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THE HINDU DELHI TUESDAY, APRIL 23, 2019 BUSINESS 15 EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE

market watch 22-04-2019 % CHANGE RBI to assess if Indiabulls is ‘fit and proper’ Blackstone to buy 51% Sensex dddddddddddddddddddddd 38,645 ddddddddddddd-1.26 US Dollardddddddddddddddddddd 69.67 ddddddddddddd-0.46 Gold ddddddddddddddddddddddddddd 32,870 ddddddddddddddd0.61 stake in Essel Propack Brent oil ddddddddddddddddddddd 74.13 ddddddddddddddd3.37 Will group founder Sameer Gehlaut’s name figuring in Panama Papers impact merger with LVB?

MANOJIT SAHA tity/promoter group should reported to the RBI in regula­ NIFTY 50 Mumbai have a past record of sound tory filings through the Auth­ for up to $462 million PRICE CHANGE The Reserve Bank of India financials, credentials, inte­ orised Dealer. The same Adani Ports...... 391.05...... 0.50 (RBI) may closely examine grity and have a minimum 10 were also reported in his in­ Open offer for 26% at ₹139.19 apiece Asian Paints...... 1443.35...... -26.25

Axis Bank ...... 755.50...... -15.70 the fit­and­proper criteria of years of successful track re­ come tax returns and ba­ Bajaj Auto ...... 3051.20...... -18.30 Indiabulls Group founder cord,” one of the RBI’s norms lance sheets,” Indiabulls Piyush Pandey Bajaj Finserv...... 7472.75...... -98.40 and chairman, Sameer Geh­ had said for on­tap licensing said. The company said sub­ MUMBAI Bajaj Finance ...... 2991.25...... -23.20 Bharti Airtel ...... 349.40...... 2.45 laut, whose name appeared of universal banks in 2016. sequent to the Panama leaks, Leading investment firm BPCL...... 340.10...... -22.80 in the Panama Papers, be­ authorities concerned had Blackstone has entered into Britannia Ind ...... 3000.15...... 2.40 fore approving the proposal Compliant with law examined ‘each and every Cipla ...... 561.10...... -0.45 a definitive agreement with Coal India ...... 252.05...... 0.60 to merge the group’s housing Indiabulls, in response to a remittance’ Mr. Gehlaut Ashok Goel Trust to pur­ Dr Reddys Lab ...... 2795.70...... -3.40 finance arm with Lakshmi query from The Hindu, said made and they were found chase a majority stake in Es­ Eicher Motors...... 20400.85. .. -623.05 Vilas Bank (LVB). Mr. Gehlaut’s investments to be in full compliance with GAIL (India)...... 344.85...... -7.10 sel Propack Limited (EPL), a Grasim Ind ...... 863.90...... -3.35 Indiabulls Housing Fi­ abroad were in full com­ relevant laws of the land. speciality packaging compa­ HCL Tech...... 1101.10...... -1.55 nance and LVB boards had Clear and legal: Sameer Gehlaut’s offshore investments have pliance with all extant and “All records, including ap­ ny and one of the largest HDFC ...... 1953.90...... -49.85 been reported to RBI, says Indiabulls. * GETTY IMAGES/ISTOCK HDFC Bank...... 2268.70...... -24.95 proposed a merger , that current laws of the land, provals and work status in global manufacturer of lam­ Hero MotoCorp ...... 2689.50...... -52.05 would help the bank get cap­ both from the ‘FEMA angle, respect of projects underta­ inated tubes, for up to $462 Hindalco ...... 200.40...... -6.80 ital and, Indiabulls make an who had allegedly opened bank sources said since the and also from the Income ken under the aegis of Mr. million. * GETTYIMAGES/ISTOCK Hind Unilever ...... 1739.85...... -0.05

Indiabulls HFL ...... 733.95...... -66.60 entry into banking. Mr. Geh­ shell firms in tax havens. ‘fit and proper’ criterion was Tax angle.’ Gehlaut’s offshore proprie­ Ashok Goel Trust and its ICICI Bank ...... 394.50...... -9.90 laut is proposed to be vice­ That included the names of a key parameter for RBI to ‘Every single penny, tary arm, have been shared affiliates currently hold tomers and a track record of IndusInd Bank ...... 1691.00...... -73.30 chairman of the merged 500 Indians. The non­bank­ grant banking licence, the which was invested offshore, with the authorities, and about 57% of EPL and Black­ product innovation. Leve­ Bharti Infratel ...... 299.60...... -7.60

