OPINION, P6 ECONOMY, P2 MARKETS, P10 MAHESH UPPAL EDITORIAL FINMIN REPORT GOING AHEAD Liberalise E and V Unfortunate that Punjab govt ‘Economy to reach Expect credit growth allowed rail-roko protests; it band spectrum, needs to clear tracks to pre-Covid level of 8-9% for entire FY21: rethink telco levies ensure trains run again by end of fiscal’ SBI chairman Khara

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IN THE NEWS US PRESIDENTIAL ELECTION PM to chair global investor roundtable today Biden orTrump? Result’s in the mail TOATTRACTINVESTMENT, Prime Minister Narendra Biden’s campaign and at least Modi will onThursday chair Close contests in five key states mean the oneofthepresident’sallies. Republicans theVirtual Global Investor outcome may not be decided for days Former New Jersey gover- Roundtable 2020, reports nor Chris Christie, a close hold off PTI.The event will be attend- Trump ally, told ABC News he ed by the heads of 20 top JORDAN FABIAN & disagreed with Trump’s Democratic institutional investors from JOSH WINGROVE ELECTION DAY remarks about the election various parts of the world. November 4 results and said,“There’s just challengers ■ Trump threatens to ask no basis to make that argu- Yes Bank case: HC CLOSE CONTESTS IN five key the US Supreme Court menttonight.Therejustisn’t.” for US Senate statesmeantheUSpresidential to intervene to stop Biden’s campaign manager, rejects bail pleas electionmaynotbedecidedfor ‘disenfranchisement’ of Jen O’Malley Dillon, said REUTERS ofWadhawans days,orlonger,evenasPresident Republican voters Trump’s remarks were“outra- November 4 DonaldTrump’sfalselyclaimed ■ He, however, hasn't geous, unprecedented and THE BOMBAYHC onWed- victoryoverDemocratJoeBiden offered evidence that incorrect”and“anakedeffortto DEMOCRATSPICKEDUPseats nesday rejected the bail withmillionsofballotsstilltobe any wrongdoing had takeawaythedemocraticrights in Colorado and Arizona, and pleas filed by Kapil and counted.As of 6 am New York occurred of American citizens”.Earlier, Republicans picked one up in DheerajWadhawan, time onWednesday,Biden had TOO CLOSE Biden told supporters sitting in Alabama in the battle for con- promoters of DHFL, in theYes 238electoralvoteswhileTrump ■ Despite these claims, carsoutsidetheChaseCenterin trol of the US Senate in Tues- Bank fraud case, reports PTI. had213,leavingbothshyofthe Biden ended Election TO CALL Wilmington,Delaware,that he day’s elections. In Georgia, a TheWadhawan brothers had 270 needed to secure immedi- Day with a strong Clockwise:An election was“on track to win this elec- Republican-held seat was now approached the HC, seeking atevictories. chance of unseating worker empties ballots tion”and urged his supporters headedtoaJanuaryrunoff. default bail, claiming that the In a middle of the night the incumbent from a ballot box in to be patient as theywaited for Elsewhere,Republicansheld CBI had not complied with speech from the White House, Portland, Oregon; Joe Biden theballotstobecounted. off Democratic challengers in procedural requirements TrumpthreatenedtoasktheUS speaks to supporters in The Associated Press,relied fiveofthe14mostcompetitive while filing the chargesheet. Supreme Court to intervene to Wilmington; President onbymanynewsorganisations races,bolstering their chances stop what he called the disen- DonaldTrump waves after for election calls,said it“is not thattheywouldretainamajor- Sebi issues norms franchisement of Republican speaking at his party’s calling the presidential raceyet ity in the 100-seat chamber. voters, without offering evi- campaign headquarters in because neither candidate has The final outcome may not be for rights issue by dencethatanywrongdoinghad Arlington,Virginia securedthe270electoralcollege clearforsometime. unlisted InvITs occurred.“Frankly,we did win votesneededtoclaimvictory”. Republicanscurrentlyhold this election,”he said, noting Both still have paths to vic- 53 seats.Democrats need to THE SEBI ONWednesday that he held a lead in a number castvotes.Itisroutineforstates the S&P 500 Index posted a Despite the president’s Belt states where both cam- tory,thoughitappearsthatBid- win fourseats to take a major- allowed unlisted InvITs to ofstateswhoseresultswerestill tocontinuecountingvotesafter gain involatile trading. claims, Biden ended Election paignsfoughthard. enhasmoreoptions.Trumpne- ity,or three if Joe Biden wins raise funds via rights issue of uncertain.“So we’ll be going to ElectionDay,andPennsylvania Theunusuallylargenumber Day with a strong chance of Trump tried to create doubt edsatleastfourofthefollowing theWhiteHouse,whichwould their units, reports PTI. It has theUSSupremeCourt.Wewant said results likely wouldn’t be of absentee ballots cast due to unseating the incumbent. A aboutthelegitimacyofthevote statestopass270electoralvot- give a vice-president Kamala also issued detailed norms allvotingtostop.” finalisedforseveraldays. the coronavirus pandemic Biden win in the battleground count early Wednesday after es:Georgia,NorthCarolina,Mic- Harris the tie-breakingvote. for raising funds via the route. It wasn’t immediately clear Treasuriesjumpedwiththe meant counting wasn’t com- stateofArizona—whichTrump spending weeks warningwith- higan,Pennsylvania,and Wis- A Democratic victory could It has come out with condit- what Trump meant, as states dollar as traders bet the plete.The unresolved outcome carried in 2016 — opened up a out evidence of ballot tamper- consin.Hewonthemin2016. leadtoanewerainUSpolitics,if ions for issuance of units, includingMichigan,Pennsylva- prospect of divided govern- risksstokingtensionsfurtherin numberofpathwaystoclincha ingthatwouldfavortheformer the party also captures the guidelines on pricing as well nia, Wisconsin, Georgia and ment would make it harder to the US, beset by an economic majority of Electoral College vice-president. Trump’s com- Continued on Page 16 WhiteHouseandholdsontothe as manner of issuance. Nevada were counting legally passfreshstimulus.Futureson downturnandtheragingvirus. votes,primarily through Rust ments drew criticism from Related reports on Page 8 USHouseofRepresentatives.

● COAL AUCTIONS Special Features Q2 EARNINGS PMI reading FE BUREAU Jindal Power Asymbiotic relationship: SBI net up 52% on regains Gare Services sector grows in Oct after 7 months of fall Startups give even as they take The services sector recorded growth in October, ending a seven-month sequence of lower provisions Palma mine contraction, on the back of improving domestic demand. Still, there was another While reaping benefits from monthly drop in employment. Input cost inflation hit an eight-month high. tie-ups with big firms, FE BUREAU Report card FE BUREAU startups help reduce the Mumbai, November 4 New Delhi, November 4 70 58.9 Q2FY20(`cr) Q2FY21 former’s overheads as they « 50.6 Manufacturing PMI Chg (%) 60 find solutions to niche STATE BANK OF India’s (SBI) FOUR COALBLOCKSwerebid problems and propel their standalone net profit rose Net interest Provisions Net profit out to private players on Wed- 50 income digital transformation 52% year-on-year (y-o-y) to nesday,andthelargestofthis— 40 49.2 ■ eFE, P9 `4,574 crore in Q2FY21 as GarePalmaIV/1mineinChhat- 54.1 provisionsfell23%andajudi- tisgarh —went to Jindal Power. 30 28,181 cial stay on bad loan recogni- As in the first two days of the 20 Services PMI tion helped contain slippages. first phase of auctions under- 24,600.0

Galaxy F41: Big screen, 13,138.93 The bank expects slippages of commercialmining,aggressive 10 `20,000 crore in the second 10,118.31 bidding was seen in the case of 0 big battery,small price October 2019 October 2020

half of FY21 and a maximum 4,574.16 smaller blocks, while larger Note: Reading below 50 suggests contraction and above it indicates expansion Source: IHS Markit Galaxy F41 is a smart, stylish of `13,000 crore worth of 3,011.73 peersalsosawagoodresponse. and ultra-fast phone with requests for restructuring till The Gare Palma IV/1 mine, « «

plenty of high-end features. It the end of December2020. 14.6 « 23.0 51.9 withanannualpeakproduction performs well, has a solid In the September quarter, capacities of 6 MT, earlier Gross NPA (%) Net NPA (%) ● battery life and provides a slippages fell 24% sequen- belonged to JPL’s parent firm 2018 SUICIDE 2.79 1.59 GOOD OCTOBER great user experience at an tiallyto `2,756 crore.Much of 7.19 5.28 Jindal Steel and Power. The attractive price the slippages came from the SupremeCourtinitsSeptember Arnab

■ Gadgets, P9 agriculture and small and « 191 bps « 120 bps 2014ordercancelledlicencesof Hiring picks up pace medium enterprises (SME) Source: BSE, Bank 204captivecoalblocks,includ- Goswami segments,with the pandemic ingthisone.Itwasauctionedoff SHUBHRATANDON makingithardertorenewcrop againinNovember2019where Mumbai, November 4 ON THE JOB arrested in loans. SBI chairman Dinesh `6,000croreofSMEslippages, JSPLwasthehighestbidder,but QuickPicks Khara said the lender has almost `3,000 crore has been the government subsequently HIRING MOMENTUM FUR- ■ Internet-enabled 2-yr-old case alreadystartedtoseeabounce- pulledbackinOctober,hesaid. cancelledtheauction. THERpickeduppaceinOctober services jobs at 45,000 vs PLI in mobile manufacturing back in some of the recently- with full-time jobs accounting 27,000 in Sept; IT services slipped accounts. Of the Continued on Page 2 Continued on Page 2 for95%oftheplacements.The added close to 10,000 may see `80k cr in tax revenues numberofapplicantsaccepting ■ BFSI saw 50,000 open- THE PERFORMANCE-LINKED incentive (PLI) sch- jobs rose nearly 100,000 to hit ings vs 31,000 in Sept; eme for mobile manufacturing is likely to ensure 2.75 lakh,a sharp rise of 56% sales & biz development tax revenues (direct and indirect) of over `80,000 Rupee hits over 10-week low, slumps 35 paise vs dollar overSeptemberlistings.At1.05 jobs rose to 87,000 from crore to the government over the next five years lakhopenings,thesoftwaresec- 45,000 in Sept apart from making India a manufacturing hub for giants like THE RUPEE ON Wednesday `/$ Intra-day, Nov 4 stimulus,reports PTI.At the tor made up for 38% of the Apple and Samsung, reports Kiran Rathee in New Delhi.The plunged by 35 paise to close 74.5 (Inverted scale) interbank forex market, the active openings,data compiled Arnab Goswami Prev close: 74.4 biggest chunk of tax revenue will come from GST,which is at itsweakest level in over10 74.6 rupee opened at 74.74 and by Bengaluru-based specialist atmanylargeenterprises,hiring likely to garner around `72,000 crore from `4 lakh crore worth weeksat74.76againsttheUS witnessed an intra-day high staffingfirmXpheno,shows. is gradually shifting to non- PRESS TRUST OF INDIA 74.7 74.746 of devices produced for the domestic market. PAGE 2 dollar as investors appeared of74.57andalowof74.90.It Interestingly,the contribu- metroregionsandTier2Towns Mumbai, November 4 cautiouslookingforclarityon 74.8 74.805 finally settled at 74.76, its tion from the top five metros and cities,”Kamal Karanth,co- 74.9 REPUBLIC TV EDITOR-IN- the US election outcome and Open Close lowest level since August 21 shrank to 34% from 51% in founder,Xpheno,observed. Maha to reopen cinema halls the latest tranche of fiscal thisyear. September. “With extended CHIEF Arnab Goswami was on WFHmodelsbecominganorm Continued on Page 2 Wednesday arrested for from today with 50% capacity allegedlyabettingthesuicideof MAHARASHTRAHAS allowed cinema halls to a 53-year-old interior designer reopen outside containment zones from Novem- in2018,apoliceofficialsaid.The ber 5, reports fe Bureau in Pune. In an order, the STRINGENT ACTION official said a team of Alibaug state government onWednesday mentioned that policepickedupGoswamifrom cinema halls, drama theatres, multiplexes, swimming pools his Lower Parel house in the and yoga institutes will be allowed to function outside cont- China plans deeperAnt crackdown with bank funding curbs morning. Goswami, who was ainment zones with 50% seating capacity.“No eatables will be seen being pushed into the allowed inside the cinema halls, multiplexes, drama theatres BLOOMBERG ulations announced on Mon- police van, claimed he was ...take into consideration the SOP issued by the ministry of November 4 Fin or tech? day,said the people,who asked assaultedbypoliceathishome, Co-lending with banks is Ant’s biggest revenue driver information and broadcasting,"the order said. PAGE 2 nottobeidentified. beforebeingtakenaway. THE SHOCK SUSPENSION of ● Innovation initiatives ● CreditTech The proposed measures, “Alibaug police arrested Ant Group’s $35-billion initial and others 39.4% which call for platform opera- Goswami under sections 306 publicofferingisjustthebegin- 0.8% tors to provide at least 30% of (abetment of suicide), and 34 HPCL Q2 profit jumps 135%; to ● Digital payment ● InsureTech ningofarenewedcampaignby and merchant the funding for loans, would (acts done by persons in fur- go for `2,500-cr share buyback China to rein in the fintech 8.4% services render many of Ant’s existing theranceofcommonintention) HPCL REPORTED a net profit of `2,477.5 crore on empirecontrolledbyJackMa. ● InvestmentTech 35.9% transactions non-compliant. of the Indian Penal Code.This a standalone basis for the three months ended Authorities are now setting 15.6% Ant currently keeps about 2% (arrest) pertains to the 2018 September 30, recording a 135.4% rise from the their sights on Ant’s biggest Source: Ant IPO prospectus/Bloomberg, data as of June 30 of loans on its own balance case of a man and his mother year-ago period, reports fe Bureau in New Delhi. source of revenue: Its credit sheet,with the rest funded by committing suicide. We have The company also announced the buyback of 10 crore platforms that funnel loans topeoplefamiliarwiththemat- fromusingAnt’splatformsand third parties or packaged as evidence (against Goswami),” equity shares— representing a 6.56% equity stake—at frombanksandotherfinancial ter. The China Banking and has already asked some to securitiesandsoldon. thepoliceofficialsaid. `250 per share, which is 34% higher than the rate HPCL’s institutions to millions of con- InsuranceRegulatoryCommis- ensuretheirportfoliosarecom- stocks were trading at Wednesday’s close. PAGE 4 sumersacrossChina,according sionplanstodiscouragelenders pliantwith stringent draft reg- Continued on Page 2 Continued on Page 16

Pune 2 FINANCIAL EXPRESS WWW.FINANCIALEXPRESS.COM BOOSTING BILATERALTRADE

Piyush Goyal, Commerce and Industry Minister

Let us work together to build a more diverse, ❝robust and resilient supply chain between Africa ❝ and India. Let us also resolve to keep our markets open and make it easier and more attractive to EconomyTHURSDAY, NOVEMBER 5, 2020 trade between Africa and India. Quick ● FINMIN REPORT PLI scheme for mobile manufacturing View Economyto reach likely to ensure `80k cr in tax revenues KIRAN RATHEE The international mobile New Delhi, November 4 phonemanufacturingcompa- I-Trefundsworth pre-Covid levels nies that have been approved THEPERFORMANCE-LINKED under mobile phone (invoice `1.29Lcr given to INCENTIVE (PLI) scheme for value `15,000 and above) are 39.49Ltaxpayers mobilemanufacturingislikely Samsung, Foxconn Hon Hai, to ensure tax revenues (direct Rising Star,Wistron and Pega- THEINCOMETAX byfiscal-end: Govt and indirect) to the tune of tron.Outofthese,3companies departmenthasissued over`80,000 crore to thegov- — Foxconn Hon Hai,Wistron refundsworthover`1.29 FE BUREAU ernment over the next five and Pegatron are contract lakhcroretomorethan39 New Delhi, November 4 Economy coming on track at more yearsapartfrommakingIndia manufacturers for Apple lakhtaxpayerssofarthis speed than expected: Javadekar a manufacturing hub for iPhones. Apple (37%) and fiscal.Thisincludes INDIA'S ECONOMY STANDS giantslikeAppleandSamsung. Samsung (22%) together PersonalIncomeTax(PIT) poised to recoverat a fast pace THE PANDEMIC-HITecon- culture sector due to good As per officials in ministry account for nearly 60% of refundsamountingto and reach pre-Covid levels by omy is coming back on rains and railways,which is of electronics and IT (Meity), global sales revenue of mobile `34,820croreand the end of this fiscal unless a rails at “more speed than not yet fully operational, the biggest chunk of tax rev- phones and this scheme is corporatetaxrefunds second wave of cases is trig- expected”,Union minister Javadekarsaid. enuewillcomefromgoodsand ‘India strongly poised to develop expected to increase their aggregatingto`94,370 gered by a fatigue with social Prakash Javadekar on “Despite these two facts, services tax (GST) which is end-user applications using 5G’ manufacturing base manifold croreduringthisperiod. distancing, the finance min- Wednesdaysaid citing fac- 12%increaseinpowerindi- likely to garner around in the country. “CBDTissuesrefundsof istrysaid onWednesday. tors like increased demand cates a complete return to `72,000 crore from `4 lakh INDIA IS in a "significantly band -- 24.25 to 27.5 GHz The local companies over`1,29,190croreto In its report for October, of power and higher GST normalcy in the production crore worth of devices pro- advantageous position" to bands -- are moving in a approved under the scheme morethan39.49lakh the department of economic collections. sector,”headded. duced for the domestic mar- develop end-user applica- positive direction, and the are Lava,Bhagwati (Micro- taxpayersbetween1st affairs also said:“The contin- An increase in rail The economy has ket. The mobile phones are tions using 5G capabilities, Department of Telecom- max), Padget Electronics, UTL April,2020to3rd uous improvement in for- freight collection, higher dropped bya historic 23.9% taxed at 18% slab rate of GST. having already demon- munications (DoT) is also Neolyncs and Optiemus Elec- November,2020.Income ward looking RBI indices of goodsandservicestaxmop- in theApril-June quarter on Apartfromthat,`10,000crore strated its global compe- "carefully"examining vari- tronics. 6 companies are taxrefundsof`34,820 consumption and business up, rise in power demand accountoftheCovid-19pan- isexpectedfromcorporatetax, tence in areas such as soft- ous issueswhen it comes to approved under the specified crorehavebeenissuedin sentiment for the next year and improved FDI inflows demic and subsequent lock- incometaxandsomemiscella- ware and design, a senior backhaul spectrum, espe- electronic components seg- 37,55,428cases& augurs hope of a strong eco- indicate that the economy down to check the spread of neous receipts. telecom department offi- ciallyEandVbands,saidTK ment which include AT&S, corporatetaxrefundsof nomic rebound.” was doing betterin the sec- coronavirus. The government has cial said onWednesday. Paul, director general, tele- Ascent Circuits, Visicon, `94,370crorehavebeen Thisisalsocorroboratedby ond quarter of the current TheRBItoohasprojected approved the 16 applications Discussionsonhigh-fre- com headquarters and LSA Walsin,Sahasra,and Neolync. issuedin1,93,059cases, the International Monetary financialyear,he said. a contraction of 9.5% in the underthePLIscheme,whichis quency'mmWave'spectrum Delhi,DoT.—PTI The PLI scheme for large IncomeTaxdepartment Fund’s (IMF’s) October 2020 “...economyiscomingon currentfiscal.TheGSTcollec- expected to lead to a total pro- scale electronics manufactur- saidinatweet. projection of 8.8% real GDP track at more speed than tion has touched `1.05 lakh duction of more than `10.5 next five years while indirect `15,000 and above) is ing was notified on April, 1, growthforIndiainFY22,high- expected,”the information crore, almost 10% higher lakh crore by the companies employment opportunities `28,150 crore,approximately 2020, extending an incentive Exportstoimprove est globally,it added. and broadcasting minister year-on-year. E-way bills overthe next fiveyears.Out of areexpectedtonumbernearly `5,630 crore per company of 4% to 6% on incremental incomingmonths, For the current fiscal, saidwhilebriefingreporters (GST) have gone up almost the total production,around three times that. over five years.For local firms, sales (over base year) of goods however, the IMF has fore- after a cabinet meeting in 19% in October and valued 60% will be contributed by Theobjectiveofthescheme the total incentive outlay is undertargetsegmentsthatare saysDGFT cast a record 10.3% contrac- NewDelhi. at 16.82 lakh crore.The rail- exports of the order of `6.5 istopromotefiveglobalcham- `7,300 crore which is around manufacturedinIndiatoeligi- WHILE OCTOBERDATA tion forIndia. The increase in power wayfreightwasupby15.5% lakh crore while `4 lakh crore pionsandfivelocalchampions `1,460 crore per company ble companies, for a period of looked promising for The rise in high frequency demand was despite lesser in September and almost will be forlocal market. and also promote firms in over 5 years. For electronic five years subsequent to the exports,the situationwill indicators in October points consumption by the agri- 14%inOctober.—PTI Approximately more than component manufacturing. components, 6 eligible appli- baseyear(FY2019-20).Incen- improve furtherin the towards “broad-based resur- two lakh direct jobs are The subsidy outlay for five cants will be given `900 crore tives are applicable under the coming months due to gence of economic activity”, higherprices,”it said. account surplus during the expectedtobecreatedoverthe global firms (invoice value of as incentive. scheme fromAugust 1,2020. collaborative efforts of all the report said,citing healthy The report says a steady yearislikelytoprovideacush- the stakeholders,a top Kharif output, power con- contractionofactiveCovid-19 ion to increased spending in official of the Directorate sumption, rail freight, auto cases and a low case fatality the economy. Services sector Maha cinemas General of ForeignTrade sales, vehicle registrations, rate has “instilled measured Econmic affairs secretary Interest on interest waiver: (DGFT) said on highway toll collections, e- optimism in India that the Tarun Bajaj on Tuesday registers growth to reopen today Wednesday.SinceApril, waybills,rebound in GSTcol- worst is behind us”. exuded confidence that the Banks start crediting accounts; when therewas a huge lections and record digital At the same time, a second surge in a clutch of high-fre- in Oct for first FE BUREAU downfall in exports,it has transactions. wave of the pandemic in quency indicators over the time since Feb finmin issues additional FAQs Pune, November 4 made good progress and is “Rural consumption has advanced nations is a grim past two months will likely going to rise in the stayedstrong,inparthelpedby reminderofhowrealityhitsback last beyond the festival sea- INDIAN SERVICES SECTOR PRESS TRUSTOFINDIA eral,are eligible forthewaiver. THE MAHARASHTRA GOV- coming months,Director sustainedMSPprocurementof whencautioniscompromised. son,seekingtoremovedoubts activity ended the seven- New Delhi, November 4 “Individual loans from the ERNMENThasallowedcinema General of ForeignTrade food grains by government at The expected current over its durability. monthsequenceofdeclineand eight eligible categories of bor- hallstoreopenoutsidecontain- AmitYadavsaidwhile registered growth in October, BANKS HAVE STARTED rowers, including those cate- mentzonesfromNovember5. speaking to exporters supportedbyimprovedmarket refundingborrowersthecom- gorised as Micro, Small and An order issued by the through avirtual session. conditions amid easing Covid- pound interest charged on Medium Enterprises (MSMEs) state government on Supreme Court stays arbitration 19 restrictions,a monthlysur- specifiedloanaccountsduring by the lending institution,are Wednesday mentioned that RailTelannounces veysaidonWednesday. the moratorium period. coveredundertheschemeirre- cinema halls,drama theatres, recordincomeof At 54.1 in October,up from Lastweek,theReserveBank spective of the nature of guar- multiplexes,swimming pools award against Isro arm Antrix 49.8 in September,the season- ofIndia(RBI)hadaskedalllend- antee,”itsaid. and yoga institutes will be `11,660.05m ally adjusted India Services inginstitutions,includingnon- This is the second addi- allowed to function outside RAILTELHAS FE BUREAU toofferhybridsatelliteandter- Business Activity Index posted banking financial companies, tional FAQs released by the containment zoneswith 50% ANNOUNCEDitshighest New Delhi, November 4 restrial communication ser- abovethe50.0no-changemark to ensure that the scheme of ministry and comes just a day of seating capacity. everconsolidatedincome vices throughout India. forthefirsttimesinceFebruary. waiverofinterestoninterestfor ahead of the last date for “No eatables will be of`11,660.05millioninits THE SUPREME COURT on The agreement was termi- A print above 50 means loans up to `2 crore forthe six- implementing the scheme. allowed inside the cinema 20thAnnualGeneral Wednesday stayed execution nated by Antrix in February expansionandascorebelowthat month moratorium period is Followingdirectionsfromthe halls,multiplexes,drama the- MeetingheldonOctober oftheinternationalarbitration 2011. Over the next several denotes contraction,as perthe implementedbyNovember5. SupremeCourt,thegovernment atres. The SOP for the same 28throughvideo award that asked Antrix Cor- years, Devas approached vari- IHS Markit India Services Pur- “Dear customer credited had last month announced the will be issued by the Cultural conferencing,thePSUsaid poration,the commercial arm ouslegalavenuesinIndia.This chasingManagers'Index(PMI). Covid-19 Relief ex-gratia of ... scheme for grant of ex-gratia Affairs Department and local inastatementon of Indian Space Research included the Supreme Court, “It’s encouraging to see the on November 3 to your payment of difference between authorities. Wednesday.Thisisagrowth Organisation, to pay compen- which directed fora tribunal. Indian service sectorjoining its account,” a message from a compound interest and simple “The Cultural Affairs of12.3%overthe sation of $1.2 billion to Ben- byaUScourtlastweek. InhisOctober27order,the manufacturingcounterpartand public sector bank to a cus- interest for six months to bor- Department will take into consolidatedincomeof galuru-based startup Devas As per the agreement in US District Judge ruled that posting a recoveryin economic tomersaid. rowersinspecifiedloanaccounts. consideration the SOP issued `1,0382.66millionin Multimedia for cancelling a January 2005, Antrix had AntrixCorporationpayacom- conditionsfrom the steepdete- Issuing additional fre- Housing loans, education by the ministry of informa- 2018-19.Withthis,RailTel satellite deal in 2005. agreed to build, launch and pensationof$562.5millionto riorations caused bythe Covid- quentlyaskedquestions(FAQs) loans, credit card dues, auto tion and broadcasting,” the haspostedaprofitbefore While the international operate two satellites and to Devas Multimedia Corpora- 19pandemicearlierintheyear,” on the scheme, the finance loans,MSME loans,consumer order said. taxamountingto arbitraltribunalhadpassedthe make available 70 MHz of S- tion and the related interest said Pollyanna De Lima, Eco- ministry on Wednesday said durable loans and consump- Maharashtra is among the `1,847.60millionandnet award in September 2015,the band spectrum to Devas, rate amounting to a total of nomicsAssociateDirectoratIHS consumptionsloans,including tion loans are covered under last states to allow theatres profitof`1,410.66million ordertoexecuteitwasdelivered whichthelatterplannedtouse $1.2 billion. Markit.—PTI those backed bygold as collat- the scheme. to reopen.

