Manish Sisodia arrested by CBI in Delhi liquor excise policy case: A timeline

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Delhi deputy chief minister Manish Sisodia was arrested by the Central Bureau of Investigation (CBI) on February 26 in connection with alleged corruption in the now-scrapped excise policy relating to the sale of alcohol. Delhi Lieutenant Governor VK Saxena had earlier recommended a CBI probe into allegations of violation of rules and procedural flaws in the implementation of the new excise policy, following which the ED and CBI conducted searches in multiple cities, including the home of Manish Sisodia.

Sisodia was then summoned for questioning in the case and was subsequently arrested by the CBI on Sunday.

The background

The Aam Aadmi Party’s (AAP) ambitious Delhi Excise Policy 2021-22 was scrapped on July 31, 2022, following which multiple AAP leaders came under the Enforcement Directorate (ED) and CBI scanner. Although the Delhi government scrapped the New Excise policy, it brought back the ‘old excise regime’ that was in force until November 17, 2020. This prompted Delhi L-G VK Saxena to recommend a CBI enquiry into alleged irregularities on implementation of the policy.

Sisodia’s arrest, one of the most high-profile actions against an opposition leader, comes after the arrest of Satyendar Jain in June 2021, Delhi’s then health minister.

Both ministers led the AAP’s the successful transformation of Delhi’s education and health services.

Also read: AAP slams Manish Sisodia’s arrest, calls it ‘height of dictatorship’

Sisodia was arrested after “he gave evasive replies and did not cooperate in the investigation despite being confronted with evidence to the contrary. Therefore, he has been arrested,” the CBI said in a statement.

Sources told CNBC-TV18 that the CBI probe revealed that the profit margin of wholesalers increased from 5 percent under the earlier excise policy to 12 percent on the insistence of some accused businessmen.

The Delhi Chief Secretary’s report dated July 8, 2022 established violations of Government of National Capital Territory of Delhi (Amendment), Act 1991, Transaction of Business Rules (ToBR) 1993, Delhi Excise Act 2009 and Delhi Excise Rules 2010. It also mentioned deliberate violations and gross procedural lapses to provide post tender undue benefits to liquor licensees for the year 2021-22, reports said.

Timeline:

July 28, 2022: Manish Sisodia directs Excise Department to revert to the ‘old regime’ until a fresh policy comes in place.

August 17, 2022: CBI registers case against Manish Sisodia and businessmen on charges of cheating, bribery in new excise policy (2021-22)

August 19, 2022: CBI raids residence of Manish Sisodia and three other AAP members

August 22, 2022: ED seeks details of the case from CBI and files money laundering case.

August 30,2022: CBI officials reach PNB branch at Vasundhara in Ghaziabad and search bank lockers of Manish Sisodia.

September 6 and 16, 2022: ED raids 35 locations across the country

September 19, 2022: ED summoned AAP MLA Durgesh Pathak

September 27, 2022: CBI arrests AAP communication in-charge Vijay Nair

September 28, 2022: ED arrests a liquor trader Sameer Mahendru

October 7, 2022: ED carries searches at 35 locations in Delhi-NCR, Telangana and Punjab

October 17, 2022: CBI questions Manish Sisodia, who claimed he was pressured to quit the Arvind Kejriwal-led party and join the BJP.

November 25, 2022: CBI files first chargesheet, where in Manish Sisodia was not named as an accused

December 11, 2022: CBI questions K Kavitha, at her residence in Banjara Hills, Hyderabad in connection with the Delhi liquor scam.

Feb 2, 2023:  ED chargesheet reveals Delhi CM Kejriwal had a word with Sameer Mahendru over a video call and asked him to trust Vijay Nair.

Feb 9, 2023: Rajesh Joshi of Chariot Advertising arrested by ED.

Feb 18, 2023: CBI summons Manish Sisodia, who ask CBI to defer the questioning citing budget preparations.

Feb 26, 2023: CBI issues fresh summons and calls Sisodia for questioning.

Feb 26, 2023: Sisodia is arrested after hours of interrogation.

Current situation

Security was heightened in Delhi on Monday morning at Deen Dayal Upadhyay Marg as the Aam Aadmi Party called for a protest against Sisodia’s arrest, who has claimed that false allegations have been levelled against him and that he was not worried about staying in jail

“I might have to stay in jail for a few months, but I am not worried about it at all,” Deputy Chief Minister Manish Sisodia said in a letter to Delhiites before he left for the CBI office for questioning in the Delhi excise policy case on Sunday.

