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THE HINDU DELHI SATURDAY, JANUARY 4, 2020 BUSINESS 15 EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE

market watch

03-01-2020 % CHANGE Sensex dddddddddddddddddddddd 41,465 ddddddddddddd-0.39 Adani to buy 75% in Port US Dollardddddddddddddddddddd 71.80 ddddddddddddd-0.59 Gold ddddddddddddddddddddddddddd 40,652 ddddddddddddddd1.88 Brent oil ddddddddddddddddddddd 68.66 ddddddddddddddddd 3.7 Internal accruals and cash balance will be used to fund the transaction worth ₹13,572 crore

N. Anand to be completed in 120 days, ness of handling containers, NIFTY 50 the statement added. coal, break bulk and other PRICE CHANGE Adani Ports and Logistics Asserting that this acquisi­ bulk cargo, including liquid Adani Ports...... 382.50...... -0.65 and Special Economic Zone tion would not only increase cargo, was till recently run Asian Paints...... 1751.40...... -39.25

Axis Bank ...... 742.95...... -14.00 Ltd. (APSEZ) will be acquir­ APSEZ’s market share to 27% by ­based engi­ Bajaj Auto ...... 3072.05...... -48.95 ing 75% stake in Krishnapat­ from the current 22%, but al­ neering major CVR Group. Bajaj Finserv...... 9345.85. .. -159.75 nam Port Co. Ltd. (KPCL) in so add remarkable value to CVR Group decided to Bajaj Finance ...... 4193.45...... -52.60

Bharti Airtel ...... 455.10...... -0.10 district of Andhra pan­ footprint, Karan hive off the company as it got BPCL...... 483.50...... -4.05 Pradesh for a total consider­ Adani, CEO and whole­time into financial trouble when Britannia Ind ...... 3038.80...... -14.60 U.S. drone attack sets ation of ₹13,572 crore from director, APSEZ, said “With the govern­ Cipla ...... 469.95...... -3.55

Coal India ...... 211.85...... 0.75 the CVR Group, the compa­ the experience of successful­ ment cancelled the ₹3,200­ Dr Reddys Lab ...... 2883.90...... 19.00 ny said in a filing. ly turning around acquisi­ crore Polavaram Hydel pow­ gold price on fire Eicher Motors...... 21189.25. .. -411.60 The balance stake will be Cancellation of the and an economic tions of Dhamra and Kattu­ er project awarded to Navay­ GAIL (India)...... 125.65...... 2.10 held by the CVR Group. slowdown had affected operations of the CVR Group. palli ports, we are confident uga Engineering, the Grasim Ind ...... 756.65...... -9.70 HCL Tech...... 585.05...... 11.50 The acquisition is in line of harnessing the potential flagship of the group. Rupee plunges to month­and­half low HDFC ...... 2454.45...... -11.95 with APSEZ’s strategy of ex­ KPCL is the second­largest first week of November 2019 of KPCL and improving re­ Cancellation of the pro­ HDFC Bank...... 1268.40...... -18.35 panding its footprint in And­ private sector port in the and at the time, it was said turns to stakeholders.” ject and the economic slow­ SPECIAL CORRESPONDENT “On Friday, spot prices in Hero MotoCorp ...... 2432.35...... 2.90 MUMBAI Hindalco ...... 216.45...... -3.70 hra Pradesh. The transaction east that handled 54 MT of that the entire exercise Also, APSEZ would aim to down had hit the operations Mumbai jumped to touch Hind Unilever ...... 1927.45...... -10.60 would accelerate APSEZ’s cargo during FY19. Mundra would last a month or two enhance KPCL’s cargo han­ of the group and that of The impact of the U.S. drone ₹41,000 but very soon it ICICI Bank ...... 538.85...... -1.75 move towards handling 400 Port, on the west coast, and that thereafter, the Ada­ dling volume to 100 MT in KPCL. Since then, the pro­ strike killing a top Iranian could cross ₹45,000 as cur­ IndusInd Bank ...... 1528.85...... -0.15