From the Front Page

SBI Q2 net up `6,000 crore worth of son,laststillDecemberandstarts to support bank partners to tions Revenue from its Cred- advances.” totaperdownpostthat. make independent credit itTech unit jumped 59% to 52% on lower SBI’s operating profit fell Entry-level and junior level decisions and leverage Ant’s 29 billionyuan in the first six 9.6% y-o-y to `16,460 crore. Coal auctions: Jindal Power openings grew in October to technologyplatformsto serve months of the year, account- provisions Its net interest income rose reachthe100,000markagainst consumers and small busi- ing for 40% of the total. 14.6%y-o-yto`28,181crore 62,000inSeptember.Over38% nesses.” Ant helped provide small KHARA ADDED THAT it was and its domestic net interest regains Gare Palma mine of active openings are for the The CBIRC didn’t immedi- unsecured loans to about 500 still difficult to gauge the margin rose 10 basis points entry-level opportunities fol- ately respond to a request for million people over the past health of small enterprises (bps) sequentially to 3.34%. THE COAL BLOCK is located Winners The Centre initially esti- lowed by mid-junior and mid- comment. Shares of Alibaba year through two platforms: under the current circum- The bank’s gross advances close to JSPL’s Raigarh steel DAY Revenue mated commercialcoalmin- senior categories at 30% and Group Holding,which owns a Huabei (Just Spend) and Jiebei of coal share stances. “This year has been grew6%y-o-yto `23.84 lakh plant and the Tamnar power 3 ing to contribute about 12% respectively. Senior-level third ofAnt,fell 6.3% in Hong (Just Lend). The former auctions offer very unusual because there is crore as on September 30, plant in Chhattisgarh. `20,000 crore annually to openings also recovered; they Kong as of 2:31 pm. focuses on quick consumer no trend getting established 2020. Accounting for the Jindal Power quoted the ■ Gare Palma IV/I, states as revenue and poten- hadregistereda38%dipinSep- “From the perspective of loans for small purchases, on a month-on-month basis. bank’s investments, the highestbidforChhattisgarh’s Chhattisgarh, 25% tiallysave `30,000 crore per tember. regulators and investors,they while the latter finances Muchofitisafunctionofhow growth in assets was around Gare Palma IV/1 block,which Jindal Power annum bysubstituting ther- Karanth said the change in all need Ant to provide a bet- everything from travel to the demand is and how the 8%.Retailloansgrew14.55% was the largest mine to go ■ Gotitoria East, MP, mal coal imports. However, themixofthejoblevelsisalsoan terdisclosure on the co-lend- education. Ant typically enterprise is able to respond y-o-y, while corporate loans under the hammer on Boulder Stone Mart 54% the actual benefits seem to indication of a recoveryof busi- ing business,”said Chen Shu- charges annualised interest to that demand,”Khara said. were up 3%. SBI expects a Wednesday,byofferingarev- ■ GotitoriaWest, MP, be much lower as the esti- nessactivityandtherebythehir- jin,Hong Kong-based head of rates of about 15% to con- SBI’s provisions stood at loan growth of 8-9% for enue share of 25%. Boulder Stone Mart 54% mates were based on output ingactivityacrosslevels.“Enter- China financial research at sumers.Its more than 20 mil- `10,118 crore, including FY21. Deposits grew 14.41% Of 19 blocks to be trans- from 41 mines with an prises that had used the Jefferies Financial Group. lion small business borrowers `7,091 crore worth of Covid- y-o-yto`34.7lakhcroreason ferred to commercial miners ■ Urtan North, MP, 9.5% annual peak production slowdown phase to shed some “Ant needs to be aligned with payan average lending rate of related provisions.The value September 30,with the cur- in this phase, between JMS Mining capacity of about 225 MT. flabatthe topare reinvestingin regulations going forward about 11%, almost double of loans which continued to rent account savings account November2-9,13 have so far While three of the blocks hiringacrosslevels,”Karanthsaid. and show that its business the average 5.94% small bor- be classified as standard on (CASA)ratioup26bpsy-o-yto been auctioned off. Urtan coal block on Monday, were removed from the list model can help lowerborrow- rowers can get from banks. account of the Supreme 45.39%. Kota-based BoulderStone won the Urtan North coal following the objections China plans ing costs for the economy Guo Wuping,head of con- Court’s interim orderstood at There was an improve- Mart grabbed Gotitoria east block in Madhya Pradesh by from Maharashtra and ratherthan raising themwith sumer protection at the `14,388 crore.The bank has ment on the asset quality and west blocks in Madhya offeringa9.5%revenueshare Chhattisgarh state govern- deeperAnt some kind of monopoly.” CBIRC,said in a commentary provided to the extent of front as the gross non-per- Pradeshbyquotingarevenue onWednesday. ments,the Union coal min- China abruptly halted on Monday that Ant’s Huabei `3,194 crore against these forming asset (NPA) ratio fell share of 54%. “Weexpecttogettheown- istry had received bids for crackdownwith Ant’s IPO after summoning service was similar to a credit accounts and this amount is 16 bps sequentially to 5.28% Companies such as ership of the mine this time only23 coal mines out of the Ma to a meeting earlierin the card but with higher charges. part of the overall Covid-19 and the net NPA ratio slid 27 Vedanta,Adani,Aditya Birla and once it starts producing, 38 blocks offered. Four bank funding week to outline an array of Financial technology firms provisions. SBI’s collection bpsto1.59%.Butfortheapex Group’s Hindalco Industries wecancutourrelianceoncoal mines received only one bid concerns and new regula- use their market power to set efficiency stood at 97.5%. court’s interim order, the have won one mine each till procuredfromCoalIndia,”VR each, rendering them curbs tions. exorbitant fees in partner- So far, SBI has received gross and net NPA ratios date. JMS Mining,which had Sharma, managing director, unqualified to be put up for THE FULL SCOPE of China’s Any funding curbs could ships with banks, which pro- restructuring requests worth would have been at 5.88% made the highest bid for the JSPL,told FE. auctions. plans forAnt are unclear,and deal a majorblowtoAnt.After vide most of the funds `6,495 crore and it has pro- and 2.08%,respectively. it’s possible that lenders will getting its start in online pay- required,he said. vided `650 crore against SBI’s shares ended 1.12% continue to work with the ments, lending is now the Ant would have to set these accounts in Q2.Khara higher than their previous NICOLAS DUMOLIN, MD, beenaneedfornewtalent.Also, Contractjobsarealsopicking company once it complies firm’s biggest business.It has aside 95 billion yuan in capi- said, “These additional pro- close on the BSE at `207.05 MichaelPageIndia,hadrecently companieshaveunderstoodthe uppacewhichisasignthatcom- with regulators’requests.Any underwritten about 1.7 tril- tal to complywith the draft formaslippagesareasonSep- on Wednesday. told Feemployment levels have currentconditionswillcontinue paniesarepreparingformanag- suggestion that banks would lion yuan ($253 billion) in rules issued by the CBIRC on tember 30, 2020, and if we movedbackallthewayto75%of for some time. “There’s less ingsuddenbusinessspikes.Con- stop using its platforms is consumer loans and 422 bil- Monday,or2.7 times the cur- account for the pullback Hiring picks up pre-Covid levels as companies uncertaintyand that has led to tractual hiring generally “unsubstantiated,”Ant said in lion yuan in small business rent capital forits two micro- which we have seen in Octo- are re-aligningthemselveswith more hiring,” Dumoulin increasesbetweenJulyandSep- a response to questions from loans for about 100 banks lending arms, according to ber,wehavepulledbackabout pace in October the new normal and there has explained. temberaheadofthe festivesea- Bloomberg.“Antwill continue and other financial institu- estimates from Jefferies.

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Reliance Jio CILe-auctions to get backtopre-Covid depose before parliament on status inviewof Oct auction’s success data security FE BUREAU The October auctions bookedduringthesameperiod EXECUTIVES OF JIO Plat- Kolkata, November 4 fetchedCILanaverage13%in- last fiscal,a 28% increase. forms and Reliance Jio Info- crease over the notified price Volume booking in e-auc- commdeposedbeforeaparlia- COALINDIA(CIL'S)November though special spot,which is a tionsforthefirstsevenmonths mentary panel on the issue of onward auctions will be back newauctionoutletforcoalim- oftheongoingfiscalendingOc- data safetyonWednesdayand to pre-Covid status, wherein porters,overtheprevailingfour tober at 59 MT, increased 28 wereaskedifthereisanydata- the PSU miner’s subsidiaries windows chipped in 14% in- MT,a growth by 90%,while it sharing mechanism between will determine their own add- creaseoverthenotifiedvalue,a fetchedanaveragepremiumof the company and its investors ons. CIL spokesperson said,adding 10%overthenotifiedprice. Facebook and Google. The decision came after under the special spot, a first During April-October, non TheJointCommitteeofPar- gauging the response in the time introduction meant for powersectorconsumersinex- liament on the Personal Data October auctions, where CIL containing coal imports, 1.6 clusivee-auction,booked16.8 Protection Bill, chaired by BJP introduced an add on of 10% MT of coalwas booked. MT against 4.8 MT it had MP Meenakshi Lekhi, ques- over the notified price to test CIL’sspecialforwardauction booked during the same pe- tioned Reliance Jio executives the market trends. forthepowersector,booked6.5 riod last fiscal. aboutprivacyofdataofitssub- CIL brought down the re- MT in October,accounting for The importers’ and non scribers and users of Jio plat- serve price for the auctions at theensuingmonthsevenafter pared to 5.8 MT booked dur- 38.7% of the total booked power sector consumers’ vol- forms.“ItwasaskedtoJioexecu- the level of the notified price adding premium on the noti- ing October last fiscal. quantity. This sector booked umebookingsshowedahealthy tives that does the company at the onset of the Covid-19 fied price to fix the reserve The big jump was on the only2MTinSeptember. appetitesincetheunstructured have any data-sharing mecha- pandemic. price,a top CILexecutive said. back of the power sector and The powersector’s booking coalmarkethasnodirectaccess nismwithGoogleandFacebook The October auctions has CIL’s e-auction sales at other coal buyers, signalling a for the seven months ending forsuch categoryof consumers anditsusers,towhichtherepre- Uncertainty looms signalled stable auction sales 16.8 million tonne (MT) in strong demand resumption October this fiscal, has been to purchase of coal, the CIL sentatives of the telecom firm and increased premiums in Octoberwas up 190% com- aftera Covid-led hiatus. 16.5MTcomparedto12.9MT spokespersonsaid. declined,”Lekhisaid.—PTI for Maha grapes Punjab farm protests: Rlys incurs Cabinet approves `1,811 crore exporters on loss to the tune of `1,200 crore for 210 MW Luhri hydro plant Europe lockdown PRESS TRUST OF INDIA FE BUREAU NANDA KASABE tonnes to Bangladesh and an- New Delhi, November 4 New Delhi, November 4 Cabinet nod to India-Israel MoU Pune, November 4 other 40,000 tonne to the Gulf for health, medicine cooperation countries,he explained. THE LOSS SUFFEREDbythe THE CABINET COMMITTEE GRAPES EXPORTERS FROM Shinde,however,said the sit- Railways due to the agitation on Economic Affairs on THEUNIONCabinethasap- risk and public health ac- Maharashtra are on the tenter- uationislikelytochangebyJanu- in Punjab over the Centre’s Wednesday approved invest- proved the signing of an tions targeted towards hookswithEuropeenteringinto ary since the lockdown could be farm reform laws has already ment of `1,811 crore forthe MoU between India and Is- mitigation and adapta- the lockdown mode for the sec- temporary.Thistime,grapefarm- crossed an estimated `1,200 210-mega watt uhri Stage-I rael for cooperation in the tion, sharing of expertise ond time. ers have delayed pruning by crore as protests on train hydro-electric project in Hi- fieldofhealthandmedicine, for facilitating climate re- The lockdown is expected to around20daysbecauseofunsea- tracks continued at 32 places machal Pradesh. according to an official silient infrastructure as hitgrapesexportsby25-30%,ac- sonalrains,hesaid.Therefore,the across the state,the national The project is being imple- statement issued on well as providing support cordingtoindustrypersons. season is likely to start from Jan- transporter said on Wednes- mented by state-run Satluj Jal Wednesday. for development of 'Green Vilas Shinde,CEO and MD of uary-end,instead of December. day. Vidyut Nigam (SJVNL) and is The MoU covers areas of Healthcare' (climate re- Nashik-based Sahyadri Farmer The impact could be less if the According to data from scheduledtobecommissioned cooperation such as ex- silient hospitals) and pro- Producer Company (the largest lockdownisliftedbythen,hesaid. the national transporter,over in fiveyears. change and training of moting mutual research in grapeexporter)saiddemandfrom The bigger challenge for him is 2,225 freight rakes carrying The hydro power plant is medical doctors and other various relevant areas, be- Europeancountriesisexpectedto the restriction imposed on pack vital commodities could not infrastructure sector as well,” in the national capital on expected to generate 758.20 health professionals, assis- sides any other area of co- belowersincemarkets,hotelsand houses in terms of number of be operated till date due to the official said. Wednesday following Presi- million units of electricity tanceindevelopmentofhu- operation as maybe mutu- restaurants are likely to remain workersallowed. the blockades caused by the Later in a statement, the dent Ram Nath Kovind’s re- annually. The Union govern- man resources and setting ally decided upon. closedduringlockdown. Jagganath Khapre,president, protestors. Around 1,350 Railways said outward load- fusal to meet a delegation led ment is also providing grants up of health care facilities Eachpartyshallencour- Last year,India had exported All India Grape ExportersAssoci- trains have been forced to be ing too has been affected by him over the Centre’s farm of`66.19croreforsupporting and exchange of informa- age the participation of the around 89,000 tonne of grapes ation,said itwould be difficult to cancelled or diverted,it said. from the Punjab area. laws issue. this project by providing en- tionregardingregulationof representatives of their to Europe. Export had taken a makeanypredictionssinceEuro- “Losses already expected Movement of foodgrain, ThePunjabChiefMinister's abling infrastructure. pharmaceutical, medical countries in round tables, major hit due to the lockdown, pean countries are under lock- to have crossed `1,200 crore container, automobile, ce- Office had on October 21 During the project’s life devices and cosmetics, the seminars, symposia,work- registeringa25%declineduring down. Exporters are very upset as agitators continued ment,pet coke,fertiliser have sought an appointment for cycle of 40 years, Himachal statement said. shops and conferences on the 2019-2020 season — De- and also cautious because of the dharna at platforms/near also taken a hit, the state- Singh and his delegation with Pradesh will receive free It also includes sharing issues of cooperation, or- cembertoApril. suspension of licences by plant railway track. Train move- ment said,adding the average the President to urge him to power worth `1,140 crore expertise for vulnerability ganisedbytheotherparty's According to Shinde, India’s quarantine authorities afterRus- ment had to be suspended loss of loading perdayin Pun- grant his assent to the state’s cumulatively, the govern- assessment for health of relevant bodies,the state- total production is normally siahadbannedproduceoriginat- due to operational and safety jab was 40 rakes per day. farmbillspassedlastmonthby ment said. citizens against climate ment said.—PTI around 35 lakh tonne, of which ingfromthesepackhousesciting considerations as agitators “Running trains with pro- the assemblyin a bid to negate Familiesaffectedduetothis 10 lakh tonne are diverted to- qualityconcerns. have suddenly stopped some testors sitting on the tracks the Centre’s farm legislations. project will be provided with the project was initially esti- planttotapthehydropowerpo- wards making raisins.Of the re- The Department of Plant train movement and sporadic or close to it is a dangerous The farmers’ agitation in 100 units of free electricityper matedtobe`2,208crore.Itwas tentialofSatluj,requiringabout maining,around 1 lakh tonne is Quarantinelaterliftedthebanon blockades continued at vari- situation.Trains drivers find Punjab began around Septem- monthfortenyears.Thecostof conceived as a run-of-the-river 150hectreofland. exported to Europe, 40,000 14packhouses. ous places especially around it extremelyhazardous to run ber24whentheystartedblock- Jandiala, Nabha, Talwandi in such situations,”it said. ing railway tracks and stations Sabo and Bathinda,”an offi- Earlier, railway minister demanding repeal of the three cial said. PiyushGoyalhadwrittentopun- agriculture related bills.Farm- Gujarat farmers to get 3-phase power for next three years “Due to the continued jab chief minister Amarinder ers in Punjab have expressed blockages at sections of Singh seeking assurance about apprehension that the Central FE BUREAU eight hours in a day by rotation. agriculture connections would around 13,000 MW as against Patan would get continuous 3- tracks in Punjab, there has safetyoftracksandrunningstaff farm reform laws would pave Ahmedabad, November 4 Those who get it at night often continuouslygetelectricityfrom current6,000MW,headded. phase powerduring the daytime been a major adverse impact toresumeoperations. the way for dismantling of the encounter wild animals. Soon, 5amto9pm. The state government has aspartoftheKSY. on freight movement and on The Punjab chief minister minimum support price sys- Inanticipationoftriplingtheso- farmers would get electricity The state government would named the initiative as Kisan It is worth mentioning that availabilityofvital commodi- is scheduled to lead a‘dharna’ tem, leaving them at the lar energy in Gujarat,the state during the day time,” says spend`3,500inthespanofthree SuryodayYojana (KSY).It is aim- Gujaratgovernmenthasrecently ties for farm,industrial and of Congress MLAs at Rajghat “mercy”ofbigcorporates. government has decided to pro- SaurabhPatel,Gujarat’sminister years to create suitable infra- ing to cover all the agricultural givenapprovalof60,000-hectare vide 3-phase powerto the farm- of energy. structure across the state by seg- powerconnections underKSYby landparcelfortheworld’slargest ers during the day time in the Itwasalongpendingdemand regating 153 groups in 8400 the end of 2022 by erecting an renewableenergypark(solarand next threeyears. of farmers’ organisation in Gu- 11KV agricultural feeders. Ac- additional twenty 220 KV and wind)inborderingKutchdistrict Cabinet nod to MoU between India,UK for Sources in the state energy jarat to provide 3-phase power cordingtotheofficial,withthein- one 132 KV transmission lines which will have the capacity to and petroleum department said duringthedaytime.Accordingto creased powergeneration capac- apart from 232 transmission generate 41500 MW power.An- cooperation in medical product regulation that at present Gujarat’s solar aseniorofficialwiththestateen- ity,ifsupplyhoursofagricultural linesof66KV. other 10,000 MW capacity solar energy capacity is over 3,100 ergydepartment,thereareatpre- powerwould shift from night to The official said that during park is being developed at PRESS TRUST OF INDIA linewiththeirinternationalre- regulations regarding medi- MWwhich would be increased sent153groups,halfofthemare day period it would help to bal- thecurrentfiscal2020-21farm- Dholera Special Investment Re- New Delhi, November 4 sponsibilities,”the statement cines and medical devices by almost three folds to 10,750 provided electricity during the ancegridoperationbyincreasing ers in 10 districts including Gir gion (SIR) near Ahmedabad.Al- issued onWednesdaysaid. and information exchange to MWbytheendoftheyear2022. daytimeandtheotherhalfduring consumptionofsolargeneration Somnath, Dahod, Mahisagar, ready 1600 MW capacity solar THEUNIONCABINET has The other areas of cooper- support efforts to control It would be a win-win situation the night. With the help of in- in the grid.However,the agricul- Chhotaudepur, Panchmahal, park is operational at Charanaka given its approval for signing ation include participation in unlicensed exports. for farmers aswell as the state creasing solar energy capacity, ture load would increase to Tapi, Valsad, Kheda, Anand and inNorthGujarat. an MoU between the Central scientific and practical con- “It would facilitate better government as storage of elec- Drugs Standard Control Or- ferences,symposia,seminars understanding of the regula- tricityis a majorissue. ganization (CDSCO) and the and fora organised by India tory aspects between the two “Since solar power could be United Kingdom Medicines and the United Kingdom, ex- sides and could help in in- generated during the daytime, and Healthcare Products Reg- change of information and creased cooperation in the electricity availability will in- ulatory Agency for coopera- cooperation on good labora- field of medical products reg- creaseduringthedaytime.There tion in medical products reg- tory practices, good clinical ulation and better coordina- are 17.25 lakh agricultural elec- ulation, according to an practices, good manufactur- tion in international fora,”the tricity consumers in the state, official statement. ing practices, good distribu- statement said. whoatpresentgetelectricityfor The main areas of coopera- tion practices and good phar- tionbetweenthetworegulatory macovigilance practices, and authoritiesincludeexchangeof capacitybuilding in mutually safety information, including agreed areas. pharmacovigilancewherethere The agreement aims to isaparticularsafetyconcernre- promote an understanding latedtotheotherparty. between the parties of each “The MoU will help in es- other's regulatoryframework, tablishing a framework for requirements and processes fruitful cooperation and ex- and to facilitate future regula- change of information be- tory strengthening initiatives tween the CDSCO and the UK for both. MHRA in matters relating to It also includes exchange medicalproductsregulationin of information on laws and

No arbitrariness in selection CLASSIFIEDS of consultant for Central BUSINESS Vista project, Centre tells SC FINANCE Private Finance PRESS TRUST OF INDIA the CentralVista. forProject Loan, Working Capital, New Delhi, November 4 The revamp,which was an- Business Development, nounced in September last year, Funding 10 Cr & THECENTRETOLD the envisages a new triangular Par- Above.Contact: Supreme Court on Wednesday liament building,with seating 7045006933 that there was no arbitrariness capacity for 900 to 1,200 MPs, 0070717866-1 or favouritism in selecting con- thatistargetedtobeconstructed sultant for the Central Vista byAugust,2022whenthecoun- ''IMPORTANT'' project, which covers 3-km trywill be celebrating its 75th Whilst care is taken prior to acceptance of advertising copy, stretch from Rashtrapati Bha- Independence Day. it is not possible to verify its van to India Gate in Lutyens’ The common Central Secre- contents. The Indian Express (P.) Limited cannot be held Delhi,and the argument that tariatislikelytobebuiltby2024. responsible for such contents, nor for any loss or damage government could have Solicitor General Tushar incurred as a result of transactions with companies, adopted a better process can- Mehta told a bench headed by associations or individuals advertising in its newspapers not be a ground to scrap the Justice A M Khanwilkar that or Publications. We therefore project. there was no abdication of duty recommend that readers make necessary inquiries before Gujarat-based architecture in selection of consultant and sending any monies or entering into any agreements firm HCP Designs has won the every stakeholder participated with advertisers or otherwise acting on an advertisement in consultancy bid for the Centre’s and gave suggestions in the any manner whatsoever. ambitious project to redevelop process.

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NEWJOURNEY Rohit Suri, Jaguar Land Rover India president

