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VOL. XI NO. 237, 16 PAGES, `6.00PUBLISHEDFROM:AHMEDABAD,BENGALURU,CHANDIGARH ,CHENNAI,,KOCHI,KOLKATA,LUCKNOW,MUMBA I,NEWDELHI,PUNE READ TO LEAD

DEMAND REVIVAL Q2 PERFORMANCE ● AMAZON PLEA AUTO SALES RIL deal: Future At `1.05Lcrin Oct, asks exchanges Agood Navratri; Sales dull but cost to disregard GSTreceipts up 10% arbitration order spirit high FE BUREAU ‘Gross tax revenue cuts save the day FE BUREAU FE BUREAU Festive cheer , November 1 in FY21 to be near New Delhi, November 1 , November 1 (units) Oct ‘19 Oct ‘20 Construction Net sales Total expenditure OPM « THE GROSS GOODS and last year’s level’ (% chg y-o-y) (% chg y-o-y) (bps, chg y-o-y) FUTURE RETAIL(FRL) on Sun- THE FESTIVE SEASON of % change y-o-y

services tax (GST) revenue for picking up; section dayaskedthestockexchangesto Navratri brought cheer « Maruti 1,41,550 October came in at `1,05,155 A POTEN- 478.45 nottakecognisanceofanorder to automakers, particularly 0.24 of Inc to -1.99 Suzuki 1,66,825 17.8 1,088.55 crore, the highest level since TIALLY -6.42 by Emergency Arbitrator (EA) passenger vehicle (PVs) -21.24 -615.59 -183.74 ROBUST -7.17 February and up a solid 10% eco- benefit from rural -10.79 nominated by the Singapore manufacturers, with all of Hyundai 50,010 «« overthemop-upintheyear-ago nomic recovery InternationalArbitration Cen- them posting strong double- purchasing power -36.25 -34.89 Motor 56,605 12.5 month.Theincreaseinthecol- in the second Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 tre (SIAC) that barred the com- digit growth in October. 49,913 lectionsunderscoredapick-up halfofthefiscal FY20 FY21 FY20 FY21 FY20 FY21 pany from selling its assets to Though these are factory « inthespeedofdemandrevival Ajay Bhushan may help the FE BUREAU RelianceIndustries(RIL). despatchestodealers,industry M&M 42,338 15.2 PBT Tax RM to sales in September, which many Pandey government New Delhi, November 1 Thearbitrationhasbeenini- executives said retail sales (% chg y-o-y) (% chg y-o-y) (bps, chg y-o-y) Toyota 11,866 otherleadindicators,too,have reach the same tiated by Amazon.com NV must have kept pace with Kirloskar 12,373 4.3 shown signals of. level of gross tax collections as AFTERAGOODstart,theearn- InvestmentHolding,whichhad wholesales, otherwise dealer- GST collections in any achieved last year, despite a ings season is beginning to bought a 49% stake in Future shipswouldnothaveaccepted 1,710.67 « 13.61 18.07 Hero montharelargelyinrelationto 20% year-on-year decline in reflect the pain in corporate -100.11 Coupons, a promoter group higherinventories. 5,86,988 MotoCorp

-339.02 7,91,137 34.7 the transactions in the econ- the April-September period, India. Worryingly, analysts -16.52 entityofFRL,inlate2019.Inlate The industry is quite 75.92 -87.98 -80.43 -589.32 -90.69 omyin the previous month. financesecretaryAjayBhushan believethatmuchofthespurtin -1,428.74 August, RIL announced the upbeat about good sales Bloomberg News reported Pandey, who also holds the demand for cars ortwo-wheel- Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 acquisition of the retail,whole- during the current month as recently five of the eight high- charge of revenue secretary, ers arising from the festive and FY20 FY21 FY20 FY21 FY20 FY21 sale,logistics and warehousing well when Diwali falls and Company executives said frequencyindicators,including toldSumitJhainNewDelhi. wedding seasons may subside Source: Capitaline Sample of 387 companies businesses of Future Group for even in December when sales inventorywith dealers is now exports,tracked byit improved The gross tax collection in by the end of December.How- (excluding banks & financials ) `24,713crore. are high due to manufactur- atnormallevelsoffourweeks. in September,while threewere the first half of the current ever,the revival in purchases of ers offering discounts to clear steady;bothdomesticandover- fiscal stood at `7.2 lakh crore, residential properties is good Continued on Page 2 the calendar year inventory. Continued on Page 15 seas demand helped the recov- whileitwas`20.8lakhcrorein newsandshouldcreatedemand eryinSeptember,itadded. thewhole of FY20. forasetofconsumerdurables. ● With the private sector PIPED WATER Continued on Page 2 Report on Page 2 unlikelytomakeanymeaning- ful greenfield investments for Over 50% jump in rural areas in 14 months at least two years, demand for somewhatdull,salesintheSep- Margins, therefore, are GST collections FY19-20 FY20-21 (` crore) 1,20,000 equipment could be dull. tember quarter have been sub- beingekedoutofsharpcutsin PRASANTASAHU official dashboard. This repre- 1,00,000 Nonetheless, the good show duedbarringacoupleofexcep- costs as companies conserve New Delhi, November 1 sents an impressive over 50% put up by cement companies tions; the 11% y-o-y fall in the cash and save on everything, jumpin14-andhalfmonths. Rural households 80,000 1,13,865 — especially UltraTech which aggregate revenues for 387 from promotional spends to PIPED DRINKING WATER Despite the Covid-19 pan- 99,939 98,202 1,05,155 95,379 95,480 1,02,083 with tap-water supply

1,00,289 turned in stellar numbers as companies (excluding banks staff.Whilebenigninputcosts reached about 5.74 crore rural demic, 1.67 crore new rural 91,916 90,917 87,422 60,000 86,449 volumesrose8%year-on-year andfinancials)wasdriven inter have no doubt helped — raw households or 30% of such 3.24 crore households, including 1.06 – suggests construction activ- alia by a 24% y-o-y fall in the materials to sales were down households as on lastThursday, As on August 15, 2019, crore under JJM, have been 40,000 62,151 32,172 ityispickingup.Agoodpartof revenuesatRelianceIndustries, a chunky 600 bps y-o-y — compared with 3.24 crore when JJM was launched added to functional household 20,000 the overall demand seems to a 12% y-o-y drop at Larsen & total expenditure fell a steep (17%) asonAugust15lastyear, tapconnection(FHTC)network be stemming from rural and Toubro,a 66%y-o-ydeclineat 21% y-o-y. when Prime MinisterNarendra 5.74 cr 19 cr inthecountrysofarinFY21. 0 small-town India. InterGlobeAviation,anda7%y- Modi unveiled the Jal Jeevan As on Total number Apr May June July Aug Sept Oct Withbusinessinurbanareas o-yfallatBajajAuto. Continued on Page 2 Mission (JJM),according to the Oct 29 of rural households Continued on Page 2 MANDI ARRIVALS COVID-19 Seven key summer Cities gettingworse crops see big drop aswinter approaches ISHAAN GERA Serious concern PRABHUDATTAMISHRA New Delhi, November 1 (as a % of active cases) & NANDA KASABE All-India 4.4 end-Oct New Delhi/Pune, mandi arrivals* WHILE DELHI RECORDING 2.4 end-Sept November 1 (% change, y-o-y) over5,000 infections dailyfor 2.7 mid-Sept

Bajra -52.5 four days in a row is certainly PUNE 6 3 AMIDTHE ROWoverthethree Cotton -34.3 worrying,anFEanalysisshows 2.5 newfederalfarmlawsaimedat Arhar -25.2 that the city’s problems had 8 giving unfettered market Soyabean -17.3 started long before the infec- 6.5 accesstofarmers,theproducers Urad -4.5 tions started rising. Since the 4.7 of various crops seem to have Paddy** -4.3 thirdweekofSeptember,Delhi 5 startedrelyingmuchlessonthe Maize -3.2 has witnessed an increase in 3.8 Moong 10 2.9 organisedAPMCmandis. caseswith serious conditions. ICU Ventilator ICU Ventilator According to data reviewed Jowar 33.1 On September 14, 2.6% 4.3 4.1 by FE, of the 10 major kharif Groundnut 56.4 of active cases in the citywere ICU 2.7 cropsnamelypaddy(common), *During October 2020 **common variety on ventilators, and another Source: Agmarknet jowar, bajra, maize, arhar, 2.7% were in the ICU.But on MUMBAI DELHI 2.7 2.6 moong, urad, soyabean, October 31, this proportion 2.6 groundnut and cotton,mandi had increased, as Delhi Ventilator arrivals have dropped in the fromtheyear-agoperiod. recorded 2.7% people on case of seven crops in the ventilatorsand 4.3% inICUs. Election fever: Bihar range of 3-53% in October Continued on Page 15 However, Delhi is not the reduces testing rate only city to experience this trend. Despite active cases IF IT ISN’T bad enough that so- State Bills on farm trade spark legal debate fallingfrom30,271onSeptem- cialdistancingnormshavebeen ber 14 to 18,438 on October flouted at political rallies with THE LAWS passed by the ity of the states’ move. Of 31, the proportion of serious little concern from the state Opposition-ruled states of course,some see a tenuous- cases in Mumbai has also administration,an analysis of Punjab,RajasthanandChhat- ness of the ground on which increased.While on September data byFE shows Biharhas also tisgarhtooverridethreeCen- the Central laws have been 14, only 2.9% of active cases dialleddownontesting,reports tral laws governing agricul- made in the first place,given requiredventilators and 4.7% IshaanGerainNewDelhi. turetradeandfooditemsmay that the Union government wereadmittedtoICUs,onOcto- The analysis of testing data stumble upon the hurdle of hasreliedon‘fooditems’that ber 31,this ratio had increased over the last two months Presidential assent, reports areinconcurrentlist,tolegis- to 5% and 8%,respectively.By reveals that as elections InduBhaninNewDelhi.The late,where the new laws also September end, only 3.8% of approached,insteadofincreas- opinionisalsodividedamong pertainto“agriculture”,which activecasesrequiredventilators ing its testing numbers,Bihar the legal fraternity over the isexclusivelyastatesubject. and6.5%wereinICU. reduceditstesting. tenabilityand/orsustainabil- ■ DetailedreportonPage2 Continued on Page 2 Continued on Page 2

DIWALI BOX OFFICE Fireworks on OTTs, a few lights in theatres

ASMITADEY New Delhi, November 1 2020 Laxmii DIWALI HAS ALWAYS been a time for big Bollywood releases,thoughovertheyears the excitement surrounding thesehaslessened.Onerecalls 106.48 114 101.59 84.83 the clash between Saawariya 194.3 108.6 205.5 and Om Shanti Om at the 175.83 178.41 rmRatan Prem hnPayo Dhan rih3 Happy Year New Shivaay Mushkil eDlHai Dil Ae Golmaal Again 28.12 a Jaan Hai a tak Jab 5 138.34 Ra.One oma 3 Golmaal hg of Thugs Hindostan 205.6

box office in 2007. Unlike a Action Replayy 2013 2014 2015 2016 4 Housefull decade ago when we saw run- 2010 2011 2012 2017 2018 2019 0 away hits, many films have flopped in recent times — Diwali releases Box office collection (` cr) Source: Box Office India Thugs of Hindostan, Action Replayy, for instance, or even Housefull4scoredbigattheBO platforms rather than in the on Amazon Prime Ra.One, and Shivaay, which last year,will be seen in Dis- theatres where so far just one Videowhilemulti-starrerLudo disappointed audiences. ney+’sLaxmii.Inasign film—SurajPeMangalBhari— will be screened on Netflix. Crowdpuller Akshay ofthingstocome,there'smore is tipped for a release.Viewers Kumar,whose comedy drama action this year on streaming can catch Rajkummar Rao’s Continued on Page 2

Pune 2 FINANCIAL EXPRESS WWW.FINANCIALEXPRESS.COM GROWTH AGENDA

Sangita Reddy, president, Ficci

It's clearly time for bold actions on the livelihood ❝front. The recent monetary policy assures that the❝ government and the regulator will do everything it takes to keep the economy afloat. Let us start EconomyMONDAY, NOVEMBER 2, 2020 pushing our growth agenda vigorously

● ROAD TO RECOVERY India rejects State Bills on farm trade ignite legal Pak move to Gross tax revenue debate, Presidential assent unlikely accord status of province to INDU BHAN that the laws passed by it are New Delhi, November 1 underEntry14 of list 2 i.e.state Gilgit-Baltistan this fiscalwill be close list. If it does so, then the act THELAWSPASSEDbyOpposi- wouldbevalid”. PRESS TRUSTOFINDIA tion-ruled states Punjab, However, SC lawyer Sunil New Delhi, November 1 Rajasthan and Chhattisgarh to Fernandesnotedthat,however to FY20 level: Pandey overridethreecentrallawsgov- well-intentionedanActpassed INDIA ON SUNDAY slammed erning agriculture trade and bythestate legislaturemaybe, Pakistan for its attempt to food stuffs may stumble upon unlessthegovernorsignsonit, accord provincial status to the SUMITJHA (PLI)schemesforelectronicand the hurdle of Presidential the Act doesn't become ‘so-calledGilgit-Baltistan’,say- New Delhi, November 1 mobile manufacturing along assent. The opinion is also enforceable. ing it is intended to camou- withpharmaceuticalindustry. dividedamongthelegalfrater- PunjabLegislativeAssembly flagethe‘illegal’occupationof APOTENTIALLYROBUSTeco- In addition to PLI scheme, nity over the tenability and/or on, October 20, unanimously the region byIslamabad. nomic recovery in the second the finance secretary counted sustainability of the states’ passed four Bills to negate the Spokesperson in the min- half of the fiscal may help the corporate rate cuts,tax incen- move.Ofcourse,someseeaten- Centre’sthreecontentiousfarm istryof external affairs (MEA) government reach the same tives to sovereign wealth and uousness of the ground on laws.The state proposes to Anurag Srivastava said India level of gross tax collections as pension funds announced in which the central laws have thesebillsmaynevergetassent. restrictedtowheatandpaddy," exempt farmers from attach- ‘firmlyrejects’the attempt by achieved last year, despite a the Budget thisyearand modi- been made in the first place, Thus,these(state)lawswouldbe said an expert, who is a sup- mentoflandupto2.5acresand Pakistan to bring material 20%y-o-ydeclineinApril-Sep- fied labour laws as measures given that Union government stillborn”. porterofthecentrallaws. provide for the prevention of changes to a part of Indian tember period, finance secre- towardsattractinginvestment. has relied on‘food items’that However,statescouldstilluse Pertinently, all the three hoardingandblackmarketingof territory which is under taryAjayBhushan Pandey,who “The investment coming are in concurrent list,to legis- then route of Government states have restored judiciary's agriculturalproduce. Islamabad's ‘illegal and alsoholdsthechargeofrevenue duetothesemeasuresisaform late, where the new laws also Orders or Executive Orders,to powerto decide in case of a dis- The Chhattisgarh assembly, forcible occupation’ and secretary,hastoldFE. ■ Economic indicators ofstimulustotheeconomybut pertainto“agriculture”whichis practically enforce what they putebetweenfarmerandtrader on October 27, approved the asked the neighbouring The gross tax collection in signal strong recovery we won’t be left behind when exclusivelyastatesubject. intend to, in this regard.This through theirbills,whereas the ChhattisgarhKrishiUpajMandi country to immediately the first half of the current fis- ■ Need of the economy directsupportintheformofliq- The central laws are already would be perfectly legal, says Central laws have vested the (Amendment) Bill 2020 that vacate such areas. calyearstoodat`7.2lakhcrore, changing every week uidity or working capital sup- beingchallengedintheSupreme Srinivasan. powerofdisputeresolutionwith declared the entire state as a Srivastava's response whileitwas`20.8lakhcrorein portisneeded,”Pandeysaid. Court. Punjab chief minister Farm sectorexpertswho FE sub-divisionalmagistrate. ‘market for selling agriculture came following a media thewholeofFY20. ■ Constantly With the introduction of AmarinderSinghsaidifthefour spoketopointedoutthatChhat- Additional solicitorgeneral produce’to negate the Centre’s query about Pakistani Prime Pandey said that the daily monitoring situation PLIscheme,furtherreformsin bills passed bythe state assem- tisgarh and Rajasthan haven’t MadhaviDivanisconfidentthe farmlaws."TheBillhasprovision Minister Imran Khan's com- trends of e-way bill and e- to assess type of simplifyingtaxationsystemby bly on October 20 are not barredtradingbelowminimum central lawswouldprevail. tosafeguardtheinterestsofthe ments in Gilgit on Sunday invoice generation pointed relief required eliminating area-based approved by the President,the support prices (MSPs),whether “India is one common eco- farmers and at the same time it about his government's deci- towards an economy that was exemption provided under statewouldchallengehisstance inAPMC mandis or elsewhere. nomicmarketandtheremustbe doesn’tviolateanyCentrallaws, sion to accord ‘provisional ■ PLI scheme along not only coming back onto the special economic zone (SEZ) in the court. Singh has also So,free market that the Central freedomoftradeandcommerce thus avoiding confrontation provincial status’ to the with other reforms rails but also speeding up.“The scheme were also being con- sought an appointment from lawsseektocreateisintact. acrossIndia.Indiaisalsoafeder- withtheCentre,"thestate'sagri- Gilgit-Baltistan region. attracting investments finance minister has said we sidered,Pandeysaid. President Ram Nath Kovind Onlyone of the Punjab laws ation with a strong tilt to the culture minister Ravindra "I reiterate that the Union will be near that level (tax col- “When we have one of low- betweenNovember2-5. has said that ‘sale/purchase is Centre.Thefreedomoftradeand Choubeyhadsaid.Hesaidinthis Territories of Jammu and lectionachievedlastyear).How- est corporate tax rates globally, According to Supreme invalid’if done below MSP,but commerceacrossIndiaguaran- Bill,theterm‘deemedmandi'has Kashmir and Ladakh, includ- ever,in order to reach there we year,corporate advance tax till thequestionoftaxfreezonesis CourtlawyerMaheshAgarwal, again there is no clarityon con- teed underArticle 301 must be been added to facilitate private ing the area of so-called havetocatchupveryfastinthe September was paid at the redundant.Headdedthatitwas since“trade, production, sup- sequencesoftransactionsbelow available to farmers of India to markets. 'Gilgit-Baltistan',are an inte- remainingmonthsoftheyear,” higher rate as concessional also difficult to estimate if ply, and distribution of (food) MSP,"said a formerunion agri- market theirproduce so that it Rajasthan and Punjab have gral part of India by virtue of theofficialsaid. rates were announced later. industry derived the desired products falls under the con- culture ministry official, reaches the farthest corners of both tried to restrict contract the legal, complete and irrev- He added that e-way bill This showed that adverse benefit from tax reliefs like currentlist,statescannotover- requestinganonymity. Indiaandtheyareabletogetthe farming byexplicitlymention- ocable accession of Jammu generation saw 10% rise in impact on the collections isn’t enhanceddepreciation. ride laws made by the Central Of course, Rajasthan’s Bill best prices which have evaded ingthatthecontractedpriceofa and Kashmir to the Union of September,followed by 22% so deep to frustrate a recovery On whether the govern- government when they cover on contract farming proposes themonaccountoflocalvested crop cannot be below its MSP, India in 1947," the MEA growth in October over the inthelatterhalfoftheyear,the mentwillchallengethearbitra- the same subject. Another punishment with imprison- interests.SotheCentrallawcan- but the bills passed by their spokesperson said. same periods last year.The e- financesecretarysaid. tionawardfavouringVodafone seniorSCadvocateAnupamLal mentof3-7yearswithorwith- notbenegated,”hetoldFE. assemblies are silent on crops He said the government of invoices touched a peak of 29 Thesystemicchangesintro- onthetaxdemand,Pandeysaid. Das,however,feels that,while outafineof`5lakh“ifanyper- Says advocate Abhinav likecumin,coriander,guar,fen- Pakistanhasnolocusstandion lakh on October 30 which is ducedintothetaxationsystem, “We have received the award thereisapresumptionofvalid- son, company or corporate Mukherji,who represents Bihar nelandseveralothersforwhich territories ‘illegally and currently mandatory only for including IT infrastructure orderandatthisstageIwillonly ity of a law passed by Parlia- house or any other association and Himachal Pradesh govern- thereisnoMSPsystem. forcibly’occupiedbyitandthat GST-registered companies developed to expedite refunds, saythatweareexaminingitfor ment, in the present case, the or body of persons harasses ments in the apex court:“Entry "The amendment in farm thelatestmovewillnotbeable with turnover of `500 crore making e-invoice mandatory anappropriateresponse.” source of power to pass these farmers” However, ‘harass- 33 of the Concurrent list produce trading Bill of Punjab to hide the ‘grave’ human and above. foralltaxpayersfromAprilnext Separately,hesaidthatCen- three farm laws are conspicu- ment’has been defined by the empowersParliamentandstate says it is punishment if the rights violations in these Pak- Similarly, while corporate year,dataanalyticstocatchtax tre’s plan to borrow `1.1 lakh ouslymissingintheStatement law as a trader's refusal to buy legislatures to legislate on agri- trader/company (buyer) 'com- istan occupied territories. taxcollectioninApril-Septem- evasion and fraud,and faceless crore this fiscal to compensate ofObjectsandReasons. crops from farmers despite an culture production,supplyetc. pels or exerts pressure' on the "SuchattemptsbyPakistan, ber was down 32%, it was assessment are already show- statesforGSTshortfallwasalso SC lawyer Balaji Srinivasan agreementandalsoincasepay- Any state legislation which is farmer to sell below MSP.Why intendedtocamouflageitsille- largelyduetoa25%reduction ingresults,Pandeysaid. a liquidity injection into the called the emerging situation a ment is not made within 3 repugnant toParliamentaryleg- can't the Bill mention simply galoccupation,cannothidethe (from 30% to 22%) in corpo- On the need for another economy which will spur ‘tricky’one.“Theproposedlegis- days. "It is not about buying islationonthisaspectisnulland thatbelowMSPtransactionisan gravehumanrightsviolations, rate tax rate announced last dose of fiscal stimulus, the demand. He added that the lation of the state governments belowMSP.But,onegoodthing void unless it obtains Presiden- offence,”said V M Singh, con- exploitationanddenialoffree- year along with abolition of financesecretarysaidthefocus Centre would convince the 9 will require the assent of the is Rajasthan has covered all tial assent under Article 254. venor of All India Kisan Sang- dom for over seven decades to dividend distribution tax in was now on creating jobs and states that have opposed the President,which requires to be crops under contract farming Havingsaidthat,tomakeitcon- harshCoordinationCommittee, the people residing in these this year's Budget,he noted.In bringing investment through borrowing plan and have not obtained via the office of the for which MSPs are declared stitutional, the state govern- whichisspearheadingtheagita- Pakistan occupied territories," April-September period last performance-liked incentive yetsignedupforit. governor. Politically speaking, whereas in Punjab, it is ment would have to establish tionagainsttheCentre'slaws. Srivastavasaid.

