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BENNETT, COLEMAN & CO. LTD. MUMBAI | 12 PAGES | .` 3.00 OR .` 7.00 ALONG WITH THE TIMES OF INDIA MONDAY, 1 JUNE 2020

States With Most Cases 10 Worst-Hit Cities Samples Tested TOTAL CASES

GLOBAL COUNT
Active Total Death Share
89,995 (+3,573) Active Recovered Deaths [% Recovery Rates] Cases Rate Total* 6.21 Million
Unrest and Curfew

18,549
CORONA In Total

38,442

14,799
12,180

Source: covid19india
Deaths M’rashtra [43.1] 65,168 3.4% 58.43% In Past 3.73

9,123
METER

7,537
24 Hours* Million DEATHS

3,486
5,164 (+193) Tamil Nadu [56.6] 21,184 0.8% 125,428 372,067 in Several US Cities

2.1k
1.9k
1.6k
Delhi [43.5] Share 18,549 2.2%
Cured In Total Positive Cases^ 4.82%
TOTAL CASES 182,143 86,984 (+4,614) Gujarat [56.5] 16,343 6.2% Recovered AROUND THE WORLD11
IN INDIA 71.3% Mum Chennai Thane Indore Jaipur Source: ICMR *As of 9am,
(+8,380) Source: MoHFW, 8am Rajasthan [66.6] 8,617 2.2% Del Ahm Pune Kol Surat May 31 ^3-day average 2.77 Million
To order your favourite newspaper, call 1800 1200 004 toll free or visit subscribe.timesgroup.com. To advertise with us, call 1800 120 5474

DEBT MF SCHEMES HELD ` 41,500 CR OF UNLISTED NCDs ON MAR 31 TATA-MISTRY TUSSLE IN SC

FEARS UNFOUNDED,
YOUR PAPER IS SAFE
Sebi Mulls One-time Listing Personal Letters to
Public health specialists
have said fears about Pallonji Mistry Give
newspapers being unsafe to
touch are ‘unscientific and
irrational’. Our presses
Window for Unlisted NCDs no Legal Right: Tata
follow stringent hygiene
Gives list of 128 such Window of Opportunity Higher Margins for
protocols, and our
distributors use gloves, NCDs; move to help Derivatives Trade Cyrus Mistry’s move A Tale of
Risk-takers will have to
sanitisers and masks. Our MFs offload illiquid, pay a steeper price to
seeking proportionate 3 Letters
newsroom is working hard Cyrus Mistry has filed a
to bring you accurate facts, lower-rated securities participate in equity representation on Tata plea in SC to place on
derivatives market. Traders record three letters, written
so rest assured that it is Nishanth.Vasudevan One-time listing window If Sebi allows listing Sebi has given a betting on the direction of the
Sons board based on by Ratan Tata to Pallonji
safe to read your favourite @timesgroup.com for unlisted NCDs could rules relaxation, list of 128
index or a stock without insurance these an afterthought, Mistry during the many
be for two months issuing cos could list unlisted NCDs years of their business
paper. If you are not will have to pay higher upfront association, in support of
receiving your copy of
Mumbai: The Securities and Ex- Unlisted NCDs The move gives MFs Most of these are says Tata confidant his claims. Ratan Tata has
change Board of India (Sebi) is another route to sell held by Franklin money from Monday, reports
held by MFs are worth opposed this.
THE ECONOMIC TIMES, call considering an unprecedented
`41,500 crore their illiquid securities and top MFs Nishanth Vasudevan. 7
one-time listing window for exis- Kala Vijayraghavan &
your delivery boy/vendor ting unlisted non-convertible de- Maulik Vyas
or let us know on bentures to ease stress at various last week in a letter to ask issuing Email queries to Sebi and Asso- know cited above.
www.wantmypaper.com mutual funds. companies whether they are in- ciation of Mutual Funds in India This will be the first time the re- Mumbai: Ratan Tata rejected
Two people familiar with the terested in listing these NCDs. went unanswered till the time of gulator is permitting existing claims that his “personal let-
matter said that mutual funds There are about 128 such issu- going to print. NCDs to be listed. Rules allow on- ters of appreciation” to Pallon-
ji Mistry, father of Cyrus Mist-
FIRST LETTER OF MAR 1991
holding illiquid, lower-rated se- ing companies, the Sebi letter sa- If majority of ly fresh NCD issuances to be lis-
curities would be able to use this ys, and they include marquee na- the companies ted on stock exchanges. Many ry, can be regarded as evidence Our common agreement
Cyclone Likely to Hit opportunity to offload them to mes like Tata Sons, ONGC Petro Growing risk agree to list, Sebi companies do not list their NCDs of a quasi partnership or any and mutual faith will
buyers. The rise in risk aversion Additions, Adani Rail Infra, aversion has could permit a to avoid disclosures linked to lis- vested legal right in Tata Sons. foster a true and lasting
Gujarat, Maharashtra after the Covid-19 lockdown had KKR India Financial Services made it hard two-month win- ting requirements. They may ag- The move by Cyrus Mistry, ous- relationship… in the best
interest of Tata Sons...
Coasts on June 3: IMD made it very difficult for funds to
sell these securities without in-
and Hero Solar Energy. Accor-
ding to industry estimates, debt
for funds to
sell these
dow for trades in
these securities
ree to list if the regulator allows
a one-time relaxation in rules,
ted as Tata Sons chairman in
2016, to seek “proportionate re- SECOND LETTER OF MAY 2004
A cyclone is likely to hit curring huge losses. mutual fund schemes held unlis- NCDs without on the stock ex- said industry officials. presentation” on the Tata Sons ...your continued
coasts of Maharashtra The capital market regulator ted NCDs worth ` 41,500 crore on incurring changes, said the board in the Supreme Court, presence on the board of
told the mutual fund industry March 31. big losses people in the Meeting NCD Exposure Cap8 based on these letters, is an af- Tata Sons, during the period
and Gujarat on June 3, terthought since he had not do- of IPO of TCS would be of
according to a forecast ne so in the original appeal filed great value to me personally
by the India Meteorolog- MOST DIRECTIVES IN LINE WITH MHA NORMS in the National Company Law
Tribunal (NCLT) in 2016, a Tata
and to the public perception…
ical Department, causing THIRD LETTER OF JAN 2005

States Issue Guidelines on Opening up

confidant told ET.
further trouble to the two states that The Supreme Court decided Even though you are
are already struggling to rein in the Friday to hear the cross-appeal stepping down at this
filed by Cyrus Mistry over the time, I will continue to keep
rising number of Covid-19 cases, re-
dubbing its initiative Mission MAHARASHTRA WEST BENGAL ruling of the National Company you informed of the events
ports Shashwat Mohanty. 9
Maha allows relaxations Begin Again.
Restrictions will remain in force
Curbs in containment Curbs in containment Law Appellate Tribunal
(NCLAT) along with the plea fi-
in Tata Sons, and I hope you
zones and municipal zones until June 15 will permit me, from time to
in 3 phases; UP restricts in containment zones and the mu-
nicipal corporation areas of areas of Mumbai, Pune, Places of worship
led by Tata Sons challenging the
December 2019 order of the tri-
time, to seek your counsel…
PURE entry for those from Mumbai Metropolitan Region, Pu- Nagpur & Aurangabad to open from June 1 bunal in the apex court. In its ap-
From June 3, people
POLITICS Delhi containment zones
ne, Nagpur and Aurangabad. In
phase 1of the easing starting June can exercise in open
UP Shopping malls,
restaurants and hotels
peal, the Mistry camp has so-
ught proportional representa-
“These letters cannot be called
‘commitment’ or ‘agreement’
3, individuals in these areas will be public spaces between 100% workforce, tion on the board of Tata Sons after 15 years,” said the person
can reopen on June 8
Modi Says Economy into Noida, Ghaziabad allowed to exercise in open public
spaces including beaches, playg-
5 am and 7 pm staggered timings
in govt offices
on the basis of the 18.4% stake
held by the family-owned Sha-
close to Tata. Cyrus Mistry had
filed an application to place
From June 5, shops, KARNATAKA
Opening up, Industry Our Political Bureau
rounds, gardens and promenades
between 5 am and 7 pm. From June except in malls and Markets open, Lockdown in poorji Pallonji Group. The Su-
preme Court has directed both
three letters written by Ratan
9 am to 9 pm Tata to Pallonji Mistry, who had
containment
Returning to Normalcy 5, all markets, market areas and market complexes, can
open on odd-even basis Salons get green light zones till June 30
parties to complete pleadings served on the board of Tata Sons
New Delhi | Mumbai | Guwa- shops, except malls and market within four weeks. between 1980 and 2004, on the re-
With ‘Unlock 1.0’ begin- hati | Hyderabad: State govern- complexes, will be allowed to func- Places of worship, hotels, There was no response to que- cord in support of his claims.
Haryana and Delhi More opening up of
ning from Monday, ments issued fresh guidelines al- tion on an odd-even basis from 9 expected to issue activities within Gurgaon restaurants and shopping ries sent to the offices of Ratan
Prime Minister Na- lowing the resumption of a num- am to 5 pm. The movement of indi- malls to open from June 8 Tata and Cyrus Mistry. Allegations & Counter Allegations8
revised guidelines and Faridabad likely
ber of activities including malls viduals will be prohibited between
rendra Modi in his Mann
and market areas, a day after the 9 pm and 5 am except for essential
Ki Baat address said a Centre issued a blueprint for res- activities, according to the Maha- SPIKE IN DEMAND FOR TESTS FOLLOWING NEW MHA GUIDELINES SHARP DECLINE IN FY20 CONTRIBUTION
major segment of the tarting economic activities out- rashtra guidelines.
economy was opening up and indus- side containment zones. Most of Uttar Pradesh will restrict entry 50% Jump in Covid Test Requests TCS Revenue from Tata Cos up 3.5%
the directives were in line with of people from Delhi containment Private diagnostic centres and hospital labs have seen a 50% jump The revenue that TCS generated from Tata group firms
try was returning to normalcy.2 the Ministry of Home Affairs zones.
(MHA) guidelines on reopening in the number of requests for RT-PCR tests within a day of new rose by 3.5% in FY20 compared to a double-digit rise in
the economy, with Maharashtra Reopening Schools and Colleges8 guidelines for opening up lockdown, reports Nidhi Sharma. 5 the previous fiscal, reports Anandi Chandrasekhar. 6
Amid Standoff, China
Built Road to Mineral PFC, REC to Offer
Rich Area Along LAC Non-starters for Restaurants: Bar Loans @9.5% to
POST-COVID SCENARIO
As the standoff with
Indian troops was
underway in Eastern
on Pubs, Dine-in Timing Curbs
State Discoms
Power Finance Corp
Swoosh, Pipe,
Z, L & W… Shape
Ladakh since early May, and REC Ltd have
China constructed a new Shortage of migrant labour —
which forms a significant chunk decided to offer
permanent road along Cafes, eateries may not of the restaurant industry work- Loss of Appetite 10-year loans to state distribu-
the LAC that gives it access to a moun-

of Our Future
force — and the fact that timings
tain area believed to be rich in natural
reopen soon as industry for dine-in have been curtailed to
Key markets Delhi-
NCR & Mumbai
tion utilities at 9.5% under the
.̀ 90,000-crore liquidity infusion
deposits. Manu Pubby reports.3 awaits clarity from 9 pm will also make the going to-
ugh, they argue.
with several
containment package as the government may
states, faces labour woes Plus, Delhi and Mumbai — the zones may see consider relaxing working capital
Rejection Slips to be two big markets in terms of busi-
ness volumes and footfalls — conti-
limited business borrowing limits of discoms, What’s in a Shape
Ratna Bhushan, Varuni Khosla Liquor sales at standalone reports Sarita Singh. 4
Delayed as Assam’s & Anumeha Chaturvedi
nue to be red zones and hence will
see limited business, with many stores & home delivery allowed
From Nike’s swoosh to smoking pipes, experts use
interesting shapes to describe India’s economic recovery
NRC Yet to be Notified areas under containment or opera- But bars not permitted to
National Register of
New Delhi: Thinking of grab-
bing a chilled beer at your favouri-
ting with severe restrictions.
In fact, Maharashtra on Sunday
open under MHA guidelines BDR Enters into Nike swoosh
1 Sharp plunge
Smoking pipe
1 Broad-
Citizens (NRC) author- te bar come June 8?
Well, it’s not going to happen so
prohibited the reopening of ho- Dine-in timings
curtailed to 9 pm
Deal with Cipla to 2 Short stay based decline
ities in Assam may start tels and restaurants from June 1 at the bottom 2 Recovery
issuing rejection slips to
soon. to June 30. Over half of dine-in Make Remdesivir 3 Gradual spanning 2-3
Restaurants and cafes say reope- business in high-end climb quarters
Grim Picture3
BDR Pharmaceuticals
those left out of the ning will not be easy despite the restaurants happens after 9 pm
home ministry’s revised guideli- has signed a con-
final register published
nes under its Unlock 1.0 road map.  Malls Focus on Safety SHORTAGE OF MIGRANT tract-manufacturing V-shaped W-shaped
last year only after the NRC is notified For one, restobars — which dri- 1 Steep decline 1 Sharp fall
LABOUR, CURBS ON PUBLIC deal with Cipla Ltd. for rem-
by the Registrar General of India, ve business especially late in the Malls across the country are in 1 quarter followed by
TRANSPORT FOR STAFF
evenings — have been excluded gearing up to open with strin- desivir, a patented product of
reports Bikash Singh. 2 TRAVEL AMONG CONCERNS 2 Strong recovery
from the list. gent safety measures. 6 US firm Gilead Sciences ap- recovery in the 2 Recovery falters
proved to treat Covid-19 pa- next quarter 3 Strong recovery again
tients, reports Teena Thacker.

India Unlocked But No One to Stand Guard BDR, however, doesn’t have a
licensing pact with Gilead. 5
Predicting recovery
Illustration: ANIRBAN BORA
shapes, including in India.
The Swoosh shape signifies that
Exodus during lockdown, need for Covid-trained people to put strain on private security industry there will be sharp plunge, a long-

dustry (CAPSI) said. The industry ty guards pan-India,” said Kunwar at entry-exit points and other
INDIA BATS FOR graphs, economists ish stay below the trend line of
growth and a gradual climb up.
Rica.Bhattacharyya FLEXIBILITY IN IPR
@timesgroup.com
employed 9 million people before
Covid-19 struck but as retail out-
Vikram Singh, chairman of CAP-
SI, which has 23,000 security agen-
spaces has doubled due to manda-
tory Covid-related checks. PACTS FOR ACCESS add cool shapes to HDFC’s Abheek Barua thinks In-
dia is headed for Swoosh shape.
lets, malls, restaurants and movie cies as members. The security industry has always TO ESSENTIAL plain vanilla V or But chief economic advisor KV
Mumbai: As the lockdown eases theatres downed shutters, many The first wave of demand is been understaffed due to unequal MEDICINES Subramanian bets on a nice V —
across the country, India could be
faced with a shortage of private
returned to their villages.
“We are preparing for post-Coro-
coming from corporates, factories,
hospitals, construction sites and
and low wages. Currently, security
guards get paid `. 5,000-16,000 a PAGE 9 U trajectories contraction, then sharp recovery.
Barua bats for
security guards, the Central Asso- na security challenges. There is a vacant properties. In factories and month depending on minimum Swoosh by argu-
ciation of Private Security In- 35-40% shortage of private securi- offices, demand for trained guards wage rules in various states. Gaurav.Noronha Economists ing that “lack of
“The need for Covid-trained Unorganised @timesgroup.com warn against coordination
people will put a strain on the an L-shaped among states, la-
EMPTY CABINS FIRST WAVE OF MORE DEMAND industry already reeling under Workers may New Delhi: Economists just lo- recovery bour shortage
DEMAND FROM EXPECTED FROM manpower shortage,” said Anil ve graphs — and those graphs and income de-
9 million people 1 Corporate offices
OPENING OF Puri, CMD, AP Securitas. Get ID Numbers have never been as cool. As prac-
where initial
fall in growth clines” will hit
employed in pre- CAPSI’s Singh said, “Even in the The government has titioners of the dismal science rate doesn’t both demand
2 Factories 1 Retail outlets
Covid times pre-Covid times there was person- plot possible recovery paths of return to and supply .
2 Malls
pulled out a 2014
3 Construction sites nel shortage. Now, with many pe- Covid-hit economies, they have trendline Subramanian
35-40% personnel 3 Restaurants ople returning to their villages, the proposal to provide added new shapes to plain vanil- sees a V by fin-
shortage expected 4 Vacant properties demand-supply gap will widen.” la V or U trajectories. ding a parallel in economic his-
identification numbers to the
as lockdown eases 5 Local police 4 Movie theatres To be sure, many guards, natives There’s the Swoosh, a recovery tory. As he had told ET in an in-
unorganised sector workers after
departments of Uttar Pradesh, Bihar, Jhark- pattern that looks like Nike’s fa- terview: “The Spanish flu is a
23,000 private hand, Madhya Pradesh and North facing criticism for not doing mous logo. There’s the smoking reasonable proxy... and because
security agencies East, visit their villages at this time much for migrant labour hit hard pipe graph. There’s a W, Z and an there was a V-shaped recovery, I
operating in India of the year to participate in har- L. Entirely predictably, because think it is reasonable to say that
by lockdown, reports Yogima
under industry vest-related work. they can never agree on anything we can expect the same.”
body CAPSI Sharma. This number will be that’s important, different econo-
Cash Crunch8 seeded with Aadhaar. 9 mists are championing different All Eyes on Virus Containment8
Illustration: ANIRBAN BORA
 2  Pure Politics
Rejection Process on Pause as Assam’s NRC Yet to be Notified
PANDEMIC IMPACT Process of issuance of rejection slips was slated to start from March this year but it has been pushed back due to Covid-19
Bikash.Singh@timesgroup.com
Guwahati: National Register of
Citizens (NRC) authorities in As-
sam may start issuing rejection
slips to those left out of the final re-
gister published last year only af-
ter the NRC is notified by the Re-
gistrar General of India.
“NRC is yet to be notified, without
which it is difficult to issue rejec-
tion slips,” a senior NRC official
told ET on condition of anonymity.
The process of issuance of rejec-
tion slips was slated to start from
March this year. The final NRC
published in August 2019 had fo-
und 31,121,004 persons eligible for
inclusion in the registry, leaving
out 1,906,657 persons.
The official said that as per parag-
WITH ‘UNLOCK 1.0’ BEGINNING FROM TODAY
Modi says Economy
Opening up, Industry
Returning to Normalcy
High recovery rate, high
testing rate and fall in
mortality rate reason
for unlock 1.0: Official
Aman.Sharma@timesgroup.com
New Delhi: With ‘Unlock 1.0’ begin-
ning from Monday, Prime Minister
Narendra Modi said a major segment
of the economy was opening up and
industry was returning to normalcy.
The PM, however, cautioned people
to remain extra careful as Covid-19
continued to be a threat and advised
no laxity in wearing masks, maintai-
ning two-yard social distancing and
staying at home to the extent possible.
Senior government officials told ET
that the decision on ‘Unlock 1.0’ was
driven by three factors — a high reco-
very rate, which touched almost 50%
at the end of Lockdown 4.0, a high tes-
ting rate of 1.25 lakh samples daily
and the mortality rate dipping below
3%. “These were the targets aimed at
the end of Lockdown 4.0. We will hit 2
lakh tests daily in June as big states
like Rajasthan and UP will increase
their testing to 25,000 samples daily
by mid-June. Cases will rise in June
but the focus is to keep deaths to the
minimum and increase recovery,” sa-
id a senior government official.
The recovery rate was at 47.75% at
the end of Lockdown 4.0 on Sunday
morning; up from 38% at the end of
Lockdown 3.0. Big states such as Ra-
FRESH ENROLMENT LOW
BJP Comfortably Placed as SP, BSP
Aadhaar Authentications
Show Bare
Hit New High in April, May Congress has managed to provide some opposition with protests
Authentications at
118 cr in April and
120.1 cr till May 30
Aman.Sharma@timesgroup.com
New Delhi: Aadhaar-based authen-
tications touched a record high in
April and May, topping 120 crore this
month, as the government rolled out
direct benefits to people using the
Aadhaar platform under the PM Ga-
rib Kalyan Package (PMGKP). Howe-
ver, fresh enrolment were low in April
and May due to the lockdown.
As per details with ET, Aadhaar-ba-
sed authentications stood at 118 cro-
re in April and 120.1crore this month
till May 30, which was the highest fi-
gure recorded so far in any month
since the Modi government started
its second term last June.
“This shows the big success of deli-
very of PMGKP on the ground during
the lockdown and a record number of
people benefitting from monetary
help directly in their bank accounts
using Aadhaar. Rolling out such a big
package directly to people without a
hitch would not have been possible
without the Aadhaar and DBT fram-
ework which have been in place,” a
top government official told ET.
Aadhaar authentications stood at
104 crore in January, 72 crore last De-
cember, and 81crore last June. Aadha-
ar authentications imply the number
of times an Aadhaar number is used
to authenticate a beneficiary’s identi-
raph 7 of The Citizenship (Registra-
tion of Citizens and Issue of Natio-
nal Identity Cards) Rules, 2003, the
local registrar shall, after disposal
of claims and objections under sub-
paragraph (3) of paragraph 6, pre-
pare and publish a supplementary
list for inclusion or deletion of na-
mes as the case may be. Thereafter,
he said, the Registrar General of Ci-
tizen Registration shall publish the
final National Register of Indian Ci-
tizens in the state of Assam.
The official said that without this
it is difficult to operationalise pa-
ragraph 8, which deals with appe-
als. “Any person not satisfied with
the outcome of the decision of the
claims and objections under the pa-
ragraph 7 may prefer appeal before
designated tribunal constituted
under the Foreigners (Tribunal)
Their (migrant
labourers)
agony, their
pain, their ordeal
cannot be expressed
in words. Who
amongst us cannot
understand and feel
what they and their
families are going
through. All of us are
trying to share their
distress, torment
NARENDRA MODI
in Mann ki Baat
jasthan, UP and MP are reporting
over 50% recovery rate, while Ma-
harashtra records 43%.
The PM in his Mann Ki Baat add-
ress on Sunday reiterated India’s go-
od record in fighting the pandemic.
“Our population itself is many times
that of the most countries. The chal-
lenges facing the country too are of a
different kind, yet Corona did not
spread as fast as it did in other count-
ries. The mortality rate of corona too
is a lot less in our country,” he said.
Modi said a lot changed over the
last one month. “The last time I spo-
ke to you through Mann Ki Baat, pas-
senger train servi-
ces, buses and
PM in his flights had come to
Mann Ki Baat
address
a standstill. This ti-
me around, much
reiterates have resumed —
Shramik special
India’s good
record in trains are operatio-
fighting the nal; other special
pandemic trains too have be-
gun. With utmost
precautions, flights have resumed;
industry too is returning to normal-
cy; thus, opening up a major seg-
ment of the economy,” the PM said.
Modi referred to the migrant labour
issue saying the “most gravely affec-
ted by the crisis” are the underprivi-
leged labourers. “Their agony, their
pain, their ordeal cannot be expres-
sed in words. Who amongst us cannot
understand and feel what they and
their families are going through. All
of us are trying to share their dis-
tress, torment,” the PM said. He said
their distress is representative of
that of the country’s eastern region.
Minimum Presence in UP
Multiple
Benefits
Aadhaar authentications
mean the number of times
an Aadhaar number is used
to authenticate a ben-
eficiary’s identity before
money is electronically
transferred into his/her
bank account
120.1 crore figure
for May would include
multiple benefits received
by one individual
ty before money is electronically
transferred into his/her bank acco-
unt. The 120.1 crore figure for May
would include multiple benefits re-
ceived by one individual.
PM Modi in his address to the nation
on May 12 had said: “Who could have
thought that money sent by govern-
ment will reach the pockets of poor
farmers directly? But it has happened.
That also happened when all the go-
vernment offices were closed; the me-
ans of transport were shut down.”
The Rules
As per paragraph 7 of The Citizenship (Registration of
Citizens and Issue of National Identity Cards) Rules,
2003, the local registrar shall, after disposal of claims and
objections under sub-paragraph (3) of paragraph 6, pre-
pare and publish a supplementary list for inclusion or de-
letion of names as the case may be: AN OFFICIAL
Thereafter, he said, the Registrar General of Citizen
Registration shall publish the final National Register of
Indian Citizens in the state of Assam
order 1964,” says paragraph 8.
The Supreme Court monitored
NRC is an exercise to weed out il-
CENTRAL PANEL DEALING WITH COVID-19 TESTING AND SURVEILLANCE TO HEALTH MINISTRY
‘Enhance Testing Capacity and get States to
Ease Process of Registering Phlebotomists’
Indian Council of Medical Research should expedite the process of granting approvals to labs: Official
Ajmer.Singh@timesgroup.com
New Delhi: A governmental panel
dealing with Covid-19 testing and sur-
veillance has asked the health mini-
stry to enhance testing capacity and
get state governments to ease the pro-
cess of registering phlebotomists.
There is a need to ramp up testing fa-
cilities and the Indian Council of Me-
dical Research should expedite the
process of granting approvals to labs,
a senior official aware of the matter
told ET. The panel recommended
on May 22 that the health ministry
activate all 135 tuberculosis-detec-
tion labs and 30 antibody testing
labs by Abbott and use them for Co-
vid-19 testing. It also directed the
Central TB division of the health
ministry to install Truenat diag-
nostic machines in West Bengal,
Bihar, Uttar Pradesh and Odisha.
The empowered group has sugges-
ted that the ministry expedite 58 re-
Make Data on Stranded Migrant U’khand Minister, Family
Workers Public: CIC to Govt Members, Staff +Ve; had
CIC gives govt one week to upload data and submit compliance report
Nidhi.Sharma@timesgroup.com
New Delhi: The Central Informa-
tion Commission (CIC) has direc-
ted the government to make pub-
lic data on migrant workers stran-
ded in different parts of the count-
ry, relief camps or at workplaces.
The directive comes in response to
a complaint filed by RTI activist Ven-
katesh Nayak, who had sought infor-
mation from the chief labour com-
missioner on the number of mig-
rant workers stranded, the district-
wise list of male and female workers,
the sector-wise breakup of migrant
workers and the states to which they
belonged. On April 8, chief labour
commissioner asked all regional he-
ads to enumerate every migrant wor-
ker. The reports from 20 regional
centres had to be submitted in three
days. However, the chief labour com-
missioner’s office replied under RTI
that it had no such information.
Nayak filed a complaint with CIC.
Kumar.Anshuman
@timesgroup.com
New Delhi: UP CM Yogi Adityanath
has hardly bothered to mention the
Samajwadi Party or the Bahujan
Samaj Party in his public statements
in the past few months. This reflects
the dwindling relevance of the two
regional opposition parties, which
have largely been absent from the
ground as well as political discourse
at a time when the country has been
grappling with its worst pandemic.
Congress, on the other hand, has
managed to provide some sem-
blance of opposition with protests
‘We are Reaching Peak, So People Must Observe Self-discipline’
State will allow
newspaper delivery
from next Sunday,
says Uddhav
Krishna.Kumar
@timesgroup.com
Mumbai: Maharashtra Chief
Minister Uddhav Thackeray on
Sunday said that the new relaxa-
tions in lockdown conditions were
like a ‘trial’ and the state govern-
ment would be watching their im-
TELEGRAM t.me/indiaepapers
legal immigrants.
Assam’s parliamentary affairs mi-
nister Chandra Mohan Patowary,
Activate Tuberculosis-detection Labs
Panel recom-
mends that
health ministry
activates all 135 tuberculo-
sis-detection labs and use
them for Covid-19 testing
quests for approval of testing labs.
Private labs have the capacity to car-
ry out 65,000 tests per day but only
14,000 are being conducted. The states
have been asked to facilitate access to
CHANDIGARH
PTI
Assessing the gravity of the situa-
tion, information commissioner
VN Sarna heard the complaint out
of turn and took a grim view of the
way the application was handled.
“There is no reason why the regio-
nal heads would not have complied
with the instructions of the respon-
dent public authority to complete
the enumeration exercise and send
the data within the time period spe-
cified in the said letter. Therefore the
reply of the CPIO is difficult to belie-
ve and highly unacceptable. There
or offers of buses for transporting
migrant workers back home.
“Whatever we are doing is in our
own individual capacity and there
is no instruction from the leaders-
hip,” a BSP MP told ET. The party’s
only activity that is visible is on the
Twitter handle of its chief Mayawa-
ti. During the lockdown the BSP lea-
dership has been active on social
media and Mayawati has been pos-
ting two-three tweets every day. She
has been either offering sugges-
tions to the state government or, on
some occasions, taking on Cong-
ress. However, several BSP MPs ET
spoke to said they had not received
any instruction from her during
pact. He said that the state has ei-
ther reached the peak of the coro-
na spread or on the verge of it, and
asked the citizens to be more vigi-
lant and practice self- discipline.
Exhorting people to use new re-
laxations judiciously, he said that
the government will be forced to
roll back these measures if the
people do not observe self-disci-
pline and begin crowding the
shops.
“Please don’t begin crowding the
shops and if the norms are violat-
ed, we will have to shut these
shops… We will check whether
cases are increasing or not and
then take a call. We have either re-
ached the peak or on the verge of
THE ECONOMIC TIMES | MUMBAI | MONDAY | 1 JUNE 2020 | WWW.ECONOMICTIMES.COM
Without this it is
difficult to opera-
tionalise paragraph 8,
which deals with appeals
OFFICIAL
replying on behalf of chief mini-
ster Sarbananda Sonowal, who is al-
so in charge of the home depart-
Directs Central
TB division to
install Truenat
diagnostic machines in
West Bengal, Bihar, Uttar
Pradesh and Odisha
an adequate number of samples and
ease the process of registering phle-
botomists, the technicians who draw
blood samples from patients, the offi-
cial said. Meanwhile, the health mi-
is no reason why this public authori-
ty ought not to have such informa-
tion in their custody when such in-
formation has been specifically cal-
led for through the letter,” Sarna ob-
served in her 13-page judgement.
Terming the handling of appli-
cation as “callous and casual”,
Sarna directed the chief labour
commissioner to disclose maxi-
mum data. CIC has given the go-
vernment one week to upload this
data and submit a compliance re-
port to the commission.
this period.
The SP leadership has been rela-
tively more visible. Recently the
party started offering `1 lakh to
every family who lost its mem-
bers facing difficulties during the
lockdown. “Till now our party has
offered `56-57 lakh to help people
in distress,” national secretary
and party spokesman Rajeev Rai
told ET. “I personally have adop-
ted two districts, Balia and Mau.
When our leaders and workers go
out to help, the government regis-
ters cases against them. But we
are doing all that is possible.” SP
and BSP seem to be wary of being
seen close to Congress.
reaching it,” he said.
He further added that the cases
will fall and increase for a while
and then come down after 8 to 10
days, but for that the people must
ment, had said in a written reply to a of requisite papers,” said the official
question in the Assam assembly in cited earlier. “There is problem, for
March that the rejection slip would
mention the reason for excluding a
we are yet to figure out as to how to
proceed. Although the inclusion of
person’s name from the final NRC. several people was cleared by the offi-
However, following outbreak of cers concerned, their names were de-
Covid-19, the issue of rejection slips leted later. In several cases, the na-
got pushed to the back-burner. In mes of persons cleared by the officer
the first phase, about 400,000 people were later rejected.”
who did not apply for inclusion in Those who get the slip can move
the register were expected to get re- the foreigners’ tribunal within 120
jection slips. About 33 million peo- days for further claims. If one lo-
ple had applied for inclusion in NRC ses the case in the tribunal, the
and nearly four million people were person can move the high court
excluded in the draft NRC publis- and, then, the Supreme Court. The
hed on July 30, 2018. Nearly 3.6 mil- NRC has been prepared under ru-
lion people have submitted their les which provide for a separate ci-
claims for inclusion. tizenship law for Assam than the
“We have to give speaking order to rest of the country. To deal with
the person concerned with rejection the increased number of cases,
slip. To the four lakh people the rea- Assam has doubled the number of
son for rejection is non-submission foreigners’ tribunals to 200.
WHO TRACKER
Private labs India Now 7th
have the ca-
pacity to carry Worst-hit Nation
out 65,000 tests per NEW DELHI: India has
day but only 14,000 now become the world’s
are being conducted
seventh worst-hit count-
ry in terms of Covid-19 cases with
its tally of 1,82,143, according to the
World Health Organization's track-
Illustration: ZAHID
er. According to the WHO tracker, a
total of 59,34,936 cases have been
recorded globally with 3,67,166
nistry is considering the procure-
ment of half a million CBNAAT
deaths as of 10:30 PM Sunday. India
registered its highest single-day
spike of COVID-19 cases on Sunday
cartridges, in addition to an order
placed for the purchase of 100,000 with 8,380 new infections reported
cartridges, the official said. in the last 24 hours. — PTI
Attended Cabinet Meet
‘CM, ministers and
bureaucrats may opt
for self-quarantine’
Our Political Bureau
New Delhi: Uttarakhand’s tou-
rism minister Satpal Maharaj, in-
cluding his family members and
staff, tested positive for Covid-19 on
Sunday in Dehradun. His wife Am-
rita, who tested positive on Saturday,
is admitted to AIIMS, Rishikesh.
State government officials said
Maharaj’s sample was collected on QUARANTINED RESIDECE
Saturday. “Apart from Maharaj, at
least 17 persons, including his fami- Dehradun
ly members and staff, have also tes-
ted positive,” an official in the sta- admin quar-
te’s health department told ET.
Maharaj had attended the Cabi-
antined Mah-
net meeting chaired by chief mi-
nister Trivendra Singh Rawat on
araj’s private residence
Friday. Many bureaucrats were
also present at the meeting.
after a few persons
“All ministers, including the visiting him tested
chief minister, and bureaucrats
positive recently
may opt for self-quarantine,”
the official added. Apart from
the CM, Uttarakhand has seven
ministers in the state Cabinet.
According to one of the officials
mentioned above, samples of about
AIIMS, Rishikesh, where they
will be admitted,” PRO of the
hospital, Harish Thapliyal, told
ET over phone.
40 persons, who met the minister Dehradun administration had qu-
recently, were sent for testing. arantined the minister’s private re-
“The minister and his six fami- sidence after a few persons visiting
ly members are on their way to him had tested positive recently.
TWO PERSONS WHO WORKED WITH HIM QUARANTINED
CRPF DIG at MHA Control Room +Ve
NEW DELHI: A CRPF deputy inspector general (DIG) at the
Ministry of Home Affairs control room has tested positive
for Covid-19, officials said on Sunday. They said the test
report was received on Saturday. The DIG was attached
with the ministry to monitor the work of its control room located in North
Block, they said. Two persons who worked with him have been quaranti-
ned and all safety protocols are being followed, an MHA official said. — PTI
practice social distancing. He from next Sunday. In a comment
asked people with co-morbidities directed at railway minister Piy-
not to venture out of their homes ush Goyal, Uddhav said that after
unless necessary.
Slamming those who were de-
he complained about lack of
trains, Goyal made available more
manding Presidents’ rule in the
state, the CM said, “The situation
trains which solved the issue of
migrants wanting to go back to
is fine here. Out of the total 66,000
infected people, 28,000 have reco-
their states. “I thank Piyush Goyal
today because what I said that day,
vered and gone home. 1,200 per- you took it to your heart and gave
sons’ condition is a bit worri- trains to the state, which helped us
some and there are only 200 peo- send the migrants back home.”
ple on ventilators, and even these The CM said that the state would
people are recovering. This de- be going for more testing and in-
faming of Maharashtra needs to crease the number of labs during
stop. It’s a conspiracy to defame monsoon. “We will create 25,000
the state and I am hurt by this.” beds with oxygen supply, 2.50 lakh
He announced that the state will isolation beds and 8,500 ICU
allow delivery of newspapers beds,” he said.
THE ECONOMIC TIMES | MUMBAI | MONDAY | 1 JUNE 2020 | WWW.ECONOMICTIMES.COM
TELEGRAM t.me/indiaepapers
Pure Politics  3
Two Pak HC
NEAR-CERTAIN ADOPTION While diplomatic moves are underway, Nepal is likely to adopt the Bill
In a glass of its own!
Staffers
Expelled for
India Weighing Response As o / v
!

