OPINION, P6 ECONOMY, P2 NATION, P14 H BOUIS & A GULATI SUNIL JAIN FOURTH ANNIVERSARY JUBILATION Biofortification of Pay Punjab farmers to PM says DeMo helped Prayers of gratitude move away from paddy/ crops key to India’s wheat, increase farmers’ reduce black money, for 'daughter of India' nutrition security access to new tech raise tax compliance as US vice president

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VOL. XI NO. 243, 18 PAGES, `6.00PUBLISHEDFROM:AHMEDABAD,BENGALURU,CHANDIGARH, CHENNAI,HYDERABAD,KOCHI,KOLKATA,LUCKNOW,MUMBAI, NEWDELHI,PUNE READ TO LEAD

IN THE NEWS IN-CHARGE Q2 EARNINGS Panel to review measures to India Inc registers weak sales boost investment After victory, Biden calls AMIDTHE plans to expand but profits up on lower costs production linked incentive (PLI) scheme to more sectors for unity and tolerance Net sales Total expenditure OPM to generate foreign and Companies are (% chg y-o-y) (% chg y-o-y) (bps, chg y-o-y) domestic investment, an waiting to see empowered group of ‘It’s time to put away -1.49 0.14 364.82 -6.11 -5.52 secretaries for investment whether the spurt in -8.27

the harsh rhetoric,to 905.95 -578.15 -164.14 (EGoS), chaired by Cabinet lower the demand sustains secretary Rajiv Gauba, will -17.41 -34.84 -33.59 meet onThursday to review temperature,to see beyond December Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 steps taken by ministries and each other again’ FY20 FY21 FY20 FY21 FY20 FY21 departments in various PBT Tax RM to sales sectors through incentives FE BUREAU (% chg y-o-y) (% chg y-o-y) (bps, chg y-o-y) and ease of doing business JENNIFER EPSTEIN & New Delhi, November 8 measures to attract investors, TYLER PAGER

according to sources.After November 8 INDIA INC’S GOOD headline 319.17 2.62

PLI scheme was notified on numbers for the September -135.29 46.35 47.03 -269.92 -84.43 April 1, ministry of electronics PRESIDENT-ELECT JOE quarteraretheresultofstrong -73.44 -486.78 -1178.74 and information technology Biden called on Americans to rural demand, some price -71.58 -27.11 (MeitY) has approved 16 put aside the divisiveness of gains, huge savings and the Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 applications worth `35,541 the past four years under stellarcomeback byITmajors. FY20 FY21 FY20 FY21 FY20 FY21 crore for electronics Donald Trump with a victory Aggregate revenues are weak Sample of 805 companies (excluding banks & financials ) Source: Capitaline manufacturing in the speech that promised swift butsteepcostcutshavehelped country,reports fe Bureau in action against the coron- companies protect their mar- ■ Excluding BhartiAirtel andVodafone Idea, New Delhi. avirus pandemic and an gins. However, companies the net profit and PBTfor Q2FY21 rose by 27% orderly transfer of power President-elect Joe Biden,Vice President-elect Kamala Harris and members of their families remaincautiouswaitingtosee and 40.4%, respectively India Inc looks after a bitter election. whether the spurt in con- “Let’s give each other a Allies prepare for quick U-turn by US sumption — much of it the forward to better chance,”Biden told a cheering, Trump does not result of pent-up demand and margins further since pur- The good news is that the Indo-US ties honking crowd at a drive-in plan to concede JOE BIDEN’S election win will new life into the Iran nuclear purchases for the festive and chasing power in urban fourtech majors are adding to rallyonSaturdaynightinWilm- be greeted with a sigh of relief accord. NATO allies like Ger- wedding seasons sustains demand appears to be some- theirheadcountandthatmar- INDIAINC on Sunday hailed ington,Delaware,hoursafterhe any time soon bymanyUSallies,whoseconfi- many and France won’t be beyond December. what muted. At Maruti ket — for both white and blue thevictory ofJoe Biden in the clinchedthepresidency. THE PRESIDENT,who has dence in Washington was beratedsopublicly,andleaders Without a meaningful Suzuki, for example, rural collarjobs — is looking up and US Presidential election, “It’s time to put away the spent months trying to shaken over the four years of of adversaries like Russia and increases in revenues, it retail volumes grew by 10% there seems to be a revival. while hoping for enhanced harsh rhetoric. To lower the undermine the election President Donald Trump’s NorthKoreawon’tbeshowered might be difficult for compa- y-o-y while urban and semi ties and cooperation temperature.Toseeeachother results with unproven combative “America First” inpraise. nies to expand operating urban demand was flat y-o-y. Continued on Page 2 between India and the United again.To listen to each other allegations of fraud, approachtotheworld. Yet diplomats warn that States, especially in the again. To make progress, we pledged on Saturdayto go TheBidenadministrationis Biden,constrainedbyprobable aftermath ofthe coronavirus must stop treating our oppo- forwardwith a legal strat- expected to reverse course continued Republican control ELECTION EFFECT? pandemic, reports PTI. CII nentsasourenemy.Wearenot egy that he hopes will quicklyonpartsofTrump’sfor- of the Senate, can’t undo all President Uday Kotak said, enemies.WeareAmericans,”he overturn state results eignpolicyagendabyrejoining that’s changed and won’t be “...we mustwork together said, even as Trump claimed that gave Biden thewin in theParisclimatechangeagree- able to sweep away concerns In Bihar,less people are getting during this critical time to victoryforhimself. Tuesday’s vote. ment, working more closely over the US’s long-term relia- reinvigorate the bilateral ■ Report on Page 18 withothercountriestocombat bilityinforeignaffairs. economic agenda. Continued on Page 2 Covid-19andtryingtobreathe ■ Report on Page 18 infected,but more are dying ISHAAN GERA Less infections, Not just cases, in HOLDING ON TAMING THE DRAGON New Delhi, November 8 more deaths Daily Deaths per Delhi deaths too DESPITE INFECTIONS SLOW- infections# thousand* (RHS) ING down across Bihar,deaths 1,600 8 are rising Consumer start-ups Nations moot supply-chain pact 1,433 7.3 have been steadily increasing. DELHI’S DAILYinfections Buteventhesefatalitynumbers 1,200 6 of 6,000 or more are a continue to get funds Partnership may SPREADINGTHEWINGS aresurprisinglylowwhencom- matter of concern but it’s extend to non-govt Partnership aims to It will focus on trade in pared to adjoining states. In 8,00 4 the rising number of ASMITADEY neighbouringUP,thecasefatal- 693 deaths that’s moreworry- Funding diversify supply-chain 10 sectors, including 2 New Delhi, November 8 Consumer internet cos (B2C) sector, including away from China petroleum, auto, ity ratio — total death to total 4,00 2 ing.The ratio of deaths in infection — has been 14.5 the Capital has increased industry, academia It's now limited to steel, pharma, textiles and INVESTMENTS CONTINUE $ (billion) 2019 2020 deaths per 1,000,whereas for from 10 per thousand on India,Australia and financial services 0 0 TO flowintoIndia’sconsumer Q1 2.08 Jharkhand, the ratio is 8.6 Sept 30 Nov 8 October 8 to 14 per thou- 2 Japan, with combined Industries, academia Internet space with start-ups BANIKINKAR PATTANAYAK deaths;inBengaltoothedeaths *7-day rolling average of recent sand on November 8. It GDP of $9.3 trn and trade of will soon be involved, having raised closed to $5 bil- 1.22 New Delhi, November 8 per thousand average 18. But deaths/14-day average of daily cases recorded 401 deaths for Q2 $3.6 trn in 2019 apart from govts # lion in the 10 months to Octo- 0.5 Bihar,which has a similar level 7-day rolling average the week ending Novem- ber.That’s a good 42% lower 2.25 INDIA, JAPAN AND Australia ofinfrastructure,showsamuch ber 8, marking an Q3 than the amount mopped up 1.82 are planning to widen the region — a move seen as to next for bolstering this lowerrateof5.1deaths. trending down in the country, increase of 40% over the inthecorrespondingperiodof $ ambit of their proposed sup- countering China’s domi- partnership,an official source On Sunday, India reported Bihar seems to be following a previous week. That’s the 2.17 FE 2019, as data from market Q4* 0.18 ply-chain partnership to nance in world trade. told . 45,674 infections and 559 different trajectory. highest tally since July. research firmTracxn shows. include more like-minded ASEAN countrieswould be deaths. While deaths and ■ Page 2 7.72 Nonethelessit’sanexcellent Total countries in the Indo-Pacific good candidates to reach out Continued on Page 2 infections have both been Continued on Page 2 haul given the disruption 4.50 caused by the pandemic. Ed- *only October Source: Tracxn tech,gaming,food deliveryand e-groceryhavebeenclearbene- DelhiNCR-Zinnovshowedthat ficiaries of the prolonged lock- 55 million had signed up for down and investors have been ed-tech services between Jan- quicktocottonontothem. uaryandAugust. Byju’s has picked up $1 bil- Investors continue to keep lion, taking itsvaluation to a theirfaithinZomatowhichhas staggering $11 billion while mopped up $278 million and Unacademybecame a unicorn rival Swiggy has attracted post a $150 million raise. $156 million. Thesectorisexpectedtosee high growth; a report by TiE Continued on Page 2

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● PLI SCHEME DeMo anniversary: BJP, Panel to review steps to boost investment Cong spar over impact PRIMEMINISTERNARENDRA Gandhi and the Congress will be provided on sales of ent departments and min- boosttheirinvestmenttarget- Modi on Sunday said demon- have been alleging that Scheme could be extended to steel,textiles 41 identified products forsix istries; to attract increased ingstrategy.PDCshaveidenti- etisation has helped reduce demonetisationwasnotinthe and food processing,among others years. investments into India and fied target companies (both blackmoney,increasetaxcom- interest of the people and had After consultation with provide investment support international and domestic) pliance and given a boost to adverse effects on the econ- departments of revenue and and facilitation to global and classified them into high, transparency as the BJP and omy,a charge the government FE BUREAU After PLI scheme was noti- expenditure,Niti Aayog has investors; to facilitate invest- mediumandlongtermproba- the Congress sparred over its has dismissed repeatedly. New Delhi, November 8 fiedonApril1,ministryofelec- identified ten new sectors for mentsoftopinvestorsinatar- bilityof conversion. outcome on the fourth On November 8, 2016, tronics and information tech- extending the PLI scheme. geted manner and to usher PDCs have also created anniversary of withdrawal of Modi announced on national AMID THE PLANS to expand nology (MeitY) has approved According to sources in the policy stability and consis- customised investment out- highvalue currencynotes. television his government's production linked incentive 16 applications worth government, the PLI scheme tencyintheoverallinvestment reach strategies foridentified Congress leader Rahul decision to ban all currency (PLI) scheme to more sectors to `35,541 crore for electronics tre has also notified four pro- couldbeextendedtosteel,tex- environment. target companies,which may Gandhi alleged that Modi's notes of higher denomination generate foreign and domestic manufacturinginthecountry. duction-linked incentive and tiles and food processing, After approval of the Cabi- see the participation of the move was aimed at helping a of`500and`1,000frommid- investment, an empowered Under the scheme, an incen- pharmaceutical infrastruc- among others. net,detailedinstructionswere IndianMissionsabroad,hold- few of his "crony capitalist night on the same day. group of secretaries for invest- tiveof4%to6%onincremen- ture schemes entailing a On June 3, with a view to issued to concerned min- ing webinars/investment friends" and had "destroyed" TakingtoTwitter,theprime ment(EGoS),chairedbyCabinet tal sales (over base year) of combined budgetary outgo support,facilitate and provide istries/departmentsforconsti- forums/roundtables and/or the Indian economy,prompt- minister listed the beneficial secretaryRajivGauba,willmeet goods manufactured in India of about `12,000 crore over investorfriendlyecosystem to tution of project development reachingouttobusinessasso- ing a strong response from outcomes of demonetisation. on Thursday to review steps and covered under target seg- multiple years, including for those investing in India, the cells (PDCs) in ciations. If the PDC has iden- theBJPwhichsaidtheexercise "Demonetisation has takenbyministriesanddepart- ments, is planned for eligible domestic manufacturing of Union Cabinet has approved ministries/departments on tified any cases worthy of was an"attack"on corruption helped reduce black money, ments in various sectors companies,for a period of five drug intermediates (DIs) and constitution of EGoS for June 10. The PDCs that have EGoSconsideration,theyhave and black money that were increase tax compliance and through incentives and ease of years subsequent to the base active pharmaceutical ingre- investment. Its objective is to been set up in 29 madesuretoincludethesame rampant during the "lost formalisation and given a doing business measures to yearas defined. dients (APIs).Under the bring synergies and ensure ministries/departments are after considering the merits decade" of the Congress-led boosttotransparency,"hesaid. attractinvestors,sourcestoldFE. In July this year, the Cen- scheme, financial incentive timely clearances from differ- working around fourpillars to of the case. UPAgovernment. — PTI

From the Front Page

After victory, supporters that it was time to adviserstoconverthiscampaign too, there has been a slight of India, Japan and Australia stopthecompetition. ideas for containing the pan- increase from 4.9 deaths per decided to launch an initiative Biden calls for “IWONTHIS ELECTION,BY demic into policy that he said Consumer start-ups continue to get funds thousandto5.1deathsinthelast laterthisyeartoachievesupply- ALOT!”Trump tweeted shortly would start on Inauguration onemonth. chain resilience in the Indo- unity and before the race was called. On Day,January20. SmallerplayerslikeFreshTo- demic while addressing the “Covid has accelerated digi- In terms of actuals, Bihar Pacific region. The decision Saturdayafternoon,formerNew “Thatplanwillbebuiltona Homes too have found sup- needs of consumers.With- tal adoption and this excites reported 46 deaths in theweek came at a time when China’s tolerance York CityMayor RudyGiuliani bedrockofscience,”Bidensaid. port; the company has got out doubt more consumers investors,”Ishpreet Gandhi, ending November8,while this expansionistagendaacrossthe Harris, 56, wore white, the appearedoutsideaPhiladelphia “It will be constructed out of some $121 million.Among have been transacting founder & managing part- figure was lower than the 48 SouthChinaseaanditsborders color of suffragettes. She said landscapingcompanytodeclare compassion, empathy, and those in the market are e- onlineduringthelockdown; ner at Stride Ventures said, deaths reported a week ago, it with India had rattled several shestood“ontheshoulders”of withoutevidencethatthePenn- concern.” grocer BigBasket which is Grofers claims it has adding that international was still higher than the 25 countriesintheregion.Theidea struggling women like her sylvania election was riddled The task force will be co- believed to be shopping for acquired 18 lakh new cus- investors are betting on deaths perweek it reported by isalsotoreducetherelianceon mother,animmigrant.“While withirregularities.Biden’smar- chairedbyformerSurgeonGen- $400 million.For their part, tomerssincelockdownwhile India as global interest rates theendofSeptemberandatthe China for supply of goods and I may be the first woman in gin was just over 37,000 votes eralVivek Murthy,formerFood Internet businesses have at BigBasket new customers are at all time lowand also startofOctober. services. this office, I will not be the outofmorethan6.6millioncast andDrugAdministrationCom- been quick to adapt to the increasedby84%compared there is political uncer- Meanwhile, in terms of Theinitiative,currentlylim- last,”she said. inthestate. missionerDavidKesslerandDr. new situation post the pan- to pre-Covid levels. tainty,”Gandhi said. cases,thenumberofinfections itedtothegovernment-to-gov- Biden’s message of healing Trump was notably quiet MarcellaNunez-Smith,aprofes- has been declining since Sep- ernment level,will also involve and unitycapped a dayof cele- during Biden’s speech and the sorof public health atYale Uni- tember.As Biharwas stepping industriesaswellasacademiaof bration by his supporters that minutes afterit ended.During versity, according to a person expresstheirjoyattheresults. Rural consumption should enues flat.Although net selling into campaigning phase the these nations, according to contrasted with recrimination the campaign, he would fre- familiarwithhisplans.Itwillalso In major US cities that remain reasonably good since prices at BajajAutowere up 5% state was recording 1,400 seniorgovernmentofficials.The from Trump,who rejected the quently tweet criticism of include Ezekiel Emanuel,a for- overwhelmingly supported the government continues to y-o-y, revenues fell 7% y-o-y infections daily, now as elec- partnership is important,as it outcome of the election and Biden and other Democrats as mer Obama administration Biden, large crowds gathered spend on infrastructure and thanks to a 10% y-o-y drop in tionshavecometoanend,daily currently involves three major vowedtocontestindividualstate theyspoke. healthadviser.Theco-chairsare on the warm autumn after- affordable housing.Moreover, volumes.The good perfor- caseshavecomedownto693. players in the Asia-Pacific resultsincourt.TheDemocrats’ The president’s campaign scheduled to brief Biden on noon to celebrate. thegoodmonsoonshouldresult mancescamefromAsianPaints Abig reason forthis maybe region, with combined gross victorywassealedshortlybefore hasfiledaseriesoflawsuitsand Mondayaftertherestofthetask Streetpartieseruptedonthe inastrongkharifoutput. which reported a stellar 11% thestate’stestingstrategy.While domestic product of $9.3 tril- noon NewYork time on Satur- recount demands, but several forceisannounced. streets in front of the White The subdued growth in increase involumes that drove one would expect the state to lion and trade (both goods and day,whenAssociated Press and cases have already been dis- Biden also planned to House,inNewYorkCity’sTimes aggregate revenues in the Sep- uprevenues6%y-o-y.Again,Bri- ramp up testing given the mas- services)of$3.6trillionin2019. television networks called the missed and none of them so far quickly name his chief of staff, Square and in downtown temberquarter—afallof8.27% tannia Industries posted a rev- siveralliesandlittleadherenceto Seniorofficialswhoareham- raceinhisfavour. seems to have the potential to widelyexpectedtobeRonKlain, Philadelphia,with peoplewear- y-o-y for 805 companies — enuegrowthof12.1%y-o-y,on social distancing,Bihar dialled mering out broad contours of By being declared the win- changetherace. a longtime aide who served as ing Biden campaign gear, the stemsfromasharpfallreported the back of robust volumes downontestingfigures.Whileit the partnership are initially nerin Pennsylvania,Biden,77, Biden moved quickly in his hisvicepresidentialchiefofstaff rainbow symbol of the LGBTQ bysome large players and only increasesat9%y-o-y. hadrampedupitstestingcapac- focussing on these countries’ passed the threshold of 270 prime-timeaddresstoclaimhis during the administration of community and Black Lives smallincreasesforothers;a24% Theimprovementinoperat- ityto 1.7 lakh tests dailybythe tradewiththeworld—fromthe Electoral College votes needed place as the incoming com- President Barack Obama.Klain MatterT-shirts. —Bloomberg y-o-y fall in the revenues at ingmarginsistheresultofgood end of September,this declined raw material to the finished to capture the presidency.He mander-in-chief.He immedi- alsohadleadingrolesinhelping Reliance Industries,a 12%y-o- housekeepingandeffortstocon- to below1 lakh in the middle of goodsstage—in10keysectors. could end up with 306 votes if ately addressed the central Biden manage the recovery India Inc ydropatLarsen&Toubro,a65% servecash,essentiallysteepcuts October.There has been an Accordingly,supply-chainsmay he wins in all the states where theme of his campaign -- that from the 2008 economic crisis y-o-ydropatShoppersStopand in cost save on everything from increasesinceto1.3lakh,butthe be tweaked. These sectors are he is currently leading, a he was more capable of aswellastheEbolainfectionsin registers weak a 66% y-o-y decline at Inter- promotional spends to staff. stateneedstobetestingmore. petroleumandpetrochemicals, slightlylargeredgethanTrump responding to the coronavirus the US in 2014, which never globe Aviation. HUL’s organic While benign input costs have automobiles,steel,pharmaceu- had in 2016,when he secured pandemic that has cost more topped11cases. sales but volumesincreasedbyjust1%y- no doubt helped — rawmateri- Not just cases, ticals, textiles and garments, 304electoralvotes. than237,000livesintheUS. ButmanyofBiden’ssupport- o-yin the quarterand revenues alstosalesweredown achunky marine products,financial ser- Trump was in no mood to HeannouncedthatonMon- ers didn’twait forthose admin- profits up on byjust3%y-o-y.ACC‘svolumes, 500 bpsy-o-y— total expendi- in Delhi deaths vices,IT services,tourism and concede oreven to signal to his day,he would name a group of istrative announcements to were up 1% y-o-y,leaving rev- ture fell a steep 17% y-o-y.For travel services,and skill devel- lower costs the sample, operating profit too are rising opment. Of course, this list of margins have increased by a At one point Delhi accounted sectors will go through further whopping nine percentage for just 3.6% of the country’s stakeholder consultations, pointsy-o-y.AtTVS Motors,for daily deaths but that has now accordingtotheofficials. instance, operating margins jumped to 14%. In terms of “The ministers reaffirmed were a high 9.3% as other cases,Delhi’ssharehasgoneup their determination to take a expensesmainlypromotionand from 3.7% to 15.2% during lead in delivering a free, fair, marketing costswere reined in. thisperiod. inclusive,non-discriminatory, Nestle reported an Ebitda mar- transparent, predictable and ginof25%,anearlife-timehigh Diwali disaster? stable trade and investment onthebackofhighergrossmar- Weekly deaths (for week ending) environment and in keeping gins, and lower A&P spends. 500 theirmarketsopen,”according Ultratech’s India Ebitda soared to a joint statement after a 446 401 40%y-o-yongoodvolumesand 400 meeting of the ministers in lowercostswhich fell 7%y-o-y, September. from savings on energy and 300 Commerce and industry otherexpenses. minister Piyush Goyal,Japan’s Some businesses could take 200 ministerof economy,trade and longer to recover. Makers of industry Hiroshi Kajiyama and commercialvehicles continued 100 Australia’s trade, tourism and to fare poorly in Q2FY21; Tata industryministerSimon Birm- Motorsvolumesforcommercial 0 ingham had attended the vir- vehicles crashed 29% y-o-y Jul 05 Nov 08 tualmeeting. whiletheincreaseintheaverage Themove,originallymooted selling pricewas just 1%y-o-y. Hospitals are filling up too. by Japan,gathered speed after Some companies,such as JSW On Sunday,1,017 of the 1,257 theCovid-19outbreakexposed Steel,reported strongvolumes or 81% of Delhi’s ventilators China’s unreliability as a sup- which jumped 14% y-o-y but and 82% of ICU beds were plier,especially to those coun- realisations dipped slightly by occupied. tries with which it shares luke- 2%y-o-y.Asian Paints stunned While the Centre is asking warmrelations,saidasource. theStreetwithan11%increase private hospitals to reserve Addressing the meeting, in volumes that drove up rev- 80% capacity for Covid Goyal had said the initiative enues6%y-o-y.Thehighlightof patients,the dashboard shows couldn’t have come at a more earningsseasonisundoubtedly there’snottoomuchnon-Covid opportune time in the post- the sharp magnitude of the ICUcapacitytospare.Theoccu- Covid scenariowhen“there is a recoveryin IT.Both Infosys and pancy rate in the case of non- likelihood of re-churning of TCSwere able to growrevenues CovidICUbedswas77%. supplychainsintheIndo-Pacific and margins smartly and also An FE analysis had shown regionandit’sincumbentonus win deals; Infosys has upped its thattherequirementforventila- totaketheinitiative”. revenue and margin forecasts torshadstartedincreasingeven Already, India, Japan and fortheyear. beforeDelhiwitnessedaspurtin Australia make up the Quadri- infections. On September 14, lateral Security Dialogue, or In Bihar,less 2.6% of active cases in the city Quad, along with the US, to wereonventilators,andanother strengthen national security people are 2.7% were in the ICU. But on consultation. October31,thisproportionhad The pandemic has not just getting increased, as Delhi recorded posedanunprecedentedhealth 2.7% people onventilators and crisis but also caused a sharp infected,but 4.3% in ICUs.On November 8, contractionineconomicactivi- the number of ICU admissions ties,disruptingtradeandinvest- more are dying hadfurtherincreasedto4.4%. ments.TheInternationalMone- Ananalysisoftheratioofrecent Active infections need to taryFund(IMF)haspredictedas deathstodailyinfectionsshows increase to 54,350 for Delhi to much as 4.4% contraction for that there has been a nearly run out of ICUs. On Sunday, 2020 global GDP,warning that threetimesincreaseinthepro- Delhihad40,258activecases. the Covid-19 outbreak has portionofdeathstocases.While plunged the global economy Biharwasrecordingtwodeaths Nations moot intoitsworstrecessionsincethe perthousandpeopleatthestart GreatDepressionin1930s.The of October,this ratio has now supply-chain WTO, too, has in warned that increased to 7.3 deaths per global trade volume growth thousand. pact could crash by a steep 9.2% in Intermsofcasefatalityratios In September,trade ministers 2020fromlastyear.

