THE MARKETS ON FRIDAY Chg#

SATURDAY, 11 JULY 2020 l NEW DELHI ~10.00

VOLUME VII NUMBER 50 l 16 pages in 1 section
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AMBANI IS NOW RICHER RAIN COVERS OUT FOR
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VIRUS
TRACKER
INDIA RECORDS
26,506 CASES
IN SINGLE DAY Non-tariff barriers Commercial ambition
sole motive of Mistry,
Total 793,802
Active cases
276,682
Recovered
495,515 21,604
INDIA
é26,506

Deaths
likely on 350 items
Move is in line with govt’s ‘Atmanirbhar Bharat’ objective
Tata tells apex court
é 6,896 é19,135 é 475
Grievance is only about his
Note: Total cases DILASHA SETH & SUBHAYAN CHAKRABORTY
Total imports ($ bn)
removal as chairman: Tata
WORLD Total include 1 migration;
figures as of 7 pm IST;
New Delhi, 10 July
INDIA'S
12,294,117

514
Sources: Ministry of DEV CHATTERJEE
IMPORT
T
Health and Family
he government is consid-

474
Mumbai, 10 July

466
Welfare; Johns

448
Deaths ering import restric-
555,531
Hopkins Coronavirus
Resource Centre;
arrow shows tions on more than SCENARIO Making an emotional appeal to the Supreme

381

384
1-day change 350 items, includ- Court to reject Cyrus Mistry’s petition, the
ing electronic goods, toys, patriarch of the Tata group, Ratan Tata, said
furniture, and textiles, by commercial ambitions of the former Tata
putting in place non-tariff Sons chairman were behind the dispute. Tata

PHARMA SECTOR barriers to support domestic

industry. Steps such as introduc-
said it was about Mistry’s removal as a direc-
tor from the Tata Sons board, and not the
IN BETTER HEALTH ing an import-monitoring system for
some and mandatory licensing require-
rights of minority shareholders.
In his counter-affidavit filed with the apex
“AT THIS STAGE OF MY LIFE AND
ON JUNE REVIVAL ments for others are being examined.
The move is in line with the
‘14-15 ‘15-16 ‘16-17 ‘17-18 ‘18-19 ‘19-20
court, Tata, 82, justified his actions as group
chairman while acquiring companies like CAREER, I WOULD NOT LIKE TO
Green shoots are visible in the domestic “Atmanirbhar Bharat” objective, to cut
Source: Commerce and industry ministry
Corus Steel and Jaguar Land Rover, which EITHER EXPLAIN OR DEFEND MY
pharma industry, following a decline in sales import dependence, and encourage pro- Mistry had termed as “legacy hot spots” soon PERFORMANCE AS CHAIRMAN OF TATA
during the first quarter. In June, the sector duction and demand for locally made ON THE CARDS after he was removed from the group in
SONS... IT IS FOR THE COMPANIES AND
clocked a 2.4 per cent growth rate after a goods. Departments and ministries October 2016. Mistry had alleged that these
near-9 per cent fall in May and 11 per cent including finance; commerce; micro,
| Processed food, textiles, products with high volume
acquisitions had resulted in huge value ero- THEIR STAKEHOLDERS TO JUDGE”
slump in April. Most therapies posted good small, and medium enterprises leather, toys, furniture may of imports may be put in place sion for the Tata group and impacted his own RATAN TATA, chairman emeritus, Tata group
numbers, indicating a demand revival. (MSMEs); and the NITI Aayog are work- face non-tariff barriers | This will require importers to performance as chairman. Mistry had
Industry insiders said early rain and the ing on a strategy to curtail such imports. | Drugs and electronic items, such as register the volume, value and replaced Tata, who retired in 2012 after head-
low base of June 2019 played a part. 2> Besides, establishing rigorous pro-
duct standards is being worked out by
TV, air conditioners and country of origin of shipments ing the group for 20 years. However, he was
removed four years later by the Tata Sons
Tata Sons is a 2-group
refrigerators, also on the list
THE SMART INVESTOR P10
the Bureau of Indian Standards (BIS). | Widening the restricted list for board on grounds of non-performance. firm: Mistry family
Such imports are worth $127 billion. | Import monitoring systems for imports also being considered “At this stage of my life and career, I would
Tata Sons, owned 66 per cent by Tata
People’s Bank of China These come largely from China.
Bilateral trade between China and
not like to either explain or defend my per-
formance as chairman of Tata Sons and of Trusts and 18.5 per cent by the Mistrys, is
sells stake in HDFC India was worth $88 billion in FY19, with Drugs and items like television, air-con- DGFT last month had notified moving the other Tata companies whose board I a two-group company and is a quasi-
partnership between the two groups,
People’s Bank of China has sold a part or a deficit of $53.5 billion in China’s favour. ditioners, and refrigerators are also on imports of certain new pneumatic tyres chaired during my tenure. It is for the com-
its entire stake in HDFC, according to “A large chunk of these originate in the list. Monitoring will require of passenger vehicles, buses/lorries, and panies and their stakeholders to judge,” Tata said the Mistry family. In its petition to
the June quarter shareholding disclosure China and for those goods, we will pur- importers to register the volumes, two-wheelers from the free list to the said. “However, one thing I would like to clar- the Supreme Court, Tata Sons has
made by the mortgage firm. This comes after sue import substitution,” a senior official values, and the country of origin. A sim- restricted list. ify and reiterate is that throughout the past claimed there is no formal
it emerged in April that China’s central bank said. This will be done mainly by estab- ilar mechanism called the Steel Import India has hiked duties on over 3,500 several decades that I have served the Tata or informal agreement
had upped its holdings in HDFC . lishing product standards, for which the Monitoring System (SIMS) was intro- tariff lines since 2014. The Department group in various capacities, I have been solely like quasi-partnership
BIS has been given deadlines. duced in 2019. of Commerce has been hesitant to raise guided by the interest of this group and its between the two groups,
Items such as processed food, tex- Widening the restricted list for import duties, fearing higher prices enduring legacy, which cannot be judged in and Tata Sons is not a
tiles, leather, toys, and furniture — man- imports is being considered. For this will hurt manufacturers and exporters numbers alone and goes beyond return on two-group company.
ON ufactured mainly by MSMEs — are
being considered for import restriction.
permission from the director general of
foreign trade (DGFT) is required. The
who rely on foreign inputs and are fac-
ing a liquidity crisis. Turn to Page 12 >
investment and costs of capital.”
Turn to Page 12 >
DEV CHATTERJEE
reports 2>
SATURDAY
SPECIALS
WEEKEND RUMINATIONS
The real defence failures
Among countries with large defence
9> Industrial output shrinks 35% ASSET SIZE OF MUTUAL
FUNDS SHRINKS AS
YES Bank sets
budgets, India is matched only by Saudi
Arabia in the level of its import dependence.
For revenge to be served cold, go beyond
May contraction comes after record 57.6% fall in April OUTFLOWS TAKE A TOLL floor price of
~12 a share for
SUBHAYAN CHAKRABORTY Heavy outflows from debt schemes,
import bans and correct long-term failures
— if we’re up to it. T N NINAN writes
New Delhi, 10 July COVID FALLOUT combined with the slowdown
IIP growth rate in % in equity flows, have hurt the

FPO issue
NATIONAL INTEREST India’s industrial production con- asset size of several fund
tracted for the third consecutive houses. According to the data
Hopeless Heartland 9> month in May, shrinking 34.7 per from the Association of Mutual
Uttar Pradesh, our largest state by population cent, after a historic fall of 57.6 per Funds in India, 38 of the 40
and most powerful, is also the worst cent in April as the Covid-19-induced mutual funds (MFs) reported Fundraising key for meeting
governed. The only way to fix it is to split it
into four or five states. SHEKHAR GUPTA writes
lockdown almost froze economic
activities. However, the Index of
a decline in average assets in
the June quarter. The decline in assets
regulatory norms
Industrial Production (IIP) had under management has come at a time
begun shrinking even before, falling when the Sensex and Nifty have seen
by 18.3 per cent in March, which saw their best quarter in eleven years. 10 >
> RESULTS RECKONER only seven days of shutdown.
With the lockdown in force for
Quarter ended Mar 31, 2020; common sample most of April and May, the govern-
Note: Based on updated base year of
2011-12 HOTELS IN TALKS
ment on Friday again released only
2103 companies (results available of 2534 )
SALES index numbers for industrial pro- SECTORAL PERFORMANCE WITH BANKS ON
Mar 31, ’19 10.8% ~20.38 trillion ì
duction, and the numbers cited
above are derived from those.
| Manufacturing | Mining output | Electricity LOAN RECAST
production crashed shrank 21%, as output fell
Mar 31, ’20 -6.0% ~19.17 trillion î The government clarified that
39.3% in May vs against 27% 15.4% vs 23%
Hotels are in talks with banks on a
after reporting zero production in three-pronged approach on paying
PROFIT BEFORE TAX 67.1% fall in April fall in April decline in April
April, subsequent periods of con- principal and interest after the
Mar 31,’19 36.0% ~1.62 trillion ì ditional relaxations led to a graded Source: Ministry of Statistics and Programme Implementation moratorium of six months the RBI has ABHIJIT LELE
Mar 31, ’20 -85.5% ~23,385 cr î pick-up in industrial activity. given is over by September. For one, Mumbai, 10 July
However, experts cautioned against rising infections and imposition of months, in our view,” said Aditi hotels with standard loans are in
NET PROFIT celebrating just yet. localised lockdowns in many states, Nayar, principal economist at ICRA. discussion with banks on increasing YES Bank has set a floor price of ~12 per equity share
Mar 31, ’19 26.9% ~1.17 trillion ì “The IIP data for May confirms are raising red flags about the pace All the components of the IIP — their terms by another 12 months. On for its follow-on public offer (FPO), by way of which it
Mar 31, ’20 -88.0% ~14,024 cr î our conviction that economic activ- of normalisation that we should mining, manufacturing, and elec- average the terms of loans for the aims to raise ~15,000
ity hit a trough in April, and will expect in the ongoing quarter. tricity — saw contraction, albeit at crore in order to meet
Companies with zero sales excluded; given the change in corporation
tax rates, to give a fair comparison the profit before tax has been record an uneven recovery in the Economic activity is likely to tread a smaller magnitude, than the pre-
industry are six-seven years.
SURAJEET DAS GUPTA writes 3> capital adequacy ratio ON RECOVERY
considered; compiled by BS Research Bureau Source: Capitaline subsequent months. However, the a bumpy path in the coming vious month. Turn to Page 12 > norms. The capital PATH
raising committee
(CRC) of the YES Bank 8.5%
board approved of this Capital adequacy ratio

US varsities may lose $20k per student on new visa rule during its meeting, the
lender said in a BSE fil-
ing. The threshold
price for the FPO has
as of March 2020
~10,000 cr
Equity raised from banks
Uncertainty keeping Indian students from paying admission, first-year fees been set at ~13 per unit.
~8,415 cr
The FPO will be
Worth of additional
VINAY UMARJI
Ahmedabad, 10 July
LEFT IN THE LURCH fall. In response, MIT and Harvard
jointly filed a suit against ICE and
during July 15-17. The
YES Bank stock closed tier I bonds written
~15-18 lakh $240-340 mn the US Department of Homeland 4.32 per cent lower, at down by bank
Parth Mehta (name changed) has Security (DHS) in the federal court ~25.5 on the BSE. It has
Average annual fee paid by Indian Shortfall in UC MEDIUM-TERM GOALS
decided not to pay his admission and in Massachusetts. In the lawsuit, we also fixed “a mini-
first-year fees of $22,500 to a leading students to US varsities Berkeley’s budget ask the court to prevent ICE and mum bid lot of 1,000 | Raise share of CASA
university in the United States. projections owing DHS from enforcing the new equity shares in the deposits above 40%
Mehta feels that it doesn’t make
10% $40 bn to decline in guidance and to declare it unlawful,” multiples of 1,000
Share of Size of foreign enrolment | Loans to MSMEs
sense to pay the fees till he gets his MIT told Business Standard in an shares thereafter”.
student visa and knows that he will Indians in students' education and funding email response. Further, the lender above 60%
be able to stay and study in the US. foreign market in the US shortage Others like the University of announced a discount | Increase cross-selling
Overseas education consultants students at MIT, California, Berkeley, are also of ~1 per equity share through transaction
in India say that many students who UC Berkeley — 200,000 planning to take the legal course. for eligible staff who banking
have got admission to US universities second only Indian students fly to the US “The University of California system, bid within the
and were supposed to join them in headquarters for all campuses in the employee reservation | Increase return on
to China for education every year
the fall semester, feel exactly the UC system, plans to sue the federal portion. assets above 1%
same way. The reluctance to pay the government over this issue,” the SBI, which holds
fees comes in the wake of the US roughly $20,000 or ~15 lakh per students are asking why they should consultancy firm. varsity told Business Standard. over 48 per cent in the ailing bank, has received a
government order stipulating foreign student. In a typical year, pay right now. Plus, many students Top US universities like MIT and At a time when the state funding nod for maximum investment of ~1,760 crore in the
that foreign students attending students start applying for their visa who have applied for admission are Harvard have already sued the US of US universities and overall FPO. Under the reconstruction scheme, SBI needs
only online classes would have to at this time and also pay the first now uncertain about being able to go government over the ICE order. enrolments have been hit, asking to hold at least a 26 per cent stake in the private
leave the country. tranche of their fees. to the US after the Immigration and “On Monday, a division of ICE foreign students to leave the country lender. Indian lenders have to comply with
Experts believe that the “Students are confused and Customs Enforcement (ICE) order,” announced that it will not permit in cases where their classes are regulatory limits and requirements prescribed under
immediate loss of revenue for US apprehensive. If universities are said Rohit Sethi, director at ESS international students on F-1 visas entirely online has many the RBI’s Basel-III Capital Regulations, on an
universities would be to the tune of asking them to study online, then Global, an overseas education to take a full online course load this repercussions. Turn to Page 12 > ongoing basis. Turn to Page 12 >
2 COMPANIES
>
NEW DELHI | 11 JULY 2020 1

IN BRIEF
PARLE, AMUL, CLINIC PLUS TOP 3 Top five FMCG brands
CRPs YoY growth
Brands growing
CRPs increase
Toyota staff Covid-positive, FMCG BRANDS IN INDIA: REPORT
Brand
Parle
(million)
6,079
(%)
12
Share (%)

cases at Bidadi unit up to 14 Findings of the latest edition of the Kantar Worldpanel’s Amul
Clinic Plus
4,632
4,514
17
32 44%
Toyota Kirloskar Motor (TKM) on Friday said Brand Footprint Report released on Friday shows that 2017 <

an employee at its Bidadi-based Parle, Amul, and Clinic Plus shampoo are the top three Britannia 4,215 29
manufacturing plant in Karnataka fast-moving consumer goods (FMCG) brands in India. Ghadi 2,438 12
had tested positive for Covid-19, Compiled annually, the ranking has been derived on the
taking the total number of cases at Top five gainers in terms of penetration
basis of consumer reach points, a metric that measures 2018 < 47%
the facility to 14. The company YoYgrowth (%)
confirms the emergence of a new how many households are buying a brand and how
5.80 4.50 4.40 4.30
case of Covid-19 with the employee often. While two-thirds of the top 50 list consisted of 4.80
concerned having last attended work Indian-origin brands, their growth was only 16 per cent
on July, 3, TKM said in a statement on its over the last year, the market research agency said.
website. TKM had earlier reported 13 coronavirus-positive cases at
2019 < 57%
Global brands, which constituted a third of the
the plant. The company said in line with the government
guidelines, it had quarantined those employees who were top 50 list, grew 29 per cent over the last year, the Ponds Harpic Comfort Dabur Himalaya
suspected to have had primary or secondary contact with the report said. VIVEAT SUSAN PINTO CRP is consumer reach point; CRP is calculated by measuring penetration and number of times
consumers acquire a brand Brand Footprint report is compiled annually; Source: Kantar Worldpanel
infected employee through appropriate contact-tracing. PTI<

HC notice to Centre
on Ashok Leyland’s
petition over GST
Gilead: Remdesivir
reduced risk of
Covid death Pharma sector in better Tata Sons is a
2-group firm:
The Uttarakhand High Court has Gilead Sciences said on Friday

health on June revival

issued notice to the Centre on a additional data from a late-
petition filed by Ashok Leyland stage study showed its antiviral
over goods and services tax remdesivir reduced the risk of

Mistry family
(GST). Ashok Leyland said as death and improved the
against 100 per cent upfront conditions of severely ill Covid-
exemption under the area- 19 patients. The firm said the Low base of June 2019 and GREEN SHOOTS IN
based exemptions, reduced finding requires confirmation
benefit had been given through in clinical trials. REUTERS< early rains aided growth DOMESTIC MARKET DEV CHATTERJEE
refund of only 58 per cent of the Mumbai, 10 July
Central GST and 29 per cent of SOHINI DAS GAINING STRENGTH
the Integrated GST paid through Future Consumer Mumbai, 10 July Growth rate YoY in% Tata Sons, owned 66 per cent by Tata Trusts and 18.5 per cent by
cash ledger. BS REPORTER< reports loss of MAT June Apr-June the Mistrys, is a two-group company and is a quasi-partnership
June (%) (%) (%)
G
reen shoots are visible in the domes- between the two groups, said the Mistry family.
~175 crore in Q4 tic pharma industry, following a In its petition to the Supreme Court, Tata Sons has claimed
IRB Infrastructure Sun Pharma 7.5 0.8 -4.1
Future Consumer on Friday sharp decline in sales during the there is no formal or informal agreement like quasi-partnership
wins ~2,193-crore posted a loss of ~175.33 crore in first quarter. In June, the sector clocked 2.4 Cipla 3.9 7.4 -6.3 exists between the two groups, and Tata Sons is not a
the quarter ended March 31. A per cent growth after a near-9 per cent Lupin 7.3 1.8 -4.9 two-group company.
6-lane BOT project year ago, the firm had reported fall in May and 11 per cent slump in April. To apply quasi-partnership principles to Tata Sons, Shapoorji
IRB Infrastructure Developers a profit of ~8 crore. Revenue Most therapies have posted good
GSK 3.1 -5.6 -15.1 Pallonji (SP) Group had said there were ‘two groups’ in the
on Friday said it won the bid for dropped by 8.7 per cent YoY in numbers, indicating a revival in demand. Glenmark 8.8 13.1 -1.1 company — Tata Group and non-Tata Group/ SP Group. But,
a build operate toll (BOT) project the quarter under review to Industry insiders, however, claim that the IPM 6.1 2.4 -5.9 Tatas have said this distinction is itself flawed and the starting
for a six- lane corridor on NH- touch ~947 crore. BS REPORTER< early rains and the low base of June 2019 premise of their case is wrong. According to the Tatas, Tata Sons
19's Dankuni to Palsit stretch. played a part. neither is a family company nor a ‘two-group’ company. The
The project cost is pegged at According to market research firm
CARDIAC SEGMENT SEES DOUBLE-DIGIT GROWTH majority of Tata Sons stake is held not by any family or corporate
~2,193.23 crore. BS REPORTER< GR revocation won’t AIOCD AWACS, the domestic market April May June Growth rate YoY in % promoter group but by seven ‘public charitable trusts’, which
affect PPA talks with registered negative growth of 5.9 per cent cumulatively hold close to 66 per cent of the equity stake while
5.9

5.8
11.8
3.9

-20.8

-16.0
-20.3

-12.8
-21.5

for the June quarter. However, on a moving

-17.2

another 12.87 per cent of the stake is held by different companies,

-5.9
-0.3
-17.1
-1.8

Mundra: Tata Power

-1.6
-9.1
-0.1

SC asks ED to probe

9.3
6.4
1.1
7.0

annual turnover (MAT) basis, there was a including the listed Tata entities.
all homebuyers’ Tata Power on Friday said 6.1 per cent growth in sales. However, sources close to Mistry family have said the concept
the Gujarat government's Ameesh Masurekar, director of AIOCD of quasi-partnership is different from the concept of partner-
cases of Amrapali resolution (GR) to revoke an AWACS, said June 2019 had a low base ship. “Quasi-partnership is a relationship of personal character
The Supreme Court on order allowing recovery of given that the monsoon was delayed. “In and good faith among the shareholders of a company, which is
Friday directed transfer of higher cost of imported coal comparison, the monsoon this year was analogous to partners in a partnership. Quasi-partnership does
all the cases lodged by from consumers won’t impact early. This pushed up sales of categories Antidiabetic Cardiac Anti- Pain and Vitamins Gastroenterology Respiratory not limit the relationship to doc-
infectives analgesics
homebuyers in Delhi-NCR the progress of discussions such as anti-infectives.” umented written agreements
against the Amrapali Group over a supplemental purchase Masurekar, however, added that the MAT:Moving annual report Source: AIOCD AWACS but recognises action, conduct,
to Enforcement Directorate pact with the company’s revival in key therapies could be seen as a mutual trust and confidence,”
for further investigation. PTI< Mundra plant. PTI< positive sign. significant growth of 9.3 per cent in June. Pharma market (IPM), while others like the Mistry camp said, while
However, July growth was expected to With people gradually stepping out, Alkem (-1.8 per cent), Natco (0.1 per cent), reacting to Tatas’ filings in the
be flat vis-à-vis June, according to AIOCD the infection rate has increased. Demand Zydus (0.2 per cent), Sun (0.8 per cent), Supreme Court.
AWACS. “It is too early to assume the for anti-infectives (antibiotics) and aller- Dr Reddy’s (1.1 per cent), Alembic The Mistrys claimed that
domestic market will return to high gy medications has reduced. “For exam- (1.7 per cent), and Lupin (1.8 per cent) post- various letters and transactions
single-digit or double-digit growth anytime ple, asthma attacks have reduced with ed muted growth. between the two clearly showed
soon. July will be flat versus June, at 2-3 more people staying home. This was A Glenmark spokesperson clarified that how the relationship between
per cent growth,” said Masurekar. reflected in sales of respiratory medi- the strong double-digit growth in June was two partners were based on
Chronic therapy segments have cines,” said an analyst. not driven by the launch of favipiravir, an mutual trust, confidence and
bounced back, with the cardiac segment Edelweiss said firms such as Glenmark oral drug used to treat to mild Covid-19 personal relationship that went SOURCES SAID THE
growing 11.8 per cent and anti-diabetic seg- (13.1 per cent), Ajanta (9.3 per cent), Cipla (7.4 symptoms. He added: “We have been con- beyond the equity investment CYRUS MISTRY’S FAMILY
ment clocking 7 per cent growth. per cent), and Torrent (6.7 per cent) regis- sistently growing better than the market in Tata Sons. HAD HIGHLIGHTED THE
Respiratory medicines, too, have shown tered higher growth than the Indian for the past few years.” The letters written by Ratan CONFLICTS OF INTEREST,
Tata, the patriarch of the group, ETHICAL FAILURES, AND

HOUSING SALES DOWN 67% were shown at the National GOVERNANCE BREACHES TO
Company Law Appellate THE SC BY THE MAJORITY

IN APRIL-JUNE: PROPEQUITY
TCS lifts curb on lateral hiring
Tribunal (NCLAT) while argu- SHAREHOLDER AT TATA SONS
ing the case. “So, the claim from
the Tatas that these were brought for the first time in the Supreme
Sales or absorption of housing units dropped by Court is incorrect,” it said in a statement.
67% to 21,294 across top nine cities in the SAI ISHWAR HR experts, however, feel Even at the National Company Law Tribunal’s Mumbai Bench,
second quarter of calendar 2020, from 62,851 in Mumbai, 10 July “We are looking the muted hiring trend to while pleading the case, the Mistrys had highlighted that how the
forward to the demand continue among top IT firms relationship was based on understanding, trust and confidence.
the year-ago period, according to a PropEquity Tata Consultancy Services environment, and (have) but it might not be as bullish This was argued at length at the NCLAT. “It is far from truth that
report. The sales declined because of the (TCS), the country’s biggest IT decided to selectively as last year. the Mistry side is highlighting this for the first time in Supreme
Covid-19 outbreak and lockdown. The supply of services company, has lifted open up on lateral hiring “Top IT firms have large Court,” it said. The plain reading of shareholding pattern clearly
the freeze on lateral hiring side, apart from onboarding contracts that are getting rene- shows that Tata Sons is two-group company.
new units also dropped by 81% during (employing experienced new associates into the gotiated and some are tem- On the representation of the Mistry family on Tata Sons board,
the period to 11,967. K RAGHAVENDRA KAMATH people from industry) it had TCS ecosystem” porarily frozen. The September the Tata Group has claimed this will require amendment of the
imposed in the last quarter of RAJESH GOPINATHAN, and December quarters are articles of association (AoA) of Tata Sons, which would amount
NOIDA BUCKS THE TREND 2019-20 financial year.
The Mumbai-headquar-
CEO & MD, TCS
when hiring picks up. But we
expect a 5 per cent decline in
to rewriting off the AoA that is completely impermissible and con-
trary to the law.
Barring Noida, other eightcities witnessed a decline in sales tered company, however, said it total hiring in the third quarter On this, the Mistrys said the NCLAT was the last forum to
during April-June this year would selectively hire experi- compared to last year,” said decide on the facts of this case and the NCLAT has already found
Units sold Growth/decline (%) enced employees from outside. at the post-earnings press meet “Through our operational Aditya Mishra, CEO, CIEL HR that there are acts of oppression and mismanagement of minor-
“We are looking forward to on Thursday. excellence, we have not added Services. ity shareholders. Contrary to the claims of the Tatas, the powers
Noida 1,177 5
the demand environment, and This comes at a time when people, and have filled up TCS’ management termed conferred on the judiciary under Section 242 of the Companies
Thane 5,999 -56 (have) decided to selectively the Tata Group company sees vacancies through internal tal- the US administration’s action Act are very wide, including the power to amend the articles of the
Mumbai 2,206 -63 open up on lateral hiring, apart its headcount declining by 4,788 ent management. Hence, the of suspending H1B and work company to put an end to such acts and to ensure that such acts
from onboarding new associ- to 443,676 on a quarter-on-quar- net result is a negative number,” visas “unfortunate and unfair”. are not repeated in the future. “Under this, the claim of
Pune 5,169 -70 ates into the ecosystem,” said ter basis. The attrition rate also said Milind Lakkad, global head “From a business perspec- proportionate representation is not at all contrary to the law.
Bengaluru 2,818 -73 Rajesh Gopinathan, chief exec- dropped 100 basis points to 11.1 (human resource), TCS. tive, it will have a short-term Judiciary has the powers to grant board seat under Section 242 of
Chennai 996 -74 utive officer and managing per cent during the quarter. The TCS gave 40,000 campus impact until the end of the the Companies Act,” it said.
director, TCS. company, however, said the net offers last year, but the onboard- fourth quarter. But considering Sources close to Mistry said they had also highlighted the
Hyderabad 1,522 -74 “We had indicated in the last hiring in the quarter dipped as it ing is expected to be deferred as our strong supply and delivery conflicts of interest, ethical failures and governance breaches to
Kolkata 1,046 -75 quarter that lateral would be retained the internal talents to colleges are yet to conduct the in the US ecosystem and loca- the Supreme Court by the majority shareholder at Tata Sons.
Gurugram 361 -79 frozen due to the (Covid-19) fill up positions that were vacat- final semester exams amid the tion-independent work model, Tata group claimed that Tata Sons was never a public com-
uncertainty but honour all out- ed by employees who voluntar- pandemic. TCS said it would we will be able to manage the pany. “The claim that Tata Sons was never a public company is
Total 21,294 -67 standing offers issued,” he said ily left during the quarter. honour all the offers. situation,” said Lakkad. totally incorrect,” the statement from the Mistry camp said.

