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THE HINDU DELHI THURSDAY, JANUARY 30, 2020 BUSINESS 15 EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE

market watch DHFL diverted 29-01-2020 % CHANGE IndiGrid set to acquire Sensex dddddddddddddddddddddd 41,199 ddddddddddddddd0.57 Indigo shareholders reject ₹12,773 cr. to US Dollardddddddddddddddddddd 71.24 ddddddddddddddd0.10 Gold ddddddddddddddddddddddddddd 41,019 ddddddddddddd-0.44 ENICL for ₹1,020 crore Brent oil ddddddddddddddddddddd 59.82 ddddddddddddddd1.42 79 firms: ED IndiGrid assets to touch ₹12,100 crore change to share transfer norm Indo-Asian News Service New Delhi NIFTY 50 Special Correspondent Post the acquisition , Indi­ PRICE CHANGE In blow to Gangwal, resolution on right of first refusal on equity sale voted out The Enforcement Directo­ MUMBAI Grid’s net debt­AUM ratio Adani Ports...... 383.35...... 10.40 rate (ED) has found diver­ The board of the investment will continue to be below Asian Paints...... 1796.95...... 17.85 Special Correspondent Axis Bank ...... 735.25...... -1.90 possibility of the value of sion of ₹12,773 crore from manager of IndiGrid, India’s 49%. This acquisition will be NEW DELHI Bajaj Auto ...... 3091.85...... 30.95 their shares diminishing. Dewan Housing Finance first InvIT in the power sec­ funded by internal accruals, Bajaj Finserv...... 9894.25. .... 262.95 In the latest round of the on­ The chairman of the Ltd (DHFL) to the accounts tor, has approved the acqui­ proceeds from the prefe­ Bajaj Finance ...... 4419.00. .... 206.00

Bharti Airtel ...... 490.25...... -1.00 going duel between IndiGo board, M. Damodaran, had of 79 companies routed sition of East­North Inter­ rence issue done in May BPCL...... 479.05...... -1.90 co­founders, Rahul Bhatia to pacify the shareholders through one lakh fictitious connection Company Ltd. 2019 and new debt. The ac­ Britannia Ind ...... 3214.20...... 32.95 and Rakesh Gangwal (RG), saying there would be no im­ retail customers as loans, (ENICL) for ₹1,020 crore. quisition is expected to Cipla ...... 461.55...... -3.15 the former has emerged as pact on their shareholding. sources said. Coal India ...... 191.05...... 1.90 ENICL is part of the Inter close by March 2020. Dr Reddys Lab ...... 3148.25...... -40.90 the winner. The investors were also ED found the loans were State Transmission Scheme IndiGrid’s portfolio will Eicher Motors...... 20192.25. .. -894.40 The airline’s shareholders miffed at Mr. Gangwal’s ab­ diverted between 2011 and (ISTS) network and consists increase to nine power GAIL (India)...... 126.25...... 0.10 on Wednesday voted over­ sence at the EGM, which he 2016 and the 79 companies Grasim Ind ...... 802.30...... -6.60 of two 400 KV transmission transmission projects with a HCL Tech...... 608.85...... 7.40 whelmingly against a special had called for. The spat bet­ were allegedly associated lines with a total of about total network of 20 power HDFC ...... 2404.25...... -27.35 resolution proposed by Mr. ween IndiGo’s two promo­ with DHFL’s promoters. 900 circuit km across As­ transmission lines that span HDFC Bank...... 1235.85...... 12.65 Gangwal which would deny ters became public last year The practice came to Hero MotoCorp ...... 2486.35...... 17.50 sam, Bihar and West Bengal. more than 5,800 circuit km