Espionage
Rahul.Tripathi
@timesgroup.com
Nepal Tables Bill on New Map a memorandum of understanding
New Delhi: India on Sunday DipanjanRoy.Chaudhury Poliloquy R PRASAD was signed between China and India
declared two officials from Pa- @timesgroup.com on ‘Resumption of Border Trade’
kistan High Commission as which mentioned Lipulekh as a mu-
persona non grata after they New Delhi: India began weighing tually recognised border trading po-
were caught spying by the po- various options to send strong mes- int. India and China signed a ‘Proto-
lice. The two have been identi- sages to Nepal as its Minister for col of Entry and Exit Procedure’ for
O
fied as Tahir Khan and Abid Law, Justice and Parliamentary Af- border trade in July 1992 which again

Amul
Hussain. They were working fairs Shivamaya Tumbahangphe mentioned Lipulekh as a mutually
as visa assistant at the com- on Sunday presented the Constitu- recognised border trading point.
mission in New Delhi. tion Amendment Bill (second On April 11, 2005, the then Chinese
The two were held while me- amendment) in Parliament to upda- premier, Wen Jiabao, and his then
eting their contact in Delhi te the political map of the country Indian counterpart, Manmohan
during which they tried to ex- that includes Indian territories. Ne- Singh, signed an agreement aimed
tract information on Indian pal’s Parliament is likely to adopt at confidence-building along the Li- quor is allowed to be sold at
Army and Railways. The duo
were keen to know about the
the Bill even as hectic diplomatic
moves are underway.
ne of Actual Control. Article V of
this agreement stated: “Both sides
Grim Picture standalone outlets and thro-
ugh home delivery…,” he says.
FILE PHOTO

recent dalit movement in In-
dia, sources said. While Tahir
came to India in 2016, Abid joi-
ned last year as part of the vi-
sa facilitation teams. The two
are suspected to be trained by
ISI After questioning, they
were declared PNG and were
told to leave the country wit-
hin 48 hours, officials added.
India is expecting a similar
action against its officials in
Pakistan which may further
deteriorate the relationship
between the two countries.
India believes that Nepal is ignoring agree in principle to expand the me- Amit Roy, partner at Shilton
the fact that the area of Lipulekh chanism of border meeting points to From Page 1 Hospitality, adds, “Why are
(which Nepal is claiming as its terri- include Kibithu-Damai in the Eas- The picture, in short, is not ro- restaurants serving alcohol
tory) has been a border trading point tern Sector and Lipulekh Pass/Qi- sy, they told ET. “We will wait being categorically shunned
between India and China based on INDIAN TRADING POINT pacting people-to-people ties, say Ne- ang La in the Middle Sector. The pre- for the guidelines by various …when we are getting notices
pacts since 1991. pal watchers. The hand of China be- cise locations of these border mee- states. Many important cities to renew our liquor licences
The first objection to Lipulekh as
part of India’s new map was raised by
India will telling hind the episode cannot be ruled out.
India will be raising with Nepal its
ting points will be decided through
mutual consultations.”
may not open and we will as-
sess our preparedness after
without any sight of when the
customer will come in next.”
the Opposition Nepali Congress in Nepal that its decision to alter the map ignoring Delhi suffered a setback when the that. Besides, lack of migrant The restrictions under the fo-
November 2019. Subsequently, the ru- certain Sino-Indian pacts, ET has le- Opposition Nepali Congress, on Sa- labour could be a problem,” ur phases of the lockdown ha-
ling party hardened its position as decision to alter arnt. Interestingly, Kathmandu had turday, took a u-turn and decided to National Restaurant Associa- ve hit the industry hard. The
nationalism dominated the discour- never raised any objections to those vote in favour of the Constitution tion of India president Anu- sector employs 7.3 million peo-
se in Nepali polity. map ignores certain Sino- pacts since 1990s. amendment bill put forth by the go- rag Katriar says. ple — as per NRAI data of 2018-
However, the Oli government’s mo- In December 1991, during the then vernment in Parliament to update The industry lobby group, 19 — more than half the num-
ve could vitiate the atmosphere im- Indian pacts premier Li Peng’s visit to New Delhi, the new political map of the country. which represents over 500,000 ber of people working for the
restaurants, cafes, bars and Indian railways.
pubs in the country, has asked
for restaurants to be allowed to ‘FRESH COMMERCIAL TERMS

Amid Standoff, China Builds Road to Mineral Rich Area stay open beyond 9 pm and for
reopening of public transport
fully to aid staff movement.
Another key industry requ-
NEEDED’
Since business volume is ex-
pected to be subdued, it is criti-
cal that landlords and opera-
ad skirts along the LAC, it can be used
to quickly move in vehicles and person-
ARMY SAYS CAN’T AUTHENTICATE VISUALS est is for restobars to be per-
mitted to reopen. “If vendors
tors arrive at fresh commerci-
al terms soon, according to the
Blacktop road gives nel to the resource rich mountain that are allowed to sell and home industry. “It will be most un-
China access to
mountain near Gogra
lies on the Indian side of the LAC.
While the Indian side has bolstered
defences at the Gogra post, there is no
Leaked Videos, Photo of deliveries of alcohol are also
allowed, then why not con-
sumption in bars and restau-
fortunate if businesses don’t
kickstart due to the commer-
cial stalemate,” Katriar of

that could have gold,

equivalent road infrastructure for ac-
cess to the deposit rich area. Satellite
Imagery expert Colonel Vinayak Bhat
Clashes Add to Tension rants?” says Pradeep Shetty,
honorary secretary of the Fe-
deration of Hotel and Restau-
NRAI says.
The organised food services
sector makes up for 35% of the
other rare resources (retd) believes that the mountain co-
uld contain gold deposits. His satellite Our Political Bureau
along Pangong Tso. In an official
statement, the Army said that
rant Associations of India,
which is planning to take up
total restaurant market,
which contributed Rs 18,000
imagery based analysis suggests that the visuals do not depict the cur- the matter with the home mi- crore in taxes in 2018-19.
Manu.Pubby@timesgroup.com alarger area close to the what he terms New Delhi: A leaked video, rent situation on the ground. nistry. “Restaurants and bars Umang Tewari, founder of
as `gold mountain’ could also hold va- which purpotedly shows Indian Within a few hours of the video, should move together. One Big Fish Ventures, which runs
New Delhi: As the standoff with Indi- luable natural resources. troops pushing back a Chinese semi-official Chinese social me- without the other is a failed restaurants in the Delhi-NCR
an troops was underway in Eastern Besides the road near Gogra, the Chi- vehicle patrol, followed by a pho- dia accounts leaked a photo of fi- proposition.” region, says: “Only 20-30%
Ladakh since early May, China const- nese side has also built defences in the to depicting soldiers lying inju- ve soldiers lying injured on the customers may come back to
ructed a new permanent road along ANI form of bunkers in the Finger 4 area red along the Pangong Tso lake ground. Two of them were tied LOGIC UNCLEAR start with and that threatens
the Line of Actual Control (LAC) that and connects to a larger network that along the Pangong Tso lake. This area have added to the simmering with ropes. The photo depicts Industry executives also argue the viability of our establish-
gives it access to a mountain area beli- China has built along the LAC for the has always been claimed by China but tension. two unconscious soldiers but that the logic behind keeping ments.”
eved to be rich in natural deposits. past few years. Satellite images show till now was being patrolled by both si- The undated video - likely from both the Army and the Indo Ti- bars out of the purview of per- There is laxity in executing
The blacktopped road, designed to ta- that less than 10 km away on the same des. The new defences suggest that early May - shows an Indian pat- betan Border Police have not mitted activities is unclear. the standard operating proce-
ke on heavy transport vehicles, has co- road, the Chinese side has deployed China seeks to retain physical control. rol party pushing back a Chine- shared comments on it. Priyank Sukhija, chief execu- dures, says Karan Tanna, fo-
me up right next to the LAC close to In- heavy artillery and an armoured unit. Talks continue between both sides to se patrol as well as an injured Later in the day, a series of un- tive of First Fiddle Restau- under of Ghost Kitchens, an
dia’s Gogra post, in an area that satelli- Sources said that while a semi perma- resolve the standoff that has entered Chinese personnel lying on the dated videos showing Indian rants which runs Lord of the investment and incubation
te images suggest hold valuable natu- nent track was present in the area, the its 26th day but there has been no im- ground. While the army has said troops pushing back a Chinese Drinks and Warehouse Café, venture for food startups.
ral resources like gold. Chinese side constructed two bridges provement on the ground as thou- that its authenticity cannot be patrol, likely in the Galwan Val- shares the sentiment. “We re- “There is no clarity on things
Completed in barely three weeks, the and the blacktopped road at breakneck sands of troops remain deployed in verified, the video is believed to ley area, were also leaked on so- quest clarity on whether we and that makes customers
road is just under four kilometres long speed over the past weeks. While the ro- Galwan valley and Pangong Tso lake. have been shot in the finger area cial media. can serve liquor or not since li- even more jittery.”

LG Polymers Didn’t Have All Approvals: MoEF RASHTRIYA CHEMICALS

Anubhuti.Vishnoi
@timesgroup.com
New Delhi: Days after the gas
leak at its Vizag plant that killed
12 and injured over 500 people,
LG Polymers has run into troub-
le with the environment mini-
stry.
The ministry’s expert panel
on ‘violations’ raised questions
on the chemical unit operating
at existing capacity, ramping up
production and changing pro-
duct mix without the necessary
green nod from the Centre.
In the meeting held on May 19,
the Expert Appraisal Commit-
tee (EAC), on projects involving
violation of the EIA Notifica-
tion, 2006, deferred its final deci-
sion on the issue in view of awa- 655 tonnes per day. However, AND FERTILIZERS LTD. ' " "MF I
ited court and NGT orders. Ho- the panel has now decided to (A Government of India Undertaking)
wever, the panel said it would appraise the Vizag plant on 3M t Ems'
now appraise the project in the basis of its existing capaci-
light of the recent gas leak. ty of 415 tonnes per day.
L G Polymers had sought the The EAC has also frowned Regd. Office : "Priyadarshini" , Eastern Express Highway, Sion , Mumbai 400 022
Centre’s green clearance only upon the company changing its
for expansion of its produc- product mix without prior gre- CIN No. L2411OMH1978GO1020185 Website: www.rcfltd.com
tion of polystyrene and ex- en clearance. It earlier had the
pandable polystyrene from 415 permission to manufacture EXTRACT CO NS O LIDATED AUDITED R ESULTS FOR
tonnes of chemicals per day to engineering plastics.
THE QUARTER AND YEAR ENDED 31ST MARCH 2020 lin Il

FORM G Quarter ended

INVITATION FOR EXPRESSION OF INTEREST
(Under Regulation 36A (1) of the Insolvency and Bankruptcy
(Insolvency Resolution Process for Corporate Persons ) Regulations . 2016
Particulars 1 1 1 I 1 1 IK 1 '

RELEVANT PARTICULARS
1. Name a ' tae corporate debtor Indira Priyadarshini Hydro Power Private Limited
Requires Internal Auditors for Mumbai Branch for 3 years -2020-21 to 2. Date of incorporation of co rpo rate 25" Aonl 2011 1 Total income from operations 260600 226698 969795 888547
2023 CA firms having practice for more than 5 years and in CAG for debtor

