Biden All Set to Defeat Trump Special Features

OPINION, P6 ECONOMY, P2 MARKETS, P11 EDITORIAL CAPTURING THE MARKET MAKING IT EASIER ECI must be prudent Gadkari is right Cut EV cost and forgo Sebi announces 'flexi about bureaucratic on its ‘polls during inefficiency, but babus profit initially, Gadkari cap fund',AMCs to pandemic’ talk thwarted by netas too tells automakers have more flexibility

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VOL. XI NO. 242, 26 PAGES, `10.00PUBLISHEDFROM:AHMEDABAD,BENGALURU,CHANDIGARH, CHENNAI,HYDERABAD,KOCHI,KOLKATA,LUCKNOW,MUMBAI, NEWDELHI,PUNE READ TO LEAD

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IN THE NEWS BATTLEGROUND STATES LVB board meet today; may not take up Clix deal Biden all set to defeat Trump THE BOARD of the troubled Lakshmi Vilas Bank (LVB) is unlikely to take up the The Democratic Judge denies Trump campaign Clix deal at the Saturday candidate surges bid to halt Philadelphia count meeting which is primarily ahead in Georgia, being convened for the REUTERS wasfiledwiththefederalcourt purpose of approving the Pennsylvania November 6 in Philadelphia. second quarter results of “As stated during today’s the bank, reports fe Bureau A FEDERAL JUDGE denied an emergencyinjunctionhearing, in Chennai. ASSOCIATED PRESS emergency request from US in light of the parties’agree- Washington, November 6 President Donald Trump’s ment, plaintiff’s motion is Aurobindo Realty, campaignonThursdaytostop denied without prejudice,”US DEMOCRAT JOE BIDEN was ballot counting in Philadel- district judge Paul Diamond Essel Mining bag on the cusp of winning the phia so long as Republican said in a one-sentence order 1 coal block each presidency on Friday as he observerswere not present. late onThursday. opened up narrow leads over Trump’s campaign had A state appellate court TWO LARGE coal blocks President Donald Trump in sued Philadelphia County’s ruled earlier in the day that were auctioned off to private the critical battlegrounds of BoardofElectionsearlierinthe more Republican observers players on Friday,reports fe Georgia and Pennsylvania. day to seek an emergency could enter the building in Bureau in New Delhi.Aditya Those put Biden in a injunction. Philadelphia where poll work- Birla Group’s Essel Mining stronger position to capture (Clockwise from above) President DonaldTrump leaves the podium Thecampaignsaidelection erswere counting ballots. grabbed the Radhikapur East the 270 Electoral College after speaking at theWhite House; aTrump supporterwearing a mask officials were “intentionally Trump has repeatedly said block in Odisha by quoting a votes needed to take the ofUS Democratic presidential nomineeJoe Biden during a protest in refusingtoallowanyrepresen- without evidence that mail-in revenue share of 16.75% and White House. The winner Philadelphia; activists dressed as theWhite House, Philadelphia City tatives and poll watchers for votes were prone to fraud, for the Urma Paharitola mine will lead a country facing a Hall, and the United States Postal Service mailboxes President Trump and the though election experts say in Jharkhand,Aurobindo historic set of challenges RepublicanParty”.Thelawsuit that is rare in US elections. Realty made the highest bid including a surging of 26.5% revenue share. pandemic and deep political knowing who will lead them US coronavirus cases climb by Biden bad for US equities, good for others: Mobius polarisation. for the next fouryears. WhatsApp starts Trump remained in the The prolonged process record for second day in a row ABHISHEK VISHNOI foremergingmarketsandother WhiteHouseresidenceFriday added to the anxiety of a November 6 global equities since there will payment service morning as his campaign nation whose racial and cul- CORONAVIRUS CASES in rethinktheirplansforThanks- be a retreat from the US mar- in India insisted the election wasn’t tural divides were inflamed the US surged by at least givingdinneronNovember26. AJOEBIDEN presidency ket,”hesaidinanemailedinter- over Biden was at his home in during the heated campaign 120,276 on Thursday,accord- Twenty out of 50 states would be negative for equities view on Friday.Mobius’s com- WHATSAPP ON Friday said it Wilmington Delaware as the With his pathway to ing to a Reuters tally, the reporting record one-day in the US and positive for ments on Biden come as the is rolling out its payments vote count continued. reelection appearing to second consecutive daily increases on Thursday. Previ- other markets, given his Democrat inches closer to the services in India after recei- The focus on Pennsylvania greatly narrow Trump was record rise as the outbreak ously, the most states that plans to hike taxes on compa- presidency, overtaking Presi- ving nod from the National where Biden led Trump by testing how far he could go in spreads in everyregion. reported records fornewcases nies and wealthy Americans, Joe Biden dent Donald Trump in the the Payments Corporation of more than 9,000 votes and using the trappings of presi- US cases have risen by over in a single day was 16 on according to veteran investor crucial swing state of Georgia, India, reports PTI. In 2018, Georgia where Biden led by dential power to undermine 100,000 for three out of the October 30, according to Mark Mobius. saidMobius,whosetupMobius while a global equity rebound the Facebook-owned firm more than 1,500 came as confidence in the vote. last seven days, putting pres- Reuters data. Biden’s tax increases would Capital Partners after three showssignsofstalling. had started testing its UPI- Americansenteredathirdfull sure on hospitals in several reducetheincentiveforpeople decades at FranklinTempleton based payments in India. dayafterthe electionwithout Continued on Page 16 states and causing families to Report on Page 8 to invest in Wall Street stocks, Investments.Thatwill“begood Continued on Page 2

● DATA CENTRES Special Features INDIA-US TRADE Fantastic Friday FE BUREAU Amazon RE replaces the Thunderbird Biden’s victory to Markets continue forward march announces Indian equities continued to Nifty50Intra-day, Nov 6 Bank Nifty Intra-day, Nov 6 with the Meteor rally on Friday,in sync with Prev close: 12,120.3 Prev close: 26,313.1 delay planned deal 12,300 27,200 investment The Meteor 350 inherits its Asian cues, resulting in the 12,263.55 26,798.95 name from another Royal fifth straight session of gains 12,240 26,800 Enfield motorcycle of the BANIKINKAR PATTANAYAK for the benchmark indices. 12,156.65 26,274.1 12,180 26,400 of `20,761 cr 1950s. It is also the New Delhi, November 6 NEWREALITY Encouraging macro-data as company’s first product to ■ Limited dealwas expected to also better-than expected 12,120 26,000 in Telangana corporate earnings have get a turn-by-turn navigation A VICTORY FOR Joe Biden in coverannualtradeofabout$13bn, 12,060 25,600 pod, called theTripper the American presidential or 15% ofbilateral shipment revived the sentiment with Open Close Open Close PRESS TRUST OF INDIA ■ Motobahn, P9 election may delay the conc- bank stocks particularly in New Delhi/Hyderabad, ■New US administration may seek favour. Foreign institutional 50,000 November 6 lusion of a“limited”trade deal to have a fresh look at the deal investors stayed bullish, 41,945.37 between India and the US that and suggest changes; talks for 40,000 41,893.06 Excellent performance by was negotiated formonths and a potential FTAmay be delayed snapping up stocks worth AMAZON WEB SERVICES wasexpectedtocoveranannual an estimated $720 million, 30,000 (AWS)onFridayannouncedset- ■ ICICI Bank in Q2FY21 trade of over $13 billion, or But some analysts expect according to provisional 20,000 tingupofitsseconddatacentre roughly 15% of bilateral ship- Biden administration to shed exchange data. Expectations Sensex regioninIndiainTelanganathat Rebound in fees offset NIM ments,as the new administra- rigidities of recent past and that global liquidity will 10,000 will be operational by mid- be more pragmatic on trade compression; collection tion may seek to review the remain abundant have also 0 2022,andwillseethetechgiant trends are encouraging; broad contours of even the set- boosted the sentiment. Jan 17, 2020 Nov 6, 2020 investingabout`20,761crore. FY21-23e EPS up 10-20%; tledissues,sourcestoldFE. While AWS did not com- TP raised to `525 from However,theBidenadmin- ment on the investment detail, `470; ‘Buy’ maintained; istration will likely be more Telangana IT and industries top pick in the sector pragmatic and may not view SC ORDER ministerKTRama Rao tweeted ■ Investor, P9 tradetieswithcountries,espe- AWS will invest `20,761 crore cially strategic allies, strictly ($2.77billion)tosetupmultiple from the narrow prism of Lighthizer and he had agreed Telcos can offer segmented datacentresinthestate.“Happy American trade deficit, as that“we can look to finalising to announce the largest FDI in QuickPicks DonaldTrump did. (the limited deal) before the thehistoryofTelangana!Aftera In September,India’s com- (US) election, or otherwise tariffs but Trai can ask for details series of meetings, AWS has merce and industry minister soon afterthe election”. finalisedinvestmentof?20,761 SC stays HC order asking SpiceJet Piyush Goyal had said INDU BHAN are not part of standard tariff Cr($2.77Bn)tosetupmultiple UStraderepresentativeRobert Continued on Page 2 New Delhi, November 6 In 2018,Trai had package),thiscamewithacaveat data centers in Telangana.The to pay `243 cr to Kalanithi Maran ` prohibited BhartiAirtel thatthesamecan’tbepublished @AWSCloud Hyd Region is THE SUPREME Court on Friday stayed the Delhi THE SUPREME COURT on &Vodafone Idea from ordisclosedtocompetitors.This expectedtobelaunchedbymid High Court order that askedAjay Singh and his Italy’s Snam to enter India gas market Friday struck a balance offering segmented tariffs restraint does not applyto nor- 2022,”hetweeted. low-cost airline SpiceJet to deposit around `243 between regulatory principles maltariffpackages,whicharein Rao, in a statement, said Segmented tariffs crore towards interest in connection with a share- ITALIAN ENERGY utility Snam has signed an MoU and competitiveness of tele- public domain. What goes in AWS is investing to set up an offer discounts transfer dispute with its ex-promoter Kalanithi Maran and his Snam said on Friday it has withIOCforpossiblejointini- com operators bywayof offer- to high-paying favour of the operators (Bharti AWS Region with three Avail- company KALAirways, reports Indu Bhan in New Delhi.This signed agreements with tiatives in the natural gas ing segmented tariffs to their customers which are not part AirtelandVodafoneIdea)isthat abilityZones (AZs) in the state. interest amount was payable on `579 crore, which the HC had IndianOil(IOC),AdaniGroup infravaluechain,particularly highArpu customers. ofstandard tariffpackages theyhaven’tbeenstoppedfrom AZscomprisemultipledatacen- earlier in 2017 asked SpiceJet to deposit pursuant to the 2018 and Greenko to enter the forstorageandregasification. While it said the Telecom offeringsegmentedoffersasini- tres in separate distinct loca- arbitration award in the share transfer dispute. PAGE 4 Indianmarket,withfocuson It has also signed separate Regulatory Authority of India TDSAThad set aside tiallydirectedbyTraiin2018on tions within a single region natural gas, hydrogen and preliminaryagreementswith (Trai)iswellwithinitspowersto Trai's regulation on thegroundsthatsuchtariffsare engineered to be operationally low-carbon mobility,reports AdaniGroupandGreenko. askforanyinformationfromthe this stating that such discriminatoryinnature. independentofoneanother. Buyers from large firms to quote feBureauinNewDelhi. ■ Report on Page 4 telcos with regard to their seg- offers are not discriminatory valid e-invoices fortax credit mentedoffers(discountswhich Continued on Page 2 Continued on Page 14 AIMING TO collect almost the same sum as taxes as last year, the revenue department is ● FOOD DELIVERY tightening compliance requirements related to SEALING DEALS e-invoicing, reports fe Bureau in New Delhi. The buyers are required to ensure proper e-invoices are issued Zomato to raise $146 m to them by listed large GST-registered businesses; in the Deutsche Bank alumni helping Son remake SoftBank absence of such e-invoices, the buyers could lose input tax BLOOMBERG appetiteforriskandcomplexity as part of Series J funding credit. E-invoicing system is connected to a central portal November 6 hold sway. Naheta is one of a which receives and validates invoices in real time. PAGE 2 small cohort of Masa whisper- FE BUREAU ing investor UK-based Pacific WHEN MASAYOSHI SON cut ers, many of them former New Delhi, November 6 HorizonInvestmentTrust. the largest deal of his career — Deutsche Bank traders and Zomato is in the process of Brookfield pushing ahead with the $40-billion sale of chip executives,who now have the ZOMATOISSETtoraisearound issuing 34,873 Series J prefer- designerArm in September — founder’s ear. Son, in a state- $146 million (`1,085 crore) as encesharestothenewinvestors India REIT IPO by year-end the idea didn’t originate with Rajeev Misra Masayoshi Son ment,praisedNaheta,sayinghe partofitsSeriesJfundinground at an issue price of `3,00,235, BROOKFIELD ASSET Management is pushing to one of his seasoned bankers or “has helped me create signifi- from a clutch of investors, thecompanysaidinthefilings. list a real estate investment trust in Mumbai lawyers.Instead,it startedwith ing the company 3 years ago. Naheta’s rise at SoftBank — cantvalueforourshareholders.” including Mirae Asset, Stead- As part of the Series J finan- before the end of this year, which could raise as arelativenewcomertohisinner Some, like a $1-billion debt he’snowaseniorvice-president, The group includes Rajeev view Capital, Luxor Capital cial round, the firm has raised much as `3,800 crore ($513 million), according circle,a former Deutsche Bank transaction with WirecardAG, providing strategic advice to Misra, Colin Fan and Yanni Group,LugardRoadCapitaland funds from Kora Investments, to people familiar with the matter, reports Bloomberg. The AGtraderwithabackgroundin have been controversial. But Son — reflects the company’s Pipilis, all of whom worked ASP India, regulatory filings Temasek, Tiger Global, Ant Canadian asset manager has received good response from financialengineering. they got him close enough to move awayfrom running tech- with Naheta at SoftBank’s sourced from business intelli- Financial,Baillie Gifford so far investors, including sovereign wealth funds and pension Akshay Naheta,not yet 40, Sonthathewasabletopitchhim nologybusinesses to an invest- Vision Fund. genceplatformToflershowed. amountingtoover$270million. managers at roadshows in the past two weeks, one of the hasworkedonsomeofSoftBank on the sale ofArm to semicon- ment-holdings model where It has already raised `38 people said. Group’sbiggestdealssincejoin- ductordesignerNvidiaCorp. finance veterans with an Continued on Page 14 crore($5.12million)fromexist- Continued on Page 16

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TAX COMPLIANCE Nirmala Sitharaman, Finance minister Taxation compliance has to be promoted ❝ ❝so that more collection can go towards the welfare of people in the far-flung areas EconomySATURDAY, NOVEMBER 7, 2020 Quick ● GST COMPLIANCE TIGHTENED Gadkari asks electric vehicle Buyers from big firms to show manufacturers to pare costs View FE BUREAU New Delhi, November 6 PM to flag off valid e-invoices fortax credit ROADTRANSPORTANDhigh- Ro-Pax ferry ways minister Nitin Gadkari service in Guj FE BUREAU procuring supplies from large systemiscatchingfraudsoffake has urged electric vehicle (EV) New Delhi, November 6 vendors must ensure that invoices but it’s flagged only manufacturers to take steps to PRIMEMINISTERNAREN- invoiceissuedtohimisavalide- when returns are filed every pare costs,so that demand for DRAModiwillonSunday AIMING TO COLLECT almost invoicewithaninvoicereference months but with the real-time these vehicles increase and a country has the potential to it, he said 22 new green flagoffaRo-Paxferryserv- the same sum as taxes as last number(IRN).Taxpayersneedto nature of the e-invoices, that sizeablemarketiscreated. become the largest EV manu- expressways are planned, icebetweenHaziraandGh- year,therevenuedepartmentis doublyensurethatsuppliesrece- time won’t be available for “E-mobility is going to be facturerintheworldinthenext including Bangalore-Chennai oghainGujaratandinaug- tighteningcompliancerequire- ivedfromthelistedvendorsmu- unscrupulouselements,”agov- the future mode of economic five years.EVs are required not — which will be completed in urateaterminalforit,giving ments related to e-invoicing. stbebackedbyavalide-invoice,” ernmentsourcesaid. transport.There is economic only for reducing the crude oil threeyears. aboosttoeffortstoharness The buyers are required to ens- Rajat Mohan,senior partner at He added thatwith invoices viabilityforEVmanufacturers, imports; it is also required to “We have to develop an eco- waterwaysandintegrate urepropere-invoicesareissued E-invoicing system is con- AMRG&Associates,said. being stored in a central data- but presently they are not in a reduce the level of pollution in systemoffast-chargingorswap- themwiththeeconomic tothembylistedlargeGST-reg- nectedtoacentralportalwhich Althoughe-invoicingimple- basewhilebeingissued,taxpay- moodtoreducecost.Reducing Indian cities. Import of crude pingofbatteries.Weneedtoen- developmentofthecountry. istered businesses; in the abse- receives and validates invoices mentation has been delayed erswould onlyhave to file sim- cost may result in some losses oil and air pollution are two couragemanufacturingofsuch nce of such e-invoices,the buy- inrealtime.Ithasbeentoutedas owing to pandemic, it is ple returns at the end of the initially, but will bring great majorconcernsforthecountry. batterycellsinIndia,"hesaid. ‘Amountoffraud erscouldloseinputtaxcredit. a game changer,and one of the expected that it would be an month instead of uploading benefits.As a marketing strat- “Air pollution is a million- Pawan Goenka, managing inGSTneeds Alistreleasedbythedepart- reasonswhytheproposedover- effectiveadditiontothecurrent invoicesasaseparatetaskthatis egy,youhavetoreducethecost dollarproblem.Weneedtofind director,MahindraandMahin- mentincludesover28,000GST haulofGSTreturn-filingsystem systemofGSTcomplianceonce currentlybeingundertaken. to get numbers and once the an integrated approach to it. dra,urged the minister to put cautiousapproach’ identification numbers that wasabandonedearlierthisyear it becomes mandatory for tax- WhiletheGSTcollectionro- market picks up, there will be Transport sector alone was EVs under priority sector lend- THECGSTDEPARTMENT must only issue e-invoice for as itwas thought that e-invoic- payers above `100-crore se10%inOctoberandbreached no looking back,”Gadkari said responsible for 18% energy ing,towhichGadkarisaidsince needsto takeacautious B2Bsaleofitems.Therulecame ing could achieve the same turnover from January 1 next the `1-lakh-crore mark for the addressingaFicciseminar. demandand70%ofitwasmet a call on this regard could be approachbecauseofthe into effect from October 1 for objectivewithoutunsettlingthe year and is rolled out for all first time this fiscal,the April- The minister said govern- through imported crude oil,” taken by the finance ministry amountoffraudhappening firms with more than `500- currentsystem. assesseesfromApril1. October collection this fiscal is mentwillprovideallhelptothe Gadkarisaid. only, he would convey their inclaiminginputtaxcredit croreturnover. “Every business entity “Even though the current 80%ofthecollectionlastyear. EV manufacturers and the TermingEVsasasolutionto demandtothefinanceministry. (ITC)bybusinessentities,an officialoftheGSTadmi- nistrationsaidonFriday. RULES BEING FINALISED I-TraidsWB-based Day 5 of coal auction: Essel Mining, coaltradinggroup New labour codes may take effect in`150-crevasion Aurobindo Realty bag one block each THEINCOMETAXdepart- in current fiscal itself FE BUREAU action taken by the Centre already been bid out till Friday, Winners DAY Revenue menthasconductedraids FE BUREAU commentsfor45daysandthen to workers in the unorganised New Delhi, November 6 of coal regardingthecommercialcoal for which the highest bidders againstaWestBengal-based New Delhi, November 6 finalruleswillbeprepared. sectors who form a significant 5 share mine auctions for blocks in have been Hindalco,State gov- coaltraderonchargesofall- Draftrulesundertheindus- partoftheworkforcebutarenot TWO LARGE COAL blocks, auctions offer Jharkhand would be provi- ernmentundertakingcompany egedtaxevasiontothetune THE UNION LABOUR ministry trialrelationscodehavealready covered by any of the existing with a combined annual peak ■ Radhikapur sional, and shall be subject to AndhraPradeshMineralDevel- of`150crore,theCBDTsaid is eyeing earlyimplementation been notified, so as the rules welfareschemes. productioncapacityof15mil- East, Odisha 16.75% the order of the apex court opment Corporation,Fairmine onFriday.“Theraids(that ofnewlabourcodes,byfinalising underthecodeonwages,which Chandrahasalreadywritten lion tonnes (MT), were auc- Essel Mines whenitnexttakesupthemat- Carbons andAurobindo Realty. tookplaceonThursday)led therulesthereunder.Soonafter unversalises minimum wages. to the chief secretaries of all tionedofftoprivateplayerson ■ Urma ter. Jharkhand government On reaching peak production totheseizureofunaccoun- gettingthecodespassedinPar- Labour code on wages was statesadvisingthemtodraftthe Friday and winning bidders Paharitola, 26.50% had moved the Supreme capacity,the state government tedcashandbullionof liament,theministryhadinOct- passedinNovemberlastyear. rules, under the codes, that offered handsome revenue Jharkhand Court, raising its objections is seen earning `2,169.3 crore around`7.3crore,"itsaid. obersaidthatitintendedtoimp- Thelabourministryintends belong to theirdomain soon so share to state governments in Aurobindo Realty against conducting commer- annuallyasrevenuesharefrom lementtherulesunderthethree to implement rules all four that the rules can be imple- order to win the mines.Aditya cial coal auctions for mines in thesefourblocks. MukeshGupta is codes - on industrial relations, codesatonego. mentedearly. Birla Group’s Essel Mining the state, and alleging that it The Centre initially esti- PHDCCIcommittee socialsecurityandoccupational The IRcodewill consolidate Twenty-nine central labour grabbed the Radhikapur East ductioncapacityof5MT.Sim- would cause destruction of mated commercial coal min- safety&health- fromthebegin- and amend the laws relating to Acts,oneofwhichdatedbackto block in Odisha by quoting a ilarly,Jharkhandisexpectedto eco-sensitive zones.The apex ing to contribute about chairman ningofthenextfinancialyear. trade unions, conditions of 1923,havebeensubsumedinto revenue share of 16.75% and earn `1,416 crore from Urma court may set up an expert `20,000 crore annually to PROMINENTMEDIA “That was the outer limit. employmentinindustrialestab- fourcodes,withtheaimofsim- for the Urma Paharitola mine Paharitolamine’speakannual committee to ensure “forests states as revenue and poten- PERSONALITYMukesh Rules may be implemented lishments and matters govern- plifying the laws and ensuring in Jharkhand, Aurobindo production of 10 MT. This is arenotdestroyed”duetocom- tially save `30,000 crore per Guptahasbeenreappointed even before that,”labour secre- ingindustrialdisputes;theOSH higherproductivityand gener- Realtymadethehighestbidof the first time that coal assets mercial coal mining. annum by substituting ther- chairman(media, taryApurvaChandratoldFE. Code consolidates and amends ationofdecentemployment. 26.5% revenue share. are being auctioned off Of 19 blocks to be trans- malcoalimports.However,the entertainment,arts& Thesecretarysaiddraftrules the laws pertaining to occupa- The government is of the The Union government through the new market- ferred to commercial miners in actual benefits seem to be culture)ofPHDChamberof under the social security code tionalsafety,healthandworking viewthat the labourCodeswill expects the Odisha govern- determined revenue share this phase,between November much lower as the estimates Commerce&Industry.Heis andoperationalsafety&health conditions of the persons establish transparent,answer- menttoearn`467croreannu- model,replacingtheerstwhile 2-9, 17 have so far been auc- were based on output from 41 theCMDofGraphisads codewillbenotifiedinthenext employedinanestablishment. ableandsimplemechanismred- ally from revenue share,when fixed fee/tonne regime. tionedoff.Outofthefivemines mines with an annual peak PrivateLtd,anadvertising& 10-15days’timeandwillbeput Thesocialsecuritycodepro- ucingtooneregistration,onelic- the Radhikapur East mine However, the Supreme in Jharkhand earmarked for production capacity of about communicationagency. up in the public domain for videsforsocialsecuritybenefits enceandonereturnforallcodes. reaches its annual peak pro- Court said on Friday that any commercialauctions,fourhave 225 MT.