He said false allegations have been levelled against him and he is confident that he will be cleared of all charges in court.

Before leaving for the CBI headquarters, Sisodia sought the blessings of his mother and led a roadshow from his residence at Mathura Road to Raj Ghat.

Later in the evening, he was arrested by the CBI in connection with alleged corruption in the formulation and implementation of the now-scrapped excise policy relating to the sale of alcohol.

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Lemon Tree signs license agreement for 110-room property in Kasauli

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Lemon Tree Hotels Ltd. has entered into a licence agreement for a 110-room property in Kasauli, Himachal Pradesh, under the company’s brand ‘Aurika’.  The new property is expected to be operational in November 2024.

The hotel will feature 110 elegant rooms and suites, a restaurant, a bar, a spa, a swimming pool, a well-equipped fitness centre, and a game room. 

The property will be operated by Carnation Hotels Pvt. Ltd., a subsidiary and management arm of Lemon Tree Hotels Ltd. According to the company’s management, this property will further expand its footprint in Himachal Pradesh where it already has an operational property in Baddi and another three coming up in Shimla, Manali, and McLeodganj.

In December 2022, Lemon Tree Hotels signed a Franchise Agreement for a property in Dehradun, the capital city of Uttarakhand, under its brand ‘Keys Lite by Lemon Tree Hotels’.

Lemon Tree Hotels is India’s largest hotel chain in the mid-price segment, and the third largest overall, on the basis of controlling interest in owned and leased rooms.

It operates over 8,300 rooms in 87 hotels across 53 destinations, in India and abroad, under its various brands such as Aurika Hotels & Resorts, Lemon Tree Premier, Lemon Tree Hotels, Red Fox Hotels, Keys Prima, Keys Select, and Keys Lite.

Shares of Lemon Tree Hotels are trading 0.34 percent lower at Rs 73.65.

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Pfizer completes sale of Thane business undertaking to Vidhi Research for Rs 178 crore

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Pharmaceutical major Pfizer Ltd. has completed the transfer of its Thane business undertaking to Vidhi Research and Development LLP. The company said that it has transferred land, plant, machinery, and all the workmen employed at the Thane undertaking to Vidhi Research effective close of business on February 24, 2023.

On September 23, 2015, Pfizer announced the sale of the company’s business undertaking located at Thane Belapur Road, KU Bazar Post, Navi Mumbai, for a lump sum consideration of Rs 178 crore.

The plant was commissioned in the 1960s and supplied drugs to both domestic and international markets.

The sale of the undertaking came months after Pfizer announced in July 2015 that it would close its over 50-year-old Thane plant from September 16, 2015, which had been lying idle since 2013.

A Pfizer spokesperson had said at that time that the decision to close the site was based on an assessment of its long-term viability and its ability to achieve the needed production.

Shares of Pfizer Ltd. are trading 0.23 percent lower at Rs 3,799.05.

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Berger Paints aims to grab 20% market share by 2023-end as construction activities pick up in non-urban centres

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Berger Paints, one of the leading paint manufacturers in India, is aiming to cross a market share of 20 percent by the end of this year. This ambitious goal was revealed by the company’s MD and CEO, Abhijit Roy, in a recent interview with CNBC-TV18. The company has been steadily expanding its reach in the Indian market, and this target is a testament to its commitment to growth.

“Currently we are standing at around 19.4-19.5 percent market share but we should be able to cross the 20 percent mark hopefully next year,” he said.

Berger Paints has been focusing on expanding its presence in non-urban centers, and the efforts seem to be paying off.

According to Roy, the non-urban centers have started to do better in February, which is a positive sign for the company’s growth prospects. The company has been targeting these regions with a range of affordable products, and it seems that the strategy is working.

The company’s performance in the fourth quarter of the fiscal year has also been impressive. According to Roy, the company has seen double-digit volume and value growth in this period. This is a significant achievement, considering the challenging economic conditions caused by the pandemic.

“Quarter three had a very high base and that is why the growth rates were limited in quarter three of this year. however, quarter four is a normalized base and therefore we expect double digit volume growth and value growth in quarter four,” he said.

Berger Paints has been able to maintain its momentum, thanks to its innovative products, efficient operations, and customer-centric approach.

Also Read | Berger Paints sees the rural markets starting to recover

Berger Paints has been expanding its product portfolio with a focus on sustainability and innovation. The company has been introducing eco-friendly products that are not only better for the environment but also offer superior performance.

The company has also been investing in research and development to create new products that meet the evolving needs of customers.