Hindalco ...... 197.75...... 1.75 his rival the right of first refu­ when Mr. Gangwal wrote to ED’s notice when the agen­ This acquisition would in­ across 13 Indian States, post Hind Unilever ...... 2074.20...... 13.60 sal in case of an equity sale. markets regulator SEBI cy inspected DHFL’s books crease the assets under this acquisition. ICICI Bank ...... 526.60...... -1.60 In a BSE filing after the Turbulence on the ground: If the Articles are amended, Mr. against his partner and the of accounts pertaining to management of IndiGrid by “IndiGrid has another IndusInd Bank ...... 1258.25...... 3.50 Gangwal can sell his stake to competitors. * B. VELANKANNI RAJ Bharti Infratel ...... 245.20...... 7.60 meeting, InterGlobe Avia­ “unusual rights” to his group the ₹2,186 crore loan given 10% to ₹12,100 crore. ₹6,500 crore pipeline of Infosys ...... 789.70...... 11.70 tion Ltd. (IGAL) informed as well as alleged corporate to five firms which were It is a strategic asset transmission projects under Indian OilCorp...... 118.30...... 0.40 the resolution was defeated to experts on corporate law, shares in IGAL, while Mr. misgovernance at IndiGo. amalgamated with Sun­ which is crucial for power the framework agreement ITC ...... 236.65...... 5.90 as the votes cast against it the revision would have al­ Bhatia’s company, Inter­ Mr. Gangwal had also spo­ blink Real Estate Pvt. Ltd. JSW Steel...... 261.25...... 6.00 exchange across the north­ with Sterlite Power to reach Kotak Bank ...... 1640.45...... 14.40 were more than three times lowed Mr. Gangwal to sell his Globe Enterprises, owns a ken against decisions taken The ED also found one eastern and eastern regions an AUM of ₹18,000 crore ov­ L&T...... 1365.70...... 19.05 than those cast in favour. share in the company to eith­ little more than 38%. in violation of protocols, in­ lakh fictitious customers of India. IndiGrid had er the next two years,” said M&M ...... 577.75...... 5.25 Mr. Gangwal had sought er Rahul Bhatia’s competitor cluding in appointments to and got inputs on 79 benef­ Maruti Suzuki ...... 7010.30...... 13.25 signed an extension of Right Harsh Shah, CEO, IndiGrid. Nestle India Ltd...... 15866.75. .... 450.10 deletion of clauses from the or anyone else without going Unruly scenes at EGM senior management posi­ iciary firms, said sources. of First Offer deed with Ster­ “We are committed to NTPC ...... 113.20...... 1.15 Articles of Association that to Mr. Bhatia first. Earlier in the day, there were tions. His objections were al­ The ED found Sunblink lite Power for ENICL as dis­ grow IndiGrid ... with long­ ONGC ...... 117.65...... 1.05 provide the first right of refu­ RG Group, comprising Mr. unruly scenes at the extra or­ so about businesses carried Real Estate bought three PowerGrid Corp ...... 192.40...... 1.95 closed in the offer docu­ term stable cash flows and Reliance Ind ...... 1479.85...... 8.10 sal to the two co­promoters Gangwal, Shobha Gangwal dinary general meeting out between IndiGo’s parent properties, belonging to ment dated May 04, 2019. low counter­party risks to State Bank ...... 316.45...... 1.35 in case one of them seeks to and The Chinkerpoo Family (EGM) as the investors ex­ company and Mr. Bhatia’s In­ late gangster Iqbal Memon, IndiGrid is leveraged at achieve ₹30,000 crore of Sun Pharma ...... 450.10...... -2.80 transfer his share. According Trust, collectively hold 37% pressed concerns over the terGlobe Enterprises. for ₹225 crore. 45% net debt­to­AUM ratio . AUM by 2022,” he said. Tata Motors ...... 188.05...... 11.95

Tata Steel ...... 452.20...... 5.95

TCS ...... 2154.60...... -29.15

Tech Mahindra ...... 804.15...... 9.90 Titan ...... 1186.20...... -8.80 IRDAI imposes Bajaj Finance UltraTech Cement...... 4568.20...... -40.85 India rings double­digit SFL ships first consignment UPL...... 542.15...... 5.20 Vedanta ...... 142.20...... 0.00 ₹1 cr. penalty net rises 52% Wipro ...... 246.75...... 2.70 growth for Apple YES Bank...... 41.20...... -0.45 on 2 insurers as NII surges Zee Entertainment ...... 274.25...... 1.75 from Sri City unit to Germany Globally, iPhone dials in $56 bn in Q1 Special Correspondent Component major’s net dips 7.59% following auto slowdown SPECIAL CORRESPONDENT EXCHANGE RATES HYDERABAD Special Correspondent Mumbai Indicative direct rates in rupees a unit Insurance regulator IRDAI Bengaluru Special Correspondent Non­banking finance com­ except yen at 4 p.m. on January 29 CHENNAI CURRENCY TT BUY TT SELL has imposed a penalty of ₹1 Apple CEO Tim Cook said pany Bajaj Finance report­

US Dollar...... 71.05...... 71.37 crore each on general in­ his firm had reported a dou­ Sundram Fasteners Ltd. ed a 52% increase in its Euro ...... 78.16...... 78.52 surers ICICI Lombard and ble­digit growth in many de­ (SFL) has commenced oper­ consolidated net profit to British Pound...... 92.46...... 92.88 Tata AIG. It also imposed a veloped markets and also in ations at its new unit at Sri ₹1,614 crore for the quarter Japanese Yen (100) . .. . 65.14...... 65.44

