OPINION, P6 ECONOMY, P2 INTERNATIONAL, P8 TV MOHANDAS PAI & N HOLLA EDITORIAL PM-SPEAK RAISING THE BAR Farm Bills latest step India needs an export push Mandi infra being Jack Ma’sAnt Group to grow fast; even in the past, in sequential freeing exports, not consumption, given a boost, to help increases IPOvaluation up of farm sector pushed GDP & investment farmers earn more target to $280 billion

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VOL. XI NO. 225, 18 PAGES, `10.00PUBLISHEDFROM:AHMEDABAD,BENGALURU,CHANDIGARH, CHENNAI,HYDERABAD,KOCHI,KOLKATA,LUCKNOW,MUMBAI, NEWDELHI,PUNE READ TO LEAD

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● LABEL TROUBLE WELCOME U-TURN ● COVID-19 RECOVERY MODE Amazon, WHO says Flipkart get States’GSTgap to be remdesivir PV sales rise 26% in Sept notices for didn’t really but industry still cautious « not stating fullybridged,says FM help patients Higher sales due REPORT CARD Sept ‘19 Sept ‘20 (Units) Chg (%) Passenger Two- Three- REUTERS to low base and vehicles wheelers wheelers country Impasse seems to "Atotal of `2.16 lakh crore is Zurich/Geneva, October 16

end, dissenting unconditionally available to states low inventory with « « 26.45 11.64 « 71.91 of origin states soften stance under Option 1. This more than covers GILEAD SCIENCES' REMDE- dealers; volumes still the funds which would have been SIVIR had little or no effect on lower than 2016 PRESSTRUSTOF INDIA received by them in the current fiscal if Covid-19patients’lengthofhos- New Delhi, October 16 FE BUREAU ” pitalstayorchancesofsurvival,a New Delhi, October 16 total compensation were paid in full. clinical trial bytheWorld Health FE BUREAU THEGOVERNMENTONFriday —NIRMALA SITHARAMAN, FINANCE MINISTER Organization(WHO)hasfound. Chennai, October 16 issuednoticestoFlipkart,Ama- FINANCE MINISTER Nirmala The antiviral medication, 18,49,546 2,72,027 2,15,124

PASSENGER VEHICLE (PV) 16,56,658 zon and other e-commerce Sitharaman on Friday told 21 among the first to be used as a 66,362 “I welcome (the Centre’s decision 18,640 companiesfornotmandatorily states and 2 UTs, which have to borrow). But there is one issue treatmentforCovid-19,wasone salessawastrongdouble-digit displayinginformation,includ- chosen the incentivised Option — of the drugs recently used to growth in September as Quadricyclesdricycles ing country of origin,on prod- 1 to bridge their yawning GST yet to be resolved how much of treat US President Donald manufacturers pushed more uctssoldontheirplatforms. revenue shortfall in FY21 that, the compensation is to be deferred Trump’scoronavirusinfection. vehicles to the dealers who Thenoticeshavebeenissued they“won’tfaceanycashshort- to 2023? Negotiate this point and The results are fromWHO’s have depleted their stocks bythedepartmentofconsumer fall”intheyearduetothepaucity ” Solidaritytrial,whichevaluated afterthelockdownontheback reach a consensus. Source: Siam affairs, ministry of consumer ofrelevantcessproceeds. —THOMAS ISAAC, FINANCE MINISTER, KERALA theeffectsoffourpotentialdrug of pent-up demand. affairs,food and public distrib- She wrote to the finance regimens,includingremdesivir, Dealers have been stocking ution.Apart fromAmazon and ministersofthesestates:“Atotal hydroxychloroquine,anti-HIV sinceAugustinanticipationthat Despite the upswing in volumesinmostsegmentsare Flipkart,notices have also been of `2.16 lakh crore is uncondi- financialyeariftotalcompensa- ing.Itisalsoclearthecompen- drug combination lopinavir/ the upcoming festival season sales of PVs and two-wheelers still lowerthan those seen five sent to other ecommerce play- tionallyavailabletostatesunder tionwerepaidinfull.” sationcesswouldnotonlystay ritonavir and interferon, in would see good demand for (despatches from factories to years ago. We are expecting ers,sourcessaid. Option 1 (special window + With the Centre changing for a considerably long period 11,266 adult patients across vehicles. According to data dealers) since August, manu- strong demand for passenger The companies have been 0.5%extraOMBsansreforms). its stance and agreeing to bor- beyond July 2022,but would morethan30countries. released by Society of Indian facturersarekeepingtheirfin- vehicles and two-wheelers in asked to reply to the notices Thismorethancoversthefunds row on the states’behalf,the likelybe levied on more items. The study found the regi- Automobile Manufacturers gers crossed about sales fore- thefestiveseason.Beyondthat within15days. whichwouldhavebeenreceived impasse at the GST Council mens appeared to have little or (Siam)onFriday,passengervehi- cast.There are two reasons for it is difficult to predict how “It has been brought into by them during the current overtheissueseemstobeend- Continued on Page 2 noeffecton28-daymortalityor clesalesduringSeptemberstood this.One,the increased sales demandwillshapeup.Wehave notice that some of the e-com- the length of the in-hospital at 271,027 units, up 26.45% are on low base and second, to wait and see,”Siam presi- merce entities are not display- course among Covid patients comparedwiththesamemonth volumesinmostsegmentsare dentandMDofMarutiSuzuki ing the mandatory declaration RBI announces first`10,000-crore OMO for state bonds hospitalised,WHOsaid. lastyear.Two-wheelersalesalso stillbelowwhatwasseensome India KenichiAyukawa said. on digital platforms required RBI ON FRIDAY announced the first one,the central bank nataka, Kerala, Madhya rose 11.64%during the month five years ago.“Though we are under the Legal Metrology thefirstauctionofstatedevel- said.Therewillbe30different PradeshandMaharashtra. Continued on Page 2 onayear-on-yearbasis. seeing some green shoots,the Continued on Page 2 (PackagedCommodities)Rules, opment loans through the securities on sale from 15 RBI has not specified the 2011,”said one of the similarly states — Andhra Pradesh, amountofsecuritiesonsaleor OMOroute.Thepurchaseauc- ● REALTY wordednotices. tionwillbeheldonOctober22 Arunachal Pradesh, Assam, the amount it plans to pur- SEPT QUARTER The two companies, as per and the size of the auctions Bihar, Chhattisgarh, Goa, chasefromeachstate. the notices,have not provided could be enhanced in future, Gujarat, Haryana, Himachal Blackstone the mandatorydeclaration and dependingontheresponseto Pradesh,J&K,Jharkhand,Kar- Report on Page 10 HCLTech to hire up to 9,000; contravenetheAct. nears $2-bn

● CHINA IMPACT profit rises 19% to `3,142 cr property PRESS TRUST OF INDIA Revenue grows 6.1% to under review from `17,528 New Delhi, October 16 `18,594 crore croreintheyear-agoperiod. deal with Digital media units to “Wedeliveredasolidperfor- IT FIRM HCL Technologies on Net profit 7.4% higher manceinQ2.Ourstellarperfor- Prestige be tightly regulated Friday posted an 18.5% rise in on sequential basis mance is broad-based across Septemberquarternetprofitat verticals,service lines,geogra- BAIJU KALESH FE BUREAU asitnotifiedrulesunderwhich `3,142crore,andsaiditislook- HCL Technologies phiesandMode1,2,3offerings. & SARITHA RAI New Delhi, October 16 Intra-day on BSE (`), Oct 16 October 16 up to 26% foreign direct ing at hiring up to 9,000 fresh- 900 Our new bookings remained investment (FDI) in such enti- ersinthesecondhalfofthisfis- very robust, it increased 35% THEGOVERNMENTONFriday ties will be permitted through calonthebackofstronggrowth 875 865 comparedtothelastquarter,we BLACKSTONEGROUPISnear- saidthechiefexecutiveofadig- officialapproval. momentum.The Noida-based 850 827.10 won15transformationaldeals,” ingadealtobuyPrestigeGroup’s italmediaoutletlocatedorreg- The move seems aimed at company had registered a net 825 HCLTechnologiespresidentand commercialpropertiesforabout isteredinIndiaandmajorityof curbing the influence of Chi- profit of `2,651 crore in the CEO C Vijayakumar told $2 billion,according to people 800 itsdirectorshavetobeIndians, nese or other foreign-owned year-ago period (as per US Previous close: 859.45 reportersinavirtualbriefing. withknowledgeofthematter. 775 digital media news entities GAAP).Itsrevenuegrew6.1%to Open Close TheUSprivateequitygroup that, the government thinks, `18,594 crore in the quarter Continued on Page 2 is in advanced talks to acquire maybehostiletothecountry’s Prestige Estates Projects’rent- interest.It alsofillsinanexist- ● yielding assets, including ingregulatoryvoidinthedigi- BID RIGGING INDIABULLS HOUSING officesandoperatingmalls,the tal media space, unlike the people said, asking not to be broadcast media sector that is JK Tyre, other identifiedasthediscussionsare Entities to be tightlyregulated. Additional stake sold in private. Terms haven’t been The department for the firms face finalised and negotiations covered under promotion of industry and could still be delayed or fall new rules internaltradeclarifiedthatthe CCI probe OakNorth for `220 cr apart,thepeoplesaid. ■ Those uploading/ 26% FDI in digital media A representative for Black- streaming news and rule will apply to entities THE COMPETITION COMMIS- FE BUREAU stone declined to comment.An ■ Dilutes 13% stake current affairs on uploading/streaming news SIONofIndia(CCI)isinvestigat- Mumbai, October 16 email to Prestigewasn’t imme- in OakNorth for websites, apps, other and current affairs on ingJKTyre&Industriesafterthe diately answered outside of `1,810 crore platforms; news websites, apps, other plat- Haryanagovernmentaccusedit INDIABULLS HOUSING businesshoursonFriday. agencies which supply forms; news agencies which ofbidrigging,andtheprobehas FINANCE(IHF)onFridaysaidit ■ Raises`2,493 cr as Blackstone is the largest news to digital media supply news to digital media been expanded to other firms, had sold an additional stake in fresh equity in October ownerofcommercialrealestate entities and/or news entities and/or news aggrega- according to sources and legal OakNorth Holdings for `220 and September inIndiawithatotalinvestment aggregators; news tors; news aggregators which, filingsseenbyReuters. crore following an earlier sale of around $7.8 billion as of aggregators which, using software/web applica- The CCI last year ordered a thatfetchedit`1,810crore. ■ Bonds worth`2,780 March2020.Ithasbuiltitsport- using software/web tions, aggregate content probeafterHaryanasaidJKTyre The mortgage lender had cr issued this fiscal folio over more than a decade, applications, aggregate from various sources in one employedunfairtradepractices also mopped up `683 crore buying up more properties as content from various location. whilebiddingtosupplytyresfor through a qualified institu- India’s economy slowed in sources in one location publictransportvehicles,acourt tional placement (QIP).With be used for strengthening the recent years. Two real estate Continued on Page 2 filing showed.The case details the latest stake sale, it has capital adequacy ratio and investment trusts backed by and CCI’s initial assessment raised a total of `2,493 crore redeeming bonds, which are Blackstonehavealsobeenlisted were contained in a September as fresh capital in September due to mature this year.The onIndia’spublicmarkets. QuickPicks SPIRIT OF DURGA 19statecourtfilingmadebyJK and October. capital adequacy ratio of the Prestigehasabout45ongo- A migrant worker with her children depicted as goddess Tyre contesting some of the After these transactions, lender stood at 27.94% at the ing projects spanning 52 mil- Durga at a pandal in Kolkata EXPRESS PHOTO: PARTHA PAUL watchdog’sdemands. IHFholdsastakeofcloseto3% end of June quarter. lion sq ft,with another 57 mil- Amid contraction pressure,finmin in OakNorth Holdings. The lionsqftunderconstruction. starts Budget-making exercise Report on Page 4 proceeds of the stake sale will Continued on Page 2 —BLOOMBERG THE FINANCE ministry on Friday kicked off the exercise to prepare the annual Budget for 2021- 22 amid the urgency to push economic growth REINING IN BIG TECH hit by the Covid-19 pandemic, reports PTI. The upcoming Budget will be crucial for the country as it will have to deal with the impact of the pandemic, which has FCC to tackle social media liability limits; questions raised about timing affected all segments of the economy, including revenue collection, disinvestment, expenditure, exports and food JON REID It’s unclear how far the prices. The economy is projected to contract by a massive October 16 The Commission’s general counsel agency’s rulemaking, in Twitter briefly blocks Trump-linked a/c 10.3% this year, according to an IMF forecast. PAGE 2 has informed me that the FCC has the responsetoapetitionfromthe THE FEDERALCOMMUNICA- legal authority to interpret Section Commerce Department’s US PRESIDENT Donald postedavideoaboutDemoc- TIONS Commission(FCC) will 230. Consistent with this advice, NationalTelecommunications Trump’s re-election cam- ratic presidential candidate UPLtumbles over7% afterKPMG consider clarifying the scope I intend to move forward with a and Information Administra- paign’s Twitter account was JoeBiden’ssonthatitsaidvio- of a legal shield that protects tion,will advance.ADemocrat briefly restricted on Thurs- lated its rules. The video exit as auditorof Mauritius arm Twitter and other social rule-making to clarify its meaning." would assume the FCC chair- day,causing an outcry from referred to a New York Post SHARES OF UPL fell 7.6% on Friday after KPMG media companies from being —AJIT PAI , CHAIRMAN, FEDERAL manship nextyearif Joe Biden Republican lawmakers who story from Wednesday that Mauritius resigned as statutory auditors for the sued for moderating third- COMMUNICATIONS COMMISSION wins the presidential election. accusedsocialmediafirmsof contained alleged details of UPL’s Mauritius arm, UPL Corporation, reports party content, chairman actinglike“speechpolice” Hunter Biden's business Urvashi Valecha in Mumbai. In a filing to the Ajit Pai announced. ‘Speech police’ and vowing to hold dealingswithaUkrain- exchanges, UPL Corporation shared the letters that its TheTrump administration party content on their plat- Counsel has informed me that Republicanshaveaccusedtech Twitterresponsible. ian energy company auditors had written. In the notification, the company petitioned the agency to con- forms. Conservatives have theFCChasthelegalauthority companies of inappropriately Twittertemporar- and said the formerV- clarified that in order to reorganise the audit process and sideradoptingrulesregarding complained about what they to interpret Section 230,”Pai censoring third-party content ily blocked the P had met with an to improve the productivity, the company had asked Section 230 of the Communi- seeasananti-conservativebias saidinastatement.“Consistent in ways that could alter elec- @TeamTrump adviserofthecompany. KPMG Mauritius to resign as statutory auditors of UPL cations Decency Act, which bysocialmediaplatformssuch with this advice, I intend to tion results. account from sending ■ Report on Corporation. Despite this, shares of UPL tanked to close gives tech companies legal asTwitterand Facebook Inc. move forwardwith a rulemak- tweets after it Page 8 at `467.75 apiece. PAGE 10 immunity to moderate third- “TheCommission’sGeneral ingtoclarifyitsmeaning.” Continued on Page 2

Pune 2 FINANCIAL EXPRESS WWW.FINANCIALEXPRESS.COM COVID MEASURES

Nirmala Sitharaman, finance minister

Measures have been announced to provide relief to the ❝business, bring about major reforms in the labour sector by ❝ simplifying, amalgamating and rationalising 44 central labour laws, provide effective social protection to the EconomySATURDAY, OCTOBER 17, 2020 migrant workers through National Portability of ration cards Quick ● ASSURING FARMERS Agri ministerpegs kharif View MSP an important part of foodgrain output at record Icra: Farm country’s food security: PM 144.52 MTin 2020-21 sentiments FE BUREAU tions. On Wednesday, repre- remain positive New Delhi, October 16 sentatives of several farmers’ PRESSTRUSTOFINDIA season of 2020-21 crop year increase in area sown to kharif bodies had walked out of a New Delhi, October 16 (July-June), as against 101.98 cropsby4.51%to1,121.75lakh FARMSENTIMENTSHAVE MORE THAN FOUR months meeting held in Delhi to dis- millioninthepreviousyear. hectaresthisyear,hesaid.Tomar remainedbuoyantmainly afterthereformsinagriculture cuss the farm lawswith Union FOODGRAINPRODUCTIONIS Similarly,outputofpulsesis saidagricultureisthepillarofthe drivenbyhealthymonsoon were initiated through ordi- agriculture secretary Sanjay likelytobearecord144.52mil- likelytoincreaseto9.31million Indianeconomy.Thesectorgrew andfurtheroptimismofa nances,PrimeMinisterNaren- Agarwal after finding no min- liontonneinthe2020-21kharif tonne this kharif season from 3.4%duringthefirstquarterof goodkharifcrop,according draModionFridayunderlined ister in attendance.The farm- season notwithstanding the 7.72milliontonnein2019-20, 2020-21 fiscal even as the total toareport. Agriculture the importance of the mandi ers asserted that they would Covid-19pandemic,agriculture whiletheproductionofoilseeds economyshowedadeclineinthe incomeislikelytobenefit system, but assured farmers not relax their‘rail roko’agita- ministerNarendraSinghTomar isprojectedtoincreaseto25.72 saidperiod. overthemediumterm that the new laws would help tion,and said theirnext meet- said on Friday. Foodgrain pro- million tonne from 22.31 mil- “This shows howstrong our aidedbyincreased them increase theirincome. ingwill be held on October20. ductionstoodat143.38million lion tonne. However, coarse agriculture and rural economy governmentfocusonrural “Here in India, the APMCs Modialsoreleased17newly tonne during the 2019-20 cerealsproductionisestimated is.Earliertoo,theagriculturesec- incomecoupledwiththe (mandis) have been running developedbiofortifiedvarieties kharifseason,asperofficialdata. tobeslightlylowerat32.84mil- torhasshownitsstrengthinfac- farmreforms,IcraRatings foryears,[and] have their own ofeightcropsdevelopedbythe Currently,harvesting of kharif lion tonnes in the 2020-21 ingsimilarchallenges.Iamfully saidinthereport. identityandstrength.Thegov- ture Organisation (FAO). costofproductionasMSP. Indian Council of Agriculture crops is under way. Rice is the kharif season as against 33.69 confident that this sector will ernment invested `2,500 Modi also expressed the The PM said that small Research to mark World Food mainkharifcrop. milliontonne. give a fillip to the economy in Keralalaunches crore in the last six years to government’s commitment farmers, who did not have Day. “Before 2014, there was “Foodgrain production will Among cash crops, cotton future.”Despite the pandemic, portaltosupport improve infrastructure facili- towardsprocurementofcrops access to mandis,were selling onlyone suchvariety,while 70 be better than last year.As per output is estimated to be at a rabi crops were harvested on tiesand[additional]hundreds at minimum support price their crop at lower prices to biofortified varieties of differ- the initial estimates, it is pro- record 37.11 million bales as timeandkharifsowingwasdone MSMEsector of crores to create IT infra- (MSP). middlemen.With the new entcropsareavailabletofarm- jected to be 144.52 million against 35.49 million bales of inarecordarea,theministersaid. KERALAONFRIDAY structure.These APMCs have “MSPandgovernmentpro- alternatives,expectedafterthe ersnow,”hesaid. tonne in the 2020-21 kharif 170 kg,while sugarcane output Farmexportstoorose43.4%in launchedanonlineportal also been connected with e- curement are an important reforms,the market will reach Stressing that the govern- season,”Tomar said in a digital isprojectedtoincreaseto399.8 thefirstsixmonthsofthisfiscal forspeedyandtransparent NAM.The amendments in the partofthecountry’sfoodsecu- theirdoorstep,he said. ment is promoting crops with conference organised by CII. million tonnes from 355.7 mil- despite the Covid-19 crisis,he deliveryofconcessions APMCActshavebeenmade(by rity.It is important that it con- Farmers’ outfits in Punjab high nutrition, such as ragi, Productionofcashcropssuchas liontonnesinthesaidperiod. added. On new farm laws, the includinginterestsubsidy states) with the objective of tinues to function with better on Thursday announced that jowar and bajra, the PM said sugarcane and cotton is also Earlier,addressingthevirtual minister asserted that farmers fortherevivalofMSMEs,hit makethesemandismorecom- facilitiesandinascientificway. they would intensify their stir the FAO’s decision to observe expected to be good, he said. conference, Tomar said the are being “misled” about the badlybytheeconomic petitive,” Modi said, after We are committed towards against the new laws,and said 2023astheInternationalYear According to the first estimate, bumperproductionisestimated reformsandreiteratedthatpro- downturntriggeredby releasing a commemorative this,”Modisaid.Hesaidseveral theywould not allowBJPlead- ofmilletswillhelpsmallfarm- the ministry has projected a following a record increase in curementatMSPaswellasman- Covid-19pandemic.The `75 coin on the 75th anniver- stepshavebeentakentoensure ers to propagate the so-called ers in India to increase their record rice output at 102.36 kharifacreage.Despitethepan- dis will continue to function portalcarriesallthedetails sary of the Food and Agricul- farmers get 1.5 times of their benefits of the new legisla- income. milliontonneduringthekharif demic,there has been a record acrossthecountry. of variousmeasuresunder the‘VyavsayaBhadratha Package’,includingfinancial supportandconcessionsfor Finmin kick-starts Budget exercise amid contraction pressure Centre approves 14th MSMEsreelingunderthe impactofthepandemic. PRESSTRUSTOF INDIA The upcoming Budget will 2021-22 began on Friday.The the Budget Division of the catedtheirbudgetedfundsfrom tranche of electoral bonds New Delhi, October 16 meetings will conclude on finance ministry had said in a the start of the financial year be crucial for the country TRIFEDbags3 November 12. Officials of the notice.ItwillbethethirdBudget beginningApril.This gives gov- AHEADOFTHEBiharelection, tiontothepressorpublicinthe nationalawardsfor THEFINANCEMINISTRYonFri- as it will have to deal with Department of Financial Ser- oftheModi2.0governmentand ernmentdepartmentsmorelee- the government on Friday constituencies going for poll; daykickedofftheexercisetopre- impact of pandemic vices, as well as ministries of finance minister Nirmala way to spend as well as allow approved the 14th tranche of and the relevant provisions of excellenceinPSU pare the annual Budget for which has affected all MSMEs, housing, steel and Sitharaman. companiestimetoadapttobusi- electoral bonds which will be Model Code of Conduct issued TRIFEDWARRIORS,LED 2021-22 amid the urgency to segments of the economy power were among those who Budget 2021-22 is likelyto nessandtaxationplans. open forsale between October by the Election Commission byPravirKrishna(MD, pusheconomicgrowthhitbythe participatedinthefirstmeeting, bepresentedonFebruary1. Previously,whentheBudget 19 to October28. shallbestrictlyfollowed." TribalCo-operative Covid-19pandemic. aspertheschedule. The Prime Minister Naren- waspresentedattheendofFeb- The Election Commission The three-phased Bihar MarketingFederationof TheupcomingBudgetwillbe year,according to an IMFfore- "Thisyear,however,keeping dra Modi-led government ruary, the three-stage Parlia- of India (ECI) accorded 'no election will be held on Octo- India),havewonthree crucial forthe countryas itwill cast.Even the Reserve Bank of in view the Covid-19 situation scrapped the colonial-era tradi- ment approval process used to objection' from the Model ber 28, November 3 and awardsatNationalAwards havetodealwithimpactofpan- India expects the economy to and the need to maintain social tionofpresentingtheBudgetat get completed some time in Code of Conduct (MCC) angle November7.Countingofvotes forExcellence–PSU,on demicwhichhasaffectedallseg- shrink by 9.5% in the current distancing,the numberof par- the end of February.The then mid-May,weeks ahead of onset on October 15 with certain will take place on November Wednesday. Krishnawon mentsoftheeconomy,including financialyear. ticipants for the pre-budget financeministerArunJaitleyhad ofmonsoonrains. conditions,a finance ministry 10. Electoral bonds have been CEOoftheYearand revenue collection, disinvest- As per the finance ministry meetings maybe restricted to a forthe first time presented the This meant government statement said. pitched as an alternative to VisionaryLeadership ment,expenditure,exports and schedule,thenearlyone-month maximumof5officers(foreach annual accounts on February1, departmentswouldstartspend- As per the ECI,"no political cashdonationsmadetopoliti- Awardwhilethethird foodprices. long exercise to finalise the meeting) from a 2017. ing on projects only from functionaryshallmakeanyref- cal parties as part of efforts to awardwasforInvestment The economyis projected to RevisedEstimate(RE)for2020- Ministry/Department, not Withthepreponementofthe August-end orSeptember,after erenceinthisregardduringany bringtransparencyinpolitical inStart-Upscategory. contractbyamassive10.3%this 21andBudgetEstimate(BE)for belowthe rank of Director/DS," Budget,ministriesarenowallo- themonsoonseasonended. public speech or communica- funding.— PTI

