FRIDAY, 27 SEPTEMBER 2019 18 pages in 1 section www.business-standard.com MUMBAI (CITY) ~8.00 VOLUME XXIV NUMBER 32

THE MARKETS ON THURSDAY Chg# Sensex 38,989.7 396.2 Nifty 11,571.2 131.0 BACK PAGE P18 BACK PAGE P18 Nifty Futures* 11,630.8 59.6 Dollar ~70.9 ~71.0** Euro ~77.5 ~78.1** E-CIGARETTE BAN: GOVT FACES TRUMP ABUSED POWER, Brentcrude ($/bbl)## 61.4## 62.1** Gold (10 gm)### ~37,570.0 ~384.0 FIRST COURT CHALLENGE ALLEGES WHISTLE-BLOWER *(Oct.) Premium on Nifty Spot; **Previous close; # 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’S LIQUIDITYPANEL FAVOURS LONG-TERM Consumption is back, PMCBankchairman’s LENDING OPERATIONS An internal working group of the RBI to review the current liquidity HDILlinkrunsdeep management framework has said that no liquidity issue: FM the existing framework can continue with some minor changes. The panel, Waryam Singh held 1.91% stake in HDIL till 2017 however, said the central bank can Private sector banks to join govt's loan outreach programme minimise its secondary market bond DEV CHATTERJEE & RAGHAVENDRA KAMATH CONNECTING purchases, and instead use longer-term SOMESH JHA & INDIVJALDHASMANA Mumbai, 26 September lending operations as a new tool to New Delhi, 26 September CREDIT FLOW SLOWS THE DOTS infuse liquidity into the system. This, S Waryam Singh, chairman of Punjab & the panel said, would help offset build- emand is back in the sys- Credit to housing finance Credit to NBFCs from PSBs Maharashtra Co-operative Bank (PMC up of a large deficit or surplus. 4 > tem, Finance Minister firms and non-banking Figures in ~trillion Bank), held 1.91 per cent in real estate com- Nirmala Sitharaman said finance companies from Credit outstanding Increase in credit pany Housing Development & MOHANTY

D on Thursday, expressing Infrastructure (HDIL) till September 2017. AJAY public sector banks has COMPANIES P2 6.32 hope that it, along with increased fallen in the lastsix 4.50 5.63 Singh, 67, who joined the HDIL board as Dutch courtadministrator lending, would perk up the economy months, compared to the director in 2005, quit to return to the bank in the second half of the current as chairman in 2015, a position he had held can nowbe part of JetCoC financial year. six months following the between 1999 and 2005. ILLUSTRATION: The NCLAT on Thursday allowed a Dutch The finance minister’s statement IL&FScrisis While Singh was a non-executive direc- 1.13 insolvency court administrator to attend came amid growing concerns about 0.69 tor at HDIL, he is listed as one of the pro- the committee of creditors meetings of Jet a slowing economy. The economic NA moters of the company and had relations, Airways, a ruling that could break fresh growth plunged to an over six-year including shareholding, with several other Sep 30, ground in cross-border insolvency low of 5 per cent in the first quarter. Finance Mar 31 Sep 19 entities controlled by the S Waryam Singh & HDIL Minister 2018 2019 ECONOMY proceedings. In doing so, the NCLAT set “Things are looking forward and Wadhawans, the HDIL Sept ‘05: Singh Jul ‘07: HDIL aside an order of the Mumbai Bench of the upward from here, and we hope to Nirmala As on PAGE 4 founders. He remained invests ~4.7 crore as NCLT, which had said the Dutch court take this message across,” Sitharaman RBI INCREASES a director on the PMC launches IPO at administrator had no jurisdiction in India. Sitharaman said after holding a Pool buyouts of NBFCs/HFCs WITHDRAWAL Bank board during his co-promoter to buy ~500 per share LIMIT TO ~10,000 650,000 HDIL shares meeting with top executives of pri- by PSBs Sanctioned amount (~cr) tenure at HDIL. Jan ‘08: Value of COMPANIES P3 vate sector banks, housing finance The Reserve Bank of July ‘06: After two Singh's HDIL stake companies, and micro finance insti- India (RBI) will investigate this link bonus issues, these crosses ~1,000 crore Indiabulls sells properties tutions (MFIs). Last week, she had 55,478 between the company and PMC Bank, become 11.7 mn to Blackstone for~2,700 cr met heads of public sector banks and which the regulator has placed under shares Aug: 2:7 bonus takes asked them to go for an outreach pro- Sep ‘18 30,329 curbs. It has superseded its board and holding to 8 mn Aug: Transfers Indiabulls Real Estate has sold its gramme to step up lending. to Mar ‘19 Apr 1, ‘19 to appointed an administrator. 5.48 mn shares for shares remaining stake in its Gurugram and None of the bankers in the meet- Sep 19, ‘19 Sources say the regulator will complete Mumbai commercial properties to US- ing on Thursday said they faced its investigation in three weeks. ~5.48 crore; left Mar‘16: Singh not based private equity fund manager any liquidity issues. They, however, PMC Bank’s loan to HDIL has come with 6.22 mn shares listed as promoter Source: Finance ministry Blackstone for ~2,717 crore. The acquisition admitted there were some glitch- under the regulator’s lens. While the would give Blackstone complete control es, such as those related to know- bank’s auditor is said to have classified Singh’s career graph and ownership in Indiabulls' commercial your-customer (KYC) norms and tricts for potential lending. The first The finance minister indicated the loan to HDIL as standard, the RBI had 1999-2005: Chairman, PMC Bank office portfolio of 5 million sq ft. co-origination of loans by non- phase of the programme will start in that the economic slowdown seemed flagged it as a stressed account, making it 2005-2015: Businessman; non-executive banking financial companies 250 districts from October 3-7, he to have bottomed out and the com- necessary for the bank to treat it as a non- director, HDIL (NBFCs) and others. They also said said. The next phase will begin ing festive season would help the performing asset and make provisions. Pakuses terrorism as tool there was enough demand for around Diwali. Maintaining that economy start looking up. Turn to Page 17 > 2015 onwards: Chairman, PMC Bank of statecraft: Jaishankar loans, she added. there was no liquidity issue, Kumar Bandhan Bank CEO Chandra “On the whole, it was a very ton- said the outreach programme was Shekhar Ghosh said demand for Hitting out at Pakistan, External Affairs ic-like meeting where I heard good being organised to take advantage of credit was comparatively slow in the Minister S Jaishankar has said India things, positive things," she said, the festival season. first two quarters of the year, but cannot talk to a challenging neighbour adding that “the message I got is that “We see a huge opportunity in the might pick up during Durga Puja. that conducts terrorism as a “legitimate consumption is happening and there outreach programme announced by Turn to Page 17 > NEW FRAMEWORK TO BAIL OUT STRESSED tool of statecraft” to put pressure on are no liquidity issues". the government. We feel that this is New Delhi to come to the table.“During Finance Secretary Rajiv Kumar an opportunity for us to do our dhar- GOVT MAYSEEK EXTENSION OF FINANCIAL COMPANIES LIKELY TODAY an interactive session by think-tank invited private sector banks to join ma,” Kotak Bank Vice Chairman and ECB TO BOOST NBFCCREDIT P4 Council on Foreign Relations in New the outreach programme in 400 dis- Managing Director Uday Kotak said. Amid the crisis at DHFL, financial sector because of a lack of coordination and inter- York, the minister said “pre-August 5, regulators are planning a newframework regulatory issues. Sources in the know of the Kashmir was in a mess”. forresolving stressed financial developments said the Financial Stability and conglomerates. The new framework, which Development Council, which includes the the regulators will discuss at a meeting in chiefs and senior officials of the RBI, Sebi, and ‘Tax rate cut will give Centralgovtseekssteep Mumbai on Friday, would help adopt a the Insurance Regulatory and Development uniform approach to bailing out such Authority of India, would meet at the RBI more in the long run’ companies. The process is hampered now headquarters. SHRIMI CHOUDHARY writes 16 > Amid a debate over the possibility of cutindevolutionto states widening fiscal deficit because of the cut in the corporation tax rates, Revenue Secretary A B PANDEY Finance Commission has written to ministry for a revised memorandum tells Indivjal Dhasmana that the crucial parameter is ARUP ROYCHOUDHURY one were to take all of the Centre’s whether the deficit number New Delhi, 26 September SQUEEZING STATES’ wishes into account, it will lead to a reflects disciplined fiscal SHARE considerable decrease in the states’ behaviour of the central The central government, in its mem- share of the divisible pool,” the official government. orandum to the Fifteenth |Centre’s memorandum added. The Commission’s internal Finance Commission (15th contains ‘substantive’ calculations show that the result of ECONOMY PAGE 8 FC), has sought a substan- requirements implementing all the requests of the tial decrease in devolu- Centre will be a reduction in the tion to states from the |If requirements states’ share to 33-34 per cent. fulfilled, devolution to ECONOMY P8 existing 42 per cent of the A second official told Business divisible tax pool. The states will reduce to Standard that the 15th FC had recent- Effective taxon companies Commission, on its part, 33-34% ly written to the finance ministry with still among the highest has written to the finance | Officials say govt’s regard to a revised memorandum. ministry, asking for a revised assessment on economy Officials said the government’s The recent cut in the corporation tax may memorandum in the light of the pre- assessment and outlook of the econ- unrealistic in light of slowdown ease the burden on corporates. But more vailing economic slowdown, tax omy in the memorandum, based steps are required for making the country trends, and the fiscal situation. |15th FC seeks fresh assessment mostly on its Budget projections, globally competitive from the perspective Sources familiar with the devel- on economy from the Centre were unrealistic. of corporation tax. Taking into account opments said while the Centre’s “A lot has changed since the taxes on dividend and share buyback, the memorandum did not mention any |Response awaited from North finance ministry submitted the total tax on corporate profits works out to specific percentage of reduction, the Block Centre’s memorandum. We have be 46.8 per cent for old manufacturing devolution to states would go down to asked for several clarifications in companies, and 41.1 per cent for new 33-34 per cent if its ‘wish list’ was view of the moderation in nominal manufacturing firms not availing of any implemented. requirements which are fairly sub- GDP (gross domestic product) num- other incentives and tax breaks. “There is no explicit figure of what stantive,” said an official aware of the bers and tax buoyancy,” the second SACHIN P MAMPATTA & KRISHNA KANT write the Centre wants. But it has some contents of the memorandum. “If official said. Turn to Page 17 > Sauditerrorattack hitsIndiankitchens A shortfall in LPG supply from Aramco has led to huge booking backlog across states SHINE JACOB backlog,India has asked Abu acute because of the recent New Delhi, 26 September Dhabi National Oil shutdown in ONGC’s Uran SUPPLYPANGS Company (Adnoc) for two unit after a fire, a source Consumers (mn) This festive season, liquefied additional cargosof LPG, but pointedout. Even some PMUY* (mn) petroleum gas (LPG) that may take another 10 units of Mangalore Refinery 24.9 MT TotalLPG LPG penetration deliveryin the country is days to reach. and Petrochemicals (MRPL) (%) RHS bearing the brunt of a recent The Ministry of were shut last month, consumption terror attack at the Saudi Petroleum and Natural Gas following a minor landslide Aramco facilities. A shortfall is monitoring the situation in the area. There were in assuredsupply from the on a daily basis and has shutdowns in some private energy major has resultedin already asked companies to refineries as well. 12.8 MT a huge booking backlog take appropriate action to When contacted, an Domestic across statessuch as deal with the shortage. Indian Oil Corporation (IOC) production Maharashtra, Karnataka, India is the largest official said consumers Punjab and Goa, according consumer of LPG after would not face any problem to industry sources. China. In 2018-19, India’s during the festive season. He The deliveryof cylinders overall consumption of the confirmed that fresh cargo 12.1 MT is taking 10 to 15 days in some fuel was 24.9 million tonnes from Adnoc would be Imports of the states, LPG (MT), of which only 51.4 per coming in soon. distributors said. cent or 12.8 MT was met from Another official said poll- *Gas connections Maharashtra is especially domestic production while bound states—Maharashtra provided under Pradhan MT: Million tonnes tricky as the state is going for the remaining was and Haryana — would be Mantri Ujjwala Yojana Note: Figures are Assembly elections on imported. given special attention. (PMUY); **Projected for 2018-19 Source: PPAC October 21. To meet the The shortage has become Turn to Page 17 > 2 COMPANIES MUMBAI | FRIDAY, 27 SEPTEMBER 2019 STOCKS > Hindustan Petroleum Corporation > Zee Entertainment Enterprises > Hindustan Zinc > YES Bank > AstraZeneca Pharma India Top gainer among oil Essel Group promoters Govt looking for early Hits 6-year low despite DGCI approves IN THE NEWS marketing companies plan to sell non-media resolution of case in the being 'on course' to raise anti-diabetic drug assets to repay debt Supreme Court: Report growth capital

~304.75 CLOSE ~286.70 CLOSE ~213.15 CLOSE ~51.05 CLOSE ~ 2,254.75 CLOSE

* OVER PREVIOUS CLOSE 6.76% UP* 5.44% UP* 5.62% UP* 4.93% DOWN* 4.79% UP* > . IN BRIEF Hope to startmanufacturing China opens doors forDRL’s generics TVs in India by 2020: OnePlus First Indian firm to get contract for supplying schizophrenia drug to public hospitals there SOHINI DAS & UJJVAL JAUHARI AIMING HIGH MOVING UP Mumbai/New Delhi, 26 September Dr Reddy's is the first for a drug used as blood BSEprice in ~ yderabad-based Dr Reddy's Indian firm and the second thinner 2,900 Laboratories (DRL) is the first international generic firm Companyis targeting about 2,774.85 H Indian company to get 2,800 to be selected in the 70 products in China with approval for supplying generic drugs to bidding process in China a market size of $8 billion China's public hospitals. 2,700 After winning its first as per analyst estimates It was among three bidders, the oth- 2,533.30 er two being Chinese companies. The tender for a schizophrenia Nomura Research arrives at 2,600 drug that it would supply is called drug, analysts believe Dr a target price of ~3,284 2,500 Olanzapine, used to treat schizophre- Reddy's is targeting next based on sum-of-the- big opportunity, nia and bipolar disorder. This is part of parts valuations for stock 2,400 OnePlus on Thursday unveiled smart TVs in the Indian a plan by China's government for a participating in a tender trading at ~2,774.85 Aug 1,’19 Sep 26,’19 market and said it hopes to start manufacturing locally by nationwide experiment to change their early next year. India is the first market where OnePlus is drug procurement policy, to cut the bringing its smart television. The company will retail its cost of generic medicines. The trial Sandoz) to successfully participate in a had fallen recently. This is a good time ing the capacity of a plant there with able market. The drug is now undergo- TV sets from ~69,900 onwards. The firm has also launched began last December, in 11 cities, with Chinese bidding process. The overall for Indian players to raise their pres- Kunshan Rotam. Edelweiss said, ing generic equivalent assessment OnePlus 7T smartphone priced from ~37,999 onwards. PHOTO: PTI drug makers asked to bid for supply of revenue gain for the Olanzapine con- ence in the $137-billion Chinese market. "Currently, DRL owns 51.3 per cent (China requires drug makers to conduct 25 common generic drugs to hospitals. tract could be $10-30 million, depend- Players like DRL have early-mover interest in its joint venture (JV) with bio-equivalence studies). It is used pri- Dr Reddy's had not responded to a ing on market share gain, say analysts advantage." Rotam but does not consolidate sales marily to prevent blood clots and help in Face of Trivago Apollo Hospitals request for comments at the time of at Nomura. More important, though, is Procurement prices in government because board seats are divided 50:50. related cardio-vascular problems. going to press. Deepak Malik, analyst the ability to participate in other such tenders for hospitals are already lower In the future, if DRL acquires a higher Product launch is still some way off. advertisements considers passing on with Edelweiss, said the opportunity tenders, more important for future by 20-25 per cent. share of voting board seats, the com- China is the world's second largest joins Paytm taxcut to investors was a small one, at $20-30 million, but prospects. Meanwhile, DRL has expanded its pany will consolidate, using the acqui- single-country pharmaceutical mar- a step forward for the company in the Another analyst noted: "The China team and is conducting bio- sition method." The JV has a sales and ket, after America. According to esti- Abhinav Kumar, face of travel Apollo Hospitals Enterprise is Chinese market. "This definitely boosts Chinese government is focussed on studies there. These take around a year marketing team covering 5,000 hospi- mates, a fourth of drugs by value to search engine Trivago’s considering passing on the their presence, where it emerges now as reducing spending on generic drugs. and analysts say that from filing to tals in China. Chinese hospitals are supplied by com- advertisements in India, has proceeds of corporation tax a serious player," he said. This has made many global drug approval, it can take 12-18 months. "In In the first quarter of 2019, DRL got panies outside of China. The country is joined fintech major Paytm as cuts announced last week to DRL's share price has gained about majors re-think their China strategy. China, DRL is growing in strong dou- approval for a $1.6 bn anti-blood clot- undergoing some market-friendly vice-president for product its shareholders, according 11 per cent since its August low, on AstraZeneca had to cut its cancer drug ble-digit (annually). It has already ear- ting drug (Clopidogrel) from the reforms which will expedite the gener- marketing. Kumar, who was to sources. Apollo might also improving fundamentals. It is now the price by 70 per cent or so last marked 70 products to be filed over Chinese regulator. This was after a 11- ic approval timelines. the country development head use some of its tax savings to first Indian company and the second December. Similarly, prices of some three–four years," Malik said. year wait and would be DRL's biggest (India) for the travel portal pay down debt and invest in international generics one (after common blood pressure medications DRL is also in the process of expand- product in China in terms of address- More on business-standard.com became an overnight internet the business, which sensation of sorts after he operates 71 hospitals came in a slew of throughout India, said the advertisements of the firm. PTI< people. BLOOMBERG< Dutch insolvency court GMRlooksto foreign Ashok Leyland Samsung India announces launches digital can bepart of Jet CoC no-production days lending platform shoresforexpansion Ashok Leyland has announced Electronics major Samsung on AASHISH ARYAN & SUBRATA PANDA non-working days in Thursday launched 'Samsung New Delhi/Mumbai, 26 September ARINDAM MAJUMDER September and October. The Finance+', a digital lending New Delhi, 26 September company has decided to platform that will offer consu- The National Company Law declare September 28, 30 Octo- mers finance options to buy its Appellate Tribunal (NCLAT) on GMR Infrastructure is looking ber 1, 8 and 9 non-working Galaxy smartphones. The move Thursday allowed a Dutch ins- to expand its international foot- days. The firm said it has deci- assumes significance ahead of olvency court administrator prints before its demerger, after ded to continue the corrective the festive season, where to attend the Committee of which its airport arm would be actions to safeguard the inte- handset makers are lining up a Creditors (CoC) meetings of Jet listed as a separate entity. rest of the firm. BS REPORTER< slew of devices . PTI< Airways, a ruling that could The group has bid for the break fresh ground in cross-bor- redevelopment project of der insolvency proceedings. U-Tapao Airport in Pattya, In doing so, the NCLAT set Thailand and Hang Nadim aside an order of the Mumbai Airport in the Batam region of Eveready not under Bench of the National Company should go together… he must be line. Jet was declared bankrupt Indonesia. Law Tribunal (NCLT), which there for maximisation of value in the Netherlands in response The group is also looking to GMR Group is also looking to raise its stake in a JV with Terna had said the Dutch court admi- of assets,” NCLAT chairperson to a complaint filed by two raise its stake in a joint venture Group, which is going to build and operate Heraklion Airport nistrator had no jurisdiction in Justice S J Mukhopadhaya had European creditors, H Esser with Terna Group, which is at Crete Island in Greece PHOTO: REUTERS stress, says Khaitan India and therefore would not said. The ruling is an exception Finance Company and going to build and operate be able to take part in Jet’s CoC rather than the norm, as in the Wallenborn Transport, who had Heraklion Airport at Crete project will also bolster GMR's ISHITAAYAN DUTT require shareholders’ approval. meetings or raise claims over the absence of an international claimed dues worth ~280 crore. island in Greece. AIRPORT IS KEY status as an operator in the Kolkata, 26 September “It is not that only the pro- airlines’ assets. The NCLT had arrangement, there is no scope After this, the insolvency Currently, the group is REVENUE DRIVER European region, helping it to moters’ votes will be enough to also held the Dutch insolvency for interference with an insol- administrators had approa- fourth-largest airport operator bid for projects in the future. Shareholders at the annual get any transaction through. court proceedings as ‘null and vency proceeding in India on ched the NCLT with a plea that in the world, handling around FOR GMR "The Europeans are extremely general meeting of Eveready Therefore, when we will dis- void’ in India. On September 20, account of an insolvency pro- they should be allowed to 325 million passengers annual- Percentage of total revenue choosy about who runs their Industries India voiced con- cuss about protecting minori- Jet’s Resolution Professional ceeding in the Netherlands, said access the firm’s assets in India, ly. "We are bullish about our in Q1 FY20 airport. The Crete project will cerns over a proposed deal with ty interest, all shareholders (RP) and the Dutch insolvency Ajay Shaw, partner at DSK which would enable them to international projects. Along help us to boost that image," the Duracell for sale of battery will be taken into confidence. court administrator had told Legal. “NCLAT’s decision to recover amounts to pay off the with good projects in India we Airport executive said. To raise money business on a slump sale basis. In the end, the company is not the NCLAT they had finalised allow the Dutch administrator two European creditors. The will always keep looking for 65.5 for the projects, the group is One of the shareholders po- only of the promoters but also the terms of cooperation to participate in the CoC pro- NCLAT had, while agreeing to good opportunities outside," looking to hive off its projects ints out that a slump sale will of minority shareholders,” the between them. ceedings of the Indian entity is hear the Dutch court adminis- said an executive. The $94 bil- in the road sector. not benefit minority sharehol- MD says. Though the CoC had object- with an intent to ensure coop- trator, also stayed a portion of lion redevelopment of U-Tapao The projects that have been ders. “If the battery business is Khaitan also says the man- ed to the presence of the Dutch eration and coordination bet- the NCLT Mumbai Bench’s aims to upgrade the airport as put on the block are the hived off and shareholders are agement is fully committed to court insolvency administrator ween the RP and the Dutch order that held Dutch adminis- the third international airport Hyderabad-Vijayawada Expre- issued shares in new firm then the company. “We are working during the meetings, the appel- administrator,” said Shaw. trator’s offshore proceedings of Thailand after Suvarnabhumi Others ssway, Ambala-Chandigarh it will be different,” he says. day in and day out to see how late tribunal had rejected the Jet is facing insolvency pro- were not maintainable and and Don Mueang. The expan- 18.9 Expressway, Pochannpalli Other shareholders, how- we can revive profitability and contention. ceedings in the Netherlands, hence, they could not be sion project is aimed at making Expressway and the Chennai ever, felt the business should deleverage the balance sheet. “He should be there… he has which was a regional hub for allowed to access the airline’s the airport capable of handling Energy Highway Outer Ring Road. The first two be kept with the group as it Hopefully, hard work should to collate his claims. Both sides European operations of the air- financial assets in India. 15 million passengers annually 7.7 7.9 are toll projects while the others would add value. “What would give good results. In the past in the next five years and Source: Company work on the annuity model. be left with the company if the also share prices moved from increase it to 30 million within The company, which owns battery business is sold,” a ~8 to ~400. So, business has its 10 years. Currently, it handles port is the second-largest in and operates the international shareholder questions. ups and downs.” SpiceJet to launch 46 flights around 2 million passengers per Greece and its registered traffic airports in Delhi, Hyderabad Eveready Managing Direc- Shareholders had expressed year. growth at a compound annual and Cebu in the Philippines, tor (MD) Amritanshu Khaitan, their concerns on the falling Budget carrier SpiceJet announced on Jodhpur, Chennai-Durgapur (under Udan In Indonesia, Batam's close growth rate of 10 per cent per will shift focus to expanding its however, does not confirm a share prices. The Eveready sto- Thursday an expansion of its domestic scheme), Mumbai-Jodhpur, Bengaluru- proximity to the logistics hub annum over the past three existing airports and securing deal with Duracell but says the ck on Thursday closed at ~45.30 network, adding 46 direct flights to Guwahati, Chennai-Vishakhapatnam, of Singapore is an advantage for years. The current airport is fac- new projects in the sector. company continues to look at on the BSE. various destinations in the winter Chennai-Jaipur, Vijayawada- maintenance, repair and oper- ing severe capacity constraints "There is a management deci- opportunities and discuss var- More clarity regarding the schedule, which commences from Vishakhapatnam and Hyderabad-Auran- ating businesses, and its loca- and will be replaced by the new sion to focus on the airport sec- ious joint ventures or strategic ongoing restructuring of the October 27. Besides, the airline also gabad sectors, among others, said the tion farther north than Jakarta airport," Saurabh Chawla, chief tor and grow that business. No tie-ups. “If anything develops, Willamson Magor Group is announced the launch of Rajkot as its release. In addition, SpiceJet will also makes it easier to access other financial officer of GMR Group one is being able to make mon- we will inform,” he says. He, expected over the next six to 54th destination, with a direct flight launch services between Chennai-Patna, Southeast Asian nations. said in a recent interaction with ey in power and roads. We see however, reassures sharehold- nine months, a top official services to Gujarat's fourth-largest Ahmedabad-Jodhpur and Surat-Udaipur "Crete is one of the most vis- analysts. the future in airports," the exec- ers that any major decision will has said. city.The new services include Pune- sectors, it said. PTI ited islands in Greece. This air- Swift execution of the Crete utive said. EstimatesbackFlipkart,Amazoninshruggingslowdownblues

YUVRAJ MALIK BUCKING THE TREND? in calendar year 2019, 60 per cent higher than 2018, while total sales Sept 30 deadline for e-commerce Bengaluru, 26 September E-commerce gross GMVduring in the month of October is seen at festive days Almost 32 million users are expected $7 billion. compliance won’t be extended to buy from e-commerce firms during $ billion Growth (%) However, unlike previous years, the coming mega Diwali sale, RedSeer 2015 0.6 — mobile phone sales could be lower. NEHA ALAWADHI & SUBHAYAN CHAKRABORTY nal structure to comply. According to sources, the Consulting has said. The firm claims Almost 29 per cent of the respondents New Delhi, 26 September e-commerce firms believe the government is using the period will see users make 75 2016 0.9 45 of RedSeer’s survey said they would this exercise to take an unauthorised look into their million transactions this year, against 2017 1.3 40 not be buying mobiles this time. Both The Centre will not extend the September 30 dead- financials, shareholding and operations. The com- over 45million in the last year. 2018 2.3 77 Amazon and Flipkart have line for e-commerce marketplaces such as merce department justifies its action by saying The estimate is in sharp contrast to announced dates for their respective Walmart-backed Flipkart and Amazon to upload many firms have operated with only a thin level of the prevailing economic scenario in 2019 3.7* 60-65 events: Amazon Great Indian Festival on their websites the reports from their auditors scrutiny from public agencies, due to the holding the country, with every other industry *estimated Source: RedSeer will run from September 28 to that they are complying with Foreign Direct firm being based elsewhere. blaming slowdown for affecting October 4, while Flipkart’s Investment (FDI) rules. The firms have also asked the govern- businesses. A few days ago, however, billion in overall e-commerce sales. which in turn is enabled by multiple Big Billion Days Sale is scheduled According to sources, some e-tailers ment to not make public the audited the two e-commerce majors — However, its estimate of growth is 36 themes that industry has been September 29-October 4. have asked the government to extend reports; most entities are private limited Flipkart and Amazon — shrugged off per cent, as it believes 2018 festive focusing and investing on viz Flipkart Chief Executive Kalyan the date. Arguing that it took time to ones. “There is no specified format for slowdown stories. season sales were $2.9 billion. vernacular, credit availability, wide Krishnamurthy, in a recent interview streamline their business and to get it the (compliance) report but an auditor RedSeer’s numbers show that “Our consumer and business selection and fast shipping.” to this paper, had said e-commerce is assessed after the latest FDI guidelines may be held liable for a wrong report if the might be true for the e-commerce research and prediction modellers E-commerce majors host five-to- poised to boost consumption as the took effect in February. Commerce depart- firm is later found non-compliant. One con- sector. During this year’s festive sale, clearly indicate the market is ready to six-day annual flagship sales during platforms have reached smaller ment officials, however, have refused to budge. fusion is the period for which Press Note 2 (PN2) e-commerce firms are expected to grow significantly during the festive Diwali, where they typically clock towns and cities. “A great deal of Another issue raised by the firms is lack of a has to be complied with, since it came into effect clock business of $3.7 billion, 60-65 days of 2019,” said Anil Kumar, 10-15 per cent of their annual consumption appetite is coming clear format in which the report needs to be given. only on February 1. The issue is whether the report per cent higher than $2.3 billion last founder and chief executive, RedSeer. business. According to latest from tier-II and -III markets as well Amazon and Flipkart, the two largest players in the is for the months of February-March 2019 or from year, according to its estimates. “This will be driven by strong growth estimates, the e-commerce market and the scale of this year's Big Billion segment, were affected the most by the FDI norm the date when PN2 was issued,” said Atul Pandey, Forester Research also estimates $3.8 in shoppers, especially from Bharat, may see gross business of $32 billion Day will touch everyone," he said. change. However, both have reworked their inter- partner at law firm Khaitan & Co. COMPANIES 3 MUMBAI | FRIDAY, 27 SEPTEMBER 2019

