Chg SATURDAY, 18 JANUARY 2020 (CITY) ~10.00 THE MARKETS ON FRIDAY # VOLUME VII NUMBER 25  26 pages in 2 sections Sensex 41,945.4 12.8 Nifty 12,352.3 3.2 WEEKEND SEPARATE SECTION BACK PAGE P18 Nifty futures* 12,384.7 32.3 Dollar ~71.1 ~70.9** Euro ~79.0 ~79.2** DEEP DINING:OFFERING TASTE 119-PLUS BILLIONAIRES Brent crude ($/bbl)## 64.8## 64.8** Gold (10 gm)### ~39,809.0 ~69.0 & INNOVATION ON A PLATTER SET TO DESCEND ON DAVOS *(Jan) Premium on Nifty Spot; **Previous close; # Over previous close; ## At 9 pm IST; ### Market rate exclusive of VAT; Source: IBJA PUBLISHED SIMULTANEOUSLY FROM AHMEDABAD, BENGALURU, BHUBANESWAR, CHANDIGARH, CHENNAI, HYDERABAD, KOCHI, KOLKATA, LUCKNOW, MUMBAI (ALSO PRINTED IN BHOPAL), NEW DELHI AND PUNE www.business-standard.com PREDATORY PRICING UNSUSTAINABLE: IRDAI Telcos brainstorm on paying RIL revenues Insurance Regulatory and Development Authority of Chairman Subhash C Khuntia warned the insurance industry that dip; Jio, retail it might meet the fate of the aviation and telecom sectors if product prices were kept up to 20% AGR dues now low. “Insurance companies, intermediaries and policyholders need to unite to create a boost profit sustainable atmosphere,” Khuntia said. 6 > Industry plans to again ask telecom dept MIXED MARKET REACTION for staggered payment option AMRITHA PILLAY COMPANIES P2 SURAJEET DAS GUPTA worst hit having to pay ~53,038 crore Mumbai, 17 January Piramal sells healthcare New Delhi, 17 January and ~35,586 crore, respectively, towards AGR dues. Mukesh Ambani-controlled analytics biz for $950 mn elecom companies are dis- Confirming the discussions ’ (RIL’s) Piramal Enterprises (PEL) on Friday said it cussing a possible plan to among some of the telcos, Rajan good performance in its new- would sell its healthcare insights and make an upfront part pay- Mathew, director general of the age digital and retail busi- analytics business, Decision Resources Group T ment, which could be up Cellular Operators Association of nesses compared to the tradi- (DRG), to Clarivate Analytics for $950 million. to 20 per cent of their dues linked to India (COAI), said they were delib- tional oil and petrochemicals The company said it decided to sell as it saw the adjusted gross revenue (AGR). erating on making a part payment Idea in ~ in ~ has started showing in its good value for its shareholders. The total AGR dues, including of the total dues to the government. numbers with the group licence fee and spectrum user The industry is looking at making a -25.2% announcing a marginal 3.6 per charge along with penalties and part payment of up to 20 per cent or cent year-on-year (YoY) Great Wall Motors to buy interest, are estimated at ~1.47 tril- so before the court deadline. Also, increase in RIL’s profit before lion for 15 telcos even as many of the companies are making a request tax at ~14,962 crore for the Q3 REPORT CARD General Motors’ plant them have sold out or shut down to the Department of Telecom December-ended quarter. China’s Great Wall Motors (GWM) has signed their business. (DoT) that they would like to work On the planned sale of 20 NET REVENUE an agreement with General Motors (GM) for The Supreme Court, in its order with the government to make stag- per cent in the oil-to-chemi- ~1.52 trn (-2.5%) the purchase of the latter’s Talegaon on October 24 last year, had asked gered payments of the remaining 5.5% cals business to Saudi manufacturing facility, the companies said telcos to pay up the AGR dues with- liability over a period of time. Aramco, officials refused to PBDIT in a joint statement on Friday. 2 > in 90 days. On Thursday, the court The COAI, in an earlier letter, comment on the timeline for rejected a review petition by telcos, had asked for a 10-year staggered OPTIONS BEFORE TELCOS its definitive agreement. “It is ~26,088 cr (9.6%) in a massive blow to the telecom payment scheme with a two-year | Ask govt for a staggered | File a curative petition not a deal that will get done industry, facing severe financial moratorium from the government. payment plan to reduce | Wait for SC decision in by March. We cannot com- PROFIT BEFORE TAX ON stress. Sources in telecom firms COAI executives pointed out annual burden the case of non-telecom ment on the timelines of ~14,962 cr (3.6%) have said it wouldn’t be possible to that as the licence fee and SUC pay- | Push for a reduction in players (definitive agreement),” said SATURDAY cough up the entire AGR dues in a ment is a contract between the DoT licence fee and spectrum | Not pay, go for bankruptcy V Srikanth, joint chief finan- NET PROFIT week, and are looking at a staggered and telcos, the government can cial officer, RIL. SPECIALS user charges to neutralise proceedings payment nod from the government. allow the industry to pay in a stag- The deal is valued at $15 ~11,640 cr (13.5%) > the impact of AGR dues WEEKEND RUMINATIONS: and Bharti are the gered manner. Turn to Page 10 billion and expected to help PBDIT: Profit before depreciation, Not the obvious solutions 9 > reduce the company’s debt. interest, and taxes Consolidated figures ; YoY change in There may be better ways of using the The segment profit (earnings brackets; Source: Company results taxpayer’s money if the underlying reasons AGR VERDICT AFTERMATH PAGE 4 before interest and tax, or for lack of competitiveness were to be EBIT) for the group’s digital addressed, writes T N NINAN Market expects duopoly MFs, PFs brace for storm Ball in govt court to salvage business increased by 63 per RELIANCE JIO EBIT in telecom sector over Vodafone Idea debt telecom players: Banks cent YoY to ~3,857 crore while JUMPS 60% NATIONAL INTEREST: that of Reliance Retail Reliance Jio posted a Return of the Bharatiya Bharti Airtel’s stock price touched a new high About 45 mutual fund (MF) schemes Banks with heavy exposure to Vodafone Idea Venture went up by 58 per > 60.6 per cent increase in ‘Baniya’ Party 9 due to fresh buying by investors, while belonging to four fund houses and at least say that there is very little they can do, and cent at ~2,389 crore. On the earnings before interest BJP under Modi-Shah is returning to its Vodafone Idea made a 52-week low as hordes three provident and pension fund schemes there is no scope for reworking repayment other hand, the petrochemi- and tax to ~3,805 crore, trader mindset with a vengeance, of investors exited the counter. Bharti Airtel have invested in debentures of the telco. obligations of telecom operators unless there cals segment, which con- riding on 28.3 per cent underlining that strong, full majority ended the day with gains of 5 per cent which MFs have already started to mark-down their is a default. Senior public sector bank tributes the most to profits, jump in the operating governments can also be more risk-averse. pushed its market capitalisation to an all-time debt exposure following the Supreme Court’s executives said any relief to the sector must saw a 28.5 per cent decline in revenues, which came in SHEKHAR GUPTA writes high of ~ 2.57 trillion. decision on Thursday to reject the review plea. come from the government first. its EBIT to ~5,880 crore and at ~13,968 crore. The telco, refining EBIT grew 12 per cent however, saw 22 million to ~5,657 crore. subscribers leave its RIL’s net revenues, too, network thanks to the were disappointing as they implementation of fell 2.5 per cent YoY to ~1.53 interconnect usage Bezos promises one million jobs by 2025 trillion, while Reliance Jio’s charges . 3 > revenues increased 28 per PEERZADA ABRAR India”. On Friday, in a statement cent and Reliance Retail’s 27 RELIANCE RETAIL PRE-TAX Bengaluru, 17 January INVESTMENTS THAT released by the firm, Bezos said: “We per cent. Turn to Page 10 > PROFIT ZOOMS OVER 62% P3 are investing to create a million new Amazon, the world’s biggest online FOLLOW LAW ARE jobs here in India over the next five retailer, said on Friday it planned to WELCOME: GOYAL years. We’ve seen huge contributions create 1 million jobs in India by 2025 from our employees, extraordinary through continued investments in Union minister on creativity from the small businesses TCS disappoints technology, infrastructure, and its Friday said the country we’ve partnered with, and great logistics network. welcomed all kinds of enthusiasm from the customers who The jobs — created both directly investments that shop with us — and we’re excited and indirectly — will be across followed the about what lies ahead.” Street with flat industries, including information “letter and spirit” Amazon has so far committed technology, skill development, con- of the law. “I was $6.5 billion to the India market, tent creation, retail, logistics, and only saying that including $1 billion announced this profit growth manufacturing, and will be in addi- investment week, to tap the e-commerce market tion to the 700,000 jobs Amazon’s should come as in the country, which is expected to Company misses revenue estimates, investments have enabled over the per the rules,” touch $200 billion by 2028. past six years in India. he said. The Indian government has pri- margin sees improvement Jeff Bezos, the firm’s founder and 2 > oritised job creation and skilling ini- chief executive officer, who is visit- tiatives — including the training of TCS HCLT ing the country, announced on over 400 million people by 2022 — HOW Revenue(~cr) 39,854 23,092 18,135 15,470 Wednesday that the company in rural and urban areas. THEY planned to invest $1 billion to help (MSMEs) across India online, Seattle-headquartered Amazon YoYchg (%) 6.7 7.9 15.5 2.7 bring 10 million traders and micro, enabling $10 billion in cumulative said its job creation commitment FARED QoQ chg (%) 2.25 2 3.5 2.3 small, and medium enterprises exports by 2025 and supporting and investment in traders and IN Q3 Net profit(~cr) 8,118 4,457 3,037 2,463 India’s economic diversification. MSMEs complemented these efforts < Amazon CEO Jeff Bezos concluded However, on Thursday the firm was by creating more opportunities for Note: Wipro doesn’t YoYchg (%) 0.2 23.5 16.3 -3.2 give separate net his three-day India visit with a criticised by Union minister Piyush people in India to find employment, profit for IT services . QoQ chg (%) 1.0 10.9 14.6 -2.33 meeting with captains of Indian Goyal, who said the invest plan was build skills, and expand entrepre- Net profit includes the profit incurred Operating industry at a hotel in South “largely to finance losses”, and “it is neurship opportunities. 25 21.9 20.2 18.4 by the company margin(%) Mumbai on Friday not as if they are doing a favour to Turn to Page 10 > from its product business; QoQ: Quarter on quarter, QoQ chg YoY: Year on year 100 20 28 30 Source: Companies (basis points)

DEBASIS MOHAPATRA ous year, though it showed a Millennials go beyond London, NY for realty shopping & SHREEPAD AUTE 0.4 per cent rise sequentially. Bengaluru/Mumbai, 17 January The company posted a net Young HNIs are buying properties in foreign locations buy a property in a certain country if its profit of ~8,118 crore, a mar- TOP 5 INTERNATIONAL market sees a downturn and prices become Information technology sec- ginal rise of 0.2 per cent over like Malta, Madrid, and Budapest DESTINATIONS attractive. “We had seen this happening tor leader Tata Consultancy the same period of the last Average size of property investment on offer during the US subprime crisis, and more lately Services (TCS) on Friday financial year, while it grew 1 PAVAN LALL Lisbon as opposed to one ~200-crore property during the Brexit angst in the UK. The slow- reported a mixed bag of finan- per cent sequentially. Mumbai, 17 January in Walkeshwar, Mumbai. It’s also about $1.9-2.5mn TOP 5 INCOME-YIELD moving Indian real estate market has also cial numbers for the quarter The Mumbai-headquar- building international social networks.” London MARKETS % yield (rental) pushed a not-inconsiderable number of ended December 31, with the tered firm reported revenues Luxury real estate developers may have seen a Real estate experts estimate that there are Central Indians to consider property investment company posting its slowest of ~39,854 crore, a rise of 6.7 slowdown in recent years, but that doesn’t approximately 30,000 high net-worth $2.5-3mn Lisbon 4-5 outside the country.” revenue growth in eight quar- per cent year-on-year mean big spenders aren’t shelling out for prime millennials in the country. Of these, at least a NewYork Central While Anarock doesn’t have access to ters, though it improved prof- (YoY) and 2.2 per cent on a property — except that they are doing it third are women. A high net-worth individual Malta 5 property purchase registrations abroad, the itability. quarter-on-quarter basis overseas. According to reports, while the usual (HNI) is defined as someone with $5 million of $760,000- Central numbers will be fairly steady, with at least With softness seen in key (QoQ). Dollar revenues for suspects such as London remain the top choice investible surplus besides his or her first house 1.5 mn London 2-3.5 some increase year-on-year, Puri says. “The verticals such as banking, the third quarter were $5.59 for billionaire buyers like Flock CEO Bhavin and business assets. Toronto Central 3-4 relaxed RBI norms for outward remittances financial services and insur- billion, a rise of 6.4 per cent Turakhia or actress Alia Bhatt, a newer crop of Goyal says the Sindhi community is keen $550,000- NewYork also lure Indians to consider investing in ance (BFSI), and retail, the YoY and 1.3 per cent in millennials prefers assets in markets that offer on Miami, Spain, and Hong Kong. Big Central properties abroad. In 2015, the RBI doubled company said the chances of sequential terms. higher rental yields. Such locations include business houses with global operations prefer 830,000 Madrid 4-5 the Liberalised Remittance Scheme (LRS) for posting double-digit growth In constant currency Spain, Portugal, and Malta, among others. Malta and Cyprus to set up their holding Lisbon resident individuals to $250,000 in FY20 were remote. The terms, revenues increased 6.8 Amit Goyal, CEO of Sotheby’s companies for legitimate tax benefits. Miami annually.” firm also saw its per cent YoY, making it the International Realty in India, says, sees huge interest because of the kind of $550,000- While the average rental headcount shrinking by second consecutive quarter of “Millennials are much more mobile than their lifestyle it offers, weather, and pricing 830,000 yield for residential properties around 4,000 people in the single-digit growth in rev- parents and grandparents and thus they compared to New York. Sotheby’s Madrid in India rarely exceeds 3-3.5 quarter, indicating a slower enues. In sequential terms, would rather own properties across different transactions driven by millennials per cent even in the prime pace of hiring. growth was 0.3 per cent, Note: Properties geographies around the world where their doubled last year compared to the year include areas, and London, Dubai, In the December quarter, which is the lowest in the last family members may also be living.” before. Other popular choices include apartments, Singapore, and Australia have been TCS’ profit before tax declined two years. Turn to Page 10 > villas, “The fundamental driver,” he adds, “is Budapest and Moscow. houses more or less perennial favourites for 1.32 per cent to ~10,569 crore practicality that it’s easier to maintain four Anuj Puri, chairman, Anarock Property Source: Indians interested in buying real estate compared with the corre- HCL TECH REPORTS 16.3% RISE Sotheby’s Realty apartments in Italy, London, Barcelona, and Consultants, says many investors choose to in foreign countries. Turn to Page 10 > sponding period of the previ- IN NET INCOME IN Q3 P3 2 COMPANIES MUMBAI | 18 JANUARY 2020 1 >

IN BRIEF N DEAL STREET N Govt likely to issue EoI for Air India within 4 days: Official Piramal sells subsidiary Great Wall The Centre is likely to issue Motors to buy the expression of interest (EoI) and the share to Clarivate for $950 mn purchase GM’s plant agreement (SPA) for debt- The value is roughly five times the annual sales of Decision Resources Group Deal estimated at ~2,100 crore ridden Air India's privatisation within the next three to four days, a senior SOHINI DAS SHALLY SETH MOHILE government official said on Friday. The official said that "a group Mumbai, 17 January SHARES JUMP Mumbai, 17 January of ministers (GoM), headed by Union home minister (), Intra-day chart on BSE (~) had on January 7 approved the EoI and the SPA for the airline". iramal Enterprises (PEL) on Friday said it China’s Great Wall Motors (GWM) has signed an "We will issue these within three to four days," the government would sell its healthcare insights and agreement with General Motors (GM) for the pur- official said. While Air India's net loss in 2018-19 was around P analytics business Decision Resources chase of latter’s Talegaon manufacturing facility ~8,556 crore, its current total debt is around ~80,000 crore. Group (DRG) to Nasdaq-listed Clarivate located in Maharashtra, the companies said in a joint Dismissing rumours that the national carrier will shut down Analytics for $950 million. statement issued on Friday. operations, Civil Aviation Minister Hardeep Singh Puri had said The company said this was a strategic invest- The companies did not disclose the value of the on December 31 that the national carrier, which is incurring a loss ment for PEL and it decided to sell as it saw good transaction. However, some unconfirmed reports said of ~20 crore to ~26 crore daily, will keep on operating till it is value for its shareholders. The sale value is GWM paid around $300 million (~2,100 crore) to GM. privatised. Air India chief Ashwani Lohani on January 4 had said roughly five times DRG’s annual sales. GM will provide a separation package and transi- that "rumours" of the disinvestment-bound airline's shutdown , chairman of , tion support for impacted employees, and an order- are "all baseless", weeks after he told the civil aviation ministry said, “At PEL, we have always felt that we should ly transition for partners. The transaction is expect- that the carrier's financial situation was "grossly untenable" for do what is in the best interest of shareholders. ed to be closed in the second half of 2020. sustaining operations. PTI< When we got this valuation of 5x of sales we The move marks the entry of GWM, one of the thought that it is a good valuation for our PEL largest manufacturers of sport utility vehicles (SUVs) shareholders.”  Deal to strengthen  Co plans to raise around  AJAY PIRAMAL has been a savvy and pick-ups, into the Indian market and a complete Alibaba-backed Xiaomi India Piramal said the firm got an attractive valu- balance sheet along 20% equity capital in pharma investor making huge returns exit for GM from the country, two years after it Zomato raises spins off POCO as ation at the time of selling its domestic formu- with ongoing equity biz where it is looking for from his investments in Vodafone, stopped selling cars here. lation to Abbott, and that prompted the sale. capital raising plans inorganic opportunities sale of domestic drug biz Liu Xiangshang, vice-president global strategy, ~353.58 crore independent brand “Same thing we did in Vodafone as well. Same GWM, said the transaction would underpin the com- Food delivery and restaurant here, we think it’s a good valuation and PEL pany’s plan to enter discovery firm Zomato has Smartphone maker shareholders will benefit from this,” Piramal capital raising exercise in PEL, this transaction the $19 billion life sciences analytics market, and invest in India. raised ~353.58 crore from Xiaomi on Friday said it is said. He clarified that Piramal was not using not only strengthens the company’s balance which has seen double-digit growth, to sup- “The Indian market GWM’S DEBUT, Antfin Singapore Holding, an spinning off ‘POCO’ as a DRG's analytics for its international pharma sheet but also marks another step towards sig- port customers across the entire drug, device has great potential, GM’S EXIT existing shareholder in the standalone brand. With business. nificantly unlocking its value in future. and medical technology lifecycle from research rapid economic company. The Gurugram- this restructuring, POCO will PEL had initially invested $650 million in The firm is also splitting its pharma business to outcome. Ajay Piramal has been an astute growth and a good  GWM buys GM’s Talegaon based firm allotted 11,777 class J run independent of 2012 to acquire DRG, of which $260 million was into subsidiaries and working towards raising investor and savvy dealmaker that yielded him investment environ- plant for an estimated compulsorily convertible Xiaomi, with its own team infused as equity. It has realized 2.3-times its ini- another 20 per cent equity capital in the phar- high returns over the years. When he sold his ment. Entering the ~2,100 crore preference shares for this and go-to-market strategy, a tial equity investment in rupee terms. PEL ma business to tap organic and inorganic domestic formulation business to Abbott in Indian market is an  funding, according to fina- statement said. "POCO shares jumped around 5.5 per cent on the bours- growth opportunities. 2010, the company was valued at more than important step for Deal to be completed ncial data accessed by busi- started as a sub-brand of es on Friday after the deal announcement came Clarivate Analytics is a $5 billion worth com- nine times its sales. It was much more than the Great Wall Motors’ by 2nd half of 2020 ness intelligence platform, Xiaomi in 2018 with a small in. PEL said, “As committed earlier, we are on pany, a leading provider of insights and ana- market benchmark valuations at that time. global strategy,” said  GWM to make its Tofler. The money is expected team. Its first smartphone, track to bring in ~10,000 crore of equity in PEL, lytics with nearly $1 billion in revenues, 4,300 Then again, in 2014, Piramal sold his 11 per Liu, adding that this India debut with to help the firm competes POCO F1, was incredibly along with the preferential allotment, where employees in 42 countries. cent stake in , reaping a windfall was in line with the Haval brand and GWM EV to with players such as Swiggy, successful and we raised capital from CDPQ and our ongoing Jerre Stead, executive chairman and CEO, of 52 per cent return in just two years. PEL had Indian govern- Uber Eats and Dunzo in the remains an extremely rights issue.” In the past year, the company has Clarivate Analytics, felt that this was a mile- sold the stake (comprising 45.4 million ment’s “Make In launch at AutoExpo delivery space. BS REPORTER< popular phone till raised long-term capital of ~24,000 crore to pare stone acquisition, which doubles the size of Vodafone shares) to Prime Metal, an indirect India”, “Digital  The deal marks GM’s date," it added. PTI< short-term liability. Clarivate’s life sciences business. With this subsidiary of Vodafone, for ~8,900 crore. India” and clean complete exit from It added that along with the ongoing equity acquisition, Clarivate will be well positioned in Piramal had picked up the stake for ~5,864 crore. energy focus. India Adani, Azure GWM said its top bidders for Hyundai rolls investment will cre-  GM to continue SECI solar tender out online sales ate direct and indi- exports from India rect employment till year-end and Azure platform KLM to purchase Jet’s aircraft opportunities, fur- Power have emerged as Hyundai Motor India on ther enhancing the successful bidders in Solar Friday said it has launched ANEESH PHADNIS Proceeds from the aircraft sale will be used for skill level in the auto industry. It would promote Energy Corporation of India's an online sales platform in Mumbai, 17 January insolvency resolution and to settle US Exim A SIGH OF RELIEF development of local supply chain, research and first manufacturing-linked addition to its existing Bank loan, giving the grounded airline own- development and related industries, and contribute  solar tender, a top physical retail sales Jet Airways is selling one of its six Boeing ership of the remaining five Boeing 777 The deal will settle pending aircraft loan more profits and taxes to the exchequer at central and government official said on network. The company said 777 aircraft to KLM to settle pending aircraft planes. The transaction is beneficial to Indian and meet insolvency resolution expenses state levels. Friday. Adani has bid for 1.5 its 'Click to Buy' is a first-of- loan and meet insolvency resolution lenders as it would help in releasing the Exim in the Netherlands The company, which has its headquarters in GW solar cell manufacturing its kind online sales expenses in the Netherlands. A condition- Bank’s charge on the planes, said a person  The aircraft was seized in Amsterdam last Baoding, Hebei, will officially debut its Haval brand capacity and 6 GW generation platform with simple and al agreement between the two airlines was aware of the transaction. Jet Airways is under- April along with the grounded airline's and GWM EV (electric vehicle) at the Delhi Motor capacity, MNRE Secretary transparent process signed on Monday and notified to the stock going insolvency in India since July. Show and launch its India market plan, it said. marketing data and catering Anand Kumar said on the for purchase of Hyundai exchange on Friday. Efforts to find a committed suitor have not “Since focusing the Talegaon plant on manufac- equipment sidelines of India Energy cars. PTI< As a part of the agreement, Dutch airline yielded the desired result, and those that have turing for export markets in 2017, GM has been Forum-Renewable Energy KLM will purchase a Jet Airways Boeing 777 shown interest have attached riders for invest-  The deal value has not exploring strategic options for the better utilisation Summit. PTI< aircraft, which was seized in Amsterdam last ment. In its stock exchange notification, res- been disclosed, but of the site,” said Julian Blissett, vice-president, inter- Maruti drives in April, along with the grounded airline's mar- olution professional Ashish Chhawchharia sources said could fetch national operations, GM. The firm’s decision to cease GMR pre-qualifies BS-VI version of keting data and catering equipment. It has said various options are being explored for the airline around production at Talegaon is based on GM’s global strat- multi-purpose Eeco sought three slot pairs held by Jet Airways at the airline’s revival and maximising value for egy and optimisation of its manufacturing footprint for 2 international Amsterdam airport and hopes to use them to its stakeholders. “The proposed transaction $23 million around the world, he added. India on increase services to India. The deal value has under the conditional agreement, if complet- The Detroit-based automaker announced its exit airport projects Friday said it has launched not been disclosed, but sources said could ed, will only involve sale of a part of company's from India, after years of struggle, in 2017. While it GMR Group, which is in race BS-VI compliant version of fetch the airline around $23 million. business activities and will not impact the sold its Halol, Gujarat, plant to SAIC, it had retained for two international airports its multi-purpose van Eeco, Jet Airways, which shut operations last shareholding pattern of the company in any the factory in Talegaon and continues to export cars in Montenegro,a southern priced between ~3.8 lakh April, is facing liquidation in the Netherlands. manner,” Chhawchharia said. to Latin America and a few other markets. European country, emerged and ~6.84 lakh (ex- as one of the qualified showroom Delhi/NCR). In bidders, according to a rest of the country, the notification issued by the model would be priced Montenegrin Transport between ~3.9 lakh and MNC chambers decry Goyal’s statement on Amazon Ministry. PTI< ~6.94 lakh. PTI< NEHA ALAWADHI & son said. Case in point, it is have affected Amazon, as well. SUBHAYAN CHAKRABORTY WHAT INDUSTRY SAYS learnt that the Prime Minister’s On Thursday, the Amazon New Delhi, 17 December It has become Centre may have its The minister Office (PMO) has turned down India website featured a letter difficult for concerns on certain did not have repeated requests from by Amazon CEO Jeff Bezos say- Investors and multinational Amazon to meet with the PM. ing the company would create foreign issues, but we need to say what PFC raises $750 mn industry bodies expressed An executive with a large 1 million additional jobs in investors to freedom to make our he said. The displeasure over Commerce views known social media firm, who did not India by 2025. "More than and Industry Minister Piyush argue their sentiment is wish to be named, said Goyal’s 60,000 businesses are export- case, as the certainly via overseas bonds Goyal’s comments on His comments do not comments do not augur well for ing 'Made in India' products going to be Amazon, calling it the latest government augur well for investors investors and suggests that globally, with cumulative SHREYA JAI in a long string of episodes increasingly and suggests that anti “being the Commerce Minister exports crossing $ 1 Billion," New Delhi, 17 January that showed the government reduces the “being the commerce investment he doesn’t care about invest- Bezos said in the latter placed undue importance on ments in the country”. addressed to customers, sellers space for minister he doesn’t now Power Finance Corporation the views of domestic play- discussions Another person, who works and partners. Amazon on (PFC) concluded the issuance ers, cutting out foreign voices care about investments with a consultancy that works Wednesday committed to on policies of bonds worth $750 million in policy matters. in the country” closely with several multina- exporting $ 10 billion worth of of tenor 10.25 years on Friday. On Thursday, Goyal said tional firms across sectors, said India-made goods by 2025. At The bonds have a fixed Amazon was not doing any “It has become difficult for said. He added that the min- a technology industry associa- the fact that the minister or any the company event in New coupon of 3.95 per cent per favours by deciding to invest an foreign investors to argue their istry had refused to meet the tion. government representative did Delhi, Bezos announced $ 1 bil- annum and an yield of 4.066 additional $1 billion into India, case, as the government body over the past two months. However, he added that not have a discussion with lion of additional investments per cent. as had been announced by increasingly reduces the space “The minister did not have Amazon could also have man- Amazon at all was surprising, to help small and medium With this bonds issue, Amazon founder Jeff Bezos. for discussions on policies like to say what he said. The senti- aged Bezos’ visit better. With “especially at a time when mar- businesses log in online. PFC becomes the first Indian Goyal had said the company e-commerce, foreign direct ment is certainly going to be rumours doing rounds that ket sentiment is not the best”. Inbound foreign direct equi- public sector firm to issue was bringing in the additional investment (FDI) rules and arbi- anti investment now. Of course, Amazon-owned Washington “However, investors know ty investments declined for the senior unsecured dollar funds to finance losses. tration. Centre may have its being in India, one understands Post’s stand on India’s political the minister and it may not nec- first time in six years in FY19, bonds with a tenor of more A day later, though Goyal concerns on certain issues, but he is catering to his political climate irked the government, essarily dampen interest in in line with overall weak eco- than 10 years, said the com- said his statements had been we need freedom to make our constituency, but it does not the tech giant could have India. But, things could have nomic conditions. Investments pany in a public statement. taken out of context, foreign own concerns known,” a senior send a good message to the ensured that the Post publish been handled more diplomati- had reduced to $44.36 billion, This is PFC’s third inter- investors said the comments functionary of a Washington investor community,” said a such perceived “anti India” cally,” the person said. down by 1 per cent from $44.85 national bond issuance in were part of a larger trend. DC-based bilateral trade body person who works closely with pieces after Bezos’ visit, the per- Goyal's statements seem to billion last year. FY20 as well as the largest bond in a single tranche. The final order book amounted to more than $2.2 This is PFC’s third billion, said the company. international bond issuance Jack Dorsey asks Elon Musk how to fix Twitter “The bond issuance attract- in FY20 as well as the largest ed active and wider partici- bond in a single tranche pation from investors across KURT WAGNER Musk has almost 31 million this a bot net or a sort of troll army or Musk, while one of the site’s most next five to nine years, according to the US, European and Asian and the balance is domestic 17 January followers. something like that?” popular users, is also one of its most videos posted by employees. After markets, with around 42 per raising. “Give us some direct feedback,” “Basically, how do you tell if the controversial. He called a British Dorsey and Musk finished chatting, cent participation from the “I am happy that PFC’s Elon Musk’s suggestion for how to said Dorsey, who spoke to Musk via feedback is real or someone trying caver a “pedo guy” in 2018 and was model and US market,” said PFC in its bond offer saw a strong fix Twitter? Identify the bots. a video call from a company to manipulate the system, or later sued for defamation. Later that cookbook statement. demand in the international Musk, the SpaceX and Tesla meeting in Houston. Musk was probably real, or probably trying to same year, he also tweeted that he author The proceeds from the market and global investors chief executive projected onto a giant screen as manipulate the system,” Musk was thinking of taking Tesla private, Chrissy bonds issue will be utilised have chosen to contribute to officer, was thousands of Twitter employees continued. “What do people prompting a temporary halt on Teigen, in accordance with the exter- the development of the asked watched the two executives chat. “If actually want, what are people trading and a US Securities and another nal commercial borrowing or Indian power sector. The Thursday by you were running Twitter,“ Dorsey actually upset about versus Exchange Commission popular ECB regulations of the deal concluded at very Twitter CEO continued, “what would you do?” manipulation of the system by investigation. Twitter user, Reserve , attractive terms, which Jack Dorsey “I think it would be helpful to various interest groups.” Musk, one of many high-profile made an including for lending to pow- shows the high confidence how he would differentiate” between real and fake It’s likely that at least one of the Twitter users to speak at the appearance er sector utilities, it said. of investors in PFC’s busi- fix the social users, Musk replied, according to a groups Musk had in mind was company event this week, also on stage. Of the total borrowing ness as well as its credit pro- network, video posted to Twitter by an “TSLAQ,” a loose collective of predicted that humans would send BLOOMBERG programme of PFC ($12 bil- file and the growth story of where employee. “Is this a real person or is critics, skeptics and short sellers a tweet from Mars sometime in the lion) for 2019-20, the total the power sector,” said PFC who often tweet using the TSLAQ foreign currency raising now chairman and managing ELON MUSK, Tesla CEO hashtag. Musk faces relentless JACK DORSEY, Twitter CEO stands at around $3 billion director Rajeev Sharma. criticism from the group on Twitter. MUMBAI | 18 JANUARY 2020 COMPANIES 3 . < Reliance Jio EBIT jumps 60% However, telco sees 22 mn subscribers leave network due to IUC SOHINI DAS Reliance Retail pre-tax Mumbai, 17 January

