OPINION, P6 MARKETS, P10 INTERNATIONAL, P8 EDITORIAL PRIORITY SECTOR AHEAD OF IPO Settling tax SC staying Antrix RBI announces TikTok parent ByteDance award shows govt as disputes good, but anti-arbitration, will hit co-lending scheme seeks to raise cash at nip them in the bud India's investment allure for banks, NBFCs $180 bn valuation

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VOL. XI NO. 241, 22 PAGES,`6.00PUBLISHEDFROM:AHMEDABAD,BENGALURU,CHANDIGARH, CHENNAI,HYDERABAD,KOCHI,KOLKATA,LUCKNOW,MUMBAI, NEWDELHI,PUNE READ TO LEAD

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IN THE NEWS US PRESIDENTIAL ELECTIONS WhatsApp gets NPCI approval to ‘Go Live’ on UPI Biden gains ground in vote count NPCI ONTHURSDAYsaid it has given approval for WhatsApp to ‘Go Live’ on Race to the White US sets new record for increase in UPI in the multi-bank model, House is now reports fe Bureau in Mumbai. Covid cases a day after election WhatsApp can expand its coming down to LISA SHUMAKER Daily reported cases UPI user base in a graded close contests November 5 Daily new cases 7-day avg manner starting with a in five states 100K maximum registered user THEUNITEDSTATESsetaone- base of twenty million in UPI, dayrecordfornewcoronavirus NPCI said.WhatsApp has ANDY SULLIVAN cases on Wednesday with at been testing its UPI payment Washington, November 5 least 102,591 new infections 50K service in beta mode for over and as hospitals in several two years. NPCI had recently DEMOCRAT JOE BIDEN states reported a rising tide of issued a cap of 30% of total edged closer to victory in the patients,accordingtoaReuters volume of transactions USpresidentialraceonThurs- tally. Nine states reported 0 processed in UPI, applicable dayaselectionofficialstallied record one-day increases in March1 Nov 4 to all third-party app votes in the handful of states casesonWednesday:Colorado, providers.This will come into that will determine the out- Idaho, Indiana,Maine,Michi- number of voters mailing in effect on January 1, 2021. come and protesters took to CLOCKWISE: Protesters march through the Loop to demand gan,Minnesota,Rhode Island, theirballotsinTuesday’spres- the streets. every vote be counted in Chicago; Trump supporters kneel WashingtonandWisconsin. idential election,whose out- Govt to allow President Donald Trump as they rally outside a county recorders office in Phoenix; Joe The pandemic has affected come hasyet to be decided. alleged fraud without provid- Biden and senator Kamala Harris in Wilmington nearly every aspect of Ameri- 70-75% capacity ingevidence,filedlawsuitsand can life, including a record Continued on Page 2 in aviation soon calledforrecountsinaraceyet to be decided two days after umphandavoidbecomingthe THE CAP ON the number of polls closed. first incumbent US president Trump files Donald J. Trump @realDonaldTrump Republican candidate Andahl wins domestic flights that Indian The racewascomingdown to lose a re-election bid since Our lawyers have asked for airlines are permitted to to close contests in five states. fellow Republican George HW lawsuits, calls “meaningful access”,but what good election month after dying of Covid operate would be increased Biden held narrow leads in Bush in 1992. for recounts does that do? The damage has already to 70-75% of their pre-Covid Nevada and Arizona while Edison Research gave been done to the integrity of our system, ASSOCIATED PRESS North Dakota governor levels as the passenger Trump was watching his slim Biden a 243 to 213 lead in and to the Presidential Election itself. This November 5 DougBurgumthenannounced traffic surges, the ministry of advantage fade in must-win Electoral College votes,which ERIK LARSON & DAVID is what should be discussed! on Wednesday that he was civil aviation said on statesPennsylvaniaandGeor- are largely based on a state’s YAFFE-BELLANY REPUBLICAN CANDIDATE appointing BNI Energy presi- Thursday, reports PTI. gia as mail-in and absentee population. November 5 DAVIDAndahldiedofcovid-19 dentWadeBoeshanstotheseat voteswere being counted.The Othernetworkssaid Biden towardDemocratJoeBiden. under state law.The Pennsyl- in early October, just as the wonbyAndahl. GST borrowing Republicanpresidentclungto had won Wisconsin, which US PRESIDENT DONALD InPennsylvaniaandMichi- vaniafilingcouldn’tbeimme- coronavirus was pummeling However, North Dakota a narrow lead in North Car- would give him another 10 Trump’s repeated threats to gan, the Trump campaign diately confirmed.Earlier on hishomestateofNorthDakota. attorney general Wayne plan: Rajasthan olina as well, another must- votes. To win, a candidate contestelectionresultsincourt claimed it hasn’t been given Wednesday,thecampaignalso And about a month later, he Stenehjem said in a state- opts Option 1 win forhim. needs 270 votes. took shape Wednesday with meaningfulaccesstocounting saiditwouldrequestarecount appearstohavebeenelectedto ment that Burgum's appoint- Trumphadtowinthestates lawsuits filed in Pennsylvania, locations to observe the inWisconsin. the state House.Andhahl, 55, ment on the dayfollowing the RAJASTHAN HAS BROKEN where he was still ahead plus Continued on Page 2 MichiganandGeorgiatryingto process for opening and tabu- hadbeensickwithCovid-19for election “is both inaccurate ranks with other states eitherArizonaorNevadatotri- Related reports on Page 8 halt vote counts trending lating ballots as guaranteed Continued on Page 2 severaldaysbeforehedied. and untimely”. opposed to the Centre’s borrowing plan for meeting ● DoT'S APPEAL states’ GST shortfall in FY21, FE BUREAU COVID TRACKER reports fe Bureau in New Global rally Delhi. It has become the first SC refuses to Congress-ruled state to Sensex soars to near nine-month high Cases in Kolkata rising despite choose Option-1. stayTDSAT’s Indian stocks rallied smartly 41,459.79 41,340.16 DoT relaxes onThursday as the Sensex 40,000 muted Durga Puja celebrations soared to near nine month- 30,000 order on OTSC work-from-home highs recouping the losses ISHAAN GERA 20,000 CELEBRATORY CONCERNS norms for OSPs of 2020.The sentiment was INDU BHAN New Delhi, November 5 strong inAsia, Europe as 10,000 Sensex New Delhi, November 5 Cumulative infections for week ending Kolkata West Bengal (RHS) INAMOVE that is going to also in the US amidst 0 WHILETHENEW infections 7,000 35,000 benefit the ITindustry, indications Democratic THE SUPREME COURT on reported in Kolkata onThurs- 6,252 primarily the BPO sector, the Party candidate Joe Biden 2020 Thursday refused to stay the day at 894 were lower than o 5 Nov p 13 Apr a 13 Mar c 13 Oct uy13 July e 13 Feb 6,000 30,000 a 13 May u 13 Aug ue13 June DoThas relaxed guidelines would become the next 13 Sept TDSATorderthathadquashed the 931 infections the city 3,626 for other service providers US president while the Number of Cos with a minimum Mcap of `1,000 cr the department of telecom- reported on November 1,the 5,000 25,000 (OSPs) allowing them to Republicans will retain 800 munications’demandforone- city has added over 18,000 work from home, reports their slim majority in the 4,000 20,000 400 time spectrum charge (OTSC) cases in the last three weeks. fe Bureau in New Delhi. Senate. Strong macro on spectrum allotted beyond While a month ago, 3,000 15,000 data at home as also 0 715 737 765 853 816 790 755 763 753 716 687 681 561 642 692 704 start-up 4.4 MHz to up to the Kolkataaccountedfor0.8%of Jun Jun Jun Jun 2,000 10,000 Mar Mar Mar reasonably good corporate Mar Sep Sep Sep Sep contracted limit of 6.2 MHz. India’sdailyinfections,itnow Dec Dec Dec earnings for Q2FY21 have 2017 2018 2019 2020 Nov* ABenchledbyjusticeAshok accounts for 1.7% of daily Special Feature 1,000 5,000 *As on November 05 Source: Bloomberg buoyed the sentiment. Bhushan sought response infections. 22,320 27,873 from Vodafone Idea on the Moreover,West Bengal on 0 0 government’sappealchalleng- Thursday had a positivity of 17 24 01 08 15 22 29 05 ing the TDSAT’s July 4, 2019, 8.8% higher than the 7.9% Sept Oct Nov INVESTORS’ MEET order that held the DoT’s that it recorded on October 5. demand as“unsustainable”. Also,whileIndiahasseenadip 6,242 from aweek ago period. put a halt to state’s plan for Seniorcounsel Harish Salve ininfectionsinthelastmonth, More important, the trend in Durga Puja celebrations, the Will do whatever it takes to make and counsel Ashish Prasad, Bengal is one of the few states Kolkata is different than that daysleadinguptothecelebra- appearing for Vodafone Idea, where cases have been rising. in West Bengal where infec- tionseemstohavecontributed ‘Running shoes sought two weeks’time to file For the week ending tions over the week dipped to an increase in cases. market has India global growth engine: PM responsewithregardtothestay November 5,Kolkata reported from 28,577 to 27,873. FE BUREAU sought by DoT.The matterwill 6,252 infections compared to Although the Calcutta HC Continued on Page 14 been growing New Delhi, November 5 If you want returns with reliability, next come up for hearing on 25% annually’ India is the place to be. If you want November24.Additionalsolic- PRIME MINISTERNARENDRA demand with democracy, India is itor generalVikramjit Banerjee Delhi can soon become ‘India-made vaccine could Rajat Khurana, MD, Modi on Thursday promised representedthegovernment. ‘corona capital',says HC be launched as early as Feb’ Asics India and South “whatever it takes” to make the place to be....If you want The TDSAT had also ruled Asia, on the growing India the engine of global growth with a green approach, thatthegovernmentcancharge THE DELHI HIGH Court on Thursday AGOVERNMENT-BACKED vaccine could be popularity of running growth, as he invited the top India is the place to be. OTSC only prospectively from expresseddispleasureovertherisingnumber launchedasearlyasFebruary—monthsearlier as a fitness activity, executives of 20 global pen- — NARENDRA MODI TO GLOBAL INVESTORS January 1, 2013, (the date on of cases in the national capital and observed thanexpected—as last-stage trialsbeginthis the company’s offline sion and sovereign wealth whichthegovernmentnotified thatthecitycouldsoonbecome‘coronacapi- monthandstudieshavesofarshoweditissafe expansion strategy, funds that together manage this decision) and that too only talofthecountry’,reportsPTI.Abenchofjus- andeffective,seniorICMRscientistRajniKant and marketing about$6trillioninassetstobe roundtable is the latest in a structure,tobringtheCovid-hit on administratively allocated tices Hima Kohli and Subramonium Prasad told Reuters.Bharat Biotech,which is devel- initiatives part of the country’s“exciting series of meetings held by the economybackonitsfeetfast. airwavesbeyond6.2MHz. said the Delhi government has gone com- opingCOVAXINwithICMR,hadearlierhoped ■ BrandWagon, P9 progress ahead”. PM to draw large-scale foreign pletely“haywire”onthepandemic.■ Page 2 tolaunchitonlyinQ2ofnextyear. ■ Page 2 Thevirtualglobalinvestors’ investments,especiallyininfra- Continued on Page 2 Continued on Page 14 ABIG BUY Saudi PIF invests `9,555 cr in Reliance Retail FE BUREAU Investment in Stake RIL moves SC Mumbai, November 5 Reliance Retail (` cr) (%) PIF 9,555 2.04 against SATruling RELIANCE INDUSTRIES (RIL) on ADIA 5,512.5 1.2 RELIANCEINDUSTRIESON Thursday said that Saudi Arabia’s TPG 1,837.5 0.41 Thursday Public Investment Fund (PIF) will saiditwillchallengeinSupremeCourt invest `9,555 crore ($1.3 billion) in GIC 5,512.1 1.22 the dismissal of its plea bythe Securi- its subsidiary, Reliance Retail Ven- Mubadala 6,247.5 1.4 tiesAppellate Tribunal against a Sebi tures (RRVL), for a 2.04% stake.The Silver Lake* 1,875 0.38 ruling barring the firm and 12 of its stake sale now values RRVL at a General Atlantic 3,675 0.84 promotergroupentitiesfromdealing higher valuation of `4.587 lakh inequityderivativesforallegedunfair KKR 5,550 1.28 crore,comparedto`4.285lakhcrore tradepractices,reportsPTI. so far.The investment in Reliance Silver Lake 7,500 1.75 SAT, by a 2:1 majority order, has Retail by PIF comes shortly after it Total 47,264.6 10.52 dismissedRIL’sappealagainsttheSebi invested `11,367 crore in Jio Plat- *additional investment order dated March 24, 2017, in the forms fora 2.32% stake. matterrelatingtothesaleofReliance The investment in RRVL by PIF is GIC, TPG and ADIA have been the Petroleum shares by the company in the eighth investment in RIL’s retail otherinvestors so far. November 2007,RIL said in a filing. arm within two months.Silver Lake, “Thecompanywillexaminetheorder KKR, General Atlantic, Mubadala, Continued on Page 2 passedbySAT,”itsaid. ■ Page 10

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C Rangarajan, ex-governor, Reserve Bank of India

(Normally) Coma lasts for several years (in medical ❝terms). But there are people who come out of it in❝ a shorter period. This is a coma which is short-lived. The point is as you (gradually) lift the lockdown, I EconomyFRIDAY, NOVEMBER 6, 2020 expect the economic activity to pick up. Quick ● GST COMPENSATION RBI urges SC to lift interim order Rajasthan latest state to banning declaration of NPAs View PRESS TRUSTOFINDIA apexcourtinanothercase. New Delhi, November 5 Senior advocate AM Singhvi, appearing for one of Gadkari suggests pick Centre’s‘Option-1’ THE RBI ON Thursday urged theapplicants,saidthatpower the Supreme Court to lift its sectorneeded to be heard. comprehensive interim order,which held that The bench said that it ‘Bamboo Policy’ FE BUREAU thatisestimatedtobeequalto accounts not declared as non- would take up the matter for New Delhi, November 5 GST shortfall owing to GST performing assets till August hearing on November18. UNIONMSMEMINISTER implementation. 31 this year are not to be The pleas pertained to NitinGadkarionThursday RAJASTHAN HAS BROKEN Further, the option also declared NPAs till further chargingofinterestoninterest calledformoreintensive ranks with other states entitlesstatestouncondition- orders,saying it is facing diffi- by banks on EMIs which have useofbambooresources opposed to the Centre’s bor- ally borrow the final instal- cultydue to the directive. not been paid by borrowers andaskedtheministryof rowingplanformeetingstates’ ment of 0.50% of Gross State In a relief to stressed bor- afteravailingtheloanmorato- developmentofnorth GST shortfall in FY21 and has Domestic Product (GSDP) out rowers who are facing hard- ministryhavealreadyfiledsep- rium scheme of RBI during easternregion(DONER)to decided to choose Option-1, of the 2% additional borrow- ships due to the impact of arateadditionalaffidavitsinthe March 1 toAugust 31. formulateacomprehensive theUniongovernmentsaidon ings permitted by the govern- Covid-19 pandemic, the apex topcourtsayingthatthebanks, Earlier,theRBIhadfiledthe ‘BambooPolicy’.Addressing Thursday. It is the first Con- ment of India underAtmnirb- court had passed the interim financial and non-banking affidavitsayingthatithasasked aneventviavideo gress-ruledstatetoagreetothe harAbhiyaan. orderon September3. financialinstitutionswillcredit all banks, financial and non- conferencing,healso proposalapart from the union States who have opted for The counsel appearing for intotheaccountsofeligiblebor- banking financial institutions suggestedmakingavailable territoryof Puducherry. Option-1 are — Andhra theReserveBankofIndia(RBI) rowers by November 5 the dif- to take “necessary actions” to moreincentivestobamboo With this, 22 states and 3 Pradesh,Arunachal Pradesh, told this to a bench headed by ferencebetweencompoundand creditintotheaccountsofeligi- production,processingand Union Territories (Delhi, Assam, Bihar,Goa, Gujarat, Justice Ashok Bhushan which simple interest collected on ble borrowers the difference handlingandsaidthiswill Jammu and Kashmir and Haryana, Himachal Pradesh, was hearing a batch of pleas loans of up to `2 crore during betweencompoundandsimple goalongwayindeveloping Puducherry) have chosen the Karnataka, Madhya Pradesh, relatingtochargingofinterest themoratoriumschemeperiod. interestcollectedonloansofup thebamboo-based Option1toreceivecompensa- Maharashtra,Manipur,Megha- on interest by banks on EMIs, Senior advocate Rajiv to `2 crore during the morato- industry.Gadkari,whoalso tion from the Centre under a of Rajasthan additional bor- and has passed it on to 21 laya,Mizoram, Nagaland, which were not paid by the Dutta,appearingforoneofthe riumscheme. holdsroadtransport mechanism where the Centre rowing permission of `5,462 states and 3 Union Territories Odisha, Rajasthan, Sikkim, borrowers who availed of the petitioners,toldthebenchthat Priortothis,thecentralgov- portfolio,alsoaskedvarious will borrow under a special crores (0.5% of Rajasthan’s on October 23 and November Tripura, Tamil Nadu, Uttar loan moratorium scheme in they are grateful to the Centre ernment had told the apex sectorstoutilisevarious window and transfer the GSDP),” the finance ministry 2,” it added. The next next Pradesh, and Uttarakhand, viewof the pandemic. and the RBI for hand-holding court that lenders have been modesandmethodsto amountstostateviaaback-to- said in a statement. instalment of borrowings is alongwith the three union ter- Wearefacingdifficultydue small borrowers and said that asked to credit into the bringdownlogisticscosts back loan arrangement. “The window has been likelytobereleasedonNovem- ritories of Delhi, Jammu & to order banning declaring of his plea be disposed of. accounts of eligible borrowers includingchoosingmore “On receipt of the choice of operationalised now, and the ber9. Kashmirand Puducherry.West NPAs,senior advocate V Giri, The counsel appearing for the difference between com- cost-efficienttransitmode Option-1 from the govern- government of India already The Centre would have to Bengal, Punjab, Chhattisgarh appearing for RBI, told the the Centre said that Solicitor poundandsimpleinterestcol- likewater,railorroad. mentofRajasthan,thegovern- borrowed an amount of borrow `1.1 lakh crore by the andKeralaareamongthestates benchwhilerequestingittolift GeneralTusharMehta,whohas lectedonloansofupto`2crore ment of India has today `12,000 crores on behalf of end of the fiscal if all states that are yet to accept the Cen- the interim order. toargueinthematter,wasonhis during the RBI’s loan morato- ‘PLIschemeto granted the state government the states in two instalments, chose Option 1 — an amount tre'sformula. The RBI and the finance legsbeforeaspecialbenchofthe riumschemebyNovember5. promotedomestic agro-chemicals’ Delhi can soon Suburban rail services in WB THE GOVERNMENT ‘India-made Covidvaccine maybe launched byFeb’ WILL bring a production- become‘corona linked incentive (PLI) KRISHNA N DAS efficacy in the phase 1 and 2 to resume on November 11 scheme for promotion of New Delhi, November 5 Vardhan presses for mandatory retesting trialsandintheanimalstudies capital’,says HC FE BUREAU under the Eastern Railway,will domestic manufacturing of all symptomatic RATnegative cases — so it is safe but you can’t be Kolkata, November 5 initially run 50 pairs of local of agro-chemicals, AGOVERNMENT-BACKED 100% sure unless the phase 3 PRESS TRUSTOFINDIA trains, or 100 trains up and minister of state for Covid-19 vaccine could be UNION HEALTH minister han interactedwith Lt Gov- trials are over,”Kant said. New Delhi, November 5 SUBURBANRAILWAYOPERA- down.The Sealdah section will chemicals and fertilisers launched as early as February HarshVardhanonThursday ernor Anil Baijal and Delhi “There may be some risk,if TIONS will resume on Novem- run 114 pairs of local trains or Mansukh Mandaviya — months earlier than expressed concern over the health minister Satyendra you are ready to take the risk, THEDELHIHIGHCourtThurs- ber 11 after seven months of 228trainsupanddown.Therest announced on Thursday. expected — as last-stage trials surge in Covid-19 cases in Kumar Jain in presence of you can take the vaccine. If dayexpresseddispleasureover suspension, a decision which of the 181 pairs will run “Like we brought in the begin this month and studies Delhi and pressed for senior officials, mayors, necessary,thegovernmentcan therisingnumberofCovid-19 was long awaited bydailycom- between stations barring pharma sector,we will havesofarshoweditissafeand mandatory retesting of all municipal commissioners think of giving the vaccine in cases in the national capital muters travelling fromvarious HowrahandSealdahsincemost bring a production- effective,aseniorgovernment persons who test negative and district magistrates of an emergencysituation.” and observed that the city cornersofdistrictstoKolkata. of the trains running from the linked incentive scheme scientist told Reuters. in rapid antigen tests and the city.Vardhan expressed Health minister Harsh could soon become ‘corona The Railways and the state saidstationswillbegalloping. for chemicals which are Bharat Biotech, a private develop symptoms of concern over the rise in the VardhansaidinSeptemberthe capital of the country’. government, in a meeting on BothSealdahandHowrahin used in agro.Some basic company that is developing Influenza-like illness and number of cases and the government was considering A bench of Justices Hima Thursday, decided that 181 pre-Covidsituationran915and chemicals are the same COVAXIN with the govern- Severe Acute Respiratory high positivity rate in the grantinganemergencyautho- Kohli and Subramonium pairs of local trains or 362 up 407trains,upanddownrespec- for all,”he said addressing ment-run Indian Council of Infection (SARI) later. north, central, northeast, risation for a Covid-19 vac- Prasad said the Delhi govern- and down trains will run daily tively,which carried above 10 a webinar by organised by Medical Research (ICMR),had He said false negative east, northwest and south- cine, particularly for the ment has gone completely from Howrah and Sealdah sec- lakhpassengersa day. Ficci-HIL. earlierhoped to launch it only results of the disease east districts of Delhi. elderlyandpeopleinhigh-risk ‘haywire’on the pandemic. tions,though the state is yet to Banerjee said both the state in the second quarter of next might give way to compla- “Weareparticularlycon- workplaces. Several leading The bench said the AAP decide on the the schedules for andtheRailwayshaveagreedto D&BIndia,NSIC year.“The vaccine has shown cency among the coron- cerned over the rise of the vaccinecandidatesarealready governmenttookthehealthof thetrainstorun. prepareadraftSOP butthatwill inkpacttoboost good efficacy,” senior ICMR avirus infected. positivity rate in these six in final-stage testing. citizens for a ride and it will Alapan Banerjee,West Ben- bepreparedafterbothcarryout scientist Rajni Kant, who is During a meeting,Vard- districts,”he said. —PTI An experimental vaccine dealwith it separately. gal’s chief secretary, said the asurveyindifferentstations. growthofMSMEs also a memberof its Covid-19 developed by Britain’s The high court said the trainswill run at 50% capacity, Everypassengerwill have to DUN&BRADSTREET task-force, said at the AstraZeneca is among the Delhigovernmentmademany which means a local train will enter and leave the stations InformationServicesIndia research body’s New Delhi India-made vaccine to be in mid-September. most advanced ones, and claims that they are topping carryhalfofthepassengersthat throughfixedentranceandexit hassignedanagreement headquarters on Thursday. rolled out.India’s coronavirus Kant, who is the head of Britain expects to roll it out in charts in testing but the num- canbeseatedinatrain.Number with thermal screening to be withtheNationalSmall “It is expected that by the infections rose by 50,201 ICMR’s research manage- late December or early 2021. berof cases have overshot. ofboggles,whicharegenerally9 made mandatoryforeverypas- IndustriesCorporation beginning of next year,Febru- cases on Thursday to 8.36 ment, policy, planning and AstraZeneca has signed sev- “The city could soon and 12 may be altered but the senger.While GRPwill take the (NSIC)tocreatean ary or March, something million, second only to the coordination cell, said it was eral supply and manufactur- become Corona capital of the Railways and the state will responsibilityof the gates,RPF ecosystemforpromoting, would be available.” United States. up to the health ministry to ing dealswith companies and country.Thanks to the num- finaliseaftertheycometoadeci- will be posted in boggies to aidingandfosteringthe Bharat Biotech could not Deaths rose by 704, with decide if COVAXIN shots can governments around the ber of cases shooting up,”the sion on a standard operating ensurethatpasséngersmaintain growthofmicro,smalland immediately be contacted.A the total now at 124,315.The be given to people even before world, including with the bench said and added “We procedure (SOP), likely to be social distancing and abide by mediumenterprises,a launch in February would daily rise in infections and the third-stage trials are over. Serum Institute of India. are going to take it very takenonMonday. the safetyregulations issued by statementsaid. make COVAXIN the first deathshasslowedsinceapeak “It has shown safety and —REUTERS seriously.” While the Howrah section, theRailways.

From the Front Page

US Presidential Trump with late, illegal bal- In the Michigan case, top time in three months. North Retail lots,” the campaign said in a election officials are accused Dakota reported only six free election: Biden statement.Thesuittargetsthe Will do whatever it takes to make of violating state law by not intensive care unit beds in the THUS,WITHIN TWO months, county’s board of elections. allowing campaign staff to entire state on Wednesday, the retail firm has sold a gains ground Earlier on Wednesday, at a India global growth engine: PM look atvideo footage of all the when it was one of 14 states 10.52% stake raising a total press conference in Philadel- ballot drop boxes that were that reported record levels of fund of nearly `47,264.6 in vote count phia, the president’s personal IT COMES AT a time when Investments investments. Stressing the used to make sure no fraud hospitalised Covid-19 crore. THE COUNTING AND court lawyer, Rudy Giuliani, sug- domestic private investments have collapsed attractiveness of India as an took place.The Trump cam- patients. Commentingonthetrans- challenges set the stage for gested another lawsuit could have remained anaemic and investment destination even paignwantsthestatetosegre- Hospitalisation are a key action with PIF, Mukesh days if not weeks of uncer- be filed in Wisconsin. He anti-China sentiments are 20 during the pandemic, Modi gateballotsthatweredropped metric because they are not Ambani, chairman and man- taintybeforetheElectoralCol- claimed “exactly the same growingglobally. said overall foreign direct off in such boxes while the impacted by the amount of agingdirector,RelianceIndus- 0 12.9 lege meets on December 14 thing happened”as in Penn- Top executives of global investment (FDI) inflows rose fight carries on in court. testing done. tries, said,“I welcome PIF as a and the next president is sylvania in terms of denying funds,includingAustralianSu- -20 by13%yearonyeartoarecord In Pennsylvania, the cam- The proportion of tests valued partner in Reliance sworn in on January20. theTrumpcampaignaccessto per,British Columbia Invest- (% growth in gross $35.73 billion in the April- paign accused election offi- coming back positive is Retail and look forward to -40 fixed capital Withtensionsrising,about the ballot count. ment Management Corpora- formation, y-o-y) Augustperiod. cials of conspiring to deliver greater than 50% in South their sustained support and 200 of Trump’s supporters, Trump has often said that tion, CDPQ, GIC, Japan Post -47.1 India’srelianceonFDIgrew votes to Biden.“Bad things are Dakota and over 40% in Iowa guidance as we continue our -60 some armed with rifles and he could onlylose the election Bank,KoreanInvestmentCor- Q1, FY19 Q1, FY21 substantiallyinrecentyears,as happening in Pennsylvania,” and Wyoming. The World ambitious journey to trans- handguns, gathered outside if it was stolen from him, poration, Mubadala, Caryle, Source: MoSPI overleveraged domestic the campaign said.“Democ- HealthOrganizationsaysrates form India’s retail sector for an election office in Phoenix, claimingthatincreasedvoting Qatar Investment Authority, investors cut down on fresh rats are scheming to disen- of more than 5% are concern- enriching the lives of 1.3 bil- Arizona, on Wednesday fol- by mail would lead to wide- TemasekandUSInternational expansions. franchise and dilute Republi- ing because they indicate lion Indians and millions of lowing unsubstantiated spreadfraud.EvenbeforeElec- Development Finance Corpo- takestomakeIndiatheengine Even before the pandemic can votes. President Trump undetectedcommunitytrans- small merchants.” rumours that votes were not tion Day on Tuesday,his cam- ration, attended the virtual of global growth and resur- struck,the share of gross fixed and his team are fighting to mission. Yasir Al-Rumayyan, gover- being counted. paign filed several roundtable. gence. There is an exciting capital formation (GFCF) in put a stop to it.” Coronavirus deaths are nor of PIF,said,“This transac- By early Thursday, Biden unsuccessful suits seeking to Six domestic corporate period of progress ahead. I GDP collapsed to 29.8% on Late on Wednesday, trending higherbut not at the tion demonstrates PIF’s com- had 3.6 million more votes restrict the use of mail-in bal- honchos — Mukesh Ambani, inviteyoutobeapartofit,”the year in FY20 from as much as Trump’s campaign and the same rate as cases.The US is mitment to investing and than Trump nationwide,but lots. Ratan Tata, Dilip Shanghvi, PMsaid.Earlierthisweek,eco- 34.3%inFY12.TheGFCFcon- RepublicanNationalCommit- averaging850deathsaday,up partnering for the long-term margins were razor-thin in Many legal experts doubt Nandan Nilekani,Uday Kotak nomic affairs secretaryTarun tracted by6.5%,the lowest in teefiledanothersuitaccusing from 700 a month ago. with innovative businesses several states. In Wisconsin, Trump’s claims can succeed. and Deepak Parekh — also BajajsaidthePMwouldsubse- the current GDP series,in the Pennsylvania’s top election The outbreak is hitting the aroundtheworldthatleadand Biden led Trump by roughly An earlier lawsuit filed by the joinedtheconference. quentlyholdone-to-onemeet- January-March period,having official of improperly reset- Midwestthehardest,basedon transform theirsectors". 21,000 votes out of 3.3 mil- campaign in Pennsylvania Addressing the investors, ings with the global investors recordedathirdstraightquar- ting the deadline for mail-in new cases per capita in recent Reliance Retail, a sub- lion cast. In Georgia, Trump seekingto observecanvassing Modisaid:“Ifyouwantreturns aswell. ter of fall.In the June quarter, voters to provide missing weeks. sidiary of RRVL,sees close to led by 19,000 votes out of – the process of opening with reliability, India is the Modi impressed on the thanks to the pandemic, the proof of identification. Penn- Illinois has reported 640 million footfalls at its nearly 5 million cast. Biden, envelopes and preparing bal- placetobe.Ifyouwantdemand globalfundstotakeadvanatge GFCFslidbyasteep47.1%,far sylvania secretary of state 48,579 cases in the last seven around 12,000 stores across 77, predicted victory on lots for counting – was dis- with democracy, India is the of the opportunities in the worse than a 23.9% contrac- Kathy Boockvar, who runs days, more than any other the country. “Reliance Wednesday and launched a missedbyacourtlateonTues- placetobe.Ifyouwantstability infrastructure sector.Projects tionoftheoverallrealGDP. elections in the state, didn’t state.Texas,whichhastwiceas Retail’s vision is to galvanise websitetobeginthetransition day without hearing withsustainability,Indiaisthe involving potential invest- The latest roundtable isyet immediately respond to a many residents, reported the Indian retail sector to a Democratic-controlled arguments.The judge said the placetobe.Ifyouwantgrowth mentsof$1.5trillionoverasix- anotherattempt bythe Centre request for 47,932casesandbothCalifor- through its new commerce White House. —Reuters electionboardcould,however, withagreenapproach,Indiais year period through FY25 are to not just hear out investors’ comment. —Bloomberg niaandFloridareportedabout strategy, serving millions of makeroomformoreobservers theplacetobe.” showcased under the govern- concerns but also make con- 30,000 newcases each. customers by empowering Trump files if feasible. “Friends,India’sgrowthhas ment’sNationalInfrastructure certed efforts to resolve nag- US sets new The previous US record for millions of micro,small and The campaign also moved thepotentialtocatalyseglobal Pipeline(NIP),headded. gingissuesthroughdiscussions new cases in a day was medium enterprises lawsuits, calls on Wednesday to intervene in economic resurgence. Any He highlighted the coun- among several wings of the record for 100,233 on October 30, the (MSMEs),”the company said a pending US Supreme Court achievementbyIndiawillhave try’slowincometaxrate(15% government.The government highest ever reported by any in a statement. for recounts clashoverlate-arrivingballots a multiplier impact on the for setting up fresh manufac- has already compiled a list of increase in countryin theworld. Even though Reliance ALSO,THE CAMPAIGN said it inPennsylvania.Thecourthad world’sdevelopmentandwel- turing units),faceless income suggestions shared by global Reuters Retail is ahead of its peers sued in Georgia,claiming late refusedtohearthecasebefore fare.AstrongandvibrantIndia tax assessment regime and investorsintheirmeetingswith Covid cases day when it comes to digitisation ballotsbeingillegallyaddedto the election,but explicitlyleft cancontributetothestabilisa- production-linked incentive the PM over the past six years Saudi PIF of its services,it will need to on-time absentee ballots. open the possibility of doing tion of the world’s economic schemes in key sectors and andtheactionstakenonthem after election make large investments to “We will not allow Democ- so after the vote. The cam- order.” reformsliketheInsolvencyand before Thursday’s meeting, a INADDITIONTO rising cases, invests `9,555 consolidate the backend and rat election officials to steal paign’sfilingcouldjump-start “We will do whatever it Bankruptcy Code to draw seniorofficialtoldFE. on Tuesday hospitalizations digitise operations to take on this election from President that process. topped 50,000 for the first cr in Reliance Amazon and Flipkart.

