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DOLAT INVESTMENTS LIMITED Regd. Off: Office No. 141, Center Point, Somnath, Daman, Daman &Diu- 396210 Corp .Off: 301-308, Bhagwati House, Plot A/19, Veera Desai Road, Andheri (W), Mum - 400058 Tel.: 91-22-2673 2602; Fax: 91-22-26732642; CIN: L67100DD1983PLC004760; PUBLIC NOTICE Website: www.dolatinvest.com; E-mail: [email protected]; To whom so ever it may concern NOTICE We are concerned for our Client Sachin Vora who is Notice is hereby given pursuant to Regulation 29 read with Regulation 47 of the SEBI partner of a partnership firm called M/s Red Rose. (Listing Obligations and Disclosure Requirements) Regulations, 2015, that a Meeting of JAL BOARD: GOVT. OF N.C.T. OF DELHI Inadvertently, one of the products of our Client, the Board of Directors of the Company is scheduled to be held on Thursday, 15th October, OFFICE OF THE CHIEF WATER ANALYST (W&S)-I being underpants sold under the brand 'TINA', has a print design which has hurt religious sentiments of 2020, inter-alia, to consider and to take on record, the unaudited financial results WATER WORKS WAZIRABAD, DELHI- 110054 the Muslim community in . Our Client's (Standalone & Consolidated) for the quarter and six months ended September 30, 2020 “STOP CORONA - WEAR MASK, FOLLOW PHYSICAL DISTANCING & MAINTAIN HYGIENE” customer from Urban has brought and to transact any other business with the permission of Chair. PRESS NIT No. 05/ (2020-21) this to our Client's attention on 20-09-2020. Our Client regrets the inconvenience caused and The information is also available on the website of the Company at www.dolatinvest.com NIT Name of Work Estimated Earnest Date of release of Tender in e- Last date/ Time receipt as well as on the website of BSE Ltd at www.bseindia.com. tenders an unconditional apology for this No. cost Money procurement solution of Tender through e- unintentional act. Our Client undertakes that in For Dolat Investments Limited (Rs.) procurement solution future such a design will not be repeated. Our Client Sd/- 5 Supply of Liquid chlorine (in 900 kg Job Work 544000/- Tender Id: 27-Oct-2020 up to 12:15 is making all efforts to call back the stock from the Date : 08.10. 2020 Sandeepkumar G. Bhanushali cylinders) conforming to BIS 2020_DJB_195327_1 PM market. Public at large is informed that if anyone Place : Mumbai Company Secretary & Compliance Officer has purchased the stock through any of our Client's specifications - 646-1986 with up to Publish Date channels then they should send it back through GODAVARI BIOREFINERIES LIMITED date amendments if any 07-Oct-2020 04:00 PM onward those channels. Dated this 9th day of October 2020. CIN: U67120MH1956PLC009707 NIT along with all terms & conditions is available on DJB website https://govtprocurement.delhi.gov.in For M/s. Taurus Legal Regd. Off. : Somaiya Bhavan, 45/47, M G Road, Fort, Sd/- Mumbai - 400001 Website: www.somaiya.com, ISSUED BY P.R.O. (WATER) Sd/- Vikrant Shetty (Partner) th Email: [email protected], Tel.: 022-61702100 Advt. No. J.S.V. 176/2020-21 CHIEF WATER ANALYST (W&S)-I Office No.606, 6 Floor, Churchgate Chambers, 5, New Marine Lines, Churchgate, Mumbai 400 020. NOTICE OF 65TH ANNUAL GENERAL MEETING THROUGH VIDEO CONFERENCING (VC) / OTHER AUDIO VISUAL MEANS (OAVM), REMOTE E-VOTING INFORMATION Notice is hereby given that the Sixty Fifth (65th) Annual General Meeting of the Shareholders of of Godavari Biorefineries Limited ("the Company") will be held on Friday, 30th October, 2020 at 11.30 a.m. (IST) via two-way Video Conferencing ('VC') facility / OtherAudio Visual Means ('OAVM') only to transact the ordinary and special business as set out in the Notice dated 10th September, 2020 convening theAnnual General Meeting, without the physical presence of the Members at a common venue. In accordance with the General Circulars issued by the Ministry of Corporate Affairs datedApril 8, 2020,April 13, 2020 and May 5, 2020 (collectively referred to as 'MCA Circulars'), the Company will send the Notice of the 65th AGM along with the Annual report for FY2019-20 through electronic mode only to those Members whose e-mail addresses are registered with the Company or Registrar & Transfer Agent, Link Intime India Private Limited and Depositories. The requirement of sending physical copies of the Notice of the AGM has been dispensed with vide MCA Circulars. The Notice ofAGM is available on the website of the Company,Website: www.somaiya.com. The Annual Report 2019-20 of the Company alongwith the Notice and the Explanatory Statement of the 65th AGM is also available on the website of the National Securities Depository Limited ('NSDL') at https://www.evoting.nsdl.com/. Remote e-Voting: In compliance with Section 108 of the Companies Act, 2013 ('the Act') read with Rule 20 of the Companies (Management and Administration) Rules, 2014, as amended from time to time and Secretarial Standards - 2 issued by the Institute of Company Secretaries of India on General Meetings the Company is providing to its Members the facility of remote e-Voting before the AGM and during the AGM in respect of the businesses to be transacted at the AGM and for this purpose, the Company has appointed NSDL for facilitating voting through electronic means. The detailed instructions for remote e-Voting are given in the Notice of the AGM. Members are requested to note the following: a. The remote e-Voting facility would be available during the following period: Commencement of remote e-Voting From 9.00 a.m. (IST) on Tuesday, 27th October, 2020Endofremotee-VotingUpto5.00p.m.(IST)onThursday,29thOctober,2020. The remote e-Voting module shall be disabled by NSDL for voting thereafter and Members will not be allowed to vote electronically beyond the said date and time; b. The voting rights of the Members shall be in proportion to their share of the paid- up equity share capital of the Company as on Friday, 23rd October, 2020 ('Cut-Off Date'). The facility of remote e-Voting system shall also be made available during the Meeting and the Members attending the Meeting, who have not already cast their vote by remote e-Voting shall be able to exercise their right during the Meeting.Aperson whose name is recorded in the Register of Members / Register of Beneficial Owners as on the Cut-Off Date only shall be entitled to avail the facility of remote e-Voting before / during theAGM; c. Any person who acquires equity shares of the Company and becomes a Member of the Company after dispatch of Notice electronically of AGM but on or before the cut-off date i.e. Friday, 23rd October, 2020 may obtain the login ID and password by sendingarequestatevoting@nsdl.co.in.Howeverifapersonisalreadyregistered withNSDLfore-votingthenuserIDandpasswordcanbeusedforcastingyourvote. d. Members who have cast their vote on resolution(s) by remote e-Voting prior to the AGM will also be eligible to participate at theAGM through VC/OAVM but shall not be entitled to cast their vote on such resolution(s) again. Registration of e-mail addresses: Members who have not yet registered their e-mail addresses are requested to follow the process mentioned below, before 5:00 p.m. (IST) on Friday, 23rd October, 2020, for registering their e-mail addresses to receive the Notice of the AGM and the Annual Report 2019-20 electronically and to receive login-id and password for remote e-Voting: 1. In case shares are held in physical mode please provide Folio No., Name of shareholder, scanned copy of the share certificate (front and back), PAN (self attested scanned copy of PAN card), AADHAR (self attested scanned copy of Aadhar Card) by email to [email protected]. 2. In case shares are held in demat mode, please provide DPID-CLID (16 digit DPID + CLID or 16 digit beneficiary ID), Name, client master or copy of Consolidated Account statement, PAN (self attested scanned copy of PAN card),AADHAR (self attested scanned copy ofAadhar Card) to respective Depository Participant or by email to [email protected]. If you have any queries, issues or grievances regarding attending AGM & e-Voting fromthee-Voting System,youmay referthe FrequentlyAskedQuestions("FAQs") and e-voting manual available at the download section of www.evoting.nsdl.com or call on toll free no.: 1800-222-990 or send a request to Mr. Pratik Bhatt 022-24994738, Ms.PallaviMhatre022-24994545,[email protected] For Godavari Biorefineries Limited Sd/- Swarna Gunware Place : Mumbai Company Secretary Date :7th October, 2020 Membership No. A32787

Pune OPINION, P8 NATION, P5 INTERNATIONAL, P10 EDITORIAL DAYS AFTER SURGERY 'CANDID AND UNCOMPROMISING' Gas‘reforms’ show Nobel for Crispr Cas9 Ram Vilas Paswan, American ‘family’ poet inventors a big win for just how twisted women in science; the tech is Union minister and Louise Gluckwins Nobel Indian policy is driving Covid-19 testing too LJP founder, dies at 74 Prize for Literature

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IN THE NEWS THURSDAY HIGH PRIVATE TRAINS RIL DEAL India's FY21 GDP may contract by IT stocks fire Hope on track with 120 Future violated 9.6%: World Bank THE WORLD BANK on pact,says Amazon Thursday said that India's up markets RFQ bids by 15 firms GDP is expected to contract 9.6% this fiscal, reports PTI. URVASHI VALECHA Wipro,which gained 7.34% on The spat could Present tense It said this is reflective of the Mumbai, October 8 Thursdaytocloseat?359,isalso FULLSTEAMAHEAD L&T,GMR, Cube in derail the country’s Last year, Amazon national lockdown and the mulling a buyback. Foreign the fray; Siemens, Scrutiny of RFQs in Nov; So far, in areas agreed to purchase income shock experienced WITH IT STOCKS on fire, the portfolio investors (FPIs) have PPP model biggest retail deal RFP to follow; financial such as laying of tracks and 49% of one of by households and firms Sensex on Thursday, rose for beenbuyersofstocksinOctober Bombardier,Alstom bids by March 2021; selection of running of private container trains Future’s unlisted firms due to the Covid-19 thesixthstraightsession,surg- sofar($584milliontillOctober may partner with bidders inApril. met with limited success SARITHA RAI pandemic, noting that the ingtoaseven-monthhigh.The 7) having sold equities worth October 8 US giant got right to country's economic benchmark rallied 303.72 $767millioninSeptember. bidders for rolling To start with 12 private Analysts feel buy into Future Retail situation is“much worse” points (0.76%) to close at Meanwhile, ahead of the trains in 2022-23, 45 in determination of track AMAZON.COM SAID ITS after a period of stocks business 2023-24, 50 in 2025-26 and access charges/revenue share than ever seen before. 40,182.67, the highest levels monetarypolicyannouncement Indian partner Future Group between 3 and 10 years another 44 in 2026-27 will be key to generating investor sinceFebruary25;itisnowjust by the Reserve Bank of India violatedacontractbyentering Two months ago, rival Investments in first and interest LVB gets indicative, 1,770 points or 4.2% away (RBI)onFriday,thebondmarkets NIVEDITAMUKHERJEE into a $3.4-billion sale agree- RILannounced it experimental phase of They add clearly laid-down fromitsJanuarypeak. appeared calm; the yield on the New Delhi, October 8 ment with billionaire Mukesh would buy Future's private passenger trains seen at obligations on railways on non-binding offer More than half the gains in benchmark closed at 6.02%, Ambani’s Reliance Industries, retail, wholesale, logistics, `30,000 crore scheduling and other operational the last six sessions have come more or less flat compared to AS MANYAS 15 firms,includ- a spat that could derail the warehousing units from Clix Group parameters needed too from the rise in prices of HDFC Wednesday’s close. Dealers ing Spain’s Construcciones y country’s biggest retail deal. TROUBLED PRIVATE Bank, HDFC and Tata Consul- expect the central bank to leave Auxiliar de Ferrocarrriles, Sin- “We have initiated steps to SECTOR lender Lakshmi tancyServices(TCS).TheNiftyIT thepolicyrateunchangedat4%. gapore-based Cube Highways, enforce our contractual Vilas Bank on Thursday gained as much as 3.23% on The rupee ended the day homegrown L&T and GMR, rights,”aspokeswomanforthe said it has received an Thursdaytoclosethesessionat strongerbynine paise at 73.24 andstate-runBHELhaveputin Seattle-based e-commerce indicative non-binding offer a 16-year high afterTata Con- against the dollar.In the next a total of 120 applications giant said in an email.“As the from Clix Group, moving a sultancyServices reported stel- month, the trajectory of the among them, in response to a matter is sub-judice,we can’t step closer to the amal- lar Q2FY21 results suggesting Indian currency is expected to request for qualifications provide details.”A representa- gamation of the group’s the worst may be over for the bedeterminedmorebytheper- (RFQs) to run 151 passenger tive forFuture Group declined entities with itself, reports sector.TheITmajorannounced formance of the dollar rather trains on 140 pairs of routes to comment. fe Bureau in Chennai. a `16,000-crore buyback. thanbylocalfactors. divided into 12 clusters. Amazonagreedtopurchase would’ve incorporated a This marks a steady 49% of one of Future’s strong non-compete and first ‘Foreign airlines not 160 progress of the government’s are Arvind Aviation, Gateway newly available passenger unlisted firms last year,with right of refusal”, said Arvind Indexed to 100 141.29 `/$ Inverted scale 10-yr bond yield plan to roll out private rolling RailFreight,IRBInfra,Malem- trains business in India by the right to buy into flagship Singhal, chairman of retail 72 (%) alllowed at Indian 130 stocks on the tracks owned by pati Power, Megha Engineer- turning up at the meetings Future Retail after a period of consultancy Technopak Advi- carriers’ expense’ 73.24 6.3 themonolithic,funds-starved ing, PNC Infra, RK Associates convened by the government between three and 10years. sors.“Lookslikethatclausehas 100 73 6.1 6.015 Indian Railways, in its effort and Hoteliers, Sainath Sales in this regard, are not on the But about two months ago, been breached.” CIVILAVIATION MINISTER to pool in large amounts of and Services,Welspun Enter- latest list of RFQ applicants rival Reliance announced it With the dispute,Amazon 97.40 74 Hardeep Singh Puri on 70 5.9 private funds to expand and prises and the railway’s very putoutbytheministryofrail- would buy the retail, whole- isdrawingthebattlelineswith Thursday said the time has 5.839 modernise the country’s own IRCTC. waysonThursday.Analystssay sale,logisticsandwarehousing Reliance in the race for India’s 40 75 5.7 come to send a loud and BSE IT Index 74.94 below-par, insufficient rail However,threelargemulti- these firms might try and units of the indebted Future estimated $1-trillion retail clear message that foreign Sensex network and attendant infra- national manufacturers of clinch deals with the bidders Group, almost doubling its market, where online shop- ' 10 76 5.5 airlines flights will not be Dec 31, Oct 8, Aug 7, Oct 8, Aug 7, Oct 8, structure. trains—Bombardier,Siemens forrolling stock supplies. footprint as the country’s ping is gaining ground. allowed at the expense of 2019 2020 2020 2020 2020 2020 The other firms that have and Alstom — which had ear- largest retailer. Indian airlines, reports PTI. submitted RFQ applications lier evinced interest in the Continued on Page 4 Amazon “certainly Continued on Page 4 ● LEGAL RECOURSE SWAMIH FUND ● BUYING SPREE Valli slaps legal notice Sanctions at `12k cr, Infosys to acquire Blue on Murugappa group to help complete Acorn iCi for FE BUREAU in 2017, she, her sister and Chennai, October 8 their mother hold an 8.15% over 81,000 houses $125 million stake inAIL. VALLI ARUNACHALAM, “We have decided to seek FE BUREAU FE BUREAU WHO has been fighting for legalremedieswithrespectto New Delhi, October 8 `4,197 cr Bengaluru, October 8 representation in the Muru- our ongoing efforts to settle Ofsanctioned gappa Group holding com- my father’s will,”Valli said in A GOVERNMENT-BACKED investment got final nod, INFOSYS ON THURSDAY said pany Ambadi Investments a statement. ALTERNATE investment fund involves completion of it has inked a pact to acquire (AIL) or an amicable settle- Valli’s repeated requests (AIF)hassanctionedasmuchas 25,048 houses in 33 projects Blue Acorn iCi, a digital cus- ment,on Thursday said that foraboardseatoranamicable `12,079croretohelpcomplete tomer experience, commerce shehasissuedalegalnoticeto settlement, with the assis- 123 stuck housing projects. ` andanalyticsservicesprovider, AIL, family members tance of independent media- The fund, set up extend last- 10,530 cr for up to $125 million (about of the Murugappa tors, have been ignored by mile funding, will enable the Raised by the SWAMIH `915 crore).The move further Group and others. the family. US-based completionof81,308houses. fund from 14 investors, BACK TO BUSINESS strengthens Infosys’ end-to- Valli is the Arunachalamhadoffered As of October 5, final including LIC, HDFC and People eat at a food court at a mall after the government allowed food courts, endcustomerexperienceoffer- daughter of the the 8.15% stake to the approval for investments of SBI, in Dec 2019 bars and restaurants to reopen, in Mumbai on Thursday ings and demonstrates its con- conglomerate’s other branches of the `4,197crorein33projectshas tinued commitment to help late executive family asking them to beengrantedbythefund,setup `25,000 cr clients navigate their digital chairman, MV buyit. under the Special Window for ● transformation journey, the Murugappan, and Affordable and Mid Income Proposed fund size,with AUTO-DEBITS companysaidinastatement. following Continued on Housing (SWAMIH), finance `10,000-cr contribution TogetherwithInfosys’earlier from the govt his death Page 7 ministerNirmalaSitharaman’s Bounce rates at 32% in September acquisition of WONGDOODY office tweeted on Thursday. thatofferscreativeandmarket- These 33 projects involve the SHRITAMA BOSE Better, but elevated ing services,BlueAcorn iCi bri- completionoftheconstruction Mumbai, October 8 ngscomplementarycapabilities 300 NACH returns Bounce rate on NACH debits 40 QuickPick of 25,048 houses.SBICAPVen- to help global CMOs and busi- 250 (` bn, LHS) (% presentation, RHS) 35 tures, an arm of SBI Capital THE RATE OF failure of 30 nesses thrive in a digital com- 200 Disney’s Uday Shankar to step Markets, is entrusted by the auto-debit transactions on 25 merce world. This further governmenttomanagethisAIF. the National Automated 150 20 deepens Infosys’capabilities in down as president by year-end In a series of tweets, her underthisso-calledEmergency Clearing House (NACH) 100 15 theAdobe,Magento,Salesforce UDAYSHANKAR has decided to step down as officealsosaidlendershavedis- CreditLineGuaranteeScheme. channel remained high at 10 CommerceandShopifyecosys- 50 president, The Walt Disney Company APAC, bursed as much as `1,36,140 As for the SWAMIH fund, 32% in September,suggest- 5 tems, it said. The cost of the and chairman, Star and Disney India, effective crore to borrowers under a `3- industrysourceshavesaidwhile ing little improvement in the 0 0 acquisition,whichisexpectedto December 31, 2020, reports fe Bureau in lakh-crore credit guarantee sanctions have gathered pace, levels of repayments to Sept 2016 Source: RBI, NPCI, Jefferies Sept 2020 closeduringQ3FY21,subjectto Mumbai. Shankar’s is the biggest high-profile scheme,whichwasrolledouton offtakehasbeenhit,thankstoa banksandnon-bank lenders. customaryclosingconditions,is exit from Star India after The Walt Disney Company June 1 to help mainly small slowdowninconstruction,even Though the September level with what lenders would crore auto-debit requests “up to $125 million,including announced the acquisition of 21st Century Fox, which businesses and professionals though authorities had moved is better than the August have them believe. made in September, 3.5 crore management incentives and included Star India. About a year ago, Sanjay Gupta, who tideovertheCovid-19shock.As quicklytosetuptheAIF. bounce rate of over 40%, Data from the National were declined. bonuses”,Infosyssaid. was MD at Star and Disney India, moved to Google as the of October 5, lenders sanc- analysts said the numbers PaymentsCorporationofIndia tech giant’s country manager for India. PAGE 6 tionedloansof`1,87,579crore Continued on Page 4 reveal a trend at variance (NPCI)showedthatofthe8.57 Continued on Page 4 Continued on Page 4

NILEKANI ON COVID VACCINE Set upAadhaar-like model for 10-m doses a day

FE BUREAU (UIDAI)said:“Wecanhaveatraining time-frame,it cannot be done with- New Delhi, October 8 system for 2,00,000 people to out a strong technology backbone. becomeauthorisedvaccinators…and AnAadhaar-typebackbonewouldbe AHEAD OFTHEroll-outofacredible therewill be a network of public and critical for, initially, sending mes- Covid-19 vaccine,India needs to set privatevaccinationcentres.Aadhaar sages to people to come fortheirini- up a mammoth digital platform can be used here for authentication. tial, and later repeat,vaccine while replicating the Aadhaar model, to It will involve a common digi- theuseofAadhaarwouldhelpcreate aidthevaccinationprogramme tal platform. Those vacci- a record of those vaccinated. Since that must aim at delivering as natedwillgetadigitalcer- there will be a surfeit of vaccines manyas 8-10 million doses a tificate as a proof of eventually,anditisnotcertainwhich day,Infosysco-founderNan- vaccination.” will work and which will fail,a tech- dan Nilekani suggested at If thevaccine is a dou- nologyback-end allows 24x7 moni- The Indian Express Idea ble-dose one, Nilekani toring. Indeed, this gets even more Exchange. said, this meant India important as it is not clear how long Explaining his idea,the needed to deliver 260 the vaccine will be effective for; we former chief of the crore vaccines, may end up repeating the doses Unique Identifi- and even if this everyyear,Nilekani said. cationAuthor- is done over a ity of India 9-10 month Continued on Page 7