appointment as Statutory Auditors may send resume with quotation

Net Profit / (Loss) for the period (before Tax,
3. Authority under which corporate
debtor s incorporated / regstered
RoC , Hyderabad
2 Exceptional and /or Extraordinary items) 30040 5794 30208 20556
through email.
4. Corporate identity numbed limited U40300TG2011PTC074035
Asst. General Manager liability idertfication number of Net Profit / (Loss) for the period before Tax (after
Karnataka Soaps & Detergents Ltd corporate debtor 3 exceptional and /or Extraordinary items) 20023 8138 20191 22900
Vasant Vic ar , 1" Floor Sant Gadge Ivlarg, Off Dadasaheb Phalke Road. Dada,IE I, Mumbai 4000' 4 5. Address of the registered office Sanpras Corporate Capital .
and principal office (if any) of #11511 & 115129 , 6" Floor, Sheraton Towers , Financial
Email 10 - ktdlmumbalbranch@gmall.com corporate debtor Dist , Nanakramguda , Gachiboli , Hyderabad , Net Profit / (Loss) for the period after Tax (after
Rangareddi, Telangana - 500032 4 exceptional and /or Extraordinary items) 14238 4716 20713 13292
6. Insolvency commencement date 12" December 2019
of the corporate debtor
7. Date of invitation of expression of 01' June 2020
Total Comprehensive Income for the period
interest
5 (Comprising Profit / (Loss) for the period (after tax) and 13711 5778 20176 13867
8. Eligibility for resolution applicants Details can be sought by emai ing on other Comprehensive Income (after Tax)
under section 25(2Xh ) of the Code ip@beleyur.com
is available at
6 Paid Up Equity Share Capital 55169 55169 55169 55169
GOVERNMENT OF INDIA
MINISTRY OF ENVIRONMENT, FOREST & CLIMATE CHANGE
9. Norms of ineligibility applicable As per Section 29A and other applicable provisions of
CALL FOR APPLICATIONS FOR DIRECT ACCESS ENTITIES (DAEs) OF
under section 29A are available at: the I & B Code 2016 , available on the website of IBBI
Reserves (excluding Revaluation Reserve as shown
- -
GREEN CLIMATE FUND SETUP UNDER UNFCCC
Ministry of Environment . Forest & Climate Change, invites applications from
https : htlps:/IIbbl .gov.inllegal -framework
7 in the Balance Sheet of the previous year) 262735 247680
eligible institutions and bodies for selection as DirectAccess Entities (DAE) for the 10. Last date for receipt of expression 18" June 2020
Green Climate Fund (GCF) set up under the United Nations Framework of interest
Convention on Climate Change (UNFCCC). 11. Date of issue of provisional list of 23" June 2020 Earnings Per Share (of T 10/- each)
The applicant entities must meet the Environmental and Social safe guards of the prospective resolution applicants 8 Basic & Diluted T Z 2.58 T 0.85 Z 3.75 Z 2.41
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Interested agencies/bodies may submit their app lication to the Ministry of memorandum, evaluation matrix
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Access Entity and eventual accreditation by GCF Board . The application format prospective resolution applicants IK I I ± I IK 1 '
and the general guidelines are available on the website of Ministry of 15. Manner of obtaining request for Information memorandum , Request for Resolution Plan
Environment , Forest and Climate Change at http ://moef .gov.Inl.The app licat ion
should be submitted within 30 days of publication of this call for proposal to Mr.
resolution plan, evaluation matrix ,
information memorandum and
and evaluator matrix will be shared by the Resolution
Professional with the s hordisted Prospective Resolution
1 Totallncome 266191 229794 982660 896746
Ravi S. Praised , Additional Secretary, Ministry of Environment, Forest &
Climate Change, Indira Paryavaran Bhawan , 5th Floor , Prithvi Wing, Jor
further information Applicant( s) meeting the eligib lily criteria as set out by
the committee of creditors and compliance with Section 2 Profit/ (Loss) before tax 20013 8269 20293 23525
Bag h Road , New Delhi -110003. 29Aof I& B Code . 2016 after receiving confidential ty
Ministry reserves the right to decide and select the DAEs in its own discretion undertaking as per Section 29(2) of I & 8 Code, 2016 3 Profit/(Loss)aftertax 14228 4847 20815 13917
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any responsibility for non- resolut ion plans 4 Total Comprehensive Income for the period 13701 5909 20278 14492 ,
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GREATER HYDERABAD to #4813 , 2nd Floor, lst Main , 2nd Cross, Royan Circle,
Chamarajpet , Bengaluru 560018. Company. The results have been reviewed by the Audit Committee and approved by the Board of Directors at their
MUNICIPAL CORPORATION 18. Estimated date for submission of 13" August 2020 meeting held on May 29, 2020. These results have been subjected to audit by the Statutory Auditors of the Company. 2.
resolution plan to the Adjudicating The results for the quarter and year ended 31st March , 2020 are in compliance with IN D AS as prescribed under section
PT-TTRI Authority for approval
133 of the Companies Act 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and
It is hereby informed that the Revised building application filed by 19. Name and registration number of
the resolution professional
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IBBI/IPA-0OlIIPP0 018912017-201810368
Companies (Indian Accounting Standards) Amendment Rules , 2016. 3. Board of Directors have recommended a
M/s. Name Homes Pvt., Ltd., & others POA M/s.Jain Housing and 20. Name , Address and e-email of the Sri Ravindra Beleyur
dividend of Z 2.84 per equity share of Z 10/- each, i.e. 28.40 % which is subject to approval by Shareholder's of the
Constructions Ltd., Authorised signatory Rithika Jain vide DPMS File resolution professional , as #4813 , 2' Floor, 1' Main, 2' Cross , Royan Circle, Company. 4. The above is an extract of the detailed format of the Financial Results for quarter and year ended on 31st
No. 1/C20/23911/2018 for revision of permitted Blocks - B, C, D, E, F registered wth the Board Chamarajpet . Bengaluru. Email: ravr@beleyw.com March, 2020 filed with the BSE Limited and National Stock Exchange of India Limited under Regulation 33 of the SEBI
& Gin Survey No.: 74, 76/P 117 to 119, 120/p, 122/p, 124 to 127, 21. Address and email to be used for Sn . Ravindra Beleyur (Listing Obligations and Disclosure Requirements) Regulations , 2015. The full format of the standalone and consolidated
129, 132, 133, 134/p, 139/p, 140 to 144, 145/p to 147/p, 150/p to correspondence with the
resolution professional
Resolution Professional of IPHPPL
#4813 . 2" Floor, 1' Man, 2" Cross, Royan Circle,
Financial Results are available on the website of the Company at www .rcfltd.com and also available on the website of
152/p situated at Khajaguda (V), Serilingampally, R.R.Dist is under Chamarajpet, Bengaluru. Email: ip@beleyur.com Stock Exchanges at www .bseindia.com and www .nseindia .com.
process in GHMC. 22. Further Details are available at or Ravindra Beleyur
Any interested person / organization may file objections to Chief City with Tel. No . -91 94481 46963 , Email: ip@be 'eyur.com For and on behalf of the Board of Directors
Planner, GHMC , Tank Band road , Hyderabad within (7) days from the 23. Date of publication of Form G 01 ' June 2020 RASHTRIYA CHEMICALS AND FERTILIZERS LTD.
date of publication. Sd/- (Ravindra Beleyur) (S. C. Mudgerikar)
Sd/-, Commissioner, Date: 30" May 2020
Resolution Professional
Dated : 29th May, 2020 Chairman & Managing Director
Indira Priyadarshini Hydro Power
R. O. No . : 1948- PP/CL/ADVT /1/2020 -21 GHMC. Hyderabad. Place Bengaluru Private Limited under CIRP Place : Mumbai DIN : 03498837
 4  Covid-19 Impact: Companies
PFC and REC to Offer 10-Year Loans to State Discoms at 9.5%
Sarita.Singh@timesgroup.com
New Delhi: Power Finance
Corp (PFC) and REC have de-
cided to offer 10-year loans to
state distribution utilities at
9.5% for the next 60 days under
Corporation of Uttarakhand Ltd.
29, IIE (IT Park), Sahastradhara Road, Dehradun
Phone No. 0135 - 2708100
Fax No. i i s i Web site : www.sildculloom
Golden Opportunity for Resort/Hotel/Wellness Resort
near Tehri Lake
SIIDCUL invites online bids from interested domestic as well
as international bidders for allotment of land for developing
Resort/Hotel/Wellness Resort near Tehri Lake at Madan Negi ,
Tehri Garhwal , Uttarakhand , India. The bidders must furnish
complete information as per the procedure laid down in the bid
document, Detailed bid document can be downloaded from
website of SIIDCUL www.siidcul.com or www. uktenders.
gov.in. Interested bidders can only submit the complete bid doc-
ument on e-tendering website www.uktenders.aov. in on/before
mentioned due date 15 .07.2020 till 02:OOPM .
Mana g in g Director
11
1 54-2020 DL: 20.05.2020
ENGINEERING WORKS
File No : DRMIEngg/KUR /20.21/
ETender /05 Dt.: 26 .05.2020
(1)Tender No: e-Tender-NORTHKUR -
43-2020 Dt.: 20 .05.2020
r NEW WORKS , ADDITIONS
AND ALTERATIONS TO THE EXISTING
STRUCTURES , ALL ORDINARY REPAIR
A N D M A I N T E N A N C E W O R K S OF
MISCELLANEOUS NATURE AND
SUPPLIES EACH COSTING RS. 5, 00, 0001
OR LESS IN THE SECTION FROM RANITAL
(EX) KM 287.471 TO JAJPUR KEONJHAR
ROAD ( EX) UNDER SENIOR SECTION
ENGINEER (WORKS )BHADRAK FOR THE
PERIOD UPTO30 .06.2021.
Z 89.17 Lakhs ,
EMD: Z 1,78,4001, Cost of Tender form
75 ,900I- , Com peto Period : 30.06.2021.
(2)Tender No: c-Tender -NORTHKUR -
44-2020 Dt. : 20.05 .2020
NEW WORKS , ADDITIONS
AND ALTERATIONS TO THE EXISTING
STRUCTURES , ALL ORDINARY REPAIR
AND M A I N T E N A N C E W O R K S OF
MISCELLANEOUS NATURE AND
SUPPLIES EACH COSTING RS. 5, 00,0001-
OR LESS IN THE SECTION FROM JAJPUR
KEONJHAR ROAD (IN) TO JENAPUR ( IN) &
JAKHAPURA TO DAITARI UNDER SENIOR
SECTION ENGINEER (WORKS)1BHADRAK
FORTHE PERIOD UPTO 30 .06.2021 .
Z 94.23 Lakhs ,
EMD: Z 1,88,5001-. Cost of Tender form
Z 5,9001 , Compet ion penod . 30.06 .2021.
(3) Tender No: e-Tender NORTHKUR -
45-2020 Dt.: 20.05 .2020
NEW WORKS , ADDITIONS
AND ALTERATIONS TO THE EXISTING
STRUCTURES , ALL ORDINARY REPAIR
A N D M A I N T E N A N C E W O R K S OF
MISCELLANEOUS NATURE AND
SUPPLIES EACH COSTING RS. 5, 00,0001-
OR LESS IN THE SECTION TOMKA ( EX)-
S LINE UNDER
ASSISTA NT DIVISIONAL ENGI NEERI
KENDUJHARGARH FOR THE PERIOD
UPTO30 .06.2021 .
UNDE
2101. 11 Lakhs ,
ENID: Z 2, 00.601 Cost of Tender form
Z 5,9001-, Completion period : 30.06 .2021.
(4) Tender No: e-Tender SOUTH KUR-
46-2020 Dt.:15.05 .2020
CLOS U RE OF LEVEL
CROSSING NO. 248 BY CONSTRUCTION
OF DIVERSION ROAD FROM LEVEL
CROSSING NO . 248 TO LEVEL CROSSING
NO. 247 BETWEEN GANDADHARPUR -
SOLARI STATION OF KHURDA ROAD
DIVISION .
IFINUT= Z 122.21 Lakhs,
EMD: Z 2, 11,1001-, Cost of Tender form
Z 5,9001-, Completionperiod : l2Months.
(5) Tender No: e-Tender-NORTH -KUR-
47-2020 Dill 16.05.2020
FORMATION TREATMENT
FOR 2 .40 TRACK K I L O M E T R E S IN
PATCHES ON DOWN LINE BETWEEN
BAUDPUR - KENDUAPADA STATIONS OF
KHURDA ROAD DIVISION .
Z 200.72 Lakhs,
EMD : Z 2,50, 400 '- Cos t of Tender form
Z11 ,8001,Com pe:cnpe rio d l2Months .
(6)Tender No : e-Tender -HQKUR -
48-2020 Dt.: 18.05 ,2020
PAINTING OF RAILS ,
SEALING OF LINER CONTACT AREA &
OTHER ENABLING WORKS UNDER THE
JURISDICTION OF A S S I S T A N T
DIVISIONAL ENGINEER , TRACK OF
KHURDA ROAD DIVISION.
2 92.09 Lakhs ,
,
I
L .
EMD Z 1,84 ,2001- Ccst of Tender form :
5,9001- , Cornpe :ion per od 12 Months.
(7) Tender No : e-Tender-CENT KUR-
49.2020 Dt.: 18.05.2020
RAISING OF PLATFORMS
FROM LOW LEVEL TO HIGH LEVEL AT
RETANG (PF NO .-1), PATIA (PF NO .1),
BARANG (PF NO .01 AND PF-2&3) AND
NARAJ MARTHAPUR (PF-2&3 ) STATIONS
U N D E R T H E J U R I S D I C T I O N OF
DIVISIONAL ENGINEER ( CENTRAL) /
KHURDA ROAD .
287.81 Lakhs,
Eh1D Z 2,93,9001- . Cost of Tender form :
11, 8001- , Cornpelonperiod . 08 Months . S A L E G A O N UNDER A S S I S T A N T
( 8) Tender No : e-Tender -CENT-KUR-
50-2020 Dt.: 18.05 .2020
MTRIIII U N DERW AT F R R E PA I R S O F
PIERS/WELL FOUNDATIONS OF BRIDGE
NO. 22UP ON GHANTIKHAL NIDHIPUR-
NARAJ MARTHAPUR SECTION UNDER
THE JURISDICTION OF ASSISTANT
ENGINEER , BHUBANESWAR OF KHURDA
ROAD DIVISION .
Z 64.17 Lakhs ,
ENID Z 1,28,4001, Cost of Tender form :
Z 5 ,9001-, Competoc period : 02 Months .
(9) Tender No: e-Tender -CENT-KUR-
51-2020 Dt.: 19.05.2020
MANUAL DEEP SCREENING
OF TRACK, POINTS & CROSSINGS AND
OTHER P.WAY RELATED WORKS AT
D I F F E R E N T Y A R D S U N D E R THE
J U R I S D I C T I O N OF A S S I S T A N T
DIVISIONAL ENGINEER , BHUBANESWAR
OF KHURDA ROAD DIVISION .
Z 122.17 Lakhs,
EMD: Z 2,11 , 1001-, Cost of Tender form :
2 55 ,9 Com peton per iod : 12Months ,
(10) Tender No: e-Tender -EAST KUR-
52-2020 Dt.: 19.05 .2020
MISCELLANEOUS P.WAY
WORKS SUCH AS PRE & POSTTAMPING ,
SHALLOW SCREENING , LIFTING &
PACKING, DEEP SCREENING OF POINTS
& C R O S S I N G S , RENEWAL OF PSC
SLEEPERS ETC. AND OTHER ENABLING
W O R K S IN C U T T A C K - P A R A D E E P
SECTION UNDER THE JURISDICTION OF
SENIOR SECTION ENGINEER ,
K A N D A R P U R OF K H U R D A R O A D
DMSION .
Z 58. 34 Lakhs,
EMD Z 1,16,7001-, Cost of Tender form :
2 5,9001 , Completion penod : 06 Months .
(11) Tender No: e-Tender - ESTATE-KUR -
53-2020 Dt .: 20.05 .2020
ZONAL CONTRACT FOR
MAINTENANCE , ADDITION & ALTERATION
OF EXISTING HORTICULTURAL WORKS
ETC. AT C H A N D R A S E K H A R P U R &
MANCHESWAR SETTLEMENT EACH
COSTING UPTO RS.5.00 LAKHS OR LESS
UNDER THE JURISDICTION OF SENIOR
DIVISIONAL ENGINEER ( ESTATE )/
BHUBANESWAR FOR THE YEAR ENDING
30TH JUNE 2021 .
Z 140 .93 Lakhs,
ENID Z 2,20,5001, Cost of Tender form
Z 5 ,9001-, Competion penod : 30.06 2021..
the `90,000 crore liquidity infu-
sion package as the Union cabi-
net is likely to consider relax-
ing working capital borrowing
limits of power distribution
companies this week.
A senior government official
said that PFC and REC have
I-
NIT No : 30 /SIIDCUL/2020.
(12) Tender No: e-Tender - ESTATE-KUR-
W R A GoAir and SpiceJet may
AND ALTERATIONS TO THE EXISTIING
STRUCTURES , ALL ORDINARY REPAIR
A N D M A I N T E N A N C E W O R K S OF
M I S C E L L A N E O U S N A T U R E AND
SUPPLIES EACH COSTING RS. 5 , 00,0001-
OR LESS IN THE SECTION CARRIAGE
REPAIR WORKSHOPIMANCHESWAR
( W O R K SHOP ) U N D E R S E C T I O N
ENGINEER (WORKS )IMANCHESWAR FOR
THE PERIOD UPT030.06 . 2021 .
14643 Lakhs
EIvID Z 2,23, 2001 , Cost of Tender fo b
Z 5 , 9001-, Comp let ionperod 30.06.2021.
(13) Tender No: e-Tender - ESTATEKUR-
55-2020 Dt.: 20.05.2020
r NEW WORKS , ADDITIONS
AND ALTERATIONS TO THE EXISTING
STRUCTURES , ALL ORDINARY REPAIR
AND M A I N T E N A N C E W O R K S OF
M I S C E L L A N E O U S N A T U R E AND
SUPPLIES EACH COSTING RS. 5, 00, 0001-
OR LESS IN THE SECTION CARRIAGE
REPAIR WORKSHOPIMANCHESWAR
COLONY ( EXCLUDING WORK SHOP)
INCLUDING CENTRAL HOSPITAL UNDER
SENIOR SECTION ENGINEER (WORKS)!
MANCHESWAR FOR THE PERIOD UPTO
3006.2021,
149.62 Lakhs,
EMD Z 2,24, 8001 Cost of Tender form
Z 5 , 9001-, Completion period: 30.06.2021.
(14) Tender No: e-Tender - ESTATE-KUR-
56-2020 Dt . : 20.05.2020
NEW WORKS , ADDITIONS
AND ALTERATIONS TO THE EXISTING
STRUCTURES , ALL ORDINARY REPAIR
AND M A I N T E N A N C E W O R K S OF
M I S C E L L A N E O U S N A T U R E AND
SUPPLIES EACH COSTING RS. 5 LAKHS
OR BELOW IN THE SECTION OF SENIOR
SECTION ENGINEER (WORKS)IHEAD
Q UARTER , RAIL
CHANDRASEKHARPUR . BHUBANESWAR
FOR THE YEAR ENDING 30TH JUNE 2021.
VIHAR ,
178.89 Lakhs,
EMI) Z 2, 39,501 Cost of Terder form
Z 5 ,9001-, Completion period: 30. 06.2021.
(15) Tender No: e-Tender -ESTATEKUR
r
57-2020 Dt.: 20.05.2020
iruirTiFINNEW WORKS , ADDITIONS
AND ALTERATIONS TO THE EXISTING
STRUCTURES , ALL ORDINARY REPAIR
A N D M A I N T E N A N C E W O R K S OF
M I S C E L L A N E O U S NATURE AND
SUPPLIES EACH COSTING RS. 5 LAKHS
OR BELOW IN RAIL KUNJ , RAIL KUTIR ,
RAIL AWAS, MANCHESWAR COLONY,
STADIUM & RAIL SADAN UNDER THE
SECTION OF SENIOR SECTION ENGINEER
(WORKS ) / HEAD QUARTER ,
CHA NDRASEKHARPUR. BHUBANESWAR
FOR THE YEAR ENDING 30TH JUNE2021.
Z 159.15 Lakhs ,
EI,lD . 2 2 9 ,6001- . Cost ::f Terder form
? 5, 9001- , Oorp e:ian pe r oc 30.06.2021.
( 16) Tender No: e-Tender - EAST-KUR-
58-2020 Dt.: 20.05.2020
P.RPROVISION OF 1ST FOOT
OVER B R I D G E AT BAGADIA (PH),
BANBIHARI GWALIPUR (PH),
BADAKHANDITA , JHANKAD SARALA
ROAD ( PH), MATTAGAJPUR ( PH) AND
BADABANDHA ( BDBA) (EXTENSION)
UNDER ASSISTANT D I V I S I O N A L
ENGINEERII l CUTTACK OF KHURDA
ROADDIVISION.
Z 534.43 Lakhs,
EMD : Z 4, 17, 2001 Cost of Tender form
Z 11, 8001-, Complet on period 11 Months.
(17) Tender No: e-Tender-EAST-KUR
59-2020 Dt.: 20.05.2020
LQMQ Z-N NEW WORKS , ADDITIONS
AND ALTERATIONS TO THE EXISTING
STRUCTURES , ALL ORDINARY REPAIR
A N D M A I N T E N A N C E W O R K S OF
M I S C E L L A N E O U S N A T U R E AND
SUPPLIES EACH COSTING RS. 5, 00, 0001-
OR LESS IN THE SECTION JENAPUR (EX)
TO CUTTACK ( EX), KAPILAS ROAD TO
GURUDIJHATIA ( EX) AND NERGUNDI.
-
DIVISIONAL ENGINEER IICUTTACK FOR
THE PERIOD UPTO 30 .06 . 2021 .
. .. ,
Z 65.83 Lakhs ,
END Z 1,31,7001- . Cost of Tender form
Z 5 ,9001-, Corrp le:icnpe rod 30.06.2021.
( 18) Tender No: e-Tender-FAST-KUR-
60-2020 Dt.: 20.05.2020
NEW WORKS , ADDITIONS
AND ALTERATIONS TO THE EXISTING
STRUCTURES , ALL ORDINARY REPAIR
AND M A I N T E N A N C E W O R K S OF
M I S C E L L A N E O U S NATURE AND
SUPPLIES EACH COSTING RS. 5, 00, 0001-
OR LESS IN THE SECTION CUTTACK (IN)
TO BARANG ( EX) UNDER ASSISTANT
DIVISIONAL ENGINEER-11CUTTACK FOR
THE PERIOD UPT030 .06.2021.
Z 7 6 .75 Lakhs,
EMD Z 1,53,5001, Cost of Tender form
Z 5 ,9001-, Completionpenoc 30.06.2021.
( 19) Tender No: e-Tender -EAST KUR-
61.2020 Dt. :20 .05.2020
r NEW WORKS , ADDITIONS
AND ALTERATIONS TO THE EXISTING
STRUCTURES , ALL ORDINARY REPAIR
AND M A I N T E N A N C E W O R K S OF
M I S C E L L A N E O U S N A T U R E AND
SUPPLIES EACH COSTING RS. 5, 00, 001
OR LESS IN THE SECTION CUTTACK (EX)
TO PARADEEP UNDER SENIOR SECTION
ENGINEER ( WORKS ) IPARADEEP FOR
THEPERIOD UPTO30 .06.2021 .
2 80.20 Lakhs ,
EI,.D,Z 1, 60,4001, Cost of Tender form
Z 5, 9001-, Completion period : 30.06.2021.
at 1500 hrs. of
10.06.2020 ( 'or al terde rs).
No manual offers sent by Posl/Courier/Fax or
in person shall be accepted against such
e-tenders even if these are submitted on firm 's
letter head and received in time . All such
manual offers shall be rejected summarily
without any consideration.
Complete information including e-tender
documents of the above e-tender is available
inwebsit e: http:llwww.ireps.gov.in
Note : The prospective tenderers are advised
to revisit the website 10 (Ten) days before the
date of closing of tender to note any changes/
corrigenda issued for this tender
Divisional Railway Manager ( Engg),
PRggNyO 21 - Khurda Road
fixed interest rates under the liq-
uidity package at 8.75% for
three-year loans, 9% for five
year loans, 9.25% for seven years
and 9.5% for 10-year term loans.
The interest rates will be valid
for the next 60 days.
Electricity distribution com-
0
MAHANADI COALFIELDS LIMITED
M"L
Jagruti Vihar , Burla - 768020, Dist. - Sambal pur , Odisha
Tel. EPAB : 0663-2542461 to 469 Wcbsnc : www.ma ha nadicoal.in
NOTICE
All the tenders issued by CIL and its Subsidiaries for
procurement of Goods, Works and Services are available on
website of Coal India Ltd www.coalindia .in, respective
subsidiary Company, (MCL ,www .mahanadicoal .in), CIL e-
Procurement portal https ://coalindiatenders .nic.in and
Central Public Procurement Portal https://eprocure .gov.in.
In addition, procurement is also done through GeM portal
https://gem.gov.in
CORRIGENDUM No-1
(Advertised E-Procurement
Tender Notice No.
WCRTP2020454 Dated
23.04.2020)
Date: 27.05.2020
It is notified that- 1 The da:e n-
opening of tender is extended Iror r
29 0 5 2 0 2 0 t o 1 6 0 6 2020 T h s
has been up loaded in I R E P S
w e b s i t e https :/ / ireps .go v. in .
Other t e rns and c o n d i t i o n s - i e
unchang ed
Dy. Chief Engineer /TP (HU)
W.C.Railway , 2nd Floor , Annex- I
Bldg. G.M. Office . Indira
M a r k e t . J a b al p u r - 4 8 2 0 0 1
4' 1171
1
1. e-T ender Notice No. SNTPBBSDDKUU
KITOT032020 , DL27 .05.2020
ALLWORKS FOR PROVISION
OF DOUBLE DISTANT SIGNALS IN KUH U RI -
KHALLIKOT SECTION OF B-ROUTE N
KHURDA ROAD DIVISION INCLUDING ONE
IBS & 05 NOS. OF MIDSECTION LEVEL
CROSSING GATES WITH ALTERATION IN
HITACHI RAIL STS INDIA M A K E
ELECTRONIC INTERLOCKING AT 04
STATIONS , ALTERATION IN PANEL
INTERLOCKING AT 02 STATIONS OF EAST
COAST RAILWAY.
Z 1,47,62, 593+ - . EMD : Z 2.23.800:- . Cost
of Tender Document :? 5,900!- . Per iod of
Completion :Six Months.
2. e-Tender Notice No. SNTPBBSDDKIT
CAPOT042020 , D1.27 .05.2020
ALLWORKS FOR PROVISIO N
OF DOUBLE DISTANT SIGNALS IN E X
KHALLIKOT - CHATRAPUR SECTION OF B
ROUTE IN KHURDA ROAD DIVISION
INCLUDING TWO IBS & 06 NOS. OF
MIDSECTION LEVEL CROSSING GATES
WITH ALTERATION IN HITACHI RAIL STS
INDIA MAKE ELECTRONIC INTERLOCKING
AT 04 STATIONS, ALTERATION IN PANEL
INTERLOCKING AT ONE STATION OF
EAST COAST RAILWAY.
1 54 44. 117 50 . EMD t 2 ,27,2001-. Cost
of Tender Document :? 5,900!- . Pe riod of
Completion :Six Months.
3. e-Tender Notice No. SNTPBBSDDIP hl-
PSAOT052020 , Dt.27.05.2020
ALLWORKS FOR PROVISION
OF DOUBLE DISTANT SIGNALS IN EX
ICHCHAPURAM - PALASA SECTION OF B-
ROUTE IN KHURDA ROAD DIVISION
INCLUDING THREE IBS & 10 NOS. OF
MIDSECTION LEVEL CROSSING GATES
WITH ALTERATION IN HITACHI RAIL STS
INDIA MAKE ELECTRONIC INTERLOCKING
AT 06 STATIONS OF EAST COAST
RAILWAY.
2 2 5 5 9 962 50 EMD : Z 2 6 2 ,800,
of Tender Document :Z 11,8001-, Period
of Completion : Six Months.
4. e-Tender Notice No. SNTPBBSDDCAP-
IPMOT062020 , DL27 .05.2020
ALLWORKS FOR PROVISION
OF DOUBLE DISTANT SIGNALS IN EX
CHATRAPUR - ICHCHAPURAM SECTION OF
&ROUTE IN KHURDA ROAD DIVISION
INCLUDING THREE IBS & 06 NOS. OF
MIDSECTION LEVEL CROSSING GATES
WITH ALTERATION IN HITACHI RAIL STS
INDIA MAKE ELECTRONIC INTERLOCKING
AT 05 STATIONS OF EAST COAST
RAILWAY.
7 1,74 ,41,9131-. EMD ? 2,37,2001- Cos t
of Tender Document :? 5,900!- . Period of
Completion :Six Months.
5. e-Tender Notice No. SNTPVSKPDDPSA-
TIUOT012020 , Dt.27.05.2020
ALLWORKS FOR PROVISIO N
OF DOUBLE DISTANT SIGNALS IN EX
PALASA- TILARU SECTION OF B- ROUTE IN
WALTAIR DMSION INCLUDING IBS' s &
MIDSECTION LEVEL CROSSING GATES
WITH ALTERATION IN HITACHI RAIL STS
INDIA MAKE ELECTRONIC INTERLOCKING
AT 04 STATIONS OF EAST COAST
RAILWAY.
Z 1,79 ,07, 1711- . EMD : ? 2 ,39,500;- C os t
of Tender Document :? 5,9001- . Period of
Completion :Six Months.
6. e-Tender Notice No. SNTPVSKPO DT U
CPPOT022020 , Dt.27.05.2020
ALLWORKS FOR PROVISION
OF DOUBLE DISTANT SIGNALS IN EX
TILARU - CHIPRUPALLI SECTION OF B.
ROUTE IN WALTAIR DIVISION INCLUDING
IBS & MIDSECTION LEVEL CROSSING
GATES WITH ALTERATION IN HITACHI RAL
STS I N D I A M A K E E L E C T R O N I C
INTERLOCKING AT 05, ALTERATION OF
PANEL INTERLOCKING AT 01 STATION OF
EAST COAST RAILWAY.
? 2 1 8 2 2 , ' 31+- . EMD 2 .59 . 100:- . Cost
of Tender Document 11 .8001- , Period
of Completion : Six Months
1200hrs of 18 .06.2020 (Forall tender sl
No manual offers sent by Pos UCou-
Fax or in person shall be accept
against such e-Tenders even if these
submitted on firm' s letter head
received in time. All such manual c " i
shall be considered invalid and sha
rejected summarily without
consideration.
NOTE : The prospective tenderers are
advised to revisit the webstte 7 days
before the date of closing of tender
to note any changes I corrigenda
Issued for this tender.
Complete information including
e-tender documents is available n
website http :Ilwww .ireps .gov.in.
Deputy Chief Signal & Telecom Engineer P
-
FPR 1 1 / CD / 20 21
Bhubaneswa r
TELEGRAM t.me/indiaepapers THE ECONOMIC TIMES | MUMBAI | MONDAY | 1 JUNE 2020 | WWW.ECONOMICTIMES.COM *
PANDEMIC HITS CARRIERS, GROUND SERVICE PROVIDERS
panies of 8-9 states including
Maharashtra for, Telengana,
Andhra Pradesh, Uttar Pra-
likely to complete documenta-
tion in 7-10 days.
Uttar Pradesh is likely to ap-
Airlines Put AI-SATS
Expansion of Faces Covid
desh, Meghalaya, Jammu & proach the two lenders for
Kashmir and Tamil Nadu have `20,000 crore, Tamil Nadu for
expressed interest in borrowing `18,000 crore, Telengana for
the loans from PFC and REC for `12,000 crore, Andhra Pradesh
Fleet on Hold Headwinds
about `60,000 crore loans and are for `6,500 crore and Maharash-
tra for `5,000 crore. Some of
these states have written to the
Union power ministry for relax-
ation of the loan disbursement
(A Subsidiary of Coal India Limited)
rules including easing borrow- Anirban.Chowdhury@timesgroup.com Anirban.chowdhury@timesgroup.com
ing limits, he said.
The Union Cabinet is likely Mumbai: India’s airlines are sharply cur- Mumbai: Airport ground services com-
to take up the National Tariff tailing their fleet expansion plans as the Co- pany Air India-SATS is grappling with
Policy- a sectoral reform in vid-19 pandemic saps demand for travel and more work, less revenue and higher costs
works for two years now — pushes prospects of a recovery to next year. due to reduced airline operations combi-
Carriers are likely to take delivery of not
this week along with the bor-
rowing limit relaxation pro- more than 25 planes for the year ending De-
ned with new rules for passengers, bagga-
ge and aircraft cleaning.
posal, sources said. The relax- cember, less than a third of what they were The company, a joint venture between
ation is required as most dis- collectively scheduled to get, said several the national carrier and SATS, a Singa-
tribution companies are near- people aware of the matter. This includes porean ground-handler and inflight ca-
ing their borrowing limits 10-15 planes already in- terer, plans to pass on the extra costs of
while some have already ex- ducted, they said. additional cleaning and
R-4994
hausted them. IndiGo will take the ma- sanitisation and bagga-
jority of the planes, alt-
hough at a slower pace Rough Weather ge handling to its airli-
ne customers, chief
P;- UiT 'Ct r-, 114
I TUT, than its rate of one plane IATA PREDICTS FOR THIS YEAR commercial officer Raj
every week last year. A Andrade told ET in an
handful of aircraft, in- $11 billion interview.
t 1,4-i i .title 01 /2020 71 revenue loss
wm R 'O N 3 3 Wi4fi0r of /2020 21 , aa-r ' T ,4
cluding one Boeing 787 It also plans to invest in
fpm 4 oz/ 2020 2 1 . TfA yra14 , iv3i f11Ore:rae , f#Y f3-tfdzrr Dreamliner, will likely go hi-tech UV-C emitting
Tai ), fiafvr itim N 1 f3a13 r atin ea 3 Te11 e f ea to Vistara. AirAsia India, 47% machines to clean air-
r 0IFl r: 2641 1 , 76 04. 4142, 77 78, 30045 ea 372 1 8 Rra it Jii-T f g e decrease in air traffic
craft interiors and is in
. h n In t MUM *}
t el VuT13 271 "ci 3 t
R t 4 fT o ri flair z 4 z www .agricutt ure.rajasthan .gov.injre amb C not take any fresh air- talks with airport opera-
www..ppp .raiasth an .gov.in 9
u ar / 4/ 20 / 438
0'170 1T iI (UBNNO AGM202 ' WSOB00036t o 043) r'
3T+ 16rvr 3Tfk1
1 1T , jxl rlq
craft deliveries in 2020.
India’s passenger airli-
Over 3m tors at New Delhi, Benga-
luru and Hyderabad for
job losses
nes operate a combined automation of aprons.
NATIONAL RESEARCH DEVELOPMENT CORPORATION fleet of 650 planes. Last ye- “To borrow a new exten-
(An Enterprise of DSIR, Ministry of Science & Technology,
ar, Airbus and Boeing de- ded adage from one of
livered about 70 planes to
Govt of India) airlines and several more
our customers, cash is
king, but cooperation is
20-22, Zamroodpur Comm. Centre, Wash Colony Extn., N.Delhi-48 were leased by carriers. queen,” said Andrade, explaining his
TeL: 011-29240401-07, Fax: 011-29240409-10 AirAsia India CEO Sunil Bhaskaran sa- plans to increase charges for ground servi-
Website: wwwnrdcindia.com ; email: aysingh@nrdc.in id the airline has frozen its expansion ces. AI-SATS has 40 airline customers, in-
plans for this year. Vistara chief strategy
cluding its parent Air India, Vistara as
Pmposals invited f or Seed Funding fbr Start-ups officer Vinod Kannan told ET the airline well as SpiceJet and GoAir at some air-
Proposals are invited under NRDC-Seed funding programme 2020-21 from is in talks with Airbus and Boeing to defer ports. Before the Covid-19 outbreak, its
Start-ups and early stage growth focused innovative companies (mainly deliveries.
Vistara has inducted a Boeing Dreamliner
11,000 employees handled 12,000 flights eve-
engaged in development and commercialization of new products or new ry day across airports in New Delhi, Hyde-
787 plane and two leased Airbus A320 air- rabad, Bengaluru, Mangalore and Tri-
applications of existing products or new technologies or processes) beng craft into its fleet between January and vandrum.
incubated in incubators in any State/Central Government supported institutions.
March 2020. It couldn’t take delivery of its se- On March 24, the government suspended
For more details and guidelines please visit NRDC webste: cond Dreamliner in March as the country all flights as part of a nationwide lockdown.
wwvunrdcindia.com. Last date for submission of proposal is 191 June 2020.
went into a lockdown. SpiceJet is awaiting Since then, AI-SATS, like its customers, has
deliveries of Boeing 737 Max planes. been in a no-revenue situation, using only
davp 3620611110001/2021 IndiGo, SpiceJet and GoAir didn’t re- 5% of its workforce and providing services
spond to ET’s queries. Discussions are ong- mostly to repatriation flights operated to
oing and will change entirely if demand in-
ferry people to their homelands. It has pro-
r creases later this year, a senior IndiGo ex- vided services to 400 flights operated by 44
ecutive said. “There are a lot of moving planes that have ferried 22,000 passengers
(Under Corporate Insolvency Resolution Process) parts,” the executive said. to 125 destinations.
Notice for inviting "Expression of Interest " (EO1) from prospective Resolution
Applicants for submitting Resolution Plans in the matter of KSK Mahanadi
BANK INVOKED SHARES TO GET 24.19% STAKE IN DTH CO
Power Company Limited ("KSKMPCL") was published in The Economic
Times" and other regional newspapers, on 8th January 2020, in terms of
provisions of Section 25(2)(h) of Insolvency and Bankruptcy Code , 2016 and
Notice for extension of the date of submission of EO1 till 31st May 2020 was
Yes Bank may Find it Tough to
published on 30th April 2020 .
Last date of receipt of EOls from the prospective resolution applicants is
further extended fill 6:00 PM IST on 21st June 2020.
Recover Dish Promoter Dues
The updated Form G and E01 process document" has been uploaded on the in the open market, the stock will further cor-
Company website [http://ksk.co.inikmpcl]. Updated Form G shall also be Dish TV’s market cap has rect and there isn’t much interest in this busi-
published on the IBBI website [https://ibbi.gov.in/resolution-plans]. ness in the investor community,” said an ana-
For any clarification or further information , kindly write to
Sd/-
seen 67% value erosion since lyst. “I don’t think Yes Bank would want to
manage the operations of the company, so I
ip.mk.ksk@in .pwc.com
Mahender Kumar Khandelwal the beginning of the year fail to understand the logic.”
Interim Resolution Professional of Last year, Subhash Chandra had to sell over
KSK Mahanadi Power Company Limited 27.5% of promoters’ stake in ZEE to repay
Gaurav Laghate & Saloni Shukla
Reg. No.: IBBII1PA-00111P-P0003312016.2017/10086 over ` 11,000 crore they owed to domestic len-
Date: 01/06/2020 B-2A , Sunny Valley C.G.H.S., Dwarka , ders, including mutual funds, and Russia’s
Place: Hyderabad Sector 12, New Delhi-110078 Mumbai: Private lender Yes Bank may face state-backed lender VTB.
hurdles to recover its dues to the promoters of While promoters’ shareholding in ZEE ca-
India’s largest direct-to-home (DTH) player me down to just under 5%, the promoters of
RAIL COACH FACTORY, Dish TV even after the bank acquired a Dish TV are also cornered as they are not able
KAPURTHALA 24.19% stake by invoking pledged shares fol- to repay the lenders.
On-line bids are invited by PCMM , RCF on behalf of President of India for following it ems:- lowing a debt default, sources close to the de- They owe a large undisclosed sum to the
Sr. Tender No. Qty. EMD velopment said. lenders, including Yes Bank and a clutch of
No & Due Date Description
(N os./S.ts (Z)
On Friday, Yes Bank has announced it had mutual funds.
1. 14191003B Adhesion Promoting Primer (etch Primer) 150394 15
,58, 140.00 invoked the 44.53 crore pledged shares of Ja- After Yes Bank’s invoca-
26/06/2020 for interior and exterior of LHB Coaches Litre
wahar Goel-promoted Dish TV, which were The Dish TV tion, Goel is now left with
2. 02201054A Set of Electrical Items for LHB EOG Non 30
12 ,60,000.00
part of a collateral pledged by his brother and shares were just over 30% stake, out of
25/06/2020 AC LSLRD Coaches. Sets
3. 05201162 Supply, Installation & Commissioning of 251 Essel Group promoter, Subhash Chandra. kept as which over 80% still rema-
50,00,000.00
29/ 06/2020 Axle mounted disc brake system for Sets At the close of business hours on Friday, collateral ins pledged.
ALSTOM-LHBdesi g n arcel Van coaches Dish TV’s market cap was `788.06 crore, when the Both Dish TV and Yes Bank
Cost 4. 05201163 Set of protection frame and bracket for 330 3,37,700.00 stock was
24/06/2020 LHB VP coaches Sets
which values Yes Bank’s stake in the compa- did not respond to ET’s que-
at `73 per
5. 01191021A 140 KN Air spring 763
ny at `190.6 crore. Since the beginning of the ries until press time.
20 ,00,000.00 share, but the
29/06/2020 Set year, Dish TV’s market cap has seen 67% va- Sources at Dish TV said
6. 01201052 Rubber Spring 1036 68, 110.00 lue erosion. shares are that with 24% stake, Yes
29/06/2020 Nos. The loans were given by the lender to the Es- trading at Bank will be entitled to a se-
7. 01201053 Pad for secondary suspension 2484
6,05,940.00 sel Group promoters, who borrowed funds `4-5 per at on the Dish TV board. Ho-
29/06/2020 Nos.
against their shareholdings in listed compa- share now wever, there hadn’t been
8. 01201054 Air spring ASSLY 120 KN 282 20 ,00,000.
29/06/2020 Set 01 nies, including Dish TV. any request from the bank
9. 01201055 3119 20,00,000.0 “Yes Bank’s total exposure with the Es- for a board seat yet.
FIBAfo rLHB Coaches
29/06/2020 Nos sel Group promoters was to the tune of “The management is trying to run the opera-
10. 01201058A Secondary Springs (Two Items) 1168 Nos. 10 ,17,400.00 ` 3,000 crore,” said an official on condition tions as smoothly as possible during this lock-
29/06/2020 1079 Nos.
of anonymity. down. Our five-member board of directors
11. 01201065 Centering Disc (Two Items) 1200 Nos. 3 ,05, 100.00 The sources said the the Dish TV shares we- has not received any request from Yes Bank to
29/06/2020 1200 Nos.
1. For details and making On-line bids , visit Website http:llireps .gov.ln . Drawings/
re kept as collateral when the stock was at `73 join them yet,” said a source in Dish TV.
specifications, wherever required can be downloaded from RCF Website per share, while currently the shares were India’s largest and oldest DTH player with
http :l/www.rct .indianrallways .gov.1n. Class Illb digital signature certificate required trading at ` 4-5 per share. 23.95 million
for on-line bidding, can be obtained from licensed certifying agencies listed at
“The bank had repeatedly asked them to in- subscribers,
http:/ /www .cce.gov.in. 2 . Tenders will close at 14 .25 Hrs, on due date and tender will
be opened at 14.30 Hrs Tenders Sr. No. 1 will be opened at RCF Kapurthala and Sr.
No. 2 to 11 will be opened at Tllak Bridge , New Delhi . 3. For queries , contact REPS
crease the collateral, but when they failed to,
it had no other option but to invoke the pled-
Dish TV owns
40% share of
Helpdeskat0ll -24102855. 011-24105180 orRCF helpdeskat0ll -23378658. ge,” he said. India’s pay
Note : GST Number of RCF is 03AAAGM0289C1ZT. All the suppliers are advised to
This is not the first time when Yes Bank has DTH market.
quote this in dispatch documents for the supplies made by them.All above mentioned
tenders are e-tenders and all tenderers are quested to submit their bids on-line through invoked pledged shares in a company. The compa-
the REPS website at hops :// www .lreps .gov.l n. For more details regarding the above In January, the bank had acquired 30% stake ny had posted
mentioned tenders and other supply tenders please visit IREPS website.
in Reliance Power’s subsidiary Rosa Power operating re-
T. No.. G-122- 011PCMM 118 12020-21 Dated : 30.05 .2020 PCMM
Supply Company and venue of
10.25% in Sical Logistics `867.8 crore BSE Listed Company for
MIRA-BHAINDAR MUNICIPAL CORPORATI( via the same route.
However, industry
and operating
profit of `505.6
Sale/Joint Venture
7010311971
Call:
Indira Gandhi Bhavan , Chattrapati Shivaji Maharaj Marg,
pundits are puzzled over crore for the
Bhaindar (W), Tal. Dist -Thane the timing of Yes Bank’s quarter ended
Public Health Department move.
“It will be very difficult
December 31,
2019.
No. MBMC/Health/62/2020-21 , Dated 3015 for Yes Bank to realise However,
any value from the Dish Dish TV’s loss
TENDER NOTICE
"
Mira Bhaindar Municipal Corporation invites online tender from experienced contractor for
TV stake because the
market cap has fallen
in the third
quarter was
vw,im
Part - A" sharply. If they try to sell at ` 66.8 crore. EXIM BANK
Supply of contractual labour for daily sweeping & cleaning of roads, footpaths , public places , sw(
E X P O R T -IMPORT BAN K OF INDIA
in commercial areas at night , cleaning of gutters twice in a month for contract period of 04 yr
"Part- B.
i. Door to door collection and transportation of wet and dry waste separatel y from waste gene VARIOUS WORK Export-Import Bank of India
invites applications for Pre-
within the limits of the Corporation area to the processing plants with the help of 7 ton F E-Tender Notice No. RR / P R / W C /
1518 / 2020-21 / 04 & RR / P R/ W C / qualification of Engineering,
Compactor and 3 ton Tipper vehicles of the Bidder for period of 01 year (for the first year
1519/2020 -21105 . Tender Procurement and Construction
contract period) with labour. ( E P C ) C o n t r a c t o r for
No. : RR/ PR/WC / 1518 12020-21104.
ii. Door to door collection and transportation of wet and dry waste separately from waste gene Name of Work : Construction of RCC Construction of Nineteen Multi-
within the limits of the Corporation area to the processing plants with the help of 7 ton F compound wall between stores and Village Drinking Water Supply
Systems (MVWSS) in Benin.
compactor and 3 ton Tipper vehicles to be owned by Corporation (vehicles such as Ashok Le workshop at Matunga Workshop
Mahindra and Mahindra/Eicher Motors/Tata Motors etc. may be procure by the Corporatic (Approx . Length- 200 m). Approx. Details on:
Cost of work : Rs 23 , 14 , 259 .76. Date http:l/www.exlmba nklndla.lnl
07 years (from 2^° year to 811year of the contract period). The total contract period of this and time of closing of tender - -
Ilnes of credit tenders.aspx
B' is 8 years. submission : 24.06.2020 upto 12.00 All subsequent Addenda/
iii. Supply of labour on vehicles for the contract period of 8 years hrs. T e n d e r No. : Corrigenda shall be notified on
R R / P R/W C / 151912020 - 21/05. Name Bank' swebsite.
The tender form and other relevant document will be available from Dt.01/06/2020 to DL24/0E
ofWork R e p a r s to Line No . 5of Paint
till 01.00 pm on website https://mahatenders.aov.in.The tender will be submitted online on w
Shop wrh embedded t rack flooring
https://mahatenders.gov.in till Dt24/06/2020 at 1.00 pm. Tender technical bids will be open along with provision of drainage.
DL26/06/2020 at 3.00 pm, A p p r o x . C o s t of w o r k : Rs
Prebid meeting will be Dt.09/06/2020 at 12.00 pm. at the office of the Dy.Commissioner (H 35 , 79 ,534 .93 . Date and time of Raapafz a r a a t mike
approorat..ic o . o ara e.ek appop lale
Mira Bhaindar Municipal Corporation , Head Office , Bhaindar (W.), Tal-Dist-Thane, Pin-4011 closing of tender submission : advice uetce xe ieim 'roner r any
axpp nxec ng o nod, e a i
24.06 ,2020 upto 12 .00 hrs . Tenders a g Int
mtoo a
rapmemar n t a l e to r t o an Y ebe 0
shall be accepted only in E-tendering
Sd/- IMia
ea n
nd,a Group ao
pinl
axx nt
tiun. TY< Tmn
t,OOS 01
oixn b anY damx
f o r m a t t h r o u g h the w e b s i t e prctricd a
(Dr. Sambhaji Panpatte)
maM. [ry Otn
e' mea r,e rrma r eiarec ep¢ot ena
www .ireps .gov.in . Tender coeu-,t 0-- O a
PI n l o ' P, IS
tree 0 Uie Gmup
nd
Dy. Commissioner (Health) pt N i ca :o r0 xt,all rot n. b' anY
SR ,NO. MBMC/PRO/43/2020-21 .. . . . , st e x o flt o ms
th ca
100 rat iccnpu.w
o n 0 000p v :ne,Ado
AavMxers
DATE:- 30/05/2020 Mira-Bhaindar Municipal Corporat
THE ECONOMIC TIMES | MUMBAI | MONDAY | 1 JUNE 2020 | WWW.ECONOMICTIMES.COM
‘Govt Didn’t Take Expert Advice Before Imposing Lockdown’
Experts in statement
to PM say the country
is now in community
transmission phase
Teena Thacker
& Divya Rajagopal
New Delhi | Mumbai: India is
now in a community transmis-
sion phase, top public health ex-
perts have said, as the country
starts a phased exit from a two-
month lockdown they describe as
“draconian.”
In a joint statement to Prime Mini-
ster Narendra Modi, representati-
ves of Indian Public Health Associ-
ation (IPHA), Indian Association of
Preventive and Social Medicine
(IAPSM) & Indian Association of
Epidemiologists said that the go-
vernment should have consulted
epidemiologists while formulating
policies to tackle Covid-19.
“Had the government of India con-
sulted epidemiologists who had bet-
ter grasp of disease transmission
dynamics compared to modelers, it
would have perhaps been better ser-
ved,” the statement said. It pointed
out that the government was prima-
rily advised by “clinicians” and
“academic epidemiologists” with li-
mited field training and skills.
TELEGRAM
Covid-19 t.me/indiaepapers
Impact: Pharma & Companies  5
ITR Forms for
FY20 Notified
“This draconian lockdown is pro- ences, Benaras Hindu University, limiting the spread of virus. New Delhi: The government has
bably in response to a modeling ex-
ercise from an influential institu-
Questions Raised Jawaharlal Nehru University, Post-
graduate Institute of Medical Edu-
The signatories make a range of
recommendations, including the
notified income tax return forms
for 2019-20 and made it mandatory
tion which was a ‘worst-case The draconian cation and Research, among others. setting up of a panel of inter-disci- for entities to file ITR if deposits in
simulation’. The model had lockdown is prob- When asked why these concerns plinary preventive health and a current account exceed `1 crore
come up with an estimated 2.2 ably in response were not raised earlier, Dr Shashi public health experts and social or electricity bill in the fiscal is
million deaths globally. Subse- to a modeling Kant, professor, Centre for Com- scientists at central, state and dis- over `1 lakh or spent above `2 lakh
quent events have proved that exercise from munity Medicine AIIMS, who is trict levels to tackle both public on foreign travels.
the predictions of this model an influential one of the signatories told ET, “the health and humanitarian crises. The Central Board of Direct Tax-
were way off the mark,” it said. institution which deliberation of the task force is Speaking to ET, DCS Reddy, anot- es (CBDT) on Saturday notified Sa-
A study published by Imperial was a ‘worst-case confidential in nature. Nonethe- her member, said, “We need to now haj (ITR-1), Form ITR-2, Form
College London in March 2020 simulation’ less as a member of the public he- have a pragmatic approach to the ITR-3, Form Sugam (ITR-4), Form
estimated 2.2 million deaths in alth community in the country I epidemic, the situation needs to be ITR-5, Form ITR-6, Form ITR-7 and
the US alone, but it also assumed no was approached to look at the con- tailored to local situations and not Form ITR-V (Verification) for the
Allowing migrant workers to re-
containment measures or changes sensus communication and there- be a blanket one. The government assessment year 2020-21 (income
turn home added to challenges
in behaviour by the public at large. fore I lent my name,” he said. from the beginning should have ad- earned between April 1, 2019, and
in limiting the spread of virus
The signatories include former The statement further says vised states to take a local approach. March 31, 2020).
advisors to the health ministry, cur- that the delay in allowing mig- We did not do badly, but we could ha- The new ITR forms require enti-
rent and former professors at the rant workers to return ho- ve used our resources for better ties to furnish details of specified
All India Institute for Medical Sci- me added to challenges in things and hence done more”. high spend transactions. — PTI

