Juniper Hotels likely to see muted debut, grey market premium absent

Juniper Hotels is likely to see a muted debut on February 28 despite positive market conditions. Tepid IPO subscription numbers and the loss-making status of the company, which is owned by the hotel developer Saraf Group and global premier hospitality brand Hyatt Hotels Corporation, may be among the key reasons for the flat listing, analysts said. The Rs 1,800-crore public issue had seen a subscription of 2.08 times during February 21-23, with qualified institutional investors buying 2.96 times the reserved portion, and retail investors picking 1.28 times the allotted quota. The portion set aside for non-institutional investors was subscribed 0.85 times. The IPO was comprised of only a fresh issue portion. An amount of Rs 1,500 crore of the net fresh issue proceeds will be utilised to repay debts and the remaining funds will be used for general corporate purposes. At the upper band of Rs 360, the company is valued at Rs 8,010 crore. "Based on annualised FY24 earnings and fully diluted post-IPO paid-up capital, the company’s operational metrics remain healthy, but interest costs are weighing on profitability bringing the bottom line to net loss," Tapse said. Juniper Hotels, which competes with listed peers like Indian Hotels Company, EIH, Lemon Tree Hotels, and Chalet Hotels, has been a loss-making company, though the losses reduced considerably in the year ended March FY23 at Rs 1.5 crore from a loss of Rs 188 crore in FY22. But revenue from operations more than doubled to Rs 666.85 crore against Rs 308.7 crore during the same period. Further, the losses in the six months ended September FY24 increased to Rs 26.5 crore from Rs 17.5 crore in the same period previous fiscal, though there has been growth in revenue from operations rising to Rs 336.1 crore from Rs 294.3 crore during the same period. As far as the grey market is concerned, its IPO shares are not getting any premium, the market observers said. The grey market is an unofficial platform for trading in IPO shares till the listing. Being in the luxury hotel development and ownership space, Juniper Hotels has a portfolio of seven hotels and serviced apartments with a total of 1,836 rooms, under three distinct segments namely luxury (the Grand Hyatt Mumbai Hotel and Residences and Andaz Delhi), upper upscale (the Hyatt Delhi Residences, Hyatt Regency Ahmedabad, Hyatt Regency Lucknow and Hyatt Raipur; and upscale (Hyatt Place Hampi).    

Dividend Stocks: NMDC, Natco Pharma to trade ex-dividend next week, Bajaj Auto to declare buyback

The ex-dividend date is the day on which the equity share price adjusts to reflect the next dividend payout. It is the day the stock becomes ex-dividend, which means it does not carry the value of its next dividend payment from that day forward. Dividends are payable to all shareholders whose names appear on the company's list by the end of the record date. A bonus issue is a corporate action which is an offer given to the existing shareholders of the company to subscribe for additional shares. Instead of increasing the dividend payout, the companies offer to distribute additional shares to the shareholders. For example, the company may decide to give out one bonus share for every ten shares held. Buy or sell stocks: After showing an excellent upside recovery from the lows on Thursday, the Indian stock market shifted into a range-bound action for the whole session on Friday and closed in the red territory. The Nifty 50 index went off 4 points and closed at the 22,212 level, the BSE Sensex slipped 15 points and ended at the 73,142 mark while the Bank Nifty index lost 108 points and finished at 46,811 level. After opening on a positive note, the Nifty 50 index was not able to sustain the opening gains and slipped into minor weakness amidst a range movement in the early part and later this sideways movement continued for the whole session. A new all-time high was formed at 22,297 levels and the 50 stock index closed near the lows. Sumeet Bagadia, Executive Director at Choice Broking believes that the Nifty 50 index went past the crucial 22,000 level decisively in the week gone by. The Choice Broking expert went on to add that overall Indian stock market sentiment is positive. Bagadia advised a 'buy on dips' strategy till the 50-stock index is above the 21,800 mark.  