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INVITING INVESTORS

Narendra Modi, Prime Minister

If you are looking to partner in the field of ,❝ the place to be is India. If you are ❝ looking to invest in manufacturing or services, the place to be is India. If you are looking to collaborate FRIDAY, OCTOBER 9, 2020 Economy in the field of agriculture, the place to be is India Quick ● OCT FIRSTWEEK DATA India’s GDP expected to contract NTPC forms by 9.6% this fiscal: World Bank renewable Power usage shows energy View PRESS TRUST OF INDIA aheadoftheannualmeetingof Factoring in population Washington, October 8 the World bank and Interna- growth,however,income-per- tional Monetary Fund, fore- capitaintheregionwillremain subsidiary Kharif paddy THEWORLD BANK onThurs- casts a sharper than expected 6% below 2019 estimates, double-digit growth day said that India’s GDP is economic slump across the indicating that the expected STATE-RUN POWER PRO- buying at MSP expected to contract by 9.6% region,with regional growth reboundwillnotoffsetthelast- DUCER NTPC said on Thurs- up 33%: Centre PRESS TRUST OF INDIA August. thisfiscalwhichisreflectiveof expected to contract by 7.7% ing economic damage caused day that it has incorporated New Delhi, October 8 The data showed that elec- thenationallockdownandthe in 2020, after topping six per bythepandemic,itsaid. NTPC Renewable Energy, a PADDYPROCUREMENT tricity consumption grew by income shock experienced by cent annually in the past five “The situation is much wholly- owned subsidiary, ATtheminimumsupport POWER CONSUMPTION IN 11.73% in February. households and firms due to years. worse in India than we have which will focus on its green price(MSP)rose33%to the country recorded double Power consumption has the Covid-19 pandemic, not- “India’s GDP is expected to everseenbefore,”HansTimmer, energy business.The decision 20.37lakhtonnesofarin digitgrowthinthefirstweekof shown an improvement after ing that the country’s eco- contract by 9.6% in the fiscal WorldBankchiefeconomistfor of setting up a subsidiary for the2020-21Kharif October at 25.95 billion units lockdown was eased for eco- nomic situation is ‘much yearthatstartedinMarch,”the SouthAsiatoldreportersduring renewable energy comes at a marketingseasonoverthe (BU) amid buoyancy in indus- nomic activities fromApril 20 worse’than everseen before. World Bank said in the report aconferencecall. time when the company, pre- sameperiodlastyear,with trialandcommercialactivities. thisyear. The Washington-based releasedhere.Regionalgrowth “It is an exceptional situa- dominantly a thermal player, buyinggaining According to the power After a gap of six month, globallender,initslatestSouth is projected to rebound to tion in India.Averydire out- plans to increase the share of momentuminotherstates ministry data, power con- power consumption recorded Asia Economic Focus report 4.5% in 2021,it said. look,”he said. renewable energyin its gener- likeKerala,theUnionfood sumption grew by 13.65% agrowthof5.6%inSeptember ation portfolio. ministrysaidonThursday. during October1 to 7to 25.95 thisyearat113.54billionunits The Department of Invest- BU, up from 22.83 BU in the (BU) from 107.51BU in the mentandPublicAssetManage- UPgetsoxygen same period lastyear. The government had same month lastyear. Banks sanction `1.87 lakh cr to 50.7 lakh ment and Niti Aayog had planttoaid Power consumption in the imposednationwidelockdown Earlierthisweek,powerand approved the formation of the month of October last year on March 25, to contain the new & renewable energy min- MSMEs under credit guarantee scheme separate renewable energyunit medicalsupplies stood at 97.84 BU. Thus, the spreadofCovid-19.Powercon- ister R K Singh while address- in August. Currently, the total UTTAR PRADESH CHIEF extrapolationofoneweekdata sumption had declined in ing a virtual conference said, THE FINANCE MINISTRYon Bharat Abhiyan package installed capacityof the power minister Yogi Adityanath indicates that power con- March onwards due to fewer "In September, our power Thursday said banks have announced by FM Nirmala behemoth stands at 62,910 inaugurated a newstate-of- sumption is likely to witness economic activities in the demand was higher than Sep- sanctioned loans of about SitharamaninMaytomitigate mega-watt (MW), comprising the-art cryogenic oxygen year-on-year growth this country. tember 2019. So the growth `1,87,579 crore to 50.7 lakh the distress caused by lock- 1,070MWofrenewableenergy- plant,thebiggestinthestate, month. The Covid-19 situation started again.Despite the fact business units under the `3- down due to Covid-19. basedplants.Another2,348MW whichwillhelpwithsupplies Experts said, power con- affected power consumption thatCovidproblemlingers,the lakh crore Emergency Credit The latest numbers on of renewable energy units are in ,in Modinagar, sumptionhasstartedshowing forsix months in a rowfrom growthinourpowerconsump- Line Guarantee Scheme ECLGS, as released by the under various stages of con- GhaziabadonThursday.The anincreaseascommercialand March toAugust thisyear. tion and demand has started." (ECLGS) for the MSME sector financeministry,comprisedis- struction. Also,NTPC has ultra-high purityairsepara- industrial demand improved Power consumption on a Peak power demand met, impactedbyslowdowncaused bursements by all 12 public recentlyfloatedseparatetenders tionplant,commissionedby with easing of lockdown year-on-year basis declined the highest supplyof powerin bythe coronavirus pandemic. `1,36,140croretillOctober5. sectorbanks (PSBs),24 private to acquire 1,000 MWof opera- INOX Air Products, has a restrictions and is likely to 8.7%inMarch,23.2%inApril, the country in a day, during Of this, about 27 lakh The scheme is the biggest sectorbanksand31non-bank- tional solar plants and build capacityof150tonneliquid improvefurtherinthecoming 14.9% in May,10.9% in June, October1 to 7was recorded at MSMEunitsreceivedcumula- fiscal component of the `20- ing financial companies 1,070 MW solar plant in medicaloxygenperday. months. 3.7% in July and 1.7% in 170.04 GW(on October7). tive disbursement of lakh crore Aatmanirbhar (NBFCs). — PTI Rajasthan. — FE BUREAU

From the Front Page

Private trains: Mumbai 2, 10 for Delhi 1, 12 private concessionaire will behind. This is tad discon- Blue Acorn iCi,said by becom- for Delhi 2,9 each for Chandi- have the autonomy to deter- nected from our feedback ingapartoftheInfosysfamily, Hope on track garh, Howrah, Chennai and mine fares. RIL deal: Future violated pact,saysAmazon from banks/NBFCs and may Blue Acorn iCi will be able to Patna,10forPrayagraj,Secun- The railway ministry has, be partly due to stalemate better serve clients and their with 120 RFQ derabad and Jaipur and 11 for however, told the Lok Sabha ForAmazon,theIndianpart- stakesinRelianceRetailVen- alreadypledgedtoinvest$6.5 aroundtheSCverdict,lenders customers as it elevates its the Bengaluru cluster. recently that it is studying the ner was crucial to strength- tures to private equity firms billion in the country. He’s may need to pursue recover- scale,technicalacumen,global bids by 15 So far, the railways’ efforts feasibility of developing a new ening its foothold after and sovereign funds. The alsofacingcompetitionfrom ies;clarityinQ2resultswillbe reach,creativecapabilitiesand tobringinprivateinvestments mechanism for tariff regula- becoming the authorised tycoonwasofferingaroughly Walmart, which spent $16 key,”the report said. consumer insight expertise. firms invarious areas,such as build- tionstomeettherequirements online sales channel for $20-billion stake in his own billion in 2018 to acquire Others feel even the Sep- “Together, we will be able to Underthepublic-privatepart- ing of tracks and running of of private train operators. FutureRetail’sstoresthatsell retail business to Amazon,a locale-commerceleaderFlip- tember quarter figures could offer unrivaled services and nership (PPP) model for pas- private container trains have Responding to a question by everythingfromgroceriesto personwithknowledgeofthe kart Online Services and has reveal little and an actual insights to help companies senger train operations, pri- met with limited success.The BJP MP Nalin Kumar Kateel, cosmeticsandapparel. matter said last month.Tata further invested over $1 bil- assessment of asset quality becomethenewleadersofdig- vate entities have to go stations development pro- railway minister Piyush Goyal Shares of Future Retail Group,the $113-billion con- lion this year in the entity may have to wait till after the ital experience & commerce,” through two-stage, transpar- gramme also met with some said,“Aregulatory mechanism tumbled almost 10% on glomerate,isalsopreparingto after selling its India opera- Q3 numbers are released. A he added. ent competitive bidding, hurdles, leading to a sweeten- withstatutorybackingisbeing Thursday in Mumbai, the enterthefray. tionstothee-retailer. senior analyst with a foreign Investment Bank CG Pet- which includes RFQ and ing of the norms for investors. consideredtomeettherequire- biggest intraday drop in “Amazon’sactioncausesa The deal between brokeragesaidonconditionof sky Prunier,part of Canaccord request forproposal. Itistooearlytosaywhetherthe mentofchangingscenariolike morethanamonth.Reliance roadblocktoRelianceRetail,” Reliance and Future, anonymity, “I frankly don’t Genuity, advised Blue Acorn AfterthescrutinyoftheRFQ investorinterest has been kin- private passenger train opera- slipped as much as 1.6% Singhal said. “Why would announced late August, is believe these banks anymore. ICI on the transaction. applications,which is likely to dled evenbythe latestplan for tors and other public private beforeparinglosses. they not want to? It’s fair awaiting regulatory Theykeep telling us things are be completed in November, stations revamp,as the Covid- partnershipventures.” The war for a slice of the game since that’s exactly approvals.A spokesman for fine, but then how do you SWAMIH fund: comes the request forproposal 19 pandemic disrupted the Commentingonthelikesof emergingmarketisreshaping whatReliancewoulddo.” Reliance declined to com- explainthisdatawhichiscom- (technical/financialbids)stage. process. Bombardier, Siemens and India’s retail landscape,with Amazon founder Jeff ment. ET Now television ingfromathirdparty?”Unless Sanctions cross Theplanistoopenthefinancial Whileallowingprivatetrain Alstom not being on the RFQ Reliance, Amazon and Wal- Bezos has made the nascent channelearlierreportedthat bounce rates return to their bids by March next year and operators was one of the sug- list, Rajaji Meshram, partner- martlookingtodominatethe Indian market, with its 1.3 Amazon has sent a legal pre-Covidlevelsofaround17- `12K cr,to help subsequently award the pro- gestions made by the Debroy Infra at EY India,said:“They field.Ambani has just raised billionconsumers,akeyfocus noticetoFuture. 18%, or at least fall below jectsinApril. Committeeonrestructuringof were never expected to bid more than $5 billion selling ofitsglobalexpansion.Hehas -Bloomberg 25%, repayments will remain complete The investments in this the railways, analysts have anyway being rolling stock an area of concern. first and experimental phase observedthatdeterminationof suppliers.They would have of Bankers insist that the 81,300 houses of private passenger trains are the track access charges and course attended the pre-bid Meshram added that these Septemberwasthefirstmonth the actual state of asset qual- problems brought on by A spokesperson for the fund estimated to be to the tune of revenue share will be key to meetings to understand the global firms might tie up with aftertheendoftherepayment ity in the September quarter, Covid-19aremanageableand last month declined to share `30,000 crore. spurringinvestorinterest.They procedures because the stakes the likes of L&T, GMR, etc, for moratorium for accounts analysts said only quarterly the restructuring schemewill disbursement details but said: Starting with 12 private also stress the need for clearly arehigh.Thespeculationright business. affectedbytheCovidoutbreak. results of banks could offer take care of fresh stress. On “It is worth noting that dis- trains in 2022-23, the rail- laid-down obligations on the nowis that a single entitycan- There is no clarity on the asset some clarity.In a note to its Wednesday, State Bank of bursements will always be ways,according to the current transporteron scheduling and not get more than three clus- Auto-debits: quality of a large number of clients on Wednesday, India (SBI) chairman Dinesh gradual because they will be plan,willintroduce45trainsin otheroperationalparameters. ters, so why would a rolling accounts after the Supreme broking firm Jefferies said Khara said that the requests calibrated to the progress of 2023-24, 50 in 2025-26 and Last month at a pre-bid stock manufacturer like Bom- Bounce rates Court directed lenders to not that the NACH figures were for restructuring that the construction.”Therefore, dis- another44 in 2026-27. meeting,thepotentialbidders bardier want to stick to only classify any accounts as bad surprising.“While collections bank has been receiving give bursements will take place in According to sources, nine weretoldthatthefaresforpri- threeclusters?Theycanhavea at 32% in loansaslongastheywerestan- haveimprovedby~17%from no cause for worry. “The several tranches over a con- RFQs were received for the vate trains will not be regu- deal with bidders of all the 12 dard onAugust 31. August,we had hoped forbet- restructuring norms which struction period of 1-3 years. Mumbai 1 cluster, 12 for lated by any authority and the clusters.” September With limited visibility on ter trends as moratorium is have been announced are “Also, remember that Covid- quite liberal and whatever related lockdowns have impairment comes as an impactedworkermobilisation impact of the Covid times,we since March,”he said. will be in a position to handle Nevertheless, sanctions through the restructuring havepickeduppace,asthepro- window and even the earlier grammeisbeingreviewedreg- measures,”he said. ularly by the finance minister, along with top government Infosys to officials. Sitharaman has already asked officials con- acquire Blue cerned to furtherspeed up the process. Acorn iCi for The finance ministry had earlier said the projects were $125 million spread across a broad mix of The acquisition is being markets,includingmetrosand undertaken by Infosys Nova also Tier- 2 locations like Kar- Holdings, LLC, a wholly- nal, Panipat, Lucknow, Surat, owned subsidiary of Infosys. Dehradun, Kota, , BlueAcorn iCi group is owned Jaipur, , Vizag and by Beringer Capital,company Chandigarh. management and previous The fund was announced owners.Thecompanyishead- on November 6, 2019, and quartered in Charleston,USA, raised `10,530 crore from 14 and has presence across the investors,includingLIC,HDFC US.Its revenue in 2019was at and SBI,when it declared its $43.6 million.With services first close in December. The that include strategy, analyt- plan was to have a `25,000- ics,design and , crore fund,with contribution Blue Acorn iCi works with of both the government and brandsacrossindustriesfrom otherinvestors. media,consumer goods and The government had retail,financialServices,man- pledged a total of `10,000 ufacturing and technology. crore for this purpose, as it “We are focused on partner- wanted to kick-start the ing with global brands and investmentcycleinresidential CMOs to help them navigate projects and deliver houses to their digital experience and people who have been hum- commerce challenges. The bledbythedoublewhammyof Blue Acorn iCi acquisition is undelivered homes and regu- another important milestone larrepaymentofhomeloans.It in Infosys' journey to build wasalsosupposedtoboostpri- capabilities relevant to the vateconsumptiononcehouses digitalprioritiesofourclients are delivered. and reaffirms our commit- According to an industry ment to the Adobe ecosys- estimatelatelastyear,asmany tem,”Infosys president Ravi as 4.58 lakh housing units Kumar S said. were facing delayed delivery Chris Guerra, Co-CEO of across 1,509 stalled projects.

Pune WWW.FINANCIALEXPRESS.COM FRIDAY, OCTOBER 9, 2020 FINANCIAL EXPRESS NATION 5 ● DOMESTIC CARRIERS RamVilas Paswan, Arhar prices up on short supplies FE BUREAU “With a carryover stock of Pune, October 8 1.50 lakh tonne nationally, Union minister and LJP thereisboundtobeashortage Airlines maysoon be allowed WITHTHE FESTIVEseasonset in the market.The new season to begin from next week, con- willbeginfromNovemberend founder,passes away sumers are likely to feel the or the first week of December pinchasarhar(tur)priceshave and the festive season is about to fly75% of pre-Covid levels PRESS TRUST OF INDIA firmedupinMaharashtraover tobeginwhichagainhasledto New Delhi, October 8 poorsupplies. a demand forArhar”,he said. PRESS TRUST OF INDIA In Maharashtra, the Arhar But National Agricultural Co- New Delhi, October 8 ‘Foreign airlines' flights will not be UNION MINISTER RAM Vilas pricesareontheupwardtrend operative Marketing Federa- allowed at expense of Indian airlines’ Paswan, one of the most and are being quoted at tionofIndia(Nafed)isholding AIRLINES MAY BE permitted prominentDalitleadersofthe `8,800-9,000 per quintal. around 8 lakh tonne which to operate maximum 75% of CIVILAVIATION MINISTER Germany from September country,died on Thursday at Wholesale arhar prices ruled once released will release the their pre-Covid scheduled do- Hardeep Singh Puri on 30 to October 20 as the the age of 74,his son Chirag around`9,000atprivatemar- pressure heading into the fes- mestic flights if the passenger Thursday said the time has DGCAwithdrewpermission Paswan said. kets in Latur with the arrivals tive season as well as keep the numbers continue to remain cometosendaloudandclear forthemsayingtherearere- The Lok Janshakti Party reported at 200-300 quintals prices stable, he pointed healthy during the next 7-10 message that foreign air- striction on Indians who founder and minister for con- onadailybasis.OnEnquiresat out.The industry has also de- days, civil aviation minister lines' flights will not be al- want to travel to Germany sumer affairs,food and public the Latur Agriculture Produce manded that government Hardeep Singh Puri said on lowed at the expense of In- andthisputs“Indiancarriers distribution was admitted to a MarketCommittee(APMC)re- agency Nafed should release Thursday. dianairlines. atasignificantdisadvantage privatehospitalhereforseveral lencemessage. vealed that the market has its stock to ease supplies The government on Sep- On September 28, resulting in inequitable dis- weeks and had recentlyunder- Theprimeministeralsosaid stopped trading in Arhar for According to traders,with tember 2 had said Indian air- Lufthansa had to cancel its tribution of traffic in favour goneaheartoperation. Paswan“roseinpoliticsthrough the last couple of weeks since thenewArharcrop abouttwo- lines can operate up to 60% of Union minister for civil flights between India and ofLufthansa”. —PTI “Papa, you are no more in hardwork and determination. the arrivals had dwindled to threemonthsaway,uptrendin theirpre-Covidserviceswithin aviation Hardeep Singh Puri this world but I know you are As a young leader, he resisted barely 2-3 quintals.Tur prices tur will likely to continue un- the country. withmewhereveryouare.Miss tyranny and the assault on our at Washim and Dhamangaon less Nafed releases its stock. On June 26,the ministryof avirus-triggered lockdown. ling) continue to be healthy, the pandemic. you papa,” Chirag, who now democracy during the Emer- in Maharashtra were around Pulses importers have de- civil aviation had allowed the However, the airlines were al- we would open domestic civil However, special interna- headstheLJP,tweeted. gency. He was an outstanding `9,150perquintaland`9,200 manded for release of the im- airlinestooperateamaximum lowed to operate not more aviation to 75% of the pre- tional flights have been oper- A stalwart of the socialist Parliamentarian and Minister, perquintal respectively. port quota forArharfor2010- of 45% of their pre-Covid do- than 33% of their pre-Covid Covid levels,” Puri said at a ating under the Vande Bharat movement who later emerged makinglastingcontributionsin Tur prices rose to `9,000 21.This year, farmers have mestic flights. domestic flights at that time. press conference onThursday. Mission since May and under as Bihar’s foremost Dalit leader severalpolicyareas.” per during lockdown, which grownpulsesover137.81lakh The ministry had restarted “Our internal thinking is Scheduled international bilateral air bubble pacts withfollowingacrossthecoun- Born in Khagaria in 1946, later corrected to `8,200 per hectareascomparedto131.76 domestic passenger services that we will watch it for an- passenger flights continue to signed with various countries try, Ram Vilas Paswan was in- Paswanwas selected as a police qintal. The prices however lakh hectare last year. In Ma- fromMay25,afteragapoftwo other week or 10 days....If the remain suspended in the since July. strumentalintheimplementa- official but chose the calling of have started rising again and harashtra,Athar is grown over months due to the coron- figures (of passengers travel- countrysinceMarch23dueto tionoftheMandalCommission politicsandbecameanMLAfor are likely to go up due to the 12 lakh hectare.Tur is an im- reportinthe1990s. the first time in 1969 on a festival season demand, Nitin portant crop for farmers in Condoling his demise,Pres- SamyuktaSocialistPartyticket. Kalantri, Pulse trader from and High court asks identRamNathKovindsaid,“In Hewas elected to Lok Sabha Latur,said.Therearereportsof who harvest the crop in Janu- Power tribunal pulls up K’taka the demise of Union minister eight times and also held the crop damage in but ary and February. Latur and ED to respond to Ram Vilas Paswan, the nation record of winning his con- these damages are to the tune Akola are major wholesale Deepak Kochhar's has lost a visionary leader. He stituency,Hajipur,withthehigh- of 10%,he said. markets. regulator for defying order wasamongthemostactiveand estmarginforseveralyears. plea to quash FIR longest-serving members of Always at the forefront of ANUPAM CHATTERJEE parliament.Hewas thevoice of raising issues concerning the FakeTRPs: BARC welcomes probe PRESS TRUST OF INDIA New Delhi, October 8 theoppressed,andchampioned disadvantaged sections of soci- New Delhi, October 8 thecauseofthemarginalised.” ety,he was also a skilful grass- AMID CONTROVERSY OVER TRP (television rating THEAPPELLATETRIBUNALfor ExpressinggriefatPaswan’s roots politician who enjoyed an alleged plot to manipulate point) is a tool to judge which THE DELHI HIGHCourtThurs- Electricity(Aptel) has taken ex- demise,Prime MinisterNaren- good equations with leaders TRPs, the Broadcast Audience TV programmes and channels daysoughtresponseoftheEn- ception to the Karnataka Elec- dra Modi said hewas saddened across the spectrum, and his Research Council (BARC) on areviewed the most. forcementDirectorate(ED)on tricity Regulatory Commis- beyond words as his death has dedicated following in his state Thursday said it is committed “As in all our previous cases a plea by Deepak Virendra sion’s (KERC) ‘defiance’ of its experts,however,opined that ‘regulatoryassets’—ajargonfor leftavoidinthenationthatwill ensured that every national to report a true picture of tele- of suspected panel homes in- Kochhar, husband of former ordersandnotlettingthestate’s technicallyAptel cannot issue recoverable discom expenses perhapsneverbefilled. partycourtedhiminhisoverfive vision viewership and wel- trusions,BARC India continues ICICI Bank CEO Chanda power transmission company any notice to chairperson and which regulators acknowledge “Shri Ram Vilas Paswan Ji’s decadesofcareer. comedtheMumbaiPolice’sin- to follow its established vigi- Kochhar, seeking quashing of recover costs, which were al- members of a regulator, but as pass-through costs,but are demise is a personal loss.I have Hewasaministerincentral vestigation into the case. lance and disciplinary guide- FIR in connection with the lowed to be passed through.In onlythesecretariesofstatereg- not immediatelybuilt into tar- lost a friend,valued colleague governments headed by par- Earlierintheday,citypolice lines...BARC India appreciates ICICI Bank-Videocon money an October 5 order, the Aptel ulatorscanbenotified. iffs. These ‘regulatory assets’ and someone who was ex- ties of contrasting ideological chief Param Bir Singh claimed theeffortsoftheMumbaiPolice laundering case. asked KERC chairperson and State-run Karnataka Power currentlystandatmorethan`1 tremely passionate to ensure persuasions,ranging from the to have busted a racket to ma- and will provide the support Justice A J Bhambhani is- membersto“showcausewithin TransmissionCorporation(KPT- lakhcrore.Accordingtoanoffi- everypoorperson leads a life of JanataDaltotheCongressand nipulate TRPs and arrested asked of it,” a BARC India sued notice to ED and asked it fourweekshereofastowhycon- CL) had complained that KERC, cial estimate, discoms lose dignity,”Modisaidinhiscondo- the BJP,since 1989. two persons. spokespersonsaid. —PTI to file a status report in the tempt action be not initiated againstAptel’s 2008 order,had `22,000-crore revenue annu- matter. The high court also against them for willful defi- reconcileditsaccountsforFY01- ally as regulators allow inade- asked the agency to file a sta- anceanddisobedience”. FY07 to erroneously conclude quatetariffhikes. tus report on Kochhar's plea According to sectorwatch- that thetransmissioncompany Byamending the Electricity seekinginterimbailonground ers,the orderis‘historic’as this had net surplusof `314.5 crore Act,theUnionpowerministryis of his present medical condi- isthefirsttimeacontemptno- in that period. The Aptel had planning to add provisions for tionasheisadmittedtoApollo tice has been issued by Aptel specificallyforbiddenthe“true- theremovalofregulatorsiftheir here after being againstanystateregulator.The up”of KPTCL’s account for the judgementsdonotcomplywith tested positive for Covid-19. development comes at a time aforementioned period.Aptel’s legal norms. “One of the provi- Senior advocate Mukul Ro- whenthecentralgovernmentis 2008 order was upheld by sionsproposesthatifanyofthe hatgi, appearing for Kochhar, tighteningitsgriponstatereg- SupremeCourtin2018,butwas orders of the regulator has not sought quashing of ECIR reg- ulators to ensure power tariffs notimplementedbyKERC. followed the law or is in viola- istered by the ED saying it was are increased regularly to ad- Earlier,the power ministry tion of law,it will be sufficient bad in law and that Kochhar dress the issue of under recov- hadwrittentoAptel,askingitto ground for his removal,”Union was not informed about the eryfacedbystate-rundistribu- directthestateelectricityregu- power minister RK Singh re- grounds of arrest inwriting. tioncompanies(discoms).Afew lators not to create any further centlysaidinanevent.