eliance Jio posted a 60.6 per cent earnings profit zooms over 62% R before interest and tax to ~3,805 crore, riding on 28.3 VIVEAT SUSAN PINTO per cent jump in the operating Mumbai, January 17 revenues, which came in at ~13,968 crore. The telco, howev- The retail arm of Reliance Industries (RIL) er, saw 22 million subscribers posted earnings before interest, tax, depre- leave its network thanks to the ciation and amortisation (Ebitda) of ~2,727 implementation of interconnect crore for the quarter ended December 31, usage charges (IUC) charges. 2019 (Q3), a year-on-year (YoY) growth of These were primarily voice 62.3 per cent as it reaped benefits of scale customers. This along with the during the period. tariff hikes implemented during This is third straight quarter that Reliance the quarter (around mid Retail’s Ebitda has crossed ~2,000 crore.. December) and the huge offtake Along with telecom venture Jio, Reliance for JioPhones led to a rise in the Retail now contributes 37 per cent to RIL’s Alphabet joins Apple, average revenue per user (ARPU) Ebitda, the company said on Friday, adding QUARTERLY PERFORMANCE on a quarter-on-quarter (QoQ) that it plans to take this contribution to 50 per Reliance Retail’s quarterly performance basis to ~128.4. On a year-on-year cent in the next few years. Microsoft in $1 trn club (YoY) basis, however, the ARPU is However, the bigger surprise was on the (Figures in ~cr) Q1FY20 Q2FY20 Q3FY20 BLOOMBERG uation of $931.1 billion to lower compared to ~130 in the revenue front. Reliance Retail’s revenue Revenue 38,196 41,202 45,327 17 January return above $1 trillion. corresponding period a year ago. grew 27.4 per cent YoY during the quarter to EBITDA 2,049 2,322 2,727 These four companies are The reported ARPU in the touch ~45,327 crore, bucking the slowdown Alphabet hit a milestone on by far the largest on Wall EBIT 1,777 2,035 2,389 September quarter was ~120 and RELIANCE JIO Q3 NOS was any plateau of data con- trend in the market. Thursday, as a rally in the Street, and their huge size if adjusted for IUC charges it was sumption, Thakur said, “We are The bulk of this growth, said Dinesh EBIT margin (%) 4.70 4.90 5.30 stock took it above a $1 tril- gives them an outsized impact (%) Growth ~127 (on a like-to-like basis). still seeing growth in consump- Thapar, group chief financial officer, EBITDA stands for earnings before interest tax depreciation and lion valuation for the first on overall market direction. Jio’s ARPU was slipping for ~ (cr) QoQ YoY tion. The base has become so Reliance Retail, was led by the company’s amortisation; EBIT stands earnings before interest and tax time, solidifying the domi- Together, they represent more Source: Company results seven consecutive quarters. This Operating much larger. On per user basis core retail operations in consumer elec- nance of technology and than 15 per cent of the weight was the first improvement after Revenue 13,968 6.4 28.3 you may not see such a big tronics, fashion and lifestyle, and food and market growth has slipped to low single dig- internet stocks as the biggest of the S&P 500. many quarters. Ebitda 5,601 8.4 38.2 number but the growth is still grocery, which now contributes 60 per cent its in Q3, market research agency Nielsen titans of Wall Street. The rest of the market is, Anshuman Thakur, strategy there”. of its topline and 87 per cent of earnings. and sector experts said. Yet, the country’s Shares rallied in the last at best, hundreds of billions head for Reliance Jio, said the Ebit 3,805 12.2 60.6 Meanwhile, Jio claimed that Excluding petro retail and Jio largest retailer continues to bet on half hour of trading to close of dollars away from trillion- improvement in ARPU over the Net Profit 1,350 36.4 62.5 it was on track to becoming a net sales points, which are clubbed Firm’s revenue aggressive store expansion, at $1,450.16, up 0.8 per cent dollar valuations. The fifth- previous quarter was due to a Source: Company debt free company. In October, it with Reliance Retail, revenue from grew 27.4 per launching new brands and com- on the day. largest US combination of things. had announced the formation of core retail operations grew about cent YoY during ing up with aggressive offers, they With the stock by mar- “There was a tariff increase, fic pattern change after the a wholly-owned subsidiary for 36 per cent in Q3, Thapar said. the quarter to said. During the quarter, the gro- gain, Alphabet ket cap, but that impact was minimal (it implementation of IUC — from its digital initiatives Jio Platforms The company also added 456 touch ~45,327 cr cery business saw the launch of a became the Facebook, cur- was from mid-December) as 38 per cent inbound traffic to 53 (JPL) with a total capital infusion stores in Q3, taking its total store new store concept called ‘Smart newest mem- rently has a val- most consumers are on three per cent at present. Thakur said of ~1.73 trillion. Under this count to around 11,400 across 7,000 towns Point’, positioned as a neighbourhood shop ber of an elite uation of month plans. So, many of them at the end of the quarter Jio was arrangement, around ~1.08 tril- and cities. offering fresh food, pharmacy and assisted club to trade $632.9 billion. are still on previous plans. There a net IUC gainer. lion of Reliance 70 per cent of these stores, said Gaurav e-commerce. In consumer electronics, the with the his- The biggest was some IUC revenue as well IUC basically refers to a Jio’s liabilities will be transferred Jain, head, strategy and planning, Reliance company opened its 400th store in Q3, while toric 13-digit company out- and we also had a very good charge paid by the call-originat- to Reliance Industries (RIL). Retail, were in tier-II, tier-III and tier-IV mar- fashion and lifestyle touched its 2,000-store market capitali- side the tech or quarter with JioPhone,” he said. ing telco to the destination oper- Thakur explained that the kets, with the company focusing on opti- milestone, it said. sation. Only internet sector Jio’s subscriber base as on ator. Jio wants the IUC to go (that process of debt transfer to RIL is mum value, segmentation and efficiency in Jiomart, which is the company’s new com- two other US is Berkshire December 31 was 370 million, will help it to lower costs), while being done through a scheme of sourcing to drive growth, he said. merce venture, is currently being piloted in names are past Hathaway. in which shows a 32.1 per cent YoY incumbent telcos want IUC to arrangement. Jio has filed the In terms of retail area, the company cov- Navi Mumbai, Thane and Kalyan, Thapar the threshold: sixth place, val- growth. The telco added 37 mil- stay and they are net revenue scheme with National Company ers 26.3 million sq ft in Q3, a growth of about said. He also said all options were open, as far Apple, valued at about $1.38 tril- ued around $559 billion. lion gross adds during the third gainers from it. Law Tribunal (NCLT), seeking 28 per cent from a year ago. as getting a strategic partner goes. lion, and Microsoft , at $1.27 tril- Alphabet’s move above the quarter of financial year 2019- Jio posted a net profit of approval for transfer of identified In a statement, RIL chairman Mukesh Rival Amazon has just committed $1billion lion. Globally, the list is topped level is just the latest step high- 20, while its net adds stood at 14 ~1,350 crore, up 62.5 per cent liabilities to RIL in December Ambani said Reliance Retail saw record foot- to the India market, while Flipkart is investing by Saudi Aramco, Saudi er for the Google parent com- million. In the September quar- YoY, after exceptional items of 2019. “In September, the debt was falls led by a superior shopping experience, in verticals such as grocery and food apart Arabia’s national oil company, pany. Shares are up about 40 ter, the net subscriber addition ~177 crore (on account of adjust- ~1.04 trillion based on which we value and consistent same-store sales from electronics, fashion and lifestyle. which went public last month per cent from a June low, with was 24 million. The rate of net ed gross revenue or adjusted had filed the scheme. That has growth (SSG). A recent Bank of America-Merrill Lynch and currently has a market cap the rally largely fueled by opti- additions was, thus, slowing gross revenue dues) during the gone up marginally,” Thakur SSG for the quarter across the company’s (BoFA-ML) report had said that Reliance of about $1.8 trillion. mism over its 2020 prospects, down. quarter. said. retail formats was in the region of 11-14 per Retail would be key in driving up RIL’s mar- Amazon.com Inc. flirted particularly with respect to ad Thakur said, “We were aware The telco’s wireless data traf- As for its fiber-to-the-home cent, said Jain, at a time when overall mar- ket value to $200 billion in two years. On with the level last year, but revenue. of the implications of IUC tariffs fic during the quarter was 12 bil- (FTTH) service, Jio already has ket sentiment remained weak. Friday, RIL touched ~10.02 trillion in market the e-commerce company Alphabet will report and certain customers would be lion GB, registering a 39.9 per 1 million consumers and is The statement acquires significance giv- capitalisation after its shares rose nearly 3 would have to rise more than fourth-quarter results on impacted”. There has been a traf- cent YoY growth. Asked if there ramping up. en that overall consumer goods and retail per cent during trading session. 7 per cent for its current val- February 3. HCL Technologies Barclays may cut 12 senior jobs in Asia BLOOMBERG amid increasing competition 17 january from US peers and a lacklus- reports 16.3% rise ter home market. Barclays is planning to cut Jonathan Kitei, head of about 100 senior jobs, mostly securitized product sales for in net income in Q3 in trading roles across its cor- Americas, Tim Johnston, head porate and investment bank. of EMEA cash high-touch trad- STELLAR PERFORMANCE About a dozen positions in ing and sales, and Anindya Das Asia have been hit, though the Gupta, head of treasury in Q3FY2020 ~crore QoQ % YoY % cuts won’t result in a retreat the details aren’t public. India, are leaving the bank as Revenue 18,135 3.5 15.5 from any business or market A spokeswoman for part of the cuts, people familiar Selling, General and 2,155 5.7 13.4 in the region, one of the people Barclays in London declined with the matter said. All three Administrative Expenses said. The bank has started to comment on the cuts, which declined to comment. trimming mainly managing are among the first to be imple- About a dozen positions in EBIT 3,670 5.0 18.9 director and director positions mented by a major investment Asia have been hit, though the Net Income 3,037 14.6 16.3 in London and Asian financial bank in 2020. Last year saw cuts won’t result in a retreat hubs, according to people several European lenders from any business or market Earnings per share (~) 44.8 14.6 16.7 familiar with the matter, who reshape their securities units, in the region, one of the people PBT 3,636 4.5 14.7 asked not to be identified as eliminating thousands of roles said. Source: Investor release

NEHA ALAWADHI that this quarter we have New Delhi, 17 January crossed an annualised run rate of $10 billion... on the HCL Technologies, the coun- back of good booking in H1 try’s third-largest information (first half), this quarter we technology services firm, experienced dip in booking as reported a 16.3 per cent annu- some client decisions have al rise in net income in the taken longer than expected. quarter ended December 31, Our pipeline stands at an all- 2019, (Q3) of financial year time high. We are expecting a 2019-20 (FY20) to ~3,037 crore. higher conversion of this The company’s profit before pipeline to booking in this tax in the December-ended quarter. This quarter we quarter was ~2,991 crore. closed successful completion The Noida-based company of Sankalp. This will give us a raised its full-year revenue fore- little more momentum in the cast to a growth of 16.5-17 per semiconductor business," said cent from 15-17 per cent in con- HCL Technologies CEO C stant currency range earlier. Vijayakumar. “At the year-to-date mark, He added that the longer we are at about 17.8 per cent in decision cycles were not terms of year to date, nine reflective of the larger demand months cumulative organic environment. growth year-on-year (YoY),” “The best way we define said Prateek Aggarwal, chief demand environment is to financial officer at HCL look at our pipeline. Our Technologies. pipeline is at historic peak so I “We had earlier guided to a am very optimistic about over- wider range of about 15-17%, all demand environment. but now that we have only one There could be some verticals quarter to go and we have bet- where there could be some ter visibility, we have nar- kind of softness. The pipeline rowed down the range... it is is fairly robust in US, Europe coming from both sides... in line with our revenue con- inorganic guideline was 5-6 tributions. So, overall, very per cent that is now at 6 per positive about the overall cent. In organic (business), demand environment,” which we had said would be Vijayakumar added. 10-11 per cent, we are now He further said the com- revising to 10.5-11 per cent,” he pany was “cautiously opti- added. mistic” about the financial On Friday, HCL Tech services business, in con- reported a 15.5 per cent rise in trast to rival Wipro’s com- annual revenue in constant mentary, which saw a dip in currency to ~18,135 crore. On a banking, financial services sequential basis, revenue in and insurance because of Q3, rose 3.5 per cent while net furloughs in Q3, but expects income rose 14.6 per cent. demand to pick up in the “I am pleased to announce current quarter. 4 AGR VERDICT AFTERMATH MUMBAI | 18 JANUARY 2020 1 >

The Supreme Court delivered a huge blow to telcos by rejecting the review petition filed by Bharti Airtel, Vodafone Idea, and Tata Teleservices for relief against the AGR verdict. Business Standard analyses the impact it will have on various stakeholders Ball now in govt’s court to MFs, PFs brace for storm over Vodafone Idea debt JASH KRIPLANI & SACHIN P MAMPATTA MINIMISING THE RISK salvage telcos, say banks Mumbai, 17 January Schemes with large percentage of exposure that've marked Investors — small as well as insti- down Vodafone Idea debt exposure to zero No scope for reworking repayment obligations unless there is a default, they say tutional — are staring at huge loss- Scheme name Exposure Exposure NAV chg (%) es on account of their indirect (% of assets) (~crore) Jan 16,’20 ABHIJIT LELE SELECT BANKS’ players. exposure to beleaguered Vodafone Mumbai, 17 January IDFC First Bank (IDFB), Idea, which is on the verge of a col- Nippon India Hybrid Bond* 7.42 102.0 0.04

11,200 EXPOSURE TO IndusInd Bank, and SBI are most lapse over liabilities to the govern- Franklin India Low Duration 6.33 292.9 -6.87 s concerns over Vodafone VODAFONE IDEA exposed to Vodafone Idea’s debt ment and a heavy debt burden Franklin India Income Opportunities 4.92 152.5 -5.14 Idea’s adjusted gross rev- with net worth exposure of around amid industry stress. Franklin India Credit Risk 4.68 276.1 -4.91 in ~cr A enue-related (AGR-related) 11 per cent for IDFB. However, a About 45 mutual fund (MF) Franklin India Short Term Income 4.32 473.7 -4.56 dues cloud the business environ- large part of IndusInd Bank’s schemes belonging to four fund Franklin India Ultra Short Bond 4.27 721.4 -4.36 ment, banks with heavy exposure 3,995 exposure is towards non-fund houses and at least three to the group say there is little they based liabilities in favor of the gov- provident and pension fund Franklin India Dynamic Accrual 4.08 157.1 -4.28 can do, and there is no scope for 2,500 ernment, Goldman Sachs said. schemes have invested in deben- Nippon India Credit Risk 1.16 61.4 0.08 reworking repayment obligations 1,725 Meanwhile, ratings agencies tures of the telco. Nippon India Strategic Debt 0.7 16.0 0.14 of telecom operators, unless there 1,027 have also flagged likely pressure MFs have already started to mark- is a default. Senior public sector on the financial and credit profile down their debt exposure following Schemes with large percentage of exposure that are yet to take a call bank executives said any relief to SBI IndusInd IDFC First ICICI PNB of telecom operators. Annalisa Di Supreme Court's decision on Scheme name Exposure Exposure NAV chg (%) the sector must come from the Bank Bank Bank Chiara, senior vice-president, Thursday to reject review plea of the (% of assets) (~crore) Jan 16,’20 government first. 4.0 2.2* 11.0 1.0 1.0 Corporate Finance, Moody’s telecom companies on additional UTI Credit Risk ** 17.54 253.9 0.03 The outstanding debt of Exposure as % of Q2 net worth Investors Service, said while it was gross revenue (AGR) dues. UTI Bond Fund 8.32 41.6 0.13 Vodafone Idea group is over ~1.25 a blow, the judgment was not a sur- While Franklin Templeton MF trillion as of March 2019. Goldman *= Q3 ended December 2019 Source: Goldman Sachs research report prise and Bharti had already made and Nippon India MF have taken a UTI Regular Savings Fund 5.57 115.1 0.25 Sachs said in a report that Vodafone provisions to help offset the impact 100 per cent mark down, other fund Birla Regular Savings Fund 3.77 67.3 0.15 Idea would be potentially the most Moreover, the asset recognisition out, considering banks’ substan- on its balance sheet. Nevertheless, houses are yet to take a call on UTI Dynamic Bond Fund 3.76 16.9 0.08 impacted if the government does and provisioning norms will be tial exposure. the impact on its credit profile will whether the asset needs to be re-val- Birla Equity Hybrid 95 3.29 345.8 0.26 not provide any support. like it is for other accounts. To tide over their difficulties, likely be significant, with both debt ued ahead of a probable rating action. UTI Medium Term Fund 1.46 3.4 0.04 Vodafone Idea’s debt excluding A senior executive at a private telecom players have raised tariff and leverage set to rise. On Thursday, Franklin Birla Medium Term Plan 1.39 67.1 0.06 deferred payment liability is bank said, “We expect the govern- and the government in November At the same time, the financial Templeton MF, which has ~2,073 * Franklin Templeton MF schemes took mark down on Thursday and Nippon India on Friday. The around ~28,000 crore, with cash ment to respond favourably to the also gave them two years to pay burden will likely further weaken crore in exposure to Vodafone Idea latter has 13 close-end FMPs exposed as well, ** UTI AMC has two close-end FMPs with exposure and cash equivalents of ~15,400 curative petition that telecom off spectrum dues, providing Vodafone Idea’s ability to compete (as of December) in six of its schemes, Source: Value Research crore as of September 2019, imply- companies may file. While the lia- some relief. in the Indian market, potentially marked down the exposure to zero as ing a net exposure of ~13,000 crore, bility may not go away, we think Deferment of spectrum auc- providing an opportunity for a prudential move to protect the across 45 schemes. Nippon India MF paper of Vodafone Idea in its credit according to Goldman Sachs. the government will stagger the tion installments, which will start competitors Bharti and Jio to gain interests of its existing shareholders. has also marked down its exposure to risk fund (7.32 per cent of assets), UTI However, bankers maintained payment over seven years or so. only after 2021-22, will ease the market share, Chiara said. This led to 4-7 per cent dip in the Vodafone Idea to zero. Bond Fund (8.32 per cent) and UTI that the loans are standard This will take the burden off them.” cash outflow of the stressed tele- Gaurav Dixit, group head, net asset values (NAVs) of the Experts add that schemes, espe- Regular Savings Fund (5.57 per cent). assets, which means the compa- About a fortnight back, Rajnish com service providers and facili- CARE Ratings, said the agency is schemes exposed to the telecom cially those with large allocation of Overall, the fund house has exposure ny has never defaulted on repay- Kumar, (SBI) tate payment of statutory liabili- watching developments closely company's debt instruments. their corpus to the firm, might see of ~557 crore. ment obligations. chairman, had told Business ties and interest on bank loans, and look for the government’s Overall, Franklin Templeton MF's investors getting differently impact- According to the regulatory fil- The Reserve Bank of India had Standard that it was necessary to the government had said. decision on schedule for repay- debt exposure to the company ed than those that don't redeem in ings by the company, National earlier flagged telecom as a sector sort out the issue of past liabili- Though the exposure to ments (for AGR dues). In case accounted for 61 per cent MF indus- time. "Fund houses should ensure Pension Scheme, the Board of that could potentially cause pain ties, such as AGR, of the telecom Vodafone Idea may just be 2 there is some respite, the agency try's exposure. one set of investors doesn’t get ben- Trustees for Bokaro Steel for the banking sector. The cen- sector. Kumar said telecom is an per cent of the overall Non-per- will have some comfort. Else, The fund house has also limited efit over others in such situations," Employees Provident Fund and tral bank had increased standard important infrastructure segment, forming Assets (NPAs) in the there will be pressure. fresh inflows to its schemes to said Dhirendra Kumar, founder and MTNL Employees Provident Fund asset provisioning weights for which needed huge investments, banking system, Goldman Sachs In November 2019, CARE had ~200,000 per fund per investor to chief executive officer of Value Trust are some retirement funds exposure to the sector. but the impact of AGR issue on noted that a bad debt of this size downgraded Vodafone Idea’s long- avoid giving arbitrage opportunities Research. that have exposure to the telecom Bankers said RBI cannot now telecom is a definite concern. would impact investor confidence term rating from “A-” to “BBB-” on in schemes with markdowns. Birla Sun Life MF and UTI AMC player. The current status of the dilute its standards just because Kumar had said that the concerns and lead to higher risk aversion significant erosion in the overall Overall, the MF industry has debt are yet to take a call. The latter has investments for these funds was not one company is under stress. will persist till the issue is sorted among banks towards the telecom risk profile of the company. exposure of ~3,389 crore, spread high percentage exposure to debt immediately clear.