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● DAY 4 OF BIDS Gujarat diamond UP govt’s tax receipts rise artisans demand 2 new entrants win coal 21% to `10,673 cr in Oct for before Diwali AS THE GUJARAT-BASED dia- DEEPAJAINANI The state excise crore from `3,312.28 crore mond industry has come out of Lucknow, November 5 department has overshot last year, reaching 77.8% of the worst impact of Covid-19 blocks in Jharkhand,MP its monthly collection the target of `4,877.64 crore. pandemic in wake of global de- THE UTTAR PRADESH gov- VATcollectionstoo,showed mand,artisansoftheindustryare ernment’s own tax revenue target by 107% an increase from `1504.44 now demanding bonus from the mated commercial coal min- (OTR) has increased by an im- crore last year to `1802.83 owners of the diamond cutting Fifteen of the 19 blocks that are to be Winners DAY Revenue ing to contribute about pressive 20.7% in October to crore, achieving 86.9% of the andpolishingfirms. of coal share transferred to commercial miners from 4 `20,000 crore annually to `10,673 crore. According to the finance of `2,073.88 crore. Diamond Workers Union of auctions offer November 2 to 9 have been auctioned states as revenue and poten- Despite the Covid-19 pan- department’srevenuedatafor The state had registered an Gujarat has made a representa- ■ Rajhara North, tially save `30,000 crore per demic, the state’s OTR grew October, state excise duty col- increase of `600 crore in Au- tion before the state govern- Jharkhand: 23% annum by substituting ther- year on year for the third lections grew to `2,403 crore gust while in September,the ment to ensure Diwali Bonus as FE BUREAU TheUniongovernmentex- Fairmine Carbons mal coal imports. monthinarow.But thecollec- this year from `1,861 crore in collection had gone up by per‘The Payment of Bonus Act’. New Delhi, November 5 pects the Jharkhand govern- ■ Sahapur East, However, the actual bene- tion is still behind the state’s the same period last year,an `891 crore compared to the President of the union, Ramesh menttoearn`119croreannu- Madhya Pradesh: fits seem to be much lower as monthly OTR target of increase of nearly30%. correspondingperiodlastyear. Jilariya said that the artisans TWO SMALLER COAL blocks, ally from revenue share when Chowgule and 41% the estimates were based on `12,287 crore forFY21. Revenue from stamp and Expressing satisfaction have demanded to form a com- with a combined annual peak the Rajhara mine reaches its Company output from 41 mineswith an While the growth has been registration fees was `1,806 over the increase in revenue, mittee under the chairmanship productioncapacityof1.5mil- annual peak production ca- annual peak production ca- driven byan increase in stamp crore as against last year’s an official of the finance de- of a competent government of- lion tonne (MT) were auc- pacity of 0.75 MT. Similarly, pacityof about 225 MT. and registration fees aswell as `1,368 crore.Thiswas 97% of partment said,“The real test ficial from the Labour depart- tioned to private players on MadhyaPradeshisexpectedto dalco Industries havewon one While three of the blocks GST and VAT collections, the the month’s target of `1,860 will be in December and Janu- menttoensuredisbursementof Thursday. earn`142.5crorefromtheSa- mine each till date.Adani En- wereremovedfromthelistfol- state excise department has crore. Similarly,revenue from ary.Onlythencanwegetareal bonus as perlaw. The blocks went to new en- hapurEastmine’speakannual terprises was also in the race lowing objections from the overshot its target by107%. GST increased to `3,795.44 sense of recovery.” —FE BUREAU trantsinthesector;Goa-based production of 0.7 MT. forthe Rajhara North block on Maharashtra and Chhattis- Chowgule and Company So far, 15 of the 19 blocks Thursday. garh governments, the Union grabbed the Sahapur East that are to be transferred This is the first time that coal ministryreceived bids for block in Madhya Pradesh by to commercial miners in this coalassetsarebeingauctioned only 23 coal mines out of the ‘NitishgovtneededtoensureBiharuninterrupteddevelopment’ quoting a revenue share of phase between November 2 through the new market-de- 38 blocks offered. 41%,while Fairmine Carbons and9havebeenauctionedoff. termined revenue share Four mines received only PRESS TRUST OF INDIA phase of voting on Saturday, development in this decade,” He said that the NDA has pre- made the highest bid of 23% Larger companies such as model,replacingtheerstwhile one bid each, rendering them New Delhi, November 5 Modi said people have full Modi said. senteditsreportcardtopeople revenue share for the Rajhara Vedanta, Adani Enterprises fixed fee/tonne regime. unqualified to be put up for faith that only the NDA gov- In his four-page letter in and also shared its vision for North mine in Jharkhand. and Aditya Birla Group’s Hin- The Centre initially esti- auction. ASSERTING THAT REFORMS ernment can work for the Hindi.the prime minister also the future.While the first two are impossible in an environ- state’s development. said that better infrastructure phases of voting for Bihar as- ment of mismanagement and “I am convinced about the and rule of law are imperative sembly elections have taken IndianArmy to press anarchy, Prime Minister development of Bihar. I need for social and economic pros- place, the final round will be IMFL sales dip 30% in first half Narendra Modi on Thursday the Nitish Kumargovernment perity and only NDA can pro- held on November 7,followed for expeditious said he needs the Nitish Ku- to ensure that there is no vide that in Bihar. bycountingofvotesforall243 disengagement at mar government in Bihar to paucity in Bihar’s develop- NDA has done work in all seats on November10. of FY21,say liquor companies ensure thatthere isnopaucity mentandthewelfareschemes sectors in Bihar — electricity, Modihashimselfaddressed 8th round of talks inthestate’sdevelopmentand continue there uninter- water,roads,health,education a number of rallies in the state FE BUREAU the welfare schemes continue rupted,”he said. and forlawand order,he said. during the election campaign, THEINDIANARMY is set to Kochi, November 5 IMFL sales year-on-year growth there uninterrupted. “I have full faith that the Modisaiditwasamatterof seekingthereturnofChiefMin- press for comprehensive dis- (in %) Inanopenlettertothepeo- power of'”double engine”will pride that the focus in Bihar ister Nitish Kumar-led NDA -10 engagement of troops by the CONSUMPTION OF INDIAN 0 ple of Bihar ahead of the final take Bihar to new heights of pollshasbeenondevelopment. governmentinthestate. Chinese PLA from all the fric- MadeForeignLiquor(IMFL) for tion points in eastern Ladakh thefirsthalfofthefiscalhasde- -20 22 states with no or marginal tax hike at the eighth round of Corps clined by almost 30 % year on -40 RAJKOTRAJPATHLTD.(RRL) Commander-leveltalksonFri- year due to pandemic-led con- -96 -60 -42 (A Wholly Owned Subsidiary of Rajkot Municipal Corporation) day,official sources said. straints,according to the Con- 5 states with high tax hike 3rd Floor, Multi Activity Center, Nana Mava Chowk, -80 The talks are slated to begin federation of Indian Alcoholic (Puducherry, West Bengal, J & K , Andhra Pradesh and Rajasthan) 150 Ft Ring Road, Rajkot-360005 (Gujarat) at9:30aminChushulontheIn- Beverage Companies (CIABC), -100 REQUESTFORPROPOSAL(RFP)FORSELECTIONOFBUSOPERATORFOR dian side of the Line of Actual therepresentativebodyoflead- -100 -120 PROCUREMENT, OPERATION AND MAINTENANCE OF 100 NOS. OF MIDI AC FULLY Control(LAC)ineasternLadakh, ing Indian alcohol beverage Apr, 2020 May Jun Jul Aug Sep H1 2020 BUILT PURE ELECTRIC BUSES ON GROSS COST CONTRACT BASIS (UNDER FAME-II) thesourcessaidonThursday. companies. Source: Confederation of Indian Alcoholic Beverage Companies (CIABC) ------Nearly50,000 IndianArmy Taxincrease,closureofout- RRL invites Bids from duly qualified interested parties for Procurement, Operation and troopsarecurrentlydeployedin lets in April and a ban on on- Maintenance of Operator owned 100 nos of Midi, 900 mm floor height Electric AC Buses for a high state of combat readi- premiseconsumptionhasbadly lowerthan the same period last amarginalornotaxincrease. RMTS (City Bus) Operations in Rajkot City. Interested parties may download RFP from website ness in various mountainous impacted liquor sales,the con- year. Second quarter(July-Sept) “Puttogether,saleswerejust https://rmc.nprocure.com from 06/11/2020. Pre-bid queries to be submitted on or before dt locations in eastern Ladakh in federation said. On-premise sales improved over the first 1% less in Septemberfor these 21/11/2020 at 11.00 AM. Last date of online submission of technical and price bids shall be sub-zeroconditionsasmultiple consumption in bars and quarter,rising up to 78 million states than the same month of 01/12/2020 by 6:00 PM. Offline submissions of Technical Bid, RFP Fee and EMD shall be made roundsoftalksbetweenthetwo restaurants is critical to overall cases (9 litres each) of IMFL, the previous year.However,in up to 04/12/2020. Technical Bids shall be opened on dt 05/12/2020 at 11:00 AM at above address. sideshavenotyieldedconcrete demand. which was 9% less than the statesthatimposedhighCovid- (Sd./-) Chairman, Rajkot Rajpath Ltd & outcome to resolve the six- LeavingoutApril—whenthe sameperiodlastyear.Duringthe ledtaxes,saleswerenearly30% Commissioner, Rajkot Municipal Corporation month-longmilitarystandoff. entire liquor trade was shut first quarter, sales were 49% lessinSeptemberthanthesame TheChinesePeople’sLiber- when the country went into loweryear on year,CIABC offi- month last year.The quantum ation Army (PLA) has also de- lockdowntopreventthespread cialssaid.CIABCdirectorgeneral ofdeclineinsaleswasinclearre- ployed an equal number of of the coronavirus— sales from Vinod Giri said sales recovery lationtothequantumoftaxim- troops,according to officials. May to September were 16% wasbetterinstatesthatimposed posed,”hesaid. The last round of Corps Commander-level talks had taken place on October 12 but India asks Opec to correct price anomalies therewas no breakthrough on the disengagement of troops INDIA ON THURSDAY pressed address anomalies in the crude isterDharmendra Pradhan said from the friction points.The for assessing the impact of pricedifferentialfordifferentre- thepandemichasimpactedthe standoff between the two Covid-induced disruptions to gions. Speaking at the fourth global oil and gas industrybya sides erupted in earlyMay. global energy sector supply high-levelmeetingoftheIndia- significant impact on both oil —PTI chains and said OPEC needs to OpecEnergyDialogue,OilMin- demandandsupplyside.—PTI Arnab Goswami moves HC, SpiceJet Limited challenges his‘illegal arrest’ CIN: L51909DL1984PLC288239 Regd. Office: Indira Gandhi International Airport, Terminal 1D, REPUBLICTVEDITOR-INChief neighbouring Raigad district. New Delhi -110 037 ArnabGoswamihaspetitioned Hewas laterproduced before a Website: www.spicejet.com; email: [email protected]; the Bombay High Court chal- magistrate's court in Alibaug T: +91 124 3913939; F: +91 124 3913844 lenging his“illegal arrest”in a which remanded him in judi- 2018 case of abetment of sui- cialcustodytillNovember18. cideofaninteriordesigner,and Goswami is currently kept sought quashing of the FIR atalocalschoolwhichhasbeen lodged against him byAlibaug designatedasaCovid-19centre policeinMaharashtra. fortheAlibaugprison. Adivision bench of Justices In his petition, Goswami S S Shinde and MS Karnik will has challenged his“illegal ar- hear the plea on Thursday af- rest”and sought an urgent or- ternoon.Goswamiwasarrested derof stayin the investigation on Wednesday from his resi- into the case and also a direc- dence at Lower Parel in Mum- tiontothepolicetoreleasehim bai and was taken to the Al- immediately. ibaug police station in —PTI

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Gautam Adani, chairman, Adani Group

There is abundant potential for increased growth in India's transmission sector in the coming years. We are spear- ❝ ❝ heading our energies and efforts towards providing relia- ble power supply. ATL is committed to strengthening the CompaniesFRIDAY, NOVEMBER 6, 2020 transmission network across the nation. Quick ● COMPENSATORYTARIFF IndiGo in talks with P&W, View Adani Power profit jumps to CFM for big engine order BLOOMBERG `2,228 crore in Sept quarter November 5 INDIGO,INDIA’SBIGGESTairline,isintalks FE BUREAU with Pratt & Whitney and CFM Interna- New Delhi, November 5 tionalforitsnextbatchofjetengineorders, Adani renames according to people familiarwith the mat- ADANI POWER ON Thursday reported a ter,a rare sign of deal-making in a sector net profit rise of `2,228.1 crore on a controversial that’sbeenparalysedbytheviruspandemic. consolidated basis in the quarter ended Australian unit Thediscussionswiththerivalmanufac- September 30 from the profit of just turers relate to engines that would power Emami reports 23.4% `3.9 crore posted in the corresponding ADANI ENTERPRISES RENAMED its about150newAirbusSEA320neojets,the rise in Q2 net profit period ayearago,on the back of one-time Australianminingunitinamovecrit- peoplesaid,askingnottobeidentifiedasthe Cash rich revenue recognition of `3,624 crore as icsseeasaimedatdistancingtherest negotiations are private.Talks are prelimi- IndiGo,while impacted byborder closures FMCG MAJOREmami onThursday compensatorytariffasfuelexpenseswent of the conglomerate from a con- nary and there’s no timeline on when any andadearthofinternationaltravellikeother reported a 23.39%year-on-year down amid lowerpowerdemand. tentiousnewcoaldevelopment. agreementmaybereached,thepeoplesaid. airlines,isrelativelyrich,withabout$2.4bil- rise in its consolidated net profit to The earnings before interest, tax, Adani last year won approval to BasedonthesizeofIndiGo’slastengine lionofcashandequivalentsasofSeptember `118.45 crore forthe second depreciationandamortisation(Ebitda)for incurred by Adani Power for supplying proceedwiththe10million-tonsper- order—a$20billiontransactionwithCFM 30.Totaldebtasofthatdatewas$3.5billion. quarterfrom `95.99 crore forthe Q2FY21rose126%year-on-year(y-o-y)to power from its 3,300 MW Tiroda plant, annumCarmichaelthermalcoalpro- thatcovered280planesandwasthelargest Although Pratt, which is owned by corresponding period last fiscal, `5,086croreoncompensatorytariffsand aftertheallocationoftheLoharacoalblock jectafteradecade-longstrugglewith engine order in history — the new agree- RaytheonTechnologies,has spent $10 bil- backed byover11%y-o-ygrowth in improved fuel cost recovery during the withdrawnduetoenvironmentalreasons. regulators and environmental pro- ment could beworth around $10.7 billion, lion to develop a new engine for narrow- revenue from operations.The firm’s quarter.The fuel cost for Q2FY21 fell to Holding that the cancellation of the coal testers.Carmichael became a light- includingservice,repair,andmaintenance. bodyjets,it’sfaceddeliverydelaysandmul- revenue from operations increased to `3,161.8crorefrom`3,926.4croreayear block qualifies as a‘Change in Law’,power ning rod for climate campaigners The pandemic presents a unique opportu- tiple issues leading to mid-air shutdowns. `734.82 crore from `660.05 crore. ago as electricity sales volume fell 13% regulators had asked the discom to reim- becauseitwillopenupanewregionto nity,however,forIndiGotopotentiallybar- IndiGodecidedlastyeartoswitchawayfrom annuallyto 12.6 billion units (BU). bursethecompanyfortheexpensesithad coal mining, connecting the previ- gainwiththeenginemakers. its engines, placing a $20 billion order AdaniTransmissionQ2 Owing to lower sales,utilisation levels tobeartomakefuelarrangementstocom- ously untouched Galilee Basin to “This is the perfect time to engage instead with rival CFM,a venture between ofAdani powerplants fell,with plant load pensate for the shortfall arising from the Queensland’s freight network via a given the overall market conditions and GeneralElectricandFrance’sSafranSA. profitfalls7%at `214 cr factor(PLF)droppingbymorethan10per- coalblockde-allocation. new rail line. The company has state of competitors — both of which will Airlinesaroundtheworldhavedeferred ADANITRANSMISSION ON centage points to 49.9% in the quarter Recently, the Supreme Court also renamed itself Bravus Mining & enable Indigo to get very lucrative deals,” or canceled hundreds of plane orders as Thursdayposted an around 7% fall in duetoreduceddemandinMaharashtraas upheld the rulings of the Rajasthan Elec- Resources to mark the 10-year said Satyendra Pandey, a partner at New demandplummets.Anymeaningfulrecov- consolidated net profit at `214.13 well as power exchanges.“India’s power tricity Regulatory Commission and the anniversary of its operations in the Delhi-based advisoryAT-TV and a former eryisseenasyearsawayandaviablevaccine crore forSeptemberquarter,mainly demand has started to show strong AppellateTribunalforElectricitythathad country,and the project’s move into head of strategy for Go Airlines India.“As remainselusive.ThathasforcedbothAirbus on account of reduced income.Total improvement with the revival of its eco- allowed Adani Power’s 1,320-MW Kawai the construction phase, CEO David thisselectionisfortheremainingaircraft, and US rival Boeing to cut production and income during July-September nomic growth engine, after the slump powerplant to recoverthe additional cost Borshoffsaidinastatement. itinvolvesthelong-termperformanceand thousands of jobs,putting pressure in turn reduced to `2,306.45 crore from brought by the pandemic,”Anil Sardana, incurredbyitonimportingcoal—`5,000 Borshoff said Carmichael was on cost forecasts.” onhundredsofsuppliers. `2,638.32 crore ayearago. managing directorofAdani Powersaid. crore estimated by the company — as the tracktoproduceitsfirstcoalin2021,and Arepresentative for IndiGo declined to IndiGoplanstotrimitsfleetsizeoverthe Thecompensatorytariffaccruedinthe Rajasthan government could not keep its hadalreadysecuredamarketforitsout- comment.Spokespeople for Pratt &Whit- next two years,taking new deliveries and Dalmia Bharat Q2 profit quarter's revenue is from Maharashtra’s promise of making arrangements for putinIndiaandAsia.—BLOOMBERG neyandCFMdidn’timmediatelyrespondto returning older jets at an even faster clip, up over6-folds to `232 cr state-owned discom for additional costs domestic fuel supplies forthe plant. requestsforcomment. beforestartingtogrowagainby2023. DALMIABHARATonThursday reportedanoversix-foldincreasein itsconsolidatednetprofitat`232 Godrej Consumer reports 11% Flipkart announces strategic Amazon’s croreforthesecondquarterended September,helpedbyhighersales volume.Ithadpostedanetprofitof rise in Q2 net profit at `458 cr investment in USPL e-groceryFresh `36croreduringtheJuly-September quarterayearago,DalmiaBharatsaid. FE BUREAU However,theIndonesianbusinessdeliv- FE BUREAU launched in Mumbai, November 5 ered a soft performance,growing at 3% in New Delhi, November 5 ABB India Q2 net profit constant currencyand 5% in rupee terms. GODREJ CONSUMER PRODUCTS (GCPL) LatinAmericaandSaarcsalesgrewby41% THE FLIPKARTGROUP on Thursday fourcities rises 7.6% to `85 crore onThursdayreportedan11%year-on-year in rupee and 46% in constant currency announced a strategic investment in ENGINEERINGFIRMABBIndiaon (y-o-y) increase in its net profit at `458.02 terms,onay-o-ybasis. USPL,a fashion firm that houses brands FE BUREAU Thursdayreporteda7.60%riseinnet croreforthequarterendedSeptember30on “Wedeliveredastrongperformancethis likeWrognand Imara.Withthisdeal,Flip- New Delhi, November 5 profitat`85croreforthequarter thebackofhighersales. quarterwith double-digit,profitable sales kartaimstostrengthenitsplayinthefash- endedSeptember30.Thecompany The company’s consoli- growth.Going forward,we ion segment. AMAZON INDIA ONThursdayannounced followsJanuarytoDecemberfinancial dated revenue from opera- The Indonesian will continue to focus our TheinvestmentisapartofUSPL’sSeries the launch of its online grocerystoreAma- year.Totalrevenuefromoperations tionsincreasedby11%y-o- business delivered a effortswherethedemandis Ffunding round which also saw participa- zon Fresh in fourcities — Kolkata,Ahmed- declinedto`1,612crorefrom y to R`2,915.12 crore due soft performance, —inhouseholdinsecticides, tionfromexistingbackerAccelPartners. The investment is a part of abad,PuneandChennai. `1,746croreintheyear-agoquarter. to the growth witnessed growing at 3% in hygiene, and value for The development comes two weeks USPL’s Series F funding round which The development comes at a time across categories.The com- money.We are ramping up after Walmart-backed Flipkart said it is when the demand for the e-groceries has constant currency and also saw participation from Birla Corp reports 87% pany reported an increase 5% in rupee terms; innovation and have acquiring a 7.8% stake in Aditya Birla balloonedinthecountrywhichotherwise of6%inhouseholdinsecti- launched several new Fashion&Retail(ABFRL)ina`1,500crore existing backer Accel Partners has historicallybeen more prone to tradi- surge in Q2 net profit cides,whilehygienegrewby Latin America and products, strongly price- transaction. Kalyan Krishnamurthy, CEO tional shopping. BIRLACORPORATION,THE MPBirla 27% and value for money Saarc sales grew by enabled, across geogra- at Flipkart Group has suggested in his AnalystsatconsultingfirmRedSeersaid Group flagship,onThursdayreported grewby22%. 41% in rupee and phies,” said Nisaba Godrej, recent interviews to the media that fash- selection of products to customers. there was an expected 1.5-1.6 times an 88.61% jump in its consolidated GCPL’s Ebitda for the 46% in constant chairperson and managing ion and grocerywill be the focus areas for “Through this investment, the Flipkart increase in households that subscribed to net profit to `166.62 crore in the quarter surged a good 19% currency terms director,GCPL. the company and it will continue to stay GroupwillworkcloselywiththeUSPLteam theonlinegroceryinMaycomparedtoJan- second quarterfrom `88.34 crore in y-o-yto`672.66croreaided on a y-o-y basis “Acrosschannelstoo,we invested in the segments. Given that the to deepen product offerings on its plat- uary.Thesize(intermsofGMV)ofthee-gro- theyear-ago period.Its revenue from by higher growth in sales. are making a shift; dou- growth of online fashion and grocerycat- forms,”thecompanysaidinastatement. cerymarket is estimated to jump manifold operations during the quarterrose Ebitda margins at 23.7% bling down on digitisation egoriesisstillverynascent,thereisenough Anjana Reddy, founder & CEO,USPL, to$18.2billionby2024from$1.9billionin 1.68%y-o-yat `1,654.25 crore. expandedby90basispoints and platforms like e-com- room to expand. said:“When theworld is moving towards 2019,theysaid. y-o-y. In terms of the geographies, India merceandchemists.Wearealsostrength- Besides having an online presence, omnichannel retailing, we can signifi- With this expansion, the service that Bajaj Electricals reports grewat11%.Thecompany’sAfrica,USAand eningoursupplychainoperationsanddis- USPLbrandsarealsopresentinmorethan cantlystrengthen ouronline strategyby claimstoofferaselectionofproductsacross MiddleEastbusinessshowedrobustrecov- tribution. Overall, the situation we are in 750 offline retail outlets across over 100 working with Flipkart and Myntra, the categories,including packaged foods and Q2 net profit of `53 cr ery,growingat10%inbothaconstantcur- calls for an extraordinary level of agility cities.Flipkartcancapitaliseonthebrand’s two prominent players in the Indian homecarebesidesperishables,willbeavail- BAJAJ ELECTRICALS ONThursday rencyandrupeeterms. and resilience,”added Godrej. omnichannel offering to provide more online fashion space.” ablein8citiesacrossthecountry. reported a consolidated net profit of Inastatement,AmazonIndiasaidithas `53.11 crore forthe second quarter also expanded its network of FreshCentres ended September30,on account of takingthetotalcounttomorethan25.The higherincome.Total income in the DoTrelaxes guidelines for OSPs; Hyundai says enough capacity centresprimarilyfacilitatestorageofprod- second quarterstood at `1,226.7 uctsandarealsoequippedwithinfrastruc- crore,up 10.83% against `1,106.80 ture to enable special packaging forfrozen crore in theyear-ago period. BPO sector likely to get benefit for a fewyears; launches new i20 foodamongothers. Customers can book delivery slots Spencer’s Retail posts FE BUREAU between 6 am and midnight and get the New Delhi, November 5 productsdeliveredwithinfourhours. `45.05-cr loss in Jul-Sept “The investment in these specialised THE RP-SANJIV Goenka Group arm, INAMOVElikelytobenefittheITindustry, centres is in line with our long-term com- Spencer’s Retail, on Thursday primarilythebusinessprocessoutsourcing mitment to invest in India and create hun- reported a consolidated net loss of (BPO) sector,the Department of Telecom- dreds of job opportunities,”said Prakash `45.05 crore for the second quarter munications (DoT) has relaxed guidelines KumarDutta,VP,fulfilmentoperationsand ended September.The company had for other service providers (OSPs) allowing supplychainatAmazonIndia. posted a net loss of `39.56 crore in themtoworkfromhomewhiledoingaway July-September period a year ago, with the requirement of depositing bank Spencer’s Retail said. guarantee,registrationetc. Possession for north DoThadearlierrelaxedtheguidelinesfor NORMS CHANGED Amazon to share details the OSPs due to the Covid-19 situation but India’s tallest ■ Registration requirements for on ed-tech foray now the changes have been made perma- nently.As perthe newguidelines issued by OSPs removed residential tower in AMAZONHASlikelyforayedintothe DoT, OSPs can work from home or work ■ Requirement of bank ed-techspace.Whencontacted,acom- fromanywhereinIndia. guarantee done away with 2021,says Supertech panyspokespersonsaid:“Followingthe The companies won’t be required to releaseoftheJEEReadyapponthePlay deposit bank guarantees to DoT.Earlier,a ■ No requirement for static IPs PRESS TRUST OF INDIA StoreinDecember2019,Amazonis bank guarantee of `1 crore per seatwas to Noida, November 5 ■ continuingtotestanofferingfor be deposited.Also,no registrationwill now Frequent reporting obligations SS Kim, MD & CEO, Hyundai Motor India, at the launch of the all-new i20 studentspreparingforJEE.Wewill be required for OSP centres in India.The removed REAL ESTATE GROUP Supertech on comebackwithmoredetails soon.” companies will also be allowed to share ■ Requirements for publication FE BUREAU thecurrentcapacityof7.65lakhunitsper Thursday said about 90% work has been infrastructure.Thefreshguidelinessaidthe of diagram removed Chennai, November 5 annum is good enough for at least a cou- completed for its ambitious Supernova Covid-19:MFineadds2L concept of work from home orwork from ple ofyears. project,billed as north India’s tallest resi- anywhereshallbetreatedasextendedagent SOUTH KOREAN CARMAKER Hyundai “We have an annual capacity of 7.65 dential tower, and possession for it is users,70newhospitals positionorremoteagentoftheOSP. ministrysaidinastatement. onThursdaysaidthecompanyhasenough lakhunitsperannumandhavingachieved expected in 2021. MFINE,Aplatformthatenables “Today @narendramodi Govt has Similarly, several other requirements production capacity in India for at least a theOctobernumberof68,835unitssales, In a statement, Supertech Group virtualmedicalconsultations,on takenamajorreforminitiativetoliberalise whichpreventedcompaniesfromadopting couple of years even as it has been seeing wearealmostnearfullcapacityutilisation. chairman RK Arora said the mixed-use Thursdaysaidithasaddedtwolakh the regulatory regime for“Other Service work from home andwork from anywhere good demand (month-on-month) for its However,we have enough capacity for at tower has a height of 300 metre, with newusersfromDelhi-NCRand Provider”.ThiswillboosttheIT/ITeS/BPO policieshavealsobeenremoved.Additional vehicles, which pushed the company least for a couple of years which will take 80 floors consisting of modern high-end onboarded70newhospitalsoverthe industry and create a friendly regime for dispensations to enhance flexibilityforthe closerto full capacityutilisation levels. careofboththedomesticandexportmar- luxurious branded residences, suites, lastfewmonths,drivenbystrong Work from Home in India.#DigitalIndia,” industryhavebeenallowed. The company,which had recorded the kets,”Garg said. service apartments, futuristic offices demandforremoteconsultation IT and communications minister Ravi Thenewframeworkwillprovideastrong highest-ever domestic sales of 56,605 On Thursday,Hyundai launched the andmalls,besidesaworld-classrestaurant amidtheCovid-19pandemic. ShankarPrasadtweeted. impetus to India’s industry and will make units and exports of 12,230 units with next-generationversionofitsbest-selling and bar. The government said the registration India one of the most competitive ITjuris- cumulative sales of 68,835 units in Octo- premium hatchback i20 priced `6.79- Spread over 7 million square feet, Ezetap unveils newfea- requirement for OSPs has been done away dictionsintheworld,theministrysaid. ber,said it has achieved near full capacity 11.18lakh.Gargsaidtheyhavegot10,000 the project is located in Noida’s Sector 94 withandtheBPOindustryengagedindata- “Thenewguidelinesareaimedatremov- utilisationwhileindicatingthatitcancon- bookings for the new i20 and will take a and is being constructed byAbu Dhabi- ture‘MyKhaata’forretail related work have been taken out of the ingunnecessarybureaucraticrestrictionsto tinuewiththecurrentcapacityatitsChen- call on the exports at a laterstage. based Arabian Construction Company PAYMENTSCOMPANYEzetaphas ambit of OSP regulations. “In addition, allow the industry to focus on innovative nai plants forat least a couple ofyears. Speaking on the launch, Hyundai (ACC) forSupertech. launchedanewfeaturecalled‘My requirementssuchasdepositofbankguar- new products and solutions. With this Speaking virtually on the sidelines of Motor India MD & CEO, SS Kim said,“As “90% of the structure has been com- Khaata’forretailandkiranastoreown- antees,requirement forstatic IPs,frequent reform,thegovernmentsendsoutastrong thelaunchofthenewi20,HyundaiMotor a customer-centric organisation, we pletedandfinishingworkisgoingon.The erstohelpthemadoptdigitalmodesof reporting obligations,publication of net- signalofitssupporttotheITindustrywitha India director(sales,marketing & service) have developed the all-new i20 to offer project is about to be completed and pos- maintainingcustomerpaymentsand work diagram,penal provisions etc.have viewto encouraging increased investment Tarun Garg said the company's internal state-of-the-art technologies and flam- session expected in the year 2021,” Arora credittransactionsonatimelybasis. also been removed,”the communications inthesector,”theministryadded. assessment of the market suggests that boyant design.” was quoted as saying in the statement.

Pune WWW.FINANCIALEXPRESS.COM FRIDAY, NOVEMBER 6, 2020 FINANCIAL EXPRESS 5

Pune 6 FINANCIAL EXPRESS WWW.FINANCIALEXPRESS.COM DEFENDING INDIA

Union minister Rajnath Singh

India is a peace-loving country ... However,India is ❝determined to protect its sovereignty and territorial❝ integrity in the face of unilateralism and aggression, no matter what the sacrifice OpinionFRIDAY, NOVEMBER 6, 2020