and managing director ❝We are extremely thrilled to commence our ❝ electric journey in the Indian market with the introduction of the Jaguar I-PACE. CompaniesTHURSDAY, NOVEMBER 5, 2020 Quick ● TRANSFORMATIONAL PLATFORM Adani Gas signs pact to View Adani Enterprises draws acquire Jay Madhok’s capexplanof`50Kcrfor5yrs three city gas licences PRESS TRUST OF INDIA Jay Madhok Energy has been show- New Delhi, November 4 caused by the oil regulator The Gautam Adani-led Adani Enterprises ADANI GAS ON Wednesday announced Petroleum and Natural Gas group plans to infuse the acquisition of city gas licences for Regulatory Board over defaulting Q2 net profit at Ludhiana,JalandharandKutch(East)from on timelines and alleged `35,780 cr in its airport Jay Madhok Energy for an undisclosed irregularities in the acquisition of business in the next five yrs `436 crore sum of money. the city gas licence Jay Madhok Energy has been show- TVS Motor strengthens PRESS TRUST OF INDIA ADANI ENTERPRISES ON Wednes- causedbytheoilregulatorPetroleumand motorcycle segment New Delhi, November 4 dayreported a consolidated profit of Natural Gas Regulatory Board (PNGRB) `435.73croreforthesecondquarter over defaulting on timelines and alleged But the firm, according to PNGRB, STRENGTHENINGFURTHERITS ADANI GROUP’S FLAGSHIP firm Adani endedSeptember.Itstotalincomefor irregularitiesintheacquisitionofthecity made little progress on its commitments. premiummotorcyclesegment,TVS Enterprises (AEL) plans to spend about the latest quarter rose to `9,312.14 gas licence. PNGRB in 2016 cancelled its licences.Jay MotorCompanyonWednesday `50,000 crore in capital expenditure over crore from `8,626.94 crore in the “Adani Gas has signed a definitive Madhok challenged the cancellation in introduceditsnewTVSApacheRTR the next fiveyearswith a majorchunk of it year-ago period.The total expenses agreement for acquisition of three AppellateTribunal,whichinApril2017set 2004V,atapricetagof`1.31lakh,ex- goingtowardsairportsbusiness,atopcom- increased to `8,788.59 crore in the geographical areas namely Ludhiana, aside the PNGRB order and asked the showroomDelhi. Thenewmotorcycle panyofficialsaidonWednesday. September quarter compared to Jalandhar and Kutch (East),”the firm said regulator to follow the set procedure for hasthreeridemodesandthesystem The Gautam Adani-led group plans to `8,571.75crore in thesameperioda inastatement. cancellation. willenableriderstoshiftbetweenride infuse`35,780croreinitsairportbusiness yearago.—PTI It,however,neitherdisclosedthename Sincethenthematterispendingbefore modesonthefly,usingtheridemode in the next five years,AEL Chief Financial and development of Mangaluru and Luc- of the city gas licence holder for the three PNGRB and JayMadhok had been seeking switchonthehandlebar. OfficerJugeshinderSinghsaid. knowairportsonOctober31andNovember bate, innovate and scale effectively and citiesnortheacquisitionprice. adjournmentsononepretextortheother. “ForAdani Enterprises for the next five 2,respectivelywhile operations ofAhmed- rapidly has been a defining philosophy of “All 3 GAs have highvolumes potential InMarch2019,PNGRBissuedanother CAITaccusesAmazonof years,the main focus area is airports,roads abadairportwillbetakenoverthismonth. AdaniEnterprisesandwecontinuetolearn in terms of demand of over 6.5 million notice to Jay Madhok over alleged irregu- ...the ballpark number over five years we Aboutcapexinroadbusiness,Singhsaid andfurtherimprove this model.Thecom- standardcubicmetersperdayoveraperiod laritiesinthenetworthusedtoacquirethe violatingFDIpolicy expect...the capex is about `50,000 crore,” asagrouppointofviewitisnotverysignifi- binationofourconfidenceinthisbusiness of10years.Thesegeographicalareas’(GA’s) licence.Italsoallegedfraudinthefurnish- TRADERS’BODYCAITonWednesday Singhsaidinapost-earningscall. cant“butoverallifwelookatallinnextfive model,andourfaithinIndia’sgrowthstory are under Phase 1 of Bharat Mala Pariyo- ingofaloansanctionletterfromDeutsche accusede-commercemajorAmazonof Singhsaidthecompanyplanstoinvesta yearsitmaybe`6,000crore”. isdemonstratedthroughtheinvestments jana by NHAI which will further boost the BankAG,Singapore. violatingFDIpolicyandForeign totalcapexofapproximately`35,780crore In the roads sector, the company has we are continuing to make in additional developmentandvolumegrowth,”itsaid. Sources said PNGRB will now have to ExchangeManagementAct(FEMA) fortheairportbusinessinthenextfiveyears. signed five concession agreements with infrastructure sectors that are critical to Jay Madhok had in 2013 won the examineifasaleofthelicenceispermissi- norms.Thetraders’bodyinaletterto “Withairportswewanttomakeitacon- the NHAI underhybrid annuitymodel for nationbuilding.” licence to retail CNG to automobiles and bleunderthestatuteandwhathappensto CommerceMinisterallegedthatthe sumer transport facility as APSEZ (Adani construction of roads aggregating to over Further, he said that the move into piped natural gas to households and thedefaultbytheoriginallicensor. onlineretailerhasnotsoughtthe Ports & Special Economic Zone) is a cargo 200 kilometres. Two of the agreements roads and water infrastructure, data cen- industriesinJalandharinPunjabandtwo PNGRBcanaccordanapprovalifitcon- government’sapprovalforconducting transport facility.For that we have a clear were signed in JulyinAndhra Pradesh and treparks,andairports,includingtheaddi- years later it got a licence for Ludhiana cludes that such a deal is in the best inter- multi-brandretailactivitiesinIndia. strategy which Mr Adani has laid out for MadhyaPradesh. tion of the Mumbai InternationalAirport and Kutch (East) in Gujarat. estofthedevelopmentofthelicence. us,”theCFOsaid. The project completion status of and the Navi Mumbai International Air- The three citieswere bid out in the 3rd With the acquisition,Adani Gas now Amazon invests more The company had won bids for six air- Bilaspur-PathrapaliprojectatChhattisgarh port,“providesuswithatransformational city gas licensing round where the bidder hasalicencefor22GAs.Ithasanother19 portsatAhmedabad,Mangaluru,Lucknow, isabout50%,asperthecompany. platform that will help us create several offering to lay the longest length of gas licences in a joint venture with state- moneyin its India unit Trivandrum,JaipurandGuwahati.Thecom- Adani Group Chairman GautamAdani strategic and growth-based adjacencies pipelineandprovidethemostcookinggas owned Indian Oil Corp (IOC).These GAs AMAZONHASINFUSED`150crorein panytookovertheoperation,management in a statement said: “The ability to incu- forourotherbusinesses”. connectionsgotthelicence. cover 74 districts. itsIndiacloudplatform-AmazonData Services,regulatoryfilingssourced frombusinesssignalsplatform paper.vcshowed. HPCL net profit jumps Airlines can operate maximum 60% of pre-Covid AmazonIndiasigns domestic flights till Feb 24 next year,says govt MoUwithSMOI 135% in Q2; announces PRESS TRUSTOFINDIA two months due to the coronavirus-trig- AMAZONINDIAANNOUNCEDthat New Delhi, November 4 geredlockdown.However,theairlineswere thecompanyhassignedanMoUwith allowed to operate not more than 33% of theSilkMarkOrganizationofIndia `2,500-cr share buyback INDIANAIRLINES CANoperatemaximum theirpre-Coviddomesticflights. (SMOI).AspartoftheMoU,Amazon 60%oftheirpre-Coviddomesticpassenger Modifying its previous orderof June 26 willlaunchanexclusiveSilkMark FE BUREAU flights till February24 nextyeardue to the whereithadputthe45%limitonthenum- StorewithSilkMarklabelledproducts New Delhi, November 4 prevailing coronavirus situation,the civil berof domestic flights,the ministryissued throughmultiplesellersassociated aviationministryhassaid. anorderonSeptember2statingthat,“45% withtheorganisation. STATE-RUN HINDUSTAN Petroleum Cor- The ministryhad informed the airlines capacitymaybereadas60%capacity.” poration (HPCL) reported a net profit of about the 60% limit through an official Scheduled international passenger Pidilite completes buyof `2,477.5 crore on a standalone basis for order on September 2 but it had not told flightscontinuetoremainsuspendedinthe the three months ended September 30, them the period for which the cap would the“prevailing situation of Covid-19.”On country since March 23 due to the pan- Huntsman’s India arm recording a 135.4% rise from the same remaininplace. June 26,the ministry had allowed the air- demic.However, special international PIDILITE INDUSTRIES,the periodayearago. OnOctober29,theministryissuedanew lines to operate a maximum of 45 percent flights have been operating under the manufacturers of the popularFevicol Theoilrefiningandmarketingcompany orderclarifyingthattheSeptember2order oftheirpre-Coviddomesticflights. VandeBharatMissionsinceMayandunder brand of adhesives,onWednesday also announced the buyback of 10 crore “shallremaininforceuntil23:59hrsonFeb- Theministryhadresumeddomesticpas- bilateral air bubble pacts signed with vari- said it has completed acquisition of equityshares—representing6.56%equity ruary24,2021oruntilfurtherorders”dueto sengerservices from May25,aftera gap of ouscountriessinceJuly. the US-based Huntsman Group's stake—at `250 per share, which is 34% Indian subsidiaryfor`2,100 crore. higherthantherateHPCL’sstocksweretrad- The deal also includes the company's ing atWednesday’s close.The buybackwill The company attributed the rise in Indian subcontinent business,apart be done through market transactions and profit to higher capacity utilisation SC reserves order on Skoda Volkswagen from a trademark licence forWest willbecompletedwithinsixmonths. Asia,Africa andAsean. Thecompanyattributedtheriseinprofit of its refineries and higher sales of to highercapacityutilisation of its refiner- high margin products as it JKLakshmi Cement posts iesandhighersalesofhighmarginproducts processed more crude oil plea to quash‘cheat devices’FIR as it processed more crude oil purchasedat purchased at lower rates FE BUREAU laboratorytestsinitsvehicleswhichshowed 75% rise in Q2 net profit lowerrates. New Delhi, November 4 Senior Advocate A M Singhvi, loweremissions. JKLAKSHMICEMENTposteda75% Whilerevenuefell6.6%year-on-year(y- appearing for Volkswagen, Volkswagen India further argued that jumpinprofitat`80.80croreinJuly- o-y) in Q2FY21 to `62,419.3 crore, THE SUPREME COURT on Wednesday submitted that the directions of the multipleFIRs,withidenticalcomplaints,are Septemberquarteronthebackof expenses—comprising mostly of crude oil The refineries at Mumbai and Visakh reserveditsorderontheSkodaVolkswagen NGT slapping a fine on the based on generic claims.Singhvi also reductionincostandhighervolume.The purchase—dropped by a sharper 9.4% to processed 4.06 million tonnes (MT) of India’s appeal seeking quashing of an FIR manufacturer over the cheat devices claimed that the companywas exonerated companyachieved12%higherturnover `59,127.3crore.Thecompany’sgrossrefin- low-priced crude during the quarter, 0.5 registered in Uttar Pradesh over alleged had been stayed by the SC earlier byacommitteesetupbytheNGTinanother of`1,044.77crore.Ebitdaroseby32% ing margins, including inventory gains, MTlessthanthecorrespondingperiodlast emissioncheatdevicesinstalledinitscars. similarFIRfiledin2015. to`205.05croreinJuly-September20 increasedto$5.11/barrelinthequarter,up year,asdomesticsalesvolumefell9.5%to A Bench led by Chief Justice SA Bobde However, the CJI said that if there is a from`155.42croreloggedoneyearago. from$2.83/barrelinQ2FY20. 8.1 MT amid sporadic lockdowns across refusedtograntastay,butduringthehear- generalorderoftheNGTonmotors,itwon’t “The significant improvement in the the country to contain the outspread of ingacknowledged“thelegendarynatureof ufacturer over the cheat devices had been determine if a citizen has been cheated. UnitedSpiritsQ2netprofit profitabilitydespite challenges including the coronavirus. Volkswagen.WeareadmirersofVolkswagen stayedbytheSupremeCourtearlierin2019 “Criminalcomplaintiswhere a citizensays Covid-19 induced lockdown was a result HPCL refineries registered a capacity carsanditsrichhistoryevenpredatesWorld andthenewFIRisalsobasedonsimilaralle- he has been cheated by the accused — the falls21%at`125crore ofstrategicplanninginrefineryandmar- utilisationof103%duringtheperiod.After War-1,butthecasehereisn’trelated,”theCJI gationsthatarenowsub-judiceintheapex same kind of engine maybe differentlyfit- DIAGEO-CONTROLLEDLIQUOR keting operation, containing the de- adding 464 new retail outlets in said,askingthecarmanufacturerasto“why court,hesaid. ted,everyoneknowsaboutit.TheNGTorder makerUnitedSpiritsposteda20.62% growth to less than the industry,efficient thefiscal,HPCL’stotalnetworksizeamounts shouldthetrialnotgoon?” The NGT had on March 7 last year- is not about a particular car bought by the fallinitsconsolidatednetprofitat inventory management and effective to17,171.HPCLsaidthatprojectworkshave SeniorAdvocateAMSinghvi,appearing imposeddamagesandenhancedamountof complainant,but about the engines.How `125.1croreforthesecondquarter. productplacementleveragingcompany’s resumed and upgradation of Visakh and forVolkswagenIndia,submittedbeforethe compensation amounting to `500 crore canageneralorderofstayontheNGT’sorder Revenuefromoperationswasup3.97% excellent marketing infrastructure,”said Mumbai refineries are in progress andwill SCthatthedirectionsoftheNationalGreen against the company on a finding that a preventFIRbasedonapersonalcomplaint?” at`7,590.4croreduringthequarter. HPCLchairman Mukesh KumarSurana. becompletedinthecalendaryear2021. Tribunal(NGT)slappingafineontheman- ‘cheatdevice’hadbeeninstalledbyitduring BobdequestionedSinghvi. ● INTERVIEW: NAVEEN JINDAL, chairman, Jindal Steel and Power Telcos need to ‘We will more than halve debt in a couple of years’ boost Arpu by In a recent report,HSBC said,“Jindal Steel arefullygearedtoproduce20%moresteel assets.What are they and how much do steelindustryshouldstandonitsownfeet. 25%: Crisil and Power is our only Buy in the India steel in the current year.The other key sectors youplantogarnerfromexitingsuchsales? Doyouthinkthisisjustifiedorshouldthe sector.”JSPL’schairmanNaveenJindalnar- requiresteelasamajorcomponent,andwe WearefocusingonourIndiaoperations,as governmentsupporttheindustry? PRESS TRUST OF INDIA ratesthelastfive-sixyears’journeyanddays aim to be an important contributor to we feel that in the current domestic and Iwouldsaythatthesteelindustryisalready Mumbai, November 4 aheadwithSuryaSarathiRay.Excerpts: thosesectors. globaleconomicenvironment,wemustsin- standing on its own feet only.The govern- gle-mindedlywork towards Atmanirbhar ment has also supported wherever TELCOSNEEDTOboosttheiraveragerev- Frombeingonthevergeofreferringtothe What is JSPL’s net debt at the group level Bharatandastrongandprosperousnation. required.Classification of the steel indus- enueperuser(Arpu)byatleast25%inthe insolvencycourt to among the best steel now?Bytheendofnextfiscal,howdoyou To support our deleveraging goal,we try as an essential service by the govern- next year to be sustainable,which would firmsinthecountry,howhasthejourney plantoreducethedebtandtowhatlevel? havealreadydivestedtheOmanSteelBusi- ment during the pandemic helped to con- result in another round of tariff hikes, beeninthelast5-6years? JSPLhasrunwithasingularfocusonreduc- ness and are evaluating other opportuni- tinuerunningoperations. domestic rating agency Crisil said on There have been challenges but given our ing its leverage over the last few years. In tiesfordivestment. Therecouldbesomemoremeasureswhich Wednesday. DNA of thinking big, quick, and in the thelastthreeyears,wehavepaiddownover the government can use to further boost It said the returns on capital employed national interest,we have tried to convert What is in store for the next couple of `10,000 crore debt and continue to bring JSPLseemstobemorefocusedonconsol- steel manufacturing in the country. One areabysmallylowfortelcosatpresentand everycrisisintoameaningfulopportunity. years, especially in the light of the eco- it down.At the beginning of the year,we idation ratherthan expansion.Howlong could be providing access to adequate raw alsoconsideringtheSupremeCourtruling Everyone is aware of the slowdown, and nomicslowdown? hadadebtofaround`35,000crore,down willyoucontinuewiththisstrategy? materials and another being towards on Adjusted Gross Revenue (AGR),which thenCovid-19-inducedrecessionanddis- As I explained earlier,JSPLcontinuedwith 26% from its peak level of `47,000 crore Yes,it’struethatintheforeseeablefuturewe streamliningvariousstatutoryapprovalsto hascreatedhugeliabilities. ruptions. We have been one of the few its growth momentum even in the lock- in2016-17. wish to focus on ouroperations in India by furtherenableeaseofdoingbusiness. Apart from the tariff hikes,which were playerswho have seen a growth in sales down period.Thiswas driven primarilyby In the first quarter,the net debt reduc- utilising capacities and rationalising costs lastdoneinDecember2019,thetelcoswill and production even in this extremely the export markets where we sensed an tionwasaround`1,300crore(onaconstant tomaximisethereturnsforourstakeholders What is yourview on steel demand and need to up the number of users opting for challenging period. Today, we are a far opportunity in a period when the domes- currencybasis).Weareaimingtobringdown andtobeanet-debtfreecompany. priceinthenearterm? the more expensive 4G offerings and also moreresilientcorporateandstrongerthan tic markets were closed.Exports have fur- ourtotal debt to `15,000 crore in the next The vision is to remain within certain Evenduringthedomesticlockdownperiod, bundle plans with content,it said,adding everbefore. theraddedanewchannelofsalesforJSPL, coupleofyears.Amongthemeasurestaken, constraintsofnetdebttoEbitdaevenwhen wedidwellaswefocusedonexports.Other that the industry can invest in 5G only Given our portfolio of export commit- especially during times when domestic wehaveoptimisedproductionandfocused we think of growing or expanding capaci- Indian players have also looked at overseas throughArpugrowth.Intensecompetition ments,andthedemandsurgeinthedomes- demandisdownduringmonsoonsorother on bringing cost efficiencies,among other ties.Itcouldalsobepurelyonthemoneywe markets.Wenowcomeoutofaglobalreces- over the past three years, heavy capital tic market, Jindal Steel and Power (JSPL) unforeseensituations. measures. earnandnotbytakingonanydebt. sion, there would be increased economic expenditure(capex)torollout4Gnetworks, growthstorywillonlygetbetter,inkeeping We expect an increase in the steel activityworldwide.The demand,thus,will andpendingAGRliabilitieshaveweakened withIndia’sambitiousgrowthgoals. domestic demand going forward and we You spoke earlierabout selling non-core The government is of the view that the onlyincreaseandwillsustain. theirbalancesheets,theratingagencysaid.

Pune WWW.FINANCIALEXPRESS.COM THURSDAY, NOVEMBER 5, 2020 FINANCIAL EXPRESS 5

Pune 6 FINANCIAL EXPRESS WWW.FINANCIALEXPRESS.COM BLATANT MISUSE OF POWER

Union home minister Amit Shah

Congress and its allies have shamed democracy once ❝again. Blatant misuse of state power against Republic❝ TV&Arnab Goswami is an attack on individual freedom and the 4th pillar of democracy OpinionTHURSDAY, NOVEMBER 5, 2020

Punjab's rail-roko protest ● TELECOM REFORMS THE LIBERALISATION OF EANDVBAND SPECTRUM OFFERSAUNIQUE OPPORTUNITYTO EXPAND takes a predictable turn BROADBAND USAGE. LETITSIGNALTHE REFORM OF INDIA’STELECOM LICENSING REGIME Unfortunate that Punjab govt allowed protestors to block trains; it needs to clear tracks to ensure trains run again Liberalise E and V spectrum, S THE CENTRALgovernment enforcing a kind of economic blockade of Punjab as the state government seems to be suggesting,since October 24, by issuing orders against any trains being sent to the state? Even during I the height of terrorism,the president of the Chamber of Industrial and Commercial Organization told The Indian Express (bit.ly/3kVTxnX) goods trains replace telco levies had never been stopped by the Centre.As a result of goods trains not plying in the state,ironically due to the agitation over the Centre’s farm laws,the state’s HEREISAfreshcontroversy first-served”methods,whichdeprived farmers are amongst the worst hit. The state needs around 14 lakh tonnes of around spectrum in India’s the exchequer of legitimate revenues urea immediately but has just about a seventh of this, it has about 40% of di- telecom sector.The sector’s MAHESH and led to private profit. However, the ammonium phosphate,etc.With most power plants running short of coal, key players are divided on Court offered important clarifications power cuts have already begun across the state,and if things don’t get resolved access to unused spectrum UPPAL of its position in its response to the soon,the entire state could soon come to a halt. Tin E andVbands—we offermore details presidentialreferenceonthematter.It Whether the Centre is playing hardball with an Opposition state that is try- later—that can expand broadband Author advises diverse clients on accepted that the allocation of natural ing to subvert its farm reforms is difficult to say,but it is clear the state govern- capacity.The Telecom Regulatory telecommunications regulation and policy. resources is a matter of economic pol- Views are personal ment is largely to blame. In the initial days of the agitation against the central Authority of India (Trai) has recom- icy, not a constitutional principle. It farm laws, it did little to stop various farmer groups from blocking the tracks. mended to the government that this acknowledged the limitations of auc- That is the reason why the Centre ordered trains to stop operations.While the spectrum be regulated lightlyor“liber- models,andenhanceservicesavailable the number of players in the market or tions as the sole method of allocating blockade seems to have been lifted in several areas,reports suggest it remains in alised”topromotewideruse.Majortech- to users and the economy at large. offerthemexclusiverightstoanyunused scarce resources. placeincriticalareas.AstheExpressreportpointsout,thefarmerblockadeswere nologycompaniesandstandaloneinter- India’s own National Digital Commu- spectrum.Such“levelplayingfield”con- The government too, has made lifted for the movement of freight trains.That is, the farmers are blocking the netserviceproviders(ISPs)supportTrai’s nicationsPolicy(NDCP)of2018,spoke siderations do not apply in other juris- exceptions. In 2018, the government tracks at various strategic locations and are willing to allow individual freight proposal.However,telecom operators of“promoting the effective utilisation dictions,eveniftelcosmayanddoadvo- issuedanotificationtodelicensetheuse (telcos),the main users of spectrum in ofhighcapacitybackhaulE-band…and cateexclusiveuseofthespectrum. ofspectrum—5,150-5,250MHz,5,250- trainstopass.Apartfromthequestionofwhetherthecentralgovernmentshould India,vehementlyopposethisidea.Cel- V-band …spectrum in line with inter- Niche service providers are unregu- 5,350 MHz, 5,470-5,725 MHz, and give in to pressure tactics that seek to stop one kind of traffic,there is the issue lular Operators’ Association of India national best practices”. lated in most jurisdictions.However,in 5,725-5,875MHz—forlowpowerappli- of whether even freight trains will be allowed to pass unhindered; who is to say (COAI), in a letter to the government, However,India’slicensingrulescom- India,due to the burdensome levies on cations.In 2015,it reportedlyallocated when the agitating unions decide to change their mind—farmers are sitting in claimedthattheproposalis“technically plicatethisreform. telcos,nicheplayerscanbenippedinthe microwave spectrum to TSPs without smallgroupsinover20stations—andhowdoestheRailwaysconductoperations not feasible, legally untenable, causes The unique feature of budbyinvokingthe“same anyauction though subject to clarifica- where each train is to be inspected before it is allowed to pass through? huge revenue loss to the government the Unified Licence (UL), service,samerule”mantra. tionofrules.Also,itisdifficulttoequate If the state governmentwants trains services to resume,it has to proactively anddisturbslevelplayingfield”.Itadvo- which telcos hold,is that The direct link Markets that thrive else- sharing of spectrum with its allocation clearthe tracks aswell as the railwaystations; if need be,police forces needed to cates auction of the spectrum for the its holders must share a between UL levies where have made little fortheexclusiveuseofaprivateplayer. bedeployedtosignalthatnorailrokoagitationswillbepermitted.Thestategov- exclusiveuseofitsmembers.Afinaldeci- substantial part of their headway in India. Exam- It is trite to link liberalisation of E ernmentsayingthatithassucceededinconvincingfarmerunionstoallowapar- sionispending. revenueswiththegovern- and the govt ples include Wi-Fi andVbandstoalossofrevenuesofthe tial resumption of services is no solution since it means the Railways cannot IarguebelowthatTrai’sproposalsare ment,aslevies.Theselevies revenues has the hotspots,virtual network exchequer. The government has operatefreely;andthethreatofservicesbeingdisruptedalwaysremains.Indeed, sound and timely and in line with the are over and above the unintended effect of operators,use of cable TV repeatedlyclaimed—most recentlyin this is a lesson forall future protests.If protestors are allowed—orencouraged— reform undertaken by regulators in a international norm,which aligning the infrastructure for broad- the NDCP—that revenue maximisa- growing numberof countries.The telco is: a market price forspec- band and other services tion is not its sole policy objective. to target public facilities such as railway tracks, the consequences are usually interests of serious since there is no telling how the agitation pans out. In this case, fortu- responsereflectsmoretheshortcomings trum,nominal regulatory that“non-telco”entrepre- Indeed,COAI has a long-running and nately, there was no violence, but the situation could just have easily spiralled inIndia’stelecomlicensingregime,that fees,and applicable taxes. incumbents and neurscanprovide. justifiable demand for lowering of outofcontrol.And,giventheCentrehasrepeatedlyreassuredfarmersthatithas is delaying urgent reform,and less the Indian telcos paid a mas- the govt The direct link levies and auction reserve prices,and no intention of reducing its MSP-based procurement from Punjab,it is not even weaknessoftheproposals. sive `4,028 crore ($540 between UL levies and opposition to the auction of the clearwhat the chief minister or the striking farmers want; in the event,it is not We startwith a brief introduction to million) in levies to the government revenues microwave spectrum. Surely its pro- theproposals. government in the last has the unintended effect posals,if accepted,will hurt revenues clearwhenRailwayservicescanbefullyresumed.WhiletheRailwayministryhas Thespectrumrecommendedforlib- reportedquarter. of aligning the interests of incum- of the exchequer. to resume services at the earliest,this cannot happen till the tracks are fully eralisation relates to frequencies The new users of liberalised E andV bents and the government. It also India’s flawed licensing regime has cleared and safeguards put in place to ensure this does not reoccur. between 71-76 GHz and 81-86 GHz (E bandspectrumwouldavoidthelevies,if serves to entrench incumbents and delayedimportantreforms.Robustcom- Band),andto57-64 GHz(Vband).Itsup- thespectrumisavailableforusewithsay, deprives consumers of the proven petitionfromplayers,technologies,and ports high-speed data transfer at short a registration,instead of a UL.It will be benefits of competition. businessmodelsisthewaytoaddressthe distancesbutiscurrentlyidle.Therange cheaperforthemtoofferanicheservice Othercomplaints against liberalisa- needs of India’s diverse users,from the Republic under siege ofEbandfrequenciesisaboutakilome- likehighspeeddatatransferatshortdis- tionareeasiertoaddress. marginaltotheextremelysophisticated. tre while that of V band is 200-300 tances.However,the savings would be Itisincorrecttosuggestthatliberali- Large levies are a burden on telcos Attacking the media undermines a vital pillar of democracy metres since the lower frequencies, tinycompared to costs and revenues of sation is technicallyunfeasible.Eighty- and distort market competition.They which normallyimplylongerreach,are theservicesthattelcosprovideacrossthe six countries already regulate E band must be replaced byless distortionary VENDETRACTORSOFRepublicTV’sfounder-editorArnabGoswamiwill in the range where oxygen molecules countrythrough their exclusive 2G,3G spectrum lightly, and 22 have com- instruments such as the general tax agree that arresting him in a 2018 abetment-to-suicide case appears to absorbthem. and4Gspectrum. pletelydelicensedVband. regime.Thisauthorproposedanother beaninstanceofpoliticalvendettacomingasitdoes,ontopofhundreds In view of this, regulators increas- However, this “cost advantage” of It is an exaggeration to claim that approach in this newspaper of FIRs against Republic’s journalists and the Mumbai police commis- ingly recommend liberalisation of E niche players presents aproblemthatis the reform is legallyuntenable inview (bit.ly/2TTHyeI). There could be E band spectrum and delicensing of V unique to India: It feeds the claim that oftheSupremeCourtjudgementinthe others too. sioner’spressconferencewherehenamedRepublicinaTRP-manipulationscam band spectrum.This would untap the liberalising E andVbands,“disturbs the 2Gcasein2012.TheCourthadordered The liberalisation of E and V band even before the judicial process was complete. Indeed, the sequence of charges potential of a valuable and scarce eco- levelplayingfield”.Itservestoblockother thatinfutureallspectrumbeallocated spectrumoffersauniqueopportunity does suggest Republic has got caught in a war between the central government nomic resource. Liberalisation would potential users of the spectrum on the through auctions. It came down to expand broadband usage.Let it sig- and the one in Maharashtra. Indeed, that is why, unlike its statement the last also open the market to innovative grounds of“same service,same rules”. strongly against spectrum allocation nal the reform of India’s telecom timearound,theEditorsGuildofIndiahasbeenquiteunequivocalthistime.The players, technologies and business Thisiscriticalsincetherulesdonotlimit using administrative or“first-come- licensing regime. last time it issued a statement on Republic asking for a halt to the victimisation of journalists, it also spoke of Republic’s “high-strung conduct” in the Sushant Singh Rajput case and how this raised “issues about media credibility and the US ELECTIONS 2020 limitstoreporting”.Thistime,however,itsimplysaid itcondemned“thesudden LETTERS TO arrest and (found) it extremely distressing”.The News Broadcasters Association THE EDITOR said that even though it did “not agree with (Goswami’s) type of journalism”,it Bush vs Gore denounced“retaliatory action,if any by the authorities against a media editor” Don’t invoke and asked for due process to be followed. Law against freedom No one is above the law,though it is true Goswami’s channel often assumes Bush vs Gore was a response to the specific of marriage that role since it has shown no compunction in declaring people guilty long problem of standardless recounts in Florida,and before anytrial in a court of law.But the question to be asked,in not just the cur- CASS R The shocking proposal by UP and rent case but in the sedition cases filed against journalists or the FIRs filed it was written with care to ensure that it would Haryana to enact a law to curb what against journalists in Uttar Pradesh last month is what the remedy is to high- they call ‘love jihad’ speaks of a mix not be taken to strike down“different systems SUNSTEIN of patriarchy and communalism. The handed action bythe state? If the Mumbai police has reopened the case involv- reason for bringing in such a law ing an interior designer committing suicide in 2018—the allegation is the for implementing elections”within states Bloomberg seems to be that the “honour” of designer committed suicide because he had financial problems resulting from Hindu women is under threat from Goswami refusing to payhis dues—has it found newevidence to prove the case? IT IS ELECTION DAY, and there are sistent with the minimum procedures that some counties in Pennsylvania are zealous Muslim youth seeking to win It maywell have,but the experience with several high-profile cases over the already lawsuits challenging votes and necessary to protect the fundamental not doingwhat MontgomeryCountyis over girls from other communities years—whether by state police or central agencies like the CBI and the ED—is voting procedures. Some of them are rightofeachvoterinthespecialinstance doing,thus treating voters differently for religious conversion in the name that they tend to drag on for decades, sometimes investigations get dropped, invoking the Supreme Court’s 2000 ofastatewiderecountundertheauthor- andsoviolatingBushvsGore. of love and marriage. UP CM, who and in some instances,the cases are dismissed by the judiciary.Surely there decision in Bush vs Gore,which effec- ityofasinglestatejudicialofficer”. Thatisnotagoodargument.Recall has also threatened those allegedly must be a system in place to ensure officers face some kind of penaltywhen the tively handed that year’s presidential Toamplifythepoint,thecourtadded that in Bush vs Gore, the Court was operating in secret by concealing cases fall apart? If this is not ensured,arrest-and-shame becomes the norm, election to George W Bush.We should acrucialqualification:“Localentities,in keenlyawarethat“localentities,inthe their identities, and his Haryana where the ultimate goal is not conviction,but keeping the‘accused’in jail foras expectalotmoretocome. the exercise of their expertise, may exercise of their expertise, may counterpart, also seem to be long as is possible.Until the state and its various arms hold themselves to a Bush vs Gore is widely misunder- develop different systems for imple- develop different systems for imple- making the same mistakes: using higher standard,the republic will always be under siege. stood.It rested on exceedingly narrow mentingelections”.TheprobleminBush mentingelections”.Someofthosedif- the term ‘love jihad’ in a communal grounds.Asthecourtputit,thekeyissue vs Gore was that“a state court with the ferences stem from resources: long sense and speaking about was “whether the use of standardless powerto assure uniformityhas ordered linesinsomeplaces,shortlinesinoth- marriages as if they were not a manualrecountsviolatestheEqualPro- astatewiderecount”thatdidnotensure ers.Someofthemstemfromdifferent matter of personal choice. They ConnectedSECURITY tectionandDueProcessClauses”. that“the rudimentaryrequirements of policycalls about the best technology, should remember that earlier this The Florida Supreme Court had equal treatment and fundamental fair- about how to handle the risk of error, year, the Union home ministry made India must take a cue from Europe and Singapore to adopt ordered a recount that would require nessaresatisfied”. or about social distancing and Covid- it clear that the term is not defined votestobecountedinaccordancewith We cannot rule out the possibility 19.In theyears since Bush vs Gore,the in law. The immediate context for the best IoT security standards the“intent”of thevoter.There is noth- that the ruling in Bush vs Gore might lower courts have been cautious and these leaders to go out on a limb ing wrong with that.The problem was turn out to be relevant to the current respectfulofthe prerogatives of“local about curbing inter-faith marriages ITH INTERNET USAGE deepening as well as getting wider, the that Florida’s high court failed to lay presidential contest.We might have a entities”,and of their ability to make is a recent Allahabad High Court government should require manufacturers of digital devices to down specific standards to ensure Trump vs Biden, testing the question different choices. (HC) judgment that frowned upon displaysecurityratings,quiteinthemannercompaniesareasked “equal application” of that principle. whetherarecountsatisfiesthose“rudi- Tobesure,therearelimits.Itwould religious conversion solely for the todisplayenergyefficiency.Securitystandardsareyettobecome And indeed, the standards for accept- mentaryrequirements”. hardly be permissible to accept the purpose of marriage. The HC had W ing or rejecting ballots ended up vary- Butthatisnotimminent. votesofDemocratswhilerejectingthe declined to intervene on a writ mainlined in quality standards for devices—Europe announced such standards forconsumerIoTdevicesonlylastyear,whileSingaporetalkedofassigninglabels ingwidely,notonlyfromonecountyto What is starting to happen,even on votes of Republicans,orto countvotes petition seeking police protection based on securitytesting onlyearlierthisyear.The European standards mandate another, but even from one recount ElectionDay,isthatBushvsGoreisbeing in accordance with principles that are for a recently married couple, noting that the bride had converted removalofuniversalpasswordsfromalldevices,whiletheSingaporeanonesman- team to another. invokedwrongly—not in the context of sobroad,andsoabstract,thatsimilarly Back in 2000,many Florida voters a statewide recount lacking the neces- situated voters would not be treated from Islam to Hinduism solely for the date a four-stars system,wherein devices passing basic security checks get one used punch cards, and many of their sary uniformity, but as a challenge to similarly.Standardlessvote counts,no purpose of marriage. Although the star.Devices that have passed penetration testing get four. votes produced only partly punched local entities, making different deci- lessthanstandardlessrecounts,would court strayed from the issue at hand, As the IoT device market picks up—India is also witnessing an explosion of ballots, leaving those famous “hang- sionsforimplementingelections.Anote not satisfy“the rudimentary require- its objective was to underscore that smart refrigerators,smart home securitysystems,robotic cleaners,smart speak- ing chads”.Should those ballots have to Republicans and Democrats alike: ments of equal treatment and funda- conversion should not become a ers,etc,especiallyafterthe pandemic—there is a need to definewhat standards counted? Different recount teams Bush vs Gore does not draw into legal mental fairness”. device. It is indeed praiseworthy as devices must follow.More important,these devices are also storing and col- used different standards.That meant doubt the right of local authorities to Still,Bush vs Gorewas a response to a principle that inter-faith couples lecting more information about the user and relaying it back to device manu- that whether a person’s vote would decidehowtoconducttheirelections. the specific problem of standardless retain their religious beliefs facturers.Take the case of smartwatches or otherwearables that collect critical count depended on a kind of lottery— On Tuesday morning,for example, recounts in Florida,and it was written separately and opt for marriage health information about users.This certainly calls for security compliance to the specific recount team that was Republicans invoked Bush vs Gore in withcaretoensurethatitwouldnotbe under the Special Marriage Act. ensure user data privacy is actively protected. In an article in this newspaper, doing the counting. In the US Montgomery County in Pennsylvania, takentostrikedown“differentsystems However, this principle cannot be Kanishk Gaurhad highlighted that therisks forIndianconsumers are fargreater Supreme Court’s view, this was challenging a county’s process fordeal- for implementing elections” within used to derogate from personal as most devices are imported from countries like China,especiallywhen indus- unequaltreatment,anditviolatedthe ingwithcertainabsenteeballots.Appar- states.On that point,at least,Republi- choice or become a trick to try IoT growth is expected to outpace consumer IoT.With consulting firm Zin- equal protection clause. entlysomeofthosemail-inballotswere cans and Democrats should be pre- interfere in the individual freedom nov expecting Indian IoT devices to grow tenfold, to 2 billion by 2021, and the Atthesametime,thecourtwascare- defective,andofficialsdecidedtonotify pared to agree. to forge matrimonial alliances. market to soar to $15 billion, there is an urgent need to define standards.This ful to say that its ruling was limited to voters in order to allowthem to change This column does not necessarily — Sanjay Chopra, Mohali will ensure that companies and consumers increasinglyreliant on digital tech- very rare and specific circumstances. their ballots.The Republicans who are reflect the opinion ofthe editorial nologies are not left vulnerable to attacks. “The recount process”,it said,“is incon- objectingcontend,amongotherthings, board orBloomberg LPand its owners ●Write to us at [email protected]