From the Front Page

Covid-19:WHO his father,then-Vice President Housing: `4perequityshareforthefinan- Joe Biden, to an executive at cialyear2020-21.SanjeevHota, says remdesivir Ukrainiannaturalgascompany States’GST gap to be fully bridged,says FM Additional Head of Research at Sharekhan Burisma.Sen. Josh Hawley (R- byBNPParibas,said HCLTech- didn’t really Mo.)Thursday asked Facebook Stating that "back-to-back GST compensation to states should have beingmadegoodinthencur- stake sold in nologies reported strong quar- CEOMarkZuckerbergandTwit- loan from the Centre is been extended as a grant and not loans. rentyearbutonlytheportion terly results, beating its esti- help patients ter CEO Jack Dorsey to testify acceptable to us",Kerala thatisduetoGSTimplemen- Oaknorth for mates on all fronts and its own The results of the trial areyet to before the Senate Judiciary finance minister Thomas It remains to be seen whether the Centre tation.According to Centre's marginguidanceaswell. be reviewed andwere uploaded Crime andTerrorism Subcom- Issac tweeted :“But there is will charge a margin over the interest rate calculation, the states' GST `220 cr onthepreprintserver. mittee,claimingthecompanies’ oneissueyettoberesolved-- on the loans. For instance, earlier it used revenue deficit from pro- “Wehavesoldaround13%stake China impact: Earlierthismonth,datafrom actions may violate campaign howmuch of compensation to charge a premium of about 50 basis tected level in FY21would be in OakNorth Holdings for a US study of remdesivir by laws. is to be deferred to 2023? `2.35 lakh crore, which `1,810 crore,”a spokesperson Digital media Gileadshowedthetreatmentcut “Asyourcompanyisnodoubt Negotiate this point and points for extending loans to states from the NSSF". includes`1.1lakhcroredueto forthecompanysaid.Thelender Covid-19 recoverytime byfive aware,corporations are forbid- reach a consensus.”Isasc had — PRONAB SEN, FORMER CHAIRMAN, NATIONAL STATISTICAL GSTimplementationandthe doesnotintendtodiluteitsstake units to be days compared with patients denfromcontributinganything earlier revealed a plan to COMMISSION remainingduetopandemic. inOakNorthanyfurther,FEhas whogotaplaceboinatrialcom- of value—financial or other- approachtheSupremeCourt The FM has contended learned. tightly prising1,062patients. wise—tosupporttheelectionof forresolutionoftheissue. If the Centre agreed to borrow first, we that the special window has On July 29, IHF had taken regulated Gilead has questioned the candidates for public office,” However,themechanism wouldn't have had this controversy. been structured in the opti- shareholders’approval to raise findingsoftheWHOstudy.“The HawleysaidinletterstoZucker- maystillinvolveacosttothe mum manner to protect the around`2,200crore($300mil- The government says Friday's emerging (WHO) data appears bergandDorsey. states, analysts said. Under Dispute resolution mechanism is a long-termeconomicinterest lion) eitherbyissuing securities clarifications follow inconsistent,with more robust There is bipartisan support the GST Compensation Act legal need ofthenation,includingpub- throughaQIPorviaforeigncur- stakeholders' demand for evidence from multiple ran- onCapitolHilltorevampthelaw, 2017,the states are guaran- —MANISH SISODIA, DELHI FINANCE lic and private sector. “The rencyconvertiblebonds(FCCBs) clarity on certain aspects of domised,controlledstudiespub- Paisaid. teeda14%annualgrowthin MINISTER bonafideopinionoftheCen- duringthecourseofthenextone the FDI policy for digital lishedinpeer-reviewedjournals “Many advance an overly the relevant tax revenues tral government on this year. The company has issued media news space. The DPIIT validatingtheclinicalbenefitof broad interpretation that in overfiveyears till July2022, While the GST compensation cess is macro-economic issue is bondsworth`2,780croreinthe has given one year to digital remdesivir,”it told Reuters.“We some cases shields social media meaning, such tax receipts extended beyond July 2020, it appears thatborrowingonthebooks currentfiscal. media news entities to align areconcernedthedatafromthis companiesfromconsumerpro- would be their income sans ofCentrewillnotbeoptimal The housing finance com- their shareholding pattern open-label global trial has not tectionlawsinawaythathasno any cost.“While the interest that this might stay for a long time in the national interest,” pany posted a 65.5% year-on- with requirements. undergone the rigorous review basisinthetextofSection230,” costonthespecialwindowis depending on the states' borrowing Sitharamanadded.Isaactold year decline in net profit to The government had in required to allow for construc- Paisaid. going to be covered by the plan in order to cover the interest cost FE that the argument that `272.84croreintheJunequar- September last year made it tivescientificdiscussion,partic- Democratic FCC commis- GST compensation cess,the through cess the Centre borrowing the ter.Thenetinterestincome(NII) clearthatupto26%FDIwillbe ularly given the limitations of sioner Jessica Rosenworcel servicing cost of the addi- entire amount would declined28.7%year-on-yearto permitted in digital media thetrialdesign.” decriedPai’smove. tionalunconditionalborrow- —NR BHANUMURTHY, VICE CHANCELLOR, BENGALURU DR. squeeze out private invest- `701 crore.On Friday,the IHF news entities, with However, a scientist “The timing of this effort is ingof0.5%ofGSDPmaystill B.R. AMBEDKAR SCHOOL OF ECONOMICS UNIVERSITY ment won’t hold,given that stock stock closed 0.33% down government approval. Prior to involved in the studydefended absurd,”Rosenworcel said in a have to be borne by the demand being in the nega- at`151pershareontheBSE. this move, up to 26% FDI was itonFriday.“It'sareliableresult, statement.“TheFCChasnobusi- states,”saidNRBhanumurthy, special window won’t be AttorneyGeneral saying that, tive zone,private borrowings allowed in print media and don'tletanybodytellyouother- ness being the President’s vice chancellor of BASE Uni- accountedforasstates’debt. “there is an obligation (on the willbemuted. HCLTech to hire 49% was permitted in wise, because they'll try to,” speechpolice.” versity,Bengaluru. Pronab Sen,former chair- Centre)topaycompensationto Sitharaman also listed out broadcasting content services - Richard Peto,an independent The Internet Association,a Under the Option 1,state man of National Statistical the states forthe entire short- the benefits of the scheme up to 9,000; - both through government statisticianhiredbytheWHOto groupwhose members include governments are to receive Commission, told FE: “GST fall… regardless of whether which includes sufficient approval. However, the rules scrutinise its Solidarity trial Twitterand Facebook,opposes funds in two ways: 1) loans compensationtostatesshould suchshortfallisattributableto amount to meet entire GST profit rises 19% weresilentonthedigitalmedia results,told reporters.“This is therulemaking. fromtheCentrewhichwillbor- havebeenextendedasagrant GSTimplementation or not”. shortfall payable this year, space, which assumed realworldevidence.” “The FirstAmendment pro- row under a special window and not loans. If the Centre Thecompensationistobepaid availabilityof specialwindow to `3,142 cr prominence only in recent While Gilead said other tects everyprivate enterprise’s andpassontenfundstostates keepsthecesswithitwhenthe from proceeds of the desig- funds at reasonable interest He added that the company's years, with the emergence of remdesivirtrials,includingwith abilitytosetandenforcerulesfor as loans; 2) additional uncon- collection is higher than the nated cess; there is no obliga- rate, interest and principal deal pipeline grew 20 per cent several such entities. 1,062patientsthatcomparedit acceptablecontentontheirser- ditional market borrowing of requirement,it should also be tionontheCentretopayfrom repayment cost for the GST quarter-on-quarter,whichis"an “The entity shall be withaplacebo,showedthetreat- vices,”Elizabeth Banks,deputy 0.5% of GSDP. In the letterto able to compensate states the Consolidated Fund of shortfall debt would be met all-timehigh". required to obtain security ment cut Covid-19 recovery general counsel at the group, stateFMs,Sitharamansaidthe when the mop-up is lower. India,theAGsaid. from cess proceeds, and the "We are implementing the clearance of all foreign time,Peto,a professoremeritus saidinastatement.“TheFCCalso Centrewouldarrangetheloan Moreover,itremainstobeseen The opposition to the bor- unpaiddeficitfromthecurrent salary increments effective personnel likelyto be deployed at Oxford University, said the lacks the authorityto make the underOption 1 such that the whethertheCentrewillcharge rowing scheme from some yearwould eventuallybe paid October 1,up to E3 levels,and formore than 60 days in ayear smallertrial's perceived benefit changes proposed in the NTIA’s costwouldbeat,orcloseto,the amarginovertheinterestrate states was primarily because back to states from cess pro- effective January 1,for E4 and by way of appointment, couldhavebeenmere“chance”. petition because they conflict G-secrate.Also,sheassuredthe ontheloans.” they being asked to borrow; ceeds in lateryears afterloans above levels.This is only a one contract or consultancy or in with the plain language of Sec- states that debt through the Sitharaman quoted the also,theentireshortfallwasnot arepaidfor. quarter shift from the regular any other capacity for FCC to tackle tion230.” --Bloomberg increment cycles that we give functioning of the entity prior ouremployeesannually,"hesaid. totheirdeployment,”theDPIIT social media PVsales rise have gone below the 2016 cut in GST rates at this point thedemandforGSTratecuts reduction in GST rate could Thehikes-whichwereprevi- said.“In the event of security level."In terms ofvolumes,if as it may affect sales during and whether the industry be taken up at a later stage. ously deferred amid business clearance of any of the foreign liabilitylimits; 26% in Sept you look at quarterly and the festival season with con- body has been able to con- "Right now, nationally uncertaintyonaccountofCovid- personnel being denied or half-yearly comparisons and sumers postponing their vince the government on it, and globally everybody is 19 pandemic -willbe similarto withdrawn for any reasons questions raised but industry also to some extent monthly purchase decisions.Though Ayukawasaidthattheindus- fighting the coronavirus.We previousyear.Lastyear,thecom- whatsoever,the investee entity comparison, we have gone Siam has in the past raised try's priority right now is to will have to collaborate and pany had offered an average 6 will ensure that the person about timing still cautious below 2016 in most of the the demand forlowering GST fight coronavirus and integrate our effort to fight percentraisetoitsstaffinIndia concerned resigns or his/her Twitterand Facebook have lim- Siam director-general Rajesh segments,"he said. rates on auto products,espe- increase production and thispandemic.Itistheprior- and 2.5 per cent increase in services are terminated itedaccessontheirplatformsto Menon said if numbers in the On its part, the auto cially two-wheelers, it is not sales to cater to the festive ity right now,"Ayukawa said. wagesofoverseasemployees. forthwith after receiving such a NewYork Post article alleging last five years are compared, industryisalsocarefulnotto raising it at this point of season demand,while other The board of directors has directives from the that Hunter Biden introduced it shows industry volumes fuel any speculation about a time.When asked about the important matters like Indiabulls declaredaninterimdividendof government,”it added.

Pune WWW.FINANCIALEXPRESS.COM SATURDAY, OCTOBER 17, 2020 FINANCIAL EXPRESS ECONOMY 3 ESIC extends deadline for workers to Staff crunch hits Surat textile industry avail unemployment benefit till June 30 ahead of Bihar polls,Chhath festivities FE BUREAU The ESIC has decided to and relaxed eligibilitycriteria. copyand bank account details FE BUREAU people.Of the total workforce, said Dev Kishan Mangani, advi- tural work. Now the assembly New Delhi, October 16 enhance the rate of Relief shall become due for to the designated ESIC branch Ahmedabad, October 16 more than five lakh workers are sor to the textile committee of elections have been announced unemployment relief payment 30 days from date of office bypost orin person. from the poll-bound state.Be- the South Gujarat Chamber of in Bihar,which will be followed THE EMPLOYEES' STATE SURAT, ONE OF In- under the scheme to 50% unemployment and claim can The insured person should the biggest sides those from Bihar, a large Commerce and Industry. byChhathPuja.Generally,ahead suranceCorporation(ESIC)has be submitted directly to the have been in insurable em- textile centres in the country, is number of workers are from Though the textile industry of Diwali,workers from Bihar go extended the deadline by a of average daily wages designatedbranchofficeofthe ployment for a minimum pe- facingshortageofworkersahead stateslikeUttarPradesh,Odisha, is not functioning at the pre- home forthe celebrations. year till June 30, 2021 for corporation by the worker.It riodoftwoyearsbeforeunem- of the Bihar assembly polls Andhra Pradesh and Rajasthan. lockdown level,the industry is Currently, most textile workers to avail the unem- was 90 days earlier. The en- ployment and should have and the subsequent Chhath Sources in the textile indus- graduallygettingbacktonormal mills are operating 12 hours a ployment benefit. The Atal scheme can now be availed till hancedbenefitsareapplicable contributed for not less than Puja festivities. trysaidalargechunkofmigrant due to fresh demand due to the day instead of 24x7 due to Bimit Vyakti Kalyna Yojana June 30,2021. during the periodMarch 24 to 78daysinthecontributionpe- With annual turnover of al- labourers went to their native Diwali festivities,Mangani said. scarcityofskilledlabourers,said waslaunchedinJune2018for In view of the pandemic, December31,2020. riodimmediatelyprecedingto most `80,000 crore, the textile places in April and May during Hesaidmostmigrantlabour- ManojAgarwal,president of the twoyears on a pilot basis. thecorporationhasdecidedto Claims for the relief can be unemployment and mini- industry in and around Surat the lockdown. Only 15 to 20 ersdidn'treturntoGujaratdueto Federation of Surat Textile Under the scheme, unem- enhancetherateofunemploy- madeonlineattheESIC’s web- mum 78 days in one of the re- providesemploymentto20lakh workers have returned to work, kharif sowing and otheragricul- TradersAssociation. ploymentbenefitispaidtothe ment relief under the scheme site along with submission of maining three contribution workers covered under ESI to 50% of average dailywages the physical claim with an af- periods in two years prior to Scheme.Thebenefitunderthe from the earlier rate of 25% fidavit, Aadhaar card photo- unemployment.

Nippon Life India Asset Management Limited (Formerly known as Reliance Nippon Life Asset Management Limited) (CIN - L65910MH1995PLC220793) Registered Office: 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. 71 Record Date DIVIDEND DECLARATION October 22, 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 scheme of NIMF, with October 22, 2020 as the record date: Dividend NAV as on October Name of the Scheme(s) (` per unit)* 15, 2020 (` per unit) Nippon India Fixed Horizon Fund XXXIII - Entire distributable 12.2830 Series 2 - Dividend Payout Option surplus available in Nippon India Fixed Horizon Fund XXXIII - the scheme as on 12.4567 Series 2 - Direct Plan - Dividend Payout Option the Record date *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. For units in demat form : Dividend will be paid to those Unitholders/Beneficial Owners whose names appear in the statement of beneficial 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/- October 16, 2020 Authorised Signatory Make even idle money work! Invest in Mutual Funds

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CLASSIFIEDS Standalone Consolidated Quarter Half Year Quarter Quarter Half Year Quarter BUSINESS Particulars ended ended ended ended ended ended 30.09.2020 30.09.2020 30.09.2019 30.09.2020 30.09.2020 30.09.2019 Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited SHARES & STAKES 1 Total income from operations 399,723 792,975 367,517 413,132 818,674 374,844 WE Buying: Listed/ Unlisted All Company’s 2 Net Profit from ordinary activities after tax 30,762 70,839 41,670 31,545 72,495 42,534 Demat/ Physical 3 Net Profit for the period after tax (after Shares. (All Objection/ 30,762 70,839 41,670 31,545 72,495 42,534 IEPF/ Pending/ Extraordinary items) Duplicate/ Transfer 4 Paid-up Equity Share Capital Shares Services 39,893 39,893 39,762 39,893 39,893 39,762 Provided.) - 8291225710, (Face value`2/- per Equity Share) 9619315362. 0070716521-2 5 Reserves (excluding Revaluation Reserve as 1,411,407 1,411,407 1,287,102 1,441,882 1,441,882 1,309,624 shown in the Balance Sheet of previous year) ''IMPORTANT'' 6 Earnings Per Share (EPS) (in`) (before extra Whilst care is taken prior to ` acceptance of advertising copy, ordinary items) (of 2/- each): it is not possible to verify its contents. The Indian Express Basic 1.54* 3.55* 2.10* 1.58* 3.64* 2.14* (P.) Limited cannot be held responsible for such contents, nor for any loss or damage Diluted 1.54* 3.55* 2.08* 1.58* 3.63* 2.13* incurred as a result of transactions with companies, associations or individuals 7 Earnings Per Share (EPS) (in`) (after extra advertising in its newspapers ` or Publications. We therefore ordinary items) (of 2/-each): recommend that readers make necessary inquiries before Basic 1.54* 3.55* 2.10* 1.58* 3.64* 2.14* sending any monies or entering into any agreements with advertisers or otherwise Diluted 1.54* 3.55* 2.08* 1.58* 3.63* 2.13* acting on an advertisement in any manner whatsoever.