. < Indiabullssells propertiesto Blackstonefor ~2,700crore

RAGHAVENDRA KAMATH Mumbai, 26 September

fter selling 50 per cent stake in its Mumbai and A Gurugram commercial properties to Blackstone one and a half years ago, Indiabulls Real Estate sold the remaining stake to the US-based fund manager for ~2,717 crore. Indiabulls Real Estate has sold 50 per cent stake in Indiabulls One Centre and Indiabulls Finance Centre in Lower Parel (Mumbai), and a Indiabulls sold 50 per cent in commercial property in the same Mumbai properties Gurugram to Blackstone. to Blackstone for ~4,750 cr at In March last year, India- an enterprise valuation of bulls sold 50 per cent in the ~9,500 cr in March last year same Mumbai properties to Blackstone for ~4,750 crore at of finalising a deal with an enterprise valuation of Blackstone to divest its direct or ~9,500 crore. Indiabulls said the indirect stake in commercial equity value in the deal was assets in Worli Mumbai; rights ~2,250 crore and the rest was or a stake in K G Marg, New the transfer of debt. Delhi; and Sector 104 & Sector According to sources, it is 106, Gurugram, the company Indiabulls’ larger plans to exit said. “This has generated sig- real estate before its proposed nificant financial resources for merger with Laxmi Vilas Bank. the company towards achiev- In June, Embassy Property ing its goal of zero net debt in Developments bought 14 per current financial year,” the cent of the promoters’ stake in company said. Indiabulls Real Indiabulls Real Estate. Emba- Estate had a debt of ~4,590 ssy has not yet bought the crore in FY19. remaining stake in the compa- The deal is expected to help ny as planned earlier. Blackstone consolidate its posi- The acquisition of stake will tion as the largest commercial give Blackstone complete con- property landlord in the coun- trol and ownership in the India- try and owns over 70 million bulls commercial office portfo- square feet of commercial lio of 5 million square feet. properties. It has invested more Indiabulls sold 50 per cent than $6 billion in commercial in the Gurgaon properties to properties in the country. Blackstone for an enterprise It, along with its partner valuation of ~464 crore. Later it Embassy group, floated the bought Indiabulls’ office park country’s first REIT and raised in Chennai for ~900 crore. ~4,750 crore. It has a portfolio of According to sources, Blac- 33 million square feet in kstone could put the assets in a Mumbai, Bengaluru, and other listed real estate investment cities. Two of Blackstone’s oth- trust (REIT). However, this er partners such as Mumbai- could not be independently based K Raheja Corp and verified. Bengaluru-based Salarpuria Indiabulls and its sub- Sattva are also gearing up to sidiaries are also in the process float REITs in the country. 4 ECONOMY & PUBLIC AFFAIRS MUMBAI | FRIDAY, 27 SEPTEMBER 2019 “Whatever help I can be, I offered, whether it's “Our tax rates have become very competitive now and “India now provides most competitive arbitration or mediation... I'll do whatever I can. You the government’s move to lower corporate tax rates rate in the world and will attract look at the two gentlemen (Modi and Khan) heading should help the country attract manufacturing units fresh investment in manufacturing, those two countries, two good friends of mine. which we were losing to countries like Vietnam, which will catapult our country Those are two nuclear countries, gotta work it out” Cambodia, Thailand, Indonesia and the Philippines” in the $5-trillion economy” DONALD TRUMP, US President on Kashmir issue DEEPAK PAREKH, HDFC chairman ANURAG SINGH THAKUR, minister of state for finance

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IN BRIEF Bank credit grows by 10.26%, RBI’s liquidity panel favours deposits 10.02%: RBI data Bank credit and deposits grew at 10.26 per cent and 10.02 per cent to ~97.01 trillion and ~127.22 trillion, respectively, in the fortnight ended long-term lending operations September 13, according to the recent RBI data. In the year-ago fortnight, banks advances were at ~87.98 trillion and ~115.63 trillion. In the previous Existing liquidity framework good enough, says internal committee fortnight ended August 30, bank loans increased by 10.24 per cent to ~96.80 trillion and deposits by 9.73 per cent to ~127.80 trillion. In ANUP ROY not higher than the repo rate and July, the non-food bank credit increased by 11.4 per cent on year- Mumbai, 26 September RECOMMENDATIONS should be able to lend in the inter- INDIAN ECONOMY LOSES on-year (y-o-y) basis, as compared with an growth of 10.6 per cent bank money market at rates not ~1.1 TRN TO SMUGGLING in July 2018. Advances to the services sector decelerated to 15.2 per n internal working group of | Existing rate corridor system below the reverse repo rate. Indian economy loses ~1.17 trillion cent in the month from 23 per cent in the year-ago period. Credit to the Reserve Bank of India should continue While the framework requires due to smuggling in five key sectors, agriculture & allied activities rose by 6.8 per cent as compared with (RBI) to review the current the system liquidity to be in a small A | Call money should continue revealed a study. The study, conducted an increase of 6.6 per cent in the same month last year. PTI< liquidity management framework deficit of about 0.25-0.5 per cent of has said that the existing framework to be the target rate the banking system deposit base, “if by the Federation of Indian Chambers can continue with some minor | 14 days to 1-year repo financial conditions warrant a situ- of Commerce and Industry (Ficci) and GST Network starts changes. The panel, however, said should be a new tool ation of liquidity surplus, the frame- the Committee Against Smuggling and Pawan Hans sell-off: the central bank can minimise its work could be used flexibly, with | Use of instruments such as Counterfeiting Activities Destroying the Third extension in online refund secondary market bond purchases, variable rate operations, to ensure OMOs should be minimised Economy (CASCADE) measures this three months processing and instead use longer term lend- that the call money rate remains impact through impact of smuggling ing operations as a new tool to infuse | Framework should be close to the policy repo rate.” in five areas — textiles, tobacco The government has for the GST Network on Thursday liquidity in the system. This, the pan- flexible, RBI should be However, the current provision products, readymade garments, third time in as many as unveiled an online refund el said, would help offset build-up of ready to infuse liquidity of assure liquidity of up to 1 per cent months pushed the deadline process as decided by the GST a large deficit or surplus. of deposit base would no longer be capital goods, and consumer for submission of expressions Council. With the deployment This is slightly contrary to what necessary since the proposed liq- electronics — taking into consideration of interest for Pawan Hans of online refund functionality, RBI Governor Shaktikanta Das had liquidity surplus and given that the absorb excess liquidity. As these are uidity framework would entirely their backward and forward linkages. to October 10. The earlier taxpayers can now file a said on the June 6 monetary policy repo rate is the policy rate set by the possible substitutes for OMOs, these meet the system’s liquidity needs. COMPILED BY INDIVJAL DHASMANA deadline expired on refund application (in RFD 01 committee (MPC) that the existing MPC,” the report said. instruments should be operated at “Thus, liquidity operations shall 612,000 Potential gain for employment Thursday. The government form) easily and tax officers framework, while serving well for According to a senior bond mar- market determined rates.” take into consideration prevailing if smuggling is stopped has been planning to can process the same online, years, needed a review considering ket participant, this would mean that The group was constituted with a conditions, based on which the (in thousand persons in 2017-18) exit the chopper services GST Network said. PTI< the complexities that have arisen the liquidity will continue to influ- view to simplifying the framework required tools will be used to achieve Loss to the economy (~ cr in 2017-18) provider for some time now. over the years. ence policy rate decision as before, and suggesting measures to clearly the objective of the liquidity man- PTI< The market was expecting the but only by the collective judgment communicate the objectives and the agement framework,” the group said. 344,000 IL&FS moves NCLAT framework to be strictly rule-based, of the six MPC members, half of toolkit for liquidity management. “RBI should stand ready to under- 334,000 for release of ~145 cr where the central bank would clear- whom are from the RBI, including The main guiding principle of take intra-day fine-tuning operations, FPIs settle P-notes held by GUVNL ly state what would be the course of the governor. the working group was to ensure the if necessary; however, such opera- disclosure case action — open market operations “The bond yields will harden, as call money rate remained close to tions should be the exception to 221,000 Debt-ridden firm IL&FS has (OMO) in bonds, and even policy the report is clearly stating that long- the policy rate, should be consistent address unforeseeable intra-day with Sebi approached the National rate actions — if the systemic liq- term repo be used instead of OMO to with the policy rate, and should not shocks rather than the rule,” it said. 125,000 Key foreign portfolio investors Company Law Appellate uidity surplus or deficit crossed a minimise hardening yields disrup- undermine the price discovery in Therefore, RBI should minimise (FPIs) Goldman Sachs and Tribunal (NCLAT) seeking the certain level. RBI does OMO to buy tion. The bond market has no reason the inter-bank money market. the number of operations to BNP Paribas have settled a release of ~145 crore held by and sell bonds from the secondary to cheer without OMO support,” said The group said the call improve the efficiency goal of the case with market regulator Gujarat Urja Vikas Nigam market to infuse or remove liquidity the bond trader. money rate, which is the interbank liquidity framework. Thus, there Sebi pertaining to incorrect (GUVNL). A two-member from the system. The group recommended that as rate for borrowing and lending should be one single overnight vari- Capital Readymade Tobacco Textiles Consumer reporting of participatory NCLAT bench headed by Chair- The report suggested that the an alternative to OMO purchases, funds, should continue as the target able rate operation in a day, sup- goods garments products electronics note (P-notes) data. The person Justice S J Mukhopad- ‘corridor’ system, or lending banks at “longer-term variable rate repos, rate of the liquidity management ported by fine-tuning operations, if 14,516 16,138 12,636 21,452 case was settled under the haya has issued notice to the repo rate (5.40 per cent now) and longer than 14 days and up to one- framework. However, banks should required. Build-up of large deficit consent mechanism, under GUVNL over the IL&FS plea. PTI< parking excess money at reverse year tenor, be considered as a new have the incentive to trade among or surplus should be offset through 52,511 which the alleged wrongdoer repo rate (5.15 per cent), should con- tool for liquidity injection if system themselves rather than only with the durable liquidity operations. Apart doesn’t have to admit or tinue. Such corridor system “affords liquidity is in a large deficit. central bank. This can be done by from the OMOs, and forex swaps, < Will defer bypolls deny the charge. BS REPORTER the desired flexibility to manage sit- Similarly, longer-term variable-rate enabling banks to borrow in the longer term repo operations can be Source: Ficci-CASCADE study to 15 Karnataka uations of liquidity deficit as well as reverse-repos could be used to inter-bank money market at rates considered, it said. Axis Bank raises seats: EC to SC ~12,500 crore The Election Commission on Thursday told the Supreme through QIP Court it would defer the Axis Bank on Thursday said it upcoming bypolls to 15 RBI hikes PMC Bank withdrawal cap to ~10K had raised ~12,500 crore Assembly constituencies in through qualified institu- Karnataka. The statement by ANUP ROY tional placement (QIP) to EC’s council came after a Mumbai, 26 September RBI officers’ society has fund business growth. The three-judge bench headed by No need to private sector lender is the Justice N V Ramana said that it The Reserve Bank of India ~105-cr FD in PMC Bank second after YES Bank to raise would decide on the batch (RBI) on Thursday increased get into SUBRATA PANDA funds through QIP this year. of petitions filed by 17 disqu- the withdrawal limit for Mumbai, 26 September YES Bank mopped up ~1,930 alified MLAs of Karnataka depositors in Punjab and this now: crore through the route. In challenging the order of Maharashtra Cooperative Among the many depositors hit by the 2017, state-owned State former Speaker K R Ramesh Bank (PMC) to ~10,000 from Sitharaman curbs on the beleaguered Punjab Bank of India had raised Kumar in disqualifying them ~1,000 earlier. Finance Minister Nirmala and Maharashtra Cooperative (PMC) ~15,000 crore through QIP.PTI< from the House. PTI< “The relaxation has been Sitharaman said the RBI as Bank are some employees of the Reserve granted with a view to reduc- a regulator was handling Bank of India (RBI). ing the hardship of the depos- the PMC Bank issue and The Reserve Bank The annual itors. The Reserve Bank is also provided some Officers Cooperative report of the closely monitoring the posi- relaxation. “I don't think Credit Society, which society says INDIA RISES 4 PLACES TO 44TH tion and shall continue to take I'll get into this at this caters to the credit ne- the FD in further steps as are necessary stage. Will wait, let there eds of RBI officers post- PMC Bank is IN DIGITAL COMPETITIVENESS to safeguard the interest of the be some kind of ed all over India, has a the largest India has advanced four depositors of the bank,” the comprehensive picture fixed deposit (FD) of it has with places to 44th position RBI said in a statement. emerging post which ~105 crore in the bank. any bank in terms of digital The amount is the maxi- certainly government will The annual report mum one can withdraw in six Some customers have filed a police complaint against senior officials of the PMC Bank at have to see what best can of the Reserve Bank Officers Cooperative competitiveness in the months, and includes the the Sion police station. BJP leader Kirit Somaiya said he filed a complaint against be done...," she said. Credit Society for 2018-19 says the fixed world as the country has ~1,000 withdrawal allowed the bank with the Economic Offences Wing of Mumbai police PHOTO: KAMLESH PEDNEKAR The government's deposit of ~105 crore in PMC Bank is the made improvement in earlier. So the additional the intention is to have a largest that it has with any bank. The soci- terms of knowledge and customer can withdraw now tems of the bank and time, the bank staff, includ- Wadhawan to repay non-con- stable environment, she ety also has fixed deposits or short-term future readiness to adopt is ~9,000. This was done “on wrong/under-reporting of its ing branch managers, protest- vertible debentures of HDIL said. RBI has raised cash deposits of ~478.64 crore in different and explore digital Rank Country a preliminary assessment of exposures under various ed outside the residences of invested by Bank of India. withdrawal limit for PMC cooperative banks. technologies, according to 1 US the bank’s latest depositor off-site surveillance reports to senior officials of HDIL, The bank’s now suspend- Bank customers to ~10,000 The society has a fixed deposit of ~100 a global report. “India 2 Singapore and liquidity profile as fur- RBI that came to the Reserve including that of Waryam ed managing director and per account from ~1,000 crore with Bharat Co-operative Bank, ~85 advanced four places to 3 Sweden nished by the administra- Bank’s notice recently.” Singh, chairman of PMC Bank chief executive Joy Thomas earlier over the next six crore with Thane Bharat Sahkari Bank, tor,” the RBI said. With the RBI had not elaborated on and former director of HDIL. said this was done to safe- months. SOMESH JHA ~50 crore with Solapur Janata Sahkari 44th position in 2019, with 4 Denmark the biggest improvement relaxation, “more than 60 per the reasons earlier, but its sud- The bank had lent more guard PMC Bank’s own inter- Bank, and ~85 crore with Apna Sahkari 5 Switzerland cent of the depositors of the den decision to limit with- than ~2,000 crore, out of its est as HDIL being in the bank- Bank. They also have fixed deposits in in the technology 6 Netherlands bank will be able to withdraw drawal to only ~1,000 caused total loan book of ~8,383 crore, ruptcy court would mean its various cooperative banks. sub-factor level, 7 Finland their entire account balance,” a huge panic among deposi- to HDIL and related entities, assets would be attached by According to the RBI, “The directions holding first position in 8 Hong Kong SAR the RBI said in a statement. tors. RBI maintained that this which is now in bankruptcy. other lenders as well. were necessitated on account of major telecommunications The statement said the was done to protect deposi- Interestingly, even HDIL JB Bhoria, RBI-appointed financial irregularities, failure of internal investment,” according 9 Norway RBI was forced to clamp down tors’ interest. Depositors from was taken to the bankruptcy administrator in the bank, control and systems of the bank and to the IMD World 10 Republic of Korea on deposit withdrawal from all branches in Mumbai gath- code by the lenders, PMC said on Wednesday the bank wrong/under-reporting of its exposures Digital Competitiveness 44 India the bank “on account of major ered around the Sion branch Bank drew two pay-orders on had enough assets to honour under various off-site surveillance reports Ranking 2019. PTI Source: WDCR financial irregularities, failure in the morning to protest August 31 totaling ~96.5 crore the due to depositors, and told to RBI that came to the Reserve Bank’s of internal control and sys- against the move. At the same for HDIL promoter Sarang R them not to panic. notice recently”. DeMo cases: CBDT Decision on extends taxman’s BSNL revival deadline to Dec 31 pushed back Govt might seek extension of ECB to boost NBFC credit The Central Board of Direct A meeting convened by PK May ask RBI for relaxed co-origination norms season will pent up growth,” Taxes (CBDT) on Thursday Mishra, principal secretary to Raghavan said. extended the deadline up to the Prime Minister, on the SOMESH JHA regulatory restrictions hampering Lenders further flagged the December 31 for the Income- revival of Bharat Sanchar Ni- New Delhi, 26 September the growth of the housing finance need for self-declaration of present Tax department to complete gam (BSNL) on Thursday end- sector. One of them was the RBI’s address in respect of borrowers the final assessment of about ed without any conclusion, The government may ask the move to allow ECB window only for who are eKYC-authenticated to 87,000 entities that made mainly on the question Reserve Bank of India (RBI) to low-cost affordable housing projects. enable hassle-free lending and suspicious deposits post- of whether the revival is allow co-origination of loans for “Currently, lenders are allowed to improve the co-origination of loans demonetisation. possible or not. deposit-taking non-banking finance do ECB only for low-cost affordable by banks and NBFCs. The existing deadline of It is learnt that the group companies (NBFCs) as well in housing projects. One of the “The minister gave a patient September 30 is being “exte- of secretaries has been asked a bid to boost credit in economy. demands was to allow ECB for other hearing of two hours to listen to nded” by three months after to study that matter in Currently, the RBI has in place projects as well,” said a top executive our demands. We raised issues considering “various difficul- four-five days. According to a guidelines on co-orgination of loans of a housing finance company, who related to KYC (know your ties” being reported by the source, “If the meeting of by banks and non-deposit-taking was a part of the meeting. government if the same could go up. operational issues with the FM, customers), migration of population, field offices of the department secretaries decides for NBFCs in the priority sector. Sitharaman held a meeting The single borrower limit for NBFCs Equitas Small Finance Bank Senior and the government said they in finalising assessments in revival, then method of Further, the government may with the management of private for banks is at 10 per cent. President (retail assets and outreach would work with concerned OCM (operation clean mon- funding like creating a spe- also put forward demand by lenders banks, non-banking financial The RBI had given a window of six banking) Raghavan HKN told departments to resolve these ey) cases, a senior official said. cial purpose vehicle will be to allow external commercial companies (NBFCs), small finance months to banks, from October 2018- Business Standard. “Lending to issues,” V Vaidyanathan, CEO of This is the second exten- discussed and decided.” borrowing (ECB) for all housing banks, and housing finance March 2019, to increase the single NBFCs is not considered as a priority IDFC First Bank said. sion given by the Board after The meeting was held to projects. At a meeting with Finance companies on Thursday. borrower limit for NBFCs (not sector lending. We demanded if this Concerns were also raised on the first deadline of June 30 find a solution to the finan- Minister (FM) Nirmala Sitharaman The banks apprised the FM that financing infrastructure) from 10 per could be looked into. Rest, from our credit outflow to smaller NBFCs, was extended up to Sept- cial woes of the beleaguered on Thursday, lenders raised they were reaching their lending cent to 15 per cent of capital funds. side, we told the FM that liquidity is according to a person who was a part ember, the official said. PTI PSU. MEGHA MANCHANDA concerns about some of the limits to NBFCs and asked the Small finance banks raised some not a problem and the festive of this meeting. 8 ECONOMY MUMBAI | FRIDAY, 27 SEPTEMBER 2019 > Effective tax on ‘Tax rate cut will give much more in the long run than the revenue foregone’ firms still high Amid debate over the possibility of widening fiscal deficit because to fiscal deficit at 3.3 per cent of GDP of the reduction in the corporation tax rates, announced last week for FY20? Considering levies on dividend and share buyback, by Finance Minister Nirmala Sitharaman, Revenue Secretary Whatever number we arrive at, we A B PANDEY tells Indivjal Dhasmana that the crucial parameter is have to look at whether it reflects our total tax on profits works out to 46.8 per cent whether the deficit number reflects disciplined fiscal behaviour of disciplined fiscal behaviour and that the central government. This is what, he says, investors and the is what investors will be looking at, SACHIN P MAMPATTA & KRISHNA KANT 20.56 per cent (effectively 12.76 per cent on base markets will be looking at. Edited excerpts: and that is what the market will be Mumbai, 26 September profit), and an additional levy of 14.25 per cent looking at. Investors will see India’s (effectively 8.84 per cent on the base profit),” Why did the finance ministry decide economic strengths, including a he recent cut in the corporation tax rates said Surabhi Marwah, tax partner at EY India. to go for such an extensive step of competitive labour market and a may ease the burden on corporates. But Post the latest cut in the base tax rate, a com- steep corporation tax rate cuts? highly favourable tax structure. T more steps are required for making the pany with annual pre-tax profits of ~100 now It is the time we understood that in a country globally competitive from the perspec- pays ~25.17 as corporation income tax, plus ~12.8 country of 1.3 billion people, we You have reduced the corporation tax tive of corporation tax. as dividend distribution tax (DDT), if post-tax cannot keep our eyes shut to what is rates but not surcharges and cess. Effective tax rates applicable to companies profits are distributed among its owners. The happening at the global level. The Don’t you think it is lopsided against in India are still among the highest if one owners, in turn, pay ~8.8 as their tax liability on whole world has gone to a lower states which will get less devolution? includes taxation on dividends and other the dividend income received from the com- corporation tax regime over the last We have reduced surcharges as well. means of returning surplus cash to promoters pany. This translates into a combined tax lia- 10-15 years. So as a policy, we, too, Surcharge at the highest slab was up to and shareholders. Taking into account taxes on bility of ~46.8 on a profit before tax worth ~100. cannot have very high corporation tax 12 per cent, but now it is around 10 per dividend and share buyback, the total tax on For new manufacturing companies, the rates. Also, our neighbours and others cent. Also, India is one country. The corporate profits works headline corporate tax, have reduced tax rates. We have free- Centre and states are partners in the out to 46.8 per cent for EFFECTIVE TAX ON CORPORATES including cess, is now trade agreements with countries, development. Where would new the existing firms, and (in %) ~17.16 per cent, but the from where goods can come into our investments come in? They will all 41.1 per cent for new additional tax on divi- country at zero duty. In such a come to states. India (existing cos)* 46.8 manufacturing units dend takes effective tax scenario, we have to have attractive

India ILLUSTRATION: AJAY MOHANTY Critics say you have taken supply- not availing any other 41.1 rate to 41.1 per cent. rates to attract companies to set up incentive and tax break. (new mfg units)** Earlier, companies businesses here, and manufacture side measures all along, but the Among major France 34.4 could escape tax on div- here, instead of relying completely on economy is facing suppressed economies, India is fol- idend by opting for goods manufactured somewhere demand. Where are demand lowed by France with a Brazil 34.0 share buyback to return outside and then imported. You have brought down the announce major rate cuts, which may boosting measures? statutory corporation Japan 29.7 surplus cash to their The finance minister’s corporation tax rates. Would a put fiscal prudence in jeopardy. Also, I don’t think these are only supply- tax rate of 34.4 per cent shareholders. That route announcement on tax cuts will make similar measure be taken regarding the recent corporation tax rate cut is side measures. This is so because we and Brazil at 34 per cent, South Africa 28.0 is now closed due to the India a low tax destination, and bring goods and services tax (GST) rates? across the board, which includes are promoting investments. Greater shows an analysis of the South Korea 27.5 imposition of 20 per in a culture of compliance. These are not comparable to each automobile companies. investments will bring in more jobs figures sourced from the cent tax on share buy- other. One has to analyse. What are and higher salaries, which will Paris-based Organi - US 25.8 back, announced in this Will low taxes automatically lead to the revenue requirements of the From where will you get ~1.45 trillion, increase consumption and demand. sation for Economic Co- China 25.0 year’s Budget. high compliance? Centre and states, and what are the which is a hit to the exchequer, operation & Develo - Indonesia 25.0 “Considering tax on If you lower the tax rate, the risks of rates available, fiscal impacts, and so particularly this year when direct One of the reasons for economic pment (OECD). dividend is borne by being non-compliant and rewards of on? The government has to collect and indirect tax collections have growth plunging to over six-year low India had a tax rate Russia 20.0 companies in India, the being compliant are both minimum taxes and also been growing at a muted pace? of 5 per cent during the first quarter of 48.3 per cent before Vietnam 20.0 combined tax on profits high. At the same time, we ensure that people are not The finance minister has already said of FY20 is that private investments the latest cut, the high- in India becomes higher are also strengthening the burdened. In the GST the government will look at the remained lacklustre. How far the tax est among the 94 juris- Thailand 20.0 when compared to other compliance structure using Council, these things are numbers and reconcile. There can cut will revive these investments? dictions in the OECD UK 19.0 countries. As compa- today’s technology. We are always discussed in detail always be efficiency gains on the Of course, private investments will database. The 2019 Note: OECD rates based on the 2018 numbers consider nies pay dividend distr - linking Aadhaar with PAN, and with and depth. Also, we have to see our expenditure and revenue collections. revive. We have announced a 15 per numbers have not been combined taxation for corporates at the top marginal rate. ibution tax, foreign com- GST registration. We are collecting commitment towards the We have our commitment to the cent tax rate for new manufacturing *India's rate given is the lowest applicable to current updated. But a compar- companies; **For new domestic manufacturing units panies with subsidiaries information from various sources, expenditure side and have to take expenditure. We cannot go back on it. units. What makes you think they ison with the previous Source:OECD, EY, Business Standard research in India do not get tax doing information sharing between states onboard. Decisions are taken in However, there is a scope to make (investments) would not come? We year’s numbers shows credit in their home the Goods and Services Tax Network the Council with consensus. For efficiency gains on the expenditure have also given a 22 per cent tax rate to India may not be entirely tax-competitive. count ry, making India a high-tax regime for and the Income Tax department, and example, we have lowered tax rates for side without reducing our essential others. Why will they not expand their The tax outflow for India after the recent global multinationals ,” says Vikas Vasal partner between banks and the tax hotel tariffs, outdoor catering, job outlays. At the same, there shall be businesses? cuts was calculated with the help of tax con- and leader Tax Grant Thornton. According to authorities; we are using data works, and many other items at the efficiency gains in revenue collections sultancy EY India. According to the calculation, him it would be appropriate to re-consider the analytics. These are non-obtrusive meeting last Friday. by plugging evasions and leakages Have you made any estimation as to if a company in India earns a profit before tax tax regime relating to the DDT and move to the ways of increasing compliance. through the use of technology. how much will the GDP growth rate of ~100, only ~53.2 accrues to the owners or classical system of taxation where dividends But the items which saw GST rate increase due to these measures, say, shareholders of the firm, assuming that the firm are taxed in the hands of shareholders. India has been a high tax country for reduction were all small, whereas the Are you confident of meeting the tax in the remaining second half of FY20? distributes its entire post-tax profits to them. The effective tax rate for companies in quite some time. The rate reduction main demand was for automobiles? revenue target projected in the These measures will improve the “In case all the profits of the business are Vietnam is 20 per cent; several firms are relo- could have been announced in the Please look at the reduction in the GST Budget for this year ? confidence of Indian investors and repatriated to its owners, the effective tax outgo, cating there from China following its trade dis- Budget as well. Why now? rates in the last two years. Already We are committed to fiscal discipline, also foreign investors... Once including those on repatriation of funds to pro- pute with the US. Many manufacturers are also There is always an appropriate time reductions to the tune of ~1 trillion per and we cannot deviate from it. investments start flowing in, moters, includes a corporate tax of 25.17 per setting up shop in Thailand, which also has a for doing things. The time had come year have been made. It is not that naturally it will help our economic cent, an effective dividend distribution tax of 20 per cent tax rate. (for the corporation tax cut). every GST Council meeting would Does this mean you are committing growth story. 10 ISSUES AND INSIGHTS MUMBAI | FRIDAY 27 SEPTEMBER 2019 >