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India-US trade: For its part, India was to billion),pharmaceuticals ($6.3 information/details regarding reducetariffsonhigh-endbikes billion) and garments ($4.2 bil- segmented offers said the tele- Biden’s victory like Harley Davidson, pledge lion). com regulator wanting “to greater market access in farm ensureadherencetotheregula- to delay products,including cherry,and toryprinciplesoftransparency, sweeten its initial offer on eas- SC order:Telcos non-discrimination and non- planned deal ingpricecapsinmedicalequip- predation, cannot be said, at ment,a source had told FE ear- can offer leastprimafacietobeeitherille- The limited dealwas meant lier.It was also willing to apply galorwhollyunjustified”. to be precursor to a larger free trademarginoncoronarystents segmented According to the apex court, trade agreement between the and knee implants at the first ifTraididnothaveanypowerto two countries, though many pointofsale(pricetostockiest), tariffs butTrai call for details regarding seg- thorny issues remained to be instead of imposing it on the mentedoffersandifitwasacase ironed out before the broader landed prices,as was proposed can ask for ofcompletelackof jurisdiction, pactisclinched. by it initially, to make it more theTDSATremandingthemat- Biden, who was the vice- attractiveforAmericancompa- details terbacktotheAuthorityforset- presidentunderBarackObama, nies like Abott. India was also The telecom operators had tling the issue of segmented is expected to take forward the willing to resolve certain non- wanted both – to offer seg- offers through open consulta- Obama-era policies, analysts tariff measures,such as certifi- mented tariffs as well not pro- tion process would not have said.However,giventhatTrump cation process for some dairy vide any details of it to Trai on risen.However,the SC said“it is has gone too far with protec- products and market access in thegroundofconfidentiality. the duty and responsibility of tionist measures through his alfalfahayandpork. In December 2018, while Trai to ensure that such infor- “AmericaFirst”policies,itwon’t Also,if the US agreed to roll setting aside Trai's regulation mation is kept confidential and be easy for Biden to unwind back its extra tariff of 25% on prohibiting Bharti Airtel and isnotmadeavailabletothecom- themquickly. Indian steel and 10% on alu- Vodafone Idea from providing petitorsortoanyotherperson”. "Ifwe are expecting sudden minium,NewDelhiwastoscrap segmented offers,theTelecom dramaticchangesintheUSpoli- punitivedutieson29American DisputesSettlementandAppel- cies with Biden at the helm, goods,includingalmond,apple late Tribunal (TDSAT) had said Biden bad for that's not going to happen, as andwalnut. such offers have always been in there will be a fair amount of However, negotiations on force and could not be clubbed US equities, continuity," said Abhijit Das, theAmericandemandforIndia with regular tariff schemes head of the Centre for WTO to scrap duties on seven ICT whichneedtobereportedtothe good forothers: StudiesattheIndianInstituteof products, including high-end regulator.The TDSATsaid seg- ForeignTrade. phones and smart watches,are mentedoffersarenotdiscrimi- Mobius Nevertheless,Biden,unlike yet to be concluded, said the natory as made out by Trai as TheMSCIAllCountryWorld Trump,may follow a more lib- source. New Delhi had earlier theyareofferedtoaclassorseg- IndexwaslittlechangedonFri- eral visa policy,which will help estimated that any such move ment of subscribers, over and day after four days of gains, the Indian ITindustry.In June, would mean a potential cus- aboveatariffscheme.Adiscrim- whileUSstockfuturesfellalong theTrump administration had tomsrevenuelossof$3.2billion ination comes into effect if a with shares inAsia and Europe. suspended the issuance of new ormoreayear. same class of subscribers are Theglobalgaugeisclosetolevels non-immigrantvisas,especially India’stradesurpluswiththe provided different treatment where it has faced resistance for skilled professionals,until UShasbeenshrinkinginrecent and there's a complain. How- twicesinceAugust. December31,muchtothecon- years,as it has stated importing ever,it had allowed Trai to ask “The so-calledwealth effect sternation of the Indian IT oilandgasfromthelargestecon- operators to submit it any seg- willbeatplay”intheUS,Mobius industry. omy,something that India has mented offers if it wanted to said.“Ifthepeoplewhoinvestin Biden may also restore the been highlighting.According to examinewhethertheyweredis- the stock market expect that Obama-era nuclear deal with the US government data, New criminatoryornotbutthesame their wealth will be hit with Iran, which was spiked by Delhi’stradesurpluswithWash- hastobekeptconfidential. higher taxes,theywill restrain Trump. Any such move may ingtoneasedfrom$24.3billion TraihadmovedtheSupreme frominvesting.” result in lifting of sanctions in2016to$23.3billionin2019. Court against theTDSATorder, His views are in contrast to againstIranandpavethewayfor AccordingtotheIndiangov- but the apex court had refused someglobalinvestorswhohave Indiatoresumeoilandricetrade ernmentdata,importsfromthe tostaytheruling.Theregulator said that Biden will not be able with the Islamic republicwith- US stood at $35.7 billion in had then modified its order to toraisetaxeseasilywithapoten- outfearsofAmericansanctions. FY20, up 0.3% even though seekinformationonsegmented tially split Congress. The S&P Asforthelimitedtradedeal, overall merchandise imports offers from the telcos fora lim- 500 Index is up more than 7% India was expecting a restora- droppedby7.8%.Keypurchases ited period.The Trai’s plea was thisweek,setforthebestweekly tion of duty benefits (worth include mineral fuels and opposed by Bharti Airtel and gainsinceApril.TheNasdaq100 about $240 million on exports relateditems($8.3billion),gem Vodafone Idea on the ground gauge has surged even more, of $6 billion in 2018) underthe and jewellery($6.2 billion) and thatitwouldviolatecommercial reflecting expectations of the so-calledGeneralisedSystemof capital goods ($4.7 billion). confidentiality and help rivals removal of potentially higher Preferences (GSP), which was India’s goods exports to the US poachtheirsubscribers. capital gains taxes.Meanwhile, scrappedbyTrump.Thedealwas stood at $53 billion, up 1.3% On Friday, a bench led by Trumphasquestionedthecred- expectedtobealmostevenlybal- from a year before. Major Chief Justice SA Bobde while ibility of the election and his anced in terms of tradingvalue exported product segments upholdingTrai’spowerstoissue campaign has peppered the forboththepartners. include gem & jewellery ($9.3 suchdirectionsfordisclosureof courtswithlegalcomplaints.

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�� 4 FINANCIAL EXPRESS WWW.FINANCIALEXPRESS.COM WHATSAPP PAYMENT ROLLOUT

Mark Zuckerberg, Facebook CEO

There is no fee... because its WhatsApp, you know its secure and private too. With UPI, India has created something❝ truly special and is opening up a world of❝ opportunities for micro and small businesses that's CompaniesSATURDAY, NOVEMBER 7, 2020 the backbone of the Indian economy. Quick ● ONE-TIME TAX EXPENSE ITC profit falls nearly View Vedanta profit slumps 62% 20% to `3,232 crore

FE BUREAU to `824 cr in second quarter Kolkata, November 6 LARGELY IN LINE with market PRESS TRUST OF INDIA expectations, ITC on Friday reported a New Delhi, November 6 Hit by pandemic, 19.65%year-on-yearfallinitsstandalone net profit to `3,232.40 crore for the sec- VEDANTA ON FRIDAY reported a 61.8% Ashok Leyland ond quarter ended September 30,with decline in consolidated net profit at `824 gross revenue from sale rising just 1.2% Voltas Q2 profit falls croreforthequarterendedSeptember30, posts `147 cr loss yearonyear. on the back of a one-time tax expense. Thecigarette-to-FMCG-to-hotelmajor 26% at `80 crore The company posted a net profit of hadpostedanetprofitof`4,023.10crore TATA GROUP CONSUMER electronics `2,158 crore in the year-ago period, FE BUREAU for the second quarter last fiscal.Its gross firmVoltasonFridayreporteda25.74% Vedanta said in a filing to BSE. Chennai, November 6 revenue from sale for the July-September Its gross revenue from sale for the decline in consolidated net profit at Income during July-September period stood at `11,891.91 crore as period July-September stood at `79.66crorefortheSeptemberquarter declined to `21,744 crore from `22,814 HINDUJA FLAGSHIP ASHOK Leyland against `11,750.16 for the same period 2020-21.Thecompanyhadpostedanet croreintheyear-agoperiod,thefilingsaid. Income during July-September (ALL) on Friday reported a net loss of lastyear,beating analysts’expectations. `11,891.91 crore as against profit of `107.28 crore for the same In a statement, the company said the declined to `21,744 crore from `147 crore for the second quarter of During the period under review, `11,750.16 for the same period last quarter last fiscal.Total income during taxexpenseforthequarter wasat`2,370 `22,814 crore in the year-ago FY21 as against net profit of` 39 crore in the diversified conglomerate’s tax year, beating analysts’ expectations the period under review stood at crore. “ EBITDA for Q2 FY2021 was at period, the company said in a filing. the corresponding quarter last fiscal, expenses rose 32.79% year on year at `1,650.80 crore,up 10.45% as against `6,531crore,higherby63%q-o-q,mainly owingtoCovid-19relatedchallengesthat `1,041.92 crore. `1,494.56croreintheyear-agoquarter, due to higher commodity prices, higher impacted volumes in the commercial During the second quarter this fiscal, ing.Duringthequarterunderreview,non- Voltassaidinaregulatoryfiling. volumesatzincbusiness,lowercostofpro- vehicle segment. revenue from the company’s cigarette cigarette FMCG business registered ductionatZincIndiaandaluminiumbusi- higher by 33% as compared to the previ- Therevenueforthequarterstoodat`2, business fell 3.86% year on year 15.41% y-o-y growth in its revenue to Cipla net profit rises ness,partiallyoffsetbyhigherinputcom- ous quarter.The rise in revenue was pri- 837croreasagainst`3,929croreinQ2of at`5,121.30 crore,while operating profit `3,794.95 crore, while the segment modity prices, rupee appreciation and marily due to higher commodity prices, FY20.The company reported a positive from the segment also decreased by postedawhopping179.33%y-o-ygrowth 39%,stands at `659cr reversalinrenewablepurchaseobligation highervolumesatZincIndia,ironore,cop- EBITDA of 2.8% for Q2 FY21 against an 15.6%y-o-yat`3,244.78croreduringthe in operating profit at `252.68 crore dur- PHARMAMAJORCIPLAonFriday (RPO)liabilityinaluminiumbusinessdue perandpowerbusiness,partiallyoffsetby EBITDAof -51.2% in Q1 FY21. period, according to a stock exchange filing this period. reporteda38.95%riseinits tocappingofREcertificatesatlowerprices lower volumes at aluminium and steel Vipin Sondhi, MD & CEO,ALL, said, consolidatednetprofitto`659.35 in Q1 FY2021,”the companysaid. business and rupee appreciation,it said. “Whilethechallengesinthemarketdueto croreforthequarterendedSeptember, CEO Sunil Duggal said Vedanta has Depreciation and amortisation for the Covid-19continue,thecompanyhasseen mainlyonaccountofrobustsalesinall reported the highest quarterly operating secondquarterstoodat`1,938crore,arise amarkedimprovementinperformancein India Cements profit rises markets.Thecompanyhadpostedanet result for more than two years.“Our key of 12% as compared toApril-June,mainly thisquarter.Theperformanceofournewly profitof`474.50croreforthe growth projects are back on track and the due to higher ore production at zinc busi- launched AVTR platform in the M&HCV correspondingperiodoftheprevious expansion is being delivered through ness. Finance cost for the quarter was at segment and Bada Dost in the LCVseg- 8-fold,but total income slips fiscal,CiplasaidinaBSEfiling. strict capital allocation and balance sheet `1,312 crore,up 5% quarter-on-quarter, ment gives us immense confidence that focus, aimed at creating value for our primarilyduetohigheraverageborrowing we are on the right track.” Dilip Buildcon profit falls stakeholders. cost,partially offset by reduction in gross TotaldomesticvehiclesalesofALLhad FE BUREAU not chase the prices. Instead, we fixed “Our large scale, diversified portfolio, borrowings.Thegrossdebtofthecompany dropped by 2% to 8,885 units in October Chennai, November 6 prices and supplied to the people who 33% to `17.18 crore positionsuswelltodeliverstrongmargins wasat`62,759croreonSeptember30. 2020 from 9,079 units lastyear. required them,”he said. INFRASTRUCTUREDEVELOPERDILIP and cash flows through the commodity Vedanta, a subsidiary of Vedanta GopalMahadevan,wholetimedirector AIDED BYA tight leash on fixed and vari- The company has also taken BuildcononFridayreporteda33.41% cycle.Vedanta is fully committed to sus- Resources,isoneoftheworld’sleadingoil &CFO,ALLsaid,“Theperformanceforthis ablecosts,andimprovedpricerealisation, proactive steps in containing the fixed dipinconsolidatednetprofitto`17.18 tainable growth and contribute signifi- and gas and metals companies with sig- quarter, which resulted in a positive India Cements on Friday reported a net cost on contract labour, and administra- croreforthesecondquarterended cantly towards building a self-reliant nificant operations in oil and gas, zinc, EBITDAof2.8%,wasmadepossibleowing profitof`71.43croreforthesecondquar- tive and marketing overheads, together September30.Thecompanyhad India,”Duggal added. lead,silver,copper,ironore,steel,andalu- to the revenue enhancement and opera- ter of FY21 as compared to with improvement in oper- clockedanetprofitof`25.80crorein The company said its revenue in the minium and power across India, South tional efficiency initiatives of the com- `8.72croreinthecorrespond- The company’s ating parameters.The over- thecorrespondingquarterofthe periodunderreviewwasat`20,804crore, Africa,Namibia,andAustralia. panyduring challenging times.” ingquarterlastfiscal,register- all volume of the company previousfiscal. Itstotalincomeforthe ing a growth of 719%. EBIDTA rose came down by 21% in the quarterroseto`2,197.73crorefrom The company’s total substantially to second quarter and nearly `1,997.48croreintheyear-agoperiod. income, however, stood lower `240 crore as 38% in the half year ended SAIL records net profit of `436.52 crore at `1,075 crore as against `1, compared to `150 September. DrLal PathLabs Q2 net 249 crore. crore in the Inthewakeofadeclinein FE BUREAU `1,226.47 crore. quarterfrom `940.35 crore ayearearlier. The company’s EBIDTA previous year demand,the overall volume profit up 7.5% to `87cr New Delhi, November 6 “Signifyingthepick-upinperformance Saleable steel production of the com- rose substantially to `240 ofclinkerandcementwasat DIAGNOSTICSERVICESPROVIDERDr and activities,SAIL’s turnoverin Q2 FY21 pany during the quarter stood at 3.752 crore as compared to `150 21.07 lakh tonne as com- LalPathLabsonFridayreporteda THESTATE-RUNSTEELAuthorityofIndia also registered an improvement of more MT,it’s best ever,up by 5% over the same crore in the previous year, an paredto26.67lakhtonnein 7.53%riseinitsconsolidatednetprofit (SAIL) on Fridayreported a net profit of than 20% over CPLY and stood at period lastyear. increase of 60%.Quarter on quarter as thesamequarterofthepreviousyear.The to`87.1croreforthequarterended `436.52 crore on a consolidated basis for `16,834.1 crore.The EBITDA of Q2 FY21 “The company is determined to per- well,EBIDTAimproved by51%. variable cost of production was down by September.Thecompanyhadposteda theJuly-Septemberquarterofthecurrent registeredanastoundinggrowthof58.1% form better in future and is geared up to Improved prices along with the com- 6%(by`130pertonne)whiletheoutgoon netprofitof`81croreforthe fiscal,comparedtoalossof`285.92crore over CPLY and stood at `2,098.09 crore,” take all necessary actions to remain a pany’s cash and carry policy helped fixed overheads was also significantly correspondingperiodoftheprevious in the corresponding quarterlast fiscal. SAILsaid in a statement. world-class domestic steel producer improve profitability and liquidity in the reduced.Withtheimprovedsellingprices, fiscal,DrLalPathLabssaidinaBSE In the first quarter of the current Finance cost for the company reduced towardsbuildinganAtmanirbharBharat,” troubled times, said N Srinivasan, vice the net plant realisation was up by 11% filing.Revenuefromoperationsstood fiscal, SAIL had reported a loss of to `720.37 crore during the reporting said chairmanAnil KumarChaudhary. chairmanandMD,IndiaCements.“Wedid compared to the previousyear. at`431.9croreforthequarterunder consideration. Individual settles case of SpiceJet dues: SC stays Italian energyfirm Snam inks pacts to leak ofWipro’s results ANINDIVIDUALONFridaysettledwith Sebiacaserelatedtoallegedleakof HC order to pay `243 cr entergas,hydrogen market in India Wipro’sunpublishedfinancialresults onWhatsApp,bypayingover`27lakh towardssettlementcharges.Sebi INDU BHAN FE BUREAU The company has signed a With Greenko, Snam aims to observedfromanewspaperarticlethat New Delhi, November 6 New Delhi, November 6 memorandum of understanding collaborate on the studyof hydrogen pro- unpublishedfinancialresultsofsome with IOCL for possible joint ductionmethodsfromrenewables.Green companies,includingWipro, were THE SUPREME COURTonFridaystayeda ITALIAN ENERGY UTILITY Snam on Fri- initiatives in the natural gas hydrogen or hydrogen produced from postedonaprivateWhatsAppgroup DelhiHighCourtorderthathadaskedAjay day signed agreements with Indian Oil infrastructure value chain, renewable energy has been cited as the priortotheirannouncement. Singh and his low-cost airline SpiceJet to Corporation (IOCL), Adani Group and next‘clean energyprize’in a recent policy particularly for storage and deposit `243 crore towards interest in GreenkotoentertheIndianmarket,witha brief by The Energy and Resources Insti- Grofers festive sale connection with a share transfer dispute the order for mere security.The security focus on natural gas, hydrogen and low- regasification tute (Teri). Green hydrogen can be pro- with former promoter Kalanithi Maran was very much alive,”the CJI told Maran. carbon mobility. duced through electrolysis, a process to kick off on Nov9 and his companyKALAirways. Senior counsel Maninder Singh, repre- The company has signed a memoran- whereinelectricitygeneratedatrenewable ONLINEGROCERYSTOREGrofers The interest amount was payable on senting Maran,had argued that the HC dum of understandingwith IOCLforpos- ural gas, gas storage and hydrogen fuel. energy units is put in water to produce announcedits‘DiwaliDhamaka’sale `579 crore that the HC had earlier asked order was on the basis of an audit report sible joint initiatives in the natural gas Thecompany,onFriday,alsosignedanon- hydrogen and oxygen. onFriday. Theupcomingsalewillallow SpiceJet to deposit pursuant to the 2018 thatconcludedthatSpiceJet’sfinancialsit- infrastructurevaluechain,particularlyfor bindingagreementwithAdaniGastocre- Among the avenues being explored by consumerstoshopforfestiveessentials arbitration award in the dispute. uationwas precarious. storage and regasification. It has also ateajointventuretosetupamanufactur- the government to circumvent the prob- ontheGrofersappaswellasitswebsite A bench led by Chief Justice SA Bobde, SpiceJet, in its appeal before the apex signed separate preliminary agreements ing facility for compressors,which are to lem and reduce dependence on imported startingNovember9.Thesalewill while seeking a response from Maran and court, questioned whether it was “just or with the Adani Group and Greenko for be used in gas refuelling stations. products is the use of hydrogen technol- continuetillNovember15. KAL,stayed the HC’s September 2 order equitable”fortheHCtodirecttheairlineto jointly exploring and developing the “Thankstothepartnershipswithsome ogy to store electricity that can run vehi- granting SpiceJet six weeks to make the depositanadditional`243croretosecure hydrogenvalue chain in India. of India’s leading players, leveraging our clesandbalancepowersystems,withsuch Tata HarrierCAMO payment.When the deadline for the pay- theinterestcomponentintheenforcement FE had reported in August that Snam know-how and technologies,we have the batteries estimated to be cheaper and ment expired on October 14, Maran proceedings without deciding the chal- planned to set foot in India’s gas infra- opportunityto bring avaluable contribu- more efficient than the lithium-ion bat- launched at `16.50L moved the HC seeking that Singh’s entire lenge to the arbitration award,which has structure space, and the company’s CEO tion to a countrythat is stronglycommit- teries in use at present. Driven by the TATAMOTORSONFridaylauncheda shareholding in SpiceJet be attached and beenpendingsinceJanuary2019. hadhadadiscussionwithpetroleummin- tedtotheenergytransitionandwhichpre- transport, industry and power sectors, specialeditionofitsflagshipSUV the management be taken over. TheairlinesaidtheHCshouldnothave isterDharmendraPradhanregardingcol- sents many opportunities,” Snam CEO demand for hydrogen could increase by Harrier,atastartingpriceof`16.50 The HC has already issued a notice to taken note of the audit report during the laborations in the areas of liquefied nat- MarcoAlvera said on Friday. three to 10 times by2050,Teri has said. lakh(ex-Delhishowroom)amidthe SpiceJet and Singh on KAL and Maran’s Covid-19 pandemic,when the global avi- ongoingfestiveseason.TheHarrier pleas seeking directions for appointment ationindustryisfacingan“existentialcri- CAMOeditionwillbeavailablein of an administrator/ officer to take over sis,” and especially when the principal manualtransmissionfromXTvariant the management of the company with amount has already been paid or secured Oyo raises `634 cr onwards,andintheautomatic “the direction to apportion and payto the by bank guarantee. Of the awarded Smartphone market grows transmissionfromXZvariantonwards, decreeholderstheamountduetillthedate amount, `308.21 crore was released to from parent entity theautomakersaidinarelease. of actual payment by liquidating the KAL and Maran in April and September shares of Singh”. 2019, while `270.78 crore has been 17% in Sept quarter: IDC FE BUREAU WinZO announces $5m On Friday, the SC observed that it had secured by way of a bank guarantee since New Delhi, November 6 notseenanorderliketheonepassedbythe 2017,the airline said. PRESS TRUST OF INDIA quarterwith17%y-o-ygrowthinthecru- game development fund DelhiHCbefore.“Youcannotkeeponpass- SpiceJet was represented by senior New Delhi, November 6 cial third quarterof theyear,”IDC said. OYO HOTELS & Homes has received SOCIALGAMINGPLATFORMWinZO ing such orders again and again…It is not counsel Harish Salve. Pent-updemandandstockingaheadof `634.49 crore in capital infusion from its announceda$5million(`37.50Crore) INDIA’S SMARTPHONE MARKET festive sales drove the high shipment parent entityOravel Stays,the company’s fundtouplifttheIndianGame shipment grew 17% with record ship- numbers.Xiaomi led the tally with 25% regulator filings sourced from business Developerecosystem.Thisnewscomes ments of 54.3 million units in the Sep- shareofSeptemberquartershipment,fol- intelligence platformToflershowed. afterthestartupannounceditsSeries- Samsung sales record 50% growth tember quarter even as mar- lowed bySamsung (22.3%), Responding to FE’s query, a company Bof$18millionledbyglobal kets like China and the US Pent-up demand Vivo (16.7%), Realme spokesperson said,“This is a business as interactiveentertainmentfundMakers in premium products in October witnessed a year-on-year and stocking (14.7%) and Oppo (11.3%). usualtransaction,wheretheparententity, FundbasedinSingapore,NewYork- decline during the same ahead of festive A total of 25 million fea- Oravel Stays, is in the process of funding basedCourtsideVenture,andSteve PRESS TRUST OF INDIA business) Raju Pullan. period,research firm IDC said sales drove the ture phones were shipped in the operational and business require- Pagliuca,theCo-ChairmanofBain New Delhi, November 6 So far,Samsung has recorded an over- on Friday. high shipment theSeptemberquarter,down ments of OYO’s India operations, and CapitalandinvestorinEpicGames, all growth of 36%,and 68% growth in However, the India smart- 30% y-o-y. As a result, the globalsharedservices,includingservicing developersofFortnite. CONSUMER ELECTRONICS MAJOR premium products in the smallertier-II,- phone market is expected to numbers overallmobilephonemarket a large part of our global operations, Samsung witnessed 50% growth in sales III and -IVmarkets.“This is the best Octo- see a low single-digit year-on- shipment dropped by 4% y- through its subsidiary, OYO Hotels and Vineet Jain joinsV-Mart of premium products and an overall berever,”said Pullan. yeardeclineafterseveralyears o-y with feature phones Homes.The filing is regarding that.” growth of 32% in October,according to a However, Samsung India has not of annual growth, impacted by the chal- accountingfor31%share,IDCsaid. The pandemic has hit the hospitality Retail as newCOO seniorcompanyofficial. shared sales numbers forOctober. lenging first half of theyear,IDC said. Navkendar Singh, research director sector In an interview to FE in August, V-MARTRETAILANNOUNCEDon Thefirmisalsowitnessingagrowthin The company is targeting an “India was the only smartphone mar- (clientdevices andIPDS)atIDCIndia,said RohitKapoor,CEO,India&SouthAsia,had FridaythatVineetJainhasjoinedasits the demand of premium products from overallgrowthofaround30%thisfestive ket in the top three to witness growth as the healthy growth in smartphone ship- said the company has managed to reach newchiefoperatingofficer. Jainisa the small towns during the ongoing fes- season. “ In the first phase [of the festive both China and the US markets declined ment is expected to continue through 30% of the pre-Covid occupancylevels in retailindustryveteranandformerCEO, tive season, said Samsung India senior season], we have delivered a growth of year-over-year in Q3 2020.A record 54.3 October and early November during the the country with bookings led by millen- ofFutureGroup,NorthIndia. vice-president (consumer electronics 32%,”Pullan said. million units were shipped during the festivemonths. nials and small businesses.

