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Coronavirus: Tata Steel starts placing orders in markets other than China

Tata Steel, which has been sourcing consumables from China,


has started placing orders for materials in alternative markets
in the wake of coronavirus outbreak in the neighbouring
country, a top official said. The company has already
undertaken a risk assessment, Tata Steel managing director
and chief executive officer T V Narendran said. "There are few
consumables we source from China. We
have already carried out a risk assessment and are
comfortable till April. Our operations have not been affected,"
he said on the sidelines of CII's annual regional meeting.
MONEY 17 THE FREE PRESSJOURNAL
MUMBAI | MONDAY | MARCH 9, 2020

BIZ BUZZ Post the IL&FS, Essel group, and other failures, experts were hoping it was over, but...
Gulf stock markets
Is the worst over yet? No
‘Markets to remain under pressure
amid YES Bank crisis, coronavirus’
NEW DELHI: Markets are likely to remain under pressure in
the holiday-shortened week ahead with investors tracking the
plunge as oil cut
deal fails, Aramco
Yes Bank crisis and the coronavirus outbreak which have cast
a shadow over trading sentiment, analysts said. Equity JESCILIA KARAYAMPARAMBIL posits did not match that requirement.
markets would remain closed on Tuesday for 'Holi'. Several Mumbai The gross non-performing assets in-
key macroeconomic data announcements are also scheduled creased from 0.31 per cent of gross ad-
during the week. Industrial production and retail inflation rate
will be released on Thursday and WPI inflation on Friday.

ArcelorMittal fears sales, profitability


Every time a bank or any other finan-
cial institution falls apart in India, the
experts say the worst is over. But with
the reports of YES Bank pouring in,
vances as of March 2014, to 7.39 per
cent at the end of September 2019. As of
the September 2019 ended quarter, the
net NPA ratio of the bank stood at 4.35
below offer price
the question is back: Is the worst over? percent.
getting impacted in 2020 on virus To this, experts now respond by saying With State Bank of India coming for-
NEW DELHI: A mid deepening coronavirus crisis across the the worst is still in the making. ward and agreeing to invest Rs 2,450
world, global steel giant ArcelorMittal has expressed Without mincing words, Harsh crore immediately, the revival looks
apprehensions of its sales and profitability getting impacted
in 2020 in case the virus spreads widely through Europe,
Roongta, a financial adviser and for-
mer banker, said, “We are hoping this YES owes �662 cr possible, stated an expert familiar. “As
SBI is a state-run bank, the govern-
particularly in Italy. The Luxembourg-headquartered company
is the world's largest steel producer with steel-making op-
is the last (fiasco) one in the financial
industry. But not the last firm to go bel- to Indiabulls ment will back it with the capital and
SBI can invest in YES Bank without
erations in 18 countries on four continents, including 46 ly up.” NEW DELHI: Indiabulls Housing Finance any fear. This investment by SBI will be
integrated and mini-mill steel-making facilities. Post the IL&FS, Essel group, and oth- on Sunday said Yes Bank owes Rs 662 a profitable investment.” It is expected
er failures, experts were hoping the crore in the form of bonds to the company that after three years, SBI can either
Govt to restructure SFIO; increase worst was over, but now there are talks
that it is too early to comment.
and it has no term loans outstanding from
the lender.
keep the stakes or sell the stakes of
YES Bank. As per the revival plan, SBI
manpower to 350 at probe agency Madan Sabnavis, Chief Economist, "We wish to inform that Yes Bank owes will pick up 49 per cent stake.
NEW DELHI: The government is set to more than double the Care Ratings, said, “We do not know if to Indiabulls Housing Finance Rs 662 YES Bank, at one point, was the
manpower at the Serious Fraud Investigation Office (SFIO) to the crisis is over but some level of it is crore via additional tier 1 (AT-1) bonds," it favourite among the investors. But to- AGENCIES tial public offering, but
nearly 350 as it continues efforts to curb corporate handled. While the public sector came said in a regulatory filing. day, most investors are expected to lose Dubai since then its market value
wrongdoings. out of the crisis, there are others that The investments in AT-1 bonds of Yes their money. “While investors are ex- has slipped from the IPO val-
did come out safe.” Bank were made in 2017, as part of its pected to lose money, the focus is to OPEC and its allies failed to ue of USD 1.71 trillion to
Unshackling coal space: Easier comm Adding to Sabnavis’ take, AIBEA,
joint secretary, Devidas Tuljapurkar,
treasury management of over Rs 20,000
crore of cash and when the bank was
save money for the depositors,” stated
an analyst. According to Roongta, the
clinch a deal on production
cuts that would have offered
USD 1.6 trillion.
The slide on the Saudi
mining bid documents in Q1 FY21 said, “Everyone pointed fingers at the worth over USD 10 billion in value, it said. investment sentiments are hit badly support to energy markets, market also came amid ac-
NEW DELHI: After waiting for more than five years, the public sector but in reality, it is the pri- with this failure. He added, “Incidents sending prices tumbling to counts of high level arrests
government may finally throw open the doors of the vate sector that is inefficient. None of like these chase away investors.” It is four-year lows on Friday. among the ruling family
regulated coal sector for commercial mining by the private the public sectors failed, but the pri- (RBI) decided to put the plug. An econ- expected that faster such problems are The OPEC+ meeting was that sent shockwaves
sector Indian and overseas miners in the first quarter of fiscal vate sector is the one that is in trouble.” omist said, “The problem for YES Bank resolved, faster will investors reinforce expected to agree to deeper around economic circles in
year 2020-21. Government sources said that draft rules, bid While in the case of YES Bank, the is- is not that their NPAs are high but the faith in the Indian economy. And for cuts of 1.5 million barrels the region.
documents and agreements for commercial mining has been sue started cropping up since the fi- issue is that their deposits are low. The YES Bank to revive, the authorities per day to counter the ef- Multiple sources told AFP
prepared and it would be finalised by the end of the month nancial crisis of 2008, but it managed bank has some large assets.” For the will have to act faster and any delay fects of the novel coron- that Saudi authorities have
after Cabinet approval with auctions starting soon thereafter. to keep itself afloat. But now, the gov- last five years, the loan book of the leaves less or no chance for it to get avirus, but Moscow refused detained three princes, in-
ernment and Reserve Bank of India bank grew by over four times, but de- back to health. to tighten supply. cluding King Salman's
SAIL, Railways in talks for 15.5 lakh Fears of a price war were brother and nephew, for al-