Lavalin case: Come Need to address Paris accord friction to with very strong achieve climate goals: Suresh Prabhu grounds to shake findings of courts, FE BUREAU opmentGoalsby2030.Thefor- withCIIandtheIndianNational SC to CBI New Delhi, October 8 merUnion ministerreferred to ScienceAcademy. India hosting the G20 Summit Rahul Chhabra, secretary THE SUPREME COURT on THESTALEMATEOVERtheim- in2022andsaidthecountrywill (economicrelations),ministryof ThursdayaskedtheCBItocome plementation of the Paris ac- set its own priorities forthe su- external affairs,referred to the up with very strong grounds cord due to the US withdrawal mmit even while carrying for- recent B20 report to the G20 against the discharge of Kerala needs to be sorted out soon to ward the work done by other and said the immediate need chief minister PinarayiVijayan achievetheclimategoals,India’s countries that held G20 Presi- was to revive the international and two others in the SNC Sherpa to G20 2022 Suresh dency. “The business commu- economybymaking the global Lavalin graft case, as the high Prabhuhassaid. nity needs to focus on not just supplychainsresilientaswellas court as well as the lower court Addressing avirtual confer- the bottom line,but also lifting byreviving productive sectors. have held that they should not encetitled‘B20GlobalDialogue the people at the bottom of the Hesaiddespitetheneedtofulfil betriedinthematter. in India’onWednesday,he also pyramid,”Prabhusaid. the huge domestic demand,In- The CBI said this is a cross stressed on the need to achieve The conference was organ- dia has kept its medical supply appeals matter filed in 2017 carbon neutralityby2050 (net- ised by Research and Informa- chains open and provided and itwill file a comprehensive zero greenhouse gas emissions) tion System for Developing generic drugs and medical notegivingthefactualaspectof and the UN Sustainable Devel- Countries(RIS),incollaboration equipmenttoseveralcountries. thematter.AbenchofJusticesU U Lalit, Vineet Saran and S RavindraBhatwastoldbySolic- itor GeneralTushar Mehta,ap- Nashik Grape exporters face the heat pearing for the CBI,that this is anappealagainstthedischarge of the accused in the case of al- from Russia; licences suspended leged corruption in awarding NANDA KASABE CountriessuchasRussia,China, tainers to other destinations contract to the Canadian firm Pune, October 8 IndonesiaandSaudiArabiahad while Russia had accepted the whenVijayanwaspowerminis- introduced stricter residue remaining 37 containers fol- ter in 1996 allegedly causing a THE DIRECTORATE OF Plant monitoring limit norms forex- lowing fumigation of the fruit. loss of `374.50 crore to the Protection, Quarantine and portofgrapesfromIndiaacou- The exporters areyet to receive stateExchequer.—PTI Storage,whichfunctionsunder pleofyearsago. their payment for 37 contain- the Union ministry of agricul- JagannathKhapre,president, ers,which is estimated around ture and farmers welfare, has Grape ExportersAssociation of `5.9crore,exportersrevealed. CLASSIFIEDS suspendedthephytosanitaryli- India,said that there have been According to Agricultural cences of 14 grape exporters no complaints from grapes ex- and Processed Foods Develop- BUSINESS from Nashik — a major grape portedtoEuropeorothercoun- mentAgencydata,thecountry’s growing belt located in Maha- tries.In fact,the consignment grapeexportsrosefrom92,286 BUSINESS OFFERS rashtra following a complaint sent to Russia and the other tonne in 2017-18 to 1,21,469 lodged by the Russian plant countries were packed at the tonne in 2018-19.The Nether- 30 acres land with 2 lakh quarantineauthorities. same facilities.Wehave already lands, UK and Germany ac- sqft industrial shed According to the Russian approached the National Re- countedfor90%ofIndia’sgrape construction,etc in Plant Quarantine authorities, search Centre forGrapes (NRC), exports to Europe.In 2017-18, excellent condition for around 41 grape containers hesaid.Whencontactedofficials Indiahadexportedgrapesworth Sale in D Chemical zone area in Dindori at thatwereexportedfromNashik at the NRC located at Manjari, `1,900 crore to Europe,though Nashik. Suitable for any werecontaminatedand2types Pune stated that theyhave sent theyear-onyeargrowthhadde- new industry, ware- of insects were allegedly found a report to the Indian Plant clined in that year.Maharash- houses close to cargo in these containers.As per the Quarantine authorities that tra’s grape farmers also had a hub airport. Lucrative complaint submitted by the theyhavenotcomeacrossthese good export season this year, offer. Contact 9545554089. Russian authorities,Megaselia insects during the several sur- withmorethan1.91lakhtonne 0050169979-1 Scalaris and Ceratitis Capitata veysconductedinMaharashtra. of grapes being exported this werefoundinthe41containers Khapre pointed out that seasonanda20%riseinexports ''IMPORTANT'' thatweresentfromMaharash- theywere hoping to resolve the reportedfromthestate. Whilst care is taken prior to tra.Exporters,however,claimed issue soon and had also held a exported acceptance of advertising copy, that these insects have not be meetingwiththePlantQuaran- 1.09lakhtonnesofgrapesdur- it is not possible to verify its contents. The Indian Express foundinMaharashtrasofarand tine authorities along with the ingthe2019-20seasonagainst (P.) Limited cannot be held responsible for such contents, approached the Grape Ex- 14 exporters. “The new grape the 1.44 lakh tonnes exported nor for any loss or damage portersAssociation for redres- season is expected to begin by in the previous season. Of the incurred as a result of transactions with companies, sal. Exporters also expressed Decemberthisyearand the ex- 1.09 lakh tonne,80,433 tonne associations or individuals advertising in its newspapers fears that exports from the port will begin from the first grapes were exported to Euro- or Publications. We therefore countryare likelyto be affected halfofJanuary.Weareexpecting pean countries like the Nether- recommend that readers make necessary inquiries before after this incident. Each con- theissuewithRussiaisresolved lands, Germany and the UK, sending any monies or entering into any agreements tainer contains around 16 bythattime,”hesaid. while the rest of 29,454 tonne with advertisers or otherwise tonneofgrapesandthe41con- Ofthe41containers,theex- were exported to countries like acting on an advertisement in any manner whatsoever. tainersarevaluedat`6.5crore. porters had diverted four con- Russia,MalaysiaandDubai.

Pune 6 FINANCIAL EXPRESS WWW.FINANCIALEXPRESS.COM

DIGITAL REVOLUTION

Mukesh Ambani, CMD, Reliance Industries As we step into the fourth industrial revolution, India has the opportunity not just to catch up with leaders❝ ❝but to emerge as a global leader itself...We must root out inefficiencies across the digital ecosystem...Only CompaniesFRIDAY, OCTOBER 9, 2020 then can we build and sustain a truly digital society. Quick ‘No company,from east orwest,should control our destiny’

PRESS TRUSTOFINDIA panieswhose policies are arbitrary. cost and they get their customers. In our Sharma noted that if app developers New Delhi, October 8 “WestandforIndia’sdevelopinginter- case,thechargesaresominuscule...Weare arechargedafeeof30%ormore,theover- View net ecosystem. No company, from east or giving power to the developers, the torch all cost of their product and service will PAYTM ISAIMINGforamillionappsonits west,should be controlling our destiny.It painters of technology,”he said. increase, which will in turn impact the ‘mini-app store’ before March 2022 as it does not matter which country you are, Sharmasaidthecompanyisfocusedon priceofthefinalproductfortheend-user. looks to challenge Google’s dominance in Indian technology ecosystem should not offering all the help possible to Indian app Sharma, who has been vociferously the country's mobile app business. become ransom of international compa- developers.“This app store tax (by Google) voicing his concerns around the“monop- Paytm founderVijay Shekhar Sharma, nies. And they (companies) should not will cost every Indian company who olistic”behaviourofGoogle,saidthe30% who had called Google “judge, jury and have policies which are arbitrary and pol- believesthattheywillreachtheircustomers fee was hurting small app developers, executioner”after his app was temporar- icy implementation which is even more using technology.It'’s not that a few thou- especiallyinsegmentslikehealthcareand ilytakendownfromtheAndroidappshare arbitrary,”he noted. sandappdevelopersarebeingvictimised,it education.“Appdevelopersaredependent last month, on Thursday called Google a He added that Paytm will invest `10 literally means that any company in this on a giant monopoly,Google,and Google “toll collector” as he kicked off his firm’s crore for the app developers on its plat- Paytm founder Vijay Shekhar Sharma countrywhichbelievesthattheywillbring has started to play like a toll collector ‘mini-app developerconference’. form. theirservicestotheconsumers,willhaveto instead of trying to enable the ecosystem CCI dismisses Sharmaemphasisedthattheburgeon- Google’’ s Android operating system “Ourintentionisthatpeopleshouldbe playbytherulesofGooglewheretheyhave only...wewillbringonemillionappbefore ingInternetecosysteminIndiashouldnot powers most of the over 500 million able to develop apps easily, fast...They to pay 30% of their business revenues to Google opens its charging obligation on complaint against beheldat“ransom”byinternationalcom- smartphones in the country. (developers) don’t have to put so much of them(Google),”hesaid. each Indian developers,”he said. Hindalco, Vedanta THE COMPETITION COMMISSION ● AUTO SALES of India (CCI) onThursday dismissed a complaint against Disney’s Uday Shankar Hindalco Industries andVedanta alleging unfairbusiness practices with respect to copperproducts. PVs post decent numbers, to step down byyear-end The CCI closed the matteras the informantwas not able to FE BUREAU substantiate the allegations Mumbai, October 8 made against the firms. CVs a drag in September UDAY SHANKAR HAS decided to step TataTechnologies,GKN down as president,TheWalt DisneyCom- open e-mobilitycentre FE BUREAU IN THE SLOW LANE panyAPAC,andchairman,StarandDisney

New Delhi, October 8 « India,effective December31. TATATECHNOLOGIESAND GKN All-India vehicle registration data Sept '19 Sept '20 y-o-y % Shankar’s is the most high-profile exit Automotive onThursdayannounced RETAIL SALES OF passengervehicles (PVs) from Star India after The Walt Disney

11,63,918 ««« the opening of a global e-mobility were up nearly 10% year-on-year in Sep- 2W Company announced the acquisition of software engineering centre in tember,drivingtheautosectortoareason- 10,16,977 -12.62 21st Century Fox, which included Star Bengaluru.Itwill leverageTata ably good performance.Registrations rose India.Aboutayearago,SanjayGupta,who 58,485 13,44,866 Technologies’expertise in electric 11.45% month-on-month butwere down 3W was MD at Star and Disney India, moved and embedded systems towork on 10.24% y-o-y. The performance was 24,060 -58.86 toGoogleasthetechgiant’scountryman-

GKNAutomotive’s next-generation dragged down by the commercial vehicle « agerforIndia.Furthermore,intherun-up pioneers to achieve this". e-Drive technologies. (CV)segment,whichreportedadropinsales 59,683 to the completion of the acquisition, the Shankar is a former journalist with a CV -10.24 ofnearly34%y-o-y. 39,600 -33.65 then head of Hotstar,Ajit Mohan,left Star Master’s degree in economics from Jawa- Treebo Hotels raises $6 m A pre-festive channel check by Emkay IndiatojoinFacebookIndiaasitsMDand harlalNehruUniversity.Hisstintwithtele-

14,98,283 «« Global highlighted that the retail volume 1,78,189 Total vice-president.TheWaltDisneyCompany vision broadcasting began in the mid-’90s from existing investors PV improvement in August-September has 1,95,665 9.81 acquired Rupert Murdoch’s 21st Century as a news producer for Zee TV.Later,as the BUDGETHOSPITALITYCHAIN been driven by pent-up demand,positive Fox in a $71 billion cash and stock deal in editorandnewsdirectoratTVTodayGroup, Treebo Hotels onThursdaysaid it has rural sentiment, shift towards personal 38,008 June 2018. he spearheaded the launch of Aaj Tak in raised $6 million (around `45 crore) mobility and the fading impact of price TRAC As his next move, Shankar plans to 2000 and Headlines Today in 2003. In in a newround of investment from its hikes.Demandhasbeenbetterinsmallcities 68,564 80.39 mentor entrepreneurs.Announcing his 2004,hewasappointedCEOofStarNews. existing investors.“Matrix Partners and rural areas in comparisonwith metros Source: Fada Research decision,hesaidinastatement,"Forsome He took over the leadership of Star India,SAIFPartners,Ward Ferry,and andtier-1cities. time now,I have been contemplating the India in 2007. Since then, Shankar led Bertelsmann India Investments Inventorydayshaveincreasedto30-40 age benefits and cost-cutting initiatives to negative operating leverage as demand questionofhowIgivebacktothecountry, Star’s foray into regional and local lan- participated in this round,” it said. daysforPVsand35-45daysfortwo-wheel- taken up by the company.However,Bajaj trendscontinuetoremainweak,itsaid. community and the industry that have guage programming, consolidated Star’s ers (2Ws).Led by robust rural demand and Auto’sEbitdaislikelytodeclineby5%y-o-y Tractorsalescontinuedtheirdreamrun given me so much.I think the best way to sports broadcasting operations through Majesco board gives nod personal mobility,the share of entry-level inQ2FY21asstronggrowthinthedomestic askharifsowingwitnessedrecordprogress expressmygratitudetoallofthemwillbe 21st Century Fox’s acquisition of its joint segmentsisincreasingbothinPVsand2Ws. motorcyclesegmentwillbeoffsetbyasteep against last year.With a good rabi season to support and mentor a new generation venture with ESPN, and oversaw the to `631-crbuyback plan Companies benefiting from this trend decline in the 3W segment and a negative resulting in good disposable income,rural of entrepreneurs as they set out to create launchofHotstar.InDecember2018,The CLOUD SOFTWARE SOLUTIONS include Maruti Suzuki (PVs) and Hero impact of withdrawal of export incentive market also saw its rub-off effect on 2Ws, transformational solutions that will have Walt Disney Company announced that providerMajesco onThursdaysaid its MotoCorp (2Ws).Premium segment vol- scheme.It expects EicherMotors’Ebitda to smallPVsandCVs.Overall,2Ws,3WsandCVs a positive impact on countless lives. I Shankar would lead its APAC operations board has approved a buyback plan of umes are also improving, supported by fallby22%ledbya10%y-o-ydeclineinvol- continuedtomarchaheadonam-o-mbasis intendtopartnerwithglobalinvestorsand afterthe acquisition of 21st CenturyFox. up to `631.26 crore.The buybackwill lesser impact on income levels and ade- umes and adverse RM prices,while M&M andincheduptonarrowtheirgapwithlast be done through the tenderoffer quate finance availability for customers in plusMVML’sEbitdaisexpectedtoincrease year’ssale,eventhoughthepre-Covidlevels route,the companysaid. thesesegments,itsaid. by2%y-o-yin Q2FY21 led by60 bpsy-o-y are yet to be seen across all categories, According to Kotak Institutional Equi- improvementinEbitdamarginmainlydue accordingtoFada. Bioconpledgesin`65crfor ties,Maruti Suzuki’s Ebitda is expected to to richer product mix (higher tractor seg- With banks and NBFCs gearing upwith UBHLcase: SBI urges SC to increase by 36% y-o-y in Q2FY21,led by a ment mix in Q2FY21). Escorts will also various festival offers to woo retail cus- MetrostationinBengaluru 15%y-o-yriseinrevenuesmainlydrivenby reportastrongquarter(Ebitdaup42%y-o- tomers,autosalesareexpectedtowitnessa THE BIOCON FOUNDATION on volumegrowthand170bpsy-o-yimprove- y)duetoa24%y-o-yincreaseintractorvol- renewedgrowthandmaycloseonaparwith dismiss Mallya firm’s plea Thursdaypledged `65 crore toward ment in Ebitda margin due to operating umes and richer product mix.Overall,JLR lastyear.PVs and 2Ws are expected to lead construction of the Hebbagodi Metro leverage benefits.In the two-wheeler seg- may report a 28% y-o-y decline in Ebitda theway.However,asacaveat,Fadacautioned FE BUREAU been notified nor was a party to the pro- station on HosurRoad in Bengaluru. ment,EbitdaofHeroMotoCorpisexpected duetoa17%y-o-ydropinvolumes. thatwiththefestivalseasonroundthecor- New Delhi, October 8 ceedings, thus the extradition was get- The foundation has signed an MoU to to increase by25%y-o-ydue to strongvol- IntheCVsegment,EbitdaofAshokLey- nerandelectionsapproaching inBihar,the ting delayed. the effectwith the Bangalore Metro ume recovery (up 7% y-o-y) resulting in landislikelytofallby60%y-o-yinQ2FY21 risk of Covid spread resurging may play a THE STATE BANKofIndia(SBI)onThurs- MallyahasbeenintheUKsinceMarch Rail Corporation. higherprofitabilitydue to operating lever- due to a 33%y-o-ydip involumes leading spoilsportinspecificregions. dayurgedtheSupremeCourttodismissa 2016 and remains on bail on an extradi- plea by Vijay Mallya’s firm United Brew- tion warrant executed three years ago by HitachiABBwins `100-cr eries Holdings (UBHL) against its wind- Scotland Yard on April 18, 2017. In May, FE BUREAU ing up for failure to pay admitted liabili- MallyalosthisappealsintheUKSupreme orderfrom HPCLrefinery Stock rally Amazon puts ties to creditors as per the corporate Court against his extradition to India. HITACHIABB POWER Grids India on guarantees extended to the defunct The apex court then asked Mallya's Thursdaysaid it has bagged an order TCS continues upward march `700 cr into India KingfisherAirlines. counsel for a concrete response on worth over`100 crore from HPCL SBIseniorcounselMukulRohtagitold November2 about the nature of the fresh Rajasthan Refinery(HRRL).The Shares of Tata Consultancy Services (TCS) continued to surge following payments unit abenchledbyJusticeUULalitthatMallya proceedings in UK,when theyare likelyto projectwill strengthen mission- the buyback announcement and a stellar Q2 performance. On Thursday, isfacingbankruptcyproceed- end and when Mallya will New Delhi, October 8 critical powerinfrastructure at the stock closed higher for the ninth day in a row, gaining 21.2% during ings in the UK,besides extra- SBI senior counsel appear before the Supreme HRRL's Barmerrefinery,it said. dition proceedings."Appeals Court, so that the matter of the streak. This is the longest gaining streak since the IT major went Mukul Rohtagi told public in 2004. Since its listing, there were five rallies of eight days AMAZON HAS INFUSED a fresh `700 shouldbedismissedasMallya hissentenceincontemptpro- the SC Bench that MGlaunchespremiumSUV each. The market capitalisation of TCS has swelled by `1.9 lakh crore crore into its India payments entity, is behind all this and is ceedings can be heard. to `10.6 lakh crore during the last nine sessions. according to regulatory filings sourced playing ducks and graces,"he Mallya is facing On August 31, the pricedupto`35.38lakh frombusinessintelligenceplatformTofler. said, requesting the apex bankruptcy Supreme Court had ordered MG MOTORINDIAonThursdaysaid Thisisthesecondinvestmentbythee- court to give it some more theindustrialisttobepresent 2,975 TCS (share price on NSE, `) 25 proceedings in it has launched a premium SUV 21.2 commerce major in Amazon Pay (India) time to seek "other instruc- the UK, besides before it on October 5 in the Glosterpriced between `28.98 lakh Cumulative return (%) this calendaryear,taking the total capital tions and also find about the case related to contempt of 2,800 20 and `35.38 lakh.The Glostercomes infusion to over `2,000 crore.In January, ongoing proceedings." extradition court for transferring a $40 poweredwith 2-litre turbo diesel theentityhadreceived`1,355crorefrom The bench posted the proceedings million payment from Dia- powertrain matedwith eight-speed 2,625 15 its US-based parent.Theinvestmentgains matterforfurtherhearing on geo to his three children. It automatic transmission. significanceatatimewhenincumbentsin October26. also directed the ministry of 2,492.30 2,488.40

2,426.30 thepaymentsspacearegoingallouttowoo On Monday, the government had home affairs "to facilitate and ensure" 2,450 2,422.30 10 Titan,Montblanc joint the small merchant.Paytm has set itself a informed the judges that fresh "secret" Mallya's presence before it on October5. target of 25 million merchants for FY21, proceedings against Mallya had started, However, during the hearing of the venture to end in Dec 2,275 5 while Google Pay last year said it is target- though the fugitive businessman had windingupissue,UBHLhadofferedtoset- TATAGROUPFIRMTitan on 3.9 ingover200millionofflinemerchants. already lost his appeals in the UK's high- tle its `14,518.02 crore dues and keep it Thursdaysaid itwill end its five-year 2,100 2,523.45 2,705.80 2,714.30 2,735.95 2,825.70 0 To this end, both players, as also Wal- est court against his extradition to India. alive.Thelendersrejectedtheproposalon jointventurewith luxuryfirm Sep 25 Sep 28 Sep 29 Sep 30 Oct 1 Oct 5 Oct 6 Oct 7 Oct 8 mart/Flipkart-owned PhonePe,have over However,thegovernmentclaimedthatit thegroundsthatitwasneither"bonafide" Montblanc in December,to focus Source: Bloomberg the last couple of years been working to was not aware of the exact nature of the nor"genuine"andtheliabilitieswerefarin on its primarybusiness. build a presence at everystorefront. ongoing proceedings as it had neither excess of its inflated assets.