Also Read | Asian Paints to set up manufacturing plant in Gujarat’s Dahej

Berger Paints has a strong distribution network, which includes over 25,000 dealers and retailers across India. The company has been investing in technology to make its distribution system more efficient and customer-friendly. It has launched an online platform that allows customers to purchase products and get them delivered to their doorstep.

The stock was down 2.23 percent in the last week and was up 3.14 percent in the past month.

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Border Gavaskar Trophy | If you don’t score in India, you will get flak, Ganguly on Rahul’s poor form

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Former India captain and BCCI president Sourav Ganguly has had his say on KL Rahul’s poor form and the flak that Rahul is getting for it.

According to Ganguly, it will be difficult for  Rahul to avoid scathing criticism for his prolonged poor run because of the enormous expectations attached with the job, especially when past cricketers have set high standards.

Stripped of vice-captaincy, Rahul hasn’t crossed the 25-run mark in his last 10 Test knocks. An average of less than 35 in 47 Tests isn’t an actual realization of his real potential.

“When you don’t score runs in India, obviously you will get flak. KL Rahul hasn’t been the only one. There have been players in the past also,” Ganguly told PTI in an exclusive interview on the sidelines of Delhi Capitals’ IPL pre-season camp.

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Ganguly tried to put things in perspective as to why the Bengaluru man is being persisted with despite repeated failures.

“There’s so much focus and attention with lot of pressure on players. The team management thinks he is an important player for the team. At the end of the day, what coach and captain thinks is important,” the veteran of 113 Tests and 311 ODIs said.

While Rahul has played some quality knocks in England and Australia, Ganguly said it’s obvious that people will expect way more from a talented player like Rahul, who has managed just five Test hundreds in nine years.

“He has performed but obviously you expect a lot more from a top-order batter playing for India because the standards set by others are so high.

“When you fail for a while, obviously there will be criticism. I am sure Rahul has ability and I am sure as and when he gets more opportunities, he will have to find ways to score,” he explained.

So is Rahul’s problem technical or mental? “Both,” pat comes the reply.

But the former BCCI President also gave an interesting insight into Rahul’s lack of runs as he is getting out to pacers as well as spinners in all conditions in recent times.

“It also makes it hard if you are playing on these sort of pitches as the balls are turning and bouncing. There’s uneven bounce and when you are not in form, it makes it even more harder.” Shubman has to wait ============= There has been a clamour to include Shubman Gill in the playing XI but Ganguly feels that the Punjab man will get his share of chances and there’s no harm if he has to wait a little bit.

But what do you tell a Shubman, who has to cool his heels when he is in red hot form? “I am sure when his time comes, he will also get a lot of opportunities. I think the selectors, the captain and the coach think of him and rate him very highly. That’s why he is playing ODIs and T20Is, and he has performed as well.

“But at the present moment, perhaps message from team management is that he has to wait.” While India have cantered to victories in both the Tests, the top order batters except Rohit Sharma have flattered to deceive with none getting a fifty.

Is the concept of dominant batters against spinners sounding too alien nowadays? “I don’t think so. These are very tough wickets. I saw in the first two Tests and it’s not easy boss. Playing Ashwin, Jadeja, Lyon and the new guy Todd Murphy, it is never easy with odd ball turning square. There is unevenness, there is everything happening for spinners.”

This is not Steve Waugh’s team

India have won two Test matches in a cumulative duration of five days of cricket and Ganguly isn’t surprised.

“India is a different beast in India. They are a pretty good team all around but in India they are pretty hard to beat. When it starts turning, they are a better side than anyone,” he was sharp in his response.

Is the scoreline of 4-0 a real possibility for India? “I think so. I don’t know how Australia can stop it,” he was practical while assessing Australia’s performance.

“The problem is, we keep comparing this Australian team from the teams of the past and it’s not the same. You don’t have a Matthew Hayden, Justin Langer, Ricky Ponting, Steve and Mark Waugh, (Adam) Gilchrist, you name them. You don’t have that quality.

“Steve Smith is a great player. (David) Warner hasn’t got going, (Marnus) Labuschagne is a good player but these are tough conditions for him as well.

“The mistake we make with Australian teams is that we think they are Steve Waugh’s Australia but that’s not the case. Different players get tested differently in different conditions.” Been in touch with Pant =================== Ganguly is the Director of Cricket for the Delhi Capitals and one of the toughest challenges for him is to fill in the void created due to unavailability of Rishabh Pant, who met with a horrific accident and underwent surgery recently.

