus areas is future roles and challenges. skill enhancement, and a people-first
L&D arm) play a pivotal role in engaging IISc and the Wharton AI & Analytics the scalability of GenAI, grounds continuous skilling and upskilling. To further support this approach, Tata BlueScope Steel is
and upskilling our employees, fostering Initiative strengthen our AI governance innovation in ethical trust, and Through structured learning programs, transformation, the company nurturing a resilient and agile talent
grassroots innovation, and encouraging framework. These partnerships help us empowers our future-ready workforce employees are trained in emerging collaborates with academic pool that is well-prepared to lead and
cross-functional learning - all centered build an innovation ecosystem focused through literacy, autonomy, and cross- areas such as digital manufacturing, institutions and leverages Tata support India’s growing infrastructure
around AI as a core enabler. on ethical AI, human-AI collaboration, disciplinary collaboration. Together, we automation, AI, data analytics, and Group’s learning platforms to and construction needs.
Our strategy for the future of work and responsible enterprise adoption. are shaping an AI-enabled future built sustainable construction practices. provide certifications and leadership
emphasizes ongoing AI adoption We are embedding AI agents like on responsibility and trust. These initiatives ensure that the development programs. Special
B THURSDAY, 14 AUGUST 2025 3
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#TMSupplyChainLogistics
BS MARKETING INITIATIVE
SEAMLESS
SUSTAINABLE SMART AHMEDABAD, BENGALURU, BHOPAL, BHUBANESWAR,
CHANDIGARH, CHENNAI, HYDERABAD, KOCHI, KOLKATA,
THE NEXT ERA OF SUPPLY CHAINS LUCKNOW, MUMBAI, NEW DELHI (ALSO PRINTED IN JAIPUR), PUNE

BUILDING SUPPLY CHAINS

THAT STAND THE TEST OF TIME
The 4TH EDITION OF TEAM again. Tech advancements are moving by Netradyne, shone a spotlight on
MARKSMEN NETWORK’S SUPPLY so rapidly as to make yesterday’s this change, and decoded what it
CHAIN AND LOGISTICS CONCLAVE innovations tomorrow’s obsolescence. portended for a rapt audience of myriad
2025 served as the epicenter of Industry ecosystems and market decision-makers, thought leaders,
innovation, collaboration, and networks are mushrooming rapidly, and policymakers, and innovators. This
transformation evolving into something new before seminal conclave sought to address
you know what to make of it. today’s challenges head-on, fostering
The world as we know it has seen
a resilient, sustainable, and tech-driven
decades of change crammed into the The 4th Edition of the Supply
ecosystem that will propel India toward
past few years. Geopolitical realities are Chain and Logistics Conclave 2025,
global supply chain leadership.
being scripted, torn up, and rewritten presented by LEAP and co-presented

Presents

Co-Presented By

SUPPLY CHAIN CHAMPIONS LEADING THE WAY

A panoply of supply chain disruptions are keeping initiative, powered by in-depth research conducted • Varun Gupta, Supply Chain Director, Nestlé India
the world and indusries in entirety on their ties. Be it the by Coherent Insights, identified and celebrated these Limited,
war in the Middle East or Ukraine, to missile attacks on leaders at the vanguard of supply chain transformation,
• Vikrant Tyagi, Director – Logistics, Global Supply
commercial shipping routes in the Red Sea, throttling and accelerating supply chain performance.
Chain - International, Schneider Electric India Pvt
of critical mineral supplies and more, the ripple effects Those recognised at a gala celebration included: Ltd.
of global supply chains are felt far and wide. Invisible
though they may be, these chains are critical linkages • Anirban Sanyal, Head Supply Chain & National • Vishal Nayyar, Head of Supply Chain, Procurement
for the smooth functioning of industry and society. Logistics, Century Plyboards India Ltd. and Contract Manufacturing, Biocon Limited
And even as they are steadily broken down by an • Piyush Agarwal, Head of Supply Chain, Jubilant
array of attacks large and small on a daily basis, a select Agri and Consumer Products Limited
cross-section of leaders have displayed an unerring, in- • Prashant Patel, Global Sourcing Leader, GE
depth understanding of what it takes to build world-class VERNOVA
supply chains in this challenging milieu. These are the
Champions of Supply Chain 2025, a coterie of doyens • Sachin Apte, Chief Procurement Officer - Pipe &
building future-proof supply chains today. This unique Steel Vertical, Welspun World

POLICYMAKER PERSPECTIVES
Our Hon’ble Prime Minister has a vision, and that is As a fo
former
rmer Minister
Min of Transport, we were busy moving Since the
he last 11 years, our government has been
why in the last 11 years we have seen the kind of people from one
on place to another. The sheer quantum of working tirelessly
tireless to ensure we make a great leap
opportunities we are getting. Our nation has changed a that is mind-boggling;
mind-bog Delhi Transport Department moves forward.. Going forward, we are ready to make even
forward
lot, and so have generations of people. at le
least 50 lakh
la people daily. Delhi might be small in size, greater progress.
grea ogre We are delivering highways comparable
We are witnessing a change in thinking and ideation but the volume is a lot. to or better than elsewhere in the world, and the same
within our country, and in the stature of people entering When you talk about public transport, there are four main world-class standard is true for train services too.
the nation. Our nation is moving forward on supply pillars that have to be in place; it should be affordable, We started Gati Shakti with an aim to look at all 7 of its
chain and logistics with great speed. The manner in reliable, efficient, and clean or green, because it should be aspects holistically, and we wanted to translate the
which our infrastructure and industry ecosystem has sustainable. The more you think about it, without realising, thought and vision of our PM. Individuals had to make
evolved is thanks to the many industry players that the 7 or 8 years I was a Minister, I was dealing with multiple visits to Ministries to ensure work gets done, so
make it possible, as well as our PM’s logistics. When you’re planning routes from point A to we created a One Window system for ease of work; this
vision. Our nation has not only a great point B, you try to understand the amount is Gati Shakti.
pool of national resources, but also a of time they will take to travel, or how Transport and logistics are very closely
great pool of young talent to go with to optimise routes for footfalls and connected. To give an example of Delhi
our growth vision. popularity, and so much more. So itself, 1.5 lakh trucks pass through Delhi
there is a lot of similarity there. en route to their destination, so it is vital
to plan it smoothly and in a green
SHRI MANJINDER SINGH SIRSA
National Secretary, Bharatiya Janata Party manner.
Minister of Industries, Food & Supplies and SHRI KAILASH GAHLOT
Environment, Forest & Wild Life
Government of NCT of Delhi
MLA - Bjwasan Constituency SHRI MANOJ TIWARI
Former Cabinet Minister BJP Leader & Three-Time MP
Government of NCT of Delhi North East Delhi

TECHNOLOGY’S fuel consumption and carbon emissions.