Remdesivir Use may BDR in Pact to Make NS

P.N. GADGIL & SONS LIMITED
(Formerly known as "P. N. Gadgil & Sons")

be Managed by Govt Gilead Drug for Cipla "S CIN : U36911PN2017PLC173262 Rating
ICRA Limited (ICRA)
1832 Regd . Office: Abhiruchi Mall , S. No. 59 /1-C, Wadgaon (BK),
MA+ (mt
Sinhgad Road , Pune 411041. Tel.: 020- 24612000, Fax 020-24612185
Mea the rating
Gold I S,[,,, I ITiamomis Email: info@pngsl.com , Website : www.pngadgilandsons .com
obtained :stable
obtain le

Direct sale to pvt hospitals may not be allowed
Divya.Rajagopal@timesgroup.com
Mumbai: The subject expert com-
mittee of the Drug Controller of In-
dia has suggested that drugmaker
Gilead’s experimental drug remde-
sivir should be administered under
a ‘compassionate use’ programme
and not sold directly to private ho-
spitals, considering that the drug is
still under trial.
This essentially means that the
companies which have got the licen-
ce to manufacture the drug will have
to sell it to government institutions,
ET has learnt from officials aware of
the development.
The recommendations come as fo-
ur Indian drug companies, Cipla,
Hetero, Mylan and Jubilant, gear up
to get an approval for the drug in the
treatment of Covid-19.
Remdesivir received an emergen-
cy authorisation approval in count-
ries like US and Japan, and in US its
distribution is controlled.
The US Food and Drug Administra-
tion (FDA), while giving its emer-
gency approval, has restricted supp-
ly where it said that distribution of
the drug will be controlled by the US
government.
The US FDA directed that Gilead
will supply the drug to authorised
distributors, or directly to a US go-
vernment agency, who will then dis-
tribute to hospitals and other he-
althcare facilities as directed by the
The Right Dose
The MEURI* guideline was
established for emergency
use of investigational drugs
Guideline lays down
7 criteria before
investigational drugs
are given outside the
purview of clinical trial
*Monitored Emergency Use of Unregistered
and Investigational Interventions
government, in collaboration with
the state as well as local government
authorities.
“Since most patients who are cur-
rently being treated for Covid-19 are
in public hospitals and since the ef-
ficacy is still not known, this seems
to be the thinking,” said an official
who was aware of the development
and did not wish to be quoted due to
the sensitivity of the issue.
In case of remdesivir, Indian com-
panies have asked for a trial waiver.
"In India, if the Indian health mini-
stry introduced the drug out of cli-
nical trials, it should ensure that the
guidelines are in place for informed
consent and monitored emergency
use of remdesvir, the results of
which are documented and shared
in a timely manner with the wider
medical and scientific community,"
said Leena Menghaney, who is a la-
wyer with Doctors Without Borders.
But it is unclear whether sub-licensing is allowed
GREY AREA
Gilead had sought
govt support for
applications of “patent
holder” and not for
“non-licensees.”
It is not clear
if Gilead had
permitted licensees
to enter into sub-
licensing deals
Teena.Thacker@timesgroup.com
New Delhi: BDR Pharmaceuticals
has signed a contract-manufactu-
ring deal with Cipla for remdesivir, a
patented product of US company Gi-
lead Sciences and the only drug app-
roved to treat Covid-19 patients.
In late May, BDR had sought the app-
roval of India’s drug regulator to make
and sell remdesivir in India without
entering into an arrangement with Gi-
lead. The Mumbai-based company has
now signed a contract to make the
drug for Cipla, which is one of the li-
censed companies, people aware of the
matter told ET.
Following BDR’s request for appro-
val to sell the drug, Gilead, which has
signed voluntary licensing agree-
ments with Cipla, Hetero Labs and
Jubilant Life Sciences for the manu-
facture and sale of remdesivir in 127
poor and middle-income nations in-
cluding India, had flagged concerns
over the Mumbai company’s entry
into the fray. The US company had
written to the Indian government se-
eking its intervention and support
for applications of the “patent hol-
der” and not for “non-licensees.”
It is not known if Gilead has permit-
ted its licensees to enter into sub-li-
censing manufacturing contracts.
“In this case, BDR gets covered by
the licensee holder Cipla to manufac-
ture and hence none of the compani-
es should have an objection. Howe-
ver, since the terms and conditions of
Gilead’s voluntary licence are not in
the public domain, nobody can com-
ment on how this will pan out,” a
pharma analyst said on condition of
anonymity. Cipla declined to com-
ment on the development.
“There is too much ambiguity. We
don’t know if BDR can benefit from Gi-
lead’s data on the drug and can manu-
facture it. We don’t know if Gilead’s
contract allows sub-licensing,” anot-
her pharma analyst said. Dharmesh
Shah, MD of BDR, said “nothing is
more important than accessibility
and affordability for Covid-19 pati-
ents and if remdesivir is working, it
should be available soon.” Shah said
his company has the active pharma-
ceutical ingredients needed to make
remdesivir, without divulging deta-
ils about the BDR-Cipla tie-up.
Gilead did not respond to e-mailed
queries on this issue.
Public Notice for Change in Terms and Conditions of acceptance of Fixed Deposits by the
P. N. Gadgil & Sons Ltd. with effect from June 01", 2020
In furtherance to the statutory advertisement published by P. N. Gadgil & Sons Limited ("Company") in "Sc sa
Pacer " and "Economic Times " on 11" October, 2019 and subsequentl y in Mint Newspaper on November 06 ,
2019 as per section 73 (2)(a) and section 76 of the and Rule 4 (1), 4(2) and 4(6)of the Companies (Acceptance
of Deposits) Rules , 2014, it is hereb y notified that the following interest rates on acceptance / renewal of fixed
de posit shall come into force with effect from June 01", 2020, with all other terms & conditions remainirg
unchanged .
1.INTEREST RATES ON FRESH DEPOSITS / RENEWALS ( w i t h effect from June 01" , 2020)
Rate of interest : (Non-Cumulative)
Period Rate of Interest p.a * Minimum Deposit (Rs.)**
36 months 7.00% 1,00,000/-
The above mentioned interest rates are subject to periodic change with public notice.
" Additional amount acceptable in multi ples of Rs . 50,000/-
Any pre-maturity during 91 days to 365 affects interest rate and applicable rate in that case will be 1% less
than the offer rate . ( i.e. 6% p. a . instead of 7% p.a .)
Any pre- maturity on or after 366" day, the interest rate will remain same (i.e. 7% p.a.)
Applicable interest rate will be equal to offer interest rate for the period of deposit
The special interest rate of 7.50% p.a. will be given for the single deposit of Rs. 50 lakhs and above
Interest will be paid annually with cut off of 31" March every year. (first interest and last interest will be for
fractional period)
2. The Company will accept app lication for fresh / renewal of Fixed Deposits at the revised
rates of interest specified as per above mentioned para under point no.1 till further notice .
Thereb y, it is declared that the earlier Fixed Deposit Scheme stands closed with effect
from May 31, 2020.
3. The Company reserves right to close the scheme at any point of time.
By order of the Board of Directors
Of P. N. GADGIL & SONS LIMITED
Sd/-
Govind Vishwanath Gadgil
Chairman & Whole Time Director
DIN : 00616617
Date : May 30, 2020
576, N C Kelkar Road , Shaniwar Peth , Opp Kesari Wada , Pure-
Place : Pone
411030 MH