Chinese Yuan ...... 10.24...... 10.29 total penalty of ₹2 lakh on emerging markets such as City, shipping out its first ended December 31, on Swiss Franc ...... 72.87...... 73.20 Bajaj Allianz, another GIC. India. consignment to Germany on healthy growth in net inter­ Singapore Dollar ...... 52.19...... 52.43 In the case of ICICI Lom­ Interestingly, he men­ January 27. est income (NII) and also Canadian Dollar...... 53.89...... 54.14

Malaysian Ringitt ...... 17.41...... 17.50 bard, the regulator held tioned India twice in his re­ SFL had invested about due to the cut in corporate Source:Indian Bank that the insurer had violat­ venue announcement call. ₹100 crore in the special eco­ tax rate. ed the regulation with re­ In Apple’s first quarter nomic zone unit at Sri City in This was the highest­ev­ gard to the maximum al­ earnings call, Mr. Cook said, Tim Cook Nellore, Andhra Pradesh, er quarterly consolidated BULLION RATES CHENNAI lowable policy term for “We had double­digit the company said in a state­ profit of the company. January 29 rates in rupees with pre- vious rates in parentheses group and individual growth in many developed quarter, and the three new ment. The unit had been set Suresh Krishna, chairman, SFL, inaugurating the company’s Total income increased