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

Pune WWW.FINANCIALEXPRESS.COM THURSDAY, NOVEMBER 5, 2020 FINANCIAL EXPRESS OPINION 7

Changing global supply chains

RC ACHARYA

Former member, Railway Board [email protected]

OVID-19 HAS impacted India in many ways. Apart from crippling its economy by restrict- ing the movement of people and goods,work from home and online education have been accepted as a way of life.It has also led the worldC to the stark realisation that supply chains need to be more resilient to withstand shocks of sudden disruption (due to a pandemic orcauses beyond human control). Over the years,global supply chain networks have been concentratedinChina,onaccountoflowpricesoffered,par- ILLUSTRATION: ROHNITPHORE ticularly for electronic goods.Commissioned by the Indian MinistryofCommerce,astudynowhighlightstheopportu- nities and challenges for India arising out of the changing VERY YEAR, AROUND Octo- JAYA thecountrymentowardsinstillingphys- global supplychains. ber,theattentionofalmostall icalfitnessintotheirdailyroutines.There Even priorto Covid-19,the trade stand-off between the the media houses and even JUMRANI has been a rapid jump in the consump- US and China had resulted in global tensions.The US’s developmentresearchgeeksis tion of processed and ready-to-eat food aggressive steps to protect its industry by creating a series drawn towards food—the The author is a scientist (senior scale) with the Indian Council ofAgricultural Research-National products not just in urban but also in of financial barriers in the form of steep hike in import tar- mostEimportant element of human Institute ofAgricultural Economics and Policy Research (ICAR-NIAP), New Delhi.Views are personal rural areas. This is largely due to their iffshadanunderstandablereactionbyChina,whichresorted health and survival.This is mainly on lowerprices and easyavailabilityeven at to sharp increase in import duties on goods thatwere likely account of two key factors: (1) marking mom-and-popstoresandonline.Inview to hurt the US economy.It soon turned into a tradewar. the World Food Day on October 16, and ● NUDGING HEALTH of the rapidly rising rates of obesity and The US imposed a series of tariff hikes, firing the first (2) announcement of the often-cited cardiovascular diseases, India has now salvo on July 6,2018,valued at $34 billion,followed by Global Hunger Index (GHI).This year’s publicly committed to eliminate trans another worth $16 billion on August 23 and a whopping October,unlike previous years,has been fattyacidsfromitsfoodsystemsby2022. $200billionat10%onSeptember17,withChinarespond- both different and special. All-out efforts have been made to pro- ing in kind.The US continued with another bombshell of It has been ‘different’ due to the An apt time to motebothproductionandconsumption $200 billion on May10,2019,and $112 billion in Septem- unprecedented times that the world is of millets (now known as nutri-cereals), ber 2019,with China striking back with higher tariffs on witnessing because of the coronavirus whichareoftenseenasapoorman’sfood. goodsworth $60 billion. pandemic.It is,however,‘special’on two Consumerdemandfortheseisbeingtrig- Although the two nations had been trading fordecades, counts.First,theWorldFoodDaymarked gered by introducing them in the public theUShadstartedtofeelthepinchwhenitregistereditsfirst the 75th anniversary of the United relook our distribution system and as part of nutri- trade deficit in 1985. Since then, the gap between import Nations’(UN)FoodandAgricultureOrga- gardens.These nutri-cereals are not just andexportkeptonwidening,untilitreached$323billionin nization (FAO). Second, the Nobel Peace goodforhumanhealth,butalsoforfarm- 2018,promptingUSPresidentDonaldTrumptoact,result- Prize 2020was conferred upon the UN’s ers’welfare and planetaryhealth. ing in the trade deficit narrowing to $295 billion—but still WorldFoodProgramme(WFP),anorgan- We are now just a decade short of a longwayto go. isationthatworkstocombathungerand dietary choices reachingourenddateofattainingtheZero Understandably, the US- promotefoodsecurity.TheWFPstrivesto HungertargetoftheSustainableDevelop- China trade war is far from preventtheuseofhungerasaweaponin ment Goal 2. It is imperative that this It seems the over,andthetwonationsshare warand conflict situations.The Nobel to The pandemic has signalled that strong immunity and momentum of the‘whole of the govern- complexities of a deep mutual mistrust. afood-basedinstitutionreiteratesthatit ment’approachistakenforwardtoallthe While the US-China trade is not possible to attain peace on an adequate nutrition are two key pillars that determine the future schemes. The coronavirus pan- doing business in war has disrupted established emptystomach. severity of a disease.Time to take a fresh look at our dietary demichasbeenmorethanapublichealth India have offset supply chains, it has also India continues to be in ‘serious’ crisis; it has had many indirect ramifica- the advantages of resulted in manufacturers hunger category,and is home to 14% of choices,and impart good nutritional knowledge practice tions in different directions.The ongoing low labour costs coming under severe pressure theworld’s undernourished population. pandemic has signalled that strong to relocate out of China in Thecountryranks94thamong107,and information to both consumers as well as producers immunityandadequatenutritionarethe order to avoid high US import is a poor performer in the BRICS high two key pillars that determine the sever- tariffs—fallout has been table. It is also behind its South Asian ityoftheCovid-19disease.Therearecon- highertariffs on Indian exports that are 16% and 6% of its neighbours like Bangladesh,Pakistan, Indicator values for India cerns that there may be more such pan- total exports to the US and China,respectively. Indonesia and Nepal, among many oth- demics in the near future. It is an India’s efforts to attract investments began in the right ers. Nevertheless, there are a few green 60 opportunetimetotakeafreshlookatour earnest five years ago with ‘Make in India’.Various steps shootsintermsofIndia’strajectoryinthe Prevalence of stunting in children under 5 years dietary choices,and impart good nutri- taken byIndia helped it improve its rank on the‘Ease of 50 GHI. Over a span of 20 years, India has GHI score tionalknowledgepracticeinformationto DoingBusiness’index.Anotherstephasbeenthereduction made progress in its GHI values and both the consumers as well as producers. of corporate tax rate for new manufacturing companies stunting rates amongst children.There 40 Besidesthetraditionalnutritionalaware- from25%to15%,withnoMAT(minimumalternativetax). has been a notable reduction in the ness campaigns,it can also take the form However,in the race towoo manufacturers to shift base 30 under-fivemortalityrate—downto3.7% Proportion of undernourishment of subtle behavioural nudges towards from China,Vietnam appears to have been a clear winner, in2020from9.2%in2000.However,we healthierlifestyles—both forthe rich and with no less than 26 entities opting forit,of the 56 moving are getting worse in terms of wasting 20 the poor.At the same time,it is critical to outofChina.OthercountriesthathavebenefitedareTaiwan amongstyoungchildren—itimpliesthat Under 5 mortality rate ensure that the producers have all the (11),Thailand(8),Japan(5),Cambodia(4),followedbyIndia, Indian kids are too thin for their height. 10 Prevalence of wasting in children under 5 years right incentives to produce these healthy the Philippines and Malaysia (3 each). There is a need to understand and inves- crops or food products (such as micronu- Electronics,apparel,agrofood,transportequipmentand tigate the reasons behind this situation. 0 trient-rich fruits and vegetables),while machinery are the sectors that have chosen to shift base, Thesestatisticsareprojectedtogetworse 2000 2006 2012 2020 consumers across the entire income dis- withVietnambaggingmostofthecompaniesdealinginfur- inthenearfutureinthewakeofthepan- Source: GHI (2020) tributionareabletoaffordthese,andthat niture and communication equipment. demicasitismainlythepoorandhungry their production should be sustainable. Givenitssize,Indiaattractingonly0.6%ofFDIisanindi- that are severely impacted. In India, the Thesenudges,despitebeingcost-effective catorof foreign investors’sentiments to commit on a long- problemisnotwithrespecttofoodavail- lem.Alotofworkhasstartedattheimple- help not just in protecting the interests andrapid,needtobedeployedinasuiteto term basis, and further liberalisation appears to be on the ability, but inequitable distribution and mentation level in the form of various of poor and migrant beneficiaries,but betrulyeffective.Tohavetherealbigpush cards. It seems that the complexities of doing business in massive foodwastage. schemes. Schemes such as the Mid-Day also in capturing identity fraud.The cel- intermsofthesebehaviouraldrivers,what India have offset the advantages of lowlabourcosts. Giventhecomplexinterplayofnutri- Meal and the Integrated Child Develop- ebrationoftheNationalNutritionMonth is desired is an innovative and well-coor- One of the reasons behindVietnam’s success appears to tion,foodsecurity,sanitationandhealth- ment Services operate in a symbiotic in September everyyear as part of the dinatedeffortfromallthestakeholders— betheVietnam-USTradeForumheldinSeptember2019in carefacilities,itisimportanttoacknowl- fashion,with coordinated efforts from flagship POSHAN Abhiyaan (The Prime government,suppliers,retailersand,most Ho Chi Minh City,where measures to attract investments edge this interconnectivity. If one of concerned ministries.As high as 90% of Minister’s Overarching Scheme for importantly, consumers. Unless con- were discussed in detail. thesesystemsworksinanon-synergistic the 23.5 crore ration cards have been Holistic Nutrition,or National Nutrition sumers engage and participate with full Although it has attracted only three entities, India has way,all efforts can crumble down.The digitisedandlinkedtoAadhaarnumbers Mission)isanotherstepinthisdirection. spirit in such schemes or interventions, not really done badly,managing to grab some of the giants government at all the levels has recog- ofatleastonefamilymember.Moreover, IndiarecentlylaunchedtheEatRight the goal of having a healthy,productive in the field of manufacturing electronic goods—Wistron, nised and adopted this multipronged soon the ‘One Nation, One Ration Card’ India and Fit India movements to and nutritionally secure India might be Hasbro and Foxconn. strategytotacklethemalnutritionprob- policyshallbefullyadopted,whichwould encourage a shift in lifestyle,and nudge difficulttoattain.

CLIMATE CHANGE

ASTMONTH,THEReserveBank definition in India could be formed ofIndia(RBI)releaseditsannual throughacombinationofadoptinginter- report. Tucked into the 326- national practices, developing a set of page document was something Is only agriculture principles for green economic activities, new: Several references to the and obtaining stakeholderviews. Lincreasing vulnerability of India’s econ- While a market-led collaborative can omy to climate change,with a particular accelerate green capital flows,beginning focus on ouragricultural sector. sector at risk? withanagreedupondefinition,scalingup It’s good news that RBI is raising and greenfinanceinIndiaalsorequirespolicy leadingonthisissue.India’seconomywas actions and regulatoryinterventions. alreadyinadownturnwhenCovid-19hit. Rather than merely manufacturing, focus on areas So,what’s standing in theway? And if Covid-19 made waves, climate such as agriculture or self-employment; these are The playing field could become changewillmaketidalwaves.Infact,upto uneven.While identifying climate risk is 4.5%oftheeconomyisatriskannuallyas relatively less affected during a pandemic important,first-movercompanieswould theclimateworsens,andIndiaisrankedas face the risk of being lumped with all the the fifth mostvulnerable in theworld. costs of measuring their climate risk and RBIfocusedonagricultureasthemain MAHUA ACHARYA & possibly higher cost of capital, only to, at-risk sector,but,in fact,it is only one of possibly,end up being punished for their the many areas of concern.Other sectors LABANYA PRAKASH JENA transparency, if other companies kept are also obviously affected by the same quiet.A host of related questions subse- Acharya is Asia director and Jena is manager, phenomenon: Housing, transportation, Climate Policy Initiative quentlyarise:Whathappensiftheserisks forestry, fisheries and tourism due to were disclosed? How would analysts rate storm and flood,and construction,man- theirshares?Whatwould the investment ufacturing and hospitality due to rising Additionally,centralbanksaroundthe trend, including green recovery from The starting point forchanging this is products and services for investors and perception be? If the riskswere then mit- heat and humidity, are also at risk. For world are taking initiatives that include Covid-19.In a previous report,RBI had nomenclature. And RBI agrees that depositors,enablingfinancialintermedi- igated, where would that capital come example,economiclossestoKeraladueto not only climate risk management,but acknowledged that climate change risks ‘greenwashing’orfalseclaimsofenviron- aries to assess their climate change risks from? So,while the concept is simple,the the 2018 flood were approximately $ 4.1 alsomonetaryandfinancialstabilitypoli- could adverselyaffect the stabilityof the mentalcompliance,andpluralityofgreen andopportunities,andimprovereporting repercussions are complex. billion, of which the economic loss to cies that support mobilisation of green financial system—a common under- loan definitions, are the two key chal- and disclosure practices. There’s also a risk to the financial sys- transportation and housing was about investment. The Network for Greening standing amongst financial regulators lenges to green finance.An agreed upon Whilesomeinternationalregion-spe- tem.If it turns out that banks and NBFCs, $1.4billionand$0.4billion,respectively. the Financial System, formed by central across the globe. formal definition of green finance in cific initiatives like the EU’s green taxon- insurers, pension funds, and mutual In its report, RBI noted that central banks, now has 69 members, and 13 The latest work by the Climate Policy India could deliver multiple benefits. It omyorChina’s green bond catalogue and funds aren’t properly pricing in the risks banksandregulatorsneedtoprovidelead- observers have embarked on the task of Initiative shows that India is only mobil- could enable more precise tracking of green credit policy have already shown posedbyclimatechangetotheirfinancial ership in these areas, including through integrating climate change risks in the ising about a tenth of the investment finance flows to green sectors,which, in promise for scaling up green projects, assets, the value of these assets could “the propagation of Environment, Social financial system. needed to meet our climate goals.While turn, could help design effective policy, there are a numberof additional interna- erode suddenly. But, by how much? And andGovernance(ESG)principlesthrough While India, undoubtedly, has ambi- this is a conservative estimate due to lack regulations and institutional mecha- tional initiatives focused on defining who determines it? thestandardisationoftheESGinvestment tious targets for clean energy—and cli- of data stemming from the absence of a nisms directed towards increasing both green.However,India’s financial sectoris Recognising and disclosing climate terminology,design of a standard disclo- mate change is rightly embedded into robustbudgettaggingsystem,wedoknow public and private investments in green not fully in step with any organised risk is a logical step generally, and the suresformatforfirms,andbyincorporat- economic development—to do more that we are generally still falling short of sectors. domestic or international initiative that repercussions are uneven unless all enti- ing ESG principles in financial stability through markets, the Indian financial thepotential,despitethecommercialvia- Aformaldefinitioncouldalsoacceler- focus on aligning definitions, disclosure tiesarerequiredtodisclose.Theoperative assessments.”This is a great step. system at large needs to back a green bilityof most green technologies. ate the development of green financial and reporting practices.A green finance word,therefore,is‘all’.

Pune 8 FINANCIAL EXPRESS WWW.FINANCIALEXPRESS.COM OPEN WORLD ECONOMY

Xi Jinping, President, China

We should take a constructive stance to reform ❝the global economic governance system and ❝ International promote an open world economy THURSDAY, NOVEMBER 5, 2020

Quick US ELECTION View Confidence, irritation at White Twitter,FB face labelling test House as Trump team waits JEFF MASON & STEVE HOLLAND needtosecurere-election. BMW warns of Washington, November 4 "We feel good,"said one seniorTrump on Trump’s election posts adviser,whoexpressedbothfrustrationthat pandemic risks as PRESIDENTDONALDTRUMP'Saidespored Floridawasnotcalledforthepresidentearlier Q3 profit rebounds ELIZABETH CULLIFORD & JACK STUBBS overelectionmapsintheWhiteHouseWest in the night as well as optimism about his London, November 4 How the world is reacting to the 2020 US election WingandcheeredtheircandidateintheEast chancesinMichiganandNevada. BMW’STHIRD-QUARTERPROFIT RoomasElectionDayresultsincriticalstates "Good.Butnervous,"WhiteHousechief FACEBOOKANDTWITTER rose almost 10% thanks to Chinese flaggedsome I woke up and went on Twitter to No matter who wins such asFloridaandOhiocame infavouring of staff Mark Meadows said of the mood demand forluxurycars,but the of President DonaldTrump's posts on the theRepublicanleaderonTuesday. amongTrump'scircle. find out who won. Nothing is the #USElections2020, automakerwarned a newwave of US election as votes were still being clear yet. So, this is a real election But their cautious confidence took on IntheEastRoomontheothersideofthe coronavirus infections sweeping counted, in a real-time test of their rules it won't affect our irritationwhenArizona,a state that backed White House,guests,including close advis- — Europe and US posed a“considerable” on handling misinformation and prema- ALEXEY NAVALNY, policy toward the US. Trump in 2016,was called byFox News for ers,Cabinetmembersandfundraisers,were risk to its business.Sales of luxury ture claims ofvictory. RUSSIA’S MAIN OPPOSITION LEADER Some people talk about what will DemocraticpresidentialnomineeJoeBiden, sipping drinks,snacking on chicken fingers models such as the 8 series andX7 The two companies have been under happen if this or that one is saidsourcesfamiliarwiththesituationwho andwatchingthereturnsonlargeTVscreens helped the carmakerreach a newsales fiercescrutinyoverhowtheypolicerapidly This kind of unrest is usually (a) elected. Yes, certain events asked not to be named.The president,who setupinthehistoricroom.Theroomcheered record in the quarter,but the cautious spreadingfalseinformationandelection- complication of elections in poor may happen but they don’t earlierinthedayvisitedstaffathiscampaign whenFoxNewscalledtheracesinFloridaand outlook sent BMWshares loweron related abuses of their platforms. In the countries, but people are worried concern us. Our policy is headquarters in nearbyVirginia,watched Ohio,twobigandimportantswingstates,for Wednesday. weeks before Tuesday's vote, both vowed it may appear in the US. The US is calculated and clear. election returns with his family in the the president,according to sources in the action on posts by candidates trying to in degradation. — ALI KHAMENEI, upstairslivingroomoftheWhiteHouseres- room.But the right-leaning network drew M&S slides to first loss as declare earlyvictory. — HU XIJIN, EDITOR OF THE GLOBALTIMES IRAN’S SUPREME LEADER idence.“He’s calm, chilling,”said a source criticismfromTrumployalistsforcallingAri- TwitterhidaTrumptweetthatclaimed familiarwiththescene.“He’sinthehunt.” zonaearlyforBiden. virus hits clothing sales "we are up BIG, but they are trying to AsatightWhiteHouseracecamedown “WAYtoosoontobecallingArizona...way BRITAIN’SMARKS&Spencerreported STEAL the Election" behind a label that Whatever the election night comments on either side of the campaign. to a handful of stateswherevote-counting too soon,"Trump campaign senioradviser thefirstlossinits94yearsasapublicly said it was potentially misleading. The I’m confident and have full faith in the U.S. institutions, checks and couldtakehoursordays,Trump'swife,Mela- JasonMillertweeted.Trumpalsoweighedin listedcompanyafterclothingsaleswere company also restricted users' ability to balances in the US system, that will produce a definitive result. nia,alongwith his adult children and their onTwitteraftermidnightinapostthesocial hammeredbyCovid-19,butan share the post. — DOMINIC RAAB, UK FOREIGN SECRETARY spousesmovedinandoutoftheroom. mediacompanyswiftlytaggedaspotentially encouragingperformanceinfoodsent Facebook added a label to the same DownstairsandintheWestWing,aides misleading."WeareupBIG,buttheyaretry- itsbatteredshareshigher.Thestockwas post,whichhadabout18,000shares,that playedwithelectionmapsontheircomput- ing to STEALthe Election.Wewill neverlet up5%at1026GMTonWednesday, said "final results may be different from duced more labels around the election. ers to gauge Trump's potential path to themdoit.VotescannotbecastafterthePolls paring2020lossesto55%,asinvestors initial vote counts as ballot counting will PM of Melania’s On Wednesday, a group of Facebook achieving the 270 electoralvotes hewould areclosed!"Trumptweeted.—REUTERS tookcomfortthehalfyearlosswasnot continue fordays orweeks." critics that includes civil rights activists asbadasfeared. A spokeswoman for Facebook said it homeland andplatformexperts,whorecentlyformed wasnotrestrictingthereachorsharingof their own rival'oversight board'to review Xi:China’saccumulated labelledcontent.Shealsosaiditwouldnot congratulates its content moderation,appeared to criti- YouTube accounts livestream fake importstoexceed$22trn flag premature claims of state wins, only Trump on victory cise Facebook fornot restricting the reach of the final result of the presidential race. ofTrump'slabelledcontent,tweeting:"You. results to thousands of viewers CHINA’S ACCUMULATED IMPORTS Twitterdidnotlabelaseparatepost,in Can.Still.Share.The.Post.#DoYourJob." of goods will exceed $22 trillion over which Trump declared: "A big WIN!" A SLOVENIAN PRIME Minister Janez Trump claimed in a speech live- MARK BERGEN the next decade, and the country is spokeswoman said this was because the Jansa congratulated Donald Trump streamed on both platforms that he had November 4 accelerating its opening up despite language was vague and unclear on what on what he described in a tweet as a won the election,with millions of votes the global coronavirus pandemic, victorywas being claimed. clear victory in the US presidential still uncounted. His Democratic rival Joe SEVERAL YOUTUBE ACCOUNTS Chinese President Xi Jinping said on Facebook added a notice to that post, election, becoming the first Euro- Bidensaidearlierhewasconfidentofwin- livestreamedfakeUSelectionresultstotens Wednesday.Xi was speaking via which had more than 33,000 shares,say- pean Union leaderto do so. ning the contest. ofthousandsofviewershoursbeforeanyof video message at the opening ing:"votesarestillbeingcounted.Thewin- “It’s prettyclearthatAmerican peo- Facebook labeled thevideo,which had the polls closed -- and beforeYouTube took ceremony of the China International ner of the 2020 US Presidential Election ple have elected @realDon- 2.6millionviewsonWednesdaymorning, theclipsdownasspam. Import Expo in Shanghai. has not been projected." aldTrump @Mike_Pence for withawarningsayingvotecountingcould Starting Tuesday morning, multiple A Facebook spokesman said it would #4moreyears,”said the leaderof the continue for days orweeks.The video had channels posted similar,lengthylivevideos hibitingspam,deceptivepractices&scams, J&Jfailstooverturn$2.12bn run top-of-feed notifications saying the tinyAlpine country,which is home- no label orwarning onTwitter,where it on the Google-owned site.Each showed a andwe continue to bevigilantwith regards same thing on Facebook and its photo- land of first ladyMelaniaTrump. was posted by the Trump campaign and mockpresidentialelectionmapfilledinwith toelection-relatedcontentinthelead-upand babypowderverdict sharing site Instagram.Automatic labels “Moredelaysandfactsdenyingfrom retweeted bythe president. theoretical results. These broadcasts post-electionperiod.”YouTube,thevideoarm MISSOURI'SHIGHESTCOURTon wouldalsostartbeingappliedtobothcan- #MSM,biggerthe final triumph for "Recordings or clips of the press con- appearedatthetopoftheYouTubepagefor ofAlphabetInc.’sGoogle,hassaiditissurfac- TuesdayrefusedtoconsiderJohnson& didates'postswith this information. #POTUS,” tweeted Jansa, a rightist ference on theirown are not aviolation of the search term“election results”andwere ingmorenewschannelstoviewers.Butthese Johnson'sappealofa$2.12billion Twitter first began adding fact-check- politician who had supported ourpolicies,"aTwitterspokeswomansaid. watched by thousands of online viewers. fakeelection-resultclipscamefromYouTube damagesawardtowomenwhoblamed ing labels toTrump's tweets in May.Face- Trump ahead of the US vote.“Con- Alphabet's video service YouTube Someoftheclipsranadvertisements. accountsdevotedtomusicandstocktrading theirovariancanceronasbestosinits book,which has been criticised by some gratulations @GOP for strong addedapanelthatsaid'resultsmaynotbe “After careful review,we are removing tips. They likely exploited the preference babypowderandothertalcproducts. lawmakers and employees for not taking results across the #US.” final' to election-related videos and livestreams that violate our Community YouTube’s algorithms have for long, Johnson&Johnsonsaiditplansto action on inflammatory or misleading — REUTERS directed users to a Google search for the Guidelines,”aYouTubespokeswomansaidin livestreamedfootageaboutcurrentevents. appealtotheUSSupremeCourt. posts from the president, has also intro- election results. — REUTERS anemail.“Wehaveestablishedpoliciespro- —BLOOMBERG Saudi Arabia loosens controversial curbs on foreign workers Oxford Covid vaccine results VIVIAN NEREIM ketmoredynamicandproductive.” will be increased productivityand a greater November 4 MostSaudiemployeesworkforthegov- willingness on the part of Saudis towork in due next month, ernment,whichtendstopaymoreandoffer theprivatesector,”Soussasaid. SAUDIARABIAWILLremoveseveralcontro- greaterbenefitsthanprivatecompanies. ThenewpolicieswillinturnmakeSaudis versial restrictions on foreignworkers in a Foreignworkerswho dominate the pri- more attractive to private employers who raising hopes of labourpolicyoverhaulthatofficialshopewill vatesectoraretiedtoanemploymentspon- wouldratherhireforeignersoverwhomthey attract overseas talent and reduce citizen sorwhose permission theyneed to move to currentlyhavegreatercontrol,Alharbisaid. 2021 rollout unemployment. anotherjob,leavethecountryonvacationor That’s particularlyurgent afterthe eco- Non-Saudis will no longer need their eventoreplacealostID. nomicturmoilbroughtonbythepandemic ALISTAIR SMOUT & employer’spermissiontochangejobs,travel Under the new rules, they will still be pushedcitizenunemploymentto15.4%in GUY FAULCONBRIDGE abroad or leave the country permanently, required to pay for an “exit and re-entry thesecondquarter,thehighestonrecord. London, November 4 according to SattamAlharbi,a deputymin- visa” to travel abroad, but will be able to “Reducing labourmarket rigiditieswill isterattheministryofhumanresourcesand request it on their own through the gov- likelyprove useful as the economyrecovers THE UNIVERSITYOFOxfordhopestopre- socialdevelopment. ernment’s“Absher”system,without their from the dual shock of low oil prices and sent late-stage trial results on its Covid-19 “Runaway”reports that employers can employer’s consent.Theywill also be able Covid-19,”said Carla Slim,an economist at vaccine candidate this year,raising hopes fileagainstforeignworkerswhostopshow- touseAbshertorequestatransferofspon- StandardCharteredBank. thatBritaincouldstarttorolloutasuccess- ing up to theirjobs -- effectivelyrendering impactonSaudiArabia’slabourmarketand a practice of companies hiring cheaperand sorshiptoanotheremployer. Theimpactofthenewruleswilldepend fulvaccineinlateDecemberorearly2021. them fugitives -- will be abolished and thelivesofthe10.5millionforeignworkers more easily-exploitable foreign workers, By increasing labour mobility, the on howthey’re implemented,though,and Avaccinethatworksis seenas agame- replacedwith a procedure forending their whomakeupaboutathirdofthekingdom’s evenasSaudiunemploymentrises. changes will force companies to raise several neighbouring countries have taken changer in the battle against the coron- contract, Alharbi said in an interview population. “Thesechangesarenotsmallchanges-- wages and improveworking conditionsin steps to reform kafalawithout fullyending avirus,whichhaskilledmorethan1.2mil- Wednesday. Thecurrent“kafala”or“sponsorship”sys- it’s huge,”Alharbi said,explaining the gov- order to retain and compete for staff,said it.The changes announced onWednesday lionpeopleworldwide,shutteredswathes The new rules will come into effect on tem--usedforexpatriatesinGulfArabcoun- ernmenthadworkedontheoverhaulfortwo Farouk Soussa,an economist at Goldman won’t apply to Saudi Arabia’s 3.7 million oftheglobaleconomyandturnednormal March14andapplytoallforeignworkersin tries for decades -- has been criticised by years.“Weaimtoachievemoreinclusionfor SachsGroup. domesticworkers,forexample--acategory life upside down forbillions of people. theprivatesector,regardlessofsalary,hesaid. humanrightsgroupsasaformofindentured Saudis,attract talent,improve theworking “While initially this will mean greater offoreignersamongthemostvulnerableto "I'moptimisticthatwecouldreachthat The changes could have a dramatic servitude.Economistssayitalsoentrenches conditions,makeSaudiArabia’slabourmar- costs foremployers,the ultimate outcome abuse.— BLOOMBERG point before the end of this year,"Oxford vaccinetrialchiefinvestigatorAndrewPol- lard told British lawmakers of presenting trialresultsthisyear.Pollardsaidworking US trade deficit narrows for out whether or not the vaccine worked US formally exits global climate wouldlikelycomethisyear,afterwhichthe data would have to be carefully reviewed first time in three months byregulatorsandthenapoliticaldecision made onwho should get thevaccine. BLOOMBERG The gap in goods and services pact amid election uncertainty "Ourbit-wearegettingclosertobutwe November 4 shrank to $63.9 billion in September are not there yet,"Pollard, director of the from $67 billion in August, according VALERIE VOLCOVICI & KATE ABNETT saidTanguyGahouma-Bekale,chairof the OxfordVaccine Group,said. THE US TRADE deficit narrowed for the Washington/Brussels, November 4 African Group of Negotiators in global cli- Askedifheexpectedthevaccinewould first time in three months as exports to Commerce Department data matetalks. start to be deployed before Christmas, he jumped and import growth slowed, released on Wednesday THE UNITED STATES formally exited the AUSexitwouldalsocreatea"significant said:"Thereisasmallchanceofthatbeing thoughoveralltransactionsremainedwell ParisAgreementonWednesday,fulfilingan shortfall" in global climate finances, possible but I just don't know." belowpre-pandemic levels. oldpromisebyPresidentDonaldTrumpto Gahouma-Bekale said, pointing to an The Oxford/AstraZeneca vaccine is Thegapingoodsandservicesshrankto sumer demand and a plunge in spending withdrawtheworld'ssecond-largestgreen- Obama-era pledge to contribute $3 billion expected to be one of the first from big $63.9 billion in September from $67 bil- byinternationalvisitors,whichisreflected house gas emitter from the global pact to toafundtohelpvulnerablecountriestackle pharma to be submitted for regulatory lion in August, according to Commerce in lowertravel exports. fightclimatechange. climatechange,ofwhichonly$1billionwas approval,alongwithPfizerandBioNTech's DepartmentdatareleasedWednesday.The Countries across Europe have rein- But the outcome of the tight US elec- delivered. candidate. figure matched the median estimate in a stated stay-at-home measures in the last tion contestwill determine forhowlong. "Thechallengetoclosetheglobalambi- "If I put on my rose-tinted specs, I Bloomberg surveyof economists. week,whichcouldconstrainUSexportsin Trump's Democratic rival,Joe Biden,has tiongapbecomesmuch,muchharderinthe would hope that we will see positive Total imports increased 0.5% to the coming months. promised to rejoin the agreement if shortterm,"saidThomWoodroofe,aformer interim data from both Oxford and from $240.2 billion,while exports advanced Thenarrowingoftheoveralldeficitcan elected. diplomat in UN climate talks,nowa senior Pfizer/BioNTech in earlyDecemberand if 2.6% to $176.4 billion.The nation’s sur- be partly attributed to China,where the "The US withdrawal will leave a gap in adviserattheAsiaSocietyPolicyInstitute. we get that then I think we have got the plus in services was little changed,while merchandise gap shrank to $24.3 billion, ourregime,andtheglobaleffortstoachieve However, other major emitters have possibility of deploying by the year end," the merchandise trade deficit narrowed. the smallest since March, as exports rose thegoalsandambitionsoftheParisAgree- United Nations on November 4, 2019, doubleddownonclimateactionevenwith- KateBingham,thechairoftheUKVaccine Combined,the value of US exports and and imports fell. ment,"saidPatriciaEspinosa,executivesec- whichtookoneyeartotakeeffect. out guarantees the US will follow suit. Taskforce,told lawmakers.— REUTERS imports increased to $417 billion, the WithresultsofTuesday’selectionupin retaryoftheUNFrameworkConventionon The departure makes the United States China, Japan and South Korea have all highestsinceMarch,stilldownfrom$469 the air, the outlook for trade policy is ClimateChange(UNFCCC). theonlycountryof197signatoriestohave pledged in recentweeks to become carbon billion at the end of 2019. uncertain.FormervicepresidentJoeBiden TheUnitedStatesstillremainsapartyto withdrawnfromtheagreement,hashedout neutral - a commitment already made by The narrowing of the deficit reflects a is keen to reset trade relations with allies theUNFCCC.Espinosasaidthebodywillbe in2015. theEuropeanUnion. two-year high in soybean exports, as well suchastheEuropeanUnionafterTrump’s "readytoassisttheUSinanyeffortinorder Current and former climate diplomats Those pledges will help drive the huge as overseas shipments capital goods such dutiesandhard-linestancedisruptedsup- torejointheParisAgreement." said the task of curbing globalwarming to low-carboninvestmentsneededtocurbcli- astelecommunicationsequipment,while plychainsandincreasedcostsformanyUS Trumpfirstannouncedhisintentionto safe levels would be tougher without the matechange.IftheUnitedStatesweretore- importsofconsumergoodsdeclined.Even businesses. President Donald Trump, on withdraw the United States from the pact financial and diplomatic might of the enter the Paris accord,it would give those withthemonthlychange,thegapismuch the other hand, has vowed to end US in June 2017,arguing itwould undermine UnitedStates. efforts "a massive shot in the arm", wider than at the onset of the pandemic, reliance on China in a continuation of his the US economy.The administration for- "Thiswillbealostopportunityforacol- Woodroofesaid. reflecting elevated imports to meet con- “America First”trade policy. mallyservednoticeofthewithdrawaltothe lectiveglobalfightagainstclimatechange," — REUTERS