“I spoke to him a couple of times. Obviously he is going through a tough period, through injuries and surgeries and I wish him well. In a year’s time or may be in a couple of years’ time, he will be back playing for India,” Ganguly’s voice had a tinge of sadness as he spoke about a player he has been very fond of.

Will he like to see Pant being with the team for some time during IPL which could also help in his recovery.

“Don’t know. We will see,” Ganguly said.

DC is yet to announce Pant’s replacement and Ganguly is still undecided on who is better between young turk Abhishek Porel and domestic veteran Sheldon Jackson.

“We still need a bit of time to figure out. The next camp starts before IPL.” While David Warner is set to lead DC, Axar Patel will be his deputy this season.

Ganguly monitored a three-day camp in Kolkata which the likes of Prithvi Shaw, Ishant Sharma, Chetan Sakariya, Manish Pandey attended along with other domestic players.

“The IPL is still a month away and the season has just started. It is difficult to get all the players together for the amount of cricket they play. There are four or five who are playing Irani Trophy. Sarfaraz has an injured finger and it’s not a broken finger. He should be okay for the IPL,” he concluded.

(with PTI inputs)

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From PAN-Aadhaar linking to planning your tax savings — Key personal finance deadlines in March 2023

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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March 2023 is significant from a personal finance point of view as there are some important tasks to be completed in the month ranging from PAN-Aadhaar linking to planning taxes. Missing on these means you would have to pay penalties or face other consequences. Let’s take a look at them:

PAN-Aadhaar linking

The Income Tax department has made it mandatory to link permanent account number (PAN) with Aadhaar by March 31, 2023. It added that the unlinked PAN will become inoperative from April 1, 2023. While the deadline to link the two without any fine has ended, taxpayers can do the same by paying a fine of Rs 1,000.

This can be done on the National Securities Depository Limited (NSDL) portal by paying the amount under Challan No. ITNS 280 with Major head 0021 (Income Tax Other than Companies) and Minor head 500 (Other Receipts).

Users should note that while income tax returns can be filed even without linking the two, the department does not process the returns until PAN and Aadhaar are linked.

Filing updated ITR for FY19-20

The deadline to file updated income tax return (ITR) for FY 2019-20 is March 31, 2023. So, taxpayers who missed filing it for the said financial year or may have missed reporting any income can file an updated ITR or ITR-U. The Finance Act of 2022 introduced the concept of updated returns to allow a longer duration for an assessee to file the return of income.

An updated return can be filed within 24 months (2 years) from the end of the relevant assessment year (subject to certain conditions). Hence, if taxpayers missed filing it for FY2019-20, they can do the same now till March 31.

Tax saving investment

The deadline for tax-saving investments for FY2022-23 will end on March 31, 2023. Tax planning is one of the important measures for financial planning as the main objective is to reduce tax liability and save more. The lesser tax one has to pay, the more disposable income one has. While taking advantage of tax-saving options available, one can save a significant amount of taxes.

Advance tax payment

The last date to pay final installment of advance tax payment for financial year 2022-2023 is March 15. On this date 100 percent of advance tax liability has to be paid by taxpayers. Any default in payment of advance tax is subject to penalties under sections 234B and 243C.

Investing in Pradhan Mantri Vaya Vandana Yojana

Pradhan Mantri Vaya Vandana Yojana, an insurance-cum-pension initiative to provide assured pensions to senior citizens in their retirement, is available for investments till March 31, 2023. Under this scheme, investors get a guaranteed pension at the rate of 7.4 percent for 10 years which can be between Rs 1,000 to Rs 9,250 per month.

The payment can be after a month, 3 months, 6 months, or after a year of investment.

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Here is how India developed technologies to bypass sanctions against its missile programme

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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While India is now looking to sell missiles to the world, just four decades ago the country had been facing sanctions and restrictions from international bodies to develop its own missile program. After independence, India lacked the indigenous capabilities to design or manufacture its own missile systems or weapons and relied on foreign weapon exports. India’s government sought to rectify this with the Defence Research and Development Organisation (DRDO) being given the responsibility for developing homegrown technology. In a recent podcast with ANI, Dr G Satheesth Reddy, the former DRDO Chief and current scientific advisor to the Ministry of Defence,  said how India worked on a mission mode to overcome the international restrictions.

Over the next three decades, India made leaps and bounds in technological progress in missile development. After successfully testing the Prithvi missile in 1988, and the Agni missile in 1989, India faced the sanctions and restrictions of the Missile Technology Control Regime (MTCR) on importing military technologies. MTCR is an informal body of nations that seeks to reduce nuclear and weapon proliferation. The organisation’s members, then Canada, France, Germany, Italy, Japan, the UK and the US, sanctioned components and certain materials to stop India’s missile program.

