WEDNESDAY, 10 JUNE 2020

18 pages in 1 section www.business-standard.com

MUMBAI (CITY)
~9.00
VOLUME XXIV NUMBER 204

THE MARKETS ON TUESDAY Chg#

Sensex 33,956.7q 413.9
Nifty 10,046.7q 120.8
Nifty futures*
Dollar
Euro
10,034.0q
~75.6
~85.1
12.6
~75.5**
~85.4**
FM TELLS BANKS TO IMPROVE CHALLENGE FOR US IS SUPPLY CHAIN
Brent crude ($/bbl)##
Gold (10 gm)###
39.7##
~46,656.0p
*(June) Premium on Nifty Spot; **Previous close;
39.9**
~363.0 INTEREST RATE TRANSMISSION RATHER THAN DEMAND: MARUTI
# Over previous close; ## At 9 pm IST;
### Market rate exclusive of VAT; Source: IBJA PUBLISHED SIMULTANEOUSLY FROM AHMEDABAD, BENGALURU, BHUBANESWAR, CHANDIGARH, CHENNAI, HYDERABAD, KOCHI, KOLKATA, LUCKNOW, MUMBAI (ALSO PRINTED IN BHOPAL), NEW DELHI AND PUNE

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 MUMBAI | WEDNESDAY, 10 JUNE 2020 1
>
WEDNESDAY, 10 JUNE 2020
18 pages in 1 section www.business-standard.com
MUMBAI (CITY)
~9.00
VOLUME XXIV NUMBER 204

THE MARKETS ON TUESDAY Chg#

Sensex 33,956.7q 413.9
Nifty 10,046.7q 120.8 ECONOMY & PUBLIC AFFAIRS P5 COMPANIES P2
Nifty futures* 10,034.0q 12.6
Dollar
Euro
Brent crude ($/bbl)##
~75.6
~85.1
39.7
~75.5**
~85.4**
39.9**
IT FIRM SPIED ON POLITICIANS, BUYOUT OFFERS COMING, BUT WE’RE
INVESTORS ACROSS THE GLOBE WELL-CAPITALISED: GROFERS CEO
##

Gold (10 gm)### ~46,656.0p ~363.0

*(June) Premium on Nifty Spot; **Previous close;
# Over previous close; ## At 9 pm IST;
### Market rate exclusive of VAT; Source: IBJA P U B L I S HE D S I MU L T A N E O USL Y F R O M AH M E D AB AD , B E NG AL UR U, B H UB ANE SW AR , CH AND I G AR H , CH E NNAI , H Y D E R AB AD , K OCHI, K OL K ATA, L UCK N OW , MUMBAI (AL SO P R IN TE D IN BHOP AL ), N E W DE L HI AN D P UN E

Delhi govt's alarm Adani Green wins world’s

VIRUS INDIA CASES
TRACKER RISE BY 9,987
IN 24 HOURS

INDIA
bell: 550,000 Covid biggest solar bid of ~45k cr
Total 266,598 Becomes India's largest clean energy firm; to set up 8-Gw power plant
Active cases Recovered Deaths

cases by July-end
SHREYA JAI Azure Power with a 6.5-Gw
129,813 129,313 7,471 New Delhi, 9 June capacity.
KEY FINANCIALS OF STOCK
Adani Green, so far, has ADANI GREEN SURGES
WORLD Total
Total cases include
1 migration; figures
as of 10 pm IST;
Adani Green Energy, the 2.5 Gw of operational and 3.5 Consolidated figures in ~ cr ~297.9
7,156,598 Sources: Ministry
of Health and
renewable energy arm of
Adani Group, has bagged “the
Gw of under-construction
solar and wind power capac-
FY19 FY20 June 8
Deaths Family Welfare,
Johns Hopkins Estimate about 20 times world’s largest solar tender” ity in the country. It also has Revenue 2,058 2,549 ~312.8
407,818 Coronavirus
Resource Centre
more than current number
from the Union government
to construct an 8-gigawatt
1.3 Gw of solar cells and mod-
ules manufacturing capacity.
Profit/(loss)
-585 -50
June 9
before tax
(Gw) photovoltaic power “The fact that renewable
Net debt 10,888 14,229
RUCHIKA CHITRAVANSHI & SOHINI DAS plant and set up a 2-Gw solar power will transition into
5.0%
NCLT APPROVES UV New Delhi/Mumbai, 9 June cell and module manufactur-
ing capacity in five years. This
becoming the world’s clean-
est and most economical fuel
Source: Adani Green Energy Annual Report

ARC'S RESOLUTION
J
ust a day after the Centre relaxed the would entail an investment of is a foregone conclusion, and
nationwide lockdown, the Delhi govern- ~45,000 crore at a time when Adani Group intends to play ENOUGH ROOM TO DILUTE
PLAN FOR AIRCEL ment projected almost a 20-fold rise in
Covid-19 cases in the capital by July end,
companies in almost all sec-
tors are looking to cut down
a leading role in this journey,”
said Gautam Adani, chair- 10-15% STAKE: ADANI
The National Company Law Tribunal (NCLT)
on Tuesday approved a resolution plan for
throwing residents into a tizzy. After a meeting
with Lieutenant Governor Anil Baijal and other
IN VIRUS GRIP capital expenditure.
With this win, the com-
man, Adani Group.
Moody’s Investor Services,
After French energy major Total SA, more foreign
investors have shown interest in
the erstwhile telecom operator Aircel. top officials on Tuesday, Delhi Deputy Chief DELHI COVID PREDICTION 550,000
pany is now the largest renew- however, recently had down- partnering Adani Group in its
The resolution plan of UV ARC, an asset Minister Manish Sisodia told reporters that esti- Cases Beds required able power generator in the graded the rating of Adani renewable energy business, its
reconstruction firm, was approved by mates suggested 550,000 positive cases by July country with 15 Gw of renew- Green Energy, along with chairman Gautam Adani said."We
the NCLT. UV ARC has offered 1.5 per cent 31—that’s more than double of the current able capacity under various seven other infrastructure have headroom for diluting a 10-
of the bank dues of the company totalling national count at 266,598. As of Tuesday morning, stages of development. It is majors, including public sec- 15 per cent stake in Adani Green
225,000

~20,000 crore. When contacted the Delhi had close to 30,000 cases. followed by ReNew Power tor companies. Energy," he said. PTI
Resolution Professional refused to The numbers imply that around 2.8 per cent of with an 8.5-Gw capacity and Turn to Page 15 >
80,000

comment on the order. 2> Delhi’s population could be infected in a little over
100,000

a month, up from 0.15 per cent now. Significantly, if

the cases rise as projected, the requirement of hos-
44,000

ECONOMY & PUBLIC AFFAIRS P8

33,000

pital beds would be as many as 80,000 in July. SLOW RESTART FOR INDIA INC
15,000
6,600

40 coal blocks up for These estimates have come soon after the L-G had
over-ruled Delhi Chief Minister Arvind Kejriwal’s
auction in a fortnight
India will be offering around 40 blocks for
commercial coal mining within a fortnight
order that the city hospitals would be reserved for
Delhiites during the Covid crisis.
Delhi’s likely to have 100,000 positive cases by
15
June
30 15
July
31 ‘Employment
for investment by both the government and
private entities. This would be followed by
roadshows in major cities of coal-bearing
June 30 with a requirement of 15,000 beds, the esti-
mates show. The cases could rise to 225,000 by July
15 with a requirement for 33,000 beds. The maths
MUMBAI HEALTH INFRA
Source: Delhi govt
via MGNREGS
areas. This comes at a time when the
Covid-19 pandemic has impacted investor
sentiment across the globe.
is based on the assumption that numbers would
continue to double every 12.6 days. Till Tuesday
morning, there have been 874 Covid deaths in Delhi.
Dedicated Covid-19
Health Care
a short-term
solution’
“The Centre has denied community transmis- Hospitals centres centres
sion in Delhi as of now. Therefore, the subject does No. of facilities 46 36 471
not warrant a discussion,” Sisodia said.
ON
WEDNESDAY
With the total beds available in the city for Covid
patients at just over 8,000, patients have been
queuing up across hospitals, often scrambling for a
Total isolation
beds*
9,834 4,938 47,449 Challenge for us Engineering major Larsen & Tourbo expects the current
financial year to be a tough year. S N SUBRAHMANYAN, MD
and CEO, L&T, tells Amritha Pillay, he foresees more orders in
ICU beds 1,194 76 0
SPECIALS
Which economic stimulus
bed. Kejriwal had recently alleged that some private
hospitals were admitting Covid patients at exorbi-
tant rates to exploit the shortfall.
No. of
ventilators
451 55 0 is supply chain the latter part of the year. Edited excerpts:

When do you see things

rather than
*Excluding ICUs; As of June 9 Source: Maharashtra govt
works? 11 > A small private hospital in Delhi, for instance, stabilising for your company and
has a waiting list of 45 Covid patients requesting a at the macro-economic level?
bed. “A lot of mild patients have got themselves ICMR SURVEY KEJRIWAL In our order backlog in India, 20 S N SUBRAHMANYAN
admitted taking up the total occupancy...There is
also a big shortage of trained staff who can admin-
ister ventilators and manage ICU beds, contributing
MAY HINT AT
MUCH WIDER
VIRUS SPREAD
TESTS -VE,
SCINDIA +VE
FOR COVID-19
demand: Maruti per cent is from the private sector
and the remaining is divided
among the public sector, state
MD & CEO, L&T

“WE GO TO THE
to fatalities,” a senior doctor, who refused to be SURAJEET DAS GUPTA governments, and the central BEST AND MOST
named, said. Turn to Page 15 > BACK PAGE 16 New Delhi, 9 June government. Of that 35-40 per cent EFFICIENT SUPPLY
is multilateral-funded. One can ask CHAIN AND AT THE
Maruti Suzuki, the country’s largest carmaker, expects with the pandemic and the strain
MOMENT IT'S CHINA.
IF THERE ARE INDIAN
JOSEPH E STIGLITZ & HAMID RASHID find out demand for its passenger cars to outstrip supply in the on state and central government MANUFACTURERS
Depression
Economics
FM tells banks to improve months of June and July as it faces challenges in ramp-
ing up production amid the Covid-19 pandemic.
“We will not be able to assem-
budgets, how things will go
forward. The various measures,
specifically taken by the central
WHO ARE EFFICIENT
IN TERMS OF PRICING
AND TECHNOLOGY,
in the time of ble more than 30-40 per cent of “WE WILL NOT BE government, are phenomenal. For WE WILL LOOK AT
corona 11 >
DUVVURI SUBBARAO
interest rate transmission what is normal production in ABLE TO ASSEMBLE
June. So we will have no problem
in selling what we make,” R C
MORE THAN
30-40% OF WHAT
instance, the ~90,000 crore for
discoms and allowing states to
borrow 2 per cent more are
THOSE SOURCES”

writes Nirmala Sitharaman also SOMESH JHA present in the meeting said, Bhargava, chairman of Maruti IS NORMAL PRO- two big steps.
asked banks to expedite New Delhi, 9 June requesting anonymity. n the Suzuki, told Business Standard. DUCTION IN JUNE.
GDP: The devil is in the the sanctioning of loans meeting with PSB chief Bhargava said Maruti was SO WE WILL HAVE Are you expecting a change
revisions 10 > under the Emergency Finance Minister Nirmala executives, the FM also asked only an assembler of cars and NO PROBLEM IN in capital expenditure by
A K BHATTACHARYA writes Credit Line Guarantee Sitharaman told state-owned them to expedite the depended on each of the 370-380 SELLING WHAT states, the Centre, and
Scheme to provide banks on Tuesday to hold sanctioning of loans under the vendors and tier 2 and tier 3 sup- WE MAKE” the public sector?
additional funding to board-level talks and go for Emergency Credit Line pliers to provide components. “If R C BHARGAVA Our calculation says
ECONOMY & PUBLIC AFFAIRS P8 firms to the tune of further cuts in interest rates Guarantee Scheme (ECLGS) to they cannot produce the requi- Chairman, the capex of the
Maruti Suzuki
Uncertainty looms over ~3 trillion on loans in a bid to spur
economic activity.
provide additional funding to
firms to the tune of ~3 trillion.
site components, if they are fac-
ing labour or logistics issues, or
states and the
central government
monsoon session “The FM told bankers that Banks expect to sanction the are still in restricted zones, we
MARUTI is expected to come
As Covid-19 cases spike in New Delhi, the interest rate transmission is fully-guaranteed emergency cannot increase our production.
PRODUCTION down this year by
prospect of holding the monsoon session of not happening as expected, credit line to firms by the end The big challenge for us is supply FELL BY 98% ~3-4 trillion.
Parliament receded further. At a review and asked them to take up the of August. Since February chain rather than demand,” he IN MAY P3 Turn to Page 8 >
meeting, officials conveyed to Rajya Sabha matter at board level. The 2019, the RBI has reduced the added.
Chairman M Venkaiah Naidu and Lok Sabha government was sceptical repo rate (the interest rate at Bhargava also pointed out that the company did
Speaker Om Birla that the national capital about a slower monetary which commercial banks not have to sell cars at discounted rates because of
lacked a convention centre big enough to rate transmission by borrow from the central bank) high demand. He, however, added he could not predict
seat all members while adhering to social public sector banks by 185 basis points, which now the scenario after July, and whether the current trend
distancing norms. (PSBs) till now,” a stands at 4 per cent. was merely “pent-up demand” after the lockdown.
person who was Turn to Page 15 > Turn to Page 15 >

Migrant workers be sent

home within 15 days: SC
The Supreme Court on Tuesday directed
the Centre and state governments to identify
and send back the stranded migrant
Coronavirus scares away potential IPO issuers
workers to their native places within 15 days.
It also advocated for their counselling and
Offer documents filed with Sebi lowest in 6 years IPO SLOWDOWN quarters. However, companies wanting
to file their offer documents now are wary
help to find employment. 16 > The Covid-19 pandemic has taken of approaching investors with battered
SAMIE MODAK & SUNDAR SETHURAMAN In the past decade, an average of 18 a toll on new filings financials.
Mumbai, 9 June DRHPs have been filed with the market “Covid-19 has thrown estimates of a
regulator during the first half of a calen- company’s valuations completely off the
> RESULTS RECKONER Initial public offers (IPOs) have dried up dar year, the data provided by Prime track because no one is in a position to
this year as uncertainty continues around Database shows. ascertain the impact of the pandemic and
Quarter ended Mar 31, 2020; common sample the Covid-19 pandemic, with draft red “Till the time the markets stabilise, associated lockdown, on the business and
of 473 companies (results available of 497) herring prospectus (DRHP) filings with you will not see the number of filings financials of the issuer,” said Vishal
the Securities and Exchange Board of increase. In the last four months, you Yaduvanshi, partner, IndusLaw.
ILLUSTRATION: AJAY MOHANTY

SALES
India (Sebi) hitting a six-year low. have seen just one filing. Companies Interestingly, the drop in filings has
Mar 31, ’19 15.0% ~10.43 trillion ì So far this year, only seven companies, will need some clarity on the market come even as Sebi has slashed the regu-
Mar 31, ’20 -2.7% ~10.14 trillion î looking to raise less than ~6,500 crore, conditions to launch their IPOs, latory fees that companies have to pay at
have filed their DRHPs — a preliminary which is hard to gauge, given the cur- the time of filings by 50 per cent. Most
PROFIT BEFORE TAX Note: H1 is January-June period for each year; *Draft red herring
prospectus filed ahead of an IPO that con- rent Covid-19 crisis,” said Pranav Haldea, are unanimous in their view that IPO fil-
Mar 31,’19 53.6% ~1.18 trillion ì tains key details such as the number of managing director, Prime Database.
prospectuses filed with Sebi Sources: Prime Database, Sebi
ings will only pick up once the economy
Mar 31, ’20 -35.7% ~75,987 cr î shares being offered, financial results, Some cite operational issues as the gets back on track.
and risk factors. reason for the fewer filings. to alternative sources of funding in order equity share sales in listed companies “Markets conditions have been
NET PROFIT Market experts said disruptions “Covid-19 has made the process to avoid defaults under the existing finan- have totalled nearly ~65,000 crore. These volatile and investors invariably tend
Mar 31, ’19 46.7% ~81,551 cr ì caused by the pandemic — to businesses tougher than ever for companies looking cial or contractual arrangements,” said include block deals, rights issues, and to stay away in such times. This has an
Mar 31, ’20 -27.7% ~58,956 cr î as well as the filing process — and the to commence an IPO process. Travel Jitesh Shahani, partner, L&L Partners. qualified institutional placements (QIPs). impact on the filings and also the type
sharp decline in valuations were the rea- restrictions and lockdowns have resulted While IPO filings have dropped, share Experts said given the existing track of companies that look to raise funds,”
Companies with zero sales excluded; given the change in corporation
tax rates, to give a fair comparison the profit before tax has been sons behind fewer new companies want- in deals being deferred to the latter half sales in listed companies have continued record of listed companies, investors were said Gautham Srinivas, partner,
considered; compiled by BS Research Bureau Source: Capitaline ing to tap the capital markets. of this calendar year. Many are resorting at a record pace. In the past five weeks, willing to overlook one or two weak Khaitan & Co.
2 COMPANIES MUMBAI | WEDNESDAY, 10 JUNE 2020
> Inox Leisure > BHEL > PVR > ICICI Bank > Graphite India
STOCKS Q4 net loss at ~82 cr Commissions 270-MW Q1 consolidated net loss Top loser among S&P BSE Q4 net loss at ~7 cr
IN THE NEWS against profit of ~48 cr thermal power plant at ~74 cr vs profit of ~47 cr Sensex, Nifty 50 index against profit of
in the year-ago quarter in Telangana in the year-ago quarter stocks ~562 cr YoY
~ 254.15 CLOSE ~30.70 CLOSE ~1,087.25 CLOSE ~ 348.75 CLOSE ~203.30 CLOSE
q10.19% DOWN* p9.64% UP* q6.23% DOWN* q3.15% DOWN* q5.00% DOWN*
*OVER PREVIOUS CLOSE

>

IN BRIEF
Firms roll out incentives NCLTgo-ahead
to resolution
plan for Aircel
BS REPORTERS
Mumbai/Chennai/Kolkata, 9 June T E NARASIMHAN
Chennai, 9 June
Vivek Gambhir Nisaba Godrej

F
acing acute labour shortage, Indian
Revenue Net profit Stock price companies are setting up hostel and The National Company Law
GODREJ CONSUMER health facilities, and offering insur- Tribunal (NCLT) on
UNDER GAMBHIR CAGR (%) 6.4 9.4 13.4 ance cover to blue-collar workers at their Tuesday approved a resolu-
plants/construction sites. The return of tion plan for Aircel, sub-
workers is important for firms to get pro- mitted by asset reconstruc-
Vivek Gambhir resigns as GCPL duction back on track, after it fell to record tion firm UV ARCL. It has
MD, Nisaba Godrej to take over lows in April and May.
Chief executives in the real estate, con- “We brought “Labour is one “We are
offered just 1.5 per cent of
the total bank dues of
Godrej Consumer Products (GCPL) Managing Director (MD) sumer products, automobiles, construc- ~20,000 crore owed by the
and CEO Vivek Gambhir has resigned from the company tion, and textile sectors said they were all the workforce of the biggest providing company.
citing personal reasons. His last day will be June 30, expecting workers to re-join in the next back to problems faced medical When contacted, the res-
bringing to an end an 11-year tenure with the Godrej group. 45-60 days, which would help them ramp- olution professional
GCPL Chairperson Nisaba Godrej will take up the additional up production from July.
120,000, and by our vendors cover to all refused to comment on the
role of MD, effective July 1. A former partner at Bain and Co in “Labour is among the biggest problems are adding due to which employees, so order.
India, Gambhir, 51, joined the Godrej Group in 2009, driving faced by vendors and, as a result, our 2,500-3,000 our supply that they can In February 2018, the In February 2018, Aircel had
the mergers and acquisitions in the company as chief supply chain is getting impacted. If ven- telco had itself filed an filed an application under
strategy officer. He took over as GCPL's MD and CEO in July of dors don’t produce, we too cannot produce labourers to chain has seen feel protected application under Section Section 10 of the IBC, 2016,
2013, succeeding A Mahendran, who retired on June 30, as every component is critical to assemble the force an impacted” during a 10 of the Insolvency and after the telco failed
2013. Godrej, who is currently serving as a whole-time a car,” said R C Bhargava, chairman of Bankruptcy Code, 2016 to repay its loans
director, has been appointed as MD till the conclusion of her Maruti Suzuki India.
everyday ” RC BHARGAVA health crisis” (Code) after the company
existing term i.e. September 30, 2022, the company said. S N Subrahmanyan, MD and CEO of SN SUBRAHMANYAN Chairman, MOHIT MALHOTRA failed to repay its loans. Andhra Pradesh, Delhi,
The appointment was approved by the board at its meeting L&T, said the labour force had reduced to MD & CEO, L&T Maruti Suzuki CEO, Dabur India It was stated that the Karnataka, Mumbai, and
held on Tuesday, with Godrej redesignated as chairperson 70,000 in May. “In the last 15 days or so, we operator was facing trouble Rajasthan. The company
and MD, the firm said. VIVEAT SUSAN PINTO have brought the workforce back to in a financially stressed stated before the NCLT that
120,000-levels, and are adding 2,500-3,000 and HUL have also extended health bene- said the firm is not dependent on industry, owing to intense the spectrum was worth
labourers each day,” he said. The company fits to workers, over the last two months. migrant labourers. competition, legal and reg- ~1,100-2,000 crore. Aircel
Honda suspends Flipkart introduces has also posted staff and other senior Companies like Parle Products turned to “Migrant workers need hostel facilities ulatory challenges, high also received nearly 14,500
shipments in Japan ‘voice assistant’ for executives at multiple locations such as local workers whenever it faced any short- to stay, and when they go to their home- level of unsustainable debt, km of optical fibre network,
Ranchi, Howrah, and Darbangha to age. “Things have started improving after towns for some function, they don’t and increased losses. across the country.
after cyber attack simpler shopping onboard workers again, offering incentives. May 20. Labourers are returning by them- return for a month. We have focused on There were various pro- According to media
Honda Motor temporarily Flipkart said it has introduced “Many of them know L&T provides selves, because of social security people who live in and around the factory. posals, followed by legal reports, the resolution plan
halted shipments from some ‘voice assistant’ capability on good labour camps and transportation. schemes, and as such we aren’t facing any To that extent, we are dependent on local issues, in the attempt to get may face hurdles in the
of its factories in Japan due to its platform, to make The psychology of fear is acting as a hin- problem,” said Mayank Shah, category labour,” he said. investors. In 2008, AT&T form of the Department of
a suspected cyber attack that consumers’ e-commerce drance, which we need to overcome,” he head at Parle Products. The company, which employs 26,000 held talks to buy Maxis’ Telecommunications,
disrupted its internal journey simpler. Introduced in added. The firm has made videos, apps, CEOs of realty firms are making special people, is working with the Karnataka gov- stake but valuation was a which had filed claims
network. The carmaker is still Flipkart’s grocery store, and taken measures to showcase what efforts to get labourers back to work sites. ernment for arranging passes to bring stumbling block. worth ~10,000 crore.
working to fix its systems, Supermart, the ‘voice they are offering in terms of security. “Our workers already have separate facil- them back to Bengaluru. “We are getting In February 2020, the Deloitte, the RP in the
which affected its plants. assistant’ will enable Subrahmanyan is hopeful of having his ities as housing, and we follow the best 40-45 per cent attendance at present. ARC proposed a resolution case, was said to have
BLOOMBERG consumers to discover and buy workforce back to 230,000 in the next 40 practices within the industry. We intend Once the cap is lifted, we will struggle to plan. UV ARCL is promoted, approved of ~2,000 crore of
products easily. BS REPORTER days. Some consumer products makers to improve living conditions of these get workers unless and until transporta- among others, by profes- the DoT’s claims.
Bharti Airtel arm such as Dabur, Parle Products, and labourers significantly,” said Vikas Oberoi, tion is in place,” he added. sionals with equity partici- UV ARC, the chosen
buys 6.3% stake in My father spent a PepsiCo have turned to local people in the chairman of Oberoi Realty. Gokaldas’ performance is closely pation of six public sector buyer for RCom’s assets too,

Dhaka-based telco
Bharti Airtel said its
Singapore-based Bharti
International has bought an
additional 6.3% stake in
Bangladesh-based Robi
Axiata. "Bharti International
has acquired additional 6.3%
stake in Robi Axiata from NTT
DOCOMO and its entities,"
Bharti said. BS REPORTER
year’s salary for my
ticket to US: Pichai
During a YouTube webinar,
Google CEO Sundar Pichai
recounted the challenges he
faced when he left India to
pursue his studies in US. “My
father spent the equivalent of a
year's salary on my ticket to the
US so I could attend Stanford,"
he recounted. AGENCIES
absence of migrant labourers. Dabur, for
instance, has transportation service for
workers to and from its 11 manufacturing
sites. Housing has been provided for some
workers near manufacturing plants.
“In addition, Dabur is also providing
medical cover to all employees on its rolls,
so they can feel protected in the event of a
health concern,” says Mohit Malhotra,
CEO of Dabur India.
Most firms, such as Nestlé, Marico,
Kamal Khetan, chairman and MD of
Suntech Realty, said the company usually
dependent on its key customers in North
America and Europe. An early recovery
banks and two insurance
companies, viz. Central
is likely to bank on Aircel’s
spectrum assets as part of
employs 2,000 workers at its plants, of in sentiment will minimise Bank of India, Bank of the RP.
which 800 have left for home. “Our labour the impact. Maharashtra, Union Bank Analyst and experts have
contractors are talking to our workers who Daimler India (DICV) is also gradually of India, Bank of India, said that Aircel hasn’t been
left and we expect them to be back within ramping up operations, in line with gov- United Bank of India, able to service its debt due
45 days,” he said. ernment guidelines and market demand. Allahabad Bank, United to falling revenue and
CEOs of textile companies said that India Insurance, and dwindling cash flows, since
post-Covid, they will fast localise their (Dev Chatterjee with Viveat Pinto, Avishek National Insurance. Jio entered the market in
labour workforce. Sivaramakrishnan Rakshit, Amritha Pillai, TE Narasimhan, Aircel’s spectrum is valid 2016, triggering a price
Ganapathi, MD of Gokaldas Exports, Raghvendra Kamath and Surajeet Dasgupta) till 2026, spread across war.