Pune 9 FINANCIAL EXPRESS WWW.FINANCIALEXPRESS.COM

TECH BENEFITS

Yang Yuanqing, Chairman & CEO, Lenovo

Technology not only provides solutions, but ignites ❝hope, inspires possibilities, and confirms that ❝ human intelligence can make a difference in a eTHURSDAY,FE NOVEMBER 5, 2020 chaotic world.

● ● A SYMBIOTIC RELATIONSHIP vate,equityinvestmentandacquisitionsare LET’S TALK most popular.According to the report, ecosystem outreach, accelerator, partner program,corporateVC,mergersandacqui- The tech sitionsarethewaysthattechnologycorpo- Startups give even as they take rationsapproachtheabovemodels.In2019, therewere 170+ unique corporates (12-15 moment of thatby2023,globaldigitalengineeringand constitute44%ofthetotalbase,43%ofall folks around the world are experimenting y-o-y increase),90+ investments (up 15% While reaping benefits R&D spends will touch $750 billion,with IndianunicornsareB2B.Thefactthatthree withthecollaborationmodels. from2018),40+mergers&acquisitionsand startupsandtechgiantsaskeydrivers. of seven unicorns in 2020 (YTD) are B2B “Wepartnerwithstartupstocreatejoint over60openinnovations,saysAggarwal. voice is here from tie-ups with big Currently,startupscoverarangeofcapa- startups reflects the rapidly maturing offerings.Werecentlypublishedawhitepa- The startup-corporate relationship firms, startups help reduce bilitiesfromdataanalyticstoAIinthedigi- ecosystem,”saysAgarwal. perwithCurlAnalytics.Oneofitssolutions, needs several iterations to make it a suc- A company’s voice strategy the former’s overheads as talworld.Asperthereport,intheBFSIvalue Agood digital infrastructure and a col- Paras, an automated ML engine, was cessful partnership. Both the parties are chain alone,90% of AI infusion use cases laborationmodelbetweenlargeenterprises deployedatourAICentreofExcellenceinthe on a steep learning curve, discovering will only be as successful as they find solutions to thatstartupsareinvolvedinareacrossoper- and startups stand as key pillars for this Bengaluru campus.The integration of our hidden potential.“Large corporations its IT infrastructure: voice niche problems ations,products and services.Several oper- growth.New-ageinfrastructurewithhybrid datamanagementsoftwareONTAPwiththe tend to be complex and most of the ateonthesalesandmarketingsidesaswell cloudsandpowerfulcloud-basedprocessors ParasAIsolutionunlockedanend-to-endAI times,departments operate in silos.With responses and engagement wherethemajorchunkoftheworkisdigital playa majorrole in breaking the data silos. value chain for users,resulting in cost sav- scarce budgets spread across multiple happen in real-time SRINATH SRINIVASAN and metric driven. Similarly, mobility, Asaresult,varioususecasesinvolvingvari- ingsofabove80%overthecostofstandard functions, it is challenging to paint the healthcare, logistics and manufacturing ousdatapointscouldbeefficientlybrought AIdevelopmentandexecution,”sheadds. bigger picture that can drive ROI.Our OVER THE YEARS India has seen large industrieshavestrongAIinfusion. together.While CIOs,CTOs are constantly Platform evangelisation,license orven- strength has been the ability to engage enterprisesacceleratingstartupsincohorts, “The Indian B2B technology workingtowardsbetteringthis,thebusiness doragreement,jointgo-to-market,co-inno- across the enterprise to deliver an whichsolvenicheproblemsandeventually startupecosystemisgrowing upfront ROI in just a couple of days,”says getfundedoracquiredbysomeofthelarge rapidly. Not only do they Suman Singh,CEO,CyborgIntell. entities.Whilethesesuccessfulstartupsget Enterprise leaders todayexpect the the stamp of credibility that the market (L-R) NetApp samespeedofexecutionandreliability demands,theyadd greatvalue to the large Excellerator as what they experience as individual enterpriseswhichhavechosenthemorwork director & leader consumers, says Praphul Chandra, Manish Bahl with them forthe long term.In short,star- Madhurima founder,KoineArth.“The appetite for tups add value to large companies in their Agarwal, custom projects which require large digitaltransformationjourneys. KoineArth capital expenditure and months to WHEN WE LOOK back at the Covid-19 “Digital transformation is central to founder Praphul deployis low.Enterpriseswant ready- pandemic,oneoftheunsungvictimsofthe every large enterprise’s core strategy,”says Chandra and to-usesolutionsforwhichtheycanpay devastatingvirus is the touchscreen.While Madhurima Agarwal,director and leader, CyborgIntell CEO astheygo.Thisiswheretheylookatstar- the virus made us wary of unhygienic sur- NetApp Excellerator.“As large enterprises Suman Singh tups,”hesays. faces, the lockdown and social isolation makeextensiveinvestmentsthereisaclear Different paces of working is a major revived our interest in interacting with a preferenceforuseofBigData,analyticsand pain pointwhen two organisations of dif- human-sounding voice, catalysing the Artificial Intelligence (AI)/Machine Learn- ferent sizes partner. According to large-scaleshifttowardsthevoiceinterface. ing (ML) to protect existing business and Agarwal, a dedicated team Awhopping 92% of Indian businesses, find new growth strategies.Startups have with experience across which participated in a Cognizant survey, proven to be a keyenabler of digitalisation both large organisa- believethattheshiftfromtouchtovoicewill goalsoflargeenterprises.” tionsandstartupscan only accelerate in the future, with voice ArecentZinnov-Netappreportsuggests bestresolvethis. interfaces expanding beyond smart speak- ers to chatbots,applications,products and services. Personal voice assistants are expectedtooutnumbertheworld’spopula- tion by2024,and in India alone,according to a report,the voice market is expected to Gadgets grow40%in2020.

● SAMSUNG GALAXY F41 Big screen, big battery, small price

Galaxy F41 is a smart, SPECIFICATIONS ● COMPUTING TRENDS stylish and ultra-fast ■ Display: 6.4-inch full HD+ phone with plenty of sAMOLED Infinity U display The bedrock high-end features ■ Processor: Exynos 9611 Octa- core processor In the future,consumers will expect to ■ Operating system:Android 10 have a voice option at self-checkout coun- of modern SUDHIR CHOWDHARY ters,ATMs,automobiles,elevatorsandany- ■ Memory & storage: 6GB RAM, where else with touch interfaces.The Cog- data centres ONEOFTHEmajordrawsofthenewSam- 64/128GB internal memory, nizantstudyrevealsthatonly15%ofIndian sung Galaxy F41 is its Full On Display,a expandable upto 512GB companies surveyed have a formal voice Dell Technologies shares much-sought afterfeature and similarto ■ Camera: 64MP + 8MP + 5MP strategyinplacetoday.Fastforwardto2022, thelargeandattractivedisplaysfoundon primary camera, 32MP front camera and another58% of businesses,compared three server trends that thecompany’sMseriesdevices,andSam- to the regional average of 55%,will have a sung’s higher-end devices. Remember, ■ Battery: 6000mAh, 15Wtype C voice strategy.Eitheryou embrace the new Indian firms must consider today’syoung generation has avoracious fast charger ageof‘voice’orbepreparedtobeleftbehind. to gain a competitive edge appetite for consuming all kinds of con- ■ Estimated street price: `16,999 According to the survey, data privacy tentontheirhandsetsandtothem,bigger (6GB+64GB), `17,999 (6GB+128GB) (91%),developingabrandvoicepersonality andnicerdisplayswithnobezelsisamust- (83%)andashortageofrequiredtalentand FE BUREAU have.A major crowd-puller during the knowledge (80%) are the top three chal- recently concluded Flipkart’s Big Billion tosandthreevideos—atasingleclick.The lengesforexecutingavoicestrategy. BUSINESSES ACROSS SECTORS have Days shopping festival where it made its super steady mode on Galaxy F41 gives been impacted gravely in the current global debut, the Galalxy F41 is seeing you smoothvideos,evenwhenyou are in Discovery through third-party times.Whilesomefounditslightlyeasyto huge interest levels (and new customers themiddleofaction.Youcanalsorecordin voice assistants and customers transition to remote working, for others, too)duringthee-commercemajor’songo- 4K and take hyperlapse and slow-mo About one billion voice searches are thisovernightdigitalisationjourneywasa ingBigDiwaliSaleaswell.TheGalaxyF41 videos.The phone also sports a powerful madeeachmonth.Nearlyhalfofallsearches difficult decision due to factors such as comeswitha6.4-inchsAMOLEDInfinity 8MP Ultra-Wide lens along with 123- willbevoice-basedbytheendof2020,with financialresources,ITreadiness,etc.How- U display,64MP camera and 6000mAh empowers ouryoung consumers to live a meansthedevicewillneverrunoutofjuice degree field of view to help take pictures mobile voice searches being three times ever, as organisations across the board battery.The 6GB+64GB memoryvariant ‘Full On’ lifestyle,” says Sandeep Singh even at the end ofyourday.It comeswith the wayyou see it.It also has a dedicated morelikelythantext.Abrand’svisibilitywill triedtostaycompetitive,theyrealisedthat ispricedat`16,999andthe6GB+128GB Arora,seniordirector,SamsungIndia. anin-box15WtypeCfastcharger. 5MP depth lens for taking amazing por- depend on being found byvoice assistants. ITis the essential backbone. memoryvariantisavailablefor`17,999. TheGalaxyF41comeswithapremium Under the hood,we are looking at an traitshotswithlivefocus. In order to enhance the discovery of voice As businesses continue to rely heavily Duringthetrialperiod,theGalaxyF41 glossy gradation back panel and is avail- Exynos 9611 Octa-core processor that Truth be told, there are many other features,companies will have to optimise ondigitalisationaswellasfocusonadopt- cameacrossasasmooth,fastandarespon- ableinthreeexcitingcolours:FusionBlack, ensures seamless performance.There is things to like in this first Galaxy F series contentandinfrastructureforvoicesearch, ing new-age technologies such as AI, IoT, sive handset.It is essentially targeted at FusionBlueandFusionGreen.Itisjust8.9 64GB/128GB internal memory and device,it is smart,stylish and ultra-fast.I whilerethinkingexistingwebcontent. etc., they will need to transform their Gen Z and young millennials—very dis- mm slim,leading to a comfortable grip. expandable memory upto 512GB. The reckonthattheyounggenerationdesiresa Brandsneedtobuildmeaningful“voice legacy IT into modern infrastructure. cerning buyers, their knowledge and The phone has a 6.4-inch full HD+ phone runs onAndroid 10 out of the box device that is attractive to look at,has a skills”(namely,AlexaSkills,GoogleActions) Since servers form the bedrock for the research and assessment of technology sAMOLED Infinity U display for a more with Samsung’s new One UI Core for a sturdybuildwithgreatcamera(triplecam- thatwillenablecustomerstodiscovertheir moderndatacentre, organisationsneedto and phones is fairly evolved. It is Sam- immersive viewing experience,whether smooth,lag-freeexperience. era setup is most sought-after),plus the serviceswhentheyissueaverbalcommand be aware of and adopt three key trends in sung’sfirstsmartphoneundertheFSeries, you are gaming,watching videos,multi- Moving on to the cameras,the Galaxy deviceoughttobeabreezyonewithfluid totheirvoiceassistant(forinstance,adding computing that have the potential to and has been developed in close partner- taskingorbrowsingonyoursmartphone. F41comeswitha64MPcamerathatcap- performance.TheGalaxyF41clicksallthe anitemtoagrocerylist). change theworld aswe knowit: shipwithFlipkart,thelatterbringingtothe Ithousesrearfingerprintscannerandfast tures prettyamazing pictures and comes boxes right.It looks sharp,performswell, Workload centricity: Over the years, table its deep consumerinsights.“Galaxy face unlock.The phone comes equipped with‘SingleTake’feature that allows you hasasolidbatterylifeandprovidesagreat Enhance engagement with users the role of IT has become dynamic in F41 is a full-featured smartphone that with a powerful 6000mAh battery,that totake10differentpictures—sevenpho- userexperienceatanattractiveprice. In the enhancement phase,companies nature in orderto support and create new shouldaddavoicecapabilitytoboostexist- businessmodelsaswellasbecometheflag ing processes,products,applications and bearer of innovation. To achieve these ● AMAZON ECHO DOT (4TH GEN) servicesorcreatevoice-drivennewproducts goals, organisations are deploying new- or services.Brands should give theirvoice ageworkloads at an ever-increasing pace. personas a personality that resonates well In order to extract maximum value from Now,add Alexa to any space in your home withtheirusers.Companieswillalsoneedto these workloads, it is critical to adopt make voice core to their customer experi- workload centric serverarchitectures. ence strategy. The effective use of voice- Adoption of accelerators: With data introducedtheall-newEchofamily,wegot The fourth-gen Echo Dot is a 3.9-inch umeup/down,activatingAlexa,andturn- enabled applications can be a game- becomingthenewoil,businessesarerely- This Echo Dot is compact our hands on the Echo Dot (4th genera- sphere,halfplasticandhalffabriccovered, ing the mic off.The blue light ring show- changer.Inadditiontothis,ahuman-centric ing heavily on data-driven insights.To do in a spherical design, but tion),the company’s most popularsmart in Black,White and Blue colours.On the ing whenAlexa is listening has migrated design thinking will be instrumental in so,computeneedstobeclosesttodataand speaker.It has the same spherical design top,therearefourphysicalbuttonsforvol- from the top to the bottom,making the deliveringthedesiredexperiences. shouldalsohavetheabilitytoanalyselarge delivers loud, crisp sound andfabricfinishasEcho,makingitastyl- surfaceunderthespeakerglowsoftly. We are in the early days of reaping rev- quantum of data in real-time.The power with powerful bass ishwaytoaddAlexatoanyspace.It’scom- I have reviewed Echo Dot in the past enuesthroughvoice,butthepossibilitieswill ofacceleratorssuchasGraphicProcessing pact, but packs in a powerful 1.6-inch, too,and I reckon that it is far more than become more apparent as the technology Units(GPUs),FieldProgrammableGraphic front-firing speaker, producing crisp music alone: It's about answering ques- maturesanduserconfidencegrows.Acom- Arrays (FPGAs), Intelligent Processing SUDHIR CHOWDHARY vocalsandbalancedbassforfullsoundyou tions,homeworkhelp,smarthomecontrol pany’svoicestrategywillonlybeassuccess- Units (IPUs), etc., needs to be inbuilt into can enjoy in any room of your home. It andnumerousotheradd-onvoiceskills. ful as its ITinfrastructure:voice responses the server architectures in order to meet ALEXA,WAKEMEupat7amwithmusic.” retails for`4,499,let us find out what’s Switch on the lamp before getting out andengagementhappeninreal-time,soIT- the rising demands of businesses. “Alexa,play Bollywood songs.”In recent newinthenewsmartspeaker. ofbed,dimthelightsfromthecouchto readiness will be crucial to the transition. Edge computing: Edge computing years,Amazon’sEchodeviceshavesteadily In the box,you’ll get the Echo Dot watch a movie etc,the Dot will do all Companies need to ensure that their IT hasthepowertobringcomputingcloseto entered our households (at least in the (4th Gen) and power adapter.Setup is thisforyou. infrastructure is agile,responsive,flexible, the source of data which can reduce metros and big cities) and have played an simple—requiresWi-FiandtheAmazon Additionally,fromalarmsandsleep secure,scalable and simple to handlevoice latencyandbandwidthuse.Asthedemand integralpartinsimplifyingourlives.With Alexa app. Just ensure Bluetooth is timers to setting friendly timers,the transactions.Secondly,thesuccessofacom- foredgecomputingincreases,thedemand the convenience of voice,people simply enabledonyourphoneandfortheAlexa Dotwill take care of all these mundane pany’s products,services and applications for new server architectures will also askAlexavoiceassistantfortheirfavourite app.PlugthepowercordintotheEchoDot details.Duringthesestay-at-hometimes, willdependonhowitleveragesAItechnolo- increasewhichwillbecriticaltoproviding music,control smart home appliances or and then into a poweroutlet.Wait forthe thisAmazonspeakerhassuddenlybecome gies in making interactions between the required performance and resiliency. just have a fun timewith family.The best Orange light which means device is in moreuseful.Highlyrecommended. humansandmachinesmorenatural. Thus, Indian organisations need to part,Alexaishappytohelp. setupmode.Followtheon-screenprompts deploy a modern, flexible and modular Cut to present.The Jeff Bezos firm has andyouaregoodtogo. ■ Estimated street price: `4,499 ThewriterisassistantVP,Centreforthe serverarchitecturetostayaheadintherace. FutureWork–AsiaPacific,Cognizant

Pune 10 FINANCIAL EXPRESS WWW.FINANCIALEXPRESS.COM

The big risk to the currency market is the EXPERTVIEW uncertainty over the new US President and the inconclusive election result... In such a scenario, traders are preferring to go against rupee... Markets —Rahul Gupta, head of research— currency, Emkay Global Financial Services THURSDAY, NOVEMBER 5, 2020

