OPINION, P6 ECONOMY, P2 INTERNATIONAL, P10 FAYE FLAM EDITORIAL BRICS MEET NEW US PRESIDENT Covid reinfection Biden may mean a tougher India supports China, Russia hold policy environment for seems mostly India, but US U-turn expansion of NDB off on congratulating to be an outlier on climate is welcome membership Joe Biden

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VOL. XI NO. 244, 22 PAGES, `6.00PUBLISHEDFROM:AHMEDABAD,BENGALURU,CHANDIGARH, CHENNAI,HYDERABAD,KOCHI,KOLKATA,LUCKNOW,MUMBAI, NEWDELHI,PUNE READ TO LEAD

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IN THE NEWS LIFETIME HIGHS ● 40-PLUS SHOT IN THE ARM FY22-26: 15th Oil jumps by FC retains states’ Markets on fire as most since Pfizer’s Covid-19 vaccine tax share June on Covid THE 15TH Finance prevents 90% of infections Commission, which submitted its report for the recovery gains pace vaccine news ROBERT LANGRETH, NAOMI if further research shows the period FY22-FY26 to the ALEX LONGLEY KRESGE & RILEY GRIFFIN ■ In early ■BioNTech shot is also safe. President on Monday, is Sensex Number of Cos with a November 9 November 9 trading, American Pfizer shares rose 8% in learnt to have just about Nifty jumps minimum Mcap of `1,000 cr shares of depository early trading, with BioNTech 50,000 Pfizer rose receipts were retained states’ aggregate 198 points; Sensex 41,306.02 42,597.43 1,000 (Quarter ended) OIL IN LONDON jumped by THE COVID-19 VACCINE American depository receipts share in the tax pool at the the most since June as Pfizer being developed by Pfizer as much as up about up about 19%. surges 704 points 40,000 800 715 same level as by the previous 701 reported a potential Covid-19 and BioNTech SE prevented 8 19% The news added more than Commission, reports fe 600 vaccine breakthrough. more than 90% of sympto- % $500 billion to the value of 30,000 Bureau in New Delhi. URVASHI VALECHA Crude futures spiked matic infections in a study ■The news added over the MSCI All Country World Mumbai, November 9 400 following news the vaccine, of tens of thousands of $500 bn to value of MSCI Index. being developed by Pfizer and volunteers, the most encour- The findings are based on TCS to acquire 20,000 200 All CountryWorld Index INDIANBENCHMARK BioNTech SE, prevented more aging scientific advance so aninterimanalysisconducted Postbank Sys from INDICES ■ hitalifetimehighon 10,000 0 than 90% of infections in a far in the battle against Thevaccine is being after 94 participants, split Deutsche Bank Monday buoyed by strong study of tens of thousands the coronavirus. tested in a two-dose between those who got a global momentum and ofvolunteers. Eight months into the regimen; the trial placebo and those who were Jun-19 Mar-17 Mar-20 Sep-18 Dec-17 TATA CONSULTANCY 0 Nov-20* started inJuly improving domestic eco- Jan 01 Nov 09 Markets globally surged. worst pandemic in a century, vaccinated, contracted Covid- Services (TCS) on Monday nomic data. Surpassing their *As on November 09 Source: Bloombe WTI climbed more than 10% the preliminary results pave 19.Thetrialwillcontinueuntil said it will acquire 100% Januaryhighs,theNiftysoared inNewYork,whileglobalequi- the way for the companies to 164 cases have occurred. shares of Postbank Systems 197.5pointsor1.61%toclose hai Composite has gained is up 29.08% in dollar terms. ties soared. It led to broader seek an emergency-use AG (PBS) from Deutsche at12,461.05whiletheSensex 17.01% while the Kospi and Moreover,Indiaisnowway strength in the oil futures authorisation from regulators Continued on Page 2 Bank AG, reports PTI. PBS surged 704.37 points to end Taiwan TAIEX have gained more expensive than its his- curve,with timespreads also has been the internal IT the session at 42,597.43. 15%. The Hang Seng and torical valuation with the moving sharplyhigher. provider for Postbank AG, a Nonetheless, dollar Jakarta Composite have lost Nifty currently trading at a A vaccine “would be the Global coronavirus case TataMD launches new ‘more subsidiary of Deutsche Bank. returns from the Nifty are a 7.3% and 16.2% respectively shade under 20 times esti- most meaningful type of negative 1.4% since January during this time.As an asset mated FY22 earnings. mitigator to the situation,” total crosses 50 million effective, simpler’ Covid test Vision Fund head while the MSCI EM Index is class, Indian equities have Saudi energy minister THE CORONAVIRUS has hit another sober- TATA MEDICAL and Diagnostics on nowup by5.54%.The Shang- underperformed gold, which Continued on Page 2 Prince Abdulaziz Bin Salman ingmilestone:morethan50millionpositive Monday launched new diagnostic testing Rajeev Misra quits said prior to the Pfizer cases worldwide since the pandemic began, for Covid-19 — claiming it to be more announcement at a confer- reportsAP.JohnsHopkinsUniversity’scoro- efficientandsimplerthantheexistingones SoftBank board Pharma & IT lead the pack of gainers in 2020 Top losers on Nifty50 since January highs ence on Monday.“We’re still navirustrackerreportedmorethan50.2mil- —with the ability to scale up test on a large SOFTBANK GROUP on Mon- Close YTD gain (%) Close *Fall (%) hopeful that vaccine is found lion Covid-19 cases globally as of Sunday. scale across the country, reportsPTI. Divi's Laboratories 3,423.75 85.5 IndusInd Bank 775.45 -47.7 day announced changes to Dr Reddy's Lab 4,879.65 69.8 ONGC 68.45 -45.3 and that vaccine or vaccines There have been more than 1.2 million The company’s test ‘TataMD CHECK’ its board of directors and Cipla 763.20 59.6 Coal India 121.75 -42.8 spread and hopefullymobility deathsfromthediseaseworldwidesincethe has been developed in partnership with appointment of corporate Infosys 1,136.55 55.4 IOCL 81.20 -36.0 would be regained.” pandemic started. CSIR-IGIB. officers, reports fe Bureau in HCL Technologies 855.00 50.5 Bajaj Finserv 6,283.35 -34.2 Since Covid first emerged, New Delhi.As part of cor- Wipro 351.95 43.2 GAIL India 86.50 -33.5 oil markets have been steadily porate restructuring, four of RIL 2,050.70 36.7 SBI 219.50 -33.1 recovering from the biggest SoftBank’s internal board TCS 2,726.60 26.1 ITC 172.80 -29.0 crash in consumption in a directors, including execu- Asian Paints 2,225.20 24.7 Tata Motors 141.00 -28.0 generation. tive vice-president Rajeev JSW Steel 333.10 23.3 NTPC 89.45 -27.6 Misra, have quit the board. *Between Janary 14 to till date Continued on Page 2 ABUNDANT CAUTION H1FY21 PSU banks make State capex down nearly a quarter PRASANTASAHU increase by 31% on year in chunky provisions New Delhi, November 9 47.1% FY21, the slippage in state Decline (y-o-y) in gross fixed capexfromthebudgettargetis IFINTHE last financial year, capital formation in Q1 sure to have been unprece- the states had to cut capital dentedly steep in the Covid- for a rainy day expenditure bya quarterfrom Accounts of state ravaged first half. SHRITAMA BOSE the original budget estimate governments* Ifpublic-sectorfixedcapital Mumbai, November 9 (BE), the reduction in such (April-September, growth %, y-o-y) formationhasheldupinrecent -4 FY20 spendingappearstohavebeen Capex years even amid a worrisome, APPREHENSIVE OF LOAN evensharperinthefirsthalfof -22 FY21 prolonged decline in private losses due to the disruption to the current fiscal. Total 2.4 investments,the contribution the economy, public-sector According to anFE review expenditure 0.3 of state governments have banks (PSBs) provided more of budgetary spending by 14 Tax 1 been vital; state capex is also aggressively in Q2FY21 than states,inApril-Septemberthis revenues -27 seen to have a higher growth RISK CAPITAL their private-sector peers. year, their capex was down 6 multiplier potential than Cen- ` cr)11 PSBs( 20 private banks Borrowings While 11 PSBs together set 22%onyear;consideringthat 63 tralBudget/CPSEcapex. Visitors flout social distancing norms at the Sarojini Nagar market ahead of Diwali, aside 72% of their operating the combined capex by all in New Delhi on Monday *Of 14 states reviewed by FE profitsforthequarter,aclutch states was budgeted to Continued on Page 2 of 20 private banks put away 43.5%,accordingtodatafrom 48,094.65 ● PROBE ORDERED 43,979.62 Capitaline.MostPSBsreported 19,150.11 FE BUREAU Special Feature a fall in provisions on ayear- Slow October on-year (y-o-y) basis for the 34,591.79 Google under CCI lens over Septemberquarter. Few takers for cars, bikes Sortino Ratio Despite little clarity on Provisions Operating profit Play payments, Pay app asset quality, analysts are by While the makers of Vehicle registrations in October and large satisfied with the passenger vehicles (Units) Oct 2019 Oct 2020 « Chg (%) PRESS TRUST OF INDIA “...the Commission is of the AB C kind of provisioning. “There Provisions * 71.92 43.54 (PVs) and two- New Delhi, November 9 primafacieviewthattheOppo- are some greyareas,but banks wheelers reported a site Parties have contravened 26.82 14,23,394 year-on-year growth 2-W THECOMPETITIONCOM- have made provisions and « 10,41,682 variousprovisionsofSection4 investorswill bewilling to for- *as a share of operating profit (%) in wholesale numbers MISSION of India (CCI) on of the Act...These aspects war- Using Sortino Source: Capitaline 63,042 give them,”an analyst with a in October, retail 3-W 64.50 18,59,709 Monday ordered a detailed rantadetailedinvestigation,”it Ratio to choose foreign brokerage said. sales continued 22,381 « probe against internet saidina39-pageorder.

Credit Suisse wrote that 75-85%andbufferprovisions to decline. The base 63,837 14,13,549 giant Google for alleged The watchdog has mutual funds adjusting for the Supreme on standard assets at 1-2% of effect was partly to CVs 30.32 unfair business prac- ordered a detailed Sortino Ratio is best-

44,480 « Court order, bad loans across loans”.The brokerage expects blame: unlike this time, tices with respect to probe by its director suited for conservative banks would have remained credit costs to be closerto nor- last year both Navratri 2,73,980 Google Pay as well general (DG), which is or risk-averse investors PVs 8.80 largely stable, adding “...how- malised levels byFY22. and Diwali were 2,49,860 « as Google Play’s payment the investigation arm, since it focuses only on ever,we do expect to see slip- UnionBankofIndia(UBI)is celebrated in October. 23.99 system. forallegedanti-competitive the negative deviation of 35,456 « pages rise in H2. Banks, how- among those that provided Dealers say footfalls GooglePayisapopulardig- practices with respect to a portfolio’s returns from TRAC 55.53« ever, over the past three more than the average. have increased, but 55,146 Total ital payments platform while GooglePay. the mean quartershaveraisedprovision- conversions are slow. Source: Fada Research Google Play is the app store on ■ Personal Finance, P11 ing levels, with NPL cover at Continued on Page 2 itsAndroidecosystem. Continued on Page 2

● BIDEN’S WIN Delhi may have to redraw trade ties

BANIKINKAR PATTANAYAK New Delhi, November 9 REALITYCHECK ■ New Delhi has ■ US unlikely to dilute its strong JOSEPH R BIDEN’S election as the already turned criticism ofWTO; it may be a 46th American President brightens IfUS rejoinsTPP, away from tad softer towards China Beijing- theprospectofhiscountry’sre-entry Indiawill feel the pressure to be dominated into the ambitious Trans-Pacific part ofa mega RCEP Partnership(TPP)tradedealwith11 trade deal to others,which was negotiated by the counter its impact ObamaregimeandrejectedbyDon- ald Trump, to counter China, ana- ■ FE Strong inflows ofAmerican FDI into India and lysts told . robust strategic ties to continue Any such move (even if the US joinsanamendedTPPtosuititscur- rentrealities)willpileuppressureon Under the TPP, the US had India to expedite its plan to IndiatotryandjoineithertheTPPor originally proposed to offer duty- hammer out trade deals with the another mega deal to ward off its free market access in products, US, the UK, the EU, Australia and damaging impact, at a time when including garments,to competitors others. NewDelhihasturnedawayfromthe likeVietnam. Beijing-dominated RCEPtalks. At the very least, it may prompt Continued on Page 2

Pune 2 FINANCIAL EXPRESS WWW.FINANCIALEXPRESS.COM FARM BILLS

Ramesh Chand, Niti Aayog member

In a nutshell, the three policy reforms...are in keeping with the changing times and requirements of farmers ❝ ❝ and farming. If they are implemented in the right spirit, they will take Indian agriculture to new heights and EconomyTUESDAY, NOVEMBER 10, 2020 usher in the transformation of the rural economy.

Quick Commercial coal mining: 19 ● FY22-FY26 PERIOD auctioned blocks to generate `7,000-cr annual revenue Finance panel retains states’tax share View FE BUREAU tacticofassumingagreaterseg- The 15th FC may have also According to the commis- PRESS TRUSTOFINDIA New Delhi, November 9 ment of the resource space But new defence continuedwith the FY21 norm sion,itsreporthasbeenorgan- All discoms to New Delhi, November 9 Last day: Sarda through cesses and surcharges charge worrying of assigned a lower weight ised in fourvolumes.Volume I THE 15TH FINANCE Commis- that are non-shareable also (15%) to ‘population’ than and II, as in the past, contain come under THE AUCTION OF coal mines wins coal block sion,whichsubmitteditsreport played a role in making the 27.5%assignedbytheprevious the main report and the EC Act for commercial mining wit- fortheFY22-FY26periodtothe states’hopesamirage. Centre has used the cess route FC,givinga‘respectable’12.5% accompanying annexes. Vol- nessed “fierce competition” in Chhattisgarh President on Monday,is learnt The NK Singh-led 15th to circumscribe states' gains to states that have performed umeIIIisdevotedtotheUnion THEPOWERMINISTRYon and the 19 blocks that went ONTHESEVENTHandlast to have just about retained Finance Commission seems to from 14th FC award well in population control,bal- Governmentandexamineskey Mondaysaidithasmanda- under the hammer can gener- day of commercial coal states’ aggregate share in the have struck a balance, even as (Growth %, between FY16 and ancingthetwin,seeminglycon- departments in greater depth, tedalldiscomstocomply ate total revenues of around mineauction,SardaEnergy tax pool at the same level as by theCentre,viathetermsofref- FY20, 14th FC period) flicting parameters of‘current with the medium-term chal- withtheEnergyConserv- `7,000 crore per annum and and Minerals on Monday thepreviousCommission. erence given to it, apparently population’andpopulationcon- lengesandtheroadmapahead. Tax transfers ation(EC)Act,2001,which create more than 69,000 jobs won a block in Chhattis- As in FY21, 41% of the sought to influence its think- to states 28.5 trol,for inter-se distribution of VolumeIVisentirelydevotedto wouldreduceenergylosses once they are operationalised, garh having a geological divisible segment of central ing,in order to avoid a further resourcesfromthedivisibletax theStates.TheCommissionhas andbringinmoretranspa- coalministerPralhadJoshisaid reserves of 234.205 mil- taxes may go to all states/UTs, hike in states’tax share, if not Centre's net pool. The interim report for analysed the finances of each rencyinthesector.Earlier, on Monday. The auction of lion tonne.It made a final except J&Kand Ladakh and an reduce it. The Commission’s tax receipts 43.7 FY21, which is being imple- State in great depth and has onlydiscomswithannual blocks for commercial mining offer of a 66.75% revenue additional1%tothelattertwo recommendations could still mented by the government, come up with state-specific energylossesequaltoor has opened the coal sector to sharing for Gare Palma inthefiveyearstoFY26.Thisis dealablowtothefinancesofall continued with the practice of considerations to address the above1,000MUusedtofall theprivateplayers. IV/7 coal block which is against a 42% share for all statesduringthenextfiveyears fall,eventhoughtheCentrehas revenuedeficitgrantstoaclutch key challenges that individual undertheAct’spurview. “With a combined peak- likelytogenerateanannual states including the then J&K, and some of them will be hit agreed to provide a back-to- ofstates;itisunclearifthisgrant Statesface. rated capacity reaching 51 MT revenue based on peak during FY16-FY20. thehardestfromtheimpactof back loan facility for compen- willremainforFY22-FY26. The report will be available ‘Mills produce per annum,it is expected that rated capacity of mine at Further, the Consolidated its formula for horizontal dis- sating them,which means the The FC said in a statement: in the public domain once it is 4.25 lakh tonne these 19 mines will generate a `210.49crore. — PTI Fund of India, where all rev- tribution of divisible pool shortfall will be bridged with “The Commissionwas asked to tabled in the Parliament dur- total revenue of nearly about enues received by the Centre, resourcesamongstates. minimalcosttothestates. give its recommendations on ing the Budget session. sugarso far’ `7,000crore,”Joshisaid. includingthedivisibletaxesand States,whichhavefaredbet- The 15th FC had in the last manyuniqueandwide-ranging “I hope the 15th FC has SUGARCANECRUSHING The auction of these mines 38 mines put on auction, 19 even the borrowed funds flow ter than the Centre both in Budget session of Parliament issues in its terms of reference. stronglyrecommendedaninde- HASgainedmomentumin witnessed fierce competition mines were successfully auc- into,will have to expend a tidy terms of fiscal consolidation submittedaninterimreportfor Apartfromtheverticalandhor- pendentfiscalcounciltofillthe the2020-21marketing and companies have offered tioned.The success of the auc- sum eachyear during the 15th and capital expenditure in FY21,whereitkepttaxdevolu- izontaltaxdevolution,localgov- institutionalgaprightnowboth seasonasmillshaveprod- greatpremiums,hesaid.“Outof tionis50%,”hesaid. FCawardperiodtowardsaded- recent years,came under great tion to states unchanged at ernment grants,disaster man- at the central and state level,” uced4.25lakhtonnesofar, icatedspecialfundformodeni- fiscalpressureinFY20(theystill 42% of the divisible pool after agementgrant,theCommission said NR Bhanumurthy, Vice- three-timeshigherthana sationofdefence/internalsecu- managed to stick to targeted adjusting 1 percentage point was also asked to examine and Chancellor of Bengaluru Dr BR yearago,accordingtothe Food processing sector: Nod to 29 rity forces.This will effectively consolidatedfiscaldeficit-GDP for the needs of the erstwhile recommend performance AmbedkarSchoolofEconomics NationalFederationofCoo- reduce the states’ tax receipts ratioof2.6%intheyearthanks stateofJ&K.WhileJ&Kasastate incentives for States in many University.Similarrecommen- perativeSugarFactories. projects,to generate 15,000 jobs fromtheCentreevenfurther. to sharp expenditure cuts).The wouldhave got0.85%sharein areaslikepowersector,adoption dationshavealsobeenmadeby Untiedtransferofresources pandemic has worsened their the divisible pool,its share has of DBT, solid waste manage- NK Singh-led FRBM panel and Rains:APseeks THE FOOD PROCESSING approved21projects,leveraging by the Centre to state govern- fiscalpositioninthecurrentfis- beenincreasedto1%tocaterto ment etc.The Commissionwas 14th Finance Commission. central aid of over ministry on Monday said 29 investment worth `443 crore ments hadn’t jumped during calyear(sofarinthecurrentfis- the rise in security related alsoaskedtoexaminewhethera Bhanumurthy,who has done a projects have been approved supportedwithagrantof`189 the 14th Finance Commission cal year, 28 states and 2 UTs expenditures in the aftermath separate mechanism for fund- technical study on central tax `5k crfordamage across various states that will croreundertheSchemeforInte- period(FY16-FY20)despitethe havecumulativelyraisedatotal of bifurcation of the state into ingofdefenceandinternalsecu- devolutiontostatesforthe15th THEANDHRAPRADESH helpgenerateaninvestmentof grated Cold Chain and Value sharpest hike ever (10 pps) in of `4.27 lakh crore via market UTsofJ&KandLadakh.Asfaras rityought to be set up and if so FC, had suggested bringing government on Monday over `500 crore and create Addition,an official statement states’shareofdivisibletaxpool borrowings, 50% more than vertical devolution is con- howsuchamechanismcouldbe lowerdevolutiontostatesfrom requested the Centre to employmentopportunitiesfor said.Another8projects,leverag- facilitatedbythepanel.Thiswas the borrowings in the corre- cerned,thisformulaislearntto operationalised.The Commis- 42% in 14th FC in order to grant `5,279 crore for around 15,000 people. inginvestmentworth`62crore partly because of the reduced spondingperiodof2019-20). havebeenrecommendedbythe sionhassoughttoaddressallits enable the Centre to augment restoration of infrastr- An Inter-Ministerial App- with grants of `15 crore under revenueproductivityinaslow- States are also worried over commissionfortheFY22-FY26 ToRsinthisReporttotheUnion capex in order to revive eco- ucture damaged due to roval Committee meeting the BFL(backward and forward ing economy,but the Centre’s a yawning GST revenue short- periodaswell. government”. nomicgrowth. heavyrains and floods chairedbyfoodprocessingmin- linkage)Scheme,wereapproved duringAugust-October. ister Narendra Singh Tomar inanothermeeting.— PTI Promote 'local for Consensus on digital economy Govt seeks foreign investments Diwali': PM to citizens key to fair tax system,says FM in strategic petroleum reserves PRESS TRUSTOFINDIA The PM inaugurated various regional balance,” an official NIDHI VERMA third-biggest bySouthKoreaandJapan. Varanasi, November 9 projects worth `614 crore Supports expansion statementsaid. New Delhi, November 9 oil consumer Thecountryisbuildingtwo for Varanasi, and said The agenda of the meeting andimporter, morecommercial-cum-strate- PRIMEMINISTERNARENDRA of NDB membership included discussions on the buying local will bolster THE GOVERNMENT HAS earlier this gic petroleum storage with Modi on Monday made a fer- outcomes of G20 Saudi Presi- local identity and also at BRICS meet invitedglobalfirmstoinvestin $ year filled its capacityof 6.5 million tonne. vent appeal to people to pro- dency in 2020, a digital plat- itsstrategicpetroleumreserves three SPRs in “Iinviteglobalenergyplay- mote‘localforDiwali’bigtime brighten up Diwali for form to encourage infrastruc- (SPRs) as the nation’s energy southern ers to come and invest in this andbuylocalproductsthisfes- those who make them PRESS TRUSTOFINDIA BRICS Finance Ministers and ture investments and consumptiongrowthwouldbe FPI India with project,”hesaid,addingIndia’s tivalseason,sayingitwillgivea New Delhi, November 9 Central Bank Governors meet- expansion of the membership fastestamonglargeeconomies 5.33 million fueldemandhasalmostrecov- newboost to the economy. ing,finance minister Nirmala oftheNewDevelopmentBank. incomingdecades,oilminister tonne of oil ered to the pre-Covid levels. Healsospokeabouttheagri- projects worth `614 crore for INDIAON MONDAY sup- Sitharaman also said a consen- On the ongoing interna- Dharmendra Pradhan told a when priceswere low. Lastmonth,localsalesofkey culture reforms introduced by his Lok Sabha constituency, portedexpansionofthemem- sussolutionwillplayanimpor- tionaleffortstofindasolution conference on Monday.India’s To attract private invest- fuels in India rose compared to the government, saying they Varanasi,via video conferenc- bership of New Development tant role in ensuring fairness, totheissueoftaxationofdigi- share in global energy con- mentinitsSPRs,Indiarecently last year.“We anticipate that willconnectfarmersdirectlyto ing,he said buying local prod- Bank,setupbyIndiaandother equityandsustainabilityoftax tal economy, Sitharaman said sumptionissettorisefrom7% allowedAbuDhabiNationalOil this recovery path in energy the market and“send middle- ucts will not only strengthen BRICS nations, and empha- systems.“The finance minister a consensus solution will play to 12% in 2050,Pradhan told Co (ADNOC) to re-export some demand growth in India will menoutofthesystem”. local identity but will also sised on the importance of supportedtheexpansionofthe an important role in ensuring theADIPECconference. of its oil stored in Mangalore sustaininthecomingmonths,” While inaugurating and brighten up Diwali for those regional balance. membership of NDB and fairness, equity and sustain- The nation, the world’s SPR,mirroringamodeladopted hesaid. — REUTERS laying foundation of various who make them. Participating in the 1st emphasised the importance of abilityof tax systems.