JOB LOSSES, PAY CUTS TO HAUNT '1:1.11'U111,

‘Smartphone Sales Tel. Nos. :023K30MI to 2324US,Fax I

PUELu
Tel.Nos.: 023S2324641 to 2324646,Fax 0233-2=107, small -tangldco@gmd.com
LL- 1 . . L 1_ .. . 1 y .- . L..., 6--

to Fall 15% in 2020’ Offers are invited by the undersigned for selling or leasing out (rentin g out) Manufacturing of
soya oils & poultary feeds unit Devine Foods (India) Pvt. Ltd., Plot No. A-1, M.I.D.C. Palus
Tal.,Palus Dist. Sangli (Maharashtra) Owned by Bank
The Tenders are invited in sealed envelope to be submitted to Sangli D C C Bank Ltd
Offers are invited by the undersigned for selling or leasing out (renting out) sugar
factory of Manganga Sahakari Sakhar Karkhana Ltd., Sonarsidhanagar, Atpadi
Tal.Atpadi, Dist. Sangli ( Maharashtra ) Owned By Bank
The Tenders are invited in sealed envelope to be submitted to Sangli D C C Bank Ltd
along with prescribed earnest money amount by Demand Draft drawn on SANGLI and along along with prescribed earnest money amount by Demand Draft drawn on SANGLI and along
Downward Trajectory with KYC documents . The sealed envelope contained with remark' Tender application for Sale
or Let Out (Leasing Out) properties / Machinery situated at Palus'to be opened on 08/07/2020
with KYC documents. The sealed envelope contained with remark' Tender application for Sale
or Let Out (Leasing Out) properties / Machinery situated atAtpadi'to be opened on 08/07/2020
IDC Data Counterpoint at 2.00 P.M. The said Tenders will be opened on said date and time, described herein below at at 2 .00 P.M. The said Tenders will be opened on said date and time , described herein below at
158 M Sangli Dist. Central Co-Op. Bank Ltd., Sangli, Head Office, Padmabhushan Vasantdada Patil Sangli Dist, Central Co-op. Bank Ltd; Sangli , Head Office, Padmabhushan Vasantdada Patil
130 M 137 M smart-
phones
Marg Karmaveer Bhaurao Patil Chowk , Sangli, Dist. Sangli.(MAHARASHTRA) Marg Karmaveer Bhaurao Patil Chowk, Sangli , Dist. Sang li. (MAHARASHTRA)
Likely sales of Likely sales of Brief Description of the Properties Brief Description of the Properties
smartphone smartphone sold
this year this year last Part iculars Location Land Area Part iculars Location Land Area
year Propert y belonging to Devine Foods (India) Pvt . Ltd ., Plot Property belong ing to hlanganga Sah akar i Sakh ar Ka rk hana Ltd. Kouthuli and
Plot No A- 1
41905 g6.63
140 M 142 M No.A-1 ,M.I.D.C. Palus Property situated at M.I.D. C.Palus MIDC Palus
Sq.M
Sonarsdhanagar , Atpadi Property situated at Kouthu land Pujarwadi Hector
Earlier estimate Earlier estimate Tal.Palus Dist.Sangli Plot No A-1 having Land, Factory Tal.Palus Pujarwadi Tal.Atpadi Dist. Sangli Main Factory Building. Mll
Tal.Atpadi
Building, Office Building, Godowns ,Staff Quarters Total Civil House . Boiler House , Power House , Boiling House , Sugar
42% Dist.Sangli Dist. Sangli
Current pent-up Work 7668 Sq. Mtr. and Plant and Machinery. Manufacturing House . Godowns , Administrative Building, Guest House , Distillery
Likely fall in sale demand likely to (Maharashtra) Unit and Plant and Machinery of 1250 TCD Capacity Sugar Factory (Maharashtra)
of soya oils & poulta ry feeds etc.
of feature phones taper off by June

Writankar.Mukherjee
@timesgroup.com
Kolkata: Market research-
ers International Data Cor-
poration (IDC) and Counter-
point Research have down-
ward revised their outlook
for the Indian smartphone
market estimating sales will
decline by 13-15% due to Co-
vid-19, making it the first
year of decline ever.
The trackers said this is go-
ing to be due to recent spate of
job and salary cuts whereby
consumers will postpone pur-
chases, companies unable to
ramp up production impact-
ing supply of models, and the
recent increase in GST on
smartphones from 12-18%
Demand for Covid Test
at Diagnostic Units Up
Nidhi.Sharma
@timesgroup.com
New Delhi: As India gradu-
ally opens up malls, restau-
rants and offices, private
making models pricier.
IDC has now projected the
smartphone market in India
could hit as low as 130 million
handsets as compared to ear-
lier estimate of 140 million.
Counterpoint has just revised
its outlook pegging the indus-
try at 137 million from earlier
outlook of 142 million.
Last year, India had sold
around 154-158 million smart-
phones and before Covid
trackers had expected high
single digit growth this year.
In case of feature phones,
the decline in sales is estimat-
ed to be a steep 42% from 130
million handsets sold last
year to around 75 million with
income of this set of consum-
ers badly hit, as per IDC.
vate companies requesting
us to test their employees so
that they can resume work.
There are very strict guide-
lines for conducting RT-PCR
tests so we have not been able
to conduct these tests.” Dr
For Sale For Lease /Let Out ( Rent ) Last Date & Time of Day, Date& Time For Sale For Lease /Let Out (Rent ) Last Date & Time of Day, Date& Time
Submission of Bids. of opening of Bids Submission of Bids . of opening of Bids
Reserve Earnest Money Reserve Price Earnest Money 04/07/2020 till Wednesday Reserve Earnest Money Reserve Price Earnest Money 04/07/2020 till Wednesday
Price Deposit (ENID) for Rent Yearly Deposit (EMD) 3.00 Pm at Date 08/07/2020 Price Deposit (E% !D) for Rent Yearly Deposit (EMD) 3.00 Pm at Date 08/ 07/ 2020
Head office on 2.00 PM a: Head office on 2.00 PM at
3844 . 20 384 . 42 400.00 40.00 Head office 8059 .48 805 .95 810.00 81.00 Head office
Sangli Sangli
Lakhs Lakhs Lakhs Lakhs San li Lakhs Lakhs Lakhs Lakhs San li
Terms and C o n d i t i oc f o r S:ile:- Terms and C o n d i t i o ns , E Sale:-
(1) The bank intends to sell the assets detailed above " AS IS WHERE IS AS IS WHAT IS, (1) The bank intends to sell the assets detailed above " AS IS WHERE IS, AS IS WHAT IS ,
AND WHATEVER THERE IS BASIS WHICH IS WITHOUT ANY WARRANTY , AND WHATEVER T H E R E IS BASIS WHICH IS WITHOUT A N Y WARRANTY,
GUARANTEE , ASSURANCE, UNDERTAKING OR REPRESENTATION OF ANY KIND GUARANTEE, ASSURANCE, UNDERTAKING OR REPRESENTATION OF ANY KIND
WHATSOEVER" The Bank does not take or assume any responsibility for any shortfall of the WHATSOEVER" The Bank does not take or assume any responsibility for any shortfall of the
movable/immovable assets for procurin g any permissions etc. or for any dues , statutory or movable/immovable assets for procuring any permissions etc. or for any dues , statutory or
otherwise of any authority established by law.such dues if any will have to be borne/paid by the otherwise of any authority establis hed by law. such dues if any will have to be borne/paid by the
purchaser (2) The Tenders are acceptable and valid if they are received to Bank on or before till purchaser (2) The Tenders are acceptable and valid if they are received to Bank on or before till
the opening of Tenders. (3) The EMD amount as mentioned above should be paid by DD in the openin gg of Tenders. (3) The EMD amount as mentioned above should be paid by DD in
favour of The Sangli District Central Co-Op . Bank Ltd.," payable on Sangli on any favour of The Sang li District Central Co -Op. Bank Ltd.," payable on Sangli on any
Nationalised/Schedule Bank. The EMD shall be refunded to unsuccessful bidder on the same Nationalised/Schedule Bank. The EMD shall be refunded to unsuccessful bidder on the same
day, The EMD will not carry any interest. (4) 25% amount shall be deposited by D.D or RTGS/ day. The EMD will not carry any interest , (4) 25% amount shall be deposited by D.D or RTGS/
NEFT on our Bank Account by highest bidder on the same day of opening of tenders. (5) 75% NEFT on our Bank Account by highest bidder on the same day of opening of tenders. (5) 75%
amount of remaining highest bidding and stamp duty, registration fee , Machinery GST and amount of remaining highest bidding and stamp duty, registration fee , Machinery GST and
other expenses for sale deed shall be deposited within 15 days from the date of opening of other expenses for sale deed shall be deposited within 15 days from the date of opening of
tenders. If not deposited within stipulated period , deposited amounts will be forfeited and the tenders . If not deposited within stipulated period, deposited amounts will be forfeited and the
said bidder shall not have any rights on said properties / machinery, Bank is not bound to pay said bidder shall not have any rights on said properties / machinery. Bank is not bound to pay
interest on amounts deposited by tender applicants. 6) After opening of tenders , the highest interest on amounts deposited by tender applicants. 6 After opening of tenders , the highest
bidder is responsible for financial and legal activities. 7) Tender applicant has a right to submit bidder is responsible forfinancial and legal activities , 7 Tenderapplicant has a rightto submit
one or more tenders- He has to deposit earnest money for each tender app lication separately. one or more tenders- He has to deposit earnest money f or each tender application separately.
(8) Bank has a right to take decision in case of equal amount tenders. (9) The Tender property (8) Bank has a right to take decision in case of equal amount tenders . (9) The Tender property
will remain open for seein g after p
prior permission of Bank in office hours 11.00 am to 3.00 pm will remain open for seeing after prior permission of Bank in office hours 11.00 am to 3.00 pm
(except Holidays) from 12106/202 0 to 30/06/2020 (10) The bid document can be obtained from
t he undersigned during 15/06/2020 to 30/06/2020 on any working days (exce ppt Holidays )
between 10 00 am to 4.00 pm on payment of non-refundable fee of s_5000/-(Rs. Five
(except Holidays) from 12106/2020 to 30/06/2020 (10) The bid document can be obtained from
the undersigned during 15/06/2020 to 30/06/2020 on any working days (exce pPt Holidays )
between 10 00 am to 4.00 pm on payment of non-refundable fee of F7s.5000/ -(Rs_ Five
Thousand Only)+ GST by cash at Head office Sangli the bid documents are available at our
head office Sangli (11)The Bank reserves the right to retain the Tender sale (12)The maximum
bidding amount is not satisfactory and not with expectation of Bank , bank has right to
Thousand Only)+ GST by cash at Head office Sangli the bid documents are available at our
head office Sangli (11) The Bank reserves the right to retain the Tender sale (12) The maximum
bidding amount is not satisfactory and not with expectation of Bank , bank has right to
cancel/post pone the said Sale. And he reserves the right to accept/ reject any/ or all the bids cancel/post pone the said Sale. And he reserves the right to accept/reject any/ or all the bids
without assigning any reason . (13) The said Tender Notice is published on our bank' s website without assigning any reason , (13) The said Tender Notice is published on our bank' s website
,,,sanc p k .ccii (14) Right to alter and relaxation in terms and conditions is reserved w+ r:.s a a n l l o u ,k .con (14) Right to alter and relaxation in terms and conditions is reserved
by Bank , WBank .
Terms and Conditions for Lease / Let Out (Rent): - Terms and Conditions for Leas e /Let Out (Rent)
Thebank in tends
AS IS WHAT IS
Let-out
WHA E
t the S detailed
TTH RE IS BASIS WHICH IS WI HOUT ANY
WARRANTY,GUARANTEE,ASSURANCE,UNDERTAKING OR REPRESENTATION OF
R Thebank in tends
AS IS
e
IS AND WHATEVER TH RE IS E
t the assets

WARRANTY,GUARANTEE ,ASSURANCE,UNDERTAKING OR REPRESENTATION OF

companies, hotel owners, air-
lines, air travellers and secu-
rity agencies are rushing to
private diagnostic centres to
get Covid-19 all-clear for em-
ployees through a confirma-
tory test.
Private diagnostic centres
and hospital laboratories
have seen a 50% increase in
the number of requests for
RT-PCR tests within a day of
home ministry’s new guide-
lines for opening up lock-
down. ET contacted 10 pri-
vate laboratories and two pri-
vate hospital chains. All con-
firmed that a majority of the
queries have come from hotel
owners, hospitality sector
and airlines. Dr Arjun Dang,
CEO of Dr Dangs laborato-
ries, said, “We have got a
number of emails from pri-
Dang confirmed that with the
decision to open up malls, ho-
tels and restraurants, there
has been an increased de-
mand from there as well.
Max Healthcare also con-
firmed they had
been receiving
requests from
corporate sec-
tor to conduct
tests. An order of Uttar Pra-
desh government dated May
4 has come handy for several
companies based out of Noi-
da and Greater Noida to get
their employees tested. The
order had allowed a compa-
ny to get 5% of their employ-
ees randomly tested for Co-
vid-19. Though with the new
set of guidelines in place
starting June 8, this order
would not hold.
ANY KIND WHATSOEVER " The Bank does not take or assume any responsibility for any
shortfall of the movable/immovable assets for procuring any permissions etc.or for any dues ,
statutory or otherwise of any authority established by law, Such dues if any will have to be
borne/paid by the purchaser (2) The EMD amount as mentioned above should be paid by DD
in favour of The San g li District Central Co Op Bank Ltd.," payable on Sangli on any
Nationalised/Schedule Bank, The EMD shall be refunded to unsuccessful bidder on the same
day. The EMD will not carry any interest. 3) 1 year rent will be taken as deposit without interest
from successful bidder but yearly rent s ould be paid to bank as per agreement (4) Tender
applicant has a right to submit one or more tenders. He has to deposit earnest money for each
tender application separately. (5) Bank has a right to take decision in case of equal amount
tenders . (6) The Tender property will remain open for seeing after prior permission of Bank in
office hours 11.00 am to 3.00 pm (except Holidays) from 12/06/2020 to 30/06/2020 (7) The bid
document can be obtained from the undersigned during 15/06/2020 to 30/06/2020 on any
working days (except Holidays ) between 10,00 am to 4 ,00 pm on payment of non-refundable
fee of Rs .5000/-(Rs. Five Thousand Only)+ GST by cash at Head office Sangli the bid
documents are available at our head office Sangli (8) The Bank reserves the right to retain the
Tender let out (9) The maximum bidding amount is not satisfactory and not with expectation of
Bank, bank has right to cancel/post pone the said let out tender And reserves the right to
accept/ reject any/ or all the bids without assigning any reason. (10)The said lease tender
agreement will be for 3 years , but as per performance of tenderer it can be extended for
maximum 2 years (11)The said Tender Notice is published on our bank 's website
svw,, :.sa ng l dccban k .com (12) Right to after and relaxation in terms and conditions is reserved
by Bank
For Sangli Dist, Central Co-Op. Bank Ltd.,Sangli
Sd/-
Place : SANGLI.
(B. M. Ramdurg)
Date : 01/06/2020 General Manager (Admin-Agro. Ind. Loans)
IS W HICH IS WI THOUT Y
ANY KIND WHATSOEVER" The Bank does not take or assume any responsibility for any
shortfall of the movable/immovable assets for procuring any permissions etc . or for any dues,
statutory or otherwise of any authority established by law. Such dues if any will have to be
borne/paid by the purchaser (2) The MD amount as mentioned above should be paid by DD
in favour of "The Sang li District Central Co Op Bank Ltd.," payable on Sangli on any
Nationalised/Schedule Bank. The EMD shall be refunded to unsuccessful bidder on the same
day- The EMD will not carry any interest. 3)1 year rent will be taken as deposit without interest
from successful bidder but yearly rent s ould be paid to bank as per agreement (4) Tender
applicant has a right to submit one or more tenders. He has to deposit earnest money for each
tender application se p arately. (5) Bank has a right to take decision in case of equal amount
tenders. (6) The Tender property will remain open for seeing after prior permission of Bank in
office hours 11.00 am to 3.00 pm (except Holidays) from 12/06/2020 to 30/06/2020 (7) The bid
document can be obtained from the undersigned during 15/06/2020 to 30/06/2020 on any
working days (except Holidays ) between 10.00 am to 4.00 pm on payment of non-refundable
fee of 85.5000/-(Rs, Five Thousand Only)+ GST by cash at Head office Sangli the bid
documents are available at our head office Sang li (8) The Bank reserves the right to retain the
Tender let out (9 ) The maximum bidding amount is not satisfactory and not with expectation of
Bank, bank has right to cancel/post pone the said let out tender And reserves the right to
accept/ reject any/ or all the bids without assigning any reason. (10)The said lease tender
agreement will be for 3 years , but as per performance of tenderer it can be extended for
maximum 2 years (11)The said Tender Notice is published on our bank's website
www .sa r n g l d cc o a n k . cori (12)Right toafter andrelaxation in terms and conditions is reserved
by Bank.
For Sangli Dist. Central Co-Op. Bank Ltd.,Sangli
Sd/-
Place : SANGLI.
(B. M. Ramdurg)
Date : 01/06/2020 General Manager (Admin-Agro, Ind, Loans)
 TELEGRAM
6  Covid-19 Impact: Disruption & Companies t.me/indiaepapers
THE ECONOMIC TIMES | MUMBAI | MONDAY | 1 JUNE 2020 | WWW.ECONOMICTIMES.COM

For comprehensive and

insightful stories about all
things startups and technology,
log on to www.ettech.com
Tweet OF THE DAY
VANI KOLA @VANIKOLA
The Explorer
Mindset” is often
brought to #leader-
ship training & class-
rooms to draw les-
sons from famous ex-
peditions. One thing
common to all expedi-
tions is a #crisis. And
hence, the explorer
mindset to a crisis is
very relevant to us to
draw #inspiration
Ecomm Sites Test Waters with Sober Discounts
BACK IN BUSINESS Small-scale promotions appear on platforms to spur demand, a sign of normalcy returning to a sector driven by discounts
ting June 1, offering bank-led offers Flipkart and Amazon lost the op- tronics and some appliances, which portunistic buying rampant on the-
Alnoor Peermohamed along with straight up discounts portunity to host a big sale event require components to be imported ir platforms earlier, chiefly led by a
& Aditi Shrivastava across a range of products. around the Indian Premier Lea- from countries where supply cha- multitude of sale events through
The ecommerce platforms may be gue this year and have yet to an- ins have not yet been fully restored. the year. “Brands are caught betwe-
Bengaluru: Ecommerce compani- running promotions just like they nounce their back-to-school sa- “Anything with a screen in it runs en a rock and a hard place,” said a
es have started showcasing small- did before the Covid-19 pandemic, les that typically take place in the risk of supply issues, so sales to venture capital investor with a lar-
scale promotional events to spur but industry executives told ET that early June owing to lack of visi- boost buying is out of the ques- ge brands portfolio. Even after the
consumer demand, two weeks after they were gauging consumer de- bility around when schools and tion,” another executive added. 50-day shutdown and the fear of
restrictions on shipping products mand as well as supply side issues colleges would reopen. Others said discounts on plat- stepping out to physical outlets,
were relaxed across the country, in before hosting the next mega sale They are also closely monito- forms could be muted for at least a ecommerce has only recovered 70-
what analysts say is a sign of nor- event. “This is a small activity to try ring supply of products such as quarter as sellers are witnessing 80% of its pre-Covid-19 sales, he ad-
malcy in a sector that typically dri- and improve consumer sentiment smartphones, laptops, TVs, elec- only need-based buying, from op- ded. “With that kind of consumer
ves sales through discounts. at this point of time with a few sel- traffic online, businesses will have
Over the weekend, Flipkart-ow- lers getting together and running to think harder about when to trig-
ned fashion portal Myntra held its promotions,” said a senior executi- ASENIOR EXECUTIVE SAID... ger discounting,” he said.
Month End sale, while online beau- ve of a large marketplace that is cur- Amazon, which has not yet anno-
ty retailer Nykaa ran its Restock sa- rently running a sale. “There have This is a small activity to try and improve sentiment... unced a sale or promotional event,
le and baby products retailer First- hardly been any discussions around There’ve hardly been any discussions around running a said it was seeing high demand, alt-
cry started its summer sale. running a large sale event because hough that has been driven largely
Flipkart, too, announced its Flip- we are still unsure of demand.” large sale event, because we are unsure of demand by need-based buying, which could
start Sale spanning three days star- Large ecommerce marketplaces taper off in the coming weeks.
ANIRBAN BORA
BACK TO THE FUTURE Covid-19-hit IT firms are going back to the drawing board to rework plans
for the new normal. With earnings shrinking, industry says old ways won’t work any more US Govt Gets Plan to Hike
H-1B Fees 22%, L-177%
With Clients Rethinking Priyanka.Sangani
@timesgroup.com
STEEP CLIMB

Tech Buzz
FB’s ‘Venue’
to Jazz up
Live Events
San Francisco, Facebook
is rolling out a new app
called ‘Venue’ which aims
to provide an interactive
second-screen experi-
ence for live events. Fa-
cebook will first test
Projects, Infy Flags Risks
Firm says key clients
cutting costs due to
prolonged economic
impact of the outbreak
Our Bureau
Bengaluru: Some clients of Info-
sys have terminated projects or
reduced demand for its services
amid the Covid-19 induced econo-
mic crisis, which could impact its
profitability in the year ahead,
the Bengaluru-based company sa-
id in a filing.
The IT services provider high-
lighted that the pandemic could
pose a major risk going forward as
ling with the US Securities and
Exchange Commission. “Our profi-
tability may be negatively impac-
ted if we are unable to eliminate fix-
ed or committed costs in line with
reduced demand,” Infosys added.
In April, Infosys suspended its an-
nual revenue guidance for the first
time due to the economic uncerta-
inty, as the United States and Euro-
pe waded into a recession, af-
fecting businesses at cli-
ents. The company said
that some of the specific
“consequent risks related
to the occurrence of Co-
vid-19 that have materiali-
sed” include delay and su-
spension of some existing
Salil Parekh’s Remuneration services projects. “Addi-
tionally, any sudden
Up 27% to $6.15 m in FY20 change in demand
may impact utili-
Pune: A final proposal on visa fee
increase, submitted by the US im-
migration agency last week with
the US President’s office, is expec-
ted to hike the cost of an H-1B visa
by 22% and that of the L-1 visa —
used by technology companies to
transfer employees between offi-
ces — by as much as 77%.
The US Citizenship and Immigra-
tion Services (USCIS) submitted the
proposal to the White House Office
of Immigration and Regulatory Af-
fairs. Although the timelines of the
fee hike are unclear, the USCIS is
currently facing a funding crisis on
FRANCISCO PISTOLESI, The Staircase
account of a sharp drop in visa fee
income. ET reported last week that The proposal to hike fees was
the USCIS may have to furlough at first put forth in November 2019,
least half of its 18,700 employees if and it recommends different fees
its demand for $1.2 billion in govern- for Form I-129, depending on the
ment funding is not met by July. visa category. This will result in
Immigration attorneys, who did the base fee for the H-1B visa in-
not want to be named, said that an creasing by 22% to $560 and for
attempt would be made to “finalise
this ruling soon”.
the L-1 intra-company transfer
visa by 77% to $815.