● ● chairman, State Bank of India Money Matters NOT ENOUGH REASONS TO CHEER INTERVIEW: DINESH KUMAR KHARA, G-SEC MFIswill continue ‘Expect 8-9% credit growth in FY21 The benchmark yield fell 0.012% due to buying support as economic activitygathers pace’ 5.886 to face challenges State Bank of India (SBI) expects a credit crore.Out of this,`2,400 crore is coming growth of 8-9% at the end of financial forretail book and rest `4,000 crore from 5.843 year 2021, against 7% projected in the corporatebook.Wehavereceivedapplica- previous quarter.In an interaction with tions from 42 corporates for restructur- in nearterm: Icra media after earnings, chairman Dinesh ing, none of them account for a large Kumar Khara said the bank is expecting account. October 23 November 4 8-9% credit growth as economic activity Their overall collection has gathered pace. He said the bank has In your assessment, how many more `/$ received applications for restructuring restructuringrequestsmaycomeuptill efficiency improved to 88% `6,495 crore of loans.Excerpts: December31,2020? The rupee ended 0.457% in Sept from 2% in April Weareexpectingadditionalrestructuring lower ahead of the US What is your outlook on the credit requestof`13,000crore.Itmaynotbeso, election outcome FE BUREAU growth for the entire year? butwe have kept averyliberal estimate.It Kolkata, November 4 We are expecting an 8-9% credit growth maynotbe`13,000crore,itmaybemuch 73.60 Inverted scale because economic activity has gathered lesseralso.Itwouldbelargelyfromcorpo- THE COLLECTION EFFICIENCY trends in pace.We have alreadyseen the growth as rates and a bit of MSMEs. 74.75 themicrofinancesectorhasimprovedfrom far as our book is concerned. We have April to September,but challenges for the seen growth of about 6% till September Will restructuring affect credit bureau pandemic-hitsegmentarelikelytocontinue 30. Hopefully, with the unlocking hap- scores of retail customers? Will you inthenearterm,creditratingagencyIcrasaid pening, we should be in a position to report to credit bureau? October 23 November 4 onWednesday. reach better than 8%. Yes.Restructuringwill be reported. Insomerelieftothesector,overallcollec- tion efficiencyof microfinance institutions Around 12% of borrowers in the You said retail growth is back on pre- Doyouthinkthatcollectionefficiencies C=/$ (MFIs) gradually improved and stood at Icra sample availed of a complete Covid levels? Inwhich segments doyou at this level are sustainable? around 88% in September compared to moratorium during April-August see growth? What is the trigger for slippages in the I think it is sustainable forthe simple rea- The euro rose against 0.162% around 2% inApril.The improvementwas As far as the retail book is concerned,we agriculture sector? son that during the Covid-19 period they the dollar drivenbyeasingofthelockdownrestrictions are seeing good amount of traction in During the Covid-19 period, when it have accumulated this kind of liquidity, and resumption of economic activities, FY2022; 1.5% in FY2020).Entities with a home loans.In fact,as far as home loans comes to reaching out to farmers, the but once revival of the economyhappens, 1.1860 which led to gradual improvement in cash higher share of such borrowers may face are concerned,sanctions are up about activity of the bank was not as much as it I am sure therewould be much more cash flows of several borrowers, an Icra note highercreditcosts,”Nijjarpointedout. 29%yearonyear(YoY) in the September should have been.That is one of the rea- flows.Thiswillenablethemtotakecareof 1.1734 stated.Supreeta Nijjar,vice-president and “Icra estimates challenges for the MFI quarterand disbursements have gone up sons, perhaps,which is actually showing their repayment obligations.So,I think sectorhead - Financial SectorRatings,Icra, industryto continue in the nearterm.Nev- by 12% in the said quarter.In case of up in this number.We are now engaging this kind of collection efficiency is also a said,“Thecollectionefficiencywasobserved ertheless,good on-balance sheet liquidity auto loans, we have seen a growth of with the farming community. For crop reflection of the behaviourwhen it comes to be lowerin Punjab and the eastern states andcapitalisationshouldhelpmostentities 29% in terms of sanctions and 27% in loan renewals,we can now go to villages to the repayment, and how seriously such as West Bengal, Odisha, Assam and withstand the crisis though profitability terms of disbursements.In personal loan andconductcamps,andevenfarmerscan repaymentobligationsaretaken.Because October 23 November 4 Bihar,onaccountofcyclones,floodsandlocal indicators are expected to remain subdued sanctions,there was a growth of 55% visit ourbranches. many borrowers are very mindful of the lockdownsorunrest.Borrowersinruralareas overthenexttwoyears,”sheadded. during the Septemberquarterand sanc- impact of any kind of a impairment on involvedinagricultural,dairyandalliedser- Sachin Sachdeva, VP- Financial Sector tions have gone up by 61%. Howmuch percentage ofyourbook is theirbureauscore.Thosewhoarenotable vices, have performed better than those Ratings, Icra, said,“According to our esti- are under watchlist, compared to June to take care of repayment obligationswill Quick involvedinotheractivities.” mates,theindustrywouldrequireanexter- Which sectors account for fresh quarter? come forrestructuring.There is a definite AsonAugust31,around12%ofborrow- nalcapitalof`8,500-10,000crore(30-35% slippages? In the previous quarter, 13,300 crore of effortonthepartofthebank,whereverwe ers in the Icra sample (21 entitieswith col- oftheclosingnetworthasonMarch31,)for Fresh slippages are more in the agri sec- the book was kept underwatchlist for a areseeingnotenoughcreditinthedeposit View lectiveassetsundermanagementofaround growingatarateof15-20%paoverthenext tor, followed by small and medium likelyslippage.Andnow,wehaveslippages accounts,wearetryingtoreachtoallsuch `54,213 crore) availed a complete morato- three years and absorbing these levels of enterprises (SME) sector.But,in SME,we of around `14,000 crore. Out of this,we customersproactivelyandguidethemfor rium duringApril-August. “Consequently, credit costs during this period and mai- have been able to pull back to a great have already pulled back `6,000 crore.So the restructuring options. near-term delinquencies are expected to ntainingprudentcapitalisationlevels.”Most extent. The corporate slippages have on a like-to-like basis, `13,000 crore increasetodoubledigitsandremainatthese entitiesputonholdtheirplanstoraiseequity come down significantly. If we compare would come to around `8,000 crore. Howareyou placed on credit cost and levels fora fewmonths as itwill be difficult in H1 FY2021 as investors becamewary.In with first half of FY20, the corporate what is the outlook forthe same? Kewal Handa forsuchborrowerstocleartheirdues.How- H2FY2021,too,equityinfusion is expected slippages were `8,593 crore,whereas in What is the status of applications for Forthequarter,creditcoststoodat0.94%; ever,theriseincreditcostscouldbelowerat toremainlimitedandislikelytoflowtolarge the first half of FY21,itwas only`1,232 debt restructuring? it was 1.24% on an annualised basis.We named independent 6-7% (spread over two years FY2021- andwell-establishedentities. crore. We have received the request for `6,495 are hoping to keep credit cost below2%. director at BharatPe BHARATPEANNOUNCEDthe `1,800-crfund-raise ANALYST CORNER appointmentofKewalHandaasan Gland Pharma’s `6,480-cr independentdirector.Formerly in pipeline,to be used associatedwithUnionBankofIndia andPfizer,Handawilljointhefounders IPO opens on Nov 9; price to repayborrowings: DaburQ2 revenue grew –AshneerandShashvat,JitendraGupta (ex-PayU)andMickyMalka(Ribbit)on PNB Housing Fin CEO theboardofBharatPe.Hewillmentor 14%YoY,cut rating to‘hold’ andadviseBharatPeonitsoverall band fixed at `1,490-1,500 PRESS TRUST OF INDIA businessstrategyasitexpandsacross FE BUREAU New Delhi, November 4 JEFFERIES with oral care an emerging bright spot. marketsandproductcategories. Mumbai, November 4 Foods remained weak, down 4% YoY. WITH ABOUT `1,800 crore equity fund DOMESTICVOLUME GROWTH of c.17% Healthcare accelerates. Healthcare SBICard,Paytmjoinhands HYDERABAD-HEADQUARTEREDGLAND raiseinthepipeline,PNBHousingFinance was the key highlight of Dabur’s gathered further momentum, with Pharma on Wednesday announced that it plans to repay its high-cost borrowings Q2FY21.While healthcare continued its growth accelerating to 49% from 29% forcreditcardlaunch wouldraisecloseto`6,479.5crorethrough and will ask its lenders to sweeten the strong run, HPC also picked up.We in Q1.This was marked by a doubling of SBICARDANDPaytmhavejoined aninitialpublicoffering.TheIPOopensfor lending rates as the firm is working con- believe the CEO’s strategy is working Chyawanprash revenues, double-digit handstolaunchIndia’snextgeneration subscriptiononNovember9andwillremain sistentlytoimproveprofitabilityparame- well, as Dabur is becoming agile and growth in honey, and 56% growth in creditcards.Availableintwovariants— open till November 12.The price band has ters besides enhancing thevalue proposi- the team is taking risks, as is evident in a OTC. Growth was driven by higher PaytmSBICardandPaytmSBICard beenfixedat`1,490-1,500. tion for the investors, MD and CEO slew of launches.The CEO intends to household penetration, as Covid SELECT—theproducthasbeen TheIPOwillseefreshissuanceofshares Hardayal Prasad said. raise ad-spend in the medium term, concerns drove immunity-boosting launchedontheVisaplatform. worth `1,250 crore whereas the offer for tee on EconomicAffairs,which was poised PNBHousingFinance’sboardhasokayed which also highlights the growth supplements. sale component will see the offloading of torejectthemove,BloombergNewsreported toraiseupto`1,800crorethroughaprefer- mindset.We cut our rating on Dabur to HPC recovers. HPC recovered after CredAble disburses 3.48 crore shares.The fresh issue proceeds at that time.The company,established in ential orrights of shares.Of this,promoter ‘hold’ from ‘buy’ following its two quarters of double-digit decline, willbeusedforfundingincrementalwork- 1978,currentlyhasabusiness-to-consumer Punjab National Bank (PNB) has already outperformance relative to peers. led by strong growth in oral care (+24% `2,500 crto MSMEs ing capital requirements,capital expendi- model in India and a business-to-business givenitsnodtoinfuse`600crore. Notable revenue growth.After YoY) and skincare & salon (+38% YoY). CREDABLE,A SUPPLY chain ture requirements and general corporate modelglobally. Prasad said there is a large number of declining for two consecutive quarters, Sanitiser sales, however, declined to financing focused fintech platform, purposes.Thecompany’scurrentpromoter, It has a presence in 60 countries.It had investors, of whom almost 84-85% are Dabur’s Q2 revenue grew 14% YoY, a `120 million vs `800 million in Q1. Hair on Wednesday said it had disbursed FosunPharmaIndustrial,andGlandCelsus initiallystarted as a liquid parenteral busi- institutionalinvestors,whoareallinterested material beat of our and consensus oil fell 2.5%, partly because of pressure `2,500 crore to cash-starved micro, Bio Chemicals would be selling 1.93 crore ness and has over the years expanded to inthecompany. estimates. Delving deeper, the India in the CSD channel (flat ex-CSD) with small and medium enterprises shares and 1 crore shares,respectively.The cover different elements of the injectables “But,we are also getting inquiries from business grew by a notable 20% consumers down trading from (MSMEs) across its various companywillnotreceiveanyproceedsfrom chain,which consists of contract develop- manyotherplayerswho feel that theyhave (volumes up c.17%), the highest in nine premium brands. Home care declined programmes.“The beneficiaries of theofferforsale. ment,own development,dossier prepara- theabilitytoinvestinthecompanydirectly. quarters. International business also 10%, with subdued performance in this extensive outlay include At $871 million, Gland Pharma’s IPO tion and filing, technology transfer and So,as faras the interest of ourinvestors are recovered, growing 5.5% YoY (c/c: Odonil and Odomos. thousands of vendors that face wouldbethelargesteverbyapharmaceuti- manufacturing across a range of delivery concerned,itishighforthecompanyandthe 3.5%). Foods weak, but better QoQ .The winding down of their operations in cal firm in India,wayabove the $260-mil- systems. franchise that has been built,”Prasad told Segmental performance.The foods business fell 4% YoY,better than the absence of this working capital lion share sale byEris Lifesciences in 2017, Srinivas Sadu, MD and CEO, Gland PTIinaninterview. healthcare segment continued to 35% decline in Q1. Demand in the injection,”a statement said. accordingtodatacompiledbyBloomberg.It Pharma,said,“In the last 15years,we have Headdedthatthereisastrongretailbook outperform, with revenue up 49% YoY institutional channel remain weak (ex- wouldalsobethecountry’ssecond-biggest many different investors who came to our and second-highest deposit book also. as consumers remained focused on HORECA, revenue up 8.5%), even as in- TomorrowCapitalto thisyearafterSBICards&PaymentServices’ company and we managed the growth “Thereisamassiveamountofinterestinthe wellness and immunity. HPC, too, made home consumption continues to do $1.44-billionoffering. underdifferent investors...”The shareswill company.” a strong comeback, growing 9% YoY, better. invest`100crinstart-ups ShanghaiFosunPharmaceutical(Group) have a face value of `1 each.Investors can On how PNB Housing Finance plans to EARLYSTAGE INVESTMENT fund Co acquired a 74% stake in Gland Pharma bidforaminimumof10shares,followedby utilisethisexpectedcapital,hesaidthecom- TomorrowCapital onWednesdaysaid for about $1.1 billion in 2017. Fosun amultipleof10sharesthereafter.Citigroup panywould mainlyrepayits high-cost bor- it plans to invest `100 crore in start- Pharma,backed byChinese billionaire Guo Global Markets India,Haitong Securities rowings to improve on the profitability. Retain‘buy’on Sun Pharma, ups overthe next 12 months.The Guangchang,had originally sought to buy India, Kotak Mahindra Capital Company “First of all,I have a large borrowing.The Mumbai-based fund also announced an 86% stake in the closely-held Indian andNomuraFinancialAdvisoryandSecuri- momentIhaveit(thecapital),Iwillrepaythe exit from Zenohealth,formerly drugmakerfromaninvestorgroup,includ- ties India are the book running lead man- high-costborrowing.And,Ialsohaveavery raise target price to `620 Generico,two-and-a-halfyears after ingKKR&Co.However,astakeofsuchasize agerstotheissue. largeundrawnlimit.Wehavebanklimitthat its investment in the company. mustbesignedoffbytheCabinetCommit- WithinputsfromBloomberg wearenotutilising,”Prasadsaid. HSBC GLOBAL RESEARCH QoQ on higher GM, and lower overheads (savings on marketing & STRONG SEQUENTIALRECOVERY in travel costs). Reported PATof sales across businesses in Q2; operating `18.1billion had one-off tax benefit of margin beat driven by lower overheads. `2.9 billion.Adjusted PATwould have City Union Bank to focus on ECLGS,gold loans for now We expect uptrend to continue for been`15.9 billion (41% QoQ ). It repaid specialty products sales; Sun Pharma $300 million of debt in H1FY21. SAJAN C KUMAR Currently, gold loan stands at could achieve over 90% in collection effi- had issues even before the Covid-19,”he continues investing to strengthen its Uptrend should continue for speci- Chennai, November 4 ciency.Afterthe moratorium period,acco- said. specialty offerings. Retain ‘buy’; raise alty sales. Sun reported global sales of `4,537 crore and it can go up to unts covering exposure of 94.53% to cash “We will plan restructuring timelines target price to`620 (from`605); market $108 million for specialty products in Q2 SOUTH-BASEDPRIVATEsectorlenderCity 20%-22% of the bank's portfolio creditaccounts(CCa/cs)orshort-termloans according to the regulatoryguidelines.We share gains for major specialty brands (vs $78 million in Q1 and $126 million in Union Bank (CUB) said it will for the time and 85.70% to term loan accounts, will give some of the sectors which are will be key stock catalyst. Q4FY20), showing strong QoQ recovery being focus on the emergency credit line totalling90.52%ofexposure,receivedpay- stressed,likehotels,maximumtimeperiod Operating margins beat in Q2. Sun in sales. Per management, US sales for guarantee scheme (ECLGS),gold loans and loansonly.Theincreaseindisbursementof ments. allowedbyregulators,”Kamakodisaid. reported revenues of`85.5billion main specialty brands— Ilumya, Cequa restructuring of facilities,with a view to ECLGS and gold loans during H1of FY21 “Wehaverestructured175accountsto CUB made a provision of `115 crore in (+12.8% QoQ , +5.3%YoY; HSBCe`85.9 and Odomzo— have recovered back to hand-holdborrowersandkeepslippagesat resulted in an improvement of CAR to the tune of `478 crore till September,of Q2 and `100 crore in Q1 forCovid-related billion) in Q2 with sequential recovery pre-Covid levels (though Levulan brand theminimum. 17.36%inQ2from16.29%inMarch2020 which131areunderMSMEamountingto requirements. seen for all the business segments from is yet to see sales recovery). “Ourcurrentgrowthiscomingfromdis- on account of the zero percent risk weight `455 crore and the remaining 44 in non- “Totally,wehaveamadeanadhocCovid Covid-19 disruptions in Q1.Total US With improving patient footfalls at bursal of ECLGS loans and gold loans only. prescription,”hesaid. MSME amounting to `23 crore.Further, provisionof`317croretomeetanyfuture sales at $335m grew 18.8% QoQ (-1.2% doctors’ clinics, Sun expects continued WewillreviewthisinQ4andtakeadecision CUBhadsanctioned`1,807croreunder 162 accounts amounting to `430 crore contingency,apartfrom`23croreprovided YoY) on strong recovery inTaro sales improvement in sales for key brands. on how to go about the growth,” N ECLGS till September 30,2020.Currently, underMSMEand124accountsamounting in Q4 towards specific requirements. and sales of specialty products. Gross Sun plans to bolster its marketing Kamakodi,MD&CEO,toldanearningscall. gold loanstandsat`4,537croreand it can to `729 crore in non-MSME category are Though recoveries have shown some margin (GM) at 74.6% improved 100bps initiatives for Ilumya by utilising recently BetweenSeptember30,2019,andSep- go up to 20%-22% of the portfolio. The underprocess.Totalrestructuringwillbe5- improvements, the same was not as wit- QoQ and 316bpsYoYon better mix, and released five-year sustained efficacy tember 30, 2020, the bank saw credit bank is seeing demand for ECLGS as cus- 6%,and we expect the slippage ratio to be nessedduringpre-Covidtime.Therecovery process optimisation. Ebitda margins and safety data for Ilumya in patients growthof6%.“Ourcurrentgrowthiscom- tomers are using it as surplus capital orfor at 3% to 3.50% for the current financial during Q2 improved to `84.39 crore, (excluding forex and other operating with moderate-to-severe psoriasis ingfromdisbursalofECLGSloansandgold repayingoldloans.Kamakodisaidthebank year.Most of them will be accounts which against`24.27croreinQ1,”hesaid. income) at 26.2% improved 414bps patients.

Pune WWW.FINANCIALEXPRESS.COM THURSDAY, NOVEMBER 5, 2020 FINANCIAL EXPRESS MARKETS 11

● POSITIVE GLOBAL CUES Sebi allows unlisted Fund-raising via capital mkts drops 31% in Sept COMPANIES GARNERED were mopped up mainly for lakh crore inAugust bywayof OVER `75,000 crore from businessexpansionplans,loan issuing equity and debt secu- Stocks rise on buying in InvITs to raise funds capital markets in September, repaymentsandworkingcapi- rities. Out of `75,230 crore adeclineof31%fromthepre- tal requirements. garnered in September, ceding month, with private According to data avail- `64,389crorewasmoppedup through rights issues placement of debt instru- ablewith the markets regula- from private placement of IT cos & RIL,Q2 results ments continuing to be the tor,Sebi,companies raised a debt securities and `9,022 PRESS TRUST OF INDIA most preferred route for total of `75,230 crore in Sep- crore through private place- FE BUREAU PTI Sensex earnings outweigh down- New Delhi, November 4 NEW NORMS financing business. Funds tember, compared to `1.1 ment of equity. Mumbai, November 4 grades 6:1 for the 53 compa- Intra-day, November 4 nies under our coverage MARKETS REGULATOR SEBI ■ Minimum allotment EDELWEISS ASSET RECONSTRUCTION COMPANY LIMITED STOCKS ENDED THE 40,800 40,616.14 CIN: U67100MH2007PLC174759 dayin reportingresultsthusfar.Con- onWednesdayallowedunlisted to any investor will be Regd.Office : Edelweiss House, Off CST Road, Kalina, Mumbai 400098 AND thegreenforthethirdstraight 40,171.71 sensus has also moved simi- infrastructure investment 40,650 `1 crore STARLOG ENTERPRISES LIMITED (CIN–L63010MH1983PLC031578) session on Wednesday despite larly.Notableupgradesseenin trusts (InvITs) to raise funds ■ Issuance will be theglobalvolatility.TheSensex 40,500 IT,cementandmetalsbothfor through rights issue of their CRANES AVAILABLE FOR SALE rallied 355 points (0.88%) to us and consensus.Asset qual- units.The regulator has issued subject to conditions, including obtaining nod DESCRIPTION OF CRANES EQUIPMENT RESERVE PRICE EMD BID INCREMENT DATE & TIME OF close at 40,616.14 while the 40,350 ity trends are also better than detailed guidelines for raising NO. (IN RS.) (IN RS.) (IN RS.) E-AUCTION Nifty gained 95 points (0.8%) the worst fears for banks. As fundsthroughthisroute.Ithas from stock exchanges 600 MT TEREX DEMAG 62121 7,40,00,000 74,00,000 10,00,000 December 04, 40,200 to close at 11,908.5. Indian economy heads to nor- come out with conditions for ■ The rights issue will CC2800, YOM 1998 2020 from 10:00 The stock markets have malcy and India avoids lock- issuanceofunits,guidelineson MANITOWOC 4600 S3 RINGER 10337 30,20,000 3,02,000 50,000 40,050 be open within three ATTACHMENT am till 11:00 am been moving in line with downs, dips should be buying pricing as well as manner of months from the 250MT FUWA QUY250, YOM 1033 2,74,00,000 27,40,000 5,00,000 December 04, global cues for the last few 39,900 opportunities.” issuanceofunits. 2007 Open Close record date 2020 from 12:00 250MT FUWA QUY250, YOM 1034 2,85,00,000 28,50,000 5,00,000 trading sessions thanks to the Foreign portfolio investors In a circular,Sebi said the noon till 1:00 pm uncertainty around the US on Tuesday bought stocks minimum allotment to any 2007 250MT FUWA QUY250, YOM 1035 December 04, Presidential election. cues, the domestic bench- worth $197 million whereas investor will be `1 crore.Also, proposed to be issued. 2,80,00,000 28,00,000 5,00,000 2007 2020 from 2:00 According to Siddhartha marks gained also because of domestic institutional issuer will have to disclose Withregardtopricing,Sebi 120MT FUWA QUY120, YOM 1017 1,37,00,000 13,70,000 3,00,000 Khemka, head — retail buying in the information investors sold stocksworth $1 objects of the issue, related- said the investment manager 2007 pm till 3:00 pm 200MT TEREX DEMAG RAIL December 04, research,MotilalOswalFinan- technology stocks and million. The futures and party transactions,valuation, on behalf of the InvIT will 46003 15,00,000 1,50,000 50,000 MOUNTED CRANE, YOM 1989 2020 from 4:00 cial Services,given that the US Reliance Industries.The quar- options segment saw a financial details, review of decide the issue price before 200MT TEREX DEMAG RAIL 46008 15,00,000 1,50,000 50,000 is the world’s largest economy terly results of most bluechip turnover of `24.97 lakh crore credit rating and grievance determining the record date MOUNTED CRANE, YOM 1989 pm till 5:00 pm and the longest-standing Indian companies have posi- and the cash market saw a redressal mechanism in the and the issue price will be dis- 1. Date and time of inspection can be discussed and then facilitated along with Starlog Enterprises Limited. 2. All cranes shall be sold on “as is where is”, and “whatever there is basis”. democracy, the US elections tivelysurprised investors. turnoverworth`56,931crore. letterofoffer.Theissuancewill closedintheletterofoffer.The 3. The last date for Submission of EMD is December 03, 2020 till 3:00 pm holdsignificantimportancein Jefferies in its report said, These were against the six- be subject to several condi- rightsissuewillbeopenwithin 4. The last date for Submission of Bid is December 03, 2020 till 5:00 pm global geopolitical and eco- “The September 2020 quarter month average of `19.2 lakh tions, including obtaining in- three months from the record 5. E-Auction shall be with auto extension clause. 6. For detailed terms and conditions of the sale, please refer to the link provided in EARC’s website i.e. https://www.edelweissarc.in nomic situations. resultseasonhasseenastrong crore and `52327.79 crore, principleapprovalofthestock date.It will be kept open for at Contact No.-7506642532/9819099457 Besides positive global start. Upgrades to FY 2021 respectively. exchanges for listing of units least threeworking days. Email ID- [email protected] / [email protected] Date : 05.11.2020

Pune THURSDAY, NOVEMBER 5, 2020 WWW.FINANCIALEXPRESS.COM 12 FINANCIAL EXPRESS

LOKESH MACHINES LIMITED Regd. Office: B-29, EEIE, Stage – II, Balanagar, Hyderabad – 500 037 CIN: L29219TG1983PLC004319, Website: www.lokeshmachines.com E-mail: [email protected], Tel: +91-40-23079310 NOTICE NOTICE is hereby given that Pursuant to Reg. 29(1)(a), Reg 33 and 47(1)(a) of the SEBI( LODR), Regulations, 2015 the Meeting of the Board of Directors of the Company will be held on Thursday,November 12, 2020 at the Registered office of the Company to consider, approve and take on record the Un-Audited Financial Results of the Company for the quarter JITF INFRALOGISTICS LIMITED and half-year ended on 30th September, 2020. REGD. OFF. : A-1,UPSIDC INDL. AREA, NANDGAON ROAD, KOSI KALAN, For LOKESH MACHINES LIMITED DISTT. MATHURA - 281 403 Sd/- Place: Hyderabad Matru Prasad Mishra CIN : L60231UP2008PLC069245 Date: 04th November, 2020 Company Secretary NOTICE NOTICE pursuant to Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015 is hereby given that a meeting of Board of Directors of the Company will be held on Thursday, 12th November, 2020 at Jindal ITF Centre, 28, Shivaji Marg, New Delhi - 110015. Inter-alia, to consider and approve the Un-audited (Standalone and Consolidated) Financial Results of the company for the 2nd quarter / half year ended 30th Sept, 2020. Pursuant to the Code of Conduct for Prevention of Insider Trading under SEBI (Prohibition of Insider Trading) Regulations 2015, Trading Window shall remain closed CIN: L01119KL1978PLC002947 up to 48 hours from the disclosure of above e-mail:[email protected] Financial Results. Website:www.harrisonsmalayalam.com This Notice is also available on the website of NOTICE the Company www.jindalinfralogistics.com and on the website of Stock Exchanges Notice is hereby given in compliance with where the shares of the Company are listed Regulation 29 read with Regulation 47 of the SEBI (Listing Obligations and namely, at www.bseindia.com and Disclosure Requirements) Regulations, www.nseindia.com 2015, that a meeting of the Board of For JITF INFRALOGISTICS LIMITED Directors of the Company will be held on Sd/- Thursday, November 12, 2020, to ALOK KUMAR approve, inter alia, the Unaudited Place : New Delhi Company Secretary th Financial Results for the Quarter and Half Date : 04 November, 2020 ACS : 19819 Year ended September 30, 2020. This intimation is also available on the website of BSE Limited (www.bseindia.com) and National Stock Exchange of India Limited (www.nseindia.com) where the Company’s equity shares are listed and is also available on the website of the Company www.harrisonsmalayalam.com. By order of the Board of Directors For HARRISONS MALAYALAM LIMITED Sd/- Cochin - 3 Binu Thomas 04.11.2020 Company Secretary

Tuni Textile Mills Limited CIN : L17120MH1987PLC043996 Regd. Office : 63/71, Dadiseth Agiary Lane, 3rd Floor, Kalbadevi Road, Mumbai-400 002 NOTICE Pursuant to Regulation 29 read with Regulation 47 of SEBI LODR Regulations,2015,NOTICEisherebygiven that the meeting of Board of Directors of the Company will be held on Thursday, 12th day of November 2020 to consider, approve and to take on record, inter-alia, the Un-audited Financial Results for 2nd quarter ended on 30th September 2020. This intimation is also available on the website of the Company www.tunitextiles.com and on the website of BSE where the shares of the Company are listed viz. www.bseindia.com. By Order of the Board For Tuni Textile Mills Limited Mamta Jain Company Secretary Place : Mumbai Date: November 2, 2020

Triveni Glass Ltd. 1, Kanpur Road, Allahabad-211001 CIN: L26101UP1971PLC003491; Website: www.triveniglassltd.com Email: [email protected]; Tel: 0532-2407325 NOTICE OF 49TH ANNUAL GENERAL MEETING AND E-VOTING INFORMATION NOTICE is hereby given that the Forty Ninth Annual General Meeting(AGM) of the Company will be held on Friday, November 27, 2020 at 12:00 p.m. through video conferencing(VC)/Other Audio Visual Means(OAVM) to transact the business as set out in the Notice of the AGM. The Company has sent the Notice of AGM and Annual Report for FY 2019-20 on or before November 4, 2020 through electronic mode to members whose email addresses are registered with the Company/Depositories in accordance with the circular issued by Ministry of Corporate Affairs(MCA) dated May 5, 2020 read with circular datedApril 8, 2020 andApril13, 2020(collectively referred as MCA circulars) and SEBI circular dated May 12, 2020. The Notice of the AGM and Annual Report of the Company for Financial Year 2019-20 is available and can be downloaded from the company’s website www.triveniglassltd.com and the website of National Securities Depository Limited(NSDL) https://www.evoting.nsdl.com. In compliance with the provisions of Section 108 of the Act, read with Rule 20 of the Companies (Management and Administration) Rules, 2014, as amended from time to time, and Regulation 44 of the SEBI Listing Regulations, the Members are provided with the facility to cast their vote electronically on all resolutions set forth in the Notice of the AGM, using electronic voting system (e-voting) provided by NSDL. The voting rights of the members shall be in proportion of equity shares held by them in the paid up share capital of the Company as on Friday November 20, 2020.(cut off date) The remote e-voting period commences on Tuesday, November 24, 2020 (9:00 a.m. IST) and ends on Thursday, November 26, 2020 (5:00 p.m. IST). During this period, Members may cast their vote electronically. The e-voting module shall be disabled by NSDL for voting thereafter. Those Members, who will be present in the AGM through VC / OAVM facility and had not cast their vote on the Resolutions through remote e- voting and are otherwise not barred from doing so, shall be eligible to vote through e- voting system during theAGM. The Members who have cast their vote by remote e-voting prior to the AGM may also attend/ participate in the AGM through VC / OAVM but shall not be entitled to cast their vote again. Any person, who acquires shares of the Company and becomes a Member of the Company after sending of the Notice and holding shares as of the cut-off date, may obtain the login ID and password by sending a request at [email protected]. However, if he/she is already registered with NSDL for remote e-voting then he/she can use his/her existing User ID and password for casting the vote. If you have not registered your e-mail address with Company/Depository you may please follow below instructions for obtaining login id details for e-voting: Physical Holding Send a request to the Registrar and Transfer Agents of the Company, C B Management Services (P) Limited at [email protected] providing Folio No., Name of shareholder, scanned copy of the share certificate (front and back), PAN (self attested scanned copy of PAN card), AADHAR (self attested scanned copy ofAadhar Card) for registering email address. Demat Holding Please contact your Depository Participant (DP) and register your email address and bank account details in your demat account, as per the process advised by your DP. For details relating to e-voting, please refer to the Notice of the AGM. If you have any queries relating to remote e-voting, please refer to the Frequently Asked Questions(FAQs) and e-voting user manual for shareholders available at the Downloads section of www.evoting.nsdl.com or contact at toll free no. 1800-222-990 or send a request to [email protected]. In case of any grievance in connection with facility for voting by electronic means please contact Ms. Pallavi Mhatre, Manager, National Securities Depository Limited, Tradeworld, A Wing, 4th Floor, Kamla Mills Compound, Senapati Bapat Marg, Lower Parel, Mumbai-400013 E-mail- [email protected] TelNo. 022-24994545.