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� �� 6 FINANCIAL EXPRESS WWW.FINANCIALEXPRESS.COM A DANGEROUS QUAGMIRE

Congress leader Rahul Gandhi

Chinese respect strength & clear strategic action. ❝GOI’s approach of kowtowing to everyone is taking❝ India into a dangerous quagmire OpinionSATURDAY, NOVEMEBR 7, 2020

● US ELECTIONS 2020 ECI needs to be prudent on THE SKEWED ELECTORALSYSTEM MEANSTHATTRUMP’S PARTYIS STILLINAPOSITIONTO HOBBLE ‘polls during pandemic’ talk THE NEXTPRESIDENT’SABILITYTO DEALWITHTHE HUGE ECONOMICAND ENVIRONMENTALCRISIS CEC says Bihar polls a template for elections in Covid-19 times,but similar gatherings linked to spurts in transmission Is America becoming HE ELECTION COMMISSION ofIndia’s(ECI’s)regulationofpollsisexem- plaryinmanyways.But,howithasgoneaboutconductingpandemic-time polls maynot prove to be in that tradition; indeed,chief election commis- T sionerSunilArora’sboastthattheBiharAssemblyelectionscouldbeatem- a failed state? platefortheelectionmanagementbodiesofotherdemocraciescouldprovequitepre- mature.InIndia,asalsoabroad,eventsthatinvolvedgatheringofpeople—evenroutine thingssuchasreopeningofschools—haveprovedtobeCovid-19super-spreaders. S I WRITE this, it seems role of a heavily partisan Supreme Asthisnewspaperhaspointedoutbefore,thedecisiontoeasesomeoftheoriginal extremely likely that Joe Court—a court shaped by restrictions on campaigning and rallies by political leaders seems to have been the Biden haswon the presi- McConnell’s norm-breaking behav- undoingoftheCovid-19crowdmanagementstrategyforthepolls.Allowingvirtually dency.And he clearly iour,including the rushed confirma- gatherings of any size in outdoorvenues and 200 persons in indoor ones,allowing received millions more PAUL tion of Amy Coney Barrett just days largerfleetsofvehiclesonthecampaigntrail,etc,ensuredthatalldistancingnormscol- Avotes than his opponent. He can and before the election. lapsed.Thiswasevidentinthepackedralliesofpartiesacrossthepoliticalspectrum— should claim that he has been given a KRUGMAN Sixofninejusticeswerechosenbya fromtheRJD(TejashwiYadav’s)totheBJP’s(primeministerNarendraModi’s).Ironi- strong mandate to govern the nation. NYT party that has won the popular vote cally,Modihadexhortedthenation,intherun-uptothefestivalseasonandthepolls, But there are real questions about only once in the past eight elections. to maintain ‘do gaz ki doori’ (a distance of six feet).Against such a backdrop,the fact whetherhewill,in fact,be able to gov- AndIthinkthereisasubstantialchance thatBiharsloweddowntestingintherun-uptotheelectionsindicatesthatthetruepic- ern. At the moment, it seems likely controlofgovernmentsuchaproblem? Wedesperatelyneedanewroundof that this court may behave like the tureonnewinfectionscouldbestilleludingus.Atend-September,Biharwasrunning that the Senate—which is wildly Afterall,Republicanscontrolledoneor federal spending on healthcare, aid to Supreme Court in the 1930s, which nearly1.7lakhtestsdaily;but,whilecampaignmomentumwasnearingitspeak,test- unrepresentative of the American both chambers of Congress for three- the unemployed and businesses, and kept blocking New Deal programmes ing dropped to the 1-lakh-and-below level right up to October 20-21.It has since people—will remain in the hands of quartersofBarackObama’spresidency, support for strapped state and local until FDR threatened to add seats— increased,though steady at 1.3-1.4 lakh per day,but is still averaging significantly an extremist party that will sabotage andwe survived,didn’twe? governments. Reasonable estimates somethingBidenwouldn’tbeabletodo Biden in everyway it can. Yes,but. suggestthatweshouldspend$200bil- withaRepublican-controlledSenate. lower from a month-ago period.This,and the likelihood that it has continued its Before I get into the problems this In fact, GOP obstruction did a lot lionormoreeachmonthuntilavaccine So we are in big trouble. Trump’s reliance on the less-effective rapid antigen tests (RAT) (as an earlier analysis by FE confrontation is likelyto cause,let us of damage even during the Obama bringsthepandemictoanend.Iwould defeat would mean that we have, for showed,nearly90% of the tests in the statewere RAT),could be the reasonwhythe talk about just howunrepresentative years.Republicans used hardball tac- be shocked if a Senate still controlled the moment, avoided a plunge into stateisreportinglowerdailynewinfections.Thatwidertestingiskeytodetectingcases the Senate is. tics, including threats to cause a by Mitch McConnell would agree to authoritarianism—andyes,thestakes isevidentfromthefactthatstateslikeDelhiandKeralahavereportedsharpupward Everystate,of course,has two sen- default on the national anything like this. are that high,not just because of who movementincasesdetectedastheyexpandedtesting. ators—which means that Wyoming’s debt,to force a prema- Even after the pan- Trump is, but also because the mod- Maharashtra and Kerala both reported a spurt in cases after Ganesh Chaturthi 579,000 residents have as much turewithdrawal of fiscal If we were looking demicisover,wearelikely ern GOP is so extremist and anti- and Onam celebrations,respectively.Indeed,in the run-up to the Durga Puja cele- weight as California’s 39 million.The support that slowed the at a foreign country to face both persistent democratic.But,our skewed electoral brations in West Bengal,Union health minister Harsh Vardhan had cited Kerala’s overweighted states tend to be much pace of economic recov- economicweaknessanda system means that Trump’s party is exampletocautionthemassesontheneedfordistancingandothermeasurestocurb less urbanised than the nation as a ery. I have estimated with America’s desperate need for more still in a position to hobble,perhaps Covid-19 transmission.Even the Kolkata High Court intervened,virtually putting whole.And,given the growing politi- that without this de level of political public investment. But, cripple,the next president’s ability to the Puja’s public-festival orientation in a straitjacket.Despite that,infections in the cal divide between metropolitan and facto sabotage, the dysfunction, we McConnell effectively deal with the huge epidemiological, stateareshowingapost-festivalspurt;onFriday,WestBengalhadapositivityrateof rural areas, this gives the Senate a unemployment rate in would probably blocked infrastructure economic and environmental prob- 8.7%comparedto8%amonthearlier.Pre-festivalcommercialandsocialactivity,as strong rightward tilt. 2014 might have been spendingevenwithDon- lems we face. well as Puja-time gathering despite the restrictions on pandals,could have con- An analysis by the website about two percentage consider it on the ald Trump in the White Put it this way: If we were looking tributedtothis.TheECIneedstobearinmindthatCovid-19trendsintheUSreflect FiveThirtyEight.com found that the points lower than it edge of becoming House. Why would he at a foreign country with America’s poll-linkedCovid-19surge;indeed,astudybyStanfordUniversityresearcherslinks Senate in effect represents an elec- actuallywas. a failed state become more amenable level of political dysfunction, we nearly 30,000 new cases and 700 deaths to Donald Trump’s rallies.Against such a torate almost seven percentage And, the need for with Biden in office? would probably consider it on the backdrop,Aroracouldhavecertainlybeenmorecircumspectbeforepattinghimself points more Republican than the more spending is even Now, spending isn’t edge of becoming a failed state—that average voter. Cases like Susan more acute now than it the only form of policy. is, a state whose government is no on the back so hastily—at the very least,he could have been more measured while Collins,who held on in a Democratic was in 2011,when Republicans took Normally,therearemanythingsapres- longer able to exert effective control. talking about critics of the ECI’s poll-related decisions; as perThe Indian Express,he state, are exceptions; the underlying control of the House. ident can achieve for good (Obama) or RunoffelectionsinGeorgiamayyet calledthem“cynics”with“doomsdaypredictions”. right-wing skew of the Senate is the Most immediately,the coronavirus evil(Trump)throughexecutiveaction. giveDemocratsSenatecontrol;barring main reason the GOPwill probably isrunningwild,withnewcasesexceed- Infact,duringthesummeraDemocra- that,Biden might be able to find a few retain control despite a substantial ing 100,000 a day and rising rapidly. tic task force identified hundreds of reasonable Republicanswilling to pull Neta-babu Democratic victory in the presiden- This is going to hit the economy hard, thingsapresidentBidencoulddowith- usbackfromthatbrink.Butdespitehis nexus tial popularvote. even if state and local governments out having to go through Congress. apparentvictory,theRepublicremains But, you may ask, why is divided don’timposenewlockdowns. But here iswhere Iworryabout the in great danger. Gadkari right about babus, but shine that light inwards too

OADANDTRANSPORTministerNitinGadkari’sstingingrebukeofoffi- cials of the National HighwaysAuthority of India (NHAI) for taking nine yearstocompletetheconstructionoftheNHAIheadquarters—thetender LETTERS TO R for the `250 crore project had been awarded in 2011—shines the spot- THE EDITOR light on bureaucratic inefficiencyin the country.The ministercalled NHAI officials Planning to net-zero ‘incompetent’,saying that theystalled the projectwith theirindecision.It is rare for the political executive to haul up the bureaucracy in the manner that Gadkari did, Democracy in distress thoughthepresentdispensationattheCentrehasmovedfarmoredecisivelyagainst The net-zero targets are currently If a democracy’s health were to be bureaucraticcorruptionandinefficiencythanitspredecessors;indeed,betweenJuly betting heavily on future SANTHOSH judged by how many people 2014andMay2019,thegovernmentforciblyretired312GroupAandBofficialsfor technologies.Hence,the progress exercise the vote, the US corruptionandinefficiency.Whenitcamebacktopowerlastyear,itstartedwithcom- JAYARAM presidential election 2020 couldn’t pulsoryretirementof27IRSofficers and followedthis upwith instructions tovari- on these has to be backed with have gone better. It has seen the ous departments to identify deadwood that the government needed to get rid of. Partner & Head - Climate Change & Sustainability appropriate emphasis on R&D Advisory, KPMG in India. Views are personal largest participation since 1900, Indeed,bureaucratic lethargy/inaction has become canonical; multiple surveys of with an estimated 66.9% of the businessleadersidentifyIndia’sinefficient,corruptbureaucracyasaprimarydamp- potentially eligible population enerofbusinessconfidenceinthecountry.FormerNITIAayogvice-chairmanArvind INAWORLDbeset bytheconsequences ioussectors.Itisessentialtorealisethat from the atmosphere.The negative voting. But, from the racial Panagariya claimed that the Indian bureaucracy has,on many occasions,thwarted of climate change—the raging fires in there will be some low-hanging fruits, emission route through carbon seques- polarisation of the electorate to thereform-orientedpoliticalexecutive;Panagariyapinsthistoa‘socialistoverhang’ CaliforniaortheflashfloodsinAssam— and therewill be some thatwill remain trationneedstobebalancedwellwiththe the embattled naming of the thatcloudsthesupplypipelinefortheIndianbureaucracy. the term ‘net-zero’ is now seen as a beyond reach.It is essential to start the mitigationtargets.Unlikeemissionspre- winner, fake news galore adding to Butthereisaflipsidetothis,andthatisthebureaucracyisjustasthwartedbythe panacea to all our anthropogenic ills. policydirections at the earliest in some vented, the removal and locking in the din, there are signs aplenty of a political executive.If a government is intent on carrying on with free/subsidised Countries across the board have made sectors as it will take time for transfor- forests,soilandotherformshaveariskof democracy in distress. However, it power for different cohorts within the electorate,what good does it do to have a commitments to net-zero emissions. mationstohappeninenergysystemsor leakage.Toaddtothat,theoffsetthrough is difficult seeing president Donald ‘reformist’oraction-orientedbureaucratinthepowersector?Fromsubsidisedgrains Even corporates are joining the band- land use that will result in desired out- sequestrationwillrequireland.Thiswill Trump repair it in a second term. to a‘national carrier’airline,from loanwaivers to drug pricing,if the government is wagon,talkingaboutthemeasuresbeing comes.It is also essential in this plan- mean more competition for available But, former vice-president Joe happysignallingananti-reformstand,howdoesanefficientbureaucracyreallyhelp; undertakenontheroadtonet-zero. ning process to take note that the bot- land.Increased focus in this spherewill Biden is in a different mould, and apartfromthefactthatfewbureaucratswouldwanttosticktheirnecksout?Similarly, The biggest thrust to net-zero came tom-upapproachhasnotworkedinthe alsohaveanimpactonbiodiversityifnot therefore, it is good news that he is within striking distance of it doesn’t matterhowoften the bureaucracytinkerswith the Prevention of Corrup- recentlywhen president Xi Jinping sur- past.Ifwewaitforeachsectortosubmit appropriatelyplanned.We have already prisedtheglobalcommunitywheninhis its contribution voluntarily, it is not heardthenewsofincreasedgreencover, becoming the next US president. tionAct,thepaceofdecision-makingwillnotchangetillthepoliticalexecutivetakes videomessagetotheUNGeneralAssem- going towork.Forinstance,as has been but with decreased biodiversity. Quite a bit of the historic voter some bold decisions and amends the law drastically; so,for instance,the Constitu- bly in September he announced that analysedbyanumberofresearchagen- Afforestation needs to take a landscape participation that the pandemic tionneedstobeamendedtosayPSUsarenotanarmofthestateandequallystrong Chinawouldachievenet-zeroemissions cies,the ensemble of nationally deter- approach than of monoculture planta- has unexpectedly mobilised is in changeswillneedtobemadetofixL-1-itisthatpreventsdecision-makingforfearof by 2060. Considering that China cur- minedcontributions(NDCs)neverreally tion.Thecostdynamicsmightshowneg- the form of mail-in ballots. It is on a CAG/CBI/PCAsword hanging overyourhead.As formercoal secretaryHC Gupta’s rentlyaccountsforalmost28%ofglobal added up for the target reduction of ative emission routes more favourable these that the next presidency exampleshows,sometimes,itisforthebestnottoactratherthanimplementthever- emissions,thisishuge.Still,manyareyet 1.5oCasplanned. thanmitigation,butifwetakethispath, now hinges, with the Trump baldecisionsoftheministeronereportsto. tocommit. Climate change is a global issue, it itwillreduceourfocusonthemitigation campaign launching legal So,even as Gadkari scolds NHAI officials,and the Centre announces a Mission One crucial question, however, doesnotmatterwhereemissionreduc- actions. In the process, we might be challenges in battleground states Karmayogitoreskillbureaucratsandweedsoutinefficientones,itmustbekeptin remains unanswered, and that is tionsareachieved,andhence,thesolu- replacing near-future emission reduc- like Georgia and Pennsylvania, mind that what is really holding India back is the lack of political will and imagi- whether these commitments tions can transcend across the world. tion with distant future emission which Biden is looking to flip after nation;afterall,whenthegovernmentfinallydecidedtomoveonfarmandlabour are enough? The option of cross-boundarycollabo- increase.Theoffsetshouldnotbeseenas Michigan and Wisconsin. The laws,the bureaucracywas no hindrance. Manyofthesecommitmentsarevol- rations and market mechanisms will alegitimisationtocontinuedemissions. exigencies of the pandemic have untary and not binding. Namely, if a have to be evolved even in these combined with the American countryorcompanymisses the targets, dynamicsastheworldtradeisstilldis- Looking beyond net-zero federal spirit and habit for therearen’tanypenaltiestopay.Wehave persed around the globe. The net-zero targets are currently experimentation, to introduce DryingUP already seen European countries falter A systems perspective is critical in betting heavily on future technologies. many new processes and ontheiremissionreductiontargets. roadmap planning. The policies and Hence,the progress on these has to be guidelines for this election. That it Without a holistic approach to ensuring water-security, Mindyou,thereishardlyanyalterna- actions in one area should not unlock backed with appropriate emphasis on should therefore take time, indeed tive to net-zero emission.What we also challenges in other dimensions of sus- R&D.Itwillalsobeprudenttoplanalter- several days, to count every vote is Indian cities could run dry in just decades need is a structured, systematic and tainable development.The overreliance nativesandhedgethemacrossmultiple no disgrace. What is indefensible is empiricalapproachtoit.Forinstance,we in some dimensions can result in new alternatives.Thejuryisstilloutonmany the head of state stoking witnessed reduced GHG emissions due challenges andwill not be a sustainable ofthepromisingtechnologies. misinformation by accusing his CCORDING TO A recentWWFRisk Filteranalysis,100citiesgloballywill toCovid-19pandemic.Ifwewouldmake solution.Forexample,thetargetsaround Itisalsonotjustabouttechnologies, opponent of“trying to steal the befacing‘severewaterscarcity’by2050.Thesecitiesarehometoaround therighteffortsintherecoveryperiod,it biofuelsneedtobeevaluatedagainstthe there must be a focus on behavioural election” as it can be a potential 350millionpeople.Climatechangeandrisingpopulation—thetotalpop- will be one of the best chances in our impacts of land-use change and result- change. There have to be discussions threat of inciting violence. The ulation of these cities could increase from 17% in 2020 to around 51% journeytowardsnet-zero. ing food securityand biodiversitychal- about consumption patterns,wastages, world also looks to the US to byA2050—havebeencitedasunderlyingfactors.Therefore,countriesneedtomakethe lenges.Alifecycleapproachtothealter- etc.Searchengines,socialmedia,e-com- provide better leadership on issues spreadofurbanisationmoreevenapartfromundertakingurgentclimateaction.Two The dual approach nativesplannedwillbeveryuseful.Even merce and our educational system,all ranging from climate change to Indiancities—Jaipur(45)andIndore(75)—featureinthelist.Apartfromthesetwo,28 As we hope to have more commit- the variable renewable energy sources havearoleinthisdirection. global security. But that cannot other Indian cities are likely to face‘increasing water risks in the next few decades’, mentsandannouncements,itisessen- across the day or season need systemic In the end,net-zero commitments begin to happen without a rules includingKolkata,Mumbai,Bengaluru,Lucknow,DelhiandVishakapatnam. tial to start the discussion on the road planningwithgridbalanceandstorage. are only the starting point. Even if we based order at home, where the Developingurbanwetlandsandwatershedarecrucialtocontainingthecrisis.The that will be taken towards net-zero. It As we plan the mitigation journey, were to reach the goal of net-zero emis- undermining of norms and SmartCitiesinitiative’sframeworkforwatermanagementalsomustbeimplemented goeswithoutsayingthatthejourneyto we need to design systems keeping in sionsby2050,itnecessarilywouldn’tbe institutions must cease. Biden- on a war footing.In order to operationalise water management for a water-secure destination net-zero is made up of mind the adaptation requirements enough to reduce the CO2 concentra- Harris would not do a miracle, but future,publicfundingforsustainableeconomicgrowthistheneedofthehour.From many small milestones.The way for- resulting from the intensification of tionstosaferlevels.Thus,ourperspective they would be a welcome shift in cuttinggreenhousegasemissionstoreclaimingwasteware,citiesmusthaveamulti- wardistocombinetwoapproaches;the impacts.The first case of bankruptcy should not be limited to net-zero; direction. They may well begin by prongedresponse.GivenhowIndianeitherhascreatedstoragecapacitycommensu- first,to stop/reduce GHG emissions, quoting climate change as reason is a instead,weneedtoplanbeyondnet-zero. addressing the wide gap between ratetotheprecipitationitreceivesnorhasmovedmeaningfullyonwastewaterrecla- and the second, to remove CO2 from concreteillustration.Thereisnoswitch The road to net-zero and beyond the citizens of colour, a majority of mation, there is a lot of potential in these two areas in terms of bolstering the atmosphere.The vital factor is the to reverse the direction.Even the most lookschallengingandquitedaunting. whom voted for them, and the balance between the two streams ambitious and rapid achievement of Butastheysay,ajourneyofathousand white people who didn’t. water-security.Beyond that,the countryneeds to implement rainwaterharvesting, — micro-irrigation,etc,whiletransitioningawayfromwater-guzzlingcropsandpricing towards the net-zero. net-zero will still result in further miles starts with one small step.We Sanjay Chopra, Mohali Let’s take up the GHG reduction watercorrectlytodiscouragewastage.Withoutaholisticoutlookonwater,thecoun- warminginthecomingdecades. just need to firm up our resolve and plans;weneedtobreakthetargettovar- Now,speaking about removing CO2 take that step. ●Write to us at [email protected] trysuffers—researchshowsaclearlinkbetweenwater-stressandconflict.

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

Pune WWW.FINANCIALEXPRESS.COM SATURDAY, NOVEMBER 7, 2020 FINANCIAL EXPRESS OPINION 7

Risk appetite metric for bank's overall risk management Category Indicator Appetite Trigger Position Owner & Basis level FY20-21 Action Points Rooted in Credit Exposure to 12% 10% 8% Credit department at RMD; ECL& EC Based risk Top 20 15% 12% 10% ZOs, ROs are accountable RAROC based real estate participation exposure Asset NNPA <3% 2% 5% RMD; credit units & NPA RC, EC analysis quality Slippage <5% 3.5% 8% Dept. accountable & future growth MUNISH ALAGH RWdensity 75% 70% 80% =>Reduce exposure to certain sectors Capital CET1 ratio >9% 8% 7.5% Board & RMD Capital & Associate professor in Sardar Patel Institute of Economic CRAR >13.5% 12% 12% business plan and Social Research. Views are personal Financial ROA >1% 0.50% 0.40% Board & management committee Capital & business plan Greater stakeholder participation can External rating Tier 1 bonds AA+ AA- AA Board Target risk profile open the doors for more growth Source:Author's own illustration; Note: RMD: Risk Management Department; ECL: Expected Credit Loss; NPA: Non Performing Assets; ZOs: Zonal offices; ROs: Regional Offices; CET1: Common EquityTier 1 capital; RWdensity: Credit Riskweighted assets to gross advances; NNPA: Net non-performing assets; CRAR: Capital to RiskWeightedAssets Ratio; ROA: Return onAsset. NDIA’S PER CAPITA monthly income in 2019-20 was `11,254,thishadincreased6.8%sincelastyear.Whilethe pandemicmayhaltIndia’srisingpercapitaincome,italso appetitestatementhasbeenquantifiedin and/or VaR limits. It also needs to set presentsacasetoreviewIndia’sgrowthfromtheperspec- termsofthetargetCRAR(orCET1&Tier1), return on investment targets and assess tiveofglobaltradeandIndia’spositionintheglobalecon- target credit rating,portfolio credit risk the trade-off between risk limits and omy.InI the short run,fora slow-moving countrylike India,too position(egaveragecorporateprobability returns.Suchamarketriskappetitestate- manyquick turns in the domestic economymaybe difficult to of default),target return on equity,etc.A ment would be able to link business negotiate.So,ifitneedstoovercometheeffectsofthispandemic, morerisk-sensitiveindicatorwouldreflect growth, capital planning, and portfolio ithastoleveragetraderelationstosmoothenbusinesscyclesand the utilisation of economic capital with compositionandreturnoptimisation. bringtheeconomybackontrack. respecttoavailablecapital. A Liquidity Risk Appetite Statement Anopeneconomycannotaffordtohavecrisisonthetrading

ILLUSTRATIONS: ROHNITPHORE For a more granular, bottom-up should move beyond regulatory compli- front.India,however,has continued to irk its trading partners. approach,bankswillhavetoperformbusi- ancewithliquiditycoverageratio(LCR)and Whatthepolicymakersneedtorealiseisthataforward-looking ness and risk profile analysis in each risk net stable fund ratio (NSFR) guidelines to modelofpolicy,whichattemptstosmoothenoutatradedeficit ARINDAM segment(creditrisk,marketrisk,liquidity better manage the uncertain time. It byleveragingonIndia’sstrengthscanworkinthisregard.Inorder riskandotherrisks)andderivetherisktol- should project liquidity requirements to achieve this the governmentwill have to switch from its old BANDYOPADHYAY erancelevel. under normal and stressed episodes and world thinking and look at policyoptions that go beyond stan- A bank can set credit risk appetite examinetheabilityofthebanktoraisethe dard macroeconomic (fiscal or monetary responses). So, for Associate professor & dean, education, National Institute of through economic capital-based scenario requisiteamountofliquidity.Itwouldalso instance,a money supply approach by tinkering with interest Bank Management (NIBM), Pune. Views are personal analysis to express risk appetite in a more enable the bank to develop contingency ratestoreinvigoratedemandmaynotworkasmuchastweaking comprehensible manner.It addresses the funding plans (CFPs) that identifya set of policy in areas that can stimulate investment in the medium- unexpectedriskofthebusiness,whichisa earlywarning signals and associated liq- term.Thenewfarmlawsareanexampleinthisregard.Ifimple- truemeasureofuncertainty.Manysuper- uidity risk management strategies, to mentedinallearnesttheycanyieldagrowthof8-9%inagricul- visorsgloballyprefertheeconomiccapital- guard against bank-specific and systemic tureandanunprecedentedincreaseinfarmerincomes. Banking on based analysis of risk appetite. A more crisis episodes. Such effective and well- However, the government cannot follow a top down objective quantitative manifestation of tested funding plan will help the bank to approach.InIndia,therelationbetweenpositiveandnormative risk appetite will guide the bank to take tideovertheunforeseenshortfalls. approaches to economic policy has always an uneasy one. day-to-daycreditdecisionsatthelinelevel, Theaccompanyinggraphicshowshow Besides,the countryhas always resorted to public policyinter- helpthebanktoreadmacroeconomicsce- riskappetitemetriccanbeusedforoverall ventions to correct market failure.The current pandemic is no uncertainty nario-basedstresstestingresultsandcon- risk management and business strategy different.The tourism industry,auto sector and others are all ductcapitalplanning. setting.The central office can create the lookingtothegovernmenttostimulatedemand.Instead,what Aproperselectionofriskplanrequires metric and can make zonal and regional the government needs to focus on is a participative approach, decisions about industrysectors and geo- offices accountable to manage the bank- wherein it can include all stakeholders to structure policy Banks need to recalibrate their risk graphicregionsthatcanprovidegrowthat ingrisks. responses.In the case of farm laws,and subsequent decision- appetite to cope with Covid-19. An credit losses within the bank’s risk toler- The indicators of risk appetite,trigger makingpriorityneedstobeaccordedtofarmerproducerorgan- ance level.Forexample,if average risk tol- level,FY21 positions,ownership & action isations,whichcanrepresenttheviewsoffarmersalongsiderep- effective and well-tested funding plan erance is less than 1% on assets,then the points and basis of setting the indicators resentationfromstart-upsandthegovernment. will help the bank to tide over the bankneedstotargetaprobabilityofdefault aresummarisedinthetable. France and Canada, under the leadership of Emmanuel (PD) of less than 2%,assuming loss given Business plan and associated risk Macron and JustinTrudeau,respectively,are pushing forward unforeseen shortfalls. default (LGD) of 50% for the pool.Simi- appetite should be properly united and withthisapproachtocreateframeworksbasedonequity.Thisis larly,the unexpected risk limits can be set needtobedynamicallyreviewedbysenior also helping to develop correct macroeconomic adaptive based on Limit=EC×(1/LGD) and accord- managementofbanks.Everyparameterin response in line with the New Growth Theories.In the case of ingly,assetsmaybechosen. theriskappetiteframeworkrequirestobe international trade, increases in government expenditure OMMERCIALBANKS HAVEa statement of a bank entails an assess- Market risk appetite reflects the aligned to expected earnings and its rela- towardsaparticularopeneconomyactioncanleadtoanunfore- central role to play in sup- mentofthecurrentanddesiredriskpro- nature of traded assets the bank holds at tivecontributiontothe risk.Theobjective seenmultipliereffect.Whileitistruethatsuchmeasureswillbe porting the economy during filethatpreciselytellsthelevelofriskthe presentandwishestoinvestinfuture.The ofriskappetiteframeworkisnottorestrict slowtotrickledowntoallsectionsoftheeconomy,andwillben- the current pandemic and in bankiswillingtotakeandanactionplan bankhastoexaminewhetherithasorcan any growth of balance sheet but to meet efit some sections more than others.But the government here Cfacilitating recovery after- to achieve it.A key lesson of the recent raise enough capital to absorb losses organisational strategic goals or to meet hasaroletoplaytotemperdownexpectations. wards.GiventheincreaseinNPAsduring NPA crisis in the Indian banking system under normal and (mild, moderate or interrelatedobjectiveskeepinginmindthe Theaviationindustry,withthegovernment’shelp,couldsee the pandemic,banks need to recalibrate (aggravated by Covid-19) is that banks’ severe) stress conditions,on such portfo- risk tolerance positions.It clearlylays out are-emergenceofJetAirwaysinIndiabyforginganalliancewith their risk appetite and conduct various senior executives need to transmit their lios.If there is a constraint on additional the protocol to be followed if the risk Emirates.Such forward looking adjustmentswill not onlyhelp scenario assessment to estimate suffi- riskappetitetorisk-takersandmanagers. capitalallocationtomitigatetheselosses, appetitelimitsarebreached;therebysafe- theailingsector,butwillalsohelpbreakthemonopolyofChina. cientprovisionandcapitalrequirements Abankneedstoarticulateriskappetite the bank needs to limit the sensitivity of guarding the balance sheet of banks and to sustain lending. The risk appetite in quantitative terms.Normally,the risk itstradingbookintermsofduration,beta sustainingbusinessinthelong-run.