Settling tax disputes good, ● HYDROGEN POWER INDIANEEDSTO EXPLORETHE POTENTIALOFGREEN HYDROGEN BASEDVEHICULAR FUEL;THE best to nip them in the bud CURRENTCOST& EFFICIENCYCHALLENGES COULD SOFTENASTHETECHNOLOGYIMPROVES If disputed taxes continue to grow at a fast pace, schemes for settlement serve little purpose; fixing this is critical Fuelling a HAT MORE THAN 40,000 private sector companies have come forward tosettletaxclaimsworthsome`14,000crore,undertheVivadseVishwas is encouraging.In addition,PSUs are believed to be looking to resolve tax T claims of around `1 lakh crore.Admittedly,this is a small portion of the `9.32 lakh crore of tax that is disputed,but one hopes the government will have green future something to show for its efforts by December-end when the scheme comes to a close.Meanwhile,thedepartmentneedstogetitsacttogethertoensuresuchapile- HE TRANSPORTSECTOR with regard to passenger cars,and the updoesn’trecur.Thedepartmentneedstobefarmorerestrainedwhiledisputingtax in India contributes one- results may differ in the case of heavy- payments and,in fact,the CBDTneeds to be a lot more proactive while examining thirdofthetotalgreenhouse dutyvehicles.However,giventhatthese the orders of the commissioners.The taxman’s track record in winning cases has gas(GHG)emissions,within AMRITA GOLDAR & areearlydays,onecanbehopefulthatwe beenfarfromimpressive,whichsuggeststhegroundsforinitiatingdisputesaren’t whichthelion’sshareisthat DIYA DASGUPTA willbeabletoachieveeconomiesofscale strong enough.The CBDT needs to ensure the claims are not exaggerated and Tofroadtransport.PrimeministerNaren- andattaincostreductions.Thisisinline penalise officials if it turns out they are.In their efforts to improve collections,at dra Modi,in his recent speech,empha- Goldar is senior fellow and Dasgupta is research withthereportbytheHydrogenCouncil timesbymakingexcessiveclaims,taxmenareactuallyallowingcollectionstostall. sised electric mobility and hydrogen as assistant in the Climate Change and Sustainable (2020) on hydrogen cost competitive- DevelopmentTeam, ICRIER. Views are personal Indeed,in many of the recent years,the amounts disputed have been growing at a fuel as two of the seven key pillars of ness that states scaling up and aug- fasterratethandirecttaxcollectionsthemselves.InFY18,forinstance,thevolume India’s energy strategy.Over the years, menting fuel cell production from of direct taxes disputes jumped 28% to `8.02 lakhwhereas the collections in that the government has made concerted tivevariant of green hydrogen blended (FCEV). Notwithstanding the various 10,000 to 200,000 units can deliver a yearwere up 14.7%; in FY16,the claims jumped 16%whereas direct tax revenues effortstotacklevehicularemissionswith fuel is discovered,whichwould address benefits of hydrogen FCEVs over EVs in 45%reductioninthecostperunit.Sim- inthatyeargrewatsub-8%. policies steps and programmes such as emission mitigation and will also be termsofreducedrefuellingtime(5min- ilarly,theversatilityof hydrogen allows The taxpapyers’charter unveiled recently can improve the system only mar- theFasterAdoptionandManufacturing moreeconomical. utes versus 30-40 minutes with fast for complementarityacross its numer- ginally.Facelessassessmentsandappeals,withanoptiontocallforpersonalhear- of Hybrid and ElectricVehicles (FAME I) While hydrogen-spiked CNG pro- charges),higher energy density,longer ousapplications.Moreover,basedonthe scheme,FAME II,tax benefits,etc.As of videsaninnovativealternativetohydro- range,etc,what one needs to focus on is numbers quoted bythis report,fuel cell ings where matters are complicated, are all very well, as are separate teams for October20,50busesrunningonhydro- gen-blendedCNG,thefactremainsthat the entire life cycle of these vehicles as stacks for passenger vehicles are appeals to reduce chances of bias and opportunities forcorruption.However,sep- gen spiked compressed natural gas (H- thefuelisstillbeingproducedfromnat- opposedtorestrictingtheanalysistojust expected to exhibit learning rates of arate officers and teams assessing and reviewing a case doesn’t necessarily mean CNG)havebeendeployedinasix-month uralgas,ie,afossilfuel.Typically,hydro- the carbon-free tailpipe emissions. 17% in the coming future.The corre- thedecisionsarecorrect.Itispossibleofficerswillnotseriouslyquestionthedeci- pilot project in Delhi.Unlike the global gencanbeproducedinoneofthreeways, According to a recent report byDeloitte sponding figures for commercial vehi- sion taken bythe others.Ideally,theyneed to be incentivised to reviewthe assess- trend of blending hydrogen with CNG, i.e., from fossil fuels (grey hydrogen), (2020) on hydrogen and fuel cells,the clesstandat11%. mentscriticallyandnottosimplygoalongwiththedecisionsoftheofficerorteam thesebuseswillrunonanewtechnology through carbon capture utilisation & lifecycleGHGemissionsfromhydrogen According to estimates bythe Insti- that first assessed the case.In the absence of an attractive incentive—bonuses or patented bythe Indian Oil Corporation storage (CCUS) application and fossil FCEVsrangesbetween130-230gCO2e tuteforEnergyEconomicsandFinancial promotions—officers would, by and large, refrain from upsetting the applecart; Limited that produces H-CNG (18% fuels(bluehydrogen),orbyusingrenew- per km. The lower end of the range Analysis(IEEFA)(2020),someofthefind- theywould reason that all the money,in any case,goes to the exchequer.Officials hydrogen in CNG) directlyfrom natural ableenergy(greenhydrogen).Inthecase depictsthecaseofhydrogenproduction ings of green hydrogen projects under needtobeincentivisedformakingsurecasesdon’treachthecourtsorarenotarbi- gas,withouthavingtoundertakeexpen- ofgreenhydrogen,electricitygenerated from renewables while the higher end construction in Australia, China and trated.Today,taxmen are able to harass taxpayers and keep a case alive simply by sive conventional blending.This com- from renewable energy is used to split reflectsthecaseofhydrogenproduction Spainhavebeenpresentedintheaccom- sending a letterto the assessee from time to time. pact blending process provides a 22% waterintohydrogenandoxygen.Thisis fromnaturalgas.Thecorrespondinglife panyinggraphic. The Sabka Vishwas Scheme (SVS)—also aimed at resolving disputes and pro- reduction in cost as compared to con- byfarthecleanestandperhapsthemost cyclesGHGemissionsforBEVandinter- Efforts are underway in India, and viding protection for legacy central excise and service tax—is understood to have ventional blending. In comparison to expensive method of producing hydro- nal combustion engine (ICE) vehicles the research activities pertaining to fetched the government close to `40,000 crore from an estimated 1.9 lakh appli- CNG,H-CNGallowsfora70%reduction gen at the moment. Majority of the range between 160-250 g CO2e and hydrogen have been compiled and cants.At the time, the amount locked up in litigation at various quasi-judicial, in carbon monoxide emissions and a hydrogenproductioninIndiatakesplace 180-270gCO2erespectively. recentlyreleasedintheformofacoun- appellate and judicial forums was close to `3.6 lakh crore across 1.83 lakh cases. 25% reduction in hydrocarbon emis- viafossilfuelsandisusedprimarilyinthe Itisequallyimportanttotakecogni- try status report.Adoption of hydro- Given that the relief provided by the scheme was about 70% of the duty if the sions. The new H-CNG technology chemicalandpetrochemicalsectors. sance of the fact that not all aspects of gen has seen several supporters in the amountinvolvedwas`50lakhorless,and50%iftheamountwasmore than`50 requires only minor tweaks in the cur- From a commercial viability stand- hydrogen as a transportation fuel paint country.In their quest for becoming rent design of CNG buses.Although the point,whendecidingonshiftingtowards aprettypicture.Forinstance,thecostof carbon neutral by 2035, Reliance lakh,the relative lowcollection suggests assessees believe theyhave a strong case. current pilot phase of H-CNG buses is a cleaner fuel alternatives,two primary lithium ion-based battery-operated Industries plan to replace transporta- stepintherightdirection,itshouldper- contenders come to mind—battery- vehicleshasbeenreducingwhilehydro- tion fuels with hydrogen and clean haps be considered as a stop-gap operated electric vehicles (BEV) and gen fuel cell technology is still in its electricity. Similarly, the National arrangement,at least until a cost-effec- hydrogen fuel cell electric vehicles nascent stages and is relatively quite Thermal Power Corporation (NTPC) is My country, my rules expensive.According to a study under- considering setting up a green hydro- Green hydrogen projects under construction taken byVolkswagen,which compares gen production facility in Andhra SC stays Antrix award; a Vodafone challenge is also likely BEVsand hydrogen FCEVs,it is claimed Pradesh.The ministry of road trans- Indicator / Arrowsmith, Jingneng, Iberdrola, thatinthecaseofthelatter,roughly45% port and highways issued a notifica- HEN THE ANDHRA Pradesh government decided to reviewwind Country Australia China Spain of energy is lost during the electrolysis tion proposing amendments to the and solar power purchase agreements last year, the central gov- process.Moreover,outoftheremaining CentralMotorVehiclesRules(1989)to Expected year of completion 2022 2022 2023 55% energy that survives the process, incorporate safety standards for ernmentwas quick to criticise the decision and called it unfortu- Renewable capacity 85 MW (solar) 5 GW 100 MW solar another 55% is lost during the conver- hydrogenfuelcelltechnologyvehicles. nate.Unionministerofpower,RKSingh,flashinghisgovernment’s W 75 MW (wind) (solar & wind) sion of hydrogen into electricitywithin As per a policy brief issued byTERI, investor-friendly credentials,had said that“People come and invest in this coun- Capex $300 million $3 billion $175 million thevehicle.Toputthingsinperspective, demand for hydrogen in India is trywithafaiththatanycontracttheysignwillbehonoured.Ifyoustartabrogating thisimpliesthatahydrogen-runvehicle expected to increase 3-10 fold by contracts,then people will stop coming and invest”.Yet,for all of this,the central Cost of delivered hydrogen $ 5/kg $ 3/kg $ 3/kg achieves an energy efficiency rate of 2050. Against this backdrop, the government’sownrecordinhonouringarbitrationawardsandcontractshasbeen (Adapted from IEEFA 2020) 25-35%,which mayvary based on the future of hydrogen,particularlygreen lessthanexemplary.TheAntrix-Devascaseisaclassicinstanceofthis.OnTuesday, model.Thisanalysishasbeenconducted hydrogen,looks promising in India. the Supreme Court stayed the execution of an arbitral award against Isro’s com- mercialarmAntrixCorporationtopay$1.2billionincompensationtoDevasafter boththeattorneygeneralandsolicitorgeneral,appearingforAntrix,requestedthe Court to keep the award in abeyance,delaying the payment further.The Interna- LETTERS TO tionalCourtofArbitrationhaddecidedthecaseinfavourofDevasin2015,butthe THE EDITOR government has since dragged the matter. Trump’s lawsuits are legallyhollow Devas is not the only case where the government seems to be backtracking on decisions of international arbitration. Earlier this week, finance secretary Ajay A watershed Bhushan Pandey had remarked that the government had time till December to The upshot is that Trump’s appeal against the verdict of the international panel that had scrapped levy of legal strategy is looking weak. Joe Biden is inching towards 270 `22,100croretaxonVodafonegroupusingaretrospectivelaw.Whilethegovern- Electoral College votes; he is nearer NOAH to the victory threshold. It is now menthasnotmadeitsdecisionwhetheritwouldappealthecaseornot,itisimpor- It is getting harder to picture almost clear that it is only a matter of tanttorememberthattheformerfinanceministerArunJaitley,inthefirststintof how he could use the courts to FELDMAN time before he is declared the next this government,had assured investors that the governmentwill honourarbitra- stop or reverse vote counting Bloomberg president ofAmerica.Trump tion awards in retrospective tax cases.While the government maynot have much supporters want counting to ofacashoutgoasaresultoftheVodafoneaward—just`75crorehastobepaid—the continue in some states and stop in reasonwhyitwantstochallengetheawardisthat,ifCairnEnergywinsitsarbitra- LEGALLY SPEAKING, PRESIDENT bestoppedbecausehisrepresentatives polls closed.The Supreme Court will some others; it is a sign of things to tionaward,thegovernmentwillhavetoshelloutcloseto`10,500croreindamages. Donald Trump’s various election law- haven’t been able to seevideo of the probably allow Trump to intervene, come. It is true that the election Though the Indian lawstates that arbitration awards are onlyto be challenged suits amount to nothing. drop-off boxes. given that this lawsuit predated the result is not an unequivocal rarely,andonverylimitedgroundslikefraud,thegovernmenthasgoneaheadand On Wednesday, the Trump cam- Michigan lawdoes seem to saythat election, but that doesn’t guarantee repudiation ofTrump’s four-year challenged most awards that go against it.In fact,the government even flexed its paign announced an array of differ- “ballotcontainers”shouldbesurveilled theywould rule in favourofTrump. tenure as the president ‘crowned’ muscle in the Tata Docomo case,where it was not even a party.Despite the arbi- ent legal efforts to fight Joe Biden’s by video. But there doesn’t seem to be We know there are four votes—the with multiple failures. It cannot be tration court asking Tatas to pay Docomo damages based on a contract they had apparently impending Electoral Col- anythinginthelawrequiringthecam- three liberals plus Chief Justice John said to mark the death of signed—and the Tatas were happy to honour the award—the government con- lege victory. paigns to see the video of drop-off Roberts—torejectTrump’sclaim.Three demagogic nationalism symbolised tended that since the original Tata-Docomo contract was not permitted under This included attempts to stop the boxes.In any case,it would make no conservative justices more or less by the outgoing president.The Indian law,the damages couldn’t be paid. vote counting in Michigan and Penn- sense whatever for courts to order the invitedthislawsuitandcanbeexpected polarisation ofAmerica could not Thatallofthisshouldhappenjustaroundthetimetheprimeministerhopesto sylvania, and a motion to be heard by counting to stop as a remedyforany tosupportTrump’srequest.Thatleaves have been starker. Still the end of the wooforeigninvestorsandconvincethemofIndia’sinvestor-friendlypolicyregime the Supreme Court in the case about failure to provide required video.The two swing conservatives,Justices Amy Trump era in terms of being in power makes it clearinvesting in India is still a big risk. ballots that arrived or will arrive in logical thing would be for the court to ConeyBarrettandBrettKavanaugh. means freedom from the yoke of an Pennsylvania after 8 pm on Election orderthe state to provide thevideo. It is conceivable albeit outrageous oppressively dominant and irrational Day.The campaign also filed a lawsuit It is hard to escape the conclusion that the conservative majority could leadership.The change of leadership in Georgia claiming a poll worker that the Trump campaign is desper- throw out these votes, even though in the offing can be regarded as a improperlymixedupabsenteeballots, atelytryingtostopMichiganfromfin- theywerecastbypeoplewhohadbeen watershed inAmerican and world IgnoringSCIENTISTS andaskedforlate-arrivingballotstobe ishingitscount.Trumpisbehindinthe previouslyassuredbycourtsthattheir history; the incoming Biden segregated.Although Georgia is close, Michigancount,so theplancan’tbe to votes would be counted.But as bad as administration will, hopefully, Many scientists in the US see the overwhelming support for this isn’t the stuff of which election- claim victory on the basis of votes that is, it might not guarantee a redeemAmerica and the world from Trump as their failure to connect with the average American changing lawsuits are made.(Trump’s already counted. It must be to escape Trump victory. sliding into a worse state. It will lawyersalsosaytheywillseekarecount thepotentialconclusionthatBidenhas Even if the justices goTrump’sway, prepareAmerica and the world for a in Wisconsin; but that is extremely won the election if he wins Michigan it won’t matter unless the election better fight against the Covid-19 ANY IN THE scientific communityin the US, Nature reports,are see- unlikely to erase Biden’s roughly and a handful of otherstates. comes down to Pennsylvania and pandemic. It will bolster up notions ing thevast numbers that DonaldTrump has polled in the presiden- 20,000vote margin there). Speaking of those other states, in unless those late-arriving ballots pro- of democracy and human equality tial polls—he had got the highest total votes for any Republican can- Start with the attempts to stop the Pennsylvania, the Trump campaign vide the margin of victory needed to and propel progress. It will heal the M didate in history—as a sort of referendum on their‘failure’to convey counting.Thesearelegallyvacuousand has filed (or said it will file) various win the presidency. This nightmare rifts between communities and to the public the importance of science,facts and research.That Trump,despite a don’t pass the laugh test. Trump’s challenges.One was a lawsuit filed on scenariowouldbeBushvsGoreallover nations and rein in governments presidencymarkedbyoutrightliesandcolouredhalf-truths,hasexpandedhissup- Michiganfilingasksthestatecourtsto Monday evening challenging the sec- again,anditstillcan’tbeexcluded.But from committing human rights port base is a sobering reality for most.More so since he had ended his campaign stop tallying votes,alleging that the retary of state’s instructions allowing the scenario is becoming less likely by violations. It will work towards tellingcheeringsupportersthathemightfireAnthonyFauci,whohastriedtopull state’s absenteevote counters are pro- people who made mistakes in their the moment. greater political and religious pandemic management in the country towards a scientific, measured strategy ceeding without the presence of elec- mail-in ballots to correct the errors. The upshot is that Trump’s legal freedoms; it will forge international despitethepresident’spetulancewhenadvisedagainsthisworstimpulsesonhow tion inspectors and vote“challengers” This suit may have a better chance of strategy is looking weak. It is getting cooperation to meet international torespondtothepandemic.Trump,aclimatedenier,haspulledAmericaoutofthe from each party, as Michigan law succeeding,giventhattheinstructions harderto picture howhe could use the challenges like global poverty, global inequality and climate Parisaccordonclimateaction,andyetheischeeredbytheelectorateinayearthat requires.The problem with this argu- came at the last minute.Another is an courtstostoporreversevotecounting. ment is that, as far as is possible to attempt to stop the vote counting, Thatsaid,Trumpprettyclearlyisn’t change.Those with socialist leanings sawsomeoftheworstwildfiresintheUS’shistory—theglobalscientificconsensus determine, Michigan is indeed allow- apparently using a theory similar to goingtostopclaimingtheelectionwas in the Democratic Party will ensure is that climate change will exacerbate the frequency and intensity of such phe- ing Democratic and Republican the one the campaign’s trying in stolen just because he loses in court— that the impoverished people in nomena.ThepresidentevendisparagedDemocratcandidateJoeBiden,sayingthat inspectors and challengers. Michigan. In Pennsylvania, it is not and loses in the popular vote and the America and the rest of the world hewould“listentoscientists”!AnoverwhelmingnumberofAmericanshaveshown So the Trump campaign is further clear that a complaint has actually Electoral College. Maybe the lawsuits are helped by social security approval forthis thinking,with theirvotes. arguing that the state violated the law been filedyet,but there is little reason are mainly intended as preliminary payments and programmes.As The scientific communitysees this as a clear failure in connecting to the aver- because it has not shown theTrump toexpectthelogicwouldbeanybetter efforts in what will be a developing president, Joe Biden may not want ageAmerican—indeed,asoneofthemtoldNature,thatvotersarenotreadytobuy “challengers”thevideo of the drop-off than in the Michigan complaint. strategyto de-legitimise the outcome. us to build a wall to hide a slum from their message on climate change is clear from the support Trump has received in boxes fromwhich the absentee ballots Then there is the Supreme Court Wewill knowsoon enough. his view when he visits India. Florida,a state that is significantly threatened by rising sea levels.But,academics are being taken. Strange as it sounds, motion.Trumpwill,if granted leave to This column does not necessarily — G David Milton, Maruthancode mayfindithardtoconnectwiththeaverageAmerican;partofthechallengeisthey theTrumpcampaignseemstobeargu- intervene, ask the justices to exclude reflect the opinion ofthe editorial have to beat a showmanwho doesn’t challenge people to think. ing that the counting of votes should mail-in ballots that arrived after the board orBloomberg LPand its owners ●Write to us at [email protected]

R.N.I. Reg. No. MAHENG/2010/34809 Printed and published by Vaidehi Chintaman Thakar on behalf ofThe Indian Express Private Limited and printed at The Indian Express Private Limited Press, Survey No. 288, Plot 1 and 2, Raisoni Industrial Park, Village Maan, Taluka Mulshi, District Pune-411027 and published at The Indian Express Private Limited, Express House, Plot No. 1205/2/6, Shirole Road, Shivajinagar, Pune-411004. Phone: 67241000, Fax: 67241047. Chairman of the Board: Viveck Goenka, Managing Editor: Sunil Jain, Resident Editor: Malini Bhupta* (*Responsible for selection of news under PRBAct)© Copyright: The Indian Express Private Limited. All rights reserved. Reproduction in any manner, electronic or otherwise, in whole or in part, without prior written permission is prohibited. The Financial Express®

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● GET FUTURE READY Digitising the supply chain ASHISH NANDA & NISHIT BHATIA Nanda is partner & leader, and Bhatia is partner, Business Consulting, EY India From deploying AI/ML solutions to setting standards,manufacturing must tackle many focus areas

USTOMER EXPECTATIONS have transformed from seeking mere‘satisfaction’to‘delight’,avail- abilityat the nearest store to omnichannel avail- C ability, on-time delivery to scheduled delivery. Whileorganisationshaveleveragedtechnologiessuchasdata, IoT,robotics and analytics to drive manufacturing efficiency, the use of digital solutions in supply-chain planning forhan- dlinguncertainty,managingcomplexity,enablingagilityand resilience,enhancingvisibilityanddrivingoptimisationacross therestofthesupplychainhaslargelylaggedbehind. Traditional forecasting models based on time series and historical trends work no more.The pandemic has been the wake-upcallinthisregard.Predictivecapabilityenabledbyarti- ficial intelligence (AI) and machine learning (ML) algorithms needs to be an integral part of demand planning capabilities. Digitalcollaborativeplatformsinvolvingthelastmilechannel partner closest to the customer are needed to augment pre- dictivecapabilities. Cuttingsupplychaincomplexityoftenstartswithnarrow- ing the focus to fewer core productswith a strong consumer HELIBERALHOPE forthe were too fluid,and there was no guar- valueproposition,whileretainingabulkshareoftherevenue. 2020 presidential election antee that future members of those Existingtransactionaldatacanbeleveragedtobuildanalytical was a decisive repudiation JAMELLE groups would think of themselves as modelsthathelpinsimplifyingtheproductportfolio,identi- of Donald Trump and the “minorities”in the way that has been fyingmustsellSKUsbymarkets,channelsandmicromarkets, T Republican Party.This is no BOUIE historically true of Black Americans. andstreamlininginventorynormsanddistributionflowpaths longeron the table.AJoe Bidenwin,if it Changing conditions—greater assimi- for the retained portfolio.Organisations must deploydigital happens,will be as narrow an Electoral NYT lation and upward mobility—could technologysolutionsthatprovideend-to-endvisibilityandcol- College win as Trump’s was in 2016. make them as volatile in partisan poli- laborationacrosstheextendedvaluechain,linkingcriticalfirst Biden won the national popular vote— tics as European ethnic groups were in tothird-tiersupplierswiththelastlevelchannel/retailerbase. which matters for popular legitimacy, ● TRUMP’S REALWIN the 20th century. AfewFMCGcompanieshaveturnedthisongoingcrisisintoan even if it doesn’t weigh on the out- If the Hispanic shift is as large as it opportunitybystrengtheninge-commerce,enablingadigital, come—but Trump outperformed his appears to be, then we are living in that contactlesssalesforcepoweredthroughdeep-learninganalyt- job approval,winning more total votes reality. What I didn’t expect is that it ics,virtualordertaking,andnearreal-timedeliverytracking. than anyRepublican presidential nom- would come heralded by a Republican Toenhancevisibility,itisalsoimperativefororganisations inee in history. We waited for like Trump. But this only speaks to the to be aligned to a singular definition of supply-chain perfor- In spite of everything,the president diversity, ideological and otherwise, of manceacrossthechainthroughkeysupply-chainKPIs,which expanded his support, most likely sav- the Hispanic electorate,which is as var- canbetrackedinreal-time.TheseKPIsmustthengeneratepre- ing the Republican Senate majority in iedinracialbackgroundandnationalori- dictivetriggerstoaddressstresspointsintheextendedsupply the process.A Trump loss is still possi- gin as most other groups of Americans. chain.Adigitally-enabledcontroltowerforexistingorganisa- ble—perhapsevenprobable,sinceBiden a repudiation Toextendanearlieranalogy,itisprobably tionERPsmusthavetheseessentialcapabilities. holds a lead in states totaling 270 elec- as usefultospeak of“Hispanics”in 2020 Organisationsneedtoestablishascenario-basedplanning toral votes—but there’s every reason to asitwastospeakof“Europeans”in1950. capabilitytosynchronisesupplyfulfilmentinahighlydynamic think Trumpism will survive as a viable The categoryis just too broad,obscuring and evolving demand environment.Daily and weekly plan- strategyforwinning nationalelections. (in electoral politics,at least) far more ning,instead of monthly,is necessary,with tighter feedback Andwhat isTrumpism? It is a perfor- that never than it illuminates. loopsbetweenexecutionandplanningcycles.Thisrequiresdig- mance, or rather, a series of perfor- Again,it is too early to say that there itally-enableddecision-makingplatforms. mances. has been a permanent realignment, Logistics has nowbecome an extremelycustomer-centric It is a performance of nationalism, although some trends—like the rising functionwithstringentrequirementsonturnaroundtimeand one that triangulates between open partisansignificanceofgenderandedu- scheduleadherence.Inthisrespect,thetraditionalCFAmodel chauvinism in favour of the dominant came cation—are clear.It is true,though,that haslargelyremainedarchaic.Efficientassetutilisationthrough ethnic group and narrow appeals to the possibilities for change and trans- optimisationandIoT-enabledtrack-and-tracesystemsaredig- inclusion,with the promise of material Trump may well end up losing to Biden, but Trumpism formation are wide open. Perhaps a italelementswheretheindustryadoptionhasbeenslow.With gain for anyone who joins his coalition. futureRepublican,onewiththesameor connected devices in the supply chain and intelligent asset It is a performance, on the same score, remains a viable political strategy similar fame and charisma,will build a trackingtools,adigitallyenabledsmartlogisticssolutioncan of success, projecting an image of real majority from the foundation laid bring end-to-end visibility and improve the way companies wealthandpowerandurgingthepublic overthelastfouryears.Perhapsafuture transportgoods,controlinventoryandassets,andmanagethe to embrace it as its own—a version of makeanydefinitivestatementaboutthe path.Forallofourdata,thepoliticalworld Democrat will turn the party’s consis- customerexperience. TheApprenticeinwhichthecontestants shapeoftheelectorate(broadwhitesup- is still a fundamentally unpredictable tentvotingmajorityintoagreatershare Theroadtoafuture-readydigitalsupplychainisnoteasy. are theAmerican people.It is also the port forTrump notwithstanding),it is place. of electoral votes and congressional Organisationsalreadybehindthedigitalcurve,intryingtodeal performance of an aggressive and clear that the president made modest A decade ago, for example, Democ- seats.Perhaps we see neither and are in with these complexities at once,are struggling to measure aggrieved masculinity centered on the inroads with Black and Hispanic voters, rats believed that demographic for another decade of fierce partisan demand,attainvisibility,andcreatemoreflexibilitybytrying bullying and domination of others. especially men.This is most apparent in change—the shift from a “majority competition between two equal and toupdatetheirantiquatedsystems.Theneedofthehourisan Evenwithoutpolicytomatchthepop- the states of Florida, Georgia and Texas, white”countryto a“majorityminority” evenly-matched sides. end-to-enddigitalsuitewhichiscustomisableandeasytobolt ulist persona—the Trump administra- where Trump outperformed his 2016 one—would give the party an almost The 2020 election,in other words, ontotheexistingtechnologylandscapeinaneconomicaland tion has been as generous to thewealthy totals in several areas where Hispanic unbreakable lock on national politics; will have an outcome.But it won’t be agilemanner.Thisagiletechnologyimplementationneedsto and connected as it has been stingywith voters make up a majority. that a growing population ofAsian and conclusive. It will be an uncertain happenhand-in-handwiththeprocesstransformationsothat the poorand theworking class—Trump- We don’t yet know whyTrump made Hispanic Americans would inevitably result for an uncertain time in Ameri- theentireorganisationisgearedupforthisdigitalchange. ism appeals to tens of millions of voters, those gains—although the aforemen- redound to liberal benefit.At the time,I can life. Political trench warfare will Thepandemichasincreasedthepaceofadoptionofdigital from the large majority of white Ameri- tioned performances, which figured wrote that this was unlikely,that while continue.Totalvictory,whetherin pol- supply-chainsolutions,unlockingsignificanttop-&bottom- cans to many people in traditionally prominently in his outreach to those it was a seductive theory,there was not itics or anywhere else, is not on the line value.A digitally-enabled supply chain need no longer Democratic constituencies. groups, may have something to do with much evidence to support the vision of immediate horizon. The future restrictedtolargeorganisations.Itistheneedofthehour. That,ifanything,isthesurpriseofthis it—butthisshiftisausefulreminderthat an enduring Democratic majority. remains unwritten and is perhaps even election.Although it is still too early to politics does not move along a linear Racial and ethnic identity, I argued, more unknowable than before.

empathyinstudentsarekey. creates ambiguityforapplicabilityof other If educational content not right,there provisionofthedraftrules.Forinstance,the would be little gain from the knowledge rulesrequireanonlinepharmacytosupply Equity in and skills being imparted to students. Prescribe the medicines against a cash or credit memo Teachers and academic institutions need generated through the e-pharmacyportal, toensurethatthecontenttheyareusingis and stipulates that such memos should be lucid,appropriate,fact-basedandrelevant. maintainedbythee-pharmacyregistration education matters Access to education loans from banks right regulation holder.This provision ignores the different andfinancialinstitutionsareagreatsupport business models of e-pharmacies, with inthecauseofeducation,particularlyhigher someplatformsmerelyactingasfacilitators, The shift towards digital education throws up new education.However,the segment is gener- The current approach for regulation of e-pharmacies withoutactuallyengagingintransactions. challenges for policy allynotfavouredbythelendersduetohigh Anothersignificant issuewith the draft delinquencies and absence of collaterals. hampers their growth in many ways rules is the distribution of powers between Non-standardisationofcoursesandcertifi- the Centre and states.While e-pharmacies RAM KRISHNA cation,especiallyintheevolvingdigitaledu- K will be granted registrations by a central cationlandscape,andnon-employabilityare licensingauthority,theywouldalsohaveto SINHA someotherissues. NARASIMHAN get licences from the state governments. Education is on the Concurrent List.All Furthermore,ifthelicenceofane-pharmacy Former general manager, Bank of India Advocate, Madras High Court thestates,therefore,haveanequalsayonthe gets cancelled bytwo states,then its regis- subject. A cooperative and collaborative tration will be suspended by the central HE EDUCATION LANDSCAPEin teristics,orlocation. spiritwillthusbecriticaltorealisethegoals. URINGTHENATIONWIDElock- rulesforonlinesaleofmedicines.Whilethe authority.Thisrequirese-pharmaciestojug- India has lately brightened up To ensure achievement of these stan- The Centre has a task well cut for building down,therewasanapproximate draftrulesfore-pharmacieswerewelcome, gle multiple central- and state-compliance becauseofthenewNationalEdu- dards,we need to look at equity from sev- consensusonNEP2020. 2.5x growth in the number of certainpointsneedreconsideration. needsformaintainingregistration.Thegov- T cationPolicy(NEP)aswellasother eralaspectslikemonetaryresources,acad- The latest Annual State of Education D households using e-pharmacy Thedraftrulesdefinee-pharmaciesonly ernment should resolve this and explore factors.The rise of education technology emic standards, academic content and Report (ASER) reveals that 20% of rural services. Big players are now moving as a business of distribution,sale,stock,or centralisedregistrationandmonitoring. (ed-tech) incorporating VR,AR,‘gamifica- support; the barriers that make equitydif- studentslackedtextbooks,andonlyonein towardssector-consolidationinabidtocap- exhibitofmedicinesthroughonlineportals. In addition to these, certain require- tion',3D immersive learning, etc, is con- ficulttofosterinIndiaarevariedandcom- ten students had access to online classes tureamarketexpectedtobeworth$2.7bil- Presently,e-pharmaciesfollowthreemajor ments of information disclosures bythe e- tributing to the knowledge economy’s plex. Apart from inequality in internet duringtheCovid-19pandemic.TheSurvey lion by2023.However,evenwith the obvi- models: Marketplace online pharmacies, pharmacyshouldalsobereconsidered.Real- potential for large market size,calling for accessandaccesstodevices,eventhequal- providesaglimpseintothelevelsoflearn- ous advantages,e-pharmacies have been which provide an online marketplace to time production of vast amounts of requisitepolicysupport. ity of connection and related services and inglossthatstudentsinruralIndia,partic- marredbycontroversies. brick&mortarpharmacies;inventory-lede- dynamic data on the constitution of seller But some serious and unique barriers subscription fees exacerbate the digital ularlyin states like Bihar,West Bengal,UP, Theprimaryreasonforthisisthelackof pharmacies, where a company procures firms, details of the logistics service on equity and inclusiveness remain in divide.Foreducationtobeavailedasasocial and Rajasthan,are suffering,resulting in regulatoryclarity.PharmasalesinIndiaare medicines directlyfrom brands and stocks providers,namesoftheregisteredpharma- India that need urgent attention. The good,access at an affordable cost and rea- sharp digital divides in education.Unless regulatedbyDrugsandCosmeticsAct,1940 it;andfranchise-lede-pharmacies.Thepre- cists maybe tedious and counter-intuitive. OrganizationforEconomicCo-Operation sonablequalityisaprecondition.Theavail- remedied with urgency, the digital split (DCA) and the Drugs and Cosmetics Rules, sent definition clearly includes franchise However, tracking these data points and and Development (OECD) defines two abilityofcontentinvernacularlanguagesis may disrupt learning,and jeopardise our 1945(DGR).Thelegitimacyofe-pharmacies andinventory-basedonlinepharmacies,but enabling accountability is important,and dimensionsofequityineducation.Firstis yetanotherissue. hard-won gains resulting in large scale in India currentlyhangs bythe thin thread isunclearaboutmarketplacee-pharmacies. these should be availablewith the market- “fairness”,whichmeansensuringthatper- Apart from the demand side issues fac- school drop-outs, particularly of adoles- of a notice issued by Drug Controller Gen- The definition leaves out major players placeforreproductionwhennecessary. sonalandsocialcircumstancesdonotpre- ingdigitaleducation,therearecrucialsup- cent girls.With strong corporate commit- eral of India (DCGI) in December 2015, in the industry. The government should The present situation does not encour- vent students from achieving their acad- ply-side issues that need fixing, such as ment,states’support,backedbystrongpol- which stated that the DCAand DGRdo not explicitlyinclude“facilitators”ofonlinesale agegrowth.Therehavebeenerraticbansby emic potential.The second is“inclusion”, training of teachers in ICT,new learning icypushandintentbytheCentre,andvalue distinguishbetweenonlineandofflinesales of drugs in the definition,to provide equal courtsandotherauthorities.Certainactors which means setting a basic minimum devices and handling the evolved curricu- addition by other stakeholders,the road- and that provisions of DGR have to be fol- opportunity to all e-pharmacies in India. have even called e-pharmacies illegal busi- standardforeducationthatissharedbyall lum.In a virtual world,a teacher’s role in blocksonthepathofequityandinclusive- lowedinbothcases. Thiswillremoveambiguityintheinterpre- nesses.The regulatory black hole not only studentsregardlessofeconomicandsocial buildingcapabilitiesofcriticalthinkingand nessineducation,thoughdaunting,could The government,in 2018,made a draft tationoftherulesandattractinvestment. discourages e-pharma start-ups but also background and status, personal charac- reflection and cultivating the virtue of beaddressed. amendmenttotheDCR,toprovidespecific Thedefinitionofonlinepharmaciesalso createsanunpleasantinvestmentclimate.