Stringent Safety Checks

Venue with NASCAR’s
Food City presenting the
Supermarket Heroes 500
race on May 31. Future
NASCAR races will also
be hosted in Venue. —IANS
Quick Byte ANIRBAN BORA
key clients across the United Sta-
tes, Europe and other prominent
markets cut costs due to the pro-
longed economic impact of the
outbreak. “Many of our clients’
business operations have been ne-
gatively impacted due to the eco-
nomic downturn – resulting in
postponement, termination, su-
spension of some ongoing pro-
jects with us and/or reduced de-
mand for our services and solu-
tions,” the company said in a fi-
Modest 3.5% Hike in TCS’ Staff with Digital Skills Can
Revenue from Tata Group Breathe Easy at Cognizant
Sharp growth in revenue from govt contracts
Anandi.C@timesgroup.com
Mumbai: The revenue that Tata
Consultancy Services (TCS) gene-
rated from Tata group companies
increased by only 3.5% in fiscal ye-
ar 2020, compared to a double-digit
sation in (the) short
BENGALURU Infosys CEO Salil Parekh’s total remuneration jumped 27%
term thereby impacting margins.
to $6.15 million in the financial year 2019-20, while COO Our profitability may be marginally
Pravin Rao’s compensation rose 29% to nearly $2.3 mil- impacted as some clients may dispu-
lion. Parekh was granted a significantly higher number of
performance-based restricted stock units compared with
the corresponding fiscal year. The granted RSUs rose more
te some of the existing work-in pro-
cess that has been recognised by us
as unbilled revenues. This in turn
can impact our cash flows negative-
in Place as Malls Gear up
than 50% in value. His fixed salary though has been
marginally reduced. Chairman Nandan Nilekani
did not take any compensation, committing to
ly,” it added.
The company also warned that cer-
tain employee benefits may be redu-
to Resume Operations
his promise when he took over in August 2017. ced and onboarding of new employe-
es could be delayed. Install UV baggage
scanner, use expensive
chemicals to sanitise
washrooms & deploy
staff to ensure social
Firm sees a strong pipeline for digital deals distancing norms
vily in new tech transformations moves to shed employees as part
Anandi.C@timesgroup.com Shambhavi Anand
last year which were headed by of cost optimisation.
& Rasul Bailay
TCS, some of which are still un- In October last, it said 7,000 jobs
derway. “Large scale technology Mumbai: Cognizant will protect would be axed. Staffers with digi-
transformations have been happe- employees with digital skills from tal skills are, however, likely to be New Delhi: Malls across the count-
ning at group firms like Tata Steel layoffs even if they remain under- spared through ry are gearing up to resume opera-
and Tata Motors, which utilised during the ongoing econo- the recession bro- tions with stringent safety measu-
signifies the increase in mic crisis, its chief financial offi- CFO’s ught on by the Co- res in place as the government issu- has also erected fumigation tun-

9,000 rise in the previous financial year,
Over according to the company’s annu-
al report. Revenue from Tata Sons
Covid-19 cyber attacks in as well as subsidiaries and associ-
ates grew to nearly `2,656 crore
India between February
compared to a more than 13%
2 and May 2. —Microsoft
growth to `2,566 crore in financial
year 2019, when the software servi-
ces exporter capitalised on the
Indian Coder
group’s new tech initiatives.
According to a Tata Sons executi-
ve, group firms had invested hea-
Gets `75 lakh
2019. Some of these
technology initiatives
are still in progress at these large
companies,” the executive who is
aware of the developments said.
TCS and Tata Sons did not re-
spond to emails seeking comment.
Analysts said revenue contribu-
tion from government contracts
has seen sharper growth as firm
increased revenue contribution
from the public sector.
cer has said.
The Teaneck, New Jersey-based
IT services provider earns aro-
und 38% of its $16.8 billion reve-
nue from digital businesses,
which include helping clients
shift applications to the Cloud,
marketing online and on social
media and building applications
for smartphones and maintai-
ning them at scale. Karen McLo-
ughlin’s comments come amid
comments vid-19 pandemic. ed guidelines for phased re-opening, nels for visitors to pass through
allowing malls outside contain- them but the mall is not sure if the
come amid
moves to
“Even if, for some
reason, we have di- ment zones to open after June 8. Delhi state government will allow
shed staff as gital talent that be- From installing UV baggage scan- such measures to be used or not.
part of cost comes unutilised ner and using expensive chemicals to The Shopping Centres Associa-
sanitise washrooms and other com- tion of India has created a video ad
optimisation during this time-
mon areas, to ensuring contactless showing health workers in perso-
frame, assuming that they have
the right skills and capabilities parking and deploying staff for adhe- nal protective equipment (PPEs)
and so forth, we will protect that rence to social distancing norms, fumigating the centres, marked
malls are set to roll out several mea- areas for visitors to stand in eleva-
talent for the recovery,” McLough-
lin said during a Bernstein confe- sures to make shoppers feel safe. tors and escalators and mandatory
rence last week. DLF Mall of India will be encou- check of the Aarogya Setu app.
raging customers to book their vi-
sit to the mall on DLF Malls ‘Luko-
Malls well be shelling out big
bucks to ensure safety measures. “If

Apple Bounty Manufacturers Raise Auto Majors Struggle Paytm Mall to

ut’ app. Pushpa Bector, executive
director, DLF Shopping Malls said,
you are a mall with a million square
feet area, you could be spending `30-
“We are also in conversation with 40 lakh on deploying safety measu-
Shift its Ops
Dealer Sops to Help to Convert Online to Bengaluru
our brand partners and are encou-
raging them to install plexiglass at
the check-out window of the out-
res per month,” said Rajendra Kal-
kar, president west and whole-time
director, Phoenix Mills that opera-

Bring in Business Bookings into Sales BENGALURU:

New Delhi A 27-year-
old Indian security re-
searcher Bhavuk Jain
got $100,000 (over
`75.5 lakh) from Apple
Bhavya Dilipkumar
& Nehal Chaliawala
Mumbai: Indian manu-
facturers are enhancing
dealer and distributor in-
creased the extent of
quantity discount – the
price benefit given per
unit for large orders.
“If there is a contract for
more quantity, then deal-
ers can get more incentive
Lijee.Philip
@timesgroup.com
Mumbai: With no sales in
April during the lock-
down, automobile manu-
consumer loyalty.”
Manufacturers said the
prevailing conditions are
preventing consumers from
purchasing cars. The lock-
down had stalled economic
activity across the country.
Paytm Mall said it
is moving its
operations from
Noida to Bengaluru as the
ecommerce platform looks to
tap into the talent pool
available in the city’s consum-
lets, as a best practice model for sa-
fety of our consumers.”
Brigade malls will also restrict the
number of people going to the wash-
rooms. Every alternate urinal in the
men’s toilet will be tapped as part of
the social distancing measures.
New Delhi’s Select Citywalk mall
tes shopping centres including High
Street Phoenix in Mumbai.
Despite all these measures, malls
expect traffic to be on the lower side
in the first few weeks of the opening.
Select Citywalk Mall in Delhi recei-
ved 35,000 footfalls on a daily avera-
ge prior to the lockdown.

Maha, Sikkim Prohibit

for discovering a now-
patched Zero Day vul-
nerability in the Sign in
with Apple account au-
thentication. The vul-
nerability could have al-
lowed a hacker to break
into an Apple user’s ac-
count who log into
third-party apps. “For
this vulnerability, I was
paid $100,000 by Apple
under Apple Security
Bounty programme,”
Jain said. —PTI
Jargon Buster
Smoke
Testing
A series of test cases
that are run before the
start of more rigorous
tests to verify that an
application’s main fea-
tures work properly
centives to push harder for
sales after the Covid-19
pandemic deflated con-
sumer demand.
The revised incentives fo-
cus on infusing more liq-
uidity into the system, re-
warding higher sales per-
formance and taking care
of the dealer’s overhead
expenses like buying sani-
tisers and safety gear.
Companies like JSW Ce-
ments, Indigo Paints, and
JSW Paints are converting
the incentives under their
loyalty programmes into
cash or credit notes. “In
these changing times, we
are trying to retire the old
scheme,” said K Swami-
nathan, chief marketing
officer, JSW Cements. “We
had schemes like the for-
eign trips every year which
we are trying to convert in-
to cash to bring liquidity in
their (dealers’) hands.”
Jindal Stainless even ar-
ranged for extended credit
for dealers to six months
from three earlier after
talks with finance part-
ners like SBI. Meanwhile,
Jindal Steel and Power in-
on the contract and cus-
tomers will get discount
on the order,” said V R
Sharma, managing direc-
tor, JSPL. “We have start-
ed providing advance pay-
ments to dealers for cover-
ing their overheads which
we usually did not do.”
Textile maker Welspun
said to help retailers get a
push to their business, the
company was working on
digital geo-targeting cam-
paigns and omnichannel
promotions to reach con-
sumers in their respective
catchment area by gener-
ating leads for them.
“We are also helping our
retailer partners with req-
uisite discounts and mar-
gins,” company spokes-
person said.
facturers Hyundai, Maru-
ti Suzuki, BMW, Mahind-
ra & Mahindra, Mercedes-
Benz and Toyota recently
announced digital vehi-
cle-buying initiatives. Ho-
wever, online enquiries
are yet to translate into
major sales.
Dealers are far from con-
vinced about the digital
strategy. While online en-
quiries have increased in
the past few weeks, they’re
not getting converted into
sales, dealers said. “Web
enquiries have overtaken
walk-ins and are likely to
continue post-Covid,” said
Shashank Srivastava, ED,
marketing & sales, Maruti
Suzuki. “Conversion to sa-
les continue to be highest
for referrals on back of
Vinay Raghunath, head,
auto practice, EY, said,
“There is income uncerta-
inty that is pushing consu-
mers to postpone discretio-
nary purchases.”
Tarun Garg, director, sa-
les & marketing, Hyundai,
which launched its ‘Click
to Buy’ platform last Janu-
ary, said despite online en-
quiries, it’s taking longer
for consumers to decide
and buy. A typical conver-
sion to sales takes more
than a month nowadays
compared with 15 days ear-
lier. Dealers are hopeful
that as the lockdown is lif-
ted, customers will become
more confident and start
visiting dealerships. Ma-
nufacturers have mapped
28 touch points in the car-
buying process, from start
to final purchase, said.
Dealer Nikunj Sanghi sa-
id, “While we have digita-
lised almost 25 points, fi-
nancing, test drives/regi-
stration and delivery need
physical interface. Consu-
mers want to physically
see and inspect the vehicle
before taking delivery.”
er internet and startup
ecosystem. The firm appoint-
ed Abhishek Rajan as its new
COO. Ex-COO Srinivas Mothey
has been elevated to senior
VP merchants solutions at
Paytm. — Our Bureau
Database of
Dark Web
Host Hacked
SAN FRANCISCO
In a classic case
of hacker break-
ing into another hacking
service, a cybercriminal has
leaked online the database
of the largest free web-
hosting provider for Dark
Web services that contains
email addresses and site
admin passwords. The
hacker stole the database,
and then wiped all servers,
reports ZDNet. — IANS
Hotels from Reopening
30. The Sikkim government has
Anumeha.Chaturvedi prohibited hotels and restaurants
@timesgroup.com from reopening from June 1 till
further notice.
New Delhi: Maharashtra and Sik- Dilip Datwani, president of the
kim prohibited hotels and restau- Hotel and Restaurant Association
rants from resuming operations on of Western India (HRAWI) said sta-
Sunday, while Gujarat and Karna- tes and union territories such as
taka permitted hotels and restau- Goa and Daman
rants to open as per the new stan- and Diu had ex-
dard operating procedures (SOPs) The Sikkim pressed their wil-
in a phased manner from June 8. govt has lingness to proceed
On Saturday, guidelines issued by prohibited with the opening
the Ministry of Home Affairs hotels and up of hotels and
(MHA) permitted hotels and restau- restaurants restaurants in a
rants to resume operations outside from phased manner in
containment zones from June 8. The reopening the western region.
guidelines also said states could, ba-
sed on their assessment, prohibit
from June 1 West Bengal has
given the go-ahead
certain activities outside contain-
till further
notice to hotels and res-
ment zones or impose restrictions. taurants to reopen
As per the guidelines, hospitality from June 8, though further details
providers can resume operations are awaited. “We are waiting for mo-
outside the containment zones re details. But if interstate restric-
with SOPs prescribed by the Mini- tions and transport restrictions are
stry of Health and Family Welfare. not eased by states, I doubt if we will
The Maharashtra government's get any guests,” said Neeraj Jain, a
order comes into effect from June 1 member of the Hotel and Restau-
and shall remain effective till June rant Association of Eastern India.
 ETMarkets
TELEGRAM t.me/indiaepapers SMART
INVESTING

TVS Motor may

Lose Premium
Edge in Face of
Multiple Bumps
Beating Volatility WWW.ETMARKETS.COM
MUMBAI, MONDAY, 1 JUNE 2020

TRADERS TO PAY 20-25% MORE as upfront margins for naked positions TO ENABLE RBI INTERVENTION IN OFFSHORE MARKET

Higher Margins for Unhedged Bets from Today Local Banks to Start
Nishanth.Vasudevan
@timesgroup.com New Rules for Trades The initial
margins
hedges are considered risky becau-
se, in theory, losses can be unlimited.
Knowledgeable traders using ‘na-
Rupee Trading in
Mumbai: Risk-takers will have to
pay a steeper price to participate in
EXPERTS SAY
Jump in margins As volatility reverts Hedged
for buying
Nifty futures
from Monday
ked futures’ trading model follow
stricter risk practices; but the less
experienced, who do not hedge, are
Overseas NDF Mkt
India’s equity derivatives market. mainly because to long-term aver- strategies will be roughly exposed to steep losses.
Traders betting on the direction of of the higher vol- ages, margins would to become `1.35 lakh per lot The new upfront margin rules and
the index or a stock without insu- atility in the past fall, but the decline cheaper as against `1.1 lakh the recent regulatory curbs on large
Move will curb wild Liquidity, Stability
three months would be gradual by 50-70% last week LOCAL BANKS will be able
rance will have to pay higher up-
front money from June 1 when the
F&O trades could dry up liquidity in
the equity derivatives segment.
swings in currency; to serve overseas clients
National Stock Exchange’s new
margin norms kick in. The rules, ho- What has changed? NSE has twea- gins. By increasing the PSR, the up- rithm is based on naked futures,” sa-
Sebi and exchanges have been tigh-
tening margin requirements for fu-
may help MNCs save with better efficiency

Axis, ICICI, HDFC

wever, encourage safer strategies
like hedged trades, in which the ini-
tial margins are set to drop.
From Monday, traders who buy or
sell a futures contract or only sell op-
tions without any hedge, popularly
known as naked positions, will end
up paying 20-25% more as upfront
margins.
PUT CALL RATIO INDICATES ‘OVERBOUGHT ZONE’
ked a parameter used to calculate
Standard Portfolio Analysis of Risk
(SPAN) — an upfront margin paid to
the broker before placing trades.
The margin is a percentage of the
trade value based on the software
SPAN. The exchange has raised the
Price Scan Range (PSR), which is a
variable to determine SPAN mar-
EARNINGS REVIEW Impact of Covid to reflect in April-June numbers
front margins, too, have spiked.
For instance, the initial margins
for buying Nifty futures from Mon-
day will be roughly `1.35 lakh per lot
as against `1.1lakh last week.
Professional traders like Piyush
Chaudhry will be most affected by
this move. “Traders like me do not
hedge our positions and my algo-
id Chaudhry, founder of Mumbai-ba-
sed Wave Analytics. “We will now ha-
ve to put a limit on the size of the posi-
tions.” Chaudhry said he will not be
able to buy more than four or five
Nifty futures lots at one go compa-
red to seven earlier.
Plain vanilla strategies like buying
or selling options or futures without
tures and options in the last couple
of years. Exchanges have been pus-
hing stock brokers to mandatorily
collect the entire initial margin be-
fore a trade from clients even for
transactions that are not carried for-
ward to the next day.
Continued on Smart Investing
hedging cost: Experts Bank, IndusInd
will likely resume
Saikat.Das1@timesgroup.com trading today
Mumbai: The rupee is set to enter PARTICIPATION OF local banks
anew era on Monday as local banks in NDF will increase liquidity
including Axis Bank, ICICI Bank,
HDFC Bank and IndusInd Bank HEDGING COSTS likely
will likely start trade in the overse- to fall as bid offer
as derivative market, known as spread expected to
non-deliverable forwards (NDF). shrink further
The move will help curb wild ru-

F&O Data Hint Better Compliance in US, Improving

pee swings and paves way for
much-needed Reserve Bank of In-
dia intervention in the offshore
banks led by State Bank of India
are expected to join them soon with

at 9,037-10,160
market. Multinational companies, many readying infrastructure
too, are likely to save hedging cost platforms.

Finances Augur Well for Lupin Stock

amid limited speculative bets. Axis Bank and IndusInd Bank did
“Allowing banks to trade in the not reply to ET’s query.

Range for Nifty Kiran.Somvanshi@timesgroup.com

Ram.Sahgal
@timesgroup.com
Mumbai: Options traders
are baking in a range of
9,037- 10,160 for the Nifty in
the current expiry (June
25), with the bias on the up-
side. That’s an over 11%
range from Friday closing
of 9,580.3.
Both the levels are key as
the lower one has acted as a
strong support, while 10,160
is the March 13 high from
where the market gapped
down to 9,588 in the next tra-
ding session. It then went on
to hit the multi-year low of
7,511on March 24.
Certain analysts, like Ro-
hit Srivastava of India-
Charts, are betting on the
Nifty having a shy at 10,160
to fill the gap left on March
13. Others like Rajesh Palvi-
ya of Axis Securities ex-
pect the market to reverse
after testing 10,000 levels, gi-
ven the lockdown-induced
“economic challenges” and
head to 9,040 levels.
The range is derived from
the value of the 9,600 stradd-
le (call and put of 9,600 stri-
ke) of `563 a share. The op-
tions expire on June 25. So
long as the market trades
within the range till expiry,
the straddle seller makes
money. The straddle buyer
will gain only if the market
closes below 9,037 or above
10,160 at or before expiry.
Indeed, the current series
of options pegs 9,000 as key
support by way of highest
open interest here and
10,000 as the major resistan-
ce by the same parameter.
Stock may rally up to 40% from current
level in a year: Consensus estimate
Nifty 50
10200
9859.9
9580.3
9800
9400
9000
8600
Apr 30, ’20 May 29, ’20
Traders should also bear
in mind that the market is
approaching an overbought
zone, as indicated by the
open interest put call ratio
of 1.41 of the June 25 expiry.
A reading above 1.4-1.5 is
considered overbought whi-
le oversold is anything be-
low 1.
Any bet on
Analysts say the Nifty or
any bet on Bank Nifty
Nifty or should be
Bank Nifty through
should be spreads,
through which will
spreads minimise
losses in ca-
se of a contrary move, ad-
vises Rajesh Baheti, direc-
tor, Crosseas Capital. Ana-
lysts attribute the rally in
global equities to diver-
sion of cheap funds injec-
ted by central banks the
world over to combat the
fallout from Covid-19.
Having been net sellers to
the tune of `61,973 crore in
March and `6,884 crore in
April, FIIs have net invested
`14,569 crore in May. They
were also cumulatively net
long index futures by 21,702
contracts on May 29. This
indicates their positive sen-
timent on the market.
offshore NDF market will mark a
new era in the currency market,”
said Bhaskar Panda, executive vi-
ce president at HDFC Bank. “It has
Multinational corporations with
business interest in India find it ea-
sier to hedge their India exposures
through offshore derivative cur-
Lupin Q4: Global Scorecard three-pronged benefits. While the rency markets. This also helps
ET Intelligence Group: Lupin’s fourth RBI would be able control wild them avoid onshore norms, widely
quarter results proved to be a mixed bag, Q4 FY20 QoQ % YoY % swings in the offshore market, perceived as complex.
Regions
with strong performance in the domes- (` in cr) chg chg MNCs too can reduce hedging costs Participation of local banks in
North America 1,579 14.7 -9.3
tic market compensating for the under- due to participation of local NDF will increase liquidity. Hed-
performance in the US business. Sales India 1,192 -8.1 13.3 banks.” ging costs are likely to fall as the bid
were flat in Q4 over the year-ago level Europe, Middle East & Africa 365 25.3 7.4 “It will also cater to a level-playing offer spread is expected to shrink
and the proceeds from the sale of its Ja- Latin America 135 -24.7 -2.3
field for local banks, which can further.
panese business boosted net profit. Ho- now serve their overseas clients “The regulation to allow Indian
wever, higher raw material cost, employ- Asia Pacific 145 -16.0 -15.5 with better efficiency,” he said. banks to participate…is a progres-
Rest of the World 46 -43.7 -36.8
ee and finance costs took a toll on the Earlier in March, the central sive step,” said B Prasanna, head of
Mumbai-based company’s profitability Global API 329 3.6 12.8 bank permitted Indian banks with global markets group of ICICI
for the quarter. At 19.4%, the Ebitda mar- Consolidated Sales 3,791 2.0 -0.4 licence to operate in International Bank. “It will improve the liquidity
gins nosedived 300 basis points over the Source: Company Financial Services Centre in GIFT issue in offshore NDF market and
Q4 in FY19. Going ahead, the Ebitda mar- City, Ahmedabad, to participate in thereby help in containing undue
gin is likely to be 19-20%, without acco- essentially due to exclusivity sales from market, there has been an adverse im- NDF market from June 1this year. sharp volatility in local currency
unting for the Covid or forex impact. a drug launched during the Q4 of the pact on acute drugs and sales to hospi- Private sector lenders have taken during market stress through ar-
The US business, while performing previous year. India business grew 13% tals in the domestic market. a lead here as at least four private bitrage route.”
strongly on a sequential basis, witnes- year-on-year. Though Covid-19 triggered sectors banks will likely resume
sed a year on year drop of 9% in revenue, stockpiling in the US as well as the local Continued on  Smart Investing trading Monday. Public sector Continued on Smart Investing
i 1' i
Tel. Ni R R Tel. Nos. :0233-2324641 to 2324645, Fax 02M322107 email - iiiangildco@gmall.com
Offers are invited by the undersigned for selling or leasing out (renting out) sugar factory of Shri
Mahankali Sahakan Sakhar Karkhana Ltd Rajarambapunagar , Kavathemahankal Owned Offers are invited by the undersigned for selling or leasing out (renting out) Ginning
by Bank and oil mill of Vijayalaxmi Cotton Mills Ltd., At Post Atpadi, Tal. Atpadi, Dist. Sangli
The Tenders are invited in sealed envelope to be submitted to Sangli D_ C_ C. Bank Ltd_ (Maharashtra ) Owned by Bank
The Tenders are invited in sealed envelope to be submitted to Sangli D C C Bank Ltd
along with prescribed earnest money amount by Demand Draft drawn on SANGLI and along with
along with prescribed earnest money amount by Demand Draft drawn on SANGLI and along
KYC documents. The sealed envelope contained with remark' Tender application for Sale or Let with KYC documents. The sealed envelope contained with remark' Tender application for Sale
Out (Leasing Out) properties / Machinery situated at Kavathemahankal' to be opened on
or Let Out (Leasing Out) properties / Machinery situated atAtpadi'to be opened on 08/07/2020
08/07/2020 at 2.00 P.M. The said Tenders will be opened on said date and time , described herein at 2.00 P.M. The said Tenders will be opened on said date and time , described herein below at
below at Sangli Dist, Central Co-Op, Bank Ltd., Sangli , Head Office, Padmabhushan Vasantdada Sangli Dist. Central Co-op_ Bank Ltd; Sangli , Head Office , Padmabhushan Vasantdada Patil
Patil Marg KarmaveerBhaurao Patil Chowk, Sangli, Dist. Sangli. ( MAHARASHTRA) Marg Karmaveer Bhaurao Patil Chowk , Sangli , Dist. Sangli. (MAHARASHTRA)
Brief Description of the Properties Brief Description of the Properties
Particulars Location Land Area Particulars Location Land Area
Property belong ing to Shrt Mahankali Sahakari Sakhar Karkhana Kav athemahankal Property belong ing to Vijayalaxmi Cotton Mills Ltd . At padi .
76.44 Village- Atpadi 1.36 . 50
Ltd.,Rajarambapunagar , Kavathemahankal Property situated at Tal. Propert y situated at Atpadi Gat. No 3714 . Tal. Atpadi
Hector
Kavathemahankal , Tal. Kavathemahankal, Dist Sangli Main Tal.Atpadi Hector
Kavathemahankal Dist. Sangli having Building , Plant and Machinery of
Factory Building. Mill House , Boiler House , Power House , Sugar Dist_Sang li
Dist.Sangli
House , Godowns , Administrative Building, Guest House and Plant Ginning and oil mill , (DR Machines-30 no' s . Oil Expellers
(Maharashtra) (Maharashtra)
and Machinery of 1250 TCD Capact y Sugar Factory 18 no ' s etc).
For Sale For Lease /Let Out ( Rent ) Last Date & Time of Day, Date& Time For Sale For Lease /Let Out (Rent ) Last Date & Time of Day, Date& Time
Submission of Bids. of opening of Bids Submission of Bids . of opening of Bids
Reserve Earnest Money Reserve Price Earnest Money 04/07/2020 till Wednesday Reserve Sanest Money Reserve Price Earnest Money 04/07/2020 till Wednesday
Price Deposit (EMD) for Rent Yearly Deposit (Eh1D) 3.00 Pm at Date 08/07/2020 Price Dep osit (E MD) for Rent Yearty Deposit (EMD) 3.00 Pm at Date 08/07/2020
Head office on 2.00 PM a: on 2.00 PM at
8788 .21 878 . 82 880.00 88.00
Sangli Head office 1482 .52 148 .25 150.00 15.00 Head office
Head office
Lakhs Lakhs Lakhs Lakhs San g li Lakhs Lakhs Lakhs Lakhs Sangli San li
Terms and Conditions For Sale:- Terms and C o n d i t i ons Fo r Sale:-
(1) The bank intends to sell the assets detailed above " AS IS WHERE IS, AS IS WHAT IS,

Plastic Pipes Sector 1 The bank intends to sell the assets detailed above " AS IS WHERE IS, AS IS WHAT IS,
4 D WHATEVER THERE IS BASIS WHICH IS WITHOUT ANY W A R R A N T Y,
GUARANTEE , ASSURANCE, UNDERTAKING OR REPRESENTATION OF ANY KIND
WHATSOEVER " The Bank does not take or assume any responsibility for any shortfall of the
movable/immovable assets for procurin g any permissions etc. or for any dues , statutory or
AND WHATEVER THERE IS BASIS WHICH IS WITHOUT A N Y WARRANTY,
GUARANTEE, ASSURANCE, UNDERTAKING OR REPRESENTATION OF ANY KIND
WHATSOEVER" The Bank does not take or assume any responsibility for any shortfall of the
movable/immovable assets for procuring any permissions etc. or for any dues , statutory or

Set to Boom, Finolex otherwise of any authority established by law- such dues if any will have to be borne/paid by the
purchaser (2) The Tenders are acceptable and valid if they are received to Bank on or before til l
the opening of Tenders. (3) The E MD amount as mentioned above should be paid by DD in
favour of "The Sangli District Central Co -Op. Bank Ltd.," payable on Sangli on any
otherwise of any authority established by law. such dues if any will have to be borne/paid by the
purchaser (2) The Tenders are acceptable and valid if they are received to Bank on or before till
the openin g of Tenders- (3) The E MD amount as mentioned above should be paid by DD in
favour of The Sang li District Central Co -Op. Bank Ltd., " payable on Sangli on any