Default risk of firms drops Zomato’s FY20 revenue rose 105% to $394 mn
at fastest pace in a decade
NEHA ALAWADHI reflect the increased payroll cost
TAKEAWAYS New Delhi, 10 July (FY20 figures in $ mn) already,” the report stated.
The food delivery gross merch-

ANURAG JOSHI
394 293 1,496 56.1 relief to global investors and
Food delivery app Zomato said its
revenue for the financial year
andise value of Zomato grew to $1,496
million, a rise of 108 per cent over
Revenue Ebitda loss Food Dining out
10 July THE COST TO INSURE helped boost Indian asset 2020 (FY20) grew 105 per cent to delivery GMV revenue FY19. Dining out saw a revenue rise of
AGAINST NONPAYMENT prices, including easing of $394 million, while loss rose about 20 per cent to $56.1 million. “Our
Default risks for Indian firms BY A BASKET OF FIRMS domestic firms’ default swaps.” 6 per cent to $293 million. “For everyone who took voluntary dining out business segment is the
are declining at the fastest pace DROPPED BY 252 BPS IN With the Centre gradually In its annual report, Zomato said salary cuts, we are rewarding hardest hit as restaurants remain shut
in more than a decade as the MAY AND JUNE COMBINED, opening up the country follow- Covid-19 had accelerated the them for their commitment to for dining-out – leading to almost
central government deploys THE MOST FOR ANY ing an almost three-month company's journey to profitability, in the company, and they will get negligible revenue across advertising
huge stimulus to support TWO-MONTH PERIOD lockdown to check the virus, the spite of initial hiccups. 3x the amount of their voluntary and Zomato Pro. The recovery is going
local companies hit by the DATING BACK TO 2009 Indian economy may start “While Covid-19 has impacted the deduction in the form of ESOPs to be slow. Users will be concerned
impact of the pandemic. expanding by the end of March size of our business, it has accelerated (at zero exercise price)” about social distancing and hygiene,
The cost to insure against cut benchmark borrowing rates 2021, DBS Group Holdings said our journey to profitability. In terms and restaurants will need to
DEEPINDER GOYAL, CEO, Zomato
nonpayment by a basket of to the lowest since at least 2000 in a report on July 7. Goldman of the size of the business, Covid-19 reorganise themselves to be able to
Indian companies, including to help an economy that’s fac- Sachs Group said in a report ear- has set us back by a year or so — but a build trust,” Zomato noted.
Reliance Industries and ing a contraction after the lier this month that investors year is only a small blip when you are pre-Covid peaks ($23 million per “To quickly reduce our costs The company bought the food
State Bank of India, dropped world’s largest lockdown. shouldn’t adopt “a broad nega- building a company for the next 100 month). We expect to make complete during the initial days, we had delivery business of Uber in India in
by 252 basis points in May and “India’s economic package, tive stance on India credit based years. Having said that, Covid-19 has recovery over the next 3-6 months requested our staff to volunteer for January for $206 million, leading to a
June combined, the most for though a delayed one, was a on economic fundamentals”. positively impacted the health of our while continuing to maintain tight salary cuts. Seventy-five per cent of near duopoly in the restaurant food
any two-month period dating recognition of the critical state The bank added longer-dat- business — we seem to have gained control on costs/profitability,” our employees volunteered for partial delivery business, with Swiggy being
back to 2009, according to of the economy because of the ed bonds of Indian issuers to its 2-3 years along this vector. In July, we Zomato said in the report. salary cuts, resulting in a total the only other large competitor.
CMA prices. pandemic,” said Ajay Marwaha, preferred sectors among Asian estimate our monthly burn rate to The Gurugram-based firm had cut reduction of 14 per cent in our payroll In the first quarter of FY21, when
The government unveiled head of investment advisory for investment-grade debt, but said land under $1 million, while our 13 per cent jobs in May as it did not see costs. As of today, all the original most restaurants operated only for
$277 billion of stimulus in May Sun Global Investments in it saw little value in junk notes revenue should land at enough work for all its staff, and asked salaries have been reinstated, and our takeaways, Zomato’s revenue was
and the Reserve Bank of India London. “This has brought from the borrowers. BLOOMBERG approximately 60 per cent of the entire organisation to take a paycut. net losses of under $1 million for July $41 million, with a loss of $12 million.
.
NEW DELHI | 11 JULY 2020 COMPANIES 3
<

Shoppers Stop
MD Rajiv Suri
resigns amid
Hotels in talks with
Covid-19 crisis banks on loan recast PHOTO: KAMLESH D PEDNEKAR
SURAJEET DAS GUPTA
New Delhi, 10 July

H
otels are in talks with
banks on a three-pro-
nged approach on pay-
ing principal and interest after
the moratorium of six months
VIVEAT SUSAN PINTO the Reserve Bank of India (RBI)
Mumbai, 10 July has given is over by September.
For one, hotels with stan-
Shoppers Stop, the country’s dard loans are in discussion
oldest department store cha- with banks on increasing their
in, has seen a top level rejig, terms by another 12 months.
with Rajiv Suri (57), managing
director (MD) and chief exec-
On average the terms of
loans for the industry are six-
THE RED FLAGS become non-performing assets
(NPAs) in the next few months.
utive officer (CEO), stepping seven years. This will require ~90,000 cr Revenue loss to The body has also made it
down on Friday. His resigna- the RBI’s endorsement. hotel industry in 2020 plain that it does not see recov-
tion is effective August 25, the The second approach is to ery in 30-36 months. After that
~22,500 cr NPA on the books of
company said in a stock allow hotels with a good track it expects hotel room occupan-
banks if no action is taken
exchange filing. record to spread the payment cy to reach 50-70 per cent of the
The retailer said an expert of the outstanding principal 160 mn Total employment pre-Covid levels.
CXO committee would run and interest due for the six- generated by the industry It has also asked the regula-
day-to-day operations in the month moratorium period over ~6,750 cr Interest pay out from tor to come up with conces-
interim period. 12 months and in equated April 2020 to March 2023 for the sional interest rates for the next
Suri’s exit follows a chal- instalments. 18-24 months. That would make
industry if no action is taken
lenging period, triggered by The third approach, which is the rate 6 per cent instead of the
the Covid-19 pandemic and a mostly for hotel companies that ~5,400 cr Interest to be paid if HAI average of 9 per cent they pay.
national lockdown annou- are not standard accounts, is for recommendations implemented The interest rate should be the
nced in March. The company banks to insist on a bullet pay- ~4,500 cr NPA even if the repo rate plus 200 bps. In the
reported a 10 per cent decline ment of the interest and the recommendations are implemented third phase it wants interest
in revenue in the March quar- principal due in the moratori- rates to be pegged to the mar-
ter, prompting it to shut um period once the period is ginal cost of lending rate.
under-performing stores and over. It has suggested that inter- communication to the RBI as The average occupancy ra-
lay off nearly 15 per cent of its est be added to the principal much as 50 per cent of the tes of hotels have fallen to 20-25
7,500-strong workforce across outstanding. ~45,000 crore that branded per cent. What is more chal-
the country. The firm has 89 The move comes hard on hotel companies had taken as lenging is that average hotel tar-
department stores across 44 the heels of The Hotel Asso- loans (such companies consti- iffs for branded hotel chains
cities in India. It also 11 pre- ciation of India (HAI), the apex tute 15 per cent of the 2.8 million have halved from ~8,000 to
mium home concept stores body of the industry, saying in a hotels in the country) would ~4,000 per night.
under Home Stop brand and
132 beauty stores.

Arun Srinivas, WITH YOU, RIGHT THROUGH

HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED

Sanjiv Saddy (CIN: L70100MH1977PLC019916)

quit Ola Registered Office: Ramon House, H. T. Parekh Marg, 169, Backbay Reclamation, Churchgate, Mumbai 400 020.
Tel. No.: 022 6176 6000 Website: www.hdfc.com E-mail: [email protected]
Corporate Office: HDFC House, H. T. Parekh Marg, 165-166, Backbay Reclamation, Churchgate, Mumbai 400 020.
Ola’s two top executives — Tel. No.: 022 6631 6000
Arun Srinivas and Sanjiv Investor Services Department: 5th Floor, Ramon House, H. T. Parekh Marg, 169, Backbay Reclamation,
Saddy — have resigned from Churchgate, Mumbai 400 020. Tel No.: 022 6141 3900
the company. The Bengaluru-
based company confirmed
NOTICE
the development. NOTICE is hereby given further to the public notices dated June 13, 2020 and July 3, 2020 issued
by Housing Development Finance Corporation Limited (‘the Corporation’) in relation to holding
“Arun Srinivas, chief sales
the 43rd Annual General Meeting (AGM) of the Members of the Corporation scheduled to be held on
and marketing officer, and Thursday, July 30, 2020 at 2:30 p.m.
Sanjiv Saddy, senior vice- Due to the continuing impact of COVID-19 pandemic and also the restrictions on the movement and
president (corporate affairs), congregation of persons, the 43rd AGM would be conducted only through two-way Video Conference facility
are moving on to pursue oth- (‘VC’), in compliance with the General Circular Nos. 14/2020, 17/2020 and 20/2020 dated April 8, 2020,
er opportunities outside of April 13, 2020 and May 5, 2020 respectively, issued by the Ministry of Corporate Affairs and accordingly,
Ola,” said Ola. Srinivas had physical AGM will not be held.
joined Ola last year after a The other information and details as mentioned in the public notices dated June 13, 2020 and July 3, 2020
stint at PE firm Westbridge shall remain the same.
Capital Partners, where he We wish to reiterate that the detailed instruction for attending the meeting through VC is provided in the
led consumer vertical invest- Notice dated June 19, 2020 convening the AGM. The said instruction along with related Frequently Asked
Questions (FAQs), are also available on the website of the Corporation.
ments. The other executive,
Sanjiv Saddy, a former Tata For Housing Development Finance Corporation Limited
Communications executive, Sd/-
joined Ola last year after a stint Ajay Agarwal
as senior vice-president at Place : Mumbai Company Secretary
Flipkart. PEERZADA ABRAR Date : July 10, 2020 FCS: 9023

CIN – L24100MH1961PLC012066
Registered Office: 66/67, Nariman Bhavan, Nariman Point,
Mumbai - 400 021, India Tel: 91 22 6624 6200 / 6624 6228;
Fax: 91 22 2202 9364 E-mail : [email protected]; Website : www.savita.com

Statement of Audited Standalone Financial Results for

the Quarter and Year ended 31st March, 2020 ` in Lacs
Quarter ended Quarter ended Quarter ended Year ended Year ended
Particulars 31.3.2020 31.12.2019 31.3.2019 31.3.2020 31.3.2019
Audited Unaudited Audited Audited Audited
Total Income from Operations (net) 45,326.98 52,187.19 55,752.37 2,05,778.42 2,28,091.73
Net Profit for the period 1,929.19 3,364.44 5,101.77 12,474.81 16,271.07
(before tax, Exceptional and / or Extraordinary items)
Net Profit for the period before tax 1,929.19 3,364.44 5,101.77 12,474.81 16,271.07
(after Exceptional and / or Extraordinary items)
Net Profit for the period after tax 2,060.47 2,162.84 3,336.77 9,564.24 11,427.01
(after Exceptional and / or Extraordinary items)
Total Comprehensive Income for the period [comprising profit for 2,069.20 2,146.81 3,283.31 9,543.31 11,361.19
the period (after tax) and other comprehensive income (after tax)]
Paid up Equity share capital (Face value of ` 10 each) 1,407.11 1,407.11 1,432.21 1,407.11 1,432.21
Reserves (excluding Revaluation Reserve as shown in the Not applicable Not applicable Not applicable 85,451.37 83,728.27
balance sheet of previous year)
Earnings per share (of ` 10 each)
Basic: ` 14.55 15.24 23.30 67.55 79.79
Diluted: ` 14.55 15.24 23.30 67.55 79.79
Notes
1) The above is an extract of the detailed format of the Financial Results for the Quarter ended 31st March, 2020 filed with the Stock Exchanges under Regulation 33 of
the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The full format of the financial results for the Quarter ended 31st March, 2020
is available on the stock exchange websites (www.bseindia.com, www.nseindia.com) and on the Company's website (www.savita.com).
2) The outbreak of Novel Coronavirus (COVID–19), a Global Pandemic has significantly affected the economic activities worldwide including India and as a
consequence has adversely affected the operations and results of the Company. The Indian economy witnessed a sudden and drastic slow-down from last
week of March, 2020 when the Central and State Governments announced lockdown to contain the spread of deadly virus. The management has taken all the
necessary measures to comply with the directions issued by Central/State Governments and local authorities including temporary shut-down of its manufacturing
facilities, offices and depots. The Company has since resumed most of its major operations in a phased manner, till the time of the announcement of these
results, by following all the directives from respective local / government authorities from time to time.The Company has made necessary assessment of its
liquidity position for a period of at least one year from the balance sheet date, of the recoverability of its assets including Property, plant and Equipments, Trade
Receivables, Investments and all other Current and Non-current assets and its ability to pay the current and future liabilities as they become due and that of
effectiveness of internal financial controls and the management is of the view that there is no material impact on or adjustment required to the Financial
Results for the year ended 31st March, 2020.
Impact assessment of COVID-19 is a continuing process and the Company will continue to monitor the impact from time to time.
3) The Company has computed the Current and Deferred Tax Expenses for the year ended 31st March, 2020 in accordance with Taxation Laws (Amendment)
Ordinance, 2019 (“Ordinance”) @ 25.17%. The Company has also re-measured its Deferred Tax Assets and Liabilities in the financial results for the year
ended 31st March, 2020.
4) The Company has paid interim dividend @ ` 20 per equity share aggregating to ` 3,392.69 lacs (including dividend distribution tax). The Board considered
this interim dividend as final dividend for the financial year 2019-20.
5) Effective 1st April, 2019, the Company has adopted Ind AS 116 “Leases” and applied the standard to all lease contracts existing on the date of initial
application i.e. 1st April, 2019. The Company has adopted the ‘modified retrospective’ approach for transitioning to Ind AS 116 and accordingly,
comparatives for the year ended 31st March, 2019 have not been retrospectively adjusted. This transition has resulted in recognizing a “Right of use asset” of
` 227.91 lacs as at 1st April, 2019. Consequently, the classification of Lease rentals on leasehold lands has been changed to depreciation cost due to
amortization of right of use assets.
6) The above audited financial results have been reviewed by the Audit Committee and approved by the Board of Directors at their meetings held on Friday, 10th
July, 2020.
7) Previous quarter's / year's figures have been regrouped / rearranged wherever necessary to conform to those of current quarter / year classification.
For Savita Oil Technologies Limited
S.M.Dixit
Mumbai Whole-time Director and CFO
10th July, 2020 (DIN:02359138)
4 ECONOMY & PUBLIC AFFAIRS
>
NEW DELHI | 11 JULY 2020 1

India’s sex ratio at birth improves

IN BRIEF
Panel proposes new regulator
for citizens’ non-personal data
India should set up a data regulator and
Latest data shows DELHI THE WORST-PERFORMING STATE the number of children a woman gen-
erally gives birth to in her fertile life-
require companies to disclose how they improvement after India Delhi
West Bengal
Bihar
Kerala
time, has been declining gradually,
collect and store data devoid of personal and stands at 2.2 children per woman.
details or which has been anonymised, four consecutive 1,185
1,200
At a TFR of 2.1, a population is consid-
a panel tasked to draw up such
regulations has said in a draft report years of decline ered to be stabilised.
Though illegal, sex-selective abor-
seen by Reuters. As India moves to 1,142 tions do happen in India. Experts have
tighten policies on its citizens’ data held ABHISHEK WAGHMARE 1,150 repeatedly noted that a skew that is
and processed by firms such as Facebook Pune, 10 July sharper than the natural sex ratio
& Google, it set up the panel last year to make recommendations 1,117 shows clear discrimination towards
on the regulation of “non-personal data”. REUTERS< 1,104

I
ndia’s preference for sons over the female child.
daughters reduced a little in the Human births are naturally male-
Forex reserves hit Room for more three years ending 2018, show- POSITIVE CHANGE, ALBEIT SLOW 1,100
biased at 51.3 per cent of total births
Male births per 1,000 female births 1,103 1,112
fresh all-time high fiscal support to ing early, though weak, signs
of increasing fairness towards the 1,063
during any period, due to more gesta-
tional risks to female foetuses, a 2015
at $513.25 billion India, says IMF girl child.
1,120 1,050 study by Orzack and others in the US
The IMF said there is more In the 2016-2018 period, 1,112 male 1,115 1,050 had found, putting the natural sex ratio
room for fiscal support to kids were born per 1,000 female 1,110 1,027 at 1,053 male births per 1,000 female
India in the near term, births in India. This situation, how- 1,110 ones. Jayachandran assumes it to be
particularly for vulnerable ever, is still worse than the naturally 1,112 1,045 close to 1,030 in her paper.
1,105
households and SMEs. A top occurring ratio between 1,030 and 1,000 India’s sex ratio at birth, at 1,112, is
IMF official also warned that 1,050, and the global average of 1,068 1,100 2012-14 2016-18 far worse than this, and thus, despite
the global public debt is as visible in the World Bank data. 2005-2007 2016-2018 the small improvement, needs a deep-
Source: Sample registration system, Registrar General of India
expected to exceed 100 per Nevertheless, this is a slight er change in the society.
The country's foreign exchange cent of GDP in 2020-21, and improvement from 1,116 male births Neighbours China and Vietnam
reserves surged by a massive $ 6.47 the average overall fiscal per 1,000 female births in the 2015- there is, still, a meta-preference for ly urban, have shown an unfettered for a girl child is not so apparent have a worse sex ratio at 1,126 and 1,118,
billion to touch an all-time high of deficit is expected to soar to 2017 period, data released by the sons among the populace. deterioration in sex ratio at birth. even in infertile couples,” she said. respectively. Bangladesh, on the other
$513.25 billion in the week ended 14 per cent of GDP in 2020. PTI< Sample Registration System (SRS) The average Indian sex ratio at Experts, however, caution Seema Jayachandran, an econo- hand, fares better at 1,049 male births
July 3, the latest data from the from the Census office shows. birth had reached its best at 1,100 against reading too much into just mist at the Northwestern University per 1,000 female births, according to
Reserve Bank of India showed.PTI< The SRS records indicators such males per 1,000 females in 2011-2013. one year of improvement. “We can in Illinois, US, showed in a 2014 paper the World Bank.
1,400 show interest as birth rate and infant mortality It was worse before that, and it had call it a societal change only if this that the declining fertility rates were A seminal research by Lihong Shi of

SC allows serving in commercial mining rate every year in designated natu- been deteriorating after 2013, too. The improvement is sustained. In reali- linked to worsening sex ratio in India the Case Western Reserve University,
ral divisions in India, and covers latest period ending 2018 has shown ty, couples still prefer the male in recent decades. Ohio, US, has shown that families in
notices, summons of coal: MoS finance about 8 million people. an improvement after four consecu- child,” said Parul Katiyar, a fertility “The smaller the family size, the China started choosing daughters to
Minister of State for Finance Societies world over have largely tive years of worsening sex ratio. consultant at Nova IVF, a leading less likely a family is to have a son by balance the skewed marriage market. If
via digital modes Anurag Singh Thakur on Friday been hateful towards the girl child, Kerala and West Bengal have treatment centre in Delhi. chance. Thus, declining fertility is one this is in works in India is still unknown
The Supreme Court on Friday said more than 1,400 people and India has not been any differ- shown a consistent improvement in She did not find this social force that is driving up the rate of sex- but it does offer insights into India’s
directed that now court have shown interest in the last 15 ent. India’s official survey of the the past few years. But Bihar, which change taking place in her more selective abortions,” she had written. trajectory as it has a comparable popu-
summons and notices can be days for commercial mining of national economy in 2018 noted that is largely rural, and Delhi, almost ful- than 10 years of practice. “Affection India’s total fertility rate (TFR), or lation and civilisational characteristics.
served on persons through coal, adding that it will help
“emails, fax and instant bring down import by 60 per
messaging applications” cent in the coal sector only. PTI<
such as WhatsApp. PTI<

Fuel demand
PM: India most attractive Chinese state-run firm bids
CBDT extends
period for claiming
tax refunds
continues to
recover in June market for clean energy to supply items for Train 18
Fuel demand in June continued
The CBDT extended the validity
of claiming refunds for returns
its recovery from a 13-year low
hit in April as more commuters
SHREYA JAI
New Delhi, 10 July
SHINE JACOB
New Delhi, 10 July
ENERGY CONSUMPTION tender,” said Vinod Kumar Yadav,
chairman of the Railway Board.
filed in the past till October- preferred private vehicles for (FOR 447 KM) The Railways has lined up a
end. Refunds of returns filed till fear of contracting Covid-19 and Prime Minister Narendra Modi on Friday China’s state-owned firm CRRC 10,340 kWh Rajdhani trains plan to completely electrify its
AY 2017-18 could be claimed this economic activity gradually said India has made exemplary progress China has participated in a global tracks by 2023. “By December
way. BS REPORTER< picked up. PTI< in solar power and is now considered the tender for the Train 18 project, 8,396 kWh Shatabdi 2022, all the high density and
most attractive market for clean energy. becoming the only foreign player 8,983 kWh Train 18 highly utilised networks, or 96 per
He was speaking at a virtual confer- in the bidding process, at a time  Train 18 has an edge, with the
cent of our traffic area, will be elec-
ence after inaugurating a 750-Megawatt when bilateral ties have taken a coaches regenerating 12.9 per cent of trified,” he said. For the Train 18

Kharif sowing 44% (Mw) solar power park in Rewa, Madhya

Pradesh. Touted to be one of Asia’s largest
hit following tensions at border.
Five Indian players also took
the total energy consumed, compared project, this was the third tender
to 12.3 per cent by the Rajdhanis and
11 per cent by the Shatabdis
floated to procure key items.

more than last year

solar power parks, it was commissioned part in the tender for procuring Though bids for 43 Train 18
KWh: Kilowatt-hour
in January and supplies power to Madhya propulsion systems, or electric sets were invited first, orders for
Pradesh and the Delhi Metro Rail traction kits, for 44 train sets. CRRC Pioneer Electric, in which only three were given, including
SANJEEB MUKHERJEE Himalayan region, northern Corporation (DMRC). These included Bharat Heavy Gurugram-based Pioneer Filmed one for Spanish major CAF and
New Delhi, 10 July parts of Punjab & Haryana, The project was bid out in 2017 when Electricals and Hyderabad-based is a partner. Medha Group. Following this, a
Chandigarh, Uttar Pradesh, three companies — Mahindra Medha Group, which was part of Of the ~100-crore spent on the second tender was floated for 37
Sowing of kharif crops, which Bihar, Sub-Himalayan West Renewables, ACME Solar and Sprng the first Train 18 project, also first rake, about ~35 crore was on Train 18 propulsion systems that
was 44 per cent more than last Bengal and Sikkim, and Energy won 250 Mw each. known as Vande Bharat Express, the propulsion system. Going by got cancelled. The current tender
year till Friday, is expected to Northeastern states during July The winning tariff was ~2.97-2.98 a unit launched on February 15, 2019. this, the size of the current tender is marked by the absence of major
strengthen further in the com- 9 to 12,” the India in the first year and ~3.32 over the 25-year CRRC Corporation, a rolling for 44 train sets will come to over industry players like Bombardier,
ing weeks as the southwest Meteorological Department contract. stock manufacturer, participated ~1,500 crore. “We have got bids Alstom, Siemens, CAF, Talgo, and
monsoon is expected to said on Thursday. That was the first time the cost of solar through its Indian joint venture from six players for the train set Mitsubishi.
become more vigorous over In June, the country power was lower than that of thermal in Speaking at a virtual conference from
north India. received 196.2 millimeters of India. The project was built over an area New Delhi, Modi said the Rewa project will
In June, the first month of rainfall, which was 18 per cent of 1,550 hectares at ~4,305 crore. make the region a major hub for clean

Covid vaccine at least a year

the season, rainfall over north above normal. Central India One reason for the Rewa park receiv- energy this decade PHOTO:PTI
India was 4 per cent above nor- saw the highest rainfall, receiv- ing low bids is that the Madhya Pradesh
mal, which was the lowest ing 220.9 millimeters of rain- government had provided assurances on to not miss this opportunity and work for

away: Top scientists to MPs

among the four major subdivi- fall, which was 31 per cent power offtake and offered a sovereign production and betterment of all the
sions. “Fairly widespread to above normal. In comparison, guarantee in case of purchase default. inputs required for solar energy,” he said
widespread rainfall with isolat- North-West India received 77.9 Modi said the project will make the at the virtual conference.
ed heavy to very heavy falls millimeters of rainfall, which entire region a major hub for pure and DMRC has been sourcing power from
very likely over western was 4 per cent above normal. clean energy within this decade. “Solar the project since 2019 to meet its daytime ARCHIS MOHAN to play a key role in the world- told the committee how this
energy projects are a true representation energy requirements. In a public state- New Delhi, 10 July wide race to develop a vaccine. offered an opportunity to check
REPORT CARD of Aatmanirbhar Bharat (self-reliant ment, DMRC said it procures 345 MUs of However, the reliance of brain drain. The CSIR suggested
Kharifacreage till July10 (million hectares) India). Economy is an important aspect of solar energy per year from Rewa. The government’s top scientists Indian pharma industry on raising the number of postdoctoral
 2020-21  2019-20 ] % change self-reliance and progress. India has “DMRC is meeting nearly 60 per cent and officials on Friday told Chinese APIs research fellowships from 300 to
Total 58.00 40.25 ] 44.13 resolved the dilemma between ecology of daytime energy requirements from a Parliamentary commit- The CSIR also (advanced pharma- 800 every year starting from 2021,
and economy by focussing on solar ener- Rewa and overall 32 per cent of the total tee that a vaccine to cure said present ceutical ingredients) and also the number of PhD schol-
] 26.16 ] 162.35 ] 29.57 ] 85.16 ] 35.00
gy projects.” energy requirements from this solar Covid-19 could take at least times offered was recognised as a ars through CSIR-NET examination
13.93 10.48 The PM also called upon the domestic plant. With this, DMRC became one of a year to develop, and that, an opportunity “huge strategic con- from 5,000 to 7,500. The proposal
12.00 9.57 9.32 industry to drive the growth of solar pow- the greenest Metros in the world,” the they said, was their most to the govt cern” with few short- would require an additional budg-
7.19 7.52 7.77 er in India through indigenous goods and statement said. optimistic assessment. to check term solutions. et of ~2,388.22 crore over the next
6.42
equipment. More than 80 per cent of the total ener- The panel of lawmak- brain drain With some of the five years, it said.
2.44 “India is reducing its dependence on gy produced from the solar park would be ers was told that India, a best Indian students The Department of Scientific
imports of equipment needed for solar consumed by Madhya Pradesh. leading manufacturer of vaccines unable to leave for studying in for- and Industrial Research suggested
plants, such as photovoltaic cells, battery The project is expected to prevent 1.57 and generic medicines, which eign universities because of Covid- setting up a “strategic think tank
Paddy Pulses Coarse cereals Oilseeds Cotton technology, etc. I want to encourage the million tonnes of carbon dioxide emis- develops nearly 60 per cent of 19, the Council for Scientific and for science and technology” to
Source: Ministry of Agriculture industry, the youth, MSMEs and start-ups sions annually. the world’s vaccines, is expected Industrial Research (CSIR) also plan for future pandemics.