From the Front Page

Lifetime highs: brokerageobserved.” Centre and states. developingcountry(Trumphad attackedChina,Indiaandothers Markets on fire as Oil jumps by most Pfizer’s Covid-19 vaccine prevents 90% of infections Biden’s win: Delhi for‘self-designating’themselves recovery gains pace since June on Covid may have to redraw asdevelopingnations). If the data hold up and a the world and for the United expected to be in the range of cine’s efficacyare available.It TS Vishwanath, principal StrategistsatKotakInstitu- vaccine news key safety readout Pfizer States and forpublic health,” 60%to70%,“morethan90% isn’tknownhowwelltheshot trade ties adviseratASLthatspecialisesin tional Equities observed that Brent rose 8.4% to $42.77 expects in about a week also said William Gruber,Pfizer is extraordinary,” BioNTech works in keysubgroups,such Butforanytradeagreement trade agreements, believes while the outlook forthe mar- during the day. looks good, it could mean seniorvice president forvac- CEOUgurSahinsaid.“Itshows as the elderly.And it isn’t with NewDelhi now,Washing- Bidenwillfocusonfourareas,to kets is positive due to several Thereliefinthemarketwas thattheworldhasavitalnew cine clinical research and that Covid-19 can be con- known whether the vaccine ton may insist on tougher start with.First,he will tend to factors, including a positive seenintheprofitsfromturning tool to control a pandemic development. It was better trolled,”Sahinsaidinaninter- prevents severe disease, as labour and environment stan- reverse Trump’s policies surprise in Q2FY21 earnings, crude into transport fuels. thathaskilledmorethan1.2 than even the best result he view.“Attheendoftheday,it’s none of the participants who dards,insyncwiththeTPPstip- towards various international fullvaluationsleavelittleroom Gasoline cracks in the US million peopleworldwide. had hoped for,he said. reallyavictoryofscience.” got Covid-19 in this round of ulations,given the democrats’ institutions like the WHO and forcomplacency. reached their highest since “Thisisaboutthebestthe With effectiveness for the Thedatadohavelimits.For analysis had such cases,Gru- penchant forsuch issues,some the WTO and support them, Thefocus,theynoted,willbe mid-October, while those in news could possibly be for first vaccines previously now, few details on the vac- bersaid.— BLOOMBERG oftheanalystsreckon. albeit after securingAmerican on economic and earnings Europealsogained.Jetfuelwas They also feel America’s interests.Second,hewillreview recovery. “In our view, stock also gaining relative to the adversarialstanceontheWorld the Indo-Pacific strategy, and priceslargelyfactortheongoing valueofothertransportfuelsin (Covid-relatedstress)isaccord- through the Unified Payments fers by the Centre from the prone to adjustment, condi- Trade Organization (WTO) is here he may further bolster recovery in economic activity Europe, Bloomberg fair value ingtoourestimates,theninthe Interface (UPI) appears to be a divisibletaxpool,taxrevenues tional upon revenue genera- unlikelyto soften substantially defenceandstarategictieswith post the ‘unlock’ phases. The datashow.— BLOOMBERG nextyearthecreditcost,accord- distinctrelevantmarketforthe of the 14 states declined by tion.In2017-18and2018-19 underBiden,given that the US’ India.Third,he will seek to set reward-risk balance is less ing to me, can be something assessmentofallegationsinthe more than a quarter during as well,capital spending was strongcriticismofthemultilat- rightAmerican trade policies; a favourable post the sharp run- PSU banks make between1.5-2.2%,”Raisaid. presentmatter,theordersaid. April-September. Their total reducedfrombudgetedlevels,” eral body predates the Trump dealwith India maytake a back upinstockpricesbuteconomic chunky provisions HDFC Bank said as on Sep- On the issue of mandatory expenditure, however, was RBI said in the report. administration.Ofcourse,some seat fornow but there could be recovery and low global and tember 30, 2020, total provi- use of Google Play’s payment almost at the same level as in Borrowingsbythe14states oftheodditiesoftheTrumpera talks on greater market access. domesticbondyieldsmaysup- for a rainy day sionscomprisingspecific,float- systemforpaidappsandin-app the year-ago period, thanks to whose financeswere reviewed maygo.ButeveniftheUSagrees Fourth,he will reviewTrump’s portvaluations,”theywrote. Axis Bank has been circum- ing, contingent, general purchases(IAPs),CCIsaiditwas theriseinspendingonwelfare by FE rose a whopping 63% to nottoblocktheappointmentof Chinastrategy.WhileBidenmay Foreign portfolio investors spect,settingasideover66%of provisions were 195% of of the “prima facie view that and relief measures. Even for `2.28 lakh crore in April-Sep- judges to the WTO's appellate not be as aggressively against (FPIs)havebeenbuyersin2020 its operating profit as provi- reportedgrossnon-performing mandatory use of application the Centre, the overall budget temberofthisfiscalcompared tribunal anymore,it may do so Chinaashispredecessor,hewill withnetinflowshitting$8.5bil- sions while HDFC Bank and loans or 154% of pro forma store’spaymentsystemforpaid spending in the first half was with 6% increase in the year only after extracting what it continue to pursue the Beijing- lionsinceJanuary;inMarchthey ICICI Bank have provided 27% gross non-performing loans. apps & in-app purchases flat onyear. ago period.What is more wor- wants,theyadded. containment policy, taking had pulled out $8.3 billion. and 36.3%, respectively, as a ICICI said it was seeing a nor- restricts the choice available to Among them,the 14 states risomeforthestatesisthatthe As many analysts have allies on board.Some analysts Domesticinstitutionalinvestors shareoftheiroperatingprofits. malisationofmarkettrendsand the app developers to select a – Tamil Nadu, Madhya Centre, which has largely already warned,while the era believe any softer American buyers in have pumped in Axis Bank downgraded did not feel the need to utilise payment processing system of Pradesh,AndhraPradesh,Kar- maintained tax devolution at ofTrumpmaybeover,Trump- approach towards an agreesive `37,326 crore since January some accounts into the BB and past provisions. Sandeep theirchoiceespeciallyconsider- nataka, Rajasthan, Odisha, nearlytheFY21budgetedpace ism, with its “America First” ChinawilladdtoIndia’sworries. thoughtheyhavebeensellersin below rated pool and made Bakhshi,MD&CEO,ICICIBank, ing when Google charges a Telangana, Kerala, Chhattis- so far,will likely cut down the agenda, is here to stay. More- Analysts at Nomura expect thelastthreemonths.TheNifty associatedprovisionsof`3,143 toldanalysts,“Weareconfident commission of 30% (15% in garh, Haryana, Jharkhand, transfers in the fourth quarter over, the considerable Repub- “arelativelysofterpolicystance Bankwasupbyasmuchas2.7% crore.Chief executiveAmitabh thattheCovid-19provisionswe certain cases) for all app pur- Uttarakhand, Himachal of FY21 in view of the decline lican sway over the US Senate towards China, as the focus on Monday but it is still about Chaudhrysaid the quantum of have already made will com- chasesandIAPs”. Pradesh and Tripura -- in its gross tax receipts. will continue to weigh on shiftstoamultilateralapproach 18% below its all-time highs. provisioning was determined pletely cushion the balance reported a combined capital AccordingtoIcra,theshare- Biden’s policyinitiatives. indealingwithChina(insteadof Investors believed bankswould by internal risk models. “We sheet from potential credit State capex down expenditure of `67,579 crore abletaxpoolmayturnouttobe Biswajit Dhar, professor at bilateral tariffs)”. “A reduced beamongthemost-affectedsec- wanttobeaheadofthecurvein losses which may arise due to nearly a quarter in in April-September of FY21, `13.4 lakh crore in FY21,30% theCentreforEconomicStudies focusontradedeficitsincreases torsowingtoloanmoratoriums comparisontotheindustry,and thepandemic.Weexpectanor- down 22% onyear. lower than the budgeted andPlanningofJNU,said:“Even the probabilityof a rolling back andtheeconomicstressbutpost our actions this quarter reflect malisationofcreditcostsinfis- H1FY21 The combined capex by all amountof`19.1lakhcrore.The after Trump goes, it will be oftariffsonChinaandadeesca- theSeptemberquarterearnings thesame,”hesaid. cal 2022 based on our current While Centre’s Budget states is projected to rise byan agencyhasprojectedthecentral almost impossible to make the lation of US-China trade ten- theoutlookhaschanged. UBI set aside `4,144 crore expectationsofeconomicactiv- capex declined 12% on year,a ambitious 31% on year to taxdevolutiontothestategov- US agree to the Doha develop- sions,”they wrote in a report. Jefferies wrote that the US against an operating profit of ityandportfoliotrends.” consciouseffortisbeingmade `5.98 lakh crore in FY21 over ernmentsatabout`5lakhcrore ment agenda (that is crucial to “However,weexpectUSbiparti- election driven trends could `4,735crore.MD&CEORajki- by the government to ensure FY20 actuals.The states had (after adjusting for Centre’s theinterestofdevelopingcoun- san pressure on China to con- imply that Indian IT stocks ran Rai G said the bank has Google under CCI thattheCPSEsrampupinvest- slashed their capex to `4.97 extratransfersof`48,400crore tries)attheWTO.”Similarly,the tinue in the areas of human could gain traction and that another`150croreofprovision lens over Play ments. lakh crore in FY20 from BE of in FY20) in FY21,a substantial friction between the two coun- rights,IPRand technology,and cyclicalstocks,includingbanks, againstprobableinterestrever- Thecurbingofcapexbythe `6.22 lakh crore, as per the `2.8 lakh crore lower than the tries at the WTO on a host of we expect the process of global mightlag.“Webelievethatsuch sal on those masked slippages. payments, Pay app states is primarily due to the recent RBI report on state `7.8lakhcrorebudgeted. issues, including India’s so- valuechaindiversificationaway arotationcouldbetacticalinthe “So, that way we have suffi- Section 4 of the Competi- acuterevenueconstraintsthey finances.“Capital expenditure As per state budgets, their called export sops and illegal from China and US-China tech Indian context and not a long- cientlycushionedourselvesfor tion Act pertains to abuse of are facing.While the low rev- undertaken by states, which combinedfiscaldeficitstoodat Americansubsidiesintheirsolar decoupling to continue.” term trend. As India’s growth the kind of slippageswhich are dominant market position. enue buoyancywas evident in accountsformorethan60%of 2.6% of GDP in FY20 and sector,will continue unabated. Reduced trade policy uncer- picks up pace, banks would likely to happen,” he said, The Commission is of the thelastyearitself,thesituation general government capital 2.4% in FY19.FY21will,how- However,where Biden maydif- tainty will bode well for trade becomeagoodproxyonIndia's adding that credit costs could primafacieviewthatthemarket hasaggravatedduetothepan- expenditure is generally ever,likelyseearecordspikein feratadfromhispredecessoris and investment in the region, growth recovery theme,” the easesubstantiallybyFY22.“Ifit for apps facilitating payment demic.Evenafterliberaltrans- treated as a residual and is the fiscal deficits of both the in the assessment of India as a theyadded.

Pune WWW.FINANCIALEXPRESS.COM TUESDAY, NOVEMBER 10, 2020 FINANCIAL EXPRESS NATION 3 After US success, Covid-19: Delhi pips Maha, Kerala to add most new cases in a day PRESS TRUST OF INDIA Kerala by reporting 7,745 in- MaharashtraandKeralaonNo- 5,585 cases and Kerala with The trend of recoveries out- “This trend has continued New Delhi, November 9 fections in a span of 24 hours vember7also. 5,585cases,theministrysaid. numbering newcases has con- to shrink the active caseload hyperloop test to become the largest contrib- The city has reported the "Newdailycasescontinueto tinued for the 37th day with of India which presently ALMOST 79% OF the 45,903 utor to the single-day infec- highest dailynewcases,also its trenddownwardswiththesuc- 48,405 cases recovering in a standsat5,09,673whichcom- new Covid-19 cases are from tions, the Union Health Min- highest tally so farwith 7,745 cess of Jan-Andolan promoting span of 24 hours as against prises 5.96 percent of the total ride in Pune soon 10 states and UTs,with Delhi istrysaid on Monday. new cases.The national capital Covid appropriate behaviour," 45,903 infections being re- Covid-19 cases,”the ministry overtaking Maharashtra and Delhi had earlier overtaken isfollowedbyMaharashtrawith theministrysaid. portedduringthesameperiod. underlined. FE BUREAU Virgin Group founder Pune, November 9 Richard Branson said with this successful test, they VIRGIN HYPERLOOP,WHICHis workingonaproposedMumbai- have shown that this Pune hyperloop project in India, innovation will change said on Monday that people had the way people successfully travelled in the hy- everywhere live, work, perloop pod at their test facility and travel in the US forthe first time. A Virigin release said that with the first passengers travel- ling safely, the next ride will be $36 billion in socio-economic conductedinPune.Hyperloopis benefits,”he said. a new mode of ultra-fast mass Virgin Group founder transportation solution that Richard Branson said with this transports people and cargo successful test,theyhave shown throughapodinavacuumenvi- that this innovation will change ronment. the way people everywhere live, Human testing in the United work, and travel in the years to States brings hyperloop projects come.“Foryears,theteamatVir- inIndiaonestepclosertoreality, ginHyperloophasbeenworking the company said. In India, the on making the technology a re- Maharashtra government has ality,”Branson said. deemedhyperloopapublicinfra- Sultan Ahmed Bin Sulayem, structure project and approved chairman of Virgin Hyperloop the Virgin Hyperloop-DPWorld and group chairman and CEO of Consortium as the original pro- DP World,watched this passen- ject proponent for the Mumbai- ger testing first-hand in Las Ve- Pune hyperloop project. Virgin gas, Nevada. Josh Giegel, co- Hyperloop said it was looking to founder and CTO, and Sara work with central authorities in Luchian, director of passenger Indiatoexplorearegulatorypath experience,werethefirstpeople forhyperloop in the country. in the world to ride on this new “Today’s test is a significant form of transportation. stepforwardtowardsacommer- The testing campaign will cialhyperloopinIndia—perhaps continuewithTanayManjrekar, the world’s first —connecting Virgin Hyperloop’s power elec- PunewithMumbaialongtheex- tronics specialist and native of isting expressway,”Harj Dhali- Pune,ridingnext. Theoccupants wal,MDofMiddleEastandIndia made their maiden voyage on for Virgin Hyperloop, said.“The the newly-unveiled two seater opportunityforIndia to lead the XP-2vehicle.Theproductionve- world in this new form of trans- hiclewillbelargerandseatupto portation is unprecedented.The 28 passengers. project would be the largest pri- JayWalder,CEOofVirginHy- vate infrastructure investment perloop, said they had success- inMaharashtra,creating1.8mil- fully answered the question of lion direct and indirect jobs and passengersafety. Lower arrivals push up soybean prices

FE BUREAU rivals had dropped to 8 lakh Pune, November 9 bags (8,000 quintal) from the usual10-12lakhbagsonadaily SOYBEAN PRICES ACROSS basisduringDiwalitime. major markets have firmed up According to the Soybean because of lower arrivals, in- ProcessorsAssociation of India creased demand for edible oils (SOPA), decline in production andaggressivebuyingbyChina. during October 2019-Septem- The government has de- ber2020hasresultedinlimited clared minimum support price availabilityofseedsforcrushing forsoybeanat`3,800perquin- and lowersoymeal production. tal,whilemarketpricesarecur- SOPA’s latest estimates for full rentlyat`4,200perquintal.In- oil year 2019-20 see all-India dustry people expect prices to crop at 93.06 lakh tonne, touch `4,900 per quintal in against 109.33 lakh tonne in two-three months.Market ar- theyear-agoperiod.

Regd. O�ce: 20 K.M. Mathura Road, P.O. Amar Nagar, Faridabad-121003 (Haryana) Ph.: +91 (129) 4288888 Fax: +91 (129) 4288822-23 E-mail: [email protected] Web: www.bharatgears.com CIN: L29130HR1971PLC034365

STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS PERIOD ENDED 30 SEPTEMBER, 2020 (` in lakhs) Previous Quarter ended Six months period ended year ended Sr. Particulars No. 30.09.2020 30.06.2020 30.09.2019 30.09.2020 30.09.2019 31.03.2020 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) 1. Total income from operations 12,824 4,926 13,271 17,750 24,759 46,312 2. Net profit/(loss) for the period (before tax, (228) (1,542) 9 (1,770) (1,071) (2,482) exceptional and/or extraordinary items) 3. Net profit/(loss) for the period before tax (after (228) (1,542) 9 (1,770) (1,071) (2,482) exceptional and/or extraordinary items) 4. Net profit/(loss) for the period after tax (after (207) (1,314) (158) (1,521) (861) (1,877) exceptional and/or extraordinary items) 5. Total Comprehensive Income for the period (219) (1,324) (197) (1,543) (912) (1,950) [Comprising profit for the period (after tax) and Other Comprehensive Income (after tax)] 6. Equity share capital 931 931 931 931 931 931 7. Other Equity (excluding Revaluation 7,027 7,027 8,035 7,027 8,035 7,027 Reserve) as shown in the Audited Balance Sheet of the previous year 8. Earnings per share *(2.23) *(14.12) *(1.70) (16.35) *(9.44) (20.38) [Face value of₹ 10 /- each (* not annualised)] Basic and diluted (`)

Notes: 1. The above is an extract of the detailed format of quarter and six months period ended 30 September, 2020 Unaudited Financial Resultsfiled with the Stock Exchanges under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The full format of the quarter and six months period ended 30 September, 2020 Unaudited Financial Results are available on the Stock Exchange websites (www.nseindia.com and www.bseindia.com) and Company's website (www.bharatgears.com). 2. Previous period'sfigures have been regrouped/reclassified wherever necessary. For and on behalf of the Board of Directors Sd/- SURINDER PAUL KANWAR Date : 09 November, 2020 Chairman & Managing Director

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ExpressAddaTUESDAY, NOVEMBER 10, 2020

NIRANJAN AJITGULABCHAND HIRANANDANI CHAIRMAN AND MANAGING CO-FOUNDER AND DIRECTOR, HINDUSTAN MANAGING DIRECTOR, CONSTRUCTION HIRANANDANI GROUP COMPANY LTD What is your view on the What would create an infrastructure and real atmosphere to bring back the estate sector? joy of doing business and I am more optimistic about investment in India? residential real estate compared In the short term, we must to commercial peer. Covid has get resources for people who made most of us feel that home have been hurt because of is a very important place. On Covid in terms of their livelihood. infrasructure, the government In the medium term, it is impor- has taken note that it pays tant to spend on healthcare, people in the sector on time. infrastructure, education, The payment of dues to small, sustainability and defence, while medium and large businesses we take care of hope and on time is important for building aspiration in the short run. infrastructure businesses. ‘We have to find a safety net for people who will be left out’ SWATI PIRAMAL KAILASH KULKARNI VICE CHAIRPERSON, At an e-Adda held last week,Uday Kotak,MD & CEO,Kotak Mahindra Bank,and President,Confederation CEO, L&T INVESTMENT PIRAMAL GROUP of Indian Industry,spoke on the impact of Covid on the economy,risk aversion among banks MANAGEMENT LTD Covid has also seen a You mentioned labour and failure of management. What and how technologywill drive business in the future farm reforms aswell as MSME could global leaders have done reforms. How criticalwould be better? the state’s role in implementing I think many parts of the Onwhygeographyis nowhistory ing points.Todaywe are at one such turn- these reforms? Orwill the world were in a state of denial, One very important part of life,which ing point.I would have been a little more Centre play a large role? particularly the US. Despite ischanging,iswhatIcall‘geographyishis- cautiousinApril-May-June,butIfeelmore The Centre-state relation- the fact that the developed tory’.I can be sitting in any part of the confident today. ship is at the forefront of India’s world spends so much on world,any village of India,and I could be destiny.We must not allow healthcare, the outcomes are serving any other part of the world.This On whether banks are likely to be the Centre-state balance and disappointing. They declared dramaticandprofoundchangecanbesig- floodedwith NPAs again equilibrium to get fractured. victory too early. nificantly positive for India, if we play it There are twoconflictingemotions— I would request all the states In India, we need to double well. And second, which is going to one is need for hope, and the second is to show maturity beyond our healthcare spend over the change, is this divide between rural and need for discipline. In the Covid period, political objectives.The same, next three years. Healthcare, urban.All our lives we have seen migra- wecertainlyneedtoensurethatthebusi- obviously, to the Centre, to defence, infrastructure, edu- tion of people from rural India to urban nesses that are on the edge,because they build a single India. cation and sustainability— India for growth and prosperity,that can (Clockwise from top) Uday Kotak was in conversation with PVaidyanathan Iyer, are impacted by Covid, get a chance to these are the five areas where change fundamentally. Executive Editor (NationalAffairs), The Indian Express, andAnant Goenka, live.That is what I call emotion and the we have to spend medium- Executive Director,The Indian Express Group needforkeepinghopealive.Ontheother term for building a better India. On the impact of Covid and two-speed hand, we as banks manage depositors’ recovery money...So,we need to ensure that there There are many parts of the economy Eminent guests who participated in the e-Adda include Hemendra Kothari, is discipline. which are actually benefiting, but there Chairman, DSPInvestment Managers Pvt Ltd; Leena Tewari, Chairperson, USV are some parts which are still facing Pvt Ltd; Niraj Bajaj, Chairman & Managing Director, Mukand Limited; Rajiv On howtechnologywill drive business jagged edges. The aviation sector, the Luthra, Founder & Managing Partner, L&L Partners Law Offices; Neeraj Roy, The future of financial services is a tourismsector,thehospitalitysector,and Founder & CEO, Hungama Digital Media; Surendra Khemka, Chief Financial mergerwith technology.And it’s going to some general services sectors, are still Officer, Cremica Food Industries Ltd; Rakesh Bhutoria, CEO, Srei Infrastructure be a massive reorientation of the minds. under the pressure of Covid. But if you Finance Ltd; Gautam Thakur, Chairman, Saraswat Co-operative Bank Ltd; Vijay Historically,we’vealwaysbelievedthatwe take the manufacturing sector, which Sankar, Deputy Chairman, The Sanmar Group; Martin Via, Chargé d’Affaires, havegottothinkaboutbusiness,andtech- includes consumer goods, pharmaceuti- Embassy ofArgentina; Abha Dalmia, Co-Founder, FICCI Ladies Organisation; nology has to be an enabler.I think the YOGINDER ALAGH cals,e-commerce,IT,digital,telecom,they Dilip Piramal, Chairman, VIPIndustries Ltd; Amy Kazmin, South Asia Bureau world is changing to a point where tech- ECONOMIST AND FORMER are actually doing better.And you’re Chief, Financial Times; Maneck Davar, Chairman & Managing Director, Spenta nologywill drive business. UNION MINISTER ASHOK KHEMKA therefore seeing a two-speedworld aswe Multimedia Pvt Ltd; Minal Bajaj, Honorary Director, Jamnalal Bajaj Foundation; In the short term, isn’t it useful to PRINCIPAL SECRETARY, are going forward. What we have to be Rama Bijapurkar, author and social strategist; Sandeep Walunj, CMO, Nippon On the government’s response to Covid spend more on things like rural- GOVERNMENT OF HARYANA clearabout is that the organised sectorin Life India Asset Management Ltd; Saugata Bhattacharya, Chief Economist, Axis The government has moved as things urban infrastructure, rather than Why do industry titans not join general is in a better position than the Bank; Saumya Meattle, Founder & CEO, Module One; Sivakumar have developed.First,it was important to worry about financial balancing? hands with the government unorganised sector. Sundaram,Chairman, Executive Committee, Bennett Coleman & Company Ltd; get people aware of the fact and therefore Isn’t it better to implement the and regulators to stop Sudhir Kapadia, EY India National Leader - Tax; Suketu V Shah, Joint Managing get a lockdown. It was necessary at that farm bills next year? Do you have corporate scams? On providing safety nets for those left Director, Mukand Ltd; Suman Bery, economist; Sunil Lulla, CEO, BARC India; point of time, because we were walking a strategy for building up the I understand the challenges out Vijay Karnani, Former Partner, Goldman Sachs; Jeetu Panjabi, CEO, EM Capital completely in the dark. We have then convertibility ofthe which savers, investors and This is as deep and dramatic a change Advisors; Vivek Jain, Managing Director, DCW Ltd shifted out... If there’s one area where I Indian rupee? depositors have faced with asprobablytheIndustrialRevolutionwas. believe we can do better,it is the need for On stimulus, we have to ask some of the banks, NBFCs, It really changed the way humanity improvedcollaborationbetweentheCen- what is going to be a bigger prob- housing finance companies and worked,itdidleadtoalotofdisplacement, tre and state governmentswith reference lem? Is it going to be on the sup- cooperative banks. Two aspects butatthesametimeitcreatednewoppor- and people from business need to work ation,we have seen a lot of steps which toCovidandotheraspectsoftheeconomy. ply side or the demand side. Ifwe drive behaviour. One is rules tunities.However,we have to finda safety together to find a supporting system for have made liquidity significantly avail- give too much demand stimulus and the supervision of rules. net for people who will be left out in this, society. But even the so-called successes able. So combining this excess liquidity On why Corporate India doesn’t speak and did not have enough supply, Second is a deep cultural whichincludestraining,rescaling,support better be on their toes.What seems like a with some fiscal stimulus and a good up we will have a problem.The same change in the DNA of people of and financial support. verysolid position todaycan be disrupted external account,it’s a good time forus to My sense is that in India, it’s not just will apply for agriculture. On capi- this country. We need both. much faster. be seeing howwe percolate it down. about the message or the content of the tal account convertibility,India is On strong companies gaining market message, it is about how it is positioned. in a very good position.There are share in the pandemic On support forstressed sectors On the reluctance of banks to lend My experience is that the government is two points. First, ifwe believe the If there’s one thing which inevitably On the macro side, externally,India is The risk aversion is not a problem just opentolisteningaslongasthemessageis price of oil will be low for long, it is happenswhenyouhaveaturningpointin notfragilelikeitwas,say,in2013orinear- from the lending point of view, the busi- given in an appropriate manner, in the easier for us to plan for capital ac- history, is that normally the strong lier periods. However,we do have a chal- ness borrower also is utilising limits less. sensethatitisnotwithanagendaanditis count convertibility because India becomesstronger.Thisisatsomelevelthe lenge on the fiscal side because we came So what we need is,as confidence is com- not forvested interests. is disproportionately dependent classicDarwiniansituation,survivalofthe intothis Covid situationwith a high com- ing back,howdowe get them to come out on oil even now.Second, we must fittest, which is playing out in the real binedfiscaldeficitbetweenboththeCen- and say,it’s worth taking risks. Normally, Forlongerversion,go to have the ability to have gold mon- world.Itisherethatsociety,governments treandstates.Inthemonetarypolicysitu- thebesttimetoinvestandgrowisatturn- www.indianexpress.com etisation or liquid rolling or mov- ing of gold within the country.

R VENKATARAMAN MUDIT JAIN KK RATHI DEAN, ICFAI BUSINESS MANAGING DIRECTOR, DCW LTD MANAGING DIRECTOR, INDIANIVESH SCHOOL, GURGAON Why doesn’t the government put power FUND MANAGERS PVT LTD IftheYesBankmodelof into people’s hands? They can reduce Don’t you think the government restructuringhadbeenadoptedfor indirect taxes. Why is the government should look at GST afresh? IL&FS,thecompanyandcreditors not co-opting business? Yes, they must do everything on wouldhavebeensaved.Wasasset India is a very paternalistic society. GST. But today they don’t have liabilitymismatchthemainreason The first expectation of every Indian is enough fiscal resources. There is a forproblemsofIL&FS? ‘sarkar ne mere liye kya kiya’. How do challenge on debt to GDP, there is a In IL&FS, therewere many large we move from being a society of challenge on funding states, you know shareholders from India— LIC and ARVIND SAHAY entitlement to a society of empower- that they have given guarantees to the BHARAT JOSHI VIDYANAND JHA State Bank ofIndia. Before the PROFESSOR, IIM-AHMEDABAD ment? How do we get a society or states. The central government is CEO, J CURVE VENTURES PROFESSOR, IIM, CALCUTTA government put the new board, it GiventhecurrentstateoftheIndian depositor or investor to understand that going to borrow and give the state’s WouldyousupportamoreliberalECB Howdoyouseetherelationship would have spoken to LIC and SBI, economy,whatarethefactorsthatstabilise whatever decisions and judgments they money for the next two or three (EuropeanCentralBank)regime? betweenbusinessand and they decided not to put in new anddestabalisethesystem? take have a risk element and the years. At a time like this, to expect OntheliberalECB,Ijustwantedtosay governmentinthisphase? risk capital or equity capital out of Globally,banking models come under consequence of that risk is on them. If the government to give up whatever thatforanyborrowerwhowantstobor- The day before I took charge, policyholders money or depositors huge stress at very low interest rates for long things go wrong, we should not be revenue sources that are there, rowinforeigncurrency,thereis enough we had a CII meetingwith Prime money ofSBI.Yes Bank has survived because you have branch infrastructure, net- asking for bailouts from the government. it’s not an easy thing. liquidityavailableindollarswithbanks from Minister Modi. One ofthe impor- because a huge amount ofmoney work infrastructure, people, cost of servicing. whomyoucanborrowdollars aslongas tant points he made at that con- has been put in as equity capital by Another important point is technology.Every you’vegotgenuineuseforit.Idon’tthink ference inJune is that he looks at financial institutions. day,I worry if I will have a bank, or if a Google SHWETA RAJPAL KOHLI FinTech thinks versus a bank, which is tech- thereis anyissueaboutforeigncurrency business and governmentwork- On the second point, there is bank orAlibaba bank will take me out of busi- HEAD, PUBLIC POLICY, nology first, customer convenience and so- borrowingsformostborrowersinthe ing hand in hand.As long as indication ofrecovery between ness?Will a technology change make it un- SEQUOIA CAPITAL INDIA lution about everything, speed of execu- country.Keepinmindthatwhenyou’re business plays it straight, there is 50-60% oforiginal loans. Ifitwas competitive for me as a banker? Second is Ifyoucouldshareyourthoughts tion. However, along with change in lookingatlowerinterestratesonthedollar no agenda beyondwhat is right only an asset liability mismatch, you the safety of my customers’ money.We are onFinTech? technology,we are finding risk manage- orany otherforeign currency,thereis afor- for India and the Indian econ- would not have a hole between the constantly making changes. For stability,it is FinTech is going to be one of the big ment dramatically go up. FinTechs and wardpremiumaswell.Sowhenyoulook omy,I think there is an opportu- amount ofloansdue to creditors important to ensure practitioners like me instruments of change in the Indian financial banks together are the future for develop- atyourtotalcost,itis thecostofinterestin nity for business and govern- versuswhatwe think is recoverable. continue to be paranoid. sector.There are many pluses about how ing a strong financial sector. dollars,plustheforwardpremiumcost. ment towork closer together.