Pune 8 FINANCIAL EXPRESS WWW.FINANCIALEXPRESS.COM BORDER CONTROL

Emmanuel Macron, President, France

We see very clearly that terrorist actions can ❝actually be led by some people who use migratory❝ International flows to threaten our territory. So we must reinforce our controls for reasons of national security FRIDAY, NOVEMBER 6, 2020

Quick ● HONG KONG IPO Poll observer says no evidence View TikTok parent seeks to raise for Trump’s fraud claims ASSOCIATED PRESS Berlin, November 5

US productivity gains THEHEADOFan internationaldelegation cash at $180 billionvaluation monitoring the US election says his team slow despite record hasnoevidencetosupportPresidentDon- economic growth BLOOMBERG ficial intelligence recommendations,was ald Trump’s claims about alleged fraud November 5 the company’s first breakout hit and has involving mail-in absentee ballots. USPRODUCTIVITYGAINScooledin surged in popularityin China. Michael Georg Link, a German law- thethirdquarterdespitetherecord BYTEDANCE IS IN discussions to raise $2 ByteDance’sbillionairefounderZhang makerwho heads an observermission of paceofeconomicgrowth,asasurgein billionbeforelistingsomeofitsbusinesses Yiming is still fighting to hold onto some the Organisation for Security and Coop- outputwasaccompaniedbyahuge in Hong Kong, people familiar with the control overTikTok,an app he built into a eration in Europe, told German public increaseinhoursworked.Nonfarm mattersaid,even as it seeks to avoid a ban genuine challenger to Google and Face- broadcasterrbb onThursdaythat“on the errorsbeingmade“butnosystemicinter- businessemployeeoutputperhour on itsTikTok service in the US. book. Under the proposed deal with the election day itself, we couldn’t see any ference or even manipulation with the increasedata4.9%annualisedrate TheChinesecompanyisintalkswitha Trump administration,TikTok would be violations” at the US polling places they postal ballotswhatsoever.” fromJulythroughSeptember, groupofinvestorsincludingSequoiaover spun out of ByteDance, set up a global visited. Trump has forweeks argued that mail accordingtolabourdepartmentdata funding that would boost its valuation to headquarters in the US and sell a 20% Link said he was “very surprised” by voting is prone to fraud.On Wednesday releasedThursday.Thethird-quarter $180billion,thepeoplesaid,askingnotto stake to Oracle andWalmart. Trump’s claims about postal ballot fraud morning, with his lead in key battle- figure--followingarevised10.6%gain be identified discussing a private deal. ByteDancehassaiditintendstoretain because the United States has a long his- grounds slipping,Trump claimed efforts inthesecondquarterwhichwasthe ByteDance could then start preparing theother80%,althoughitspartnershave toryofthismethodofvotinggoingbackto were being made to steal his victory and fastestsince1971--comparedwitha some of its biggest assets including said the shares in the new TikTok Global the 19th century. prematurelydeclaredhimselfthewinner. medianestimateinaBloombergsurvey Douyin and Toutiao for an initial public would have to be distributed to “We looked into this.We found novio- “Thatissomethingthatdoesneedtobe ofeconomistsfora5.6%increase. offeringinHongKong,thepeoplesaid.The tionsandlegalbattlesovertheimplemen- ByteDance’s current shareholders.Those lations of the rules whatsoever,”Link told describedasbreakingataboo,”Linksaidof company was last valued at $140 billion, tation of the ban. include American venture firms, includ- rbb.He said neitherUS election observers Trump’s effort to stop the count.“He has US jobless claims according to CB Insights. That deal,which included a condition ing GeneralAtlantic and Sequoia Capital. nor media found any evidence of fraud neither the right nor the possibility to do The terms of the funding round may thatTikTokgopublicwithin12monthson Atthesametime,ByteDancehassued either,thoughtheOSCEteamonWednes- this.Responsibilityforthecountliesexclu- fall marginally still change as negotiations are ongoing, a US exchange,won Donald Trump’s ini- the US government to prevent a ban.In day repeated long-standing concerns sivelywith states.” THENUMBEROFAmericansfilingnew the people said. A representative for tial nod as a way to keep alive a social October, a federal judge in Pennsylvania aboutdisenfranchisementofsomevoters The Vienna-based OSCE, of which the claimsforunemploymentbenefitsfell ByteDance declined to comment,while a media phenom that’s become the go-to blocked a broad set of government and the distorting effects of campaign United States is a member, conducts slightlylastweek,butremained representativeforSequoiadidn’timmedi- repositoryofmusicvideosfor100million- restrictions designed to curb the use of finance laws. observermissionsatmajorelectionsinall extraordinarilyhighamidsignsthatthe atelyrespond to a request forcomment. plusAmericans.ByteDance was seeking a TikTok in the US. Linksaidthereweresomeinstancesof of its membercountries. economicrecoverywaslosingsteamas ByteDance, already the world’s most valuation of $60 billion for the app, TikTok emerged as a top target in theCovid-19pandemicintensifiesand valuable start-up,is in the throes of fight- Bloomberg News reported in September. Trump’s effort to crack down on China fiscalstimulusends.Initialclaimsfor ingaTrumpadministrationbanonTikTok While the clash in the US has drawn ahead of the US elections. Tensions stateunemploymentbenefitstotalleda in the US after the video service was global attention, ByteDance’s services in betweenWashingtonandBeijingescalated ArcelorMittal posts $261m seasonallyadjusted751,000forthe labelledanationalsecuritythreat.It’snow China remain its most lucrative. Douyin, afterhisadministrationwagedacampaign weekendedOctober31,comparedto seeking US and Chinese government thedomesticversionofTikTok,surpassed tocontainthecountry’stechnologyascen- 758,000inthepriorweek,thelabour approvalsforadealtosellastakeintheapp 600milliondailyactiveusersinAugust,up dancy that also ensnared Tencent Hold- net loss for Sept quarter departmentsaidonThursday. to Oracle and Walmart, though negotia- from 400 million at the start of theyear. ings,nowfightingasimilarexecutiveorder tions have bogged down during the elec- Toutiao, a news service driven by arti- banningitsWeChatsuper-app. PRESS TRUST OF INDIA improved operating performance for the New Delhi, November 5 Groupwithsteelmarketsrecoveringgrad- ually from the very challenging second MAPPING THE VIRUS GLOBAL STEELGIANT ArcelorMittal on quarterafterthe ending of lockdowns.All GM beats profit estimates on Thursdaypostedanetlossof$261million steel segments saw improved demand Cases surpass (around `1,940 crore) for the quarter withBrazilandACISshowingparticularly ended September30,2020. encouraging profitability improvement," strong demand for pickups 48 million The world's largest steelmaker had ArcelorMittalchairmanandCEOLakshmi clocked a net loss of $539 million in the N Mittal said. DAVID WELCH The Detroit automaker said on Deaths exceed samequarterayearago,thecompanysaid Mittal further said the recent rise in November 5 Thursday adjusted earnings per 1.22 million in a statement. The Luxembourg-head- Covid-19 cases worldwide makes it pru- share came to $2.83 in quartered integrated steel and mining denttoremaincautiousabouttheoutlook GENERALMOTORS REPORTED Daily deaths globally set a new record of more than 10,000, a bet- the quarter, beating an Recoveries companyfollowsJanuary-Decemberfiscal and "we should be prepared for further ter-than-expected profit in the third while infections passed 600,000 in a day for first time as the year.According to the statement, the net volatility." analyst consensus estimate pandemic gathered pace, according to Johns Hopkins quarter as strong demand for trucks 34,805,524 University. loss in June quarterwas $559 million. However,"our success to date in pro- for $1.45 a share powered its recovery from a slump in The euro zone economy will grow 4.2% in 2021, less than SalesinJuly-Septemberwere$13.3bil- tectingourpeople,assets,profitabilityand sales earlier this year. � Europe’s lockdown lion as compared to $16.6 billion in the cash flow throughout the crisis puts the wave risks double-dip previously anticipated, the European Commission said.The EU’s The Detroit automaker said on executive arm does see a shallower recession this year, though corresponding period of 2019, the com- Groupinagoodpositiontotakeadvantage recessions Thursday adjusted earnings per share weary buyers snapped up vehicles such that doesn’t include the latest government lockdowns pany said. However, as compared to $11 of furthereconomic recovery,"he said. � Brexit in a lockdown is came to $2.83 in the quarter,beating an as its lucrative Chevrolet Silverado and AstraZeneca is poised to unveil the vaccine test results by year- billioninApril-June,thesaleswere20.9% Ontheoutlookforthesector,thecom- analyst consensus estimate for $1.45 a GMC Sierra pickups. worst of all worlds for end and to begin supplying the world with hundreds of millions higherinthirdquarter.Thecompanysaid panysaidtheeasingoflockdownhasseen UK business share. “This year, and the third quarter, is a of doses shortly afterwards if it gains approval from regulators, the total steel shipments in third quarter activity levels improving since second That was up from $1.72 a year ago testament to GM’s resilience,” chief � America’s Covid-19 chief executive officer Pascal Soriot said onThursday. were at 17.5 million tonne (MT), lower quarter, nevertheless, demand remains hotspots stuck with and better than the second quarter, executive officer Mary Barra said in a Greece will go into a three-week national lockdown after a from 20.2 MT in the year-ago period.In below normal and the pace and profile of Trump prolonged rise in coronavirus infections and an increase in the when GM posted its first loss in more statement. number of patients in intensive care, Prime Minister Kyriakos June quarter,shipmentswere 14.8 MT. recoveryis uncertain. than a decade. The results put the carmaker on a � Caution arises on rapid Improved operating performance in The company said it has begun to tests in asymptomatic Mitsotakis said. Shares of the company rose as much path toward a goal for operating profit the third quarter reflects a gradual recov- restart hot idled capacity as market people China will temporarily suspend entry by non-Chinese UK as 7.3% in premarket trading afterclos- as high as $5 billion for the full year. nationals who hold valid visas or residence permits, the Chinese eryinsteelendmarkets,inparticularauto- demand improves on a region by region � Regeneron to ramp up ing Wednesday at $35.24. That would mark a significant turn- Embassy in the UK said in a statement. motive , following the severe impact of basis. Nevertheless, as concerns around antibody output GM swung back into the black as its around after the production and sales Germany registered a record increase in new cases, days after Covid-19lockdownsoneconomicactivity the secondwave of the pandemic persist, � Swedish economy plants resumed production following a hit earlier this year prompted GM to the government imposed the toughest restrictions since a in second quarteraswell as strongermin- the company maintains its flexibility to six-week springtime shutdown due to withdraw annual guidance. disappoints, PM enters national lockdown in the spring. ing segment performance,it said. quickly adapt production as conditions isolation the coronavirus and as more pandemic- — BLOOMBERG "The third quarter marked an evolve. Suzuki expects Alibaba’s sales growth plateaus despite China’s covid recovery annual profit to COCO LIU 73% from their Covid-19-era lows in offrivalslikeJD.com.Othercompetitorsare November 5 March and touched a record high in Octo- also challenging Alibaba’s pole position, shrink bya quarter berwhenAnt’sIPOhadbeenpriced. ranging from upstart Pinduoduo to Ten- ALIBABAGROUP’S REVENUE grewatthe Retail and institutional investors had cent-backedMeituanDianping. as India sales slump slowestpaceonrecordfortheJuly-Septem- flocked to the record $35 billion-plus IPO, Alibaba’s core commerce business ber quarter,underscoring how the e-com- betting thatAntwill overcome highvalua- should expand at a compound annual REUTERS merce giant’s post-pandemic rebound is tions, regulatory headwinds and rising growth rate of 23% from 2021 to 2023, Tokyo, November 5 startingtoplateau. competitiontoreshapethefutureofglobal CGS-CIMB analysts including Lei Yang Revenue for the three months ended finance.But authorities called a halt to the wrote. Growing regulatory scrutiny over SUZUKI MOTOR ON Thursday forecast Septemberrose30%to155.1billionyuan IPO on Tuesday in view of regulatory Ant’s lending business shouldn’t exert a operating profit to fall by a quarter to 160 ($23.4 billion),meeting the 154.8 billion changes.Alibaba had subscribed to more great impact on Alipay,the digital wallet billionyen($1.5billion)intheyeartoMarch yuan average of estimates.Profit fell 60% than a fifth ofAnt’s Shanghai offering and underpinningthemajorityoftransactions assales,includinginitskeyIndianmarket, to 28.8 billion yuan from the year-earlier also received about 1.16 billion H shares, acrossAlibaba’splatforms,theywrote. shrinkamidthecoronaviruspandemic. period, when it booked a one-time gain helpingitretainaroughly32%stakeinthe Revenue for Alibaba’s cloud division Thatpredictionwasmorethananaver- from the acquisition of its stake in Ant fintechgiant. jumped60%,drivenbydemandfromcus- age estimate for a 124.3 billion yen com- Group.Thesalesgainmaynotbeenoughto Annual active consumers grew to 757 tomers in the internet,finance and retail piledfrom14analystspolledbyRefinitiv. reassureinvestorsworriedaboutthederail- millionintheSeptemberquarter,drivinga industries.Theunitisforecasttoturnprof- Suzuki'sIndiancarsalesinthefirsthalf mentofAnt’sIPO,whichsparkeda$64bil- 29% increase in its core commerce busi- itableforthefirsttimeeverintheyearend- of the year fell 36% to 432,000 vehicles, lion sell-off Wednesday. The company’s growth engine.The e-commerce titan is Mirabaud analyst Neil Campling said in ness,Alibabasaid.Thecloselywatchedcus- ing March,chief financial officer Maggie and dipped in other markets, including AmericanDepositaryReceiptsfellasmuch bankingonmorethanaquarterofamillion written comments, adding that Tmall tomer management revenue for China Wusaidearlierthisyear.Thatwillbeamile- Japan,IndonesiaandEuropeaspeoplestay as3.4%inpre-markettrading. brands, increased discounting and tech- growth was slower and the number for commercerose20%inthequarter. stone for the decade-old business,which awayfromdealerships. Alibaba had benefited from stronger nologies like livestreamed selling to draw mobilemonthlyactiveuserswaswellbelow Tocapitalizeontheboominonlinegro- competes with the likes of Amazon Web salesinitshomemarket,whichhadledthe consumers to its annual blockbuster Sin- expectations. ceries,thecompanylastmonthpaidabout Services,MicrosoftandGooglegloballyand India accounts for just over half of global recovery from Covid-19. Gross gle’s Day shopping festival,which culmi- Alibaba rallied 6.3% in Hong Kong $3.6 billion to double its stake in Sun Art is fending off upstarts like Tencent Hold- Suzuki's global car sales. Through domestic product grew 4.9% last quarter, natesnextweek. Thursday,rebounding from the previous Retail Group, taking control of one of ingsathome. its majority stake in Maruti Suzuki making China the world’s only major The earnings headlines were“mixed,” day’slosses.Theshareshavegainedroughly China’s largest hypermarts to tryand fend — BLOOMBERG India, the company accounts for roughly one in every two cars sold WHO-led Covid drug scheme doubles down in the country on antibodies,steroids & shuns remdesivir IBM unveils cloud for 5G telcos "We don't knowwhat will happen with A WORLD HEALTH Organisation-led alongside dexamethasone approved INTERNATIONAL BUSINESS MACHINES theircustomers,he said. the coronavirus in India orwhat measures scheme to supply Covid-19 drugs to poor across theworld fortreating Covid-19. on Thursday became the latest US tech- Under its new chief executive Arvind the government will implement, so that countriesisbettingonexperimentalmono- Gilead Science, the US company that nology company to launch a cloud plat- Krishna, 109-year-old company is split- makes the market difficult to predict," clonalantibodytreatmentsandsteroidsbut developed remdesivir, said the WHO form directed at telecom operators ting itself into two public companies to Suzuki'spresident,ToshihiroSuzukisaidin isshunningGilead'sremdesivirblockbuster schemehadnotfundeditsCovid-19trials deploying 5G and signed up Nokia and focus on high-margin cloud computing a conference call. India accounts for just therapy,aninternaldocumentshows. andhadneverapproachedthefirmforthe Samsung as partners. business. Before becoming CEO in April, over half of Suzuki's global car sales. The WHO draft document, seen by possible inclusion of the drug in its port- Acloudplatformusessoftwareinstead KrishnawasheadingIBM'scloudbusiness ThroughitsmajoritystakeinMarutiSuzuki ReutersanddatedOctober30,saysthepri- folio.Thedrug-supplyschemeisoneofthe ofphysicalequipmenttodonetworkfunc- and was the key architect behind its $34 India,the company accounts for roughly oritiesaretosecuremonoclonalantibodies four pillars of the so-called ACTAccelera- tions, helping telecom operators to build billion acquisition of cloud company Red oneineverytwocarssoldinthecountry. in a tight market and to boost purchases tor,aWHO-ledprojectwhich also seeks to 5G networks faster, reduce costs and sell Hat lastyear. Last business year,Maruti Suzuki paid and distribution of cheap steroid dexam- secureCovid-19vaccines,diagnosticsand customised services to business clients. IBM's cloud for telecom is built using Suzuki 38.2 billion rupees in royalties,or ethasone,of which it has already booked protective gear for poorer countries by The US government has been pushing technology from Red Hat and has signed about 5% of its revenue,according to its nearly 3 million courses of treatment for raisingmorethan$38billionbythebegin- big US companies to get more involved up 35 partners,including network equip- annualreport.Forthefullbusinessyear,the poorer countries.Monoclonal antibodies ning of 2022. with 5G - a technologywhich promises to way forward as customers will consume ment suppliers and software vendors to Japanese automaker expects to sell 2.38 aremanufacturedcopiesofantibodiescre- "Immediate priorities for the (thera- enable everything from self-driving cars from more than one cloud service build an ecosystem. million cars worldwide,16.6% fewer than atedbythebodytofightaninfection. peutics) pillar are intensifying efforts on to remote surgery and more automated provider, be it Amazon or Microsoft, The pandemic has accelerated the theprevioustwelvemonths. Thepaper,whichforthefirsttimeout- monoclonal antibodies while scaling up manufacturing. Howard Boville, IBM's senior vice presi- desire for every company, not just telcos, The forecast came as Suzuki posted a lineshowtheschemewouldspenddonors' dexamethasoneuse,"saystheWHOdocu- Companies such as Microsoft and dent forHybrid Cloud,told Reuters. for digital transformation and there has 73.6billionyenoperatingprofitinthethree money,does not cite remdesivir among ment,stillsubjecttochangesandexpected Amazon have launched their own cloud IBMwill supplyservices to its telecom been a massive uptick to this approach, months ended September 30 compared priority drugs - a significant omission as to be published on Fridayornextweek. platforms targeting telecom operators. partners to run theirnetworks and also to Boville said. with a profit of 55.9 billion yen a year ear- the antiviral is the only other medication — REUTERS Collaboration, not competition, is the assist them in selling custom products to — REUTERS lier,accordingtoReuters’calculations.

Pune 9 FINANCIAL EXPRESS WWW.FINANCIALEXPRESS.COM

● NUMEROLOGY 49% of India's youth spend 2/3 hours binge-watching content 65% millennials and Gen Z prefer watching video content on OTT over TV 4 hours is average time spent in consuming OTTcontent — DAN's OTTInsights report BrandWagonFRIDAY, NOVEMBER 6, 2020

● Consumershavetakentosportingactivities ● INTERVIEW: RAJAT KHURANA, MD, Asics India and South Asia segment forAsics? BLOGGER’S PARK suchasrunningandcyclingduringthelock- We are quite serious about this category. down,asgymsposearisk.RajatKhurana, All of our new stores have a separate seg- inaconversationwithDevikaSingh,talks mentshowcasingathleisureproducts.We Of Kafka, aboutthegrowingpopularityofrunningas ‘Running shoes market has have roped in Tiger Shroff as our brand a fitness activity, the company’s offline ambassador because he fits in both the expansion strategy, marketing initiatives, categories — performance as well as ath- Covid and and more.Edited excerpts: leisure.Athleisure,however,hastakenahit this year as consumers are rarely ventur- coders

Atatimewhenfootfallinstoresremains been growing 25% annually’ ing out of their homes.Currently,the cat- lowandtheonlinechannelistakingcen- egory contributes 15% to our sales, but In these times of tre stage, what’s your strategy behind our projection last year was that it would launching newstores? contribute over20%. retrenchments, are

Though it is true that the pandemic has Several prime commercial spaces specialists in peril? taken a toll on most sports activities,con- have freed up due to the pandemic, Intheabsenceofoutdoorsportingevents sumers are increasingly turning towards hence we thought it is a good time like marathons,what kind of marketing activities like running.We areverystrong to launch stores.❝ For instance,❝ we initiativeshaveyoulaunched? inthissegment;itcontributes60-65%to have been eyeing Delhi’s WehavebeenassociatedwiththeMumbai our sales. Secondly, several prime com- Connaught Place for two years Marathonforalongtime;lastyear,wehad mercial spaces have freed up due to the now, but finally managed to open a also signed up for the Bengaluru pandemic, hence we thought it is a good store there in September Marathon.We were eying the Olympics timetolaunchstores.Forinstance,wehave and had roped in several athletes and been eyeing Delhi’s Connaught Place for sportsmen. Now that these events have two years now, but finally managed to been cancelled,we are focussing on digi- Abhishek Joshi open a store there in September. morebytheendofthisyear.About65%of tal.Wehaveallocated25-30%ofourmar- Our USP is the foot ID scanner which our new store openings are going to be in keting budget to digital now; earlier, a helps customers in identifying their tierII cities,and the rest in tierI. large share of it would go to sports mar- WHATISTRANSPIRINGinourlivesresem- pronation pattern, based on which they Our strategy was to create brand visi- keting.Wearereachingouttoinfluencers, bleswhathappenedtoJosefK,theprotago- can buy the right running shoe. Our con- bility in the larger cities and then gradu- and are also in talks with organisers for nist of Franz Kafka’s The Trial — he was version rates through this machine are as ally move deeper.In recent months, we exploring avirtual marathon thisyear. arrestedonemorningfornoexplicablerea- high as 90%, and this piece is missing in witnessed that the majority of sales on e- son. Absurdism and hopelessness reign e-commerce.We need to be in the offline commerce nowcome from smallertowns Brands like Nike,Adidas and Puma have supremeinapost-Godworld,wherethereis spacetodemonstratethistechnology,and andthishasmotivatedustoopenstoresin an extensive presence and following in no final arbiterof truth orjustice.Isn’t that be able to sell shoesworth `18,000. thesetowns.Ourrangehereisslightlydif- India.HowdoesAsics plan to catch up? how Covid-19 hit us plebeians — bound, ferent from that in the metros. For Ourcompetitorshavebeenheresincealong resigned to the forced physical distancing YourstoresareconcentratedinthetierI instance,inourstoreinNewDelhi’sSelect time, some since the ‘90s. However, we andsocialalienation? cities. Are tier II cities and beyond on City Walk mall,we stock shoes starting entered the market when ‘running’ was Howdid the corporates respond? Office yourradar? from `6,999 to `20,000. In a smaller growing,and have been able to get a con- spaces given up due to work-from-home; About75%ofourstoresareintierIcities. town,the starting pricewould be `3,999, siderableshareofthismarket.Weareconfi- projects shelved; and vendors fired.Many However, the expansion this year was going up to `13,000. dent that we will achieve their scale at a shut shop.Most interesting is the carnage majorly into tier II cities such as Kanpur fasterpace.TherunningmarketinIndiahas around headcount costs,as everyone and andLudhiana.Wehavelaunched14stores As a brand that caters to serious sports been growing 25% year-on-year,and we theirdogsexploitedthislevertostayafloat. this year,and plan to add three or four enthusiasts, how big is the athleisure haveafairchancetocatchupwiththem. Managing retrenchment What is that secret sauce,the unpalatable ● AFTER HOURS vinegarthatorganisationshavehadtogulp GHAZALALAGH, to engender the ungodly task of retrench- CO-FOUNDER, MAMAEARTH ment? One must look beyond the P&Land deliberate on qualitative factors,too.Not counting the behemoths whose bench strength could dwarf the population of Bangladesh, fungibility is key to survival Personal Finance fromthepointofviewofthewell-meaning, tightlyrunshops.Isitthatoneislookingfor a mix of sales,finance,HR,analytics,tech- nology,product,admin and janitorial ser- ● BOND ETF vices?Hopenot,andthefacetiousargument aside,isn’titlikelythattheoncemuch-cele- brated specialisation could be one’s undo- ing?Jack-of-some-tradescouldbemorecost Good option for fixed income investors effective than masters-of-one? The more esoterictherole,greatertherisk? aftertheindexed-uppurchasecostissub- Is this,then,an era that heralds the rise Bond ETFs carry minimal ject to tax at 20%.Effectively,byvirtue of ofgeneralistsandthedeclineofspecialists? risks, offer liquidity and indexation,the tax rate becomes negligi- Sticking to the universe of well-meaning, ble.Indexation is a benefit given by the tightlyrun shops,it depends upon the lin- tax efficiency to the Demat governmentforinflationsincepartofthe eageoftheclanthatiscallingtheshots. investor while expense Account price appreciation from purchase to sales/redemption is due to inflation.The Where doyou fit? ratio is next-to-nil differential between sale/redemption Family office clan: Daddy earned truck- The Job price and indexed-up purchase price is loads;sonnypaidhiswaythroughHarvard; ` subjecttotaxat20%.Youneednotholdtill got hisAI start-up bankrolled.Because the EACH DAYTHROWS up a newchallenge maturity for indexation benefit,it has to intelligencewasonlyartificial,Covid-19hits foran entrepreneur,and that’swhat I beheldforthreeyearsormore. them badly.Too proud to book losses,they think is the best part about myjob.It’s Fourth, liquidity is available in bond pumpinmoreuntiltheseniorclampsdown been a roller-coasterride,but myjourney ETFs. In open-ended mutual funds, liq- and shows the progeny their place.A spe- so farhas taught me several things — uidityiseasilyavailable.InFMPs,though cialisedskillsetwasneversafehere.Thebrag multitasking and problem-solving skills, AAA theyare listed at the Exchange,liquidity valueofhavinggeeksarounddiminishesas forinstance. Joydeep Sen is absent.In bond ETFs,liquidity is gen- fastasithadrisen. One thing that I reallywant to Bond ETFs erated by market makers appointed by inculcate,being a mumpreneur,is FIXED INCOME ORIENTED investors are theAMC. ‘goodness’as a part of the organisational facedwithcertainissuesnowadays.Inter- Fifth, the expense ratio charged by culture.Be it an industryora job,people estratesonbankfixeddepositshavecome the AMCs to these funds is next-to-nil. should keep exploringways to make the downsignificantly;therateonSBI1-year The product is meant for the investor; world a betterplace to live.Being good deposit is 4.9%. There are concerns on ILLUSTRATION: SHYAM KUMAR PRASAD the AMC or the intermediary does not and doing good forthe communityas a safetyaboutbanksofferinghigherdeposit ucts are target-maturityfunds.There is a transactionstheAMCstepsinfor“creation make anymoney. whole should be as important as making rates,aswesawinthecaseofafewco-oper- definedmaturitydateandinthatsenseit of units” when there is incremental profit foranybodyand everybody ativebanksandoneprivatesectorbank. behaves like a fixed maturityplan (FMP). demandfromlargeinvestors. Conclusion associatedwith the industry. After the multiple defaults and eco- Theimplicationis,onmaturity,thereisno AllyouneedtoinvestinbondETFsisa nomic slowdown scare,investors prefer marketriskasallthesecuritiesintheport- Advantages demat account and trading accountwith The Weekdays safety of their debt investments.While foliomaturebythatdate. The advantages of the bond ETFs are abrokerormobile-basedtradingapp.The THE DAYSARE jam-packed now,as I have there are certain schemes for senior citi- The portfolio of these ETFs comprise many.First,credit risk is minimal,next to operationalaspect,i.e.,purchase/redemp- the additional responsibilityof teaching zens or other avenues like RBI Floating AAAratedPSUbonds,whichareperceived nil,as investments are inAAA rated PSU tioniswithyouandisnotwiththeAMCor myson,eversince schools have become RateSavingsBondsthataresafeandoffer asnexttosovereignsecurities,oracombi- bonds or combination of AAA rated PSU through a mutual fund distributor.The restricted to online classes.Early attractive returns,liquidityis an issue.In nation of AAArated PSU bonds and State bonds and SDLs.Two,interest rate risk or portfolio and other details like maturity mornings (5-6:30 am) iswhen I get to thisbackground,theconceptofdebtETFs Development Loans (SDLs),i.e.,securities volatility risk is not there,if it is held to date can be checked on thewebsite of the spend timewith myself — reading, isagoodoption. issuedbystates,whicharequasi-sovereign. maturity.Three,tax efficiencyis a signifi- AMC running the product.Buy into the working out,painting oranything else I ETFsareoperationallysimilartotradingin cant advantage. For a holding period of maturitythatsuitsyourcashflow. want to do.Post this,real life begins.The Defined maturity equity shares and there is no purchase three years or more,like any other open- time between 7 and 11 am is devoted to Being defined maturityproducts,you from / redemption with the AMC in the endeddebtfundorFMP,debtETFsareeli- Thewriterisacorporatetrainer(debt Traditionalbusinessclan:Cannottellan myson; 12 to 7 pm is the time foroffice; caninvestasperyourcashflow.Theprod- regular course.Only in case of very large gible forindexation.The net capital gains markets)andanauthor Excel from an Oracle; everything is a com- and 10 to 11 pm is the time to check modity,andifitcanbedonecheaper,that’s emails again. thebestwaytodoit.Specialisedskillsetswill Amid all the rush,I reallylook andrisingyieldsincreasetheopportunity sufferhere,withcrisisbeingawayoflife. forward to the hustle atwork; mywork is cost of holding gold, thus hurting the Maverickgeniusclan:Theonewhowalksthe what drives me and I don’t usuallyfeel Bet on risk-reducing, metal.But there’s no question that more talk and doesn’t sweat the small stuff. A the need to recharge.However,on some stimulus is in the pipeline forAmericans visionary,has created and exited from sev- dayswhen I feel the need to relax,I take a irrespectiveofwhowinstheelection.More eralstart-ups,leavingalegacy.Havingrisen five-minute break.I close myeyes,take return-enhancing gold stimulus and spendingwill translate into fromtheranks,empathiseswiththosewith some deep breaths and listen to my higher inflation,especiallygiven that the the technical skill set. If they don’t get favourite song. OctoberwasgloomyasfarasCovid-19 Federal Reserve has said that it will allow washed away by their grandiose,are most Gold will continue to be a developments are concerned.US coron- inflation to run higher before tightening likely to tread with an unwavering vision, The Weekend stable form of money in avirus cases have hit a record daily high. 15% monetary policy, which will mean sus- leadingeveryonetoresoundingsuccess. AFTERTHE SUPERbusyweek,the Cases are resurging in Europe too,where ` tained negative real yields.Gold will be a Aconfusedmixoftheabove:Abemused weekend is dedicated to myson.That the midst of this global the UK,Italy,France and Germany have direct beneficiary of both these trends. managementthatlivesbytheday,andfunc- apart,I followmypassion forpainting, currency debasement and imposed new restrictions, curfews and Also,iftheuncertaintyincreasesonfurther tion heads who function as rulers of indi- and spend timewith familyduring the lockdowns. Most vaccines, in the final Covid-19 scare or from a contested elec- vidual tribes trying to peacefully coexist. weekend — a treat I can hardlyafford will appreciate in these stages of clinical trials,are expected to be tionintheUS,goldwillsoonstartattract- Here,it’sonlyamatterof‘thatday’whenthe during theweekdays. times of low interest rates publiclyavailableonlybymid-2021. ingbidsdespiteanydollarstrength. decisionofdownsizingistaken.Whoeveris Ifyouhaven'talreadyallocated10%to good at sophistries will come up trumps; The Toys Accommodative policy to 15%ofyourinvestmentportfoliotogold endsupbeinga‘mypeopleversusyourpeo- THOUGH IAM notverytech-savvy,my ● YOUR MONEY continue ILLUSTRATION: SHYAM KUMAR PRASAD yet,this Dhanteras could be a good time. ple’kindofadiscussion. phone is something I cannot dowithout. We are already aware of how dire the imperative to get the economy through Since purity is a concern when buying Theorisingapart,whataboutthesocially CHIRAG MEHTA This one device sort of sums up my economic effects of such lockdowns will thishealthcumeconomiccrisisforaslong physical gold and since the purchase of awkwardgeekwhoisagreatcoder,astatis- world,and keeps me connectedwith my be,withtheglobaleconomyhavingfallen asittakes.Goldwillcontinuetobeastable gold bars and coins comes at a premium ticianwithroughsoftskillsbutmodelstokill team and myfamily.Everything else GOLD MOVED BACK and forth around into a deep recession due to the Great form of money with potential to store on account of markups and making for,or the potent data extraction guywho automaticallyfalls in place. $1,900 levels for most of October before Lockdownof2020.TheIMFhasnowpro- value in the midst of this global currency charges,we suggest that investors choose has poorgrammar?Theirfungibilityis low settling at around $1880/ounce, 1.4% jected that the global economywill con- debasement and will appreciate in these themorepriceefficientandpureGoldETF astheyspecialisedintheircurrentroles,and The Logos lowerforthe month.Itwas mainlyreact- tractby4.4%in2020,buthaswarnedthat timesoflowinterestrates.Itwillthuscon- routeforinvesting.Ifyouhavecompleted theirbooncouldbetheirtorment,iftheyend PERSONALLY,THE BRANDS that I ing to the fluctuations of the other safe the climbwill be long,uneven,uncertain tinuetobeapreferredportfolioassetgen- your allocation,just sit tight and watch upinthewrongpartoftheabovequadrant. associatewith are ones that arevalue havens, the US dollar and US Treasury andpronetosetbacks.Thesecondwaveof erating good risk adjusted returns for its gold playa risk-reducing,return-enhanc- Josef K in The Trial is never told his driven,and have sustainabilityat their yields,triggered by conflicting develop- the disease is expected to increase the holdersfortheforeseeablefuture. ingroleforyourportfolio. crime.When he confronts the authorities core.I admire brands like Fabindia for mentsonthenextroundoffiscalstimulus financialfragility. and claims he is innocent, pat comes the the organic and earthytouch in each of in the United States and market anxiety As such,sustained government relief Outlook for gold remains positive Thewriterisseniorfundmanager, question:“Ofwhat?”. theirproducts. leading up to the most consequential US measures and lower interest rates and Gold,whichispricedindollarstendsto AlternativeInvestments, presidentialelectionsinrecenthistory. quantitative easing by central banks are weaken when the currency strengthens QuantumMutualFund TheauthorisVP&headofbusiness —As told to Devika Singh intelligenceunit,PAYBACKIndia

Pune 10 FINANCIAL EXPRESS WWW.FINANCIALEXPRESS.COM

Banks have now started buying more retail EXPERTVIEW loan securitisation pools from NBFCs to boost their portfolio, which has helped the credit growth pick up. Markets —Anil Gupta, analyst, Icra FRIDAY, NOVEMBER 6, 2020

● Money Matters GLOBAL STOCKS SURGE Rupee rebounds 40p to 74.36 G-SEC Sensex soars 724 points,erases 2020 loss PRESS TRUST OF INDIA The benchmark yield rose Mumbai, November 5 0.025% Nifty has reclaimed the Nifty50 after RBI announced OMO 12,120.3 14,000 SBI shares gain 6%; mcap rises by `10,397 cr 12,100-mark. Mkts are just 12,125.9 THE INDIAN RUPEEonThursdaystageda 5.861 1.48% away from all-time SHARESOFSTATEBankOfIndiaclosed smartrecoverytoendat74.36againstthe 12,000 with nearly 6% gain on Thursday after State Bank of India USdollar,clockingagainof40paiseamid highs witnessed in January the companyreported a 55.41% rise in Intra-day on BSE (`), November 6 positive sentiments in the domestic and 5.836 10,000 consolidated net profit for the Septem- 222 global markets. FE BUREAU berquarter(Q2).Thestockrose5.63%to 218.7 Weakness in American currency Mumbai, November 5 closeat`218.70onBSE.Duringtheday, 220 against its key rivals also supported the 8,000 October 26 November 5 itjumped6.71%to`220.95. Indian unit,forex traders said. EQUITYBENCHMARKSROSEtonearnine- On NSE,it gained 5.55% to settle at 218 At the interbank forex market, the monthhighsonThursdayfollowingacross- 6,000 `218.50. Its market valuation rose domesticunitopenedat74.35againstthe `/$ the-board buying,as global markets ratch- `10,397.25croreto`1,95,181.25onBSE. 216 US dollar and saw an intra-day high of etedhigherdespiteuncertaintyovertheUS 4,000 Involumeterms,121.48lakhshares 74.25 and a lowof 74.41. The rupee ended lower Presidential election results. The Nifty Feb 19, 2020 Nov 5, 2020 were traded on BSE and 13.80 crore on It finally closed at 74.36,registering a 214 amid buying in equity 0.729% reclaimedthe12,100-mark,closingtheses- NSE. SBI on Wednesday reported a 214.5 rise of 40 paise overits previous close. market sion at 12,120.3, up by 211.8 points or isajustifiablecaseforsomecorrectioninthe 55.41%riseinconsolidatednetprofitat OnWednesday,therupeehadplunged 212 1.78%.The Sensex jumped 724.02 points markets from the current levels.The last `5,245.88 crore for Q2 on account of Open Close by 35 paise to close at its weakest level in Inverted scale — 73.85 (1.78%) to close at 41,340.16.The Sensex time the markets were at these levels,the declineinbadloans. PTI over10weeks at 74.76. closed above the 41,000-level for the first economywas in a much bettershape and a “Indian rupee gained in line with the 74.39 time since mid-February.In the process,it turnaroundappearedimminent.TheCovid- otherAsianpeers.Risk-onsentimentssup- hasalsowipedoffalllossesforthe2020cal- 19infectionnumbersareabitlessalarming So far this week, foreign portfolio blymakeanewhigh,thoughvaluation-wise ported the Asian currencies with dollar endaryear.Ithadclosedat41,306.02onJan- now, though highly volatile and with the investors have been buyers, pumping in this is not justifiable.This is because there falling across the board,” said Devarsh uary1,2020. openingupoftheeconomy,theriskofasec- $345.22million.Sincethestartoftheyear, existsliquidityandmomentuminthemar- Vakil, deputy head retail research, HDFC October 26 November 5 The markets till date have risen by ond wave cannot be ruled out.The second the Indian markets have seen net inflows kets. The markets may continue to see Securities. 59.2% since the crash in March and are lockdowninseveralEuropeancountriesisa fromFPIs,whichhaveboughtequitiesworth inflowsintoequitiesaslongastheyholdup Meanwhile, the dollar index, which just 1.48% away from the all-time highs caseinpoint.Themarketsdon'tseemtohave $6.8billiontilldate. totheselevels...” gaugesthegreenback’sstrengthagainsta C=/$ seeninJanuary. pricedthatin,butseemtohavefactoredonly AmbareeshBaliga,anindependentmar- Globally,equities gained amid indica- basket of six currencies, was trading Experts,however,believe theywill now the best-case scenario, which leaves the ketexpert,said,“Lookingatthecurrentsit- tions that Democratic Party candidate Joe 0.22% down at 93.20.On the domestic The rupee ended 0.169% haveacaseforcorrection.URBhat,director, roomforapossiblecorrectionincasethereis uation and sentiment, there is a case for Biden mayclinch the US presidential polls. equitymarketfront,theBSESensexclosed lower amid buying in DaltonCapitalAdvisors(India),said,“There anyunfavourablenewsflow.” marketstoremainattheselevelsandpossi- TheAsianmarkets,too,closedhigher. at41,340.16,up724.02pointsor1.78%; equity market andthebroaderNSENiftyzoomed211.80 1.1810 1.1830 points or1.78% to finish at 12,120.30. RIL to appeal in SC against SATruling Vakilfurthersaidthat“domesticequity RBI announces co-lending indicesaregoingtoattractfundflowsand PRESS TRUSTOFINDIA SAT,”it said.“All trades carried out by the thatwillkeepcheckonrupeedepreciation New Delhi, November 5 companywere genuine and bona fide.No fornext fewsessions. irregularitycanbeattachedtothesetrans- scheme for banks, NBFCs RELIANCE INDUSTRIES ON October 26 November 5 Thursdaysaid actions,”RILadded. `/$ Intra-day, Nov 5 FE BUREAU it will challenge in the Supreme Court the RILalsosaidithasnotviolatedanylawor 74.2.0 (Inverted scale) Mumbai, November 5 dismissalofitspleabytheSecuritiesAppel- regulation while selling shares of RPL in Prev close: 74.746 late Tribunal against a Sebi ruling barring November 2007. “The company, under 74.349 IN A BID to improve the flow of credit to thefirmand12ofitspromotergroupenti- properlegal advice,will preferan appeal to 74.26 Quick theunderservedsectionsoftheeconomy, ties from dealing in equity derivatives for the Hon'ble Supreme Court of India and is 74.389 the Reserve Bank of India (RBI) on Thurs- allegedunfairtradepractices. confidentofvindicatingitsposition,”itsaid. day issued guidelines under the co-origi- SAT,by a 2:1 majority order,dismissed Through the order on March 24,2017, 74.32 View nationmodelsothatnon-bankingfinance RIL's appeal against the Sebi order dated Sebi had barred RILand 12 of its promoter companies (NBFCs) and banks can jointly March 24,2017,in the matter relating to groupentitiesfromdealinginequityderiv- 74.38 lend.The model envisages a joint lending thesaleofReliancePetroleum(RPL)shares atives for alleged unfair trade practices process such that risks and rewards are by the company in November 2007, RIL relatedtothesecuritiesmarket.Thesecuri- shared.As per the guidelines,NBFCs need The primary focus of the revised saidinafilingtothestockexchanges.“The ties market regulatorhad also directed RIL 74.44 Aditya Birla Capital to retain a minimum of 20% share of the scheme, rechristened as the companywillexaminetheorderpassedby todisgorge`447crorealongwithinterest. Open Close Q2 net rises 3% loans on theirbooks. co-lending model, is to improve the The regulatorhas also prohibitedbanks flow of credit to the unserved and ADITYABIRLACAPITAL onThursday from entering into a co-lending arrange- underserved sectors of the reported a 3% increase in its mentwithan NBFC belongingtotheirpro- ANALYST CORNER economy. It also aims to make S&P: SBI shows consolidated net profit to `264 crore moter group. RBI had earlier permitted forthe second quarterended housing finance companies (HFCs),along available funds to the ultimate resilience against September.The company's net profit withotherNBFCstoadoptco-lendingmodel beneficiary at an affordable cost Maintain‘buy’on Godrej stood at `256 crore in the same withbanks.Lendersbelievethatco-lending quarterayearago.The net profit willbringdowninterestratesforHFCs. downside jumped 33% quarter-on-quarter “It has been decided to provide greater Sonam Chandwani,managing partner PRESS TRUST OF INDIA Properties; biz gains pace from `198 crore in Q1,marking a operational flexibilityto the lending insti- atKSLegal&Associates,saidthatmoveby New Delhi, November 5 JEFFERIES cution. Management guided for 'norma- move towards normalcyand growth, tutions,whilerequiringthemtoconformto RBI will help banks tackle credit growth lized'profit by FY22 and much-improved with continued resilience across the regulatory guidelines on outsourcing, and ensure that liquiditypercolates down STATE BANK OF India (SBI) has the finan- GODREJ PROPERTIES' 2Q shows the profit for FY23 as the scale-up reaches businesses,the companysaid. KYC(knowyourcustomer),etc,”RBIsaidin tothelastmiletomeetprioritysectorlend- cial strength towithstand tough operating inherentvolatility in its P&Ltill accounting P&L.Also, ~20% medium-term RoE itsrelease.Theprimaryfocusoftherevised ing targets.The circular further clarifies conditionsinthenext12monthsduetoits profits catch upwith the underlying targetwas reiterated. AxisBankacquiresshares scheme, rechristened as the Co-lending thatoutstandingloansintermsofcircular strongdepositfranchiseandliquidity,global business scale. Pre-sales declined 30% Pre-sales expectedly weaken QoQ . Model(CLM),istoimprovetheflowofcredit datedSeptember21,2018,wouldcontinue ratingagencyS&PonThursdaysaid. QoQ in 2Q on lack ofnew launches. For Pre-sales were -30% QoQ/-26%YoYat inCSCe-Governance to the unserved and underserved sector of to be classified under priority sector till Theveryhighlikelihood ofthegovern- 1H, pre-sales are +11%YoY, making GPL `10.7bn.The sales decline QoQ is AXISBANKHASacquiredover57,700 theeconomy.Italsoaimstomakeavailable theirrepaymentormaturity,sheadded. mentsupport,ifneeded,providesacushion the best performer among our coverage. uncharacteristic of market trends sharesinCSCe-GovernanceServices funds to the ultimate beneficiary at an The regulator has given special atten- toaccentuateddownsiderisks,itsaid. Business is gaining pace againwith though actually above our estimates of Indiafor`36.38crore,thelendersaid affordable cost,considering the lower cost tion to grievance redressal for borrowers SBI’s performance in the second quar- labour force 30% higher than pre-Covid `9.0bn. No new launches happened in onThursday.AxisBankhasexecuteda of funds from banks and greater reach of in the co-lending model.With regard to ter was broadly in line with our expecta- and multiple new launches underway. 2Q , and we note that over last six pactforsubscribingto57,743equity theNBFCs,RBIfurthersaid. grievanceredressal,suitablearrangement tionsofareboundinperformanceafterthe Market share gains and an improving resi quarters, GPL'spre-sales of 13.0m sf are sharesofafacevalueof`1,000eachto Aseniorbank executive said,“The bor- must be put in place by the co-lenders to lockdown, with uncertainty about the cycle are key drivers. Maintain BUY. inline with launches of 12.9m sf. beissuedbyCSCe-Governance rowers of HFCs will benefit,as co-lending resolveanycomplaintregisteredbyabor- amount of incremental stressed assets P&Lstaysweak, execution Management highlighted that, while 1Q ServicesIndiaat`6,300perequity withbankswillbringdowninterestrates.” rower with the NBFC within 30 days,RBI emergingoverthenextsixmonths,therat- normalises. Godrej Properties (GPL) sales had received a one time boost share,thelendersaidinaregulatory “ThelatestmovefromRBImaybringbest said. After the deadline, the borrower ingagencysaid. reported 2Q net profit of`71m, -77% from easier financing and NRI sales, 2Q filing.CSCe-GovernanceServicesIndia of banks and NBFC together,”he added.In wouldhavetheoptiontoescalatethesame The country’s largest lender,SBI, on YoY, below estimates. Revenues pre-sales are normalized with the isaspecialpurposevehiclesetupby 2018,RBIhadputinplaceaframeworkfor withtheconcernedbankingombudsman Wednesday reported a 55% increase in its declined 66%YoYto `0.9bn.While 2.9m financing plans discontinued from July. theelectronicsandinformation co-originationofloansbybanksandnon- or ombudsman for NBFCs.The borrower consolidated net profit to `5,245.88 crore sfofprojectswere completed in the Launch revival from October, technologyministrytooverseethe banking financial companies (NBFCs). can also reach out to the customereduca- forthesecondquarterendedSeptember30, quarter, revenues for the same don't pipeline strong. GPLhas a 14.3m sf implementationofthecommon However, HFCs were not allowed to co- tionandprotectioncell(CEPC)inRBI,after onaccountofdeclineinbadloans. reflect in P&Las theywereJVswith low launch pipeline for FY21. 1 launch (1.0m servicescentrescheme. lendwith banks underthis model. the deadline. “Thebankhascontinuedtocutthecost stakes and, as such, accounted as sf) happened in 1H. Our checks suggest ofdepositsandboostitsnetinterestmargin, investments. Business scale-up has that 3 launches (2.7m sf) now have whilepeershavefacedpressurefromexcess meant that GPLhasn't cut down on its RERAapprovals for marketing. investmentsinlower-earningassets.Collec- employee & operational costs,which Management remains confident that its Insurers settle `3,435-cr Covid claims till Nov 3 tionefficiencywasexcellentat97%forthe impacts reported profitability.Labourers largely mid-income project pipeline quarter,excluding agriculture loans,”the on-site have scaled up to 130% ofpre- would see launches and good sales FE BUREAU FamilyWelfare,therewere5.27lakhactive agencysaid.Furthermore,it said,the flood Covid levels (62% byJuly) but uneven velocity in 2H. Medium-term target is to Mumbai, November 5 casesinIndiaasonNovember5.Thenum- ofdepositfundingdespiteinterestratecuts pace during the quarter did impact exe- double sales in 3-4 years. ber of people discharged was 77.11 lakh supportsourviewthatSBIremainsabene- CLAIMSARISING FROM the novel coron- and1.24lakhdiedduetothepandemic. ficiary to a flight to quality with a highly avirus continue to rise for general insur- Insurers are already expecting an stickycustomerbase. ance companies.Non-life insurers have increase in the loss ratio of the health SBI'sperformanceisexpectedtobebetter Maintain‘hold’on Cadila receivedclaimsofmorethan`7,973crore portfolio.Theyexpectthelossratioforthe thantheindustryaverage—weakerthanpri- through 5.18 lakh applications, and set- retail heath policy to go up from current vate-sectorpeers’butstrongerthanpublicsec- tled 3.97 lakh claims amounting to 65-70% to 80%. torpeers’,it added.“Weforecast SBI’scredit HealthcarewithTPat `425 `3,435 crore as on November3. The loss ratio is the ratio of claims costs to be elevated at 2.0-2.5 percent and Market participants say if there is a incurred to earned premiums.So,if the non-performingloanstoincreaseto8.5-9.5% HSBC GLOBAL RESEARCH the Mar 2020 level, on favourableworking ‘second wave’,it would have a negative loss ratio is 80%,it means that an insur- ofcustomerloansfrom5.9%,includingpro capital (where it may see a reversal in 2H) impactonthehealthportfolio.“Inthelast ancecompanyhasreceivedapremiumof formaslippagesoverthenext12months. ASTRONG PICK-UPin India sales helped and proceeds from the ZydusWellness fewdays,therehasbeenasurgeincasesin `100 and paid claims of `80 to the poli- “In comparison,we forecast the indus- 2Q; sustainability ofIndia & US sales QIP.India and US sales should sustain gr- Delhi, and there is also fear of cases spreadinthenextone-twomonths,”saida cyholder. tryaverageforNPLstobe2.5-3.5percent- growth and debt reductionwill be key owth.After a strong pick-up in 2Q , Ca- increasingaftertheendofthefestivesea- senior official from a leading private Industry officials said the average age points higher than SBI’s and that for ahead.Trials ongoing for Covid-19vacc- dila hopes to sustain momentum in India son.Wewouldseehighernumberofclaims insurance company. claim size for Covid is `1.53 lakh,though creditcosts0.5-1.0percentagepointabove ine and other Covid treatments, though formulation sales onvolume growth in k- if the novel coronavirus continues to AccordingtotheMinistryofHealthand the figurevaries from state to state. SBI's,”theagencysaid. financial benefits not clear at present ey specialty segments and new launc- Maintain Hold; raiseTPto`425 (from hes.While its US sales are cyclical (2H `405). Key catalyst - regulatory approval sees seasonal sales ofanti-virals, mainly for Covid-19vaccine in India. gTamiflu), Cadila expects US base gene- Indiabulls Housing board to considerfund-raising plans on Nov11 Strong pick-up in India sales helped ric sales to sustain growth on new laun- 2Q . Cadila reported revenues of`38.3bn ches andvolume gains in existing prod- FE BUREAU The proceeds of the stake sale will takenshareholders’approvalonJuly29for in 2Q (+14% yoy,+5.7% qoq)with growth ucts. Generic injectables and other Mumbai, November 5 be used for strengthening the raising around `2,200 crore ($300 mil- primarily driven by a strong pick-up in differentiated drugs (incl. in-licensed ` capital adequacy ratio and making lion) by issuing securities through quali- India formulation saleswhich, at 10.9bn, products)will be key drivers for US sales. MORTGAGELENDERINDIABULLSHous- fied institutional placement (QIP) or grew31.1% qoq (+11.2% yoy) onvolume It aims for sales of$150-200m from ingFinanceonThursdaysaidthatitsboard bond payments, which are due to through foreign currency convertible expansion amid the gradual unlocking of generic injectables by FY24 (FY20 sales willmeetonNovember11toconsiderthe mature this year bonds (FCCBs) during the course of the the market from Covid-19-led restrictions. of~$15m). fund-raising programme.The board will next oneyear. US sales at INR17.1bn grew18% yoy and Efforts ongoing on Covid-19 products consider raising of funds by way of bond The housing finance company had 5.3% qoq and business remains as usual and long-term drivers. Cadila is currently issuances in one ormore tranches. posteda65.5%year-on-yeardeclineinnet with no notable impact from Covid-19. conducting phase 2 clinical trials for an The disclosure on the exchanges came `683 crore through a qualified institu- profit to `272.84 crore in the June quar- With a pick-up in India sales, Cadila saw investigational plasmid DNA-based Covi- afterthe lenderdeclared earlierin the day tionalplacement(QIP).Overall,thelender ter. Similarly, net interest income (NII) normalizing operating costs from the dvaccine (ZyCoV-D) in India and expects thatithasfurthersoldaportionofitsstake has raised a total of `2,577 crore as fresh declined 28.7% year-on-year to `701 lows of1Q , however,it is yet to see full a data readout by end Nov 2020. It plans in OakNorth Holdings for `64 crore.The equitybetweenSeptemberandNovember quacy ratio and making bond payments, crore during June quarter. resumption ofmarketing costs.Thus, it to immediately proceed to phase III stu- company will also declare its September this year. The company has also issued which are due to mature thisyear. The company had issued bonds of continues to see benefits oflower opera- dies and expects results to be available quarterearnings on November11. bondsof`2,780croreinthecurrentfiscal Thecapitaladequacyratioofthelender `2,780crore in the currentfiscaltilldate. ting costs on its EBITDAmarginwhich, at by Mar-April 2021. It believe its DNAvacc- Indiabulls Housing Finance has raised till date. stood at 27.94% at the end of the June Indiabulls Housing Finance on Thursday 22.8%, improved 65bps qoq. Reported ine platform is highly scalablewhich allo- `1,894 crore till now from the stake sale The proceeds of the stake sale will be quarter. closed 2.19%,up at `144.70 pershare on PATat INR4.7bn grew 4.3% qoq. In 2Q , ws it to rapidly ramp-up production if in OakNorth. Before that, it had raised used for strengthening the capital ade- The board of the lender had earlier BombayStock Exchange (BSE). Cadila reduced its net debt by 40% from demand arises.

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Banks see revival HDFC Bank Cotton procurement Sebi raises MFs’foreign appoints begins,CCI hopes prices investment limit in loan growth but new CIO will improve in due course PRESS TRUST OF INDIA NANDAKASABE tion in moisture, said theintendedamountthatthey concerns linger Mumbai, November 5 Pune, November 5 Aggarwal. Mutual funds can plantoinvestinoverseassecu- There has been a record rities orETFs. NUPUR ANAND secured retail loans,”said the HDFCBANK THE COTTON CORPORA- carry over stock of around even make “Such limits disclosed in Mumbai, November 5 headofretailbankingatapub- ON Thurs- TION of India (CCI) has com- 107.5 lakh bales, but the CCI investments in schemedocumentswillbevalid lic sector bank,who asked not day said it menced procurement for the says 70 lakh bales of the total overseas ETFs subject foraperiodofsixmonthsfrom BANKS ARE loosening their to be identified as the lender has hired 2020-21seasonandisreadyto purchase of 115 lakh bales the date of closure of newfund purse strings and lending hasyet to report its results. Ramesh procurearound100lakhbales, were disposed and some 45 to a maximum of investments in overseas offer (NFO). Thereafter the more as pent-up demand sur- Theuptickspellsgoodnews Lakshmi- PKAggarwal,CMDofCCI,said. lakh bales remain. Prices are $200m per fund Exchange Traded Fund (ETFs) unutilisedlimit,ifany,shallnot faces in the festive season, for the Indian economy that narayanan He toldFE that procurement ruling belowMSPin most cot- subject to a maximum of $200 beavailabletothemutualfund though growth is still nearly had contracted by 23.9% in Ramesh as its next has commenced in the north ton-growing regions. millionperMF,withintheover- for investment in overseas half that seen lastyear. April-June, during a stringent Lakshminarayanan chief infor- zone from October 1 since the Aggarwalsaidcottonprices FE BUREAU all industry limit of $1 billion. securities or ETFs and shall be Several lenders including lockdowntostemthespreadof mation offi- season begins early in these are unlikely to remain under Mumbai, November 5 Currently, mutual funds can availabletowardstheunutilised State Bank of India, the coun- the pandemic. cer(CIO). regions.Around 8 lakh bales pressure for the entire season make overseas investments industry-widelimits,”saidSebi. try's largest lender, and HDFC “Afteracompletestandstill The appointment comes have so far been been pro- despite a high carryoverstock. The Securities and Exchange subject to a maximum of $300 For all ongoing schemes Bank, India's most valuable earlier, banks have now also nearly four months after the cured, he said. In the year-ago “Thereisagooddemandinthe BoardofIndia(Sebi)onThurs- millionpermutualfundwithan that invest or are allowed to bankbymarketcapitalisation, startedbuyingmoreretailloan resignation of then CIO Mun- period, the CCI had procured local and international mar- day enhanced the overseas aggregateceilingof$7billion. invest in overseas securities or saw demand for housing and securitisationpoolsfromnon- ish Mittal.This is also the first only24,000 bales. kets forCCI cotton and spin- investment limit for mutual Sebi in its circular said $50 ETFs,aninvestmentheadroom vehicle loans return to near banking financial companies major hiring the bank has Procurement has begun in ning mills are getting back to funds.Theregulatorinacircu- million would be reserved for of 20% of the average assets pre-pandemic levels in the to boost their portfolio which announcedunderitsnewchief Punjab, Haryana, Telangana, 90% capacity. There should lar said mutual funds can each MF individually,within under management (AUM) in quarterended September. has also helped credit growth executiveandmanagingdirec- Rajasthan and Madhya not be any further fall in make overseas investments, theoverallindustrylimitof$7 overseas securities or ETFs of “Nowthattheloanmorato- pick up,”said Anil Gupta, ana- torSashidharJagdishan. Pradesh.TheCCIhasbeensell- prices,”he said. subjecttoamaximumof$600 billion.Fundhouseslaunching the previous three calendar rium is over and we have a lyst at Icra. Lakshminarayanan joins ing new cotton at `41,500- Indian prices are in the million per mutual fund, new schemes,which intend to months would be available to clearer view about repay- Eventhoughretaildemand from rating agency Crisil, 42,000 percandy. range of 41,500 per candy, as within the overall industry invest in overseas securities or the mutual fund for that ments, we’re feeling more haspickedup,corporatecredit where he was serving as the In Maharashtra, procure- comparedto`45,000-46,000 limit of $7 billion. ETFs, shall ensure that the month to invest in overseas comfortable about lending demand continues to remain chieftechnologyandinforma- ment will commence from abroad,andthereisgoodscope Mutualfundscanevenmake scheme documents disclose securities orETFs. both on unsecured as well as sluggish. —REUTERS tion officer,HDFC Bank said. November10,thankstoreduc- forexports.

How manufacturing sector FMU!*W 6W!QR%WXS A% %R*+ 7*`\ -\!P $a`Va 1[ 9<9 Ia.&1 RK9I F& &Y-.C OIA A`QFT)N_N8A4,,Z=FO_TTT_) drives economic growth ;-(&[Y-\-. H O`\^`\1Y- `**&/- Q TU6 9&SY' K!``\6 =\&a/- Ia*`/&YP II6 A`# NZ>2> H NZ>2)6 ;1%&W J1a.'& 91!1& 7@D;C6 G1a.1a/'1W1.&6 O'-aa1&ET__ _,T6 IAMIU# undertakeintegratedmanufacturingof SUSHIM solarpanels. 5-0[&Y-Q VVV#-S^!-`[`!XY&`a[#/` " 8-!Q:,4 )) )>,N >N__ BANERJEE Thedefencesectorhasrightlyrevised I<=6 Institute of Steel agingthedomesticunitsatDRDO,DPSU 8Q.TR*T *X+*+ D.!( J*.T 8Q.TR*T *X+*+ Growth and andordnancefactoriesandbringingnec- Development *X+*+ essarychangesinBuy,BuyandMakeand 6"=W" 9.TR%,Q!.TS :V@6*U@HV :V@6*U@HV :V@6*U@/) Make-I,IIandIIIprovisions. DRDO has identified 108 military 43X.Q+%R*+> 43X.Q+%R*+> 43X.Q+%R*+> THE MANUFACTURING SECTOR has systems for domestic production of 4 8`Y1! Ia/` - *\` @^-\1Y&`a[ B>T#>_ 46),)#)N T?T#TT playedastellarroleingrowthanddevel- UAVs, mountain footbridge, modular opment of any industrialised country. bridge,armouredandanti-terroristvehi- N A-Y =\`*&Y 2 7F`[[C *`\ Y'- ^-\&`. 70-*`\- 81S6 LS/-^Y&`a1! Theemerginganddevelopingcountries cle,navigationradarsandotheritems. &Y- [C 4B4#_Z >T)#N4 4N)#Z4 place manufacturing at the driver’s seat The realisation of export targets > A-Y =\`*&Y 2 7F`[[C *`\ Y'- ^-\&`. 0-*`\- 81S 71*Y-\ intheirjourneyofeconomicgrowth. wouldalwaysenablethedomesticman- The share of manufacturing in GDP genising domestic manufacturing of ufacturerstoexploreparticipationinthe LS/-^Y&`a1! &Y- [C 4B4#_Z >T)#N4 4N)#Z4 is therefore a basic indicator of the sig- the items requires a definite time- Global Value Chain and minimise the ) A-Y =\`*&Y2 7F`[[C *`\ Y'- ^-\&`. 1*Y-\ Y1S 71*Y-\ LS/-^Y&`a1! nificance of the sector in a country’s boundpolicywithnecessarynurturing threat of economyof scale issues forthe economy. bythegovernmentintheinitialphases. newunitssetuptoreplaceimports. &Y- [C 4N?#Z? NTZ#)) Z,#?_ Also,the traditional stages of devel- Notwithstanding the sincere efforts A list of 101 defence items is facing ? 8`Y1! O` ^\-'-a[&W- Ia/` - *`\ Y'- =-\&`. +/` ^\&[&a( opment of any country from primary put in by domestic steel manufactur- import ban, of which 69 are to stop =\`*&Y *`\ Y'- ^-\&`. 1*Y-\ Y1S 1a. sector to secondary and then to tertiary ers,anumberofcriticalsteelitemscon- importsbyDecember'20. sector determine the different stages of tinuetobeimported.Theseincludecas- It is gratifying to note that Indian @Y'-\ O` ^\-'-a[&W- 7Ia/` - 1*Y-\ Y1SC3 4NZ#4, NT,#?) Z>#Z4 growth of manufacturing from low to ing and line pipes conforming to manufacturers are developing head- T L]X&YP 9'1\- O1^&Y1! 4_N#?N 4_N#?N 4_N#?N peak and then sliding down,although API=>X 70 for high- premium thread hardenedrails(JSPLandSAIL),whilehigh there remains variations in the growth casing pipesandaccessories,premium value grades R-260/350 and R-1080 B ;-[-\W-[ 7-S/!X.&a( ;-W1!X1Y&`a ;-[-\W-[C 1[ ['`Va &a Y'- trajectory as the development process connection tubing with attachments gradesrailshavebeendevelopedforhigh UX.&Y-. R1!1a/- 9'--Y `* Y'- ^\-W&`X[ P-1\ E 46)4,#?_ E may pursue different routes for eco- and crossoverof sizes 16 orlower. speedandheavyrails. Z L1\a&a([ ^-\ L]X&YP 9'1\- 7K1/- W1!X- `* ;[#4_2E -1/'C 7*`\ nomicprogressofindividualcountry. These pipes, needed for oil drilling Recently,the Department of Heavy In the recent period,manufacturing operations,are regular requirement by Industryhas increased local content for /`aY&aX&a( `^-\1Y&`a[C holds a share of 14% in India's GDP.For theoilsector.Thereisalsoirregularavail- public procurement of automobiles E R1[&/ 7;[#C 4N#NB NT#4Z Z#?? advanced and developed nations like abilityofAPIgradesHRC/Platesespecially based on IC Engines (passenger cars, Germany,theUS,SouthKoreaandJapan, in grades>=X 70 grade in the domestic commercial vehicles, two- and three- E M&!XY-. 7;[#C 4N#NB NT#4Z Z#?? the comparable figures are 19%,11%, market.Other steel items regularly get- wheelers) for class-1 local suppliers to 25% and 21%,respectively.For emerg- ting imported belong toAHSS grades of 65% and for automobile components =WR*K inganddevelopingcountrieslikeChina, CRsheets/coilsforautosector,CRGOsteel (brake linings and pads,helical springs, 4 8'- 10`W- &[ 1a -SY\1/Y `* Y'- .-Y1&!-. *`\ 1Y `* > `* Y'- 9LRI 7F&[Y&a( @0!&(1Y&`a[ 1a. M&[/!`[X\- ;-]X&\- -aY[C ;-(X!1Y&`a[6 N_4?# 8'- *X!! *`\ 1Y `* respondingfiguresare27%,19%,20%, sionplates,SSHR/CRwidth>1250mm, horns, safety seat belts, radiators and Y'- 43X.Q+%R*+> 43X.Q+%R*+> thrustonproductdevelopmentbyiniti- siliconmanufacturingplanttobeableto (Viewsexpressedarepersonal) ating new technologies,new processes A-Y 91!-[ 2 Ia/` - *\` @^-\1Y&`a[ B>T#>_ 46),)#)N T?T#TT for a large group of manufacturers, =\`*&Y2 7F`[[C *\` `\.&a1\P 1/Y&W&Y&-[ 0-*`\- Y1S 4T>#_> >)>#BZ 44N#T_ instead,pavedthewayforthesimpletask ofassemblingtheproductsfromthekey A-Y =\`*&Y2 7F`[[C *\` `\.&a1\P 1/Y&W&Y&-[ 1*Y-\ Y1S 44,#_? N?_#>Z BZ#NZ componentsimportedfromabroad. 8`Y1! O` ^\-'-a[&W- Ia/` - *`\ Y'- ^-\&`. 4N4#T4 N?4#ZN B>#TZ Technology transfer suffered as well as the initiatives required to pursue the multinationalstosetupmanufacturing LJ WT+*T W( R&* LW.T+ bases in India.It is a fact that the appro- EWT FMU!*W 6W!QR%WXS A% %R*+ priate policy incentives for technology 4(WT *T!J #XWOX .S 686 CX+%. LE6C AR+> transfer and setting up of new facilities werenotavailableasexemplifiedbydif- ficultiesofdoingbusinessinIndia.Inthis context,thecallfor'AtmanirbharBharat', 9!.,*K L*X'.!QTQ L.!.$% 2%SO.X.R&.X 'MakeinIndia','VocalforLocal'appearto setthetone,strikingtherightchord. G.R*K =WP* -*T ;1 HVHV ?.X.'%X' G%T*,RWT B IF< It must, however, be appreciated that replacement of imports by indi- SUMITOMO CHEMICAL INDIA LIMITED (CIN: U24110MH2000PLC124224) Regd. Of�ce: Building No. 1, Ground Floor, Shant Manor CHS Ltd., Chakravarti Ashok ‘X’ Road, Kandivli (East), Mumbai - 400 101 EXTRACT OF STANDALONE AND CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30th SEPTEMBER, 2020 (` in million) Nippon Life India Asset Management Limited Standalone Consolidated (formerly known as Reliance Nippon Life Asset Management Limited) Sr. Particulars For the Quarter For the Half For the Quarter For the Quarter For the Half For the Quarter (CIN - L65910MH1995PLC220793) No. Ended 30th Year Ended 30th Ended 30th Ended 30th Year Ended 30th Ended 30th Registered O�ce: 4th Floor, Tower A, Peninsula Business Park, September, 2020 September, 2020 September, 2019 September, 2020 September, 2020 September, 2019 Ganapatrao Kadam Marg, Lower Parel (W), Mumbai - 400 013. 1 Total income from operations (net) 9,026.98 15,486.75 8,288.45 9,020.13 15,497.08 8,295.69 Tel No. +91 22 6808 7000 • Fax No. +91 22 6808 7097 • www.nipponindiamf.com Net Pro�t for the period (before Tax, Exceptional 2 2,127.96 3,207.36 1,534.33 2,120.59 3,209.72 1,533.01 NOTICE CUM ADDENDUM NO. 80 and/or Extraordinary items) Net Pro�t for the period before Tax (after Extension of New Fund O�er (NFO) of Nippon India Fixed Horizon Fund - XLII - Series 7 3 2,127.96 3,207.36 1,495.93 2,120.59 3,209.72 1,494.61 Exceptional and/or Extraordinary items) Notice is hereby given that Nippon India Mutual Fund (“NIMF”)/Nippon Life India Asset Net Pro�t for the period after Tax (after Exceptional Management Limited (“NAM India”) has decided to extend the closing date of New Fund 4 1,581.35 2,367.03 1,278.80 1,577.60 2,371.61 1,277.48 O�er (“NFO”) of Nippon India Fixed Horizon Fund - XLII - Series 7 from November 09, 2020 and/or Extraordinary items) to November 18, 2020. Total Comprehensive Income for the period All other terms and conditions as mentioned in the Scheme Information Document (“SID”) 5 [Comprising Pro�t for the period (after tax) and 1,567.66 2,343.57 1,271.31 1,565.04 2,353.15 1,269.17 / Key Information Memorandum (“KIM”) of the said scheme shall remain unchanged. Other Comprehensive Income (after tax)] Paid up Equity Share Capital (Face value`10/- per Investors are requested to take note of the above. 6 4,991.46 4,991.46 2,745.88 4,991.46 4,991.46 2,745.88 This addendum forms an integral part of the SID and KIM of the aforesaid Scheme of NIMF, Equity Share) read with the addenda issued from time to time 7 Shares pending issuance 2,245.58 2,245.58 Basic and Diluted Earnings per share of`10/- each For NIPPON LIFE INDIA ASSET MANAGEMENT LIMITED 8 3.17 4.74 2.56* 3.16 4.75 2.56 * (formerly known as Reliance Nippon Life Asset Management Limited) [not annualised] (`) (Asset Management Company for Nippon India Mutual Fund) * Calculated on Equity Shares including shares pending issuance Mumbai Sd/- Note: The above is an extract of the detailed format of Quarterly Unaudited Financial Results�led with the Stock Exchanges under Regulation 33 of the SEBI (Listing Obligations and November 05, 2020 Authorised Signatory Disclosure Requirements) Regulations, 2015. The full format of the Quarterly Unaudited Financial Results are available on the Company’s website at www.sumichem.co.in and also on the websites of the Stock Exchanges at www.nseindia.com and www.bseindia.com Make even idle money work! Invest in Mutual Funds For and on behalf of Sumitomo Chemical India Limited Chetan Shah Mutual Fund investments are subject to market risks, Place: Mumbai (Managing Director) read all scheme related documents carefully. Date: 05th November, 2020 DIN: 00488127

Pune FRIDAY, NOVEMBER 6, 2020 WWW.FINANCIALEXPRESS.COM 12 FINANCIAL EXPRESS

Amrutanjan Health Care Limited CIN: L24231TN1936PLC000017 Regd. Office: No103 (Old No.42-45), Luz Church Road, Mylapore, Chennai 600 004 Tel : 044-2499 4465 Fax 044-2499 4585 Website : www.amrutanjan.com NOTICE Notice is hereby given that pursuant to Regulation 47(1)(a) read with Regulation 29 of the SEBI (Listing Obligation & Disclosure Requirements) Regulations, 2015, a meeting of the Board of Directors of the Company is scheduled to be held on Thursday, November 12, 2020 to consider, approve and take on record, inter-alia, the Un-audited Financial Results of the Company for the Quarter and half year ended September 30,2020. The above information is also available on the Company’s website at www.amrutanjan.com and also can be accessed on the website of National Stock Exchange, www.nseindia.com, where the shares of the Company are listed. For AMRUTANJAN HEALTH CARE LIMITED Sd/- Place : Chennai (M. Srinivasan) Date : November 05,2020 Company Secretary & Compliance Officer

THEORISSAMINERALS DEVELOPMENT COMPANY LIMITED (A GOVT. OF INDIA ENTERPRISE) REGD OFF. PLOT NO. 271, GROUND FLOOR, BIDYUT MARG, SHASTRI NAGAR, UNIT-IV, BHUBANESWAR, ODISHA - 751001 CIN: L51430OR1918034390 NOTICE Notice is hereby given that pursuant to Regulation 47 of SEBI (LODR) Regulations 2015, a meeting of the Board of Directors of the company is scheduled to be held on Thursday 12th November, 2020 inter alia to consider, approve and take on record the un-audited Financial Results of the Company for the quarter ended 30th September, 2020 of The Orissa Minerals Development Company Limited. NIVITRADINGLIMITED For The Orissa Minerals Regd.Office:c/o United Phosphorus Ltd.,Readymoney Terrace, 4th floor, Development Company 167,Dr.A.B.Road,Worli Naka, Mumbai-400018 Limited, Sd/- (A. Singh) Tel. No. 61233500 Fax No. 26487523,Email Id: [email protected],Website:www.nivionline.com CIN: L99999MH1985PLC036391 Place: Company Secretary Bhubanewsar Unaudited Financial Results for the quarter/six months ended 30/09/2020 Dated: 05.11.2020 (Rs. In lakhs) Quarter Quarter Quarter Six months Six months Year PARTICULARS ended ended ended ended ended ended 30/09/2020 30/06/2020 30/09/2019 30/09/2020 30/09/2019 31/03/2020 Unaudited Unaudited Unaudited Unaudited Unaudited Audited Total income from operations 1.76 1.62 (0.11) 3.38 2.65 6.70 Net Profit/(loss) for the period before tax and exceptionalitems 1.30 (1.74) (0.34) (0.44) (1.20) (5.38) Net Profit/(loss) for the period after tax 0.92 0.16 (0.34) 1.08 (1.50) (5.55) TotalComprehensive Income for the period {Comprising profit for the period (after tax) and OtherComprehensive income (after tax)} 0.72 1.08 (1.18) 1.80 (4.62) (12.62) EquityShareCapital 124.56 124.56 124.56 124.56 124.56 124.56 Other Equity EarningsPerShare (of Rs 10/- each) Basicanddiluted (Rs. Per share) (notannualised) 0.07 0.01 (0.03) 0.09 (0.12) (0.45) 1. TheaboveisanextractofthedetailedformatofUnauditedFinancialResultsfiledwiththeStockExchangesunder Regulation33oftheSEBI(ListingObligationsandDisclosureRequirements)Regulations,2015.Thefullformatof theQuarterlyandHalfyearlyFinancialResultsareavailableonthewebsiteoftheCompanyatwww.nivionline.com and may also be accessed on the website of the Stock Exchange, i.e. BSE Limited (BSE) at www.bseindia.com, KINGS INFRA VENTURES LIMITED where the equity shares of the Company are listed. Note: The above unaudited financial results were reviewed by the Audit Committee and thereafter approved at the (CIN: L05000KL1987PLC004913) meeting of the Board of Directors held on 5th November, 2020. Regd. Office: 14 B, 14th Floor, The Atria, Opp. FOR NIVI TRADING LIMITED Sd/- Gurudwara Temple, Thevara, Ernakulam - 682 015. Place : Mumbai Sandra R. Shroff Tel: 8129511400 Date : 5th November, 2020 Managing Director Email: [email protected] Web: www.kingsinfra.com DIN - 00189012 NOTICE Pursuant to Regula�on 29 read LORDS ISHWAR HOTELS LIMITED with Regula�on 47 of the SEBI (Lis�ng Obliga�ons &Disclosure Reg. Off: Hotel Revival, Near Sayaji Garden, Kalaghoda Chowk,University Road, Baroda, Requirements) Regula�ons, 2015, Gujarat 390002. Tel: 0265 2793545, Fax: 0265 2792028, CIN: L55100GJ1985PLC008264, no�ce is hereby given that a E-mail: [email protected], Website: www.lordsishwar.com mee�ng of the Board of Directors Extract of Statement of Standalone Unaudited Financial Results of the Company will be held for the Quarter and Half year ended 30th September, 2020 through video conferencing on Rs. in Lac Thursday, 12th November 2020 at 11.00 a.m. inter-alia to consider Quarter Half Year Quarter and approve Unaudited Financial ended ended ended Particulars Results and Limited Review 30.09.2020 30.09.2020 30.09.2019 Report for the quarter and half (Unaudited) (Unaudited) (Unaudited) year ended 30th September 2020, at 14 B, 14th Floor, The Atria, Total income from operations 80.49 104.42 144.37 Opp. Gurudwara Temple, Thevara, Net Profit /(Loss) for the period (before Tax, (7.45) (39.80) (4.78) PREMIER POLYFILM LTD. Ernakulam - 682 015. Exceptional and/or Extraordinary items) Further details can be viewed on Net Profit /(Loss) for the period before Tax (7.45) (39.80) (4.78) Registered Office : 305, Elite House, 36, Community Centre, the website of the Company, Kailash Colony Extension, Zamroodpur, New Delhi 110048 www.kingsinfra.com as well as on (after Exceptional and/or Extraordinary items) www.bseindia.com Net Profit /(Loss) for the period after tax (1.32) (42.34) (7.70) CIN: L25209DL1992PLC049590, Telephone: 011-29246481 By Order of Board (after Exceptional and/or Extraordinary items) compliance.offi[email protected] Website: www.premierpoly.com For Kings Infra Ventures Limited Total comprehensive Income for the period (1.32) (42.34) (7.70) NOTICE Ajithlal (Sd/-) [comprising Profit/(Loss) for the period (after tax) Place: Kochi Company Secretary & 1. Notice is hereby given that the Twenty Eighth Annual General Meeting (AGM) Date: 05.11.2020 r and other Comprehensive Income (after tax)] of the Members of Premier Polyfilm Ltd. will be held at Shah Auditorium, 2, Raj Equity Share Capital 747.00 747.00 747.00 Niwas Marg, Civil Lines, New Delhi 110054 on Tuesday, the 01st December, Reserves (excluding Revaluation Reserve - - - 2020 at 11.30 A.M. to transact the business as mentioned in the Notice as shown in the Balance Sheet of previous year) dated 27-06-2020 convening AGM. Earnings per equity share (of Rs.10/- each) (for 2. M/s Beetal Financial & Computer Services Pvt Ltd., the Registrar and Share continuing and discontinued operations) Transfer Agent of the company, has sent the Annual Report along with Audited 1. Basic: (0.02) (0.57) (0.10) Balance Sheet as at March 31st ,2020, Audited Profit & Loss Statement, Schedules to Accounts, Cash Flow Statement for the year ending 31st March, 2. Diluted: (0.02) (0.57) (0.10) 2020 together with Directors' and Auditors' Report for the Financial year Note: The above is an Extract of the detailed format of Financial Results for the 2019-2020 and also the Notice of AGM by e-mail to those Members whose quarter and Half year ended on 30th September, 2020 filed with Stock Exchanges under e-mail addresses are registered with the Company/Depositories and RTA of Regulation 33 of the SEBI (Listing Obligations and Disclosures Requirements) the Company as on 30th October,2020. Regulations, 2015. The full Format of the said results is available on the stock Exchange 3. The Notice of AGM of the Company interalia indicating the process and website, www.bseindia.com & on the Company’s Website viz. www.lordsishwar.com manner of remote e-voting along with printed attendance slip and proxy Form can be downloaded from the Company's website www.premierpoly.com For LORDS ISHWAR HOTELS LIMITED or the same can be obtained by sending a request though e-mail to Sd/- compliance.offi[email protected] or from the registered office of the Place : Mumbai PUSHPENDRA BANSAL Company at 305, Elite House, 36, Community Centre, Kailash Colony Date : 5th November, 2020 Managing Director (DIN: 00086343) Extension, Zamroodpur, New Delhi 110048. 4. In compliance with the provisions of Section 108 of the Companies Act,2013 read with the relevant Rules thereunder and Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,2015 the Company is pleased to provide to its Members, facility to exercise their right to vote at the Twenty Eighth AGM by electronic voting system from a place other than the venue of the AGM (“remote e-voting”) and the business to be transacted at the aforesaid AGM may be transacted through remote e-voting services provided by the Central Depository Services (India) Limited (CDSL), Remote e-voting is optional. 5. The Cut-off date for determining the eligibility of the members to vote by e-voting or voting is 24th November,2020. 6. The remote e-voting period will commence on 28th November,2020 from 9.00 A.M. and will end on 30th November,2020 at 5.00 P.M. The remote e-voting shall not be allowed beyond the said date and time. 7. Any person, who acquires shares of the Company and becomes Member of the Company after despatch of the Notice and holding shares as on the cut-off date i.e. 24th November,2020 may follow the same procedure for remote e-voting as mentioned in the Notice of AGM. However, if the Member is already registered with CDSL for remote e-voting, then he/she can use his existing Login ID/User ID and for casting the vote through remote e-voting. Detailed procedure for obtaining Login ID/User ID and password is also provided in the Notice of AGM which is available on the Company's Website i.e. www.premierpoly.com and also on the website of CDSL e-Voting at www.evotingindia.com. 8. The facility for voting through ballot/polling paper shall also be made available at the AGM to those members who have not already cast their vote by remote e-voting and are present at the AGM. The Members who have already cast their vote by remote e-voting prior to the AGM, may also attend the AGM, but shall not be entitled to vote again at the AGM. 9. Any grievances in respect of remote e-voting may be addressed to Shri Rakesh Dalvi, Manager,CDSL, “A” Wing,25th Floor, Marathon Futurex, Mafatlal Mill Compounds, N M Joshi Marg, Lower Parel (E), Mumbai 400013; Phone number 1800225533 or write an email to [email protected] with a copy to the undersigned at compliance.offi[email protected] for prompt attention. 10.Book Closure : Pursuant to Section 91 of the Companies Act, 2013 read with Rules thereunder and Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,2015, the Register of Members & Share Transfer Books of the company will remain closed from 24-11-2020 to 01-12-2020 (both days inclusive) for the purpose of Annual General Meeting. BY ORDER OF THE BOARD, For PREMIER POLYFILM LTD. Place: New Delhi Sd/- Date: 05.11.2020 COMPANY SECRETARY

Pune FRIDAY, NOVEMBER 6, 2020 13 FINANCIAL EXPRESS WWW.FINANCIALEXPRESS.COM

GOVERNMENT OF TAMILNADU PUBLIC WORKS DEPARTMENT BUILDINGS (C&M) CIRCLE, COIMBATORE -1. TENDER DATE EXTENSION NOTIFICATION Lr. No. DB/DO.2/F. Tender Notice /2020-2021 / Dt.05.11.2020. Due to unavoidable administrative reasons, following amendment is hereby issued for extending the receipt of Tender date for Notice No.26 to this office Tender Notice called for in the Tender Notice NIT.26/BC/C&M/CBE/2020-2021dated : 02.11.2020. For Read Date availability of TenderDocuments Upto 19.11.2020 Upto 10.12.2020 Last date of receipt of Tender 20.11.2020 upto 3.00 p.m. 11.12.2020 upto 3.00 p.m. Date of Opening of Tender 20.11.2020 at 3.30 p.m. 11.12.2020 at 3.30 p.m. Other Conditions remain unaltered. Superintending Engineer, PWD, DIPR / 4157 / TENDER / 2020 Buildings (C&M) Circle, Coimbatore.

ABB India Limited CIN: L32202KA1949PLC032923 Registered Office: 21st Floor, World Trade Center, Brigade Gateway, No.26/1, Dr. Rajkumar Road, Malleshwaram West, Bengaluru – 560 055 Phone: +91 (80) 2294 9150 - 2294 9153; Fax: +91 (80) 2294 9148 Website: www.abb.co.in E-mail: [email protected] Extract of unaudited results for the quarter and nine months ended 30/09/2020

(` in crores)

Particulars Quarter Nine months Quarter ended ended 30/09/2020 ended 30/09/2020 30/09/2019 1 Total income from operations 1,612.17 4,120.19 1,745.62 2 Net Profit / (Loss) for the period (before Tax, Exceptional and / or Extraordinary items) 113.96 165.19 112.69 3 Net Profit / (Loss) for the period before Tax (after Exceptional and / or Extraordinary items) 113.96 223.98 112.69 4 Net Profit / (Loss) for the period after Tax (after Exceptional and / or Extraordinary items) 85.49 168.24 78.81 5 Total Comprehensive Income for the period [Comprising Profit / (Loss) for the period (after tax) and Other Comprehensive Income (after tax)] 83.53 150.88 66.01 6 Equity Share Capital (Face value per share` 2/- each) 42.38 42.38 42.38 7 Earnings per share (of` 2/- each) (for continuing operations) 1. Basic 4.03 7.94 3.72 2. Diluted 4.03 7.94 3.72 8 Earnings per share (of` 2/- each) (for discontinued operations) 1. Basic (0.22) (0.31) - 2. Diluted (0.22) (0.31) -

Notes: 1. The above is an extract of the detailed format of Quarterly Financial Results filed with the Stock Exchanges under Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The full format of the Quarterly Financial Results are available on the Stock Exchange websites: www.nseindia.com and www.bseindia. com and company’s website: www.abb.co.in. For ABB India Limited

Sd/- Sanjeev Sharma Bengaluru Managing Director November 05, 2020 DIN: 07362344 INOX LEISURE LIMITED Registered Office: ABS Towers, Old Padra Road,Vadodara 390 007, Gujarat. Tel: (91 265) 6198111 | Fax: (91 265) 2310312 Email: [email protected]|Website: www.inoxmovies.com CIN: L92199GJ1999PLC044045 EXTRACT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30�� SEPTEMBER, 2020

(Rs. in Lakhs) Sr. Quarter ended Half year ended Quarter ended Particulars No. 30-09-2020 30-09-2020 30-09-2019 1 Total Income from operations 36 61 51,994 2 Net Pro�it/(loss) for the period before tax (Before exceptional Items) (9,063) (18,855) 5,343 3 Net Pro�it/(loss) for the period before tax (9,063) (18,855) (After exceptional Items) 5,343

4 Net Pro�it/(loss) for the Period after tax (6,783) (After exceptional Items) (14,147) 3,513 5 Total Comprehensive Income for the period (Comprising pro�it/(loss) for the (6,726) (14,045) 3,514 period after tax and Other Comprehensive Income after tax) 6 Paid-up equity share capital 10,268 10,268 10,264 (face value Rs. 10 per share) 7 Earnings/(loss) per share (face value of Rs.10/- each) a) Basic (Rs.) (6.74)* (14.23)* 3.57* b) Diluted (Rs.) (6.74)* (14.23)* 3.57* (*) Not annualized Notes: 1. The above results were reviewed by the Audit Committee and were thereafter approved by the Board of Directors at its meeting held on 5�� November 2020. The Statutory auditors of the Company have carried out Limited Review of the above results and have issued unmodi�ied review report. 2. The above results are an extract of the detailed format of Quarterly Financial Results�iled with the stock exchanges under Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The full format of the unaudited quarterly standalone and consolidated Financial Results are available on the Stock Exchanges' website (www.bseindia.com and www.nseindia.com)and on the Company's website (www.inoxmovies.com). 3. Information on Standalone Financial Results : (Rs. in Lakhs) Sr. Quarter ended Half year ended Quarter ended Particulars No. 30-09-2020 30-09-2020 30-09-2019 1 Total income from operations 36 61 51,994 2 Net Pro�it/(loss) for the period before tax (After exceptional Items) (9,063) (18,856) 5,342 3 Net Pro�it/(loss) for the Period after tax (6,783) (14,148) (After exceptional Items) 3,513

On behalf of the Board of Directors For INOX Leisure Limited

Place : Mumbai Siddharth Jain Date : 5�� November, 2020 Director

Pune FRIDAY, NOVEMBER 6, 2020 14 FINANCIAL EXPRESS FINANCIAL EXPRESS

YAMINI INVESTMENTS COMPANY LIMITED CIN : L67120MH1983PLC029133 Regd. Office : E-210, Crystal Plaza, New Link Road, Opp. Infinity mall, Andheri (West), Mumbai, Maharashtra-400053. Website : www.yaminiinvestments.com E-mail : [email protected] NOTICE From the Pursuant to Regulation 47(1)(a) of the SEBI (Listing and Disclosures Requirement) Regulations, 2015 Notice is Front Page hereby given that the Board Meeting of the Company will be held on Thursday, 12th Nov., 2020 at the Registered Office at E-210, Crystal Plaza, New Link Road, Opp. Infinity mall, Andheri (West), Mumbai -400 053 to consider and approve the Un-audited Financial Results for the Quarter DoT’s appeal: ended 30th Sep., 2020 along with Limited Review Report. ForYamini Investments Company Limited SC refuses to Sd/- Vandana Agarwal Place: Mumbai Whole Time Director stayTDSAT’s Date: 05.11.2020 DIN - 02347593 order on OTSC THE DOT,IN its appeal,has stated that the government’s policies in the fast changing telecom and technology sec- tors are adopted and tailored from time to time based upon the circumstances and these policieswere sometime recommended by an inde- pendent and specialised reg- ulatory body Trai after open house consultations with stakeholders. After the TDSAT’s decision last year, the burden of OTSC for operators like Bharti Airtel and Vodafone Idea had come downbymorethan60%. DoT had levied the OTSC retrospectively from July 1, Regd. Office: 410-412, 18/12, 4th Floor, W.E.A, Arya 2008,when a decision to this Samaj Road, Karol Bagh, New Delhi-110005 effectwastakenbythegovern- Corp. Office: 716-717, 7th Floor, Tower- B, World Trade Tower,Sector-16, Noida, U.P.-201301 ment, and raised a total (CIN: L74899DL1992PLC051462; demand of around `25,000 Tel: 0120-4290650; Email: info@cslfinance.in; Web: www.cslfinance.in) crore on nine telcos in 2013 NOTICE for spectrum held beyond Pursuant to the Regulation 29 read with Regulation 47 of SEBI (Listing Obligations and Disclosure Requirements) 6.2MHz. Regulations, 2015, Notice is hereby given that the Vodafone Idea had moved meeting of the Board of Directors of the Company will be held on Thursday, 12th November, 2020, at the corporate the tribunal against the gov- office of the company i.e. 716-717, 7th Floor, Tower B, ernment forraising a demand World Trade Tower, Sector 16, Noida, U.P. – 201301, at 12.30 p.m. inter-alia to consider and approve the for`3,599.4croreastheOSTC. Unaudited Financial Results of the Company for the quarter&halfyearended30.09.2020. The decision to levy OTSC The said notice is also available on the website of the was taken by the United Pro- Company i.e. www.cslfinance.in and on the website of Stock Exchange i.e. www.bseindia.com. gressive Alliance government in the wake of the Supreme Date : 05.11.2020 Court in February 2012 can- Place : New Delhi celling 122 telecom 2G licencesgivenbythethentele- comministerARaja. While the SC cancelled the licences, it raised a furore as theseweregivenat2001rates of`1,658crore. The Union Cabinet then RICH UNIVERSE NETWORK LIMITED decidedtochargeforspectrum given to the operators beyond (Formerly Known as Rich Capital & Financial Services Limited) nd the contracted amount Regd. Office: 7/125, (C-2), 2 Floor, Swaroop Nagar, Kanpur- 208002 throughadministrativeorders. Phones: 0512-3391881 • Tele Fax : 0512-2540293, CIN: L51100UP1990PLC012089 On why retrospective E-mail: [email protected] •[email protected]• website: richuninet.com demand is unsustainable,the STATEMENT OF STANDALONE UN-AUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED TDSAThad explained,“Keep- 30TH SEPTEMBER, 2020 ing in view the requirement (Rs. in Lacs) of natural justice,levy of any Preceding Corresponding Year to date Year to date Previous such demand has to be Three three three months figures for figures for the Financial accompanied with an option Sl. Particulars months months ended in the the current previous Year to surrender the allotted No. ended ended previous year period ended period ended ended spectrum. 30/09/2020 30/06/2020 30/09/2019 30/09/2020 30/09/2019 31/03/2020 Un-audited Un-audited Un-audited Un-audited Un-audited Audited However,wenoticethatthe 1 Total Income from operations (net) 784.79 3.39 18.63 785.13 39.09 80.85 demandnoticeisgivenin2012 to be effective from 2008,but 2 Net Profit / (Loss) for the period 25.60 (5.68) (5.99) 19.92 (10.88) (53.11) option to surrender is from (before Tax, Exceptional and /or 2012andnotfrom2008. Extraordinary items) Exercising the choice of 3 Net Profit / (Loss) for the period before 25.60 (5.68) (5.99) 19.92 (10.88) (53.11) surrender with effect from Tax (after Exceptional and /or 2008 actually will be an Extraordinary items) impossibility,since no notice 4 Net Profit / (Loss) for the period after 25.60 (5.68) (5.99) 19.92 (10.88) (53.11) forchargingOTSCwasgivento Tax (after Exceptional and /or thepetitionerin2008. Extraordinary items) Therefore, retrospectivity 5 Total Comprehensive Income for the 25.60 (5.68) (5.99) 19.92 (10.88) (53.11) of demand in this case cannot period [Comprising Net Profit / (Loss) beheldtobesustainable. for the period (after tax) and Other However, levy of such Comprehensive Income (after tax)] demand prospectively suffers 6 Equity Share Capital 725.28 725.28 725.28 725.28 725.28 725.28 nosuchinfirmity”. 7 Reserves (excluding Revaluation - -- - - (20.34) ����� ����������� ������� Reserve) as shown in the Audited Covid: Cases in ������������������������� Balance Sheet) Kolkata rising ����� ������� ���� ���� ��������� ����� ����������� ��� 8 Earnings per share (Face Value ��� �� ����� ����� �������� Rs. 10/- each) (for continuing and despite muted discontinuing operations): ������� ������������������������� (a) Basic 0.35 0.00 0.00 0.27 0.00 0.00 Durga Puja �������� ������������������������ (b) Diluted 0.35 0.00 0.00 0.27 0.00 0.00 ������ ����� �������������� ���� ����� ������������� Note : celebrations ������� �� ��������� ������������ ��������� ������� ��� 1. The above financial results have been reviewed by the Audit Committee and taken on record by the Board of Directors of INTHE FIRSTweek of Octo- ��� ����� ��� ��� ������ ����� ���� ���������� ���� the Company at their meeting held on 05.11.2020 and the Statutory Auditor of the Company has issued their Limited ber, Kolkata was averaging 670 cases daily and had Review Report on the same. �� �� ������� added only4,126 cases. 2. The above is an extract of the detailed format of Quarterly Financial Results filed with the Bombay Stock Exchange under ������������ Rising cases and a spurt Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements, 2015. ����� ��� ����� in active cases are also the ����������� ������ ������ ������ The full format of the Quarterly and Half Yearly Financial Results are available on the Bombay Stock Exchange website reasons that hospitalisations ����� ����� ����� (www.bseindia.com) and on the Company's website (www.richuninet.com). in the cityhad increased. ���������� ���������� ���������� For Rich Universe Network Limited An FE analysis on October 26,had shown that in gov- �� ����������� ���� ���������� ����� ������� ������� ������� Sd/- (Shashwat Agarwal) ernment hospitals occu- �� ��� ������ ������ ������ ����������� ����� ������ ������ ������ Date : 05.11.2020 Chairman & Managing Director pancy had gone up from �� ��� ������ ������ �������� ����������� ����� ������ ������ ������ Place : Kanpur DIN: 00122799 63.4% to 77%. �� ��� ������ ����� ��� ������ ������ ����� �� ������������������ ������ ��� ��� ������ ����������� ������ ��� ��� ������ ����� ��� ��� ����� ������������� ������ ������ ����� ������ ����� ���� �� ������� ������ ����� ������� ����� ����� ����� ����� ������ ���� ��� ������ �� �������� ��� ����� �� ���������� ������� ����� �� ������� ������� ������� �������� ����� ��� �� ����������� ��� �� ����������� ��� �� ����������� �� ����� ��� ������� �������� ��� ����� ��� ��� ������ ��� ����� ����� �����

����� � �� ��� ��� ����� ������� ���� �������� �� ��� ����� ��������� �� ��� ��������� ���� ��� �������� �� ��� ����� �� ��������� �� ��� ������� �� ��� ������� ���� �� ��� ��������� �������� ����� ������� ���� ���� �������� �� ��� ����������������� �� ��� �������� �� ��� ���������� ��������� ������������ �� �� ������� ����� ��� ����� ������ ������ ������ ����������� ����� ����� ����� ���������� ���������� ���������� ����������� ������� ������� ������� ��� ������ ������ ��� ������ ������ ����� ��� ������ ����� ��� ����� ������ �����

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Pune WWW.FINANCIALEXPRESS.COM FRIDAY, NOVEMBER 6, 2020 FINANCIAL EXPRESS 15

Entertainment Network (India) Limited Registered Office: 4th Floor, A-Wing, Matulya Centre, Senapati Bapat Marg, Lower Parel (West), Mumbai 400 013. Tel: 022 6662 0600. Fax: 022 6661 5030. E-mail: [email protected]. Website: www.enil.co.in Corporate Identity Number: L92140MH1999PLC120516

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2020 (` in Lakhs) Standalone Consolidated 3 Months 3 Months 3 Months 6 Months 6 Months Year 3 Months 3 Months 3 Months 6 Months 6 Months Year ended ended ended ended ended ended ended ended ended ended ended ended 30.09.2020 30.06.2020 30.09.2019 30.09.2020 30.09.2019 31.03.2020 30.09.2020 30.06.2020 30.09.2019 30.09.2020 30.09.2019 31.03.2020 (Unaudited)(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) (Unaudited)(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) 4,703.59 3,626.51 11,391.44 8,330.10 24,548.72 54,059.28 1 Total Revenue from Operations 4,837.07 3,773.44 11,556.19 8,610.51 24,797.92 54,814.36 (3,161.47) (4,881.73) 149.91 (8,043.20) 894.36 1,880.80 2 Profit/(Loss) before exceptional items and tax (3,263.85) (5,009.09) 46.93 (8,272.94) 696.02 1,508.05 (3,161.47) (4,881.73) 149.91 (8,043.20) 894.36 1,880.80 3 Profit/(Loss) before tax (3,263.85) (5,009.09) 46.93 (8,272.94) 696.02 1,508.05 (2,371.84) (3,660.89) 124.28 (6,032.73) 607.28 1,455.76 4 Net Profit/(loss) for the period (2,475.43) (3,790.76) 19.05 (6,266.19) 404.21 1,071.21 (2,371.46) (3,672.38) 106.80 (6,043.84) 578.22 1,449.05 5 Total other comprehensive income / (loss) (2,476.22) (3,801.02) 0.60 (6,277.24) 374.39 1,078.75 4,767.04 4,767.04 4,767.04 4,767.04 4,767.04 4,767.04 6 Paid-up Equity Share Capital (Face value per share` 10) 4,767.04 4,767.04 4,767.04 4,767.04 4,767.04 4,767.04 87,056.90 7 Other equity 86,959.24 8 Earnings per Share (EPS) (of ` 10 each) (4.98) (7.68) 0.26 (12.66) 1.27 3.05 a) Basic Rs. (5.19) (7.95) 0.04 (13.14) 0.85 2.25 (4.98) (7.68) 0.26 (12.66) 1.27 3.05 b) Diluted Rs. (5.19) (7.95) 0.04 (13.14) 0.85 2.25 Notes: 1. The above is an extract of the detailed format for the Quarter and the Half year ended Financial Results filed with the Stock Exchanges under Regulation 33 of the SEBI (Listing and Other Disclosure Requirements) Regulations, 2015. The full format of the Quarter and the Half year ended Financial Results are available on the Stock Exchange websites viz. www.nseindia.com and www.bseindia.com and also on the Company's website viz. www.enil.co.in 2. The above results were reviewed by theAudit Committee and were thereafter approved by the Board of Directors at their meeting held on November 4, 2020.

Prashant Panday Place : Mumbai Managing Director & CEO Date : November 4, 2020 DIN: 02747925

Pune FRIDAY, NOVEMBER 6, 2020 WWW.FINANCIALEXPRESS.COM 16 FINANCIAL EXPRESS

DELHI JAL BOARD CIN - L52100GJ2008PLC055195 Website : www.welspuninvestments.com Regstd. Office : Welspun City, Village Versamedi, Taluka Anjar, Dist. Kutch, Gujarat 370110 (Govt. of N.C.T. of Delhi) Corporate Office : Welspun House, 7th Floor, Kamala City, Senapati Bapat Marg, OFFICE OF EXECUTIVE ENGINEER (C) DR-III Lower Parel (West), Mumbai – 400013. Kanhaiya Nagar Delhi - 110035 EXTRACT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND Phone: 011-27394876 Email: [email protected] ` HALF YEAR ENDED 30 SEPTEMBER 2020 ( in Lakhs) STOP CORONA; Wear Mask, Follow Physical Distancing, Maintain Hand Hygience Half Year Quarter Ended PRESS NIT NO-02 (2020-21) Sr. Ended Further details in this regard can be seen at https://govtprocurement.delhi.gov.in, INFIBEAM AVENUES LIMITED Particulars No. 30/09/2020 30/09/2019 30/09/2020 S. Name of work Estimated Contract Earnest Tender processing Date of Release of Last date/ time (Formerly known as Infibeam Incorporation Limited) (Unaudited) (Unaudited) (Unaudited) No Value (ECV)/ Amount Money Fee Non Refundable Tender/ Tender Id. of receipt of [ CIN: L64203GJ2010PLC061366 ] put to tender (Rs.) (EMD) (Rs.) (Rs.) tender th 1 Total Income from Operations (net) 34.88 129.63 124.98 1. Providing/ Laying balance portion of 1,61,49,791/- 3,23,000/- 1000/- 05.11.2020/ 07.12.2020 Registered Office: 28 Floor, GIFT Two Building, Block No. 56, Road-5C, 2 Net Profit/(Loss) for the period (before Tax and Exceptional items) 24.41 90.62 110.64 outfall sewer of Subhadra Colony by 2020_DJB_196344_1 upto 3.00 P.M Zone-5, GIFT CITY, Gandhinagar, Taluka & District - Gandhinagar - 382 355 3 Net Profit/(Loss) for the period before tax (after Exceptional items) 24.41 90.62 110.64 open cut & Microtunneling Tel: +91 79 67772204; Fax: +91 79 67772205 4 Net Profit/(Loss) for the period after tax (after Exceptional items) 17.12 92.80 82.03 Email: [email protected]; Website: www.ia.ooo 5 Total Comprehensive income for the period [Comprising profit / (Loss) ISSUED BY P.R.O. (WATER) Sd/- Advt. No. J.S.V. 214/2020-21 Executive Engineer (C) DR-III for the period (after tax) and Other Comprehensive Income (after tax) ] 2,275.30 (1,580.74) 4,419.05 NOTICE OF THE BOARD MEETING 6 Equity share capital (Face Value Rs. 10 each) 365.45 365.45 365.45 7 Reserves (excluding Revaluation Reserves as per balance sheet Notice is hereby given that pursuant to Regulation 29 read with of previous accounting year) - Regulation 47 of SEBI (Listing Obligations and Disclosure Requirements) 8 Earnings per share of Rs 10 each (for continuing operations) Regulations, 2015, a meeting of the Board of Directors of the Company Basic and diluted EPS (Rs.) 0.47 2.54 2.24 will be held on Thursday, November 12, 2020, inter alia, to consider, Notes: 1) The unaudited financial results of the Company have been prepared in accordance with Indian Accounting Standards (Ind AS) approve and take on record the Unaudited Financial Results of the prescribed under section 133 of The CompaniesAct, 2013 ("TheAct") read with the relevant Rules issued thereunder and in terms of Company for the quarter and half year ended on September 30, 2020. regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended including relevant circulars issued by SEBI from time to time. The information contained in this Notice is available on the website of 2) The above unaudited financial results were reviewed by theAudit Committee and were thereafter approved by the Board of Directors the Company i.e. www.ia.ooo and also on the website of the Stock at its meeting held on November 5, 2020 in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Exchanges, where the Equity Shares of the Company are Listed i.e. Regulations, 2015. www.bseindia.com and www.nseindia.com. 3) The Statutory auditors of the Company have carried out a limited review of the above unaudited financial results and have issued an unqualified review opinion on these results. By order of the Board 4) An amendments to IndAS 1 'Presentation of Financial Statements', IndAS 8 'Accounting Policies, Changes inAccounting Estimates and Errors', IndAS 10 'Events after the Reporting Period', IndAS 34 'Interim Financial Reporting', IndAS 37 'Provisions, Contingent For Infibeam Avenues Limited Liabilities and ContingentAssets', IndAS 103 'Business Combinations', IndAS 107 'Financial Instruments-Disclosures', IndAS 109 (Formerly known as Infibeam Incorporation Limited) 'Financial Instruments' and Ind AS 116 'Leases' is effective from 24 July 2020. Based on the evaluation, amendment to standards Sd/- have no impact on the financial results of the Company. 5) The outbreak of Coronavirus (COVID - 19) pandemic globally and in India is causing significant disturbance and slowdown of Place :Gandhinagar Shyamal Trivedi economic activity. The Company has evaluated impact of this pandemic on its business operations and based on its review and Date : November 05, 2020 Vice President & Company Secretary current indicators of future economic conditions, there is no significant impact on its financial results. However, the impact of the global health pandemic may be different from that estimated as at the date of approval of these financial results and the Company will continue to closely monitor any material changes to future economic conditions. 6) The figures for the quarter ended 30 September 2020 and corresponding quarter ended 30 September 2019 represents the difference between unaudited figures for the half year and the unaudited published figures of first quarter of the respective financial year, which were only reviewed and were not subject to audit by the statutory auditors. 7) The Company is engaged in investment activity, which is primary segment and there are no other reportable segments as per IndAS 108 - 'Operating Segments' as quantitative thresholds of revenue/profit/assets are not met. 8) Previousperiod'sfigureshavebeenregrouped/reclassified,wherevernecessary,tocorrespondwiththoseofcurrentperiod. 9) The above is an extract of the detailed format of unaudited financial results filed with the Stock Exchange under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The full format of the unaudited financial results is available on the websites of the Stock Exchanges (www.nseindia.com, www.bseindia.com) and the Company's websites (www.welspuninvestments.com) For Welspun Investments and Commercials Limited Atul Desai Place: Mumbai Director Date: 05 November, 2020 DIN - 00019443

MINDA CORPORATION LIMITED REGD. OFFICE : A-15, Ashok Vihar, Phase-I, Delhi- 110052 CIN: L74899DL1985PLC020401 Tel.: +91 124 4698400, Fax.: +91 124 4698450 e-mail: [email protected], Website : www.sparkminda.com ExT�ACTS�FTHEC�NS��IDATED AND STANDA��NEUN-AUDITEDFINANCIA��ESU�TS F�� THEQUA�TE�ANDHA�FYEA� ENDED 30 SEPTEMBE�, 2020 (` in lakhs) Consolidated Quarter Ended Half Year ended Year Ended Particulars 30 September 30 June 30 September 30 September 30 September 31 March 2020 2020 2019 2020 2019 2020 UN-AUDITED UN-AUDITED UN-AUDITED UN-AUDITED UN-AUDITED AUDITED 1. Total Income from operations 65,610 17,796 55,853 83,406 1,14,260 2,22,256 2. Net Pro�t / (Loss) for the period from continuing 3,661 (4,525) 4,789 (864) 9,274 17,493 operations (before Tax and Exceptional items) (a) 3. Net Pro�t / (Loss) for the period from discontinued - 94 (576) 94 (1,774) (3,605) operations (before Tax and Exceptional items) (b) 4. Net Pro�t / (Loss) for the period (before Tax and 3,661 (4,431) 4,213 (770) 7,500 13,888 Exceptional items) (a+b) 5. Exceptional items -- - - - (29,329) 6. Net Pro�t / (Loss) for the period after Tax from 2,582 (3,634) 4,314 (1,052) 7,409 13,556 Continuing Operations (A) 7. Net Pro�t / (Loss) for the period after Tax from - 94 (599) 94 (1,574) (33,537) Discontinued Operations (including Exceptional items) (B) 8. Net Pro�t / (Loss) for the period (after Tax and 2,582 (3,540) 3,715 (958) 5,835 (19,981) Exceptional items) (A+B) 9. Total Comprehensive Income for the period [Comprising 2,446 (3,730) 3,551 (1,284) 5,617 (19,444) Pro�t / (Loss) for the period after tax) and other Comprehensive Income (after tax)] 10. Equity Share Capital 4,532 4,530 4,527 4,532 4,527 4,530 11. Reserves ( excluding Revaluation Reserves as shown 92,984 in Audited Balance sheet of Previous Years) 12 Earnings Per Share (of` 2 each) (for continuing and discontinued Operations) not annualized a) Basic (in`) 1.16 (1.59) 1.67 (0.43) 2.63 (8.98) b) Diluted (in`) 1.14 (1.59) 1.63 (0.43) 2.57 (8.98) Standalone Particulars Quarter Ended Half Year ended Year Ended 30 September 30 June 30 September 30 September 30 September 31 March 2020 2020 2019 2020 2019 2020 UN-AUDITED UN-AUDITED UN-AUDITED UN-AUDITED UN-AUDITED AUDITED 1. Total Income 64,311 17,813 53,941 82,124 1,11,024 2,17,842 2. Pro�t / (Loss) before taxes 3,704 (3,775) 4,401 (71) 8,585 (20,075) 3. Pro�t / (Loss) for the period after taxes 2,691 (2,872) 3,981 (181) 6,806 (24,102) N�TES: 1. The above�nancial results were reviewed by the Audit Committee on 05 November, 2020 and approved by the Board of Directors at their meeting held on the same date. 2. The above results have been prepared in accordance with the Indian Accounting Standards (Ind-AS) as prescribed under Section 133 of the Companies Act 2013, read with the relevant Rules issued thereunder and other accounting principles generally accepted in India. 3. The above is an extract of the detailed format of the Financial Results for the quarter and six months ended on 30 September, 2020,�led with the Stock Exchanges pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The full format of the Standalone and Consolidated results are available on the Stock Exchanges website(s) www.nseindia.com, www.bseindia.com and on Company’s website at www.sparkminda.com. For and on behalf of the Board of Directors Sd/- Place : Gurugram Ashok Minda Date : 05 November, 2020 Chairman & Group CE�

Minda Corporation is a�agship company of Spark Minda, one of the leading automotive component manufacturer in India with a pan-India presence and signi�cant international footprint.