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“The various subcomponents or the critical systems which were dependent on foreign nations that had become restricted,” said Dr G Satheesth Reddy, “But, I think that had helped the country and we had to develop ourselves so that was taken as a mission,” Dr Reddy said to Smita Prakash in the ANI Podcast.

The DRDO spearheaded the mission to indigenously develop all the critical subsystems or components that were needed for India’s guided missile program. To overcome the sanctions, the DRDO’s Integrated Guided Missile Development Program (IGMDP) team, which was led by former President Dr APJ Abdul Kalam, brought together several DRDO laboratories, various industrial players as well as educational institutions to develop, manufacture and improve these subsystems indigenously, Dr Reddy revealed.

While the sanctions did slow down progress in the short term as teams had to deal with a lack of components when existing stocks ran out, India was able to quickly overcome the hurdle. India’s ease in dealing with the sanctions came from the fact that when India started the IGMDP, the top leadership had also decided to work on subsystems and critical components in parallel. This allowed India to develop the necessary technical and manufacturing know-how for many components, which could later be used to also develop and manufacture the sanctioned components.

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As a result, India was able to continue its missile program, developing a large variety of missiles for different tasks (ATGMs, SAMs, ATAs, etc.) for a variety of various range applications. While the sanctions placed on India are no longer there, India joined the MTCR in 2016, the country still remains highly self-sufficient in missile development.

“Today, I can say that the indigenous content in our missiles programs is very, very high. I can definitely say that we are not dependent on any critical subsystems and things like that from anyone. All these things are developed here in the country and the industry is able to produce them,” Dr Reddy said. The sanctions were just one of the key turning points in India’s missile development program. The 1962 Sino-Indian War was the first major turning point as the Indian government now decided that having strategically guided missiles, especially Intercontinental Ballistic Missiles (ICBMs), was essential to prevent further Chinese aggression. Though early projects like Project Devil and Project Valiance ended inclusively, they were essential as the second turning point as they allowed India to develop the technical and material know-how for missile research and development.

One of the next and major turning points was the elevation of Dr Kalam as the head of the IGMDP. It was through his leadership that the DRDO was able to convince the government to work on not one but five different missile systems at the same time. These were the short-range Surface to Surface Missile (SSM) ‘Prithvi’, the long-range Surface to Surface Missile (SSM) ‘Agni’, the medium-range Surface to Air Missile (SAM) ‘Akash’, the short-range Surface to Air Missile (SAM) ‘Trishul’, and the Anti-tank Guided Missile (ATGM) ‘Nag’.

At the recently concluded Aero India 2023 exhibition, Prime Minister Narendra Modi talked about his vision of India achieving an ambitious defence export goal of $5 billion within the next two years from the $1.5 billion that it stands at today. One of the most important components to achieve this target is the sale of the Indo-Russian jointly developed supersonic missile, the BrahMos. With interest from several countries in the Middle East as well as Asia, including a $375 million contract to provide four BrahMos batteries to the Philippines, the BrahMos missile is a testament to the success of India’s missile program.

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Ukraine President Zelenskyy fires commander of joint forces operation in latest leadership change

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Ukraine’s President Volodymyr Zelenskyy has fired the commander of joint forces operation Major Gen Eduard Mykhailovich Moskalov, as reported by CNN.

Although the reason behind the dismissal has not been specified, it comes amidst a series of recent leadership changes made by Zelenskyy’s administration. A series of anti-corruption searches and crackdowns have taken place across the country, leading to several high-profile dismissals.

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In recent news, Saudi Arabia’s Foreign Minister, Faisal bin Farhan Al Saud, has signed off on a $400 million aid package for Ukraine during his first-ever visit to Kyiv. The aid package includes $100 million in humanitarian aid and $300 million in oil products, formalized in two documents signed by the Presidential Office.

Ukraine’s President Zelenskyy welcomed the aid package and thanked Saudi Arabia for its support of Ukraine’s sovereignty and territorial integrity. Saudi Arabia has taken a neutral stance in the conflict, and last year it helped mediate a prisoner exchange, in which two American and five British citizens were released from Russian detention.

Ukraine has reported heavy Russian shelling in the eastern Luhansk and Donetsk regions over the weekend, while forces are locked in brutal urban combat in the flashpoint city of Bakhmut.