From the Front Page

RIL deal: Future amount invested byAmazon in from distant sources. Piped 1.4lakhtestssince--onSunday However, economists are FutureCoupons. water at home will also lead to the daily testing for the state cautiousaboutthedurabilityof asks exchanges reduction in dropouts from Q2 performance: Sales dull averaged 1.38 lakh samples -- the uptrend,as they attributed Pipedwater: upper primary school among this is still 20% lower than a the September recovery to to disregard girls and generate jobs due to month-agoperiod. pent-updemandafterthelock- Over50% jump creation of relevant infrastruc- but cost cuts save the day On the otherhand,Madhya down was eased. Aditi Nayar, arbitration tureunderthescheme. Pradesh,whichalsoispreparing principal economist at Icra, in rural areas in Ofcourse,theJalShaktimin- For the sample, operating gross margins and lowerA&P pricewasjust1%y-o-y.Some forbyelectionsto28legislative wrote: “…we caution that the order istry has a far higher target of profitmarginshaveincreased spends;the company opti- companies such as JSWSteel assemblyseats,hasincreasedits sustainability of the upturn Sunday’sregulatoryfilingbyFRL 14 months adding 6.3 crore rural house- byawhopping11percentage mised costs but also gained reported strong volumes testing by 32%.While MPwas maynotbeuniversal,andawait notesthatthecontentionraised TheJJM’sstatedgoalistoprovide holds to the FHTC network in pointsy-o-y.Agood example fromaccountingchanges. whichjumped14%y-o-ybut testing21,454samplesdailyon signsofitsdurability”. by Amazon is ‘misconceived’. drinking water to all 19 crore FY21. of this isTVS Motors.Though With urban demand realisationsdippedslightlyby an average by the end of Sep- According to a statement Amazon has argued that that rural households by2024 at an The Centre has released revenues rose just 6% y-o-y muted, companies such as 2% y-o-y. Asian Paints tember, this increased to issued bythe finance ministry, twoseparateshareholderagree- estimatedcostof`3.6lakhcrore `22,386croreasfinancialassis- during the quarter,the com- Maruti benefited from pur- stunned the Street with an 26,242onSunday. “During (October), revenues ment(s),one betweenAmazon (`2.08 lakh crore bythe Centre tance to states/UTs in FY20 panyreported strong operat- chasing power in rural mar- 11%increaseinvolumesthat The fall in testing has also from import of goods was 9% and FRL’s promoters (to which and`98,000crorebystates). underJJMandinFY19andFY18 ing margins of 9.3% and a kets;atMarutiruralretailvol- droveuprevenues6%y-o-y. been accompanied by a fall in higher and the revenues from FRLis not a party) and another 13%y-o-yincrease in Ebitda umesgrewby10%y-o-ywhile The highlight of the earn- infections. While Bihar was domestictransaction(including between FRL and its promoter due to falling otherexpenses, urban and semi-urban ingsseasonisundoubtedlythe recording an average of 1,433 import of services) were 11% (towhichAmazonisnotaparty) FHTC* coverage as % of mainly promotion and mar- demand was flat y-o-y. Hin- sharp magnitude of recovery daily infections on September higherthan the revenues from constituteonesingleintegrated total rural households keting expenses. Staff costs dustan Unilever’s volumes in the ITsector.Both Infosys 30,thisfell52%to690onOcto- these sources during the same transaction and that by such a (As on Oct 29, 2020) alsofell8%y-o-yassalarycuts grewjust1%y-o-yduringthe andTCSwereabletogrowrev- ber31.An earlieranalysis byFE monthlastyear.” 1.06 crore composite transactionAmazon Top performers hadbeeninitiatedinQ2FY21. quarter. At Tata Motors vol- enues and margins smartly had shown that Biharconducts They-o-ygrowthinGSTrev- has an interest in and rights Households added to Nestle reported an Ebitda umesforcommercialvehicles andalsowindeals;Infosyshas amajorityoftests,closeto90%, enueinJuly,AugustandSeptem- 100 againstFRL. Goa FHTC so far in FY21, marginof25%,anearlifetime crashed 29%y-o-ywhile the uppeditsrevenueandmargin usingthelessreliablerapidanti- ber were -14%, -8% and 5% marginally short of 1.15 However, FRL notes that if Telangana 98.4 high on the back of higher increaseintheaverageselling forecastsfortheyear. gen tests.This is also the reason respectively,theministrynoted, Gujarat 80.57 crore targeted under the two separate agreements JJM outcome budget foritslowpositivityrate. addingthatthis“clearlyshowed were treated as a single inte- Haryana 77.87 OnSunday,Indiahadaposi- the trajectoryof recoveryof the grated transaction by which Sikkim 71.01 1.67 crore between `100 crore and `200 Ajay Shah, partner at EY, was earlier asked to prepare a tivityrateof4.3%,whileBihar’s economyand,correspondingly, Amazonobtainedaninterestin Laggards If 49.3 lakh households added crore.Some of thesewere made believes itwill be awhile before contingency plan if the city positivityratewas0.5%.Bihar’s oftherevenues”. and rights against FRL,then in by other departments and on relativelymodest budgets of audiencesfeelmentallysafe.“As starts recording 15,000 daily positivityratehasdeclinedfrom GSTcollectionsinSeptember West Bengal 2.71 11.3 lakh by private entities 2019, when the agreements Meghalaya 4.82 are included `50crore,otherswereexpensive andwhen the fearsubsides and infections. 1% to 0.5% in the last one stoodat`95,480crore,as,forthe wereexecutedtherewouldhave atover`100crore.Thoughfilms bigfilmsarescreened,wewillsee On October 31, Delhi month. first time,the collections in any Assam 4.91 been a change in control of FRL 6.3 crore are slated forscreenings during revengeconsumptionaspeople recorded 5,062 newinfections. monthofthisfiscalexceededthe 5.68 infavourofAmazon,requiringit Uttar Pradesh Households to be covered in other festivals or holidays like are itching to step out.The tim- At`1.05Lcr year-ago levels.Of course,a late Nagaland 9.39 FHTC in FY21, according to Jal to make an open offer to FRL’s Shakti department target Eid, Independence Day and of ingofthereleasewillnotmatter,” Election fever: fee/penalty waiver deadline public shareholders in terms of *Functional household tap connection late, even Raksha Bandhan, Shahsaid.Hefeelsitissimplynot inOct, GST helpedtheSeptemberGSTmop- theSebi(SubstantialAcquisition FHTC additions so far in FY21 -- leaders Diwalistillcountsasthebiggest possibleforOTTstoreplacethe- Biharreduces up. ofSharesandTakeovers)Regula- Bihar 25,94,635 festivalweekendforthetheatres. atricalreleasesforthehugeslate receiptsup10% Thetotalrevenuesearnedby tions,2011. Telangana 17,64,389 Thetrendstartedwaybackinthe of 2,000 annual releases.That testing rate Lastweek,official data showed Central government and the FRLsaidithascompliedwith Maharashtra 11,09,963 1960s,recallsAtul Mohan,edi- may be true, but this Diwali So,while the state started con- that eight core industrysectors stategovernmentsafterregular Gujarat all requirements of obtaining 8,59,970 tor at Complete Cinema, and much of the entertainment ducting close to 1 lakh tests shrankjust0.8%onyearinSep- settlement in October were Haryana 5,16,472 the requisite approvals from gained momentum during the from Bollywoodwill be enjoyed dailyatthestartofSeptember,it tember,theirlowestcontraction `44,285 crore for CGST and Future Coupons adding it faces seventies. In fact, Shah Rukh athome. inchedcloserto1.7lakhtestsby since March 2020; electricity `44,839crorefortheSGST.The serious financial trouble and Khan’sblockbustermoviesofthe the end of September, but as andsteeloutputshowedpositive compensation cess proceeds that the proposed transaction Separately,JJM data showed under the erstwhile National 90s – Baazigar,Dilwale Dulha- Covid-19: Cities parties started campaigning growth for the first time since were `8,011 crore (including withRILisitsonlywayout.“Any thattapwaterhasbeenprovided Rural Drinking Water Pro- nia Le Jayenge,DilToh Pagal Hai daily,testing figures dipped to March, while coal production `932 crore collected on import delayin the implementation of to92,193schools,aanganwadis gramme (NRDWP).ForFY21,it and Kuch Kuch Hota Hai –were gettingworse below 1 lakh for a brief period. also showed growth, though of goods).The total number of scheme will cause irreparable and Panchayati Raj institutions has made a budget provision of allDiwalireleases. While testing has risen back to aidedbyaveryfavourablebase. GSTR-3BreturnsfiledforOcto- losses to all stakeholders,”the sofarinFY21. `11,500crore. Unfortunately, it will be a aswinter ber up to the last date of the companywrote. Biharhasemergedasthetop- quietDiwaliforthetheatresthis Test of Bihar elections monthwas80lakh. "In its letter, Amazon has performingstateintermsofthe Diwali box time.Though producers have a approaches Abhishek Jain,taxpartnerat (seven-day moving average) Daily Daily infections painted a picture that public number of new households slate of films, they apprehend Similarly, in case of Pune, data tests (RHS) EY,said:“This uptick in collec- shareholders of FRL are being added to FHTC so farthis fiscal office: Fireworks viewers aren’t readytovisit the from PMC show proportion of 2,00,000 1,600 tionsonmonthonmonthbasis misled.Itisabitrichforsuchan withanadditionofnearly25.95 theatresjustyetandcouldthere- cases increased on ventilators andoversamemonthlastyearis 1,60,000 1,280 argument to be made from lakh households, followed by on OTTs,a few forepreferanOTTrelease.Afew from 2.5% to 6% between quiteawelcomeoneforthegov- someone who is not even a Telangana (17.64 lakh) and lights in are holding on and mayrelease September 14 and October 31, 1,20,000 960 ernment and the economy in shareholder in FRL. Evidently, Maharashtra(11.1lakh). films during Christmas.Given while people admitted in ICUs 80,000 640 particular.Some potential rea- Amazon’s letteris motivated by FHTC is aimed at reducing that OTT players are willing to increased from 2.7 to 4.4%. sons forthis surge could be the otherconsiderations,"FRLsaid. waterborne diseases such as theatres paya good price as theybuild a As winters near, cases are 40,000 320 splurgeddemandonaccountof Future Retail also told acute diarrhoeal diseases, a Data sourced from Box Office subscriberbase,producers have expected to increase further 0 0 the festivities and input tax exchanges that Amazon has majorcause of health hazard in India show that over the past notlostout.Laxmiiisbelievedto and rising ventilators and ICU credit/othersimilarreconcilia- soughtdamagesof`1,431crore the country. It also spares decade, films released during haveearnedcloseto`150crore admissions will be a grave tions which were due for busi- 04-Oct 08-Oct 12-Oct 16-Oct 20-Oct 24-Oct 28-Oct 22-Sep 26-Sep 30-Sep 01-Nov alongwithinterest,whichisthe women from carrying water Diwali have earned anywhere indigitalandsatelliterights. concern for most cities. Delhi nessesinSeptember.”

Pune WWW.FINANCIALEXPRESS.COM MONDAY, NOVEMBER 2, 2020 FINANCIAL EXPRESS NATION 3 ● AIMING TO CUT RED-TAPISM Bharat Biotech to Industrial Relations Code: launch Covaxin Govt notifies draft rules in Q2 of 2021

PRESS TRUST OF INDIA tory exercises and recruit- FE BUREAU The labour ministry has New Delhi, November 1 ment.DosagewillbegininNo- New Delhi, November 1 vember,he added. notified the draft rules BHARAT BIOTECH IS plan- “The trial to be conducted AN ESTABLISHMENT WITH under the IR Code and ning to launch its vaccine for in 25 to 30 sites across 13-14 300 ormoreworkerswill have sought public comments Covid-19 in the second quar- states will provide two doses to seek government’s ap- within a month before ter next year if it gets the req- each for the vaccine and proval 15 days ahead of re- finalising the rules. The uisite approvals from the In- placebo recipients. About sorting to lay-off and 90 days ministry proposes to dian regulatory authorities, a 2,000 subjects could be en- in advance for closure as per implement the rules top companyofficial said. rolled per hospital,” Prasad the draft rules under the In- It said its immediate focus said. dustrialRelationsCode.Forre- under the IR Code from is to conduct the Phase 3 trials Asked about the invest- trenchment, the establish- April 1 successfully across the coun- ment in the vaccine,he said, ment will have to seek try. “Our investment is about government’s permission 60 The company’s vaccine `350-400 crore for the devel- days prior to the intended ac- callywithin 45 days of receipt candidate, Covaxin, has been opment of vaccine and the tion. of funds from the employer developed in collaboration new manufacturing facilities, Nine of top 10 most-valued The IRCode,passed in Par- and the worker shall utilise with the Indian Council of which include our invest- liament along with social se- such amount for his re- Medical Research (ICMR) and ments for conducting the firms lose `1.63Lcrin mkt curity code and operational skilling,the draft rule said. theNationalInstituteofVirol- Phase 3 clinical trial, in the safety and health (OSH) code “The Code rules omitting ogy (NIV) using inactivated next six months.” valuation; RILmost hit in September,has empowered labour ministry proposes to Sundar. rules pertaining to trade Sars-Cov-2, the virus that On the company’s plan to the states to allow industries implement the rules under The rules also said that unions and leaving them to causesCovid-19.Theviruswas sell the vaccine to the govern- employing up to 300 workers the IRCode fromApril 1.Draft every employer who has re- the state governments will isolated in an ICMRlab. ment or to private players, PRESS TRUST OF INDIA to resort to lay-off, retrench- rules under OSH Code and so- trenched a worker or workers promote inconsistent and di- “If we get all the approvals Prasadsaid:“Wearelookingto New Delhi, November 1 ment and closure without cial security code are yet to be under this Code, shall,within verging rules across the re- after establishing strong ex- supply to both government priorpermission.Labourmin- notified. 10 days, at the time of re- gions especiallywith regard to perimentalevidenceanddata, and private markets. We are NINE OFTHE top 10 most val- isterSantosh KumarGangwar “The rules rely substan- trenching aworkerorworkers the method of determining and efficacyand safetydata in alsoinpreliminarydiscussions ued companies witnessed a had earliertold FE that the ba- tially on electronic mode of shall electronicallytransferan the negotiating agent and ne- our last stage of trials,we aim withothercountriesforproba- combined erosion of sic objective behind the in- communications byand from amount equivalent to 15 days gotiating council,” Sundar to launch the vaccine in Q2 of ble supply.” `1,63,510.28 crore in market creasing of the threshold was workers, trade unions, em- oflast drawnwagesofsuch re- said. 2021,”BharatBiotechinterna- Prasad said the price of the valuation last week, with Re- toreducetheredtapisminthe ployers, conciliation officer, trenchedworkerorworkers in The notice of strike has to tional executive director Sai vaccine is yet to be deter- liance Industries emerging as labour law governance. tribunals,etc.,forall save mat- the account to be maintained be given to the employerof an Prasad said. mined, as the company is still thebiggestlaggard. The labour ministry has ters relating to lay-off, re- by the central government. industrial establishment Afterthecompanyreceived looking at the cost of product The BSE benchmark index notified the draft rules under trenchment and closure. It The fund so received shall which should be duly signed approval from the Drugs Con- development.“Ourimmediate Sensex had tumbled by the IRCode and sought public provides for speed post/regis- be transferred by the Central by the secretary and five trollerGeneral of India (DCGI) focus is to conduct Phase 3 1,071.43pointsor2.63%dur- commentswithinamonthbe- tered post for above matters,” government to eachworkeror elected representatives of the to conduct Phase 3 clinical tri- trial successfully across sites,” ingtheweek. fore finalising the rules.The saidXLRI professorKRShyam workers’ account electroni- registered trade union. als, it has begun site prepara- he said. Barring Kotak Mahindra Barring Kotak Mahindra Bank,whosemarketcapitalisa- Bank, whose market tion (m-cap) rose by `32,571 capitalisation (m-cap) Maharashtra: 5,369 new Covid-19 crore to `3,06,331 crore,other rose by `32,571 crore to Diesel sales expand for first nine firms among the top 10 `3,06,331 crore, other saw depletion in their market nine firms among the top cases; death toll crosses 44,000-mark worth. Reliance Industries’s (RIL), 10 saw depletion in their time in eight months PRESS TRUST OF INDIA themostvaluedfirm,valuation market worth Mumbai, November 1 tanked by `39,355 crore to DEBJIT CHAKRABORTY `13,89,159crore. November 1 MAHARASHTRA ON SUNDAY AnotherheavyweightHDFC Consultancy Services (TCS) reported 5,369 new coron- Bank’svaluationdiminishedby market value tumbled by DIESELSALES IN India clocked aviruspositivecases,whichtook `28,574.61 crore to reach `8,105.15 crore to its first year-on-year gain since the state's infection tally to `6,51,518.11 crore, followed `9,99,954.24crore. February as annual festivals 16,83,775,the health depart- by Infosys whose m-cap fell by The valuation of HCLTech- boosted demand for the coun- mentsaid. `26,152.79 crore to nologiesdeclinedby`2,455.87 try’smost-consumedfuel. The death toll crossed the `4,51,753.23crore. crore to `2,28,816.24 crore SalesbyIndia’stopthreefuel 44,000-mark as 113 patients state, of whom 57,468 were towns,reported1,748casesand HDFC’s worth declined by andthatofBhartiAirteldipped retailers rose 6.1% from a year succumbedtotheinfection.The testedonSundayalone. 35 deaths. The region's case `24,844.93 crore to by `409.16 crore to earlier in October to 5.76 mil- fatality count now stands at At present there are count is now 5,84,985 and `3,45,287.89crore,Hindustan `2,36,552.97 crore. In the liontonne,accordingtoofficials 44,024,itsaid. 25,44,799 people in home deathtoll18,017. Unilever’s m-cap dipped by ranking of top 10 firms, RIL with direct knowledge of the Atotal of 3,726 patients re- quarantineand12,230ininsti- On Sunday, Nashik city re- `16,858.07 crore to topped the chart followed by fuelsalesdata. covered during the day. With tutionalquarantine,itsaid. ported209cases,Punecity346, `4,86,898.54 crore, ICICI TCS,HDFC Bank,HUL,Infosys, The rebound in diesel de- this,the numberof active cases Out of the total number of Pimpri Chinchwad 133, Au- Bank’s valuation eroded by HDFC,Kotak Mahindra Bank, mand is crucial forramping up LOOKING UP camedownto1,25,109,thede- cases during the day,908 were rangabad city 218 and Nagpur `16,754.64 crore to ICICI Bank, Airtel and HCL crudeprocessingbyIndianrefi- ■ The rebound in diesel ■ Dussehra and Diwali, partment said in a statement. reported in Mumbai,where 25 city166. `2,70,736.06 crore and Tata Technologies. nersafterfuelconsumptionwas demand is crucial for which started mid-Oct, is The recoverycount in the state patients died. With this, the Maharashtra's coronavirus crushed bya strict lockdown in ramping up crude proce- the peak demand season hasreached15,14,079,itsaid. numberof positive cases in the figures are as follows: Total late March to check the spread ssing by Indian refiners The state's recovery rate is metropolis has reached cases: 16,83,775; new cases: ■ of Covid pandemic.Indian Oil, As a result, it is a busy now89.92%,while the fatality 2,58,405andfatalities10,318. 5,369; active cases: 1,25,109; ■ the country’s biggest refiner, Fuel consumption was time for diesel-guzzling rate is 2.61%,the department The Mumbai Metropolitan recovered: 15,14,079; death hasboosteditsrunratesto93% crushed by a strict trucks to deliver everyth- said. So far, 90,24,871 people Region (MMR),which includes toll: 44,024; number of people of capacity and is hoping to lockdown in late March ing from clothes to fridges have been tested across the Mumbai city and its satellite testedsofar:90,24,871. reach 100% in a couple of months,chairmanShrikantM- adhav Vaidya said on October refrigerators.Besides the festi- uefied petroleum gas posted 30. valdemand,cropharvestingac- year-on-year gain of 3.7%,but With worsening air quality, Thenation’stwomainfesti- tivities also boosted consump- aviation turbine fuel sales vol- vals — Dussehra and Diwali — tionfortheindustrialfuel. umes were at half of last year’s started mid-October and cele- The growth in diesel also levels,theofficialsaid. air purifier sales soar brations will extend for more outpaced petrol sales that rose IndianOil,BharatPetroleum than a month.This is the peak 4.2%fromayearearlierto2.22 CorporationandHindustanPe- demandseasonand,asaresult, million tonne,according to the troleumCorporation,whichac- a busy time for diesel-guzzling officials who asked not to be countformorethan90%ofthe trucks hitting the roads to de- named as they’re not autho- nation’s fuel sales,declined to livereverythingfromclothesto risedtospeaktothemedia.Liq- comment.—BLOOMBERG Loan moratorium: Non-life insurers see nearly Banks told to credit ‘interest on interest’ 6% fall in premium income to borrowers, at `22,775 crore in Sep RBI informs SC PRESS TRUST OF INDIA this season as compared to last PRESS TRUST OF INDIA New Delhi, November 1 year and is expecting this mo- BANKS, FINANCIALAND non- New Delhi, November 1 mentumtocontinuetilltheend banking financial institutions WITH THE OVERALL air qual- ofwinters. have beenaskedtotake“neces- NON-LIFE INSURANCE COM- ityinvarious parts,particularly Air purifier sales peak only sary actions”to credit into the PANIES reported a 5.55% de- Delhi-NCR,in the countryfluc- when consumers see pollution accounts of eligible borrowers cline in gross premium in- tuatingbetween“verypoor”and rising to a dangerous level, he by November 5 the difference come at `22,774.60 crore “severe”categories,air purifier said,addingthatincreasedme- betweencompoundandsimple during the month of Septem- makers are logging as much as dia coverage of poor air quality interestcollectedonloansofup berofthecurrentfiscalyear,as 50% rise in sale numbers and hasledtoconsumerawareness, to `2 crore during the morato- perIrdai’s data. expecting the momentum to therebyresultinginmoresales. rium scheme,RBI has told the The 34 non-life insurance gain more traction duringwin- “We have seen that in the SupremeCourt. companieshadgarneredapre- ters. pastfouryears,therehasbeena The Reserve Bank of India mium income of `24,111.78 The air purifier segment, suddensurgeinairpurifiersde- (RBI),in an affidavit filed thro- crore in the same month of The public sector insurers whichwas earlierlimited to se- mandduringthesmogsituation ugh assistant general manager previous fiscalyear2019-20. witnessed a 6.08% fall in lect pockets of top metro cities, inDelhi.Theonsetofwinteronly PrasantaKumarDas,referredto The public sector insurers gross premium collection isfirmingitsfootholdinsmaller furtherdeterioratestheairqual- theOctober23additionalrespo- witnesseda6.08%fallingross to `10,959.88 crore in cities,and online channels are ityandactsasacatalysttopush nse of the ministry of finance premium collection to September FY21 as emerging as a key facilitator to the sales for air purifiers,”said and said the federal bank has `10,959.88 crore in Septem- meet the consumerdemand in Gupta. against `11,669.43 crore also acted in pursuance of that ber FY21 as against suchplaces. Now,abasicairpurifierthat byissuinganotificationtobanks `11,669.43 crore in the same in the same month a year Though airpurifieras a seg- simply cleans the air with the andFIsrecentlyonrefundofex- month a year ago,the Insur- ago, Irdai data showed ment is very small, it has in- touch of a few buttons is com- tramoneytotheborrowers. ance Regulatoryand Develop- creasedinsizeoverthelastthree ing packed with features such Thecentralgovernmenthad mentAuthorityofIndia(Irdai) years, and the vertical is ex- as real-time, Wi-Fi-enabled earlier told the apex court that data showed. 1.37%to`96,831.55crore. pectedtogrowbyanother50% control systems. the lenders have been asked to The private sector non-life Their gross premium in- in2020. Now, companies have IoT- creditintotheaccountsofeligi- insurance players reported a come stood at `95,526.89 “The onset ofwinters,smog enabled room airpurifierswith bleborrowersthedifferencebet- 5.04% fall in premium to crore in the same period of situationinvariouspartsofthe multi-layers of purification fil- weencompoundandsimpleint- `11,814.71croreinSeptember 2019-20. country and the current con- ters and can be controlled from erest collected on loans of up to 2020 as against `12,442.35 The cumulative premium cerns around airnormallyraise thecomfortofasmartphone. `2 crore during the RBI’s loan croreayearago. of public sector insurers dur- thealarmarounddeteriorating Air purifier manufacturer moratoriumschemebyNovem- However, the seven stand- ing April-September period of airqualityand indoorairpollu- Dyson said that air purifiers ber5.“Allprimary(urban)coop- alone health insurers among the fiscal rose 0.86% to tion.An air purifier makes the come in various shapes and erative banks/state cooperative thenon-lifeinsurancecompa- `43,347.49 crore. most sense now, owing to the sizes,remove different kinds of banks/district central coopera- niesregistereda38.04%jump The private sector insurers alarminglevelsofincreasingair air pollutants in homes,come tivebanks,allIndiafinancialin- in premium income to saw1.78%increaseintheircu- pollutioninmajorcitiesaround with an array of specifications, stitutions and all non-banking `1,543.62 crore during the mulativepremiumcollectionat the country,” Eureka Forbes andofferdifferentfeatures. financial companies (including monthfrom`1,118.24crorea `53,484.06croreduringApril- managing director and CEO “Selecting the right kind of housing finance firms) to be yearago. September, the data showed. MarzinRShroffsaid. air purifier, tested for real guided bythe provisions of the Thetotalpremiumcollected The cumulative premium of Kent RO Systems chairman homes, can help in creating a scheme and take necessary ac- by the 34 non-life insurance standalone health insurers andmanagingdirectorMahesh healthyhomeenvironmentin- tionswithinthestipulatedtime- playersduringApril-September grew 28.10% to `7,812.39 Guptasaidthecompanyhasal- doors,” said a Dyson linetherein,”theRBIsaid.—PTI period of 2020-21 increased croreduringtheperiod. readyseen a 50% spike in sales spokesperson.

