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Financial Express 6 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 PUNE, TUESDAY, NOVEMBER 10, 2020 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM VOL. XI NO. 244, 22 PAGES, `6.00PUBLISHEDFROM:AHMEDABAD,BENGALURU,CHANDIGARH, CHENNAI,HYDERABAD,KOCHI,KOLKATA,LUCKNOW,MUMBAI, NEWDELHI,PUNE READ TO LEAD SENSEX: 42,597.43 ▲ 704.37 NIFTY: 1,2461.05 ▲ 197.50 NIKKEI 225: 24,839.84 ▲ 514.61 HANG SENG: 26,016.17 ▲ 303.20 `/$: 74.14 ▲ 0.06 `/€: 88.03 ▼ 0.16 BRENT: $42.43 ▲ $2.98 GOLD: `52,280 ▲ `88 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 INDIAN BENCHMARK 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, reports PTI. 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 IF IN THE 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 THE COMPETITION COM- 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.
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