‘SBI Card IPO overvalued at issue price’


stoked as Saudi Arabia -- the legedly plotting a coup, in a
tonne rail order world's top exporter -- quick- move that signals Crown
NEW DELHI: State-owned Steel Authority of India Ltd (SAIL) ly responded by making sig- Prince Mohammed bin
is in talks with the Indian Railways for an order to supply nificant cuts to its oil price. Salman's tightening grip on
about 15.5 lakh tonnes of rail in the next financial year, a MUMBAI: The much-anticipated SBI the new shareholders will get 14 per All the seven bourses in power.
company official said. SAIL, under the steel ministry, is the Card IPO has finally completed with stake in the credit card company. the Gulf were in the red The Dubai Financial Mar-
country's largest steel-making company and as per an an issue price of Rs 755 per share, At the issue price of Rs 755, SBI amid a panic sell-off over ket shed 7.9% to its worst
agreement, it supplies rails to Indian Railways. however, market experts feel that the Card's valuation is likely to be around fears that energy prices, the closing in six years, while its
price is too expensive. Rs 71,000 crore. With Carlyle Group mainstay of public revenues sister market in Abu Dhabi
Digital transaction traffic bounces
back on PhonePe
The SBI Card IPO demands around
46 times of the price of its latest earn- Carlyle makes 8.5 diluting its shares, analysts said it is
likely to gain around Rs 17,500 crore,
in the region, could collapse.
The Saudi stock market,
fell 5.4% and Qatar Stock
Exchange dropped 2.9%, the

