Correct Answer: 51

Solution : Given:
GLOBE is coded as 40, and GRASS is coded as 63.

Subtract 1 from the sum of the positional value of the letters of GLOBE, to obtain the required code –
G→7; L→12; O→15; B→2; E→5
(7 + 12 + 15 + 2 + 5) – 1 = 40
Thus, GLOBE is coded as 40.
And, GRASS is coded as 63 –
G→7; R→18; A→1; S→19; S→19
(7 + 18 + 1 + 19 + 19) – 1 = 63
Thus, GRASS is coded as 63.
Similarly, follow the same pattern for HANDY – 
H→8; A→1; N→14; D→4; Y→25
(8 + 1 + 14 + 4 + 25) – 1 = 51

Thus, HANDY is coded as 51. Hence, the third option is correct.