Moody’s raises Street’s reactionto Curative petition last legal remedy, concerns over but it’s rarely admitted, say experts Vodafone Idea SC’s AGR verdict With the Supreme Court PRESS TRUST OF INDIA that curative petitions are rejecting a review of its order New Delhi, 17 January rarely admitted.” ICICI that put ~1.47 trillion liability Securities said Bharti Airtel has of past dues on telecom firms, hints at duopoly With just one week left for already raised capital of $3 bil- Vodafone Idea’s ability to them to pay over ~88,600 crore lion, which should help it meet compete in the Indian mar- KRISHNA KANT in past dues, Bharti Airtel and the burden. “But the same ket is likely to weaken, Mumbai, 17 January Vodafone Idea are left with a remains a herculean challenge Moody’s Investors Service last legal remedy of filing a for Vodafone Idea — a chal- said on Friday. This will pro- The stock market on Friday curative petition, but such lenge that cannot be resolved vide an opportunity for Bharti gave contrasting opinion on petitions are rarely admitted without government interven- Airtel and Reliance Jio to gain the financial impact of the by the Supreme Court, ana- tion, in our view.” Though market share, it said. Supreme Court (SC) rejection lysts said on Friday. Bharti Airtel and Vodafone Idea “The financial burden will of mobile operators’ review The Supreme Court on can still file a curative petition, likely further weaken plea on adjusted gross rev- Thursday dismissed review “the probability of resolution Vodafone Idea’s ability to enue (AGR) dues. petitions filed by telecom com- remains bleak,” it said. UBS compete in the Indian mar- While Bharti Airtel stock panies against its October 24, the October order, have to be to the telcos now is a curative Group said the ruling raises risks ket, potentially providing an price rose to a two-year-high 2019 order that asked for inclu- paid by January 23. petition,” it said. The rules for lenders to the companies. opportunity for competitors due to fresh buying by sion of non-telecom revenues This January 23 deadline for around curative petition are “IndusInd, , and SBI Bharti and Jio to gain market investors, Vodafone Idea for calculating statutory dues payment may not apply to non- fairly tight as the petitioner has appear to have relatively high share,” the US-based agency stock was down 25 per cent as MONEY MOVING TO BHARTI AIRTEL such as license fee and spec- telecom companies which too to establish that there was a exposure to Vodafone Idea,” it said. “While a fresh blow, the hordes of investors exited the Historical trend of Airtel’s and Vodafone Idea’s m-cap (~ cr) trum usage charge. have been asked to pay sub- genuine violation of principles said.“We do not have a view on judgment is no real surprise counter. Airtel ended the day Dues, which total to ~1.47 stantial amounts in past dues, of natural justice, it said, adding whether the government will and Bharti had already made with gains of 5 per cent that trillion for 15 telecom compa- Kotak Institutional Equities said the court can impose ‘exem- offer some relief in the form of a provisions to help offset the pushed its market capitalisa- nies including Airtel and in a note. “From a legal stand- plary’ costs to the petitioner if waiver and/or staggered payment impact on its balance sheet,” tion (m-cap) to an all-time Vodafone Idea, according to point, the only option available the plea lacks merit. “We note terms,” Kotak said. it added. PTI high of ~2.57 trillion. In con- trast, Vodafone Idea’s market capitalisation fell to ~12,960 crore. At its intra-day low, Vodafone Idea was down Voda Idea closure could be a lose-lose deal nearly 50 per cent from its

Thursday's closing price. Compiled by BS Research Bureau Source: Capitaline SURAJEET DAS GUPTA because Jio only has 4G service. Yet Analysts say the contrast- New Delhi, 17 January WHAT IF IT with both the networks working at ing price movement suggests lion (around ~35,000 crore) a concomitant addition of SHUTS SHOP? full capacity (which is reflected in equity investors are increas- payable by January 23. Since costs,” analysts at Edelweiss The closedown of Vodafone Idea, call drops), most experts say they ingly losing faith in Vodafone Vodafone Idea has no way to Securities said. which is a possibility, leading to a | Itwill resultin an adverse will not have enough spectrum or Idea while Airtel is seen as a raise the amount, we are Vodafone Idea saw a duopoly among private operators, impacton future FDIs network to absorb all the customers winner in the rapidly consol- almost certainly headed sharp deterioration in its bal- could have ominous consequences | Huge loss of revenue to quickly. Even if one of the existing idating telecom market. towards a two-player market,” ance sheet ratio after it post- not only for consumers and the government of over players were to bid in an insolvency A Credit Suisse report the brokerage said. ed corporate India’s biggest employment generation but also for ~133,000 crand ~27,000 cr process or a new player shows an said the SC decision pushes Both brokerages have loss during the September the exchequer. annually due to licence fee, interest, the process of acquisition the sector closer to a two pri- raised their target price on 2019 quarter. Its net debt to It will have an adverse impact on SUCand other taxes could take 12-18 months. vate sector operator scenario. Airtel and suspended the rat- equity ratio jumped to a foreign companies looking at | Loss of 100,000 direct Says a senior executive in a “We see a very low probabil- ing of Vodafone Idea. record level of 4.5x at the end investing in the country, and indirect jobs leading telecom equipment maker: ity of success of mobile oper- Airtel is now 20 times big- of September against 1.24x at say analysts. “Knowing the additional capacity ators’ curative plea. With the ger than Vodafone Idea in the end of June and 1.8x at To get a perspective, the two | About200 million Voda available I would be surprised if the Aditya Birla and Vodafone terms of m-cap, even though the end of March. shareholders of Vodafone India — Idea customers could face three together can accommodate groups unwilling to infuse the former is only around 30 At around ~24,000 crore Vodafone plc and the Aditya Birla difficulty in porting to more than 100 million additional equity in Vodafone Idea, we per cent bigger than the latter at end of September 2019, group — together with public competing telcos customers, especially with data use see a strong possibility of in terms of fixed assets. In Vodafone Idea’s net worth shareholders, have invested more going through the roof. They will Vodafone Idea going for 2015, the m-cap of Vodafone was down nearly 70 per cent than ~1.9 trillion, of which ~1.65 The government will be a huge average of around ~13,500 crore need more time, more spectrum, and bankruptcy. Airtel should Idea (Idea Cellular then) was compared to the numbers at trillion has been through foreign loser. Vodafone Idea (the merged annually. And the government more towers to handle the sudden benefit from further consol- just half that of Airtel. the end of June. direct investment. entity) has committed to pay with would, on average every year, lose closure. What will ensure is chaos.” idation,” Varun Ahuja and Analysts say the sharp fall In comparison, Airtel’s If borrowings from banks and effect from 2010 ~1.4 trillion for the over ~13,600 crore as Vodafone Telcos say the solution lies with Viral Shah wrote in the in Vodafone Idea’s m-cap in net debt to equity ratio dete- deferred spectrum liabilities are spectrum it bought (individually India’s taxes such as goods and the government. The need is for a Credit Suisse report. the past one year has made it riorated by only around 40 added, the investment is a before the merger) in auctions. Of services tax, customs duty, and comprehensive change in policy to Credit Suisse said there is difficult for the firm to raise basis points on a sequential staggering ~3 trillion. Yet the this, the government stands to lose direct taxes. address the issues of high spectrum 65 per cent probability that additional resources. “The sit- basis to 1.7x at the end of cumulative losses made by the ~89,180 crore. Vodafone Idea has to A closure would mean severe job price, restrictions in mergers and only two private firms would uation is precarious for September against 1.3x at the company in the past 10 years were make this payment, including the losses — in a market where job acquisitions, the design of the be left in the market; 29 per Vodafone Idea, given that lia- end of Q1FY19 and 1.65x at (till FY19) over ~55,175 crore and on interest accrued till FY34, as creation is becoming an issue. auction, and high licence and SUCs. cent probability of BSNL tak- bility is more than twice its the end of March. account of the Supreme Court order deferred payment for spectrum (it According to Voda Idea’s estimates, Rajan Mathews, director general ing over Vodafone Idea or a current m-cap (its 13 per cent The provisioning for AGR in October, it has taken in losses of has paid ~54,467 crore). That apart, 100,000 direct and indirect jobs will of the Cellular Operators Association weakened third operator of m-cap for Airtel),” Saurabh dues led to a 23 per cent ~49,727 crore in the quarter of the government will have to forgo go. During the merger, it pruned its of India, says it will appeal to the emerging from bankruptcy; Handa of Citi Research said. decline in Airtel’s net worth September FY20. ~44,150 crore, which is Vodafone employee count. government for a staggered payment and only 15 per cent chance “In the absence of govern- on consolidated basis com- If it closes down, a large part of Idea’s calculation of the payout it has They are other challenges also. of AGR as well as reduction in licence of Vodafone Idea’s survival. ment intervention, the mar- pared to the numbers at the this investment value might have to to make due to the court order on More than 300 million customers fees and SUCs. “The government can Analysts at New Street ket would turn into a duopoly. end of June. But Airtel boost- be written off by the shareholders adjusted gross revenue (AGR). would have to port out to either bring it down (13 per cent) in such a Research are equally pes- While Airtel will have to shell ed its balance sheet and net and banks. Also, the government will not get Bharti Airtel or Reliance Jio and way that it neutralises the impact of simistic. “Vodafone Idea owes out around ~34,000 crore, it worth by raising ~40,000 This is over and above the either the licence fees or spectrum- some to BSNL. For the 200 million the court order on AGR, ensure the $7 billion (around ~50,000 would be net-positive since crore worth of fresh equity in substantial write-offs Vodafone plc user charges (SUCs), which 2G customers of Vodafone Idea, their government does not lose revenue, crore) and Airtel owes $5 bil- revenue would spike without two tranches in FY20. had taken earlier on its books. constitute 13 per cent of AGR — an choice is even more restricted and telcos are not overburdened.” 6 ECONOMY & PUBLIC AFFAIRS MUMBAI | 18 JANUARY 2020 1 >

IN BRIEF SC to hear plea in March on Insurance may go telecom way: Irdai stalling bullet train project The Supreme Court will hear a Regulator warns firms against unfair competition and predatory pricing; says it will ensure industry runs sustainably group of farmers seeking to halt land acquisition for India’s SOMESH JHA He said in the case of of insurance industry does “Some brokers are not maiden high-speed rail project, New Delhi, 17 January “unfair competition”, other not deteriorate,” he said. submitting the annual funded by Japan. A two-judge industries, particularly avia- “Some brokers The regulator also told returns in time and some are Bench headed by Justice Deepak he insurance industry tion and telecom, have suf- are not insurance brokers to be more not following the process at Gupta issued a notice to the may meet the fate of fered but their customers submitting the disciplined in filing their all. We should be more disci- Centre on Friday seeking its view T aviation and telecom have not. “But we cannot annual returns in returns and said it is working plined,” he said. on the petitions. The apex court sectors if product prices are afford such a situation in the time and some on consolidating regulations Asked about his view on will hear the case on March 20. Meanwhile, Maharashtra Deputy kept low, Insurance insurance industry as it pro- are not following related to insurance interme- raising foreign investment in Chief Minister Ajit Pawar said the state government will consider Regulatory and Development tects customers. If the insur- the process at all. diaries in a bid to do away the insurance sector from the pursuing Hyperloop, a futuristic transport system, after it is shown Authority of India (Irdai) ance industry suffers, the We should be with multiplicity of rules. current 49 per cent, he said to be practicable in other countries. AGENCIES Chairman Subhash C Khuntia clientele will also suffer and more “I have told officers that Irdai had sought opinions of warned on Friday. as a regulator, we would not disciplined” there is multiplicity of regu- stakeholders on raising for- Khuntia said insurance like that to happen.” SUBHASH C lations for intermediaries and eign holding to 74 per cent brokers account for around Aviation is a highly com- KHUNTIA, there should be common and comments received have Forex reserves rise BPCL, Concor sale 43 per cent of the premium petitive sector where a low- norms to the extent possible been forwarded to the gov- to record high of to lay foundation collected in the case of group fare regime has been a cause Chairman, Irdai and specific norms for differ- ernment. health insurance products. of concern for some airlines. ent categories. We need to “Now, according to the $461.21 billion for others: Garg “But, I need to give a word of The government has often bring all intermediaries in Insurance Act, 49 per cent is LIFE-TIME HIGH ($ bn) caution here. Though the termed it as “predatory pric- one regulation,” he said. the maximum limit for for- share is very high, the loss ing” and cautioned industry Irdai introduced a eign direct investment. If it ratio is also high. It’s not sus- against keeping airfares too Business Analytics Project goes to 74 per cent, naturally, tainable at present. Insurance low in a bid to elbow out com- portal six years ago, automat- the Act has to be amended,” companies, intermediaries petition. Airtel and Vodafone Idea course, of course”. “The regu- ing the process of registration he said. However, he was non- and policyholders need to Similarly, the telecom posted their biggest losses lator will have to ensure and other connected activi- committal on ownership and unite to create a sustainable industry is reeling under ever recently. industry runs sustainably. ties of insurers, brokers, control. No decision has been atmosphere,” Khuntia said in stress because of fierce com- Asked if companies are There will be a host of actions, among others. Khuntia said taken, he added. New Delhi at an event organ- petition, especially after engaging in predatory pricing not one kind of action (to of the 459 brokers, 364, or ised by the Insurance Brokers Reliance Jio entered the mar- to raise their volume, Khuntia check predatory pricing) but about 80 per cent, filed return With inputs from Successful disinvestment of Association of India. ket three years ago. Bharti acknowledged it, saying “of we will ensure that the health for the financial year 2018-19. Press Trust of India Compiled by BS Research Bureau Source:RBI , Container Corporation of India and India’s foreign exchange Shipping Corporation will lay reserves rose by $58 million the foundation for a much to reach a life-time high of ambitious programme for stake $461.21 billion in the week sale in the central public sector Exporters want clarity on to January 10, the RBI data undertakings, former finance showed. In the previous secretary Subhash Chandra week, the reserves had Garg (pictured) said on Friday. increased by $3.689 billion From the perspective of non- to $461.15 billion. PTI< tax income and receipts, 2019- tax refunds, key schemes 20 will be an eventful year witnessing some extraord- SUBHAYAN CHAKRABORTY 2 per cent, 3 per cent, and 5 per Nirbhaya rape inarily positive events and a few New Delhi, 17 January cent, depending upon the prod- convicts may be misses, Garg said in a blog. uct and country. Officials said “Initiation of strategic stake sale Exporters have said the Budget the new RoDTEP would also be hanged on Feb 1 in BPCL, CONCOR and SCI was a should look at the issue of slow based on this method but the A Delhi court on Friday issued path-breaking measure and if disbursement of tax refunds rates are yet to be decided. fresh death warrants for carried to its logical end, privat- and uncertainty over major pro- The Confederation of Indian February 1 against the 4 isation agenda would come motional schemes, blaming Textile Industry has said rates < Secondary metal convicts in the Nirbhaya gang back on track,” he wrote. PTI these issues along with curren- should be immediately rape case. The court was cy volatility for slowing growth. announced as exporters would hearing a plea by Mukesh In December, merchandise need time to factor in the same Kumar Singh seeking L&T Finance’s Q3 exports contracted for the fifth while finalising new orders and firms seek duty postponement of the date of pre-tax profit falls straight month as processed making their transition to the his execution (January 22). PTI< petroleum shipments saw low- new scheme smooth. For the to ~725.22 crore er receipts and a broad-based garment and made-ups sector, cut on imports L&T Finance Holding’s decline continued to plague all the government has withdrawn Punjab Assembly consolidated pre-tax profit for other major foreign exchange- MEIS benefits retrospectively DILIP KUMAR JHA material. While the Indian adopts resolution the third quarter fell to ~725.22 earning sectors. Shrinking by TOP EXPORTS from March 7, 2019, dealing a Mumbai, 17 January government is levying basic crore from ~775.81 crore in the 1.8 per cent as of December, out- April-Dec April-Dec % change deadly blow to cash-starved Customs duty on metal against CAA year-ago period. The net profit bound trade has reduced in six (Figures in $ bn) (‘18-19) (‘19-20) (YoY) exporters. Secondary metal producers scraps in the range of 2.5 to 5 The Punjab Assembly on rose to ~591.47 crore in the of the first nine months of the have asked the government per cent, it needs to be zero Friday adopted a resolution quarter ended December 31, fiscal year 2019-20 (FY20). Engineering goods 61.0 59.7 -2.0 Volatile times to cut Customs duty per cent to minimise the seeking immediate repeal of 2019 from ~580.96 crore in the “With exporters’ claim for Petroleum products 36.6 33.5 -8.2 Apart from a fluctua- on imported metal- environment impact. This the Citizenship (Amendment) previous year. Its net interest over five months still pending, Gems & jewellery 29.7 27.8 -6.3 tion in commodities lic scrap and curb would provide a level-play- Act (CAA) and Chief Minister margin plus fee improved to liquidity has been wiped out Chemicals (organic & inorganic) 16.4 16.9 2.7 prices and especially cheap imports, argu- ing field and settle the issue Amarinder Singh announced 7.29 per cent in the quarter and the process of finalising crude oil, a major con- ing they need a lev- of inverse duty stricture for that the state will move the under review from 6.79 per cent new contracts has been held Pharma 13.9 15.6 12.0 stituent of India’s el-playing field. the benefit of domestic sec- Supreme Court against it. PTI< last year. BS REPORTER< up,” said Sharad Kumar Saraf, Apparel 11.3 11.4 0.8 exports, the currency In a pre-Budget ondary metal produces,” said president of the Federation of All other forms of textiles 12.1 11.1 -8.2 volatility has also hit recommendation to Mehta. Indian Export Organisations exports. While the Union Finance Scrap processing offers Plastic 6.5 5.8 -9.5 (FIEO). Last month, the govern- value of the rupee has Minister Nirmala biggest benefits of energy Reserve Bank should ment said over 83,500 exporters Electronic goods 6.2 8.8 40.0 fallen, the depreciation was of a Sitharaman, Sanjay Mehta, saving versus virgin material have already been paid refund Marine products 5.4 5.4 0.8 smaller magnitude of just 1 per president, Material — 74 per cent for iron and of Integrated Goods and Source : Commerce Department cent, compared with 8 per cent Recycling Association of steel scrap, 95 per cent for act as lender of last Services Tax (IGST), amounting last year during the same peri- India (MRAI), said metal aluminum scrap, 85 per cent to over ~1.12 trillion. It said rate of 5 per cent and services at self-certification basis and od, the data shows. This nega- recycling should be treated for copper scrap, 76 per cent resort for NBFCs: SBI refunds of only ~3,604 crore are 18 per cent, he has sufficient ITC exemption from furnishing tively affected Indian exports as a priority sector. for zinc scrap and 65 per cent pending with the Central Board to pay for 5 per cent IGST at the bank guarantee under certain given the current environment The industry faces an for lead scrap. Also, recycling PRESS TRUST OF INDIA kets, it is imperative that of Indirect Taxes and Customs time of exports. He may either schemes. of trade wars and the fact that inverse duty structure: it of scrap has employed 8-10 Mumbai, 17 January central banks don't forget (CBIC). not pay IGST in cash or pay only most emerging market curren- pays 2.5 per cent Customs million people across India their primary function of But FIEO has pointed out a fraction of that while claim- Schemes awaited cies also depreciated during this duty on imported metallic directly and indirectly. With difficulties in NBFCs being the lender of the last that the classification of major ing complete refund of IGST,” Exporters also hope the Budget period, experts say. scrap of aluminium and cop- “Of India's scrap con- continuing, economists at resort,” they said. exporters as “risky” has further he added. FIEO wants the issue will clear the confusion around “If rupee depreciation per; and 5 per cent on zinc sumption, 35 per cent metal State Bank of India (SBI) on The NBFC sector has been compounded the liquidity prob- to be solved before the upcom- the old Merchandise Exports results from troubled geo-polit- and lead. scrap is being generated by Friday pitched for the Reserve impacted since August 2018 lem as their GST and drawback ing Budget. from India Scheme (MEIS), ical situation in West Asia, it However, finished prod- domestic collection and the Bank of India (RBI) playing after the collapse of claims have also been held up. A total of 6,421 exporters, which has been discontinued may not be of advantage; rather ucts of these metals import- balance 65 per cent is met its role as the lender of last Infrastructure Leasing and Risky exporters are those who constituting 3.4 per cent of the by the government as well as the trade disruption can be ed from countries that have through imports. But some resort, something the central Financial Services (IL&FS). are suspected to be claiming 185,000 registered exporters, the uncertainty over the await- much more severe for ship- free-trade agreements with of aluminium scrap grades bank has avoided since the So far, the RBI has refused excessive input tax credit (ITC) have been identified as risky by ed Remission of Duties or Taxes ments to the region,” said Ravi India enjoy “nil” duty. are almost 90 per cent, start of troubles in 2018. to play its role as the lender based on fake invoices. the CBIC and, hence, red on Export Products (RoDTEP) Sehgal, chairman of the Imported raw material, thus, depending on the imported In its report on Budget of last resort, terming the Saraf said in many instances flagged. This includes eight scheme. Introduced in 2015 Engineering Export Promotion are 2.5-5 per cent costlier source since such scrap expectations, the economists problem at select NBFCs as actual payment of GST to the “star exporters” as well who under the Foreign Trade Policy, Council. “The currency advan- than finished products, and grades are not generated in said the RBI should “serious- one created because of asset- government is very low as com- were not traceable at the the mega MEIS was created out tage can occur if a persistent processing them escalates India.” ly think” of providing liquid- liability mismatches, where pared to IGST refund since few addresses given by them. Star of a merger of five existing trend is maintained over a long costs, making Indian prod- It is largely because of the ity to non-banking financial entities depended on short- goods are subject low GST, while exporters are certified by the reward schemes. It incentivises period of time. However, that ucts cost uncompetitive in availability of good quality companies (NBFCs) against term liabilities to fund many services used by government on the basis of merchandise exports of more too has to combine with several the world market. of scrap material, which is the assets held by the lenders. long-term assets and found exporters have high GST. export performance and than 8,000 items now and is the other factors like cost of raw "The usage of metal scrap limited in India, because of a “Given the crisis of confi- the going difficult with hike “Therefore, if a merchant extended certain benefits, biggest of its kind. Exporters material and capital and the the world over is promoted, lack of proper scrap collec- dence in the financial mar- in rates. exporter has taken goods at a including customs clearance on earn duty credits at fixed rates of transaction cost.” as an environment-friendly tion,” said Mehta. ED lens on profit sharing of Edelweiss firms FinMin raises GST mop-up target SHRIMI CHOUDHARY market regulator Securities and Exchange Board INDIVJAL DHASMANA New Delhi, 17 January of India (Sebi) and requested investigation into New Delhi, 17 January EXPECTED possible price manipulation due to reports on COLLECTION The Enforcement Directorate (ED) is examining Shah being summoned. Weeks ahead of the Budget, the  ~1.15 trillion/month the profit sharing structure within Edelweiss Further, the company is learnt to be in the finance ministry has revised its tar- new target group companies, among other matters. process of a full-fledged investigation into this get for goods and services tax (GST) This is to check whether there is any forex subterfuge and will take all steps to ensure the collection in January and February  ~1.1 trillion/month regulation contravention, said a senior official at culprits are booked or exposed. — to ~1.15 trillion each, from the ear- earlier target the federal agency. The probe agency is learnt to have ascertained lier ~1.1 trillion. This would be  ~1.25 trillion target This is apart from the Capstone Forex matter facts about Capstone Forex, Sanjay N Shah and achieved by detecting fraudulent for March. It has not in which founder and chair- related matters during the questioning of Shah. input tax credit using data analytics. man Rashesh Shah was questioned by the probe Sources say the probe agency may examine At a meeting convened by the been changed agency early this week. some more executives for certain other issues. All Department of Revenue, under the  ~10,000 extra However, Shah, in a press statement, rejected the issues may be consolidated, as different finance ministry, the target for mop-up govt hopes all the alleged violations of Foreign Exchange Several other importers/trading houses were teams are handling it in Delhi and Mumbai. March was retained at ~1.25 trillion. to get in 2 months Management Act (FEMA), and also denied any also searched by the tax department during that Capstone Forex is learnt to have violated cer- This means the government relationship with Capstone. period for allegedly manipulating prices of dif- tain provisions of FEMA involving foreign aims to collect ~10,000 crore more Besides, the ED is looking into the alleged ferent categories of pulses. exchange to the tune of ~740 crore. than what was targeted earlier at a tious target. Even during the fes- data analytic review of all the irregularities in import of pulses, An email sent to the Edelweiss Meanwhile, the federal agency is learnt to time when all months till tive period of Diwali, the collections refund under inverted duty struc- and the role of Edelweiss firms in Group did not get any response. have also sought inputs from regulatory bodies December in the current financial could touch only ~1 trillion.” ture, sources said. the merger of ICICI Bank with Bank I-T had seized However, sources in the financial on the resignation of prime suspect Sanjay year (FY20) yielded less than ~1.1 The meeting, attended by senior Sources said SMSs and emails of in 2010. several crucial services firm said, “These issues per- Nathalal Shah as Edelweiss board member. trillion, except for April. officials of the Central Board of will be sent to those claiming fraud- These are part of the income tax documents during tain to an old matter raised in 2015-16 On profit sharing, an internal source said Last month, the target for Indirect Taxes and Customs and ulent or excess ITC, defaulters, non- (I-T) department’s findings that its search operation for which the company had provided Edelweiss followed an inorganic growth strate- December, January, February and the Central Board of Direct Taxes, filers and those who provide mis- were shared with the enforcement on Edelweiss all the necessary material asked for gy and acquired many direct and indirect sub- March was set at ~1.1 trillion each, highlighted that the GST authori- matched information in their agency. Commodities in 2015 by the relevant authorities. sidiaries. with one of the months to yield ties would look into the mismatch returns or over-invoice or who have The I-T department had seized in connection with a The company unequivocally con- To simplify and streamline the structure, ~1.25 trillion. However, the of supply and purchase invoices, been identified through data ana- several crucial documents about pulses import case tinues to stand by the statement it some firms were closed, sold and merged with December collection stood at failure of filing returns, and over- lytics for evading tax by duping the the bank’s merger and profit shar- had made on January 10 that it has other companies over the last few years. ~1.03 trillion. Four of nine months invoicing, among other things. system via rogue modus operandi. ing within group companies during its search absolutely no connection with Capstone which is The Edelweiss group exited international in FY20 have delivered less than ~1 The authorities would also look Taxpayers who have taken ITC operation on Edelweiss Commodities in 2015. allegedly linked to Sanjay Nathalal Shah. He had commodities trading business in 2016. As part trillion. at fake or excess refunds availed wrongfully can repay an amount This was in connection with a pulses import stepped down on Tuesday from the board of a of this exit strategy, many companies have Parag Mehta, partner at NA beyond the permissible limits, equal to inadmissible credit before case. The I-T department has recommended few group companies. been sold or reassigned within the group, said Shah Associates, said, “Considering plugging tax leakages, fake or huge verification and punitive action is further probe in the case. The sources said Edelweiss has also written to an internal source. the sluggish economy, it is an ambi- input tax credit (ITC) claims, and taken against them, sources said. 8 ISSUES AND INSIGHTS MUMBAI | 18 JANUARY 2020 1 > The Kiwi role About public service and private profit The BJP’s message is that since the past can’t be checked, it must be reinvented as creatively as imagination allows model When not using his professional suffix “Yogi”, in such murderousness. it’s not enough to be content with the stem- Ajay Singh Bisht or Ajay Mohan Bisht (Google Indian politics being the art of the impos- cells and plastic surgery to which he himself records both unfamiliar names), aka sible, West Bengal’s governor is heir to several famously drew attention, ignoring the mirth Adityanath, might say outrageous things and such conflicting and contradictory traditions. of realists. The BJP’s message is that since fter a white suprema- do worse. But does he really shoot critics He has travelled a long way, possibly longer the past can’t be checked, it must be rein- cist went on a shooting “like dogs” (are even dogs indiscriminately than the road from the Vadnagar tea stall in vented as creatively as imagination allows. Arampage in two shot?) and “drag them away”? When Dilip Gujarat’s Mehsana district to the newly- Rising manfully to the challenge, Mr Christchurch mosques last Ghosh, West Bengal’s BJP chief, says this is renamed 7 Lok Kalyan Marg. Starting out from Dhankhar first trotted out that ancient March that resulted in the standard practice for BJP chief ministers, he Kithana village in Rajasthan, Mr Dhankar finds Hindus piloted their own uran khatola or fly- death of more than 50 people, is probably only fantasising about what he himself in the grandeur of a palace built for ing machines. When listeners murmured this New Zealand Prime Minister would like to do if ever his soaring ambition British viceroys modelled on Kedleston Hall in was old hat like Ganesh’s transplanted head, Jacinda Ardern led from the WHERE MONEY TALKS lands him in Writers' Building. Or, Derbyshire, stately seat of the he broke new ground (as he thought) with front with compassion rather perhaps, he is savouring what should Then as now, Curzon family, where liveried lack- Arjun’s nuclear-tipped arrows. That should than hot-headed rhetoric. She SUNANDA K. DATTA-RAY be done to “a female demon, a political life eys disregard ’s earn Mr Modi’s gratitude. He can now COUNTRY CODE visited mosques of course, but Lankini”, as another BJP legislator, bristles with advice and call governors demand that instead of being harassed with also pushed through a law dis- ince West Bengal’s governor is a scholar Surendra Singh, calls Mamata careerists who “Excellency” and their spouse “lady NPTs and CTBTs, India, as the nuclear pio- RAHUL JACOB allowing the ownership of with evidence of Ram’s historical exis- Banerjee. If Assam’s chief minister, may start out to governor” or even “governess”. neer, should be the sole inter-galactic author- military assault weapons Stence, he may also have heard of Oscar , whom Mr do good but stay Anyone who scales such dizzy ity for licensing nuclear weapons. within a week of the attack. (The contrast with the US on this Wilde. He may even be aware of the Wildean Ghosh also mentioned, is guilty of on to do well heights must keep eyes and ears Bengal grandees like Maharajadhiraja issue was stark.) Ardern famously refused to refer to the ter- bon mot, “Imitation is the sincerest form of such criminal murderousness, it open for every rustle of change in Bahadur Sir Bijay Chand Mahtab of Burdwan rorist by name, arguing that he desired notoriety. “I implore flattery” whose less-quoted conclusion is “that must be attributed to his difficulty in recon- how the wind blows, trimming sails and turn- and Nawab Sir Khwaja Salimullah Bahadur of you: Speak the names of those who were lost, rather than the mediocrity can pay to greatness”. Not that ciling the Citizenship (Amendment) Act with ing coats accordingly. Mr Modi’s announce- Dacca who sniffed that Marwari stood for name of the man who took them,” she said in a speech that was Jagdeep Dhankhar would dream of demeaning a lifetime of hostility to Bengalis, especially ment in Kolkata’s Old Currency Building the “more-worry” would have been impressed Shakespearean in its use of language as it was statesmanlike. himself as “mediocrity”. But, undoubtedly, he from East Bengal. other day that nation-building means “pre- by Mr Dhankar’s virtuosity. Having prostrat- As majoritarian populism takes an enormous toll on the reveres as “greatness” epito- Little does Mr Ghosh realise that his reck- serving” India’s heritage and history sent ed themselves before the British Crown to pillars of democracy everywhere, from Donald Trump’s mised, and repeats – perhaps even tries to less utterances confirm that with friends like aspiring listeners scuttling around to demon- be appointed Knight Grand Commander of America to Boris Johnson’s Britain to Narendra Modi’s India, improve upon -- the Prime Minister’s brave him, the BJP needs no enemies in West Bengal. strate their inventive zeal by renaming The Most Eminent Order of the Indian tiny New Zealand (population: 4.7 million) is an unlikely assertions about the mythic achievements of He has also warned the centre (inadvertently of Calcutta Port Trust after the Jana Sangh Empire and Knight Commander of The Most role model. It has problems, of course; housing prices have ancient Hindus. course) that if it at all wishes to earn the coun- founder and proclaiming Mr Modi the new Exalted Order of the Star of India they knew spiralled out of the reach of many. In a country much visit- Bharatiya (BJP) loyalists are try’s respect for responsible governance and Chhatrapati Shivaji Maharaj. all about public service and private profit. ed for its idyllic countryside, rural suicides are growing in the most stridently devoted in states that — high- upholding the law, it must invoke Article 356 in His further complaint that shallow post- Then as now, political life bristles with high teens. Yet, from climate change to dealing humanely decibel propaganda notwithstanding — they Uttar Pradesh, Assam and wherever else saf- Independence historians overlook important careerists who may start out to do good but with immigrants, New Zealand lives on the seismic faultlines don’t have a cat in hell’s chance of capturing. fron rule permits men and women to indulge aspects of the past was a clear reminder that stay on to do well. of our zeitgeist. It is fashioning responses that do not evoke the anxiety attack that the once futuristic, even auspicious, year of 2020 has prompted from Washington DC to New Delhi. In our global dystopia, a country whose politics do not LUNCH WITH BS > ABHA ADAMS | EDUCATIONIST ther had a job at that point — the two bought a evoke unbridled pessimism seems a hopeful place. In neigh- 17-year old Ambassador car and drove across bouring Australia, Prime Minister Scott Morrison, a staunch the Himalayas, discovering parts of the country denialist of climate change, bumbled through the crisis of they didn’t know existed. The car died on them bush fires that by last weekend had claimed the lives of one on the way back! billion native animals and more than 20 people. The unconventional With all their savings spent, Adams first One example of the Kiwi focus on the environment is the approached Doordarshan for a job since request to clean the soles of one’s shoes as you walk on paths Abha Adams tells Anjuli Bhargava how she unintentionally broadcasting was what she knew best. But it in reserves in order to save the magnificent kauri tree which was like “entering Dante’s Inferno without the risks extinction from dieback disease. On a mostly deserted ended up becoming a brand fires burning”. The dusty office with spools of beach on Barrier Island that tape resembled "baba adam ka zamana” and One example of the looked an idealised, photo- bha Adams, 66, has an abiding memory one of the nuns at her school, began to come to she quickly retreated. She then decided to go Kiwi focus on the shopped vision of a perfect beach, of her own school days. Standing with the surface, much to the chagrin of her con- back to teach at LSR and found the place total- environment is the my host fretted that some young Aher two think plaits among a long line of ventional-minded father. ly unchanged while she had grown by leaps request to clean the men horsing around were running cherubic girls as Mother Superior’s voice looms The seeds of rebellion had been sown in the and bounds. soles of one’s shoes too close to a cluster of birds that loud: "Girls, I want you to be like limpid water in young girl, who would soon be attracted to most That’s when someone mentioned that the as you walk on paths are endangered; the fright could a crystalline vase”. And she thinks to herself: things forbidden and nun-hood would be jetti- Delhi-based was setting up a in reserves to save cause permanent stress. “Wow, what wouldn’t I give to be limpid water in soned. Indeed, Adams has never been one to new, experimental and very out-of-the-box the magnificent The battle to preserve our envi- a crystal vase”, even though she didn’t know conform. Even today she attempts to be politi- school. She joined the group to set up the sen- kauri tree from ronment — notably absent in the what it really meant. cally correct but prod her a bit and she spills the ior school and began what she describes as the extinction public consciousness in India on The strong moralistic values and sense of beans, laughing with gay abandon. “best phase of her life”. The founding team — issues such as conserving water — duty that were ingrained in her through her Real rebellion kicked in during college with she reels off the list and I know many of them is as urgent as the challenge of democracies managing diverse convent school days in Delhi led her to envision her joining Barry John’s Theater Action Group personally — put their “heart and soul” into cultures. New Zealand is grappling with high net inflows of her future as a nun. “I was a disgusting goody — that her father derisively referred to as “nau- what they saw as their “baby”, several of them migrants of 1.5 per cent of the population annually, whereas two shoes through most of my school years”, she tanki” — with the likes of Siddhartha Basu and with no background in academics or educa- most countries track well below 1 per cent. Every other Uber says, a quality she found hard to shed even in lat- Lilette Dubey. Much to her father's horror, she tion but “personalities” nonetheless. Fourteen driver was from India and came to the country on a student er life. So much so that when she first met Bill, also experimented with radio and appeared in years flew by, in a whirlwind of activity, led by visa, many studying at obscure technical institutes where who she would marry later, he asked her “what’s a television show, Around the World. At 21, she Adam’s own spontaneity and infectious diplomas became a track to citizenship. New Zealand’s pop- with this should and ought”, the only two words started teaching English at Lady Shri Ram energy. She gives full credit to Manju Bharat ulation will pass 5 million this year, a jump that has taken 14 she appeared to have in her vocabulary. When College for Women in Delhi after securing her Ram — the founder of The Shri Ram School years rather than the 30 years that increasing from 3 million he advised she should just “follow her heart”, it master’s degree. — who she describes as a true “visionary” in 1976 to 4 million in 2006 did. Inevitably, there is a debate sounded like blasphemy to her. After she lost her father around that time, her in the education space. The Shri Ram starting on the levels of immigration but little of the harsh We are meeting for a hurriedly fixed lunch at mother’s plans to arrange a match or her went School became a brand under the leader- rhetoric that one has heard against "immigrants" from India’s The China Kitchen at Hyatt in New Delhi, with haywire, thanks to the rebellious streak that had ship of Adams and Ram. government over the past several months. While Australia time at a premium for us both. She orders a stir- started raising its head. Young Adams had no After 14 years, it was time again to move on. herds illegal immigrants on a harsh, sweltering island that is fried sole fish and Udon noodles and I opt for intention of getting tied down at that stage but After Adams resigned, she began to get calls expected to act as a deterrent to others, New Zealand has some stir-fried vegetables with fried rice that she agreed to go out for a coffee with a prospective from all and sundry asking her to lend her offered to give them shelter. The articulate cab driver taking agrees to try. match. After she was seated comfortably, she name to their new school ventures. Some me to Sydney airport Sunday said that while Aussies had As we wait for our food, she tells me a bit asked the waiter for an ashtray and lit a cigarette. offered to pay absurd sums of money for just patronisingly regarded New Zealand as “a kid brother”, nowa- about her childhood, a phase that many of Needless to say, the wedding bells failed to ring. her name, suggesting that she needn’t even days it seemed the other way round. New Zealand is also former students and parents can’t even imag- After teaching for six years, Adams felt the come to the school. That’s when she realised richly bicultural in respecting its original Maori inhabitants ine. “Abha was once a school girl! Can’t even need to move on and applied for a second mas- she’d become a “brand” like TSRS! It was a and Maori heritage in ways that, for example, the US and imagine that!” is how one reacted when I men- ter’s degree in theatre arts from the University once-in-a-lifetime opportunity to earn a tonne Australia fall short. I was at the gay wedding of a Kiwi friend tion my meeting with her to a few people who of Leeds, UK. Thereafter, she left on a scholar- of money for doing very little but her con- this month where the wedding dinner abounded with know her. Most of them swear by her... her ship for a year-long course in practical theatre, science didn’t allow her to go ahead. Finally, it moments made more beautiful — the presentation of a feath- charm to be precise. In fact, many say she is enrolling for an MPhil in the subject, one she was Ritu Suri’s offer to set up Step by Step in ered cape to a son getting married by his mother — because “charm personified". never finished. Upon leaving the Indian shores, Noida in 2006 that resonated with her. That’s they were distinctively Maori. Watching the funeral of a Kiwi Adams learnt her p’s and q’s in a highly she felt the need to rediscover the “Indian” in ILLUSTRATION: BINAY SINHA where she spent the next 12 years of her life, friend’s father a few years ago, I was struck by how many Anglicised atmosphere in her Kolkata home her and started working on dance and theatre building almost an equally formidable name in eulogies were in Maori. from one Mrs Robinson who used to turn up in performances with the Indian community in setting up a development agency, Aditi, for another part of the city. Part of the country’s charm is how laidback it remains. her starched black dress with white cuffs and the UK. She began working with artistes and South Asian performing arts. For two years, she At some stage, however, Adams felt her work A mecca of fitness for fitness lovers worldwide is Les Mills, spent hours perfecting Adams' handwriting theatre personalities and doing ballets like worked to bring together dancers, artistes and there was done and she quit in 2018, deciding to founded in Auckland, now a global group fitness phenom- under her watchful gaze. Adams' mother — a Ramayana, operas like Savitri and productions performers of South Asian origin and “learnt like end her affair with the high-end schools of the enon unlike any other with its patented high-intensity class- school principal and a stoic nationalist who like Dularibai. never before” while helping with advocacy, pro- national capital region and spend more time es taught in 16,000 gyms worldwide. Last week, an exercise imbibed many British customs nonetheless — There she also met Bill, her to-be-husband, motion and training. on Ahvaan, a teacher training and mentoring class was a minute from starting when the owner of the took the young girl regularly to the national who she found "radically different from the In early 1992, when he was only 44, her NGO that works in the government schools company, Phillip Mills, gave up his spin bike to a member library in Kolkata and let her loose, a delightful average Indian male" she had encountered. husband developed a serious heart condition space. She’s writing a book on the (mainly) neg- who had just walked into the full class. I tried to imagine this memory for the avid reader. "He had no hang-ups, no ego and made me and was told he didn’t have much longer to ative fallouts of the increasingly digital- and happening in India, but couldn’t. I have not only worked for In the 1970s when she was 10, Adams moved laugh." He could deal with her confidence, live (Bill is 73 today). The upshot of it all was social media-led world on today’s children. a diverse Kiwi macroeconomic research firm, but am such from the rich, cultural ethos of Kolkata to Delhi encouraged her to break every norm and live a decision to return to India, something she Students in elite schools "are self-harming in a sycophant of Les Mills Kiwi instructors in Hong Kong that that seemed like a “large, electrified village”. life to the fullest. fought at that time. large numbers", she tells me. She starts recount- I retain a gym membership in a city I left six months ago. But After lapping up "duty, convention and moral- In 1984, she landed a job with the BBC, With the main course over, we order a choco- ing some related stories when we realise we the lessons from tiny New Zealand about mobilising to pre- ity" in the first few years at school, Adams began learned to broadcast from the best in the busi- late bruele (a poor cousin of crème variety) and need to wrap up as time is running out. vent an environment going up in flames around us and to find herself dabbling in the performing arts, ness, presented a prime time show in current decide to share it. On this somber note, Adams breezes out, combating the feral WhatsApp politics of hatred are in many expressing herself more freely and going on to affairs and became education producer for Later the same year, Adams found herself leaving me to absorb the dull Abha-less envi- ways Gandhian — and global. We should all sign up. become the head girl at Carmel Convent at some Broadcasting House, Leeds. She then joined the back in India, unsure of what she was really ronment. Try meeting her once and you’ll stage. The spirit imbued in her by Sister Candice, Great Britain Arts Council in London which was qualified to do. Instead of looking for a job — nei- understand why she’s the brand that she is. NPR anyone? An ode to marmalade