Pune 4 FINANCIAL EXPRESS WWW.FINANCIALEXPRESS.COM

HCLTECH’S STELLAR SHOW

C Vijayakumar, HCLTechnologies President & CEO

We have delivered a stellar Q2 performance with ❝sequential revenue growth of 4.5% in constant ❝ currency and 21.6% EBIT margin CompaniesSATURDAY, OCTOBER 17, 2020 Quick ● BID-RIGGING CASE Liberty Steel founder Gupta eyes View JKTyre,others face Thyssenkrupp in consolidation bid CHRISTOPH STEITZ, nesspreviouslyownedbyBritishSteel. TOM KÄCKENHOFF InEurope,Libertyhas13milliontonnes antitrust scrutiny Frankfurt/Duesseldorf, October 16 of annual capacity, 72% of its total, and employs 17,000, compared with about ADITYAKALRA LIBERTY STEEL, FOUNDED by commodi- 27,000 steelworkers at Thyssenkrupp. New Delhi, October 16 ties tycoon SanjeevGupta,on Fridaysaid it UnlikeThyssenkrupp,ithasnoproduction hadmadeanon-bindingofferforThyssenk- inGermany.Apersonfamiliarwiththemat- THE ANTITRUSTREGULATOR is investi- rupp’ssteelunit,hopingtoforgeaEuropean tersaidLibertywasbeingadvisedbyacon- gating JK Tyre & Industries after a state champion to master the transformation sortiumofbanksledbyCreditSuisse. government accused the company of bid towardscarbon-neutralproduction. Its interest comes amid planned rigging,andtheprobehasbeenexpanded A deal would combine the continent’s Sanjeev Gupta hopes to forge a protests bysteelworkers to put more pres- to other firms, according to sources and fourth- and second-largest steelmakers European champion to master the sure on the government to bail out legal filings seen byReuters. after a planned joint venture between transformation towards Thyssenkrupp’s steel unit,which made a TheCompetitionCommissionofIndia ThyssenkruppandTataSteelwasblockedin carbon-neutral production nine-monthoperatinglossof€700million SpiceJet operates 1k (CCI) last year ordered a probe after the 2019.“I trulybelieve in the future of Euro- ($819 million).A trader said the bid had Haryana government said JK Tyre pean steel,”Gupta told journalists during a theunit.Germany’smostpowerfulunionIG “strong potential aftera disastrous perfor- flights to repatriate employedunfairtradepracticeswhilebid- call.“ByinvestingingreensteelIbelievethe Metallhas,however,opposedapotentialbid, mance of the shares mirroring corporate 1.75 lakh passengers ding to supply tyres for public transport industry can transform and thrive in the fearingitcouldleadtopainfuljobcuts.Asale chaos”. vehicles,a court filing showed. The CCI last year ordered a probe long-term.”He said steel as a business of the steel business would mark a radical Thyssenkrupp CEO Martina Merz said BUDGETCARRIERSPICEJET on ThecasedetailsandCCI’sinitialassess- after the Haryana government said neededtime,addingthatwasoneoftherea- changeinThyssenkrupp’scompositionand this week the companywould consider all Fridaysaid it has operated over1,000 ment were contained in a September’19 JK Tyre employed unfair trade sons why it belonged in private hands. structure,following the divestment of its options for the unit, including selling a charterflights to repatriate 1.75 lakh statecourtfilingmadebyJKTyre,contest- practices while bidding to supply Gupta shied away from putting a number elevatorsbusinessearlierthisyear. staketotheGermangovernment. passengers so farin times of the ingsomeofthewatchdog’sdemands.The tyres for public transport vehicles, onexpectedsynergies. EconomyministerPeterAltmaierhasso pandemic.The charterflights filing,reviewed by Reuters,has not previ- Thyssenkruppsharessurgedasmuchas Buying spree faropposedtheidea,insteadfavouringsup- a court filing showed included 16 long-haul services to and ously been reported and the CCI does not 23%,andtheEssen-basedcompanysaidit Formed by Gupta last year,privately-held port payments to help the industrytransi- from London,Amsterdam,Toronto disclose current probes into cartel cases. would carefully study the offer,details of LibertySteel is a unit of Britain-based con- tion to hydrogen-based steel production. and Rome,among others,SpiceJet According to documents in the filing, whichwerenotdisclosed,evenasitcontin- glomerate GFG and comprises all of his Thyssenkruppisalsoexploringtie-upswith said in a release.Besides,the airline theHaryanagovernmenttoldtheCCIthat $190 million, said it accounted for 30- uestalkswithotherpotentialpartners. family’s steel activities. It has been on a Germany’s Salzgitter,Sweden’s SSAB and operated more than 8,500 cargo JKTyrewasthesolebidderinatenderand 36% of the market for different types of Liberty said it was open to intensifying European buying spree,most recently in Tataonceagain,sourceshavetoldReuters. flights carrying around 63,000 tonne quoted high prices. The watchdog in tyrevariants,worthsome$9billionannu- talks to explore making a binding offerfor France,whereitacquiredtheHayangebusi- —REUTERS ofvital supplies and cargo to and November ordered a probe saying “non- ally. from destinations such asAlmaty, participation by other tyre manufactur- Baghdad,Cambodia,among others,it ers”was suggestive of a“concerted act to “Email dumps” said. rig the bid”. Haryana has alleged JK Tyre was the sole ‘AC import ban to protect domestic Performance-linked AJKTyre spokesman declined to com- bidderinthetenderin2018anditsprices Suzlon appointsAshwani ment“as the matter is currently subju- were around 34% higher than previous firms from free ship-ins via FTAroute’ reward for non-exec dice.” purchase rates, the documents show. Kumaras Group CEO InAugustthisyear,theCCIdecidedthe “Thereappearstobesomearrangementor PRESS TRUST OF INDIA Malaysia andVietnam. “Earlier,if you are employees to cost WIND ENERGYCOMPANY,Suzlon role of other tyre firms should be exam- understanding amongst the tyre manu- New Delhi, October 16 importingafullybuiltACthroughcountries Group,has appointedAshwani Kumar ined and expanded its scrutinyto include facturers ...The matter warrants a thor- such as Thailand, Malaysia and Vietnam, CIL `1,700 crore as Group CEO.He replaces J P Apollo Tyres , CEAT, MRF, and the Indian ough and detailed investigation to THE GOVERNMENT’S MOVE to ban thenthedutyiszeroandifyouimportwith- Chalasani,who resigned as the Group unitsofFrance’sMichelinandGermany’s unearth the entire modus operandi importsoffinishedair-conditionerswillhit out refrigerant, then you have to pay full FE BUREAU CEO on July7.TulsiTanti,CMD, Continental,twosourcesfamiliarwiththe resorted to,” the CCI’s November 2019 small fly-by-night operators and Chinese duty,”he said.Several Chinese companies Kolkata, October 16 Suzlon Group said,Kumarcomes to case said. It was not immediately clear ordersaid. firms,which launch their products during whichweresettingupfactoriesincountries Suzlonwith rich experience in the whether the CCI has approached those As part of the probe, the CCI this year peak summer season and disrupt market, such asThailand,Malaysia andVietnam in PSU MINER COAL India (CIL) has declared Indian powerand infrastructure tyre firms with inquiries. The sources sought “email dumps” over five years accordingtoindustryplayers. order to bring products to India directly a performance- linked reward (PLR) of sectors.Kumarhas led construction declined to be identified as details of the belongingtosomeseniorexecutivesinthe Though the move would help push the underFTAs,will be affected bythe govern- `68,500peremployeetoallnon-executive of over6,000 MWof powerprojects probe were confidential.The CCI and the JKgroup,sayingtheywereessentialforthe “Aatmanirbhar”movement,leadingplayers ment’smove,headded. staffmembersforFY20onthebasisoftheir from bidding to commercial Haryana state government did not investigation.JKTyre has challenged that likeBlueStar,Daikin,Voltas,Panasonicand Expressingsimilarviews,DaikinAircon- attendanceduringtheperiod.Thepayment operations,he said. respond to requests for comments. MRF, demand at the High Court of Punjab and LG electronics feel that it will have little ditioningIndiaMD&CEOKanwalJeetJawa would be made before October 22, a CIL Michelin and Continental also did not Haryana, saying it was cooperating with impact on them as theyare alreadymanu- said the ban would not have much impact statementsaid. Tata Comm Q2 profit respond to requests for comments,while the investigation and the emails of those facturing most of their air conditioners in on major players as most of the manufac- Theestimatedoutgoofthecompanywill CEAT and Apollo declined to comment.A executiveshadlimitedornorelationtothe thecountry. turing is done in India now,whether it is a be a little over`1,700 crore to paythe 2.62 jumps 7-fold to `385 cr finding of bid-rigging could lead to a case. According to Blue Starmanaging direc- local player or a multinational.However,it lakh employees of CIL and its eight sub- TATACOMMUNICATIONS ON Friday potential fine of up to three times the Thewatchdog’sprobeteamwas“acting torBThiagarajan,thebanwouldhaveamin- might hit some small companies which sidiarycompanies.Despite the pandemic- posted an around seven-fold jump in profitineachyearpriceswerefixedbythe in a completely unreasonable, arbitrary imalimpactofthedomesticcompanies.The wereimportingeithertheIDU(IndoorUnit) triggeredslowdownandcrimpincoalsales, consolidated net profit at `384.81 companies, or 10% of annual revenue, andwhimsicalmanner”,JKTyresaidinthe intent of the governmentwas to put a curb orODU(OutdoorUnit)fromcountriessuch CILoffereda5.87%riseoverFY19’sPLRof crore forthe Septemberquarter. The whicheveris higher. September 19 filing.The court will next onduty-freeimportofairconditionerunits asChinaandthroughThailandbyusingFTA `64,700 per employee, an increase by companyhad registered a profit of JKTyre,which has a market value of hearthe case on October28. —REUTERS from FTA countries such as Thailand, routewithzeropercentduty,headded. `3,800.Thenon-executiveemployeeswho `54.31 crore in the corresponding have completed at least 30 working days period of the preceding fiscal. duringFY20willbeeligibleforthepayment Consolidated revenue grew4.5% to onapro-ratabasis. `4,477.18 crore during the reported Flipkart sees rise in customers from Tier-III cities Anagreementwasreachedtowardsthis quarterfrom `4,282.3 crore in the decision at the 10th meeting of the stan- year-ago period,it said in a BSE filing. FE BUREAU Analysts attributed this increase in festive sale events to happen between darisationcommitteeofthejointbi-partite New Delhi, October 16 share of purchases from Tier-II and -III October 15 and 21, they said. E-tailers committeeofcoalindustry(JBCCI-X)heldin BajajAuto launches new cities to the migration of employees to clocked $4.8 billion in sales lastyear. RanchionThursdaybetweenCIL'smanage- FOLLOWINGTHE LAUNCH of its six-day smaller cities as organisations took to Flipkart said local MSMEs from over ment and representatives of the central versions of PulsarNS,RS Big Billion Days (BBD) sale on Friday,Flip- work from home. 2,550 pin codes saw demand coming in trade unions.RP Srivastava,director,per- BAJAJAUTOONFridaylaunchedthe kart said nearly 50% of new customers Online retailers are estimated to rake from across the country.Sellers from 167 sonnel & industrial relations, and Sanjiv refreshedversionsofitsPulsarNSand came fromTier-III cities and beyond. in about $6.5 billion in sales during the newcitiesjoinede-commercethisBBD. Soni,directorfinance,representedCILinthe PulsarRSseriesmotorcycleswithnew Among the categories, the home seg- month-long festive period, ending “There has been a perceptible shift negotiations.CMD of Northern Coalfields looksandfreshcoloursaheadofthe ment registered a 53% rise in new cus- November 15, as more consumers are towardsDigitalIndia,witha75%increase anddirectors,personnelofsubsidiarycom- festivalseason.ThePulsarRS200with tomersfromTier-IIIcities.Thelargeappli- Online retailers are estimated to rake indulginginonlinespendsluredbyvaried inprepaidtransactions,whichshowcaseda panies were other members to attend the dualchannelABS(anti-lockbraking ances and beauty & general merchandise in about $6.5 bn in sales during the deal offers, said Forrester Research ana- strong endorsement for digital payments meetingaspartoftheCILteam. system)ispricedat`1,52,179,while (BGM) segments witnessed a near 50% month-long festive period, ending lysts. As much as 75% of the sales, pre- as consumers continue to maintain social CILturnedthecornerinSeptemberthis theNS200ispricedat`1,31,219, increase each in new users from the November 15 dominately led by Flipkart and Amazon, distancing when making purchases,”the fiscal year with its output and supplies BajajAutosaidinarelease. region. will be covered during the first leg of the companysaidinitsstatement. scriptinghighgrowthofnearly32%. Persistent to expand its ‘Uncertain demand recovery mayweigh on Tata Motors,JLR’ PRESS TRUST OF INDIA Moody’s Investors Service, while StatingthatitexpectsthatTMLandJLR’s enterprise integration biz New Delhi, October 16 keeping a negative outlook on the financial metrics will remain in breach of two firms, said support from ratingdowngradetriggersoverthenext12- MOODY’SINVESTORSSERVICEonFriday 18 months,Moody’s said it implies that“a Tata Sons mitigated operational saidtheuncertainpaceofrecoveryinglobal sustained improvement in operations is with Capiot’s acquisition autodemandwillcontinuetoweighonTata challenges at TML and kept requiredtomaintaintheircurrentratings”. Motors (TML) and its wholly owned sub- rating at the same level as JLR— For TML, a return in outlook to stable GEETA NAIR SoftcapabilityandTIBCO-basedintegra- sidiaryJaguarLand RoverAutomotive over ‘B1 negative’ wouldrequireanimprovementatJLRasthe Pune, October 16 tion,Deshpande said. thenext12-18months. keycontributortoconsolidatedcreditmet- “In an enterprise you have various However,theratingsagency,whilekeep- rics,alongwitharecoveryintheprofitability PERSISTENT SYSTEMS IS gearing up for kinds of data systems with the data sit- inganegativeoutlookonthetwofirms,said middle of the decade,while further lock- same, thanks to a one-notch uplift to ofTML’sIndianoperations,itadded. abiggerplayintheenterpriseintegration ting in different silos.You want to make support from Tata Sons mitigated opera- downs,the transition to electric vehicles, reflect likely support from parent Tata Moody’svice-presidentandseniorcredit segment with its latest acquisition of suretherightdataisavailabletotheright tional challenges atTMLand kept rating at emissioncompliancerequirementsand,for Sons in times of need.” officerKaustubhChaubalsaidTML’scredit Capiot Software. Anand Deshpande, system at the right time and TIBCO has thesamelevelasJLR—‘B1negative’. JLR,Brexit all pose further downside risk,” JLR’s rating does not incorporate an profilepreviouslybenefitedfromthediffer- CMDofPersistentSystems,saidthecom- been theplatformfordoingsomeofthis. Itfurthersaidelectrificationandpolitical Moody’s vice-president and senior credit uplift for likely support from parent TML entdemanddynamicsinitsJLRandnon-JLR pany would complete the acquisition There are next generation capabilities developments pose further downside risk officerTobiasWagnersaidinastatement. duetothelatter’sweakercreditquality.Still, segments but the pandemic has hurt process by November 2 and the Capiot like MuleSoft,a format that Salesforce andwillprolongrecovery. Moody’ssaid,“TML’sunderlyingcredit thesubsidiaryremainsstrategicallyimpor- demandacrossallmajormarkets.Theprof- team would join the company. used.There are also other ways of doing “Wedonotexpectglobalautoshipments profile has deteriorated to a level weaker tanttobothTMLandTataSons,acreditpos- itability and liquidity of its Indian opera- Deshpande said the acquisition was enterprise integration,”Deshpande said. to recover to pre-pandemic levels until the than JLR’s but the ratings remain the itivefortherating,itadded. tionsalsohaveweakened,headded. aimedatcashinginonthecapabilitythat “Enterprise integration is a big issue the CAPIOT team had in enterprise inte- as different systems exist in the enter- gration. Capiot was prise and they do not started bya team of for- The enterprise integration talk to each other. For mer employees of example, different Netflix,Amazon bringwomen in focus on small screens market is expected to TIBCO.“Skills that they types of systems rang- have in enterprise inte- grown from $13 billion ing from HRM systems RAGINI SAXENA & P R SANJAI Asincomesriseinthe$2.9-trillionecon- “Betteraccess to the Internet is pushing grationarevaluableand currently to $25 billion by to CRM system exist October 16 omy, per capita spending on media and creatorstomakecontentthatresonateswith attractive. They have 2025. This segment is and each system has its entertainmentisexpectedtoalmostdouble women,”saidAshiviniYardi,producerofNet- done this for many cus- expected to grow at 11% own data that do not A SUPERNATURAL FILM celebrating a to$35inIndiaby2021fromfiveyearsear- flix’shitseriesMasabaMasaba,ashowabout tomers and have a good between 2020 and 2025 talk to each other. This femalevigilantewho’smistakenforawitch. lier,accordingtodatafromStatista. a single mother and her fashion-designer understanding on how can be dealt with by A biopic about one of India’s first woman A2019 studybythe Boston Consulting daughter.Amazondeclinedtosharewomen enterprise integration building a data bus or combatpilots.AndaMumbaitakeonSexin Group said Indianwomen are increasingly viewershipofitsshows,butsaidallsixofits works. We do a lot of datapipelinetoconnect theCityfeaturingfourworkingwomen. having a say in household purchase deci- originals released in India this year had data work, including data integration, the data from one place to another,”he The content of the shows is extremely sions.A2016studybyGoogleandATKear- womenleadingthechargeaseithercreators, butthisteamhasspecialisedcapabilities. said. varied, but what they have in common is neyestimatedthatIndianwomen’ssharein producers,writersordirectors. We could growtogetherratherthan they The enterprise integration market is theyareaimedatanexpandingfemaleaudi- overallonlinespendingwilljumpto42%by Tocapture a largerslice of femaleview- doing it alone,”Deshpande said. Persis- expected to grown from $13 billion cur- enceinIndiaandhavebeenchurnedoutby 2020from20%in2015. ers,Amazon is“constantly talking to more tentwillworkwith Capiot's existing cus- rently to $25 billion by 2025. This seg- USstreaminggiantsNetflix,Amazon.com’s More than half of Netflix films released producers to have different voices repre- tomers,he said. ment is expected to grow at 11% PrimeVideoandothers.Thecompaniesare typicallyreliedonanA-listmaleactorinlead inIndiathisyearhaveafemaleproduceror sented,”saidVijay Subramaniam,director According to Deshpande, enterprise between 2020 and 2025, revealed a rewriting the rules of India’s $34-billion rolestolureinmostlymaleviewerstoscore director,accordingtoMonikaShergill,Net- andheadofcontentatthecompany’sIndia integration was a universal requirement report on the global enterprise applica- entertainment industry, bringing more a blockbuster.The shift partly stems from flixIndia’svice-presidentofcontent.Netflix operations.India’s experience highlights a with its ability to bring data from differ- tionintegrationmarketpublishedbythe womeninfrontofandbehindthecameraas the lockdown amid the coronavirus that saw unique women visitors jump to 40% global trend in which more women are ent sources at the right place and the Market Research Store.Growth in cloud, theyspendmillionsofdollarstograbashare shutmovietheatersformonths.WithIndian last year from 26% in 2018,according to involved in the creation of streaming con- right time.Capiot has a skilled team and automation and e-business is driving ofAsia’sbiggestopenmarketforstreaming. women increasinglywilling to payforcon- Comscore data.The Los Gatos,California- tent geared toward women. Netflix had Persistentcannowdomoreofenterprise demand for integration among diverse Anunprecedentedsurgeinwomen-cen- tent they can view on their phones or lap- based companyisworkingwith 30women women helming 20% of its 53 original US integrationwith different types of prod- andfragmentedenterpriseapplications, tric content highlights the disruption in tops,streaming platforms are pivoting to producers and directors besides a dozen filmslastyear. ucts and it also has IP technology, Mule- the report said. India’s entertainment industry,which has thisundertappedmarket. womenwritersthisyear,Shergillsaid. —BLOOMBERG

Pune WWW.FINANCIALEXPRESS.COM SATURDAY, OCTOBER 17, 2020 FINANCIAL EXPRESS 5

ADVERTORIAL

An initiative by * Unlock 5.0 brings more relief for citizens With the new unlock announcement, the government has opened the locks of cinema halls, multiplexes, relaxed limits on indoor and outdoor gatherings, reopened schools in a graded manner, among other measures

ITH the country opening on a tions, the Head of Institution will satisfy W month-on-month basis, it is herself/himself that there is a genuine re- clear that the government is quirement of research scholars (PhD) and keen on providing respite to businesses to post-graduate students in science and spur economic activities in the country. In technology stream for laboratory/experi- its latest set of relaxations,the Union Min- mental works. For all other Higher Educa- istry of HomeAffairs has made some sig- tion Institutions e.g.,State Universities,Pri- nificant announcements. First, the month vate Universities etc., they may open only of October has brought cheers for the for research scholars (PhD) and postgradu- badly battered film industry as the movie ate students in science and technology theatres and multiplexes are set to reopen stream requiring laboratory/experimental from October 15,with the condition being works as per decision to be taken by the that these theatres and multiplexes should respective State/UT Governments.” not be in the containment zones.The de- Third, from October 15, business-to- tailed guidelines regarding the exhibition of business exhibitions are also allowed. films have also been released, with seat- Swimming pools “being used for ing capacity capped at 50%, 6-feet physical sportspersons”are also permitted to open, distancing, staggered show timings to as are entertainment parks.All of these will avoid crowding, sanitisation of the have SOPs issued by their governing min- premises, and staggered entry and exit of istries. audience being the major highlights of Fourth, the limits on both indoor and these guidelines. outdoor gatherings have also been relaxed Second, the states and UTs are allowed by the MHA.“Now State/UT Governments to reopen the schools from October 15 on- have been given the flexibility to permit wards. On the reopening of schools, the ents.Attendance must not be enforced and such gatherings beyond the limit of 100 MHA said “State/ UT Governments have must depend entirely on parental consent. persons outside Containment Zones, after been given the flexibility to take a decision States/UTs will prepare their own SOPs re- 15th October 2020”, the MHA said. How- after 15th October 2020,in a graded man- garding health and safety precautions for ever,the indoor gathering can’t exceed 50 ner.” reopening of schools/ institutions based on per cent of the hall capacity or 200 people. “Where schools are conducting online theSOPtobeissued bytheDepartmentof “For outdoor events, the guidelines say classes, and some students prefer to at- School Education and Literacy (DoSEL), thatthesizeofthegroundmustbekeptin tend online classes rather than physically Ministry of Education… keeping local re- mind, though the MHA has not mandated a attend school,they may be permitted to do quirements in view,”the MHA said. ceiling.”In both cases,the guidelines pre- so. Students may attend schools/institu- The guidelines further state, “For Cen- scribe masks, social distancing and other tions only with the written consent of par- trally Funded Higher Education Institu- COVID-19 protocol.

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Pune 6 FINANCIAL EXPRESS WWW.FINANCIALEXPRESS.COM FOOD SECURITY

Prime minister of India Narendra Modi

MSP and government procurement are an important ❝part of the country’s food security.It is important that❝ it continues to function with better facilities and in a scientific way.Weare committed towards this OpinionSATURDAY, OCTOBER 17, 2020