DATADRIVE

While daily infections are falling 97,894 97,570 96,551 96,424 95,735 94,372 93,337 92,605 92,071 90,802 90,632 90,123 89,706 88,600 86,961 86,821 86,508 86,432 86,052 85,362 83,883 83,809 83,347 83,341 82,170 81,484 80,472 79,476 78,761 78,524 78,512 78,357 77,266 76,472 75,829 75,809 75,760 75,083 74,442 74,383 73,272 72,049 70,589 70,496 69,921 69,878 69,652

18,653 69,239 51,139 68,898 67,708 67,151 66,999 66,732 65,002 64,553 64,531 64,399 63,509 63,490 63,371 62,538 62,212 62,064 61,537 61,408 61,267 60,975 60,963 60,723 57,981 57,118 56,870 56,282 55,839 55,342 55,078 55,079 54,735 54,366 54,044 53,601 53,370 52,972 52,509 52,123 52,050 50,129 49,931 49,881 49,310 48,916 48,661 48,648 48,513 48,268 47,703 46,963 46,790 45,720 45,324 45,231 45,148 43,893 40,425 38,902 38,310 37,724 37,148 36,470 34,956 34,884 32,695 29,429 28,701 28,637 28,498 27,114 26,506 24,879 24,850 24,248 22,771 22,752 22,252 20,903 19,148 1 0 2 0 3 0 4 0 5 0 6 0 7 0 8 0 9 0 0 1 1 1 2 1 3 1 4 1 5 1 6 1 7 1 8 1 9 1 0 2 1 2 2 2 3 2 4 2 5 2 6 2 7 2 8 2 9 2 0 3 1 3 1 0 2 0 3 0 4 0 5 0 6 0 7 0 8 0 9 0 0 1 1 1 2 1 3 1 4 1 5 1 6 1 7 1 8 1 9 1 0 2 1 2 2 2 3 2 4 2 5 2 6 2 7 2 8 2 9 2 0 3 1 3 1 0 2 0 3 0 4 0 5 0 6 0 7 0 8 0 9 0 0 1 1 1 2 1 3 1 4 1 5 1 6 1 7 1 8 1 9 1 0 2 1 2 2 2 3 2 4 2 5 2 6 2 7 2 8 2 9 2 0 3 1 0 2 0 3 0 4 0 5 0 6 0 7 0 8 0 9 0 0 1 1 1 2 1 3 1 4 1 5 1 6 1 7 1 8 1 9 1 0 2 1 2 2 2 3 2 4 2 5 2 6 2 7 2 8 2 9 2 0 3 1 3 1 0 2 0 3 0 4 0 5 0 JUL AUG SEP OCT NOV

So are India's positvity rates (%) Positivity rate 16 dips further 14 12

NDIA, OVERTHE last fewdays,has 10 been consistently recording less Ithan 50,000 cases daily.On Friday, the country recorded 47,638 8 infections.But,the real relief has 8.6 been a dip in the positivity rates— 6 dailycases upon dailytests.While positivityrates had crossed the 10% mark in September,within two 4 months,the positivity rate has dipped to 4.2%.This trend is also 2 4.2 visible in some of India’s largest states.In Andhra Pradesh,positivity has dippedfrom18% to3.3%.In 0 July 01 Nov 05 Karnataka,thedipisfrom13.2%to 3.3%.In Maharashtra,the positivity Most states are recording a fall in positivity (%) But in some, positivity is rising again (%) has decreased from 21.7% to 8.2%. Delhi Haryana In Tamil Nadu,which tests using only 40 Kerala 14 using RT-PCRthe dip has been from 35 11.9 12.8 7.2%to3.3%.WhileKerala stillhas a 12 Maharashtra higher positivityof 11.2%,this has 30 11.6 10 come down from 14.2%from a 8.4 25 month ago period.However,Delhi TN 8 and Haryana are following a different 20 3.3 trend.In Delhi,overthe last fewdays 6 8.2 AP positivityhas increased to 11%, 15 3.3 4 Harayana has alsowitnessed a jump 10 to 8.2%.On Friday,Delhi recorded Karnataka 2 8.8 close to7,000casesforthirddayina 5 3.3 row.As the cityfinds more infections 0 0 Madhya and ramps up testing,positivity may Pradesh -2 -5 go up further.Three-fourths of the Jul 01 Nov 05 tests in Delhi are done using the rapid 01 08 15 22 29 05 12 19 26 02 09 16 23 30 07 14 21 28 05 2.7 antigen test. Jul Jul Jul Jul Jul Aug Aug Aug Aug Sep Sep Sep Sep Sep Oct Oct Oct Oct Nov Source: MoHFW

Pune 8 FINANCIAL EXPRESS WWW.FINANCIALEXPRESS.COM NEW-LOOK CABINET

Jacinda Ardern, PM, New Zealand

There are significant challenges for us to ❝overcome together but I am confident we have❝ International the team to do it and it is great to be officially able to now crack on with it SATURDAY, NOVEMBER 7, 2020

Quick ● RACE FOR THE WHITE HOUSE Top Republicans are View Will easilywin if only‘legal refusing to back Trump’s ‘stop the count’demand VW poised to sign votes’are counted: Trump ASSOCIATED PRESS came from members of Congress. Sen. off on $3.7 billion Washington, November 6 Marco Rubio, a Florida Republican who Navistar deal PRESS TRUST OF INDIA casting nearly 92 million mail-in ballots spoke at a recent Trump campaign rally, Washington, November 6 thatcouldtakedaysorweekstobecounted SOME REPUBLICAN LAWMAKERS on said in a tweet that ‘if any candidate VOLKSWAGEN’SBOARDISpreparing in some crucial battleground states. Thursday criticised President Donald believes a state is violating election laws tosignoffonitsheavy-truckunit US PRESIDENT DONALD Trump has Trump has raised concerns over the Trump’s unsupported claim that Democ- theyhave a right to challenge it in court & TratonacquiringUSmanufacturer claimed that hewould easilywin the elec- use of mail-in ballots, saying there are rats are trying to steal the election,saying produce evidence in support of their NavistarInternational,accordingto tion if onlythe‘legalvotes’are counted in high chances of the process getting Trump’s comments undermine the US claims’. peoplefamiliarwiththematter.The the closely-fought presidential polls. manipulated. political process and the bedrock notion Rubio said earlier: “Taking days to VWboardisscheduledtomeet Addressing a news conference at the Trump challenged Biden and the that all Americans should have their vote count legally cast votes is NOT fraud.And Saturdaytoapprovethedeal,saidthe White House on Thursday, Trump indi- Democrats to clarify that they want only counted. court challenges to votes cast after the people,whoaskednottobeidentified cated that the election results would legal votes, that they are open and trans- Trump,whohascomplainedforweeks legalvotingdeadlineisNOTsuppression.” becausetheinformationisprivate. finallyenduponthedoorsoftheSupreme parent,nosecretcountrooms,nomystery aboutmail-inballots,escalatedhisallega- Sen.Mitt Romney,R-Utah.,the party’s Tratonannouncedanagreementlast Court as he plans to file a large numberof ballots, no illegal votes being cast after tions late Thursday, saying at the White presidential nominee in 2012, sought to monthtopurchasetheremainderof litigations against alleged electoral mal- election day. House that the ballot-counting process is provideareassuringnote.“Countingvotes Navistarstockitdoesn’talreadyown practices. “We want an honest election,We want unfairandcorrupt.Trumpdidnotbackup isoftenlongandfrustrating,”Romneysaid. for$44.50ashare,whichwouldcost Trump,whodidnottakeanyquestions an honest counting,”he said. hisclaimswithanydetailsorevidence,and “If any irregularities are alleged, they thecompanyabout$3.7billion. from reporters, alleged that the Democ- Thelegitimatemail-inballotsarebeing state and federal officials have not will be investigated and ultimately rats are trying to win and rig the 2020 countedlastbecausethatisstandardpro- reported any instances of widespread resolved in the courts”, Romney tweeted. Bitcoin hits $15,500 as presidentialelections.However,hedidnot cedure in certainAmerican states. voterfraud. “Have faith in democracy, our Constitu- offeranyevidence to back his claim. Asserting that the US‘cannot have an Rep. Adam Kinzinger, a Republican tion and theAmerican people.” post-poll rallyloses steam AsofThursdaynight,Democraticpres- electionstolen’,Trumpsaidthathethinks from Illinois, tweeted that the presi- ThecommentsbytheRepublicanlaw- BITCOINEXTENDEDRECENTgainsin idential candidate Joe Biden was on the hewillwin the electionverysoon. dent’s claims of fraud are getting insane. makers and other GOP leaders were rare, Fridaytrading,continuingitsslow cusp of an electoralvictorywith 253 elec- “Thereisgoingtobealotoflitigation,” “If Trump has legit concerns about public rebukes of Trump, who has progresstoward$16,000afterjoininga toral collegevotes. he said,adding that there is so much evi- fraud,theyneed to be based on evidence demanded and generally received loyalty slewofassetsfromoiltoAsianstocks The magical numberis 270 of the 538 dence of electoral malpractice. and taken to court,”Kinzinger said, from fellow Republicans throughout his thatralliedinthewakeoftheUS electoral college votes. Trump has 213 "I’ve alreadydecisivelywon manycrit- “We cannot let that happen to the adding,“STOPSpreading debunked mis- four-yearterm.MostintheGOPtakepains election.Whilethetoken’sweekly electoralvotes in his kitty. icalstates,includingmassivevictories,"he United States of America.It is not a ques- information.” to avoid directly criticising Trump, even advanceisstartingtolookparabolicat "If you count the legal votes I easily claimed. tionofwhowins,RepublicanorDemocrat. Maryland GOP Gov. Larry Hogan, a when they find his conduct unhelpful or 14%,onFridaythemoveroughly win,"Trump said, providing no evidence “Democraticofficialsbelievethatthey Wecannotletthathappentoourcountry,” potential 2024 presidential hopeful who offensive to theirvalues and goals. matcheditsdailyaverageforthepast forhis claim. can never win this election honesty. … he said. has often criticised Trump,said unequiv- TrumpstweetsearlierThursdaydeclar- monthofabout2%.That’slessthan "Ifyou count the illegalvotes,theycan thereistremendouscorruptionandfraud The President also decried on the poll- ocally:“There is no defence for the Presi- ingvictoryandcallingforofficialsto‘STOP halfoftheswingsnotchedinthedepths tryto steal the election from us." going on,”Trump said,adding that he has sters, media and big tech companies for dents comments tonight undermining THECOUNT’wereatestofhowstronglyhe ofpandemicinMarch,andwellbelow His message came as new tallies a lot of evidence forthis claim. siding with the Democrats and accused ourDemocraticprocess.Americaiscount- can keep Republicans in line as he tries to theaverage30-dayvolatilitythedigital showedhisleaddwindlinginGeorgiaand “That's why they mailed out tens of them of suppression ofvoters. ing the votes, and we must respect the challenge thevoting process in court. assethasdisplayedinmorethana Pennsylvania. millions of unsolicited ballots without Commenting on the performance of results aswe always have before. Before Trump’s speech in the White decadeoftrading. Trumpsaidhewasadvocatingforahalt any verification measures whatsoever,” the Republican Party in the elections, “No election or person is more impor- Housebriefingroom,severalRepublicans incountingof‘votesthatcameinlate’,and he alleged. Trumpsaidthatthepartyretainedmajor- tant than our Democracy,”Hogan said on challenged his attempts to halt vote- Toyota,Hondadoubleprofit wentontotoutracesthathadalreadybeen AmidsttheCovid-19pandemic,Amer- ityintheSenateandwonmanyseatsinthe Twitter. counting in Pennsylvania and other bat- outlookasChinarebounds called forhim. icans have rushed to vote early,already House of Representatives. Other criticism, though less direct, tleground states. JAPAN'STWOBIGGESTcar manufacturers,ToyotaMotorand MAPPING THE VIRUS YouTube channels HondaMotoronFridaymorethan Thunberg recyclesTrump’s jibe doubledtheiroperatingprofitforecasts, Cases surpass Aspirin, a drug making money from helpedbyrecoveringdemandinChina commonly used as a blood thinner,will now as he tries to ‘stop’ vote counting asitreboundsfromthecoronavirus 48.7 million be evaluated as a ads,memberships pandemic.WhileChina'stradefriction Deaths exceed possible treatment for PRESS TRUST OF INDIA andworseningtieswiththeUnited Covid-19 in one of UK's London/Washington, November 6 amplify Trump StatesputpressureonJapanese 1.23 million biggest trials looking companiestopullbackfromdoing into a range of potential SWEDISH TEEN ENVIRONMENTAL voting fraud claims treatments for the illness. businessthere,China'srapideconomic Recoveries activistGretaThunbergonFridaymocked reboundcouldinstead,deepen The US said it’s urging Donald Trump in his own words, and PARESH DAVE WHO Director-GeneralTedrosAdhanom Ghebreyesus to invite corporateJapan'sdependenceonthe 1.23 million Taiwan to participate in theWorld HealthAssembly meeting urged him to‘chill’afterthe US president, Oakland, November 6 world'sNo.2economy,sayanalysts. scheduled for November 9 to 14, a move bound to stoke tension trailing behind his Democratic rival Joe � Europe’s lockdown with China. Biden in the election, demanded that the ATLEASTNINEpopularYouTubechannels wave risks double-dip counting ofvotes must‘stop’. were promoting on Thursday debunked CVSHealthbeatsprofiton recessions China reported 36 new coronavirus cases in the mainland for November 5 compared to 28 cases a day earlier, the health WhenshewasnamedastheTimemag- accusations about voting fraud in the US pharmacyboost;CEOtoexit � Brexit in a lockdown is commission said on Friday.Of the new infections, 30 were azine's Person of the Year in December presidential race, conspiratorial content CVSHEALTHONFridayreporteda worst of all worlds for UK imported, according to a statement published by the National 2019,Trump toldThunberg,a global icon ing behind Biden,who had secured 253 that could jeopardise advertising and business Health Commission. better-than-expectedquarterlyprofit of the youth climate movement, to work votes.The winner must get at least 270 memberships revenue they get from the andsaiditsCEO LarryMerlowouldstep � America’s Covid-19 hot Russia reported 20,582 new coronavirus infections in the last day, on her anger management problem and votesoutofthe538electoralcollegevotes. video service. spots stuck with Trump with two-thirds of them outside of Moscow,according to the Reuters downnextyear,afternearlyadecadeat government’s virus response centre. ‘go an old fashioned moviewith a friend’. The 17-year-old used the president's found the channels, ranging thehelmofthehealthcare � Caution arises on rapid "Chill Greta, chill!"Trump said in his ownwords to mock himwhen he tweeted from ones with 1,000 followers to more Asmall study found that a nasal spray protected ferrets from conglomerate.Merlo,whojoinedCVSas tests in asymptomatic tweet on December 12 in which he ‘STOPTHE COUNT!’ than629,000,endorsingclaimsthatfact- people absorbing the coronavirus, the New YorkTimes reported.The apharmacistin1990,hasledthe study was releasedThursday by an international team of describedherTimeawardas‘soridiculous’. “So ridiculous,”Thunberg tweeted in checking units of the Associated Press, companythroughmajorchanges, � J&J vaccine trial cleared scientists and hasn’t been peer-reviewed. TrumpwasragingonTwitteronThurs- replytoTrump's post."Donald mustwork Reuters and other organisations have to start in South Africa includingthe$69billiondealforhealth Japan recorded over 1,000 coronavirus infections onThursday, day and posted a number of tweets alleg- on hisAnger Management problem,then deemed false orinaccurate. insurerAetnain2018.KarenLynch, � Infections in England the highest level the country has seen sinceAugust.While the ing unsubstantiated claims ofvoterfraud go to a good old fashioned movie with a YouTube,ownedbyAlphabet'sGoogle, presidentofAetnaandexecutiveVPof rise at less steep rate numbers pale in comparison to those seen in Europe and the US, during the presidential election, the friend! Chill Donald,Chill!”shewrote,in a has rules that forbid channels using its CVS,wouldtakeoverasCEOinFebruary, � Nasal spray blocks they’re worrying authorities in a country that has so far results of which are yet to be announced. perfect riposte,which has received some revenue-generation tools from making NYT weathered the pandemic. CVSsaidinastatement. infection in ferrets: Trump with 213 electoral votes was trail- 1.2 million likes. ‘claims that are demonstrably false and could significantly undermine participation or trust in an electoral or democratic process’. US infections climb by record for second day in a row, up over 120,000 Google said it was reviewing videos from the nine channels as well as others REUTERS viously, the most states that reported US cases have risen by over virus, but the United States has taken no metricbecausetheyarenotaffectedbythe and may suspend ads and membership November 6 recordsfornewcasesinasingledaywas16 100,000 for three out of the last action at the federal level. Seventeen out amount of testing done. sales, a penalty commonly known as Reuters on October30,according to data. seven days, putting pressure on of 50 states do not require masks. Coronavirus deaths are trending ‘demonetisation’,if violations are found. CORONAVIRUS CASES IN the United While the spread of the virus is wide, ManycountriesinEuropeareshutting higher but not at the same rate as cases. Claiming voter fraud is widespread or States surged by at least 120,276 on the outbreak is hitting the Midwest par- hospitals in several states high-risk businesses and even ordering TheUnitedStatesisaveraging850deaths that mail-in ballots cannot be trusted Thursday,according to a Reuters tally,the ticularly hard, based on daily new cases nationalorregionallockdownsintheface a day,up from 700 a month ago. would be in violation, but highlighting secondconsecutivedailyrecordriseasthe per capita. of a secondwave of thevirus. Inrecentdays,sixstateshavereported people who say they experienced voter outbreak spreads in everyregion. Illinois reported nearly 10,000 new Wisconsin. Arkansas, Colorado,Maine, Inadditiontorisingcases,UShospital- their highest one-day increases in pan- fraud or making hyperbolic statements UScaseshaverisenbyover100,000for cases onThursdayand alongwithTexas is Kentucky,Oregon,NewHampshire,Okla- isations of Covid-19 patients rose to over demic deaths: Arkansas, Idaho,North about a political party‘stealing’ the elec- three out of the last seven days, putting leadingtheUnitedStatesinthemostcases homa, Rhode Island, Utah and West Vir- 52,500 on Thursday, up for an 11th con- Dakota,South Dakota,WestVirginia and tionwould not,Google said. pressureonhospitalsinseveralstatesand reported in the last seven days. giniaalsosetrecordsforrisesinnewinfec- secutive day and getting closer to the Wyoming. With ballot tallying ongoing in a few causing families to rethink theirplans for Other Midwestern states with record tions. record of 58,370 set in July. The pandemic has affected nearly stateswhose resultswill decide the hotly Thanksgiving dinneron November26. increases in cases on Thursday were Somecitiesandstateshaveannounced North Dakota reported only eight free every aspect of American life,including a contestedracebetweenRepublicanPres- Twenty out of 50 states reporting Nebraska,Indiana, Iowa,Michigan, Min- newmeasures such as curfews orreduced intensivecareunitbedsintheentirestate record number of voters mailing in their ident Donald Trump and Democratic recordone-dayincreasesonThursday.Pre- nesota,Missouri,North Dakota,Ohio and gatheringsizestocombatthespreadofthe on Thursday. Hospitalisation are a key ballots inTuesday’s elections. nominee Joe Biden, Trump has made unsubstantiated accusations about the Democratic party stealing the election. Trump's supporters have rallied behind Huawei launches legal appeal J&J Covid-19 US job growth slows in October; the misinformation on social media and in protests outside vote-counting sites. against Sweden’s‘draconic’5G ban vaccine trial unemployment rate falls to 6.9% Google,FacebookandTwitterandoth- ers have struggled to guard against the NICLAS ROLANDER cleared to start LUCIA MUTIKANI misinformationasmillionsofpostsarrive November 6 Washington, November 6 each day. Researcherswhotrackmisinformation HUAWEIISLAUNCHINGalegalchallenge in South Africa US EMPLOYERS HIRED the fewest work- sayitisfuelledbycontentcreatorswhosee against Sweden’s decision to exclude it ersinfivemonthsinOctober,offeringthe an opportunity to profit from it.Over the from 5G buildouts and says the movewill JOHNSON & JOHNSON will imminently clearest evidenceyet that the end of fiscal last few years, they have pressured create a monopolyforEricsson. startclinicaltrialsofitsCovid-19vaccine stimulus and exploding new Covid-19 YouTube and its advertisers to tighten TheChinesecompanyhasfiledanappeal in South Africa after getting regulatory infectionsweresappingmomentumfrom scrutiny. withanadministrativecourtinStockholm, approval,according to the co-chairof the the economic recovery. House early on Friday as he took a narrow Some YouTube advertisers now avoid arguingthatthe‘draconicmeasure’violates studyin the country. Non-farm payrolls increased by leadoverTrumpinthebattlegroundstateof sponsoring political content. But the EuropeanUnionandnationallawsbyeffec- The approval was received from the 638,000 jobs last month after rising by Georgia.Trump onThursdayalleged fraud membership feature, under which fans tively barring it from the Swedish market. monopoly for Ericsson after three major SouthAfricanHealthProductsRegulatory 672,000 in September, the Labour withoutprovidingevidence,filinglawsuits pay a few dollars monthly for exclusive TheSwedishPostandTelecomAuthoritylast operators in Sweden will have to leave Authority on Thursday,said Glenda Gray, Department said in its closely watched and calling for recounts in a race yet to be content and promotional merchandise, monthruledthatoperatorsparticipatingin Huawei forNokia Oyj orits Swedish rival. who is also the president of the South employment report on Friday.That was decidedsincepollsclosedonTuesday. has helped offset lost ad sales. the country’s upcoming 5G spectrum auc- While the ruling ‘would mean an African Medical Research Council. It will the smallest gain since the jobs recovery A contested election reduces the One of the channels seen by Reuters, tioncan’tuseequipmentfromHuaweiorits opportunityforNokiatoestablishitselfin take about sixweeks to enroll 12,000vol- started in May and left employment still chances of another coronavirus rescue JohnTalks,sharedtwovideosonThursday muchsmallerrivalZTE. the market, Ericsson’s advantage means unteers,she said. well belowits peak in February. package from the government this year. about alleged voter fraud in Michigan - a Thebanwasbasedonanassessmentby thatNokia’spresencecouldtosomeextent The SouthAfrican study for the single- The unemployment rate fell to 6.9% Even if more fiscal policy is agreed on, it keybattlegroundstateintheelectionthat Sweden’spoliceandmilitaryagencies,which be marginal in the foreseeable future’, shotvaccineispartofalate-stagetrialofas from7.9%inSeptember.Economistspolled will likelybe smallerthan had been antic- Biden has won - generating more than concludedthatChinesestateinfluenceover Huawei said in its appeal. manyas60,000peoplegloballythatwasini- byReuters had forecast payrolls advancing ipated before the election.That will shift 90,000views in eight hours. the private sector ‘brings with it strong Huawei’s calculations of the economic tiallyexpected toyield results byyear-end, by600,000 jobs in Octoberand the jobless the spotlight to the Federal Reserve.The Among the claims citedwas thatwag- incentivesforprivatelyownedcompaniesto loss it will suffer from the ban have been the companysaid in September.The global ratedippingto7.7%.Thereportunderscored US central bank kept interest rates near ons,suitcases and coolers were used to act in accordance with state goals and the redactedfromtheappeal,butthecompany studywaspausedinOctoberafteranunex- thechallengesthenextpresident,whetherit zeroonThursday.FedchairJeromePowell smuggleballotsintoacountingcentre.At communistparty’snationalstrategies’. had sales of about 5 billion kronor ($575 plainedillnessinoneoftheparticipants. is incumbent Republican DonaldTrump or acknowledged the pace of improvement least three news outlets investigated the But Huawei says Chinese intelligence million) in Sweden last year.It also claims J&Jhassignedanagreementtohave300 Democrat Joe Biden,confronts to keep the in the economy and labour market had claim and determined the items carried agencies have no authority to order the that a phasing out of its products from milliondosesof thevaccinemade ayearin economygrowingasithealsfromthedeep- moderated, noting that the recovery food for election workers and camera companytospyforthem.Itfurtherargues existing networks would cost operators South Africa byAspen Pharmacare Hold- estrecessionsincetheGreatDepression. would be stronger with more fiscal sup- equipment fora localTVstation. the decision would create a de-facto about10billionkronor.— BLOOMBERG ingsLtd.ifitisapproved.— BLOOMBERG BidenedgedclosertowinningtheWhite port.— REUTERS — REUTERS