● INTERVIEW: V RAMAKRISHNAN, chief financial officer, TCS ‘We don’t see cloud migration,SaaS model as just a flash in the pan’ Tata Consultancy Services (TCS) put up a too many and not across the board.At the getting closed in Q2,and is the revenue rest of theyear? Is it sustainable? signedthisquarter… Butwhenweseeour good show in Q2FY21 with all-round same time,pricing powerin the industryis growth sustainable? It is clearly established that technology is pipeline,we have a good mix of large as growth in financials and operations of the alsoverysubtle.Itisnotapricedrivenmarket Wedonotgivespecificguidance,butwesee [not only],helping companies tide overthe well as a lot of small and mid-sized deals. company. However, the market remains because customers see the value you are the momentum continuing and I don’t situation,but is also becoming intrinsic to competitive when it comes to pricing. deliveringandhowrelevantitisandwhether think there is an appreciable shift of deals. theirrecoveryandtheirrevival.So,fromthat What does the multi-year technology V Ramakrishnan, chief financial officer, youareatrustedpartner.Also,itisacompet- Definitely,wesawthatinQ1customerswere perspective I do not see any reason why transformation mean in terms of con- TCS,tellsShubhraTandonthatnoonehasa itive situation,so I do not think anyone has hesitant…on adoption of cloud migration demandshouldnotsustain…technologyis vertibilityintorevenuesandprofitability? commanding ability over pricing, and thatcommandingabilityforpricing. and especially into the SaaS model.But we heretostay.Thishasbeenaperiodwherewe Whenweparticipatestronglyinthemulti- speaks more on the business.Excerpts: areseeing[much]moreactivityinthatarea have seen growth across sectors with the year technology upgrade, we bring Strong margins in Q2 also had the across sectors. These are not short-term exception of travel, hospitality and non- togetherthreethings:ourknowledgeand Is there pressure on pricing?Are clients impactofsalaryhikesnotbeinggivenin measures,thesearefundamentallyaltering essentialretailandsomepartsofmedia. expertiseintechnologies,deepcontextual asking for renegotiations of contracts, the first half of theyear.Nowthatyou their ways of managing the supply chain knowledgeofthecustomers,andthedeep or are you able to command strong have announced salary hikes,what will [and]theirownproductionenvironment… Will the deal momentum continue domainknowledgeofthatspecificindus- pricing power? betheimpactonmarginsinQ3andQ4? ness model.Typically,whenwe announce Wedonotseethisassomethingwhichisjust across small, mid-sized and large wins try.Thisbringsinalotofcompellingvalue Ithasbeenaverystableenvironment.Inthe Yes, it is right that some part of our mar- salary hikes,historically there has been aflashinthepan.However,wearenotoutof forthe rest of theyear? proposition to the customers. So obvi- firstfewmonthsoftheyear,thereweresome gins came in becausewe did not have [the between1and2%impactonthemargins. thewoodsyeteitheronthehealthsituation One feature to note about the deal wins ously,itwill translate into business,and if customerswhoweredefinitelyseekinghelp impactof]salaryhikesinthisquarter,and orontheeconomies. thisquarteristheonelargedealwinwhich we are able to run that engine more effi- andweworked it out because of the strong whenwerollitoutinOctobertherewillbe On the revenue front, was there an we had announced in December 2019. It ciently,itwill also help in the margin sus- relationshipsthatwehave.Buttherearenot some impact.But that is part of the busi- impactofsomeofthedealwinsfromQ1 What is the demand outlook like forthe is a multi-year deal,so the contract got tainabilityand growth.

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● JAYPEE RESOLUTION Mercedes drives From the Front Page Legal recourse: women can become the karta grammes against their CSR JAL’s `750 cr can’t be part of or head of the family and obligations,headded. in first electric car Valli slaps legal daughters can become co- Asked about an antitrust parcenersandinheritasmuch proposal by the US House of NBCC resolution plan,says SC notice on as sons. Arunachalam is the Representatives that contains to India at `99.3L kartaoftheMVMHinduundi- a“thinlyveiledcalltobreakup” FE BUREAU the appeals pending before the Murugappa vided family,which holds the large technology firms like New Delhi, October 8 NCLATtoensurethatthereisno stake in Ambadi Investments. Apple,Amazon, Facebook and furtherdelayinexecutionofthe group AIL is the holding company of Google, the non-executive THEWAITFORJaypeeInfratech approved resolution plan of Last month, AIL shareholders the `38,000-crore Muru- chairman of Infosys said he (JIL)fortheresolutionandcom- state-ownedNBCC,and20,000 comprising largely family gappa Group. believed in using the technol- pletion of its stalled homebuyers get possession of members, voted against a ogy to solve any issue relating projects may get longer. The theirstalledflats. resolution to appoint her a to technology itself.“The best Supreme Court on Thursday However, homebuyers are non-executive director of the Nilekani on antidote for all this is technol- saidthe`750croredepositedby hopeful that the Supreme company with 91.36% of ogy and rules for technology JIL’s parent firm, Jaiprakash Court will uphold the resolu- votes cast against her Covid vaccine: done in an innovative way, Associates(JAL),pursuanttothe tion plan and direct the NBCC appointment. which is what India is doing”. apex court’s May 2018 order, State-owned NBCC has to implement the resolution “With the family voting Set upAadhaar- “By creating a neutral ID sys- cannotbepartoftheNBCCres- vehemently opposed the plan.“We hope the NBCC’s RP unanimouslytorejectappoint- tem likeAadhaarora UPI plat- olution plan, and the state- transfer of money to JAL, will go through and the court ment to theAILboard,we have like model form which allows multiple owned construction firm can- saying that it cannot be can retain NBCC, which can seemingly reached the end of for 10 million fintech companies and banks notuseitforconstructionofthe forced to execute the complete the residential flats,” theroadforanamicablesettle- toparticipate,wehavedemoc- stalledresidentialprojects. project in this situation lawyersadded. The EQC will be available in 6 cities in the first phase ment,”shesaidinastatement. ratized access to identity and While JIL’s promoter group While NBCC had offered Valli has pointed out how doses a day payments”. hassoughtbackthe`750crore, land and road assets to lenders FE BUREAUS charger,homeelectricalcharger, other less qualified and less Highlighting the enormity of Respondingtoaquestionas whichwastransferredfromthe underaland-debtswapdeal,the New Delhi/Pune, October 8 five-year unlimited on-road experienced family members the vaccination challenge, to why India, despite having SCregistrytotheNationalCom- tions,saidthemoneybelongsto NCLT,while approving its reso- assistance, five-year service have been appointed to the Nilekani said the Aadhaar sys- highlytalentedprofessionalsto panyLawTribunal(NCLT),NBCC JALand itwould restrain NBCC lution plan,had made“unilat- GERMAN LUXURY carmaker package,five-yearunlimitedkm board simply because they tem enrolled 1.5 million citi- headgiantglobaltechcorpora- has been opposing it on the from withdrawing from the eral” and “arbitrary modifica- Mercedes-Benzisseeinga25% extendedwarranty,and8years, were male. zensadayandittooktheUIDAI tions,hasn’tbeenabletocreate groundsthattheamountwasan project in case the money is tions”byallowing objections of month-on-month growth in 160,000kmbatterycover. Vallisaidaconsiderablepor- five-and-a-halfyearstocovera aFacebookoraGoogle,Nilekani integral part of its resolution given back to the parent com- dissenting creditor ICICI Bank sales numbers after the lock- TheEQC,aCBUimport,hasa tion of her late father’s estate billion-plus people.“(But) here said,unliketheUS,ourcountry plan for the acquisition and pany.However,somepartofthe andYamunaExpresswayIndus- downandhopestocomebackto rangeof450kmonfullcharge, has been tied to AIL,and it was the entire population needs to doesn’t have a large digital completionofJIL’sprojects. deposit(around`200croreplus trial Development Authority lastyear’slevelsoon. and for inter-city travel Mer- entirelyunreasonabletoexpect bevaccinatedin2years.Ifit’sa advertisingmarketworthhun- NBCC vehemently opposed interest)willbeadjustedwithJIL even as the plan was approved “We have already reached cedes-Benz India has more herfamilytorelinquishcontrol dual-dosevaccination,itwould dredsofbillionsofdollars.Even the transfer of money to JAL, (corporatedebtor),itsaid. byamajorityof97.36%votein 70-80% of pre-Covid-19 level than100chargingpointsin48 and visibility over these hold- mean 2.6 billion vaccinations ChineseplayerslikeAlibabaand sayingthatitcannotbeforcedto Both the bidders,NBCC and theCommitteeofCreditors. sales,” Mercedes- cities; these are ingstothebroaderMurugappa in2years.Thatisover100mil- Tencent had the benefit of a executetheprojectinthissitua- Mumbai-based Suraksha An IDBI Bank-led consor- Benz India MD & Luxury carmaker equipped with family. To date, no logical or lion vaccinations a month, largelocalmarketaswellasgov- tion. However, a Bench led by Realty,had included the `750 tium had initiated insolvency CEO Martin seeing 25% wall-box charging legally valid explanation has which is more than 3 million a ernment protection to grow in Justice AM Khanwilkar, while croreintheirresolutionplans. proceedings against JILforfail- Schwenksaid. m-o-m growth facility. been provided by the Muru- day.So this is a scale challenge strengthbeforetheywentover- reserving its judgment on a The Supreme Court had in ingtorepaytotaldebtofaround Newcarsalesin in sales numbers “There is a gappafamilyastowhyherfam- which is unprecedented in our seas to acquire further scale. hugebatchofappealsandpeti- August transferred to itself all `24,000crore. the luxury seg- after lockdown growing number ily should be subordinated in history,”headded. India’s digital advertising in mentarealsocom- ofluxurycarown- this manner. “Given how the On the issue of pricing, 2019 stood at just `13,683 ing from those ers who want a Murugappa family has treated Nilekani said the government crore,according to a report by Jio designed to help countrylead 4th industrial who have shifted luxuryEV.Thereis ourfamilybranchoverthepast hastobeartheresponsibilityof theDentsuAegisNetwork. fromairtraffictoroadtraffic.On nooptionintheIndianmarket three years,we have no confi- vaccinating a large segment of The issue of fake news revolution,says RIL CMD MukeshAmbani certain routes such as Delhi- rightnowandwehavethefirst- dencethatoursubstantialstake thepopulationforfreethrough through social media,Nilekani JaipurorBengaluru-Chennaior mover advantage here. The in the family business will be programmes like the Ayush- said,had its origins in the fact New Delhi, October 8 catchupwiththeleadersbutto Mumbai-Pune, a lot of people green number plate,we think, safeguarded by them.Perhaps man Bharat,while the private that social media is treated like emergeasagloballeaderitself,” earlier used to take flights but will attract new customers,” most confounding to us is that sectorneedstotaketheonusof a platform – the village square HAVING MISSED MOST of the he said at TM Forum’s Digital now that entire traffic has Schwenksaid. the Murugappa family has vaccinating theiremployees as – where the owners have no first three industrial revolu- TransformationWorldSeries. moved to the roads.“There are The EQC is being launched attemptedtoprojecttheirstand well as family members. The legalliabilityforwhatisposted. tions, India has its chance to Thefourthindustrialrevolu- people doing those routes who in six cities in the first phase as principled and righteous,” vaccinationscanalsobemadea If, however, “like you guys”, lead the fourth one through a tion,hesaid,isdrivenbythecon- want safer and more luxurious (Delhi, Mumbai, Pune, Ben- Vallisaid. part of the corporate social thereisaprocessofholdingthe convergence of its IT prowess, vergence of digital and physical cars,and that is driving luxury galuru,Hyderabad and Chen- Under the Hindu Succes- responsibility so that compa- platform responsible, things ultra-high-speed internet con- technologiessuchasdigitalcon- car sales to an extent,”he said. nai), and will be launched in sion (Amendment) Act, 2005, nies can invest in such pro- couldlookdifferent. nectivity and affordable smart India missed the first two nectivity,cloud and edge-com- “We are seeing more and more othermetrocitieslater. devices, billionaire Mukesh industrial revolutions and the puting,IoTandsmartdevices,AI, customerswhowantto buy,for AmbanisaidonThursday. changesbroughtaboutbythem. robotics,blockchain,AR/VR and example, the E-Class, because TherichestIndianman,who During the third industrial rev- genomics.“And the three foun- theydon’twanttoflyonshorter heads the nation’s most valu- olution,whereITcametopromi- dationalrequirementsneededto routesthatcanbedoneonacar able company Reliance Indus- nence,India joined the race but participateinthisrevolutionare in3-5hours.” tries, said his group’s telecom still remained behind,trying to ultra-high-speed connectivity, On Thursday, Mercedes and digital unit Jio was con- catchupwiththeleaders. affordable smart devices and launched the EQC electric car, ceivedto providethekeyingre- “As we step into the fourth transformationaldigitalapps.Jio priced `99.3 lakh (ex-show- dientsneededtoleadthefourth industrialrevolution,Indiahas was conceived to enable this room).Thisprice,forthefirst50 industrialrevolution. the opportunity, not just to journey,”hesaid. —PTI units,includes theAC wall-box

ITC: Will focus on expanding dairy footprint in east in next fewyears FE BUREAU Bengal and Bihar,” Sanjay Sin- Kolkata, October 8 gal, chief operating officer, Dairy and Beverages, ITC, said ITC,WHICHFORAYEDintothe while launching Aashirvaad pouch milk category two years Svasti Select, a new milk vari- ago,will focus on expanding its ant,in Kolkata onThursday. range and footprint of fresh ITC’s pouch milk is available dairy products in eastern India only in Kolkata and 23 cities in inthenextfewyears. Bihar,whilegheeisavailableinsix The conglomerate produces states.Although the companyis fresh dairy products like pouch currentlyselling its milkshakes milk, pouch curd, paneer and onlyin the south,itwill be mak- lassi,gheeandmilkshakes. ingthemavailableinmanyofthe “For the pouch milk and bigmarkets. fresh dairy offerings, we will “In terms of market share in focusoneastIndiaforsuperior pouch milk,we have reached a business in the next few years. very comfortable [figure of] We would like to expand our 8-10% in Kolkata, and it is range and footprints in West growing,”hesaid. ''IMPORTANT''

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NMDC LIMITED (A Government of India Enterprises) Bailadila Iron Ore Mines, Bacheli Complex, Distt. Dantewada- 494 553 (CG) Tele: 07857-230079/230751, Fax: 07857-231253, +91-9406006585 E-mail: [email protected]; [email protected] [email protected] Corporate Identity Number : L 13100AP1958GO1001674 // GST Regn # 22AAACN7325A1Z5 NOTICE FOR INVITING TENDER Tender are invited for the following items for Bacheli Complex Post Bacheli- 494553 Dist. Dantewada (CG) as per details furnished in the Tender documents. Description of Item Display & Download Last Date/Time for Tender EMD (in Rs.) of Tender document submission of offer Fees in Rs. Open Tender Ref. No. NMDC/Bacheli/209/20-21/ET/517 Date 03.10.2020 (PI # 11C203 dt. 09.06.2020) Design, Manufacture, Supply, Supervision From 03.10.2020 to upto 23.10.2020 Rs. 5,900/- 75,000/- of Erection & Commissioning of 02 Nos. 23.10.2020 upto 10.30 AM (Rupees Five (Seventy Heavy Duty Double Deck Primary Thousand Five Vibrating Screen Circular/Elliptical Motion Nine Hundred) Thousand) (8’x20’) Complete with all accessories, (Non auxiliaries Mechanical & Electrical fittings Refundable) as per specification given in Tender required for Screening Plant 10& 11A Bacheli Complex Open Tender Ref. No. NMDC/Bacheli/206/20-21/ET/508 Date 27.09.2020 (PI # 11D544 & 11D582) Supply of Non Drive HT Pulleys & Drive upto 27.10.2020 Rs. 5,900/- From 01.10.2020 to (Rupees Five 2,00,000/- Pulleys (05 items) required for Conveyor 27.10.2020 upto 12.00 PM Thousand (Two Lakh) 28 & 29 at Down Hills & Screening Plant Nine Hundred) 10& 11A Bacheli Complex. (Non Refundable) The detailed information of the tenders can be obtained from our website http://www.nmdc.co.in under Tender section, Central Public Procurement (CPP) portal www.eprocure.gov.in: and MSTC portal http://www.mstcecommerce.com/ eprochome/nmdc/buyer login.jsp. Bidder may submit their offer through ON-LINE Tender only. THE PROSPECTIVE BIDDERS SHOULD DOWNLOAD THE TENDER DOCUMENTS AND SUBMIT THE ONLINE OFFER THROUGH MSTC PORTAL ONLY WITHIN THE DUE DATE AS MENTIONED ABOVE. Note: Any addendum/corrigendum/bid clarifications/time extension shall be issued on the above said websites only & will not be published separate. Prospective bidders should visit the above websites from time to time to note the corrigendum, if any. Contact for further query on 07857-230751, 94060 06585 Dy. General Manager (Materials)

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Prime minister of India Narendra Modi

India’s Covid-19 fight is people driven and gets great ❝strength from our Covid warriors. Our collective ❝ efforts have helped saved many lives.Wehave to continue the momentum and protect our citizens OpinionFRIDAY, OCTOBER 9, 2020

