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  • MUMBAI | TUESDAY,5JANUARY2021 Firmstilttowards fixed ... · Mumbai,4January L&THydrocarbonEngineering, a wholly owned subsidiary of Larsen & Toubro, on Monday said it has won an order
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4 COMPANIES MUMBAI | TUESDAY, 5 JANUARY 2021 1 > SACHIN P MAMPATTA Mumbai, 4 January C ompanies have increased the share of fixed-rate bonds in new bond issuances amid falling interest rates. The net outstanding data, which reflects all outstanding bonds and not just the bonds issued during a given period, shows that over 90 per cent of the bonds were fixed-rate ones in the March, June, and September quarters. This is the first time that it has crossed this mark since December 2017. It was 90.42 per cent in March and above 91 per cent in both June and September. The share of floating-rate bonds has fallen to low-single digits (see chart). Companies pay interest rates that can change on the basis of an underlying benchmark in float- ing-rate bonds. The interest rate remains the same throughout the term in fixed-rate bonds. These are the two major bond categories. Other instruments like structured notes account for the rest. The move towards fixed-rate bonds comes even as the cost of borrowing has reduced significantly. The RBI in May last year cut its key lending rate, called the repo (repur- chase) rate, to 4 per cent. This is the lowest since the benchmark was introduced 20 years ago in 2000. It also took other steps to ensure that companies could borrow cheaply to survive even as gross domestic product (GDP) fell by almost a quarter amid the Covid-19 pandemic. “… liquidity-augmenting measures, amount- ing to ~12.8 lakh crore (6.3 per cent of 2019-20 nominal GDP), resulted in the lowest financial markets borrowing costs in a decade, with yields on instruments like the 3-month Treasury bill, commercial paper (CP) and certificates of deposit (CDs) trading closer to the lower bound of the policy rate corridor in the secondary mar- ket,” said the central bank in its “Report on Trend and Progress of Banking in India 2019- 20”, released on December 29. The report noted there were record corpo- rate bond issuances of ~4.4 trillion between April and October 2020, compared to ~3.5 tril- lion in the same period in 2019. This period of accommodation is not expected to last. “We anticipate the RBI will withdraw accommoda- tion and reduce liquidity in turn starting the process of rate normalisation. Unless we see a huge fiscal consolidation or downward growth/inflation shock rate cuts looks unlikely …” said a December 18 note entitled “Hindsight is 20/20”, by Axis Asset Management Company. It said the central bank was likely to hike rates slowly to avoid endangering the current eco- nomic recovery. The rising rates are expected come in during the next 12-18 months, according to the note. This may be a time for caution for investors in lower-rated companies. “…as a general principle, at the bottom of a rate cycle it is prudent to demand higher com- pensation for deeper commitments of capital. While a steep yield curve is possibly providing this for longer tenor commitments (at least at particular points on the yield curve where implied forward rates are quite attractive), cred- it spreads on lower rated assets in general may no longer be doing so,” said a December 24 note entitled “Where The Light Is: A Year in Review”, by Suyash Choudhary, head (fixed income), IDFC Asset Management Company. Firms tilt towards fixed-rate bonds for borrowing Move comes as interest rates fall amid the pandemic ADITI DIVEKAR Mumbai, 4 January L&T Hydrocarbon Engineering, a wholly owned subsidiary of Larsen & Toubro, on Monday said it has won an order from HPCL Rajasthan Refinery (HRRL) worth over ~7,000 crore, the biggest EPCC contract awa- rded in the country in the refin- ery and petrochemical sector. HRRL is a joint venture between Hindustan Petroleum Corporation (HPCL) and the government of Rajasthan. The EPCC contract is for setting up a dual feed cracker unit (DFCU) for the project at Barmer, Rajas- than, said the company in a release. “We are very delighted to be part of this mega develop- ment project in Rajasthan and I would like to thank HRRL and HPCL for having trust in our capabilities to deliver such com- plex process plants with high standards of HSE and Quality,” Subramanian Sarma, whole- time director and senior EVP (Energy) at L&T said. The DFCU is used to convert refinery naphtha and offgases to produce polymer-grade eth- ylene and propylene by the process of thermal cracking. The ethylene and propylene is used as feedstock for down- stream polyethylene unit and polypropylene unit. The process also produces by-products like butadiene, benzene, toluene and gasoline. The firm in a separate