We also track the lifecycle of our reusable
cutting-edge IoT and sensor technologies
for even more granular tracking of our
In essence, our next phase of growth is about
intelligent expansion – growing not just in size,

FUNDAMENTAL ROLE IN
assets, ensuring maximum utilization and assets, potentially exploring real-time but in the depth and sophistication of the
supporting circular economy principles. condition monitoring for sensitive goods. solutions we oﬀer, cementing our position as
This will enhance our ability to oﬀer value- a leader in sustainable and technology-driven
In essence, data and digital tools are at the core

THE MODERN LOGISTICS of our strategy to deliver smarter, more eﬃcient,

and sustainable logistics solutions.
added services.
o AI and Machine Learning for Predictive
logistics.

LANDSCAPE IN FOCUS: THE NEXT PHASE OF GROWTH

Our next phase of growth at LEAP is ambitious
Logistics: We are moving beyond basic
analytics to leverage AI and Machine
Learning for more sophisticated predictive
Sunu Mathew, Managing Director and Founder, LEAP India, and multifaceted, focusing on both expanding models. This includes optimizing network
our footprint and continuously pushing the design, predicting asset repair needs,
elucidates how an array of data and digital tools are delivering boundaries of innovation: and even anticipating market shifts to
outsized strategic value • Enhanced Market Penetration and proactively adjust our strategies.
At LEAP, we recognize that technology is not • Digital Integration and Collaboration: Diversification: o Blockchain for Supply Chain
just an enabler but a fundamental driver of Our digital platforms facilitate seamless o Geographic Expansion: While we have Transparency: We are exploring the
efficiency and competitive advantage in the integration with our clients’ Enterprise a strong presence in key industrial hubs, potential of blockchain technology to
modern logistics landscape. We are actively Resource Planning (ERP) and Warehouse we plan to deepen our reach into tier-2 enhance transparency and traceability
leveraging data and digital tools across Management Systems (WMS). This and tier-3 cities in India, tapping into the within our pooling network, particularly
multiple facets of our operations to stay ahead: streamlines order placement, tracking, growing manufacturing and consumption for high-value goods or sensitive supply
and invoicing, reducing manual errors centers. chains, providing an immutable record of
• Real-time Visibility and Optimization: We asset movements.
utilize RFID devices on our assets (pallets, and improving the speed of transactions.
o Sectoral Diversification: We will
containers, etc.) to collect real-time data on Furthermore, we are fostering a more o Circular Economy Innovations: We are
continue to expand our services into
their location, movement, and condition. collaborative ecosystem by providing our committed to leading in sustainable
new sectors beyond our traditional
This data feeds into our proprietary platform, clients with access to relevant data and logistics. This means innovating in
strengths, identifying industries with high
providing unparalleled visibility across the insights, empowering them to make more areas like developing new materials
demand for efficient and sustainable
supply chain. informed decisions about their supply chain. for our reusable assets that are even
pooling solutions. This includes exploring
• Automation and Process Efficiency: opportunities in areas like e-commerce more durable and recyclable, and
• Predictive Analytics for Demand and exploring new models for reverse
Supply: We are building robust data We are in the process of automating logistics, pharmaceuticals, and
repetitive tasks within our operations, from specialized manufacturing. logistics to maximize the lifespan
analytics capabilities to forecast demand of our equipment.
patterns for our pooling solutions. By inventory management to billing, leveraging
o Strategic Partnerships: We aim to forge
analyzing historical data, market trends, Robotic Process Automation (RPA) where o Integrated Platform
more strategic alliances with logistics
and even external factors, we can applicable. This frees up our human capital Development: Our goal is to
providers, technology companies, and
proactively manage our inventory of to focus on more strategic initiatives and evolve our digital platform into
industry associations to create integrated
reusable packaging, ensuring optimal customer-centric activities, enhancing a comprehensive supply chain
solutions and expand our service
availability for our clients while minimizing overall operational efficiency. intelligence hub, offering not
offerings.
unnecessary capital expenditure. This • Sustainability through Data: Data plays just asset management but also
• Innovation in Solutions and Technology: broader analytics, scenario planning,
extends to predictive maintenance for our a crucial role in our sustainability efforts.
assets, reducing downtime and extending By optimizing routes and reducing empty o Advanced Asset Tracking and and decision-support tools for our clients.
their lifespan. hauls through data analysis, we minimize Management: We will continue to invest in
4 THURSDAY, 14 AUGUST 2025 B
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BS MARKETING INITIATIVE
A CLARION CALL FOR There
Theere was a time when most things were certain, In the last 10
1 years, the
CHANGE: RESILIENCE, andd there was
w some uncertainty. But today, government
ernmen has been working
INNOVATION, AND ew word is ‘uncertainty’, and we get
the new
goosebumps if there is certainty. We are so
ssi
aggressively on improving the
whole government ecosystem
SUSTAINABILITY TAKE used to uncertainty and we take it in the
stride, and don’t react often to it. It’s just
and help the industry work at
their full potential. This can
CENTRESTAGE another day, another time to be dealt with. be seen in several initiatives,
Leading CEOs share strategies to build resilient, innovative, Times are changing so fast, we get tuned to such as PM Gati Shakti and
and sustainable businesses in a complex world order seeing it that way. the National Logistics Policy.
Our entire focus is on bringing
Avinder Singh the logistics cost down to
MD & CEO, ams OSRAM minimal levels, and to build
the ecosystem to global
standards in addition
to improving
logistical efficiency.
Things will keep
Things k changing. Despite whatever we This is all with the
thi k, we can
think, ca only control a very, very small part aim of delivering
In an era marked by unprecedented chains, these leaders will delve into
complexity, visionary leadership is the the delicate balance of driving ESG
of what at h
happens around us. That realisation efficient logistical
difference between thriving and merely goals alongside financial imperatives. came to me after a lot of pressures and services to the
surviving. The Leadership Lens: Steering The discussion will also spotlight how struggles to figure out why things are not country.
Businesses Through Complexity and leadership styles are evolving to foster working out the way we planned them to
Change brings together CEOs from diverse innovation, agility, and collaboration
work. Once that realisation came, I think
sectors to share how they are recalibrating beyond traditional industry boundaries. Rakesh Kumar Meena
strategies to drive growth amidst volatility. it’s all about doing your best and serving Director, Logistics Division,
As businesses reimagine their purpose
This conversation will explore the real-
and performance, hear how these customers in the best possible way. Department of Promotion of
world actions leaders are taking to embed
trailblazers are building green supply Industry and Internal Trade
resilience in operations while staying true
chains, resilient ecosystems, and future- Achint Setia (DPIIT), Ministry of Commerce and
to long-term ambitions.
ready organisations that create lasting Industry, Government of India
CEO, Snapdeal
From navigating digital disruption to value for stakeholders, society, and the
embedding sustainability across value planet.