Analysts’ Top Pick Nationalised/Schedule Bank. The EMD shall be refunded to unsuccessful bidder on the same
day. The EMD will not carry any interest. (4) 25% amount shall be deposited by D.D or RTGS/
NEFT on our Bank Account by highest bidder on the same day of opening of tenders. (5) 75%
amount of remaining highest bidding and stamp duty, reg istration fee , Machinery GST and
Nationalised/ScheduleBank_ The EMD shall be refunded to unsuccessful bidder on the same
day. The EMD will not carry any interest. (4) 25% amount shall be deposited by D.D or RTGS/
NEFT on our Bank Account by highest bidder on the same day of opening of tenders- (5 )) 75%
amount of remaining highest bidding and stamp duty, registration fee , Machinery GST and
other expenses for sale deed shall be deposited within 15 days from the date of openin g of other expenses for sale deed shall be deposited within 15 days from the date of opening of
Rajesh.Mascarenhas tenders- If not deposited within stipulated period , deposited amounts will be forfeited and the tenders. If not deposited within stipulated period , deposited amounts will be forfeited and the
@timesgroup.com said bidder shall not have any rights on said properties / machinery, Bank is not bound to pay said bidder shall not have any rights on said properties / machinery. Bank is not bound to pay
interest on amounts deposited by tender applicants. 6 ) After opening of tenders , the highest interest on amounts deposited by tender applicants. 6 After opening of tenders , the highest
bidder is responsible forfinancial and legal activities . (7) Tender applicant has a right to submit bidder is responsible forfinancial and legal activities. 7 Tender applicant has a rightto submit
Mumbai: With a strong ba- one or more tenders- He has to deposit earnest money ffor each tender application separately- one or more tenders- He has to deposit earnest money f or each tender application separately.
lance sheet, compelling valua- (8) Bank has a right to take decision in case of equal amount tenders . (9) The Tender property (8) Bank has a right to take decision in case of equal amount tenders . (9) The Tender property
tions, comfortable liquidity will remain open for seeing after prior permission of Bank in office hours 11.00 am to 3.00 pm will remain open for seeing after prior permission of Bank in office hours 11.00 am to 3.00 pm
position and leadership in ag- (except Holidays) from 12106/2020 to 30/06/2020 (10) The bid document can be obtained from (except Holidays) from 12/06/2020 to 30/06/2020 (10) The bid document can be obtained from
ri-pipe segment, Finolex In- the undersigned during 15/06/2020 to 30/06/2020 on any working days (exce pPt Holidays ) the undersigned during 15/06/2020 to 30/06/20 20 on any working days (exce ppt Holidays
dustries is analysts’ top pick between 10 00 am to 4.00 pm on payment of non-refundable fee of s_5000 /-(Rs. Five between 10 00 am to 4.00 pm on payment of non-refundable fee of Rs.5000/-(Rs_ Five
Thousand Only)+ GST by cash at Head office Sangli the bid documents are available at our Thousand Only)+ GST by cash at Head office Sangli the bid documents are available at our
among plastic pipe stocks. head office Sangli (11) The Bank reserves the right to retain the Tender sale (12) The maximum head office sanglr (11) The Bank reserves the right to retain the Tender sale (12) The maximum
The sector is likely to boom in bidding amount is not satisfactory and not with expectation of Bank , bank has right to bidding amount is not satisfactory and not with expectation of Bank , bank has right to
the coming months due to sur- cancel/post pone the said Sale. And he reserves the right to accept/rej ect any/ or all the bids cancel/post. pone the said Sale. And he reserves the right to accept/ re ect any/ or all the bids
ging rural demand, paced by a without assigning any reason. (13) The said Tender Notice is published on our bank's website without assgning any reason , (13) The said Tender Notice is published on our bank' s website
healthy output of winter- ngIidcchnnk .com (14) Right to alter and relaxation in terms and conditions is reserved wvv;vsanc l ccb a nk .co n (14) Right to alter and relaxation in terms and conditions is reserved
by Bank. by Bank .
sown crops and increased sta-
te assistance to farmers. Terms and Conditions for Lease / Let Out (Rent): - Terms and Conditions for Lease /Let Out (Rent):-
Finolex Industries’ shares,
which declined 41% between ANIRBAN
Thebank int ends e the Sets detailed above "
AS IS WHAT IS AND WHATEVER T HERE IS BASIS WHICH IS WITHOUT ANY
WARRANTY,GUARANTEE,ASSURANCE,UNDERTAKING OR REPRESENTATION OF
IS , Thebank in tends
A1 IS WHAT IS AND WHATEVE
Let-out
E
t the Sets r led abo v " AS
TTH RE IS BASIS W HI H IS WI HOUT ANY
WARRANTY,GUARANTEE ,ASSURANCE,UNDERTAKING OR REPRESENTATION OF
R

19 February and 27 March, ha- a PE of 14 times its FY22 esti-
ve recovered 29% to close at mated earnings, a 21% disco-
`422 on Friday. The company unt to its five-year average pri-
has a debt-free balance sheet ce-to-earnings of 17.7. Its en-
and almost nil utilisation of terprise value-to-sales and
fund-based working capital li- price-to-book are 1.5 times and
mit. The stock is likely to rally 1.6 times its FY22 estimated
up to 40% from the current le- earnings, at nearly 33% disco-
vel in a year, as per Bloomberg unt to five-year averages. The
consensus estimate. other two major players in the
“Given sharp recovery in industry — Astral Poly and
demand in rural areas, Fino- Supreme Industries — are
lex is expected to see a better currently trading at a PE of 55
pick-up in pipe demand due times and 27 times FY22 esti-
to its leadership position in mated earnings, respectively.
agri-pipe segment and strong “Considering healthy re-
presence in rural areas,” said turn ratios, cash flow and
Utkarsh Nopany, analyst, Ha- high dividend payout of 41%
itong Securities India. “Fino- between FY15-19, we expect
lex is a potential re-rating the valuation discount of Fi-
candidate as it is likely to nolex compared to its peers
earn free cash flow yield of to narrow, going ahead,” said
6.2% in FY22. Arafat Saiyed, analyst, Reli-
Finolex shares are trading at ance Securities.
ANY KIND WHATSOEVER" The Bank does not take or assume any responsibility for any
shortfall of the movable/immovable assets for procurin g any permissions etc.or for any dues,
statutory or otherwise of any authority established by law, Such dues if any will have to be
borne/paid by the purchaser (2) The EMD amount as mentioned above should be paid b y DD
in favour of "The Sangli District Central Co Op Bank Ltd. , " payable on Sangli on any
Nationalised/Schedule Bank, The EMD shall be refunded to unsuccessful bidder on the same
day. The EMD will not carry any interest. 3)1 year rent will be taken as deposit without interest
from successful bidder but yearly rent s hould be paid to bank as per agreement (4) Tender
applicant has a right to submit one or more tenders. He has to deposit earnest money for each
tender application separately. (5) Bank has a right to take decision in case of equal amount
tenders. (6) The Tender property will remain open for seeing after prior permission of Bank in
off ice hours 11,00 am to 3 ,00 pm (except Holidays) from 12/06/2020 to 30/06/2020 (7) The bid
document can be obtained from the undersigned during 15/06/2020 to 30/06/20 0 on any
working days (except Holidays ) between 10,00 am to 4.00 pm on payment of non-refundable
fee of Rs,5000/-(Rs. Five Thousand Only)+ GST by cash at Head office Sang li the bid
documents are available at our head office Sang li (8) The Bank reserves the right to retain the
Tender let out (9) The maximum bidding amount is not satisfactory and not with expectation of
Bank, bank has right to cancel/post pone the said let out tender And reserves the right to
accept/rej ect any/ or all the bids without assigning any reason. (10)The said lease tender
agreement will be for 3 years , but as per performance of tenderer it can be extended for
maximum 2 years (11)The said Tender Notice is published on our bank's website
www , sanglid ccb an k .com (12) Right to alter and relaxation in terms and conditions is reserved
by Bank.
For Sangli Dist , Central Co-Op. Bank Ltd.,Sangli
Sd/-
Place : SANGLI.
(B. M. Ramdurg)
Date : 01/06/2020 General Manager (Admin-Agro. Ind. Loans)
ANY KIND WHATSOEVER" The Bank does not take or assume any responsibility for any
shortfall of the movable/immovable assets for procuring any permissions etc , or for any dues,
statutory or otherwise of any authority established by law. Such dues if any will have to be
borne/paid by the purchaser (2) The MD amount as mentioned above should be paid by DD
in favour of "The Sang li District Central Co Op Bank Ltd., " payable on Sangli on any
Nationalised/Schedule Bank. The EMD shall be refunded to unsuccessful bidder on the same
day. The EMD will not carry any interest- 3)1 year rent will be taken as deposit without interest
from successful bidder but yearly rent s ould be paid to bank as per agreement (4) Tender
applicant has a right to submit one or more tenders. He has to deposit earnest money for each
tender application separately. (5) Bank has a right to take decision in case of equal amount
tenders. (6) The Tender prope y will remain open for seeing after prior permission of Bank in
office hours 11.00 am to 3.00 pm (except Holidays) from 12/06/2020 to 30/06/2020 (7) The bid
document can be obtained from the undersigned during 15/06/2020 to 30/06/2020 on any
working days (except Holidays ) between 10.00 am to 4.00 pm on payment of non-refundable
fee of Rs.5000/-(Rs. Five Thousand Only)+ GST by cash at Head off ice Sangli the bid
documents are available at our head off ice Sangli (8) The Bank reserves the right to retain the
Tender let out (9 ) The maximum bidding amount is not satisfactory and not with expectation of
Bank , bank has right to cancel/post pone the said let out tender And reserves the right to
accept/ reject any/ or all the bids without assigning any reason. (10)The said lease tender
agreement will be for 3 years , but as per performance of tenderer it can be extended for
maximum 2 years (11)The said Tender Notice is published on our bank's website
www .sanglidccnank . ,-o ^ (12) Right to alter and relaxation in terms and conditions is reserved
by Bank
For Sangli Dist. Central Co-Op. Bank Ltd. ,Sangli
Sd/-
Place : SANGLI.
(B. M. Ramdurg)
Date : 01/06 /2020 General Manager (Admin-Agro. Ind, Loans)
 8  Smart Investing TELEGRAM t.me/indiaepapers THE ECONOMIC TIMES | MUMBAI | MONDAY | 1 JUNE 2020 | WWW.ECONOMICTIMES.COM

Improving
Finances Bode
Well for Lupin
From ET Markets Page 1
However, the real impact of Co-
vid on operations could reflect
in the current quarter’s per-
formance.
Divestment of its Japanese
business and undertaking of a
second impairment of Gavis –
its ambitious American acqui-
TRIPLE WHAMMY Demand for scooters, its mainstay, is set to take a hit while exports face Day Trading Guide Motilal Oswal Fin Services
pressure due to Covid and already weak operating margins may undergo further stress We are witnessing strong market breadth and con-
TVS Motor may Lose Premium
solidation breakout in many sectoral indices from last
few sessions, indicating broad-based buying interest.
Momentum oscillator RSI is also placed positively on
daily chart and may continue the up move in coming
days, too. Going forward, the resistance for Nifty is
placed at 9,730 and then 9,889 levels, while support
Edge in Face of Multiple Bumps mand, rising exports and operating an operating profit of `3,870 per vehi-
Tech Picks
BAJAJ AUTO
is inching higher between 9,375 and 9300 zones.
CHANDAN TAPARIA,
Derivatives & Technical Analyst

sition made in 2015 – has streng-
thened the balance sheet. The
debt-equity ratio at the end of
FY20 stands at 0.12. The compa-
Ashutosh.Shyam@timesgroup.com
ET Intelligence Group: TVS Motor
Company is expected to face several
margins — which buoyed the stock co- Volume Growth Trends cle in the March 2020 quarter, the wea- BUY
uld be on the wane in the near-term. In kest among peers. Another headwind Given a small triangle breakout and respecting
to its rising support trend line TARGET
addition, the company’s weaker ba- Q1 0.93 (Fig in lakh)
is the incremental cost due to BS-VI
lance sheet compared to its peers du- Q2 1.09 emission norms, which in a fragile `2,880

FY19
LAST CLOSE X `2,710 STOP LOSS X `2,625
ny has significantly improved headwinds in volume growth in both ring the current downcycle may furt- Q3 0.99 demand environment would be to-
its manufacturing compliance domestic and overseas markets in her weigh down the high valuations. ugh to absorb. Then there is the thre-
Q4 0.91 DR REDDY’S
record with the USFDA, securi-
ng a clearance of all the five fac-
FY21, which is likely to erode signifi-
cantly its premium valuations.
The scooter segment, TVS Motor’s
mainstay, makes up nearly one-third
Q1 0.92
at of price wars to gain market share.
TVS Motor’s market share has drop-
BUY
Given the recent highest daily close with con-
Q2 0.89 TARGET

tories that were inspected by
the drug regulator in this calen-
dar year. It is readying its key fa-
cilities at Somerset (US), Goa
and Indore for the FDA’s re-in-
spection this year. The compa-
ny has invested in foreign talent
to head its key business func-
tions, along with bringing its
former CFO back in charge.
Cost control, improving oper-
ational efficiencies, and reduc-
ing working capital level and
overall debt are the key focus on
the finance side.
Even as the Lupin stock closed
nearly 2% low following its Q4
results, investors may well be-
come hopeful of a recovery in
its fortunes from here on. Ka-
mal Sharma, the company’s
vice chairman, said in the earn-
ings call, “FY20 has been a year
of settling a lot of overhang,
which had been in the system,
and we are in a much stronger
position to take the company
ahead now.”
All Eyes on Virus
Containment
From Page 1
May be the smokin’ hot graph
of post-Covid recovery is the
one that looks like those old-fas-
hioned tobacco pipes. NR Bha-
numurthy, professor at the Na-
tional Institute of Public Fi-
nance and Policy, says that’s
our near future. A pipe graph is
a V graph with a longer tail —
the recovery isn’t one that hap-
pens quickly over one quarter
but over two-three quarters.
Mind you, the pipe is different
from the Swoosh, because in the
latter the economy bears the pa-
in for longer. And of course U is
different from both. U happens
when the base of V gets exten-
ded, and growth stays bad long-
er, but unlike in Swoosh or pipe,
the recovery is sharp.
As DK Joshi, chief economist
at CRISIL, explains: “If you as-
sume the virus is contained by
June-July, then you will get a V-
shaped recovery, but if that does
not happen and recovery again
falters then its shape will
change — and we will get an U.”
If you don’t get a V, though,
pray for an U or a Swoosh or a
pipe — because a W is scarier. If
the infection returns in full for-
ce, forcing more stringent lock-
downs, and economy shut-
downs, growth will plunge af-
ter initial recovery, and only
then recover.
Aditi Nayar, principal econo-
mist, ICRA, bets on a V but says
a “second wave of infections-
…could result in a W-shaped
economic cycle.”
Bottom line? Pray for a Z and
pray harder we never get an L.
A Z-shaped recovery is when a
post-lockdown spending surge
is so fierce that growth is lifted
above trendline and then after a
party settles down to trend.
An L-shaped trajectory is
when after the initial fall in
growth rate doesn’t return to
trendline, the economy never
gets its mojo back.
Cash Crunch
From Page 1
But there has been an exodus
on top of that due to the lock-
The stock is currently trading at 22
times one-year forward earnings, a
21% premium to its long-term avera-
ge, making it the second most expen-
sive two-wheeler stock after Eicher
Motors. The company is seen as a pro-
xy play on growing demand for scoo-
ters and its premium price-earnings
is on account of improving export bu-
siness share and scope of a sizeable
improvement in operating margins.
These three factors — scooter de-
FINANCIAL RATIOS a lot healthier than other lenders that came out of PCA,
says deputy MD Khatanhar, making a case for removal of restrictions
IDBI Turns in a Profit, Hopes for
Quick Exit from Corrective Action
Joel.Rebello@timesgroup.com
Mumbai: IDBI Bank is getting closer
to exiting the Reserve Bank of India’s
(RBI) restrictive prompt corrective
action (PCA) framework after posting
aprofit for the first time in 13 quarters.
Though the profit was due to write
back of provisions, the bank mainta-
ins that its financial ratios are a lot
more healthy and it deserves to come
out of PCA soon.
“Some other banks were brought
out of PCA despite not making pro-
fits. We have now delivered on all pa-
rameters and are even profitable. It is
only return on assets (RoA) where we
have to improve. But we will write to
RBI pleading our case to released
from the PCA restrictions,” said Su-
resh Khatanhar, deputy managing
director at IDBI Bank. He was refer-
ring to the RBI removing Bank of In-
dia, Bank of Maharashtra, Oriental
Bank of Commerce, Allahabad Bank
and Corporation Bank last year after
capital infusion by the government.
Higher Margins for Unhedged Bets
From ET Market Page 1
HIGHER VOLATILITY = MORE MARGINS
The higher upfront margins for the
so-called naked positions under the
new framework are because of the
climb in volatility. “The jump in up-
front margins is mainly because of
the higher volatility in the past
three months,” said Nithin Kamath,
founder of online brokerage Zerod-
ha. “The calculation of the new mar-
gin structure is based on volatility.”
Since February 19 — when the
spread of coronavirus triggered the
stock market turmoil —- the Volatil-
Meeting NCD Exposure Cap
From Page 1
A short-term listing window could
help mutual funds meet the regula-
tor’s October 2019 circular that man-
dated the industry to cap exposure to
NCDs at 10% of the scheme’s corpus.
This step had dried up demand for
NCDs among mutual funds.
Franklin Templeton’s global chief
Jennifer Johnson had partly blamed
the rule for the winding up of its six
debt schemes, a comment which invi-
ted Sebi’s wrath forcing Franklin to la-
ter apologise.
Sebi on April 28 extended the deadli-
ne for complying with these exposure
caps to December 31 giving mutual
of domestic volumes. This is expec-
ted to see a higher demand contrac-
tion in the overall two-wheeler space.
Domestic volumes fell 18% in FY20
broadly in-line with the industry, but
it could maintain its share due to the
21% growth in sales of its premium
model Ntorq. The scooter segment
has been primarily driven by urban
demand, which is likely to fall for the
third year in a row. Recovery could ta-
ke longer than motorcycles, where
Looking Up
Q4 RESULTS
Net Profit
of `135 cr
from loss
of `4,918 cr
on-year NIM: 3.80%
from 2.26%
Net NPA: 4.19% on-year
RoA: -4.26% Capital
in FY20 from Adequacy:
-4.68% in FY19 13.31%
PCA is triggered when a bank’s ca-
pital adequacy ratio falls below
10.25%, net NPAs are above 6% and
RoA is negative for two consecutive
years. Banks under PCA have to con-
serve capital and face restrictions on
dividend payments, branch expan-
sion, management compensation
and credit growth. IDBI has been un-
der PCA since May 2017.
The fourth quarter released on Sa-
ity Index, a measure of near-term
risks in the market, surged from 14
to 83.6 on March 25. VIX has dipped
to 30 on Friday on account of the re-
newed stability in the market but
the current average levels are still
above the historical averages.
Brokers said once the volatility re-
verts to long-term averages, the
margins would also fall but the de-
cline would be gradual.
“One thing that will change is
there won’t be sharp spikes or falls
in margin requirements in the new
system because of the higher PSR,”
said Kamath.
funds a breathing space. The Franklin
crisis broke out on April 24 after the
global asset management firm deci-
ded to wind up six debt schemes due to
rising redemptions and inability to
find a market for its lower-rated paper.
Franklin also halted payments to in-
vestors from these funds.
Industry officials said majority of
these unlisted NCDs are held by
Franklin and other top seven mutual
funds. “There is a better chance of mu-
tual funds being able to sell illiquid
debt if foreign funds and HNIs see va-
lue in some of the long-term papers,”
said the chief executive of a mid-sized
mutual fund.
Sebi and RBI have been on high alert
FY20
Q3 0.82
Q4 0.63
rural demand is the driving factor.
The Street estimates 10-15% volume
decline in FY21for scooters.
The company’s margins could come
under pressure due to lower utilisa-
tion and rising competition in the
motorcycle segment. TVS Motor has
turday showed that with a capital
adequacy of 13.31% and net NPA of
4.19% the bank has met two of the
three parameters to get out of PCA.
It made a profit of `135 crore in the
quarter ended March 2020 from a
loss of `4,918 crore a year ago, large-
ly due to a `1,511 crore of write-back
in NPA provisions.
It is only on the RoA that the LIC-ow-
ned lender does not qualify. The
bank’s RoA at the end of March 2020
was -4.26% versus -4.68% a year earli-
er which means it still has two conse-
cutive years of negative RoA.IDBI
Bank officials argue that RoA is an
annual calculation and should not
stop the RBI from delaying a change
in its status.
However, analysts said the bank's re-
covery is still a work in progress. “De-
fault risks have increased post the Co-
vid-19 crisis and this bank has had a
history of NPAs. Though most of it
has been provided for with 27% gross
NPAs a turnaround is very difficult to
believe at this stage,” said an analyst
with a foreign brokerage.
LOWER COSTS FOR HEDGED TRADES
The new upfront margins would,
however, benefit traders using
combinations of equity futures
and options to create strategies
that would limit losses. Such trad-
ing bets are usually done by sophis-
ticated traders with deep knowl-
edge of the intricacies of the deriv-
atives markets.
“We will see a new breed of options
traders because hedged trading
strategies will become cheaper by
50-70%,” said Kamath.
The benefit of lower margins will
not be available for basic trades or
ones where an investor buys futures
or options as a hedge against his
share portfolio.
after the Franklin episode came to the
fore. To contain its effect on the indust-
ry—mainly credit risk schemes—the
RBI late in April allowed mutual
funds to borrow from banks by kee-
ping securities that are of investment
grade as collateral. Though many in
the industry have not utilised the cen-
tral bank’s liquidity window in a big
way, industry officials claim the move
has infused confidence.
The mutual fund industry’s troubles,
however, may be far from over. Fund
managers agree that the stressed com-
panies, which have issued bonds to
debt schemes, may struggle to repay
money on time due to the recent losses
on account of the lockdown.
ped 100 bps to 13.8% in two-wheelers in
FY20 due to rising competition and
weak moped demand. Operating mar-
gins stood at 7% in the March 2020 qu-
arter versus Bajaj Auto’s 18.4%.
TVS had a hedge against domestic
cyclical troubles in its export busi-
ness. While domestic volumes fell
23%, exports rose 10%. This, too, may
falter due to the pandemic-induced
disruptions. The Street is pricing a
15% drop in export volumes for FY21.
Local Banks to
Trade Rupee in
Overseas NDF
From ET Markets Page 1
“It also opens up window for RBI to
directly intervene at the source of
volatility in offshore through local
banks,” he said.
The differential between offshore
and onshore forwards rates was as
much as one rupee across one-two-
three month contracts in March,
when India first imposed a lock-
down and the rupee plummeted to
new record lows against the dollar.
The offshore one-month for-
wards rate is trading at a 25-26
paise premium over the spot ex-
change rate, about five paise
higher than the onshore one-
month forwards, dealers said.
On April 16, the rupee fall peaked
at 76.87 a dollar, its all-time low.
“RBI intervenes in the domestic
market to check the rupee’s sharp
losses,” said Anindya Banerjee,
currency analyst at Kotak Securi-
ties. “But it could do little in the
NDF market, where speculating
bets surge amid volatility.”
Trading of NDFs has almost dou-
bled over the past three years, con-
tributing significantly to the sub-
stantial increase in the trading of
forwards recorded in the 2019, show
a Triennial Survey by Bank of In-
ternational Settlement (BIS). The
key currencies behind the NDF
surge include the Korean won, Bra-
zilian real, Indian rupee and New
Taiwan dollar. Daily average vol-
ume was about $250 billion in
April last year compared to esti-
mated $100 billion in 2013. “Given
that NDF volume and depth will in-
crease, we need to wait and see how
effectively the offshore activity in
rupee derivative migrates to on-
shore market,” said Prasanna.
Onshoring of offshore market
proved fruitful for the Chines yuan.
At the beginning of the decade,
CNH, the Chinese currency traded
in Hong Kong, was introduced to the
offshore NDF market. Consequent-
ly, it narrowed arbitrage opportuni-
ties adding relative stability.
Allegations & Counter Allegations
From Page 1
The first letter was an informal
one written in 1991, soon after Ra-
tan Tata took over as chairman
of Tata Sons. The second was
written in May 2004 when Tata
asked Mistry to continue as di-
rector of Tata Sons to ensure
continuity in the midst of the
ongoing Tata Consultancy Servi-
ces (TCS) share sale. The third
was an informal one in January
2005 that Tata wrote to thank the
elder Mistry after he stepped
down as director for his “support
and confidence.”
“If this relief (proportionate re-
presentation) were to be granted
to the Mistry family, the Supreme
solidation breakout in all the time frame
LAST CLOSE X ` 4,071 STOP LOSS X `3,980
ICICI BANK
Negated lower top-lower bottom on weekly scale
with positive crossover on mechanical indicator
LAST CLOSE X `332 STOP LOSS X `322
L&T
Consolidation breakout above 900 zones by
surpassing its 50-DEMA
LAST CLOSE X ` 932 STOP LOSS X ` 909
LEGAL NOTICE Want Sebi to issue directions to
the fund house until regulations are framed
Investors Demand
Reopening of Schemes
Franklin is Winding Up
Rajesh.Mascarenhas
@timesgroup.com
Mumbai: Investors in Franklin
Templeton’s debt schemes that
are in the process of being wo-
und up have sent a legal notice to
market regulator Securities and
Exchange Board of India (Sebi)
demanding necessary direc-
tions to be issued to Franklin
Templeton Trustee Services
(FTTS) to re-open the schemes
until the regulatory framework
has been put in place.
Investors have also demanded
that Sebi should appoint an ad-
ministrator to take over Frank-
lin Templeton Asset Manage-
ment Company (FTAMC) and
FTTS and evolve a mechanism
for ensuring timely payment of
the dues of the unitholders.
Several Delhi-based investors
including Kaj Associates LLP,
Ultra Walls and Floors LLP, Sa-
nyam Jain and Sarika Mittal
among others through their ad-
vocate Puneet Jain in a legal no-
tice said that Sebi should direct
FTTS to seek approval of the
unitholders to wind up the
schemes as required under Se-
bi regulations and only after it
is granted should a fresh mee-
ting be called to deliberate and
approve further steps in the
process of winding up.
They also demanded that the
fund house be debarred from
functioning for any of the six
schemes as they are in default,
ugh Cyrus Mistry.
“It was only after the procee-
dings commenced that Tata Sons
illegally removed Mistry as a di-
rector. In 2017, after the NCLAT
had granted a waiver in favour of
the Mistry family, and when pro-
ceedings resumed before the
NCLT, the prayer for ‘proportio-
nate representation’ was intro-
duced to remedy the illegality ef-
fected by Tata Sons,” the person
said.
“The Articles of Association of
Tata Sons also don’t state that the
minority shareholders should be
oppressed. The Tata Trusts have
been held guilty of violating the
Articles of Association when
they illegally removed Mistry,”
` 4,250
BUY
TARGET
` 353
BUY
TARGET
` 980
and to restrain Kotak Mahind-
ra Bank or any other agency ap-
pointed by the fund house from
acting in any manner for win-
ding up.
Investors have accused Sebi of
“deliberately turning a blind eye
to patent and blatant violations”
by Franklin Templeton AMC in
managing its debt funds which
has resulted in unprecedented clo-
sure of six of them.
“My clients have been compel-
led and constrained to issue the
present notice due to a complete
apathy of the Sebi to look after in-
vestors’ interest
and is in fact has
been bending over
backwards to em-
bank and insulate
FT from actions
by investors
Investors
have also when as a regula-
demanded
that Sebi
tor, with omnibus
powers, it ought
appoint an to have acted pre-
administrator emptively aga-
to take over inst it with pro-
the AMC and mptitude,” said
ensure timely the legal notice.
payments “It is strange
that despite kno-
wing that FT had actually de-
faulted, but instead of acting
against FT and stopping it from
operating other schemes, Sebi
has extended a long rope which
has been misused by it to de-
fraud more investors” the notice
said. An email query sent to Sebi
did not elicit any response until
press time.
without any misunderstanding-
and in the best interest of Tata
Sons as a company. Our standing
together will also be a matter of
strength… In ending, let me re-
iterate that I will never do anyt-
hing consciously to hurt you or
your family’.”
In June 2016, the nominations
and remuneration committee of
Tata Sons had given Cyrus Mist-
ry a glowing performance feed-
back, which was endorsed by the
full board of Tata Sons, said the
person close to him.
“To date, there has been no proof
or any evidence provided to show
the grounds on which the board
claims to have lost confidence.
This is further reinforced by Ta-