students to her ability to out-walk her security must have had a rethink. One day just as we I’m not one to complain, but in those cream. Through it all, my wife was only and her party men in her by now famous were going to sit down for dinner he years of socialist austerity when fewer resolute in one thing — she would not protest walks, all point to a level of energy announced that he had checked the list. things were available at the neighbour- make marmalade. which I admire. “Mine is fine,” he said but your name has hood grocer’s, each of us guarded our Over time that expectation faded. I I had been observing of late that in all her been changed. “To what?” I asked in alarm. hoard of imported goodies with selfish now bought back armloads of marmalade meetings to protest the CAA and NRC she has To “Keya Nilmoni”, he said. “It is fine in zeal — whether chocolates, cheeses, or from my travels, soaked in whisky in been advising all those who come for the ral- Bengali. It reads Keya Sarkar. But in English jams and jellies. Given my wife’s sweet Scotland, steeply priced from Fortnum & lies to do her one favour: “Please update your it is Keya Nilmoni. Your father’s name is also tooth, you’d expect her to raid the fridge Mason, artisanal varieties from voter card,” she says repeatedly. “You must do Amiya Kumar Nilmoni,” he said with what I for puddings, but she took a liking for Switzerland, in jars large and small — so me this favour,” and “I will protect you with thought was a hint of glee. marmalade instead, slathering her toast many that they remained untasted past my life,” she promises. I would have laughed too if I wasn’t con- PEOPLE LIKE US from edge to edge with greed rather than their use-by dates. By now I’d renounced PEOPLE LIKE THEM Having heard this many times on televi- cerned about having it corrected. Thankfully good sense. She might not make it at my morning toast in pursuit of a diet, so it sion I urged my husband to check our details we had Somenath’s number. We called him KISHORE SINGH home, but she could certainly eat it. was my wife who ate her way through the KEYA SARKAR on the National Voters’ Service Portal. He and asked how this could have happened. Waging battle over a jar of marmalade stock, generous dollops over her now mar- was reluctant to make an effort. Primarily He, of course, blamed it on “technical error”. hirty-four years, one month and seemed petty beyond belief so I simply ket-bought bread and croissants. ith not much to watch on television because my existing voter card was fine and An error which he said had changed all nine days after we were married, lost my craving for the preserve. So it was a surprise to see her stirring and there being only one movie hall secondly because only recently a surveyor “Sarkars” of the locality to “Nilmoni”. Since Tmy wife finally made a vat of orange Not that my wife was averse to cook- up a treacly mix from a recipe borrowed Win the whole of Santiniketan I find had come home to update our details for I know no other Sarkar in the neighbour- marmalade at home. It was not at my per- ing up a storm in the kitchen when she from a friend’s friend’s mother, coaxing myself watching a lot of news. Of course, the voter card. Since this was a few months hood I had to take his word for it. suasion, dear reader, the illusion that she chose. Two years and a few odd days after me to “just taste it” and waiting for the pr- with the CAA and NRC protests my time in before the NCR/NPR debate there was no He helpfully informed us that we could would pander to my tastes having being our marriage, she decided to make toma- onouncement. “It’s perfect,” I assured her, front of the screen has gone up in the recent reason to view him with suspicion. And as it correct the error online. While I sent in a shattered 12,449 days ago. Having a fond- to sauce in somewhat alarming quanti- “just as it ought to be — sweet enough, but past. In any case, for a long time now I have happens in small places everyone knows request for the change online my husband ness for bitter rinds in the conserve, and ties. Kilos of tomatoes were deseeded, bitter too. I love it.” The enthusiasm wasn’t been a great watcher of news on TV. My everyone else. and I were wondering how any data input finding local brands in the stores sicken- pulped, cooked and poured into empty feigned though it might have been better to friends often joke about my daily need for a So Somenath who we knew (from a near- person could create such a strange mistake. ingly sweet, I might have expressed the bottles purloined from friends — but, alas, moderate it because my wife decided that “Mamata-fix” but I am a pretty serious fol- by village) fed in our data and confirmed that Our logical minds were trying to find a plau- hope that tiny mandarins from the garden she’d forgotten to add sodium benzoate, sharing was her way of caring. “I might lower of her daily public appearances. our details were correct. He stayed on for tea sible explanation. And then it struck us. be turned into confiture. My wife wasn’t resulting in the spoilage of 39 bottles of give some to my kitchen garden ladies,” Not that I agree with all that she or her par- and apprised us of how many people had Actually before we had been introduced to one for such ministrations. “If you want homemade ketchup. Over the years, that she announced. More portions were pack- ty prescribes but I am totally in awe of her per- died in our area since the last elections and Somenath who used to teach in a school for homemade marmalade,” she told me in no list grew – 18 miscellaneous sized jars of aged into handy containers and sent off to sonal stamina. From district level meetings how the number of voters had shrunk. tribal children run by some friends of ours we uncertain terms, “you can ask your moth- chilli pickle, a few dozen pitchers of gua- acquaintances. This morning, when we sat where she pulls up officials to her presence in So reposing immense faith in Somenath, used to know his father. He was called er to make it — or your sister,” and just to va jam, 21 (or was it 22?) pots of mango down to our 12,450th breakfast together, the control room in times of natural disasters, my husband thought the need to check the Nilmoni! make sure no family members were left chutney, failed attempts at baking our she suggested toast with orange mar- the way she charms protesting university voters list quite superfluous. However he NPR anyone? out, added, “or sister-in-law.” own bread and making our own ice- malade — store bought, naturally. OPINION 9 >

Volume VII Number 25

MUMBAI | 18 JANUARY 2020 have investments in India or employees and other interests. Who wants “panga” with a strong govern- WEEKEND RUMINATIONS Return of the Bharatiya ment? Even the mighty Vodafone CEO has to retreat after saying in agony that he will have to leave India, T N NINAN although he still might do that, after writing off a couple of tens of billions because of regulatory and taxation shocks and unpredictability. Not the obvious solutions ‘Baniya’ Party Want more evidence? See how Jeff Bezos’s pre- vious visit to India went in 2014, when he was feted ne of the lessons which the Modi government has yet to learn is that the solu- BJP under Modi-Shah is returning to its trader mindset with a by Mr Modi and others, and his peremptory dis- missal now. The explanation also sounds like tions to economic problems can be counter-intuitive. In other words, not the first vengeance, underlining that strong, full majority governments Dandavate of 1990: I am not against FDI but... thing that strikes your mind. As we saw with demonetisation, the solution to can also be more risk-averse Oblack money is not necessarily to attack cash holdings, since most of the old notes ou still want to know where this sentiment or came back to the Reserve Bank. Similarly, the solution to a tax shortfall is not necessari- Ypush comes from? Play back the part of RSS chief ly to raise tax rates—a suggestion aired briefly in the context of the goods and services tax— ommerce and Industry Minister Piyush Goyal seen as something to celebrate. But no foreign ’s Dussehra speech last year, when any more than the solution to a trade deficit is to put up the shutters to imports. As the has been quick to clarify his remark on investor was impressed. he lays out his economic doctrine. We can describe 1991 experience showed, the solution to a large trade deficit may be to open up the econ- C Amazon founder Jeff Bezos not doing India a it in one word out of these: Protectionist, xenopho- omy, not putting up protective walls; and encouraging exports could be done more effec- favour by investing here. He now says all invest- he reform of 1991 changed things. But attitudes bic, swadeshi. Or, it could also be stated as, “We are ment is welcome as long as it complies with India’s Tdeep down didn’t. India had already had four not against FDI, but only in sectors where we need tively by scrapping export subsidies and adjusting the external value of the rupee instead. regulations. You can’t argue with that. decades of “socialist, protectionist, swadeshi, it, as long as it doesn’t hurt Indian business, and con- These and similar lessons don’t seem to have been learnt, if recent experience is any- Although, if read with the fact that the monopoly import-substitution; exports are good/imports bad” trol remains with Indians”. thing to go by. Thus, the response to pharmaceutical price increases has been to impose watchdog Competition Commission of India had toxification across the political spectrum. The only The most fascinating aspect of Mr Modi in his price ceilings, just as the response last September to a domestic shortage of onions was hauled up Amazon earlier this week for “unfair” force of the economic Right, the once-powerful sixth year with a big majority is how compliant his to impose an export ban. As critics of Donald Trump’s trade policies have pointed out, trade practices, a move hailed breathlessly by Swatantra Party, had been destroyed and entombed government has been with Nagpur. It has delivered imposing additional import duties on goods from China has raised the cost of supplies Swadeshi Jagaran Manch and trader/retailers’ asso- under Indira Gandhi’s populism. Even the Jana on all of its big concerns: Cow, Article 370, the domestically (JP Morgan calculates the impact on a family budget to be $1,000 in a ciations, you wouldn’t make such a benign inter- Sangh by this time was singing the same socialist Citizenship Amendment Act, triple talaq, anti- pretation. It won’t be some diabolical conspiracy song, only fortified by its own economic national- Pakistanism, and so on. Yet, it has reversed two year). Someone should do a similar exercise in India to work out the cumulative costs of either. It’s only pure politics. It will underline the ism. , the only truly reformist decades of reform on trade, FDI in retail, and tech- the additional duties imposed on steel imports, the cost of tariff hikes and export subsi- BJP’s inevitable return to its basic instinct: BJP leader in a modern free-market sense, ran with nology to harmonise itself with the RSS, not defy it dies on offer in the effort to make India a manufacturing hub for things like mobile Mercantilism. the baton of reform. He had too like Vajpayee did. phones, the potential impact of additional duties on imports in the “others” category, This needs explanation. For little time. In 2014, and again in 2019, India elected a the likely cost to the consumer of banning palm oil imports from Malaysia and petrole- decades, until the Congress-Left, Old ideologies, and we say this “strong” government and prime minister because it um from Turkey, and so on. post-Rajiv Gandhi, began describing in a purely non-partisan sense (as was fed up with a “weak” one for a decade under Dr Then we have the snarky response to Jeff Bezos and Amazon. Given how much of the BJP as a Hindu party, Indira in Left or Right, Congress or BJP), Singh. It has been stronger and more decisive in Gandhi had avoided doing precisely are extremely obstinate. Like the many areas, from retaliation for terror attacks to world trade is intra-firm, and how important it is to become a part of global supply that. In an earlier National Interest, I proverbial dog’s tail, you can’t Article 370 to anti-corruption activism. But not on chains, Mr Bezos’s promise of additional exports of $10 billion should have encouraged had quoted from a conversation with straighten or bend these even in a the economy. Besides goods and services tax, how- the government to welcome the announcement, or at least to hold its peace. Instead, the Seshadri Chari, former editor of RSS dozen years. Some individual lead- ever flawed, and the Insolvency and Bankruptcy response was far from friendly—influenced, no doubt, by the fact that Mr Bezos owns a mouthpiece Organiser, that she only ers can make a difference: P V Code, it is difficult to find one big, bold reform newspaper that is critical of the Modi government, and by lobby pressure from small described the BJP as a baniya (trad- Narasimha Rao and Manmohan although I recently listed 10 bits of good news even traders who fear unfair competition from a company with deep pockets. But the er caste) party. The BJP has shown NATIONAL INTEREST Singh for the Congress, Vajpayee in gloomy times for the economy. Competition Commission was created to deal with such problems, even if it does not signs lately of proving Indira Gandhi for the BJP. Under others, the “tail” Think about it. A government as weak as Dr right and returning to its trader goes back to the way it always was. Singh’s had the courage to deliver the India-US always move when it should (such as in the Jio case). The larger point is that small store SHEKHAR GUPTA mindset. Over the past five and a half nuclear deal, thereby fundamentally shifting India’s owners do not have the ability to create large supply chains that feed into international This is where the philosophical years, we have seen the protec- geostrategic posture. Mr Modi’s strong government, markets, nor to create a manufacturing base that generates quality jobs. Once again, the impulse of swadeshi also comes from. If someone tionist, anti-MNC, technophobic old notions return meanwhile, is struggling even to seal a tiny, partial tactical response has been the wrong one. has to profit from trade and entrepreneurship, it with a vengeance. This government now gives a 20 trade deal with the US, even as it celebrates this A particularly striking example is offered by Jharkhand, which gives employers a had better be one of our own. And even if we let an per cent advantage to capital goods made in India “strategic partnership” co-founded by Dr Singh and subsidy of ~5,000 per month for every employee taken on board in the garment indus- outsider come and do so, he’d better be grateful to us over imports, signalling a return to the old regime. George Bush/Barack Obama. Vajpayee’s weak gov- try. Surely, this is a measure of the lack of competitiveness of the country’s garment rather than the other way around. Several strong All it meant was that now a foreign company ernment ushered in the cotton revolution by per- emotions get meshed in this: Nationalism, protec- could ship its kits to India and assemble, for exam- mitting genetically modified seeds. Mr Modi’s strong industry—bear in mind that labour cost cannot be the most important reason for lack tionism, mercantilism, and arrogance. Who the hell ple, metro coaches in a “joint venture” with an government is pussyfooting about on agricultural of competitiveness because China is by far the world’s leading garment exporter despite are you to walk all over my market, out-compete Indian minority partner or, even directly, and sell the biotechnology, more respectful of Swadeshi having much higher labour costs. Although the subsidy seems to be generating a posi- my native businessmen, and then expect me to say same coach at a price much higher than an import. Luddites than a Vajpayee would bother to be. tive response from industry, there has to be doubt about whether this really is a “good thank-you? In Budget after Budget, we’ve seen tariffs go up, sec- This takes us to our old argument: Are strong, news” story. Foreign direct investment (FDI) had first started toral protections extended — steel is only the most full-majority governments necessarily good, or do Any industry will invest if it is given a large enough incentive, but there may be bet- becoming fashionable in 1990-91, just as the Cold visible example — and all kinds of government agen- they have a problem? More to lose, no excuses to put ter ways of using the taxpayer’s money if the underlying reasons for lack of competi- War ended. It was also a time when a deep econom- cies, from regulators to quasi-policing organisations, off ideological demands and compulsions, and a tiveness were to be addressed—like a bloated currency that prices India out of world ic crisis was building up in India. Madhu Dandavate go after foreign investors, especially in retail. After constant need to save face? Are weak governments was finance minister in V P Singh government. the last Budget and the BJP discourse around it, actually more decisive and less risk-averse because markets. It might be argued that sometimes the best can be the enemy of the good, espe- Addressing one of those industry chamber gath- that happily forgotten old, Indira-esque expression they have greater flexibility and humility? It is a cially if the former is hard to deliver. But too many such lazy compromises are what cre- erings, he famously — or infamously — said some- “import substitution” staged a comeback. particularly contrarian and provocative point, ate a high-cost economy of the kind that we have lived with for long, and from which we thing like, “I am not against FDI. But I won’t go look- That is the reason global business has seen its which, indeed, is what it was intended to be. had been moving away until recently. ing for it.” Since he was a dyed-in-the-red old romance with Narendra Modi’s India fade. No one socialist, even this reluctant acceptance of FDI was would say so in public, especially those that already With special arrangement with ThePrint Moral considerations and profit maximisation Le Carré’s moral compass EYE CULTURE Man (2008). In all, Le Carré has written American multinational corpo- still being sold to the South another camera company, Toubro built the notorious 12 novels since the end of the Cold War, ration (MNC) possessed cutting African government through Eastman Kodak, which gen- bridge on the River Kwai using SUHIT K. SEN though he returns to that era in 24th edge photographic technology various local distribution chan- uinely exited. Kodak quit South prisoners of war. used n 2011, one of the most formidable novel, A Legacy of Spies (2017). that made it a world leader. Its nels. Africa cold, refusing to allow its slave labour sourced from living novelists in the English lan- Many concerns and engagements technology was integral to the Ambiguous or wholly evil? products to be sold there. Other German concentration camps I guage was nominated for the Man interweave in Le Carré’s work. Two of South African Passbook system. Many corporates have done MNCs tried the effect of official- during the war. Booker International Prize, awarded the important concerns are exploring The Passbook was an internal much worse. Polaroid was, as it ly pulling out while allowing the There are countless other every two years for lifetime contribu- moral ambiguities using espionage passport that every non-white happens, the first distribution of examples of corporates sup- tion to fiction. John le Carré, whose almost as a metaphor. These moral had to carry. It carried all sorts major multina- There are countless their products. porting horrible regimes. real name is David Cornwell, issued a ambiguities play out in arenas ranging of details about the individual, tional to exit examples of corporates McKinsey pulled United Fruit, Shell, Rio Tinto statement saying, “I am enormously from patriotism, an individual’s rela- which had to be endorsed by South Africa. supporting horrible out of South are some of the better known flattered to be named as a finalist of the tionship with the imagined communi- VIEWPOINT the police and his or her Most stayed right regimes. United Fruit, Africa when an up cases. In recent times, there’s 2011 Man Booker International prize. ty we call a “people”, or ‘nation’, to an DEVANGSHU DATTA employer. Anybody caught in there for sound Shell, Rio Tinto are some and coming Rajat Cambridge Analytica and, However, I do not compete for literary individual’s relationship with other without a Passbook risked a jail economic rea- of the better known Gupta stated he arguably, Facebook. Then there prizes and have therefore asked for my individuals. This concern is embedded sentence and was subjected to sons. White cases. In recent times, felt uncomfort- are all the companies working name to be withdrawn.” in a search, I believe, for a bedrock of n March 1971, about a 100 brutal interrogation at the min- South Africa was there’s Cambridge able with that in face recognition, AI-driven But Le Carré’s finally got his award. humanism in which to anchor human employees of Polaroid imum. Anybody in a whites first world in Analytica and, arguably, nation’s colour autonomous weaponry and He’s been given the Olof Palme Prize, existence. I demonstrated in front of only area, carrying a Passbook terms of per capi- Facebook. Then there are bar. other technologies that enable instituted in 1987, which is given for The character Le Carré has chosen their corporate headquarters. which did not authorise him or ta income, and it all the companies Corporates evil regimes. outstanding achievements “in any of to be the vessel of both these themes is They ceremonially burnt sever- her to be that place was also had a vast pool of working in face tend to stay with Corporates are supposed to the areas of anti-racism, human rights, George Smiley, the master spy who is al cameras. This group called liable to a jail sentence. skilled, cheap, recognition, AI-driven undemocratic maximise profits. But how far international understanding, peace unlike any spy in popular imagining itself the Polaroid Polaroid sacked the two coloured labour. autonomous weaponry regimes and to will they go in that endeavour? and common security”. Le Carré is the or fiction — a seemingly lost, utterly Revolutionary Workers employees. It also sent a mixed The profit mar- and other technologies enable them if It’s a question Indian corpo- 33rd recipient of the award, but only nondescript and donnish man. But Movement (PRWM). It was led race team to investigate the gins were approx- that enable evil regimes there’s profit to be rates need to ask themselves. the fourth writer to get it. The three Smiley, the protagonist of the classic by two black American employ- South Africa situation. It issued imately twice made. Polaroid Starting with Aadhaar, there’s writers to get the award before him Smiley trilogy — Tinker, Tailor, Soldier, ees. The PRWM had a three a statement saying it abhorred that of other First World coun- enabled the South African a raftload of government were playwright and political dissi- Spy; The Honourable Schoolboy; and point agenda: It wanted apartheid. It made a partial pull tries as a result of these factors. colour bar with its technology. schemes, which will generate dent Václav Havel (1989), who went Smiley’s People — has a moral compass Polaroid to exit South Africa out, stating that it would stop By the mid-1980s, moral In an earlier era, IBM helped profits, if moral considerations on to become president of that rarely betrays him even as he goes completely; it wanted the com- servicing government con- pressure had built up on corpo- Hitler set up the enumeration are ignored. Construction com- Czechoslovakia, Danish novelist about his business without compunc- pany to issue a statement that tracts, but it would continue to rates operating there. Although system in concentration camps. panies will make money build- Carsten Jensen (2009) and the Italian tion. condemned apartheid; it want- operate in South Africa. It com- Margaret Thatcher chortled that Once America ended up at war ing detention centres. journalist and author of Gomorrah, The perfect metaphor for the moral ed Polaroid’s profits from its mitted to equalising salaries really “teeny sanctions” were with the Axis Powers, Big Blue Information technology com- Roberto Saviano (2011). ambiguities that Le Carré explores is South African operations to be and supporting various organi- being imposed (her son Mark doubled up by using its punch panies will make money on the That Le Carré is one of the greatest caught in Smiley’s relationship with donated to support African lib- sations working for people of had business interests), corpo- card technology to set up the enumeration of the CAA, NRC living British novelists ought not to be his wife, Lady Anne, who is serially eration movements. colour. Much later, it was learnt rates had started feeling the internment camps for Japanese and NPR. Being evil pays. Does in doubt. Over a writing career span- adulterous, leaving him often and At that point of time, the that Polaroid equipment was heat. Oddly enough, it was American citizens. Larsen & it pay enough? ning almost four decades, he has writ- returning equally often, though fleet- ten 25 novels, beginning with A Call ingly. But Lady Anne’s adulterous for the Dead (1961) and running up to betrayals never shake Smiley’s belief gets an insight into what sort Agent Running in the Field (2019). In in her, not even when she has a rela- of research the RBI is encour- between, he’s written short stories and tionship with his colleague Bill An agenda for Dr Patra aging. non-fiction collections, the latest of Haydon, who, as part of a coterie with- This publication is also which is The Pigeon Tunnel: Stories in the “Circus”, the British Secret But after 2013, it suddenly a proper account of the state throes and no one in govern- something that Dr Patra needs from My Life (2016). Almost all of Le Service, works towards and succeeds in stopped publication. The last edi- of finance in the next RCF was ment even noticed. to take in hand and raise it to Carré’s novels are in the espionage fic- supplanting Smiley as number two in tion was in 2013. No explanation fully warranted. international standards. The tion genre, save his second novel, A the service. was given by Raghuram Rajan, In fact, Dr Rajan also need- Reviving RBI research objective must be to make non- Murder of Quality (1962), which was a It is during Haydon’s time in who was then RBI governor, and ed to explain his decision to But now that Michael Patra is RBI researchers also vie to crime novel, and his sixth, The Naïve charge that the service discovers it Urjit Patel, who was deputy gov- adopt the Basel III norms. He deputy governor who has to publish in it. and Sentimental Lover (1971), which has been infiltrated by a “mole”— a ernor, for their decision. must have had good reasons supervise the research depart- There’s so much ferment defies classification. double agent. Smiley, out of favour Actually, even D Subbarao, but what were they? Was there ment, the RBI should revive out there which we are not cap- If you’re looking to pigeonhole, Le by then, nevertheless relentlessly who was governor from 2008 a proper debate? The RCF the report. After all, Dr Patra turing on an institutional Carré was primarily an espionage nov- pursues the mole, who turns out to be to 2013, needed to explain why would have been the best place would have surely worked on it basis. Much of this has now elist. He made his reputation with his Haydon himself. Just as Smiley refus- LINE AND LENGTH the five years after 2008 were to do it. We would all have at some point in his long career been relegated to the scatter- third novel, The Spy Who Came in From es to judge his wife, he refuses to combined in a single report understood, as would have the at the RBI and is in a better shot mercies of the twitterati. the Cold (1963). Le Carré’s early novels judge the flamboyant Haydon, at one T C A SRINIVASA-RAGHAVAN when, in fact, two were need- writers of RBI history who will position to appreciate its value In particular, I would urge were set against the backdrop of the time a close friend, though he spares ed. Those were the crucial toil without access to the files. than were the outsiders. him to associate economists Cold War — from Call for the Dead to no effort to run him down to earth. Le or several decades, the stimulus years after the My complaint is that if Dr Moreover, the seven-year from the Indian Economic The Secret Pilgrim (1990), his 13th nov- Carré’s superimposition of these two Reserve Bank of India Lehman collapse. Towards the Rajan and Dr Patel thought the break provides a great oppor- Service (IES) in the effort. They el. If anyone had even remotely feared betrayals and Smiley’s reaction to F (RBI) used to publish the end of his term Dr Subbarao RCF was redundant to require- tunity to focus on new devel- may not have PhDs from for- that with the collapse of the Soviet bloc them seem to betoken the author’s comprehensive “Report on kept complaining about irre- ments, they could have opments in monetary theory eign universities but they and the end of the Cold War, Le Carré’ own refusal to be drawn too easily Currency and Finance” (RCF). sponsible fiscal policy. explained why they thought and global practices. The understand the Indian econo- would run out of themes and issues to into judgments. It was an excellent report, both These gripes did come out so. If they thought it was poor- Indian bits can be woven in. my’s dynamics better. engage him, they could not have been In his Cold War novels, especially, as current reading on the eventually in the last RCF of ly written, they could have This is not the only thing Over the years, the IES has more in error. Le Carré began his post- Le Carré gestures at moral equiva- Indian economy and as 2013 in a well-argued and improved it. Instead they on Dr Patra’s plate. The RBI become a sort of a subordinate Cold War career with a stunning debut, lences between the East and West in archival material. properly supervised set of behaved exactly like the vice- also brings out a publication service which gets virtually no The Night Manager (1993), the story of terms of betrayals and belonging that In its first avatar it used to essays on fiscal-monetary chancellor of Jawaharlal called “Occasional Papers”. encouragement, not least an undercover intelligence agent infil- make it difficult for us to hold on to have two parts like the interface. Nehru University (JNU) This contains research by its because their head, the chief trating the inner circle of an arms deal- conventional positions predicated on Economic Survey — one for Next, Dr Rajan and Dr Patel behaves — arbitrarily. In the staff. The last issue came out in economic adviser, has no time er to eventually destroy him. ideas of patriotisms and us-and-them analysis, the other for data. needed to explain why they absence of an explanation, July. It comes out once in six for it. Kaushik Basu was the Since then Le Carré has taken on identities. It is here, perhaps, that he Then around 2001 came the quietly junked the RCF. After that’s how it appears. months. sole exception to this tendency. the in The has contributed immeasurably to annual RBI Handbook of all, having started the whole As an aside, let me ask what One problem with it is that I am sure Dr Patra will get Constant Gardener (2001); the devas- “international understanding, peace Statistics. So Volume 2 of the full disclosure of non-per- the reaction would have been it has become something of a the fullest cooperation from tation of the Congo by big finance in and common security”. RCF was discontinued. After forming assets and the prompt if this had happened after vanity publication and the the finance minister, who The Mission Song (2006); the war that it became a theme-based corrective action thing, which Narendra Modi had taken over. quality is highly variable. needs workhorses, not prima against and destruction of Chechnya in Every week, Eye Culture features writers publication which came out in no mean measure has led to But in 2013 no one said a thing. Nevertheless, it serves a use- donnas constantly looking to Our Game (1995); and the horrors of with an entertaining critical take on art, once in two years. the present banking doldrums, The UPA was in its death ful purpose inasmuch as one improve their CVs. the “War on Terror” in A Most Wanted music, dance, film and sport 10 THE SMART INVESTOR MUMBAI | 18 JANUARY 2020 1 >