Pune WWW.FINANCIALEXPRESS.COM MONDAY, NOVEMBER 9, 2020 FINANCIAL EXPRESS ECONOMY 3 ● SURGE IN NUMBER India Inc looks forward to GST returns in Oct jump enhanced Indo-US ties PRESS TRUST OF INDIA PHD Chamber of 36%,collections up 10% New Delhi, November 8 Commerce and Industry president Sanjay INDIA INC ON Sunday hailed Aggarwal said India and GSTN saw an even bigger the victory of Joe Biden in the the US have always GSTN doubles surge in return filing in US presidential election,while shared strong social, system capacity to September as the hoping for enhanced ties and cooperation between India cultural and extended deadlines for handle 3 lakh andtheUS,especiallyintheaf- economic ties concurrent users previous months came to termath of the coronavirus a close. Over 1.68 crore pandemic. returns were filed in Congratulating president servicesin2019hadreacheda FE BUREAU September, an increase of elect Biden and vice president peak of nearly $150 billion. New Delhi, November 8 more than 88% over elect Kamala Harris, CII presi- “We can aim higher to our dent Uday Kotak said,“With shared goal of $500 billion last year THE MONTHLY GST returns rising trade and investment through a new era of revi- (GSTR-3B) in October saw a ties between the two coun- US President-elect Joe talised economic cooperation, 36%jumpcomparedwithcor- tries, the health of our Biden while delivering an which would be comprehen- responding period a year ago to file a separate quarterly re- original deadlines. economies is inextricably address to the nation sive, complementary and col- as the collections grewbyover turn while the rest file GSTR- “Taking the surge during linked and we must work to- during an election event in laborative,”Banerjee said. Working on aviation fuel from 10% in the month, and 3B monthly. the peak filing into considera- getherduringthiscriticaltime Wilmington, Delaware, US, Thekeysectorstowatchfor breached the `1-lakh-crore “It has been made possi- tion, GSTN also took on the to reinvigorate the bilateral on Saturday BLOOMBERG enhanced business coopera- Gadchiroli bamboo plan: Gadkari mark for the first time in the ble as the GSTinfrastructure performance and stress test- economic agenda — facilitat- tion will be energy and the current fiscal, government has been upgraded to handle ing of system applications ingeconomicgrowth,enhanc- hailing your Indian roots and green economy, defence and UNION MINISTER NITIN Gad- bio-refinery for production of data showed. up to 3 lakh concurrent that helped identify and re- ing job creation, supporting values.” manufacturing,especiallypro- kari on Sunday said he was aviation fuel.The bamboo for GST Network (GSTN) saw logged-in users at a time,”the move bottlenecks in the soft- small business and enabling PHD Chamber of Com- viding a boost to small busi- working on an idea to set up a this will be sourced from Gad- an even bigger surge in re- government said referring to ware,”the government said. It cooperationininvestment-re- merce and Industrypresident ness cooperation, as well as refineryforproduction of avi- chiroli district. I have begun turn-filing in September as the increased load on the added that GSTN performed lated movement of profes- Sanjay Aggarwal said India pharmaceuticals and health- ation fuel from bamboo work on this and in two to the extended deadlines for GSTN system.The system is removal of redundant pro- sionals.” and the US have always care — all driven by India and grown in Maharashtra’s Gad- three years, I will show you previous months came to a also capable to handling 5 cessing required of taxpayer He said, “We are looking shared strong social, cultural the US’s new-age businesses chiroli district. flights running on this bio close.Over 1.68 crore returns lakh concurrent users if re- requests, optimised taxpayer forward to engaging with the and economic ties. “We anddisruptiveinnovationand Gadkari was speaking at fuel,”he said. were filed in September, an quired,it said. workload management by administration’sleadershipto strongly believe that India- technologies,he added. the inauguration of an At- He said the Atmanirbhar increase of more than 88% GSTN’s capacity was en- creating distinct processing promote post-pandemic eco- US partnership will be the Hailing Biden and Harris as manirbhar Bharat assistance Bharat scheme was aimed at over last year. hanced from 1.5 lakh concur- pipelines depending upon the nomic stability, business col- defining relationship of the the new leaders of America, office here. makingIndiaahappy,progres- Over 1.3 crore taxpayers rent users in June in anticipa- size of taxpayer’s upload of in- laboration,ourshared democ- 21st century. We look for- chairman and MD of JSW “I am planning to set up a sive,prosperous nation.—PTI are registered with GST but tion of a surge of tax returns voice data,tuning system and ratic values and increased ward to a continued Group Sajjan about17lakharecomposition owing to the pandemic and database parameters among people-to-people ties that strengthened bilateral trade Jindal said in a taxpayers which are required subsequent deferrals in the other steps. havedefinedthespecialIndia- and investment growth tra- tweet, “A de- US relationship.” jectory and defence coopera- mocratic Assocham secretary gen- tion between the two na- process voted Darbhanga airport eral Deepak Sood said,“Under tions.” fora change in Arnab shifted to Taloja jail for the Biden-Harris leadership, ForMahindraGroupchair- averydefining begins operation Indo-US economic ties would man Anand Mahindra, the US year globally! alleged phone use in custody go from strength to strength, electionwasalsoaboutlessons Congratula- THE DARBHANGAAIRPORT gettingdeeperintoareasofad- in leadership. tions to the PRESS TRUST OF INDIA social media using somebody's in north Bihar began opera- vanced scientific research and In a tweet he said, the American Mumbai, November 8 mobile phone,despite his per- tions on Sunday, meeting the development, business to lessons from the US election community sonal mobile phone having long-standing demand of the businesscooperationinstrate- are that “leadership is about that ensured REPUBLIC TV EDITOR-IN- been seized by police when he people of the Mithila region gic areas.” policy AND personality”, and that the de- CHIEF Arnab Goswami, ar- was taken into custody on No- who had to travel for hours to He expressed confidence “leaderswillbejudgedbywhat mocratic rested in connection with the vember4,theofficialsaid. Patna to catch a flight. that Prime Minister Naren- theySAYnotjustwhattheyDO. process was alleged suicide of an interior While being escorted to As the first flight,operated dra Modi and Biden would Leadersmustultimatelyrepre- not compro- designer, was on Sunday Taloja jail, Goswami shouted by Spicejet, landed at the air- chalk out great cooperation sent everyone, not just those mised in a shifted from Alibaug to Taloja from the police van, alleging port from Bengaluru, it was in dealing with the coron- whovotedforthem(and)lead- toughexternal jail in Maharashtra's Raigad that he was assaulted by Al- given the customary water avirus pandemic. ers with decency and values environment.” district,police said. ibaug jailer on Saturday salute, while the passengers “Vaccine development, haven’t gone out of fashion.” JSPL chair- Goswami was moved to evening,his life was in danger were greeted with ‘Mithila manufacture and distribution CII director general Chan- man Naveen Taloja jail after allegedly being and he was not allowed to Paags’(a traditional cap) and wouldrequireimmenseglobal drajit Banerjee said, “CII Jindal in a found using a mobile phone speak to his lawyer. garlands. cooperation. India and the US looks forward to once again tweet hoped while in judicial custody at a Meanwhile,in a statement, The plane then took off for would surely be leading such collaborating with President “to see en- school designated as Covid-19 SamyabrataRayGoswami,ase- Delhiwith180passengers,incl- cooperation,”Sood said,while Biden and his incoming ad- hanced ties centre forAlibaug prison,a po- niorexecutiveeditorofRepublic udingDarbhanga'sBJPMPGop- alsoapplaudingHarris’sfeatof ministration.” and coopera- liceofficialsaid. TV andArnab Goswami’s wife, aljee Thakur,Darbhanga Town becomingthefirstwomanvice Prior to the economic dis- tion between The Raigad crime branch saidhehasbeenframedonfake legislator Sanjay Saraogi and president of the US, saying, ruption caused by Covid-19, India and the found Goswami was active on charges. MLCDilipChaudhary.—PTI “You have been so gracious in bilateral trade in goods and UnitedStates”.

EXTRACT OF UNAUDITED CONSOLIDATED RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2020

EBITDA for Q2 FY 2021 of` 6,531 crores, q-o-q Record silver production Attributable PAT (before exceptional items & up by 45% y-o-y, highest in >2 years at 203 tonnes, up 73% q-o-q tax on dividend) of` 1,979 crores, up 75%

(` in Crore except as stated) Quarter ended Half year ended Quarter ended S. Particulars 30.09.2020 30.09.2020 30.09.2019 No. (Unaudited) (Unaudited) (Unaudited) 1 Revenue from operations 20,804 36,491 21,739

2 Net Profit for the period (before exceptional items, taxes, non- 3,918 5,951 1,544 controlling interests and share in jointly controlled entities and associates) 3 Net Profit for the period after exceptional items (before taxes, non- 4,013 6,046 1,122 controlling interests and share in jointly controlled entities and associates) 4 Net Profit after taxes, non-controlling interests and share in jointly 824 1,857 2,158 controlled entities and associates 5 Net Profit after taxes, non-controlling interests and share in profit/ 1,979 3,108 (38) (loss) of jointly controlled entities and associates but before exceptional items, tax on intra group profit distribution and one time tax impact of Sec 115BAA (new tax regime) 6 Total Comprehensive Income after non-controlling interests [Comprising 604 1,701 2,505 Profit (after tax) and Other Comprehensive Income (after tax)] 7 Paid-up equity share capital (Face value of` 1 each) 372 372 372 8 Earnings per share after exceptional items (`) (not annualised)

Basic 2.22 5.01 5.83 Diluted 2.21 4.99 5.80 *Reserves excluding Revaluation Reserves as at March 31, 2020 was ` 54,263 Crore Notes

1 Additional information on standalonefinancial results is as follows : (` in Crore)

Quarter ended Half year ended Quarter ended S. Particulars 30.09.2020 30.09.2020 30.09.2019 No. (Unaudited) (Unaudited) (Unaudited) a Revenue from operations 8,521 15,210 9,599 b Profit before tax 572 5,106 1,404 c Profit after tax 378 3,342 2,913 2 The above results of Vedanta Limited for the quarter and half year ended September 30, 2020 have been reviewed by the Audit Committee at its meeting held on November 05, 2020 and approved by the Board of Directors at its meeting held on November 06, 2020. The statutory auditors have carried out a limited review of the same.

3 The above is an extract of the detailed format of the standalone and consolidatedfinancial results for the quarter and half year ended September 30, 2020filed with the Stock Exchanges under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The full format of the Quarterly Financial Results are available on the Exchange websites, www.nseindia.com, www.bseindia.com and on the Company's website www.vedantalimited.com. By Order of the Board Dated : November 6, 2020 Navin Agarwal GR Arun Kumar Place : Mumbai Executive Vice-Chairman Whole- Time Director and Chief Financial Officer

OIL&GAS | ZINC-LEAD-SILVER | ALUMINIUM&POWER | COPPER | IRONORE&STEEL CIN no. L13209MH1965PLC291394 Website: www.vedantalimited.com

Regd. Office: Vedanta Limited 1st Floor, ‘C’ wing, Unit 103, Corporate Avenue, Atul Projects, Chakala, Andheri (East), Mumbai–400093, Maharashtra

Pune MONDAY, NOVEMBER 9, 2020 WWW.FINANCIALEXPRESS.COM 4 FINANCIAL EXPRESS

Pune WWW.FINANCIALEXPRESS.COM MONDAY, NOVEMBER 9, 2020 FINANCIAL EXPRESS 5

Pune 6 FINANCIAL EXPRESS WWW.FINANCIALEXPRESS.COM DISPUTING RESULTS

US president Donald Trump

Our campaign will start prosecuting our case in court ❝to ensure election laws are fully upheld and the ❝ rightful winner is seated OpinionMONDAY, NOVEMBER 9, 2020

RationalExpectations ● FROM PLATE TO PLOUGH BIOFORTIFICATION OF STAPLESAND IMPROVINGACCESSTOVITAMIN- & MINERAL-RICH FOODS ARE AMUST.PM MODI HAS DONEWELLTO LINK BIOFORTIFICATIONTO PUBLIC FOOD PROGRAMMES SUNIL JAIN

[email protected] @thesuniljain Sowing How to win over nutrition security

N THE OCCASION of leaguesinLMICs,includingIndia. Punjab’s farmers World Food Day (Octo- Fertilisersalsoaugmentproductiv- ber 16),prime minister HOWARTH BOUIS ity, keeping food prices lower than Pay them to switch to new crops,indeed make it easier for farmers Narendra Modi issued a they would be otherwise.This is well across the country to get better technology and access to markets commemorativecoinof & ASHOK GULATI understoodinliterature,butitsimpact `75Oanddedicated17bio-fortifiedvari- on human nutrition is not well-quan- etiesofeightcropstothenationtocele- Bouis is aWorld Food Laureate for his work on tifiedyet. REYOUGROWINGapplesorwood,aNewZealandagriculturescientistasked brate the establishment of Food and Bio-fortification and Gulati is Infosys Chair Turning now to vegetables, fruits, Harichand Roach afterhe sawhis 15-acre orchard in Kotgarh in Shimla dis- Professor forAgriculture at ICRIER AgricultureOrganisation(FAO)75years pulses, animal products—those foods trict—the‘delicious’varietywas first introduced here 100years ago—a cou- agoin1945. whicharealreadydenseinmineralsand pleofdecadesago.Atthattime,India’sappletreesweremajestic,atheightsof A Incidentally,inthemainlobbyofFAO priceshavebeenrisingmuchfasterthan plant breeding.Aterm has been coined vitamins, the fundamental strategy 30-40feet,butgrewmorewoodthanapples.Roachconvertedhisorchardtomoremod- headquarters in Rome,there is a small stapleslikewheat,rice,corn,etc,overthe forthisprocess,“biofortification.” should be to increase the supplyof spe- ernvarietiesthatwere10feettallbutgrewmoreapplesthatwerealsoeasiertopluck. plaque on the wall that reads: “In this pastseveraldecades.Nowonder,thepoor Fromthatangle,PMModi’sendorse- cific key foods that can contribute Evenbettervarietiesarenowavailable,andKunalSingh,whohas6hectaresinKotkhai building,16thofOctober1945,represen- satiatetheirhungerbyconsuminglarge mentofeightbio-fortifiedcropsiscom- importantly to nutrient intakes where inShimladistrict,foundthisraisedproductivitybyathirdanddoubledthepriceforhis tativesof44nationsmetandestablished amounts of food staples,which onlygo mendable.Thecreditforthisalsogoesto supplycan be increased cost-effectively produce;India’saverageproductivity(seegraphic)isstillafourththatoftheUS.Import- the FOODANDAGRICULTURALORGA- downwithhigherlevelsofincomes. the IndianAgricultural Research Insti- throughpublicpolicyandinvestments. ingtheplantmaterial,however,remainscomplicated,asdoesfindingnewmarkets. NIZATION,firstofthenewUnitedNations Howto address lowintake of miner- tute (IARI),and many agri-scientists of Therearetwofundamentalpointsto PMNarendraModihastakenthefirststepinreformingmarketstoreleasefarmers Agencies.Thus,for the first time,nations als and vitamins through agriculture? IndiasuchasMSSwaminathan,fortheir make.First,the primary objective is to fromthetyrannyofAPMC-mandis,butiffarmerincomesaretotrulyrise—andtheycan organized to raise levels ofnutrition and Therearetwobroadstrategies.Thefirstis long-term vision and perseverance to lower the real prices of these specific givenIndia’sabysmalyields—farmersneedeasyaccesstotop-classseeds/plantingmate- toimproveproductionanddistributionof improve the densities of minerals and develop bio-fortified crops.These bio- foods.Second,these specific foods will rial;findingwaystogivefarmersagreatershareoftheretailpriceisalsoabigchallenge. foodandagriculturalproducts.”Thepoint vitamins in the high fortifiedstaplesneedtobe vary greatly by country,depending on In this context of helping farmers get better-qualityplanting material,the govern- ofnoteisthateven75yearsago,agricul- amounts of staples that closely linked to India’s dietarypatterns. ment’s treatment of Monsanto is the perfect example of what not to do.Monsanto’s turalpolicymakers,in settingpriorities, the poor consume. The food-based welfare pro- For example,the major push by the seedstransformedIndia’scotton-farming—that India investing in an mentionedimprovinghumannutrition second is to increase the grammes such as Public Indian government, called Operation iswhatallowedGujarat,whenModiwastheCM, efficient milk value before improving agricultural produc- quantities eaten of nutri- DistributionSystem,Mid- Flood,improved the efficiency of milk geta10%-plusfarmgrowthforoveradecade— Yielding little (yields in tonnes per hectare) tion.Afterall,aprimaryobjectiveofagri- tious non-staple foods. chain was a DayMeal,Anganwadi,etc., production, a highly nutritious and but the central government tried to declare its culture is to produce food that provides Thissecondbroadstrategy “ ” and should become an important food in Indian diets.Supply patent (given byIndia’s patent office!) as illegal Crop nutrition-smart enoughmineralsandvitaminsthatsus- fundamentally depends integral part of the went up sharply and the relative real andputallmannerofpricerestrictionsonit.As Apple agri activity that tainhealthyhumanbeings.Thisisoften on raising incomes and National Nutrition Mis- pricewentdownsignificantly.Milkcon- a result,Monsanto has refused to bring in the China 18.6 forgotteninoureffortstoimproveagri- lowering the real prices of benefitted millions. sion (POSHAN Abhiyan). sumptionincreased. nextgenerationofseedtechnologytoIndia. US 35.6 culturalproductivityandfarmincomes. non-staplefoods. A similar push is Thiswouldalsohelpfight- Investinginmoreefficientmilkvalue Indeed,whilePunjabCMAmarinderSinghis India 9.1 What we know today is that almost Food staples are not ing the adverse impact of chain in Indiawas an incredibly“nutri- batting for the continuation of the MSP-based Orange needed for fruit & two billionwomen and children in Low denseonmineralsandvit- Covid-19 on nutrition of tion-smart” agricultural activity that procurement of wheat and rice,in the past,he Brazil 26.2 vegetables, and Middle Income Countries (LMICs) amins,buttheydoprovide vulnerablepopulation. benefitted millions throughout India.A haspushedforwaystomovemoreofPunjabto US 23.1 India 13 are at risk forvitamin A,iron,and zinc significant amounts of a and pulses Butlinkingagriculture similar push is needed today for fruits citrus—hevisitedIsraeltogetcollaborations in deficiencies,leading to more sickness, broad range of essential and nutrition only starts andvegetables,and pulses.The current citrus,dairyanddrip-irrigationafewyearsago— Tomato more deaths,and lower cognitive abil- minerals andvitamins—a with biofortification.We reforms in farm laws offer an opportu- but ironically the central government never China 56.2 US ity—all combining to reduce economic base on which non-staple foods should must not stop there.For example,rela- nity to develop similarvalue chains for helped.Weaning off farmers would take a few 90.3 India 24.2 growth significantly.The highest num- add.Theabsoluteintakeofmineralsand tively new evidence demonstrates that theseaswasdoneinmilk. years till the citrus trees were ready to fruit, Potato bers of women and children suffering vitamins from food staples is the result nitrogenousfertilisersincreasetheden- Agricultural policymakers typically Singhusedtoargue,sotheCentreneededtogive from this “hidden hunger” reside in of multiplying quantities consumed sitiesofproteins,mineralsandvitamins focus on increasing productivity and him moneyto import top-qualityplant mater- China 17.1 US 49.2 SouthAsia,especiallyIndia. times the density.The first term in this instaplefoods.Addingzincand/oriodine farmers’ incomes. But investing in ialaswellastopayfarmersintheinterimperiod. India 20.6 The primary underlying cause for multiplication,quantities consumed of to fertilisers and foliar sprays also will improvednutritionthroughagriculture ThisismuchthesamepointKunalSinghmakes Source: Horticultural Statistics, 2018 mineralandvitamindeficienciesislow- foodstaples,isahighnumber. increase the zinc and iodine density in has extremely high economic payoffs. inthecaseofnewplantmaterialforapples. qualitydiets.Thepoordesirebutcannot The objective,then,within the sub- grains.Therearesynergiesincombining Thus,prime minister Modi’s bringing So,if the Centre wants to take its plans for- afford to purchase sufficient quantities strategyoffocusingonfoodstaples,isto these fertiliser strategies with bioforti- attention on bio-fortified basic staples ward,itneedstofindwaystoshiftfarmerstodifferentcrops—inthecaseofPunjaband ofvegetables,fruits,pulses,and animal increase densities of nutritious compo- fied crops.The evidence forthese path- andlinkingittopublicfoodprogrammes Haryana,thisiscriticalforthewater-tableaswell—andtomorehigh-yieldingones.Mak- products—which,gram for gram,con- nents and to decrease the densities of wayswas developed underthe“Harvest deservesallthecomplimentsandadmi- ing good the income-gaps in thewaythe Punjab CM used to suggest is not going to be tainrelativelyhighamountsofbioavail- undesirable compounds.One way this Zinc”programme by Ismail Cakmak of rationforanimportantandlong-stand- cheap,buttheCentrehasthemoney,itjustrefusestoreformenoughforthefundstobe able minerals and vitamins,but whose can be done is through conventional SabanciUniversityinTurkeyandhiscol- ingconcept. released.ItwasteslakhsofcrorerupeeseachyearbuyingextragrainforthePDSsystem andonsubsidisedfertilisers—ironically,thelatterisactuallyhurtingsoilproductivity— sogap-paymentsarenotreallythathardtomake;theimportantthingistohaveaplan onhowmuchofacreagehastobeshiftedeachyearandtoassiduouslyworktheplan. LETTERS TO Though it is early days,the good news is that several input suppliers are getting togethertolookatcomprehensivesolutionsratherthan,asinthepast,justtryingtosell THE EDITOR theirown products.There is,forinstance,little point just having higher-yielding seeds The lessons ofTrump if the right amounts of fertiliser and pesticides are not used; and rather than today’s flood-irrigationtechniques,dripirrigationwillhelpimproveyieldsdramatically. Gadkari pulls up Better Life Farming,for instance,is a partnership between Bayer,the World Bank’s The defeat of Trump is not a panacea NHAI babus IFC,Tata Trusts,Yara for fertilisers,Netafim for drip irrigation—India uses 2-3 times for the ills of the US or the world.In NIRVIKAR Apropos of the editorial ‘Neta babu morewaterthan China and Brazil pertonne of grain—Axis Bank forfinancing and big nexus’, road and transport minister buyerslikeDeHaat,BigBasketandAgriBazaar;reducingmiddlemenhelpsfarmersget some ways,he helped surface those SINGH Nitin Gadkari is a very forthright and alargershareoftheretailprice.Anexperimentwith20farmersdoingchillifarmingin ills,when they might otherwise have upfront minister, and he is known VaranasiinUttarPradeshstartedin2015withsomeofthesepartnersanddoubledfarm Professor of economics, for his hard-taskmaster approach. yieldsandtrebledincomes;evenfarmersfromthecountry’schillicapitalGuntur,Bayer been papered over for longer University of California, Santa Cruz His blunt criticism of former NHAI officialssay,visitedthefarmstoseehowyieldsdoubledoncetheprojectscaledup. officials, including its past AsimilarexperimentwithtomatoesinJharkhandsawyieldsrisingto20tonnesan WITHTHEELECTIONofJosephBidenas miningconfidenceintheUS’sdemocra- conductoftheelection. chairpersons during the acre,or five times the regional average.And during Covid-19,when grape growers in the next president of the US (pending ticinstitutionsbyattackingtheconduct Afourthlessonisthevalueofdecen- inauguration of NHAI's new Maharashtrawerestuckwith theirproduce,AgriBazaarwas roped in to buythe grapes official certification of the various vote oftheelection.Again,thereareparallels tralisation and checks and balances.In headquarters was testimony of to sell on its digitalplatform.BetterLife plans to cover3 lakh farmers bythe end of the counts),itispossibletotakeadeepbreath to the rise of other authoritarians,with somecases,decentralisationcanbedam- what ails our bureaucratic setup. yearand despite the Covid restrictions,it found that itwas able to connect to one lakh andbegintoassessthelessonsofoneof Hitleragain the most horrifying exam- aging,aswhenitallowedracialsegrega- Delays and inordinately long farmerseverydaytogiveadviceongrowingtheirbusinessinasustainedmanner. the most remarkable episodes in mod- ple.Noonewieldspowerwithoutacadre tion to persist in many parts of the US, gestation for projects are given Whilethegovernmentstrategyismostlyrelatedtosubsidies,thisisreallymissing ern American history. One should ofenablers.Trumpextendedhiscorrup- but here the decentralised electoral from day one. Delays due to some thepoint.Yara’sexperimentwithsugarcanefarminginBijnorsawfertilisercostsrise acknowledgerightawaythattherewere tion into numerous parts of govern- process prevented Trump from under- solid reason, like delay in aboutathirdbutwithyieldsrisingafifth,thecost-benefitratiowasashighas14.4to manyaspectsofthelastfouryearswhich ment,whenitservedhispurposes,even miningtheintegrityofthenationalelec- environment clearance etc, can be one; in the case of potatoes,it was 8.5 to one and 16.1 to one in the case of bananas. were not that abnormal forthe US,over those with formal independence or tion.Again,somestatelegislaturesdidtry justified, but delay due to avoidable Indeed,thatisalsowhy,whileknockoffsofMonsanto’snew-generationcottonseeds its history, and certainly not in global normsofimpartiality,includingthejus- totilttherulesinwaysthatwouldfavour reasons can never be justified. In are available at a much higher price than the older-generation ones (where the gov- experience.Indeed,veryearlyinTrump’s tice department and postal service.He Trump,butinstitutionalchecksandbal- such projects, time is indeed ernment has put a cap on prices),farmers are quite happyto use them as the jump in presidency,hewas compared tovarious spokeofjudgesandSupremeCourtjus- ances prevented too much political money and when large projects like profits is far higher than the costs.Freeing fertiliser prices,for instance,will make it African dictators by the South African ticesas“his,”andheeventriedtousethe interference.Butitwasaclosecall. the Delhi-Mumbai expressway can viable forfirms to add critical nutrients that,in turn,will boost cropyields. comedian and commentator, Trevor US military as a personal political tool, The most visible domestic conse- be expected to get completed in 2- Interestingly,whilemosteconomistsandpoliticiansarefocussedontheWorldBank’s Noah.Ofcourse,therearesuchexamples often with little or no pushback from quence of Trump has been the health 3 years, it defies all logic that a EaseofDoingBusiness(EoDB)formanufacturingactivity,notasmuchattentionispaid worldwide,manyinEurope,LatinAmer- membersofhisrulingelite. catastrophe that the pandemic has mere building will take nearly a to the same organisation’s Enabling the Business ofAgriculture.India is ranked 52nd ica,andelsewhere. Thethirdlessonfollowsfromthefirst become,thanks to his and his cronies’ decade. Hopefully, with the of101countrieswithascoreof62.33.Asthereportpointsout,ittakes397daystoreg- Trumpverymuch behaved as many two.Trump was finally stopped,barely, dishonestyandincompetence.Butglob- castigation coming directly from isteranewcerealvarietyand804daysforanewfertiliser.Tillagriculture’sEoDBisnot world leaders have throughout history. andperhapsonlytemporarily(hecanstill ally, by cosying up to dictators and the top, it should send the right fixed,Indiacanneverhopetodoublefarmerincomes;givenhowmanypeoplearedepen- He actedwithout respect forthe formal wield influence and even run for presi- tyrants,diminishingallies,andsabotag- message to the babus down in the dentuponagriculture,thatisunfortunate.Indeed,astherecentstocklimitsimposedon and informal institutions that provide dent again) bya broad coalition of ordi- ing global cooperation,he also inflicted department to follow deadlines. onionsmakesclear,thegovernmentisstillnotfullycommittedtogenuinelyfreeingthe theframeworkforareasonablysuccess- narypeople and elites across the politi- considerable damageworldwide,hope- — name afjafajfafafajfafafafja sectorortomovetopoliciesthatareradicallydifferentfromthoseofthelast70years. ful and durable society—what supports cal spectrum,sometimes putting aside fullytemporary.The overarching nega- the“social contract.”He was elected by political differences simply to protect tive consequence ofTrump has been an challengingthestatusquoembodiedin coreinstitutionsandvalues.Akeyfactor erosionoftrust,ofconfidenceinthedif- L’affaire Arnab theseinstitutions,andbymanipulating wasoftengrassrootsefforts,andadher- ferencebetweentruthandlies,andofthe Republic TV’s Arnab Goswami’s ResearchPOOR the population’s anxieties with respect ence to the rule of law, in the face of linebetweenrightandwrong.Manydid arrest by the Mumbai police was to race,class,and culture (particularly Trump’s and his enablers’ corrosive nottakeTrumpseriouslywhenhebegan not a politically motivated act or an India has just 57 researchers in the list of the top 10,000 relatedtoreligiousbeliefsandsocialhier- actions.A remarkable example of this running for president.A lesson here is infringement of media freedom. It archies).The fact that he almost got re- was the patient and determined count- thattheperformancepersonaofaleader was in connection with an globally; China has 404 and the US has nearly 5,000 elected,despitehistotaldisregardforthe ingofmail-inballotsineachofthestates, should not become a barrier to under- abetment to suicide case. The case truth and his incompetence,speaks to oftenundertimingrestrictionsimposed standing theirtrue characterand moti- should not have been closed the OWMUCHCATCHINGupIndianeedstodowiththedevelopedworldand theefficacyofhisapproachtocapturing by Republican Party state legislatures vations. way it was when Anvay Naik had emergingeconomicpowersintermsofscientificresearchisevidentfrom andwieldingpower.Thisisanimportant andthecontinuedattacksbyTrump.The ThedefeatofTrumpisnotapanacea named Goswami and mentioned the fact that no Indian university figures in the top 100 rankings in the lessonforthewholeworld—evenasoci- majorityofthemediaalsoplayedarole, fortheillsoftheUSortheworld.Insome the non-payment of dues in his world. Now, a new paper published by Stanford researchers shows that etywith seemingly robust and durable calling out Trump’s lies more openly, ways,he helped surface those ills,when suicide note. Reopening a case is H institutions can be undermined very refusingtoamplifythem,andhighlight- theymightotherwisehavebeenpapered not done for the first time. To say India has quite the gap to coverwhen it comes to competing globallyon human cap- ital in R&D.India has close to a thousand scientists and doctors in the list of the top swiftly.Trumpwasnotbeginningfroma ing the openness and objectivity of the overforlonger.Itwilltakeenormousskill that Arnab Goswami has been BJP’s 2% scientists in the world. But, shrink the pool to the top 10,000, and the country diresituation,suchasthatwhichallowed andefforttorepairsomeofthedamage de facto spokesperson is to state accountshasjust57researchers.Incontrast,Chinahas404researchers,whereasthe Hitlertorisetopower,intermsofsevere done byTrump,and to fix some of the the obvious. His use of lung power UShas4,978researchers.Moreover,amongthe57,onlysixfigureinthelistofthetop societal shocks and fragile institutions. The fact that he almost got problems he exposed.For the people of in support of the BJP cannot place 1,000,whereas most are in the 9,000 to 10,000 range. Butoncehetookpower,thereseemedto re-elected, despite his the US and for other nations and their him above the law of the land. BJP cannot support the anchor without The government needs to place a lot of emphasis on sound scientific research. be little that could stop his degradation total disregard for the truth peoples,thelessonsfromthisepisodeare China recently adopted a strict policy to curb spurious/low-quality research; India ofinstitutions. of the importance of ethical action, giving the impression that it is not couldtakeacuefromthis.TheStanfordlistalsounderlinestheneedforIndiatobuild Anotherlessonishissuccess,oncein and his incompetence, defence of decent institutions,recogni- in favour of the law taking its own research-focusedinstitutions.ThenewNationalEducationPolicyoutlinesthevision office, was facilitated by numerous speaks to the efficacy of his tion of problems, sustained collective course. It cannot say that the law “ ” on creation of research-only institutions; the government needs to act on this fast. members of the Republican elite,even approach to capturing and effort to reduce problems once recog- should take its course selectively . thosewhohehadpreviouslyabusedand nized, the value of relevant expertise, —G David Milton, Maruthancode Moreover, it also needs to increase grants for research in various fields.While India wielding power hasquiteafewhighlyindexedpublications,foracountrythathasthefourth-highest belittled.Indeed,someofthemaresup- and,atthecore,thevalueofbeingtrans- numberof doctoral researchers in theworld,it certainlyneeds more. porting him as he seeks to keep under- parentandtruthfulinpublicservice. ●Write to us at [email protected]