Gas ‘reforms’ show just how ● THROUGH THE LOOKING GLASS AS STATES ISSUE MORE DEBT,FINDING SUBSCRIBERS FORTHE ISSUEWILLREQUIRE EXPANDINGTHE twisted Indian policy is CURRENTPOOLOFINVESTORSAND MAKINGTHE INVESTMENTMORE LUCRATIVE Only babus could argue ‘pricing’ & ‘marketing’ freedom were distinct, and even now this doesn’t apply to everyone Finding investors ETROLEUMMINISTERDHARMENDRAPradhanwashappytoannouncethe ‘natural gas marketing reforms’that the Cabinet Committee on Economic Affairs cleared on Wednesday,but,more than anything else,this just rein- P forces how twisted India’s policies are,how reforms are mostly made in a for state debt piecemeal manner; that,of course,is the main reasonwhytheydon’t deliveras much ashoped.Indeed,evenafterWednesday’sreforms,over70%ofIndia’snaturalgaspro- duction doesn’t get the benefit of the new marketing freedom given.The reason for HILETHEREHAVE trillion,while others (mutual funds, notfreeinguppricesofallnaturalgas,asinthepast,isthatifgaspricesrise,sowillthe been many delib- cooperative banks, foreign investors, costs of fertiliser and electricity; but unless existing producers like ONGC are able to erations in these retail, corporate, state governments, earnmorefromthegastheyproduce,howaretheygoingtogettheresourcestoinvest pagesonthegrow- AKHILESH etc) held a collective `15.4 trillion. in exploring/extracting more gas? And until that happens, the bulk of India’s gas ing amount of Since FIs and RBI don’t hold state needs—right now,this is around 60%—will continue to be met through imports that Wdebt that the various tiers of the gov- TILOTIA paper, the large increase in state out- costmorethanlocallyproducedgas. ernment (Centre and the states) will standing was picked up by four main Author is withAxis Bank Whatreallytakesthecake,ofcourse,isthedistinctionbetweenwhatiscalled‘pric- havetoraise,littlediscussionhasgone Views are personal participants: insurance companies ing’and‘marketing’freedom.For those not well versed in bureaucratese,both mean into who they will raise funds from. It (`7.1 trillion), scheduled commercial thesamething;thatfirmsproducingnaturalgasarefreetoselltheiroutputatthemar- is left to the all-encompassing term: banks (`6.1 trillion), provident funds ket price.Apparently not, since India has four or five types of prices.There are the ‘market borrowing’.We deep-dive to row only domestically: their total out- ing rose by `22 trillion, more than (`5.7 trillion), and cooperative banks ‘domestic price guidelines’—this used to be called Administered Price Mechanism see who constitutes this market and standing is `52.5 trillion.Between the tripling their outstanding securities (`1.1trillion).Theseparticipantspicked (APM) earlier—and gas produced under this is sold at $1.79 per mmBtu; the costs of what policyimplications arise. Centre and the states,hence,the total sinceFY14(seegraphic). upatotalof`20trillion(oraround90% EverySeptember,theReserveBankof domestic liabilities are `150 trillion. of the increased outstanding).It is per- production,though,are significantly higher.Since keeping gas prices low dissuaded One man’s debt is another’s newinvestment,in2016,thegovernmentraisedthepricesbutonlyfornewdiscover- India (RBI) releases a treasure trove of These liabilities also include ‘reserve tinenttonotethatallincreaseinsched- data:HandbookofStatisticsontheIndian funds’,‘depositsandadvances’,and‘con- investment uled commercial banks holdings came ies and that too,for gas produced in the deep or ultra-deep waters or high-tempera- Economy.While there are manyaspects tingency fund’ of the Centre and the Holding on to a security issued by from nationalised banks and regional ture-high-pressureareas;ifthegaswasproducedonshore,itdidn’tgetthehigherprice. of interest in this data release,we will stategovernments.Thisputsaggregate a national or a sub-national govern- ruralbanks;privatebankswerenetsell- In addition, there are imported prices that are around $5-7 per mmBtu.And after specificallyfocusontables113and114. domesticliabilitiesofthegovernments ment is assumed, both in theory and ers(seegraphic). Wednesday’sreforms,therewillbeapriceforgasthatis,forinstance,foundonshoreor The former details the“Combined Lia- combinedat~75%ofGDP. almost always in practice, to be risk- inrelativelyshallowwaters;thispricewillbemarket-determined. bilities of Central and State Govern- Table114givesabreak-upofowner- free. In most cases, there is a specific Finding investors Inthepast,whileproducerslikeCairnIndiahad‘pricing’freedom,theydidnothave ments”,and the latter,“Ownership of shipof`102.9trillionofsecuritiesissued legal or regulatory requirement for As Covid-19 reduces tax revenues ‘marketing’freedom!Thismeanta Cairncouldgoto,say,an IOCoraTataPower—this Central and State Government Securi- by governments as at the end of FY20: key market participants to hold on to and stimulus increases government distinctionbetween‘pricing’and‘marketing’freedomappliestocrudeoilaswell—and ties”.These annual data releases of RBI Central government securities out- government securities.This takes the expenditure,increasedborrowingsare sayitwantedthemarketpriceforitsnaturalgas,say$6-7permmBtu.ButsinceCairn are compiled in the Database on Indian standing were `64.9 trillion,treasury form of a statutory liquidity ratio a natural corollary.Demand for funds wasnotallowedtoselltoanyone—Wednesday’sreformsallowthisfornaturalgas,not Economy (DBIE),which has data going bills amounted to `5.4 trillion,and the (SLR) for banks and cooperative will be sudden and large, thereby, forcrudeoil—IOCorTataPowerwouldmostlikelyturnitdownanddecidewhatprice backmanydecades. state governments had `32.6 trillion of banks, and prudential guidelines for potentially disturbing a natural equi- itwould pay.Indeed,a report from the government’s Petroleum Pricing andAnalysis Whilethereissignificantuncertainty securities.Totaloutstandingsecuritiesof insurance companies, provident librium and an orderly clearing of the Cell (PPAC) had pointed out that ONGC could earn $10 more perbarrel if it could sell ontheshocktoGDPinFY21(andapos- the various governments hence funds,etc.Note that foreign investors market. To ensure that demand for itscrudetorefineriesthatweremoresophisticatedthanthoseofthePSUstowhomit sible fast rebound in FY22—with some amountsto~51%ofGDP. and RBI invest onlyin central govern- fundsmeetssupply,participationfrom suppliestoday.InthecaseofCairnIndia,having‘pricing’butnot‘marketing’freedom estimates looking at a 19% nominal The market for government debt ment securities and practically don’t market participants will need to has meant it has to sell its crude at a lower price to not just PSUs,but even to private growth),for the sake of simplicity,it is has changed markedly.As at the end of own any state government paper. increase,and the pool has towiden. sectorrefinerslikeRelianceIndustries. useful to keep the FY20 estimated GDP FY14, outstanding securities totalled Government’s debt stock is sub- Participation from keyparticipants Apartfromthefactthatthe‘marketing’freedomhasnotbeenextendedtocrudeoil— inmind:~`200trillion.Thiswillhelpus `51.1trillion,orhalfthecurrentnum- scribed to by a wide variety of market can increase if they get start to get andtoexistingnaturalgasproduction—anotherpolicythatmakeslittlesenseisthe20% putthedebtnumbersinperspective. ber.Thiscomprised`37.2trillion(Cen- participants.Keyholders of the overall higher underlying flows: more insur- Table 113, in the latest release, tre),`3.4trillion(treasuries),and`10.6 `102.9 trillion of debt,as at the end of ance premia are collected, deposit advaloremcessappliedoncrudeoil.ThelatestCAGreporttalksofhowthegovernment informsusthatthetotalliabilitiesofthe trillion (states) respectively.Growth in FY20, were scheduled commercial growthremainsstrong,employeessave hascollected`1.2lakhcroreundertheOilIndustryDevelopmentBoardcesssofar,but Centre,at the end of FY20,is estimated outstanding securities has been banks (`40.4 trillion),insurance com- more,etc.Bankshaveseenhighdeposit noneofthishasbeenusedforthedevelopmentofthesector.IfprimeministerModireally tobe`102.6trillion(outofwhich`97.5 uneven: Centre’s outstanding went up panies (`27 trillion), provident funds growth; however, insurance premia wantsIndia’spetroleumimportstofallfrom77%inFY14to67%inFY22—ithasrisen trillion is owed domestically and only by `27.7 trillion and treasury only `2 (`10.3 trillion) and RBI (`9.8 trillion). haveincreasedmoreinprotectionplans inthelastsixyearsthankstounfriendlygovernmentpolicy—heneedstoensurethesec- `5.1 trillion is foreign).The states bor- trillion; however,the states’outstand- Betweentheseentities,theyheld`87.5 (like term covers),and there have been tor is completely freed instead of today’s piecemeal changes,and that includes a sub- job losses leading to withdrawal from stantialreductioninthegovernmentleviesonthesector. pension funds. In order to generate Outstanding debt Insurance, pension funds and nationalised banks yield in a falling interest rate environ- securities have doubled; have picked up state paper ment and to get higher expected returns,insurancecompaniesandpen- overall tripled for states Debt securities outstanding, March fiscal year-ends, 2014-20 (` trillion) Bigwin amid testing times sion funds are also turning to equity Debt securities outstanding, Centre States markets. Regulatory requirements do The chemistry Nobel this year is significant for a host of reasons March fiscal year-ends, 2014-20 not specifically require the holding of 2014 2020 Change 2014 2020 Change (` trillion) stategovernmentpaper—asmoresup- MMANUELLE CHARPENTIER AND JenniferDoudna’s chemistryNobelwin Scheduled Commercial Banks 16.5 25.8 9.3 5.3 11.4 6.1 plycomes from there,regulations may Centre Treasuries State Total emergetospecifysuchholding. fortheinventionoftheCrisprCas9—thegene-editingtoolthathasopenedup —ofwhich, nationalised incl SBI 8.8 12.7 3.9 4.1 9.8 5.7 aworld ofwondrous potential and moral landmines—is significant formany 2014 37.2 3.4 10.6 51.2 Increasing pool of participantswill reasons.Themostobvious,yetbynomeanstrifle,isthefactthatCharpentierand Insurance companies 7.3 16.3 9.0 3.2 10.3 7.1 meanmakingthemarketmoreattrac- E 2020 64.9 5.0 32.6 102.5 DoudnaareonlythesixthandtheseventhwomenchemistryNobelhonorees(notinthat Provident Funds 2.7 3.1 0.4 1.6 7.3 5.7 tiveorrelaxingentrynorms.Reduction order,givenitisajointaward)inalistof184sofar.TheNobelcommittee’slessthanper- in (or elimination of) taxes on interest RBI 6.0 9.8 3.8--- fectrecordofrecognisingwomen’scontributiontoscienceneedscorrection,andthiswin, or on capital gains of such securities, Increase 27.7 1.6 22.0 51.3 withouttakingawayfromtheseminalnatureofthehonorees’work,isastepforward. Others 4.8 9.9 5.1 0.5 3.7 3.2 allowing participation by FIs or alter- Beyondthat,theinventionofCrisprCas9isaturningpointinthehistoryofscience; Increase % 74.5 47.1 207.5 100.2 nate investment funds (AIFs),creating Total 37.2 64.9 27.7 10.6 32.7 22.0 ETF-structures for state government itvestsinhumansthepowerovertheirgeneticfutureinwaysthatcan’tperhapsbefully debt with market-makers to offer liq- imagined at present.Tobe sure,gene-editingwas possible even before the invention of Source: RBI uidity,etc,can be considered. CrisprCas9,butitwasincrediblycomplicated,high-cost,withalargeroomforerrors.With CrisprCas9,gene-editinghasbecomemoreaccurateandrelativelyeasierandcheaper.It hasarangeofusecases—theprimarybeingcontrolofgeneticdiseasesanddisorders.It hasalreadybeenharnessedagainstsickle-cellanaemiaandcertaincancers.Thepromise LETTERS TO forthetreatmentofahostofgeneticdiseases—fromcysticfibrosistocongenitalblind- nessorgene-linkeddementia—andinthelongrun,theirelimination,isaparadigmshift Taking stock of inflation targeting THE EDITOR forhumanhealthintheleagueofthediscoveryofvaccinationandpenicillin. Theinvention,though,isparticularlynoteworthyinthecontextoftheCovid-19pan- While inflation has been record-low since the Chemistry Nobel demic.Crispr,whichisaprimordialimmunesystemthatprokaryotesevolvedinresponse toviralattacksoverbillionsofyears,isnowbeingsteeredbyresearcherstodetectandbat- inflation targeting framework was introduced, SHEKHAR TOMAR Emmanuelle Charpentier and tle thevirus.TheUS became thefirst countryto approve Crispr-based testingforSARS- RBI alone cannot be credited for it Assistant professor of Economics, ISB. Views are personal Jennifer Doudna were awarded the CoV-2inMaythisyear—thediagnostickitwasbasedontheapproachdescribedbyCrispr Nobel Prize for Chemistry 2020 for researcherGengZhang.Eversince,manycountrieshavejoinedthebandwagon,includ- developing the CRISPR (clustered ingIndia,withthediagnostickitdevelopedbytheCSIR-InstituteofGenomicsandInte- THISWEEK,THE government the latter involves public announce- markets do not respond anydifferently regularly interspaced short grative Biologythat received regulatoryapproval last month and is being produced for appointedanewsetofexternalmembers mentsbythecentralbankonitsdecision, toRBI announcementsintheITperiod. palindromic repeats) method of commercialdeploymentbytheTataGroup.Crispr-basedtestingwillbeaquantumleap, to the Monetary Policy Committee thevoting on rate decisions bythe MPC Thebondmarketsusedtoreactmildlyto editing or “genetic scissors”.We must be glad that science is sinceitmirrorstheRT-PCR’shigh accuracyofdetection,evenasit ismuchcheaperand (MPC) of RBI. It gives us an excellent members,andpublicreleaseofthemin- surprise announcements by RBI.They opportunitytoanalyseMPC’sfunction- utesofthemeeting. continuetodosointhelatterperiod,but ceasing to be a male preserve. hasaturnaroundtimethatisafractionofthegeneticmaterialamplification-basedtest- ing and its future. India is one of the Thereisawidearrayofchangesthat the magnitude of response has not “Genetic scissors” is a ing(likeRT-PCR).CrisprrecognisesspecificDNAsequenceswithinagene,whileCaspro- majorcountriestojumpontheinflation gowhenacountryswitchestoIT.How- changed. The stock markets remain groundbreaking piece of teinscanbeguidedtosnipthegeneataparticularpoint.WhileotherCrispr-basedtest- targetingbandwagonamongtheemerg- ever,theultimategoalofallofthemisto docileinallperiods. technology that has revolutionised ing use Cas12 and Cas13 proteins,India’s strip-based‘Feluda’kit uses Cas9.The Crispr ingmarketeconomies.Asformallegisla- convince the public about a central Given that the stock market is rea- the life sciences. It can be used to sequence is coded to recogniseviral genetic material in a patient sample,and the Cas9 tion,Parliamentpassedtheinflationtar- bank’s seriousness in upholding the sonablydeep in India,its non-response make specific and precise changes proteinsnipstheRNArecognisedbyCrispr.Thekit’sdiagnosticstripusesflowdetection— geting(IT)frameworkinFebruary2015. inflation target. One of the key out- toRBImonetarypolicyannouncements to the DNA contained in living whereonefilterstopsuncutRNAifthereisnovirusandanotherstopsthesnippedRNA TheideabehindITissimple.Acentral comes underITthat determines a cen- is surprising. Therefore, we check if cells, it can be productively if the virus is present in the sample.Given it needs neither the expensive reagents of bank commits to keeping inflation tral bank’s performance is its control Indian markets are immune to the harnessed in biomedical research, RT-PCRnoritsspecificlabrequirements,itisidealforfieldtestingwithresultsinunder belowa certain threshold and use every over inflation.In India’s case,inflation announcements by the US Federal clinical medicine, livestock and halfanhour.NoneofthiswouldhavebeenpossiblewithoutCharpentierandDoudna. arrowin its quiver(usuallythere is only reducedfromahighofmorethan10% Reserve(Fed).And,theanswerisno.Con- agriculture. It holds out the one arrow-the interest rate) to achieve before 2014 to a more comfortable sequently,it is fair to conclude that the prospect of curing inherited thisobjectivewhilemaintaininggrowth. valueafterIT.However,givingtheentire Indian markets do not draw growth- diseases. CRISPR is being used to However,thechangealsoinvolvesamore credit of such reduction to the central related information only in the case of make simple diagnostics tests for systematic MPC meeting schedule and bank is usually tricky. First, countries RBIannouncements.Thisbearsoutfrom Covid-19. It astonishes us that it is SecuringTIES communication by the central bank to with very high levels of inflation (say the textual analysis of RBI policy state- even used to explore the explaintherationalebehinditsdecision- India before 2014) are more likely to ments as well.We find that RBI’s focus possibility of ‘bringing species India does well to formalise collaboration with Japan on making. The former involves holding adopt IT, and are, therefore, serious increased on inflation topics while on back from extinction’. It is true that cybersecurity; need such ties to take on China meetingsonpre-announceddateswhile about bringing it down. Maybe these growthtopics,itdeclinedmarginally(see the highly sophisticated CRISPR countries would have decreased infla- graphic). Unsurprisingly, IT did not Cas9 technology can be an ethical tionevenwithoutanexplicitITregime. improve the information that RBI pro- minefield; for instance, there is a IVEN HOWTHE Covid-19 pandemic has leapfrogged theworld’s reliance A look at RBI's Second,foodproductsformalargepart vides to the markets on growth. This moral dilemma about whether to ondigitaltechnologies,theUniongovernmentsigningamemorandumof policy announcements of the consumer basket for countries result would appear unsurprising to use it to correct genetic defects in cooperationwithregardstocybersecuritywiththeJapanesegovernmentis Topic importance (y-axis) like India.A stagnation in global/local those who have discussed the presence human embryos and a genuine G a welcome step.Under the agreement,the two countries will jointlywork 1.00 foodpricesisonceagaingoingtoreflect of fiscal dominance in India and the apprehension that it could be used towards developing mechanisms to countercyber-threats.The Indian Express reported in low inflation, though without any resultinginsignificanceofmonetarypol- to create ‘designer babies’.The Inflation thatarecentcyberattackonMitsubushiElectricmayhavecausedtheleakageofimpor- interventionbythecentralbank. icyonmattersrelatedtogrowth. passing of edited genes from tant details regarding a high-speed gliding missile under development.India,too,has 0.75 Wesidestep thisproblembylooking So,where does it leave us with this generation to generation will result faced cyber-attacks in recentyears on critical infrastructure.Forinstance,afterits face- atbondandstockmarkets’performance experiment? The results seem like a in alterations in the genetic make- offwith China,hackers based in that countryhave attempted over40,000 attacks.Not after the monetary policy announce- mixed bag.While inflation has been up of the human population with Growth onlythis,therecentZhenhuaDatacaseunderscoresthehighstakesindigitalcovertops. 0.50 ments.IfRBI’smonetarypolicyisthesole record-low since IT, RBI alone cannot unforeseen consequences. It is The agreement between India and Japan aims at cooperation in capacitybuilding, reason for the decline in inflation,then be credited forit.At the same time,the said that science is morally neutral. R&D,cybersecurityandresilienceintheareasofcriticalinformationinfrastructure,Inter- policy announcements should have markets do not seem to draw much It is up to us to use it sagaciously 0.25 netofThings,5G,andAI.Withthewarbeingfoughtondigitalfronts,andanever-increas- become more consequential for the information from RBI announce- and for good. Whether we use it as ingthreatfromChina,anIndo-Pacificalliancetocurbtheriseofsuchthreatsisamust, future direction of the economy.In my ments. Our work raises questions on a boon or misuse it as a bane is in co-authoredpaperwithSatadruDasand whatcentralbankcommunicationcan our hands. along with the ban on Chinese apps.India has also signed an agreementwith the gov- 0.00 ernment of Israel to extend collaboration in dealingwith cyber-threats amid the pan- Jan 2011 Jan 2020 Jay Surti,Does Inflation Targeting Help achieve in an emerging market econ- —GDavid Milton, Maruthancode demic.Indianeedstoexpanditsalliancesinthedigitalfrontierwithlike-mindedcoun- Source: Author’s calculation InformationTransmission?We evaluate omy set up like India,which leaves the ● triesifitistotakeonthedragoninthevirtualworld. this question empirically.We find that debatewide-open on IT. Write to us at [email protected]

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pany used its data advantage to create superiormarket intelligence to identify nascent competitive threats and then Aquantum acquire,copy,or kill these firms. ■ Publicly, Amazon describes third- party sellers as “partners.”But internal documents show that, behind closed edge for India doors,the company refers to them as “internal competitors.”Amazon’s dual PRITHWIS DE role as an operator of its marketplace that hosts third-party sellers, and a & ANIL K KANUNGO sellerin that same marketplace,creates De is a London-based artificial intelligence researcher, an inherent conflict of interest. and Kanungo is professor, LBSIM, Delhi ■ Documents showthat Google used its search monopoly to misappropriate India’s investment in developing content from third parties and to boost Google’s own inferiorvertical offerings, quantum computing and applications while imposing search penalties to will reap rich dividends in the future demote third-party vertical providers. … Numerous market participants analogized Google to a gatekeeper that CONOMIESARE,oflate,realisingthepotential- is extorting users for access to its criti- ityandsignificanceofquantumcomputing(QC) cal distribution channel.… especially in the event of uncertainty such as ■ Internal Apple communications global climate change,global financial crisis, reviewed by Subcommittee staff indi- cyber frauds, and, more importantly, the out- cate that Apple has leveraged its power Ebreak of Covid-19.Google et al have invested billions. over the App Store to require develop- TheIndiangovernment,awareofitsusefulness,hasallo- ers to implement IAP [in-app pur- cated `8,000 crore in the FY21 budget,to be spent overthe chases] or risk being thrown out of the next five years on the National Mission on Quantum Tech- App Store.Then-Apple CEO Steve Jobs nologies andApplication. once explained, “there will be some Therefore,theimmediatequestionis,canQCreallyhan- roadkill because of it.I don’t feel guilty dle problems as envisioned,more so,in the light of Covid- ….” 19?QCcanaccomplishtasksatapaceimpossiblefortradi- ■ Courts and enforcers have found the tional computers. In classical computing, information dominant platforms to engage in storedinbitsacceptsthediscretevaluesofeither0or1.For recidivism, repeatedly violating laws example, if storing a particular number requires 64 bits, and court orders.This pattern of behav- then 100 numbers will occupy 64*100=6,400 bits, ior raises questions about whether whereas,in QC,the information is stored in quantum bits these firms view themselves as above (or qubits).Aqubit,can represent 0 and 1 parallellyor exist the law,orwhether they simply treat somewhere in between,enabling larger storage and much lawbreaking as a cost of business. fastercalculation. Et cetera. QCderivesfromtheprinciplesofquantummechanics.It The list of tough-minded remedies can solve multiple problems simultaneously and produce suggested bythe subcommittee is both numerous scenarios within a fraction of time. It can also astonishing—in the sense that they coordinate computers that are physically away from each haven’t been part of the discussion in other,andthus,theireffectscanbeappliedinmultiplegeo- decades—and unsurprising, given that graphies irrespective of theirlocation. ILLUSTRATION: ROHNIT PHORE lesser penalties have proved again and At present,drug discoveryand design are making head- again to be meaningless to these com- lines because of the Covid-19 pandemic. Traditionally, panies.The subcommittee wants legis- pharmacompaniestakeabout10-15yearsfordrugdiscov- power.Thiswas made abundantlyclear lation that would prevent a platform ery and innovation, leading to large expenses. Currently, on Tuesday, when the antitrust sub- giant from competing with companies some of the pharma and life sciences companies are trying JOE committee of the House JudiciaryCom- that depend on it for their lifeblood. It hardtodiscoveravaccineforCovid-19withinashortdura- mittee released a449-page report exco- wants to establish“bright lines”to halt tionoftime.Withintheentireprocess,duringthediscovery NOCERA riating the four companies forwhat it mergers that would give one company phase,the pharma companies need to take into considera- described as continuing and systematic excessive market share. It wants to tion several permutations and Bloomberg abuses of their monopoly power.And it modernize the antitrust laws to make it combinationsofmoleculesand laid out recommendations that would easier to show that a tech company is a other factors, match and com- limit theirpower,force them out of cer- monopoly.Andyes,it does envision the QC has immense pare molecules and extract tain lines of business and possiblyeven possibility of breaking up a platform potential for drug information at a much deeper break up several of them. company that takes advantages of its discovery and level,whichiscomputationally The report is the culmination of a monopoly to eliminate competition. very intensive. These life sci- long investigation by the subcommit- Bloomberg News compared this pro- pharma innovation, ences companies need to run Big Tech now something that is a tee. It began when Representative posal to the Bank Holding CompanyAct numerous chemical formula- David Cicilline of Rhode Island became of 1956 that “barred large banks from dire need for all at tionandbiologicalprocessesto chairman after the 2018 elections acquiring insurers, real estate firms, the moment discover a drug.QC can make turned the House over to the Democ- and other nonbanking companies.” the entire process faster, cost- rats.Cicilline,an antitrust newbiewhen Let me repeat, however: This report effective and enable pharma has reason he first joined the subcommittee in is a Democratic effort.It lays out the companies to get medicines to 2016,spent his first twoyears learning antitrust agenda the partywill attempt people more swiftly and effectively for a wide range of dis- both about the government’s inability to put in place should it assume control easesandconditions.QChasthepotentialtosolvetheprob- to curb BigTech’s monopolyabuses—as of the White House and Congress in lemsthroughquantum-basedoptimisationalongwithArti- well as the monopoly abuses that January. It was written by Democratic ficial Intelligence (AI). Besides, QC has the capability to to fear a needed to be curbed. staff members,and Cicilline and Jerrold scale-up production scheduling in manufacturing a drug. The investigation Cicilline led dove Nadler,the chairman of the full Judi- To identifythe optimal outcome,QC can run multiple sim- deeplyinto both those areas.The report ciary Committee,signed off on it. ulationsatthesametime.Moreover,thequantum-inspired notes, for instance, that “of Facebook’s The Republicans on the subcommit- optimisation algorithm can help improve the efficiency of nearly 100 acquisitions, the Federal tee have been less than enthusiastic in the supply chain by determining the number of carriers, Democratic TradeCommissionengagedinanexten- their response to it. Jim Jordan, the typesofcarriers,sizeofcarriers,warehousesordistribution sive investigation of just one acquisi- ranking Republican on the House Judi- centres to load items, their quantities, timing, frequency, tion: Facebook’s purchase of Instagram ciaryCommittee,said the report“advo- unloading strategy,and so on. in 2012.”It describes the repeated fail- cates radical proposals that would QC can be implemented in many exciting applications ure of the antitrust cops at the justice refashion antitrust law in the vision of such as running simulations of future states, large-scale victory department to stop mergerswhose sole the far left.”Another Republican com- optimisationofprocessesinbusinessesandindustries,DNA purpose was to stifle competition.And mittee member, Ken Buck, told andotherformsofmolecularmodelling,extensivedatabase it points out that Congress has largely Bloomberg News that although he access,encryptionandinformationsecurity,stressanalysis Silicon Valley and the Democrats have largely abandoned its role in overseeing agreeswithmost of thereport,he found for mechanical systems, financial portfolio optimisation, been simpatico.Antitrust policy threatens to antitrust policy, ceding it to the courts some of its suggested remedies,such as detection of fraudulent transaction, amongst others. and the regulators, which have taken a forcing platform companies to shed Researchers have analysed extensions of game theory disrupt that relationship laissez-faire view of consolidation and businesses,a bridge too far. through QC in detail as well. It can help in quicker knowl- what constitutes monopoly power. Which brings me back to where I edgereasoningthroughquantumparallelismincommuni- The heart of the report is an exten- started.IfTrumpwins reelection,orthe cationsystemsforbettercoordinationandsynchronisation. sive listing of theways the fourbig tech Republicans manage to hold onto the Itmayevenbeequippedtooffermoreaccurateandreal-time companies have used theirmonopolies Senate,the tough antitrust policy envi- weatherforecast! to suppress competition and force sionedbythisreportwilldieonthevine. Anothersignificant potential contribution of QCwould ILICON VALLEY HAS long tion. If Joe Biden wins the presidency— smaller companies to play by their ButifthisturnsouttobetheDemoc- befromasustainabilityperspective.Itwilllikelyevolvetobe been in the camp of the and the Democrats take the Senate—it rules.In truth,there is very little in this rats’year,asseemsincreasinglylikely,all tremendouslyenergyefficient. Democrats—a place where is going to be lights out for Big Tech. part of the report that will be new to the lobbyists in Washington aren’t While QC is still in its early stages and currently limited candidates could reliably Not literally of course. But the anyone who has been paying attention goingtobeabletopreventtheserecom- within the labs of the big tech companies, higher capacity raise lots of money, deliver antitrust sword that has been hanging these past fewyears.But the language mendationsfrombecominglaw.ForBig andquickercomputationwillchangethewayweprocessand keSynotesattechnologyconferencesand over the four tech monopolies—Apple is unusually blunt for a congressional Tech,the partywill finally be over. analysedatatoday.Researchersfrombothbusinessandaca- pickthebrainsofthetecheliteoverdin- Inc,Facebook Inc,Amazon.com Inc and report,and the details are damning: demic world are eagerly waiting for the quantum leap and ner.Thisyear,however,themostpower- Alphabet Inc’s Google—is far more ■ Facebook has also maintained its This column does not necessarily transformation. ful of those executives should probably likely to drop if the Democrats are in monopolythrough a series of anticom- reflect the opinion of the editorial board be rooting for Donald Trump’s reelec- charge than if the Republicans retain petitive business practices.The com- or Bloomberg LP and its owners