Bharti Infratel ...... 248.15...... -5.50 million tonnes (MT) of cargo which also belongs to the nis would take a final call. about seven years from the moters had been looking for military commander was rency weakens and con­ Infosys ...... 746.00...... 11.30 by 2025, said APSEZ in its , has been han­ On Friday, APSEZ an­ present capacity of 64 MT, a suitor to bail it out, said a visible in most market seg­ cerns rise,” said Akhilesh Indian OilCorp...... 126.85...... -0.15 statement. dling over 100 MT of cargo nounced its intention to ac­ the statement added. KPCL former top official of KPCL ments in India as gold prices Mehta, proprietor, AR Plus, ITC ...... 238.50...... -1.35

JSW Steel...... 272.45...... -4.00 The purchase considera­ for the past few years con­ quire the stake. recorded a revenue of ₹2,394 who had quit recently. spiked, while equities fell, a jewellery store in Zaveri Kotak Bank ...... 1657.10...... -14.45 tion will be funded via inter­ secutively. The acquisition is subject crore in FY19 compared with On Friday, APSEZ shares and the rupee plunged to a Bazaar, adding that people, L&T...... 1335.05...... -10.25 nal accruals and existing Adani Group began due to regulatory approvals and ₹1,969 crore in FY18. KPCL, declined 0.2% to ₹382.70 on one­and­a­half­month low. however, are still buying M&M ...... 532.75...... -7.10 cash balance, APSEZ said. diligence at KPCL during the the transaction is expected which is engaged in the busi­ the BSE. While gold prices in the gold as a further rise in pric­ Maruti Suzuki ...... 7254.25...... -75.60

Nestle India Ltd...... 14593.60. .. -135.75 spot market surged by es is expected. NTPC ...... 119.35...... -2.05 around ₹1,000 per 10 gm on ONGC ...... 128.45...... 0.40 Friday, rupee fell by 42 Equities recover PowerGrid Corp ...... 193.00...... -2.10 Oil, safe haven Reliance Ind ...... 1537.15...... 1.85 Indigo boardroom battle takes turn for worse paise to end at 71.80 against Equities did not see an State Bank ...... 333.70...... -5.60 the U.S. dollar amid a spike across­the­board sell off as Sun Pharma ...... 444.60...... 9.65 bonds surge in crude prices. Equities, the benchmark Sensex, Tata Motors ...... 191.10...... -2.65 Gangwal eyes change in Articles to deny Bhatia first right of refusal on equity sale Tata Steel ...... 483.70...... -1.15 however, managed to re­ which dipped to an intra­ TCS ...... 2200.65...... 43.00 on U.S. strikes coup some of the losses as day low of 41,348.68, settled Tech Mahindra ...... 775.10...... 9.05 JAGRITI CHANDRA Mr. Gangwal may Gangwal in order for them to the benchmark Sensex the day at 41,464.61, down Titan ...... 1139.70...... -15.90 NEW DELHI <> Reuters UltraTech Cement...... 4219.20...... -25.60 wish to sell his be passed. closed at 41,464.61, down 162.03 points or 0.39%. UPL...... 590.75...... -4.70 The boardroom battle bet­ share to either “It is important to note 162.03 points, or 0.39%. The overall market Vedanta ...... 157.75...... -1.70 ween IndiGo’s two co­pro­ that the EGM is not being Oil prices jumped nearly Bullion market partici­ breadth was only marginally Wipro ...... 251.10...... 2.80 Rahul Bhatia’s moters is set to escalate in called jointly, which means $3 a barrel and gold, the pants expect prices of gold negative as 1,300 stocks lost YES Bank...... 47.10...... -0.25 competitor or Zee Entertainment ...... 273.70...... -15.90 the days to come as Rakesh this is no sign of a truce. This yen and safe­haven bonds to touch ₹45,000 per 10 gm ground on the BSE, against some other entity Gangwal has sought removal may be a tactic to drive a all rallied on Friday, after in the near future, even as 1,213 gainers. The broader of clauses in the company’s hard bargain from Rahul the U.S. killing of Iran’s top spot prices jumped by more Nifty closed at 12,226.65, EXCHANGE RATES Articles of Association that sought deletion of clauses Bhatia,” the person quoted military commander in an than ₹1,000 per 10 gm on down 55.55 points or 0.45%. Indicative direct rates in rupees a unit allow his rival Rahul Bhatia from the Articles of Associa­ above said. air strike in Iraq ratcheted Friday to touch ₹41,000 in “News of fresh tension except yen at 4 p.m. on January 03 CURRENCY TT BUY TT SELL the right of first refusal if the tion that provide the first Mr. Bhatia declined to off­ up tensions between the Mumbai’s Zaveri Bazaar. between U.S. and Iran trig­ former sells his stake in the Rakesh Gangwal right of refusal to the two co­ er a comment, while phone two powers. “Fresh geopolitical ten­ gered a gap­down start and US Dollar...... 71.60...... 71.92 Euro ...... 79.66...... 80.04 company. promoters in case one of calls to Mr. Gangwal re­ The Middle East­focused sions will affect internation­ the benchmark gradually British Pound...... 93.48...... 93.91 In a BSE filing on Friday, “acquisition of shares” and them seeks to transfer his mained unanswered. oil markets saw the most al gold prices, which in turn, drifted lower as the day pro­ Japanese Yen (100) . .. . 66.28...... 66.57