Pune MONDAY, NOVEMBER 2, 2020 WWW.FINANCIALEXPRESS.COM 4 FINANCIAL EXPRESS

Indiabulls Asset Reconstruction Company Limited Indiabulls Finance Centre, Tower - 1, 9th Floor, Senapati Bapat Marg, Elphinstone Road, Mumbai, Mumbai City, MH 400013 Appendix - IV Possession Notice (see rule 8 (1) (for Immovable/movable property) CLASSIFIEDS Whereas the authorized officer of Indiabulls Asset Reconstruction Company Limited (Acting in its Capacity as Trustee of Indiabulls ARC –XIV Trust) under the Securitization BUSINESS and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and in exercise of powers conferred under section 13 (12) read with rule 3 of the security Interest SHARES & STAKES (Enforcement) Rules 2002 issued Demand Notice dated 31st July, 2020 calling upon the borrowers to repay the amount mentioned in the said notice being together with further interest WE Buying: Listed / plus costs, charges and expenses etc. within 60 days from the date of receipt of the said notice. Unlisted All Co. Demat / The borrower having failed to repay the amount, notice is hereby given to the borrower and Physical Shares & IEPF/ the public in general that the undersigned has taken possession of the property described Objection/ Pending / herein below in exercise of powers conferred on him/her under sub-section (4) of section 13 Duplicate / Transfer of Act read with rule 8 of the Security Interest (Enforcement) Rules, 2002 on this the 27th Services Provided. Call- day of October of the year 2020. 8291225710, 9619315362. The borrower in particular and the public in general is hereby cautioned not to deal with the 0070719077-1 property and any dealings with the property will be subject to the charge of Indiabulls ARC for an amount together with further interest plus costs, charges and expenses etc. thereon FINANCE (less amounts paid since issue of demand notice, if any). The borrower’s attention is invited to provisions of sub-section (8) of section 13 of the Act, in Private Finance respect of time available, to redeem the secured assets. forProject Loan, Name of the Borrowers : Working Vali Vihat Creation, Sunilkumar S Panjwani, and Karina S Panjwani Capital,Business Outstanding : Rs. 1,11,56,274.08 (Rupees One Crore Eleven Lakhs Fifty Six Thousand Development,Funding Two Hundred Seventy Four and Paise Eight Only) as on 31st July 2020 and 10 Cr & Above.Contact: Rs. 82,77,993.47 (Rupees Eighty Two Lakhs Seventy Seven Thousand Nine Hundred Ninty 7045006933 Three and Paise Forty Seven Only) as on 31st July 2020 0070717866-1 Description of Immovable/movable Property 1.All that piece and parcel of Unit No 406 adm 136.75 Sq. Mtrs on 4th Floor in the Scheme PERSONAL Nilkanth Paradise forming part of Survey No 111/B T.P. Scheme No 1, F.P. No 34 of Mouje Naroda, Sub-District Ahmedabad -6 (Naroda) and Registration District Ahmedabad. 2.All that piece and parcel of immovable constructed property of Adm. 357.50 Sq. Mtrs of CHANGE OF NAME Plot Area and Adm.167.23 Sq.Mtrs construction known as “Manish Nivas”, situated at Survey No 17 paiki City Survey No3848 paiki Adm. 209.30 Sq. Mtrs, City Survey No 3854 I Mohd Ismail Aurangzeb Adm 37.05 Sq. Mtrs., City Survey No 3855 Adm 37.05 Sq. Mtrs., City Survey No 3856 Adm Sheikh S/O, Mohd 39.90 Sq. Mtrs., City Survey No 3857 Adm 11.70 Sq. Mtrs., City Survey No 3858 Adm 10.85 Aurangzeb Shaikh R/o Sq. Mtrs. City Survey No 3859 Adm 11.70 Sq. Mtrs. Total Ad, 357.50 Sq. Mtrs and T.P No Room No-181, GTB 96 (Hansol – Saijpur Bogha) of Mouje: Sardarnagar, Taluka: Asarwa, District: Ahmedabad Nagar, Harbanslal Road, Dated : 27.10.2020 Sd/- Authorised Officer Indira Seva Mandal, Place : Ahmedabad For Indiabulls Asset Reconstruction Company Limited Sion Koliwada, (Acting in its capacity as Trustee of Indiabulls ARC- XIV Trust ) Antophill, Mumbai 4000037. have changed Indiabulls Asset Reconstruction Company Limited my name to Mohd Ismail Aurangzeb Indiabulls Finance Centre, Tower - 1, 9th Floor, Senapati Bapat Shaikh Marg, Elphinstone Road, Mumbai, Mumbai City, MH 400013 0040553326-1 Appendix - IV Possession Notice (see rule 8 (1) (for Immovable/movable property) Whereas the authorized officer of Indiabulls Asset Reconstruction Company Limited ''IMPORTANT'' (Acting in its Capacity as Trustee of Indiabulls ARC –XIV Trust) under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and in Whilst care is taken prior to acceptance of advertising copy, exercise of powers conferred under section 13 (12) read with rule 3 of the security Interest it is not possible to verify its contents. (Enforcement) Rules 2002 issued Demand Notice dated 31st July, 2020 calling upon the (P.) Limited cannot be held borrowers to repay the amount mentioned in the said notice being together with further interest responsible for such contents, nor for any loss or damage plus costs, charges and expenses etc. within 60 days from the date of receipt of the said notice. incurred as a result of transactions with companies, The borrower having failed to repay the amount, notice is hereby given to the borrower and associations or individuals advertising in its newspapers the public in general that the undersigned has taken possession of the property described or Publications. We therefore herein below in exercise of powers conferred on him/her under sub-section (4) of section 13 recommend that readers make necessary inquiries before of Act read with rule 8 of the Security Interest (Enforcement) Rules, 2002 on this the 28th sending any monies or entering into any agreements day of October of the year 2020. with advertisers or otherwise MAHINDRA RURAL HOUSING FINANCE LIMITED acting on an advertisement in The borrower in particular and the public in general is hereby cautioned not to deal with the any manner whatsoever. Corporate Office:- Mahindra Rural Housing Finance Ltd. Sadhana House, 2nd Floor, Possession property and any dealings with the property will be subject to the charge of Indiabulls ARC 570, P.B. Marg Worli, Mumbai 400 018 India,Tel: +91 22 66523500 Notice for an amount together with further interest plus costs, charges and expenses etc. thereon Fax: +91 22 24972741 (less amounts paid since issue of demand notice, if any). Branch Office: 82-A, New Your Tower Building, Thaltej Cross Road, Thaltej, Ahmedabad-380054 The borrower’s attention is invited to provisions of sub-section (8) of section 13 of the Act, in (For Immovable Property) (Under Rule 8 (1) of the Security Interest (Enforcement) Rules, 2002) respect of time available, to redeem the secured assets. Whereas the undersigned being the authorized officer of M/S Mahindra Rural Housing Finance Ltd. (hereinafter referred to as Name of the Borrowers : “MRHFL”), Having its registered office atAHMEDABAD and Branch office at Ahmedabad, Jamnagar under Bhavesh M Chavda, Hansa Bhavesh Chavda, Merambhai R Chavda and Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002), and in exercise of powers conferred under Section 13 (12) read with Rule 3 of the Security Interest (Enforcement) Rules, 2002 issued Demand Vijayaben M Chavda Notice under Section 13(2) of the said Act calling upon you being the borrowers (names and addresses mentioned below)to repay Outstanding : Rs.79,21,746.03 (Rupees Seventy Nine Lakhs twenty One Thousand Seven the amount mentioned in the said notice being within 60 days from the date of receipt of the said notice. Hundred Forty Six and Paise Three Only) as on 31st July 2020 and The borrower mentioned herein above having failed to repay the amount, notice is hereby given to the borrowers mentioned Rs. 16,16,147.06 (Rupees Sixteen Lakhs Sixteen Thousand One Hundred Forty Seven and herein above and to the public in general that undersigned has taken possession of the property described herein below in exercise of powers conferred on me under sub section (4) of section 13 of the Act read with the Rule 8 of the Security Paise Six Only) as on 31st July 2020 Interest (Enforcement) Rules, 2002 on this the7 day. Description of Immovable/movable Property The borrowers mentioned herein above in particular and the public in general are hereby cautioned not to deal with the said 1.All that piece and parcel of immovable property being constructed property admeasuring property and any dealings with the property will be subject to the Charge of M/S Mahindra Rural Housing Finance Ltd. for an 152.61 Sq. Mtrs situated at R.S. No 251p, City Survey Ward No 11p, City Survey No 2567p, amount and interest thereon. The Borrower's attention is invited to provisions of sub section (8) of Section 13 of the Act, in respect of time available, to Plot No 31p at Rajkot and bounded as under : North: Road, South: Others Property on redeem the secured assets. same Plot, East: Road, West: Others Property on same Plot Description of Secured Asset Demand Notice Date of 2.All that piece and parcel of immovable property being constructed property admeasuring Name of the Borrower(s) / Guarantor(s) (Immovable Property) Date and Amount Possession 152.61 Sq. Mtrs situated at R.S. No 251p, City Survey Ward No 11p, City Survey No 2567p, (LC No: 1034385/XSEMJAM00874875/JAMNAGAR SUB PLOT NO 117/A/1, TITODI 22-07-2019 27/10/2020 Plot No 31p at Rajkot and bounded as unde : North: Road, South: Others Property on Branch) VADI, KHOJA GATE KISHAN same Plot, East : Road, West: Others Property on same Plot. CHOWKROAD,JAMNAGAR. Rs. Symbolic RABHIYA ANVAR KHURESHI (Borrower) Possession Dated : 28.10.2020 Sd/- Authorised Officer East:- SUB PLOT NO 117/A/2 7,93,210/- ANVARBHAI ISMAILBHAI KHURESHI, AKRAM West:- PLOT NO 116, South:- 6 Place : Rajkot For Indiabulls Asset Reconstruction Company Limited ANWAR KURESHI (Co Borrower) MTS WIDE ROAD, North:- PLOT (Acting in its capacity as Trustee of Indiabulls ARC- XIV Trust ) INAYAT HARUNBHAI KANDIYA (Guarantor) NO 110 SARFARAJ GANIBHAI LUSIYA (Guarantor) EXPRESS (LC No: 287111/ XSEMJAM00241673 JAMNAGAR PLOT NO.38, SUB PLOT NO.38/2, 14-02-2020 27/10/2020 Branch) RADHE KRISHNA PARK 1, NR. Rs. Symbolic VIRAMBHAI PETHABHAI ASWAR (Borrower) SHIV TOWNSHIP, DIGJAM RING 8,15,599 /- Possession DEVALBEN VIRAMBHAI ASVAR (Co Borrower) ROAD, DHICHADA, JAMNAGAR. Careers East:- PLOT NO. 15, West:- ROAD, South:- SUB PLOT NO. 38/3, North:- SUB PLOT NO. 38/1 (LC No: 477069/XSEMAMD00410177 AHMEDABAD FLAT ON.102, SANIDHYA FLORA, 14-02-2020 29/10/2020 Branch) KALI, SABARMATI, AHMEDABAD. Rs. Symbolic AMIT RAJESHBHAI TRIPATHI (Borrower) East:- FLAT NO. 101, West:- LILT, 23,18,552/- Possession JAYASHRI AMITBHAI TRIPATHI, RAJESH OPEN TO SKY, North :- PASSAGE SHERBAHADUR TRIPATHI, SARITA RAJESHBHAI TRIPATHI (Co Borrower) Place :- Gujrat Date:-02.11.2020 Sd/- Authorised Officer Mahindra Rural Housing Finance Limited

Pune WWW.FINANCIALEXPRESS.COM MONDAY, NOVEMBER 2, 2020 Indiabulls Asset Reconstruction Company Limited Indiabulls Finance Centre, Tower - 1, 9th Floor, Senapati Bapat FINANCIAL EXPRESS 5 Marg, Elphinstone Road, Mumbai, Mumbai City, MH 400013 Appendix - IV Possession Notice (see rule 8 (1) (for Immovable/movable property) Whereas the authorized officer of Indiabulls Asset Reconstruction Company Limited (Acting in its Capacity as Trustee of Indiabulls ARC –XIV Trust) under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and in exercise of powers conferred under section 13 (12) read with rule 3 of the security Interest (Enforcement) Rules 2002 issued Demand Notice dated 31st July, 2020 calling upon the borrowers Shreeg Bus Services, Maharshi R Trivedi, Ruchir P Trivedi and Pramod N Trivedi to repay the amount mentioned in the said notice being Rs. 48,17,941.42 (Rupees Forty Eight Lakhs Seventeen Thousand Nine Hundred Forty One and Paise Forty Two Only) as on 31st July 2020 together with further interest plus costs, charges and expenses etc. within 60 days from the date of receipt of the said notice. The borrower having failed to repay the amount, notice is hereby given to the borrower and the public in general that the undersigned has taken possession of the property described herein below in exercise of powers conferred on him/her under sub-section (4) of section 13 of Act read with rule 8 of the Security Interest (Enforcement) Rules, 2002 on this the 27th day of October of the year 2020. The borrower in particular and the public in general is hereby cautioned not to deal with the property and any dealings with the property will be subject to the charge of Indiabulls ARC for an amount of Rs.48,17,941.42 (Rupees Forty Eight Lakhs Seventeen Thousand Nine Hundred Forty One and Paise Forty Two Only) as on 31st July 2020 together with further interest plus costs, charges and expenses etc. thereon (less amounts paid since issue of demand notice, if any). The borrower’s attention is invited to provisions of sub-section (8) of section 13 of the Act, in respect of time available, to redeem the secured assets. Description of Immovable/movable Property All that piece and parcel of immovable property bearing tenement No 18, admeasuring 60 Sq. Yards, in Sunita Co-Operative Housing Society Ltd., situated at the land bearing Final Plot NO 449 of TPS 21 (Old Survey No 205/2), of Mouje Paldi, Taluka Sabarmati, in the Registration District Ahmedabad and Sub-District Ahmedabad -4 (Paldi) and bounded as under: North : Society Road, South: Adjoining Society, East : Unit No 17, West : Slum. Dated : 27.10.2020 Sd/- Authorised Officer Place : Ahmedabad For Indiabulls Asset Reconstruction Company Limited (Acting in its capacity as Trustee of Indiabulls ARC- XIV Trust )

Indiabulls Asset Reconstruction Company Limited Indiabulls Asset Reconstruction Company Limited Indiabulls Finance Centre, Tower - 1, 9th Floor, Senapati Bapat Indiabulls Finance Centre, Tower - 1, 9th Floor, Senapati Bapat Marg, Elphinstone Road, Mumbai, Mumbai City, MH 400013 Marg, Elphinstone Road, Mumbai, Mumbai City, MH 400013 Appendix - IV Possession Notice (see rule 8 (1) (for Immovable/movable property) Appendix - IV Possession Notice (see rule 8 (1) (for Immovable/movable property) Whereas the authorized officer of Indiabulls Asset Reconstruction Company Limited Whereas the authorized officer of Indiabulls Asset Reconstruction Company Limited (Acting in its Capacity as Trustee of Indiabulls ARC –IX Trust) under the Securitization (Acting in its Capacity as Trustee of Indiabulls ARC –IX Trust) under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and in exercise of powers conferred under section 13 (12) read with rule 3 of the security Interest in exercise of powers conferred under section 13 (12) read with rule 3 of the security Interest (Enforcement) Rules 2002 issued Demand Notice dated 06th February, 2020 calling (Enforcement) Rules 2002 issued Demand Notice dated 14th January, 2020 calling upon upon the borrowers Mr. Dilavarbhai H Belim, Mr. Saradarbhai H Belim, Mr. Mustakbhai the borrowers Mr. Damjibhai N Sidpara, Mrs. Jignaben Damjibhai Sidpara and Mr. H Belim, Mr. Bapubhai H Belim, Mrs. Gulshanben H Belim and Mrs. Firozaben D Belim Keval Damjibhai Sidpara to repay the amount mentioned in the said notice being Rs. to repay the amount mentioned in the said notice being Rs. 46,36,355.80 (Rupees Forty Six Lakhs Thirty Six Thousand Three Hundred Fifty Five and Paise Eighty Only) 1,09,07,474.13 (Rupees one Crore Nine Lakhs Seven Thousand Four Hundred Seventy as on 31st January 2020 together with further interest plus costs, charges and expenses Four and Paise Thirteen Only) as on 10th January 2020 together with further interest plus etc. within 60 days from the date of receipt of the said notice. costs, charges and expenses etc. within 60 days from the date of receipt of the said notice. The borrower having failed to repay the amount, notice is hereby given to the borrower and The borrower having failed to repay the amount, notice is hereby given to the borrower and the public in general that the undersigned has taken possession of the property described the public in general that the undersigned has taken possession of the property described herein below in exercise of powers conferred on him/her under sub-section (4) of section 13 herein below in exercise of powers conferred on him/her under sub-section (4) of section 13 of Act read with rule 8 of the Security Interest (Enforcement) Rules, 2002 on this the 28th of Act read with rule 8 of the Security Interest (Enforcement) Rules, 2002 on this the 28th day of October of the year 2020. day of October of the year 2020. The borrower in particular and the public in general is hereby cautioned not to deal with the The borrower in particular and the public in general is hereby cautioned not to deal with the property and any dealings with the property will be subject to the charge of Indiabulls ARC property and any dealings with the property will be subject to the charge of Indiabulls ARC for an amount of Rs. 46,36,355.80 (Rupees Forty Six Lakhs Thirty Six Thousand Three for an amount of Rs. 1,09,07,474.13 (Rupees one Crore Nine Lakhs Seven Thousand Hundred Fifty Five and Paise Eighty Only) as on 31st January 2020 together with further Four Hundred Seventy Four and Paise Thirteen Only) as on 10th January 2020 togeth- interest plus costs, charges and expenses etc. thereon (less amounts paid since issue of er with further interest plus costs, charges and expenses etc. thereon (less amounts paid demand notice, if any). since issue of demand notice, if any). The borrower’s attention is invited to provisions of sub-section (8) of section 13 of the Act, in respect of time available, to redeem the secured assets. The borrower’s attention is invited to provisions of sub-section (8) of section 13 of the Act, Description of Immovable/movable Property. in respect of time available, to redeem the secured assets. All that piece and parcel of immovable constructed Residential property admeasuring 83.61 Description of Immovable/movable Property Sq. Mtrs situated at Raiya Revenue Survey No 127 & 128, T P Scheme No 1, Final Plot No All that piece and parcel of immovable constructed Residential property admeasuring 735, Plot No 78, Sub Plot No 78/B of Shri P & T (Kidwai Nagar) Co-Op. Housing Society Ltd. 125.355 Sq. Mtrs situated at revenue Survey No 299/1 & 300/1 Paiki, City Survey Ward No at Rajkot. And bounded as under :North: Sub Plot No 78/A, South: Plot No 77, East: Plot 10, City urvey No 2786 Shri Sadhna Mandir Co-Op Housing Society Ltd, Plot No 45, Sub No 75, West: Road. Plot No 45/1 at Rajkot. Dated : 28.10.2020 Sd/- Authorised Officer Dated : 28.10.2020 Sd/- Authorised Officer Place : Rajkot For Indiabulls Asset Reconstruction Company Limited Place : Rajkot For Indiabulls Asset Reconstruction Company Limited (Acting in its capacity as Trustee of Indiabulls ARC- IX Trust ) (Acting in its capacity as Trustee of Indiabulls ARC- IX Trust )

Pune 6 FINANCIAL EXPRESS WWW.FINANCIALEXPRESS.COM RULING CLASS

US president Donald Trump

The corruptWashington class launched an economic ❝war against this state ... they targeted your steel mills❝ ... and sent millions of your jobs overseas all while lining their pockets with special interest cash OpinionMONDAY, NOVEMBER 2, 2020

● PROMOTING FPOS RationalExpectations THE CURRENTGUIDELINES MAYNOTINSPIRE CONFIDENCEAMONG FARMERS ON ENTERING INTO SUNIL COLLECTIVE ENTERPRISES.THEY COULD FIND ITHARDTO NEGOTIATETHE BUREAUCRATIC MAZE JAIN