NEW DELHI: Digital payments platform PhonePe on Sunday


ings and a price-to-book ratio of 14.5
times, which according to experts, are times windfall gain 8.75 times times higher than the price
it had bought stake in the company.
the largest in the region,
dived by 8.3% at close on
lowest since mid-2018.
Dubai's Market leader
said its transactions and user traffic have bounced back to on the higher side. Experts feel that the performance of Sunday, the first day of the Emaar Properties, the
normal, after being affected for 24 hours due to restrictions The company, though, has not listed with better better risk coverage, the the SBI Card IPO should have reflect- trading week. It was the low- largest real estate company
on Yes Bank. Over 25 million customers used the PhonePe the counterpart in India, American issue price fixed for SBI Cards is over- ed in the share price of SBI too, which est closing since November in the Middle East, fell 9.7
app on Saturday showing their trust in the platform, Express, a company which derives a valued, they said. is the majority shareholder in the 2017. percent to a price of 2.97
according to a statement by the company. The platform majority of its revenue from services Around 74% stake in SBI Card is credit card company. Shares in oil giant Saudi dirhams (81 cents), its low-
processed over Rs 4,000 crore worth of transactions in 24 such as credit cards trades with a held by State Bank of India and Car- The IPO size was apparently Rs Aramco dropped below est in eight years.
hours and saw its largest-ever volume of user traffic in a price which is 17 times of its latest lyle Group owns 26% in SBI Card. 9,000 crore, with a fresh issuance of their IPO price of 32 riyals Kuwait Boursa authorities
single day (with over 70 million app sessions), it said. earnings. Carlyle Group is a private equity fund Rs 500 crore, thereby rendering Rs 500 (USD 8.5) for the first time, stopped trading after the
SBI Card priced at Rs 755 is around which bought 26% share of SBI Card crore for the SBI Card company. The losing some 9.1% to 30.00 Premier Index slumped 10%
NCLAT dismisses DoT's plea in Aircel 2.7 times expensive than American
Express, according to analysts.
from a GE Group company at Rs 2,000
crore.
rest Rs 8,500 crore, around 95% of the
total amount, will be taken by SBI and
riyals.
The world's biggest compa-
while the All-Shares index
dived 8.3%. The tiny mar-
licence moratorium matter In comparison to a global company Post IPO, SBI Card will have 70% Carlyle Group, the promoters, which ny launched on the bourse kets of Bahrain and Oman
NEW DELHI: The National Company Law Appellate Tribunal such as American Express, which stake as its is diluting its shares and has also raised questions on the actu- to much fanfare in Decem- dropped by 3.4% and 2.8%,
(NCLAT) has dismissed the telecom department's plea citing gives good returns to its shareholders Carlyle Group will have 16%, while al beneficiaries of the IPO. ber in a record-breaking ini- respectively.
delay in appeal against the NCLT order which held that the

FPIs turn net sellers, pull out Default by some NBFCs


spectrum and licence of debt-ridden Aircel cannot be taken
away during the insolvency resolution period. The
Department of Telecommunications (DoT) had appealed
against an order of the Mumbai bench of the National
Company Law Tribunal (NCLT).