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● CRAFTED IN INDIA Electric 911? Not for a long time Royal Enfield has a new bike pure electric sports car to add to those of cruiser motorcycles made by the com- The Porsche 911 isn’t (other) sports cars,”he said.“There are big The Meteor replaces the pany in India since the 1990s. These going electric ‘for a long opportunities.” Thunderbird; prices start at include the Lightning, followed-up in Porschehascommittedtoinvesting15 2002 with the first generation of the time’—if ever billion euros ($17.7 billion) in electric `1,75,817 (ex-showroom) Thunderbird, the 2008 UCE twin-spark mobility,sustainableproductionanddig- Thunderbird,and 2018ThunderbirdX. HANNAH ELLIOTT italisationoverthenextfiveyears,accord- VIKRAM CHAUDHARY The motorcycle is new, but the name ing to Blume. isn’t—the Meteor 350 inherits its name IF YOU’VE BEEN eagerly anticipating an It is also scouting partners to develop ONFRIDAY,RoyalEnfieldlaunchedanew fromanotherRoyalEnfieldmotorcycleof all-electric version of the effervescent synthetic‘e-fuels’using 100% renewable cruiser motorcycle, the Meteor, which the 1950s.Launched in 1952,the Meteor Porsche 911 sports car,you may want to powersourcestocomplywithincreasingly replaces theThunderbirdX.The Meteoris was a touring motorcycle made by Royal exhale. It’s going to be a while. On a call stringent emissions regulations that availableinthreevariants—theFireballfor Enfield in England forexport to the US. November 5, Porsche boss Oliver Blume would eventually prohibit internal com- `1,75,817,the Stellar for `1,81,326,and “Wewanted to build a motorcycle that indicated that a 100% battery-powered bustionenginesfromtheroadaltogether. the Supernova for `1,90,536 (ex-show- could ensure a great cruising experience 911 is a long way off—if ever.“Let me be Thatdevelopmentwouldhelpsustainthe room,Chennai). fornewaswellasexperiencedriders,”said clear, our icon, the 911,will have a com- 70%ofPorschecarsmadethatarestillon Powered by a new 349cc air-oil cooled Siddhartha Lal, MD,Eicher Motors Ltd, bustion engine for a long time to come,” theroadtoday—thevastmajorityofwhich engine (20.2bhp power during the launch.“The Meteor 350 is a Blumesays.“The911isaconceptofthecar gulp fossil fuels—as well as the millions and 27Nm of torque) supremely refined, easy and accessible that is prepared for the combustion thatwill remain in the next 10-15years. mated to a five- cruiser.It is a combination of classic engine. It’s not useful to combine it with “To stop combustion engines isn’t the speed gearbox, cruiserstylingwithmoderncapability.” pure electric mobility.We believe in pur- right discussion,”Blume says.“We come theMeteoristhe The Meteor 350 is the company’s pose-designed cars forelectric mobility.” from both sides (electric mobility and e- latest in the line first product to get a turn- Thenewscouldsignalachangeofheart fuels) to reduce CO2.” by-turnnavigationpod, at the Stuttgart, Germany-based The Taycan sedan is currently the only all-electric vehicle Porsche sells Meanwhile, the old-fashioned 911 called the Tripper.It automaker.At Bloomberg Pursuits’ The enthusiastsopposedtoanytinkeringwith connects to the rider’s Year Ahead: Luxury conference last year, retainsthetactileurgencyandgritofgas- theroad,the911isfarfromthemostpop- theirfavourite toyshouldn’t get too com- smartphone via Blue- KlausZellmer,president&CEOofthelux- fuelledmachinesratherthantheimmedi- ular.The Macan and Cayenne SUVs were fortable.The spectre of a rumoured 911 tooth,andreal-time uryautomaker’sNorthAmericandivision, ate but silent, gear-less power found in Porsche’s best-selling models in the US hybrid, if definitively unconfirmed by directions, using seemed to have indicated otherwise. electric cars. duringQ3,followedbytheelectricTaycan Blume,seems clear. Google Maps’ The decision to keep the two-door sedan.AmericaisPorsche’ssecond-largest “In the future for the 911, there are two-wheeler sports car powered by internal combus- New technology,new car market behind China; this year the good ideas for a special kind of hybrid, a navigation, are tion comes as an outlierto the company’s Introduced in 1964, the 911 has automaker is celebrating 70 years since veryperformance-orientedhybrid,where displayed on a plan,according to Blume,that by 2025 undergone eight generations and myriad the first Porsche cars (a model known as weuse,forexample,a400-voltsystemfor small screen next halfofallPorschevehiclessoldwillbeelec- variants including Targas, convertibles the 356) reached US shores. our electric engine,”Blume says.“That’s to the tripmeter. trified—either fully battery electric or and ‘Turbos’.More than 1.1 million have Were Porsche to make an all-electric more or less our idea of how to continue Also, a USB port is plug-in hybrid. It is also likely to hearten been sold to date. sports car,Blume says,it would likely be a with the 911.” mounted below the the legions of Porsche faithful who drive But for all the talk of the most recog- new model altogether. “I think for the handlebars to enable the 56-year-old model exactly because it nisable and possibly beloved Porsche on future there is also space for very sporty BLOOMBERG charging on-the-go. Two engine ● NEW LUXURY EV options in By March Nissan Magnite Investor 2021, you can The Magnite will get the buy the I-Pace HRA0 turbo-petrol engine; also a naturally aspirated ● ICICI BANK RATING: BUY Jaguar opens bookings for Excellent performance by the company electric performance SUV

Rebound in fees offset Sharp recovery in core fee income–now down 10% y-o-y NIM dip; collection trends Core fees y-o-y % encouraging; FY21-23e 20

EPS up 10-20%; TP raised 10

to `525; top pick in sector 0

-10 FE BUREAU ICICI BANK’S Q2FY21 result was mar- -20 FE BUREAU ON FRIDAY,NissanIndiaannouncedthat ginally ahead of our expectations with -30 itssoon-to-be-launchedsub-4metreSUV, 18%y-o-ycore PPOPgrowth,aided bya JAGUAR LAND ROVER (JLR) India has theMagnite,willbepoweredbytheHRA0 rebound in fees offsetting the 10bp -40 announcedthatithasopenedbookingsof Q1FY16 Q2FY21 1.0-litre turbochargedpetrolengine.This q-o-q NIM compression. Domestic itsall-electricperformanceSUV,theJaguar made-in-Indiaengineisclaimedtohavea growth was strong at 5% q-o-q, offset- Source: Company data, Nomura research I-Pace.Itisfittedwiththe90kWhlithium- fuelefficiencyof20km/litreandproduces ting drags from international book. ion battery that delivers 400 PS power maximumpowerof100PSandmaximum Retail growth of 6% q-o-q (13% y-o-y) from its two electric motors.The battery torque of 160Nm. wasaidedby:(i)autos,businessbanking within banks with a higher TP of `525 and (iv) BB & below book stands at 1% higher than pre-COVID levels. Cor- comeswitheightyearsor1.6lakhkmwar- In the Magnite, this engine will be moving back to pre-COVID levels; (ii) (1.7x Sep-22 book+ subsvalue `117). `162 bn (2.5% of loans),but 82% PCR, porateoverduesis3%,butmgmtexpects ranty.In addition, the I-Pace customers mated to two gearbox options—the man- mortgage, rural portfolio disbursals Operationally a strong quarter: `88 bn of COVID provisions (130bp of <1%ofthebooktoberestructured. will get a complimentary 5-year service ual five-speed gearbox and the X-Tronic higher than pre-COVID levels; and (iii) CorePPOPgrowthof18%y-o-ywas3% loans) and lowerrestructuring expected Valuationsprovideenoughdown- package, 5-years roadside assistance as CVTautomatic gearbox. unsecuredsegmentnearingpre-COVID ahead of our expectations,with: (i) bet- in corporate (<1% expected to be side comfort: We expect ROEs to nor- wellasa7.4kWACwallmountedcharger. “The HRA0 is a first-of-its-kind tur- levels.Retailcollectionsimprovedmean- terthanexpectedfees(down10%y-o-y), restructured)providescomfortforcredit malise to 12/15% in FY22/23F with a TheI-Pace,likemostpowerfulEVs,can bocharged petrolengineinthecountryto ingfullyto96-97%ofpre-COVIDlevels. netting off (ii) 10bp q/q NIM compres- cost to likelynormalise in FY22 itself. potentialrisk of credit cost undershoot- accelerate from 0-100 km/h in just 4.8 offer such robust performance,”said Biju Webuildincreditcostof235/170bp sion due to higher liquidity on B/S; Collection trends encouraging: ing,we think valuations at 1.2x Sep-22 seconds;itwillbeofferedinthreevariants Balendran, MD & CEO,Renault Nissan for FY21/22F (250/205bp earlier) but (iii) growth trends were encouraging Retailcollectionefficiencywasat97%of bookprovideenoughdownsidesupport. that include S,SE and HSE. Automotive India Pvt Ltd. see high likelihood of credit cost under- with 6% q-o-q growth in retail,aided by pre-COVID levels in Sep,with most seg- We thus retain ICICI as our top pick and Rohit Suri,pres- Rakesh Srivastava, MD, Nissan Motor shooting in FY22 itself.We raise core 21/12%q-o-qgrowthinbusinessbank- mentsseeingasharprecovery;retailand raise ourTPto `525,implying 1.7x Sep- ident & MD, JLR The I-Pace is India,added,“The Magnite embodies our PPOP estimates by 9-10% and lower ing/SME (partly aided by ELCGS card overdues are 4% higher vs normal 22 core book (multiple unchanged) India, said,“We are powered by a 90 philosophy of creditcost,leadingtoa10-20%increase scheme),higherthanpre-COVIDdisbur- levels.SME/ business banking is back to +subsvalue of `117. thrilled to com- kWh battery, Nissan-ness, The Magnite, inFY21-23FEPSestimates.Wemaintain salsinmortgageandruralportfoliosand pre-COVIDlevels(partlyaidedbyELCGS mence our electric producing 400 which stands for developed under Buy and retain ICICI as our top pick autoreaching backto pre-COVIDlevels; scheme).Ruralportfoliooverduesisonly NOMURA journey in the PS of power from empowering Indianmarketwith the Nissan NEXT its two electric people through the introduction of strategy for India, ● motors; will be breakthrough will enter the NTPC RATING: BUY Q2FY21-end.ThecompanyexpectsFY21 the I-Pace. While products and underrecoveryat~`2.5bn. focusing on the offered in S, SE compact segment technologies.” Evolution into a cleaner and vision of creating a and HSE variants The Magnite dominated by Strong operational greener company should be sustainable future, will also get the Maruti Vitara rewarded: We believe NTPC is taking we are committed B4D naturally- Brezza, Hyundai huge strides to transform itself into a to the introduction aspirated petrol Venue, Kia Sonet, companywithcleanercoalassets,higher ofelectrifiedvehiclesacrosstheJaguarand engine. It pro- among others numbers in Q2FY21 shareofrenewablesandgreaterfocuson Land Roverportfolio.” duces maximum allESGparameters.Transitiontocleaner Since its debut, the Jaguar I-Pace has power of 72PS high: NTPC provided for the balance technologiesrequireshugeinvestments, won over 80 global awards,including the and maximum Firm on course to achieve `5.6 bn rebate during Q2FY21 (`8 bn which,without external support,only 2019 World Car of the Year, World Car torqueof92Nm.Thisenginewillbepaired FY21e EPS targets; green provided in Q1FY21).Adjusting for the cashflows from company’s current bas- DesignoftheYear,andWorldGreenCar.It with Nissan’s dual-VVT system. This same, PAT in H1FY21 was `73 bn, up ket of assets is able to fund.This is apart hasbeenthefirstcartowinallthree‘world engine is claimed to have a fuel efficiency capex, buyback, dividend 19% y-o-y.Revenue for the quarterwas from thefactthatthermalwillcontinue car’titles simultaneously. of 18.75 km/litre. are positives; ‘Buy’ retained `246.8 bn, up 8.4% y-o-y,while Ebitda toretainitsstatusastheprimaryfuelfor In India, JLR has tied-up with Tata TheMagnite,developedundertheNis- was `71.8 bn, up 13.2%. Regulated power generation in the next two Power to provide office and home charg- san NEXTstrategyforIndia,will enterthe equitywas`635bnvs`618bnatFY20- decades in India. ing solutions for the I-Pace customers highly-competitive segment dominated NTPC HAS REPORTED strong opera- end.Onconsolidatedbasis,reportedPAT Thus,being essential for NTPC’s as (Tata Power, as part of its ‘EZ Charge’ EV by Maruti Suzuki Vitara Brezza, Hyundai tional numbers in Q2FY21 on the back in Q2FY21 was `34.9 bn,down 7.7% y- well as India’s transition to cleanergen- charging network, has installed over 200 Venue and Kia Sonet,among others. of power demand recovery. While o-y,but adj.PAT in H1FY21 (adjusting Year to eration technologies, rather than com- charging points across the country,in the For the Magnite,Nissan’s engineers,it reportedstandalonePATwas`35bn,up one-offs and `15.07 bn FC rebate) was March FY20 FY21E FY22E FY23E pletely discrediting it, investors should malls, restaurants, offices, residential appears, have benchmarked all existing 7.4% y-o-y,adjusted PATwas `39.4 bn, `83 bn,up 16.2%y-o-y. Revenue view current thermal technologies as complexes and along the highways). JLR sub-4metreSUVsandtriedtobetterthose. improving 22.9% y-o-y (adjusting for Buyback announced: NTPC has (` mn) 977,004 1,056,688 1,160,564 1,245,907 vital forfunding future green technolo- India said that the I-Pace customers will Net Income This gets reflected in the exterior design. one-offs and onetime rebate on fixed announced a buyback programme (` mn) 121,735 121,803 163,448 182,781 gies and give it a larger scope in our have access to this fast expanding ‘EZ BarringthehugeDatsun-likefrontgrille— charges). With H1FY21 consolidated throughwhichitwillbuyback197.9mn EPS (`) 12.3 12.3 16.5 18.5 endeavour to achieve a greener future. Charge’network ofTata Power. which may elicit mixed reactions—the adjustedprofitat`83.6bn,up16%y-o- shares (2% of total share capital) at % chg y-o-y 14.7 0.1 34.2 11.8 Intent of the company is very clear, SUV looks well-proportioned and well y,NTPCisexpectedtoregister15%earn- `115/sh(totalconsideration`22.76bn). P/E (x) 7.3 7.3 5.4 4.8 which is to move towards“Clean,Green built.Itsgroundclearanceis205mm,and ings CAGRoverFY21-23. It has fixed 13th Nov as the record date. CEPS (`) 18.9 23.3 29.0 32.7 & Sustainable”.We believe if all forms of turning radius of just 5 metres. The company’s green commitments Special approval has been taken so that EV/E (x) 9.4 8.2 6.8 6.1 hydrocarbons (solid, liquid or gas) are ThecabiniswheretheMagnitetriesto remain firm and we expect it to be visi- GoI’s stake does not go below51%. Dividend shunnedimmediately,mostofthecom- standout.Theseatfabricisfirm,thereare bleinitsESGscoresgoingforward.NTPC Decoding the quarter for the year Yield 3.5 6.8 7.1 7.7 panies become un-investible. plenty of functional storage spaces,the hasannounceditwillbuyback197.9mn ahead: With adjusted EPS for stand- RoCE (%) 5.6 6.1 7.4 7.8 Maintain BUY: We maintain Buy dashboard is quite distinctive,and Nissan shares (2% of total share capital) at alone/ consolidated entity at `7.4/8 in RoE (%) 10.7 10.2 12.6 12.9 with an unchanged target price of claims it is the most spacious SUV in its `115/sh(totalconsideration`22.76bn), H1FY21,webelieve,NTPCisoncourseto Source: Company data, I-Sec research `165/share.Thestockiscurrentlytrad- segment—including 336 litres of cargo but still expects to pay 5% of net worth achieve FY21e target EPS of `12.3/14. ing at FY22e standalone P/BVof 0.7x space.Top-endvariantsoftheMagnitewill as dividend over and above the buyback `102.6bnincreaseinregulatedequityin strengthen further.Overdues (>45days) (P/Eof5.4x)andFY22econsolidatedP/E get a ‘tech pack’ that includes a wireless in FY21 (implies `6/sh). Maintain Buy TTMhasresultedinstrongcoreearnings, nowstandat`191.6bnbutareexpected of 4.8x. charger, air purifier, puddle lamps and with an unchangedTPof `165/sh. which a robust commissioning pipeline, to reduce to `160 bn by FY21-end. ambient/mood lighting, and speakers Operational profitabilityremains supported by green initiatives, will Under-recoveries were `4.97 bn at ICICI SECURITIES from JBL.

Pune 10 FINANCIAL EXPRESS WWW.FINANCIALEXPRESS.COM

COMING OUT OF PCA

Partha Pratim Sengupta, MD & CEO, IOB

We want to wait till March before ❝approaching the RBI for revoking the PCA.❝ Markets We want to evaluate the Covid-19 impact SATURDAY, NOVEMBER 7, 2020 and proceed further.

Money Matters Sensex,Niftyclose at nearly BoI profit jumps 97% G-SEC on rise in other income The benchmark yield 0.010% rose under selling pressure all-time highs on strong cues FE BUREAU higherby`202crore.Thebankmaderecov- Mumbai, November 6: eriesworth`1,172croreinQ2FY21,upfrom `966croreayearago. 6.025 Asian markets continued to rallytak- PUBLIC SECTOR LENDER Bank of India “In Q2,our recovery efforts were good 5.990 Nifty rises 143.25 points Sensex Intra-day, November 6 ing cues from the Wall Street as Joe (BoI)onFridayreportedanetprofitof`526 despite the Covid challenges.We have got 41,893.06 Biden’s lead continued to widen over crore in the Septemberquarterof FY21,up `12,000 crore NPAreduction target forthe (1.18%). Markets gain on 42,000 Donald Trump. 97%yearonyear(YoY),owingtoa22%rise entireyear,outofwhichwearealmostthro- cues from Asian peers 41,875 TheAsian markets closed the trading in other income on ayear-on-year basis to ughwith 50%,”Das said,adding that in the session higher,with the stock markets in `1,613 crore.Profit growthwas supported second half of the current fiscal year, the September 23 October 6 and improving domestic 41,750 41,438.76 South Korea,Taiwan, and Japan rallying bynetinterestincome(NII),whichrose6.6% lenderexpects recoveries ofaround`6,000 macroeconomic data between 0.1% and 0.9%. YoYto`4,113crore. crore.Thelender’sdomesticnetinterestma- `/$ 41,625 The European bourses in the UK,Ger- The bank’s management claimed Q2 rgin(NIM)rose15basispointssequentially FE BUREAU many, and France were down between profit figure looked a little understated to 2.88%.Thiswas nonetheless lowerthan 41,500 The rupee ended higher 0.252% MUMBAI, NOVEMBER 6 0.1% and 0.67%. becauseofadditionalprovisioning.Theextra the 3%-plus levels seen ayearago.Das said on strong local equities 41,375 While the global momentum this provisionsthatthebankhasmadearetothe marginswere likelyto remain compressed and a weak dollar EQUITIES ENDED FRIDAY’S session week has supported the Indian markets, tuneof`800crore,whereithasincludeddif- becauseofabettertransmissionofratecuts. close to their all-time high levels on 41,250 improving macroeconomic data have ferentsegmentsandaccounts,whicharesub “Thereisalsoalotofcompetitioninthema- Open Close Inverted scale account of strong cues from Asian mar- also helped improve the risk-on senti- judice.MD & CEOAKDas said,“The provi- rketanddemandisalsonotthatgreat,espe- 73.46 73.57 kets and improving macroeconomic ment. Sanjeev Zarbade, vice president – sionswillhelptoabsorbanyshockinthecur- ciallyfromthemanufacturingside.Margins data domestically. The Nifty50 rose private client group research, Kotak rent quarter(Q3) and Q4.Second,therewill will,therefore,continue to be understress, 143.25 points (1.18%) to close at Rupee settles 28p Securities,said: Positive macroeconomic be a good write-back opportunity.So that but we will make attempts to cover it up 12,263.55. The Sensex closed Friday’s data on core sector growth, rebound in way our asset quality concerns not only at throughvolumegrowthinadvances,”hesaid. session at 41,893.06, a jump of 552.9 higher at 74.08 GSTrevenues and robust powerdemand currentlevelsbutforthefuturequarteralso Advances as on September 30 were at September 23 October 6 points (1.34%). are driving the economic recovery. arereasonablysafeguarded.” `4.08 lakh crore, up 8% on a y-o-y basis. The Nifty and Sensex rose 5.2% and THERUPEESTRENGTHENEDforthe Earnings announcements have also The number of accounts eligible for Retail, agriculture and MSME (RAM) 5.4%, respectively, for the week. The second straight day and settled 28 been largely positive and many of the restructuring is 3.1 lakh and the exposure advancesaccountedfor49.4%ofthedomes- C=/$ markets have recovered from theirlosses paise higher at 74.08 against the US frontline companies in IT and private therein stands at around `24,000 crore.Of tic loan book at the end of September.BoI this year and are trading at the levels dollaronFridaysupportedbygainsin sectorbanks have reported higher-than- the3.1lakhaccounts,80-85%areretailand expects loan growth of 7% in FY21,with The Euro rose against 0.372% seen in January. domesticequitiesandexpectationof expected profits. All these have boosted micro, small and medium enterprises muchofitbeingdrivenbytheRAMsegment the dollar On Friday,equitieswere pulled higher JoeBiden’svictoryintheUSpresiden- the investorsentiment.Going ahead,we (MSMEs).So far,BoI has received over500 andgovernment-backedaccounts. by the gains in index heavyweights tial election.Weakness in American would sound a word of caution as valua- requests fordebt recast,with 34 proposals Deposits increased 17.3%YoYto `6.07 1.1797 Reliance Industries and HDFC Bank. currencyagainstitskeyrivalsandsig- tions are almost fair.” with a `5,141-crore exposure in the corpo- lakhcroreattheendofSeptember.Thecur- However, uncertainty remains on nificant foreign fund inflows also Foreign portfolio investors have also rate segment and 474 applications worth rent account savings account (CASA) ratio whether the markets can sustain at cur- boosted investor sentiment,traders remained strong buyers in Indian equi- `62croreinthenon-corporatesegment. stoodat39.49%attheendofQ2FY21,lower 1.1660 rent levels. said.At the interbank forex market, ties this week,pumping in $1.07 billion BoI’s provision coverage ratio (PCR) than42.35%ayearago. Thelendershowed Sanjeev Hota, head of research, the domestic unit opened at 73.99 in total. Conversely, domestic institu- improved to 87.91% from 84.87% at the animprovementontheassetqualityfrontin Sharekhan by BNP Paribas, said, “The against the dollar and touched an tionalinvestorshave been sellers,pulling endofJune.Slippagesfellto`274crorefrom Q2, with the gross non-performing asset September 23 October 6 markets have been reacting to the US intra-day high of 73.87 and a low of out `3,851.2 crore from equities. `3,166croreayearago.Intheabsenceofthe (NPA) ratio falling 12 bps sequentially to elections and the strong Q2 numbers. It 74.28.Itfinallyclosedat74.08against On Thursday, FPIs bought stocks Supreme Court’s interim orderon recogni- 13.79%. The net NPA ratio fell 69 bps to is,however,hard to saywhether the cur- thegreenback,registeringariseof28 worth $725.4 millionwhereas domestic tion of bad loans,its NPAswould have been 2.89%. rent levels will be sustainable. I think paiseoveritspreviousclose.—PTI institutional investors sold stocksworth Quick there could be some volatility...” $298.4 million. Report card Particular Q2FY20 Q2FY21 Chg (%) Q1FY21 Chg (%) Central Bank net Total Income 11,985.50 12,408.66 3.5 11,941.52 3.9 View Union Bank reports `517-cr Net Interest Income 3860.0 4113 6.6 3,481.0 18.2 Other income 1,327.0 1613 21.6 1,707.0 5.5 profit grows 20% Domestic NIM* (%) 3.36 2.88 48 bps 2.73 15 bps net profit; interest income Provisions 2,052.27 2,312.29 12.7 1512.1 52.9 to `161 crore Net Profit 266.37 525.78 97.4 843.60 37.7 Forex reserves rise rises, asset quality improves CENTRAL BANK OF India on Friday Gross NPA (%) 16.31 13.79 252 bps 13.91 12 bps $183m to record reported over 20% rise in its net profit to Net NPA (%) 5.87 2.89 298 bps 3.58 69 bps Report card `161 crore for the second quarter ended *Domestic net interest margin (NIM in %) All figures in ` crore (except percentages), Source: BSE, Bank high of $560.71 bn September 30.The bank had posted a net Particular Q2FY20 Q2FY21 Chg (%) Q1FY21 Chg (%) profit of `134 crore in the corresponding THE COUNTRY’S FOREIGN exchange Total Income 20,872.00 20,084.00 -3.78 19,891.00 0.97 quarterofthepreviousfinancialyear. reserves rose $183 million to touch a Net Interest Income 5,934.00 6,293.00 6.05 6,403.00 1.72 Its total income grew nearly 2% to record high of $560.715 billion in the Provisions 5,637.00 4,218.00 -25.17 3,701.00 13.97 `6,833.94 crore during July-September IOB reports `148-crore profit week ended October30,RBI data 2020,against `6,703.71 crore in theyear- Net Profit -994.00 516.60— 333.00 55.14 showed on Friday.In the previous agoperiod,thebanksaidinaregulatoryfil- FE BUREAU week ended October23,the reserves NIM (%) 2.52 2.51 1.00 bps 2.68 17.00 bps ing.Operating profit improved to `1,458 Chennai, November 6 Report card had jumped $5.412 billion to Gross NPA (%) 15.75 14.71 104.00 bps 14.95 24.00 bps crore, registering 42.16% growth from Q2 Q2 % $560.532 billion.In the reporting Net NPA (%) 6.40 4.13 227.00 bps 4.97 84.00 bps `1,026 crore a year ago,it said.The lender CHENNAI-BASED PUBLIC sector lender (` cr) FY 20 FY 21 chg week,the reserves rose due to an Source: BSE All figures in ` crore (except percentages) alsoimprovedonitsbadassetsratiowiththe Indian Overseas Bank (IOB) on Friday Net profit/loss -2,254 148— increase in foreign currencyassets gross non-performing assets (NPAs) falling reported a net profit of `148 crore for the (FCA),a majorcomponent of the to 17.36% of gross advances bythe end of secondquarterofthecurrentfinancialyear. Total income 5,024 54308 overall reserves.FCArose by$815 FE BUREAU in the quarter under review. Gross non- September2020,from 19.89% bythe end Ithadposteda`2,254-crorenetlossinthe Gross NPA (%) 20 13.04 696 bps Mumbai, November 6 million to $518.339 billion,the RBI’s performingassets(NPAs)ratioimproved ofSeptember2019. correspondingquarterofthepreviousfiscal. Net NPA (%) 9.84 4.3 554 bps weeklydata showed. 24 bps to 14.71%,compared to 14.95% NetNPAsfellto5.60%,against7.90%in Totalincomestoodat`5,430crore,against THE UNION BANK of India on Friday in the previous quarter.Similarly, net the year-ago quarter.In value terms, the `5,024crore,registeringagrowthof8%. Net interest margin(%) 1.86 2.27 41 bps reported a net profit of `516.6 crore for NPAs ratio came down 84 bps to 4.13% gross NPAs fell to `30,785.43 crore from Speakingtomediapersonsthroughavir- the September quarter of the current from 4.97% in the June quarter.“I am `33,497.22 crore,while net NPAs stood at tual press conference,Partha Pratim Sen- Interest income 4276 4363 87 LVB board not financialyearagainstalossof`994crore expectingnetNPAtoremainbelow5%in `8,683.58 crore against`11,551.91 crore. gupta,MD & CEO,said the bank has made Source: IOB inthecorrespondingperiodlastyear.The the next two quarters,”Rai said. Provisionsforbadloansandcontingencies, profit forthree quarters in a row,riding on likely to take up bank saw healthy growth in interest The lender’s net interest margin however, rose to `1,104.92 crore for the good recovery and decreased bad loans, income and its asset quality also (NIM)remainedflatat2.51%,compared reportedquarterof2020-21,from`791.33 resultinginlowerprovisioning. regulator for bringing the bank out of the Clix deal today improved. Its operating profit increased to 2.52% in the September quarter last croreintheyear-agoperiod.Thebank’stotal “The bank has made marked improve- prompt corrective action (PCA) framework 2% year on year (YoY) and 8.4% quarter year.NIM declined 17 bps quarter-on- business stands at `5,00,737 crore against ment on all parameters,resulting in clock- afterevaluatingtheCovid-19impactonits FE BUREAU on quarter (QoQ) to `4,375 crore. The quarter basis,compared to 2.68% in the `4,73,080 crore,it added.Provision cover- ingprofitof`148crore.Wehavemadeexit balancesheet.“Wehadheldinternaldiscus- Chennai, November 6 interestincome(NII)increased6%YoYto June quarter.The cost of funds improved ageratioalsoimprovedto82.24%,against fromstressedsectorsandcorporatepiehad sionsonthis,andwewanttowaittillMarch `6,293 crore, but remained flat sequen- 88 bps to 4.82%, compared to 5.70% in 76.68%ayearago. —PTI been reduced to negligible portion of the beforeapproachingtheRBIforrevokingthe THE BOARD OF the troubled Lakshmi tially. the September quarter last year. loanbook,asitcontinuestofocusonretail, PCA. We want to evaluate the Covid-19 Vilas Bank (LVB) is unlikely to take up the MD and CEO Rajkiran Rai G said the Advances grew 1.9% YoY to `6.51 agriandMSME(RAM)sectors.Asofnow,our impact and proceed further.Till then,our Clix deal at its Saturday meeting,being bankexpected2.5%-3%ofadvancesto lakh crore.Retail advances grewby7.8% Central Bank of India RAMshareconstitutesaround74%ofloan focuswill be on strengthening the balance convened primarilyto approve the bank's come up fordebt restructuring.“We are YoY to `1.17 lakh crore, compared to Intra-day on BSE (`), November 6 book,andgoingforward,wewillideallyhave sheet.” The gross NPA got reduced to second quarterresults. expecting `16,000 crore loans to come `1.08 lakh crore in the September quar- 11.8 11.57 80%RAMand20%corporatesplit,”hesaid. 13.04%,compared to 20%,while net NPA SourcesprivytothedevelopmenttoldFE up for restructuring.It should be 2.5- ter last year. “We are expecting 4-6% Thenetinterestmarginstoodat2.27%, stoodat4.3%,comparedwith9.84%.IOB's that deliberations on the deal had not 3% of our advances,” he said. The credit growth at the end of the financial 11.6 against 1.86% in the corresponding quar- provision coverage ratio improved to reached any conclusion that could be pre- Reserve Bank of India had earlier year 2021,”said Rai. terlastfiscal,whileinterestincomestoodat 89.36%,against75.85%. sentedbeforetheboardforapproval.More- allowed restructuring of personal and Deposits grew 4% YoY to `8.86 lakh 11.4 Rs 4,363 crore, compared with Rs 4,276 CASAof the bank improved to 40.26%, over,theClixissuehasnotbeenincludedin corporate loans owing to the stress crore in the September quarter. Current crore.Sengupta said IOBwill approach the against38.067%. theagendafortheboardmeeting. caused bythe Covid-19. account savings account (CASA) deposits 11.2 Sourcessaidthereweretoomanystum- The bank’s provisions came down grew 12.4%YoYto `3.06 lakh crore. 11.1 bling blocks to be cleared before both the 25% YoY and 14% QoQ to `4,218 crore. The capital adequacy ratio of the 11.0 ANALYST CORNER parties could arrive at a consensus on the Its provision coverage ratio (PCR) lender stood at 12.84% at the end of the deal.The two-member LVB panel and Clix improved 884 basis points (bps) YoY to September quarter, compared to mini- 10.8 representatives had been engaged in 83.1%. mum regulatory requirement of Open Close repeated discussions after the bank Itsassetqualityshowedimprovement 10.875%. Retain‘hold’on Lupinwith received an indicative non-binding offer from the Clix Group on October 8. But, revised target price of `964 accordingtosources,theyareyettowrapup thenegotiations. ICICI SECURITIES Lupin's US revenues grew 14.8%QoQ TheClixteamhadreportedlyindulgedin Manappuram Fin Q2 net slips 6.4%; to $180 million (I-Sec: US$175mn) led by hard bargaining over the contours of the LUPIN’S Q2FY21 PERFORMANCEwas re-launch ofGlumetza, launch ofProAir in deal to lower the valuations,sources said. broadly in linewith our expectations September and nine new launches in Moreover,ClixwantedLVBtomakefullpro- finance cost rises,otherincomes drop with recovery in US sales that grew H1FY21.Weexpect this improving trend visionsagainstcontingentliabilityof`720 14.6% to $180 million. Consolidated in US business to continue in the coming crore related to transactions involving for- FE BUREAU Sharingtheresultswiththemedia,MD revenues grew 2.6% to `38.4 billion (I- quarterswith growing contribution from mer Religare promoters Malvinder and Kochi, November 6 & CEO VP Nandakumar said,“We are see- Sec: `38.0 billion)with ebitda margin ProAir,and new launches (15-20 each Shivinder Singh, pointing out that bank ing robust demand for gold loans as eco- expanding 190bpsYoYand 140bps QoQ year).Wealso expect US sales run-rate wouldhavetoreturnthemoneyifitlosesthe NBFC MANAPPURAM FINANCE on Fri- nomic activities recover ground in India to 15.2% (I-Sec: 15.8%). to reach ~ $210 million by Q4FY21. India caseagainstRFL. day reported a 6.4% year on year (YoY) with our rural economy leading the way. Sequential recovery in the USwas led business declined 0.7%YoY,in linewith LVB, on the other hand, countered it, declineinitssecondquarterconsolidated Accordingly, we could maintain strong by re-launch ofGlumetza, launch ofPro- industry,during the quarter.Weexpect pointingoutthatthattherewasnoneedto net profits to `405.44 crore,with finance growth in gold loans helped byourdigital Air in September and nine new launches the company to revert to healthy positi- maintainfullprovisions.Thebankmanage- costseenhigherandotherincomesshow- infrastructure and ourrobust online gold in H1FY21.Additionally,cost control ve growth H2FY21 onwards, driven by ment had apparently told Clix that they ing a drop. loan platform.” initiatives have aided margin improve- chronic therapies (~60% ofrevenues) couldexaminetheaccountswhichhadgone Finance cost for the second quarter is Consolidated assets under management.Weexpect the revenue mix to and easing oflockdown restrictions.The through forensic audit.The board of cash- seen higher by 27.4% YoY at `570.95 ment (AUM) grew 18.6% to `26,902.73 improve going aheadwith higher India EU, Middle East andAfrica businesses starved LVB had on October 15 approved crore. crore in the quarter under review from and US sales,whichwould contribute grew 2.0%YoYwhile growth markets raising `500 crore through a rights issue. Sequentially, net profits reported a `22,676.93croreinthesecondquarterof ~73% to sales and cost control initiatives (LATAM+APAC) declined 3.7%YoY.API Thebankisintheprocessofreadyingpapers 10.2% increase from `367.97 crore reg- year-ago period. the previous fiscal year.The company’s to help in margin improvement. Howe- grew strong 22.5%YoY.Controlled cost to file in November.The merchant banker istered in the first quarter of the current The company’s non-gold loan busi- gold loan portfolio posted strong growth ver,existingwarning letter/OAI status on lifts margin. Company's gross margin wasonthejobanddecidedontheratioand financialyear. nesses account for a 26.6% share of its of 30.1% to `19,736.02 crore, from four facilities remains overhang for near remained flatYoYbut improved 50bps theamountsoon,sourcessaid. The Kerala-based lender, which also consolidated assets under management `15,168.34 crore in theyear-ago quarter. term growth.Weretain'hold' ratingwith QoQ to 64.0%with improvement in US LVB,whichhadbeenplacedunderRBI's operates a home loan, microfinance and (AUM).ThegrossNPAforQ2FY21stoodat The number of live gold loan customers a revised target price of`964/share business. Employee expenses declined prompt corrective action since 2019,had commercialvehicleleasingsubsidiary,has 1.11% compared to 0.6% in theyear-ago stood at 25.6 lakh as of September30. (`943 based on 24xSep'22E and an ad- 9.9%YoYand 13.6% QoQ as guided by posted a net loss of `112.28 crore for reported a stand-alone net profit of period while net NPA stood at 0.68% Averageborrowingcostsforthestand- ditional `21/share for Spiriva oppo- the management, lifting ebitda margin Q1FY21ascomparedtonetlossof`237.25 `405.56 crore in the gold loan business against0.3% inthesecondquarterofthe alone entitydeclined 26 basis points dur- rtunity) earnings (earlier: `916/share). by 190bpsYoYand 140bps QoQ to croreinQ1FY20. against `336.17 crore reported in the last financialyear. ing the quarterto 9.13%. Recovery in the US to continue. 15.2%.