Twitter launches POST-LOCKDOWN, CONSUMER Nearly 80% consumers reducing

spend post-lockdown (in%)
Small share of consumers increasing spend
n% of consumers with increased spend
CONFIDENCE REMAINS LOW Shopping expenditure will… n% of consumers willing to buy in next 3 months

story-like feature A grim economic outlook amid an

ever-growing spread of the
Covid-19 pandemic has turned
Rise
Remain same
Decrease slightly
6
16
37
Consumer durables

Food & grocery

6

6
61
64.5

‘Fleets’ in India consumers jittery. The latest

survey, covering over 4,200
people across all key cities (from
Decrease substantially 41 Restaurants & QSR 6.9

NEHA ALAWADHI
New Delhi, 9 June
Twitter on Tuesday launched
a new test feature called
‘Fleets in India’, on the lines
of ‘stories’ on Instagram or
Facebook, to allow users post
messages that would disap-
pear after 24 hours.
Fleets do not have fea-
tures, such as likes, retweets,
or public replies. India is the
third test market for this fea-
ture, after Brazil and Italy.
“India is important for
Twitter since it is one of our
largest and fastest-growing
audience markets. We are
excited to bring the fleets
experiment to India and make
it one of the first three coun-
tries to experience this new
product. From testing in
India, we’ll learn how adding
a new mode of conversation
changes the way Indians
engage on Twitter. It’ll also be
interesting to see if it
amplifies the diversity of
usage by allowing people to
share what they’re thinking in
a way that is light-touch and
light-hearted,” said Manish
Maheshwari, managing direc-
tor, Twitter India.
VANISHING ACT
To view someone’s
Fleet...
n Tap an avatar
(profile picture) to
see their latest Fleets
n Swipe down to see
newer Fleets and up
to see the older ones
n Swipe left or right
to see Fleets from
other accounts
you follow
People can report a Fleet using the ‘...’ menu
To "fleet (instead of
tweet)", users can tap on their
avatar (profile picture) to start,
add text or media, and hit
send.
The feature will be avail-
able on the latest version of
the Twitter app only. This
means users will not be able
to use it on the desktop ver-
sion of the app.
Followers will be able to
see a person's fleets at the top
of their home page. People
can see who’s seen their fleet
by looking underneath a post.
“Twitter is where people
go to see and talk about what’s
happening. We want people
to be able to have conversa-
tions on Twitter in different
ways, with less pressure and
more control. That’s why
we’re testing a way to share
their fleeting thoughts,” said
Mo Al Adham, Twitter group
product manager.
Since Twitter started to
test fleets in Brazil, it says, it
has seen people becoming rel-
atively comfortable while
sharing what’s on their mind.
People who don’t usually
Tweet are starting more con-
versations and sending both
fleets and tweets.
To engage with your followers
on Fleets...
n Buttons to reply and react are
available when Direct Messages
(DMs) are open
n Followers can reply privately
via DM or quickly react with an
emoji, and continue the
conversation privately in DMs
n Replies and reactions will
appear in DMs along with the
Fleet they are responding to
8.2
67.5
Sanitization and temperature scan Apparel & clothing
Metros to tier-III) by the Retailers at the top of the shopper’s mind (in%) 75
Association of India (RAI), throws Footwear 9
Preferred measure for safety & hygiene
up data points that show 74
shoppers would cut down Regular sanitization 75 Furniture 9.3
expenditure post-lockdown, of stores 67.4
while many are unwilling to Body temperature 67 14.1
Jewellery, watches, etc 73.4
shop outside as safety and checks
hygiene concerns take priority. Nearly 40% consumers not excited about shopping
This, according to RAI, further Minimal staff 54
Excited about Not excited
strengthens the need to ramp up
necessary safeguards to win back
interaction
Sealed products 48 33 % shopping
post-lockdown
%
Neutral
30 37 % about shopping
post-lockdown
consumer confidence.
COMPILED BY ARNAB DUTTA
Home delivery 43 Source: Consumer Sentiment Report — Retailers Association of India
‘Buyout offers coming, but we’re well-capitalised’
Grofers has been in the news for reported acquisition talks by companies such as supportive of the business. There has been no pent-up demand, availability. Over the next six
Zomato and Paytm Mall. ALBINDER DHINDSA, co-founder and chief executive officer as groceries have always been open. months, we are looking at increasing
of the online grocery platform, tells Samreen Ahmad that even though the Are you seeing any pent-up But since operations are fully open, the contribution of own brands to 60
SoftBank- and Tiger Global-backed start-up firm keeps getting approached by demand after lockdown? we have the ability to fully serve per cent of the business. We
players who want to get into the e-grocery space, it does not have any plans to sell Since the lockdown our customers. maintain a balance between
itself right now. Edited excerpts: began, we served nearly 2.5 million products that we sell directly from
families. This month, we have added Which categories are seeing the manufacturers and those that we
E-grocery has seen a flurry of or Paytm Mall, because it has to be half a million more households. highest traction? What is Grofers sell directly from brands, as we keep
activity of late. While several new built as an own business with betting big on? limited SKUs of up to 1,800. We have
players are getting into the intricacies. The larger categories, such as been helping our manufacturer
segment, there are a few already cleaning supplies, personal care, partners with working capital to
planning to wrap up. What does it There are reports which point out and grooming, saw traction during keep them in business.
take to survive in the e-grocery that players like Zomato and lockdown. Packaged commodities
segment? Paytm Mall are in talks with are the biggest growing category Will you look at any expansion
E-grocery is a very different Grofers for acquisition. What are now, as people are more conscious this year?
business, compared to e- the triggers? Is there any about not buying unpackaged During the lockdown, we opened
commerce and food stress on the business? staples. We are constantly adding three (warehouse) facilities, while
delivery. It’s a supply People keep stock-keeping units (SKUs) around work is underway to open two
side-heavy format approaching us household items, such as table more — in Bhiwadi and Lucknow.
where you have to figure because they are cloths, mats, runners, and foot We are looking at adding 10-15
out how to create ALBINDER looking for mats. We have added 400-500 more facilities by the end of this
supplies to serve DHINDSA presence in the SKUs for general year. We are waiting to see how the
customers. Only players Co-founder & CEO, segment. But merchandising. In the past pandemic progresses and then we
who are able to build the Grofers there has been no two months, we have also will look at expanding into several
supply side of the trigger from our been building a unique tier-II and tier-III cities this year.
equation will be able to scale up. side; we are very well supply chain for fresh fruit
In India, the perception is that capitalised. We are and vegetables. What will be Grofers’
if you have traffic on your site, you profitable as a business growth strategy?
can put another icon and start now. We are not really What kind of growth are We will continue to run lean
supplying groceries. Evidence burning any money. We you seeing in private operations, so that we are able to
points to the opposite. Even a don’t need the capital labels? do better for our end-customers.
player like Amazon has been right now. If we need Private brands already Now that we are profitable, we
trying for six years but has been capital, we have existing form half our overall sales continue to keep expanding our
insignificant in this category. investors who are as the prices (of these network to more cities. We now
There are players that came goods) are low with good won’t have to spend as much on
and failed — whether it’s Flipkart quality and there’s more marketing as we used to.
4 ECONOMY & PUBLIC AFFAIRS
>
MUMBAI | WEDNESDAY, 10 JUNE 2020 1

IN BRIEF
Hiring declines by 61% in May Dues of govt way higher Massive fire at
due to lockdown, says report Assam oil well,
Hiring activities declined by 61 per cent
in May due to the nationwide
lockdown to contain Covid-19
pandemic, according to a report.
than estimates: MSMEs IAF on standby
This is the second consecutive month Claim outstanding amount at ~2-3 trillion; SAMADHAN hasn’t helped much PHOTO: PTI
of more than 60 per cent decline in
hiring. Recruitment declined 61 per SUBHAYAN CHAKRABORTY online and has led to 44,000 applica-
cent to 910 job postings in May, compared to 2,346 in the same New Delhi, 9 June tions being filed of which 3,735 or
month last year, according to NaukriJobSpeak Index. NaukriJob- 8.48 per cent applications have been set-

P
Speak is a monthly index, which calculates and records hiring ending payments of the central tled mutually, according to data avail-
activities based on the job listings on Naukri.com. The report and state governments are much able on the platform.
revealed that the May decline in hiring is led by industries like hotel, higher than official estimates, Buyers are currently mandated to
restaurant, travel, airlines (91 per cent), retail (87 per cent), auto, industry bodies representing Micro, make payments to suppliers within 45
ancillary (76 per cent) and BFSI (70 per cent). PTI< Small and Medium Enterprises (MSME) days of accepting goods or services. In
say. While exact figures are difficult to case of failure of payments, every case
come by, there is a widespread consen- filed in the facilitation council “shall be
Petrol price hiked Validity of motor sus that dues from the government decided within a period of 90 days from
by 54 paise a litre, vehicle documents stand at about ~2-3 trillion.
However, the Narendra Modi gov-
the date of making such a reference.
As a result, 3,293 or 7.4 per cent of appli-
diesel 58 paise relaxed till Sep 30 ernment has stuck to its stand that the cations have been disposed by the
Petrol price on Tuesday was Driving licence, fitness amount is ~12,343 crore, pointing to data MSEFCs.
hiked by 54 paise per litre and certificate, permits and all such from the SAMADHAN portal, the MSME But many MSMEs have also been
diesel by 58 paise a litre — the motor vehicle documents will Ministry’s online Delayed Payment deterred by the high rejection rate for
third straight daily increase in remain valid till September 30 Monitoring System. The dues pending applications. This stands at 7,572 cases
rates after oil PSUs ended an even if people have failed to with the Centre are divided between or 17 per cent of all applications filed.
82-day hiatus in rate revision. renew them since February, the central ministries and public sector
Petrol price in Delhi was hiked to government said on Tuesday in undertakings. Back and forth
~73.00 per litre from 72.46, while view of Covid-19. In March, the “The lack of detailed figures makes it Last month, MSME Minister Nitin
diesel rates were increased to government said these tough to estimate but almost ~2-3 trillion Gadkari hinted said in a television inter-
~71.17 a litre from ~70.59. PTI< documents would remain remain unpaid to MSMEs,” said Anil view that all state and government
valid till June 30. PTI< Bhardwaj, secretary general of departments and the private sector owe
Federation of Indian Micro and Small MSMEs an estimated ~5 trillion. The fig-
Baghel to Centre: Let & Medium Enterprises. ure was circulated widely on social
states avail of extra EPFO settles 3.6 mn The All India Manufacturers media and touted by critics as the gov-
claims worth Organisation (AIMO) pegs it at an even WHO OWES MOST ernment’s admission of massive dues.
GSDP borrowing higher ~5 trillion. “Delayed payments TO MSMEs Later, Expenditure Secretary TV
Chhattisgarh Chief Minister ~11,540 cr in Apr-May have become a regular part of business Somanathan clarified that Gadkari was
Bhupesh Baghel on Tuesday The Employees' Provident Fund now. We still don’t see payments being Respondents to official applications pointing out the large share of dues
demanded that the Centre Organisation has settled 3.6 fast tracked. Meanwhile, we have writ- citing delayed payments (~ cr) owed by the private sector. Case in
allow state governments to million claims and disbursed ten to the Prime Minister that Micro point, he had pointed out that 26 top Thousands were moved out after a massive fire on Tuesday
State government 2,143.11
avail of the additional borr- ~11,540 crore to its members entities be allowed to take in money up Central Public Sector Undertakings engulfed the damaged Baghjan oil well that had been spewing
owing limit of 2 per cent of during lockdown in the last two to ~10 lakh from friends and family Central PSUs 1,960.84 owed MSMEs ~773 crore as on March 31, gas uncontrollably for the past two weeks in Assam's Tinsukia
Gross State Domestic Product months. Out of this, 1.5 million members without tax liabilities, to sus-
State PSUs 944.43 a figure that was much lower than dues district, officials said.
without any conditions to tide claims were related to the Covid- tain their business during this crisis,” owed by private sector entities. The blaze at Oil India’s well is so massive that it can be seen
over the Covid-19 crisis. PTI< 19 advance under PMGKY. PTI< said AIMO National President Central ministries 290.62 However, the figure quoted by him has from a distance of more than 30 km with thick black smoke going
Sudarshan Sareen. Railway zone 115.48 since then more than doubled to up several metres high. A firefighter of Oil and Natural Gas
Ordnance factory 59.65 ~1,960.84 crore. Corporation suffered minor injuries during efforts to control the
No solution The idea that governments — both blaze, which Oil India said could take as long as four weeks to
Railway division 49.94

India Inc’s CSR AIMO has informed the ministry that

most MSMEs have not taken the Total*
SAMADHAN route for fear of reprisal
from government departments against
12,353.65
*Total amount payable to MSMEs, according to claims
submitted to governments (figure does not add up
due to presence of other categories of debtors)
Centre and state — remain the biggest
debtors for small businesses have been
pointed out elsewhere as well. A quick
poll of MSME members by the
put out.
Assam Chief Minister Sarbananda Sonowal spoke to Union
Home Minister Amit Shah, Defence Minister Rajnath Singh, and
Union Petroleum Minister Dharmendra Pradhan and urged them

pandemic spend whom they might complain. Firms have

suddenly stopped receiving contracts
or have had existing deals prematurely
cancelled, sources said.
Source: SAMADHAAN portal of MSME ministry

establish Micro and Small Enterprise

Facilitation Councils (MSEFCs) for set-
Confederation of Indian Industry (CII)
had indicated that about 450 firms
reported delayed payments worth ~1,819
crore. Of this, public sector or govern-
to take urgent steps to douse the fire that broke out when clearing
operations were on at the site. Sonowal was assured of all kinds of
central assistance and told even the Air Force was on standby to
deal with the emerging situation.

crosses ~7.5K cr The MSME Development Act, 2006

contains provisions to address delayed
payments. The most important among
these is that state governments have to
tlement of disputes after MSEs have
filed claims.
Launched in October 2017, the
SAMADHAN portal brings MSEFCs
ment departments, including state
departments, owed MSMEs ~1,709 crore,
while the private sector also owed about
~110 crore to MSMEs.
Oil India said in view of the protests by people around the site,
the chief Secretary and Tinsukia district administration were
requested for maintaining law and order so that experts were
allowed to enter the site and start the well control operations. PTI
57% of amount went to PM CARES Fund
SACHIN P MAMPATTA & KRISHNA KANT PVT FIRMS LEAD IN
Mumbai, 9 June
COVID SPENDING
Some of the largest spenders on  Private sector  Public sector
corporate social responsibility (CSR)  Private (foreign) sector ~cr
Irdai revokes order on long-term motor cover
projects have allocated a bulk of (Numberof companies in bracket) SUBRATA PANDA To add to woes, the ‘no-
their funds to addressing concerns
triggered by Covid-19.
186
(4)
Mumbai, 9 June New business premiums of life insurers drop 25% in May claim bonus’ structure in such
products was not uniform
They have announced alloca- The insurance regulator on For the second consecutive month in focused more on digital distribution as among companies, which
tions of at least ~7,537 crore, accord- 2,229 Tuesday withdrew a circular 2020-21 (FY21), new business premiums TAKING A COVID-HIT the traditional mode of distribution — could have led to confusion
New business premium of life insurance
ing to an analysis that was part of a (24) 7,537 (84) 5,122 that directed general insurers (NBP) of life insurance companies have
companies in May
agency force, bancassurance, etc — was and dissatisfaction.
report released by rating agency Total to provide long-term package recorded negative growth owing to Covid- not possible during lockdown. “Insurers found it difficult to
CRISIL’s charitable arm amount (56) covers in the motor segment. related disruptions.  LIC  Private life insurers (figures in YES Securities in a note said, price the product and clients
CRISIL Foundation. According to the circular, In May, NBP of life insurers contracted 25.4 bracket indicate growth in %) “Commensurate surge has been seen in were also confused, hence there
It analysed 130 companies, of insurers had to offer third-party per cent to ~13,739 crore, from ~18,414 18,414 demand for insurance through the online was some mis-selling that hap-
which 113 were found to have prom- and own-damage insurance for crore in the same period a year ago. (43) channel.” Private insurers with their pened, with policyholders un-
ised support — either monetarily Howwas CSR on Covid-19 3/5 years to new two- and four- In the first two months of FY21, life insurers 4,917 13,739 preparedness in the online channel, able to understand what they
or through donation of cash or kind pandemic spent wheeler owners — with effect saw their NBP fall almost 30 per cent to 12,838 (35) (-25) investments in insurtech, and tie-ups were paying for. Overall, the
— to mitigate the effects of the pan- Total amount spent (~cr) from August 1 — on grounds that ~20,466.76 crore, compared to ~28,395.90 3,528 with web aggregators have an upper regulator is saying it is getting
demic, such as masks, sanitizers, it was creating issues for insurers crore in 2019-20. 3,633 13,497 hand over LIC, the note added. difficult to sustain this cover,
4,316 (-28)
personal protective equipment, and and making it unaffordable for NBP is the premium acquired from (47) In the first two months of FY21, NBP of and so has withdrawn the sa-
food and rations. Around 57 per 3,221 certain vehicle owners. new policies for a particular year. Further, 9,205 private life insurers plummeted 30.71 per me,” said a senior executive in a
cent of the amount — which can be The Insurance Regulatory the overall sum assured, too, declined 10,212 cent to ~9,631.27, from ~6,673.58 crore in private insurance company.
classified under the head CSR — and Development Authority 20.2 per cent, from ~5.8 trillion till May (-24) the same period a year ago. He added that there was not
went to the PM CARES Fund. PM CARES Other (Irdai) reviewed the perform- 2019 to ~4.7 trillion till May 2020. Similarly, LIC’s NBP in the first two a huge demand for the long-
“Interestingly, the 130 compa- Fund activities* ance of long-term package cov- While 23 private life insurers recorded months of FY21 dropped 26.49 per cent to term package, and lot of people
nies analysed by CRISIL accounted *Other relief funds, food/ration ers and took into account con- 28 per cent drop in NBP in May, state- May ‘18 May ‘19 May ‘20 ~13,793.18 crore, from ~18,764.63 crore a chose the bundled cover over it.
for nearly 80 per cent of the total donation, masks, sanitizers, cerns related to its owned insurance behemoth — Life Source: Irdai year ago. The top private life players — Subrata Mondal, executive
CSR spend by all listed companies and PPE kits Source: CRISIL
implementation. Insurance Corporation (LIC) of India — ICICI Prudential, SBI Life, HDFC Life, Bajaj vice-president of IFFCO-Tokio
in 2018-19 (FY19). Assuming other In 2018, Irdai had asked recorded 24 per cent drop in its NBP. found it difficult to conduct their Life Insurance, and Max Life — reported General Insurance, said:
companies would have followed a similar path, India Inc has non-life insurers to offer these For the most part of April and May, the operations, despite some relaxations drop in their NBP numbers for May. “These provisions will bring
already allocated over 80 per cent of the annual CSR budget to long-term package covers to country was in lockdown and businesses from the government. Private life insurers SUBRATA PANDA relief to those planning to buy
address the pandemic. This could impact spending on other new four-wheelers, and new vehicles, as the insurance
CSR projects this financial year,” said Maya Vengurlekar, chief five-year third party covers to cost for multiple years was an
operating officer, CRISIL Foundation, in statement accompa- two-wheelers. case might be). earlier circular, only the bun- ucts, offering both motor third- In addition, policyholders who additional burden for many
nying the report. It had also asked insurers to The second was a bundled dled cover will be in force. party and own-damage cover were not happy with the serv- customers. Moreover, from the
For example, in FY19, nearly three-fourth of all CSR funds was give two options to policyhold- cover that would offer According to Irdai, these for 3/5 years, were making it ices of particular company insurers’ perspective, pricing
spent on education and skill development, health care and san- ers. The first was a long-term 3-year and 5-year third-party long-term covers were posing a unaffordable for many. had very limited options, and for long-term cover was a
itation, and rural development projects. package cover that entailed both insurance and a 1-year own- pricing challenge to insurers, Further, they increased the were hence burdened with a challenge, given there were
According to CRISIL, 1,276 listed companies had spent around third-party and own-damage damage insurance. especially in the own-damage possibility of forced selling on long-term product that offered administrative challenges for
~11,400 crore in CSR activities in FY19. insurance for 3/5 years (as the With the withdrawal of the segment. The package prod- account of financial interests. no flexibility. no-claim bonus allocation.”

Demand vs reality: A sorry state of affairs under MGNREGA

kha rahe the, pata nahi. Baad mein
Against guaranteed 100 days of work, the national average crossed 50 only once in four years; it’s a little over 18 days in FY21 so far pata chala ki hamara hi paisa kat
gaya (I didn’t know we were eating at
SANJEEB MUKHERJEE & INDIVJAL DHASMANA
New Delhi, 9 June
STATUS CHECK whose expense. Later, I came to
realise that money was deducted from
Average days of Applications Funding my pending wages).”
Generating 100 days of work, guaran- employment provided  Number ofjob cards applied for  Number of job  Sanctioned amount The Centre has, so far, released
teed under the Mahatma Gandhi per household cards issued  Active job cards* (million)  Released amount (~ crore) ~29,904 crore for MGNREGA schemes
National Rural Employment Guarantee against the sanctioned sum of
144.8
143.2

75,738.67
137.9

137.9

138.1

29,904.86
32,220.46
71,248.77

Act (MGNREGA) for each household, ~32,220.46 crore. The government had
133.5

69,228.68
132.3
128.3

128.3
130.9

64,985.89
50.88

62,125.07
48.39

has been a far cry so far, even as there is increased the allocation under the Act
45.69
46.00

57,386.67

55,659.93
82.2

78.8

a demand for increasing the promised to ~1.01 trillion against ~61,500 crore
47,411.72
18.13

77.7
72.9
68.5

workdays to 200. Congress President budgeted for 2020-21.

Sonia Gandhi recently criticised the
Narendra Modi government for not
paying heed to this demand.
The national average has crossed
50 days only once in the last four years
(50.88 in 2018-19, when the country wit-
nessed drought in some parts); for the
ongoing FY21, average workdays stood
at a little over 18 as of Tuesday.
Migrant worker Md Gulzar, from
Godda in Jharkhand, highlighted this
sorry state of affairs, saying: “Majboori
mein baahar jaana padta hai. Agar
yehaan kaam milega to kyon baahar
jayenge? Baahar mein kitna mushkil
hota hai, ye humlog jaante hain. (We
were forced to go out for a job. Why
would we migrate, if we get a job under
MGNREGA in our village? It is difficult
to survive in other places).”
The average is taken on the basis of
households that have job cards and are
active, and not those demanding work.
For instance, 144.8 million people
applied for job cards, so far, in the cur-
rent financial year, but only 138.1 mil-
lion received those. Of only 78.8 mil-
lion job cards are active. Active job
cards mean the person holding it in a
household has worked for at least one
‘16-17 ‘17-18 ‘18-19 ‘19-20 ‘20-21
(Till Jun 9)
*An individual of households who has worked any one day in either the last three financial years or in the current financial year
day in the past four years.
Experts say a little over 18 days of
work has been provided to each house-
hold on an average in the current finan-
cial year and that demand would rise
exponentially once monsoon spreads
across the country. Then, even 100 days
will fall short of demand, they say.
Right to Food Campaign’s Siraj
Dutta, a social activist from Jharkhand,
said an average 4.78 days of work has
been provided to each active job-card
‘16-17 ‘17-18 ‘18-19 ‘19-20
household in the state in FY21, so far.
Usually, in a year, work is provided for
around 40-45 days to each active
household in the state.
He said active job cards are around
40 per cent of total cards issued.
“Just 10 km from Ranchi, there is a
surge in the demand for MGNREGA
work as people have lost their usual
occupation. The need is to provide
work based on per person, and not per
household,” said Dutta.
‘20-21 ‘16-17 ‘17-18 ‘18-19
(Till Jun 9)
Workers in Jharkhand narrated
their poor condition during a
webinar organised by the Jharkhand
Janadhikar Mahasabha, a platform
of 30 organisations.
Bokaro-native Soharai Marandi, 37,
had been working at an iron casting
plant in Karnataka. However, he was
forced to stop work once the lockdown
was imposed.
Asked whether he received food
during the lockdown, he said: “Kiska
Rajendran Narayan, assistant
professor of Azim Premji University,
said even in the pre-Covid era, the
‘19-20 ‘20-21
(Till Jun 9) actual budget requirement under the
MGNREGA was more than ~1 trillion.
“After the influx of migrants, this
extra allocation of ~40,000 crore is
welcome but still inadequate. If
MGNREGA work demand is met,
I am sure by November or December,
this additional allocation will also
get exhausted.”
The allocation has to be scaled up
or else there could be cut down in
work, he said.
In fact, the Congress president
has demanded open-ended funding
for MGNREGA schemes.
.
MUMBAI | WEDNESDAY, 10 JUNE 2020 ECONOMY & PUBLIC AFFAIRS 5 <

Little-known IT firm spied on How Covid-19 upended

politicians, investors globally 20 mn lives in Mumbai
BLOOMBERG
Mumbai, 9 June

New Delhi-based BellTroX InfoTech Services targeted more than 10,000 e-mail accounts When the bubonic plague arrived on
REUTERS emails in early 2018, shortly after ships in 1896, death and fear emptied
London/Washington, 9 June TARGETED EUROPEAN OFFICIALS, GAMBLING TYCOONS she launched her fund. Initially half of Mumbai. Ensuing labour
IN THE BAHAMAS, AND PRIVATE EQUITY GIANT KKR “it didn’t seem necessarily mali- shortages devastated the city’s cotton

A
little-known Indian IT
firm offered its hacking
services to help clients spy
on more than 10,000 email
accounts over a period of seven
years.
New Delhi-based BellTroX
InfoTech Services targeted gov-
ernment officials in Europe, gam-
bling tycoons in the Bahamas,
and well-known investors in the
United States including private
equity giant KKR and short seller
Muddy Waters, according to three
former employees, outside
researchers, and a trail of online
evidence.
Aspects of BellTroX’s hacking
spree aimed at American targets
are currently under investigation
by US law enforcement, five peo-
ple familiar with the matter told
Reuters. The US Department of
Justice declined to comment.
Reuters does not know the
identity of BellTroX’s clients. In a
telephone interview, the compa-
ny’s owner, Sumit Gupta,
declined to disclose who had
hired him and denied any wrong-
doing. Muddy Waters founder
Carson Block said he was
“disappointed, but not surprised,
to learn that we were likely tar-
geted for hacking by a client
of BellTroX.” KKR declined to
comment.
Researchers at internet watch-
dog group Citizen Lab, who spent
more than two years mapping out
the infrastructure used by the
hackers, released a report on
Tuesday saying they had “high
confidence” that BellTroX
employees were behind the espi-
onage campaign.
“This is one of the largest spy-
for-hire operations ever
exposed,” said Citizen Lab
researcher John Scott-Railton.
Although they receive a frac-
tion of the attention devoted to
state-sponsored espionage
groups or headline-grabbing
heists, “cyber mercenary” serv-
ices are widely used, he said.
“Our investigation found that
no sector is immune.” A cache of
data reviewed provides insight
into the operation, detailing tens
of thousands of malicious mes-
sages designed to trick victims
into giving up their passwords
SUMIT GUPTA, owner of
BellTroX InfoTech Services
that were sent by BellTroX
between 2013 and 2020. The data
was supplied on condition of
anonymity by online service
providers used by the hackers
after Reuters alerted the firms to
unusual patterns of activity on
their platforms.
The data is effectively a digital
hit list showing who was targeted
and when. Reuters validated the
data by checking it against emails
received by the targets.
On the list: judges in South
Africa, politicians in Mexico,
lawyers in France and environ-
mental groups in the United
States.
These dozens of people,
among the thousands targeted by
BellTroX, did not respond to mes-
sages or declined comment.
Reuters was not able to establish
how many of the hacking
attempts were successful.
BellTroX’s Gupta was charged
in a 2015 hacking case in which
two US private investigators
admitted to paying him to hack
the accounts of marketing
executives. Gupta was declared a
fugitive in 2017, although the US
Justice Department declined to
comment on the current status
of the case or whether an
extradition request had been
issued.
Speaking by phone from his
home in New Delhi, Gupta
denied hacking and said he had
 Aspects of BellTroX’s hacking spree
aimed at American targets are
currently under investigation by US
law enforcement agencies
 On the list: Judges in South Africa,
politicians in Mexico, lawyers in France
and environmental groups in the US
 A cache of data reviewed by Reuters
providesinsight into the operation,
detailing tens of thousands of malicious
messages designed to trick victims into
giving up their passwords that were sent
by BellTroX between 2013 and 2020
 The data was suppliedon condition of
anonymity by online service providers
used by the hackers after Reuters alerted
the firms to unusual patterns of activity
on their platforms
never been contacted by law
enforcement.
“I didn’t help them access
anything, I just helped them with
downloading the mails and they
provided me all the details,” he
said. “I am not aware how they
got these details but I was just
helping them with the technical
support.”
Reuters could not determine
why the private investigators
might need Gupta to download
emails. Gupta did not return fol-
low-up messages and repeatedly
declined to talk when a Reuters
reporter visited him at his office
on Monday.
Spokesmen for Delhi police
and India’s foreign ministry did
not respond to requests for com-
ment.
Operating from a small room
above a shuttered tea stall in a
west-Delhi retail complex,
BellTroX bombarded its targets
with tens of thousands of mali-
cious emails, according to the
data. Some messages would imi-
tate colleagues or relatives; others
posed as Facebook login requests
or graphic notifications to unsub-
scribe from pornography web-
sites.
Fahmi Quadir’s New York-
based short selling firm Safkhet
Capital was among 17 investment
companies targeted by BellTroX
between 2017 and 2019. She said
she noticed a surge in suspicious
cious,” Quadir said. “It was just
horoscopes; then it escalated to
pornography.”
Eventually the hackers upped
their game, sending her credible-
sounding messages that looked
like they came from her cowork-
ers, other short sellers or mem-
bers of her family. US advocacy
groups were also repeatedly tar-
geted. Among them were digital
rights organisations Free Press
and Fight for the Future, both of
whom have lobbied for net neu-
trality.
The groups said a small num-
ber of employee accounts were
compromised, but the wider
organisations’ networks were
untouched. The spying on those
groups was detailed in a report
by the Electronic Frontier
Foundation in 2017, but has not
been publicly tied to BellTroX
until now.
Timothy Karr, a director at
Free Press, said his organisation
“sees an uptick in breach
attempts whenever we’re
engaged in heated and high-pro-
file public policy debates.”
Evan Greer, deputy director of
Fight for the Future, said: “When
corporations and politicians can
hire digital mercenaries to target
civil society advocates, it under-
mines our democratic process.”
While Reuters was not able to
establish who hired BellTroX to
carry out the hacking, two for-
mer employees said the company
and others like it were usually
contracted by private investiga-
tors on behalf of business rivals or
political opponents.
Bart Santos of San Diego-
based Bulldog Investigations was
one of a dozen private detectives
in the United States and Europe
who told Reuters they had
received unsolicited advertise-
ments for hacking services out of
India - including one from a per-
son who described himself as a
former BellTroX employee.
The pitch offered to carry out
“data penetration” and “email
penetration.”
Santos said he ignored those
overtures, but could understand
why some people didn’t. “The
Indian guys have a reputation for
customer service,” he said.
mills, the mainstay of the contempo-
rary economy.
Although the coronavirus pan-
demic’s toll has been much lower,
there are grim parallels. Almost a mil-
lion workers who built Mumbai’s sky-
line — from the Trump Tower to sky-
scrapers owned by global firms such
as Blackstone Group LP on erstwhile
mill land — have fled to their native
villages, short of money after a strin-
gent government lockdown brought
the economy to a standstill.
A plague-era law is being used to
draft doctors into the coronavirus opium trade before they reach the old this year —because their business
fight, and calls are increasing to neighbourhoods that house the stock involves contact with dozens of peo-
decongest infection hotspots includ- exchange and central bank. ple, increasing the risk of contagion to
ing Asia’s most crowded slum. themselves and others.
A megapolis of about 20 million, The Banker “People of this city never sat at
few cities face the reckoning around Vincent Valladares, 48, heads com- home even after bomb blasts, riots,
labor and life that Mumbai must now mercial banking at RBL Bank Ltd. floods,” says Sawant. “Now they will
contend with. When authorities Authorities termed financial services be scared. Many may not resume the
resumed some public transport on as “essential” amid the lockdown, so tiffin service fearing risk of infection.”
Monday, television channels showed Valladares, armed with an official let-
dozens of people rushing to board a ter in case he’s flagged down by police, The Maid:
bus, a sign of how desperate residents drives to office that stands on former Kalima Mujawar, 29, washes dishes
are to return to their livelihoods even mill land in central Mumbai. and cleans floors in four homes in
as the city remains India’s Covid-19 Valladares and his colleagues have Worli, close to the headquarters of
epicenter. been bombarded by a series of policy several banks and financial institu-
Six Mumbaikars, as the city’s res- changes from the Reserve Bank of tions. Only one household continued
idents are known, share how the virus India and the government in recent to pay her after the lockdown pre-
has changed their lives and work- weeks. Evolving instructions — from vented her from going to work.
spaces: how to sanitize branch- “Even after the lockdown lifts it
es to how much capital doesn’t seem like people will want
The Union Leader: Ensuing labour to retain — takes up maids to visit their houses for the rest
J R Bhosale, 79, has seen a shortages most of their time and of the year,” Mujawar says. She’s most
lot during his six decades devastated the there’s little new busi- concerned about the interruption in
with Mumbai’s railways. city’s cotton mills, ness. For now, focus is her children’s education.
A labor strike in 1974 — the mainstay of on figuring out how Mujawar is one of millions of peo-
the world’s largest record- the contemporary clients will emerge from ple who lost their jobs in recent
ed industrial action — economy the crisis, and which months, threatening to widen what
suspended services for 20 parts of the loanbook was already a vast disparity between
days and terrorist bombs could develop into lifestyles in the city. Mumbaikar
in 2006 kept trains quiet for 24 hours. default hotspots. Mukesh Ambani, Asia’s richest man,
Yet, under the lockdown, passen- “There’s a tendency to become has negotiated billions of dollars in
ger services have been halted for more more conservative,” says Valladares. investment despite the lockdown,
than two months. Authorities are con- holding Zoom calls to haggle out
cerned about the risk of contagion The Food Delivery Guy: details. Yet, families like the
because on a typical day trains run Nitin Sawant, 32, is one of Mumbai’s Mujawars typically access the inter-
so crowded that latecomers would dabbawallas, the city’s renowned net only through screens of the
hang out of doorways. lunch-box service. They’ve deliv- cheapest China-built phones.
“It is impossible to maintain safe ered homecooked meals to office-
distance,” says Bhosale, general sec- goers since 1890, and are so famous The Actor:
retary of the Western Railway for reliability that Harvard profes- Alistar Bennis, 24, a theater and
Employees Union. sors have sought to understand their screen actor, is also scouting for
He’s worried about how the sys- mastery of logistics. alternate opportunities. Bollywood
tem will cope after the lockdown, but Now most of the 5,000-strong came to a virtual standstill and
reopen it must, he says. The trains are force has returned to their villages, though authorities have allowed
Mumbai’s main artery, ferrying 8 mil- says Sawant, who is also secretary at some work to resume with strict
lion people each day from the teem- the Mumbai Dabbawala Association. restrictions, producers are moving
ing suburbs to the glass-and-concrete His colleagues have decided they film-shoots to less infected parts
financial districts midtown, traversing won’t work till Diwali -- India’s main of the country. But Bennis tries to
colonial-era docklands funded by the holiday that takes place in November stay optimistic.

BharatNet phase-II proposal

may go to Cabinet soon
MEGHA MANCHANDA
New Delhi, 9 June
The Union government is
readying the next phase of
BharatNet — a project that
aims to provide broadband
connectivity to 250,000 gram
panchayats in the country —
and will soon finalise public-
private partnership model
where each state may be
allowed to invite private play-
ers based on demand.
The proposal, which is at
an advanced stage, will
empower states to make their
own decision as far as private
participation is concerned.
It is learnt that the
Department of
Telecommunications has
firmed up the proposal with
the government think tank
NITI Aayog to monetise
BharatNet and will soon be
sent to the Cabinet for its
approval.
The proposal includes
models where states will
decide to take up the fibre
network optimisation role. It
will be divided into three
broad models — utilisation,
maintenance, and creation.
According to experts, states
will be given the autonomy to
decide which model or which
model combination they want
to use. For instance, the state
will have the liberty to decide
whether it would want to cre-
ate its own broadband infra-
structure through private par-
ticipation or only seek private
help in the maintenance of the
internet infrastructure.
While it is being seen as a
progressive step for expand-
ing internet connectivity to
the hinterland, some feel the
states may arm-twist the pro-
posal.
The BharatNet project was
approved to be set up in phas-
es — first phase entailed a cost
of ~18,000 crore and for the
second phase, the estimates
were around ~27,000 crore.

IBM drops facial

recognition software
PRESS TRUST OF INDIA
New York, 9 June

IBM CEO Arvind Krishna has

told the US Congress that the
technology giant is no longer
offering its facial recognition or
analysis software and “firmly
opposes” technology that is used
for mass surveillance, racial pro-
filing and violations of basic
human rights and freedoms.
Krishna on Monday sent the
letter to Congress outlining
detailed policy proposals to
advance racial equality in
America, which has seen wide-
spread protests and demon-
strations against the spate of
recent killing of African-
Americans, including that of
George Floyd by a white police
officer and also against repeat-
ed police brutality against the
Black community.
Floyd, the 46-year-old vic-
tim from Houston, was hand-
cuffed and pinned to the
ground by the white police offi-
cer who kneeled on his neck as
he gasped for breath on May 25
in Minneapolis.
Centre for Aromatic plants (CAP)
Industrial Estate,
Selaqui - 248011, Dehradun (Uttarakhand)
“In September 1953, more Telefax - 0135-2698305, E-mail: cap.dun@gmail.com
than a decade before the pas- Website www.capuk.in
sage of the Civil Rights Act,
IBM took a bold stand in favour e-Tender Notice No 03/LAB/2020-21
of equal opportunity…Yet near- e-tenders are invited from the Authorized Indian Agents of
ly seven decades later, the hor- Original Equipment Manufacturers (OEM) for the supply,
rible and tragic deaths of installation and commissioning of Fully Automatic Dhoop
George Floyd, Ahmaud Arbery, Stick Making Machine- 01 No.. The terms and Conditions of
Breonna Taylor and too many tender document along with other information can be
others remind us that the downloaded from e-tendering website of Uttarakhand
fight against racism is as urgent Government www.uktenders.gov.in from 12th June 2020 to 26th
as ever,” Krishna said in June, 2020. The cost of tender is Rs. 1180/ including GST and
the letter. Earnest Money Deposit is Rs.13,500/ (Rupees Thirteen
The Indian-origin CEO told Thousand Five Hundred only). Exemption for cost of tender
US lawmakers that IBM no and EMD, if any shall be considered only on production of valid
longer offers the general pur- proof of Exemption Certificate from the concerned authority.
pose IBM facial recognition or The tender can only be applied through e-tendering procedure
analysis software. on the website www.uktenders.gov.in. The last date of applying
and submission is 26th June, 2020.
Director
6
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MUMBAI | WEDNESDAY, 10 JUNE 2020 1
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MUMBAI | WEDNESDAY, 10 JUNE 2020 7
<
8 ECONOMY & PUBLIC AFFAIRS
>
MUMBAI | WEDNESDAY, 10 JUNE 2020 1

40 coal blocks likely to India downgrade created

6 ‘fallen angels’: Moody’s
be on offer in a fortnight
Ministry plans investor meets, roadshows to attract investment through eased rules
PRESS TRUST OF INDIA
Mumbai, 9 June

India’s sovereign rating downgrade has

created six “fallen angels”, or
AFTER THE DOWNGRADE
 Moody’s has downgraded
its rating on India by a notch
to an all-time high of 21 in Asia as of
early June, it said, adding that the
quantum of names in the list has dou-
bled due to the Covid-19 pandemic and
the Indian sovereign downgrade.
companies in the non-financial sector  Fallen Angels are the firms These 21 companies have over $12.3
JYOTI MUKUL & SHREYA JAI whose ratings have dipped to just one that move from investment billion of outstanding bonds matur-
New Delhi, 9 June UNDER THE HAMMER notch away from being considered grade category to ing in 2021, of which $3.3 billion are rat-
Successful bidder to make junk, global ratings agency Moody’s sub-investment grade ed and nearly a third of it is the addi-
monthlypayments...