US National Security Adviser Jake Sullivan has warned China of “real costs” if it provides lethal aid to Russia in its war on Ukraine. The US has intelligence that China is considering providing Russia with drones and ammunition, but it appears that Beijing has not made a final decision yet.

CIA Director Bill Burns said that the US is confident that Beijing is considering providing Russia with lethal aid, but intelligence suggests that no final decision has been made. Burns also revealed that the CIA is seeing signs that Russia is proposing to help Iran with its missile program in exchange for military aid.

The situation in Ukraine remains volatile, and tensions between Russia and the West are escalating. President Zelenskyy’s administration is taking steps to crack down on corruption and strengthen the country’s position in the conflict.

The aid package from Saudi Arabia is a welcome boost for Ukraine, which is in dire need of financial assistance to rebuild its economy and infrastructure. The US and its allies are closely monitoring the situation and are prepared to take action to defend Ukraine’s sovereignty and territorial integrity.

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Banks to remain closed for 12 days in March: Complete list

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The list of bank holidays for March was released by the Reserve Bank of India (RBI). There will be 12 holidays, including the second and fourth Saturdays, and four Sundays. Banks will remain closed on regional holidays in different states as decided by the respective state governments.

To avoid any inconvenience, it is advisable to plan all upcoming bank-related tasks next month as per the holiday calendar.

Here is the full list of bank holidays in the upcoming month of March.

March 3, Friday – Banks in Manipur will remain closed on Chapchar Kut.

March 5, Sunday – All banks will remain closed

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March 7, Tuesday – Banks in several states will remain closed on Holi/ Holika Dahan/ Dhulandi/ Dol Jatra.

March 8, Wednesday – Banks will remain closed in several states on Dhuleti/ Dolyatra/ Holi/ Yaosang.

March 9, Thursday: Banks will remain closed in the state of Bihar on Holi.

March 11, Second Saturday – All banks will remain closed

March 12, Sunday – All banks will remain closed

March 19, Sunday – All banks will remain closed

March 22, Wednesday – Banks will remain closed in several states on Gudi Padwa/Ugadi Festival/Bihar Diwas/Sajibu Nongmapanba (Cheiraoba)/Telugu New Year’s Day/first Navratra.

March 25, Fourth Saturday – All banks remain closed.

March 26, Sunday – All banks will remain closed.

March 30, Thursday – Banks will remain closed in several states for Ram Navami.

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All online, net banking and ATM services will remain functional on all bank holidays.

The RBI categorises bank holidays under three categories, which are- ‘Holidays under the Negotiable Instruments Act’, ‘Real-Time Gross Settlement Holidays,’ and ‘Banks’ Closing of Accounts’ as per the RBI website.

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Motilal Oswal sees 38% upside in Cyient if these scenarios fall into place

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Brokerage Motilal Oswal has maintained its ‘Buy’ rating on global engineering and technology solutions company Cyient Ltd. and sees a potential upside of 21 percent from current levels, as it finds the company’s valuations to be highly attractive.

The brokerage observed that Cyient’s operating performance has been weak over the last few years as growth engines remained weak and execution challenges marred the overall topline growth.

However, the note said that challenges under the Aerospace and Communications segment, which is nearly half of the services revenue, have bottomed out and these segments may improve and stimulate overall organic growth. The brokerage expects these segments to improve and stimulate overall organic growth for Cyient.

Inorganic components and gradual recovery in the Design-Led Manufacturing (DLM) business will also amplify Cyient’s revenue growth, according to Motilal Oswal.

Motilal Oswal finds Cyient’s current valuations of 14 times financial year 2024 earnings per share as “highly attractive” and gives them more comfort to maintain their buy recommendation.

The brokerage expects the Cyient DLM’s (design-led manufacturing) business outlook to remain supportive on the back of an improved electronics manufacturing ecosystem in India even as the vertical has underperformed the company’s expectations in the past.

A dedicated leadership and a potential listing should result in more focused go to market and client mining which could also act as a potential upside to Cyient’s valuation, the report added.

Motilal Oswal considers the management’s aspiration of reaching $1 billion in revenue run-rate for the consolidated entity with 15-15.5 percent margin by the last quarter of the next financial year as a “bull case scenario.” In case this works out, the brokerage expects significant re-rating potential for the stock and result in a potential upside of 38 percent from current levels.

However, its base case for Cyient remains the same due to the ongoing macro headwinds and company-level execution challenges.

Shares of Cyient are trading 0.7 percent lower at Rs 960.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow