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WEDNESDAY • MAY 24, 2017 CHENNAI: ₹6; Outstation: ₹8 Pages 18 • Volume 24 • Number 123

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-C@C $0  CLEAN TECH GROUP DEMAND EXPANSION MODE 0¦÷Đ ’Ė ½ù‡òÖȒ ¥’þÖÈĖ Elevator company Otis India’s Essar Shipping is expanding its fleet TVS Logistics is planning to expand in the =ó ?S÷¦Á Ò@‚¼ì‚ďÓ þþÖùò ¥ĖÖȇ chief makes a pitch for to meet the demand of group firm packaging segment, says Managing F@ Á°°Sè Ò¦¼ ĊÓ ò–Ö‡½ ÚĖÖù– improving energy efficiency p2 Essar Steel p5 Director R Dinesh p3 Á°x @÷x ÈĖ ˜¶ Ò¦¼ ĊÓ þ‡‡ò’ÖĖĖ ÚÈò’ @¦°č‚è È ¯˜ Ò¦¼ ĊÓ –ĖÈùĖÖĖĖ ږ‡Ė Ahmedabad Bengaluru Chennai Coimbatore Hubballi Kochi Madurai Malappuram Mangaluru Noida Thiruvananthapuram Tiruchirapalli Tirupati Vijayawada Regd. TN/ARD/14/2012-2014, RNI No. 55320/94

QUICKLY Right time to buy a house ECONOMY Promoters’ ‘share pledges’ down Modi’s agenda for Africa as prices dip in real terms Gandhinagar, May 23 Prime Minister Narendra Modi on Tuesday pushed his development agenda and only a bit despite market rally Sitting on huge while it is 51 months in NCR. “An policies to African leaders at the 52nd eicient market maintains 8-12 annual meeting of the African Smaller firms see pledged as on March 31, 2017. There inventory, developers months’ inventory; the current Development Bank (AfDB) Group at were 80 companies in which more offer discounts situation would indicate a Mahatma Mandir here. Addressing more shares pledged than 90 per cent of the promoters’ downside pressure on prices in delegates from 80 African countries, Modi than those in Nifty shareholding was pledged, and RASHMI PRATAP all major cities across India,” Ka- stressed on the need for strong and long- 205 companies in which more Mumbai, May 23 poor added. lasting cooperation between Africa and PRIYA KANSARA than 50 per cent of the promoters’ The average residential prop- India to achieve mutually beneficial goals. Mumbai, May 23 shareholding was pledged. erty prices in India’s top eight Govt incentives India and Africa face similar challenges in Despite the stock markets gaining By value of pledged shares, the cities have moved up only 4 per The government’s incentives in uplifting farmers, addressing poverty, 15 per cent year-to-date in 2017 and top 10 companies were Adani Ports cent in the past two years, sig- the form of lower interest rates empowering women, rural development trading close to their lifetime & SEZ, TCS, Zee Entertainment En- nalling the right time for home and a push to afordable hous- and infrastructure, he said, adding that highs, pledging of shares by pro- terprises, JSW Steel, Asian Paints, buyers to take the plunge. ing have also led to an increase India can help Africa in some areas. p4 moters has come down only mar- Emami, Reliance Power, Reliance Given the average inflation of in demand for residential units. ginally in the March 2017 quarter Infrastructure, GMR Infrastruc- 4.97 per cent in 2016 and 5.9 per Banks have now cut home compared to the December ture and Fortis Healthcare. cent in 2015, home prices have loan rates to 8.25-8.5 per cent, quarter. actually declined in real terms, the lowest level in the past eight Typically, a rise in market valu- Biggest ‘movers’ making them more afordable. years. ations gives promoters headroom The top three companies in which “From the consumer point of The government has also an- to lower their pledged shares, pledging of promotors’ share- view, it is a good time to enter nounced an interest subsidy of given that the value of their hold- excluded, the ratio was down only Nifty, compared to smaller com- holding moved from zero per cent the market. My outlook for up to 4 per cent for first-time af- ings too would have risen. But that 86 basis points sequentially to an panies. Also, shares of some sec- to a high percentage during the prices is still down and I see no fordable housing home buyers. trend seems not to have played out average 47.14 per cent in the fourth tors did not not participate in the period from December 2016 to appreciation in the next three “To an extent, the government this time. quarter of FY17. rally. Moreover, promoters may March 2017 were Advanced En- years in the primary market,” is now funding your house, for According to data provided by The value of pledged shares have raised more money on their zyme Technologies (0 to 25 per Pankaj Kapoor, Managing Dir- the first time in India,” said Prime Database, total promoter jumped 14 per cent quarter-on- improved valuations rather than cent), Stampede Capital (0 to 18 per ector of Liases Foras, a real es- Kapoor. shares pledged, in the universe of quarter in Q4, but the same as a by releasing pledged shares,” ad- cent), DCM (0 to 16 per cent) and tate consultancy firm, told Already, sales have started go- 1,557 companies listed on the NSE, percentage of market capitalisa- ded Pranav Haldea, MD, Prime Talwalkars Better Value Fitness (0 BusinessLine. ing up, with improved home came down to an average 15.16 per tion was down by a marginal 28 Database. to 12 per cent), There were 19 com- The average price per sq ft, in loan rates and stable residential cent in the March quarter com- basis points. This is thanks to the panies in which pledged shares fact, has declined for the Na- prices. According to Liases pared to an average 15.52 per cent 20 per cent gains notched up by Patterns to pledging were brought down to nil. This list tional Capital Region (NCR), Foras, sales in the top eight cit- in the December quarter, down 36 Nifty mid- and small-cap indices, According to Prime Database, includes Bannari Amman Sugars and Kolkata, while it is up ies increased 21 per cent in the basis points. more than the Nifty’s 12 per cent. there were 33 companies in which (from 83 per cent), PC Jeweller only about 1 per cent for the fourth fiscal quarter over the If the companies whose pro- “The extent of pledging is less in the complete holding (100 per (from 71 per cent) and Sharon Bio- Mumbai Metropolitan Region October-December 2016 period. moters have pledged no shares are larger companies, say those in the cent) of the promoters had been Medicine (from 38 per cent). (MMR). AS Sivaramakrishnan, Head, Surabhi Arora, Senior Associ- Residential Services, India, CBRE ate Director at Colliers India, South Asia, said volumes are go- CORPORATE said developers will probably ing up because the general con- Tatas appoint new legal chief Govt offers tax resist cutting prices but con- fidence level has improved. Mumbai, May 23 Manchester united tinue to ofer subsidised pay- “There is a generic realisation A day after appointing a new Chief Financial sops to Apple ment plans and price guaran- in the market that prices have Officer, Tata Sons has appointed a new legal REUTERS tees. “We think prospective bottomed out and mortgage head. The group has appointed Shuva New Delhi, May 23 buyers should not delay their rates have gone down. So we Mandal as the Group General Counsel after The Centre has ofered to allow decision unduly, since they can have seen good traction in the incumbent Bharat Vasani quit the role. Apple to import mobile-handset negotiate realistic prices in first three months,” he said. Mandal was earlier with law firm Shardul components intended for use in both the primary and second- But a few months down the Amarchand Mangaldas and will join in July. local manufacturing tax free, a ary markets,” she said. line, prices may begin going up. Vasani will continue with the group as top government oicial said on Sitting over an unsold invent- “Developers will be a little wary Legal Adviser to the Chairman’s office. A Tuesday. The tax concessions will ory of 47 months, developers of doing it immediately, but graduate of the National Law School, be subject to the condition of in- are now forced to ofer dis- eventually the prices will go up Bengaluru, Mandal has over 17 years of creasing local value addition counts. The highest unsold in- as demand is gradually coming experience. OUR BUREAU over a period of time. ventory is in MMR at 54 months, back to the market,” he said. Apple wants to expand its con- tract manufacturer’s facility in Bengaluru, IT Minister Ravi MARKET WATCH Shankar Prasad said on Tuesday, ICRA downgrades IDBI Bank as the iPhone-maker seeks a big- Chennai, May 23 ger share in one of the world’s ICRA on Tuesday downgraded various debt biggest smartphone markets. instruments of IDBI Bank. It downgraded Cupertino, California-based the rating on these instruments, whose Apple last week started making outstanding value (as of March 2017) was the iPhone SE at its Taiwanese close to ₹26,000 crore, due to a The people of Manchester reached out to help each other in the wake of a suicide bombing late contract manufacturer Wis- substantially weak operating and financial on Monday, at the end of a concert by American youth icon Ariana Grande. At least 22 people were tron’s plant in Bengaluru. performance during the year ended March. Apple sold over 50 million reported killed and 89 wounded in the ISIS-claimed attack on Manchester Arena (Report on p6) AP ICRA has downgraded the ratings of the iPhones in the March quarter, bank’s infrastructure bonds, flexi bonds down 1 per cent year-on-year. and subordinated bonds to A from AA-. p12 Details p7

Tata Motors March Hardselling software service with ‘moneyback’ offer TE RAJA SIMHAN ally. Customer satisfaction is a solution that will meet the end integrated cloud plat- quarter net skids 17% Chennai, May 23 our top priority. A client client’s needs. However, if the form for businesses to man- “Not happy with our soft- should be happy with the re- client is still not happy, Zoho age their finances and opera- ware? Take your money back!” turn on investment,” he said. will ofer a full refund of the tions, including filing of GST Currency impact, mand due to weak replace- That’s the guarantee that soft- Zoho ofers online business, purchase, and downgrade the returns. ment demand, subdued ware company Zoho Corp of- network, IT infrastructure account to a free plan for that Nearly 8,000 customers in transition to BS-IV freight demand from the in- fers its clients. management applications, service, Sabhlok said. India use ManageEngine solu- norms take a toll dustrial segment, which took a Typically, such ‘moneyback’ software maintenance and tions, which ofers IT manage- further hit post demonetisa- ofers are made only on support services. Centre-led tech push ment software, including net- OUR BUREAU tion, and lower-than-expected goods, including electronic For long , IT management On the prospects for the in- work management, Mumbai, May 23 pre-buying ahead of the imple- items, and financial products. and enterprise software firms dustry, Sabhlok said the coun- application management, Tata Motors on Tuesday repor- mentation of BS-IV. had a bad reputation on try is going through an in- help desk and customer sup- ted a 16.8 per cent fall in consol- The medium and heavy com- Customer satisfaction grounds of pricing, complex- ternally focussed technology port. idated net profit for the March mercial vehicle segment wit- “We are the only software ity and a long deployment push coming from the Centre. It accounts for nearly 60 quarter from a year ago due to a nessed a fall of 2.2 per cent year- company that gives a full cycle, he said. “We are a benefactor, with per cent of Zoho’s revenue, he currency exchange impact and on-year and the light commer- ‘moneyback’ guarantee,” says In a monthly subscription things like Goods and Services said, but gave no financial de- a one-time loss on the trans- cial vehicle segment witnessed Raj Sabhlok, President, Zoho model, at any time during the Tax, which require techno- tails. ition from BS-III to BS-IV norms. a fall of 6.1 per cent. Corp, which is headquartered first month of using a soft- logy to support,” he said. Business grew 18-20 per Consolidated net profit for Tata’s two new launches, in the US and has most of its ware, if a client is dissatisfied, Last month, Zoho launched cent last year, and this year the quarter stood at ₹4,336 Tigor and Hexa, lift numbers in employees working here. Zoho will first try to resolve a GST-compliant finance suite, the company is looking to 20- crore against ₹5,211 crore in the the passenger vehicle segment, “We lose clients occasion- the issue or give a timeline for Zoho Finance Plus, an end-to- 25 per cent growth. year-ago quarter. Revenue for which grew 44.3 per cent year- the quarter fell 2.6 per cent to on-year. Export volumes de- ₹78,980 crore from ₹81,079 clined 8.7 per cent. crore a year ago. IT workers set Consolidated revenue in the JLR sales rise to get their quarter was ₹9,032 crore lower Tata Motors’ Jaguar Land Rover Dhoni tops the emoji charts in IPL tweets owing to a translation impact division saw a growth of 13 per first union from pounds to rupees, the cent in the quarter with AJ VINAYAK Head of Sports Partner- the second most-men- company said. 1,79,509 units sold worldwide VENKATESH GANESH Mangaluru, May 23 ships (India and South East tioned team. Royal Chal- “We’ve seen strong head- on strong demand across the Bengaluru, May 23 MS Dhoni, former India Asia) of Twitter, a press re- lengers Bangalore, Rising winds and some big misses in product portfolio, primarily re- The $155-billion Indian IT in- captain and key member of lease said here that the Pune Supergiant, and Sun- this quarter,” said Guenter flecting higher volumes in dustry is all set to get its first Rising Pune Supergiant, led players’ Twitter emojis Risers Hyderabad followed Butschek, CEO at Tata Motors. China, North America, UK and union, in the backdrop of the chart of the most-men- were a global first for them. “We’ve not been on time with Europe. widespread lay-ofs in the sec- tioned player emojis on cricket. The hashtag of the final some product launches in FY17 On a standalone basis, the tor. The Forum for Informa- Twitter during the tenth Apart from emojis, the match between Mumbai In- and therefore we lost some company reported a net loss to tion Technology Employees edition of the Indian hashtag #MSDhoni also dians and Rising Pune Su- volumes and thereby some ₹829.04 crore against a net (FITE), representing the rights Premier League (IPL). found a place among the pergiant (#rpsvmi) topped market share in both PV and CV profit of ₹397.95 crore last year. of IT employees, is set to form He was followed by Virat top five hashtags of IPL 10. the list of most-mentioned (passenger and commercial Total income rose 6.7 per cent a union. Kohli, Gautam Gambhir, The top five hashtags were: matches by hashtags. vehicles) segments.” from a year ago to ₹15,092.44 It is a fundamental right of and Suresh #CricketMeriJaan by Mum- The other hashtags were Butschek said the transition crore. an Indian citizen (under Art- Raina. bai Indians, #IPLFinal, the qualifier between to BS-IV norms from BS-III was For the year ended March 31, icle 19) to form associations or IPL and Twitter had come #AmiKKR by Kolkata Knight and Kolk- both “unexpected” and “unpre- consolidated profit before tax unions. out with emojis of 30 IPL Riders, #MSDhoni, and #MI. ata Knight Riders cedented”. Tata Motors took a fell 35 per cent to ₹7,557 crore Talking to BusinessLine, FITE cricketers at the beginning While the IPL champions (#mivkkr) and the elimin- MS Dhoni batting against Mumbai Indians in the first qualifier hit of ₹150 crore on account of (₹11,678 crore). Consolidated Vice-President Vasumathi said of the league . Mumbai Indians led the ator match between Sun- unsold inventory of over revenue (net of excise) fell 1 per the forum would register the When users tweeted us- or #ViratKohli), an emoji the hashtag within the chart of the most-men- Risers Hyderabad and Kolk- 15,000 BS-III vehicles. cent to ₹2,69,850 crore union, which will be located ing the designated player version of that player auto- tweet. tioned teams on Twitter, ata Knight Riders During the quarter, the CV (₹2,73,111 crore). in Chennai, within a month. hashtag (such as #MSDhoni matically appeared after Quoting Aneesh Madani, was (#srhvkkr). segment witnessed muted de- Also read p5 Details p7

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CHENNAI 2 BusinessLine CLEANTECH WEDNESDAY • MAY 24 • 2017

Otis India President On a Sebi Joseph on elevators becoming POWER(LESS) TRIP ‘greener’

PREETI MEHRA helps protect sensitive equipment. has 3.18 billion sq ft of registered real The Otis Gen2 elevator and ReGen estate under development as ‘Green’. s urbanisation takes over, high drive combine to reduce energy This constitutes over 3,465 buildings. rise buildings are known to consumption by up to 75 per cent under Developers and building owners Aconsume about 40 per cent of normal operating conditions, are becoming environmentally the world’s energy and compared to conventional systems with conscious and thereby aim for elevators account for between two to 10 non-regenerative drives. green certifications like LEED per cent of a building’s energy use. But The Gen2 elevator family has been and others. We see the Gen2 now, with more ‘Green’ buildings designed to reduce vibration and elevator as a way of coming up, leading elevator minimise noise, resulting in a better supporting this growth. manufacturers are trying their utmost experience for those riding inside as In India, we ofer several to get those numbers down. well as those living nearby. models of the elevator. They BusinessLine learns from Otis India Conventional steel ropes are replaced include the Gen2 Switch, President, Sebi Joseph, how far the with coated flat steel belts, eliminating which uses a battery to capture company has reached in its green the noise and friction created by the the energy produced by the ReGen elevator initiative. Excerpts: metal-to-metal contact of conventional drive. If there is a power outage, the systems. The low-noise gearless elevator can make 100 trips in a seven- Otis is in the process of promoting machine mounted on isolation rubber storey building. Another is the Gen2 green elevators. What are the key pad, works toward creating this impact. Core, which we introduced late last cuts. It features that made you enter this The compact gearless machine and year to meet the needs of the mass consumes less power category? coated steel belts also require no and afordable housing segments. than household electronics Otis’ flagship product line, the Gen2 additional lubrication, eliminating the like the hair dryer and range, is geared towards eiciency need for storage, cleanup and disposal One of the main indicators of green recycled microwave. It has been whilst providing environmentally of hazardous waste. technology is the energy saving ability use elevators. for irrigation and successfully installed with solar responsible features and benefits. Otis of the product. What levels have Otis Gen2 earned us the there are two rain water applications. Of note, a social housing has sold more than 5,00,000 of such What growth potential do you see for elevators achieved with regenerative highest eiciency class harvesting tanks. The shop lighting is project near Nantes, France has won elevators worldwide since its launch. green elevators in India? drives and what are the goals going rating. being transformed in terms of quantity awards for its energy-saving Some of the key components of the As urbanisation drives the increased forward? Our elevators also come with of power required to light up the shop. capabilities. The solar panels produce range are the coated steel belt, the need for housing, the need for smart When it comes to energy eiciency, additional energy-saving options. LED The old high-wattage MV lamps are 80 per cent of the energy the elevators ReGen drive, the permanent magnet and eicient technologies to support Gen2 elevators have earned outstanding lighting inside the cab can reduce being replaced with LED lights, thereby consume each year. Otis reached similar machine and the Otis’ Pulse system all growth is a must. As of January 2016, the ratings. The validation is based on overall energy consumption and reducing the electricity burden. levels of performance at an installation of which, when combined, increase the Indian Green Building Council ( IGBC) standards set by engineering elevators can be put into standby mode Chemicals used in paint line pre- in a 100-year-old building in Vienna, life, eiciency, safety and reliability of association Verein Deutscher during low-traic times, reducing treatment of jobs have been changed to Austria. the elevator system. Ingenieure. VDI established its 4,707 overall energy use. chemicals that do not contain any heavy Because of the way elevators use a standards to clearly assess elevator metals and are thereby less harmful to In elevators with lubrication free counterweight, when an empty elevator energy performance taking into Clean technology includes reuse and the environment... There have been operation, what is the cost saving for a travels up or a fully loaded elevator account factors such as load, speed, recycle, are you working towards these numerous initiatives implemented to client? travels down, energy is created and is frequency of use and travel height — goals as well? reduce product packing materials and The Gen2 machine uses sealed bearings often wasted as heat. The ReGen drive both during travel and standby modes. Our recently expanded manufacturing maximise reusable packaging. that don’t require additional turns this energy into electricity and An elevator’s energy demand is rated facility in Bengaluru meets the IGBC lubrication. In addition, the innovative then feeds this captured power back using seven diferent classes from A to rating system at the Gold certification Your Gen 2 Switch elevator is said to be design delivers saving for lubrications into the building’s electrical grid for G, where A reflects the highest rating level and we are aiming to earn this compatible with solar and wind energy. up to 96 per cent when compared to the reuse by other building systems like possible (the least energy used) and G certification soon. Both the Have these capabilities been proven in conventional geared elevator. But the lighting. the lowest rating (the most energy manufacturing area and oice installed projects? benefit is more than economic. By The ReGen drive produces “clean used). VDI measures energy eiciency workspace use natural light and the The Gen2 Switch is an easy to install, reducing the need for additional power” thanks to low harmonic based on usage category on a scale from entire facility is provided with water- single-phase battery operated elevator lubrication, we’ve also reduced the need distortion, which minimises impact on one to five, where one represents low- eicient supply and sanitary fixtures. system that will be a boon to parts of for storage, cleanup and disposal of the building’s electrical system and use systems and five represents high- All domestic water is treated and India that sufer from frequent power lubrication waste. Towards concrete measures Green pollution CLEAN FUN V RISHI KUMAR companies for achieving signific- ant savings, waste heat recovery Energy eiciency has been a ma- is seen to be an excellent oppor- jor driving force in the country’s tunity to substantially reduce the cement industry seeking to go overall operating costs of the green. The efort put together by industry. various companies and techno- According to studies, there is logy suppliers has helped bring potential of 800 mw of power about significant reduction in generation from waste recovery specific energy consumption. in plants. Having tasted the fruits of en- However, while heat recovery ergy eiciency measures and projects are picking up pace, the host of case studies highlighting current installed capacity of over several achievements, sustain- 300 mw is spread across 24 able devel- plants. opment These waste has be- recovery come the systems are buzz word expected to in the play a sector. much big- KN Rao, ger role as Director, more of it Energy gets and Envir- tapped. onment, The pro- ACC Lim- duction ited and Co-Chair of CII Green Ce- process in cement sector mentech 2017 says the cement provides immense flexibility to sector is leading by example. Re- use all kinds of waste as fuel. Over cently companies converged in the years, more than 90 trials Hyderabad to take stock of the have been conducted for difer- progress made and the way ent fuels. forward. In fact, it is estimated that 25 Clearly, the sector is witness to per cent alternative fuel substitu- a number of interesting meas- tion is possible in the Indian ce- THEY SAID IT ures aimed at further improving ment industry by 2025. performance — be it in the form Of this, municipal solid waste “We like innovation, we of specific heat consumption, set- and biomass holds the major want innovative people, ting up of waste recovery sys- share on alternative fuels with 57 we want people working tems, use of alternate fuels — all per cent and 33 per cent respect- on climate change, helping to attain the GreenCo rat- ively. The utilisation of hazardous energy, renewables and ing, where the core focus is on en- waste from cement kilns can fur- new technologies..." ergy eiciency. ther reduce environmental im- While there is an annual award pact of incineration or land Sample this A researcher at the University of California, Davis, in the United States collects algae samples from a boulder in Lake Tahoe. Algae EMMANUEL MACRON programme that seeks to reward filling. growth fueled by air pollution and contaminants in storm-water have contributed to the loss of the lake’s historic clarity AP FRENCH PRESIDENT

gies in use is Plasma Gasific- feedstock is thermally at the top. The feedstock nici palities. Kankyo is gain- ation. Through this, solid broken to produce a syn- either gasifies immediately ing momentum in this Oh, for a cleaner world waste is thermally destruc- thesis gas (syngas) and slag. upon entering the reactor sector. “Initially, it was dii- ted and converted into syn- Syngas, composed primarily or falls on to the coke bed cult to gain the attention of Kankyo endeavors to be a one-stop shop says P Dev Anand, Founder & thetic gas or syngas and slag of carbon monoxide and hy- where complete gasification people, but for the past one CEO of Kankyo. “Our mis- without segregating the drogen, can be used for in- occurs. year everybody is accepting for waste management sion is to make the world waste. “In India, there are dustrial purposes as a sub- Non-gaseous, inorganic the technology,” says Dev cleaner and more sustain- solutions available after stitute for natural gas. components in the gasified gleefully. SALMANUL FARISY one stop-shop for waste able by creating valuable en- sorting the garbage, but this The system uses plasma feedstock, such as rocks, dirt Kankyo is now providing management — be it solid, ergy and resources from technology can handle the torch technology, where a and other impurities, separ- solutions to the entire value India generates about 62 liquid, or gaseous. local, renewable waste.” mixed waste,” explains the plasma stream is created by ate and leave through the chain of waste management million tonnes of municipal They also handle hazard- The company is a leader CEO. Both hazardous and the interaction between air bottom of the gasifier as a sector and that makes it solid waste annually. Of the ous waste. Founded in 2015, in in solid waste manage- non-hazardous waste can and an electric arc created glass-like slag. This is envir- unique. The kind of techno- 43 million tonnes collected, Kankyo has developed a ment, water treatment, convert into energy. between two electrodes. The onmentally benign and can logies they are using are far only 11.9 million is treated variety of innovative sus- waste water treatment, re- interaction of the gas with be used as an aggregate to more advanced and eco- while 31 million is dumped tainable technologies that cycling and bioremediation. The technology the electric arc dissociates the construction industry. nomical. “It’s a $20-billion in landfill sites. require lower capital and “Japan has strict environ- And how does it work? The the gas into electrons and A small plant will cost market in India alone for No wonder then, that the operating expenditures mental regulations and all Plasma Gasification system ions enabling the gas to be- around ₹60 lakh and can go our segments. Other than country is facing such a compared with other tech- technologies are designed exposes ‘feedstocks’ such as come electrically and up to ₹30 crore. The cost India, we have spread our huge waste management nologies in the market. to meet these standards by A Plasma Gasification plant municipal solid waste, in- thermally conductive. varies according to the size wings to South East Asia, problem. “We have an array of indi- default,” says Anand. dustrial waste or biomass to Feedstock materials enter and nature of waste. Middle East, Africa and Trying to meet the chal- genous technologies and Ja- “We work with many re- in the energy and environ- temperatures over 5000°C the gasifier through a feed Kankyo’s technology caters South America,” says Balaji lenge head on is Chennai- panese technologies to search partners in Japan to ment space.” One of the in the presence of steam as- port, which can be located to the needs of big indus- Gurusamy, Chief Marketing based Kankyo Cleantech, a meet our customer needs,” bring the latest technology main indigenous technolo- sisted plasma plume. The on the side of the reactor or tries to townships and mu- Oicer, Kankyo.

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CHENNAI BusinessLine NEWS 3 WEDNESDAY • MAY 24 • 2017

TVS Logistics keen to expand, focus on packaging segment

MAMUNI DAS operations in the UK, Spain, size of the boxes. Industry ex- New Delhi, May 23 Thailand, the US, Germany perts from packaging space The ₹1,200-crore TVS Logistics and China, through ware- say they can lower dimen- Services Ltd, a third party lo- houses located both in India sional weight for e-commerce gistics services provider, is and abroad, according to the firms as well as logistics firms, looking at expanding in the company website. which efectively lowers the packaging segment. cost. While TVS Logistics Services Dilution of stake has taken the inorganic route TVS Logistics Services, which Dimensional weight for growth in several areas, R has investments from pen- Lance Wallin, Director, Global Dinesh, Managing Director, sion fund CDPQ, has no plans Accounts and Innovation, declined to comment on for further dilution of stake Product Care, Sealed Air, a whether it will take the inor- right now, Dinesh said. R Dinesh , MD, TVS Logistics company in the space of ganic route to grow in pack- In 2016, Caisse de dépôt et providing packaging ma- aging as well. placement du Québec (CDPQ), toll collection systems, on all chinery, said they can optim- “That is a new capability one of North America’s largest its long distance vehicles in ise dimensional width by at that we are now focussing pension fund managers, had the next three-six months. least 15 per cent by getting the on,” Dinesh told BusinessLine. invested over ₹1,000 crore Right now, it has Fastags on list of products, identifying TVS Logistics has a company ($155 million) to acquire a size- about 60 per cent of vehicles. the sizes where maximum or- that does packaging and TVS able minority stake in TVS LSL, ders take place and accord- will further focus on it, he a privately held subsidiary of Packaging in logistics ingly recommending pack- said. It is now becoming an the TVS Group. CDPQ pur- As logistics firms grow, partic- aging solutions. important business for logist- chased most of KKR’s and ularly on the back of e-com- Sealed Air said it had seen a ics firms. Goldman Sachs’ joint stake, merce deliveries, several com- tremendous increase in quer- “I am talking not just about while TVS family members panies have started putting ies from customers with air designing but the actual pro- and management acquired more intelligence into pack- carriers and several express cess of packaging,” Dinesh ad- the remainder. aging. This happens more so, carrier increasingly introdu- ded. As per a release last year, as there is scope to lower the cing prices based on dimen- He said Asia was the com- CDPQ was ready to commit air space in moving packaged sional weight. “Till this date, pany’s focus right now. “If we significant additional capital materials. Express logistics we see that packaging done by are looking at mergers and ac- to finance transformative ac- service providers, such as e-commerce companies has quisitions, it is in India and quisitions and support the ex- DTDC, India Post, FedEx and more than 50 per cent void Asia,” he said, adding a caveat pansion of TVS LSL in India DHL charge customers on the space in its packaging. If you that “nothing is on the anvil”. and globally. basis of the dimensional pack that out, much of cost, The company has about Dinesh said the company weight that takes into ac- time can be packed out of the three million sq ft of ware- plans to have Fastags, or the count both the weight and shipping arena,” Wallin told house space in India, and has National Highways’ electronic volume, or the dimensions or BusinessLine. Demand for inverter ACs ‘Volkswagen used computer picking up this summer code to cheat emission tests’ PRESS TRUST OF INDIA the code running on Volkswa- Consumers willing about the future of the cat- Los Angeles, May 23 gen onboard computers from egory as demand surges this Scientists have uncovered the the company’s own mainten- to pay more and summer. “Currently, the in- mechanism inside cars that al- ance website and from forums save on 50% of their verter segment is eight per lowed German automaker run by car enthusiasts. cent of the total category but Volkswagen to circumvent US The code was running on a electricity bill should double to almost 15- and European emission tests wide range of models, includ- 20 per per cent this year. In using computer codes. ing the Jetta, Golf and Passat, as PURVITA CHATTERJEE the last two months, AC sales The mechanism was used by well as Audi’s A and Q series. Mumbai, May 23 have been fuelled by high Volkswagen over at least six “We found evidence of the Consumers are upgrading to temperatures and should go years before the US Environ- fraud right there in public high-end inverter air-condi- up even further in June be- mental Protection Agency view,” Levchenko said. tioners in the hope of halv- fore GST kicks in since prices (EPA) put the company on no- During emissions standards ing their electricity bills this would rise by three per tice in 2015 for violating the tests, cars are placed on a summer. With an average cent,’’ observes Kamal Nandi, Clean Air Act, researchers said. chassis equipped with a dy- selling price of ₹30,000, in- Business Head, Godrej Appli- During a year-long investiga- namometer, which measures verter models are expected ances. tion, researchers led by Kirill the power output of the engine. to expand the air-condi- Levchenko from the University The vehicle follows a pre- tioner category to ₹14,000 Higher tax slabs of California San Diego in the cisely defined speed profile crore this year. In fact, there is already US found the code that allowed that tries to mimic real driving Currently, inverter ACs strong consumer demand acar’s onboard computer to de- on an urban route with fre- (which lead to 50 per cent re- this summer in the northern termine that the vehicle was quent stops. duced electricity bills) com- and western markets for air- undergoing an emissions test. The conditions of the test are prises 8 per cent of the 4.7 conditioners. Sanjeev Bakshi, The computer then activated both standardised and public. million unit air-conditioner Category Head – AC, Video- the car’s emission-curbing sys- This essentially makes it pos- category. con Industries, said, “We tems, reducing the amount of sible for manufacturers to in- Market leader, LG has have already sold three lakh pollutants emitted. Once the tentionally alter the behaviour already switched its com- air-conditioners compared computer determined that the of their vehicles during the test plete manufacturing line to 1,75,000 last year between test was over, these systems cycle. into making inverter mod- January and April. Regional were deactivated. The code found in Volkswa- els. markets in the north and When the emissions curbing gen vehicles checks for a num- west have recorded the system was not running, cars ber of conditions associated High value proposition highest growth while peak emitted up to 40 times the with a driving test, such as dis- “Inverter AC is a high value summer demand has not amount of nitrogen oxides al- tance, speed and even the posi- proposition as the average been witnessed in the south- lowed under EPA regulations. tion of the wheel, researchers selling price is ₹30,000, ern States due to intermit- “We were able to find the said. If the conditions are met, which will push up the over- tent rains.’’ smoking gun. We found the sys- the code directs the onboard all category size to ₹14,000 After the summer demand tem and how it was used,” computer to activate emissions crore this year. LG, which has for air-conditioners, the fear Levchenko said. curbing mechanism when a market share of 19 per of price increase post GST is Scientists obtained copies of those conditions were met. cent, has already shifted its also expected to fuel de- entire product line to manu- mand for the category. “After facturing 100 per cent in- demonetisation, consumers verter ACs as consumers are are now concerned about willing to pay more and save GST since there would be in- on 50 per cent of their elec- creased tax slabs from the tricity bill,’’ said Vijay Babu, current 24 per cent to 28 per Business Head, Air-condi- cent. Consumers would tioners, LG India. prefer to buy their air-condi- tioners before June since Inverter category prices might go up by four LG is already providing free per cent after GST comes stabilisers worth ₹2,500 and into efect in July,’’ added a 10-year warranty for its Bakshi. compressors to invite more people into the inverter cat- egory. “The government is BusinessLine also pushing for energy ei- Disclaimer: Readers are requested to verify ciency with ISEER ratings & make appropriate enquiries to satisfy themselves about the veracity of an and we expect our share to advertisement before responding to any published in this newspaper. Kasturi & go up from 19 per cent to 37 Sons Limited, the Publisher & Owner of this per cent in the inverter seg- newspaper, does not vouch for the authenticity of any advertisement or ment,’’ added Babu. advertiser or for any of the advertiser’s products and/or services. In no event can the Owner, Publisher, Printer, Editor, Beating GST blues Director/s, Employees of this newspaper/ company be held responsible/liable in any Domestic AC companies like manner whatsoever for any claims and/or Godrej Appliances and damages for advertisements in this newspaper. Videocon are also optimistic https://telegram.me/TheHindu_Zone https://telegram.me/PDF4EXAMS

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BusinessLine 4 NEWS WEDNESDAY • MAY 24 • 2017 AfDB meet: Modi showcases Amid China’s OBOR, India renews outreach to Africa Asia-Africa Growth the US and Japan to support The race to Africa ent has visited three, and the development in Africa. I gladly Vice-President visited seven. development model to Africa Corridor will rope recall my detailed conversa- ■ How far India can compete with China There is no country in Africa in Japan, US: Modi tion with (Japanese) Prime in Africa remains a big question. China’s that has not been visited by an Vows support in Minister (Shinzo) Abe during bilateral trade with Africa in 2015 was Indian Minister in the last VIRENDRA PANDIT my visit to Tokyo…In our joint worth nearly $200 billion, compared to three years.” common issues of Gandhinagar, May 23 declaration, we mentioned an India’s $57 billion, which is projected to India joined the African De- poverty, power Barely a week after China un- Asia-Africa Growth Corridor rise to $100 billion in 2018. velopment Fund in 1982 and veiled its ambitious One Belt, and proposed further conver- the African Development Bank OUR BUREAU One Road (OBOR) policy as a sations with…Africa. in 1983. For the most recent Gandhinagar, May 23 diplomatic-economic ‘peace “Indian and Japanese re- have settled in each other’s small businesses called dukas, African Development Fund re- Prime Minister Narendra ofensive’ across Asia and search institutions have come lands. The Siddis (of Gujarat) and came to be known as the plenishment, India pledged Modi on Tuesday hard-sold Europe, India, too, has up with a vision document- are said to have come from dukkawalas. $29 million. his development agenda and launched a soft power push to- …This was done in consulta- East Africa. The Bohra com- “Mahatma Gandhi, another policies to African leaders at wards Africa with Prime Minis- tion with think tanks from munities in coastal Kenya date Gujarati, perfected his tools of Farming wealth the 52nd annual meeting of ter Narendra Modi, on Tues- Africa. I understand the vision back to the 12th century. non-violent struggle in South “The theme of this event is the African Development day, ofering the erstwhile document would be presen- “Vasco da Gama is said to Africa. He also visited Tanzania ‘Transforming agriculture for Bank (AfDB) Group at Ma- ‘Dark Continent’ the light of ted at the (AfDB) board meet- have reached Calicut with the in 1912 along with Gopal wealth creation in Africa’. This hatma Mandir here. mutual cooperation and eco- ing later. The idea is that India help of a Gujarati sailor from Krishna Gokhale. Several lead- is an area where India and the Addressing delegates from Reaching out Prime Minister Narendra Modi at the opening nomic development in a num- and Japan, with other willing Malindi. The Dhows of Gujarat ers of Indian origin supported Bank can fruitfully join 80 African countries, Modi ceremony of the 52nd annual meeting of African Development ber of areas. partners, would explore joint took merchandise in both dir- strongly, and fought along- hands,” Modi concluded. nd emphasised on strong and Bank in Gandhinagar on Tuesday VIJAY SONEJI Inaugurating the 52 an- initiatives in skills, health, in- ections. Ancient links between side, the leaders of Africa’s It, however, remains to be long-lasting cooperation nual meeting of the African frastructure, manufacturing the societies have enriched struggles for independence, seen how far India can pip between Africa and India to gardening during their stay without electricity, can look Development Bank (AfDB) and connectivity,” Modi said. our cultures. The rich Swahili including Mr (Julius) Nyerere, China in Africa. Contrast this: achieve mutually beneficial here, Modi said. up to India in achieving Group here, Modi deftly roped “India’s commodity trade language includes many Mr (Jomo) Kenyatta, and Mr China’s bilateral trade with goals. While India and Africa “I have launched an initiat- power for all, he said. “By next in the US and Japan, who are with Africa in 2015-16 was Hindi words,” he said. Nelson Mandela.” Africa in 2015 was worth nearly face the similar challenges of ive to double farmers’ in- year, no village in India will be also cautiously watching Chi- higher than our commodity Modi further said the third $200 billion, compared to In- uplifting farmers, addressing comes by 2022. It will require without electricity. Our Clean na’s $900-billion initiative in trade with the United States of History of ties India-Africa Summit in 2015 dia’s $57 billion, which is pro- poverty issues, women em- concerted steps, ranging Ganga, Renewable Energy, Di- the backdrop of Beijing’s activ- America.” “During the colonial era, was attended by all the 54 jected to be $100 billion in powerment, rural develop- from improved seeds and op- gital India, Smart Cities, Hous- ities in South China Sea and its The PM spoke at length, re- 32,000 Indians came to Kenya African countries having dip- 2018. ment and infrastructure, In- timal inputs to reduced crop ing for All and Skill India mis- littoral states. minding the gathering about to build the iconic Mombasa- lomatic relations with India. A India is the fifth largest in- dia can help in some areas, he losses and better marketing sions are preparing us for a Representatives from 80 India’s association with Africa Uganda railway. Many lost record 41 African countries vestor in Africa with $72 billion said. infrastructure,” he told the cleaner, more prosperous, countries are participating in over the centuries. “Historic- their lives during its construc- participated at the level of worth of investments so far On the skill development gathering. faster growing and modern the AfDB meeting, being held ally, communities from west- tion. Around 6,000 of them Heads of State or Government. vis-à-vis China’s $60 billion front, Modi said the training Modi further listed the new India,” Modi said. here from May 22 to 26. ern India, especially Gujarat, stayed back and took their “Since 2015, I have visited six worth of fresh capital invest- of ‘Solar Mamas’ in Africa has macroeconomic achieve- Referring to the ages-old co- “India is also working with and the eastern coast of Africa families. Many of them started African countries, our Presid- ments pledged in 2016. yielded dual outcomes. (A ments of his government over operation and association group of nearly 30 rural wo- the past three years. between India and the African men solar engineers from six continent in social, cultural African countries were Bold reforms and business areas, Modi as- trained under India’s develop- The PM credited his govern- sured the African leaders of India seeks ‘Asian dividend’ on crude oil mental support for harness- ment for making big strides India’s continued support in OUR BUREAU said in a statement. India had Pradhan also observed that ing solar energy). in development by adopting achieving the key goals in the New Delhi, May 23 provided timely payments the plan of OPEC and non- Training the African wo- bold reforms — such as a less- areas of agriculture, infra- Oil rich countries should con- and honoured all its contrac- OPEC countries to continue men to work on solar panels cash economy, mobile bank- structure, power and in- sider incentives to encourage tual commitments and de- with production cuts — aimed and circuits helped them to ing, plugging the leaks in sub- dustry. rational pricing of crude oil, manded due acknowledge- to arrest the slide in prices — electrify their communities sidy distribution through dir- “Over decades, our ties have according to Petroleum Minis- ment through discount in may lead to under-investment back home. It also led to the ect benefit transfer, Jan Dhan become stronger. After as- ter Dharmendra Pradhan. prices for the large volumes and consumers’ needs not be- empowerment of illiterate or Yojana or universal banking suming oice in 2014, I have There should be an ‘Asian di- that it imports, he said. He ad- ing met in the long run. That semi-literate women through and Aadhaar. made Africa a top priority for vidend’ rather than ‘Asian ded that for a long time OPEC would not be in the interest of other skills, like basket mak- Africa, which has a popula- India’s foreign and economic premium’ for crude oil sup- subsidised Western buyers at a balanced and healthy global ing, bee keeping, and kitchen tion of about 650 million policy,” he said. plies by OPEC members, he the cost of Asian buyers. oil and gas market, he said.

‘India-Africa ties a silver lining for global economy’

RUTAM VORA Gandhinagar, May 23 At a time when the benefits of globalisation may seem to be diminishing, the cooperation between India and Africa will act as a silver-lining, accord- ing to Union Finance Minister Arun Jaitley. The current global socio- political scenario gives mixed feelings even as the emerging economies of Africa and India Finance Minister Arun Jaitley at provide optimism, he said. the AfDM meet in Gandhinagar In an apparent reference to on Tuesday PTI the protectionist policies of the US and Britain, Jaitley said: enterprises find good poten- “There is an increasing possib- tial in infrastructure and agri- ility of disruptions in the culture technology in the global economy due to in- African region. Central PSE ward looking policies of some and EPC player under the Min- advanced countries. This has istry of Water Resources, WAP- the danger of frittering away COS Ltd, has on-going projects much of the gains from in 41 countries, of which 27 globalisation." are in Africa, he said. Africa, which produces only “In Africa, we are working 10 per cent of the global food in some of the most diicult output, has 65 per cent of the areas of Mali, Chad, Senegal, global uncultivated arable Niger, Nigeria, which are land mass. “We (India) have to French speaking regions,” RK support 17 per cent of the Gupta, CMD of WAPCOS, told world population with 2 per BusinessLine. “The opportun- cent of the world landmass. ity is immense because there But we have met this chal- is a lot of funding available for lenge successfully, and there infrastructure projects. But is a significant scope for the bankable projects are not agricultural sector in Africa to available. We try to fill this benefit from the Indian exper- gap by ofering our services to ience,” said Jaitley. banks and for lines of credit Private and public sector for the Indian government.”

NDA-II revives UPA-II’s pet steel project in Amethi steel plants at Jagdishpur in Ut- tar Pradesh, Betia in Bihar and Kangra in Himachal Pradesh. These projects will now be re- vived within two months to one year, he said. In 2011, former Steel Minister Beni Prasad Verma in the Con- gress-led UPA-II government Chaudhary Birender Singh, Steel had announced plans to invest Minister, at a press meet in New up to ₹10,000 crore in the unit. Delhi on Tuesday KAMAL NARANG BusinessLine had reported in May 2015 that the Narendra OUR BUREAU Modi-led NDA government New Delhi, May 23 had pulled the plug on budget- After much back and forth, the ary support for the Jagdishpur Steel Authority of India, under steel unit’s revival. The Out- directives from the Steel Min- come Budgets for 2011-12, 2012- istry, is finally going to revive 13 and 2013-14 show that every the Jagdishpur steel unit in year a certain amount was Amethi, Uttar Pradesh. sanctioned for the revival work Addressing a press confer- at Jagdishpur. However, this ence to highlight his Ministry support was stopped in three-year report card, Union 2014-15. Minister for Steel, Chaudhary Singh also said that work on Birender Singh, said: “The steel reviving the Kangra project plant in Jagdishpur may be had been going on and the functional within two project would manufacture months.” TMT bars, JC sheets, crash barri- Taking a jibe at his former ers and black pipes. He said party, the Congress, Singh said RINL’s Rai Bareli plant could be projects were announced but taken up for upgradation as work was not completed in well.

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CHENNAI BusinessLine 5 WEDNESDAY • MAY 24 • 2017 NEWS

QUICKLY Essar Shipping expands fleet to meet demand from Essar Steel NCC posts lower profit in Q4 Still on the look-out for more Panamax quisition the price has already demand picking up with the Hyderabad, May 23 shot up by 5 per cent,” Ranjit global economy in a much better NCC Ltd has posted a lower profit of ₹63.71 carriers, says CEO Ranjit Singh Singh said. state since the second-half of last crore for the fourth quarter ended March 31, According to Singh, although year. Most of the dry bulk com- 2017, against a profit of ₹86.22 crore for the KSENIA KONDRATIEVA christened as MV Mahavir was ac- catering mainly to the steel busi- modities including products corresponding quarter last year on a Mumbai, May 23 quired for around $5 million. The ness, Essar Shipping is flexible. such as iron ore, coal, steel, alu- standalone basis. The turnover for the quarter Essar Shipping Ltd (ESL), one of ship will be deployed for trans- “We keep mix match of inside mina etc, have seen prices going was lower at ₹2,187 crore against ₹2,529 crore India’s leading shipping com- porting pellets, coal and lime- business as well as outside busi- up by 40-50 per cent since June in the corresponding quarter of the previous panies, has added a Panamax ves- stone from Essar Steel’s pellet ness, the moment we get a good last year", Pradeep Rajan, senior year. Overall, it reported a turnover of ₹8,032 sel of 74,005 deadweight ton- plant in Paradip to the steel plant opportunity and the market Managing Editor, Asia Pacific crore for the financial year 2016-17 against nage (dwt) to its fleet of 14 vessels, in Hazira. “We wanted to utilise looks up, we get our vessels out, Shipping & Freight, S&P Global ₹8,549 crore in the previous year. Its net profit taking the total tonnage volume this ship for our own cargo, as but we make sure that steel never Platts, told BusinessLine. was lower at ₹225.50 crore against ₹240.17 to 1.6 million dwt. steel production is coming up, sufers,” Singh explains. "Currently, the freight levels crore in the previous year. The board Panamax stands for the mid- we have a lot of movement,” Last financial year, Essar Ship- have dropped after they had recommended equity dividend of 20 per cent sized cargo ships capable of Ranjit Singh, Executive Director & ping moved around 11 million jumped up during the first (₹0.40 per share of ₹2 each) on the paid-up passing through the narrow CEO, Essar Shipping, told Busi- tonnes of cargo growing the ca- quarter of the year. But market capital of ₹111.19 crore, according to a Panama Canal. nessLine. pacity utilisation to 94 per cent watchers think the dry bulk ves- statement from A Ranga Raju, MD. OUR BUREAU Essar Shipping’s fleet now con- Essar Steel has emerged as the from 80 per cent in the previous sels will have a steady run with sists of six mini-cape bulk carri- main customer for Essar Ship- year. The company reported 22 Chinese economy expected to ers, one standard Capesize (the ping since the inception of Es- per cent growth in cargo hand- perform better this year," Rajan largest among dry cargo ships), sar’s Hazira Steel Complex in the Hot rolled steel coils for export being loaded at Essar Steel’s Hazira plant ling. said. VA Tech Wabag bags Nigeria project two Supramax and two Handys- early 1990s. Hence, Essar Ship- in Gujarat. Essar Steel has emerged as the main customer for Essar Despite recent “nervousness” The freight rates have overall Chennai, May 23 ize (mini-vessels) dry bulk carri- ping’s fleet is being used for Shipping since the inception of Essar’s Hazira Steel Complex in the early in the freight market with Baltic increased over a year since Febru- VA Tech Wabag, a Chennai-based multinational ers as well as two oil tankers of coastal cargo movement catering 1990s (file photo). KAMAL NARANG Dry Index (BDI), a key indicator of ary, 2016, when BDI has fallen to company in water sector, has won $105.5 VLCC category (very large crude to Essar’s steel business require- freight rates, sinking to 954 all-time law of 290 points. The re- million order for setting up an effluent carriers). ment and providing it quicker ac- points as on May 23, due to slow vival in the trade helped India’s treatment plant for Dangote Oil Refining The second-hand 16-year-old cess both to raw materials picked up lately: for the year “We are still on look out for more demand from China coupled shipping majors to take advant- Company in Nigeria, according to a press Panamax vessel added to the fleet sourced from mines in Eastern ended March 31, 2017 its flat steel Panamax carriers. I am aiming to with oversupply of vessels in the age of the prevailing low asset release from Wabag. This is Wabag’s second will replace MV Chandi Prasad, a India and to steel consuming production registered 47 per add more vessels this year, but I global dry bulk industry, the BDI prices and expand or update order from Dangote group. Previously, it Capesize carrier of 152,065 dwt markets in India and abroad. cent growth, while pellet produc- am waiting for the right oppor- is still in the comfortable zone their fleet. This trend will prob- bagged an order for a raw water treatment decommissioned last month tion grew by 60 per cent. This tunity, as this vessel we have and is not expected to drop signi- ably continue as Indian shipping plant order from Dangote Fertilizers, which is after sailing for 28 years. Production picks up gives Essar Shipping’s CEO hope picked up at the right time - since ficantly, experts say. industry still remains under-sup- in an advanced stage of execution. OUR BUREAU Japanese-made ship re- Essar Steel’s production has for more additions to its fleet. I made the deal till the time of ac- "The dry bulk market has seen plied, experts say. Strong show by JLR fails to JSPL narrows Sonalika tractors to ride into China ASK Group loss to ₹116 cr in OUR BUREAU invests ₹200 cr fourth quarter New Delhi, May 23 in ATS Infra’s fuel Tata Motors performance Sonalika International OUR BUREAU Tractors Ltd, the third Noida project WX vehicles (CVs). The fact that the New Delhi, May 23 largest producer of tractors company, like many others, Jindal Steel and Power Ltd has Q4 COMMENT With the India business in India, has drawn up had to ofer discounts on its reported a 47 per cent im- plans to enter China, the OUR BUREAU making a loss of ₹829 BS-III stock in end March com- provement in its bottomline world’s biggest tractor mar- Mumbai, May 23 crore, consolidated PARVATHA VARDHINI C pounded its bad luck. during the fourth quarter of ket. Making it the company’s profit dropped by 16 per BL Research Bureau Domestic CV volumes 2016-17. “This year, we will start in- maiden investment in the com- cent to ₹4,336 crore. Weak volumes due to the run dropped by 4.5 per cent year- The company’s net loss fell vesting to create a physical mercial real estate space, finan- Like in the many out of 2016 models, unfavour- on-year in this quarter, but to ₹116 crore in the fourth foundation in China and cial services firm ASK Group has able currency movements and preceding quarters, the passenger vehicle volumes quarter of 2016-2017 from ₹218 manufacturing can happen invested ₹200 crore in ATS In- high marketing expenses saw domestic performance moved up by 41 per cent, crore in the corresponding later,” said Raman Mittal, frastructure project ‘Knights was impacted by a poor A view of Sonalika International Tractors Ltd’s plant at Hoshiarpur, the Jaguar Land Rover (JLR) driven by recent launches quarter last fiscal. Sales grew Executive Director, Sonalika Punjab (file photo) RAMESH SHARMA Bridge’. The project, located in business posting tepid num- show by commercial such as the Tiago and the by 13 per cent during the ITL, here on Tuesday. Noida, is a mixed use develop- bers in the December 2016 vehicles. Tigor. fourth quarter of 2016-17 as “We aspire to become not from 11.9 per cent to 12.3 per its revenue from export was ment project of more than quarter. Into 2017-18, CV sales have compared to the same period small, but a big player in cent. “Increase in sales in close to 20-25 per cent of the three million square feet. But JLR has gained back its hit a lull in April after the in- last fiscal, a compnay state- the Chinese market. Like In- and Southern total revenue, Mittal said. “Our group is focussed on de- colour in the quarter ended ted the best-ever margins for troduction of BS-IV norms. But ment read. dia, China too is a cost-sens- States was a major driver for Exports grew by close to 30 livering consistent, predictable March 2017. this fiscal in the March 2017 in the months to come, a fur- The company said the gov- itive market. this performance,” he said. per cent. returns which requires discip- Led by the new Discovery quarter. EBITDA margins for ther pick up in infrastructure ernment support to domestic “So, we may have to find In Maharashtra, Sonali- A new manufacturing lined approach to investing. Sport, the Jaguar F-PACE and the first three quarters of 2016- spends, a normal monsoon steel and power industry had strategies to manage costs. ka’s market share increased plant of two lakh tractor Our investors appreciate part- the XE, JLR posted double digit 17 was in the range of 9.3-14 per and the roll out of the GST will given a stimulus to local de- Probably, we would make 50 per cent, from 10 per per annum capacity has ner selection, risk management growth in sales volumes cent. be positives for the heavy mand by way of enhanced in- key technologies like cent to 15 per cent, in the been added to its existing framework and asset manage- across the UK, the US, China This strong show by JLR truck industry. On light CVs vestment in infrastructure. Its powertrain in India keep- past five years, while the facility that is capable of ment focus. Compounding of and Europe. though was not enough to lift and buses, the company ex- turnover grew by 13 per cent to ing that in mind,” he said. company is inching close to rolling out 384 tractors opportunity through repeat in- Net revenues for the JLR the consolidated numbers. pects 10 per cent volume ₹4,545 crore during the fourth double digit market share daily. vestments clearly reflects our business rose 10 per cent year- The lacklustre numbers of the growth in 2017-18. The good quarter, against ₹4,033 crore Revenue growth in the South. Across the country, Sona- belief in partner, location and on-year to £7,268 million (ap- domestic standalone business run may continue on the do- in the last quarter of fiscal Good monsoon showers re- lika has close to 950 dealers methodology of investments,” proximately ₹61,000 crore) impacted consolidated profit. mestic passenger car front, 2016. ceived last year helped the Exports up and 300 spare part stock- said Sunil Rohokale, MD & CEO, and net profit by 18 per cent to With the India business with the Nexon (compact SUV) For the full financial year company grow 17 per cent Last year, Sonalika exported ists. Over the past 14 ASK Group. £557 million (around ₹4,700 making a loss of ₹829 crore, expected soon. 2017, the net loss fell 30 per in revenue to ₹4,268 crore, 12,241 tractors to 80 difer- months, the company has “Of the 4 project investments crore). consolidated profit dropped At JLR, the ramp-up of the cent to ₹986 crore from ₹1,419 even though the sales were ent countries, making it the opened 30 Sonalika skill de- in ATS, three projects are in EBITDA margins came in at by 16 per cent to ₹4,336 crore. Land Rover Discovery, and up- crore for fiscal 2016. There was briefly afected due to de- second largest tractor ex- velopment centres to train Noida. We have invested ₹650 14.5 per cent. Like in the many preceding coming products such as the also a 5 per cent improvement monetisation. porter from India. farmers and mechanics and crore in these four projects,” Although lower than the quarters, the domestic per- Range Rover Velar and XF in the turnover for fiscal 2017 at During 2016-17, Sonalika Even though the number 30 more such centres will said Amit Bhagat, MD & CEO, 16.2 per cent recorded in the formance was impacted by a Sportbrake are expected to ₹15,494 crore against ₹14,693 sold over 81,500 tractors, in- of units exported was lesser be added by the end of this ASK Property Investment same quarter last year, JLR pos- poor show by commercial drive growth. crore during fiscal 2016. creasing its market share than that sold domestically, financial year, Mittal said. Advisors.

Centre allays Tesla concerns DST teams up with Dr Reddy’s for on manufacturing here psoriatic drugs Says sourcing at a press conference here on Tuesday. OUR BUREAU norms mandated “After manufacturing in In- Hyderabad, May 24 only for retailers dia, a foreign investor is per- The Department of Science mitted to sell in any manner: and Technology (DST) will OUR BUREAU wholesale, retail including e- work jointly with Dr Reddy’s New Delhi, May 23 commerce,” said a tweet from Laboratories, University of Indicating that concerns on the Department of Industrial Hyderabad (UoH) and Dr local sourcing expressed by Policy & Promotion (DIPP). Reddy’s Institute of Life Sci- US-based electric car maker “It is only for retail trading ences (DRILS) on discovery Tesla are unfounded, the of goods that sourcing condi- and development of anti- Centre has clarified that the tions are mandated. Condi- psoriatic drugs. FDI policy does not mandate tions not applicable to manu- An agreement has been minimum sourcing of com- facturers as goods are signed by these four partners ponents by manufacturers. manufactured in India,” the here on Tuesday. “We have already clarified tweet added. According to a release, the through our Twitter response The DIPP tweet was in re- DST & DRL sponsored project that sourcing conditions are sponse to apprehensions ex- will work on on 12-R-Lipoxy- mandated only for retail trad- pressed by Tesla founder Elon genase as target for discovery ing of goods and not for man- Musk that the company and development of drugs ufacturing in the country,” would have to source a certain against psoriasis. Commerce & Industry Minis- percentage of local compon- This project cost is estim- ter Nirmala Sitharaman said ents to set up plant in India. ated at ₹190 lakh. Mahatma’s fabric dons a fashion avatar — ‘Khadi by Peter England’

OUR BUREAU partnership, Peter England, a land stores across the country, New Delhi, May 23 well-known menswear brand KVIC outlets and leading eco- Khadi, the hand-spun iconic from the portfolio of Aditya mmerce portals. fabric associated with India’s Birla Fashion, will develop an KVIC Chairman VK Saxena, freedom movement, dis- exclusive product line claimed the convergence covered and promoted Ma- branded ‘Khadi by Peter Eng- will provide around two lakh hatma Gandhi, will soon be land’, a company release said. manhours to Khadi artisans available in a new avatar – Under this convergence, and will bring in the “much- “Khadi by Peter England’. Peter England has agreed for a needed professional input in To give a fashion push to guaranteed minimum pro- Khadi readymades.” the fabric, Aditya Birla Fash- curement of Khadi and Khadi On the marketing initiat- ion and Retail and Khadi and products for five years with ives, Anshu Sinha, CEO, KVIC, Village Industries Commis- primary purchases of muslin said: “KVIC has developed con- sion (KVIC), Ministry of Me- cotton and silk. Peter England vergence with major market dium, Small and Micro Enter- will also bring in the design leaders, such as like Raymond prises (MSME) on Tuesday interventions at Khadi manu- and Aditya Birla Fashion and announced a strategic collab- facturing clusters along with Retail. This will be a win-win oration to strengthen the syn- providing technical expertise, proposition for both the or- ergies between the two Indian the release added. ganisations and will bring in brands. ‘Khadi by Peter England’ sustainable employment to As a part of the strategic will be available at Peter Eng- Khadi artisans.”

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CHENNAI

BusinessLine 6 NEWS WEDNESDAY • MAY 24 • 2017

QUICKLY The Asian community steps ISIS claims responsibility for in to support the affected

VIDYA RAM parents in India to reiterate to London, May 23 their children in the city the need Manchester suicide bombing Greater Manchester, home to to be cautious about potential re- some 2.5 million people, is one of tributive attacks. 22 killed and 59 injured in UK’s worst attack Britain’s most diverse cities with Hate crimes have already been a some 14 per cent of the population concern in the city and surround- since 2005 London bombings in central Manchester having ing areas, as they have across the Strong show Sylvie Matherat, chief regulatory Asian roots. UK in recent months, with Andy officer of Deutsche Bank AG, at a panel REUTERS children and young people who Many within the Asian com- Burnham, the recently elected La- discussion at the German Institute for Manchester (England) May 23 should have been enjoying one munity were involved in eforts to bour Mayor, stressing the need for Economic Research’s women's finance summit A suicide bomber killed at least of the most memorable nights support those impacted by the sui- “hope not hate” to tackle the re- in Berlin on Tuesday. Germany’s business 22 people and wounded 59 at a of their lives.” cide bombing as well as those gion’s challenges, and his zero tol- confidence rose to the highest since 1991 this packed concert hall in the Eng- The attack came less than within the emergency services, in- erance policy on hate crime. month, while manufacturers saw the fastest lish city of Manchester in what three weeks before a national cluding the city’s five Gurdwaras. Chand also commended hos- growth in six years BLOOMBERG Prime Minister Theresa May election. “When it all happened it was chaos pital staf across the region (8 hos- called a sickening act targeting The northern English city re- and people were fleeing and the pitals are currently dealing with children and young people. mained on high alert, with addi- Guru Harkrishnan Sahib Ji Gurd- the injured). Many members of Islamic State, now being tional armed police drafted in. wara which was near the venue staf had gone to work, of shift Japan passes anti-terror Bill driven from territories in Syria London Mayor Sadiq Khan said started taking people in from the and without even being called to Tokyo, May 23 and Iraq by Western-backed more police had been ordered outside, giving them a hot drink, work, to tend the injured. Japan’s lower house of parliament on Tuesday armed forces, said it carried out onto the streets of the British somewhere to sit, a place of shelter “There is a terrible sense of passed a controversial Bill to crack down on the attack. Some experts dis- capital. A billboard in Manchester city centre on Tuesday, the day after the suicide where they wouldn’t be attacked,” shock about what happened last people planning terrorism and other counted this, noting there was Monday’s attack was the dead- attack at an Ariana Grande concert AP said Prakash Singh, President of night,” says Raj Dutta, the general organised crime, despite concerns it threatens no evidence of direct involve- liest in Britain since four British the Sri Guru Gobind Singh Gurd- secretary of the Indian Association civil rights. The government of Prime Minister ment and that details of the IS Muslims killed 52 people in sui- wara. of Manchester, who has lived in Shinzo Abe argues the legislation is necessary claim — in two contradictory cide bombings on London's “Today, we are all carrying on the city area since 1970. to prevent terrorism ahead of the 2020 postings — contrasted with the transport system in 2005. But it with this work, providing langhar, The incident came a day after Olympic Games. Officials also say it is a British police account. will have reverberations far bey- and food and drink to those who the Indian High Commissioner YK prerequisite for implementing a UN treaty Police announced a 23-year- ond British shores. have been in the Town Hall and Sinha and members of the Indian against Transnational Organized Crime which old man had been arrested in Attacks in cities including working through the night. The community gathered outside the Japan signed in 2000. AFP connection with the attack, car- Paris, Nice, Brussels, St Peters- doors are open in all five Gurd- Indian High Commission to take ried out late on Monday evening burg, Berlin and London have waras for people who need a place the Anti Terrorism Pledge, along- as people began leaving a con- shocked Europeans already to sit, or are looking for people not side other missions across the cert given by Ariana Grande, a US anxious over security challenges accounted for,” he said. He added world. Cathay Pacific denies job cuts report singer who attracts a large num- from mass immigration and that while people were continuing “We are shocked and saddened Hong Kong, May 23 ber of young and teenage fans. pockets of domestic Islamist with their business there was a at what happened yesterday,” In- Hong Kong’s flagship carrier Cathay Pacific In a statement made outside radicalism. Islamic State has re- tense atmosphere in the city, but dian Deputy High Commissioner Airways Ltd said a Tuesday report by the South her Downing Street oices after peatedly called for attacks as re- he remained hopeful that the city in London Dinesh Patnaik told this China Morning Post (SCMP) newspaper that it a meeting with security and in- taliation for Western involve- An armed police officer stands at Manchester Piccadilly railway station. would not be divided by the attack. paper. “We have seen an increase in plans to cut an additional 200 jobs on top of telligence chiefs, May said police ment in the conflicts in Syria and In the wake of the attacks there terrorism across the world and in 600 already announced was incorrect. “The believed they knew the identity Iraq. the White House said. German May, who faces an election on are concerns about a potential quick succession in Britain with number of redundancies resulting from the of the bomber. Chancellor Angela Merkel said it June 8, said her thoughts were backlash against certain com- these recent attacks. It is time for transformation programme is around 600, as “All acts of terrorism are cow- Leaders express solidarity “will only strengthen our resolve with the victims and their famil- munities. Dr Kailash Chand, a well- the international community to we announced to our people and the public ardly,” she said. “But this attack US President Donald Trump to...work with our British friends ies. She and Jeremy Corbyn, the known NHS campaigner and take stock of what is happening yesterday. Rumours of other figures are stands out for its appalling sick- spoke with May by telephone against those who plan and leader of the opposition Labour northwest chairman of the British and go ahead with fighting terror- incorrect,” a spokesman for the airline said in ening cowardice, deliberately and agreed the attack was “par- carry out such inhumane Party, agreed to suspend cam- Medical Association, said that he ism in all its forms and manifesta- an email. REUTERS targeting innocent, defenceless ticularly wanton and depraved”, deeds”. paigning ahead of the election. had been receiving messages from tions.” Tax incidence on entertainment services will be lower: FinMin Ministry to hold talks on

Multiplex industry Ministry said that taxes on en- oicial statement said. ceptions, as in Maharashtra, which will not get subsumed in that under GST, the multiplex trimming skill councils tertainment and amusement The Multiplex Association of Jharkhand and Bihar where it GST, the tax incidence for multi- industry will be eligible for full OUR BUREAU councils, as recommended by disappointed with have been subsumed in GST ex- India on Monday had urged the works out to be much higher. plexes will be much higher. input tax credits. New Delhi, May 23 the Sharda Prasad Committee highest tax slab cept those levied by local bodies government to “recommend a For a pan-India player, too, the There is only so much the in- Biren Vyas, Partner, Grant The Ministry of Skills Develop- Report. Krishnan conceded such as municipal and significantly lower GST rate for tax incidence could vary de- dustry will be able to absorb,” Thornton said: “Multiplexes ment and Entrepreneurship there were flaws in the existing MEENAKSHI VERMA AMBWANI panchayats. this sector, and allow a system pending on the States where it he added. will be able to avail input credit will discuss the issue of restruc- skilling ecosystem and pointed New Delhi, May 23 “The rate of GST approved by whereby entertainment tax has majority of its plexes. Nitin Sood, CFO, PVR, said: “It on capital goods procurement, turing with sector skill councils to the fact that there was no or Close on the heels of the multi- the GST Council on services by levied by local bodies is allowed PV Sunil, CEO and Director, is disappointing that the multi- maintenance and service con- in June before making up its little wage premium available plex industry expressing disap- way of admission to entertain- to be set of from GST liability.” Carnival Cinemas, said on an av- plex industry has been clubbed tracts and on temporary trans- mind, KP Krishnan, Secretary in to the formally skilled workers pointment on being put in the ment events or cinemato- Industry players said they may erage for a pan-India multiplex along with casinos and fer of theatrical copyright for the Ministry, said here on Tues- and the skill certification sys- highest tax slab classification of graphy films in cinema have to increase the price of operator, the efective tax cur- gambling and other luxury ser- exhibition-related contracts.” day. tem lacked credibility in ab- 28 per cent, the Finance Min- theatres is 28 per cent. However, movie tickets. rently works out to be an estim- vices. This will adversely impact He added that multiplex in- Addressing a Management sence of a regulator. However, istry on Tuesday asserted that the entertainment tax rates in Entertainment tax varies ated 22-23 per cent, which the entire value-chain.” Besides dustry will benefit from the and Entrepreneurship Skills he said the skill councils would entertainment services will respect of exhibition of cinema- from State to State. In States means tax incidence on multi- movie tickets, the multiplex in- standardisation of entertain- Summit here, Krishnan said it remain the key to the industry face a lower tax incidence un- tography films in theatres/ such as Himachal Pradesh and plexes on tickets alone has in- dustry will also see an impact ment tax across the country was excessive to have more connect of the skilling ecosys- der the Goods and Service Tax cinema halls, currently levied Assam it’s nil, while in several creased by 5-6 per cent. “In a due to rise on taxes on aerated and on a pan-India level it will than 40 skill councils and the tem, a release issued by the All (GST) regime, slated for rollout by States are as high as 100 per others it ranges from 20 to 30 State such as Kerala, where local drinks and other food items. bring in more tax eiciency for Ministry was considering redu- India Management Association from July. In a statement, the cent in some of the States,” an per cent. However there are ex- bodies levy entertainment tax, However, analysts point out the industry. cing the number of sector skill said. Tax incentives on tea Hospitality industry seeks single GST rate of 18% auction sales may go PURVITA CHATTERJEE Before GST, the luxury and complex, high and uncom- for categories like cars and OUR BUREAU tax bracket. Similar exemp- Mumbai, May 23 service tax was at about 19 petitive, the hotel industry air conditioners, why can’t Kolkata, May 23 tions will continue on stor- After the announcement of per cent and this has now has said it will make a rep- hotel rooms get clubbed un- The 5 per cent GST on tea will ing, warehousing etc. GST rates with diferent tax gone up to 28 per cent. While resentation to the Finance der a single rate,’’ asks eliminate tax incentives While planters expect slabs across rates for hotel GST is a gross tax and there is Minister and Tourism Minis- Kamat. ofered by tea-producing gains in terms of input tax rooms, the hospitality in- going to be input credit, the ter to review the rates. “One of the biggest States of Assam and West credits on consumables, dustry is hoping the govern- cost for hotel companies “The Government should hurdles for the Indian hos- Bengal on auction sales, ac- many see capital block on ment will reconsider a single goes up by almost 10 per realise that while neighbour- pitality and tourism in- cording to Azam Monem, payment of five per cent slab of 18 per cent to create a cent and there should be an ing countries like Myanmar, dustry, in terms of attracting Chairman of Indian Tea Asso- IGST for inter-State sales. The level playing field, apart absolute rate tax,’’ says Vikas Thailand, Singapore, Indone- international tourists is that ciation. IGST would be refundable from giving a boost to Chadha, Executive Director, sia and others levy taxes ran- of not having a competitive Auction sales currently at- after the sale is completed in tourism. Keys Hotels. ging from 5 to 10 per cent, tax structure. A country as tract one per cent VAT (value a gap of four to six weeks. With room rates above real estate and labour cost Kamat, CEO, Kamat Hotels. we cannot aford to have this small as Singapore witnesses added tax) in both Assam According to the GST rules, ₹5,000 being slapped with a Dynamic pricing varies across the country. The GST council has kind of complex and high 10.90 million tourist arrivals and West Bengal, which to- inter-State transfers are sub- 28 per cent GST rate, hotel Considering there is dy- There is already high com- pegged GST for AC eateries GST. This is simply not viable. against 6.31 million in India. gether contribute nearly jected to equivalent amount companies are seeking a re- namic pricing in the hotel petition in the industry and and those with liquor li- Tourists will simply skip In- Nations like Malaysia and three-fourth of the country’s of IGST. duction to bring it back to industry like in the case of these slabs create a regulat- cence at 18 per cent, non-air- dia’’ said Dilip Datwani, Pres- Thailand attracted 24.7 mil- 1,200-million-kg production. Currently planters in As- the earlier level when luxury airlines depending on de- ory measure, which is not conditioned restaurants at 12 ident, Hotel and Restaurant lion and 19.09 million tour- The tax incentives ofered sam send teas to Kolkata and service tax was about 20 mand and supply, having a needed. Tourism will be im- per cent, hotels charging Association of Western India ists in 2014 and earned for- by the Tamil Nadu govern- auction on stock-transfer per cent. flat slab across the industry pacted and measures like e- room rentals between (HRAWI). eign exchange of $18,299 ment to bought-leaf sales basis and pay five per cent “The biggest issue for the is what is going to work, say visa will get negated if room ₹1,000 and ₹2,500 at 12 per “At best there should be million and $26,256 million. also stands removed. VAT on sales. In the GST re- hospitality industry has industry players. “There rentals above ₹5,000 have 28 cent, ₹2,500 and ₹5,000 at 18 one or two slabs of either 12 In contrast, India managed With green-leaf exempted gime they have to first pay been the high rate of 28 per should beflat tax as room per cent GST which will have per cent and above ₹5,000 at per cent or 18 per cent to cre- to earn a meagre $94 mil- from GST, small growers will the IGST and then get the tax cent GST for hotels charging rates are dynamic and based tourists going to Sri Lanka 28 per cent. ate a level playing field. If lion,” said Bharat Malkani, continue to be outside the credit. room rentals above ₹5,000. on demand, and the cost of rather than Goa,’’ says Vishal Describing the rates as too single slabs can be created past President, HRAWI. ‘CSR by global brands must look beyond tier-1 of leather supply chain in India’ Crude oil output dips in April; natural gas production up ICN report finds widespread labour, gender, the price and one third goes to In Agra, none of the inter- the retailers,” says the report, viewed workers received the OUR BUREAU a natural decline in Ravva & CB- caste discrimination in Agra, Kolkata and TN citing a study that estimated minimum wage for skilled New Delhi, May 23 OS/2 fields, among others. that the piece rates for home- workers, even though they India’s crude oil production Natural gas production dur- ADITI NIGAM (Adidas and C&A) publicly dis- based women stitching up- had all worked in the leather during April was 0.62 per cent ing April 2017 was 2,532.73 New Delhi, May 23 closed the tanneries on their pers for a pair of shoes was industry for over five years. lower than the production MMSCM, up 1.80 per cent than Ethical trade and corporate so- corporate website. C&A is in- around ₹10 while the retail achieved during the corres- in April 2016. ONGC’s natural cial responsibility (CSR) may creasing its supply chain price of the shoe might be Pollution hazards ponding month in 2016. The gas production was 9.76 per be the stated top priorities of transparency and is planning £100 (about ₹8,400), varying Noting that the tanning in- country’s production stood at cent higher, compared with the global brands, but most high- on disclosing second tier sup- across brands. dustry causes one of the 2.93 million tonne (MT). corresponding month last year. end leather footwear, gar- pliers, including tanneries, on In the Vaniyambadi-Ambur world’s worst polluting prob- Public sector explorer OIL’s gas production was 3.62 ments and accessories brands their corporate website in cluster in Tamil Nadu, “one lems, mainly because of in- ONGC’s crude oil production per cent lower. Gas production sourcing goods from three In- 2017,” says a report “Do Leather group of workers who pro- tensive use of chrome, the re- for April was 2.51 per cent from fields awarded to private dian hubs — Agra, Kolkata and Workers Matter?” by India Employees sort different grades of tanned leather skins into piles at duce bags for an export com- port said “up to 250 kg of higher than in April 2016 at 1.8 and joint ventures was 17.37 per Tamil Nadu — are unaware of Committee of the Nether- a tannery in Kolkata. The ICN report found a wide gap between the pany, receive ₹90 (about €1.19) chemicals are used for the MT. OIL’s production for the cent lower. Refinery produc- poor wages, caste and gender lands (ICN). price of the end product and wages in three hubs BLOOMBERG for a bag. On average piece rate production of 500 kg month stood at 0.2 MT, 4.5 per tion during April stood at 20.01 discrimination, appalling Export of leather goods ac- workers make ₹3,500 (about leather.” cent higher than in April 2016. MT, which 0.70 per cent lower working conditions and envir- count for nearly 75 per cent of employ 2.5 million people, city and finished leather €46.34) per month,” said the The major environmental The slump in overall crude than in April 2016. Production onment hazards beyond the total exports to the US, the UK, mainly Dalits and Muslims. production. report. hazard relates to the dump- oil production was due to a from Central public sector re- first-tier of the supply chain, Germany, Italy, Hong Kong, the About 30 per cent of the work- The report found a wide gap In footwear production, al- ing of solid and liquid waste, lower production from fields fineries was 11.15 MT, up 0.15 per says a recent report by a Dutch UAE, Spain, France, the Nether- force is women, many of between the price of the end most all interviewed labour- which holds leftover chrome awarded to private and joint cent. The production in joint non-profit organisation, ICN. lands, China, Vietnam and Bel- whom are home-based work- product and wages in all three ers said they got piece-rate and other dangerous com- ventures. This was at 0.81 MT, venture refineries, namely “We believe companies gium. The top global brands ers, says the report, drawing hubs. wages at ₹5-10 per piece. “On pounds. Also, the tanning which is 8.44 per cent lower HMEL and BORL, was 1.37 MT in should increase the traceabil- that source from India include from interviews with 166 average, workers make ₹80-25 process of one tonne of hide than the production from these April, which is 5.59 per cent ity and transparency of their Armani, Bata, DKNY, Hush Pup- workers of 46 companies and Workers’ wages per day, which is mostly below generally produces 20-80 cu- fields in April 2016. An oicial lower. Production in private re- full supply chain up to the pies, Nike, Adidas, Puma, Ver- 14 home workshops in 2011 “According to one recent the legal minimum wage for bic meters of waste water. As statement said lower produc- fineries, namely Reliance In- level of tanneries and sub-con- sace, Zara, Tommy Hilfiger and and 2012 in the three produ- source, the workers’ wages the footwear sector in Tamil a result, an estimated 2,000- tion was due to 70 wells being dustries and Essar Oil, was 7.4 tractors. Of the 13 reacting Marks & Spencer, among cing hubs of India, which to- make up only 2 per cent of the Nadu, being ₹121.91 a day for 3,000 tonne of chromium shut down for work-over in the MT. This is 1.03 per cent lower as companies (to whom reports others. gether account for 60 per cent final price of the shoe, while footwear workers”, said the ends up in the environment Mangala fields, poor reservoir compared to production dur- were sent), only two brands The leather sector is said to of the country’s tanning capa- the brands keep a quarter of report of India every year. performance of Bhagyam, and ing April 2016.

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CHENNAI BusinessLine 7 WEDNESDAY • MAY 24 • 2017 IT & TELECOM

‘Centre offers tax breaks to Apple’ Ericsson launches Amid lay-offs, IT workers’ new products IT Secretary says diference between the plans of for India the two sides, she said. concessions subject Apple was not immediately OUR BUREAU to condition of available for comment. Mumbai, May 23 forum FITE to form union India wants Apple to raise Swedish communication raising local value value addition share in phases technology major Ericsson VENKATESH GANESH case of a lay-of, they should be of three, five, seven and 10 years launched two new products Bengaluru, May 23 suitably compensated,” said REUTERS as the local capacity builds up, in India aimed at reducing The $155-billion Indian IT in- Vasumathi. New Delhi, May 23 part of Prime Minister Naren- telecom operators’ expendit- dustry is all set to get its first Industry body Nasscom did India has ofered to allow Apple dra Modi’s plans to boost ure by enabling higher capa- union, in the backdrop of wide- not comment. to import mobile-handset com- manufacturing. cities. spread lay-ofs in the sector. Labour lawyers welcomed ponents intended for use in Industry estimates the “Video and social media are The Forum for Information the move. Clifton D Rosario, local manufacturing tax free, a phased manufacturing pro- driving the dramatic increase Technology Employees (FITE), Karnataka State General-Secret- top government oicial said on Among a set of tax conces- gramme could increase local in data traic; and growing representing the rights of IT ary, All India Central Council of Tuesday. sions, Apple had initially value addition in mobilephone smartphone penetration and employees, is set to form a Trade Union (AICCTU), said as The tax concessions will be sought a 15-year tax holiday for manufacturing to 40-50 per- rapidly changing data usage union. It is a fundamental right There is a lack of structure when it comes to employee termination, more lay-ofs happen, the need subject to the condition of in- all components that it would cent in the next three years. patterns have put a lot of fo- of an Indian citizen (under Art- and hazy HR practices follow highly subjective guidelines for for unions will arise as a result creasing local value addition import for setting up a manu- Earlier, Prasad said govern- cus on network perform- icle 19) to form associations or employee evaluation BLOOMBERG of unfair labour practices. over a period of time. facturing facility in India. ment oicials were in touch ance,” said Nitin Bansal, Head unions. IT employees are largely pre- Apple wants to expand its A panel of ministries rejected with Apple and other mobile of Network products, Eric- Talking to BusinessLine, FITE ant, Infosys, Wipro, IBM and and Andhra Pradesh, who have vented from congregating in contract manufacturer’s facil- that demand and has ofered a phone manufacturers about ex- sson India. “This range of Vice-President Vasumathi said others recently resorted to lay- resorted to joining unions in an numbers if there is an issue to ity in Bengaluru, Union IT Min- phased programme to increase panding facilities and setting dual-band radio solutions that within a month, the forum ofs, in an efort to show im- efort to challenge HR practices be resolved, according to Syed ister Ravi Shankar Prasad said the share of local production in up new plants. have been designed to help In- will register India’s first union proved profitability as they go of IT companies. Employees Muqeemuddin, who works in on Tuesday, as the iPhone- the manufacturing, Aruna “It will be a little early to say dian operators address this for IT employees, which will be through a shift in business BusinessLine spoke to pointed the IT industry. maker seeks a bigger share in Sundararajan, Secretary at the that India and Apple have heightened demand by in- located in Chennai. One of the model. out several instances of IT com- A former founding member one of the world’s biggest Ministry of Electronics and IT agreed on the common creasing capacity, improving main reasons for this develop- Kris Lakshmikanth, CEO of panies resorting to “Western” of an IT employees union, Nid- smartphone markets. said. ground,” said the oicial, coverage outdoors and in- ment is the increasing wrong executive search firm Head business practices, which do hin, said the number of em- Cupertino, California-based “We have ofered them tax ex- adding India was ready to work doors, while enabling signi- practices followed by many IT Hunters India, told Business- not form the ethos of Indian ployees being sacked is much Apple last week started making emptions on those compon- out a roadmap to encourage ficant opex (operational ex- companies in the country, espe- Line that the annual job cuts in businesses. more than those reported by iPhone SE at its Taiwanese con- ents which could not be manu- manufacturing. penditure) benefits.” cially with regard to engineers the IT sector will be around 2 There is a lack of structure the companies. “What needs to tract manufacturer Wistron’s factured in India,” Industry estimates total Operators presently have to who have more than eight lakh in the next three years, when it comes to employee ter- be noted is that there is no ma- plant in Bengaluru.. Sundararajan told Reuters, value of mobilephones pro- install separate radios for dif- years of experience, he said. largely due to under-prepared- mination, and hazy HR prac- jor reason for the companies to Apple, which sold over 50 adding that local manufactur- duced in India touched near ferent spectrum bands. Eric- “We are against unfair removal ness of employees in adapting tices follow highly subjective sack employees. The compan- million iPhones in the March ing component would have to ₹900 billion ($13.90 billion) sson has efectively combined of employees at a time when to newer technologies and in- guidelines for employee evalu- ies are doing well and in spite of quarter, down 1 per cent year- be increased gradually. compared with ₹540 billion in two radio boxes into one com- companies are posting billion- creased automation. ation. “We do not want to dis- automation kicking in, the at- on-year, is looking for new mar- Apple has agreed to increase the previous year. mon box, thus saving space dollar revenues,” she said. This has rattled IT employees turb the business and are for trition need not be at this level,” kets as its sales in China have local share in production over a “We are waiting for Apple to on the tower and also con- Companies such as Cogniz- in places such as Tamil Nadu employee performance. But in he said. weakened. period of time, but there was a come back,” said Sundararajan. suming less power. Apple, Nokia Infosys says higher on-site investment settle patent dispute; sign may hit company’s profitability new deal Will place annual logy services as a concern, as this could afect its pricing REUTERS report before and reduce its share of busi- Helsinki, May 23 shareholders ness from clients resulting in Nokia has settled its legal battle lower revenues. with Apple with a new patent li- for approval at “In future...we expect in- cence agreement and also AGM today creased competition from signed a business deal with the pressure due to stricter firms that strengthen their US giant, surprising investors norms for issue of H-1B visas ofshore presence in India or who had expected the dispute COGENCIS by the US. other low-cost locations, to drag on. The companies said Bengaluru, May 23 “Wage pressure in India firms that ofer technology- on Tuesday Nokia will receive Infosys might not be able to and the hiring of employees based solutions to business an upfront cash payment and sustain its levels of profitabil- outside India may prevent us problems and from firms in- additional revenues from ity due to multiple reasons, from sustaining some of our cumbent in market segment Apple starting from the current which include increased in- competitive advantage and that we have recently quarter, without giving details. vestments in on-site develop- may reduce our profit mar- entered.” Analysts said the revenue was ment centres, especially in gins,” the report said. The company’s work with likely to be far higher than a key markets such as the US, The economic environ- governmental agencies could previous deal. the company said in its an- ment, pricing pressures, and expose it to additional risks, it Nokia shares, which fell in nual report for 2016-17 decreased employee-utilisa- said. December when the patent dis- (April-March). tion rates could negatively Chief Executive Oicer pute was announced, jumped Infosys will place its annual impact the company’s reven- Vishal Sikka, however, in a let- as much as 8 per cent to their report before the sharehold- ues and operating result, it ter to shareholders, said the highest since February 2016 ers for approval at the Annual said. company will remain “difer- and were 6.5 per cent higher at General Meeting to be held on Infosys has a higher de- entiated and iconic” and pro- €5.88 by 0848 GMT. Wednesday. pendence on clients located gress despite challenges. “We are pleased with this res- The company had in early in the US and Europe and any Sikka said the journey olution of our dispute and we May announced that it will uncertainty there will reflect ahead will be challenging, look forward to expanding our hire 10,000 employees in the in its performance. “but it is one worth fighting business relationship with US over the next two years. for,” and that he believes the Nokia,” Apple Chief Operating This move was in the wake of Increased competition company has the ability to Oicer Jef Williams said in a Indian information techno- The company also cited in- create and shape the existing joint statement from the logy giants coming under tense competition for techno- technology disruption. companies. A previous patent licence contract between the compan- ies expired last year, and both sides took legal action in December. Apple complained of being overcharged and Nokia responded by accusing Apple of violating technology patents. In the absence of a new deal, Nokia cut its annual run- rate forecast in December for patent and brand licensing sales to €800 million ($900 mil- lion) from €950 million previ- ously. In its latest quarterly re- port released in April, Nokia stopped giving an annual run- rate forecast altogether. https://telegram.me/TheHindu_Zone https://telegram.me/PDF4EXAMS

CHENNAI BusinessLine

8 • • THINK WEDNESDAY MAY 24 2017

0xyz wednesday, may 24, 2017 Why are India’s sovereign ratings poor? Small State theory Rating agencies are fixated with per capita income. Hence, India’s ratings are lower than countries with higher deficits

Three years of Telangana show the idea can NANDINI VIJAYARAGHAVAN logies. The sovereign rating meth- work, but there are performance concerns odology factors economic strength, n Economic Survey 2016-17, Chief institutional strength, fiscal per- Economic Advisor Arvind Sub- formance, and susceptibility to hen the State of Telangana was Iramanian has highlighted event risk to assign ratings. The rat- created in June 2014, it was what he terms the “poor stand- ing agencies categorise countries ards” of the rating agencies. He into buckets based on their size Wthought to have no economic fu- feels that India’s sovereign ratings (GDP), growth, volatility of growth ture. An exodus of capital was don’t reflect the country’s funda- and per capita income, among predicted in its wake, and indeed Hyderabad did mentals and prospects, and have other factors. The emphasis on per initially go through a real estate slump amidst been stagnant for too long. capita income is because countries with higher per capita incomes are fears that businesspersons of coastal Andhra Pra- Puzzling assessment better equipped to withstand cyc- desh origin in particular would pack their bags. It The sovereign credit ratings as- lical volatility and are endowed goes to the credit of the K Chandrashekhara Rao signed by the three international with higher debt servicing ability. government that nothing of the sort has rating agencies — Fitch, Moody’s India’s low per capita income has and Standard & Poor’s (S&P) — are resulted in its sovereign rating be- happened. Dispelling initial fears raised by its on a par at ‘BBB-’, the lowest invest- ing lower than countries with household survey — conducted soon after it as- ment grade rating. Fitch and S&P higher deficits and indebtedness sumed power in 2014 — that the government have assigned a stable outlook for and lower growth prospects. would ask ‘outsiders’ to leave, the KCR govern- India, while Moody’s has assigned a But does India’s low per capita in- ment went out of its way to ensure that there more optimistic positive outlook. come contribute to socio-economic Moody’s upgraded India to ‘Baa3’ in and political instability? The an- would be no capital flight. Today, both Telangana January 2004, while Fitch and S&P swer is clearly, no. The Gini index/ and Andhra Pradesh are vying with each other to upgraded India’s sovereign rating co-eicient, a number ranging get investment proposals; this despite the fact to ‘BBB+’ in August 2006 and Janu- from 0 to 100, measures a country’s that the latter is distinctly better of in terms of ary 2007 respectively. income distribution. Zero repres- India’s stagnant sovereign rat- ents perfect equality and 100, per- per capita income, and agriculture and industrial ings is a puzzle given its nominal fect inequality. India’s Gini co-ei- activity. In 2016, Telangana shared the top rank GDP, the sixth largest in the world, cient at 33.6 compares favourably with Andhra Pradesh in the ease of doing business grew by 36 per cent since 2010-11 to with those of China (46.9), Spain rankings of the Centre. KCR has scored some $2.26 trillion in 2016-17 with the gen- (35.9), and Indonesia (36.8). Italy’s eral government deficit moderat- Gini co-eicient is better than In- notches higher than India and In- risks stemming from high levels of credit rating for India does seem pluses in terms of easing the power situation, ing to 6.7 per cent in 2016-17 from a dia’s at 31.9. donesia, while Moody’s has as- non-financial sector and household low in the context of its significance which may ensure that industry stays interested. seven-year peak of 8.3 per cent in signed a rating that is one notch debt is baling. to the global economy, strong mac- Hyderabad remains a draw, with Apple, Uber, 2011-12. On a comparative scale higher. roeconomic performance, improv- Amazon, IKEA and DreamWorks lining up. Telan- The current account deficit has The Survey benchmarked India’s Further, S&P has assigned a posit- True rating ing governance and regulation, and gana has the potential to move up the socio-eco- also improved significantly to 1.4 growth rate and credit to GDP ratio ive outlook on Spain’s rating but a The International Monetary Fund’s robust growth prospects. A five to per cent in 2016-17 from a seven-year with those of China’s and made a stable outlook on India’s rating. Article IV consultation report dated six notch diferential between In- nomic ladder. The State government’s finances are peak of 7.8 per cent in 2012-13. Forex case for higher ratings. Table 2 Similarly, Fitch and Moody’s have August 2016 estimates China’s 2016 dia’s and China’s sovereign ratings better placed than the rest of the country. As reserves, among the ten highest in benchmarks India’s ratings and assigned ratings to Italy that are a “augmented fiscal balance” as a per- is excessive. much as 75 per cent of its revenue expenditure is the world, are adequate to meet 4.7 macroeconomic performance with notch higher than India’s sovereign centage of GDP, to be 10.1 per cent. Whether China’s sovereign credit financed from its own revenues in 2016-17, against months of current account pay- those of four other countries — rating, while S&P rates India and China includes net land sales pro- rating is representative of its mac- ments. The ratios of the non-finan- China, Indonesia, Italy and Spain. Italy on a par. This is despite Italy’s ceeds as a government revenue, roeconomic profile and debt servi- the all-India average of 57 per cent (Andhra Pra- cial sector and household debt to The GDPs of Italy and Spain are ratio of bank NPLs to total gross whereas IMF treats net land sales cing ability is a question rating desh’s is 51 per cent). Its interest outgo in 2016-17 GDP are moderate. projected to grow at much lower loans being more than twice India’s proceeds as a financing cash inflow. agencies ought to address expedi- was 8 per cent of its revenue expenditure, against The Government’s reform initiat- rates than India’s and Indonesia’s. NPL ratio! IMF’s Article IV India consultation tiously. The diferentials between the all-India level of 12 per cent. This allows KCR to ives including FDI liberalisation, The level of government, corporate The ratios of China’s non-finan- report dated February 2017 estim- India’s, Italy’s and Spain’s sovereign bankruptcy code, monetary policy and household indebtedness is sig- cial sector debt and household debt ates India’s 2016-17 general govern- ratings are farcical. It is high time undertake ambitious development schemes such framework agreement, GST and the nificantly higher than India’s and to GDP are among the highest in the ment balance as a percentage of rating agencies rid their portfolios as rejuvenating its tank irrigation systems — Aadhaar Bill are expected to spur in- Indonesia’s. Italy and Spain share world. Yet Moody’s Credit Opinion GDP at -6.7 per cent; which is equal of such inconsistencies to enable which, however, need to be executed with an eye vestments, eliminate tax ineicien- India’s problem of a high level of dated January 26, 2017 lists “a relat- to India’s oicial estimates. If this investors assess and price sovereign for hydrological detail. A region that is plagued by cies and improve government rev- bank non-performing loans (NPLs). ively moderate level of government higher deficit is juxtaposed with risks accurately. backward agriculture (2,300 farmers’ suicides in enues and governance. The one metric in which the two debt, which is financed at low cost” China’s non-financial sector and The impediment to the rating countries outperform India and In- as a credit strength. The agency nar- household debt, what would its The writer is a corporate finance three years) and undeveloped urban centres other agencies upgrading India’s sover- donesia is GDP per capita. rowly focusing on government “true” rating be? professional and co-author of ‘The than Hyderabad, could see a gradual transforma- eign ratings lies in their methodo- Yet Fitch and S&P rate Spain two debt and ignoring the systemic In conclusion, a ‘BBB-’ sovereign Singapore Blue Chips’ tion. The government’s controversial move to cre- ate 21 new districts (there were 10 earlier) may ac- tually lead to better last-mile delivery. However, the KCR regime has some singularly disquieting aspects. It is modelled on the politics of patronage and populism, not empowerment — Breathe easier with better treatment not dissimilar to Jayalalithaa’s style. The State gov- ernment has been reduced to a family concern. Lung diseases are the second biggest killer in India. But a new study holds out hope of a better treatment protocol The overtly religious idiom of the chief minister — and his use of public funds to this end — has been RAJA DHAR has identified India as one of the due to symptomatic similarities Bronchodilators have proven to be countries most afected by COPD. between asthma and COPD, (wheez- the best treatment. The FLAME res- a cause for concern. His intolerance of dissenting hronic Obstructive Pul- According to NCMH, in 2011, COPD ing, shortness of breath and chest ults are likely to impact the man- voices, including those who were at the forefront monary Disease is an un- contributed ₹35,000 crore to the tightness, pain or pressure), pa- agement and treatment of COPD of the Telangana movement, is a bad sign. Cder-diagnosed and un- economic burden of India and was tients are put on asthma treatment and bring about an important Yet, Telangana lends credence to the argument der-treated disorder. estimated to reach ₹48,000 crore protocol. Since patients respond to change in the quality of care. GOLD that smaller States can be better run. The ques- Although it is a relief to see some by 2016-17.COPD has direct health- the treatment, physicians don’t feel recently announced a revised policy attention on the condition care costs, accounting for nearly the need to diagnose and distin- guideline in which pharmacologic tion, of course, is the basis and principles on with its inclusion in the National two-thirds of total revenue, related guish between asthma and COPD. treatment algorithms have been which these smaller units are to be created and Health Policy 2017, there needs to be to the detection, treatment, preven- However, according to the Global tailored to patient’s needs. Bron- run. We have come a long way from the creation of a sharp focus on accurate diagnosis tion, and rehabilitation of the dis- Initiative for Chronic Obstructive chodilator treatment is now States on linguistic lines. The accent now has to be and use of superior evidence-based ease. There is a direct relationship Lung Disease (GOLD), the disease thought to be the most important treatment for disease manage- between the severity of COPD and Good tidings On the COPD front classification comprising moder- facet of management of COPD on decentralised, inclusive governance. ment. This need is highlighted by the overall cost of care at the pa- GRECHKO VLADA/SHUTTERSTOCK.COM ate, severe and very severe disease, across all ‘GOLD Grades’ with in- the global trend of most non-com- tient level. Hospital stay accounts need diferent treatment strategies. haled steroids being used in a select municable disease burdens gradu- for roughly 45-50 per cent of the approach to the management of few. ally plateauing, while COPD incid- total direct cost generated by COPD COPD and other airway diseases. A marked improvement This is clearly good news. To sum ence is witnessing a rapid rise. patients across all three stages. Lack of awareness leads to underes- All previous research studies on it up, today, there is greater need to Currently, COPD is the third largest The indirect cost emanates from timating disease prevalence result- COPD looked at improvement of adopt a multi-pronged framework FROM THE VIEWSROOM killer afecting an estimated 210 morbidity and mortality, such as ing in disease progression and poor lung function as the primary cri- approach involving the reduction million people. Almost 90 per cent days of from work, poor exercise disease management. terion. However, in time it has be- of risk factors, improving availabil- of COPD deaths occur in low and tolerance and disturbed sleep pat- Most primary healthcare units come clear that the main killer in ity of health personnel and other Missed opportunity middle-income countries. In India, terns. Half of all COPD patients say are ill-equipped and hence primary COPD is exacerbation. The recently infrastructure such as drugs and it is the second largest killer Re- that the disease hinders their abil- care physicians are unable to dia- published study in the New England devices and efective surveillance The current form of GST is only a half-baked reform sponsible for 22 million deaths, ity to work. However, the alarming gnose the disease in the early Journal of Medicine called ‘FLAME’, systems. COPD destroys quality of life. fact is that 25-50 per cent of people stages. They are also not comfort- the last of 11 studies in the IGNITE ven as the nation prepares for the biggest indirect tax with clinically significant COPD are able with the use of inhalational Phase III clinical trial programme The writer is a consultant Ereform in the country with the implementation of the India badly affected ignorant about the disease; there is drugs and prefer using much less for the treatment of COPD, com- pulmonologist at Fortis Hospital, goods and services tax (GST), politics has trumped simpli- The National Commission on Mac- rampant misdiagnosis too. There eicacious oral medications, which pared the eicacy of two drug com- Kolkata and one of the investigators of city. As a result, the nation needs to contend with five tax roeconomics and Health (NCMH) are significant gaps in the clinical also have greater side efects. Often binations in the treatment of COPD. the FLAME study rates for goods and services — from nil to 28 per cent — as well as distortions in the tax structure created to appease diferent interest groups, including industry. The implementing of GST was a golden opportunity, though a tough act, to clean up distortions in the tax struc- LETTERS TO THE EDITOR Send your letters by email to [email protected] or by post to ‘Letters to the Editor’, The Hindu Business Line, Kasturi Buildings, 859-860, Anna Salai, Chennai 600002. ture. An ideal GST structure should have had two-rate struc- ture — a standard rate for most items and a con- Not much to cheer Right perspective years to punish even the most bru- The China example problem. But the strategies re- cessional rate for select items of mass The plans to organise the Making This refers to ‘Three cheers for a tal rapists in an open and shut case This refers to ‘Where will global de- main to be seen. The same formula consumption. Only a handful of items of Developed India (MODI) fest to spunky woman’ by Rasheeda such as that of Nirbhaya. What is mand come from?’ by CP cannot be applied to deal with all should have remained exempt. Had the commemorate the three years of Bhagat (May 23). The article has the alternative except to teach the Chandrasekhar and Jayati Ghosh NPAs . Centre chosen to go down that path, as many the BJP government is nothing but made an attempt to view the incid- culprit a lesson in a manner he can (May 23). The slack in domestic However, it must be ensured tax experts and economists advised, there was a a self-certification (’On turning 3, ent in a proper perspective justify- never forget? It is time this woman production in the US triggers pro- that the write-of should not be on real risk of GST not being implemented in the current Centre plans mega ad blitz, Modi ing the publicity. The sexual abuse is recognised as a trail-blazer in- duction in other nations, espe- the principal but only on the in- fiscal. Many more meetings could have ended fruitlessly as branding’, May 23). of women has assumed imper- stead of condemned as guilty of cially China and Germany. To of- terest; portion that too penal in- States bargained to keep items in the concessional rate The prices of essential commod- missible proportions. It is neces- primitive punishment. set the setback in its export-led terest charged may be waived in basket. ities continue to rise, the tension sary that a strong message goes YG Chouksey growth, China recently unveiled order to see that banks don’t sufer Therefore, the Centre agreed to more or a less a status on the border is escalating. In spite not only to the perpetrators of Pune its OBOR project. It can revive the losses. Further, these proposals quo taxation structure — where revenues of the Centre and of having completed three years, such crimes but even to law-enfor- global demand apart from leading have be be acceptable to the re- States are protected and impact on inflation is minimal. the Government has not been able cing authorities. The incident is not surprising; to wage growth. As far as interna- spective boards and borrowers. This was achieved by taking the weighted average rate of to improve our relations with our TR Anandan there have been many such incid- tional trade is concerned, all na- Then again, what about future ac- Central and State taxes on various goods and fitting them neighbours. Coimbatore ents of so-called religious gurus re- tions should embrace the compar- crual of NPAs? . into one of the five rates. We don’t know to what extent morselessly exploiting women. ative-advantage approach. TSN Rao Consumers cannot complain much as prices of most the PM’s travels haveyielded any We have ceased to be a civilised What is appalling here is that the S Lakshminarayanan Bheemavaram, Andhra Pradesh items will see little change. But, they will have to live with a positive results in terms of invest- society when it comes to the treat- victim’s mother was aware of what Cuddalore, Tamil Nadu situation where shampoos and razors will be taxed at a ment. The demonetisation exer- ment of women — their woes start was happening but chose to re- Erratum higher rate than instant foods, pastas, cakes and pastries. cise was a misadventure. from child abuse, continue as main silent. We need to wake up NPA conundrum b With reference to the story titled Thankfully, taxation policies do not stay static and GST can On the positive side, the Govern- stalking and sexual harassment, and not only think a hundred It is interesting to see how the RBI ‘HCC joint venture bags ₹673-crore be refined over the next few years. That is the task before ment has been able to keep cor- and culminate in domestic viol- times before bowing before such is going to resolve the huge NPAs contract for dam project in Ra- the GST Council once the transition to the new tax regime is ruption at bay. Unless the Govern- ence and dowry tortures. gurus but also shed inhibitions with the special powers entrusted jasthan’, HSEPL stands for Hoisto completed. Only then will the objective of ‘One nation, one ment tightens its belt, the people’s When society turns indiferent and bring all such incidents out in to it to deal with the banks. It has Structurals & Equipment Pvt Ltd, tax, one market’ be truly achieved. disillusionment will only increase. to assaults on a woman’s honour, the open. already formulated oversight Bhopal, and not HPCL Shapoorji V Subramanian the culprits are viewed with com- Bal Govind committees to deal with indi- Energy Pvt Ltd as mentioned in the Tina Edwin Senior Deputy Editor Chennai passion and the judiciary takes 3-4 Noida, Uttar Pradesh vidual bank boards to solve the story. The error is regretted.

Published by N. Ram at Kasturi Buildings, 859 & 860, Anna Salai, Chennai-600002 on behalf of KASTURI & SONS LTD., and Printed by D. Rajkumar at Plot B-6 & B-7, CMDA Industrial Complex, Maraimalai Nagar, Chengleput Taluk, Kancheepuram Dist., Pin: 603209. Editor: Raghavan Srinivasan (Editor responsible for selection of news under the PRB Act). ISSN 0971 - 7528

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CHENNAI BusinessLine 9 WEDNESDAY • MAY 24 • 2017 THINK GST’s tariff troubles 2019 general elections and the BJP Thanks to egregious classification errors MOHAN R LAVI the rates of taxes for two highly Unless the party spreads its Hindi heartland clout to other States, it may actually face difficulties in 2019 sensitive sectors: gold and textiles. ne of the main areas of While there was a general ex- ister said, part of the objective was UP. In terms of vote share, it en- litigation under the pectation that the tax rate on ser- ESWARAN SRIDHARAN to protect donor anonymity; the joyed a simple majority in Gu- Central Excise Act is vices would be 18 per cent, the banks will know who bought jarat, Madhya Pradesh, Himachal O INDIA IN TRANSITION classification of goods council has allocated services electoral bonds but not to which Pradesh, Rajasthan, and Ut- under the detailed but over-ex- among the four main rates of party they were given. This is a far tarakhand. haustive Central Excise Tarif. taxes. The other aspects of the ser- esults of the five recently cry from transparency and dis- However, this sweep allowed Among other things, tax tribunals vice tax law such as exemptions concluded elections to closure of donor identities and for a narrow majority of 282 seats and courts in India have debated and reverse charge have been car- RState assemblies — Uttar amounts — standard in most de- (halfway mark 272) based on a 31 at length whether parts of an air- ried over to the GST regime. Pradesh, Uttarakhand, veloped democracies — but will per cent vote share, the lowest conditioner are air-conditioners Punjab, Goa, and Manipur — this boost (opaque) fund flow to vote share in Indian parliament- and whether a saree should be List of concerns March, by-elections to 10 As- parties, something about which ary elections to convert into a seat classified as a saree or a ready- Wood features in all categories of sembly constituencies across both parties and donors feel com- majority at 1.67 perc ent seats for made garment. taxes. Firewood, fuelwood and States, and the municipal elec- fortable. We can expect an arms every 1 per cent vote (the highest The devil was always in the de- wood charcoal come in at 0 per tions in Delhi in April, in which race in fund-raising over the next such ratio to date). Outside this re- tails in winning these classifica- cent; wood in chips or particles, the ruling BJP has done well, have two years with the ruling party gion, in the south and east States, tion battles. A question that was sawdust and wood waste and important implications. having an edge. with the exception of strong bases popping up now and then was scrap, whether or not agglomer- In addition to the elections, The victories in the State As- in Karnataka and Assam, the BJP whether it was necessary to go ated in logs, briquettes, pellets or changes in political finance sembly elections, particularly in starts from a low vote share and down to the minutest detail in similar forms are taxed at 5 per passed in the Finance Bill. The UP, have greatly strengthened the would require a huge jump in classifying tarif items. cent; hoopwood, split poles, piles, amount parties can accept in cash BJP’s, and NDA’s, position in the votes to convert into seats. pickets and stakes of wood (poin- has been lowered to ₹2,000 while run-up to the mid-2017 presiden- While the greatly-strengthened Those many tariffs ted but not sawn lengthwise), the floor for declaring the identit- tial elections. The NDA is now only BJP might see a further swing in Some months ago, the GST Coun- wooden sticks roughly trimmed ies of donors and the amounts about 20,000 votes short of a its favor in 2019, what is crucial for cil came to an agreement on four but not turned, bent or otherwise donated remains ₹20,000. The simple majority but can poten- its winning a majority on its own rates of GST; namely, 5 per worked, are at 12 per cap on company donations to tially get their choice (or a com- again is not just the magnitude of cent, 12 per cent, 18 per cent. Wood in the rough, parties of 7.5 per cent of the net promise choice) of President elec- such a possible swing but how it is cent and 28 per cent. The wood sawn or chipped profit average of the prior three ted with the support of The lotus line up Get the mix right across States REUTERS geographically distributed. If transition to GST fall in the 18 per cent years has been lifted and compan- potentially friendly parties such such a swing is limited to its provided an excellent op- bracket and particle ies will also no longer have to de- as the AIADMK, the Biju Janata Dal, general elections. This will still be was based on a regionally concen- stronghold region, it might result portunity to lawmakers board, Oriented Strand clare political donations in their or the Telangana Rashtra Samithi. short of a majority in the Rajya trated sweep of northern, central, in not winning additional seats, to substantially shorten Board and similar board profit and loss accounts. This will strengthen the NDA’s po- Sabha. The NDA will be dependent and western India — the nine but simply winning already held the Central Excise Tarif and fit the (for example, wafer board) of Further, time-limited electoral sition in the event of a hung par- on regional parties to pass legisla- Hindi-speaking States and two seats by larger margins, while not shortened tarif into these four wood or other ligneous materials bonds can now be purchased by liament in 2019. tion and will not be able to think Union Territories, plus Gujarat, picking up many seats in the rates. An easy way to do so would fall in the 28-per cent bracket. The prospective donors to parties of constitutional amendments Maharashtra, Goa, and two Union south and east to compensate for have been to fix GST rates on the question is how many tax oicers from scheduled banks and can be Big shift without broad cooperation with Territories in the west. possible losses in its stronghold Chapter Headings instead of go- can identify with wooden sticks given to any party without identi- Given recent developments (par- the opposition. In this region, the BJP won 193 region where it already holds an ing into the detailed contents of that are roughly trimmed but not fying the party (the party can also ticularly the BJP’s big win in UP), That said, the recent State As- out of 226 seats in the Hindi belt overwhelming majority. each Chapter. turned or stakes of wood that are cash the bond without identify- the composition of the Rajya sembly elections — particularly (nine States plus two Union Territ- This would not be easy to replic- Like in most other things in the pointed but not sawn lengthwise? ing the donor). Sabha will change in favour of the the sweeping 80 per cent majority ories of Delhi and Chandigarh) or ate, particularly if the opposition GST law, the lawmakers have de- Hair-splitting on such intrica- BJP and NDA, although not imme- for the NDA in UP and Ut- 85 per cent of the seats, and 53 out forms a grand coalition. It is likely cided to use existing laws as the cies can lead to some unique situ- Four implications diately, and not giving the NDA a tarakhand and the formation of of 78 seats in the western region why the BJP is making eforts to foundation on which to frame GST ations; the prasadam given in There are four important implica- simple majority by 2019. A simple BJP-led governments in Goa and (Gujarat, Maharashtra, Goa, and expand its base in the southern instead of thinking afresh. In fact, temples is not taxed but the vessel tions to consider leading up to the majority in the Rajya Sabha is Manipur despite trailing the Con- two Union territories of Dadra and eastern States, most actively they have made it even more ex- in which the prasadam is given is 2019 general election: fund flow to needed to pass bills other than gress in seats — have given the BJP and Nagar Haveli and Daman and in West Bengal, to build a vote haustive by adding a classification taxed at 18 per cent. This has also political parties; the presidential money bills. a huge psychological boost and Diu), or 68 per cent and still more share that would make it a cred- list of more than 800 services clas- resulted in errors: Tender coconut election in mid-2017; the composi- In 2018, there will be 10 vacan- left the Congress in a state of des- if one counts its NDA allies, partic- ible contender for a large number sified into about 100 groups. water put up in unit container tion of the Rajya Sabha by 2019; cies in the Rajya Sabha from UP, pondency over leadership issues ularly in Maharashtra and Bihar. of seats from these new areas in The new tax rates have generally and bearing a registered brand and, most importantly, the pro- from which the BJP should be able despite a handsome victory in This accounts for 246 out of 304 2019. Going forward, we should pleased most people since essen- name appears in both the Nil and spects for the BJP in the 2019 gen- to add seven to its list. Adding up Punjab. Does this mean that a BJP seats or 81 per cent in the Hindi expect to see intensified eforts in tial items such as sugar, edible oil, 5-per cent categories. eral election. vacancies across States in 2018 majority or even a larger majority belt and western India, not count- this direction. normal tea and cofee attract a GST There was a school of thought On political finance — the essen- and 2019, and assuming the BJP is inevitable in 2019? ing allies, a feat that will be dii- rate of 5 per cent while items such that litigation under GST was a tial lubricant of elections — the fares well in the intervening State While this is possible, the situ- cult to replicate. It won all 26 seats The writer is Academic Director and as cereals and jaggery have been couple of years away. With the GST net efects of the recent changes Assembly elections, the NDA tally ation is much more complex in Gujarat, all 25 in Rajasthan, all Chief Executive of the University of exempted. Hair oil, toothpaste tarif in its present form, it is cer- in the rules could be an increased should rise to a possible 95 (in- when it comes to the parliament- four seats in Himachal Pradesh, Pennsylvania Institute for the and soaps will be taxed at 18 per- tain that litigation will commence flow of funds to political parties cluding a seat each in Goa and Ma- ary election due to the nature of all five seats in Uttarakhand, 27 Advanced Study of India. This article cent, much lower than the present from the very start itself. by digital or check payments but nipur, grabbed from the Con- the BJP victory in 2014. out of 29 in Madhya Pradesh, 10 is by special arrangement with the 28 per cent. The council was un- without disclosure of donor iden- gress) and the UPA tally should If we break down the BJP victory out of 11 in Chhattisgarh, 12 out of Center for the Advanced Study of able to come to an agreement on The writer is a chartered accountant tities. Indeed, as the Finance Min- fall to a possible 66 by the 2019 geographically, it is clear that it 14 in Jharkhand, and 71 out of 80 in India, University of Pennsylvania

A THOUSAND WORDS BusinessLine TWENTY YEARS AGO TODAY may 24, 1997

B A special CBI court is likely Banks, MFs stuck with ‘junk’ CRB Caps to hear today the 1992 Babri A number of banks and mutual funds are stuck with what Masjid demolition case. On securities market circles would call as ‘junk’ shares of CRB May 20, the court began Capital Markets that they bought as allotees in the day-to-day hearing in the company’s private placement eforts. As these banks and politically sensitive case and other institutional investors are increasingly regretting to granted bail to the five VHP note, CRB Caps has left an interesting trail of private leaders named as accused in it. placements and firm allotments behind it. Beginning with Former BJP leaders LK Advani, 1994-95, the company made a private placement of nearly Murli Manohar Joshi and Uma 55 lakh equity shares, each at a huge premium of Rs. 128, to Bharati are yet to appear raise Rs. 75.65 crores from various banks and mutual funds. before the court in the case. Tisco net drops 17%, to pay 45% Tata Iron & Steel Company Ltd. (Tisco) has reported a 17 per cent drop in its net profit for the year ended March 31, 1997, B Congress President Sonia at Rs. 469.21 crores against Rs. 565.79 crores in the previous Gandhi has year. The Tisco Board has recommended a dividend of 45 invited per cent for the year. The efective cost of-the dividend to leaders of the company will be 49.5 per cent and the outgo on this Opposition account will be Rs. 182.23 crores, amounting to 38.44 per parties to cent of the profit after tax. meet in ICICI Banking Corpn. IPO in Aug.-Sept. Delhi today The ICICI Banking Corporation, a wholly owned subsidiary to put up a common of ICICI Ltd., plans to enter the capital market between candidate for President. August and September with an initial public ofering of Rs. Earlier, Gandhi had a meeting 41 crores at a premium of Rs. 25 per share. The bank has with TMC supremo Mamata filed the draft prospectus of its IPO with the Securities and Banerjee where the two Exchange Board of India (SEBI). Oicial sources said the leaders discussed the ICICI bank was awaiting the RBI’s permission for diluting possibility of arriving at a Here was a dam The Theewaterskloof Dam, a key source of water supply to Cape Town, South Africa, on April 16. The city, a major international only 25 per cent of the promoters’ holding before filing the consensus Presidential tourist attraction, is instructing people to severely restrict water use because of the area’s worst drought in more than a century HALDEN KROG/AP prospectus with SEBI. The bank expects to receive SEBI candidate. clearance early next month. The issue will be lead- managed by Kotak Mahindra Ltd.

B The trial run of the first electric taxi in the country will start from today in Nagpur. The project is being undertaken by the Nagpur easy not so easy Municipal Corporation. bl two-way crossword 856 E-taxis are expected to form part of the government’s plan ACROSS 03. In a skilled manner (4) ACROSS whole lot in it (7) to reduce pollution. 01. Outraged, shocked (11) 04. Went of-course (5) 01. A less candid form in which to 03. In such a skilled manner 07. Not specific; common (7) 05. Stone, form of chalcedony be shocked (11) would it not be worthy of 09. Get larger (4) (5) 07. Is not restricted to a man remark? (4) B Volkswagen is to launch its 11. Round journeys (5) 06. Sugared (5) skilled in tactics (7) 04. Was wrong to sound hesitant mid-sized 12. Object pawned (6) 08. Systematic investigation (8) 09. Cultivate gladioli initially on when embarrassed (5) SUV, the 14. Ruin (11) 10. Conspirators (8) the line (4) 05. At entering an epoch, find a Tiguan, 18. Princely residence (6) 13. Dined (3) 11. Round trips made to towers stone (5) today. The 20. Precise (5) 15. Citrus fruit (7) across the Channel (5) 06. You and I get in a collection Tiguan was 22. Not at home (4) 16. Spreading flower-shoot (5) 12. Something given as security is for afters (5) first 23. Perception (7) 17. Condition (5) quietly put on the shelf (6) 08. Deep study may make one unveiled at 24. Wife of marquis (11) 19. S American transport animal 14. Ruin for Dave, somehow, going look again (8) the 2016 Auto Expo and DOWN (5) to Waterloo (11) 10. They mark charts made by entered local assembly in 02. To eat (7) 21. The South of France (4) 18. Find a job for somebody about fifty men at the wheel March this year. The Tiguan around a sumptuous (8) will be followed by the all-new dwelling (6) 13. Half the team, after a start, did Passat, which is also expected 20. Make one pay for a former 2 (3) to be locally assembled in the piece of legislation (5) country. 15. Find the fruit in so upsetting 22. Is of, if not playing on one’s enclosed kitchen fireplace (7) SOLUTION: BL Two-way Crossword 855 home ground (4) 16. Apply drops to a spreading B Asus is to launch another 23. Enlightment that may be arrangement of flowers (5) member to its Zenfone series ACROSS 1. Conform 5. Fines 8. Proceed 9. Robed 10. Reluctant within one’s view (7) 17. Condition of the beast a terrier today with the launch of a new 12. Yet 13. Aggro 17. End 19. Trainable 21. Inner 22. Outrage 24. Lady with charms one is held (5) smartphone in India. Recently, 24. Greed 25. Tatters somehow taken in by (11) 19. The guanaco is completely the company launched DOWN 1. Capers 2. Noodles 3. Ore 4. Media 5. First-born 6. Nobly DOWN given over to mother (5) Zenfone Go 5.5 (ZB552KL) 7. Sedate 11. Chattered 14. Embrace 15. Seeing 16. Recess 18. Dunce 02. Eat an icecream that’s got the 21. Situated between one and the 20. Aloft 23. Tut smartphone priced at ₹8,499, South of France (4) which is available exclusively on etailer Amazon India.

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CHENNAI

BusinessLine 10 NEWS WEDNESDAY • MAY 24 • 2017

QUICKLY Paytm rolls out payments bank Chola teams up with First to offer cash-back on deposits; offers Mavin for digital push

4% interest on savings accounts OUR BUREAU WX Chennai, May 23 Mavin is a Silicon Valley OUR BUREAU PaymentsBank.com or on the Murugappa Group’s financial based start-up that is into New Delhi, May 23 Paytm iOS app, a release issued by services arm Cholamandalam In- rewards and redemption Paytm on Tuesday unveiled its Paytm said. vestment and Finance Company programmes Face-saving talks Protesters hold a banner payments bank, becoming the Vijay Shekhar Sharma, Chair- (Chola) has partnered with outside the Royal Courts of Justice as Royal first bank to ofer cash-back on man, said: “RBI has given us an Mavin, which is into rewards and Bank of Scotland pursued last-minute deposits. It will ofer ₹250 cash- opportunity to create a new kind redemption programmes, for its an enhanced two-way digital settlement talks with a group of investors to back to customers depositing of banking model. We are proud Chola app. user-experience,” said Vellayan avoid a potentially embarrassing trial over ₹25,000 in an account. that our customer deposits will Chola would ofer reward Subbiah, Managing Director, allegations the lender misled them about a Also, customers will not have be safely invested in government points to its registered custom- Chola. to fork out any charges for online bonds, and be used for nation- ers whey they use the app for Chola would reward those 2008 capital increase REUTERS transactions and there will be no building. None of our deposits availing services. Customers who use the app to perform minimum balance requirement. will be converted into risky The accounts will initially be available on ‘invite only’ basis would be eligible to redeem the high-value transactions such as Rupee down 34 paise to 64.89/$ For savings accounts, it will of- assets.” points against vouchers from regular EMI payment, checking Mumbai, May 23 fer 4 per cent interest per annum, Renu Satti, CEO, Paytm Pay- sumer-friendly bank. move to the Payments Bank in Amazon and Flipkart, among account statement, updating The rupee took a hefty knock after a brief and the bank will also ofer cur- ments Bank, said: “We are very ex- “Leveraging the power of tech- the same capacity. That is, users others. KYC documents, apply for two-day recovery against the US currency and rent accounts to its millions of cited to launch Paytm Payments nology, we aim to become the will continue to be able to use “Partnering with Mavin is one Chola’s products and services, slumped by a whopping 34 paise to end at a merchants. Bank and bring financial services preferred bank for 500 million their Paytm wallet in the same such initiative to help our cus- and refer Chola services to fresh seven-week low of 64.89 on the back of The Paytm Payments Bank said to the un-banked segment of In- Indians by 2020.” manner as before. tomers in tier I-VI towns to move friends and family, according to frantic dollar demand. This is the lowest it planned to roll out 31 branches dians. Our ambition is to become As a payments bank, Paytm can to digital and be rewarded. a statement. closing for the home currency since April 3, and 3,000 customer service India’s most trusted and con- ‘Mobile first’ now accept customer deposits up Transactions for existing and “Activity-based app rewards when it had closed at 65.03 against the points in the first year. The bank is setting up know- to ₹1 lakh per customer in a sav- new customers will become not only delight first-time users greenback. Heavy month-end dollar demand The accounts will initially be WX your-customer (KYC) centres ings or current account and ofer seamless and they will receive re- and increase downloads, but along with sustained foreign capital outflows available on an ‘invite only’ basis. Paytm Payments Bank plans across India to make customers other banking services, such as ward points for every action on also boost brand loyalty, increase also weighed on the forex trade. The rupee had In the first phase, the company to roll out 31 branches and eligible for an account with it. debit cards, online banking and the app. user retention, and solve app-us- strengthened 29 paise in the last two sessions will roll out its beta banking app 3,000 customer service This will be a ‘mobile first’ mobile banking. “These reward points can be age issues tremendously,” after taking a battering last week. PTI for its employees and associates. points in the first year of product. Payments banks cannot ofer redeemed for branded digital Shailesh Nalawadi, Co-Founder & Paytm customers can request operations Meanwhile, Paytm said that financial products of their own, vouchers and popular coupons, CEO of Mavin, a Silicon Valley- Bond yields, call rate stable an invite by going to www.Paytm- the current Paytm wallet will but partner with other banks. driving our customers towards based start-up. Mumbai, May 23 Government bonds dropped on heavy selling pressure from banks and corporates. The 6.79 per cent 10-year benchmark bond maturing in 2029 weakened to ₹99.50 from ₹99.59, while Staff selection: Replace IBPS with regional RCEP Hanoi talks: India not willing to go its yield remained almost unchanged at 6.85 per cent from 6.84 per cent. The interbank call money rate remained steady as demand from recruitment boards, says bank body beyond 80% tariff elimination in goods borrowing banks matched supplies. It ended stable at its previous level of 6.10 per cent after VINSON KURIAN WX Company had declared an in- AMITI SEN WX “We have told RCEP members that trading in the 6-6.25 per cent range. PTI Thiruvananthapuram, May 23 A number of Syndicate crease in working hours to 90 New Delhi, May 23 In services, things remain committing to their current MFN The Syndicate Bank Staf Associ- Bank branches in Karnataka hours per week but it had boom- India ignored calls for zero tarifs tight. RCEP members are levels in Mode 4 (movement of pro- New CEO at Avanse Fin Services ation (SBSA) has urged the are staffed by people from eranged on the company. on 92 per cent of traded goods as hesitating to give offers fessionals) is the starting point for Mumbai, May 23 Centre to replace the Institute other States and this has More working hours would part of the ambitious Regional that would result in the negotiations and they need to Avanse Financial Services, an associate for Banking Personnel Selection created a serious not be productive and could in- Comprehensive Economic Part- improved facilitation of do more,” the oicial said. company of Dewan Housing Finance (DHFL), (IBPS) with regional recruit- communication problem duce stress and mental strain. nership (RCEP) being negotiated movement of workers While the RCEP countries are has appointed Amit Gainda as its Chief ment boards. while transacting business, Given this, the SBSA would op- between 16 countries, including within the bloc talking in terms of implementing Executive Officer. Prior to his appointment, Representatives of SBSA had says Staff Association V-P pose any move to increase the China, and instead stuck to its ofer the ofers over a period of 15 years, Gainda was President, SME Business, at DHFL. A met with Arjun Ram Meghawal, working hours. of 80 per cent. India has asked for 20 years to deal veteran of the BFSI industry, Gainda has been Minister of State for Finance, in New Delhi’s current position, ate the largest free trading bloc in with certain countries (such as associated with Bajaj Finance, GE Money and Bengaluru recently and submit- choice but also of substitutes to Capital infusion too, would result in substantial the world accounting for 45 per China). Citigroup in the past, before he joined DHFL in ted a memorandum to this fill places at their current The Association condemned the opening up of the Indian market cent of the world population and This means that it could wait for 2014. He also holds a Six Sigma Black Belt in efect. locations. recent statement by an RBI to Chinese goods, as even with a de- over $21 trillion of gross domestic eliminating tarifs on the most DMAIC methodology. In a statement, Gainda The SBSA is ailiated to the Na- This has led to discontent Deputy Governor with regard to viation of 6 per cent that India is product. sensitive goods for up to 20 years, said he looks forward to implementing the tional Organisation of Bank among employees, Bhat said. infusion of capital and privat- demanding in special cases, tarifs While India put up a valiant but for other goods the tarifs have company’s expansion strategy. Avanse, which Workers and the Bharatiya Maz- The best solution is either res- isation of public sector banks. have to be removed on 74 per cent fight to protect its industry in the to be phased out much earlier and has a CARE AA+ rating, provides education door Sangh. KS Bhat, its Vice- toration of the Banking Service “We strongly believe that of items. area of goods, in services, things re- some even immediately on loans. OUR BUREAU President, said that a number of Recruitment Board or setting neither privatisation nor na- “India held its ground at the main tight. RCEP members are not implementation. Syndicate Bank branches in up regional recruitment boards. tionalisation is the solution for Trade Ministers meeting in Hanoi just hesitating to give ofers that India is in a better position to of- Karnataka Bank, HDFC arm tie up Karnataka are stafed by people mounting of non-performing on Monday by refusing to give in to would result in improved facilita- fer ambitious market openings to Mangaluru, May 23 belonging to other States. Working hours assets,” Bhat said. Recruitment demands for tarif elimination of tion of movement of workers the Asean, Japan and South Korea, Karnataka Bank has entered into a distribution This has created a serious Meanwhile, the SBSA has also of adequate staf at all levels and 92 per cent of goods. within the bloc, many are not with which it already has free trade agreement to sell mutual fund products of communication problem while opposed a reported move to ex- non- interference by political “It has stuck to its ofer of 80 per eager to even give commitments pacts, than China, New Zealand HDFC Capital Asset Management (HDFCAML). transacting business with local tend working hours in banks by parties shall improve the situ- cent elimination with a 6 per cent on freezing the current levels of and Australia, with which it has Mahabaleswara MS, Managing Director and customers, and is not helping an hour as a prelude to introdu- ation in public sector banks. deviation and also a longer imple- market access that they ofer to all none. CEO of Karnataka Bank, and Rajiv Maniar, Senior the bank’s cause. These staf are cing a five-day week. The Association also con- mentation period for certain coun- countries (MFN levels). Although the RCEP countries are Vice-President, HDFCAML, exchanged the naturally eager to get a transfer Bhat told BusinessLine that demned the ‘large bank’ tries like China,” a government of- This is worrying for India as hoping to conclude the negoti- memorandum of understanding (MoU) here back to their native place. the move has proved counter- concept which is detrimental to ficial told BusinessLine. countries like Australia are already ations by the year-end, there are in- on Tuesday. Maniar said that the tie-up will But the bank is unable to con- productive elsewhere. He cited the interest of the nation as well The RCEP countries, which in- tightening their visa norms at MFN dications that talks may roll over to provide HDFCAML an opportunity to expand its cede to this demand due not the examples of the Ford Motor as common man. The need of clude the 10-member Asean, India, levels and if commitments are not next year as a lot of loose ends still base in tier-1, tier-2 and tier-3 centres across just because of non-availability Company and Kelloggs. the hour is mass banking in- China, South Korea, Japan, Aus- given soon, the gains in the area of remain in all the three major areas India. OUR BUREAU of vacancies at their place of In 1980, employees of Apple stead of class banking. tralia and New Zealand, seek to cre- services may not amount to much. of negotiations.

Now, just flash SBI’s Fastag to zip BoB, IFFCO launch co-branded Financial firms urged to stop debit card for farmers through toll plazas — cashless OUR BUREAU products at IFFCO sales making multi-billion dollar New Delhi, May 23 counters. OUR BUREAU plazas without stopping for the same Fastag can be used Bank of Baroda and IFFCO on PS Jayakumar, Managing Dir- Hyderabad, May 23 cash transactions by allowing across all toll plazas under the Tuesday rolled out their first set ector and CEO, Bank of Baroda, ‘deadly’ investments State Bank of India has auto debit of toll amount national electronic toll collec- of co-branded debit cards for handed out the co-branded launched a card for cashless from the card balance. tion programme, according farmers as part of their eforts debit card to 51 farmers of Over the last four drive through toll plazas for While launching the Fastag, to Hardyal Prasad, Chief Gen- to push digitalisation. Both the Khurja and Bulandshahar its customers here. Neeraj Vyas, Deputy Man- eral Manager, SBI, Telangana organisations had in February (Moradabad/Western UP zone years, $31 b has been The product, SBI Fastag, is a aging Director and Chief Op- Circle. entered into a memorandum of Bank of Baroda). invested in firms card that works on Radio Fre- erating Oicer, SBI, said the fa- The benefits of Fastag in- of understanding (MoU) in this Two lakh co-branded debit quency Identification (RFID) cility is currently operational clude 7.5 per cent cash-back regard. cards will be issued initially to that make banned technology. Money can be at about 350 toll plazas across for all transactions up to The co-branded debit cards, the farmers beginning with Ut- weapons, finds Dutch loaded on the card. national highways. March 31, 2018, easy recharge, with inbuilt overdraft of tar Pradesh, Bihar, Rajasthan charity PAX It is aixed on the wind- SBI Hyderabad circle has so top-up through authorised ₹2,500 in a special savings and Madhya Pradesh. These screen of the vehicle and en- far issued 6,300 Fastags. The agencies, and customer care bank account, can be used for debit cards will be used for pur- ables one to drive through toll system is interoperable and facility. purchase of various agri chase of IFFCO products only. REUTERS London, May 23 Financial firms invested $31 bil- lion in the last four years in companies that produce cluster bombs, weapons Central banks in Asia have a tendency to surprise banned under international law and used in conflicts from When ranked by a year — or don’t hold regu- Philippines has made very ity. When Asia’s central without those tools can still Syria to Yemen, an advocacy larly scheduled meetings, few unexpected moves. banks were ranked by policy signal their intentions, if group said on Tuesday. policy decisions, such as the PBOC, meaning Looked at another way, by decisions, published they want to, the Bloomberg More than 160 banks, pen- Bank of Japan came observers have fewer oppor- judging the total number of minutes, press conferences, Intelligence analysts wrote. sion funds and insurance com- An international convention that prohibits the use and production tunities to read the tea unforeseen decisions speeches by policy-makers, panies, mostly from the US, of cluster bombs came into force in 2010 and more than 100 out as the most leaves. without controlling for the and journalist briefings, the Leadership changes China and South Korea, inves- The MAS and PBOC top the number of meetings, the RBI Bank of Japan came out as A change in leadership at the nations have signed it AFP transparent, finds ted in six cluster munitions list of Asia’s most surprising and Bank Indonesia have the most transparent. top of the central bank can producers between June 2013 person for the Cluster Muni- from countries that have a study central banks with 40 per surprised the most since Yet Governor Haruhiko also be a factor, as seen when and March 2017, Dutch charity tion Coalition, an international joined the convention: Canada, cent and 34 per cent unex- 2010 with 15 unexpected de- Kuroda has rattled markets Urjit Patel succeeded PAX said in a report. network of charities working France, Germany, Japan, Spain, BLOOMBERG pected policy decisions, re- cisions each. on several occasions, some- Raghuram Rajan as RBI Gov- Cluster bombs, dropped by in around 100 countries to Switzerland and the UK, the re- May 23 spectively, Bloomberg Intelli- They are closely followed times by taking an unexpec- ernor and stunned markets air or fired by artillery, scatter eradicate the weapons, said in a port said. When Janet Yellen pulls the gence economists Tom Orlik by South Korea and Japan ted action, other times by with a rate cut. hundreds of bomblets across a statement. Even though the number of trigger on a rate hike, mar- and Justin Jimenez wrote. with 13 and 12 surprise not doing anything. Bank Negara Malaysia’s wide area which sometimes fail “That is why no banks or fin- firms investing in cluster bomb kets usually take the de- The Reserve Bank of India moves, respectively. Even with minutes and single surprise decision to explode and are diicult to ancial institutions should put a producers rose to 166 from cision in their stride. isn’t far behind, surprising At the same time, greater press conferences, policy- since 2011 also coincided locate and remove, killing and penny in companies that pro- more than 150 in its 2016 re- That’s because Federal Re- 28 per cent of the time. At transparency doesn’t neces- makers can always decide to with its first leadership maiming civilians long after duce these illegal and harmful port, PAX noted a growing con- serve oicials will have pub- the other end of scale, the sarily guarantee predictabil- surprise. Central bankers change in 16 years, according conflicts end. weapons, and no company or sensus among investors that licly debated and flagged the to the BI analysis. “Cluster bombs are banned country should produce such investments are no longer change months in advance. WX for a clear reason, because they cluster munitions,” said acceptable and present a repu- In Asia, things are difer- Policy changes disproportionately harm civil- Alizada. tational risk. ent. Central banks in the re- The Monetary Changes in policy direction ians...,” Firoz Alizada, a spokes- An international convention Cluster munitions were used gion often surprise markets Authority of Singapore are also a chance to surprise, that prohibits the use and pro- in Syria, including during the with their policy decisions, and PBOC top the list as evidenced by the PBOC’s WX duction of cluster bombs came Aleppo ofensive, and air- with the People’s Bank of of Asia’s most capacity to shock when they Fifteen financial into force in 2010 and more dropped into densely popu- China and the Monetary Au- surprising central embark on a new direction. institutions that have than 100 nations have signed it. lated areas, amounting to war thority of Singapore (MAS) banks with 40 per cent Even for more predictable invested in producers of The majority of firms named crimes, UN investigators said in leading the list of head turn- and 34 per cent central banks, shifts in cluster munitions are by PAX are from countries March. ers, according to a review of unexpected policy policy direction are often from countries that have which are not party to the con- In Yemen, the Saudi-led Arab policy decisions since 2010 decisions, respectively. surprising, the BI analysts joined the convention vention, including the US, coalition acknowledged in by Bloomberg Intelligence. The Reserve Bank of wrote. that prohibits the use China and South Korea. December that it had made Some of that shock ele- India isn’t far behind, One takeaway from that: and production of However, 15 financial institu- “limited use” of British-made ment is because these cent- surprising 28 per cent economists are good at pre- cluster bombs tions that have invested in pro- cluster bombs, but said it had ral banks meet less fre- of the time dicting continuity, less good ducers of cluster munitions are stopped using them. quently — the MAS only twice at predicting change.

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CHENNAI BusinessLine 11 WEDNESDAY • MAY 24 • 2017 POLITICS

QUICKLY In counter-terror operations, It’s mere eyewash, says Centre on Muslim board’s Army pounds Pak border posts triple talaq advisory

Releases 22-second video, claims cross-border Questions locus of of triple talaq was “not good”, should have enlightened the action is pre-emptive; Pak denies assertion AIMPLB on issue five-judge constitution bench to declare triple talaq invalid. PRESS TRUST OF INDIA General of Public Information PRESS TRUST OF INDIA “I think this aidavit of New Delhi, May 23 Major General AK Narula told New Delhi, May 23 AIMPLB is an eyewash. The The Indian Army on Tuesday said reporters. Attorney General Mukul Ro- board has no legal sanctity by it had launched “punitive fire as- Sources said the strike was a hatgi on Tuesday termed the itself. It is unclear as to how saults” on Pakistani positions message to Pakistan that the All India Muslim Personal Law many people they speak for. across the Line of Control, inflict- Army will take stronger action Board’s (AIMPLB) aidavit in They do not have any persuas- Sweet success Delhi Chief Minister Arvind ing “some damage”, days after with increased frequency against the Supreme Court on its ad- ive authority,” said Rohatgi, Kejriwal and his deputy Manish Sisodia two of its troopers were any infiltration attempts from visory on triple talaq a “mere who assisted the apex court in interact with a government school student beheaded. across the border. eyewash” and said it was an the triple talaq matter. who cleared the IIT-JEE (Mains), in New Delhi, It also released a video of the The 22-second video showed attempt to gain “legal sanc- The Attorney General said it on Tuesday SANDEEP SAXENA military action which showed concrete structures being re- tity among the community”. is not clear as to how many some structures in a forested area duced to rubble amid plumes of The Attorney General also Qazis will abide by, agree and crumbling in a heap under the smoke and balls of fire. questioned the locus of the understand the advisory is- Jaitley suit: HC asks Kejriwal to reply impact of repeated shelling. Army sources said rocket AIMPLB to issue any advisory sued by the personal law New Delhi, May 23 Pakistan Army, however, dis- launchers, anti-tank guided mis- against the practice of triple board. The Delhi High Court on Monday sought a missed the reports of its posts be- siles and automatic grenade talaq and said it was a “des- “It is also unclear as to how response from Arvind Kejriwal on a fresh ing destroyed by its Indian launchers and recoilless guns perate attempt” on its part to many Qazis will inform the ₹10-crore defamation suit filed by Union counterpart as “false”. were used in the strike. divert the attention of the bridegroom at the time of Minister Arun Jaitley over the use of an Though the Indian Army did “Pak Army has been providing apex court, which has already Nikah not to resort to triple objectionable word by the Delhi Chief not provide much operational support to armed infiltrators by reserved its verdict on the talaq. There is no mechanism Minister’s counsel, Ram Jethmalani, recently. details of the retributive assault engaging our forward troops issue. to oversee whether the Qazis Kejriwal has to file his reply by July 26, when across the Line of Control (LoC) from their weapon emplace- In an aidavit filed in the have advised the bridegroom the court will hear the matter. This is the against Pakistan Army positions ments and pill-boxes closer to the apex court yesterday, the AIM- not to resort to triple talaq second civil defamation case that Jaitley has in Naushera sector that were “aid- LoC. At times, they have not even PLB had said that those who and whether the grooms filed against Kejriwal, the first being a case ing” infiltration, sources said the hesitated to target villages in the resort to triple talaq will face would actually follow the ad- relating to allegations of corruption at the strike was carried out on May 9, proximity,” Maj Gen Narula said . “social boycott” and an advis- visory,” he said. Delhi District Cricket Association (DDCA), nine days after two Indian secur- ory will be issued to the The Attorney General said whose head the Union Minister once was. PTI This May 13, 2017 photograph shows Indian civilians taking cover as a ity personnel were beheaded. Proactive measures mortar shell is fired from the Pakistan side of the border, in Naushera ‘Qazis’ that they should tell that given the illiteracy rate “A recent action by our troops He said infiltrations are likely to sector of Jammu and Kashmir AP the grooms that they will not and the dominant position of Former RJD MP gets life term in the Naushera sector has increase with the melting of resort to such a form of males in the community, it is Ranchi, May 23 caused some damage to the Pak snow and opening of passes, and active counter-terrorism opera- Control are controlled which is divorce. diicult to comprehend as to Former RJD MP and Bihar Army posts, which are support- referred to the recent incident in tions. We want peace and essential to bring down the num- Rohatgi said the Muslim “how many brides would strongman Prabhunath ing infiltrations. This is part of Naugam where four terrorists tranquillity in the state of J&K. For bers of terrorists in J&K so that body, which has admitted in come out to say what they ac- Singh was on Tuesday our overall strategy to counter were neutralised on May 20-21. this purpose, it is essential that youths of J&K are not adversely in- the top court that the practice tually want to say.” sentenced to life in prison terrorism,” Additional Director “This calls for even more pro- the infiltrations along Line of fluenced by terrorists,” he said. by a Hazaribagh court, in connection with a 22-year- old murder case of a legislator. The court also sentenced Singh to 10 years rigorous imprisonment for possessing Mayawati visits Saharanpur, blames CA held in ₹8,000-cr laundering scam and using explosives, while slapping a ₹40,000 fine on him. Ashok Singh, who had had may have links to Lalu’s kin, says ED defeated Prabhunath Singh in the Assembly Yogi government for caste clashes polls of 1995, was killed in a bomb blast at his PRESS TRUST OF INDIA money to the tune of ₹62.20 official residence in Patna the same year. PTI BSP supremo looks New Delhi, May 23 crore into “apparently legitimate The Enforcement Directorate transactions by way of share sub- Vaiko seeks bail in sedition case to connect with (ED) has arrested a chartered ac- scription through 26 shell com- Chennai, May 23 Dalit support base countant in connection with its panies controlled by Jain MDMK chief Vaiko, who is in probe into an ₹8,000-crore brothers”. jail since April 3 in an eight- OUR BUREAU money laundering racket in- The CA, oicials said, was al- year-old sedition case, New Delhi, May 23 volving two Delhi-based busi- legedly involved in routing funds moved a court here on Apparently worried over the attri- nessmen and a few political for the Jain brothers, who were Tuesday seeking bail. The tion of her core voter base to the entities. arrested by the ED in a ₹8,000- case is likely to come up for newly-founded Bhim Army of The CA, Rajesh Kumar Agrawal, crore money laundering racket, hearing in the Principal young Dalit leader Chandrasekhar is also associated with transac- allegedly being run through Sessions Court here on Wednesday. Police had Azad, BSP supremo Mayawati on tions involving a firm allegedly shell firms, in March this year. registered a case under IPC section related to Tuesday visited Saharanpur, where linked to RJD chief Lalu Prasad’s The ED has identified at least sedition against Vaiko for a speech he made houses and shops belonging to the daughter Misa Bharti, and is un- 90 shell firms in this probe case. while releasing his book “Naan Kutram Scheduled Castes were recently at- BSP chief Mayawati interacts with violence-hit people in Sabbeerpur der the scanner for suspected tax The case emerged after the ED Sattugiren” (I am Making the Accusation) in tacked following the death of a village of Saharanpur district, on Tuesday PTI evasion, oicials said. RJD supremo Lalu Prasad’s filed a criminal complaint in Feb- 2009. Although a charge-sheet was filed in Thakur youth. Agarwal was arrested under daughter and Rajya Sabha MP ruary this year under the PMLA. 2010, trial is yet to commence on the case. PTI Mayawati blamed the BJP for the the BJP does not want peace in the spiral of violence started from provisions of the Prevention of Misa Bharti is believed to be linked The ED suspects the entire racket anti-Dalit riots in the area. Soon area,” Mayawati said. Shabbirpur village, home to Money Laundering Act (PMLA) to a company under the scanner to be worth about ₹8,000 crore after she left the district, there were Saharanpur is considered a BSP around 600 Dalits and over 900 late on Monday, they said. for dubious land deals of slush funds. MCD bypolls: Cong, AAP win 1 each reports that fresh round of riots stronghold, with the party twice Thakurs. Dalit victims of the The oicials claimed the CA New Delhi, May 23 had erupted in the area. winning the Lok Sabha seat here. In clashes say upper caste Thakurs was “not cooperating” and The firm Mishail — allegedly BJP demands action The Congress bagged one seat and the AAP 1998, party founder Kanshiram prevented them from installing a would be subjected to sustained linked to Bharti, who is also a Ra- Meanwhile, the BJP has deman- another in by-elections to two municipal Administration biased had unsuccessfully contested statue of BR Ambedkar on the interrogation once they obtain jya Sabha MP — and close to two ded that the Bihar government wards in Delhi. Mukesh Goel of Congress won After meeting the victims of viol- from the constituency. In the 2014 premises of the Ravidas temple in his custody . dozen entities linked to it are un- take action against shell compan- Sarai Pipal Thala ward of the North Delhi ence, she told reporters that the ad- polls, the BSP witnessed the flight the village. Agrawal was arrested for al- der the scanner of the Income Tax ies operating in the State. Municipal Corporation and AAP’s Reshma ministration was biased towards of about 80,000 votes from its kitty Later, on May 5, a Dalit group ob- legedly being instrumental in Department in a ₹1,000-crore du- BJP leader Sushil Kumar Modi emerged victorious in Maujpur ward of East the attackers and that was the to the BJP. The 2016 Assembly res- jected to a procession of Thakurs to providing illegal funds to laun- bious land deals case, and the tax- said Prasad and his family should Delhi Municipal Corporation. Polling in the reason for the precipitation of viol- ults also proved bad for the BSP. It is mark the birth anniversary of Ra- der money of businessmen man had conducted multiple tell people about their holdings wards was deferred due to the death of ence. “The government should me- the Dalit-Muslim combination jput king Maharana Pratap, trig- Virendra and Surendra Jain. The raids in this connection some- and asked Chief Minister Nitish candidates. While Maujpur went to polls on diate between both the com- that has helped the BSP to win the gering violence, in which one per- agency has, however, now expan- time back in and around Delhi. Kumar to walk the talk on his May 14, bypolls for the Sarai Pipal was held on munities. Cases against both the seat in the past. son was killed and over 15 were ded its probe and has brought all The company, Jagat Projects, it ‘zero-tolerance’ policy on May 21. PTI sides should be withdrawn. But According to a PTI report, the injured. his dealings under scanner. said, converted its unaccounted corruption.

RSS affiliate LDF govt’s economic policies have no sting opposes nod to BJP’s southern victory march to weather Kerala’s challenges: NDA leader GM mustard will begin from Telangana: Shah PRESS TRUST OF INDIA New Delhi, May 23 M SOMASEKHAR On public platforms, the Economy based on remittances, PSUs The Swadeshi Jagran Manch Hyderabad, May 23 BJP chief took potshots at the (SJM) has written to Prime BJP President Amit Shah has KCR government on develop- not a workable model, says the MP Minister Narendra Modi, op- dropped enough hints of his ment issues, faulting it for posing the nod to genetically party making a serious bid for failing to utilise nearly ₹1-lakh public money and the public VINSON KURIAN modified mustard saying that power in Telangana in 2019, crore of Central funds, includ- Thiruvananthapuram, May 23 sector does not work at a time it is “unscientific, toxic and when the State goes to the ing those provided for pro- The Left Democratic Front when the overall economy is will not increase yields”. polls next. grammes such as Swachh (LDF) government, which contracting, Chandrasekhar The GM mustard variety de- At meetings in Nalgonda Bharat and poverty allevi- scompletes a year in oice this said. veloped by scientists at Delhi district, Shah indicated that ation. Consequently, several month, does not really have “You need private invest- University led by Deepak the party would go it solo in villages are languishing an efective economic policy ments in huge amounts in in- Pental is not swadeshi (indi- the State, while stating that without toilet facilities and to address Kerala’s unique frastructure, manufacture genous) and the gene of this the BJP’s southern victory drinking water, he alleged. challenges, said Rajeev and agriculture; and to bring variety is patented in the march would begin from Tel- Shah said the Centre had in- Chandrasekhar, Vice-Chair- that in you need a certain kind name of a multinational seed angana. creased manifold the fund man of the BJP-led NDA in the of economic and governance firm Bayer Crop Science, On the second of his three- flow to Telangana through the State. model.” claimed SJM, which is aili- day visit to the State on Tues- devolution of funds as recom- The businessman-politi- ated to the ruling BJP’s ideolo- day, Shah evaded questions mended by the 14th Finance cian, who is a Rajya Sabha MP Political violence gical parent RSS. on a possible tie-up with the Commission, grant-in-aid and from Karnataka, told Business- The history of political viol- Eyeing power BJP President “The claim that GM Mus- Telugu Desam Party. “We are other schemes. The BJP, he Line that Kerala’s remittance- ence and murders is the Amit Shah at a rally in Nalgonda Rajeev Chandrasekhar, Rajya Sabha MP tard is Swadeshi and has been the Opposition and are ex- claimed, had played a key role driven economy is facing a biggest impediment to district of Telangana, on developed in India is com- panding our base with the in- in ensuring that separate huge challenge in view of the private investments; this year. But there is nothing to becoming a viable political Tuesday SINGAM VENKATARAMANA pletely untrue. We would like tention of forming the gov- statehood was granted to the drying of the ‘gusher’ in West needs to be looked at outside show that the State has been and workable economic al- to bring it to your kind notice ernment here. For the Chandrasekhar Rao had met region. If voted to power, the Asia. the prism of pure politics, he able to attract any private ternative to the CPI(M)-led LDF that in 2002, Proagro Seed moment, I can say that we Modi in Delhi recently and fund flow from the Centre to added. investments.” and Congress-led United Company (Bayer’s subsidi- have an alliance with the TDP discussed with him a wide the State would increase No back-up So the Chief Minister must “I’m willing to accept that Democratic Front (UDF) in ary), applied for commercial in Andhra Pradesh.” range of issues. The BJP needs much more, he promised. The inflows over the past two take the initiative if he is seri- the LDF government is less Kerala. approval for similar con- Prior to Shah’s visit, there the support of regional Answering questions at a decades have made the State a ous about reining in violence corrupt than the previous This is because voters have struct,” SJM co-convener Ash- was speculation that the BJP parties such as the TRS, TDP, press conference, the BJP chief net consuming economy with and stop politicising the po- [Congress-led UDF] one, but two performance cards before wani Mahajan told reporters chief’s motive in visiting Nal- YSR Congress, among others, said the BJP has always been no manufacturing or agricul- lice, the MP said. there are glaring examples them now – one year of gov- at a conference here. gonda was to target the weak- in the upcoming elections for against reservations on reli- ture base to fall back on. According to that show the insincerity of ernance of the LDF in Kerala Earlier this month, the Ge- ening Congress by choosing President and Vice-President. gious basis, and criticised the “There’s hardly anything in Chandrasekhar, the Chief Min- the government.” and the third of the BJP-led netic Engineering Approval Nalgonda, where the Grand On Tuesday, The BJP Presid- TRS government for the move terms of IT either — for a State ster is indirectly compliment- These pertain to impeding NDA at the Centre. Committee (GEAC), a biotech Old Party has its best presence ent held a meeting with a to hike reservations to eco- that started of with a definite ing the Centre when he points the good work by a Deputy The NDA’s credentials and regulator under the Environ- of an MP and 5 legislators. gathering of intellectuals nomically backward Muslims advantage. IT now has, at best, to fast-paced work on the GAIL Collector against encroaches proposition to Kerala are now ment Ministry, had recom- The ruling Telangana from across the State in a big and SCs. apresence along the fringes of pipeline project and widen- in ecologically-sensitive Mun- very obvious. “For the first mended the commercial cul- Rashtra Samithi is believed to efort to seek support and ac- Shah said the Centre had the industry landscape.” ing of the national highways. nar hills and targeting of TP time, the NDA is able to show tivation of a genetically have been cozying up to the celerate the growth of the been resorting to searches by So the problem with the “The good news here is that Senkumar, the DGP, among up itself as the real alternative modified version of mustard. Narendra Modi government, party in all 31 districts of Tel- its agencies to shut shell com- government is that an eco- Central funding to the State others. for the State,” Chandrasekhar The GM mustard is de- backing it on policies such as angana. He also visited a few panies, stem money launder- nomic model that hinges on has gone up in the last one Suice to say that the NDA is said. veloped by scientists at the demonetisation, GST, etc. villages and interacted with ing and control black market- Delhi University led by Pental. Chief Minister and TRS chief K the public. ing in a big way.

CM YK ...... CH-X https://telegram.me/TheHindu_Zone https://telegram.me/PDF4EXAMS

CHENNAI 12 BusinessLine MARKET WATCH WEDNESDAY • MAY 24 • 2017

DAY TRADING GUIDE Moody’s cuts Bharti Airtel’s 9390 • Nifty 50 Futures S1 S2 R1 R2 COMMENT Now, it’s the turn of ICRA rating outlook to negative 9350 9300 9440 9490 Initiate fresh short positions with a tight stop-loss if the contract fails to COGENCIS focomm announced its ser- move beyond 9440 levels New Delhi, May 23 vices with free mobile voice and Moody’s Investors Service on data services for a few months. • ₹1568 HDFC Bank Tuesday cut Bharti Airtel’s rat- While Reliance Jio has moved S1 S2 R1 R2 COMMENT to downgrade IDBI Bank ing outlook to negative from to paid service now, its tarif is 1555 1545 1576 1585 Initiate short positions with a fixed Asset quality from AA-. Instruments with The rating agency expects stable, as its expects intense tar- still low pushing other operat- stop-loss only if the stock drops ICRA-A are considered to have the bank to be constrained in if competition over the next ors to ofer discounted tarifs below ₹1,555 levels pressures to adequate degree of safety re- meeting the increasing capital several quarters among Indian and has also led to consolida- ₹957 • Infosys remain, says the garding timely servicing of requirements under Basel-III. telecom operators. Moody’s af- tion in the sector. Bharti Airtel’s S1 S2 R1 R2 COMMENT financial obligations while firmed the company’s rating at nearest rivals Vodafone Plc and 950 940 967 980 Make use of intraday dips to initiate rating agency ICRA-AA instruments have Spate of downgrades Baa3. Idea Cellular agreed in March fresh long position while high degree of safety. Last week, India Ratings had “This competition will occur to merge their operations, cre- maintaining a stiff stop-loss at ₹950 OUR BUREAU The sign of + (plus) or – downgraded IDBI Bank’s long- even though ongoing and ating the country’s largest mo- Chennai, May 23 (minus) may be appended to term issuer rating to AA from transformative consolidation bile telecom entity. • ₹300 ITC ICRA on Tuesday downgraded the rating symbols to indicate AA+, with negative outlook in the sector and Reliance Jio In- “We expect Bharti’s profitab- S1 S2 R1 R2 COMMENT various debt instruments of their relative position within and earlier Crisil had cut its focomm’s tarif plan will help ility to remain under pressure 297 293 303 306 Initiate fresh long positions with a IDBI Bank and said the instru- the rating categories con- FY2018. Asset quality pressures ratings on the bank’s Tier-II stabilise the industry’s average as competition remains at tight stop-loss if the stock of ITC ments’ ratings are on watch cerned. Thus, the rating of AA+ going forward will be driven bonds, infrastructure bonds, revenue per user over the heightened levels over the reverses higher from ₹297 levels with negative implications. is one notch higher that AA, by the large quantum of to AA– from AA, and reairmed longer term,” Moody’s said in a near-term; as such, we believe ₹174 • ONGC ICRA has downgraded the while AA– is one notch lower standard and standard re- the negative outlook. statement. that a permanent reduction in S1 S2 R1 R2 COMMENT rating on IDBI Bank’s various than AA. structured advances, includ- In February, S&P Global Rat- Bharti Airtel, India’s largest leverage to levels more appro- 172 170 177 180 Near-term outlook is bearish for the instruments, whose outstand- The rating agency also ing those under various ings had downgraded the telecom operator, had seen its priate for the Baa3 rating is un- stock of ONGC. Sell in rallies while ing values (as of March 2017) downgraded Basel-III compli- schemes on resolution of bank’s long-term foreign cur- consolidated net profit fall by likely,” the Moody’s report maintaining a stop-loss at ₹170 stand near ₹26,000 crore due ant Tier-2 bonds to A(hyb) stressed assets. rency issuer credit rating to BB over a third due to stagnant rev- quoted its analyst Annalisa Di to substantially weak operat- from AA- (hyb). “With low provision cover from BB+ on expectations of enue and finance cost. Chiara as saying. ₹1304 • Reliance Ind. S1 S2 R1 R2 COMMENT ing and financial performance Even though the bank re- against NPAs and expectations the bank’s asset quality re- Bharti Airtel’s total reported during year ended March. ported a sharp increase in its of further weakening of asset maining weak for the next 12 Reliance Jio effect debt at the end of March was 1290 1275 1320 1335 Make use of intraday rallies to sell ICRA has downgraded the NPA levels over the past three quality, the bank’s internal months. The company, like other incum- ₹1.07 lakh crore, a rise of the while maintaining a stiff stop- ratings of the bank’s infra- years, ICRA believes that the capital generation will remain On Tuesday, the shares of bents, has been engaged in a around 6.9 per cent year-on- loss at ₹1320 levels structure bonds, flexi bonds asset quality pressures are weak over the medium term,” IDBI Bank were down 1.96 per price war in India since Septem- year, and largely a result of ₹289 • SBI and subordinated bonds to A likely to remain high during ICRA said. cent at ₹64.90, on the NSE. ber when Reliance Jio In- higher spectrum liabilities. S1 S2 R1 R2 COMMENT 286 283 293 297 Initiate fresh short positions with a tight stop-loss if the stock of SBI declines below ₹286 levels MF products: ₹2520 • TCS Taro spooks pharma Shipping stocks in rough seas S1 S2 R1 R2 COMMENT Karnataka Bank 2500 2480 2540 2560 Initiate fresh long positions with a fixed stop-loss only if the stock ties up with as freight rates continue to fall advances above ₹2540 levels HDFC AMC S1, S2: Support 1 & 2; R1, R2: Resistance 1 & 2. KS BADRI NARAYANAN dry bulk commodities, fell for GE Shipping said: “Increased COGENCIS Chennai, May 23 the seventh session on Tues- scrapping, slow new orders, TODAY'S PICK Mumbai, May 23 Stocks of shipping companies day, weighed down by falling lower bunker prices and Karnataka Bank has tied up such as Shipping Corporation, rates for most vessels. stable demand for commodit- Sintex Industries (₹104.4) with HDFC Capital Asset Essar Shipping and Great East- The overall index, which ies is positive for the company Management Company to ern Shipping have been falling factors in rates for capesize, (GE Shipping), but we estimate YOGANAND D stock has been on a near-term distribute its mutual fund since April following the con- panamax, supramax and that pressure of oversupply of BL Research Bureau downtrend since then. products, the bank informed tinuous weakness in freight handy-size shipping vessels, ships to continue to keep The stock of Sintex Industries The stock’s recent fall has the exchanges on Tuesday. rates. fell to its lowest since early freight rates subdued.” Kotak tumbled 7.4 per cent accom- strengthened its downtrend “Karnataka Bank is a time- Shares of Shipping Corpora- March. The index was down Securities has maintained its panied with extraordinary since it has decisively broken tested customer-centric tion fell 12.63 per cent in the five points, or 0.52 per cent, at ‘sell’ stance on the stock with a volumes on Tuesday, breaching below a key trendline. The daily bank and its 769 branches last one week, while GE Ship- 949 points, said a Reuters re- target price of ₹360. a key support at ₹110 levels. This relative strength index has will provide an opportunity ping edged down 5.23 per cent. port. Even for Shipping Corpora- gives traders with a short-term entered the bearish zone from to the customers to invest in In the last one month, both Analysts said, the shipping tion, Kotak Securities said: “We perspective an opportunity to the neutral region. The weekly a strong brand such as HDFC these stocks fell 14.35 per cent business has been afected due expect the revenues and oper- sell the stock at current levels. indicators are also showing Pharma company stocks witnessed heavy selling on Mutual Fund,” MD & CEO Ma- and 14.15 per cent, respectively. to excess supply that puts pres- ating margins to drop in the Since taking support at signs of weakness. The short- Tuesday, falling up to 6 per cent, spooked by the habaleshwara MS was The stock of Essar Shipping sure on freight rates. Slow- current quarter (y-o-y) primar- around ₹70 in December 2016, term outlook is bearish. The quarterly results of Taro Pharmaceuticals, the quoted as saying in the slipped 1.56 per cent in one down in China’s growth and ily on the back of weak ship- the stock has been on an inter- stock can extend its downtrend overseas arm of Sun Pharma. The shares of Sun notification. week and 8.16 per cent in a fall in demand in Europe and ping markets. In the absence mediate-term uptrend. How- and reach the price targets of Pharma ended at ₹612.55, down 4.33 per cent, on HDFC MF had average as- month. the US have adversely im- of impairment or any similar ever, the rally encountered a ₹100 and ₹98. Traders with a the BSE BLOOMBERG sets under management of The main sea freight index pacted the business environ- exceptional loss, we expect the key resistance at ₹121 last week short-term perspective can sell ₹2.37 lakh crore in January- of the Baltic Exchange, which ment, they added. company to report marginal and started to decline. The the stock with stop-loss at ₹107. March 2017. tracks rates of ships carrying A Kotak Securities report on profits.”

NSE Futures Shalby Hospitals

Qty Qty Type-Exp-Stk.Pr Open High Low Close Type-Exp-Stk.Pr Open High Low Close files for IPO Vol OI Vol OI PRESS TRUST OF INDIA Banknifty-May 22695.00 22740.00 22500.00 22574.70 90761 2725.72 Indianb-May 335.45 335.50 310.00 324.75 2751 1316.00 Banknifty-Jun 22619.00 22669.00 22435.20 22513.75 32479 1248.92 Indusindbk-May 1390.30 1398.30 1377.20 1391.05 6462 4862.40 New Delhi, May 23 Nifty-May 9458.65 9464.00 9371.00 9390.45 179973 15308.55 Infratel-May 386.90 390.35 378.80 380.25 3075 5840.00 Nifty-Jun 9450.00 9470.25 9377.50 9395.15 97790 9409.13 INFY-May 964.85 968.85 955.55 959.05 28413 13270.00 Shalby Hospitals has filed ACC-May 1634.95 1651.95 1605.65 1629.20 3059 1052.80 IOC-May 429.90 431.25 419.70 424.45 7302 8952.00 Adanient-May 118.75 118.75 109.65 113.20 5024 16016.00 IRB-May 233.95 234.65 218.70 224.75 4231 12542.50 draft papers with capital Adaniports-May 354.00 355.95 329.45 332.60 8383 9050.00 ITC-May 301.15 304.15 298.70 300.80 13716 34641.60 ALBK-May 78.35 78.50 74.65 75.75 3130 14190.00 Jetairways-May 484.65 488.75 465.50 471.90 6224 3627.00 markets regulator SEBI to Ambujacem-May 244.25 244.80 238.30 240.25 3419 11247.50 Jindalstel-May 113.65 116.65 102.60 108.00 9094 27747.00 Andhrabank-May 62.45 62.70 59.40 60.95 2565 16420.00 Jswsteel-May 192.45 195.85 184.25 193.60 11897 35466.00 float an initial public Apollotyre-May 231.55 233.20 225.65 230.70 4747 5862.00 Justdial-May 480.00 480.00 454.65 461.50 4398 2120.40 ofering. Arvind-May 381.00 384.50 369.00 376.80 3594 5330.00 Kotakbank-May 943.65 948.30 936.80 941.65 4764 11427.20 Ashokley-May 86.25 86.25 83.80 84.45 5140 37765.00 Ktkbank-May 163.00 164.75 154.45 162.00 3821 18880.00 The public issue would Asianpaint-May 1122.00 1126.00 1093.05 1101.80 3438 2084.40 L&Tfh-May 124.10 129.45 119.30 126.70 4760 13230.00 Auropharma- Lichsgfin-May 675.00 679.70 662.95 669.75 3213 4785.00 comprise a fresh sale of May 579.40 579.55 536.05 541.40 16015 10398.50 LT-May 1754.70 1765.00 1728.05 1743.60 11955 6589.00 Axisbank-May 502.50 505.30 494.20 499.85 20139 27158.40 Lupin-May 1261.95 1261.95 1231.10 1249.60 16529 4678.40 shares worth ₹580 crore be- Bajaj-Auto-May 2930.75 2930.80 2820.00 2832.75 3510 1067.00 M&M-May 1308.80 1336.60 1300.20 1330.80 4415 3150.50 Bajajfinsv-May 3973.05 4034.80 3811.00 3981.05 2613 220.50 M&Mfin-May 312.70 312.70 296.55 304.90 2902 8635.00 sides an ofer-for-sale of 10 Bajfinance-May 1243.85 1268.95 1192.35 1237.50 8362 2954.00 Maruti-May 6774.40 6900.00 6750.40 6867.10 15733 1285.65 Bankbaroda-May 183.80 186.05 177.75 182.25 14831 23446.50 Mcdowell-N-May 2041.00 2059.00 1933.35 2013.05 6686 2136.75 lakh shares by promoter Bankindia-May 155.20 156.20 143.65 145.85 6762 15546.00 Mothersumi-May 433.45 434.50 421.60 423.80 3055 6487.50 Bharatfin-May 709.75 709.75 656.55 665.35 6070 13503.00 NCC-May 94.05 94.65 89.10 90.65 2637 17832.00 Vikram Shah, according to Bharatforg-May 1064.50 1064.50 1020.25 1046.10 4467 2809.80 ONGC-May 177.60 178.15 174.05 174.95 5178 36528.75 Bhartiartl-May 372.75 375.95 370.00 371.35 10396 19553.40 PFC-May 149.85 153.20 145.35 150.05 3837 23238.00 the draft red herring pro- BHEL-May 164.40 164.40 154.60 156.15 4832 27000.00 PNB-May 151.75 154.80 145.85 150.15 23864 39301.50 Biocon-May 980.25 980.60 937.30 946.70 4330 3840.00 Powergrid-May 203.00 203.70 197.50 201.95 3935 13196.00 spectus (DRHP). BPCL-May 697.15 705.00 688.00 698.35 6298 6492.00 RCOM-May 29.75 29.75 27.20 28.15 7667 77184.00 Canbk-May 361.95 366.00 345.80 357.60 10727 9060.79 Recltd-May 212.85 215.80 209.00 213.10 6124 19428.00 Proceeds of the IPO will be Centurytex-May 1139.70 1144.00 1090.00 1122.15 8486 3724.60 Relcapital-May 638.20 641.00 605.65 621.15 11999 7519.50 utilised towards repayment Cipla-May 557.25 559.90 531.65 534.10 4492 4891.00 Reliance-May 1326.95 1329.75 1302.75 1306.65 15994 15206.00 Coalindia-May 273.95 275.15 266.75 267.65 5532 15862.70 Relinfra-May 550.00 553.00 524.00 526.95 11643 8426.60 Concor-May 1209.70 1254.50 1171.00 1222.25 3394 954.38 of certain borrowings availed SAIL-May 60.15 60.90 57.75 59.50 4852 51096.00 DHFL-May 403.85 412.40 387.20 402.20 10480 13459.50 Divislab-May 594.50 594.50 571.80 575.35 7354 7039.20 SBIN-May 295.00 296.10 287.70 289.20 27709 41853.00 by the company besides pur- DLF-May 206.50 206.70 192.90 197.60 17492 23705.00 Sintex-May 114.35 114.35 102.90 104.60 5079 24282.00 Drreddy-May 2615.95 2615.95 2549.25 2584.60 6156 2044.80 SRF-May 1676.00 1687.70 1596.00 1608.80 2253 525.00 chasing medical equipment Eichermot-May 27348.55 27974.10 27201.00 27586.55 4055 114.08 Srtransfin-May 995.00 995.00 957.00 961.05 2671 1964.40 Enginersin-May 161.10 164.60 155.30 161.75 4450 12141.50 STAR-May 934.85 935.35 891.50 906.30 3270 1811.00 for existing, recently set-up Federalbnk-May 110.75 111.10 104.65 107.95 6110 47069.00 Sunpharma-May 630.60 631.00 590.55 613.80 29312 13550.60 GAIL-May 379.90 385.55 366.20 379.80 9754 9646.00 Suntv-May 847.35 849.75 808.40 815.10 7367 5307.00 and upcoming hospitals. Glenmark-May 672.00 674.00 647.05 650.75 4814 5793.90 Suzlon-May 20.50 20.65 19.50 19.80 8090 179340.00 Also, the company plans to Grasim-May 1115.45 1115.45 1086.05 1097.80 4709 3660.00 Tatacomm-May 664.95 674.50 646.00 669.15 3528 4389.70 Havells-May 472.40 472.40 448.95 451.00 3727 3966.00 Tatamotors-May 451.40 456.75 445.15 451.25 24665 25018.50 spend the funds for develop- Hcltech-May 855.90 863.45 851.50 855.55 6896 4832.10 Tatamtrdvr-May 267.55 268.65 261.90 265.25 3875 16856.70 HDFC-May 1528.45 1539.50 1504.40 1513.80 9062 6307.00 Tatasteel-May 489.60 497.45 477.70 489.90 22252 25000.00 ment of interiors and infra- Hdfcbank-May 1578.30 1583.50 1564.20 1569.30 22770 22806.00 TCS-May 2532.90 2558.85 2513.95 2525.55 16991 3271.75 HDIL-May 90.00 93.20 82.55 83.15 2994 19208.00 Techm-May 417.45 420.00 409.55 417.05 7116 8138.90 structure for the upcoming Heromotoco-May 3592.00 3608.20 3557.25 3580.20 3306 867.20 Titan-May 480.10 486.00 473.55 477.40 2827 3748.50 Hindalco-May 190.55 194.95 184.55 191.70 11265 29606.50 Ultracemco-May 4279.75 4323.00 4240.00 4272.80 6360 881.40 hospitals and a portion will Hindpetro-May 510.40 513.35 492.05 499.15 12163 10390.80 Unionbank-May 168.10 168.70 160.80 163.50 6332 15712.00 Hindunilvr-May 1017.60 1031.65 1017.60 1023.50 8282 7871.40 UPL-May 785.75 792.25 765.40 785.75 3074 8577.60 be used for general corporate Ibrealest-May 168.20 169.50 158.60 166.50 2364 20160.00 VEDL-May 230.85 233.70 222.20 230.90 13485 45734.50 Ibulhsgfin-May 1050.90 1061.75 1011.30 1048.95 7020 9170.40 Voltas-May 418.00 419.30 404.30 409.10 2602 5600.00 purposes. Icicibank-May 303.70 309.65 302.65 305.80 26363 50752.50 Wipro-May 521.30 528.60 521.05 526.45 6636 8666.40 ICIL-May 188.25 188.25 163.15 169.90 2762 8302.00 Wockpharma- Shalby was founded in IDBI-May 65.80 66.80 63.20 65.20 2829 27776.00 May 649.75 649.75 608.05 616.15 3544 2698.80 IDEA-May 87.80 88.05 83.55 84.60 8162 37499.00 Yesbank-May 1416.00 1419.60 1379.20 1403.95 18752 7311.85 1994 by Shah as a six-bed facil- Idfcbank-May 59.70 59.80 57.95 58.55 4102 73536.00 ZEEL-May 519.95 520.10 510.30 511.70 3382 7399.60 Indiacem-May 196.55 200.40 186.60 193.90 8542 16919.00 Qty: No of Contracts; Vol: Volumes; OI: Open Interest(in 000s) ity in Ahmedabad.

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Qty Qty Type-Exp-Stk.Pr Open High Low Close Type-Exp-Stk.Pr Open High Low Close clients: SEBI to Vol OI Vol OI

S&P CNX NIFTY [75] PE-May-19000 1.00 1.00 0.25 0.60 59019 49160 Pioneer TCP CE-May-9300 170.10 170.10 97.05 106.50 64091 1306875 PE-May-21500 1.80 7.00 1.65 5.00 9653 536840 CE-May-9350 112.30 112.35 58.10 65.95 25526 510000 PE-May-21800 2.50 13.70 2.10 8.25 14346 110640 PRESS TRUST OF INDIA CE-May-9400 72.95 85.35 30.00 36.80 523135 4977000 PE-May-21900 4.70 15.50 3.00 11.25 21522 209040 CE-May-9450 39.00 48.60 14.00 17.40 234850 2007150 CE-May-9500 19.70 28.90 5.55 7.20 673699 6601350 PE-May-22000 5.50 22.60 4.25 15.00 105509 1242080 New Delhi, May 23 CE-May-9550 9.05 9.75 2.25 2.90 136773 1890600 PE-May-22100 7.00 30.10 5.40 19.45 89259 440360 CE-May-9600 3.75 3.80 1.10 1.45 244829 5674800 PE-May-22200 10.90 44.20 6.80 28.10 156218 606080 Regulator SEBI on Tuesday CE-May-9650 1.15 1.25 0.60 0.80 46890 1222350 PE-May-22300 17.55 62.00 10.00 41.20 170650 293800 CE-May-9700 0.80 0.80 0.30 0.65 68444 1922325 PE-May-22400 31.80 83.95 16.40 59.35 190103 368200 barred Pioneer TCP Stock CE-May-10100 0.25 0.35 0.15 0.20 5674 29925 PE-May-22500 50.15 121.20 28.25 89.05 256178 965880 Brokers from accepting fresh CE-Jun-9300 222.15 222.55 171.60 182.35 10586 869550 PE-May-22600 75.55 171.35 47.00 128.25 174877 350720 CE-Jun-9400 151.90 152.10 111.90 120.00 31721 1172175 PE-May-22700 118.65 232.70 78.05 181.80 100907 232680 CE-Jun-9500 95.15 95.75 65.50 71.10 57170 2084475 clients for one month for vi- CE-Jun-9600 52.75 53.70 33.75 37.45 45848 2301300 PE-May-22800 151.15 313.65 124.20 252.55 23424 150480 CE-Jun-9700 26.40 27.15 15.75 17.60 32489 2052000 PE-May-22900 230.00 400.00 191.80 335.70 4834 88600 olating stock broking norms CE-Jun-9800 11.75 12.60 6.80 7.65 24021 1296450 PE-May-23000 301.00 495.00 270.00 418.35 4539 145080 with respect to trading in CE-Jun-10000 3.80 3.80 2.20 2.50 10299 1022250 PE-Jun-22500 115.55 230.00 115.55 193.95 6343 60840 PE-May-8900 0.70 3.80 0.60 2.25 42681 2605800 PE-Jun-22000 159.05 258.70 158.50 223.05 11659 284120 shares of Gangotri Textiles. PE-May-9000 0.90 4.60 0.75 3.10 102834 4802625 ICICI BANK LTD. [2500] PE-May-9100 1.45 6.55 1.25 4.70 133571 3752475 CE-May-310 1.30 3.80 1.10 1.80 4269 4490000 A probe conducted by SEBI PE-May-9150 2.20 8.90 1.65 6.30 27794 522825 PE-May-9200 3.65 14.00 2.60 9.45 266267 3859875 PE-May-300 2.65 2.90 1.00 1.55 3731 3807500 in the share trading of Gan- PE-May-9250 4.45 21.85 4.10 15.15 93278 991350 MARUTI SUZUKI INDIA LTD. [150] PE-May-9300 6.40 31.15 6.35 22.15 521155 5426550 CE-May-6900 13.55 58.20 13.20 40.30 7286 144600 gotri Textiles in April-May PE-May-9350 10.30 43.00 10.15 32.70 197924 1443600 CE-May-7000 6.00 23.40 6.00 14.30 6133 187650 PE-May-9400 22.20 63.00 15.10 49.85 657963 4646025 2006 had found that certain PE-May-9450 35.25 92.75 31.10 77.00 82137 638475 PUNJAB NATIONAL BANK [3500] PE-May-9500 61.05 131.50 56.70 112.15 170469 1476600 CE-May-155 1.40 2.40 0.40 0.95 6397 2611000 entities allegedly functioned PE-May-9600 141.70 226.00 138.60 208.40 13743 302250 CE-May-160 0.60 0.70 0.20 0.30 6019 5106500 PE-Jun-8500 5.70 9.10 5.15 7.90 8288 803400 RELIANCE INDUSTRIES LTD [500] as a group (Vishvas Group) PE-Jun-8600 7.05 11.60 6.80 10.15 11769 437400 CE-May-1320 14.95 16.80 4.80 6.00 4303 557500 PE-Jun-8700 9.00 14.50 8.90 13.00 9027 670200 CE-May-1340 8.00 8.00 1.75 2.15 4170 937500 and by trading through their PE-Jun-8800 11.85 18.45 11.15 16.35 12135 1355825 PE-Jun-8900 16.60 25.45 15.55 22.75 12552 958125 STATE BANK OF INDIA [3000] respective stock brokers or PE-Jun-9000 21.55 35.00 21.55 31.45 28190 2968950 CE-May-290 6.35 7.00 2.65 3.20 4635 2103000 PE-Jun-9100 30.55 48.55 30.50 44.10 27454 1522800 CE-May-295 3.75 4.00 1.30 1.55 6417 3153000 otherwise, had allegedly ex- PE-Jun-9200 45.10 69.05 44.25 63.25 36004 2260450 CE-May-300 1.55 2.20 0.65 0.80 13779 6468000 PE-Jun-9300 66.40 96.50 64.60 89.00 42002 2078950 CE-May-305 1.20 1.20 0.30 0.40 6044 4506000 ecuted synchronised, circu- PE-Jun-9400 95.45 135.00 91.85 124.85 39215 1768875 CE-May-310 0.60 0.60 0.20 0.25 7710 7488000 PE-Jun-9500 133.45 184.95 133.20 172.00 18394 945525 PE-May-290 1.60 4.85 1.35 3.90 5755 2235000 lar as well as reversal trades PE-Jun-9600 192.95 251.00 192.25 234.40 6092 963450 TATA MOTORS LIMITED [1500] among themselves. CNX BANK INDEX [40] CE-May-450 11.00 15.20 9.15 12.45 4742 3403500 CE-May-22400 315.05 345.00 165.00 223.30 5082 26160 CE-May-460 7.00 9.90 5.70 8.05 6385 2671500 Praveen Poddar, who was a CE-May-22500 248.95 257.50 107.25 155.80 55021 304280 CE-May-470 4.20 6.35 3.50 5.05 3951 2311500 CE-May-22600 147.50 178.00 66.00 99.75 157566 470040 PE-May-440 5.25 9.00 4.75 6.70 3876 1588500 client of Pioneer TCP Stock CE-May-22700 110.90 116.00 40.50 62.40 244141 457120 CE-May-22800 65.25 70.65 24.05 36.30 234068 618400 TATA STEEL LIMITED [2000] Brokers (earlier known as CE-May-22900 38.35 40.30 13.60 19.30 189070 768120 CE-May-490 4.75 9.75 1.55 4.95 6102 1558000 TCP Stock Brokers), had al- CE-May-23000 10.85 22.00 8.10 11.00 184350 1225600 CE-May-500 2.35 4.25 0.70 1.90 9811 4800000 CE-May-23100 8.95 11.20 4.65 6.10 74671 414560 PE-May-480 2.50 6.30 1.00 1.85 5281 1822000 legedly executed illegal syn- CE-May-23200 4.85 6.15 3.05 3.70 43561 394680 PE-May-490 6.00 13.45 2.65 5.15 4092 990000 CE-May-23300 3.10 4.25 1.65 2.45 14814 244120 YES BANK LIMITED [350] chronised and circular CE-May-24000 0.50 1.00 0.30 0.65 10679 50360 PE-May-1400 11.00 31.25 8.90 14.85 3593 202650 CE-Jun-23000 47.80 56.05 27.00 39.85 6387 83480 CE: Call European, PE:Put European,CA: Call American trades in the scrip of Gango- CE-Jun-23000 202.00 225.80 149.55 190.75 11304 299000 PA:Put American,Vol: Volumes OI: Open Interest tri Textiles.

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BusinessLine 16 COMMODITIES WEDNESDAY • MAY 24 • 2017

Gold Silver Copper Brent Crude Crude Palm Oil Sugar 0 $1262.60 3.60̆ $17.28 0.15̆ $5703 21̆ $53.86 0.10̄ $609.74 8.72̄ ¢16.16 0.33̄ Commodity Watch per ounce per ounce per tonne per barrel per tonne per pound

QUICKLY Rajasthan bats for super-grain quinoa WEEKLY OUTLOOK Tea prices crash to a new low Coonoor, May 23 Crop gets ₹50,000 to which is important as Rajasthan’s Outlook bullish for MCX-Aluminium Tea producers and growers farmers often sufer from adverse ₹1 lakh per quintal GURUMURTHY K near ₹124.7. A stop-loss can be are a worried lot as prices at weather conditions. This would BL Research Bureau placed at ₹123.2 for the target of the auctions of the Coonoor be besides reaping table olive The MCX-Aluminium futures con- ₹128. Revise the stop-loss higher Tea Trade Association (CTTA) T V JAYAN fruits. tract on the Multi Commodity Ex- to ₹126 as soon as the contract have hit a new low. The Jaipur, May 23 Agricultural scientists in the change (MCX) witnessed a sharp moves up to ₹127. average price at this week’s As part of its crop diversification State are also exploring ways to ex- rise to test ₹125 a kg in the past The region between ₹130 and auctions dropped to ₹87.76 a kg — the lowest eforts, Rajasthan will encourage tract oil from olive leaves, the Min- week as expected. The contract ₹131 is a crucial long-term resist- since 2015. It could not even remain at the over 50,000 farmers to take up ister said. “In Rajasthan, farming has surged over 3 per cent and is ance. The price action after test- ₹87.93 of a fortnight ago, which until then was cultivation of super foodgrain is a gamble. In the last 70 years, currently trading at ₹125.24. ing this level will be key in decid- the lowest in two years. The era of average quinoa this year, said State Agri- crops were afected at least in 50 The rally in the past week has ing the next leg of movement. prices ruling above ₹100 per kg since Deepavali culture and Animal Husbandry years either due to droughts or taken the contract above the key A strong break and a decisive in November 2016 has ended as in the last one Minister Prabhu Lal Saini. floods. But our farmers are very re- trend-line resistance at ₹124.5. weekly close above ₹131 will in- month, week after week, prices have been Rajasthan State Seeds Corpora- silient,” Saini said. This level may now serve as a crease the likelihood of the con- ruling below the ₹100 mark. OUR CORRESPONDENT tion, which engaged some farm- The State, which already has good support. As long as the con- tract rallying to ₹135 and ₹140 ers to grow quinoa seeds on an ex- two agri export processing zones, tract is above this support, the levels thereafter. perimental basis, has managed to Rajasthan Agriculture and Animal Husbandry Minister Prabhu Lal Saini for cumin seeds in Jodhpur and outlook will remain bullish. But a reversal from ₹130 or ₹131 raise over 20,000 quintals of seed coriander in Kota, plans another A rise to ₹128 is likely in the can pull the contract lower to Tepid buyer interest drags chana for this year. crops, such as jowar or bajra, are cumin, garlic and cluster beans. for garlic in Kota. ‘Farmers in the near term. A strong break above ₹128 and ₹125 levels once again. Indore, May 23 “We plan to distribute the seeds sold at prices ranging from According to Saini, olive cultiva- region cultivated garlic over 1.3 ₹128 will see the upmove extend- Slack physical demand and a to 50,000 or more farmers for ₹1,200-1,600 per quintal, he said. tion in the State is set to climb lakh hectares leading to a bumper ing to ₹130 and ₹131 levels. Note: The recommendations are decline in buying support at growing,” Minister Saini told a new heights. “Many farmers have crop of 7.5 lakh tonnes this year, Short-term traders with a big based on technical analysis. There is higher rates have dragged team of visiting mediapersons. Bumper crop expected come forward and we expect the he said. risk appetite can go long on dips a risk of loss in trading. chana prices down in the He said the government had “We expect bumper production area under olive cultivation to in- The Minister said last year’s past one week by ₹200, with identified areas in 11 districts that this year and hope to get some crease by 5,000 hectares this global agri meet elicited a very chana (kanta) quoted at were suitable for growing this contract farming deals for our year,” he said. good response and the State ₹5,525-50 a quintal, while chana (desi) ruled at highly nutritive grain. quinoa farmers,” Saini said, “We will soon launch olive wanted to organise such events in Have your ‘pick’ of fresh mangoes ₹5,400. Chana dal (average) quoted at ₹7,000- Quinoa, often referred to as a adding that crops such as quinoa green tea in the market,” Saini its four agricultural divisions. The AJ VINAYAK poration continued the service 7,100, chana dal (medium) at ₹7,200-7,300, ‘wonder’ foodgrain, can grow in will help the State realise Prime said. During the first Global Ra- first one is to be held in Kota this Mangaluru, May 23 this year. Anyone who wants to while chana dal (bold) quoted at ₹7,400-7,500 areas where water is scarce or Minister Narendra Modi’s dream jasthan Agritech Meet (GRAM) last week. “The idea is to showcase our If you want a mango, you now be part of the ‘mango picking a quintal respectively. Dollar chana also traded even in those afected by salinity. of doubling farmers’ income by year, the Rajasthan government agricultural prowess and at the either reach for one on the super- tour’ can register on the corpora- lower on slack physical demand with its prices Recently introduced in the 2022. had signed a memorandum of same time familiarise our farmers market shelf or at the neigh- tion website. They will be taken in the Indore mandis declining to ₹9,000- country, quinoa is being cultiv- The government, he said, had understanding with a private with new agricultural technolo- bourhood fruit vendor and buy to a mango grower’s farm in ₹10,000 a quintal. OUR CORRESPONDENT ated in isolated pockets in plans to give subsidies as high as firm to introduce olive green tea. gies, innovative farming tech- it. But how much nicer would it Chikballapur, Ramanagar, Kolar Karnataka, Tamil Nadu and 50 per cent to entrepreneurs will- There will be a provision to buy niques and potential value addi- be if you could pluck mangoes or other areas on second Sat- Andhra Pradesh. ing to set up agri processing units back olive leaves from farmers, to tion in diferent crops, he said. straight of a tree in a grower’s urdays and Sundays. At the farm, Once processed, quinoa can in the State. be used for this nutritive bever- farm and buy it? the ‘tourists’ can pluck the man- Spot turmeric price declines fetch prices anywhere between The State already occupies pole age, he said. The harvesting of The writer visited Rajasthan on an You get farm-fresh mangoes, goes straight of the tree and buy Erode, May 23 ₹50,000 and ₹100,000 per position in the cultivation of leaves would help farmers re- invitation from the State and the grower get a direct link them from the farmer, he said. The price of turmeric quintal. In comparison, millet many crops, such as coriander, cover the cost of cultivation, government to the consumer. To advance this The corporation has conduc- decreased on Tuesday. At win-win proposition, the ted five such programmes this the Erode Turmeric Karnataka State Mango Develop- season, at which 6-7 tonnes of Merchants Association ment and Marketing Corpora- mangoes were plucked and Sales yard, finger turmeric Blenders lift liquoring teas at Kochi auctions tion Ltd, an enterprise of the bought, he said. The initiative sold at ₹5,544 to ₹7,229 a Karnataka government, has in- links farmers with consumers, quintal, the root variety sold at ₹5,389 to V SAJEEV KUMAR Others were irregular and lower, and whole leaf in orthodox bids or lack of bids. Monica SFD troduced the concept of ‘mango eliminates middlemen, and ₹6,366 a quintal. At the Regulated Marketing Kochi, May 23 said auctioneers Forbes, Ewart & grades was firm to dearer. Others quoted the best prices of ₹158 in picking tourism’ in Bengaluru. provides mangoes at a fair price. Committee, finger turmeric sold at ₹5,739 to Blender support lifted the prices Figgis. In sale no 20, the quantity were irregular and lower and the dust category followed by In an informal chat on the Gowda said the corporation ₹6,769 a quintal, the root variety sold at of good liquoring tea varieties at on ofer in CTC was 11,78,500 kg. witnessed a lot of withdrawals. Injipara SFD at ₹153. sidelines of a mango fair in has also introduced online mar- ₹5,289 to ₹6,291 a quintal. At the Erode the Kochi auctions last week. In orthodox dust, the market The quantity on ofer was In the leaf category, Chamraj Mangaluru, Kadire Gowda, MD of keting of mangoes to con- Cooperative Marketing Society, finger The CTC dust market for good was firm to dearer and the 2,11,000 kg. FOP-S (Green Tea) came to the top the corporation, said it had in- sumers. Under this, the con- turmeric sold at ₹5,669 to ₹7,389 a quintal, liquorings was firm to dearer by quantity on ofer was 6,500 kg. In CTC leaf, the market was quoting ₹381, followed by P’s troduced the ‘mango picking sumer can place an order on the the root variety sold at ₹5,329 to ₹6,349 a ₹3 to ₹7 and sometimes more, es- In the leaf category, the mar- lower by ₹3 to ₹5 and witnessed Woodlands Hyson (Green Tea), tourism’ concept last year. Since corporation website and have quintal. OUR CORRESPONDENT pecially for the powdery grades. ket for select best Nilgiri brokens heavy withdrawals due to low which quoted at ₹301. the feedback was good, the cor- them home-delivered. https://telegram.me/TheHindu_Zone https://telegram.me/PDF4EXAMS

CHENNAI BusinessLine NEWS 17 WEDNESDAY • MAY 24 • 2017

Centre planning common test for recruitment of teachers

OUR BUREAU ofering B Ed degrees and cer- The project, which is sched- Kolkata, May 23 tificate courses across the uled for rollout in August, all In a bid to ensure the quality country. schools in the state will be of teachers, the Union Min- NCTE had sought details on provided with tablet PCs istry of Human Resource De- infrastructure and function- aided with online attendance velopment (MHRD) is ing from such institutions. registers and GPS tracker. planning to hold common Stating that nearly 35-40 per Shifting or relocation of the evaluation test for teachers to cent of such institutions are device will be easily detect- be recruited by states. yet to respond, Swarup hin- able. Apart from attendance, The initiative is on the lines ted that the ministry might the initiative will also help of the National Eligibility take punitive action against equipping teachers with due cum Entrance Test (NEET) for the institutes failing to ad- teaching material. medical students and the up- here to the norms. coming common entrance “Expect some action on ‘Mafia Raj’ for engineering students. that front (against the de- Swarup was previously the “The idea is to evaluate and Anil Swarup, Secretary, faulting institutes) sometime coal secretary of the Naren- benchmark teachers against Union Ministry of HRD this year,” he said, adding that dra Modi government. Asked certain parameters. It is not the punitive action, if any, about his experience in the mandatory for state govern- bust school education system would be based on “thorough two ministries, Swarup said ments to use this test as a re- as the bedrock of new India’, probe.” mafias are common in both cruitment parameter. They organised by the Merchants sectors. can have their own test or re- Chamber of Commerce & In- Absentee teachers “In coal, they are identified, cruit from this pool also,” Anil dustry in Kolkata. Meanwhile, a pilot project but over here they remain in Swarup, Secretary, Depart- Swarup said the National has been mooted in Chattis- disguise,” he quipped. “In ment of School Education & Council for Teachers Educa- garh to monitor teachers’ at- coal, the mining was under- Literacy, MHRD, said on tion (NCTE), a regulatory tendance in schools through ground and the mafia over- Tuesday. body for school level teachers’ geo-tagging. According to ground. But in education, it is He was talking to reporters training, is conducting a sur- Swarup, reports suggest that the other way around and I on the sidelines of a pro- vey on the mushrooming nearly 25 per cent of teachers have to discover who the gramme on ‘Creating a ro- teachers’ training institutes do not attend classes. mafia is.”

Maharashtra to double compensation for farmers Land acquisition for A press statement issued by ment is implementing 82 such the Chief Minister’s Oice said projects in the State. Currently, power projects that the value of the land the power companies depend- where such projects come up ing on the quality of land, com- OUR BUREAU gets afected by the depreci- pensate the landholders about Mumbai, May 23 ated rates , therefore the land- 25 per cent to 65 per cent of the The Maharashtra Government lords have been opposing such ready reckoner rate. The col- has decided to double the projects, lector provides compensation amount of compensation Under the new scheme, they for the crops and trees afected provided to the farmers and will get compensation up to 85 by the power project. landholders, whose lands will per cent of the value of the land get acquired for power trans- on which the power transmis- mission projects with capacities sion tower would be installed. ranging from 66 kV to 1,200 kV. Moreover for the land under, In view of rising opposition which the power lines would from land lords for such trans- be laid will get up to 15 per cent mission projects, the State Cab- of the compensation, the state- inet on Monday decided to en- ment said. hance the compensation. The new scheme would be However, the new scheme applicable to all power com- will not be applicable to areas panies, setting up such pro- falling under Mumbai municip- jects in the State. As on date, the ality, due to exorbitantly high Maharashtra State Electricity land rates. For Mumbai , a new Transmission Company, which committee would be set up. is owned by the State Govern- https://telegram.me/TheHindu_Zone https://telegram.me/PDF4EXAMS

CHENNAI

BusinessLine 18 NEWS WEDNESDAY • MAY 24 • 2017

POLL POURI

GST Regime Should the Government rationalise the GST rates? Isobar to set up lab to explore 84% 11% 5% Yes No Can't say new tech in digital marketing TODAY’S POLL AMRITA NAIR-GHASWALLA things (IoT) and wearables. Anish keen to be a lead player in the era but also bring forth capabilities in Charges and banks Mumbai, May 23 Varghese, Group Creative Dir- of technology-fueled marketing emerging technologies including Will the commercial bank charges drive cus- Technologies that create coherent ector, Isobar told BusinessLine: disruption. Though contactless VR, AR and AI. tomers to the new payment banks? brand experiences and creative “Our facility is dedicated to explor- interactions once seemed futur- NowLab has a global presence Cast your vote at: www.thehindubusinessline.com business solutions that transcend ing retail innovation. Over the last istic, Varghese says it is now time in the US, Shanghai, Singapore, marketing platforms are all the six months, we have been experi- to brace for new interactions Australia, Poland, among other rage these days. To accelerate in- menting in the world of intan- “which can ease the relationships countries. novative learning, Isobar India, gible commerce, pushing the en- between brands and customers.” With regard to India, certain QUICKLY the digital agency from Dentsu Ae- velope with new interfaces and Since marketers are increas- sectors like tourism, automobile, gis Network, is to launch Isobar products.” ingly looking for partners who airlines, hospitality, fashion and Elvis Presley’s red jet up for auction NowLab, a new facility at its Mum- NowLab is an Isobar Global ini- can not only strategically advise sports appear to be showing an in- Albuquerque, May 23 bai unit at the end of this month. tiative that acts as a nexus for re- them on concept, design, and ex- terest in the facility. Dentsu Aegis A private jet once owned by Elvis Presley and The collaborative lab space will search, development and innova- ecute a broader enterprise trans- Network’s presence in India com- featured on the National Geographic Channel test and execute avant-garde ideas tion. By investing in emerging formation strategy from end-to- prises global network brands like is set to be auctioned, after sitting on a runway using artificial intelligence (AI), areas such as Augmented Reality end, the new division will provide Carat, iProspect, Isobar, Vizeum, in New Mexico for 30 years. Elvis designed the virtual reality (VR), the internet of (AR), VR and AI, the company is not just digital transformation, MKTG, among others. interior of the red 1962 Lockheed Jetstar that has red velvet seats and shag carpet. AP NGT raps Centre for delaying Sir Roger Moore India’s All I Want policy on native cow breeds wins at Cannes PRESS TRUST OF INDIA passes away, aged 89 New Delhi, May 23 INDO ASIAN NEWS SERVICE The National Green Tribunal on REUTERS Cannes, May 23 Tuesday rapped the Centre for the London, May 23 All I Want, an Indian film dir- delay in holding a meeting with all British actor Roger ected by Venika Mitra, has States and union territories to Moore, who won interna- won two awards at Beyond frame a national policy to prevent tional fame playing Borders Diversity of Cannes the “rapid decline” in population of indigenous breeds of cattle secret agent James Bond, Short Film Showcase — an A cow of indegenous breed across the country. died on Tuesday aged 89, event independent of the on- Malnad Gidda with its calf his family said on the act- going 70th Cannes Film Fest- “We had asked you (Centre) to or’s oicial Twitter Actor Roger Moore played ival here. hold a meeting with all the parties. account. Bond in seven films, more “Venika Mitra’s short film Why didn’t you do it? First, you was nearly 80 per cent decline in His 12 years as James than any other actor (file All I Want wins two awards at don’t follow our orders and when the animal population in Kerala Bond, the British agent photo) AP Cannes. In Diversity of Cannes we say anything, you cry that we from 2003-2012, and said such a with a voracious appetite Short Film showcase, first In- pass harsh directions,” a bench condition may lead to the extinc- for danger and sex, made rified of playing the sex dian film to receive this hon- headed by NGT Chairperson tion of the species in the State. Moore a millionaire and a scenes which were a key our,” Resul Pookutty, who has Justice Swatanter Kumar said. The The tribunal had issued a notice heartthrob the world part of the Bond movies. worked on the film’s sound, observations came after the coun- to the Agriculture Ministry on the over. Moore’s big break- tweeted. sel appearing for the Ministry of plea, filed by lawyer Ashwini Ku- “It is with a heavy heart through as an actor came “I won Audience Choice Environment and Forests (MoEF) mar, which had also sought a na- that we must announce in 1962, when he won the Award in the General Show- sought written orders from the tionwide ban on slaughter of our loving father, Sir Ro- part of The Saint in a pop- case categoryIt’s also the win- bench to hold the meeting. cattle belonging to the indigenous ger Moore, has passed ular television series of ning film of General Showcase “We direct the counsel for the breeds. Kumar had claimed a away today in Switzer- the same name. category,” Director Mitra told Ministry of Environment and steep decline in the indigenous land after a short but In 1973, came the IANS in an email. Forestry and the Ministry of Agri- cow population and said that In- brave battle with cancer,” coveted part of James The story of “All I Want” culture to seek clear instructions if dian cattle were being replaced by his three children an- Bond, writer Ian Flem- talks about a single minded they will be holding a proposed exotic and cross-bred cows impor- nounced in a statement ing’s action man spy 007, pursuit of a street urchin meeting of all the joint stakehold- ted from Europe, Australia and the on the Twitter account. who held cinemagoers Ratan to buy one mango. ers to enable formulating a na- US. The son of a London po- across the world in thrall. Asked about what urged her tional policy for protection of indi- “Even developed countries are liceman, Moore once said The Bond films were said to make this film, Mitra said: genous cows, as we are informed taking steps to preserve and con- the upper-crust image he to have earned Moore £14 “My motivation for this story that some of the States such as Ker- serve the diversity in domestic portrayed both on and of million ($22 million). is my love for mangoes.” ala have witnessed 79.9 per cent livestock species,” the plea had the screen was a carefully In 1991, Moore became The fest saw 231 entries from decline in the animal population,” said. nurtured cover for his an ambassador for the 30 countries, out of which , the bench said. The matter has Kumar had accused the govern- shyness and timidity. United Nations Chil- only six films were selected in been listed for hearing on May 30. ment of remaining a “silent spec- He also said he was ter- dren’s Fund. General Showcase category. The NGT had earlier noted there tator” to this “extinction”.