Place: Prayagraj FOR TRIVENI GLASS LIMITED Date: 05.11.2020 Astha Mohan Regd. Office:1, Kanpur road, Prayagraj-211001 Company Secretary

Pune THURSDAY, NOVEMBER 5, 2020 13 FINANCIAL EXPRESS WWW.FINANCIALEXPRESS.COM

NOTICE CUM ADDENDUM NO. 35/2020 THIS NOTICE CUM ADDENDUM SETS OUT THE CHANGES TO BE MADE IN THE SCHEME INFORMATION DOCUMENT (“SID”) AND KEY INFORMATION MEMORANDUM (“KIM”) OF MIRAE ASSET EMERGING BLUECHIP FUND (“THE SCHEME/FUND”) M to the existing temporary suspension (vide notice cum addendum no. AD/26/2017 dated 30th November, 2017 and notice cum addendum no. AD/23/2018 dated October 9, 2018) for applications through Systematic Investment Plan (SIP), Systematic Transfer Plan (STP) and other facilities under Mirae Asset Emerging Bluechip Fund (an open-ended equity scheme investing in both large cap and mid cap stocks): NOTICE IS HEREBY GIVEN THAT, the Board of Directors of Mirae Asset Investment Managers (India) Pvt. Ltd (“AMC”) and Mirae Asset Trustee Company Pvt. Ltd (“Trustee”) in the interest of the investors have approved the changes in the existing features of Systematic Investment Plan (SIP), Systematic Transfer Plan (STP) and other facilities of Mirae Asset Emerging Bluechip Fund (“the Scheme”) w.e.f close of business hours (15:00) of Friday November 6, 2020 (from 15:01 on November 6, 2020 i.e. applicable Trade Date November 9, 2020). Particulars Existing Provision(s) Revised Provision(s) Systematic Fresh Registration through SIP shall be Fresh Registration through SIP shall be allowed for a maximum of up to Rs.2,500/- Investment allowed for a maximum of upto Rs.25,000/- (Rupees Two Thousand Five Hundred) through Monthly mode cumulatively Plan (SIP) (Rupees Twenty Five Thousand) through aggregated across all available SIP Dates of each month (at Primary holder PAN Monthly or Quarterly mode cumulatively level) before the applicable cut off time on any business day. aggregated across all available 5 SIP Dates Investors are requested to note that SIP shall not be available through Quarterly i.e. 1st, 10th, 15th, 21st or 28th of each month mode under the Scheme and remains suspended. before the cut off time of 15:00 hours on any business day. The limit of Rs.2,500/- through SIP route (Monthly mode) shall be aggregated and will be applicable at primary holder PAN level for each new application received. Investors may please note that all applications made differently in the name of the minor and also in the name of the guardian under the same PAN will be considered as applications submitted under the same PAN, for the purpose of aggregation and the said threshold will be applicable collectively. Further, in the spirit of the erstwhile Addendums, any Investor who has active SIP (aggregated at primary PAN) for an amount of Rs.25,000/-; such investors will not be able to register further SIP under the Scheme. For the purpose of illustration, please see the below reference grid – Existing SIP Registration Registration Restrictions >=Rs.25,000 No Further Registrations Allowed SIP Registration for a maximum of Rs.2,500/-

review process, for such processing(s); the AMC reserves the right to reject or cease such SIPs for future installments including refund of the installments inadvertently processed. It may further be noted, that any change of plan or option within MAEBF from Regular Plan to Direct Plan or Growth Option to Dividend Option and vice versa shall be allowed, subject to applicable loads and levies. All other existing features and terms & conditions of the SIP, STP and other facilities will remain unchanged as per earlier addendums. This notice cum addendum forms an integral part of the SID and KIM issued for the Scheme of Mirae Asset Mutual Fund. All the other terms and conditions of the Statement of Additional Information (SAI), SID and KIM of the Scheme will remain unchanged. For and on behalf of the Board of Directors of MIRAE ASSET INVESTMENT MANAGERS (INDIA) PVT. LTD. (Asset Management Company for Mirae Asset Mutual Fund) Place : Mumbai Sd/- Date : November 4, 2020 AUTHORISED SIGNATORY MIRAE ASSET MUTUAL FUND (Investment Manager: Mirae Asset Investment Managers (India) Private Limited) (CIN: U65990MH2019PTC324625). 606, Windsor, Off CST Road, Kalina, Santacruz (E), Mumbai - 400098. � 1800 2090 777 (Toll free),� [email protected] www.miraeassetmf.co.in Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

Pune THURSDAY, NOVEMBER 5, 2020 14 FINANCIAL EXPRESS WWW.FINANCIALEXPRESS.COM �������� �������� ��������� ������� ���� ��������������������� ����� ������� ���� ��� �� � ��� ����� �������� ������� ����� �� ������ ������ ��������� ������ ������������� ���������� ����������������� ������ ���������������� ����� ��� ������������������������������ �������� ��������������������� ������ ������ �� ������ ����� �������� �� ���������� �� ���� ���� ���������� �� �� ���������� ��� �������� ����� �� ����� �������� ����������� ��� ���������� GRP LTD. ������������� ������������ ����� ���� � ������� �� ��� ����� �� ��������� �� ��� CIN : L25191GJ1974PLC002555 Registered O�ce : Plot No.8, GIDC Estate, Ankleshwar - 393 002 Dist. Bharuch, Gujarat ������� �� ��������� �� �� ���� �� ������� �������� ��� ����� ����������� �� Tel no.: 022 67082600 / 2500, e-mail id : investor.rela�[email protected],website: www.grpweb.com �������� ��� ������� ��� ��������� ��������� ������� ����������� ��� ������������� NOTICE �� ��� ������� ��� ��� ������� ��� ��������� ����� ��������� ��� ����� Pursuant to Regula�on 47 of the SEBI (Lis�ng Obliga�ons and Disclosure Requirements) ��� ����������� ��������� �� ���� ������ ��� ���� �� �������� �� ��� ������� �� ��� Regula�ons, 2015, NOTICE is hereby given that the mee�ng of the Board of Directors of the ������� ���� ��������������������� ��� ���� �� ��� ������� �� ��� ����� Company will be held on 11th November, 2020 to take on record the unaudited provisional ��������� ���� ���������������� ��� ����������������� ������������� �nancial results of the Company for the quarter and half year ended 30th September, 2020. ��� �������� �������� ��������� ������� This informa�on is also available on the website of the Company i.e. www.grpweb.com and ������ ��������� ���� ������ ��������� on the website of the stock exchanges, i.e. www.bseindia.com and www.nseindia.com ����� �������� ��� ���� ������� ��������� ��� ���������� ������� For GRP Limited Place : Mumbai Harsh Gandhi Date : 04.11.2020 Joint Managing Director

VICERVICERVICEROOOYHOY HOYHOTELSLIMITEDTELSLIMITEDTELSLIMITED CIN: L55101TG1965PLC001048 Regd. Office: Plot No.20, Sector-I, 4th Floor, Huda Techno Enclave, Madhapur, Hyderabad – 500081, Telangana. Phone: 91 -40 2311 9695/4034 9999;; Fax: 91 -40 – 4034 9828 VICEROY Email: [email protected]; Website: www.viceroyhotels.in; NOTICE Notice is hereby given that in terms of Regulation 29 read with 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, that a Meeting of the Board of Directors (RP) of Viceroy Hotels Limited will be held on Thursday, 12th November, 2020 at the registered office of the Company situated at Plot No.20, Sector-I, Survey No.64, 4th Floor,HUDATechno Enclave, Hyderabad – 500081,Telangana, India, inter-alia to consider and approve the un-audited Financial Results (both Standalone & Consolidated) for the second quarter and half year ended on 30th September, 2020. For Viceroy Hotels Limited Sd/- Karuchola Koteswara Rao Resolution Professional in the matter of M/s Viceroy Hotels Ltd Date : 04-11-2020 Regn no.IBBI/IPA-003/IP-N00039/2017-18/10301 Place: Hyderabad. Email ID:[email protected]

Jump Networks Limited CIN: L92412MH1992PLC067841 Regd. Off. : B-302, Western Edge-II, Off Western Express Highway, Borivali (East), Mumbai 400 066 Phone : +91 22 2854-5867 Email: [email protected] Website: https://www.jump.tech NOTICE Pursuant to Regulation 29 read with Regulation 47 of SEBI (Listing Obligations NOTICE and Disclosure Requirements) Regulations Notice, pursuant to Regulation 29 read with Regulation 47 of the 2015, notice is hereby given that a meeting of the Board of Directors of the Company Securities and Exchange Board of India (Listing Obligations and will be held on Friday, November 13, 2020 Disclosure Requirements) Regulations, 2015, is hereby given at 2:00 p.m. at the registered office of the that a meeting of the Board of Directors of the Company is Company and via video conference, inter-alia to consider, approve and take on scheduled to be held on Wednesday, November 11, 2020, inter record the Unaudited Financial Results alia, to consider and approve the Unaudited Financial Results together with the Limited Review Report (both stand-alone and consolidated) for the Quarter and Half- thereon to be submitted by the Statutory Auditors of the Company for the quarter Year ended September 30, 2020, of the Financial Year 2020-21. and half-year ended September 30, 2020, This intimation is also available on the website of the Company, andanyotherbusinesswiththepermission BSE Limited and National Stock Exchange of India Limited at oftheChair. www.rinfra.com, www.bseindia.com and www.nseindia.com, This information is also available on the Company’s website (www.jump.tech) and respectively. on the website of the BSE Limited For Reliance Infrastructure Limited (www.bseindia.com) For Jump Networks Limited (Formerly known as ‘’Iris Mediaworks Limited’’) Date : November 4, 2020 Paresh Rathod Company Secretary Sd/- Place : Mumbai Nihar Shah Reliance Infrastructure Limited Company Secretary & Compliance Officer Place:Mumbai CIN: L75100MH1929PLC001530 Date: November 03, 2020 Regd. Of�ce: Reliance Centre, Ground Floor, 19, Walchand Hirachand Marg, Ballard Estate, Mumbai 400 001 Tel: +91 22 4303 1000; Fax: +91 22 4303 8662 E-mail : [email protected] Website : www.rinfra.com MAFATLAL INDUSTRIES LIMITED Regd. Office: 301-302, Heritage Horizon, 3rd Floor, Off C.G. Road, Navrangpura, Ahmedabad - 380 009 Tel: 079–26444404-06; Fax: 079-26444403 Email: [email protected]; Website: www.mafatlals.com Corporate Identification No.: L17110GJ1913PLC000035 EXTRACT OF STATEMENT OF STANDALONE AND CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30th SEPTEMBER, 2020 (` in lakhs) Standalone Consolidated Sr. PARTICULARS For the three months For the six For the year For the three months For the six For the year No. ended on months ended on ended on ended on months ended on ended on 30th Sept, 30th June, 30th Sept, 30th Sept, 30th Sept, 31st Mar, 30th Sept, 30th June, 30th Sept, 30th Sept, 30th Sept, 31st Mar, 2020 2020 2019 2020 2019 2020 2020 2020 2019 2020 2019 2020 Unaudited Unaudited Unaudited Unaudited Unaudited Audited Unaudited Unaudited Unaudited Unaudited Unaudited Audited 1 Total Income from Operations 17,287.35 4,913.27 29,161.46 22,200.62 56,767.67 106,212.31 17,293.17 4,919.09 29,165.84 22,212.26 56,777.79 106,230.32 2 Net Profit / (Loss) for the period (before Tax, Exceptional and/or Extraordinary items) (1,903.50) (1,939.79) (218.92) (3,843.29) (807.97) 123.25 (1,909.00) (1,939.79) (218.92) (3,848.79) (807.97) 123.25 3 Net Profit / (Loss) for the period before tax (after Exceptional and / or Extraordinary items) (1,903.50) (3,758.90) (975.27) (5,662.40) (1,495.50) (1,335.93) (1,909.00) (3,758.90) (975.27) (5,667.90) (1,495.50) (1,335.93) 4 Net Profit / (Loss) for the period after tax (after Exceptional and/or Extraordinary items) (1,903.50) (3,758.90) (975.27) (5,662.40) (1,495.50) (1,370.80) (1,909.00) (3,758.90) (975.27) (5,667.90) (1,495.50) (1,370.80) 5 Total Comprehensive Income for the period [Comprising Profit / (Loss) for the period (after tax) and Other Comprehensive Income (after tax)] 13,116.80 544.89 (2,357.76) 13,661.69 (10,373.49) (22,266.40) 13,111.30 544.89 (2,357.76) 13,656.19 (10,373.49) (22,266.40) 6 Equity Share Capital 1,391.28 1,391.28 1,391.28 1,391.28 1,391.28 1,391.28 1,391.28 1,391.28 1,391.28 1,391.28 1,391.28 1,391.28 7 Reserves (excluding Revaluation Reserve) --- - - 27,064.67 --- - - 27,071.60 8 (Loss) / earnings per share (face value of Rs. 10/- per share) (not annualized) - Basic and Diluted (13.68) (27.02) (7.01) (40.70) (10.75) (9.85) (13.72) (27.02) (7.01) (40.74) (10.75) (9.85) Notes: 1 The said results have been reviewed by theAudit Committee and approved by the Board of Directors of the Company at its meeting held on 4th November, 2020. 2 The above is an extract of the detailed format of the Financial Results for the quarter and six months ended 30th September, 2020 filed with the Bombay Stock Exchange under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The full format of the said Financial Results are available on the website of the Company at 'www.mafatlals.com' and also available on the website of Stock Exchange at 'www.bseindia.com'. By Order of the Board For Mafatlal Industries Limited H.A.MAFATLAL Place: Mumbai CHAIRMAN th Dated: 4 November, 2020 DIN:- 00009872

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● MULTIPLE HEADWIND Bengaluru to Three more Rafale jets arrive in India host virtual CVvolumes to shrink PRESS TRUST OF INDIA all36Rafalejetswouldbecom- tech summit New Delhi, November 4 pletedby2023. The Rafale jets are capable FE BUREAU A SECOND BATCH of three of carrying a range of potent Bengaluru, November 4 25-28% in FY21: Icra Rafale fighter jets arrived at weapons. European missile Jamnagar airbase in Gujarat makerMBDA’s Meteorbeyond THE 23RD EDITION of Ben- on Wednesday evening after visual range air-to-air missile, galuru Tech Summit (BTS) will flying non-stop from France, Scalp cruise missile and MICA be held virtually between Outlook for the sector in a further boost to strike weapons system will be the November 19 and 21 amid the remains ‘negative’ on JLR commences booking for capability of the Indian Air mainstayoftheweaponspack- Covid-19pandemic. Force when India and China ageoftheRafalejets. Prime Minister Narendra the back of continuing electric SUV I-PACE in India are locked in a bitter border The IAF is also procuring a Modi is expected to virtually challenges worsened JAGUARLAND ROVER Ind- The I-PACE’s 90 kWh rowin eastern Ladakh. new generation medium- inaugurate the event.It will be by the pandemic ia onWednesdaysaid it had lithium-ion battery comes With the arrival of the new The second batch of Rafale fighter jets arrived at Jamnagar range modular air-to-ground organisedbytheDepartmentof commenced bookings for with eight years or 1.6 lakh batch,thenumberofRafaleair- airbase in Gujarat after flying non-stop from France.The weapon system Hammer to Electronics,IT,BtandS&Tofthe its all-electric SUVJaguar I- km warranty.Additionally, crafthasincreasedtoeight. number of the aircraft has now increased to eight EXPRESS PHOTO integratewiththeRafalejets. GovernmentofKarnatakawith PRESSTRUSTOF INDIA PACE.Thevehiclecomesfit- I-PACEcustomerswillbene- ThefirstbatchoffiveRafale Hammer (Highly Agile participation from technology Mumbai, November 4 ted with a 90 kWh lithium- fit from a complimentary jets arrived in India on July29, Officialssaidthenewbatch outsortiesineasternLadakh. Modular Munition Extended stalwartslikeKrishGopalkirsh- ion battery that delivers five years service package nearly four years after India comprisedthreejets. The IAF has deployed Range) is a precision-guided nan,co-founder,Infosys,chair- COMMERCIALVEHICLES(CV) 400 PS of power from its and five years Jaguar road- signed an inter-governmental The Rafale jets, manufac- almost all its frontline fighter missile developed by French manofAxilorVenture,andchai- volumes are expected to shrink two electric motors. sideassistanceaswell.—PTI agreementwith France to pro- tured by French aerospace jets like Sukhoi 30 MKI,Jaguar defencemajorSafran. rman,KarnatakaVision Group 25-28% this fiscal amid multi- cure 36 aircraft at a cost of major Dassault Aviation, are andMirage2000aircraftinthe The missile was originally onInformationTechnologyand ple headwind along with the `59,000crore. India’s first major acquisition keyfrontierairbasesineastern designed and manufactured Kiran Majumdar Shaw,execu- pandemic impact,and the out- “Second batch of IAF of fighter planes in 23 years Ladakh and elsewhere along for the French Air Force and tive chairperson, Biocon, and lookforthesectorremains“neg- Mahindra Thar crosses 20,000 #RafaleaircraftarrivedinIndia after the Sukhoi jets were theLAC. Navy. Meteoristhenextgener- chairperson of the Karnataka ative”onthebackofcontinuing at 8:14 pm on 04 Nov 20 after imported from Russia. The Chief of Air Staff Air Chief ation of BVR air-to-air missile VisionGrouponBiotechnology. challenges,ratings agency Icra booking mark in a month of launch flying non-stop from France,” newly inducted fleet of five Marshal RKS Bhadauria on (BVRAAM) designed to revolu- The event will also bring saidonWednesday. MAHINDRA&MAHINDRA ants, M&M said in a state- theIAFsaidinatweet. Rafale jets has been carrying October5saidtheinductionof tioniseair-to-aircombat. togetherindustryorganisations In the previous fiscal, CV on Wednesday said book- ment.Keepingtheunprece- like Nasscom,TiE,ELCIA,IESA, domestic volumes stood at ingsfortheallnewTharhad dented demand in mind, ABAI,ABLE,CLIKandIACC. 7,17,688 units against an all- crossed 20,000 mark, thecompanyisfasttracking timehighof10,07,311vehicles within a month of its the process of increasing Indians may see better pay hikes in 2021: Survey in2018-19.Theoutlookforthe launch. Given the over- the production capacity NTPC supplies CVsectorremains“negative”on whelming response, the bothatitsNasikfacilityand BLOOMBERG Around 87% companies recovery inAsia’s third-largest both intra and inter-industry,” the back of continuing chal- waiting period for the thesupplierendtomeetthe November 4 are planning pay hikes economy is underway.India is Rattansaid. over 3,000 MTfly lenges such as over-capacity, model nowranges between demand and reduce the compared to 71% in 2020 facing the biggest contraction Industries likely to provide subdued freight availability, five and seven months, waiting period for cus- INDIAN EMPLOYEES ARE among major emerging mar- the highest salary increases ash to Ultratech financing constraints, among dependingonselectedvari- tomers,it added.—PTI likelytowitness theirmonthly ketsafterthecountrywaslocked includetechnology,lifesciences, others, all of which have com- paycheckgettingabiggerboost downtocheckthe spreadofthe e-commerce, chemicals and POWER PRODUCER NTPCon pounded due to the pandemic, nextyearcomparedto2020as jectedtoincreasecompensation pandemicinMarch. professionalserviceswhilecom- Wednesdaysaidithadsupplied Icra said in a release.The credit levelandtounderstandthecur- increased vehicle prices post companies are betting on by an average 7.3% in 2021 Agoodrainfallandstimulus- panies in sectors such as hospi- 3,186 MTof dryflash ash from rating agency said it expected rentchallengesofthesector. transitiontonewemissionnor- higher consumer demand due compared to 6.1% — lowest led retail spending are the pri- tality, retail and real estate — itsplantinMouda,Maharashtra thevolumes in FY2021 to con- “The domestic CVsegment ms (BS-VI)would have added to to enhanced government since2009—thisyear,Aonsaid mary reasons for tailwinds in severely battered by the toaunitofUltratechCementin tract by 25-28%,which would was alreadyin the midst of sev- the existing plethora of chal- spending and bumper rainfall in the survey released on salaryincrements,NavneetRat- pandemic — are projecting an Kalburgi, Karnataka. “In an bringindustryvolumesdownto eral headwind in FY2020 and lenges. However, the extent of toneutralisethepandemic-led Wednesday.Around 87% com- tan,director,Performance and increase but trail other sectors, effort to contribute towards the lowest levels in more than a witnessed a steepvolume con- the contraction has beenworse economiccontraction,asurvey panies are planning pay hikes Rewards Solutions practice, thesurveysaid. 100% utilisation of fly ash, decade,itsaid. tractionof29%,”Icravice-pres- thanexpected,onaccountofthe showed. comparedto71%in2020. India, told reporters. “The The survey covered more NTPCMoudaexpandeditsfoot- Icra conducted an extensive ident Shamsher Dewan said. challengesbroughtaboutbythe Companies, spanning sec- Themarginalincreaseinthe impact of Covid-19 has been than 1,000 companies across stepstowardsashutilisationby survey,covering 26 CVdealers “The industryhad been expect- pandemic,”Dewan added.Fleet tors including e-commerce, forecast comes amid data from varied on different sectors and over 20 industries, with two- sending the by-product to from 11 states in October to ing the down-cycle to extend operatorshavepushednewvehi- energy, financial institutions car sales and tax collections to organisations.We see high dif- third aiming to provide similar cementmanufacturersthrough gauge the trends at the ground into the current fiscal aswell,as clepurchasestothebackburner. and pharmaceuticals,are pro- factoryoutputsuggestingthata ferentials in salary increases – orhigherincrementsin2021. railwayrakes,”NTPC.—PTI De-risking strategy: SFLto focus on non-auto segments (A Maharatna Company) REGD. OFFICE : 17, JAMSHEDJI TATA ROAD, MUMBAI - 400 020 FE BUREAU forthefinancialyear2021as E-mail: [email protected], CIN No: L23201MH1952GOI008858 Chennai, November 4 partofcapacityexpansionof its existing lines of busi- AUTOMOTIVE COMPO- nesses. It had already EXTRACT OF THE STANDALONE AND CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30TH SEPTEMBER, 2020 NENT MANUFACTURER incurred `63 crore towards Sundram Fasteners (SFL), a capital expenditure during in Crore) TVS Group company, has the half-yearended Septem- Standalone Results Consolidated Results decidedtofocusonnon-auto ber30. Quarter Ended Six Months Ended Year Ended Quarter Ended Six Months Ended Year Ended segment such as aerospace SFL had set up a SEZ unit Particulars and defence sectors, as part at Sri City,Andhra Pradesh , 30.09.2020 30.09.2019 30.09.2020 30.09.2019 31.03.2020 30.09.2020 30.09.2019 30.09.2020 30.09.2019 31.03.2020 of a strategy to de-risk its with an initial investment of Unaudited Unaudited Unaudited Unaudited Audited Unaudited Unaudited Unaudited Unaudited Audited business model and to shel- `100 crore. Total income from operations 61,602.54 66,460.22 1,07,710.09 1,41,272.95 2,87,416.93 61,661.64 66,549.31 1,07,830.34 1,41,428.08 2,87,742.05 ter itself against the cyclical Thenewunithasreceived Net Profit/(Loss) for the period (before Tax and Exceptional items) 3,292.00 1,616.97 7,020.41 2,856.01 2,575.52 3,837.95 1,305.26 6,957.66 2,606.70 2,377.22 nature of the auto industry. anorderfromaleadingEuro- In order to further SFL’s pean manufacturer to man- Net Profit/(Loss) for the period before tax (after Exceptional items) 3,292.00 1,616.97 7,020.41 2,856.01 1,572.59 3,837.95 1,305.26 6,957.66 2,606.70 1,374.29 growth in non-auto seg- ufacture and export high Net Profit/ (Loss) for the period after tax (after Exceptional items) 2,477.45 1,052.31 5,291.28 1,863.26 2,637.26 2,975.83 761.65 5,228.48 1,639.13 2,638.73 ment,the companyincorpo- precision engineering com- Total Comprehensive Income for the period [Comprising Profit / (Loss) rated a wholly-owned sub- ponents. The SEZ unit is for the period (after tax) and Other Comprehensive Income (after tax)] 2,455.32 965.90 5,264.75 1,756.52 2,186.56 3,033.24 664.52 5,277.44 1,521.48 1,980.91 sidiary named TVS developing parts for hybrid Engineering. The new arm electric vehicles, a move Reserves (excluding Revaluation Reserves) 31,274.97 26,682.43 31,274.97 26,682.43 27,438.15 33,305.92 28,671.30 33,305.92 28,671.30 29,456.41 would manufacture wide expectedtogivefurtherpush PaidupEquity ShareCapital (FaceValue 10/- each) 1,523.82 1,523.82 1,523.82 1,523.82 1,523.82 1,523.82 1,523.82 1,523.82 1,523.82 1,523.82 spectrum of forged, to the export business of the Basic and Diluted Earnings Per Share (of 10/- each) (not annualised) 16.26 6.91 34.72 12.23 17.31 19.53 5.00 34.31 10.76 17.32 machined parts, missile company,thestatementsaid. parts, precision machined TVS Upasana, a wholly- Notes : parts,titanium and stainless owned subsidiary of the 1) The above is an extract of the detailed format of Quarterly/Half yearly Financial Results filed with the Stock Exchanges under Regulation 33 of the SEBI (Listing Obligations and Disclosure steel fasteners, torsion bars, company, has commenced a Requirements) Regulations, 2015. The full format of the Quarterly/Half yearly Financial Results is available on the Company's Webpage - (http://www.hindustanpetroleum.com/Financial) and Stock transmission parts and new division at its plant at Exchange websites (www.bseindia.com) & (www.nseindia.com). engine parts like con rods, VallamVadagalinSriperum- crank shafts engine liners budur at an investment of 2) Previous period figures have been regrouped/reclassified, wherever necessary. pumpsandcriticalfasteners, `17 crore, proposed to be said a company statement. spent over a period of three By order of the Board SFL has earmarked `100 years. Hindustan Petroleum Corporation Ltd. croreforthedefencedivision Thenewdivisionhasbeen operations. setuptomanufactureradia- sd/- Thecompanyproposesto tor cap cover, radiator cap R. Kesavan spend about `150 crore housing,radiator cap lid and Place : Mumbai Director (Finance) towards capital expenditure filterelement parts. Date : 04November,2020 DIN : 08202118

ELECTRONICS LIMITED ��� : L03210�z1985�L�001535,S�����������L����,J��������� ��S�, ���������� - 641047. Email: [email protected] & Website: www.salzergroup.net STATEMENT OF UN-AUDITED STANDALONE AND CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS PERIOD ENDED SEPTEMBER 30,2020 Rs. in Lakhs Standalone �onsolidated S. Particulars Quarter Six�onths Quarter �ear Quarter Six�onths Quarter �ear ended No. ensded ended ended ended ended ended ended

30.09.2020 30.09.2020 30.09.2019 31.03.2020 30.09.2020 30.09.2020 30.09.2019 31.03.2020 (�n-audited)�udited (�n-audited)�udited 1 Total Income from Operations 14,984.81 24,579.71 13,804.52 56783.31 15,538.90 25,394.39 14,419.53 58,564.16 2 Net Profit for the period (Before Tax, Exceptional and 920.14 1,029.97 875.99 3047.05 973.04 1,066.64 957.20 3,209.25 Extraordinary Items) 3 Net Profit for the period before Tax (After and 920.14 1,029.97 875.99 3047.05 973.04 1,062.26 957.20 3,189.79 Extraordinary Items) 4 Net Profit for the period after Tax (After Extraordinary Items) 658.66 727.75 594.16 2638.66 702.58 751.06 643.95 2,741.33 5 Total Comprehensive Income for the Period 658.00 761.80 557.40 2546.83 701.25 782.94 605.21 2,639.07 6 Paid Up Equity Share Capital 1,598.27 1,598.27 1,598.27 1598.27 1,568.27 1,568.27 1,568.27 1,568.27 7 Reserves & Surplus (Other equity) -- - 29339.72 - - - 29405.44 8 Earnings Per Share (EPS) Rs. (Face Value of Rs 10 Each) - Before and after Exceptional Items Basic : (in. Rs.) 4.12 4.55 3.72 16.51 4.40 4.62 3.96 16.96 Diluted : (in Rs.) 4.12 4.55 3.72 16.51 4.40 4.62 3.96 16.96

The above is an extract of standalone and consolidated Financial Results for the quarter / Six Months period ending September 30,2020 as filed with the Stock Exchanges under Reg.33 read with Reg.47 of SEBI (Listing Obligations and Disclosure Requirements) Regulation 2015. The full format of the aforesaid Financial Results are available on the Stock Exchange Web site www. nseindia.com and www.bseindia.com and website of the Company www.salzergroup.net. S�askarasubramanian Director (�orporate�ffairs) & Date :�ovember 03,2020 �ompany Secretary �lace :�oimbatore -641047 (D�� : 00003152 & F�S : 4605)

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From the Front Page

Arnab Goswami 2-year-old “WHEN WE GAVE the intima- Goswami’s home when he was just over 90 km from Mumbai, check-up, Goswami will be Police said Goswami was closed off Biden’s hopes for an tion (of arrest) to Goswami’s pickedupbypolice. hewasproducedinalocalcourt, brought back to the court for taken toAlibaug in Raigad dis- early knockout in the election. arrested in suicide case wife,shetoreupthepaper,”said Soonafterthevehiclecarry- which directed police to take hearing on his remand. The trictinconnectionwiththesui- The president also won Texas, the official who was present at ing Goswami reachedAlibaug, himtothecivilhospitaltherefor courtwill consider the medical cidecase. which Democrats had hoped medical check-up, after reportsatthattime,”Parkarsaid. While in the police van, might turn blue and entirely his lawyer alleged the Thearchitectandhismother Goswami was seen claiming reshapetheelectoralmap. THE INDIAN HOTELS COMPANY LIMITED senior journalist was committedsuicideoveralleged that police assaulted him and Trumpsignificantlyoutper- assaultedbypolice. non-paymentofduesbyRepub- his son and he was also not formedinoneof Florida’smost ���������� ������� ������� ������ ������� ����� ������ ��� ��� “Goswami was pro- licTV,policesaid. allowedtomeethisin-laws. populous counties, Miami- ���� ���������������������� ������ �������������������������������� �������� ���������������� ducedbeforeamagistrate InMaythisyear,Maharash- Police said that in a suicide Dade. After losing the county courtinAlibaugwherehe tra home minister Anil Desh- note, Anvay Naik, who owned fouryears ago by 29 points,he EXTRACT OF STANDALONE AND CONSOLIDATED FINANCIAL RESULTS FOR complained of physical mukh announced he has ConcordeDesigns,hadclaimed lostbylessthan8toBiden. THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2020 assaultatthehandsofthe ordered a fresh probe in the thathewasendinghislifedueto The county is diverse,with � police team that barged caseafteracomplaintbyAdnya non-payment of his dues by large Cuban and Venezuelan lakhs into his house this morn- Naik,daughterof the architect Goswami, Feroz Shaikh of populationsTrumphascourted STANDALONE ing, Goswami's lawyer AnvayNaik. IcastX/Skimedia and Niteish by raising diplomatic and eco- GauravParkarsaid. Deshmukh said Adnya SardaofSmartworks. nomic pressure on the socialist Quarter Quarter Half Year Half Year Year The magistrate took alleged that the Alibaug police Police said that as per the regimes in those countries.He Ended Particulars Ended Ended Ended Ended note of the allegations had not investigated the note, the three firms owed accused Biden of sharing the 30.09.2020 30.09.2019 30.09.2020 30.09.2019 31.03.2020 anddirectedthepoliceto alleged non-payment of dues Naik’s company `83 lakh, `4 regimes’politics. (Reviewed) (Reviewed) (Reviewed) (Reviewed) (Audited) takeGoswamitothecivil from Goswami's channel, croreand`55lakh,respectively. TrumpwonOhioandBiden Total income from operations 16521 59851 26045 117040 274347 hospital for medical which she claimed drove her won Minnesota, states that Net Profit/ (Loss) for the period before tax (15664) 3698 (40995) 7295 45414 check-up. father and randmother to sui- US presidential each candidate had sought to (before Exceptional items) “After the medical cideinMay2018. takefromtheotherbutwound election: up politically unchanged from Net Profit/ (Loss) for the period before tax (17262) 2935 (46371) 6761 43774 2016.Ohiowasthefirstofsev- (after Exceptional items) Biden or eral battleground states Net Profit/ (Loss) for the period after tax (14159) 11894 (38040) 14139 40141 decidedintherace. Trump? Biden carried Minnesota (after Exceptional items) eventhoughTrumpheldmulti- TotalComprehensiveIncomefortheperiod(ComprisingProfit/ (11519) 8979 (30121) 10241 27743 Result’s in plecampaignralliesinastatehe (Loss) for the period (after tax) and Other Comprehensive narrowlylost to HillaryClinton the mail in2016.ButBiden’sstrengthin Income (after tax)) IFBIDENWINSanytwo theurbanpartsofthestatekept Paid-up Equity Share Capital (Face Value per share -�1 each) 11893 11893 11893 11893 11893 ofMichigan,Wisconsin, itintheDemocraticcolumn. Other Equity 446463 PennsylvaniaandGeor- Trump holds small leads in � � gia, he’ll win. Biden North Carolina and Georgia, Earnings Per Share (in ) (Face Value of 1 each) : edged to a small lead in though there are votes out- Basic and Diluted (*not annualised): *(1.19) *1.00 *(3.20) *1.19 3.38 Wisconsin, up almost standing in each. Trump won 21,000 votes, as bothstatesin2016. � lakhs returnsfromGreenBay In addition, Biden won CONSOLIDATED and Kenosha were Nebraska’s second congres- added to the total. sional district, Minnesota, Quarter Quarter Half Year Half Year Year Bidenwasonlydown Hawaii, California, Oregon, Particulars Ended Ended Ended Ended Ended by about 13,500 votes Washington, Colorado, New 30.09.2020 30.09.2019 30.09.2020 30.09.2019 31.03.2020 overallinMichiganwith York,Virginia,Illinois,Maryland, (Reviewed) (Reviewed) (Reviewed) (Reviewed) (Audited) a sizable number of NewJersey,Massachusetts,Con- Total income from operations 25667 100744 40028 202744 446314 absentee ballots left to necticut, Vermont, Rhode Net Profit/ (Loss) for the period before tax (28308) (516) (70537) 2029 35459 count.In Nevada,where Island,New Mexico,Delaware, tallyingwashalteduntil District of Columbia and New (before Exceptional items) Thursday, Biden was Hampshire,accordingtotheAP. Net Profit/ (Loss) for the period before tax (26259) (541) (59881) 2233 39554 clinging to a lead of TrumpwonNebraska’sother (after Exceptional items) almost 8,000 votes. fourElectoralCollegevotes,Ohio, Therewerefewsurprises Florida, Texas, Iowa, Idaho, Net Profit/ (Loss) for the period after tax (25209) 6930 (56469) 7428 36374 among stateswhere the Kansas,Arkansas,Indiana,Ken- (after Exceptional items) APannouncedwinners, tucky,Tennessee,SouthCarolina, TotalComprehensiveIncomefortheperiod(ComprisingProfit/ (23636) 6279 (48323) 4301 35618 with Republican and Alabama,Mississippi,WestVir- Democratic states gen- ginia, North Dakota, South (Loss) for the period (after tax) and Other Comprehensive erally falling in line, Dakota, Wyoming, Louisiana, Income (after tax)) despiteexpectationsfor OklahomaandMissouri. Paid-up Equity Share Capital (Face Value per share -�1 each) 11893 11893 11893 11893 11893 severalupsets. Nebraska is one of only two The only other Elec- states,with Maine,that award Other Equity 500278 toral Collegevote to flip an Electoral College vote to the Earnings Per Share (in�) (Face Value of�1 each) : sofar,besidesinArizona, winner of each congressional Basic and Diluted (*not annualised): *(1.93) *0.60 *(4.29) *0.65 2.98 came from a congres- district. Trump won two dis- sional district in trictsandBidenwonone.Trump Notes: Nebraska that backed wonthestateoverall,givinghim 1. The above is an extract of the detailed format of the Statement of Standalone and Consolidated Financial Results filed with Biden after favoring Nebraska’stworemainingElec- the Stock Exchanges under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, Trumpin2016. toralCollegevotes.Maine’ssec- 2015. The full format of the Statement of Standalone and Consolidated Financial Results for the quarter and half year are TrumpwonFlorida,a ond congressional district crucial prize in the race remainedtooclosetocall. available on the websites of Stock Exchanges at www.bseindia.com and www.nseindia.com and also on the Company's to theWhite House that —Bloomberg website at www.ihcltata.com. 2. The above results have been reviewed by the Audit Committee of the Board and approved by the Board of Directors at its meetings held on November 4, 2020. The results have been reviewed by the Statutory Auditors of the Company. 3. The above results are in accordance with the Companies (Indian Accounting Standards) Rules, 2015 as prescribed under Section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder and the other accounting principles generally accepted in India. Puneet Chhatwal Managing Director & CEO Mumbai (DIN: 07624616) November 4, 2020