rele- ase said it had won another con- tract from the JV with an order size between ~2,500 crore and ~5,000 crore. The EPCC deal is for setting up a petrochemical fluidised catalytic cracking, in- cluding propylene recovery unit for the refinery project.The PF- CC will convert the heavy hyd- rocarbons from the vacuum dis- tillation unit to produce more valuable gasoline, diesel, pro- pylene and lighter products by catalytic cracking. “This is another package that LTHE has won from HRRL amid stiff global competition. It will be our endeavour to live up to the trust reposed by HRRL and HPCL in our execution capabilities and quality assur- ance,” Sarma said. ISHITA AYAN DUTT Kolkata, 4 January Amid the noise around rising steel prices, the rally contin- ued in the new year, with some firms increasing prices by ~1,000-2,400 a tonne and indicating more hikes in the coming weeks. A primary producer said the prices would be raised in tranches this month and the total increase could be ~6,000 a tonne. “The first tranche is already effective. We have inc- reased hot rolled coil prices by ~1,500 a tonne and rebar by about ~2,400 a tonne,” he said. Jindal Steel & Power (JSPL) has increased prices by ~1,000- 1,500 a tonne. V R Sharma, managing director, said the market was good, but prices would stabilise if NMDC kept its iron ore prices at the same level. The buoyancy in the mar- ket was reflected in JSPL’s pro- duction numbers released on Monday. The company record- ed its highest ever production and sales in December; pro- duction increased 20 per cent year-on-year to 1.93 million tonnes in Q3, while sales increa- sed 12 per cent to 1.88 million tonnes in the same period. Other major producers, too, are expected to come out with a good showing in the third quarter. Some companies, however, were waiting for NMDC’s move on prices before taking a call on the quantum of increase. “We will decide this week,” said a producer. Since India entered the un- locking phase, steel prices have been on a continuous uptrend. Sharma explained that there was a shortage of long products as secondary producers that account for about 40 per cent of the production were not able to come up to the right level of production. “They are produc- ing 30-31 per cent which is being made up for by the six major producers,” he said. The increase in prices, however, has caused much dis- content among user indus- tries. Raw materials industry, too, has raised the matter. About a week ago, the Indian Steel Association (ISA) wrote to the Prime Minister’s Office (PMO), explaining the reasons behind the price incre- ases undertaken by the indus- try. Primary among them were that international prices had moved from a bottom of $397 a tonne to $750 a tonne because of temporary shortage in glob- al supplies and a shortage of iron ore, a key input material. The industry also highlight- ed evacuation challenges with respect to iron ore and said that iron ore export competes with the movement for domestic use. The ISA has urged for a six- month ban on the export of iron ore till the situation stabilises. Days after, the Federation of Indian Mineral Industries (FIMI) wrote to the PMO, countering ISA’s points. FIMI said that the ISA was obfus- cating the issue and justifying the unjustifiable increase in steel prices. The association also pointed out that the Indian steel indus- try fixes its products almost at par with international levels; on the contrary, Indian iron ore prices were priced much lower than international prices. Steel companies raise prices by up to ~2,400 a tonne, more hikes expected L&T arm wins biggest EPCC contract of over ~7,000 crore ADITYA KALRA & RITSUKO ANDO New Delhi/Tokyo, 4 January Japan’s beer maker Kirin Holdings will invest $30 mil- lion in New Delhi-based B9 Beverages, the companies said on Monday, as it seeks to secure a spot in India’s grow- ing craft beer market amid falling sales at home. The Japanese brewer will acquire a stake of under 10 per cent in B9, the maker of India’s popular craft beer Bira, a Kirin spokesman and Bira CEO An- kur Jain said. They declined to give financial details. B9 had been in talks with global brew- ers, including Kirin, and other investors to sell a stake of up to 20 per cent in the firm, Reuters reported in August. The investment would allow Bira, which has posted losses in recent years and has been hit by the Covid-19 pan- demic, to break even in the 2022 fiscal year which starts in April 2021, Jain said. “The companies will be exploring business synergies,” Jain said, adding that the investment would allow Bira to accelerate plans to launch its products in Japan later this year. Jain added that he expects the deal to be closed over “the next few days” and talks were underway with a view to sell- ing a further 10 per cent stake in Bira to