Without an exports push, ● AGRI REFORMS THE FARM BILLS GIVE INDIATHE OPPORTUNITYTO ORIENT ITS FARM SECTOR TOWARDS THE India simply can't grow fast $82-TN GLOBAL ECONOMYTHROUGH EXPORTS INSTEAD OFTHE $3-TN DOMESTIC ONE Consumption is constrained now, but even in the past, it was exports that boosted both GDP and investment growth Freeing up HEGOVERNMENT’SATMANIRBHARpolicy,envisagingaboostforlocalpro- ductiontocatertothehomemarketsoundsworkable,butasformerCEAArvind Subramanianhaspointedout(bit.ly/2IChxhP),noemergingeconomyhasbeen T able to sustain strong and rapid growthwithout exports contributing mean- the farm sector ingfully.And,while there is a lot of export pessimism in India,as the study shows,the 6%-plusGDPgrowthafter1991wasassociatedwithrealannualexportsgrowthof11%; priortothis,Indiawasclockingananaemic3.5%,withexportsgrowingat4.5%.Also,as HE FARM BILLSareliberat- also enables farmers to build formal JPMorgan chief India economist Sajjid Chinoypoints out,contraryto popular percep- ingfarmersatapivotaljunc- credithistorieslinkedtoAadharthatcan tion,itisnotconsumptionbutexportsthathavedrivenIndia’sgrowth.Intheboomyears turewhen the composition becapitalisedontoavailcreditforexpan- of2003-08,India’srealexportgrowthaveraged17.8%forfivesuccessiveyearswhereas of the gross value added TV MOHANDAS PAI sionanddiversificationstrategies. domesticconsumption(publicandprivate)averagedjust7.2%.Assuch,thesurgeinpri- (GVA)intheagriculturalsec- An important announcement has vate investmentwitnessed at the time—gross fixed capital formation grewat 16.2% a toTrisrapidlychanging.Crops,specifically & NISHA HOLLA beenthe`1lakhcroreAgriInfrastruc- yearforfiveyears—waslargelyrespondingtothebuoyancyofexternaldemand.IfIndia’s cereals,once dominated the sector,and Pai is Chairman,Aarin Capital Partners and Holla is ture Fund as part of Atmanirbhar exportshavefaredpoorlyafter2014,itisbecauseofthesharpappreciationoftherupee multiple controlswere placed to ensure Technology Fellow, C-CAMP. Views are personal Bharat Abhiyan to focus on farm-gate aswellasbigsupplyshockslikedemonetisationandGST. aggregation,distribution,and supply. and aggregation points, agricultural Givenhowglobaldemandismuchbiggerthanlocaldemandforanycountry,Subra- The Minimum Support Price (MSP) entrepreneurs, agri-tech companies, manianarguesthataninward-lookingpolicycannotworksincethelocaldemandistoo evolved as a mechanism to guard farm- awayfrom one-crop risks. ing them dependent on subsidies and disease control, enhancing post-har- smalltosustainanyserioussubstitutionstrategyorattractinvestors.Giventheeconomy ersagainstsupplyanddemandshocksin Three bills were recently passed to restricted byAPMCs, and acts like the vestmanagementcapabilitieslikecold isintattersandthedebt-fuelledhouseholdconsumptionboomofthepastfewyearsisno the cereals segment. Now, however, makefarmersmoreindependentandto Essential Commodities Act wasn’t in storage andwarehousing,and formal- longerpossible—thegovernmentisalsobroke,andIndiaIncisn’tinvesting—thismeans farmersandagriculturalproducershave improvetheirearningability—theFarm- thenation’slong-terminterests.Recog- isation of micro food enterprises via a an export-driven strategyis the onlychoice India has.But,as Subramanian and Chinoy diversifiedtheirproductsegments,cere- ers’Produce Trade and Commerce Bill, nising this,the PM Modi government cluster-based approach. Recognising als no longerdominate production,and FarmersAgreement on PriceAssurance hasbeenmakingsequentialchangesin the crucial differences in growth of pointout,evenwhenthegoingwasgood,theexportstrategywastheonlyonetofollow. the old control mechanisms no longer and Farm Services Bill, and Essential the system. It started with the intro- sub-segments, targeted programmes AstheformerCEApointsout,Indiaisproducingandexportingabout$60-$140bn, hold sway.Connecting farmers directly Commodities(Amendment)Bill. duction of the National Agriculture towardsthevarioussub-segmentslike or2-5%ofGDP,lessoflow-skilledproductsannuallythanitshouldbedoing.Withwages tothemarketandconsumersisincreas- These Bills endeavour to hand back Market (e-NAM) to facilitate online fisheries,animal husbandry,and dairy in China having risen due to its prosperity,it has vacated about $140 bn of unskilled- ing farmer incomes by 20-30%, as agencytotheIndianfarmer.Theyenable trading of agri-produce. Then PM- were also launched along with long- labour-intensivesectorsincludingapparel,clothingleatherandfootwear;atableinthe demonstrated by the 600+ agri-tech farmers the freedom to diversify their KISANwas introduced to provide min- awaited amendments to the Essential report shows India has gainedverylittle of this market.Covid-19 and China flexing its companiesthathavevalidatedthevalue crops and produce, which reduces imum income support to nine crore CommoditiesAct 1955. militarymusclehavegivenIndiaanotherchance,withmostcountrieslookingtode-risk. proposition overthe last 5-7years.Har- mono-crop dependence and increases marginal farmers,at `6,000 annually. On the support of these sequential But,atatimewhenglobaltrade/manufacturingismainlyorganisedaroundtightly-knit nessing the value of these trendlines income avenues.Theycan also nowsell These beneficiaries don’t benefit from abutments to the agricultural industry, supplychains,notonlydoesIndianeedtoattractbigproducers—thereductionincorpo- requires a forward-looking policyenvi- their produce anywhere,to the highest MSP,whichappliesonlyto6%offarm- the three farmerBills enable farmers to ratetaxesandthelabourlawchangeswillhelp—butalsoitcan’tsimultaneouslyhavehigh ronment,whichthefarmBillsarethelat- bidderacrossthecountry;nolongerare ers, mainly in the legacy farming pursuetheirownfarminganddiversifi- importdutiesasalmostallexportstheworldoverhavehighimportcontent.Inthelast5- estinimplementing. theyrequiredtogotothemandiswhere regions like Punjab and Haryana.The cationstrategies.Thenumerousprotests 6years,however,Indiahasraisedtariffsin3,200of5,300productcategories.Notonlydoes In the last decade itself, India has theyare subject to middlemen and lay- first instalment of PM-KISAN,`2,000 againsttheBillsexposethepoliticaland thisapproachneedtoberevisited,buttherealsoneedstobeafocusonnegotiatingtrade witnessed tremendous change in the ers of bureaucracy.Contract farming is perfarmer,wasfront-endedduringthe vestedinterestsinrestrictingtheagency agreementswithlargeforeigneconomiestoensureIndiaisnotatadisadvantagevis-a- GVA composition of the agri-sector. nowopentofarmers,withaframework Covid-lockdowntoprotecttheinterests of the farmers. Meanwhile, GoI has viscompetingcountries.OnlyanFTAwithEuropecanremovethe10%importdutyon The share of crops has decreased from that enables them to boost the value- ofthefarmer.Thisincomesupportwas announced that the various subsidies IndianclothingthatexportersfromBangladeshandVietnamdonothavetoface;butthis 65.4% in 2011-12 to 55.3% in 2018- add of their products via contracts and crucial in harvesting the record rabi that farmers avail will continue while willrequireIndiatoopenupothermarketsliketheautomobileone. 19,projectedtofurtherfallto45.6%in assured procurement by the food pro- cropcycleinAprilandsowingthekharif theseBillsare putintoaction,thus,pro- Another issue that comes up is related to increased protectionism in the world, 2024-25.Withincrops,onlycerealsare cessing industries.Retaining the MSP crops. Record procurement was also vidingvaluable support to farmers and especiallypost-Covid.Whilethatiscertainlytrue,thepointisthatIndiacanatleasttry supported byMSP.In the same period, systemmeansthegovernmentisunder- undertakeninApril. ensuring continuityof relief as farmers value add of livestock and fishing & writing the whole network for certain The last four months,in particular, pursue new strategies.Over time,this tograbthemarketsChinaisvacating;indeed,itssmallmarketsharerightnowmeans aquaculture is steadily increasing, as cropstoensurefarmersreceiveassured havebroughtmanychangesandsupport independence-with-supportmodelwill it can expand exports quite significantly before it becomes the kind of threat that a are the total value outputs of sub-seg- income forthose crops.Government of schemes for the farmers. The KISAN lead to increased incomes for farmers China is today. Indeed, it is only when India is globally competitive that it can be mentslikehorticulture,milkandmeat. India (GoI) has procured 5.73 lakh creditcardwithanallotmentofatotalof andoverallincreasedcontributionofthe domesticallycompetitive.ThegoodnewshereisthatapartfromPLIschemeslikethe Withdifferentiatedproductionstrate- tonnes of paddyworth `1,082 crore at `2 lakh crore credit to maintain larger agricultural sectorto India’s GDP,com- ones formobile phone manufacturing and exports,RBI has finallybeen intervening gies that are less reliant on cereals and MSPsincethelastweekofSeptember. workforcesandimplementsduringhar- paredtothecurrent17%.Crucially,itwill inthemarketstokeeptherupeeweak;onatrade-weightedbasis,therupeehasdepre- more on other segments, farmers are Structuralchangeswererequiredin vest season is helping farmers plan and liberate 43% of the national workforce ciatedinthefirsthalfoftheyear.Anaddedadvantage,asithappens,isthatRBImoves accruing better incomes.By diversify- the agricultural system to improve the organisetheirharvestsbetter,leadingto that depends on agriculture for liveli- areunleashingdomesticliquiditywhichisalsokeepingbondyieldsundercheckeven ing their produce, they are moving livelihoodsoftheIndianfarmers.Keep- increased production and incomes. It hoodandsustenance. when government borrowing has spiralled. This also gives India the long- awaited opportunity to orient its agri- Agriculture (Nominal) GVAcomposition (` lakh crore) culturesectortowardsexportmarkets. 2011-12 2014-15 2018-19 7-year 2024-25 projected BycateringtojusttheIndianeconomy, the exposure is hardly $3 trillion (pre- Towards conquering flu Agri-components GVA % share GVA % share GVA % share CAGR (%) GVA % share Covid GDP); instead, export-orienta- Immunological modelling brings us closer to a universal flu shot Crops 9.82 65.4 12.93 61.8 16.15 55.3 7.4 24.73 45.6 tion caters to an $82 trillion global Horticulture* 2.66 - 4.52 - 6.71* - 14.1 14.84 - economy (pre-Covid)—a 27x expan- TATIMEwhentheworldisgrapplingwithapprehensionsoverhowseasonal Livestock (Less Inputs) 3.27 21.8 5.10 24.4 8.72 29.8 15.0 20.19 37.2 sion.Agri exports by the US in 2018 were valued at $140 billion whereas fluwillcomplicatetheCovid-19pandemicsituation,reportsofasignificant Milk* 3.28 - 4.96 - 7.96* - 13.5 17.05 - developmentintheuniversalinfluenzavaccineeffortsstirhope.Theinfluenza India’sat$38.5billion.Indiacancom- Meat* 0.96 - 1.54 - 2.51* - 14.7 5.69 - fortably triple this by providing infra- virusisnotoriouslydifficulttotargetforvaccination,giventhedifferentstrains A Forestry & logging 1.24 8.3 1.74 8.3 2.23 7.6 8.7 3.68 6.8 structureforgrading,sorting,andsup- andhowrapidlythesemutate.Indeed,inthebestseasons,fluvaccineshavedemonstrated ply chain distribution,which is now Fishing & aquaculture 0.68 4.5 1.17 5.6 2.13 7.3 17.7 5.66 10.4 amaximumof~60%efficacy,whileintheworstones,theefficacywasaslowas10-20%. possible due to the freedom given by This has meant public faith on the vaccine is shaky.Factor in the 2-5 million severe Total agri sector 15.02 100 20.94 100 29.23 100 10.0 54.27 100 theBills.Thenationandfarmershavea influenza cases every year—and over half a million deaths (Indian and American generationalopportunityheretobreak researchersestimateinastudythatafifthofthesedeathshappeninIndia)—andthedis- Nominal Gross Value Add composition in India's agriculture sector. Source: MOSPI, MAFW,MFAHD. (* indicates total value output, not value added. 2018-19 GVO for horticulture, milk and meat is projected by authors based on latest available data) out of a 70-year sectoral stagnation ease,evenwithoutCovid-19around,presentsaseriousglobalpublichealthconcern. and aim bigger. Tothatend,researchersatMITandtheRagonInstituteofMIT,MassachusettsGen- eralHospitalandHarvardUniversitymodellingasecularimmunologicalpathwayisasig- nificantstepforward.Mostfluvaccineshaveinactivatedviralparticlesexpressingasur- face protein (among other such proteins) called haemagglutinin (HA). The human LETTERS TO immune system primarilytargets the head of the HA,which mutates quite rapidly.The THE EDITOR MIT-Ragon research shows that thevirus’s surface geometrycould be giving the head Twitter’s disinformation fight begins immunodominance(frontliningthissegmentoftheproteininthevirus’sfightagainst theimmunesystem)comparedtothestempartofHAthatrarelymutates.Onpaper,the The two companies—Twitter and FB—are On Hyderabad floods immune response to HA stems should produce the“broadly neutralising antibodies showing they are willing to make tough, Hyderabad has been deluged, with (bnABs)”thatcantakeonanyinfluenzastrain.But,clusteringofHAheadsandthevirus’s real-time decisions to protect our democracy geometrymakeitdifficultfortheimmunesystemtoreachtheHAstem.Thus,theimmune TAE KIM the highest 24-hour rainfall seen in October since 1891. From the systemresponsetoHAstemsremainsatacompetitivedisadvantagetothatagainstHA and the electoral process.This is progress Bloomberg systematic erosion of the storage headsintheantibodyaffinitymaturationprocess—whichdetermines,whichantibodies capacity ofwater bodies, which willdominatetheimmuneresponse. TWITTER AND FACEBOOK, criticised realleadership—andwhiletheyhaven’t shared among their closed tribes.Any breach their bunds and drown urban UsingananoparticlevaccinedevelopedattheNationalInstitutesofHealthtocarryHA foryears overtheir hands-off approach handled it perfectly thus far,the com- action that can curtail the spread of sprawls in their flow,to the failure to stem proteins spaced out in a less dense manner,MIT News reports,the MIT-Ragon tocontent,arecomingunderfirein2020 paniesshouldbecommendedformov- possiblefalseinformationinsidethese expand drainage systems for the researchersshowedthatitwaspossibletogenerateanHA-stemantibodyresponse.This for taking too heavy a hand in policing ing promptly and taking forceful chambersisabignetpositive.Theexe- requirements of a much expanded wasdemonstratedinmiceengineeredtosimulateahumanimmuneresponsetotheflu whatissharedontheirplatforms.Callit action,regardlessofwhetherthetarget cution wasn’t flawless. Twitter CEO population, a lot of the blame lies virus.TheresearchersalsoshowedthatusingHA-stemproteinfromaviralstrainthatwas growingpains. is a fringe website or an established JackDorseywascompelledtoapologise directly at the doorstep of city similarto,butnotthesameas,astrainthevaccinesubjecthasbeenexposedto beforeit The latest flashpoint comes to us publication like the Post. for the misstep of not quickly provid- planners and administrators. inducedastrongerimmuneresponse.Theresearchputstheworldclosertoauniversalflu courtesy of the New York Post. On This week’s actions follow other ing the context on why the company Remembering how after the vaccine,averyhearteningdevelopmentinthecurrenttimes. Wednesday,the paperpublished a story recentchangesintheplatforms’content banned the article from its platform. devastating floods of 1908 not only that included unverified allegations policies.Overthe pastweek alone,Face- But,it doesn’t take away from the fact did Hyderabad get a modern system about presidential candidate Joe Biden, book has announced itwill remove any that itwas the right decision. of drainage, but the Osmansagar and hissonHunterandhistiestoUkrainian accountsthatidentifywiththefar-right The politics surrounding the issue Himayathsagar reservoirs were also DigitallySECURE energycompanyBurisma.FacebookInc, conspiracy movement QAnon and also are just getting started. On Thursday, set up to act as flood control centres, citing policies designed to clamp down ban posts that denythe existence of the the Wall Street Journal reported the experts rue how today’s ‘global city’ Plan to train govt personnel on cybersecurity is a good move, on content that could be false or mis- Holocaust.In addition,Twitter said last Senate Judiciary Committee plans to lacks the far-sighted and efficient leading,decidedtolimitthespreadofthe Fridayitwould add an extra step forre- issue a subpoena next week to compel planners who were available back but govt must increase cybersecurity spending story on its platform until it had been tweetslaterthismonth,potentiallyslow- Dorsey to testify about Twitter’s then.The worst flooding in a verified by third-party fact-checkers. ing the spread of any suspect informa- actions. This, in turn, is happening century—this is a refrain we hear with HILETHE CENTREisyettoreleasetheNationalCybersecurityPolicy TwitterInctookanevenmoreaggressive tion, along with implementing new against the backdrop of calls for an increasing frequency,whether it is 2020, it has started efforts to plug cybersecurity gaps.As per The step bybanning links to the Post’s story. warninglabelsandamplificationrestric- overhaul of Section 230, the law that Chennai one year, Bengaluru another, Indian Express, state- and central-government employees will be After some backlash for not initially tionsofanypostsbyUSpoliticiansithas protectsinternetcompaniesfromlegal NCR or Mumbai next.This is the trained on cybersecurity/cyberhygiene best practices over the next explaining the rationale behind the deemed misleading. In May, Twitter liability over hosting user-generated undeniable, unfortunate reality of W move,Twitterlatersaid the Post reports obscured a post by president Donald content. Both president Trump and climate change, with India having two-threeyears.BroadcastEngineeringConsultantsIndiaLimited(BECIL),aPSU,has beentaskedwithselectingagenciesforthis.Givenhowthescopeforgovernmenthan- violated the company’s policies on Trump about protests in Minneapolis, Republican senators have referenced high vulnerability.AUN report dlingofcitizens’datainthedigitalformathasgreatlyexpandedinrecentyears,train- revealing private personal information sayingitviolatedtheplatform’sruleson repealing Section 230 amid the furor releasedTuesday ranks India third highest, after China and the US, in the ing government official on cybersecurityis a necessity. and distribution of“hacked materials” “glorifyingviolence”. surrounding the Post article.Frankly,I withoutauthorisation. These are all steps forward in my findthisbefuddlingbecauseremoving number of natural disasters recorded Theplantotrainemployeesonwhichemailstoopenandwhatattachmentstoaccess I will leave it to others to report on book and a necessary part of the plat- the law’s protections would likely lead since 2000. Just providing relief and isessential,butthereisalsoaneedtoupgradeinfrastructureandreportingmechanisms. the veracity of the Post’s article. But forms’evolution.Yet,when it comes to to companies moving faster to take rehabilitation after every disaster will Indiawasoneofthefirstcountriestohaveanationalcybersecuritypolicy,butthepolicy focusing on the social media platform the latest incident, some are saying down controversial content. not suffice. Mangroves will have to be focussedontheprivatesector’scybersecurityreadinesswhiletherewaslittleoversighton response,Icallitanimprovementover Facebook’s and Twitter’s clampdown It is not going to get easier for Face- revived, millennia old drainage thegovernment’sreadiness.AnarticleinthispaperbyKanishkGaurhighlightstheflaws four years ago,when foreign govern- on the Post article backfired because bookorTwitter.Theyshouldexpectmore pathways will have to be unchoked, intheexistingsystem;CERT-Inrequiresallgovernmentorganisationstocarryoutregu- ments were able to meddle in the US the resulting uproar has only brought incidentsasweapproachtheNovember modern waste management larvulnerabilityandpenetrationtestingonceayear,butthecontractsareawardedona electoral process through misleading more attention to a dubious report. election. But, the two companies are activated. Such high level lowest-bidbasis.Mostauditors,Gaursays,thusendupusingopen-sourcesoftware,which poststhatwerethensharedrampantly Others cite what they see as the latest showingtheyarewillingtomaketough, engineering challenges will also have detectlittleintermsofvulnerabilities.Besides,BudgetdatashowsthattheFY21alloca- on the two social media sites.Wednes- incidence of censorship against con- real-time decisions to protect our to take on board the most grassroots tionforcybersecuritywasamere`170crore.Incontrast,theUKhadallocated`18,050 day’s actions show that the platforms servative voices and points of view.I democracy and the electoral process. stakeholders.All this is a formidable croreforfiveyearsstarting2016.Also,Indianeedstocoordinatewiththecountrieslike are now willing to do what is required don’t buy it. For years,we have talked Thisisprogress. task, yet it must be done. theUKorSingapore,viaagreementsliketheoneitrecentlysignedwithJapanandothers. to curb potentially harmful informa- about the echo chambers inside Face- This column does not necessarily — Sanjay Chopra, Mohali There are 36 different cyberresponse team forcentral ministries,and each state has its tion,eveninthefaceofpotentialblow- book and Twitter,where manyAmeri- reflect the opinion ofthe editorial ownCERTteam.Asthisnewspaperhassaidbefore,anumbrellaorganisationisneeded. back.They are finally showing some cans consume information that is board orBloomberg LPand its owners ●Write to us at [email protected]

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

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HE EXORBITANT PRICE of jet- come within the last twenty-four hours fuel, the extreme price-sensi- of departure.Occupancy levels are hov- tive behaviour of the market, eringaround60%--animpressivenum- Driving first response currencyrisk,cashflowrisk,the ber till you realise that this propped up Ttaxationpolicyandthelackofa by capacity restrictions. Once these are unitedfront—forIndia’sairlinestheride removed, occupancy levels will fall, SUDHIR MEHTA hasbeenanythingbutsmooth.Still,until prices will fall, and the already tepid the beginning of this year, India’s avia- cashflowwill dissipate. & SAHIL DEO tionsectorwasonarapidascent.Passen- Tobesuccessful,aproductshouldbe ger volume growth of 3.2x for domestic exceptionally good or exceptionally Mehta is chairman, Pinnacle Industries & President, MCCIA, Pune. traffic and 2.1x for international traffic cheap.Market realities forced,and con- Deo is co-founder, CPCAnalytics overthe last decade and forecast growth tinuetoforce,India’sairlinestofocuson of double digits through 2028 was the thelatter.Yetthedebtstructures,costof pre-Corona aviation narrative.Day trips capital and cost of operations do not Put ambulances in the same taxation bracket between metro’s were the norm, it was support that strategy.Formost airlines, as medical equipment to encourage pvt players cheapertoflytosomeinternationaldes- cashflowandtheabilitytoraisefundsis tinations compared to some domestic significantly impaired, liabilities con- ones,and an increasing number of trav- tinue to build and recourse avenues are MERGENCY RESPONSE IS an important aspect of health- ellers were taking to the skies.Yet,what fewandfarbetween.Whilethecashflow care services, and ambulances play a critical role in this. waswidelyacceptedbutglossedoverwas situation has improved from earlier Unfortunately, most of India’s population does not have that growth could be attributed to a sin- months, cash balances for the industry adequate access to pre-hospital trauma care. In India, few gle factor.Namely: discounting. continue to be alarmingly low. Banks victims receive treatment at the scene, and fewer can still On a compounded annual basis, continue to be negative on the sector, Ehopetobetransportedinanambulance.Asaresult,manyvictimsmay India’s airfares have declined by 2% and collateral is found wanting.A gov- die at the scene orduring the first fewhours following injury.Critical everyyear since 2010.During this time, ernmentbailoutisoutofthequestion.It procedureslikebloodgroupidentification,monitoringoxygenlevels, the troika of fuel, financing and foreign ILLUSTRATIONS: ROHNITPHORE is quite telling that the cash situation etc, couldbeinitiatedintheambulanceafterequipmentupgradation. exchange rates continued to show an was so dire that airlines refused to issue Indiahastwodifferentyetoverlappingpubliclyfundedambulance opposite trend, while structural chal- cashrefundsforbookedtickets—amat- systems,with both popularly known by their helpline numbers, 108 lenges,such as the price of jet fuel,taxa- ter that finally found its way to the and 102. Between them, they have more than 25,884 ambulances tionandcostofcapital,remained.Aspas- SATYENDRA Supreme Court.Airlines invoked a force across33statesandUnionTerritories,undertheNationalAmbulance senger numbers soared, various majeure clause and cognizant of the service system of the National Health Mission, along with 900,000 stakeholders rushed to lay claim to suc- PANDEY tenuousnatureoftheindustrythecourt community health volunteers and 178,000 paid staff.The WHO for cess.Yet,itisnotairportsthatledtoexpo- issued an elaborate judgment and the ambulancepenetrationrecommendationisoneper1lakhpopulation nential travel growth—they only partly Former head of Strategy, GoAir.The author was ruling indicated that,“Strict enforce- to meet the crucial 15-minute attention period.Besides the centrali- facilitatedit;neitherwasitopeningupof also with CAPA(Centre forAviation) where he ment of Civil Aviation Requirements at sationof108and102helpline,itisimperativetoupdatetheNational led the advisory and research teams newroutes—thatonlyincreasedoptions, this moment may not yield any mean- Ambulance Service System on bed vacancy and occupancy at hospi- nor was it a sudden love for flying ingful result for any stake holder.” tals.Thiswillhelpthepatienttoreachthedestinationtraumafacility amongstthetravellingpublic.India’savi- To understand the gravity of the sit- withinthecriticaltimeperiod.Therecommendedratiocannotbeaccu- ation growth was driven solely by dis- ● THE AIRLINE CHALLENGE uation,it is important to highlight how rately assessed because India has a multitude of providers,especially counting.As airfares trended lower,pas- airlines book revenue.Airlines collect in urban areas.Despite this,the average time to reach a person in dis- sengervolumes soared. moneyfortickets upfront and service is tress is between 41 -47 minutes.With increasing hospitalisation due Discounting reached its zenith with rendered at a later date.That is, an air- to the pandemic, there is a shortage of ambulances.There is also the "rail-airparity"--railwayfareswereeither line sells tickets in advance and collects issue of overcharging. equal to or above airfares.This should Can’t cash.The actual flight may be several In the wake of the rising number of Covid-19 cases,there is a have been a cause for alarm. Ironically, days orweeks later and only then will need to deployadditional ambulances.Besides,since theyare giving ratherthanforcingarethinkonthegrav- theairlinerealiseaprofitoraloss.Effec- transport access to patients,ambulance operators need specialised ityofthesituation,thisbecameatalking tively one sells for cashflow and then attention in the present situation.This includes PPE kits,tempera- point.Themarketconvergedtosevenair- fliesforprofitorloss.Thus,offeringdis- ture controlwithin thevehicle,and disconnected aircirculation sys- lines chasing the same passenger base discount fear counts for tickets booked at a later date tem, to operate with the PPE and other precautionary gear on for withsimilarairfareofferingsbuiltondif- enables the airline not only to generate long hours.Moreover,obligation of vehicle sterilisation is also a ferent cost structures.At the same time, cash but also to secure a minimum major factor due to the high chances of transmission of the virus. the Indian consumer became anchored While multiple reports hold India’s large domestic market amount of bookings after which prices Ambulance fares need to capped and standardised, as recently to a price point that made viability a will help insulate airlines from collapse,what they overlook is canbeadjusted—ideallyupwards.Over- directed by the Supreme Court. toughsellformanyairlines.Evenpriorto all, this has been the revenue manage- However, the government also needs to make urgent structural the pandemic,signs of significant strain that the growth driver—that is the practice of discounting—is ment strategy for the industry as a changes to encourage more private enterprises to buyambulances for hadstartedtoreveal.Butairlinescontin- whole. But they never accounted for public health service as part of Emergency Response Services (ERS). ued their discount policy,aided by non- just not working fear.Airlines are now staring at scenar- Therefore,thefirststepisthereductionoftaxleviedonambulancefrom operational income streams and a ios where the demand simply isn’t 28%to12%,shiftingitintothesamecategoryasmedicalequipment. promise of perpetual growth. But then showingup—discountingdoesn’twork. Second,there is a need for centralisation of the 108 and 102 system. the pandemic hit.And it brought with it And, for a price-sensitive market like Last,there has to be access to easy loans as most ambulances are pur- the sentiment of fear—a sentiment that India that does not bode well. chased against bank finance.If such loans can be brought under the fails to segment along the lines of age, As the pandemic continues, airlines “prioritysectorlending”category,itwillensurebankers/financialinsti- social status orvulnerability. areaffectedtheworldover.Challengeson tutions provide easy and affordable loans.The recent revision and As the pandemic continues,fear of bothliquidityandsolvencyarethenorm. expansionofRBI’sprioritysectorlendingbasketdidnotincludeenter- exposure is prevalent. Whether con- experience aggregates to a significant changed.Add to this, the government- India’s airlines are no exceptions.While prisesprovidinghealthcareservices. sciously or subconsciously, passengers randomisedrisk.Assuch,itisnotthefear mandated price-caps which have effec- multiple reports cite that India’s large Newenterprises can integratewithin the existing startup ecosys- continue to be apprehensive—the of flying; instead,the fear of infection tivelyalienatedthemostprice-sensitive domestic market will help insulate air- tem to improve services.Besides improving the healthcare service,it spread of the virus that has been traced that is holding back travellers.And as travellers. Passengers are now booking linesfromcollapse,whattheyoverlookis will also help slow the growing unemployment.With a rapid rise in backtoaviation.And,alsobecauseifeach fearcontinues to pervade,not onlyhave travel closer to the day of departure. that the growth driver—that is the prac- Covid-19 cases,there is going to demand for ambulances and an unplanned interaction is classified as a the travel volumes diminished signifi- Indeed, it is now fairly normal for some tice of discounting—is just not working. upgraded ERS. random risk, then the overall travel cantly but the booking patterns have airlines to see 10% - 12% of bookings Becauseyou simplycan’t discount fear.