Ventilator firms hit quality bump on road to Make-In-India glory

SOHINI DAS & RUCHIKA CHITRAVANSHI always say. The good thing is its very low from the PM Cares Fund for Made in “We are a tertiary care hospital and
Mumbai/New Delhi, 10 July cost and how it works on a very simple India ventilators. so the patients who come to us are often
platform. For organisations like ours Vishwaprasad Alva, founder and much sicker. The ventilator shortage
A mammoth effort to become self- which are focusing on low cost solutions managing director of Skanray which was being raised back in March is
reliant in ventilators could have become in small towns, it is good,” said Dr Bajaj. Technologies, said that in pre-Covid not really an issue now,” said Dr B.
a great ‘Make in India’ success story While AgVa did not answer queries times, the domestic requirement was of Keshav Rao, head, medical operations
were it not for serious concerns being sent to it, an industry insider said: 10,000 ventilators. About 9,000 group, Fortis Healthcare.
raised about the safety and quality of “There is no question of profiteering were imported, despite the presence of While it is unlikely that demand for
locally made machines. or supplying sub-standard ventilators local manufacturers. ventilators will pick up, the fact that
JJ Hospital and St George’s Hospital here.” Alva said his company’s ventilators India can make low-cost ventilators at
in Mumbai have returned close to 100 He said that the company had been are sold in Europe and in all these years scale is something that those in the
ventilators for their failure to boost making the ventilators for the last two to he has not had a single complaint. health care system feel is a positive
oxygen to the required levels in critical three years. “They used to make a few He claimed that some hospitals who development to emerge from the
Covid-19 patients. The ventilators were hundred machines in a month, and in have made allegations about poor pandemic.
made by a start-up, AgVa, with support the last few months they have scaled it quality are mixing up issues. With India’s spare capacity,
from Maruti Suzuki over vendor up to almost 10,000 a month,” he said. The industry also claims that the manufacturers are hoping they will be
development and component sourcing. But news of the 100 ventilators government made frequent changes to allowed to export. Maruti Suzuki India
With a price tag of just ~1.5 lakh for returned by the Mumbai hospitals has the specifications even after placing chairman R C Bhargava said that if
the basic models as compared with ~10- some people worried. Many in the orders. One source said that many allowed to export now, it could be one
15 lakh for an imported ventilator made
them very attractive, particularly to
industry have called it a premature
criticism of a homegrown product.
KEY DOMESTIC VENTILATOR MAKERS manufacturers rose up to the challenge
out of a patriotic desire to help during an
of India's biggest Make in India
success stories.
smaller hospitals. “Ventilators are a high precision AGVA SKANRAY TRIVITRON ALLIED KANCHAN PCB emergency but ‘now they feel harassed’. Unlike PPEs and masks, he said,
Around eight months ago, Ujala product and it takes a lot of time to HEALTHCARE TECHNOLOGIES HEALTHCARE MEDICAL PRODUCT Meanwhile, though, medical there can be no sustained demand for
Cygnus Healthcare validated some of develop a perfect product. In such a 60,000 120,000 60,000 42,000 120,000 treatment of patients and the virus’ these high-end machines, therefore
the AgVa ventilators and gave the short time these manufacturers have units/annum units/annum units/annum units/annum units/annum behaviour keep evolving. Fewer local manufacturers who have built
company feedback on how to improve done a good job,” said Sunil Khurana, Source: Industry
patients need ventilator support, capacities in the last two months
them. They were found to be useful for CEO, BPL Medical which has prompting the government to stop should be allowed to explore the
home use, ambulances and chronic manufactured over 11,000 ventilators procuring any more. international market.
patients, but not quite up to the mark for for the UK market during the hospitals. As India continues to fine-tune its Hospital hospitals have plenty of "It will also be a learning experience
use on critical patients. Their teething Covid crisis. “It costs one tenth of a similar long term strategy for coping with the spare capacity. For instance, in Fortis for them if they end up upgrading their
problems were being sorted out. Bajaj points out that while AgVa ventilator so of course, it does not have virus, its capacity to make ventilators is hospitals where there are 662 Covid-19 machines according to the
Dr Shuchin Bajaj, founder & director, ventilators might not be adequate for all those bells and whistles but it’s not rising. From making 300 a month in patients, only 26 are on ventilators. specifications of their international
Ujala Cygnus Healthcare, said he severely critical patients, they can be an iPhone. It's definitely like an Oppo March, nearly 30,000 units are now Doctors are managing well with high clients. There can be a huge market
though AgVa had made a good start. used for less serious cases. Their use in and there is plenty you can do with it,” made every month. In mid-May, the flow oxygen and non-invasive potential in Asia, Africa, and West Asia,”
“The best is the enemy of the good as we homes also frees up capacity in said Bajaj. government allocated ~2,000 crore ventilators. said Bhargava.
.
NEW DELHI | 11 JULY 2020 5
<

NOTICE INVITING BID

NIRLON LIMITED
(CIN 17120MH1958PLC011045)
Registered Office: Pahadi Village, off the Western Express Highway, Goregaon (East), Mumbai 400 063
Tele No.: + 91 (022) 4028 1919 / 2685 2257 / 58 / 59 Fax No.: + 91 (022) 4028 1940
Email: [email protected], Website: www.nirlonltd.com
NOTICE
Notice is hereby given that in pursuance of Regulations 29, 33, and 47 of the SEBI
Dhani Loans and Services Limited (Listing Obligations and Listing Requirements) Regulations, 2015, meetings of the
(formerly Indiabulls Consumer Finance Limited and IVL Finance Limited) Board and other Committees of the Company are scheduled on Friday, August 14, 2020,
Registered Office: M-62 & 63, First Floor, Connaught Place, New Delhi - 110 001 at 9.00 a. m. inter alia, to consider and to take on record the Un-audited Financial Results
CIN: U74899DL1994PLC062407 for the Quarter ended on June 30, 2020 along with the Limited Review Report.
The Company hereby notifies that the Prohibited period shall commence from
Public Notice
Wednesday, July 1, 2020 to Monday, August 17, 2020 as per the Company’s Internal
Notice is hereby given to all stakeholders that Indiabulls Consumer Finance Code of Conduct for regulating, monitoring and reporting trades under SEBI (Prohibition
Limited, a Company incorporated under the Companies Act, 1956 and registered of Insider Trading) Regulation, 2015 (ICCPIT).
as an NBFC with the Reserve Bank of India (RBI) New Delhi, with the approval of For Nirlon Limited
applicable regulatory/statutory authorities, has changed its name to Dhani Loans Sd/-
and Services Limited effective from July 7, 2020. All concerns are requested to Jasmin K. Bhavsar
take note of the same. Company Secretary, V. P. (Legal) & Compliance Officer
Mumbai, July 10, 2020
By Order of the Board
Rameshwar Media
For Dhani Loans and Services Limited
(formerly Indiabulls Consumer Finance Limited and
IVL Finance Limited)
Sd/ INDOCO REMEDIES LIMITED
Place : New Delhi Manish Rustagi Regd. Office: Indoco House, 166 CST Road, Kalina,
Date : 11.07.2020 Company Secretary Santacruz (East), Mumbai - 400098
Tel: 91-22-68321400
Email : [email protected]
Web : www.indoco.com CIN : L85190MH1947PLC005913

NOTICE
Notice is hereby given pursuant to Regulation 29 read with Regulation
47 of SEBI (Listing Obligations and Disclosure Requirement) Regulation
2015, that a Meeting of the Board of Directors of the Company will be held
on Tuesday 11th August, 2020 to consider and approve the UnAudited
Financial Results of the Company for the Quarter ended 30th June, 2020
This Notice shall also be available on the website of the Company
at www.indoco.com and on the websites of BSE Limited at
www.bseindia.com and National Stock Exchange of India Limited at
www.nseindia.com.
By order of the Board
For Indoco Remedies Ltd.
S/d
Place : Mumbai Jayshankar Menon
Date : July 11, 2020 Company Secretary

GOVERNMENT OF TAMIL NADU

Auction of 10 year Tamil Nadu
Government Stock (Securities)
1. Government of Tamil Nadu has offered to sell by auction
the dated securities for an amount of Rs.2000.00 crore with
Ten year tenure. Securities will be issued for a minimum
nominal amount of Rs.10,000/- and multiples of Rs.10,000/-
thereafter. Auction which will be yield-based under multiple
price format will be conducted by Reserve Bank of India at
Mumbai Office (Fort) on July 14, 2020.
2. The Government Stock upto 10% of the notified amount of
the sale will be allotted to eligible individuals and institutions
subject to a maximum limit of 1% of its notified amount for
a single bid as per the Revised Scheme for Non-competitive
Bidding facility in the Auctions of State Government Securities
of the General Notification (Annexure II). Under the scheme,
an investor can submit a single bid only through a Bank or a
Primary Dealer.
3. Interested persons may submit bids in electronic format on
the Reserve Bank of India Core Banking Solution (E-Kuber)
System as stated below on July 14, 2020.
a) The competitive bids shall be submitted electronically on
the Reserve Bank of India Core Banking Solution (E-Kuber)
System between 10.30 A.M. and 11.30 A.M.
b) The non-competitive bids shall be submitted electronically
on the Reserve Bank of India Core Banking Solution (E-Kuber)
System between 10.30 A.M. and 11.00 A.M.
4. The yield percent per annum expected by the bidder should
be expressed up to two decimal points. An investor can
submit more than one competitive bid at different rates in
electronic format on the Reserve Bank of India Core Banking
Solution (E-Kuber) System. However, the aggregate amount
of bids submitted by a person should not exceed the notified
amount.
5. The result of auction will be displayed by Reserve Bank of
India on its website on July 14, 2020. Successful bidders
should deposit the price amount of Stock covered by their
bids by means of a Bankers’ Cheque or Demand Draft payable
at Reserve Bank of India, Mumbai (Fort) or Chennai on
July 15, 2020 before the close of banking hours.
6. The Government Stock will bear interest at the rate
determined by Reserve Bank of India at the auction. Interest
will be paid half yearly on January 15 and July 15. The Stock
will be governed by the provisions of the Government
Securities Act, 2006 and Government Securities Regulations,
2007.
7. The stocks will qualify for ready forward facility.
8. For other details please see the notifications of Government
of Tamil Nadu Specific Notification No. 494(L)/W&M-II/2020
dated July 10, 2020.
S. KRISHNAN,
Additional Chief Secretary to Government,
DIPR/591/DISPLAY/2020 Finance Department, Chennai-9
6 ECONOMY & FINANCE
>
NEW DELHI | 11 JULY 2020 1

Financiers shed risky realty SBI chief sees no need

for blanket extension
loans to remain asset light of EMI moratorium
In the last two weeks, over ~6,000 cr of However, Balaji Raghavan,
managing partner and senior ANUP ROY
such loans have been sold or refinanced fund manager at IIFL, said that Mumbai, 10 July
no such deal had taken place. I DON’T WANT
RAGHAVENDRA KAMATH
Mumbai, 10 July
find new takers, said Ashish
Khandelia, founder of Certus
He, however, said that IIFL
Finance was in talks with var-
State Bank of India (SBI) is not
concerned too much regarding
TO SOUND TOO
Capital and former head of ious investors to raise funds the pile-up in bad debt due to OPTIMISTIC ON
THE NPA FRONT
S
addled with risky KKR’s India realty arm, who and get last-mile financing to the pandemic, and sees no need
real estate loans, non- was involved in the Oaktree- complete projects. “We want for a blanket extension of the
banking financial com- DHFL deal. to be asset-light and come up moratorium for every sector.
BUT BASED ON
panies (NBFCs) and housing “A lot of discussions hap- with multiple platforms to “I don’t want to sound too THE ANALYSIS
finance companies (HFCs) are pened last year, following the invest,” he added. optimistic on the NPA front but OF OUR BOOK,
selling their portfolios to first trade of ~1,375 crore by Industry experts say selling based on the analysis of our
special situation funds. DHFL. However, the bid-ask loans is a prudent move in the book, I am not over-worried,”
I AM NOT
The liquidity crunch faced remained high between sellers present context. SBI Chairman Rajnish Kumar OVER-WORRIED
by NBFCs since the IL&FS and buyers. Now, given the SELLING DOWN “Most NBFCs are still facing said at SBI’s flagship Banking
RAJNISH KUMAR,
(Infrastructure Leasing & Covid and other issues, the pace acute liquidity crunch and and Economics Conclave.
Chairman, SBI
Financial Services) default in is accelerating,” said Khandelia. | About ~8,000 crore of developer loans are still hence trying to conserve what- While he admitted that
2018 notwithstanding, the Recently, Indiabulls refi- such loans could be sold on NBFC/HFC books ever capital is available, by being NPAs were difficult to predict,
pandemic and subsequent nanced part of its real estate or refinanced this year selective in investments. Capital considering only data of SBI
lockdown have made develop- deals with Oaktree through non- | Edelweiss plans to sell availability for NBFCs from “it seems to be a very manage-
er loans riskier. convertible debentures. In this, | Funds such as Oaktree ~3,000 crore of loans domestic avenues remains able situation”.
Though the moratorium on the latter holds a senior position Capital, SSG Capital, this financial year scarce and therefore, selling People are largely paying up,
loan repayments has been in collection of cash flows, while Farallon have lapped up loan portfolios to PEs/special especially in retail. SMEs have
| IIFL Finance is also talks
extended to developers till the former holds a junior posi- most of these loans situation funds, with better liq- also started paying. The case for
August, experts believe they tion. The underlying security is with various investors uidity makes a lot of sense,” said corporates, however, is inter- the daily losses being incurred the economy. Even unskilled
could struggle to repay lenders. mortgaged to both.
| About $50 billion to raise funds Vishal Srivastava, president (cor- esting as companies have by airlines. For now, occu- people get employment. More
In the last couple of weeks, Oaktree Capital acquired (~3.5 trillion) of Sources: Reports, companies porate finance) of Anarock enough liquidity but want to pancy rate could be 30 per than 250 industries are related
over ~6,000 crore of such loans worth ~1,375 crore from Capital Advisors. preserve cash for now. cent, but there has been an to real estate,” Piramal said.
loans have been sold or refi- DHFL in January 2019. Oaktree Srivastava added that this Certain sectors definitely increase in demand. He also noted that private
nanced by the likes of ECL declined to comment. An Edelweiss spokesperson assets business (the largest in was, in turn, good for the indus- need help, especially those that Demand hit and job losses lenders and MFs must lend to
Finance — Edelweiss’ NBFC “It will help generate liq- said the group recently finalised India), and have been able to try as fresh fund infusion could came into the crisis without have hit hard, and the econo- the NBFCs. Liquidity issues
arm — and Indiabulls uidity and rebalance our book, a sell-down transaction of move the wholesale credit book reignite stuck projects and pro- shedding their leverage. In the my may take at least three years have been addressed by the RBI
Housing Finance. Close to which is granular. In one year, ~4,000 crore with two global into a fund format quickly. On vide the much-needed liquidi- past 4-5 years, most companies to revive. According to Sunil and the government, but only
~8,000 crore of such loans we want retail loans to be 90 investors, in continuation of the the retail front, we remain ty to NBFCs. have shed their leverage, and Kant Munjal, Chairman of Hero better-rated NBFCs have been
could be sold or refinanced in per cent of our loan book,” said strategy to move the wholesale focused on a tech-enabled co- Vimal Bhandari, vice- banks have increased their pro- Enterprises, the prospect of job able to raise money.
FY21, according to bankers Gagan Banga, vice-chairman book into fund format. origination strategy, which is chairman and CEO of Arka vision coverage ratio. losses is “quite scary” and can Ashu Suyash, MD and CEO
deal in such transactions. and MD of Indiabulls Housing “We intend to sell down capital light, with banks.” Fincap, added: “It is a good According to Kumar, the 6- reach upwards of 20 per cent. of CRISIL, said the situation was
Global funds like Oaktree Finance. Indiabulls had a loan another ~3,000 crore of our Edelweiss had a wholesale development from the per- month moratorium is in itself a “We have not thought not as grim as in the early 90s,
Capital, SSG Capital, and book of ~69,676 crore as of wholesale portfolio in FY21, loan book of ~8,393 crore as of spective of stressed assets. kind of mini-restructuring. about the social fallout. Small despite the uptick in NPAs.
Farallon Capital have bagged March, and has ~25,000 crore of and bring it down to zero in the March 2020 quarter. Existing lenders would have Further extension could be and mid-sized companies are “Per se, the economy is in
most of these loans. developer loans. the next two years,” the IIFL Finance is said to be done deep distressed sales. sought sector-wise, or on a case- scared to bring people back,” better place. It is much more
Close to $50 billion (~3.5 tril- ECL Finance also sold realty spokesperson said. in talks with SSG Capital and Buyers (funds) will be able to to-case basis, but not for all. said Munjal. resilient. Sure, there will be an
lion) in developer loans are still loans worth ~4,000 crore to The spokesperson added: Apollo Global Management to do a focused job on recover- “The aviation sector needs Munjal’s prescription is to uptick in cases and it’s not pan-
on the books of NBFCs and Farallon Capital and SSG “We are in a unique position as sell its real estate book of ing assets and put in a proper help, but not everybody,” said industrialise rural areas so that demic-induced,” said Suyash.
HFCs, part of which needs to Capital, according to reports. we have a strong alternatives ~4,560 crore. mechanism for recovery.” Kumar. Rather, if a corporate jobs are generated, and to raise According to Suyash, with
could give a picture of its cash India’s competitiveness on a slowing consumption, employ-
flows, “only then any repay- global scale. “Govt must be pre- ment will be hit. In the ~12-tril-
ment pause or deep restructur- pared to give at least two more lion universe of CRISIL-rated
Govthas $76-mn
outstanding
29 insurers get nod for Covid cover ing can be done”.
Ronojoy Dutta, CEO of
InterGlobe Aviation, con-
curred with the SBI chairman.
fiscal packages,” Munjal said.
Predicting that the econom-
ic recovery could be U-shaped,
Piramal Industries Chairman
firms, there is vulnerability in 52
per cent of the firms by size and
68 per cent by volume.
The SBI Chairman said the

loans from RBI Indemnity-based According to Dutta, 40 per Ajay Piramal said it was para- government must concentrate
cent of airlines’ costs are fixed, mount for the real industry to on infrastructure spending as
Corona Kavach to also and therefore, when Indigo be given special care by author- that would create jobs.
The Central government had
~573 crore ($76.16 million) cover the treatment of was not flying, it was burning
~40 crore a day.
ities. Slashing of realty prices
won’t make a difference as peo-
However, he was not too hope-
ful of private investment as
outstanding loans with the
central bank under ways and
co-morbidities That number has reduced
as airlines have resumed fly-
ple will not be interested in
investing in real estate.
there was not much visibility
on demand revival for non-
means advances in the week SUBRATA PANDA ing, but he did not disclose “Real estate is what drives essential goods.
ended July 3, according to the Mumbai, 10 July
Reserve Bank of India’s
weekly statistical supplement The Insurance Regulatory and
released on Friday.
The central government
Development Authority of India (Irdai)
has allowed 29 general and health insur- LVB to rope in large Operating
had no outstanding loans in ers to market the standard Covid-19 cov-
buffers of top
the prior week.
State governments had
~7,004 crore loans from the
er, Corona Kavach. It had set a July 10
deadline for insurers to come out with
such a product, but firms required reg-
marquee investors 5 banks to fall
RBI in the week ended July 3, ulatory clearance for its pricing. T E NARASIMHAN of Clix Capital, the CET-1 of
compared with ~3,416 crore
in the previous week, the
As of now, insurers have been asked
to offer indemnity-based Corona Kavach
Chennai, 10 July the bank might reach a rea-
sonable threshold level stipu-
15%: Ind-Ra
release showed. to consumers; the benefit-based stan- Private sector lender Lakshmi lated under extant regulatory The operating buffers — pre-
REUTERS dard policy, Corona Rakshak, would be Vilas Bank (LVB) on Friday said norms based on the present provisioning operating profit
launched later. While policy wording and product structure is supposed to be identical for all insurers, it was talking to investors other level of assets and capital,” (PPOP) — of the top five pri-
Last month, the insurance regulator price can vary. The minimum sum insured will be ~50,000, which can go up to ~5 lakh than Clix Group. said the bank. vate sector banks in India
had issued final guidelines for the two Last month, LVB signed an Net worth of the bank could decline by up to 15 per
standard products specifically designed ~447, excluding GST,” it said. covered. It will also include the cost of LoI with Clix Group for the pro- (before DTA) stands at ~996.14 cent on a year-on-year basis
Union Bank, for Covid-19 cases. “The Corona Kavach plan from Max treating co-morbidities, including pre- posed amalgama- crore. Its Capital in FY21. This may affect the
Though policy wording and prod- Bupa is competitively priced. The pre- existing comorbid conditions, along tion of Clix Capital Adequacy Ratio ability of banks to withstand
UCO cut MCLR uct structure are supposed to be iden-
tical for insurers, they have the liberty
mium for a ~2.5-lakh cover for an adult
(31-55 years age group) is around ~2,200
with Covid-19 treatment.
The regulator has not set a ceiling on
Service and Clix The bank has net
Finance India into worth (before
(CAR), in line with
Basel III guidelines,
credit costs without capital
erosion, according to India
Union Bank of India and UCO to price it according to their risk and for two adults (in the same age the cost of room and ICU in the policy. the bank. After the DTA) of ~996 cr. Its was at 1.12 per cent Ratings (Ind-Ra).
Bank have reduced their assessment, claim experience, and group) and children, it is around However, a maximum of ~2,000 will be merger, the entire CAR, in line with as of March 31, Of the top five private
marginal cost of funds-based health portfolio. ~4,700,” said Krishnan Ramachandran, covered as far as the expense on the shareholders’ fund Basel Ill norms, 2020, against 3.46 banks, Ind-Ra rates HDFC
lending rates (MCLR) by 20 “The premium for the base cover MD & CEO, Max Bupa Health Insurance. ambulance is concerned. of Clix Capital of was 1.12% as of per cent as of Bank, Axis Bank, Kotak
basis points (bps) and 10 bps, ranges between ~447 and ~5,630, exclud- The CEO of a private general insurer Home care treatment will also be around ~1,900 March 31, 2020 December 31, 2019, Mahindra Bank and
respectively, across all tenors. ing GST, depending on the age of the said: “The premium for the product will covered by insurers, in case the insured crore and assets of and 7.72 per cent as IndusInd Bank.
The revised rates in case of person, the sum insured, the policy peri- be according to the claim experience. person avails treatment at home for up around ~4,600 of March 31, 2019. The fall could be due to a
Union Bank will come into od. Similarly, for an optional hospital Ideally, it will be around 3-4 per cent of to 14 days. It also has an optional cover, crore, will get amalgamated LVB on Friday reported a variety of factors like lower
effect from July 11 and UCO daily cash cover on a benefit basis, the the sum insured but will vary depending which if subscribed, will pay 0.5 per cent into the bank. pre-tax loss of ~233.14 crore dur- portfolio yields caused by an
Bank from July 10. In case of premium is between of ~3 and ~620, on the age of the consumer. For young of the sum insured per day for every 24 “In addition to the propos- ing the March quarter com- increase in slippages, lower
Union Bank, the revised one- excluding GST, which varies according to people, it will be cheaper.” hours of continuous hospitalisation for al from Clix Group, the bank’s pared to ~4,99.96 crore during loan growth due to slow origi-
year rate will be 7.4 per cent, the age of the person, the sum insured, The Corona Kavach policy will cover treatment of Covid-19 following an advisors, we look for few large the corresponding period last nations and limited enhance-
down from 7.6 per cent. and the policy period,” said Bajaj Allianz hospitalisation expenses for the treat- admissible hospitalisation claim under marquee long term investors year. Its total income dropped ments. Ind-Ra said higher liq-
UCO Bank’s revised one- General Insurance in a note. ment of Covid-19. this policy. The benefit shall be payable as well in mutual consulta- to ~6,29.75 crore from ~739.72 uidity deployed in
year MCLR will be 7.50 per "For instance, if a person up to 35- All costs relating to room, boarding, for up to 15 days during a policy period. tion,” said the bank’s man- crore. Gross NPA stood at low-earning government
cent, down from the current year old wants to opt for a base cover nursing, medical consultation, includ- The minimum sum insured for agement. "Therefore, as per ~4,233.31 crore as compared to securities or under reverse
7.60 per cent. with a sum insured of ~50,000 for three ing telemedicine, consumables, such as Corona Kavach will be ~50,000, which current quick estimates of the ~3,358.99 crore during the same repo is another factor that may
BS REPORTER and a half months, he/she needs to pay PPE kits, and intensive care unit will be can go up to ~5 lakh. advisors, after amalgamation period last year. impact capacity. ABHIJIT LELE

Palm oil has an image problem, and it is ruining sales

PRATIK PARIJA 1.60 1.20 INDIA'S PALM OIL IMPORTS SLUMP, a top poultry producer in India.
10 July As part of the efforts, palm producer Sime
Household Non food SOFT OIL PURCHASES ADVANCE mn tonnes Darby Oils and the Malaysian Palm Oil Council
As the highest ranks of the world’s palm oil use Nov 2018-June 2019 Nov 2019-June 2020 will organize seminars and workshops in India
industry gathered in a virtual conference last to showcase the latest developments in the
6.085
4.215

month, it became clear they were anxious about industry, said Sandeep Bhan, chief operating
the same issue: The oil has a severe image INDIA’S PALM OIL 1.60 officer for trading at Sime Darby Oils. But more
problem in India. USE BY DIFFERENT Biscuits has to be done, and importers as well as
1.910

1.634
1.910
1.692

& frying
India, home to more than $5 billion in palm SEGMENT exporters need to work together to jointly
sales a year and the top export market, is no promote palm oil, he said.
mn tonnes
longer enthralled with the oil. Demand, mostly If the palm exporting countries refuse to see
driven by the service sector, has dried up due to the “writing on the wall,” the discount of palm
the Covid-19 lockdowns, and households just 3.00 1.60 over the other edible oils will be difficult to
don’t want it. Food Bakery and Palm oil Soybean oil Sunflower oil close, Chaturvedi said. “After a dream run in the
The hurdle is that palm is viewed as a cheaper, services Vanaspati Source: Solvent Extractors' Association of India
last few decades in India, palm oil has now
less healthy option, and households prefer oils started to see headwinds,” said Chaturvedi. “It’s
made from soy, sunflowers and mustard seed. time for palm stake holders to re-look at their
With restaurants, hotels and school cafeterias — ration shops sell refined palm oil to on household demand, which account for just 18 similar to how poultry farmers began promoting long term strategies.”
the largest buyers — unlikely to return to impoverished communities at a subsidised price per cent of total palm usage. eggs in the 1980s, said Angshu Mallick, deputy India’s demand for vegetable oils, including
normalcy any time soon, the industry needs to of ~25 (33 cents) per litre, more than a third Now, Covid-19 has exacerbated the problem chief executive officer of Adani Wilmar, a palm, is seen recovering to pre-Covid-19 levels in
find a way to change people’s minds. cheaper than usual. Meanwhile, retail prices of as more people avoid eating out, hurting demand vegetable oil processor. the second quarter of 2021, according to veteran
“During the early years, palm was distributed cooking oils such as soyoil and sunflower oil cost from a service sector that makes up more than 30 analyst Dorab Mistry, a director at Godrej
in India through ration shops, which gave it the between ~125 to ~200 a litre, giving them the air of per cent of imports. Total palm oil purchases Egg excitement International.
tag of being a poor man’s oil,” said Atul being better oils. shrunk 31 per cent in the first eight months of the Poultry farmers began running adverts on TV “I am looking forward to high commodity
Chaturvedi, president of the Solvent Extractors’ marketing year that began in November, while where cricket players and other professional prices from the second quarter of 2021” helped by a
Association of India. “No attempt was ever made Bad image sunflower grew 17 per cent and soybean oil athletes promoted eggs as a healthy food. The PR recovery in the global economy next year, Mistry
to rectify this wrong perception about this As well as the bargain oil image, local media climbed 13 per cent. campaign worked, with per capita egg demand said. Until then “we have to live with low prices.”
wonderful gift of nature.” reports that say palm has a high saturated fat To boost household consumption, the palm almost doubling in the last two decades, said “If we push up prices unnecessarily we are
In the southern state of Tamil Nadu, state-run content have turned people off. That’s kept a lid industry needs to launch a nationwide campaign Jaison John, a general manager at Suguna Foods, going to destroy demand,” he said. BLOOMBERG
.
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8 ISSUES AND INSIGHTS
>
NEW DELHI | 11 JULY 2020

Fearing the Wielding the stick versus carrying one

When it comes to China what will win us the day? Braggadocio or preparedness? In 2014, he was home minister when Xi Jinping

cops By contrast, the ministers who knew a lot

more were measured and careful in what
models of defence ministers before him who
had handled similar crises. Like V Krishna
and Modi met in Ahmedabad. A build-up on
the border (Chumar) was happening while Xi
was in India. Singh alerted the PM who, sources

T
here are two main they chose to say — and not say. Home Menon, he could have manipulated the senior say, asked the Chinese leader artlessly: “Is there
drivers, closely Minister Amit Shah told ANI in an interview, army leadership to his advantage. Like George some dissonance between the military and
interconnected, of he’d rather say nothing at all on China at this Fernandes, he could have written letters to political leadership in China? Because while
the protests that rocked the point (June 28). And after the first statement, sundry world leaders explaining who India’s the highest political leadership of China is in
United States, and were Defence Minister Rajnath Singh has been number one enemy really was. Like A K India with promises of deep friendship, there
echoed in other parts of the remarkably measured in his comments. Antony, he could have done nothing at all. seems to be a buildup on the border...” Xi said
West, over the past weeks. Singh took the country into confidence Rajnath Singh opted to speak little and he would check and revert. The leaders were
The first is the persistence via a video interview on June 2 where he said: only where it mattered. He was in constant scheduled to talk it over after the Hyderabad
“It is true that people of China are on the bor- touch with the top leadership of the armed House lunch the next day. But Xi got back
and prevalence of struc-
tural forms of racism. And
PLAIN POLITICS der. They claim that it is their territory. Our forces and he was already in possession of before that and assured that things would be
claim is that it is our area. There has been a the information that the Chinese had started soon be in order. For the rest of Xi’s Delhi stay
TICKER the second is the brutality
with which policing is car-
ADITI PHADNIS disagreement over it. A sizeable number of withdrawing from Galwan, conveyed to him the issue was not mentioned. A PLA pullout
Chinese people have also come (aur achchhi that morning on July 5 by Chief of Army Staff, from Chumar began soon after Xi returned to
MIHIR S SHARMA ried out.