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EXPRESS DCM SHRIRAM INDUSTRIES LIMITED CIN : L74899DL1989PLC035140 Regd Off.: Kanchenjunga, 5th Floor, Careers 18, Barakhamba Road, New Delhi-110001 Tel. No: 011- 43745000 E-mail: [email protected] Website: www.dcmsr.com NOTICE NOTICE is hereby given that a meeting of the Board of Directors of the Company will be held on 12.11.2020, inter-alia, to consider and approve unaudited financial results (both standalone & consolidated) for the quarter and half year ended on 30.09.2020. For further details please refer www.dcmsr.com/ www.bseindia.com For DCM Shriram Industries Ltd. Sd/- Y.D. Gupta Company Secretary Date: 04.11.2020 FCS 3405

K G DENIM LIMITED J. L. MORISON (INDIA) LIMITED CIN: L17115TZ1992PLC003798 (CIN: L51109WB1934PLC088167) Regd. Office : Then Thirumalai, Jadayampalayam, Coimbatore – 641 302. Regd. Office : 'Rasoi Court', 20 Sir R. N. Mukherjee Road, Kolkata - 700 001 Phone : 04254-235240 Fax : 04254-235400 Website: www.kgdenim.com E-mail Id: [email protected] Ph : 033 22480114/15, Email Id: [email protected], Website: www.jlmorison.com/corporate NOTICE OF THE BOARD MEETING Extract of Un-Audited Financial Results for the Quarter and Half year ended 30th September, 2020 Notice is hereby given that pursuant to Regulation 47 of SEBI (Listing Obligations and (Rs. in Lakhs except EPS) Disclosure Requirements) Regulations, 2015, a meeting of the Board of Directors of the Quarter ended Half Year ended Company is scheduled to be held through Video Conferencing at 12.00 Noon on Friday, Sr. November 13, 2020, inter alia, to consider and to take on record the Un-audited Financial Particulars No. 30-09-2020 30-09-2019 30-09-2020 Results of Standalone and ConsolidatedAccounts of the Company for the quarter and half th year ended 30 September, 2020. Un-Audited Un-Audited Un-Audited Details are available at: Company website : www.kgdenim.com 1. Total income from operations (net) 2,433.55 Stock Exchange Website : www.bseindia.com 2,780.35 4,603.69 For K G DENIM LIMITED 2. Net Profit /(loss) for the period (before tax, Exceptional and /or Extra 166.94 Coimbatore 186.10 143.16 KG BAALAKRISHNAN ordinary items) 04.11.2020 EXECUTIVE CHAIRMAN 3. Net Profit /(loss) for the period before tax (after Exceptional and /or 186.10 166.94 143.16 Extra ordinary items) 4. Net Profit /(loss) for the period after tax (after Exceptional and /or 154.91 147.42 108.65 Extra ordinary items) 5. Total Comprehensive Income for the period [comprising profit / (loss) (156.66) 74.91 510.49 for the period (after tax) and other comprehensive income (after tax)] 6. Paid up Equity Share Capital (Face value of Rs. 10/- each) 136.50 136.50 136.50 7. Other Equity (excluding Revaluation Reserve) - - - 8. Earning per Equity share ((of Rs. 10/- each) (Basic & Diluted)) 11.35 10.80 7.96 Notes: 1) The above is an extract of the detailed format of Un-Audited Financial Results for the quarter and half year ended 30th September, 2020 filed with Stock Exchange under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The full format of the said Financial Results are availaible on the Stock Exchange website (www.bseindia.com) and on the Company's website ARVIND FASHIONS LIMITED (www.jlmorison.com/corporate). CIN - L52399GJ2016PLC085595 2) The above Un-Audited results were reviewed by the Audit Committee and approved by the Board of Directors in their meetings held on 3rd Website: www.arvindfashions.com, Email: [email protected] November, 2020. Tele - +917968268000-8108-09, Fax - +917968268668 3) Based on the "management approach" as defined in Ind AS 108 - Operating Segments, the Company is primarily engaged in the business of Regd. Office: Main Building, Arvind Limited Premises, Naroda Road, Ahmedabad - 380 025 personal care products which the management recognises as the sole business segment. Hence, disclosure of segment-wise information is not NOTICE required and accordingly not provided. 4) Due to the outbreak of Pandemic ‘Novel Coronavirus’ ("COVID - 2019"), the Company continues to take various precautionary measures to Pursuant to Regulation 47(1)(a) of the Securities and Exchange Board of India (Listing protect employees from COVID - 2019 and has encouraged work from home for its employees at its offices and maximizing digital modes of Obligations and Disclosure Requirements) Regulations, 2015, notice is hereby given that the communication. Considering the continuous uncertainty, the management continues to monitor material changes. Further, the management meeting of the Board of Directors of the Company will be held on Thursday, November 12, 2020 expects to recover the carrying amount of investments and does not anticipate any major financial or operational issues as on the date of at Ahmedabad inter-alia to consider and approve, the Unaudited Financial Results (Standalone & approval of results. Due to COVID 19 pandemic situation, performance of the company for current quarter and half year is not comparable with Consolidated) of the Company for the quarter and half year ended on September 30, 2020. those of previous periods. 5) The figures for the corresponding periods in the previous periods have been regrouped and reclassified wherever necessary, to make them The Notice of this meeting is also available on the Company's website (www.arvindfashions.com) comparable with the figures for the current periods.All the figures of financial results has been rounded off to nearest lakhs rupees. and also on the Stock Exchanges' websites viz. National Stock Exchange of India Limited (www.nseindia.com) and BSE Limited (www.bseindia.com). For and on behalf of the Board of Directors For Arvind Fashions Limited J.L. Morison (India) Limited Sd/- Sd/- Place: Mumbai Sohan Sarda Place : Bengaluru Vijay Kumar B S rd Date : November 04, 2020 Company Secretary Date: 3 November, 2020 Executive Director & CEO DIN: 00129782

RASOI LIMITED CIN: U25190WB1905PLC001594 Registered Office: ‘Rasoi Court’ 20, Sir R N Mukherjee Road, Kolkata – 700001 Tel.: (033) 2248 0114, E-mail: [email protected], Website: www.rasoigroup.in NOTICE OF 116TH ANNUAL GENERAL MEETING AND REMOTE E-VOTING INFORMATION Notice is hereby given that the 116th Annual General Meeting (AGM) of Rasoi Limited (“Company’’) will be held on Monday, 30th November, 2020 at 10.30 a.m. at Club Ecovista, Ecospace Business Park, Plot No. IIF/11, Action Area II, Rajarhat, Newtown, Kolkata-700160, to transact the business as set out in the Notice of theAGM dated 8th September, 2020. Physical copies of Notice of the 116th AGM and Annual Report 2019-2020 including Attendance Slip and Proxy Form have been sent to all the Members at their registered address through the permitted mode. The dispatch of the documents was completed on 4th November, 2020. The Company is pleased to provide Members facility to exercise their right to vote on resolutions proposed to be passed at the 116thAGM by electronic means. The members may cast their votes using an electronic voting system from a place other than the venue of the meeting (‘remote e- voting’). The Company has engaged the services of National Securities Depository Limited (NSDL) as agency to provide e-voting facility. The details pursuant to the provisions of theAct and Rules are given hereunder: 1. The remote e-voting period commences on Friday, 27th November, 2020 (9:00 a.m.) and ends on Sunday, 29th November, 2020 (5:00 p.m.). The remote e-voting module shall be disabled by NSDLfor voting thereafter. 2. Members of the Company holding shares either in physical form or in dematerialized form, as on the cut-off date i.e. 23rd November, 2020 only shall be entitled to avail the facility of remote e-voting as well as voting at theAGM through ballots. 3. Any person who acquires shares of the Company and becomes Member of the Company after dispatch of the Notice of AGM and holding shares as on the cut-off date i.e. 23rd November, 2020 may obtain the User Id and password by sending a request at [email protected] or [email protected] However, if the Member is already registered with NSDL for remote e-voting then he can use his exiting user ID and password for casting the vote through e-voting. 4. The Notice ofAGM is available at Company’s website at www.rasoigroup.in and also at NSDLwebsite https://www.evoting.nsdl.com 5. For detailed instructions pertaining to remote e-voting, Members may refer item no. 21 in the section ‘Notes’in the Notice of the 116thAGM. 6. Members who have cast their votes by remote e-voting prior to the meeting may also attend the meeting but shall not be entitled to cast their vote again. 7. In case of any queries regarding remote e-voting, you may refer the Frequently Asked Questions (FAQs) and remote e-voting user manual for Members available at the downloads section of NSDL website at www.evoting.nsdl.com or call on toll free no.: 1800-222-990 or send a request to or contact Mr. Amit Vishal, Senior Manager/Ms. Pallavi Mhatre, Manager, NSDL, 4th Floor, ‘A’ Wing, Trade World, Kamala Mills Compound, Lower Parel, Mumbai-400013, at telephone n o . 022–24994360/022–24994545 or at E-mail id [email protected]. Further queries relating to remote e-voting may be addressed to Vinay Kumar Mishra, Senior Manager- Secretarial & Accounts, Rasoi Court, 20, Sir, R N Mukherjee Road, Kolkata – 700001, email: [email protected], phone No. (033) 2248 0114. For Rasoi Limited Sd/- Naresh Patangi Place: Kolkata Executive Director, CS & Compliance Officer Date: 4th November, 2020 DIN: 05244530

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VAGHANI TECHNO-BUILD LIMITED Best Eastern Hotels Ltd. Niraj Cement Structurals Limited Regd. Off.: D Wing, Karma Sankalp, CIN: L99999MH1943PLC040199 CIN: L26940MH1998PLC114307 Corner of 6th and 7 th Road of Rajawadi, Regd. Office: 401, Chartered House,293/299, Regd. Off.: Niraj House, Sunder Baug, Near Deonar Bus Depot, Chembur (East), Mumbai Dr. C H Street., Near Marine Lines Church, -400088, E-mail Id:[email protected], Phone No.: +91 22 66027100 Ghatkopar (East), Mumbai – 400 077 Mumbai 400002 contact No: 22078292 / 22078191 CIN: L74999MH1994PLC187866 Email: [email protected] Web: www.ushaascot.com NOTICE NOTICE NOTICE Pursuant to Regula�on 29 and 47 of the SEBI (Lis�ng Obliga�on and Disclosure In compliance of the Regulation 29 of the PursuanttoRegulation47(1)(a)ofSEBI(Listing Requirements) Regula�ons, 2015, No�ce is hereby given that a mee�ng of the Board SEBI (Listing Obligations and Disclosure Obligation and Disclosure Requirements) of Directors of the Company is scheduled to be held on Thursday, November 12, 2020 at Requirements) Regulations, 2015; this is Regulations, 2015, Notice is hereby given the registered office of the Company, inter-alia, to consider and approve the Un- Audited that the meeting of the Board of Directors of to inform you that, the meeting of the Board Financial Results of the Company for the quarter ended and half year ended September the Company will be held on Thursday, 12th of Directors of the Company will be held 30, 2020 and any other ma�ers, if any. November 2020, to consider and approve The informa�on contained in this no�ce is available on the Company’s website viz. www. on Tuesday, 10th Nov, 2020, inter-alia to interalia unaudited financial results of the consider and approve the Audited Financial niraj.co.in and also on the website of the Stock Exchanges viz. www.bseindia.com and Company for quarter and half year ended on www.nseindia.com. Results for the Quarter ended September 30th September, 2020 and any other matter 30, 2020. permittedbytheChair.Forfurtherdetailsplease For Niraj Cement Structurals Limited For Vaghani Techno-Build Limited refer the website - www.ushaascot.com. Sd/- Anupkumari Shukla Sd/- For BEST EASTERN HOTELS LTD., Place : Mumbai Kantilal Savla Date: 4th November 2020 Company Secretary &Compliance Officer- Sd/- Place: Mumbai ACS57428 Date : 04.11.2020 Whole-time Director Dilip V. Kothari CFO & Joint Managing Director Place : Mumbai DIN: 00011043 Date : 04.11.2020 SIDDHARTH EDUCATION SERVICES LIMITED CIN : L80902MH2005PLC158161 Regd. Off.: 101, 1st Floor, Chirag Arcade, Behind Nagrik Stores, E.R.Road, Thane-400601. Website : www.siddharthacademy.com | E-mail : [email protected] NOTICE OF BOARD MEETING Pursuant to provisions of Regulation 29 read with regulation 47 of the SEBI (LODR) Regulation, 2015, Notice is hereby given that the meeting of the Board of Directors of the Company will be held on Wednesday,11thNovember, 2020 at 3.00p.m at 101, 1st Floor, Chirag Arcade, Behind Nagrik Stores, E.R.Road, Thane-400601interalia, to consider and discuss the following matters: 1. To consider, approve and take on records the Unaudited Financial Results for the Quarter and half yearended on September 30, 2020. 2. Toconsider and approve the change in Registrar & Transfer Agent (RTA) 3. Any other matter with the permission of the Chair. Pursuant to provisions of SEBI (Prohibition of insider trading) Regulation, 2015, the trading window for dealing the securities of the company remained closed for Directors, officers and Designated employees of the company as defined in the code till end of 48 hours after the results are made public. Notice of the Board Meeting is available on the website of the Company and on the website of BSE YASH TRADING AND FINANCE LIMITED (CIN: L51900MH1985PLC036794) SIDDHARTH EDUCATION SERVICES LIMITED Regd Office: Bagri Niwas, 53/55, N. M. Path, Mumbai – 400 002 Sd/- Corp Office: 1207/A, P.J.Towers, Dalal Street, Fort, Mumbai – 400 001 Vinay Bhagwat Tel No. +91-22-2272 2448/49/50 Fax: +91-22-2272 2451 Place: Thane Director Email id: [email protected] Date: 04.11.2020 (DIN: 00026243) Web: www.yashtradingfinance.com NOTICE Notice is hereby given that pursuant to Regulation 29 read with Regulation 47(1) of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, meeting of the Board of Directors of the Company will be held on Saturday, 7th November, 2020 at 1207/A, P.J. Towers, Dalal Street, Fort, Mumbai - 400 001 inter alia, to consider and approve the un-audited financial results for the quarter and half year ended 30th September, 2020. The Notice is available on the Company's website a t www.yashtradingfinance.com and on the website of the Stock Exchange where the Shares of the Company are listed at www.bseindia.com For Yash Trading and Finance Limited Sd/- Sadiq Patel NOTICE is hereby given that, pursuant to Date: 04th November, 2020 Director Regulation 29 read with Regulation 47 of Place: Mumbai DIN: 06911684 SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, that the 03/2020-21 Meeting of Board of Directors of the Company is scheduled to be held on Thursday, 12th November, 2020 at 02.00 p.m. at the Corporate Office of the Company situated at "405-406, Kewal Industrial Estate, Senapati Bapat Marg, Lower Parel (West), Mumbai- 400 013" to consider and approve the Un-audited Financial Results for the quarter and half year ended 30th September, 2020. The said Notice may be accessed on the Company's Website at www.thomasscott.org and also on the Stock Exchange Website at www.bseindia.com and www.nseindia.com.

Date : 03/11/2020

AADI INDUSTRIES LIMITED CIN: L25203MH1994PLC206053 Regd Off.: 421, 4th Floor, Kailash Plaza, Near R-Odeon Mall, Ghatkopar (East), Mumbai-400077 Phone No: 9869441118 | E-mail Id : [email protected] EXTRACT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2020 (Rs. In Lakhs) Quarter ended on Quarter ended on Audited Sr. Previous Particulars No. September June 30, September September September March 31, 30, 2020 2020 30, 2019 30, 2020 30, 2019 2020

1. Total Income from operations - - 1.50 - 22.49 206.22 2. Net Profit/ Loss for the period before Tax, Exceptional and/or Extraordinary items (4.82) (1.00) (5.63) (5.82) (6.80) 123.71 3. Net profit/(Loss) for the period before Tax (after Exceptional and/or Extraordinary items) (4.82) (1.00) (5.63) (5.82) (6.80) 123.71 4. Net Profit / (Loss) for the period after tax (after Exceptional and/or Extraordinary items) (4.82) (1.00) (5.63) (5.82) (6.80) 122.96 5. Total Comprehensive Income for the period [Comprising Profit / (Loss) for the period (after tax) and Other Comprehensive Income (after tax)] (4.82) (1.00) (5.63) (5.82) (6.80) 122.96 6. Equity Share Capital 1000 1000 1000 1000 1000 1000 7. Reserves (excluding Revaluation Reserve) as shown in the Audited Balance Sheet of the previous year ------8. Earnings Per Share (of Rs 10/- each) (for continuing and discounted operations) 1. Basic: (0.05) (0.01) (0.06) (0.06) (0.07) 1.23 2. Diluted: (0.05) (0.01) (0.06) (0.06) (0.07) 1.23

Note:- The above is an extract of the detailed format of Unaudited Standalone Financial Results for the quarter and half year ended September 30, 2020 filed with the Stock Exchangeunder Regulation 33 of SEBI (Listing and Other Disclosure Requirements) Regulations, 2015. The full format of the quarterly and half yearly Financial Resultsare available on the websites of the Stock Exchange i.e. http://www.bseindia.com and on the website of the Company at www.aadiindustries.com AADI INDUSTRIES LIMITED Sd/- Rushabh Shah Place: Mumbai Managing Director Date: 04.11.2020 (DIN: 01944390)

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NOTICE is hereby given that, pursuant to Regulation 29 read with Regulation 47 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, that the 03/2020-21 Meeting of Board of Directors of the Company is scheduled to be held on Thursday, 12th November, 2020 at 04.00 p.m. at the Registered Office of the Company situated at "405-406, Kewal Industrial Estate, Senapati Bapat Marg, Lower Parel (West), Mumbai- 400 013" to consider and approve the Un-audited Financial Results for the quarter and half year ended 30th September, 2020. The said Notice may be accessed on the Company's Website at www.banggroup.com and also on the Stock Exchange Website at www.bseindia.com and www.nseindia.com.

Date : 03/11/2020

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Boris Johnson Trump road to Supreme Court warns of‘grievous In China, bemusement and scorn scale’of deaths over unresolved US election is neither fast nor certain without virus curbs BLOOMBERG REUTERS November 4 Beijing, November 4 BLOOMBERG Washington, November 4 BORISJOHNSONWARNED of CHINESESOCIALMEDIA a“risk of mortality on a griev- users watched election day in PRESIDENTDONALDTRUMP ous scale”if fresh coronavirus the United States with be- said he will go to the US lockdown rules are t agreed to musement and mockery, as Supreme Court because he by the UK Parliament on PresidentDonaldTrumpcom- wants“allvotingtostop,”ashe Wednesday,ashesoughttoface plained of a “major fraud on tries to hold on to early leads downrebelsinhisownConser- ournation”andfalselyclaimed in keybattleground states. vative Party opposed to the victorybeforemillionsofvotes Hewon’tbeabletogothere plan. had been tallied. immediatelyand it’s not clear The premier also tried to “Whether he wins or loses, he has a legal argument that ease concerns about the finan- his final mission is to destroy could affect the outcome of cial support available for the the appearance of American the election. lockdown,telling the House of democracy,” one user on Cases typically work their Commons that Chancellor of China’s Twitter-like Weibo A news report of the US presidential election is seen on way to the nation’s highest the ExchequerRishi Sunakwill platformwroteonWednesday. television screen in Hong Kong on Wednesday. REUTERS court after a ruling by a local spell out details on Thursday, “Let Trump be re-elected judge and then other appeals including details on the fur- and take the US downhill,”an- courts. Demonstrators gather during the “Count the Votes! Rally for Fair Elections in the USA” lough program that he’s ex- other wrote, while a third SOCIAL MEDIAABUZZ In 2000,it took more than organised by Young Democrats Abroad following the 2020 US presidential poll. REUTERS tendedtoDecember2. likenedhisprematuredeclara- a month before the Supreme “All the scientific experts tion of victory to claiming the ■ Let Trump be re-elected and take the US downhill,

Court issued the landmark late-arriving absentee ballots propermanner.” I’ve talked to are unanimous pot in a game of mahjong be- said a Chinese social media user Bush v. Gore ruling that ulti- in PA) is outcome-determina- Biden’s campaign said it one one point: if we don’t act fore the round is finished. ■ Whether he wins or loses, his final mission is to mately decided that year’s tive,”tweetedStephenVladeck This is a major fraud had legal teams ready to nowthechancesoftheNational Communist Party-ruled destroy the appearance of American democracy, election. a constitutional law professor counteranylawsuits. HealthServicebeinginextraor- China’s own leadership is cho- another wrote The Supreme Court has at the UniversityofTexas. on our nation... We “If the president makes dinarytroublecomeDecember senthroughanopaque,closed- onlylimitedpowertoswaythe “Just because we don’t want the law to be good on his threat to go to areveryveryhigh,”Johnsontold doorprocess. ■ A popular meme circulating online showed an ❝ ❝ outcome of the election. have a result now doesn’t court to try to prevent the lawmakersonWednesday.“I’m Relations between China electoral map in the shape of China, coloured red to Trump would need to raise mean that’s likely.” used in a proper proper tabulation of votes,we not prepared to take the risk and the United States are at show Trump had 270 electoral votes specificlegalobjections--un- As counting continues in manner have legal teams standing by withthelivesoftheBritishpeo- theirworstindecadesoverdis- der either the Constitution or statesincludingPennsylvania, ready to deploy to resist that ple.”The regulations are due to putes ranging from technol- a federal statute -- that could Wisconsin and Michigan, — DONALD TRUMP effort,and theywill prevail,” take effect from midnight,en- ogy and trade to Hong Kong against Beijing. Chinese state Tuesday’s voting showed im- swing a pivotal state. Trump said in an early morn- Biden’s campaign manager, forcing the closing of pubs, and the coronavirus,and the media frequently call atten- ages of shops that had been “The election could end up ing speech -- in which he also Jen O’Malley Dillon, said in a gyms and non-essential shops Trumpadministrationhasun- tion to negative news in the boarded up in anticipation of in #SCOTUS only if a tipping- falsely claimed victory -- that statement. inEngland. leashed a barrage of sanctions United States, and ahead of election-relatedviolence. point state is close enough thetabulationdelayswere“an “This is a major fraud on Trump didn’t lay out any that a pool of votes subject to embarrassment to our coun- our nation,”Trump said.“We grounds for a possible chal- anon-frivolouschallenge(say, try.” want the lawto be used in a lenge. Biggest social media companies are fined by Turkey

BLOOMBERG ter,InstagramandTikTokwere on the regulations. comment on the develop- November 4 fined 10 million liras ($1.2 OnlytheRussianversionof ment. Ant’s IPO fiasco set to dent its value million) for non-compliance Facebook,VKontakte,nameda Authorities in Turkey have TURKEYHAS FINEDfivegiant on Tuesday,according to a se- localrepresentativebytheNo- regularly arrested social-me- REUTERS “Ant’s business is likely to Underdraftrulespublished IPO to $59 billion, based on social-media companies for nior Turkish official who’s di- vember2 deadline,the official dia users on charges including Hong Kong, November 4 be restricted by new financial on Monday, online lenders in thevaluationofAntshares.In- failingtoappointalocalrepre- rectlyfamiliarwiththematter. saidWednesday. insulting President Recep regulations.As a result,the re- Chinawouldhavetostumpup stead,hisestimatedwealthfell sentativerequiredbynewlaws The companies have been no- Turkey’s Transportation Tayyip Erdogan and harming CHINA’S SURPRISE SUSPEN- launched IPO price will most more of their own capital for $3 billion after shares in Al- that activists say are an at- tified,the official saidwithout and Infrastructure Ministry, the country by criticizing his SION of Ant Group’s record likelybelowered,”saidAndrew loans, which is expected to ibaba, in which he has a stake tempt to stifle dissent. elaborating,andcouldfacefu- which oversees cyber regula- government’s handling of the $37 billion listing is set to de- Collier, managing director of hurt Ant’s business model. of 4.8%, slumped 8.1% in Facebook, YouTube, Twit- ture penalties if theyfail to act tions, didn’t immediately economy. lay rather than destroy its Orient Capital Research. Ant’s co-lending subsidiaries NewYork. chances of a stock market de- Ant has been trying to pre- Huabei and Jiebei would also Shares in the Chinese e- but though the financial tech- sentitselfasatechnologyfirm no longer be allowed to sell commercegiant,whichownsa nology giant’s valuation and rather than a financial giant wealthmanagementproducts, thirdofAnt,ended7.5%lower growth prospects are likely to and its valuation up until now analysts said. in Hong Kong onWednesday. take a hit. has benefited from its tech fo- The suspension of the ini- The Shanghai stock ex- Thelast-minuteambushby cus. tial public offering (IPO) was change’s decision on Tuesday China’s regulators has been But Chinese regulators seen as a stunning rebuke for to suspend the IPO followed a seen by analysts and investors have become uncomfortable billionaire Ma, a former Eng- meeting between China’s fi- as an attempt to cut Ant withpartsofitssprawlingem- lish teacher who built Alibaba nancial regulators andAnt ex- founderJackMaandhisfinan- pire - namely its lucrative on- Group Holding and affiliate ecutives, including Ma, who cial services empire down to line lending business which AntintotwoofChina’sbiggest were told the company’s on- size but they expected it to contributed almost 40% of its success stories. line lending business would eventually list in Hong Kong overallrevenueinthefirsthalf Ma’s net worth was set to face tighter scrutiny, sources and Shanghai. of theyear. almost double following the told Reuters.

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