[email protected] @thesuniljain Sowing a Sacrificing BSNLat Atmanirbharta stunted crop? altar RIME MINISTER NAREN- cies for formation and promotion of DRA Modi, in his address FPOs’.A clear command and control From cancelling its tender to asking it to use an untried vendor-model commemorating 75 years structure,with top down planning! & now to phase out its 2G services,govt doing its best to shut BSNL of the UN’s FAO,reiterated T NANDA What about farmers? Three-hun- India’s commitment to dredormorefarmers(lessinNorthEast IVEN THATTHE government cleared a `70,000-crore rescue package for enhanPce its farmers’ income. He also KUMAR and hilly areas) can form an FPO to BSNL-MTNL—addanother`27,000croreforthe900MHzspectrumrenewal reiterated the resolve to create 10,000 Former secretary, food & agriculture, GoI, qualifyforassistance.Financial grants costs—just a year ago,it probably means it is serious about the two telecom additional FarmerProducerOrganisa- & former chairman, NDDB to the tune of `18 lakh per FPO for GPSUssurviving.Nevermindthatthebailoutpackageishopelesslyambitious tions (FPOs),one of the main pillars in managerial support and equity grant (bit.ly/37RG394)asaresultofwhichtherewillprobablybeanotherfewbailoutpackages the proposed transformation of the assistance of `2,000 per farmer not later.While BSNL’s revenues fell 45% in fouryears from FY16 to FY20 (see graphic),the agri-economy. Willhisfuturisticvision 445 FPCs were registered till 2013, willitbepossibleforasetoffarmersto exceeding `15 lakh per FPO are pro- revival packages assumes they will rise 90%, from `18,000 crore in FY20 to `34,270 resultincreationofsuccessfulfarmer- 6,000wereregisteredduring2016-19. insulatethemselvesfromgovernment vided.In addition,theycan get techni- crore in FY24; indeed,while the revival plan assumed an income of `21,338 crore in owned enterprises likeAmul? Asusual,someregionsgrewfaster.Four (including bureaucratic) interference! cal assistance, training support, etc. FY20,the maximum revenue in thatyearis likelyto be `18,100 crore ifyou just double The ministry of agriculture (MoA) states,Maharashtra,Madhya Pradesh, The scheme’s central theme is a Theywill also have access to the Credit the first half’s reported revenue of `9,034 crore.Even more worrying,however,is that respondedquicklytothisdecision,with KarnatakaandTamilNadu,accountfor ‘production-cluster based approach’, Guarantee Fund. However, prior comprehensive Operational Guide- about50%ofFPCs.Thetop20compa- but has multiple objectives, inter alia, approvals are needed at everystep! evenaftercomingoutwithsuchagenerousbailoutpackage—BSNLhas165,000employ- lines(availableontheirwebsite)oncre- nies accounting for more than half of ‘one district, one product’ and 15% MyexperiencetellsmethatFPOssuc- ees and MTNL 22,000—the government seems to be doing its best to ensure the PSUs ating and supporting 10,000 FPOs by thepaidupcapitalareprimarilyindairy FPOs in aspirational districts.Identifi- ceed when producers with a common don’tsurvive;indeed,nolessonsseemtohavebeenlearnedfromthe2000swhenBSNL’s 2023-24.Will the approach outlined and coconut; the largest, cation of the ‘produce- economic interest organise themselves lack of mobile phone capacityled to its steadydownfall in even rural India. here help achieve the objective of set- Visakha Dairy, trans- cluster area’is to be done to achieve economies of scale.The gov- AfterthecontinuinghostilitieswithChina,thegovernmentdecidedthatChinesefirms ting up viable and vibrant business formed from a co-opera- with ‘inputs’ from agen- ernmenthastobeanenablerandcreate would not be allowed to participate in BSNL’s 4G tendereven though theyare among the organisations of farmers? tive.Thesecond,Sahyadri, Confining farmers cies at the district level to opportunitiesforentrepreneurshipand mostcompetitiveglobally.Whetherthiswasakintocuttingoffyournosetospiteyourface Let me start with a brief history. isprimarilyinfruits. to pre-defined the national level and innovation.True,FPOs need help along is not clear,but even if the cost was worth bearing—ideally,the government should bear The Companies Act 1956 was The government clusters identified approved at fairly high the way, from registration to market the cost,not BSNL—the government made BSNL cancel its tender; even though it could amended in 2002 to enable registra- plans to add 10,000 by cluster-based levelsinthegovernment. access.Most FPOs have struggled with wellhavebeenexecutedbynon-ChineseequipmentvendorslikeNokiaandEricsson. tion of producercompanies (part IXA FPOs (most of them The model appears to marketing (or market linkage),compli- And if this wasn’t bad enough,the government of the Act). The provision to register FPCs),with financial and business be this: There will be ance with company law provisions and then decided to foist its AtmanirbharBharat agenda Weak signal producer companies was retained in technical support organisations and three implementing access to finance.Successful FPOs have onBSNL.So,insteadofissuingatenderforsettingup BSNL's income & losses (` crore) the new Act of 2013,with a caveat amounting to `4,496 keeping them small agencies, namely, used their strength in production and under Section 465 stating that Part crore during 2021-24 SFAC,NCDC and largemembershiptoaccessthemarkets a 4G network to a well-established telecom equip- 35,000 32,411 is a bad start mentvendor,a mix-and-match plan was conceived. IXAof theAct will remain till a special andwith a possible addi- NABARD,and two expert eitherdirectlyorthrough majormarket 30,000 RatherthangivingaturnkeyprojecttoaNokiaoran Total income Act is enacted for producer companies. tion of another `2,369 support organisations, players (e.g., Mother Dairy) and have Themessageseemedtobe‘youarenot crore during 2025-28. viz. a National Project adopteda‘forktofarm’model.Iftheidea Ericsson,the government felt,why not buy individ- 25,000 18,000* in the same league,butyou can exist’, The process is detailed in the guide- ManagementAgency(NPMA)tobeset ofanFPOistogivethefarmersanadvan- ual parts of the network from differentvendors and 20,000 then put it all together; in the context of a PC,this is and therein lies a problem.The Small lines.Letustakealookatthemainele- up in SFAC and a numberof cluster- tageinthemarketandbettervaluecap- 15,000 Farmers Agri-business Consortium ments of the guidelines. based business organisations (CBBOs) ture,confiningthemtopre-definedclus- akin to not buying a readymade one from a Dell,but (SFAC)was taskedwith the formation There are three designated imple- under this to support FPOs.These, in ters identified by CBBOs and keeping instead buying the chip from one firm,the transis- 10,000 15,500 4,589 of FPCs in 2010-11 under various mentation agencies (IAs): SFAC,NCDC my reckoning, are consultants.Then, themsmallisabadstart. tors from another,the display unit from someone 5,000 Losses schemesofMoA.NABARDwastasked and NABARD. SFAC is for Chapter IX there are empowered committees to The current set of guidelines may else,etc.The reason few people assemble their own 0 with the formation of 2,000 FPOs in ProducerCompanies,NCDCforco-ops approveprojectsandsanctionmoney. not inspire confidence among the PCs,of course,is that few of us are computer geeks, FY16 FY17 FY18 FY19 FY20 2014-15with a budgetarysupport of and NABARD for both. Of these, co- Theseare:National-levelProjectMan- farmers to venture into a collective we’veneverputtogetheracomputertogetherand,if *Extrapolated based on H1 data `200crore.Theseeffortsstartedbear- operatives do not seem to stand a agementAdvisory&FundSanctioning entrepreneurial mode.They may find somethinggoeswrong—asitwill—wewanttobeable ing fruit from 2014. chance (in spite of the 97th amend- Committee (N-PMAFSC), state level it hard to negotiate the bureaucratic toholdsomeoneresponsibleand,moreimportant,tobeabletosetthingsrightquickly. A comprehensive study by Neti, ment to the Constitution) since the consultative committee (SLCC) and maze.They may be better off with a Thatsomeoneelse,accordingtothenewplan,canbeasoftwarecompany,forinstance, GovilandRao(AzimPremjiUniversity) guidelinesstate‘co-operativesaretobe district level monitoring committee largernumberof farmers and get con- thathasthecapabilityofputtingitalltogether.Theoretically,itispossiblethatthissolution throws up excellent data and offers insulatedfromallkindsofinterference… (D-MC). In addition, there are other nectedtothenearestmarketortolarge may be cheaper,and it has the added advantage that even smaller Indian firms can now valuable insights. According to this, with suitable provisions in bye-laws’ ‘interand intra’committees.Interest- market players! hope to bid for some parts of BSNL’s tender.The point,however,is that the solution has 7,374 FPCs have been registered till (emphasis added) to qualify. It is well ingly, one of the functions of the The way forward? Give them more hardly ever been tried,least of all by a firm of BSNL’s capabilities; and the possibly lower 2019,of which 6,926 are active (aver- known that ‘interference’ in co-ops nationalcommitteeisto‘allocatepro- operational freedom, and set up an costs of the newmethod—assuming itworkswithout a glitch—are faroutweighed bythe age number of members is 582).While comefromthestategovernment.How duceclusters…toimplementingagen- enabling ecosystem! likelylossinrevenuesfromBSNLnothavingequipmenttoservicepotential4Gcustomers. Unless the whole world is made of stupid people,this is the same reason why firms buy computersfromwell-establishedbrandsinsteadoftryingtoputittogetherthemselves. RJio,itistrue,bankedonawholenewarchitecturewhenitdevelopedits4Gnetwork,but LETTERS TO itisafirmthathasalmostunparalleledtechnicalandexecutioncapability;thatisalsowhy RJio is planning on developing its 5G network on its own while even established players Is judgment day coming? THE EDITOR likeBhartiAirtelandVodafoneIdeaarenot.WhosegrandideawasittomakeBSNLasacri- ficiallambforbothatmanirbhartaandnewtechnologies?IfthingsfailedinRJio’scase,its The US’s democracy shareholderswouldhavetakenthehit,inthecaseofBSNL,itwillbethehaplesstaxpayer. If this market collapse, as some fear, is BSNL’s torture,as this newspaper has reported (bit.ly/34DHhmk),doesn’t stop even and present poll fears here.The government set up a technical committee on BSNL’s tender—apparently,the the big one, it will be driven by a JAMAL Shops, department stores and even PSU isnot considered competent enoughto do this on its own!—and one of the sugges- realisation that all the Fed’s horses and banks are seen boarding up their tionsmadebythecommitteeisthat“BSNLshouldmigrateallitssubscribersto4Gas2G MECKLAI entrances and showcases, across service are expected to go down significantly”,to quote from BSNL’s letter of protest. all the Fed’s men can do nothing to put cities in the US, in fearful anxiety CEO, Around70%ofBSNL’scustomersareon2G,andthecommitteewantsthePSUtomigrate the economy back on the rails again Mecklai Financial over engineered protests over themallto4G.NoristhisjustasuggestionwhichBSNLisfreetodisregardsince,asitslet- possible adverse results for the ter says,“no 2G equipment is being recommended to be purchased by the committee” incumbent regime. Sounds so and“thiswould put a big revenue stream of BSNLat risk”. EVERSINCETHE belief that‘easier- And then, early this year, came the has to go down as a biggerdaddythan familiar, even similar, with tales from Itistrue4Gcustomerspaymore—RJiohasanaveragerevenueperuser(Arpu)of`140 than-easy monetary policy can fix coronavirus, which made all of the 2008-09—as many people believed South America or Africa or even SE permonth—butitisnotclearhowmany2Gcustomershavetheabilitytomigrate;keepin everything’ took hold after the 2008- abovemuchworse,drivingmanymore when the coronavirus first hit—itwill Asia. This is unprecedented. It is mindtheaverageBSNLcustomerspendsjust`50permonthrightnow.Indeedthatisalso 09 crisis,many observers (including millions into poverty the world over. have to lose more than 53% from its such a sad plunge in the image of a why,whileRJio’sMukeshAmbanitalksofa2G-muktBharat—Rjio’sentirenetworkisa4G myself) have been concerned that it Thestockmarkettanked,withtheDow high,which would take it to 13,600,a two-century-old democracy and one—noneoftheotherslikeBhartiAirtelorVodafoneIdeaarelookingtoshutdowntheir can’t end well. Simply pumping in losing nearly 38% in a matter of a drop of another 12-15,000 points the self-certified "leader of the free world", the US. The sanctity of its 2G operations in a hurry.Indeed,if 2G subscribers are to be migrated to 4G—assuming oceans of money into the system hel- month.The Fed and the USTreasury fromthecurrentlevel.Clearly,theFed ter-skelter would only lead to soaring poured gazillions of gallons of money will be out with all guns firing to pre- democratic traditions must be theywillbereadytopaythehighermonthlybillsthat4Gnetworksrequiretobreakevenis, asset prices and the rich getting sub- into the economy in an attempt to get vent anything like this happening, upheld by its political leaders. asyet,an untested proposition—the immediate issuewill be the cost of the handset; RJio stantiallyricher—and,indeed,ithas. In some control. Economic activity except that if this is the BIG ONE,it — R Narayanan, Navi Mumbai subsidisedtheJioPhoneand,presumably,willdothesamewiththelow-costsmartphone parallel and unsurprisingly, the real slowed sharplybut the market—hey,it will be driven by a realisation that all itisworkingonwithGoogle.WhoisgoingtodothatforBSNL?Eveniftaxpayersaregoing world impact of this has been the has nothing to do with the real world, the Fed’s horses and all the Fed’s men tobeaskedtoshelloutmore,surelythe2Gnetworkcan’tbeshutdownovernight? ascendancy of autocratic leaders— does it?—rallied again.It nearly recov- can do nothing to put the economy BJP patriotic, rest not? GivenhowBSNL’scostshavebeenunderestimated—just`15,000croreofcapexhas Trump being the loudest one (both ered all of its losses in about six back on the rails again. It is most unfortunate that the BJP is been assumed for 4G while even a modest network will cost more than double that because he is personally the loudest months, seemingly oblivious to the Indeed,therearealreadysignsthat trying to use Fawad Chaudhry’s amount—and revenues over-projected,it is likelythat shutting down BSNLis a cheaper and the US is the loudest economy in realityof the compounding epidemic. all the Fed (and other central bank) boast about Islamabad’s role in the solution than keeping it going. But no government would like to be the one to sack the world)—who have broadly exacer- Over the last few days, however, action over the past couple of years is Pulwama attack in response to the 165,000 persons,so the bailout package is understandable.But,at least,let BSNLfunc- batedthestrainsthatcountriesallover with an increasing likelihood that finallyigniting inflation.The USyield charge levelled at Imran Khan’s tion,whysaddle itwith more costs and unproven technologysolutions? theworld have been feeling. TrumpwilllosetheelectiononNovem- curve is steeper than it has been in government that it handed over The Dow rose from a low of 6,545 ber 3 and the fear that he could yet nearly three years, copper has hit Wing CommanderAbhinandan in March 2009 (after a drop of over throwthe countryinto chaos byrefus- $7,000—again, a level last seen in Varthaman to India out of fear of a 53% from its 2007 high) to an extra- ing to leave the White House, markets 2018—andotherindustrialrawmate- military strike as a stick to beat the Dilli,DooriNahin? ordinary high of 29,550 in February haveturnedsuddenlynervous.TheVIX rials(naturalrubber,in particular)are Opposition with with an eye on the 2020.The rise was virtually uninter- hasrisentoitshighestlevelis6months soaring.The IMF’s industrial inputs voters in Bihar. It is as if the party The Delhi govt’s decision to run buses at full capacity ruptedexceptforafewbriefperiodsof and in the last four days the Dow has price index is at its highest level in waited for the ‘confession’ and contrition in 2015 and in 2018, both dropped 7%—as sharplyas it did at its more than five years.The only saving grabbed it with both hands as a big is a serious blow to distancing driven by, amongst other things, fear peak weakness in 2018. Some techni- grace is that oil remains soft, as a chance to try and turn the pro- that interest rates—Fed funds had cal observers are pointing out that the result of which the prices of a whole Tejashwi tide in BiharAssembly. HEREAL‘DELHIDAREDEVILS’mustbethepandemic-strategythought-lead- been steady at 0.25% since 2009— Dowhas formed a double top. raft of other industrial raw materials Clearly,the BJP does not want the ers in the ruling dispensation in the national capital territory(NCT).At a time wouldrise(2015)and,later,thatinter- Now,wheneversomething like this remain subdued. voters to believe that the ruling party when Covid-19 infections are rising in Delhi,as is the positivityrate,the NCT est rateswererising too fast (2018).In happens—in 2015,2018 and again in And,ofcourse,growtheverywhere— and the Opposition are nationalistic T government has decided to run buses at full capacity,obviating anyscope for 2019,the Fed,despite the fact that US February this year—the old-fashioned exceptChina,ofcourse—remainsinthe and patriotic in equal measure.The distancing.Tobe sure,it is a‘damned ifyou do,damnedyou don’t’situation forthe gov- unemployment was at a record low, conservative budhhas in brightly- gutter. And, indeed, autocrats every- attempt to portray the Opposition as ernment.Restricting the number of passengers to allow for distancing has meant that startedcuttingrates,which,ofcourse, coloured shirts (like me) think: Is this where—again,Chinatheshiningexcep- not adequately pro-India and anti- the bus-stops got crowded—thereby increasing transmission risks—while passengers quelled the “crisis” and primed the it? Is judgment daycoming? tion—arefeelingtheheat. Pakistan in order to prove it to the had to put up with long delays.The problem,however,is of the NCT government’s own market forthe newhighs. I note that if this market collapse So, will this be the wipe-out of nation that it is different is absolutely creation; while it has been busy giving water subsidies to even those Delhiites who can equity markets that finally compels preposterous. SashiTharoor’s tweet “ pay for their water consumption, it has not added much to its transport corporation’s The Dow since Jan 1, 2007 governments to look at the real econ- that he is still trying to figure out what the Congress is supposed to fleet.At 6,595 buses,the fleet has onlyabout half the numberneeded to caterfora pop- 32,000 omy and address the problems of real 30,000 people?Isthisasignaloftherevolution apologize for - For expecting the ulation of 2 crore. 28,000 thathasbeenbrewinginseveralcoun- government to keep our soldiers That said,whyblame the Delhi government alone? It seems that the authorities and 26,000 24,000 tries as more and more increasingly safe? - For rallying around the flag politicalleadershipacrossthecountryaccordonlylip-servicetodistancing.FortheBihar 22,000 diversegroupsofcitizensaredemand- rather than politicizing a national assemblypolls,theElectionCommissionofIndiaeventuallyletindoorcampaignrallies 20,000 18,000 ing fundamental change? tragedy? - For expressing betwiceaslargeasthatoriginallyallowed,andtherewasvirtuallynolimitonthesizeof 16,000 It is certainly more than time. But, condolences to the families of our thecrowdinoutdoorvenues.Picturesfromtheralliesofvariouspoliticalleaders,includ- 14,000 thenagain,marketsareknowntomake martyrs?” is a fitting riposte to the 12,000 ing the RJD’s Tejashwi Yadav and even the prime minister (for the BJP-JD-U coalition), 10,000 eventhesmartestpeople(???)lookfool- BJPs illogical demand for apology. showed that distancing was hardly feasible, let alone enforced, at the venues.The gap 8,000 ish, and they NEVER turn if there is — G David Milton, Maruthancode betweenpoliticalpronouncementsandactionshowsbeatingCovid-19needsmorethan 6,000 4,000 even a single contrarian around. ‘do gaz ki doori’ slogans. www.mecklai.com ●Write to us at [email protected]

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blanketed in darkness,are now studded withpinpricksoflight.Myhomestilldoes ● FATF & PAKISTAN not have grid electricity, as does no one wholiveswithintheforest.Butwearenot complaining.For,exceptondayswhenthe India must think sun plays hide-and-seekwith the clouds, solarhasbecomeareliablesubstitute. These tangible markers of progress of sanctions mask,however,the deeper dilemmas of development.The reason I decided to pen another article on Binsar was because, in a microcosmic way, the nature and the pace of development in AMBIKA thisareamirrorsthefault-linesthathave KHANNA toberesolvedforourcountrytogetonto thetrajectoryofsustainablegrowth.The The author is a senior researcher, International Law Studies specificswillbedifferent,buttheessen- Programme, Gateway House tial issues facing Binsar are the same as those that confront the country. For anyone visiting the Kumaon Pakistan now on the FATF grey list. region on a regularbasis,a striking man- Does it present a way forward for India? ifestationofglobalwarmingisthereced- ing snowline of the Himalayan range. EventhehighestpeaksoftheNandaDevi, HE FINANCIALACTION Task Force (FATF) con- the Trishul and the Panchachuli massif tinued toweigh in on Pakistan byretaining it on reveal large rock faces.The Pindari Glac- thegrey-listtillFebruary2021.Pakistanwasfirst ier is brown to the naked eye.Of course, placed on the FATF grey-list between 2012 and thiswill all change,when,in a fewweeks, 2015, and has been on it again since 2018, for the winter snow swaddles the range in supportingT terror financing.The country has done little to white and,maybe,I am drawing an exag- addressandallaytheconcernsoftheFATF.Amongstitsfee- gerated picture,but I have never seen so ble attempts to avoid the blacklist in the plenary that took muchcontrastonthemountainfacesear- place recently, the Imran Khan-led government hastily lier.Sitting inside a sanctuary where,on passed three Bills to show compliance with the AML/CFT account of regulatory restrictions, the (anti-moneylaundering/combatingthefinancingofterror- surroundingsarelushandgreen,onecan- ism) obligations and hired an American lobbying firm to not but reflect on the forewarning of the help it hoodwink the FATF. scientific community that if the world Things at home are not smooth for Pakistan either.The and, to be more specific, India does not country’s opposition is aggressively questioning the‘deep tackle the issue of greenhouse gas emis- state’,thePakistanmilitary,foritssupersedingroleinPakistan’s sions,itwill,forcertain,bequeathanirre- economy,politics and elections.The Pakistani militaryoper- mediably damaged planet to the next ates manyorganisations that conduct commercial business, generation. India cannot afford to commonlyknownas‘milbus’.Mostofthesearerunbyfourpar- developfirstandcleanuplater. ent entities,each associatedwith different commands of the Covid-19 has intruded,of course.It is military:FaujiFoundation,ShaheenFoundation,BahriaFoun- not the numbers of infected that have dation andArmyWelfare Trust.Largely,the beneficiaries of roiledthevillagers;theseappeartobefew. theseareformerandcurrentmilitarypersonnel. It is the economic ramifications.Most of While Pakistan has been in the throes of Covid-19, its the young that had left for the plains in militaryhassucceededininsinuatingitselfintoamorecen- ILLUSTRATION: ROHNITPHORE search of jobs are back,and if one goes by tral position in national affairs.In March,Pakistan’s Prime thecommentsthatIhavepickedupfrom MinisterinvokedArticle 245 of the country’s Constitution, the locals,only a handful want to return allowing the militaryto‘act in aid of civil power’. OVID-19 HAS introduced to their earlier jobs.The lack of a social Moreover,militarypersonnelhavebeenappointedinkey several far-reaching security net in the cities has made them positionswithin the government,with Lt GenAsim Saleem changesintheglobalorder. VIKRAM S askwhetheritmightnotbebettertoseek BajwaappointedasspecialassistanttothePMforinforma- Some of these are in man- income-generating opportunities closer tionbroadcasting,alsochairmanoftheCPECAuthoritythat agement of global trade. MEHTA to home. What those might be is, of overseesChineseinfrastructureprojectsinPakistan.Shortly CThedivisionamongcountriesoverflexi- course,theirbiggestconcern.Agriculture after,heresignedfromthenewappointmentfollowinggraft bilities to be allowed in the World Trade The author is chairman, Centre for Social andmanufacturingoffersnoscope.Con- charges.Theincreasedroleofthemilitarycanbeattributed Organisation’s intellectual property and Economic Progress struction,hospitalityandeco-tourismare totheUSretreatfromAfghanistan,givingnewconfidenceto rules,forglobalproductionanddistribu- options.But thentheMSMEsengagedin Pakistan.Nosurprise,then,that,inthelastfewmonths,there tion of vaccines, is an indication of the these sectors are struggling to sustain has been renewed border tensions in Kashmir,and with turmoil that global trade management ● OVER THE BARREL their business.These enterprises are not Covid-19 a greaterChinese presence in Pakistan. and the WTO would encounter in the unviable.They simply have no liquidity. Withtheshiftingdynamicsofthecurrentgeo-economic days to come. The debate in the corridors of our eco- climateintheIndo-Pacificandtheworld,nowmightbethe Over the past decade and more that I nomicministriesastowhethertoenlarge opportunetimeforIndiatoconsidernewstrategiestoman- havebeenwritingacolumnforthispage. the fiscal stimulus or not orwhether the age Pakistan effectively in the post-Covid-19 era.The deci- Ihave,onoccasion,writtenaboutthefor- Towards a central government or the states should sion of the FATFat its review meeting in February and June est sanctuaryof Binsarin Uttarakhand.I turn to the market to make up for the 2021, on Pakistan’s listing, led by the German presidency, have a small cottage in the sanctuary. shortfall in GST revenues acquires a dif- should shepherd thewayforIndia’s policyon Pakistan. These articles have not been about the ferent hue when contemplated through One economic strategy that has not been considered pristinebeautyofthesanctuary;thever- the non-academic lens of livelihood. comprehensively thus far is the imposition of sanctions. dant forests that roll from one range of digitally There is no doubt, in my mind, that the Sanctions are a means of effective economic statecraft and hills to another merging eventually into central government must open up fur- foreign policy,used extensively by countries and multilat- thesnow-cappedpeaksoftheHimalayas. ther the fiscal spigot and help the eral institutions for imposing control on the disagreeable These have not been about the restora- state/localgovernmentscreatethesocial behavioursofsomecountries.Pakistanhasrarelybeensanc- tive and calming influence of silence; securitynetsthatassureeveryoneabasic tioned,despite having been under global censure—includ- these have been about the tension minimum income. The argument of ing the grey-listing by the FATF.This is because it has pow- between economic development and equitable those that pore over macro ratios (for erful patrons such as China,and until recently the US.This ecological sustainability. example,debt/GDP)thatthereisnofiscal statusquo,however,canchangeinthepost-Covid-19world. Binsarofferedmeanarrowwindowof space for such largesse should be set In the wake of attacks in Pathankot, Uri and Pulwama, insight into the difficulty of striking a against the Keynesian comment that“in there are strong arguments in favour of India toughening balance between the aspirations of the thelongrun,wearealldead.” its laws to incorporate a sanctions regime to handle the villagers who lived in the sanctuary and Indian society Astarkmanifestationofthetwotrack aggressionfromPakistan.ThereareafewthingsIndianeeds were denied, as a consequence, the eco- development of our socio-economic toconsidertoexecutethiseffectively.Thefirststeptocanbe nomic benefits of development and the Technology has deepened aspirations.The govt is perceived to polity is the ubiquitous spread of digital the strengthening of the Unlawful Activities (Prevention) imperative of preserving the magnifi- technology.Inaplacewithlimitedphysi- Act,1967,whichallowsforspecificandtargetedimposition cence of nature. hold it in check.The tension between the state and the society cal infrastructure and few social ameni- of sanctions.The law needs to define and use the appropri- I bought one of the six British-built ties, everyone carries a cell phone and ate terminology for the action suggested—sanctions, and establishments in Binsar in 1987.I have must be bridged if India is to develop on an even social keel mostcanfindinternetconnectivity.Ihave provide a rationale forwhatwill be prohibited andwhy. been visiting the place regularly ever attendedseveralZoommeetingsfrommy Indianeedstodevelopatargetedstrategytofocusonthe since.Intheearlyyears,Inotedthenear- Himalayan redoubt. To my mind, this business interests of Pakistan’s military. Identifying com- totalabsenceofdevelopment—therewas of development, but the resident vil- attract attention. One year, the forest reveals the sharpest fault-line of all: The paniesandindividualsfromIndiathatdobusinesswithPak- norunningwater,therewerenoelectric- lagers were not.They wanted a share of fires almost engulfed myhome. potentially-deepening tension between istani entities orhave a presence in Pakistanwill also help. itylines,theroadwasnarrowandirregu- thebenefitsaccruingtothoselivingout- The authorities have, to an extent, the societyand the state.Technologyhas Indiashouldadoptamultiprongedapproachratherthan larlytarred—Ihadtowalkthelasthalf-a- sidethesanctuary.Theywantedelectric- heard these protests.The drive to Binsar deepenedaspirations.Thegovernmentis imposesanctionsinsilos.WithitsfocusonNeighbourhood mile to my home, and the nearest ity,water, health, schools and, above all is no longer as tiresome as it used to be. perceivedtoholditincheck.Whetheritis First,Act East and multipolarity,India is nurturing friend- hospitalwas30kmaway,andtherewere else, jobs.They verbalised their protest The roads have been broadened and in Binsarorthe countryat large,this ten- ships, and can leverage these in the implementation of its no schools.Itinerant travellers mayhave and,at times,out of sheer frustration, tarred. Electricity lines have been sion will have to be bridged if India is to sanctions strategyagainst Pakistan. been happy to get away from the clutter theyeven‘ignited’theirsurroundings to stretched.Thevalleys,whichatnightwere developonanevensocialkeel.

LECTIONSININDIAareapartof hand over his postal ballot.Compare this thegovernancesystem.Thesys- with the situation in India where every tem has got fairly entrenched effort is made to ensure that there is a over the last 70 years.With the The poll position: pollingstationwithin5kmofeveryvoter’s Constitution as its bedrock,the residence.In fact,in the last general elec- ERepresentation of the People Act, 1950, tions,a polling boothwas established fora with amendments over the years, has singlevoterinaremotearea. servedusreasonablywell.Asinfrastructure India & the US Every system has its plus points and developed,the reach of public services has flaws.WecanalsolearnfromtheUSsystem; improved.Growing literacy has generated direct elections for the chief executive’s awareness amongst the electorate. Elec- The US is an older democracy than India, but there are many post,debate between the candidates and tionsnowhappenwithafairamountofpre- aspects of electioneering where India trumps the US early voting especially for senior citizens cision.The 1990s were a turning point in with mobilityissues.Wemayalsoconsider ourelectionhistory:theElectionCommis- separate polling booths forwomen voters. sion of India asserted itself as a Constitu- In order to improve the quality of gover- tionalauthoritythatlaiddownstrictguide- NIVEDITA HARAN nance,minimumeducationalqualification lines for all stakeholders to follow. The and work experience in the field for every electorate got empowered through a sys- & VP HARAN candidatecouldalsobemandated. tem for lodging grievances with time- Compared to a country like the US Nivedita Haran is a former IAS officer, bound redressal.Financial limits of elec- and VP Haran is a former Indian ambassador wheredemocracyarrivedcenturiesearlier, tioneering budget became serious work. the Indian democracy is still in a nascent Most important,Election Observers came stage.Yet we can take pride that our sys- tobeplacedineveryconstituencyaswatch- adoptedintheIndiandemocracy,ofuniver- ensure that theyadhere to the programme states evenvotes reaching up to three days losing candidate Hillary Clinton polled temsareprettyrobust;theyarevoter-cen- dogstomonitortheadministration,proce- sal adult franchise with each person’s vote outlinedinthemanifesto.Thiscastsadoubt afterthedateofpollingneedtobecounted 2.87 million votes or 2.1% of votes cast tredandfocusonplugginganyirregulari- duresandfinancesconnectedtoeachelec- carryingequalweightage,hadimmensesig- on whether thevotes are being cast for the and taken into account.The US Supreme morethanPresidentDonaldTrump.Sim- ties. For a population as humongous as tion-relatedactivity.Thecreditformaking nificance.In India,elections are a celebra- programme of the partyas reflected in the Court has upheld the decision of the state ilarly,in2000,thelosingcandidateAlGore ours,recordingavotingpercentageof60- all sections of the population understand tion: Right from the notification of the manifestoorforotherconsiderations.Elec- of North Carolina to count absentee votes polled 0.54 million votes (0.5%) more 70 is indeed creditable for all stakehold- that elections were a serious business that schedule to filing of nominations to cam- tionsarebeingheldnowinBiharand,thanks receivedupto 9days afterthe close of poll. than the winning candidate, President ers:thepoliticalparties,electorateandfor couldnotsimplypassoffasadefaultactiv- paigning,latercastingofvoteandfinallythe totheEC,theadministrationandthepeople Thisimpliesuncertaintyonwhenthefinal GeorgeBush.Inasystemofwherethevot- the election administration. I recall an ity has to go to TN Seshan,the then Chief declarationofresults,allhappenwithpreci- ofBihar,theseareproceedingsmoothly. resultswouldbecomeavailable. ers have to make a direct choice between incidentfromthefirstelectionsinKosovo Election Commissioner of India.The pow- sionandtransparencyaccompaniedbypub- ContrastthiswiththePresidentialelec- Somestatesallowchangeofpreference the candidates of the Republican and the after the UN peace-keeping mission ers that the Observers wielded, and con- licmeetings,loudspeakersblaringpartyslo- tionintheUS.Theoldestdemocracyhasnot forcandidates indicated in the postal bal- Democratic parties, it seems rather odd movedin:aRoma(gypsy)voterpetitioned tinue to wield,were enormous,with direct gans and larger than life cut-outs and gotaroundtostreamliningitselectoralsys- lot,which seems a little odd. In Estonia, and unfair: How can a candidate polling that he was unable to reach the polling linkandaccountabilitytotheEC. postersputupineveryconstituency. tem.Unlike in India,there are no uniform they have a similar rule.There votes are lessernumberofvotes sail through! booth as he had no transport andwas also ThiswasalsothetimewhenEVMswere Yet the system in India is still growing rules for the conduct of polls.Each of the cast using the mobile phone and the sys- Mediareportsseemtoindicatetheinad- blind.TheUNarrangedatransportforhim introduced, in a staggered manner until andneedsimprovement.Electionsarenoisy stateshasitsownrulesandfurthertherules tempermitschangeofpreferenceforcan- equateinfrastructureinsomestates/coun- with security.This surprised my military the general elections in 2004 when every and the candidates sometimes have a sus- seemtobeflexibleaccordingtothewhims didates till the time of close of the poll. ties.With earlyvoting in progress,a voter counterpartwhohailedfromtheWestand polling booth in every polling station in pectbackground.Therearefrequentreports ofthoseinpowerinthestates.Forexample, The system of electing the president complained that it took him 11 hours to who thought all the effort unnecessary. every constituency was provided with ofcorruptpractices.Enormousamountsof the dates for commencement of earlyvot- through electoral college and not by the casthisvote.Thereareserpentinequeuesin Our justification was that it was our duty EVMsandphysicalcastingofvotethrough fundsarespentbypoliticalpartiesandcan- ing are not uniform.Rules for counting of countofvalidvotespolledintheelections many polling booths for early voting. to provide every support to everyvoter to the ballot ceased completely. didates, hoodwinking the Election postal ballots are different; in some states, results in odd situations,where the losing Another lamented that the place for enablehim/hertocasthis/herballot.Right For a country that won its hard-earned Observers’audit.Partiespromisethemoon the postal votes have to reach before the candidate may get more popular votes depositing postal votes was changed arbi- to vote has become deeply entrenched in freedom with many sacrifices,the system intheirmanifestos,butthereisnosystemto closeofpollingonpollingday.Insomeother than the winning candidate.In 2016,the trarilyandthathehadtotravel45milesto the mindset of Indian administrators.

