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Maruti's EV Plans Take a Back Seat

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Maruti's EV Plans Take a Back Seat THURSDAY, 6 FEBRUARY 2020 26 pages in 2 sections www.business-standard.com MUMBAI (CITY) ~9.00 VOLUME XXIV NUMBER 124 THE MARKETS ON WEDNESDAY Chg# Sensex 41,142.7 353.3 Nifty 12,089.2 109.5 ECONOMY & PUBLIC AFFAIRS P8 COMPANIES P3 Nifty Futures* 12,086.3 2.9 Dollar ~71.2 ~71.3** Euro ~78.5 ~78.8** MODI TARGETS $5 BILLION OF TATA POWER MOVING AWAY Brent crude ($/bbl)## 54.7## 53.1** Gold (10 gm)### ~40,049.0 ~394.0 DEFENCE EXPORTS IN 5 YEARS *(Feb.) Premium on Nifty Spot; **Previous close; FROM GENERATION: CEO # Over previous close; ## At 9 pm IST; ### Market rate exclusive of VAT; Source: IBJA PUBLISHED SIMULTANEOUSLY FROM AHMEDABAD, BENGALURU, BHUBANESWAR, CHANDIGARH, CHENNAI, HYDERABAD, KOCHI, KOLKATA, LUCKNOW, MUMBAI (ALSO PRINTED IN BHOPAL), NEW DELHI AND PUNE RBI TO GET MORE JIO DEMERGER CASE TEETH TO SUPERVISE Maruti’s EV plans High-powered CO-OPERATIVE BANKS I-T dept now jury to select The Reserve Bank of India (RBI) is set to get BS award more auditory and supervisory powers over urban and multi-state co-operative banks, take a back seat winners today with the Union Cabinet approving the finds merit in Banking Regulation Amendment Bill, 2020, BS REPORTER on Wednesday. “Like commercial banks, Carmakers like Tata Motors and M&M bet big on e-mobility Mumbai, 5 February multi-state and urban co-operative banks NCLAT order will be brought under the RBI regulations. SHALLY SETH MOHILE & A power-packed jury comprising These changes will be only for the banking ARINDAM MAJUMDER leading decision-makers of India side and administrative rights will continue Greater Noida, 5 February Seeks law min opinion on course of action Inc will meet in Mumbai on to remain with the registrars,” said Thursday to select the winners of Information and Broadcasting Minister he country’s largest SHRIMI CHOUDHARY Business Standard’s annual awards Prakash Javadekar. 6 > carmaker, Maruti New Delhi, 5 February for corporate excellence for 2019. Suzuki India, will not PHOTO: SANJAY K SHARMA Aditya Birla Group Chairman be launching an elec- Within eight months of challenging the Kumar Mangalam Birla is the chair- THE SMART INVESTOR II, 1 T tric vehicle (EV) anytime in the National Company Law Tribunal’s man of the eight-member jury. The Sebi tweaks rules for foreseeable future, as issues like (NCLT’s) order giving a green signal to other jury members are JSW Group range anxiety and the high cost Reliance Jio Infocomm’s proposed Chairman Sajjan Jindal, KKR India IPO documents nod of acquisition will put off buy- demerger, the income-tax (I-T) depart- CEO Sanjay Nayar, EY India The Securities and Exchange Board of India on ers, Kenichi Ayukawa, its man- ment is learnt to have found merit in Chairman Rajiv Memani, Omidyar Wednesday set rules under which it could aging director and chief execu- the appellate tribunal’s December rul- Network India MD Roopa Kudva, hold back approvals for proposed share sales tive, told Business Standard. ing, which dismissed the I-T petition. McKinsey & Company Senior by firms that are under investigation for Maruti has decided to put The tax department shared its opin- Partner Noshir Kaka, Cyril Amar- possible violations. The markets regulator said its EV plans on the back burn- THE MARKET AND ion and the rationale in a communique chand Mangaldas Managing Partner for current investigations, “observations” on er even as most other passen- INFRASTRUCTURE WHAT MAKES MARUTI to the law ministry 10 days ago, Cyril Shroff, and Bain Capital Private the draft offer may be kept in abeyance for ger vehicle makers such as CONDITIONS ARE WARY OF EVs? where it sought the ministry’s legal EVALUATING Equity MD Amit Chandra. 30 days from filing of the draft offer. Tata Motors, Mahindra & NOT RIGHT TO | High acquisition cost opinion on the matter to decide further LEGAL The jury will select Mahindra, Renault India, MG LAUNCH AN course of action, said an official privy to the best in Corporate Motors, and Kia Motors are | Range concerns the development. STANDPOINT India, from a long list of Bharti Airtel pitches for going full throttle with their ELECTRIC VEHICLE | Lack of infrastructure The National Company Law names and data com- IN INDIA Voda Idea’s survival plans, nudged by the govern- | Emission due to charging of EVs Appellate Tribunal (NCLAT) had dis- | Tax dept is to decide piled by Business ment’s policy push. KENICHI AYUKAWA, from coal-based power defeats missed the I-T department’s petition on whether to Standard Research Bharti Airtel on Wednesday pitched for a Maruti will instead focus on MD & CEO, MARUTI SUZUKI purpose of clean mobility objecting to the proposed demerger of challenge