Suhana Khan purchases land in Alibag for Rs 9.50 crore

Actor Suhana Khan, daughter of Bollywood star Shah Rukh Khan, has bought 78,361 square feet of agricultural land in Alibag, Raigad district, for Rs 9.50 crore, according to documents shared by IndexTap.com.Khan has paid a stamp duty of Rs 57 lakh for the transaction registered on February 13, 2024. The registration fee was Rs 30,000, according to the documents. Suhana was seen as an actor for the first time in Zoya Akhtar’s The Archies. The land parcel is located at Thal village in Alibag in Raigad district, the documents said.Earlier, in June 2023, Khan had bought agricultural land spread across 1.5 acres with three structures on it in Alibag for Rs 12.91 crore.There was no response to an email query sent to Suhana Khan's spokesperson. In the past, Bollywood actress Deepika Padukone and her husband Ranveer Singh had bought a second home in Alibag for Rs 22 crore. Cricket player Virat Kohli and his actress wife Anushka Sharma had purchased an eight-acre land parcel in Alibag for around Rs 20 crore. In the past, notable celebrities and industrialists have purchased land or bungalows in Alibag. These include Navin Agarwal of Vedanta Resources, Gautam Singhania of Raymonds, Prakash Mody of Unichem Labs Ltd, and Salil Parekh of Infosys.    

Grasim stock hits fresh high after Birla Opus launch

Grasim Industries Ltd shares reached an all-time high intraday on February 22 as it announced the launch of its paint business (Birla Opus) and the opening of three new plants. The stock hit a lifetime high of Rs 2,244.95 and closed 0.4 percent higher at Rs 2,201.10 on BSE, while the Sensex rose 0.74 points to 73158.24. The stock ended higher for the seventh straight session. So far this year, the stock is up 3.5 percent, it jumped 24 percent in 2023. Aditya Birla chairman, Kumar Mangalam Birla, inaugurated three Birla Opus paint plants in Haryana, Punjab and Tamil Nadu on February 22 from the Panipat plant. Jefferies noted on February 22 that Grasim Industries' entry into the paint market could impact shares and margins in the industry. The company's push for the second spot is expected to drive increased competition from other industry players. Grasim Industries' entry into the paint sector with 49 percent of its Rs 4,900 crore capex allocated to this business is set to heighten competition. The company plans to focus on larger cities first, leveraging its strong distribution in cement and putty.  

Cabinet approves hike in sugarcane procurement price to Rs 340 per quintal for 2024-25 season

The Cabinet Committee on Economic Affairs, on February 21, approved a hike in the Fair and Remunerative Price (FRP) of sugarcane to Rs 340 per quintal from Rs 315 per quintal for the 2024-25 (October-September) season. The Rs 25-per-quintal increase in the FRP of sugarcane is significantly higher than what was announced last year, when the government had raised it by Rs 10 per quintal to Rs 315. The decision to hike the FRP of sugarcane in February is unusual considering the season begins in October and comes amid the 'Delhi Chalo' protests by farmers, with the government involved in talks with them over their demands. In 2023, the decision on sugarcane FRP was announced in June. Before that, in 2022, it was announced in August. India is paying the highest price for sugarcane in the world. Even this year, the Modi government has announced a hike of 8 percent. This is in the interest of farmers," Union Minister Anurag Thakur said on February 21 after the Cabinet meeting.  

Ether retreats after momentarily touching the $3,000 mark, while Bitcoin drops from the $52,000 mark.

On Wednesday, February 21, there was a tiny 0.31 percent gain for Bitcoin. At the moment, Bitcoin is worth $51,977, or about Rs. 43 lakh. Market analysts claim that the resistance level for Bitcoin is currently at $53,000, or approximately Rs. 43.9 lakh; a breach of this level would signal a significant increase in the value of the asset. The price of Bitcoin has seen a significant increase of $400 (approximately Rs. 33,160) in the last day. Wednesday's market volatility was reflected in the cryptocurrency chart, where altcoins fluctuated between gains and losses. For the first time since April 2022, Ether crossed the $3,000 (about Rs. 2.48 lakh) threshold. But at that point, the asset was unable to maintain a significant advantage. Ether's current value, after a 2.05 percent loss, is $2,870, or approximately Rs. 2.3 lakh. "Bitcoin is indicating overbought conditions in the current market environment, which is causing investor caution regarding possible consolidation. Ethereum, on the other hand, is showing an ascending channel pattern, driven by continuous developments in its ecosystem and flirting with $3,000 (about Rs. 2.48 lakh). Deviating from their customary daily routines, investors are being cautious because of a recent buying frenzy amid bullish momentum suggested by moving averages, according to Rajagopal Menon, Vice President of WazirX, who spoke with Gadgets360. Market observers are currently more interested in watching Ether's trajectory than Bitcoin's. "Ethereum has a huge following. For most Web3 developers, it is the default option when it comes to compute networks. This translates to increased traffic volume and road upkeep. Therefore, an update to make the highway much smoother is being shipped by developers. They are also doing it without causing any traffic hiccups. They port the upgrade to the mainnet highway after testing it on the testnets, or service road. Dencun's planned mainnet launch in March "can be seen as an internal catalyst for a better Web3 future," according to CoinSwitch co-founder Ashish Singhal.