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EXPANDING REACH NG Subramaniam, TCS COO and executive director

We are pleased to deepen our long-standing partnership with Deutsche Bank, continue to ❝ ❝help accelerate their digital transformation, and to acquire market specific capabilities in the CompaniesTUESDAY, NOVEMBER 10, 2020 banking domain. Quick Audio streaming apps resort to partnerships for subscription VENKATA SUSMITA BISWAS Spotify into their other experiences,”says postpaid consumers, and Duo for two Mumbai, November 9 Audio streaming subscription plans Akshat Habola, head of market strategy users. As per Spotify’s latest quarterly View Platform Monthly Yearly Student andoperations–India,Spotify.Theservice report,the rollout of Duo has given impe- AUDIO STREAMING SERVICE providers plans to further localise its strategy for tus to its subscribergrowth globally. `99 `399* `149 for 1 year Paytm aims to disburse have the arduous task of generating sub- Indiathroughcontent,subscriptionplans Student plans,which are significantly scription revenue from an audience that `119 `1,189 `66 per month and commercial partnerships. cheaperthanindividualplans,areexpected loans worth `1,000 cr has forlong taken music to be a free com- Subscriptionplansfortheseplatforms tobuildhabitsamongtheyouthwhocould to merchants by March modity in India. To woo customers, `99 `399 are diverse and specific to the needs of then move on to othersubscription plans. streaming platforms like Spotify and `99* `499* consumers.“We have identified that lis- However,Gupta says that giving the con-

DIGITAL FINANCIAL SERVICES firm Gaanahavebeguntogothevideostream- *discounted tenershavedifferentpriorities.Somemay sumer too many options may lead to con- Paytm on Monday said it aims to dis- ingplatformway,withbundledoffersand justwantanad-freeexperiencewhileoth- fusion, resulting in people not making a burseloansworth`1,000 croretomer- discounts through partnerships. ers may want high-quality audio and the decision.Theforecastisthatasthemarket chantsbyMarch.Thecompanysaiditwill Spotify, for instance, has partnered tors was an inflection point for the indus- lengetogrowingsubscriptionsforstream- facility to download music. So,we have evolves,theseoptionswillreduce. continue to offer collateral-free loans with Citibank and Flipkart to offer dis- try,with multiple offers in the offing.Tel- ingplatformsisthatusershaveaplethora decoupled these benefits,”says Prashan Finally, content, too, is playing a underthe‘Merchant Lending Program’ counts on subscription plans.Airtel sub- cosusedthistoincreasedataconsumption, of free streaming options to choose from. Agarwal,CEO,Gaana. pivotal role in acquiring subscribers toPaytmforBusinessappusers. scribers can now avail YouTube Premium as video streaming is a data guzzler, and And piracy is rampant,”said Ajay Gupta, As a result, one can opt for an ad-free and higherrevenue.“The quest forhigher (including YouTube Music Premium) for streaming services could reach the wide leadpartner,communications,mediaand experienceforafeeofjust`10permonth volume is one of the reasons music sub- Swiggyannounces ESOP threemonthsforfree.Meanwhile,Flipkart databaseoftelecomcustomers. technology,ATKearney. or pay `99 per month for the Gaana Plus scription services are buying podcasts. Axis Bank credit card customers can get AsperaKPMGstudyonthemediaand In its quarterly report, Spotify membershipthatallowsunlimiteddown- These can not only help increase user liquidityprogramme accessto15monthsofGaanaPlusatadis- entertainment industry,the Indian audio announcedthatitsmarketingcampaigns loads and HD quality music streaming. engagement,but also create newavenues FOODORDERINGPLATFORMSwiggy counted price. streaming market comprises 200 million in India have helped add subscribers dur- Spotify,on the other hand, has 15 differ- toboostadrevenues,”observesRajibBasu, onMondayannouncedasecondary Thestrategicbundlingofvideostream- monthlyactivelisteners,ofwhomjust1% ingtheJuly-Septemberquarter.“Through ent subscription plans,including ones for partner and leader, entertainment and liquidityprogrammeforitsemployees ing subscriptions through telecom opera- are paid subscribers.“The greatest chal- ourpartnerships,consumerscanintegrate students, families, prepaid consumers, media,PwC India. whowerepartofitsemployeestock ownershipplan. Accordingtothe peopleinknow,thetotalquantumof thesecondaryliquidityprogrammeis ● CORPORATE RESTRUCTURING between$7-9millionanditwillbe CIL likely to decide on completedbyApril2021. JKCement Q2 net profit Rajeev Misra,3 others step buyback tomorrow jumps to `221.55 crore JKCEMENTONMondayreported INDRONIL ROYCHOWDHURY almostthree-foldjumpinconsolidated Kolkata, November 9 netprofitat`221.55croreforthe down from SoftBank board secondquarterendedSeptember.It PSU MINER COAL India (CIL) is likely to hadpostedanetprofitof`79.50crore FE BUREAU increasingly focusing on investments decide on the buyback of shares in its inJuly-Septemberperiodayearago,JK New Delhi, November 9 rather than managing its own compa- board meeting on November 11,in view Cementsaidinaregulatoryfiling. Its nies. “Masa, myself, should be most of its stocks under-performing for quite revenuefromoperationsrose24.04% SOFTBANK GROUP ON Monday supervised,”Son joked in a question and sometime. to`1,634.39croreduringthequarter announced changes to its board of direc- answersession.“More external directors A company official said buyback will underreviewfrom`1,317.63crorein torsandappointmentofcorporateofficers. mean better governance.” preventthedecliningvalueofstocks,lead- theyear-agoperiod. As part of corporate restructuring, Son said the company thought about ing to improvement in earning per share. four of SoftBank’s internal board direc- making the board changes in June but “If the company decides the buyback of Morepen Labs Q2 net tors — executivevice president and chief theyweren’t ready.Theyalso didn’twant shares on a highervalue than the current operating officerMarcelo Claure,execu- to wait until the next annual sharehold- market price, it will signal the company's Buyback will help increase the profit jumps to `27cr tive vice president and chief strategy ers meeting next June. confidence in its business,therebyboost- overall rate of return from owning DRUGFIRMDRMorepenLaboratories officer Katsunori Sago, executive vice Earlierthisyear,the Japanese billion- ing investors sentiment.” shares in the company, the official onMondayreportedanoversix-fold president and Vision Fund head Rajeev aire named two newexternal directors to CILsharesrecentlyregisteredtheir52- said. The company undertook jumpinitsconsolidatednetprofitto Misra, and governor and board member the board.“The changes to our Board week-low at `109.50 per share,whereas buyback in FY18 and FY19 and paid `27.16croreforthequarterended of the Public Investment Fund of Saudi Rajeev Misra build upon the enhancements we made the52-week-highhasbeenat`215.85per September,onaccountofrobustsales. Arabia Yasir O Al-Rumayyan, have in June, including ensuring we have a share. The company’s stock closed at out dividends as well. Thecompanyhadpostedanetprofitof resigned from the board. The board will now have nine mem- greater proportion of external board `121.75 on Monday. `4.08croreforthecorresponding “These initiatives are aimed at berswithagreaterproportionofexternal directors, and further highlight Soft- Some feel that buyback is no more tax periodofthepreviousfiscal,Morepen increasing the proportion of external directors. The board has also appointed Bank’s commitment to corporate gover- efficient and hence the company should two buybacks. Sources in the company LabssaidinaBSEfiling. board directors on the board, and sepa- SoftBankfounderMasayoshiSon,Ronald nance,”Son said in a statement. skipthegovernment’sproposalofbuying saidthebuybackpricewas`235pershare rating the management decision-mak- DFisher,Claure,Sago,MisraandYoshim- In addition to the current changes, back this fiscal given its cash strap situa- in FY19 but this time itwould be much Flipkart starts grocery ing function from the business execu- itsu Goto as corporate officers. Chief Legal Officer Rob Townsend is tion.Companysourcessaidtheconstraint lower.Theprofitsfromthebuybackwould tion function to clarify the persons Son said the changes are aimed at transitioning to a role as senior advisor, in cash flow has been very temporary, be treated as a long term capital gain,tax- operations in UP responsible for business execution, the separating management and operations andTim Mackeywill take overthat posi- which started improving with coal ing it at 10%. FLIPKARTANNOUNCEDTHElaunch group said in a statement. at the Japanese conglomerate,which is tion. — (WITH BLOOMBERG INPUTS) demandfromthepowersectorincreasing Tax on the profits ofa buyback is more ofitsgroceryoperationsinUttar and e-auction sales moving up. economical than tax on dividend payout, PradeshonMondayasitseekstooffer CIL,as of March 2020,has neitherany though the company doesn’t seem to be consumersaccesstohigh-quality long-term noranyshort-term borrowing. weighingbetweentaxondividendpayout groceryproductsconvenientlyand TCS to acquire Ithasnodeferredtaxliabilitiesanditscash andtaxonprofitsifanyfromthebuyback quickly.Aspartofthisexpansion, SAIL introduces‘shorter reserves stood at `30,000 crore as of of shares. Flipkarthasestablisheditsfirstgrocery Postbank from March 2020. CIL payed 120% interim dividend in fulfilmentcentreinLucknow. Buyback will help increase the overall March 2020 with total outgo at `7,395 working period’scheme Deutsche Bank rate of return from owning shares in the crore.The companyhas alreadyinformed Uberlaunches PIN company, the official said.The company the exchanges about taking a decision on FE BUREAU theJuly-Septemberquarterofthecurrent undertookbuybackinFY18andFY19and its dividend in its board meeting.It has Dispatch feature at IGI New Delhi, November 9 fiscal. PRESS TRUST OF INDIA paid out dividends aswell. announced November 20 as the date for UBERLAUNCHEDITSPIN-Dispatch “The employees availing this scheme New Delhi, November 9 The Centre got `3,400 crore from the dividend payout,if there is any. featureatDelhi’sIndiraGandhi INAUNIQUE way to prune employee willbeabletoretainfacilitiesandbenefits, InternationalAirport,whichwillgive costs, state-run Steel Authority of including HRA/accommodation,medical INDIA’S LARGEST IT services firm Tata ridersaone-timePINonrequestinga India (SAIL) has unveiled a scheme under benefits and other perks.This scheme is Consultancy Services (TCS) on Monday trip,cuttingwaittimesandensuringa which a majorityof its 72,000 employees aimed at facilitating employees for self- said it will acquire 100% shares of Post- Former Petronet CEO Prabhat seamlesspickupexperience.Uber will be able to opt for a shorter working development, getting opportunities to bank Systems (PBS) from Deutsche Bank. initiallylaunchedPIN-Dispatchin period against proportionate enhance their knowledge PBS has been the internal IT provider BangaloreandHyderabadairports. forgoing of salary benefits. The measure is andexpertise,whilemanag- for Postbank, a subsidiary of Deutsche Singh joins RIL group company SAIL believes the scheme will expected to ing their working Bank,cateringfortheGermanretailbank- IAN,BangladeshAngels help its employees attain a reduce SAIL’s hours/time by making it ing market.PBS has approximately1,500 FORMER PETRONET LNG CEO Prabhat plyofnaturalgastomeetitsenergydemand betterwork-life balance. flexible,”SAILsaid. employees across nine locations in Ger- SinghhasjoinedaRelianceIndustriesaffil- of India,”Prasad wrote.Singh’s exact role, Network sign tech pact “The scheme, effective employee benefit SAIL always adopts many.Thetransactionwillseetheemploy- iate firm,second top executive to join bil- designation and hierarchyin the organisa- INDIANANGELNETWORK(IAN)has November 1,2020,is applica- expenses which strategies and introduces ees of PBS become a part of the Mumbai- lionaireMukeshAmbani-rungroupwithin tionwerefuzzy. announcedthatithasjoinedhands ble for all regular employees rose to `2,043 schemesforbetteremployee based company. weeksofdemittingoffice. RIL and its partner BP did not answer withBangladeshAngelsNetwork up to mid-management level. crore in the July- engagement and motiva- Inaregulatoryfiling,TCSsaid,“100per Singh,whocompletedafive-termterm emails sent for comments.India Gas Solu- (BAN),thepioneeringangelinvestment Underthe scheme,employees September quarter tion.This new scheme is a cent of the shares will be acquired byTCS at India’s largest liquefied natural gas tions(IGS)isa50:50jointventureofsuper- networkinBangladesh.Theaimis up to E-7 (general manager) step towards this and it will Netherlands BV(a subsidiary of TCS)”and importer Petronet in mid-September, major BPand RILthat is focused on sourc- tosource,cross-refer,andpromote grade can opt for various givealargercanvastoseveral the“estimatedtransactionvalueatasym- joinedthe“businessleadershipteamofthe ingandmarketingofnaturalgasinIndia. linkagesintechnology-enabledstart- shorter working hour options employeeswantingtoinvest bolic 1 euro”.The transaction is subject to India Gas Solutions (IGS)”, an employee BibhasGanguly,anexecutivewithRIL,is upsinIndiaandBangladesh. likethreedaysaweek,everyalternateday, or devote time to other pursuits and both parties finalising further agree- communication by Reliance Industries thechairmanofIGS.VinodTahiliani,whowas fourhourseveryworkingday,orhalfofthe responsibilities, while also being in ments,which they intend to do by end- executive director PMS Prasad said. In previouslywith BP,was named chief execu- Nektar.ai raises $2.15 mn working days in a month with a variable employment, SAIL chairman Anil Kumar 2020. Further, it is subject to customary August this year,former Indian Oil (IOC) tiveofficer(CEO)ofthecompanyinFebruary paystructure,”SAILsaid in a statement. Chaudharysaid in a statement. regulatoryand governmental approvals. chairman Sanjiv Singh joined Reliance 2018.“As a cleaner,sustainable fuel source, in seed funding The measure is expected to reduce InJanuary,SAILhadlaunchedascheme The deal will further add to TCS’ scale Industries(RIL)asagrouppresidentforthe the demand for natural gas is expected to Singapore-basedNektar.ai,foundedby SAIL’s employee benefit expenses which for sabbatical leave for all its regular in Germany and strengthen its growth firm’soil-to-chemicalsbusiness. growatanexponentialrate.Weareconfident Indiancitizens,hasraised$2.15 roseto`2,043croreintheJuly-September employees who have completed 10 years, outlook,it said in a statement. Singh had retired from India’s top oil thatwithhisexperienceandabilities,Prabhat millioninseedfundingledbyNexus quarter of the current fiscal,on a consoli- primarily aimed at cost-cutting. But the TCSisrankedbyanalystsasthefastest- firminJune-end. willsteerIGStowardsmeetingthisexponen- VenturePartners. dated basis,from `1,964 crore ayearago. scheme failed to elicit much response, a growing IT service provider in Germany “He (Prabhat Singh) will lead and drive tial demand and marketing of natural gas SAIL reported a `437-crore net profit in source in the companysaid. with a 10-yearCAGRof over24%. theIGSorganisation,aimedatassuredsup- withinthecountry,”Prasadwrote. —PTI Venky’s Q2 net profit soars to `36.36 crore ● INTERVIEW: GOPAL MAHADEVAN, CFO, Ashok Leyland VENKY’S(INDIA)REPORTEDanear Lodha UK sells triplingofnetprofitto`36.36crorefor theSeptemberquarter.However, London penthouse revenues declinedby14%to`702,06 ‘H2FY21 will bring much-needed growth for CVmakers’ croreduringthequarter. for 140 mn pounds Commercialvehicle(CV)makersarefacing When that happens, not only the volume thatwe are future-ready.Whatwe do is to Kinetic launches portable challenging times in the pandemic, with performance,but the operational perfor- constantly look whether any capex is PRESS TRUST OF INDIA sales failing to pick up.Ashok Leyland CFO mance of the companywill also improve. requiredtogradeupproductionandifyes, New Delhi, November 9 UVsanitising devices GopalMahadevanshareshisviewsonthe wewilldothat. Wehadcapexplanof`750 KINETICCOMMUNICATIONSON CV industry’s growth prospects and the How is the capacity utilisation at the crore for financial year 2021 and `290 LODHAUK, THE real estate arm of Lodha Mondaylaunchedaportable company’splansgoingforwardwithSajan plants currently? crore has been spent till the September group,onMondaysaidithasrecentlysold disinfectortosanitiseobjectsand C Kumar.Excerpts. Our Hosur plant,which primarily makes quarter.The company has headroom for a penthouse at No.1 Grosvenor Square in roomsusingUVraytechnology.TheUV lightcommercialvehicles(LCVs),isbackto another`500crore,whichwillbeinvested Londonfor140millionpounds,the“most Warriorrangeiseffectiveagainstthe When doyou think the CVsegment in pre-Covidlevels.Withdemandincreasing as perrequirement. expensive”home sale deal thisyear. novelcoronavirusandotherbacteria general and the company in specific month on month, the plant’s capacity The project is located in Mayfair, near andvirus,andcouldkill99.9%ofthe would be able to counter the current utilisation would go upwards of 90% What are the company’s plans on the theUnitedStatesEmbassyandHydePark. viruswithin15minutes, itsaid. slowdown in demand? soon.The otherplants at Ennore and Pant export front? GabrielYork,co-CEOofLodhaUK,said, The commercial vehicles segment has Nagar that cater to the M&HCV segment, InQ1,theexportswerenegligibleasglobal “Thisisthemostexpensivehomesoldthis Affle Q2 PATjumps been making steady improvement,and aremovingtowardshigherutilisationlev- economies were under lockdown, and in year and probably amongst the top five with further opening up of the economy els,but at a slowerpace,and itwill take Q2wehavemadesomeimprovement. We most expensive homes eversold.On a per 73% to `27 crore will grow further.An increase in infra- them some more time to reach the pre- believe that Q3 and Q4will be good for sq ft basis,at GBP9,200 PSF(almost `9 DIGITALADVERTISINGFIRMAffleon structure investment by the government Covid levels. exports as the economies are opening up. lakh per sq ft),it is the most expensive Saturdayposteda73%jumpin and improvement in core industries such be decline by 25% to 30%. If that is the Of course, there are issues in Europe due home eversold in London.” consolidatedprofitaftertaxat`26.97 ascementandsteelshouldaiddemandfor case, from a situation of minus 75%, the Isthereanyrethinkonthecapexplanfor tothesecondwaveofCovid-19infections. No. 1 Grosvenor Square is the only croreinthesecondquarterended commercial vehicles.The total industry industrywouldcomedowntominus25%. FY21? The company had earlier revised Also some Central Asia, Sri Lanka and building that has served as the American September2020.Ithadloggeda volumewas 75% lowerthan the lastyear. Thesectorneedstogrowintheremaining it downward. Bangladeshmarketsareyettoopenup.We Embassy and then as the Canadian High profitof`15.58croreinthesame There is an industry estimate which fore- third and fourth quarters. As demand Wewill be extremelytight andvigilant on areeyeingnewmarketssuchasSouthEast Commission. It has been home to John periodayearago. cast that forthe fullyear,thevolume may grows,plant utilisation will also increase. thecapexandatthesametimewillensure Asia andAfrica. Adams,the second president,in 1785.

Pune WWW.FINANCIALEXPRESS.COM TUESDAY, NOVEMBER 10, 2020 FINANCIAL EXPRESS 7

Pune 8 FINANCIAL EXPRESS WWW.FINANCIALEXPRESS.COM SAVE MOLLEM

Chief minister of Delhi Arvind Kejriwal

Goans camping day and night to #savemollem and ❝stop #coalprojects. FIRs done against many Goans ❝ includingAAPvolunteers. Muzzling protests and lodging FIR will not dampen spirit ofGoans OpinionTUESDAY, NOVEMBER 10, 2020