Pune 8 FINANCIAL EXPRESS WWW.FINANCIALEXPRESS.COM

FOR A BETTER INDIA

Shailender Kumar, Regional MD, Oracle India

To transform India into a digital and knowledge ❝economy,we must first digitally empower all its ❝ people, key economic sectors and allied eMONDAY,FE NOVEMBER 2, 2020 communities.

● JuergenLindnerisOracle’sseniorvice-pres- ● INTERVIEW: JUERGEN LINDNER, Senior VP, Marketing, SaaS, Oracle with tons of features into our standard CYBERSECURITY identofmarketingforSaaS,focusingonenter- application offerings.This abilityallows us priseresourceplanning(ERP),enterpriseper- to be extremely visionary with relentless formance management (EPM) and supply automation so that we can liberate func- How to make chain management (SCM).He is responsible tions towardsvalue addversus mundanity globally for SaaS thought leadership,go-to- Our complete suite gives us oftransactionaltypeofinteractions. marketstrategy,andsalesenablement.Inhis businesses opinion,financeandsupplychainsareatthe Whatarethetoptrendsyouareobserving coreofanybusinessandthesetwohavebeen globallyandinIndia? more secure disruptedthemostrecently.“Throughthecri- tremendous advantage With the pandemic,we are seeing busi- sis,weactedasatrustedadvisorandengaged nesses increasingly evaluating effective withourcustomersinconversationspertain- cyclebyfivedays.Thesearejustsomeofthe gains of intelligent automation—and not and resilient ing to their unique business issues. This powerful India examples of Oracle adding just simple RPA— detecting inefficiencies explainsourheadstartinFY21with33%y- valuetoitscustomer’sbusinesses. that the system over time can weed out by o-y growth in ERP cloud,” he tells Sudhir itself.Anothertrendthatwearelookingatis Chowdharyinarecentinterview.Excerpts: How is Oracle positioning itself to take the ability to have an intelligent conversa- The recent increase in moremarketshareinERP? tion with ERPversus static user data entry cyber-attacks have HowdoyouseethetransformationinERP ❝ Every quarter we are unlocking new and retrieving tools.The system needs to mandated businesses to drivingtransformationinthebusinesses? functionalities not just for the industries becomepredictiveandautomatedasmuch

Thepandemichasbeenalearningexpe- We have proven success wherewehaveaverystablecoresystem,but as possible so that ourcustomers can focus take a serious look at their of 7,300 Cloud ERP rience.It brought business processes like also to gain access to newer industries.We onbusinessmodelinnovation. cybersecurity measures financetotheforefrontofdigitalisation.The customers. There is no are increasinglyseeing fantastic growth in

C-Suite executives started talking about other vendor right now the highereducation sectorand the oil and How is Oracle helping its customers to working remotelyand to enable thework- with a complete suite of gas industry.We have a proven success of navigate through tough times in taking forcetofaceeveryeventuality—intermsof services for every line of 7,300 Cloud ERP customers. There is no data driven decisions and what does it recoveryfrom the pandemic.The depth of business ❝ other vendor right now with a complete meanforbusinesses? its impact is distinct for each sector.Some suiteofservicesforeverylineofbusiness. It Throughthecrisis,weactedasabusiness sectors fared better; somewere devastated istheholisticcloudrevenuestreamsthatwe partner.Welookedatthefinancialhardships while the essential services evenwitnessed areaimingfor. andforthefirsttimeofferedcertainOracle acceleration.Wedonnedtheroleofatrusted solutionsforfree.Wehelpedourcustomers advisorandengagedwithourcustomersin HowdoyouthinkthatOraclehasanedge to shift theirbusiness models.We offered a Joyjeet Bose conversations pertaining to their unique overcompetition? very seamless orchestration between the businessissues.Thisexplainsourheadstart Weareextremelyflexibleinourpricing. configuration of the service and customer in FY21 with 33% y-o-y growth in ERP The foresight with which we have archi- experiences,betweenrevenue streamsand Thesuddenswitchtoworkfromhomehas cloud.We saw a lot more go-lives than we tected the complete suite of applications financial systems and supply chains.Cus- catalysedthedigitalenablementofbusiness expected.Companies in the supply chain the newnormal? Oracleasabetterchoiceinthelongrunwith overthe last decade gives us a tremendous tomerstodayrealisethattheirdataneedsto environments and workplace transforma- sectorsuchasDHLandFedExwereprepared During the pandemic,Omega Health- our complete suite.We implemented ERP advantage.Our customers can start from flow seamlessly between applications tion.Withemployeeslogginginremotelyto toofferservicesinremotelocationsandfor care decided to partnerwith us aswe could CloudforCactusCommunicationsinjust10 anywhere, but they will never come to a withinonesuite,withembeddedanalytics. access corporate network via their home catering to home orders, that resulted in provide them a single cloud platform, as weeks,helpingitsteamsave20%ofitstime screeching dead-end in the relationship This allows having predictive features as broadbandnetwork,theyareinadvertently tremendoussuccessforthem. opposed to the legacyEuropean HCM sys- on procurement. Save The Children can withus.Itisalsoverycost-effectiveforthem partoftheplatformandgivesthe advantage opening a multitude of newattackvectors. temtheywereusing.Thatiswherewestand check and monitor expenditure against as they do not have to resort to expensive toredothescenariomodeltoallthosethings Here are afewcybersecuritystrategiesthat Can you give us some examples where better in the competition with SAP.Once available funds and Safe Express has been data warehouses bridging mechanisms. that our customers need to survive right businessesshouldadopttomaketheiroper- customers managed to adapt quicklyto customers compare the offerings,theysee able to reduce its delivery to the collection Over time,we train the system constantly nowandforthenextchapteroftheirgrowth. ationsmoresecureandresilient. Zero-trust approach To bolster overall security, businesses Tech need to implement tools alignedwith SSO (single sign on),Identityprotection,multi- factorauthentication(MFA).Withthezero- trust approach,the organisations establish trust foreveryaccess request,regardless of Bytes where the request is coming from. The Gadgets method of access controls like DAC,MAC, RBAC & ABAC (Discretionary,Mandatory, Role&Accessbasedaccesscontrol)needsto beimplementedatvariouslevels. ● TATASKY BINGE+ nelsandon-demandcontentinonefluid user interface. It comes with Google Voice Assistant and Chromecast. The OTT content that the user can watch on TV is fun to watch, once again thisset-topboxincludesthosefromDis- ney+ Hotstar Premium, ZEE5, VOOT Contentconsumptioniswitnessinga KEY FEATURES Select, VOOT Kids, SunNxt, Hungama TataSky Binge+ provides new trend where people want to con- Play,Eros Now and ShemarooMe for six TV channels and OTT sumelinearTVaswellasOTTcontenton ■ Seamlessly watch between live monthsatnoextracost.Ausercanaccess one integrated platform, contends TV and apps contentofthepastsevendays.Theyalso content on one screen, Pallavi Puri, chief commercial and con- getthreemonthsofAmazonPrimesub- with one remote tent officer at Tata Sky.Tata Sky Binge+ ■ OTT content from Disney+ scription at no extra cost. is powered by Android TV, supports Hotstar Premium, ZEE5, VOOT In the box, you’ll get the Tata Sky Bhanumurthy BM, president and Google Assistant-based voice search, Select, VOOT Kids, SunNxt, Binge+ set top box, remote (along with COO, Wipro SUDHIR CHOWDHARY offers Google Play Store access, and Hungama Play, Eros Now & batteries) and power adapter.Take my offers6-monthssubscriptiontosomeof ShemarooMe word,you’ll need the company’s techni- TV VIEWING DURING Wipro, IBM expand the pandemic the most-viewed premium OTT apps at ■ cal representative to do the installation. monthshasbecomeatadboring,forthe noextracost,makingitanidealdestina- Voice search remote powered Once the setup is done,the content will hybrid cloud practice simplereasonthatthereisnever-ending tion for content viewing.“We’ve seen a by Google Assistant stream to your TV using your home Wi- WIPRO HAS DECIDEDTO expand its news on the incessant growth of coron- positive uptake in subscriptions in the ■ Access content of the past FiconnectionviatheBinge+set-topbox. IBM Hybrid Cloud Practice.The practice avirus cases in the country, and hardly past few months.In the ongoing festive seven days A high-speed internet connection is a is expected to helpWipro customers any exciting content in terms of new season,wehavedecidedtooffertheTata must forproperstream quality. ■ modernise theirdigital operations movies or shows.A sort of pandemic Sky Binge+ Smart set-top box connec- Estimated street price: `2,999 LetmehighlightsomeofthethingsI across hybrid cloud environments by fatiguehassetinamongTVviewers,forc- tion and apps bundle at a reallyexciting (for new subscribers), `2,499 liked about the TataSky Binge+ service. Cyber awareness and hygiene leveraging IBM Cloud Paks, ing them to migrate to the smaller price point,”she informs. (for existing ones) One, it is a complete entertainment Businesses are required to implement containerised software running on Red mobile screens.In orderto lure the fam- Newsubscribers can avail ofTata Sky package with TV channels and enter- IDS (intrusion detection services) and edu- Hat OpenShift.BhanumurthyBM, ily back to the big screen, this writer Binge+ connection at `2,999. Existing tainment apps on one screen. This is cate theirworkforce digitally.Theyneed to president and COO,Wipro said,“We sprung into action and installed Tata subscribers can opt for an upgrade of live TV and OTT content (when con- something the present day user desires communicateregularlywiththeiremploy- believe the futurewill be driven by Sky’s new Android set-top box Tata Sky current connection or secondary multi nected to internet) on one and this service has the potential to lure eesoncybersecurityprotocolsanddevelop hybrid cloud hence,the expansion of Binge+. Frankly, telly watching has TVconnection at `2,499.Basically,Tata device, without switching theviewerbacktothebigscreen.Two,TV training programmes on data securityand IBM Hybrid cloud practice is intrinsic to become a lot more fun and exciting, Sky Binge+ is a next-generation set- between multiple HDMI viewingisquitesmooth,super-slickand privacyissues.Thetrainingprogrammescan ourstrategy.Itwill strengthen our evenings are spent huddled together top box that is compatible with all ports.Thismeansamix extremely fast (my reference is to the include identifying phishing attempts, relationshipwith IBM and help enjoying the latest blockbuster movie types of TVs including 4K,HD LED, of the usual live user interface too).A user can easily using a secure VPN and using end-to-end accelerate ourclients’transformation and other interesting stuff on the TV, LCD, or plasma technology. It broadcast chan- switch between the TV content (broad- encryptedcollaborationtools. journeyacross hybrid cloud thanks to thisTataSkyinnovation. enables subscribers to watch both cast via satellite) and OTT content (via environments.”Wipro’s IBM Hybrid internet) from popular apps on a single Regular software updates Cloud Practice unitwill help customers screen,in a split of second. Theriseinthecyber-attacksisalsoacon- innovate at scale byleveraging industry- Another interesting thing I liked stant reminderof the importance of push- readyWipro solutions such as about this service is its Voice Search ing regularsoftware updateswith security BoundaryLess Enterprise (BLE) and remote.Whenyou switch on the set-top patches in the system. According to an ModernizR.Both of these solutionswere box,you are greeted with a TV channel. industry estimate,nearly one third of the builtwith IBM Cloud Paks on Red Hat Tonavigatetoyourchannelofchoice,say cyber incidents are caused due to weak OpenShift and can run in anycloud HBOorStarMovies,youcanusethevoice access control mechanism / IDS Intrusion environment,including the IBM public controls; the remote comes with a detectionservices. cloud.Wipro is part of IBM’s hybrid Google Assistant button and since the With the newnorm of remoteworking, cloud ecosystem,an initiative to support Tata Sky Binge+ set-top-box runs on businessesareutilisingtheconceptofbring global system integrators and indepen- Android you have access to the Google your own device (BYOD) or the corporate dent softwarevendors to help clients Assistant. Put simply,you need not owned personally enabled (COPE) devices. moderniseworkloadswith Red Hat scroll down the entire Menu or These devices should run with tools like OpenShift foranycloud environment, remember the channel numbers to (AMP)advancemalwareprotectiontoavoid including the IBM public cloud. watch what you want to. In short,TV active,passive attacks and on the updated viewing just got more exciting. softwareversionwithalltheregularsecurity Microsoft & NSDC to train patches.Additionally, enterprises should haveasmartunifiedendpointsolutionthat women on digital skills ● PANASONIC SMARTWI-FI LED BULB Additionally,thebulbconsists provides enhanced visibility,security,and INAN EFFORT to enhance skills for of a pre-set feature which allows awarenesstotheirITdepartment. employability,Microsoft has announced the user to auto-schedule the a partnershipwith the National Skill Smart lights to suit switching on and off the lights. Security as a Service (SaaS) Development Corporation (NSDC) to The LED aspect of the bulb orchestration skill more than 1 lakh underserved enhances energy-saving within Businessesneedtoinvestinacosteffec- women in India overthe next 10 the home,making it more sus- tiveandcomprehensiveSecurityasaService months.This initiative is an extension of every mood tainablewith longerdurability. (SaaS) solutions. Having platform-based Microsoft’s partnershipwith NSDC to The new Smart Wi-Fi LED Cloud Content Security provider that provide digital skills to over1 lakhyouth sonic Life Solutions (PLS) India Bulb can be controlled through includeweb,email,end-pointsecurity,next in the country.Underthis programme, A Wi-Fi enabled LED bulb debuteditsSmartWi-FiLEDBulb, the Panasonic Smart Wi-Fi app generation firewall and multi-factor more than 70 hours of course content that can be controlled the latest from its smart devices which is easily available on authenticationserviceswillenablethemto will be made available free of cost, portfolio,thatpromisestogiveour Google Play Store andApp Store. circumventcyberthreats. covering topics such as digital literacy, with the Panasonic Smart homes a smart touch. The bulb can also be connected Withthefast-movingworkforceandthe enhancing employability,nano Wi-Fi app Thecorebenefitofthe9WSmart and used via voice commands continuouslychangingenvironment,there entrepreneurship and communi-cation Wi-Fi LED Bulb includes multi- feature from Google Assistant is a need for enterprise-grade smart solu- skills.The programmewill curate a series colour lighting option and auto- and Alexa, thereby elevating the tionsthatprovideaccesstoanall-inclusive of live training sessions and digital SUDHIR CHOWDHARY mated scheduling functions that experience of the product. In smartperimetersecuritypropositionthatis skilling drives to help create enablestheusertoalterthelook,feel future, the Smart LED Bulb will robust,scalableandcanbereadilydeployed. opportunities foryoung girls and LIGHTING HAS ALWAYS been a crucial and mood of the room just at the beapartoftheconnectedecosys- With service providers introducing new women,particularlyfirst-time job element of any home design, not just touch of their fingertips. The temthatwillbeintegratedseam- capabilities,enterprisesneedtostayabreast seekers and thosewhose jobs mayhave from a functional aspect but from an multi-colour options offer nearly lessly with Panasonic’s MirAIe – an oftheinnovationsandmusthaveadefinite been impacted byCOVID-19,to join the aesthetic sense as well.Apart from its 16 million shades giving the userawide designoftheroomorevencatertoaspe- intelligent IoT & AI-enabled connected cybersecurityplantoimplementthesemar- futureworkforce.These live training core function of illuminating a space, rangeofoptionstoaltertheambienceof cial occasion such as family gatherings, living platform. ketleadingthreatprotectionsolutions. sessionswill be delivered online through lighting also enhances living spaces in the room.The usercan also adjust the dinner and parties, kids playing area, the Microsoft CommunityTraining terms of look and feel. Recently, Pana- lighting settings to complement the recreational rooms,etc. ■ Estimated street price: `1650 Thewriterisseniorvice-president–SME (MCT) platform. Operations,TataTeleservices

Pune 9 FINANCIAL EXPRESS WWW.FINANCIALEXPRESS.COM

Bharti’s subscriber additions across segments in Q2 EXPERTVIEW validates the thesis that if tariff hikes don’t happen, it will likely witness an acceleration in subscriber growth due to market share gains Investor —Jefferies MONDAY, NOVEMBER 2, 2020

Strong subscriber net adds of 14m was a key highlight in Q2 Indiamobilemarginsexpandedby200bps, ● HERO MOTOCORP Mobile subscribers and breakup (m) Voice 4G data Non-4G data mainlyduetooperatingleverage. RATING: HOLD 350 333 Strong showing inAfrica: Africa rev- 32 284 294 enues (up 12.5% q-o-q cc) were ahead of 300 283 277 279 283 284 280 10 estimatesledbystrongsubscriberadditions Operating 66 30 28 21 15 12 11 250 25 andhigherthanexpectedARPUontheback of strongerAirtel Money revenues.Ebitda 77 200 87 95 103 124 136 138 153 (up16%q-o-q)alsowasaheadofestimates figures along 150 driven by revenue growth. While Indian non-mobilebusinesseshadasoftquarterin 235 100 termsofrevenuegrowth,eachoftheseseg- expected lines 177 167 157 155 145 135 ments reported strong margin expansion, 50 131 132 largelyduetolowerSG&Aexpenses. HMCL gaining from solid 0 Stable FCF generation; comfortable Q2FY19 Q3FY19 Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20 Q1FY21 Q2FY21 leverage: During Q2FY21,Bharti Airtel’s demand revival; TP raised to Source: Company, Jefferies FCF was stable q-o-q at `45 bn despite a `2,908;‘Hold’retained given 14%q-o-qfallinCFOduetonocashinter- est payouts.Cash capex was stable q-o-q. lack of any other catalyst ● BHARTI AIRTEL RATING: BUY Consolidated net debt grew by 18% q-o-q asitincludes`234bnofAGRliabilities,yet leveragewascomfortableat2.9xEbitda. HERO MOTOCORP’S (HMCL’S) Q2FY21 Outlook on India mobile growth operating numberswere in linewith con- Strong showing in healthy: Bharti’s subscriber additions sensus estimates with Ebitda margin at across segments indicates strong market 13.7% (down 81bps y-o-y).Topline grew share gains in Q2.This validates the thesis ~24%(tadbelowconsensus)to~`94bnas thatiftariffhikesdon’thappen,Bhartiwill ASP’s dropped 1.9% q-o-q to 51.6k/unit. likelywitnessanaccelerationinsubscriber HMCLwitnesseddemandrecoveryonthe operational terms growth due to market share gains.We cur- back of improving rural sentiment aided rentlybuildina5-10%tariffhikewith15m by strong monsoon and the same could subscriberadditionsoverFY22-23. sustain in the ongoing festive season. Sound pick-up in subscriber growth key positive; FY21-23 Maintain Buy: We raise our consoli- We have earlier preferred higher rural- estimates up 4-6%;‘Buy’retained with revised TP of `610 dated revenue and Ebitda estimates by 4- facing exposure segments; however, we 6% to factor in the beat and expect Bharti believe post reopening of urban public todeliver17%EbitdaCAGRoverFY21-23 transportation/educational institutions, BHARTIAIRTEL’S14Msubscriberadditions We raise our FY21-23 forecasts by 4-6% estimatesduetohigherfinancecosts,lower ment (+0.8m: 20 quarter high) and churn led by turnaround in India-mobile.How- scooters/3Ws could witness strong pent- and 200bps q-o-q margin expansion in and maintain Buy with revised PT of other income & lower share of associates. was at multi-quarter lows.This along with ever,VodafoneIdea’spotentialcapitalraise up demand.We agree near-term demand India mobile and growth in Africa opera- `610/share. Reportedconsollossof`7.6bnwasslightly 3%q-o-qriseinArpusto`162,thehighest could drive up competition in the interim trendscouldsupportHMCL’sgrowth(stock tions surprised positively.FCF generation Operationally strong Q2: Q2FY21 belowexpectations. in15quarters,drove7%q-o-qjumpinIndia and potentiallydelaytariff hikes.Welower reflectsthat:up~60%sinceMar’20),how- was healthyand leverage at 2.9xwas com- results were encouraging, with consoli- Subscriber additions surprise posi- mobile revenues. Bharti’s 14m 4G sub- our India-mobile target multiple to 10x ever, lack of any other visible catalysts fortabledespiteadditionofAGRliability.We datedrevenues,up22%y-o-y,consolidated tively:Astrong pick-up in subscriberaddi- scriberadditionsandpick-upinofflineretail EV/EbitdatofactorthisinandreviseourPT makesusmaintainourHoldrating. remain constructive despite uncertainty Ebitda,up 32% y-o-y,ahead of estimates, tions to 14m was the key highlight of Q2. volumespossiblyledtotheArpuincreasein to`610/shareandmaintainBuy. around timing of next tariff hike,as,in its driven by160bps q-o-q expansion in mar- Subscribers additions were strong in both Q2. Average data usage was stable at absence,marketsharegainsareplayingout. ginsto45.4%.PBTat`5bnwasinlinewith 4Gsegments(+14m)aswellaspostpaidseg- 16GB/month,the highest in the industry. JEFFERIES Personal Finance