A
certain kind of politician has no hesi- khasi sankhya mein Cheen ke log bhi aa gaye General M M Naravane, when the rest of the Beijing. His statement in China upon returning,
The simple fact is that, tation in rushing in where angels fear hain). India has done what it needs to do.” nation heard in the evening, how talks that the People’s Liberation Army (PLA) should
however harsh and violent the militarised police in the to tread. “Banning Chinese apps was This was not an off-the-cuff comment but between NSA A K Doval and Wang Yi had prepare itself to win “regional wars”, was inter-
United States may be, any Indian knows that our reality India’s digital strike on China”, IT and factual and well thought through, frenzied saved the day. Twice, the Chinese defence preted by Delhi as Xi’s attempt to consolidate
is much worse. In any interaction with a policeman, he Telecom Minister Ravi Shankar Prasad interpretation notwithstanding. Few know minister made overtures for a meeting when his control of the PLA (correcting the “disso-
is aware he can strike you with impunity unless you are crowed triumphantly, offering visions of bor- that soon after, Chinese Foreign Minister the tension was at its height: once, before nance” the PM referred to), rather than sabre
one of the tiny sliver of this country that can call upon der crossings with bombardment that vapor- Wang Yi conveyed to the Indian foreign min- Singh went to Russia for the Victory Day rattling aimed at India.
some connection to state power. We hear complaints ised targets, a la surgical strikes on Pakistan. ister S Jaishankar his gratitude for Rajnath parade and the Chinese suggested a meeting Rajnath Singh believes that it would be
about the incarceration rate of the United States; in India, One wonders about the parallel. But then, Singh’s restraint. This was repeated to India’s in Moscow; and once while he was in Moscow naive to see disengagement of armies from
not only are our prisons overflowing, but they are over- words come easily to him. General V K Singh ambassador in Beijing, Vikram Misri. and a message was sent via interlocutors. LAC as the end of the trouble. On the con-
went a shade better to claim China had lost For most politicians, even if they are not Singh declined both, suggesting diplomacy trary, he is believed to have urged the defence
flowing with people who have not even been convicted.
40 soldiers. How could he possibly have elected to office like the National Security should be allowed to play out. This was a forces to be ready for a long haul. But he also
The continuing abuse of “undertrials” indicts our system
known that? No authoritative claims were Advisor (NSA), a crisis is an opportunity, espe- strategic move — if there was military esca- knows that braggadocio in such tense times
as nothing else can. made on Chinese death tolls by the Indian cially once it has blown over. What man in lation, India needed to be ready. would be harmful. Others might feel com-
Even our notion of “good” policing has been poisoned side and the minister had to face the igno- his right mind wouldn’t like to take the credit This is not to say Singh has ever underesti- pelled to show they’re wielding the stick. He
by our long experience of police repression and judicial miny of being contradicted by China. for managing it? Rajnath Singh had so many mated the challenge from China. Far from it. just needs to show he’s carrying one.
delay. We celebrate, for example, “encounters” — a euphe-
mism for extra-judicial executions, or to be accurate, mur-
der by cops. These are the subjects of laudatory popular
films; when the Telangana police shot dead the four men COFFEE WITH BS > AJIT MOHAN | VICE-PRESIDENT & MANAGING DIRECTOR, FACEBOOK INDIA
accused of the shocking rape and murder of a veterinary

The new face of Facebook

doctor in Hyderabad last November, they were praised
across social media and news television.
The fact is encounters let policemen, prosecutors, and
politicians off the hook. If you murder a suspect, you do
not have to make a case or prosecute him/her. And, if you
control a police force that specialises in such murders, as
politicians across the country do, you will end up using it
to eliminate the inconvenient. Another high-profile Facebook is transforming into a more local, more pay site. “The first chapter in the Hotstar
story was Starsports.com,” says Mohan.
encounter death this week should return this fact to the Indian company focussed on connecting friends and Hotstar, Star’s ambitious online bet which
forefront of the national conversation. The Adityanath he launched in 2015, was a globally-noted
government in UP sought to use encounters and repres- family, and small businesses, Mohan tells Vanita success. It is now among the three largest
sive policing as a sign of good governance. It won praise
and plaudits. If it then ever uses the same instruments
Kohli-Khandekar streaming apps in India. “The exit from
Hotstar (in 2018) was difficult. I was walking

A
for political convenience, nobody should be surprised. It jit Mohan is looking relaxed, albeit Unacademy (a learning platform) and also away from something I founded. While it did
is a natural progression. older. Maybe it is the pepper beard joined hands with SAIF Partners, Fireside not have the usual start-up pangs, we had
The American policeman that killed George Floyd has he’s added. The 45-year old head of Ventures and others to be part of a VC Brand built a challenger brand from an incumbent
Facebook’s India business is at home in Incubator initiative to accelerate the growth media firm,” says Mohan.
been charged with murder, and the others on the scene
Gurugram when we connect on Zoom one of early-stage small and medium businesses It has been more than an hour since we
as well. Many guilty of such crimes in the US have escaped
Monday morning for coffee. We chat about in India. In April this year, came the $5.7-bil- started talking. I have been through one tea
punishment, but more and more are being held account- our last meeting at a conference in Mumbai lion investment in Reliance Industries’ Jio and a nimbu paani and Mohan finished his
able. In India, meanwhile, even the high profile Delhi when he was heading Hotstar. It is 18 months Platforms. One of the ideas is to facilitate coffee long back. We decide to take a five-
police force, which is under the Union government itself, since he moved to Facebook. What’s it like shopping on WhatsApp. “More than 140 mil- minute break. When I log in again with my
fails to be held accountable for the most basic and obvious heading the India arm of the world’s largest lion small businesses use Facebook every second cup of tea we tackle the question of
breakdown of law and order. Consider the riots that swept social media company? Mohan smiles. month, only a fraction advertise with us. It what this new Facebook is all about? Is it beef-
over the capital earlier this year. In the words of The New “Pretty satisfying,” says he. My tea, brewing is clear that we play a vital role in their ing up on video to get stickiness and traffic?
York Times, there is plenty of evidence that “the Indian in the pot before I logged in, arrives. Mohan growth and sustenance,” says Mohan. I smile. What are the tie-ups with the International
police took part in violence against Muslims or stood aside raises his cup of coffee in camaraderie. This new Facebook is a far cry from the Cricket Council and Saregama about?
during fighting in the capital”. There are videos that many For all its problems in the US, Facebook one in 2016. Then it wanted to muscle in on “Our fundamental growth comes from
of us have seen where policemen are hitting unarmed India has been on a roll. Soon after Mohan the market with Free Basics, a subsidised connecting friends and family. All the deals
Muslim men, some of whom later died of their injuries. joined in January 2019, it became a country mobile internet service bundled with we do are from that prism. We look at content
The air of callousness and impunity is hard to miss, given unit. That means “all products, all functions, Facebook. While it succeeded in parts of genres not to get traffic. A lot of communities
come together in a standalone operation that Africa and other countries, it raised regulatory on Facebook are interested in cricket. This
that the video includes the policemen laughing at the
reports to Menlo Park (in California) hackles here in India and had to be dropped. (ICC content) allows them to have conversa-
time. The Union government should have immediately
directly”, says Mohan. This Facebook seems to be fashioning itself tions, engage. And if they then switch to TV
held those particular policemen, and their entire chain Globally, more than 2.6 billion people use on the lines of multinationals like Hindustan or OTT, no problem,” says he. Another
of command, accountable. Yet, months later, the main Facebook every month. Then there are Unilever or Star India that Indianised them- glimpse of the new, wiser Facebook.
response to the Delhi riots from the police has been the WhatsApp (2 billion users), Instagram (1 bil- selves completely to win this market. However, back home in the US, Facebook
arrest of student activists on the absurd British-Raj charge lion users) and others. Put it all together and At many levels, Mohan represents this is increasingly blamed for polarisation. And
of “sedition”. One of them, Safoora Zargar, a sociology the $71 billion Facebook, Inc’s brands are new face of Facebook. He’s a small-town boy here in India, WhatsApp is a synonym for
graduate student, was three months pregnant when she used by more than 3 billion people across who has studied and worked on telecom, fake news. How does Mohan feel about the
was arrested in April, charged under the Unlawful the world every month. A bulk of its revenues media and policy in different parts of the firm being seen as the “naughty boy” of
Activities Prevention Act — which everyone knows means come from the US and Europe. In 2018-19, world for over 20 years. Facebook is where social media. “WhatsApp is a private
“we have no evidence, but wish to put you in jail” — and India brought in just under ~2,900 crore or all the dots from his past are connecting, at encrypted platform. What you can do in the
held in Tihar for more than two months during the pan- about $387 million in revenues. Why then, breakneck speed. I organise a nimbu paani ILLUSTRATION: BINAY SINHA
context of messages you can’t see is limited.
demic. Meanwhile, neither have the policemen been held of the 60-plus countries it operates in, did for myself before we deep dive into his past. Ninety per cent of the messages sent on
Facebook, Inc choose to change the report- Mohan grew up in Eloor, a cosy township the chance to come back. He spent the next WhatsApp are between two people. The vast
accountable, nor have those politicians caught on video
ing structure for India? about 13 kilometres north of Kochi. In 1993, two years discovering post-liberalisation majority of groups are with less than 10
making provocative statements.
As I take my first few sips of tea, Mohan at 18, he went to the Nanyang Technological India and co-authored, India’s Urban people. But, in the last two years, we really
The courts have not been helpful. As the lawyer paints the big picture in a way only he can. University in Singapore for his undergraduate Awakening: Building Inclusive Cities, learnt to limit misinformation,” says Mohan.
Vrinda Grover has pointed out, they have shied away in “The largest communities on Facebook are studies. After the four-year course, he stayed Sustaining Economic Growth. In 2010, soon Facebook has used three things — a public
particular from the issue of custodial torture and murder. in India,” says he. In 2019, more than 328 mil- back for another five to work as a consultant after quitting McKinsey, he was a columnist campaign against forwarding without
When in 2014-15, the Supreme Court acquitted more than lion Indians used Facebook every month and in the telecom practice of Arthur D Little. One for The Wall Street Journal for a bit. checks, connecting people to authentic
a dozen Muslim men falsely accused by the Gujarat police about 400 million are on WhatsApp. “India of the reports he put together in 2001, During this phase, he met Uday Shankar, sources and donations to fact checking net-
of complicity in the Akshardham terror case, and held is a third pillar of the open internet ecosys- Understanding the Emerging Mobile then CEO of Star India and Ronnie Screwvala, works — to reduce highly forwarded mes-
in prison for 11 years, it came down heavily on the mis- tem (after the US and EU), especially in the Commerce Marketplace, “predicted in many founder of UTV. “I hit it off with Uday. In an sages by 70 per cent.
takes made by the Gujarat investigators, and by extension context of the large numbers. It is also going ways, the central role mobile could play across Indian context I, was unemployable at that On the mother brand, Mohan reckons
reproved them for extensive and horrifying physical tor- through a digital and economical transition. industries, if data was lit on it”, says Mohan. time because I had only the McKinsey experi- more checks and balances are fine. But “in
ture. Yet, as Grover points out, when some of those There was a sense that there is a once-in-a- More than a decade later, it became, along ence in India. Everything that made me unat- the last 18 months, there has been a discon-
acquitted went back to the Court to demand action lifetime opportunity to create an impact in with all the other things he learnt, the inspi- tractive for other people made me attractive nect between the public portrayal of the firm
against the police officers, and compensation for them- India. It is also a signal that we are building ration for starsports.com and then Hotstar. for Uday,” laughs Mohan. Shankar, who was and what’s happening inside. There is a lot of
this business for the long term,” says Mohan A stint at Johns Hopkins University stu- trying to remake Star, firmly believed in sincerity, a lot of reflection and problem solv-
selves, their plea was dismissed.
leaning back a bit to savour his coffee. He dying economics and policy and an MBA in bringing in non-media talent. Mohan joined ing. Naughty or bad are easy labels. A lot of
Most of all, perhaps, a large mass of the country, while
puts his cup down before pointing out “It is finance from Wharton followed. Then came Star in the summer of 2012. research shows that polarisation cannot be
fearing the police, is happy if the lathis are turned, espe- also the first country we have made minority a longish stint working in the media and Star had just bought the media rights to hung on social media companies’ necks. It is
cially on minority religions and oppressed caste. The dif- investments in”. entertainment practice at McKinsey in New all international and domestic cricket played an extremely complex issue”, says Mohan.
ference from the multiracial protests in the US is stark, In 2019, Facebook invested a reported York. When the McKinsey Global Institute in India till 2018. A lot of Mohan’s work in It is. And not one to be tackled after more
and it is not a difference that reflects well on us. $20-25 million in Meesho (a social commerce was looking for someone to lead the work on the first year was figuring out the sports busi- than two hours of talking. It is time to
platform), an undisclosed amount in sustainable cities in India, Mohan grabbed ness. In June 2013, came Starsports.com, a bid adieu.

No pride in being Maid in India Weight-gain meal plans

is poorly paid, stigmatised and yet the relief. Last month (ironically when the interminable office video chats. with my son who had begun exercising
source of their financial empowerment. world observes International Domestic Something similar must have been at the gym in his office. I could do with-
Poonam Mishra is one of them. Two Workers Day on June 16) has been hard. occurring with other family members out the exercise, but he seemed to know
days before the lockdown began and They barely have money for food and who all announced going on different a thing or two about calorie intakes, so I
around the same time that she had had a daily expenses, their debt is mounting, diets this week. On Monday, I decided asked him to double all portions so we
baby, her employer of two years fired her their older daughters aren’t able to cope to join my daughter-in law’s regimen — could split them evenly. It didn’t feel like
without warning. “They gave me 15 days with their classes on WhatsApp and their but she skips breakfast, which is the we were having any meals at all though
salary as severance pay and just let me go newborn cries incessantly. Returning to meal I like the most. Fortunately, it lent there seemed to be a lot to ingest every
without any warning,” she recounts. “My their village in Darbhanga, Bihar, isn’t an itself to a simple solution. I had an early other hour: banana smoothies, the
husband, Sunil Mishra, who used to work option as there are no livelihood oppor- breakfast alone so that both of us could whites of six boiled eggs, grilled fish,
as a guard, was also fired in the same fash- tunities there either. “My husband has skip breakfast together. Because fasting blanched chicken, steamed veggies,
PEOPLE LIKE THEM ion.” The employers offered no reason; the worked in Delhi for 17 year, I for nine,” PEOPLE LIKE US is difficult business, I had a mid-morn- fruits and nuts, milk, yoghurt, boiled
Mishras didn’t really bother asking. But she says. “We’d never imagined things ing meal to satiate my cravings so that I lentils, another smoothie, puffed rice,
GEETANJALI KRISHNA the family of six (they have three daughters would come to such a pass…” KISHORE SINGH wouldn’t eat too much for lunch. Which some more nuts… Gain from the diet:
— 10, eight, and a year and a half — and a Mishra’s experience illustrates the meant I managed to snack before tea, Two kilos, though I must have lost 500

W N
hat is this love/hate relationship four-month-old son) has been brought to problems that arise when a sector which ow that it seems one will be during tea and after tea, finishing just in grams throwing up at midnight.
that middle class India has with its knees by the callousness of their contributes significantly to the nation’s working for the foreseeable time for dinner. Gain from the diet: One On Thursday, I decided I’d abstain
domestic workers? When the employers. “We managed to get free ration economy and enables financial empow- future from home, I could no kilo of weight added. from the family’s nutrition programme
lockdown was announced, people like us twice from the government ration shop erment particularly of women, isn’t regu- longer ignore the unfortunate fact that On Tuesday, I joined my daughter’s and opted for our farm caretaker’s
took to the social media to bemoan the fact and took a loan of ~15,000,” Mishra says. lated. The national policy on domestic a good deal of my wardrobe and I would plan which seemed to consist entirely of dietary intake. Butter, thickened milk,
that part-time helps could no longer ease “As for our house rent of Rs 2,500, we have- work was first discussed in 2009, but is yet be parting company unless I did some- broken wheat cereals — for breakfast, lassi with cream, rotis with ghee — you
their domestic load. However, informal n’t paid it for four months and fear that to see the light of day. In most states thing about my recently acquired lunch and dinner. I didn’t mind that get the idea. Gain from the diet: A revul-
surveys indicate that as many as 85 per the landlord will evict us soon.” including Delhi, domestic workers aren’t weight. Mostly, I’d been having that little much, though it reminded me of dog sion of dairy products that should yield
cent of these workers — domestic helps, The couple is desperately looking for included under the Minimum Wages Act, extra at mealtimes because no one else food, but her insistence on brisk walking long-term benefits.
guards, drivers and attendants — found work right now. “But we’ve both not man- 1948. So while people like Poonam Mishra was willing to risk my wife’s experiments proved my undoing. My muscles ached, On Friday, I told my wife I’d keep her
themselves unceremoniously thrown out aged to find new jobs so far as no one continue to live and work as per their with cooking, so it fell to me to keep her my clothes were soaked with sweat, and company instead, which was a good
of jobs or forced to accept pay cuts during wants to hire someone new right now,” employers’ whims — their employers have in good humour at the risk of both taste I could hardly stand for feeling weak. The thing because she ate my toast for break-
the Covid-19 pandemic and lockdown. she says. “We’re now willing to do any no responsibility towards their welfare. and girth. The more food I ate, the more remedy? An immediate infusion of sugar. fast, the dog’s biscuits from the study
Estimates suggest that over a million kind of work, anything at all just to sur- Which is why the Covid-19 pandemic can’t my wife cooked. Mostly, though, it came Fortunately, the fridge was full of semi- table, my portion of dessert after lunch,
people are employed as domestic helps vive this time.” The first two months of be blamed for Mishra’s woes. It has only from keeping cookies and other treats in consumed portions of dessert. Gain from my teatime snack, and opted for dinner
across the country, with women constitut- the lockdown were not too bad, Mishra exposed the rot eroding the system for the the study drawer for the dog that I ended the diet: Two inches around the waist. early without leaving behind any for me.
ing over 75 per cent of this sector. The work says, as they could access government last couple of decades. up eating from sheer boredom during On Wednesday, I decided to take up Gain from the diet: Two kilos on my wife.
 >
OPINION 9
STAY INFORMED THROUGH THE DAY @ WWW.BUSINESS-STANDARD.COM

Volume VII Number 50

Hopeless heartland
his brother, Justice Chandra Shekhar Prasad Singh
NEW DELHI | 11 JULY 2020 of the Allahabad High Court, was killed along with
his teenaged son in apparent reprisal. V P Singh
WEEKEND RUMINATIONS resigned soon thereafter.
An important political aside is that this is when a
T N NINAN Uttar Pradesh, our largest state by population and the still young former wrestler called Mulayam Singh
Yadav made his fame, as an unlikely human rights
most powerful, is also the worst governed. The only
The real defence failures way to fix it is to split it into four or five states
activist campaigning against encounters. Many of
the encounter victims were of the backward castes
that later became his support base.

I
s Narendra Modi to blame for blinking first in the confrontation with China Of course, once power in the state shifted to the
ILLUSTRATION BY BINAY SINHA
along the de facto border in Ladakh, and allowing China to score some terri-

T
he state of Uttar Pradesh has finally given us lower and middle castes, including the Yadavs, upper
torial points? In the immediate context, no, because despite all the improve- a break from coronavirus and China. But castes moved to organised crime too. Brahmin and
ments in border infrastructure and in the capabilities of the armed forces, what can we say to it in response, thanks, but Thakur gangs came up now, while western UP
India does not have the capacity to forcibly remove entrenched Chinese troops from no thanks? became a lawless zone in its own right. The mafia the
positions that they have occupied in strength. Once the army allowed China to gain Because, the context is every bit as disturbing as state is now dealing with in Kanpur is exclusively
ingress, and to support its frontline troops with artillery and armoured vehicles, the threat of a rampaging pandemic or the army of Brahmin. Remember, the last Brahmin chief minister
possession became nine-tenths of the law. an intrusive neighbour. A man has been killed in an this state had was Narayan Dutt Tiwari in 1989. That
Whether the damage was done because of intelligence failures or because Indian alleged encounter so poorly staged that the police- is after a succession of Brahmin strongmen from
men — and their political bosses — who did this Govind Ballabh Pant to Kamlapathi Tripathi. Now
forces in the area were not alert, there was little that a prime minister could do, post
should lose their jobs for incompetence if not be sent the community has been deprived of that political
facto, except settle for an unequal quid pro quo. Repeating Nehru’s order to “throw
to jail for extra-judicial killing. power for 32 years. So, a Vikas Dubey became its
the Chinese out” would only have invited more trouble from a more powerful foe. Mr If you believe this yarn, you’d even believe that Robinhood in Kanpur, as Hari Shankar Tiwari might
Modi has therefore been realistic about the facts on the ground, and chosen discretion the fables of ‘Vikram-Betaal’ are a reality. To me, even have been in Gorakhpur in the past.
over valour while resolving (hopefully) that India will prepare to fight another day. some of those might look more convincing.
The real problem is that such resolve has been largely missing — in Mr Modi
and in his predecessors. Defence budgets have been cut to the bone. The fact that
Mr Modi’s two finance ministers to date have been defence minister also has made
We are, however, leaving the forensics and
jurisprudence aside for the moment and reading
the political message here. What is the state of Uttar
I t is because on the context today is law and order
that we have dwelt in so much detail over one
dimension of this mis-governance. You can quickly
little difference. The army has itself gone on record to say that its equipment is Pradesh, whose population constitutes 15 per cent run your eyes over the rest. In seven decades, the
mostly out of date. The navy has commissioned fewer than 20 frontline combat of the entire republic of 36 states and union terri- state has failed to develop any new entrepreneurship,
ships and submarines in the last decade — a rate at which it will never get to its pro- tories, and which has given India’s ruling party income, gender ratio), but about the same on the even a tiny flourishing industrial estate except Noida,
jected size. As for battles in the air, China has better air defence, missiles with greater more than a fifth of all its Lok Sabha MPs, the prime most significant negative: Population growth. the sliver of territory abutting Delhi.
minister, defence minister, telling us? It is saying, Uttar Pradesh’s population growth has slowed late- It inherited some of India’s oldest and finest cities.
range, better radar, and aircraft with better stealth capabilities.
go to hell. Take your Constitution, the rule of law ly, but is at almost exactly the same level as Pakistan’s, They are all in decay, if not dead already like Kanpur
It is hard to make up for all this when your economy is only a fifth of China’s, and the courts with you. We make our own law, around 2 per cent, which makes it twice as high as the and Allahabad. Its farming languishes, barring the
but the imbalance could have been rendered less extreme and the weapons acquisi- and then break it at our pleasure. Why? Because India’s. Uttar Pradesh’s per capita income is about few Green Revolution districts in its west.
tion programme more purposeful. It is surely telling that, even with Pakistan, whose we have the size. half our national average. Its crime rates, mafia infes- Two hundred million people, divided over 75 dis-
economy is only one-ninth of India’s in size, India’s offensive capabilities are limited Uttar Pradesh is our most powerful state. It is also tation, and criminalisation of politics are the stuff of tricts spread over 243,000 sq km, is too much to govern
— as became evident after the Pakistani provocations in both 2008 and 2001. In the our worst governed. movies. It is because the state is so large, and its politics for one government, especially when run entirely by
post-Pulwama tit-for-tat last year, it was India that lost an aircraft though Pakistan It remains carved up between many competing so divided on the basis of caste and religion, that those one individual, which is the norm in our states now.
has a comparatively tiny budget for its air force. mafias. Its state government is just one of these. The left out of the power structure then seek refuge in Similarly, 80 seats in Lok Sabha is too much power for
Still, the resource constraint is real and cannot be wished away. India needs to chronic virus that’s eating up Uttar Pradesh from caste mafias and ‘bahubalis’ (strong men, mafiosi), one state in a federal republic. It is more than Gujarat,
spend more on defence, but also on health and education. Its physical infrastructure inside is its size. It is also taking India down with it. for protection, justice and equity. Rajasthan and Karnataka put together. It is politically
(essentially transport and communications) needs to be radically upgraded. But mon- Let’s try and illustrate how this distortionary. Especially when its politics is so inter-
ey could have been spent more wisely, instead of worsening the teeth-to-tail ratio by
increasing pensions across the board, as Mr Modi did early in his first term.
L et’s first size up the problem
called UP. It is a state with 75
districts, that is, more than one in
works. If a Yadav father or son is in
power, it means the Yadavs have the
power. That is only about 9 per cent
nally divisive, based on caste and religion, that the
incentive for improving social indicators is poor.
Uttar Pradesh must be cut into four if not five.
Defence capabilities cannot be built overnight; the task takes years if not decades. ten out of all of India’s 739. To of the population. They make an The western districts have been demanding a Harit
Even in 1971, despite Gen Sam Manekshaw’s reported quip to Indira Gandhi, that he understand how unmanageable alliance with Muslims, and often Pradesh for some time. Bundelkhand, to its south, sh-
was “always ready”, the fact is that India needed nine months to prepare for war by the state is, think of some nations with Thakurs. So, they are all ould be carved out as another state, with three to four
hastily importing second-hand tanks and other military hardware from places like with populations about the same accommodated in the legitimate contiguous districts of Madhya Pradesh added. Purv-
East Europe. In 1962, Nehru wrote in panic to US President John F Kennedy, asking as Uttar Pradesh. Pakistan and power tent. All governance, distri- anchal, with capital in Gorakhpur, should include all
for whole squadrons of aircraft. Nearly six decades later, the government is still Brazil have both about the same bution of welfare, including sinking the districts going east along the Nepal border up to
placing hasty orders. population, in the 200-million of tube wells and hand pumps, Bihar. The central state — you can call it Awadh Prad-
ballpark. The first has four appointment of the most important esh or any other — can be governed from Lucknow.
In his first year in office, Mr Modi promised to increase the share of indigenous
defence equipment in total supplies from 40 per cent to 70 per cent. That has not full provinces and two supposedly NATIONAL INTEREST officers. The castes that feel left out This would make it four new states. In my book,
happened, but there is fresh talk of self-reliance. Manohar Parrikar as defence minister “autonomous” federative units, then lean on their mafia leaders. however, five would be even better as Purvanchal will
and the second has 26 states.
SHEKHAR GUPTA This results in a counter-intu- be too big and too under-developed still. So, split it
said he would improve the percentage of serviceable Sukhois from about 50 per cent
The chief minister of UP does it all itive situation where the more into two, Varanasi being the capital of the other.
of the fleet to 75 per cent; reports are that there has been some improvement, but not
by himself. active mafias usually consist of castes that are not No political leader wants to do it. One with a full
near the promised level. Private shipyards and manufacturers were offered a piece of It is an impossibility. And it shows in the state’s in power. majority has an even greater vested interest in keep-
the action, but a competent yard with a record of delivering within time and budget governance quality and social indicators. We did, In the past, until the 1980s, when upper castes ing UP together: Why mend what is working, never
waits for orders while an improvident one gets them. So the navy waits. Among the at ThePrint, once carried a story that showed with were usually chief ministers, crime syndicates and mind how broken it is. But, unless somebody takes
handful of countries with large defence budgets and armed forces, India is matched copious data how UP, while having the same dacoit gangs were backward castes. It was V P Singh up that challenge, this state, where about one of six
only by Saudi Arabia in the level of its import dependence. For revenge to be served population size as Pakistan, also nearly matched as chief minister who first brought encounter culture Indians lives, has no hope.
cold, go beyond import bans and correct these long-term failures — if we’re up to it. its poor social indicators. Trifle better on some to the state in 1981-82 with the killing of 299 ‘dacoits’
(infant mortality), worse on some others (per capita in just over a month. It stopped, unfortunately, when By Special Arrangement with ThePrint

The long lashing tail of Covid folia), which have suddenly achieved pop-
ularity, with people growing it in pots and
public parks as some sort of magic vine
Wimbledon’s
ing and suffering from the long tail of
Covid-19”. Mr Quest tested positive in mid-
“We’ve already seen that some people with
Covid-19 may need a long rehabilitation
that will ward off the spread of a cruelly
unsparing sickness.
When the favoured Ayurveda guru
time machine
April; his main symptoms were tiredness period, both physical and brain rehabilita- Baba Ramdev’s firm Patanjali recently killed serve-and-volley tennis. One of
and “a dry, raspy, wheezy cough”. Now, tion … We need to understand more about tried to patent medicines with names such EYE CULTURE the gems on offer is a five-set match
worryingly, all these weeks later, the cough the impact of this infection on the brain,” as “Coronil” and “Swasari”, claiming that between Pat Cash and John McEnroe
has come back, and so has the fatigue. Mr says another clinical analyst. trials on Covid patients had shown RAHUL JACOB in 1992. Watching its gentle rhythms

I
Quest says he has become unaccountably In more telling turns of phrase, Mr favourable results as a cure, the govern- f there ever was a year that required followed a few days later by the can-
clumsy; he falls over furniture, reaches for Quest compares the infection to “a tornado ment promptly restrained him from a time machine, it is 2020. For nonballs unleashed between Juan
a glass or something from a cupboard, and … when it lands, it swirls through the body, advertising any such claims. years, it was a futuristic marker, the Martin Del Potro and Rafael Nadal in
drops it. “It is as if that part of my brain, causing chaos, confusion, coughs, wreak- “Double double, toil and trouble/Fire subject of much tedious waffling at 2018 made one grateful McEnroe was
AL FRESCO which subconsciously adjusts hand and
movement to obstacles it sees, isn’t work-
ing damage to each organ it touches.”
Early Covid symptoms are not neces-
burn and cauldron bubble,” chant the
prophesying witches in Macbeth as a
Davos on when, say, Chindia would
dominate the world. Now, who would
spared 21st century tennis. His wrist
would have been broken.
SUNIL SETHI ing … My digestive system is peculiar, to sarily uniform. The Delhi-based dancer portent of a tragedy foretold. Faith heal- not wish for a time machine to take us But, tennis, women’s tennis espe-
say the least. It doesn’t matter whether I and choreographer Geeta Chandran, who ing, with its rattle and roll of pills, potions back to autumn 2019 so the world cially, has also gained a great deal.