THE COMPASS Foreign brokerages see higher returns Better consumption brightens Despite economic slowdown, BNP Paribas, Morgan Stanley, Nomura and Credit Suisse are optimistic prospects of gas utilities

SACHIN P MAMPATTA & SAMIE MODAK ive external environment with benign Fertiliser and city gas segments set to fuel Mumbai, 17 January Sensex set for gain as oil prices and supportive foreign fund growth; power demand may revive soon flows,” Saion Mukherjee, head, equity oreign brokerages are betting big risk appetite returns research, Nomura, wrote in a note titled on 2020, hopeful of a turnaround ‘cautiously constructive’. F in fundamentals. This is set to The benchmark equity index is set Earlier, Credit Suisse, in a note, had give a further fillip to market indices, for its best weekly gain in a said the markets could continue to which are already at all-time highs. month, helped by a revived appetite make positive strides despite red flags Separate reports issued by a num- for risk among investors, amid a on the economic front. ber of foreign brokerages, including mixed start to the October-December “Despite continuing economic BNP Paribas, Morgan Stanley, company earnings season. The weakness in the Indian economy, Nomura and Credit Suisse have Sensex climbed about 1 per cent Credit Suisse expects headline indices turned bullish for this year. BNP this week and is set for its best to continue to stay elevated. They will Paribas has set a target of 44,500 for such gain since the period ended be driven by steady fund inflows and the Sensex, which had breached the December 20. earnings growth of firms that are not 42,000-mark for the first time during The Sensex and Nifty ended on a directly hurt by domestic macroeco- intra-day trade on Thursday. WHO HOLDS WHAT mixed note after a volatile session on nomic weakness. They benefit from The France-headquartered invest- Brokerage Key stock picks Friday, with gains in Reliance Industries factors such as rising penetration of ment bank, in a note, said that con- offsetting losses in other heavyweights products and market share gains,” it sensus earnings growth for bench- Nomura ICICI Bank, , L&T, KEC International, Dr Reddy’s HDFC, ICICI Bank and TCS. After hitting a had said in a release. The Swiss invest- mark Indian companies is currently BNP Paribas HDFC Bank, Kotak Bank, ITC, HDFC Life, Bharti Airtel record intra-day high of 42,063.93, the ment bank says market performance at 11 per cent for the financial year 30-share BSE Sensex settled 12.81 points, could be lopsided and investors should 2019-20 (FY20), for companies with Morgan Stanley HDFC, ICICI Bank, NTPC, M&M, DLF, Interglobe or 0.03 per cent, higher at 41,945.37. The opt for “safety and quality” in 2020. positive earnings growth. It is 19 per Credit Suisse SBI, ICICI, ICICI Pru Life, Power Grid, broader NSE Nifty, ended 3.15 points, or “We expect the narrow market per- cent for FY21. 0.03 per cent, down at 12,352.35. PTI formance to continue for now, as eco- Source: Research reports “We think even though India’s earn- nomic uncertainty continues to push SHREEPAD S AUTE ings remain lacklustre, improved sen- funds into the “safe” stocks, resulting in timent could spur select stocks, espe- equity research at BNP Paribas Sheela Rathi. six per cent upside from the current higher market concentration. The recent figures on con- cially those that best satisfy our Securities India. “While earnings growth is set for levels. The 50-share bluechip index Market performance in the coming sumption indicate better requirements on quality, growth, and Morgan Stanley India is also bet- improvement, we still believe that pol- closed at 12,352 on Friday. year would be affected by how FY22 growth prospects for gas util- valuation, including those in the mid- ting on higher growth on the back of icy action cannot rest to ensure that “We expect a gradual recovery earnings move. We expect this to settle ity companies such as GAIL, and small-cap areas,” said a January policy action, including tax cuts and both growth and stock prices sustain through 2020 with a lagged positive at a low-to-mid-teens growth on and 2020 ‘Inside India’ report. cash transfers, in its January 15 Indian into 2020,” it said. Japan-headquar- impact of monetary stimulus and a pol- reduced FY21 base,” wrote Neelkanth Petronet LNG, among oth- The report was authored by Equity Strategy report authored by tered Nomura has set a Nifty target of icy thrust driving the investment cycle. Mishra, Asia Pacific and India equity ers, in the near term. Abhiram Eleswarapu, head of India equity strategists Ridham Desai and 13,070 for December 2020, implying a Our recovery thesis assumes a support- strategist at Credit Suisse. Though power demand remained subdued, two sectors, city gas distribution (CGD) and fertilisers, Sebi puts in place are fuelling growth in con- Asia tops high-end consumption: Report sumption of gas. According the Petroleum norms for listed REITs, Hong Kong world’s found in Asia. However, for smaller Planning and Analysis Cell, because of increased rabi items, Asia provides better value. consumption of natural sowing, healthy reservoir InvITs on rights issue costliest city while The Chinese now drive global gas rose by over 5 per cent levels and better crop prices. demand for luxury cars, with year-on-year in November Analysts expect demand PRESS TRUST OF INDIA Mumbai is cheapest younger buyers and women mak- 2019 and by 3.2 per cent in from the power sector to New Delhi, 17 January ing up a significant share. FY20 so far. revive in FY21 on the back of ASHLEY COUTINHO “Advances in electric technolo- The growth was con- government policies. The Securities and Exchange Board of India (Sebi) Mumbai, 17 January gy promise to revolutionise per- tributed by fertiliser and city Moreover, lower prices of on Friday put in place a framework for the rights sonal transport. But without more gas segments, which saw a domestic gas with realign- issue of units by listed real estate investment trusts Asia has five of the 10 most expen- efficient batteries and a proper rise of 20-25 per cent. They ment of prices from the (REITs) and infrastructure investment trusts sive cities globally and it’s the costli- recharging infrastructure, electric accounted for about half the Panna-Mukta-Tapi fields (InvITs). It called for disclosure of objects of the est region for high-end consump- cars will likely remain premium total natural gas consumption and cheaper spot LNG (liq- issue and financial details in the offer document by tion such as upscale residential products,” said the report. in the country, respectively. uefied natural gas) are such investment instruments. property and high-end cars, said RELATIVE RANKING OF LUXURY GOODS IN Since the financial crisis, a com- Going ahead, gas con- expected to improve prof- In two separate circulars, the regulator specified Julius Baer’s first Global Wealth and bination of low interest rates and a sumption is expected to itability, mainly of city the manner of issuance of units under the rights Lifestyle Report. It also predicted ASIA (NO. 1 COSTLIEST, NO. 10 CHEAPEST) flight to quality have caused real- improve. According to ana- gas distributors. issue by listed REITs and InvITs. that India’s luxury goods market Hong Kong Singapore Shanghai Mumbai Taipei estate prices to surge in the global lysts at Axis Capital, gas con- CGD companies source Sebi said the issuer will have to disclose will grow 6 per cent. gateway cities of London, New York sumption is estimated to rise around 15 per cent of their 10 8 objects of the issue, related-party transactions, It surveyed 28 cities around the 9 9 and Hong Kong, observed the report. 4 per cent and 5 per cent in gas requirement from Panna- 8 6 6 6 6 valuation, financial details, review of credit rating world: 10 in Asia, 12 in Europe, 5 7 7 5 “In the past year or so, demand FY20 and FY21, respectively. Mukta-Tapi. However, some and grievance redressal mechanism in the place- Middle East and Africa (EMEA), 4 4 has spread to secondary locations This will be after growing analysts are sceptical of vol- 3 3 3 3 ment document. Sebi had first notified REITs and six in the Americas. Hong Kong 2 2 2 where better value is available, penetration of city gas, com- ume and profitability and InvIT Regulations in 2014, allowing setting is the world’s most expensive city 1 1 1 such as in Munich, Manila and pletion of some projects such improvement of distributors up and listing of such trusts which are popular in and Mumbai the cheapest. Residential Jewellery Cars Watch Fine dining Miami,” said the report. as the Kochi-Mangaluru in the medium to long term some advanced markets. The Mumbai property market property European cities offer the best pipeline, and higher utilisa- amid fear of rising competi- Ever since Sebi introduced InvITs, the market was steady in the first quarter of Source: Julius Baer Global Wealth and Lifestyle Report 2020; Cost computed in US $ value. The continent’s best-valued tion of fertiliser as well as tion in the CGD space. witnessed listing of two public InvITs — IRB InvIT 2019, but is expected to improve cities for luxurious living are downstream oil & gas plants. Thus, how the existing Fund and India Grid Trust, while three InvITs — with a more balanced supply and 10th of the price of the most expen- and business class flights exceed Barcelona and Frankfurt. In FY19, consumption of CGD companies protect their IndInfravit Trust, India Infrastructure Trust, demand environment as well as sive city, and wellness services are the global average.” Barcelona’s prime property market natural gas was up by about overall business would be Oriental InfraTrust — were privately placed. improved liquidity, said the report. among the cheapest, including the India’s luxury goods market is remains relatively inexpensive 3 per cent. Among user the key monitorable. On the other hand, Embassy Office Parks REITs Mumbai offers exceptional val- best-value personal trainers. valued at around $8.3 billion per compared to European peers, while industries, higher gas offtake For now, GAIL and is the only listed real estate investment trust. ue across almost all luxury cate- In fact, several services are annum, growing at more than 6 per Frankfurt is cost-effective, particu- was due to an uptick in fer- Petronet LNG are preferred Sebi has allowed listed REITs and InvITs to gories. “Wealthy residents here priced in or close to the bottom cent a year. For luxury cars, eight of larly for portable high-end goods tiliser consumption in the picks of analysts in the gas make a rights issue of units. have access to property at roughly a quartile. Only cars, pianos, wine the 10 most expensive cities are and hotel suites. December quarter. This was segment.

> FROM PAGE 1 TCS disappoints Street with flat profit growth

In Q2 FY20, the company post- per cent sequential rise in rev- sequential terms at 25 per cent. bumps in the BFSI and retail Telcos ed an 8.4 per cent rise in rev- enues, it was 1.8 per cent for "Our ability to expand our segments. While its BFSI verti- RIL revenue dips, retail, enues, while the top line grew Wipro. However, TCS' revenue margins in a volatile environ- cal grew 5.3 per cent YoY, the brainstorm 11.4 per cent in April-June. base is more than double that of ment speaks of the strength of retail segment grew 5.1 per cent. "Last (fiscal) year, we had a its nearest competitor. our business model, strong exe- "The UK and US (banking Jio up profit on paying up growth rate of 11.4 per cent. We "Third quarter was a chal- cution focus and the higher businesses) were structurally are not going to be anywhere lenging one as the sectoral quality of revenues," said V challenging during the quarter RIL’s net profit for October- to 20% AGR near that. If we do better than 8 trends of the first half of the year Ramakrishnan, chief financial as clients were focussing on cost December 2019 increased by per cent, I will be quite happy. It continue to play out during this officer at TCS. optimisation. However, we have 13.5 per cent to ~11,640 crore, dues now is somewhere in that range," said period. However, we are happy Also, momentum in large added 20 small and medium beating street estimates. Rajesh Gopinathan, CEO and about the way we have negotiat- deals continued as TCS signed new clients in the US apart from In a Bloomberg poll, 10 According to Matthew, while MD, TCS. "The range of possi- ed with the environment and $6 billion contracts in the quar- serving our large banking analysts estimated revenues telcos might write individu- bilities is not quite wide. But we performed in this quarter," said ter, taking the total contract val- clients. Also, within BFSI, the of ~1.45 trillion and net income ally to the government, COAI are quite optimistic about what Gopinathan. The Tata firm, ue (TCV) of deals signed during insurance segment has per- of ~11,435 crore for the third too is planning to send a comes after that," he added. however, showed an improve- the first nine months of the fis- formed extremely well in Q3," quarter. The company said it communication to the DoT TCS' constant currency ment in its operating margin cal year to more than $18 billion, said N Ganapathy Subraman- had reported its highest ever seeking staggered payment growth in sequential term also owing to cross currency gain and 22 per cent higher YoY. iam, chief operating officer. consolidated net profit. of AGR dues. remained the lowest among its efficiency measures. Margin Among business verticals, Ambani, chairman and Telcos have sent their peers. While Infosys posted a 1 expanded by 100 basis points in TCS continued to face growth More on business-standard.com managing director, RIL, said: self-assessment calculation “The third-quarter results for of the AGR dues to DoT, our energy business reflect the which is free to change the weak global economic envi- amount if it wishes after Millennials go beyond... Now, Bezos promises 1 million jobs... ronment and volatility in scrutinising the numbers. energy markets.” Sources said there seems Puri says “there is also evidence of increasing EXPANDING FOOTPRINT “Within our O2C (oil to added. He also added it would net debt for the company as of to be a discrepancy in the interest in Sri Lanka – specifically in Colombo – 700,000 | Newjobs — directand chemicals) chain, downstream take 12-18 months for petro- December 2019 was at ~1.53 industry estimate of the AGR and some other west Asian countries.” Jobs Amazon indirect— will be across petrochemicals profitability chemical prices to improve. trillion. “Intensity of capital dues with that of the govern- While major American cities like New York has created in technology, infrastructure, was impacted by weak mar- Revenues for the petrochemi- expenditure has been coming ment. For instance, are counted among the favourite destinations, and logistics verticles gins across products with sub- cals segment fell 19 per cent to down quarter on quarter,” Vodafone Idea has estimated they don’t really qualify anymore, except for India since 2013 dued demand in well-supplied ~36,909 crore. The company Srikanth said. its dues at Rs 44,000 crore, those who can invest at least $1 million, generate Growth in employee base since 2014; markets. Refining segment also expects the full impact of He added the company DoT claims it’s more than Rs a certain number of jobs there, and thereby qual- 4 time performance improved in a the petcoke-gasifier project to would look at refinancing debt 53,000 crore. ify for permanent green cards. As a pure invest- inaugurated newcampus in Hyderabad lastyear difficult operating environ- reflect in the earning for full as a natural course of business. According to analysts, the ment, it can be a risky proposition for resident | Has created inclusive job ment, given our continuous year FY21. The board of directors of total amount of AGR dues Indians. Much depends on how well the market opportunities, including $6.5 bn focus on cost positions, high Though Jio lost 22.3 mil- Reliance Jio Infocomm (Jio) recoverable by the govern- there works for absentee landlords in general and Total commitment hundreds of to India market, operating rates and product lion subscribers during the approved a scheme of arrange- ment from Bharti Airtel, foreign absentee landlords in particular. Again, associates with placement,” he added. quarter to end with 370 mil- ment between certain classes Vodafone Idea, Reliance Jio, changing immigration and property ownership including $1 bn The decrease in RIL’s rev- lion of them, primarily of its creditors, including Tatas and state-owned laws in a country can impact the overall viability hearing and speech announced this enues is primarily on account because of “excessively heavy debenture holders, for trans- BSNL/MTNL is to the tune of the investment. To illustrate, one cannot pre- impairment week of a 10.6 per cent decline in the voice users, owing to imple- ferring identified liabilities of of Rs 99,000 crore going by dict with any degree of certainty how such mat- oil-to-chemicals business rev- mentation of IUC tariffs due about ~1.04 trillion for an the industry calculations ters will swing in the US or the UK. Amazon said its operations network Web Services (AWS) infrastructure, enues, with a lower product to regulatory uncertainty”, the equal consideration to the par- and Rs 1.1 trilion by DoT. Finally, it boils down to purchasing power. has created inclusive job opportuni- ongoing Amazon Seller training price realisation and 6.6 per digital services business ent company. Jio has sought As for the other telecom Housing rates in London, New York or central ties across the country, including modules and 100 Digital Haats. cent fall in Brent crude price. reported a 36 per cent increase the National Company Law players such as Telenor, Singapore are comparable to ultra-luxury housing hundreds of associates with hearing It would also help in upskilling This was partially offset by a in revenues to ~17,555 crore. Tribunal’s approval for the Etisalat and Rcom (which is prices in South Mumbai or central Delhi and speech impairment at its fulfil- opportunities through AWS continuing growth momentum Jio also became a net recip- transfer. undergoing insolvency pro- (priced beyond ~15-25 crore). Of late, some resi- ment centres, sorting stations, and Educate’s cloud computing certifi- in consumer businesses, the ient of access charges within Exports (including deem ceedings), it will be difficult dential projects in Dubai and Abu Dhabi offer delivery stations. It also operates an cation programs, and the recently- company said in its statement. two months of implementing ed exports) from RIL’s India for the government to recov- more or less the same price range as those pre- all-women delivery station apart launched AWS initiative to deliver In the refining segment, inter-connect user charges operations were lower by 13.7 er AGR dues. If six telcos pay vailing for mid- and upper-mid-income projects in from running a pilot internship pro- more than 2,000 artificial intelligence RIL reported a gross refining (IUCs), while its average rev- per cent at ~53,804 crore ($7.5 up 10 per cent of the cash Pune, Bengaluru, and the suburbs of Mumbai and gramme for individuals with autism and machine learning certifications. margin (GRM) of $9.2 a barrel enue per user (ARPU) stood at billion) as against ~62,378 upfront, the government Navi Mumbai. and intellectual disabilities. Amazon announcement on jobs for the quarter. In the previ- ~128.4 (including IUCs), up crore in the corresponding would get an additional Rs Owning a property abroad is highly The company said it is also comes at a time when the ous quarter, the GRM stood at marginally from ~127.5 in the previous period due to lower 9,900 crore to Rs 11,000 aspirational and can also yield good returns on expanding growth opportunities for Competition Commission of India $9.4 a barrel while in the year- previous quarter. price realisation from the crore in the current finan- investment and makes complete sense for more than 550,000 traders and (CCI) has ordered an investigation ago quarter it was $8.8 per bar- Reliance Retail also posted petrochemicals and refining cial year, and double of it if those who already have family or business MSMEs, including local shops, against Amazon and Walmart- rel. “The full impact (of robust YoY revenue growth of businesses. Higher sales vol- the industry pays 20 per interests in a certain country. “However, end- through programs like “Saheli, owned Flipkart on complaints of International Maritime 27 per cent to ~45,327 crore. umes of petrochemicals busi- cent. The government, star- users can only really benefit from a property Karigar, and I Have Space.” deep discounting practices and tie- Organisation regulations) has The company’s debt was at ness products in domestic ing at a significant revenue abroad if they stand a good chance of obtaining The firm’s new investments ups with preferred sellers. Bezos also not come in yet. We expect it ~3.06 trillion in Q3, against market also contributed towa- shortfall, would possibly citizenship or at the very least residential status would help in its skills-building ini- faced protests from small traders will eventually show,” Srikanth ~2.87 trillion in March 2019. Its rds reduction in exports. need more. there,” Puri cautions. tiatives, including through Amazon during his visit. 18 MUMBAI | 18 JANUARY 2020 1 > Over 119 billionaires to attend Davos AROUND THE WORLDN Impeachment India’s contingent of 10-figure attendees Davos diplomacy China’s economy trial begins is second only to the US, which has 33 heading to the World Economic Forum likely between slumps to 6.1% in Senate India, Malaysia The historic impeachment BLOOMBERG should be joined in Davos by at least 18 AFP/PTI trial of Donald Trump 17 January other Indian billionaires with a com- Beijing, 17 January opened on Friday in the US bined net worth of about $100 billion amid palm row Senate, as lawmakers took a s the gulf between the rich and and business interests that include tech- Trade ministers from India and Malaysia China’s economy weakened to solemn oath to be “impar- everyone else continues to grow, nology companies, steel mills and motor- are likely to meet on the sidelines of the its slowest pace in three tial” in deciding whether to A at least 119 billionaires are con- bike makers. Six are members of the World Economic Forum's annual decades in 2019 as weaker force the 45th US president verging on Switzerland next week to join Bloomberg Billionaires Index, a ranking meeting in Davos next week amid a domestic demand and trade from office. For just the bankers, politicians and other grandees of the world’s 500 richest people. palm oil spat between the two tensions with the United States third time for their annual pilgrimage to the Alps. For some, the gilded guest list seems countries, a Malaysian government took their toll, official data in The elite group, worth about at odds with the event’s focus on creat- spokesman told Reuters on Friday. showed Friday. American $500 billion, includes regulars ing fairer economies and remaking the The government has repeatedly The world’s second-largest history, the like Bridgewater Associates founder world of work. This year’s theme is RAHUL BAJAJ, chairman, objected to Malaysian Prime Minister economy grew by 6.1 per cent Chinese President Xi Jinping hushed Ray Dalio, Blackstone Group “Stakeholders for a Cohesive and Mahathir Mohamad speaking out last year, its worst performance Senate Chairman Steve Schwarzman and Sustainable World,” and panels include I’VE BEEN GOING SINCE against recent policies which critics say since 1990, according to the China birth rate chamber JPMorgan Chase & Co Chief Executive “Balancing Domestic and Global discriminate against Muslims. National Bureau of Statistics. was trans- Officer Jamie Dimon. They appear on Inequality” and “Breaking Legal 1979. IT’S GROWN A Malaysia, a Muslim-majority nation, The figure matches an AFP hits lowest formed a guest list of more than 2,000 names, Barriers to Equality.” Last year, a pan- GREAT DEAL SINCE THEN BUT is the second biggest producer and analyst forecast and is within into a court representing roughly 100 countries, for elist caused a sensation when he I CONTINUE TO GET A LOT exporter of palm oil and India's Beijing’s official target of 6.0- level since 1949 of impeachment, presided the World Economic Forum’s annual slammed attendees for ignoring tax OUT OF THE MEETINGS, THE restrictions on the refined variety of the 6.5 per cent. But last year’s China’s birthrate dropped to over by Supreme Court meeting in Davos. avoidance by the rich. SESSIONS, THE commodity imposed last week has been growth was down from 6.6 per the lowest level since at least Chief Justice John Roberts, The event retains its enduring status “I hear people talking the language SURROUNDINGS” seen as a retaliation for Mahathir's cent in 2018. 1949 last year and the labour who administered the oath as the premier networking hub for the of participation, justice, equality and criticism of New Delhi's actions. REUTERS While China’s economy had force continued to shrink, in to senators. world’s wealthiest — with its attendant transparency but almost no one raises been gradually losing steam the latest sign of slowing When Roberts, clad in a flock of private jets and $43 hot dogs — the real issue of tax avoidance,” Rutger over the first three quarters, growth prospects for the black robe, asked if they even as it faces increasing criticism for Bregman, a Dutch historian, said at a Such public shaming hasn’t damp- which has 33 going to Davos, according growth stabilised at 6 per cent world’s second-largest swore to deliver “impartial its exclusivity. talk on inequality. ened the meeting’s widespread allure to a Bloomberg analysis of a partici- in the last three months of 2019 economy. The number of justice” according to the “I’ve been going since 1979,” said Bregman said in a LinkedIn post this among the super-rich. Billionaires slat- pant list. U.S. President Donald Trump — the same pace as in the third births per 1,000 people US Constitution, the 99 India’s Rahul Bajaj, who will be mak- week that he hadn’t been invited to this ed to attend hail from at least 36 coun- is heading to the Alps with a group that quarter, according to the NBS. declined to 10.48, the lowest lawmakers present — one ing his 40th appearance at the event. year’s event. Still, with 17-year-old envi- tries with shipping tycoons from Greece also includes Treasury Secretary Ning Jizhe, commission- level on record according to was absent — responded “It’s grown a great deal since then but I ronmental campaigner Greta Thunberg set to mingle with Thai industrialists Steven Mnuchin, Commerce Secretary er of China’s National Bureau National Bureau of Statistics in unison, with right continue to get a lot out of the meetings, on the guest list there’s sure to be plen- and Peruvian retailers. Wilbur Ross, US Trade Representative of Statistics, said China’s data going back to when the hands raised: “I do.” the sessions, the surroundings.” ty of attention on the establishment’s India’s contingent of billionaire Robert Lighthizer, Jared Kushner and economy generally sustained Communist Party took Earlier in the day, in a It’s no surprise he feels at home. He failure to tackle the climate crisis. attendees is second only to the US, Ivanka Trump. a stable momentum of power. BLOOMBERG deeply symbolic moment, growth in 2019. the two articles of impeach- ment — charging Trump with abuse of power and ISRO LAUNCHES GSAT-30 SUCCESSFULLY ‘Beef fry’ delicacy US job openings post big drop obstruction of Congress — were read out on the Senate India’s communication US job openings recorded their 561,000 to 6.80 million, the floor. Adam Schiff, the satellite GSAT-30, aimed tweet kicks up row biggest drop in more than four Labour Department said in its chairman of the House at providing high- years in November, while monthly Job Openings and Intelligence Committee quality television, After a storm erupted over a in the southern state none hiring increased moderately, Labour Turnover Survey, or who will serve as lead pros- telecommunications and “beef fry” tweet by links food with religion. suggesting a loss of JOLTS, on Friday. That was the ecutor for the trial, read the broadcasting services, Tourism on Makarasankranti “Tender chunks of beef, momentum in the labour biggest drop since August charges accusing Trump of was successfully day, the CPI(M)-led LDF gov- slow-roasted with aromatic market at the tail end of 2019. 2015 and pushed job openings “high crimes and misde- launched onboard ernment on Friday clarified spices, coconut pieces, and Job openings, a measure of to their lowest level meanors.” Ariane 5 rocket from its aim was not to hurt any- curry leaves. A recipe for the labour demand, tumbled since March 2018. REUTERS AFP/PTI French Guiana early on one's religious beliefs. most classic dish, Beef Friday. Prime Minister Slamming the state, BJP Ularthiyathu, the stuff of leg- Narendra Modi on Friday MP Shobha Karandlaje tweet- ends, from the land of spices, congratulated the Indian ed the “Kerala communist Kerala,” the tweet read along Khamenei calls Trump a ‘clown’ Space Research govt have declared a war with a recipe link. Iran’s supreme leader said US “push a poisonous dagger” troops were injured in an Organisation for the against Hindus of the state!” Some users showed their President Donald Trump is a into the nation's back. He said Iranian attack on an Iraqi base launch of its first Tourism Minister displeasure as the tweet had “clown” who only pretends to the outpouring of grief at the where American soldiers were satellite in 2020, saying it Kadakampally Surendran appeared on Makarsankranti support the Iranian people, as funeral for Iran's top general, deployed, US Central will help in enhancing criticised those who were try- day, a Hindu festival celebrat- he addressed Friday prayers who was killed in a US airstrike Command said Thursday, DTH services, ATM and ing to give a communal colour ed as Pongal, Bihu and Lohri in Tehran for the first time earlier this month, shows that although the US military had stock exchange to the tourism department in other parts of the country. since 2012. Ayatollah Ali Iranians support the Islamic previously maintained there connectivity PHOTO: PTI tweet on the Kerala delicacy However, many came out Khamenei says Trump will Republic. At least 11 American were no casualties. AGENCIES “Beef Ularthiyathu” and said in support , too. PTI