NHISKEY note address at RAISE faceforMoney(BHIM),whichareutilising 2020,ProfessorRajReddy,oneofthe AI to empower people by inviting them to most accomplished artificial intelli- participateinIndia’sdigitaleconomy.Con- gence (AI) thinkers of all times, AI:Agame-changer sequently,Indiahasemergedastheworld’s explained howAI can empowerpeo- fastest growing digital payments market. Ipleatthebottomofthepyramid.Withvoice- AIsolutionsdevelopedinIndiaarecapable over-internet and assistants like Siri,Alexa of helping solve problems for the world. andGoogleAssistantbecomingavailablein for financial inclusion Indian companies who invest in and vernacular languages,millions will be able develop these solutions will have a huge to access online education,digital libraries, potentialforgrowth. healthcare, agri-services, e-commerce, It can improve banks’ability to ABHISHEK OneexampleofIndia’ssuccessindevel- entertainment and, most importantly, opingcutting-edgeAI-powereddigitalplat- financialservices.ProfessorReddyestimates screen for credit-worthiness while SINGH formsforfinancialinclusionisthatIndiais thisaccesstopotentiallycontributeatrillion tailoring products to the needs of mulling exporting low-cost digital pay- dollarsannuallytotheIndianeconomy.The President & CEO, NeGD, CEO mentssolutionslikeUPItoothercountries. challenge now is to get there and ensure those at the bottom of the pyramid MyGov, MD & CEO, Digital India Trustisofkeyvalueinthefinancialsec- transformationofthispotentialintoreality. Corporation, Government of India tor. With its rules-based financial infra- Financialinclusionhasremainedachal- structure,proven track-record of compli- lenge for India, even though Jan-Dhan learning algorithms to detect financial people through messaging apps and are rithms to assess the credit worthiness of openingupnewrevenuestreams. ance and experience of running accountshaveensuredtheprovisionofbasic frauds,assess credit worthiness and help educating them about their financial startups,MSMEs and emerging tech com- India,whichhasroomforfinancialinclu- cost-effectivedigitalfinancialtools,Indiais banking services to the poor. Aadhaar- banks offer qualityadvice to customers.AI health.AI-enabledchatbotsareanswering panies is huge. Many entrepreneurs and sion as also a large middle class,is a great a trustworthypartnerof theworld and can enabledDBThasalsonotonlypluggedleak- can also help improve customer service, queries 24X7 and helping people under- tech companies are adopting disruptive market forAI in financial services.As the becomeitsAIgarage,developingAI-backed ages but also ensured timely benefits and sales,andretentioneffortsofbanks. stand how things work.Once this is made approachestocreatevaluebyleveragingthe world’s third largest startup hub, Indian financialsolutionsfortheeverycountry. access to cash,especially in the COVID-19 Independent estimates see AI adding possiblein allIndianlanguages,andhope- availabledata,andmakingproductsandser- companiesareinnovatingwithAItodesign India’s underlying mantra in develop- pandemic.All these initiatives need to be $1.2trillioninvaluetothefinancialindus- fully with a voice interface, it will make vicesthathavehugepotential.Manyofthese customisedsolutionsfortheIndianmarket. ing AI is encapsulated in #AIForAll. It scaleduptoprovidemorefinancialservices tryby2035.AIhasgrowninsignificancein financial services even more accessible to needaccesstocreditintheirinitialyears.The ThepotentialinIndiaishugegiventhefact wants to develop AI bottom-up, to drive to the poor,farmers and the self-employed financeprimarilyduetogenerationofmas- all.So,a farmerin rural Nagaland ora fish- bigquestionthenis:Howdobanksupgrade thatnotonlydowehavearound700million financial inclusion and social empower- byenablingeasyaccesstocreditandensur- siveamountsofdataandlowcostofstoring erman in Kerala can get to knowabout the their capabilities to assess the potential of internetusersbutalsoanother600million ment.Its AI strategy is firmly rooted in ingthatagricultureactivitiesaresupported and accessing such data, coupled with creditinstrumentsabankoffersandmake these entrepreneurs? This will require potential internet users who will be on encouraging creation of ResponsibleAI. andbusinessesarefundedtohelpaddvalue improvement in computing power and a conscious call about which loan to take. bankers to reorient the way they assess boarded over the next 3-5 years.With the India’s vision forAI is powered by a andcreatejobs. reductioninthecostofcomputing. Bankscanalsoaccessdataonfarmyieldsor potential businesses and credit risk, for expansion of fibre-based internet to strong desire for ensuring social With the push for increasing farmers’ InIndia,wheremanypeopledonothave marketprices,assessthefinancialhealthof which they need to understand how tech- 600,000villages over the next threeyears, empowerment. Technology and AI- accesstofinancialservices,banksandfinan- access to brick-and-mortar banks in their acustomerandthecreditriskwithouthav- nologyworksandhowvalueiscreated.This the potential of tech-enabled financial ser- enabled financial services are both a cialinstitutionshavetobewaryoffinancial neighbourhood,AI-enabledtoolsarefacili- ingtophysicallymeether. change,backedbyalgorithm-basedanalysis vicesinBharatiswaitingtobeunleashed. strength and opportunity for India to fraudsandmustbeequippedtoconductfair tating branchless banking,reducing costs AI being rapidly scalable makes it suit- ofcontractsandbusinessmodels,cantrans- Indiahasabaseoflargeandinnovative not only ensure financial inclusion in credit assessments. AI-based tools can for banks and making financial services abletotheneedsofthefinancialworld.The form access to financial services for tech public digital platforms such as Unified India but also provide financial tools enable all this by using data and machine accessible.Banks are communicatingwith potentialofusingdataanalyticsandAIalgo- startups and will,in turn benefit banks by PaymentsInterface(UPI)andBharatInter- and services to the world.

Pune 10 FINANCIAL EXPRESS WWW.FINANCIALEXPRESS.COM INNER BEAUTY Salma Hayek, Hollywood actress @salmahayek When I want to connect with my inner International beauty, I start my meditation focusing on the goddess Lakshmi. FRIDAY, OCTOBER 9, 2020 ● COVID-19 VS TRUMP Trump vows not to participate Trump calls his illness in virtual debate with Biden “ ASSOCIATED PRESS Biden said he was looking “shouldn’thaveadebate”aslongasthepres- Washington, October 8 forward to being able to debate identremainsCovidpositive. ‘a blessing from god’ him” but said“we’re going BidentoldreportersinPennsylvaniathat PRESIDENT DONALD TRUMP vowed to have to follow very he was “looking forward to being able to NEWYORK TIMES oftheyear,andthemedicationisexpectedto Thursday not to participate in next week’s strict guidelines” debatehim”butsaid“we’regoingtohaveto October 8 beprovidedtoAmericansforfree. debatewithDemocraticnomineeJoeBiden followverystrictguidelines.” “IthinkthiswasablessingfromGodthat afterorganisersannouncedthatitwilltake Trump fell ill with the virus lastThurs- PRESIDENTTRUMPCLAIMEDonWednes- Icaughtit,”Trumpsaid,apparentlyreferring place virtually because of the president’s day,just 48 hours after debating Biden in day that catching the coronavirus was “a tothefactthathehadlearnedabouttheben- diagnosisofCovid-19. Theannouncementfrom thenonparti- personforthefirsttimeinCleveland.While blessingfromGod”andportrayedasamir- efitsofthedrugasaresultofbecomingill. “I’m not going to do a virtual debate” san Commission on Presidential Debates the two candidates remained a dozen feet aclecuretheunproventherapeuticdrughe It was the first time that Trump tacitly withBiden,TrumptoldFoxNews,moments citedaneed“toprotectthehealthandsafety apart during the debate,Trump’s infection wasgivenaftertestingpositivelastweekfor acknowledgedanotherappearanceproblem after the Commission on Presidential of all involvedwith the second presidential sparkedhealthconcernsforBidenandsent thevirus. —thathehasreceivedthekindofintensive Debates announced the changes due to debate.”The candidates will “participate him to undergo multiple Covid-19 tests Trumpsaidheplannedtomaketheanti- andcostlymedicalcareforcoronavirusthat Trump’sdiagnosis. from separate remote locations”while the beforereturningtothecampaigntrail. body cocktail being developed by the drug isnotavailabletoanymemberofthegeneral Thatcastseriousdoubtsonwhetherthe participants and moderator remain in Trumpwasstillcontagiouswiththevirus makerRegeneron,which does notyet have public. eventwill go forward,even as Biden’s cam- Miami,itsaid. when hewas discharged fromWalterReed government approval,free to anyone who InaninterviewonWednesdaybeforethe paignvowed that its candidatewill partici- Theannouncementcameaweekbefore National MilitaryMedical Center on Mon- needsit.Hedidnotexplainhowhewoulddo company made its announcement, Dr. pate.“VicePresidentBidenlooksforwardto BidenandTrumpwerescheduledtofaceoff day but his doctors have not provided any it,althoughonWednesdaynight,Regeneron Hours after Trump's video was GeorgeYancopoulos,Regeneron’spresident speaking directly to theAmerican people,” in Miami.Trump was diagnosed with the detailedupdateonhisstatus. said it had submitted an application to the released, Regeneron said it was andchiefscientificofficer,saiditwaspossi- deputyBidencampaignmanagerKateBed- coronavirusaweekagoandbutinaTuesday According to the Centers for Disease Food and Drug Administration for emer- asking the FDA for emergency blethatTrumprespondedtothetreatment ingfieldsaidinastatement. tweet said he looked forward to debating Control and Prevention,thosewith mild to gencyapproval. and that the level of virus had declined. Itismoreevidencethattheraceremains BidenonstageinMiami,“Itwillbegreat!”he moderate symptoms of Covid-19 can be authorisation to make the The president’s statement, in a video “That’salogicalconclusion,”Dr.Yancopou- defined by the virus, even as Trump has tweeted. contagiousforasmanyas—andshouldiso- released earlyWednesday evening by the drug available los said.“Based on his symptomology,that attemptedtounderplayit. Biden,for his part,said he and Trump lateforatleast—10days. White House,was his latest effort to repair hastohavehappened.” the political damage he has suffered after But neitherDr.Yancopoulos norTrump monthsoftryingtominimisetheeffectsof yet-approved drug for “free” and that he can definitivelysaywhetherthe treatment apandemic. would make sure itwas in everyhospital as workedbecauseanydrugmustbeprovedin US jobless claims InremarkshemadewhilehewasatWal- soonaspossible. large clinical trials that compare the out- Covid vaccine by terReed National MilitaryMedical Center, Just hours after the video was released, comes of people who got the product with where hewastakenbyhelicopteronFriday Regeneron said itwas asking the Food and those who received a placebo.Those trials inch lower, night, and then when he returned to the DrugAdministrationforemergencyautho- havenotyetbeencompleted. year-end is‘unlikely,’ WhiteHouseonMonday,Trumpdidhisbest risation to make the drug available. The Dr.Peter Chin-Hong,an infectious dis- but remain toplaydownthevirus’seffects,tellingAmer- companyhasreceivedmorethan$500mil- easespecialistatU.C.S.F.HealthinSanFran- icans,“Don’tbeafraidofit,”andsayingthat lionfromthefederalgovernmenttodevelop cisco,saidinhisopinion,therewas“onemil- EU agency’s chief says hefelt“betterthan20yearsago.” and manufacture its experimental treat- lionpercentno”chancethattheRegeneron stubbornly high But in the video released Wednesday mentaspartof“OperationWarpSpeed,”the treatment could have cured Trump in 24 BLOOMBERG night,Trump,whose skin appeared dark- federal effort to come up with viable vac- hours,asthepresidentclaimed. October 8 REUTERS enedbymakeupandwhoappearedtostrug- cinesandtreatmentsforthevirus,inorderto Anotherexplanation,hesaid,isthatthe October 8 gle to get air at times,seemed to be saying helpdistributeitonceitisavailable. president is experiencing the effects of the ACOVID-19VACCINEislooking“unlikely” thathehaddiscovered,withoutevidence,a ButalthoughTrumphadsaidhundreds steroid dexamethasone,which he has been by year-end,according to the head of the THE NUMBER OF Americans filing new newdrugthatsuddenlymadehimfeelbet- of thousands of patients would soon have receivingsinceSaturday,whichisknownto European medicines regulator,even as the claims for jobless benefits drifted lower terandcoulddothesameforeveryoneelse access to the cocktail,Regeneron said in a reducefeverandcancreatefeelingsofwell- agencyconductsacceleratedreviewsoftwo lastweek,signalingthe US labourmarket withCovid-19. statement that it would initially have only beingandeuphoriainpatients.“Thisisallin front-runnersforasuccessfulshot. is making little fresh headway in getting “I call that a cure,”said Trump,adding enoughdosesfor50,000people.Ithopesto keepingwiththedexamethasonespeaking,” “Technically,ofcourseit’spossible.Prac- millions of people back on the job after thateveryoneshouldhaveaccesstothenot- haveenoughfor300,000peoplebytheend Dr.Chin-Hongsaid. ticallyit’sverydifficult—it’sveryunlikely,” being out of work due to Covid-19 said Guido Rasi,executive director of the disruptions. European Medicines Agency,in an inter- Initial claims for state unemployment MAPPING THE VIRUS viewThursday.Evenifdrugmakers“submit benefits totaled a seasonally adjusted Quick the data in a few weeks, we are already gencypowerstodistributeavaccinebefore 840,000 for the week ended October 3, Cases pass The European Union’s approaching middle of October, so if we theEMAapprovesone.TheUKsetoutplans compared with an upwardly revised executive arm signed a 36.1 million second contract with wait a fewweeks and we take a minimum inAugusttoamendlegislationandclarifyits 849,000 in the prior week, the Labour View Gilead Sciences Inc. for timeofevaluation,moreorlessweareatthe powerssothatanunlicensedCovid-19shot DepartmentsaidonThursday. its antiviral drug endoftheyear.” could be temporarilyauthorized in Britain. Claims have stalled at historically high Deaths top remdesivir to combat Pressure is mounting globallyforavac- But this could create confusion around levels after dropping below 1 million in the coronavirus.The cine as infection rates soar and countries safety,andcountrieswoulddobetterfocus- August as the government changed the 36.1 million European Commission Morgan Stanley to said the $82 million deal revisitlockdownmeasures.Inrecentweeks, ingontheirvaccinedistributionplansthan wayitstripsseasonalfluctuationsfromthe buy Eaton Vance for Recoveries allows for the treatment the EMA started two so-called rolling trying to have a shot “a few days before,” data.They are above their 665,000 peak of as many as 500,000 Covid-19 patients. reviews — real-time evaluations of data to accordingtoRasi. during the 2007-09 Great Recession, about $7 billion 27,312,372 New infections in France increased by 18,746, health authorities speeduppotentialapprovals—ofjabsfrom “I really discourage”the thought of EU thoughfilingshavedroppedfromarecord reported onWednesday.The seven-day rolling average of new AstraZeneca and the University of Oxford, countriesgoingitalone,hesaid.Ifacountry 6.867millionattheendofMarch. MORGANSTANLEYAGREEDto � The pandemic fuels infections, which smooths out daily variations, rose to 12,853, andfromPfizerandBioNTechSE.IntheUS, triestogoaheadoftheEMA,itmightbe“per- Those continuing to draw benefits world’s first rise in extreme purchaseEatonVanceforabout$7 its highest level yet. getting a shot through by the November ceivedasthoughthisrushisnotgivingusall after their initial claim for assistance fell poverty since 1990s billioninChiefExecutiveOfficerJames EasyJet recorded its first-ever annual loss and is reviewing election,PresidentDonaldTrump’sdesired thereassuranceaboutthesafetyandefficacy, to 10.976 million in the week ended Gorman’ssecondmajoracquisition � Eli Lilly drug to be ways to raise more funds after the pandemic wreaked havoc deadline,alsolooksincreasinglyunlikely. somightjustfuelvaccinehesitancy.” September 26 from 11.979 million the approved,Trump says with the budget carrier’s summer schedule.The UK company thisyear,bothofwhichtiltthe lost as much as $1.1 billion in the year through September. Thefirstvaccineswillprobablybegiven AskedabouttheUSregulator’sdecision week before. investmentbankfurthertowardthe � Moderna won’t enforce conditional marketing authorisations, tocontinuetopauseAstra’sfinal-stagetrial Labourmarketgainsfromthereopen- Iran saw a record number of daily infections for the fourth time steadierbusinessofmoney patents on Covid vaccines accordingtoRasi.Thesearetemporary,one- inAmerica,Rasi said he thought the Food ing of businesses are fading.Last Friday’s during pandemic in eight days, as the health ministry onThursday recorded 4,392 management.EatonVance new cases, a 5% increase from the previous record. yearapprovalsgrantedwhenthebenefitof and DrugAdministrationwasveryclose to employment report for September - the shareholderswillreceiveatotalcash- � J&J reaches deal with EU havingaproductimmediatelyavailableout- releasingitsopinionanddidn’tseethesitu- last one before the November 3 presiden- on vaccine supply Hong Kong’s government is studying mandatory coronavirus and-stockconsiderationofabout testing, including the legal framework involved, Secretary for weighstheriskoflesssubstantialdata.Reg- ationasamajorissue.Astratoldanalyststhis tial election - showed the fewest number � ' $56.50ashare,MorganStanleysaidin WHO awaits China s nod Food and Health Sophia Chan said, as the number of ulatorswouldneedtoknowthedurationof week that it expects an update in the next of jobs created since the labor market astatementThursday.Thatrepresents on list of experts to probe infections in the city continues to climb. immunisationforavaccinebeforegranting one to two weeks on the trial, which was began recovering in May.Roughly half of origin of coronavirus a38%premiumoverEatonVance’s Boris Johnson’s administration has drawn up measures for afullmarketingclearance,hesaid. haltedafteraUKparticipantfellseriouslyill. the22.2millionpeoplewholosttheirjobs closingpriceWednesday. � Regeneron antibodies in British firms struggling to cope in areas forced into lockdowns. It’s still possible that countries in the TestshavealreadyresumedintheUK,Brazil in the early days of the pandemic remain demand postTrump treatment Ministers are planning to set tighter rules within days. European Union could use national emer- andSouthAfrica. out ofwork. Citigroup pays $400 million US penalty CITIGROUPWILLPAYa$400million American poet Louise Glück wins Nobel literature prize IBM to break up 109-year old USpenaltyandmustseekthe government’ssign-offformajor ASSOCIATED PRESS The committee noted her 2006 collec- acquisitionsafterregulatorschided Stockholm, October 8 tion “Averno,” calling it “masterly” and “a firm to focus on cloud growth thebankforseveralpersistent visionary interpretation of the myth of REUTERS problemswithitsriskcontrols. AMERICAN POET LOUISE Glück won the Persephone’sdescentintohellinthecaptiv- October 8 CitigroupwasfinedbytheOfficeof NobelPrizeinLiteratureonThursdayforher ityof Hades,the god of death.”Glück is the theComptrolleroftheCurrencyfor “candid and uncompromising” work, recipient of many awards, including INTERNATIONAL BUSINESS MACHINES whattheagencycalledanongoing becoming the first US winner since Bob GuggenheimandNationalEndowmentfor Corp is splitting itself into two public com- “failuretoestablisheffectiverisk Dylanin2016. theArtsfellowships,theAmericanAcademy panies,capping a years-long effort by the managementanddatagovernance TheNobelCommitteepraisedthewriter ofArtsandLettersGoldMedalinPoetryand world'sfirstbigcomputingfirmtodiversify programsandinternalcontrols,” “forherunmistakablepoeticvoicethatwith theNationalHumanitiesMedal. awayfromitslegacybusinessestofocuson accordingtoaWednesdaystatement. austere beautymakes individual existence The award,which includes a 10 million high-margincloudcomputing. universal.” The prize was announced in Glück is the recipient of many awards, kronor (more than $1.1 million) prize, IBMwilllistitsITinfrastructureservices French court upholds order Stockholm by Mats Malm,the permanent including Guggenheim and National comesafterseveralyearsofcontroversyand unit,which provides outsourcing services Krishna,whotookoveraschiefexecutive secretaryoftheSwedishAcademy. Endowment for theArts fellowships, scandal fortheworld’s preeminent literary includingtechnicalsupportfordatacenters, officer from Ginni Rometty in April, said forGoogle to paynews cos NewYork-born Glück,77,who is a pro- theAmericanAcademy ofArts and accolade.In2018,theawardwaspostponed as a separate companywith anewname by IBM's software and solutions portfoliowill AFRENCH APPEALS court on fessorofEnglishatYaleUniversity,madeher Letters Gold Medal in Poetry and the after sex abuse allegations rocked the theendof2021. account for the majority of company rev- Thursday upheld an order for Google debut in 1968 with“Firstborn,”and“was National Humanities Medal SwedishAcademy,the secretive body that Investors cheered the move by Chief enueaftertheseparation. to pay media companies to show soon acclaimed as one of the most promi- chooses thewinners of the literature prize, Executive OfficerArvind Krishna,who also “The success we’ve had with Red Hat their news content in search results. nentpoetsinAmericancontemporaryliter- Triumph of Achilles”and“Ararat.”Olsson andsparkedamassexodusofmembers. engineeredthe$34billionRedHatdealfor gives us confidence that this is the right The Paris Court of Appeal rejected a ature,”theNobelAcademysaid. saidherverses,whichoftendrawonclassical After the academy revamped itself in a the109-yearoldcompanylastyear,sending move,”Krishnasaid,callingthemovea“sig- challenge by the US tech company, AndersOlsson,chairmanoftheNobellit- influences and examine family life,were bidtoregainthetrustoftheNobelFounda- sharesupnearly11%inpremarkettrading. nificant shift”in the company’s business which had refused to comply with an erature committee,said Glück’s 12 collec- markedbyan“austerebutalsoplayfulintel- tion,two laureates were named last year, IBMhasshiftedfocustocloudgrowthin model. IBM also said it expected third- order by France’s competition tionsofpoetrywere“characterisedbystriv- ligenceandarefinedsenseofcomposition” with the 2018 prize going to Poland’s Olga recentyears,aimingtomakeupforslowing quarter revenue of $17.6 billion and an authority to negotiate with ingforclarity.” He said hervoice was“candid and uncom- Tokarczuk and the 2019 award toAustria’s software sales and seasonal demand forits adjusted profit per share of $2.58,in line publishers and press agencies for Theyinclude“Descending Figure,”“The promising”andoftenmarkedbybitingwit. PeterHandke. mainframeservers. withStreetestimates. payments to display their material. The court rejected Google's argument that the competition watchdog overstepped its authority McDonald’s global sales improve in Q3; Ant Group faces US headwinds in race to IPO in its April decision. sales falls in UK,France,Spain,Germany JACKMA’SANTGrouphasanarrowwin- pen.Ifit’sdelayedmuchfurther,theIPO Samsungprofitlikelyat2-yr dowtomakeitsmuch-anticipatedmar- risks straddling the US election where highafterHuaweichiporders McDonald’s global sales improved in the third On Wednesday, McDonald’s board ket debut ahead of US election turbu- some expect a surge in postal ballots to quarter versus the second quarter, down just approved a 3% quarterly dividend lence.Nowitsbankersmustgrapplewith createaprolongedperiodofuncertainty. SAMSUNGELECTRONICS’STHIRD- 2.2%yearoveryear,asdrive-thruorderssurged increase for shareholders to $1.29 per any potential delays stemming from a Theone-weekgapinHongKongbetween quarterprofitlikelyjumped58%toits and special promotions lifted sales to double- debate inWashington over restrictions thepricingofanIPOandthestartoftrad- highestintwoyears,beatingestimates digit percentage increases in September, the share of common stock onthepaymentsbehemoth. ingmeansinvestorswouldbeleftexposed fromanalystswhopinnedtheriseon companysaidonThursday. Discussionsoverhowandwhetherto toanincreaseinmarketvolatility. smartphonesalesrecoveryandarush Comparable sales had plunged nearly 24% restrict Ant — as well as Tencent Hold- Antissaidtobetargetingavaluation orderofchipsfromHuawei the previous quarter as dining rooms shut and momentum in the United States,where same- ings’spaymentssystems—haveacceler- approval for its mainland listing,but is of$250billion,whichwouldmakeitone Technologies.Thetechgiantsaidon US customers stayed home during the early store sales rose 4.6% in the quarterended Sep- ated among seniorUS officialsin recent waitingforahearingwiththeHongKong of the world’s most valuable financial Thursdayoperatingprofitwaslikely monthsofthecoronaviruspandemic. tember.30,accordingtothefinancialfiling.How- weeksthoughadecisionisn’timminent, stock exchange.That green light would firms ahead of Bank of America. Its 12.3trillionwon($10.6billion)forthe Amid the uncertaintyearlierthisyearabout ever,saleslaggedinFrance,Spain,Germanyand Bloombergreported. need to come roughly by the middle of attractionrestsonitsreachintothepock- threemonthsendedSeptember.That the outbreak and its impact on operations,the theUK. TheycomeasAntisexpectedtoraise OctoberifAntaimstobeattheUSpresi- ets of more than 700 million monthly comparedwithaRefinitiv Chicago-basedburgerchainheldbackonadver- On Wednesday, McDonald’s board about$35billionfromsimultaneousini- dentialvoteonNovember3. users,mostofwhomareinChinawhere SmartEstimateof10.5trillionwonand tisingspendingbuthasnowbeguntodeploythat approveda3%quarterlydividendincreasefor tial public offerings in Shanghai and The Hong Kong hearing before a 28- the ubiquitousAlipay app offers every- wouldbethehighestsincethe17.57 stashofcashinnationalcampaigns. shareholders to $1.29 per share of common HongKongasearlyasthismonth.China’s memberpanel of external professionals thing from loans and travel services to trillionwonofthethirdquarterof2018. Global results were driven by positive stock,the filing said.—REUTERS biggest payments companyalreadyhas wasexpectedlastweekbuthasyettohap- fooddelivery.—BLOOMBERG