> tools or tests to provide early warnings CHINESE WHISPERS of at least three ageing-related diseases, Understanding the process of ageing any cycle of rejuvenation that works with animals, postponing the emergence of BMS takes on government at least three ageing-related diseases The Bharatiya Mazdoor Sangh (BMS), the Can we reverse the effects of ageing to extend potential lifespan? Young believes lifespans can be with broad-spectrum treatments, anal- Rashtriya Swayamsevak Sangh affiliated increased to 200 years and that the tech- ysis and insight into the capacity to pro- trade union, has upped the ante Every historical era has produced the Barbi and Francesco Lagona, and the nologies to enable this can be made cess nutrients, a quantified “theory of against the Narendra Modi government odd individual who lived 80-90 years, Italian National Institute of Statistics, available to over 1 billion people. X- ageing” that ties all the mechanisms of in the last couple of weeks. On or longer, in times when average life looked at the records of 3,836 people, PRIZE founder, Peter Diamandis is ageing together, and easy exercise sys- Thursday, the BMS offered support to expectancy was less than 40. aged 105 or older in Italy, between 2009 more measured but upbeat in saying, tems, or biomedical systems that repli- the strike by the Airports Authority of We can certainly hope that more and 2015. As we know, intuitively, as “Adding 20 to 30 healthy years on a per- cate the positive effects of exercise. India (AAI) employees against people will attain longer lifespans. Life well as statistically, the risk of dying son's life is likely to be the largest mar- These are ambitious but understand- privatisation of airports. It said it expectancy across the EU exceeds 80 increases for every adult. That is, a 21- ket opportunity on Earth. The conver- able areas for study. The three "science opposes the Centre's announcement to years, and Japan, Singapore and year-old is slightly more likely to die in gence of genome sequencing, AI and fiction" objectives are: First, “arresting privatise profit making airports of Switzerland are 85-plus. (India is 69). the next 12 months, than a 20-year-old, cellular medicine will enable break- ageing by completely stopping the age- Varanasi, Raipur, Indore, Bhubaneswar, But is it possible to extend lifespans to and that risk continues to rise with throughs that will make 100 years old, ing process for at least one year”. This Amritsar and Trichy. It called upon the say, 120 years, or longer? Some people every year. the new 60.” would have to be demonstrated first on government "to stop the process of QUANTUM LEAP think so. Oddly, this study indicates that the XPRIZE recently held a longevity mammals and then on humans. The handing over Trivandrum, Guwahati DEVANGSHU DATTA There are therefore, two related but risk “plateaus” after 105 – the risk of conference and released a road map, second is creating a model of the human and Jaipur airports and restrain" from different goals, for researchers and pol- dying in any given 12 month period which listed 12 areas, where break- body which is detailed and accurate privatising the rest. The BMS said it icymakers. One is to create a policy seems to stay at around 50 per cent after throughs or improvements could pro- enough to replace experimentation with believed further privatisation of airports here have been many stunning environment where more people live the age of 105. This could be a statistical, mote better health and increased life human subjects. This could circumvent "may lead to declare AAI as a sick PSU". advances in the biosciences but longer, and remain healthier. The other, or methodological quirk, or it could expectancy. According to The Lancet, current restrictions on research, which The union also rejected the new T the process of ageing remains more ambitious goal is to understand indicate some biological phenomenon over 70 per cent of deaths are due to could be of potential benefit but likely amendment to the Employees' mysterious. Life expectancy has ageing, and reverse its effects to extend where cell-repair processes balance off chronic age-related diseases. The list to be dangerous to the subject. The third Provident Fund law to convert increased in most places due to better potential lifespan. ageing effects. includes cancer, Alzheimer’s, heart dis- is “ageing circumvented: A method to Employees Pension scheme, or EPS, to nutrition, improved hygiene and There are around 500,000 people The XPRIZE Foundation, which has ease, liver disease, etc. move the brain — with or without the the National Pension Scheme (NPS) at a healthcare, buttressed by new aged 100–plus at the moment. This supported space research and robotics, The 12 listed breakthrough areas entire head — of one person to the body consultation meeting with the union medicines and genetic research that number will roughly double in every among other things, recently became include creating big databases that col- of another, or to a non-human vessel, labour ministry. It said NPS is a "risky tackles previously incurable diseases future decade. A statistical analysis in interested in longevity research. One of lect real-time ageing data from individ- for over a year, while maintaining con- market linked" scheme and return in and conditions. Sciencejournal (The Plateau of Human the XPRIZE Board members, Sergey uals, creating a list of universally accept- scious thought or (in the case of cryon- EPS is much more than NPS according to The average person can expect to Mortality https://science.sciencemag.org- Young, has raised $100 million for a ed biological markers as a global ics) demonstrating that consciousness the study of EPFO and has more benefits live longer, and maintain better health /content/360/6396/1459 ) suggests there Longevity Vision Fund. This will invest benchmark for ageing research, replicat- can be recovered after a time”. to family members of employees. than in any previous era. But can the may be no obvious limit to lifespan. in biotech startups, researching longevi- ing and fine-tuning studies that indicate Achieving this would effectively longevity of the species itself increase? Italian demographers Elisabetta ty-related areas. calorific restriction could prolong life, mean immortality. Spelling mistake Growing crisis of the educated unemployed When you put the reports by HRD ministry and CMIE survey together, you are looking at a simmering volcano

enrollment, and pass-out figures along vations. We also have the challenge of per cent). So, more women in higher edu- While some leaders of the ruling with the numbers for teaching and non- equity in educational opportunities. cation could soon become bad news. Bharatiya Janata Party are working hard teaching staff. Sadly, this official survey to popularise the use of Hindi as a does not tell us much about the quality Educated but unemployed A ticking time bomb primary language of official of teaching, learning or research. There Now match this information with the lat- Now put both the reports together and communication, things might not be is no equivalent of Pratham’s ASER est estimates generated by the CMIE sur- you are looking at a perfect explosion. moving in the right direction in some of (Annual Status of Education Report) sur- vey on unemployment. The latest report Nearly one-sixth of highly educated the BJP-ruled states. During a function in vey or the NCERT’s All India School for May-August 2019 points to a steady youth are unemployed. To this pool of Lucknow organised by the Uttar Pradesh Education Survey. increase in the unemployment rate, about one crore educated unemployed, Hindi Sansthan, which was being which has risen from 7.03 per cent in May we add another one crore every year — attended by Chief Minister Yogi Degree holders without skills to 8.19 per cent at the end of August. (The those who pass out with degrees from Adityanath and Union HRD Minister The recent AISHE 2018-19 survey flatters methodology adopted by CMIE is a little higher education institutions. This pool Ramesh Pokriyal 'Nishank', the very first YOGENDRA YADAV to deceive. It tells us that the number of Most of these (about 6.5 million) are stu- different from that adopted by the offi- has more women than ever before. word (yugpravartak) on a banner that universities in the country is now 993, dents who get an undergraduate degree. cial National Sample Survey Office, Consider the fact that most of these grad- formed a backdrop for the speakers on more than 50 per cent up from the 642 Most of the students with such degrees hence the estimates tend to vary). This uates are not just unemployed, they are the dais had a glaring spelling mistake. hile Indians were busy cele- universities the country had in 2011-12. learn very little in terms of knowledge, is much above the current global average also unemployable as they bring little The event in question was a three-day brating the country’s global The fine print brings bad news: the life-skills or any other skills relevant to of 4.95 per cent as estimated by the knowledge or skills to the market. Add national conference on "Mahayogi W triumph and commiserating increase is fuelled primarily by mush- employability. For a country of our size, International Labour Organisation. economic slowdown to this equation and Gorakhnath", whose teachings form a about its terrestrial adventures, two rooming of private universities. Of the we produce less than two lakh What is most striking here is that you know why this could be a ticking key part of the canons of the Nath important reports went almost unno- 351 universities added in the last eight MPhil/PhD degree holders annually who unemployment levels rise rapidly with time bomb. Far from taking in new community. Adityanath is also the chief ticed. The eighth annual All India Survey years, 199 were private universities presumably have some research skills. a rise in education level. recruits, companies are retrenching their priest of the Gorakhnath temple. on Higher Education 2018-19 was approved by state governments. The Our higher education faces both a quan- Unemployment is negligible among the existing employees. So, these fresh released by the Ministry of Human report tells us little about the quality of titative and a qualitative challenge. uneducated and those who did not go degree-holders with aspirations but with- Resource Development last week. It education in these private universities. One good feature of the report is that beyond primary school, mainly because out skills are being pushed into a market coincided with the release of four- As someone who sat on the University it gives social breakup of students and they cannot afford to remain unem- that is not ready to receive any more. Shivpal to return? monthly report “Unemployment in Grants Commission (UGC) for a while, I teachers. At least in quantitative terms, ployed. The unemployment level jumps This is exactly the kind of situation Are the Samajwadi Party (SP) and the India — A Statistical Profile” for May- can say that many of these are low-grade women have nearly bridged the gender to 15 per cent, roughly double the that has led to social unrest and street Pragatisheel Samajwadi Party Lohia August 2019 by the Centre for teaching shops that only bring disrepute gap: nearly 49 per cent of students national average, among those who are riots in many parts of the world. Instead (PSPL) ready to bury the hatchet? SP Monitoring Indian Economy. to the idea of education. Their growth is enrolled in higher education are women. graduates and above. of any serious attempt to address this President Akhilesh Yadav hinted as Put together, both these surveys not good news. In terms of overall enrolment, the real This level of educated unemploy- brewing crisis, we get all kinds of dis- much when he said in a recent meet that point to a simmering volcano of educat- In terms of enrollment, we now have crisis is not among the Scheduled Castes ment in India is alarming by any stan- tractions. We are concerned about triple all party leaders and family members ed unemployment. This could be the vis- 37.4 million students doing something (14.9 per cent of students, compared to dards. The CMIE tells us that there are a talaq, Kashmir’s integration, who had parted ways were welcome ible face of the economic slowdown and or the other in higher education; the 16 per cent share in population) or even little over 100 million graduates in the Chandrayaan landing and Howdy, back. The SP and the PSPL, floated by could well become a political challenge number stands at 33.4 million if we con- Scheduled Tribes (5.5 per cent, com- country, and of them 63 million are in Modi! Finance Minister Nirmala Yadav’s estranged uncle Shivpal, had to the regime. sider only those who are pursuing prop- pared to 8 per cent share in population), the “labour force”, that is,. willing and Sitharaman is busy managing headlines fought the 2019 Lok Sabha polls Strange as it might look, the quality er, regular courses and not the joke that both slightly below their population available for work. Of these, 53.5 million and pleasing the corporates. But we hear separately, but ended up doing each of statistics available for our higher edu- happens in the name of distant learning. share, but among Muslims (5.2 per cent) have some kind of employment. That very little about any serious initiative to other more harm than good. Although cation institutes has been much poorer This might look impressive unless we the share in higher education is about leaves nearly one crore (9.4 million to be tackle the growing crisis of the educated the PSPL has denied rumours of Shivpal's than our statistics on school education. remember that this is only 26 per cent of one-third of what it should be as per their precise) persons, mostly youth, with unemployed. Are we waiting for the cri- “ghar wapsi” — which might also entail Sensing this gap, the central government our population aged between 18 and 23. share in the population (14.2 per cent as graduate or higher degree who do not sis to erupt? Or, is it time to say ‘Howdy’ disbanding his outfit — attributing them instituted AISHE (All India Survey on So, about three-fourths of those who per last Census). The same situation pre- have any job whatsoever. The same sur- to our youth? to those who were responsible for Higher Education) in 2011-12. We now should be in higher education are still vails among the teachers too, where even vey also tells us that while more women (By special arrangement with ThePrint) causing the spilt in the family, it has have official (self-reported and unveri- not there. Our higher equation system the SCs (8.5 per cent) and STs (2.3 per are getting education, the rate of unem- caused a flutter among senior leaders of fied) statistics on the number and nature awards a little less than one crore degrees cent) continue to be seriously under-rep- ployment among women is 17.6 per cent, The author is national president, Swaraj the two units. of higher education institutions, student (9.092 million to be precise) every year. resented despite legally mandated reser- more than double the rate for men (6.1 India. Views are personal

INSIGHT > LETTERS

Loan mela comeback: Missed history lessons Services inflation cipline in a much larger way over time. The RBI History points that these tar- This refers to “Walking a tightrope” geted programmes “generated a feeling (September 24). “Low inflation and low among borrowers that they did not growth environment is the new normal”: need to worry about discharging their This might be true for the developed debt” and loans were given to those countries, but in the Indian context, there with political backing and waived-off is low growth but not low inflation. First, “especially on the eve of elections”. while calculating inflation, we are not The teething problems of the indus- considering fuel inflation that has October 2018 and this is reflecting in head- try finally merged with the 1991 crisis increased substantially. Food inflation line inflation. While food prices are AMOL AGRAWAL and ushered in the subsequent reforms has also been up and down, albeit sea- volatile, driven by fruits and vegetables, in the overall economy including the sonally, but it affects the purchasing pow- food surplus in the last few years and banking sector. Having said that, er of the common man. Second, till now buffer stock management by the govern- despite 25 years of reforms, some of the we are calculating only goods inflation; ment has reduced the risk of substantial inance Minister Nirmala banking legacies of the earlier era con- we have to calculate services inflation as overheating in food prices. Sitharaman announced that tinue even today such as debt waivers well. No one is calculating that. Recently, Core inflation (excluding food and F public sector banks will put up before elections, politicisation of the after GST implementation, services costs fuel) includes services as well. Services shamianas (colourful tents) in 400 banking system, role of small borrowers have increased drastically. The minimum inflation has a weight of approximately districts to provide loans to retail, agri- loans. The minister argued that it was another case, the Tripura CPI (M) versus big borrowers in NPAs and so on. increase in services inflation may be to 28 per cent in CPI and while it includes culture and SMEs. The policy was ini- large corporates that were behind most deemed loan melas as bribing voters It is not clear why the government the extent of 18-28 per cent with the GST some goods, it does cover a big compo- tiated to fight the slowdown but has of the unpaid loans and the poor had a ahead of the legislative assembly elec- has taken a leaf from the loan mela book rates. Everybody is feeling the heat and nent of services including transport, brought back memories of similar loan better track record for paying back loans. tions (The Telegraph, December 24, of the 1980s when banks are already the services inflation might be one of the health, education and personal care. melas from 1980s. These melas not just Poojary then developed the idea of 1987). An Economic and Political suffering from high NPAs. Moreover, reasons for the current slowdown. These components have also been show- got Indian banks in serious trouble but loan melas (which he called “revolu- Weekly piece (July 1987) noted that the government wants to signal that it Anand Deshpande Pune ing low inflation for the past several also created a highly reckless credit tionary”) where the banks were pushed (then) PM Rajiv Gandhi could not stop is cleaning up the banking system but months, which is in line with the contin- culture in India whose effects contin- into giving uncollateralised loans up to the loan mela spree, as he himself inau- this move indicates just the opposite. B Prasanna responds: ued slack in the economy. ue till date. ~5,000. He ordered all the bank chair- gurated the first loan mela before I want to end with some banking Consumer Price Index (CPI) inflation, In 1982, Prime Minister Indira persons to be present at the melas becoming the PM! history. Poojary hailed from South which is used as the current measure for Letters can be mailed, faxed or e-mailed to: Gandhi appointed Janardhan Poojary which were conducted across the coun- Kamath (and other critics) were Canara region which saw the emer- retail inflation, proxies for fuel inflation The Editor, Business Standard as Minister of Finance for state. The PM try. His phone calls had to be answered proven right. RBI’s Currency and gence of five banks (Canara, through the petrol and diesel prices, Nehru House, 4 Bahadur Shah Zafar Marg New Delhi 110 002 had nationalised 20 banks but was by the bankers, irrespective of the time Finance Report (2006-08) points the Corporation, Syndicate, Vijaya and unsubsidised LPG, among other compo- Fax: (011) 23720201 · E-mail: [email protected] unhappy with their progress in rural of the call. return on assets of nationalised banks Karnataka). These banks showed one nents. Recently, global crude prices have All letters must have a postal address and telephone India and asked Poojary to look into the The loan mela met with a lot of crit- declined from 0.56 per cent in 1980 can provide loans to the poor without been coming down since their peak in number matter. RBI History volume 4 (1981-97) icism (and threats) from not just bank to just 0.15 per cent in 1990. Most of any push from the state and yet grow notes that the trickle-down theory was unions but also sections of media and the other banking indicators indicat- into large and profitable banks. Yet, the > not working and there was a need to tar- rival politicians. M V Kamath wrote ed a crisis. There were other factors government first nationalised these HAMBONE get and prioritise credit to the vulnera- (Indian Post, December 30, 1987) that apart from loan melas such as admin- banks and has now reduced them to ble sections for a more just distribution. “loan melas threatened to cripple the istered interest rate regime, other just two in the recent spate of bank Poojary narrates how he decided to Indian banking system” and the lavish directed credit programmes etc, that mergers. The history of Indian banking tour bank branches in disguise public expenditure was gross abuse of played a role in the crisis. could have been very different if our (https://janardhanapoojary.com/loan- trusteeship of banks. Karnataka’s One cannot justify irresponsible politicians had heeded lessons from the mela-a-revolution/). He observed that Janata Party president, M P Prakash loans to lower income people based on South Canara banks. But we continue the poor were ignored not just for bank asked the PM and the RBI to postpone the assumption that it is large indus- to look at history of a different kind. services but also for loans. On being the proposed loan mela in Bengaluru, tries that do not repay loans. Two asked why, the bankers gave the age old or face a massive confrontation (The wrongs do not make a right! These pol- The author teaches at Ahmedabad reply that the poor did not pay back Patriot, December 3, 1987, Patriot). In icy interventions abuse the market dis- University OPINION 11 > STAY INFORMED THROUGH THE DAY @ WWW.BUSINESS-STANDARD.COM ILLUSTRATION: BINAY SINHA Volume XXIV Number 32 cipline, and the primacy of growth over distribution — are now being challenged or outright rejected, financial MUMBAI | FRIDAY, 27 SEPTEMBER 2019 globalisation remains a glaring exception. The preponderance of evidence suggests that finan- cial globalisation — especially unrestricted hot money Slow but steady start — aggravates macroeconomic instability, creates the conditions for financial crises, and dampens long-run PMJAY has not yet made a dent where it’s most needed growth by making the tradable sector less competitive. Few economists would list financial globalisation as t has now been a year since the ambitious health care scheme known as an essential prerequisite for sustained long-term devel- the Pradhan Mantri Jan Arogya Yojana (PMJAY) was launched. In that opment or macroeconomic stability. And arguments period, it has racked up some impressive numbers: Most importantly, made in its favour presume that every country has there were about 4.5 million cases of hospital treatment under the scheme. already met highly demanding regulatory require- I ments. Most have not and probably cannot, except over This is a large figure until the number of possible cases in the country is con- the long run. sidered. Indeed, the relative smallness of this number points to an issue yet to While the International Monetary Fund has begun be addressed: Public awareness and access. The PMJAY has spread across to make some allowance for restrictions on capital practically the entire country, with 33 states and Union territories having some flows, albeit only as a temporary last resort for weath- form of the scheme — the only big hold-outs are some Opposition-ruled states ering cyclical surges, the dogma of financial globalisa- including Delhi, West Bengal, and Telangana. But the number of claims is tion remains intact. One reason, perhaps, is that devel- considerably higher in the richer states. Gujarat has by far the highest number opment economics has not shed its resource/savings fundamentalism, which attributed underdevelopment of claims, about 650,000, followed by Tamil Nadu with around 400,000. In to a lack of domestic savings. The implication was that other words, just these two rich states account for 1 million of that 4.5 million. developing and emerging economies should attract Another million or so is accounted for by Karnataka, Andhra Pradesh, and The puzzling lure of resources in the form of foreign aid or, after scepticism Maharashtra. As with many other all-India schemes, states with better resources about aid became widespread, foreign private capital. are managing to implement it better. Alternatively, the orthodoxy may owe its resilience While the slow scale-up of the scheme is a problem, it does mean that its to the power of entrenched financial interests that have stood in the way of new controls on cross-border capital fiscal impact has not yet been fully felt. It is possible that the fear of the fiscal financial globalisation flows. Wealthy elites in several countries — especially impact is why some poorer states have not expanded it as much as they should in Latin America and South Africa — embraced finan- have. Cost control is going to require more attention. The PMJAY authorities The intellectual hold of financial globalisation on policymakers cial globalisation early on because they saw it as offering will, first, have to take pro-active measures to reduce costs, such as by collective a useful escape route for their wealth. In these cases, bargaining with pharmaceutical companies or the makers of medical equip- is still strong, despite its history of failure policy inertia and possible reputational costs made it ment. What will certainly be the cause of friction in the future are package difficult suddenly to start advocating a reversal. Global fter holding off for decades, China has finally Had it done so, the likely outcome would have been a financial elites had long relied on a narrative that rates for private providers. The government is optimistic that there will be a embraced financial globalisation, announc- surge in foreign capital chasing high Chinese returns, equates capital controls with expropriation, and respon- sharp expansion in the number of for-profit private hospitals empanelled Aing recently that it would eliminate capital rapid appreciation of the renminbi, slower export sible policymakers did not want to be seen as violating under the scheme from the current 9,000, which is only a whisker more than controls to allow unfettered short-term foreign growth, and lost dynamism. China’s export machine property rights. the number of public hospitals so registered. But unless there is a clear under- inflows (so-called hot money). By contrast, after would not have become the juggernaut that it is, and More recently, restrictions on financial flows have standing about package costs, this might not pan out as expected. With the decades of boom-bust cycles, Argentina is facing its economy may well have suffered through much become less anathema, because several developing coun- expansion of for-profit hospitals, questions will also begin to be asked about another macroeconomic crisis, and has finally more volatility as a result of the fickleness of foreign tries have managed to overcome the “original sin” of imposed capital controls to prevent a catastrophic capital. In fact, Argentina — with its periodic macroe- borrowing in a foreign currency. In the now-accepted widespread fraud. This is visible even in the first year of the PMJAY, with decline in its currency. conomic volatility and recurring financial crises — hierarchy, financial flows denominated in the local cur- sharply high rates of hysterectomies — almost certainly unnecessary — in Both of these episodes reveal the offers a perfect illustration of these rency rank higher than dollar-denominated flows places like Chhattisgarh and Jharkhand. The PMJAY highlights its data-based intellectual hold that financial glob- downsides. because they do not result in exploding debt burdens intervention to identify such possibilities of fraud. But in the end, disputes alisation still has on policymakers, Nearly every major emerging-mar- whenever the exchange rate weakens by too much. Forms will have to be settled by old-fashioned human intervention. The fact is that despite its history of failure. Why, after ket financial crisis of the past few of borrowing that avoid these balance-sheet effects are all, would China abandon capital con- decades has been preceded or accom- understandably regarded as less problematic. there is simply no capacity yet planned for in the Union government or in the trols now, and what took Argentina panied by surges in capital inflows. Nonetheless, in the current context of chronic ane- states to manage such disputes. so long to adopt such obviously nec- That was true of Latin America in the mic growth and persistently low — or even negative — While the PMJAY has multiple different models in different states, the essary measures? 1980s, India in 1991, Mexico in 1994, long-term interest rates in advanced economies common requirement for the success of any of these models will be the expan- The Chinese economic miracle and East Asia and Russia in the late (“Japanification”), there is a danger that developing sion of state capacity, whether in terms of regulation, dispute settlement, or has many sources. In addition to the 1990s. It was also true of Brazil, countries will be tempted to pursue increased foreign in the public sector hospitals themselves. It is impossible to build universal turn to markets, China has benefited Turkey, and Argentina in the early borrowing. That path will lead only to more volatility, from exports and foreign investment, 2000s; the Baltics, Iceland, Greece, more frequent crises, and less overall dynamism. But health care on the cheap. While the PMJAY has so far not been a fiscal drain, internal migration, and the Maoist ARVIND SUBRAMANIAN & and Spain in the late 2000s and early more countries are choosing it nonetheless, and the if it is to succeed, it will certainly require more resources — many of which legacy of a public education and DANI RODRIK 2010s; and the “Fragile Five” emerg- proponents of the new intellectual revisionism appear will have to be diverted to support the poorer states. health system. It is also the civilisa- ing-market economies (Brazil, India, to have tamely acquiesced. tional heir to a strong, effective state Indonesia, South Africa, and Turkey) with an enlightened, albeit ruthless, leadership. Its peo- in 2013. And it is true of Argentina today. Subramanian, a former chief economic adviser to the ple collectively crave stability. But an important factor To be sure, capital flows have often reflected deeper government of India, is a senior fellow at the Peterson Another ID card? in China’s rise was the decision not to open the economy policy problems or imbalances within a given emerging Institute for International Economics and a visiting lecturer to capital flows. market. But they are also usually the necessary trans- at Harvard’s Kennedy School of Government. Rodrik, One nation, one card proposal raises many questions Consider the following counterfactual history. In mission mechanism for crises, and thus have magnified professor of international political economy at Harvard the late 1990s, when China’s economic miracle was the eventual costs to those economies. Although most University’s John F. Kennedy School of Government, is the arely has the dust settled on the massive unique identification project, becoming evident, it could easily have succumbed to tenets of the neoliberal consensus — privatisation, author of Straight Talk on Trade: Ideas for a Sane World otherwise known as Aadhaar, than Union Home Minister Amit Shah the prevailing orthodoxy on financial globalisation. deregulation, trade integration, immigration, fiscal dis- Economy. ©Project Syndicate, 2019. raised another source of anxiety of Indians with his proposal to intro- Bduce a “one nation, one card” plan. This new card, he said at an event of the Registrar General of India (which conducts the 10-year census), would “link all utilities like Aadhaar, passport, bank account, driving licence, voter card”. The data for this exercise would be part of the National Population Register Beijing’s message on an iconic anniversary (NPR) exercise, to be collected alongside the 2021 census, which collects all data on “usual residents” of India (that is, who have resided in a local area for the past he celebration of the 70th anniversary of the ity of the government; at the same time, violent self-sufficiency. And President Xi jinping will not six months and intend to reside there for the next six months). People’s Republic of China was meant to repression, using the anti-riot units of the People’s renounce achieving the grand design of the Belt and T mark the achievements of the Communist Liberation Army stationed in Hong Kong would cre- Road Initiative. But this is a time for a pause or recal- The NPR exercise — which began in 2011 at a cost of ~10,000 crore under P Party in ensuring the “great rejuvenation” of China ate an international crisis that China would truly ibration for the leadership, as it grapples with the Chidambaram and famously clashed with the Aadhaar authority on whose and its return to a role and position “close to the want to avoid in the present economic and geopo- three immediate challenges of sustaining economic database would prevail (the latter won out) — would collect the Aadhaar number, centre of the global stage”. It was also planned to litical situation. growth at a socially and politically acceptable level, the Permanent Account Number, the voter ID, and passport information. Sharing illustrate the role of President Xi Jinping as the On the international front too, the clouds have of dealing with the Trump administration and of the Aadhaar number would be voluntary in view of the Supreme Court’s judgment undisputed leader and, even more, as the “lingxiu”, kept gathering. There is, of course, the confrontation Hong Kong. last year. All this data will not be in the public domain but accessible to a citizen a word used only for highly revered leaders, and with the US which, beyond the trade issues, is a con- The military parade planned for October 1, slated until now reserved for Mao. test for technological and strategic prominence. to be the most impressive parade ever in China which through a password-protected protocol. However, as fate would have it, this 70th anniver- Although many indications point to the fact that will showcase some new advanced weaponry for the On paper, the one nation, one card and NPR proposals, which may or may sary is taking place in a context particularly difficult Beijing might be able to sustain a trade war with first time, will aim at sending two very strong messages: not be linked (the home ministry did not clarify), have the logic of simplicity. It will for China. At home the leadership is confronted with Washington better than its opponent, this war is nev- To the international audience, and especially the US, relieve the Indian citizen of being loaded with multiple cards that act as identity an economy growing at its slowest ertheless taking its toll on the Chinese that China is now a major military power not to be documents — most middle-class Indians have at least four. But the initiative raises pace in 20 years, partly due to the economy. In addition to that, the shift trampled with and that Mr Trump’s bullying will not impact of the trade war initiated by of attitude towards the rise of China, work. It will also remind Asian neighbours — if that more questions. First, it is unclear why the government would feel the need to the US but more importantly not only in the US but also in Europe was needed — the mighty power they have next door subject India’s citizenry to another identification drive when over 90 per cent of because of the need to fight the finan- is a serious concern for Beijing, mak- if ever they had to choose between Beijing and them are covered by Aadhaar, which was an elaborate, time-consuming exercise. cial risk created by shadow banking, ing the country’s technology catch- Washington on issues such as Taiwan or the South Second, the census does not cover the entire population, which leaves unanswered which went out of control in the last up process more arduous. Last but China Sea. For the domestic audience, all the fanfare the questions of the status of those citizens who are not visited by a census officer. few years, and structural issues such not least, the Belt and Road project, around the 70th anniversary is meant to illustrate how, Third, where does this leave migrant labour, who may well be citizens but would as the trend of diminishing returns a strategic signature initiative of Xi under the leadership of the Communist Party, China on investment in many state-owned Jinping, has now hit serious bumps is now a powerful player in the world. This will feed not qualify as “usual residents”? Fourth, the old apprehensions about data privacy enterprises, the private sector not with a backlash from many recipient national pride and highlight not only the remarkable apply here too. The Supreme Court’s Aadhaar judgement a year ago had directed being able to play its full role as a CLAUDE SMADJA countries against over-priced projects achievements of the last 40 years but also the inter- the government to introduce a “robust” data privacy law even as it upheld the con- booster of activity because it is cash- generating a very heavy debt load national stature that the assertiveness of Xi Jinping stitutional validity of the exercise. This is nowhere in evidence, and remains a con- starved, and the worrying trend of that might prove to be unsustainable, has gained for the country cern. The issue is: When there is a single card that holds all vital details, what rising unemployment among the and increasing suspicion about That political control has never been so tight since happens when the system is compromised? There are also very few solutions in young graduates. Add to that the pig crisis. An epi- Beijing’s ultimate strategic motives. After having high- the peak of the Mao era and that the regime has ele- demic of swine fever has forced the culling of millions lighted the Belt and Road and the “Made in China vated security precautions to an almost paranoid the event of data breaches, and the one card idea magnifies this danger. of pigs, multiplying by three the price of this crucial 2025” initiatives so much as hallmarks of the Xi level does not mean that the leadership feels any Fifth, in March this year, the prime minister launched a “one card, one staple for Chinese households. The government is des- Jinping era, the official propaganda is now quite silent immediate threat to its grip on power or that there nation” mobility card — which also had its origins in the United Progressive perately increasing imports and tapping into reserves about them, and government officials are wary to is any challenge to the authority of President Xi Alliance — via the RuPay platform for making payments across all transport to fend off popular discontent. mention them. Jinping. Every challenging phase in China’s modern segments including metro, bus, suburban railways, smart cities and retail shop- At the same time, the Hong Kong demonstra- Does that mean that China has renounced the history has translated into tighter control. What we ping, for paying at toll plazas and for parking. This National Common Mobility tions, now in their 14th week and becoming increas- ambitions to create its own sphere of economic and have is rather a regime leaving nothing to chance ingly violent, represent the gravest and most spec- geopolitical influence through the Belt and Road and using an iconic anniversary date to show, inside Card, which certainly has greater utility than an all-inclusive citizenship card, tacular challenge to the authority of the Communist initiative or its objective of achieving a prominent and outside China, that it will not be daunted by has been adopted by some local transport networks (in Mumbai and Telangana), Party since the events of June 1989. As the unrest position in the new technologies defining the 21st the domestic or international headwinds that have but it has been stymied by the lack of all-India connectivity. The “one nation, escalates, the leadership finds itself confronted with century economy? Definitely not. On the contrary, come its way. one card” plan could well suffer from similar infirmities. a lose-lose situation. It cannot be seen as capitulating the clampdown on technology exchanges and trans- to the protesters’ demands, as the political nature fer to China implemented from the US will end up The writer is president of Smadja & Smadja, a strategic of these demands is a direct challenge to the author- accelerating Beijing’s drive towards technological advisory firm; @ClaudeSmadja