HOW PROCMART IS REDEFINING As Kn

Knowledge
owledge Partners of the event,
Coherent
Coher Market Insights evaluated
ent Mark
Rural consu
Rural consumption is growing at 3x

ENTERPRISE PROCUREMENT IN A top professionals

ess in the Supply Chain
and Logistics Space across diverse
the pace of urban markets. Elasticrun’s
erin distribution technology
pioneering
CROWDED B2B MARKETPLACE industries in India. This process included
paid primary interviews with industry
platform is enabling brands to tap
directly into this explosive growth.
Sachin Jain, Co-Founder & CFO at ProcMart, outlines why agility, transparency, veterans and players, data mining from With seamless access to over 55,000
and control are a must in increasingly complex supply chains paid resources, and insights from our villages and nearly 4 lakh rural
in-house data repository, backed by our outlets, Elasticrun is bridging
In today’s rapidly evolving B2B India digital cataloging system that scale, with solutions curated after
marketplace, procurement is no longer connects stakeholders, enables real- deep client-need analyses. That’s why research and consulting team with over the gap between demand
just about securing the lowest price time inventory tracking, and flags Fortune 500 giants trust ProcMart — 28 years of industry experience. My and delivery in rural India.
— it’s about agility, transparency, stock-level thresholds. Our in-house not just as a platform, but as a partner
discussion with other speakers at this This scale and reach is
and control in an increasingly algorithms and machine learning in growth. In a noisy market, we unmatched as no other
complex supply chain. That’s where tools assist in supplier mapping, bring the clarity of execution and the Industy Platform threw light on last mile
ProcMart stands as a strategic data cleansing, and decision-making, promise of performance. delivery innovations, reverse logistics, company has built such
partner to Organisations across reducing uncertainty across the supply sustainability at core focus along with direct rural connectivity
multiple industries. ProcMart is an chain. speed and agility. across the country.
MRO powerhouse, offering timely,
With 35+ offices and warehouses,
compliant, and reliable delivery of
a packaging manufacturing plant,
critical supplies to industries across Raj Shah, Founder and CEO, Karthik M
and recent expansion into South-
the length and breadth of the country.
East Asia, we offer regional depth Coherent Market Insights VP, Elasticrun
From ProcMart’s portfolio ranges from
with global reach. Clients benefit from
providing MRO materials, packaging
a single point of contact, vendor

STATE OF AI IN
solutions, bio-fuels to corporate
consolidation, streamlined processes,
solutions, aiming to deliver integrated
and working capital optimization — all
services tailored to diverse industries
such as FMCG, automotive, pharma,
metals, and power.
aimed at one goal: keeping machines
running. LOGISTICS: PANDO’S
Our procurement model is built
on three pillars: technology, scale,
Our solution-selling model through
Key Account Management based PERSPECTIVE ON
and service. We’ve built a PAN-
model ensures customization at
INDIA’S NEXT SHIFT
KD LOGISTICS - ENGINEERING Badrinath Setlur, CEO – India Business, Pando,
shares his perspective on the evolving role of AI in
SATISFACTION ACROSS THE logistics

SUPPLY CHAIN India’s logistics landscape is a

puzzle in constant motion: vast,
multimodal, and deeply fragmented.
We believe India’s logistics sector
offers fertile ground for AI to evolve
from task automation to autonomous
The result is Pando’s AI-first
logistics platform tuned to the rhythms
Kapil Premchandani. Founder & MD, KD Supply As supply chains grow more complex, decision-making. This isn’t a distant of Indian logistics, spanning modes,
carriers, and markets. But the greater
Chain Solutions, elaborates on what ‘engineering Indian enterprises face a clear
imperative to embed intelligence at the
possibility. It’s already beginning to
value lies in how it drives high-stakes
take shape on the ground.
satisfaction’ looks like operationally in logistics core of decision-making. decisions across freight planning,
At Pando, we’ve had a front-row transportation, and payments.
At KD Logistics, engineering consumption hubs enhance agility, AI is widely acknowledged as the seat to AI adoption across global
satisfaction means embedding reliability, and service quality. key to this transition. Yet according supply chains. The pattern is clear: The shift underway is promising:
customer delight into every operational to the State of AI in Logistics 2025, a AI delivers meaningful impact when it logistics is no longer seen as a
Through state-of-the-art warehouses, report by Pando and JBF Consulting, downstream cost centre, but as a
detail. Our tech capabilities deliver goes beyond automation.
sustainable practices, a tech-driven over half of surveyed organisations strategic layer of enterprise value. As
precision, transparency, and real- Working with largest enterprises
approach, robust systems, and diverse remain in the early stages of AI India sharpens its supply chain edge,
time control for clients at every stage, navigating fragmented systems and
industry experience, we fulfil complex adoption, still exploring value and the opportunity is not only to digitise
backed by strong data security and high-velocity networks has pushed us
client requirements by creating feasibility. At the same time, 91% have logistics, but to reimagine it. At Pando,
protection. Regionally empowered to build beyond the expected. We’ve
maximum value. Ultimately, satisfaction increased their AI investments in the our focus is on helping enterprises
leadership ensures faster responses had to engineer systems that adapt,
is engineered by putting customers at last two years. The intent is clear; the embed intelligence into everyday
through deep customer understanding. learn, anticipate, and increasingly,
the centre — delivering beyond promises execution, less so. This gap presents decisions and give logistics the system
KD Logistics’ own developed parks operate with informed autonomy.
through every solution we build. both a readiness challenge and a and strategic focus it’s long deserved.
are strategically located near key
leadership opportunity.