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tems.”The MEAclassifies these into: 1. Provisioning (food, feed, fodder, ● START-UPS & INDIA INC fuel,rawmaterials,herbal medicines); 2. Supporting (nutrient cycling, soil retention,enhancingsoilfertility,genetic diversity,supporting biodiversity,etc); Collaboration 3. Regulating (water recharge,water cycling,pollination,biological pest con- trol,carbon sequestration,climate regu- key to growth lation,etc); and 4. Cultural (recreation, religious and culturalvalues,R&D,etc). Except the provisioning services, the OMKAR other services that agriculture provides arenon-tradable,andtheircontributions RAI have remained unvalued; for example, the biological nitrogen fixation by legu- The author is director general, Software Technology Parks of India minouscropsthatimprovessoilfertility, reduces greenhouse gas emissions and also lowers the cost of production.Simi- Tax incentives for revenue from such larly,organicagricultureprovidesanum- tie-ups & earmarking some of the profit berofecosystemservicesthatbenefitthe society in many ways. Supporting and to fund start-ups can be a game changer regulating agricultural practices that provide these ecosystem services is HE WORLD STANDS at the cusp of disruption essentialforsustainabledevelopmentof with the onset of Industry 4.0, and India is no agriculture. Many of these do not have exception. Fuelled by internet connectivity and market substitutes, and once lost, the proliferationofemergingtechnologies,thisphe- societysuffers an irreversible loss. nomenon will impact all major sectors of the There are strong arguments to pro- economy.IndiaisexpectedtobeamongthefrontrunnersofT vide economic incentives to farmers for thisrevolutionduetoherdemographicdividend.Withover the ecosystem services they provide to 50% of its population under the age of 27,India can play a the societythrough agri-practices. pivotalroleinshapingtheFourthIndustrialRevolutionina First,agriculture is inherently a risky responsible, scalable and inclusive manner.The transient enterprise, and farmers’frequent expo- nature of the phenomenon underscores the need to build sure to climatic shocks widens the gap dynamic models to optimise its impact.Corporate innova- between the realised and potential tion can be a key ingredient in this process. Covid-19 has returns from farming.In the absence of reinforced the need foragilityand out-of-the-box thinking adequateinstitutionalrisk-management tonavigatethroughthesetimes.Start-up-corporatecollab- mechanisms,farmers need to be com- orationtofostercorporateinnovationwillbeintegralifIndia pensatedfortheecosystemservicesthey is to leapfrog the traditional phase of development and provide to the society. become a $5-trillion economyby2025. Second,some ecosystem services are As of March 1, 2020, the DPIIT has recognised 28,979 underthreat,and,therefore,itisimpera- start-ups that employ over 3.37 lakh people. Bolstered by tive to conserve the ecosystems by pro- initiatives such as Start-up India and Make in India,Indian viding monetary incentives to farmers start-ups are the hotbeds of innovation and embody the forecosystem services. tool-set, agility as well as entrepreneurial passion. On the Three,farmersprovidearangeofnon- otherhand,largecorporationspossesscapital,resourcesand marketable ecosystem services that are distribution models to scale up innovation. ILLUSTRATION: ROHNITPHORE publicgoodsandareavailabletothesoci- However,innovationandnewbusinessmodelsmightnot etyatnocost.Thecompensationtofarm- be intrinsic to their DNA due to structural barriers. Hence, VER SINCE THE beginning of ersforecosystemserviceswillencourage the start-up-corporate collaboration will lead to a win-win TRILOCHAN MOHAPATRA, PRATAP the Green Revolution in the themtoadoptpracticesthatoptimisethe situation for both the stakeholders. Partnering with start- mid-1960s, India has been use of land,water and other inputs, and ups will enable corporate to unlock the potential of new BIRTHAL & SAUDAMINI DAS supporting its farmers reduce the cost of production. productsandtechnologies,whilestart-ups,undertheguid- Mohapatra is director general, Indian Council ofAgricultural Research (ICAR), New Delhi; Birthal is through input subsidies and However,monetisation of ecosystem anceofcorporates,canscaleuptheirproductsaswellasgain minimumE support prices of important servicesisachallengebecauseofthelack betterinsights into consumerneeds. ICAR national professor at the ICAR-National Institute ofAgricultural Economics and Policy Research, New Delhi; Das is NABARD chair professor at the Institute of Economic Growth, New Delhi crops. In 2018-19, the farm subsidy bill ofscientificevidenceonthebio-physical The open innovation model and the goal of shared tan- amounted to `2.56 lakh crore,which is parameters needed for their valuation. gible outcomeswill be the bedrock of this partnership.Cor- equal to about 8.5% of the agricultural Oncetherequiredscientificinformation porates need to devise maturity frameworks for ideation, ● SUSTAINABLE AGRICULTURE gross domestic product (or about fortheirvaluation is generated,it is pos- co-creation, impact and optimisation. Both sides should `18,000 per hectare of the net sown sible to transform farm subsidies as an focus on potential areas of collaboration and demonstrate area).Subsidies on power,fertilisers and economic package of ‘payment for values through a deep understanding of one another’s key price support, respectively, account for ecosystem services’.There is scope for troublespotsaswellasmotivationalaspects.Thereisaneed 40%, 30% and 10% of the total expen- monetisation of some services such as to balance agility with standardisation. Further, an diture on subsidies. These incentives biological nitrogen fixation, manure ‘employee’will be a crucial bridge in this journey.This calls Incentivise haveimmenselycontributedtoincreases management, biological pest control, foraneedtohiredynamic,tech-enabledandcreativeyouth in agricultural productivity, farm low-water and low-carbon footprint who can adopt non-linearapproaches to co-build,co-inno- incomes and food supplies. crops,and organic agriculture using the vate and sustain this partnership. However, critics argue that the cur- market prices of their substitutes.There The benefits of such a partnership extend beyond rentsubsidysystemisexcessivelycereal- is also a need to systematically identify financial returns and entail new perspectives,access to a ecosystem centric and is causing deterioration to andmonetisetheecosystemdis-services shared pool of talent and resources, and new opportuni- groundwater,soilsandtheenvironment, duetosoildegradation,lossofsoilbiodi- ties.Ensuring that this collaboration alignswith the over- besides aggravating interpersonal and versity, and pollution of water and air all vision of both the partners,finding common ground interregional income disparities. It is associatedwith cropping patterns,tech- and leveraging the appropriate toolset will not only sus- mostlythe large farmers in the irrigated nologies,inputsandagronomicpractices tain this partnership in the long run,but also lead to eco- services regions who cultivate paddy and wheat in different agro-ecologies.The recent nomic development. who benefit more from farm subsidies. initiative of the government of Telan- TakingcognisanceofIndia’spotentialinshapingIndus- Moreover, India’s farm subsidies have gana that links the existing direct bene- try4.0,thegovernment,incollaborationwiththeWorldEco- Farmers need to be incentivised for services come under the scrutiny of the World fits transfer to the farmers under the nomic Forum,has established the Centre for the Fourth Trade Organisation (WTO) for these RythuBandhuSchemewiththeadoption IndustrialRevolutioninMumbai.Bybringingstakeholders such as provisioning of food, feed, fodder, fuel, being in excess of the permissible limit. of desired cropping pattern and agricul- such as civil society, international organisations, and cen- The political economy of farm subsi- tural practices is a step in this direction. tralandstategovernmentsonacommonplatform,thisini- raw materials, or regulating water recharge, dies is complex, and once provided, it is Initially, governments can provide tiativewillshapetheapplicationofemergingtechnologies, pollination, biological pest control, etc, that difficult to withdraw these subsidies. direct benefits—may be arbitrarily refine policy framework to amplify benefits and mitigate Nonetheless,the above concerns call for decided—for some of these ecosystem risks of Industry4.0. they provide to the society through devising an incentive structure that can services.Funds can also be utilised from Government policies can usherin an innovative ecosys- minimise the trade-off between effi- rural development programmes (for temandequipIndiatotackleIndustry4.0effectively.There agriculture. Government can provide direct ciency and sustainability of the agricul- example, the MGNREGA) by main- is, however, a need for the policies to tackle demand-side benefits for these services. Funds can also be tural production systems. streaming some of the ecosystem ser- issues.Introducingtaxincentivesforproductsdevelopedby A plausible, and yet not explored, vicesintosuchprogrammes.Further,the start-ups and revenue incurred from the partnership, and utilised from rural development programmes mechanism is to incentivise farmers for private sector can be involved to finance allocatingaportionofprofitstofundstart-upscanbeagame the ecosystem services they provide to suchschemestoensurethattheservices changerin the shift towards corporate innovation. like the MGNREGA by mainstreaming some of the societythrough agriculture. onwhich theirbusiness depends are not Bybringingstart-upsandcorporatestogether,corporate the ecosystem services into such programmes Agriculture, besides providing food at the risk of disappearance. innovationwill lead to sustainable and equitable growth of and non-food commodities,generates a the Indian economy to reap the benefits of Industry 4.0. number of visible and invisible, direct (Thisarticleisasummaryoftheexpert With enablers such as regulatory framework, government and indirect services, known as ecosys- consultationorganisedundertheaegisof initiatives and skilled resources, India can spearhead the temservices.TheMillenniumEcosystem theNationalAcademyofAgriculturalSci- Fourth Industrial Revolution while ushering in equitable Assessment (MEA),an initiative of the ences,Delhi,andsubsequentlypublished and sustainable growth. UN, defines ecosystem services as “the asapolicypapertitled‘Paymentfor benefits humans obtain from ecosys- EcosystemServicesinAgriculture’.)

N THE LATE 1950s, cardiologists statusquo.ATypeCpersonwillhappilyfol- Meyer Friedman and RH Rosenman low the rules,so they enjoy jobs and tasks coinedtheterms‘TypeA’and‘TypeB’ that follow a set procedure or are about personality types. Friedman and What’s your complying with the rules, laws or proce- Rosenman said that Type A person- dures.Type C people are great to have in Ialitiesarecompetitiveinnature;theytend safetycritical roles. to become self-critical when they do mis- Type C people like to go deep into takes.Theystrivetowardsgoalsandrarely personality type? studyingandlearningonesubject.Rather have a sense of joy in their efforts or than being good in a lot of areas,theypre- accomplishments; Type A people experi- fertobeanexpertinoneortwoareas.They ence a significant life imbalance.This is The world is made up of all personality types alsoenjoymeaningfulconversationswith characterised byhighwork involvement. oneortwopeople.Theydon’tenjoysuper- Comparatively,Type B people looklike (A, B, C and D), and therefore it is beautiful ficial conversations and prefer to avoid laidbackindividuals.Theyhavetheability conflictwith others,so as not to upset the to relax, enjoy small undertakings, and status quo. they like to enjoy the small things in life. TypeDpersonalitywascoinedbyJohan Although they too get stressed, it’s rare. Denollet. Since the early 1990s, this Bel- Type B personalities are non-judgmental VIDYA gian psychologist had been studying a set and tolerant people.They usually exhibit ofpersonalitytraitsknownastheTypeD— higherlevelsofsatisfactioninlife.Theyare HATTANGADI itstandsfordistressedpersonality.TypeD aware of their abilities and work progres- people have a tendency towards negativ- The author is a management sivelytowardstheirgoals.Theyenjoytheir thinker and blogger ity. However, Type D people have many achievements. They are not too much positive aspects,too. stressed out to excel.They do get disap- Theyarewarmpeople,verypeacefulon pointedwhentheyfallshortoftheirgoals, employees. However, a tremendous They are friendlier people.Type B people 10%inTypeCandTypeDcategories.This but with some noticeable differences.A theoutsideandsensitivetootherpeople’s but theydon’t get overwhelmed likeType amount of work has been done by psy- will find it easier to express and receive research was conducted for 10 years and key one is perfectionism.Type C people emotions.Type D people have a very real- Apeople do.Type B people accept failures chologists on personality types and they affection because theyare hassle-free. covered3,500men;itindicatedthatType spend more time on the details and check isticviewof life.Theylike securityand are moreeasily.Theyenjoyoutings,gamesand have found that Type A are most prone to Type B personalities are often more A men have at least three times as much workseveraltimesforaccuracy.Theyvalue fairly resilient.They love to help and pro- contests.Theyparticipateincompetitions heartdiseases.Theyworkovertimeagreat balanced in social situations; they handle coronaryheart disease risk asType B’s. the importance of doing an excellent job. videguidance.Thesepeoplerarelygiveup and contests not for the sole objective of deal, and rarely take a vacation.They are stickysituationsmoregracefully.Theyare Type C people are abiding perfection- Unlike TypeApeople,Type C people are and can be a source ofwisdom to other winning,butfortheloveofthegame.They labelled as ‘workaholics’,and are ‘fastidi- less competitive, more patient, more ists.This personality type was coined by less aware of time.Their efforts towards people.However,Type D people often feel arethoughtfulandinnovative.Theyallow ous’people.DoyouknowthatTypeAindi- mutualandhappiertoenjoythemoment. psychologist William Moulton Marston, excellenceandperfectioncanmeanthata isolated,lonelyandnegative.Theyexperi- themselvestoexploreandfail,ifnecessary. viduals are also usually insecure? Their They are certainly better people to be and the assessment tool was created by task takes much longer time to complete ence more negative emotions than the Inbusinessorganisations,aTypeAper- insecurity results in an alluring urge to around with.While TypeAbrag and show industrial psychologist Walter Vernon than it usually needs to.They are consis- other types, but won’t share those emo- sonalitywillalwaysbeindemandbecause constantlyremindthemselvesandothers off,Type B are as skilful at achieving their Clarke.TypeCpersonalityisoneofthefour tent and reliable,and rarelybend orbreak tions with others,because they are afraid theyarecompetitive,energetic,impatient, of theirachievements. objectives,buttheydonotmakebignoise. behaviour types determined by the DISC the rules. The aggressiveness or impa- of rejection. and are always under pressure to finish In contrast,Type B individuals are not Another research says that the US has personality assessment (Dominance, tience of a Type A person is more likely to Iconcludethattheworldismadeupof workontime.Toagreatextent,TypeAper- concerned with time or numbers or 50%individualswhofallintheTypeAcat- Influence,Steadiness and Compliance). result in them bending, breaking or even all types—A,B,C and D—of people,and sonalities are the most sought-after by awards.They cannot work under stress. egory, 40% in the Type B category, and Type C personalityis similartoTypeA, changingtherules.Theywillchallengethe therefore it is beautiful.

Pune 8 FINANCIAL EXPRESS WWW.FINANCIALEXPRESS.COM

TECH PRODUCTION

Amitabh Kant, CEO, Niti Aayog

Digital transformation will drive India’s ❝manufacturing sector forward with the help of ❝ technologies such as AI, cloud computing, IoT, eMONDAY,FE NOVEMBER 9, 2020 blockchain and robotics.

● ● BLOCKCHAIN & FINANCIAL INCLUSION banks,itbecomesarisk-freelendingprocess COURSE CORRECTION and brings transparency into the system. “Despite lockdown restrictions during the pilot run,the number of loan transactions Building a carried out by farmers using warehouse Digital lending reaches the farm gate receiptswasencouragingwhiletradersand government entities also engaged actively case for ontheblockchainplatform,”saysAnand. Blockchain-powered The platform aims to protect farmers fromfinanciallossduetolowmarketprices investment in digital lending by fintech at the time of harvest and increase their startup Whrrl is helping incomeby30-40%.Whrrl’sblockchainnet- AI for learning raise farmers’ incomes and workandmobileappconnectsbanks,ware- houses/collateralmanagersandborrowers reduce their dependence on one single platform.Using blockchain’s The biggest value-add AI on moneylenders tokenisation and immutabilityproperties, the network reduces risk of lending for could bring to learning is banks and smart contracts help increase GEETANAIR efficiencyforotherparticipants. better understanding of FoundedbyAshishAnand,FalguniPan- learners, their learning WAREHOUSE RECEIPT FINANCING was dit andAbhishek Bhattacharya,Whrrl has styles and their evolving createdtohelpfarmersgetworkingcapital received grants from IIM-Ahmedabad, againsttheirstockslyinginwarehousesbut beingpartofitsfinancialinclusionacceler- learning needs ithasbeenplaguedbyfakereceipts,multiple atorandanothergrantfromICAR-NAARM collateraluseandfraudssuchasthe`5,600- lab.Itisintheprocessofraising`15crorein crore NSEL commodity exchange scam. funding and has received term sheet of `3 More than 90% of warehouse receipt crore with a commitment of `5.50 crore. finance is cornered bytraders and farmers lakh were distributed.Farmers accounted inasecureandtransparentway,"saysAshish Currently, the loan process Enthusedbytheagrireformbillsandother areyettobepartofthisinabigway. for41ofthesetransactionsandraisedloans Anand,co-founder,Whrrl. for farmers takes around initiatives to develop warehousing infra-