financial investors. An industry source with direct knowledge of the mat- ter said Kirin would take a 9.8 per cent stake, with the seco- nd stake sale expected to con- clude by March. The source said the Indian brewer is cur- rently valued at $300 million. While Bira, launched in 2015, is one of the smallest players in India’s broader beer indus- try, its craft beer offerings have become increasingly popular in recent years. Bira says it has a 5-10 per cent share of the beer market in cities such as New Delhi, Mumbai and Bengaluru. REUTERS Japan’s Kirin to invest $30 mn in India’s craft beer Bira ON AN UPTREND | Rates have been on the rise since July 2020 in line with international prices | Global prices increased from $397 a tonne to $750 a tonne | NMDC iron ore prices increased from ~1,960 a tonne in June to ~4,610 a tonne in December TAKING ADVANTAGE OF LOWER RATES Note:Figures are for net outstanding amount raised through corporate bonds Sources: Sebi, depositories, BS calculations IN THE BSE ################# ################# ################# ################# L:\0^/%*) X\’! R*/%^! "*- X\’! *" N((*1\]’! H..!/. 0)!- /$! X!^0-%/%.\/%*) \) U!^*)./-0^/%*) *" M%)\)^%\’ H..!/. \) L)"*-^!(!)/ *" X!^0-%/4 N)/!-!./ H^/9 ?==? -!\ 2%/$ +-*1%.* /* U0’! E 7C8 *" /$! X!^0-%/4 N)/!-!./ 7L)"*-^!(!)/8 U0’!.9 ?==?; Y$\/9 J!)/-\’ I\)& *" N)%\ 7$!-!%)\"/!- -!"!--! /* \. VH..%#)*- I\)&W8 $\. \..%#)! /$! !]/. *" R!+/0)! [!)/0-!. 6 K!1!’*+!-. T1/ P/ 7$!-!%)\"/!- -!"!--! /* \. 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ZW +* A@>?@>A?A@ ################# !K1f0%+* Z+.0d( > R!(,!/’ $00,/I>>!!(3!%//d.f=d1f0%+*0%#!.=*!0 > ?HAEDDEAGA@; ?HAEDDEAG@G ################# Nd0! 7 0%)! +" !<K1f0%+* AA>?@>A?A@ d0 @@=?? KW 0+ @I?? ZW 3%0$ 1*(%)%0! !40!*/%+*/ +" D )%*10!/ !df$ ################# K!.^-%+/%*) *" X!^0-! H..!/. +0/ "*- H0^/%*) FE S*%2%1d( a*%0/ d)!d/1.%*# fd.,!0 d.!d +" GA;EG@ _-= P0= %* 0+0d( %* 8Wd#*!0 Wd((8 d(/+ ’*+3* d/ 8Od/0!.* L1/%*!// N%/0.%f08 /%01d0! d0 L$d*1, +* (d* e!d.%*# M‘_ X+= BFA; BFA>@<ED; 2%((d#! Ud*&1.; ‘d(1’d U1.(d; 8_8 3d.; V= L= _= Wd.#; *!d. Wd*#d0.d) ,!0.+( ,1),; L$d*1, 9c!/0:; W1)ed% C?? ?FG 9d/ ,!. %*!*01.! +" )+.0#d#! d0! B? Yf0+e!. A?@D d* N!! +" W+.0#d#! d0! B@ T1(5 A?@C: e+1*! d/ "+((+3/ X+.0$ ITd*0d Wd.’!0 \+d;_+10$ I Wd*#d0.d) Z!0.+( Z1), Od/0 I V= L= _= \+d;c!/0 I[1d.5 \+d= 0+#!0$!. 3%0$ d(( !.!f0%+*/; "%401.!/ d* "%00%*#/ 0$!.! +* d* d(( ,(d*0 d* )df$%*!.5 d00df$! 0+ 0$! !d.0$ +. ,!.)d*!*0(5 "d/0!*! 0+ d*50$%*# d00df$! 0+ 0$! !d.0$= P+. !0d%(! de+10 0$! (+0/ d* 0!.)/ d* f+*%0%+*/ +" 0$! /d(!; ,(!d/! .!"!. 0+ 0$! (%*’ ,.+2%! %* 0$! _!f1.! M.!%0+.8/ 3!e/%0! %=!= 333=!!(3!%//d.f=%* UNDER THE PROVISIONS OF THE SECURITIZATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002 (“the Act”) AND THE SECURITY INTEREST (ENFORCEMENT) RULES, 2002 (“the Rules”) The undersigned being the Authorized Officer of Fullerton India Home Finance Company Limited (FIHFCL) under the Act and in exercise of the powers conferred under Section 13(12) of the Act read with Rule 3 issued Demand Notice(s) under Section 13(2) of the Act, calling upon the following borrower(s) to repay the amount mentioned in the respective notice(s) within 60 days from the date of receipt of the said notice. The undersigned reasonably believes that borrower(s) is / are avoiding the service of the Demand Notice(s), therefore the service of notice is being effected by affixation and publication as per Rules. The contents of Demand Notice(s) are extracted herein below :- Name of the Borrower / Co-Borrowers Property Holders as the case may be Date of Demand Notice U/s. 13(2) & Total O/s. Description of Secured Assets / Mortgage Property Loan Account No. : 601807210072774 1) Mr. Mangesh Mayekar C/o. Prodcon Tech Services Pvt. Ltd., 2) Megha Mohan Varadkar Add. 1 : Vishwanath Yadav Chawl, Mahakali Shiv Shankar Ngr., Servics Rd., New Agari Pada, Nr. Mitesh Medical, Santacruz (E), Mumbai-400055, Maharashtra. Add. 2 : 20/160, Anand Ngr., Vakola, Santacruz (E), Mumbai-400055, Maharashtra. Add. 3 : Flat No. B 209, 2 nd Flr., Shree Ganesh Apt., More Village, Nallasopara Virar Road, Nallasopara (East), Palghar-401203, Taluka : Vasai, Dist.: Palghar having its registered office at Vasai-2. Date : 29.12.2020 ` 17,61,026.95 (Rs. Seventeen Lakh Sixty One Thousand Twenty Six and paisa Ninty Five Only) NPA Date : 31.05.2019 Flat No. B 209, 2 nd Floor, Shree Ganesh Apartment, More Village, Nallasopara Virar Road, Nallasopara (East), Ppalghar-401 203, Taluka Vasai, Dist. : Palghar having its Registered Office at Vasai-2. The borrower(s) are hereby advised to comply with the Demand Notice(s) and to pay the demand amount mentioned therein and hereinabove within 60 days from the date of this publication together with applicable interest, additional interest, bounce charges, cost and expenses till the date of