WORLD-CLASS SUPPLY As global disruptions reshape economies, India’s supply chain industry has emerged as the backbone—driving growth, powering
commerce, and ensuring resilience amid uncertainty. At the 4th Supply Chain & Logistics Summit 2025, visionaries such as Shri B.S.
CHAINS: INDIA’S Verma and Shri Ajay Tamta spotlighted how robust infrastructure, digital transformation, and sustainable innovation will deﬁne tomorrow’s
logistics landscape. And while Shri Nitin Gadkari could not grace the occasion, he shared his thoughts with us in a heartfelt letter.
LIFELINE AND A BRIDGE Their messages underscore the sector’s rising strategic relevance in national development, emphasizing collaboration, sustainability, and
adaptation to new technologies. Together, these thought leaders chart a bold trajectory for India’s supply chain—one that is future-ready,
TO THE FUTURE inclusive, and globally competitive.

The 4th edition of the Supply Chain & Logistics Summit Efficient and effective supply chain management will play Logistics is the lifeblood of a developed India. Under
2025 shines a spotlight on how robust road infrastructure a key role in India’s industrial growth and global visionary leadership, our road networks connect villages
and multi-modal logistics integration can serve as competitiveness. India’s logistics sector is witnessing to global commerce, catalyzing inclusive growth. The
foundational engines of inclusive economic growth. unprecedented expansion, projected to grow from Ministry’s focus on integrating technology and
These efforts align with our sustainability goals and USD317.3 billion in 2024 to USD484 billion by 2029. This sustainability into every procurement and infrastructure
climate commitments, ensuring that prosperity and incredible pace underscores not just rising demand, but initiative is enabling long-term competitiveness and
environmental stewardship go hand-in-hand as India the industry’s growing criticality in resilience. Sustainable procurement, recycling, and the
advances. The Summit undoubtedly circular economy are at the heart of India’s
supporting everything from rural
brought together leaders from supply chain transformation. By
development to seamless exports.
across the supply chain, logistics, leveraging green materials, waste
manufacturing, infrastructure, Resilience, innovation, and management, and renewable energy,
policymaking, and academia to sustainability must drive our we’re not only responding to climate
engage in critical dialogue around collective journey ahead. imperatives, but ensuring our future
building an agile, efficient, and growth aligns with the net-zero goals
sustainable logistics ecosystem for by 2070 and India’s ambitions for 2047.
India.

SHRI NITIN GADKARI SHRI B.S. VARMA SHRI AJAY TAMTA

Hon’ble Minister- Road Hon’ble Minister of State for Hon’ble Minister of State for
Transport & Highways, Steel and Heavy Industries, Road Transport & Highways,
Government of India Government of India Government of India
B THURSDAY, 14 AUGUST 2025 5
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BS MARKETING INITIATIVE

TRUST: THE CORNERSTONE OF Those recognised on this landmark occasion included:

ALL GREAT BRANDS

In an age where consumers are
• Bajaj Broking – Next-Gen
Investing Brand of the Year
• BHARAT PETROLEUM
• Himalaya BabyCare
• IKEA India
• InSolare Energy Limited
bombarded with choices, only a few brands CORPORATION LIMITED
rise above mere transactions to create deep, • JKMaxx Paints
meaningful connections. Brand of the Year • Bisleri Vedica Himalayan
recognises these rare organisations that don’t Spring Water • KAFF Appliances
just sell products but craft experiences, build • Campus Activewear Ltd • Kaya Clinic
communities, and shape culture. In celebrating
these brands, we are acknowledging the • CELLO WORLD LIMITED • LA SHIELD
power of trust, innovation, and authenticity in • Purple Finance
building relevance that lasts.
• Cetaphil
Today, success demands more than • Chitale Bandhu Mithaiwale • RUBBER KING TYRE PVT. LTD.
market share – it requires mindshare and • Fenesta • SEW.AI (Smart Energy Water)
heartshare. These are the brands that have
mastered both, becoming household names, • GM Modular Pvt. Ltd. • TATA Tiscon
trendsetters, and beacons of purpose. This
• Godrej Interio (Part of Godrej • U.S. Polo Assn.
initiative reminds us that brands aren’t just
economic assets – they’re emotional anchors Enterprises Group) • Unimoni India
that deﬁne how we live, work, and dream. • Haier Appliances India Pvt. Ltd. • VistaPrint

FORGING INDIA’S FUTURE SURGING AHEAD

WITH SMARTER STEEL BY CHANNELLING
S Karthik Narayanan, Chief of Marketing & Sales, Tiscon Retail, explains how INNOVATION AND
technological innovation has been integral to cementing Tata Tiscon’s leadership
When Tata Tiscon entered the the knowledge gap for individual of time, not just structurally, but
DESIGN
Indian market in 2000, it introduced homebuilders and ensures that reputationally. With over two decades Jayanth Jain, CEO & MD, GM Modular, takes us
a breakthrough in the form of TMT superior-grade materials are used of leadership, 5 lakh+ customers through how the brand transforms everyday electrical
(Thermo-Mechanically Treated)
rebars, developed in collaboration
optimally. served annually, and a roadmap
grounded in sustainability and digital
essentials into inspiring lifestyle experiences
On the sustainability front, Tata
with Morgan, USA. This introduction Tiscon manufactures its rebars in evolution, Tata Tiscon remains India’s We have been awarded the products that seamlessly integrate visitors who describe our products
marked a pivotal shift in construction Tata Steel’s Jamshedpur facility—the most innovative and dependable prestigious Brand of the Year title into modern living spaces. as “great innovative products,” and
practices across India. TMT rebars first in India to be certified under the rebar brand. for the second consecutive year, Our strategic focus on the smart “products making luxury statements.”
quickly became the benchmark for global ResponsibleSteel™ standard. This consistent trajectory of cementing our position as a leader urban consumer has driven consistent To support our growing market
modern construction due to their This recognition reflects a rigorous innovation is deeply embedded in in design-driven electrical products product launches that address real presence, we are setting up 4 major
superior strength, ductility, and ability commitment to environmental Tata Tiscon’s operational philosophy, - like switches, home automation, lifestyle needs. From sleek modular factories & warehouses across 3 states,
to withstand seismic and dynamic responsibility, labour rights, carbon which integrates upstream technology fans, LED lighting, wires, pipes, home systems that adapt to changing strengthening our manufacturing and
loads. footprint reduction, and community investments with downstream appliances, and music & mobile spaces to smart-enabled products distribution capabilities nationwide.
Since then, Tata Tiscon has engagement. Tata Tiscon’s flagship consumer needs. A prime example is accessories. The recognition affirms that integrate with connected homes, In the region of Mumbai, two state-
continuously evolved its products product, Fe550SD, is also GreenPro the application of automation and AI us as a lifestyle and design-led brand with a focus on aesthetics, our designs of-the-art factories are coming up in
and services through a deliberate certified—an industry-recognised in process control, enabling real-time that continues to set new benchmarks consistently serve as statement- Pelhar, spread across 4,00,000 sq. ft.
focus on technology, innovation, and mark for eco-friendly construction monitoring of parameters like tensile and elevate consumer expectations making highlights. Hyderabad will house two advanced
consumer-centricity. The brand’s materials. strength and elongation. This results across the electrical industry. Market response has been facilities spanning over 5,00,000 sq.
trajectory from Fe415 to Fe550SD Each rebar is backed by BIS in precise quality control and reduced This award validates our vision overwhelmingly positive, with industry ft., while the upcoming Vijayawada
represents more than a grade compliance and test certificates that variability—critical for high-stakes of reimagining everyday electrical professionals, design experts, and unit will cover 1,00,000 sq. ft.
upgrade—it reflects the engineering verify mechanical properties like construction projects. Furthermore, products as sophisticated lifestyle consumers embracing our vision of With innovation at our core and
innovation tailored to meet evolving UTS/YS ratio (≥1.15) and elongation the adoption of RFID tagging on statements. Our robust Research electrical products as essential design design as the language, we continue
construction challenges in India, (≥14.5%). Furthermore, Tata bundles enhances traceability from & Development team functions as elements. to transform everyday electrical
particularly in earthquake-prone Tiscon uses virgin iron ore instead plant to site, supporting efficient lifestyle anthropologists, constantly We actively participate in essentials into inspiring lifestyle
zones. Fe550SD rebars offer of scrap metal, which improves inventory and accountability at each studying evolving consumer behaviour exhibitions across the country, experiences - redefining how India
enhanced strength-to-weight ratio material consistency and reduces step. and emerging design trends to create receiving enthusiastic feedback from lives, works, and connects.
and ductility, which translates to contamination risk. These aspects Beyond production, Tata Tiscon