India Accepts All Foreign Investment In The Space Industry

In an effort to facilitate business in the nation, the Indian government approved an amendment on Wednesday that permits 100% foreign direct investment (FDI) in the space sector. The government stated in a statement that the FDI policy reform will encourage growth in investment, income, and employment. The government stated in a statement that the FDI policy reform will encourage growth in investment, income, and employment. 

Numaligarh Refinery planning for IPO in next two years, says MD

Numaligarh Refinery Limited (NRL) is looking at an initial public offer (IPO) in the next two years, primarily to support net-zero emission plans of the company, its Managing Director Bhaskar Jyoti Phukan told Moneycontrol.Phukan said NRL has several projects planned to achieve net-zero targets by 2038 and setting a 2G bio-refinery is one among them. NRL, a subsidiary of state-run Oil India Limited (OIL), is setting up India’s first bio-refinery which would use bamboo as feedstock in Assam. Phukan said NRL has several projects planned to achieve net-zero targets by 2038 and setting a 2G bio-refinery is one among them. NRL, a subsidiary of state-run Oil India Limited (OIL), is setting up India’s first bio-refinery which would use bamboo as feedstock in Assam. The Assam-based refinery’s head said major expansion projects of the company would also have been commissioned in the next two years, working in favour of the IPO plans. Under expansion plans, NRL is ramping up its refining capacity to 9 MMTPA (million metric tonne per annum) from 3 MMTPA, setting up crude oil import terminal at Paradip port in Odisha and laying about 1,640 km of pipelines for transportation of imported crude oil to Numaligarh. our new refinery would be commissioned by then (in the next two years), pipeline will also be in place. So, therefore, it will be very comfortable time to go for IPO. And once we identify the green project, I think market will reward us by subscribing to the IPO that we will float,” said Phukan.  

Zaggle Prepaid scales record high after agreement with EaseMyTrip

Shares of Zaggle Prepaid Ocean Services surged 18 percent to Rs 299, hitting an all-time high, after the company announced it has entered into an agreement with EasyMyTrip Planners Limited for three years. Zaggle and EaseMyTrip will offer integrated travel and expense management solutions to corporate clients," the company said in a regulatory filing on February 20. At 3:20 pm, the stock was trading at Rs 294 apiece, up 16 percent from the previous close on the NSE. The counter has surged nearly 20 percent in the last three months. The stock price of the Hyderabad-based fintech company has nearly doubled from its IPO and listing price of Rs 164 per share. The company made a debut on the exchanges on September 22, 2023. Since listing, the shares have gained around 88 percent. The company's current market capitalisation is around Rs 3,590 crore, Moneycontrol data showed. In the December quarter, Zaggle's profit zoomed 919.5 percent year-on-year to Rs 15.22 crore, on the back of a decrease in finance cost after prepayment of debts. The company clocked its highest quarterly revenue to date at Rs 199.51 crore, driven by revenue contribution from Zoyer–its software platform. Zaggle is a fintech company which follows a B2B2C business model. Within this sector, the company provides software solutions catering to payables, payroll, and tax processing. Additionally, it collaborates with banking partners to issue prepaid cards as part of its comprehensive service offerings. Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.  

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AdEx to grow at 12% to reach Rs 1.11 lakh crore in 2024 Madison