realization of payment. The borrower(s) may note that FIHFCL is a secured creditor and the loan facility availed by the Borrower(s) is a secured debt against the immovable property / properties being the secured asset(s) mortgaged by the borrower(s). In the event borrower(s) are failed to discharge their liabilities in full within the stipulated time, FIHFCL shall be entitled to exercise all the rights under section 13(4) of the Act to take possession of the secured assets(s) including but not limited to transfer the same by way of sale or by invoking any other remedy available under the Act and the Rules thereunder and realize payment. FIHFCL is also empowered to ATTACH AND / OR SEAL the secured assets(s) before enforcing the right to sale or transfer. Subsequent to the Sale of the secured assets(s), FIHFCL also has a right to initiate separate legal proceedings to recover the balance dues, in case the value of the mortgaged properties is insufficient to cover the dues payable to the FIHFCL. This remedy is in addition and independent of all the other remedies available to FIHFCL under any other law. The attention of the borrower(s) is invited to Section 13(8) of the Act, in respect of time available, to redeem the secured assets and further to Section 13(13) of the Act, whereby the borrower(s) are restrained / prohibited from disposing of or dealing with the secured asset(s) or transferring by way of sale, lease or otherwise (other than in the ordinary course of business) any of the secured asset(s), without prior written consent of FIHFCL and non-compliance with the above is an offence punishable under Section 29 of the said Act. The copy of the Demand Notice is available with the undersigned and the borrower(s) may, if they so desire, can collect the same from the undersigned on any working day during normal office hours. Place : Palghar Sd/- Date : 04.01.2021 Authorized Officer, Fullerton India Home Finance Company Limited DEMAND NOTICE FULLERTON INDIA HOME FINANCE COMPANY LIMITED Corporate Office : Floor 5 & 6, B-Wing, Supreme IT Park, Supreme City, Powai, Mumbai-400076. Regd. Office : Megh Towers, Floor 3, Old No. 307, New No. 165, Poonamallee High Road, Maduravoyal, Chennai-600095. NOTICE is hereby given to the public at large that my client name Smt MAHIMA SATYANARAYAN DUBEY is the Owner of Flat no. 102, 1st Floor, Building know as Shree Siddhi Vinayak Park, Pada no 4, Lokmanya Nagar, Thane (W) 400 606 situate Majiwade, lying and being at Survey No 253, Hissa No 4, lying, being and situated at Majiwade, Build up area admeasuring about 415 Sq.ft Village – Majiwade, Taluka & District- Thane, bearing Society Reg. No. TNA/TNA/HSG/TC/1353/2000 dated 25-01-2000. The said Flat was in the name of Mr. RAJU BALLAPPA and he purchased Flat from M/s Shreejee Enterprises Through Agreement vide an Agreement which is Registered in the office of the Sub-Registrar Thane city vide Registration Acknowledgement No 2702/1996 dated 11/04/1996. SATYANARAYAN ADYAPRASAD DUBEY had purchased Flat from Mr. RAJU BALLAPPA Through Agreement vide an Agreement which is Registered in the office of the Sub-Registrar Thane city vide document no. TNN- 2/3000/2006 dated 19-04-2006. SATYANARAYAN ADYAPRASAD DUBEY expired on 02-01-2018 leaving behind him MAHIMA SATYANARAYAN DUBEY (Wife) as his legal heir. MAHIMA SATYANARAYAN DUBEY shall sale above property to someone by agreement and the Share Certificate of Flat No 102 bearing its Member Registration No 158, Shares from 791- 795 are in the name of Smt MAHIMA SATYANARAYAN DUBEY. Registration agreement and Index 2 which was registered between Mr. RAJU BALLAPPA & M/s Shreejee Enterprises in Thane city vide Registration Acknowledgement No 2702/1996 AND 2) registration agreement SATYANARAYAN ADYAPRASAD DUBEY & Mr. RAJU BALLAPPA which was registered in thane city vide document no. Thane - 2/3000/2006 has misplaced through Smt MAHIMA SATYANARAYAN DUBEY.For which Smt MAHIMA SATYANARAYAN DUBEY. had already lodged a complaint at Thanenagar police station vide complaint no. 503/2019 dated 14th June 2019. If anyone finds the document or any person(s) having any claim in respect of the above referred property or part thereof by way of sale, exchange, mortgage, charge, gift, maintenance, inheritance, possession, lease, tenancy, sub tenancy, lien, license, hypothecation, transfer of title or beneficial interest under any trust, any gift deed, will, mortgage, or any type of claim in respect of above said property for claiming the title of the property, please file objection within 15 days from the date of publication of this notice. For filing of objection in writing, address is as below. PUBLIC NOTICE (Adv. Aditya H. Gade) High Court, Mumbai A.G. Associates, 401, Gajanan Commercial Complex Above Global Business Centre, Near Cidco Bus Stop, Thane West – 400 601