BJP releases first list of 57 candidates for Delhi polls

PRESS TRUST OF INDIA candidate against AAP leader and Delhi New Delhi, 17 January Chief Minister Arvind Kejriwal on Friday with Tiwari saying the candidate The BJP on Friday released its first The party from New Delhi seat will be list of 57 candidates for the February did not announced soon. 8 polls to the 70-member Delhi name its Gupta will again fight from his Assembly, fielding sitting MLA candidate Rohini seat, while Mishra will con- Vijender Gupta and former mayors against test from Model Town. Tiwari was Ravinder Gupta and Yogender AAP leader joined by senior BJP leader Chandolia. and Delhi Prakash Javadekar at the press The list, which was released by CM Arvind conference where he announced Delhi BJP chief Manoj Tiwari, also Kejriwal the party candidates whose names included former AAP MLA Kapil were finalised at its central elec- Delhi BJP State President Manoj Tiwari Mishra and has 11 SC and four tion committee meeting on with Union Minister Prakash Javadekar woman candidates. Thursday night. The ruling AAP has during the release of BJP’s first list for The party, however, did not name its announced all its 70 candidates. Delhi Assembly polls on Friday PHOTO: PTI

Spread message of development in J&K, do visit villages: PM tells ministers

PRESS TRUST OF INDIA 17 January

Prime Minister Narendra Modi on Friday told the group of union ministers visiting Jammu and Kashmir to spread the message of development among the people not only in the urban areas but also in the villages of the Valley, sources said. As part of a massive outreach programme, 38 central ministers will visit 60 locations in Jammu and Kashmir starting from Saturday, Chief Secretary B V R Subrahmanyam said after a review meeting in Jammu. At a meeting of the Council of Ministers in New Delhi, the prime minister asked the ministers to spread the message of development during their interaction with the locals, the sources said. They were also asked to spread the message about the various central schemes which will ben- efit the people at grassroots level. He said the ministers should not restrict them- selves to the urban areas but meet people in vil- lages also to inform about the developmental work carried out by the central government in Jammu and Kashmir. The 38 Union ministers will visit different dis- tricts in both the divisions of the Union Territory starting from January 18 to January 24 and the home ministry is coordinating it. There will be 51 visits to Jammu and eight to Srinagar. Union minister will visit Katra and Panthal areas of Reasi district on January 19, while on the same day her cabinet col- league Piyush Goyal will be in Srinagar. Whereas Minister of State for Home G Kishan Reddy will be in Ganderbal on January 22 and Manigam on January 23, Law Minister will visit Sopore in Baramulla district on January 24. V K Singh is scheduled to visit Tikri in Udhampur on January 20 while Kiren Rijiju will go to Suchetgarh in Jammu on January 21. ii iii v vii PEOPLE BOOKS & IDEAS THE GOOD LIFE WIDE ANGLE Kamini Lau, a Jairam Ramesh’s book Notes from Iran during Revisiting the glory days of no-nonsense judge humanises the villain of 1962 a time of relative peace India’s national orchestra

18 JANUARY2020 COURTE KUMAR SY: MASSIV

DALIP 1 E RESTAU PHOTO: 1. First Fiddle’s

Priyank Sukhija RANTS at Plum by Bent Chair in Delhi

2. Massive Restaurants founder Zorawar Kalra

3. Café Delhi Heights co-founder Vikrant Batra 2 4. Impresario CEO and MD Riyaaz Amlani at his office in Mumbai

Deep dining 3 4 A new entrepreneurial force is taking your dining-out decisions for you. Veer Arjun Singh meets some of the people driving it

hether you gravitate towards your favourite bar for a cosy drink or pick a new gastropub in town to knock back a few, W chances are you are being lured by the same set of people. They likely also own your favourite café and the new Asian bistro that you have been meaning to visit. They are feeding your Instagram and fuelling your greed. And they are doing all of this in fascinating ways. First, they do their research. Delhiites, you eat out six times a month on average and prefer North Indian food. Mumbaikars have developed a taste for Italian (33 per cent) and Chinese (29 per cent) PHOTO: KAMLESH PEDNEKAR COURTESY: CAFÉ DELHI HEIGHTS and dine out an average of 4.2 times a month. eight locations in six cities in five years. price point. First Fiddle closed at a revenue of ~235 Ahmedabad. The high rentals in Mumbai did not 2017 to mixed reviews. It has a niche clientele and Bengalureans also like North Indian (27 per cent); Their most recent offering is Cantan on crore in FY2018-19 and, despite a slowdown, is justify the APG (average per customer) any more, will continue to run, Batra says. The chic new and they spend the most on it: ~3,586 a month on Bengaluru’s plush Lavelle Road. Opened in May expected to clock ~265 crore this year. he says. His café chain, Social, which becomes a restaurant features a largely Indian menu and average, followed by Mumbai’s ~2,890 and Delhi’s last year, the menu features regional Chinese Sukhija’s former partner, Akshay Anand, co-working space in the day, bar by evening and their Aslam Chicken approximates its place of ori- ~1,381. These findings are from the India Food dishes with an emphasis on street food from brought the international nightclub chain, Toy a club after, has since taken over the major cities gin near Jama Masjid in Delhi well, just more Services Report released by the National Sichuan and Guangzhou. Decades of experi- Room, to the Aloft Hotel in Delhi’s Aerocity last with its 26 outlets. Another brand from the com- accessibly and hygienically. “It’s not about open- Restaurant Association of India (NRAI) in June ence and a few successful chains give this group year after chasing the brand for 16 months in pany, antiSOCIAL, has outlets in Mumbai and ing new brands, just doing something new,” he last year. The report also said the food services the impetus to experiment with new cuisines London. The club that opens only on Fridays and Pune, and is known for its music gigs. says. His is a family-owned business in the true industry was a ~4,23,000-crore market in 2019, and concepts. Saturdays is known for its pole dancers, expensive Amlani has also become a sort of an authority sense where his brother manages the finances and expected to grow to ~5,99,000 crore by 2022-23. But Priyank Sukhija of First Fiddle has mostly tables, champagne-popping rituals and its hip- on French-style food. After Slink & Bardot in Worli, mother perfects the menu across its outlets. then, things changed. been a one-man show. At 19 in 1997, the young hop and R&B music. Located in a five-star hotel, the latest from Impresario is Soufflé S’il Vous Plait The Kalras are yet another family known for its India’s Gross Domestic Product (GDP) growth man invested in a bowling alley that never took it runs for 24 hours on the two nights and earns on South Mumbai’s Veer Nariman Road. North Indian food pedigree. Jiggs Kalra was estimated at 5 per cent by the National Statistical off. He managed to get some funds from his 95 per cent of its revenue from alcohol. among the most respected restaurateurs in the Office for FY19-20 is the lowest in 11 years. Retail father for a restaurant in 1999 and opened This year, Anand signed a coveted 3,000 sq ft here’s another man who has been luring you, country. His son, Zorawar, heads Massive Inflation at 7.35 per cent in December last year Lazeez Affaire in Delhi’s Chanakyapuri. Twenty space in Aerocity’s JW Marriott to bring another Tjust not with many fancy names. While he Restaurants, which runs Masala Library by Jiggs was the highest in five years. The economy is years on, it’s still the place where foreign tourists A-lister brand to Delhi called Cozy Box, a pop-up refreshes his menu every few months, you prob- Kalra, a brand that has won numerous awards and slowing and things are getting more expensive. throng to taste “authentic North Indian” when restaurant running inside the Cannes Film ably go back for the same Juicy Lucy burger. has a restaurant each in Delhi and Mumbai. The And even as they expect that you might double their wallet doesn’t stretch to Bukhara (at the Festival for the last 14 years by celebrity restaura- Vikrant Batra has nailed consistency with Café only other outlet is at the J W Marriott Marquis down on your comfort food after a skipped ITC Maurya hotel). teur, Jean-Bernard Fernandez-Versini. “It’s going Delhi Heights. From one outlet in DLF Cross Point Dubai. “It’s a premium fine-dining restaurant and appraisal at work — a hot chocolate at your Sukhija has built something of an empire to be one of the best designed places that Delhi has Mall in Gurugram in 2001, it has grown to 24 out- I am not keen on opening too many of them and favourite café followed by visits to your go-to since. I met him last week over a sushi and a fig seen,” claims Anand. lets across Delhi, Mumbai, Pune and Bengaluru. diluting my father’s brand,” says Kalra. bar — they know you might be forced to recon- old-fashioned at Plum by Bent Chair in Delhi’s And now meet the man who Batra inherited a cater- Kalra manages to build loyalties while satis- sider every purchase. Aerocity, which opened in June 2018 and where introduced many to sheeshah ing business from his par- fying his patrons’ need for novelty. He runs a “Apart from the slowing down of the economy, everything you see is for sale. He was able to and encouraged you to laze COZY BOXIS GOING TO ents where he spent hours successful chain of Made in Punjab restaurants. there’s the problem of oversupply. Just about any- break even on his investments for Plum within around in cafés. Riyaaz Amlani’s in the kitchen with hal- And his Farzi Café, which takes a modernistic one wants to open a restaurant,” says Chetan a year. Two more Plums have come up since in Mocha revolutionised cafés. The BE ONE OF THE BEST wais and learned to approach to North Indian cuisine, is the one cre- Rampal, partner at Olive Bar & Kitchen. A new Mumbai and Delhi. first opened in Mumbai in 2001. DESIGNED PLACES THAT refresh an Indian food ating a larger footprint around the country with restaurant is able to draw the attention of people “Same store growth is slow in major cities, but “Mocha was a contemporarised DELHI HAS SEEN menu that would serve five outlets and more in the pipeline. “Farzi is a for a while but customers tend to return to their Tier-2 markets are doing extremely well,” he take on the Turkish and gatherings of thousands. modern restaurant and has grown really fast, but comfort, he explains. “But the problem is that says. Lord of the Drinks is his version of a go-to Moroccan dawakhana,” says AKSHAYANAND “When I opened my first a Made in Punjab will always have that special new restaurants just keep coming up.” bar which has 13 outlets across Delhi-NCR, Pune Amlani. A young shoe shop own- Restaurateur restaurant, it bled for 18 place in the heart of its original customers,” says Fresh out of college with a diploma in man- and Mumbai and now Kanpur and Lucknow. er turned restaurateur at 19 months,” says Batra. Kalra. He is still bringing world cuisine to India agement, Rampal joined the Olive Group in 2011 Four more outlets are in the pipeline. “To go out could not have anticipated the Today, people only visit with brands like Pa Pa Ya, TYGR, Bo-Tai, Younion and soon proved to be an able deputy to A D and just celebrate nothing has become a part of demand it met with. Not that he had been to an unpopular Delhi mall for the “orig- and the recently opened Hotel ShangHigh. But Singh, the pioneering restaurateur who was our culture,” he says. He will soon come up with a dawakhana in Morocco or Turkey. “It was inal” Delhi Heights. The latest on its Kalra is committed to taking Indian food to the instrumental in introducing India to casual din- Diablo on the Mehrauli-Gurgaon road in Delhi. based on my research on the internet,” says menu is a page each for vegan and global palate. His company has 18 outlets in total ing in the early 2000s with his Olive brand of A Japanese restrobar, MisoSexy; another bar, the man who heads Impresario, one of superfoods. “I run a place where three and is present in seven countries. restaurants in Mumbai and Delhi. And with Manu Daddy; and a concept kept under wraps called India’s biggest hospitality companies, best generations can come eat and drink While restaurateurs are dealing with a slow- Chandra, now among India’s most influential Lies by Bent Chair are also in the works. known by gastronomes for its 10 outlets what they like,” says Batra. ing economy, multiple licensing issues, a roll- young chefs, also a partner, Rampal has given the You might have strolled into Warehouse Cafe, of gourmet bistro Smoke House Deli I met him at his new place, back of input tax credit under new GST norms group an enviable line-up of brands. Monkey Bar, Openhouse Cafe, Teddy Boy, Flying Saucer or across Mumbai, Bengaluru and Dhansoo Café in Delhi, which has and businesses canabalising each other, they a gastropub, was followed by The Fatty Bao, an Tamasha, his other bar lounges in Delhi. And with Delhi. The company has a total of borrowed the ground floor seem most worried about finding loyal patron- Asian gastropub, and Toast & Tonic, a craft cock- Plum and the beautifully designed, high-energy 57 outlets across its brands. from the Peruvian fine- age in a new generation. Like Kalra says: “The tail bar and restaurant that serves world cuisine. bar, Dragonfly Experience, in Aerocity, which he Mocha has since shifted dining restaurant, Nueva, cream will rise to the top and that’s the nature The Olive Group’s acclaimed Bombay Irani café opened in partnership with pop singer-rapper, base to Tier-2 markets such that he opened with of the business.” We will simply have more and and bar, SodaBottleOpenerWala, has spread to Badshah, last year, Sukhija now has a bar at every as Lucknow and cricketer Virat Kohli in better to choose from. ii | PEOPLE 18 JANUARY 2020

THE MAN WHO...

DALIP KUMAR | | | | | | | || | | | | | Posters on the violence in Jawaharlal T A L K I N G POINT is behind a reading revolution Nehru University (JNU) and the bushfires in Australia, all make it to the walls of this nook. The posters are replaced each day AMRITASINGH their femininity and their non-violent but with new ones. The teenagers of Shaheen stern protest. One of them begins with, Bagh read the Preamble to the n December last year, Ladeeda “Badhi hi naazuk hai ungliyaan yeh / Har Constitution, line by line, along with a Farzana, Ayesha Renna and two other ek naare par uth rahi hain / Hawa mai copy of the contentious Citizenship I women became national symbols of lalkar bhar rahi hai / Magar chamatkar ho (Amendment) Act (CAA) to understand courage. When, Shaheen Abdulla, their raha hai…” (Look at these delicate fin- the remarkable inclusiveness of the for- male friend and co-student at Delhi’s gers being lifted with every slogan, chal- mer and the exclusionary and divisive Jamia Millia Islamia (JMI), was dragged lenging and magical.) aspects of the latter. They are taught SHUMA RAHA out on to the road and beaten by foul- He explains that most of the women mindfulness and given reading material mouthed policemen, the women threw protesters in the now-fabled Shaheen so that they can arm themselves with themselves on to Abdulla, shielding him Bagh neighbourhood who sit patiently in arguments and information when they Usuma Zakir from the brutal attack. The hijab-clad a big, yellow tent, night and day, are moth- resume school and may be confronted by young women were simply defending ers. Their fierce energy, one that keeps the tiny nook opposite the protest tent “pro-CAA students”. “We want them to be Deepika’s their friend but for Usuma Zakir, a them away from domestic chores and serves as the space for this resistance. able to have rational conversations and 30-year-old research scholar and lecturer pushes them into a realm where their lan- Here, children between the ages of five breed love,” says Zakir. at Jamia’s department of English, they guage and voices have begun to matter, is and 15 come to read, make posters and Storyteller Himanshu Bajpai and pup- acid test were creating history. “These young a manifestation of the neighbourhood learn. One 70-year-old man, now reading peteer Anurupa Roy have made their way women broke existing gender binaries in experiencing a historic moment. The his third Premchand novel here, comes to this nook as well, attracting even more ways that go beyond just their actions. women of Shaheen Bagh were expressing every day to spend a couple of hours in the children to come and spend their days hhapaak, starring as They have empowered an entire section of themselves full-throatedly, but what of presence of books, posters and slogans. learning at a time when normal life has an acid attack survivor, is a story of tri- Muslim women to speak up and resist,” their children, wondered Zakir. “Young children are chanting slogans that come to a standstill in the neighbourhood. C umph. It’s an enabling story about over- says Zakir. Two weeks ago, Zakir started “India they do not even understand. We want to In two weeks, Zakir and his friends coming horrific odds that may suddenly be flung Zakir, who teaches translation theory Reads India Resists”, a space for children channelise their anger, their frustration, have managed to affect the lives of at you, searing you, maiming you, and seeming- and poetry, looks at everything through but one that is open to anyone who wants their energy into an outcome that is pro- 500 children and young adults. They are ly condemning you to death in life. It’s a story of the prism of poetry and has been writing to read and dip into Zakir’s repository of ductive and positive,” says Zakir. now in talks with NGOs, artists and other hope over hate. For every acid attack against a in Urdu and English for more than six books. Set up with the help of his cousin For the younger lot (ages 5 to 12), local bodies to see what shape this move- woman springs from hate — a retaliatory hate years. He has written multiple poems on Younis Nomani and his friend Vasundhara poster-making and storytelling are two ment can take to fuel what Zakir calls that insists on teaching her a murderous “lesson”. the women of Shaheen Bagh, celebrating Gautam, both graduate students at Jamia, ways in which they express themselves. a revolution. In the film, Padukone plays Malti, a young girl who goes through multiple surgeries to reconstruct her acid-ravaged face, fights a long and arduous legal battle to bring to justice those who had attacked her, becomes an acid attack activist herself, and ultimately, finds both love and a career. But despite its almost fairy tale ending, Chhapaak, which is based on the real- life story of acid attack survivor Laxmi Agarwal, keeps its focus on the sulphurous hate, the vicious misogyny, that lies at the heart of this awful crime. “So you want to achieve great things?” Malti’s spurned lover and soon-to-be assailant whispers menacingly to her over the phone. His voice is thick with hatred — hatred for a woman who refuses to comply and wants to exercise her own choice. Ironically, the hatred that has enveloped Deepika Padukone ever since she turned up at the beleaguered precincts of Jawaharlal Nehru Order University last week may be seen as a variation on the same theme. Padukone had stood with the protesting students of JNU, and though she did not utter a single word, the cameras captured her sombre face and showed her greeting JNU students’ union president Aishe Ghosh, who had been been grievously assault- ed when a group of masked goons went on a of the day rampage inside the campus on January 5.