Tobringbacktrustandtransparencyin of `68.27 lakh against the warehouse Whrrl is the first independent structure closer to farms, Whrrl is also the warehouse receipt financing market receipts.Tradersraised`19.04lakhinnine blockchainplatforminthecountrytocross ❝seven to 15 days with a lot launchingane-tradingplatform.Ithasjust and make it work for farmers,the Maha- transactions. During this period, 535 the $5-million transaction mark within of documentation and receivedapilotorderinTelanganatoo. Uma Ganesh rashtra government has been testing the receiptsweregeneratedfor65.77lakhkgof three months of launching its pilot with Thereare64,000agriwarehousesinthe use of blockchain technology.Maharash- goods valued at `38.93 crore. Farmers MSWC.Ithasnowon-boardedMaharashtra verifications. Whrrl allows countrywithacapacityof150millionmet- tra State Warehousing Corporation accounted for192 receipts,traderswere at State Cooperative Bank as a lender on its the transfer of the loan rictonnes.Thewarehousingreceiptfinanc- BUILDINGACASEforAIinlearningismuch (MSWC) ran a blockchain pilot across 16 178 and government entities such as platform and the bank has committed ❝ ing market is estimated at `74,000 crore. morecomplexascomparedtootherareasof warehouses in five locations—Pune, NAFEDgenerated165receipts. `2,000croreofcorpusforlendingtofarm- amount to farmers in just Manyof the players in the agri commodity business. However, learning and talent Ahmednagar, Wai, Washim and Bash- "Wearemakingloansavailabletofarm- ersthroughWarehouseReceiptFinance. five minutes in a secure and supply chain have started adding fintech developmenttrajectoriescannotbeignored mathnagar—from February21 toApril 27 ers from banks at around 9% interest rate. Anand says Whrrl's solution combines solutions to their portfolio. The much aspartofthedigitaltransformationagenda this year.Enabling the MSWC in this was Currently,theloanprocessforfarmerstakes blockchain along with IoTand Smart Con- transparent way. neglectedsectorisfinallygettingsomewell- of the business and therefore the need to fintechsolutionsstartup,Whrrl. 7-15 dayswith a lot of documentation and tracts to make it easier for farmers to get — ASHISH ANAND, deserved attention and hopefully farmers come upwith smart measures forevaluat- During the pilot run, 50 transactions verifications.Whrrlallowsthetransferofthe loans against any commodity lying in the CO-FOUNDER, WHRRL wouldbenefitwiththeinfusionoftechnol- ingthepotentialforAIinlearning. werecarriedoutandloanstotalling`87.31 loanamounttofarmersinjustfiveminutes warehousewithoutanyguarantors.Forthe ogy,financeandreforms. The biggest value addAI could bring to learningisbetterunderstandingoflearners, their learning styles and their evolving learning needs.AI may replace trainers in Tech some cases fullyorpartiallyand byfollow- ingthelearningpatternsofthetrainees,will empowerthetrainingmanagerstocomeup with customised and varied offerings.AI powered environment facilitates learning Bytes through trial and error methods and Gadgets encouragesthelearnerstoexperimentwith- outfearorbeingintimidated. ● SONY HT-G700 SOUNDBAR Create your own cinema at home for `39,990, a quick look at the finer YouTube. It’s also great for music Sony HT-G700 is a compact soundbar that delivers detailsofthisSonyproduct. (streamed via mobile handset from Spo- deep and rich bass sound, and good surround sound At ourend,setupwith the SonyBravia tifyapp),creatingarich,detailedlistening TVwas quick and easyvia Bluetooth and experience.In fact, when listening to treatment for TV shows and movies HDMI eARC/ARC.The HT-G700 comes soothing music from AR Rahman,Jagjit with a powerful,wireless subwooferwith Singh, Pankaj Udhas etc, high-quality alargercabinetsizethatdeliversadeeper, musicisagiven. Tasleem Arif, VP& head-R&D, SUDHIR CHOWDHARY soundscombiningtomakeafullyimmer- richer bass sound. The Sony soundbar Technical-speak,theHT-G700comes OPPO India sive surround sound experience.The HT- delivers 400W power output with 7.1.2 withImmersiveAudioEnhancementand WITH MOBILE PHONES in many a G700 can upscale even regular stereo surround sound to deliver a theatre like Sony’s unique Digital Signal Processing Tech can improve teenager’spocket,thereisgrowingprefer- audio to 7.1.2 surround sound— so every immersiveaudioexperience.Italsooffers technologywhichprovideaverygoodsur- ence to listen to music on earphones and TV show and movie gets the surround a dedicated centre speaker so that vocals round experience.The finely tuned S- access to education headphones—atrendthathasalsocaught sound treatment. Basically, it is a 3.1ch canbeheardclearly,whetherit’squick-fire Force Front PRO uplifts sound to fit a AI systems could provide expertise and HANDSETMAKEROPPO has debuted a upwithpeopleacrossagegroups.Itseems DolbyAtmos/DTS:Xsoundbarthatretails dialogue inyourlatest Netflix orAmazon widerTVscreen(over55inch)seamlessly answer queries intelligently and through newCSRinitiative to enable access to the the era of listening to relaxing, soul- PrimeVideo movie,orthe snackvideo on envelopinglistenerstorelivemomentsin thisprocessbecomesmarterandmoreintel- virtualworld of education forunprivile- searching music played on a con- great clarityand depth.Plus,byselecting ligent with every transaction,thus slowly ged children.The“Wall of Knowledge”is ventional music system has KEY FEATURES the ImmersiveAE (Audio Enhancement) becomingeasynergisticcompanionforthe a standalone unitwith multiple mobile come to an end.Well,not quite. button on the remote,the HT-G700 can learneraswellasthetrainerwhoseroleover devices secured to a table in front of a This reviewer, like many other ■ 3.1ch Soundbar with Dolby also upscale regularstereo audio to up to aperiodoftimewillbecomethatofafacili- large LED screen,providing access to people,hasastrongbeliefthatthe Atmos/DTS:X 7.1.2 surround sound so everyTV show tatorand can even take on the role of grad- virtual education to children.The soundreproducedbyahigh-tech andmoviegetsthesurroundsoundtreat- ing,evaluating the students and providing initiativewill have an exponential effect home audio system is always ■ Wireless subwoofer for powerful ment, as I said earlier.Its three front feedbacksfromtimetotime. on unprivileged kids andwill help them great,powerful and crystal clear. bass speakers,combinedwithuniqueSonysig- Attimes,thelearningcontentandpeda- augment theirknowledge,making them Japan’sSonyistheleadingplayer ■ Dedicated centre speaker for nalprocessing,reproduce“vertical”audio, gogymaynotbejustrightbecauseofwhich digitallyinclined,saidTasleemArif,vice- in this arena,a reputation it has crystal clear audio recreating the feeling of being sur- learners strugglewith theirgrades and the president and head- R&D of Oppo India. maintained for decades with its roundedbyspeakersforatruehomethe- learningoutcomesmaynotbesatisfactory. “Through this initiative,Oppo India is strong focus on research and ■ Wireless connectivity with TV, atreenvironment. AI systems enable large organisations to providing accessible mobile technology development.Itshomeaudiosys- Bluetooth connectivity Thesoundoraudiomodebestsuitedto studythesepatternsforexactcoursecorrec- that is nowreaching out to theyoungest tems and speakers stream music ■ 400W power output what you’re listening to can be selected tions and thus make learning purposeful. in the country.”Arecent studycovering thewayartistswantyoutohearit. directlyviaabuttonontheremotecontrol. They bring together the vast amounts of more than 40,000 children across 23 TheSonyHT-G700isafantas- ■ HDMI and optical connectivity Itallowsyoutogetdeeperintomovieswith data about individual learning,social con- states showcased that 56% of children ticpieceofaudioequipmentthat Estimated street price: `39,990 Cinemamodeandheareverydetailofyour texts,learningcontextsandpersonalinter- do not have access to smartphones.Oppo brings a new level of impressive favouritetracksinMusicmode. estsandthusitispossibletoderiveinsights has partneredwith select local NGOs cinematic-audio environment to In my assessment,the HT- from interactions and use them to make from Noida,Lucknow,Kolkata, any home entertainment set up. G700 is a stylish and compact learningadaptiveaswellascontextual. Hyderabad,and Chennai to launch and In a modern cinema there are soundbar that delivers pretty When knowledge is served up as set up theWall of Knowledge.Children speakers all around you,each with good surround sound treat- required and contextualised, it becomes from these NGOswill have access to the their finely tuned mentforTVshows,moviesand much more valuable than when it is static latestWi-Fi-enabled OPPO mobile music—the kind of cinematic and has the same flavour at all times to devices through this initiative. surround sound you will experience in a everyone.Contextualsupportatthetimeof movie hall. When it comes to playing addressing a customerqueryorresolving a Micron,Tata Comms pact music only, I will strongly recommend problem at customer site not only enables thistothosewhopreferstrongerbassand the executive to be productive and effi- forIoTdevices vocalclarity.Overall,anicelittlesoundbar cientlytap into the knowledge just in time THE IOTECOSYSTEM is at a tipping that will perfectly complement SonyTVs butthe organisationknowledgerepository point.Towards this,MicronTechnology inparticular. also constantly grows in this process and andTata Communications have joined becomes more intelligent over a period of hands to create aworldwide cellular- time.The examples of Siri, Corona, Deep enabled connectivitysolution thatwill ● MEIZU BUDS less connectivitybyBluetooth 5.0. MindacquiredbyGoogleanddriverlesscars simplifyand accelerate large-scale Meizu Earbuds comes with a fast- are well-known,all of which highlight the global deployment of internet of things charging feature which offers up to five potentialofmachinelearningunleashedby (IoT) devices.This solutionwill be hours of music playback on a single AI systems applied in differentways.IBM’s powered bya newvirtual SIM,the Sound quality is chargeandupto20hoursuninterrupted Watsonisaclassicexampleofthedeepcom- world’s first cloud-based embedded calling time with a charging case.The mitment to ongoing learning—which has subscriberidentitymodule (eSIM), lightweight charging case holds three seen brilliant results in a variety of fields which offers a flexible,scalable great on these Buds charges offering two days of entertain- suchasoncology,travel,lawandfinance. alternative to conventional physical SIM ment time enabling users to enjoy their Training managers motivated by the cards.The cloud-based eSIMwill be music and calls to the fullest without potential of AI interventions in the talent enabled byMicron’sAuthenta Key technology, wireless earbuds have worrying about“lowbattery”. developmentprocesscanidentifyaspecific Management Service (KMS).With this They’re not too expensive, evolved into a very small size and cord- Ergonomically crafted Meizu Buds area where a pilot could commence with technology,theTata Communications have good sound quality lessformfactorthatwecallitTrueWire- weigh around 3.1 grams each and are clearly defined ROI parameters.With the MOVE Global IoTsolutionwill offera lessStereo(TWS).Handsetmakers,head- designed to simplifythe listening expe- help of a relevantAI tool and ongoing ana- pervasive,end-to-end solution forzero- and long battery life phone makers and almost every mobile rience of a user.The sleek design and lytics, it would be possible to assess the touch onboarding of connected IoT accessory company has a TWS offering lightasfeatherweightprovideaperfectly progressthelearningprogrammemakes. devices to cloud services across 200 SUDHIR CHOWDHARY thesedays;Meizubeingthelatesttojoin comfortablefitforday-to-dayactivities. Whileitisnoteasytodeterminetheout- countries and territories.The IoTservices the trend. TrueWireless Buds by Meizu are IPX5 comes of investments in AI in learning as ecosystem is predicted to nearlytriple in IF YOU ARE a keen observer,you may Availablefor`2,799,theMeizuBuds water-resistant certified to handle the compared to marketing or supplychain,it revenue by2026 to $466 billion (ABI have noticed the gradual withdrawal of are packed with advanced technology watersplashesmakingthematruecom- isveryessentialtogetgranulartodefinethe Research).“IoTsolutions can help 3.5mm headphone jack design in many like dual mic ENC noise reduction and panion to have during workouts or any direct and indirect measures of productiv- businesses become more efficient and mobile phones. The net result is that Bluetooth 5.0 with superior Airoha outdoor activities. It comes with multi- ityand business outcomes to get the man- productive,and can also bring in new more and more users are using Blue- AB1562M chipset for faster pairing ple tap soft control systems providing datefordigitalspendinlearning. opportunities and innovations,enabling tooth earbuds over conventional ear- capabilities. Power-packed by 13mm users more control at theirfingertips. them to scale newlevels of growth,”said phoneswhentheycommuteorexercise. diaphragm driver, these offer a good stereo calling feature enabling a clear Thewriterischairperson, Tata Communications chief strategy With the rapid advances in Bluetooth audioexperience.TheBudsalsosupport and smooth call experience with seam- ■ Estimated street price: `2,799 GlobalTalentTrack,acorporate officerTri Pham. trainingsolutionscompany

Pune 9 FINANCIAL EXPRESS WWW.FINANCIALEXPRESS.COM

We believe that with a broader recovery in the EXPERTVIEW Indian economy, the overhang of “public service” on SBI should recede. This, coupled with earnings Investor upgrade, drives the upgrade from Hold to Buy —Jefferies MONDAY, NOVEMBER 9, 2020

● STATE BANK OF INDIA RATING: BUY ● INDUSIND BANK RATING: BUY Overhangs being dispelled for the company Results were Bank has seen a healthy in line with With collections at 97%, growth in Casa asset quality should fare (% Y-o-Y) Deposit growth CASA growth estimates better than apprehended; 20 upgraded to ‘Buy’with TP 17 Bank is heading in the right 16 15 revised to `270 from `215 15 14 direction; valuations are 11 inexpensive; ‘Buy’ retained 10 10 10 8 SBI’S Q2FY21 PROFIT of `46 bn (+52% 8 8 with TP rising to `725 y-o-y) was ahead, led by lower provision. Slippages were lower due to standstill/ 5 IIB’S Q2FY21 RESULTwasinlinewithour moratoriumandwithcollectionsat97%, expectations operationally,and we think asset quality should fare better than 0 IIB is heading in the right direction,with: feared.The bank can also leverage strong Q2FY20 Q3FY20 Q4FY20 Q1FY21 Q2FY21 (i) focus on building granular deposits; Casa to grow loans. Moreover, better Source: Company data, Jefferies (ii)buildingprovisionbuffers;(iii)de-bulk- macro-trends and collections for lenders ingfees;and(iv)reducingriskprofileinthe willaddressperception-riskof‘publicser- corporate segment. Provision cover vice’with the bank.Valuations are attrac- that stress should be manageable andcan improving to 77%, COVID provisions of tive,inourview,andweupgradefromHold be absorbed byits operating profits. `21.5 bn (1.1% of loans)with guidance of to Buywith PTof `270. Strong deposit franchise will aid continued provision build-up and collec- Assetqualityholdingupbetter:With growth: SBI benefits from a strong tion efficiencyimproving to 95% provide collectionsbackto97%ofdues,SBI’sasset depositfranchisethatwillsupportmarket some comfort. Also, 8-9% q-o-q quality is also holding up better; hence sharegains,basedonitslowfundingcosts. deposit/CASAgrowth,lowerIBfeesareaid- levelofrestructuring/downgradesshould DuringQ2,itsCasadepositsgrewby15% inggranularisationofthebusinessmodel. be lower than feared. Gross NPLs are at y-o-y with Casa ratio at 44% of deposits. Webuildincreditcostof310/190bpfor 5.3% of loans and coverage ratio at 71%. Lower funding costs helps to offer lower FY21/22F,normalisingto140bpinFY23F We recognise that stress in the book will lending rates vs. even the larger private and build in loan growth of 4%/12% for still be higher than private banks (due to banks—thiscanhelpgainshareinthebet- FY21/22F with ROEs of 8%/12% in SME/rural loans) and this is evident from terqualitycorporateloans.DuringQ2,NII Keeping buffers for upsides to staff watchful about surprises on staff costs and upgrade,drives the upgrade from Hold to FY21/22F normalising to 14% in FY23F. the higher level of standstill loans (0.6% grew by 15% y-o-y led by asset growth of cost: During Q2,operating costs grew by hencebuildsomebuffersinourforecasts. Buy with a TP of `270 (from `215 earlier) Currentvaluationat1xFY22FP/BVisinex- inSepand0.5%inOct)vs.0.1-0.3%inSep 13%(loansup6%)andNIMexpansionof 10% y-o-y.This included `10 bn in addi- UpgradetoBuy:Webelievethatwitha basedonSOTPthatincludesthevalueofthe pensiveespeciallyinthecontextofimprov- forprivatebanks.Also,SBIhasalowerlevel 20bps.NII growthwould have been lower tional provisioning towards newwage set- broaderrecoveryintheIndianeconomy,the bankat0.7xSep-22adjustedPB. ing granularity of B/S and P&L.We hence of contingent provisions,which can keep by1%ifthebankhadreversedincomeon tlement,whichmgmtexpectstonormalise overhang of“public service”on SBI should maintain Buy and raise our TP to `725, earningsvolatile.Nevertheless,webelieve standstill loans,alike most peers. at`6bn/quartergoingforward.Weremain recede. This, coupled with the earnings JEFFERIES implying1.2xSep-22book. Personal Finance

● MUTUAL FUNDS Check out dynamic asset allocation funds fixtheequityexposure. ● JSW ENERGY Dynamic asset allocation Chetanwalasaysoneoftheelementary RATING: BUY funds provide downside issues with this categoryis howdifferent fund managers look at opportunities risk protection more than across equityand debt.“Ifwetake the top Q2 impacted the upside capture of three dynamic asset allocation funds by AUMatpresent,theyhave80%,62%and by lower returns, thus ensuring 45%inequityandrestindebt.Thisshows Keyhighlights of the quarter risk-adjusted return for thateachfundhasadifferentviewonthe (i) Loan growth of 1.6% q-o-q was driven market conditions and there is nothing byvehiclefinancebookgrowing3%q-o-q, merchant sales long-term investors Equity wrong in it.“Investors who like to relyon while MFI book contracted 5% q-o-q Debt the expertise and skills of fund manage- given lower disbursements; (ii) deposits mentindecidingtheallocationinequities grew8% q-o-qwith CASAgrowing 9% q- FY21/22e EPS up 12/7% SAIKATNEOGI and debt, instead of managing on their o-q.Moreimportantly,deposits/CASAhas owing to robust cash flows, ownorbyfinancialadvisorsbasedontheir grown 13% from Q420 levels; (iii) excess AS THE STOCK market remainsvolatile, needscanlookatthesefunds,’hesays. liquidityled to NIMs contracting 10bp q- efficiencies; TP raised to `73 investors willing to take a balanced o-q but with deposit rate cuts and high approach to equity and debt investment Portfolio model yielding MFI/CV disbursements picking JSWENERGY’S(JSWE’S)Q2FY21results should look at dynamic asset allocation Theportfoliomodelfordynamicasset up NIMs should stabilise going forward; reflecttheimpactoflowermerchantsales fundsofmutualfunds.Asthemarketreg- allocation is done fromvarious technical (iv) fees are still weak (down 28% y-o-y) volumes on the back of drop in power ulator does not specify any minimum or and fundamental indicators.When the but bulky fee contribution was signifi- demand and merchant prices. However, maximum limit either for debt or equity ILLUSTRATION: SHYAM KUMAR PRASAD market valuations are high, fund man- cantly lower; and (v) weak fees and some this was partly offset by operational effi- investmentinthiscategory,thefundman- and returns on such funds are more their risk profile and asset allocation. agersbringdowntheequityexposureand compressioninNIMsledtoflaty-o-ycore ciency measures. At consolidated level, ager decides on the allocation based on dependable over longer periods as the “Investors need to understand that these whenthevaluationsarelow,theyincrease PPOP– in linewith ourexpectations. Ebitdawas down 1%y-o-yto `9.2 bn.Net price-to-earnings ratio of the stocks and investmentisspreadout. funds provide downside risk protection the equity exposure.This helps in main- debt (excl.acceptances) continued reduc- thechangingmarketconditions. Harshad Chetanwala, co-founder, more than the upside capture of returns. tainingtheequityanddebtlevelatanideal Asset qualityhighlights ing(by~`8.2bnduringthequarter).Inter- Mutualfundinvestorspreferdynamic MyWealthGrowth, says that within the Ifyoucanacceptthisthesis,thenonlyyou levelandkeepsemotionsaway. GNPLswereflatq-o-qat2.2%and,adjust- est cost has also decreased by 24% y-o-y. asset allocation funds as the investments hybrid fund space,dynamic asset alloca- shouldlookatthesefunds,”hesays. Damodaransaysdynamicassetalloca- ingforSupremeCourtorderonNPArecog- Further, FCF generation is expected to be arewell-diversified,especiallyinanuncer- tionfundshavelibertytoinvestinequities tion funds typically work on a model, nition standstill, robust as ~80% of JSWE’s capacity is tain market. Data from Association of or debt without any restriction of mini- Opportunities across equity,debt which does not involve human interven- GNPLs would We build in credit underlong-termPPAs.MaintainBuywith MutualFundsinIndia(AMFI)showthatin mum or maximum allocation. “This In dynamic asset allocation,the fund tionandworksonanalytics.“Theinvestor have been 2.3%. cost of 310/190bp TP of `73/share (earlier `64), broadly led the hybrid schemes category, dynamic makes dynamic asset allocation funds a manager increases the exposure to equi- needstolookintothemodelofthescheme Collection effi- for FY21/22F, byhighervalue of its stake in JSWSteel. asset allocation funds have net assets better choice within all hybrid funds for tieswhentheinvestmentmetricsbecome —isitpro-cyclicalorcontrarian.Inarecov- ciency improved normalising to S/Aperformanceimpactedbylower under management (AUM) of `86,752 investors,”hesays. favourable and brings it down when the ery market,the contrarian model works to ~95% in Sep, 140bp in FY23F merchant sales: Short-term sales vol- crore in September,next to the top cate- Similarly,BrijeshDamodaran,founder metrics become unfavourable.This can better.Andinastrongbullmarket,thepro- improvingfurther umes were down 85% y-o-y to 110MUs. gory of balanced hybrid with AUM of and managing partner,BellWetherAdvi- improve the risk-adjusted return forlong cyclicalmodelworksbetter.Dependingon in Oct.IIB expects and build in loan Reported PATwas flat y-o-y at `3.5 bn. `1,11,090crore.Dynamicassetallocation sors LLP, says, investors should look at terminvestors.Dependingonthemarket theriskprofile,theinvestorshouldchoose restructuring at growth of 4%/12% Hydro generation was flat y-o-y while funds can help mitigate marketvolatility dynamic asset allocation funds based on conditions,assetmanagementcompanies theoptionforinvestment,”hesays. low-single-digits for FY21/22F with Ebitdawas up 4%y-o-yat `5.1 bn.Ebitda and continues to ROEs of 8%/12% in at Barmerwas down 9% y-o-y at `2.5 bn. upfront provi- FY21/22F Receivables are elevated at `21.8 bn. sioning with normalising to 14% Healthy cash flow generation: SWE COVIDprovisions Ground rules for first-time mutual fund investors in FY23F has taken its first big step toward Renew- now at 1.1% of ables with the LOA for SECI’s 810MW loans (`9.5 bn in blended project.However,with PSAyet to Investment Memorandum (KIM) and notreceivedsufficienttimetogrow.Thus, Q2) made espe- be signed,we do not bake in the same. Invest via SIP,spread your SchemeInformationDocument(SID). avoid using NAVs for making fund com- cially for CV/MFI book and PCR improved ~80% of JSWE’s 4.4GW capacity is under bets, and don’t get parisons.Instead,factorinthefunds’past to 77% (63% in Q4).This, in addition to long-termPPAs.Further,interestcostsav- InvestviaSIP performanceaswellasfutureprospectsof corePPOP/assetsof~3.1-3.2%(FY21/22F) ings and operational efficiencies have influenced by dividend Systematic Investment Plans (SIP) outperformingtheirpeersandbenchmark providethenecessarycomfort. helpedtopartlyoffsetlowermerchantvol- payouts or compare NAVs enables investing a fixed sum in equity indicesduringthefundselectionprocess. umes.WeraiseourFY21/22eestimatesby schemes at regular intervals.As invest- Valuation remains comfortable 12/7%onaccountofthese.MaintainBuy. when choosing funds ments are distributed over a period of Dividendsaswindfallincome With headwinds around liabilities easing time,itassistsinaveragingoutinvestment Most MF investors consider the MF and collection efficiency improving,we MOTILAL OSWAL ● YOUR MONEY cost in times of market corrections.Con- dividends as a form ofwindfall income.A findcurrentvaluationsat1xSep-22book tinuewithyourSIPforatleast5-7yearsto fewdistributorsalsotakeadvantageofthis undemanding.We maintain Buy,with an FINANCIALS & VALUATIONS (` bn) SAHILARORA makethemostfromtheinvestmentcycle. misconception by pushing MF schemes increasedTPof`725/share,implying1.2x Y/E MARCH 2020 2021E 2022E thathavejustdeclareddividends.Remem- Sep-22 book (earlier1.1x Jun-22Fbook). INCREASE IN FINANCIAL literacy and Diversifyyourinvestments ber,dividendsarepaidoutfromthefund’s Sales 82.7 76.1 84.7 Ebitda 29.6 27.6 28.7 falling returns from fixed income instru- Most first-time investors invest their ownAUM,whichisnothingbutinvestors’ NOMURA ments have attracted retail investors to whole investible surplus only in one own money.Due to this the funds’NAV Adj. PAT 8.3 7.7 9.2 Key changes to our estimates Ebitda margin (%) 35.7 36.3 33.8 equity mutual funds.Here are some do’s scheme,themeorsectorthathasdelivered ` getsdeductedbythedividendvalue. Cons. Adj. EPS (`) 5.1 4.7 5.6 anddon’tstokeepinmindwheninvesting good returns in the nearpast.However,if Variance EPS Gr. (%) 20.0 -7.9 20.3 inequitymutualfunds. your chosen theme/sector undergoes an Returnsintheshortterm (%) FY21F FY22F FY23F ILLUSTRATION: SHYAM KUMAR PRASAD BV/Sh. (`) 71.0 73.1 76.2 adversemarketconditionoryourscheme’s Most first-time investors invest in NII 2.1 -2.6 -1.5 Ratios Do’s fund management team takes an incor- that mutual funds with lower NAV are mutual funds during bull market condi- Loan book -1.9 -1.9 -1.9 Net D:E 0.8 0.7 0.5 Factorininvestmentobjectives rect investment call, your investments cheaperthantherest.Manyfunddistribu- tions.Asaresult,manyinvestorscompro- Fee growth -29.5 12.4 0.9 RoE (%) 7.1 6.5 7.5 Reviewing the investment strategies may underperform the broader market. torspropagatethismisconceptiontopro- mise their liquidity and even invest in PPOP -1.9 -6.6 -1.7 RoCE (%) 7.8 7.2 7.9 and objectives of equity mutual funds Diversifyyourinvestmentsacrossvarious mote New Fund Offers (NFOs) as their equitymutual funds for their short term Provisions 16.9 -14.7 7.4 Payout (%) 19.7 53.3 44.3 before investing in them helps evaluate equitymutualfundstoreduceconcentra- unitsareissuedatthefacevalueof`10.As financial goals.However,when bull mar- PAT -23.2 -0.6 -5.1 Valuations whetherthefundswouldsuityourfinan- tionriskandfundmanagementrisk. thefunds’NAVsaredependentonthemar- kets are followed by market corrections, NIM% 0.16 0.02 0.06 P/E (x) 11.5 12.5 10.4 LLPs 0.5 -0.3 0.1 P/BV (x) 0.8 0.8 0.8 cial goals,risk appetite and investment ket price of the underlying asset,the NAV manyofsuchinvestorsendupliquidating horizon.Retailinvestorscanfigureoutthe Don’ts of better-managed fundswill growfaster theirinvestmentswithlossesduetopanic. EPS -23.2 -0.6 -5.1 EV/Ebitda (x) 6.6 6.5 5.7 ROA -0.3 0.0 0.0 Div. Yield (%) 1.7 4.3 4.3 fund’s investment strategyand objective CompareNAVstochoosefunds thanotherfunds.Arelativelynewerfund’s ROE -2.2 0.2 -0.4 FCF Yield (%) 20.4 26.1 27.0 intheirproductleafletsandliteratures,Key Manyretail investorswronglybelieve NAVcanbelowerthanolderfundsasithas Thewriterisdirector,Paisabazaar.com Source: Company data, Nomura estimates Source: Company data, Motilal Oswal estimates

Pune 10 FINANCIAL EXPRESS WWW.FINANCIALEXPRESS.COM

● NUMEROLOGY How brands measure KPIs post Covid-19: ■ 56% see digital transformation as vital to achieve goals ■ 53% focussing more on driving short-term sales ■ 37% have shifted focus on maximising RoI BrandWagonMONDAY, NOVEMBER 9, 2020 — GfK survey