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  • 4 COMPANIES MUMBAI | TUESDAY, 5 JANUARY 2021 1>

    SACHIN P MAMPATTAMumbai,4January

    C ompanies have increased the share offixed-ratebonds innewbond issuancesamid falling interest rates.Thenetoutstandingdata,which reflects all

    outstanding bonds and not just the bondsissuedduringagivenperiod,showsthatover90percentof thebondswerefixed-rateones intheMarch, June, and September quarters.

    This is the first time that it has crossed thismarksinceDecember2017. Itwas90.42percentinMarchandabove91percent inbothJuneandSeptember. The share of floating-rate bondshas fallen to low-single digits (see chart).

    Companiespayinterestratesthatcanchangeonthebasisofanunderlyingbenchmarkinfloat-ing-rate bonds. The interest rate remains thesame throughout the term in fixed-rate bonds.

    These are the two major bond categories.Other instruments likestructurednotesaccountfor therest.Themovetowards fixed-ratebondscomes even as the cost of borrowing hasreduced significantly. TheRBI inMay last yearcut its key lending rate, called the repo (repur-chase) rate, to 4 per cent. This is the lowestsince the benchmark was introduced 20 yearsago in 2000. It also took other steps to ensurethatcompaniescouldborrowcheaplytosurviveeven as gross domestic product (GDP) fell byalmost a quarter amid theCovid-19 pandemic.

    “…liquidity-augmentingmeasures,amount-ing to ~12.8 lakh crore (6.3 per cent of 2019-20nominal GDP), resulted in the lowest financialmarketsborrowingcosts inadecade,withyieldson instruments like the 3-monthTreasurybill,commercial paper (CP) and certificates ofdeposit (CDs) tradingcloser to the lowerboundof thepolicyratecorridor inthesecondarymar-ket,” said the central bank in its “Report onTrend and Progress of Banking in India 2019-20”, released onDecember 29.

    The report noted there were record corpo-rate bond issuances of ~4.4 trillion betweenApril and October 2020, compared to ~3.5 tril-lion in the same period in 2019. This period ofaccommodation is not expected to last. “Weanticipate the RBI will withdraw accommoda-tion and reduce liquidity in turn starting theprocess of rate normalisation. Unless we see ahuge fiscal consolidation or downwardgrowth/inflationshockratecuts looksunlikely…”saidaDecember18noteentitled“Hindsight

    is20/20”,byAxisAssetManagementCompany.Itsaidthecentralbankwaslikelytohikerates

    slowly to avoid endangering the current eco-nomic recovery. The rising rates are expectedcomeinduringthenext12-18months,accordingto the note. This may be a time for caution forinvestors in lower-ratedcompanies.

    “…as a general principle, at the bottom of arate cycle it is prudent to demand higher com-pensation for deeper commitments of capital.While a steep yield curve is possibly providingthis for longer tenor commitments (at least atparticular points on the yield curve whereimpliedforwardratesarequiteattractive),cred-itspreadsonlowerratedassetsingeneralmaynolonger be doing so,” said a December 24 noteentitled“WhereTheLightIs:AYear inReview”,by Suyash Choudhary, head (fixed income),IDFCAssetManagementCompany.

    Firms tilt towardsfixed-rate bondsfor borrowingMovecomesasinterestratesfallamidthepandemic

    ADITI DIVEKARMumbai,4January

    L&THydrocarbonEngineering,a wholly owned subsidiary ofLarsen & Toubro, on Mondaysaid it has won an order fromHPCL Rajasthan Refinery(HRRL)worthover~7,000crore,thebiggestEPCCcontractawa-rdedinthecountryintherefin-ery and petrochemical sector.