Rough weather, ● COMBATTING COVID-19 AS MILLIONS BECOME INFECTED, NOTSURPRISINGTHATAFEWGETANEWINFECTION ONLYASHORT better environment? TIME LATER. BUTMOSTWILLREMAIN IMMUNE FORAFEWMONTHSAFTER GETTING INFECTED Biden will present India a tougher policy environment, a U-turn on global warming is welcome but delivery is tough Don’t freak out about Covid-19 T IS TOO early to say how India’s relations with a Biden administration will pan out, especially since the contours of its policy towards Chinese expan- sionism are unclear—many suggest a more accommodative policy—but it I does seem likely India is not going to find a policy environment that is as reinfection stories alive to its sensitivities as the Trump government was; certainly a decision to revoke the Donald Trump‘Muslim’ban—Trump had banned travel from several Muslim majority countries including Iran and Syria—suggests that attempts to HE MOST ATTENTION- more than 5% of a sample of 302 portray India as anti-Muslim may get more traction and that more uncomfort- GRABBING scare stories people and more than 40% of a able questions will be asked about Kashmir.While many believe Republican about the pandemic often smaller group of children under 16 regimes are friendlier to India than Democratic ones, how this pans out really revolve around individual carried some immunity to the depends on India’s own pro-growth and investment policies.Not onlywas India cases—someone who got FAYE new coronavirus left over from these growing at 7-8% in the days George Bush offered the nuclear deal,with invest- theTdiseasetwice;ayoung,fitpersonwho other infections. mentlevelsat38-39%ofGDPlevelsatthatpoint,India’spotentiallookedbright. died; an older person who was likely FLAM In a study published in September GDPwillnotjustcontractthisyear,potentialgrowthoverthenextfewyearslooks infectious for more than two months. Bloomberg in Science, a team led by Harvard alotlessrobust,andIndia’streatmentofseverallargeglobalmajorssuggestaless The fearis that these phenomena could geneticist Stephen Elledge showed rosy future; India’s inability to sign even a limited trade deal with the Trump bewidespread,but scientistswho study people who got sick enough with administration has to be seen as a negative. infectious disease sayit is normal to see immunologist Florian Krammer of the initial infection, says Krammer, but Covid-19 to go to the hospital were The immediate preoccupations apart, a lot of the excitement about a Biden extreme variability in the human reac- IcahnSchoolofMedicineatMtSinai.The another component called memory B much more likely to be infected with administrationisthepromiseofcorrectingTrump’sclimate-scepticism.Howmuch tiontoanyvirus. concentrationofantibodiesindifferent cells circulate in the body for years, common herpes viruses CMV and Bidenisabletopushtheagenda,ofcourse,willdependuponwhether,bytheendof Early in the pandemic,people often people infected with the virus follows retaining the ability to recognise the HSV-1.These viruses are never com- January,the Democrats are able towrest a majorityin the Senate; that Florida,one described the disease based on their something close to a bell curve,he says. same virus and trigger a new immune pletely cleared from the body. The experienceorsomeonetheyknew.Some Thereisatypicalresponse,butplentyof responseifitcomesback. researcherscouldn’ttellwhetherthese of the states most vulnerable to climate change,went to Trump suggests climate said itwas just the sniffles because that variation out at the edges.Sometimes Genes also play an intriguing role. other viruses are making Covid-19 change isn’t a hot-button issueformost of the country.Biden has promised the US iswhat theyexperienced.Others said it peoplewithmoresevereinfectionsmake Rheumatologist Arthur Krieg,founder worse, or whether these people are willberejoiningtheParisAccordonthefirstdayofhispresidencyandthathisadmin- wasworstthingthateverhitthem.They moreantibodies,butsometimestheysee of Checkmate Pharmaceuticals,says a more susceptible toviruses. istrationwillalsobelookingatinjecting$2trillionasa“greenstimulus”toeasethe are both right.But the over-generalisa- sky-high antibody con- people with a defect in a While there was some early US into a low-emission economic growth trajectory; given this will require higher tion of these experiences can feed into centrationsinpeoplewho gene called TLR7 can thought that severity depended on taxesinotherareasandtighteremissionnormswillhitlargepartsoftheeconomy, the political polarisation of the disease. nevergetsymptoms. There are four develop particularly how much virus you were exposed to delivering on this is not going to be easy,more so since not all Democrats are con- Itshouldn’t.Inthebigpicture,Covid-19 As millions of people severe cases of Covid-19. —theso-calledviralload—theexperts vinced about this either.As president,though,Biden could make a start using the neithertheBlackDeathorthesniffles. become infected,it is not coronaviruses Thatgeneregulatesanall- said that was just a hypothesis.Dis- executive route; he could start with rolling back the dilution and overturning of “There is avast diversityof immune surprising that a fewget a circulating in the purpose virus fighter ease severity may be more strongly nearly 100 environmental regulations that the Trump regime affected including responses as well as responses to infec- newinfectiononlyashort population and calledinterferon,whichis influenced by factors that determine theonethataskedeveryfederalagencytodismantletheirclimatepolicies. tion”, says Dan Barouch, a vaccine time later,he says.In the causing common released quickly after how easily the virus grows in your BidenispledgingtocutUSemissiontonet-zeroby2050andcleanupthepower researcher at Harvard Medical School. Nevada case, the patient exposuretopathogens. body once you are infected—being sectorby2035.Ifheisabletodeliveronthis,takentogetherwithChina’spledgeto That is the case with other pathogens produced antibodies the colds. Some experts According to an arti- exhausted or run down, for example. reach carbon neutrality by 2060—EU targets 2050 for net-zero status—the US from influenza to tuberculosis to HIV. second time,but possibly believe exposure to cle in the Journal of the Environmental factors could also achievingtheBidentargetcouldpullglobalwarmingdownto2.3-2.4oCabovethe “Sometimes it is because of different not the first. In another these may influence AmericanMedicalAssoci- come into play; Krieg pointed to pre-industrial levels by the end of this century,as per the Climate Action tracker. genetics,andsometimesitisfromadif- case out of Hong Kong, the way people ation,theTLR7geneison research led by Yale immunologist ferent strain of the virus”,he says.“In doctors measured a low the X chromosome, and Akiko Iwasaki showing that dry air And,withtheUSwillingtojoinChina,thelargestcurrentemitter,andIndia,another respond to Covid-19 top emitter (though a much smaller per capita emitter) on climate action leader- some cases,it might be due to different antibody concentration that makes the problem mightmakethevirusgrowmoreread- ship,chancesofreachingtheParisaccordideal,oflimitingglobalwarmingto1.5oC viraldosesorotherimmuneparameters, after the first infection, much more common in ily in the nasal passages. ordemographicvariables—sometimesit andthepatienthadonlya males.(Femaleshavetwo Thevariabilityin human response would rise meaningfully,as peran expert cited in a FinancialTimes report. comesdowntochance”. mildcasethesecondtime. copies of the X chromosome, so are to the virus means there will likely be He said he is not alarmed that there Anotherrecentalarmingcasestudy more likelyto end upwith at least one variabilityin the effectiveness ofvac- are a few documented cases of reinfec- described a 71-year-old woman with normal version of the gene). In one cines, he says, and that is a good rea- tion.Even if there are vastly more than leukemia who never developed symp- case described in the article, two son to try to gain public trust and get Pandemic & pollution pains the dozen or so reported reinfections, toms and never produced measurable brothers in their early 20s were sick everyone on board. If enough people thiswould still represent a tinysliverof antibodies, but appeared to remain enough to need mechanical ventila- take a vaccine, the world could NGT does well to ban crackers,pollution complicates Covid-19 the tens of millions of cases that have infected and possibly infectious for tion to survive. In another, a 32-year achieve herd immunity,even if the occurredworldwide. morethan70days—muchlongerthan old man and his 29-year-old brother vaccine onlyworked in,say 70% of HERE ARE ALREADY some signs of the doublewhammy—some are call- One of the most striking examples, the eight days most patients are were hospitalised, and the younger people. But if too few people get the ing it the‘twindemic’—of pollution complicating Covid-19.The spurt in described in a case study in The Lancet, thought to be contagious. brothereventuallydied. vaccines, then even vaccinated peo- was a 25-year-old man in Nevada who Despitetheseexceptions,theexperts Another factor is experience with ple might not be safe, if they are casesinDelhiseemstohaveasmuchtodowithworseningairqualityaswith wasinfectedonceinlateMarchandlater Iconsultedstillthinkmostpeoplewillbe prior infections,says Krieg.There are unlucky enough to be especially sus- festiveseasonactivity.AstudybyGermanandCypriotresearcherspublished T in May. Genetic analysis of the virus immune forat least a fewmonths after four coronaviruses circulating in the ceptible to the virus.And if that hap- last month showed that long-term exposure to pollution could be linked to 15% of showeditwasnotalingeringeffectofthe getting infected.And,they expect that population and causing common pens,we will all be living with Covid- the Covid-19 deaths worldwide.The study analysed disease data from the US and sameinfection.Whileothercasesofrein- vaccineswillwork. colds.He says,exposure to these may 19 for a long time to come. China,apartfromsatelliteandgrounddataonexposuretoparticulatematter,andesti- fectionweremilderthesecondtime,this Theimmunesystemiscomplex,and influence the way people respond to This column does not necessarily matedthatalittleoverafourthoftheCovid-19deathsinEastAsia,wherepollutionis onewasmoresevere. offersmoredefencesthanonlyantibod- Covid-19. Indeed, a new paper reflect the opinion ofthe editorial amongsttheworstintheworld,hadlinkstopollution;thecorrespondingestimatesfor It is not all that surprising, says ies.Antibodies are produced during an released Friday in Science shows that board orBloomberg LPand its owners Europe and North America were 19% and 17%. Even when there is not enough researchtoestablishaclearcausallink,expertsbelievepollutantsexacerbateexisting co-morbiditiesthatarelinkedtoincreasedchancesofCovid-19fatality.Theresearchers also underscore the fact that particulate matter pollutants increase the activity of ACE-2,areceptorthatisinvolvedinfacilitatinginfectionbymanypathogens,includ- LETTERS TO ing SARS-CoV-2. Another study by Harvard researchers bears out the European THE EDITOR researchers’findings—itfindsthatamere1microgramincreaseinPM2.5levelsina WhyTrump clicked withAmericans cubicmetreofairraisedtheriskofdeathfromCovid-19infectionby11%. Against such a backdrop—with Delhi,where the air quality has been in the His America First,anti-immigrant,anti-multilateral New dawn in the US ‘severe’ band over the past few days, frighteningly near running out of hospital fora rhetoric seems to be working at a time when capacity—theNationalGreenTribunal’sdecisiontobancrackerstillNovember30 MADAN SABNAVIS After trailing but steadily closing globalisation has failed millions in the US & elsewhere the gap since Election Day, incitieswherepollutionlevelsarehighisawelcomemeasure.However,thishardly Chief Economist, CARE Ratings. Views are personal Democrat and former vice suffices;Delhi’spoorairqualityhasalottodowithotherfactorssuchascropstub- president Joe Biden has seized the ble burning in neighbouring Punjab & Haryana,and vehicular and other sources THE US PRESIDENTIAL elections saw timesexaggerated,ontheissueofjobs, world, as China bypassed the rules of lead in the Republican-leaning of pollution such as construction and road dust.The problem with an episodic Joe Biden unseat the incumbent Don- to appeal to the electorate.Trump fol- fairplayinthetradearena.TheUScan swing State of Georgia, and in response, such as crackers bans or cheap access to farm equipment to deal with ald Trump. The outgoing president, lowed a similarapproach. take credit for being forthright in Pennsylvania, and winning them has cropstubbleorodd-evenvehiclerationing,isthatitsweepstheactualreasonsunder Donald Trump was brash,but still a Fourth, Donald Trump walked actually imposing higher duties on guaranteed his victory in the 2020 the carpet. For instance, the crop burning problem doesn’t go away with Happy largenumberofvoterssidedwithhim. away from global economic coopera- goods from China. It may be recol- US presidential elections. However, Seeders as long as burning (with the fines factored in) remain the cheaperoption; Deliberationonwhatreallymadehim, tion forums saying that the US has lectedthatoncethetradewarstarted, an obstacle in his path to the White inwhichcase,theidealsolutionwouldbetoeliminatetheproblemattherootitself, orhis policies,tick is needed. not benefited from its membership. all countries,including India,tried to House comes from the chaotic legal which, in turn, needs the government to relook its open-ended procurement at Once policies are formulated, Brexit,too,is based on a similar tenet take advantage of China’s loss. action by the Trump campaign to MSP of paddy from Punjab and Haryana farmers. Similarly,odd-even,which has often, posturing assumes more and has found favour with the voters Therefore, quite evidently,Trump stop the counting of votes after been shown to have very limited effect,distracts from the fact that Delhi doesn’t importance than the actual action. in the UK.It is also true that all global didseveralthingsright,whichappealed polls closed, on the unfounded offer enough public transport (with less polluting fuels) capacity to obviate the Thisiswhatclickswiththevoters,and arrangements,at some point or the to the voters, who believed that the allegation that mail-in votes were need for hydrocarbon-fuelled personal transport.Acracker ban is good,but there hasbeenwitnessedinIndiatoo.Letus other make countries feel that they Trump administration was advancing subject to large-scale fraud. In are hundredsof microandsmall enterprisesaswell as biggerunits in the national examinesomeofTrump’skeypolicies, have given more than they have ben- the interests ofAmerica.In fact,on the normal times, and with a capital region that don’t comply with pollution norms.And, a third of the power wherewe can find parallels across the efited.WTO is a clear case,where the politicalfront,whiletherehasbeenalot predictable predecessor, Biden consumed bythe national capital is from generation companies that don’t follow world.The first is the America First Western economies, especially the ofcriticismofthelanguageusedbythe may have relished the prospect of emission norms,as pera studybythe Centre forScience and Environment.Pollu- slogan, which indicated that Trump US,tend to benefit the most by get- administration, but the four years, preparing to enter office in January tionwas a majorhealth concern even before Covid-19,though Covid-19 has spelt put Americans at the forefront of any ting other members to open their underTrump’s tenure,did not witness 2021. Yet, the pandemic and the legacy ofTrump’s administration it out more starkly. policy,eitherpolitical oreconomic.In borders to trade and investment.But, anywar,which could have led to a loss India,we have had the Make-in-India the reciprocity is missing when it ofAmerican lives.Economicswas used imply that, should he win, Biden will doctrine, now followed by Atmanirb- comes to services or people (immi- as the tool to isolate Iran, and the US have to make plans on an har India, which strikes the same gration). Therefore, turning away stayedawayfromproblemcountries. emergency footing, not only in the notes. These doctrines can be from globalisation during stressful Now, with a change in guard, a lot realms of healthcare and CyberSAVVY explained in different ways, but ulti- times is not unexpected. of this will expectedly be reversed. macroeconomic policy but also in mately they ascribe that the nation Fifth, the Trump administration Immigration laws will be eased,tax terms of healing the painful Attack on BigBasket exposes vulnerabilities in the private comes first. Hence, ‘Make America was pro-business with its corporate rateswill be raised,forsure,on corpo- divisions that have led to the sector digital economy,consumers must be proactive too Great’soundedmuchlikeourslogans, tax cuts.We have seen a parallel in rates,and creating jobs for the local emergence of two Americas, with laced with patriotism. India,wherethecorporatetaxwascut citizens will come to the fore.At the radically divergent views on Thepolicyofbuildingawallonthe to supportindustry.Thesalaried class global level, there will be a sigh of everything from tolerating pluralism HE CYBERATTACK ON BigBasket shows howbadlythe companyneeds Mexican border as it echoed the anti- doesnotmeritmuchattentioninboth relief as cooperation under various to embracing globalisation. On torampupitssecurity—thankstothedatabreach,theaccountinforma- immigration vitriol.The whole idea countries.ButwhiletheIndiagovern- global trade arrangements will re- Covid-19, the US will soon touch a tionofcloseto2croreusersoftheappendeduponthedarkwebforsale. was that immigrants were taking ment has spent on the poor, the commence and dialogue will resume. grim milestone—10 million cases. T Thisalsounderscorestheneedfortopcompanieswherecustomersgen- awayjobsastheycameinillegallyand Trump administration has been anti- There will be more cooperation than This makes it imperative that the erate significant amounts of data to ramp up security.While it is not clear how offered cheap services.India faces a healthcare, etc. However, support for confrontationorwithdrawal,whichis next president of the country much money is spent by Indian companies on cybersecurity,but the absence of a similarissuewith Bangladeshi immi- the capitalists has been a hallmark of the essence of diplomacy. respects science and advocates the datasecuritylawmeansthatthegovernmentcannotmakethemcommittocertain grants.Looking after refugees costs a the administration, a feature in most Will India directly gain? Probably use of masks, social distancing, and fixed expenditure.An analysis of payouts by companies in terms of bug-bounty lot of money and leads to loss of jobs countries with heavy lobbying. notmuch,astherewerenotmanypos- lockdowns. Similarly, experts programmes, however, show that Indian companies still do not treat cybersecu- at the lower level. Our attempt to put Sixth, the Trump administration itives or negatives with the Trump concur that the pandemic-induced tailspin of the US economy will rity as a top priority. In comparison to millions spent by foreign firms on bug- the Citizenship Bill in place is not dis- moved out of the climate change administration. He had been vocal similar to the attempts in the US. accords.The ‘America first’ approach about India not being fair on trade, need a pragmatic and bold fiscal bountychallenges,Indian firms paymeagre amounts. Third, is the issue of employment, meant that the USwas not going to be which can now be open to dialogue. policy, not fear mongering tweets However, getting companies to address cybersecurity concerns is only one wherevariousstateshavedrummedup a leader in curtailing damage to the While there is the hope of more immi- denigrating immigrants. If the US is measure.WhileBigBasketwasabletosavefinancialdataofitscustomers,ifsome- the issue of reserving jobs for the local environment,when other countries, gration visas issued for Indians,this to have a hope of holding onto its one breaks the password codes,hackers can still gain control of the user’s finan- population. Even though it ultra vires especiallyinthedevelopingworld,got may not be the top agenda presently. superpower status, the mammoth cial information. Most people avoid spending on security because they do not Constitution, the courts have rarely awaywith doing little.This too res- Internalissueswerenotofimportance task of bridge-building across the rateitasahighpriorityandinsteadrelyoncompaniesandgovernmentstomeet interfered,and this has become a use- onates in most developing countries, to DonaldTrump,and it remains to be bitter polarisation of the partisan cybersecurity needs. Despite the market being flush with password vaults and ful political plank during elections. It including India,where scant regard is seen if the new president will express divide must be the highest priority antivirus suites for mobile phones and desktops, the uptake is limited to firms hasbeenwitnessedinstateslikeMaha- paid to upsetting the ecological bal- hisviews.Withglobaltradeandinvest- for the 46th President. and not individuals.VPN services,along with password vaults and antivirus rashtra, Tamil Nadu, Karnataka, ance as growth objectives prevail. ment flows being more open, there — Sanjay Chopra, Mohali suites,can increase securitymanifold.Unless users increase theircyber-spends, Uttarakhand,Haryana,etc.Prospective Seventh,the anti-Chinatiradewas couldbesomebenefits,thoughcontin- companies cannot ensure cyber-hygiene. leaders can always work up stories, at something which resonated with the ued dialogueswould be essential. ●Write to us at [email protected]

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

Pune WWW.FINANCIALEXPRESS.COM TUESDAY, NOVEMBER 10, 2020 FINANCIAL EXPRESS OPINION 9

Anew reality for realty NIRANJAN HIRANANDANI

National President, NAREDCO & ASSOCHAM. Views are personal Data centres in the top eight cities occupy 7.5 mn sq ft; over the next 2-3 years,this could go up by another 10 mn sq ft

HE NUMBERS OFcommercialrealestate(CRE)in the first three quarters of thisyearhas been fairly encouraging.Theinvestors’unceasingcravingfor officepropertieshasheldthefortforthesegment. ThestrongfundamentalsoftheIndianofficemar- ketT have reportedly harvested around $16 billion of private equityinvestmentsinthisdecade,and$1.87billionhasbeen gatheredinthekittybythefourdealsthatmaterialisedduring thefirstninemonthsamountingtothetransactionof18.1mn sq office space.Also,the listing of India’s first two REITS have beensuccessfulingarneringinvestor’sinterestglobally. Themomentuminearly2020washitbyCovid-19crisisin March,andseveralleasingdealsonfinalstagesofnegotiations were deferred.With economic lockdown,office andworksta- tionshave beenpushedtowork from home,andretailspaces havewitnessedadigitalshiftinthee-commercespace.Grad- ually,as when the government began recalibrated mission restart,the haltedwheels of economic activities began to roll out.Thisrevivalmodecalledforthedeferredcommercialdeals back into the tables for further negotiations.For instance, Google,aninternetgiant,isonanofficeleasingspreeasafol-

ILLUSTRATION: ROHNIT PHORE low-uponitsmassiveinvestmentplansinIndiaoverthenext 5-7yearsincitieslikeBengaluru,Hyderabad,MumbaiandGur- gaon.SeveralmultinationalITcompaniesdownsoutharealso BARENDRA KUMAR locallockdownsarefullylifted. about `1.1 trillion from the market to lookingtoinvestinbiggerofficespacestomaintainsocialdis- Thecurrentretailinflationoutlookhas compensate the states due to GST short- tancing measures. It can be said that the private equity BHOI beenwellaboveRBI’smaximumtolerance fall has been negatively received by the investorswhohadadoptedawaitandwatchpolicyhavetaken limit of 6% (7.3% in September). Food stockmarket,withBSESensexcrashingby advantage of the economic slowdown to look out forGradeA Former principal adviser and head, Monetary Policy inflation was in double-digit (10.7% in more than 1,000 points on October 15. assetswithbettergrowthprospects.Thus,pushingthedealsize Department, Reserve Bank of India. Views are personal September).This has been mainly due to There is also the fear of India’s sovereign forofficeinvestmentshigherthisyearascomparedtothelast. unprecedented disruption in the supply ratingdowngrade,whichcurrentlystands Thepandemichaspermanentlyalteredthewayweliveand chains.Inflationarypressuresareexpected atthelowestlevelofinvestmentgrade. thewaywework.Thecalibratedunlockingoftheeconomyby ● CHARTING RECOVERY to abate going forward due to the record The government had announced the the government demands an leveloffarmharvestanticipatedthisyear. Atmanirbharpackageofabout`21trillion adherence to the given guide- Beingasupply-sideproblem,RBIhasindi- inMay,includingtheRBI’sliquidityinjec- lines to ensure a safe working- catedtosee-throughthetemporaryrisein tion of `8 trillion.The package has three The lower cost of operatingenvironment.Though foodprices.Moreover,thegovernmenthas components—relief,rehabilitation,and leasing the Covid crisis has pushed fora The economy waived RBI’s accountability of price rise structuralreforms.Poorpeoplehavebene- supplemented with Work-From-Home scenario, during the Q1 of this year, which was fited from the distribution of food grains backtoofficesentimentneedto mainlyduetolockdownconditions. stored in the FCI, besides direct benefit the lower cost of beencouraged. IMF, in its October World Economic transfers.Theinformalsectoroftheecon- human capital Officespacesarerequiredto Outlook (WEO), has projected a double- omywas the worst hit due to lockdown. resources has led redesign keeping the safety of Atmanirbhar may bounce digit (10.3%) contraction of India’s real packageincludesseveralpro- to the influx of a the employees as a priorityand GDP in FY21.IMF’s projection is similar posalstoprotectemploymentintheinfor- follow the new social distance tothedouble-digitcontractionprojected mal sector,including `3 trillion low-cost large number of norms.We are likely to witness by several other agencies/think tanks loanstoMSMEswithagovernmentguar- IT\ITes companies restructuring,de-densification, such as NCAER (-12.6%), SBI (-10.6), antee.Thereisadynamicshiftinthefocus and transformation in the back quickly Nomura (-10.8),etc. ofthegovernmenttodevelopIndia’srural upcoming commercial market Both the government and RBI have areas.Severalstructuralreformshavebeen scenario.This protocolwill lead taken several innovative measures to proposed for revamping the agricultural to demand for larger floor plates and will drive further Smart implementation of the government’s proposals, arrest economic contraction.As India is marketing,rural infrastructure,food pro- demand for commercial RE.The overall outlook is positive together with RBI’s accommodative monetary policy, facing the worst ever contraction of GDP cessing,animalhusbandry,herbalcultiva- forthesegment. thisyear,thefiscalconsolidationhasbeen tion,etc.Soonerorlaterfarmincomemay Now,with the sharp increase in the digital economy,the could revive the economy faster than expected set aside for the time being.To maintain double due to historic steps taken by the demandfromnewsunrisesectorslikewarehousing,logistics, government expenditure, the govern- governmentbyamendingthreeactsrelat- datacentres,OTTmediacompaniesisspringingupquickly. ment’smarketborrowingprogrammehas ing to agri-trade, contract farming, and As per reports,data centres in the top 8 cities currently been increased from `5.4 trillion in the essentialcommodities. occupy7.5mnsqftspace,andoverthenext2-3years,anaddi- budgetto`12trillion.Despitethemassive RBI’s initiatives have so far been tional10mnsqftspaceislikelytobeadded.Ascompanieshad NDIAHASBEENoneoftheworstsuf- tourism,hospitality,entertainment,live shortfalls of revenue and non-realisation exemplary.Besides repo rate cuts of 115 to dealwith the newwork environment,therewas a 25-35% ferersduetotheCovid-19pandemic. sports, logistics, events & conferences, ofdisinvestment,thegovernmentwillnot basis points since February, the RBI has increaseindatacentrecapacityusage. Evenifthenation-widelockdownhas fashion,realestate,etc.willtakeconsider- only match the expenditure proposed in injected more than `11 trillion into the Incidentally,the warehousing sector though,was down been lifted in a phased manner,local abletimetonormalise. the budget but may surpass the same. marketvia several means,like long-term 86%inPEinvestmentsfromthepreviousyear,inthefirstthree lockdown persists in many states. The Reserve Bank of India (RBI) in its However,the fiscal space is limited.Pro- repo operation (LTRO), targeted/on-tap quarters it surely is segment earmarked for tremendous IFinally,theCovid-positivecurvehasstarted October 2020 monetary policy has indi- posal to borrow an additional amount of LTRO (TLTRO),Open Market Operations growth.The warehousing segment would certainly benefit flatteninginIndia.Nevertheless,themed- cated a three-speed economic recoveryin (OMOs), purchase of foreign exchange, from the renewed interest in the e-commerce segment.This icalemergencyisfarfromover.Thepossi- India.After a gap of six months,RBI has reduction in Cash Reserve Ratio (CRR), sentiment iswell shared bythe global playerswho have been bilityofasecondwave,duringtheupcom- provided projections of growth and infla- RBI’s projection of exemption of Statutory Liquidity Ratio takinguppositionsinthisparticularassetclass. ing festival season,cannot be ruled out. tioninIndiainFY21. India’s growth and (SLR), special refinance to NABARD, Moreover,India’spositionasanalternativemanufacturing Completenormalcyofeconomicactivities According to RBI’s projection,India’s SIDBI, NHB, and Exim Bank, liquidity hub afterChina in thewarof supremacycan pave thewayfor will not be possible until an effectivevac- real GDP is likely to contract by 9.5% in inflation in 2020-21 (%) facilityformutualfunds,higherwaysand around1,000foreignmanufacturingcompaniesshiftingtheir cine/therapy is found/administered.The FY21withthebalanceofriskstiltedtothe Quarter/ Real GDP CPI means advance to Centre/States, etc. base to India.Around one-third of the total number that is experience of striking a balance between downside. Due to strict lockdown Moreover, several regulatory forbear- around300companieshaveproductionplansinmobile,elec- Year growth Inflation life and livelihood has been challenging. observedinIndia,contractionofrealGDP ances have been given to both borrowers tronics,medicaldevicesandtextiles,cementingthebeliefthat The resumption of economic activities in Q1 of FY21 was 23.9%--one of the and lenders such as a moratorium on this would increase demand forwarehousing spaces around seems to have slowed down a bit recently highest in the world. It is clear from the April-June 2020 (Q1) -23.9 (a) 6.6 (a) loan/EMI repayments, change in risk thesemanufacturingplantsinthemajorcitiesofthecountry. as the fear factor still reigns high in the table that the worst is behind us,and the July-Sept. 2020 (Q2) -9.8 6.8 weight/loan-to-value ratio, increase in Thelowercostofleasingsupplementedwiththelowercost mindsofmanypeople. contractionofrealGDPmayprogressively Oct.-Dec. 2020 (Q3) -5.6 5.4 held-to-maturityofSLRbonds,etc. ofhumancapitalresourceshasledtotheinfluxofalargenum- OptimistsbelievethattheIndianecon- decline going forward.RBI predicts that Smartimplementationofgovernment ber of IT\ITes companies. In the future as well, the overall Jan.-March 2021 (Q4) +0.5 4.5 omy will bounce back quickly. By end- the real GDP growth is likely to be mar- proposals together with RBI’s accom- potentialoftheofficespacemarketinIndiaseemstobeonthe October,theeconomicactivityhasrecov- ginally positive in the last quarter of this 2020-2021 (FY21) -9.5 5.8 modative monetarypolicymayrevive the growth trajectory,given the fundamentally strong pace of ered to 83% of the pre-Covid level.The year.Given the downside risks,one can- Note: ‘a’ for actual. economy faster than expected provided growthoftheeconomyandresultant,fuelleddemand. contactless economy has recovered not be very sure whether full normalcy Source: Reserve Bank of India medical emergency due to Covid-19 is rapidly. However, sectors like travel, couldberestoredintheQ4ofFY21unless handledeffectively.

POLLVAULT

HAT IS COMMON most polls showed Hillary Clinton between television clinching the presidency.In 2020,the rating points (TRP) general sentiments expressed in all the ratings & the US elec- TRP & the US polls polls leading to this presidential election tions? Well, both were that Democratswould have a cake- Whighlight the apparent fault lines about walk and a landslide and sweeping The US election, and the TV rating system highlight the the statistical system in India and the victory. US. Rating systems exist the world over, profound methodological deficiencies that exist in the In 2016,undecidedvoters decided to though sampling methodologies differ. cast their ballots in larger numbers in In a similarvein,predicting election out- design and execution of statistical sampling favour of Republicans as the race ended, comes is not an exact science.The prob- and pollsters did not make a crucial lem ariseswhen both suchTRPs and poll SOUMYA KANTI GHOSH adjustment in their calculations: white polls point to a certain direction and turn male voters minus a college degree.This out to be wrong; it’s worth asking what & BIKRAMJIT CHAUDHURI time, the theory going around has been caused the error. a‘silent’Republican voterwho is shy of Ghosh is group chief economic advisor, SBI & Chaudhuri is seniorVP,Datamatics For example, the UK has its Broad- Global Services. Views are personal opening to pollsters but enthusiastically casting Audience Rating Board (BARB) turns up at the polling booth on voting that uses and combines two indepen- day. This has been a decisive factor that dent data sources to deliverreach of pro- 44,000 meters can hardly claim to rep- not make much of a difference,but sam- everyyearto avoidvested interests from vision revenues, because this segment can help explain the wide gap between gram audiences across multiple screens. resent the views of nearly 20 crore tele- pling isabout just ensuring theright rep- accruing. has greater purchasing power. To com- poll predictions and actual outcomes, The US is dominated by Nielsen, that vision households.True,though all sam- resentations of the population,based on To understand how many of the pare numbers,we find that Hindi film though the direction of actual outcome covers 80,000 households, but with ple surveys have similarlimitations.The sound statistical principles and honest 44,000 meters may be spiked to tamper channels scoop 10% of TVrevenues and remains the same with Democrats win- smaller families, the total number of Retail measurement, consumer panel, execution. with that TV segment’s TRP,let us see Hindi news channels get some 6%. ning the US elections. viewers tracked is much less than two readership, employment, and the opin- In India,such sample households are how viewership patterns emerge from Thus, purely statistically “English The US presidential re-election, and lakhs.India’s BARC has set up 44,000 ion poll,exit polls surveys theworld over selected through an‘establishment sur- different segments of television. News”genre needs a much smallernum- the rating system are live examples bar-o-meters in selected television bear ample testimony to that and India vey’of 3 lakh TV households that BARC As an illustration,let’s look at onlythe ber of viewers to display a TRP swing in pointing to profound methodological households to calibrate the choices of is no isolation. conducts every few years. Design of this ‘English news’genre.The“English news” favourof one channel.That exactlyis the deficiencies that still exist in the design some two lakh viewers because family BARC had been tasked bythe govern- establishment survey is claimed to be constitutes averyminuscule audience— vulnerabilityof such an instrument,and and execution of statistical sampling. sizes are larger.In fact,under the TAM ment to install 55,000 meters by 2021, based on scientific principles on agreed on an average only0.02% of all the 80 it is paramount that the users and con- For India,it is reassuring to see that rating system that dominated the tele- while the Telecom RegulatoryAuthority socio-economic and otherimportant cri- crore or so television viewers of India. sumers of these reports are highly cog- the government has promptlyappointed vision scene prior to BARC’s arrival in of India (TRAI) had recommended an teria, and the selection processes are Based on one of the latest estimates, nizant of that. a high-level four-member committee to 2015,the number of people-meters was increase to 60,000 now and 100,000 by claimed to be completely randomised. English newsTVreceived some 1.2 crore In a similar vein, predicting election dive deep into the details and come up only 8,000 for all of India. the end of 2022.One maystill argue that Besides, one-third of selected house- impressions,which is 0.03% of the total outcomes is not an exact science, and with concrete suggestions and recom- A criticism against BARC is that a few thousand additional meters may holds are expected to be on rotation TVimpressions but corners 1.2% of tele- everypoll has a margin of error.In 2016, mendations for resurrections.