Chinese Yuan ...... 10.27...... 10.32 InterGlobe Aviation Limited “other provisions on equity share. This means, Mr. Gang­ Qatar Airways’ Akbar al dramatic moves with Brent would push [up] the prices gressed,” said Ajit Mishra, Swiss Franc ...... 73.54...... 73.89 (IGAL) — IndiGo’s parent shares”. wal may seek to sell his share Bakr, a good friend of Mr. crude futures leaping as here,” said Kumar Jain, vice­ vice­president, Research, Singapore Dollar ...... 53.01...... 53.25 company — notified that an RG Group, comprising Ra­ in the company to either Ra­ Bhatia, has on several occa­ much 4.5% to $69.20 a bar­ president, Mumbai Jewell­ Religare Broking, adding the Canadian Dollar...... 55.06...... 55.31

Malaysian Ringitt ...... 17.45...... 17.54 extraordinary general meet­ kesh Gangwal, Shobha Gang­ hul Bhatia’s competitor or sions expressed his interest rel intraday, their highest ers Association. resilience on the broader

Source:Indian Bank ing (EGM) is scheduled for Ja­ wal and The Chinkerpoo Fa­ anyone else,” said an expert in acquiring a stake in since September, though Gold prices on the Lon­ front helped the market nuary 29 after a request from mily Trust, collectively hold on corporate law, on condi­ IndiGo. the impact was felt across don Bullion Market Associa­ breadth to settle on a flat Mr. Gangwal for passing a 37% shares in IGAL, while tion of anonymity. Last year, Mr. Gangwal almost every asset class. tion (LBMA) jumped to near­ note. Foreign portfolio in­ BULLION RATES CHENNAI special resolution for delet­ Mr. Bhatia’s company, Inter­ At least 75% of the votes had written to the markets Europe’s STOXX 600 ly $1,530 per ounce on vestors continued to be January 03 rates in rupees with pre- vious rates in parentheses ing sections of the Articles of Globe Enterprises, owns a cast by shareholders will regulator SEBI alleging cor­ and Wall Street futures Friday after trading below buyers in Indian equities,

Retail Silver (1g) ...... 51.4...... (50.4) Association pertaining to little over 38%. have to be in favour of the porate misgovernance at In­ both fell around 1% as New $1,500 for most part of with Friday’s net purchases 22 ct gold (1 g) ...... 3815...... (3736) “transfer of equity shares”, “Rakesh Gangwal has amendments sought by Mr. diGo. Year optimism evaporated. December. pegged at ₹1,263 crore. Renault clocks volume Ratan Tata moves SC against NCLAT verdict to reinstate Mistry growth of 8% in 2019 Judgment has pulled down governance and corporate structure painstakingly built by Tata Sons’ founders, he says Steps on the gas with new launches Legal Correspondent change of ideas, views, etc, bunal accused him of engi­ Mr. Tata said Mr. Mistry’s NEW DELHI between him and Mr. Mistry neering the coup to oust Mr. handling of the DoCoMo dis­ Special Correspondent pact MPV Triber was Chairman emeritus of Tata could be treated as conclu­ Mistry. The petition said the pute was a “glaring example” CHENNAI launched in August 2019 Sons Private Limited, Ratan sive evidence of unsolicited judgment, with no evidence of the lack of leadership French automaker Renault and since then, Renault has N. Tata, moved the Supreme interference, Mr. Tata said. to back it, castigated him and skills. It was during Mr. Mis­ India has ended calender sold 24,142 units. Court on Friday against the “What is even more re­ N.A. Soonawala (former trus­ try’s tenure that Tata Sons re­ year 2019 by selling 88,869 Renault India CEO and National Company Law Ap­ markable is that the whole tee of Tata Trusts) and Nitin neged on its word with Do­ units, thereby registering MD Venkatram Mamilla­ pellate Tribunal’s (NCLAT) case of oppression and pre­ Nohria, a Trusts Nominated CoMo. He showed “complete about 8% increase in vol­ palle had said they had judgment restoring Cyrus judice is based entirely on Director, for ‘unfair abuse of obstinacy” to comply with ume compared with 2018. started exporting Triber to Mistry as its chairman, say­ words and statements con­ powers’. legal obligations even in the In the first three quarters South Africa by the last ing the verdict had virtually tained in correspondence face of an adverse verdict by of 2019, the company sold week of December 2019 . pulled down the governance without there being an iota Reluctance to arbitration. 19,193 units, 17,605 units The next lot will be shipped and corporate structure of evidence to buttress any disassociate “This is not what the Tata and 17,705 respectively. by February. painstakingly built by the actual loss/injury being In fact, the appeal said, the Sons brand stands for. Quite The last quarter saw a He also said that their founders of the Indian multi­ caused to Tata Sons as a re­ “various fronts where Mr. to the contrary, honouring huge jump of 34,362 units, mid­term plan of doubling national conglomerate. Ratan Tata denied that 550 e­mails were exchanged between sult of Mr. Cyrus Mistry being Cyrus Mistry’s leadership its commitments is one of Ta­ which was 67.92% more production volume to 1.60 Tata Sons has already him and Mr. Mistry as claimed in the verdict. * REUTERS forced to act on such interfe­ was lacking was his reluc­ ta Sons’ highest virtues it than that of corresponding lakh units by 2022 to moved the apex court rence/interdiction against tance to timely and meaning­ takes great pride in. The spat year­ago period sales. achieve profitablility was on against the NCLAT’s decision of shareholders. Mr. Tata were exchanged between his wishes,” Mr. Tata con­ fully disassociate himself with DoCoMo, which was The market share in Q4 track. of December 18. said he had spent more than Mr. Mistry and him to de­ tended. from his family business af­ widely covered by the press, was 4.4%. Renault attribut­ According to him, a sub Mr. Tata said the NCLAT half of his life in building the monstrate the scale of inter­ He said the NCLAT, ter he became the Chairman brought ill­repute and repu­ ed the increase to the intro­ four­metre vehicle will be judgment banked on spe­ name of Tata Sons and other ference from the latter’s side. through its contrived and of Tata Sons and address any tational losses to Tata Sons,” duction of new products unveiled in the second half cious arguments to find him Tata operating companies to Mr. Tata said there were self­serving reading of the conflict in this regard, which the appeal said. It said Mr. such as Triber, Kwid and of 2020 and an electric veh­ ‘guilty’ of acting in an ‘op­ one of the top global compa­ ‘no such 550 mails in the first correspondence, concluded was a condition precedent to Mistry failed to capitalise Duster. icle by end­2021 or ear­ pressive and prejudicial’ nies. He said the judgment place’. It was rather ‘remar­ that he was ‘determined’ to his appointment as Chair­ when business opportunities The seven­seater com­ ly­2022. manner against the interests claimed ‘over 550 emails’ kable and strange’ that an ex­ remove Mr. Mistry. The tri­ man of Tata Sons”. came up. At SoftBank’s jewel in India, toxic culture and troubling incidents Oyo, one of India’s most valuable private companies, is accused of following questionable practices that may blight India’s multi­billion­dollar start­up landscape