Infosys ...... 721.05...... 4.00 entity. ing finance company had ap­ Panama Papers incident has been under Overseas Di­ there has been no violation stone would pay a purchase raging the ongoing industry Indian OilCorp...... 149.75...... -6.35 In 2016, leaked docu­ plied for a universal bank li­ would be examined by the rect Investment (ODI) regula­ or infringement whatsoever price of ₹134 per share to ac­ shift to laminated tubes and ITC ...... 301.80...... -2.60 ments from the Panama­ cence when the RBI invited regulator before taking a call tions, and all funds remitted of any of the rules and regu­ quire a 51% shareholding EPL’s leadership position in JSW Steel...... 291.25...... -7.90 Kotak Bank ...... 1356.70...... -12.95 based law firm Mossack Fon­ applications in 2013 but on the proposed merger. were out of Mr. Gehlaut’s tax­ lations governing overseas from the trust. oral care, our plan is to ac­ L&T...... 1360.15...... -0.55 seca, showed a list of those failed to secure one. Central “Promoter/promoting en­ paid moneys, and were duly investment,” it added. As per SEBI’s takeover celerate growth in fast­grow­ M&M ...... 673.40...... -11.25

Maruti Suzuki ...... 7321.25. .. -126.20 code, this transaction would ing end categories such as NTPC ...... 136.00...... 0.65 trigger a mandatory open beauty, cosmetics and ONGC ...... 157.90...... -2.70 offer for purchase of an ad­ pharmaceuticals.” PowerGrid Corp ...... 194.80...... 0.50 ditional 26% shares of the EPL’s last 12 months reve­ Reliance Ind ...... 1345.35...... -40.60 RBI may have ₹3 lakh cr. GAIL emerges highest bidder State Bank ...... 310.05...... -0.75 firm, said both firms in a nue as of December 31, 2018 Sun Pharma ...... 454.50...... -8.70 joint statement, adding the was ₹2,642 crore ($380 mil­ Tata Motors ...... 234.85...... -1.40 excess capital : BofAML open offer price had been lion), registering a 10% year­ Tata Steel ...... 534.20...... -8.90 TCS ...... 2161.45...... 11.40 for IL&FS wind assets’ portfolio fixed at ₹139.19 apiece. on­year growth against in­ Tech Mahindra ...... 805.35...... 5.00 Jalan panel to submit report shortly Based on the open offer dustry growth of 2%, said Titan ...... 1123.70...... -1.70

UltraTech Cement...... 4204.85...... -55.10 subscription, the purchase the company. UPL...... 937.30...... 3.25 SPECIAL CORRESPONDENT that the deliberations were Offers ₹4,800 crore for seven plants with 874 MW capacity price consideration would Commenting on the deal, Vedanta ...... 175.00...... -3.60 Mumbai in advanced stages and it vary between ₹2,157 crore Mr. Ashok Goel, CMD, EPL, Wipro ...... 288.25...... 3.45 SPECIAL CORRESPONDENT YES Bank...... 238.35...... -17.45 As the Bimal Jalan Commit­ would require ‘a few more Committee of Creditors and ₹3,211 crore (or, approx­ said, “As we embark on the Mumbai Zee Entertainment ...... 396.55...... -5.75 tee prepares to submit its re­ days’ to finalise the report. (CoC) of IL&FS Wind Energy imately $310 million — $462 next trajectory of growth at port on RBI’s economic cap­ If the contingency re­ State­run GAIL (India) Ltd. Limited (IWEL), majority million). EPL, Blackstone brings deep ital framework, a report by serves are halved to 3.25% has emerged as the highest owner of the SPVs. The trust would retain a expertise in packaging EXCHANGE RATES Bank of America Merrill from the current 6.5%, it bidder for seven wind power Engagement with ORIX minority stake in EPL. The space globally with senior Indicative direct rates in rupees a unit except yen at 4 p.m. on April 22 Lynch (BofAML) has said the would release ₹1.282 lakh projects of the debt­ridden Japan, the other shareholder deal is expected to be com­ team of highly experienced CURRENCY TT BUY TT SELL excess reserves that the cen­ crore — still 50% higher than Infrastructure Leasing and in the SPVs, with regard to pleted in the coming professionals with a proven

US Dollar...... 69.47...... 69.79 tral bank holds could be up what central banks in the Financial Services (IL&FS), the proposal is in progress, months, subject to custom­ track record of creating va­ Euro ...... 78.15...... 78.51 to ₹3 lakh crore or 1.5% of BRICS grouping have. after it made an offer of IL&FS said. ary closing conditions and lue.” British Pound...... 90.21...... 90.63

Japanese Yen (100) . .. . 62.07...... 62.35 the GDP. Similarly, halving the ₹4,800 crore. The sale proceeds, as and approvals. Asked if the money would Chinese Yuan ...... 10.35...... 10.40 “Our stress tests estimate yield cover hike to 4.5% The process to sell the as­ when realised by IWEL , be used to repay Essel Swiss Franc ...... 68.46...... 68.78 RBI’s excess capital at from the present 9% would sets was initiated on Novem­ would be held in trust for Shift to laminated tubes Group debt, Mr. Goel said, Singapore Dollar ...... 51.21...... 51.45