Pune 10 FINANCIAL EXPRESS WWW.FINANCIALEXPRESS.COM TEDROS CONGRATULATES BIDEN

Tedros Adhanom Ghebreyesus, DG of WHO

My WHO colleagues and I look forward to working ❝with you and your teams... Crises like the Covid-19❝ International pandemic show the importance of global solidarity in protecting lives and livelihoods. Together! TUESDAY, NOVEMBER 10, 2020 Quick ● FACE-OFF Putin won’t congratulate Biden View Biden forges ahead until legal action resolved ASSOCIATED PRESS with plans;Trump Moscow, November 9 China holds off on sending congratulations McDonald’s beats RUSSIAN PRESIDENT VLADIMIR Putin CHINA, WHICH HAS held off on con- onNovember9,adayaftertheelection. won’tcongratulatePresident-electJoeBiden gratulatingUSpresidentialelectionwin- Relations between China and the US profit estimates on US until legal challenges to the US election are ner Joe Biden even as leaders of other areattheirworstindecadesoverdisputes drive-thru demand refuses to concede resolvedandtheresultisofficial,theKrem- countrieshavedoneso,saidonMondayit ranging from technology and trade to lin announced Monday. Putin is one of a would follow custom in responding to HongKongandthecoronavirus,andthe MCDONALD’S BEATTHIRD-quarter handfulofworldleaderswhohavenotcom- theresult. Trump administration has unleashed a revenue and profit estimates on Mon- Trump defied the results mentedonBiden’svictory,whichwascalled “We noticed that Mr.Biden has barrageofsanctionsagainstBeijing. day,as customers in the US ordered and vowed to move ahead bymajornewsorganisationsonSaturday. declared election victory,”foreign min- While Biden is expected to maintain more hamburgers and fries in drive- When Trump won in 2016, Putin was istry spokesman Wang Wenbin told a a tough stance on China —he has called thru outlets and on deliveryapps to with long-shot lawsuits to prompt in offering congratulations — but daily media briefing.“We understand PresidentXi Jinping a“thug”andvowed avoid dining out during the try to overturn them Trump’s challengerin that election,Hillary that the US presidential election result to lead a campaign to“pressure,isolate pandemic.The company’s limited- Clinton,alsoconcededthedayafterthevote. willbedeterminedfollowingUSlawand andpunishChina”—heislikelytotakea time promotional dealwith rapper Putin’s spokesman Dmitry Peskov told procedures.”In 2016,Chinese President more measured and multilateral Travis Scott,which caused shortages LUKE BROADWATER reportersonMondaythatthisyearisdiffer- XiJinpingsentcongratulationstoTrump approach. —REUTERS of some ingredients,and other Washington, November 9 ent.“Obviously,youcanseethatcertainlegal marketing investments also helped procedures are coming there,which were offered a similarexplanation ofwhyPresi- UnitedStates,”hesaid. sales bounce back from pandemic PRESIDENT-ELECTJOSEPHRBidenJrpre- announced bythe incumbent president — dentXiJinpinghasstayedsilent. For now,Putin’s holding back allows a lows,sending its shares over6% paredonSundaytostartbuildinghisadmin- therefore this situation is different,so we “We understand the presidential elec- delayinaddressingthatfraughtquestionof higheramid broadermarket gains. istration,even as Republican leaders and consider it correct to wait for the official tionresultwillbedeterminedfollowingUS howtoimproverelations.AlthoughRussian scores of party lawmakers refrained from announcement,”hesaid. lawsandprocedures,”hesaid. politicians widelylaudedTrump’s election EUtotriggertariffson acknowledging hisvictoryout of apparent On Sunday, Biden unveiled his TheleadersofBrazilandTurkeyalsoare Peskov suggested that when the time in2016,expectinghimtomakegoodonhis deferencetoPresidentTrump,whocontin- official transition website as he holdouts in offering congratulations.And comes, a congratulations message from promisesofimprovingrelations,hisadmin- $4bnofUSgoodstoday uedtorefusetoconcede. prepared a series of executive Mexican President Andrés Manuel López Putinwouldcomewithalltheexpectedpro- istrationdisappointedMoscowbyenacting EUROPEAN UNIONTRADE ministers With Biden out of the public eye as he actions for his first day in the Oval Obradoralsosaidhewouldwaittocomment tocol.“IremindyouthatVladimirPutinsaid sanctions,expellingscoresofRussiandiplo- gave the go-ahead forEU tariffs on $4 received congratulations from leaders Office— including rejoining the untilthelegalchallengesoverthevotewere more than once that he will respect any matsinthewakeofthepoisoningofdouble billion ofAmerican goods in aroundtheworld,histeamturneditsatten- resolved. Chinese foreign ministry choiceofAmericanpeople,andwillbeready agent Sergei Skripal and authorising lethal Paris climate accord retaliation overillegal aid to Boeing tion to a transition that will swing into spokesman Wang Wenbin on Monday to work with any chosen president of the weaponssalestoUkraine. seeking to prod the US to scrap its actiononMonday,withthelaunchofacoro- duties prompted byunlawful navirustaskforceandswiftmovestobegin subsidies toAirbus.The green light assemblinghisteam. But Republicans’silence suggested that paves thewayforthe European Butmorethan24hoursafterhiselection evenindefeat,Trumpmaintainedapower- Commission to triggerlevies on US had been declared, the vast majority of ful grip on his partyand its elected leaders, Vaccine progress and Biden win aircraft-related products aswell as Republicans declined to offer the custom- who have spent fouryears tightlyembrac- othergoods ranging from spirits and arystatementsofgoodwillforthevictorthat inghimorquietlyworkingtoavoidoffend- nuts to handbags and chemicals. have been standard afterAmerican presi- inghimorhisloyalbase. power stocks to record peak dentialcontests,asTrumpdefiedtheresults For many prominent Republicans,the Qatar,Singaporesignfirst and vowed to forge ahead with long-shot president’sreluctancetoaccepttheelection DANILO MASONI seems very strong. It also seems to have lawsuitstotrytooverturnthem. resultscreatedadilemma,makingeventhe Milan, November 9 taken people off-guard,”said Arne Petim- gasdealonpollution While some prominent Republican fig- most cursory expression of support for ezas,analystatAFSinAmsterdam. QATARAND SINGAPORE signed the ures,includingtheparty’sonlylivingformer Biden seem like a conspicuous break with WORLD STOCKS CLIMBED to newrecord The pan-European STOXX600 climbed first long-term liquefied natural gas president,George W Bush,called Biden to Trump. highs on Monday as a promising vaccine almost4%by1203GMT,backtoFebruary deal that details pollution from the wishhimwell,mostelectedofficialsstayed Senator Roy Blunt of Missouri was the developmentfromPfizerandexpectations levelsanddrivenbysharesinsectorslikeair- fastest growing fossil fuel.The silentinthefaceofTrump’sbaselessclaims most senior Republican to suggest that globaltradetieswillimproveunderUSPres- linesandtravel.Amongotherriskyassets,oil accord is the latest sign of how the thattheelectionwasstolenfromhim. Trump had most likely lost and cast doubt ident-electJoeBidenboostedriskappetite. shot up nearly8%,while safe-haven bonds gas industry is focusing on getting BidendidnotrespondtoTrump’sattacks onhisallegationsofastolenelection,buthe Marketsstartedtotradeontheprospect andgoldsoldoff.E-minifuturesfortheS&P cleaner.Even if the fuel is much less ontheresult,buthealsowasnotwaitingfor stopped short of referring to Biden as the of a Biden presidency last week, but the 500alsogotaboost,jumpingnearly4%toa polluting than oil and coal,the sector a concession. On Sunday, he unveiled his president-elect in an exceedingly careful Democraticcandidate’sprojectedvictoryon record high, although Nasdaq futures is under increasing pressure to official transition website as he prepared a televisioninterview. Saturdaygavemorefueltothemove. remainedjustundertheirall-timepeak,up reduce emissions as nations are seriesofexecutiveactionsforhisfirstdayin “It’s time for the president’s lawyers to Further boosting sentiment was data 1.7%.Monday’svaccineprogressreinforced seeking to meet strict climate the Oval Office — including rejoining the presentthefacts,andit’stimeforthosefacts showingthatPfizer’sexperimentalvaccine People seen near an electronic board sho- expectations that the economic damage targets.Each cargo delivered under Parisclimateaccord,movingaggressivelyto to speak for themselves,” Mr. Blunt, the wasmorethan90%effectiveinpreventing wing Dow Jones and S&P 500 stock inde- from the pandemic would be temporary, the 10-year agreement between confront the coronavirus pandemic and chairman of the Rules Committee,said on Covid-19,potentiallyabigmoveforwardin xes in Shanghai (China) on Monday REUTERS evenifconditionscouldstillweakenfurther. Qatar Petroleum’s trading arm and restoring labor organising rights for gov- ABC’sThisWeek.“Itseemsunlikelythatany thefightagainstthepandemic. “With Europe in lockdown, and lock- Pavilion Energywill come with a ernment workers — aimed at unwinding changescouldbebigenoughtomakeadif- The MSCI world equity index, which more than 1% on the day. On Friday, it downriskintheUS,near-termdataislikely statement of how much greenhouse Trump’sdomesticagendaandrepairingthe ference,but this is a close election,and we trackssharesin49countries,ralliedafterthe posted its biggest one-week gain in nearly to look poor,” strategists at French bank gas emissions it caused. UnitedStates’imageintheworld. needtoacknowledgethat.” —NYT newsbroketoreachanotherrecordhigh,up seven months.“The relief rally in equity ExaneledbyDennisJosesaid.—REUTERS Worldwide cases pass 50 mwith US surging Son’s SoftBank recovery Apple putsTaiwanese MICHELLE FAYCORTEZ supplierPegatron November 9 MAPPING THE VIRUS on probation over � gains groundwith Cases surpass China will disinfect all overseas shipments of cold- CLOSETO10millionAmericanshavebeen chain products studentworkers diagnosed with Covid-19 in the past 10 50.4 million � EU to sign supply deal for Pfizer Covid vaccine soon months,and with the start of winter just a � With pivots and new products, some travel Vision Fund’s record profit APPLE SAID ON Mondayit had put itsTai- month away, and the public increasingly Deaths top companies are thriving wanesesupplierPegatrononprobationafter likelytospendmoretimecoopedupinside, � Shanghai finds a local Covid case after months of no BLOOMBERG finding that the companyviolatedApple’s thevirusshowsfewsignsofslowingdown. 1.25 million infections November 9 suppliercode of conduct byasking student Infections are setting sequential daily � Novavax Covid-19 vaccine gets fast-track tag employeestoworknightshiftsorovertime. recordsandexpectedtosoarfurtherascold Recoveries from FDA MASAYOSHI SON IS making his case for Pegatron had mis-classified student weather grips northern US states,schools � Utah governor declares new state of emergency as SoftBankGroup’sturnaround. workersandfalsifiedpaperworktodisguise and businesses try to reopen,people move 35,889,405 coronavirus spreads The Japanese conglomerate reported a the violations, and in some cases also theirdailyactivitiesinsideandtheholidays record784.4billionyen($7.6billion)profit breached the code by allowing students to spurgatherings,healthofficialsandexperts in its Vision Fund business for the three performworkunrelatedtotheirmajors,the The pandemic shows no signs of slowing, with said. worldwide infections surpassing 50 million. months ended September 30, a sign the UStechnologygiantsaid. AsofMondaymorninginNewYork,the Cases in the US topped 100,000 for a fourth fund’s investments in start-ups are paying PegatronisoneofahandfulofTaiwanese US had recorded 9.97 million infections day,bringing the nation’s total close to the 10 off amid a broad rallyin technologystocks. manufacturersontheisland,alongsideFox- sincethestartofthepandemic,accounting million mark. One Chinese start-up quadrupled Soft- conn,whodominateApple’siPhoneassem- forroughlyafifthofthemorethan50mil- Iran’s daily new coronavirus cases crossed Bank’smoneyaftergoingpublicinAugust. blychain. lioncasesworld-wide. 10,000 for the first time since the start of the Son also addressed nagging concerns helpedtheTokyo-basedcompanyreportnet “Severalweeksago,wediscoveredPega- WhileDemocratJoeBiden’selectionvic- pandemic as daily deaths reached a near about his stewardship.He revealed details incomeof627.5billionyenforthequarter. tron — one ofApple’s suppliers in China — record.The number of new infections rose by toryislikelytoleadtomoreaggressivesteps aboutacontroversialstockandoptionstrad- “The Vision Fund’s performance was violatedApple’sSupplierCodeofConductin 10,463 in the past 24 hours, beating Saturday’s China will disinfect all overseas shipments of to contain thevirus fromWashington pol- record of 9,450. cold-chain products to try and avoid any pote- ingprogramme,makingcleartheeffortwas veryencouraging,”Bloomberg Intelligence its administration of a studentwork study icy makers,any changes will take time to Shanghai reported a single domestic case of ntial transmission of the coronavirus, after relativelymodest in scope and strategy.He senior analystAnthea Lai said.“They have programme,”it said in a statement.“Apple haveanoticeableeffectontransmissionlev- Covid-19 on Monday,according to the contaminated pork and seafood were impl- eventookstepstoimprovecorporategover- pulledoffaU-turn.”Thestandoutsuccessfor hasplacedPegatrononprobationandPega- elsafterheissworninaspresidentinJanu- municipal government.The confirmed case icated in the infection of port workers, nance byincreasing the proportion of out- thequarterwasalittle-knownChinesestart- tronwillnotreceiveanynewbusinessfrom ary.Vaccines that could make a difference works as a porter at Shanghai Pudong according to the country’s public health sidedirectorswiththeremovaloffourinsid- upcalledKE.Itrunsanonlinepropertyplat- Apple until theycomplete all of the correc- are in development,and Pfizer and BioN- InternationalAirport. commission. ers, including chief operating officer formcalledBeikeanditsshareshavesurged tiveactionsrequired.”Appledidnotdeclare TechpostedencouragingnewdataonMon- France aims to carry out antigen tests for President-elect Biden’s health-care advisers MarceloClaureandVisionFundchiefRajeev since an initial public offering in August, thetermsoftheprobation. day.However,itwilltakemonthstogetshots departing and arriving passengers at Roissy have held talks with pharmaceutical-industry Misra. handingSoftBankanunrealisedgainof$5.1 Apple’sinvestigationshadfoundnoevi- airport beginningWednesday,Transport executives in which they discussed Operation to people around theworld even once they Minister Jean-Baptiste Djebbari said in an Warp Speed, the US development prog for “Masa, myself, should be most super- billionontheinvestmentforthequarter. dence of forced orunderage labour,it said, pass musterwith scientists and regulators. interview on Radio Classique. vaccines and treatments, according to people vised,”Son joked in a question and answer In his presentation,Son said his origi- adding that Pegatron had now fired the Andwhileafewmedicinescanhelpthehos- familiar with the matter. session after the results. “More external nal $1.35 billion investment is nowworth executive with direct oversight of the pro- pitalised or severely ill,they don’t slow the directorsmeanbettergovernance.” $7.9billionbecauseshareshavekeptsurg- gramme. spreadofthevirus. TheJapanesebillionairetookthestageat ingsincetheendofSeptember.Still,hesaid “TheindividualsatPegatronresponsible In the meantime, the virus is already tobebad.” national leadership on measures such as abriefinginTokyotoexplainhowthecom- that afterWeWork,another real estate bet for the violations went to extraordinary blowingpastthefewspeedbumpsinitsway. From the very beginning of the coron- testing,masksandcontacttracing,stateand panyhefoundedfourdecadesagoiscoming that lost him billions, Beike “wasn’t very lengths to evade our oversight mecha- “Oursavinggracethissummerwasthatwe avirusoutbreakintheUS,publichealthoffi- local governments have been left to corral backfromrecordlossesinthelastfiscalyear. popular”atfirst. nisms,”Applesaid. could be outside,”said Gregg Gonsalves,an cialswarnedaboutanexpectedrisingtideof thevirus.Aftermonthsofcurtailedsocialis- TheVision Fund unit’s highest-ever profit Son’s disclosures about his stock and Pegatron’s shares closed down 2.1% on epidemiologist at Yale School of Public cases duringthe Covid-19 pandemic’sfirst ing and entertainment,fatigue has set in, cameasaglobalsurgeintechnologyshares options trading may ease the concerns of Monday,underperforming a 1.2% rise in Healthandco-directoroftheGlobalHealth fullwinter.Governmentsurgedindividuals making it even harder to follow through liftedthevalueofstakesinpublicfirmslike someinvestorswhosoldoffSoftBankshares thebroaderTaipeimarket. JusticePartnership.“Wehavenorespitethis toembraceahandfulofmeasuresthatcould withthefewexistingprotectivemeasures. Uber Technologies and improved the afterinitialreportsaboutderivativesbetsin Pegatron said in a separate statement winterinlargepartsofthecountry.It’sgoing help dampen the danger.Yet with limited —BLOOMBERG prospects for startups in its portfolio.That September. that student workers at its Shanghai and Kunshan campuses had been foundwork- ingwithoutcomplyingwithlocalrulesand regulations.Theyhadnowbeentakenoffthe production lines and given“proper com- Samsung maylaunch flagship phone earlyto grab Huawei share pensation”,itsaid. It did not address in its statement how REUTERS ment.South Korean chip industry offi- Samsung is preparing to launch its Samsung,which lost its No1 position being put on probation by Apple might Seoul, November 9 cialshopeJoeBiden’spresidencywillease new Galaxy S21 as early as late toHuaweiinthesecondquarter,regained impact the company.Pegatron reported a someofthoserestrictions,althoughthey January next year, whereas it the crown in the third thanks in part to T$19.3billion($676million)profitin2019, SAMSUNG ELECTRONICS MAY launch are far from certain as they also expect the US restrictions on Huawei. up74%onthepreviousyear. previously launched its flagship S20 its flagship Galaxy S smartphones more the incoming US administration to A person at one major supplier of Applelastmonthlauncheditsnext-gen- than a month earlier than expected in a maintain a tough stance on China. phone in early March this year smartphone chips said Huawei’s stock- eration iPhone 12,with faster 5G connec- bid to grab market share from Huawei Samsung is preparing to launch its pileswere expectedto runout some time tivity. Apple and its suppliers have been and fend off competition from Apple, new Galaxy S21 as early as late January early next year. accusedofpoorlabourpracticesinthepast, three sources familiarwith the matter nextyear,whereasitpreviouslylaunched Samsung,however,facesintensifying buttheU.S.companyhasbeentryingtoget said. itsflagshipS20phoneinearlyMarchthis sets in the United States in the second competition from Chinese rivals like a grip over such issues byreleasing annual HuaweiTechnologiesoncechallenged year,the sources said,asking not to be quarter compared to the previous Xiaomi and Oppo,which are expected to reviewsoftheiPhonesupplychain. Samsung’s top position in the global identified because the plan is not public. model’s performance a year earlier, take advantage of Huawei’s struggle to In2017,AppleandFoxconnsaidasmall smartphone market, but the Chinese SamsungElectronicsdeclinedtocom- according to research firm Canalys. In retain market share. numberofstudentswerediscoveredwork- rival is in survival mode with US restric- ment. contrast,Apple shipped 15% more of its Apple also launched its iPhone series ing overtime in one of the latter's Chinese tions choking off its supplies of chips The South Korean company shipped flagship iPhone 11 than last year’s best- in October, about a month later than factories,violatinglocallabourlaws. usedinsmartphonesandtelecomequip- 59% fewer Galaxy S20 5G series hand- seller,the iPhone XR. usual,stepping up competition. —REUTERS

Pune 11 FINANCIAL EXPRESS WWW.FINANCIALEXPRESS.COM

ON STOCK MARKETS Ajit Mishra, VP, Research, Religare Broking Markets would continue to mirror global indices. ❝ PersonalFinance We suggest maintaining“buy on dips” approach ❝and being extra cautious when selecting stocks. TUESDAY, NOVEMBER 10, 2020

● SMART INVESTING ● TAX TALK SHAILESH KUMAR Using Sortino Ratio to choose mutual funds Spend three Though Fund X offers a higher return times of LTC Sortino Ratio is best-suited RISK RATIOS 15% compared to Fund Y 13%, Fund B for conservative or gives a betterreturn during the downside ■ Sortino Ratio captures the market times and hence it is a better allowance to risk-averse investors harmful volatility from total investment option for investors who are since it focuses only on overall volatility by using conservative.A higher Sortino Ratio indi- get tax benefit Sortino Ratio cates that the investment is earning the negative deviation downside deviation higher return for every unit of bad risk of a portfolio’s returns ■ Higher Sortino Ratio reflects taken. Higher the Sortino Ratio, better is LEAVE TRAVEL CONCESSION (LTC) has that there is less probability of thefund.Thus,SortinoRatiomeasuresthe beenapopularcomponentofsalary,bothfor from the mean downside deviation in the performanceoftheinvestmentrelativeto employeesinCentralgovernmentandnon- mutual fund scheme the downward deviation. centralgovernmentsectors.Forprivatesec- tor employees,LTC generallyforms part of ■ PSARAVANAN This ratio is based on Limitations theCTCandisgrantedbyemployerstomin- historical returns which may Thisratio,likeanyotherratios,isbased imiseincometaxliabilityofemployees. MUTUAL FUNDS,ESPECIALLY equity AB C not be a reliable indicator of on historical returns,which may not be a This year due to the pandemic, most based mutual funds, are one of the most future outcomes reliable indicator of future outcomes and employeeshavenotbeenableto traveland popular investment instruments. But ■ Assess a mutual fund’s thisratiocannotbeinterpretedseparately. thus are not able to avail LTC benefit. In often, investors find it difficult to choose Thisfundneedstobeassessedincompar- ordertoallowLTCbenefittotheseemploy- Sortino Ratio in the context of the right scheme or fund.With hundreds ison with another comparable fund ees,andalsowithanobjectiveofcreationof ofequitymutualfundsandeachclaiming your holding period or becauseitisnotmeaningfulwhenviewed demandintheeconomyaheadofthefestive the best returns, it is quite confusing to investment horizon and risk in isolation. Further, investors should season,thegovernmentissuedtwocirculars choose the right fund. tolerance level in managing assessamutualfund’sSortinoRatiointhe to allow benefit of LTC to central govern- To make the process easy and simple, their overall portfolios context of their holding period or invest- mentaswellasotheremployees,evenifthey investors can depend upon one financial ■ It is not meaningful when ment horizon and risk tolerance level in don’tundertakeanytravel,subjecttocondi- ratio known as Sortino Ratio to select a viewed in isolation and two managing theiroverall portfolios. tionsmentionedinthecirculars. better fund.Investors are only concerned Toconclude,astheSortinoRatioisbest In case of Central government employ- aboutthedownwardvolatility,sofocusing funds have to be compared suited for conservative or risk-averse ees, the new scheme provides that cash on this ratio makes sense. investors since it focuses onlyon the neg- equivalentofLTC,comprisingleaveencash- ILLUSTRATION: SHYAM KUMAR PRASAD ative deviation of a portfolio’s returns ment and LTC fare of the entitled LTC may Mechanics of Sortino ratio deviation.Thisratioiscomputedbydeduct- Symbolically, Sortino Ratio = R – T/ returnof15%andthedownsidedeviation fromthemean,itprovidesabetterviewof bepaidbywayofreimbursementinthecase ThisratiohasbeenpropoundedbyFrank ingrisk-freereturnfromtheportfolio’sover- Downside deviation,where Ris the annu- of 13% whereas Y offers an annualised a portfolio’s risk-adjusted performance of central government employees to be ASortino who is considered the father of all return and then dividing it bydownside alised return; T is the targeted rate of return of 10%with a downside deviation since positivevolatilityis a benefit. claimedwithin31March2021.Thisshallbe postmodernportfoliotheory.Basically,this deviation.HigherSortinoRatioreflectsthat return.Assuming that as an investor you of4%.Assumingthatriskadjustedrateof providedifanemployeeoptsforthisinlieu ratio captures the harmful volatility from there is less probabilityof downside devia- are considering two mutual funds; return was 7%, Sortino Ratio for X = (15- The writeris a professoroffinance & ofoneLTCfortheblock2018-21whichshall total overall volatility by using downside tioninthemutualfundscheme. namely,X and Y.X offers an annualised 7) / 13 = 0.61 and forY= (10-7)/4 = 0.75. accounting,IIMTiruchirappalli be subject to various conditions as men- tionedbelow:- ● YOUR QUERIES

` Investor LTC

Dhaval Kapadia Switching from ● ITC RATING: BUY regularto direct FMCG-Others business drove sales beat plan is considered Investment case forITC as redemption Valuation’s undemanding ITCtradesatanFY22ePEof13.9x,adeep due to the performance of discounttopeers’averageof40x.Thekey ● I opted fora systematic investment reason is that earnings growth in ciga- plan (SIP) through a bank threeyears cigarette business; margin rettes has fallen (even without COVID- ago.Howcan I make it a direct planso growth in FMCG-Others is 19) to mid-single digits and comes with ILLUSTRATION: SHYAM KUMAR PRASAD that the expense ratiois reduced? regulatory risks and ESG concerns.How a) The employees need to exercise the —Anupam Kumar key; TP revised to `230 shouldonemakesenseofthevalue? optionintheblockyear2018-2021. Investors can login to theiraccounts Ouranalysissuggeststhatcurrentval- b) The employee is required to spend eitheron the mutual fundwebsite orthe uationnowbuildsinzeroearningsgrowth three times of the deemed cash allowance website of an intermediary,and select ITC’S STANDALONE NET sales were up foreverfortheCigarettesbusinessandval- (deemedLTCfareperperson)whichisasfol- the‘Switch’option to move out from the 0.9%y-o-y,whileEbitda/PATdeclinedby uesFMCG-Othersbusinessatc3.5xFY21e lows: existing‘Regularplan’of a fund and into 11%/19.7% y-o-y, respectively.Sales EV/Sales.We think both are conservative. i) `36,000 for employeeswho are enti- the desired‘Direct plan’option of the were 7.6% ahead of consensus, while Butthekeyquestionsarewhatcanunlock tledtobusinessclassairfare same fund.Investors mayalso opt forthe Ebitda/PATwerelargelyinlinewithcon- value and what could the potential cata- ii) `20,000 foremployeeswho are enti- offline route byfilling up the switch form sensusexpectations.Thisstrongrevenue lysts be? It is clear cigarette has ceased to tledtoeconomyclassairfare and depositing it either beat was largely driven by the strong be the high-growth business it oncewas. iii) `6,000 for employees who are enti- at anAMC branch,or underlying performance of the FMCG- Hencealargepartoftheshare’sattractive- tledtorailfareofanyclass branches of registrar& Othersbusiness,whichgrewby18%y-o- nessliesinthesizeofthedividendpay-out c)Theabove-mentionedamountistobe transferagents (R&Ts). yonacomparablebasisanddeliveredsig- FINANCIALS AND RATIOS (` ) It is clear cigarette business has (which has recently risen) that ITC can spent on the goods bearing GSTat the rate Remember,you maybe nificant margin expansion, leading to ceased to be the high-growth makesustainable.TheFMCG-Othersbusi- of12%ormoreandsuchgoodsarerequired charged an exit load in 66% segment Ebitda growth,which in Year to business it once was. Hence a large ness is now large scale,offers attractive to be purchased from GSTregistered ven- March FY20A FY21E FY22E FY23E case the units being ourviewisthekeyhighlightoftheresult. part of share’s attractiveness lies in growth and we think continued margin dors/serviceproviders. HSBC EPS 12.56 11.00 12.52 13.75 MUTUAL switchedwithin exit the size of dividend pay-out (which expansionwillbeakeycatalystformulti- d)Thepurchaseshallbe throughdigital FUNDS HSBC EPS load period.Second,the Segment highlights (prev) 12.56 11.11 12.62 13.71 has recently risen) that ITC can plere-ratingforthisbusiness. mode only and GST invoice has to be sub- switchwould be seen as (i) Cigarette sales/Ebit were down Change (%) 0.0 -1.0 -0.8 0.3 make sustainable Finally,ITCasalargeconglomerateis mittedbytheemployees. a redemption from the out-going plan 3.9%/15.6% y-o-y for the quarter, dri- Consensus always subject to investor debate as to e) The employee is required to spend a and anygains realisedwould be subject ven by localised lockdowns; (ii) FMCG- EPS 12.21 11.12 13.01 14.47 whetheritmighteverconsiderreorgan- largersum of moneythan the entitlement to eithershort-term orlong-term gains Othersreportedverystrongquarterwith PE (x) 13.9 15.8 13.9 12.6 with reported sales down 81% y-o-y; ising its business structure to unlock on account of tax,as applicable depending on the Reported Sales/Ebitda growth of Dividend (iv)Agribusiness(segmentsales/Ebitup value.We make modest changes in our LTC on actual The new scheme holding period and the asset-class 15.4%/66%y-o-yledby300bpsEbitda yield (%) 5.8 4.8 5.4 5.9 c12.8%/2.7%y-o-y,respectively) bene- estimates, which leads to a new TP of expenditure. provides that cash orientation of the funds concerned. marginexpansionto9.7%.Comparable EV/Ebitda (x) 10.0 11.0 9.6 8.7 fited from trading opportunities while `230,andwe retain Buy rating. f)Cashequiv- equivalent of LTC, sales growth was 18% y-o-y; (iii) Hotels ROE (%) 24.8 20.9 24.2 26.8 Paperboards, Paper and Packaging was alentoffullleave Source: Company data, HSBC comprising Leave ● Stock markets areveryvolatile now. business remained severely impacted, weak due to subdued demand. HSBC encashment Encashment and ShouldI continue orreduce mySIP? shallbeprovided LTC fare of the —Vikas Singh if an equivalent SIPis aviable option to avoid the risk ● DIVI’S LABORATORIES RATING: BUY amount of sum entitled LTC may of timing the markets and benefit from is spent by the be paid by way rupee cost averaging,i.e.,buying more employee. This of reimbursement unitswhen NAVis lowand less units A strong performance shall be counted to central when NAVis high.Moreover,it helps one towards the government avoid behavioural pitfalls like buying number of leave employees morewhen everybodyis buying orselling encashment on when everybodyis selling.Market in the second quarter LTC available to volatilityshould not be a reason to anemployee. reduce the amount of SIP. gle-digitvolumes.We increase our FY21 Further,TDS shall not be deducted on Custom synthesis capex revenueby6%toreflectthischange. thereimbursementofthedeemedLTCfare. ● Do I have to give KYC documents to boosts FY22 prospects; EPS 40-45% of `17-bn round of capex mymutual fund companyeveryyear? has converted to revenues in FY21e, Non-central government —STNarayan for FY21/22e up 14/14%; rest gradual: Out of `17-bn capex employees Fulfilling KYC requirements is a one- upgraded to ‘Buy’ rating undertakenbythecompanyearlier,30% In case of non-central government time activity.Once it is done through a has gone towards non-revenue projects. employees,income tax exemption on LTC (Sebi) registered intermediarylike a Divi’s historic asset turn of 2x should shallbegrantediftheyspendthreetimesof mutual fund company,brokeror DIVI’S REPORTED A 7/18% beat on lead to an incremental `24-bn revenue, the amount of LTC on the goods/services depositoryparticipant,one does not have Ebitda driven by sustained revenues as out of which 40-45% has already con- bearing GST not less than 12% and such to repeat itwhile dealingwith another well as higher gross contribution. We verted to revenues,perourestimates. goods are required to be purchased from Sebi registered intermediary.However,if adjust our FY21 revenues upwards but Higher gross contribution partly Divi's Labs: Key Metrics GST registered vendors/service providers. there is anychange in the KYC norms,the believe that further gains from the ear- driven bybackward integration: Cost Year to March (` m) 2020 2021E 2022E 2023E The maximum cash allowance/ LTC in this investorwould need to fulfil those lier capex round will be gradual. Man- of raw materials fell sharply by 403bps Revenue 53,944 67,859 77,977 87,706 case shall be `36,000 per person.The pur- requirements.Fore.g.,updatingAadhaar agement announced another round of q-o-q.This is at least partly led by back- Ebitda 18,222 27,144 32,361 36,398 chase shall be from October 12, 2020 to numberis nowmandatory. capex which comes on back of assured ward integration efforts at Divi’s. Man- Net Profit 13,765 18,789 22,008 25,957 March31,2021. custom synthesis for big pharma. We agementindicatedthatonly20-30%of EPS 51.9 70.8 82.9 97.8 In case the employee opts for the new ● Do I have to paycapital gains tax on upgrade FY21e/FY22e EPS by 14/14% effects of backward integration have EPS Growth (%) 2% 36% 17% 18% taxregimeunderSection115BACthenthe theyearlygains from SIPs? with potential for positive surprises on been effected today,which implies that ROE (%) 19% 23% 22% 22% exemption shall not be available.There- —GauravGupta revenue and margins.Upgrade to Buy there is scope formargin improvement. ROA (%) 17% 20% 20% 19% fore,the amount received will be taxed in Taxes are applicable onlyon realised QoQ revenue increase points to Increased visibility of FY22 build- ROCE (%) 23% 30% 30% 28% thehandsoftheemployees.Multiplebills gains and each unitwould be treated better sustainability than expected: out via custom synthesis: Divi’s is Net debt/Equity (x) -0.1x -0.2x -0.3x -0.3x for the purchase can be submitted,a sim- independentlyto determine any Divi’s revenues grew 25%/1% over the adding a `4,000-mn capex plan to Shares outstanding (mn) 265 265 265 265 ple application conveying the desire to applicable gain (short-term orlong-term) previoustwoquarters.Thisispresumably undertakeprojectsforBigpharma.Ithas Source: Company data, Jefferies estimates availtheschemecanbemadeandthepur- relative to purchase price. ledbyde-bottleneckingandnewcapexin assuredordersinhandagainstthisround chasecanbemadefrome-commerceplat- its key generic products, Naproxen and ofcapexandplanstostartsellinginFY22. gradual uptick from capex.Whilewe still effortsandthecustomsynthesisbusiness forms,etc. The writeris director,Investment Gabapentin,amongothers.Globally,few Stock expensive,but new custom maintainthatview,thenew`4-bncapex couldleadtopositivemarginsurprises. Advisory,MorningstarInvestmentAdviser companiesareaddingcapacitiesforthese synthesis capex adds to earningsvisi- enhances visibility of revenue growth in Thewriterispartner,Nangia&CoLLP. (India).Send yourqueries to products which are still growing in sin- bility: Our HOLD rating was driven by FY22. Future backward integration JEFFERIES InputsfromVaishaliDua,manager, [email protected] Nangia&Co.LLP

