OPINION, P6 ECONOMY, P2 NATION, P14 H BOUIS & A GULATI SUNIL JAIN FOURTH ANNIVERSARY JUBILATION Biofortification of Pay Punjab farmers to PM says DeMo helped Prayers of gratitude move away from paddy/ crops key to India’s wheat, increase farmers’ reduce black money, for 'daughter of India' nutrition security access to new tech raise tax compliance as US vice president PUNE, MONDAY, NOVEMBER 9, 2020 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM VOL. XI NO. 243, 18 PAGES, `6.00PUBLISHEDFROM:AHMEDABAD,BENGALURU,CHANDIGARH, CHENNAI,HYDERABAD,KOCHI,KOLKATA,LUCKNOW,MUMBAI, NEWDELHI,PUNE READ TO LEAD IN THE NEWS IN-CHARGE Q2 EARNINGS Panel to review measures to India Inc registers weak sales boost investment After victory, Biden calls AMIDTHE plans to expand but profits up on lower costs production linked incentive (PLI) scheme to more sectors for unity and tolerance Net sales Total expenditure OPM to generate foreign and Companies are (% chg y-o-y) (% chg y-o-y) (bps, chg y-o-y) domestic investment, an waiting to see empowered group of ‘It’s time to put away -1.49 0.14 364.82 -6.11 -5.52 secretaries for investment whether the spurt in -8.27 the harsh rhetoric,to 905.95 -578.15 -164.14 (EGoS), chaired by Cabinet lower the demand sustains secretary Rajiv Gauba, will -17.41 -34.84 -33.59 meet onThursday to review temperature,to see beyond December Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 steps taken by ministries and each other again’ FY20 FY21 FY20 FY21 FY20 FY21 departments in various PBT Tax RM to sales sectors through incentives FE BUREAU (% chg y-o-y) (% chg y-o-y) (bps, chg y-o-y) and ease of doing business JENNIFER EPSTEIN & New Delhi, November 8 measures to attract investors, TYLER PAGER according to sources.After November 8 INDIA INC’S GOOD headline 319.17 2.62 PLI scheme was notified on numbers for the September -135.29 46.35 47.03 -269.92 -84.43 April 1, ministry of electronics PRESIDENT-ELECT JOE quarteraretheresultofstrong -73.44 -486.78 -1178.74 and information technology Biden called on Americans to rural demand, some price -71.58 -27.11 (MeitY) has approved 16 put aside the divisiveness of gains, huge savings and the Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 applications worth `35,541 the past four years under stellarcomeback byITmajors. FY20 FY21 FY20 FY21 FY20 FY21 crore for electronics Donald Trump with a victory Aggregate revenues are weak Sample of 805 companies (excluding banks & financials ) Source: Capitaline manufacturing in the speech that promised swift butsteepcostcutshavehelped country,reports fe Bureau in action against the coron- companies protect their mar- ■ Excluding BhartiAirtel andVodafone Idea, New Delhi. avirus pandemic and an gins. However, companies the net profit and PBTfor Q2FY21 rose by 27% orderly transfer of power President-elect Joe Biden,Vice President-elect Kamala Harris and members of their families remaincautiouswaitingtosee and 40.4%, respectively India Inc looks after a bitter election. whether the spurt in con- “Let’s give each other a Allies prepare for quick U-turn by US sumption — much of it the forward to better chance,”Biden told a cheering, Trump does not result of pent-up demand and margins further since pur- The good news is that the Indo-US ties honking crowd at a drive-in plan to concede JOE BIDEN’S election win will new life into the Iran nuclear purchases for the festive and chasing power in urban fourtech majors are adding to rallyonSaturdaynightinWilm- be greeted with a sigh of relief accord. NATO allies like Ger- wedding seasons sustains demand appears to be some- theirheadcountandthatmar- INDIAINC on Sunday hailed ington,Delaware,hoursafterhe any time soon bymanyUSallies,whoseconfi- many and France won’t be beyond December. what muted. At Maruti ket — for both white and blue thevictory ofJoe Biden in the clinchedthepresidency. THE PRESIDENT,who has dence in Washington was beratedsopublicly,andleaders Without a meaningful Suzuki, for example, rural collarjobs — is looking up and US Presidential election, “It’s time to put away the spent months trying to shaken over the four years of of adversaries like Russia and increases in revenues, it retail volumes grew by 10% there seems to be a revival. while hoping for enhanced harsh rhetoric. To lower the undermine the election President Donald Trump’s NorthKoreawon’tbeshowered might be difficult for compa- y-o-y while urban and semi ties and cooperation temperature.Toseeeachother results with unproven combative “America First” inpraise. nies to expand operating urban demand was flat y-o-y. Continued on Page 2 between India and the United again.To listen to each other allegations of fraud, approachtotheworld. Yet diplomats warn that States, especially in the again. To make progress, we pledged on Saturdayto go TheBidenadministrationis Biden,constrainedbyprobable aftermath ofthe coronavirus must stop treating our oppo- forwardwith