a respected Muslim jurist, Musa al-Alami, the flight of Arabs from their villages dur- whom he assured that the Zionists had ing the 1948 war. The exodus of the Arabs Israel’s complex first PM come to develop Palestine for all its inhab- from the designated Jewish state — the itants. Alami said he preferred to leave the origin of the Palestinian refugee problem into Arab and Jewish states. Full-scale fight- as this sounds, his claim helps explain (Paula) Moonweis. Their union was not land poor and desolate for another century — is a hotly debated subject. Scholars ing broke out six months later. his lifelong mission to establish a Jewish without its problems — Ben-Gurion had until the Arabs could develop it them- disagree about how many villagers left Ben-Gurion’s 11th-hour meeting is one state in Palestine. It also reflects the atmo- several lengthy affairs and was a distant selves. Ben-Gurion repeated this story of their own accord and how many were of the little-known facts revealed by the sphere in his home, where Ben-Gurion’s father to their three children — but the again and again as proof of the futility of expelled by Israeli commanders. There Israeli historian Tom Segev in his deeply father was one of the town’s first Zionist two remained together for 50 years. seeking agreement. At most, Mr Segev is no evidence that Ben-Gurion gave a researched, engrossing and, in some activists. Even so, as a young man he felt By the late 1930s, Ben-Gurion and his writes, Ben-Gurion believed the conflict central order to evacuate them all. He respects, controversial biography, A State directionless: He moved to Warsaw, was socialist labour party had gained power “could be managed,” not resolved. seemed surprised at first by the emptying BOOK REVIEW at Any Cost. Mr Segev has written several rejected by a technological college there, not only in Palestine, but over the world- Where A State at Any Cost falls short villages, only later regarding the Arab books on Israel, and he joins other noted and eventually became so despondent wide Zionist movement as well. Their goal is when the author injects his own ideol- flight as a boon to the military. FRANCINE KLAGSBRUN experts who have mined newly released that he wrote a friend, “I can’t find any was to establish a state with a Jewish ogy into the events of Ben-Gurion’s life. In 1963, David Ben-Gurion retired as archival sources to re-examine the life interest in living anymore.” majority in the biblical land of Israel. But Mr Segev has been associated with revi- prime minister. Through the drama of n the eve of the establishment of and legacy of the country’s first prime Ben-Gurion found himself after arriv- in 1937, when the British Peel Commission sionist historians, known in the past as his life, and despite his failings — both the state of Israel, David Ben- minister. The timing makes sense: As ing in Palestine in 1906 at the age of 20. recommended dividing Palestine into “new historians,” who challenge Israel’s personal and political — Ben-Gurion OGurion, who had worked tirelessly Israel has transformed itself from a small, He would later recall this period with Jewish and Arab states, Ben-Gurion founding narratives. emerges in Mr Segev’s book as a man of toward this goal, suddenly sought to post- struggling society into a high-tech player pride, despite having realised fairly quick- responded with “burning enthusiasm,” For example: Ben-Gurion and com- vision and integrity. These are qualities pone independence. He knew neighbour- on the global stage, its people have ly that he was not cut out for the field despite the tiny area allotted to the Jews. rades who arrived in Palestine in the early that Israelis, like the rest of us, long for ing Arab countries were poised to invade become increasingly interested in the work he was doing on a farm. Politics As he told colleagues, the fact of having a 1900s embraced the idea of “Hebrew in today’s leaders. and he feared his underground army wasn’t ideals that first guided it and the roots of soon became his métier and the road to state was more important than its borders; labour.” The term is widely understood ©2019 The New York Times News Service prepared to fight; so, at a nighttime meeting problems that still confound it. And, like fulfilling his Zionist aspirations. besides, “borders are not forever.” The to refer to manual work by Jews, rejecting with Lord Chancellor Sir William Jowitt, America’s founding fathers, David Ben- To prepare himself, Ben-Gurion trav- Peel plan fell through, but 10 years later centuries of work Jews did in the Ben-Gurion proposed that the British Gurion was the embodiment of his elled to Turkey to study law along with his Ben-Gurion accepted the partition reso- Diaspora as merchants and shopkeepers. A STATE AT ANY COST: The Life remain in charge of Palestine for another nation’s complicated beginnings. friend Yitzhak Ben-Zvi, who later became lution from the United Nations. However, Mr Segev defines “Hebrew of David Ben-Gurion five to 10 years while working to increase Born David Yosef Gruen in the Polish Israel’s second president. After their stud- Although he made attempts at peace labour” as a means for Jews to displace Tom Segev Jewish immigration. Nothing came of this town of Plonsk in 1886, Ben-Gurion said ies were cut short by World War I, they with the Palestinian Arabs, Ben-Gurion Arab workers and control the labour mar- proposal and, on November 29, 1947, the he knew by the age of three that his home eventually headed to New York City, where was pessimistic about ever achieving it. ket. He also makes a questionable con- Farrar, Straus & Giroux United Nations voted to partition Palestine would be in the land of Israel. Hyperbolic Ben-Gurion met and married Pauline Long before the state existed, he met with nection between “Hebrew labour” and $40, 816 pages QUICK TAKE: TAX CUT, VALUATIONS HELP ZEE SCRIP “When data changes, views must change. Pessimism was yesterday’s The Smart The Zee Entertainment stock has gained 10% over story. With big tax cuts and lower the last couple of trading sessions on the cut in interest rates things can only corportation tax rates and an extension for loan improve. Don’t know how much MUMBAI | repayment. Though the pledging-related but certainly will.” FRIDAY, 27 SEPTEMBER 2019 uncertainty continues, business growth outlook RAJIV ANAND, and valuations are positives for the stock Investor ED (wholesale banking), Axis Bank WWW.SMARTINVESTOR.IN FOR INFORMED DECISION MAKING < Standstill pacts not recognised: Tyagi Global cues push PICTURE: KAMLESH PEDNEKAR JASH KRIPLANI & SAMIE MODAK ing member’ following its Sensex, Nifty up Mumbai, 26 September acquisition of IDBI Bank. Together with IDBI Bank, 11 IPOs in the pipeline: Dipam PRESS TRUST OF INDIA he Securities and LIC owns nearly 14 per cent Mumbai, 26 September Exchange Board of stake in the NSE. Sebi regula- As many as 11 PSU listings are vestment drive, sources said TIndia (Sebi) has reiterat- tions state that a trading mem- in the works, said Dheeraj an enabling provision is The Sensex zoomed 396 points ed that so-called standstill ber — directly or indirectly — Bhatnagar, additional secre- under consideration, through on Thursday, driven by gains agreements between mutual can only own up to 5 per cent tary for the Department of which the government could in index heavyweights ICICI funds (MFs) and borrowers in a bourse. To ensure compli- Investment and Public Asset reduce its stake below 51 per Bank, RIL, L&T, and Maruti as don’t have regulatory blessings. ance, LIC may have to divest 9 Management (Dipam), cent-mark and still retail con- September series derivatives “It is not there in any of the per cent or IDBI Bank will have which, along with the NITI trol in the PSU. expired amid positive cues regulations. We have made our to surrender its NSE trading Aayog, is identifying public The Centre has set itself a from global markets. position clear. Entities have to member license, said experts. sector units (PSUs) that can target of raising ~1.05 trillion After rallying 565 points follow the regulations that are A trading member is an be candidates for by way of disinvestment, in during the day, the Sensex end- UPWARD MOVE there. There is no confusion in entity that facilitates trading on privatisation. FY20. People in the know said ed 396 points, or 1 per cent, that,” said Ajay Tyagi (pictured), a bourse. Tyagi also said Sebi Speaking at the capital the government was also higher at 38,990. The broader chairman of Sebi, on the side- was examining the ruling markets conference looking to sell its Nifty soared 133 points, or 1.2 lines of a capital market con- for shares, instead of a distress down the rules for this. passed by the Securities organised by FICCI, The Centre minority stakes in per cent, to end at 11,573. ference organised by industry sell-off. As part of the ‘standstill’ Under the framework, only Appellate Tribunal (SAT) in Bhatnagar said: has set itself firms such as Top gainers in the Sensex body Federation of Indian agreement, the debt would not those MF schemes where side- favour of audit firm Price “The government is a target of Hindustan Zinc. The pack included Vedanta, M&M, Chambers of Commerce & be declared as default despite pocketing is enabled, can be Waterhouse (PW) in the Satyam looking at potential ~1.05 trn from divestment plans in ICICI Bank, Tata Steel, ONGC, Industry (FICCI). The com- the drop in value of the under- part of the ICA process. accounting scandal. strategic stake sales divestments the company is Maruti, IndusInd Bank, L&T, ments on ‘standstill’ have come lying shares. MFs also agreed As most schemes had not The tribunal had quashed in the non-priority in in FY20 stuck because of Hero MotoCorp, Bajaj Finance a day after the Essel group said not to exercise their right to sell enabled side-pocket at the time the Sebi order banning PW sector.” People in the legal issues, sources and Kotak Bank, surging up to it has obtained fresh extension pledged shares of promoters. of DHFL’s downgrade to below- firms and two of its auditors know said a proposal to divest add. 6.4 per cent. Source:BSE to honour its debt obligations Since then, part of the dues investment grade, they from providing audit services stake in Air India was in the It is also looking to offload According to traders, to lenders, which include MFs. have been repaid after the pro- couldn’t be in the ICA process to listed companies for their works and could conclude its SUUTI stake in Axis Bank domestic investors followed settled in the red. The market Essel group promoters have moters raised funds by selling unless Sebi makes an excep- alleged involvement in the this year. and ITC. The disinvestment cues from global indices that rose further as September pledged shares of Zee stake in Zee Entertainment. tion. On the issue of LIC’s share- multi-crore accounting scam. Bhatnagar reiterated the plans could involve huge rallied after US President futures and options expired, Entertainment as collateral When asked if Sebi would holding breach at the National The SAT’s order had cast government’s stance on land parcels or non-core Donald Trump said a trade deal experts said, adding that against the loans. In January, provide for a special dispensa- Stock Exchange (NSE), the Sebi doubts on whether Sebi could ensuring that divestments are assets that PSUs have been with China could happen soon- investors were also optimistic fund houses had given the tion to MFs to be a part of the chief said the life insurer will pass rulings against audit com- done at the right price and holding on to. “These non- er than expected. of the RBI’s policy review Essel group promoters time till inter-creditor agreement in the have to divest its holdings. panies. Tyagi said they would time. “Under no circum- core assets may be hived-off In Asia, the Hang Seng, meet next week. September to repay the dues. case of Dewan Housing Sebi has partially frozen obtain legal views before decid- stance are we going to divest into separate entities or Nikkei and Kospi ended sig- The rupee, too, appreciat- The rationale behind the Finance Corporation (DHFL), LIC’s voting rights in the NSE ing whether to appeal the SAT at distressed valuations,” he divested,” said Bhatnagar. nificantly higher, while the ed 8 paise to 70.9 against the move was to realise fair value Tyagi said Sebi had already laid after it got classified as a ‘trad- order in the Supreme Court. said. To facilitate the disin- JASH KRIPLANI Shanghai Composite Index dollar (intra-day). Restructuring may hit Sebi plans overhaul to boost retail participation in MFs 350 Sharekhan staff ASHLEY COUTINHO IN THE OFFING standardised,” said a senior fund automatically updated across AMCs. Mumbai, 26 September official. Change or inclusion of bank But that does not typically happen, JASH KRIPLANI with increasing competition, Uniformity in the way transactions account, for instance, requires and investors have to approach the Mumbai, 26 September has taken a toll on earning The Securities and Exchange Board are done across AMCs investors to submit details such as AMCs separately or use PAN-based yields. Experts say the broker- of India (Sebi) is looking to bring in n Documents required to appoint the bank name, branch, and IFSC updating services with R&Ts Sharekhan, which is one of the age industry is getting more uniformity in the way transactions Code. Documents to be provided (registrar and transfer) for each one nominees, bank account top five brokerages in India, is competitive due to the entry are done across asset management could include an attested copy of to bring about the change,” said going through a restructuring of discount brokers that offer companies (AMCs), in a bid to make inclusion, transmission of units the latest bank statement or bank Suresh Sadagopan, a financial process that could impact 350 broking services at fixed fees. things simple for investors and boost to be standardised passbook, or a cancelled original planner. KRAs maintain KYC employees. A spokesperson for Analysts add that tradition- retail participation in mutual funds n Unique MF ID that will bring cheque of the new bank. records of investors centrally, on BNP Paribas India said: “Our al brokerages will have to revis- (MFs). The regulator is working on a investors’ folios across AMCs Additional documents could be behalf of capital market business is evolving to meet it their strategies amid height- template that would standardise under one roof n required based on the fund house’s intermediaries registered with Sebi, the more complex needs of ened competition. Volumes in processes and documents required Despite the push and the internal risk management policies. eliminating the need to repeat KYC. clients, including through the equity markets — where bro- for appointing or changing n Efforts are part of Sebi’s ‘ease addition in folios, penetration of “Some AMCs ask for proof for the Some degree of standardisation provision of value-added advi- kerage yields tend to be higher nominees, a bank account inclusion of doing business’ initiative MFs in India remains low old bank account along with the new already exists in the industry. For sory services, for which we — have grown at a slower pace, or change, a minor turning a major, a bank account. Others look only at instance, in 2012, the Association of have been hiring.” unlike the derivatives markets. change of guardian, transmitting MF the new bank proof. What Mutual Funds in India issued “In line with our clients’ According to Motilal Oswal units to kith and kin, and changing numbers used to identify holdings whether the regulator will effect constitutes proof for a bank account common guidelines for transmitting expectations, we have moved Financial Services, the average email/mobile, among other things. with a particular AMC. The same these changes in phases or at one go, itself differs across AMCs. Some mutual fund units, which is done to provide more digital ser- daily traded volumes in the Forms for investment folio number can be used to make or whether AMCs will still enjoy AMCs will be comfortable with after the death of a unit holder. vices. Through this digitalisa- cash market saw 7 per cent application and redemption are also multiple purchases only within the some discretion for certain kinds of online submissions, others will Under the existing guidelines, a tion and restructuring, which growth year-on-year in FY19. sought to be made uniform. same fund house. This is part of transactions. verify documents offline as well,” notarised copy of a probated will, will continue in a phased man- The growth in cash markets The regulator seeks to introduce Sebi’s “ease of doing business” “There are multiple operational said another senior fund official. legal heir certificate, succession ner over the next few months, has been hit by a fall in delivery a unique mutual fund ID, which will initiative, and will especially help processes that require different The regulator could also look at a certificate or letter of administration around 350 colleagues are volumes, which saw de-growth consolidate and bring an investor’s direct investors who do not have documents across different AMCs. mechanism to ensure changes done have to be furnished only if the impacted,” he added. of 8.2 per cent to ~8,854 crore. folios and investments across AMCs distributors to assist them. One AMC may ask an investor for with a particular KYC Registration transmission amount is more than Market sources said other Last fiscal, the segment had under one roof, doing away with the The MF industry could be the one set of documents and another Agency (KRA) are reflected across ~2 lakh. Transmission processes, brokerages are also looking to grown 26 per cent. need for quoting and remembering first in the capital market ecosystem AMC for another, for the same AMCs. “Suppose an investor updates however, still differ, depending on streamline their business mod- various folio numbers. to adopt standardisation in this transaction or operation. These his or her email/mobile with a KRA, the level of risk-based practices els as market volatility, along More on business-standard.com Folios are like bank account manner. It remains to be seen processes are now sought to be the change should ideally be adopted by AMCs.

THE COMPASS Lower taxes add colour to paint sector’s prospects

Volumes of SHREEPAD S AUTE Analysts at ICICI current input prices seem to Securities believe the tax cut be supportive and analysts do premium The reduction in the corpora- will help revive demand in not see any sharp input cost tion tax rates has boosted the the decorative paints seg- inflation in the near term. decorative earnings and growth potential ment, especially in the pre- Lower penetration in products may rise of decorative paint compa- mium category of products. India and shortening of nies, which were already It is also seen helping organ- repainting cycle (from 7-8 (before the cut) an outlier in ised players gain market years to 3-4 years) are other an otherwise sagging con- share from the unorganised growth levers. UBS Securities sumption basket. market. The latter has close says India’s per capita paint Factoring in an expected to 25 per cent share, thereby consumption was 4 kg in 10-12 per cent direct push to underlining the long-term FY19, on an estimated basis, earnings following the lower business potential of organ- against the global average of tax rates announced last week, mainly in the higher-end dec- ised firms. 13.5 kg. Its September 16 the stocks of paint majors — orative segment — and also to The expected traction to report stated that premiumi- Asian Paints, Berger Paints, market share. In the past quar- high-margin premium paint sation in paints was a secular and Kansai Nerolac — have ters, till June 2019, the volume volumes should propel the trend. Pricey valuations, how- surged 11-18 per cent in the last growth of paint firms was driv- overall operating profitabil- ever, could limit further five sessions, along with an 8 en by lower-end products ity of paint firms. However, upside for stocks of decora- per cent rise in the Sensex. The such as distemper and putty. any upswing in key raw tive paint companies. Berger effective tax rate for listed While Asian Paints and material prices, such as Paints and Asian Paints are paint majors was over 30 per Berger Paints are the decora- crude-based monomer and trading at 50-52x their respec- cent in FY19. tive majors, Kansai Nerolac titanium dioxide (TiO2), tive FY21 estimated earnings. In addition, the lower tax has a large share of the indus- could also pose downside Investors are advised to rate was expected to provide trial paints market (45 per cent risks to the expected prof- wait for a correction for a bet- an impetus to volumes — of its revenues). itability gains. Nevertheless, ter entry point. Strong order pipeline accelerates BEL stock Better margins, UJJVAL JAUHARI erated its revenue growth guidance of 12- contracts), budget constraints have 15 per cent for FY20. It expects to maintain strained collections and hurt working working capital Bharat Electronics (BEL) continues to be this run-rate over the next 4-5 years. capital, which is expected to normalise on investors’ radar, and has gained over Analysts add that the order pipeline over the medium term. cycle hold key to 20 per cent since its August lows. The firm’s remains robust. A run rate of ~15,000- Some improvement in receivables further upside order flow remains strong. In addition, it 20,000 crore of order inflow per year is expected, on account of advances recently bagged an Akash missile systems remains possible, for the next few years. from the Akash missile order, which order worth ~5,357 crore, with delivery However, concerns over margins, should restrict further working capital expected over the next three years. which had led to underperformance in deterioration. For FY20, the firm has generated orders the past, remain. Under the Analysts remain watchful worth ~9,000 crore. Achieving its full-year new pricing policy for nom- Achieving its full- as they do not see much guidance of ~15,000 crore may now not be ination projects, finalised by year guidance of upside from here on. Those at difficult, say analysts. the Ministry of Defence, ~15,000 crore may Prabhudas Lilladher have Key orders in the pipeline are a coastal margins have been curtailed now not be lowered their Ebitda margin surveillance naval project and smart city to 7.5 per cent, against difficult, as the estimates, and hence reduced and homeland security projects, that could 12.5 per cent earlier. firm has generated earnings by 7 per cent and 4 add up to ~6,000-6,500 crore of orders, The company, however, orders worth per cent for FY20 and FY21, according to analyst estimates. continues to work on operat- ~9,000 cr in FY20 respectively. The target prices Given the strong order inflow and ing efficiencies and diversify- of Edelweiss Research, Motilal revenue visibility offered by those in ing its orders in non-defence segments. Oswal Financial Services, and the pipeline, the Street remains positive Analysts also say that although there has Prabhudas Lilladher range from ~115-127 on BEL. been no change in payment terms from for the stock, which is trading at The company had, a few days ago, reit- customers (15 per cent advances for new ~111-levels. MUMBAI | FRIDAY, 27 SEPTEMBER 2019 THE SMART INVESTOR 13 . < > TODAY’S PICKS BY DEVANGSHU DATTA ICICI Bank good bet, but No refund if account Nifty Current: 11,573 (11,624) is not validated Target: NA look out for retail NPAs This year onwards, tax department is only Stop-long positions at 11,525. Stop-short positions at 11,700. Big HAMSINI KARTHIK issuing e-refunds directly into the bank moves could go till 11,800, 11,425. A correction based on profit Mumbai, 26 September booking may be due. A long Oct 3, 11,500p (67), short 11,400p (49) TINESH BHASIN could gain 15-20 on a reaction. CICI Bank has benefited from the challenges facing peers in If you have not received your tax Ithe sector. In the June quarter, refund, there’s a high probability Bank Nifty when the private lender demon- that you don’t have a pre-validat- Current: strated its ability to correct its asset ed bank account. From this year 30,013 (fut: 30,264) quality issues sharply, it regained onwards, the tax department has investors’ trust significantly. made it mandatory for individu- Target: NA Brokerages including Morgan als to link the bank account with Stop-long positions at 30,000. Stop-short positions at 30,400. Stanley and Nomura have increased their Permanent Account Big moves could go till 30,650, 29,800. Trend could go negative on their allocation to the ICICI Bank RETAIL PORTFOLIO (%) Number and also validate it, profit booking. stock in recent weeks, as competi- 3.8 1.8 according to tax experts. tors face issues such as possible Credit cards Others From this assessment year slowdown in retail loans and elevat- 9.3 50.6 onwards, the income-tax depart- ed provisioning costs. Personal Home ment has said that it will issue e- Wipro The underperformance by the refunds directly to the bank Axis Bank stock lately, too, has accounts of the assessees. “There NO REFUND? FOLLOW Current: ~237 helped ICICI Bank level valuations could be other reasons for a tax- against the former, after nearly four 13.8 payer not receiving the refund. THESE STEPS Target: ~241 Rural years. Factors such as lower toxic Failing to do pre-validation is the nCheck whether you have Keep a stop at 235 and go long. Add to the position between assets, a good mix of retail and cor- most common,” says Naveen verified returns porate loans, comfortable levels of 5.3 Wadhwa, a chartered accountant 239 and 240. Book profits at 241. n unsecured retail portfolio, and a Business with Taxmann.com. The other rea- At e-filing portal, check if the banking 15.4 favourable deposit base have Vehicle sons for not getting the refund return is processed by clicking on added to the strong sentiment for Source: Bank could be that you have not verified ‘ITR Status’ IOC ICICI Bank. on these numbers, as gross non-per- ing rate trajectory. In Q1, the bank the returns or the claims made in nLog into e-filing account. Under Current: ~144.5 The share of retail loans in over- forming assets (NPA) ratio for retail fared better than peers on this the tax return do not match the profile settings, check if the bank all book has increased from 42 per loans rose to 1.9 per cent in Q1, parameter, too. information given. account is pre-validated Target: ~148 cent to 61 per cent, in June quarter marking a jump of 12 bps year-on- Yet, it won’t be fair to assume all Once an individual files his (Q1), after four years. It surpasses year. In FY15, the corresponding is fine. The share of loans to rela- return, the tax department carries nIf not, pre-validate the bank Keep a stop at 143 and go long. Add to the position between HDFC Bank, known to be the mar- number was 2.02 per cent. tively weaker corporates (BB and out an assessment and informs account 146.5 and 147.5. Book profits at 148. ket leader in retail loans. Further, However, ICICI Bank trumps its below) accounted for 29 per cent of taxpayers of the result. This assess- nClick ‘Compliance’ on the main the proportion of unsecured retail rivals, which have unsecured loans its total book in Q1FY20, and has ment primarily includes arithmeti- menu. Check if there is any loans was contained at 13.3 per cent upwards of 15 per cent. increased from 28 per cent in FY19. cal errors, internal inconsistencies, Tata Steel (though it doubled from 6.6 per cent In addition, amid debates over With fresh trouble brewing by tax calculation, and the verifica- pending communication in FY15). This provides comfort as the impact of linking loans to exter- the day, investors need to be tion of tax payment. The result of nFinally, submit a grievance Current: ~375 delinquencies in retail loans are nal benchmarks on profitability, watchful. A further increase in the assessment communicated to by clicking ‘e-Nivaran’ on the Target: ~369 inching up. ICICI Bank’s share of low cost cur- retail NPA ratio may test investors’ the taxpayer is called “intimation main menu “The bank is comfortable with rent account- savings account faith on the stock. “ICICI Bank is under Section 143(1)”. the growth in unsecured lending (CASA) deposits — at 45 per cent in showing promise of better under- If a taxpayer has not received Keep a stop at 379 and go short. Add to the position between portfolio, given its under-penetra- Q1 (50 per cent a year-ago) — could writing at this point of the cycle, the refund, he should check details rectified in the records of 370 and 371. Book profits at 369. tion among existing clients (at 8 per help mitigate margin compression. although we would need a few whether he has received this com- either the bank or tax department. Target prices, projected movements in terms of next cent of loans) and stable quality Higher share of non-CASA quarters to establish relative com- munication. The letter has details According to tax experts, non- session, unless otherwise stated trends,” say analysts at CLSA. deposits may limit ability of banks fort,” say analysts at Kotak of the calculation done by the residents are facing more of such Yet, one should keep an eye out to reduce deposit rates in a declin- Institutional Equities. assessee and whether it problems because the tax matches the records with department does not the tax department. If accept international mobile there is a refund you will numbers. Many a time Kotak MF pays see whether the depart- non-residents provide the Leela asset sale: SAT upholds regulator’s order ment has made adjust- mobile number of their back FMP investors ments, or if there is any accountant or relatives to SAMIE MODAK Bengaluru, Udaipur, and Brookfield transaction should Following the complaints, further demand. If you the tax department where- Mumbai, 26 September Chennai — to Canadian invest- be viewed as a composite Sebi launched an investigation Kotak Mutual Fund (MF) has paid have not received the YOUR as the bank has an overseas ment firm Brookfield deal and treated into the deal and ordered the pending balance amount to its communication from the mobile number. The FMCG major ITC has failed to for ~3,950 crore. as an RPT. Leela not to proceed with the fixed maturity plan (FMP) investors, tax department, it could MONEY details, therefore, doesn't obtain any relief from the ITC, a key minori- It further postal ballot. Sebi had directed which it had to withhold at the also mean that your match, and validation Securities Appellate Tribunal ty shareholder, had The SAT also argued that JM Leela to provide all relevant time of maturity, having entered assessment is not yet done. remains incomplete. (SAT) in the Hotel Leela asset opposed the deal stat- vacated its stay Financial ARC, details of each of the sale trans- into a ‘standstill’ agreement with If the intimation under Section Another reason for not receiv- sale case. The tribunal, on ing that it violated on Hotel Leela which holds 26 per actions with Brookfield. Leela Essel group promoters to realise fair 143(1) shows a refund, and you still ing the refund could be that the Thursday, upheld an order provisions of related declaring the cent stake in had to provide the valuation value of its investments in the have not received it, the issue department has found issues with passed by capital markets regu- party transactions results of a Leela, shouldn’t methodology used to arrive at group’s firms. In a note to inve st o - could be with the pre-validation of your returns, and it has sent a com- lator Securities and Exchange (RPT), and should be postal ballot. be allowed to vote the valuation. rs, Kotak MF said: “In early Sept - the bank account. To link your munication. “A taxpayer needs to Board of India (Sebi) in the mat- cleared only through ITC is likely to on the transac- Had Sebi or SAT held the ember, a portion of invest ment bank account, you need to log into log into his e-filing account and ter. The SAT also vacated its stay a special resolution. move the SC tion. This is transaction between Hotel was realised from the promoters’ your e-filing account. The option check if there's any communica- on Hotel Leela declaring the Sebi had issued an because the Sebi Leela and Brookfield as a related stake sale to Invesco Oppenheimer to “pre-validate bank account” is tion from the tax department results of a postal ballot. ITC is order in July stating order states it has party deal, the transaction Funds, which was paid to all available under the “profile set- about the filed returns,” says likely to move the Supreme the sale of assets and intellec- failed to ensure compliance would have required the unitholders. Further, the balance tings”. If all your details — name, Arvind Rao, a chartered accoun- Court challenging the ruling. tual property (IP) — except the with Takeover Regulations. approval of ‘majority of minori- amount (principal + accrued date of birth, and mobile number tant and an investment advisor In April, the board of debt- deal involving transfer of the ITC had also moved National ty’ investors. interest) has been realised.” “The — with the tax department and registered with the Securities and ridden Hotel Leela had floated ‘Jamavar’ trademark — didn’t Company Law Tribunal (NCLT) This could have made the proceeds towards full redemption bank match, the account is validat- Exchange Board of India. Until the an ordinary resolution for sale amount to RPT. alleging oppression and mis- sale difficult given key minority of your balance units have been ed. If there’s a mismatch, and the taxpayer addresses the communi- of its assets — which included ITC had challenged Sebi’s management by Leela and JM shareholders ITC and LIC were transferred to your bank account,” taxpayer is unable to pre-validate cation sent, the department will hotel properties in Delhi, ruling, stating that the entire Financial. opposed to it. the note added. JASH KRIPLANI account, he will need to get the not process the refund.