Pune 12 FINANCIAL EXPRESS WWW.FINANCIALEXPRESS.COM

CREDIT GROWTH

AK Das, CEO, Bank of India

Mostly, it (credit growth) will be driven by the RAM (retail,❝ agri and MSME) segments and government-❝ Markets backed accounts because there is not much corporate credit demand as of now. It is still TUESDAY, NOVEMBER 10, 2020 an evolving situation... Money Matters Biden boost: Benchmarks scale lifetime highs G-SEC The benchmark yield rose 0.006% Sensex soars 704 pts to close at 42,597, Nifty leaps 197.50 pts Rupee slips 7p to close under selling pressure at 74.15 versus dollar AGENCIES Nifty50 the USwill result in Consensus based poli- Mumbai, November 9 Sensex cies on stimulus & taxation,”said Rusmik THE RUPEE GAVE up intra-day 5.878 Intra-day, November 9 5.858 Intra-day, November 9 Oza, vice president at Kotak Securities. gainstosettle7paiselowerat74.15 42,700 42,597.43 12,500 12,461.05 THEMARKETSCLOSEDatarecordhighon 42,273.97 “Therecouldbepotentialrelaxationinsome against the US dollar on Monday, MondayasDemocratJoeBiden’swininthe 42,600 12,475 of the protectionist measures taken bythe trackingweakerAsian peers against US election led to a weaker dollar,fuelling 12,399.4 Trumpgovernment.” the greenback. Higher crude oil 12,450 hopesformorefundinflowsintoemerging 42,500 “Among otherfactors,theweak dollaris prices also put pressure on the October 27 November 6 markets,with domestic IT stocks gaining 12,425 allowingmoneytoflowintoemergingmar- Indian currency. after a report said the President-elect 42,400 kets,”said Neeraj Dewan,directorat Quan- Attheinterbankforeignexchange, plannedtoeasepolicyonworkvisas. 12,400 tumSecuritiesinNewDelhi.“AlotofFII(for- thedomesticcurrencyopenedhigherat 42,300 `/$ TheNiftyclosedup1.61%andtheSen- 12,375 eigninstitutionalinvestor)moneyhasbeen 73.95 a dollar and gained further sex index ended 1.68% higher.Both the pumped into the Indian market in the last strengthtotouchahighof73.83dur- 42,200 12,350 The rupee ended 0.077% indexesrosetoall-timehighsduringtheses- fewdaystoo.”“Broadermarkethasshownu- ingtheday.It,however,couldnothold higher amid gains in sion, scaling 42,645.33 and 12,474.05, 42,100 12,325 nder-performancecomparedtoheadlinep- on to the gains and finally settled at local equities respectively. Open Close Open Close eers as investors feel saferchasing heavyw- 74.15 against the greenback,7 paise Thedollarhita10-weeklowonMonday IndusIndBankwasthetopgainerinthe The BSE telecom,bankex,power,metal, eightsduringhighmarketlevels.Weexpect loweroveritspreviousclose.Forextr- 73.88 Inverted scale asinvestorsheraldedBiden’selectionasUS Sensex pack,spurting 4.95%,followed by finance,consumerdurablesandteckindices morestimulusmeasuresarerequiredtoboo- aderssaidrupeedippedinspiteofre- 74.14 president,raisingexpectationsthatacalmer BhartiAirtel,ICICI Bank,Axis Bank,Power- ralliedupto3.81%,whilehealthcareended sttheeconomyandannouncementsregard- cordbuyinginequitiesasstrengthen- White House could boost global trade and Grid,TataSteel,TitanandHDFCBank. in the red.BroaderBSE mid-cap and small- ingthesamefromthegovernmentisexpec- ingdollaragainstkeyrivalsinAsiaand fostereasymonetarypolicy. Onlythree index constituents closed in capindicesroseupto1.01%. ted in the near future that can further elsewhereturnedsentimentunfavou- The MSCI world equity index, which thered–ITC,MarutiandBajajFinserv,slip- “MarketshavetakentheoutcomeofUS accelerateourdomesticmarket,”saidVinod rableindomesticforexmarket.—PTI trackssharesin49countries,rose0.5%. pingupto0.66%. electionsquitepositively.AsplitCongressin Nair,head,research,GeojitFinancialServices. October 27 November 6

C=/$ Equity mutual funds witness L&TFin gets nod to Equitas SFB PAT soars 108% to `103 cr The Euro rose against 0.050% raise up to `3k cr FE BUREAU has lifted the restrictions imposed on its the dollar `2,725-cr outflow in October Chennai, November 9 small finance bank subsidiaryin Septem- via rights issue berlastyear,reports PTI. 1.1880 FE BUREAU Net flows in equity oriented EQUITAS SMALL FINANCE Bank TheReserveBankliftedtherestrictions Mumbai, November 9 schemes in 2020 FE BUREAU reported a profit after tax (PAT) of `103 onEquitasSmallFinanceBank(ESFB)sub- 1.1746 Mumbai, November 9 crore for the second quarter of FY21, sequent to the listing of its equity shares, RETAIL INVESTORS CONTINUE to pull Net inflows/outflows (` crore) against `49 crore in the corresponding Equitas Holdings said in a BSE filing. moneyoutequitymutualfunds,evenasthe Jan 7,877 NON-BANKLENDERL&TFinanceHoldings quarter of the last fiscal, registering a RBI had restricted ESFB from opening benchmarks continue to scale new highs. Feb 10,796 (LTFH) on Monday said its board has growth of 108%. Total income stood at newbranchesandfrozetheremuneration October 27 November 6 Open-endedequity-orientedschemescon- Mar 11,723 approved raising of up to `3,000 crore `861 crore, compared with `703 crore, of MD & CEO at the then existing level. tinued to witness outflows for the fourth througharightsissue.Thelendersaiddetails logging a 22.47% growth. “In this connection,we accede to your Apr 6,213 consecutive month in October.Data from oftherightsissue,includingpriceandenti- Net interest income forQ2FY21 stood request for lifting the regulatory restric- the Association of Mutual Funds in India May 5,257 tlement ratio, will be determined in due at `461 crore, against `351 crore in tions imposed on Equitas Small Finance (Amfi) showthat equityfunds sawnet out- Jun 241 course. Banks and non-banking financial Q2FY20,agrowthof32%Y-o-Y,whilethe Bank vide our letter dated September 6, Quick flows of `2,724.95 crore in October, as Jul -2,480 companies(NBFCs)havebeenraisingfunds net interest margin was at 9.02%, the 2019,”theRBIletterattachedwiththefil- investors booked profits and pulled out Aug -4,000 ` to build capital buffers. NBFCs such as bank said in a release. ing said. moneyfromthemulticapfunds. However, Sept -734 Mahindra Finance and ShriramTransport Gross NPAwas at 2.39% for the quar- The shares of ESFB were listed on the inflows into debt schemes picked up in Financehaveraised`3,089croreand`1,500 terunderreview,comparedwith2.86%in NSE and BSE with effect from November View Oct -2,725 October,with open-ended debt-oriented Source: Amfi crorethroughtheirrespectiverightsissues. the same quarter last year,while net NPA 2, 2020.The listing of the banking sub- schemes seeing net inflows of `1.10 lakh “The board approved the offer and stood at 1.00%,against.62% in Q2FY20. sidiary has been in compliance with crore.Barringcreditfundswhichcontinued sawnetoutflowsof`1,902.74croreinOcto- issuanceoffullypaid-upequitysharesofthe requirementsofguidelinesoflicensingof toseeoutflowsof`414.85crore,allthecat- ber.Allthecategoriesinequityschemes,bar- company for an amount not exceeding RBI lifts restrictions small finance bank by RBI, Equitas Hold- RailTel gets Sebi's egoriesofdebtfundssawnetinflows. ringsectoralfunds,sawoutflowslastmonth. `3,000 crore bywayof a rights issue to the Equitas Holdings on Mondaysaid the RBI ings said in a filing lastweek. approval to float IPO In the last four months,equity mutual While therewere net outflows from the eligible equity shareholders of the com- funds have seen net outflows of near- equity schemes,the inflows into the sys- pany,”L&TFinanceHoldingssaidinaregu- STATE-OWNED RAILTEL ly`10,000 crore.In JulyandAugust,equity tematic investments plans (SIPs) stood at latoryfiling.Thecapitaladequacyratioofthe CORPORATION of India has received schemes saw outflows of `2,480.35 crore `7,800 crore slightly better compared to lender stood at 21.37% at the end of the ANALYST CORNER capital markets regulatorSebi's go- and`3,999.62crore,respectively.Thepace September where it had seen inflows of Septemberquarter(Q2). ahead to raise `700 crore through an of outflows came down in Septemberwith `7,788crore.NSVenkatesh,CEO,Amfi,said, L&TFinance Holdings had earlierrepo- initial share-sale.The initial public monthly net outflows coming down “RiseinbothSIPcontributionandSIPassets rteda52%year-on-year(y-o-y)riseinitsQ2 ‘Buy’on Cipla; firm likely to offer(IPO) is entirelyan offer-for-sale `734.40crore,butOctoberhasseenasharp undermanagement (AUM) during October profits at `265 crore,compared to `174 throughwhich the governmentwill spikeinnetoutflows. 2020andcontinuedslowingoutflowineq- croreayearearlier.Thefirmpostedincrease offload 8.66 crore equityshares, GPradeepkumar,CEO,UnionAMC,said, uityschemes reinforces the retail investor inthenetprofit,despitecreatingadditional beat its cost-saving targets according to draft papers filed “IbelieveinOctober,thehighnetworthindi- confidence in the mutual fund as an asset provisions of `512 crore in Q2.Collections with Sebi. vidual(HNIs)bookedprofitsasmarketswere class.”TotalSIPAUMrosefrom`3,35,571.57 alsoimprovedendingSeptemberwith95% JEFFERIES didn't commit to a target market share, fairly firm and there was expectation of crore as on September 30, 2020, to efficiencylevels.TotalcollectionsinQ2were but it appears to us that any market UBS elevates Odedra as volatilityaheadofUSelections.However,the `3,42,018croreasonOctober31,2020. at`10,296crore,comparedto`4,321crore CIPLAPOSTEDA 6%/4% beat on share gains from here will be small.As equity markets continued to rally in Octo- Ontheotherhand,openendeddebt-orie- attheendoftheJunequarter. revenue/Ebitda despite the US our colleague David Steinberg states countryhead forIndia ber.”InOctober,SensexandNiftywereupby ntedschemessawnetinflowsof`1.10lakh DinanathDubhashi,managingdirector revenues being in line.The beat was here, Perrigo will likely make it back to SWISSBANKINGMAJORUBSon 4.06%and3.51%,respectively. croreinOctober.SwarupMohanty,CEO,Mi- (MD)andchiefexecutiveofficer(CEO),LTFH, driven by higher sales in India and market in 2021. Mondayannouncedtheelevationof Marketparticipantsalsosaidthatsharp raeAssetGlobalInvestments(India),said,“D- saidthatlenderwasseeingagradualeasing Emerging markets. Covid products now From that perspective, it makes UdayOdedraasthecountryheadofits outflowsfromequityschemeswerealsodue espiteequitymarketsbeingalltime,invest- out of liquidityconditions.“Ourfocus now account of 5% of India sales and sense for Cipla to avoid a market share Indiaoperations,whichemployover to the redemptions from the multicap orsareskepticaltoinvestinequitiesduetothe wouldbetoreduceexcessliquidityandbring company also saw a healthy uptick in scramble with Lupin and Perrigo 6,700people.Ithascreatedanewpost schemesduetotheregulatorychanges.Data criseswehaveseeninthepastfewmonthsan- down the cost of borrowing,“he said after trade generics. Cipla has added ramping up over next quarters. ofchairmanforIndiaandmadeHarald from Amfi shows that multi cap schemes dthereisflighttosafetytowarddebtfunds.” declaringearnings. Remdesivir capacities with the help of US margins have turned around due Egger,whoholdsthepostatpresent,as third party manufacturers.Additonally, toAlbuterol, now in line with company thechairman,accordingtoanofficial company is likely to beat its cost saving margins. Previously, company had statement. targets.We upgrade FY21E/22E EPS stated that the US business was at Non-food credit growth slips to 5.15% estimates by 9%/12%. Buy.Top Pick. breakeven level. However,Albuterol has J&KBankposts`44-crore Cipla share at 8% ofAlbuterol market, provided the company with sustainable FE BUREAU areseeingapick-upineconomicactivityand gradual gains from here. Cipla US profitability, even after factoring in R&D netprofitforSeptquarter Mumbai, November 9 Credit and deposit growth expect that to translate into higher loan revenues were in line with our costs.Albuterol HFAinhaler is a fairly J&KBANKPOSTEDanetprofitof (%, y-o-y ) growth.SBIchairmanDineshKumarKhara estimates. On the call, management competitive category and re-entry of `43.93crorefortheSeptemberquarter GROWTH IN NON-FOODcreditslippedto 14 saidlastweekthatthebankisexpectingan said that while they have the capacity, Perrigo will place 6 generics in the (Q2),ofthecurrentfinancialyear(CFY), 5.15%year-on-year(y-o-y)duringthefort- 8-9% credit growth in FY21 because eco- they are looking at a sustainable market market.This will possibly deter further endedSeptember,2020.Thebank nightendedOctober23from5.68%inthe 12 Deposit nomicactivityhasgatheredpace.“Wehave share with a high inventory at hand. competition given the upfront costs of announceditsreviewedfinancial previous fortnight.The shrinkage in credit 10.25 alreadyseenthegrowthasfarasourbookis Company pointed to challenges of project including capex and R&D. sustained manufacturing in a complex Among other product news, Cipla is resultsfortheQ2andH1ofCFYtoday growth came even as banks continued to 10 concerned.We have seen growth of about afterits boardofdirectorsapprovedthe raisetheirforecastsforcreditgrowthinthe 6% till September 30.Hopefully,with the high volume product.As a result, they API supplier toTeva's gTruvada (First to quarterlyandhalf-yearlynumbers secondhalfofFY21. 10.13 unlocking happening, we should be in a have not rushed to grab market share market, recently launched) but doesn't duringameetingheldinJammu.For Inayear-to-datebasis,outstandingnon- 8 positiontoreachbetterthan8%.” even after Perrigo's exit. Management consider it to be a large opportunity. thehalf-yearendedSeptember,2020 foodcreditfell0.46%to`102.72lakhcrore, 5.15 Kharaaddedintheretailbook,SBIissee- (H1),thebank’snetprofitisat`50.43 showeddatareleasedbytheReserveBankof 6 8.8 ingagoodamountoftractioninhomeloans. crore.Indicativeofbank’smarkedly India (RBI). Deposits with banks stood at Home-loansanctionswereupabout29%y- improvedasset-qualityason `142.93 lakh crore as on October 23, up Credit o-yin the September quarter (Q2) and dis- 4 Maintain‘neutral’on September30,2020,thenetNPAratio 10.13% y-o-y.The slowing trend in loan Oct 25, 2019 Oct 23, 2020 bursementsrose12%.Autoloansgrew29% hassharplycomedownto3.03%from growth is despite banks sounding a more Source: RBI y-o-y in terms of sanctions and 27% in 4.48%recordedintheyear-agoperiod. cheerynote.Most large bankssaythat they termsofdisbursements. Bosch with TP of `13,000 KOTAK INSTITUTIONAL EQUITIES 015.7%), impact ofwhichwas diluted by ● INTERVIEW: KALPEN PAREKH, president, DSP Mutual Fund lower staffcosts. Restructuring expenses BOSCH’S (BOS) 2QFY21 performance in 2QFY21was ~INR4b (cumulative was impacted due to adverse forex, ~INR13.1b).There is one last tranche of ‘Investors need to have reasonable return expectations’ product mix and non-recurring cost.We restructuring cost left,whichwould be expect faster growth on account of marginal. It has seen ~1,000 blue collar Investors should look for‘margin of safety’ between markets and the economy alone. 5.8%, our expectations of 13-14% from strong tractor demand, addition of2W employees takingVRS offer. in the new normal, says Kalpen Parekh, Manyinvestors have seen changes in their equityhas to change.Since 2013,RBI set a segment and content increase. BOS’s Oct’20was better than Sep’20with president, DSP Mutual Fund. In an cash flows,salaries,careers and businesses strong inflation targeting mechanism,we stock price is largely reflecting all the very good order book for 3QFY21. interview with Urvashi Valecha and and thus adjusted their investments and havebroughtdowninflationwhichwillalso negatives, but a re-rating catalyst may Outlook has improved and BOS is now Malini Bhupta,he explains why investors cash flows accordingly. Historically, from haveanimpactonequityreturns.Theworld emergewithin 2-3 quarters, in ourview looking atvolumes for tractors at 800- should reset their expectation on returns peak Niftyvaluations,future returns of eq- over if bond yields are close to zero.Every- Wehave downgraded our 850k (v/searlier est. 450k), M&HCVsat from equities.Excerpts: uityanddebtarenottoodifferentandhence thingisatalowerbaseasthevalueofmoney FY21/FY22EEPSby19.4%/7.2%to reflect 140-150k (v/searlier 110k), LCVsat 400k I would advise investors to choose hybrid is worth much lower and hence returns high RM costs (unfavorable product mix). (v/searlier 270k), and PVsat 2.8m (v/s Whatshouldinvestorsdogiventhatmar- fundswhichnotonlyreducesmarketfluctu- expectationsshouldbelower. Maintain NeutralwithTPof~INR13,000. earlier 2.25m). Diesel share for PVsstands ketshaverecoveredfromMarchlows,but ginofsafety.’Sincemostcompaniesaretrad- ations but also can be deployed in stocks if Revenues grew 7%YoYto INR24.8b at 22% now.BOS’ order book is full for theeconomycontinuestofacechallenges ing at theirpremiumvaluations and lower theycomedown.In2008,confidenceinthe Howcanyoubuildaportfoliointhisenvi- while EBIDTA/Adj. PATdeclined 3QFY21with expectation ofdouble-digit becauseofthepandemic? growth than the past,it means that future economywas highest,profitswere growing ronment? ~14.5%/24%YoYto ~INR2.9b/INR 2.4b. growth. Diesel in UV1-2 is robust and From a risk reward perspective,these are returns can be muted and hence investors at20%,creditgrowthwasstrong,capexwas In an environment like this when interest BOS’s 1HFY21 revenue/EBIDTA/Adj. PAT some OEMs might return to diesel. BOS times to defend and not to attack aswe are must have reasonable return expectations, rising-perfectpictureandallthatwewould rates on bonds are at an all-time low,stocks declined ~31.5%/77.4%/63.2%. Auto has invested ~INR148m to acquire 7.14% facingadifferentmagnitudeofuncertainty. diversify across asset classes and increase expect todaytoo.Yet,returns on Niftysince ofgoodbusinessesareatanall-timehighand revenues grew 9%YoY,driven by ~7% stake in a start-up, Routematic (Nivaata Ifwe drawparallels from history,such eco- investmenthorizons. thentonowiscloseto7%.Thus,rosypresent when alternate assets like gold are also at growth in powertrain and double-digit Systems),which is focused on urban nomic slowdowns in the past would have doesn’tguaranteearosyfutureandlikewise annual highs,what doyou dowith money? growth in the 2Wbusiness. Non-Auto mobility.Further,it is partneringwith Sun seenalargerpriceandtimecorrection.This Alotofinvestorsarepullingmoneyoutof aweakcurrentenvironmentdoesn’tneces- Atsuchtimes,itiswisertonotchasepastret- revenues fell ~3%, impacted by Mobility.BOS’ parent has recently acqu- time,however,we have low interest rates MFsasthereisadisconnectbetweenmar- sarilymeanbleakfuturereturns. urnsbutunderstandriskanddesignasafer weakness in project-driven business of ired 26% stake in Sun Mobility.Capex for globallyforverylongandcentralbanksup- ketsandeconomy.Yourview. portfolio.InvertandseekanswerstowhereI solar/security technologies. Gross FY21 is expected at INR2.3-2.4b. port which is giving base to asset prices in Markets are rarelyin equilibrium,more so Whatkindofreturnsexpectationsshould canlosemoneyorriskisunderstatedandthe margin declined 400bpYoYto 59.4% Valuations at ~39.2x/27.5x spite of slowing earnings and weak eco- today,whenmoremoneyatlowinterestrates investorshave? marginofsafetyislow.Basedontheseques- due to adverse forex and mix (high FY21/FY22E EPS largely factor in the nomicgrowth.Inpastslowdowns,valuation drives asset prices.From a traditional lens, Investorsmustbringdownreturnexpecta- tions,buildadiversifiedportfolioacrossequi- traded goods, low diesel contribution). potential market share loss during the multipleswouldbemuchlowerunliketoday stock prices look overvalued,yet the other tions,unlessdatachangesandweseestrong ties,bonds,global firms and gold.Myasset Further,higher other expenses (COVID BS6 transition.While negatives are where we are at peak multiples for many school of thought iswhen interest rates are profit growth across sectors.When the 10- allocation is 45% in equity funds,40% in related aswell as some non-recurring priced in, catalysts might take 2-3 companieswhicharealargepartofinvestor solow,thesepricescanremainhighforlong. year bond used to be 8-9%,equityreturns debtfundsand13%ininternationalaswell costs) translated to EBIDTAmargin quarters to emerge. Maintain Neutral portfolios.Investorsshould‘lookforamar- Investors are not exiting due to disconnect were 13-14%. If the 10-year bond is at asgoldminingfundsand2%inhedgefunds. contraction of300bp to 11.6% (v/sest. withTPofINR13,000 (~28x Sep’22E EPS).