Canadian Dollar...... 52.01...... 52.25 ₹1,000­₹3,000 billion,” the release another ₹1.17 lakh ber 29. After due­diligence, “GAIL’s offer of approxi­ distribution to the relevant Amit Dixit, senior managing “EPL is not the part of the Malaysian Ringitt ...... 16.80...... 16.90 report said. crore, the report said. including visits across 12 mately ₹4,800 crore for stakeholders, in accordance director and head of private Essel Group that you are re­ Source:Indian Bank The Jalan Committee was BofAML further said cap­ sites spread across seven 100% of the enterprise value with the resolution frame­ equity in India at Black­ ferring to. We have no set up in end­December and ping the overall reserves at States, GAIL had emerged as contemplates no hair­cut to work filed with the NCLAT stone, said, “We are excited debts. There is no doubt is expected to submit its re­ 20% from the present 25.5% the highest bidder for the se­ the debt of the special pur­ by the government. to partner with the manage­ that we are one single family BULLION RATES CHENNAI port within 90 days of its will release ₹1.96 lakh crore. ven operating wind power pose vehicles (SPVs), aggre­ The new board of IL&FS ment team and support and strong family but there April 22 rates in rupees with previous rates in parentheses first meeting. RBI Governor Using the excess capital for plants having a total genera­ gating to approximately had initiated sale of a num­ EPL’s customers with conti­ is no commercial and finan­ Shaktikanta Das had said bank recapitalisation would tion capacity of 874 MW. The ₹3,700 crore,” IL&FS said. ber of group’s assets, aimed nued investments. EPL has cial relationship with each Retail Silver (1g) ...... 40.5...... (40.3) 22 ct gold (1 g) ...... 3021...... (3031) during the post­monetary be liquidity neutral and aid deal is expected to close in The proposal was unani­ to address a significant por­ decade­long relationships other and there are no cross policy interaction on April 4 in making rate cuts. three weeks. mously approved by the tion of the group’s debt. with marquee global cus­ holdings.” Biopharma and Sensex tanks ‘Digital infra to play key role in reviving economy’ 495 points as agro­economy set for Aadhaar is the underlying technology for various public domain digital services, says Nilekani crude woes resurface boom in India: Shaw Special Correspondent FICCI’s National Executive <> Aadhaar made LPG e­KYC made LPG subsidies, Bengaluru Committee Meeting here on subsidies, MNREGA MNREGA payments, farmer The Aadhaar has worked as a Monday. payments, farmer subsidies and pensions cor­ Press Trust of India Mumbai ‘Bio­economy may touch $200 billion’ digital infrastructure back­ subsidies, pensions ruption­free and seamless. bone helping governments Data central to citizens corruption-free For all these, the underl ying Market benchmark Sensex Special Correspondent in India to roll out several “Once data becomes the ba­ and seamless technology is Aadhaar, Mr. on Monday nosedived 495 Bengaluru real­time initiatives and ser­ sis for decision­making Nilekani added. points to end at 38,645 due These are exciting times for vice delivery capabilities for across businesses, the coun­ a tough affair. Also, with dig­ On the benefits of technol­ to intense sell­offs in ener­ India’s biopharma and agro­ citizens and enterprises try will witness dramatic ital signature becoming a ogy for business, he said, the gy and financial stocks as economies as these sectors alike, said Nandan Nilekani, transformation and growth. reality, identity verification Goods and Services Tax has investors weighed soaring are set to boom in the near chief architect of Aadhaar Data, globally, is becoming and other credential checks increased the number of tax­ crude oil prices and a future, according to Kiran and co­founder and chair­ central to individual citizens Nandan Nilekani are now being done real­ payers. “GSTN is a great ex­ mixed start of the corpo­ Mazumdar­Shaw, CMD, man, Infosys. and governments. We have time and as a result, banks ample of technology­led co­ rate earnings season. Biocon. The Aadhaar, serving as witnessed dramatic transfor­ have been created. “[Aad­ are able to sanction loans in operative federalism.” The broader NSE Nifty Participants in these seg­ an electronic know­your­cus­ mation through Aadhaar­ haar is] now critical for you hours.” Mr. Nilekani said, Aadhaar shed over 158 points to ments, including farmers, tomer (KYC) tool, has trig­ based e­KYC and online pay­ to open a bank account, to The country already has e­KYC has been revolution­ close at 11,594. are increasingly realising gered massive customer ad­ ments and our existing digi­ get a mobile connection or to over a billion bank accounts ary in making life simpler for The rupee too plunged the value of data they are Kiran Mazumdar­Shaw ditions in the country’s tal infrastructure will play a buy a mutual fund. that are Aadhaar number people and India now has by 32 paise to close at a generating on a daily