A CLEAR VIEW
reduced steel consumption without ensure that every structure built with also focuses on ecosystem-wide
compromising on safety. Tata Tiscon steel is not just strong, but impact. It collaborates with structural
Beyond material innovation, Tata also reliable in the long run. engineers, architects, and contractors
Tiscon introduced Tiscon Superlinks—
factory-fabricated stirrups that come
pre-bent to precise speciﬁcations.
Consumer loyalty programs have
also been woven into Tata Tiscon’s
to educate them about the engineering
nuances of using high-grade rebars.
This knowledge-sharing fosters
ON BUILDING
TRUSTED
tech-driven ecosystem. Initiatives like
These not only improve build quality the Golden Home Consumer (GHC) innovation at the point of application,
and reduce construction time but also and Tata Basera reward purchases ensuring that design eﬃciency is

WIN-WIN
minimise on-site fabrication errors of 1–3 tonnes or more with beneﬁts coupled with material optimisation.
that could compromise safety. With its of up to ₹76,000, including discounts The company’s technical webinars,
improved bonding capability, thanks on Tata Pravesh doors, Tata Solar onsite demonstrations, and virtual

RELATIONSHIPS
to uniform rib patterns, the structural installations, and other Tata Group training modules have reached
integrity of buildings is significantly offerings. These programs are not thousands of professionals, creating
enhanced. mere marketing gimmicks—they are a ripple effect of awareness and
Transparency has been another designed to genuinely support and upskilling.
cornerstone of Tata Tiscon’s celebrate individual homebuilders. Tata Tiscon has also pioneered
Viju Nair, Business Unit Director, Galderma India
innovation. Recognising widespread Importantly, Tata Tiscon’s sustainable packaging and logistics Pvt Ltd., sheds light on how the brand embeds
issues of weight manipulation and approach to innovation is holistic. innovations, using recyclable science, empathy, and trust into its branding and
fraud in the rebar market, Tata Tiscon materials for rebar bundling and
pioneered the per-piece selling model
It touches not only product
optimising truckloads to reduce innovation strategy
development and manufacturing, but
in India. Unlike traditional players also the consumer journey, delivery carbon emissions. These efforts align
Our products are the outcome of our skin, we have Cetaphil Bright healthy
who sell by weight—leaving room logistics, and post-sale engagement. with the larger Tata Group ethos of
purpose of Advancing Dermatology radiance range, and for those seeking
for misrepresentation—Tata Tiscon’s Whether it’s reducing steel wastage, environmental responsibility.
for Every Skin Story. Through regular skin hydration solutions, we have
model ensures that consumers get improving earthquake resistance, or Through these combined efforts— interactions with dermatologists and Cetaphil Optimal Hydration, and
exactly what they pay for, with fixed offering digital support, Tata Tiscon’s cutting-edge manufacturing, field- consumers across various channels, most recently we have launched our
dimensions, weights, and quality innovation is measured by its ability to level training, digital enablement, we are committed to advancing skin SA range that has SA as its core
certifications. solve real-world problems. and environmental stewardship— health and reinforcing healthcare ingredient. While these products
Digital transformation has also been Looking ahead, Tata Tiscon is Tata Tiscon continues to elevate the professionals’ and consumers’ trust address specific consumer needs,
at the forefront. The Tata Aashiyana exploring next-generation products standard of steel usage in India. It is in the brand. the focus remains on solving every
platform is a significant innovation that like Fe600-grade rebars for more not just meeting market demands, but requirement for sensitive skin.
Cetaphil is a No. 1 Dermatologist
brings the homebuilding experience demanding infrastructure needs, and anticipating future needs and setting
Recommended brand – and it delivers. Cetaphil’s reputation and
online. It offers cost estimation tools, AI-driven tools that help consumers benchmarks for an entire industry.
It offers science backed range which consumer’s trust in Cetaphil
connects users to verified service and engineers optimise rebar This proactive approach is what
caters especially to Sensitive Skin. continues to play a significant role in
providers, and provides access to placement and usage. These forward- solidifies its reputation as India’s most
Backed by this confidence, we keep our substantial growth in the Indian
certified Tata Steel products. Through looking efforts are aligned with India’s forward-thinking rebar brand.
on innovating and adding products to market. This trust is a key factor in
the Aashiyana app, customers can Smart City mission and the evolving innovative, science-backed solutions
our portfolio for every skin concern for building our consumers’ loyalty and
estimate steel quantities, budget expectations of a digitally literate across the full spectrum of skin health.
sensitive skin - whether it be hydration, their choice to incorporate Cetaphil
expenses, locate dealers, and even consumer base. acne protection, brightness, or simple into their daily skincare routines. It
receive cashback or loyalty offers—all
Ultimately, what sets Tata Tiscon cleansing or moisturization. truly fills us with pride and confidence
from a smartphone.
apart is that every innovation is Consumers today are more that consumers have chosen Cetaphil
Another innovative service layer deeply purposeful. From factory to as Brand of the Year 2025 for the third
informed than ever, and skincare REFERENCES:
is the AskExpert program, where foundation, Tata Tiscon combines straight year.
has evolved beyond aesthetics to a
Tata Tiscon-certified engineers visit cutting-edge metallurgy, digital 1. Galderma Data on File [Cetaphil
key component of wellness. Every Skin health awareness is Consumer History Page -https://www.
construction sites and offer practical access, and transparent practices skin has a story; Even within small accelerating rapidly in India, creating cetaphil.com]
advice on steel usage, quality checks, to deliver steel that stands the test groups, skincare needs vary based a dynamic and promising market
and structural planning. This bridges 2. Hydration, TEWL: Study RD.27.
on type, climate, concerns, and age landscape. Industry projections
SPR.203918; Hydration & TEWL
– thus requiring personalized skincare indicate that the Indian skin health
for the individual. market will reach $28–$30 billion 3. Galderma data on file [MV200801]
We partner with dermatologists by 2029–2030, growing at a robust
4. Based on internal analysis, for entire
to create formulations1 that provide CAGR of 10–12%. This presents Cetaphil Brand by Galderma India
effective results while remaining gentle a significant opportunity for global using data from – Usage and Attitude
on the skin. Each of our Cetaphil dermatology players. study for Dermacosmeceuticals by
variants is developed to defend against Galderma is uniquely positioned to IQVIA among 240 Dermatologists
across India from Jan – Feb 2025
5 signs of skin sensitivity,2 dryness, lead this transformation. With a strong
irritation, roughness, tightness, and a dermatology legacy of 44 years and
weakened skin barrier, boosting all 15 an impressive CAGR of over last five
Ceramide classes3. years, we are not just witnessing
Over the years, we have developed the growth of the category, we are
and launched a wide range of shaping it.
products in the Indian market across Galderma is more than a skincare
categories. E.g. for babies and their company. Its mission in India is
delicate skin, we have Cetaphil Baby. clear: to become the number one
For Brightness seekers with sensitive dermatology company, delivering
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CELEBRATING VISIONARY BRANDS, SHAPING THE FUTURE OF EXCELLENCE BS MARKETING INITIATIVE