I
ndia will be offering around 40
blocks for commercial coal
mining within a fortnight for
investment by both government
and private entities. This would be
followed by roadshows in major
cities of coal bearing areas.
This comes at a time when the
Covid-19 pandemic has impacted
investor sentiment across the globe,
besides a global push towards a low
carbon economy. Officials, howev-
er, see good response coming from
the industry in coal bearing states
though an enabling amendment in
the Mineral and Mines
(Development & Regulation) Act
had been done earlier this year in
order to get in foreign investment.
Under the earlier provision, for-
eign investors were required to have
operational coal mines in order to
be eligible for getting coal blocks.
This requirement was not there for
domestic companies.
“By waiving the eligibility con-
ditions, the government has
ensured that the flow of capital in
the sector is eased and the mining
capability is left to the successful
bidder to organise and deploy,” said
AK Jha, former chairman and man-
aging director, Coal India, in a
recent interaction with analysts.
Experts see investors taking a
long-term view. “The bidders will
take a view on demand, prices and
energy security over the 15-25 year
horizon which is unlikely to be
marred by the current situation.
Investment in renewable energy
especially now with storage proj-
ects should lessen demand in the
medium term. But the initial
rounds will see good participation
as captive users want assured sup-
ply and operators who can displace
costlier domestic coal,” said
Kameswara Rao, partner,
PricewaterhouseCoopers.
The auction would be done in
phases, and to begin with, mines
with a potential to produce 250 mil-
lion tonnes annually at their peak
would be given the offer. “We are
offering the mines for revenue
share but the idea is not maximisa-
tion of government revenue but to
have a good coal market so that
domestic availability improves,”
said an official. The ministry is look-
ing at Ranchi, Raipur, and Nagpur
to hold some of investor meets and
roadshows. “We will see if these
would be digital or physical. There
will be 60 days before financial bids
are put in,” said an official.
After the Indira Gandhi govern-
ment nationalised coal mining in
1973, the sector was opened up over
decades to only those who had
downstream projects linked to coal.
The Centre enabled commercial
mining and sale of coal by private
companies under the Coal Mining
Special Provisions Act, 2015. This
meant that coal could be mined and
sold openly in the market without
putting up any consuming unit like
a power, steel or cement plant.
Public sector units would also
be allowed to bid during the com-
mercial coal mining auction. “This
should not be a problem as the anti-
cipated supply is large. While some
 As percentage of revenue share
quoted in the bid
 Quantity of coal on which the
statutory royalty is payable
during the month
 Notional price or actual price,
whichever is higher
 Upfront amount will be 0.25% of
the value of estimated geological
reserves of the coal mine payable in
four equal instalments adjusted for
actual value or as per the ceiling
(see below), whichever is lower
Geological Upper ceiling
reserves of upfront
in mine (mt) amount (~cr)
Up to 200
Above 200
100
500
public sector units were allocated of the value of estimated geological
coal blocks on nomination basis in
the past, it is likely they will partic-
ipate to maintain cost parity with
reserves of the coal mine. It will be
payable in four equal instalments.
Coal mines will be put on auc-
their private competitors,” said Rao. tion on the basis of revenue share
In 2016, the Narendra Modi gov- instead of a fixed rupee amount for
ernment approved the methodolo- every tonne to ensure that bidders
gy for auctioning coal mines for are protected from price fluctua-
commercial purposes to private tions. The price of coal will be mar-
companies. Around 25 blocks were ket driven, with the creation of a
also identified for auction in 2019 new national coal index. It will esti-
but the bidding did not happen. mate the price of coal to be sold in
The new bidding regime, which the open market from these mines
was amended by the Cabinet in and the revenue to be accrued to
May, now aims at simplifying the the mine-bearing states.
process and attract more investors. “Bidding will start at 4 per cent
Auctioned mines, under the new floor price. Bid increment will be
methodology, will be required to in multiples of 0.5 per cent up to
pay a reduced upfront fee staggered revenue share of 10 per cent, and
over four instalments. This is thereafter, in multiples of 0.25 per
expected to attract smaller players cent,” said the coal ministry.
also. The upfront fee was earlier a According to Jha, however,
one-time payment to mine-bearing there are two most key considera-
states – it used to be the bid amount tions needed for starting a coal
multiplied by reserves of the mine. mine; land acquisition, and law and
So, larger the mine, the higher order situation at the mining site
the upfront payment, sometimes and adjoining areas. “Provided
running into thousands of crores. these are in place, the time taken to
Under the new methodology, the dig out the first ounce of coal will be
upfront amount will be 0.25 per cent 2-5 years,” he said.
Investors Service said on Tuesday. tion from the six Indian players, it said.
Companies that move from  These six companies include Since 2008, the fallen angels list
IOC, HPCL, Oil India, Petronet
investment grade category to has been dominated by Chinese
LNG, BPCL and ONGC
sub-investment grade are sometimes companies, but lately, it is companies
referred as “Fallen Angels”.  Addition of the six Indian from India and South Korea taking the
All these six companies are companies to the “fallen number up, it said.
state-run enterprises in the oil and gas Moody’s had downgraded its
angels” took the list to an
sector, and have $1 billion of rated rating on India by a notch recently on
bonds coming up for repayment till
all-time high of 21 in worries over growth and the fiscal
2021, the agency said. Asia as of early June strain. The rating is the last level in the
These six include Indian Oil category classified as “investment
Corporation, Hindustan Petroleum the final ratings of these six state-run grade” at present.
Corporation, Oil India, Petronet LNG, oil-and-gas companies will be driven Many analysts are pegging GDP to
Bharat Petroleum Corporation and Oil by a downgrade of the sovereign rating contract 5 per cent in FY21 and also
and Natural Gas Corporation, the and not a deterioration in their funda- overshooting the fiscal deficit targets as
agency said, adding that the funda- mental credit profiles, it said. the government spends more to limit
mental credit profiles of all of them Addition of the six Indian compa- the impact of the Covid-19 crisis amid
are intact. Further ratings action on nies to the “fallen angels” took the list a fall in tax revenues.
India’s gold imports ICRA: Securitisation
fall 99% for a second volumes to shrink
month on lockdown 30-40% this fiscal
Gold imports by India slumped by about 99 per cent for a ABHIJIT LELE
second straight month in May, disrupted by lockdown. Mumbai, 9 June
Inbound shipments fell to 1.3 tonnes last month from
105.8 tonnes a year earlier, according to a person familiar While the Reserve Bank of India’s revised norms are
with the data. expected to boost securitisation, especially of housing
That comes after shipments plunged to 60 kg in April, and mortgage loans, the Covid-19 pandemic may hit
the lowest monthly imports in at least a transaction volumes by 30-40 per cent in FY21, rating
decade. Finance Ministry spokesman agency ICRA has said.
Rajesh Malhotra didn’t immediately According to ICRA, the total volumes are expected to
respond to two calls to his mobile phone be ~1.2-1.4 trillion in FY21, as against ~2 trillion in the last
during office hours. fiscal year. ICRA said the Indian securitisation market
India has slowly started easing a was expected to remain tepid in the first half of FY21 due
lockdown that has grounded airlines to the uncertainties emerging from the Covid-19 out-
and battered the economy since it was break and economic slowdown.
imposed on March 25. Still, jewellers The lockdown has hit the income generation of a
aren’t optimistic of demand picking up large number of borrowers. Non-banking financial com-
before September at the earliest as financial stress remains panies (NBFCs) are likely to witness a spike in delin-
elevated and local gold prices hover near record highs. quencies across asset classes, especially loans disbursed
Imports by India have slumped by more than 80 per by micro finance institutions (MFIs), which could result
cent during the first five months of 2020 to 75.46 tonnes, in challenges in sell-down of their portfolio. Once the
according to data compiled by Bloomberg. lockdown eases and the economy starts to recover, secu-
Titan, India’s biggest jeweller by market value, on ritisation would again emerge as an important source of
Monday said its income from the jewellery unit fell near- funding for NBFCs and HFCs in the long run.
ly 6 per cent in the three months ended March, with a sig- Abhishek Dafria, vice-president and sector head of
nificant hit to sales in the second half of March as all stores structured finance at ICRA, said the securitisation mar-
were shut because of virus-related curbs. BLOOMBERG ket in FY20 at ~2 trillion was almost the same as in FY19.

LS session may 3 Indian institutes drop in QS rankings, but still in top 200
be a washout on
higher education consultancy world making increasingly
VINAY UMARJI
Ahmedabad, 9 June QS Quacquarelli Symonds, rank
WHERE THEY STAND intense efforts to enhance their
(Indian institutes in QSWorld
the world’s top 1,000 educational offerings,” Sowter
Three premier institutes led by universities. UniversityRankings) said on the rankings.

social distancing Indian Institute of Technology

(IIT) Bombay, followed closely
by Indian Institute of Science
(IISc) Bangalore, and IIT Delhi,
In total, 21 Indian higher
education institutions have
found their place among the
world’s top 1,000. Of these 21, 14
Institute
IIT Bombay
IISc
2020
172
185
2019
152
184
“To regain lost ground,
Indian higher education must
find ways of increasing teach-
ing capacity, and of attracting
ARCHIS MOHAN September. Sources said Naidu have featured in the top have fallen in rank over the past more talented students and fac-
New Delhi, 9 June and Birla, as presiding officers, 200 QS (Quacquarelli Symonds) 12 months, while four have IIT Delhi 193 182 ulty across the world to study in
are doing their job of reviewing World University Rankings. improved their position. India. There is plenty of poten-
Source: QS
As Covid-19 infection cases preparedness, and it would be However, all three have According to QS, Indian tial, and there are pockets of
spike in Delhi , the prospect of for the government to take a dropped in their rankings over higher education institutions excellence, within the Indian
holding the monsoon session call on whether or not to post- the past 12 months. perform strongly in research the 20th position globally for employer reputation — the best are both a relative indicator and system,” Sowter said.
of Parliament receded further. pone the session. The secre- IIT Bombay has retained its quality, even though they fail to the parameter. among Indian institutes global- a moving target. Meanwhile, apart from the
At a review meeting held on taries-general of the Lok Sabha status as India’s premier univer- increase their academic The QS World University ly. Incidentally, almost all fea- This means that a universi- top three ranked Indian insti-
Tuesday to study the various and Rajya Sabha told Naidu sity at 172nd global rank, though standing, teaching capacity, and Rankings are an aggregate of tured Indian institutes were ty’s performance is judged rela- tutes, the others include IIT
options, officials conveyed to and Birla that the Rajya Sabha it fell 20 places from 152 last year. levels of internationalisation at weighting given for various ranked below 601 for interna- tive to its competitors, and that Madras at 275th rank, IIT
Rajya Sabha Chairman M Chamber can at best accom- IISc Bangalore and IIT Delhi the same rate as their global parameters, including academ- tional faculty and international improvements in performance Kharagpur (314), IIT Kanpur
Venkaiah Naidu and Lok Sabha modate about 60 MPs if dis- were the second- and third- competitors. ic reputation, employer reputa- students, except OP Jindal can see an institution drop if (350), IIT Roorkee (383), IIT
Speaker Om Birla that Delhi tancing norms are followed. ranked Indian institutes at 185th This was evident from the tion, faculty-student ratio, Global University, which was other competitors are improv- Guwahati (470), University of
lacked a convention centre big Rajya Sabha has 245 members. and 193rd places, respectively. fact that IISc Bangalore emerged research citations per faculty, ranked at 473rd position in the ing at a faster rate. Delhi in the 501-510 rank band,
enough to seat so many They said the Lok Sabha IISc fell from 184th rank and IIT the second-best globally, in international faculty, and inter- former parameter. “Though India’s universities and IIT Hyderabad in the
Members of Parliament (MPs) Chamber and the Central Hall Delhi from 182nd. terms research citations per fac- national students. According to Ben Sowter, have dropped as a group this 601-650 rank band, forming
and adhere to social are adequate for a little over 100 The QS World University ulty with a world rank No. 2, fol- For instance, IIT Bombay director of research at QS, the year, this is frequently because the top 10 Indian institutes in
distancing norms. MPs. They said even if MPs Rankings, produced by global lowed by IIT Roorkee winning earned 93rd place in terms of QS World University Rankings of other universities across the the rankings.
At the end of the meeting, were to be accommodated in
Naidu and Birla the galleries, the
asked officials to total seating
examine if “virtual capacity would be
participation” of much lower than > FROM PAGE 1
MPs in the pro- required. The Lok

‘Won’t see significant private capex for 1-2 years’

ceedings of both Sabha has 543
the Houses was MPs.
possible. But, this Officials tell Rajya Officials also
could require Sabha Chairman pointed out the
amending the and Lok Sabha other limitations if In 2019-20, expenditure by the public long-term employment is through go to the best and most efficient greater private participation. I am
‘Rules of Business’, Speaker that the Central Hall sector and the governments was ~15.1 projects. Therefore, we will see more supply chain and at the moment it is not for opening up to foreign direct
which only chambers are and Vigyan trillion. In 2020-21, we expect that to projects coming up and we should be China. If the Make in India campaign investment. No foreign company is
Parliament can. not big enough Bhawan were to come down to ~11.3 trillion, and that a beneficiary of those. For now, catches up and if there are Indian going to put in 74 per cent and give
According to to ensure social be used for the will have an impact on orders. We will things will be a little lukewarm. manufacturers who are efficient you the latest in technology. At best,
officials’ assess- distancing session, like non- need to get more aggressive to keep both in terms of pricing and firms abroad are going to assemble or
ment, none of the availability of air- up with last year’s levels or we look Will private capital expenditure technology, we will look at provide a second-hand product.
three chambers in Parliament – conditioning during the day in for opportunities in Africa and East take longer? those sources.
the Central Hall, Lok Sabha, the Central Hall. and Southeast Asia to compensate We will not see significant private With Covid-19, does your earlier
and Rajya Sabha, nor the ple- Sources said the air-condi- us for that. capital expenditure for the next one In March you said 2019 was a tough expectation that your service basket
nary hall of Vigyan Bhawan are tioning in the Central Hall is to two years. The private sector’s year. Is 2020 going to be the — which comprises information
large enough to accommodate patchy, and it is also not You have refrained from giving a balance sheets are stretched. Two toughest? technology (IT), real estate, and
hundreds of MPs under one equipped with simultaneous guidance but what is the estimate of months of operations are lost. It No doubt this is going to be a tough finance — will grow faster still hold?
roof and also ensure social dis- interpretation service. the size and nature of orders we may will take time. year. Capital allocation is going to be Both real estate and finance may be
tancing norms. Another option discussed see this year? difficult and we need to rebuild an under pressure.
The monsoon session of was to enable attendance in the We expect to book orders and convert You have said the company has lost economy that was earlier chugging I expect it (service basket) to. These
Parliament usually takes place chambers of both certain bids (where the company is billing in the range of ~15,000-17,000 along in a fairly decent manner. businesses are spread across the
for a month from the third the Houses of only those many eligible but contracts have not been crore so far due to the lockdown. making a statement that we will There is also the psychic fear world and that is an advantage.
week of July to the second week members who can be accom- placed) into contracts in verticals like Is the worst behind? get back the entire billing we have around the pandemic. I hope there Some countries have flattened the
of August. According to the modated if social distancing heavy engineering, water, and power For us, we cannot get too much work lost, but it is a sincere attempt to is a vaccine soon. Until then, we (Covid) curve and are opening up
Constitution, the President norms are followed. This would transmission. In other segments like done unless we are on the site. Even progress quicker. need to live with the virus; we need their economies. Some industries to
should summon each House be done by drawing up lists of building, transportation, and during April and May, we have billed to get back to economic activity and which our businesses provide
within six months of its previ- such members whose partici- hydrocarbons, the prospects are not but it is nowhere near what we used How do you see the current clamour be positive. services are in a bit of a trouble, for
ous sitting, which makes it pation in items of business is similar to what they were in January- to do. However, what we need to bill for localisation with a strong instance, transportation,
mandatory for Parliament to required on a daily basis. February, when we were budgeting. is still available in the order backlog. sentiment against Chinese imports What are your views on the stimulus hospitality, oil and gas, and, to some
meet at least twice a year. Three According to sources, Naidu Both the Central and state Assuming by June-July we are in the capital goods sector? package, under which domestic extent, automobiles. I am hopeful
sessions are held in a year. It is and Birla asked officials about governments are clear they wish to able to get back 230,000 labourers to We are one of the few organisations defence manufacturing is expected between the second and third
not necessary for the two Hou- maximum capacity available kick-start the economy. The only way our site, we may need to put in double which decide the selling price first to get a fillip? quarters these industries will
ses to meet simultaneously. for enabling virtual participa- to do so is to announce projects, shifts in place, and have to find ways and then try to keep the cost below Defence is a permanent start-up. We bounce back. There will be a setback
The Budget session ended tion, and its feasibility accord- tender them, and ask contractors to to do more with fewer people. Our that. Once we have a selling price, we have two heavily-armed nuclear- in the first quarter, however. By the
on March 23. This would mean ing to the ‘Rules of Business’ of create jobs. Employment created teams in various verticals are are stuck with it for two and a half power neighbours. India should take fourth quarter things will get better
both the Houses would need to both the Houses and other through the MGNREGS is a short- working to see how we could get back years. We are not going to get a paisa up defence manufacturing in a more and hopefully the pandemic will
meet before the third week of technical issues. term solution. The only way to create what we have lost. I am nowhere more from the client. Therefore, we serious manner and encourage also subside.
.
MUMBAI | WEDNESDAY, 10 JUNE 2020 9 <

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 QUICK TAKE: ANALYSTS SEE UPSIDE IN BRITANNIA SBI has been aggressively cutting rates. However

1 The Smart it has not been matched by most other

Investor
Shares of Britannia fell 0.5 per cent on Tuesday, large banks even though they are
outperforming the Nifty, which dropped 1.2 per flush with funds. The Reserve
cent. Analysts say the stock could climb 10 per Bank of India needs to focus
MUMBAI | cent from current levels given its strong earnings more on transmission
WEDNESDAY, 10 JUNE 2020 visibility supported by new product launches, SANDIP SABHARWAL,
rural expansion, and low-priced offerings Investment advisor

WWW.SMARTINVESTOR.IN.FOR INFORMED DECISION MAKING <

Street backs 3-horse telecom race

ARPU gains, hopes of govt intervention, and upgrades for Vodafone Idea strengthen sentiment on sector
Speculative bets
rise on Voda Idea
RAM PRASAD SAHU strengthen the idea that the govern- CAP Securities, says: “For the tele- JASH KRIPLANI view that the stock has fallen
Mumbai, 9 June ment will step in to ensure the sur- com sector to settle to a three-player Mumbai, 9 June 95 per cent from its peak of
vival of Vodafone Idea.” market, Vodafone Idea needs a 2018. They are expecting to gain

T
elecom stocks have been among The Street believes the shutting of strategic investor to take a substan- Vodafone Idea’s drop to a pen- from recovery and feel there
the biggest gainers over the past Vodafone Idea will have multiple tial stake, an extended payment peri- ny stock has attracted several could be limited downside
month on the back of strong implications, going beyond the tele- od on adjusted gross revenues, and speculative traders, as well as from current levels. The low
March quarter results, greater interest com market. In addition to lost rev- finally meaningful capex on 4G.” retail investors looking to make price is an incentive to them for
of technology giants in this sector, and enues for the government (spectrum, The company needs to gain market quick gains from short moves multiple returns on small out-
expectations of a gradual increase in AGR, and taxes), the bankruptcy share across circles to be in the reck- on the counters, go,” Jasani added.
tariffs over the next few quarters. might add to the stress of the banking oning, he adds. leading to sharp Report of
The lower impact of the Covid-19 sector and put off foreign investors. While the sector has already been swings in the scrip. DIALLING IN Google consider-
crisis and a jump in data consumption Besides expectations of government rerated, the key trigger remains a fur- “There has People with up to ing investment in
have boosted their attractiveness. support, Naveen Kulkarni, chief ther rise in ARPUs. Tariffs were last been a lot of specu- ~2-lakh investment the firm has also
Though Bharti Airtel has moved up 7.1 investment officer at Axis Securities, raised in December by 25-40 per cent. lation over the led to more trad-
per cent, the biggest gainers have been believes a gradual uptick in average Most analysts expect ARPUs to move to stock as it is in an ing activity on the
Bharti Infratel (which has revenue per user (ARPU) the ~200-mark, from the current ~154 industry where counter. The

5,21,463*

7,29,473*
surged 33.8 per cent) and The Street believes will support the three pri- for Bharti Airtel and ~130.6 for Reliance other players are report on May 29
Vodafone Idea, which is the shutting of vate-player market. HOW THEY STACK UP Jio. The increase in ARPUs is expected, doing well. Its pres- led to a 35 per
up 141.7 per cent over this Vodafone Idea will Vodafone Idea’s ARPU Returns (%) given the low mobile revenue to GDP ence in the futures cent jump in that
period. Thanks to the have multiple in the December quarter ratio in India, a fall in competitive and options (F&O) day’s trade, while
Bharti twins, the sector implications, going stood at ~109, up 22.5 per As of June 9 1 day 1 month 3 months YTD 1 year intensity, and pricing discipline. segment has Dec 2019 Mar 2020 officially there
has been the biggest gain- beyond the cent over the year-ago Nifty -1.2 8.6 -3.9 -17.4 -15.4 Analysts at Jefferies expect sector allowed traders to has not been any
er in the Nifty50 since telecom market quarter. The company is revenues to double to $38 billion by place bets on the Increase: 2,08,010 confirmation yet.
Sensex -1.2 7.3 -4.7 -17.7 -14.3
March lows. It has more expected to post a 3.7 per FY25, from $19 billion in FY20. Strong directional move of * Number of investors
Source: BSE
Since then, shares
than doubled its weighting in the Nifty cent increase in ARPU in the March Bharti Airtel -2.9 7.1 14.4 24.5 59.1 subscriber addition for Bharti Airtel the stock price in of Vodafone Idea
since December, according to a Motilal quarter to ~113. CLSA expects the com- Bharti Infratel 1.4 33.8 10.5 -7.6 -16.5 and Reliance Jio after the tariff hike is the short term,” said Deepak had more than doubled before
Oswal Financial Services report. pany’s ARPU, which lagged peers by an indication that customers have Jasani, head, retail research at Tuesday’s drop.
The bullish outlook on these 15-19 per cent, to grow 30 per cent by Vodafone Idea -15.9 141.7 152.0 63.6 -24.6 accepted the increase. The improve- HDFC Securities. Analysts say retail investors
stocks, especially Bharti Infratel and FY22 and the subscriber loss to decel- Reliance Industries -2.1 -0.6 39.4 2.5 18.0 ment in ARPU is also expected to come Experts added that given need to be wary as given the
Vodafone Idea, has been because of erate. While the stock has nearly tre- about on higher 4G subscriber addi- the stock’s high lot size of large quantum of debt on the
Source: Bloomberg/exchange Compiled by BS Research Bureau
the Street’s view that the sector is like- bled over the last three months, the tions. In the near term, the Street will 98,000 shares, F&O traders are books, such bets could back-
ly to remain a three-player market. brokerage expects further upside and company will leave it with a single the sector, not all are on the same keep an eye on the Supreme Court deci- looking to make sizeable gains fire unless investors are able to
An analyst at a foreign brokerage says: has set a target price of ~12. Bharti anchor tenant across its towers, which page about the sector remaining a sion on AGR and possible moves by from a five-ten paise move in time their entry and exits.
“The price movement of Bharti Infratel’s gains also ride on the survival is not a viable proposition. three-player market. Rajeev Sharma, the government to ensure the survival the stock price.
Infratel and Vodafone Idea seems to of Vodafone Idea, as the collapse of the Though the Street is bullish on head of institutional research at SBI- of Vodafone Idea. “Retail investors are of the More on business-standard.com

Nifty50 finds it tough to breach 10,300
SUNDAR SETHURAMAN
Mumbai, 9 June
The benchmark indices came off
sharply from their intra-day highs for a
second day in a row. The Nifty50 and the
Sensex hit an intra-day high of 10,291
and 34,811, respectively, but settled near-
ly 2.4 per cent lower at 10,047 and 33,957.
Market players said the Nifty has run
into technical resistance of 10,300,
which happens to be its 100-day moving
average (DMA).
“The level of 10,300 acted as a major
barrier. The market slumped mainly due
to sudden weakness in global markets
and a surge in the Dollar Index.
Worldwide investors are turning cau-
tious on equity as the past rise was sig-
nificant and uninterrupted. We are also
witnessing a similar trend in our mar-
kets, however, if the market defends the
level of 9,940 then it would be positive for
the market. Buying is advisable if the
market drops below the level of 9,940
and recovers back. On the higher side,
the level of 10,170 would be a major hur-
dle,” said Shrikant Chouhan, executive
vice president, equity technical research,
Kotak Securities.
On Monday, the Nifty had hit an
intra-day high of 10,329 before ending
at 10,167.
“Nifty again witnessed profit book-
ing and resistance at its 100-DMA levels,
a crucial level for the index. Our markets
also seem to be driven by global cues
and European markets opening in the
red had an impact on our markets,” said
Vinod Nair, head of research at Geojit
Financial Services.
“Technically, Nifty has formed ‘bear-
ish candle’ on the weekly chart. How-
ever, Nifty has managed to remain abo-
ve the crucial level of 10,000-mark with
immediate support placed at 9,950-
9,900 levels while on the upside it faces
resistance at 10,300 levels,” added
Siddhartha Khemka, head - retail resea-
rch, Motilal Oswal Financial Services.
On Tuesday, European stocks closed
nearly 2 per cent lower. In the US, while
Dow Jones and S&P 500 were in the red,
Nasdaq was in the green.
Tuesday’s fall in the market came
despite positive buying by overseas
PMS schemes slip into the red in May
VOLATILE TRADE After making a comeback in
April, 82 per cent of the 133
Nifty50
PMS strategies delivered
negative returns in May, the
data from PMS AIF World
shows. The Nifty, during the
same period, slid 2.8 per
cent. Nearly 40 per cent of
10,046.7
the schemes
underperformed the Nifty.
10,167.5 Emkay Lead PMS was the
month’s top performer, with
Jun 8,’20 Jun 9,’20 10.6 per cent returns. Among
133 strategies, 96 per cent STANDOUT PERFORMERS
were in the red zone for one Schemes that outperformed in an otherwise weak month
investors. Foreign portfolio investors year. It was not surprising, Returns (%)
(FPIs) were net buyers to the tune of ~491 considering all the major
May ’20 1 year
crore. A day earlier, FPIs had bought benchmark indices, such as
shares worth over ~800 crore. Nifty50, Nifty MidCap 100, Emkay Lead PMS 10.6 -0.4
Banking stocks weighed on the mar- and Nifty Smallcap 100, have Emkay's 12 10.5 -
ket performance on Tuesday. The Bank slid 19.6 per cent, 26.1 per
Nifty index fell 2.2 per cent. HDFC Bank, cent, and 38.9 per cent,
Asit C Mehta Ace 15 6.5 -21.1
Reliance Industries and ICICI Bank were respectively. Meanwhile, Asit C Mehta Ace 50 5.5 -21.4
the biggest drag on Sensex performance. Kotak Pharma was the top- ICICI Pru Largecap Portfolio 3.62 -16.04
On the other hand, IndusInd Bank and performing strategy for one
Sun Pharma were the top gainers. year with 29 per cent returns, Kotak Pharma 3.4 28.9
The latest fall comes after a 15 per followed by Marcellus ICICI Pru Contra Portfolio 3.24 -14.51
cent rally in the market in just three Consistent Compounders Karma Capital Long Only 3.1 -32.8
weeks despite rising Covid-19 infections. (13.8 per cent) and Ambit
The gains were fuelled by aggressive Coffee Can (10.9 per cent). Credent Growth Portfolio 1.8 -5.3
stimulus measures announced by glob- ASHLEY COUTINHO Equirus Long Horizon Fund 1.53 -6.14
al central banks. Source: PMS AIF World