● NATIONAL PENSION SYSTEM Now subscribe to NPS via video KYC ● CROMPTON GREAVES CONSUMER RATING: BUY easilyrecognizable.TheVCIPprocesswill The video customer include random question and response identification process will from the NPS subscriber including dis- Results beat playing the officiallyvalid document as Keyhighlights of the quarter not only help expand the specifiedbyPFRDA.Thevideocallmustbe HMCL reported Ebitda margin of 13.7%, reach of NPS but will also fromthedomainoftheconcernedPoPand down81bps,evenasgrossmarginsdeclined estimates by notfromathird-partysource.ThePoPcan 339bps y-o-y. ASP rose 15.3% to help in speedy account addadditionalsafetyandsecurityfeatures, `51.6k/vehicle led by BS-VI related price a wide margin closure and other services other than the ones that are prescribed. hikesandbetterproductmix.PATgrew25% Thephotoandsignatureofthesubscriber y-o-yto`9.5bnevenastaxesnormalised(up willhavetobeuploadedduringVCIPwhile 82% y-o-y) and other income declined Strategy of expanding reach, SAIKATNEOGI VCIP onboarding. 185bps with yield tapering off. HMCL portfolio is delivering; TP invested an additional `840 mn in Ather IN ORDER TO make onboarding to the Customer-friendly measures Energy(holding34.58%)inQ2FY21.HMCL raised to `380 from `335 National Pension System (NPS) simple, In orderto make NPS popular,PFRDA hasenteredintoadistributionagreementto fasterandcost-effective,thePensionFund hasintroducedOTP-basedauthentication developandsellarangeofpremiummotor- CROMPTONCONSUMER(CRG),deliver- Regulatory and DevelopmentAuthority for paperless onboarding in June. Cus- cycles under the Harley-Davidson brand ingbeyonditsconventionalleadershipseg- (PFRDA) has allowed registered interme- tomers of bank-PoPs who open NPS through a network of brand-exclusive ments,wayexceededconsensusongrowth diariestouseVideo-basedCustomerIden- accountsthroughinternetbankingofthe Harley-DavidsondealersandHMCL’sexist- and operating margin.While growth was tification Process (VCIP).The subscriber’s respective banks can authenticate using ingdealernetworkinthecountry. led by sustained show in fans, pumps & verificationcanbedonewithoutthephys- OTPthroughregisteredmobilenumberor appliances (new focus),operating margin icalpresencebefore thePoint of Presence ILLUSTRATION: SHYAM KUMAR PRASAD by e-signature.The regulator has also Festiveseasonremainsthekeyasinven- spurt was bolstered by sales mix,cost ini- (PoP). The VCIP will not only help in onboarding, offline Aadhaar based spoofingandfraudulentmanipulation. introducedAadhaar-based offline paper- torynormalises post channel filling tiativesandlightingstabilisation. expandingthereachofNPSastheaccount onboarding,e-nomination and e-exit for AllthePoPswillcarryoutsoftwareand lessKYCverificationprocess. HMCL’s inventory levels are up to 6-8 Whileweagreethatsomebenefitscould openingwillbepaperless,itwillalsohelpin eNPS subscribers.The PoPs will have to securityaudit andvalidation of theirapp TheUIDAI’spaperlessofflineAadhaar weeks(ourestimate)inOct’20inanticipa- reverse,webelieveCRG’sstrategyofexpand- speedy account closure and any service implement theirown mobile application performingVCIP.Theywillhavetoensure e-KYC allowsAadhaarnumberholders to tion of strong ingproduct/distributionreachhasfaredfar requestrelatedtoNPS. forVCIP.Theapplicationwillfacilitatetak- instant bank account verification of the voluntarily use it for establishing their festive demand HMCL’s inventory better.Agilityinbusinessishelpingthecom- Infact,lastmonththeinsuranceregu- ingphotographs,scanningofdocuments beneficiary.Atthetimeofonboarding,the identityinvarious applications in paper- with its strong levels up to 6-8 panydowellinappliances,tierII/IIImarkets, latorhadadvisedallinsurancecompanies and uploading of officially valid docu- photoandsignatureofthesubscriberwill less and electronic fashion while main- presence in the weeks in Oct’20 in newdistributionformats,etc.Consolidation to usevideo-based identification process mentsviaDigiLocker.Theapplicationwill be uploaded during VCIP.At the time of taining privacy and security.The offline entry segment. anticipation of opportunity,especiallyinsmallappliances, fordoingKYC.Mostbanksandnon-bank- havetimestampingandgeo-locationtag- exit, the withdrawal document and the KYCXMLis a secure shareable document Early industry festive demand. remainskeytore-rating. ing financial companies have also rolled gingtoensurephysicallocationinIndia. KYC will have to be uploaded for issuing which can be used by subscribers having feedback on Early industry Delivering beyond conventional out video KYC after the Reserve Bank of The PoPs have to ensure that the annuitybytheserviceproviders. Aadhaar number. The process enables demand growth areas: CRG posted a much wider India this January allowed them to com- processisseamless,real-time,securedand immediate generation of active NPS remains muted. feedback on beat surpassing the general expectation of pletefullKYCthroughthisprocess. end-to-endencryptedaudio-visualinter- Non-mobile app-based VCIP accountsduetoinstantKYCverification. However,HMCL demand is muted. abetterpent-updemandandcost-ledOPM action with the subscriber.They have to The PoPswill have to take liveVCIPof PFRDA has also introduced D-Remit has indicated However, HMCL improvement.Thisimpliesstrongergrowth Mobile application-based VCIP ensure that the quality of the communi- the subscriber after getting his consent. where subscribers can deposit their con- that it has wit- has indicated it has in appliances (up 32% y-o-y) and fans (up The (VCIP) option will be available to cationisadequatetoallowforestablishing Theactivitylogofthepersondoingthelive tributions via net banking by creating a nessedbothbet- witnessed both 23%).Thecompany’scomprehensiveprod- NPSsubscribersinadditiontotheexisting theidentityofthecustomerandwillcarry VCIP will be stored securely along with StaticVirtualIDlinkedtotheirpermanent ter growth as better growth as uct launches and stable supply-chain ver- options including OTP/ eSign-based out a liveliness check to guard against time stamping.The video will have to be retirementaccountnumber(PRAN). well as market sus weak smaller peers,expanding reach share gains. As well as market (especiallyrural),aidedbettergrowth. commoditycost share gains Multiple levers boost margin: Bene- headwinds rise, fits from lower input costs,sales mix (GM Equity MFs: Retirement planning to beat inflation HMCL needs to up 100bps y-o-y) and sharp cost control witness strong retail pull so as to pass on measures(employee/otherexpensesdown theadditionalcostinflationtocustomers. 2%/160bps y-o-y) led to an all-time high Allocation of capital optioninequityMFssoastoletthemoney Thisremainsakeymonitorable. Ebitdamarginof15.5%.Evenassomedis- Allocate a sizeable portion One,therefore,has to make provision grow over the long term.At the time of cretionaryexpensesarelikelytorise,struc- of your retirement funds in to sustain a comfortable living with no need,one can make a partial withdrawal Maintain Hold rating turalcostefficiencybenefitswillcontinue. active employment-based income after fromtheequityfund,whichisideallyafter We believe HMCL is witnessing a good Outlook: Improved growth visibil- equity mutual funds to retirement.Allocating funds in a manner 10yearsofholdingtheinvestments. demand revival on the back of continued ity—CRG’s strategic alignment with beat inflation and make that it does not run out during the life of Debtfundhavethepotentialtogener- rural recovery,enhanced need for mobil- changing sectoral dynamics has been the investor is a crucial aspect of retire- ateeffectivelyhigherreturnsthanpost-tax ity as public transportation remains superior, reflecting in better growth and your money grow ment planning.Opting to put the retire- returns of taxable investments such as erratic and hence the subsequent down- OPM. Since our upgrade,while it has run ment corpus entirely in fixed-income bank FD (currently5-6% pre-tax only) in trading. HMCL continues to launch new up 40%, potential in appliances has sig- investments such as Senior Citizens Sav- which income is taxed as per income tax productsinthe>125ccsegmentwhichare nificant headroom given rising focus & ● YOUR MONEY ingsScheme,PostOfficeMonthlyIncome ` slab. The SWP option of debt funds is expected to help in making market share expanding reach. Hence, we maintain Scheme,bankfixeddeposits,etc.,maynot ` another way to manage taxation even inroadsinpremiumsegment.Werollover ‘BUY/SO’with revised TP of `380 (`335 UTTAM AGARWAL prove fruitful as faras post-tax and post- ` whilegeneratingabetterreturn. toSep’22eandmaintainourtargetmulti- earlier,raising PE from 35x to 40x). inflation real rate of return is concerned. Afewinvestmentsthatretireesshould ple at 17x Sep’22e EPS of `171.We main- WHILE SAFETY OF the investment cor- Theriskofinflationeatingintocapitalmay avoid are those that come with high risk tain our Hold rating with a revised TP of EDELWEISS pusremainsthetoppriority,aseniorcit- leadtodifficultyinmeetingtherisingcost suchasrealestate,directstocks.Itisbetter `2,908 (earlier: `2,662). izen or a recently retired person should ofgoodsandservicesoverthelongterm. to spread the investments across so as to FINANCIALS (` mn) not ignore two important aspects—life Apossible solution is to allocate a siz- keep the risks in control.Thus it is very ICICI SECURITIES Year to March FY20A FY21E FY22E FY23E expectancy and the impact of inflation. able portion of the retirement funds into importantforretireestoinvestthismoney ILLUSTRATION: SHYAM KUMAR PRASAD Revenue 45,120 45,558 53,510 59,862 Post-retirementnon-earningperiodcan assetsthathavethepotentialtooutsmart in such a manner so that capital remains Earnings revision (` mn) Ebitda 5,969 6,460 7,816 8,859 go up to 30 years as life expectancy in inflation in the long run,and also poten- andeventheymaybeconsidered. safe,theincomestreamismadeavailable, FY21E FY22E FY23E Adjusted profit 4,947 4,837 5,964 6,863 India is on the rise.If one takes a Volun- tialtogrowone’smoney.Thisisverymuch liquidityisensuredandtaxliabilityiskept New Chg (%) New Chg (%) Introduced Diluted EPS (`) 7.9 7.7 9.5 10.9 tary Retirement Scheme (VRS) around possiblebyinvestinginequities.Depend- Growth option in MF at a minimum. One may also consult a Sales EPS growth (%) 22.9 (2.2) 23.3 15.1 age50,nearlyfourdecadesoflifearestill ingontheriskprofileandtheavailabilityof Oncetheregularincomerequirement financial planner in order to manage the 2,84,312 9.2 3,31,241 9.3 3,73,471 RoAE (%) 34.1 30.4 32.2 32.0 ahead.WhiletheVRScorpusis asubstan- funds one needs to invest a reasonable is met through the fixed-income invest- retirementmoneybetter. Ebitda P/E (x) 38.3 39.2 31.9 27.6 tial amount, one needs to keep the life amount in equity-related investments ments,thesurplusortheadditionalfunds 30,998 (0.7) 43,309 (1.1) 50,557 EV/Ebitda (x) 32.3 29.7 24.4 21.4 expectancyfactorinmindwheninvesting suchasequitymutualfunds.Somemutual canbeinvestedinequity-orientedmutual Thewriterischiefbusinessofficer, PAT 21,766 1.2 31,249 (0.4) 37,086 EPS (`) 109.0 1.2 156.4 (0.4) 185.7 Dividend yield (%) 0.0 1.0 1.4 1.6 thiscorpus. fundshaveamixofequityanddebtassets funds schemes. Here, keep the growth BajajCapital Source: Company data, Edelweiss estimates Source: I-Sec research

Pune 10 FINANCIAL EXPRESS WWW.FINANCIALEXPRESS.COM

● NUMEROLOGY 33% AC consumers use their AC throughout the year 30% use AC for its anti-bacterial filters apart from cooling function 75% would consider buying an inverter AC as it's less noisy/efficient BrandWagonMONDAY, NOVEMBER 2, 2020 — Voltas study

● ● CONSUMER PRODUCTS Realme India and Europe. STRESS BUSTERS Realme has products such as smart speakers,smartTVs,smartplugsandsmart camsinitssmarthomeportfolio.Thecom- Mental health Smartphone brands’smart home play pany is relying on its tried-and-tested methodofcommunity-basedmarketingto createawarenessfortheseproducts.Xiaomi in focus business,too.TheMiSmartSpeakerispriced India,meanwhile,is retailing its products Xiaomi, Realme and at`3,499,whileGoogleNestMiniispriced throughitsexclusivestores. How organisations are Motorola bet big on the at`4,499andAmazonEchoDotat`3,249. “Consumersusethesedevicestoaccessvoice Smart move? ensuring employee smart home category with services, but not necessarily to listen to Expertssaythatthemarketforsmarthome well-being in these times smart refrigerators, smart music,and hence,we are offering a smart devices in India is quite fragmented,with speakerthat also sounds good,”says Raghu everyone from smartphone companies to speakers and more Reddy,chief business officer,Xiaomi India. traditional brands in the lighting and elec- Smart water purifiers,smart air purifiers, tronicscategoriesvyingforapieceofthepie. smart cameras and smartTVs are its other Forinstance,Hero Electronix,a technology DEVIKA SINGH productsinthisportfolio. venture by Hero Group, has launched a Motorola has positioned its smart smarthomesecuritysystem. AFTER TESTING THE waters with smart appliances in the mid-premium to pre- Moreover,the‘smart’proposition may TVs, smartphone brands are now ventur- mium segment, but with a “competitive not be enough to excite the customer into ing deeper in the smart home category, pricing” approach.“Our 533 litre French buyingaproduct,especiallywhenthetradi- competingwith electronics biggies like door refrigerator, for example, is priced tionalvariantsarepricedmuchlower.“Acus- Samsung,LG and Philips.Motorola,in 60-70% lower (at `69,990) than compe- tomerwillnotbuyaproductjustbecauseit partnershipwithFlipkart,hasforayed tition,”saysPrashanthMani,countryhead issmart,”saysAjayGupta,partner,Kearney. into smart home appliances such as and MD,Motorola Mobility.A Samsung The purchase decision for a category like washingmachines,ACsandrefrigera- 594litreFrenchdoorrefrigeratorispriced appliances,headds,isbasedonfactorssuch tors.Realmehaslaunchedsmartplugs at `1,09,990. as replacement cost,product life,service- and smart cameras, while Xiaomi Motorolaistargetingtech-savvybuyers ability, capacity and after-sales network. has extended its smart home range by byreaching out to Flipkart consumerswho “After being satisfied on all these counts,a launching a smart speaker. haveboughthigh-endproductsinthecon- customerwill decidewhethertheywant to VENKATA SUSMITABISWAS A smart home set-up comprises con- sumerdurablesandappliancescategory. payapremiumforthesmartness.” nected devices that can be remotely con- Realme and Xiaomi have adopted an For smartphone brands to find accept- THE PANDEMIC HAS brought the impor- trolledeitherthroughasmartphoneorany omnichannel strategy.The two are tap- abilityastheycrossovertoothercategories tanceofmentalwell-beingtothefore,even otherdeviceonthenetwork.Fallingwithin ping online channels to target the early is another challenge.According to Jain of atworkplacesinIndia.Withasizeablepop- four broad categories — entertainment, at `45,000-47,000 crore.About 70-75% shipments, according to IDC. Devices adopters,andconductingdemonstrations AlvarezandMarsal,companiesenteringthe ulationworking from home,some organi- lighting,surveillance and appliances,these of this market, he says, is ruled by smart otherthansmartTVscouldhaveover58% offline to generatewideracceptabilityfor appliances categorywill need to overcome sations are making efforts to create a safe devices may also respond to voice com- TVs,while smart home and kitchen appli- share in this. theseproducts.“Thoughe-commercedri- consumers’preferencesforspecificbrands. environment for employees to freely talk mandsrelayedthroughasmartspeaker. ances, speakers, lighting products, etc, ves volumes,ourAIoT (Artificial Intelli- Giventhatalmost75%salesintheappli- about theirworries and anxieties.Accord- According to Rishav Jain,senior direc- makeuptherest. What’s on offer gence of Things) products are available in ances and consumer durables category ing to a study by 7th Fold,an HR and well- tor and lead – consumer and retail sector, Globally, the market for smart home Much like its smartphone business, top- more than 30,000 stores to enable con- comes from the offline channel,these new beingconsultancy,36%ofcorporateIndia’s Alvarez & Marsal, the smart home (con- devices is projected to grow at 4.1% year- notch specifications at lowprices seems to sumerstoexperiencethetechnology,”says entrants will have to have a robust offline employees reported that their mental nected) devicessegmentinIndia isvalued on-yearinCY2020,withover854million be Xiaomi’s strategy for the smart home Madhav Sheth, VP, Realme, and CEO, strategytoexpandthebusiness. health worsened as they settled into the new style of working from home.Further, 28%ofthemreportedfeelingburnout. In The Helping de-stress “Thepandemichasgivenusanexcusetotalk aboutmentalhealth,anditisbecomingeas- ierforpeople to talk about it at theirwork- places,”saysNirmalaMenon,founder&CEO News atInterweaveConsulting,whichfocusseson Motobahn inclusionsolutionsforworkplaces.Shesays peoplewho could generallybe classified as L&K Saatchi & Saatchi neurotypicalwerefeelingunsettledbecause of theworries theywere harbouring.It has wins Bharti AXA Life beenobservedthatalcoholismisontherise. Insurance Experts say that trusting employees and being honest with them helps put to BHARTIAXA rest many of the work-related fears a per- LIFEInsurance, son mayhave.Anotherelement that has a ajointventure far-reachingimpactisthe‘humanisation’ betweenBharti ofleadership.Menonpointsoutthattrain- Enterprises ing leaders to identifysigns of depression andAXA,hasappointedL&KSaatchi& or early indications of stress and burnout Saatchitomanageitsintegrated is crucial during this time. communicationmandate.Theagency “Senior leaders sharing anxieties with willmanagethecreative,digital,BTLand teammates or accepting the challenges of othermediadutiesforbothBhartiAXA thisnewworkingdynamiccanbeveryreas- lifeandgeneralinsurance. suringtoemployees,andcangivethemthe courage to speak up,”saysAbhijit Bhaduri, Rajesh Iyergets a bigger founder&CEO,AbhijitBhaduri&Associates, role atViacom18 aleadershipandcultureconsultancy. VIACOM18HAS ● TRIUMPH TRIDENT Timely interventions APPOINTEDRajeshIyer Several Indian corporates, including toleadColorsBangla, advertising and marketing agencies,have ColorsOdia,ColorsTamil implemented a variety of initiatives and andColorsGujarati.Iyer The original ‘triple’ interventionstoaddresstheanxietiesaris- joinedNetwork18in ing out of living through a pandemic. March2019—hissecond For instance, Dentsu Webchutney stint—aspresident,newinitiatives. workswiththeHankNunnInstitute,anot- RavishKumarwillcontinuetoleadthe motorcycle is back for-profit organisation that provides ser- network’sregionalbroadcastforaysin vices in mental health,workplace stress KannadaandMarathi.Inthepast,Iyerhas management and more.This association workedwithZEEL,YuppTVandStar. Will be available in India early next year; expected to began at the be priced lower than the Street Twin (`7.45 lakh) agency’s Ben- According to a RajivDingra launches galuru office, study by 7th Fold, PHOTOS: TRIUMPH INDIA and has now 36% of corporate RD&XNetwork VIKRAM CHAUDHARY peak torque (60bhp in the original). umph shared in a notewith the media. bikes, roadsters are versatile, general- been extended India’s employees RAJIVDINGRA,THE Thegearboxissix-speedmanual,and The all-new Trident is targeted at purpose street motorcycles). to other said their mental WHEN IT WAS founder&formerCEOof first launched in 1968, the shift assist up-and-down quick- younger riders, so the company has The all-newTrident is expected to be branches. As health worsened as WATConsult,has TriumphTrident(alsobadge-engineered shifter will be available as an accessory, equipped it with technologies such as priced lower than the Street Twin in part of this ini- launchedRD&XNetwork. as BSA Rocket 3) marked the beginning which enables the rider to upshift and TFTdisplay,connectivityfeatures(turn- India (Rs 7.45 lakh, ex-showroom). In a tiative, a coun- they settled into Itisadeep-technetwork of the superbike era—along with Honda downshiftwithout engaging the clutch. by-turn navigation, GoPro control, virtualmeetingwiththemedia,thecom- sellorisavailable WFH mode thatwilldrivebrand, CB750.ForTriumph,itwasalsothestart Itsfueltankcapacityis14litres.Itweighs phone and music operation), different pany also said that its cost of ownership once a week to business,mediaanddata of the three-cylinder engine bloodline, just 189 kg, so it’s likely to be as nimble riding modes and traction control, LED willbeamongthelowestinthepremium address any transformation,helpingbusinesses whichcontinuestotodaywiththe latest (intermsofhandling)assmallercapacity lighting, a low 805mm seat height, and motorcyclemarket.Theserviceinterval, issueanemployeemaywishtodiscuss. globallybecomereal-timeanddisruptive, generationTiger,SpeedandStreetTriple, Japanese motorcycles. dedicated accessories. forexample,is16,000km;andthecom- Gautam Reghunath, CEO,Dentsu theofficialannouncementsays. Rocket3andall-newTrident(whichwill While we haven’t yet ridden the Theall-newTridentwillbefittedwith pany claims that, over a three-year ser- Webchutney, informs that these sessions be launched in India earlynextyear). motorcycle, the company says the all- the Michelin Road 5 tyres. vice timeframe,the all-newTrident will are completelyconfidential.“Someweeks iProspect Indiawins The all-new Trident, of course, has newTrident has been designed to be the It will be available in four colour requirethelowestlevelofworkshoptime are packed, some are not; but what’s nothing in common with its ancestor— newbestsoundingmotorcycleinitscat- schemes: silverand red,black and silver, in the category,“with 8.3 total hours important for us is for everyone to know HarperCollins except three cylinders. It has a smaller egory,thankstotheunderslungsilencer. white, and black.And in addition to the compared to a range of 11 hours to 15.8 that it’s okay to seek out someone to talk IPROSPECTINDIAHASwon the digital displacement engine (660cc) compared “The single-sided silencer emits a deep Street Triple RS and the Street Triple R, hours total required by its closest com- to,if theyfeel the need,”he adds. marketing mandate of HarperCollins to the 740cc of the original, and pro- andcrispenginesound,deliveringadis- theall-newTridentwillbethethirdroad- petitors, making the Trident service TheHRteamatDDBMudraGroupcon- Publishers.iProspect Indiawill handle duces80bhpofpeakpowerand64Nmof tinctive Triumph triple character,”Tri- ster offering in India (also called naked requirements25%morecost-effective.” ducts awareness drives and encourages the paid media and SEO duties forthe employees to use the EmployeeAssistance publisher.The agency’s Delhi officewill Program that provides 24x7 professional service the account. ● INTERVIEW: GANESH MANI S, Director, Production, HMIL ment was needed to be installed during andconfidentialmentalhealthcounselling. the month of May.We,instead,did digi- The company also holds regular town hall Tilt Brand Solutions bags talpre-assemblytocheckeverythingwas meetingswhereemployeescanhavecandid During lockdown,Hyundai correct. In May, during the lockdown, talkswith the CEO,Aditya Kanthy.Further, a newaccount HMILstaffwasabletoconverttheentire thelunchhourhasbeenblockedonthecal- TATAWATERPLUS,a nutrientwater line into i20-ready, with 70% fewer endarsofallemployees;asaresult,nomeet- brand fortifiedwith copper,has awarded plant became atmanirbhar expats. Now,we are atmanirbhar (self- ingscanbescheduledduringthistimeslot. its full-service mandate toTilt Brand reliant)intermsofinstallingmachinery BBH has declared that all its staff will Solutions.The agencywill manage In October 2020,Hyundai Motor India manufacturing company or not? But I andequipment.Wewereabletobecome gettwoFridaysoffinamonth,givingthem strategyand creative forthe company, Ltd(HMIL)recordedhighesteverdomestic think a few months after the lockdown extremely flexible; for example, as the a long weekend every fortnight. The both online and offline. salesof56,605carsandexportsof12,230 wecaneventellsoftwareengineershow all-newCretasawhugedemand,ourown agency has also given its employees the cars (total: 68,835), on the back of pent- bestonecanutiliseworkingfromhome. peoplewereabletodo40%capacityaug- liberty to turn down work calls beyond MRUCI’s CEO steps down updemandandnewcars.“Tokeepupwith Forexample,noneofourmodellaunches mentation. Lastly,we worked a lot digi- 8 pm,unless there is an emergency. MEDIARESEARCH USERS Council India therisingmonth-on-monthdemandafter plannedforthisyeargotdelayedbecause tallywith ourlocalvendors. Rita Verma, EVP and head – HR, DDB (MRUCI) has announced the resignation the lockdown, the manufacturing plant we utilised the lockdown time to exper- In fact,we launched the maximum Mudra Group,notes that despite juggling of its CEO Radhesh Uchil.He had joined worked super-efficiently,” says Ganesh iment with technologies such as digital numberofnewmodelsandfaceliftsthis work,home,caring forthe elderlyand chil- MRUC India in 2015. Mani S,director,Production,HMIL.In an mockupandmixedreality;these,essen- year—theyearof the lockdown. dren,peoplewererarelytakingtimeoff.The interviewwithFE’sVikramChaudhary, tially,quicken product development. agency has now instituted mandatory he adds that during the lockdown there Howwas product testing carried out? leaves.“Peoplewerehesitantatfirst,butlater Pride of was a lot of focus on digital mockup and Howdidknowledgeandstaffexchange Again taking the example of the all- realisedthatswitchingoffismuchneeded, Cows ropes mixed reality to ensure none of the com- takeplacebetweenHMILandHyundai newi20,wewilloffermorethan50con- asitimprovesinnovationandoutput.” in Kareena pany’scarlaunchesgotdelayed.Excerpts: MotorCompany(HMC)? nectedcarfeaturesinitandtheseneeded Somecompanieshavealsobeenorgan- Kapoor Earlier, especially for new product to be pre-checked and tested. On the ising Zoom parties and talent shows to Khan as its Did the lockdown slowHMILdown? development, HMIL staff used to travel main line,we have 7,800 checkpoints; facilitate team interactions and down- brand It’s the opposite. In fact, initially the to HMC South Korea,andviceversa,and we made good use of the Hyundai auto- time. Bhaduri cautions that while these ambassador line of thought was whether work from that travel obviously got reduced. For matic diagnostic system—it checks all activities help in team building,theycan- home as a concept will be workable in a example,fortheall-newi20,newequip- electrical connectivityin a car. not substitute professional counselling and treatment.

Pune 11 FINANCIAL EXPRESS WWW.FINANCIALEXPRESS.COM

The total projects announced in the road sector in EXPERTVIEW the last six months have been the lowest in nearly two decades. The decline, although broad-based, has been notable in the case of the states, which typically account for the bulk of road construction —CARE Ratings InfrastructureMONDAY, NOVEMBER 2, 2020

In a boost for Make-in-India The total project cost including expendi- ture on land acquisition is estimated at DATA MONITOR initiative, the project `191 crore.Out of this, `50 crore is aimed at MSMEs is being a grant under the Modified Industrial Infrastructure Upgradation (MIIU) Construction lagged but awards up in H1FY21 promoted by the Kerala govt Scheme of the Union government and Highway construction of 3,951 km in the first six months of the fiscal was as a centre for world-class the balance investment of `141 crore 15% lower than the 4,622 km constructed in H1FY20. The pace of highway is being made by the government of construction has increased notably from the lows ofApril and the average defence manufacturing Kerala (KINFRA). rate of construction in H1FY21 stood at 22 km/day, as against 25 km/day Aspartofinfrastructurecreation,KIN- last year. However, highway awards (5,052 km) have seen a huge jump in FRAhasconstructedacommonutilitycen- the fiscal, rising 140% compared to last year. RAJESH RAVI tre,warehouses,standard design factory, administrative building,service yard,car 5,000 Highway constructed IN WHATCOMES as good news for the parking, etc.which would now be leased 4,000 (Kms) 2019 2020 defenceecosystem,anareaoffocusforthe out.“Theparkhas3,28,630sqfeetofcom-

3,000 4,622 NarendraModigovernment,thecountry's mon facility centre and 19,000 sq ft of firstdefenceparkisreadyforinauguration warehouse facility,”Thomas highlights. 2,000 3,951 atOttappalaminPalakkaddistrictofKer- Theleaseperiodforlandhasbeensetat30 792 900 976 860 966 770 1,000 637 463 787 641 571 ala. Located on the Kochi-Coimbatore yearsandcanbeextendedto90years.The 210 0 industrial corridor,the 60-acre park with lease period for the built-up space is 10 April May June July Aug Sept Apr-Sept state-of-the-artinfrastructureisintended years and can be extended by another 30 exclusively for manufacturing of defence years.Oftheleasepremium,10%hastobe Highway construction awarded Road projects announced equipment for the armed forces, as also depositedwithin30days,withtheremain- Kms April-September Number of projects H1 2019-20 markets abroad. ingamounthavingtobepaidinfiveyears. 6,000 1200

5,052 986 H1 2020-21 The Kerala Industrial Infrastructure India’s first To attract investors,KINFRAis exempting 5,000 1000 Development Corporation (KINFRA), the companiesthatsetupunitsfrompayment 4,000 140% 800 702 619

nodal agency for the project, has com- ofregistrationfeesandstampduty. 512 3,000 600 pleted infrastructure development and Thomas says the state government is 2,103 400 2,000 civilworksatthepark.SaysSantoshKoshy determinedtopositiontheparkasacen- 152 200 127 28 Thomas,managing director,KINFRA,“we defence park tre of competence for world-class 1,000 0 35 are looking at leading companies such as defence manufacturing,in keeping with 0 Central State Govt local Private BEML,HAL,and BELas anchor investors.” the‘make-in-India’initiative of the Cen- 2019 2020 govt govt bodies Sector Of the 60-acre premises, 47.50 acres tre. It would be a hub for multi-pronged Sources: Care Ratings, would be allotted to companies. “The ready for launch activitiesthatincludeR&D,manufactur- CMIE, MoRTH defence park is primarily aimed at ing and testing of equipment. Its focus MSMEs.Wehaveheldtalkswiththemand areas would include components of some hundred entities have shown inter- rotary and fixed-wing aircraft, defence est.We are confident that several small hasbeenpromoting.Thedefencesectoris The location of the park near the Ker- navigationproducts,componentsoftac- and micro enterprises will set up units in presently dominated by public sector ala-Tamil Nadu border,with easyconnec- tical vehicles, submarine building, com- the defence park,”he adds. undertakings,with limited contribution tivitybyroad,rail and air,is being held up ponents of warships,defence IT systems The focus on MSMEs is expected to from MSMEs.As a result,as much as 70% as an added attraction — the Kochi inter- and solutions,avionics,tactical commu- pushself-relianceindefencemanufactur- of the defence requirements have to be national airport and the Coimbatore air- nication system, space robotics mainte- ing which the Union government met through exports. port are less than two hours awaybyroad. nance,micro-satellite,etc.