HOW PURPOSE- KAYA SKIN CLINIC:

BUILT AI IS WHERE SCIENCE
MEETS CARE AND
POWERING GLOBAL TRANSFORMATION
ENERGY AND Nishant Nayyar, Vice President and Head of Marketing,

WATER FUTURE
Kaya Limited, explains how Kaya delivers trusted
dermatological care with authentic, incredible results
Our clinical credibility shines transformed fuel our commitment to
Mashal Dhawan, CEO – Asia, SEW.AI, through real, visible transformations continually enhance our care. Our
outlines how innovation and purpose can - authentic before-and-after strong feedback system ensures,
together be powerful catalysts of change images powered by cutting-edge every experience helps us raise the
dermatological technology. Every bar.
Energy and water are the quiet globally. treatment is grounded in medical Rooted deeply in local culture, Because when clinical excellence
constants of our lives. We don’t Addressing these interconnected precision, delivered by a team of Kaya builds trust through meaningful meets emotional care, the results go
often notice them — until they fail. A technology together with the human
challenges calls for a new kind of highly specialized doctors with collaborations - with regional far beyond skin deep.
blackout. A dry tap. A rising bill. clarity, care, and decision-making
intelligence—one built from the years of expertise. celebrities, local key opinion leaders
only people can offer.
These moments remind us: access ground up for this sector. But Kaya goes beyond procedures. and influencers, and community
isn’t guaranteed. We call this People + AI. And it’s at
That’s where SEW.AI comes in. the core of everything we build. We prioritize your well-being and voices that reflect your aspirations.
At SEW.AI, we’ve spent over a VERTICAL AI: BUILT FOR THE privacy, creating a safe, welcoming Our hyperlocal approach ensures
decade solving this with AI platforms EMPOWERING PEOPLE WITH space that nurtures trust and comfort each clinic, treatment, and experience
REALITIES OF UTILITIES VERTICAL AI PLATFORM
and a clear philosophy: people first, from the very first consultation. is thoughtfully tailored to your values
intelligence everywhere. We build AI At SEW.AI, we didn’t adapt AI From intuitive mobile apps to With a 4.5+ star rating on Google and lifestyle.
not merely to automate energy and to fit this space. We built AI for this personalized insights, we’re enabling
industry. Reviews across clinics, our clients’ At Kaya, every story is personal.
utility processes, but to amplify their billions of people to take control of their
Our Vertical AI models are trained words speak volumes. Their stories Every transformation is real.
positive impact—helping providers energy and water like never before.
on real-world utility data — from of confidence restored, and skin
serve better, enabling households to Whether it’s understanding a high bill,
live smarter, and giving our planet a outage histories and rate plans to reporting a leak, or optimizing energy
chance to breathe easier.
Because in a connected world,
service workflows and meter reads.
These aren’t generic algorithms.
use with real-time recommendations
— SEW.AI’s platform makes these WHAT DOES BRAND
TRUST LOOK LIKE IN
managing energy and water isn’t just They understand a billing dispute, a decisions simpler, smarter, and faster.
a technical challenge; it’s a human transformer failure, or a leak alert — Because we believe convenience isn’t
and can act accordingly. a luxury — it’s a necessity.
THE SOLAR SECTOR
one.
WHY ENERGY AND WATER? AI delivers what this moment And in a world of rising costs,
needs: climate pressure, and digital noise,
Because nothing matters more.
Picture this: a farmer in Maharashtra
• The ability to process billions of
data points instantly
clarity is power. When people are
equipped with the right tools, they - AND HOW DO YOU
BUILD IT?
checking service updates for solar don’t just interact with utilities. They
installation through a mobile app. A • To personalize experiences
become part of the solution.
family in Delhi reducing their power for every customer, field
operations, grid intelligence OUR VISION. OUR LEGACY.
bill using AI-driven insights. A field OUR IMPACT Pratik Bhatt, Head – Sales & Marketing, InSolare
technician in Tamil Nadu resolving • To empower people to take
an outage, guided by predictive control of their usage, spend, From day one, SEW.AI has stood Energy, outlines the countours of all things brands trust
analytics. and sustainability for transformation with purpose.
We’ve spent over a decade building In a sector like solar, where the — often in challenging geographies and navigating net metering rules, we
This is the new face of world’s This is what sets us apart. life of a project spans over 25 years and under demanding timelines.
the world’s most trusted AI foundation act as a trusted advisor — not just a
energy and water journey. And at PEOPLE + AI: THE HEART OF for energy and utilities. Today, we and the investments are significant, When clients see our ability to deliver
SEW.AI, we’re helping make it real vendor.
OUR PHILOSOPHY partner with 450+ utilities, serve brand trust is everything. It’s the high-performance, compliant, and
— by combining human need with Lastly, we invest in relationships
We don’t believe AI is here to over 1.4 billion people across 45+ invisible thread that binds clients, cost-optimized systems repeatedly,
intelligent AI platforms. Despite beyond the project lifecycle. Our
replace people. We believe it’s here to countries, and are working to reach 4 partners, investors, and regulators trust follows naturally.
progress, millions still lack access, billion people by 2027. dedicated O&M and client success
empower them. — the assurance that the promises Second, we focus heavily on
and billions more interact with teams ensure that systems continue
Because at the end of every meter But we’re most proud of this: we’ve made today will stand the test of time, transparency and ethical conduct.
them through outdated, impersonal to perform as designed, and we
systems. reading, every outage notification, shown that when technology is guided technology, and market dynamics. In an industry where delays, remain accountable long after
every mobile app interaction — by human values, it creates more At InSolare Energy, we define brand overpromises, or lack of post-
At the same time, the industry handover. In a sector where many
there is a person. Someone trying to than just efficiency. It creates equity, trust as a combination of performance commissioning support can damage
faces seismic challenges: aging players exit post-commissioning,
understand their usage, lower their opportunity, and empowerment. consistency, transparency, technical reputations, we have made it a practice
infrastructure, rising electrification, our continued presence has made a
bill, and make smarter choices for And when we put People + AI at integrity, and long-term partnership to communicate openly — whether it’s
EV adoption, and decarbonization. strong difference.
their home, business, or community. the center of energy and water — mindset. Over the past 16+ years, about project timelines, policy risks,
New technologies like AI and cloud In summary, brand trust in solar
computing are reshaping demand That’s why we see Vertical AI as a we don’t just power an intelligent, we’ve built our brand not just through or plant performance. Clients value
force multiplier — bringing the scale, sustainable world. We create a better is not built overnight — it’s earned
with data centres becoming one of the marketing campaigns, but through honesty over sugarcoating, and this
speed, and automation of intelligent one. over years of doing the right things
fastest-growing electricity consumers every kilowatt-hour generated by the has been a key reason for long-term
consistently. For us at InSolare, it
plants we’ve delivered — now totaling repeat business.