Pune WWW.FINANCIALEXPRESS.COM SATURDAY, NOVEMBER 7, 2020 FINANCIAL EXPRESS MARKETS 11

● AMCs TO BENEFIT Sebi announces ‘flexi cap fund’ FE BUREAU Mumbai, November 6 ‘Investor complaints must be resolved in THE SECURITIES AND 15 working days' Exchange Board of India (Sebi) onFridayintroducedacategory SEBI ON FRIDAY said the of equity scheme, called Fexi stock exchangeswill have to Cap,whichwillgiveassetman- ensure that investor griev- agement companies the flexi- ancesareresolvedwithin15 bility to make investments in working days after receiv- companies irrespective of the ing such complaints. The marketcapitalisation. move is aimed at strength- To give more flexibility to eningtheinvestorgrievance mutual funds and taking into redressal mechanism, the accounttherecommendations regulatorsaid. PTI of the Mutual Fund Advisory Committee, a new category named“Flexi Cap Fund”under SebiinitscircularonFriday equity schemes will now be also announced that mutual availableforfundhouses.Inthe funds have the option to con- Flexi Cap category, minimum vert an existing scheme into a 65%oftotalinvestmentsshall flexi cap fund,subject to com- beinequityandequity-related pliance with the requirement instruments. Officials in the for change in fundamental MFindustrysaidissuesrelated attributes of the scheme in to multicap funds have been terms of Regulation 18(15A) addressed afterthe announce- of SEBI (Mutual Funds) Regu- ment of the new category. lations,1996. Mutual funds will have the Sebi asks debt MFschemes option to convert an existing to hold 10% liquid assets schemeintoaflexicapfund. Withanaimtoensuresuffi- Nilesh Shah, MD at Kotak cient liquidity, Sebi on Friday Mahindra Asset Management made it mandatory for debt Company,saidthisisacontinu- mutual fund schemes to hold ationof‘truetolabel’policyofthe at least 10% of theirnet assets Sebi.“Multicapfundswithmin- in liquid assets.Besides,it also imum 25% allocation to large, mandated debt schemes to mid and small cap stocks will conduct stress testing. remain true to label multicap The new rules are aimed at funds.Byintroducing Flexi Cap improving risk management categorywhere the fund man- and ensuring sufficient agercan move across large,mid liquidity. The new rules are Dr. Lal PathLabs Limited andsmallcapstocksdepending aimedatimprovingriskman- CIN: L74899DL1995PLC065388 on his view,a true to label flexi agement and ensuring suffi- Regd. Of�ce: Block E, Sector-18, Rohini, New Delhi-110085 capcategoryhasbeencreated.” cient liquidity. PTI Corporate Of�ce: 12th Floor, Tower B, SAS Tower, Medicity, Sector-38, Gurugram-122001, Haryana Tel.: +91-124-3016500; Fax: +91-124-4234468; Website: www.lalpathlabs.com; Email: [email protected] Extract of Consolidated Unaudited Financial Results for the quarter & half year ended 30 September, 2020 RBI: NBFCs adding (` in million, except as stated) 3 months ended Half year ended Corresponding S. 30 September, 30 September, 3 months ended Particulars to systemic risk need No. 2020 2020 30 September, 2019 (Unaudited) (Unaudited) (Unaudited) 1 Total Income from Operations 4,448 7,222 3,804 stricterregulation 2 Net Pro�t for the period before Tax and Exceptional items# 1,166 1,547 1,023 Net Pro�t for the period before Tax and after Exceptional FE BUREAU 3 1,166 1,547 1,023 items# Mumbai, November 6 4 Net Pro�t for the period after Tax and after Exceptional items# 871 1,155 810 NON-BANKING FINANCIAL 5 Total Comprehensive Income for the period after Tax# 880 1,155 816 companies (NBFCs),which con- 6 Paid-up Equity Share Capital (face value of` 10/- per share) 833 833 833 tributesignificantlytosystemic Earnings Per Share (of` 10/- each) (not annualised) risks must be subjected to gre- 7 (a) Basic (In`) 10.34 13.79 9.77 aterregulation,ReserveBankof (b) Diluted (In`) 10.31 13.75 9.75 India (RBI) deputygovernor M M Rajeshwar Rao, RBI #Before non-controlling Interest Rajeshwar Rao said on Friday. deputy governor Notes: The prudential guidelines for i. Key numbers of the Standalone Results are as under: (` in million, except as stated) suchNBFCsshouldbecompara- temically significant and the 3 months ended Half year ended Corresponding blewith those forbanks so that prudentialregulationsforthem S. 30 September, 30 September, 3 months ended Particulars theyeitherscale up into a bank have evolved to give greater No. 2020 2020 30 September, 2019 or scale down their network focus to the theme of financial (Unaudited) (Unaudited) (Unaudited) externalities,hesaid. stability.“However,let’snotfor- 1 Total Income from Operations 4,168 6,829 3,674 “Onecan also argue thatthe get that regulation-light struc- 2 Pro�t for the period before Tax 1,068 1,453 998 design of prudential regulatory ture of NBFCs has enabled the 3 Pro�t for the period after Tax 799 1,087 795 framework forsuch NBFCs can flexibilityenjoyedbythem,”Rao be comparable with banks so said,addingthatthisflexibility 4 Total Comprehensive Income 809 1,088 802 thatbeyondapointofcriticality istheprimaryadvantageNBFCs ii. The above results were reviewed by the Audit Committee and approved by the Board of Directors in their respective to systemic risks, such NBFC enjoy over banks, enabling meetings held on 6 November, 2020. shouldhaveincentiveseitherto them to serve the last mile of iii. The Board of Directors, which has been identi�ed as being the Chief Operating Decision Maker (CODM), evaluates convertintoacommercialbank financial intermediation. the Group’s performance and allocates resources based on the analysis of the various performance indicators of the or scale down their network Hence,it is imperative to strike Group as a single unit. Therefore, there is no reportable segment for the Group, in accordance with the requirements externalitieswithinthefinancial a balance between regulating of Indian Accounting Standard 108 - ‘Operating Segments’, prescribed under Section 133 of the Companies Act, 2013. system. This would make the NBFCs more tightly and the iv. The above is an extract of the detailed format of quarterly and six months�nancial results, as per Ind AS�led with financial sector sound and need to provide them the the Stock Exchange under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015. The full Financial Results of the quarter and half year ended are available on the Stock Exchange websites resilientwhileallowingamajor- requiredflexibility. (www.bseindia.com and www.nseindia.com) and the Company’s website (www.lalpathlabs.com). ityof NBFCs to continue under Rao also spoke of the need For and on behalf of the Board of Directors of the regulation-light structure,” tore-prioritiseregulatorytools Dr. Lal PathLabs Limited Raosaidatanindustryevent. in the microfinance (MFI) sec- With the growth in size and tor so that regulations are Place: Gurugram (Hony) Brig. Dr. Arvind Lal interconnectedness, NBFCs activity-based rather than Date: 6 November, 2020 Executive Chairman have increasingly become sys- entity-based.

Pune SATURDAY, NOVEMBER 7, 2020 WWW.FINANCIALEXPRESS.COM 12 MARKETS FINANCIAL EXPRESS

Sundaram Finance reports `192-cr profit Nafed issues FE BUREAU Income from operations forthe quar- of our disbursements in Q2. Every suc- order for supply Chennai, November 6 terunderreviewstoodat`993crore,com- ceeding month since May witnessed an paredwith`994croreinthesamequarter upward trend and that is something of 15,000 tonne CHENNAI-BASED NBFC SUNDARAM lastyear.Thecompanyreporteddisburse- heartening. On the back of a bountiful Financehasreportedanetprofitof`192 ments of `3,174 crore in Q2, against monsoon and the government’s invest- imported onions crore for the second quarter of FY21, `3,832croreintheyear-agoperiod. ment in infrastructure, the tractor and compared with `269 crore in the same Assets under management of Sun- construction equipment segments have PRESS TRUST OF INDIA period last year. However, the net profit daram Finance stood at `30,572 crore, done particularlywell.” New Delhi, November 6 ofQ2ofFY20includedone-timeincome against `30,256 crore. Hesaidwhilethere isa lotof positiv- of`53crore,andsotheprofitforthecur- Managing director TT Srini- ity around the festive season, the com- CO-OPERATIVE NAFED ON Fridaysaidit rent quarteris not comparablewith that vasaraghavansaid,“Despitethefirsttwo pany has to wait and watch if this hasfinalisedbiddersandissuedordersfor ofthepreviousyear,thecompanysaidin months of the year having been a total momentum sustains in coming timely supply of 15,000 tonne of a statement. washout,wemanagedtoreachover80% months. imported onions,which will help boost domesticavailabilityand checkpricerise. Sinceimportedonionswillbedelivered atportcities,stategovernmentshavebeen asked to indent their quantity for faster dispatch of the commodity,it said. Nafedplanstofloatregulartendersfor supplyof additional supplies of imported onions,it added. “Yesterday (Thursday), Nafed received agoodresponseinthetenderswithoffers

PICTUREHOUSE MEDIA LIMITED Reg Off : D. No. 2, 9th Floor, KRM Centre, Harrington Road, Chetpet, Chennai-600031; Web: www.pvpcinema.com; Email: [email protected]; Tel: 044 30285570 CIN:L92191TN2000PLC044077 EXTRACT OF UNAUDITED STANDALONE and CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2020 (as per format of Newspaper Publishing Purpose of Regulation 33 of SEBI Listing Regulations, 2015) Rs in lacs tosupplyatTuticorinandMumbai. Nafed STANDALONE CONSOLIDATED very swiftly has issued confirmation to successful bidders last evening itself so Sl. Quarter Half year Quarter Quarter Half year Quarter No. PARTICULARS ended ended ended ended ended ended that timely releases are made in the mar- 30.09.2020 30.09.2020 30.09.2019 30.09.2020 30.09.2020 30.09.2019 ket,”an official statement said. Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited This time, Nafed insisted the quality 1 Total income from operations (net) (3.52) 4.82 1,163.45 (3.52) 4.82 1,163.45 and size of onion match the choice of 2 Net Profit / (Loss) for the period (253.90) (493.44) (88.41) (1,410.56) (2,777.23) (865.01) Indian consumers who generally prefer (before tax , exceptional items) mediumsizedonionswhereasinoverseas 3 Net Profit / (Loss) for the period (253.90) (493.44) (88.41) (1,410.56) (2,777.23) (865.01) originsthesizesarebiggerupto80mm,it before tax (after exceptional items) said. Unlike last year when MMTC had 4 Net Profit / (Loss) for the period (253.90) (493.44) (88.41) (1,410.56) (2,777.23) (865.01) directly imported yellow, pink and red after tax( after exceptional items) onions from Turkey and Egypt, this year 5 Total comprehensive Income for (253.90) (493.44) (88.41) (1,410.56) (2,777.23) (865.01) private importers have been offered to the period (Comprising profit/(loss) supply.This may ensure quality supply in for the period (after tax) and their comprehensive income ( after tax)) minimal time,it added. 6 Equity Share Capital 5,225.00 5,225.00 5,225.00 5,225.00 5,225.00 5,225.00 Nafed,on the directions of the central (Face value of Rs. 10 each) government,hadfloatedtendersonOcto- 7 Earnings Per Share ber 31 for supply of 15,000 tonne of (not annualised) of Rs. 10 each/- imported red onions at port towns. Basic (0.49) (0.94) (0.17) (2.70) (5.32) (1.66) Onion prices are showing steady Diluted (0.49) (0.94) (0.17) (2.70) (5.32) (1.66) decline in wholesale and retail markets, Nafed said. NOTES : 1 The above results have been reviewed by the Audit Committee at its meeting held on 6th November, 2020 and approved by the Board of Directors at its meeting held on even date. The above quarterly results have also been reviewed by the statutory auditors. Bank credit 2 The above is an extract of the detailed format of Standalone and Consolidated financial results for the quarter and half year ended 30th September, 2020 filed with the Stock Exchanges under Regulation 33 of the SEBI (Listing and Other Disclosure Requirements) Regulations, 2015. The full format of the Quarterly rises 5.06%, Financial Results are available on the Exchange websites www.bseindia.com and on the company's website www.pvpcinema.com. For and on behalf of the Board of Directors deposits grow Sd/- Place : Hyderabad Prasad V. Potluri 10.12%: RBI Date : November6,2020 Managing Director PRESS TRUST OF INDIA Mumbai, November 6

THE BANK CREDIT grew 5.06% to `103.39 lakh crore, while deposits rose by 10.12% to `142.92 lakh crore for the fort- night ended October 23, according to the RBI data.During the fortnightendedOctober25,bank credit had stood at `98.40 lakh crore, and the deposit was at `129.78 lakh crore. Non-food bank credit growth decelerated to 5.8% in Septem- berfrom8.1%inthesamemonth previous year, according to the data. Credit to industry recorded ‘nil’growthinSeptember2020as compared to a 2.7% growth in theyear-ago period. Credittoagricultureandallied activitiesroseby5.9%duringthe reporting month, against a growth of 7% ayearago. The loan growth in the services sector accelerated to 9.1% in September from 7.3% in the same month lastyear. Gold bond issue price fixed at `5,177/gm The issue price for the sovereign gold bond has been fixed at `5,177 per gram of gold, the Reserve Bank of India said in a statement on Friday.The Sover- eign Gold Bond Scheme 2020- 21-Series VIII will be opened for subscription from November 9 to 13.

Bitcoin hits $15,500 as post-election rally loses some steam TODD WHITE & JOANNA OSSINGER November 6

BITCOIN EXTENDED RECENT gains in Friday trading, continuing its slow progress toward $16,000 after joining a slew of assets from oil to Asian stocks that rallied in the wake of the US election. While the token’s weekly advance is starting to look para- bolic at 13%,on Friday,the move roughlymatcheditsdailyaverage for the past month of about 2%. That’slessthanhalfoftheswings notched in the depths of pandemic in March, and well below the average 30-day volatility the digital asset has displayed in more than a decade of trading. The gains took Bitcoin above $15,500 for the first time since early2018. To bulls, the steady gain is addingtotheperceptionthatthe biggest digital token is gaining more mainstream credi- bility. BLOOMBERG

Pune SATURDAY, NOVEMBER 7, 2020 13 FINANCIAL EXPRESS WWW.FINANCIALEXPRESS.COM

Pentokey Organy (India) Ltd. CIN: L24116MH1986PLC041681 Somaiya Bhavan, 45-47, Mahatma Gandhi Road, Fort, Mumbai - 400 001. Tel. No. (91-22) 61702100; Fax: (91-22) 22047297 Email: [email protected]; Website : www.pentokey.com STATEMENT OF FINANCIAL RESULT FOR THE QUARTER ENDED 30TH SEPTEMBER, 2020 ` In lacs Quarter Quarter Year Ended Ended Ended Particulars 30.09.2020 30.09.2019 31.03.2020 Unaudited Unaudited Audited Total Revenue 5.70 8.03 180.73 Net Profit / (Loss) from ordinary activities before Tax and Exceptional Items (8.40) (13.74) (44.05) Net Profit / (Loss) for the period after tax (After Exceptional Items) (8.40) (13.74) (44.05) Total Comprehensive Income for the period (8.37) (14.19) (44.67) Equity Share Capital 627.26 627.26 627.26 Other Equity (Reserves excluding Revaluation Reserve) (68.13) Earnings per equity share (for continuing operations) Basic : (0.13) (0.22) (0.70) Diluted: (0.13) (0.22) (0.70) Note : The above is an extract of the detailed format of the financial results for the Quarter ended 30th September, 2020 filed with the Stock Exchanges under Regulation 33 of the SEBI (Listing and Other Disclosure Requirements) Regulations, 2015. The full format of the Quarter ended 30th September, 2020 are available on the Stock Exchange website, www.bseindia.com and the Company's website www.pentokey.com For Pentokey Organy (India) Limited Sd/- S. Mohan Place: Mumbai Director th Date : 06 November, 2020 DIN : 03184356

XTGLOBAL INFOTECH LIMITED (Formerly Frontier Informatics Limited) Regd Office: Plot No 31P&32, 3rd Floor, Tower A, Ramky Selenium, Financial District, Nanakramguda, Hyderabad- 500 032. Tel No: 040 23007456 Email id: [email protected],Website: www.fitlindia.com,CIN:L72200TG1986PLC006644 STATEMENT OF STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2020 Rs. In Lakhs QUARTER ENDED HALFYEARENDED YEARENDED PARTICULARS 30.09.2020 30.06.2020 30.09.2019 30.09.2020 30.09.2019 31.03.2020 (UnAudited) (UnAudited) (UnAudited) (UnAudited) (UnAudited) (Audited) Total Income from Operations (Net) 243.71 219.19 112.51 462.89 169.15 571.89 Net Profit /(Loss) from Ordinary 62.95 56.51 26.90 119.46 37.62 159.24 activities (before tax, Exceptional &/ or extra-ordinary items Net Profit / (Loss) (before tax, After 63.46 56.51 26.90 119.97 46.58 159.24 exceptional &/or extra-ordinary items Net Profit / (Loss) for the period after 75.64 70.17 26.90 145.80 46.58 230.63 tax (after Extraordinary items) Total Comprehensive Income for the period 75.64 70.17 26.90 145.80 46.58 230.63 (Comprising Profit (Loss) and other Comprehensive Income for the period) Equity Share Capital 1,199.68 1,199.68 509.55 1,199.68 509.55 1,199.68 Earning Per Share (of Rs.10/- each) (a) Basic 0.06 0.06 0.05 0.12 0.10 0.35 (b) Diluted 0.06 0.06 0.05 0.12 0.10 0.35

Note : The above is an extract of the detailed format of Quarterly/Half yearly Financial Results filed with the Stock Exchanges under Reg. 33 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations 2015. The full format of the Quarterly/Half yearly results along with consolidated financials are available in the website of the company www.xtglobal.com and BSE Limited (bseindia.com) where the shares are listed. The results have been prepared in accordance with the Indian Accounting Standards (Ind AS) prescribed under the Companies (Indian Accounting Standards) Rules, 2015 as amended by Companies (Indian Accounting Standards) Amendment Rules, 2016. For XTGlobal Infotech Limited V Sreedevi Place : Hyderabad Wholetime Director Date : 06-11-2020 DIN: 02448540