Over 700 million people watch the 26 channels that Sony Pictures Network India (SPNI), an indirect wholly-owned subsidiary of Sony Group Corporation, Japan, owns and operates in Hindi and numerous other languages. In addition, it offers live sports, movies, short films, as well as its own original and archived material, on its single OTT platform, Sony LIV. There are about 33 million people who watch it. Madison World Chairman Sam Balsara stated, "Whilst the outlook for AdEx in India is extremely strong in the mid-term and long-term, we are witnessing a slowdown in momentum in the short term because of India Inc's focus on quarterly profits." "This does not augur well for sustained growth in profits for Advertisers who should be focussing on volume growth." Video, social, display, e-commerce, and search will contribute 17% of the growth in digital advertising, which is expected to reach Rs 46,465 crore in 2024, according to the report. It is anticipated that digital would account for 42% of all ad spending, up from 40% now. The Indian Premier League (IPL) has increased its ad market size from Rs 450 crore to about Rs 1000 crore in 2023Connected TV advertising. Traditional media, which include TV, print, radio, outdoor, and cinema, are predicted to account for 58%, or Rs 64,545 crore, of all ad spends in 2024, despite the fact that digital is currently the leading advertising medium. However, it is anticipated that traditional advertising would no longer account for 60% of all advertising by 2023. PMAR predicts that TV Adex will increase by 8% to Rs 35,575 crore. It is anticipated that in 2024, its portion of total AdEx will drop from 33% in 2023 to 32%. Thanks to sports, TV AdEx increased by 7% in 2023 to reach Rs 32,886 crore. It is anticipated that in 2019, the print AdEx will surpass the pre-Covid estimates, rising by 7% to Rs 20,613 crore. Publications in Hindi, English, and Marathi are most common the amount of print advertising space in India.OOH AdEx is expected to expand by 13% in 2023 and by 15% in 2024, primarily as a result of elections, to reach Rs 4761 crore. After surpassing pre-Covid levels to achieve Rs. 2,272 crore, radio advertising revenue growth is predicted to climb at a rate of 12% in 2024 to reach Rs. 2549 crore. Cinema AdEx has increased 36% to Rs 776 crore, although it has yet to return to pre-COVID levels. By 2024, the medium is projected to have grown by 35% to Rs 1047 crore  

Bank account freeze case: Why accounts of Congress were under I-T depts scanner | Explained

The Congress' main bank accounts were frozen on Friday over an income tax demand of ₹210 crore but an I-T appellate tribunal later allowed it to operate them pending a further hearing next week, a huge relief for the party which said the move had impacted all political activity.ITAT (Income Tax Appellate Tribunal) will hear the matter on February 21, sources told ANI, adding that the current due of Congress to the Tax Department totals ₹115 crores.No bank operations have been seized or stopped in the Congress bank account freeze case, the sources informed further. "The Congress' tax due pertains to FY 17-18, AY 18-19. The initial due to the Tax Dept was ₹103 crores and ₹32 crores in interest accrued on late payment. The claims were for not filing the returns on time. The tax due was reassessed at ₹105 crores on 6th July 2021. Post this, the INC appealed before Commissioner Appeals but did not pay the mandatory 20 per cent of the tax as they had filed a plea by then," a source said. "INC paid only ₹78 lakh, prompting CIT (Appeal) to dismiss their plea. Again, on May 2023, the INC went for 2nd appeal at ITAT. The Congress did not apply for any stay on the tax demand at ITAT. In October 2023, the INC paid ₹1.72 crore. No orders were passed by ITAT today. Nowhere in their appeal has the Congress disputed the tax-due amount. No bank account operation has been stopped by the Income Tax department," the source told ANI. “You are hereby required under Section 226(3) of the Income-tax Act, 1961, to pay to me forthwith any amount due from you to or, held by you, for or on account of Bank Account No. 062304xxxxx and any other bank account/fixed deposit with your bank in the name of Indian National Congress upto the amount of arrears shown above" All Our bankers are being sent this...    

57% vs 10%: BJP vs Congress share in electoral bond funds

In the six years since the electoral bonds scheme was introduced, more than half, or 57%, of the funds extended through bonds have gone to the BJP. The party, as per its declarations to the Election Commission, received Rs 5,271.97 crore via bonds between 2017-2022. The Congress was a distant second at Rs 952.29 crore. The EC is yet to publish the annual reports of parties for the financial year 2022-2023. The Supreme Court on Thursday held the changes made in the law to introduce the electoral bonds scheme as unconstitutional, in a unanimous verdict on a batch of pleas challenging the legal validity of the Centre’s scheme which allowed for anonymous funding to political parties. A five-judge Constitution Bench presided by Chief Justice of India D Y Chandrachud also directed that “the issuing bank shall herewith stop the issuance of electoral bonds” and asked the State Bank of India (SBI) to “submit details of the electoral bonds purchased since the interim order of the court dated April 12, 2019, till date to the Election Commission of India (ECI)”. The bench, also comprising Justices Sanjiv Khanna, B R Gavai, J B Pardiwala and Manoj Misra, said, “The deletion of the proviso to Section 182(1) of the Companies Act, permitting unlimited corporate funding to political parties is arbitrary and violative of Article 14”. Under the scheme, notified by the Narendra Modi government on January 2, 2018, electoral bonds could be purchased by any citizen of India or entity incorporated or established in India. An individual can buy electoral bonds, either singly or jointly with other individuals. It was pitched as an alternative to cash donations and as a way to increase transparency in political funding. In the period between 2017-2018 and 2021-2022, electoral bonds worth Rs 9,208.23 crore were sold, according to State Bank of India data obtained by The Indian Express through RTI.An analysis of the annual audited account statements submitted by the parties to the EC puts the worth of the contributions via bonds to the BJP at Rs 5,271.97 crore, from 2017-2018 till 2021-2022.  