Pune 11 FINANCIAL EXPRESS WWW.FINANCIALEXPRESS.COM

● NUMEROLOGY 78% parents unwilling to send their kids to school till it's safe 64% parents prefer physical classrooms to online learning 67% children have no appreciation for online classes — SP Robotic Works survey BrandWagonFRIDAY, OCTOBER 9, 2020

● INTERVIEW: AKSHALI SHAH, SVP, strategy – sales and marketing, Parag Milk Foods healthandnutritionrange,however,comes ● BLOGGER’S PARK from e-commerce.Most second-time buy- ersoftheseproductsshoponline. Making the Being a dairy company primarily, how ‘Value-added consumer products areyouestablishingyourpresenceinthe health supplements market? big switch Although we have faced challenges in recentmonths,withgymsbeingclosed,we Getting kirana stores contribute 80% to our sales’ are the only domestic brand in this cate- gory and have started seeing recovery. to embrace digital is Facingaslumpindemandformilkproducts parwith Britannia’s prices.Theyare priced Within two years,this category now con- fromtheHoReCasegment,ParagMilkFoods ata10-15%premiumkeepinginmindthe tributes almost 7% to our business.It is a tough, but vital decidedtofocusonitsconsumerbusinessby differentiation we offer.This is whyvalue- `2,500-3,000 crore market, which has launching new products. Akshali Shah added consumer products contribute beengrowingatalmost15%year-on-year, talks to Devika Singh about the hassles in around 80% of our sales,up from 68% in andwe see huge potential here.Ourprod- selling milk products online,expanding its pre-Covidtimes. ucts are present in 1,500-2,000 modern PrideofCowsrange,itsforayintothehealth tradestoresandnutritionoutlets. supplementsmarket,andmore. Have you changed your retail strategy, We are engaging influencers and local or given e-commerce a push during sportsmen to promote Avvatar, our whey TheHoReCasegmentisstillreelingfrom these times? proteinbrand,andarecreatingcontentto the impact of the pandemic.How much Consumers now prefer to go to a nearby educatepeopleaboutthebenefitsofwhey has the slump in demand from this general trade outlet and buy bigger pack protein.Wearealsocarryingoutsampling, Ravish Naresh segment impactedyou? sizes of products to minimise store visits. as taste is an important factorhere. The HoReCa segment contributes around They are not looking for discounts these 10-12%toourbusiness.Whiletherehave days and, therefore, not visiting malls or YourecentlyexpandedthePrideofCows THE RECENTADVANCEMENTS in tech- beenchallengesforthesegmentinthelast modern trade stores. Hence, we are portfolio.Given the economic slow- nologyhavepermeatedalmosteveryindus- few months,we are hopeful of a recovery focussing on weighted distribution, and down, how willing are consumers to tryvertical.The rapid rise of e-commerce going ahead, as restaurants and hotels increasing ourstock keeping units (SKUs) spend on premium milk products? canbesafelyattributedtodigitisationbeing focusontakeaways.Wehavealsotakenini- and range in these outlets.We have also Consumersdonotmindspendingmoreon embraced by sellers and consumers alike. tiativestocompensateforthelossofbusi- digitised our back end, and are reaching betterqualityfood;itisnotconsideredalux- Covid-19hasplayedacrucialroleinforcing ness from these segments by increasing out to ourdistributors using technology. ury,but a necessity.About 82-85% of the people to shift to digital pathways, even oursales in the consumersegment. Eventhoughwehavebeenpresentone- dairy industry in India is unorganised,but when it comes to shopping for groceries. In recent months, we have seen that groceryplatforms like Big Basket and Gro- recentlywe have seen that consumers are But,atthesametime,thepandemicandthe althoughout-of-homeconsumptionoffood fers foryears,theystill contribute a smaller movingtowardspackagedproducts,dueto proceedinglockdownshaveobstructedthe hasdeclined,consumersareexperimenting share to ouroverall pie.We had also tied up hygiene and safety concerns. Under our supply chain dynamics of various e-tailers athomeandtryingoutdifferentrecipes.We withafewmilkdeliveryplayersforGoward- PrideofCowsrange,productsreachthecon- and e-marketers. Even small-time shop have tried to tap this trend by launching han; however,although these are growing sumer’s home directlyfrom the farm,with owners and local kirana stores are in the products such as mozzarella cheese,pizza platforms,theyareyettofigureoutwaysto minimum human intervention.We have processofswitchingtotheonlinemedium cheeseandshreddedMexicanblendcheese. dealwithdistributionchallenges.Alotofour nowextendedthebrandafternineyearsby toservicetheirconsumersbetter. We have been offering these products to products need temperature-control and launching ghee and yoghurt.We are offer- This challenging time has catalysed a restaurantsforawhilenow.Ourproductsare hence,e-commerce is not an ideal channel ing yoghurt to only 40,000 existing cus- new symbiotic delivery model between e- more premium than Amul,but almost on tosellthem.Amajorshareofthesalesofour tomers,whilethegheehastobepre-ordered. tailers and the humble brick-and-mortar stores. This newly built relationship has something for both of them.E-commerce ● TAKE 5 retailers are essentially reliant on the local NEVILPATEL, DIRECTOR, kirana shops for clearing the lockdown- AJANTA-ORPATGROUP inducedlast-milehurdles.Atthesametime, thelocalmom-and-popstoresareoptimis- ingtheformer’stechnologicaledgetoserve theirlocalcustomersefficiently. Thisnovelcollaboration,ifdonewell,has Personal Finance the potential to transform the retail sector. Creating alternate delivery channels that extendbetterservicetocustomersandsup- pleness in the last-mile supply chain will ● LIFE INSURANCE help kirana stores embrace the necessary digitalevolution.Thiswillempowerthemto catertothenewgenerationoftech-oriented PMJJBY:A protection plan for the poor customerswhodesirecustomisedservices. Breaking the mould hasbeenabletoinsure7.46crorelivesin During this period, the government has Adding critical illness and just five years of time.All life insurers urgedkiranastoresandlocalmerchantsto disablement benefits can takentogetherdonothavemorethan35 embrace digitisation and become crorepolicyholderswithin-forcepolicies ‘atmanirbhar’to competewith supermar- make the Pradhan Mantri atanypointoftimeinrespectofindivid- ket chains and e-commerce giants.While Jeevan Jyoti Bima Yojana ual insurance business. the MSME sector is increasingly graduat- ing to the digital model, there are still a (PMJJBY) a more popular Risk cover number of challenges that exist in their and comprehensive Size of the insurable population of journeytowardsself-reliance. The Job the country is close to 100 crore. It can Technological adoption is the onlyway THIS IS NOTa job forme,but mypassion. protection plan safelybe said that at least 50 crore Indi- to rise above the damage inflicted by the The idea to instil the ease of product ans can easilybe brought underthe fold virus outbreak. A majority of small shop utilityis the driving force behind my NIRJHAR MAJUMDAR of PMJJBY. If that happens, the insurers owners and merchants lack the essential professional choices.It is myvision to will be able to pocket at least `15,000 awarenessintakingthistechnologicalleap. bring in India some of the best CAN WE CONSIDERPr adhan Mantri croreeveryyearasnewbusiness/renewal Many of them are also distrustful of this manufacturing systems and approaches Jeevan Jyoti Bima Yojana (PMJJBY) as a premium towards PMJJBYalone. abrupt shift in shopping culture.It is up to that are implemented globallyand build common man’s Protection Plan? I con- TheriskcoverunderPMJJBYmaynot thegovernmentandthevariousstakehold- a quintessential homegrown brand.The sider it to be so because the regular pro- be sufficient for better-off people of the erstohelpthemmakethistransition. sectorof consumerelectronics and home tectionproductsofferedbythecommer- urbanareas.But,itisreallysomethingfor appliances has always felt the brunt of cial insurers have a minimum sum thepoorpeople.Themoneycanhelpthe Chinese products that are available at assuredof`10lakh.Protectionplansare family of a deceased policyholder to be dirt-cheap prices.Butwe,at Orpat,have most sought after these days and poor back on its feet very quickly.The maxi- firmlybelieved in the‘Make in India’ people cannot be exceptions.Commer- mumageatentryshouldbeincreasedby movement,and have taken appropriate cial insurers have brought some useful ILLUSTRATION: SHYAM KUMAR PRASAD atleast10andtheriskcovershouldcon- measures to tackle the situation and micro insurance products but these are the age group of 18 to 50 and in posses- with a risk cover of `1 crore at around tinue up to an age of 75years. contribute to ournation’s growth. notsoldtooenthusiasticallybyall,dueto sion of a bank account. `12,000-15,000perannum.Now,ifthe The poor people hardly have any avarietyof reasons. samepersonbuysPMJJBY,hepays`330 retirement age as they continue doing The Weekdays Intheindividualmicrolifeinsurance Popular scheme foracoverof`2lakh.Thisisequivalentto work beyond 60 or even 65 years of age. I LIKETO begin mydaybyprioritising space,mostlyLIC markets the products. UnderPMJJBY,aOneYearRenewable payingapremiumof`16,500foracover So their family members suffer a finan- work and scheduling meetings.I do In the group micro life insurance space, Term Assurance (OYRTA) policy is of`1crore.So,wearenotdoinganyactof ciallossevenwhentheydieatsuchages. spend a lot of mytime at the private insurers insure lives but claim granted for a sum assured of `2 lakh at charityto a customerof PMJJBY. Criticalillnessanddisablementbenefits manufacturing units interactingwith settlement data of 2018-19 shows an annual premium of `330. This is The problem lies elsewhere. The should also be built with such schemes. theworkers and trying to understand (IRDAIAnnualReport)averagesizeofthe essentiallyagrouptermassuranceprod- insurers do not earn much by selling The premium may increase to some the processes and shortfalls that can be claim to be less than `30,000. That uct. In any group insurance policy, pre- such “social security insurance”.Out of extenttoaccommodatesuchbenefitsin rectified.At the end,I take some time proves, group micro schemes have not mium is usuallyvery low because a very `330, the insurer gets `289, the agent the product. But, this will only make out to reviewand assess the goals insured for any significant sum as com- large number of lives are available and `30andthebank`11.Theseareconsid- PMJJBYamorepopularandcomprehen- accomplished.ThiswayI am able to pared to PMJJBY.As PMJJBYhas become there is very little chance of large-scale ered too small numbers.However,the sive protection plan. However,thecostofusheringindigitisa- make optimum usage of mytime.I a popular protection plan among the adverse selections.On the other hand,a fact is, the total number of persons tionatthecountry-widelevelisimmensefor declutterand unwindwith a fitness masses,itcangivealotoffinancialsecu- 30-yearoldpersoncanbuyatermassur- enrolled under this group insurance The writeris assistant secretary,Kolkata thegovernment.Thereisalsothechallenge workout at home. rity to the poorer people of the country. ance product on individual basis from a schemeis7.46croreasonSeptember11, Audit Centre,LIC ofIndia.All views ofbreakingthetraditionalbusinessmoulds In fact,it can be bought byanyperson in commercialinsurerforatermof25years 2020.Wehavetoremember,thisscheme expressed here are author’s personal of local stores and kiranas across the coun- The Weekends try.Theyare used to relying on the conven- WHILEABREAKis much needed for tionalmethodsofoperation.Makingsucha manyto recharge,it is mypassion that comprehensive shift may require them to drives me towork everyday.But the one gainbasictechnologicalproficiency. thing that relaxes and gives me joyis Investment strategies for different life stages spending timewith myfamily.I love Asmooth transition spending timewith mygrandfatherand someavenuesofinvestmentforpeopleof investmentsingoldshouldbeconsidered Various companies are extending utility father,as even a casual conversationwith Financial planning for differentagegroups. astheyellowmetalisahedgeagainstinfla- solutions to millions of small shopkeepers them teaches me life mantras and retirement has to start tionandthevaluegrowswithtime. and kirana stores byoffering themways to lessons that guide me towards being a Young earner simplifyanddigitisetheirdailywork.Num- betterhuman being and entrepreneur. right at the young earner Theinvestmentoptionsforyoungindi- Retirement stage bers showthat the kirana stores are taking stage, since longer the vidualswhohavejuststartedearningand At this stage a person retires from his these initiatives positively; however, the The Toys have no responsibilities will be different. work and now wants his hard-earned challenge lies in helping the store owner IAM NOTcrazyabout specific gadgets; tenure of investment, the Whiletheymaynothaveanyresponsibili- moneytowork for him.Forthis,a person understandusageandbenefitsofsuchdig- instead I believe in investing and larger will be the corpus ties,theywillhavegoalstoachieve.Asthey has to start financial planning for his italsolutions.Giventhatanything‘online’is spending qualitytimewith people are young and have time in their favour, retirement right from the beginning as a lookedatwithsomeamountof mistrust in around.I feel interactingwith people after retirement theycangoforequityinvestmentthrough young earnersince longerthe tenure,the tierIIandIIItowns,theeffortliesinhelping from diverse backgrounds givesyou equitymutualfundswhichoffersgrowth largerwillbethecorpusonretirement. themgetonboardsafelyandeffectively. loads of knowledge about the ● YOUR MONEY aswellascapitalprotection. Investing the accumulated corpus Withanincreasingdemandforessential functioning of otherindustries.However, Withincreaseinincome,taxabilitywill after retirement in various government commodities and the disruption of supply SURBHI JAIN myMacBook and iPhone are the two alsoarise.So,toreducetaxburdentheycan schemes such as Senior Citizen Saving chainmodelsacrossthecountry,itishighly things I can’t dowithout,as theyhelp investinequity-linkedsavingsschemesof Scheme,Pradhan Mantri Vaya Vandana imperativeforthecountlesskiranastoresin mewith the smooth functioning of my EARNING MONEY IS important but it is mutual funds or Public Provident Fund. Yojna,PostOfficeSchemescanbeconsid- thecountrytoembracedigitisation.Thiswill dailytasks. also necessary to follow a financial plan Young people should also have an insur- ered. Money can be invested in these not only help them engage with the big- and invest money accordingly. Saving ance cover as a protection against any schemes which have lower risk as com- ticket players and benefit from their tech- The Logos moneyisnotasolutionasitdoesnotoffer uncertainties. ILLUSTRATION: SHYAM KUMAR PRASAD paredtoinvestmentinequity.Investment nological architecture,but alsoequipthem IAMAgreat admirerof Indian-origin growth in return; keeping it in a savings At middle age,a person needs to shift in debt can also be done after evaluating with a distinct market persona.With this brands like Raymond.But one foreign bank account onlygives interestwhich is Middle-aged with family from pure equity investments to debt theindividual’sriskappetite. technological edge, the country’s kirana brand that makes it to mylist isApple. not in line with inflation.So the money As a young person reaches another portfolioorafixedincomeearninginstru- So big money can be made through ecosystem can thrive in the face of current What draws me towardsApple is its shouldbeinvestedinsuchamannerthatit life stage, his goals and requirements ment. As he has to incur recurring high savings, wise investing and lots adversitybymaintainingbusinesscontinu- simple product design and journey mayearnreturnalongwithgrowth. willalsochange.Sohisinvestmentstruc- expenses,hehastomaintainliquidityalso. of patience. ityandimprovingconsumerservice. as a brand. The investment strategy differs from ture also needs to be reviewed and re- Goals such as child’s education and mar- person to person and life stages.Here are planned accordingly. riageshouldbeconsidered.Forsuchgoals, Source:TaxGuru TheauthorisCEOand —As told to Sapna Nair founder,Khatabook

Pune 12 FINANCIAL EXPRESS WWW.FINANCIALEXPRESS.COM

A good start to Q2 result, led by the IT and banking EXPERTVIEW sectors, along with positive announcements like Markets buyback has lifted the market. —Vinod Nair,head ofresearch, Geojit Financial Services FRIDAY, OCTOBER 9, 2020