Ghost of ’96 World Cup THE COMPASS

returns to haunt FPIs Titan’s Q4 margin surprise fails to impress Street

SHREEPAD S AUTE was, once again, way higher The Titan management, in Meanwhile, Titan
Recovery in sales of than consensus estimates of an analyst call on Tuesday, clocked nil revenue in April,
SACHIN P MAMPATTA can be pleaded and if the case is made out, the discretionary items Titan’s March 2020 quarter ~373 crore. highlighted its aggressive while May saw just 10-15 per
Mumbai, 9 June amount in question will always be refunded with (Q4) numbers, announced on Yet, the Titan stock — focus on stimulating demand, cent recovery, compared to
interest. But, that by itself, cannot absolve the lia- to take a while Monday after market hours, which gained 3 per cent intra- and on market share gains. March. Further, the figure
A recent Supreme Court ruling on the 1996 bility under Section 194E,” it said. provided mild comfort. The day on Tuesday — closed the Given the current situation for June was estimated at
Cricket World Cup could have implications for A senior tax consultant said Indian firms will jewellery-to-watch major day down 2.3 per cent. — in which demand for dis- 30-40 per cent. All these
foreign portfolio investors. now have to withhold taxes at 20 per cent (plus recorded sharp improvement However, what worried cretionary items has taken a indicate how bad the June
The ruling held that provisions for deducting surcharge and cess) even if an FPI is eligible for a in operating profit margin, the Street most was the backseat — analysts believe quarter could be.
tax at source will apply even to those covered by tax lower rate under the tax treaty. An FPI can either even with a 5.2 per cent year- expectation of margin pres- Titan will need to raise its pro- Close to 75 per cent of stores
avoidance treaties. The Budget earlier this year adjust the excess taxes withheld against their tax on-year (YoY) decline in rev- sure, mainly in its jewellery motional and trade offers to have been re-opened, and
announced a 20 per cent withholding tax on div- on capital gains or claim a refund of excess taxes enue to ~4,429 crore. business. This contributes revive growth and gain mar- around 90 per cent of Tanishq
idends paid to FPIs. Taken together, it may mean in their tax return. Not all funds are making a gain Even as the top line was in over 80 per cent to overall ket share. stores likely to be re-opened by
FPIs cannot seek treaty protection against the new because of the state of the capital market. Seeking line with analysts’ estimate of operating profit. The management added June-end. While retail expan-
withholding tax that companies are required to a refund would mean waiting for a year or more. ~4,425 crore, reported Ebitda Rajiv Anand, analyst at there would be some margin sion is currently on hold, 8-9
deduct at source, “Foreign investors margin expanded by 388 basis Narnolia Financial Advisors, compression in FY21, on stores (pending from the Q4
according to experts. INDIA LAGS IN DIVIDEND YIELDS also effectively paid a points YoY to 13.6 per cent — says: “We believe Titan’s mar- account of rising competitive target of 50) will be opened in
The apex court order Figures in % slightly lower amount ahead of estimates of around gins will remain under pres- intensity and lower demand the next few months. The
pertains to when the Dividend yield under the old divi- 10 per cent. sure as a likely revenue fall in for the more-profitable stud- management expects full
cricketing bodies of dend distribution tax Key segments including FY21 will lead to weak operat- ded jewellery. Given the slow- recovery by March 2021, with
Pakistan, India, and FTSE 100 Britain 4.43 regime. While FPIs jewellery, watches, and eye- ing leverage. Cost control, down and impact on individ- the December and March quar-
Sri Lanka formed a Brazil Ibovespa Brazil 3.34 may be net gainers in wear saw improvement in however, may limit the pres- ual income, recovery in sales ters expected to see good
joint committee to the new scheme of margins. Therefore, profit sure.” Titan’s enhanced focus of discretionary items such as demand for jewellery. The
conduct the 1996
Dax Germany 2.77 things, waiting a year before tax rose 10.9 per cent on recovery is the right step, jewellery, watches, and eye- Street will be watching devel-
Cricket World Cup. Euro Stoxx 50 Pr Eurozone 2.70 or more for a tax YoY to ~515.6 crore, which he adds. wear will be gradual. opments closely.
The panel had made Dow Jones Industrial refund can be cum-
certain payments Average US 2.37 bersome. It could be a
overseas as part of the huge cash flow issue,”
tournament. Cac 40
“India, Pakistan, Shanghai Se Composite China
and Sri Lanka were
France 2.29
2.26
said the person.
There was some
hope earlier of some
Divi’s Labs stock lacks near-term triggers
Kospi South Korea 2.11 Margins to get better
selected, on the basis relaxations for FPIs UJJVAL JAUHARI benefits for some critical raw For non-regulated markets, tain going ahead.
of competitive bids, to Nikkei 225 Japan 1.90 coming from treaty materials. Operating costs, the company has started com- Further, the disruption
have the privilege of Nifty50 India 1.59 jurisdictions. Some of
once supplies start Divi’s Laboratories has been however, increased due to par- mercial supplies from brown- caused by Covid-19 could
jointly hosting the Source: Bloomberg Compiled by BS Research Bureau them, such as those from expanded one of the biggest gainers tial commissioning of field projects in February and extend the timeline of expan-
1996 World Cup. from Hong Kong, had among the pharma pack since Hyderabad and Visakhapat- March which should soon sions.
These three host countries were required to pay only a 5 per cent tax rate. Firms that have recent- capacities next year the start of April. The stock, nam brownfield projects. translate into revenues. Analysts at Motilal Oswal
varying amounts… in connection with conduct- ly declared dividends have been deducting tax- which has gained 29 per cent, Going ahead, the company While the expansions Financial Services have
ing the preliminary phases of the tournament es at 20 per cent, according to a source. continues to trade near its 52- is expected to be a major bene- would drive future growth, ris- reduced their FY21 earnings
and also for promoting the game in their respec- The exchange data shows that major firms week high. The Street’s confi- ficiary of the rising contract ing costs could cap margin estimate, factoring in the
tive countries,” noted the order. that have declared dividends include information dence was not misplaced as the research and manufacturing expansions in the interim. Covid-led headwinds over the
The tax department later said it should have technology companies Infosys and TCS as well as company reported a steady opportunities, given its Analysts at Edelweiss Research near term.
deducted taxes for the same. The final Supreme biscuit maker Britannia Industries. Infosys March quarter performance. strength in manufacturing expect FY21 margins to remain After an over 60 per cent
Court order on the matter came on April 29, declined to comment, while the other two com- While revenue grew 9.7 per niche chemical products. subdued as postoperative fixed rally in the past one year, ana-
where it ruled in favour of the tax authorities panies did not respond to an email query about cent, the rise in net profit was Divi’s expects to complete costs for newly commissioned lysts expect a pause as valua-
while also noting that a Double Taxation how they were dealing with the issue. sharper at 33 per cent year-on- the ongoing brownfield expan- capacities are set to hit profit, tions factor in most positives.
Avoidance Agreement (DTAA) cannot shield Rajesh H Gandhi, Partner at Deloitte Haskins year. However, the bottom line sions at a capex of ~1,200 crore while approvals for developed Analysts at HSBC, who have a
investors from a withholding tax. & Sells, agreed refund may take time to come. was also supported by lower by the second half of FY21. The markets are yet to come in. hold rating on the stock,
“The obligation to deduct tax at source under “Ideally Indian companies should have been taxes and forex gains. company would then need to While the company has believe sales and margin
Section 194E (of the Income-tax Act) is not affect- allowed to withhold tax at treaty rates based on The company reported apply for regulatory approvals not given a revenue and mar- expansion will come about
ed by the DTAA and in case the exigibility to tax prima facie evidence and the onus should have improved gross margins led by of its new capacities for regu- gin guidance, the manage- once the supplies to the US and
is disputed by the assessee on whose account been put on the investor to prove treaty eligibil- better product mix, lower input lated markets such as the US ment indicated that high EU from brownfield plants
the deduction is made, the benefit of the DTAA ity, if needed,” he said. costs and backward integration and Europe. gross margins may not sus- start in FY22.
>
MUMBAI | WEDNESDAY, 10 JUNE 2020 THE SMART INVESTOR 13

Experts turn cautious on small-caps ILLUSTRATION: BINAY SINHA

Investing in global funds
will help you diversify
Analysts worried LEADING THE PACK week lows hit on the same date.
“Small-caps will take a much
about long-term BSE Price in ~ longer time to recover as far as earn- Dollar assets also make sense if you are
prospects; advise May 19, Jun 09, % ings are concerned compared to
their mid-cap and large-cap peers.
planning to settle abroad
2020 2020 change
profit booking Sintex Ind 0.90 1.70 88.89 Some may even find it difficult to
pay the principal and the interest
BINDISHA SARANG
STELLAR PERFORMERS
DEEPAK KORGAONKAR Khadim India 81.95 145.80 77.91 on their borrowings and may fold With the US markets hitting new OVER PAST YEAR
& PUNEET WADHWA IFCI 4.05 7.00 72.84 up. Investors should take money highs in the past few days, more Returns (%)
Mumbai/New Delhi, 9 June Srei Infrastructure Finance 3.80 6.50 71.05 off the table now,” says Gaurang investors are getting attracted to n1 year n3 years n5 years
Kaya 134.90 228.05 69.05 Shah, head of investment strategy these markets.
Edelweiss Greater 48.4

A
nalysts have turned cau-
tious on small-caps after a
sharp market rally saw a
host of these stocks beat their mid-
and large-cap peers on absolute
return. The S&P BSE SmallCap
index has outperformed the market
in the past three weeks, surging 14.4
per cent as compared to an around
12.5 per cent and 13 per cent rise in
the S&P BSE Sensex and the S&P
BSE MidCap indices, respectively.
Of the 685 stocks in the
SmallCap index, more than half, or
414 stocks, have surged over 15 per
cent. A total of 210 stocks have ral-
lied over 25 per cent. Of these, four
stocks — Khadim India, IFCI, Sintex
Industries and Srei Infrastructure
Finance — have surged over 70 per
cent, while 29 stocks soared 50 per
cent to 70 per cent.
“A number of these stocks have
gone up on account of the ample
at Geojit Financial. In May, mutual fund
LT Foods 20.55 34.70 68.86 China Equity 17.9
The Centre is slowly moving schemes investing in the over-
PC Jeweller 10.20 17.20 68.63 towards restoring normalcy. While seas market gave returns of 3.98 Offshore 10.5
Shivam Autotech 10.80 18.20 68.52 relaxations in curbs would help per cent — the highest category Motilal Oswal 47.5
Dalmia Sugar 55.25 92.90 68.14 improve the supply-side situation, average returns, according to the Nasdaq 100 ETF 24.8
the underlying demand trend Value Research data. 20.6
Religare Enterprises 23.10 38.65 67.32
remains the key monitorable. Says Yogesh Kalwani, head- PGIM India 38.0
Suzlon Energy 2.60 4.35 67.31 Motilal Oswal Securities expects investments, InCred Wealth Global Eqt Opp 21.5
Vikas Ecotech 3.05 5.10 67.21 the Centre and state governments Management, “While it is natu- 8.6
TVS Electronics 67.45 112.00 66.05 to progressively keep relaxing the ral to have a home bias while ICICI Pru US 32.7
Tejas Networks 31.35 51.85 65.39 lockdown norms further. It believes building a portfolio, if you look Bluechip 19.6
the interplay of health and eco- at the last 10 years, the Indian 14.6
Hindustan Oil Exploration 39.60 65.40 65.15
nomic crisis holds the key to how equity markets have given no Franklin India 30.9
Source: Exchanges Compiled by BS Research Bureau
markets behave in the near term. returns in dollar terms. In com-
Feeder Franklin 21.8
“Our Nifty target of 9,900 for parison, the top three markets
US OPP 14.8
liquidity chasing them — even in stocks of fundamentally sound tyres have led from the front. March-end 2021— with are the US (10 per cent a year),
Source: ValueResearch
those with weak fundamentals. companies,” says A K Prabhakar, With this gain, the S&P BSE upside/downside scenarios of Taiwan (7 per cent a year), and
Investors are speculating and chas- head of research at IDBI Capital. SmallCap index has recovered 37.5 11,500/6,700 — implies unattrac- China (5 per cent a year) over 10
ing higher return at a time when Among sectors, capital goods, per cent from its 52-week low tive risk-reward after the recent ral- years as of March 2020.” should be lured by the high
other avenues of generating a auto ancillaries, chemicals, con- touched on March 24. In compari- ly. Labour shortages and the exe- When it comes to the US mar- returns generated in the US mar-
decent return are drying up. While structions, realty, entertainment, son, the S&P BSE Sensex and the cution of long-term reforms remain kets, there are certain areas they ket over the past six-12 months.
some can still go up further, financials, hotel & restaurants, S&P BSE MidCap indices have key variables,” wrote Gautam are doing well. Adds Kalwani, The main reason for buying
investors will be better off exiting information technology (IT), plastic bounced back 32.4 per cent and 31.4 Chhaochharia, head of India “Every market has different sec- international equity at this point
them at higher levels and investing products, steel, sugar, textiles and per cent, respectively, from their 52- research at UBS, in a June 3 note. tors or companies (or at any point) is
leading. For exam- diversification.
ple, in the US, it’s YOUR MONEY Investors need to
all about technolo- allocate 10-15 per

Govt allows start-ups to issue

gy stocks viz., cent of their portfo-
HC: No voting on Franklin FAANG (Facebook, lios in international
Amazon, Apple, investment over the
schemes before audit Netflix, and medium term to

sweat equity for up to 10 years

SAI ISHWAR
Mumbai, 9 June
Start-ups can now issue equity shares
to their employees for up to 10 years
from the date of their incorporation or
registration.
The Ministry of Corporate Affairs
(MCA) has amended the Companies
(Share Capital and Debentures) Rules,
2014, to allow start-ups to issue sweat
equity shares not exceeding 50 per cent
of its paid-up capital.
The earlier limit of five years was
changed to bring the MCA provision in
line with the Department for Promotion
of Industry and Internal Trade’s order.
Industry experts say the move will help
start-ups better incentivise their staff and
retain talent. This will also act as an alter-
native medium of compensation for
employees and avoid pay cuts.
“Any help to companies and employ-
ees in terms of seat equities will help in
retention of talent, and the entire ecosys-
tem will, then, benefit considerably,” said
Naganand Doraswamy, managing partner
Ideaspring Capital, a venture fund and a
start-up mentor.
Usually, start-ups issue sweat equity
to their employees or directors against any
form of intellectual property or technical
knowhow without any vesting period.
WHAT CHANGES
| Earlier limit of 5 years scrapped
| Move will help firms retain talent,
conserve cash, say experts
| Will help avoid pay cuts for firms
reeling from the Covid-19 pandemic
| Govt also scraps rule requiring listed
firms with privately placed
debentures to set aside reserves
every year
Employee Stock Options allotment, on the
other hand, is linked to employees’ per-
formance and based on completion of the
vesting period.
Doraswamy downplayed the concerns
that the rule may act as a deterrent to
future fund-raising plans. “Ensure the
employees benefit when the company
does well and the venture capitalists (VCs)
automatically make money,” he said.
Apoorva Ranjan Sharma, co-founder
of start-up incubator Venture Catalysts
and VC accelerator 9Unicorns, said: “The
employees will also have a sense of own-
ership and can reap benefits as the valua-
tion of the company increases.”
“Most of the start-ups usually take over
3-5 years to raise funding in bigger rounds.
And, many a time, the top talent is known
to quit after encashing the equity (in the
early stages),” said Sharma.
Legal experts who worked closely with
start-ups also welcomed the change. “It is
a positive step, with reduced cash flow in
the ongoing pandemic situation. This
amendment will help the start-ups that
are in operation for more than five years
also to issue sweat equity to its employ-
ees,” said N Raja Sujith, partner - head
(South India), Majmudar & Partners.
The amendment will also help start-
ups attract fresh talent from the market.
Also, VCs and PEs, typically, favour start-
ups with such equity schemes as the
employees have “skin in the game” and
they perform better to increase the valu-
ation of the company, according to
Shalini Jain, partner, people advisory ser-
vices, EY India.
Google) that has led reap rewards of
Franklin Templeton’s plans to liquidate the six debt the markets.” diversification. The
schemes it wound up in April have been put on hold Adds Pratik US markets have
after the Gujarat High Court rejected the fund house’s Oswal, head-passive fund busi- historically had low correlation
appeal to allow e-voting by investors. ness, Motilal Oswal AMC: “The with the Indian markets, while
The high court on Monday said a stay on e-voting US market should be the first offering the same return profile
would remain in force till the findings of a forensic market for diversification due to — thus, leading to higher port-
audit, being conducted by the markets regulator Sebi, two reasons. It’s the world’s folio stability.”
are put in the public domain. The e-voting was largest economy, and many of One can go to other markets
scheduled to be held on Tuesday. “Pursuant to the its companies have a wide global as well. However, most experts
order dated June 8 2020 issued by the honourable High presence. Not only are you play- recommend a part of investors’
Court of Gujarat, the e-voting scheduled for June 9-11, ing the biggest economy, but portfolio in global equity, but
2020, and unit-holders’ meeting on June 12, 2020, also its international expansion begin with the US. Take a stag-
related to the schemes under winding up, stands over the next decade.” gered approach through system-
suspended till further communication,” said a Another major reason for this atic investment plans.
spokesperson for the fund house. BS REPORTERS is currency depreciation, that is, Says Feroze Azeez, deputy
depreciation in the value of the CEO, Anand Rathi Private
rupee. In the last one year, the Wealth Management, “If you
Sebi relaxes 63 moons rupee has depreciated 8.13 per
cent. In the past six months, it
are going to another country,
you need to go to one with dif-
FPO rules cuts price has depreciated 6.04 per cent, ferent attributes other than
buoying returns of international your own. You are going there
temporarily of software funds. As international funds to invest in a deeper market, a
Sebi has temporarily 63 moons technologies invest in foreign currency- more technology-driven one to
relaxed norms governing on Tuesday said it denominated stocks, the rupee mitigate your risk. If you invest
follow-on public offering would offer trading depreciation has a positive in China, you have not just been
(FPOs) to help listed firms software Odin at a 50 impact on the return of the over- subjected to the dollar, but to
raise additional capital. per cent discounted all scheme. Says Pranjal Kamra, the yuan as well.”
The markets regulator price to enable smooth chief executive officer (CEO), Adds Azeez, “Those who
said firms with average transition of trading Finology, “So, the Indian have dollar aspirations or goals,
market capitalisation of terminals from the investor with exposure to such investing systematically makes
~500 crore will now be NSE’s NOW platform. schemes will earn profits in the definite sense. For instance, a
eligible to bring out an The move comes a day short run.” child’s education abroad. But, if
FPO under the fast track after the NSE Another reason why invest- you are a high networth individ-
record. The earlier announced it would ing in international funds makes ual, or someone with profit max-
threshold was discontinue NOW sense is diversification. Says imisation as an objective, it will
~1,000 crore. BS REPORTER trading platform. PTI Oswal, “I don’t think investors not make so much sense today.”

ECONOMY
>

Airlines to lose $84 bn in ’20: IATA Border situation cooling,

ANEESH PHADNIS
Mumbai, 9 June
The International Air Transport
Association (IATA) has projected
$84.3-billion loss for global airlines in
2020 as travel bans and visa restric-
tions are set to halve international
passenger traffic. Financially, 2020 will
go down as the worst year in the history
of aviation, IATA’s Director General
Alexandre de Juniac said as he released
the financial outlook for the air trans-
port sector on Tuesday. Based on pas-
senger estimates, airlines will lose
$37.54 per passenger, it said.
A sharp fall in demand and revenue
has forced airlines to slash costs, and
governments are stepping in to infuse
funds and keep airlines afloat.
On Tuesday, Cathay Pacific said the
Hong Kong government will take 6 per
cent stake in the airline as a part of a
$5-billion bailout plan. On the other
hand, news reports on Tuesday said
Emirates is laying off hundreds of pilots
and cabin crew to curb expenses.
Emirates starts cutting
thousands of jobs
Emirates has started the process of
firing thousands of workers to help it
preserve cash, according to sources. The
majority of those being retrenched are
cabin-crew members. A minority of the
carrier’s 3,000 engineers are also losing
their jobs, alongside pilots who mainly
flew Airbus SE A380. BLOOMBERG
In India, domestic airlines have not
secured any relief from the government 2019 levels. The global airline body said
and are reporting 50-55 per cent loads passenger numbers will roughly halve
as domestic air travel resumed on May to 2.25 billion, approximately equal to
25 after two-month suspension. Near- 2006 levels. Capacity, however, cannot
term travel outlook remains uncertain, be adjusted quickly enough with a 40.4
but 48 per cent year-on-year fall in fuel per cent decline expected for the year.
price offers a silver lining. India is yet to take a decision on
IATA said passenger demand has opening up international traffic. Civil
evaporated as international borders Aviation Minister Hardeep Singh Puri
closed and countries locked down to has said the decision to resume regular
prevent the spread of the virus. This is international operations will be taken
the biggest driver of industry losses, it as soon as countries ease restrictions
said. At the low point in April, global on entry of foreign nationals.
air travel was roughly 95 per cent below Destination countries have to be ready
to allow incoming flights.
IATA said passenger revenues are
expected to fall to $241 billion (down
from $612 billion in 2019). “This is
greater than the fall in demand, reflect-
ing an expected 18 per cent fall in pas-
senger yields as airlines try to encour-
age people to fly again through price
stimulation,” it said.
With open borders and rising
demand in 2021, the industry is expect-
ed to cut its losses to $15.8 billion.
“Airlines will still be financially frag-
ile in 2021. Passenger revenues will be
more than one-third smaller than in
2019. And airlines are expected to lose
about $5 for every passenger carried.
The cut in losses will come from
reopened borders leading to increased
volumes of travellers. Strong cargo
operations and comparatively low fuel
prices will also give the industry a
boost. Competition among airlines will
no doubt be even more intense. That
will translate into strong incentives for
travellers to take to the skies again,”
said de Juniac.
says Army; military
officers meet again today
AJAI SHUKLA
New Delhi, 9 June
Top Army sources on Tuesday
said, based on a decision taken
at the meeting between Indian
and Chinese generals in
Ladakh on Saturday, lower-
ranked officers from both
sides will meet over the com-
ing 10 days to discuss conflicts
in their respective areas of
responsibility.
The sources said that in claimed “there has not been minister and the ministry of
this series of “higher military any Intelligence failure” and external affairs are coordinat-
commander level” (HMCL) that the “Indian Army has ing well amongst themselves.”
meetings, the first will be held stopped the PLA quickly and On the broader military-
on Wednesday at Patrolling strongly.” They claimed the political perspective,
Point 14 (PP14), near the army “has matched (the PLA) the sources said: “The core
Pangong Tso. in terms of men and machin- issue is the undecided Line of
The sources also claimed ery at every location.” Actual Control (LAC). Until
that both sides have “retreated “The Indian side has con- that is solved, these episodes
a bit” after the Saturday meet- veyed that construction will and issues will continue to hap-