DATADRIVE

Mumbai still has more deaths 10,000 Mumbai Bengaluru becoming Covid-19 hotbed 9,555

N SATURDAY, BENGALURU will Cases in some cities are rising 8,000 Delhi become the second cityin India 5,898 Oto cross 3 lakh cases.While 3,50,000 Delhi Bengaluru had surpassed Mumbai last 6,000 Pune month,itwill soon surpass Delhi to 3,17,548 2,549 become the most corona-infected cityin 3,00,000 the country.Data shows that,starting Bengaluru Chennai 4,000 October,Bengaluru became India’s top 2,93,405 3,449 2,50,000 cityin terms of growth in dailycases.For the first fortnight of October,cases in Mumbai Bengaluru 2,000 Bengaluru grewat a dailyrate of 1.1%, 2,00,000 2,34,602 3,417 Delhi,meanwhile,had a growth rate of 0.7%.Bengaluru also leads the country Kolkata Chennai 0 1,926 in terms of active infections.In two 1,50,000 1,85,573 months,Bengaluru’s active infections Jul 01 Oct 15 have nearlydoubled.OnAugust 14, Bengaluru had 33,433 active case; this 1,00,000 Pune Active cases are highest in Bengaluru increased to 40,528 on September14. 1,55,595 70,000 On October15,Bengaluru had 65,046 Bengaluru 50,000 infections. Kolkata 65,046 In terms of deaths,though,Mumbai 60,000 has registered the highest deaths among 66,682 Mumbai 0 50,000 24,279 all metropolises.In another15 days, Jun 01 Oct 15 Mumbaiwill become the first cityto record 10,000 infections.On the other 40,000 Delhi hand,Delhi has registered close to 6,000 21,903 deaths.Pune’s deaths are also higher 30,000 than Bengaluru.But the rate of increase Chennai 13,491 in terms of deaths is higherin 20,000 Bengaluru.The cityis registering a daily 10,000 Kolkata increase of 1.7% in deaths.In contrast, 6,873 Delhi’s increasewas 0.9% and Mumbai’s was 1%. 0 Lucknow Jul 01 Oct 15 4,393

Source: MoHFW Growth rate is still high in Bengaluru So, is the case for growth rate in deaths Compounded daily growth rate, % Compounded daily growth rate, % 8.9 8.4 Unlock 1 Unlock 2 Unlock 3 Unlock 4 Reopen 1 Unlock 1 Unlock 2 Unlock 3 Unlock 4 Reopen 1 8.7 7.2 7.1 6.6 6.6 6.5 5.4 5.2 4.9 4.6 4.4 4.3 4 3.9 3.9 3.6 3.5 3 2.8 2.4 2.4 2.3 2.3 2.2 2.3 2.1 2.1 2.1 2 2 2 1.9 1.9 1.9 1.9 1.8 1.8 1.8 1.7 1.7 1.6 1.5 1.4 1.4 1.4 1.3 1.4 1.2 1.1 1.2 1.1 1.2 1.1 1.1 1.1 1 1 1 0.9 1 1 0.8 0.9 0.8 0.9 0.8 0.9 0.7 0.8 0.8 0.7 0.7 0.7 0.6 0.6 0.6 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.4 0.3 0.2 0.2 0.2 Ahmedabad Indore Mumbai Chennai Kolkata Pune Bengaluru Lucknow Delhi Delhi Ahmedabad Indore Mumbai Chennai Kolkata Pune Bengaluru Lucknow

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22 years in, we’re still focused on providing the most ❝helpful Google Search experience powered by ❝ International #GoogleAI - whether it’s giving better answers, finding key moments in videos, bringing useful information to AR SATURDAY, OCTOBER 17, 2020 in Maps, hum to search + more. #SearchOn

Twitter briefly curbs Trump campaign account,Republicans decry firm’s actions ELIZABETH CULLIFORD & NANDITABOSE withanadviserofthecompany. lier.“Wewillnolongerremovehackedcon- and there are things that can happen that links to two New York Post articles about October 15 Biden campaign spokesman Andrew tentunlessitisdirectlysharedbyhackersor areveryseverethatI'drathernotseehappen, HunterBiden,saying theyviolated its poli- Bates said in a statement that Republican- those acting in concert with them,”Gadde but it's probably going to have to,”Trump ciesagainstpostingprivateinformationand US PRESIDENTDONALD Trump's re-elec- ledSenatecommitteeshavepreviouslycon- saidinatweet.“WewilllabelTweetstopro- saidwhenaskedaboutthemovebyTwitter. “hackedmaterials.” tioncampaign'sTwitteraccountwasbriefly cludedthatJoeBidenengagedinnowrong- vide context instead of blockinglinks from McEnanylikewisebegantweetingagain ButTwitter'sChiefExecutiveJackDorsey restricted on Thursday,causing an outcry doing related to Ukraine. He also denied beingsharedonTwitter.” on Thursday, saying she regained access tweeted on Wednesday“our communica- from Republican lawmakers who accused suchameetinghadtakenplace. Twitter also said that despite the new afterdeletingherpostonthereport. tion around our actions on the @nypost social media companies of acting like ATwitter spokesman said earlier on policytheNewYorkPoststorywouldstillbe BothFacebookandTwittertookproactive articlewasnotgreat.AndblockingURLshar- “speech police”andvowing to holdTwitter Thursdaythat the @TeamTrump account, blocked.Acompanyspokesmansaidthesto- steps onWednesdayto restrict dissemina- ingvia tweet orDMwith zero context as to responsible. andtheaccountsofWhiteHousePressSec- rieswouldstillbeblockedfor“violatingthe tionofthePoststoryinthehoursafteritwas whywe'reblocking:unacceptable.” Twitter temporarily blocked the retaryKayleigh McEnanyand the NewYork rulesonprivatepersonalinformation.” published.Facebookreducedhowoftenthe ATwitterspokesmandeclinedtoanswer @TeamTrump account from sending Post, had been blocked from tweeting TheTrump campaign,with 2.2 million storyshowsupinusers'newsfeedsandelse- Reuters questions on whether Dorsey had tweetsafteritpostedavideoaboutDemoc- becauseofthecompany'spoliciesonhacked followers, was sending tweets again on whereontheplatform,anactionspokesman been involved in the decisions on these ratic presidential candidate Joe Biden's son materialsandpostingprivateinformation. Thursdayafternoon.Itsaidinanewtweetit Andy Stone said the company takes tem- restrictionsonWednesdayorThursday. thatitsaidviolateditsrules. Hesaidtheaccountsmayneedtodeletethe was“re-posting the video Twitter doesn't porarilypending fact checkerreview“ifwe The @nypost has not tweeted in overa The video referred to a New York Post rule-breakingpoststocontinuetweeting. want you to watch.”ATwitter spokesman havesignalsthatapieceofcontentisfalse.” day,suggesting that they are still blocked story from Wednesday that contained TwitterpolicychiefVijayaGaddesaidlate told Reuters that the site would not take Facebook did not respond to Reuters from posting.Aspokeswoman forthe New alleged details of Hunter Biden's business on Thursday the company has decided to actionasalterationstothevideomeantitno questionsonwhetheritsfact-checkingpart- York Post declined to comment,otherthan dealingswithaUkrainianenergycompany makechangestoitshackedmaterialspolicy longerviolateditspolicies. nerswereworkingonratingthePost'sstory. referringReuterstothePost'sowncoverage. andsaidtheformervicepresidenthadmet followingfeedbackonitsenforcementear- “It's going to all end up in a big lawsuit Twitterprohibiteditsusersfromposting —REUTERS Quick ● AMID HEADWINDS FROM THE US IMF data shows virus View Jack Ma’sAnt Group raises IPO will push China GDP Google new features valuationtargetto$280billion growth well beyond US to help locate nearest ALEX TANZI & WEI LU ter of global growth.The US is expected to voting locations BLOOMBERG wheresomeexpectasurgeinpostalballots October 15 rallyto a 3.1% increasewhichwill account October 16 to create prolonged uncertainty.The one- for11.6%ofglobalgrowthin2021inpur- ALPHABET'S GOOGLE SAID on Friday weekgapinHongKongbetweenthepricing THE COVID-19 PANDEMIC will produce chasingpowerparityterms. itwas introducing newfeatures ANTGROUP PLANS to increase thevalua- of an IPO and the start of trading means lasting shifts to global growth, pushing By 2025,the cumulative loss in output across its search engine,Maps and tiontargetforitsinitialpublicofferingtoat investors would be left exposed to an Chinaevenmoretotheforefront. relativetothepre-pandemicprojectedpath voice assistant to helpvoters in the least $280 billion due to strong demand, increaseinvolatility. The proportion of worldwide growth isprojectedtogrowto$28trillion. United States find theirnearest charging ahead with the sale even as the TheTrump administration is exploring coming from China is expected to increase “While the global economy is coming voting locations.Details on in-person Trump administrationweighs restrictions restrictions onAnt,as well as rivalTencent from 26.8% in 2021 to 27.7% in 2025, back,the ascentwill likelybe long,uneven, voting orreturning mail-in ballots on the Chinese fintech giant,according to Holdings,over concerns that their digital according to Bloomberg calculations using anduncertain,”GitaGopinath,IMF’sdirec- can be found undersearcheswith peoplefamiliarwiththematter. payment platforms threaten US national InternationalMonetaryFunddata. torofresearch,wroteinthereport. "earlyvoting locations"or"ballot drop TheHangzhou-basedcompanyislifting Ant Group headquarters in Hangzhou security. That’smorethan15and17percentage The five nations with the highest boxes nearme,"Google said in a blog the target by at least 12% from a previous Trump’sbanonTencent’sWeChatinthe points,respectively,higherthantheUSshare Covid-19deathcounts—US,Brazil,India, post,adding the datawas pulled from estimateof$250billionafterinitialdiscus- The Hong Kong stock exchange has U.S.is facing push back.Amagistrate judge of expected global output.India,Germany Mexico and UK — are forecast to suffer a a joint project between state election sions with investors, the people said, scheduledanAnthearingforassoonasnext said this week she’s unlikely to allow the andIndonesiaroundoutthetopfivelargest totalGDPdeclineofnearly$1.8trillionin officials and non-partisan,non-profit requesting not to be identified because the week,pendinganapprovalfromtheChinese country to implement prohibitions on growthengines,nextyear. nominaltermsand$2.1trillionafterhav- civic group DemocracyWorks. matterisprivate.Antaimstoraiseabout$35 securitieswatchdog,arequirementforcom- Wechatwhile the government appeals her The fund now forecasts world gross ing been adjusted for differences in pur- billioninthesale,peoplefamiliarsaid. paniesconductingduallistingsinChinaand earlierruling.Ant said it’s making progress domestic product to shrink 4.4% thisyear, chasing power. DespitetheUSheadwinds,JackMa’sAnt HongKong,peoplefamiliarsaid.Antandthe ingettingtherequiredapprovalsforitsIPO an improvement from the 4.9% drop seen Extremepovertyissettoriseforthefirst 2ndsovereigndowngrade is moving ahead with what could be the HongKongboursedeclinedtocommentin in Shanghai and Hong Kong, following in June,according to the latestWorld Eco- timeinmorethantwodecades,andpersis- wavecoming,major world’s largest IPO,with same-daylistings emailedstatements. reportsthatithasyettoreceiveagreenlight nomicOutlookreleasedthisweek.Nextyear, tent output losses implya majorsetback to nationsatrisk:S&PGlobal inHongKongandShanghai,thepeoplesaid. The Hong Kong hearing before a 28- fromtheChinesesecuritieswatchdog. theIMFseesgrowthof5.2%. living standards versus the pre-pandemic At $280 billion,Ant would be bigger than memberpanelofexternalprofessionalshas Ant has added Barclays,ICBC Interna- The IMF estimates China will grow by days, the IMF said.“The poor are getting SOMEOFTHEworld’stopeconomies Bank ofAmerica Corp and three times the beenexpectedforweeksbuthasyettohap- tional and BOC International to its list of 8.2%nextyear,downafullpercentagepoint poorer with close to 90 million people couldseetheircreditratingscutorput size of Citigroup,while its sale would top pen.If it’s delayed much further,the IPO joint book runners forthe Hong Kong sale, from the IMF’s April estimate but strong expected to fall into extreme deprivation ondowngradewarningsinthecoming SaudiAramco’srecord$29billionraise. risksstraddlingtheNovember3USelection peoplefamiliarsaid. enoughtoaccountformorethanone-quar- thisyear,”saidGopinath. —BLOOMBERG monthsinasecondglobalwaveof coronavirus-relatedrevisions,S&P Global’stopsovereignanalysthas MAPPING THE VIRUS ‘Asia’s next top warned.S&P’ssovereigngroupmana- Pfizer targeting late November gingdirectorRobertoSifon-Arevalo Cases exceed model’host,activist toldReutersthattheimmensecostsof supportinghealthsystems,firmsand 39 million for Covid vaccine application appointed UN workersthroughthepandemicwas Deaths near fundamentallyalteringsomecoun- NAOMI KRESGE Women Ambassador tries’financesfortheworse.Therating 1.1 million October 16 agencyhasalreadydowngradedorcut NATNICHA CHUWIRUCH theoutlooksonnearly60countriesthis Recoveries PFIZER SAID IT could seek emergency- October 16 year,butonlyrelativelyfewhavebeen Britain’s National Health Service is in talks with groups useauthorisationforitsCovid-19vaccine higher-ratedrichernations. 29,458,820 including the British MedicalAssociation about mobilizing for a in the US by late November if the shot is ATHAI-AMERICANMODELandactresshas potential rollout of a Covid-19 vaccine by December,Reuters � shown to be effective in a large late-stage beenappointedaUNWomenregionalgood- Europe is losing the reported, citing the Pulse website for health professionals. FirstCitizensagreestobuy fight to stay open on trial. will ambassador to stem violence against record virus surge The European Union’s extraordinary summit that was scheduled Safetyreviewswilldictatethetimeline, women twoyears aftershe sparked a cam- CITGroupfor$2bn for November has been canceled due to the situation, German with the Food and Drug Administration paign against sexual harassment called � London and Paris steel FIRSTCITIZENSBANCSHARESagreed ChancellorAngela Merkel said. requiring that at least half the people in #DontTellMeHowToDress. for curbs to check Russia reported 232 Covid deaths for the past day,raising the tobuyCITGroupInc.inadealvaluedat spreading virus the study be watched for side effects for Cindy Bishop,a Bangkok-based model, morethan$2billion,thisyear’ssecond- total fatalities in the country to 23,723.The nation also saw two months. That milestone should be actress and television celebritywho is the � AHong Kong-Singapore 15,150 new cases. If Pfizer is able to say in late biggestregionalbankmerger.Theall- travel bubble will reopen achieved in the third week of November, host of“Asia’s Next Top Model,”Thursday Japan’s coronavirus infections are leveling off and a dramatic October that the data show its stocktransactionwillcreatethe19th- financial hub links change in new patient numbers is not expected, domestic PfizerchiefexecutiveofficerAlbertBourla wasappointedaUNWomenregionalgood- largestUSbankbasedonassets,thetwo said in an open letter published Friday on willambassadorforAsiaPacifictopromote � Singapore-Hong Kong media reports cited Shigeru Omi, head of the government’s inoculation protects people from companiessaidinastatementFriday.It airfares jump amid virus advisory panel, as sayingThursday. the company’swebsite. the virus, that could let Trump claim gender equalityand address domestic vio- willoperateundertheFirstCitizens ‘bubble’ plans China’s eastern port city of Qingdao, which has an outbreak of “Let me be clear, assuming positive his administration successfully lence.“There’s more conversation around nameandbebasedinRaleigh,North 13 infections, said it has found no new cases after conducting data, Pfizer will apply for emergency sexual harassment,people have been more � Britain moves closer to pushed for a working vaccine Carolina.“WehavelongadmiredCIT’s COVID-19 vaccine trials 10.8 million tests in four days.The local government aims to authorizationuseintheUSsoonafterthe vocalandmorewomenhavetakentosocial test the entire population within five days. before November 3, regardless of market-leadingcommercialbusiness, that infect volunteers safety milestone is achieved,”Bourla media,”Bishop said in a phone interview. includingtheirstrongmarketposition Malaysia is in the last stages of finalizing its participation in the wrote.An initial readout on whether the whether the FDA has reviewed it “Foractualchangeintermsofpolicy,reduc- � NIH tests therapies to acrossmultipleassetclasses,”First Covid-19 GlobalVaccineAccess Plan, according to Science, vaccine is effective could come later this tionofsexualviolence,Ifeelthereisstillalot help cut hospital stays for Technology,and Innovation Minister Khairy Jamaluddin.The CitizensCEOFrankHolding,said. Covid-19 patients country expects to join Covax in two weeks. month,depending on how quickly sub- moretobedone.” jects in the trial — some ofwhom got a bethefirsttoshowtheefficacyofaCovid- Bishop created the hashtag #Dont- Instagramagreescurbs placeboshot—becomeinfectedwiththe 19vaccine. TellMeHowToDresstofocusonmen’sbeha- onpaidinfluencers virus. They and rival vaccine developers are viourinsteadofthewaywomendressaftera Trump claims mask wearers Although Bourla’s letter puts to rest working undera microscope,with almost Thaigovernmentofficialin2018suggested FACEBOOK'SINSTAGRAMHAS agreed anynotion that avaccine could be cleared unprecedented public interest in every womenshoulddressconservativelytoavoid measurestocrackdownonhidden for emergency use in the US before Elec- detail of their clinical trials.Eli Lilly & Co, sexualharassment.—BLOOMBERG advertisingbyso-calledinfluencerson infected all the time tionDay—agoalPresidentDonaldTrump Johnson&JohnsonandAstraZeneca have itsphotoandvideoplatform,Britain's had pushed for — the Pfizer CEO’s had studies of possible vaccines or treat- CompetitionandMarketsAuthority PRESIDENT DONALD TRUMP says,with- ing the president and first lady Melania timetable could give the president a par- mentsdelayedbecauseofsafetyconcerns. (CMA)saidonFriday.Influencerswith out evidence, that people who wear face Trump.Mostguestsdidn'twearmasks. tial victory. If Pfizer is able to say in late The letter confirmed a timeline laid thousandsoffollowerscanearnlarge masks are getting infectedwith the coron- Trump says he's “good with masks” Octoberthatthedatashowitsinoculation out by BioNTech CEO Ugur Sahin this feesfromcompaniestopromotesa avirus“allthetime.”Trumpmadetheclaim beforeclaimingthat“peoplewithmasksare protects people from thevirus,that could week.The partners haven’t had to stop productonInstagram.InwhattheCMA ThursdayunderquestioningduringanNBC catchingitallthetime.”Trumprarelywears let Trump claim his administration suc- their late-stage study over safety con- describedasanimportantbehaviour NewstownhalleventinMiami. a mask himself.The directorto the Centers cessfully pushed for a working vaccine cerns,Sahin said. shiftbyamajorsocialmediaplatform, The president was asked about a large forDiseaseControlandPreventionhassaid beforeNovember3,regardlessofwhether Agroupofleadingscientistspreviously FacebookIreland,whichoperates White House gathering Sept. 26 that is wearing a mask is the best way to prevent the FDAhas reviewed it. urged Pfizer to wait until at least late InstagraminBritain,hascommittedto believedtobeasourceofcoronavirusinfec- infection,short of a vaccine that is still in The US companyand its German part- November before seeking emergency apackageofchanges. tionsinmanypeoplewhoattended,includ- development.—AP nerBioNTechSEareontracktopotentially authorisation.—BLOOMBERG Disney’s Peter Pan,Aristocats get racism advisories US manufacturing output unexpectedly REUTERS skins”andthatthedancinginheaddresses Los Angeles, October 15 byPeter and the Lost Boys is a“form of declined in Sept,the first dip in 5 months mockeryandappropriationofNativepeo- CLASSIC DISNEY ANIMATED movies ples'culture and imagery.” BLOOMBERG alised39.8%.Thefigurenonethelesshigh- “Peter Pan,” “The Aristocrats” and For the 1970 film“TheAristocats,”the October 16 lightsalongerrecoveryperiodforfactories US retail sales climb “Dumbo” have been given content advi- advisoryreferstooneofthefelines,noting amid supply chain disruptions, limited sory notices warning viewers that they that it “sings in poorly accented English US MANUFACTURING PRODUCTION capital investment and weak export most since June contain outdated or stereotyped depic- voicedbyawhiteactorandplaysthepiano unexpectedlydeclinedinSeptember,thefirst growth. US RETAIL SALES rose in September tions of people of color. with chopsticks.” decreaseinfivemonths,pointingtoasetback At the same time,a separate report Fri- at the fastest pace in three months, The advisories, the latest example of Othermoviesdatingbacktothe1950s forfactoriesasthepandemicdragson. dayshowed momentum in U.S.household toppingforecastsandcappingathird- Hollywood'sreckoningwithracism,come 1960s and 1970s with the new warning The0.3%dropinoutputatfactoriesfol- demand at the end of the third quarter. quarterreboundforconsumerspend- in the form of a short graphic on the Dis- include“The Lady and the Tramp,”“Swiss lowed an upwardly revised 1.2% gain in Retail sales in September increased a ingthatfacesincreasingheadwinds. ney + streaming service as some of the Peter Pan The Aristocats FamilyRobinson,”and“The Jungle Book.” August,FederalReservedatashowedFriday. stronger-than-forecast1.9%. Thevalueofoverallsalesincreased olderfilms are selected forviewing. Earlierthisyear,amid massive nation- Economists projected a 0.6% increase, TheFed’sreportshowedthedropinfac- 1.9% from the prior month after a “This program includes negative conversation to create a more inclusive wide protests over police brutality and according to the median estimate in a tory output reflected weakness in produc- 0.6% gain in August, Commerce depictionsand/ormistreatmentofpeople future together,”it adds. racial injustice, the Civil War era film Bloombergsurveyofeconomists.Totalout- tionofmotorvehiclesandelectronics.Auto Department figures showed Friday. orcultures,”the on screen advice reads. Disneysaidonitswebsitethattheadvi- “Gone With the Wind”was briefly pulled put,whichalsoincludesminesandutilities, productiondecreased4%aftersliding4.3% The median estimate in a Bloomberg “These stereotypes were wrong then sories were part of a review of its library from the HBO Max streaming service. decreased0.6%inSeptember. a month earlier,while output of computer surveyofeconomistscalledfora0.8% and are wrong now. Rather than remove content. It reappeared two weeks laterwith a The September decline underscored a and electronic products fell 2.6% in Sep- gain.Excluding autos and gasoline, this content,we want to acknowledge its The movie studio said that 1953 film commentary about the brutality of softening in output at the end of a robust tember.Manufacturingexcludingautoswas salesrose1.5%.—BLOOMBERG harmful impact, learn from it and spark “PeterPan”referstoNativepeopleas“red- slavery. thirdquarter,asproductiongrewanannu- unchangedduringthemonth.