HMSI plans local production of some


�13,157 crore in March so far pushes Sebi to reforms
AGENCIES/ New Delhi driving factor and India is
big bikes from next fiscal witnessing a spillover effect NEW DELHI: A spate of de- rate Bonds and Debenture
NEW DELHI: Honda Motorcycle and Scooter India (HMSI) Snapping their six-month of what is happening in the faults by some NBFCs has Trustees (DTs).
plans to locally produce some of its imported premium bikes
from the next fiscal to make such products more affordable
VW expects buying streak, FPIs pulled
out a net Rs 13,157 crore
global markets. There has
been a consistent drain of
forced capital markets regu-
lator Sebi to come out with a
As per the consultation pa-
per, non-banking financial
and thereby garner volumes, said a top company official. SUVs to make from the Indian capital mar-
kets in the first five trading
money from Indian equities
as well as the debt where
new set of measures to se-
cure the interest of deben-
companies (NBFCs) will
now be required to create an
DLF's board-constituted panel at least 60% of sessions of March as the
coronavirus outbreak
FPIs are fleeing the Indian
markets amidst fear of an
ture holders and shore up
their confidence in the regu-
identified charge on the as-
sets, as the pari-passu float-
approves Rs 1,000-cr fundraising plan
NEW DELHI: Realty major DLF said a panel constituted by its
sales by 2024 spooked investor sentiment.
According to depositories
tal net outflow to Rs 13,157.12
crore. Prior to this, FPIs
extended slowdown," said
Harsh Jain, co-founder and
latory mechanism to check
any wrongdoings.
ing charge in case of recent
defaults of NBFCs in se-
board has approved a proposal to raise up to Rs 1,000 crore MUMBAI: European auto major data, foreign portfolio in- were net buyers in the Indi- COO, Groww. In a new consultation pa- cured loans has created con-
through issue of non-convertible debentures. In a regulatory Volkswagen expects at least 60% vestors (FPIs) withdrew a an capital markets for six The US Fed brought in an per, the Securities and Ex- fusion as to whether the
filing, DLF said the finance committee constituted by the of its sales in India to come from net Rs 8,997.46 crore from eq- consecutive months since emergency rate cut of 50 change Board of India debentures are really se-
board of directors has approved the is-suance of listed, the SUV segment by 2024 amid uities and Rs 4,159.66 crore September 2019. bps, which shows that the (Sebi) has proposed a de- cured.
secured, redeemable, and non-convertible debentures (NCDs), the market globally moving from the debt segment dur- "The spread of coron- US government is expecting tailed review of the regula- According to the regulator,
with an aggregate principal amount up to Rs 1,000 crore, on away from sedans. ing March 2-6, taking the to- avirus in the US is a major a slowdown, he noted. tory framework for Corpo- creation of an identified
a private placement basis. Volkswagen, which launched

‘Depositors' money safe; woes based on flawed analysis’


the 7-seater premium sports
Manjushree Technopack eyes buy as utility vehicle (SUV) Tiguan
Allspace on Friday as part of its
it seeks tripling revenue in 4 years India Project 2.0, is planning to
NEW DELHI: Rigid plastics packaging major Manjushree roll out three more such vehicles
Technopack Ltd (MTL) expects acquisitions to play a in the next 12-18 months. AGENCIES dia about safety of deposits Subramanian said Indian said.
significant role as it seeks to triple revenue and profit in the The world's largest car maker Mumbai of certain banks. This con- banks are well capitalised A day after imposing a 30-
next four years, according to a top company official. is trying to revive its fortunes in cern is based on analysis and there is no reason to day moratorium on Yes
the domestic automobile space, Allaying concerns raised which is flawed. Solvency worry, adding that it is a Bank and capping with-
Munjal positive on Indian regulatory in which it has a meagre around
1% market share with Skoda-led
by many after Yes Bank fi-
asco, the Reserve Bank on
of banks is internationally
based on Capital to Risk
wrong method to assess a
lender's health based on the
drawal limit at Rs 50,000,
the RBI on Friday evening
framework India 2.0 plan. Sunday reiterated that de- Weighted Assets (CRAR) ratio of deposit to m-cap had issued a draft recon-
KOLKATA: Hero Enterprise chairman Sunil Kant Munjal has "I think we will be (selling) positors' money is safe and and not on market cap," the (market capitalisation). struction scheme for the
lauded the regulatory framework of the country saying it is around 60% SUVs going it is closely monitoring all central bank said in a "What I want to emphati- private sector lender.
getting better and regulators are now stepping in promptly to forward. Globally, we have today banks. tweet. cally state that the m-cap As per the RBI's draft re-
handle financial crisis. about 42% of all our cars in The RBI further said that "RBI closely monitors all ratio is a totally incorrect construction scheme, State
SUVs. "I would assume, in India, concerns about the safety the banks and hereby as- metric for assessing the Bank of India will pick up
Vogo eyes revenue run rate of $120 m, it could go even up to 70% by
2024," Volkswagen Passenger
of deposits in banks are
based on a flawed analysis.
sures all depositors that
there is no such concern of
said.
Earlier, echoing similar
safety of the banks. No
banking sector expert or
49 per cent stake in the cri-
sis-ridden Yes Bank under
bets big on EVs Cars India Director Steffen Knapp "Concern has been raised safety of their deposits in sentiments, Chief Econom- banking regulator uses this a government-approved
NEW DELHI: Vogo, a bike and scooter sharing start-up, is said. in certain sections of me- any bank," its second tweet ic Adviser Krishnamurthy measure," Subramanian bailout plan.
working on increasing the number of vehicles on its platform