health products. up to manufacture and ex­ * SPECIAL ARRANGEMENT by 41% to ₹7,026 crorecom­ Retail Silver (1g) ...... 49.2...... (51) markets, including the U.S., models were our three most new facility at Sri City. 22 ct gold (1 g) ...... 3856...... (3875) In the case of Tata AIG , the U.K., France, and Singa­ popular iPhones, he said port high­precision engi­ pared with the ₹4,992 an on­site inspection of pore, and also grew double “Mac and iPad generated neering components to a met on Wednesday to take drop in industry volumes. crore reported in the third corporate agent Tata Capi­ digits in emerging markets $7.2 and $6 billion in reve­ leading European manufac­ stock of the results for the Export sales for the quar­ quarter of FY19. IN BRIEF tal Financial Services re­ led by strong performances nue, respectively, and the turer for onward supply to third quarter ended Decem­ ter stood at ₹224.18 crore Net interest income vealed certain violations of in Brazil, mainland China, high level of customer satis­ its global marquee original ber 2019. The standalone net (₹370.67 crore), the compa­ grew by 42% to ₹4,537 regulations on protection India, Thailand and Turkey. faction and loyalty for both equipment customers. profit for the period dipped ny said in a statement. while provisions rose to of policyholders’ interests, “On iPhone; revenue in products drove the active in­ 7.59% to ₹103.06 crore on Earnings before interest, ₹831 crore from ₹451 crore. the IRDAI said. the December quarter was stalled base of both Mac and Export thrust the back of a slowdown in depreciation and taxes (Ebit­ Bajaj Finance shares In its order against Bajaj $56 billion. Again, that’s up iPad to new records in all ge­ The unit will provide further the automobile industry. da) stood at ₹124.54 crore rose 4.95% to close the day Allianz, IRDAI said the in­ 8% over a year ago, thanks ographic segments. impetus to SFL’s export Revenue from operations against ₹195.15 crore. The at ₹4,421.75 on the BSE. surer had violated the ‘File to the exceptional demand “For iPad, we saw growth thrust through addition of dropped to ₹692.80 crore board also approved the re­ Assets under manage­ and Use’ guidelines by issu­ for the iPhone 11, iPhone 11 in key emerging markets products to its portfolio as from the ₹1,018.84 crore in appointment of B. Muthura­ ment (AUM) rose 35% to ing two policies with a pro­ Pro, and iPhone 11 Pro Max. like Mexico, India, Turkey, well as diversifying its export the year­earlier period, man as non­executive inde­ ₹1,45,092 crore. Gross and duct name different from In fact, iPhone 11 was our Poland, Thailand, Malaysia, customer base, the company while domestic sales were pendent director for a se­ net NPA ratios stood at that approved under the top­selling model every the Philippines, and Viet­ said. lower at ₹446.05 crore cond term beginning April 1.61% and 0.70%, respec­ ‘File and Use’ procedure. week during the December nam.” he further said. Separately, the SFL board (₹608.48 crore) due to a 16, 2020. tively as at end December. Ramco Cements profit dips on sluggish demand CHENNAI The Ramco Cements Ltd.’s Chola Q3 standalone net profit for the Lamborghini eyes continued third quarter ended profit rises by December 2019 slid by 6% to ₹94.80 crore on sluggish double­digit sales growth in India 5% to ₹430 cr. demand in its core markets, coupled with pressure on Special Correspondent prices due to an active Sells 52 units in 2019, a tough year for the PV industry CHENNAI monsoon, said a top official. Yuthika Bhargava Murugappa Group firm During the period under car market declined from NEW DELHI Cholamandalam Financial review, the company posted about 315 units in 2018 to a total revenue of ₹1,286 Italian carmaker Lamborghi­ about 265 units in 2019 in Holdings Ltd.’s consolidat­ crore against ₹1,217 crore. It ni is looking to continue India. ed net profit for the third sold 28.44 lakh tonnes of double­digit sales growth in The company, which quarter ended December cement against 27.47 lakh the Indian market on the launched the Huracan EVO 2019 rose 5% to ₹430.31 tonnes in the corresponding back of improving consumer Rear­Wheel Drive on Wed­ crore. year­earlier period. sentiment amid expecta­ nesday with a price tag of During the period under tions that the upcoming ₹3.22 crore (ex­showroom), review, total revenue rose RBI names Janak Raj as Budget will bring in more aims to continue the growth to ₹3,395 crore from the third member in MPC positivity. momentum and is “definite­ ₹2,934 crore registered MUMBAI “We operate in super­lux­ Sharad Agarwal ly looking at a double­digit during the year­ago period. The board of Reserve Bank of ury space [cars priced at ov­ growth” this calendar. Cholamandalam Invest­ India (RBI) has decided to er 2.5 crore]. 2019 was a Lamborghini India, told The Talking about sales ment & Finance Co. Ltd, in nominate Janak Raj, tough year, there was a de­ Hindu. He, however, said trends, Mr. Agarwal said cur­ which the company holds executive director in­charge cline in the overall passen­ that Lamborghini was able rently, the company gets 46.5% stake, disbursed of the monetary policy ger vehicle industry. The to buck the trend, selling 52 more that half of its sale ₹7,475 crore against ₹7,644 department, as its third crore. Assets under man­ internal member of the super luxury industry also units in 2019, growing from from south India and about agement grew 25% to monetary policy committee declined by 16­17% last year,” 45 units in 2018, or at 15.5%. 25% of the overall business is (MPC). The Committee, Sharad Agarwal, head of The overall super­luxury from tier 1 and tier 2 cities. ₹65,992 crore. which sets the interest rate, has six members, of which three are from the Reserve Bank. As per law, two of RBI’s Coffee Day seeks more SBI Life gets partial relief internal members are the Governor and the Deputy Governor in­charge of time to submit accounts against IRDAI order monetary policy. Probe into founder’s death pending Disgorgement amount incorrect: SAT Dalmia Cement to move NCLAT in Calcom case Special Correspondent sults (with the limited re­ SPECIAL CORRESPONDENT directed the insurance regu­ GUWAHATI Bengaluru view by the auditor) for fis­ MUMBAI lator to recalculate and re­ Dalmia Cement said it will Coffee Day Enterprises said cal Q1 ended June 30, 2019 SBI Life Insurance Company cover the unlawful gains. move the National Company it would take a few more and Q2 ended September has managed to get a partial The insurance regulator Law Appellate Tribunal weeks for it to complete the 30,” said the company. relief from the Securities had issued a show­cause (NCLAT) against the National probe into the circumstanc­ In Q2, the company post­ Appellate Tribunal (SAT) notice to SBI Life Insurance Company Law Tribunal for es that led to the sudden ed a consolidated revenue that has set aside an order alleging that the company accepting an insolvency case death of its founder V.G. of ₹843 crore, a year­on­year by the Insurance Regulatory earned excess commission against its subsidiary Calcom Siddhartha and therefore, decline of 14%. Its net loss af­ Cement. GuarantCo Ltd., part and Development Authority totalling ₹275.30 crore dur­ there would be a delay in ter tax stood at ₹154 crore. of the Private Infrastructure of India (IRDAI), which di­ ing the the financial years Development Group, had the submission of its finan­ Earnings before interest, rected the insurance com­ 2008­09, 2009­10 and 2010­ moved the NCLT in October cial results. tax, depreciation and amor­ pany to disgorge ₹275 crore 11. SAT, in its order, stated 2019 to initiate insolvency “The said assignment is tisation also fell 69% to ₹67 for alleged excess commis­ that IRDAI arrived at the proceedings against Calcom under progress and is likely crore. The cafe business sion earned. quantum of disgorgement Cement, in which Dalmia to take a few more weeks for arm, Coffee Day Global, saw The tribunal has ruled on the premise that it co­ Cement holds 75% stake, for completion. Hence, there 5.5% fall in retail net reve­ that the IRDAI did not cor­ vered the excess commis­ alleged failure to repay dues will be a delay in submission nue to ₹356 crore while its rectly calculate the disgor­ sion collected by the insu­ of around ₹100 crore. PTI of unaudited financial re­ net loss stood at ₹73 crore. gement amount and hence rance company. CM A ND-NDE YK