S
ince coming out of Covid hospital call them symptoms, traits, or wreckage ― has successfully fought the infection ― and elixirs, has its uses at a time of could take precautions against a Contrast the dull, languid style of the
after a bad attack of the virus some my body doesn’t feel quite right.” and emerged as an informal Covid coun- universal distress. medieval pandemic? Or fast-forward 1977 semi-final between Virginia Wade
days ago, I have been swamped by More alarmingly, a report by neurolo- sellor ― says that the first inkling she had But the harsh reality continues unfold- past bankruptcies and deaths to a and Chris Evert with Serena Williams’
(mostly unsolicited) advice from friends gists in The Guardian this week published was a loss of smell. Like many others she ing in the heartless headlines. India record- widely available vaccine perhaps by power against Justine Henin, or Venus
and strangers on how to hasten my con- evidence that the virus triggered serious, enthusiastically endorses alternative ed its biggest single-day spike this week July 2021? Williams’ ferocity against Martina
valescence and a long recital of prophy- possibly fatal, brain damage in more than homegrown prophylactics as immunity- with 25,530 Covid cases, breaching the No sporting event is as suited to Hingis and it is hard to argue spectators
lactic measures that are likely to immu- 40 Covid patients. “We’re seeing things in building remedies, among them daily 25,000 mark for the first time. The death escapist time travel as Wimbledon. have lost out. The benefits of today’s
nise me from a relapse. the way Covid-19 affects the brain that we intakes of warm haldi doodh (turmeric toll crossed 20,000 with 400 fatalities for The All England Club is both a 19th professional umpiring and televised
For, among the many infuriating ques- haven’t seen before with other viruses,” said milk) as the Ayurvedic equivalent of vita- the sixth consecutive day. And the bulletin century garden party and 21st century replay appeals are apparent. The Evert-
tion marks that hover over the transmis- Michael Zandi, a senior author on the study min supplements. In the hospital where I from Covid-19’s international monitor-in- marketing machine. The club had tak- Wade clash turned in favour of the
sion, spread, treatment, and cure of Covid- of University College London Hospital’s spent a week, the haldi brew was offered chief, World Health Organization Chief en pandemic insurance a decade-and- Briton after an inattentive umpire
19 are several additional vexed queries: NHS Foundation Trust. The concerns by to patients as a nightcap. Although turmer- Tedros Adhanom Ghebreyesus, wasn’t too a-half ago. But, this is above all an failed to notice Evert had retrieved a
How long is the period and process of specialists centre on the unfathomable ic is well-known for its anti-inflammatory, optimistic, either: “In most of the world the event that puts tennis fans first. Over ball after a double bounce and then left
recovery? Can its aftereffects damage other long-term aftereffects of the virus — ranging antioxidant properties in traditional med- virus is not under control. It is getting worse. the past fortnight, the All England it to the players to adjudicate.
organs? And do recovered Covid patients from breathlessness, fatigue, numbness, icine, there is no clinical research that it 11.8 million cases of Covid-19 have now been Club has been live streaming via A character in Gabriel Garcia
develop immunity from a recurrence of weakness, and memory loss. As in the 1918 can fight, much less cure, Covid. Likewise reported to WHO. More than 544,000 lives Wimbledon.com a retrospective of ten- Marquez’s One Hundred Years of
the infection ― and if so for how long? flu pandemic, which is said to have left a for spice-based “kadhas”, or herbal con- have been lost. The pandemic is still accel- nis matches, dating back to its cente- Solitude proclaims of the telescope:
CNN anchor Richard Quest has lately million people with brain disease, Covid’s coctions with Giloy stems, of the heart- erating. The total number of cases has dou- nary in 1977. The club’s genius has “Science has eliminated distance”.
broadcast eloquently on what he calls “liv- effects could take years to become apparent. shaped moonseed plant (Tinospora cordi- bled in the last six weeks.” been to proceed round-by-round as if Wimbledon’s retrospective achieves
a tournament was actually unfolding. something similar, but thus far has
The great men’s finals selected for underplayed the achievements of

The rise and rise of the attention economy Sunday’s viewing are still unknown,
partially preserving the suspense.
Cricket and football are more pop-
ular than tennis, but the sport has
Martina Navratilova, Steffi Graf and
Novak Djokovic. The longevity and
greatness of Serena Williams and
Roger Federer is magnified. Federer’s
“bottleneck of human thought” limiting attention simply hasn’t kept pace with this kids or having amazing trips around the attracted kings and prime ministers as clash in 2001 with defending champi-
both what we notice, and what we do with demand: There’s no evidence that individ- world or doing something cool and fun long as “deuce” has been called. A on Pete Sampras, who had won 53 of
what we do notice. So a wealth of infor- ual human attention capacity has grown, and sexy. That is only because we are French king died after playing tennis’ his 54 matches at Wimbledon till then,
mation (even knowledge) actually “cre- or is growing. On the other hand, there are exposed to these events in disproportion- forerunner in the 14th century. Last is a revelation.
ates a poverty of attention.” Attention is, many more distractions, and attractions, ate numbers. It’s not that everyone is hav- month, UK Prime Minister Boris It was arguably the last great serve-
therefore, an asset — in fact, the most saturating the human mind with content ing amazing life experiences all the time, Johnson trumpeted his recovery from and-volley match at Wimbledon, par-
valuable asset in the new economy. and messages, most of which the over- it’s that we’re always shown people’s amaz- Covid by playing tennis, using a wood- adoxically because unlike, say, Goran
Advertising, as a business, has always loaded consumer just ignores or misses. ing life experiences all the time. The atten- en racket, with his younger brother. Ivanišević or John Isner, the two com-
been about attention. The value of our Hence, the ever-increasing premium on tion economy also rewards people who are Karan Thapar’s memoir reveals late batants had extraordinary ground-
collective attention, in fact, has helped catching the consumer’s attention, holding narcissistic and self-promotional because prime minister P V Narasimha Rao kept strokes. Federer repeatedly won
fund all types of media — be it print, tel- it, and getting action out of that short win- these people excel at getting, nay repeat- a tennis racket and Slazenger balls in Wimbledon in the 2000s, but played
YES, BUT... evision, radio or outdoor. Six to eight dow of opportunity afforded by the atten- edly grabbing, attention. Therefore, it his bedroom. Reading rapturous cov- from the baseline. In 2014, the Swedish
minutes of paid advertising funds the tion, is the difficult task that all advertising seems that everyone has become more erage this week in the Financial Times legend Stefan Edberg urged him to
SANDEEP GOYAL actual “content” that fills every half-hour has to fulfill. But falls short of most times. shallow and self-absorbed, when in fact, of the bold spending plans of Rishi come to the net judiciously to finish
on television. Every quarter page of Attention, more than ever before, is our attention is being diverted and riveted Sunak, Britain’s Chancellor of points quicker. A couple of years later,

B
ack at business school, nearly 40 advertising pays for the balance page of being used as a differentiating factor in onto a small set’s self-promotion. Exchequer, I wager the next Centre Federer’s father reportedly suggested
years ago, we were taught the AIDA news or editorial content in the newspa- the consumption of information; a tool to Similarly in politics, the most extreme, Court appearance by someone of he go on the offensive when opponents
Model — Attention, Interest, per. Without an active advertising sub- prioritise what is deemed interesting, rel- radical, divergent and ignorant views get Indian origin will be Sunak — as an targeted his backhand. The Swiss boy-
Desire, Action — as a linear continuum sidy, the internet also as it currently exists evant or important. The digital economy the most media miles because they’re the invitee to the Royal Box. genius had all that, including an
of consumer behaviour. Much has would be completely unsustainable. of “eyeballs and clicks” is more worried most unique and they grab the most The history telescoped in aggressive backhand and a tendency
changed in the past four decades. But the However, there is a fundamental problem today about the time spent by consumers attention. Gaffes, errant and irreverent Wimbledon’s retrospective skips the to weep after important victories; the
gateway to consumer interest, involve- with this “attention economy”. While the — hence the quantity and quality of their interviews, and celebrities doing unusual great Australians of the 1960s alto- nineteen-year-old thus resembled
ment and interaction still remains “atten- number of advertising messages that can attention — rather than the actual money antics and displaying deviant idiosyn- gether, presumably because the qual- Federer, circa 2017. After a second sur-
tion”. A simple request to “please pay vie for the customer’s attention is practi- spent by them on real transactions. Which crasies take on a much greater cultural ity of television recordings would feel gery on his right knee recently, Federer
attention” implies two important charac- cally limitless, the attention they’re vying by itself is really a strange metric and a significance than they actually are. akin to a scratchy vinyl record. Still, this week was on a podcast speaking
teristics of attention: That it is limited, for is fundamentally limited. And that somewhat unfathomable paradigm. Because that is where our attention gets the time travel throws into high-defi- enthusiastically of the 20-week rehab
and that it is valuable. So, when we “pay” has been advertising’s eternal challenge. And it is for this that modern technol- drawn to. And news channels alert us nition how the sport has changed regimen ahead. One could only marvel,
attention to any one thing, we somewhat Every single day, there are more compa- ogy is changing us all. It is actually chang- with “breaking news” to instantly refocus because of the transition from wooden but Federer’s prospects at Wimbledon
deplete our reservoir of mental resources, nies, with more brands and more prod- ing society. The attention economy has our attention on “new” news diverting it rackets to today’s thermonuclear 2021, just weeks before he turns 40,
being left with less attention available to ucts to advertise, which means there’s commoditised our time and turned us into from whatever is occupying our mind at weapons, but also because the All look diminished. Still, Federer played
spend or use, elsewhere. Human atten- more demand for consumer attention products to be bought and sold. Social net- that moment. England Club began using a durable better than ever in 2017 after a layoff
tion, therefore, is limited both in capacity than ever before. works, in many ways, are the new business The attention economy is making it eco- Welsh hybrid of grass in the early for knee surgery and has an unbeaten
and in availability. When you take demand that greatly models of the attention economy. They nomically valuable for us to spread our 2000s that allowed baseliners to pros- streak of victories against Nadal on fast
The term “attention economy” was outweighs supply, and throws in the rapid design algorithms that show us the most attention thin. Distraction, or partial atten- per because the ball sits up more than courts since then. Perhaps the world’s
coined in 1971 by a psychologist, econo- transformation of consumer behaviour, interesting and attention-grabbing infor- tion, rather than focus is the new virtue. before, allowing long rallies. most loved tennis player can surprise
mist, and Nobel Laureate Herbert A you realistically have a recipe for waste. mation in our feeds. So it seems like The two together — and synthetic us, but he will need a magical potion
Simon, who posited that attention was the The problem is, the supply of consumer “everybody” is getting married or having The writer is an advertising and media veteran strings that create wicked topspin — of youth to do it.
10 THE SMART INVESTOR
>
NEW DELHI | 11 JULY 2020 1

MFs’ asset size shrinks in Q1 People’s Bank of China

Of the 40 fund houses, 38 reported a decline in average assets for the quarter ended June 30
JASH KRIPLANI
HIGHER DECLINE IN PERCENTAGE TERMS
ILLUSTRATION: BINAY SINHA
reduces HDFC stake
Mumbai, 10 July SAMIE MODAK
Average assets for quarter (~crore) Mumbai, 10 July
MFs June Q-o-Q chng change in %

H
eavy outflows from debt
schemes, combined with the Baroda 7,307.00 -4,501 -38.11 People’s Bank of China (PBOC)
slowdown in equity flows, has sold a part or its entire
JM Financial 4,049.00 -2,060 -33.72
have hurt the asset size of several stake in HDFC, according to
fund houses. According to data from Franklin Templeton 79,808.00 -36,514 -31.4 the June quarter shareholding
the Association of Mutual Funds in IDBI Mutual Fund 3,762.34 -1,268 -25.22 disclosure made by India’s
India (Amfi), 38 of the 40 mutual HSBC 8,715.25 -2,612 -23.06 largest mortgage company.
funds (MFs) reported a decline in The development comes
average assets for the June quarter. HIGHER DECLINE IN ABSOLUTE TERMS following a furore in April
SHARE OF THE PIE
The decline in assets under man- Average assets for quarter (~crore) when it emerged that China’s
agement (AUM) has come at a time central bank had upped its Shareholder Quarter-ended Change (bps)
MFs June Q-o-Q chng change in %
when the frontline indices — Sensex holdings in the Mumbai-based 20-Mar 20-Jun
and Nifty — have seen their best Franklin Templeton 79,808 -36,514 -31.4 financial services behemoth, LIC 4.67 5.39 0.72
quarter in 11 years. Birla Sun Life 2,14,592 -32,929 -13.3 taking advantage of the mar-
Invesco 3.33 3.54 0.21
“New investors, who have not Nippon India 1,80,060 -24,823 -12.1 ket meltdown.
gone through multiple equity market The Chinese authority has- Govt of Singapore 3.23 3.14 -0.09
ICICI Pru 3,26,291 -22,452 -7.0
cycles, would have taken an exit amid n’t entirely sold its stake but just Vanguard 3.21 2.97 -0.24
Kotak Mahindra 1,67,325 -18,762 -10.1
the market recovery. Fund houses trimmed it below 1 per cent. Govt Pension Fund 1.11 1.07 -0.04
Excludes MFs with less than ~2,000 crore average assets in March quarter
with a larger debt asset mix are still Source: Amfi Stock exchange shareholding Source: BSE
reeling from the negative sentiment disclosure captures names of
following Franklin Templeton’s wind- public shareholders who own quantum, PBOC would have Covid-19 pandemic — to lap
up move,” said Joydeep Sen, consult- In percentage terms, fund houses cates that investors have also been In percentage terms, the decline more than 1 per cent stake. made a neat profit on the invest- up shares of Indian companies.
ant at Phillip Capital. that saw larger dip in asset size were withdrawing funds from schemes of for most of these large-sized MFs was “They are an equity investor ment in matter of months. The Securities and
“Smaller-sized fund houses have Baroda MF (38.1 per cent), JM Franklin Templeton MF other than limited to 3-13 per cent. like any other institutional During the March quarter, Exchange Board of India (Sebi)
seen a larger decline in percentage Financial MF (33.7 per cent), Franklin those wound up. A cut in asset size could impact investor. They had invested in shares of HDFC had plunged had even increased scrutiny of
terms, given their smaller base,” Templeton MF (31.39 per cent), IDBI In absolute terms, Franklin MF the overall income for the MF indus- some point and their holding more than 40 per cent. From foreign portfolio investors (FPIs)
he added. MF (25.22 per cent) and HSBC MF saw the biggest decline of ~36,514 try, as lower assets mean lower asset crossed 1 per cent during the March lows of ~1,473, the stock from neighbouring countries.
The average asset base in the June (23.06 per cent). The analysis crore, followed by Birla Sun Life MF management fees. However, if the March quarter when the dis- had rebounded 30 per cent in Currently, Life Insurance
quarter stood at ~24.6 trillion, as excludes fund houses with lesser than (~32,929 crore), Nippon India MF asset reduction was limited to debt closure was made. In April or April. After a chopping June Corporation is the biggest
against ~27 trillion in the previous ~2,000 crore in average asset size, in (~24,823 crore), ICICI Prudential MF schemes, the impact could be limited May, they have reduced a little quarter, shares of HDFC are cur- shareholder in HDFC. The
quarter — translating to a decline of the previous quarter. (~24,452 crore) and Kotak Mahindra as the yields on these schemes are bit and now they are less than 1 rently trading 30 per cent high- state-owned lender increased
8.9 per cent. Industry observers say this indi- MF (~18,762 crore). smaller than those of equity schemes. per cent. I don’t know exactly er compared to their 2020 lows. its stake by 72 basis points
how much. It is a normal thing, PBOC buying and selling (bps) to 5.39 per cent during
the controversy (which was cre- price can’t be ascertained. the June quarter. Invesco

Falling allocations leave MFs high & dry Vodafone

Idea repays
ated) was unnecessary,” Keki
Mistry, vice-chairman and
chief executive of HDFC told
Business Standard.
Market players said the
Chinese central bank could
have trimmed the exposure to
avoid public glare. While the
Oppenheimer, the second-
biggest shareholder, also
increased its stake in HDFC by
21 bps to 3.54 per cent.
Flows into equity stop their systematic invest-
ment plans (SIPs). ON A SLIPPERY SLOPE ~2,850 cr NCDs During the quarter ended
March 2020, PBOC held 17.5 mil-
investment quantity was
small, it had sparked a debate
Meanwhile, the govern-
ment of Singapore trimmed its
schemes in June “Small-ticket investors, Fresh allocations to equityschemes have seen deep cuts lion shares, or 1.01 per cent on whether Chinese invest- take by 9 bps to 3.14 per cent.
were 28% below who work as auto drivers or in
other unorganised businesses,
JASH KRIPLANI & ANEESH PHADNIS
Mumbai, 10 July
stake, in HDFC, valued at ~3,300
crore at the current market rate.
ment firms were taking advan-
tage of the fall in the domestic
Vanguard and Government
Pension Fund also pruned
12-month average have started calling for dis-
continuing their SIPs. Given Vodafone Idea has repaid
Whatever maybe the stake sale markets — triggered by the their holdings.

JASH KRIPLANI the unsteady environment for ~2,850 crore to its non con-
Mumbai, 10 July their businesses, they don’t vertible debenture (NCD)

The mutual fund (MF) indus-

try is witnessing a sharp drop
want to bear the SIP bounce
charges in case they are unable
to maintain sufficient funds,”
holders on maturity, a com-
pany executive said.
The payout was made to
Indices end lower on Covid
fears, financial stocks suffer
in fresh allocations to equity said Ritesh Sheth, co-founder mutual fund schemes of
Source: Industry
schemes, which has put indus- of Tejas Consultancy. Franklin Templeton, UTI
try executives and advisors on “For salaried clients, priori- and Nippon, which had
tenterhooks. It has raised con- ties have changed as they want The SIP book is now 8 per on any purchase of MF exposure to debt paper of the
cerns over the impact on to ensure they have enough liq- cent lower than March’s peak schemes. Industry executives troubled telecom company. REUTERS morning, including 21,604 deaths, health min-
industry players’ top lines. uidity to take care of obligations of ~8,641 crore. say that while investors are Rating agencies had Bengaluru, 10 July istry data showed.
According to industry data, like EMIs for home loans,” In addition, industry par- shying away from making downgraded Vodafone Idea’s Record jumps in cases in many US states also
equity schemes mobilised Sheth added. Redemptions in ticipants say the introduction fresh allocations to equity NCDs three months ago Indian shares closed lower on Friday as record chipped away at risk appetite, with US futures
~13,760 crore in June, which equity schemes jumped 75 per of stamp duty on purchase of schemes, there has been some anticipating limited relief daily increases of domestic coro- and stocks in Asia and Europe
was 28 per cent lower than the
12-month average. In May, the
cent month-on-month in June, MF units may also impact pick-up in direct stock alloca-
to ~13,520 crore. flows hereon. tions among retail investors.
from the Supreme Court in
adjusted gross revenue case.
navirus cases threatened to dis-
rupt an economic recovery, with
IN REVERSE GEAR retreating.
Among individual shares,
collection stood at ~12,949 While monthly contribu- “Earlier, investors could be “Investors are looking at The telecom firm has financial stocks taking the brunt top mortgage lender Housing
crore, which was the lowest in tion through SIPs has advised to park their surplus stock-specific opportunities, ~46,000 crore of AGR dues, of the losses. Development Finance Corp suf-
14 months. remained close to the in liquid funds, and a system- with sharp corrections in sev- and it has said its ability to The NSE Nifty 50 Index fell fered its worst day in more than
“Despite the recent ~8,000 crore-mark, industry atic transfer plan (STP) could eral quality stocks. Brokerages continue operations 0.42 per cent to 10,768.05 and a month, closing 2.9 per cent
rebound in the markets, indi- participants suggest there has be initiated to a suitable equi- have also been reporting a depends on a favourable out- the S&P BSE Sensex 0.39 per lower after latest shareholding
vidual portfolios are still bleed- been a cut in the average ty scheme. However, spike in opening up of new come in the matter. cent to 36,594.33 points. data suggested China’s central
ing. Confidence has remained ticket size. investors may now shy away demat accounts,” said the CEO The six schemes of But the indexes closed the bank sold some or its entire
shaky, which has kept fresh This could be gauged from from such arrangements as of a fund house. Franklin Templeton Mutual week up about 1.5 per cent each, stake in the lender during the
flows away,” said Bharat Bagla, the monthly decline in SIP stamp duty charges would be In June, net flows to Fund (MF), which were recording their fourth straight Compiled by BS Research Bureau June quarter.
an independent financial advi- contribution, which was 2.4 applicable on the liquid fund equity schemes were 95 per wound up, received pay- weekly gain, following a rally Source: Bloomberg Private-sector lenders Axis
sor (IFA). per cent lower at ~7,927 crore. purchase and the STP,” Sheth cent lower than May, at ~240 ments of ~1,252 crore. driven by a flush of liquidity and Bank and IndusInd Bank slipped
Industry participants say This is the third month in a pointed out. crore. This was the worst Apart from FT MF, UTI hopes for a Covid-19 vaccine. 3.1 per cent each, and the Nifty Financial Services
there have been significant row to have witnessed a dip A stamp duty of 0.005 per month for equity schemes in MF and Nippon MF also Cases in the world’s second-most populous Index, which has plunged nearly 24 per cent so
queries by investors looking to in SIP flows. cent is applicable from July 1 over four years. received the payments. country jumped by 26,506 to 793,802 as of Friday far this year, fell 1.9 per cent.

Edible oil imports may THE COMPASS

TCS a good deal but investors should wait

fall 13%, hit 6-year low Growth, margin SHREEPAD S AUTE 150 bps sequentially and 60 Amit Chandra of HDFC sure of large deals initiated in
RAJESH BHAYANI
Mumbai, 10 July
recovery expected Investors were enthused with
bps YoY to 23.6 per cent.
Covid-led disruptions
Securities says: “In light of the
pandemic, digital and
the March quarter.
Most of TCS’ verticals and
by 4th quarter but Tata Consultancy Services spoiled the Q1 showing. automation have seen seeing geographies reported a decline
Edible oil imports are expect- (TCS) despite its June quarter However, the management strong traction, which bodes in revenue. BFSI (banking,
ed to fall by 13 per cent this valuations high (Q1) numbers falling short of said: “We probably bottomed well for TCS. Thus, the possi- financial services and insur-
oil year (November-October) estimates. The stock closed 0.8 out in Q1… and from here we bility of further expansion in ance) as well as retail and CPG
as the Covid-19 and lock- per cent up on Friday amid a should be on the growth path.” valuation cannot be com- (combined revenue contribu-
downs have hit demand for weak market and despite a It also highlighted that tech- pletely overruled, justifying tion 45 per cent) contracted 5
by over 1.5 to 2 million tonnes pricey valuation of 27x its FY21 nology was a key enabler of the Street’s reaction.” per cent and 13 per cent YoY,
(mt). This fall was mostly estimated earnings. customers’ recovery journey, Yet, some analysts are cau- respectively, in CC terms.
because of closure of the In Q1, while revenue their growth, and transforma- tious and believe the current Growth in health and life
hotels, restaurants, and inched up 0.4 per cent YoY to tion. It now expects the valuation is a major hurdle. sciences was in line with the
catering (Horeca) segment. ~38,322 crore (aided by cur- December quarter rupee rev- “While the peak of Covid-led rise reported by Accenture for
Imports stood at 14.9 mt rency movement), profit enue and margins to match its uncertainty may be behind, March-May 2020. However,
in 2018-19, and with the before tax declined by 10.7 per year-ago level. near-term shocks related to unlike Indian IT majors,
expected 2 mt fall, imports cent YoY to ~9,504 crore. Analysts believe TCS will demand, pricing, and collec- Accenture has higher expo-
could hit a six-year low of 12.9 These missed estimates of be a key beneficiary of the tions cannot be ruled out,” sure to these segments, which
mt. In 2013-14, imports stood INDIA'S VEGETABLE OIL IMPORTS ~38,865 crore and ~9,999 crore, pandemic-driven business analysts at Motilal Oswal lifted its CC revenue growth
at 11.62 mt. Year (Nov-Oct) „ Import (mn tonnes) respectively. On a constant opportunities, and that its bal- Securities (MOSL) said, adding to 1.3 per cent.
To be sure, the closure of currency (CC) basis, revenue ance sheet strength and diver- that rich multiples leave a lim- The September quarter
14.42 14.57 15.08 14.52 14.91
the Horeca segment has sig- declined by 6.3 per cent YoY. sified businesses encapsulate ited upside for the stock. numbers and commentary,
11.62
nificantly hit demand not just A weak top line perform- its strong growth moat. Its Total contract value of $6.9 therefore, will be crucial.
of edible oil, but also of sugar, 8.05 ance reflected on operating strength in the digital space billion in Q1 was up 21 per cent Any miss could hurt investor
value added milk products, margin, which contracted will also aid growth. YoY, albeit aided by the clo- sentiment.
and vegetables. However,
unlike the others, edible oil ‘13-’14 ‘14-‘15 ‘15-‘16 ‘16-‘17 ‘17-‘18 ‘18-‘19 ‘19-‘20 #
was largely imported, with
# Till June
imports accounting for over Source: The Solvent Extractors` Association of India
70 per cent. In contrast, India
Compiled by BS Research Bureau
June uptick perks up Sobha’s first quarter volumes
exports milk and sugar.
B V Mehta, executive Till June in this oil year, week, the government took
director of the Solvent 8.1 mt of vegetable oil had two major decisions regulat-
Debt reduction over RAM PRASAD SAHU where enquiries are now
back to pre-Covid levels,
After launching projects
totaling 1.6 million square
of the slowdown, especially
in the information technolo-
Extractors Association, said: been imported, which was ing the sector. It banned the past two quarters Bengaluru-based realty play- accounted for about 74 per feet in financial year 2019- gy sector.
“Domestic consumption of 14.5 per cent lower than the sale of edible oil in loose er Sobha’s June quarter cent of sales volumes. Its sig- 20 (FY20), the company has Though cash flow contin-
edible oil is 23 corresponding packets, which might is also positive operational numbers were nificant presence in the not launched new projects ued to be under pressure, the
mt, but this oil Imports stood at period last year. increase cost marginally, but weak, dropping 28 and 39 Bengaluru market is a in the June quarter because company indicated that debt
year it is 14.9 mt in 2018-19, The bulk of the will ensure better quality. per cent in volume and value positive as the city has seen of the pandemic. Sobha has a levels had come down on a
expected to fall and with the expected fall was on Sources said this was done as terms, respectively, com- lower impact of Covid-19 strong launch pipeline of sequential basis for the sec-
over 2 mt. This 2 mt fall, imports account of there was a lot of blending pared with sales in the than other metros, which 14.6 million square feet in ond quarter in a row.
will help could hit a six-year reduction in with cheaper oil, beyond the March quarter. coupled with increased sales FY21 and is optimistic that Efficient cash flow manage-
reduce edible low of 12.9 mt. In refined oil, permissible limits, in some Though volumes were through digital channels has the sales trajectory will ment and lower average cost
oil import this 2013-14, imports which has areas at the retail level. weak at 0.65 million square rubbed off on volumes. improve in the rest of FY21. of borrowing helped reduce
year.” stood at 11.62 mt almost stopped The Food Safety and feet, analysts believe it was a While sales in Bengaluru and ICICI Securities has cut its its leverage.
Mehta esti- after the gov- Standards Authority of India reasonable performance Kochi saw lesser impact, reg- volume forecast for FY21 for The company’s debt in
mated that the domestic ernment placed it under the issued an advisory on July 7 given the lockdown in April istering a 23-26 per cent Sobha to 2.7 million square the March quarter stood at
oilseed crop has been good restricted oil category. This making it obligatory to have and May. Volumes in June increase in volumes on a feet to reflect the slowdown. just over ~3,000 crore with
and kharif sowing was prom- could result in the share of AGMARK certification before at 0.30-0.35 million square sequential basis, the impact The company’s annual net debt to equity at
ising. Hence, farmers are not imports falling to around 62 import of Blended Edible feet were around 80 per cent on the Gurugram market run rate has so far been 1.2 times. Leverage and
retaining seeds and proces- per cent of total oil con- Vegetable Oil (BEVO). of the pre-Covid monthly was severe as sales were about 4 million square cash flows in the coming
sors are crushing stock, sumed, compared with 74 per This is expected to reduce run rate. down 64 per cent over the feet and its sales for FY21 quarters will be the key trig-
resulting in better domestic cent three years ago. imports from neighbouring The Bengaluru market, March quarter. will depend on the impact ger for the stock.
availability. Meanwhile in the past countries.
ll
NEW DELH 11 JULY 2020 STOCKS 11
> STOCK
IN THE > Bombay Burmah Trading Corporation > Bharat Rasayan > 5Paisa Capital