Auto sales may see sharpest fall in 20 yrs: Ind-Ra ing. Describing the meeting
between Indian and Chinese
corps commanders on
not stop, including on the
DSDBO road, as it is well with-
in the Indian boundary,” they
pen.” The sources criticised the
PLA’s militarisation of the bor-
der areas. “China has deployed
PRESS TRUST OF INDIA Also, monthly sales volume may not return to the Saturday, the Army sources said. Denying that any heads fighter bombers, rocket forces,
New Delhi, 9 June pre-Covid levels before mid-2021-22, Ind-Ra said. said they met one-to-one for would roll, the sources air defence radars, jammers,
“Volumes could increase by a high-single to a low almost three hours before expressed full satisfaction etc. India has deployed all its
Automobile sales may decline by up to 25 per cent in double-digit rate in FY22, on account of a pent-up engaging further at delegate- with the way the Leh corps major assets along the LAC…
this financial year as compared to 2019-20 due to a demand; however, it is subject to an improvement in level talks. commander and the northern just a few kilometres away from
complete washout in April and minuscule sales last industrial production activities, favourable regulatory The sources said the two army commander had han- the frontline. India will contin-
month, according to rating agency Ind-Ra. changes, increase in consumption levels and a macro sides “mutually agreed and dled the intrusions. ue to have major build up until
The decline (excluding in tractors) would be the economic recovery,” it added. identified five locations of In a statement of resolve, China withdraws the build up
steepest in the last two decades, much higher than Ind-Ra noted that the rural sector is likely to drive conflicts” between the they said the Army “is fully (it has) done there,” said the
that recorded during the global recession in 2008- sales growth in two-wheeler and tractor segments. People’s Liberation Army prepared for a long and per- sources.
09, and is likely to push industry volumes to the 2011- The strong rabi crop harvest in 2019-20, an (PLA) and Indian troops. manent deployment if the The sources indicated that
12 levels, Ind-Ra said in a statement. expectation of normal monsoon this year and a These conflict locations are PLA does not retreat.” it was proposed during the
The two-wheeler segment is expected to The report also said monthly sales volume may not good kharif harvest forecast, coupled with govern- PP14, PP15, PP17, the north Portraying a coherent corps commanders’ meeting
rebound faster, followed by passenger vehicles return to pre-Covid levels before mid-FY22 ment incentives and less exposure to lockdown bank of Pangong Tso and Indian military-political on Saturday that such meet-
(PVs), while the decline in medium and heavy com- related economic hardships, will boost rural Chushul. response, the sources stated: ings should be held “once or
mercial vehicles (M&HCV) is likely to be the steepest decline by 20-22 per cent, PV by 22-26 per cent, light income, it noted. “Hence, the decline in tractor sales Countering criticism that “All three services, the chief of twice every year for better
during 2020-21, it added. commercial vehicle (LCV) by 26-30 per cent and volume is likely to be limited at 10-12 per cent year- the PLA intrusions took the defence staff, the national interaction between the two
The rating agency expects two-wheeler sales to M&HCV by 35-45 per cent year-on-year in 2020-21. on-year in 2020-21,” Ind-Ra said. Army by surprise, the sources security advisor, the defence armies at a higher level.”
14 STOCKS
>
MUMBAI | WEDNESDAY, 10 JUNE 2020 1

> STOCK
IN THE > REC > GMM Pfaudler > ITDC

NEWS Trading volume jumps

more than 84 times
New high ~4,570.80,
up 27 per cent from
Locked in upper circuit
of 10 per cent OF THE DAY
one month low Dr Reddy's Laboratories:
~101.35 PREVIOUS CLOSE ~4,274.35 PREVIOUS CLOSE ~206.00 PREVIOUS CLOSE Stock hit 4 years and 8 months
~96.85 CLOSE ~4,498.45 CLOSE ~226.60 CLOSE high today at ~4,140.90, up 66
q 4.44% DOWN p 5.24% UP p 10.00% UP per cent form three months 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
% %
W O
M U H M H
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m MM
M M M
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m
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w PUT-CALL RAT O
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M O
m
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m
w m
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M M w
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M MOST TRADED TOP M-CAP TRENDS
m
m m M m % m %

M M
W ACT VE CALLS ACT VE PUTS w
% %
O â MARKET OVERV EW M M MM
á OW w
ND
S&P BSE SENSEX STOCKS GG G M â M OW
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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 (922.3) (923.2) (16603.3) (16605.1)
85 per cent of the volume of categories of information are m ~50 H ~2 Open 930.0 930.0 16500.0 16390.0
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 937.0 937.0 16500.0 16495.0
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 923.5 922.0 16100.0 16000.0
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 930.4 930.2 16350.4 16314.6
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 8921 358K 2056 31499
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 31.0 31.0 58.6 58.5
company name is followed by shares traded, and also the 52 Wk H/L 1192/662 1192/668 18569/793018680/7920
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 16211 16208 34744 34668
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 Ports (A) H Adani Power (A) Aditya Bir Fa (A) H m m H m H m « m m H < « « « m m «
(1273.8) (1274.1) (152.8) (152.6) (134.1) (134.1) (343.2) (343.3) (38.5) (38.5) (139.6) (139.6)
O 1295.0 1285.0 154.9 154.2 135.9 134.4 343.2 344.5 39.0 38.9 141.9 141.9 O O
1295.0 1293.6 156.7 156.7 136.3 136.2 351.1 351.4 39.1 39.3 141.9 141.9
w 1244.2 1243.4 151.2 151.1 132.4 132.4 341.5 341.3 38.0 38.1 131.0 130.4 w w
1250.8 1250.5 151.9 151.9 133.0 133.0 346.1 346.1 38.4 38.4 132.2 132.3
32647 1239K 203K 3006K 127K 1710K 77938 3388K 453K 8949K 71263 1576K
17.3 17.3 14.7 14.7 - - 18.7 18.7 - - - -
W 1708/896 1709/895 261/116 261/116 195/77 195/77 429/203 430/203 74/24 74/23 285/97 286/97 W W
M 23488 23482 16706 16706 14622 14627 70319 70309 14791 14791 10228 10239 M M

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 Bata India (A) < BEML (A) Berge Paint (A) « Bharat Elctn (A) « Bharat Forge (A) H Bharti Airtel (A) < Bharti Infratel (A) BHEL (A) H Biocon (A) <
(486.7) (486.6) (2457.2) (2459.5) (430.5) (430.3) (2800.8) (2801.1) (2507.4) (2507.3) (5442.1) (5441.0) (1154.6) (1154.8) (263.1) (263.3) (45.8) (45.8) (1402.6) (1402.0) (629.5) (629.8) (499.6) (499.5) (74.6) (74.7) (362.9) (363.0) (584.8) (585.2) (230.2) (230.2) (28.0) (28.0) (381.3) (381.3)
O 491.6 491.0 2462.0 2461.0 430.5 435.0 2800.8 2805.1 2535.2 2535.0 5500.0 5500.0 O 1163.0 1160.0 265.0 265.5 46.0 45.8 1402.6 1402.0 636.0 635.0 503.0 501.0 O 75.3 75.4 371.9 373.0 580.0 580.0 233.9 231.1 28.4 28.3 382.0 383.0
497.9 497.9 2471.0 2468.8 442.5 442.5 2814.5 2814.6 2535.2 2535.0 5525.8 5524.0 1165.3 1168.7 278.9 278.9 47.5 47.6 1428.7 1428.0 638.4 638.0 508.0 508.4 76.1 76.2 378.5 378.9 591.8 591.7 240.3 240.5 31.4 31.5 390.0 390.0
w 466.2 465.7 2370.1 2370.0 416.5 416.5 2767.1 2766.0 2415.3 2415.3 5252.8 5250.1 w 1113.5 1112.0 257.4 257.1 44.4 44.4 1385.4 1385.0 611.0 611.1 488.1 487.6 w 72.7 72.6 356.4 356.2 566.0 565.7 225.8 225.5 27.8 27.8 378.1 378.0
470.7 471.0 2391.6 2390.1 419.9 420.1 2792.7 2791.2 2443.6 2443.6 5308.2 5310.8 1125.4 1124.9 259.9 259.9 45.8 45.8 1394.9 1394.9 617.0 616.9 490.6 490.5 73.1 73.1 362.2 362.2 567.6 567.8 233.4 233.0 30.7 30.7 381.7 381.7
45310 1105K 28372 376K 1373K 46274K 17528 620K 381K 12373K 34510 1163K 28287 673K 889K 25395K 3915K 71126K 47694 929K 40216 675K 63826 2017K 1097K 11786K 227K 5882K 462K 14939K 354K 10202K 9924K 158365K 180K 5428K
23.5 23.5 114.8 114.7 72.8 72.8 15.5 15.5 30.1 30.1 25.1 25.1 24.9 24.9 14.3 14.3 - - 54.8 54.8 58.0 58.0 80.5 80.5 12.5 12.5 19.9 19.9 - - 13.1 13.1 14.4 14.3 61.2 61.2
W 770/250 770/251 2559/1285 2560/1280 823/285 823/286 3315/1793 3315/1789 4923/1783 4923/1783 10297/3986 9950/3985 W 1298/678 1298/679 650/152 650/152 133/36 133/36 1897/1017 1895/1000 1108/370 1109/370 597/300 597/300 W 122/56 122/56 533/208 534/208 612/322 612/321 296/121 297/120 76/19 76/18 400/211 401/211
M 6410 6414 154921 154824 118494 118536 80812 80768 147028 147031 84474 84516 M 21753 21744 41851 41843 21162 21162 17927 17927 2569 2569 47647 47633 M 17799 17799 16864 16862 309658 309767 43161 43096 10690 10672 45798 45798

Birla Corpn (A) Bosch (A) BPCL (A) Britannia (A) « Cadila Healt (A) « Canara Bank (A) Castrol (A) < Century Tex (A) CESC (A) CGCEL (A) H 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
(539.0) (539.5) (11373.6) (11353.5) (394.3) (394.1) (3426.4) (3426.8) (353.1) (353.2) (100.7) (100.6) (125.2) (125.1) (318.0) (318.1) (648.8) (649.2) (228.3) (227.8) (146.6) (146.6) (635.3) (635.1) (135.9) (136.0) (146.5) (146.7) (1354.7) (1354.9) (411.3) (411.5) (652.0) (652.8) (399.2) (399.2)
O 538.6 542.0 11450.0 11353.5 400.0 400.0 3431.5 3434.9 357.0 354.0 101.5 101.1 O 127.5 127.8 320.0 320.8 655.2 657.0 230.1 229.5 149.5 148.5 638.6 638.9 O 137.0 138.2 147.0 148.0 1362.3 1355.3 429.5 427.0 671.0 654.0 403.0 401.0
546.9 547.5 11491.5 11528.2 402.0 402.1 3469.7 3469.9 368.5 369.0 105.4 105.5 128.0 128.0 324.5 324.4 666.3 668.0 230.1 229.5 157.5 157.5 654.0 654.3 139.7 139.7 147.8 148.0 1395.0 1396.0 435.0 435.0 671.0 660.4 406.7 407.0
w 530.8 530.0 11030.5 11121.2 379.8 379.5 3410.8 3409.0 353.2 352.0 99.2 99.2 w 124.7 124.5 308.7 308.5 617.0 616.0 220.7 220.7 146.4 146.2 637.1 637.1 w 135.2 135.0 143.8 143.7 1360.6 1355.3 411.9 411.6 644.4 644.0 387.1 387.1
537.3 537.5 11190.4 11189.4 381.4 381.5 3416.8 3415.7 360.1 360.2 100.5 100.6 126.0 126.0 312.3 312.5 623.7 623.7 223.3 223.4 150.4 150.4 639.9 640.1 135.6 135.5 144.3 144.3 1373.0 1375.1 419.9 419.6 656.7 657.8 390.5 390.4
9353 247K 1277 52191 352K 9822K 10788 568K 171K 5530K 1093K 21711K 80226 1275K 68683 1559K 22854 792K 14154 529K 931K 23274K 274K 8968K 17286 869K 265K 6957K 57651 1722K 385K 8761K 8921 265K 47261 1226K
13.1 13.1 50.8 50.8 30.8 30.8 58.6 58.6 29.6 29.6 30.9 31.0 15.1 15.1 5.1 5.1 8.5 8.5 28.3 28.3 11.7 11.7 33.4 33.4 13.4 13.4 4.9 4.9 45.7 45.8 59.0 59.0 18.1 18.1 16.6 16.6
W 808/373 807/372 17411/787417430/7850 550/252 549/252 3705/2101 3708/2100 378/206 374/202 297/74 297/74 W 162/90 162/90 1007/220 1009/219 855/366 852/365 301/178 301/177 349/117 349/117 670/357 670/355 W 249/110 249/110 269/119 268/119 1641/1065 1643/1065 665/263 666/263 700/337 699/337 788/282 788/280
M 4138 4139 33000 32997 82724 82757 82173 82148 36858 36874 14608 14615 M 12463 12463 3488 3491 8267 8267 14004 14014 12327 12327 51592 51604 M 9994 9990 88928 88928 37346 37403 25585 25566 19241 19272 10823 10822

Dabur India (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) Equitas Hold (A) Escorts (A) Exide Ind (A) « Federal Bank (A) H Future Retail (A) H GAIL (A) Glenmark (A) « GMR Infra (A) « Godrej Cons (A) « Godrej Prpty (A) <
(458.1) (458.1) (491.9) (491.9) (2412.5) (2413.1) (5009.1) (5010.0) (152.8) (152.9) (1646.8) (1648.9) (3966.9) (3967.6) (16893.8) (16894.8) (49.3) (49.3) (960.8) (961.0) (158.7) (158.7) (48.1) (48.2) (103.3) (103.1) (104.8) (104.8) (399.7) (399.8) (20.1) (20.1) (658.1) (658.5) (815.3) (815.3)
O 458.2 460.3 494.8 494.7 2400.0 2400.0 5055.0 5049.8 155.0 154.0 1655.0 1643.0 O 3990.0 3930.0 16900.0 16950.0 50.0 49.6 964.5 961.5 160.1 159.9 48.4 48.2 O 105.5 104.0 105.0 105.2 402.0 400.6 20.2 20.3 665.0 660.0 815.3 810.3
475.9 475.9 494.9 495.0 2455.7 2456.9 5100.0 5059.9 158.1 158.3 1668.0 1669.5 4140.9 4142.0 17340.0 17348.1 51.6 51.6 983.9 984.7 161.4 161.7 50.0 50.0 105.5 104.0 105.6 105.5 412.6 412.8 21.9 22.0 676.4 677.0 849.0 849.5
w 458.2 458.7 480.9 480.6 2400.0 2400.0 4952.0 4953.3 152.0 152.0 1581.0 1580.3 w 3938.9 3930.0 16692.0 16652.8 47.8 47.7 939.2 938.7 156.1 156.1 46.9 46.8 w 98.2 97.9 100.4 100.3 397.2 397.0 20.0 19.9 652.1 652.0 805.1 810.3
466.8 466.6 482.8 482.6 2423.4 2421.8 5029.5 5040.7 153.3 153.4 1588.7 1590.2 4124.8 4123.8 17021.8 17026.9 49.0 49.0 944.4 944.5 158.7 158.7 48.4 48.5 99.7 99.6 101.1 101.1 401.7 401.8 21.1 21.1 659.4 659.4 835.4 834.2
605K 5028K 31953 500K 30073 1215K 2077 40853 427K 10650K 3073 97048 72348 2275K 5758 325K 1013K 22622K 104K 2202K 256K 6309K 1743K 52521K 181K 3643K 659K 26322K 215K 5100K 1665K 31925K 30217 1240K 24248 1024K
57.1 57.1 12.1 12.1 46.9 46.8 53.2 53.3 - - 58.6 58.7 33.8 33.8 22.5 22.5 217.6 217.6 23.8 23.8 16.3 16.3 6.3 6.3 7.6 7.6 9.7 9.7 15.8 15.8 - - 45.0 45.0 78.8 78.7
W 525/377 525/377 570/257 568/257 2538/1467 2538/1466 5573/1831 5575/1560 267/115 267/115 1846/1028 1846/1026 W 4141/2352 4142/2351 23428/12460 23450/12450 144/33 144/33 1003/423 1004/424 214/122 214/125 110/36 110/36 W 489/61 489/61 160/66 160/65 548/168 538/162 27/14 27/14 772/425 772/425 1188/506 1189/505
M 82479 82444 6585 6583 64328 64287 5819 5832 37946 37959 13240 13252 M 68546 68529 46486 46500 1673 1673 11576 11577 13485 13490 9648 9658 M 5406 5398 45598 45598 11336 11339 12736 12736 67405 67405 21054 21022

Granules (A) « Grasim Ind (A) H GS Gold ETF (E) « 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 Hindalco (A) « HPCL (A) HUL (A) « ICICI Bank (A) H ICICI Lombard (A) ICICI Prud Life (A) ICICI Securitie (A) <
(181.6) (181.5) (616.8) (617.2) (40.7) (40.7) (288.6) (288.5) (546.3) (546.1) (578.3) (578.3) (1761.7) (1760.8) (2686.9) (2685.1) (1015.5) (1015.9) (522.3) (522.0) (2382.7) (2384.3) (146.4) (146.4) (216.4) (216.4) (2110.8) (2111.7) (360.1) (359.8) (1288.9) (1289.7) (397.7) (397.9) (426.5) (426.6)
O 182.7 183.0 622.2 623.1 40.8 41.0 291.0 290.9 550.0 546.0 577.7 574.2 O 1769.7 1763.2 2688.0 2685.0 1023.9 1020.0 525.0 525.0 2385.0 2385.0 147.0 148.0 O 218.8 218.3 2120.0 2100.0 360.8 360.1 1296.1 1294.0 403.0 402.0 429.5 436.9
185.8 185.6 635.5 635.8 41.1 41.1 301.9 301.9 558.0 558.4 583.6 583.6 1826.4 1826.8 2694.9 2685.0 1025.0 1026.8 530.4 531.0 2429.0 2429.5 150.4 150.4 221.9 221.9 2145.0 2144.8 369.1 369.4 1318.0 1319.0 409.7 409.7 434.4 436.9
w 180.0 180.0 607.0 606.7 40.7 40.5 289.1 289.0 538.8 538.6 571.1 570.0 w 1745.7 1746.0 2620.1 2620.0 979.4 979.6 501.8 501.5 2373.0 2370.0 141.2 141.2 w 209.1 209.0 2094.5 2095.1 345.2 345.3 1278.0 1277.1 390.3 390.1 413.0 412.7
180.9 181.0 611.7 611.9 41.0 41.0 295.4 295.6 545.7 546.4 573.0 572.9 1771.3 1772.1 2634.4 2634.4 987.0 987.3 506.4 506.9 2385.7 2387.3 142.6 142.6 211.8 211.7 2106.3 2106.5 348.8 348.6 1314.9 1314.4 393.6 393.7 418.1 421.8
60073 1258K 58124 2083K 129K 3140K 134K 2292K 187K 4203K 63257 3813K 287K 9065K 6970 324K 706K 30923K 327K 9173K 50527 1981K 777K 19224K 267K 5613K 118K 3128K 1460K 47623K 10208 424K 143K 3525K 29455 574K
13.7 13.7 9.9 9.9 - - 17.0 17.0 46.6 46.7 14.1 14.1 17.3 17.3 - - 20.6 20.6 78.9 79.0 12.7 12.7 60.5 60.5 5.8 5.8 73.4 73.5 28.5 28.5 50.1 50.0 53.0 53.0 24.8 25.1
W 189/84 189/84 950/380 950/385 3498/33 3555/30 313/154 314/155 807/447 807/447 624/376 624/375 W 2500/1473 2500/1473 3844/1784 3844/1780 1304/739 1306/739 646/339 646/340 3021/1475 3023/1475 221/85 221/85 W 329/155 329/150 2614/1660 2614/1659 552/269 552/268 1440/806 1440/805 538/222 537/226 525/191 525/195
M 4597 4601 40234 40251 965 964 20332 20346 34161 34205 155479 155451 M 306798 306937 56064 56065 541470 541662 102241 102342 47653 47686 32032 32032 M 32267 32252 494896 494943 225831 225702 59756 59733 56509 56530 13467 13586

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) < INOX Leisure (A) InterGlobe Avia (A) IOC (A) IOL Chem (B) Ipca Labs (A) H IRCTC (B) ITC (A) « Jindal Steel (A) « JSW Steel (A) « Jubilant Fd (A)
(25.8) (25.8) (131.7) (131.6) (148.9) (149.0) (89.3) (89.2) (472.8) (472.9) (451.6) (451.6) (2666.1) (2662.9) (720.5) (720.8) (283.0) (283.2) (1117.0) (1117.3) (93.1) (93.1) (381.6) (381.8) (1512.6) (1513.7) (1531.3) (1532.2) (197.8) (197.6) (143.8) (143.7) (194.9) (194.9) (1678.8) (1678.4)
O 26.0 26.0 132.0 132.5 155.4 155.0 90.9 90.2 482.0 477.0 462.0 460.0 O 2688.0 2685.2 721.9 720.0 267.0 265.0 1127.0 1121.0 93.7 93.4 383.8 383.8 O 1519.2 1515.0 1550.0 1546.0 199.0 198.3 144.4 144.7 196.8 196.0 1700.0 1680.1
26.4 26.3 132.7 132.9 156.6 156.6 92.8 92.7 482.3 482.5 478.1 478.0 2724.0 2722.9 729.4 729.6 279.9 277.5 1130.3 1135.0 93.7 93.6 395.0 395.0 1546.7 1548.8 1570.0 1570.0 206.1 206.2 149.0 149.0 198.9 198.9 1707.0 1708.0
w 24.8 24.8 126.2 126.2 141.5 141.4 86.0 85.7 459.5 459.2 452.6 452.4 w 2640.0 2640.0 715.3 715.1 248.7 248.0 1072.0 1071.4 90.1 90.1 379.9 379.3 w 1516.0 1514.7 1473.0 1472.0 197.7 197.7 142.7 142.2 188.5 188.6 1644.9 1643.5
25.1 25.1 128.1 128.1 144.4 144.5 89.4 89.1 463.3 463.5 463.9 463.9 2704.0 2703.2 717.8 717.6 254.2 254.4 1079.8 1080.4 90.6 90.7 383.4 383.9 1542.6 1543.4 1492.4 1493.4 198.6 198.5 144.3 144.2 190.1 190.1 1666.9 1666.9
2274K 64340K 349K 1936K 2834K 44236K 401K 7386K 175K 4939K 2354K 40691K 12008 1520K 521K 10079K 90418 2050K 123K 3591K 807K 16781K 83747 839K 7535 336K 103K 1600K 1342K 39915K 1062K 17744K 413K 8055K 37206 929K
- - 33.2 33.2 2.0 2.0 26.9 26.8 29.3 29.3 7.3 7.3 143.8 143.8 18.4 18.4 174.3 174.5 - - 6.8 6.8 5.9 5.9 30.7 30.7 - - 16.5 16.5 - - 11.5 11.5 79.9 79.9
W 48/18 48/18 140/68 140/68 755/81 755/81 164/62 164/62 534/285 534/284 1602/236 1603/236 W 3125/1580 3130/1581 847/511 847/509 511/158 512/158 1911/765 1899/771 164/71 164/71 410/147 410/146 W 1821/844 1825/845 1995/625 1994/625 283/135 283/135 202/62 202/62 297/133 297/133 1973/1078 1974/1078
M 12049 12049 3970 3970 6172 6178 10626 10597 32431 32442 32174 32174 M 33129 33119 305697 305633 2614 2617 41551 41572 85292 85339 2181 2184 M 19491 19500 23878 23894 244123 244000 14714 14708 45939 45939 21997 21997