Pune 9 FINANCIAL EXPRESS WWW.FINANCIALEXPRESS.COM CUT GST ON BICYCLES

Pankaj M Munjal, CMD, HMC, a Hero Motors Company

Slashing GST on bicycles from the current 12% to 5% will ❝make bicycles more affordable for different sections of ❝ Motobahn people, including premium as well as mass category bicycles, and incentivise their usage. We also appeal to government to SATURDAY, OCTOBER 17, 2020 extend subsidy benefits under FAME-II to e-cycle category.

● INTERVIEW: VIKRAM PAWAH, President, BMW Group India, Australia and New Zealand ● NEW CAR The most affordableAudi ‘Still not easy to do business in India’ It includes a 5-year service package with Launches the Q2 mini-SUV; 2+3 years extended warranty and 2+3 On Thursday, BMW India launched a new What is your plan of launching electric prices start at `34.99 lakh years roadside assistance. car, the 2 Series, with an aim to attract cars in India? Balbir Singh Dhillon, head of Audi youngercustomers.It’sagrancoupe,anda Iwouldlovetobringourelectrifiedcars India,said,“The Q2 is a carwe are beyond stylish vehicle. It’s made in India, and in toIndia,butwhatwearewatchingispolicy FE BUREAU thrilled to introduce to our India line-up. additiontotheX1,the2Series,priced`39.3 frameworkandtheinfrastructure.It’svery We’ve listened to customer demand and lakh onwards (ex-showroom), is also the importantforustogiveanuninterrupted ON FRIDAY, AUDI INDIA launched its broughtinthefantasticyetpracticalQ2in company’s entry-level offering.Vikram experiencetoourcustomers.Wewillbring sporty all-rounder Audi Q2 mini-SUV, the run-up to the festive season.” Pawah,president,BMW Group India,Aus- thesetoIndiawhenwearesurethatacus- priced from `34.99 lakh onwards (ex- TheQ2ispoweredbythe2.0-litreTFSI tralia and New Zealand,calls it a made-in- tomer can drive, let’s say, from Delhi to showroom). It’s available only in a petrol petrol engine that puts out 190hp of India global car.In an interview with FE’s Jaipuruninterrupted. engine variant.The Q2 is a CBU import, power and 320Nm of torque. It’s Audi VikramChaudhary,hesharesnewbuying and Audi India said it has already gotten India’ssixthcarlaunchof2020.Itgetsthe trends in the luxury car market, and adds How easy or difficult is it to do business more than 100 units of bookings for this seven-speed S tronic dual-clutch trans- that there is some way to go before it’s truly in India? newentry-level SUV. mission, and the quattro permanent all- easy to do business in India.Excerpts: It’s not really easy to do business in The company is offering a comple- wheel drive system for excellent traction India. Even though as an Indian I under- mentary‘PeaceofMind’offerwiththeQ2. and grip on anysurface. Whyhas BMWIndia launched an entry- standthesystem,Iunderstandwhythings level,small luxurycar,the 2 Series? happenthewaytheyhappen.Let’stakethe I wouldn’t call the 2 Series a small car; example of Atmanirbhar Bharat. It’s a it’squitespacious.It’sagran coupe(better great initiative, it’s about developing the than a sedan),and stylish as well.The rea- economy, it’s about‘Make in India’, but it son we’ve launched it is that people want shouldn’tleadtoshuttingourselvesdown to enter the luxury segment at a younger to the latest technologies. I say it very age. In addition to the X1, the 2 Series is clearly that we (premium carmakers) are now our main entry-level offering. It being penalised for bringing in the latest would attract a lot ofyoungeraudience in technologies to India, in the form of very urbanareas,withacosmopolitanmindset. likeplanningmoreroad-trips I say it very clearly tors.We had a clear strategy high taxes. There is tax in-equalisation It’s also loaded with technology, and is a with the family. The third that we (premium on products, on dealerships, between luxury and mass-market cars; if made-in-India global car. trend is becoming more carmakers) are oncustomers,andoncorrect- you correct that you would enhance the awareaboutsustainability;in ing the perception about the value of the entire auto industry,and that being penalised for How do you think has the lockdown the area of cars, it means totalcostofownershipoflux- would mean more tax collection for the changed car-buying habits of Indians? more efficient engines. bringing in the urycars.Today,Imustsaythat government.Weneedtoseethebiggerpic- The world overwe are now seeing new latest technologies the maintenance cost of ture.Yes, everywhere there is a price dif- trends.Oneisthefocusonpersonalmobil- Why,in your opinion,BMW to India, in the form BMW petrol cars is as low as ferencebetweenluxuryandmass-market ity—this trend is good for us.The second India’s sales share has risen ofvery high taxes `1perkilometre,andthoseof cars,but it is not as large as it is in India; it trend we are seeing is that people are overthe last 3-4years? dieselcars`1.5perkilometre. kind of distorts the market. spending more time with their families, It’s a combination of fac-

● ROYAL ENFIELD ● A NEW SEGMENT Make your own BMW launches motorcycle Investor the 2 Series RE starts ‘Make It Yours’— FE BUREAU a personalisation initiative THIS WEEKBMWINDIA launched the new2SeriesGranCoupé.Locallyproduced ● WIPRO RATING: ADD at the BMW Group Plant Chennai,the car is available in a diesel variant at all BMW India dealerships.The petrol variant will be launched later. A good performance in second quarter VikramPawah,president,BMWGroup India, said,“The first-ever BMW 2 Series tionfromacquisitions.Themanagement GranCoupébringsBMW’ssuccessfulfour- Q3 guidance a positive indicated that growth will be broad- door coupé concept into the segment for surprise; FY21-23e EPS up basedintheDecember2020quarter. the first time.This vehicle injects a fresh doseofindividuality,aestheticappealand 6-11% with TP rising to NewCEO outlines strategic priorities emotional engagement to everyday `380; upside is modest TheCEOoutlinednewstrategicdirection of Wipro that includes absolute growth VIKRAM CHAUDHARY after rally;‘Add’retained focus,prioritise investments in areas of competence and scale, have offerings MOSTROYALENFIELD motorcycles have that address a wider spectrum of deci- an old-school, simple design that makes WIPRO REPORTED A good,yet in-line sion makers, augment talent pool and them the ideal canvas for customisation. quarter.Revenuegrowthguidanceforthe simplification of operating model.Exe- In fact, for decades, riding enthusiasts December2020quartersurpriseduspos- cuting these priorities will require have personalised and customised these itivelytotheextentof1.5%.ThenewCEO changesinpeople,process,go-to-market motorcyclesasameansofself-expression. outlined a set of priorities that seemed andorganisationstructure.Moredetails Takingthistrendahead,RoyalEnfieldthis reasonable.Executing on these priorities will be available on these changes later. weekstartedamotorcyclepersonalisation will entail a set of changes that will be service called Make-It-Yours,orMiY.Con- known over the coming months.After a Sharpriseinstockprice,partlyfuelled usability.Driving enthusiasts will experi- sumers can now choose to personalise strongandpartlybuyback-fuelledrallyin bybuyback expectations enceanewinterpretationofsheerdriving theirmotorcyclesatthetimeofpurchase, thestockprice,upsideswillbemodest.We WeincorporatestrongDecemberquarter pleasure in this power-packed model. It and“trulymake theirown motorcycle.” bake in strong demand and lower-than- guidance, general demand strength in willattractnewertargetgroupswhoaspire Enabledvia an app-based 3D configu- expected pricing pressure and raise business and lower-than-expected pric- for a stylish and luxurious entry into the rator, MiY will allow consumers access to FY2021-23e EPS by 6-11% and FV to Ebit margin improves withourestimateandaidedbylowerbad ingpressureinourestimates.Theseresult world of BMW.” thousands of possible combinations in `380(17XDecember2022eearnings). 20 bps q-o-q to 19.2% debtprovisionandoperationalimprove- in 6-11% increase in our FY2021-23e The 2 Series Gran Coupé blends the personalisation options,with a choice of IT services adjusted Ebit margin (%) ments, offset by currency headwind of EPS.Ourgrowthestimatesstandatmod- comfort of a sedan and the sportiness of a colours,trims and graphics,as also acces- Steady quarterly performance; BPO 25 60bps.Netprofitof`24.7bnmissedour erate 7.7% and 6.2% for FY2022e and coupe.The stylish design stands out with sories, right at the time of motorcycle registers robust growth estimate due to lowerotherincome. FY2023e in c/c. We are not baking in an elongated silhouette and frameless booking. Oncecustomersplacethebook- Revenue growth of 2% q-o-q in c/c 23 meaningful turnaround-driven benefit doors. It also has features such as a ing via the app, (~1.7% organic) and decline of 3.4% y- 21 Strong 1.5-3.5% sequential growth in our estimates.We value Wipro at 17X panoramic glass sunroof, parking assist they will also get It has started with o-y was in line with our estimate. Rev- 19.2 guidance forDecember2020 quarter December2022e earnings resulting in a with reverse assist, illuminated interior visibilityofdeliv- Interceptor and enue growth was led by BPO that grew 19 Theguidancewasfarbetterthanouresti- FVof`380/share.Atourtargetmultiple, trim, gesture control and wireless charg- ery timeline of 8.1% q-o-q.Allverticals grewat healthy mated0-2%growthandpoweredby—(i) thestocktradesat~33%discounttosec- ing,among others. Continental GT, 17 theirmotorcycle. and the MiY suite clip except energy & utilities and tech- full quarter benefit of large deals that torleaders.Afterastrongrallyinthestock It’s priced `39.3 lakh (ex-showroom) This configu- will be rolled out nology.The retail vertical bounced back 15 started ramp-up in the September2020 price,upsideswillbemutedfromhere. forthe220dSportLinevariant,and`41.4 rator, Royal smartlyandgrew4.5%q-o-qinc/c.Ebit- Jun 2013 Sept 2020 quarter.These include EON,John Lewis lakh forthe 220d M Sportvariant. for all Royal Enfield Source: Company, Kotak Institutional Equities Enfield said,has marginincreaseof20bpswasconsistent andMarellideals;and(ii)0.5%contribu- KOTAK INSTITUTIONAL EQUITIES started on the motorcycles soon Interceptor 650 and the Conti- ● SHILPAMEDICARE RATING: ADD nental GT 650. SeltosAnniversary Vinod K Dasari, CEO, Royal Enfield, said, Edition launched “Motorcyclesareasuniqueastheindivid- uals riding these, and avid motorcyclists USFDAwarning letter THE SELTOS, by Kia Motors,is pos- considertheirmachinestobeanextension siblyone of themost successfulcars of their personality.With MiY,customers intheIndianautomotivehistory.On will have a‘little bit of them’built into the to delay new approvals Friday, Kia Motors India launched motorcycle,anddependingonthelevelof theSeltosAnniversaryEditiontocel- personalisation, motorcycles will be cus- mals may provide a meaningful upside. ebrate its one-year milestone.The tom-madeasperconsumerspecifications, FY21-23e EPS down 7-10% MaintainAddwitharevisedtargetprice limited edition Seltos is available in 24-48 hours, at our manufacturing and TP lowered to `580 of `580 (earlier:`638). exclusivelyintheHTXtrim,ataprice plant in Chennai.We will be rolling out Warning letter on Jadcherla unit: MiYforallmotorcycles,acrossallstores,in from `638; outlook is Jadcherlaisaformulationmanufacturing a phased manner. All new motorcycle positive; ‘Add’ maintained facility for sterile as well as non-sterile models from Royal Enfield,from here on, products.The companywill initiate dia- will comewith the MiYfeature.” loguewithUSFDAtodiscusstherequired Inthefirstphase,MiYwiththe3Dcon- SHILPAMEDICARE(SHILPA)announced remedial actions in the next few days in figuratorwillberolledontheRoyalEnfield thatUSFDAhasissuedawarningletterto ordertoresolvetheissueattheearliest. despite the warning letter as existing of 15.7% over the same period while app,the website,and through over 320 its Jadcherla unit, its only formulation Impact on financials: Total formu- supplies would continue.However,new margin would improve 330bps. Return companystores across the country.While manufacturing facility.This facilitywas lationsrevenueforthecompanyinFY20 products may now get delayed until ratioswouldgraduallyimprovewithRoE it has started with two (Interceptor and inspected by the USFDA in Feb’20 and was ~21% of total sales,which is being complete resolution.Additionally, the and RoCE reaching 12.7% and 10.9%, Continental GT), the MiY suite will be had received fifteen observations, of sold in the US and EU.We do not see any company’s expenditure towards reme- respectively,byFY23e.Wearepositiveon rolledoutforallRoyalEnfieldmotorcycles which four were repeat observations. risktotheexistingsalesfromthisfacility dial measures would negatively impact the company’s strategyof building high starting`13.75lakh(ex-showroom). in a phased manner. Managementclarifiedthewarningletter margins.We reduce revenue and earn- value oncology pipeline for regulated It comes with manyexterior and wouldhaveminimalimpactontheexist- Earnings revision ings estimates by 3-5% and 7-10%, markets and foraying into biosimi- interiorchangesovertheregularSel- ing product supplies though new FY21E FY22E FY23E respectively, to factor in delay of new lars/biologics with the expectation of tos,anditslengthhasbeenincreased approvalswouldbedelayed. Total sales (` mn) product approvals due towarning letter first launch in FY22e. by60mm overthe regularSeltos. Management’s focus is on strength- Sales – new 10,129 11,084 12,400 and margin pressure owing to related Valuationsandrisks:MaintainAdd Kookhyun Shim,MD & CEO,Kia ening the oncology pipeline for regu- Sales – old 10,504 11,684 13,000 remediation costs. witharevisedtargetpriceof`580/share Motors India,said,“The Seltos laid a latedmarketsandforayintobiosimilars, Change (%) (3.6) (5.1) (4.6) Outlook: We remain positive on the based on 22xSep’22e (earlier: `638/ strongfoundationforKiaasabrand transdermals,etc.Further,formulations EPS (`) company considering the high growth share). Key downside risks: Regulatory inthecountry.TheAnniversaryEdi- revenue of ~`2 bn in FY20 from just six EPS – new 20.3 24.2 28.5 potential of generic oncology business hurdles, delay in new product launches tion not only celebrates its success, products indicates revenue per product EPS – old 22.1 26.8 31.2 andexpectrevenueandnetprofitCAGR and forexvolatility. but also the love that we have of ~$6 mn,betterthan peers.We believe Change (%) (7.8) (9.7) (8.7) of 10.9% and 14.2%, respectively,over received from ourcustomers.”. any success in biosimilars or transder- Source: I-Sec research FY20-FY23e.EbitdaisexpectedatCAGR ICICI SECURITIES —FE BUREAU

Pune 10 FINANCIAL EXPRESS WWW.FINANCIALEXPRESS.COM

The Das put will keep getting tested and the market EXPERTVIEW will now look forward to weekly OMOs of `200 billion if the 10-year bond yields have to Markets remain below 6%. —Arvind Chari, head of fixed income & alternatives, SATURDAY, OCTOBER 17, 2020 Quantum Advisors