KaminiLau,whocitedtheConstitution to makeacaseforpeople’s rightto protest, hasareputationofbeingano-nonsense judge,writesRitwikSharma

The vitriol And at once, the actress against was pitchforked into an Padukone, who almighty controversy. While is a hugely some lauded her for lend- popular star, ing her starry heft to the will fade over cause of the protesting stu- time. But let’s dents, others said that it was not forget no more than a publicity what caused it stunt, a calculated strategem to ride the head- lines and trend on social media ahead of the release of her film, Chhapaak. And still others began to badmouth her because they felt she was rooting for JNU’s left-leaning students who are routinely damned as anti-national by the powers that be. It is this latter group that immediately called ILLUSTRATION: AJAY MOHANTY for a boycott of Chhapaak, and the film was slammed with one-star ratings the moment it he courtroom of additional ses- few minutes. Pracha asks, “Will it be appro- courts for nearly three decades. Her father Lau refused to give an interview for this released. Clearly, the idea was to hit Padukone sions judge Kamini Lau at Tis priate if a person who is supposed to be a retired as the standing counsel for the Delhi article. where it hurt, for she is not only the lead actress Hazari wears the look of a typi- leader of various communities is stopped government, and her three siblings grew In the context of the ongoing nationwide of the film, she is also its producer. When so cal official space as a crowd from placing any opinion about the Delhi up to be advocates. She joined the judicial protests against the new law, Lau’s stern many other megawatt stars of Bollywood had T waits patiently for the final election?” “He can do that from there services in 1992. Apart from earning a name words to the police were immediately met remained silent and not taken sides over the order on the bail application of Bhim Army (Saharanpur). I don’t want any kind of vio- for speedy disposal of cases, she has also with admiration. Lawyer-activist Prashant protests against the CAA-NRC taking place across chief Chandrashekhar Azad. Clerks record lence here,” Lau retorts. suggested chemical castration as a punish- Bhushan tweeted: “At a time when the the country, Padukone’s gesture of solidarity testimonies of people in other cases, while a She won’t entertain requests for Azad to ment for rapists in one of her judgments, Supreme Court appears to be in retreat, a with disaffected students could not go unchal- few policemen, lawyers and journalists chat stay in the places named by the counsel, considered triple talaq as invalid and has judge of the lower courts shows a candle to lenged or unpunished. Publicity gimmick or not, among themselves. including the protest hub of Shaheen Bagh, been charged with criminal contempt for their Lordships sitting there. It is judges like she had been seen to take a stand that was con- A day earlier, on January 14, judge Lau’s Nizamuddin and Jor Bagh, and adds that questioning the judgments of a Delhi High Kamini Lau who keep the flame of democ- trary to what was expected of A-list celebrities dressing-down of the Delhi Police and asser- “we have to maintain certain checks and Court judge. racy & hope alive in the judiciary.” like herself. She had not been compliant — and tion of the jailed leader's constitutional right balances”. Lawyers at Tis Hazari say she is a strict But, because of the conditions imposed the blowback was swift and hard. to protest peacefully created a frisson of The Bhim Army had organised a proces- judge whose work culture is different from on Azad many felt her advocacy in an open Padukone is no stranger to hatred. In 2017, excitement among those who have been sion from Jama Masjid in the others in terms of clari- court did not find expression in her final Karni Sena, a group in Rajasthan agitated over raising their voices against the Citizenship Old Delhi to Jantar Mantar LAWYERS SAY SHE ty on the status of pending order that quoted Tagore’s poem, “Where alleged distortions in ’s (Amendment) Act (CAA). last month. Azad was matters or state of evidence. the Mind is Without Fear”. It triggered spec- film (where she played the role of the As the bespectacled judge walks in, the accused of instigating peo- IS A STRICT JUDGE Her cases also see few ulation of a judgment betraying political mythical queen), had threatened to cut off her crowd rises and swarms around her bench. ple and was sent to judi- WHOSE WORK adjournments, they add. pressure, with the advice to Azad to desist nose. But though scary, that threat could be dis- She quickly enquires about the police sta- cial custody in connection CULTURE IS An advocate of criminal, from disrespecting the Prime Minister. missed as the ravings of the lunatic fringe. This tion in the vicinity of Azad’s home in with protests in Daryaganj. DIFFERENT IN civil and matrimonial cases Tripti Poddar, a lawyer practising in time, the animus has been mainstreamed. BJP Saharanpur, Uttar Pradesh, and lays out the When Pracha express- at the courts complex, who Delhi, points out that the higher judiciary leader Tajinder Singh Bagga tweeted the call to conditions of his release, even as the latter’s es apprehension of the TERMS OF CLARITY does not wish to be named, has refused to interfere in matters relating to boycott Chhapaak; Union minister Smriti Irani counsel, Mehmood Pracha, pleads with her police misbehaving with ON THE STATUS OF says judges with a reputa- the anti-CAA protests. Last month, after the said that she had sided with “those who cele- to not deny him a stay in Delhi for the next Azad, Lau assures him. PENDING MATTERS tion of being hard nuts do alleged police brutality on the campuses of brate every time a CRPF jawan is killed”. These four weeks. “After what you did yes- not tend to be relief-friend- Jamia Millia Islamia and Aligarh Muslim are voices from the government, and they were The judge with a reputation of being a terday... you went out and OR STATE OF ly, and therefore their per- University, responding to student petition- making it clear that there’s a cost to supporting strict, no-nonsense arbiter is swift and firm started making state- EVIDENCE ception within the fraterni- ers the Supreme Court asked them to those they view as the “other”. In 2016, another and even banters with Azad’s counsel like a ments everywhere...,” she ty can be negative. A approach high courts first. Bollywood bigwig, Aamir Khan, lost a lucrative schoolteacher would with an errant pupil. laughs, referring to her headline-grabbing judicial relief or remedy is the means with Welcoming Lau’s remarks, Poddar says: contract as brand ambassador of Snapdeal after Delhi goes to polls on February 8. Until a remarks a day earlier. which a court, usually in the exercise of civ- “If you look at the anti-CAA movement, it is he was roundly vilified for having expressed his week after the elections, Azad, a Dalit leader She had ticked off the public prosecutor il law jurisdiction, enforces a right, imposes absolutely amazing and encouraging that a concern over the perceived lack of intolerance in popular among youths, can visit Delhi only opposing the bail plea, asking him if he had a penalty, or makes another court order judge is willing to make these statements the country. Khan has not spoken this time. for medical reasons after informing his local read the Constitution. “You are behaving as impose its will. in an open court.” The vitriol against Padukone, who is a huge- police station, the judge says. He shall not if Jama Masjid is Pakistan. Even if it was “If there are 10 bail pleas in one day, in “However,” she adds, “the unfortunate ly popular star, will fade over time. But let’s not hold or organise any procession or dharna in Pakistan, you can go there and protest. her court eight are likely to get dismissed. thing is that what a judge says in the dis- forget what caused it. Just as Chhapaak’s happy the national capital, she says and asks, “Does Pakistan was a part of undivided India,” the Some [judges] are very open to granting trict court has no binding power before the ending must not make us forget the casual bru- he intend doing that?” The mood lightens judge was quoted as saying. relief; in her case the conviction rate is high- high court or Supreme Court, which tality with which some women’s lives are des- and some in the courtroom laugh. “This is er,” he says, adding that lawyers are split in is where these appeals will go and which troyed simply because they refuse to fall in line. your right, but not till the elections are over,” udge Lau, who is in her mid-50s, comes their stance on the amended citizenship law is where the petitions against CAA and the Lau smiles. J from a family of lawyers and has been a and, therefore, many of them are not happy violence against students are going to Shuma Raha is a journalist and author They continue to exchange words for a part of the Bar and Bench at the Tis Hazari with the bail to Azad. be decided.” iii 18 JANUARY 2020 BOOKS & IDEAS | | | | | | || | | | | | | | Humanising the V E R S E AFFAIRS villain of 1962

UTTARAN DAS GUPTA Jairam Ramesh offers WIKIMEDIA COMMONS a balanced and wide- ranging account of Linguist’s VKKrishna Menon, Nehru’s controversial love and irascible defence n early poem in the book under minister, taking in his review, “Syntax of Thieving”, yokes A the act of theft and the act of love. role as freedom fighter, “This poem is an exercise in shop-/ lifting. It leftist politician, extols the personal without permission.” The poem uses several synonyms for theft — loot, diplomat and visionary, burglary, pilferage, hijack. It is addressed to an unnamed “you”; a reader might imagine this says Ajai Shukla person to be the beloved of the poet or the nar- rator. The final lines of the poem declare: “This is an act of theft, / but so are all things K Krishna Menon, one of mod- love.” One wonders if there is a comma miss- ern India’s most cerebral, sar- ing after “things”. Does the last word refer to donic and acerbic political a person, or to all things associated with love? leaders, was described tellingly The act of love, writes Polish theatre direc- V after his death in 1974, in an tor Jerzy Grotowski in Towards a Poor obituary sentence in the London Times: “[A] Theatre, involves making oneself vulnerable; remarkable, yet unlikeable man who worked so does the act of theatre — or in fact any art, untiringly all his life for his country, yet nev- including poetry. The imagery of theft has er received a nation’s gratitude, or even been associated with love forever. What Parik acceptance.” Even within the Congress Party, does in this poem is deftly conjoin poetry and which he served selflessly despite his love. Pakistani poet Faiz Ahmed Faiz — whose markedly left-wing personal convictions, he verses have become even more popular in the was regarded as an outsider and relentlessly subcontinent recently due to protests in undermined by mainstream leaders, lasting Pakistan and India — wrote in a letter in the as long as he did only because of Jawaharlal 1940s: “The true subject of poetry is the loss of Nehru’s unwavering support. the beloved.” In Parik’s poems linguistic cal- Much has already been written about listhenics reveal the nature of love. Menon, mostly criticism of his role as defence The source of such deftness is Parik’s aca- minister in the lead-up to the 1962 war, in demic training. She has studied French and which the Indian Army was comprehensive- English and linguistics. This is her debut col- ly drubbed by China. At least two genera- lection, but it has the confidence of a poet tions of Indians after 1962 see Krishna Menon sure of her craft. It is divided neatly into two as the political villain who sent primitively sections — “Semantics of Longing” and armed, poorly clad and barely trained Indian “Deixis of the Soil”. As the title suggests, the soldiers to senseless deaths at the hands of a first section is about love and separation and rampaging Chinese army. Now Jairam longing. The second section explores the trou- Ramesh, in this extraordinary tour de force, bled nature of origins, of homeland, of belong- offers a more balanced and wide-ranging ing, all of which seem to have suddenly account of an outspoken freedom fighter, become so fraught in our society. skilful diplomat, take-no-prisoners negotia- STANDING TALL: Then Defence Minister V K Krishna Menon (left) with Egyptian President Gamal Abdel Nasser in Cairo, December 1958 Another poem from the first section that tor and visionary who has been unfairly deserves mention is “A Russian Romance”. It denied the credit he deserves. Krishna Menon who spoke to us in a lan- US and China on Korea, salvaging the Indo- tinued to enjoy an exalted status that led to begins with the Derridaesque act of ripping It would be easy — and mistaken — to dis- guage that we could understand.” China (Vietnam) accords in Geneva in 1954 such confidences. It should not be forgotten off pages of a book: “One fanciful Calcutta miss the author’s sympathy for his subject as One of the most compelling themes of and, incredibly, almost managing to bring that, until the late 1950s, the Indian Air Force summer, / world stemming from their common identity as the book is its psychological portrayal of together America and China in 1955 — and Navy continued to be commanded by maps were ripped off Congress party members. In fact, most Menon — as a tortured soul in whom brusque something that Pakistan eventually pulled British officers. Menon himself told the / from overused geog- Congressmen of the freedom struggle era ruthlessness went hand-in-hand with a deep off in 1971. British envoy that “General Thimayya was a raphy textbooks / in considered Menon more a communist than desire for approval. Over the decades, Menon fool and not a very nice fool either”, and an act of innocent a Congressman. His most committed detrac- bombarded Nehru, his intellectual soul mate, ronically, given that so many of these tri- blamed a lot of the backbiting on “too much revolution.” One tors were Congress members, most notably with offers to resign because he felt under- Iumphs involved China, Menon’s Waterloo whisky in the American embassy”. might wonder how Nehru’s sister, Vijaya Lakshmi Pandit, and appreciated or undermined by one of his came with the Sino-Indian war of 1962. The author challenges several truisms the humid summer powerful right-wingers such as Rajendra rivals. Nehru’s patience was phenomenal; he Ramesh details the euphoria that greeted about 1962, notably the widespread belief of Calcutta — Kolkata Prasad and Govind Ballabh Pant. Following would reply promptly, reassuring and paci- Menon’s appointment as defence minister in that Menon was responsible for starving the — once the colonial the 1962 debacle, it was infuriated fying his moody comrade, but 1957, and the widespread army of resources. In April 1955, Menon sent capital of the subcon- Congressmen who arm-twisted Nehru into only until the next bout of optimism about the benefits Nehru an eight-page note on “Defence tinent, might remind dropping Menon from his cabinet and cast- petulance. Occasionally, such of Menon’s partnership with Expenditure and Economic Development”, someone of Russia. ing him into the political wilderness. Many of as when Menon embroiled the highly regarded army arguing strongly for increased defence spend- DIACRITICS To do so, one must the Congress’ stalwarts, having spent decades the government in the “jeep chief, General K M ing, given Pakistan’s entry into two US-led OF DESIRE recall that the confronting the British in India, lacked an scandal”, Nehru would write Thimayya. But, while Menon military alliances. It was Finance Minister Author: Nikita Parik sprawling city on the understanding of the crucial role that Menon more reproachfully, but never established the Defence Morarji Desai who declined to release more Publisher: banks of the Hoogly Hawakal played during those years, living hand-to- transgressing a line. Ramesh Research & Development money for defence. Menon is also unfairly was also the capital Price: ~299 mouth in London to canvass and mobilise recounts a hilarious exchange Organisation, the Border blamed for a hard-line stance that provoked of the Left Front gov- British left-of-centre opinion to create sym- in 1953, when even Nehru’s Roads Organisation, the Chinese into attacking India. In fact, he Pages: 77 ernment that ruled pathy for Indian self-rule. patience ran out while bro- launched the Navy onto a knew Zhou Enlai well, having negotiated the state from 1977 to Menon picked relentlessly at an uncom- kering peace between Vijaya Blue Water trajectory with with him for endless hours over the Korean 2011 — transforming it into a cousin of post- fortable fault line in the British conscience: Lakshmi Pandit and Menon. the purchase of an aircraft and Indo-China conflicts and believed, even Soviet cities all over east Europe. that the subjugation of India was inconsistent The prime minister wrote to carrier, INS Vikrant, and after their last, little-known meeting in Someone from Berlin carelessly strolling with Britain’s claim to be a moral power. In Pandit: “By far the best part of began the building of fighter Geneva just four months before China into the underground metro in Kolkata could 1932, Menon established the India League as my time is taken up reconcil- aircraft in the country by attacked India in October 1962, that war could be forgiven if they were reminded of the the forum for his activities and ran it up till ing people or in soothing A CHEQUERED BRILLIANCE concluding the MiG-21 con- be avoided. Yet, the 1962 debacle demanded UBahns back home. (I had the same déjà vu on THE MANY LIVES OF independence on a shoe-string budget, sur- them… I do not know if in oth- V K KRISHNA MENON tract with the Soviet Union, a high-level political scapegoat, which meant descending to the platform of the UBahn sta- viving, it emerges, on endless cups of tea. er countries [leaders] are Author: Jairam Ramesh his inability to get along with the end of Menon’s career. Typically, this tion at Anhalter Bahnhof in the German cap- During these years, he forged invaluable rela- faced with these difficulties Publisher: his senior commanders (like proud Malayali insisted for the rest of his life ital a few years back.) The function of nostal- tionships with prominent left-wing British of individuals behaving too Penguin Random House him, heavily anglicised) that he resigned, and was never sacked. gia is intermingled with the desire of change intellectuals Bertrand Russell and Harold individualistically. In the Price: ~999 severely undermined the This is a book for everyone — the profes- in Parik’s imagistic poem: “together, you and Laski, future Labour Party prime ministers Soviet Union, I suppose, Pages: 725 military’s organisational sional and amateur military historian, the I, / we finger-painted the streets of Calcutta / such as Clement Attlee and influential British when this happens they are coherence. In one of the student of India’s freedom struggle, and even with the colours of our Revolution.” policymakers, such as Sir Stafford Cripps and liquidated…” most shocking parts of the the non-specialist reader. It is, perhaps, In the second part, the narrator of the book Lord Louis Mountbatten (spoiler alert: As the author painstakingly details — book, Ramesh cites diplomatic despatches excessively rich in detail and at times annoy- discovers “it is quite alright / to have two Menon played a big role in his appointment and that is one reason why this book is an that recount Indian generals and officials, ing in its meanderings across chronology. It homes”. In “Personal Pronouns, Cicra 2014”, as viceroy). elbow-taxing 725 pages long — Menon’s including Thimayya and Vijaya Lakshmi leaves a few important questions unad- the narrator describes a first visit to the “home British Labour Party leader Michael Foot diplomatic achievements go well beyond Pandit, complaining bitterly about Menon to dressed, such as: Who was responsible for state”, which one might presume to be summed up Menon’s role in the freedom his marathon, eight-hour-long speech in the British ambassador, even alleging that the decision not to use air power to stop the Rajasthan, thanks to the description: “sand struggle: “[Annie] Besant fought for India’s the United Nations, where, as even his the defence minister was readying a coup to Chinese attack in 1962? But these are minor dunes, indigenous people, / and other lies freedom in India, while Krishna Menon detractors admit, he memorably defended supplant Nehru. Today, this would seem dis- quibbles. In the final balance, it rivets the one learns from popular culture.” What the worked for India’s freedom in Britain… We India’s position on Kashmir. Menon also loyal, even treasonous but, in those days, reader and will surely be one of the impor- narrator finds instead is modern — gave you Annie Besant and you gave us played a key role in mediating between the not long after independence, the British con- tant books of recent times. “the pretty pink city” — with “regular peo- ple”. In parenthesis, there is an ode to Kolkata — “the only city I had carried in my heart”. The conflict is resolved by becoming com- OUT NOW FORTHCOMING fortable with discomfort: “It is okay to spoon a mother tongue after / twenty-one years of existence— / to be awkward in a language BEHOLD, I MAKEALL REPUBLIC OF THE EMPEROR WATERSHED that ought to be / yours… /it is okay as long as… THINGSNEW: HOW RELIGION: THE WHO NEVER WAS: 1967 — INDIA’S / their personal pronouns / warmly becomes JUDAISM, CHRISTIANITY RISE AND FALL DARA SHUKOH IN FORGOTTEN VICTORY yours.” In another poem, “Important Nouns, AND ISLAM AFFIRM THE OF COLONIAL MUGHAL INDIA OVER CHINA Cicra 1944”, Parik writes: “home isn’t always DIGNITYOFQUEER SECULARISM IN INDIA A historian of Mughal A former Indian Army where the heart is / …for some, home is where IDENTITIES AND The prolific advocate India writes a officer writes about a / they must go in search of survival,/ substi- SEXUALITIES argues that the secular biography of the eldest little-known encounter nence”. All of us inhabit languages and spaces A landmark book recasts structure of the colonial son of Shah Jahan between India and China in different ways, not all of them comfort- religion as the ally of state in India was whose death at the on the Sikkim border, able. In a world fraught with uniformities of queer emancipation. imposed on a hands of his younger which, he says, brought identities, Parik’s exploration of differences is Devdutt Patnaik (Ed) conquered people brother changed the major diplomatic and a sort of reaffirmation. HarperCollins and was bound to course of South military gains. ~499, 344 pages come apart. Asian history. Due February. Abhinav Chandrachud Supriya Gandhi Probal DasGupta The writer’s novel, Ritual, will be out in February Penguin Harvard Juggernaut ~599, 284 pages ~699, 304 pages Price and number of pages not available iv | THE GOOD LIFE 18 JANUARY 2020

1 1 & 5. The Calcutta Municipal Gazette: 23rd Anniversary and Independence Commemoration |T |H |E ||W|I|N|E||C|L|U|B| Number, Amal Home, December 1947 2. Mahatma: Life of Mohandas Karamchand Gandhi, Dinanath Gopal Tendulkar

3. Towards Freedom: Autobiography of Jawaharlal Nehru, Jawaharlal Nehru, 1942

4. The Discovery of India, Jawaharlal Nehru, 1946

6. The Springing Tiger: A Study of ALOK CHANDRA Subhas Chandra Bose, Hugh Toye, December 1959

7. Indian Independence Movement The climate in East Asia, K S Giani, 1947 change riddle

ustralia is burning. The cause of more than 1,000 bushfires across the continent A is probably climate change: simplistical- ly, an extended dry season before the onset of summer (December-January), exacerbated by the Leaves from late withdrawal of the monsoons in the Indian sub-continent in 2019. Climate change is a fact, even if naysayers con- test the science. The globe is warming up at an unprecedented rate, and high temperatures in one place mean colder winters in another; drought here leads to floods elsewhere — the HISTORY whole weather system is interconnected. 2 What does this mean for the wine industry? The wine grape vitis vinefera is famously adaptable to different terroir: witness vineyards Anunusualonlineauctionwillallowustounderstandthe flourishing in areas as diverse as 59 degrees 40’ creationofourcountryatsource,writes Veenu Sandhu north (Lerkekåsa Vineyard, Norway) to almost on the Equator (Dominique Auroy, Tahiti); from an elevation of 3,000 metres (10,000 ft) above sea tatime when history is being maimed and twist- level (the Altura Maxima vineyard of Bodega ed to suit perceptions and agendas, it may be a Colome, Argentina) to one where the vineyard is good idea to turn to original sources for an partially underwater for one month annually authentic understanding of the creation of our (Domaine Royal de Jarras, Languedoc, France). A country. A forthcoming auction — “No Reserve 5 So growing wine grapes and producing wine Nationalism Book Auction” — of books, documents and will not die out anytime soon — in fact, warmer posters dating back to India’s freedom struggle offers an oppor- summers have produced almost double the “vin- tunity to do so. tage” years in Bordeaux in the last 35 years (23) The texts, made available by Mumbai-based auction house than between 1900 and 1985 (14), and the average Prinseps, include The Collected Works of Mahatma Gandhi, alcohol in wines has risen from 11.5 per cent in 70 rare volumes of his letters, essays, notes and interviews from 1985 to 12.5 per cent 1884 to 1948 compiled over 40-odd years; and the complete vol- today. umes of Gandhi’s weekly newsletter Harijan Sevak, first pub- The real challenge lished in 1933. Also on offer: old editions of Jawaharlal Nehru’s facing vignerons is how to autobiography Towards Freedom (1942) and Subhas Chandra adapt to climate change. Bose’s Netaji’s Life and Writings (1948). While some action has 3 A first edition of The Springing Tiger — A Study of Subhas already started being tak- Chandra Bose (1959), a rare historical account of the Indian en, responses will be National Army by British intelligence officer Colonel Hugh some combination of the Toye who was tasked with interrogating its captured soldiers, following: will also go under the hammer. Change viticultural Many of the texts have been sourced practices: (1) Harvest ear- IN THESE OLD PAGES from private collectors, while some have lier, before grapes become IS THE STORY OF AN come from Rathindranath Tagore and too sweet. In Nashik the Mira Chatterjee’s collection. “Starting 6 PRINSEPS EXCEPTIONAL TIME & grape harvest used to the bidding at ~1,000 was a challenge, start on 1 February — Sula OF EXTRAORDINARY given that it is unclear what the realisa-

now starts picking its COURTESY PEOPLE tions would be,” says Indrajit Chatterjee, whites in mid-December. founder-director, Prinseps. “Single first-

(2) Start using drip irriga- PICTURES: editions of The Collected Works of tion when rainfall Gandhi are, for example, selling at becomes insufficient: 4 ~60,000 — making the set currently in auction worth over Particularly relevant in ~40 lakh. Similarly, the Satyagraha in South Africa (1928) Europe, where many is available from one seller at ~9 lakh.” regions have traditionally Among the items are two Cawnpore Prints of Sardar depended only on rainfall Vallabhbhai Patel and Sarojini Naidu by Shyam Sunder Lal to irrigate vineyards. Agrawal, a Kanpur-based publisher who put out many Plant new varietals: nationalist posters in the 1940s to unite the masses against Some grapes are better the British. Considered seditious material, many were con- Warmer climes are at tackling warmer cli- fiscated and destroyed. But the voices of dissent prevailed opening up areas mate than others. Many despite the crackdown. In these old pages and pictures is the forviticulture that regions in Europe have story of that exceptional time and of extraordinary people — a 7 did not exist 35 traditionally defined story we must remember as it was. years earlier, and what grapes may be this trend will planted where: Pinot Online bidding from January 20, 10 am to January 26, 7 pm. only accelerate. Noir and Chardonnay For details, visit www.prinseps.com The most startling in Burgundy; Riesling example in the Mosel-Saar- is the growth of Ruwer region of vineyards in the Germany; Cabernet south of England Sauvignon, Merlot, Cabernet Franc, and Science Gallery Bengaluru, which is in the waterbodies by Delhi-based photographer Petit Verdot in Bordeaux, and so on. Some regions When water speaks process of opening a space for young minds to Chirantan Khastgir. A blue-toned kaleidoscope, are already muddying the mix: Bordeaux wine- meld science and the arts together, is one of a series of prints called Azure, has been pre- makers have recently voted to allow seven new eight such chapters in the world. pared using waters from the lakes they feature. grapes in the region, including Marselan, Touriga Science Gallery Bengaluru’s first major outing features singing SUBMERGE explores water and all things Bengaluru-based biologist Shashi Nacional and Alvarihno. stones and living installations, writes Nikita Puri water, from glaciers to ocean currents, or Thutupalli’s FrankenShrimp attempts to make Explore new areas: Warmer climes are opening eddies, which are depicted on a larger-than-life one wonder what it means to be alive. Her up areas for viticulture that did not exist 35 years t is difficult to walk into the Bangalore climate change future, which may not be con- canvas. If not for the helpful volunteers and installation features dehydrated shrimp eggs, earlier, and this trend will only accelerate. The International Centre, Bengaluru, and not ducive to human life, say British artists Anna the note explaining the piece, one might be usually sold online as fish food, hatching in a most startling example is the growth of vineyards I be drawn into the ceiling-high black drape Dumitriu and Alex May, human consciousness forgiven for assuming that this was but a controlled mix of water and salt. The eggs are in the south of England, where today there are that is fashioned into a vertical tube. Darkness could be transferred into robotic archaea like the reimagining of Vincent van Gogh’s The Starry usually stored for years together, so the ques- some 700 vineyards on about 5,000 acres (about greets visitors as they step into the tube that one housed in the tank. This would give Night. This multicoloured work is instead a tion to be asked is whether they are “living” as much as all of India), producing world-class blocks out almost every light source, save the humanity a fresh beginning in robotic forms depiction of the swirling motion of eddies in the slowly or “dying” slowly, postulates Thutupalli. whites and sparkling wines. lone light radiating from the fish tank within. modelled after the ancient, sturdy organism. Atlantic Ocean visualised by animators and Playing on similar themes of water as life is So, vineyards will both go to higher latitudes The tank contains an oddity, a 3D printed ver- The artists call this exhibit ArchaeaBot. scientists such as Greg Shirah from NASA and New York’s Shi Weili’s Terra Mars Series, in (in Europe and North America as well as South sion of a single-celled microorganism called Called SUBMERGE, the exhibition featuring Hong Zhang from UCLA, California. “We have which earth adopts a Martian look, while Mars America) as well as upwards, to higher altitudes, archaea that moves about like the real thing 12 transdisciplinary projects is the first of many 40 young volunteers from all over the country is presumed to have water and plant life. These particularly in Argentina and Chile, but also in would in the deep sea. Considered the oldest life such episodes by Science Gallery Bengaluru, for SUBMERGE,” says Jahnavi Phalkey, found- images are results of the data fed to artificial Europe, where mountain ranges surround many form on earth, archaea are believed capable of the first Asian member of the Global Science ing director of Science Gallery Bengaluru. She intelligence, making one pause on realising of the wine-producing regions. So expect may living in extreme conditions. Perhaps in a post- Gallery Network founded in Dublin in 2008. points the cyanotype landscapes of Bengaluru’s that it took the computer 73 attempts to show changes in the wines available — let’s only hope life on Mars (because “creating life is complex,” that wine quality continues to improve. in a volunteer’s words), and only two attempts to show a parched red earth. Wines I’ve been drinking: The 2011 Cheval des SUBMERGE has also added to its pro- Andes opened last Saturday by Devesh Agarwal gramme a series of events, the next of which on for The Wine Connoisseur’s dinner at the J W Sunday will have urban planner S Vishwanath Marriott Bangalore was simply outstanding. taking people on a guided tour of Cubbon Park Produced by a JV between Bordeaux producer to better understand the city’s water systems. Chateau Cheval Blanc and local major Terrazas, Stepping in to the exhibition is a must, if for the wine (93 points, $100) is a Malbec (69 per cent) curiosity alone, for works such as Italian per- Cab (21 per cent) Petit Verdot (10 per cent) blend cussionist Ivan Macera’s Diagnesis. This fea- that could be termed an “Argentinean Bordeaux tures sedimentary rocks to show how stones Blend”. Full-bodied, with aromas and flavours of produce “music”, a unique range of sounds plums, dark cherries, spice, and some chocolate that human ears wouldn’t be able to pick up if notes, with an extended finish. Yum! not for a submersible microphone. A young volunteer describes it as “rock music”. Alok Chandra is a Bengaluru-based wine consultant SUBMERGE is on display at Bangalore International Shi Weili's Terra Mars Series; and (right) ArchaeaBot by British artists Anna Dumitriu and Alex May Centre till January 30. Call 080 2535 9680 for details vi | HEALTH 18 JANUARY 2020