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● INTERVIEW: SUBHASHIS KAR, Founder & CEO, Techbooze Consultancy Govt support ensures massive trust in the startup ecosystem

Covid-19 is the biggest challenge that marketstrategy,andalotmore. forstartup funding.The latest funding is India'snascenttechstartupecosystemhas Today,thestartupsectorinIndiaseems forByju’s,Playco,Ynsectandothers. faced,says Subhashis Kar,founderand tobebleedingduetobusinessdisruptions CEOofTechboozeConsultancyServices,an caused by the Covid pandemic.We have The government is putting a lot of openforum,service-basedenterprisethat beenwitnessing a massive decline in rev- emphasis on startups and localised acts as a bridge between startups and enues.Most of the startups have halted innovationtoday.Howdoyouseethis? 441 infra projects investors, filling the information gap operations temporarily or permanently, Whenyouhavesupportfromthegov- De-growth in output of

between the two sides.It facilitates 360- accordingtoarecentsurveybyNasscom. ernment,itbecomeseasierforinvestorsto show cost overruns degree support for startup funding— In these trying times, pitch in. It brings mas- core sectors narrowed of over `4.35 lakh cr analysing the current position of the Techbooze is investing sivetrustandbuildscon- to 0.8% in September startup, creating investment plans, heavily in the Indian fidence in the ecosys- ASMANYAS441infrastructureprojects, pitch decks, go-to-market strategy, startup ecosystem post tem.Butwhenweseethe CONTRACTINGFORTHEseventh eachworth`150croreormore,havebeen and a lot more.Kar talks to Sudhir therecentcapitalraiseby The startup sector in India other part, say regula- consecutivemonth,theoutputofthe hitbycostoverrunsofover Chowdharyonhisventure’sstrategy its global investors.With seems to be bleeding❝ due tions or compliance, it eightinfrastructuresectorsdroppedby `4.35lakhcroreowingtodelaysand to support startups during this diffi- thelatestfunding,wewill to business❝ disruptions acts as a hindrance 0.8%inSeptember,mainlyduetodecline otherreasons,aMinistryofStatisticsand cultphase.Excerpts: be disrupting the tradi- caused by the Covid resulting in businesses inproductionofcrudeoil,naturalgas, ProgrammeImplementationreporthas tional functioning of the pandemic suffering exponentially. refineryproductsandcement.However, said.Ofthe1,661suchprojects,441 Whatisyourbroadstrategytosup- startups.Weareinvesting With support, it inwhatraiseshopeofarecovery,thede- reportedcostoverrunsand539,time portstartups? in startups from any becomes easy for the growthinSeptemberisthelowestsince escalation.“Totaloriginalcostof TechboozeConsultancyisanopen domain—thereisnospe- investors to invest March.Theproductionoftheeightsectors implementationofthe1,661projectswas forumandaservice-basedenterprise, cific inclination towards resultinginaflourishing hadcontractedby5.1%inSeptember `20,90,931.27croreandtheir headquartered in India with opera- avertical,theonlycriterionisitsbusiness business.TheStartupIndiacampaignand 2019andby7.3%inAugust2020,data anticipatedcompletioncostislikelytobe tionsacrosstheglobe.Ourmissionis model—profitabilityandscalability.Some easing of investment norms by RBI releasedbytheCommerceandIndustry `25,26,063.76crore,whichreflects to improve the qualityand standard goodseed-stagestartupsareouttherewho recentlyhasopenedupavenuesforglobal MinistryshowedonThursday. Barring overallcostoverrunsof`4,35,132.49cr ofthestartupecosystemandprovide lacktherightguidanceandresources. investorstoinvestinIndia. coal,electricityandsteel,allsectors— (20.81%oforiginalcost),”theministry's professional services,by creating a crudeoil,naturalgas,refineryproducts, latestreportforAugust2020said.The forum based on working with trust. What kind of startups areyou support- Whatkindsofchallengesarebeingfaced fertiliserandcement—recordednegative expenditureincurredontheseprojectstill We are facilitating investment ingduringthispandemicsituation? bytechstartupsinIndia? growthinSeptember2020.Thesectors' August2020is`11,48,621.70crore, rounds for both established and Weoperateacross53nations.Wehave When it comes to challenges,the list outputdroppedby14.9%duringthe whichis45.47%oftheanticipatedcostof newly emerging companies while beensuccessfulinfundingover150star- seemstobeendlessbutthebigchallenges April-Septemberperiod,ascomparedto theprojects.Theministrymonitors offering360-degreesupportforstart- tups across the globe. During the pan- are—financial resources/investment growthof1.3%inthesameperiodlast infrastructureprojectsworth`150crore upfunding—rightfromunderstanding demicsituation,wearenotonlynurturing prospects,regulations,supporting infra- year. andabove. the current stage of a startup,whetherit startups in India but across the world as structure,market awareness,inadequacy needsseedroundorangelfunding;creat- well.Wearesupportingtheminalloftheir of the talent pool, right mentor, lack of Union Govt allows bids for L&Twins `25,000-crorder ing investment plans,pitch decks,go-to- stageswhileoffering360-degreesupport marketingstrategies. AirIndia on EVbasis forbullet train project ADDRESSING CONCERNS EXPRESSED LARSENANDTOUBROsaidon ● ZAPPYHIRE Zappyhire has integratedAI technol- bypotential buyers amid fresh Wednesdayithadwona`25,000-crore ogyandthishelpsinstrongrecommenda- uncertainties caused byCovid-19,the orderfromthegovernmenttoexecutea tionsindifferentstagesofhiringforcom- Centre onThursdaychanged bidding portionoftheambitiousMumbai- panies. It also offers next-generation norms forprivatisation of loss-making Ahmedabadbullettrainproject.“Wehave Talent hiring goes high-tech assessmentswhichincludesanAI-enabled AirIndia byallowing bids on the basis of wonourbiggest-everandthemost videointerview.“Wehelprecruiterscreate its enterprisevalue (EV).The airline's prestigiousofcontractsinourlong personalised relationships with candi- buyerwon’t need to accept anypre- historyfromthegovernment,”SN This Kochi-based startup dates while we automate the manual determined level of debt,butwill require Subrahmanyan,chiefexecutiveand enables digital hiring for tasks.With our highly configurable plat- to pay15% of the EVquoted byit in cash. managingdirectorofL&T,toldreporters. form,we help companies to disrupt their The enterprisevalue to be quoted Hesaidtheordermandatedthecompany enterprises using AI, hiring process without disturbing their (marketvalue of debt and equity)will completingtheprojectinfouryears.The NLP, gamification and existinghiringprocess,”Jyothissays. comprise at least 15% in cash payment tendercoversnearly47%(237km)ofthe Machine Learning Beforeco-foundingZappyhire,Jyothis to the government and debt takeoverby totalalignmentofthe508-kmcorridor, hadworkedwithCogniCor,aSpain-based the bidders equivalent to 85% of the betweenVapiandVadodarainGujarat.On AIconversationalcompanyaschiefoper- value quoted,Aviation MinisterHardeep September24,theNationalHighSpeed RAJESH RAVI ating officer and managed Asia sales. Singh Puri said. RailCorporationhadopenedthebidsfor Deepu Xavierwas the principal product thepurpose. TAKING THE RECRUITMENT process manager of Java programming language 13 oil PSUs asked to double onlineisnoteasy.However,scanningthou- at Oracle. Bootstrapped for the first 18 Patel Engg bags `1,564-cr sandsofresumes,interviewingtheshort- months,thestartupmanagedtoonboard FY21 spend to `2 trn listed candidates,and finally identifying itsfirstclientinthefirstyearofoperation THECENTREHASaskedcentralpublic dealfor2-GWhydroproject therightfitcannowbedonethroughadig- and almost double its revenue in the sec- sectorenterprises(CPSEs)tomakea PATELENGINEERINGONTuesdaysaidit italplatform,saysKochi-basedZappyhire. ond year with new client acquisitions. quantumjumpintheircapital hadwonanorderworth`1,564.42crore Founded by Jyothis KS and Deepu Xavier Zappyhire founders Deepu Xavier (L) and Jyothis KS Recentlyitalsoclosedanangelroundwith expenditureinthisfinancialyearandthe toexecutethe2,000-MWSubansiriLower inSeptember 2018,Zappyhirehelpscom- SmartSparksangelgroup. next,hamstrungasitisbybudgetary HydroElectricprojectinArunachal paniestoconductthehiringprocessfully sales,Zapphire,says,“ClientscanuseZap- technical stack along with Python and “Zappyhire has plans to aggressively constraintstostimulateeconomic Pradesh.Thiswouldbethesinglelargest digitallyandeffectivelybyleveragingcut- pyhireplatformtoconductcampusinter- otherweb technologies.“Ourunique hir- expandfootprintstotheEuropeanUnion activity.ThePrimeMinister’sOffice hydropowerprojectinIndia,itsaidina ting edge technologies includingAI and views,lateralrecruitments,andon-board- ingapproachnotonlyspotstherightcan- and Asia over the next months. We are (PMO)hasdirected13petroleum-sector statement.Theprojectsiteislocatedin gamification.Thestartuphasmanagedto ing in a fullydigital mode.It helps reduce didate in a shorter span of time,but also investinginbuildingastrongsalesteamto CPSEstodoubletheircapexto`2trnin Kamle(formerlylowerSubansiri)district. onboardtwoKerala-basedbanks,aninter- thetime-to-hireby43%andachieveasig- automates the hiring process with great supporttheexpansionplans.Wearework- FY21fromtheinitialtargetof`1trnand Theprojectcomprisesbalancecivilworks national HR consultant and one hospital nificantreductionincosttohireaswell.” ease. The platform offers a digital on- ingtoexpandthegamificationportfolioof scaleitupfurtherto`3trninFY22.Thisis ofapowerhousecomplexincludingHRT chainwithitsinnovativesolutions. Accordingtohim,ZappyhireusesNLP boardingprocessande-trainingmodules ourplatformandalsoidentifybehavioural despitethefactthattheH1capex (HeadRaceTunnel)intakestructures,tail Jyothis KS, co-founder and head of and Machine Learning extensively in its alongwiththehiringmodules,”hesays. patternsfordifferentsectors,”headds. performanceofthesecompanieswasless racechannel,etc.withmaincomponents. thanathirdoftheyearlytarget.

Pune 12 FINANCIAL EXPRESS WWW.FINANCIALEXPRESS.COM

We are trying to upskill small entrepreneurs to reinvent their EXPERTVIEW businesses, go digital and roll-out new-age sales and marketing strategies for the new business normal. We salute the large MSME community of the country for participating Education wholeheartedly in our business training programmes. —Dr Vivek Bindra, Founder & CEO, Bada Business MONDAY, NOVEMBER 2, 2020

● INTERVIEW: SHAJI THOMAS, Co-Founder & Chairman, Entab and similar school chains are ourclients. While we are trying to tap into gov- ernmentschoolsandstateboardschools, What corporates want they lag technical infrastructure needed for technology solutions—even at times ity to identify reliable information.They Communication tools play intermsofthenecessarynumberofcom- Ten skills that are in demand seek individuals with skills such as supe- puters needed or good internet connec- rior evaluation of situations, collecting tivity.We are serving army, navy and air DIWAKAR CHITTORA more in-depth information as well as the force schools, and about 20 Sainik abilityto objectifymultiple perspectives. a majorrole in education Schools are using our software. NO MATTER the career path you choose, Creativity: Regardless of what indus- determining the skills that are in high try you are in, the ability to connect dots Where does the growth lie? demand in the corporate world can be thatappearunrelatedandgenerateuseful During the lockdown, Entab—which pro- business generation.While school rev- 2015 we were focusing on higher educa- While right now about 1,100 schools extremelyhelpful.Here’saroundupofthe solutionswill remain avaluable skill. vides school SaaS (Software as a Service) enues were also impacted,they under- tion,but later on we put our full concen- are using our solutions (in terms of live 10 most pressing skills to develop: Collaboration: It means working in a solutions—scaled up its product offering stand that they need technology utilisa- tration on the K12 segment; K12 is ever- usage),with20lakhstudents,wearenow Techsavviness: Peoplewith technical teamtoenhanceproductivity.Oneshould by adding new features including online tion.The most in-demand model is the green—if a school has, let’s planning to penetrate deeper into the skills such as artificial intelligence, cloud have the ability to influence others and assessments and live video integration. one that caters to online examination. say, 3,000 students country, beyond big cities. That’s where computing,virtual reality, robotics, IoT workefficientlytoachieveacommongoal. “This quick thinking enabled our partner today, next year also the growth lies. We may offer them (Internet of Things) and augmented real- Process improvement: Every firm schools to keep providing quality educa- Doyoualsocatertohigheredu- it will have 3,000 ityare in demand andwill continue to be. aspirestosavemoney.Individualswhocan tiontotheirstudentsevenduringthelock- cation institutes? or more students. Digital transformation is now Communication:As you jump into optimise projects orbusiness procedures, down,”says Shaji Thomas,co-founder & While our application can happening in the education sector. theworkingspace,justbeingabletospeak inheritinganefficientpotentialtosavethe chairman,Entab.InaninterviewwithFE’s be used in higher education And do you Covid-19 has accelerated its thelanguagefluentlyisnotenough.Good time and money of the company are Vikram Chaudhary, he adds that the institutes, there has been a cater to gov- communication is considered a supreme always in demand in the corporateworld. growth, driven by irreversible growth, going forward, will come from slowdowninthehighereduca- ernment and skill.Itinvolvesperceivingefficiently,pre- Persuasion: Every employee should regional schools that are realising the tion space since 2015; a lot of public adoption of technology and senting your ideas well, and expressing havepersuasionintheirskillsetasitisone importance of using technology.Excerpts: colleges got closed and even schools? changes in user behaviour your plan of action through efficacious of the most powerful communication the number of students We cater to writing and presenting capabilities. skills in the corporate world.It is a differ- Has your business model changed due reduced. As a result, many elite schools People management: Clear commu- entwayofdoingthingstomakeadecision to the lockdown? higher education institutes across the nication, dealing with work stress and orconvincingotherstobuyintoyouridea. During the lockdown we were able to adjusted their finances country, smaller packages, dedicated to their empathisingwithyourteam can helpyou provide a lot of support to schools accordingly—whereverthey whether it’s a unique needs. insuccessfullymanaginga team,whichis Summing up remotely.Ourofferingsare50%manage- can save money,they are private school At the same time,digital transforma- a basic requirement in a corporate set-up. Those who are looking for a job or ment-centricand50%student-centric.A saving. From 2010 to or a trustee tion is now happening in the education Emotionalintelligence:Itisapromi- already have a job must continuously few years ago our application was purely school; even sector, which was previously lagging in nent skill that is nevermentioned in a job engagethemselvestoimprovetheirexist- for fee collection, salary preparation or DPS and DAV technology investments. Covid-19 has description but always observed by the ing skills and learning new skills to stay financial accounting management or accelerated its growth, driven by irre- recruiters.Emotional intelligence is asso- competitive in the evolving job market.It report card preparation,but nowthe sce- versible adoption of technology and ciatedwithyoursocialskills,socialaware- will empower you to expand your hori- nariohaschanged;today,communication changes in user behaviour.The market ness and self-management abilities. zons,knowledge and capabilities and will tools playa majorrole in education. opportunity for players such as Entab is Adaptabilityandflexibility:Onehas allow you to cut off the competition and During the lockdown we also saw a huge,with more than 3.5 lakh schools in tobeinterestedinlearningthelatestskills becomeapreferredchoiceforcompanies. slowdown, especially in the first three India.In the next five years,we plan to and be adaptive enough to change. months. But our business started grow- expandto3,000schoolsandenterneigh- Critical thinking:An abundance of The authoris CEO & founder,IntelliPaat, ing July onwards, and month-on-month bouring geographies. data and information floats online and the online professional training courses weareseeing40-60%growthintermsof companiespreferpeoplewiththecapabil- provider.Views are personal PORTRAIT: SHYAM KUMAR PRASAD ● ONLINE LEARNING ● NEWS BRIEF The role of PrepOnline refunds facial, emotion Science & tech select students’ fee Edtech platform PrepOnline has said it will refund fees of students recognition who get selected in government medical colleges. “It’s to motivate Integrate whole education students to prepare well for KANISHK GAUR each device. Singapore is an excellent government medical college structure with e-learning example in this regard. The Singapore entrance exams,” the entrance BETWEENMARCHANDApril2020,India India needs IoT marketlabelsdifferentkindsofIoTdevices exam coaching platform said. haswitnessed a staggering 86% increase incategoriesanddefinedcontrolsforeach in cyber-attacks.As per a Subex report, device. Under this scheme, each device 51% of the registered cyberattacks were enteringthecountrygetslabelledundera Vertex CEO is now viaIoTorinternetofthingsdevices. security standards category and receives a unique code and Covid-19hasexposedevenmoresecu- definedguidelinestobefollowedtosecure also director, AACC rityweaknessesintheIndianinformation Europe has recently announced standards for IoT it.Theschemealsosetsaminimumbase- TheAACC (Asian-Arab Chamber infrastructure.As the internet becomes line security standard for different kinds of Commerce) has appointed more pervasive,IoTdevices are being put security,another model to follow is of Singapore ofIoTdevices. GaganArora, CEO & Strategic tousebyalmostallsectors.TheIndiantele- In a country like India, where IoT Growth Leader,Vertex Global comindustryisheavilydependentonthe devicesare importedfromChina,Taiwan Services, as director, Education adoptionofIoTtomonetise4G,andpush and South Korea,a labelling scheme like Committee, as part of a consulting forward5Gtrials;theautomotivesectoris thiscouldtacklethesecurityriskandalso arrangement with the latter’s relying on IoTforconnectedvehicles.The addressissueswithrespecttoprivacy. online consortium,Vertex. oil & gas market,nuclear,manufacturing IoT,today,haslargerconsequencesfor PANKAJ GUPTA andchemicalindustriesarekeentolever- industry,andhencemultiplegovernment ageIoTtomanagesupplychains,improve department agencies have been working La Trobe names first POST-COVID-19, online education has efficiencyandreducecosts.However,akey on IoTSecurity.IISC Bangalore has been becomethenorm.Bute-learningenviron- challenge faced by multiple sectors is leadingresearchtobuildmodelstosecure recipient of grant ments,being isolated and prone to dis- securingtheinternetofthings.And,inthis andmanagedatafromIoTdevices. LaTrobe University has honoured traction, face a challenge of keeping stu- regard,no policy,standard orgovernance While many of the working groups firstVice Chancellor’s Scholarship dents engaged and motivated. frameworkexistsinIndiasofar. under these ministries talk to each other to SandeepAnumalasetti from Numerous researches have suggested The Indian healthcare ecosystem is through common committees such as Hyderabad. He will commence his that the emotional state of students steadily moving towards smart medical BIS/LITD,acommonarrangementdefin- studies online in November and directly or indirectly influences their devices,digitaloperationtheatresanddig- ing and allocating areas of responsibility move to LaTrobe’s Melbourne learning process. Therefore, for educa- ital pharmacies,however,there is no call andownershipisclearlymissing. Campus as soon as borders open. tionalinstitutions,itisimportanttogauge forstandardisation from regulatorybod- These concerns were discussed in a thelearners’moodusingsomebasicfacial ies such as NABH to safeguard Indian recent event organised by"India Future indicators,especiallyinane-learningenvi- healthcare industry from cyber-attacks. Foundation"inpartnershipwiththeoffice Amazon’s Emerging ronment, and to finally get them in a Even though the new,advanced,medical of India’s National CybersecurityCoordi- receptive frame of mind (it can allow stu- equipmentdeployedinhospitalstodayare nator.Asuggestionwastocreateacentral Brand Solethreads dents to effectively understand, process IoT enabled,and a majority of them are workinggroupundertheofficeofNational Solethreads has been recognised and store the information that is being imported in India,sadly,there is no base- CyberSecurityCoordinatorOffice,which as ‘Emerging Brand’ in footwear shared in a classroom). line criteria,labelling scheme available to try,whichdoesn’thaveaframeworktorely baselineforsecuringdevicesandsetspro- could help these multiple departments category byAmazon.This youth- Therefore, to encourage and facilitate testthesecurityoftheseIoT-enabledmed- upontotestoraudittheirsystems. visions forconsumerIoT.It lays the foun- collaborate on tackling IoT security centric brand has crossed Rs 50 smart learning in a virtual environment, icaldevices. Earlier this year,the European body, dation for setting strong password con- threats. lakh GMVper month onAmazon in FaceAI paired with live video has increas- The biggerissue is most of the sectors ETSI,releasedconsumerIoTsecuritystan- trolsforIoTdevicesbystatingallconsumer StakeholdersfromMeITY,DoT,C-DoT, just four months of its launch. inglygainedprominence,wherethesmart using digital technologies or integrating dard. The standard specifies high-level IoTdevicepasswordsmustbeunique. Smartcitycouncilsalsodelvedontheneed software intelligently assesses the frame emergingtechnologiesdonothaveadig- securityanddataprotectionprovisionsfor In India,and across the world,we see toaddresssecurityandprivacyconsidera- of mind of learners from a variety of dif- ital risk element defined by the sectoral consumer IoTdevices which includes IoT consumer IoT devices getting sold with tion,given India is currently moving to ferentformats.Arestudentshappy,bored, regulatorstilldate. gateways,base stations and hubs,smart universal default usernames and pass- towardsfinalisingtheDataProtectionBill. Yocket hosts virtual stressed or angry? How do they feel or AlackofNationalcyberstrategyhigh- cameras, TV, smart washing machines, words (such as "admin, admin"). The The government needs to create a meet-up 2020 respond to new topics, new learning lightingthekeyrisktothesesectorsisstill wearables,healthtrackers,homeautoma- biggest risk,with respect to IoTdevices,is national task force to tackle emerging methods,coursecontent,etc?Doesitleave awaitingcabinetnod.Hence,fightingran- tion systems,connected gateways,refrig- theuseofuniversaldefaultpasswords. safetyandsecurityrisksinthefield. Covid-19 has put brakes on study them confused, surprised or frustrated? somware,advancedpersistentthreatsand erators,doorlockandwindowsensors. Abest practice to fix this issue is to set Theauthorisfounder, abroad plans of Indian students. The advanced deep learning algorithms malwareisbecomingtoughfortheindus- This standard provides a minimum up unique pre-installed passwords for IndiaFutureFoundation Yocket, the solutions provider for perceive the emotional state of learners students aiming to study abroad, is holding a 7-day virtual meet-up and even identify change of emotions ● (October 31 to November 6) while the class is in progress. By sensing EAVESDROPPER where students will get to interact expressions and interpreting facial fea- with industry experts, alumni and turesofstudents,theserevealmeaningful foreign colleges to get answers. patternsaboutthem,whichcanaidteach- ers in designing and implementing the The games we play right teaching strategy. Bada Business gets The use of FaceAI, along with the Live NTT’s application of sensors and use of data for Tour de Video technology, has also been empow- five world records ering schools,colleges and universities to France shows how far we can take technology in sports securelyconductonlineexams.Rightfrom Edtech start-up Bada Business has confirming the identity of students dur- said it is the world’s first company ingregistration,toensuringtheirintegrity ISHAAN GERA up and fast.In a recent discussionwith to get five world records in online during the test and controlling the inci- Lux Rao,senior director, Solutions & learning.These include (1) world record for largest online business dences of cheating, the technology has IT’S BEEN NEARLY two decades since Consulting, NTT Ltd (India) explained lesson (April 24, 2020), with 4 lakh been creating breakthroughs.Along with cricket adopted a new technology how the company has been helping unique participants; (2) for largest this, attendance tracking in an online called Hawk-Eye to giveviewers a more Tour de France to make the sport more online sales lesson (May 31, 2020), classroom is made easyand accuratewith immersive experience.The technology interactive. NTT, which has been in with 15 lakh unique participants; the use of FaceAI and LiveVideo,which would determine the ball’s trajectory association with Tour de France, for (3) most viewers for the premiere alsointelligentlycontrolsfakeattendance. and develop more userengagement. In nearly half a decade now has deployed took into account 225 million possible speed and cost. of a strategy management video With online learning the new normal, 2006,the technology was adopted by sensors and connected teams and decisions per prediction. Elon Musk and others may have a on YouTube (June 27, 2020); (4) for proactive deployment of such solutions tennis; snooker used it in 2007, and viewers with technology. Cricket and tennis are also changing solutionsoon.Starlinkproject,whichpro- most viewers for the premiere of a can encourage smart learning. It can also soccer has been using it since 2012. NTTclaimsthattheirmodelwasable the game. Shot selection, ball tracking poseshighspeedsfromsatelliteinternet start-up management video on lead to stronger teacher-student ties, The extent of innovations is limited, to track 2.5 million records per stage are becoming common,as are player atlowcosts,willchangethegame. YouTube (August 15, 2020); and which plays a key role in building a posi- but Formula 1 racing has converted worth 800 MB of data. The real-time stats like temperature,heartbeat,etc. Another challenge is the speed of (5) for most live viewers for a retail tive e-learning environment. Facial and every aspect of the sport into a tech- data enrichment was 53 additional However, sensors still have a long computing. Net speeds and access management lesson on YouTube emotion recognition can go a long way in nology-driven experience. Both to aid attributed per record. The enhanced way to go to change the nature of problems aside, another challenge for (September 27, 2020).All these bringingthebestoutofthecurrentgener- teams in improving theirperformance real-timedatavolumeperstagewas2.7 sports.Like forTour de France,most of sports will be to decide what to stream online events were delivered by ation of e-learners. and in enhancing the consumer expe- GB.The company claims that 100 tril- the data has to be relayed to models and what they can hold back. motivational guru DrVivek Bindra, rience. lion individual decisions made during and computers using satellite internet, founder & CEO of Bada Business. The authoris CEO & founder, However, other sports are catching TourdeFrance.So,themodelultimately which has its limitations in terms of [email protected] FE BUREAU EnableX.io