COMMODITIES > Gold import bill at Rising paper imports put 3-yr low after Budget industry under pressure T E NARASIMHAN Under the Asean-India FTA, RAJESH BHAYANI Chennai, 26 September import duties on almost all items in Mumbai, 26 September the segment were progressively Import of paper and paperboard reduced, From a base of 10 per cent, his September quarter is seen as one of (excluding newsprint) into the the basic customs duty came down the worst for jewellers in many years, country grew 29.5 per cent to $360 to zero from April 2014. Under the > T as an increase in import duty, followed million (~2,500 crore) in the first India-Korea treaty, basic customs PRICE CARD by sharp increase in prices, have pushed the quarter of this financial year. duty was also progressively reduced cost of gold to all-time highs. Demand is also higher but as a and became nil from January 2017. Gold demand, import, and import bills result of the rise in import, com- Under the Asia Pacific Trade As on Sep 26 International Domestic have declined sharply, as a result. However, plains the industry, capacity utili- Agreement, with effect from January ------Price %Chg# Price %Chg# this is good news for the central government sation is only 75-80 per cent. 2018, India extended tariff conces- at a time when crude oil prices are rising. The According to the Central Pulp & same period a year before. sions to China (and other countries) METALS ($/tonne) import of gold in August stood at $1.36 billion Paper Research Institute, of 861 Shipment from China jumped 47.7 and reduced the basic customs duty Aluminium 1,736.0 -3.7 1,989.3 -1.7 (~9,600 crore) — a 36-month low. It was also, paper mills in the country, only 497 per cent and those from Asean, the from the existing 10 per cent to seven for the first five months of this financial year, TRACKING GOLD (58 per cent) are operational. Southeast Asian nations’ bloc by per cent on most grades of paper. Copper 5,718.5 -4.8 6,123.0 -8.1 a three-year low at $14.5 billion. | Only 20 tonnes of gold imported in two The industry has petitioned the nearly 79 per cent. And, 42.5 per “India is the largest growing Zinc 2,288.5 -12.8 2,595.9 -12.4 “A sharp 20 per cent rise in price and the months for domestic market central government against any tar- cent higher from South Korea. paper market in the world and glob- Gold ($/ounce) 1,506.0* 6.9 1,648.6 8.1 off-season are key reasons for muted consumer | Gross import inJuly-August period was iff concessions under the proposed Imports of paper and paper- ally the focus of foreign paper manu - demand. Imports have been consistently high- 58 tonnes; September data also dull Regional Comprehensive Economic board from China in the past eight facturers is on how to push more Silver ($/ounce) 17.9* 16.9 20.1 18.6 er than demand since the first quarter of FY17 Partnership (RCEP) to be signed by years have grown at a compounded and more paper into India,” said ENERGY (barring Q4 of FY18), aggregating to 200 tonnes. | Investors preferred Sovereign Gold Bonds 16 countries; talks are expected to annual rate of 13.2 per cent in value Rohit Pandit, secretary general of to physical coins Crude Oil ($/bbl) 61.6* -6.1 63.6 -1.9 In times like this, destocking is natural; so, conclude by the year-end. and 6.3 per cent in volume. IPMA. “The industry is facing im- imports are lower,” observes Somasundaram | Sovereign Gold Bonds sales surge to Data from the Directorate The Indian Paper Manufacturers mense pressure for the past eight Natural Gas ($/mmBtu) 2.5* 10.0 2.6 11.4 P R, managing director at the India arm of the highest after July 2017 General of Commercial Intelligence Association (IPMA) says while the years on account of duty-free import AGRI COMMODITIES ($/tonne) World Gold Council, the mining industry body. | Quarterly demand is estimated to be & Statistics (a Government of India Indian market is growing at 6-7 per of paper and paperboard under the Worried bullion traders and jewellers say body) shows import of paper and cent annually, most of the increase As ean-India FTA. If duty-free im p - Wheat 168.5 -9.1 293.5 3.3 worst in a decade the September quarter was the worst for paperboard were up 36.6 per cent is being taken by import at signifi- ort from China, the world's largest Sugar 339.5* 6.4 488.3 3.1 demand in this decade. in volume during the first quarter cantly lower cost, under the aegis of paper producer, are further allowed Palm oil 517.5 5.1 846.5 3.1 The import duty was raised from 10 per has been 175 tonnes; so, the demand could be (April-June) of 2019-20, from the free trade agreements (FTAs). under RCEP, it will be disastrous.” cent to 12.5 per cent in the Union Budget pre- 65-70 tonnes. Rubber 1,505.3* -30.6 1,777.7 -18.6 sented on July 5. After which, demand and Of this, say analysts, investment demand Cotton 1,308.9 -6.5 1,629.1 -13.4 import both fell. In the first six months was negligible. With the price at ~40,000 per (January to June) of this calendar year, India 10g, investors of physical gold have to also pay * As on Sep 26, 1800 hrs IST, # Change Over 3 Months Crude palm oil prices expected to rise Conversion rate 1 USD = 70.9 & 1 Ounce = 31.1032316 grams. imported 427.8 tonnes of gold, a monthly aver- three per cent in goods and services tax (GST), Notes: age of 71.3 tonnes. However, in July, only 29 apart from making charges. Whatever invest- DILIP KUMAR JHA cent in the past month, to MYR prices. Other than the season and 1) International metals, Indian basket crude, Malaysia Palm oil, Wheat tonnes were imported; August import is esti- ment demand was seen went for sovereign Mumbai, 26 September (Malaysian ringgit) 2,048 a tonne late season monsoon rainfall hit- LIFFE and Coffee Karnataka robusta pertains to previous days price. 2) International metal are LME Spot prices and domestic metal are Mumbai mated at 27 tonnes and the September trend gold bonds, where there is no GST or making in early Thursday trade for near- ting soybean output in India, the local spot prices except for Steel. is unlikely to be any better, with the ongoing charge, and investors can earn annual interest After a sharp decline over recent month delivery. biodiesel mandate in Indonesia is 3) International Crude oil is Brent crude and Domestic Crude oil is Indian basket. ‘pitrupaksh’ period. of 2.5 per cent. quarters, prices of crude palm oil Experts at GlobOil 2019 link the going to be a big booster. It has 4) International Natural gas is Nymex near month future & domestic Analysts tracking gold import say of the 56 According to Reserve Bank data, there have (CPO) are set to rise sharply in the movement in CPO price to several already started indicating in terms natural gas is MCX near month futures. 5) International Wheat, White sugar & Coffee Robusta are LIFF E future tonnes imported in July and August, hardly 20 been three such bond issues after the Budget, quarter ending December. other factors. Such as weather pat- of price movement of soybean and prices of near month contract. 6) International Maize is MATIF near month future, Rubber is Tokyo-TOCOM tonnes was for the domestic market; the rest in July (~185 crore of bonds sold), August (~359 This is due to a forecast of terns in India, B20 and B10 rapeseed, which have never been near month future and Palm oil is Malaysia FOB spot price. was for re-export. Or, of $3.08 billion in gold crore) and September (~244 crore). That ~788 decline in production and expec- biodiesel mandates in Indonesia equal,” said Dorab Mistry, director, 7) Domestic Wheat & Maize are NCDEX future prices of near month contract, Palm oil & Rubber are NCDEX spot prices. import during July and August, only $1.2 billion crore of bonds translates in gold terms to 2.19 tation of a revival in biodiesel and Malaysia, respectively, the Godrej International. 8) Domestic Coffee is Karnataka robusta and Sugar is M30 Mumbai local was for the domestic market. tonnes. This investment in sovereign gold demand in Indonesia, one of the ongoing trade war between the Experts forecast the price to hit spot price. 9) International cotton is Cotton no.2-NYBOT near month future & domestic Analysts think demand has fallen to a bonds during the past two months was the largest producers. United States and China, and soy- MYR 2,500 a tonne or even higher cotton is MCX Future prices near month futures. third of the usual figure in the September highest after July 2017, when as much as ~653 CPO prices on the benchmark bean output in the Americas. by March 2020, around a fourth Source: Bloomberg Compiled by BS Research Bureau quarter. The WGC says the traditional average crore worth of bonds (2.35 tonnes) were sold. Bursa Malaysia fell around 5 per “We are very bullish about CPO higher than now. 14 STOCKS MUMBAI | FRIDAY, 27 SEPTEMBER 2019 >

IN THE > ICICI Bank > Pioneer Distilleries > InterGlobe Aviation Market Cap nears Rs 3 Close at upper circuit Trading volume jumps > STOCK NEWS trillion-mark; stock filter of 20 per cent more than three times OF THE DAY hits record high Container Corporation of ~434.45 PREVIOUS CLOSE ~130.80 PREVIOUS CLOSE ~1,802.80 PREVIOUS CLOSE India: Stock hit new all-time ~452.05 CLOSE ~156.95 CLOSE ~1,871.00 CLOSE high today at ~633.25, up 46 p 4.05% UP p20.00% UP p3.78% UP per cent from 52-week low

NIFTY 50 ADVANCES/DECLINE Company Close (~) % Wt PE Company Close (~) % Wt PE F&0 SNAPSHOT DAY’S TOP GAINERS DAY’S TOP LOSERS 26 Sep’19 Chg (%) Con Std 26 Sep’19 Chg (%) Con Std Futures Cash Premium Futures Cash Discount Company Day’s high Close % chg* 3mth high 52 wk high Company Day’s low Close % chg* 3mth low 52 wk low Adani Ports 419.2 1.0 0.7 20.1 31.4 IOC 144.6 2.7 1.3 7.8 10.0 price price (%) price price (%) Godrej Prpty 1115.0 1096.7 8.4 1118.0 1118.0 Dewan Hsg 41.9 42.9 -8.9 37.1 37.1 Asian Paints 1771.0 1.1 1.6 75.3 75.7 ITC 250.4 1.2 6.2 24.4 24.0 MOST BULLISH MOST BEARISH Affle I 1190.5 1174.6 8.3 1190.5 1190.5 Reliance Cap 29.0 29.4 -5.6 27.8 27.8 Axis Bank 699.9 0.7 3.1 36.4 34.3 JSW Steel 235.5 0.4 0.7 9.2 7.7 Idea Cellular 5.3 5.2 1.0 Raymond 564.5 570.6 -1.1 Enginers Ind 120.7 118.1 7.6 124.4 129.9 ABB India 1405.5 1460.5 -5.2 1307.1 1191.0 Bajaj Auto 2970.3 1.0 0.8 17.5 18.3 Kotak Mah Bank 1626.9 1.6 4.4 41.1 59.7 Tata Steel 377.7 375.8 0.5 Enginers Ind 117.0 118.0 -0.8 BF Utilities 199.0 192.9 7.5 241.2 262.2 YES Bank 50.6 51.1 -4.9 50.6 50.6 Bajaj Fin 4000.8 1.8 2.0 58.1 55.5 L & T 1489.9 2.7 4.2 22.8 29.2 Yes Bank 51.3 51.1 0.5 IDFC Bank 43.4 43.6 -0.5 BEML 991.0 971.0 7.1 991.0 1034.3 IRB Infra 81.8 82.8 -4.4 67.7 67.7 Bajaj Finsrv 8464.6 2.5 1.1 41.6 446.7 Mah & Mah 567.0 6.0 1.2 13.3 12.0 SAIL 34.4 34.3 0.4 Coal India 202.5 203.3 -0.4 HPCL 306.3 304.8 6.8 306.3 333.5 Vakrangee 27.8 28.1 -4.1 22.8 22.4 Bharti Airtel 344.1 0.7 1.3 - - Maruti Suzuki 6857.5 3.3 1.8 27.1 29.8 Mothersons S 109.4 109.0 0.4 Aurob Pharma 608.4 610.8 -0.4 Vedanta 167.0 166.2 6.5 180.0 246.9 Sun Pharma A 138.2 138.9 -3.7 107.0 107.0 Bharti Infratel 258.6 0.5 0.5 17.4 28.0 NTPC 116.6 -0.3 1.0 9.1 9.8 NMDC 91.3 90.9 6.3 120.5 120.5 Arvind 48.2 49.4 -3.4 44.6 44.6 BPCL 480.1 3.2 1.0 13.3 17.6 ONGC 137.1 4.3 1.3 5.7 6.5 Dish TV 21.2 20.9 6.1 34.8 60.2 Wockhardt 287.0 288.4 -3.4 231.5 231.5 Britannia 3092.8 1.9 0.7 64.6 66.0 BSE NSE Power Grid 199.3 0.3 0.9 10.4 10.3 Mah & Mah 569.6 567.1 6.0 675.0 896.5 Jubilant Fd 1367.1 1400.1 -3.3 1078.1 982.0 Cipla 438.5 0.9 0.5 22.9 16.1 Index Stock Index Stock PUT-CALL RATIO Reliance Ind 1296.8 1.3 9.0 20.4 23.2 Indiabulls Vent 189.9 186.2 5.8 343.2 564.9 IDBI Bank 34.9 35.7 -3.1 23.6 23.6 Coal India 203.3 5.6 0.7 6.8 11.9 FUTURE (Open Interest in Mn) Put Call PC Ratio SBI 281.9 0.6 2.2 26.5 31.2 Nat Alum 46.7 46.4 5.7 51.5 72.0 Indian Bank 135.1 138.0 -3.1 135.1 135.1 Dr Reddys 2774.9 0.1 0.7 21.4 30.8 Contracts - - 865894 1995059 Sun Pharma 412.0 1.3 0.9 29.3 111.5 Market 597.2 899.0 0.7 Hind Zinc 217.0 213.2 5.6 248.5 308.9 Raymond 566.8 570.5 -2.9 533.1 533.1 Eicher Motor 17911.6 1.8 0.5 23.5 24.9 Open Int.(000) - - 24414 4640131 Tata Motors 124.5 1.2 0.4 - 48.9 Zee Enter 289.5 286.7 5.4 405.5 506.1 Reliance Infra 34.1 35.0 -2.6 33.2 33.2 GAIL 137.1 0.5 0.6 9.4 10.2 Shares(In Mn) - - 39.1 4474.1 Top 5 PC Ratio Bottom 5 PC Ratio Tata Steel 375.8 3.8 0.6 5.4 4.3 Coal India 204.7 203.1 5.3 261.7 288.3 HEG 1131.3 1138.5 -2.6 873.4 873.4 Grasim Ind 743.8 2.7 0.6 25.9 657.2 Value(~ crore) - - 62810 117841 TCS 2087.6 0.0 4.4 24.3 24.8 Shree Cement 2.0 Page Inds 0.3 HCL Techno 1045.2 -0.8 1.2 14.3 17.7 OPTIONS * Ranked on the basis of percentage gain/loss on previous close Chola Inv 1.7 Oil India 0.3 HDFC 2063.2 -0.3 7.2 20.3 33.5 Tech Mahindra 713.7 1.1 0.9 15.8 16.0 Contracts - - 46041414 1280050 Just Dial 1.6 Union Bank 0.3 HDFC Bank 1242.5 0.2 10.9 30.4 30.8 Titan Company 1288.3 1.5 1.1 81.5 81.9 Open Int.(000) - - 136155 1360088 IndusInd Bank 1.6 Containr Crp 0.3 Hero MotoCorp 2760.1 2.1 0.7 16.0 14.8 UltraTech 4395.6 2.8 0.9 40.1 39.5 Shares(In Mn) - - 1524.5 2003.2 MOST TRADED TOP M-CAP TRENDS Muthoot Finance 1.4 Hexaware Tch 0.3 Hindalco 196.0 3.2 0.6 8.0 54.0 UPL 583.6 1.2 0.7 40.0 156.4 Value(~ crore) - - 3078850 8419 Value Volume Rank Company Mcap (~ cr) Company % change Company % change HUL 2034.4 -0.8 2.9 72.7 70.3 Vedanta 166.1 6.3 0.6 9.0 13.2 BSE+NSE BSE+NSE 1 Reliance Ind 821930.3 ICICI Bank 452.0 4.1 5.9 68.6 54.1 Wipro 237.1 -0.7 0.8 15.4 18.6 (~ crore) (Mn shrs) BS200 Hind Nat Gl 39.9 2 TCS 783369.8 Indiabulls Hous 413.8 -2.4 0.3 4.6 5.3 YES Bank 51.1 -4.9 0.2 7.6 22.7 ACTIVE CALLS ACTIVE PUTS UP 7 DAYS Technofab 37.7 ICICI Lombard 3072.6 27.0 3 HDFC Bank 679664.8 IndusInd Bank 1548.0 2.9 1.9 - 29.0 Zee Enter 286.7 4.8 0.4 15.5 15.3 DOWN DOWN 7 DAYS Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg SBI 2336.2 82.5 4 HUL 440277.0 Infosys 782.6 -1.3 5.9 21.4 22.6 Nifty 50 11571.2 á1.1 100.0 21.3 23.8 Jet Airways -17.0 Den Network -29.8 MARKET OVERVIEW (In Million) Date Price Qty Interest (OI) (In Million) Date Price Qty Interest (OI) 5 HDFC 356354.9 HDFC Bank 1962.9 15.7 UP 3 DAYS Coffee Day -26.9 INDEX PE Shrs Trds 1 Yr Index Index 6 Infosys 333879.0 ICICI Bank 1924.7 42.8 IndiaMART Int 11.9 AGGREGATES C/S Mn ‘000 Adv Dec return Nifty 26/09/19 11600 111.2 2.7 -6.6 Nifty 26/09/19 11500 97.5 3.1 45.2 7 Kotak Mah Bank 311202.6 ITD Cemnt -25.7 S&P BSE SENSEX STOCKS HDFC 1625.2 7.9 Reliance Nippon 6.8 Sensex 22.7/24.7 33.2 294 24 7 6.7 Nifty 26/09/19 11550 55.6 0.5 -43.6 Nifty 26/09/19 11550 63.3 2.2 697.3 8 ITC 307592.5 STC India -21.6 ICICI Prud Life 5.9 Asian Paints 1770.7 1.0 1.9 75.3 75.7 Mah & Mah 567.1 6.0 1.4 13.3 12.0 Nifty 50 21.3/23.8 844.5 6978 41 9 4.7 Nifty 26/09/19 11650 52.7 1.7 114.5 Nifty 26/09/19 11400 41.7 1.9 -29.8 Infosys 1472.3 18.8 9 ICICI Bank 291938.4 Ganesh Benzo -20.0 Power Grid 5.8 Axis Bank 700.1 0.7 3.6 36.4 34.3 Maruti Suzuki 6860.1 3.3 2.1 27.1 29.8 C = Consolidated; S = Standalone Nifty Bank 26/09/19 32000 47.3 0.5 17.8 Nifty Bank 26/09/19 30000 41.6 0.7 252.7 YES Bank 1379.2 265.2 10 SBI 251584.5 Sarla Perf F -13.1 BPCL 5.6 Bajaj Auto 2969.7 0.9 0.9 17.5 18.3 NTPC 116.7 -0.2 1.2 9.1 9.8 Nifty 26/09/19 11500 44.1 1.3 -63.1 Nifty 26/09/19 11600 40.2 0.8 -12.2 Maruti Suzuki 1364.1 2.0 11 Bajaj Fin 232006.4 Intell Des Aren -13.0 Cash Derivatives HDFC Std Life 5.2 Bajaj Fin 4000.8 1.7 2.3 58.1 55.5 ONGC 136.9 4.1 1.5 5.6 6.5 Stock Stock Nestle India 1257.6 0.9 12 L & T 209112.3 UP 3 DAYS TURNOVER BSE NSE BSE NSE Reliance Ind 4.7 Bharti Airtel 344.0 0.7 1.6 - - Power Grid 199.2 0.2 1.1 10.4 10.3 SBI 26/09/19 290 88.1 7.4 25.6 SBI 26/09/19 280 51.2 4.1 23.2 Zee Enter 1215.3 43.4 13 Maruti Suzuki 207229.9 DOWN Dai-Ichi Kar 31.1 HCL Techno 1044.9 -0.9 1.3 14.3 17.7 Reliance Ind 1296.6 1.3 10.5 20.4 23.2 Value (In ~ crore) 5327 48661 - 3343697 SBI 26/09/19 285 72.2 4.0 12.6 SBI 26/09/19 285 30.5 1.4 43.0 Reliance Ind 1148.0 8.9 14 Axis Bank 183447.2 Arvind -12.9 JBM Auto 27.7 HDFC 2064.2 -0.3 8.4 20.3 33.5 SBI 281.9 0.6 2.5 26.5 31.3 Shares(In Mn) 224.6 2093.2 - 8040.9 SBI 26/09/19 300 37.1 8.0 31.3 SBI 26/09/19 275 23.3 1.8 2.1 IndusInd Bank 1117.6 7.3 15 Bharti Airtel 176513.8 IRB Infra -10.5 Pioneer Dist 23.9 HDFC Bank 1242.4 0.2 12.6 30.4 30.8 Sun Pharma 412.0 1.3 1.1 29.3 111.5 Trades(000) 1356 15234 - 19075 SBI 26/09/19 295 30.6 2.7 0.3 SBI 26/09/19 270 13.2 2.8 9.4 16á ONGC 172224.0 Axis Bank 1097.1 15.6 Indian Bank -9.2 Vasundhara Ras 18.5 Hero MotoCorp 2760.3 2.1 0.9 16.0 14.8 Tata Mot-DVR 56.8 0.6 0.1 - - SBI 26/09/19 280 27.0 1.6 -25.7 SBI 26/09/19 290 9.6 0.9 -49.8 17â Asian Paints 169845.5 MARKET-CAP (~ CR) Traded Total LIC Hsg Fin -8.3 Palash Sec 18.1 HUL 2033.8 -0.7 3.4 72.7 70.3 Tata Motors 124.5 1.2 0.5 - 48.9 BPCL 1029.6 21.6 18 Wipro 143198.2 Sun Pharma A -8.1 Shipping Crp 17.9 ICICI Bank 452.1 4.1 6.9 68.6 54.2 Tata Steel 376.1 3.9 0.7 5.4 4.3 BSE 14,818,863 14,941,241 Bajaj Fin 985.1 2.5 19 HCL Techno 141723.5 Strides Pharma -8.1 Axtel Ind 17.8 IndusInd Bank 1546.8 2.9 2.2 - 29.0 TCS 2087.7 0.0 5.2 24.3 24.8 NSE 14,709,858 14,789,747 Indiabulls Hous 908.8 21.5 20 IOC 136552.4 SPURT IN VOLUMES Vakrangee -7.7 DOWN 3 DAYS Infosys 782.1 -1.3 6.9 21.4 22.6 Tech Mahindra 713.8 1.2 1.0 15.8 16.0 Derivatives 11,159,066 11,159,066 TCS 903.0 4.3 21 Bajaj Finsrv 134822.6 ITC 250.4 0.6 7.3 24.4 24.0 Vedanta 166.2 6.5 0.7 9.0 13.2 SMS LifeS -19.1 Company Days 2-week Avg Change Close *Price HUL 822.8 4.0 22 Nestle India 134458.7 Others Kotak Mah Bank 1629.4 1.8 5.2 41.2 59.8 YES Bank 51.1 -4.9 0.2 7.6 22.7 Volume Volume price %chg á CIFL -17.1 TRADING ACTIVITY Kotak Mah Bank 737.2 4.5 23 Coal India 125134.2 UP 7 DAYS L & T 1490.2 2.8 4.9 22.8 29.2 BSE SENSEX 38989.7 á1.0 100.0 22.7 24.7 á Sadbhav Infra -16.5 (~ crore) FIIs MF Sadbhav Infra 424927.0 9785.1 4242.6 40.8 -11.8 24 UltraTech 120769.1 SORIL Infra 40.5 C = Consolidated; S = Standalone Tata Motors 605.4 48.5 â Equity Debt Equity Debt Varroc Eng 875664.0 29229.3 2895.8 465.0 3.0 25 Avenue Supermar 117245.9 Atlas Cycles 40.5 Chaman Lal -14.4 Net Net Net Net IOC 572.6 39.4 26 NTPC 115420.0 Pioneer Dist 116961.0 8586.6 1262.1 156.9 20.0 QGO Fina 40.4 Shriram Asst -14.2 Tata Steel 562.9 15.2 27á HDFC Std Life 114795.3 On 25 Sep -352 73 - - Geojit Financia 2777768.0 222464.4 1148.6 30.6 3.6 Indiabulls Inte 40.2 Moryo Ind -14.1 WORLD INDICES On 24 Sep -747 -189 1285 1062 L & T 550.4 3.7 28â Titan Company 114322.0 Bharat Dyn 537327.0 45527.9 1080.2 313.8 0.9 Raunaq EPC Intl 40.0 RCI Inds & Tech -14.1 On 23 Sep 2804 -432 -866 3888 Vedanta 547.6 33.5 29 IndusInd Bank 107185.1 Indices Close % Chg* Indices Close % Chg* Nyogin Finte 433052.0 36925.5 1072.8 50.0 0.6 (T+2) cycleStocks which rose/fell continuously On 20 Sep 593 486 2172 2780 Bajaj Finsrv 505.2 0.6 30 Power Grid 104213.3 Americas (Sep 25,19) Asia/Pacific (Sep 26,19) On 19 Sep -745 292 829 3464 ICICI Lombard 27000177.0 2474397.5 991.2 1193.4 1.7 Nasdaq Composite 8077.4 1.1 Jakarta Composite 6230.3 1.4 Sep till date -3855 729 9897 38218 Hind Zinc 10733890.0 987487.1 987.0 213.1 5.6 Dow Jones 26970.7 0.6 Stock Exchange of Thai 1636.8 0.5 2019 till date 46357 30219 51112 411871 Advanced Enzyme 821556.0 75705.3 985.2 168.3 4.0 BOARD MEETINGS INTRA-DAY S&P/ TSX Composite 16784.3 -0.1 Kuala Lumpur Comp 1593.0 0.2 FIIS IN DERIVATIVES Nestle India 904612.0 103606.3 773.1 13945.1 3.6 Europe/Africa (Sep 25,19) Kospi 2074.5 0.1 SEPTEMBER 27 dependent Director). owned subsidiaries of the (~crore) Index Stock Index Index Stock FTSE 100 7367.2 1.1 Straits Times 3125.8 - 52 WEEK NEW HIGHS/LOWS Frontier Info: to consider Jumps Network: to con- company i.e. Europlus Fi- NET Net Fut OI Opt OI OI and approve Appoint Ms. sider the issue of shares nancial Services Limited CAC 40 5622.4 0.7 Taiwan Taiex 10872.0 0.0 Company Price Company Price Company Price Company Price On 25 Sep 1641 -536 0.3 1.0 1.7 Shikha Gangrade as Com- on a preferential basis, as and Euro Global Brokers DAX 12291.1 0.5 Shanghai Se Comp 2929.1 -0.9 On 24 Sep 868 -871 0.3 1.0 1.7 HIGH Elgi Equip ...... 289.6 LOW *Suryamba Spg ...... 45.0 pany Secretary of the per SEBI regulations. Limited with Alankit Tech- IBEX 35 9095.7 0.1 Volatility (Sep 25,19) Company;to consider res- Kaycee Ind: to consider nologies Limited. On 23 Sep 3953 829 0.3 1.0 1.7 BS 200 *RITES ...... 279.5 BS 200 Jainex ...... 42.0 ignation of Ms. Archana and approve Appoint Contil I: to consider and Asia/Pacific (Sep 26,19) CBOE S&P 500 15.8 -1.3 On 20 Sep 5240 2125 0.3 0.9 1.7 *PVR ...... 1898.0 *Manorama Inds . . . . .258.0 *Cipla ...... 430.5 *PBM Polytex ...... 41.1 Singh (DIN: 07328641) Chairman of the meet- approve Intimation of An- Hang Seng 26041.9 0.4 CBOE Dow Jones 16.0 -5.5 On 19 Sep 1148 -446 0.2 0.8 1.7 *Kotak Mah Bank . . .1682.4 *City Union B ...... 227.1 *Strides Pharma . . . . .324.8 *Dynavision ...... 40.9 Glittek Gra: Annual Gen- ing;To Grant leave of ab- nual General Meeting Nikkei 225 22048.2 0.1 * Change over previous close Sep till date 24518 1082 - - - *Siemens ...... 1498.8 *Capri Global ...... 208.4 *Indian Bank ...... 135.1 *SMS Pharma ...... 40.8 eral Meeting sence. HFCL: 32nd Annual Gen- 2019 till date 143076 14070 - - - *Containr Crp ...... 633.3 *SAHYOG MULT . . . . .186.2 *Indiab Real ...... 55.7 *Umang Dairy ...... 40.0 GOCL Corp: to consider Prime Cust Ser: To discuss eral Meeting (AGM) OI in number of contracts(million *HDFC Std Life ...... 576.8 Hind Rectif ...... 154.5 *YES Bank ...... 50.6 *Gini Silk ...... 38.3 and approve Board to con- various Fund raising Op- Jinaam’s Dress: Appoint- MAJOR INDICES BPCL ...... 482.0 *Goldiam Intl ...... 142.0 *Reliance Power ...... 2.5 *Sadbhav Infra ...... 37.1 sider Special Interim Divi- tion;to discuss and decide ment *ICICI Bank ...... 458.5 Emergent Energy . . . .129.6 Others *Veritas ...... 31.1 Previous Close Open High Low Close Change % chng S&P BSE SECTORAL INDICES dend the further expansion op- Rathi Graph: to consider ICICI Prud Life ...... 454.4 *Adhunik Inds ...... 104.2 *eClerx Ser ...... 440.3 *PS IT Infrast ...... 31.1 S&P BSE Sensex 38,593.5 38,700.5 39,158.1 38,676.1 38,989.7 396.2 1.0 GSB Finance: to consider portunities and approve the Audited *Berge Paint ...... 439.5 India Grid Trus ...... 92.1 *Somany Cera ...... 185.1 *Shukra Pharmace . . . .25.8 Prev close Close % Chg and approve Annual Gen- Scooters I: to consider financial Results of the S&P BSE Sensex 50 11,968.2 12,001.2 12,142.6 11,994.8 12,108.6 140.5 1.2 Tata Global ...... 284.7 Gala Global Pro ...... 85.0 *Panasonic ...... 135.2 *Risha Digha ...... 23.8 Auto 16,729.2 17,145.8 2.5 eral Meeting and approve 262nd Board Company for the quarter Others *Ozone World ...... 78.5 Emergent Energy . . . .129.6 *Future Enterpri ...... 21.2 S&P BSE-100 11,574.8 11,605.5 11,743.7 11,599.8 11,708.2 133.4 1.2 Bankex 33,377.0 33,939.0 1.7 Guj Alkalies:to consider, Meeting is scheduled to and year ended 31st *Elantas Beck ...... 2541.0 *Black Rose ...... 77.0 *Gromo Trade Con . . .127.3 *Sarla Perf F ...... 21.0 S&P BSE-200 4,791.4 4,803.5 4,858.4 4,801.3 4,845.9 54.5 1.1 Cons. Durables 25,785.5 26,155.1 1.4 subject to approval of the be held on Friday 27th March, 2019. moter Category of the 20,80,00,000/- (Rupees and Compliance Officer of *AKZO Noble I ...... 2060.0 *ABans Enterpris ...... 71.0 *Svaraj Trad ...... 100.3 *Informed Tec ...... 20.5 S&P BSE-500 14,819.3 14,854.8 15,018.6 14,848.6 14,981.2 161.9 1.1 Cap. Goods 18,522.9 18,869.8 1.9 members of the Company, September 2019. Satia Inds: Raising of Company. Twenty Crores and Eighty the Company. *Whirlpool ...... 1917.7 *SSPN Fin ...... 65.0 *New India Assur ...... 98.1 *Betex India ...... 20.0 S&P BSE IPO 5,429.7 5,440.0 5,519.8 5,433.6 5,465.0 35.2 0.6 FMCG 11,674.1 11,735.7 0.5 the proposal for split/sub- Sugal & Dam: Meeting of Loans for Project Financ- Sri Havisha Hos:Resigna- Lakhs) IL&FS Inv Mg: to consider, *Fine Organic In . . . .1812.8 *Mitshi India ...... 64.5 RPEL ...... 88.1 *Polymch Mach ...... 19.1 Healthcare 12,808.2 12,892.8 0.7 division of equity shares the Board of Directors ing and other Matters tion /Appointment Cian Healthcare: To con- inter alia, the Unaudited S&P Dollex-30 4,456.1 - - - 4,511.5 55.4 1.2 Vadilal Ent ...... 1250.0 Adani Greens En ...... 60.4 *ASM Tech ...... 78.4 *Vamshi Ruber ...... 19.0 Infra 180.2 182.7 1.3 of the face value of Sunflag Iron: to review the Sibar Auto: for allotment Sulabh Eng: 36th Annual sider and approve Audited Financial Results of the Nifty 50 11,440.2 11,469.9 11,610.9 11,466.4 11,571.2 131.0 1.1 Supreme Ind ...... 1238.0 *Dr Habeeb ...... 60.0 *Synergy Green ...... 75.0 *Cian Healthcare ...... 17.2 IT 15,480.7 15,395.9 -0.5 Rs.10/- each of the Com- general operational mat- of 9,25,000 Equity Shares General Meeting (AGM) Financial Statements of the Company for the quarter Nifty next50 27,484.5 27,517.6 27,929.4 27,513.0 27,811.0 326.5 1.2 *DSP Blackrock L . . .1000.0 *Cfel ...... 57.4 *Moryo Ind ...... 63.5 *Ashapuri Gold ...... 16.6 Metal 9,015.7 9,394.5 4.2 pany ters of the Company. of face Value Rs. 10/- SEPTEMBER 30 Company for the year ended June 30, 2019 Vadilal Ind ...... 839.6 *Zodiac Ventur ...... 57.3 *IRB InvIT Fund ...... 59.1 *Corp Bank ...... 16.1 Nifty 500 9,344.2 9,365.5 9,471.3 9,363.3 9,443.8 99.6 1.1 Oil & Gas 14,339.4 14,701.9 2.5 IMP Powers: to consider SEPTEMBER 28 each upon conversion of Cella Space: to consider ended 31st March 2019. Integ.Thermo: to consider NESCO ...... 599.0 *Aarnav Fashi ...... 43.8 *Rajnish Welines ...... 53.4 *Jin Poly Inv ...... 15.4 India VIX 16.2 16.2 17.0 13.6 16.3 0.2 1.1 Power 1,937.4 1,940.9 0.2 and approve Appointment Alankit: To take note of convertible warrants allot- and approve availing loan Fraser & Co: to consider and approve Notice of AGM *Trent ...... 528.3 *Modex Intl Sec ...... 32.5 *Coffee Day ...... 53.2 *Supreme Infr ...... 12.8 Nifty CPSE 1,932.1 1,935.5 1,995.8 1,929.6 1,982.6 50.5 2.6 PSU 6,646.8 6,785.9 2.1 of Woman Additional Di- approval of Scheme of ted on preferential basis from Andhra Bank Limited and approve The resigna- Naysaa Sec: 12th Annual rector (categorized as In- Arrangement of wholly to Promoter and Non-Pro- MSE SX 40 22,569.2 22,569.2 22,822.2 22,569.2 22,822.2 253.0 1.1 Realty 2,007.6 2,061.6 2.7 * Indicates that the market price of these companies reached two-year highs/lows. for an amount tion of Company Secretary General Meeting > BS 200 WHAT THIS STOCK PAGE CONTAINS AND WHY The third sub-set of The table also contains the (F&O) section a wide set of an option may be exercised. becomes valueless while compared with the previous XD after the traded quotes SYMBOLS FOR FACE VALUE OF BSE NSE BSE NSE information is the stock’s company’s price-earnings data has been provided. An option is “in-the-money” futures contracts are close, the close price is indicate that the scrip has SCRIPS l q BS 200 stocks account for over paid-up value . Four market capitalisation. The (P/E) multiple. The P/E Open Interest: OI is the if the market price exceeds compulsorily settled on underlined. A significant gone ex-dividend after that ~100 ~3 ACC (A) Adani Enter (A) « PCLose (1632.65) (1633.65) (147.50) (147.55) market capitalisation is multiple is arrived at by number of contracts open at the SP (in case of a call option) expiry. On NSE, it is the last change means a 3 per cent date; XB denotes ex-bonus, m 85 per cent of the volume of categories of information are ~50 H ~2 Open 1633.95 1640.85 148.60 148.45 shares, value and trades on provided: First, the basic shown in ~crore and is arrived dividing the day’s closing end of day in the futures and and the market price is below Thursday of every month. rise or fall in scrips whose XR ex-rights; XO ex-indicator High 1654.35 1654.50 155.70 155.40 n « the Bombay Stock Exchange information on the day’s at by multiplying the closing price by its reported earning options segment. OI thus SP (in case of a put). Put/call ratio: The ratio of market values are over 10 for other corporate actions ~20 ~1 Low 1622.00 1620.95 146.75 146.65 prices of shares with equity per share (EPS) for trailing 12 indicates traders’ Otherwise it is “out-of- open interest in put options & times paid-up value or 15 per like AGM/EGM/ preference Close 1646.75 1646.05 152.90 152.70 and National Stock Exchange. trading. Information is also u ~6 Face value of For BS 200 stocks, the given on the number of capital. It changes either months. EPS is calculated on expectations. High OI is money” call options. cent for the rest of the shares. shares/mergers and others . M scrips is Shares 26354 647K 726K 7013K PE 17.74 17.73 15.92 15.90 company name is followed by shares traded, and also the because more shares have the basis of consolidated typical when traders see a Expiry date: The date on ABBREVIATIONS: When a The letters H or L appended denotes volume of shares in < ~5 ~10 in all cases if not 52 Wk H/L 1768/1322 1769/1323 181/113 181/113 its BSE group in brackets and price trend with 52-week been issued (or extinguished) earnings wherever available. continuing trend. which a derivative expires . significant change occurs in to prices indicate a new high million, L in lakhs & K in 30911 16794 Q ~4 specified. Mcap 30924 16816 the symbol indicating the highs and lows. or the price has moved. In the futures and options Strike Price: The price at which An unexercised option the day’s closing value or low in the scrip; the letters ‘000’. BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE

Adani Ports (A) H Adani Power (A) Ajanta Phar (A) H Amara Raja (A) « Ambuja Cem (A) H Apollo Hosp (A) < Apollo Tyres (A) « Arvind (A) Ashok Leyland (A) « Asian Paints (A) « Aurob Pharma (A) « Avenue Supermar (A) Axis Bank (A) H Bajaj Auto (A) Bajaj Fin (A) H Bajaj Finsrv (A) < Balkrishna I (A) H Balram Chini (A) « PCLose (414.90) (414.80) (68.40) (68.45) (1024.15) (1025.35) (719.90) (719.55) (210.05) (210.10) (1427.60) (1427.55) PCLose (184.90) (184.95) (51.15) (51.15) (70.75) (70.75) (1752.40) (1751.80) (601.60) (602.20) (1904.10) (1902.20) PCLose (694.90) (694.95) (2943.20) (2941.00) (3932.85) (3930.90) (8252.20) (8255.60) (778.70) (778.95) (171.60) (171.45) Open 411.00 412.20 68.40 68.40 1024.00 1025.35 718.00 721.00 211.50 210.35 1431.00 1435.00 Open 185.75 184.95 51.95 51.25 71.40 71.00 1756.05 1761.80 605.05 606.60 1898.00 1900.10 Open 691.00 686.60 2950.00 2942.00 3921.00 3955.00 8265.00 8300.00 774.30 773.75 173.00 172.00 High 420.50 420.60 69.00 68.95 1036.35 1036.55 744.00 743.40 211.70 213.80 1443.05 1444.00 High 188.50 188.65 53.90 55.30 73.95 74.10 1778.75 1780.00 616.45 616.50 1920.00 1922.35 High 719.55 719.65 2990.80 2993.00 4013.40 4015.00 8497.25 8498.80 789.65 789.85 173.00 173.00 Low 411.00 412.00 67.20 67.15 1024.00 1023.80 715.65 712.35 207.65 207.60 1419.45 1418.90 Low 183.85 183.70 48.15 46.05 70.00 70.05 1752.00 1751.90 604.25 604.00 1872.25 1870.00 Low 686.90 686.55 2935.75 2935.00 3920.00 3945.10 8265.00 8295.00 773.95 771.20 167.00 167.00 Close 419.00 419.15 68.25 68.25 1028.90 1029.90 736.95 737.20 210.75 210.50 1429.55 1429.20 Close 184.25 184.40 49.40 49.10 73.45 73.50 1770.70 1770.95 610.45 610.75 1878.70 1878.80 Close 700.10 699.90 2969.70 2970.30 4000.80 4000.80 8471.95 8464.60 786.50 786.60 168.40 168.60 Shares 216K 8639K 1307K 13262K 7083 62597 25186 601K 95232 3991K 23534 451K Shares 196K 2459K 685K 6488K 3489K 44995K 41655 1674K 45819 1829K 43068 426K Shares 599K 15007K 12410 647K 82075 2388K 18428 582K 18513 607K 147K 2171K PE 20.08 20.08 - - 24.63 24.65 24.61 24.62 17.58 17.56 61.78 61.77 PE 18.50 18.52 6.27 6.24 12.51 12.52 75.26 75.27 14.05 14.06 114.83 114.83 PE 34.32 34.31 17.54 17.55 55.49 55.49 41.63 41.59 20.89 20.89 6.14 6.14 52 Wk H/L 430/294 431/292 70/21 70/21 1204/840 1204/825 808/573 807/573 244/189 244/188 1575/1027 1580/1025 52 Wk H/L 245/144 245/144 357/45 356/45 123/57 123/57 1820/1120 1820/1118 838/537 838/537 1944/1127 1945/1126 52 Wk H/L 827/534 828/535 3146/2400 3150/2420 4070/1912 4070/1912 8577/4960 8580/4955 1189/683 1190/682 174/66 174/65 Mcap 86773 86804 26324 26324 8977 8986 12587 12591 41848 41798 19888 19883 Mcap 10539 10548 1278 1271 21561 21576 169846 169870 35766 35784 117246 117252 Mcap 183447 183395 85934 85952 232006 232006 134823 134706 15203 15205 3705 3709

Bandhan Bank (A) Bank of Baroda (A) H Bank of India (A) Bata India (A) < BEML (A) Berge Paint (A) « Bharat Elctn (A) « Bharat Forge (A) H Bharti Airtel (A) < Bharti Infratel (A) BHEL (A) H Biocon (A) < Birlasoft (A) H Bosch (A) BPCL (A) Britannia (A) « Cadila Healt (A) « Can Fin Home (A) H PCLose (489.50) (489.60) (93.60) (93.50) (66.40) (66.45) (1706.75) (1706.00) (906.90) (907.55) (423.80) (423.85) PCLose (109.10) (108.95) (441.85) (442.30) (341.55) (341.65) (257.30) (257.35) (50.15) (50.15) (218.35) (218.25) PCLose (69.85) (70.05) (14082.10) (14082.40) (464.75) (465.20) (3036.10) (3036.00) (249.20) (249.10) (412.15) (412.10) Open 490.00 489.15 94.00 93.95 66.25 66.30 1706.75 1713.00 910.00 909.00 423.00 424.10 Open 109.00 108.75 445.95 444.45 343.50 341.05 257.05 258.00 49.85 50.10 218.00 218.20 Open 69.50 69.00 14112.55 14090.00 465.70 465.20 3050.00 3058.00 249.10 249.70 414.80 415.90 High 514.70 514.80 97.65 97.75 69.10 69.15 1727.65 1727.25 991.00 992.00 439.45 440.00 High 111.75 111.80 459.55 459.60 346.80 347.05 261.50 261.45 52.65 52.65 219.55 220.05 High 74.30 74.30 14311.05 14518.00 482.00 482.05 3102.10 3105.00 250.90 251.05 415.45 416.65 Low 490.00 489.00 93.85 93.75 66.25 66.25 1688.30 1688.00 910.00 909.00 423.00 422.95 Low 107.40 107.30 444.15 443.85 340.60 340.45 256.35 256.30 49.85 49.90 214.70 214.50 Low 65.65 65.70 14002.95 14012.85 463.35 463.30 3050.00 3050.00 245.30 245.10 410.85 410.05 Close 503.65 503.80 95.80 95.75 67.70 67.80 1720.20 1720.50 971.00 969.80 433.50 434.10 Close 111.00 111.00 451.65 450.35 343.95 344.05 258.80 258.55 51.85 51.70 216.30 216.15 Close 72.25 72.15 14142.05 14138.45 479.95 480.05 3093.60 3092.80 245.80 245.70 413.70 413.90 Shares 57037 748K 2152K 29876K 879K 8909K 22050 663K 138K 2072K 48610 3402K Shares 452K 8007K 57621 1355K 89855 4867K 335K 3658K 1245K 22562K 166K 3937K Shares 192K 3027K 827 21859 959K 20670K 83431 514K 45821 841K 7914 136K PE 27.68 27.69 59.91 59.88 - - 63.56 63.57 31.84 31.80 88.92 89.04 PE 13.85 13.85 20.80 20.74 - - 17.45 17.44 21.40 21.34 26.17 26.15 PE 7.82 7.81 28.82 28.81 17.60 17.61 64.57 64.55 14.87 14.87 18.05 18.06 52 Wk H/L 636/369 636/368 144/89 144/89 110/61 110/61 1770/834 1782/833 1034/521 1035/521 439/261 440/260 52 Wk H/L 117/73 118/73 636/378 637/376 379/255 379/255 334/239 335/239 79/47 79/47 357/211 357/211 52 Wk H/L 250/57 250/58 20436/12699 20500/12700 482/239 482/239 3444/2302 3584/2300 404/206 404/207 424/217 425/217 Mcap 60091 60109 36852 36833 22185 22218 22108 22112 4043 4038 42097 42155 Mcap 27046 27046 21029 20968 176514 176565 47868 47822 18054 18002 25956 25938 Mcap 1997 1995 41705 41694 104113 104135 74339 74320 25163 25152 5508 5511

Canara Bank (A) Castrol (A) < CEAT (A) Century Tex (A) CESC (A) Chola Inv (A) H Cipla (A) H Coal India (A) Colgate (A) « Containr Crp (A) < Cummins (I) (A) H Dabur India (A) « DCB Bank (A) Dewan Hsg (A) Dish TV (A) « Divis Lab (A) H DLF (A) H Dr Reddys (A) < PCLose (191.85) (191.75) (132.15) (132.05) (965.90) (965.70) (919.50) (919.50) (771.10) (772.00) (296.80) (296.05) PCLose (434.45) (434.60) (192.80) (192.60) (1487.85) (1486.95) (599.65) (600.20) (592.30) (592.70) (445.75) (445.55) PCLose (209.55) (209.95) (47.05) (47.15) (19.65) (19.70) (1630.45) (1633.45) (155.80) (155.75) (2772.55) (2773.35) Open 197.00 193.05 131.55 132.05 967.50 970.55 929.65 923.95 775.00 775.20 296.30 297.00 Open 440.00 439.00 190.50 190.65 1485.05 1474.15 604.90 603.85 595.00 596.40 445.55 445.55 Open 207.30 207.45 46.50 46.55 19.50 19.75 1632.20 1635.00 156.00 156.50 2780.00 2790.00 High 198.25 198.20 133.90 134.00 995.65 995.00 940.30 939.90 784.00 784.20 311.80 312.00 High 440.85 440.45 204.70 204.85 1520.00 1520.00 633.25 633.60 606.00 606.60 449.55 449.80 High 211.10 211.00 46.90 46.95 21.20 21.20 1704.60 1705.00 163.80 163.90 2793.45 2795.90 Low 191.60 191.50 131.05 131.00 967.50 970.55 918.40 918.15 766.40 766.75 296.30 297.00 Low 430.50 430.40 189.90 189.55 1480.00 1474.15 597.70 597.40 589.30 588.65 443.25 443.00 Low 205.85 205.50 41.90 41.65 19.50 19.60 1632.20 1631.00 155.15 155.15 2746.60 2742.95 Close 192.75 192.70 132.05 132.10 990.00 990.25 934.95 932.80 775.75 776.10 310.50 310.10 Close 438.95 438.45 203.05 203.30 1515.30 1512.20 618.20 618.55 591.75 591.95 447.10 447.20 Close 210.20 209.55 42.85 42.90 20.85 20.85 1677.75 1675.05 161.80 161.75 2774.85 2774.85 Shares 484K 9452K 85312 1195K 13431 243K 23204 444K 9178 584K 81111 3033K Shares 124K 3960K 584K 20275K 27972 376K 204K 5258K 12450 480K 51026 1913K Shares 37713 537K 2146K 23290K 1765K 36217K 71759 1000K 830K 11915K 10213 505K PE 36.79 36.78 17.89 17.90 15.24 15.24 14.67 14.64 10.60 10.61 19.98 19.95 PE 22.90 22.87 6.84 6.84 54.58 54.47 31.63 31.65 24.08 24.09 53.52 53.53 PE 19.34 19.28 0.90 0.90 - - 33.39 33.34 25.68 25.67 21.44 21.44 52 Wk H/L 302/187 302/187 173/113 173/113 1373/731 1373/776 1067/707 1063/706 950/631 948/642 314/208 314/208 52 Wk H/L 677/431 677/430 288/178 289/178 1588/1020 1590/1018 633/433 634/434 885/554 884/555 469/357 469/358 52 Wk H/L 245/140 245/140 333/37 334/37 60/16 61/16 1769/1214 1775/1213 209/137 210/137 2965/2065 2964/1873 Mcap 14519 14515 13061 13066 4005 4006 10443 10419 10283 10288 24276 24245 Mcap 35384 35343 125134 125288 41216 41132 37667 37688 16403 16409 79007 79025 Mcap 6517 6497 1345 1346 3839 3839 44536 44464 40050 40038 46101 46101

Edelweiss Finan (A) « Eicher Motor (A) Emami (A) « Enginers Ind (A) < Equitas Hold (A) Escorts (A) Exide Ind (A) « Federal Bank (A) H GAIL (A) Glenmark (A) « GMR Infra (A) « Godrej Cons (A) « Godrej Prpty (A) < Graphite (A) H Grasim Ind (A) H GRUH Finance (A) H Havells I (A) « HCL Techno (A) H PCLose (108.15) (108.35) (17604.55) (17600.10) (329.20) (329.80) (109.75) (109.90) (101.80) (101.80) (587.60) (587.60) PCLose (190.10) (189.95) (92.10) (92.10) (136.40) (136.45) (345.40) (345.70) (16.80) (16.85) (671.55) (671.35) PCLose (1012.10) (1012.50) (342.70) (342.80) (724.15) (724.15) (263.85) (263.95) (730.60) (730.40) (1053.95) (1053.85) Open 108.20 108.00 17610.00 17710.10 329.20 331.35 110.00 108.65 102.00 101.60 596.00 595.90 Open 189.25 190.15 92.90 92.50 137.90 137.10 347.00 346.70 16.85 16.95 675.00 672.00 Open 1012.10 1013.00 345.20 345.50 728.00 728.70 263.85 264.95 734.35 733.95 1054.50 1054.00 High 115.30 115.40 18125.20 18125.00 330.00 331.35 120.70 120.80 104.50 104.55 614.80 614.15 High 197.40 197.40 94.90 95.00 138.20 138.20 350.65 350.85 17.15 17.20 682.55 683.50 High 1115.00 1114.00 349.00 348.80 747.80 747.95 276.30 276.55 738.60 738.60 1054.50 1055.55 Low 107.60 107.55 17550.00 17530.55 320.00 320.25 109.00 108.65 102.00 101.60 575.00 575.10 Low 189.25 190.15 92.00 92.00 135.75 135.60 345.45 345.30 16.65 16.65 670.40 670.25 Low 1008.05 1007.60 336.75 336.40 721.15 720.15 261.25 261.05 709.65 709.05 1033.35 1033.25 Close 110.35 110.30 17907.85 17911.55 324.55 325.80 118.10 118.00 103.85 103.90 610.10 609.85 Close 195.55 195.60 93.60 93.60 137.10 137.10 346.20 346.10 17.00 17.05 679.80 679.90 Close 1096.65 1093.50 339.50 339.65 744.65 743.80 269.80 269.85 720.05 719.75 1044.85 1045.15 Shares 248K 4432K 6934 187K 28444 2411K 549K 6236K 159K 1931K 345K 6027K Shares 84026 3119K 1388K 14490K 245K 10529K 26227 817K 1015K 20681K 24131 985K Shares 67274 905K 205K 1233K 75300 1972K 29899 1268K 65216 2030K 36077 3031K PE 11.75 11.74 23.51 23.52 46.69 46.87 18.31 18.30 358.83 359.01 16.56 16.55 PE 19.36 19.37 13.63 13.63 10.21 10.21 12.19 12.19 - - 29.65 29.65 PE 89.52 89.26 3.10 3.10 25.95 25.92 44.23 44.24 59.68 59.66 14.29 14.29 52 Wk H/L 215/93 214/94 25615/15197 25617/15200 524/246 527/246 130/93 129/93 144/78 144/78 834/423 834/424 52 Wk H/L 276/166 274/166 110/67 110/67 196/120 197/120 707/343 706/343 21/13 21/13 848/577 850/575 52 Wk H/L 1118/462 1120/460 1060/255 1062/255 1067/681 1067/680 335/205 335/205 807/550 807/550 1190/920 1188/920 Mcap 10301 10297 48871 48881 14731 14788 7463 7457 3549 3551 7479 7476 Mcap 16622 16626 18609 18609 61834 61834 9770 9767 10261 10291 69496 69506 Mcap 27638 27558 6634 6637 48972 48916 19805 19808 45061 45042 141723 141764