CHESS #1384

By DEVANGSHU DATTA

he Women’s title match moved to Vladivostok for the second half. The T score remains tied at one win each for world champion Ju Wenjun and challenger Aleksandra Goryachkina after seven games. There are five games left at classical time controls and no obvious favourite. It’s been a veryhard fought match with verylong games. Both sides have missed some chances and both decisions came in long, difficult endgames. Ju struck firstby winning Game 4 and Goryachkina equalisedin Game 5. If this match goesinto tiebreaks, Ju would be favouredbecause she’s a verygoodrapid player. More experience could also translate into better nerves when the chips are down. One unpleasant sidelight of the match has been the targeting of Iranian arbiter Shohreh Bayat by her own federation because she wasn’t wearing a hijab in Shanghai. Bayat, who is the chief arbiter, may belooking to seek asylum. Another Iranian, the prodigious Alireza Firouzja, is the surprise performer at the Tata Steel Masters. The 16-year-old is playing under the Fide banner in Holland as well (after the World Rapid and Blitz where he also played under the Fide flag). This reinforces Home truths rumours that he’s looking to transfer

if it is eaten with care,” she asserts. ment at Anand Agricultural University in Guj- Amrita Singh raisessomequestions Curd contains lactic acid bacteria called lac- arat, has been working on Lactobacillus helveti- tobacillus, which are “probiotic” or healthy bac- cus and Lactobacillus rhamnosus for more than aboutapedestrianbutvenerateditem teria that are introduced into the body to promote 25 years. The former bacterial strain is known for oftheIndianmenu,curd.Andbustsa the growth of healthy gut bacteria. Allopathic its ability to remove allergens and other unde- doctors too routinely prescribe doses of lacto- sired molecules from food; the latter may help few mythsintheprocess bacilli when treating infections with antibiotics. prevent urinary tract infections and provide Less known, though, is the fact that the prob- health benefits such as better digestion. “We iotic content of the widely available homemade have standardised several types of dahi (curd), or the vast majority of residents of curd varies considerably from home to home. lassi (sweet buttermilk) and buttermilk which allegiance to France. In his case, the problem the Indian subcontinent, curd in This lack of standardisation in terms of the types contain these beneficial bacteria,” says Prajapati. ariseswith playing Israelis, rather than attire! some form or other is an essential of strains of good bacteria present in homemade Scientists Virender K Batish and Sunita Gro- Firouzja lost in round four to Wesley So item of the daily menu. Particularly curd and its count per a specific amount of curd ver, at the National Dairy Research Institute but wins against Anish Giri, Vlad Artemiev F in the punishing summer, solicitous calls its probiotic properties into question. (NDRI) in Karnal, have been working on Indian and Vlad Koala, give him 3.5 points rom grandmothers insist to this day that children Meanwhile, in the era of convenience foods strains of probiotic bacteria. Their laboratory five rounds. So also has 3.5. Jordan Van consume it religiously, considering it a panacea made for the harried urbanite short on time, has a repository of 120 strains. The scientists Forrest, Fabiano Caruana and Artemiev for every ill ranging from a parched palate to an packaged probiotic curd, Greek yoghurt and plan to market two types of bacteria soon — all have 3 points. upset stomach. This well-integrated member little bottles of the probiotic drink, Yakult, leave Lactobacillus plantarum-91 (Lp-91) and Lacto- Magnus Carlsen went past Sergei of most regional Indian cuisines has also tradi- the shelves faster than the time it takes to say bacillus fermentum-1 (Lf-1). “The two strains Tiviakov’s record of 110 successive games tionally served as a countervailing force to the FMCG. Products like kefir milk (a fermented are quite promising. Lp-91 has been shown to without a loss, at classical controls. Carlsen’s infamous Indian spice intake. Data by the Indian milk drink similar to thin yogurt made with lower cholesterol in animals by 21 per cent. We feat is by far, more impressive, since he’s Council of Agricultural Research (2012) suggests kefir grains) and kombucha (a fermented, are ready to conduct studies on humans now,” consistently played top opposition, that seven per cent of the country’s total annu- slightly alcoholic, sweetened black or green Grover says. The scientists plan to screen all including a title match in that streak. al milk production — and India is the world’s drink), both items of Eastern European prove- bacterial samples to see which of them can However, Carlsen has looked under par at largest producer of milk — is used to make curd nance, have found a safe little corner in the induce a feeling of satiety after meals — a fea- this event, with five straight draws. He’s for direct consumption. urban Indian’s shopping basket. ture that can help deal with India’s looming struggled to save inferior positions several But few of us have thought to consider exact- Yoghurt (think packaged yoghurt like those obesity problem. times. Viswanathan Anand is also on 2.5, ly why curd is so popular. Perhaps one can start sold under the Epigamia brand) Milk products producer Mother with one lossand one win. In the Challengers, by blaming Ayurveda. This system of medicine contains two specific strains of Dairy was one of the first compa- Surya Shekhar Ganguly, Pavel Eljanov and prescribes curd as a home remedy for condi- bacteria called Lactobacillus bul- THE PROBIOTIC nies to introduce indigenous probi- Erwin L’Ami share the lead (all 3.5). Nihal tions ranging from dysentery, loss of appetite, garicus and Streptococcus ther- CONTENT OF otic curd to the Indian market. Sarin (2.5) is on 50 per cent. urinary problems and general debility. Accord- mophilus. Other strains of lactic THE WIDELY Theirs was the first “synbiotic” fer- In Delhi, local boy Abhijeet Gupta won the ing to Alakananda Ma, an Ayurvedic doctor who acid bacteria may be present too, mented product (a combination of top categoryof the Open with 8.5 points from is a member of the National Ayurvedic Medical depending on the brand of AVAILABLE probiotics and prebiotics, the lat- 10 games. Second place was sharedby Alexsej Association, curd has both sour and sweet prop- yoghurt. Experts say that the addi- HOMEMADE ter being a type of dietary fibre that Aleksandrov, Pavel Ponkratov, Levan erties, which means in turn that different kinds tion of specific strains, and an CURD VARIES “feed” the probiotic bacteria). It Pantsulaia and M Pradesh (all 8 points). of curd have different effects on the body. “Sweet understanding of what these CONSIDERABLY contains strains of Bifidobacterium Pranesh scoreda GM norm. Along with organic food, curd increases mucus, kapha (governs weight, strains are beneficial for, help animalis (BB 12) and Lactobacillus TheDiagram,BLACKTOPLAY, probiotics came to be growth, lubrication of joints) and fat; acidic curd make these commercially pro- FROM HOME acidophilus (A-5), both of which are (White:DinaraSaduakassovaVs Black: looked at as ‘functional deranges pitta (controls digestion and metabo- duced products a more reliable TO HOME established “healthy bacteria”. SSGanguly, TataChallengers,2020)is foods’ — foods that lism) and kapha; and extremely acidic dahi viti- form of probiotic consumption Mother Dairy describes their regu- highlycomplicated.BothKingsare provide health-enhancing ates the blood,” says Ma. “So, while it is a prod- than homemade curd. lar curd as resembling the homemade variety exposed.Blackhasplayeddaringly properties beyond uct that has many benefits, it is only beneficial Research on probiotics is said to have begun without any of the effort required to make it. leavinghiskinginthecentreand their nutrients in 1907 as Russian scientist and Nobel laureate They make no mention of its probiotic content. launchingapawnstorm. Élie Metchnikoff suggested that gut flora could Manish Gupta, consultant, gastroenterology Nowheplayedthe“obvious”20.-- be modified and improved by replacing harm- and hepatology, at Paras Hospital in Gurugram, Rxh4!21.gh4Qxh422.Rh1Nh2!!Thisis ful microbes with useful, healthy microbes. says that both curd and yoghurt have compa- critical—anythingelseloses.If23.Rxh2 Nearly a century later, probiotics have become rable probiotic content, though the strains of Qg4+ wins.Whitetried23.Be3Qh3+24. trendy essentials with people shifting to health- good bacteria in homemade curd remain diffi- Kg1Bxc425.Rxh2Qxe3+26.Kh1Bd3(0-1). ier lifestyles. Along with organic food, probiotics cult to identify. Shikha Sharma, a nutritionist came to be looked at as “functional foods” — and founder of Nutri Health Systems, also Devangshu Datta is an internationally rated foods that provide health-enhancing properties explains that commercially prepared curd that chess and correspondence chess player beyond their nutrients. The probiotic content of carry the “probiotic” label contain added cultured foods like yoghurt, fermented vegeta- healthy bacterial strains, which make it a rich- bles like the Korean kimchi and the German er source of probiotics than both homemade sauerkraut, and even nutrition bars, are tom- and store-bought curd. BS SUDOKU #2950 tommed routinely. Probiotic supplements with Thus, while probiotic curd contains a higher greater clarity about the number and type of count of healthy bacteria, curd in general, whet- healthy bacteria they contained became com- her homemade or packaged, is not to be discou- mon in markets, especially in the West. nted on the probiotic front. That said, its benefits may be exaggerated as the strains present may ow, extensive research on indigenous not be strong enough to fight the acidic environ- Nstrains of bacteria is helping address the ment of the stomach and multiply effectively to problem of standardisation in the creation of promote health and immunity. The moral of the probiotic products such as packaged curd. J B somewhat complicated story: Don’t treat every- Prajapati, head of the dairy microbiology depart- thing your grandmother told you as gospel.

THE BS CROSSWORD #3300 Hard: ACROSS: spray (9) 3Ensemble helping concoct 24 He lay back both angry and Solution on Monday 1Piped music (7) 22 Almost pay less purchase tax on eternals (5) excited (3,2) 5Most men are upset for brief green cloth ? (5) 4Marx used to talk endlessly - 25 A grain from a place of confusion periods (7) 23 Force very English virile types to endlessly (5) by the sound of it (5) HOW TO PLAY 9One believes the way lies in more church (9) 5How the inventor attempts Fill in the grid so that every row, every column sound (7) 26 A bloody silly collection of course reconciliation? (5,2,2) and every 3x3 box contains the digits 1 to 9 10 Having a stab at something ? (7) outlines (7) 6Aposted request for armour? (4- SOLUTION #3299 11 One general is retiring from duties 27 Strip olive hedges in a Libyan 5) SOLUTION TO # 2949 and sacrifices (9) locale (7) 7Nobbling a Pole in poor health (7) 12 Rust, for instance, is thus 28 Elsewhere some one played a 8Iget out of suit, eat rotten eggs featuring some team of cricketers piano theremin (3,4) and propose (7) in a poem (5) 29 German coin and Chinese 14 What a nutty thing to eat. (5,4) 13 Blonde having a sturuggle to one, new, in typical money 15 Spoke, or enabled to speak (4,5) make a good match (4,5) box? (7) 17 Pays a brief visit and asks for help 16 What one is expected to do to a (5,2) garden figure ? (5) DOWN: 18 How you get fifty in the fastener 17 One hundred and four deployed 1Postpones revolts (4,3) stream (7) on an island (5) 2Mix up an IOU and a bill for meat 20 After this the outlook is dark (7) 19 Proves air was dispersed by the (7) 21 Whirling eel in enclosure (7) vii 18 JANUARY 2020 WIDE ANGLE | Notes from the past

Malini Nairrevisitstheglorydays ofAkashvaniVadyaVrinda,India’s nationalorchestra,thathasfallensadlysilent

PHOTOS: COURTESY J KRISHNAMURTHY tudio 1 is the largest recording suite ( Top left) T K Jayarama Iyer conducting in at the All India Radio complex in front of Jawaharlal Nehru and Chinese New Delhi. And with good reason: It Premier Zhou Enlai in 1954; (above) Iyer belongs to the Akashvani Vadya conducting for a Unesco delegation; (far left) SVrinda, India’s national orchestra Ravi Shankar once worked with the vadya tasked with composing, performing and vrinda as did Pannalal Ghosh (left) broadcasting original classical, folk and the- matic works of great quality. The kind of musicians who once worked for the ensemble, set up in the post-Independence Satyadev Pawar. After him, the composer-con- verve of 1952, deserved that space too — sitar ductor began to be selected randomly from maestro Ravi Shankar, veena vidwan Emani among the musicians on the orchestra. Sankara Sastry, violinists T K Jayarama Iyer “Conducting and composing for an orches- and S Gopalakrishnan, flautists Vijay Raghava tra — this is far tougher than playing solo. Rao and Pannalal Ghosh, composer Anil You have to know the workings of every single Biswas, among them. Off and on, other classi- instrument, where it can shine and how to cal greats such as Abdul Halim Jaffer Khan layer it with others, at what strength and vol- and Amjad Ali Khan, and Bollywood legends ume. It is a challenging role,” says like Shankar Jaikishan would drop in as guest Rajagopalan. “Without a conductor, an composers or musicians. orchestra is like an orphan.” The studio was once packed with 60-80 Over the following decades, the vadya vrin- masters of Indian and western instruments, da lost its dynamism and grandeur. It lost its ranging from the sitar, esraj, dilruba and kash- three daily, dedicated chunks of broadcast and ta tarang (wooden xylophone) to the violin, began to be increasingly used for fillers. The cello and double bass. “The full orchestra was reason was that musicians who retired or a feast for the eye and ears — the stalwarts, the passed away were not replaced, no new recruit- 10 violins playing together, the many sitars, sar- ments were made and the orchestra’s strength MARKGOFF2972 [CC BY-SA] / WIKIMEDIA COMMONS ABHIPTR [CC BY-SA] / WIKIMEDIA COMMONS ods. As a new, casual recruit I would stand dwindled. Rare instruments lost their place in behind the glass window of the studio, peering lack of inspired leadership and also, the shift posed for Hindustani.” IN THOSE DAYS, perfectly coordinated, per- the group and fewer of those that made for its in, awed, wondering when I would be one of in listener preferences. Today, AIR itself does AIR Chennai was to have its formed live and in one take. And core were being played. them,” recalls flautist Kailash Sharma who not hold the prime place it once did in our own vadya vrinda. THE DREAM WAS remember they were great Soon, musicians had to be called in on a retired recently from the ensemble. lives, neither does classical or folk music and TO RAISE A soloist too, so this was like giving casual basis to fill the orchestra when it was The studio that once buzzed from 10 am to certainly not traditional ensembles like the t was a rich, layered, splen- NATIONAL up a part of oneself to be a part of asked to perform. The creative camaraderie 3 pm with rehearsals and creative give and vadya vrinda. Idid orchestra. “You could a whole,” says KVS Vinay, vio- of rehearsals and daily work was dead. Word take is today a sad shadow of itself — too large The eclectic Maihar band, set up in a vil- instantly spot a vadya vrinda ORCHESTRA linist and grandson of Iyer. got around that the team did little but “masti”, for the three musicians on the orchestra’s rolls, lage the same name in northern Madhya composition — it was distinct THAT MATCHED Datta recalls conducting a was underworked and overpaid. no permanent conductor to give direction to Pradesh by the legendary Baba Allauddin for its quality and for the talent INTERNATIONAL medley called “Journey of Vadya “I would walk in, swipe and sit and wait the paltry collection of sitar, violin and clarinet. Khan, is believed to be the template for the behind it, the grand musicians CLASSICAL Vrinda” at an AIR Sangeet for work. It is demoralising for any creative “A white elephant that AIR doesn’t know what vadya vrinda. Khan was also the guru of Ravi who were a class apart,” recalls Sammelan in Bengaluru, which person, we were dying to be given something to do with,” says a senior musician who does- Shankar who served as music director of Datta, who played under ORCHESTRAS included all the landmark orches- to sink our teeth into,” says a former member n’t wish to be named. AIR, Delhi, between 1949 and 1956, and Shankar and went on to revive tra compositions of different mas- of the ensemble. The space is now used to host AIR events became the first conductor-composer for the his Adi Basant as a conductor. ters. At the very first note, the entire audience Then to the horror of classicists, the key- and festivals, or, as an old hand says, “for post- vadya vrinda. Shankar’s compositions like Gaon ki Gori, had stood up to applaud, he remembers. board arrived and then the rhythm pad. “It lunch nap”. In those days ruled by the Nehruvian Awakening, Rangavali and Kari Badariya have Hindustani vocalist Shanno Khurana, 92, was all noise, no depth,” says a classically The vadya vrinda is no longer the pride of vision, the dream was to raise a national passed into legend. Musician and music his- who needed someone to conduct an orchestra trained musician. AIR, its “brand equity/showpiece”, as a for- orchestra that matched international classi- torian Peter Lavezzoli in his book, The Dawn of for her path-breaking classical opera Sohni Datta believes that the orchestra came to be mer musician describes it. Few know of it, it cal orchestras. Veena artist Saraswati Indian Music in the West, estimates that Mahiwal in 1963, settled on Sastry and a team seen as a burden on the AIR establishment. has no eagerly awaited daily slots as it once did. Rajagopalan, who retired from the vadya vrin- Shankar’s experiments at AIR probably lay the of vadya vrinda musicians. “I couldn’t find a “There were stalwarts and had to be paid high- And to the horror of old-time musicians, it is da two years ago, traces the ensemble’s histo- foundation for his two Sitar Concertos for a better conductor than Sastry ji or a more grade salaries. And remember, there were so not unusual for the ensemble to be called in to ry to a time when renaissance men and women western orchestra. hardworking group of fantastic musicians,” many of us,” he says. intersperse performances — mostly govern- headed the country’s cultural scene. Other landmark vadya vrinda composi- she recalls. Rajagopalan has recollections of the heyday ment-backed events — with filmi medleys. “When I joined AIR, the vadya vrinda was tions included Biswas’s Jeevan Jamuna, For visiting foreign dignitaries, the vadya of the orchestra and the highly anticipated “The vadya vrinda as we knew it is finish- seen as radio’s contribution to India’s musi- Sastry’s Gauri Manohari and Swagatam and vrinda studio was their first stop in the AIR travelling shows. “I remember having an entire ed,” says veteran sitarist and former conductor cal heritage, and the people who were Ghosh’s Patdeep, Kalinga Vijay and Marwa. complex where they got to hear a composite bogey booked for us for a 10- to 15-day tour,” Rash Behari Datta, a man known for speaking brought to it were of that stature,” she recalls. Iyer’s Gramotsava and Vagdeeshwara were slice of Indian music. Other times, the group she says. his mind, who retired in 1997. “It had an audi- “For example, Dr V K Narayana Menon, who path-breaking works that proved how Carnatic would be taken to Rashtrapati Bhavan to The last big event involving the vadya vrin- ence and if it was cultivated, we could have had later became the AIR director general, had music could lend itself to orchestration. regale visitors. da that everyone recalls with pride was the a world-class orchestra. But it was systemati- heard violinist T K Jayarama Iyer run excel- “When you listen to these compositions, 2004 celebration of 50 years of AIR Sangeet cally decimated by the authorities.” lent Carnatic music features and ensemble so complex and tightly knit, you realise how ome critical changes began in the late Sammelans. Both the Chennai and Delhi According to current and former musi- works on the Trichy radio station. So he hard my grandfather — and the other com- S1990s. The conductor’s place in the team vadya vrinda units played together in cians of the ensemble, a host of factors pre- brought Iyer to AIR Delhi as the composer for poser-conductors — and their musicians became undervalued. The last musician Bengaluru to mark the occasion with a grand cipitated its decline: bureaucratic apathy, the Carnatic music, while Ravi Shankarji com- must have worked to produce music that is so appointed as an official conductor was violinist concert. It seemed like the old days again.

More than a fighting chance ST JUDE CHILD CARE CENTRES

Christian Medical College in Vellore and Geetanjali Krishna on how a residential home provider is Tata Memorial in Mumbai. coming to the aid of child cancer patients and their families Every centre provides a 90-100 square-foot residential space for each group of children joyfully sing (SJICC), a unique organisation which patient and two family members, dry nursery rhymes in a bright yel- runs residential homes for families of rations, transport to and from the hospi- A low room. Among them is three- children who need to undergo long-term tal, counselling and educational and co- and-a-half-year-old Saajan Pandey, cancer treatment. curricular activities for both parents and naughty, active and difficult to pin down. In 2006, SJICC founders Shyama and children. Each family cooks and eats in “Seven months ago when he was Nihal Kaviratne went to Tata Memorial the shared kitchen. The families have to diagnosed with leukaemia, he was too Hospital in Mumbai and discovered abide by strict cleanliness and hygiene Every centre provides a 90-100 sq-ft weak to walk,” says his father Abhishek young cancer patients registered with the guidelines. “With everything else taken residential space for each patient and two Pandey, a rural schoolteacher from hospital’s OPD for long-term treatment. care of, all we have to do is focus on our family members, dry ration, transport to Bihar’s Nalanda district. Pandey and his They were often camping on the dirty child’s recovery,” says Pandey. and from the hospital, counselling and wife brought Saajan to the All India pavements outside. Research shows the efficacy of this educational and co-curricular activities Institute of Medical Sciences, Delhi, “Childhood cancers generally have a model. In 2019, Tata Memorial for both parents and children for treatment. high rate of cure,” says Anil Nair, CEO of researchers studied the impact of the “The doctors at AIIMS said there was SJICC. “Doctors believe that with good long-term holistic care enabled at a good chance Saajan would recover,” he nutrition and strict hygiene, almost 90 St Jude, on the recovery rates in bond over shared experiences, learn to to at least 1,000 families by 2024. Their cial proficiency. says. But it meant having to stay in Delhi per cent of childhood cancers are treat- childhood cancers. optimise the care they give to their child model is, however, resource- and capi- But it’s the smile on Saajan’s face as he for at least eight months during the able.” To give children a fighting chance The study has found that the envi- and, most of all, feel less anxious about tal-intensive. Each centre costs between plays with other children that says it all. course of his treatment. For the cash- against the disease the Kaviratnes decid- ronment plays a statistically significant the future. ~36 lakh and ~40 lakh per annum to run. “Having a child with cancer is the worst strapped Pandeys, such a long stay in ed to set up a holistic residential centre role in outcomes of cancers like acute As Pandey puts it: “My family is loving Their annual budget of over ~15 crore is trauma a parent can undergo,” says Delhi was out of the question. near Tata Memorial Hospital. leukaemia which need intensive treat- and supportive but can’t understand covered by institutional and CSR funds. Pandey as he watches his son. “But St They barely managed to raise the From one centre in 2006, SJICC today ment. It also found fewer relapses among what it’s like to have a child with cancer. The independent agency, CRISIL, has Jude has given him a fighting chance.” ~250,000 required for Saajan’s treatment. has 37 centres that support 459 families at children who received holistic care in Here, I meet other parents like me and awarded SJICC the highest rating for vol- Fortunately, the doctors at AIIMS referred a time, all close to the country’s premier SJICC. For parents too, the experience of that’s a relief.” untary organisations, which indicates Learn more at www.stjudechild.org or follow them to St Jude India ChildCare Centres hospitals such as AIIMS in Delhi, staying at St Jude is therapeutic. They SJICC plans to expand and reach out robust delivery capability and high finan- them on Facebook viii | 18 JANUARY 2020

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GEAR BS PHOTO Sony WI-1000XM2 ~24,990 Sound showing

KHALID ANZAR

Design(3/5) Theearphones’lightweightbuildmakesupfor theiruninspireddesign.Featuringaflexible siliconeneckband,theyareeasytouseand Dell Inspiron 13 7931 ~90,290 store.Likeotherneckband-basedproducts, theyhavewiresconnectingtheearbudswith therestofthebody. Foreaseofuse,the Asics Gel-Nimbus 22 Tata Mumbai earphones’portsandcontrolsareallaccomm- Potentbook Marathon Limited Edition (~13,999) odatedontheleft.Thewireconnectingtheleft earbudhasin-linecontrols—avoiceassistant Khalid Anzar explains why this notebook is button,volumecontrollersandamulti- purposecommandkeytoreceivecalls,control in many ways the best in its class audiotracksandsoon. ell Inspiron 13 7931 is a two-in- bezels at the top and sides, and a thick Performance(4/5) one notebook with a 360- one at the bottom. The display is vivid Winning streak Theearphonescutnocornersonperformance D degreerotating display lid that and has goodviewing angles. The metrics—audiooutput,comfort,on-battery allows it to bea laptop, a tablet and screen is adept at rendering content, timeandnoisecancellation.Their9mmaudio entertainment display. The notebook’s including multimedia. Though the Here’s a running shoethat technology—to ensuremoresoftnessunderfoot. driversmightseemordinary, buttheyhave a light, compact form makes it easy to screen lacks high dynamic range Thegroovesaroundthemidsolegive theshoeabold goodoverallfeedback.Besidesanimpressive carry around. Powered by the Intel (HDR), it supportsDolby Vision, which leaves little to bedesired, look,andthemonofilamentmeshupperhasanice soundoutput,theyofferexcellentnoise Core i5 Gen 10th processor, it is a makes the supported content brighter velvetyfeelto it.Anotherimprovementoverthe cancellation.Theyalsoplugincomfortably. feature-rich convertible notebook. with better detailing. writes DhruvMunjal Gel-Nimbus21isawidertoe-box,whichmakesfor Theambientsoundcontrolallowsyouto Let’s find out how this device fareson abetter,snuggerfit. customisethenoise-cancellationintensity.You key parameters. Performance(4/5) t’sbeenagoodfewdaysforAsics.Thepossibility caneithersettheearphonestoisolateoutside PoweringthenotebookistheIntelCore ofWorldAthleticsbanningathletesfrom Performance(4.5/5) noisecompletelyortofocusonlyonvoicesfrom Design(4/5) i5Gen10processor, pairedwith512GB I wearingthegroundbreakingNikeZoomX My recent go-to running shoeshave been the yoursurroundings.Importantly, theambient Made of aluminium, the notebook ofsolidstatedrive and8GBofLPDDR3 VaporflyNext%runningshoessenttheJapanese Under Armour Hovr Infinite, and I had almost sound-controlfeatureworksasintendedand oozesluxury. Its compact size (less (2133MHz)RAM.WhiletheSSDsand footwearcompany’ssharessoaringearlierthisweek, forgotten how wonderful a brand new Asics pair providesyoucompletecontroloveroneofthe than a 10.1-inch tablet) and lightweight LPDDR3RAMsarecommonacross upby asmuchas8percent.Globally, thedecision can feel. The Gel-Nimbus 22 screams comfort right earphones’mostcrucialfeatures.Thereisalso build (1.4 kg) ensure easy convertiblenotebooks,the holdssignificanceforAsics,particularlyafteritwas from the outset and keeps your foot locked in anadaptivesound-controlmodeintheappthat portability. Like most Powering the Gen10Core i5processoris revealedthatthemajorityofrunnersatthis throughout your workout. The midsole seems a detectsyouractionsandmovementsto other convertible notebook is the Intel stillnotavailableinmost, year’s HakoneEkiden,oneofJapan’s little stiff in the beginning, but gets automaticallycontroltheambientsound. notebooks, it has limited Core i5 Gen 10 whichmakesthisone most-watchedraces,optedforNikeover The shoe ticks all softer with every run. The outer is Complementingthepower-packed ports but coversa wide processor, paired with standout. thepopularhomegrownbrand. the boxes: exciting essentially made up of rubber, but performanceistheSony WI-1000XM2’son- spectrum of connectivity 512 GB of solid state TheDellInspiron InIndia—wheretheVaporflysare design, responsive performs solidly. Unlike the Asics batteryandrechargingtime.Onfullcharge, options. The keyboard has drive and 8 GB of handlesmosttaskswith yetto debut—Asicsfindsitselfinamore midsole, and a MetaRide, traction isn’t an issue here theseearphonesgoformorethansevenhours a chiclet-style key layout LPDDR3 (2133MHz) RAM ease.Itbootsquicklyand comfortableposition,stillrulingthe robust build ideal — the Gel-Nimbus 22 is a winner withnoisecancellationenabled,and with dual-purpose opensapplications long-distancerunningshoemarketwith fornot only running, across surfaces. And in terms aroundninewithout.Chargingtimeisalso function keys. Though backlit and withoutanylag.Thoughitmanagesto offeringsthatareusuallyreliable,and but also the gym of springiness, this might quick—fromcompletelydrainedto full supporting the two-stage luminance handlesoftwarelikeAdobePremiere durable.TheGel-Nimbus21fromlast just beAsics’ bounciest shoe inanhour. control, the keyboard lights can also be ProandAdobePhotoshop,theabsence seasonwasastunningsuccess,aterrificall-rounder yet. The only slight complaint I have is turned off to add minutesto the ofadiscreetgraphiccardpreventsthe that,itseemed,needednoimprovement.Yet,Asics the weight. At around 300 grams each, the Verdict(3.5/5) notebook’s otherwise stellar on-battery notebookfromdeliveringthe hasbeenableto includenotableadd-onsto its shoe isn’t verylight, making acceleration At~24,990,the time. Its dedicatedpower key has a performanceneededforheavy-duty successor,theGel-Nimbus22. in some situations difficult. Sony WI-1000XM2 built-in fingerprint sensor that allows applications.Butithandleseverything isawinnerinthe quick Windows sign-in (using elsewithease. Design(4/5) Verdict(4/5) premiumwireless Windows Hello). Asicshadsomewhatdisappointedmewithits Thereislittleto notlikeabouttheGel- earphonessegment. The magnetic garage areaon its Verdict(4/5) predominantlyblackcolourways—practicalbut Nimbus22.Itticksalltheboxes:exciting Withanimpressive display hinge storesthe notebook’s Starting at ~90,290, the Dell Inspiron boring—lastseason.So,theGel-Nimbus22comes design,responsive midsole,andarobust soundoutput,class- Active Pen, a discreet space that does 13 7931 is a capable two-in-one asabreathoffreshair.ItestedtheTataMumbai buildidealfornotonlyrunning,butalsothe leadingnoisecancellation not obstruct either the display or convertible notebook that offers both MarathonLimitedEdition–themarathon’s slated gym.What’smore, itsstylishmakeover andpracticalfeatures, the keyboard. style and substance. The notebook’s forJanuary19 —availableinadazzlingblue-and- meansthatyoucanevenpassthemoffas theseearphoneshaveaclear premium aluminium construction, yellowcolourscheme.Thelatestversioncomeswith casualsneakersonceinawhile.Andforthose edgeoverpeers. Displayandmultimedia(3.5/5) portable form factor, goodon-battery areconfiguredmidsole.Asicshasaddedanextra runningtheMumbaiMarathoninthem,let'sjust The Dell Inspiron 13 7931 has a 13.3- time and sleek performance make it a 2mmlayerofcushioning—itsFlyteFoamPropel saythatyourchanceslookgood. inch fullHD touchscreen with thin winner in its segment.