NEWS Top gainers among

the A group stocks
Trading volume
jumps more than
Close at upper circuit
filter of 10 per cent OF THE DAY
five times Britannia Industries: Stock
~1,125.25 PREVIOUS CLOSE ~9,299.70 PREVIOUS CLOSE ~255.50 PREVIOUS CLOSE hits new all-time high at
~1,226.50 CLOSE ~9,655.50 CLOSE ~281.05 CLOSE ~3,752.50, up 79 per cent from
p 9.00% UP p 3.83% UP p10.00% UP 52-week low

N FTY 50
m % W m % W
ADVANCES/DECL NE F&0 SNAPSHOT DAY S TOP GA NERS DAY S TOP LOSERS
% % m m m % m m % m
% %
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M U H M H
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M mm
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m m m m
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> 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 M
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
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 l ~100 q ~3 Aarti Inds (A) < Abbott India (A)
BS 200 stocks account for over paid-up value . Four
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, PCLose (950.1) (950.8) (15553.5) (15548.7)
85 per cent of the volume of categories of information are m ~50 H ~2 Open 955.0 950.8 15620.0 15561.0
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 955.0 952.3 15650.0 15650.0
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 n ~20 « ~1
Low 926.0 925.0 15463.0 15500.0
and National Stock Exchange. trading. Information is also 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 u ~6 Face value Close 937.3 937.7 15511.1 15512.6
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 of scrips is Shares 9783 176K 842 7374
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 PE 31.2 31.2 55.6 55.6
company name is followed by shares traded, and also the 52 Wk H/L 1192/662 1192/668 18569/830018680/8278
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 cases if not
its BSE group in brackets and price trend with 52-week Q ~4 specified. Mcap 16332 16338 32961 32964
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
ACC (A) Adani Enter (A) « Adani Gas (A) « Adani Green En (A) Adani Ports (A) H Adani Power (A) H m m H m H m « m m H < « « « m
(1323.3) (1322.9) (162.8) (162.8) (154.6) (154.6) (373.8) (373.6) (343.0) (343.1) (35.5) (35.5)
O 1325.0 1321.5 160.2 161.5 155.5 154.9 361.3 365.0 343.0 341.0 35.3 35.2 O O
1327.6 1328.0 162.7 163.4 155.5 155.5 384.0 384.5 343.0 342.7 35.5 35.4
w 1306.1 1306.1 158.5 158.5 150.1 150.1 356.5 356.7 332.4 332.3 34.7 34.7 w w
1309.7 1310.3 159.7 159.7 151.9 151.9 372.4 371.1 335.1 335.0 34.8 34.8
31393 832K 143K 1951K 97250 1201K 374K 1884K 96408 3368K 407K 4440K
18.2 18.2 15.4 15.4 - - - - 18.1 18.1 - -
W 1708/896 1709/895 261/116 261/116 195/77 195/77 487/43 487/43 429/203 429/203 74/24 74/23 W W
M 24594 24605 17564 17564 16706 16706 58236 58033 68084 68053 13422 13422 M M

Aurob Pharma (A) « Avanti Feeds (A) « Avenue Supermar (A) Axis Bank (A) H Bajaj Auto (A) Bajaj Fin (A) H Bajaj Finsrv (A) < Balkrishna I (A) H 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)
(812.7) (812.9) (481.8) (482.0) (2321.1) (2320.4) (453.8) (453.8) (2881.9) (2882.0) (3329.6) (3330.0) (6571.0) (6569.2) (1267.5) (1267.4) (381.2) (381.1) (52.8) (52.8) (50.0) (50.1) (1287.7) (1287.8) (639.3) (639.8) (504.4) (504.5) (99.8) (99.8) (369.9) (369.8) (568.8) (568.7) (214.6) (214.6)
O 808.3 812.0 478.1 480.0 2322.0 2328.7 450.0 449.9 2860.0 2875.0 3272.1 3275.0 O 6530.0 6515.0 1270.0 1269.0 379.0 376.0 52.5 52.2 49.9 49.9 1288.3 1285.0 O 640.0 639.0 502.9 504.0 99.7 99.9 366.2 369.0 567.7 569.1 216.0 215.4
828.5 828.7 489.0 488.7 2341.1 2342.1 451.5 451.5 2917.1 2915.0 3395.0 3395.0 6648.0 6645.0 1278.7 1273.0 381.0 380.9 53.3 53.4 50.3 50.3 1302.0 1302.0 644.2 644.4 505.7 506.4 101.5 101.5 374.0 374.5 578.9 579.0 216.0 216.0
w 808.3 809.0 477.6 477.0 2305.8 2306.7 437.2 437.0 2859.8 2856.4 3272.1 3272.1 w 6450.0 6441.0 1244.0 1242.0 367.2 367.1 50.9 50.9 49.0 49.0 1266.0 1265.6 w 630.9 630.7 495.4 495.0 98.4 98.4 353.2 353.2 566.0 565.7 206.3 206.2
820.8 820.8 481.5 481.3 2322.2 2322.7 439.5 439.6 2893.0 2894.7 3313.1 3314.2 6482.4 6483.8 1264.3 1264.0 373.8 374.0 51.6 51.6 49.3 49.3 1271.5 1271.0 636.9 637.1 498.2 498.6 99.6 99.7 354.6 354.5 574.7 574.7 209.0 209.1
276K 4738K 11729 316K 26189 275K 1864K 25676K 23989 688K 586K 16150K 58053 1221K 31584 707K 583K 10534K 1900K 36913K 795K 2784K 46576 1038K 22258 332K 28012 673K 490K 12135K 121K 2926K 3231K 13284K 342K 10693K
17.0 17.0 22.9 22.9 111.4 111.5 76.2 76.2 16.1 16.1 40.9 40.9 30.6 30.6 25.9 25.9 20.6 20.6 43.6 43.7 - - 50.0 50.0 38.8 38.8 69.2 69.3 13.5 13.5 34.9 34.9 - - 11.7 11.7
W 828/281 829/289 770/250 770/251 2559/1350 2560/1352 773/285 774/286 3315/1793 3315/1789 4923/1783 4923/1783 W 10297/3986 9950/3985 1325/678 1325/679 650/152 650/152 128/36 128/36 88/30 88/30 1897/1017 1895/1000 W 1108/370 1109/370 597/302 597/302 122/56 122/56 533/208 534/208 612/322 612/321 296/121 297/120
M 48088 48088 6558 6555 150422 150458 124027 124055 83713 83764 199647 199711 M 103160 103183 24439 24433 60192 60216 23819 23842 16155 16155 16341 16334 M 2652 2653 48380 48419 24269 24293 16508 16506 313531 313531 38657 38666

BHEL (A) H Biocon (A) < Birla Corpn (A) Bosch (A) BPCL (A) Britannia (A) « Cadila Healt (A) « Canara Bank (A) Century Tex (A) CESC (A) Chola Inv (A) H Cipla (A) H City Union B (A) « Coal India (A) Colgate (A) « Containr Crp (A) < Coromndl Int (A) « Cummins (I) (A) H
(42.0) (42.0) (406.1) (406.0) (597.0) (597.2) (13409.5) (13411.1) (376.6) (376.8) (3674.9) (3673.6) (356.0) (356.0) (108.7) (108.7) (321.4) (321.4) (653.0) (653.1) (209.0) (208.9) (638.8) (639.0) (138.2) (138.4) (130.4) (130.4) (1381.6) (1381.3) (428.1) (428.1) (755.7) (756.8) (400.5) (400.4)
O 42.0 42.2 403.0 400.5 598.8 598.0 13498.0 13397.0 375.7 377.9 3659.8 3669.6 O 357.8 357.4 108.0 107.5 320.0 321.0 658.5 654.4 207.7 208.0 642.5 640.0 O 138.5 138.4 130.0 129.5 1375.1 1381.3 427.8 427.5 756.4 756.8 400.5 399.0
42.5 42.5 420.4 420.5 602.0 603.0 13592.9 13599.0 380.5 380.5 3752.5 3753.6 360.7 360.6 108.4 108.4 327.6 327.8 658.5 655.5 214.4 214.4 647.2 647.0 139.0 138.7 132.4 132.3 1394.8 1395.0 433.6 433.9 760.0 761.0 400.8 400.8
w 41.2 41.2 400.5 400.5 586.0 585.5 13247.9 13251.7 370.3 370.4 3655.9 3655.4 w 354.5 354.5 103.5 103.5 313.0 312.8 623.0 623.5 205.6 206.0 636.9 636.7 w 131.6 131.5 128.1 128.2 1375.0 1375.0 423.5 423.8 741.7 741.5 391.2 391.2
41.4 41.4 414.3 414.3 592.1 592.2 13342.4 13332.2 376.4 376.4 3725.9 3726.7 356.3 356.4 104.6 104.6 315.6 315.5 631.7 633.8 208.4 208.5 638.7 638.9 132.2 132.3 131.3 131.2 1391.8 1392.2 430.3 430.2 748.6 749.0 393.1 393.1
2212K 34701K 520K 9985K 3223 83502 2551 41548 319K 5883K 20716 706K 78810 2478K 678K 22294K 112K 3090K 7324 267K 869K 11878K 175K 4120K 95472 2651K 777K 17079K 15957 419K 94506 1882K 6294 217K 63461 1457K
- - 66.4 66.4 14.4 14.4 60.5 60.5 30.4 30.4 63.9 63.9 31.0 31.0 - - 6.2 6.2 9.1 9.2 16.2 16.2 33.3 33.3 20.5 20.5 4.8 4.8 46.4 46.4 69.8 69.7 20.6 20.6 17.3 17.3
W 67/19 67/18 420/211 421/211 808/373 807/372 17137/787417260/7850 550/252 549/252 3753/2101 3754/2100 W 384/206 384/202 287/74 287/74 987/220 988/219 855/366 852/365 349/117 349/117 696/357 693/355 W 249/110 249/110 236/119 236/119 1641/1065 1643/1065 665/263 666/263 778/337 779/337 766/282 767/280
M 14416 14416 49716 49716 4559 4561 39347 39317 81640 81640 89644 89663 M 36469 36485 15196 15204 3525 3524 8373 8402 17076 17085 51491 51511 M 9747 9751 80917 80855 37856 37868 26215 26209 21941 21953 10897 10897

Cyient (A) < Dabur India (A) « DCB Bank (A) Deepak Nitrt (A) H Divis Lab (A) H Dixon Tech (A) DLF (A) H Dr Lal PathLabs (A) Dr Reddys (A) < Eicher Motor (A) Embassy Office (IF) Equitas Hold (A) Escorts (A) Exide Ind (A) « Federal Bank (A) H Future Retail (A) H GAIL (A) Glenmark (A) «
(256.1) (256.0) (473.2) (473.0) (85.8) (85.9) (531.9) (531.3) (2175.6) (2176.4) (6229.5) (6220.5) (146.1) (146.0) (1816.3) (1815.8) (3896.2) (3896.6) (19484.2) (19483.3) (340.1) (-) (58.3) (58.3) (1129.4) (1129.5) (156.4) (156.5) (55.2) (55.2) (111.3) (111.3) (105.5) (105.6) (431.8) (432.0)
O 252.0 255.1 475.3 473.4 85.6 85.5 528.2 530.7 2184.0 2184.4 6229.5 6220.6 O 146.0 145.5 1816.3 1822.0 3915.0 3899.7 19450.0 19500.0 339.8 - 57.4 58.0 O 1118.0 1115.0 157.0 156.8 55.0 54.7 105.8 105.8 106.0 105.0 431.0 432.3
256.5 256.4 478.1 478.4 86.9 87.0 538.0 538.4 2225.0 2226.6 6321.3 6329.0 149.4 149.5 1816.3 1822.0 3956.9 3957.0 19737.9 19745.0 340.3 - 61.5 61.5 1140.8 1140.9 157.0 157.0 56.0 56.0 105.8 105.8 106.0 105.4 439.4 439.4
w 247.9 248.0 472.1 472.1 82.8 82.7 518.0 518.1 2177.0 2160.0 6115.3 6170.0 w 144.4 144.7 1764.8 1766.0 3886.7 3883.2 19357.7 19350.0 339.8 - 57.4 57.1 w 1113.1 1113.5 152.8 152.7 54.0 54.0 105.8 105.8 102.2 102.1 425.3 425.0
250.3 250.3 474.2 474.2 83.1 83.1 524.4 524.5 2203.2 2203.1 6231.4 6230.1 147.7 147.8 1779.3 1782.3 3905.8 3905.5 19453.0 19447.9 340.1 - 59.6 59.6 1137.6 1136.6 154.6 154.7 54.2 54.2 105.8 105.8 102.4 102.4 426.7 426.7
57768 996K 210K 2126K 226K 3180K 99117 789K 32239 1011K 2245 24194 1729K 15581K 8029 74148 52733 831K 10688 204K 7800 - 2719K 43085K 127K 2509K 86128 2424K 1053K 25570K 214K 707K 485K 13014K 251K 3395K
8.0 8.0 58.0 58.0 7.6 7.6 13.1 13.2 42.6 42.6 59.8 59.8 - - 65.6 65.8 32.0 32.0 29.1 29.1 - - 264.9 264.9 28.7 28.7 15.9 15.9 7.0 7.0 8.1 8.1 7.0 7.0 15.5 15.5
W 557/184 560/184 525/385 525/386 244/58 244/58 570/257 568/257 2538/1467 2538/1466 6333/1831 6336/1560 W 267/115 267/115 1846/1038 1846/1035 4189/2352 4190/2351 23428/12460 23450/12450 518/301 -/- 131/33 130/33 W 1141/423 1141/424 209/122 209/125 109/36 109/36 479/61 480/61 150/66 151/65 573/168 573/162
M 2753 2753 83801 83801 2580 2578 7152 7154 58484 58481 7210 7208 M 36548 36573 14829 14853 64930 64924 53126 53112 26243 - 2037 2037 M 13945 13932 13137 13145 10806 10806 5734 5736 46184 46184 12041 12040

GMR Infra (A) « Godrej Cons (A) « Godrej Prpty (A) < Granules (A) « Grasim Ind (A) H Gujarat Gas (A) H Havells I (A) « HCL Techno (A) H HDFC (A) H HDFC AMC (A) < HDFC Bank (A) « HDFC Std Life (A) Hero MotoCorp (A) H Hexaware Tch (A) H Hindalco (A) « HPCL (A) HUL (A) « ICICI Bank (A) H
(20.6) (20.6) (693.3) (693.5) (882.0) (881.5) (226.4) (226.4) (616.7) (616.7) (288.6) (288.6) (587.3) (587.5) (588.3) (588.3) (1942.0) (1941.8) (2488.7) (2488.8) (1125.7) (1124.9) (585.3) (585.2) (2693.4) (2691.4) (342.3) (342.5) (164.9) (164.8) (205.4) (205.4) (2175.4) (2175.9) (370.5) (370.4)
O 20.6 20.6 696.7 693.5 875.0 880.0 228.9 228.5 616.2 616.7 289.0 289.7 O 590.0 588.0 589.9 588.3 1906.0 1915.0 2488.8 2488.0 1122.0 1117.9 584.0 586.0 O 2693.4 2690.0 335.4 342.5 164.5 163.7 205.2 205.0 2175.0 2170.0 364.9 364.9
20.7 20.7 704.4 704.4 906.5 906.9 240.0 240.0 619.5 619.9 313.0 313.3 590.0 589.0 589.9 588.6 1932.0 1931.9 2497.1 2498.0 1122.0 1120.0 600.0 600.0 2734.6 2734.5 344.8 344.8 164.5 164.5 211.2 211.0 2232.0 2232.0 368.2 368.2
w 20.1 20.1 685.5 685.5 875.0 874.1 227.6 227.6 597.2 597.1 285.8 287.1 w 578.5 578.3 580.1 579.9 1877.1 1876.3 2450.0 2447.0 1100.0 1099.6 584.0 585.3 w 2672.0 2671.6 335.4 338.5 160.4 160.4 204.0 204.1 2167.6 2167.5 359.0 359.0
20.2 20.2 697.2 697.3 891.8 892.2 234.2 234.2 611.5 611.5 306.6 306.7 580.2 580.3 582.4 582.3 1886.3 1886.0 2458.2 2458.7 1105.4 1105.1 592.3 592.5 2679.5 2681.3 342.3 342.3 163.7 163.7 210.2 209.9 2223.8 2223.8 360.4 360.4
595K 8371K 24232 1077K 29536 423K 529K 10084K 74593 2694K 131K 2014K 24997 923K 85324 2377K 132K 3853K 19340 301K 277K 8782K 203K 3207K 52924 1206K 37437 346K 664K 16257K 496K 7669K 92705 3180K 1307K 27866K
- - 47.6 47.6 84.1 84.2 17.3 17.3 9.1 9.1 17.7 17.7 49.6 49.6 14.3 14.3 18.4 18.4 - - 23.1 23.1 92.3 92.4 14.7 14.7 15.1 15.1 59.3 59.3 12.1 12.1 77.5 77.5 29.4 29.4
W 27/14 27/14 772/425 772/425 1188/506 1189/505 240/84 240/84 939/380 939/385 330/154 329/155 W 765/447 766/447 624/376 624/375 2500/1473 2500/1473 3844/1913 3844/1912 1304/739 1306/739 646/339 646/340 W 3021/1475 3023/1475 399/202 399/202 221/85 221/85 329/155 329/150 2614/1660 2614/1659 552/269 552/268
M 12193 12193 71275 71280 22479 22491 5792 5791 40224 40221 21106 21110 M 36321 36324 158029 158002 327189 327146 52320 52330 606870 606733 119585 119636 M 53522 53558 10230 10231 36761 36772 32023 31985 522492 522504 233364 233364

ICICI Lombard (A) ICICI Prud Life (A) IDFC First Bank (A) India Cement (A) Indiabulls Hous (A) H Indian Hotel (A) « Indraprst Gs (A) H IndusInd Bank (A) Info Edge (A) Infosys (A) < InterGlobe Avia (A) IOC (A) IOL Chem (B) Ipca Labs (A) H IRCTC (B) ITC (A) « Jindal Steel (A) « JSW Steel (A) «
(1272.8) (1271.1) (433.9) (433.3) (28.1) (28.0) (123.9) (123.9) (229.2) (229.3) (81.8) (81.8) (410.5) (410.4) (556.5) (556.5) (2864.3) (2862.6) (781.5) (781.7) (1020.2) (1020.0) (86.5) (86.5) (623.7) (623.3) (1645.6) (1647.0) (1385.4) (1385.1) (195.4) (195.4) (164.1) (164.1) (197.4) (197.4)
O 1267.0 1278.0 433.0 425.0 27.8 28.0 123.0 123.9 228.0 227.0 82.5 81.7 O 408.0 411.7 554.0 552.3 2869.0 2860.0 772.0 773.5 1005.0 1010.0 86.5 86.5 O 639.8 637.0 1632.0 1644.0 1372.0 1375.0 195.7 195.2 161.6 162.1 196.5 196.0
1284.8 1284.8 433.0 432.7 28.0 28.0 124.7 124.6 238.7 238.8 82.5 82.2 417.7 417.9 554.5 554.5 2912.0 2914.0 789.4 789.9 1028.2 1028.5 86.6 86.6 722.6 722.7 1668.3 1669.0 1442.0 1444.0 196.5 196.5 170.0 170.0 196.5 196.0
w 1251.8 1250.3 416.0 415.8 26.7 26.7 120.6 120.6 223.3 223.1 80.5 80.4 w 406.0 406.4 532.9 532.4 2841.1 2838.9 772.0 773.5 1004.0 1001.7 85.4 85.4 w 635.1 633.2 1629.0 1626.0 1360.5 1360.0 194.0 194.0 160.5 160.4 191.1 191.0
1259.2 1260.1 417.3 417.5 27.1 27.1 121.6 121.7 235.5 235.5 81.4 81.3 407.6 407.8 539.2 539.3 2872.4 2872.4 781.8 781.9 1017.1 1016.8 86.2 86.2 695.5 695.3 1662.2 1664.4 1401.2 1401.0 194.3 194.4 169.3 169.2 193.3 193.3
10781 393K 196K 3886K 3093K 48586K 234K 1790K 1645K 20683K 82220 1250K 320K 4315K 1287K 26965K 10222 217K 221K 5206K 62793 1111K 418K 11091K 743K 6605K 6897 180K 224K 1832K 517K 16192K 1866K 20685K 399K 10893K
47.9 48.0 56.2 56.2 - - - - 4.6 4.6 27.3 27.3 25.1 25.1 8.5 8.5 171.1 171.1 20.1 20.1 - - 61.8 61.8 11.3 11.3 32.2 32.2 - - 15.8 15.8 - - 11.7 11.7
W 1440/806 1440/805 538/222 537/226 48/18 48/18 140/68 140/68 684/81 684/81 163/62 163/62 W 534/285 534/284 1596/236 1597/236 3125/1580 3130/1581 847/511 847/509 1911/765 1899/771 156/71 156/71 W 723/147 723/146 1821/844 1825/845 1995/625 1994/625 278/135 277/135 202/62 202/62 297/133 297/133
M 57227 57268 59919 59940 15372 15372 3767 3770 10069 10067 9675 9663 M 28529 28543 37394 37401 35193 35193 332992 333013 39138 39125 81103 81103 M 4083 4082 21001 21029 22418 22415 238837 238899 17269 17253 46724 46724

Jubilant Fd (A) Jubilant Lif (A) « Just Dial (A) Kotak Mah Bank (A) < L & T (A) H L & T Infotech (A) « L&T Finance Hol (A) Laurus Labs (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
(1685.7) (1685.4) (708.5) (709.3) (374.0) (374.2) (1368.2) (1368.2) (944.8) (945.0) (2080.8) (2082.0) (70.3) (70.3) (571.8) (571.9) (283.0) (283.0) (1000.0) (1000.0) (867.0) (867.0) (208.6) (208.6) (560.5) (560.3) (1012.3) (1012.0) (159.5) (159.5) (343.0) (343.0) (6003.8) (6002.4) (559.6) (560.1)
O 1684.3 1677.0 713.9 710.8 377.0 375.0 1360.5 1363.4 941.0 940.0 2081.0 2079.9 O 70.2 69.9 573.0 570.2 282.1 281.0 1000.0 1000.0 872.0 870.0 208.0 206.4 O 555.6 555.3 1000.0 1012.0 160.0 159.7 342.4 344.3 5992.0 5980.0 574.9 568.0
1684.3 1682.5 723.9 720.9 379.3 379.4 1374.6 1375.0 952.0 952.0 2115.0 2120.0 71.5 71.5 603.8 603.9 285.2 285.3 1000.0 1000.0 874.9 874.9 211.3 211.4 568.6 569.0 1018.2 1019.0 161.2 161.2 350.2 350.4 6083.1 6085.1 576.3 576.8
w 1613.2 1613.0 704.0 703.4 368.5 368.0 1345.3 1345.6 931.0 930.6 2059.4 2060.9 w 68.5 68.5 562.0 564.3 272.7 272.6 1000.0 1000.0 858.6 858.0 202.3 202.3 w 551.7 552.0 964.1 963.3 157.5 157.5 341.0 340.9 5925.8 5921.0 553.4 553.0
1620.8 1620.6 710.4 709.6 374.7 374.5 1349.5 1349.4 932.2 932.2 2108.6 2109.7 69.2 69.2 597.6 597.9 275.7 275.9 1000.0 1000.0 860.8 861.1 203.9 204.1 554.7 554.9 969.9 970.0 160.0 160.0 343.6 343.6 5958.0 5955.7 561.3 561.8
50935 1144K 18526 357K 76256 2141K 106K 3018K 401K 4538K 14499 168K 2202K 21890K 145K 2420K 370K 4787K 54667 1006K 57107 1827K 1156K 19360K 212K 5752K 88095 1991K 200K 4875K 57223 1868K 51983 1169K 51933 1258K
77.6 77.6 12.6 12.6 8.9 8.9 31.1 31.1 13.7 13.7 24.2 24.2 8.2 8.2 25.0 25.0 5.8 5.8 - - - - 13.9 13.9 51.8 51.8 12.1 12.1 9.2 9.2 43.4 43.4 31.9 31.8 55.5 55.6
W 1973/1078 1974/1078 729/230 729/234 794/251 795/250 1740/1000 1740/1001 1554/661 1551/661 2115/1208 2120/1210 W 134/46 134/46 604/298 604/295 560/186 560/185 1009/998 1010/996 956/505 956/505 403/125 403/125 W 638/246 638/245 1247/666 1246/664 195/76 195/74 404/234 404/234 7755/4002 7759/4001 611/280 612/276
M 21389 21387 11316 11303 2432 2431 267047 267017 130881 130874 36731 36750 M 13864 13874 6388 6392 13913 13921 - - 39001 39016 12593 12608 M 68960 68979 9580 9581 13519 13523 44362 44362 179978 179908 15128 15142

MCX (A) Metropolis Heal (A) H Mindtree (A) Mishra Dhatu Ni (A) Mothersons S (A) « MRF (A) Muthoot Finance (A) Nat Alum (A) < Natco Pharma (A) H Navin Fluo (A) H NBCC (A) « NCC (A) H Nestle India (A) NIIT Techno (A) Nippon Life Ind (A) NMDC (A) « NOCIL (A) NTPC (A)
(1300.8) (1302.7) (1459.3) (1458.8) (988.0) (988.2) (217.2) (217.3) (97.7) (97.7) (65343.4) (65335.9) (1087.9) (1088.1) (36.7) (36.7) (677.5) (677.3) (1723.7) (1725.3) (26.9) (26.9) (33.8) (33.8) (16758.7) (16759.1) (1566.1) (1567.5) (294.5) (294.6) (85.6) (85.7) (104.3) (104.3) (91.2) (91.2)
O 1309.0 1300.0 1431.0 1461.7 996.0 987.0 216.7 216.5 97.4 98.0 66300.0 65799.0 O 1098.0 1087.0 36.7 36.6 674.7 677.3 1733.0 1725.3 26.9 26.7 33.4 33.4 O 16755.6 16759.1 1566.1 1565.8 291.6 291.2 84.6 85.2 103.5 103.6 91.2 91.2
1339.0 1339.8 1500.0 1500.0 1013.2 1013.5 218.3 218.3 98.9 99.0 66300.0 65799.0 1099.0 1100.0 37.0 37.0 684.9 684.6 1743.3 1744.0 26.9 26.7 34.2 34.2 16871.6 16875.0 1598.4 1598.7 293.5 294.0 85.7 85.7 104.3 104.3 91.2 91.3
w 1298.5 1296.0 1421.0 1451.1 979.0 978.2 212.8 212.7 94.8 94.8 64518.1 64515.0 w 1065.2 1064.4 35.7 35.8 671.1 671.0 1706.7 1705.0 25.6 25.6 32.8 32.8 w 16636.6 16628.0 1549.5 1547.2 288.5 288.1 83.2 83.2 100.3 100.2 89.8 89.8
1324.8 1324.6 1480.5 1485.7 1008.3 1008.0 214.2 214.1 96.2 96.2 64830.5 64867.3 1084.0 1084.3 36.4 36.4 679.8 679.8 1719.6 1718.3 25.9 25.9 33.5 33.6 16837.8 16833.1 1592.4 1592.9 290.4 290.3 84.3 84.3 101.8 101.9 90.4 90.4
18323 472K 12635 101K 28270 746K 68193 991K 1154K 11770K 1236 12530 37163 1366K 1341K 20313K 14489 914K 3835 64710 611K 12161K 1087K 25996K 1518 134K 16608 533K 70957 885K 137K 4155K 254K 2803K 378K 12213K
32.4 32.4 - - 26.3 26.3 25.1 25.1 25.3 25.3 19.7 19.7 14.5 14.5 49.1 49.1 26.9 26.9 21.3 21.3 57.7 57.7 5.3 5.4 79.9 79.9 21.7 21.7 42.8 42.8 7.1 7.1 12.9 12.9 8.8 8.8
W 1442/779 1443/779 2110/983 2109/980 1062/653 1063/652 278/109 279/108 151/49 151/49 73500/50000 73566/49915 W 1284/478 1284/477 49/24 49/24 738/450 738/403 1775/570 1777/570 56/14 56/14 90/16 90/16 W 18301/11271 18370/11265 2057/739 2060/735 453/201 453/208 140/62 140/62 128/45 128/45 134/74 134/73
M 6756 6755 7506 7532 16594 16588 4012 4011 30363 30379 27488 27504 M 43473 43485 6791 6791 12375 12376 8512 8505 4662 4662 2043 2046 M 162350 162305 9640 9643 17776 17767 25796 25811 1686 1687 89447 89447