HDFC (A) H HDFC AMC (A) < HDFC Bank (A) « HDFC Std Life (A) HEG (A) Hero MotoCorp (A) H Hexaware Tch (A) H Hind Zinc (A) H Hindalco (A) « HPCL (A) HUL (A) « ICICI Bank (A) H ICICI Lombard (A) ICICI Prud Life (A) IDBI Bank (A) IDFC First Bank (A) India Cement (A) Indiab Real (A) H PCLose (2069.60) (2069.95) (2865.45) (2866.00) (1239.70) (1239.70) (557.80) (557.85) (1168.30) (1158.35) (2704.60) (2704.25) PCLose (373.60) (373.50) (201.80) (201.65) (190.00) (189.90) (285.45) (285.40) (2047.60) (2051.50) (434.45) (434.20) PCLose (1173.55) (1172.30) (433.10) (433.25) (36.85) (36.90) (42.95) (42.95) (84.25) (84.25) (57.30) (57.25) Open 2083.70 2070.10 2872.00 2873.70 1240.00 1239.80 558.80 556.90 1170.00 1169.40 2694.00 2695.00 Open 374.10 374.00 202.90 202.25 191.10 191.00 288.50 289.80 2052.00 2055.00 437.25 439.00 Open 1143.80 1140.00 435.20 436.40 37.20 36.90 43.00 42.90 84.25 84.35 57.40 57.40 High 2087.00 2088.00 2917.00 2918.00 1274.95 1275.00 576.80 577.00 1175.00 1178.00 2773.85 2775.00 High 378.85 378.90 217.00 216.80 196.40 196.50 306.30 306.85 2075.00 2075.00 458.45 458.65 High 1232.00 1233.00 454.35 454.30 37.20 36.95 44.25 44.30 85.70 85.65 58.85 59.00 Low 2054.40 2053.80 2830.00 2830.00 1236.85 1236.35 557.30 556.40 1131.30 1130.00 2690.15 2684.85 Low 367.85 367.50 197.30 197.25 190.80 190.25 288.45 288.70 2017.50 2016.95 436.50 438.55 Low 1132.00 1140.00 435.20 435.55 34.85 34.85 43.00 42.90 83.85 83.90 55.65 55.60 Close 2064.15 2063.20 2847.45 2848.40 1242.35 1242.50 568.95 569.30 1138.50 1138.65 2760.25 2760.10 Close 371.65 371.55 213.15 212.90 195.90 195.95 304.75 304.65 2033.80 2034.40 452.05 451.95 Close 1193.45 1192.35 449.55 449.50 35.70 35.70 43.60 43.60 84.95 85.00 56.35 56.45 Shares 186K 7670K 37434 299K 373K 15336K 361K 4460K 49144 383K 38809 1046K Shares 33112 625K 508K 10225K 239K 8626K 993K 15577K 136K 3908K 1918K 40909K Shares 23403K 3597K 215K 4062K 4271K 19209K 973K 26350K 96269 1040K 564K 3528K PE 33.47 33.46 - - 30.83 30.83 86.88 86.94 1.75 1.75 14.77 14.77 PE 18.94 18.94 11.54 11.53 54.02 54.03 9.07 9.07 70.31 70.33 54.15 54.14 PE 50.70 50.65 56.43 56.42 - - - - 21.83 21.84 9.57 9.59 52 Wk H/L 2357/1646 2358/1645 2975/1251 2975/1250 1285/942 1283/943 577/345 577/344 4950/873 4955/876 3383/2228 3380/2226 52 Wk H/L 460/295 459/294 309/193 309/193 260/171 260/171 333/163 334/163 2102/1478 2101/1477 458/295 459/295 52 Wk H/L 1285/703 1285/639 454/278 454/277 66/24 66/24 57/33 57/33 117/68 117/68 151/56 145/56 Mcap 356355 356191 60537 60557 679665 679747 114795 114866 4395 4395 55136 55133 Mcap 11088 11085 90062 89957 43997 44008 46438 46423 440277 440407 291938 291874 Mcap 54234 54184 64548 64541 27619 27619 20853 20853 2633 2634 2562 2566

Indiabulls Hous (A) H Indiabulls Vent (B) H IndiaMART Int (B) Indian Bank (A) Indraprst Gs (A) H IndusInd Bank (A) Info Edge (A) Infosys (A) < InterGlobe Avia (A) IOC (A) IRB Infra (A) ITC (A) « Jain Irrig (A) H Jet Airways (Z) Jindal Steel (A) « JSW Steel (A) « Jubilant Fd (A) Just Dial (A) PCLose (423.95) (423.90) (176.00) (175.90) (1874.30) (1875.45) (142.35) (142.20) (349.00) (348.70) (1503.60) (1503.90) PCLose (2055.70) (2057.15) (792.20) (792.65) (1802.80) (1803.55) (140.55) (140.70) (86.55) (86.60) (248.80) (247.55) PCLose (21.40) (21.35) (31.05) (31.50) (103.60) (103.60) (234.40) (234.40) (1448.55) (1449.65) (694.10) (693.85) Open 425.10 427.15 176.00 175.10 1898.00 1885.00 142.80 142.00 350.00 349.00 1509.00 1507.00 Open 2064.00 2050.00 792.00 787.75 1833.00 1827.00 141.60 141.95 86.80 86.95 247.85 247.30 Open 21.75 21.50 32.60 32.55 104.80 104.50 236.00 236.00 1407.00 1398.35 695.45 695.70 High 436.35 436.65 189.90 190.00 1941.00 1944.85 145.10 145.10 358.50 358.45 1554.00 1554.75 High 2090.00 2093.85 796.85 797.00 1883.00 1882.85 149.40 149.45 88.00 88.00 251.30 251.40 High 21.75 21.65 32.60 32.55 109.30 109.40 237.70 237.80 1411.00 1410.00 704.00 704.65 Low 405.10 405.00 172.00 171.45 1879.10 1879.30 135.05 137.40 346.90 346.80 1509.00 1507.00 Low 2051.20 2049.80 778.50 778.10 1821.85 1821.00 141.50 141.40 81.75 81.40 246.00 246.25 Low 21.00 20.90 30.00 30.05 104.15 104.00 231.30 231.25 1367.05 1366.70 690.05 690.00 Close 414.80 413.75 186.15 186.40 1899.70 1904.35 137.95 138.35 352.45 352.65 1546.75 1548.00 Close 2065.75 2067.75 782.05 782.55 1871.00 1871.00 145.05 144.55 82.75 82.75 250.35 250.40 Close 21.15 21.15 30.70 31.05 108.80 108.80 235.05 235.45 1400.10 1400.90 701.20 701.50 Shares 1029K 20502K 282K 2320K 4205 48596 88445 1311K 32020 1408K 245K 7017K Shares 1408 125K 338K 18443K 117K 1780K 1752K 37605K 72424 824K 776K 17848K Shares 133K 1031K 38711 62293 1563K 19695K 575K 8070K 117K 2639K 69837 1311K PE 4.62 4.61 82.28 82.39 - - 14.19 14.23 29.76 29.77 28.99 29.01 PE 88.52 88.61 21.41 21.43 54.16 54.16 10.00 9.96 3.61 3.61 23.99 24.00 PE 5.57 5.57 - - - - 9.14 9.16 57.22 57.25 20.16 20.17 52 Wk H/L 1004/379 1004/379 565/147 567/146 1971/952 1970/1103 292/135 293/137 372/215 372/215 1835/1268 1834/1267 52 Wk H/L 2432/1313 2444/1311 847/601 847/600 1911/697 1883/691 170/106 171/105 169/68 170/68 310/234 310/234 52 Wk H/L 77/16 77/16 357/27 367/27 233/91 233/91 412/202 413/202 1518/982 1530/977 825/408 825/409 Mcap 17735 17690 11388 11403 5465 5479 6781 6800 24672 24686 107185 107272 Mcap 25268 25293 333879 334093 71970 71970 136552 136082 2908 2908 307593 307654 Mcap 1050 1050 349 353 11098 11098 56816 56913 18477 18488 4547 4549

Kajaria Cer (A) « Kotak Mah Bank (A) < L & T (A) H L & T Infotech (A) « L&T Finance Hol (A) LIC Hsg Fin (A) H Liquid Sach (F) Lupin (A) H M & M Fin (A) H Mah & Mah (A) < Maha Gas (A) Manapp Finance (A) H Marico (A) « Maruti Suzuki (A) < Max Fin Sre (A) H MCX (A) Mindtree (A) Mothersons S (A) « PCLose (568.65) (568.00) (1601.25) (1601.60) (1450.05) (1450.10) (1493.50) (1494.15) (94.15) (94.10) (394.15) (394.15) PCLose (1000.00) (1000.00) (730.95) (731.40) (336.90) (337.30) (535.00) (534.70) (903.65) (902.90) (134.85) (134.85) PCLose (391.15) (392.00) (6641.50) (6638.50) (416.25) (415.95) (983.10) (984.45) (700.90) (700.40) (108.00) (108.50) Open 568.65 564.00 1601.00 1607.00 1453.05 1456.30 1505.00 1506.15 94.95 94.35 396.00 395.25 Open 999.99 1000.00 733.10 733.00 340.00 340.00 538.60 537.90 906.95 907.90 135.00 134.80 Open 395.00 389.00 6700.00 6700.00 416.50 417.95 984.00 983.70 719.85 703.90 108.60 108.55 High 581.00 581.00 1682.40 1683.95 1494.95 1495.00 1515.00 1514.95 96.65 96.60 400.50 400.45 High 1000.01 1000.01 735.45 735.90 353.95 354.00 569.55 569.75 933.65 933.00 136.75 136.85 High 395.00 391.85 6899.10 6899.90 419.90 419.90 991.50 991.50 719.85 712.00 110.95 111.00 Low 565.70 564.00 1601.00 1605.25 1453.05 1456.30 1499.65 1500.00 93.20 93.20 391.35 391.05 Low 999.99 999.50 725.55 725.45 338.25 338.45 536.90 536.00 903.20 903.65 134.30 134.05 Low 383.85 383.60 6681.60 6681.05 411.25 411.05 944.15 943.45 691.70 692.00 108.00 108.05 Close 570.65 571.55 1629.35 1626.85 1490.20 1489.85 1507.20 1508.25 96.00 95.95 393.40 393.40 Close 1000.01 1000.00 729.05 729.25 352.45 352.45 567.10 566.95 930.45 930.20 136.20 136.20 Close 388.10 388.10 6860.10 6857.45 416.10 415.30 982.10 982.85 696.85 696.30 109.00 108.95 Shares 18470 384K 206K 4308K 156K 3561K 31128 60005 1180K 13595K 128K 2721K Shares 522K 1398K 55219 959K 146K 2111K 208K 6270K 27077 489K 135K 3028K Shares 141K 1890K 110K 1894K 24676 340K 134K 2259K 10713 353K 647K 8345K PE 38.96 39.02 41.15 41.09 22.82 22.82 17.35 17.36 8.57 8.56 8.03 8.03 PE - - 46.69 46.70 16.05 16.05 11.97 11.97 15.62 15.62 11.47 11.47 PE 42.51 42.51 29.77 29.76 77.04 76.89 29.37 29.39 16.65 16.64 22.49 22.48 52 Wk H/L 649/316 650/310 1682/1002 1684/1002 1607/1183 1607/1183 1956/1437 1955/1436 159/89 159/89 587/376 587/376 52 Wk H/L 1005/999 1010/992 918/697 918/697 484/285 484/285 897/503 895/503 1057/755 1067/754 145/66 145/66 52 Wk H/L 404/286 404/283 7929/5447 7950/5446 473/344 475/350 1031/644 1030/644 1097/653 1099/652 179/91 179/91 Mcap 9073 9088 311203 310725 209112 209063 26210 26228 19205 19195 19853 19853 Mcap - - 33000 33010 21773 21773 70502 70483 9191 9189 11485 11485 Mcap 50100 50100 207230 207150 11210 11188 5009 5013 11468 11459 34421 34405

MRF (A) Muthoot Finance (A) Nat Alum (A) < NBCC (A) « NCC (A) H Nestle India (A) NIIT Techno (A) NMDC (A) « NTPC (A) Oberoi Relty (A) Oil India (A) ONGC (A) < Oracle Fin (A) < Oriental Bank (A) Page Inds (A) PC Jeweller (A) Petronet LNG (A) Pidilite Ind (A) « PCLose (64527.15) (64499.50) (669.50) (669.15) (43.85) (43.90) (37.05) (37.05) (61.45) (61.45) (13463.45) (13458.50) PCLose (1404.50) (1406.20) (85.55) (85.60) (116.85) (116.90) (519.50) (521.20) (145.90) (145.85) (131.45) (131.45) PCLose (2954.20) (2953.95) (62.20) (62.25) (22243.20) (22255.40) (36.20) (36.20) (258.20) (258.50) (1439.90) (1438.70) Open 64479.85 64499.50 677.95 672.00 44.15 44.00 37.00 37.00 61.90 61.80 13563.00 13545.00 Open 1400.00 1400.00 86.00 85.70 117.60 117.25 523.80 518.00 145.05 146.00 135.00 131.80 Open 2971.75 2954.80 62.35 62.10 22243.00 22100.00 36.95 36.10 260.90 260.00 1441.85 1442.20 High 65400.00 65420.00 684.75 684.90 46.70 46.75 38.50 38.50 63.65 63.70 14128.25 14144.00 High 1412.45 1414.00 91.25 91.40 118.70 118.70 526.50 526.40 149.90 149.90 138.00 138.05 High 3000.00 3000.00 64.00 63.95 22599.00 22600.00 37.00 36.40 260.90 260.10 1461.00 1461.80 Low 62219.50 62150.00 670.80 671.10 43.85 43.85 36.40 36.35 59.95 59.95 13550.00 13525.05 Low 1382.85 1382.30 85.75 85.60 116.00 115.95 509.30 508.55 145.05 145.55 131.20 131.20 Low 2926.05 2935.00 62.05 61.90 21861.45 21800.00 35.10 35.10 256.30 256.25 1437.60 1437.90 Close 63020.20 62859.60 682.10 681.00 46.35 46.30 38.05 38.05 61.75 61.75 13945.10 13934.60 Close 1387.60 1389.40 90.90 90.90 116.65 116.55 520.10 520.10 148.55 148.50 136.90 137.05 Close 2973.15 2973.95 62.25 62.35 22022.35 22021.55 35.50 35.50 258.90 258.90 1454.75 1454.10 Shares 1216 20476 12304 911K 907K 13207K 1927K 18352K 1536K 20910K 7359 897K Shares 10304 322K 197K 6187K 245K 21459K 17645 519K 40869 1013K 638K 19764K Shares 3969 56521 209K 836K 2522 40823 371K 4363K 246K 4644K 103K 392K PE 24.19 24.13 13.59 13.57 7.56 7.56 19.55 19.55 6.85 6.85 79.61 79.55 PE 21.15 21.18 5.74 5.74 9.81 9.80 67.85 67.85 6.41 6.41 6.50 6.51 PE 18.75 18.75 15.21 15.23 64.59 64.59 - - 18.24 18.24 75.48 75.44 52 Wk H/L 69884/51850 69900/51586 699/357 699/356 72/37 72/37 69/29 69/29 119/48 119/48 14300/908014144/9047 52 Wk H/L 1541/1031 1545/1031 120/75 121/75 146/107 146/107 642/352 642/351 224/140 225/140 183/116 184/116 52 Wk H/L 4117/2833 4118/2654 119/58 119/58 34000/17141 33683/17150 168/24 164/24 302/203 299/203 1495/898 1494/895 Mcap 26721 26652 27334 27290 8647 8638 6849 6849 3709 3709 134459 134357 Mcap 8661 8673 27832 27832 115420 115321 18911 18911 16109 16103 172224 172413 Mcap 25522 25528 8530 8543 24555 24554 1402 1402 38835 38835 73901 73868

Piramal Entp (A) H PNB (A) H PNB Hou Fin (A) Power Fin (A) Power Grid (A) PVR (A) Quess Corp (A) Rajesh Exp (A) « Ramco Cements (A) « Raymond (A) RBL Bank (A) REC (A) Reliance Cap (A) Reliance Ind (A) Reliance Infra (A) Reliance Nippon (A) SAIL (A) SBI (A) « PCLose (1823.05) (1824.25) (63.25) (63.30) (641.25) (642.40) (100.55) (100.55) (198.75) (198.75) (1846.90) (1847.70) PCLose (453.35) (453.30) (665.60) (665.70) (755.30) (754.65) (587.40) (586.85) (383.50) (383.70) (126.85) (126.90) PCLose (31.10) (31.15) (1279.80) (1279.55) (35.95) (36.00) (263.00) (263.15) (32.90) (32.85) (280.15) (280.25) Open 1835.00 1833.35 63.50 63.60 647.75 647.00 101.35 101.45 200.80 199.95 1846.90 1845.90 Open 457.65 454.95 677.00 669.85 758.50 758.45 587.70 584.80 386.75 386.10 127.80 126.80 Open 31.35 31.30 1290.00 1292.00 36.75 36.30 266.95 263.75 33.10 33.00 281.60 281.50 High 1870.45 1870.00 65.60 65.60 649.60 650.95 101.80 101.75 201.40 201.40 1897.95 1898.00 High 458.90 459.95 682.00 681.85 773.50 774.65 589.20 588.90 401.70 401.60 129.50 129.65 High 31.45 31.45 1298.70 1298.80 36.75 36.30 268.50 268.80 34.50 34.45 289.70 289.90 Low 1832.65 1831.00 62.60 62.60 636.00 635.20 99.75 99.65 197.15 197.10 1837.95 1834.60 Low 449.30 450.00 667.00 666.50 752.55 752.80 566.80 566.70 380.05 380.00 125.55 125.50 Low 28.95 29.00 1283.45 1283.50 34.10 34.10 262.00 262.00 32.90 32.90 277.00 277.00 Close 1859.05 1859.55 62.85 62.80 638.10 638.55 100.35 100.40 199.20 199.25 1884.15 1884.30 Close 455.95 455.75 673.00 672.75 770.10 770.55 570.45 570.60 383.85 384.25 128.60 128.60 Close 29.35 29.35 1296.60 1296.80 35.00 35.00 268.10 266.25 34.25 34.25 281.90 281.85 Shares 34933 634K 1827K 48382K 5172 37342 559K 17679K 354K 8903K 16395 615K Shares 5321 65809 73344 181K 4712 207K 49655 1087K 594K 10083K 316K 5651K Shares 2418K 18833K 488K 8389K 1575K 12710K 357K 2609K 1740K 41593K 3448K 79006K PE 18.55 18.56 - - 8.83 8.84 3.82 3.82 10.30 10.30 59.82 59.82 PE 26.03 26.02 16.63 16.62 31.67 31.69 22.87 22.87 17.50 17.52 4.38 4.38 PE 0.53 0.53 20.43 20.43 - - 32.79 32.56 8.29 8.29 26.54 26.53 52 Wk H/L 2796/1652 2788/1652 100/59 100/58 1040/595 1039/594 139/72 139/72 216/173 216/173 1898/1102 1898/1099 52 Wk H/L 913/387 917/386 775/544 785/542 845/546 845/547 885/533 885/533 717/292 716/286 170/94 170/94 52 Wk H/L 319/28 319/28 1417/1017 1418/1016 381/33 381/33 289/120 289/127 77/30 77/30 374/248 374/247 Mcap 36977 36986 28936 28913 10728 10735 26493 26506 104213 104239 8814 8815 Mcap 6661 6659 19874 19866 18144 18154 3501 3502 16523 16540 25397 25397 Mcap 742 742 821930 822057 920 920 16409 16296 14147 14147 251584 251540

SBI Life Ins (A) Shree Cement (A) Shriram TrFn (A) Siemens (A) H Spicejet (A) SRF (A) Sterlite Tch (A) H Strides Pharma (A) Sun Pharma (A) « Sun TV Net (A) < Tata Chem (A) Tata Elxsi (A) Tata Global (A) « Tata Mot-DVR (A) H Tata Motors (A) H Tata Power (A) « Tata Steel (A) TCS (A) « PCLose (795.95) (796.55) (19436.75) (19457.40) (1114.80) (1114.75) (1441.90) (1442.50) (129.25) (129.20) (2785.20) (2787.75) PCLose (156.10) (156.10) (331.70) (331.95) (406.75) (406.75) (463.80) (463.70) (600.25) (601.15) (666.70) (667.40) PCLose (279.50) (279.45) (56.40) (56.40) (123.00) (123.05) (63.65) (63.80) (362.15) (362.05) (2087.80) (2088.45) Open 799.70 798.25 19467.15 19399.00 1119.00 1117.00 1449.30 1449.40 130.70 130.80 2779.50 2780.00 Open 158.40 158.05 332.05 332.00 407.00 406.75 463.75 460.00 603.80 603.00 671.05 670.35 Open 283.40 281.90 57.00 56.50 123.95 123.90 64.00 64.10 364.30 365.00 2091.00 2097.90 High 822.00 823.70 19643.40 19653.20 1132.35 1132.50 1498.75 1500.00 133.20 133.00 2792.00 2795.00 High 162.70 162.75 336.40 336.75 413.00 413.00 472.50 472.75 610.00 610.25 687.85 688.00 High 284.70 284.85 57.85 57.85 127.20 127.25 64.20 64.25 379.30 379.35 2106.95 2107.00 Low 797.95 798.25 19280.00 19269.15 1096.80 1096.70 1441.90 1441.95 129.10 129.15 2740.70 2741.05 Low 152.00 151.95 324.80 324.60 405.45 405.30 455.65 455.30 600.15 600.20 670.20 670.35 Low 277.15 277.15 56.10 56.05 122.90 122.80 62.80 62.80 363.50 363.35 2063.00 2063.00 Close 817.05 816.40 19375.00 19365.00 1103.45 1102.25 1490.90 1489.80 132.00 131.95 2768.65 2768.90 Close 161.40 161.45 328.60 328.70 412.00 411.95 470.00 470.45 605.75 606.40 685.40 685.70 Close 279.70 279.90 56.75 56.85 124.50 124.50 63.70 63.65 376.10 375.75 2087.65 2087.60 Shares 642K 1673K 589 25103 44094 1490K 55736 1088K 996K 2617K 16766 377K Shares 380K 2951K 103K 1207K 273K 5310K 113K 1685K 40212 445K 100K 1046K Shares 357K 4938K 800K 7185K 2647K 45866K 1129K 10136K 1129K 14066K 97699 4234K PE 60.77 60.73 65.25 65.21 9.54 9.53 51.27 51.23 - - 28.59 28.59 PE 11.45 11.45 8.76 8.76 29.28 29.28 13.54 13.56 12.97 12.99 15.91 15.92 PE 41.35 41.38 - - - - 25.67 25.65 5.38 5.38 24.28 24.28 52 Wk H/L 862/487 862/485 22200/13125 22400/13100 1297/904 1297/902 1499/841 1500/850 157/61 153/121 3090/1617 3086/1615 52 Wk H/L 399/97 400/97 550/325 551/325 644/350 644/345 684/389 684/389 726/544 727/543 1211/593 1211/592 52 Wk H/L 285/178 285/177 124/48 124/48 239/106 239/106 86/50 86/50 620/322 621/322 2296/1784 2296/1784 Mcap 81705 81640 67502 67468 25035 25008 53091 53052 7916 7913 15914 15916 Mcap 6506 6508 2943 2944 98851 98839 18522 18539 15432 15449 4269 4271 Mcap 17652 17664 2886 2891 35948 35948 17230 17216 42372 42333 783370 783351

Tech Mahindra (A) < Titan Company (A) « Torrent Phar (A) < Torrent Pwer (A) TVS Motor (A) « Ujjivan Fin Ser (A) UltraTech (A) Union Bank (A) United Brew (A) « United Spirt (B) H UPL (A) H Vedanta (A) « Vodafone Idea (A) Voltas (A) « Wipro (A) H Wockhardt (A) < YES Bank (A) H Zee Enter (A) « PCLose (705.50) (705.90) (1269.05) (1268.90) (1702.70) (1703.10) (288.00) (288.20) (401.50) (401.80) (312.50) (312.15) PCLose (4277.25) (4277.85) (56.40) (56.35) (1355.25) (1355.80) (650.25) (650.80) (576.70) (576.75) (156.05) (156.20) PCLose (5.32) (5.30) (669.05) (668.75) (238.80) (238.80) (298.40) (298.70) (53.70) (53.70) (271.90) (273.45) Open 705.00 705.45 1275.00 1273.00 1713.75 1707.90 289.95 289.55 401.85 401.80 313.85 313.60 Open 4280.00 4285.00 56.60 56.60 1355.50 1355.80 653.90 654.00 573.00 576.80 157.40 157.20 Open 5.38 5.35 671.05 672.95 239.10 239.20 299.90 300.00 54.50 53.90 275.00 274.70 High 715.95 716.00 1292.25 1292.55 1730.00 1729.90 292.00 292.10 423.10 423.55 321.90 322.00 High 4410.50 4420.00 58.95 59.00 1363.15 1362.85 674.35 674.00 595.00 595.00 166.95 167.00 High 5.45 5.45 684.90 684.70 240.80 240.45 304.90 304.40 54.50 54.25 289.45 289.60 Low 702.00 701.80 1272.85 1272.00 1693.10 1691.50 287.80 287.35 398.00 398.00 313.85 313.60 Low 4280.00 4285.00 56.15 56.15 1348.95 1348.80 653.70 652.90 573.00 576.00 156.45 156.40 Low 5.17 5.15 664.05 664.00 236.70 236.55 287.00 286.90 50.60 50.55 270.35 270.25 Close 713.75 713.70 1287.70 1288.30 1701.30 1699.85 290.00 290.10 418.20 417.85 319.00 318.30 Close 4397.20 4395.60 56.55 56.55 1354.95 1354.70 670.60 670.95 583.10 583.60 166.15 166.10 Close 5.22 5.20 677.55 678.00 237.25 237.10 288.35 288.65 51.05 51.05 286.70 286.70 Shares 196K 3300K 60270 2278K 3911 213K 254K 2130K 167K 4482K 108K 2328K Shares 16993 675K 621K 13245K 8753 374K 64193 1935K 106K 3331K 1820K 31707K Shares 8135K 82845K 85411 1855K 184K 5389K 96316 838K 15544K 249670K 4427K 39001K PE 15.85 15.85 81.90 81.94 58.87 58.82 14.68 14.68 29.84 29.82 179.47 179.08 PE 40.11 40.09 - - 70.88 70.87 62.90 62.93 39.95 39.99 8.97 8.97 PE - - 45.63 45.66 15.45 15.44 - - 22.70 22.70 15.54 15.54 52 Wk H/L 846/608 847/607 1346/732 1345/732 1964/1453 1962/1452 314/212 314/212 594/340 592/338 372/167 372/167 52 Wk H/L 4904/3264 4905/3260 100/52 100/52 1494/1083 1491/1083 680/439 677/438 709/388 709/388 247/126 247/125 52 Wk H/L 28/5 28/5 704/471 705/472 302/221 302/222 590/232 590/231 286/51 286/51 506/256 507/256 Mcap 68857 68852 114322 114375 28789 28765 13938 13943 19869 19852 3873 3864 Mcap 120769 120725 9970 9970 35825 35818 48729 48755 44549 44587 61761 61743 Mcap 15000 14942 22420 22435 143198 143108 3193 3197 13020 13020 27538 27538 16 ECONOMY & PUBLIC AFFAIRS MUMBAI | FRIDAY, 27 SEPTEMBER 2019 1 > RanaKapoor’sfamilysells Newframework forstressed another1.8% inYESBank