basis. financial and telecom sectors key role in reviving the eco­ Earlier, KYC used to be a linked. It makes transferring the infrastructure to deal two­week low of 69.67 Intelligent data mining will education system must em­ and similar explosive growth nomy,” he said. cumbersome process, and of funds easier and the coun­ with direct benefits transfers against the U.S. dollar. The lead to knowledge creation, brace research culture and is expected across other seg­ He further said that with therefore, opening a bank try conducts over four bil­ (DBT) in any segment, ad­ domestic currency man­ product innovations, accu­ leverage the powerful tool ments as well in the years to Aadhaar, many elements of account or getting a new lions financial transactions. ding that DBT can revive the aged to recover some lost rate diagnostics and cost­ef­ of scientists and engineers come, said Mr. Nilekani at the digital infrastructure phone connection used to be In addition, Aadhaar based power sector. ground after touching fective healthcare, she said, available in the country. 69.88, the lowest in more addressing a session on “In­ than a month, during intra­ dia’s Growing Bio Econo­ Gene sequencing cost day trade. my.” “Gene sequencing cost has Air traffic growth comes to a halt Oil at 6­month high on U.S. Market sentiment was Ms. Shaw said the coun­ come down substantially, hit as macroeconomic wor­ try’s bio­economy sector which can be utilised for plan to curb Iran’s exports ries resurfaced following was set to touch $200 billion diagnosis of critical disease Only 16,000 passengers more flew in March from a year ago reports that the U.S. will by 2030. and in other areas — Indian ‘Geopolitical risk premium returns’ end sanctions waiver on Pointing out that in India, companies can hugely bene­ Special Correspondent double­digit growth since mere 5.37 lakh passengers Iranian oil imports. Soar­ the investment in research fit from gene sequencing,’’ New Delhi mid­2014. But since the end last month. Reuters premium is back in the oil ing crude prices at a six­ and development was less she added. On the back of Jet Airways’ of 2018, this growth rate has As a result of cancella­ New York market, in a big way,” said month high level led to than 1% of GDP, she said, Farmers generate a large collapse as well as the tapered to less than 1%. tions by Jet Airways, flight Oil prices jumped more John Kilduff, a partner at massive sell­offs on the “We must invest at least 2% amount of data and this grounding of Boeing 737 Jet Airways, which an­ related problems accounted than 3% on Monday to a Again Capital LLC in New bourses. of our GDP in science, tech­ opens up opportunity for MAX planes in the country, nounced a temporary sus­ for 60% of passenger near six­month high, on York. Sensex heavyweight Re­ nology (S&T) and research. data analytics and big data the growth in domestic avia­ pension of flight operations grievances. growing concern about tight “Most, if not all, legiti­ liance Industries fell 2.76%. We have to up our invest­ firms in the country. tion traffic was flat in March. last week, saw its market As many as 4,73,864 pas­ global supplies after the Un­ mate commercial interests In percentage terms, major ments in basic research, ap­ “Interestingly, India has Indian airlines altogether share decline to 4.6% in sengers were affected due to ited States announced a will avoid Iran oil purchas­ laggards were Yes Bank, In­ plied research and transla­ 15 agro­climatic zones. flew 115.96 lakh passengers March when it was operating delays, cancellations and de­ further clampdown on Ira­ es. Iran’s flow will be re­ dusind Bank, RIL, ICICI tional research. “We have unique flora, last month, a mere 16,000 with depleted fleet size after nied boarding. nian oil exports. duced to a trickle.” Bank, HDFC and Axis Bank “America has increased is fauna and ayurvedic plants. more than the year­ago pe­ lessors grounded several Airlines will be paying a Washington said that in Brent crude futures rose — plunging as much as focus on S&T, Brazil spends We need to create IP (intel­ riod, according to DGCA’s planes because of non­pay­ total sum of ₹476 lakh as May it would eliminate all 3.37% to $74.13 a barrel. 6.62%. 2.5% of its GDP and Russia lectual property) around monthly data. ment of rentals. compensation, which is a waivers allowing eight eco­ The session’s high of Meanwhile, foreign in­ spends upwards of 2%,’’ she them and create value India’s domestic air traffic The airline’s market share 45% increase over ₹329.62 nomies to buy Iranian oil $74.31 for the global bench­ stitutional investors pur­ added. around data,’’ the CMD of rise had been leading global same time last year was at lakh of compensation in Fe­ without facing U.S. sanc­ mark was the highest since chased equity worth Ms. Shaw said that India’s Biocon added. trends and had recorded 14.2%. The airline flew a bruary. tions. “The geopolitical risk November 1. ₹73.08 crore on Monday.

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