● VENKATA SUSMITABISWAS ● ELECTRONICS sales.Mi’swaterandairpurifiersarepopu- MOBILE PHONES laramongonlinebuyers,buthesaysthe FROM SHOES, LUGGAGE, soap dis- company needs to step up its pensers and bulbs to security cameras, offline presence as several Nokia goes televisionsets,airpurifiers,laptopsand,of The many other consumer durable course, smartphones,Xiaomi has dipped brandsselltheirproducts itstoesintomanybusinessesoverthepast throughretailoutlets. back to basics decade.The company is now bringing its Premium tag portfolio of ecosystem products to the Launches feature phones Indian market at a steadypace. faces of Xiaomi In the ongoing festive ManuJain,VP,Xiaomi,andMD,Xiaomi season sale, the brand to woo first-time buyers India, says the company’s business com- is selling products and loyalists prisesfourlayers:smartphonesatthecore, Can Xiaomi replicate across a wide price accessories like earphones and power range — the newly banksinthesecondtier,followedbysmart its smartphone launched Mi 10 smart- DEVIKA SINGH electronic products like TVs and water success in the smart phone costs around purifiers, and then lifestyle products like `45,000 (discounted), while TO CARVE A niche in the entry-level t-shirts and shoes. electronics and the cheapest phone on offer, the smartphone market, Nokia is eyeing Havingstoodforaffordabilityacrossits lifestyle categories? Redmi 9A, is priced at `6,499; after dis- prospectivesmartphoneuserswith4Gfea- myriadofferings,theelectronicscompany count, the 65-inch Mi TV costs `54,999, ture phones. HMD Global, the official now wants to be known for its premium whilethebasic32-inchmodelisbeingsold licenseeoftheNokiabrand,introducedtwo products.CanXiaomi pull this off? share (as per IDC), with its at an offerprice of `13,999.Inwearables, 4G feature phones (that support web entry-level 32-inch model it has introduced a smartwatch priced at browsingandFacebook)intheIndianmar- Playing smart being thevolume driver. `15,999 (`9,999 on sale),while the basic ketinOctober—Nokia215andNokia225. Thecompanyclaimsthat,globally,over5.1 Tarun Pathak, associate Mi Smart Band 3i costs `1,299. Although smartphones hog all the million users own five or more Xiaomi director,CounterpointTech- The company is seemingly aspiring to limelight,featurephoneshavebeenhold- devices connected to the company’s IoT nology Market Research, break out of the ‘affordable’ image it has ing their own in the Indian mobile phone platform—ay-o-ygrowthof63.9%—and says Xiaomi’s competitive builtovertheyears.“Anybrandwouldwant market.Analysts attribute this to the lack itearnsabout28%ofitsrevenuefromIoT pricing and “bid to disrupt to cast awide net to capture a large chunk of digital literacy, higher-priced smart- and lifestyle products. legacy categories could work of the market with products across price phones,and high data costs.According to “InIndia,Xiaomi’sstrategyistobuilda in its favour”, if it chooses its tiers. However, the challenge for Xiaomi IDC, the overall mobile phone market in loyal user base that will buy multiple productswell. will be to aggressively separate its pre- India saw shipments of over 130 million Xiaomi products and join its ecosystem,” Notallsmartproductsfromthe mium brand Mi from the budget range featurephonesin2019,asopposedto152 says Jaipal Singh,associate research man- Xiaomi China stable may have a mar- Redmi,”says Pathak. million smartphones. ager,IDC India.The smartphone user can ket in India. Electric scooters, pressure Poco, a Xiaomi sub-brand which was Nokia, according to Counterpoint besoldinternetservices,financialservices, cookers, hand-held vacuum cleaners and positioned as a premium brand selling Research, stood fourth in India’s feature accessories, and devices that are con- more, are yet to be introduced here.“It is smartphonesatanaffordablepricepoint, phone market with 11% share (based on nected to and controlled bythe phones. possible that about 20% of the products XiaomiusesitsMiCrowdfundingplat- ketiscrucialbecauseoftheuniquecondi- was turned into a self-operating entity in volumes)inQ32020.Thetopthreeplayers Jain announced earlier this year that won’t end up doing well.We make sure form to assess the market for specific tions here. For instance, the smart water February 2020. Mi and Redmi are still inthesegmentwere—Itel(20%),Samsung thecompanysold50lakhsmartTVssince that the market for products we wish to products prior to a formal launch.Arobot purifierwas launched onlyin India. housed under the Xiaomi umbrella. (18%),and Lava (17%).However,when it itsentryintothemarketinFebruary2018. introduce is large enough,with a signifi- vacuum cleaner was launched through Xiaomiopenedits3,000thexclusiveMi Redmi,whichwasprimarilyasmartphone comestomarketsharebasedonvalue,Nokia Xiaomi has emerged as the market leader cant potential for growth in the next two this platform in April this year. Jain says Store in India recently.The brand’s offline brand, now lends its brand name to bud- stoodsecondtoSamsung,thedatashows. in the category with about 30% market to threeyears,”says Jain. customisingproductsfortheIndianmar- presence,Jain says,is key to unlocking IoT get fitness trackers and earphones,too. In The News Motobahn The Glitch becomes part of VMLY&R’s ● MOTORCYCLE REVIEW: ROYAL ENFIELD METEOR 350 global network INDEPENDENT Trust factor CREATIVEAGENCY Feet-forward for the rider; TheGlitchhasjoined HMD Global is focussing on three user forceswithglobal groups for its feature phone range — the experienceagency first-time users, feature phone loyalists, VMLY&R.Thetwowillcontinuetooperate foot-forward for Royal Enfield and smartphone users seeking a digital distinctbrandsandorganisational detox.“Thereareconsumerswhoareover- structures.SeniorleadersatTheGlitch, whelmed digitally, and want feature includingCEOPoojaJauhari,co-founder phones as a companion device with andCCORohitRaj,andco-founderand smartphones.That is a key segment for contentchiefVarunDuggirala,willnow us,”says Sanmeet Singh,VP,HMD Global. reporttoTriptiLochan,co-CEOof In June, the company had launched VMLY&RAsia.Additionally,therewillbean Nokia 5310, priced at `3,999, to cater to Indialeadershipcouncilformed, this segment. comprisingseniormembersofTheGlitch, The company has been taking an headedbyVMLY&RIndiaCEO,AnilNair. online-first approach to sell its feature phones.Nokia 215 and Nokia 225 were Newdevelopments at initially launched on Flipkart and Nokia.com, before being launched Havas Group throughofflinechannels;theNokia5310 HAVASGROUPINDIAhaselevatedMohit was launched on Amazon first.“Earlier, JoshitothepositionofCEO,HavasMedia ourretailingstrategywascentredaround Group.JoshiwaspreviouslyMD,Havas offline, but we MediaGroup.Hewillcontinuetoreport have seen a Nokia is the fourth toRanaBarua,GroupCEO,HavasGroup good response largest player in India.Inothernews,LangoorHavashas for these India’s feature wonthedigitaltransformationmandate The most refined cruiser phones online phone market, forCuregarden. inrecenttimes,” with 11% share in informs Singh. made by the company Q3 2020; Itel, Twitterlaunches Amixofdigi- replaces Thunderbird X tal marketing Samsung and Lava ArtHouse in India combined with are the top three TWITTERINDIAHASlaunchedArtHouse, VIKRAM CHAUDHARY BTL activities acreativesuiteofservicestoassistbrands such as road- increatingandoptimisingTwitter-first THEMETEOR350isthelatestintheline shows and in-store activations are being content.InIndia,theteamwillpartner of cruiser motorcycles made by Royal employed to promote these products. withlocalagenciesandbrandsto Enfield in India since the early 1990s. Nokia’sfeaturephonesarepricedinthe collaboratewithinfluencersandartiststo These include the Lightning,then the `1,000-4,000 range,which is higher than unlocktheircreativecapabilitiesandtie 2002Thunderbird,the 2008 UCE twin- the range Itel and Lava operate in (`789- themwiththebrand’smessaging. sparkThunderbird,andthe2018Thun- 2,300).Justifyingitspremiumpositioning, derbird X 350. But the Meteor has little Singh says Nokia devices“pack in quality Jaya Chaudhryto head in commonwith those machines. withergonomicdesign”.“Ouroverallpropo- sitionisverystrong;giventhatitisaNokia media sales for The engine Specifications Bloomberg Media device,itevokestrust,”headds. Royal Enfield has developed a new ■ Engine: 349cc, air-oil cooled HMDGlobalaimstogarnerabiggerpie BLOOMBERG MEDIA 349cc engine (20.2bhp; 27Nm); that intheentry-levelsmartphonemarketwith HAS appointed Jaya peculiar‘thump’sound is there. It has a ■ Power: 20.2bhp @ 6100rpm these feature phones. “When these con- Chaudhryto manage five-speedmanualgearbox.Youwillfeel ■ Torque: 27Nm @ 4000rpm sumers upgrade to smartphones, they the India market and the refinement of the engine as soon as wouldpreferNokia,sincetheywouldalready ■ Ignition: Electronic Fuel Injection focus on growing you start it—it doesn’t have a kick-start, haveexperiencedthebrand,”Singhsays. revenues across its but only electric; at idle, the vibrations ■ Gearbox: Five-speed media offerings.She are minimal. Straddling the Meteor is ■ Engine start: Electric Awaiting an upgrade will be responsible for easy,becauseoflowseatingposition.You Nokia’s plan to tap the entry-level smart- driving strategy,sales and custom-led may be five-feet tall or six-and-a-half— ■ Wheelbase: 1,400 mm phone user base via feature phones is solutions forthe market. with feet forward, holding handlebars ■ Ground clearance: 170 mm rather ambitious.“The entry-level smart- withoutanystressontheshoulders,your phone space has the presence of several ■ Weight: 191 kg (90% fuel & oil) Tata SkyBinge partners bodywillformperfectergonomicangles. other players who have been building ■ Fuel tank: 15 litres brand salience for some time now,”says with SonyLIV The seating position ■ Brakes: Front & rear disc (ABS) NavkendarSingh,research director,IDC. UNDERTHEPARTNERSHIP,TataSky The gearshift has both a heel-shifter Itel,for instance,was not only a leader Bingehasadded1000+hoursofcontent andatoe-shifter—it’snaturalforcruiser On the Meteor 350 the rider sits comfortably—with feet forward, low upright ■ Price: `1.76 lakh to `1.91 lakh in the feature phone segment in Q3 of fromSonyLIV’slibrary,includingoriginals, motorcycles that have foot pegs set for- seating, holding handlebars without any stress on the shoulders, and forming ■ Colour options: Seven 2020, but also in the entry-level sub- TVshows,moviesandlivesports. ward,sothattheridercanuseeitherfoot perfect ergonomic angles. The plastic quality and paint job is immaculate `4,000 smartphone segment, according orheel to shift gearswith equal ease. to Counterpoint Research. eration through the gears is fairlygood. Himalayan,afterall.Also,thesuspension the handlebars to enable charging on- Distribution is a crucial lever to gain The ride Engine vibrations—via handlebars, appears slightly stiff,which means that the-go.There is no rpm meter. market share in this space,say experts. The maximum torque of 27Nm is foot pegs and the seat—are fairly con- it’s a great bike for the highways, but Nokia,itseems,hasalotofgroundtocover achieved at an early 4000rpm, and this trolled, and you can ride for a long dis- maybe not so great on bad roads. Should you buy it? in that regard,as it is present onlyin 55% means that even in initial gears,at slow tance,ataspeedofabout80km/h,with- It has threevariants—the Fireball for of the country’s overall mobile phone riding speeds,you won’t feel any lack of out getting tired. However, at constant Technology Rs 1,75,817,the StellarforRs 1,81,326, retailnetworkcomprisingtwolakhstores. power.Thefifthgearisanoverdrive—i.e. speeds above 100 km/h,the handlebars TheMeteorgetsaturn-by-turnnavi- and the Supernova for Rs 1,90,536 (ex- The premium positioning could pose engine speed can be reduced at high do send some vibrations onto the arms, gationpod,calledtheTripper.Itconnects showroom, Chennai).At the same time, anotherchallenge,sinceover60%ofIndia’s cruising speed to lessen fuel consump- even though the foot pegs and the seat to therider’s smartphonevia Bluetooth, while earlier the Thunderbird was the feature phone market operates in the sub- tion or to allow further acceleration— remain rock solid.Also,while cornering and real-time directions—using Google onlycruiserinitspricerangeinIndia,the `1,000segment.“Nokiaphonescomewith andthismeansthatyoucanshiftintothe isabreezeonwell-pavedroads,we’restill Maps’two-wheelernavigation—are dis- Meteor 350 has a cruiser-like competi- 4Gtechnology,buttheaveragesellingprice fifth gearat earlyas,say,40 km/h and notsurewhetheronitonecantakesharp playedonasmallscreennexttothetrip- torin the form of Honda H’ness.You pay of the phones is 20-30% higher than the Syska Group ropes in actor Rajkummar continuetillabout120km/h.Also,accel- turnsonwetroadsorgravel—it’snotthe meter.Also,aUSBportismountedbelow yourmoney,andyou takeyourchoice. market average,” notes Ankit Malhotra, Rao as its brand ambassador analystatCounterpointResearch.

Pune 11 FINANCIAL EXPRESS WWW.FINANCIALEXPRESS.COM

Discoms’ overdues could take a while to moderate EXPERTVIEW as gencos saw a sharp pick-up in Oct’20. However, improvement in discoms’ collection efficiencies and increased disbursement under the Atmanirbhar scheme should curtail further expansion of overdues —Emkay Research InfrastructureMONDAY, NOVEMBER 9, 2020

● INFRASTRUCTURE FINANCING long-termresources.Additionally,theCana- dianmodelofpensionfundsmakingdirect DATA MONITOR investmentinselectinfrastructureprojects maybeconsidered. NIPvital to India’s prospects The otherkeyenableris avibrant infra- Discoms’ total outstanding scales new high structure bond marketwhich supports liq- ` uidity of longer tenure bonds.Despite the Discoms’ pending dues to gencos rose 48% yoy (4% mom) to 1.27 trn in governmenthavinginitiatedmeasureslike Sep’20. The total outstanding amount was`1.39 trn (up 28% yoy/3% mom) With govt coffers shrinking, increasingtheFPIcapinbondmarketsand – breaching the Nov’15 peak of`1.35 trn. The central government has there’s need to tap domestic open market operations byRBI to enhance extended the liquidity package under the Atmanirbhar scheme to`1.2 trn. liquidity,tradinginbondmarketscontinues To date, PFC and REC have sanctioned loans worth`1.18 trn to discoms. pensionfunds & insurance tobenarrowandlimitedtoshorterduration firms and deepen the bond instrumentswithcreditratingaboveamin- Breakdown of Payments saw a pick-up in July and markets to push projects imum threshold.Arelaxation in guidelines total overdue Aug’20 but fell yet again in Sep’20 forpensionfundsandinsurancecompanies amount – Overdue amount (` bn) % of amount paid togetherwithfast-trackimplementationof Sector-wise Amount paid by discoms against overdue ARINDAM GUHA ` ` (%, RHS) measures like automated order matching Summary of overdue against overdue ( bn) and seamless settlement is likely to have a amount (%) 1,400 24 THE IMPORTANCE OF infrastructure significantpositiveimpact. Renewable 1,200 20 development in stimulating sustainable Therealsoneedstobeanincreasedfocus Energy 1,000 16 1,221 1,267 1,200 1,199 economicgrowthcanneverbeoverstated. onimprovingtheunderlyingriskprofileof 800 1,148 957 1,031

936 12 997 600 858 It is forthis reason that the over`100-trn infrastructure projects.One of the ways to 8% 8 951 National Infrastructure Pipeline (NIP) achieve this would be through increased 400 935 CPSEs 188 4 155 142 118 128 121 113 121 200 94 64 75 104 82 announced by the Centre a few months involvementofspecialistexpertiseinareas 51 Private 37% 0 0 back is likely to play a key role in India’s like project identification & structuring, IPPs Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep economic standing in a post Covidworld. feasibilityassessmentanddefiningtherole 2019 2020 ILLUSTRATION: SHYAM KUMAR PRASAD 33% However,fortheNIPtobeimplemented of the private sector.Subsequently, the State Amount paid by discoms against withinenvisagedtimelines,mobilisingade- projects require at least 10-15 years for investorresponsehasbeenquiteencourag- focusneedstobeontimelylandallotment, Gencos outstanding dues quate private financing is essential.Gov- recouping target returns andwhile banks ing.However,there appears to be consider- regulatory approvals,etc.All NIP projects 22% Outstanding amount (` bn) % of amount paid ernment finances are already constrained have been meeting a large part of the able untapped potential when it comes to should be awarded through competitive Amount paid by discoms against against outstanding duetoreducedtaxcollectionsandtheeco- infrastructurefinancingneeds,theunder- domestic pension funds and insurance biddingtoensurecostcompetitiveness.For outstanding dues (` bn) dues (%, RHS) nomicfalloutofthepandemic.In2020-21, lying asset liabilitymismatches has led to companies.ThetotalAUMforpensionfunds all sectors having projectswhich are a part 250 50 the original budgetary outlay on infra- stress in the banking system. Experience andinsurancecompaniesinIndiawasesti- oftheNIP,thereshouldbeanindependent structurewas just above `4 trn,whichwas in other countries has also demonstrated mated at`14 trn and `38 trn,respectively. regulatorymechanismtodeterminetariffs 200 40 221 subsequently increased by another thatlong-termsourcesoffinancelikepen- Thecurrentinvestmentguidelinesforpen- and subsidies,monitor service levels and 150 30 `37,000 crore.Even if onewere to assume sion funds and insurance companies are sion funds and insurance companies, in resolvedisputes.Whilethisalreadyexistsin 167 148 100 142 20 128 134 130 an increase in budgetary outlays in subse- bettersuitedforinfrastructurefinancing. addition to specifying an overall cap in certain sectors, there may be a need to 127 132 110 49 148

quentyears,itisquitelikelythatasmuchas Infrastructure investment trusts or respect of investment in instruments for develop institutional capacity at the state 47 132 41 50 41 10 36 30 32 118 23 18 18 17 20

60-70%ofthetotalNIPoutlayof`100trn InvITs are one of the more recent financial infrastructure financing,also limit invest- and even local government level for other 15 mayrequireprivatefinancing. instruments for attracting pension funds ment to instruments with a minimum sectorslikehousing,watersupply. 0 0 Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep In addition to the quantum of invest- and insurance companies.With the Centre thresholdratingofAA.Carefulreassessment 2019 2020 ment,theotherkeyrequirementislonger streamlining IT provisions for InvITs and oftheseguidelineswhilemaintainingmin- ThewriterisPartner,Leader–Government Source: Emkay Research, Praapti portal tenure of financing. Most infrastructure allowinghigherdebttoequitylevels,initial imum safeguards may free up additional &PublicServices,DeloitteIndia Quick Quick View Startups View

● MYGATE Residents welcome tech at the gate commerce players to better manage by the growing number of e-commerce required guards to only punch in a few This fast-growing security theirdeliveries. deliveries. To add to this, they had to numbers to complete their tasks. Over and community Vijay Arisetty,CEO andco-founder, know everyone’s maid, cook, driver and the years, it has trained over 2,20,000 MyGate, talks about the initial idea otherdailyhelps.Howcouldtheydothis guards and helped them verify over two management app is being behindtheventure:“Afteradecadeinthe without technology,I thought.” million people every day in less than 15 used by over 12,000 armed forces, I moved into one of the ThisishowtheseedsofMyGatewere seconds each. bestapartmentcomplexesinBengaluru sown.In January 2016,Arisetty quit his After just four years, the three co- housing societies all with my family. It appeared to be well- jobatGoldmanSachsandconvincedtwo founders find themselves leading many over the country run and secure, as advertised, but our closefriends—AbhishekKumar,andISB such positive transformations within 50% jump in piped opinion changed quickly. At the gate Hyderabad batchmate, Shreyans Daga, housingsocieties.“Wehelpovertwomil- Diesel consumption itself there was plenty of mismanage- to build out this vision.“There wasn’t lion residents find daily help, manage water connections in SUDHIR CHOWDHARY ment.Evenbeforee-commerceemerged anythingclosetowhatwewerebuilding: their deliveries even when they’re not grew 6.6% y-o-y in Oct, rural areas since Aug’19 in a big way, the security guards were a single technology platform for multi- home, pay society bills, discuss society a first in 8 months PICTURETHIS—A high-end housing unable to verify most visitors despite ple stakeholders in a housing society, matters; management committees use PIPED DRINKINGWATER reached about complex with shiny apartment blocks, repeated attempts to contact residents such as guards, residents, facility man- our platform to easily manage their DIESELCONSUMPTION INOctoberrose 5.74 crore rural households or30% of lush green garden and nice people, but via intercom. The management com- agers, accountants, committee mem- accounts, resolve complaints, organise 6.6% from ayearearlier,the first such such households as of October27, the complex is not managedwell.Smart mittee, too, was far from being well- bers,visitors. Of all of them, the guards meetings, issue important notices and increase since Covid-19 restrictionswere comparedwith 3.24 crore (17%) as of managementistheneedofthehourand equipped. Of course we got on with our wereleasttechnologically-savvy(atleast much more; daily help, too, benefit by imposed in late March,preliminarydata August 15 lastyearwhen Prime Minister MyGate is doing exactlythat; it is build- lives, as you must in urban India, but I atthetime).Forthemtouseit,ourprod- being discoverable to residents looking showed recently,signalling a pick-up in Narendra Modi unveiled the Jal Jeevan ing technology to simplify check-ins startedtopaycloseattentiontothegate. uctwouldneedtosolveanumberoftheir to hire,”saysArisetty. industrial activity.Diesel sales bythe Mission (JJM),according to the official everywhere. Its flagship solution, I began interviewing the pain points and be extremely During the pandemic alone the country's three state fuel retailers dashboard.This represents an launched in 2016, currently facilitates security guards and user-friendly,”he says. MyGate team has developed 10 new totalled 6.17 million tonnes in October, impressive over50% jump in 14 and a overtwomillioncheck-inrequestsevery learned how over- The app that was devel- Covid-specificfeatures(containment according to provisional data compiled half months.Despite the Covid-19 day at thousands of gated premises whelmed they were oped within a month zone identification, Aarogya Setu byIndian Oil Corp (IOC).Sales of diesel, pandemic,1.67 crore newrural across the 18+ cities in which this Ben- integration, etc.,), thereby giving which accounts forabout two-fifths of households,including 1.06 crore under galuru-based venture operates in, and societies the confidence to once India's fuel demand,rose 27.5% from JJM,have been added to the functional continues to show rapid growth. again welcome visitors and allow September.Gasoline sales rose above household tap connection (FHTC) Founded by ISB/IIM/IIT alumni, daily help to start earning again pre-pandemic levels forthe second network in the countryso farin FY21. MyGate is also working and even the opportu- month in a row.Gasoline sales rose 4% The JJM’s stated goal is to provide on/launched products to nity to find new jobs. from ayearearlierto about 2.4 million drinkingwaterto all 19 crore rural benefit the occupants, This extensive fea- tonnes,about 8.6% higherthan households by2024,at an estimated management and other ture set has taken September,the data showed.At about cost of `3.6 lakh crore.Biharhas stakeholders of the gated MyGate out of the 2.44 million tonnes,state retailers also emerged as the top-performing state in premises, such as an ERP metros to over 100 sold 3.8% more cooking gas in October terms of the numberof newhouseholds tool and a system for e- cities, including than ayearago,while jet fuel sales halved added so farto FHTC this fiscal. Solapur,Bhilai and to 328,000 tonnes. (L-R): MyGate Siliguri. Arisetty CCEAokays `1,810 crspend co-founder & CTO says,“Bythe end of NIIFacquires two Essel Shreyans Daga, this financial year, forhydro powerproject co-founder & COO we will reach 30,000 highwayprojects THE UNION CABINET onWednesday Abhishek Kumar and societies. This would THENATIONALINVESTMENTand approved a proposal to invest `1,810 cr co-founder & CEO put MyGate in 5 million InfrastructureFund(NIIF)saidlast for210-MWLuhri Stage-I hydropower Vijay Arisetty homes around the MondayithadacquiredEsselDevanahalli project on riverSatluj in Himachal country.” TollwayandEsselDichpallyTollway Pradesh.“The Cabinet Committee on throughtheNIIFMasterFund.Withthis, EconomicAffairs (CCEA) chaired by NIIFhastakenthefirststeptobuildits Prime MinisterNarendra Modi has ● ZUNROOF this point.The data collected from solar customer experience.Altering the plant portfoliointheroadandhighwayssector. approved the investment of `1,810.56 panelsviavarioussmarthomeIoTdevices afterinstallationiscumbersome,”hesays. “NIIFispleasedtoannounceacquisition crore for210 MWLuhri Stage-I Hydro are fed on the company’sown cloud plat- The startup earned $4 million in rev- ofEsselDevanahalliTollwayandEssel Electric Project located on riverSatluj Driving solar energy form.“This is also going to be the future. enue in 2019 with over 30,000 systems DichpallyTollwaythroughtheNIIF which is situated in Shimla and Kullu Thedifferentiatorinthemarketwouldbe and half a million IoT devices installed. MasterFund,”itsaidinastatement.These districts of Himachal Pradesh,”an whichcompanydoesthebestdata Zunroofreceived`28.2croreinpre-Series projectswillbemanagedbyAthaang official statement said.This project analytics.Thiswill ensure bet- AandSeriesAfundingfromtheGodrej Infrastructure,NIIF’sproprietaryroads would generate 758.20 million units of market with IoT tercustomerexperience and family fund.It also got `3.25 crore platform.EsselDevanahalliisastrategic electricityannually,it added.The project retention,”says Chaudhary. from angel investors and a grant arterial22-kmsix-lanetollroadin is being implemented bythe Satluj Jal play.“Homesystems,whilesmall,aremany Software plays a role from US-India Clean Energy Karnataka,connectingBengalurucity Vidyut Nigam Ltd (SJVNL) on Build- The startup believes that innumber.Withsoftwareinnovation,the even before the installation Finance(USICEF). anditsairport,whileEsselDichpallyisa Own-Operate-Maintain (BOOM) basis. the convergence of IoT, experience and cost savings that cus- isdone.Zunroofusesvirtual Chaudhary believes that the 60-kmfour-lanetollroadinTelangana, tomerscangetaresignificant.Withstates reality to model the solar convergence of software,IoT and thestatementsaid. Railways’freight loading software and solar energy offeringsubsidies,thisbecomesevenmore plantonarooftopsothecus- renewableenergywillcreateahuge will create a huge market attractive,” says Pranesh Chaudhary, tomerwouldbeinapositionto marketinthenextfiveyears.“With Unlisted InvITs can raise up 15%y-o-yin October founderandCEO,ZunRoof. see how much space and thatview,we are aggressively THEINDIANRAILWAYS'freightloading in the next five years For a typical home,the investment is what form it would partnering with large funds through rights issue andearningsinOctoberwerehigherby around `2.5 lakh for a 5-6kW unit.The take.“It is important builders and MARKETS REGULATORSEBI on 15%and9%,respectively,thanthe break-evenperiodis4-5yearsifthereisno to bring in software expandingourfoot- Wednesdayallowed unlisted numbersrecordedduringthesame SRINATH SRINIVASAN government subsidy and if there is, it right at the design printbeyondthe75 Infrastructure InvestmentTrusts monthlastyear,thenationaltransporter comesdownto2.5years,explainsChaud- stage.Itallowsusto cities we currently (InvITs) to raise funds through rights saidrecently.Therailways'loadinginthe GURGAON-BASED ZUNROOF operates hary.According to him,people realise the not just save on operate in. issue of theirunits.Besides,the regulator monthofOctoberstoodat108.16MT, intwogrowingbusinesssegments—solar truevalueonlywhentheyseenilelectric- costs but enhance Throughbuilders, has issued detailed guidelines forraising comparedto93.75MTinthesame energy and IoTdevices for homes.While ity bill following the installation.“When we get access to funds through this route.It has come out monthlastyear.Thetransporterearned therearestartupsworkingtobringtoget- there are surplus units of electricity pro- Pranesh work on thou- with conditions forissuance of units, `10,405.12crorefromfreightloading jer solar energy and IoT for commercial duced,itisfedbackintothegrid,”headds. Chaudhary, sands of smart guidelines on pricing aswell as manner duringthemonth,whichwas9%higher purposes,the residential market hasvery The conversation about renewables founder and home projects,” of issuance of units.In a circular,Sebi thanthe`9,536.22croreinthesame few players due to the unit economics in evolves into a data science business after CEO, ZunRoof heexplains. said the minimum allotment to any monthlastyear,itsaid. investorwill be `1 crore.

Pune 12 FINANCIAL EXPRESS WWW.FINANCIALEXPRESS.COM KOREAN: SECOND FOREIGN LANGUAGE

H.E. Shin Bong-Kil, Ambassador of the Republic of Korea to India

India’s adoption of Korean as second foreign language paves the ❝way for Korean language education in Indian schools, and we ❝ Education will make an effort to prepare Korean language curriculum and teaching material for Indian schools. We will also do our best to MONDAY, NOVEMBER 9, 2020 ensure Korean can be adopted in CBSE Board Exam by 2023.