● Money Matters APPLICABLE FROM JAN 1 LakshmiVilas Bank gets G-SEC Sebi tightens inter scheme indicative non-binding The benchmark yield 0.001 remained flat 6.040 transfer norms for MFs offer from Clix Group 6.015 FE BUREAU FE BUREAU “Inordertoguardagainstpossiblemis- Chennai, October 8 Lakshmi Vilas Bank Mumbai, October 8 use of inter scheme transfer in credit risk Share price on BSE (`) 26 scheme, trustees shall ensure to have a TROUBLED PRIVATE SECTOR lender 22.35 THESECURITIESANDExchangeBoardof mechanism in place to negativelyimpact LakshmiVilasBank(LVB)onThursdaysaid September 25 October 8 24 India (Sebi) has tightened the norms for theperformanceincentives of fund man- it has received an indicative non-binding 17.8 inter scheme transfer for mutual funds. agers, chief investment officers (CIOs), offerfromClixGroup,movingastepcloser 22 `/$ The regulatorin its circularsaid in case of etc. involved in process of inter scheme to amalgamation of the group’s entities close-ended schemes, the inter scheme transfer in credit risk scheme, in case the with itself. 20 The rupee ended higher 0.12% transfer purchases would be allowed security becomes default grade after the LVBinastockexchangedisclosuresaid on gains in local within 'three' business days of allotment ACTING TOUGH ISTswithinaperiodofoneyear.Suchneg- further to the process of considering and 18 equities pursuant to new fund offer (NFO), and ative impact on performance shall mirror evaluating the proposed amalgamation 16 thereafter, no inter scheme transfer shall ■ In case of close-ended the existing mechanism for performance with Clix Capital Services, Clix Finance Inverted scale schemes, inter scheme transfer 73.24 be permitted to or from close-ended incentives of theAMC,”said Sebi. India and Clix Housing Finance,the bank 14 schemes.The circular shall be applicable purchases would be allowed If the security gets downgraded fol- has received an indicative non-binding July 10, 2020 October 10, 2020 within 'three' business days of 73.61 with effect from January1,2021. lowing inter scheme transfer within a offerfrom Clix Group. Fundhousesshallhaveanappropriate allotment pursuant to NFO period of four months, fund manager of When contacted, Shakti Sinha, inde- FE liquidity risk management (LRM) model ■ Use of market borrowing buyingschemehastoprovidedetailedjus- pendent director and part of the three earlier interaction had told that the at scheme level, approved by trustees, to before inter scheme transfer to tification/rationaletothetrusteesforbuy- –member committee of directors (CoD) CoDhadstartedhecticparleysforexplor- September 25 October 8 ensure that reasonable liquidity require- be optional and fund manager ing such security. approvedbytheRBItoruntheday-to-day ing all options for raising capital. “We ments are adequately provided for. operations of LVB, told FE: “Just that we hope to raise anything between `500 may at his discretion take ‘Maintain updated contact info of Recourse to inter scheme transfer for decision on borrowing in hope.We have to now negotiate it quickly crore and `700 crore in the short term,” C=/$ managingliquiditywillonlybetakenafter unitholders' interest designated employees for one and carefully.”The two-memberdirectors he had said. the avenues such as use of cash and cash year after resignation’ team of LVB, which is looking into the Inarelateddevelopment,creditrating The euro fell against .076% equivalent,useofmarketborrowingsand ■ Fund houses shall have a details,theofferbytheClixGroupanddue agency Brickwork Ratings (BWR) on the dollar selling of scheme in the market, among liquidity risk management model Sebi on Thursday said listed companies diligence,would now see what is the way Wednesday downgraded the rating from others,are attempted and exhausted. at scheme level to ensure that should make efforts to maintain updated forward,he said. BWR BB+ (credit watch with developing 1.1754 Atpresent,transfersofsecuritiesfrom reasonable liquidity addresses and contact details of"desig- Asked about the amount that would implications)toBWRB+(creditwatchwith one scheme to another in the same requirements are provided for nated employees" foroneyearaftertheir come into the bank, Sinha said they had negativeImplications)forLVB'sunsecured 1.1631 mutualfundisallowedonlyifsuchtrans- resignation,under the digital database. givensomefigures,butitwouldbesubject redeemable non-convertible subordi- fers are done at the prevailing market Such data need to be preserved by the to certain other things.“So, to work out nated lower tier II bonds - Series VII price for quoted instruments on spot and fund manager may at his discretion company or intermediary fiduciary for a exact figures,we need a couple of days.” (Option B) of `50.50 crore. basisandthesecuritiessotransferredare take decision on borrowing in the best period of five years, Sebi said in a set of ThebankonSeptember15hadsaidthe LVB,which had been placed under the inconformitywiththeinvestmentobjec- interest of unitholders. In case the frequently asked questions on insider mutualduediligencewithClixCapitalwas RBI'sPCAframeworksince2019,hadnar- September 25 October 8 tive of the scheme towhich such transfer option of market borrowing and/or sell- trading regulations.Another structured substantially complete, and the parties rowed its net loss to `112.28 crore for has been made. ing of securityis not used,the reason for digital database should be maintained were in discussions on next steps. Q1FY21 from a net loss of `237.25 crore The use of market borrowing before the same shall be recorded with evi- internally by fiduciary or intermediary, While LVB was pursuing the Clix forQ1FY20.Gross NPArose to 25.40% in inter scheme transfer will be optional dence,said Sebi in its circular. capturing such information. mergerandtheresultantcapitalinfusion, thereportingquarter,from17.30%inthe Quick it also started looking at other possible year-ago period. Similarly, the net NPA optionsofcapitalraising,includingrights increasedto9.64%from8.30%.Thepro- View Equity MFs see `734-cr net outflows issue,follow-onofferandQIP.Sinhainan visioncoverageratiohadstoodat72.58%. SuryodaySFB disburses first loan underPM SVANidhi scheme in Sept, lower than 2 previous months SMALL FINANCE LENDER Suryoday amount of `10,000, as mandated in the Small Finance Bank onThursday said it schemewas disbursed to avegetableven- IOB reduces MCLR FE BUREAU Netflows in open ended equity oriented schemes in 2020 (` crore) hasdisburseditsfirstloanunderthePrime dor, the bank said. The complete process across tenures Mumbai, October 8 15,000 Minister Street Vendor's AtmaNirbhar of sanctioning the loan and withdrawal 11,723 Nidhi (PM SVA Nidhi) scheme. The loan was digital and hassle-free,it said. PTI 10,796 CHENNAI-BASED PUBLIC SECTOR OPEN ENDED EQUITY-ORIENTED 12,000 lenderIndian Overseas Bank (IOB) has schemes saw net outflows in September, 9,000 7,877 reduced the MCLRrate across all the third straight month of outflows. 6,213 6,000 5,257 tenures by05 bpswith effect from Data from the Association of Mutual ANALYST CORNER October10.Loans linked to MCLRwill Funds in India (Amfi) show equity funds 3,000 nowbe available at cheaperrates to sawnetoutflowsof`734.40croreinSep- 0 borrowers.The bank has not reduced tember, compared to net outflows of 241 ONGC may gain from gas -3,000 -734 the deposit rates,despite reducing the `3,999.62 crore and `2,480.35 crore in -2,480 MF -4,000 MCLR,IOB said in a release. August and July,respectively. -6,000 Market participants say while Jan Feb Mar April May June July Aug Sept price moves; reiterate‘buy’ Crypto exchange redemptions came down in September compared to August, gross inflows Source: Amfi ICICI SECURITIES gas price formula and in the medium Unocoin raises $3.6 m improved considerably in the past few term from gas price deregulation. CRYPTOCURRENCYEXCHANGE months. G Pradeepkumar,CEO,Union ACOMMITTEE HAS been set up to Reiterate BUY. UNOCOIN onThursdaysaid it has AMC,says,“Themobilisationfromopen- months of FY21, funds mobilised from improvements in the flows.”However,he suggest changes to the prevailing In FY97-FY10, price of ONGC’s APM raised $3.6 million (about `27 crore) ended equity funds is the highest in the open-endedequityschemeswere in the addedthatSIPswilltakesomemoretime price formula under which gas price fell gas was `2,250-3,200/mscm (US$1.3- in funding,led byventure capital current financial year.I believe that range of `13,000-14,500 crore. Even to pick up and one must be patient. to US$2/mmbtu in H2FY21. 2.2/mmbtu). In Jun’10, it was hiked to investorTim Draper's firm Draper investors who were waiting on the side- redemptions, which were at In September,the multi-cap category As per press reports, it may propose the same level as the price of gas from Associates.Otherinvestorswho lines have started investing in equity `18,557.82 crore inAugust,came down saw highest net outflows at `1,143.86 US$1/mmbtu discount to JKM spot NELP block KG D6, which was participated in the funding round mutual funds and that could be one of to `17,686.20 crore in September. crore in open-ended equity-oriented LNG as the floor price. We are US$4.2/mmbtu. From Nov’14, it was includeXBTOVentures and 2020 the reasons for slowing down of equity Inflows into systematic investments schemes. Large-cap and mid-cap funds optimistic that a floor price would soon linked to price in the US, Russia, Ventures,Unocoin said in a outflows in September.” plans (SIPs) remained flat in September saw outflows of `576.09 crore and be introduced, at which ONGC would Canada and UK. Price under this release.The funds have been raised In September, the Sensex and Nifty comparedtoAugust.InflowsthroughSIP `67.61 crore, respectively.Focused make money (its average production formula was US$4.2-5.6/mmbtu in the overthe last two months,Unocoin gave negative returnsof1.5%and1.2%, stood at `7,788.37 crore in September, funds, thematic funds and small-cap cost is US$3.7/mmbtu). first 17 months, but US$2.0-4.1/mmbtu CEO SathvikVishwanath said.The respectively. compared to `7,791.63 crore inAugust. funds saw inflows during the month. Floor price may be US$4.2/mmbtu, thereafter. companyseriesAfunding round is Amfi data show that funds SunilSubramaniam,MDatSundaram Net outflows were seen even in the which ONGC has asked for since FY17, The government deregulated the targeted at $5 million.The company mobilised from open-ended equity Mutual, says,“We have seen positive open-ended oriented schemes at or linked to JKM spot LNG. price of gas produced from deepwater plans to complete this round of schemes in September stood at interestfromnewfundoffers(NFOs)and `51,962.16 crore, led by liquid funds Reports also suggest that the fields post-January’16, coal bed funding bythe end of this month, `16,951.79 crore, the highest in the even new investors are investing in which had seen outflows of `65,951.79 government may gradually deregulate methane, incremental output from he said. current financial year.In the first five mutual funds.Overall,we arewitnessing crore in September. price of nomination acreage (APM) gas North-East post-Jul’18 and under over not more than six years. development plans approved after This may be the road map for February’19. uniform market-determined price for This will ensure that price of Rupee gains 9p LIC Housing Fin all gas produced in India, which the oil ONGC’s incremental gas output will New business premiums minister has often talked of. be market-determined. We expect a ahead of RBI unveils Project The government on October 7 floor price of US$4.2/mmbtu, or that approved the procedure to be linked to JKM spot LNG (US$4.2- policy decision for life insurers witness RED for digital followed to ensure price of 4.6/mmbtu in FY22-FY26E if deregulated gas was truly market- US$1/mmbtu discount to JKM) to be PRESS TRUST OF INDIA transformation determined. soon introduced for APM gas followed Mumbai, October 8 26% growth in Sept We expect gains for ONGC in the eventually by phased deregulation FE BUREAU near term from the imminent revision in over the next few years. THE RUPEE STRENGTHENED by 9 paise FE BUREAU individual single premium for this finan- Mumbai, October 8 to close at 73.24 against the US dollar on Mumbai, October 8 cial year stood at `20,494.02 crore,com- Thursday,supportedbypositivedomestic paredwith`17,667.73croreintheprevi- AIMING TO DO 95% ofwork through the equities andweakAmerican currency. NEW BUSINESS PREMIUMS forthe life ous financialyear,a growth of 16%. digital mode,mortgage lender LIC Hous- Sobha showing resilience in At the interbank forex market, the insurance industrywitnessed a growth of During the period between April and ing Finance has launched Project RED (re- rupee traded in a narrow range.It opened 26% in September at `25,366.3 crore, September,private players saw new busi- imagining excellence through digital at73.29andgainedfurthergroundtoset- compared with `20,056.7 crore in the ness premium of `36,709.63 crore,com- transformation). The company plans to pandemic; maintain‘buy’ tle at 73.24, up 9 paise from its previous same month last year. However, the paredwith`35,777.88croreintheprevi- implement it in the next 21 months.The closeof73.33.Thisisthesecondconsecu- growth of new premiums for the six ous financialyear,a growth of 2.60%. lender has engaged Boston Consulting KOTAK INSTITUTIONAL EQUITIES commitment, and may be susceptible tive session of gain forthe rupee. months of the current financial year con- LIC saw a fall in its new business pre- Group (BCG) as its consultant forthis pro- to more cancellations, but are still Traders said investors are cautious tinued to remain negative. mium at `88,018.01 crore in this fiscal, ject.The lender said its business was back TIDING OVER. SOBHA reported reflective of the strength of a superior ahead of the RBI Monetary Policy Com- Data from the Life Insurance Council against `89,980.22 crore in the previous to pre-Covid levels in September, and it another resilient quarter with gross brand to be able to garner sales in mittee (MPC) decision on Friday. show that up to September this fiscal,life expects the momentum to continue with sales values increasing 1% yoy to `690 difficult circumstances. Meanwhile,thedollarindexfell0.05% insurance companies saw new business The individual single premium theonsetofthefestiveseason. croe along with sales volume of 0.9 mn Dominance of Bengaluru in the to 93.57. premiums of `1,24,728 crore, compared category is witnessing huge Siddhartha Mohanty, MD and CEO, sq. ft (-14% yoy) in 2QFY21. overall sales declined in 2QFY21 with Foreign institutional investors were with`1,25,758croreinpreviousfinancial interest from investors, industry said,“Septemberwasthebestcomparedto We highlight this is the second only 60% of total sales area being net buyers in the capital markets as they year,a fall of 0.82%. players said any other September. I believe this quarter of resilient sales performance contributed by the city (from 74% purchased shares worth `1,093.81 crore Marketparticipantssaidwhilethecat- momentum will continue till November amid Covid-19 for Sobha, taking total earlier in FY2020) on account of onWednesday,accordingtotheexchange egory of individual non-single premium duetofestiveseason.” sales in 1HFY21 to 1.54 mn sq. ft prolonged lockdown extensions in the data. continuedtoseeanegativegrowthinthis financialyear. The company expects double-digit (-26.5% yoy) even as the sector city. Kochi increased its share to 15% of “Rupee extended its gains for the sec- fiscal,the individual single premium cat- PrivateplayerslikeTataAIALifeInsur- growth in the current financial year. On continues to reel under weaker overall sales while Gurgaon had a sales ond successive session following a sharp egory is witnessing huge interest from ance, SBI Life Insurance, Max Life Insur- Project RED, he said,“Currently, 40% of demand. contribution of 9% during the quarter. surge in domestic and global equities. investors. ance,HDFCLifeInsurance,amongothers, work happens through digital mode and Sobha trades at 0.8X P/B on Blended realisation for the quarter Volatility as such remained low ahead of “The demand for term plans has gone witnessed a positive growth in new busi- the company aims to increase it to 95%.” FY2022E, steep discount to long-term increased 17.5% yoy to `7,737 per sq. the important RBI policy statement that upinthelastfewmonthsduetotheongo- ness premiums this fiscal till September. Thisprojectwillresultincostoptimisation, average of 1.3X P/B (1-year forward). ft (`7,494 per sq. ft in 1QFY21) will be released on Friday,” Gaurang ingpandemic,aspeoplehavenowbecome Prashant Tripathy,managing director he added.The lender,in consultationwith Maintain BUY; FV of `400. reflective of change in sales mix across Somaiya, forex and bullion analyst at aware of the need tohave term insurance. and chief executive officer, Max Life BCG,will be setting up a high-level project We highlight Sobha continues to cities. Higher contribution in sales from Motilal Oswal Financial Services,said. Life insurance industry is witnessing a Insurance, said: “Max Life has continued implementationgroupwhichwillapprove cope well, reporting 26.5% y-o-y Gurgaon would likely have aided the Expectation is that the central bank sharp uptake in single premium policies, to deliver positive business performance and monitor capacity building plans of decline in sales volume to 1.54 mn sq. ft improvement in realisations. could keep rates unchanged, but market asmanypolicyholdersdon’twanttocom- inthemonthofSept’20witha16%Y-o-Y every constituent in the company.It also in 1HFY21 (2.1 mn sq. ft in 1HFY20), as We highlight that Sobha has launched participantswill be keeping an eye on the mit investments for the longer duration,” growth.We gained 122 basis points pri- proposes to ensure a uniform approach to lockdown was re-imposed in no new projects in 1HFY21 and stance that the RBI adopts for inflation. said the CEO of an insurance company. vate market share and now hold 11.1% managingandregulatingtheentiregamut Bengaluru in July 2020. While we continues to rely on its existing “WeexpectUSD-INR(spot)toquoteinthe Data from the Life Insurance Council marketshare,ledbya14%growthincase ofoperationsofthecompanythroughcol- concede sales for the quarter could ongoing and completed inventory of range of 73.05 and 73.50,”Somaiya said. show that new business premiums for size forthe month...” laborationofallfunctionaldepartments. come with limited upfront cash 8.1 mn sq. ft.

Pune WWW.FINANCIALEXPRESS.COM FRIDAY, OCTOBER 9, 2020 FINANCIAL EXPRESS MARKETS 13

MFI disbursements decline 88% to `6,046 crore in the MicroLend quarterly report.In 88% in Q1: Report April-June quarter due to the thesamequarteroftheprevious Reports regarding findings of forensic Loan disbursement by the coronavirus-inducedlockdown, fiscal,MFIsdisbursementstood microfinance sector declined according to the CRIF at`52,556crore.—PTI audit misleading: FranklinTempleton PUBLICNOTICEFORTHEATTENTIONOFEQUITYSHAREHOLDERSOF VEDANTA LIMITED FE BUREAU modification basis explana- schemes collectively worth FOR DELISTING OF EQUITY SHARES Mumbai, October 8 tions and responses to be pro- `25,800 crore were wound CIN: L13209MH1965PLC291394 vided by Franklin Templeton,” down by Franklin Templeton Registered Of�ce: 1st Floor, ‘C’ Wing, Unit 103, Corporate Avenue, FRANKLIN TEMPLETON added Sapre. MF due to the severe market Atul Projects, Chakala, Andheri (East), Mumbai – 400 093 Company Secretary & Compliance Of�cer: Ms. Prerna Halwasiya; MUTUAL Fund, in its letter to Regarding the decision to dislocation and illiquidity Tel. no.: +91 22 6643 4500; Fax no.: +91 22 6643 4530 investors, has stated that exercise, or not to exercise a caused by the Covid-19 pan- E-mail ID: [email protected]; Website: www.vedantalimited.com reportsregardingthefindings “put” option rests with the demic. The fund house also of the forensic audit are mis- investment management saidthatfromApril24tillSep- This public notice (“Notice”) is being issued for Public Shareholders should note that they leading and investments deci- team,says the fund house. tember30,2020,thetotalcash the bene�t of Public Shareholders, with respect can submit their Bids at any price at or sions are taken with an aim to “Theteamtakesvariousfac- received from maturities,pre- to the ongoing Delisting O�er for Equity Shares above the Floor Price. The process for achieve the best possible out- torsandoptionsintoaccountin payments and coupons across of Vedanta Limited in accordance with the tendering has been provided in paragraph come forinvestors. order to maximise recovery of the six schemes stands at Delisting Regulations. 17 (Procedure for Tendering) of the Public Announcement and the Letter of O�er (as Inalettertoinvestors,San- investment proceeds when `8,262 crore. It has been brought to our attention that certain de�ned below). jay Sapre, president, Franklin making such an investment Part of this amount has stock brokers who are registered with BSE TempletonAssetManagement related decision and exercising been utilised to repay borrow- Limited and who are appointed by the respective Capitalized terms used in this Notice and not (India),said,“Webelievethatit a“put”is not the only available ings and post repayment,as of Public Shareholders (“Seller Members”) are de�ned herein shall have the same meaning as isimpropertomakeanypubli- option. Some reports specifi- September 30,2020,the fund not allowing Public Shareholders to place their ascribed to it in the public announcement dated cation regarding the forensic Board of India (Sebi). somereasonsbeyondtheexer- callycalloutinvestmentsmade house has `5,084 crore avail- Bid at a price above the Floor Price. All Seller September 28, 2020 which was published on Members should note that as per the Delisting September 29, 2020 (“Public Announcement”) audit/inspection report as the Claims have been made cise of normal business judge- in certain issuers where we did able for distribution to Regulations, Public Shareholders may submit and the letter of o�er dated September 28, 2020 matterisundertheconsidera- that some officials redeemed ment forsuch an action. not exercise a “put” option. unitholders in four cash posi- their Bid at any price at or above the Floor Price. (“Letter of O�er”). tion of the Hon’ble Karnataka investments before winding “Itisalsoimportanttonote However,these reports ignore tive schemes (Franklin India High Court.” up,suggestingwrong doing or thatwhilemanyarticlesquote the fact that Franklin Temple- Ultra Short Bond Fund, Manager to the O�er Registrar to the O�er Over the last few days, few insider trading, and that the forensic audit report find- ton has already initiated legal Franklin India Dynamic articleshavecarriedreportson Franklin Templeton did not ings, the auditors themselves recovery proceedings in the Accrual Fund, Franklin India certain observations made in exercise “put” options in have acknowledged in their case of some of these issuers,” Low Duration Fund, Franklin J.P. Morgan India Private Limited KFin Technologies Private Limited the forensic audit conducted papers despite ratings down- original submission to Sebi saidSapreintheletter. IndiaCreditRiskFund),subject (formerly known as Karvy Fintech Private Limited) bytheSecuritiesandExchange grade,suggesting there were that the report is subject to On April 23, six debt to fund running expenses. CIN: U67120MH1992FTC068724 CIN: U72400TG2017PTC117649 Address: J.P.Morgan Tower,O� C. S. T. Road, Address: Selenium Building, Tower-B, Kalina, Santacruz (East), Plot No 31 & 32, Gachibowli, Financial Mumbai – 400 098 District Nanakramguda, Serilingampally, Tel. no.: +91 22 6157 3000 Hyderabad, Rangareddi – 500032, Minimise de-growth in 2020,ensure fast recovery Fax no.: +91 22 6157 3911 Email: [email protected] Tel. no.: +91 40 6716 2222/ 1-800-34-54001 Contact person: Mr. Shagun Gupta Fax no.: +91 40 2343 1551 short term. the month,steel and electric- SEBI registration no.: INM000002970 Email: vedanta.delisting@k�ntech.com SUSHIM In 2021,Indian economy ity production have reduced Validity period: Permanent Contact person: Mr.Murali Krishna BANERJEE is projected by the IMF to thelevelsofdegrowthandare SEBI registration no.: INR000000221 Validity period: Permanent Former DG, experience a nearly V shaped slated to achieve growth in Institute of Steel growth of 5.4%,against the the next months. Advisor to the Acquirers for the Delisting Process global growth of 6.0%. Apparently, the policy of Development CIN: U99999MH1993PLC071865 and Growth It is possible to identify commercialminingandsecu- Address: One BKC, Tower C, 15th Floor, Unit No. 1511, some of the areas that are lar growth in agriculture Bandra Kurla Complex, Bandra (East), Mumbai – 400051 exhibiting the potential of (4.0% growth in FY20 and a DAM Capital Advisors Limited positive growth in the short 3.4% rise in Q1 of FY21) are ONE OF THE most common term.The automobile sector bearing fruits of develop- For and on behalf of Board of Directors of the Acquirers features of forecasting is the (accounting for around 9% ment.The recent enthusiasm For and on behalf ofVEDANTARESOURCESLIMITED base period that we choose for steel consumption) has shown by the industry (76 Sd/- Sd/- Sd/- Name: Ravi Rajagopal Name: Geo�rey Green Name: Deepak Kumar predictingthefuture.Andquite turned high positive in bids for 23 coal mines under Designation: Director Designation: Director Designation: Company Secretary likely if the base period is good August’20 (31.3% growth in auction) clearly indicates an Date: October 08, 2020 Place: London and robust showing signs of passengercarsales)andwould increased demand from iron For and on behalf of VEDANTA HOLDINGS MAURITIUS LIMITED steady progress,the prediction beara positive outlook forthe and steel,cement and power Sd/- Sd/- becomes rosy. The opposite auto component segment. sectors. Name: Ashwanee Ramsurrun Name: Shakill Ahmad Toorabally happens if the base period is The plus scenario observed in The expansion of Metro Designation: Director Designation: Director worseandthreatensthecritical and social welfare measures, place in October, and the two-wheelers and tractor network at Kolkata, Ben- Date: October 8, 2020 Place: Mauritius parametersoftheeconomy. thatthegovernmentwascon- global trade is forecast to go sales is continuing as the sign galuru, Delhi and other loca- For and on behalf of VEDANTA HOLDINGS MAURITIUS II LIMITED The fall in India’s GDPby templating in phases. downby11.9%inthecurrent of rise in rural income tionsinwesternandsouthern Sd/- Sd/- 23.9% in Q1 of the current The coming of the pan- year.The economic debacle of strengthens. India, the spread of DFC con- Name: Rajiv Mangar Name: Shakill Ahmad Toorabally Designation: Director Designation: Director fiscal is one such phenome- demic played a spoilsport this nature has disrupted the The PMI for manufactur- nectingnorthern,easternand Date: October 8, 2020 Place: Mauritius non which is prompting all and the policy thrusts went capital flows from advanced ing went up to 56.8 in Sep- western India by bringing economists, development topsy turvy. Globally, all the countries to emerging and tember’20 from 52.0 in down freight costs of move- agencies and consulting countries faced this unpre- least developing countries August’20. The underlying ment of goods and materials firms to join the race for pre- dictablecrisisofsuchamas- and severely undermined the factors contributing to PMI by rails and the spread of dicting various levels of sive dimension and were lit- ability of the developed growth rest on increased new NationalHighwaysinselected downturn of the economy in erally clueless for a month nationstofundthecrumbling orders and production,rise in urban and semi-urban areas coming months. The year for the appropriate recovery finances of the countries exportorder,enhancedcostof would expedite urbanisation, FY20 ended with the econ- measures. The experiences around. production, rise in output enhance mobility, reduce omygrowing at 4.2% against and learnings of the Great No wonder, the IMF has prices,and most importantly, travel costs by making possi- 6.1% growth achieved in the Depression of 30s and the forecast a degrowth of 4.9% an improvement in business ble a sustainable growth previous year. latest financial crisis of 2008 for India in 2020 and similar confidence.Theseperceptions momentum. Therefore, had FY20 been were of some help, except degrowth has been predicted by manufacturers need to be The programme of takenasthebaseyear,thepro- that the present crisis is fortheIndianeconomybythe sustained and strengthened Atmanirbhar Bharat in jectedGDPgrowthforIndiain more deadly and harsh in RBI,NCAERandvarious other further. defence procurement,oil and the current fiscal could have termsoflossofhumanlives, reputed consulting firms, The performance of eight gas, steel, automobile, rail- beenpredictedatalevelrang- employment and income both national and interna- core industries with a com- ways has already encouraged ing from 5.5-7.0/7.5% or so. opportunities and has the tional. It is also firmly bined weight of 40.27 in IIP productdevelopment,change The slowdown in investment, threatening potential of a acknowledged that under the indicates that in August’20 in policies for sourcing mate- consumption and industrial recurrence. current scenario, hardly any theindexcamedownby8.5% rials and export strategies growth visible by the end of The globalGDPfor2020is projectioncanbemadeonthe against amuch higherdropin with long-term boost to pro- fiscal 19 required a set of eco- projected at (-) 4.5% by the positivesthatwouldbestrong the previous months. While curement from indigenous nomic reforms, coupled with IMF (June’20) unless further enough to pull the economy coal and fertilisers have industry. appropriate monetary, fiscal revision downwards takes out of the present rut in the shown a fairlygood growth in (Viewsexpressedarepersonal) Shrimp exports to US increase 6.6% to 31,676 tonne in August

RAJESH RAVI 20-25% capacity with most Kochi, October 8 of the laboratories closed. Labour and vehicle move- INDIAN SHRIMP EXPORTS to ment was also constrained in theUSincreased6.6%year-on- mostofthecoastalstates. yearinAugust at 31,676 tonne Seed stocking and seeding afterrecordingadeclineduring was also on the lower side May-July2020duetopandemic with farmers concerned relatedconstraints. about a glut in the market According to the latest data without exports. of US agency National Oceanic TheMarineProductsExport and Atmospheric Administra- Development Authority has tion, total shrimp demand in reported that in the initial United States forAugust is also period of lockdown,there was on the higher side at 82,233 30-40% reduced stocking of tonne as against 70,153 tonne shrimpsbyfarmers. intheyearagoperiod. Ithasalsoledtocancellation

Indian shrimp exports to US 2019 2020(tonne) 31,676 29,702 25,309 24,125 22,229 20,559 20,391 17,758 11,821 8,600

Apr May Jun Jul Aug Source: US National Oceanic and Atmospheric Administration

Indiaisthelargestproducer of several orders,reduced and of farmed shrimps in theworld delayedpayments,slowdownof and accounts for nearly 6% of cargo movements, difficultyin theglobalfishproduction. gettingnewordersandrenewal During 2019, India ofexistingorders. accountedfor2,82,584tonneof Export of frozen shrimps shrimps from the total US fromIndiatoallmarketsduring importof698,445tonne. 2019-20 was pegged at 6, During the initial days of 52,253 tonne, which fetched the lockdown, the seafood foreign exchange worth sector was working at about $4,889.12million.

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