OPINION, P10 WELL BEING FE LINES ACROSS THE AISLE, P CHIDAMBARAM Sitting for long hours at work? Check out the ways you can beat the effects your job is having on your posterior Page 7 Tricks and features that can help you land your dream job Page 6 HOW TO GET RID OF A ‘DESK DERRIERE’ Cult worship and consequences Hacks to up your professional game WORDS WORTH Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM VOL.NO.XIII SL.NO.70 RUSHDIE ON A PLATTER P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , WHAT'S INSIDE C H A N D I G A R H , C H E N N A I , READ TO LEAD H Y D E R A B A D , K O C H I , ELUSIVE ELON ■ Tesla will report first-quarter earnings Tuesday ■ Investment from Musk would have burnished Modi's appeal among voters FE BUREAU New Delhi, April 20 ELON MUSK ON Saturday said In a move towards indigenisation and lesser dependency on imports, govt is betting big on private players, including startups, to boost defence manufacturing ■ LEISURE, P9 Festive flavours of Asia From Songkran to Thingyan, we are joined by our neighbours in celebrating the new year. Needless to say, food reigns supreme his proposed two-day (April 21-22) visit to India has been postponed to “later this year”, citing“veryheavyTesla obligations”. This could mean that more clarity on the electric vehicle (EV) maker’s entryinto the Indian market,and its plan to set up an assembly unit in the countryunderNewDelhi’s newconcessionalpolicy,might take longer to emerge. Musk’s high-profile visit was expected to include a meeting with Prime Minister Narendra Modi, even as the country’s parliamentary elections are underway. “Unfortunately,very heavy Tesla obligations require that thevisit to India be delayed,but I do very much look forward to visiting later this year,” the billionaire saidin a post onX. As per agency reports, the decision to postpone comes after a hectic week at Tesla. Early on Sunday, Musk said in a memo to the company’s more than 140,000 employees that he was planning to reduce headcount by more than 10% globally. Two top ■ An announcement ■ Was expected to on Starlink was also on cards announce Tesla's entry into India ELON MUSK “...BUT I DO VERY MUCH LOOK FORWARD TO VISITING LATER THIS YEAR" executives also departed. Earlier this month, Musk hadconfirmedhisvisittoIndia with a post on X saying,“Looking forward to meeting with Prime Minister @NarendraModi in India”. In June last year,Musk and Modi met during the PM’s US visit and the Tesla CEO then indicated a plan to visit India in 2024, while expressing confidence that his company would enter the Indian market‘soon’. Responding to a query on Musk’s postponement during a Gujarat Chamber of Commerce and Industry event in Ahmedabad, Union finance minister Nirmala Sitharaman said the Centre has tailored policies to make India an attractivedestinationformanufacturing and services.“Policies have been made to attract investments. We want manufacturers and investors to come and produce not just for India but also for exports. We will try to attract manufacturers and investors through policies,”she told reporters. “When big companies show interesttocometoIndia,wewill doeverythingtomakeitattractiveforthemtocomeandinvest. In that process, if there is anythingtodiscuss,wewillcertainly discuss. But whatever we have done,we have done it through policy,” Sitharaman added. In New Delhi, Musk was expectedtoannounceaninvestment of $2 billion to $3 billion, mainly to build a factory in India, after the government announced a policy lowering high tariffs on imported cars if companiesinvest locally. Hewasalsoexpectedtomeet executives from several space startups in New Delhi. Musk is awaiting Indian government regulatory approvals to begin offering his Starlink satellite broadband services in the world’smostpopulouscountry. Musk’s visit was also politically important for the Modi government seeking to return to power for a third term,with one of its electoral planks being the strong focus on making India a manufacturing powerhouse. The American billionaire’s visit amid the elections would have been projected bythe ruling dispensation as sign of the global investor’s confidence in India’s economic growth, and its fast-growing market. Therefore,thesuddenpostponement of Musk’s visit has seen the Opposition taking swipes at the Modi government.The Congress party said on Saturdaythat itwas odd the Tesla CEO was coming to meet an “outgoing prime minister” and that “he too has now read the writing on the wall”. Continued on Page 2 M U M B A I , N E W D E L H I , P U N E HDFC Bank net profit up 37% at `16,512 crore ● Hit by higher provisions, growth below expected REPORT CARD (` cr) Q4FY23 % change SACHIN KUMAR Mumbai, April 20 Q4FY24 « Shooting for self-reliance L U C K N O W , Musk puts off India visit ● Cites ‘heavy Tesla obligations’ for cancellation ■ SPOTLIGHT, P5 K O L K A T A , Net profit HDFC BANK POSTED lower- than-expected growth in its net profit impacted by higher provisions.The net profit grew by 37% year-on-year and 0.84% quarter-on-quarter to `16,512 crore in the fourth quarter of 2023-24,dented by floating provisions worth `10,900 crore made in January-March period. Bloomberg analysts expected the bank to post `17,593 crore net profit in the fourth quarter. “This floating provision is not in anticipation of any event as such.We felt this is an opportune time to make countercyclical provisions,” said SrinivasanVaidyanathan, chief financial officer, HDFC Bank, in a post-earnings call. He declined to give any guidance on net interest margin and credit growth for the current fiscal. Net interest income, the difference between interest Net interest margin (%) NII* 4.3 23,350 29,080 SUNDAY, APRIL 21, 2024, 12 Pages, `12 12,048 16,512 FINANCIAL EXPRESS ON SUNDAY CHENNAI/KOCHI No literary masterpiece, but Knife must be read as it’s Rushdie Page 4 37 3.6 CASA ratio (%) 44.4 38.2 24.5 *Net interest income Gross advances 1,600,600 2,484,900 55 Deposits 1,883,400 2,379,800 26 earned and paid, rose 24.5 % to `29,080 crore in the fourth quarter of 2023-24 from `23,350 crore in the same quarter of the previous fiscal. Other income increased 63% to `18,166 crore during the quarter. Continued on Page 2 Sustainability calling: Green ELECTORAL BONDS BJPwants to continue PSU banks outshine private is the new premium in realty loot: Cong slams FM peers in stock performance Continued on Page 2 Continued on Page 2 Compiled by Kishor Kadam Nifty PSU Bank index vs Nifty Private Bank index Relative performance Base: December 29, 2023 = 100 130 Nifty PSU Bank 120 121.35 NIFTY Bank Nifty 110 Nifty Private Bank 101.91 98.51 95.66 100 Dec 29, 2023 ICICI Bank 7.1 3.6 City Union Bank -6.1 Federal Bank Axis Bank Kotak Mahindra -6.6 -2.8 Indusind Bank IDFC First -7.3 YTD return (%) -7.9 RBL Bank -9.0 HDFC Bank -10.4 Bandhan Bank Bank of Baroda 18.1 16.9 11.2 Union Bank India 21.7 20.6 April 19, 2024 Private banks YTD return (%) -28.1 90 State Bank of India mostimportantelectionofour lifetime.Thankfully,as ground reportsmakeclear,thiscorrupt brigade is on its way out!” the Congress leader posted. In February, the Supreme Court delivered a judgment striking down the electoral bonds scheme. PSU banks & Sind Bank have emerged as top performers, while Bandhan Bank, HDFC Bank, and RBL Bank have lagged. Bank of India not yet decided whether to seek review of SC ruling, she added Indian Bank ■ However, Centre has 32.3 24.0 locations,” Anshuman Magazine, chairman and CEO— India,South-EastAsia,Middle East & Africa—CBRE, told FE. The company’s February report on sustainability reveals that over the past nine years, green-certified office space in India doubled from 176 million square feet to 366 million square feet (pre-2015 to 2023), which is consistent at a 10% CAGR across top six cities,including Delhi-NCR, Bengaluru and Hyderabad. some capacity following consultations with stakeholders, she said Central Bank Figures—Q12024’,published on April 3, reveals that more than half of the newly-completed space during Q1 was green-certified, and about 63% of the leasing took place in certified assets. “Sustainable practices in the real estate sector have taken centrestage, influencing the competitiveness of projects. Demand for green buildings is not restricted to metros alone. The financial benefits of green features, such as long-term energy bill savings, are appealing to residents and businesses in all ■ Will be brought back in PNB premium for green buildings 74% Canara Bank 5-10% willing to pay over 15% for green for lower buildings, 50% premium for totally emissions buildings net zero buildings has said in an interview that BJP plans to reintroduce electoral bonds if voted back to power Uco Bank consumers willing to pay ■ Office occupiers Punjab & Sind Bank ■ Residential ■ FM Nirmala Sitharaman 41.5 Gurugram luxury housing project’s 224 luxury flats worth `440 crore were sold within 15 minutes of launch. While reports suggest that demand for luxury flats in India is increasing,green-certified buildings are another sought-after segment, with buyers willing to pay more for sustainability. “We recently saw remarkable success at Mahindra Vista, India’s first net zero energy plus waste homes, which sold over `800 crore worth of inventory within three days,” Sunita Purushottam, head of sustainability at Mahindra Lifespaces, told FE. Recent reports by CBRE Group (a real estate company) and Xynteo (a purpose-driven strategic advisory firm) have shown that green-certified office spaces have seen a substantial uptick over the years. CBRE’s report ‘India Office IN THE