ONGC (A) < Page Inds (A) Petronet LNG (A) Pfizer (A) PI Inds (A) « Pidilite Ind (A) « Piramal Entp (A) H PNB (A) H Power Fin (A) Power Grid (A) PVR (A) Radico Khatn (A) H Ramco Cements (A) « Raymond (A) RBL Bank (A) REC (A) Reliance Ind (A) SAIL (A)
(80.2) (80.2) (19987.2) (19993.6) (265.0) (265.0) (4121.6) (4119.6) (1728.6) (1726.5) (1379.9) (1379.9) (1446.4) (1446.4) (37.1) (37.1) (84.7) (84.7) (171.4) (171.6) (1042.8) (1042.7) (378.1) (378.2) (655.6) (655.2) (272.0) (272.0) (188.3) (188.1) (106.7) (106.7) (1824.6) (1824.3) (36.7) (36.7)
O 80.4 80.0 20059.8 19940.0 266.0 264.1 4109.4 4100.0 1734.0 1720.1 1380.0 1378.8 O 1449.8 1450.0 35.9 35.9 84.5 84.7 171.0 171.6 1019.0 1023.9 380.0 380.8 O 655.0 650.0 274.8 269.1 186.1 187.3 106.8 107.1 1829.9 1828.5 36.6 36.5
80.4 80.2 20227.8 20266.5 266.0 264.1 4145.0 4147.0 1789.1 1789.8 1388.3 1388.5 1470.5 1470.0 36.0 36.1 84.8 84.9 173.6 173.8 1053.6 1054.0 382.7 382.5 662.5 663.0 274.8 273.6 187.9 187.9 107.2 107.5 1884.4 1884.6 37.3 37.3
w 77.8 77.7 19847.0 19810.0 259.9 259.7 4080.0 4077.0 1712.1 1706.7 1370.5 1371.1 w 1436.0 1435.2 34.6 34.6 82.8 82.7 169.6 169.5 1019.0 1023.4 374.5 374.1 w 643.9 644.0 262.5 262.0 178.3 178.4 104.2 104.1 1824.6 1824.3 35.0 35.0
78.6 78.6 19884.8 19892.8 261.7 261.6 4090.2 4090.4 1761.9 1758.2 1382.9 1382.9 1449.2 1448.9 35.1 35.1 83.7 83.6 172.7 172.6 1047.5 1047.1 380.6 380.4 646.0 647.3 266.5 266.3 181.1 181.1 104.8 104.8 1878.5 1878.1 37.0 36.9
984K 17773K 746 31504 60131 2754K 5436 34554 16050 297K 12746 333K 55584 869K 3220K 101790K 446K 5957K 695K 13393K 61130 1047K 30548 519K 35603 458K 57156 818K 2522K 29989K 178K 4498K 1140K 20195K 5604K 59745K
7.5 7.5 64.6 64.6 14.6 14.5 36.8 36.8 55.0 54.9 62.9 62.9 1142.9 1142.6 98.1 98.1 3.9 3.9 8.4 8.4 223.3 223.2 22.3 22.3 25.3 25.4 9.0 9.0 18.2 18.2 4.2 4.2 30.3 30.3 - -
W 154/52 154/50 26891/16187 26883/16254 302/171 299/170 5173/2798 5170/2792 1789/974 1790/970 1710/1174 1710/1174 W 2039/608 2040/607 76/26 76/26 133/74 133/74 216/130 216/122 2083/707 2087/705 439/220 439/220 W 883/457 884/455 838/210 829/210 648/102 648/102 157/79 157/79 1884/867 1885/867 52/20 52/20
M 98881 98818 22171 22180 39255 39240 18712 18713 24332 24280 70265 70263 M 32687 32679 32984 32984 22084 22071 90323 90297 5779 5777 5083 5080 M 15219 15249 1774 1773 9211 9211 20697 20687 1190856 1190571 15262 15242

« m m Siemens (A) H SRF (A) Sterlite Tch (A) H Strides Pharma (A) Sun Pharma (A) « Sun TV Net (A) < Tata Chem (A) Tata Consumer P (A) « Tata Elxsi (A) Tata Motors (A) H Tata Power (A) « Tata Steel (A)
(1144.8) (1144.6) (3892.1) (3890.6) (136.1) (136.4) (421.0) (420.8) (482.0) (482.0) (400.5) (400.9) (307.3) (307.1) (433.6) (433.4) (926.1) (926.5) (107.0) (106.9) (52.5) (52.5) (344.4) (344.5)
O O 1151.0 1150.0 3840.0 3840.0 133.3 135.6 421.0 420.8 481.0 484.7 402.0 399.9 O 306.8 307.0 430.1 429.6 935.0 929.9 106.9 106.7 50.2 50.6 343.5 342.0
1156.1 1158.0 3961.0 3962.0 138.3 138.5 424.9 424.9 498.2 498.9 402.0 306.8 307.0 437.8 437.8 942.7 941.2 108.6 108.6 52.5 52.5 344.3 344.3
w w 1130.8 1130.6 3840.0 3840.0 133.3 134.0 417.2 417.2 481.0 483.1 w 299.2 299.0 428.5 428.7 922.6 922.2 105.5 105.4 49.7 49.7 335.1 335.2
1137.7 1137.9 3898.1 3894.7 137.9 137.7 420.2 420.2 493.5 493.9 299.8 299.6 430.3 430.1 928.4 928.5 107.6 107.6 50.4 50.3 338.6 338.7
29939 465K 13854 200K 74318 1239K 140K 573K 874K 14900K 154K 2997K 157K 3765K 84900 463K 4122K 64695K 3662K 53816K 629K 12527K
40.0 40.0 23.0 23.0 12.8 12.8 103.4 103.5 31.4 31.5 1.1 1.1 123.2 123.1 22.6 22.6 - - 13.6 13.6 24.6 24.6
W W 1717/947 1717/948 4259/2492 4260/2468 180/60 180/59 547/271 548/268 513/315 513/312 W 779/197 780/197 438/214 438/214 1099/501 1098/500 202/64 202/64 70/27 70/27 506/251 506/251
M M 40512 40519 22406 22386 5568 5562 3763 3764 118393 118501 M 7638 7633 39652 39638 5782 5783 33222 33237 13619 13605 38143 38154

« M < m « < w « M « w « H H « « W H H «

O O O

w w w

W W W
M M M
12 WORLD
>
NEW DELHI | 11 JULY 2020 1

IN BRIEF
WHO advance team heads to China threatens to hit back With SoftBank
China to probe virus’ origin rally, Son adds
An advance team from the World
Health Organization (WHO) has left for
China to organise an investigation
into the origins of the novel
against fresh US sanctions $12 bn to fortune
coronavirus which sparked the global
pandemic, a spokeswoman said on Grave violation of norms governing international relations: Chinese official BLOOMBERG shares are included in Son’s
Friday. The virus is believed to have 10 July net worth calculation because
emerged in a wholesale market in the BLOOMBERG he retains control over them.
central Chinese city of Wuhan late last 10 July Not thinking of SoftBank Group founder “For those lending shares,
year, since then closed, after jumping
Phase 2 China Masayoshi Son has enjoyed a it’s about creating incremental

C
the species barrier from the animal hina pledged to $12 billion renaissance the past revenue,” said Andrew Dyson,
kingdom to infect humans. The two WHO experts, specialists in
animal health and epidemiology, will work with Chinese
retaliate after the US
sanctioned a top
deal: Trump three months, easing the pres- CEO of the International
sure on his intricately engi- Securities Lending Associa-
scientists to determine the scope and itinerary of the member of China’s ruling US President Donald Trump said neered personal finances. tion. He noted such transac-
investigation, WHO spokeswoman Margaret Harris told a UN Communist Party and three on Friday he is not currently With SoftBank Group’s tions ease the execution of
briefing in Geneva. REUTERS other officials over human thinking about negotiating a shares surging to their highest trades, while enabling hedging
rights abuses in the far western "Phase 2" trade deal with China price in two dec- and shorting
region of Xinjiang. as relations between the nations ades on strategies. “Lend-
Oil plummets on UK economy to “We urge the US to with-
draw this wrong decision,
sour over the coronavirus
pandemic and other issues.
Thursday, Son’s
net worth hit $20
ing out securities
generates hun-
resurgence of virus slump over 10%, stop interfering in China’s Trump, asked by reporters billion, more than dreds of millions
cases, oversupply says Moody’s domestic affairs and stop aboard Air Force One about the doubling from of dollars in fees a
harming Chinese interests,” possibility of second phase trade $8.4 billion in quarter.”
Oil prices steadied on Friday Britain will suffer the sharpest Chinese Foreign Ministry deal, said "I don't think about it March, according SoftBank sha-
but were still set for weekly peak-to-trough economic spokesman Zhao Lijian told a now," adding that he has many to the Bloomberg res have surged
declines as inventories rose slump of any major economy daily briefing in Beijing on other things on his mind. "The Billionaires 133 per cent from
and record-breaking new this year, rating agency Friday. “If the US insists on relationship with China has been Index. It is the a low in March,
coronavirus cases in the Moody’s warned on Friday, going forward, China will take The decision to sanction a top member of China’s Communist severely damaged. They could first time the 62- The calculation taking the Tokyo-
United States stoked concern while its debts as a share of firm countermeasures.” Party marks the first time the US has sanctioned a sitting have stopped the plague.... They year-old’s fortune excludes $13.3 billion based company’s
about the pace of economic GDP will surge by 24 The sanctions are a “grave Chinese official under a 2016 Act FILE PHOTO didn't," Trump said. REUTERS has topped $20 of his SoftBank market value to
recovery and fuel demand. percentage points. Moody’s violation of basic norms gov- billion since Group shares $123 billion.
Brent crude was up by 1 cent, said the UK government’s erning international relations January 2013, pledged as collateral, While its Vision
or 0.02 per cent, at $42.36 a latest stimulus package, and deeply detrimental to US- tioned individuals included criticised by top American offi- accountable in Xinjiang and when the ranking representing some Fund lost almost
barrel by 1338 GMT, and US oil announced this week, would China relations,” Zhao said. Chen Quanguo, the Xinjiang cials as well as human rights across the world,” Treasury first started track- 40% of his stake $18 billion in the
was up 4 cents, or 0.1 per aid a gradual economic “We reject and condemn that.” party secretary who sits on groups. It comes amid soaring Secretary Steven Mnuchin ing his wealth. latest fiscal year
cent, to $39.66 a barrel. recovery but add further He didn’t give details of the the 25-member Politburo, as tensions between Beijing and said in the statement The calculation excludes as it wrote down the value of
Brent was set for a weekly pressure to the UK’s fiscal reciprocal measures against well as Zhu Hailun, party sec- Washington over the origin of announcing the US move. about $13.3 billion of his investments in WeWork, Uber
decline of almost 1 per cent position. “We forecast a “individuals and institutions,” retary of the Xinjiang Political the coronavirus pandemic, The decision also marks the SoftBank Group shares Technologies and others,
and US crude for a fall of contraction of 10.1 per cent in but said they would be known and Legal Committee, and the China’s moves to quell dissent first time the US has sanc- pledged as collateral, repre- record equity buybacks and a
almost 2 per cent. REUTERS the UK’s GDP for this year, but “soon enough.” current and former directors in Hong Kong and a debate tioned a sitting Chinese official senting some 40 per cent of his series of wins have helped the
expect a gradual subsequent The Trump administra- of the Xinjiang Public over the use of Chinese tech- under the 2016 Global stake, according to regulatory stock recover. SoftBank sold
Brent Crude WTI Crude oil recovery on the back of the tion’s move on Thursday Security Bureau. nology by the US and allies. Magnitsky Human Rights filings. A further 26 per cent of part of its stake in T-Mobile
$42.36 $39.66 easing in lockdown
measures, with growth
marked an escalation in the
increasingly tense rivalry
The US action is tied to the
widespread detention of
“The United States is com-
mitted to using the full
Accountability Act, which
gives the US broad authority to
his holding is lent out for a fee last month, and an online
to different entities, mostly home-insurance provider that
1 cent .07 cent rebounding to 7.1 per cent between the world’s two big- Muslim Uighurs in Xinjiang, a breadth of its financial powers impose human-rights sanc- brokerages, likely to add it’s backing more than dou-
AT 07:08 PM IST next year”. REUTERS gest economies. The sanc- policy that has been sharply to hold human rights abusers tions on foreign officials. liquidity to the market. Those bled on its US debut in July.

Firms toy with pandemic-proof policies Singapore PM Lee looks

REUTERS
10 July
people around.
A report by Capgemini showed
that demand for usage-based insur-
set to win another term
Insurers are creating products for a ance has skyrocketed since Covid-19 SIDDHANT MISHRA
world where virus outbreaks could broke out and more than 50 per cent Singapore, 10 July
become the new normal after many of the customers it surveyed wanted
businesses were left out in the cold it. However, only half of the insurers Singapore voted on Friday to
during the Covid-19 crisis. said they offered it. elect the country’s 14th
The providers include big insurers Since businesses are only now Parliament, in the midst of the
as well as niche ones that see an learning how outbreaks can affect pandemic and slowing eco-
opportunity in filling the void left by them, some new products are effec- nomic growth. The ruling
mainstream firms that categorise tively custom-made. People’s Action Party (PAP),
virus outbreaks like wars. Elite Risk Insurance of California led by incumbent Prime
Tech firm Machine Cover, for has been offering “Covid outbreak Minister Lee Hsien Loong,
example, aims to offer policies based relapse coverage” for businesses was comfortably leading in
on traffic levels around businesses forced to shut down a second time, the sample count at the time
such as restaurants, department British risk managers association Marsh, the world’s biggest insur- its founder Jeff Kleid said. The pol- of going to press.
stores, and car dealers. If traffic drops Airmic said the pandemic had con- ance broker, has teamed up with AXA icies are crafted around specific busi- However, initial trends
below a certain level, it pays out, tributed to a lack of adequate insur- XL, part of France’s AXA, and data nesses and only pay out when certain suggested a tougher contest Singapore’s PM Lee Hsien Loong and his wife Ho Ching at a
whatever the reason. ance at an affordable price and firm Arity to help businesses such as conditions are met, Kleid said. than expected, with the polling station during the general election on Friday REUTERS
The company’s founder Inder- members were looking at other ways US supermarket chains, restaurants, For film production companies Opposition parties’ vote share
Jeet Gujral said: “I believe this will be to reduce risk. and e-commerce retailers cope with that could be when a cast member rising significantly in key board) flats, in a move to cance for India, with PM Lee
a major opportunity because post- To help fill the void in a locked- the challenges of social distancing. contracts the virus. Another client, GRCs (group representation attract votes of the youth and having called for increased
Covid, it would be as irresponsible to down world, Lloyd’s of London With home deliveries surging, which raises livestock for restaurants, constituencies). those of ethnic minorities. economic cooperation
not buy insurance against pandemics insurer Beazley, started selling a con- firms have hired drivers to meet is covered for a scenario in which it The Workers’ Party (WP) The other theme dominat- between India and ASEAN, in
as it would be to not buy insurance tingency policy to insure organisers demand, but commercial auto liabil- would be impossible to get animal was projected to have put up ing the polls was PM Lee’s November 2019, given the
against fire.” of streamed music, cultural, and ity insurance for “gig” contractors feed. Such policies do not come a good fight, stating the need estranged brother Lee Hsien combined GDP of $5.5 trillion.
Pandemic exemptions have business events against technical with their own vehicles is hard to find. cheap. A $1 million policy could cost for a minimum national wage, Yang, who joined the new According to the Ministry
helped some insurers emerge rel- glitches. “These events are com- Marsh devised a policy based on $80,000-100,000 depending on the tightening of employment outfit Progress Singapore of Trade and Industry
atively unscathed. Some insurers pletely reliant on the technology usage with a price-by-mile insurance, terms. “The insurance ... is costly pass (EP) approvals to for- Party, founded by the former (Singapore) total bilateral trade
that paid out for event cancellations working and a failure can be finan- which can be cheaper than typical because it covers a risk that does not eigners, and abolishment of PAP stalwart Tan Cheng Bock stood at SG$26.4 billion in 2018.
and other losses have removed pan- cially crippling,” said Mark Symons, auto covers as delivering a pizza have a historical basis for calculating the ethnic quota in sale of earlier in 2019. In addition, Singapore became
demics from their coverage. contingency underwriter at Beazley. doesn’t have the same risks as driving the price,” Kleid said. HDB (housing development The outcome holds signifi- India’s largest investor in 2018.

> FROM PAGE 1

Govt mulling import manufacturing posted a year-on-year con-

traction. Buoyed by drug exports and
Tier-I capital requirements, as of March 31.
The CET-I ratio stood at 6.3 per cent and
The international students market in
the US is pegged at around $40 billion.
the credo of the Tata group and had
been the basis of the unwavering sup-
paign, particularly against me and some
of my colleagues who served with me in
curbs in key sectors orders for sanitizers and protective gear, Tier-I ratio stood at 6.5 per cent, compared Foreign students are a major source of reve- port and goodwill of its millions of Tata Sons and trustees of the Tata
pharmaceutical production saw 2.45 per to the minimum requirements of 7.375 per nue for universities, and the fees for inter- shareholders through the high and lows. Trusts,” he said.
“Raising tariffs may not be a feasible option cent growth. The capital goods segment, cent and 8.875 per cent, respectively. national students are often twice that for Both the Tata group and Mistry are Tata said the Mistry had also referred
because higher prices will hurt manufac- which denotes investment in industry, As of March 31, the bank’s capital ade- domestic ones. On an average, Indian stu- locked in a three-year dispute over the to the allegedly "value destroying invest-
turers and exporters who rely on raw mate- contracted by 64.3 per cent after falling quacy ratio — under the Basel-III Capital dents pay ~30-40 lakh to study in the US, rights of minority shareholders, includ- ment transactions that took place dur-
rial imports and are facing a liquidity crisis. over 90 per cent in April. With this, pro- Regulations — stood at 8.5 per cent on a Jain said. ing board representation. ing his tenure. Such comments to selec-
Besides, there are items on the ceilings duction in the category saw its sixteenth stand-alone basis. Among foreign students, Chinese and The Mistry family owns 18.5 per cent tively question past business decisions,
bound by the World Trade Organization, consecutive monthly decline. On March 13, the Centre gave its nod to Indians form the bulk of the crowd. in Tata Sons, the holding company of the with the benefit of hindsight vision,
and duties cannot be hiked further,” said a Policymakers fear that as the government the bailout plan for YES Bank. Under the According to the Open Doors Report, Tata group, while the Tata Trusts, chaired show the immaturity and the short
government official. has exhausted its options of opening up same, YES Bank received around ~10,000 200,000 Indian students arrive in the US by Tata, owns 66 per cent. The rest is held sightedness with which appellants look
Inter-ministerial consultations after the even more sectors by easing foreign direct crore from eight financial institutions — every year. At MIT, Indian students by various Tata group companies. at things”.
Prime Minister’s Office directed framing investment flows, capital goods production including ~6,050 crore from SBI. account for four per cent and 10 per cent The legal dispute erupted after “It is another matter that the appel-
separate sectoral policies to secure invest- might take time to recover. Under the YES Bank Reconstruction of the undergraduate and post-graduate Mistry was removed as chairman of Tata lants while making an appraisal of com-
ment, find markets, and boost production Scheme 2020, the lender raised equity cap- programmes respectively, while at UC Sons. Apart from Tata, the Tata Trusts pany's performance during my tenure
capacities. Incentives for domestic man- Consumer demand missing ital of ~10,000 crore pursuant to allotment Berkeley, they constitute 10 per cent of the also filed its reply to the Supreme Court, …had praised the performance. For
ufacturing will be given for “champion sec- Consumer durables was a major casualty of shares to SBI and other investors. The total number of students, which is second and said it was commercial ambitions instance, at the company's annual gen-
tors”, and discussions with business stake- of the lockdown in user-based industries, bank also wrote down additional Tier-I only to China. of the Mistry family which was the crux eral meeting of shareholders in 2007,
holders to source from a broader range of recording a 68.5 per cent fall in produc- bonds amounting to ~8,415 crore. US varsities are now reaching out to for- of his petition and had nothing to do when I was chairman, Pallonji S Mistry
countries will start. tion after April’s near absolute 98 per cent eign students and offering them fee with the oppression of Tata Sons share- had congratulated me and the company
The Directorate General of Trade
Remedies has been asked to step up inves-
drop. Data from the beginning of the year
showed that production of consumer US univs may lose $20K/ waivers to retain admissions.
But that may not be enough.
holders.
Tata, who during his tenure led the
for the financial results and the growth
and performance of Tata Sons and var-
tigation into China’s alleged dumping of
products such as steel, chemicals, apparel,
durables was falling even before the
Covid-19 crisis, with March being the
foreign student... Consultants say that the fact that other
overseas education destinations like UK,
India-focused group to become a global
conglomerate, said Mistry’s allegation
ious Tata companies,” Tata said.
“I say this not to defend or self-
and low-value engineering goods. tenth month of contraction. Consumer On one hand, there is the public health risk Australia, New Zealand and Canada are of oppression and mismanagement of aggrandise my performance and con-
non-durables, which include many of taking in-person classes, and on the allowing students to stay on and attend minority shareholders was not main- tribution; nor is this honourable court,

Industrial output falls essential items, saw the narrowest con-

traction of 11.7 per cent after a near 50-
other, jittery foreign students are having
second thoughts about joining.
online classes, could work against US var-
sities. “Many could start looking at these
tainable and the grievance was only
about Mistry's removal.
in my respectful submission, the
appropriate forum to debate or analyse
for 3rd month in May per cent fall in April.
Among user-based industries, the big-
Budget projections suggest Berkeley
will take a hit of $240 to $340 million in
destinations more favourably in the next
admission session,” said Sethi.
“As per Mistry’s own case, their
(Mistry family’s) shares in Tata Sons, as
such business performance issues. I
point out the above-mentioned record
All the components of the IIP — mining, gest pick-up was witnessed in infrastruc- revenue, depending on state funding, fall Meanwhile, with final year exams at against their total investment of ~69 only to show how opportunistic and
manufacturing, and electricity — saw con- ture goods. The contraction in the seg- enrollment and other factors, the univer- Indian universities unlikely to be com- crore from 1965, are today valued above selective the appellants have been in
traction, albeit at a smaller magnitude, ment halved to 42 per cent in May, down sity told Business Standard. “Students are pleted before September, students apply- ~1 lakh crore (assuming, without in any their conduct in presenting their case,”
than the previous month. Manufacturing, from 84.7 per cent in April, driven by not willing to pay any money except for ing at overseas universities are in a fix and manner admitting, such valuation as Tata said.
which accounts for 78 per cent of the IIP, cement and steel. application fees worth $200-300 due to the have begun approaching campuses for true), it only underscores the incredible Tata said the case of quasi-partner-
saw output fall 39.3 per cent in May, after a Mining activity also fell by 21 per cent, uncertainty. I won’t be surprised if students delayed joining dates. irony of their case that they are ship set up by the Mistry family was self-
massive 67.1 per cent drop in the previous after April’s 27 per cent fall. Meanwhile, change their study destinations,” Sethi of Countries like the UK have stolen a oppressed,” Tata said in his filing. serving, and an afterthought, not clearly
month. Inherent stress in the sector had electricity generation continued to see a ESS Global added. march over US universities in this regard Tata said serious allegations were pleaded and was neither factually, not
become visible since March, when output lower decline at 15 per cent, down from “There could be an immediate cost too. “Admissions have been deferred by made particularly against him, which legally correct in the context of the case.
had fallen by 22.4 per cent. the already modest 22 per cent fall in impact of ~15 lakh on US varsities. It is logis- many UK campuses till the first week of ranged from ridiculing his attempt to “The thrust of the cross-appeal is
“Quite clearly the lockdown and limited April, as domestic demand shot up. tically impossible to move such a large December, but not by US universities,” offer affordable and safe family vehicle Mistry’s claim to proportionate repre-
opening up affected production of all number of foreign students. Moreover, stu- Sethi said. Tata Nano to the people of this country, sentation on the Board of Tata Sons
industries. Different state rules on transport
YES Bank sets floor dents will want to transfer to those univer- to even linking him and his colleague as based on principles of quasi-partner-
and labour further exacerbated the situ-
ation. While non-essential goods were per- price of ~12 a share...
sities which are offering blended and
hybrid classes, or those that are opening Commercial ambition “global terrorists" – an allegation which
the NCLT found “abominably baseless”
ship. However, it was not part of their
original company petition. The Mistry’s
mitted for production, challenges remained
in logistics and labour,” said Madan According to the FPO prospectus, YES
campuses,” said Sumeet Jain, co-founder
and higher education expert at Yocket, one
sole motive of Mistry... and “scurrilous”.
“ln all this, Mistry, on the strength of
case on quasi-partnership has been an
after-thought, introduced through
Sabnavis, chief economist at CARE Ratings. Bank had failed to comply with the mini- of the largest networks for study abroad He said it was important to understand accusations and half-truths, exhibited a written notes and in course of oral argu-
All but one of the 23 sub-sectors within mum Common Equity Tier-I (CET-1) and aspirants. and preserve this aspect, which defined limitless capacity to run a smear cam- ments,” Tata said.
.
NEW DELHI | 11 JULY 2020 OFFBEAT 13 <

PHOTO: REUTERS

CHESS #1408
By DEVANGSHU DATTA

M
agnus Carlsen won the
Chessable by beating
Anish Giri in the
Finals. This was the third event
of the Carlsen tour and the
world champion has won two of
them. It wasn’t a walkover beca-
use Giri had his chances but
Carlsen won comfortably. Inci-
dentally Giri and Carlsen have a
hilarious long-running banter
session on Twitter, which often ler and Natasha Regan, has just
leads to several other top players won the Averbakh-Boleslavsky
joining in on the fun. Award as the best book of 2019.
In the women’s speed cham- It’s a brilliant book about the
pionship, Vaishali made the DeepMind program that stun-
quarters in the second leg, beat- ned the chess world and set new
ing Anna Muzychuk along the standards. Alphazero sparked
way, before she lost to Valentina off LeelaChess, which was a
Gunina. Koneru Humpy and collaborative effort at develop-
Harika made the quarters in the ing a similar self-learning
third leg, before losing to engine that works on Monte
Alexandra Kosteniuk and Hou Carlo principles. Leela in turn
Yifan respectively. This is a inspired Fat Fritz, which tries to
format that suits Vaishali but it combine self-learning with
was Humpy’s first online event some guidance.
post-pandemic so she may have The Diagram, White to
had adjustment issues. Play (White: Leela Vs Black
The Indian online Olympiad Stockfish, Game 65, TCEC
team is Viswanathan Anand, Superfinals 2020) is an exam-
Vidit Gujrathi, Humpy, Harika, ple of Leela’s creativity. White
Nihal Sarin and Divya Desh- played the amazing 21. Qxb4!!
mukh. However, there was a Bxb4 22. axb4 f5 23. Nf6+ Kh8
controversy brewing around 24. Rxd4 Rc7 25. Red1 Re7.
this with GM R B Ramesh resig- White is a queen down but

RAIN COVERS OUT FOR

ning as chief selector from the with an unshakeable bind.
three-person selection comm- Leela won after 26. b5 b6 27.
ittee as the All India Chess Kh2 Rb7 28. Ng5 Qc8 29. R1d2
Federation’s power struggle Rc7 30. Rd6 Rb7 31. R2d4 Rc7
spilled into the playing arena. 32. Rd1 Rb7 33. R6d4 Rc7 34. f4

THE CRICKET BUSINESS

The last election of the AICF Rb7 35. Nxe6! Rxe6 36. Nxd7
didn’t happen and there are two Kg8 37. Nf6+ Kf7 38. Rd8 Qc5
factions claiming to run the fed- 39. Nxh7 Re8 40. e6+ Rxe6 41.
eration. Ramesh is the first pro- Ng5+ Kf6 42. Rf8+ Qxf8 43.
minent name caught in the cros- Bxf8 Rc7 44. Rd4 Rb7 45. Kg3
] Players in action on Day 1 sfire going on for months. He’s Rc7 46. Rd3 Rb7 47. Kh4 Rc7
The pitch is alive again after a four-month lull but dark clouds hang of the first Test match
between England and the
probably India’s best-known
coach since his Gurukul
48. Kg3 Rc4 49. Rd7 Re3+ 50.
Kf2 Rxf4+ 51. Kxe3 Ra4 52.
over revenues, says Ashis Ray West Indies in Southampton Academy trains almost all the Be7+ Ke5 53. Kf3 (1-0).
prominent Chennai youngsters.
Game Changer, the defini-