INDIA RANKED 12TH IN WOMEN MEMBER


to about one lakh as it aims to more than double its revenue
run rate to USD 120 million in the next one year. The Ola-
backed company, which operates in Bengaluru, Hyderabad
‘Exempt telcos with under 15%
mkt share from floor price norms’
PRESENCE ON FIRMS’ BOARD GLOBALLY
and Mysore, is also betting on electric mobility and aims to
have 20% of its fleet as EVs.
NEW DELHI: State-owned BSNL share of 32.1%, while Bharti
Net office space leasing may fall up to AGENCIES each, it said.
and MTNL have told the sector
regulator Trai that tariff fixation
Airtel and Vodafone Idea have
28.43% share and 28.89% share
14% in 2020 on lower supply: JLL The gap between the maximum board
Mumbai The average board life of male direc- should be applicable only on on an all India basis, respectively.
NEW DELHI: Net leasing of office space could decline by up tenure of men and women directors is tors in India is three years, more than telcos with more than 15% In their suggestions to Trai, the
to 14% this year to over 40 million sq ft across seven major With more and more organisations in very huge, with 46% fairer sex been a their women counterpart while global- subscriber base in a service area, two public sector operators have
cities on es-timated fall in supply, according to global the country realising the importance director for less than one year ly it is only about two years, it pointed while those with lower or acknowledged that the telecom
property consultant JLL. uring 2019, the net office space of gender parity, a recent study has re- out. negligible user base should be industry is facing heat due to
leasing rose by 40% to an all-time high of 46.5 million square vealed that India ranks 12th globally in Further, it said that the gap between exempt from the purview of sudden and unexpected entry of
feet as against 33.2 million sq ft in 2018. New supply rose women member presence on board. the maximum board tenure of men minimum floor price. "capital rich telecom service
45% to 51.6 million sq ft last year. According to a recent study on and women directors is very huge, It is pertinent to mention here providers" offering free and ultra
'Women On Board 2020' by global re- with 46% fairer sex been a director for that Bharat Sanchar Nigam Ltd low tariffs, leading to closure of
Mukta Arts aims to operates 100 cruitment tendering platform MyHir-
ingClub.com and Sarkari-Naukri.info,
less than one year.
Around 54% of employees in Asia
(BSNL) - which operates telecom
services across India except Delhi
many players and that the
situation has got compounded by
screens by 2021 India ranked 12th worldwide in women and 39% in India are women, but only and Mumbai circles - has about companies required to make huge
NEW DELHI: Mukta Arts, which runs multiplex chain under member presence on board. a fraction of that number makes it to 10.3% market share in all India Adjusted Gross Revenue (AGR)
the brand name 'Mukta A2 Cinemas', plans to add around 25 This study was done online amongst last year. middle and senior management level, mobile subscriber base. payouts after the Supreme Court
screens by 2021 taking its total count to around 100 screens, 7,824 listed companies across 36 coun- Overall, it found that women's direc- it added. Mahanagar Telephone Nigam Ltd order.
according to a top company official. Mukta Arts, founded by tries, including India. tor on board percentage is 14.87%, According to the study, Norway con- (MTNL), present in Delhi and "...the telecom industry needs
Bollywood producer and director Subhash Ghai, is planning to In India, 628 listed employers partici- more than double compared to the last tinued to top the list with 40.72% Mumbai, has 0.29% mobile a helping hand - at least in the
invest around Rs 50 crore in the next two years for expansion pated in this study. two years. women on board, followed by Sweden market share, as per the latest immediate short term - from the
of the multi-plex chain, primarily targeting the budget The study revealed that among these Among them, 29% of the boards have with 30.84%, Finland 29.91%, Germany Trai data.  authority to survive ," the two
segment viewers from tier-II and III cities in the domestic 628 listed companies, 55% have women two women directors, 63% of these 29.70%, South Africa 19.84% and the Reliance Jio leads the India companies have told Trai in nearly
market. —Agencies directors, which is 14% higher than boards have only one woman director US 20.41%. mobile subscriber market with a identical submissions.

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