Pune 14 SATURDAY, NOVEMBER 7, 2020 WWW.FINANCIALEXPRESS.COM

INTERTEC TECHNOLOGIES LIMITED Regd Of�ce: No.28, Shankar Mutt Road, Bangalore – 560 004 CIN NO. U85110KA1989PLC010456 NOTICE REMEDIUM LIFECARE LIMITED From the Front Page Notice is hereby given that pursuant to Regulation 29(1) of SEBI (Listing (formerly known as “Roxy Exports Limited”) Obligations and Disclosure Requirements) Regulations-2015, a meeting CIN : L24100MH1988PLC34380 Registered Office : 416D, 4th Floor, Dattani Plaza, Safed Pool, Sakinaka, Andheri East, Amazon review.” of Board of Directors of the Company will be held on 14thNovember Mumbai – 400 072 | Tel: 022-28505005 | E-mail : [email protected] The influence of the 2020 at 04.30 P.M. at the Registered Of�ce of the company at No. 28, NOTICE announces Deutsche Bank alumni is Shankar Mutt Road, Bangalore – 560 004, to interalia consider, and evident in SoftBank’s evo- approve(a) the Un-Audited Standalone and Consolidated Financial NOTICE is hereby given pursuant to regulation 29 and 47 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, that, the investment of lution into a sprawling results of the Company for the Quarter/Half Year ended on Sept 30, th meeting of Board of Directors of the Company is scheduled to be held on Friday, 13 financial giant.Son set up the 2020, (b) to take on record, Auditors Limited Review Report thereon.This November, 2020, inter-alia to consider and approve unaudited financial results for the `20,761 crin intimation is also available on Company’s website at www.intertec1. th $100-billion Vision Fund to quarter and half year ended 30 September,2020. make venture capital com/investors/noticeQ2-2020-21.pdf and on Stock Exchanges’ Further, in line with Regulation 47(2) of the aforesaid Listing regulations, this Notice is also Telangana website at www.msei.in available on BSE at www.bseindia.com. The minister had met officials investments, bought alterna- For Intertec Technologies Limited For REMEDIUM LIFECARE LIMITED from AWS during his Davos tive-asset manager Fortress Bangalore (T.S. RAVI CHANDAR) Sd/- visitearlierthisyearandsubse- Investment Group LLC in Place: Mumbai Nishant Phadtare November 6th, 2020 Managing Director Date: 06.11.2020 Company secretary & Compliance officer quently arrived at the closure 2017 and thisyearestablished on the investment in a swift an asset-management arm manner,the statement noted. where traders bet billions on In a virtual briefing,AWS said stock options. Now, he’s the new 'AWS Asia Region' in getting into the blank-check Hyderabadwillconsistofthree frenzy and has contemplated AZsatlaunchandjointheexist- a management buyout of ing nine AWS Regions and 26 SoftBank. Son will address AZs across Asia in India,Aus- investors Mondayas SoftBank tralia, Greater China, Japan, reports earnings. Korea,andSingapore. Financial complexity has been a double-edged sword. Deutsche Bank Naheta helped Son better alumni helping monetise his stake in Alibaba Group Holding byusing collar Son remake transactions that took advantage of the Chinese e- SoftBank commerce giant’s ballooning Theyhave a historyof making valuation. But a structure risky bets that characterised designed by Misra to give the German lender in the SoftBank more equity in the years before the 2008 Vision Fund proved costlylast financial crisis. At SoftBank, year.The idea, unusual in the they have billions of dollars at riskyworld of venture capital, theirdisposal and fewerof the was to allow outside investors constraints banks have put in to put in $40 billion as place since then. preferred shares that paid 7% “They are managing funds ayearwhether the fund made for an entity with deep money or not.When the fund pockets, an appetite for risk had to write down the value and insatiable ambition,”said of start-ups like WeWork, ChristopherWheeler,a former leading to record losses, financial analystwho followed SoftBank got hit harder than Deutsche Bank for two other investors. decades.“They’re very smart Some Deutsche Bank people, but it’s difficult for a veterans also brought a company of that nature to cutthroat approach to office keep an eye on how their politics. The sharpest clash money is being invested.” was between Misra and Tim Mackey, SoftBank’s Nikesh Arora, a hotshot chief compliance officer, Google executive Son defended the company’s recruited in 2014 to oversee controls.“SoftBank takes its SoftBank’s start-up investing regulatoryobligations in each and who left two years later, jurisdictionveryseriouslyand according to people with has a robust legal, risk and knowledge of their relation- compliance infrastructure ship. Misra also collided with across the group,”Mackeysaid COO Marcelo Claure, Bloom- in an emailed statement.“As berg News reported in May. our various business models A Vision Fund spokesman evolve, management ensures said Misra thinks highly of that the infrastructure to Arora and that Misra and support the business is subject Claure have a close and to continuous and rigorous collaborative relationship.

Pune WWW.FINANCIALEXPRESS.COM SATURDAY, NOVEMBER 7, 2020 FINANCIAL EXPRESS 15

K G DENIM LIMITED CIN: L17115TZ1992PLC003798 Regd. Office: Then Thirumalai, Jadayampalayam, Coimbatore –641 302. Phone : 04254-235240 / 04254-235401, Fax : 04254-235400 Website : www.kgdenim.com, E-mail : [email protected] ABANS ENTERPRISES LIMITED CIN: L74120MH1985PLC035243 th Regd. Office: 36/37/38A, 3rdFloor, 227, NarimanBhavan, Notice of the 28 Annual General Meeting and E-voting Information Backbay Reclamation, Nariman Point, Mumbai –400021. Tel No.: 022–68354100 | Fax: 022 – 61790010 Dear Members, E-mail : [email protected] Notice is hereby given that 28th Annual General Meeting (AGM) of the Company will be held at 3.00 PM IST,on Monday, Website : www.abansenterprises.com the 30th day of November, 2020 through Video Conference (VC) / Other Audio Visual Means (OAVM) to transact the NOTICE business, as set out in the Notice ofAGM dated 14th September, 2020. Notice is hereby given pursuant to Regulation 47 th read with Regulation 33 of SEBI (LODR) The Company has sent the Notice of AGM to those shareholders holding shares of the Company as on 5 November, Regulations, 2015 a meeting of Board of 2020, through e-mail to Members whose e-mail addresses are registered with the Company / Depositories in th Directors of the Company is scheduled to be held accordance with the Circular No.20/2020 issued by the Ministry of Corporate Affairs dated 5 May, 2020 read with on Friday, November 13, 2020 at Registered Circular No. 14/2020 dated 8th April, 2020 and Circular No. 17/2020 dated 13th April, 2020 (“MCACirculars). Office of the Company at 36, 37, 38A, 227 rd TheAGM Notice along with the explanatory statement and theAnnual Report for the FinancialYear2019-20 is available Nariman Bhavan, 3 Floor, Backbay Reclamation, and can be downloaded from the Company's website www.kgdenim.com. Nariman Point, Mumbai, Maharashtra– 400 021, inter alia, to consider and approve the Unaudited Members can attend and participate in theAnnual General Meeting through VC/OAVM facility only. The instructions for Standalone and Consolidated Financial Results joining the Annual General Meeting are provided in the Notice of the Annual General Meeting. Members attending the for the quarter and six months ended September meeting through VC/OAVM shall be counted for the purposes of reckoning the quorum under Section 103 of the 30, 2020. CompaniesAct, 2013. Further, in terms of the Code of Conduct of In compliance with Section 108 of the Companies Act, 2013 read with Rule 20 of the Companies (Management and Company adopted under SEBI (Prohibition of Administration) Rules, 2014 as amended from time to time, the Members are provided with the facility to cast their votes Insider Trading) Regulations, 2015 the trading on all resolutions set forth in the Notice of theAGM using remote electronic voting system (remote e-voting) provided by window for dealing in the securities of the Central Depository Services India Limited. Additionally, the Company is providing the facility of voting through e-voting Company shall continue to remain closed till 48 system during theAnnual General Meeting (“e-voting”). Detailed procedure for remote e-voting/ e-voting is provided in hours thereafter. the Notice of the Annual General Meeting. For further details in connection with e-voting, members may also visit the The information contained in this notice is also website https://www.evotingindia.com. available on Company's Website The Board of Directors of the Company has appointed Shri M.R.L Narasimha, Company Secretary in Practice as www.abansenterprises.com as also on the website of the Stock Exchanges viz. BSE Scrutinizer to scrutinize the voting process in a fair and transparent manner. Limited-www.bseindia.com and MSEI Limited- Members are requested to carefully read the instructions printed for voting through e–voting on the AGM Notice. www.msei.in. Members are also requested to note the following: For Abans Enterprises Limited Sd/- 1 Date of completion of dispatch of Notice Thursday, 05th November 2020 Place: Mumbai Abhishek Bansal th Date: 06.11.2020 (Managing Director) 2 Date and time of Commencement of remote e-voting Friday, 27 November, 2020 (09.00 AM IST) 3 Date and time of end of remote e-voting / postal ballot Sunday, 29th November, 2020 Remote e-voting will not be allowed beyond this date and time (05.00 PM IST) 4 Cut-off date of determining the members eligible for e-voting / postal ballot Monday, 23rd November, 2020 Those Members, who shall be present in the AGM through VC / OAVM facility and had not cast their votes on the resolution through remote e-voting and are otherwise not barred from doing so, shall be eligible to vote through e-voting system during theAGM. A person whose name is recorded in the Register of Members or in the register of beneficial owners maintained by the depositories as on the cut-off date only shall be entitled to avail the facility of remote e-voting or voting at the Annual General Meeting. The voting rights of Members shall be in proportion to the shares held by them in the paid-up equity share capital of the Company as on the cut-off date. The Members who have cast their votes by remote e-voting prior to the AGM may also attend / participate in the AGM through VC / OVAM but shall not be entitled to cast their votes again. Any person, who acquires shares of the Company and becomes a Members of the Company after the Notice has been sent electronically by the Company, and holds shares as of the cut-off date, may obtain the login id and password by sending a request to [email protected]. However, if he/she is already registered with CDSL for remote e- voting then he/she can use his/her existing User ID and Password for casting the votes. In case the shareholder's email Public Notice ID is already registered with the Company/its Registrar & Share TransferAgent “RTA”/Depositories, log in details for e- voting are being sent on the registered email address. We�re moving, but always there to care! If you have not registered your e-mail address with the Company / Depository you may please follow below instructions for obtaining login details for e-voting: Dear Customer/Policyholder, th Shareholders holding shares in physical mode are requested to send a request to the Registrar and Transfer Agent of This is to inform all concerned that we will be relocating our Corporate Office (Distinctive Code 1258) from 5 floor, Reliance Centre, Off Western th th the Company, M/s Cameo Corporate Services Limited” at [email protected] by providing Folio No., Name of Express Highway, Santacruz East, Mumbai - 400055 w.e.f. 15 January 2021 to 4 floor, Inspire BKC, G Block, BKC Main Road, Bandra East, Shareholder, scanned copy of the share certificate / allotment advice (front and back), PAN (self-attested), Aadhar Mumbai - 400051. (Self- attested) for registering the e-mail address.Shareholders holding shares in Demat mode are requested to contact Some relationships go beyond any measured distance and we assure you of our best service through our offices, our employees, advisors and your Depository Participant (“DP”) and register your e-mail address in your Demat account, as per the process advised service partners who are distributed PAN India. by your DP. For details relating to remote e-voting onAGM, please refer to the Notice of theAGM. If you have any queries relating to Alternatively, you can reach out to us at: remote e-voting, please refer to the Frequently Asked Questions (FAQs) and e-voting user manual for shareholders a. Call us between 9 am to 6 pm, from Monday to Saturday, on TollFree number 1800 102 1010 available at www.evotingindia.com under help section or write an email to [email protected] or contact no. 022 -23058543 b. Our email address: [email protected] In case of any grievances connected with facility for voting by electronic voting means, please contact e-mail: [email protected], Tel:(022-23058543). In case of a service request, claim or complaint, you can write us on: [email protected] or at the address The result of voting will be announced by the company in its websitewww.kgdenim.com and on the website of Central mentioned above. Depository Services India Limited (CDSL). Due to unavoidable circumstances, if your grievance remains unresolved even after 10 working days, you may write to our Notice is hereby given that the Register of Members and Share Transfer Books of the Company will remain closed from Grievance Officer, at [email protected] or at the address mentioned above. Tuesday, 24th November, 2020 to Monday, 30th November, 2020 (Both days inclusive) forAGM. We value the faith you and your family have placed in us for all these years. We assure you, moving of our Registered Office will not For K G Denim Limited change that equation. We would like to invite you to visit our new location to familiarise yourself and for any service request you KG Baalakrishnan may have. Date : 06.11.2020 Executive Chairman Place : Coimbatore DIN : 00002174 Reliance Nippon Life Insurance Company Limited. IRDAI Registration No: 121. Trade logo displayed above belongs to Anil Dhirubhai Ambani Ventures Private Limited & Nippon Life Insurance Company and used by Reliance Nippon Life Insurance Company Limited under license. CIN: U66010MH2001PLC167089 Mktg/Public Notice5/V1/Nov2020

Public Notice We�re moving, but always there to care! Dear Customer/Policyholder, This is to inform all concerned that we will be relocating our Registered Office (Distinctive Code 1) from 5th floor, Reliance Centre, Off Western Express Highway, Santacruz East, Mumbai - 400055 w.e.f. 15th January 2021 to 4th floor, Inspire BKC, G Block, BKC Main Road, Bandra East, Mumbai - 400051. Some relationships go beyond any measured distance and we assure you of our best service through our offices, our employees, advisors and service partners who are distributed PAN India.

Alternatively, you can reach out to us at: a. Call us between 9 am to 6 pm, from Monday to Saturday, on TollFree number 1800 102 1010

b. Our email address: [email protected]

In case of a service request, claim or complaint, you can write us on: [email protected] or at the address mentioned above. Due to unavoidable circumstances, if your grievance remains unresolved even after 10 working days, you may write to our Grievance Officer, at [email protected] or at the address mentioned above.

We value the faith you and your family have placed in us for all these years. We assure you, moving of our Registered Office will not change that equation. We would like to invite you to visit our new location to familiarise yourself and for any service request you may have.

Reliance Nippon Life Insurance Company Limited. IRDAI Registration No: 121. Trade logo displayed above belongs to Anil Dhirubhai Ambani Ventures Private Limited & Nippon Life Insurance Company and used by Reliance Nippon Life Insurance Company Limited under license. CIN: U66010MH2001PLC167089 Mktg/Public Notice4/V1/Nov2020

Pune SATURDAY, NOVEMBER 7, 2020 WWW.FINANCIALEXPRESS.COM 16 NATION FINANCIAL EXPRESS

''IMPORTANT''

Whilst care is taken prior to acceptance of advertising copy,itisnot possible to verify its contents. The Indian From the Front Page Express (P) Limited cannot be held responsible for such contents, nor for any loss or oftheUnitedStatesofAmerica.” damage incurred as a result of Battleground transactions with companies, Trumpshowednosignofgiving associations or individuals states: Biden all up and was was back on Twitter advertising in its newspapers or Publications. We therefore around2:30am.Friday,insistingthe recommend that readers set to defeat “USSupremeCourtshoulddecide!” make necessary inquiries Trump’s erroneous claims before sending any monies or Trump entering into any agreements about the integrity of the election with advertisers or otherwise On Thursday, he advanced challengedRepublicansnowfaced acting on an advertisement in unsupported accusations of voter withthechoiceofwhethertobreak any manner whatsoever. fraud to falselyargue that his rival with a president who, though his was trying to seize power in an grip on his office grew tenuous, extraordinary effort by a sitting commanded sky-high approval PVP VENTURES LIMITED American president to sow doubt ratings from rank-and-file mem- Reg Off: D. No. 2, 9th Floor, KRM Centre, Harrington Road, Chetpet, Chennai-600031; about the democratic process. bersoftheGOP.Thatwasespecially Web: www.pvpglobal.com; Email: [email protected]; Tel: 044 30285570 “Thisisacasewhentheyaretry- trueforthosewhoareeyeingpres- CIN: L72300TN1991PLC20122 ingtostealanelection,theyaretry- identialruns oftheirownin 2024. EXTRACT OF UNAUDITED STANDALONE and CONSOLIDATED FINANCIAL ing to rig an election,”Trump said Maryland GOP Gov. Larry RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2020 from the podium of the White Hogan, a potential presidential (as per format of Newspaper Publishing Purpose of Regulation 33 of SEBI Listing Regulations, 2015) House briefing room. hopeful who has often criticized Rs in lacs Biden spentThursdaytrying to Trump,saidunequivocally:“There STANDALONE CONSOLIDATED ease tensions and project a more is no defense for the President’s Sl. Quarter Half year Quarter Quarter Half year Quarter traditional image of presidential comments tonight undermining No. PARTICULARS ended ended ended ended ended ended leadership.Afterparticipating in a ourDemocraticprocess.Americais 30.09.2020 30.09.2020 30.09.2019 30.09.2020 30.09.2020 30.09.2019 coronavirus briefing, he declared counting thevotes,and we must Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited that“eachballotmustbecounted.” respect the results as we always 1 Total income from operations (net) 265.39 440.13 946.77 268.12 457.29 2,120.07 “Iaskeveryonetostaycalm.The have before.” 2 Net Profit / (Loss) for the period (541.88) (1,170.59) (120.66) (2,223.01) (4,482.74) (1,041.02) processisworking,”Bidensaid.“Itis But others who are rumored to (before tax and exceptional items) thewillofthevoters.Noone,notany- be considering a White House run 3 Net Profit / (Loss) for the period (541.88) (1,170.59) (120.66) (2,223.01) (4,482.74) (953.58) before tax (after exceptional items) one elsewho chooses the president of their own in four years aligned 4 Net Profit / (Loss) for the period (600.08) (1,228.79) (120.66) (2,281.21) (4,540.94) (953.58) themselves with the incum- after tax( after exceptional items) bent,including Sen.Josh Haw- 5 Total comprehensive Income for (600.08) (1,228.79) (120.66) (2,281.21) (4,540.94) (953.58) ley, R-Mo., who tweeted sup- the period (Comprising profit/(loss) port for Trump’s claims, for the period (after tax) and their writing that“If last 24 hours comprehensive income (after tax)) have made anything clear, it’s 6 Equity Share Capital 24,505.27 24,505.27 24,505.27 24,505.27 24,505.27 24,505.27 that we need new election (Face value of Rs. 10 each) integritylaws NOW.” 7 Earnings Per Share Trump’s campaign engaged (not annualised) of Rs. 10 each/- in a flurryof legal activityto try Basic (0.24) (0.50) (0.05) (0.93) (1.85) (0.39) toimprovetheRepublicanpres- Diluted (0.24) (0.50) (0.05) (0.93) (1.85) (0.39) ident’s chances,sayingitwould NOTES : seekarecountinWisconsinand 1 The above results have been reviewed by the Audit Committee at its meeting held on 6th November, 2020 file lawsuits in Pennsylvania, and approved by the Board of Directors at its meeting held on even date. The above quarterly results have MichiganandGeorgia. also been reviewed by the statutory auditors. Judges in Georgia and 2 The above is an extract of the detailed format of Standalone and Consolidated financial results for the Michigan quickly dismissed quarter and half year ended 30th September, 2020 filed with the Stock Exchanges under Regulation 33 of Trump campaign lawsuits the SEBI (Listing and Other Disclosure Requirements) Regulations, 2015. The full format of the Quarterly there onThursday. Financial Results are available on the Exchange websites www.bseindia.com and on the company's website www.pvpcinema.com. In Pennsylvania, officials For and on behalf of the Board of Directors were not allowed to process Sd/- mail-in ballots until Election Place : Hyderabad Prasad V. Potluri Date : November6,2020 Chairman & Managing Director Day under state law.It’s a form ofvotingthathasskewedheav- ilyin Biden’s favorafterTrump spentmonthsclaimingwithout proofthatvotingbymailwould leadtowidespreadvoterfraud. Mailballotsfromacrossthe state were overwhelmingly breakinginBiden’sdirection.A NOTICE CUM ADDENDUM NO. 36/2020 finalvotetotalmaynotbeclear THIS NOTICE CUM ADDENDUM SETS OUT THE CHANGES TO BE MADE IN THE STATEMENT for days because the use of OF ADDITIONAL INFORMATION (“SAI”), SCHEME INFORMATION DOCUMENT (“SID”) AND KEY mail-in ballots, which take INFORMATIONMEMORANDUM(“KIM”)OFALLSCHEMESOFMIRAEASSETMUTUALFUND more time to process, has (“MAMF”) surged as a result of the coron- REVERT TO NORMAL CUT-OFF TIMINGS FOR ALL SCHEMES OF MAMF avirus pandemic. NOTICE is hereby given that in reference to our notice-cum addendum dated April 06, 2020, April 17, 2020, TheTrumpcampaignsaidit April 30, 2020 and October 18, 2020 on “Change in cut-off timings for the schemes of MAMF” and pursuant was confident the president to SEBI letter no. SEBI/HO/IMD/DF2/OW/P/2020/18832/1 dated November 6, 2020 on “Proposal to revert wouldultimatelypulloutavic- to normal cut-off timing of 3.00 pm in respect to all schemes”, investors are requested to take note of the tory in Arizona, where votes following changes w.e.f. Monday, November 9, 2020: were also still being counted, Sr. Name of the Scheme(s) Transaction Revised cut-off including in Maricopa County, No Type timings the state’s most populous area. 1. Mirae Asset Cash Management Fund (an open ended The AP has declared Biden the liquid scheme) (“MACF”) & Mirae Asset Overnight Fund winner in Arizona and said Subscription 1.30 pm (an open ended debt scheme investing in overnight Thursdaythatitwasmonitoring securities) (“MAOF”) thevotecountasitproceeded. 2. MACF & MAOF Redemption 3.00 pm “The Associated Press con- 3. For all Schemes of MAMF except MACF & MAOF Subscription and tinuestowatchandanalyzevote 3.00 pm Redemption count results from Arizona as theycomein,”saidSallyBuzbee, All other provisions relating to applicability of NAV for Subscription and Redemption Transactions remains AP’s executive editor.“We will unchanged. followthefactsinallcases.” All the other terms and conditions of SAI, SIDs and KIMs of the Scheme(s) will remain unchanged. Trump’scampaignwaslodg- For and on behalf of the Board of Directors of ing legal challenges in several MIRAE ASSET INVESTMENT MANAGERS (INDIA) PVT. LTD. states,thoughhefacedlongodds. (Asset Management Company for Mirae Asset Mutual Fund) He would have to win multiple Place : Mumbai Sd/- suitsinmultiplestatesinorderto Date : November 6, 2020 AUTHORISED SIGNATORY stopvotecounts,sincemorethan MIRAE ASSET MUTUAL FUND (Investment Manager: Mirae Asset Investment Managers (India) onestatewasundeclared. Private Limited) (CIN: U65990MH2019PTC324625). Some of the Trump team’s Registered & Corporate Of�ce: 606, Windsor, Off CST Road, Kalina, Santacruz (E), Mumbai - 400098. lawsuits only demand better � 1800 2090 777 (Toll free),� [email protected] www.miraeassetmf.co.in accessforcampaignobserversto Mutual Fund investments are subject to market risks, locationswhereballotsarebeing read all scheme related documents carefully. processedandcounted.Ajudgein Georgia dismissed the campaign’s suit there less than 12 hours after it was filed. And a MAGNUMVENTURESLIMITED Michigan judge dismissed a CIN: L21093DL1980PLC010492 Trump lawsuit over whether Regd. Office: Office No. 205,2ndFloor, BuildingNo. 4326 Street No. 3, Ansari Road, Darya Ganj, New Delhi - 110002 enough GOP challengers had Tel: 0120-4199200 Fax: 0120-4199234 access to handling of absentee E-mail: [email protected] Website: www.magnumventures.in ballots. EXTRACT OF STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER Biden attorney Bob Bauer & HALF-YEAR ENDED 30TH SEPTEMBER, 2020 saidthesuitswerelegally“mer- (Amount in lacs) itless.”Their only purpose, he Quarter ended Half-YearEnded Year Ended said“istocreateanopportunity Particulars 30.09.2020 30.06.2020 30.09.2019 30.09.2020 30.09.2019 31.03.2020 for them to message falsely (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) aboutwhat’stakingplaceinthe Total income from operations (net) 4063 246 6067 4309 12429 24270 electoral process.” Net Profit/ (Loss) for the period (before Tax, Exceptional and/or Extraordinary items) (142) (711) 10 (853) (185) (889) Net Profit/ (Loss) for the period before tax Zomato to raise (after Exceptional and/or Extraordinary items) (142) (711) 10 (853) (184) (943) Net Profit/ (Loss) for the period after tax $146 m as part (after Exceptional and/or Extraordinary items) (142) (711) 10 (853) (184) (1217) Other Comprehensive Income (net of tax) 0 0 0 0 0 0 of Series J Total Comprehensive Income for the period [Comprising Profit / (Loss) for the period funding (after tax) and Other Comprehensive Income Thetotalsizeoftheinvestment (after tax)] (142) (711) 10 (853) (184) (1217) round is pegged at about $600 Equity Share Capital 3760.1884 3760.1884 3760.1884 3760.1884 3760.1884 3760.1884 million. Bulk of the capital will Earnings Per Share (of Rs 10/- each) be used to fund“future M&A, (for“continuing and discontinued operations) andfightingoffanymischiefor Basic: (0.38) (1.89) 0.03 (2.27) (0.49) (3.24) price wars from our competi- Diluted: (0.38) (1.89) 0.03 (2.27) (0.49) (3.24) tioninvariousareasofourbusi- Notes : ness”,founder&CEODeepinder 1. This statement has been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (IND AS) prescribed Goyal had said in an internal under Section 133 of the Companies Act, 2013 and other recognised accounting practices and policies to the extent applicable. mail to employees earlier. 2. The above is an extract of the detailed format of quarterly & half-yearly financial results filed with the Stock Exchanges under ZomatoplanstofileforanIPO regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations 2015. The full format of the quarterly & half- (initialpublicoffering)sometime yearly financial results is available on the website of BSE and NSE at www.bseindia.com and www.nseindia.com respectively inthefirsthalfof2021. and on Company's website www.magnumventures.in The food delivery sector has 3. The Above financialresults were reviewed by Audit Committee and thereafter approved and taken on record bythe Board of Directors seen a quick turnaround as at their meeting held on November 06, 2020 and also have been reviewed by the Statutory Auditors. home-boundcustomerstookto 4. The Company has complied with Ind AS 116 –Leases as notified by the Ministry of Corporate Affairs (MCA) for the first time during online ordering of food. Last the aforesaid quarter using the modified retrospective method and has taken the cumulative adjustment to Reserves. Comparatives as at and for the year ended March 31, 2020 have not been retrospectively adjusted. month,Zomatosaidfooddeliv- By the order of the Board ery volumes in India have For Magnum Ventures Limited reached the pre-Covid peaks Sd/- and the sector is expected to Place: New Delhi Abhey Jain grow at around 15-25% Date: 06.11.2020 Whole-time Director month-on-month for the foreseeable future.