Money Matters ● FIRST-EVER AUCTION Downgrades of around G-SEC RBI announces `10k-cr Benchmark yield rose 0.037% 3,910 firms in FY21 under selling pressure 6.025 OMO for state bonds reflectvulnerabilityin 5.935 FE BUREAU agencyIcra,28stategovernmentsandtwo corporate credit profile Mumbai, October 16 Union Territories have raised `3.76 lakh October 6 October 16 croreduringApril-October6,2020,53.6% FE BUREAU on debt servicing permitted by the THE RESERVE BANK of India (RBI) on Fri- higher on a year-on-year (y-o-y) basis. Mumbai, October 16 Reserve Bank of India and temporary day announced the first auction of state Nearly 74% of the increase in SDL relaxation in default recognition norms `/$ developmentloans(SDLs)for`10,000crore issuancehasbeenledbyKarnataka,Maha- DIP IN THE economic activity caused by of credit rating agencies allowed by Sebi. throughtheopenmarketoperation(OMO) rashtra,Tamil Nadu and Andhra Pradesh, the pandemic has led to weakening of According to Icra, in H1FY21, the top The rupee ended 0.046% route.The purchase auctionwill be held on whose issuances rose between 50-343% India Inc’s credit profile. At around 20 fivesectors—intermsofthecountandthe higher, tracking October22andthesizeoftheauctionscould y-o-yduring this period. downgrades a dayin the current financial proportion of entities in the sector— that gains in equities be enhanced in future,depending on the On Thursday, the central government year,financesofcorporateIndiacontinue faced a negative rating action were tex- responsetothefirstone,theRBIsaid. saidthatitwouldborrowfromthemarket to be under pressure.According to rating tiles,real estate,hospitality,auto ancillar- Inverted scale Therewillbe30differentsecuritieson topayforthegoodsandservicestax(GST) agencies,corporatecreditprofilesremain ies and construction. sale from 15 states — Andhra Pradesh, compensationshortfallof`1.1lakhcrore vulnerable even as demand claws back. On September 28, Moody’s Investors 73.46 73.35 Arunachal Pradesh,Assam,Bihar,Chhat- to states,and then act as an intermediary tisgarh, Goa, Gujarat,Haryana, Himachal toarrangeback-to-backloanstostategov- Upgrades vs Downgrades in FY20-21 Pradesh,Jammu & Kashmir, Jharkhand, ernments. This marks a softening of its Upgrades Downgrades Karnataka, Kerala, Madhya Pradesh and earlier stand that it would not borrow for GOING OMO WAY 900 October 6 October 16 Maharashtra.TheRBIhasnotspecifiedthe this purpose. ■ 750 726 amountofsecuritiesonsaleortheamount The purchase auction will be The revised borrowing mechanism 652 655 it plans to purchase from each state. held on October 22 couldhelpeasethesteepeningoftheyield 600 582 595 472 C=/$ Market watchers said that the higher ■ The size of the auctions could curve, at least for the time being, even 450 supply of SDLs had resulted in higher be enhanced in future, thoughtherewillbenochangeinthetotal The euro rose against 300 0.222% spreads,with current spread standing at depending on the response to borrowingsmadebytheCentreandstates. 228 134 164 the dollar around80basispoints(bps),asagainstthe Suyash Choudhary, head – fixed income, 150 118 85 the first one 56 24 80 previous year’s average of 45 bps.Anshu IDFCAssetManagementCompany(AMC), 0 Kapoor, senior executive vice president, ■ There will be 30 different said that the entire additional amount of April May June July Aug Sept Oct* 1.1734 Edelweiss Financial Services,said,“States securities on sale from 15 states `1.1 lakh crore is being equally split as Source: Bloomberg *Up till October 14 1.1734 have borrowed `3.5 lakh crore thus far, three-year and additional five-year bor- ■ RBI has not specified the and will have to borrow at least another rowing and the same amount will now amount of securities on sale or `3.5-4lakhcrorethisyear.Thereisapress- stretchedoveradditionalauctions.“Onthe In the past fewmonths,credit ratings Service had downgraded IIFL Finance’s the amount it plans to purchase ing need for RBI to mop up a significant margin,this should cause the steepening of public sector banks to non-banking corporate family rating (CFR) to B2 from from each state October 6 October 16 portion of this.” trend on the bond curve to be arrested,at financial companies (NBFC) have been B1,senior secured debt rating to B2 from According to a recent note by rating least fornow,”Choudharysaid. downgraded.In theperiodbetweenApril B1,andseniorsecuredmedium-termnote andOctober14,closeto3,910firmshave (MTN) programme rating to (P)B2 from been downgraded, while 661 have been (P)B1.InJunethisyear,S&PGlobalRatings upgraded.Rating agency Crisil expects lowered the ratings on fourNBFCs – Shri- Quick credit quality pressure on India Inc to ram Transport Finance, Bajaj Finance, UPL plunges over 7% after statutory persist in the second half of this fiscal. ManappuramFinanceandPowerFinance. InAprilthisyear,726companieswere Theratingagencybelievesthatworsening View downgraded by various rating agencies, operating conditions following Covid-19 which came down to 595 companies in have increased risks for financial institu- auditors resign from Mauritius arm September, show the data from tions operating in India and expects a Bloomberg.According toCrisil,the rateof recession to hurt the financial sector. Union Bank of India URVASHI VALECHA company, including for the consolidated downgrades did not surge as feared InthefirstweekofSeptember,Moody’s Mumbai, October 16 UPL financialstatementsofUPLIndia,saidthe becausecreditprofileswerecushionedby had taken rating actions on five Indian MD & CEO elected Intra-day on BSE (`), Oct 16 companyin its exchange filing. proactive regulatory measures such as banks—BankofBaroda(BoB),BankofIndia new IBA chairman SHARES OF UPL fell 7.6% on Friday, 500 Previous close: Deepak Jasani, head — retail research, liquiditywindowmadeavailablethrough (BoI),CanaraBank(Canara),PunjabNational afterKPMG Mauritius resigned as statu- 492.80 506.45 HDFC Securities,said,“The investors and the corporate bond market,moratorium Bank(PNB)andUnionBankofIndia(UBI). 490 INDIAN BANKS’ASSOCIATION (IBA) tory auditors for UPL’s Mauritius arm analysts have concerns on why the audi- on Friday said Union Bank of India’s UPL Corporation. 480 tors of Mauritius subsidiary resigned MD and CEO Rajkiran Rai G has Inafilingtotheexchanges,UPLCorpo- 467.10 abruptly.The Mauritius arm of UPL hap- been elected as the association’s ration shared the letters that its auditors 470 penstobetheirglobalinvestmentholding ANALYST CORNER chairman for the term 2020-21.The had written.In the notification,the com- 460 company,it is responsible forthe acquisi- managing committee of IBA,at its pany clarified that in order to reorganise tionsthatthecompanymakesabroadand meeting held on October 16,2020, the audit process and to improve the pro- 450 to raise debt funding for the same. Ashok Leyland to gain due elected Rajkiran Rai G,managing ductivity, the company had asked KPMG 440 Investors and analysts have raised con- director and CEO,Union Bank of Mauritius to resign as statutory auditors Open Close cernsinthepastaboutthehighdebtratios India as the chairman,IBA for the of UPLCorporation. at the group level and the slow speed at to higher-tonnage trucks term 2020-21,a release said. In its letterto UPLCorporation,KPMG which it is falling. Mauritius, said,“We hereby submit our Despite this, shares of UPL tanked to “Management’s commentary on the NOMURA ALis a pure play on the CVcycle. It is Rupee ends nearlyflat at resignationasauditorsofUPLCorporation close at `467.75 apiece. resignation of the auditors and the way also likely to benefit from its higher with immediate effect.There are no cir- However, BSR & Co, who were they are planning to deal with high debt, ALTO BENEFITmore due to its higher share in the >16Tsegment, as usually 73.35 against US dollar cumstances connected with our resigna- appointed as statutory auditors in 2017 intheforthcomingSeptemberresultscon- share in higher tonnage trucks; new LCV the mix shifts upward during upcycles. THE RUPEE ON Friday settled tionwhichweconsidershouldbebrought for a five year period will continue to call, may assuage some concerns of the range an added upside. ALclaims 5-10% lower cost of almost flat at 73.35 against the US to the notice of the members.” remain as the statutory auditors for the investors and analysts.” Medium and heavy commercial operations due to its innovative BS-6 dollar in the absence of any fresh vehicle (MHCV) tonnage capacity in solution, though this is yet to be tested trigger.At the interbank forex India has registered 6-10% CAGR over in the market.We expectALto gain market,the rupee opened at 73.41 FY10-20 on a rolling 5-yr basis. Over share in LCVs with ‘Bada Dost ’ platform, against the greenback and moved in Markets rebound as banking stocks soar FY20-25F, we build in ~2.5% CAGR in the which should enable it to address 65% a narrow range during the day in industry’s capacity.This takes into of the market vs 34% currently. FE BUREAU lacklustre trade.The rupee closed at Top gainers in the Nifty Bank were ulus. Going into the next few weeks, the account ~35k-40k per year truck ForAL, over FY21-23Fwe continue to 73.35,higher by just 1 paisa. Mumbai, October 16 key events are the US elections, progress demand lost to Dedicated Freight factor in -33% / +47%/+38% growth in private banks and the Nifty Private on the US fiscal stimulus and earnings Corridor, but for which capacity would overall MHCVvolumes.We have Religare Finvest settles THE MARKETS REBOUNDED on Friday Bank index, which was up by 2.1%, announcements from Indian corporates. have grown at ~5%.Thus industry factored in slightly higherASPs due to after correcting sharply in the previous outperformed the Nifty Bank index Valuations are not attractive.Hence, volumes would reach their FY19 peak cost increases, and ~30%/36% higher casewith Sebi tradingsession.TheSensexendedtheday investorsshouldtradewithacautiousbias levels by FY25F. Our model assumes a LCVvolumes in FY22-23F. Our Ebitda RELIGARE FINVESTHAS settledwith higher by 254.57 points (0.64%) to close as after the swift rise in markets, there GDP CAGR of ~4-5% over FY20-25F. margin estimates are revised to 2.9% Sebi a case of allegedviolation of at 39,928.98 while the Niftywas up by more than the benchmarks for the week, could be sharp corrections. Risk could be Faster GDP growth would imply upside /5.2% /8.4% (from 1.5% / 5.8% / 8.9%). takeoveraswell as prohibition of 82.1 points (0.7%) to close at 11,762.45. with Nifty Midcap declining by 2%. The resurgence of Covid-19 in India.” risk to our demand assumption. We introduce FY24Fwith 15% insidertrading norms in the matter The markets were propelled higher NiftyBank,whichendedthetradehigheron The Nifty Bank’s biggest gainers were Near term, demand is likely to stay MHCV/LCVvolume growth and Ebitda of Deccan Chronicle Holdings back in because of the movement in banking Fridaywasdownby1.3%fortheweek. Bandhan Bank, HDFC Bank, RBL Bank, challenging, in our view.Fleet operators’ margin at ~10%. 2012.The companyhas paid `13.80 stocksinanticipationofpositivequarterly Sanjeev Zarbade,vice president — pri- Kotak Mahindra Bank and Axis Bank, profitability is at a multi-year low. We believe valuations based on lakh as settlement charges.The case results.The NiftyBankwas up by2% out- vate client group research, Kotak Securi- which were up by 2.93%, 2.92%, 2.72%, However, utilisation is improving and near-term Ebitda will not fully capture relates to allegedviolation of performing the benchmark indices. ties, said: “The market witnessed a slight 2.05%,and1.85%.What’smoreinterest- FY21 is likely to see a decline in fleet the margin recovery over FY24-25F. SubstantialAcquisition of Shares and While the markets ended the session in correction as sentiments turned cautious ing is that the top gainers in Nifty Bank capacity for the first time in at least 15 Hence, we roll forward our valuation to Takeovers ortakeovernorms and PIT green,they snapped their two-week win- on rising number of Covid-19 cases glob- were private banks and the Nifty Private years.Thus, we expect a sharp rebound 10x FY24F (FY23F earlier) EV/Ebitda (Prohibition of InsiderTrading) ningstreakbyendingthisweekwithlosses ally,despitedomesticcasescomingunder Bank index,which was up by 2.1%, out- in freight rates over the next six months, discounted back to March 2023F.This Regulations. ofnearly1%.Thebroaderindiceshavefallen control,andfadinghopesofUSfiscalstim- performed the NiftyBank index. driving new truck demand.We thus implies ~1x FY23F EV/Sales (in line with factor in -33% /+50% / +40%/+15% long-term average) as we expect growth in MHCVsales over FY20-24F. margins to revert back to 10% by FY24F. Indian Bank inks MoU Federal Bank Q2 net profit slips with MoHUA, Sidbi Retain‘buy’on Hindustan FE BUREAU 26% due to higher provisions Chennai, October 16 Unileverwith PT at `2,650 CHENNAI-BASED PUBLIC sectorlender FE BUREAU helped keep the cost of funds lower. Indian Bank has signed a memorandum JEFFERIES contraction even in 2Q .Trailing peers, « Kochi, October 16 (` cr) Q2FY20 Q2FY21 Chg (%) “On the credit side, we had remark- of understanding (MoU)with ministryof HULon an organic basis has been Total Interest Other Net profit able growth in our gold loan business housing and urban affairs (MoHUA) and HULHAS HISTORICALLYshown underperforming some ofits peers on FEDERALBANK’SNET profit for the income income income and it grew54% on ayear-on-yearbasis, Small Industries Development Bank of resilience & has even outperformed its revenue aswell as earnings growth due September quarter declined 26% year- making it a driverof margin expansion,” India (Sidbi) for payment of subsidy and peers during disruptions like to pressures in its discretionary segment. on-year to `307.6 crore, impacted by a he said. cash incentives to street vendors under demonetisation & GSTrollout.This has This is evident from the fact thatwe 3,993

significant increase in provisions to fur- 3,675 Gross NPAs as at the end of Q2FY21 PM SVANidhi scheme. not been the case though during Covid- forecast a near-flat revenues for HUL, 3,488 ther strengthen the balance sheet. 3,254 stood at `3,552.19 crore, which as a Padmaja Chunduru,MD CEO,Indian 19 crisis due to pressures in its'high even in 2Q ,which iswell below most of The Kerala-based lenderhad reported percentage to gross advances stood Bank, said street vendors represent a margin' discretionary (grooming) its peerswhich should see growth. a net profit of `416 crore in the second at 2.84%. veryimportant constituent in the urban portfolio.This is reflected in its share While the company has been able to 509 421 417 quarterof the previous fiscal and `384.2 308 The net NPA and net NPA as a per- economy and they offer varied services price underperformance versus the offset some part of revenue pressure crore in the first quarter of FY21. centage to net advances as on September to the general public. peers which we believe should reverse due to strong growth in hygiene « « «

The bank said provisions and contin- 8.76 7 21 « 26 30,2020 stood at `1,218.14 crore and “They are involved in productive with improving economic activity portfolio, the impact has been higher on gencies more than doubled to `592.06 0.99%,respectively. activities to get their livelihood and to driving a growth acceleration during margins.This is because of much better Net interest Gross NPA Net NPA 2HFY21.We remain buyers. gross margins in case of grooming crore in Q2,from `251.77 crore in the margin (%) (%) (%) The provision coverage ratio (includ- support their families. year-ago period and `394.62 crore in the ing technical write-offs) was 78.3%. “It is privilege for the bank to associ- Discretionary portfolio: HULhas a products— even operating margins are June quarter. 3.01 3.13 3.07 2.84 1.59 0.99 Federal Bank said a mere `3 crore of atewith PM SVANidhi schemewhich is a fairly broad-based portfoliowith also much ahead of company average Shyam Srinivasan,MD &CEO,Federal loans slipped into NPAs and if not forthe flagship scheme of the Centre in line presence across multiple categories. despite higherA&P. «

Bank,said the bank continues toweather 12 bps « 23 bps « 60 bps moratorium about `237 crore of loans with agenda of Amanirbhar Bharat. During Covid crisis,while laundry,skin We estimate that discretionary the turbulence in the external environ- Source: BSE would have slipped into NPAs. “The bank has developed an inte- cleansing, hygiene showed resilience, portfolio contributes 20% to company ment by returning strong numbers for The lender also reported the highest- grated online system to make payments grooming (skincare, colour cosmetics) & revenues but given the superior CASA and the asset quality. evernet interest income at `1,380 crore, of interest subvention and cash incen- out ofhome (ice cream) faced margins, contributes nearly 30% to Srinivasan said the operating profit particular,CASA has shown 20% year- which grew 23% year-on-year. tives to all street vendor beneficiaries headwinds. For example, both these overall company profits. for the quarterwas at `1,007 crore,an on-year growth and 6% sequential Its net interest margin improved across the country directly to their bank segments declined 45-70% y-o-y in We retain ‘Buy’ with PTof `2,650 as increase of 40% year-on-year. growth. sequentially to 3.13%,from 3.07% in accounts through direct benefit transfer 1QFY21 and despite sequential HULremains in our top picks in the “Liabilities have grown very well,in “Growth of low-cost deposits has the first quarter of the current fiscal. (DBT),”she said. improvement,we forecast a y-o-y Indian staples sector.

Pune WWW.FINANCIALEXPRESS.COM SATURDAY, OCTOBER 17, 2020 FINANCIAL EXPRESS MARKETS 11

Forex reserves rise NFL distributes cotton plucking machines RBI move to boost realty credit Test for bond mkts to lifetime high in Haryana PRESS TRUST OF INDIA of 35% where LTV is less than sure, it has been decided to FOREIGN EXCHANGE NATIONAL FERTILIZERS LIM- Mumbai, October 16 80% and a riskweight of 50% rationalise the risk weights, KMB REDUCES as borrowing soars RESERVES surged by `5.867 ITED (NFL) distributed 95 cot- where LTV is more than 80% irrespectiveoftheamount.The HOME LOAN RATE billiontotoucharecordhighof ton plucking machines free of INABID SUBHADIP SIRCAR & to increase flow of but less than 90%. risk weights for all new hous- 10-year bond yield (%) `551.505 billion for the week costtofarmersundercorporate credit to the real estate sector, This measure,according to ing loans to be sanctioned on October 16: Kotak ANIRBAN NAG ended October 9,according to socialresponsibilityinHaryana the Reserve Bank on Friday theRBI,isexpectedtogiveafil- orafterthedateofthiscircular Mahindra Bank (KMB) October 16 6.100 the RBI data. on October 15.Machines were rationalisedtheriskweightage lip to bank lending to the real anduptoMarch31,2022,”the on Friday cut its interest Duringthereportingweek, distributedattwoprogrammes 5.993 to LTV (loan to value) ratio for estate sector which is critical notification said. rate on home loans to THERESERVEBANKofIndia’s 6.050 5.935 the increase in forex kittywas in Hisarand Bhiwani.Virendra all new housing loans sanc- for economic recovery,given The requirement of stan- 7%, at par with market week-longtrucewiththebond on account of rise in foreign NathDutt,chairmanandman- tioned up to March 31,2022. itsroleinemploymentgenera- dard asset provision of 0.25% leader SBI's offering.It market will be tested in com- 6.000 currency assets (FCAs). FCAs aging director, was the chief According to a notification tionandtheinterlinkageswith will continue to apply on all also announced a slew ingdaysafterthegovernment rose by $5.737 billion to guest in these programmes. of other offers. PTI issuedbytheRBI,newhousing otherindustries. such loans, the notification ramped up borrowing,barely 5.950 $508.783 billion. PTI FE BUREAU loans will attract a risk weight “As a countercyclical mea- added. two weeks after keeping it unchanged. 5.900 The Centre will raise an ����������� �������� ������ ������� �������� ����� ��������� ���������� ���������� �������� extra `1.1 lakh crore ($15 bil- 5.850 Sept 16, ‘20 Oct 16, ‘20 ����� ������ ����� ������� ������� ����� ��� ������ ���� ��� �������� lion) on behalf of the states to ���������������� ���������� ����������� ������� ������������ ������ SC declines plea againstwriting helpwithashortfallintaxrev- difficult with more bonds enue,thefinanceministrysaid comingtomarketamidaspike ����������� ������ � � lateThursday.Thiswillbedone inconsumerprices. �������� ������� ������������� �������� ��������� ��� ����������� �� ����� ������ viasalesofthree-andfive-year Theraterose4basispoints ������ ����� ��������� �������� �� �� ���� �� ����� ����������� ������ ���� �� ������ down ofAT-1 bonds byYes Bank bonds,accordingtotheRBI. to 5.94% on Friday,while the ���� ��� ������� ���� �� �� ����� �� ����������� ���� YieldsroseonFriday,before five-yearyieldjumped10basis �������� ������� ��� �������� ����� ��� �������������� ��� ����������� �� ������� PRESS TRUST OF INDIA in the issuing bank and they a pre-scheduled debt auction. points to 5.26% and the four- ������� ���� ����� �� �� ������ New Delhi, October 16 LEGAL BATTLE rank below to the claims of all Thesale,however,wasthesec- yearbondyieldwasup10basis ���� �� ��� ��������������� ����������� �������� ������ ������� ������ creditors and above to com- ond in as many weeks to go points.“Fiscalslippageorstick- ������� ������� ������������������������ THE SUPREME COURT has ■ As part of the bailout package for the bank, the AT-1 mon equity with no fixed through without help from ier-than-projected inflation ���� �� �� ������ ����� �� ������� �� ������� ������������� �� ��� ������ ���� �� ����������� ��� refused to entertain a plea of bond holders' investment was written off citing repayment date. underwriters,afterRBI gover- further down the road could ��� ���������� ���� �� ��� �� ���� ����� ��� �� ���� ������� ����� ��� ��� ����� ������ over 340 persons challenging existing rules As part of the bailout pack- nor Shaktikanta Das doubled once again incite challenges,” ������� ���������������� ��� ������� �������� thewritingdownofadditional age for the private bank, the the size of open-market bond VishnuVarathan,head of eco- ����������� ���� ����������� ���� ��� ���������� ��� ���������� �� ���� �� ���� tier-1 (AT-1) bondholders' ■ AT-1 bonds are direct, unsecured and subordinated AT-1bondholders'investment purchasesandaskedtradersto nomicsandstrategyatMizuho debt in the issuing bank �� ������ ��� ���� �������� �� ���� ���� �� ��� ������ ���� ���� ��� �� ��������� ��� `8,419-crore investment in was written off citing existing considertheir“sharedrespon- BankinSingapore,saidbefore ���� �������� ���� ���������� �� �������� �� ���� ��� �������� ��������� ������� Yes Bank in March 2020 as ■ bondholders had also sought the supply of data ruleswhichgavethenewman- sibility”formaintaining a sta- thenewsonThursday.“Expec- �������� �� ��� ��� ���������� ���� ��� ������� ������������ �� ��� ��� �������� part of a plan to revive the pertaining to the sale ofAT- Bonds by institutional agement of Yes Bank a huge blemarket.The moralsuasion tationsforsignificantpullback ������� ���� ��� �� ����� �� ������ �� ��� ������ ���������� ��� ��� ����� �� cash-strapped private bank. investors to retail investors breather to get the operations and promise of more buying inyieldsmaybedisappointed.” ������ �������� �� ��� �������� ��������� ��� �������� �������� �� �������� �� ���� ��� The apex court said the issue outoftherestrictionsimposed had pushed the benchmark BLOOMBERG �������� ���������� �� ��� ������� ��� ������� �� ��� ��� �������� can be raised before the con- by the RBI and the govern- 10-yearrate a comfortable 10 cerned high court. adopt appropriate remedies Bench comprising Justices DY ment, and start functioning basis points below 6% before “We decline to entertain available in law, including by Chandrachud, Indu Malhotra normally. Aggrieved by the Thursday’ssurpriseincreasein thepetitionunderArticle32of virtue of a petition underArti- and Indira Banerjee said. decision, several pleas have borrowing. This is a level the Constitution since the cle 226 of the Constitution AT-1bondsaredirect,unse- been filed bybondholders and traders see the RBI trying to petitioners are at liberty to (before the High Court),” a cured and subordinated debt others invarious high courts. defend,butthejobwillbecome Canara Robeco Mutual Fund Investment Manager : Canara Robeco Asset Management Co. Ltd. Construction House, 4th Floor, 5, Walchand Hirachand Marg, Ballard Estate, Mumbai 400 001. Tel.: 6658 5000 Fax: 6658 5012/13 www.canararobeco.com CIN No.: U65990MH1993PLC071003 NOTICE CUM ADDENDUM NO. 44C NOTICE IS HEREBY GIVEN THAT in accordance with SEBI communication dated 15th October, 2020 and our notice cum addendum no. 44B dated 1st May, 2020, the cut-o� timings for applicability of NAV for the Schemes of Canara Robeco Mutual Fund (“the Fund”) stand revised with e�ect from 19th October, 2020. The details of the same are as follows: Sr. Temporary Particulars No. cut-o� timings In respect of subscriptions/redemption A. For all schemes other than Liquid Fund, Overnight Fund, Debt Schemes and 03:00 p.m. Conservative Hybrid Fund In respect of subscriptions/purchases (including switch-ins): 1. For Liquid Fund and Overnight Fund 12:30 p.m. 2. For Debt Schemes and Conservative Hybrid Fund 01:00 p.m. B. In respect of redemptions (including switch-outs): For Liquid Fund, Overnight Fund, Debt Schemes and Conservative Hybrid Fund 01:00 p.m. *Note: the said cut-o� timings (as mentioned in SEBI email dated April 30, 2020) shall be continued till further notice by RBI on the truncated market hours. All other provisions related to applicability of NAV for subscription/purchase, switches and redemption mentioned in the Statement of Additional Information (“SAI”)/Scheme Information Document (“SID”) and Key Information document (“KIM”) of the Scheme(s) of Canara Robeco mutual Fund shall remain unchanged. This addendum shall form an integral part of the SAI/SID/KIM of the Scheme of Canara Robeco Mutual Fund as amended from time to time. Unitholders are requested to visit www.canararobeco.com to claim their amounts remaining unclaimed or unpaid and follow the prescribed procedure therein. For and on behalf of Canara Robeco Asset Management Company Ltd. (Investment manager for Canara Robeco Mutual Fund) Date: 16-10-2020 sd/- Place: Mumbai Authorised Signatory Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

Power

NOTICE NOTICE, pursuant to Regulation 47 read with Regulation 29 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, is hereby given that a meeting of the Board of Directors of the Company is scheduled to be held on Thursday, October 22, 2020, inter alia, to consider and approve the Unaudited Financial Results (both stand-alone and consolidated) for the second quarter and half year ended September 30, 2020 of the Financial Year 2020-21. The above intimation is also available on the website of the Company at www.reliancepower.co.in and on the website of the BSE Limited and the National Stock Exchange of India Limited. For Reliance Power Limited

Murli Manohar Purohit Date : October 15, 2020 Vice President - Company Secretary & Place : Mumbai Compliance Of�cer Reliance Power Limited CIN: L40101MH1995PLC084687 Registered Of�ce: Reliance Centre, Ground Floor, 19, Walchand Hirachand Marg, Ballard Estate Mumbai MH 400001 Tel : +91 22 4303 1000 Fax: +91 22 4303 3662 E-mail: [email protected] Website: www.reliancepower.co.in

Pune SATURDAY, OCTOBER 17, 2020 WWW.FINANCIALEXPRESS.COM 12 FINANCIAL EXPRESS

''IMPORTANT''

Whilst care is taken prior to acceptance of advertising copy,it isnotpossibletoverify its contents. The Indian Express (P) Limited cannot be held responsible for such contents, nor for any loss or damage incurred as a result of transactions with companies, associations or individuals advertising in its newspapers or Publications. We therefore recommend that readers make necessary inquiries before sending any monies or entering into any agreements with advertisers or otherwise acting on an advertisement in any manner whatsoever.