Pune WWW.FINANCIALEXPRESS.COM TUESDAY, NOVEMBER 10, 2020 FINANCIAL EXPRESS MARKETS 13

NCDEX encourages CAI lowers cotton crop Million terminals in India FPOs to trade in can accept Visa contactless Covid: Insurers miffed as hospitals cards forpayments options in goods estimate by 4 lakh bales GLOBAL PAYMENTS TECH- TO ENCOURAGE FARMER FE BUREAU CAI will re-assess the crop as NOLOGY majorVisa on Mon- charging costs beyond coverage producerorganisations(FPOs) Pune, November 9 the season progresses. day said over one million ter- to take benefit of trading in The crop committee has minals in India can accept its FE BUREAU those charges from policy- 'options in goods' on its plat- THE COTTON ASSOCIATION estimated total cotton supply contactless cards for'tap and Mumbai, November 9 holders,”said an official from form, NCDEX on Monday said ofIndia(CAI)hasloweredesti- till the end of the 2020-21 at PIN'payments. anotherinsurance company. it will bear premium for trad- mates for the cotton crop for 477.50 lakh bales,which con- This follows the RBI notifi- EVEN AS THE NON-LIFE Insurance companies also ingupto5,000tonneofchana 2020-21byabout4lakhbales sist of the opening stock of cation in late April to allow insurance industry continues saidthereareotherreasonsfor andmustardseedsaspartofits (1bale=170kg)at356lakh 107.50 lakh bales.Imports for contactless card transactions to see higher claims arising disparity between claims set- familiarisation initiative. bales,against 360 lakh bales the season are estimated at 14 of above `2,000 by entering from Covid-19, insurers say tled and claims reported. This initiative is supported lastyear. lakhbaleswhiledomesticcon- one'sPIN,Visasaidinarelease. hospitalshavebeenpassingon Bhaskar Nerurkar, head – by Sebi through a regulatory TheCAIhasreleaseditsfirst sumption is estimated at 330 During the pandemic,Visa various charges that are not health claims at Bajaj Allianz feethathasbeenforegonebyit estimate of the crop for the lakh bales and exports at 60 worked with acquirers and payable under the insurance GeneralInsurance,saidwhen- forsupportingFPOsandfarm- 2020-21 season beginning lakh bales. payment service providers contract.This issue has led to payable under insurance con- Insurance,said,“Atoneend,we ever the patient is admitted, ers'participation in the deriv- from October1.The reduction The carry over stock at (PSPs) to enable 'tap and PIN' lowerclaim settlement. tracts and we do not pay such are grateful to hospitals for the hospital tells them an ativesmarket,itsaid.FPOscan is on account of damage theendonthepreviousseason transactions on terminals As on November 3, insur- charges to hospitals,” said a saving lives but at other end, expected cost which insurers buy'put options' in two com- reported in some pockets due has been estimated at 87.50 acrossthecountry,itsaid. Con- ance companies received senior official of a leading we are also watchful because have to approve, but that may modities — mustard seed and to excess rains and pink boll- lakh bales. sumers can nowtap theircon- claims of more than `7,973 insurance company. not all hospitals follow the not necessarily be the final chana—whicharebeingsown worminfestation,theCAIsaid. Cotton arrivals for October tactless cards and enter their crore through 5.18 lakh appli- Thereareotherchargeslike same standard of practices.” billed amount. For instance, byfarmers in the ongoing rabi This is a preliminary estimate 2020 are estimated at 27.16 PIN to authenticate any pur- cations and settled 3.97 lakh biomedical disposal charge, Industry people said out of they may approve `1.5 lakh season,it added. PTI and the crop committee of the lakh bales. chase above `2,000. PTI claims amounting to `3,435 which are charged by the hos- total claims, insurer are not and that’s what gets reported, crore.“We have started seeing pitals.“Itisthedutyofhospital paying 20-25% of charges on butthepatientgetsdischarged health providers (hospitals) todisposeofbiomedicalwaste, an average to hospitals. “In in 6-7 days and final bill may charging costs such as disin- how can we pay such charges,” such cases,we ask policyhold- be lesser than the reported fection charges, AC sanitisa- explained the official. ers to approach hospitals to amount, say `70,000, so they tion charges, among others. SPrakash,managingdirec- reduce such charges.We have settle that amount fully. But such charges are not tor at Star Health and Allied seen several hospitals waving

Pune TUESDAY, NOVEMBER 10, 2020 14 FINANCIAL EXPRESS WWW.FINANCIALEXPRESS.COM

HAMILTON POLES MANUFACTURING CO LTD CIN No: L28991WB1981PLC033462 7 HARE STREET, 4TH FLOOR, KOLKATA WB - 700001 UNAUDITED FINANCIAL RESULTS FOR QUARTER AND HALF YEAR ENDED ON 30TH SEPTEMBER, 2020 Rs. Lacs except EPS Corresponding 3 months ended in the previous year PARTICULARS Quarter ending previous year ended (30/09/2020) (30/09/2019) (31/03/2020) Total income from operations(net) 6.940 - 13.280 Net Profit/ (Loss) from Ordinary Activities after tax 0.240 (0.670) 0.053 Net Profit/ (Loss) for the period after tax (after Extraordinary items) 0.240 (0.670) 0.053 Equity Share Capital 20.00 20.00 20.00 Reserves (excluding Revaluation Reserve as shown in the balance sheet of previous year) - - Earning Per Share (of Rs. 10/-each) Basic 0.1200 (0.3350) 0.0265 Diluted 0.1200 (0.3350) 0.0265 KALPATARU ENGINEERING LIMITED CIN No: L27104WB1980PLC033133 Note: 18, Rabindra Sarani, Poddar Court, Gate No.4, 4th Floor, Room No.4, Kolkata-700001 The above is an extract of the detailed format of Quarterly Financial Results filed UNAUDITED FINANCIAL RESULTS FOR QUARTER AND HALF YEAR ENDED with the Stock Exchange under Regulation 33 of the SEBI( Listing and Other ON 30TH SEPTEMBER 2020 Rs. Lacs except EPS Disclosure Requirements) Regulations, 2015. Corresponding For HAMILTON POLES MANUFACTURING CO LTD 3 months ended Sd/- in the previous previous year PARTICULARS Place : Kolkata APARNA SHARMA Quarter ending year ended Date : 09.11.2020 Director (30/09/2020) (30/09/2019) (31/03/2020) Total income from operations(net) 0.20 13.45 151.64 NEIL INDUSTRIES LIMITED Net Profit/ (Loss) from Ordinary CIN: L51109WB1983PLC036091 Activities after tax 0.05 8.070 0.690 R/O: 88B, (Ground Floor), Lake View Road, Kolkata-700029 Net Profit/ (Loss) for the period after Corporate Office: 14/113, Civil Lines, 402-403, Kan Chambers, Kanpur-208001 tax (after Extraordinary items) 0.050 8.070 0.690 E Mail: [email protected], [email protected] Equity Share Capital 1,821.34 1,821.34 1,821.34 Ph: Corp Office: 0512-2303325 WEB: www.neil.co.in Reserves (excluding Revaluation UN-AUDITED QUARTERLY RESULTS FOR THE QUARTER/HALF Reserve as shown in the balance YEAR ENDED 30TH SEPTEMBER, 2020 All amts. In Lakhs sheet of previous year) -- - Quarter ended Year to date Corresponding 3 Earning Per Share (of Rs. 10/-each) 30th September, figures till 30th months ended in Sl. Basic 0.000 0.044 0.004 PARTICULARS 2020 September theprevious No. Diluted 0.000 0.044 0.004 2020 30.09.2019 Note: 1. Total Income from Operations 68.66 135.25 154.83 The above is an extract of the detailed format of Quarterly Financial Results filed with 2. Net Profit / (Loss) for the period the Stock Exchange under Regulation 33 of the SEBI( Listing and Other Disclosure (before Tax, Exceptional and/or Extraordinary items#) 58.86 116.74 44.86 Requirements) Regulations, 2015. 3. Net Profit / (Loss) for the period Kalpataru Engineering Ltd. before tax (after Exceptional and/or Sd/- Extraordinary items#) 58.86 116.74 44.86 Bhakti Somiya 4. Net Profit / (Loss) for the period after Place : Kolkata Director tax (after Exceptional and/or Extra Date : 09.11.2020 DIN- 06957470 ordinary items#) 43.86 86.74 22.35 5. Total Comprehensive Income for the period [Comprising Profit / (Loss) for the period (after tax) and Other Comprehensive Income (after tax)] 43.86 86.74 22.35 6. Equity Share Capital 1955.32 1955.32 1955.32 7. Reserves (excluding Revaluation Reserve) as shown in the Audited Balance Sheet of the previous year 3616.77 3659.65 3463.19 8. Earnings Per Share (of Rs 10/-each)(for continuing and discontinued operations)- 1. Basic: 0.22 0.44 0.11 2. Diluted: 0.22 0.44 0.11 NOTE: a) The above is an extract of the detailed format of Quarterly/Annual Financial Results filed with the Stock Exchanges under Regulation 33 of the SEBI (Listing and Other Disclosure Requirements) Regulations, 2015. The full formatof the Quarterly/Annual Financial Results are available on the websites of the Stock Exchange(s) and the listed entity. For NEIL INDUSTRIES LIMITED SD/- Place: Kanpur Arvind Kumar Mittal Date:09/11/2020 DIN: (02010445)

Cyient Limited 4th Floor, ‘A’ Wing, Plot No. 11, Software Units Layout, Infocity, Madhapur, Hyderabad – 500 081. Ph: 040-67641322, Email: [email protected]; Website: www.cyient.com CIN: L72200TG1991PLC013134

NOTICE

[For Claiming dividends lying unclaimed with the Company before being transferred to Investor Education and Protection Fund (IEPF)] This Notice is published pursuant to the provisions of the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer & Refund) Amendment Rules, 2016 (“Rules”) as amended to date. The Company, hereby requests the shareholders who have not claimed their Interim dividend pertaining to the LORDS ISHWAR HOTELS LIMITED CIN: L55100GJ1985PLC008264 financial year 2013-14 to apply for claim on or before 18 Hotel Revival, Near Sayaji Garden, Kala Ghoda Chowk, University Road, Baroda- 390 002, Gujarat (India) November 2020 Tel: 0265 2793535/45, Fax 0265 2792028 Email- [email protected] , web: www.lordsishwar.com NOTICE OF 34TH ANNUAL GENERAL MEETING, The Company has also uploaded the details of such shareholders BOOK CLOSURE & REMOTE E-VOTING INFORMATION and dividends unclaimed for transfer to IEPF on its website at NOTICE IS HEREBY GIVEN that the 34th Annual General Meeting (AGM) of the Company will www.cyient.com. Shareholders are requested to refer to the be held on Wednesday, 2nd December, 2020 at 11.00 a.m. through Video Conferencing (VC) / Company’s website at Other Audio Visual Means (OAVM) to transact the business set out in the Notice of AGM. http://www.cyient.com/investors/corporate-governance/ to verify Electronic copies of the Notice ofAGM andAnnual Report for the year 2019-20 have been the details of un-encashed dividends. sent to the shareholders whose email IDs are registered with the Company/Depository Participants. The same is also posted on the Company's website www.lordsishwar.com Shareholders may note that shares for which the dividends remain Further, Notice is hereby given that pursuant to the provisions of Section 91 of the Companies unclaimed for seven years are liable to be transferred to IEPF Act, 2013 read with Rules thereon and Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Register of Members and the Share Transfer including all benefits accruing on such shares, if any. They, Book of the Company will remain closed from 26th November, 2020 to 2nd December, 2020 however, can be claimed back from the IEPF Authority after (both days inclusive). following the procedure prescribed in the Rules. In terms of Section 108 of the Companies Act, 2013 read with Rule 20 of the Companies (Management and Administration) Rules, 2014 and Regulation 44 of the SEBI (Listing In case the Company does not receive any communication from Obligations and Disclosure Requirements) Regulations, 2015, the Company is pleased to the concerned shareholders by 18 November 2020, the Company provide its members the facility of 'remote e-voting' to cast his/her vote electronically in respect shall, with a view of adhering to the requirements of the Rules, of the business set forth in the Notice and the following details are given below: (a) The remote e-voting shall commence at 9.00 a.m. on 29th November, 2020; transfer the shares along with the unclaimed dividend amount to st (b) The remote e-voting shall end at 5.00 p.m. on 1 December, 2020; IEPF by the due date as per the procedure set out in the Rules, (c) The cut-off date is 25th November, 2020 i.e. the date for determining the eligibility to vote by without any further notice. No claim shall lie against the Company electronic means or in the AGM; in respect of unclaimed dividend amount and shares transferred to (d) Any person who acquires shares of the company after dispatch of the Notice and holding shares as of the cut-off date, may obtain login ID & password by sending an email to IEPF pursuant to the said Rules. [email protected] and if already registered with NSDL, then exiting user ID & password can To claim both the unpaid dividend and shares or in case you need be used for remote e-voting; (e) (i) Remote e-voting shall not be allowed beyond 05.00 p.m. on 2nd December, 2020; any further information/clarification, please write to or contact Mr. (ii) The facility for voting by remote e-voting shall be made available at the AGM for all Ravi Kumar Nukala, Deputy Company Secretary, at the Company’s those members who are present during the meeting through VC/OAVM but not cast their votes registered office or our RTA, KFin Technologies Private Limited, by availing the remote e-voting facility. The remote e-voting module during the AGM shall be Karvy Selenium Tower ‘B’, Plot No. 31-32, Financial District, disabled by NSDL for voting 15 minutes after the conclusion of the Meeting; (iii) A person, whose name is recorded in the register of members or in the register of Gachibowli, Nanakramguda, Hyderabad – 500 032, Phone beneficial owners maintained by the depositories as on the above cut-off date, only shall be Number: 040-67161562. Please provide following details in all entitled to avail the facility of remote e-voting or voting during theAGM; your communications: 1. Name of the Company. 2. Folio No. or DP (f) The Notice ofAGM is also available on the Company's website www.lordsishwar.com and ID and Client ID. 3. Name of Shareholder, 4. Contact No., 5. Email website of NSDL www.evoting.nsdl.com; and id. Also provide self-attested KYC documents of the shareholder (g) Contact details of the person responsible to address the grievances connected with the remote e-voting: Ms. Pallavi Mhatre,Asst. Manager, NSDL Mumbai, Email: [email protected], like PAN, cancelled cheque leaf & a valid proof of address. Tel: 022-24994545. For e-voting instructions in detail, please go through the Notes to the AGM Notice sent to you. For Cyient Limited By Order of Board of Directors Sd/- For Lords Ishwar Hotels Limited Sd/- Place: Hyderabad Ravi Kumar Nukala Pushpendra Bansal Date: 9 November 2020 Dy. Company Secretary Place: Vadodara Managing Director Date: 9th November, 2020 (DIN. 00086343)

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ENTERTAINMENT NETWORK (INDIA) LIMITED CIN:L92140MH1999PLC120516 Registered Office: 4th Floor, A-Wing, Matulya Centre, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400 013. Tel: 022 6662 0600; 022 6753 6983. Fax: 022 6753 6800 Website: www.enil.co.in E-mail: [email protected] Notice for passing of Special Resolution by Postal Ballot through Remote e-voting pursuant to Section 110 of the Companies Act, 2013 Members of Entertainment Network (India) Limited ['the Company'] are hereby informed that on Monday, November 9, 2020, the Company has completed the e-mail communication of the Postal Ballot Notice pursuant to Section 110 of the Companies Act, 2013 and all other applicable provisions of the Companies Act, 2013 and Rule 20 and 22 of the Companies (Management and Administration) Rules, 2014 and all other applicable rules made under the Companies Act, 2013 (including any statutory modification(s) or re-enactment thereof from time to time) (hereinafter referred to as 'the Act'), Regulation 44 and all other applicable regulations of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred to as 'the Listing Regulations'), read with Ministry of Corporate Affairs ('MCA') General Circulars No.14/2020, 17/2020, 22/2020 and 33/2020 dated 8th April, 2020, 13th April, 2020, 15th June, 2020 and 28th September, 2020 respectively ('MCA Circulars') and subject to other applicable laws and regulations. The Company has sent the Postal Ballot Notice by email to all its Members of the Company who have registered their email addresses with the Company/ KFin Technologies Private Limited (formerly known as Karvy Fintech Private Limited) ('R&TA'/ 'KFintech') or the Depository Participants. On account of the threat posed by COVID-19 and in terms of the MCA Circulars, the Company has sent the Postal Ballot Notice in electronic form only. Hard copy of Postal Ballot Notice along with Postal Ballot Form and pre-paid business reply envelope will not be sent to the Members for this Postal Ballot and Members are required to communicate their assent or dissent only through the remote e-voting system. Please note that no physical ballot forms will be acceptable. The instructions for remote e-voting are appended to the Postal Ballot Notice. The documents referred to in the Notice are available electronically for inspection without any fee bythemembersbasistherequestbeingsentonenil.investors@timesgroup.com. The Notice is being communicated to all the Members whose names appear in the Register of Members/ Beneficiary Position maintained by the Depositories as on Friday, November 6, 2020, being the cut-off date for the purpose of remote e-voting. This Postal Ballot Notice is available at the Company's website: www.enil.co.in at https://www.enil.co.in/postal-ballot.php and websites of the stock exchanges - BSE Limited at www.bseindia.com and National Stock Exchange of India Limited at www.nseindia.com and at the website of KFin Technologies Private Limited ('R&TA'/ 'KFintech') at https://evoting.kfintech.com at the Downloads section. Voting rights of the Members shall be reckoned on the paid up value of the shares registered in the name of the Members and shall be in proportion to their shares of the paid up equity share capital of the Company as on the aforesaid cut-off date. A person who is not a Member as on the cut-off date should treat this Notice for information purpose only. The Postal Ballot Notice contains the following Special Resolution: Sr. Type of Brief particulars No Resolution 1. Special Adoption of the new set of Articles of Association Resolution The login ID and password have been provided in the e-mail to enable the Members to use remote e-voting facility. The Board of Directors of the Company (hereinafter referred to as 'the Board') has appointed Mrs. Pooja Jain, Practicing Company Secretary (Membership No: F8160) - Partner of M/s. VPP and Associates, failing her, Mr. Vipin Mehta, Practicing Company Secretary (Membership No: F8587)- Partner of M/s. VPP and Associates as the Scrutinizer to conduct the Postal Ballot through remote e- voting process in a fair and transparent manner. (a) The Business is to be transacted by postal ballot through voting by electronic means (remote e-voting); (b) Date of completion of e-mail communication of Notices: Monday, November 9, 2020; (c) Date of commencement of remote e-voting: Wednesday, November 11, Nippon Life India Asset Management Limited 2020 at 9:00 A.M. (IST); (formerly known as Reliance Nippon Life Asset Management Limited) (d) Dateofendofremotee-voting:Thursday,December10,2020at5:00P.M.(IST); (CIN - L65910MH1995PLC220793) (e) Remote E-voting by electronic mode shall not be allowed beyond 5:00 P.M. Registered O�ce: 4th Floor, Tower A, Peninsula Business Park, (IST) on Thursday, December 10, 2020; the remote e-voting module shall be Ganapatrao Kadam Marg, Lower Parel (W), Mumbai - 400 013. disabled for voting thereafter; Tel No. +91 22 6808 7000 • Fax No. +91 22 6808 7097 • www.nipponindiamf.com (f) Members, who have not received e-mail of Postal Ballot Notice may kindly NOTICE CUM ADDENDUM NO. 83 refer to the instructions at below stated para titled as: Manner of registering / updating email addresses. Investors are requested to note that Nippon India Mutual fund (NIMF) / Nippon Life India Asset Management Limited (NAM India) has decided to include/modify below mentioned (g) Person responsible to address the queries / grievances connected with the sections in Scheme Information Documents (“SID”) and Key Information Memorandum voting by postal ballot through voting by electronic means (remote e-voting): (“KIM”) of Nippon India Retirement Fund: Ms. C. Shobha Anand, Deputy G. M., at KFin Technologies Private Limited, [Unit: Entertainment Network (India) Limited], Selenium TowerB, Plot 31-32, 1. Inclusion of below provision with respect to Premature redemption in case of Gachibowli, Financial District, Nanakramguda, Hyderabad- 500032. Email Transmission of units: ID: [email protected], Contact No. 040-67162222; Fax: 040- Particulars Existing Proposed 23431551; Toll Free no.: 1800-345-4001. In case of any query pertaining to e-voting, the Members are requested to refer to the detailed procedure on P r e m a t u r e Not In the event of death of the unitholder or all unitholders e-voting furnished separately to vote through electronic mode. In case of any redemption Speci�ed. in case of joint holding and after transmission of units, query pertaining to e-voting, please visit Help and FAQ's section of in case of the nominee or legal heir shall be able to withdraw the https://evoting.kfintech.com (KFintech's website) or download User Manual Transmission investment under the Scheme immediately irrespective for Shareholders available at the Downloads section of https://evoting.kfintech.com of units of the date of investment in the scheme, subject to or e-mail to [email protected] or contact Ms. C. Shobha Anand on 1800 production of requisite documentary evidence to the 345 4001 (toll free number). For casting votes, members are requested to read satisfaction of the AMC. Lock-in period as provided in the SID/KIM of the scheme shall not be applicable in the instructions. The Notice dated November 4, 2020 has been emailed, the event of death of unitholder(s) and aforementioned along with the procedure for remote e-voting, to the members and same is also provision shall be applicable. available on the website of the Company at www.enil.co.in [url: http://enil.co.in/postal-ballot.php] and at website of KFintech at 2. Modi�cation in below mentioned existing provisions in order to provide clarity/ https://evoting.kfintech.com and websites of the stock exchanges - BSE transparency to investors: Limited at www.bseindia.com and National Stock Exchange of India Limited Particulars Existing Proposed at www.nseindia.com. (h) Day, date, time and venue of declaration of results and link of the website Lock - in 5 years in the scheme from 5 years in the scheme from the date where such results will be displayed: The results of voting by means of Postal Period the date of allotment of of allotment of units or till Retirement Ballot through Remote E-voting shall be declared on or before Friday, units or till Retirement age* age* whichever is earlier. December 11, 2020 by 11.00 p.m. IST and will be displayed along with the whichever is earlier. (Note: lock in period is in respect to the Scrutiniser's Report at the Registered as well as Corporate Office of the (Note: lock in period is in scheme and not in respect to Wealth Company, communicated to the Stock Exchanges and would also be uploaded respect to the scheme and Creation Scheme or Income Generation on the Company's website: www.enil.co.in at https://www.enil.co.in/postal- not in respect to Wealth Scheme. Switches within the scheme ballot.php and on the website of KFintech: https://evoting.kfintech.com. Creation Scheme or Income or Auto transfer or switches from Manner of casting vote through remote e-voting : Generation Scheme. Auto Wealth Creation Scheme to Income Ÿ Detailed procedure for remote e-voting has been mentioned in the Postal transfer from Wealth Generation Scheme and vice versa is Ballot Notice and same is also available at the website of the Company at Creation Scheme to Income available during lock – in period). www.enil.co.in [url: http://enil.co.in/postal-ballot.php] and at website of Generation Scheme is *w.e.f. June 06, 2018, maximum entry KFintech at https://evoting.kfintech.com. available during lock – in age for subscription shall be less than period). Ÿ Login credential and password details have been emailed to the members at 60 years and the deemed Retirement their registered email ID. *w.e.f. June 06, 2018 The age for the Scheme will be considered deemed Retirement age as 65 years. Investors can continue to Ÿ In case of any query pertaining to e-voting, please visit Help and FAQ's section for the Scheme will be remain invested beyond the retirement of https://evoting.kfintech.com (KFintech's website) or download User Manual considered as 65 years. age as well, unless redeemed or forShareholdersavailableattheDownloadssectionofhttps://evoting.kfintech.com Investors can continue to switched out as mentioned in above or e-mail to [email protected]. remain invested beyond paragraph. For investments prior to Manner of registering / updating email addresses : the retirement age as June 06, 2018 in this scheme, the Ÿ Shareholders holding shares in dematerialized mode can register/ update well, unless redeemed or lock-in-period of�ve years shall be email, mobile details etc. with their depository participants. switched out. applicable. Ÿ Shareholders holding shares in physical mode can contact the Company's Maximum Individual investors whose Individual investors whose entry age Registrar and Transfer Agents, KFin Technologies Private Limited by sending Entry entry age is less than is less than 60 years at the time of an email request at [email protected] with the copy of the signed Age for 60 years at the time of Investment can invest. Further, in�ows request letter mentioning the name, folio number and address of the Member, subscription Investment can invest. through Subscription / Switch-in / SIP self-attested copy of the PAN card, and self-attested copy of any document (w.e.f. June Further, in�ows through / STP-In, DTP-In, Nippon India Salary (e.g. Driving License, Election Identity Card, Passport) in support of the 06, 2018) Subscription / Switch-in / Addvantage, Trigger etc. for existing address of the Member and copy of the share certificate. SIP / STP-In, DTP-In, Nippon investor will be discontinued upon Ÿ The process for registration of email address with KFin Technologies Private India Salary Addvantage, investor attaining 60 years of age. Limited (on temporary basis only for this Postal Ballot voting process) for Trigger etc. for existing Thisagerestrictionwillnotbeapplicable receiving the Postal Ballot Notice and login ID and password for remote e- investor will be discontinued for switches within the scheme or voting has been stated in the Postal Ballot Notice. Members are requested to upon investor attaining 60 Auto transfer or switches from Wealth visit the link: https://ris.kfintech.com/clientservices/postalballot/ and select years of age. Creation Scheme to Income Generation the name of the Company viz. Entertainment Network (India) Limited and Scheme and vice versa. follow the steps for registration of email address on temporary basis only for This addendum shall form integral part of the SID & KIM of Nippon India Retirement Fund. this Postal Ballot voting process. All the other provisions of the SID & KIM except as speci�cally modi�ed herein above shall For casting votes, members are requested to read the instructions as already remain unchanged. communicated to them. For Entertainment Network (India) Limited Clarification to Notice no. 82 dated November 07, 2020 Sd/- Mehul Shah With reference to Notice no. 82 dated November 07, 2020, it is clarified that Cut off timings SVP– Compliance & Company Secretary for applicability of NAV in case of Nippon India Japan Equity Fund shall remain unchanged Mumbai, November 9, 2020 (FCS no- F5839) i.e. 11.00 a.m. for subscription / redemption / switch transactions. Registered Office: For NIPPON LIFE INDIA ASSET MANAGEMENT LIMITED Entertainment Network (India) Limited, (formerly known as Reliance Nippon Life Asset Management Limited) CIN: L92140MH1999PLC120516, (Asset Management Company for Nippon India Mutual Fund) Matulya Centre, 4th Floor, A – Wing, Senapati Bapat Marg, Mumbai Sd/- Lower Parel (West), Mumbai- 400 013. November 09, 2020 Authorised Signatory Tel: 022 6753 6983. Fax: 022 6753 6800. www.enil.co.in Make even idle money work! Invest in Mutual Funds

TM® Mutual Fund investments are subject to market risks, read all scheme related documents carefully. ENTERTAINMENTNETWORK(INDIA)LTD.

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Pune WWW.FINANCIALEXPRESS.COM TUESDAY, NOVEMBER 10, 2020 FINANCIAL EXPRESS 17 “IMPORTANT” Whilst care is taken prior to acceptance of advertising copy, it is not possible to verify its contants. The Indian Express (P) Limited cannot be held responsible for such contents, nor for any loss or damage incurred as a result of transactions with companies, associations or individuals adversing in its newspapers or Publications. We therefore recommend that readers make necessary inquiries before sending any monies or entering into any agreements with advertisers or otherwise acting on an advertisement in any manner whatsoever.