SUBRATA PANDA Mumbai, 26 September finance firms likely today YES Capital, one of the pro- moter entities of YES Bank, on Thursday sold 1.8 per cent An inter-regulatory panel of the FSDC will stake in the private lender. meet at the RBI headquarters on Friday to The share sale helped the pro- moter group entity, owned by discuss the new framework Rana Kapoor’s family, raise around ~240 crore. YES SHRIMI CHOUDHARY faces liquidity stress. Further, the regu- Capital sold 46.5 million New Delhi, 26 September lators will appoint a senior financial shares at ~51.94 apiece. expert on the panel of the stressed firm YES Capital said the pro- mid the crisis at Dewan Housing for monitoring resolution. ceeds would go to Franklin Finance Corporation (DHFL), Sources said the regulators would Templeton Asset Mana- A financial sector regulators are identify the companies that would come gement, with whom its share- planning a new framework for resolving under the new mechanism and require holding of YES Bank was stressed financial conglomerates. a lifeline. “It will be on a case-to-case pledged. “The proceeds will The new framework, which the reg- basis; not every finance company would Standard operating procedures (SoPs) will be set up for the parent company be utilised to prepay entire ulators will discuss at a meeting in come under this. The regulator will to bail out its stressed subsidiary balance outstanding non- Following the sale of shares by YES Capital, shareholding of Mumbai on Friday, will help adopt a uni- decide certain parameters, based on convertible debentures Rana Kapoor and his promoter entities in the private lender form approach to bailing out such com- which financial conglomerates would the parent company of the particular losing its grip over many decisions, lead- (NCDs) of YESCapital sub- fell to 5.5%. Of the 5.5% Rana Kapoor owns 3.92% panies. The process is hampered now be shortlisted,” said a regulatory official subsidiary to bail out the stressed arm. ing to shrinkage of the banking space. scribed by various schemes because of a lack of coordination and privy to the development. They also may give exemption. For Whatever the haircut a lender of Franklin Templeton,” said in the share price has put shareholding in the private inter-regulatory issues. This mechanism will not cover com- instance, when LIC became a majority decides, it should be acceptable to all the firm in a release. pressure on YES Bank pro- lender fell to 5.5 per cent. Of People in the know of the develop- panies already under insolvency or had stakeholder in IDBI Bank, the latter the regulators, said another expert. Last week, another pro- moters to furnish higher col- the 5.5 per cent, Rana Kapoor ments said the Financial Stability and initiated a resolution process under the faced Sebi’s takeover code hurdle. Currently, all regulators are not on the moter entity Morgan Credits lateral to avoid invocation of owns 3.92 per cent, Morgan Development Council (FSDC), which Insolvency and Bankruptcy Code (IBC), Legal complications may arise if the same page because there are secured had sold 2.3 per cent stake in pledged shares by promoters. Credits has 0.46 per cent, and includes the chiefs and senior officials of sources said, adding that DHFL and oth- parent tries to bail out its group compa- and non-secured creditors, and in a YES Bank for ~337 crore to The promoter group has YES Capital holds 1.15 per cent. the Reserve Bank of India, the Securities er systemically important non-banking ny since the balance sheet of each com- majority of cases, exposures of mutual prepay a certain part of its achieved “full and final pre- YES Capital also said with and Exchange Board of India, and the financial companies (NBFCs) might not pany is different. “When a company is in funds are substantially high. outstanding dues to Reliance payment to Franklin the share sales, the promoter Insurance Regulatory and Development come under this new framework. stress and looking for a resolution plan, Major NBFCs are facing an acute liq- Nippon Life AMC (RNam). Templeton of entire out- shareholding in YES Bank has Authority of India, will meet at the RBI Another source said if an arm of a all regulators should make joint efforts if uidity crunch. They are selling their A year ago, YES Capital standing NCDs well ahead of dropped below 15 per cent, headquarters. conglomerate defaulted, not only the there is scope for revival. Currently, there non-core assets, and securitising retail had placed zero-coupon the scheduled maturity date making it fully compliant If the framework is implemented, regulator concerned but all the regula- is a lack of coordination. Each case can- assets to banks. Meanwhile, DHFL, NCDs amounting to ~630 of October 2020,”said YES with the Reserve Bank of standard operating procedures (SoPs) tors should step in and proceed with res- not go to the IBC. There has to be a dif- India’s third-largest housing finance crore with Franklin Capital in a release. India’s shareholding cap. will be set up for the parent company to olution. At present, each regulator is ferent approach for each company facing company, alongside Reliance Capital Templeton. Since then, Following the sale of shares Shares of YES Bank closed bail out its stressed subsidiary company. bound by its laws and acts in accordance a liquidity crunch,” said Ashwin Parekh, and the IL&FS group, has been down- shares of YES Bank have near- by YES Capital, Rana Kapoor 4.93 per cent down at ~51.05 At present, there is no role defined for with its sectoral regulations. an independent banking expert. graded to the default category. All three ly 80 per cent. The sharp fall and his promoter entities on the BSE on Thursday. the parent if the subsidiary defaults or Sources said regulators might advise According to him, the central bank is were considered AAA once. Fairfaxsells 5% in ICICI LVBboardmembersbookedby E0W IHB to raise ~6,700 cr to complete Lombard for~2,562 crore T E NARASIMHAN appropriation, and criminal appropriate legal measures to Chennai, 26 September conspiracy under the Indian counter the same. RFL, in a fil- Kandla-Gorakhpur LPG pipeline FAL Corporation, a wholly- year lock-in rule for Fairfax's Penal Code,1860' against the ing on May 16, had said: “The owned subsidiary of Canadian stake in ICICI Lombard, The Economic Offences Wing directors of the LVB board, new management discovered investor Prem Watsa’s Fairfax which was scheduled to end in New Delhi has registered a Connaught Place, New Delhi that one of the major reasons ABHIJIT LELE stake), Hindustan Petroleum mitted to offtake volumes on a Financial Holdings, has sold in March 2021. First Information Report (FIR) among others. for RFL’s terrible financial con- Mumbai, 26 September Corporation (25 per cent stake) ship or pay-basis to ensure a 4.99 per cent equity stake in Fairfax now owns 4.91 per against members of the La- It is based on a complaint dition was the misappropria- and Bharat Petroleum minimum debt service cover- ICICI Lombard general insur- cent of the general insurer. kshmi Vilas Bank (LVB) board. filed by Religare Finvest (RFL), tion by LVB of monies that IHB, a joint venture of oil- Corporation (25 per cent stake), age ratio (DSCR) of 1.0x on a ance for ~2,562 crore in a block Watsa has also invested in The FIR was filed under pertaining to adjustment of were due to RFL, on account of marketing companies, plans to and are collectively referred to year-on-year basis, infuse proj- deal. This comes after the digital general insurance 'Complaint for offences of their deposits against the dues four fixed deposits placed by raise ~6,700 crore through term as oil-marketing companies ect equity (~3,360 crore). They insurance regulator, earlier player Digit General cheating, criminal breach of of RHC Holding and Ranchem. it with LVB amounting to loans to complete 2,757-km- (OMCs). IHB is looking at loan will arrange financing to fund this month, relaxed the five- Insurance. trust by banker, criminal mis- The Bank said it is considering approx ~791 crore.” long Liquified Petroleum Gas tie-ups with multiple banks. any cost overruns and maintain (LPG) pipeline project from Rating agency India Ratings an equity holding of 51 per cent Kandla in Gujarat to Gorakhpur in a statement said it draws through the loan tenor. in Uttar Pradesh. comfort from the financial IHB provides a business The project, being executed strength of the sponsors with advantage for the sponsors by at a capital cost of ~10,000 crore, strong access to capital markets providing a dedicated facility will be funded with ~6,730 crore and long-standing banking for moving LPG from their own of debt and ~3,360 crore of equi- relationships. The liquidity is facilities and import terminals ty. The sponsors will be required also supported by the sponsor to the consumer market in the to make 25 per cent equity con- undertaking to arrange financ- parts of western, northern, and tribution upfront before the first ing to fund any cost overruns central India. The proposed disbursement of loan, accord- and maintenance of minimum pipeline will connect 22 LPG ing to the draft term sheet. debt service coverage ratio bottling plants of the OMCs in IHB’s sponsors are Indian (DSCR) of 1.0x on a year-on-year Gujarat, Madhya Pradesh, and Oil Corporation (50 per cent basis. The sponsors have com- Uttar Pradesh. Biosimilar mkt on growthpath astop drugs double in size SOHINI DAS TOP 5 MARKET SHARE seen price elasticity in such seg- Mumbai, 26 September ments.” Patient compliance ba- MATvalue MATunit sically means that patients put As the domestic market wakes Supergroup CAGR4yrCAGR4yr on these medicines are not up to a wider use of biologic Indianpharma dropping off the therapy after 7.7 1.9 drugs and as patient compli- market sometime, and more compliant ance improves, the biosimilars Biosimilars 10.3 3.0 towards finishing it. “If one sees segment is seeing a higher the new drug pipeline of major growth of late. Anti-infectives 3.4 -1.5 drug firms, it would have a Data shows while the overall Cardiac 9.4 4.0 growing list of biologic drugs.” biosimilars category has Cadila Healthcare’s biolog- clocked a 10.3 per cent value Gastro intestinal 7.0 1.0 ics pipeline comprises 21 bio- compound annual growth rate MAT: Moving Annual Turnover; similars and six novel biologic (CAGR) over the past few years, Figures till Aug 2019 Source: AIOCD AWACS entities (both in development the market size for the top mol- stage as well as launched) and ecule has more than doubled. mab and Trastuzumab — have covers therapeutic areas such A biologic drug is produced seen their market sizes more as oncology, autoimmune dise- from living organisms or conta- than double during the period ase, nephrology, ophthalmolo- ins components of living organ- from ~243 crore MAT in August gy, inflammation, rheumatol- isms, unlike chemical drugs. A 2016 to ~551.3 crore in August. ogy, hepatology and infectious biosimilar is a copy-cat of a bio- Adalimumab is a rheuma- disease, among others. So far, logic drug, once the patent peri- toid arthritis drug, Bevacizu- Cadila Healthcare has invested od ends. The moving annual mab is used for several types of ~350 crore in its biologics facili- turover (MAT) for biosimilar cancer, Rituximab is used for ty, noted Edelweiss. molecules sold in the domestic certain auto-immune diseases The company aims to market as on August 2019 stood as well as some forms of cancer launch two molecules each at ~1,498 crore as per data from while Trastuzumab is used for year, it said. These drugs are market research firm AIOCD breast cancer. expensive and earlier used to AWACS, up 34 per cent from Pankaj Patel, chairman of see low patient compliance. For ~1,117 crore in August 2016. Cadila Healthcare, which is one example, in 2014, when Cadila The value CAGR for the peri- of the leading biosimilars play- Healthcare launched the gener- od is 10.3 per cent, while the vol- ers in the country, said, “Patient ic version of innovator AbbVie’s ume CAGR is 3 per cent. compliance in biologics drugs Humira, it priced it at one-fifth During the same period, the has improved in recently with of the price of the innovator domestic pharma market cloc- the prices coming within the drug. Humira cost $1,000 per ked 7.7 per cent value CAGR and reach of many. Indian compa- vial. Cadila Healthcare’s Exem- 1.9 per cent volume CAGR. nies have started investing in ptia is the market leader in the Leading molecules — Adali- creating a meaningful pipeline. segment in India now followed mumab, Bevacizumab, Rituxi- The Indian market has always by Torrent’s Adfrar. Now, watch ICC match clips on FB

NEHA ALAWADHI looking at sports as its signifi- form friendships around cricket. New Delhi, 26 September cant growth area. With this deal, we will be able to It gives Facebook exclusive serve these fans with premium Facebook has signed a four- clip rights for ICC events, content that can ignite new con- year deal with the International including the 2023 World Cup versations, connections and fol- Cricket Council (ICC) as its in India, in the Indian subcon- lowership,” said Ajit Mohan, VP exclusive digital content rights tinent, and non-exclusive for and MD, Facebook India. partner for short clips in India, the rest of the world. “With Facebook won the bid for a Pakistan, Bangladesh, Nepal, Facebook, Instagram and tender announced by the ICC and Sri Lanka. The deal also WhatsApp, the ICC has an last month for a digital content includes match recaps, in-play exceptional opportunity to package of 12 ICC events over key moments, other match and leverage our family of apps to the next four years. As part of feature content, and post- serve sports fans, as well as bring the deal, the ICC will produce match recaps for the rest of the in an entirely new generation of 20,000 individual clips, deliv- world until 2023. It marks a win fans. Every day, people come to ering more than 500 hours of for Facebook, which has been our platforms to talk about, and content to partners. MUMBAI | FRIDAY, 27 SEPTEMBER 2019 BRAND WORLD 17

. < Multiple formats pave the pitch forOdomos Dabur experiments with the packaging and the brand narrative of its 30-year-old product; but can it do so without diluting the promise?

T E NARASIMHAN Chennai, 26 September

ow does a brand adjust, having gone from a H near-generic associa- tion with its category to being one of many on the shelf? For Odomos, launched by the Balsara group three decades ago and a part of Dabur since 2005, the answer has been to reimag- ine itself in many formats and for a diverse group of users. At the same time, from being a household staple, Dabur has repositioned Odomos as a lifestyle purchase available The new ad has been launched only on digital media, the storyline uses children to drive home across multiple price points. the convenience of the format and the safety of the product The brand is also being adver- tised more frequently, all in the Sandeep Goyal, chairman of from mosquitos. “It used to be tion strategy has always been to hope of staying relevant for a marketing and communication just a cream, today it is available highlight our out-of-home pro- new batch of consumers. agency Mogae Media, said that in various forms. This does not tection USP for kids, particular- Vineet Jain, marketing the format doesn't really mat- dilute the brand which is ever- ly when they are in school and head-Home Care, Dabur India, ter. It merely provides conven- green,” he adds. playgrounds.” The brand is also says Odomos has a three- ience, just as it is with medicines Dabur operates in the ~200 careful about using the right pronged approach for driving sold as tablets and syrups and crore-plus personal application media for the right message— relevance in the category. ointments. It’s a question of mosquito repellent segment the spray ads, for instance are on “Firstly, focusing on conven- offering convenience and joy in that is growing in double digits digital as it is expected to appeal ience and ease of use. Secondly, the best format,” he added. year-on-year. Continuous rein- to young audiences. the brand has been rolling out Convenience is not the only vention is a must in the catego- Digital also allows the brand TG specific formats like Fabric thing on the company’s mind ry and has helped the brand to experiment with the com- Roll-On, Bands and Patches for as it plots a new path for the grow nearly four times in the munication, infuse fun and kids. The third plank is the ‘nat- brand. Increasing consumer past decade-and-a-half, the entertainment into the story- urals’ variant, which has been a concern over the composition company said. line without compromising the growth driver.” of personal care products is also The tone and pitch of the seriousness of the issue. Jain In a recent campaign, the a factor. Hence the creation of a advertising narrative has also says, “Featuring only kids in the focus is on Odomos sprays, a line of ‘naturals’ that appeals to changed; instead of offering a film was meant to break the format that was launched in young consumers. functional buy-in into the clutter online and was also a 2008 and the ad narrative uses a “We have been at the fore- brand, the focus has been on reflection of society today where rap battle to pitch the product to front of innovations, having making it an aspirational pur- kids are more informed and children who resist applying a rolled out a ‘naturals’ range a chase. One way to do that has involved in decision-making cream or gel. Sprays are con- few years back and introducing been through cause-led cam- than ever.” venient and provide an easy new consumer friendly formats. paigns, apart from its regular Odomos also benefits from entry into the brand, while the This has helped us remain the advertising. For instance, the its distribution reach. The com- song and dance brings a fun clear market leader in the per- #MakingIndiaDengueFree cam- pany says the product is avail- association for the brand. sonal application mosquito paign, the distribution of able in nearly seven lakh out- Sprays are common to other repellent category with 57 per Odomos during the Kumbh lets across India and Jain says, brands addressing the catego- cent market share,” says Jain. Mela are ways in which the “We are also undertaking local ry. So does this mean that Goyal says that over the brand has tried to widen its level activation to drive distri- Odomos could lose its unique years, Odomos has finetuned its association with the category. bution at chemists and modern position in the process? association with protection Jain says, “Our communica- trade outlets.” FROM PAGE 1 Consumption... HDIL so that the company could pay off its The Commission is still awaiting a debt to Bank of India under a one-time set- response from the ministry on a revised Sitharaman said private sector bankers told tlement scheme. According to reports, memorandum. In case that is submitted, her that problems related to commercial HDIL may have borrowed as much as the existing memorandum will be consid- vehicles were cyclical and would be over in ~2,500 crore from PMC Bank. ered withdrawn. For now, the memoran- a couple of quarters. So far as passenger Singh, a commerce graduate from dum asking for a substantial reduction in vehicles were concerned, these were large- Mumbai University, acquired 650,000 the share of states stands. ly driven by sentiment and lending to the shares in HDIL in 2005 for ~4.7 crore as co- To illustrate the impact of such a reduc- segment would gather pace in the near promoter. After two bonus issues, his share- tion, the share of states at 42 per cent of the future, the FM was told. “If there was a prob- holding went up to 11.7 million shares in total divisible pool was ~7.6 trillion according lem in liquidity, it was related to wholesale 2006. He soon sold 5.48 million shares and to the revised estimates of 2018-19, Budget financing and not retail,” Sitharaman said. took home ~5.48 crore, more than he invest- documents show. At 34 per cent, that could She said affordable housing had really ed within a year, and continued to own 6.22 be reduced to ~6.15 trillion. Similarly, for taken off, but some of the bankers demand- million shares at the time of the company’s 2019-20, the devolution to states is budget- ed that the upper limit for loans in the seg- initial public offering (IPO) in July 2007. ed at ~8.1 trillion at 42 per cent. At 34 per cent, ment be raised to ~50 lakh from ~45 lakh. The IPO price of ~500 valued Singh’s it will be around ~6.6 trillion. Sitharaman said MFIs were there in stake at ~311 crore, which crossed ~1,000 The 42 per cent vertical devolution was remote areas of the country and they told crore at the peak of the market in January recommended by the 14th FC, up from 32 her there was still demand and that they 2008. Singh’s stake in HDIL after the IPO per cent recommended by the previous were growing at 10-20 per cent. was 2.9 per cent, which subsequently panel. A Finance Commission’s award peri- Bankers also told the FM the services reduced to 1.91 per cent. His family member, od runs for a period of five years, as man- sector, which dominates the economy, Kuljeet Kaur, also held 2.2 million shares or dated by the Constitution. The 14th FC’s showed a high appetite for credit. IDFC around 1 per cent stake in HDIL after the period runs from 2015-16 to 2019-20. The First Bank CEO V Vaidyanathan said the IPO. HDIL ceased to classify Singh as a pro- 15th FC’s recommendations kick in from finance minister gave two hours of patient moter in the March 2016 disclosures. What April 1, 2020 and run till March 31, 2025. hearing to the lenders. He said demand Singh did with his HDIL shares subse- A vertical devolution is the division of was strong at the lower end of the ecosys- quently is not known. The share price of the tax pool, excluding cess and surcharges, tem and there was “no slowdown at all”. HDIL has gone downhill, and Singh’s stake between the Centre and states, while hori- now would be valued at just ~2.6 crore. zontal devolution is the distribution of After joining HDIL in 2005, Singh was resources among the states. PMCBank... instrumental in buying land and was help- Sources said the Commission might set- ing HDIL re-develop old societies. Singh tle for a marginal cut in the states’ share of Bank of India took HDIL to the National was then rewarded by Wadhawan through tax devolution. In addition, capital expen- Company Law Tribunal (NCLT), Mumbai, the share purchase and his status as a co- diture components of the Centre’s alloca- which admitted the corporate debtor for promoter in HDIL and other Wadhawan tion for defence and internal security could insolvency proceedings on August 20. entities that were involved in redevelop- be sequestered from its overall tax revenues. The realty player then challenged the ment projects. HDIL, which was once The new devolution formula could thus be NCLT order in the National Company Law among top developers and darling of glob- applied to the Centre’s tax revenues after Appellate Tribunal, which is hearing the al investors, faced liquidity challenges due deducting from them its capital expendi- petition. On August 31 this year, PMC Bank to mounting debt, delay in getting cash ture on defence and internal security. The gave an additional loan of ~100 crore to from customers, fewer launches, and delays report is expected to be submitted to the in its Mumbai airport slum reha- government on November 30. bilitation project. In July last year, > BS SUDOKU # 2854 HDIL repaid the outstanding loans of Andhra Bank under a one-time Saudi terror... settlement scheme. This was after Andhra Bank moved the NCLT State-run oil marketing companies – Indian under the insolvency code against Oil Corporation (IOC), Bharat Petroleum the company. HDIL’s subsidiary Corporation (BPCL) and Hindustan Guruashish Construction also filed Petroleum Corporation – together have 273 for bankruptcy and a resolution million LPG customers served by 24,026 plan was approved by the com- LPG distributors as of August 2019. mittee of creditors. Since the launch of Pradhan Mantri Ujjwala Yojana (PMUY) in 2016, LPG pene- tration in India has increased from a mere Central govt... 62 per cent to around 94 per cent in a span of three years. Hence, any shortfall in sup- While the 2019-20 Budget assumes ply affects the large BPL (below poverty a 12 per cent nominal GDP growth line) customer base that came in with over 2018-19, the April-June nom- PMUY. “Companies, like BPCL, are bringing inal GDP growth came in at 8 per additional cargoes to Mumbai and seeking cent, the lowest since the third priority berthing at various ports available quarter of 2002-03. Real GDP for LPG. The impact is now being felt in the growth for the quarter was 5 per Eastern and North Eastern regions as well,” SOLUTION TO #2853 Hard: cent, the lowest since 2013. said a person in the know. The demand and consumption An official at an oil marketing company slowdown is expected to have an said many of the bottling plants were Solution impact on the Centre’s tax collec- already working on multiple shifts with tomorrow tions. Direct tax collection has seen over 100 per cent capacity utilisation to HOW TO PLAY a growth rate of mere 5 per cent so meet the festive demand. far this year, which means that col- At present, there are 192 LPG bottling Fill in the grid so lections will need to expand by at plants in India with an annual capacity of that every row, least 27 per cent in the remaining around 18.3 million tonne. The total LPG every column half to achieve the Budget target of consumption recorded a growth of 13 per and every 3x3 17.3 per cent growth. There are also cent during August 2019 and a cumulative box contains fears of a shortfall in goods and growth of 3.6 per cent for April to August the digits 1 to 9 services tax (GST) collection. this financial year. 18 MUMBAI | FRIDAY, 27 SEPTEMBER 2019 1 > At least17 Executive coursespush up WhiteHousesoughtto lock killed as downcallrecords:Report heavy rain IndianB-schoolsinQSlist VINAYUMARJI lashes Pune Ahmedabad, 26 September WHO MADE IT TO THE TOP BLOOMBERG attempt to seek foreign Institute20192020 Washington, 26 September assistance to interfere in or PRESS TRUST OF INDIA Business schools in India, led influence a federal elec- Pune, 26 September by the Indian Institutes of IIM-Ahmedabad 48 40 ultiple White House tion. It implicates Trump’s Management (IIMs), have IIM-Bangalore 71 44 officials were “deeply lawyer as well as Attorney At least 17 persons were killed gained ground in the M disturbed” by US General William Barr. in rain-related incidents after Quacquarelli Symonds (QS) ISB 10098 President Donald Trump’s call intense showers battered Global Full-Time MBA IIM-Calcutta 111-120101-110 with the Ukrainian president Trump calls inquiry a Pune city and parts of the dis- Rankings 2020 for residen- and the administration ‘joke’ trict on Wednesday and tial programmes offered to SP Jain IMR 201+ 151-200 attempted to “lock down” Trump on Wednesday dis- Thursday, officials said. candidates with prior work IIM-Ahmedabad Source: QS records of the interaction, missed as a “joke” the The district administra- experience. according to a whistle-blow- grounds laid out for the tion declared holiday on QS is a London-based com- The QS rankings, says the “Prospective students today er’s complaint made public impeachment inquiry into Friday for schools in the city pany, specialising in education. organisation, seek to evaluate face countless options when Thursday. him, as Democrats stood as well in the tehsils of Haveli, The findings are heavily influ- how successfully business considering an educational Follow the latest develop- firm in accusing the US pres- Bhor, Purandar and enced by independently con- schools are performing relative degree of management. These ments on Democrats' ident of a “mafia-style Baramati. ducted surveys of employers. to their key missions, while also rankings help clarify the market impeachment effort. shakedown” of his Ukrainian Around 2,500 people IIM-Ahmedabad (IIM-A) accounting for what matters in terms of identifying poten- The information in the Demonstrators hold signs as part of a protest in support of counterpart. Trump denied were shifted to safer places continues to be the top ranked most for prospective students. tial opportunities worldwide complaint was gathered from impeachment hearings in New York, on Thursday PHOTO: REUTERS claims he abused his office in Baramati tehsil after water among Indian B-schools in the The core metrics that are and illuminating the highest- multiple US officials, accord- by repeatedly urging was released from the Nazare QS Global list. It has climbed weighted as part of the method quality options. Our unique per- ing to the whistle-blower’s dent abuse his office for per- — rather than national securi- Zelensky to probe his rival dam on the Karha river near eight spots to stand at 40th are employability (40 per cent), spective is partly based on the account, which the intelli- sonal gain,” according to the ty sensitive — information.” Joe Biden — as confirmed in Jejuri, district officials said. rank, up from 48th last year, for entrepreneurship and alumni collective knowledge of tens of gence community’s inspec- complaint. The redacted complaint a call transcript released by Around 3,000 people its MBA programme for execu- outcomes (15 per cent), return thousands of global employers tor general said “appears The whistle-blower said and a letter from the inspec- the White House. were taken to safer places tives. IIM Bangalore showed the on investment (20 per cent), and thought leaders, who strive credible.” “The White House that senior White House offi- tor general to acting Director of The next explosive due to the flooding in low- highest jump among Indian B- thought leadership (15 per cent), to select candidates from high- officials who told me this infor- cials used unusual procedures National Intelligence Joseph episode in the rapidly unfold- lying areas in Pune city and schools, from 71st place last year and class and faculty diversity ly-respected institutions,” said mation were deeply disturbed when handling the records of Maguire were declassified and ing impeachment drama is the district, the police said. to 44th this year. Followed by (10 per cent). Nunzio Quacquarelli, founder by what had transpired in the Trump’s July 25 conversation released ahead of a hearing set for Thursday, when act- In the morning, various Indian School of Business (ISB) The agency claims QS’ and chief executive of QS. phone call. They told me that with Ukrainian President Thursday morning of the ing director of national intel- authorities had put the fig- at 98th, as against 100th last measurements provide a lens The QS Global MBA rank- there was already a ‘discussion Volodymyr Zelenskiy. They House Intelligence ligence Joseph McGuire tes- ure of those who were shifted year. IIM-Calcutta and SP Jain for the growing audience of ing is released alongside QS’ ongoing’ with White House said it wasn’t the first time that Committee. tifies on Capitol Hill. “They to safer places at about Institute of Management & prospective MBA students who Master's in Management lawyers about how to treat the a presidential transcript was The whistle-blower’s are getting hit hard on this 15,000. Research (SPJIMR) also seek to start their own business (MiM), with 128 programmes call because of the likelihood, put into a “code word-level sys- complaint points to possi- witch hunt because when Schools and colleges in improved their performance. or leadership roles in non-prof- ranked -- Masters in Finance, in the officials’ retelling, that tem solely for the purpose of ble violations of campaign they look at the information, many places had declared a They are now in the 101-110 and it organisations. While also featuring 155 programmes; they had witnessed the presi- protecting politically sensitive finance law as well as an it's a joke,” said the president. holiday on Thursday. 151-200 bands of the latest rank- examining classic MBA career Master's in Business ing, up from 111-120 and 201+ outcomes like partnerships in Analytics, (84) and Master's in bands last year, respectively. consulting or director roles. Marketing (77). Govtfaces1stcourtchallengetoe-cigban

REUTERS and another company named Imports of e-cig, New Delhi, 26 September Woke Vapours, according to court listing records publicly parts banned: The ban on electronic cigarettes available online. has been challenged in a court A senior health ministry offi- Comm ministry in Kolkata, marking the start of cial in New Delhi said the gov- The commerce ministry on the first legal battle against the ernment had been notified of Thursday said it has banned anti-vaping decision. the cases, which were heard by imports of electronic cigarettes The government banned the the court on Thursday and will and its components such as refill sale, import and manufacture next be heard on Monday. “We pods and e-Hookah. The of e-cigarettes this month and are confident of defending our notification was issued to warned of an “epidemic” among decision,” the official added. comply with the government's young people. The move could Further details about the chal- rette ban is essential to protect “The ban raises questions of Prohibition of Electronic dash the expansion plans of lenges were not immediately people, especially young peo- constitutional law and is Cigarettes (Production, companies such as Juul Labs available. ple, saying vaping can lead to mindless, arbitrary and Manufacture, Import, Exports, and Philip Morris International More than 900,000 people nicotine addiction and push excessive,” said Abhishek Transport, Sale, Distribution, in the country. Two separate die each year due to tobacco- users towards consuming Manu Singhvi, one of the Storage and Advertisement) challenges have been filed to the related illnesses in India, home tobacco. Pro-vaping groups, most prominent lawyers, who Ordinance, 2019. In 2018-19, high court in Kolkata, by e-ciga- to about 1.3 billion people. The however, say vaping is less is representing Plume India has imported products rette importer Plume Vapour government argues the e-ciga- harmful than smoking tobacco. Vapour. worth $91.2 million. PTI