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 MCX (A) Metropolis Heal (A) H
(434.5) (434.3) (1337.7) (1336.8) (961.3) (961.3) (1866.8) (1870.0) (63.2) (63.2) (468.0) (468.0) (260.9) (260.9) (1000.0) (1000.0) (900.7) (900.3) (158.6) (158.6) (471.0) (470.9) (988.2) (988.5) (138.1) (138.1) (332.1) (332.0) (5735.5) (5734.8) (476.6) (476.8) (1200.2) (1199.8) (1452.1) (1455.2)
O 434.2 436.4 1337.7 1342.0 968.0 964.5 1889.0 1856.0 64.5 64.0 468.3 470.0 O 264.0 263.0 1000.0 1000.0 899.0 899.9 160.0 160.0 472.2 473.8 995.9 998.0 O 139.0 139.6 337.0 336.5 5735.0 5754.0 484.9 479.0 1212.0 1205.0 1460.0 1452.0
440.2 440.1 1360.2 1360.0 970.2 970.3 1895.0 1895.0 64.9 64.9 479.7 480.0 268.3 268.3 1000.0 1000.0 930.5 930.8 167.3 167.3 483.0 482.8 1012.5 1013.0 144.3 144.3 342.3 342.5 5782.5 5787.0 485.2 485.9 1222.7 1221.0 1475.0 1476.8
w 398.0 398.0 1298.7 1299.1 950.0 949.7 1856.5 1850.2 61.3 61.3 465.5 465.5 w 251.8 251.7 1000.0 999.6 896.1 895.5 155.9 155.8 463.5 463.3 992.9 992.0 w 137.8 137.7 331.0 330.8 5621.4 5620.0 464.3 464.2 1178.1 1178.0 1441.0 1431.3
407.8 406.6 1303.8 1304.2 953.0 953.3 1886.3 1885.4 61.9 61.9 474.7 475.0 253.6 253.6 1000.0 1000.0 919.1 919.4 157.5 157.6 479.0 478.8 996.4 996.9 139.0 139.0 333.9 333.9 5666.6 5662.3 466.1 466.3 1194.0 1193.4 1445.4 1446.5
257K 3385K 155K 5477K 166K 5118K 2523 211K 1602K 20686K 36753 859K 349K 6523K 77911 1379K 166K 4738K 919K 14911K 447K 7657K 41532 1133K 558K 10876K 128K 4422K 41018 1337K 37987 797K 23040 415K 957 50434
9.7 9.7 30.0 30.0 14.0 14.0 21.6 21.6 7.3 7.3 19.9 19.9 4.8 4.8 - - - - 10.7 10.7 12.7 12.7 12.9 13.0 8.0 8.0 42.2 42.2 30.3 30.3 46.1 46.1 29.2 29.2 - -
W 825/251 825/250 1740/1000 1740/1001 1592/661 1592/661 2049/1208 2050/1210 134/46 134/46 536/298 536/295 W 587/186 587/185 1009/998 1010/996 931/505 931/505 428/125 428/125 675/246 675/245 1247/666 1246/664 W 195/76 195/74 404/234 404/234 7755/4002 7759/4001 611/280 612/276 1442/779 1443/779 2110/927 2109/927
M 2647 2639 257986 258065 133792 133834 32858 32844 12400 12410 5074 5078 M 12795 12798 - - 41638 41653 9730 9733 59543 59518 9842 9847 M 11748 11748 43100 43100 171177 171047 12564 12569 6089 6086 7328 7334

Mindtree (A) Mishra Dhatu Ni (A) Mothersons S (A) « Mphasis (A) MRF (A) Muthoot Finance (A) Nat Alum (A) < Natco Pharma (A) H Navin Fluo (A) H NCC (A) H Nestle India (A) NIIT Techno (A) Nippon Life Ind (A) NMDC (A) « NOCIL (A) NTPC (A) Oberoi Relty (A) Oil India (A)
(918.4) (918.6) (206.4) (206.9) (99.4) (99.3) (890.7) (890.9) (64266.6) (64244.4) (914.5) (914.6) (32.9) (33.0) (629.7) (629.7) (1587.1) (1583.4) (31.3) (31.3) (16828.2) (16836.2) (1450.9) (1450.4) (296.5) (296.7) (91.2) (91.2) (92.3) (92.2) (98.6) (98.6) (367.1) (367.0) (94.9) (94.9)
O 920.4 920.0 208.8 208.7 99.4 99.5 891.0 898.0 64349.0 64970.0 928.0 921.9 O 33.5 33.3 634.7 633.6 1610.0 1588.0 32.5 31.4 16700.0 16652.0 1464.5 1459.8 O 299.0 299.4 93.5 92.5 93.4 93.0 99.0 99.0 370.8 370.0 95.9 95.5
926.1 926.9 211.9 211.7 100.0 100.0 904.7 904.4 64868.3 64970.0 967.5 967.5 33.5 33.5 645.5 646.0 1610.0 1588.1 32.5 31.5 16992.6 16985.0 1465.9 1467.1 299.6 299.7 94.9 94.9 95.9 95.9 99.6 99.7 382.0 383.0 96.4 96.3
w 887.1 886.7 202.5 202.4 95.7 95.6 885.1 885.1 63606.2 63550.0 912.2 911.9 w 32.3 32.3 632.3 632.1 1534.1 1537.7 29.8 29.8 16530.0 16521.0 1382.6 1381.7 w 280.2 280.0 90.6 90.6 90.5 90.3 97.3 97.2 362.6 362.1 93.5 93.3
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34067 733K 734K 1998K 1095K 23640K 206K 124K 412 12490 66541 2260K 757K 17122K 19925 594K 4911 99849 1935K 24782K 3976 175K 17421 646K 71909 1038K 570K 12574K 362K 4264K 804K 14233K 4935 299K 61103 889K
23.4 23.4 19.2 19.2 26.1 26.1 14.0 14.0 26.6 26.6 14.0 14.0 22.5 22.5 23.8 23.8 45.8 45.8 4.8 4.8 78.6 78.6 19.9 19.9 41.9 41.9 6.0 6.0 10.5 10.5 7.3 7.3 40.9 40.9 7.1 7.1
W 1062/653 1063/652 278/109 279/108 151/49 151/49 1015/612 1018/630 73500/50000 73566/49915 968/478 967/477 W 52/24 52/24 738/450 738/403 1694/570 1694/570 103/16 103/16 18301/11271 18370/11265 2057/739 2060/735 W 453/201 453/208 140/62 140/62 131/45 132/45 146/74 146/73 642/290 642/290 183/66 184/64
M 14766 14745 3836 3838 31295 31279 16531 16539 27108 27134 37862 37842 M 6054 6063 11562 11562 7643 7655 1839 1836 159663 159600 8841 8838 M 17396 17399 28092 28077 1515 1516 97016 96967 13551 13535 10334 10334

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) « RBL Bank (A) REC (A) Reliance Ind (A) SAIL (A) Sanofi India (A)
(90.9) (90.9) (19461.3) (19479.6) (257.5) (257.7) (4122.9) (4127.4) (1590.9) (1593.8) (1492.0) (1492.3) (1085.8) (1085.3) (32.6) (32.6) (85.7) (85.6) (172.3) (172.4) (1159.5) (1161.2) (350.9) (351.0) (616.8) (616.7) (132.4) (132.5) (101.3) (101.3) (1570.1) (1569.5) (32.8) (32.7) (8052.7) (8052.3)
O 92.5 92.0 19627.8 19650.0 257.6 257.7 4165.0 4160.0 1609.8 1593.9 1500.0 1506.8 O 1102.0 1100.0 32.9 33.0 86.4 86.5 173.0 174.0 1128.2 1115.0 354.0 353.7 O 622.5 625.6 134.0 134.4 101.7 102.0 1580.0 1560.3 33.0 33.1 8074.2 8110.0
92.5 92.4 19739.4 19755.1 262.1 262.3 4214.8 4210.0 1609.8 1606.0 1503.5 1506.8 1102.0 1104.0 33.5 33.5 86.8 86.7 174.0 174.1 1161.0 1161.2 356.0 356.0 627.2 627.9 148.0 151.6 102.6 102.7 1582.4 1583.0 34.0 34.0 8095.3 8110.0
w 89.4 89.4 19200.0 19205.5 255.8 255.4 4121.1 4121.0 1577.4 1575.1 1459.5 1458.3 w 1049.5 1049.3 31.5 31.5 82.6 82.5 170.0 170.0 1051.0 1064.3 341.8 341.5 w 608.0 606.7 129.5 129.6 96.2 96.1 1533.1 1533.0 31.9 31.9 7922.3 7911.1
90.0 90.0 19245.7 19256.8 257.8 257.8 4144.3 4141.5 1593.6 1593.5 1467.6 1467.3 1064.1 1063.6 31.8 31.8 82.9 82.9 170.6 170.6 1087.3 1087.5 343.2 343.4 613.1 612.9 140.4 140.6 96.9 96.8 1537.1 1537.2 32.2 32.2 7977.6 7975.7
678K 16702K 394 38886 74430 2739K 8306 127K 4866 277K 19904 896K 66342 1783K 2482K 63891K 414K 9270K 132K 4732K 287K 7779K 35279 634K 9779 342K 5243K 96329K 29563K 26992K 505K 11934K 1506K 32611K 1263 27294
5.6 5.6 55.4 55.5 13.9 13.9 36.8 36.7 49.8 49.8 62.5 62.4 839.2 838.8 - - 3.5 3.5 8.4 8.4 215.7 215.8 20.1 20.2 23.3 23.3 14.1 14.1 3.4 3.4 26.4 26.4 - - 45.2 45.2
W 174/52 173/50 26891/16187 26883/16254 302/171 299/170 5173/2798 5170/2792 1649/974 1650/970 1710/1169 1710/1168 W 2137/608 2137/607 83/26 83/26 139/74 139/74 216/130 216/122 2121/720 2125/718 439/220 439/220 W 883/457 884/455 679/102 679/102 170/79 170/79 1624/867 1618/867 53/20 53/20 8528/5300 8584/5280
M 113223 113223 21459 21471 38663 38663 18960 18947 22007 22006 74569 74554 M 24001 23988 29915 29915 21886 21873 89251 89225 5583 5584 4583 4586 M 14445 14439 7142 7150 19127 19117 1039392 1039425 13280 13280 18372 18368

« m m m H Spicejet (A) SRF (A) Strides Pharma (A) Sun Pharma (A) « Sun TV Net (A) < m Tata Consumer P (A) « Tata Elxsi (A) Tata Mot-DVR (A) H Tata Motors (A) H Tata Power (A) « Tata Steel (A)
(56.5) (56.7) (3695.6) (3697.1) (411.8) (411.9) (489.0) (489.0) (392.0) (391.9) (379.4) (379.5) (829.2) (829.1) (48.1) (48.0) (115.5) (115.4) (42.7) (42.7) (333.6) (333.6)
O O 60.3 61.0 3699.0 3692.0 407.0 412.1 500.0 492.0 382.0 394.0 O 382.0 382.0 829.0 832.0 48.5 48.6 117.5 117.5 43.5 43.0 335.5 336.0
61.0 61.0 3720.0 3723.8 422.1 422.4 512.6 512.7 407.9 408.0 388.9 388.9 862.7 863.5 49.0 49.2 117.8 117.9 43.7 43.7 344.0 344.0
w w 54.5 54.5 3637.1 3630.2 407.0 410.1 491.1 492.0 382.0 386.9 w 379.6 379.5 827.5 827.0 46.1 46.1 110.4 110.3 42.3 42.2 329.0 328.9
55.4 55.4 3652.9 3654.8 412.5 412.7 500.6 500.8 389.3 389.3 384.7 384.3 837.7 837.9 46.6 46.7 111.5 111.5 42.8 42.8 332.4 332.2
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MUMBAI | WEDNESDAY, 10 JUNE 2020 BRAND WORLD 15 <

Amul baits the dragon,

raises a virtual storm
The home-grown dairy brand finds huge support online, as it plays into the
Tender Enquiry No.
Work Description

TPDDL/ENGG/ENQ/ 200001209/19-20
–RFx.No. 5000001659
Previously
Published
Date

09.03.2020
June 10, 2020
Revised Due Date & Time
of Bid Submission/ Date
& time of opening of bids

10.06.2020 at 1700 Hrs

10.06.2020 at 1730 Hrs
RC -Smart Street Light Management System
rising sentiment against Chinese products. But has it overplayed its hand?
VINAY UMARJI
Ahmedabad, 9 June

A
mul has landed itself
squarely in the middle
of a Twitter storm with
its latest ad; ‘Exit the Dragon,' Centre for Aromatic plants (CAP)
runs the headline on its topical Industrial Estate,
(ads that comment on social
(14/01+0% Selaqui - 248011, Dehradun (Uttarakhand)
and political affairs) that is now =2WTUWCPVVQTWNGVJG%QORCPKGU
+PEQTRQTCVKQP4WNGU?
pinned to its Twitter account. $'(14'6*'%'064#.)18'40/'064')+10#.&+4'%614 Telefax - 0135-2698305, E-mail: cap.dun@gmail.com
No stranger to controversy, 9'56'40 4')+10 Website www.capuk.in
+PVJGOCVVGTQHVJG%QORCPKGU#EV5GEVKQP
QH%QORCPKGU#EVCPF
Amul is making the most of the 4WNG

CQHVJG%QORCPKGU
+PEQTRQTCVKQP4WNGU
spotlight that it finds itself #0&
e-Tender Notice No 04/LAB/2020-21
under, losing no chance to rub it +PVJGOCVVGTQH*'#.6*+06')4#6'&5'48+%'524+8#6'.+/+6'&/WPK
e-tenders are invited from the Authorized Indian Agents of
in to the platform that tem- &CTUJCP%*5.VF,CIFWUJC0CICT2NQV0Q0T,CIFCODC6GORNG)JCVMQRCT
9GUV/WODCK+0ªªª2'6+6+10'4 Original Equipment Manufacturers (OEM) for the supply,
porarily suspended its account. 0QVKEGKUJGTGD[IKXGPVQVJG)GPGTCN2WDNKEVJCVVJGEQORCP[RTQRQUGUVQOCMGCP installation and commissioning of Fully Automatic Dhoop
While the GCMMF-owned CRRNKECVKQPVQVJG%GPVTCN)QXGTPOGPV4GIKQPCN&KTGEVQTWPFGTUGEVKQPQHVJG Cone Making Machine- 01 No. The terms and Conditions of
(Gujarat Cooperative Milk The Amul ad garnered 88,000 likes and nearly 45,000 retweets, besides getting the %QORCPKGU#EVUGGMKPIEQPHKTOCVKQPQHCNVGTCVKQPQHVJG/GOQTCPFWOQH
#UUQEKCVKQPQHVJG%QORCP[KPVGTOUQHVJGURGEKCNTGUQNWVKQPRCUUGFCVVJG'ZVTCQTFKPCT[
tender document along with other information can be
Marketing Federation) brand #BoycottTwitter to trend on Twitter )GPGTCN/GGVKPIJGNFQPVJ/C[VQGPCDNGVJGEQORCP[VQEJCPIGKVU4GIKUVGTGF downloaded from e-tendering website of Uttarakhand
has emerged the winner this QHHKEGHTQO²5VCVGQH/CJCTCUJVTC³VQ²5VCVGQH6GNCPICPCYKVJKPVJGLWTKUFKEVKQPQHVJG Government www.uktenders.gov.in from 12th June 2020 to 26th
time around, experts ask if it has and the Chinese app TikTok's the brand or its products, says such a scenario brands find it 4GIKUVTCTQH%QORCPKGU*[FGTCDCF³ June, 2020. The cost of tender is Rs. 1180/ including GST and
#P[RGTUQPYJQUGKPVGTGUVKUNKMGN[VQDGCHHGEVGFD[VJGRTQRQUGFEJCPIGQHVJGTGIKUVGTGF
stepped too close to the line on logo in the background while independent communications very tempting to take sides, also QHHKEGQHVJGEQORCP[OC[FGNKXGTQTECWUGVQDGFGNKXGTGFQTUGPFD[TGIKUVGTGFRQUV
Earnest Money Deposit is Rs.13,500/ (Rupees Thirteen
this one. the tagline read ‘Amul: Made in consultant Karthik Srinivasan. it becomes difficult for them to QHJKUJGTQDLGEVKQPUUWRRQTVGFD[CPCHHKFCXKVUVCVKPIVJGPCVWTGQHJKUJGTKPVGTGUVCPF Thousand Five Hundred only). Exemption for cost of tender
Twitter has blamed the sus- India’. The topical has, since “Amul didn't take a harsh stand stay agnostic,” says Mishra. ITQWPFUQHQRRQUKVKQPVQVJG/%#2QTVCN
YYYOECIQXKPD[HKNKPIKPXGUVQT and EMD, if any shall be considered only on production of valid
EQORNCKPVUHQTOQTECWUGVQDGFGNKXGTGFVQVJG4GIKQPCN&KTGEVQT9GUVGTP4GIKQP proof of Exemption Certificate from the concerned authority.
pension of Amul’s account on a then, gone on to attract over unlike Wangchuk. Its topicals However, in an age when pub- YKVJKPHQWTVGGPFC[UHTQOVJGFCVGQHRWDNKECVKQPQHVJKUPQVKEGYKVJCEQR[VQVJGCRRNKECPV
technical snag, denying it was 88,000 likes, nearly 45,000 have got it right many times as lishing one's point of view is the RGVKVKQPGTEQORCP[CVKVUTGIKUVGTGFQHHKEGCVVJGCFFTGUUOGPVKQPGFDGNQY
The tender can only be applied through e-tendering procedure
censure for the ad's anti-China retweets and more than 4,200 have they got it wrong,” says new social currency, while an 4GIKUVGTGF1HHKEG on the website www.uktenders.gov.in, The last date of applying
stand. But until it did that, in an comments on Twitter. Srinivasan. individual like Wangchuk may /WPK&CTUJCP%*5.VF,CIFWUJC0CICT2NQV0Q0T,CIFCODC6GORNG and submission is 26th June, 2020.
)JCVMQRCT9GUV/WODCK Director
ironic twist to the tale, the out- Clearly there is much to gain However what works for gain, brands are at a risk, (QT *'#.6* +06')4#6'& 5'48+%'5 24+8#6' .+/+6'&
pouring of support for Amul led from such positioning but is it Amul is no indication of what he says. 5F
4CXK 5 4CQ
the #Boycott Twitter to trend on wise to do so, especially since sells for other brands. Experts Amul has always skirted &CVGVJ,WPG &KTGEVQT
the platform. Amul, meanwhile Amul is a legacy brand with say it is unwise to jump on to a close to real-life issues with its 2NCEG/WODCK &+0 0CXK /WODCK /WPKEKRCN %QTRQTCVKQP
saw the social media meters global ambitions? political issue, merely to drive advertising, but points out an
ticking away in its favour. Nationalistic alignments visibility. Brands have to con- industry professional, it has 'PIKPGGTKPI &GRCTVOGPV
Godbhunder Road, Thane, Branch
Clearly the brand has its fin- have seen a huge push in the sider themselves as global citi- been careful adopt an inde- 6GPFGT 0QVKEG 0Q 0//% ''
)JCPUQNK    ° 
23, Soham Plaza, GB Road, Thane-400610
ger on the pulse, as its ad was past month, especially as the zens as they operate in multi- pendent voice. In this case, he Contact Number: 022-25841380/370; 5T 'UVKOCVGF
0COG QH 9QTM
merely taking off on the popular government has encouraged ple markets (as does Amul). believes, the problem was using Email Address: bo6100@pnb.co.in 0Q %QUV
4U
anti-China sentiment in the people to be ‘vocal for local.’ Consumers are unlikely to align the logo of a Chinese brand to Borrower : Mr Dinesh Kumar Sharma Guarantor : 4GRCKTU VQ TQCF D[ CURJCNVKPI CV 6CNCXCNK )CQP 
country. Be it local brands urg- National brands have posi- themselves along jingoistic posi- buttress its case, in doing that, Mrs. Rashmi Sharma Flat No 95 9th Mr. Rupesh Kumar Sharma
KP )JCPUQNK 9CTF 7PFGT 5YCEJJ $JCTCV
ing people to buy national or tioned themselves as ‘insiders’ tioning lines in the long term. the brand may have stepped too Floor Building No L “AMANTRA” Near A Wing Arihant Darshan
Nashik Highway Opp Chowki Dhani Dhamankar Naka Bhiwandi,
#DJK[CP
WhatsApp forwards warning against multinational outsiders Ashish Mishra, managing close to the line. Bypass Bhiwandi Thane – 421302 Thane 421302 4GRCKTU VQ TQCF D[ CURJCNVKPI  2TQXKFKPI 
consumers against Chinese and China has borne the brunt director Interbrand India, “Amul may have a license to Mob :- 9326303555 Mob - 9326333111 6JGTOQRNCUVKE 2CKPV HTQO 5COTCV 0CICT 6QKNGV

goods and videos like the one of such messaging, given the believes that many such narra- do it because it has always tried NOTICE U/S 13(2) of the Securitisation and Reconstruction of VQ 0QEKN 0CMC 9CVGT 6CPM CV )JCPUQNK 9CTF
by Ladakh-based innovator and pandemic and its impact on the tives emanate from the politi- to be relevant. But even for Financial Assets and Enforcement of Security Interest Act 2002 7PFGT 5YCEJJ $JCTCV #DJK[CP
educationist Sonam Wangchuk economy and the ongoing skir- cal realms that tend to fuel the Amul as a brand it would be the Reg : Account No 666900NC00001410 & 6100009900000704 credit #RRN[KPI 2TKOGT %QCV VQ &KXKFGT QP /60. 
that blazed a fiery trail through mishes at the border. socio-cultural milieu. “Such right thing not to alienate and facilities availed by Mr Dinesh Kumar Sharma & Mrs. Rashmi D. Sharma  4QCF CV /+&% KP )JCPUQNK 9CTF WPFGT 5YCEJ
all media platforms, baiting Amul has not done anything political narratives get support take sides. For instance, Google Due to default in payment of installment/ interest/ principal debt, the $JCTCV #DJK[CP
China is attractive today. out of its character, say experts. from mainstream media both took a stand recently when it account has been classified as Non Performing Asset on 01.03.2020, 2TQXKFKPI  #RRN[KPI VJGTOQRNCUVKE RCKPV VQ 
The topical, released on Its ads have historically been online and offline and even removed the anti-China app as per Reserve Bank of India guidelines. <GDTC %TQUUKPI CPF 5RGGF $TGCMGTU QP /60.