BAJAJ BROKING: MARRYING

means being technically sound,
more than 600+ MWp across India. Third, trust is built by being ethically driven, client-focused, and
So, how do we build this trust? invested in the client’s outcome. We future-ready. And we believe that’s

TRUST AND VALUE TO CREATE First, through our proven execution

track record. We’ve successfully
don’t just engineer plants — we co-
create solutions that align with the
client’s business case. From reducing
what makes us not just a solar EPC
player — but a trusted Net Zero

A UNIQUE VALUE PROPOSITION

delivered turnkey EPC projects for partner for India’s C&I sector and
Commercial & Industrial (C&I) clients, Levelized Cost of Energy (LCOE) to beyond.
developers, and institutional investors enabling Open Access procurement
By taking an investor-centric view, a Bajaj
Broking spokesperson reveals how the brand
stands out in a crowded investment space
BUILDING TRUST
In today’s crowded investment and regulatory reforms have propelled experience and to grow your wealth.
WITH COLOUR
tech landscape, value often gets
conflated with low costs or flashy
features. But true value is rooted
this expansion. Yet, the journey
has just begun — India’s investor
penetration still trails global averages,
Whether you’re starting your
financial journey or managing
complex portfolios, we meet you
AND LEGACY
in outcomes that are long-term, leaving ample headroom for growth. Amandeep Malhari, Head of Marketing at
where you are with our omnipresence
consistent, and investor centric. Trust, This opportunity for growth brings strategy – across web, app, and 44 JK Maxx Paints, sketches out how the brand
on the other hand, must be earned
through transparency, reliability, and
with it the responsibility to serve new locations – with products that span leverages heritage to gain consumer trust swiftly
and seasoned investors alike with equities, mutual funds, F&O, bonds,
the assurance that a platform will platforms that they can rely on. For IPOs, and more. JK Maxx Paints is quickly making JKMaxx Paints, making us a complete finishes, and waterproofing solutions.
act in the investor’s best interest. At many, investing means entrusting its mark in India’s competitive paints home beautification solution provider. GAINING TRACTION AND
In a competitive space, our
Bajaj Broking, we see trust as the their hard-earned money to a partner market, underscored by its Brand of STRATEGIC ENTRY AND MARKET MEETING DIVERSE NEEDS We are
strength lies in execution, trust, and
foundation — and value as the result - and that requires someone who is the Year 2025 nomination. Our strategy UNDERSTANDING: Launched in seeing significant growth in our core
a long-term commitment to making
of delivering on that trust every single not just efficient, but also dependable. goes beyond selling paint; it’s about April 2023, JK Maxx Paints entered Hindi Speaking Markets (HSM). Our
investing simpler, more transparent,
day. providing complete home beautification a dynamic Indian market, projected understanding of both urban as well
Bajaj Broking fills that gap by and truly inclusive. We believe this is
The Indian capital markets have solutions. to grow from INR 62,000 Cr. in 2024 as semi-urban consumer behavior
offering an investment platform that how trust and value come together
witnessed significant growth since is not only intuitive and inclusive, but — and how Bajaj Broking will carve a LEVERAGING A CENTURY OF to INR 100,000 Cr. by 2030. Factors which values trust and affordability,
the pandemic, with lakhs of first-time is also backed by the credibility of unique and scalable niche in the years TRUST: THE JK LEGACY Our greatest like urbanization, rising disposable guides our strategy and is crucial to
investors entering the ecosystem. the Bajaj Group. This is a broker you to come. strength lies in our foundation - The 140- incomes and reducing painting cycles our expansion. So far, we’ve expanded
Digital access, financial awareness, can trust – to simplify your investing year legacy of the JK Organization. This are fuelling the paints demand. across 21 states, tailoring offerings to
heritage instills deep trust, reinforced INNOVATION AND CUSTOMER- combine quality with practicality.