YEAR-to-date (YTD) stock performance of 2024, PSU banks have outperformed their private counterparts. The Nifty PSU index has surged by 21.35% during this period, while the Nifty Private index has experienced a decline of 4.34%. In comparison, the broader benchmark Nifty has recorded a modest gain of 1.91%, whereas the Bank Nifty has seen a decline of 1.49% in 2024YTD. Among PSU banks, Indian Overseas Bank, Bank of Maharashtra, and Punjab 36.4 36.4 34.6 33.9 EARLIER THIS MONTH, a leasing green office spaces motivated by energy savings and sustainability targets, THE CONGRESS ON Saturday hit out at the BJP over finance minister Nirmala Sitharaman’s reported remarks that electoral bonds will be brought back after consultations,alleging that after looting `4 lakh crore of public money, they want to “continue the loot”. Congress general secretary Jairam Ramesh’s attack on the BJP came after Sitharaman told a newspaper that the Bharatiya Janata Party (BJP) intended to bring back electoral bonds in some form after consultations with all stakeholders if it is elected back to power after the 2024 general election. InapostonX,Rameshlisted what he said were the “four methods of PayPM”.“Prepaid Bribery—Chanda do,Dhandha Lo. Postpaid Bribery—Theka Do,Rishvat Lo.Combined Cost of Pre-paid and Post-paid Bribes: Rs 3.8 lakh crores.” “Post-Raid Bribery—Hafta Vasuli.CostofPost-RaidBribes: Rs 1,853 crores. Farzi Companies - Money Laundering.Cost of Farzi Companies: Rs 419 crores,” he said. “This is the SITHARAMAN'S REMARKS Indian Overseas to 366 mn sq ft REWATI KARAN New Delhi, April 20 PRESS TRUST OF INDIA New Delhi, April 20 Bank of Maharashtra ■ Over ● Over half of new RISING DEMAND 85% ■ From 2015 to 2023, office projects in of corporate green-certified office space Q1 green-certified doubled from 176 mn sq ft occupiers MAKING (WHEAT) HAY WHILE THE (MSP) SUN SHINES Crop diversification still last on Punjab farmers’ mind SANDIP DAS Rajpura, Khanna (Punjab), Karnal (Haryana) THEFUROREIS overtheabsence of legal support to minimum support price (MSP),but it’s the skewed nature of these producer support prices that impedes crop diversification and leaves the average Indian farmerin the lurch. Nothing proves this more than the current post-harvest sentiment among farmers in the‘Green Revolution’states of Punjab and Haryana.MSP purchases of the new wheat crop havejusthadabriskstart,andis promising to be in full swing over the next few weeks. However, mustard and maize crops which, agriculture economists say,arebestsuitedfortheregion, are going abegging. Market prices of the two crops are significantly below the MSP, but there’s hardly any purchase of the two crops by government agencies at the support price. “Mustard is being sold by farmers at an average price of `5,000-5,400 per quintal against MSP of `5,650 a quintal,” an official from the management board of Punjab’s Rajpura mandi, one of the biggest grain markets, told FE. IN THE FIELDS PA RT- I I NO TAKERS FOR ALTERNATE CROPS LIKE MUSTARD, MAIZE AT MSP Headdedthatthesituationwasn’tanydifferentformaizefarmers during the last kharif season—market prices for the VICIOUS CYCLE ■ Skewed nature ■ Value of MSP purchases only about 6% of gross value added in agri, allied sectors ■ Horticulture, poultry, fisheries, dairy growing at much faster rates of support prices impedes crop diversification ■ MSP announced for 23 crops, but procurement limited to just 4 cereal that needs much less water than paddy and wheat, and is environmentally conducivefortheregion,were10% belowthe MSP. While MSPs are announced forasmanyas23crops,supportprice procurement is limited to just four crops—paddy,wheat, sugarcane and cotton.So,value of MSP purchases is just about 6% of the gross value added in agriculture and allied sectors. That such MSP operations are notofmuchhelp,notjusttothe agriculture economy, but even farmers’income,isevidentfrom the losing share of MSP cereals infarm-sectorGVA,whilehorticulture, poultry, fisheries and dairy sectors are growing at much fasterrates. Indian wheat isn’t globally competitive, but the current MSP policy in Punjab forces farmers to stick to the crops that fast deplete water tables. Several farmers who FE spoke with at Rajpura and Karnal (Haryana) said they have no plan to increase the area for mustard or maize in the coming seasons, as wheat and paddy are lucrative. Aay Vir Jakhar, chairman, Bharat Krishak Samaj, said: “Given the way MSP is structured, it leads to biodiversity loss and monoculture. Additionally,it has become a disincentive for crop diversification.” The farmers say lack of government procurement for crops such as maize, mustard and pulses discourage them from curbing cultivation of paddy and wheat,where there is assured purchase on MSP. Continued on Page 2 CHENNAI/KOCHI