Pune WWW.FINANCIALEXPRESS.COM FRIDAY, NOVEMBER 6, 2020 FINANCIAL EXPRESS 17

SPA CAPITAL SERVICES LIMITED Registered Office: 25, C- Block, Community Centre, Janakpuri, New Delhi – 110 058 Website: http://www.spacapital.com/CapitalServices/ CIN: L65910DL1984PLC018749 Tel No. 011-45586600, 45675500 E-Mail Id: [email protected] NOTICE Notice is hereby given that pursuant to SEBI (LODR) Regulations, 2015, the meeting of the Board of Directors of the Company is scheduled to be held on Thursday , November 12, 2020, inter alia, to consider and approve, the un-audited Financial Results (both on standalone and consolidated basis)of the Company for the 2nd quarter and half year ended September 30, 2020 of the Financial year 2020-21. The notice is also available on the website of BSE Ltd. at www.bseindia.com as well as on the Company's websiteathttp://www.spacapital.com/CapitalServices/. For SPA Capital Services Limited Sd/- Sandeep Parwal Chairman Cum Managing Director DIN: 00025803 C-1/8 Janakpuri, New Delhi-110058 Place: New Delhi Date: November 05, 2020

Notice for Board Meeting Pursuant to the provisions of Regulation 47 read with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, notice is hereby given that a meeting of Board of Directors of Jindal Poly Investment and Finance Company Limited is scheduled to be held on Thursday, 12th November, 2020 at Head Office of the Company inter-alia, to consider and approve the unaudited Financial Results of the Company for the quarter and half year ended 30th September, 2020. Further details are also be available on website of Company i.e. www.jpifcl.com as well as website of Stock Exchanges i.e. www.nseindia.com & www.bseindia.com.

Date : 05/11/2020 Place : New Delhi

K SUGAR C AND P IND COR EXTRACTOFTHESTANDALONEANDCONSOLIDATEDUNAUDITEDFINANCIALRESULTSFORTHEQUARTER AND HALF YEAR ENDED 30.09.2020 PURSUANT TO REGULATION 47 OF SEBI (LODR) REGULATIONS, 2015

Pune FRIDAY, NOVEMBER 6, 2020 WWW.FINANCIALEXPRESS.COM 18 NATION FINANCIAL EXPRESS

● ICRA REVISES FORECAST Housing sales may fall 35-40% in FY21

PRESS TRUST OF INDIA Icra said the sales volume decline in Indian residential real estate New Delhi, November 5 FY2021 to 35-40%,”it said in industry witnessed in uptick in absorption a statement. recorded history. HOUSING SALES MAY fall by levels during the Icra said the uptick in “Overall,the housing sales 35-40% in the ongoing fiscal second quarter of absorption levels during the volume witnessed a year-on- even as demand improved FY21 has been driven second quarter of FY21 has year decline of 50% in H1 during the September quar- by affordable and been drivenbyaffordable and FY2021 across the top ter, rating agency Icra said, mid/upper-mid mid/upper-mid segments. eight cities of the country,” revising its forecast. The residential real estate Icra said. segments It had earlier estimated a segment witnessed a sharp However, sales volume 45% decline in sales volumes recovery in the September bounced back considerably, in FY21. quarter, post a severe decline with a quarter-on-quarter Sales across the top eight Bengaluru, Pune, Hyderabad of normalisation. in Q1FY21. growth of 60% recorded cities — Delhi-NCR, andAhmedabad—rebounded “With some furtherrecov- “The Covid-19 pandemic across property markets in MumbaiMetropolitanRegion inthesecondquarterofFY21, ery expected in H2, Icra is hadtriggeredoneoftheworst the second quarterof the cur- (MMR), Chennai, Kolkata, indicating some green shoots revising its earlierestimate of demand crashes that the rent fiscal. TV channels witnessed highest ad volumes in week to Oct 30: Barc PRESS TRUST OF INDIA highintheweektoOctober30 onThursday. domestic product (GDP) is set comparingitonaweeklybasis, Mumbai, November 5 amidthefestivaldemand,sur- The release of the data, to contract by 10%, did not it is higher than the 36.6 mil- passing a five-year-old record, which comes amid an spell out the revenues realised lion seconds attained during ADVERTISING VOLUMES ON the Broadcast Audience unprecedented impact on the bythe channels. the 43rd week of 2018, the television touched an all-time Research Council (Barc) said economy when the gross The body attributed the bodysaid. strong surge in advertising to American e-commerce theongoingfestivitiesandbig- giant Amazon was the biggest ticket properties like the IPL brand that advertised during forthevolume growth. the week, followed by Dettol Itsaid38.7millionseconds liquid and Surf Excel, the of ad volumes was telecast on bodysaid. TV channels during the week, Fromacompaniesperspec- HDFC Asset Management Company Limited surpassing the previous high tive,FMCG major Hindustan A Joint Venture with Standard Life Investments CIN: L65991MH1999PLC123027 attained in 2015. Unileverledthepack,followed In the immediate preced- by Reckitt Benckiser and Registered Of�ce: HDFC House, 2nd Floor, H.T. Parekh Marg, 165-166, Backbay Reclamation, ing week,the number stood at tobacco major ITC, the body Churchgate, Mumbai - 400 020. Phone: 022 66316333 • Toll Free Nos: 1800-3010-6767 / 1800-419-7676 37.9 million seconds, while said on itswebsite. Fax: 022 22821144 • e-mail: [email protected] • Visit us at: www.hdfcfund.com NOTICE-Cum-ADDENDUM to the Scheme Information Document(s) / Key Information Memorandum(s) of HDFC Liquid Fund and HDFC Overnight Fund WhatsApp introduces Introduction of Systematic Investment Plan (SIP) facility NOTICE is hereby given that it has been decided to introduce Systematic Investment Plan (“SIP”) facility in HDFC Liquid Fund and HDFC Overnight Fund (“the Scheme(s)”) from November 12, 2020 ‘disappearing messages’; (“Effective Date”). SIP facility will be available under the Growth option of the Scheme(s) under both Regular and Direct to get erased in 7 days Plans from the Effective Date. PRESS TRUST OF INDIA feel lighter and more private,” The minimum application amount and minimum number of installments will be as follows: New Delhi, November 5 it said in a statement. Inaone-to-onechat,either Minimum Application Amount: WHATSAPPONThursdaysaid person can turn disappearing For Daily SIP (DSIP): Rs. 1,000 and in multiples of Re. 1 thereafter; it is introducing‘disappearing messages on or off. In groups, For Weekly SIP (WSIP): Rs. 1,000 and in multiples of Re. 1 thereafter; messages’ feature on its plat- administrators will have the For Monthly SIP (MSIP): Rs. 1,000 and in multiples of Re. 1 thereafter; form that will allow new mes- control.“We’re starting with For Quarterly SIP (QSIP): Rs. 3,000 and in multiples of Re. 1 thereafter. sages sent to a chat to disap- seven days becausewe think it pear after seven days. The offers peace of mind that con- Minimum Number of Installments: feature will be rolled out to versations aren’t perma- Minimum number of Installments under DSIP: 6 all users this month. nent, while remaining Minimum number of Installments under WSIP: 6 The Facebook- practical so you don’t owned company said forget what you were Minimum number of Installments under MSIP: 6 the goal is “to make chatting about. The Minimum number of installments under QSIP: 2 conversations on shopping list or store The other terms and conditions of the SIP facility as applicable to all other eligible schemes shall apply WhatsApp feel as close address you received a to SIP under the Scheme(s) provided that Exit load prevailing on the date of enrolment of SIP in the to in-person as possible, fewdaysagowillbethere folio shall apply to all future installments of the SIP, subject to regulatory and other guidelines issued which means they shouldn’t while you need it,and then in this regard from time to time. have to stick around forever”. disappear after you don’t,”it “That’s why we’re excited to explained. The AMC / Trustee reserves the right to change / modify the terms and conditions of SIP facility or introduce the option to use Earlierthisweek,WhatsApp withdraw the facility. Please refer to the SIP Enrolment Forms for terms and conditions before enrolment disappearing messages on had said it has redesigned the available at the ISCs and our website viz. www.hdfcfund.com. WhatsApp. When the ‘disap- storage management tool to This addendum forms an integral part of the Scheme Information Document(s) / Key Information pearing messages’ feature is make it more useful for people Memorandum(s) of the Schemes as amended from time to time. turned on,new messages sent to easily identify, review and to a chat will disappear after 7 bulkdeletecontentthatmaybe For HDFC Asset Management Company Limited days,helpingtheconversation fillingtheirphone. Place : Mumbai Sd/- Date : November 05, 2020 Authorised Signatory MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME Homemakers go digital RELATED DOCUMENTS CAREFULLY. for festive shopping, gifting,finds EY survey

PRESS TRUST OF INDIA Festivities are likely to be Bengaluru, November 5 smaller, more intimate, and INDIAN HOMEMAKERS ARE more digital as home- increasingly adopting digital makers may continue to payments and online applica- feel cautious, it says tions for both work and enter- tainment,according to a latest reportbyconsultancyfirmEY. places. The fear is stronger in The report ‘Sentiments of high spenders with 52% likely India: Homemakers,Backbone to avoid visiting crowded mar- of OurHomes’explores shift in ketplaces. Online sales are thebehaviourandconsumption expected to pick up with 28% patterns of homemakers and homemakers planning to shop their households across areas online formost festive require- likedigitaladoption,increasein ments,thestatementsaid. shopping basket size, festive Partner of design thinking spending,work ambitions,and and digital transformation,EY the evolving social dynamicsof India, Shashank Shwet, said homemaking. though there is an accelerated The findings are based on uptake of online shopping the survey responses of 385 among homemakers, digital Indian homemakers across literacy remains a bottleneck the urban adult population for wider adoption of digital across the country, an EY channels,especiallyintheolder statement said. agecategories. Festivities are likely to be “To eliminate this digital smaller, more intimate, and divide,brands should develop more digital as homemakers user-friendly interfaces spe- may continue to feel cautious ciallydesignedforthissegment. during the festive season.The Theyshould also leverage mar- report said 84% of them men- keting campaigns and influ- tioned that they would prefer encersfrompeergroupstoedu- celebratingwithonlymembers cate homemakers about the from theirhouseholdand 44% safety and in-built security of wish to avoid crowded market- onlinetransactions”,Shwetsaid. Maruti recalls 40,453 units of Eeco to fix issue with headlamp

New Delhi, November 5 “The company will inspect 40,453unitsof Eecofora pos- MARUTI SUZUKI INDIA(MSI), sible issue of standard symbol thecountry’slargestcarmaker, missing on the headlamp.Any onThursdaysaid it is recalling action, if required, shall be 40,453 units of its multi-pur- undertaken free of cost,” it posevehicleEecotofixanissue added. with the headlamp. Owners of the suspected The recalled units were vehiclesunderthisrecallcam- manufactured between paign will be contacted by November 4,2019 and Febru- MSI authorised dealers in ary 25,2020,the automaker due course of time,the com- said in a statement. panysaid. —PTI

Pune WWW.FINANCIALEXPRESS.COM FRIDAY, NOVEMBER 6, 2020 FINANCIAL EXPRESS 19

Pursuant to Regulation 29 read with Regulation 47 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, Notice is hereby given that meeting of the Board of Directors of the Company will be held on Friday, 13th November, 2020 inter alia, to consider and approve the Un-Audited Financial Results for the Quarter and half year ended 30th September, 2020.

Date: 5th November, 2020

SANMIT INFRA LIMITED Register Office: 601,MAKHIJA ROYALE, 6TH FLOOR, S.V. ROAD, Khar (W), Mumbai MH 400052 IN. (CIN: L70109MH2000PLC288648) NOTICE Pursuant to Regulation 29, 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the Board Meeting of the Company will be held on Friday, November 13, 2020 at the registered office of the Company at 2.00 pm., inter alia, to consider and approve the following: a) the Un-Audited Standalone Financial Results of the Company for the quarter and half year ended 30th September, 2020 and Limited Review report thereon; b) Re-constitution of Board; c) Change in registered email address; and d) Any other items. The said intimation is available on the Company’s website at www.sanmitinfraltd.com and on the website of stock exchange www. bseindia.com. For Sanmit Infra Limited Sd/- Sanjay K. Makhija Managing Director (DIN: 00586770) Place: Mumbai Date: 05/11/2020

Trio Mercantile and Trading Ltd Regd. Office: 613/B, Mangal Aaarambh, Near MC Donalds, Kora Kendra Road, Borivali West , Mumbai - 400092 CIN: L51909MH2002PLC136975 NOTICE NoticeisherebygiventhataMeetingofBoard of Directors of the Company is scheduled to be held on Thursday, 12th November, 2020 inter alia to consider and to take on record the unauditedfinancial results of the Company for thequarterendedon30thSeptember,2020. In this connection and continuation of our intimation regarding Trading Window, the trading window for dealing in securities of the Company is already closed for the Company's Directors/ officers and designated employees of the Company from 1st Day of October, 2020 till 14th day of November, 2020. For Trio Mercantile and Trading Ltd Sd/- Megha Trivedi Place : Mumbai Company Secretary Date : 5th November, 2020

Pune FRIDAY, NOVEMBER 6, 2020 WWW.FINANCIALEXPRESS.COM 20 FINANCIAL EXPRESS

TM CORDS CABLE INDUSTRIES LIMITED Regd. Off. : 94, 1st Floor, Shambhu Dayal Bagh Marg, Near Okhla Industrial Area Phase-III, Old Ishwar Nagar, New Delhi-20, Tel: 011-40551200 *Fax No.011-40551280/81 *Website: www.cordscable.com *E-mail: [email protected] *CIN L74999DL1991PLC046092 NOTICE Notice is hereby given, pursuant to Regulation 29 read with Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 that CLASSIFIEDS 195th meeting of the Board of Directors of the Company will be held on Wednesday, November 11, 2020 at 12:00 noon onwards at the registered office of the company to BUSINESS consider and approve, inter alia, The Unaudited Financial Results along with Limited Review Report for the 2nd Quarter/ HalfYearended on September 30, 2020. FINANCE The above information is also available on the website of the company viz. (www.cordscable.com) and the websites of the Stock Exchanges where Company’s Private Finance for shares are listed viz. (www.bseindia.com) and (www.nseindia.com). VISHVPRABHA VENTURES LIMITED Project Loan, Working Further it is notified that, the window for trading in the Securities of the Company has (Formerly known as Vishvprabha Trading Ltd) Capital, Business already been closed from October 01, 2020 and will re-open 48 hours after the Regd. Office : Ground Floor, Avighna Heights, Survey No. 45-4B, Development, Funding Behind Sarvoday Park, Nandivali Road, Dombivili East 421201 submission of outcome of the Board Meeting to the stock exchange for the Directors, 10 Cr & Above. CIN : L51900MH1985PLC034965 Website : www.vishvprabhaventures.com Designated Employees, Insiders and their immediate relatives as per the Insider Email: [email protected] Contact: 7045006933 Trading Code of the Company. NOTICE OF BOARD MEETING 0070717870-1 By order of the Board of Directors Pursuant to provisions of Regulation 29 read with Regulation 47 of SEBI (Listing For Cords Cable Industries Limited Obligations and Disclosure Requirements) Regulation, 2015, we wish to inform Sd/- your good self that the meeting of the Board of Directors of our Company will be ''IMPORTANT'' Place : New Delhi Garima Pant held on Thursday,November12, 2020 at Registered office our Company to consider and discuss the following items: Whilst care is taken prior to Dated : November 05, 2020 Company Secretary acceptance of advertising copy, 1. To consider and approve and take on records the Standalone and it is not possible to verify its Consolidated Unaudited Financial Result for the Quarter and half year ended as contents. The Indian Express on September 30, 2020. (P.) Limited cannot be held responsible for such contents, 2. To consider the Resignation of Aniket Mahendra Bhosale from the post of nor for any loss or damage Independent Director of Company. incurred as a result of transactions with companies, 3. To consider the Resignation of Akash Bhagwan Karne from the post of Executive associations or individuals Director of Company. advertising in its newspapers 4. To consider a proposal to issue equity shares to existing shareholders on Right or Publications. We therefore recommend that readers make Basis and appoint required intermediaries as may be permitted by under necessary inquiries before applicable law, subject to regulatory/ statutory approvals as may be required. sending any monies or 5. Any other matter with the permission of the Chair. entering into any agreements with advertisers or otherwise Notice of board meeting is available on the website of Company www. acting on an advertisement in Vishvprabhaventures.com and www.bseindia.com. any manner whatsoever. For Vishvprabha Ventures Limited Sd/- Jas Raj Nagal Date :05.11.2020 Company Secretary and Place:Dombivili Compliance Officer

THE PRESIDENCY CLUB CIN: U74999TN1930PLC001977 REG: OFFICE ADDRESS: 51, ETHIRAJ SALAI, EGMORE, CHENNAI -600008 NOTICE OF ANNUAL GENERAL MEETING through Video Conferencing (“VC”)/Other Audio Visual Means (“OAVM”) and E-VOTING INFORMATION Notice is hereby given that: 1.) In compliance with all applicable provisions of the CompaniesAct, 2013, the 90th Annual General meeting (AGM) of the Club is proposed to be held through Video Conferencing (VC) or Other Audio Visual Means (OAVM) on Saturday, the December 5, 2020, at 05:30 pm [IST 17.30 Hours] at the Registered Office of the Club. 2.) Hence, Members are hereby extended an invitation to attend and participate in the ensuing AGM through VC/OAVM and physical attendance of the Members at the AGM venue, therefore is NOT required. Members participating through the Video Conferencing or Other Audio Visual Means shall be reckoned for the purpose of Quorum under Section 103 of the CompaniesAct. 3.) In line with the Ministry of Corporate Affairs (MCA) Circular No. 17/2020 dated April 13, 2020, the Notice calling the AGM, Audited Financials & Balance Sheet as at March 31, 2020, Statement of Income & Expenditure for the Financial Year ended on that date, together with the Report of the Managing Committee and theAuditors thereon will be sent to all members of the Club whose email addresses are registered with the Club. The same will be uploaded on the website of the Company at https://thepresidencyclub.com/wp- content/uploads/2020/11/PC-Annual-Report-2019-20-Final.pdf and the website of NSDL(agency for providing the Remote e-Votingfacility) i.e. www.evoting.nsdl.com. 4.) Members may cast their vote electronically on all the Businesses as set out in the Notice of the AGM through electronic voting (e-voting) system of National Securities Depository Limited, Service Provider authorized by Ministry of Corporate Affairs. The Connectivity Provider for the same would be Integrated Registry Management Services Private Limited, who is the Registrar & TransferAgent (“RTA”). 5.) All members are informed that a)The date of dispatch of Notice of the AGM is 9th November 2020. b) The voting through electronic means shall commence on Wednesday, the 2nd December 2020 (9.00am IST) and ends on Friday, 04th December 2020 (5.00pm IST) and voting through electronic shall NOT be allowed beyond 5.00pm IST on 04th December 2020. c) The facility for e-voting will also be open during the proceeding of AGM (between 5.30 P.M to 6.00 P.M) and members attending the AGM who have not cast their votes earlier will be have an additional option to vote. The same login credentials may be used for e-voting. d) Only members who have not already cast their vote by remote e-voting on all the Businesses as set out are eligible to exercise their right to vote through physical ballot system at the Club. e) The physical ballot system at the Club premises will commence at 6.30 PM on 05th December 2020 and conclude half an hour after the AGM or at 09.00 PM whichever is later on the day of theAGM, viz 05th December 2020. f) Members' eligibility to vote is pursuant to clause 9(x)(i) of the Articles of Association. g) Member may participate in the Annual General Meeting even after exercising his right to vote through e-voting but shall not be allowed to vote again. h) In case of any queries or grievances e-voting members may contact NSDL e-voting help desk- Ms. Pallavi Mhatre - 022-2499-4545 or Toll free No. 1800222990 (or) Integrated Registry Management Services Private Limited 044-28140801, 802, 803 – Mr.Yuvaraj.S or Mr.Sriram.S or by email to NSDL at [email protected] By Order of the Committee Sd/- Place : Chennai Tarun Kumar Bagga Date : 17.10.2020 Honorary Secretary

Pune WWW.FINANCIALEXPRESS.COM FRIDAY, NOVEMBER 6, 2020 FINANCIAL EXPRESS 21

DEBTS RECOVERY TRIBUNAL Phoenix ARC Private Limited Regd. Office : Dani Corporate Park, 5th Floor, 158, C.S.T Road, Kalina, Santacruz (E), Mumbai -400 098, MINISTRY OF FINANCE, GOVT. OF INDIA Telephone: 022-68492450, Fax: 022-6741 2313 CIN:U67190MH2007PTC168303 Email:[email protected], PMT Commercial Building No.1, Shankarasheth Road, Swargate, Pune - 411042. Website: www.phoenixarc.co.in; http://phoenixarc.co.in/saleauction.php?id= NjYx Tel : 020-24432804/5 Fax No. : 020-224453183 ONLINE E- AUCTION SALE OF ASSETS R.P. No. 174/2014 Date: 03.11.2020 PUBLIC NOTICE FOR ONLINE E- AUCTION PROCALAMATION OF SALE UNDER RULES 38, 52 (2) OF SECOND SCHEDULE TO In exercise of the powers under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, THE INCOME TAX ACT, 1961 READ WITH THE RECOVERY OF DEBTS DUE TO 2002 (in short referred to as SARFAESI Act) and Security Interest (Enforcement) Rules, 2002 (in short referred to as RULES) and THE BANKS AND FINANCIAL INSTITUTIONS ACT, 1993 pursuant to the possession of the secured asset of the borrower mentioned hereunder vested with the Authorised Officer under the said SARFAESI Act and RULES for recovery of the secured debts, the Authorised Officer has decided to sell the secured asset by auction sale. STATE BANK OF INDIA, Notice is hereby given to the public in general and to the borrower and guarantors in particular, that the mentioned property mortgaged by the Stressed Assets Recovery Branch – Pune. …………….. Certificate Holder Borrower and Guarantors to Phoenix ARC Private Limited acting in its capacity as Trustee of Phoenix Trust FY 15-24 (Phoenix) (pursuant to V/s assignment of debt by Abhyudaya Co-operative Bank Limited in favour of Phoenix vide Assignment Agreement dated 30.03.2015) ) will be sold M/S ACEAGRO BIOSCIENCES LTD. AND OTHERS ……… Certificate Debtors on “AS IS WHERE IS” basis & “AS IS WHAT IS” condition, by way of “online e-auction” for recovery of dues and further interest, charges E-AUCTION SALE NOTICE and costs etc. as detailed below in terms of the provisions of SARFAESI Act read with Rules 8 & 9 of Security Interest (Enforcement) Rules, 2002) through website https://www.bankeauctions.com. CD No.1 M/s.Aceagro Biosciences Ltd. CD No.2 Shri. Anirudh A. Rangnekar Legal Heir Of Name of the Borrower Ganage Pressings Private Limited Office At : A/752, De Joss, Ice Factory Shri Avinash C. Rangnekar, 802-c Forest Name of the Personal 1. Mr. Shivaji Devrao Ganage 2. Mrs. Pratibha Shivaji Ganage Road, Off Hill Road, Bandra (w), Castle North Main Road, Koregaon Park Guarantors/ 3. Mr. Ramhari Devrao Ganage 4. Mrs. Sangeeta Ramhari Ganage Mumbai-50. ExtensionMundhwa,Pune41. 5. Mr. Tushar Shivaji Ganage 6. Mr. Jitesh Shivaji Ganage Corporate Guarantors 7. Rojee Tasha Stampings Pvt Ltd 8. Rojee Tasha Tools Pvt Ltd CD No.3 Mrs. Arundhati Avinash Rangnekar, CD No.4 Miss Shwetambari Avinash 9. Poona Tools Private Limited 10. Automotive Metal Stampings Private Limited 802-C, Forest Castle, North Main road, Rangnckar, 802-C, Forest Castle, Amount due Rs.39,50,51,434/- (Rupees Thirty-Nine Crores Fifty Lakhs Fifty-One Thousand Four Hundred Thirty-Four Only) Koregaon Park, Extension, Mundhwa, North Main road, Koregaon Park as on 28.12.2015 with further interest @ 15.50% p.a. thereon from 29.12.2018 along with other charges, expense Pune - 41. Extension, Mundhwa, Pune -41. till thereof as per the Demand Notice dated 28.12.2015 issued under section 13(2) of the SARFAESI Act, 2002. Possession taken under Physical Possession taken on 18.01.2018 WHEREAS Certificate Debtors have failed to pay the sum of Rs. 131157069.70/-(Rupees Thirteen SARFAESI Act, 2002 Crore Eleven Lakhs Fifty Seven Thousand Sixty Nine & Paise Seventy only) payable by you in Date of Inspection On request respect of recovery certificate dated 17-02-2017 in OA No. 186/2013 issued by the Presiding Officer, Date of submission of Bid 24.11.2020 (Tuesday) before 4.30 p.m. Debts Recovery Tribunal, Pune and the interest and costs payable as per the Recovery Certificate. (E- Auction) And whereas the undersigned has ordered the sale of property mentioned in the Schedule below in Earnest Money Deposit EMD Amount to be deposited by way of Demand Draft / RTGS Favouring “PHOENIX TRUST FY15-24”, satisfaction of the said Certificate. Current Account: 2111565287; Kotak Mahindra Bank Limited, Branch: Kalina, Mumbai, IFSC Code: And whereas there will be no due there under a sum Rs. 131157069.70/- (Rupees Thirteen Crore KKBK0000631. Eleven Lakhs Fifty Seven Thousand Sixty Nine & Paise Seventy only) plus interest and cost EMD amount: Rs.19,55,000/- (Rupees Nineteen Lakhs Fifty-Five Thousand Only) payable as per the Recovery Certificate. Notice is hereby given that in absence of an order of Reserve Price Rs.1,95,50,000/- (Rupees One Crore Ninety-Five Lakhs Fifty Thousand Only) (exclusive of applicable GST) postponement, the said property shall be sold on 8/12/2020 by e-auction and bidding shall take place Bid Increment Rs.50,000/- (Rupees Fifty Thousand Only) & in such multiples through "On line Electronic bidding" from 11.00 A.M. to 01.00 P.M. though the website Date & Time of E-Auction 25.11.2020 (Wednesday) between 11.00 a.m. to 12.00 noon WWW.drt.auctiontiger.net. For further details contact; Mrs. Padmja Pol, Chef Manager, State Bank of Mode of E- Auction Online - e auction India, SAR Branch The sale will be of the poroperty of the Certificate Debtor abovename as mentioned Description of the Secured Plant & Machineries lying at Ganage Pressings Pvt, Gat No.239, Nanekarwadi, Pune - Chakan Road, Behind in the 2nd floor, Vardhaman Building '321/a/3, Mahatma Phule Peth, Seven Loves Chowk, Asset being auctioned. Samruddhi CNG Pump, Opp to Bharat Petrol Pump, Chkan, Pune. List of Plant & Machineries (Movables) – As mentioned below will be sold as scrap and also please refer to bid doc- Shankarsheth Road, Pune, Phone No. 020-26446043, Mob. No. 7875255994 ument and its annexures. The sale will be of the property of the Certificate Debtor above named as mentioned in the schedule Terms and Conditions of E- Auction below and the liabilities and claims attaching to the said property, so far as they have been ascertained 1. The auction sale is being conducted by the Authorised Officer under the provisions of SARFAESI Act with the aid and through e-auction mode. or those specified in the schedule. Auction/Bidding shall be only through “Online Electronic Mode” through the website https://www.bankeauctions.com. M/s C1 India Private Limited is the service provider to arrange platform for e-auction. If the amount to be realized is satisfied by the sale of a portion of the property, the sale shall be 2. The Auction is conducted as per the further Terms and Conditions of the Bid document and as per the procedure set out therein. Bidders may immediately stopped with respect to the remainder. The sale also be stopped if, before any lot is go through the website of Phoenix www.phoenixarc.co.in, http://phoenixarc.co.in/saleauction.php?id= NjYx and website of the service knocked down, the arrears mentioned in the said certificate, interest costs (including cost of sale) are provider, www.bankeauctions.com for bid documents, the details of the secured asset put up for auction / obtaining the bid form. tendered to the officer conducting the sale or proof is given to his satisfaction that the amount of such 3. The bidders may participate in the e-auction quoting/bidding from their own offices/place of their choice. Internet connectivity shall have to be arranged by each bidder himself/itself. The Authorised Officer/Phoenix/service provider shall not be held responsible for the internet connectivity, certificate, interest and costs have been paid to the undersigned. network problems, system crash down, power failure etc. No officer or other person, having any duty to perform in connection with sale, however, either directly or 4. For details, help, procedure and online training on e-auction, prospective bidders may contact Mr. Hareesh Gowda of M/s C 1 India Private indirectly bid for, acquire or attempt to acquire any interest in the property sold, the sale shall be subject Limited, Contact Number: 91-124-4302020/2021/2022/2023/2024, 91-9594597555/07291981124/25/26, email id: [email protected]. to the conditions prescribed in Second Schedule of the Income Tax Act, 1961 and the rules made 5. The e-auction will be conducted on the date and time mentioned herein above, when the secured asset mentioned above will be sold on “as is where is” basis & “as is what it is” condition. there under and to the further following conditions. 6. All the intending purchasers/bidders are required to register their name in the portal mentioned above as https://www.bankeauctions.com and The particulars specified in the annexed schedule have been stated to the best of the information of the get user ID and password free of cost to participate in the e-auction on the date and time aforesaid. undersigned but the undersigned shall not be answerable for any error, misstatement or omission in this 7. For participating in the e-auction, intending purchasers/bidders will have to submit the details of payment of refundable Earnest Money Deposit proclamation. of 10% of the reserve price of the secured asset along with copies of the PANCARD, Board Resolutions in case of company and Address Proof on or before 24.11.2020 (Tuesday) before 4.30 p.m. 1. The reserve price below which the property will not be sold is mentioned in the scheduled herein 8. The successful purchaser/bidder shall deposit the 25% (inclusive of EMD) of his/her/its offer by way of RTGS to the account mentioned herein below. above on or before 18:30 hours on 25.11.2020 (Wednesday) .i.e. the same day of e-auction, which deposit will have to confirmed by Phoenix, 2. The last date for submission of EMD for online bids on or before 07/12/2020 till 5.00 P.M. failing which the sale will be deemed to have been failed and the EMD of the said successful bidder shall be forfeited. 9. The EMD of all other bidders who did not succeed in the e- auction will be refunded by Phoenix within 48 hours of the closure of the e-auction. 3. The amount by which the biddings is to be increased shall be Rs. 1,00,000.00 in the event of any The EMD will not carry any interest. dispute arising as to the amount of bid, or as to the bidder, the lot shall at once be again put up to auction. 10. The balance amount of purchase consideration shall be payable by the successful purchaser/bidder on or before the fifteenth day from the 4. The highest bidder shall be declared to the purchaser of any lot provided that further that the amount date of confirmation of sale of the said secured asset by the Authorised Officer/Secured Creditor or such extended period as may be agreed upon bid by him is not less than the reserve price. It shall be in the discretion of the undersigned to in writing by the Authorised Officer at his/her discretion. In case of default, all amounts deposited till then shall be liable to be forfeited. 11. For inspection of property or more information, the prospective bidders may contact Amit Masekar/Ajit Kewin, at abovementioned address or at decline/acceptance of the highest bid which the price offered appears so clearly inadequate as to make [email protected] / [email protected] (email) or on 09769497286 / 09619866780 (Mob). it inadvisable to do so. 12. It shall be the sole responsibility of the intending bidders to inspect, verify and satisfy themselves about the secured asset encumbrances, 5. Earnest money deposited EMD shall be deposited online through RTGS/NEFT/directly in to the claims/rights/dues affecting the secured assets, including the statutory dues and specifications before submitting the bid. account No.11045459336, SBI Tilak Road branch in the name of Recovery Officer Pune, having IFSC 13. The particulars specified in the auction notice published in the newspapers have been stated to the best of the information of the undersigned; Code No.: SBIN0001399 or by way of DD/pay order in favour of Recovery Officer, DRT Pune, to be however, undersigned shall not be responsible / liable for any error, misstatement or omission. 14. At any stage of the auction, the Authorised Officer may accept/reject/modify/cancel the bid/offer or post-pone the auction without assigning any deposited with R.O, DRT Pune. reason thereof and without any prior notice. 6. A copy of the bid form submitted online along with copy of PAN card, Address proof and identity proof, 15. In the event, the auction scheduled hereinabove fails for any reason whatsoever, Phoenix has the right to sell the secured asset by any meth- E-mail ID. Mobile No. and other enclosures shall be forward Recovery officer DRT Pune at is address ods under the provisions of Rule 8(5) of the Security Interest (Enforcement) Rules, 2002 and SARFAESI Act, 2002. mention above by speed/ Registered post or reputed courier with AD so to reach on or before 7/12/2020 16. The successful purchaser/bidder shall bear any statutory dues, taxes, fees payable, applicable GST on the purchase consideration that is required to be paid in order to get the secured asset conveyed/delivered in his/her/its favour as per the applicable law. till 5.00. P.M. and in case of a company any other document confirming representation/attorney of the 17. The successful purchaser/bidder shall be solely responsible for any cost/expenses/fees/charges to be incurred for transfer/removal etc of the company and the Receipt/counter file of such deposit. EMD deposited thereafter shall not be secured assets. considered for participation in the e-auction. 18. The intending bidders should make their own independent enquiries regarding the encumbrances, title of secured asset put on auction and 7. The successful bidder shall have to pay 25% of the sale proceeds after adjustment of EMD on being claims/rights/dues affecting the secured assets, including the statutory dues, etc. prior to submitting their bid. The auction advertisement does not constitute and will not be deemed to constitute any commitment or any representation of Phoenix. The secured assets are being sold with all the knocked down by next date i.e before 3:00 pm in the said account as per detail mentioned in Para 5 existing and future encumbrances whether known or unknown to Phoenix. The authorised officer of Phoenix shall not be responsible in any way for above. If the next day is holiday or Sunday, then on next first office day. any third-party claims/rights/dues. 8. The purchaser shall deposit the balance 75% of the sale proceeds on or before 15th day from the date 19. The borrower/guarantors/owners/mortgagors, who are liable for the said outstanding dues, shall treat this Sale Notice as a notice under Rule 8 of sale of the property, exclusive of such day, or if the 15th day be Sunday or other holiday, then on the (6) of the Security Interest (Enforcement) Rules, about the holding of above-mentioned auction sale. first office day after the 15th day by prescribed mode as stated in para 5 above. In addition to the above Place : Pune Sd/- Date : 06.11.2020 Authorised Officer the purchaser shall also deposit Poundage fee with Recovery Officer, DRT Pune @ 2% upto Rs.1000/- Phoenix ARC Private Limited, Phoenix Trust FY 15-24 and@1%oftheexcessofthesaidamountofRs.1000/-thoughDDinfavourofRegistrar,DRTPuneatPune. 9. In case of default of payment. within the prescribed period, the deposit, after defraying the expense of ANNEXURE I - LIST OF MACHINERIES the sale, may if the undersigned thinks fit, shall be forfeited to the government and the defaulting Sr. No. Description of Machine Make Capacity Qty purchaser shall be forfeit all claims to the property or to any part of the sum for which it may 1 Stamping Machine Erfurt 630 Tons 1 subsequently be ,sold. The property shall be resold, after issue of fresh E-Proclamation of sale. 2 Stamping Machine Erfurt 400 T 1 No. Description Tax Known Valuation Claim, if any Reserve Remarks 3 Stamping Machine Erfurt 400 T 1 of of the Property with assesse Encumbr (in Rs.) which have Price blow 4 Stamping Machine Erfurt 400 T 1 Lots the Name of owners d on the ances on been put which the 5 Air Compressor Atlas 800 CFM 1 property the forwards property will 6 Rambaudi CNC Rambaudi 1 proerty and other not be sold 7 Boko CNC Boko 5 Axis, X-1200, Y -1500, Z- 1 known 8 Plano Milling Cooper 1000 1 particular its 9 Jig Boring Machine Societe Genevoise 1 nature and value 10 Jig Boring Machine Societe Genevoise 1 11 Conventional Boko Machine Boko 1 1. "All that piece and N. A. N. A. Not Not Known Rs. Rs. Known 106123485/- 10612500/- 12 Radial Drilling Machine Webo 1 parcel of land Gat No. 91, 100, 102, 103, 107, 13 Radial Drilling Machine Wewag Economy 1 112, 113 total adm 14 Simple Boring Machine Mas 1 154980 sq. mtr (38.75 15 Milling Machine Batliboi 1 Acre) along with RCC 16 Surface Grinder Elb Co. 1 Construction. (Built up 17 Air Receiver and Transmission 1 area 40478 sq. ft) and Green House (Area - 604652 House (Area - 53820 sq. ft.) at village - Belaj, Tal - Maval, Pune. 2. All that piece and N. A. N. A. Not Not Known Rs. Rs. parcel of land Gat No. Known 5,03,24,625/ 50,32,500/- 43 & 44 total adm 96200 sq. mtr (24.05 Acre) along with RCC Construction (area 3500 sq. ft) and Green House (Area - 269100 sq. ft-) on Gat No. 43 & 44 total at village — Kondiwade, Tal - Maval, Pune. Other StructureA-23. N. A. N. A. Not Not Known Rs. Rs. Known 2,85,37,503/- 28,53,800/- Other Structure B-24. N. A. N. A. Not Not Known Rs. Rs. Known 27,94,121/- 2,79,500/- 10.The property is being sold on "AS IS WHERE IS and ON WHAT IT IS BASIS." 11. The undersigned reserve the right to accept or reject any or all bids if found unreasonable or postpone the auction at anytime without assigning any reason. THE SCHEDULE ABOVE REFERRED TO (Description of the Immovable Properties of the Certificate Debtors) Gat No. East West North South 91 Gat no.86/4 Gat no.100,107 Gat no.105, 108, 89 Gat no.92 100 Gat no.91 Gat no.107 Gat no.105 Gat no.80 102 Gat no.86/1 Gat no.103 Road Gat no.100 & Road 103 Gat no.102 Gat no.101 Gat no.67 Takave Talegaon Road 107 Gat no 100 Gat no.112 & 113 Gat no.105 & 108 Gat no.119 112 Gat no.107 Gat no.131 Gat no.113 Gat no.113 113 Gat no.107 Nala Gat no.112 Gat no.114, 115,116,130. Gat No. East West North South 43 Gat no. 42 Gat no. 44 Gat no. 44 River 44 Gat no. 45 Road Gat no. 63 & 87 Gat no. 43 Terms & Conditions 1. For assistance and details contact M/s E-Procurement Technologies ltd-Auction Tiger, Address- B-704-5, Wall street-II, Opp. Orient Club, Nr. Gujarat College, Ellis Bridge, Ahmedabad - 380006 Gujarat (India), ID : [email protected], [email protected] Contact No. 079 40230 800-844. 2. Bidders are advised to go through the website: www.drt.auctiontiger.net for detailed terms and conditions of auction sale before submitting their bids and taking part in the E-auction sale proceedings. Other terms and conditions are also available with Recovery Officer, DRT, Pune and Branch Manager of CH bank 3. The above conditions are in addition to the Terms & Conditions contained in the auction bid format and web site. 4. Prospective bidders are advised to peruse the copies of title deeds, if any, available with the bank and also carry out their own inquiries to satisfy themselves regarding encumbrances, if any,over the property. 5. The Property/ies can be inspected on 12/11/2020 & 25/11/2020 between 11:00 AM to 03:00 P.M. for inspection please contact Mrs Padmaja Pol, Chief Manager, State Bank of India SAR Branch, 2nd floor, Vardhaman Building '321/a/3, Mahatma Phule Peth, Seven Loves Chowk, Shankarsheth Road, Pune, Phone No. 020-26446043, Mob. No. 7875255994. 6. Recovery Officer has the absolute right to accept or reject any bid or bids or to postpone or cancel the sale without assigning any reason. 7. The sale shall be subject to confirmation by Recovery Officer. Given under my hand and seal on this 3rd day of November 2020. (S. J. Satbhai) RECOVERY OFFICER-II, DRT, PUNE