EMPOWERING just a few clicks away. by the market leadership of JK CENTRIC APPROACH: Our core In essence, JK Maxx Paints
WallMaxx Putty, a product synonymous strategy has been around innovation is building unwavering trust and
Vistaprint uniquely enables small
with quality. This equity translates

BRANDS THROUGH businesses to leverage personalization and a proactive, customer-centric preference by leveraging its legacy,
directly into powerful ﬁrst impressions mindset. This means agile product navigating the market with agility and
through intuitive online design
and consumer conﬁdence for JK Maxx development driven by deep consumer deeply understanding consumer needs.

PERSONALISED
tools that let customers eﬀortlessly
Paints. Our #SingleBrandSharmaJi insights which has resulted in a Our Brand of the Year 2025 nomination
customize products without any prior
campaign highlights how the two comprehensive portfolio spanning aﬃrms our commitment to excellence,
design experience. This user-friendly

IMPRESSIONS
decades of trust in JK WallMaxX Wall across emulsions, distempers, quality and value that we offer to our
and accessible approach empowers
Putty for beautiful walls now extends to enamels, primers, textures, wood customers.
users to transform everyday
items into impactful, personalized
Bharath Sastry, CEO of Vistaprint India, expounds
on how the brand enables India’s small businesses to
expressions of identity, brand pride,
and thoughtfulness. POWER-PACKED
In
stand out meaningfully
today’s hyper-competitive connections. Vistaprint empowers
The personalization-driven
strategy also helps small businesses PERFORMANCE
REPLETE WITH TRUST
distinguish themselves in crowded
marketplace, small businesses aren’t these businesses to stand apart and markets. For non-customized
merely competing on products— create lasting impressions through products, there could be tons of
they’re competing on meaningful the power of personalization. market offerings similar to each other. Devin Gawarvala, Entrepreneurial Founder and
However, the moment you personalize
Personalization, as the name
suggests, involves adding something the same, it instantly becomes, Owner, Rubber King Tyre, reveals the myriad pillars
‘personal’ to a product or service, unique, and stands out. In addition of the brand’s success
making it unique and memorable. to this, the perceived value of the
Rubber King Tyre Pvt. Ltd., a trusted longer life, making them ideal for
Vistaprint is a leading brand for personalized product also increases
owing to its exclusivity. name in manufacturing since 1981, is ports, warehouses, and heavy-duty
personalization in India, offering its
rapidly expanding its global footprint. vehicles.
customers high-quality products with Thus, Vistaprint is helping With four advanced manufacturing Certified with ISO 9001, 14001,
single or low-unit customization at small businesses craft a unique units in Gujarat and exports to over 90 and IATF standards, the company
affordable prices—all ordered from professional identity and build an countries, the company is emerging stands out for quality, innovation,
the convenience of their home or enduring brand. By simplifying the as a major player in both B2B and and sustainability. REACH-compliant building lasting brand resonance
office. It’s a one-stop shop for small personalization process, offering B2C markets. materials and agricultural tyre worldwide—delivering performance
businesses, with offerings like Visiting quality results at scale, and keeping it
Cards, Custom Apparel, Stationery, accessible through flexible order sizes At LogiMAT India 2025, Rubber expansion further strengthen its you can trust.
Signs and Posters, Flyers, Pens, and pricing, Vistaprint empowers King unveiled its new pneumatic market reach.
Mugs, Photo Albums, and more. At the brands to look their best, connect tyre series engineered for high-load By combining technical excellence
heart of the Vistaprint experience lies meaningfully, and create personalised industrial applications. These tyres with customer-centric service and a
simple, accessible personalization— impressions. feature enhanced superior grip, and strong export network, Rubber King is

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Bessent Warns of Higher Secondary Tariff On India: Expect An Income Tax Refund Rush Before New Law Dawns

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Bessent Warns of Higher Secondary Tariff On India: Expect An Income Tax Refund Rush Before New Law Dawns

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THURSDAY • 14 AUGUST 2025

THE MARKETS ON WEDNESDAY

Bessent warns of Expect an income tax refund

n Benchmark indices climb as steady

Govt working towards Brics diplomacy gathers

Howrah races against the clock

n 500 foundry and forging units in Price erosion weakens

Y-o-Y chg (%)

GCCs make up 10% of Coforge’s top line

Jubilant FoodWorks saw its net proﬁt surge

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For B.A.G. Films and Media Limited

MAHINDRA RURAL HOUSING FINANCE LIMITED

INVITATION OF BIDS FOR TRANSFER OF STRESSED LOANS

Sr. No. Name Contact Details

RBI’s AI panel calls for balancing DATANOMICS

innovation with risk mitigation Killings of journalists

~ sees highest single-day ICICI revises minimum balance

SBI to raise up to ~15,000 crore via Tier-II bonds in FY26

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Corporate Identity Number: U65990MH1991PLC060670

Tel.: 022 6606 9000

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Goal should be to get 20 mn Paytm’s PA nod may increase

The Reserve Bank of India’s in-principle

Infy to buy 75% in Telstra arm for ~1.3K cr

Op Sindoor, Swadeshi likely to

Multiple documents SC orders SIT probe

UN-AUDITED STANDALONE AND CONSOLIDATED FINANCIAL RESULTS

Trump tariffs and India’s choice

Immature nuclear power

CSR’s sub-par reputation

Managing the ballot citizen is? And, second, when reports

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9.25 9.89 9.35 40.64

By and on behalf of the Board of Directors

KEMP & COMPANY LIMITED

Mumbai – 400 025 CIN: L24239MH1982PLC000047

NAVAYUGA ENGINEERING COMPANY LIMITED

Sammaan Finserve Limited

Sammaan Finserve Limited

Place: Mumbai For and on behalf of the Board of Directors

For Pfizer Limited

ECOS (INDIA) MOBILITY & HOSPITALITY LIMITED

STATEMENT OF UNAUDITED FINANCIAL RESULTS (STANDALONE AND CONSOLIDATED)

STANDALONE AND CONSOLIDATED UNAUDITED FINANCIAL

General Administration Department, Divisional Oﬃce Raebareli

Pragmatism over payback

Of course, India must only agree to

Scan QR Code to view For and on behalf of the Board of Directors of

New SC bench to hear stray dog case today

IOA approves India’s 2030

JioBlackRock debut powers

DHFL case: Wadhawan brothers Indian Reits

ogy), Zomato (now Eternal),

banned from markets for 5 yrs to unitholders

HAL stock lifts off on yOur

year lag. This lends conﬁdence 3-year 31.6

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MAJOR INDICES Aug till date

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