HDFC Asset Management Company Limited A Joint Venture with Standard Life Investments CIN: L65991MH1999PLC123027 Registered Of�ce: HDFC House, 2nd Floor, H.T. Parekh Marg, 165-166, Backbay Reclamation, Churchgate, Mumbai - 400 020. Phone: 022 66316333 • Toll Free Nos: 1800-3010-6767 / 1800-419-7676 Fax: 022 22821144 • e-mail: [email protected] • Visit us at: www.hdfcfund.com NOTICE NOTICE is hereby given that HDFC Trustee Company Limited, the Trustee to HDFC Mutual Fund (“the Fund”), has approved the declaration of dividend / income distribution (“dividend”) inHDFC Arbitrage Fund, an Open-ended Scheme investing in Arbitrage Opportunities (“the Scheme”), and �xed Thursday, October 22, 2020 (or the immediately following Business Day, if that day is not a Business Day) as the Record Date for the same as given below: Name of the Scheme / Plan / Option Amount of Face Value Net Asset Value Dividend (` per unit) (“NAV”) as on (` per Unit)# October 15, 2020 (` per unit) HDFC Arbitrage Fund - Wholesale Plan - Regular Plan - Normal Dividend Option 0.030 10.385 (Payout and Reinvestment) HDFC Arbitrage Fund - Wholesale Plan - Direct Plan - Normal Dividend Option 0.090 10.779 (Payout and Reinvestment) 10.00 HDFC Arbitrage Fund - Wholesale Plan - Regular Plan - Monthly Dividend Option 0.030 10.858 (Payout and Reinvestment) HDFC Arbitrage Fund - Wholesale Plan - Direct Plan - Monthly Dividend Option 0.090 10.528 (Payout and Reinvestment) # The dividend will be subject to the availability of distributable surplus on the Record Date and may be lower. Pursuant to payment of dividend, the NAV of the Dividend Option(s) of the above Scheme would fall to the extent of payout and statutory levy, if any. Dividend will be paid, net of applicable tax deducted at source (TDS), to those Unit holders / Bene�cial Owners whose names appear in the Register of Unit holders maintained by the Fund / Statements of Bene�cial Ownership maintained by the Depositories, as applicable, under the Dividend Option(s) of the aforesaid Scheme on the Record Date (including investors whose valid purchase / switch-in requests are received by the Fund till cut-off timings in respect of the aforesaid Scheme, on the Record date, subject to realization of cheques / demand drafts). However, in respect of subscriptions for an amount equal to or more than` 2 lakh (at Unit holders’ PAN and holding pattern level), the Applicable NAV shall be based on realization of funds as per the provisions of SEBI Circular CIR/IMD/DF/21/2012 dated September 13, 2012 and No. CIR/IMD/DF/19/2010 dated November 26, 2010, as may be amended from time to time, on uniform cut-off timings for applicability of NAV. Unitholders who have opted to receive dividend by way of physical instruments may experience delays on account of delivery constraints on the courier / postal services arising out of the unprecedented COVID-19 situation. With regard to Unit holders of the aforesaid Scheme who have opted for Reinvestment facility under the Dividend Option(s), the dividend due (net of applicable TDS) will be reinvested, by allotting Units at the prevailing ex-dividend NAV per Unit (adjusted for applicable stamp duty) on the Record Date. In view of individual nature of tax consequences, each investor is advised to consult their�nancial / tax advisor. For HDFC Asset Management Company Limited Place : Mumbai Sd/- Date : October 16, 2020 Authorized Signatory MUTUALFUNDINVESTMENTSARESUBJECTTOMARKETRISKS,READALLSCHEME RELATED DOCUMENTS CAREFULLY.

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Pune SATURDAY, OCTOBER 17, 2020 WWW.FINANCIALEXPRESS.COM 14 FINANCIAL EXPRESS EU says still seeking ● US ELECTION Pakistan opposition starts countrywide protests to oust govt SUPPORTERS OF PAKISTAN isterImranKhan,whotheyac- called the Pakistan Democra- opposition parties were con- cuse of being installed by the tic Movement (PDM) last Brexit accord despite Biden andTrump return to verging on a stadium in the militaryin a rigged 2018 elec- month to begin a nationwide city of Gujwanwala on Friday tion. agitation against the govern- ‘no-deal’ rhetoric tobeginacountrywideprotest Ninemajoroppositionpar- ment. campaign trail,fundraising campaign to oust Prime Min- ties formed a joint platform --REUTERS REUTERS Brussels, October 16 idential debate that was can- 21.2 million celledafterTrump’sboutwith THE EUROPEAN UNION said Americans have coronavirus. on Friday it was continuing to A combative Trump, spar- work for a new Brexit accord, already voted to ring with moderator Savan- dismissingBritishPrimeMinis- nah Guthrie on NBC, refused ter Boris Johnson’s no-deal pick a President to condemn the bizarre con- rhetoric as hot airas stakes rise spiracy theory QAnon, reiter- inthetroubledtradetalksahead REUTERS ated his unsubstantiated as- ofayear-enddeadline. Wilmington, October 16 sertion that the 2020 election Johnson said earlier on Fri- Charles Michel, who chairs was rife with fraud and ques- day it was time to prepare for a EU leaders’ summits, US PRESIDENT DONALD tioned whether masks help rupture in trade at the end of echoed her remarks as Trump and Democratic chal- tee raised some $247.8 mil- fight the spread of Covid-19. theyear,accusingthe27-nation two days of face-to-face lengerJoeBidenplannedtohit lion in September, his cam- Biden delivered policy- EUofrefusingtonegotiateseri- talks among the bloc’s the campaign trail again on paign manager said on Twit- heavyanswersandfocusedhis ously. national leaders Fridaywithvisits to three bat- ter, well behind the $383 attacks on Trump’s handling “The EU continues to work tlegroundstates,afterdisplay- million haul of Biden and the of the pandemic, which has for a deal,but not at any price,” concluded in Brussels on ing their sharply contrasting Democratic Party. killed 216,000 people in the European Commission Presi- Friday styles in duelling televised Asthecandidatesreturnto United States and hammered dent Ursula von der Leyen said town halls. the trail,a record 21.2 million the economy. around an hourafterJohnson’s Trumplagsinopinionpolls Americansalreadyhavevoted, Nationalopinionpollshave comments,which sent sterling ontheislandofIreland. and latest figures from his according the US Elections shown Biden ahead for lower. Johnson said earlier on Fri- campaign show he is also be- Project at the University of months and it was unclear “Asplanned,ournegotiation daythatunlesstheEUchanged hind in fundraising in the fi- Florida.About 136.6 million whether Trump’s aggressive team will go to London next course there would be no deal nal weeks before the Novem- people in total voted in the posture would alter what has week to intensifythese negoti- giving British businesses con- ber3 election. 2016 election. been a stable race. ations,”shesaidonTwitter. tinued free access to the EU’s Trump’scampaignandthe Thursday night’s split- Charles Michel,who chairs hugesinglemarket. RepublicanNationalCommit- screen events replaced a pres- EUleaders’summits,echoedher ThatcameaftertheEUlead- remarks as two days of face-to- ers’ summit on Thursday put face talks among the bloc’s na- theonusonLondontobudgein tional leaders concluded in the talks orstand readyforma- BrusselsonFriday. jor trade disruptions from “We are totally united, to- 2021. tally determined to work to An EU official said:“It’svery make an agreement possible -- goodthathe(Johnson)wantsto but not at any cost,”he said.“I keeponnegotiating.” hope itwill be possible to make EUBrexitnegotiatorMichel progressinthefuture.” Barnier is due in London on “Thelevelplayingfield,fish- Mondayformoretalks. eries and governance are very One European diplomat important topics for the EU,” noted that Johnson did not say Michel told reporters,stressing specifically that Britain was also that Britain must fullyim- leaving the negotiating table. plement its earlier divorce deal “It’s all just rhetoric,”the diplo- withthebloctosafeguardpeace matsaid.

FORM G INVITATION FOR EXPRESSION OF INTEREST (Under Regulation 36A (1) of the Insolvency and Bankruptcy (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 Sr Particulars Details No 1. Name of the Corporate Debtor Supreme (India) Impex Ltd. 2. Date of incorporation of 02/10/1995 Corporate Debtor 3. Authority under which Corporate Registrar of Companies (ROC)- Ahmedabad Debtor is incorporated / registered 4. Corporate Identity Number / L51100GJ1995PLC026968 Limited Liability Identification Number of Corporate Debtor 5. Address of the Registered Plot No. 823/2, Road no.8, G.I.D.C., Sachin, Office and Principal Office (if Surat – 394230 any) of Corporate Debtor 6 Insolvency Commencement NCLT order dated 04/02/2020 (Date of receipt Date of the Corporate Debtor of order 17/02/2020) 7. Date of invitation of expression 17/10/2020 of interest 8. Eligibility for resolution Detailed invitation for expression of interest applicants under section 25(2) containing eligibility criteria and details of (h) of the Code is available at: undertaking to be provided by the RA with EOI will be made available on request through E-mail at email ID [email protected]& [email protected] 9. Norms of ineligibility applicable Kindly refer to the most recent and updated under section 29A are available version of Insolvency and Bankruptcy Code 2016 at: (Code) available at https://www.ibbi.gov.in/ 10. Last date for receipt of 02/11/2020 Expression of Interest 11. Date of Issue of Provisional list of 06/11/2020 Prospective Resolution Applicants 12. Last date for submission of 11/11/2020 objections to provisional list 13. Date of issue of final list of 21/11/2020 prospective resolution applicants 14. Date of issue of information 11/11/2020 memorandum, evaluation matrix and request for resolution plans to prospective resolution applicants 15. Manner of obtaining The request for resolution plan, evaluation matrix request for resolution plan, and information memorandum shall be provided evaluation matrix, information to eligible Prospective resolution applicant(s) memorandum and further after signing the confidentiality undertaking with information such applicant(s). Pursuant to the aforesaid the prospective resolution applicant is required to send an email to [email protected] & [email protected] requesting for data room Request for resolution plan, evaluation matrix and information memorandum. 16. Last date for submission of 11/12/2020 resolution plans 17. Manner of submitting resolution In password protected soft copy to be shared plans to resolution professional through Email at [email protected] and [email protected] 18. Estimated date for submission of 07/01/2021 resolution plan to the Adjudicating Authority for approval 19. Name and registration number of Name: Vikas Prakash Gupta the resolution professional IP Registration No.: IBBI/IPA-001/IP-P00501/2017-2018/10889 20. Name, Address and e-email of Name: Vikas Prakash Gupta the resolution professional, as Email ID: [email protected] registered with the Board Address: C/o Dipti Enterprises, 55, Nehru Pulta, Itwari , Nagpur, Maharashtra- 440002 21. Address and email to be used Email ID: [email protected] for correspondence with the Address: 823/2, Road No.8, GIDC, Sachin, resolution professional Surat- 394230 22. Further Details are available Vikas Prakash Gupta at or with Email Id :- [email protected] [email protected] 23. Date of publication of Form G 17th October 2020 Note :- The above timeline is subject to extension of CIRP period by Hon’ble NCLT Ahmedabad. For Supreme (India) Impex Ltd. Vikas Prakash Gupta Resolution Professional Date: 17th October, 2020 IP Registration No.: IBBI/IPA-001/ Place: Surat IP-P00501/2017-2018/10889

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AUNDH- F-96, Mantri Market, Hadapsar, Suyog Enterprises, Pune. C/o Sandeep Book Stall, Ph. No. 26820384, 26820839 Swajas Complex, Parihar Mobile: 9890635425. Chowk, Aundhgaon, Pune-7. J. M. ROAD - Mob. 9422011181. Fair & Fast Advertising, Chordia Communications, 1170/05, Kartik Chambers, Arshad Ajit Chordia. 17/18, Model High School Corner, Aundh Gaon, opp. lane of Near Bhosale Bhuyari Marg, Cosmos Bank, Aundh, Pune-7. Pune-411005. Ph. No. 25511054, Tel: 25886118, 9960111123. 25512719. M: 9881987777/ Shraddha Ads, Mrs.Ujwala 9422502650. Kotbagi, 'A' wing, Vastu-sun- KARVE RD - der, Near Kumar Classic, Pune- Jaya Advertising Pvt Ltd, 7. Tel. 9371055799. 612/3 Anupam Darshan, Karve San Ads, Rd, Kothrud, Pune. Anurag, Plot No. 10, near Kobe Manas Enterprises, Silzler Cave, Aundh-411007. Sanjay Jaganath Hagawant, Tel: 25881302/3/4. 34/3, Swaroon Chhaya Apt, APPA BALWANT CHOWK- Lane No 2, Happy Colony, M/s V. V. Medhi, Karve Rd, Pune. Ph. No. 153, Budhwar Peth, 64004637, 9767428509. Near Jogeshwari Temple, Virgo Advertising & Media Above Shri Samartha Agency, Publication, Pune-2. Ph.no. 64005767/ Vivek W. Lawand, 24492149/ 30227516. Shop-5, Plot-24, BIBVEWADI - Kakade Complex, Ad Services, Nr Bhairavnath Temple, Karve Amol Nalawade, Nagar, Pune-52. Sr. No.659/28, Rajiv Gandhi KOTHRUD - Nagar, Upper Last Bus Stop, Minat Advertising, Bibvewadi, Pune-17. Mobile 164/12 Shinde Building, Shastri 9420729914, 9021851460 Nagar, Kothrud, Pune. Ph. No. Akash Advtg, 9960111193/ 9822110193/ C. S. Sawar, 645/1, Shop No.4, 66020354. Rasakar Campus, Bibawewadi Sneha Communications, Main Road, Bibawewadi, Pune- Plot 39, Flat No.7, 37. Tel: 9922221261. Swapan Apartments, Right Ganesh Advertising, Bhusari Colony, Paud Road, Mr. Vijay Deshmukh, S.no. Kothrud. Ph. No. 25282791/ 672/2a /2b, Ganesh Complex, 9422031002. Shop No.3, Bibvewadi, Pune-37. Pradnya Communications, Ph.no. 24219660, 9822841930. Rohini Dnyaneshwar Mohol, BAJIRAO ROAD- 83/165, Shastri nagar, Near Sri Ganesh Advertising, Sainath Mandir, Kothrud, R. Nirmala, R. Ravi, 'Remedy', Pune. 1929, Bajirao Road, Opp. M. 9422015746. Telephone Bhavan, Pune-30. Shubhangi Ads., Ph. No. 25232762, 9922220985. Plot No.30, Madhavbaug Co- BANDGARDEN RD - Op. Soc., Shivtirth nagar, Paud Apex Advtg, Road, Kothrud, Pune-411038 Mapadan Firlosh, Office No 26- M. 9822173930, 9850965214 6-7-8, Ashoka Mall, Opp. Sun & KOREGAON PARK - Sand Hotel, Bandgarden Rd, Taurus Advertising Agency, Pune. Ph. No. 8975758860. Mr. Pt. J. Pillai, 398/a/1, BHAWANI PETH - Goldfield Park, South Main Globe Enterprises, Road, Pune. Tel. 9860577086. Tanveer Rehman Shaikh, 718, Prime Ad World, Bhawani Peth, Poona College Mrs. Rani Wilfred, A/l0/l, Road, Pune-1. Meera Nagar Society, M. 9890073883. Koregaon Park, Pune-1. BHOSARI - Palnet Publicity, Samvad Ads., Flat No. 2, Ground floor, Near Gawli uilding, Aishwarya Soc., Wadgoan Pune Nashik Highway, Bhosari, Sheri, Pune. Ph. No. Pune 411039. 8149097475. CHINCHWAD - KONDHWA - Impex Advertising, Mak Ads, Mr. Ashfaque A. Shaikh, C-25, Khan Mohammaddin MIDC Comml. Building No.1, Nr Ayazuddin, 76/4, kausar Baugh I.B.M.R. College, hinchwad, Co-op, Hsg. Soc., Khondhwa Pune-411019. Ph. no. 27470282/ Khurd, Pune-48. Tel: 9822792583. 9850551497. Mayureshwar Enterprise, Khushi Consultant, Latish Balkawade, Chaphekar Bashir Ismail Parker, Off No. Chowk, Chinchwadgaon, Pune. 14, C2, Brahma Estate, Ground Ph.no. 9422082164. Floor, Nibm Chowk, Kondhwa Raka Advertising, Road, Ph. 40055020. Mrs. Vimal Bafna, Raka KHADKI - Chambers, Bombay-Pune Yash Publicity, Road, Chinchwad Harish B. Sharma, 264/1, Old Station, Pune-19. Ph. no. Khadki Bajar, Shobhargoha 27475055/ 27472250. Khadki, Pune-3. M. 9822220090, CAMP - 9595010552. Ad India, LOKMANYA NAGAR - Office No. 102, 1st Floor, Akshay Design, Sterling Centre, Opp. Hotel Mr. Akshay Kulkarni, 28/401, Aurora Towers, M.G. Road, Samarth Hsg. Soc., Lokmanya Pune-1. Ph. No. 26131993, Nagar, Navi peth, Pune-30. 26135659, Mo: 9422083670. Tel: 9766594567. Hindustan Advertising Agency, MARKET YARD - Mr. Hiroo Surtani, 7, Gitanjali Purandar Publicity Pvt Ltd., Kunj, RaviRaj Kru. Unit No. 201, 4th Opp. Nehru Memorial Hall, floor, Gangadham- Kondhwa Ambedkar Road, Pune-1. Ph. Rd., Pune-37. Tel: 24260980, No. 26138113, 26133510, Fax: 24265996. 26131487. Tanishka Ads, Meenat Advertising, 15/117, Maharshinagar, Mukund Saigaonkar, 827/7, Near Durgamata Temple, Dastur Meher Road, Camp, Pune-411 037. Pune-1. Tel. 26130542. MUKUNDNAGAR - DAPODI- Naval Publicity, Vantage Advertising & Mktg., Vega Centre, 'D' Wing, 5th A-17, 'C' Building, floor, Shankarsheth Road, 3rd Floor, Kate Residency, Swargate, Pune. 9423566508. Near Dapodi Railway Station, MUNDHAWA - Dapodi, Sahyadri Ads. & Services, Pune-411 012. Ph.no. 27143243/ Shop No. 03, S.No.32, Kalyani 9822847256/ 9822132500. Residency, Sriram Colony, DECCAN - Mudhawa- Manjari Road, Prajakta Advertising, Keshav Nagar, Mundhawa, Mr. Sudhanva Jadhav, Pune-36. M. 9881210378 Greetwel, 1250 Deccan NARAYAN PETH - Gymkhana, F. C. Road, Pune-4. Ozone Advtg, Ph.no. 25531409, 66014132. Sandip Kulkarni, 391, Vinya DEHU ROAD - Apt, Opp Phadke Prakashan, Mundakal Enterprises, Narayan Peth, Pune-30. Mr. Roji Samuel Raju, 6 Unique Rajan Media, Housing Society, Near Santosh Tukaram Dhumal, Telephone Exchange Dehu 436/A, Narayan Peth, Near Road, Pune-1. M. 9422519264. Patrya Maruti, Pune. Ph. No. FC ROAD - 5394262. Dhandhania Agencies, Orange Advtg, Mr. Ravi Dhandhania, 1st Ashwin Karthalkar, Off No 03, Floor, Srinath Plaza, Dhruta Complex, Nr Bhide Dnyaneshwar Paduka Chowk, Bridge, Kelkar Rd, F. C. Road, Narayan Peth, Pune. Ph. No. Pune-5. Ph.no. 25521699/ 020-25659133, 9822522130. 25537933. NAVI PETH - Konark Media Solution Pvt Vijaydeep Services, Ltd., Deepali Vijay Sonawane, 315, Flat No.6, First Floor, Prabha Navi Peth, Gururaj Apt., Shop Tara Appt., Behind Hotel No-C, Ground Floor, Near Vaishali, F.C. Road, Vitthal Mandir, Pune-30. Shivajinagar, NIGDI- Pune-4. Ph. No.32606012, Dinesh Advertising, Telefax: 2553 7013, Mobile: Mr. Dinesh, 3/6 LIC Colony, 9823142410. Sector 25, Sindhunagar, Meera Publicity, Pradhikaran. Ph. No. 27657582. 1st floor, 10, Oswal Park, PAUD PHATA - Opp. Rachana Lodge, behind Pari Advertising, Safari Hotel, Mr. Sunil Kalsekar, 13-14 Gopal nr S.T.Stand, Shivajinagar, Park, Karanjkar Road, Opp. Pune-05. Ph. 9421017457. Dindayal School, Paud Phata, FATIMANAGAR - Pune-38. Ph.No. 25469492/ Arora Enterprises, 9422512640. Rajesh Arora, Office No. 63, PAUD ROAD - Building I, Phase-III, Bliss Creations, Parmarnagar, Wanowrie, Pune Commerce Centre, Opp. 411013. Krishna Hospital, Paud Road, Tel/fax: 020-26860834. Pune-38. Ph. 8446983009, GURUWAR PETH 9822078731. T.V.S. Enterprises, Mihir Ads, 460, Guruwar Peth, Sant Office No.2, Commerce Ganganath Maharaj Road, Avenue, Mahaganesh colony, Kachi Lane, Pune-411042. Ph. Near P N. Gadgil Showroom, 020- 24456297, Mob. Paud Rd, Kothrud, Pune-38. Ph. 8975110325, 9421815428. 25411192/ 25411475. GHORPADI - Akshay Suvidha, Kanya International, Mrs. Shruti Ghatpande, S.no. A-18 Suchandra Corner, B.T. 47, Plot No.3, Swayamsiddha Kawade Road, Ghorpadi, Pune Society, Paud Road, Kothrud, 411001. Near More Vidyalay Bus Stop, Ph. 9422086762, 9921177816 Pune-38. Ph.: 9823184433. GULTEKDI - Shree Publicity, Xebec Communications Pvt C-7, New Friend's Society, Ltd., Opp.Vanaz, Paud Rd, Pune-38. Santosh Heights, Tel. 25423600. J. N. Marg, Gultekadi, PIMPRI - S. No. 20. Pune-411037. Venus Enterprises, Tel: 26446856, 9766509029. Mr. Nambiar, Shop No. 14 HADAPSAR- Shreeji Complex, Plus Media, Nehrunagar,Pimpri, Pune-18. Flat No. 22, Tulasi Complex, Ph.No.2 7423113, 27420498. Opp. Ravidarshan, Aakar Advertising, Near Kalyan Bank, Gadital, Mr. V. D. Gandhe, Umed Hadapsar, Bhavan, Canara Bank Bldg., Pune-28. M. 9762547254. Pimpri Stn Rd, Pune-18. Ph.no. Pooja Enterprises, 27421840, 27421874.

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