Pune FRIDAY, NOVEMBER 6, 2020 WWW.FINANCIALEXPRESS.COM 22 BACK PAGE FINANCIAL EXPRESS Unsettled by theAmerican election Over dozen Indian-Americans win state polls; another 4 re-elected drama,markets look on bright side PRESS TRUST OF INDIA Saval is the first Indian-Amer- Washington, November 5 ican elected to the Pennsylva- nia General Assembly, Jenifer snatching the presidency with the US and global back- MORE THAN A dozen Indian- Rajkumar is the first South Global stocks from Donald Trump, and drop one of abundant liquid- Americans, including five Asian woman elected to the have resumed there is little sign of panic ity and rock-bottom bond women, have won state-level NewYorkstateofficeandNiraj about an election outcome yields,flows into equities and elections, marking a first for Antani is the first Indian- their march that mayend up in the courts. company debt are likely to the community in many in- American elected to the Ohio Disappointment over continue. stances. Niraj Antani has been de- Senate. higher stimulusappearstohavebeen That is especiallyso forthe This is in addition to the claredelectedtotheOhioState “This year’s election repre- replacedbyreliefthatwithout mega-tech firms - shares in fourIndian-Americanselected Senate, while Jay Chaudhuri sentedagiantleapforwardfor REUTERS a Biden clean sweep of Con- Apple,Amazon and Alphabet to the US House of Represen- has been re-elected to the the Indian-Americans’ role in London, November 5 gress and the White House, are building on Wednesday’s tatives:AmiBera,PramilaJaya- North Carolina State Senate. US politics,”said Neil Makhija gridlock between a Biden ad- rally. pal,RoKhannaandRajaKrish- Amish Shah has been elected from the Impact Funds,which THOSE WHO BANKEDona ministrationandapotentially For Jonathan Bell,chief in- namoorthi.Atleastthreeother to the Arizona State House, had raised a whopping $10 big US government spending Republican Senate would vestment officer at Stanhope races,including one forthe US NikilSavaltothePennsylvania millionduringthiselectioncy- splurge may be dismayed but scupper any plans to tighten Capital, the outcome was the House of Representatives, are State Senate, Ranjeev Puri to cle and endorsed a large num- two days on from US Election the screws on tech and next president is. longerscenario,”hesaid,refer- best of bothworlds. yet undecided. the Michigan State House and berofIndian-Americancandi- Day, investors are looking on pharma giants. “Less regulation...is a huge ring to expectations of rock- “Biden being elected in- The five women elected to JeremyCooneytotheNewYork dates. the bright side - less regula- Bets on those sectors gath- positive and offsets the prob- bottom borrowing costs creases the chances of a fiscal state legislatures are Jenifer State Senate. Ash Kalra has “Indian-American voters tory tightening than feared ered momentum, even as ability of reduced stimulus,” alongside a smaller fiscal stimulus deal, but (with a Re- Rajkumar to the New York been re-elected to the Califor- and candidates demonstrated and a central bank still in full shares in renewables - where saidJustinOnuekwusi,portfo- spending package. publican Senate) it also re- StateAssembly,NimaKulkarni nia State Assembly for the the burgeoning power and in- money-printing mode. Biden has pledged large in- liomanageratLegal&General The market gyrations of duces the ability for him to to the Kentucky State House, third consecutive term. Ravi fluence of this important vot- Global stocks have re- vestment - rallied on an as- Investment Management. the past 36 hours represent push through significant Kesha Ram to the Vermont Sandill has won the District ing bloc in decisive fashion, sumed their march higher sumption that climate- “You go back into the some position unwinding, taxes rise or policies that State Senate,Vandana Slatter Court Judge polls inTexas. which will help make the dif- evenasDemocraticchallenger friendly assets will emerge medium-term scenario of re- given the tighter-than-ex- might constrain the likes of totheWashingtonStateHouse Kesha Ram is the first ference in key states like Joe Biden edged closer to winners no matter who the flationaswellasthelower-for- pectedrace,investorssaid,but Amazon andApple,”Bell said. and Padma Kuppa to the womanofcolourelectedtothe Michigan and Pennsylvania,” Michigan State House. Vermont State Senate, Nikil he added.

BHARAT SEATS LIMITED 23 Mr. FIROJKHAN HAMIR R S No 599/B/4,Plot No S 4,2 Nd Flr 22/07/2020 31-10-2020 REGD.OFFICE: 1, Nelson Mandela Road, Sans Kruti Sahawas Apt, Nr Hockey & Vasant Kunj, New Delhi-110070 AMBARDEKAR/ WKOLH0002531 / FORMERLY MANAPPURAM HOME FINANCE PVT LTD KOLHAPUR Stadiuam Pin- 416115 Rs.966904.84/- Phones : +91 9643339870-74 | Fax : 0124-2341188 CIN : U65923K12010PIC039179 E-mail:[email protected] 24 Mr. VILAS RAMCHANDRA KAMBLE/ Flat No 04,Chintamani B,Jadhav 07/08/2020 31-10-2020 CIN: L34300DL1986PLC023540 Regd Office : IV/470A (OLD)W/638A(NEW) Manappuram House Valapad Thrissur, Kerala 680567 Mrs. SHOBHA VILAS KAMBLE / Nagar, Vadgaon Bk, Sinhagad Rd, Pune & Website: www.bharatseats.com Corp Office : Manappuram Home Finance Limited,Third Floor, Unit No. 301 to 315, A Wing, ‘Kanakia Wall Street’, Andheri-Kurla 411041 Rs.1343313.29/ NOTICE Road, Andheri East, Mumbai 400093, Maharashtra. Phone No. 022-66211000, Website : www.manappuramhomefin.com WPUNE0000290 / PUNE Notice is hereby given pursuant to Regulation 29 SWARGATE - read with Regulation 47 of SEBI (Listing POSSESSION NOTICE (For Immovable Property) Obligations And Disclosure Requirements) 25 Mr. VILAS RAMCHANDRA KAMBLE/ Flat No 04,Chintamani B,Jadhav Nagar, 07/08/2020 31-10-2020 Regulations, 2015 that a meeting of the Board of Whereas, the undersigned being the authorised officer of Manappuram Home Finance Ltd (“MAHOFIN”) under the Se- Mrs. SHOBHA VILAS KAMBLE / Vadgaon Bk; Sinhagad Rd; Pune; & Directors of the Company will be held on curitisation and Reconstruction of Financial Assets and Enforcement of Security Interest *[Act],2002 (54 of 2002) and WPUNE0000291 / PUNE 411041 Rs.433725.1/- th inter alia Thursday, 12 November, 2020, to in exercise of powers conferred under section 13(12) read with rule 9 of the security interest (Enforcement) Rules, 2002 consider and approve the Unaudited Financial SWARGATE Results of the Company for the quarter/six months issued a Demand Notice calling upon the borrowers and co-borrowers to repay the amount mentioned in the notice 26 Mr. DILIP HANMANT THORAT/ Mrs. Milkat No.106 A,At-Po-Korti, Tal- Karad, 22/07/2020 31-10-2020 th ended 30 September, 2020. and Interest thereon within 60 days from the date of receipt of the said notice. The borrower having failed to repay SUMIT DILIP THORAT / Dist-Satara, Satara, Maharashtra, India & The above information is also available at the amount, notice is hereby given to the borrower and the public in general that the undersigned has taken Symbolic Pin- 415109 Rs.1088789.04/ websites: www.bharatseats.com and MO90LALONS000005006237 / www.bseindia.com. possession of the property described herein below in exercise of powers conferred on him/her under section 13(4) of SATARA - For BHARAT SEATS LIMITED the said *[Act] read with rule 9 of the said rules. The borrower in particular and the public in general is hereby cautioned 27 Mr. VIJAY GORAKHNATH POL/ Mrs. Gat No 409,Gp Milkat No 807A/P 22/07/2020 31-10-2020 Sd/- not to deal with the property and any dealings with the property will be subject to the charge of the Manappuram Home Shendretal & Dist Satara City: 5000546 & Ritu Bakshi SAVITRI GORAKHNATH POL / Place: Gurugram CompanySecretary Finance Ltd as mentioned below for each of the respective properties: CO90COLONS000005001825 / State: 5000016 Country: 12501 Pin- Rs.534059.38/- Date: 5th November, 2020 FCS 3401 SATARA 415519 Sr. Name of Borrower and Co- borrow- Description of Secured Asset in Date of Demand Date of 28 G.p. Milkat No 49/1, Tibile Galli, Mauje 22/07/2020 31-10-2020 er/ Loan account number/ Branch respect of which Interest has been Notice sent & Possession Mr. SANJAY SHANKAR GURAV/ Anaje, Tal Radhanagari, Kolhapur, & created Outstanding notice Mrs. ARCHANA SANJAY GURAV / CO90COLONS000005002534 / Kolhapur, Maharashtra, India Pin- Rs.628070.5/- Amount KOLHAPUR 416211 1 Mr. MOSIN MAHAMDRAIS KHAN/ CTS No 120/1, 109, 109/1, 110, 22/07/2020 31-10-2020 29 Mr. NILESH PRAFFULA KHODAKE/ Sr No 92/A/14/15/1At Post Medha, Tal 28/08/2020 31-10-2020 Mrs. SHIRAJ MOHAMADRAIS Kalokhe Heights, 4Th Floor, Flat No & Mrs. PANDURANG BABAN SUTAR/ Jawali, Dist Satara City: 5000546 State: & KHAN / A-12,, Raghunath Pura Peth, Karanje, Rs.1302768.34/- CO90COLONS000005002567 / 5000016 Country: 12501 Pin- 415012 Rs.730983.61/- PU90HLLONS000005002259 Satara. Satara, Maharashtra, India Pin- SATARA / SATARA 415002 30 Mr. VIMAL LAXMAN S.c No 641,At Post Umbraj Tal Karad 22/07/2020 31-10-2020 2 Flat No-307, 3Rd Floor, Sr No-35/17/6, 22/07/2020 31-10-2020 Mr. RAHUL JANARDHAN TOUR/ VAGHMARE/ Mrs. SANDIP LAXMAN Dist Satara City: 5000546 State: & Yewalewadinr Saswad - Bapdev Road, & Mrs. NEHA VISHWAS KASBE / VAGHMARE / 5000016 Country: 12501 Pin- 415109 Rs.311788.99/- Pune City: 5000494 State: 5000016 Rs.984486.37/- PU90PULONS00000500131 MO90LALONS000005002227 / Country: 12501 Pin- 411048 9 / PUNE SWARGATE SATARA 3 Gat No 608/4, Plot No. 2&3 22/07/2020 31-10-2020 Mr. KIRAN PIRAJI 31 Mr. VANITA KANTARAM MANE/ Sr. No 71/3, , Ayodhya Park,Building- 22/07/2020 31-10-2020 Mauje Wadange, Karveer, Kolhapur, & NANGARE/ Mrs. SAVITA Mrs. KANTARAM CHANDER MANE A, 4Th Floor, Flat No 32,, Dahiwadi & Maharashtra, India Pin- 416229 Rs.808475.28/- KIRAN NANGARE / / PU90PULONS000005002881 / Road,A/P Kolki,Tal Phaltan, Dist Rs.1013664.33/- PU90PULONS00000500409 4 / SATARA Satara,, Satara, Maharashtra, India Pin- KOLHAPUR 415523 4 Mr. RAHUL CHANDRAKANT SUTAR/ 78/1 Ashirwad Building Ground Floor 22/07/2020 31-10-2020 32 Mr. SANKET BAPURAO GHADAGE/ G.m. No. 212 A/P Mhavashi, Tal Patan 22/07/2020 31-10-2020 Mrs. JAYASHRI CHANDRAKANT Samarth Nagar Sai Chowk Pin- 411027 & Mrs. ALKA BAPURAO GHADAGE / ,Satara, Satara, Maharashtra, India Pin- & SUTAR /WPUNE0001733 / PUNE Rs.1073699.24/- MO90LALONS000005007840 / 415206 Rs.541289.82/- SWARGATE SATARA 5 Mr. PRADEEP KANTILAL Sr No 121, Flat No 402, 4Th Floor, C 22/07/2020 31-10-2020 33 Mr. VIJAY ANANDA Gp Milkat No147/1 Musale Galli, Ap 22/07/2020 31-10-2020 BHUJBAL/ Mrs. DHANASHRI Win G, Yash Paradise, A/P Kapurhol, & MUSALE/ Mrs. SHIVAJI Baradwadi Tal Radhanagri,Kolhapur, & PRADIP BHUJBAL /WPUNE0001777 Pin- 412205 Rs.1801000.49/- ANANDA BARAD / Kolhapur, Maharashtra, India Pin- Rs.707186.24/- / PUNE SWARGATE CO90COLONS000005004152 / 416208 6 Mr. TUKARAM KONDIBA Grmpanchayat Milkat No 1181, At Post 28/08/2020 31-10-2020 KOLHAPUR KACHARE/ Mrs. SAMRUDHI Kudal, Tal Jawali, Dist Satara ,Satara, & 34 Mr. MAHESH NAMDEO A/P C.s. No 370 Karanje Peth 28/08/2020 31-10-2020 SHIVAJI KACHARE / Maharashtra, India Pin- 415514 Rs.651216.55/- SHEDAGE/ Mrs. NAMDEV Satara,Satara, Maharashtra, India Pin- & CO90COLONS000005000608 / JAGANNATH SHEDAGE / 415001 Rs.387106.71/- SATARA MO90LALONS000005001460 / 7 Mr. JITENDRA MOHAN THORVE/ Sr.no.613/1+2+4+5,Shahabaugh,Plot 22/07/2020 31-10-2020 SATARA Mrs. HEMA JITENDRA THORAVE/ No-1 ,C-Wing,1St Floor,Flat No.c-4, & 35 Mr. NANASO ANANT Bhumapan No 342/2/1 Plot No 1, 22/07/2020 31-10-2020 PU90PULONS000005003659 / Bhadreshwar City, At-Shahabaugh- Po- Rs.1290677.36/- JAMALE/ Mrs. VRUSHALI Satyajit Corner First Floor Flat No 9, & SATARA Yashwantnagar,Tal-Wai & Dist- Satara, NANASO JAMALE / Mundhe Karad, Satara, Maharashtra, Rs.1091197.58/- Satara, Maharashtra ,India Pin- 412803 PU90PULONS00000500425 5 / India Pin- 415124 8 Mr. FIROJKHAN HAMIR R S No 599/B/4,Plot No S 4,2 Nd Flr 22/07/2020 31-10-2020 SATARA AMBARDEKAR/ WKOLH0002532 / Sans Kruti Sahawas Apt,Nr Hockey & 36 Mr. IMRAN AJGAR SHAIKH/ Mrs. Flat No 103, 1St Floor, Ragini Villa, 22/07/2020 31-10-2020 KOLHAPUR Stadiuam Pin- 416115 Rs.810974.23/- NAZIYABANO IMRAN SHAIKH / Sno 141, Hissa No 1+2B/1, Ghule & 9 Mr. VATSALA MADHUKAR MOHOL/ Sr No 12/3, Flat No A 25, Vishwas 22/07/2020 31-10-2020 PU90PULONS000005004308 / Nagar, Nr Indian Oil Petrol Pump Rs.1202312.1/- Mrs. SAVITA SURESH MOHOL / Garden Anand Nagar, Suncity Road & PUNE SWARGATE ,Manjari Bk, Pune, Maharashtra, India WPUNE0002542 / PUNE Pin- 411051 Rs.1832222.21/- Pin- 412307 SWARGATE 37 Mr. PRAVIN BHIMRAO BAMANE/ Gat No 57/1,Shivajirao Patil Nagar,Near 22/07/2020 31-10-2020 Shikshak Colony, Behind Esr Water & 10 Mr. SAGAR MAHIPATI C.s. No. 226,G P M No 531 Near 22/07/2020 31-10-2020 Mrs. BAJRANG DHONDIRAM Tank, A/P Pachgaon, Tal Karveer, Rs.1413834.89/- KAMBLE/ Mrs. SHANTA Sadguru Society, Ap Nadhawade & MANDAREKAR / Kolhapur, Maharashtra, India Pin- SAGAR KAMBLE / Tal Bhudargad, Kolhapur, Kolhapur, Rs. 503462.09/- PU90SPLONS000005002542 416013 CO90COLONS000005006469 / Maharashtra, India Pin- 416209 / KOLHAPUR KOLHAPUR 38 Mr. UMA VENKAT DHANGAR/ Flat No 4, Shalini Palace Sr No 48/2, Dn 22/07/2020 31-10-2020 Yanesh Park Pin- 411061 &Rs.1593248.77/- 11 Mr. MHASKU RAVJI SURVE/ Mrs. Flat No- 104, 1St Floor, Sr No-90/5A, 22/07/2020 31-10-2020 WPCMC0002381 / PCMC ARCHANA MHASKU SURVE / Sahyadri Construction,Gopalpatti, & 39 Mr. DATTATRAY MANIKRAO Sr No 6/16, Lokmangal Classic, 3Rd 22/07/2020 31-10-2020 PU90PULONS000005001354 / Manjri Budruk, Pune City: 5000494 Rs.1653368.87/- JADHAV/ Mrs. Mina Dattaray Floor, Flat No 301, Gangotri Nagar, & PUNE SWARGATE State: 5000016 Country: 12501 Pin- Jadhav / WPUNE0001511 / PUNE Pin- 411061 Rs.1265682.1/- 412307 SWARGATE 12 Mr. PRASHANT JAGANNATH C S No 1331, Shree Ram Appt., 22/07/2020 31-10-2020 40 Mr. MANOHAR SARJERAO Sr.no.72,Mahesh Apartment, 3Rd 22/07/2020 31-10-2020 KAMBLE/ Mrs. NUTAN Ground Floor Flat No G6, Ramapura & BHOSALE/ Mrs. MAHESH Floor,Flat No.a-3.Mangalwar Peth, & PRSHANT KAMBLE / Patan,Satara, Maharashtra, India Pin- Rs.1044124.29/- VASANT MORE / Satara, Near Kalaram Mandir,Satara, Rs.535482.59/- PU90PULONS000005004626 / 415206 MO90LALONS000005005808 / Satara, Maharashtra, India Pin- 415002 GSS Infotech Limited SATARA SATARA Regd office: Ground Floor, Wing-B, N heights, Plot No. 12, TSIIC 41 S.No 153A/11A, Plot No 6, Sai Park 22/07/2020 31-10-2020 13 Mr. VIJETA AVINASH Sr No 471/B Vaibhav Laxmi Niwas 22/07/2020 31-10-2020 Mr. PRASHANT TANAJI KUMBHAR/ Software Units Layout, Madhapur, Serilingampally Mandal, Appartment, Ground Floor,Flat No. 01, & JADHAV/ Mrs. AVINASH ANKUSH Pin- 411012 & PU90PULONS000005000936 / Rangareddy District, Hyderabad – 500081, Telangana. Goleshwar, Tal Karad Dist Satara,Satara, Rs. JADHAV / WPUNE0002877 / PUNE Rs.1519174.24/- SATARA Tel: +91 40 44556600 Maharashtra, India Pin- 415110 1131155.98/- CIN NO: L72200TG2003PLC041860 website: www.gssinfotech.com SWARGATE 42 Sr No 55/2B/2,Plot No 1 & 2Pam 22/07/2020 31-10-2020 14 Mr. SANTOSH VINAYAK Milkat No 7,At Malyachiwadi, Post 28/08/2020 31-10-2020 Mr. SATYAWAN RAJARAM SHINDE/ NOTICEOFBOARDMEETING Woods, 3Rd Floor,Flat No B5+A6/Ba/P & MORE/ Mrs. KIRAN VINAYAK MORE Kannertal Dist Satara City: 5000546 & Mrs. SANGEETA SATYAWAN SHINDE Notice is hereby given in compliance with Regulation 47 of the Securities Exchange Banawadi, Tal Karad, Dist Satara City: Rs.579804.39/- / CO90COLONS00000500199 4 / State: 5000016 Country: 12501 Pin- Rs.852515.42/- / PU90PULONS000005002539 / Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015, 5000546 State: 5000016 Country: SATARA 415022 SATARA that a meeting of the Board of Directors of the Company is scheduled to be held on 12501Pin- 415110 Friday, 13th November, 2020 through video-conferencing to inter-alia, consider and 15 Mr. SACHIN ASHOK GADKAR/ Mrs. G.P. Milkat No. 154, A/P. Mouje Sadoli 22/07/2020 31-10-2020 43 Mr. DINESH BAGADAJI Flat No 504, 5Th Floor, Old Name 22/07/2020 31-10-2020 approve the Unaudited financial results of the Company for the quarter and half year ALAKA SACHIN GADKAR / Dumala, Tal. Karvir, Dist. Kolhapur & PRAJAPATI/ Mrs. LEELABAI Classic Heritage New M K Mitraprem & ended on 30th September, 2020 along with the Limited Review Report of Statutory CO90COLONS000005004281 / ,Kolhapur, Kolhapur, Maharashtra, Rs.1079498.18/ Auditors of the Company and other agenda items. BAGADAJI PRAJAPATI / Appartment, Lane No 36, Sno 59, Rs.1226171.76/- KOLHAPUR India Pin- 416005 - The said notice is also available on the website of BSE & NSE stock exchanges where PU90PULONS000005004776 / Hissa No 3/17, Nr.krishna Electriconic,, the Company’s securities are listed and may also be accessed on the website of the 16 Mr. RAJENDRA DEVIDAS MORE/ Gat No 410/2A, Plot No 50. , At 22/07/2020 31-10-2020 PUNE SWARGATE Shivaneri Nagar, Kondhwa Pune, Pune, Company i.e. www.gssinfotech.com. Mrs. SHAKUNTALA DEVIDAS MORE Post Wakhari, Tal Pandharpur, Dist & Maharashtra ,India Pin- 411048 For GSS Infotech Limited Solapur, Sholapur, Maharashtra, India Rs.734607.88/- /MO90LALONS000005004149 / 44 Mr. SURESH ISHWAR S No 72/1, Sahyadri Colony Adarsh 22/07/2020 31-10-2020 Sd/- Pin- 413304 Amrita Singh SATARA SABALE/ WPCMC0003395 / Nagar, Opp Tanisha Sanskruti Pin- & Place : Hyderabad Company Secretary and 17 Mr. SIDDHARTH HARIBHAU Flat No. 302, 3Rd Floor, Rajveer 22/07/2020 31-10-2020 PCMC 411015 Rs.489179.16/- Date : 05 November, 2020 Compliance Officer Residency, Warje, Malwadi, Pune, & DHAWARE/ Mrs. SANDEEP 45 Mr. MAHESH DATTATRAY Gat No 542/B/2 Milkat No 4372 22/07/2020 31-10-2020 Maharashtra, India Pin- 411058 Rs.1944326.01/- HARIBHAU DHAVARE / MEDASHINGE/ Mrs. SNEHAL Ingli Road, Samrth Clinic Ap Pattan & PU90PULONS000005002930 / MAHESH MEDSHINGE / Kodoli,Tal Hatkanangle Kolhapur, Rs.959565.97/- PUNE SWARGATE CO90COLONS000005004227 / Kolhapur, Maharashtra, India Pin- 18 Mr. SALIM HUSSAIN Sr.No.42/2/2,Ground Floor,Flat No- 22/07/2020 31-10-2020 KOLHAPUR 416202 MULLA/ Mrs. HAJRA SALIM MULLA 4,Vastunirmiti Landmark Phase-Ii,Jai- & 46 Mr. DATTATRAY KISAN LAMKHADE/ Flat No 302,D Wing, 3Rd Floor,Ganga 22/07/2020 31-10-2020 / PU90PULONS000005004658 / Jui,At-Po-Siddhanath Wadi, Tal-Wai & Rs.2190928.44/- Mrs.MANDAKINI DATTATRAY Samr Udhi, Gat No 303,Old 1418, & SATARA Dist-Satara, Satara, Maharashtra, India LAMKHADE / WPUNE0000307 / Nr Sabale Hos Pital,Borahdewadi Pin- Rs.1732137.23/- Pin- 412803 PUNE SWARGATE 411019 19 Mr. NITIN SUDARSHAN DARADE/ Flat No. 101, 1St Floor, Riddhi 22/07/2020 31-10-2020 47 Mr. SAMBHAJI MAHADEO Gat No.699, Plot No.2, Sahara 22/07/2020 31-10-2020 Mrs. BHAGYASHREE NITIN DARDE/ Apartment, Gali Number 3, Near Asha & NARVEKAR/ Mrs. SUPRIYA Nagar,9Th Lane, Mauj Kabnoor, Tal & PU90PULONS000005004900 / Corner ,Kondhwa Bk., Pune , Pune, Rs.1331879.82/- SAMBHAJI NARVEKAR / Hatakangalekolhapur City: 5000356 Rs.1686066.15/- PUNE SWARGATE Maharashtra ,India Pin- 411048 PL90PLLONS000005002409 State: 5000016 Country: 12501 Pin- 20 Mr. AMOL RAJARAM Milkat No 3134 Gat No 2409/1, 22/07/2020 31-10-2020 / KOLHAPUR 416116 KAMBLE/ Mrs. ARCHANA Ganesh Mandir Javal, Abdul Lat Tal & Rs.542138.41/- 48 Mr. SHIVDAS PANDURANG DALVI/ Sr No 405/24/1/2 Plot No 1/4 Row 22/07/2020 31-10-2020 RAJARAM KAMBLE / Shirol,Kolhapur, Maharashtra, India Mrs. AMIT SHIVDAS DALVI / House No 4 Akansha Nagari , Karanje & O90COLONS000005003225 / Pin- 416143 PU90PULONS000005000463 / Tarf Shahupuri Satara, Satara Tal Rs. KOLHAPUR SATARA Dist Satara, Satara, Maharashtra, India 1308766.29/- 21 Mr. REKHA ASHOK Pin- 415002 22/07/2020 31-10-2020 Pin- 415002 NAMDAS/ Mrs. RAHUL & 49 Mr. VINOD PANDURANG Flat No Ap -3, A Wing, Sonjai Vihar 22/07/2020 31-10-2020 ASHOK NAMDAS / Rs.834838.84/- KONDHALKAR/ Mrs. Complex, Stilth Floor, Gp Milkat No & PU90PULONS000005000779 / RAJASHRI VINOD KONDHALKAR / 1519, Sno 122/1, Songirwadi, Tal Wai Rs. 520638.16/- SATARA PU90PULONS000005001291 / Dist Satara, Satara, Maharashtra, India 22 Mr. ANAND ANIL NAIK/ Mrs. R S No . 52/B Gala No.63, Ap Morewadi, 22/07/2020 31-10-2020 SATARA Pin- 412804 DEEPALI ANIL NAIK / Tal Karvir Kolhapur, Kolhapur, & Sd/- PU90PULONS000005004583 / Maharashtra, India Pin- 416013 Rs.714551.9/- Date : 06.11.2020 Authorised Officer KOLHAPUR Place : Maharashtra Manappuram Home Finance Ltd

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