    HRRL is a joint venturebetweenHindustanPetroleumCorporation (HPCL) and thegovernment of Rajasthan. TheEPCCcontractisforsettingupadual feed cracker unit (DFCU)fortheprojectatBarmer,Rajas-

    than, said the company in arelease. “We are very delightedtobepartof thismegadevelop-mentproject inRajasthanandIwould like to thankHRRL andHPCL for having trust in ourcapabilitiestodeliversuchcom-plex process plants with highstandards ofHSEandQuality,”Subramanian Sarma, whole-time director and senior EVP(Energy) atL&Tsaid.

    TheDFCUisusedtoconvertrefinery naphtha and offgasesto produce polymer-grade eth-ylene and propylene by theprocessof thermal cracking.

    Theethyleneandpropyleneis used as feedstock for down-

    stream polyethylene unit andpolypropyleneunit.Theprocessalso produces by-products likebutadiene, benzene, tolueneandgasoline.

    The firm in a separate rele-asesaidithadwonanothercon-tract from the JVwith anordersize between ~2,500 crore and

    ~5,000 crore. The EPCC deal isfor setting up a petrochemicalfluidised catalytic cracking, in-cludingpropylenerecoveryunitfor the refinery project.The PF-CCwill convert the heavy hyd-rocarbonsfromthevacuumdis-tillation unit to produce morevaluable gasoline, diesel, pro-pylene and lighter products bycatalytic cracking.

    “This is another packagethatLTHEhaswonfromHRRLamidstiffglobalcompetition.Itwillbeourendeavourto liveupto the trust reposed by HRRLand HPCL in our executioncapabilities and quality assur-ance,”Sarmasaid.

    ISHITA AYAN DUTTKolkata,4January

    Amid the noise around risingsteel prices, the rally contin-ued in the new year, withsome firms increasing pricesby ~1,000-2,400 a tonne andindicating more hikes in thecomingweeks.

    Aprimaryproducersaidtheprices would be raised intranches this month and thetotal increasecouldbe~6,000atonne. “The first tranche isalready effective.We have inc-reased hot rolled coil prices by~1,500 a tonne and rebar byabout ~2,400 a tonne,” he said.

    Jindal Steel & Power (JSPL)has increasedpricesby~1,000-1,500 a tonne. V R Sharma,managing director, said themarket was good, but priceswould stabilise if NMDC keptits iron ore prices at the samelevel.Thebuoyancyinthemar-ketwas reflected in JSPL’s pro-duction numbers released onMonday.Thecompanyrecord-ed its highest ever productionand sales in December; pro-duction increased 20 per centyear-on-year to 1.93 milliontonnesinQ3,whilesalesincrea-sed 12 per cent to 1.88 milliontonnes in the sameperiod.

    Othermajorproducers, too,are expected to come outwitha good showing in the thirdquarter. Some companies,however, were waiting forNMDC’smoveonpricesbeforetakingacallonthequantumofincrease. “We will decide thisweek,” said a producer.

    Since India entered the un-lockingphase,steelpriceshavebeenonacontinuousuptrend.

    Sharmaexplainedthatthere

    wasashortageof longproductsas secondary producers thataccountforabout40percentoftheproductionwerenotabletocome up to the right level ofproduction. “Theyareproduc-ing 30-31 per cent which isbeing made up for by the sixmajor producers,” he said.

    The increase in prices,however,hascausedmuchdis-content among user indus-tries. Raw materials industry,

    too, has raised thematter.About a week ago, the

    Indian Steel Association (ISA)wrote to the Prime Minister’sOffice (PMO), explaining thereasonsbehindtheprice incre-ases undertaken by the indus-try. Primaryamong themwerethat international prices hadmovedfromabottomof$397atonne to $750 a tonne becauseof temporary shortage in glob-al supplies and a shortage ofiron ore, a key input material.

    Theindustryalsohighlight-ed evacuation challenges withrespecttoironoreandsaidthatiron ore export competes withthe movement for domesticuse.TheISAhasurgedforasix-monthbanontheexportofironore till the situation stabilises.

    Days after, the Federationof Indian Mineral Industries(FIMI) wrote to the PMO,countering ISA’s points. FIMIsaid that the ISA was obfus-cating the issue and justifyingthe unjustifiable increase insteel prices.

    Theassociationalsopointedout that the Indiansteel indus-try fixes its products almost atparwithinternational levels;onthe contrary, Indian iron orepriceswerepricedmuch lowerthan international prices.

    Steel companiesraisepricesbyupto~2,400atonne,morehikesexpected

    L&TarmwinsbiggestEPCCcontractofover~7,000crore

    ADITYA KALRA & RITSUKO ANDONewDelhi/Tokyo,4January

    Japan’s beer maker KirinHoldings will invest $30mil-lion in New Delhi-based B9Beverages, the companiessaidonMonday, as it seeks tosecure a spot in India’s grow-ing craft beer market amidfalling salesathome.