Vindu Goel ledged. To deter trouble of India operations, also said SoftBank and Mr. Agarwal tels online that lacked air Karan Deep Singh from authorities over the ille­ many hotels lacked required put another $1.5 billion into conditioning, water heaters New Delhi gal rooms, Oyo sometimes licences, leaving them vul­ Oyo. The funding valued the or electricity. He and eight Oyo, a start­up that offers gives free lodging to police nerable to the occasional go­ company at $8 billion. others said their managers budget hotel rooms, has and other officials. vernment raid. He denied At the same time, two oth­ had asked them to engage in grown into one of India’s Oyo has also imposed ex­ Oyo gave free rooms to er big investors, Sequoia a monthly shell game of most valuable private com­ tra fees on hotels and de­ officials. Capital and Lightspeed Ven­ briefly inserting these un­ panies and aims to be the clined to pay the hotels the Founded in 2013 by Mr. ture Partners, reduced their available properties into world’s largest hotel chain by full amounts they claimed Agarwal, then a 19­year­old holdings. The firms sold $1.5 Oyo’s listings — complete 2023. they were owed. Some hotel student, Oyo coaxes hotels to billion of their stock — about with fake photographs — to But at least part of Oyo’s operators have sought to file become Oyo­branded desti­ half their stakes — to Mr. help impress investors. rise in India was built on criminal complaints against nations that list exclusively Agarwal. He borrowed mo­ practices that raise questions Oyo, which said it withheld through its website; it then ney to buy the shares and Lax worker oversight about the health of its busi­ payments primarily over the markets those rooms online paid the venture firms a Oyo’s oversight of its workers ness, according to financial hotels’ customer service to travellers and takes a cut price that valued Oyo at $10 was also sometimes so lax filings, court documents and issues. of each stay. It also runs billion. that employees brazenly interviews with 20 current some hotels itself. Current and former work­ stole from it, said four people and former employees, as Bubble will burst Oyo now offers more than ers said Oyo was never an ea­ involved in the start­up’s well as others familiar with “It’s a bubble that will burst,” Room for doubt: Oyo’s rise in India was built on practices that raise questions about the health 1.2 million rooms in 80 coun­ sy place to work but that fraud­fighting efforts. the start­up’s operations. said Saurabh Mukhopad­ of its business. * . NYT tries, including the U.S., em­ pressure increased over the Because Oyo hotels are Oyo offers rooms from un­ hyay, a former Oyo opera­ ploys more than 20,000 peo­ last year. popular with unmarried cou­ available hotels, such as tions manager who left the billions in foreign capital in SoftBank’s CEO , has hailed New Delhi, said of Oyo. “But ple and has raised more than Mohammad Jahanzeb Gul, ples looking for places for those that have left its ser­ company in September. recent years, spawning other Oyo as a jewel of his compa­ as of now, there are serious $2.5 billion in funding. Mr. who supervised 23 Oyo pro­ their trysts, one scheme in­ vice, according to the com­ Oyo is part of a group of multi­billion­dollar compa­ ny’s $100 billion Vision doubts about the business Agarwal has become a busi­ perties, said he sometimes volved workers at properties pany’s CEO, current and prominent start­ups that nies such as ride­hailing firm Fund, even as he recently model.” ness star, hobnobbing with spent all day and night in run directly by Oyocolluding former employees. That has have sprinted to get as big as Ola and digital payments wrote off billions of dollars Ritesh Agarwal, Oyo’s PM Narendra Modi. front of a computer to meet to keep the guests checked in the effect of inflating the possible, fed by money from provider Paytm. on other investments. CEO, acknowledged in a re­ But as Oyo has grown, its deadlines. “The culture is after they left. number of rooms listed on large investors such as Japa­ It would also be another “This is the only company cent interview that some of losses have mushroomed. really very toxic,” he said. The workers then cleaned Oyo’s site. Thousands of the nese conglomerate SoftBank. black eye for SoftBank, which went global at this his company’s room listings The company expects to lose Mr. Mukhopadhyay said and resold the rooms for rooms are from unlicenced Any fall by Oyo could which is Oyo’s biggest inves­ scale from India,” Satish included hotels that it no lon­ money through at least 2021, employees were under so cash to other guests and hotels and guest houses, its blight India’s start­up land­ tor and owns half the start­ Meena, a senior forecaster ger worked with. according to recent govern­ much pressure to add new pocketed the money, the pe­ executives have acknow­ scape, which has received up’s stock. Masayoshi Son, for research firm Forrester in Aditya Ghosh, Oyo’s head ment filings. In December, rooms that they brought ho­ ople said. NY TIMES

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