Tata Motors ties up with LeadIT for greener future

Tata Motors on Monday said it has tied up with the Leadership Group for Industry Transition (LeadIT), a global alliance launched by governments of Sweden and India at the UN Climate Action Summit in September 2019. As a member of LeadIT, the auto major will be able to harness the power of global best practices, influence policy-making, and together with other members strengthen climate action plans, thereby accelerating transition towards net-zero emissions. "Our pledge to attain net-zero emissions across our Passenger Vehicles (PV) business by 2040, and our Commercial Vehicles (CV) business by 2045, is a testament to our commitment to a greener future," Tata Motors Vice President and Chief Sustainability Officer SJR Kutty said in a statement. Joining forces with LeadIT propels the automaker closer to these ambitious goals, facilitating a journey towards sustainable transformation, he added. "Our pledge to attain net-zero emissions across our Passenger Vehicles (PV) business by 2040, and our Commercial Vehicles (CV) business by 2045, is a testament to our commitment to a greener future," Tata Motors Vice President and Chief Sustainability Officer SJR Kutty said in a statement.Joining forces with LeadIT propels the automaker closer to these ambitious goals, facilitating a journey towards sustainable transformation, he added.   

Services trade surplus hits record $44.9 billion in December quarter

India’s services trade surplus shot up to a record $44.9 billion in the October-December quarter (third quarter, or Q3) of 2023-24 (FY24), growing 16 per cent year-on-year, showing resilience amid strong global headwinds. This is likely to reduce the current account deficit (CAD) in Q3. According to the Reserve Bank of India (RBI) data, services exports grew 5.2 per cent to $87.7 billion during Q3, while services imports contracted 4.3 per cent to $42.8 billion during the same period. India’s CAD moderated to 1 per cent of gross domestic product (GDP) in the first half (April-September) of FY24 from 2.9 per cent of GDP during the same period of 2022-23 (FY23), on the back of a lower merchandise trade deficit and higher net services receipts. Fitch Ratings has projected CAD to narrow to 1.4 per cent of GDP in FY24 and 2024-25 from 2 per cent of GDP in FY23. IDFC Bank has revised downward its CAD estimate to 1.2 per cent of GDP from 1.5 per cent, incorporating a higher monthly services surplus. In the Economic Review released ahead of the Interim Budget, the finance ministry last month said services exports, with a compound annual growth rate (CAGR) of 7.1 per cent during 2011-12 through FY23, combined with the CAGR of remittances of 4.5 per cent during the same period, enabled India’s current account balance to remain within a comfortable range. India’s services exports range from information technology to services provided by doctors and nurses abroad. While the RBI doesn’t release monthly disaggregated services exports data, its classification of services exports released quarterly with balance of payment data includes transport, travel, construction, insurance and pensions, financial services, telecommunications, computer and information services, and personal, cultural and recreational services, and other business services. While software exports dominate India’s services exports, “other business services” exports that primarily include global capability centres (GCCs) have seen a strong ramp-up recently, accounting for 26.4 per cent of the total services exports in the first half (April-September) of FY24, from 19 per cent in 2013-14.  