NCLAT Bureau, to name the healthy telecom sector with three players other alternative technologies, Jio’s tower and fibre optic network assets order in SC or not “CEO of the Year” as well and said Vodafone Idea’s survival will be including compressed natural into two infrastructure trusts. as achievers in other cat- ‘WILL DECIDE SLOWDOWN VIRUS SCARE | Decision likely by good from the ‘investment and reputation’ gas (CNG) and hybrid, to ON DIESEL PLAYS MAY HIT CHINA According to sources, the depart- egories — public sector point of view for India. In the company’s reduce the overall carbon foot- CARS AFTER SPOILSPORT CARMAKERS’ INDIA ment is of the view that the NCLAT Feb-end, based on undertakings, multinational post earnings conference call, Badal Bagri, print to meet advance emis- SIX MONTHS’ AT EXPO INVESTMENTS order, which had cited multiple verdicts law ministry opinion firms, and small and chief financial officer, Bharti Airtel, said the sion norms. by the Supreme Court, including the | NCLAT upheld tribunal medium enterprises. AUTO EXPO 2020 PAGE 18 telecom sector was large enough to “This is not a good time to Vodafone-Essar tax avoidance case, order clearing The jury will also accommodate three players. bring an electric vehicle to the needs to be taken into consideration. Jio's proposed choose the “Company Indian market. Looking at mar- al EVs, Maruti will have to ructure hasn’t developed at “Some of the instances quoted in the of the Year” and “Start- INDIA OUTLOOK STILL CRITICAL: VODAFONE >P2 demerger plans ket conditions and customer “examine ways to provide an all. Under these conditions, it appellate order apply to the Jio case as up of the Year”, as well expectations, we will decide,” affordable electric product in is very difficult to make a busi- well. So an appeal against the existing | I-T contested NCLT as announce the ECONOMY & PUBLIC AFFAIRS P4 said Ayukawa. Considering the the personal space”, he added. ness case. Only limited people verdict may not stand legal scrutiny in order, saying it “Lifetime Achievement” 15th FC to form panel to fact that the government does- “There is no parking space are interested,” said Ayukawa. the apex court,” said a tax official. would reduce Jio awards. Turn to Page 17 > > > Infocomm’s profits draw up road map n’t support subsidy for person- or charging space. Infrast- Turn to Page 17 Turn to Page 17 The Fifteenth Finance Commission will set up a panel later this month to examine the fiscal and debt situation of the Centre and states and present a road map, on the lines of the erstwhile Fiscal Responsibility and Budget Services PMI at 7-year Management panel, the Commission’s chairman, N K Singh, said on Wednesday. high as orders pick up > RESULTS RECKONER SUBHAYAN CHAKRABORTY Services growth had New Delhi, 5 February SIGNS OF peaked to a 43-month Quarter ended Dec 31, 2019; common sample of 760 companies (results available of 875) GREEN SHOOTS high of 54.7 in August, fol- The services sector began lowed by two straight mo- SALES the year with a bang as PMI services trend nths of contraction. Howe- Dec 31, ’18 22.1% ~11.49 trillion new orders in January ver, this has been followed Dec 31, ’19 1.9% ~11.70 trillion rose at the fastest pace in by steady growth since seven years, dwarfing November. This has been PROFIT BEFORE TAX December’s five-month in line with manufactur- Dec 31, ’18 -20.0% ~99,761 cr high growth, according ing activity, which mir- Dec 31, ’19 56.7% ~1.56 trillion to a survey released on rored a steep upward mo- Wednesday. ve of the growth curve in NET PROFIT The widely tracked January when the PMI Dec 31, ’18 -32.6% ~62,164 cr Nikkei India Services reached 55.3, the highest Purchasing Managers in nearly eight years, Dec 31, ’19 % ~1.14 trillion Source : IHS Markit 84.0 Index (PMI) stood at 55.5 according to a survey Companies with zero sales excluded; Given the change in corporate in January, up from 53.3 Market sentiment released earlier this week. tax rates, to give a fair comparison the profit before tax has been gets boost considered; Compiled by BS Research Bureau; Source: Capitaline in December. In PMI For services, total sales parlance, the 50-mark SENSEX expanded for the fourth threshold separates exp- consecutive month in Correction ansion from contraction. January. Consumer serv- The report — “Companies may change New international ices growth was the most dividend policy after Budget changes” – business also pushed the marked, after transport published on February 3, had suggested sector’s output to a sim- and storage firms had that Sunil Mittal would be impacted by ilar seven-year high dur- seen the biggest boost in the abolition of dividend distribution tax. ing the month. This wo- 353.3 pts the previous month.
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