● THE 5 S MODEL Towards engaged pedagogy Creating data literati The future of

BINDU BHADANA crisishashighlightedtheneedfortraining Top IITs and IIMs have educatorsandemployingnewmethodsof partnered with Qlik workplace “TELLMEAND I forget, show me and I education delivery. It is important to remember,involve me and I understand.” ensurethateducatorsworkwithdifferen- Thesewords,byBenjaminFranklin,arean tiated learning strategies and suitably VIKRAM CHAUDHARY Offices are the best place to excellent way in which to understand the adapt pedagogical and assessment skills. work; they must now exude value of an engaged pedagogyin inquiry- Nowthereisamuchcloserintegration STUDENTS PREPARING FOR a career in basedlearning.Itis thedynamicrelation- of classroom and online teaching under today’s data-driven world need to study a homely feeling, too ship between learning, teaching and cul- blended or hybrid learning as a flexible more than just the curriculum—they are turethatunderliesmeaningfulpedagogy. style, through a mix of pedagogies and requiredtohavestronganalyticalanddata SAHILVACHANI Pedagogyrangesfromteacher-centred approaches where classroom time is literacy skills, plus the tools to keep pace pedagogyand learner-centred one.Effec- reducedbutnoteliminated,withsubstan- withrapidchange&fastdecision-making. Pankaj Muthe, Academic Program, Qlik IF, IN THE recent past, you’ve grappled tivepedagogyinvolvesusingtheidealped- tial time being used foronline learning. “Qlik’s Academic Program gives stu- with videoconferencing apps, dressed up agogy in different contexts to support A successful integrated model of dentsandprofessorsmust-haveresources registrationscanbeattributedtogrowing especially for virtual meetings and lost learning outcomes. In a learner-centred andencompassalllearningdomains:cog- blended teaching and learning entails a to succeed,”says Pankaj Muthe, program awareness of data literacy across institu- track of your working hours, then you’re pedagogy,the teacheris a facilitator. nitive,affective and psychomotor. rethinkingof teachingandlearningprac- manager,Academic Program,APAC, Qlik. tions,which are adding marketable data wellawareofworkfromhome(WFH).This Within the principles of pedagogy,a Making learning trajectories explicit tice as well as classroom layouts, as more “It provides lecturers free and ready-to- skillstotheircurriculatostrengthentheir term has assumed a newdimension since shiftfromteachingtolearningcanbedis- for students can help promote reflection interaction takes place, involving stu- teachresources,whichincludeinstructor- academic offerings,”Muthe says. the pandemic hit us.WFH—while it has cerned that focuses on learner engage- and potentially enhance the quality of dents,educators and outside expertswho ledcontent,in-classactivities,sampledata Covid-19 is pushing organisations to existed for a long time but often looked ment with meaningful class interaction, their learning processes.When teaching participate in-person orvirtually. sets and student assignments, all housed reshape business models.“To excel, data down upon—has become the new way of building on prior learning through an an academic skill,it is important to facili- It is important to safeguard linkages in its online self-paced course library,the literacyandanalyticsarenowsought-after working since March 2020.Months later, innovativedesigningofcurriculum,align- tate the learning processes of students by between formal and non-formal learning Qlik Continuous Classroom.” skills,”Muthe adds.“The Academic Pro- manyemployersaremullingovermaking ment of assessment with both the cur- stimulating them to recall prior knowl- as students access diverse content,free of Qlik’s Continuous Classroom includes gramcaterstothisneedfordataexpertise it a permanent model,while others can’t riculumandlearnerneeds,andalignment edge,and relate it to newknowledge. charge, from multiple sources via the hands-on exercises, reference guides, byequippinglearnerswiththerightsetof wait to get back to the traditional office ofnewpedagogicalpracticesthattakeinto An educator can easily gather materi- internet and freely choose between alter- assessments, the ability to chat with live data skills needed in tomorrow’s work- set-up.So,whichonewillitbe—isWFHthe account existing cultural contexts. alsthatcandemonstratereal-worldtasks, native interpretations, areas of interest, instructors,and earn qualifications in the place.It also focuses on empowering edu- newnormal ordo offices need to evolve? Whilethesuccessofanylearningenvi- such as creating models,giving examples andevensourcesofaccreditation.Strictly form of certificates and digital badges.To cators who can help next generation of Many recent studies have examined ronment is determined by the degree of andpreparingpresentations.However,the managing a set curriculum in terms of date,within the APAC region, 90% of all data experts excel in this space.” alignment amongst goals,content,peda- greatest learning occurs when the stu- limitedcontentbecomeslessmeaningful the Qlik Sense qualifications and 98% of Some prominent ones that have part- gogical design, learner tasks, technologi- dentsknowthattheknowledgeiscritically as the emphasis shifts to decidingwhat is all data analytics certifications have been neredwithQlikincludeIIMs(Ahmedabad, cal needs and assessment, the most mis- important to obtain,and it is for this rea- important or relevant within a subject earnedbyIndianstudentsandprofessors. BangaloreandCalcutta)andIITs(Madras, aligned factor is assessment. Simply put, son that the most meaningful learning domain bythe students themselves. Qlik—the data analytics & data inte- Bombay,Roorkee and Kharagpur). educatorsmayhaveloftygoals,high-qual- occurswithin real-world tasks. As a result,within the framework of grationsolutionsmajor—hasexpandedits Recently, Qlik launched its Professor ity content and even advanced instruc- learning objectives, more flexible Academic Program to over 400 universi- AmbassadorProgram.Professorsenrolled tionaldesigns,butmosttendtofocustheir Pedagogy and Covid-19 approaches to content choice, presenta- ties and educational institutions across inQlik’sAcademicProgramcanself-nom- assessment strategies on what is easy to Opportunities for self-directed and tion and assessment are emerging. India. It recorded 400% uptick in regis- inate to be a champion in preparing stu- measureratherthanonwhatisimportant. non-formal online learning are likely to trationsfromIndiainfirstninemonthsof dents for data-driven world.Applications Credible evaluation and assessment play an important role in learning, espe- The authoris professor,Anant National 2020, compared with overall 12 months are open till November 30, and ambas- should test the application of knowledge cially in the post-Covid-19 economy.The University,Ahmedabad of 2019.“The increase in the number of sadorswill be announced in early2021.

the impact and effectiveness of WFH.To cite one such by an Indian PR forum, ● NEWS BRIEF among300practitioners63%workedfor more than eight hours every day during Kutuki app sees the pandemic.This was above their aver- age work hours.What begins to happen 50% surge in local Science & tech then? As work and home lives begin to blend, there is a compromise on both the language content ends.A stressful environment at home Kids’ e-learning app Kutuki has compromises productivity,while heavy seen 50% surge in local language workloadcanleadtofamilymembersfeel- content curated for preschool ing distant.So,what’s the alternative? kids.With more than 3 lakh users RAVI MEHTA& PRADEEP RAJENDRAN a focus on three keyareas: As some parts of the workforce have and 4,000-plus subscriptions, Clear central strategy and policy started heading back to office,we must Kutuki is making inroads with its COVID-19 HASACCELERATEDtheevo- The future ofAI framework: The National Strategy for understandthatleaningoneitherextrem- regional language content across lution of the way work is designed and Artificial Intelligence (NITI Aayog,June ityisn’tsuitable.Whatweneedistheright tier-1 cities and smaller towns, delivered.Manycompaniesandcountries 2018)whichisfocusedoninclusiveAI(AI balance between going to the office to and has observed high traction in areexperimentingwithinnovationusing forall),andtheNewEducationPolicy(NEP, instilafeelingofteamwork,collaboration the Hindi-speaking belt, it said. emerging technologies such as artificial adoption in India 2020)which addresses the need to incul- and professionalism,while still working intelligence (AI),to reimagine their busi- cate AI in the curriculum are the right fromhomeonotherdaystoensuresafety, nesses and operating models making MNCs and their GICs are leading the way in terms of AI strategicstepsinthisdirectiontoencour- comfort and faith among employees. Israel has opened themselves more agile, flexible and agecoreandappliedresearch.However,AI While these needs will vary for different responsive.Enhanced computingpower, adoption in India, their experience can be leveraged adoption in India can be accelerated industries and companies,here’s a model new scholarships digitisation,increaseindatastoragecapa- throughtheformulationofmorefocused that has the potential to achieve this mix: Israel has opened 20 fellowships bilities at reduced costs has improved policiesrelatedtoinnovation,forexample, for post-doctorate students for applicabilityofAIinbusinessandsociety. patentcontrolandsecurity. The 5 S Model conducting research in any Israel’s Thishasresultedinanenhancedfocuson Collaborationamonggovernment, Staying at home: Older population universities—15 will be allocated AI with many organisations and corporates and academia: These three and colleagues with pre-existing medical in STEM, five in humanities and economiesfocusingonbuildingandscal- critical stakeholders need to come conditions,who are highly vulnerable to social sciences.Applicants must ingupAIcapabilities,includinginIndia. together and work synergistically to thevirus,must continue to stayat home. be international candidates with a Currently,AI adoption in India is pri- undertake actions like nurturing entre- Sanitation: Regularsanitisation of all PhD from a recognised higher marilydriven bythe large global technol- preneurship, promoting re-skilling, office areas including door handles,com- education institution outside of ogyconglomerates,selected startups and encouraging research and development, monareas,phones,etc,toensureemploy- Israel less than four years from the theGICs/GCCs(GlobalCapabilityCenters) and driving the policies on the ground. eeswho are coming to the office feel safe. time of application. basedoutofIndia.Someofthesectorsthat Whilethisishappeninginpockets,thereis Socialdistancing:Adheringtothesix- haveadoptedAIinclude: aneedtodrivethisinastructuredandcon- foot social distancing norm at work can Banking & financial services sistentmannerwithclearoutcomes. ensuresafetyaswellasafocusedmindset. Vibgyor Schools will industry:AfewcompaniesinIndiahave Leveraging MNCs and their GICs: Regularscreening:Followinggovern- started leveragingAI to solve India-cen- MNCs and theirGICs are leading theway ment guidelines, all workspaces must not hike annual fees tricissues.Forexample,aleadingfintech intermsofAIadoptioninIndia,theirexpe- ensure temperature screening of their VIBGYOR Group of Schools has companyusesAI to develop customised rience (for example approach, business employeesbeforetheyenterthepremises. announced that it will not be financialproductsforthehighlyhetero- solutions) can be leveraged effectively to Staggering, hiking fees for the academic year geneous rural population. Few other resultinginahighercropyieldperhectare. investment/incubationperiod(example, help other companies learn about AI even within an We need the right 2021-22.The decision has been banks in India have adopted AI to Additionally,AIalgorithmsarebeingused for POCs, discerning real use-cases). applicability in their industry to further office environ- balance between taken bearing in mind the increase digitisation to improve cus- tomonitorcropandsoilhealth,whereAI- Startup/investmentfundingecosystem accelerateAIadoption. ment: In addi- going to office to economic slowdown and financial tomer experience, improve investment basedanalyticssolutionsareusedtoplan in India is yet to scale up in terms of AI More than ever, rapid and scalable tion to staggered instil a feeling of crisis faced by families, due to returns and use algorithms in risk man- events like crop harvesting,pest control startups and service providers. innovation has become critically impor- entry/exit timing professionalism, Covid-19, it said in a statement. agement (forexample,fraud detection). andfertilisationtooptimiseyields. ■ Limited availability of AI trained tant for companies and countries to sur- ofemployees, any while working Pharma&healthcare:Ahealthcare While there are a few goodAI success talent: There is limited infrastructure vive and thrive in this rapidly evolving conversations or startupinHyderabadlaunchedAI-pow- stories in India,overall,less than 25% of to 'democratise' and scale-up impor- complex economic and social environ- meetingsmustbe from home on Simplilearn, Purdue ered low-cost ventilators that can cap- IndianenterpriseshavedeployedAIsolu- tantAI skills such as deep learning and ment.AsAbraham Lincoln famouslysaid done in a smaller certain days ture patient information to make med- tions thus far. Some of the barriers to neural networks. 'Thebestwaytopredictthefutureistocre- setting and/or launch a new PGP ical intervention decisions. Similarly, a increasesadoptioninIndiainclude: Countries like China, USA and Israel ateit'.AIwillplayabigroleincreatingthis spread out to Simplilearn and Purdue University Mumbai-based startup has used AI to ■LimitedunderstandingofAI:Many currently lead the way in terms of AI future, and India, due to its inherent multiple meeting rooms connected by have launched a PGP in digital analyse chest X-rays to identify the Indian companies may have not yet adoption.Indiacanconsiderafewlearn- strengths,hasthepotentialtoleadtheway technologyforthe times to come. marketing.“It offers learners the extentofinfectioninthelungsandhelp understood the full benefits of leverag- ings from these countries to further ifitmakestherightchoicesnow. This 5 S Model incorporates Max benefit of Purdue’s academic in tuberculosis detection. ingAI in theircompanies scale-up itsAI ecosystemwhile keeping MehtaispartnerandRajendran,asso- Estates’ WorkWell philosophy, which excellence and Simplilearn’s Agriculture:AcompanyisusingAIto ■ Low investments and less evolved in mind the overall social development ciatedirector,DeloitteIndia. ensures that we provide a culture that is award-winning curriculum, to power a sowing app in Andhra Pradesh, startup ecosystem:AI requires an initial and inclusiveness agenda.This requires Viewsarepersonal conducivetoouremployees’well-being,in develop a set of in-demand digital turn increasing their productivity.While marketing skills and accelerate WFH is the need of the hour, employees their career trajectory,” varioususersarefooledintothinkingthat thrive on collaboration,change of setting Simplilearn said in a statement. allHTTPSwebsitesaresecure. and social interaction. I also believe that Avoiding the SecurityprofessionalslikeCISOs,CIOs, goingtooffice—rightfromdressingup,to CEOsmustatleastinstitutethefollowing the nature of interactions—pushes Imarticus Learning cybersecurityguidelines: employees to embrace a persona that is ■ Educate employees on prevailing integral in maintaining professionalism starts Fintech 2.0 phishing net cybersecurity threats with a security andensuringefficiency.Thispersonaisn’t Imarticus Learning has launched awarenesstrainingtoolwhichcanofferto necessarilyachieved in theWFH model. Fintech 2.0, a fintech training PAVAN KUSHWAHA the number one vector used for 92.5% simulate cyberattacks to give employees Hence,workplacesthatwanttosurvive course, in a tie-up with the SPJain of malware distribution and 96% of areal-timeexperience. in the times to come must think from the School of Global Management. PHISHINGISAsocialengineeringtacticto phishing attacks. ■ Implement a phishing incident perspective of their employees or occu- This online course will provide trickvictims into giving awaytheirsensi- Hackers spoof legitimate email response tool to report the suspicious pants.WhileWFH must remain an option learners with exposure to key tiveinformation.Itisoneofthemostpop- addressestotrickemailrecipients.They email, in case it seems fraudulent in intimesofdistress,officespacesmustfeel elements in the fintech domain. ularfraudulentattemptsusedbyhackers attach malicious links or files as baits nature.Withmostoftheemployeeswork- safe and prioritise employee well-being. The course spans over six months to steal data like usernames and pass- and entice victims with alarming con- ingremotelynow,suchatoolistheneedof Thiscanbedonebyensuringisolatedareas and consists of five modules. words,financialdetails,corporatedata,etc. tent to click on the malicious attach- thehourtoempowerthemwiththeability withintheofficetolimitinteraction.Com- In fact, this cyber-attack vector has ments.Phishingemailscanbedisguised torecogniseandreportphishingemails. paniesmustalsomakeeffortstohavereg- beenmakingroundssincethemid-1990s, as emails from a bank or someone ■ Maintain good cyber hygiene by ularconversationsaroundtheimportance IDP India organises andtodayithasevolvedtoasophisticated known, requesting the victim to 1.5millionnewphishingwebsitesarecre- keeping passwords complex and strong of mental health and work-life balance. level.Cybercriminals are now targeting a respond with personal information, ated every month.Even,amidst the pan- with multi-factor authentication on all Most importantly, a disproportionate education conclave largenumberofindividualsandorganisa- financialdetails,orwiretransfermoney. demic,more than 60,000 phishing web- accountsanddevices. focus should be on maintaining health IDP Education held a conclave on tionstostealandmisusetheirdata. EversincetheoccurrenceoftheCovid- siteswerereportedinMarch2020itself. ■ Ensure the use of VPNs and avoid and hygiene standards. the theme ‘Decoding future in the Majorly, these cyber threat actors 19,cybercriminals have been launching Hackers create forged web pages or unsecuredWi-Fi. A section of the workforce has begun times of change’.Piyush Kumar, use phishing emails and phishingweb- phishingemailattackstoexploitthepan- websites of the legitimate ones.Theyaim ■ Secure outbound mail flow with going to the office,and sooner or laterwe regional director (SouthAsia), IDP sites to defraud individuals and organ- demicfearfortheirmaliciousgain.Within todivertusersfromtheoriginalwebsiteto email authentication protocols like allwould.Thesemeasures,hence,arevital Education, said,“We discussed isations.These malicious practices, of thespanofthefirstfourmonthsof2020, the fake one.By doing this,they lure vic- DMARC,SPFandDKIM.Itfurtherprotects in ensuring that the return is smooth and what students should know about duping innocent users, have become a 18millionCovid-19phishingemailswere tims into handing over their personal the email domain against spoofing and gradual.Officesarethebestplacetowork; the changing nature ofwork, what highly remunerative line of business blockedbyGmaileveryday.Inadditionto informationordownloadmalware. otheremail-basedattacks. it’s time theyexude a homelyfeeling,too. skills they need, and how digital for cybercriminals. that,in one week,240 million Covid-19 Shockingly,itisestimatedthat58%of maturity will keep them ahead.” According to Verizon's 2018 Data spamemailswereblockedonadailybasis. phishingcampaignshaveHTTPS.Thistac- Kushwahaisfounder,KartikalTech- The authoris MD & CEO ofMaxVentures FE BUREAU Breach Investigations Report, email is According to aThreat Report,around tic has become very prevalent today,and nologies.Viewsarepersonal & Industries Ltd,and a commentatoron the future ofworkplace

Pune MONDAY, NOVEMBER 9, 2020 WWW.FINANCIALEXPRESS.COM 13 FINANCIAL EXPRESS

Pune MONDAY, NOVEMBER 9, 2020 WWW.FINANCIALEXPRESS.COM 14 NATION FINANCIAL EXPRESS

Globalspace Technologies Limited Address: 605, Rupa Solitaire Building, Millenium Business Park, Navi Mumbai, Thane - 400710 Prayers of gratitude CIN: L64201MH2010PLC211219 |Tel No : 022-49452015 | Email id : [email protected] | Website: www.globalspace.in EXTRACT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2020 LIC Mutual Fund Asset Management Limited (Rs. In Lakhs) (Investment Managers to LIC Mutual Fund) Standalone Consolidated as ‘daughter of India’ CIN No: U67190MH1994PLC077858 Particulars Quarter ended Half year ended Year ended Quarter ended Half year ended Year ended Registered Office: Industrial Assurance Bldg. 4th Floor, Opp. Churchgate Station, Mumbai - 400 020 September June 30, September September September March September June 30, September September September March 30, 2020 2020 30, 2019 30, 2020 30, 2019 31, 2020 30, 2020 2020 30, 2019 30, 2020 30, 2019 31, 2020 Certified by the Certified by the Tel. No.: 022-66016000, Toll Free No.: 1800 258 5678, Fax No.: 022-22835606, Email: [email protected] • Website: www.licmf.com Unaudited Unaudited Audited Unaudited Unaudited Audited management management electedVP of US NOTICE-CUM-ADDENDUM No. 30 of 2020-2021 Total income from operations 655.53 550.25 640.33 1,205.77 1,143.43 2,490.89 689.50 587.13 644.10 1276.62 1147.20 2591.37 Net profit for the period (before tax, SUDARSHAN VARADHAN Revision to normal cut-off timing for all Schemes of LIC Mutual Fund exceptional and/or extraordinary items) 277.14 269.49 75.38 546.63 203.43 553.04 276.21 275.02 145.44 551.22 108.49 436.09 Net profit for the period before tax 277.14 269.49 75.38 546.63 203.43 553.04 276.21 275.02 145.44 551.22 108.49 436.09 CHENNAI, November 8 th (after exceptional and/or extraordinary In line with SEBI letter No. SEBI/HO/IMD/DF2/OW/P/2020/18832/1 dated 6 November, 2020, Unitholders/ items) Investors are requested to take note of revision to normal Cut-off timing for Subscription, Redemption and Switch Net profit for the period after tax 222.78 205.84 43.88 428.62 160.48 416.86 226.73 206.49 128.69 433.21 65.54 297.58 INDIANS BURSTFIRECRACK- (after exceptional and/or extraordinary transactions in schemes of LIC Mutual Fund w.e.f. 9th November, 2020: items) ERS on Sunday and offered Total Comprehensive Income for the 222.71 205.33 43.88 428.04 160.48 413.45 226.66 205.98 128.44 432.63 65.29 294.17 period [Comprising Profit for the period prayers of gratitude over the Existing Revised (after tax) and Other Comprehensive Income (after tax)] election of Kamala Harris as Equity Share Capital 1,145.66 1,145.66 1,145.66 1,145.66 1,145.66 1,145.66 1,145.66 1,145.66 1,145.66 1,145.66 1,145.66 1,145.66 Cut-off Cut-off Cut-off Cut-off Reserves (excluding Revaluation - -- - - 2,573.00 -- - - 2,277.24 the next US vice president, Sr. timing(s) timing(s) timing(s) timing(s) Reserves) as shown in the Audited declaring it a proud moment Scheme Name / Category Balance Sheet of the previous year No in case of in case of in case of in case of Earnings Per Share (of Rs. 10/- each) for Indian-Americans. (for continuing and discontinued Subscription/ Redemption/ Subscription/ Redemption/ operations) not annualised-(Rs.) Harris, born to an Indian Basic 1.94 1.80 0.38 3.74 1.40 3.64 1.98 1.80 1.12 3.78 2.80 2.49 motherandaJamaicanfather, Switch-In Switch-Out Switch-In Switch-Out Diluted 1.94 1.80 0.38 3.74 1.40 3.64 1.98 1.80 1.12 3.78 2.80 2.49 both of whom immigrated LIC MF Liquid Fund & LIC MF Note:- to the US to study,made his- 1 12.30 p.m. 1:00 p.m. 1.30 p.m. 3:00 p.m. 1. The above is an extract of the detailed format of Quarterly Financial Results filed with the Stock Exchange under Regulation 33 of the SEBI (Listing and Other Disclosure Overnight Fund Requirements) Regulations, 2015. The full format of the Quarterly Financial Results are available on the website of bseindia.com tory by becoming the first 2. The above results were reviewed by the Audit Committee and taken on record by the Board of Directors at their meeting held on November 7, 2020. The Statutory auditors have All Debt & Debt oriented Schemes conducted the audit of the financial statements and have expressed an un qualified audit opinion. woman to win the second- For Globalspace Technologies Limited highest US office. of LIC MF (including LIC MF Debt Sd/- 2 1:00 p.m. 1:00 p.m. 3:00 p.m. 3:00 p.m. Kamala Harris, who visited Hybrid Fund and LIC MF G-Sec Krishna Murari Singh At her ancestral Thu- Place: Navi Mumbai Chairman and Managing Director lasendrapuram village in the village when she was Long Term ETF) Date: 09.11.2020 DIN : 03160366 Tamil Nadu,about 8,000 km five, has often recalled Investors/ Unitholders are also requested to note that, for switches made from Equity scheme(s) / LIC MF Equity fromWashingtonDC,children walks with her maternal Hybrid Fund to schemes/category referred at Sr. No. 1 and 2 above are also being restored to the original clutched posters of Harris as grandfather on the cut-off timing. people gathered at a temple beaches of Chennai to thank the gods for her All other provisions relating to applicability of NAV for Subscription, Redemption and Switch Transactions remains ���� ������� �������������� ������� unchanged. and president-elect Joe ���� ��������������������� Biden’s victory.Priests bathed This Addendum forms an integral part of the Scheme Information Document (SID) and Key Information ���������� ������� ���� ���� ��� ����� ��� ������� ������� ������� ���� ������� ����� the deity in milk and prayed. win.So,Iwas not tense,except Memorandum (KIM) of Schemes of LIC Mutual Fund. ������ ��� ���� ���� � ����� ����� ������ ���� ��� ���� ����� Women drew murals in the I wanted the final results to �������� �������������� ������ �������������������� �������������� All other contents of the SID and KIM remains unchanged. courtyard and musicians come in so that I could go and ����������� �� ������� �� ������ ��������� �� ������ ������ played traditional music. sleep,”he said. For LIC MUTUAL FUND ASSET MANAGEMENT LIMITED “Awomanhailingfromthis InMumbai,peopleshotoff Date : 07/11/2020 Sd/- �������� �� ������� ��� ���� ���� ���� �� �� ��� ��������� ����������� ��� ��������������� ������ ���� ��� ����� ���������� ���������� �� ��� ��������� ���� ����� �������� �� ��� ������� �� ��� ������� ��� ������ �� ���� ������� ���������� �� ��� small village now holds one of fireworksandartistspainteda Place: Mumbai Authorized Signatory �� ������ ������ � ��������� ��� ������� ��� �������� ��� �������� �� �������� �� ��� ������� �� ������ ���� �� ���� ����� ����� highest positions in US.It’s a portrait of Biden and Harris. �������������� �� ������� ������ ������ ����� �� ��� ����������������� �������� �� ������ ������ ������ ����� ��������� ��� As part of Go-Green initiative, investors are encouraged to register/update their email ID ����� ��� ����� �� ��������� ��� ��������� �� ������� ����������� ����������� ��� �������� ���������� ������� � ���� proud moment,” said Tamil Prime Minister Narendra and Mobile Number with us to support paper-less communication. ��������� ������������ �� ��� ����������� ��� ���������� ��� ������ ������ ��� ��������� ��� ����������� ������� ��� ��� �������� �� NaduministerRKamaraj,who Modi, who faced criticism ��� ��� ������ ������ ����� ��� �������� �������� ���� ��� ���� ���� �� ������� ���� ������� �������� ��� ���� ���� ���� ���� ��� joined the celebrations. from some quarters for Mutual Fund investments are subject to market risks, read all scheme related documents carefully. ��������� ��� ������ �� �������� ��� ����� ��� ������ �� ������ ������ ��� �������� �� �� ������ Harris,who visited the vil- tacitly endorsing President ������� ���������� ��� ��������� �� ������� � ������� �� ������ ������ �� ��� ������� ���� ��� �������� �� lage when she was five, has Donald Trump at a massive ��� ������� �� ���� ����� �� ��� ������� often recalled walks with her “Howdy Modi” rally in Texas ���� �� ��� �� ��� �� � �� ����� ������ ��� �� ��� �� � �� ����� �� � �� ����� maternal grandfather on the lastyearalongsideTrump,said ������ ������ ����� �� ����������� ������ �� ������ ������ �� ����� ������� �� ����� ���� ������ ������ ������ ������� ������ ������ beaches of Chennai during Harris’s win was historic late � ��� ��� ��� � ���������� ��� ��� ��� ��� � ���������� ��� ��� � ���������� ��� annual trips from the US. on Saturday. �������� ����������� ����������� ����� ����������� ��� ��� ��� Those conversations with her “Yoursuccessispathbreak- ������ ������ ��� ��� ��� ��� ��� ��� ��� grandfather, who was among ing, and a matter of immense ����� ����������� ����������� ����� ����������� ��� ��� ��� millions of people who joined pride not just for your chittis, ��� ����� ���������� ��� ���� ������ ���� ��������� ��������� India’s independence move- but also for all Indian-Ameri- ��� ������� �� ������ ������ ��� �������� ��� ���� ������������ �� ��� ����� ��������� ment, left a profound impact, cans,”he said in a tweet,refer- ����� ��� ������� �� ������ ������ ��� �������� ���� �� ��������� �� ��� ������ ����� �� ��� ���������� ������ �� ��� �������� ���� �������� ��������� ��� ������������� ������� ���� �� ��������� �� ��� ��������� ������� ����������������� ��� �� ��� ������� �� Harris said in a 2018 speech. ring to the Tamil word for ���� ���������������������� She hasbeen in close touch auntsthatHarrisreferredtoin �� ����� �� ��� ����� �� ��������� with her family in India and her acceptance speech for the ��� ���� ������� �������������� ������� her uncle said he planned to Democratic Party nomina- ���� attend the inauguration in tion. Several prominent Indi- �������� ����� ������ ������� ������� ��������� � ���������� ������� January. “It’s great (the vic- ans and Americans of Indian ����� �������� ��� ���� tory).It was needed and it was originalsotooktosocialmedia good.And the next four years tocongratulateHarris,includ- willbegood,”G Balachandran, ing actors Priyanka Chopra aleadingdefence scholar,said Jonas and Mindy Kaling. at his home in New Delhi, Kaling tweeted images of Har- where like millions of people ris and wrote, “Crying and worldwide, he watched every holding my daughter, ‘look turn and twist of the election. baby,she looks like us’.” “I knew she was going to — REUTERS