RBI implies that a sponsor bank will be allowed to step in

The Reserve Bank of India (RBI) has implied that a sponsor bank will be allowed to step in to manage Paytm's transactions, in the FAQs released on February 16. A payment processor app--as a third-party application provider (TPAP)--needs a sponsor bank to access the UPI infrastructure. Until now, Paytm had Paytm Payments Bank (PPB). With the central bank cracking down on the bank, there was heightened uncertainty around Paytm's future. This latest communication from RBI should settle that to a large extent. The sponsor bank can step in provided the National Payments Corporation of India (NPCI) gives its approval. Market sources told Moneycontrol that the bank names are likely to be announced next week. The stock was up 5 percent today.The RBI released FAQs suggests developments along this line in point number 21. This answered a question that a merchant could have. Yes. If your receipt and transfer of funds is linked to any bank account other than Paytm Payments Bank, you can continue to use this arrangement even after March 15, 2024. This implies that a sponsor bank can step in to manage Paytm's nodal account that accepts payments made to its merchant partners  

Govt raises windfall gains tax on crude oil, diesel

The government has revised its windfall gains tax on crude petroleum with effect from February 16. As per the revisions, Special Additional Excise Duty (SAED) on crude petroleum will increase to Rs 3,300/tonne, from Rs 3,200/tonne earlier; while tax on diesel will increase to Rs 1.50/litre from nil/litre. Further, SAED on petrol and aviation turbine fuel (ATF) will continue to be nil. Earlier this month, the government had hiked windfall tax on domestically produced crude oil to Rs 3,200 per tonne from Rs 1,700 per tonne. The tax is levied in the form of Special Additional Excise Duty (SAED). The government levies tax on windfall profits made by oil producers on any price they get above a threshold of $75 per barrel. The levy on fuel exports is based on cracks or margins that refiners earn on overseas shipments. These margins are primarily a difference between the international oil price realised and the cost. India first imposed windfall profit taxes on July 1, 2022, joining a host of nations that tax supernormal profits of energy companies. At that time, export duties of Rs 6 per litre ($12 per barrel) each were levied on petrol and ATF and Rs 13 a litre ($26 a barrel) on diesel. The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks. Crude oil pumped out of the ground and from below the seabed is refined and converted into fuel like petrol, diesel and ATF. A windfall tax is levied on domestic crude oil if rates of the global benchmark rise above $75 per barrel. Export of diesel, ATF and petrol attract the levy if product cracks (or margins) rise above $20 per barrel.  

Rakesh Jhunjhunwalas close aide spells out Big Bull’s advise now

Every time market fell sharply till about 18 months ago, retail investors would take comfort in the words of India’s Big Bull Rakesh Jhunjhunwala, whose optimism and confidence in India and Indian market seemed unshakable. His close aide and chief investment officer of Alchemy Capital, Hiren Ved, said in an exclusive interview with Moneycontrol: "He would have said, be careful of what you buy now but certainly don't sell.” Besides, he would have said, "The best way to buy a bull market is to stay committed to it." Ved is one of the close aides of Rakesh Jhunjhunwala who was the original investors in Alchemy Capital, originally promoted by Lashit Sanghavi and Ashwin Kedia. The firm was started in 1996 and Ved joined the company in 1999. Outguessing the Big Bull on his take on current markets, Ved said, he might say: "You can't get on and off the horse, you have to stay on the horse. The horse might not be galloping but throttling. As long as it is throttling in the right direction and once in a while it gallops in the right direction, one has to stay on the horse," said Ved. Ved said, staying the course was the Jhunjhunwala’s consistent advise to him and other investors. In the last one year, Nifty 50 has gained 23 percent while the Senex has gained 19 percent in the same period. Nifty 50 forward PE is at 20.05x while Nifty 50 ten-year average PE is at 20.08x.  

Farmers protest: Key differences in 2020 versus 2024 agitation

Thousands of farmers from Haryana, Punjab and Uttar Pradesh were back on the road to the national capital on February 13 over two years after they had called off their strike. The move came after the last round of talks between the farmer leaders and the Union ministers remained inconclusive on February 12 night.  Massive security arrangements have been made and borders have been between Punjab and Haryana and Haryana and Delhi to deter farmers from entering New Delhi. However, this protest is different from the ones the farmers held in 2020-2021. In 2020, the farmers protested the three farm laws. They were repealed by the Centre in 2021. However, the key demand this time is different. They want legal guarantee to MSP for all crops, full debt waiver and pension for farmers, the implementation of the Swaminathan Commission's formula, and withdrawal of cases against farmers during the 2020 protest. According to the guidelines, the government sets the MSP for nearly two dozen commodities twice a year based on the recommendations of the Commission for Agricultural Costs and Prices.