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NATIONAL FITTINGS LIMITED S.F.No.112, Madhapur Road, Kaniyur, Karumathampatti Via, Sulur Taluk, Coimbatore - 641659. Email ID : [email protected], Website : www.nationalfitting.com Ph : 9943293000 / 9943993001 JINDAL SAW LIMITED CIN - L27104UP1984PLC023979 SUMMARY OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER / HALF YEAR ENDED 30TH SEPTEMBER’2020 Regd. Off.: A-1, UPSIDC Indl. Area, Nandgaon Road, Kosi Kalan, Distt. Mathura (U.P.)-281403 Corp. Office : Jindal Centre, 12, Bhikaiji Cama Place, New Delhi- 110066 CIN : L29199TZ1993PLC008034 (Rs. in Lakhs) EXTRACT OF FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2020 Unaudited Audited Particulars (` Crores) Quarter Ended Half Year Ended Year Ended Standalone Consolidated S. Particulars 30.09.2020 30.09.2020 31.03.2020 No. Quarter ended Half year ended Year ended Quarter ended Half year ended Year ended 30.09.2020 30.06.2020 30.09.2019 30.09.2020 30.09.2019 31.03.2020 30.09.2020 30.06.2020 30.09.2019 30.09.2020 30.09.2019 31.03.2020 Total income from operations (net) 1,339.53 2223.84 5685.10 Unaudited Unaudited Unaudited Unaudited Unaudited Audited Unaudited Unaudited Unaudited Unaudited Unaudited Audited

Net Profit / (Loss) from ordinary 83.25 14.98 150.16 1. Total income from continuing operations 2,020.80 1,405.55 2,399.03 3,426.35 5,027.97 10,327.44 2,445.69 1,682.03 2,710.97 4,127.72 5,792.61 11,736.18 activities before tax *" 2. Net profit/(loss) from continuing operations for the period/ year (before tax, exceptional items and share of profit/ Net Profit / (Loss) from ordinary 83.25 14.98 133.53 (loss) of associate and joint venture) 112.17 15.06 158.99 127.23 375.34 726.43 114.54 (17.22) 115.00 97.32 290.29 592.36 activities after tax *" 3. Net profit/(loss) from continuing operations for the Total Comprehensive Income for the period -- - period/ year before tax (after exceptional items and share of profit/(loss) of associate and joint venture) 112.17 15.06 105.42 127.23 321.77 591.60 114.54 (17.22) 90.52 97.32 265.81 480.31 Equity Share Capital 908.32 908.32 908.32 4. Net profit/(loss) from continuing operations for the period/ year after tax (after exceptional items and share of profit/ Other Equity (Reserves) -- - (loss) of associate and joint venture) 74.44 10.03 303.45 84.47 449.00 594.46 79.86 (25.90) 258.01 53.96 368.97 474.97 5. Total comprehensive income for the period /year Earnings Per Share (of ` 10/- each) 0.92 0.16 1.47 [Comprising profit/(loss) for the period/ year (after tax) Basic and Diluted and other comprehensive income (after tax)] 71.69 7.28 303.12 78.97 448.34 581.62 71.09 (30.34) 261.19 40.75 368.02 464.41 ` * The Company does not have any extraordinary item to report for the above periods. 6. Equity share capital (Face value of 2/- each) 63.95 63.95 63.95 63.95 63.95 63.95 63.95 63.95 63.95 63.95 63.95 63.95 Notes: 7. Reserves (excluding revaluation reserve) as at Balance Sheet date 6,810.82 6,672.78 6,798.59 6,683.89 6,572.68 6,699.55 1. The above result has been reviewed by Audit Committee and approved by the Board of Directors at their 8. Earnings per share (of` 2/- each) (*not annualised) respective meetings held on 9th November’ 2020 (1) Basic 2.34* 0.32* 9.49* 2.66* 14.04* 18.59 2.47* (0.27)* 9.45* 2.20* 13.61 17.78 2. The above is an extract of the detailed format of Quarterly / Half yearly Financial Results filing with Stock (2) Diluted 2.34* 0.32* 9.49* 2.66* 14.04* 18.59 2.47* (0.27)* 9.45* 2.20* 13.61 17.78 Exchange under regulation 33 of the SEBI (Listing and other disclosure requirements) Regulations, 2015. Note: The Full format of the Quarterly / Half yearly Financials Results are available on the Stock Exchange 1. The above is an extract of the detailed format of quarterly/half yearly/annualfinancial resultsfiled with the stock exchanges under regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) websites: www.bseindia.com Regulations, 2015. The full format of the quarterly/half yearly/annualfinancial results are available on the websites of the stock exchanges, www.nseindia.com, www.bseindia.com and on the Company's For National Fittings Limited website, www.jindalsaw.com. On behalf of Board of Directors of Jindal Saw Limited Sd/- A.V.PALANISWAMY Sd- Place : Coimbatore Managing Director Sminu Jindal Date : 09.11.2020 DIN:01817391 Place: New Delhi Managing Director Date: November 09, 2020 DIN : 00005317

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Karnataka to sign MoUs with Global Blue Star bags `128-cr order from Wistron Infocomm

InnovationAlliance countries PRESS TRUST OF INDIA sion project. Currently, this New Delhi, November 9 order is one of the largest and FE BUREAU position in innovation,science landing programme forIndian Business Finland,will focus on fast-track projects, being exe- Bengaluru, November 9 andtechnology,thedepartment start-ups,duringthisyear’s(Ban- bilateralmarketaccessforstart- AIR CONDITIONING MAJOR cutedbyBlueStarinthefacto- ofelectronics,IT,BTandS&Thas galoreTech Summit).This pro- ups,jointresearchprogrammes BlueStaronMondaysaidithas ries segment”. KARNATAKA HAS CREATEDa embarkedondevelopingglobal gramme will enable some 50 forsocietalgoodandmutualstu- bagged a `128 crore order Wistron is a Taiwan-based dedicatedtrackforGlobalInno- innovationallianceswithinno- Indian tech start-ups to take dent and facultyexchange pro- from Wistron Infocomm, a contract manufacturerof elec- vationAlliance(GIA)sessionsat vation hubs of the world. The their technology to Europe. In grammes.The Centre of Excel- contract manufacturer for tronic goods and is one of the its flagship tech event, Ben- stategovernmentisexpectedto addition, two MoUs will be lence for Agri Innovation, Apple in India,for mechanical majormanufacturersofiPhones galuru Tech Summit 2020, signsevenMoUswithGIApart- signedintheareasofcybersecu- housedattheCentreforCellular electricalandplumbing(MEP) forApple.Ithasbeenproducing which will be held virtually for nerinstitutions. rity and agri-tech,where both and Molecular Platforms (C- works for their factory expan- Appledevicesatitsexistingfac- the first time this year from Speaking about one such sideswillbeworkingtogetheron CAMP),will sign an MoU with sion project. toryatKolar,Bengaluru,andhas November19to21. MoU, Gert Heijkoop, Consul mentorship,honingskills,start- theWorldStartupFactoryinthe In a regulatory filing, Blue nowembarkeduponitsphaseII Countrieswill host technol- General of Netherlands for ups, and R&D.”Another MoU, Netherlands,withfocusonavir- Star said it has won an “order expansionasapartofwhich,itis ogysessionsforecosystemcon- SouthernIndia,said,“Karnataka between the Centre for Excel- tual market access programme from Wistron Infocomm val- constructing a large manufac- nects, exchange of ideas and is a valuable partner for the lenceofDataScienceandArtifi- for growth-stage start-ups to ued at `128 crore, for MEP turingblockandanITbuilding, people, and deliberations on Netherlands in India in a num- cialIntelligence,Karnataka,and exploreglobalmarkets. works for their factory expan- thecompanysaid. policy environment.Minister- beroffields,allofthemrelatedto level delegations from key GIA hi-tech. The Hague Business partner countries are expected Agencywilllaunchadigitalsoft- throughout the summit. The trackwill also see government- to-government meetings and MoUs to activate projects for skilling,R&Dandstart-ups.Aus- tralia,France,Germany,Israel, Netherlands,Switzerland and UKare among the 25 countries expectedtoparticipate. Speaking at an event ahead of the summit, the state’s deputy chief minister Dr CN Ashwath Narayan said,“Today, Bengaluruiswidelycitedasone of the fastest growing technol- ogy and start-up hubs in the world, counted amongst the likes of New York,Tokyo, Lon- don,BeijingandTelAviv.” He said that to ensure that Karnataka maintains its lead

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Raviwar Peth Branch, 466, RaviwarPeth, Phadke Haudh Chowk, Pune-411002 Ph: 020-24475724,24482904 E-mail: [email protected] Show Cause Notice for declaration of Wilful Defaulter LetterNo.: BOB/RPP/SCN/2 Date: 09-11-2020 1. M/s. Fairdeal Traders Shop No. 3, Bhagwant Estate, Gandhi Chowk, Mundhwa, Pune-411036 2. Mr. Prince Kalra Bunglow No. 109, Cloud No. 9, NIBM Road, Sun Shree Society, Pune-411040. Dear Sir, Re: Show Cause Notice for declaring M/S Fairdeal Traders its proprietor as Wilful Defaulters and Opportunity for Representation there against We refer to your captioned account and write to inform you that due to non-payment of interest/instalment, account turned to Non- PerformingAssets in the books of the Bank on 31.07.2017 We further write to inform you that as per the directions of the Committee of Executives on Wilful Defaulters of our Bank and on scrutiny of your account based on your acts of omission and commission, deeds/ documents and writings, performed /executed by the company/firm/borrower/guarantors, the company/firm and its Directors/ Partners/ Proprietor/ Guarantors be classified as Wilful defaulter as per guidelines of RBI on the following grounds: The borrower has defaulted in their repayment obligation. The borrower is absconding since a/c slipped to NPA. While onsite inspection by branch officials it was found that the stocks are not available, unit is closed, No machineries pertaining to line of business activity found and there is no business activity ongoing. Thus (The unit has defaulted in meeting its payment/ repayment obligations to the lender and has also siphoned off or removed the movable fixed assets or immovable property given for the purpose of securing a term loan without the knowledge of the Bank) In terms of RBI guidelines and to comply principles of natural justice, if you, desire, you may send your submission for consideration by the Committee of Executives, headed by our Executive Director within -15- days from the date of receipt of this letter as to why your account and you be not classified by Bank as a Wilful Defaulter. The Committee reserves the right to give or not to give the personal hearing to decide about classifying as wilful defaulter in case your submission is received. Please note that, in case your submission against the intention of Bank to declare you as a Wilful Defaulter is not received within -15- days from the date of receipt of this letter, the Bank will proceed further and classify your account as wilful defaulter. Bank reserves the Right to publish the name and photograph of Wilful Defaulter in News Paper and will initiate the necessary recovery action as per extant guidelines issued by Reserve Bank of India. This communication is issued as per the directions of the Committee of Executives on Wilful Defaulters (COE) Yours faithfully, (Chief Manager) Raviwar Peth Branch

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CLASSIFIEDS BUSINESS FINANCE

Private Finance forProject Loan, Working Capital, Business Development, Funding 10 Cr & Above.Contact: 7045006933 0070717870-1

''IMPORTANT''

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Minda Corporation Limited Registered Office: A-15, Ashok Vihar, Phase-I, Delhi-110052 Corporate Office: Plot No. 404-405, 5th Floor, Sector-20, Udyog Vihar, Phase-3, Gurgaon, Haryana - 122016 CIN: L74899DL1985PLC020401, Website: www.sparkminda.com, E-mail: [email protected] Ph.: +91-124-4698400, Fax: +91-124-4698450 NOTICE OF EXTRA-ORDINARY GENERAL MEETING AND E-VOTING INFORMATION NOTICE is hereby given that the Extra-Ordinary General Meeting (EGM) of the Members of the Company will be held on Tuesday, December 01, 20120 at 10:00 a.m.(IST) through Video Conferencing/ Other Audio Visual Means (“VC/OAVM”) facility in compliance with the applicable provisions of the Companies Act, 2013 and Rules framed thereunder and the SEBI (Listing Obligations and Disclosure Requirements), Regulation, 2015 read with General Circular Nos.14/2020, 17/2020, 20/2020 and 33/2020 dated 8th April 2020, 13th April 2020 and 5th May 2020 and 28th September,2020 respectively, issued by the Ministry of Corporate Affairs (“MCA Circulars”) and Circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/79 dated 12th May 2020 issued by the Securities and Exchange Board of India (“SEBI Circular”) without the physical presence of the Members at a common venue to transact the business as set out in the EGM Notice which is being circulated for convening the EGM The Company has sent Notice of the EGM through electronic mode to those Members whose email addresses are registered with the Company/ Depository in accordance with the aforesaid MCA Circulars and SEBI Circular dated May 12, 2020. Members may note that the Notice of the EGM will also be available on the Company’s website www.sparkminda. com, on the website of Stock Exchanges i.e BSE Limited and National Stock Exchange of India Limited at www.bseindia.com and www.nseindia.com respectively and also on the website of NSDL at www.evoting.nsdl.com. In compliance with Section 108 of the Companies Act, 2013 and Rule 20 of the Companies (Management and Administration) Rules, 2014, as amended from time to time, the Secretarial Standard on General Meetings issued by Institute of Company Secretaries of India and Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015, the Company is pleased to provide remote e-voting facility to its Members enabling them to cast their vote electronically for all the resolutions as set out in the EGM Notice dated November 05, 2020. The Company has availed the remote e-voting services as provided by National Securities Depository Limited (NSDL). The Board of Directors of the Company has appointed Mr. Ranjeet Pandey (FCS- 5922; C.P. No. 6087) (Ranjeet Pandey & Associates) as Scrutinizer for conducting the remote e-voting process in a fair and transparent manner. The Notice has been sent to all the Members, whose names appeared in the Register of Member/list of beneficial owners received from NSDL & CDSL as on Friday, November 06, 2020. The remote e-voting period commences on Saturday, November 28, 2020 at (09:00 a.m.) and ends on Monday, November 30, 2020 at (05:00 p.m.). The remote e-voting module shall be disabled by NSDL, for voting thereafter and Members will not be allowed to vote electronically beyond the said date and time. Once the vote on a resolution is cast by the Member, the Member shall not be allowed to change it subsequently. The voting rights of Members shall be as per the number of equity shares held by them as on the cut-off date which is Friday, November 20, 2020. A person whose name is recorded in the register of members or in the register of beneficial owners maintained by the depositories as on the cut-off date i.e. Friday, November 20, 2020 only shall be entitled to avail the facility of remote e-voting as well as voting in the Extra-Ordinary general meeting. A person who is not a Member as on the cut-off date should accordingly treat the Notice of EGM for information purposes only. Those Members, who shall be present in the EGM through VC/OAVM facility and had not casted their votes on the Resolutions through e-voting are otherwise not barred from doing so, shall be eligible to cast vote through remote e- voting system during the EGM. The Members who have casted their votes by remote e-voting prior to the EGM may also attend/participate in the EGM through VC/OAVM facility but shall not be entitled to cast their votes again. Any person, who acquires shares of the Company and becomes member of the Company after the notice has been sent through electronically by the Company, and holds shares as on cut-off date which is Friday, November 20, 2020, may obtain the login ID and password for remote e-voting by sending a request to NSDL or Company’s RTA. However, if a member is already registered with NSDL for e-voting, then existing user ID and password can be used for voting. Members, who hold shares in physical form who have not registered their email address with the Company/Depository can obtain Notice of EGM and/or login details for joining the EGM through VC/OAVM facility including e-voting, be sending scanned copy of the following documents by email to [email protected] a) a signed request letter mentioning your name, folio number and complete address; b) self-attested scanned copy of the PAN Card; and c) self-attested scanned copy of any document (such as Driving Licence, Bank Statement, Election Identity Card, Passport, AADHAR Card) in support of the address of the Member as registered with the Company Members holding shares in demat forma re requested to update their email address/Electronic Bank Mandate with their Depository. The Scrutinizer shall immediately after the conclusion of the voting at the EGM, first download the votes cast at the EGM, thereafter unblock the votes casted through remote e-voting and shall make a Consolidated Scrutinizer’s Report of the votes casted in favour or against, if any, and to submit the same to the Chairman of the EGM or a person authorized by him not later than forty-eight (48) hours from the conclusion of the EGM. The Results shall be declared forthwith after the submission of Consolidated Scrutinizer’s Report either by the Chairman of the Company or by any person authorized by him in writing. The detailed procedure for obtaining User id & Password is provided in the notice of EGM. For details relating to remote e-voting, please refer to the Notice of the EGM. If you have any query relating to remote e-voting, please refer to the frequently asked questions (“FAQ”) and e-voting user manual available in the Download section of NSDL’s website i.e www.evoting. nsdl.com or contact at toll free no. 1800-222-990 or send a request to [email protected] . In case of any Queries/grievances connected with facility for voting by electronic means, please contact Mr. Amit Vishal, Senior Manager or Ms Pallavi Mhatre Manager, NSDL, Trade World, ‘A’ Wing, 4th Floor, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013 at the designated email IDs: evoting@nsdl. co.in or [email protected] or [email protected] or at telephone nos. : +91-22-24994360 or +91-99202 64780 or +91-22-24994545 Minda Corporation Limited Sd/- Pardeep Mann Dated: 10.11.2020 Company Secretary Place: Delhi M. No.: A-13371

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● TURBULENTTRANSITION Biden moves forward Pandemic takes centre stage in American holiday shopping advertisement campaigns with Covid task force REUTERS United States and Europe. behindadsforthedepartment As new campaigns roll out, store Macy’s, whose window AFTER SPENDING THE sum- brands feel it is theirresponsi- displaysandSantalandattrac- dent since 1992 to lose re- mer convincing consumers to bility to inspire optimism for tion have been hallmarks of Scientists will liaise election. take socially distanced breaks the coming year, but also em- theholidayssincethelate19th with local officials But Trump has not ac- from grim reality, advertisers pathise with “the hurt that century.At a time when flying on the pandemic knowledged defeat and has are now returning to the pan- people have,” said Jason home or hosting big family launched an array of lawsuits demic as the central focus in Schragger, chief creative offi- gatherings can be dangerous, response to press claims of election holiday shopping campaigns cer at ad agency Saatchi & Macy’sM.Nisfocusingonhow fraud for which he has pro- launching this month. Saatchi. finding and giving the perfect REUTERS duced no evidence. State offi- US companies from car- Carmaker Lexus’ iconic New TV commercials “We wanted to make sure giftplaysanevenbiggerrolein Washington, November 9 cials say they are not aware of makers to retailers are under “December to Remember” launching on Monday feature we weren’t showing large connecting with people you anysignificant irregularities. pressuretomaketheshopping campaign,which features cars family and friends doing a gatheringsofpeople,”saidLisa can not see in person thisyear, PRESIDENT-ELECTJOEBiden “TheBidenselectionbythe season a success after retail wrapped in giant red bows on drive-by graduation party in Materazzo, vice president of according to Macy’s chief cus- will convene a coronavirus CrookedMediaisbasedonun- sales crashed 21% earlier this picturesque snowy driveways, their Lexus vehicles as a stu- marketing at Lexus,owned by tomerofficerRich Lennox. taskforceonMondaytoexam- lawful votes in PA,Mich,GA, year as millions of Americans will focus on the different role dent in a cap and gown waves Toyota Motor 7203.T.“But it’s A similar theme underpins ine the No. 1 problem con- hausteveryrecourseforhang- Wisc, Nevada et al. We will lostjobsandcuttheirbudgets. that driveways have played from herdriveway.In another, nice to have a live interaction, Etsy’s ETSY.O commercial, in frontinghimwhenhetakesof- ing onto power, the Biden-ap- prove it all,” Rudy Giuliani, Theyfacethechallengeofcon- this year, as people sought a man greets his children and and that can happen when which a woman who longs to ficeinJanuary,whilePresident pointed scientists and experts Trump’spersonallawyeranda vincing consumers to open ways to celebrate birthdays, grandkids from a distance as you’re safe in the car and wav- see her grandson opens a gift DonaldTrumppursuesseveral will liaise with local and state former New York City mayor, theirwallets for the holidays anniversaries and other mile- they drive by,waving a home- ing from the driveway.” of a handmade doll that long-shot gambits to hold on officials on the pandemic re- said onTwitterearlyMonday. even as the coronavirus pan- stones despite stay-at-home made “Happy Birthday, Staying connected during matches a picture he had to his job. sponse.Theywillconsiderhow Trumphasnopublicevents demic rages anew across the orders. Grandpa”sign. the pandemic is the message drawn. Biden is due to meet with to safely reopen schools and scheduledforMonday,andhas an advisory board co-chaired businesses and tackle racial not spoken in public since by former Surgeon General disparities. Thursday.He planstoholdral- Vivek Murthy, former Food The Biden panel includes lies to build support for his EU govts propose to scan encrypted and Drug Administration Rick Bright, a whistleblower challenge to the election re- Commissioner David Kessler whosayshewasremovedfrom sults, campaign spokesman and Yale University Associate hisTrumpadministrationpost Tim Murtaugh said. messages in crackdown on Islamism Professor Marcella Nunez- for raising concerns about Biden’s advisers are mov- Smith to examine how best to coronaviruspreparedness,and ing ahead and considering BLOOMBERG accordingtoadraftpaperseen dent Emmanuel Macron’s tame a pandemic that has Luciana Borio,who specialises candidates for top Cabinet November 9 byBloomberg,which has been plantocrackdownonIslamist killed more than 237,000 in complex public health posts. But the transition can- prepared for a meeting of EU “separatism”andhiscomment Americans. emergencies. not shift into high gear until EUROPEAN UNION GOV- home affairs ministers on Fri- that Islamwas facing a“crisis” The Democratic former Trump has frequently the US General Services Ad- ERNMENTS are considering a day.It calls for the EU’s execu- have led to conflict with some vice president will then give clashed with top health offi- ministration,which oversees coordinated crackdown on Is- tive arm to promote religious Muslim leaders, including remarks in Wilmington, cials over the pandemic.Vice federal property, certifies the lamist radicalisation, includ- education and training of Turkish President Recep Delaware, about his plans for President Mike Pence is due to winner. Emily Murphy, the ing an effort to gain access to imams within the EU “that is Tayyip Erdogan, who accuse tacklingCovid-19andrebuild- meet with the White House Trump appointee who runs encryptedcommunicationsin in line with European funda- him of religious persecution. ing the economy. coronavirus task force on theagency,hasnotyetdoneso a move that risks stoking ten- mental rights andvalues.” Austria arrested 30 people on “Dealing with the coron- Mondayforthefirsttimesince and a GSA spokeswoman gave sions with Muslim countries Attacks in France and Aus- Monday who are suspected to avirus pandemic is one of the Oct.20. no timetable forthe decision. andabacklashfromtechcom- tria have catapulted terrorism be linked to Hamas or the mostimportantbattlesourad- Bidenclearedthethreshold Until then, the GSA can panies.“We must protect peo- back to the top of the EU’s po- Muslim Brotherhood, accord- ministration will face, and I of 270 Electoral College votes continue providing Biden’s ple in Europe from Islamism,” litical agenda. French Presi- ing to the prosecutor’s office. will be informed by science needed to win the White team with offices, computers andbyexperts,”Bidensaidina House on Saturday, four days and background checks forse- statement on Monday. afterthe November3 election. curityclearances,buttheycan- Even as Trump declines to HebeatTrumpbymorethan4 not yet enter federal agencies concede and some of his clos- million votes nationwide, or access federal funds set est allies encourage him to ex- making Trump the first presi- aside forthe transition.

(Auction Sale Notice for Sale of Immovable Properties) SALE NOTICE E-Auction Sale Notice for Sale of Immovable Properties under the Securitisation & Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, read with proviso to Rule 8(6) of the Security Interest (Enforcement) Rules, 2002. Notice is hereby given to the public in general and in particular to the Borrower and Guarantors that the below described immovable property mortgaged to the Secured Creditor, the possession (Lot No. 1 & 2 in Physical possession and other Lot No. 3 & 4 are in constructive possession) of which has been taken by the Authorized Officer of the Canara Bank., will be sold on “As is where is”, “As is what is”, and “Whatever there is” basis on 27.11.2020 for recovery of the amount` 9,40,22,093.64 (plus further interest and cost from 27.11.2018) due to our bank as mentioned below from the Borrower M/s. Sneha Marketing and its Guarantors Mr. Ketan H. Satra, Mr. Paresh H. Satra and Mrs. Hansaben H. Satra. The reserve price and Earnest money deposit are as mentioned below: Lot Details of Property with Reserve Price and Earnest Money Deposit (EMD) No. All that part and parcel of Gala No. 101, 1st floor, Bldg. No. E, Block No. B-3, Krishna Lot Industrial Estate, Survey No. 906/1/2 of village Amli, Amli road, Near 66 NVA power No. station, Union Territory of Dadra & Nagar Haveli, Silvassa-396230, admeasuring 1 about 1441.82 sq. ft. (Super built up area) � Reserve Price :` 28.50 lacs� EMD :` 2.90 lacs All that part and parcel of Gala No. 103, 1st floor, Bldg. No. E, Block No. B-3, Krishna Lot Industrial Estate, Survey No. 906/1/2 of village Amli, Amli road, Near 66 NVA power No. station, Union Territory of Dadra & nagar Haveli, Silvassa-396230, admeasuring 2 about 961.25 sq. ft. (Super built up area) � Reserve Price :` 19.00 lacs� EMD :` 1.90 lacs Plinth Nos. 1, Building No. D/5, Grampanchayat House No. 222/1 and 2 in “Om Lot Harihar Complex”, Sy. No. 31 & Hissa No. 6/B/1, situated at Om Harihar Ware No. Housing, opposite Vadghar Bus stop, Near Kharbao Railway Station, Village : 3 Vadghar, Tal. Bhiwandi, Dist. Thane - 421 302. admeasuring about 3125 sq. ft. � Reserve Price :` 61.00 lacs� EMD :` 6.10 lacs Plinth Nos. 2, on ground floor, structure, Building No. D/5, Grampanchayat House No. 222/1 and 2 in “Om Harihar Complex”, Sy. No. 31 & Hissa No. 6/B/1, situated Lot at Om Harihar Ware Housing, opposite Vadghar Bus stop, Near Kharbao Railway No. Station, Village : Vadghar, Tal. Bhiwandi, Dist. Thane-421302. admeasuring about 4 3125 Sq. ft. � Reserve Price :` 61.00 lacs� EMD :` 6.10 lacs The Earnest Money Deposit shall be deposited on or before 25.11.2020 at 5.00 P.M. The property can be inspected, with Prior Appointment with Authorised Officer, on 21.11.2020 for LOT No. 1 & 2 and 20.11.2020 for LOT No. 3 & 4 EMD amount of 10% of the Reserve Price is to be deposited by way of Demand Draft in favour of Authorised Officer, Canara Bank, ARM-1 Branch, Mumbai, OR Shall be deposited through RTGS / NEFT / Fund Transfer to credit of account of Canara Bank, ARM Branch, Mumbai A/c No. 1389296000002, IFSC Code: CNRB0001389 on or before 25.11.2020, 5.00 P.M. For the said properties there is no encumbrance to the knowledge of the bank. For detailed terms and conditions of the sale please refer the link “E-Auction” provided in Canara Bank's website (www.canarabank.com) or may contact Mr. Manoj S. R., Authorised Officer, ARM-I Branch of Canara Bank, Tel. No. 022-22065425 / 30 / 38, 9787242782, S. K. Choudhary-8169845618 during office hours on any working day. Date : 09.11.2020 sd/- Place : Mumbai Authorised Officer, Canara Bank To, M/s. Sneha C/16, Ground floor, Malad Industrial Estate, Kanchpada,Malad West, Marketing Mumbai-400064. M/s. Sneha 18, Moreshwar Compound, Rehanal Village, Bhiwandi, Thane District, Marketing Pin-421302. Mr. Ketan H. 21, Ashirwad Building, Hatkesh, N. S. Road No. 1, JVPD Scheme, Vile Satra Parle, Mumbai-400056. Gala No. 101 & 103, 1st flr., Bldg. No. E, Block No. B-3, Krishna Industrial Mr. Ketan H. Estate, Survey No. 906/1/2 of Vill. Amli, Amli Rd., Nr. 66 NVA power Satra station, Union Territory of Dadra & nagar Haveli Silvassa-396230 Plinth Nos. 1 & 2, Bldg. No. D/5, Grampanchayat House No. 222/1 Mr. Ketan H. and 2 in “Om Harihar Complex” situated at Om Harihar Ware Housing, Satra Opp. Vadghar Bus stop, Nr. Kharbao Railway Station, Vill. Vadghar, Tal. Bhiwandi, Dist. Thane-421302. Mr. Paresh H. A 302, Bhagwati Apartment, Dr. Charat Singh Colony, Chkala, Andheri Satra (E), Mumbai-400093. Mr. Paresh H. 61/13, Bhavna Building, N. S. Road, No. 1 JVPD Scheme, Vile Parle, Satra Mumbai-400056. Mr. Paresh H. Flat No. 702 A, Green Acres, Gulmohar Cross Road, No. 5, Juhu, Satra Mumbai-400049. Mrs. Hansaben A 301, Bhagwati Apartment, Dr. Charat Singh Colony, Chkala, Andheri H. Satra (E), Mumbai-400093. Mrs. Hansaben 61/13, Bhavna Building, N. S. Road, No. 1, JVPD Scheme, Vile Parle, H. Satra Mumbai-400.056 Mrs. Hansaben Flat No. 702 A, Green Acres, Gulmohar Cross Road, No. 5, Juhu, H. Satra Mumbai-400049.

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