Pune WWW.FINANCIALEXPRESS.COM MONDAY, NOVEMBER 9, 2020 FINANCIAL EXPRESS NATION 15

● INTERVIEW: PATRICK CHARIGNON, V-PAPAC, EDF RENEWABLES ‘Stable regulatory framework important for Indian renewable energy’ Eden Renewables,a 50:50 joint- venture between EDF Renewables and Total-Eren, has recently par- ticipated in Indian solar auctions, where record low tariffs were dis- covered.PatrickCharignon,Asia- Pacific vice-president of Paris- based EDF Renewables, tellsFE’s Anupam Chatterjee why the global utility thinks that India is a good investment destination for renewableenergy,andwhatcanbe done more to encourage compa- viously. In order to keep improv- nies.Edited excerpts: ingthecompetitivenessofrenew- able energy in the Indian market WhyhasEDFchosenIndiaasone it remains important to maintain ofitsimportantinvestmentdes- access for the projects to a com- tinations for renewable energy petitive cost of capital backed by development? the overall Indian economy per- TheIndiangovernmentambi- formancewith strong rupee,con- tion is to triple its solar capacities trolled inflation, competitive within two years from 35 GW to interest rates and financing 100 GW, and EDF, as a global key terms, and also very importantly player in renewables, is very hon- a stable and as foreseeable as pos- oured to contribute to this ambi- sible regulatory framework. tious target for climate change. This participation involves, to a Apart from development of large extent, solar development, standalone renewable energy ofwhichthecostshavedrastically plants,does EDF also have plans decreased in 10 years and benefit to foray in areas such as storage from the good irradiation condi- systems in India? tions of the country. EDEN Storage technologies are pro- Renewablesis nowanestablished gressing fast and we trust that solar power producer in India, their price will decrease signifi- clearly accelerating last yearwith cantly over the coming years.The the signature of long-term PPAs EDFGroup is on the forefront of for four solar power projects theuseofthestorageforelectrical totalling 716 MW in Rajasthan systems and Uttar Pradesh,which are cur- globally, MACROTECH DEVELOPERS LIMITED rently under construction. This being a CIN : U45200MH1995PLC093041 trend is now being confirmed world Registered Office: 412, Floor- 4, 17G Vardhaman Chamber, Cawasji Patel Road, Horniman Circle, Fort, Mumbai - 400001 with the additional recent suc- leader of Corporate office: Lodha Excelus, L 2, N M Joshi Marg, Mahalaxmi, Mumbai - 400011 cessfulparticipationinSECI’sand hydro- Tel : +9122 61334400 | Fax No: +9122 23024550 | E-mail : [email protected] NHPC’s2020-solartenders.EDEN electric- Renewables has won three pro- ity gen- EXTRACT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR jects of 300 MW each, to be built eration SIX MONTHS PERIOD ENDED 30TH SEPTEMBER, 2020 (Rs. In Lakhs) by 2022. andstor- Six months period ended Year ended age in Sr. No. 30-09-2020 30-09-2019 31-03-2020 Anumberofplayersquotinglow thedams Particulars (Unaudited) (Unaudited) (Audited) rates in the past have recently and hav- 1 Total Income from Operations 82,423.21 471,959.62 814,801.53 2 Net Profit / (Loss) for the period (before Tax, Exceptional and/or appealed to the government to ing sev- Extraordinary items) (41,265.82) 97,834.82 121,493.25 terminate their contracts.What eral util- 3 Net Profit / (Loss) for the period before tax (after Exceptional and/or Extraordinary items) (87,265.82) 97,834.82 65,493.25 gives Eden Renewables the con- ity-scale 4 Net Profit / (Loss) for the period after tax (after Exceptional and/or fidence that such low rates will battery Extraordinary items) (56,610.24) 63,470.43 43,301.25 remainviableinthenearfuture? storage 5 Total Comprehensive Income for the period [Comprising Profit / (Loss) for the period (after tax) and Other Comprehensive Income (after tax)] (56,625.32) 63,591.56 43,278.58 The shareholders of Eden systems 6 Paid-up Equity Share Capital 39,587.80 39,587.80 39,587.80 Renewablesaretwogloballeaders in con- (Face Value of� 10/- each) 7 Reserves (excluding Revaluation Reserve) 295,612.73 372,984.44 352,197.90 in the power industry that are struc- 8 Net Worth 335,200.53 412,572.24 391,785.70 committed over the long term tion and 9 Paid up Debt Capital / Outstanding Debt 1,669,002.54 1,757,933.13 1,689,659.38 and highly experienced, to opera- 10 Outstanding Redeemable Preference Shares NA NA 11 Debt Equity Ratio 4.98 4.26 4.31 develop their renewable power tion 12 Earnings Per Share (of Rs. 10/- each) (Basic and Diluted) generationassetsbasealloverthe interna- (not annualised) (14.30) 16.03 10.94 13 Capital Redemption Reserve 28.00 28.00 28.00 world.Hence,theyhavethefinan- tionally. 14 Debenture Redemption Reserve 130,983.29 130,983.29 130,983.29 cial resources and the know-how We are 15 Debt Service Coverage Ratio 0.05 1.24 0.84 to deliverwithin the timeframe obvi- 16 Interest Service Coverage Ratio 0.09 2.69 2.18 the projects that have been con- ously Notes :- tractedinIndia,subjecttounfore- looking 1 The above is an extract of the detailed half yearly Financial Result filed with the National Stock Exchange of India Limited (NSE) under Regulation 52 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015. The full format of the half yearly Financial Results are seen events or cases of force forward available on the websites of NSE i.e. www.nseindia.com and of the Company i.e. www.lodhagroup.in. majeure. The ability to achieve to 2 The Company had given loans to its subsidiaries from time to time for its UK business operations. The Company has made provision of� 46,000 competitive prices for electricity deploy- lakhs against the said loans taking into account impact of COVID-19 on UK project which has led to delays in completion with additional cost.This is driven mainly by each project ingthese has been disclosed under “Exceptional Item”. 3 For the items referred in sub-clauses (a), (b), (d) and ( e) of the Regulation 52 (4) of the SEBI (Listing Obligations and Disclosure Requirements) solar resource, the cost to build a tech- Regulations,2015, the pertinent dislcosures have been made to the NSE and can be accessed on the website of the NSE i.e. www.nseindia.com. solar farm and the cost of capital nologies For and on behalf of the Board of Directors of Macrotech Developers Limited inthecountry.Itisalsoworthnot- in India Sd/- ing that the growing scale of the as well. Abhishek Lodha Place: Mumbai Managing Director and CEO projects helps furtherimprov- Date: 08.11.2020 DIN: 00266089 ingthecostofproduction.EDF isconfidentthatthesolarrates candecreaseevenfurtherifthe technologykeeps on progress- ingandpriceoftheequipment continues to decrease.

Compared to the other parts of the world,how does India fare as an investment desti- nation for renewable energy players?Arethepolicysignals from the government encouraging? Regarding renewable power generation, India has developed overtheyears a pol- icy framework that is compre- hensive and procures to the developers, including the for- eignones,asatisfactorylevelof safety for their investments. The MNRE guidelines regard- ing the wind and solar PPAs and the efficient role of the regulatorensure the bankabil- ity of the projects and India’s legal system efficiency fosters the investors’trust that they will be maintained in their rightsifneeded.Thisisalready a significant achievement, however,somepointsofatten- tion remain,like the land poli- cies which is source of con- cerns in some states, or the stability of the regulatory framework as mentioned pre-

CBI books former CMD of Hindustan Steelworks Constructiononbribecharge THE CBI HAS booked Moyukh Bhaduri,formerCMDofHindus- tanSteelworksConstruction, for allegedly demanding `1-crore bribe in awarding a tender for constructionofTradeFacilitation Center and Crafts Museum (TFCCM)inVaranasi,officialssaid Sunday.This is the second case againstBhaduriaftertheagency concluded its preliminary enquiryagainsthim. HSCL,aPSU,wasappointed as project management ser- viceproviderforexecutingthe TFCCM project on June 3, 2015. PTI

Pune MONDAY, NOVEMBER 9, 2020 WWW.FINANCIALEXPRESS.COM 16 FINANCIAL EXPRESS

OMKARA ASSETS RECONSTRUCTION PRIVATE LIMITED Corporate Office:- C/515, Kanakia Zillion, Junction of LBS Road and CST Road, BKC Annexe, Near Equinox, Kalina, Kurla (West),Mumbai-400070. APPENDIX IV Rule 8 (1) POSSESSION NOTICE (FOR IMMOVABLE PROPERTY) Whereas The undersigned being the authorized officer of Omkara Assets Reconstruction Private Limited (OARPL) a Company incorporated under the provisions of the Companies Act, 1956, and duly registered with Reserve Bank of India (RBI) as an Asset Reconstruction Company under Section 3 of the Securitisation And Reconstruction of Financial Assets And Enforcement Of Security Interest Act, 2002 (54 of 2002) (“The SARFAESI Act, 2002”). acting as Trustee of Omkara PS24/2019-20 Trust and in exercise of powers conferred under section 13 (12) read with rule 3 of the Security Interest (Enforcement) Rules, 2002 issued a demand notice. The Borrower(s)/Co-borrower(s)/Guarantor(s) having failed to repay the amount, notice is hereby given to the borrower(s)/Co-borrower(s)/Guarantor(s) and the public in general that the undersigned has taken possession of the property described herein below in exercise of powers conferred on him/her under Sub-Section (4) of Section 13 of the said Act read with rule 8 of the security interest Enforcement Rules, 2002. The Borrower(s)/ Co-borrower (s) and the Guarantor (s) in particular and the public in general are hereby cautioned not to deal with the property and any dealings with the property will be subject to the charge of the OARPL acting as Trustee of Omkara PS24/2019-20 Trust. The borrower (s)/Co-borrower(s)/Guarantor(s)s attention is invited to provisions of sub-Section (8) of section 13 of the Act, in respect of time available, to redeem the secured assets.

S.N. Name of the Borrower(s)/ Demand Notice Description of secured asset Possession Guarantor(s) Date and Amount (immovable property) Notice Date 1. (Our Bharuch Branch) 21-07-2020 All that piece and parcel of Plot No 4, (admeasuring 03-11-2020 Janmejaykumar Purani (Borrower) Rs. 75 sq. mtrs.), Radhe Krishna Residency, Block/Survey Pujari Arunaben Janmejaybhai 32,55,504/- no. 125, Paiki, Village Chavej, Bharuch Gujarat (Co-Borrower) 392002 Alongwith Construction thereon present and future both. 2. (Our Gandhidham Branch) 21-07-2020 All that piece and parcel of Residential House On Sub 05-11-2020 Mohanlal C Luhar (Borrower) Rs. Plot No. 14/2 (admeasuring 74.80 sq. mts.), Plot No. Joshnaben Mahamahanif Luhar 22,26,243/- 14, Vinayak Park, Rev Sur No. 542/1, Sarsvato Soc. (Co-Borrower) BHaveshver Mandir, Near Bhachau, Kachchh 360140 Alongwith Construction thereon present and future both. Place :- Gujrat Sd/- (Authorised Officer) For OMKARA ASSETS RECONSTRUCTION PRIVATE LIMITED Date :- 09.11.2020 (Acting in its capacity as a Trustee of PS24/2019-20 Trust )

MAHINDRA RURAL HOUSING FINANCE LIMITED Corporate Office:- Mahindra Rural Housing Finance Ltd. Sadhana House, 2nd Floor, Possession 570, P.B. Marg Worli, Mumbai 400 018 India,Tel: +91 22 66523500 Notice Fax: +91 22 24972741 Branch Office: 82-A, New Your Tower Building, Thaltej Cross Road, Thaltej, Ahmedabad-380054 (For Immovable Property) (Under Rule 8 (1) of the Security Interest (Enforcement) Rules, 2002) Whereas the undersigned being the authorized officer of M/S Mahindra Rural Housing Finance Ltd. (hereinafter referred to as “MRHFL”), Having its registered office atAHMEDABAD and Branch office at Baroda under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002), and in exercise of powers conferred under Section 13 (12) read with Rule 3 of the Security Interest (Enforcement) Rules, 2002 issued Demand Notice under Section 13(2) of the said Act calling upon you being the borrowers (names and addresses mentioned below)to repay the amount mentioned in the said notice being within 60 days from the date of receipt of the said notice. The borrower mentioned herein above having failed to repay the amount, notice is hereby given to the borrowers mentioned herein above and to the public in general that undersigned has taken possession of the property described herein below in exercise of powers conferred on me under sub section (4) of section 13 of the Act read with the Rule 8 of the Security Interest (Enforcement) Rules, 2002 on this the7 day. The borrowers mentioned herein above in particular and the public in general are hereby cautioned not to deal with the said property and any dealings with the property will be subject to the Charge of M/S Mahindra Rural Housing Finance Ltd. for an amount and interest thereon. The Borrower's attention is invited to provisions of sub section (8) of Section 13 of the Act, in respect of time available, to redeem the secured assets. Description of Secured Asset Demand Notice Date of Name of the Borrower(s) / Guarantor(s) (Immovable Property) Date and Amount Possession (LC No: 743739/XSEMBRD00638442/BARODA PROPERTY NO.289, AT PANDU, 27-07-2019 04-11-2020 DESAR, VADODARA. East:- Branch) Symbolic RAFIKMIYA KAMALKHA MALEK (Borrower) OPEN LAND, West:- WADO, Rs. Possession SULTANABIBI RAFIKMIYA MALEK (Co Borrower) South:- ROAD, North:- OTHERS 2,59,492/- PROPERTY JAHIDHUSENKHAN RAHIMKHAN KHANDJADA (Guarantor) (LC No: 927435/XSEMBRD00761328/BARODA PROEPRTY NO.2/93/, AT 10-10-2019 04-11-2020 GUTARDI, NR VEDNATH TEMPLE, Branch) Symbolic SOMABHAI BHULABHAI PARMAR (Borrower) GUTARDI, TA-SAVLI, VAODARA. Rs. Possession SURAJBEN SOMABHAI PARMAR, LILABEN East:- BALAVANT S HOUSE, 8,54,900/- West:- RAMESHBHAIS HOUSE, KIRANKUMAR PARMAR, THAKORBHAI SOMABHAI South:- ROAD, North:- WADO PARMAR (Co Borrower) (LC No: 430657/XSEMBRD00356727/BARODA L/1/68, GAYATRI NAGAR, GOTRI, 14-02-2020 05-11-2020 Branch) VADODARA. East:- FLAT NO. 69, West:- FLAT NO. 67, South:- Rs. Symbolic MAYUR DILIPBHAI VAGHELA (Borrower) Possession OPEN SPACE & ROAD, North:- 3,30,454/- KIRANBEN MAYUR VAGHELA (Co Borrower) OPENSPACE&PRIVATE ASHOKBHAI GOVINDBHAI BOCHIYA (Guarantor) PROPERTY (LC No: 426039/XSEMBRD00357708/BARODA C-9, JAYAMBE CO-OP HOUSING 20-02-2020 05-11-2020 Branch) SOCI, SUBHANPURA, VADODARA East:- OPEN SPACE THEN Rs. Symbolic VIJAY VISHNU PATIL (Borrower) Possession JAYAMBE TOWER, West:- SOC. 4,03,424/- MALAN VISHNU PATIL (Co Borrower) ROAD, South:- OPEN SPACE, North:- FLAT NO. C-10 (LC No: 554536/XSEMBRD00463713/BARODA RS NO. 1528/PAIKI, PLOT NO. 31-05-2019 05-11-2020 Branch) B/8, GHANSHYAM PARK, DABHOI ROAD, VADODARA East:- Rs. Symbolic RAKESHKUMAR MANUBHAI PARMAR (Borrower) Possession PROPERTYOFPARMANAND 13,62,841/- PRIYANKA RAKESHKUMAR PARMAR (Co Borrower) DOLATRAM MOCHHI, West:- PRAGNESH RAMANBHAI SOLANKI (Guarantor) OPEN PLOT, South:- PLOT NO.17, North:- SOCIETY ROAD (LC No: 627868/XSEMBRD00583291/BARODA PROPERTY NO. 1, AJWA ROAD, 10-10-2019 04-11-2020 AT. MORLIPURA, VADODARA Branch) Symbolic RAMESHBHAI POOJABHAI PARMAR (Borrower) East:- PARBIYA FALIYA ROAD, Rs. Possession West:- HOUSE OF CHIMANBHAI 4,71,906/- MANOJBHAI RAMESHBHAI PARMAR, HETALBEN BHAIJIBHAI, South:- RCC ROAD, MANOJBHAI PARMAR, KAILASHBEN RAMESHBHAI North:- PROPERTY OF PARMAR (Co Borrower) MANGALBHAI JESANGBHAI LILABEN VIJAYBHAI CHAUHAN (Guarantor) Place :- Gujrat Date:-09.11.2020 Sd/- Authorised Officer Mahindra Rural Housing Finance Limited

Pune WWW.FINANCIALEXPRESS.COM MONDAY, NOVEMBER 9, 2020 FINANCIAL EXPRESS 17

FORM G INVITATION FOR EXPRESSION OF INTEREST (Under Regulation 36A (1) of the Insolvency and Bankruptcy (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 Sr Particulars Details No 1. Name of the Corporate Debtor Supreme (India) Impex Ltd. 2. Date of incorporation of 02/10/1995 Corporate Debtor 3. Authority under which Corporate Registrar of Companies (ROC)- Ahmedabad Debtor is incorporated / registered 4. Corporate Identity Number / L51100GJ1995PLC026968 Limited Liability Identification Number of Corporate Debtor 5. Address of the Registered Plot No. 823/2, Road no.8, G.I.D.C., Sachin, Office and Principal Office (if Surat – 394230 any) of Corporate Debtor 6 Insolvency Commencement NCLT order dated 04/02/2020 (Date of receipt Date of the Corporate Debtor of order 17/02/2020) 7. Date of invitation of expression 09/11/2020 of interest 8. Eligibility for resolution Detailed invitation for expression of interest applicants (RA) under section containing eligibility criteria and details of 25(2)(h) of the Code is available undertaking to be provided by the RA with EOI at: will be made available on request through E-mail at email ID [email protected] & [email protected] 9. Norms of ineligibility applicable Kindly refer to the most recent and updated under section 29A are available version of Insolvency and Bankruptcy Code 2016 at: (Code) available at https://www.ibbi.gov.in/ 10. Last date for receipt of 24/11/2020 Expression of Interest 11. Date of Issue of Provisional list of 26/11/2020 Prospective Resolution Applicants 12. Last date for submission of 01/12/2020 objections to provisional list 13. Date of issue of final list of 11/12/2020 prospective resolution applicants 14. Date of issue of information 27/11/2020 memorandum, evaluation matrix and request for resolution plans to prospective resolution applicants 15. Manner of obtaining The request for resolution plan, evaluation matrix request for resolution plan, and information memorandum shall be provided evaluation matrix, information to eligible Prospective resolution applicant(s) memorandum and further after signing the confidentiality undertaking with information such applicant(s). Pursuant to the aforesaid the prospective resolution applicant is required to ���� ������� ��������� �������� ������� send an email to [email protected] ����� ������� �� ������ ����� �� ��������� �������� ����� & [email protected] requesting for data ��������� ����� ����� ����� ������ ������ ������ room Request for resolution plan, evaluation ��� ��� ��������������������� matrix and information �������� �� ����� ����� ���������� ������ 16. Last date for submission of 28/12/2020 resolution plans �������� ��� ����������� ����� ��� ���������� ������� �� ���� ������� ��������� �������� ������� ��������� ����� ��� �������������� ��� �������������� �� ��������� 17. Manner of submitting resolution In password protected soft copy to be shared ������ ��� ����������� �� �������� ������������ ���� ��� �� �������� �� ������ ��������� plans to resolution professional through Email at [email protected] ����� ������� ����� ���� ���� ���� � �� ��� �������� �������� ������������� ������ ���� and [email protected] ������ � ������ ������ ����� ��� ������ ���� ������� ���� ��� ��������� ����������� 18. Estimated date for submission of 07/01/2021 ����������� ��� ����� ���� �� ��������� ��� ����������� ����� ����� ����� resolution plan to the Adjudicating Authority for approval ������������ ����� �������� ������ ����������� ������� �� ����� ��� ������ ��������� �� ��� ������ ����� �������������� ������� ����� ����� ����� ���� ����� ������� ��� 19. Name and registration number of Name: Vikas Prakash Gupta �� the resolution professional IP Registration No.: �������� ��� ������� ������ ���� ����� �� �� �� ���� ���� ������ �� ���� ���� ��� IBBI/IPA-001/IP-P00501/2017-2018/10889 ���� �� ��� ���� ������� 20. Name, Address and e-email of Name: Vikas Prakash Gupta ��� ������������������������������ ������ ������ �� ����� ��� ������� ������ �� ������ the resolution professional, as Email ID: [email protected] ����� �� ��� ������������������������������ ��� ��� ������ �� ������� ���� ��� registered with the Board Address: C/o Dipti Enterprises, 55, Nehru Pulta, ����������� ��� ����� �������� ���������� �� ��� ������� ��������������� ��������� Itwari , Nagpur, Maharashtra- 440002 ������ ����� �� �������� �� ������ ��������� �� ������� ����� ������� ����� �� ��� ������� 21. Address and email to be used Email ID: [email protected] ���� ���� ���� � �� ��� ���� ����� �� ���� ��� ��� �� �������� �� ��� ���� ����� for correspondence with the Address: 823/2, Road No.8, GIDC, Sachin, ��� ������������ ������������� �������������� ��������� �� ������� �� ���������� �� ���� resolution professional Surat- 394230 ������� ��� �� ������� �� �� ��� ���� �� ������� �� ���� ���������� �� ������ ��� ������� 22. Further Details are available Vikas Prakash Gupta ������� at or with Email Id :- [email protected] ��� ������������������������������ �� ���������� ��� ��� ������ �� ������� �� ������ [email protected] ��������� ��� �� ���� ���� ��� �������� ��� ��� �������� ���� ��� �������� ���� �� ������� �� 23. Date of publication of Form G 09/11/2020 ��� ������ �� ��� ���� ������� ��������� �������� ������� ������� ��� �� ������ �������������� ������� ����� ����� ����� ���� ����� ������� ��� �������� ��� Note:- The above timeline is subject to extension of CIRP period by Hon’ble NCLT Ahmedabad. ������� ������ ���� ����� �� �� ���� ���� ���� �������� ���� ������� �������� ������� �� For Supreme (India) Impex Ltd. ��� ����������� ���� �� �������� ���� ��� ���� �� ������� � �������� �������� Vikas Prakash Gupta ����������� �� ������������� Resolution Professional ����������� �� ������������������ Date: 9th November, 2020 IP Registration No.: IBBI/IPA-001/ ����� ��� ��������� ������ �� ��������� ��������� ������ �� �� ��������� ��� �� Place: Surat IP-P00501/2017-2018/10889 ���������� �� ��� �������� ��������� � ������� �������� ����������� ��� ������ ���� �������� ������ � ������� �������� ����������� ��� ������ ���� �������� ������ � ������� �������� ����������� ��� ������ ���� �������� ������ � ������� �������� ����������� ��� ������ ���� �������� ������ � ������� �������� ����������� ��� ������ ���� �������� ������ � ������� �������� ����������� ��� ������ ���� �������� ������ � ��������� ���� � ��� ������� ��� ���� ������ ����� ��� ��������� ���� ���� ���������� ������� ������ ���� ���� ������� ��������� �������� �������

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Pune MONDAY, NOVEMBER 9, 2020 WWW.FINANCIALEXPRESS.COM 18 BACKPAGE FINANCIAL EXPRESS TATA CAPITAL HOUSING FINANCE LTD. SALE NOTICE FOR Regd. Add.: 11th Flr, Tower A, Peninsula Business Park, Ganpatrao Kadam Marg, SALE OF IMMOVABLE Lower Parel, Mumbai 400013. PROPERTY ● SIGH OF RELIEF Thousands take Branch Address: 1st Floor I FC Annexe Building I Opp. Fergusson College I Shirole Road I Bhamburda | Pune - 411005. E-Auction Sale Notice for Sale of ImmovableAssets under the Securitisation and Reconstruction of FinancialAssets and Enforcement of Security to streets of US InterestAct, 2002 read with proviso to Rule 9(1) of the Security Interest (Enforcement) Rules, 2002. Notice is hereby given to the public in general and in particular to the below Borrower/ Co- Borrower that the below described immovable property in celebration mortgaged to TataCapital Housing Finance Ltd. (Secured Creditor), the Physical Possession of which has been taken by theAuthorised Officer of Allies prepare for quick US Tata Capital Housing Finance Ltd. (Secured Creditor), will be sold on 26-Nov-2020 “As is where is” & “As is what is” and “Whatever there is” for recovery of total sum outstanding dues from the below mentioned Borrowers and Co-Borrowers. Whereas the sale of secured asset ( as described of Biden victory below) is to be made to recover the secured debt and whereas there was a due of a sum of Notice is hereby given that, in the absence of any postponement/ discontinuance of the sale, the said secured asset / property shall be sold by E- Auction at 2 P.M. on the said 26-Nov-2020 at Respective Branch.The sealed envelope containing Demand Draft for participating in E-Auction shall be submitted to theAuthorized Officerof the REUTERS TATA CAPITAL HOUSING FINANCE LTD on or before 25-Nov-2020 till 5 PM The sale of the Secured Asset/ property will be on “as is where U-turnasBidenshiftspriorities Washington/Philadelphia, condition is”. November 8 Sr. Loan A/c No. Name of Obliger(s) / Legal Heir(s)/ Legal Amount as per Reserve Price Earnest Money BLOOMBERG GREETINGS FROM LEADERS No. Branch Respresentative(s) Demand Notice November 8 DAYS OF PENT-UP post-elec- 1 9950894 MR. DILIPKUMAR BALGOVIND PANDIT (Borrwer) Rs 30,78,794/- Rs. 23,17,815/- Rs. 2,31,781.50/- tionanxietygavewaytosponta- Pune MRS. PRITEE DILIPKUMAR PANDIT (Co-borrower). as on 09.04.2019 JOE BIDEN’S ELECTION Description of Secured Asset: Detailed address of the property financed with area Schedule – AAll that the peace and parcel of the land bearing win will be neous street celebrations as Joe Survey No. 65, Hissa No. 1C/2 admeasuring 1H.59.5 Are plus Pot Kharaba 08 Are totaling to 1 H 67.5 Are having land revenue of Rs. 4 paisa 83 greetedwithasighofreliefbymanyUSal- Biden supporters on Saturday situated at village Hadapsar, Tal.Haveli, Dist. Pune within the limits Pune Municipal Corporation and bounded as under. North : By Brook, South : By lies,whose confidence inWashington was cheerednewsofhispresidential the land owned by ShriAshok Tupe from the same S. No. 65, East : By Forest Land, West : By the land owned by Shri Baburao Kale from the same S. shaken over the four years of President win with a cacophony of bang- No. 65, All that peace and parcel of the land bearing Survey No. 65, Hissa No. 1A/1+65/1C/2 admeasuring 1H.75 Are having land revenue of Rs. 5 Paise 28 situated at village Hadapsar, Tal.Haveli, Dist. Pune within the limits Pune Municipal Corporation and bounded as under: North : By the land DonaldTrump’scombative“AmericaFirst” ing pots and pans, honking owned by Shri Baburao Kale from the same S. No. 65, South : By the land owned by Shri Baburao Kale from the same S. No. 65, East : By Forest approach to theworld. hornsanddancemusicincities land, West : By the land owned by Shri Suresh Tupe from the same S. No. 65. Schedule – B Flat No. 406, Building known as E i.e. Elderberry, The Biden administration is expected acrosstheUS. situated on 4TH Floor, Flat built-upArea about 545 Sq. Ft. i.e. carpet area 436 Sq. Fit i.e. 40.52 Sq. Mtrs. along with Terrace built-up area 106.25 Sq. Fit i.e. carpet area 85 Sq. Fit i.e. 7.89 sq. Mtrs. total area 521 Sq. Fit i.e. 48.42 Sq. Mtrs. alongwith parking area 7 Sq. Fit alongwith M.S.E.B. light to reverse course quickly on parts of Rallies by hundreds of sup- Meter Connection, in the building Scheme known as “The Orchard” lying & Situated at S. No. 65 Hissa No. 1A/1+65+1C/2 & S. No. 65 Hissa No. Trump’sforeignpolicyagendabyrejoining Congratulations! The Congratulations to Joe portersofRepublicanPresident 1C/2, Hadapsar, Pune – 411028 theParisclimatechangeagreement,work- American people have Biden and Kamala Harris. DonaldTrump,whoinsistedon 2 9939188 MRS. VIDYA SANTOSH VELHAL (Borrwer) MR. Rs 9,53,380/- Rs.6,14,486/- Rs 61,448.60/- ing more closely with other countries to Saturday “this election is far Pune SANTOSH NANDKISHOR VELHAL (Co-borrower). as on 09.01.2019

combat Covid-19 and trying to breathe made their decision. I look The United States is our fromover,”weremoremutedin Description of Secured Asset: Detailed address of the property financed with area Schedule – A All that piece and parcel of Land forming non newlifeintotheIrannuclearaccord.NATO size and scope compared with agricultural land admeasuring 2 Hectears 91.36 Ares bearing Gat No. 240 out of land totally admeasuring 8 Hectares 65 Ares as per the sanction

❝forward to working with important ally and I look layout plan of project known as “Xrbia Abode” lying and being village Jambhul, Taluka Maval, District of Pune and within the limits of the Zilla allieslikeGermanyandFrancewon’tbebe- ❝ the festive crowds that turned Parishad village Jambhul and Grampanchayat village Jambhul. On or towards the East : Survey No. 192, On or towards the South :Access Road. ratedsopublicly,andleadersofadversaries President Biden. Our trans- forward to working closely out by the thousands in some On or towards the West: Survey No. 174, On or towards the North : Survey No. 178. Schedule – BThe Residential Flat admeasuring 23.41 Sq. Mtrs. likeRussiaandNorthKoreawon’tbeshow- citiesforBiden. (equivalent to 252 sq. Ft.) carpet area bearing No. 419 situated on the Fourth Floor in “G2” Building of the said Complex to be known as “XrbiaAbode” Atlantic friendship is together on our shared under construction on the land more particularly described in the First Schedule herein above written, Flat is delineated in red ink on the approved ❝ ered in praise. ❝ Afteranerve-wrackingfour- floor plans of the said building annexed hereto asAnnexure “C”. (more fully described in ScheduleA& B hereto) Yet diplomats warn that Biden, con- indispensable if we are to priorities, from climate day wait for results after polls 3 9628287 MR. VIJAYSHIGH IQBALSINGH RAJPUT (Borrwer) Rs 39,08,231/- Rs. 37,40,135/- Rs. 3,74,013.50/- strainedbyprobablecontinuedRepublican deal with the major change to trade and closed onTuesday,the reaction Pune MRS. SHASHI VIJAY RAJPUT (Co-borrower). as on 20.09.2018 control of the Senate,can’t undo all that’s to news that Pennsylvania and Description of SecuredAsset: All that piece and parcel of non-agricultural land i.e. Plot “A” admeasuring about 04 Hectares 00Ares (about 40000 changed and won’t be able to sweep away challenges of our time security its 20 Electoral College votes sq. Mtrs.) being a contiguous piece from out of two pieces of lands, (a) all that piece of non-agricultural land admeasuring about 3 Hectares 61Ares = 36100 Sq. Mtrs. Now bearing Gat No. 1344/1/2, of the village Wagholi, Taluka Haveli, Dist. Pune, owned by the owner No. 1, Mr. Yashwant Govind concerns over the US’long-term reliability — ANGELA MERKEL, — BORIS JOHNSON, had carried Biden over the line Sakhare and (b) all that piece of non-agricultural land admeasuring 2 Hectares 83 Ares = 28300 Sq. Mtrs. Bearing Gat No. 1344/1/1 owned by the inforeignaffairs.“Tonight,thewholeworld wasalmostinstantaneous. owner No. 2 Mrs. Usha Yashwant Sakhare, both, lying and situate within the Registration District of Pune, the Registration Sub-District of Taluka is watching America.And I believe at our GERMAN CHANCELLOR UK PRIME MINISTER Minutes after major televi- Haveli, the Revenue limits of the Tahsil Haveli and situate presently beyond the limits of the Pune Municipal Corporation and independent of the amenity space in the layout and which is bounded as under, On or towards the : North : 18 Mtrs. Proposed lay out road & by part of remaining land bestAmericaisabeaconfortheglobe,”Biden sionnetworkscalledtheracein bearing Gat No. 1344/1/1 and 1344/1/2 Mtrs., East : 18 Mtrs. Proposed lay out road, South : by part of land bearing Gat No. 1344/1/3, West : by 30 told a rallyof jubilant supporters on Satur- the former vice president’s Mtr. Wide DP road and boundary of Kharadi Wagholi Village. Schedule – B A residential Flat bearing No. 408, on Fourth Floor in building “C-1” daynightinWilmington,Delaware.“Wewill Biden has proposed a $2 trillion climate including the UAE,SaudiArabia and Israel, favour, throngs of people admeasuring 681 Sq. Ft. = 63.29 Sq. Mtrs. Carpet area along with adjoining terrace admeasuring 76 Sq. Ft. 7.03 Sq. Mtrs. With standing balcony 7 lead not only by the example of our power planthatcallsforanemissions-freeelectric will push for a seat at the table on anyIran streamedtotheWhiteHouseto sq. Ft. = 0.66 Sq. Mtrs. Total Saleable area i.e. about 993 Sq. Ft. = 92.27 Sq. Mtrs. (Subject to fluctuation of not more than 3%) along with exclusive rights to as Allottee to use the Allotted car-parking space area about 9.29 Sq. Mtr. In the Project “Eastern Meadows” to be constructed on the said butbythepowerofourexample.” gridintheUSin15years,althoughthelikely talksafterbeingleftoutduringtheObama- rejoice outside a security fence land and to be constructed on the property described in First Schedule above written Aheadoftheelection,Europeanofficials continued Republican hold on the Senate Bidenadministration,accordingtoadiplo- as the sound of fireworks 4 9860773 MR. KAUSAR ABDUL SHAIKH (Borrower). Rs 22,56,601/- Rs.12,15,056/- Rs.1,21,505.60/- had increasingly questioned whether the maylimitBiden’sclimateagendamostlyto mat from the region.The biggest impact boomedinthedistance. Pune as on 20.09.2018 multilateral system,from the United Na- actionshecantakethroughexecutiveorder. from a Biden presidencywill be a reinvigo- “I was on the bus and I Description of Secured Asset: Detailed address of the property financed with area Schedule – A The land admeasuring Hectares 02=61 Ares tionstotheNorthAtlanticTreatyOrganiza- More broadly,any effort to win Senate ration of the notion that the US can work jumped off the bus to come bearing Gat No. 1 totally admeasuring Hectares 03=33 Ares of project known as “Xrbia Hinjewadi Road” lying and being village Bebadohal, Taluka Maval District of Pune and within the limits of the Zilla Parishad village Bebadohal and Grampanchayat village Bebadohal and the same is bounded tiontotheWorldTradeOrganization,could approval of a majortreatymaybe doomed, withalliesinamorepredictablefashion. right down here to the White as follows : On or towards the East : By land bearing Gat No. 2,3,4 and Road, On or towards the South : By land bearing Gat No. 5, On or towards the survive another four years of Trump. His Walt said.“There’s no chance a GOPSenate Areasofconflictwithothercountrieswill House," Washington resident West : By Gaonthan, On or towards the North : By remaining land out of Gat No. 1 and River. Schedule – B The Residential FlatAdmeasuring 39.39 zero-sumapproachtowardissuesliketrade willratifyatreatyonanyimportantissue— persist,reflectingincreasinglydivergentUS DonnaThomassaid.“Itissome- Sq. Mtrs. (equivalent to 424 Sq. Ft.) carpet area bearing No. 507 situated on the Fifth Floor in “B4” building of the said Complex to be known as “XRBIAHINJEWADI ROAD” under construction on the land more particularly described in the Flat Schedule herein above written, Flat is delineated andtheenvironmentmadetherelationship notontrade,notondigitalgovernance,not interestsinsomekeyareas. thingtocelebrate” in red ink on the approved floor plans of the said building. (more fully described in ScheduleA& B hereto) withEuropeespeciallyfraught. on arms control,and certainly not on cli- EuropeanpartnerswilldifferwiththeUS InNewYorkCity,Bidensup- 5 9861110 MR. KAUSAR ABDUL SHAIKH (Borrower). Rs 21,11,893/- Rs.12,15,056/- Rs.1,21,505.60/- “Dealingwithhimhasjustbeenextraor- mate,”he said.“He can do executive agree- oneverythingfromhowtoughtobeonRus- porters danced in the streets, Pune as on 20.09.2018 dinarily unpleasant for these leaders,per- ments,as Obama did,but other countries sia and China to regulation of big technol- cheeredandbangedonkitchen- Description of Secured Asset: Detailed address of the property financed with area Schedule – A The land admeasuring Hectares 02=61 Ares haps most notably for Germany’s Angela won’t make big sacrifices for pacts that ogy companies to free trade and defense ware from balconies, brown- bearing Gat No. 1 totally admeasuring Hectares 03=33 Ares of project known as “Xrbia Hinjewadi Road” lying and being village Bebadohal, Taluka Merkel,”saidStephenWalt,aprofessorofin- mightbeoverturnedin2024.” spending,severaldiplomatssaid. stone stoops and rooftops — Maval District of Pune and within the limits of the Zilla Parishad village Bebadohal and Grampanchayat village Bebadohal and the same is bounded as follows : On or towards the East : By land bearing Gat No. 2,3,4 and Road, On or towards the South : By land bearing Gat No. 5, On or towards the ternationalaffairsatHarvardUniversity. Asthecoronaviruspandemicragesglob- Brazil’s JairBolsonaro emulatedTrump hoisting Biden campaign signs West : By Gaonthan, On or towards the North : By remaining land out of Gat No. 1 and River. Schedule – B The Residential FlatAdmeasuring 39.39 ally,Biden is likelyto reverseTrump’s deci- and tied himself closer to the US than any andAmericanflagsintheair. Sq. Mtrs. (equivalent to 424 Sq. Ft.) carpet area bearing No. 508 situated on the Fifth Floor in “B4” building of the said Complex to be known as ‘We’re Back’ siontoleavetheWorldHealthOrganization. other Latin American president. He will Aplanneddemonstrationin “XRBIAHINJEWADI ROAD” under construction on the land more particularly described in the Flat Schedule herein above written, Flat is delineated in red ink on the approved floor plans of the said building. (more fully described in ScheduleA& B hereto) “Day one, if I win, I’m going to be on the European officials,who have sought to struggle to sustain that under Biden,who Manhattan’s Columbus Circle 6 9473423 Mrs. PRATIMA SURYAKANT UPADHYAY (Borrower) & Rs.14,47,300/- Rs.9,17,392/- Rs. 91,739.20/- phone with our NATO allies saying,‘We’re keep the Iran nuclear deal alive despite has criticised expanding deforestation in turned into a dance party cele- Pune Mr. HEMANT KUMAR NARENDRA UPADHYAY as on 07-Feb-2018 back,’”BidensaidinanArizonainJuly. Trump’sefforttodismantletheaccordafter theAmazon rainforest and leaders he con- brating the election’s result, (Co- Borrower). In particular,US allies have expressed quitting it in 2018,saytheywill workwith siders authoritarian.Regional officialswill while revelers at Washington Description of SecuredAsset: Schedule –AAll that piece and parcel of land admeasuring about 0 H 85 R out of entire land situated at Gat No. 189 optimismthataBidenadministrationcould the Biden administration to revive the also look for nuance in how Biden handles Square Park in Greenwich Vil- (Old Survey No. 168) totally admeasuring about 1 H 10 R, assess at 06 Rs 19 Paise, at village Satkarsthal, Tal. Khed, Dist Pune and which land is bounded as under: On or towards the East : S. No. 122 & Nala, On or towards the West: S. No. 122 & 188, On or towards the South: S. No. 188, 187 & mobilisesupportforanambitiousglobalcli- agreement. Among the complications: Venezuela’spoliticalandeconomiccrisis,as lagedancedandsplashedinthe out of S. No. 189, On or towards the North : S. No. 190/2 out of S. No. 189. Schedule – BAll that piece and parcel of land admeasuring about 0 H 76 mateagenda. CountriesclosetotheUSintheMiddleEast, wellasoutreachtoMexico. park’sfountain. R situated at Gat No. 190/1/A/2 (Old Survey No. 169 A) totally admeasuring about 0 H 76 R, assess at 06 Rs 29 Paise, at village Satkarsthal, Tal. Khed, Dist Pune and which land is bounded as under: On or towards the East : S. No. 122 & Nala, On or towards the West : S. No. 189, On or towards the South: Balance portion of S. No. 189/1A, On or towards the North : Khed – Vada Road. Schedule – C Flat/Unit No. 610 on Sixth Floor admeasuring 362.42 Square Ft. i.e. 33.67 Sq. Mts. (TotalCarpetArea) shown in the Floor plan bounded in red color, annexed and marked “Annexure – G &AnnexureA” the said building “A2”. 7 9492221 & Mr. DIGAMBAR CHANDRAKANT SHINDE (Borrower) & Rs. 61,22,444/- Rs.48,30,000/- Rs.4,83,000/- Donald Trump does not plan to concede 9775774 Mrs. SEEMA DIGAMBAR SHINDE (Co- Borrower) as on 09.05.2017 Pune Description of Secured Asset: ALLTHAT PIECEAND PARCEL OF THE PROPERTY BEING, LYINGAND SITUATEDAT MOUZE WANOWARIE WITHINTHE REGISTRATION DISTRICE PUNE, SUB REGISTRATION DISTRICTTAL, HAVELIAND WITHINTHE LIMITS OF PUNE MUNICIPAL any time soon,aides and allies indicate CORPORATION BEARING SURVEY NO 60/7 TOTALLY ADMEASURING 22200 SQ MTRS TOGETHER WITH RIGHT OF WAY AND ALL EASEMENTARY RIGHTS AND OTHER APPURTENANCES ATTACHED THERETO AND BOUNDED AS UNDER : On or towards East: S No 49 and Forest Line, On or towards West:S No 60/6, Wanowarie, On or towards North: S No 60/3, Wanowarie, On or towards South: 20 Meter Wide DP Road. SCHEDULE II (DESCRIPTION OF THE APARTMENT) ALL THAT PIECE AND PARCEL OF THE FLAT NO 503 ON THE FIFTH FLOOR REUTERS vately admitted that the former New Trump was at his golf property in ADMEASURING AREA 91.65 SQ MTRS BUILT UP IN THE BUILDING NO ”I” IN THE SCHEME KNOW AS “MAESTRO DA-VINCE” BEARING Washington, November 8 York businessman’s chances of over- Virginia when the race was called for SURVEY NO 60/7 ADMEASURING 02 HECTORS 22 ACERS (22000 SQ MTRS) AND SURVEY NO 60/7 ADMEASURING 5732 SQ MTRS AND TOTAL ADMEASURING 221200 SQ MTRS SITUATED AT VILLAGE WAWADI, PUNE AND WITHIN THE LIMITS OF PUNE MUNICIPAL turning the election results and staying Biden. Clusters of Biden supporters CORPORATIONAND WITHINTHE JURISDICTION OF SUB REGISTRAR HAVELI, PUNE. AFTER THE DECLARATION on Satur- in the White House were slim. While lined two blocks of his motorcade’s At theAuction, the public generally is invited to submit their bid(s) personally day that Democrat Joe Biden had won preparing for an eventual concession, route back on Saturday afternoon. The description of the Secured asset/ property that will be put up for sale is as per above Schedule. The E auction will be stopped if, amount due as the race for the White House,Republi- theycalled for time to let the legal chal- Trump re-entered the White House aforesaid, with interest and costs (including the cost of the sale) are tendered to the 'Authorized Officer' or proof is given to his satisfaction that the amount of such secured debt, interest and costs has been paid before the date of the auction. No officer or other person, having any duty to perform canPresidentDonaldTrumpandhisal- lengesruntheircourse. wearing a“MakeAmerica GreatAgain” in connection with this sale shall, however, directly or indirectly bid for, acquire or attempt to acquire any interest in the property sold. The sale shall lies made one thing clear: he does not “He should allow the recounts to go hat, looking glum with a cell phone in be subject to the conditions prescribed in the Security Interest (Enforcement) Rules, 2002 and to the following further conditions: The E-auction will take place through portal (For Sr. no. 1,2,3 & 4) https://DisposalHub.com ( For Sr. no. 5, 6 & 7) https://e-auction.123done.in/eauction or plan to concede anytime soon. forward,file whatever claims there are, his hand. 123done.in on 26-Nov-2020 between 2.00 PM to 3.00 PM with limited extension of 10 minutes each. The president, who has spent and then if nothing changes he should Terms and Condition: (1)The particulars specified in the Schedule herein below have been stated to the best of the information of the undersigned, months trying to undermine the elec- concede,”saidoneTrumpadvisor. ‘Concede gracefully’ but the undersigned shall not be answerable for any error, misstatement or omission in this proclamation. In the event of any dispute arising as to the amount bid, or as to the bidder, the lot shall at once again be put up to auction subject to the discretion of Secured Creditor. (2) The property shall not tion results with unproven allegations The Trump campaign and Republi- RepublicansworriedthatTrumpcould be sold below the Reserve Price. (3) Bid Increment Amount will be: Rs.10,000/- ( Ten Thousand Only) (4) All the Bids submitted for the purchase of of fraud,pledged on Saturdayto go for- cans have brought numerous lawsuits This election is far from tarnish his legacyif he does not make a the property shall be accompanied by Earnest Money as mentioned above by way of a Demand Draft favoring the “TATA CAPITAL HOUSING FINANCE LTD.” payable PuneAddress: 1st Floor I FCAnnexe Building I Opp. Fergusson College I Shirole Road I Bhamburda | Pune - 411005. The wardwithalegalstrategythathehopes overallegedelectionirregularities.Judges over.Joe Biden has not graceful exit,eroding his future politi- Demand Drafts will be returned to the unsuccessful bidders after auction. (5) The highest bidder shall be declared as successful bidder provided will overturn state results that gave tossed cases in Georgia,Michigan and calpower.“Itwillbeimpossibleforhim always that he/she is legally qualified to bid and provided further that the bid amount is not less than the reserve price. It shall be in the discretion of been certified as the the 'Authorized Officer' to decline acceptance of the highest bid when the price offered appears so clearly inadequate as to make it inadvisable to do Biden thewin inTuesday’svote.Trump Nevada. to run again in 2024 if he’s seen as a so. (6) For reasons recorded, it shall be in the discretion of the 'Authorized Officer' to adjourn/discontinue the sale. (7) Inspection of the property can aidesandRepublicanallies,whilesome- In Pennsylvania, judges sided with winner of any states, let sore loser,”a congressional Republican be done on 18-Nov-2020 between 11 AM to 5.00 PM. (8) The person declared as a successful bidder shall, immediately after such declaration, ❝ deposit twenty-five per cent of the amount of purchase money/bid which would include EMD amount to the 'Authorized Officer' within 24Hrs and in what conflicted on how to proceed, Republicans and ordered some provi- source said. alone any of the highly default of such deposit, the property shall forthwith be put to fresh auction/Sale by private treaty. (9) In case the initial deposit is made as above, the largely supported his strategy or re- sional ballots set aside and granted Re- Fox News host Laura Ingraham, a balance amount of the purchase money payable shall be paid by the purchaser to the 'Authorized Officer' on or before the 15th day from the date of mained silent. publican observers greater access to staunch Trump defender, on Friday confirmation of the sale of the property, exclusive of such day, or if the 15th day be a Sunday or other holiday, then on the first office day after the 15th contested states headed day. (10) In the event of default of any payment within the period mentioned above, the property shall be put to fresh auction/Sale by private treaty. “Thesimplefactisthiselectionisfar votecounting.Legalexpertssaidthele- urgedthepresident,ifandwhenthetime The deposit including EMD shall stand forfeited by TATACAPITALHOUSING FINANCE LTD and the defaulting purchaser shall lose all claims to the fromover.JoeBidenhasnotbeencerti- galchallengesweretoonarrowinscope for mandatory recounts, or came,toacceptanunfavorableoutcome property. (11) Details of any encumbrances, known to the TATACAPITALHOUSING FINANCE LTD, to which the property is liable: Nil. Claims, if any, fied as the winner of any states, let tohaveanimpactontheoutcomeofthe with“graceandcomposure,”andtheWall which have been put forward to the property and any other known particulars bearing on its nature and value: Nil (12) For any other details or for states where our procedure online training on e-auction the prospective bidders may contact the Service Provider, (For Sr. no. 1,2,3 & 4) M/s NexXen Solutions aloneanyofthehighlycontestedstates election. Street Journal’s conservative editorial Private Limited,Address: #203, 2nd Floor, Shree Shyam Palace, Sector: 4&5 Crossing, Railway Road, Gurugram – 122 006 through its Mobile No. headed for mandatory recounts, or Meanwhile,Republicansaretryingto campaign has valid and boardwrotethatTrump“needsevidence +91 97100 29933, +91 98100 29926, Tel. No. +91 124 4 233 933, E-mail ID: [email protected] ( For Sr. no. 5, 6 & 7) M/s Augeo Asset Management Private Limited,Address 8th Floor, IthumTowerA, Plot no. 40 Noida (U.P) 201301 (India) Mob. : 7428993227 (Mr. Debjyoti Roy) Email states where our campaign has valid raise at least $60 million to fund legal legitimate legal challenges toprovevoterfraud.” ID: [email protected] WEST) orArijit Bhatt, Email [email protected] Officer Mobile No 9029073280. Please send your and legitimate legal challenges that challenges, sources told Reuters. “He “If Biden has 270 Electoral College query on WhatsApp Number – 9029073280. (13) Please refer to the below link provided in secured creditor's website (For A/c No.1) that could determine the https://bit.ly/3mY6Jth, (For A/c No.2) https://bit.ly/3eyTP1T , (For A/c No.3) https://bit.ly/356F5nK,(For A/c No.4) https://bit.ly/3k6P2pz, (For A/c could determine the ultimate victor,” should make sure everyvote is counted votesattheendofthecountingandlit- No.5)https://bit.ly/3k9Aup7 , (For A/c No.6) https://bit.ly/3l90oKT , (For A/c No.7)https://bit.ly/3k39S97 for the above details. for the above details. Trump said in a statement released by and demand transparency. That puts ultimate victor igation,PresidentTrumpwillhaveade- Please Note - TCHFL has not engaged any broker/agent apart from the mentioned auctioning partner for sale/auction of this property. Interested his campaign around midday. himonsolidrhetoricalgrounds,”saidan- cision to make.We hope in that event parties should only contact the undersigned or theAuthorised officerfor all queries and enquiry in this matter. Thepresident’salliesandadviserspri- otherformerWhiteHouseofficial. — DONALD TRUMP, US PRESIDENT hewould concede gracefully,”it said. Place: - Pune Sd/- Date - 09.11.2020 Mr. Arijit Bhatt, Authorized Officer Tata Capital Housing Finance Ltd. Biden announces 12-member task force for Covid-19 response

PRESIDENT-ELECT JOE BIDEN saidhewouldappointa12-mem- ber coronavirus task force on Monday,his first step toward ful- fillingoneofhisbiggestcampaign promises—tomountaneffective responsetothepandemicthathas infected millions and damaged the US economy. “I will spare no effort,none,or any commitment,to turn around this pandemic,”Biden said Satur- day, as he delivered his victory speech in Wilmington,Delaware. The panel will convert his coron- avirus-fightingplanintoan“action blueprint”that“will be built on a bedrockofscience,”headded. The task force will be co- chaired by former Surgeon Gen- eral Vivek Murthy, former Food and Drug Administration Com- missionerDavidKesslerandMar- cella Nunez-Smith,a professor of public health at Yale University, according to a person familiar with his plans.It will also include EzekielEmanuel,aformerObama administration health adviser. —BLOOMBERG

Pune