June 3, showed its popular mas- “quasi-journalistic, quasi opin- curated content is created to from its play store which was In the circumstances, we are unable to permit continuation of the above 4QCF  $JWUJCP *QVGN 4QCF /+&% #TGC KP
cot fighting back a dragon bear- ion,” even when the topics drum up these narratives which the right thing to do as a global facility granted. We, therefore, hereby recall the above facility. You have )JCPUQNK 9CTF WPFGT 5YCEJJ $JCTCV #DJK[CP
ing a placard with ‘China’ on it explored have little bearing on may have ulterior motives. In entity,” Mishra adds. also guaranteed the above facility. Your guarantee is hereby invoked. 4GRCKTU VQ TQCF D[ #URJCNVKPI HTQO 4CPMCT 
The amount due to the Bank as on 01-03-2020 is Rs.41,03,071.36/- #CNK VQ -CWN #CNK %TGOCVQTKWO 4QCF  4CO

(Rupees Forty One Lakh Three Thousand Seventy One and Thirty Six /CPFKT VQ )WPCNK 6CNCX 4QCF KP )JCPUQNK
off-takers,” Moody’s said. challenge under current circumstances. paisa Only) with further interest from 01- 03-2020 until payment in full 9CTF 7PFGT 5YCEJJ $JCTCV #DJK[CP
> FROM PAGE 1 The project was won by Adani Green in Around 70 per cent of the requirement is (hereinafter referred to as “secured debt”). 4GRCKTU VQ TQCF D[ #URJCNVKPI CV 5GEVQT 
November last year when the Centre had available in terms of manpower. Nursing We hereby serve upon you notice under Section-13(2) of SARFAESI     KP )JCPUQNK 9CTF 7PFGT
Challenge for us... awarded a tender for power-project linked
solar manufacturing.
staff is difficult to come by in Mumbai too.
Gautam Khanna, CEO of PD Hinduja
and call upon you to pay the entire amount of Rs.41,03,071.36 with
further interest at the contracted rate until payment in full within 60
5YCEJJ $JCTCV #DJK[CP
4GRCKTU VQ TQCF D[ #URJCNVKPI KP 5CK 5CFCPCPF 
According to the Society of Indian SECI had invited bids for 2 Gw of solar Hospital, said many nurses had opted to go
days (sixty days) from the date of this notice. In default, besides  0CICT KPHTQPV QH 9CVGT 6CPM KP )JCPUQNK
Automobile Manufacturers (Siam), the manufacturing and 6 Gw of linked solar back to their home-states.
exercising other rights of the Bank as available under Law, the Bank is 9CTF 7PFGT 5YCEJJ $JCTCV #DJK[CP
intending to exercise any or all of the powers as provided under section 9CNN 2CKPVKPI HQT $GCWVKHKECVKQP KP 6CNCXCNK 
company sold 18,539 vehicles, including power plants. After facing delays and exten- The managing director of a private hos- 13(4) of the SARFAESI Act 2002.
13,865 in the domestic market, in May, after sions for close to two years, the tender for pital chain treating Covid patients in Delhi  )CQP #TGC KP )JCPUQNK 9CTF 7PFGT 5YCEJJ
The details of the secured asset intended to be enforced by the Bank, $JCTCV #DJK[CP
having zero local sales in April due to the solar manufacturing received bids in said part of the crisis was due to patients in the event of non- payment of secured debt by you is as under:
closure of factories. November last year. This was oversub- rushing to private hospitals. “There are eas- 2CKPVKPI VQ &KXKFGT QP /CKP 4QCF HTQO 5CK 
Description of Mortgage Property - 2TCUCF *QVGN VQ /CPUCTQXCT *QVGN CV /+&% KP
Despite the 88 per cent year-on-year fall, scribed by the industry. ily around 1,000 private hospitals and nurs- Flat No 95 9th Floor Building No L “AMANTRA” Near Nashik
Bhargava had said the numbers hadn’t Adani Green submitted a bid for 1-Gw ing homes in Delhi and there would be )JCPUQNK 9CTF WPFGT 5YCEJ $JCTCV #DJK[CP
Highway Opp Chowki Dhani Bypass Bhiwandi 421302
made him pessimistic as sales would go up solar cell manufacturing and 4-Gw solar around 40-50 government establishments,” 4GRCKTU VQ TQCF D[ CURJCNVKPI HTQO )JCPUQNK 
Please take notice that in terms of section 13(13) of the said Act, you


)CQP WPFGTRCUU VQ *CPWOCP OCPFKT CV
gradually. There are already encouraging power plants. Azure Power submitted for he said. He added that almost 70 per cent of shall not, after receipt of this notice, transfer by way of sale, lease or
)JCPUQNK YCTF WPFGT 5YCEJJ $JCTCV #DJK[CP
trends at the premium end of the market, 0.5 Gw of manufacturing and 2-Gw power the beds in his Covid-19 facility were vacant otherwise (other than in the ordinary course of business) the secured
2TQXKFKPI CPF HKZKPI .KVVGT $KPU $GUKFG 4QCF 
especially for new models. Skoda India, for plants. Sources said both Adani and Azure now. “Another problem is that people with asset above referred to, without prior ritten consent of the Bank. You


HTQO 0QEKN 0CMC 7PFGTRCUU VQ 6CNCXCNK )CQP
instance, which announced the launch of quoted a tariff of ~2.9 per unit. SECI officials mild symptoms now wish to be under hos- are also put on notice that any contravention of this statutory injunction/
restraint, as provided under the said Act, is an offence. KP )JCPUQNK 9CTF
three new models (priced above ~10 lakh) in did not respond on the development. pitalisation,” he added.
If for any reason, the secured asset is sold or leased out in the ordinary 4GRCKTU VQ TQCF D[ CURJCNVKPI KPHTQPV QH 5GEVQT 
May, has seen an average of 50 bookings There was a greenshoe option for the Similarly, in Mumbai, the head of a lead-
course of business, the sale proceeds or income realised shall be
  562 KP )JCPUQNK 9CTF 7PFGT 5YCEJJ
daily in the first eight days of June. The bidders to increase their manufacturing ing private hospital said there were two $JCTCV #DJK[CP
company sold 508 cars in five days last and power generation capacity. Adani, types of pressure — one is lack of man- deposited/remitted with/to the Bank. You will have to render proper
account of such realisation/income. 4GRCKTU VQ TQCF D[ CURJCNVKPI /CTK CCK OCPFKT 
month after it started production on May under the greenshoe option, offered an power and the other is that mildly sympto-
 EJQYM TQCF CV )JCPUQNK YCTF WPFGT 5YCEJJ
26. Maruti resumed its operations in the additional 1.5 Gw capacity of solar cell and matic patients want to be admitted in pri- *We reserve our rights to enforce other secured assets.
Please comply with this demand under this notice and avoid all $JCTCV #DJK[CP
Manesar facility on May 12, and in module manufacturing and 6 Gw solar vate facilities. BMC has posted its officers (QT HWTVJGT FGVCKNU CPF KPHQTOCVKQP TGSWKTGF KP TGURGEV QH CDQXG
unpleasantness. In case of non-compliance, further needful action will
Gurugram six days later, in accordance with power generation. Azure quoted an addi- now in every hospital for bed management. 6GPFGT RNGCUG XKUKV VQ YGDUKVG YYYOCJCTCUJVTCGVGPFGTUKP
be resorted to, holding you liable for all costs and consequences.
the government’s guidelines. Though the tional capacity of 0.5 Gw for manufacturing “Not everyone needs 14-day hospital stay. &CVG QH 2WDNKECVKQP    
*This notice is issued without prejudice to the bank taking legal action
state government had given the company and 2 Gw for power generation.

permission to open only the Manesar plant “As a part of the award, AGEL will build
)JCPUQNK
earlier, it decided to wait as both the plants 8 Gw of solar projects, along with a com-

0CXK /WODCK /WPKEKRCN %QTRQTCVKQP
are interlinked. mitment that will see Adani Solar establish
2 Gw of additional solar cell and module
manufacturing capacity. This award, the
Adani Green... largest of its type, ever, in the world, will
entail a single investment of $6 billion and
“The downgrade of Adani Green Energy will create 400,000 direct and indirect jobs.
Restricted Group’s ratings reflects the It will also displace 900 million tonnes of
group's dependence on sovereign-owned carbon dioxide over its lifetime,” Adani
entities, such as SECI (Solar Energy Green said in a public statement.
Corporation of India), for more than 70 per
cent of the offtake from its power projects.
As a result, the ratings are constrained by
the weakening credit profiles of the group's
Delhi govt’s alarm...
The Delhi government has direct-
ed hospitals not to admit patients
> BS SUDOKU # 3073 with mild symptoms, advising
home isolation. The state govern-
ment is also considering taking
over hotel rooms to create addi-
tional bed capacity when the
numbers rise. When malls and
restaurants opened up on
Monday, hotels in Delhi remained
shut. If Delhi’s health infrastruc-
ture is stretched, so is Mumbai’s.
In Mumbai, which has more than
50,000 positive cases- the maxi-
mum so far in any Indian city,
hospital infrastructure is facing a
challenge when it comes to inten-
sive care beds. Mumbai has close
to 1,200 ICU beds now, of which
1,083 are occupied. The city has
around 460 ventilators, of which
over 430 are occupied.
When it comes to normal
SOLUTION TO #3072 Very easy: beds, there are around 10,000 of

them in dedicated Covid hospi-
tals. While these are treating the
Solution
moderate to severely ill patients,
tomorrow there’s another tier of infrastruc-
HOW TO PLAY ture — the Covid Care Centres —
where people with mild or no
Fill in the grid so
symptoms and even high risk
that every row,
contacts are housed.
every column
According to industry experts,
and every 3x3
box contains there is an acute shortage of nurs-
the digits 1 to 9 ing staff in Delhi hospitals, with
fresh recruitment posing a big
This would free up beds for the more criti- 
before DRT/Court, as the case may be.
cal patients,” said a government source. Date – 09/06/2020 Punjab National Bank 'ZGEWVKXG 'PIKPGGT
BMC is also working to have more inten- Place – Godbhunder Road, Thane AUTHORISED OFFICER   

sive care beds in the new facilities — these
would typically be beds with oxygen ports.
Goregaon, Mulund, and the Bandra Kurla
Complex facilities would be equipped with
more intensive care beds by mid-June.
A resident doctor in a south Mumbai
government hospital said that Seven Hills
does not yet have many intensive care or
ventilator-equipped beds. It has less than 50
ICU beds in a 500-bed facility.
Patient flow management is a trouble
area for Delhi too. Head of emergency in a
private hospital in Delhi also said there was
no coordination between hospitals, aggra-
vating the situation.
FM tells banks...
A top PSB executive said the bank had
transmitted 120-140 basis points till date,
and expressed concern that a further cut in
interest rates would impact its finances.
“Banks have to be viable and look at
their own profit margins. The depositors’
needs have to be kept in mind too. Bringing
down the interest rate on loans without
reducing the deposit interest rate wouldn’t
make sense. By trying to bring down the
rate, banks cannot kill the depositors’ fran-
chise,” the bank executive said.
The executive pointed out that the
coupon rate for the government paper was
6 per cent and often banks were offering
loans to top-rated firms below this rate.
“It’s not as if transmission is not taking
place. Even the RBI admits it’s happening,
but there is a lag in the monetary rate trans-
mission as deposits are for a longer tenure,”
the executive said.
On ECLGS, the FM told PSB executives
to quickly sanction loans. “Even though we
sanction loans, the disbursements are tak-
ing place slowly and will pick up only by the
end of this month or in July with more eco-
nomic activities,” the bank executive said.
Till June 5, PSBs have sanctioned loans
worth ~17,705 crore under the scheme, out
of which ~8,320 crore has been disbursed.
16
>
MUMBAI| WEDNESDAY, 10 JUNE 2020 1

Economic indicators show pick-up as lockdown eases PHOTO: DALIP KUMAR

FREIGHT TRAFFIC GROCERY, PHARMACY VISITS ARE DELHI TRAFFIC HAS BEEN TRENDING LOW POLLUTION IN
BACK ON TRACK NORMALISING THE FASTEST HIGHER THAN MUMBAI’S MAXIMUM CITY
% change vs lastyear (% fall in traffic congestion at 9 am)
 Mumbai traffic  NewDelhi traffic
4.44
Sunday Monday Tuesday Wednesday Thursday Friday

-19 -14
-8.22
Freight Freight -53 -52 -52 -50 -48
loading earnings
(quantity) (value) -75 -80 -78 -75
-83 Note: Based on average NO2 levels across stations where
Source: Indian Railways Note: Fall is calculated based on 2019 average. data available. Levels are measured in micrograms per
Source:TomTom International cubic metre of air. Source:Central Pollution Control Board

RECOVERY IN ELECTRICITY GENERATION GAP DELHI BREATHING EASY

INTERNET SPEED WIDENING AGAIN
SACHIN P MAMPATTA, KRISHNA KANT & SHINE JACOB product numbers are often released after
Mumbai/Delhi, 9 June a gap, and even then are available only
monthly or quarterly. The use of higher

S
ome weekly indicators of India’s
economic activity show more of a
recovery than others, as the
country opens up after over two months
of lockdown.
While freight traffic has gone up, the
Google location data shows more people
are stepping out of their homes. Internet
speeds are similar to what was seen
before the lockdown. Business Standard
looks at these and other indicators as a
means of tracking economic activity
ahead of the more comprehensive data,
which is often released with a lag.
Analysts have started to track similar
numbers in right earnest after the lock-
down in China, which was first affected
by Covid-19 before it became a
pandemic. The usual macroeconomic
indicators like trade and gross domestic
frequency indicators like internet speeds
gained traction as a means of assessing
the fast-changing situation on the
ground. Business Standard tracked six
indicators. Traffic, railway freight, pol-
lution, and power are all for the previous
week. Google and internet download
speed numbers appear after a few days.
Railway freight traffic shows a 4.4 per
cent increase in goods transported.
Previously, it had been significantly
lower than last year’s numbers. Freight
earnings are still down 8.2 per cent.
Google anonymously tracks location
data for analysis. It slots places by
category (grocery, workplace, residen-
tial, etc). The data for India shows that
the number of workplace visits has gone
up. The decline from normal is only
38.7 per cent, significantly lower than
Note: Chart shows visits to places by category, based on
Google location data. Latest data is as of May 29. The
percentage change is compared to a baseline value for the
same day of the week, calculated on a median basis
during the 5-week period Jan 3–Feb 6, 2020. The chart
shows a seven-day rolling average.
Note: Mbps is megabits per Source: Google LLC Google Covid-19 Community Mobility
second Source: Ookla Reports, Business Standard calculations
the 65.9 per cent fall seen during the ple are working from home.
peak of the lockdown. Videoconferencing becomes more
Business Standard looked at a seven- common, and consumption of enter-
day rolling average for the analysis. The tainment online also goes up during a
latest numbers are for May 29. Other lockdown. The drop in internet speeds
than workplace visits, grocery and phar- because of lockdown seems to be revers-
macy numbers showed a rise. ing. Median mobile download speeds are
This ties in with the data on internet up 2.9 per cent, compared to pre-lock-
loads. Global internet tracker Ookla pro- down, while median fixed download
vides the data on download speeds, speeds are down only 3.4 per cent.
which tend to be slower when more peo- The traffic data shows more vehicles
Source: National Load Despatch Centre
on the road. An average of Mumbai and
New Delhi traffic numbers shows an
uptick in congestion, though still far
from normal.
The data is from TomTom
International, which tracks traffic across
major global cities. Like previous weeks,
New Delhi shows greater recovery than
Mumbai. There are two indicators that
portray a less optimistic picture —
power generation and the emission of
Note:Based on average NO2 levels across stations where
data available. Levels are measured in micrograms per cubic
metre of air. Source:Central Pollution Control Board
nitrogen dioxide.
Power generation had shown signs of
going back to the levels before Covid-19.
This trend has reversed recently. The gap
widened to more than 20 per cent for the
week ended Friday, against less than
10 per cent the previous week.
Nitrogen dioxide is emission from
industrial activity and vehicles. This
dropped during the week ended Friday in
both Mumbai and Delhi.

ICMR prelim study may hint Cathay Pacific unveils $5-bn bailout plan
Financially battered Hong Kong air- Kong dollars ($4.3 billion) share

at much wider spread of virus line Cathay Pacific Airways has

become the latest airline to get gov-
ernment support to survive the
coronavirus pandemic.
offering by Cathay Pacific.
That would give it a 6 per cent
stake in the airline. The airline also
would receive a 7.8 billion Hong
Report based on serological tests may be made public early next week The Hong Kong government on
Tuesday approved a 39 billion
Kong dollar ($1 billion) loan from
Aviation 2020.
SOHINI DAS & RUCHIKA CHITRAVANSHI Hong Kong dollar ($5 billion) recap- Cathay Pacific proposed the
Mumbai/New Delhi, 9 June
Kejriwal tests -ve for italisation plan that calls for a new
government-controlled entity
bailout as it struggles to survive the
near collapse of regional travel due
India could be witnessing a much wider spread of coron- called Aviation 2020 to buy $2.6 bil- to the pandemic.
avirus infections and the rate of contagion may be a lot
higher in most-affected cities such as Delhi, Mumbai, and
corona; Scindia +ve lion of an up to 33 billion Hong AP/PTI

Pune, according to reports based on a critical serological sur- Delhi Chief Minister Arvind Kejriwal has tested negative for
vey conducted by the Indian Council of Medical Research coronavirus, an official said on Tuesday. The official said that the
(ICMR) across 69 districts. The survey report is likely to be 51-year-old Aam Aadmi Party supremo underwent the test for
made public early next week. the novel coronavirus on Tuesday morning. “The chief minister Mutual Funds
The survey will help understand the prevalence of Covid- has tested negative for coronavirus,” the official said. Asked
19 infection in India’s population and, thus, also impact the whether he would undergo a test again, the official said, Aditya Birla Sun Life Mutual Fund
country’s unlocking strategies. The preliminary findings “There is no need for it.” Kejriwal had gone into
from the survey were shared with the Union Cabinet secre- self-quarantine on Sunday after he developed
tary and also the Prime Minister’s Office. sore throat and fever. The fever has subsided
The serological (blood) test detects the presence of coro- and he is now feeling well, the official said. Aditya Birla Sun Life AMC Limited (Investment Manager for Aditya Birla Sun Life Mutual Fund) Registered Office: One India Bulls Centre, Tower 1, 17th Floor, Jupiter Mill Compound, 841, S.B.
navirus antibodies in a person and indicates whether he/she Meanwhile, BJP leader Jyotiraditya Scindia Marg, Elphinstone Road, Mumbai - 400 013. Tel.: 4356 8000. Fax: 4356 8110/8111. CIN: U65991MH1994PLC080811
had contracted the virus. It is especially helpful in under- has tested positive for the virus and admitted
standing the spread among asymptomatic people. to a private hospital in the Capital. He was
Some media reports suggested that in several contain- admitted to Max Hospital in Saket on Record Date for Dividend
ment zones in high-prevalence districts, 15-30 per cent of the Monday. The BJP leader’s mother
residents could be exposed to the virus. Many of them may Madhavi Raje Scindia has also NOTICE IS HEREBY GIVEN THAT the Trustees of Aditya Birla Sun Life Mutual Fund have approved
have quietly recovered. A senior scientist in the ICMR said tested positive. PTI
Monday, June 15, 2020*, as the Record Date for declaration of dividend subject to availability of
the findings will be made public once the data from all the
districts is collected. The Amphan-hit West Bengal could not distributable surplus on the Record Date, in the following schemes:
send its data earlier. “We will make the report public once we
Dividend Rate [` per
are able to analyse the entire dataset. It can be out early next
week,” he said. The data from at least seven or eight districts
Send migrants Covid may have unit # on face value of
is yet to be analysed. home within 15 been spreading ` 10/- per unit {except NAV as
A public health expert from Ahmedabad said while India Name of the Schemes Plans/Option for Aditya Birla Sun Life on June
has not officially accepted it is witnessing community trans- days, provide in Wuhan in Banking & PSU Debt 08, 2020
mission, the infection, at least, is in the local-transmission
mode. “The serosurvey will show the extent of infection them jobs: SC Aug: Harvard Fund - face value of (`)
among asymptomatic people. The RT-PCR testing of symp- The Supreme Beijing dismissed as ` 100/- per unit}]
tomatic people is only the tip of the iceberg, as most people Court on “ridiculous” a Harvard Medical
are asymptomatic,” he said. As of June 2, more than 34,000 Tuesday School study of hospital traffic Aditya Birla Sun Life
individuals had been tested as part of the survey. Samples directed and search engine data that Short Term Fund Regular Plan - Quarterly 0.1508 10.3732
were collected from 10 hotspot cities — Mumbai, Thane, the Centre suggested the new coronavirus (An open ended short term debt Dividend Option
Pune, Ahmedabad, Surat, Delhi, Kolkata, Indore, Jaipur, and state may already have been scheme investing in instruments
and Chennai. governments to identify and spreading in China last August,
The ELISA test developed by the Pune-based National send back within 15 days the and scientists said it offered no such that the Macaulay duration
Direct Plan - Quarterly
Institute of Virology having higher levels of accuracy is stranded migrant workers convincing evidence of when of the portfolio is between Dividend Option 0.1542 10.6248
being used for the survey. willing to return to their native the outbreak began. 1-3 years)
places and advocated for their The research, which has not
counselling and help to find been peer-reviewed by other Aditya Birla Sun Life Regular Plan - Quarterly
COVID-19 UPDATES avenues of employment lost scientists, used satellite Government Securities Fund Dividend Option 0.1664 11.6809
during Covid-19-induced imagery of hospital parking lots (An open ended debt scheme
Students wearing countrywide lockdown. The in Wuhan —where the disease
apex court, which was dealing was first identified in late 2019 investing in government securities Direct Plan - Quarterly 0.1714 12.0469
masks undergo
with the plea on “problems and —and data for symptom- across maturity) Dividend Option
screening before
appearing in the miseries” of migrant workers, related queries on search
also asked authorities to engines for things such as
Aditya Birla Sun Life Income Fund Regular Plan - Quarterly
higher secondary
examinations of consider “withdrawal” of “cough” and “diarrhoea”. (An open ended medium term debt Dividend Option 0.1916 13.3976
Madhya Pradesh criminal cases lodged against The study’s authors said scheme investing in instruments
Board of them for violating social increased hospital traffic and such that the Macaulay duration
Secondary distancing norms. It also symptom search data in Wuhan of the portfolio is between Direct Plan - Quarterly
directed the authorities to set preceded the documented start Dividend Option 0.2009 14.0673
Education
PHOTO: PTI up help desk for those workers of the SARS-CoV-2 pandemic in 4-7 years)
who wanted to come back to December 2019.
Aditya Birla Sun Life Regular Plan - Quarterly
Disinvestment Secretary Targets for Covid their old places of work. PTI REUTERS 1.5758 109.1166
Banking & PSU Debt Fund Dividend Option
Tuhin Kanta Pandey vaccine identified
tests positive (An open ended debt scheme
by scientists Direct Plan - Quarterly
predominantly investing in debt 1.6030 111.0891
ICC allows Covid-19 USemployers laid off Dividend Option
instruments of banks, Public Sector
replacements in Test 7.7 million workers in
matches as recomm- Undertakings, Public Financial Retail Plan - Quarterly
April — a deep economic 1.6159 111.8930
ended by Anil hole created by the Institutions and Municipal Bonds) Dividend Option
Kumble-led cricket closure of thousands of
committee offices, restaurants, The NAV of the schemes, pursuant to payout of dividend would fall to the extent of payout
CBI officer tests positive stores and schools and statuto levy (if applicable).
in Kolkata during the pandemic
# As reduced by the amount of applicable statuto levy. *or the immediately following Business Day if
A senior BMC official, Pakistan reports over that day is a non-business day.
who tested positive, 100 deaths; WHO
has lost his life cautions against lifting All unitholders whose names appear in the Register of Unitholders / Beneficial owners under the
restrictions dividend option of the said schemes as at the close of business hours on the Record Date shall be
Health ministry has
deployed central teams Serum Institute is eligible to receive the dividend so declared.
to over 50 municipal investing $100 mn
bodies, which are facing on potential Covid-19
high Covid-19 cases vaccine For Aditya Birla Sun Life AMC Limited
(Investment Manager for Aditya Birla Sun Life Mutual Fund)
Transmission of coronavirus by Date: June 09, 2020
Sd/-
asymptomatic people is ‘very rare’, said Authorised Signato Place: Mumbai
WHO’s Maria Van Kerkhove, contradicting
a widely held belief among health officials Mutual Fund investments are subject to market risks, read all scheme
and researchers related documents carefully.