T
hat resonance of willow rasping- two teams are designated different floors, cricket’s cannons to fire — a World Test Roberts was quoted as remarking to Devangshu Datta is an
ly striking leather. That sonorous with no intermingling at any time. Indeed, Championship (WTC) was inaugurated last reporters: “We might not generate financial tive description of the Alpha- internationally rated chess
clatter of spread-eagled stumps. they have been quarantined in this manner year, with an envisioned knockout final at returns from that event (WT20) that are as zero algorithm by Matthew Sad- and correspondence chess player
The sound of international crick- for weeks before battle uncoiled in the middle. Lord’s between the top two participants significant as the international cricket season
et, music to the ears of hundreds There’s social distancing between the squads emerging out of a league. (Tests with India).” This is because Indian
of millions in the Commonwealth, especial- on the field as well; and no saliva is permitted
ly India, is back after a 128-day hiatus. to be applied on the ball to shine it.
At the same time, the current series and
the one to unfold between England and
media disburse the handsomest licence fees.
There is even the unenviable possibility of THE BS CROSSWORD #3325
Not since a Test between India and New Test cricket, meant to be an even contest Pakistan are experiments that need to suc- the Test matches being played at a solitary
Zealand concluded at Christchurch on between bat and ball as prescribed by its ceed. Any serious outbreak of infection aris- venue to save CA’s bacon. Australian fast
March 2 had a ball been hit with passion and founders and a complete examination of a ing from these might deter continuation of bowler Josh Hazlewood suggested the choice
purpose at the highest level. Such has been player’s prowess, has faced an existential the championship elsewhere, including should then be the Adelaide Oval, which in
the pulverising impact of Covid-19. On threat, with the irresistible rise of first the India, who host England in January-March his view has probably “been the best cricket
Wednesday, though, the gentleman’s game one-day format and then the lowest com- 2021. A spokesman for ICC said a decision on wicket in the last four or five years” in
resumed in bio-secure, crowd-less conditions mon denominator of Twenty20. After the future of the WTC will be taken “when Australia. If India don’t visit, CA would sus-
at Ageas Bowl, Southampton, with England decades of wrangling within the there is a greater understanding of the impact tain a hit of $200 million.
hosting the West Indies in the first of three International Cricket Council (ICC) and with of the cricket that has been lost”. Roberts added, “But what we do know is
matches in the classical five-day format. TV rights holders — who provide fodder for that the bigger returns from the broadcast
The English cricket season com-
mences in April with a systematic pro- T he amateurishly managed Board of
Control for Cricket in India (BCCI),
rights around the event that are generated by
the ICC are very important to all of our coun-
gramme of first-class and limited-overs
competitions between counties before
ON THE BACK FOOT though, are more concerned about their
cash-cow, the T20 Indian Premier
terparts around the cricket world. So it’s
incumbent on us to do everything possible to
international fixtures get underway in Previous Projection League, falling through, leaving a $530 stage and host the T20 World Cup.” India in
May or June. This timeless tradition Entity position for 2020-21 million black hole in its books. Arguably, fact enjoys a lion’s share of allocation of
was rudely interrupted. The England with India presently topping the WTC income from ICC tournaments as compared
and Wales Cricket Board (ECB) faced a
GLOBAL $1.92 bn Much lower table, the ambition to be undisputed to other stakeholder boards.
loss of £380 million if the summer’s CRICKET revenue in 2019 champions of cricket should take prece- The commerce of cricket is TV and spon-
schedule was wholly erased by the coro- ICC $392.66 mn Much lower if T20WC dence over filling the BCCI’s coffers. sorship driven. But ghost-like stands repel
navirus. Even if the revised interna- However, if cases and deaths from the rather than attract audiences. It is action
tional segment — which includes a tour
surplus in 2019 is not held in FY virus continue to escalate — which without atmosphere. Besides, the froth on
by Pakistan — is staged and revenue ICC $471 mn contribution Minimal if T20WC Massachusetts Institute of Technology the business model is gate receipts, food and
from licensing of television rights is to global pot (BCCI is not held in FY has recently warned could happen in drinks, books and merchandise sales at
duly derived, the ECB would still be the absence of a silver bullet vaccine — grounds, particularly in England, Australia
share = 28.3%) in 2019
burdened with a £100-million deficit. reigniting cricket in India could become and South Africa. Mitchell Starc, the left-arm
Tom Harrison, the body’s chief execu- BCCI* $614 mn revenue Nil if event is not an unsafe proposition. Aussie speed merchant, feared the restric- Across: 6 Not the most energetic member
tive, told the media: “It is the most sig- from IPL 2019 held in FY Cricket Australia (CA), on the other tions imposed on conducting matches ren- 1 The circumspection of an aviary of the skeleton staff ? (9)
nificant financial challenge cricket has hand, would financially benefit more der cricket boring. bird? (8) 7 Improvised to add Bible
ever faced.” CA $12.75 mn Loss from Tests at home with India in To adjust to the harsh new reality, the 5 Purifies but doesn't contain fats interpretation (8)
Other than Ageas Bowl, only Old profit in 2018-19 December-January than holding the UK’s Daily Telegraph visualised cricket ? (6) 8 With no heavenly bodies in the
Trafford, Manchester will witness the ICC Twenty20 World Cup in October- boards prioritising lucrative series and reduc- 9 High field put under cultivation cast! (8)
Tests with the West Indies. These are ven- ECB $8.16 mn Loss November. CA will be denied hundreds ing loss-making ones, cricketers being forced (8) 11 Dramatist craftily omitting
ues with hotels incorporated in their profit in 2019-20 of millions of dollars if Virat Kohli and to take pay cuts and Tests being shortened 10 The first character will laze introduction (4)
infrastructure, thereby providing the iso- * The last annual report posted on the BCCI website pertains to his band are unable to venture Down from five to four days. These could well around a plant (6) 15 Raw nut cracked and came
lation Covid-19 precaution demands. The FY16-17, which shows a profit of $70.2 mn Under. Their chief executive Kevin become compulsions in a post-Covid world. 12 When Frank Bruno has to work down in buckets (9)
during festive season (6,3) 17 One day there'll be openings
13 Confusing talk of Lincoln for naval vessels (8)
coming in a pound up (5) 18 In which one thing follows
14 Footwear, possibly well-used another (8)
(4) 20 It's new as a big apple (4)

On the road with a bounce 16 Keen say, to become statesmen

(7)
19 Never rising to attempt critical
stage of space flight (2-5)
21 Perennial grass you see
allegedly during the holiday (7)
22 Architectural ornament one put
in last (6)
21 Unable to move quickly (4) 23 After leading uprising Georgia
With hip-hop as touches. The large, three-
pointed star on the front grill,
are visibly different from the
ones you see in Merc SUVs
and sink into the soft, cushy ride
that floats along the road like a
24 Cheese made with some French also in African republic (6)
backing in Goa (5) 26 What she feels around
the inspiration, multi-beam new headlamps,
oversized 20-inch tires and a tall
assembled in Chakan, Pune.
The GLE 400d gets a slim,
mattress on wheels — a perfect
car for long drives, family trips
25 About a quarter feel nettled morning time ? (5)
the Mercedes- stance give you that I’m- stylish dash trim in wood and and expeditions. MERCEDES-BENZ GLE 400D without one making a stand (9)
27 Sonnet botched in woodwork
Solution on Monday
Benz GLE 400d is looking-down-at-all-the-cars-
around-me feeling.
chrome that is more tuxedo
than cowboy.
About the SUV’s hip-hop tag.
It’s actually a function designed
Engine: 3 litre
Power: 330 hp
joints (6)
28 The length of time around it SOLUTION #3324
an SUV with Inside the leather-wrapped
GLE, which comes only
The rear seating is spacious
with ample legroom,
for getting drivers out of sticky
situations — slush, sand and
Torque: 700 Nm varies (8)
29 No epithet for a slow-coach (6)
some cool in diesel in India, the The SUV and has full such — when off-roading. It’s Transmission: 9G-Tronic
Top speed: 250 kmph
30 Claim ale could have been spilt
exemplifies
moves, writes large touchscreen
infotainment and what the
functionality for
reclining and air
not exactly the easiest feature to
use, which is a good thing Price: ~1.25 crore onwards
on the flower (8)

Pavan Lall trackpad-operated

instrument clusters
automaker is conditioning. And if
best known for: you get bored looking
because God forbid you have
hot coffee or, worse, a baby
(ex-showroom) Down:
1 Looking well fed following the
greet you. The seats are innovative at the road, punch a in the car in the event that fish (6)
temperature engineering button and the you accidentally press the 2 Many stars so careless in a gay
controlled and come sunroof will slide “bounce” button. environment! (6)
with massage features. The car open, allowing for a little blue- Firstly, the car has to be 3 A serious matter obviously is
is equipped with premium sky dreaming. in motion and going no this (2,3)
4 Rev high (5,2)
A n SUV that dances? What
were the engineers at
Mercedes-Benz thinking when
Burmester sound speakers and
offers plenty of compartment
space for coins, dark glasses,
Once in motion, the GLE
400d picks up speed
effortlessly, and in a few
faster than 15 kmph. And
then you have to activate the
drive system through the
they conjured up the GLE 400d
and infused it with hydraulics
wallets, chargers and, yes,
masks and sanitizers too. The
seconds I am reminded that I
have exceeded the preset
drive mode to get the
“bounce” going. BS SUDOKU # 3100
that enable the driver to get the gearshift control and dashboard 120-km limit. So I slow down Once started, the 48-volt
whole vehicle to “bounce” as its active suspension system lifts Medium:  HOW TO PLAY
front and rear wheels move up and lowers the suspension torque, which is needed in a car Solution on Monday Fill in the grid so that every row,
and down in syncopation? struts individually — what the that weighs over 3,000 kg. every column and every 3x3 box
Turns out that even though company calls Active Body While this hip-hop edition is contains the digits 1 to 9
the GLE 400d Long Wheelbase Control. While it feels a little like unlikely to drive Merc’s market SOLUTION TO # 3099
is called the “Hip Hop SUV” as an aircraft experiencing mild share, given its price and
an ode to rappers who cruise turbulence, the moves attract limited units, the SUV
around in rigs that bob up and quite an attention. A guy at the exemplifies what the German
down, the underlying reason for tollway asked me to keep doing automaker is best known for:
the feature is function not form. it as he started a little jig. innovative engineering and,
Made as a CBU (completely Beyond the nifty party trick, in this particular case, putting
built-up unit) in Arizona, USA, the GLE is powered by a six- a smile on the face. That’s
the GLE 400d is styled like most cylinder generator that churns priceless, especially in
Merc SUVs but with nifty new out over 300 hp and 700 Nm of these times.
14
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NEW DELHI | 11 JULY 2020 1
>
NEW DELHI | 11 JULY 2020 15
ANNAPURNA FINANCE PRIVATE LIMITED
CIN: U65999OR1986PTC015931
Regd Office: At- 1215/1401, Khandagiri Bari, Infront of Jayadev Vatika, Khandagiri, Bhubaneswar- 751030, Odisha
Annual Audited Financial Results, As on 31st March 2020
Regulation 52 (8), read with Regulation 52 (4), of the SEBI (LODR) Regulations, 2015
(Amount in Rs. lakhs)

Sl. Particulars Current year ended Previous year ended

31st March 2020 31st March 2019
1 Total Income from Operations 77,550.00 51,047.00
Net Profit / (Loss) for the period (before Tax, Exceptional 9,991.00 9,445.00
2
and/ or Extraordinary items#)

3 Net Profit / (Loss) for the period before tax (after Exceptional 9,991.00 9,445.00
and/or Extraordinary items#)

4 Net Profit / (Loss) for the period after tax (after Exceptional 8,289.00 6,250.00
and/or Extraordinary items#)
Total Comprehensive Income for the period [Comprising Profit / 14,449.00 7,796.00
5 (Loss) for the period (after tax) and Other Comprehensive
Income (after tax)]
6 Paid up Equality Share Capital 6,870.00 6,870.00
7 Reserves (excluding Revaluation Reserve) 62,833.00 49,534.00
8 Net worth 69,703.00 56,403.00
9 Paid up Debt Capital/ Oustandding Debt 390,737.00 274,682.00
10 Outstanding Redeemable Preference shares* 300.00 300.00
11 Debt Equality Ratio* 5.61 4.87
NPA Management Group, 12
Earing Per Share( of Rs.----/-each) (for continuing
1st Floor, Videocon Tower, E-1, Jhandewalan Extension, New Delhi-110055, and discontinued operations)-
1. Basic: 12.07 11.69
CIN: L65190MH2004GOI148838 Ph. 011-66083101, 011 66083108, 9781332901 10.96 10.39
2. Diluted:
PUBLIC NOTICE FOR SALE OF MOVABLE ASSETS THROUGH E-AUCTION
Sale of Plant and Machinery-Solvent Extraction Plant hypothecated for securing the facility of Note -The above is an extract of the detailed format of annual financial results filed with the Stock
M/s. The Rajasthan Industrial Gases Ltd. Exchanges under Regulation 52 of the SEBI (Listing and Other Disclosure Requirements) Regulations,
The undersigned being the Authorized Officer (AO) of the IDBI Bank Ltd. (IDBI) invites Bids/Offers in sealed covers for sale of the 2015. The full format of the annual financial results are available on the websites of the Stock
following Secured Asset through E-Auction, under the provisions of the Securitization and Reconstruction of Financial Assets and Exchange(s) and the Company
Enforcement of Security Interest Act, 2002 read with the Security Interest (Enforcement) Rules, 2002, possession whereof has been .
For Annapurna Finance Private Limited
taken by the AO, IDBI Bank Ltd on August 22, 2019. Place : Bhubaneswar Sd/-
Name of the Borrower: M/s. The Rajasthan Industrial Gases Ltd Date: 09.07.2020 Dibyajyoti Pattanaik
The dues of IDBI Bank Ltd. outstanding as on 01.07.2020 stand at Rs. 4,44,60,793/- plus interest thereon w.e.f. 01.07.2020. Director
Details of the Secured Assets offered for Sale Reserve Price EMD
Plant and Machinery (Solvent Extraction Plant of continuous working process having 200/250 TPD (Rs. In lakh)
capacity-one complete sealed unit), Haxone Tank of 250 KL, Cooling Tower with pump house having
Electric Motor, Main Electric Control Panel, Fire Fighting Equipment situated at SP-188, RIICO Industrial 114 11.50
Area, Jaitpura, Jaipur-303704
Date of Inspection Last Date of submission of EMD and Bid Documents Date of Auction
31.07.2020 (11:30 am to 2:30 pm) 04.08.2020 till 05:30 pm 07.08.2020 at 11:00 am
5.
1. The sale of Secured Assets is on “as is where is basis”, “as is what is basis”, “whatever there is basis” and “no recourse basis” for
and on behalf of the Secured Creditors viz.: IDBI Bank Ltd.
2. The aforesaid secured asset shall not be sold below the reserve price mentioned above.
3. The sale shall take place on the expiry of fifteen days from the date of publication of this notice.
4. The Earnest Money Deposit – (EMD) has to be deposited for qualifying for the bid through DD/PO drawn in favour of IDBI Bank Ltd. or
through NEFT/RTGS in favour of IDBI Bank Limited, Account No. 41337000010052, IFSC Code: IBKL0000413, Branch : Padam Singh
Road, Karol Bagh, New Delhi.
5. The Earnest Money Deposit – (EMD) will not carry interest. AO may retain EMD of top three bidder's upto 3 months from the date of
opening of the bids.
6. The AO may permit inter-se bidding among the top three bidders.
7. The successful bidder will be required to deposit 25% of the sale price (less the amount of EMD deposited) at the time of confirmation of
sale. The balance amount of the sale price is to be paid within 30 days of the confirmation of the sale or such extended period as may be
agreed to by the AO. In case of failure to deposit the balance amount within the prescribed period, the deposited amount shall be forfeited,
including earnest money.
8. AO reserves the right to accept or reject any or all bids without assigning any reason(s). In case all the bids are rejected, the AO reserves
the right to sell the assets by any of the modes as prescribed in the SARFAESI Act.
9. The Secured Assets mentioned in the Bid Document are based on the charges/mortgages created by the Mortgagor/ Borrower in favour of
Secured Creditors, the details whereof are given in the bid document. Interested parties are requested to verify the details of the Secured
Assets and inspect the records relating to mortgaged assets available with AO on request.
10. Secured creditors do not take responsibility for any errors/omissions/discrepancy/ shortfall etc in the secured Assets or for procuring any
permissions etc or for the dues of any authority established by law.
11. The Secured Assets are being sold free from charges and encumbrances of Secured Creditors only.
12. The successful bidder would be required to bear all the necessary expenses like stamp duty, registration, expenses, tax liabilities, if any etc
for transfer of secured asset.
13. The Bid Document can be obtained by Shri Sanjeev Kumar Sirwalia, Authorised Officer, IDBI Bank Ltd., 1st Floor, Videocon Tower, E-1
Jhandewalan Extension, New Delhi-110055, (T)+91 11 66083108, (email) [email protected] free of charge and can also be
downloaded from www.idbibank.com
14. Interested parties may contact undersigned on Ph: 011-66083101, 9818978762 (e-mail) [email protected] and 011-66083108,
9781332901 (email) [email protected].
STATUTORY 15 DAYS NOTICE UNDER RULE 9(1) OF THE SARFAESI ACT
The Borrower / Guarantors are hereby notified to pay the sum as mentioned above along with upto date interest and ancillary/legal expenses
before auction, failing which the property will be auctioned/sold and the balance dues if any will be recovered with interest and cost.
Sd/-
Place: New Delhi Authorised Officer
Date: 10.07.2020 IDBI Bank Ltd.

M.P. STATE COOPERATIVE DAIRY FEDERATION LTD.

Dugdha Bhavan, Habibganj, Bhopal - 462 024 (M.P.)
Telephone No. : 0755 2602145 ; Fax No. : 0755 2583149
e-mail : [email protected], website : www.mpcdf.gov.in
E-TENDER NOTICE
MP State Cooperative Dairy Federation Ltd. (MPCDF), Dugdha Bhavan, Habibganj, Bhopal,
an apex cooperative organization in Madhya Pradesh, invites tender from reputed
manufacturers/ suppliers for supply of Quality Control Lab Equipment i.e. Sodium Potassium
analyser (Flamo photometer) for testing of Milk and Milk Products strictly adhering to the terms
and conditions prescribed in the tender document.
The cost of tender document is Rs. 500/- (Rs. Five hundred only).
The tender document can be obtained from the site of MP e-portal www.mptenders.gov.in on
remitting online payment of the cost. The details relating to the tender can also be referred at
MPCDF website www.mpcdf.gov.in.
Key Information
Lab equipments EMD required Last date and Last date Date, time & Date of
Rs. as per Lab time of and time of place of opening of
equipments purchase of bid sub- opening Financial
tender form mission technical bid bid
Sodium Potassium 50000/- 21.07.2020 21.07.2020 22.07.2020 24.07.2020
Analyzer 2:30 PM 3:00 PM 03:00 PM 03:00 PM at
(Flamo photometer) at MPCDF Bhopal MPCDF Bhopal
M.P. Madhyam/97883/2020 MANAGING DIRECTOR

CAPRI GLOBAL CAPITAL LIMITED

Registered & Corporate Office:- 502, Tower-A, Peninsula Business Park, Senapati Bapat Marg, Lower Parel, Mumbai-400013
Circle Office :- Capri Global Capital Limited 2nd Floor ,3B Pusa Road Rajendra Place, New Delhi-110005
DEMAND NOTICE
Under Section 13(2) of the Securitisation And Reconstruction of Financial Assets And Enforcement Of Security Interest Act,
2002 read with Rule 3 (1) of the Security Interest (Enforcement) Rules, 2002. The undersigned is the Authorised Officer of
Capri Global Capital Limited .(CGCL) under Securitisation And Reconstruction Of Financial Assets And Enforcement of Security
Interest Act, 2002 (the said Act). In exercise of powers conferred under Section 13(12) of the said Act read with Rule 3 of the
Security Interest (Enforcement) Rules, 2002, the Authorised Officer has issued Demand Notices under section 13(2) of the said
Act, calling upon the following Borrower(s) (the “said Borrower(s)”), to repay the amounts mentioned in the respective Demand
Notice(s) issued to them that are also given below. In connection with above, Notice is hereby given, once again, to the said
Borrower(s) to pay to CGCL, within 60 days from the publication of this Notice, the amounts indicated herein below, together
with further applicable interest from the date(s) mentioned below till the date of payment and/or realization, payable under the
loan agreement read with other documents/writings, if any, executed by the said Borrower(s). As security for due repayment of
the loan, the following assets have been mortgaged to CGCL by the said Borrower(s) respectively.
S.N. Name of the Borrower(s)/ Demand Notice Description of secured asset
Guarantor(s) Date and Amount (immovable property)
1. (Loan Account No. 07-05-2020 All that piece and parcel of Commercial Plot No. S-446,
LNCGCJPRTL0000006055 of our Rs. SEZ, (Settlement) Scheme Kalwada, Block-G, area
Jaipur Branch) 1,01,79,794/- admeasuring 800 Sq, Mtrs., Jaipur, Rajasthan-302029
SHRIMATI RUKMANI DEVI ALONGWITH CONSTRUCTION THEREON PRESENT AND
MEMORIAL HOSPITAL (Borrower) FUTURE BOTH
Lokesh Sharma, Mrs. Anita Devi,
Mr. Vikas Sharma, Mr. Raju Lal
Sharma (Co-Borrower)
2. (Loan Account No. 07-05-2020 All that piece and parcel of Commercial Plot No. 13-B, area
LNMEJOD000032914, Rs. admeasuring 133 sq. Yds., Khasra Nos. 1735/1, 1737/1,
LNMEJOD000021671, 65,84,389/- 1719/4, 1719 and 1736, Gram Mandore, Tehsil and District
LNMEJOD000021005 of our Jodhpur, Rajasthan-342304 ALONGWITH CONSTRUCTION
Jodhpur Branch) THEREON PRESENT AND FUTURE BOTH. Boundaries as
Under East : 20 Ft Road West : Other Property North :
LALITA CHOUHAN (Borrower)
Plot No. 16 South : PLot No. 8
Dungar Singh Chouhan All that piece and parcel of Plot No. 760/16, Khasra Nos.
(Co-Borrower) 1738, Gram Mandore, Tehsil and District Jodhpur,
Rajasthan-342304 ALONGWITH CONSTRUCTION
THEREON PRESENT AND FUTURE BOTH. Boundaries as
Under East : 90 Ft Main Road West : Gali North : Other
Property South : Road
If the said Borrowers shall fail to make payment to CGCL as aforesaid, CGCL shall proceed against the above secured assets
under Section 13(4) of the Act and the applicable Rules, entirely at the risks of the said Borrowers as to the costs and
consequences. The said Borrowers are prohibited under the Act from transferring the aforesaid assets, whether by way of sale,
leaseor otherwise without the prior written consent of CGCL. Any person who contravenes or abets contravention of the
provisions of the said Actor Rules made the reunder, shallbe liable for imprisonment and/or penalty as provided under the Act.
Place :- Jaipur & Jodhpur Date :- 11.07.2020 Sd/- (Authorised Officer) For Capri Global Capital Limited
16
>
NEW DELHI | 11 JULY 2020 1

At $68 bn, Ambani is now

richer than Warren Buffett
BLOOMBERG
10 July
RIL CHAIRMAN BECAME THE 8TH RICHEST AFTER Franklin Templeton Mutual Fund
Indiabulls Finance Center, Tower 2, 12th and 13th Floor, Senapati Bapat Marg,
BERKSHIRE CEO GAVE AWAY $2.9 BN TO CHARITY Elphinstone Road (West), Mumbai 400013

M
ukesh Ambani has had a
rollercoaster 2020, cutting Payment under segregated portfolio
a string of deals for his dig-
Principal and Interest payment was received from Vodafone Idea Ltd for 8.25% Vodafone Idea Ltd 10-JUL-20 (ISIN
ital business, undergoing wild
INE713G08046) on July 10, 2020. This amount (subject to deduction of operating expenses as per Note 1) shall be
swings in his wealth and having his
distributed to the investors in proportion to their holdings in the plans of the segregated portfolio. Amount available for
brother’s finances laid bare for the
distribution is as follows:
world to see.
Now he can add another chapter Segregated Portfolio 1 (8.25% Vodafone Idea Ltd 10JUL20)
— eclipsing the fortune of
Warren Buffett. Name of the Scheme Gross amount available for
The chairman of Reliance distribution (INR) (Note 1)
Industries is now worth $68.3 billion, Franklin India Ultra Short Bond Fund (No. of segregated portfolios - 1) 8,040,566,850
surpassing Buffett’s $67.9 billion as of
Franklin India Low Duration Fund (No. of segregated portfolios - 2) 1,982,467,672
Thursday, according to the Bloomberg
Billionaires Index. Shares of Ambani’s Franklin India Short Term Income Plan (No. of segregated portfolios - 3) 8,55,379,453
conglomerate have more than dou-
bled since a low in March as its digital Franklin India Credit Risk Fund (No. of segregated portfolios - 3) 221,392,329
unit got more than $15 billion in Franklin India Dynamic Accrual Fund (No. of segregated portfolios - 3) 956,012,329
investments from companies includ-
ing Facebook and Silver Lake. This Franklin India Income Opportunities Fund (No. of segregated portfolios - 2) 472,974,521
week BP Plc paid $1 billion for a stake Note 1: The Gross amount represents the full value of principal and the interest for the period June 12, 2020 to July 9,
in Reliance’s fuel-retail business. 2020. The Gross amount available for distribution shall be subject to the deduction of operating expenses as permissible
While Mukesh Ambani’s wealth has jumped — he is the only Asian tycoon among
While Ambani’s wealth has under SEBI Regulations and the Net amount shall then be distributed to the unitholders.
the world’s 10 richest people — Buffett has slipped down the rankings after
jumped — he became the only Asian
donating over $37 billion of Berkshire stock since 2006
tycoon in the exclusive club of the The Record Date for the units held in demat mode will be July 17, 2020 (Friday). If the Record Date falls on a non-Business
world’s top 10 richest people last Day, the immediately following Business Day shall be the Record Date. For units held in physical/ Statement of Account
month — Buffett’s fortune dropped mode the holding as on July 10, 2020 shall be considered for processing these transactions. All the Unitholders / Beneficial
this week after he gave away $2.9 bil- WEALTH RUN TOP 10 BILLIONAIRES (in $ bn) Owners of the segregated portfolio of the scheme under various Plans/options whose names appear in the records of
lion to charity. The 89-year-old, (in $ bn) Registrar / Depositories as on the relevant date shall be entitled to receive recovery proceeds.
known as the Oracle of Omaha, has
Rank Name Net worth Chg YTD
This is the full and final payment and the payout shall be processed by extinguishing all outstanding units in the plans of the
slipped down the rankings after 1 Jeff Bezos 188.5 73.6 said segregated portfolio of respective schemes. The payout shall be subject to compliance with applicable regulations and
donating more than $37 billion of
Berkshire Hathaway stock since 2 Bill Gates 114.9 1.8 tax deducted at source i.e. TDS, as applicable.
2006. Berkshire Hathaway’s stock 3 Bernard Arnault 92.8 -12.5 For Franklin Templeton Asset Management (India) Pvt. Ltd.
performance has also under- (Investment Manager of Franklin Templeton Mutual Fund)
whelmed recently. 4 Mark Zuckerberg 92.7 14.3
Ambani, 63, is now the eighth 5 Steve Ballmer 77.0 18.8 Sd/-
richest person on the planet, and Sanjay Sapre
Buffett is ninth, according to the 6 Larry Page 71.7 7.1
President
index, which started in 2012. 7 Sergey Brin 69.5 6.8
Thanks to Ambani’s deals, India Date: July 10, 2020
has emerged as a hot-spot for M&A 8 Mukesh Ambani 68.3 9.6
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
this year, accounting for more than 9 Warren Buffett 67.9 -21.4
12 per cent of those announced in
Asia Pacific — the highest ratio since 10 Larry Ellison 65.8 7.1
at least 1998. Source: Bloomberg Source: Bloomberg ( RICH)

Lockdown in Pune from July 13 to 23

In a bid to stem the spread of The lockdown will come into 978. The lockdown period will
Covid-19, a 10-day lockdown force from midnight of July 13 be stricter, wherein only milk
will be imposed in Pune, neigh- and end on July 23, he said. The shops, pharmacies and clinics
bouring Pimpri-Chinchwad district reported a record spike will be allowed to operate.
and a few other parts of the dis- of 1,803 new Covid-19 cases on Emergency services have been
trict starting July 13, a senior Thursday that pushed the tally excluded from the lockdown.
official said on Friday. to 34,399, while the toll rose to PTI