    The Japanese brewer willacquireastakeofunder10percentinB9,themakerofIndia’spopularcraftbeerBira,aKirinspokesmanandBiraCEOAn-kurJainsaid.Theydeclinedtogive financial details. B9 hadbeenintalkswithglobalbrew-ers, includingKirin,andotherinvestorstosellastakeofupto20percentinthefirm,Reutersreported inAugust.

    The investment wouldallow Bira, which has postedlosses inrecentyearsandhasbeenhitby theCovid-19pan-demic, to break even in the2022 fiscal year which startsin April 2021, Jain said. “Thecompanies will be exploringbusinesssynergies,”Jainsaid,adding that the investmentwouldallowBiratoaccelerateplans to launch its productsinJapan later thisyear.

    Jainaddedthatheexpectsthedealtobeclosedover“thenext fewdays”andtalkswereunderwaywith a view to sell-ingafurther10percentstakein Bira to financial investors.

    An industry source withdirect knowledge of themat-ter saidKirinwould takea9.8per cent stake, with the seco-ndstakesaleexpectedtocon-clude by March. The sourcesaid the Indianbrewer is cur-rentlyvaluedat$300million.WhileBira, launched in 2015,is one of the smallest playersinIndia’sbroaderbeer indus-try,itscraftbeerofferingshavebecomeincreasinglypopularinrecentyears.Birasaysithasa 5-10 per cent share of thebeer market in cities such asNew Delhi, Mumbai andBengaluru. REUTERS

    Japan’s Kirinto invest$30 mn inIndia’s craftbeer Bira

    ON AN UPTREND| Rateshavebeen

    ontherisesinceJuly2020inlinewithinternationalprices

    | Globalpricesincreasedfrom$397atonneto$750atonne

    | NMDCironorepricesincreasedfrom~1,960atonneinJuneto~4,610atonneinDecember

    TAKING ADVANTAGEOF LOWER RATES

    Note:Figures are for net outstanding amount raisedthrough corporate bondsSources: Sebi, depositories, BS calculations

    IN THE BSE

    UNDER THE PROVISIONS OF THE SECURITIZATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OFSECURITY INTEREST ACT, 2002 (“the Act”) AND THE SECURITY INTEREST (ENFORCEMENT) RULES, 2002 (“the Rules”)

    The undersigned being the Authorized Officer of Fullerton India Home Finance Company Limited (FIHFCL) under the Act and in exercise ofthe powers conferred under Section 13(12) of the Act read with Rule 3 issued Demand Notice(s) under Section 13(2) of the Act, calling upon thefollowing borrower(s) to repay the amount mentioned in the respective notice(s) within 60 days from the date of receipt of the said notice. Theundersigned reasonably believes that borrower(s) is / are avoiding the service of the Demand Notice(s), therefore the service of notice is beingeffected by affixation and publication as per Rules. The contents of Demand Notice(s) are extracted herein below :-

    Name of the Borrower / Co-Borrowers Property Holders as the case may be Date of Demand NoticeU/s. 13(2) & Total O/s.Description of Secured

    Assets / Mortgage PropertyLoan Account No. : 6018072100727741) Mr. Mangesh Mayekar C/o. Prodcon Tech Services Pvt. Ltd.,2) Megha Mohan VaradkarAdd. 1 : Vishwanath Yadav Chawl, Mahakali Shiv Shankar Ngr., Servics Rd., New AgariPada, Nr. Mitesh Medical, Santacruz (E), Mumbai-400055, Maharashtra. Add. 2 : 20/160,Anand Ngr., Vakola, Santacruz (E), Mumbai-400055, Maharashtra. Add. 3 : Flat No. B 209,2nd Flr., Shree Ganesh Apt., More Village, Nallasopara Virar Road, Nallasopara (East),Palghar-401203, Taluka : Vasai, Dist.: Palghar having its registered office at Vasai-2.

    Date : 29.12.2020` 17,61,026.95

    (Rs. Seventeen LakhSixty One ThousandTwenty Six and paisaNinty Five Only)

    NPA Date :31.05.2019

    Flat No. B 209, 2nd Floor,Shree Ganesh Apartment,More Village, NallasoparaVirar Road, Nallasopara(East), Ppalghar-401 203,Taluka Vasai, Dist. : Palgharhaving its RegisteredOffice at Vasai-2.