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Ficci: India’s From the Front Page strategy of Mandi arrivals: Latur-based RanbanAgro Pro- to the price, the FPO sells the minimumsupportprices(MSPs) themoment.“Typicallyadown- domestic sales since its incep- sion), M&M, said,“The festive dealing with ducerCompany,anFPO,afterthe produce to that processing wouldcontinue. turn is followed bya goodyear. tion. The domestic sales season has started on a positive Seven key newfarming lawswere passed. company.However,it charges Asfortheongoingkharifpro- We have seen about one and a increased by 13.2% m-o-m to note with deliveries and book- Covid paid off “Our company was formed in `100perquintalastransporta- curement,theFoodCorporation half years of a downturn so 56,065units.Theprevioushigh- ingsbeinghigherthanlastyear. summercrops theyear2015andwearepartof tion,weighing,grading,sorting ofIndiahassofarpurchased19 there is a demand pull from est monthly domestic sales Going forward,this augurswell Maharashtra Farmer Producer charges, Patil said.Around 12 million tonne of paddy across postponed purchases,”he said. numberwasachievedinOctober for a robust festive demand PRESS TRUST OF INDIA see big drop Company (MahaFPC) which is FPOs in Latur, Osmanabad, the country, which is 24% However, he had pointed out 2018 with 52,001 units. whichinturnwillhelptheindus- New Delhi, November 1 Onlythreecrops—groundnut, ourumbrellaorganisation.Inthe ParbhaniandNandedhavesup- higherthan in the correspond- that it was hard to predict Hyundai, too, continued its tryintheshortterm.” jowar and moong — have 2018-19 season, we had pro- plied over 1,200 tonne of soy- ingperiodlastyear. whetherdemandwouldsustain growthiny-o-ynumbersforthe Two-wheelermanufacturer FICCI PRESIDENT SANGITA recordedhigherarrivalsonyear cured 70 tonne of soybean at abeantoADMAgroIndustries- Given farmers’agitation in beyondDecemberafterthefes- third consecutive month as it Hero MotoCorp recorded its Reddy on Sunday said India's (seechartonPage1).Eveninthe marketrates.Farmerswereskep- -aprocessingcompanybasedin the northern states of Punjab tivedemandhadbeenmetand recordedagood12.5%increase highestsalesinanysinglemonth strategy of dealing with the case of jowar and moong, ticalthen,andpreferredtosellat Laturthisseason. and Haryana,the procurement demand for personal vehicles versusOctober2019. as it sold 7,91,137 motorcycles Covid-19 crisis has paid off arrivals fell in the largest-pro- mandis.But during the current Concernedovertheagitation season was advanced by a few satiated.“If demand falls next Tarun Garg, director (sales, and scooters in the domestic and the country's economy is ducingstatesofMaharashtra(- season,wehavedonebusinessof by a section of farmers and days and started from Septem- year and if the decline persist marketing & service),Hyundai market,whichwasanincreaseof settobouncebackandemerge 39%) and Rajasthan (-7%), some 300 tonne,which is a big Oppositionparties,especiallyin ber26,insteadofnormalsched- sustains, the government Motor India, said the October nearly35%onay-o-ybasis,and stronger. respectively. leapforus,”DasPatil,founderof states like Punjab and Haryana uleofOctober1. shouldstepin,”hesaid. month sales performance has over 13% on a m-o-m basis.“A She said it was time to take Only groundnut has Ranban,said. againstthefarmsectorreforms, Marutisold96,700vehicles setapositivetonefortheoverall positiveturnaroundincustomer bold actions and push the recorded both higher arrivals “Ourfarmerproducercom- theCentrehassetatargettopur- Auto sales: A during the Navratras. During business environment. “With sentiments -– particularly for growth agendavigorously. pan-India aswell as in all three panyhas a 500-tonne capacity chase74.2milliontonnepaddy October,MarutiSuzukiclocked theadventofthefestiveseason, motorcycles across markets, "The dilemma for govern- top-producing states – Gujarat, warehouse where we store the (nearly50milliontonneinterms good Navratri; stellarnumbers,surpassing its Hyundaisharesthespiritofhap- continued government policy mentsacrosstheworldwascre- Rajasthan and Karnataka.This soyabean procured from farm- ofrice)inthecurrentkharifmar- traditional average monthly piness and celebrationwith our support and a credible resump- ating a balance between pro- could be due to higherproduc- ers from theirhomes.The rates keting season (October-March), Diwali spirit sales of 1.5 lakh units per customers through our super tionofsupplychain,logisticsand tecting lives and livelihoods. tion of the oilseed,at 9.54 mil- paidtofarmersbyusarehigher 18% higher than last season’s month.It recorded despatches performer brands – all new business operations have India took the path of a strict lion tonne,up by14% from the thantheLaturAPMCmandi.For 62.7milliontonne. high of 1,66,825 vehicles,register- Creta, Verna, Venue, Aura, and enabledthecompanytoachieve lockdown to ramp up health previousseason. instance, the soyabean prices Terming the current agita- At Maruti Suzuki's earnings ing a good 11.2% month-on- Nios,”hesaid. recordnumbersduringtheaus- infrastructure and focused on UntilOctober15,thingswere were `3,980 per quintal at tion by farmers in Punjab as conferenceonOctober29,com- month increase in sales. The Mahindra and Mahindra picious festive period.With the human lives.This strategy has abitsketchy.Thearrivalsatman- mandi while we paid farmers politicallymotivated,newmin- pany chairman RC Bhargava companycontinueditsgrowth (M&M) clocked total domestic higher dispatches during the paidoff,"Reddysaid. diswereshowingamixedtrend `4,020,”Patilsaid. isterforfoodandpublicdistrib- said demand for cars remains momentum on a year-on-year sales of 42,338 units, an month,thecompany’scustomer – in four crops there was a 30- After taking the soyabean utionPiyushGoyalsaidtheCen- reasonably robust on the back basis aswell and sawan uptick improvementofover23%m-o- touchpointsacrossthecountry Ficci president Sangita 55%fally-o-ywhileinsixothers crop from farmers, the FPO tre is prepared fora dialogue to of pent-up appetite and good of nearly 18% in the sales m,whilethesalesonay-o-ybasis nowhave adequate inventories Reddy says it is time to there was an increase between checksratesofferedbyfivepro- remove the apprehensions purchasing power in rural numbers. remainedsluggishanddeclined in linewith market demand in take bold actions and 4%and47%. cessingcompaniesintheregion regarding MSP.He also reiter- India.He had even said there is Meanwhile,Hyundai Motor 15.2%.VeejayNakra,chiefexec- theongoingfestivalperiod,”the push the growth Asthekharif-harvestingsea- and informs farmers of the atedthatofficialprocurementat noneedforacutinGSTratesat India recorded its highest utive officer (automotive divi- companysaidinastatement. sonprogresses,theimpactofthe highest rates offered by the agenda vigorously reforms are beginning to get processor.If the farmer agrees Shree Digvijay Cement Company Ltd. reflected with diminishing CIN: L26940GJ1944PLC000749 businessoftradersandarthiyas Digvijaygram, Jamnagar – 361 140 (Gujarat) She observed that science inmandisintermsofvolume. Email: [email protected] Website: www.digvijaycement.com evolved to give better cures, “There is definitely a large Phone 0288-2344272-75 , Fax No. 0288-2344092 medical infrastructure was chunk going out of mandis’ NOTICE created, supplies like PPEs purview. This year being pro- NOTICE is hereby given pursuant to Regulation 29 read with ramped up and our death rate jected as a bumperyearof pro- the Regulation 47 of the SEBI (Listing Obligation and has been contained. duction with early planting of Disclosure Requirement) Regulations 2015, that a meeting of "It's clearly time for bold crops,the arrivals should have the Board of Directors of the Company will be held on actionsonthelivelihoodfront. beenhigherinmostofthecrops Tuesday, 10th November, 2020, inter-alia, to consider and The recent monetary policy and there is no reason for a approve the Un-audited Financial Results of the Company for assures that the government drop,”BhaveshJain,agrainand the Quarter and Half year ended 30th September, 2020. andtheregulatorwilldoevery- spice trader from Kota, This Notice is also available at Investors Section of the thingittakestokeeptheecon- Rajasthan,said. Company's website www.digvijaycement.com and on the omyafloat.Letusstartpushing As the arrivals also started Stock Exchanges website at www.bseindia.com and ourgrowthagendavigorously," earlierthanlastyear,thecumu- www.nseindia.com, where the shares of the Company are listed. said Reddy. lative data across India should For Shree Digvijay Cement Co. Ltd. "As we can see the initial havebeenhigher,Jainsaidand S/d- green shoots of recovery have added “the fall in volume at Place: Digvijaygram Suresh Meher th begun,"she added. mandis could be a result of Date: 30 October, 2020 VP (Legal) & Company Secretary Reddy noted that the PMI farmers’producers’organisa- for manufacturing and ser- tions (FPOs) increasing their viceshasrecoveredto56.8and business”. 49.8, respectively in Septem- Business picked up for ber2020. Besides, there has been a pick-up in e-way bill volumes, improvementinrevenueearn- ing freight traffic of major commodities,positive growth in exports and most signifi- cantlyincrease in the Septem- ber GST collections to almost pre-Covid level. "These incremental trends are heartening and need to be sustained, and further initia- tives like the consumption vouchers must continue to remain focused on demand generation,"Reddysaid. TheFiccipresidentasserted thatIndia'sinherenteconomic strengths and resilience remain intact. "Giventheprogressivepoli- cies introduced by govern- ment, major infrastructure development plans in place, large consumer market, all pointtowardssignificanthead- roomforgrowth,"Reddysaid. She highlighted the ''IMPORTANT'' vibrancy of Indian entrepre- neurs who are always able to Whilst care is taken prior to spotanopportunityandmove acceptance of advertising proactively, the capabilities copy,itisnot possible toverify and diligence of its working its contents. The Indian class, the commitment of its farmers and energy of its Express (P) Limited cannot be youthful population that An held responsible for such ISO 9001 seeks a betterfuture,express- Company contents, nor for any loss or ing confidence that the coun- damage incurred as a result of try is capable to bounce back CIN: L27029AP1984PLC004719 transactions with companies, and emerge stronger from Regd. Office: Plot No 38 & 40,APIIC Industrial Park, Gajulamandyam Village, ReniguntaMandal,Tirupati-517520AndhraPradesh associations or individuals this crisis. Corp.Office: Plot No.24A/A, MLAColony, Rd. No.12, Banjara Hills, "The number of new Hyderabad- 500 034,Telangana. Ph.: 040-23606641, Fax: 040-23606640 advertising in its newspapers reported cases has fallen E-mail: [email protected]; Website: www.nilelimited.com or Publications. We therefore below 50,000.This indicates NOTICE recommend that readers that the rate of spread of Pursuant to Regulation 47 of the SEBI (LODR) Regulations, 2015, notice make necessary inquiries infection is being contained. is hereby given that a meeting of the Board of Directors of the company before sending any monies or Our recovery rate and case will be held on Thursday, 12th of November, 2020 at 11.30 A.M., interalia, fatality ratio are much better to consider and approve the unaudited financial results of the company entering into any agreements comparedto similarratios for for the quarter and half year ended 30th September, 2020. with advertisers or otherwise many other countries," the For NILE Limited acting on an advertisement in Ficci president stated. Place : Hyderabad Sd/- any manner whatsoever. Date : 31.10.2020 Company Secretary

Pune MONDAY, NOVEMBER 2, 2020 WWW.FINANCIALEXPRESS.COM 16 BACK PAGE FINANCIAL EXPRESS ● BRIGHTER DAYS Govt provides `670-cr to RRBs for regulatory requirement PRESS TRUST OF INDIA funds to meet the regulatory RRBs as a group reported to 9% level as per the regula- Gross non-performing as- New Delhi, November 1 capital requirement of 9%, net loss of `2,206 crore in tory norms prescribed by the sets as a percentage of gross Powerconsumption sources said. Reserve Bank of India (RBI). loans outstanding of RRBs the year ended March 31, INABIDTOstrengthencapital As per the current scheme 2020, as against `652- This round of infusion would marginally declined to 10.4% base, the union government for recapitalisation of take care of capital needs till as on March 31, 2020, from hasprovided`670croretoRe- RRBs,capital support is pro- crore net loss in FY19 March 31,2021,sources said. 10.8% as on March 31, 2019, grows 13.38% in Oct gionalRuralBanks(RRBs)con- videdbytheCentre,concerned RRBs as a group reported the data showed. sidering their importance in state governments and the net loss of `2,206 crore in the Deposits and advances of agriculture finance during sponsorbanks in the ratio of According to sources, fiscal year ended March 31, RRBs increased by 10.2% and PRESS TRUST OF INDIA 23.2% inApril,14.9% in May, these difficult times. 50:15:35, respectively to en- matching funds were released 2020, as against `652-crore 9.5%, respectively during New Delhi, November 1 10.9% in June, 3.7% in July About one-third of the able them to meet the regula- bysponsorbanks and manyof net loss in FY19, according to FY2019-20.Gross outstand- and 1.7% in August.The data 43 RRBs, especially from tory requirement of capital to the state governments. With datapublishedbytheNational ing loans stood at `2.98 lakh INDIA’S POWER CONSUMP- showed that electricity con- north-eastern and eastern re- risk weighted assets ratio the infusion, sources said, BankforAgricultureandRural crore as against `2.80 lakh TION grew 13.38% to 110.94 sumption had grown by gions,are inlossesandneeded (CRAR) of 9%. CRAR of theseweak RRBs rose Development (Nabard). crore in FY19. billion units (BU) in October, 11.73% in February. After a mainly driven by buoyancy in gap of six months,powercon- industrial and commercial ac- sumption recorded a growth tivities, as per government of 4.6% in September at data. Electricity consumption 112.43 BU from 107.51 BU in was recorded at 97.84 BU in the same month lastyear. October 2019, showed data Peakpowerdemandmet— from the powerministry. power consumption in Octo- the highest supplyof powerin Experts earlier last month ber, experts said, gives suffi- thecountryinaday—inOcto- hadexpressedconfidencethat cientindicationthatcommer- ber was recorded at 170.04 power consumption would cialandindustrialdemandhas GW, which is 3.52% higher grow by double digits in Octo- perked up with easing of lock- than 164.25 GW in the same ber on the basis of the extrap- down restrictions andwill im- month lastyear. olation of half-month data. prove in coming months. PeakpowerdemandinSep- Power consumption had Power consumption tember recorded a growth of grown 11.45% to 55.37 BU started declining from March 1.8%at176.56GW,compared duringOctober1to15,against onwards due to fewer eco- to 173.45 GW a year ago, data 49.67 BU, in the correspond- nomic activities in the coun- showed.Peak power demand ing period ayearago. try. On a year-on-year basis, it met had recorded negative A double-digit growth in declined 8.7% in March, growth fromApril toAugust. Vedanta, Adani in race for coal blocks

PRESS TRUST OF INDIA held for five blocks — Chakla, Yazdani International, New Delhi, November 1 Jharkhand; Marki Mangli-II, Andhra Pradesh Mineral De- Maharashtra; Radhikapur velopment Corporation and COMPANIES LIKE VEDANTA, (West),Odisha; Takli-Jena-Bel- Refex Industries will be com- Jindal Steel and Power,Adani lora(North)&TakliJena-Bellora petingfortheMarkiMangli-II Enterprises, Hindalco Indus- (South),Maharashtra; and Ur- block.Aurobindo Reality and tries and JSW Steel are in the tan,Madhya Pradesh. Infrastructure and Sunflag race for the first-ever auction Companies like Hindalco Iron and Steel Company are in of 19 coal blocks for commer- Industries and Adani Enter- theracefortheTakli-Jena-Bel- cial mining, which will kick- prises will be vying for the lora(North)andTakliJena-Bel- start on Monday. Chakla coal block,while com- lora (South) coal block. JMS The auction will continue panies like Jindal Steel and Mining and Stratatech Min- till November 9. On Monday, Power and Vedanta are in the eralResourceswillbevyingfor theelectronicauctionwouldbe race forRadhikapur(West). the Urtan block. Sebi extends settlement (Auction Sale Notice for Sale of Immovable Properties) scheme SALE NOTICE E-Auction Sale Notice for Sale of Immovable Properties under the Securitisation & till Dec 31 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 PRESS TRUST OF INDIA Creditors, the Symbolic possession of which has been taken by the Authorized Officer New Delhi, November 1 of the Canara Bank, will be sold on “As is where is”, “As is what is”, and “Whatever there is” on 21.11.2020, for recovery of the amount` 35,12,66,822.23 (plus interest IN VIEWOFthethelarge-scale and cost from 09.10.2019) due to our bank as mentioned below from the Borrower disruption caused by the M/s. Thakkarsons Roll Forming Pvt. Ltd. and the Guarantors Shri. Devang Thakkar, Smt. Mansi Thakkar, Shri. Vatsal Thakkar, M/s. Thakkarsons metal Processors, M/s. Covid-19 pandemic, markets Metcraft Steel Pvt. Ltd. regulatorSebihasextendedtill The reserve price and Earnest money deposit are as mentioned below: December31theone-timeset- Sr. Reserve Price EMD (` in Details of Property tlement scheme for entities No. (` in lakhs) lakhs) thatexecutedreversaloftrades instockoptionssegmentofthe a. Property consisting of 8100/- sq. Meters, Survey No. 438/1, 4, 5 & 439/1, 4 of village Mahim BSE during 2014 and 2015. Near Asian Foods Co. BIDCO Chintupada Road, The settlement scheme,in- Palghar (West), Taluka & District Palghar-401404. troduced by the regulator in Building there on 37120 sq. ft. consisting of July,commenced on August 1 Rolling Mill shed, Side Shed, Height 37 ft., Tube Lot Mill Shed Height 35 ft., Two room loan bearing and was supposed to end on 804.75 80.48 No. height 10 ft. (Reserve price :` 746.55 Lakhs) (a+b) (a+b) October 31. However, amidst 1 b. Machineries hypothecated and installed in the the disruption caused by the factory premises. (Reserve price :` 58.20 pandemic,Sebi received many Lakhs) representationsseekinganex- Boundaries :- North : Land bearing Survey No. tension,the regulator said in a 441; East : Land bearing Survey No. 438/2 & 439/2; South : Land bearing Survey No. 942; public notice late on Saturday. West : Land bearing survey No. 437. “Uponconsiderationofthe same, the competent author- a. Property consisting of Plot No. 4 & 5 Survey No. 39/2, 39/4, 40 & 41/2 (part) admeasuring 1485 ityhasapprovedtheextension sq. Mt. at village Aliyali, Palghar Industrial Area, oftheperiodoftheschemetill Palghar, Distt. Palghar-401404. Steel frame December31,2020,”it said. Industrial structure standing thereon and other Lot building and Compound wall etc. (Reserve price As per the notice issued by 244.50 24.45 No. :` 219.89 Lakhs) SebiinJuly,entitieswhodonot (a+b) (a+b) 2 b. Machineries hypothecated and installed in the avail the one-time settlement factory premises. (Reserve price :` 24.60 opportunity will be liable for Lakhs) action after the expiry of the Boundaries :- North : Plot No. 2 (Palghar scheme. Plywood Co.); South : Road; East : Plot No. 6 West An entity that wants to ap- (SAGA Company); : Road. ply for one-time settlement Property consisting of Gat / Survey No. 207 (part) under the scheme is required admeasuring 50 R (5000 sq. mts.) or thereabouts Lot situated at village Ghonsai, Taluka Wada, Distt. to submit a settlement appli- No. Palghar within the limits of Gram Panchayat 26.25 2.63 cation in the specified format 3 Ghonsai, Dist. Palghar, Maharashtra-421312. along with the applicable ap- Boundaries :- North : Survey No. 202; South : plication fee,it had said. Survey No. 214; East : Nala; West : Survey No. 203 Under the scheme, the en- The Earnest Money Deposit shall be deposited on or before 19.11.2020 at 5.00 P.M. titieswhich executed trade re- The property can be inspected, with Prior Appointment with Authorised Officer on versals on the stock options 13.11.2020. segment of the BSE during 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 April1,2014,toSeptember30, deposited through RTGS / NEFT / Fund Transfer to credit of account of Canara Bank, 2015, and against whom any ARM Branch, Mumbai A/c No. 1389296000002, IFSC Code: CNRB0001389 on or before proceedings are pending, are 19.11.2020, 5.00 P.M. eligible to avail the settlement 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 opportunity. Canara Bank's website (www.canarabank.com) or may contact Mr. Manoj S. R., Chief To arrive at an indicative Manager, ARM-I Branch of Canara Bank, Tel. No. 022-22065425 / 30 / 38, 9787242782, settlement amount,Sebi con- S. K. Choudhary-8169845618 during office hours on any working day. sidered three objective para- sd/- meters — artificial volume, Date : 31.10.2020 Authorised Officer, Place : Mumbai Canara Bank numberofnon-genuinetrades To, and number of contracts re- sulting in creation of artificial M/s. Thakkarsons Roll Forming Pvt. Ltd. Shri. Devang Thakkar, Office at Plot No. 4 & 5, Nos. 39/2, 39/4, Office No. 507, A wing, Kanakia Atrium volume ornon-genuine trades 40 & 41/2, Aliyali village, Opp. PIA Office 215, Hotel Countryard Marriot Complex, — the regulatorhad said. Palghar, Dist. Palghar-401 404. Andheri-Kurla Road, Mumbai-400 086. Further,auniformconsoli- dated settlement factor in Smt. Mansi Thakkar Shri. Vatsal Thakkar, Office No. 507, A wing, Kanakia Atrium Office No. 507, A wing, Kanakia Atrium all cases wherein the entities 215, Hotel Countryard Marriot Complex, 215, Hotel Countryard Marriot Complex, had executed reversal trades Andheri-Kurla Road, Mumbai-400 086. Andheri-Kurla Road, Mumbai-400 086. would be applicable while ar- M/s. Thakkarsons Roll Forming Pvt. Ltd. Shri. Devang Thakkar, riving at the indicative settle- Office No. 507, A wing, Kanakia Atrium 603/604 Marble Arch Building, ment amounts. 215, Hotel Countryard Marriot Complex, TPS Road, Opp. M. K. Singh School, Sebi had come across sev- Andheri-Kurla Road, Mumbai-400 086. Borivali West, Mumbai-400 092. eral instances wherein a set of Smt. Mansi Thakkar Shri. Vatsal Thakkar entities were consistently 601, Hariyana Hatkesh CHSL. 601, Hariyana Hatkesh CHSL. making losses bytheirtrading CTS No. 140, N. S. Road, 5 Canara Bank, CTS No. 140, N. S. Road, 5 Canara Bank, inoptionsonindividualstocks JVPD Vile Parle (W) Mumbai-400 056. JVPD Vile Parle (W) Mumbai-400 056. listed on the BSE.It noted that M/s. Thakkarsons metal Processors M/s. Thakkarsons metal Processors the trading of these entities Office No. 507, A wing, Kanakia Atrium Reg. Office : Plot No. 17 & 19, Survey appeared abnormal because 215, Hotel Countryard Marriot Complex, No. 437, Village Mahim, BIDCO Road, theywere consistently seen to Andheri-Kurla Road, Mumbai-400 086. Palghar, Dist. Palghar-401 404 bemakingsignificantlossesby M/s. Metcraft Steel Pvt. Ltd. M/s. Metcraft Steel Pvt. Ltd. (Earstwhile : M/s. Metcraft Enginnering Coporation their trades, which were re- Office No. 507, A wing, Kanakia Atrium Reg. Office : Plot No. 17 & 19, Survey versedwiththesamecounter- 215, Hotel Countryard Marriot Complex, No. 437, Village Mahim, BIDCO Road, Andheri-Kurla Road, Mumbai-400 086. parties either on the same day Palghar, Dist. Palghar-401 404 orthe next day.

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