a legal strat- expected to reverse course continued Republican control ELECTION EFFECT? pandemic, reports PTI. CII nentsasourenemy.Wearenot egy that he hopes will quicklyonpartsofTrump’sfor- of the Senate, can’t undo all President Uday Kotak said, enemies.WeareAmericans,”he overturn state results eignpolicyagendabyrejoining that’s changed and won’t be “...we mustwork together said, even as Trump claimed that gave Biden thewin in theParisclimatechangeagree- able to sweep away concerns In Bihar,less people are getting during this critical time to victoryforhimself. Tuesday’s vote. ment, working more closely over the US’s long-term relia- reinvigorate the bilateral ■ Report on Page 18 withothercountriestocombat bilityinforeignaffairs. economic agenda. Continued on Page 2 Covid-19andtryingtobreathe ■ Report on Page 18 infected,but more are dying ISHAAN GERA Less infections, Not just cases, in HOLDING ON TAMING THE DRAGON New Delhi, November 8 more deaths Daily Deaths per Delhi deaths too DESPITE INFECTIONS SLOW- infections# thousand* (RHS) ING down across Bihar,deaths 1,600 8 are rising Consumer start-ups Nations moot supply-chain pact 1,433 7.3 have been steadily increasing. DELHI’S DAILYinfections Buteventhesefatalitynumbers 1,200 6 of 6,000 or more are a continue to get funds Partnership may SPREADINGTHEWINGS aresurprisinglylowwhencom- matter of concern but it’s extend to non-govt Partnership aims to It will focus on trade in pared to adjoining states. In 8,00 4 the rising number of ASMITADEY neighbouringUP,thecasefatal- 693 deaths that’s moreworry- Funding diversify supply-chain 10 sectors, including 2 New Delhi, November 8 Consumer internet cos (B2C) sector, including away from China petroleum, auto, ity ratio — total death to total 4,00 2 ing.The ratio of deaths in infection — has been 14.5 the Capital has increased industry, academia It's now limited to steel, pharma, textiles and INVESTMENTS CONTINUE $ (billion) 2019 2020 deaths per 1,000,whereas for from 10 per thousand on India,Australia and financial services 0 0 TO flowintoIndia’sconsumer Q1 2.08 Jharkhand, the ratio is 8.6 Sept 30 Nov 8 October 8 to 14 per thou- 2 Japan, with combined Industries, academia Internet space with start-ups BANIKINKAR PATTANAYAK deaths;inBengaltoothedeaths *7-day rolling average of recent sand on November 8. It GDP of $9.3 trn and trade of will soon be involved, having raised closed to $5 bil- 1.22 New Delhi, November 8 per thousand average 18. But deaths/14-day average of daily cases recorded 401 deaths for Q2 $3.6 trn in 2019 apart from govts # lion in the 10 months to Octo- 0.5 Bihar,which has a similar level 7-day rolling average the week ending Novem- ber.That’s a good 42% lower 2.25 INDIA, JAPAN AND Australia ofinfrastructure,showsamuch ber 8, marking an Q3 than the amount mopped up 1.82 are planning to widen the region — a move seen as to next for bolstering this lowerrateof5.1deaths. trending down in the country, increase of 40% over the inthecorrespondingperiodof $ ambit of their proposed sup- countering China’s domi- partnership,an official source On Sunday, India reported Bihar seems to be following a previous week. That’s the 2.17 FE 2019, as data from market Q4* 0.18 ply-chain partnership to nance in world trade. told . 45,674 infections and 559 different trajectory. highest tally since July. research firmTracxn shows. include more like-minded ASEAN countrieswould be deaths. While deaths and ■ Page 2 7.72 Nonethelessit’sanexcellent Total countries in the Indo-Pacific good candidates to reach out Continued on Page 2 infections have both been Continued on Page 2 haul given the disruption 4.50 caused by the pandemic. Ed- *only October Source: Tracxn tech,gaming,food deliveryand e-groceryhavebeenclearbene- DelhiNCR-Zinnovshowedthat ficiaries of the prolonged lock- 55 million had signed up for down and investors have been ed-tech services between Jan- quicktocottonontothem. uaryandAugust. Byju’s has picked up $1 bil- Investors continue to keep lion, taking itsvaluation to a theirfaithinZomatowhichhas staggering $11 billion while mopped up $278 million and Unacademybecame a unicorn rival Swiggy has attracted post a $150 million raise. $156 million. Thesectorisexpectedtosee high growth; a report by TiE Continued on Page 2 FE SPECIALS ■ BRANDWAGON, P10 The many faces of Xiaomi Can Xiaomi replicate its smartphone success in the smart electronics and lifestyle categories? ■ eFE, P8 Digital lending at the farm gate Blockchain-powered digital lending by fintech startup Whrrl is helping raise farmers’ incomes in Maharashtra ■ PERSONAL FINANCE, P9 Dynamic asset allocation funds Dynamic asset allocation funds provide downside risk protection more than the upside capture of returns Pune 2 FINANCIAL EXPRESS WWW.FINANCIALEXPRESS.COM CAPITAL SUPPORT P P Sengupta, managing director, IOB As a prudent measure, we have sought some ❝capital support, let us see how much we get.