Pune WWW.FINANCIALEXPRESS.COM SATURDAY, NOVEMBER 7, 2020 FINANCIAL EXPRESS 17

Mesco Pharmaceuticals Ltd CIN: L24111UR1986PLC015895 Regd. Ofﬁce: Upper Kesalton Tallital, Nainital-263 001, Uttarakhand W: www.mescopharma.com E-mail:[email protected], Tel: 9871862796 NOTICE Pursuant to Regulation 29 read with Regulation 47 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, Notice is hereby given that meeting of the Board of Directors of the Company is scheduled to be held on Thursday, 12th November, 2020 at New Delhi, interalia, to consider and approve the standalone unauditedﬁnancial results for the quarter ended on 30th September, 2020, along with Limited Review Reports. The said notice may be accessed on the Company’s website at www.mescopharma.com and may also be accessed on the Stock Exchange website at www.bseindia.com. For Mesco Pharmaceuticals Ltd Sd/- Place: New Delhi N.S. Parameswaran Date: 05.11. 2020 Company Secretary

INDIA RADIATORS LIMITED CIN: L27209TN1949PLC000963 Regd. Off: 88, Mount Road, Guindy, Chennai 600 032. Tel: 044-40432210 Email: [email protected] Website: www.indiaradiators.com STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30 SEPTEMBER 2020

(Rs.in lakhs)

Quarter Ended Half Year Ended Year Ended Particulars Sl.no 30.09.2020 30.06.2020 30.09.2019 30.09.2020 30.09.2019 31.03.2020 Unaudited Unaudited Unaudited UnauditedUnaudited Audited 1 Total income from operations 0.30 0.06 0.04 0.36 0.34 0.68 2 Net Profit/(Loss) for the period (before tax, exceptional and/or extraordinary items) (45.48) (49.07) (0.46) (94.55) (23.76) 50.12 3 Net Profit/(Loss) for the period before tax (after exceptional and/or extraordinary items) (45.48) (49.07) (0.46) (94.55) (23.76) 50.12 4 Net Profit/(Loss) for the period after tax (after exceptional and/or extraordinary items) (40.43) (44.17) 4.21 (84.60) (14.58) 195.08 5 Total Comprehensive Income for the period [Comprising Profit /(Loss) for the period (after tax) and other Comprehensive Income (after tax)] (40.43) (44.17) 4.21 (84.60) (14.58) (470.03) 6 Equity Share Capital 90.00 90.00 90.00 90.00 90.00 90.00 7 Earnings Per Share (of Rs.10/- each) (for continuing and discontinued operations) Basic: (4.49) (4.91) 0.47 (9.40) (1.62) 21.67 Diluted: (4.49) (4.91) 0.47 (9.40) (1.62) 21.67

Notes: 1. The above is an extract of the detailed format of Financial Results filed with the Stock Exchange under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. 2. The StatutoryAuditors have carried out a limited review of the accounts for the quarter and half year ended 30 September 2020 and have issued an unmodified report thereon. . 3. The full format of the Quarterly Financial Results are available on the website of Stock Exchange at www.bseindia.com and also on Company’s website www.indiaradiators.com. For India Radiators Limited

E N Rangaswami Place: Chennai Whole-time Director Date : 06 November 2020 DIN: 06463753

Nippon Life India Asset Management Limited (Formerly known as Reliance Nippon Life Asset Management Limited) (CIN - L65910MH1995PLC220793) Registered O�ce: 4th Floor, Tower A, Peninsula Business Park, Ganapatrao Kadam Marg, Lower Parel (W), Mumbai - 400 013. Tel No. +91 022 6808 7000 • Fax No. +91 022 6808 7097 • www.nipponindiamf.com NOTICE NO. 81 Record Date DIVIDEND DECLARATION November 12, 2020 Notice is hereby given that the Trustee of Nippon India Mutual Fund (“NIMF”) has approved declaration of dividend on the face value of Rs. 10/- per unit in the undernoted schemes of NIMF, with November 12, 2020 as the record date: Dividend NAV as on November Name of the Scheme(s) (` per unit)* 05, 2020 (` per unit) Nippon India Balanced Advantage Fund - Dividend Plan 24.8581 Nippon India Balanced Advantage Fund - Direct Plan - 0.1500 30.3602 Dividend Plan *Income distribution will be done/dividend will be paid, net of tax deducted at source, as applicable. Pursuant to payment of dividend, the NAV of the Scheme will fall to the extent of payout, and statutory levy, if any. The dividend payout will be to the extent of above mentioned dividend per unit or to the extent of available distributable surplus, as on the Record Date mentioned above, whichever is lower. For units in demat form : Dividend will be paid to those Unitholders/Bene�cial Owners whose names appear in the statement of bene�cial owners maintained by the Depositories under dividend plan/option of the Scheme as on record date. All unit holders under the dividend plan/option of the above mentioned scheme, whose names appear on the register of unit holders on the aforesaid record date, will be entitled to receive the dividend. For Nippon Life India Asset Management Limited (Formerly known as Reliance Nippon Life Asset Management Limited) (Asset Management Company for Nippon India Mutual Fund) Mumbai Sd/- November 06, 2020 Authorised Signatory Make even idle money work! Invest in Mutual Funds

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

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METAL COATINGS (INDIA) LIMITED CIN: L74899DL1994PLC063387 Registered office: 912, HemkuntChambers, 89, Nehru Place,New Delhi-110019 Phone : 011-41808125, Website: www.mcil.net, Email : [email protected] EXTRACT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30.09.2020 (Rs. inlakhs) Quarter Ended HalfYear ended Quarter Ended Year ended Particulars 30.09.2020 30.09.2020 30.09.2019 31.03.2020 (Un-audited) (Un-audited) (Un-audited) (Audited) Total Income from Operations 2301.44 2695.07 2841.72 12016.98 NetProfit/(Loss)fortheperiod(beforeTax,Exceptionaland/orExtraordinaryitems) 101.73 50.90 108.17 386.63 Registered Of�ce : 301, 3rd Floor, 'Dosti Pinnacle', Plot No. E7, Road No. 22, Wagle Industrial Estate, Thane (W) - 400 604, Maharashtra, India Net Profit/(Loss) for the periodbefore Tax (afterExceptional and / orExtraordinary items) 101.73 50.90 108.17 386.63 NetProfit/(Loss)fortheperiodaftertax (afterExceptionaland/orExtraordinaryitems) 75.97 27.99 77.62 285.47 Tel.+91 22 41114777, Website : www.sequent.in, Email : [email protected] Total ComprehensiveIncome for the period(Comprising Profit / (Loss)forthe period after taxand Other Comprehensive Incomeafter tax) 72.93 21.91 67.91 273.35 EXTRACT OF THE UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE Equity Share Capital(Rs. 10 each) 732.68 732.68 732.68 732.68 QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2020 (` in Lakhs) Reserves (excluding RevaluationReserve) as shownin theAudited BalanceSheet of previousyear (Other Equity) -- - 2166.81 3 months ended Preceding Corresponding Year to date Year to date Previous year Earnings Per Share (ofRs. 10/- each) - Rs. 30-Sep-2020 3 months ended 3 months �gure for �gure for ended - Basic 1.04 0.38 1.06 3.90 Particulars 30-Jun-2020 current period previous 31-Mar-2020 - Diluted 1.04 0.38 1.06 3.90 ended in ended period ended * Other Equity excluding Revaluation Reserves as on 31st March, 2020 wasRs. 2166.81 lacs. previous period Notes:- 30-Sep-2019 30-Sep-2020 30-Sep-2019 1- The resultshave been reviewedbythe Audit Committee and wereapproved bythe Boardof Directors attheirrespective meeting held on06th November,2020.Thestatutory auditors ofthecompany have carried outa Limited Review of the Results forthequarterandhalfyearended UNAUDITED UNAUDITED UNAUDITEDUNAUDITED UNAUDITED AUDITED 30th September, 2020. Revenue from operations 34,627.20 31,026.50 28,422.30 65,653.70 56,224.00 1,17,924.40 2- The above is an extract ofthe detailed format of Financial Results for the quarter and half year ended 30th September, 2020 filed with the Stock Exchange underRegulation 33 of the SEBI(Listing Obligation and Disclosure Requirements)Regulations, 2015. The fullformatof the Net pro�t for the period (before tax and exceptional items) 3,836.30 3,189.10 2,282.80 7,025.40 4,162.50 9,407.50 Financial Resultsfor the quarter and half year ended 30thSeptember, 2020 are availableon the Stock Exchangewebsite at www.bseindia.com and also on the company's website at www.mcil.net. Net pro�t for the period before tax (after exceptional items) 2,932.40 3,189.10 2,282.80 6,121.50 4,162.50 9,407.50 For and on behalfoftheBoard ofDirectors Net pro�t for the period after tax (after exceptional items) 2,136.40 2,447.00 2,446.60 4,583.40 3,976.20 8,204.60 Sd/- Pramod Khandelwal Total comprehensive income / (expenses) 3,912.00 6,405.30 (74.60) 10,317.30 (1,145.70) 5,026.00 Place : New Delhi (Managing Director) Dated :06th November, 2020 DIN: 00124082 Equity share capital 4,967.40 4,967.40 4,937.40 4,967.40 4,937.40 4,967.40 Other equity 69,308.60 Earnings per equity share:(face value of` 2 each) (not annualised) Basic (in`) 0.86 0.85 0.88 1.71 1.35 2.87 Diluted (in`) 0.86 0.85 0.87 1.70 1.34 2.85 SUMMARIZED UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2020 (` in Lakhs) 3 months ended Preceding Corresponding 3 Year to date Year to date Previous year 30-Sep-2020 3 months ended months ended �gure for �gure for ended Particulars 30-Jun-2020 in previous current period previous period 31-Mar-2020 period ended ended 30-Sep-2019 30-Sep-2020 30-Sep-2019 UNAUDITED UNAUDITED UNAUDITEDUNAUDITED UNAUDITED AUDITED Revenue from operations 6,964.10 5,924.40 5,152.00 12,888.50 10,324.00 22,733.30 Net pro�t for the period before tax (after exceptional items) 1,103.20 879.70 664.20 1,982.90 806.50 2,281.30 Net pro�t for the period after tax (after exceptional items) 921.43 691.20 1,018.41 1,612.63 1,160.71 2,134.14 Total comprehensive income / (expenses) 4,319.00 4,786.50 (2,404.49) 9,105.50 (4,542.29) (2,724.06) Notes: 1. The above information has been extracted from the detailed�nancial results for the quarter and half year ended September 30, 2020 which have been reviewed by the Audit Committee and approved by the Board of Directors and�led with the Stock Exchanges under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. 2. The full format of the�nancial results for the quarter and half year ended September 30, 2020 are available on the Stock Exchange websites (www.bseindia.com & www.nseindia.com) and Company's website (www.sequent.in). 3. During the quarter,the transfer of control to The Carlyle Group has resulted into following events – (a) Accelerated vesting of unvested employee stock options and accordingly the Group has provided for this cost on an accelerated basis amounting to` 309.30 lakhs. (b) The Company has announced a one-time bonus to the existing employees not covered by ESOP Scheme of` 212.00 lakhs. (c) The Company has reviewed its operations in France and it has decided to wind up its operations. Accordingly, a provision of` 382.60 lakhs has been considered representing` 66.70 lakhs in inventory,` 8.50 lakhs in receivables and` 307.40 lakhs in intangible assets. For SeQuent Scientiﬁc Limited Sd/- Place : Thane Manish Gupta Date : 06 November 2020 Managing Director

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�� SATURDAY, NOVEMBER 7, 2020 WWW.FINANCIALEXPRESS.COM 26 BACK PAGE FINANCIAL EXPRESS

Major networks Weigh-scaleclusterinGujaratfacingdoublewhammyofCovid cut away from Counties with worst virus surges Trump’s baseless FE BUREAU the units survived by expand- On an average, the ing hardly 1.5 lakh population voted Trump overwhelmingly Ahmedabad November 6 ing markets across India,Africa Savarkundla weigh-scale is providing direct and indirect fraud claims and South EastAsian countries. cluster produces around employment to over 30,000 ASSOCIATED PRESS adding that there’s a chance a WEIGH-SCALE MANUFAC- However, the outbreak of people.However,owners of the NEWYORK TIMES Washington, November 6 retooled public health mes- TURING cluster developed in Covid-19, only added salt on 10,000 manual and nearly manual weigh-scale manufac- November 6 sage might unify Americans Saurashtra region of Gujarat is theirwounds,as the demand of 3000 electronic weigh- turing units fearing loss of jobs USVOTERSWENTtothepolls around lowering case counts facing doublewhammyof elec- weigh-scales dropped drasti- scales per day as manyunits have started pro- THETHREEBIG broadcast starkly divided on how they so hospitals won’t get tronic weigh-scale (made by cally to half. ducing electronic weigh-scales networks-ABC,CBSandNBC- see President DonaldTrump’s swamped during the winter imported Chinese parts) and “Demand of traditional which require less manpower. cut away from President response to the coronavirus months. Covid-19 pandemic as the clus- weigh-scales was maintained Coronavirus pandemic, de- Hitesh Dodia, an owner of Trump’s news conference at pandemic, with a surprising The AP’s analysis was lim- ter is witnessing nearly 40 to despite tough competition mand of manual weigh-scales weigh-scale units says that 80 the White House on Thursday twist:Inplaceswherethevirus ited to counties in which at 45 per cent drop in demand. from electronic weigh-scale has dropped to almost half. per cent raw materials for the as the president lobbed false is most rampant now,Trump least 95 per cent of precincts More than 300 units, due to lower prices. Price of Due to constraints of trans- electronic weigh-scale includ- claims about the integrity of enjoyed enormous support. had reported results, and mostly MSMEs,have thrived in electronic weigh-scale is more portation and overall slow- ing load cells,motherboard,dis- the election. An Associated Press analy- groupedcountiesintosixcate- and around Savarkundla town than three times higher than down there are very few buyers play etc are being imported Trump timed his appear- sisrevealsthatin376counties gories based on the rates of of Amreli district in the region. the manual weigh-scales,”says even in the domestic market. from China.“We only have to ance to air during the net- with the highest number of Covid-19 cases they’d experi- With the advent of electronic Jayantibhai Makwana, presi- With over Rs. 700 crore an- assemble electronic weigh- works’ evening newscasts, newcases percapita,the over- enced per100,000 residents. weigh-scales, overall demand dent of Scale Manufacturers nual turnover, the weigh-scale scale.The process is much faster which drawthe biggest collec- whelming majority - 93 per Polling, too, shows voters of traditional weigh-scale Association of Savarkundla cluster developed in and and it doesn't require skilled tive audience in TV news. But cent of those counties - went who split on Republican started falling, but somehow, adding that compared to pre- around Savarkundla town,hav- manpower. the anchors broke in after a for Trump, a rate above other Trump vs Democrat Joe Biden fewminutestocorrectsomeof less severely hit areas. Most over. differed on whether the pan- his falsehoods. were rural areas in the Dako- “Public health officials demic is undercontrol. “We have to interrupt here, tas, Montana, Nebraska,Wis- needtostepback,listentoand Thirty-six per cent of because the president made a consin and Iowa. understand the people who Trump voters described the number of false statements, Takingnoteofthecontrast, aren’ttakingthesamestance” pandemic as completely or including the notion that state health officials are paus- on mask-wearing and other mostly under control,and an- therehasbeenfraudulentvot- ingforamomentofintrospec- control measures, said Dr other 47 per cent said it was ing,”said LesterHolt,the“NBC tion.Even as theyworryabout Marcus Plescia of theAssocia- somewhat under control, ac- Nightly News” anchor. He risingnumbersofhospitalisa- tion of State and Territorial cording to AP VoteCast, a na- added,“There has been no evi- tions and deaths,they hope to Health Officials. tionwide survey of more than dence of that.” reframe their messages and “I think there’s the poten- 110,000 voters conducted for On ABC, the anchor David aim fora reset onpublicsenti- tial for things to get less theAPbyNORC at the Univer- Muirbrokeinandtoldviewers ment now that the election is charged and divisive,”he said, sityof Chicago. “there’s a lot to unpack here andfact-check.”TheCBScorre- spondent Nancy Cordes spent Gender salary gap about 90 seconds ticking narrows only through several of Trump’s baseless statements. marginally in Europe Although the cable news REUTERS Brussels, November 6 Registered Office: Bombay House, 24, Homi Mody Street, networks CNN and Fox News Fort, Mumbai - 400 001, India continued carrying Trump’s Tel.: +91 22 6665 8282 remarks live, the decision by THE PAY GAP between men Email: [email protected] Website: www.tatasteel.com the broadcast networks to and women doing the same CIN: L27100MH1907PLC000260 breakawaydeprived Trumpof job in Europe narrowed only NOTICE a significantlylarger audience marginally this year,the Eu- A meeting of the Board of Directors of Tata Steel Limited for his unfiltered - and un- ropean Commission said on (the 'Company') will be held on Friday, November 13, 2020, fact-checked - remarks on the Friday, even though a vast election. The three network majority of EU citizens sup- inter alia, to consider and take on record the audited evening newscasts are seen by port eliminating that differ- Standalone and unaudited Consolidated financial results of the a larger and broader viewer- ence. Company for the quarter and half year ended September 30, shipthantheprogrammingon Awoman doing the same 2020. CNN,MSNBC and Fox News at job as a man is still getting that hour. 14.1% less money for it, a The financial results will be made available on the website of the The question ofwhetherto small improvement on the Company at www.tatasteel.com as well as on the website of the air Trump’s appearances live 14.5% last year. National Stock Exchange of India Limited at www.nseindia.com has bedeviled television exec- “Women are not equally and BSE Limited at www.bseindia.com. utives since the start of his valued for their work. They presidency. still earn on average 86 cents Tata Steel Limited Earlier this year, networks for every euro a man earns Sd/- struggled with how to contex- across Europe,”the Commis- Parvatheesam Kanchinadham tualise information from sion said in a statement is- November 6, 2020 Company Secretary & Trump about the coronavirus sued on Friday. “Women thus Mumbai Chief Legal Officer (Corporate & Compliance) that doctors and public health work 51 days more to earn officials considered mislead- the same as their male col- ingandsometimesdownright leagues,” the Commission wrong. said in the statement. GM thinks big in China with plans to import SUVs

REUTERS Shanghai, November 6

GENERALMOTORS PLANS to sell full-size sport-utilityvehi- cle (SUV) models in China for thefirsttime,andwillimporta range of models to beef up its productlineupintotheworld’s biggest car market, its China chief told Reuters. The plan would mark a change of tack for GM,which currently produces all of the vehiclesitsellsinChinawithin the country,which is set to be the only major economy to growthisyearamid the Covid- 19 pandemic. GM,China’ssecond-biggest foreign automaker, is aiming to offer four models as it looks toimproveitsbrandimageand support a sales recovery: Chevrolet’s Tahoe and Subur- ban,Cadillac’sEscaladeandthe Registered O�ce: 20 K.M. Mathura Road, P.O. Amar Nagar, Faridabad - 121003 (Haryana) GMCYukon Denali. Ph.: +91(129) 4288888 Fax : +91(129) 4288822-23 E-mail: [email protected] Website: www.raunaqinternational.com The Detroit-based com- CIN: L51909HR1965PLC034315 panyisshowcasingthosemod- POSSESSION NOTICE els at the China International Whereas, the authorized officer of Jana Small Finance Bank Limited (Formerly EXTRACT OF UNAUDITED FINANCIAL RESULTS (STANDALONE AND CONSOLIDATED) FOR THE ImportExpo,orCIIE,anannual known as Janalakshmi Financial Services Limited), under the Securitization And QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2020 import show in Shanghai Reconstruction of Financial Assets And Enforcement Of Security Interest Act, 2002 and in exercise of powers conferred under section 13 (12) read with rule (` in lacs) which started on Wednesday 3 of the Security Interest (Enforcement) Rules 2002 issued demand notices to and runs into nextweek. the borrower(s)/Co-borrowers(s) calling upon the borrowers to repay the amount S. PARTICULARS QUARTER ENDED HALF YEAR ENDED YEAR ENDED NO. “Ourintentionistogetcus- mentioned against the respective names together with interest thereon at the STANDALONE CONSOLIDATED STANDALONE CONSOLIDATED STANDALONE CONSOLIDATED applicable rates as mentioned in the said notices within 60 days from the receipt tomer reaction and find a way 30.09.2020 30.06.2020 30.09.2019 30.09.2020 30.06.2020 30.09.2019 30.09.2020 30.09.2019 30.09.2020 30.09.2019 31.03.2020 31.03.2020 tosellthesecarsinChina,”said of the said notices, along with future interest as applicable incidental expenses, GM’s China chief Julian Blis- costs, charges etc. incurred till the date of payment and/or realisation. (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) (Audited) Borrower/ 13(2) Notice Date/ Date/Time sett. Sr. 1. Total Income from 206.94 213.95 329.93 1,277.38 647.63 1,261.07 420.89 869.50 1,925.01 Loan No. Co-Borrower/ Guarantor/ Outstanding Due & Type of Operations (Net) The automakersees oppor- No. Mortgagor (in Rs.) as on Possession tunities for such vehicles, 2. Net pro�t/(Loss) for the 119.96 (36.97) (366.00) 143.16 (76.20) (416.84) 82.97 (1,682.82) 66.94 1 (1) Mr. Vijaykumar 08/06/2020 partly because Chinese fami- 03/11/2020 Period before Tax (before Girishchandra Shah, Rs.5,02,194/- Exceptional and/or lies are expanding,he added. Time: (2)Bhikhabhai (Rupees Five Lakh Extraordinary Items) 09:41 AM “We are looking into a vari- 30538850000467 Talakchand Shah, Two Thousand One & 3. Net pro�t/(Loss) for the 119.96 (36.97) (366.00) 142.78 (76.20) (416.84) 82.97 (1,682.82) 66.56 ety of market sales plans for (3) Jyotsanaben Hundred Ninety Symbolic Period before Tax (after these vehicles, including on- B.Shah, (4) Alka Four Only) possession Exceptional and/or line sales, leasing and others,” Vijaykumar Shah as of 27/05/2020 Extraordinary Items) he said, declining to give a de- Description of Secured Asset:- All that piece and parcel of the Immovable 4. Net pro�t/(Loss) for the 119.21 (46.49) (273.68) 147.53 (78.80) (328.73) 72.70 (1,216.49) 68.71 tailed timeframe forthe plan. property bearing Municipality No.1224, City Survey No.2788 and Period after Tax (after GM’s Buick and Cadillac Municipality, Mouje, Amod, Taluka: Amod, District: Bharuch. Bounded on Exceptional and/or the: North by: S.Plot No.1313, South by: S.Plot No.2787, East By: Extraordinary Items) mid-size SUVs helped the Internal Road, West by: Internal Road. group’s Chinese sales grow 5. Total Comprehensive 122.01 (43.69) (268.69) 150.33 (76.00) (323.74) 78.30 (1,206.62) 74.31 Whereas, the Borrowers/Co-borrowers/Guarantors/Mortgagors, mentioned herein Income for the Period 12% in the third quarter this above have failed to repay the amounts due, notice is hereby is given to the Borrowers year,thefirstquarterlygrowth [Comprising Pro�t/(Loss) mentioned herein above in particular and to the Public in general that the authorized for the Period (after Tax) in the past twoyears. officer of Jana Small Finance Bank Limited has taken Symbolic possession of the and Other Comprehensive But it does not have full- properties/ secured assets described herein above in exercise of powers conferred on Income (after Tax)] him under section 13 (4) of the said Act read with Rule 8 of the said rules on the dates sizeSUVmodels,whichusually 6. Equity Share Capital 334.32 334.32 334.32 334.32 334.32 334.32 334.32 334.32 334.32 have a third rowof seats and mentioned above. The Borrowers/Co-borrowers/Guarantors/Mortgagors, mentioned herein above in particular and the Public in general are hereby cautioned not to deal 7. Earnings Per Share of` 10/- *3.57 *(1.39) *(8.19) *4.41 *(2.36) *(9.83) *2.17 *(36.39) *2.05 has room for six or seven peo- with the aforesaid properties/Secured Assets and any dealings with the said properties/ each (* Not Annualised) ple. Secured Assets will be subject to the charge of Jana Small Finance Bank Limited. Basic and Diluted China,where over 25 mil- Place: Ahmedabad Sd/- Authorised Officer lionvehiclesweresoldlastyear, Notes: Date: 06.11.2020 For. Jana Small Finance Bank Limited 1. The above is an extract of the detailed format of Quarterly Ended Unaudited Financial Results�led with the Stock Exchange under Regulation 33 of the SEBI (Listing Obligations and Disclosure is a crucial battleground for Requirements) Regulations, 2015. The full format of the Quarterly Ended Unaudited Financial Results are available on the Stock Exchange website www.bseindia.com and on the Company's website global automakers including www.raunaqinternational.com. Volkswagen AG, the biggest 2. The above results have been reviewed and recommended by the Audit Committee and approved by the Board of Directors of the Company in their meeting held on 06th November, 2020. foreign player by sales vol- Registered Office: The Fairway, Ground & First Floor, Survey No.10/1, 11/2 & 12/2B, Off Domlur, Koramangla Inner Ring Road, Next to EGL Business Park, For and on behalf of the Board of Directors umes,GMandToyotaaswellas Challaghatta, Bangalore-560071. Regional Branch Office: Jana Small Finance Sd/- local leaders Geely and Great Bank Ltd. Ground Floor, Auram Avenue (Sun City House), Opp. Kotak Mahindra SURINDER PAUL KANWAR th Wall. Bank, Mithakhali Cir, Near Gruh Finance, Ahmedabad, Gujarat 380006 Date: 06 November, 2020 Chairman & Managing Director

Pune