    The borrower(s) are hereby advised to comply with the Demand Notice(s) and to pay the demand amount mentioned therein and hereinabovewithin 60 days from the date of this publication together with applicable interest, additional interest, bounce charges, cost and expenses till thedate of realization of payment. The borrower(s) may note that FIHFCL is a secured creditor and the loan facility availed by the Borrower(s) isa secured debt against the immovable property / properties being the secured asset(s) mortgaged by the borrower(s). In the event borrower(s)are failed to discharge their liabilities in full within the stipulated time, FIHFCL shall be entitled to exercise all the rights under section 13(4) ofthe Act to take possession of the secured assets(s) including but not limited to transfer the same by way of sale or by invoking any other remedyavailable under the Act and the Rules thereunder and realize payment. FIHFCL is also empowered to ATTACH AND / OR SEAL the securedassets(s) before enforcing the right to sale or transfer. Subsequent to the Sale of the secured assets(s), FIHFCL also has a right to initiateseparate legal proceedings to recover the balance dues, in case the value of the mortgaged properties is insufficient to cover the dues payableto the FIHFCL. This remedy is in addition and independent of all the other remedies available to FIHFCL under any other law.The attention of the borrower(s) is invited to Section 13(8) of the Act, in respect of time available, to redeem the secured assets and furtherto Section 13(13) of the Act, whereby the borrower(s) are restrained / prohibited from disposing of or dealing with the secured asset(s) ortransferring by way of sale, lease or otherwise (other than in the ordinary course of business) any of the secured asset(s), without prior writtenconsent of FIHFCL and non-compliance with the above is an offence punishable under Section 29 of the said Act. The copy of the DemandNotice is available with the undersigned and the borrower(s) may, if they so desire, can collect the same from the undersigned on any workingday during normal office hours.Place : Palghar Sd/-Date : 04.01.2021 Authorized Officer, Fullerton India Home Finance Company Limited

    DEMAND NOTICE

    FULLERTON INDIA HOME FINANCE COMPANY LIMITEDCorporate Office : Floor 5 & 6, B-Wing, Supreme IT Park, Supreme City, Powai, Mumbai-400076.Regd. Office : Megh Towers, Floor 3, Old No. 307, New No. 165, Poonamallee High Road, Maduravoyal,Chennai-600095.

    NOTICE is hereby given to thepublic at large that my client name SmtMAHIMA SATYANARAYAN DUBEY isthe Owner of Flat no. 102, 1st Floor,Building know as Shree SiddhiVinayak Park, Pada no 4, LokmanyaNagar, Thane (W) 400 606 situateMajiwade, lying and being at SurveyNo 253, Hissa No 4, lying, being andsituated at Majiwade, Build up areaadmeasuring about 415 Sq.ft Village –Majiwade, Taluka & District- Thane,b e a r i n g S o c i e t y R e g . N o .TNA/TNA/HSG/TC/1353/2000 dated25-01-2000. The said Flat was in thename of Mr. RAJU BALLAPPA and hepurchased Flat from M/s ShreejeeEnterprises Through Agreement videan Agreement which is Registered inthe office of the Sub-Registrar Thanec i t y v i d e R e g i s t r a t i o nAcknowledgement No 2702/1996dated 11/04/1996. SATYANARAYANADYAPRASAD DUBEY hadpurchased Flat from Mr. RAJUBALLAPPA Through Agreement videan Agreement which is Registered inthe office of the Sub-Registrar Thanec i t y v i de documen t no . TNN-2/3000/2006 dated 19-04-2006.SATYANARAYAN ADYAPRASADDUBEY expired on 02-01-2018leav ing beh ind h im MAHIMASATYANARAYAN DUBEY (Wife) ash i s l e g a l h e i r . M A H I M ASATYANARAYAN DUBEY shall saleabove property to someone byagreement and the Share Certificate ofFlat No 102 bearing its MemberRegistration No 158, Shares from 791-795 are in the name of Smt MAHIMASATYANARAYAN DUBEY.

    Registration agreement and Index2 which was registered between Mr.RAJU BALLAPPA & M/s ShreejeeEnterpr ises in Thane ci ty videRegistration Acknowledgement No2702/1996 AND 2) registrat iona g r e em e n t S ATYANARAYANADYAPRASAD DUBEY & Mr. RAJUBALLAPPA which was registered inthane city vide document no. Thane -2/3000/2006 has misplaced throughSmt MAHIMA SATYANARAYANDUBEY.For which Smt MAHIMASATYANARAYAN DUBEY. hadalready lodged a complaint atThanenagar police station videcomplaint no. 503/2019 dated 14thJune 2019.

    If anyone finds the document orany person(s) having any claim inrespect of the above referred propertyor part thereof by way of sale,exchange, mortgage, charge, gift,maintenance, inheritance, possession,lease, tenancy, sub tenancy, lien,license, hypothecation, transfer of titleor beneficial interest under any trust,any gift deed, will, mortgage, or anytype of claim in respect of above saidproperty for claiming the title of theproperty, please file objection within 15days from the date of publication ofthis notice. For filing of objection inwriting, address is as below.

    PUBLIC NOTICE

    (Adv. Aditya H. Gade)High Court, Mumbai

    A.G. Associates,401, Gajanan Commercial Complex

    Above Global Business Centre,Near Cidco Bus Stop, Thane West – 400 601


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