Reopening Schools and Colleges

down. “As the economy opens
up, there will be a demand for
more security guards,” said
Shibu Issac, another CAPSI of-
ficial.
Any large mall will need abo-
ut 350-400 guards in the par-
king area and at entry-exit po-
ints. “With the lockdown, the-
se places were functioning
with barely 20-30 people,” said
Vishwanath V Katti, MD of
Bengaluru-based Guardwell
Prime Services.
Corporate demand has incre-
ased from earlier levels.
“Companies with two guards
earlier would now need three
or four because of Covid
checks,” Issac said.
“A lot of unmanned factories
are facing security issues,” Pu-
ri said. “When these reopen,
there will be need for guards.”
State police departments are
also seeking support from pri-
vate security guards to help
with crisis management. “The
Karnataka state government
recently sought help of the
Karnataka Security Services
Association (KSSA), which ga-
ve 1,000 guards to the police de-
partment,” said Katti.
Industry experts are concer-
ned about a possible rise in so-
cial unrest as job losses lead to
snatching, theft and street vio-
lence. “Social unrest is a big
challenge we have to take care
of,” said Singh.
From Page 1
“There will be prohibition on entry
of people from containment zones/
hotspot areas in Delhi to Gautam
Buddh Nagar and Ghaziabad,” said
additional chief secretary, home,
Awanish Awasthi. “All government
offices will operate with 100% work-
force. Staggered timings will be fol-
lowed — 9 am to 5 pm, 10 am to 6 pm
and 11 am to 7 pm.”
He added that all markets will re-
main open from 9 am to 9 pm. Super-
markets will be allowed to open with
distancing and other precautionary
measures. Weekly markets will be al-
lowed in rural areas. Salons and be-
auty parlours will be allowed to open
as long as distancing is maintained.
Staff should wear face shields and
gloves. The Uttar Pradesh guideli-
nes allow state transport buses to
operate on the condition that pas-
sengers don’t exceed the seating ca-
pacity.
West Bengal and Madhya Pradesh
extended lockdown measures until
June 15 in containment zones. In
West Bengal, places of worship will
open from June 1. Not more than 10
people will be allowed in gatherings
while shopping malls, restaurants
and hotels can reopen on June 8.
The Rajasthan Government has is-
sued guidelines for June 1-30. Shops,
beauty parlours, community parks
will open while following physical
distancing guidelines and other pre-
cautions. Government offices will
function at full strength. Bihar said
containment zones will remain shut
until June 30 under the state disaster
management act.
Haryana and Delhi are also expected
to issue revised guidelines. The Chan-
digarh administration has imposed a
night curfew from 9 pm to 5 am.
In Karnataka, guidelines on lock-
down measures will remain in force
in until June 30 in containment zo-
nes. Religious places and places of
worship, hotels, restaurants and
other hospitality services and shop-
ping malls will be permitted to open
from June 8.
Telangana extended the lockdown
in containment zones until June 30
while announcing relaxations in all
other areas. Telangana chief mini-
ster K Chandrashekar Rao has in-
structed officials to implement the
lockdown strictly in containment zo-
nes. Shops can stay open until 8 pm
and the night curfew will run from 9
pm to 5 am daily. It has decided to re-
move restrictions on inter-state tra-
vel. Jammu and Kashmir has exten-
ded lockdown measures until June 8.
The Union home secretary had
written to state chief secretaries on
Saturday seeking their feedback on
the reopening of schools and colle-
ges in the third phase from July 1 on-
wards. The MHA asked states to con-
sult all stakeholders in the educa-
tion sector on the reopening of scho-
ols and colleges and send feedback to
the Centre to enable it to take a deci-
sion on the schedule for re-starting
academic activities.
Maharashtra has allowed relaxa-
tions in three phases. In the first pha-
se, outdoor activities such as cyc-
ling, walking and jogging have been
permitted from June 3 between 5 am
and 7pm. No group activities will be
allowed. Electricians, plumbers, ga-
rages and workshops have been allo-
wed to function in the first phase. Es-
sential goods shops and ecommerce
will be permitted to function. Go-
vernment offices will function with
up to 15% staffing.
In the second phase, markets and
shops in Mumbai will be allowed to
open from June 5. Shops will be allowed
to open on an odd-even basis — alterna-
ting between those on the left and right
side of any road. The rule will not be
applicable to markets complexes and
malls, which remain shut.
Under the third phase from June 8,
private offices have been permitted to
start work with 10% attendance ex-
cept in containment zones, even in
MMR, Pune and other Covid-19 affec-
ted districts. Taxis and autoricks-
haws have been allowed to operate for
essential services. However, they will
not be allowed in containment zones.
Court will have to rewrite the com-
pany’s Articles of Association,”
the person close to Tata said.
Chairman emeritus Ratan Tata
has also refuted claims regar-
ding a Tata bloc and non-Tata
bloc made by Cyrus Mistry in
terms of shareholder represen-
tation. “There is nothing called a
Tata bloc,” the person close to Ta-
ta said. The Tata Trusts are pub-
lic charitable trusts, the Tata fa-
mily owns less than 3% and the
Tata companies are independent
legal entities, the person said.
This person also said that Cy-
rus Mistry’s argument that his
appointment was “inextricably
linked” to his status as a share-
holder was flawed.
“Cyrus Mistry’s appointment
as chairman was a professional
decision of the company’s board
which he accepted,” he said.
“The decision of the board as-
king him to step down from that
position in 2016 should also be vi-
ewed as a professional decision
when the board members, collec-
tively, lost their confidence in
him to lead the Tata Group.”
MISTRY STANCE
However, officials close to Cyrus
Mistry said when the two invest-
ment firms of the Mistry family-
—CIPL and SIPL—filed a peti-
tion citing mismanagement and
oppression of minority share-
holders in December 2016, they
had board representation thro-
the person said. The Companies
Act under Section 242 (2) empo-
wers the grant of any relief as a
means to bring to an end the opp-
ressive conduct and can extend to
rewriting the Articles of the com-
pany to ensure equitable relief,
the person said.
Executives close to Mistry said
the Tata companies were not
part of Tata Sons until the rights
issue of Tata Sons in 1995.
“There were only two sharehol-
der groups--the Tata Group re-
presented by Tata Trusts and the
SP Group. The rights issue was
required to help increase the
shareholding of Tata Sons in Ta-
ta Group companies,” said one
of them. “It is important to note
that the Tata Trusts could not
subscribe to the shares of Tata
Sons as they are legally prohibi-
ted from owning shares as men-
tioned above. It was only with the
consent of the SP Group that the
Tata Companies were allowed to
become members of Tata Sons,
so that the effective sharehol-
ding of the Tata Group did not
get diluted.”
The Tata side’s contention re-
flects “a deterioration in stan-
dards and values that Tata cla-
ims to uphold,” said the person
close to Mistry.
“In fact, one of the letters that
Tata wrote to Pallonji Mistry sta-
tes, ‘Our common agreement
and mutual faith will foster a
true and lasting relationship
ta’s own admission that it was the
Tata Trusts that claimed to have
lost confidence in Mistry… It is ti-
me to transparently disclose the
governance at the trusts.”
NCLAT RULING
The NCLAT had ruled that the
facts bear out acts of oppression
and prejudicial conduct against
minority shareholders and gran-
ted them relief, the person said.
Both the Tata Group and the
Mistry side had challenged the
December ruling of the National
Company Law Appellate Tribu-
nal (NCLAT) in the apex court.
The Supreme Court had in Janu-
ary stayed the NCLAT order re-
instating Cyrus Mistry as execu-
tive chairman of Tata Sons and
restoring his directorships in
the holding company as well as
three group companies.
Suruchi Suri, partner at Suri &
Company, said the case will de-
termine whether relief could ha-
ve been given to Cyrus Mistry by
the NCLAT without striking
down the Articles of Association
of Tata Sons.
“The ruling will set a precedent
in any event since the law has not
been tested in this kind of an im-
pact on minority shareholders
as yet,” Suri said. “Several com-
panies where minority share-
holders don't have any represen-
tations on the board currently
would be keenly watching this
case for future reference."
THE ECONOMIC TIMES | MUMBAI | MONDAY | 1 JUNE 2020 | WWW.ECONOMICTIMES.COM
TELEGRAM t.me/indiaepapers
Economy: Macro, Micro & More  9
Private IMD maintains that
The monsoon is close to Kerala A cyclone is Northern India India’s hottest
Monsoon coast & on verge of reaching
the mainland
forecaster
Skymet says the
monsoon has
the monsoon has not
begun in India yet forecast to strike
Maharashtra and
has also received
widespread
place on
Saturday was
Watch already reached
Kerala
CURRENT
WEATHER &
Gujarat on June 3
showers in the
past two days Khargone in
MP at 44.5°C
FORECAST Heavy rainfall along Heatwave conditions in
A low pressure area has formed Conditions are favourable for the western coast is
over Arabian Sea, which will further advance of the monsoon northern India have abated
expected in the next
develop into a cyclone into Arabian Sea and Bay of Bengal few days
after the showers

PULLING OUT A 2014 PROPOSAL
Unorganised Sector
Workers may Get IDs
U-WIN to be seeded with Aadhaar & have expanded coverage
Yogima.Seth
@timesgroup.com
New Delhi: The government
has pulled out a 2014 proposal
to provide identification
numbers to workers from the
the unorganised sector after
facing all round criticism for
not doing much for migrant
labour hit hard by the Co-
vid-19 lockdown.
The new look ‘Unorganised
Worker Identification Num-
ber (U-WIN)’ will be seeded
with Aadhaar and have ex-
panded coverage. Besides, it
would include other informa-
tion such as qualifications
and skill set of the worker.
A senior labour ministry of-
ficial told ET that the govern-
ment will aggressively push
the U-WIN project to create a
comprehensive database of
unorganised workers, inclu-
ding the migrant workers.
“We are evaluating the deta-
ils of the workers that can be
added into the electronic data-
base to make it all encompas-
sing,” the official added.
In 2014 the labour ministry
had launched a pilot for Unor-
ganised Worker Identification
Number (U-WIN) in Gujarat,
but the project was stalled on
the grounds that it was a dupli-
cation of Aadhaar that was
conceived as a single identifica-
tion number for individuals.
The Covid-9 outbreak and na-
tionwide lockdown prompted
an unprecedented reverse mig-
ration of labour from cities to
their native villages.
Addressing Data Gaps
Labour ministry
to revive U-WIN
U-WIN for Labour
Data to be made
more comprehensive
Electronic data to be
Aadhaar seeded
Info on migration,
skills sets to be added
Coverage to be
widened to include all
unorganised workers
Data will be fed into
NCS portal
“The current crisis has
shown that a specific data re-
gistry is needed for migrant
workers,” another official
said.
On being asked as to why the
government did not consider
cash transfer for migrant wor-
kers in the ` 20 lakh crore reli-
ef package, finance minister
Nirmala Sitharaman had told
ET in an earlier interview " I
wish we had enough data to
assess that and be able to as-
sign something to them. The
motive is not to exclude."
A finance ministry official
said the ministry is now wor-
king with the labour ministry
to address this data issue.
EXPANDING DATA COVERAGE
U-WIN will be expanded to co-
ver 40 crore unorganised sector
workers, the first official said.
More data sets would be added
How it
Will Help
Data to be
used to
provide social
security
benefits
It will help
employers hire
them directly
to ensure a more comprehensi-
ve profile of a worker is crea-
ted. Of the total workforce of
50 crore, only 10 crore are co-
vered under government-run
social security scheme of
Employees’ Provident Fund
Organisation and Employees’
State Insurance Corporation,
which makes them eligible for
health and disability benefits,
amongst others.
A robust database will help
reach out to the balance.
"This would make it easier to
provide social security bene-
fits to such workers," the offi-
cial said.
Data from U-WIN will also
feed into the government’s
National Career Service Por-
tal, making it easier for pro-
spective employers to reach
out to them directly without
any need of a contractor or
middlemen.
Railways Bets
on Maruti, Kia
to Increase
Freight Kitty
Our Bureau
New Delhi: The Indian Railways
is betting on increased freight loa-
ding by automakers including Ma-
ruti Suzuki and South Korea’s Kia
Motors as the lockdown is eased.
During the lockdown, the railwa-
ys had been in touch with both
companies for their transporta-
tion requirements, a senior rail-
way ministry official said.
One freight train loaded with 100
units of Kia Seltos left from Beng-
aluru on Sunday. The rate for one
such train, known as a rake, is
about `19 lakh.
Back On Track
1 freight train loaded with 100
units of Kia Seltos left from
Bengaluru on Sunday
SW Railway
division also in
touch with TCL
for dispatch of
TAFE tractors
` `19 lakh: Rate for one
train, known as a rake
“We are expecting orders from
automakers to stabilise and go up
to 10 rakes every month,” said RS
Saxena, divisional railway mana-
ger at Bengaluru.
While the cost of moving SUVs by
rail is similar to that by road, rail
transportation is faster — rakes
from Bengaluru reach New Delhi
in three to four days compared with
a week by road, Saxena told ET.
The South Western Railway divi-
sion is also in touch with TCL for
the dispatch of its TAFE brand
tractors.“We are confident to load
about 10 to 12 rakes during June if
they are provided timely,” the offi-
cial said.
WTO VIRTUAL GENERAL COUNCIL MEETING
REVISED SLOWDOWN
Along with the Jan-Mar quarter & annual FY21 GDP
estimates, the statistics office has substantially re-
vised down estimates for previous quarters as well.
Kirtika Suneja takes a look
India for TRIPS Flexibility
to Ensure Drugs’ Access
MAJOR GDP REVISION
GDP Growth (%)
Provisional Previous
Kirtika.Suneja
@timesgroup.com Clear Priorities
Estimate Estimate Ensure access to afforda-
Q1 5.2 5.6 New Delhi: India has pitched ble medicine using flexi-
for flexibility in global intellec- bilities in TRIPS pact
Q2 4.4 5.1
Q3 4. 4.7
tual property rights (IPR) agre-
ements, in order to ensure ac- Build e-education, tele-
Q4 3.1 4.7* cess to essential medicines and medicine capacities in LDCs,
vaccines at affordable rates to developing countries
FY 4.2 5 all as the world grapples with
Resolve Appellate
Provisional Estimate released May 29 the Covid-19 pandemic. Body impasse
At the virtual General Council
*Computed Meeting of the World Trade Or- Ensure food security,
ganization on Friday, New Delhi eliminate asymmetries in
SHARPER GVA DECLINE also said there was an “urgent entitlements in farm pact
Gross value added (GVA) Growth (%) need” to build the digital capaci- Special treatment to
ties of developing countries and protect developing
Provisional Previous
least developed countries (LDC) countries’ small fishermen
Estimate Estimate so that they benefit from e-edu-
Q1 4.8 5.4 cation and tele-medicine.
Highlighting its five priorities affordable prices, especially in
Q2 4.3 4.8
at the WTO, India called for ef- the context of the Covid-19.
Q3 3.5 4.5
fective use of flexibilities inhe- It stressed on building capaciti-
Q4 3 5
rent in the Trade-Related es of developing countries and
Aspects of Intellectual Proper- LDCs in areas like digital skills
WHAT THE REVISION SHOWS? ty Rights (TRIPs) to ensure ac- and broadband infrastructure so
cess to essential medicines, tre- that the benefits of e-commerce
XPre-Covid slowdown was sharper than estimated atments and vaccines to all at applications are available to all.
X8 consecutive XChances Q3 &
quarters of overall growth may
slowdown be revised down
Cyclone Likely to Hit Maha, Guj
ISSUES WITH THE REVISION
ke the Kerala coast this week,
XQ1, Q2 growth XExperts say downward revi- Shashwat.Mohanty disagreeing with Skymet which
was revised up when sion raises data quality issues @timesgroup.com said the monsoon has already
Q3 estimates reached the mainland.
were XQ4 absolute GDP not higher New Delhi: A cyclone is likely The storm is forecast to hit the
released than Q3: Pronab Sen, former to hit coasts of Maharashtra coasts of Kerala, Karnataka,
chief statistician and Gujarat on June 3, accor- Goa, Maharashtra and sout-
ding to a weather office fore- hern Gujarat from Monday to
XOn unchanged Q1, Q2 and Q3 numbers, Q4 cast, adding trouble for these Wednesday, the IMD said. It will
growth comes at 1.2%: SBI Research two states which are already intensify into a cyclone over the
struggling to rein in the rising sea and strike Maharashtra and
number of Covid-19 cases. Gujarat with wind speeds hig-
The India Meteorological De- her than 100 kmph.
partment (IMD) said conditions Its trajectory is not yet accu-
were turning favourable for the rately forecast as it is still de-
further advance of the south- veloping, but some models pro-
west monsoon. The weather of- ject it to move close to the
ILLUSTRATION ANIRBAN BORA fice expects the monsoon to stri- Mumbai coast.

I 1 1 1 i r ' i

(PORT PLANNING AND DEVELOPMENT DEPARTMENT) Head i

ISO 9001:2015, ISO 14001:2015, ISO 27001:2013, ISO 45001:2018 CERTIFIED Td Will.: 0233-2324641to 2324645, Fax 02334322107,mWi - uqI11dcc@9maLcom Tel. Nos. : R
Short e-TENDER NOTICE
Jawaharlal Nehru Port Trust invites percentage rate basis tenders "ON- Offers are invited by the undersigned for selling or leasing out (renting out) Textile
Offers are invited by the undersigned for selling or leasing out (renting out) Spinning
LINE", from the experienced contractors fulfilling the "Minimum Qualifying Processing Unit of Pratibimb Magasvargiya Co-O p . Industries Ltd., Islampur , Tal. Walva
Mill Unit of Shetkari Vinkari Sahakari Sootgirani Ltd., Islampur, Ta1.W Walva Dist . Sangli
Criteria" sti pulated in this tender for the following works. Dist. Sangli (Maharashtra ) Owned By Bank
(Maharashtra ) Owned by Bank
1) Tender No.: PPD/M-II/R&Y Maint./T-34/2020 . Dated: 20/05/2020. The Tenders are invited in sealed envelope to be submitted to Sangli D. C. C. Bank The Tenders are invited in sealed envelope to be submitted to Sangli D C C Bank Ltd
Name of Work : "Annual Maintenance of Roads & Yards Inside JN Port along with prescribed earnest money amount by Demand Draft drawn on SANGLI and along with
Custom Bound Area (2020-21)" . Estimated Cost : Z 1,47 ,82 ,300/- . EMD:
Ltd. along with prescribed earnest money amount by Demand Draft drawn on SANGLI and along
with KYC documents. The sealed envelope contained with remark' Tender application for Sale or KYC documents- The sealed envelope contained with remark' Tender application for Sale or Let
Z 3,49 ,000/- .
Let Out (Leasing Out) properties / Machinery situated at Islampur to be opened on 08/07/2020 at Out (Leasing Out) properties / Machinery situated at Islampur 'to be opened on 08/07/2020 at 2.00
2) Tender No.: PPD/M-ll/Building Maint/T-37/2020. Dated: 26/05/2020.
Name of Work : "Annual Civil Maintenance Work of Port Building Inside 2.00 P.M. The said Tenders will be opened on said date and time , described herein below at P.M, The said Tenders will be opened on said date and time , described herein below at Sangli Dist.
Custom BoundArea (2020-2021)' . Estimated Cost : Z 1,70,18,689/- . EMD: Sangli Dist. Central Co-op. Bank Ltd; Sangli , Head Office, Padmabhushan Vasantdada Patil Central Co-Op. Bank Ltd., Sangli, Head Office , Padmabhushan Vasantdada Patil Marg
Z 4,01 ,641 /-. Marg Karmaveer Bhaurao Patil Chowk , Sangli , Dist. Sangli. (MAHARASHTRA) Karmaveer Bhaurao Patil Chowk , Sangli, Dist, Sangli. (MAHARASHTRA)
Tender fee of each tender shall be Z 11.800/-, Completed tenders shall be Brief Description of the Properties Brief Description of the Properties
submitted on or before 20/06/2020 upto 1500 hrs. "On-line" process. The
detailed tender notice and tender document is available on the JNPTs Particulars Location Land Area Particulars Location Land Area
website www.Jnport .gov.in or https :// eprocure.gov.in.
Property belonging to Shetkari Vinkari Sahakari Sootgirani MIDC Islampur Propert y belonging to Pratibimb Magasvargi ya Co-Op. MIDC Islampur
Chief Mana ger PP&DD 94506 10290
Ltd.lslampur Property situated at MIDC Islampur Tal.Walva Tal.Walva Industries Ltd. Islampur Property situated at MIDC Tal.Walva
Sq.M Sq.M
Dist.Sangli Plot No A-20 having Main Factory Building, Dist. Sangli Islampur , Tal.Walva Dist.Sangli Plot No A-20/2/3 hav ng Dist.Sangli
Main Factory Building, Administrative Building, Guest
Directorate of Basic Education , Administrative Building , Guest House, Parking Shade etc Plot No A-20
House , Parking Shade etc and Plant and Machinery of
Plot No A-20/2
Vidhya Bhawan, Nishatganj , Lucknow, and Plant and Machinery of Sootgirani. (Maharashtra) Textile Processing Unit (Maharashtra)
Uttar Pradesh-226007
Ref. School Bag Tender Notice No. 2020 UPBED 457440 1 For Sale For Lease /Let Out (Rent ) Last Date & Time of Day, Date& Time For Sale For Lease /Let Out (Rent) Last Date & Time of Day, Date& Time
Submission of Bids . of opening of Bids Submission of Bids . of opening of Bids
Date : 30.05.2020
Reserve Earnest Money Reserve Price Earnest Money 04/07/2020 till Wednesday Reserve Earnest Money Reserve Price Earnest Money 04/07/2020 till Wednesday
CANCELLATION NOTICE Price Deposit (EMD) for Rent Yearly Deposit (EMD) 3.00 Pm at Date 08/07/2020 Price Dec osit (EMD) for Rent Yearly Deposit (EMD) 3.00 Pm at Date 08/07/2020
on 2.00 PM at on 2.00 PM at
5255.75 525 . 58 530.00 53.00 Head off ice 784 . 97 78 .50 80.00 8.00 Head office
In reference to the School Bag Tender Lakhs Lakhs Lakhs Lakhs Sangli
Head office
San li Lakhs Lakhs Lakhs Lakhs Sangli
Head office
San l

2020 Ref. Tender Notice No. 2020 Terms and Conditions For Sale:-
(1) The bank intends to sell the assets detailed above " A S IS WHERE IS, AS IS WHAT IS,
AND WHATEVER THERE IS BASIS WHICH IS WITHOUT A N Y WARRANTY ,
UPBED _457440 _ 1 dated 07 April , GUARANTEE, ASSURANCE, UNDERTAKING OR REPRESENTATION OF ANY KIND
WHATSOEVER " The Bank does not take or assume any responsibility for any shortfall of the
movable/immovable assets for procuring any permissions etc. or for any dues , statutory or
2020, it is hereby informed that the otherwise of any authority established by law. such dues if any will have to be borne/paid by the
Terms and C o n d i t i o n s For Sale:-
(1) The bank intends to sell the assets detailed above " AS IS WHERE IS , AS IS WHAT IS,
AND WHATEVER THERE IS BASIS WHICH IS WITHOUT ANY WARRANTY,
GUARANTEE , ASSURANCE, UNDERTAKING OR REPRESENTATION OF ANY KIND
WHATSOEVER" The Bank does not take or assume any responsibility for any shortfall of the
movable/immovable assets for procuring any permissions etc. or for any dues , statutory or
otherwise of any authority established by law. such dues if any will have to be borne/paid by the

D(
purchaser (2) The Tenders are acceptable and valid if they are received to Bank on or before till purchaser (2) The Tenders are acceptable and valid if they are received to Bank on or before till
the opening of Tenders. (3) The EMID amount as mentioned above should be paid by DD in
School Bag Tender 2020-21 has been favour of The Sang li District Central Co -Op. Bank Ltd.," payable on Sangli on any
the opening of Tenders- 3) The EMD amount as mentioned above should be paid by DD in
favour of The Sangli istrict Central Co-Op. Bank Ltd .," payable on Sangli on any
Nationalised/Schedule Bank. The EMD shall be refunded to unsuccessful bidder on the same Nationalised/Schedule Bank_ The EMD shall be refunded to unsuccessful bidder on the same
cancelled by the competent authority day. The EMD will not carry any interest. (4) 25% amount shall be deposited by D.D or RTGS/
NEFT on our BankAccount by highest bidder on the same day of opening of tenders. (5 )) 75%
day. The EMD will not carryany interest . (4) 25% amount shall be deposited by D.D or RTGS/
NEFT on our Bank Account by highest bidder on the same day of opening of tenders- (5) 75%
amount of remaining highest bidding and stamp duty, registration fee , Machinery GST and amount of remaining highest bidding and stamp duty, registration fee , Machinery GST and
due to unavoidable reasons. other expenses for sale deed shall be deposited within 15 days from the date of opening of
tenders. If not deposited within stipulated period, deposited amounts will be forfeited and the
other expenses for sale deed shall be deposited within 15 days from the date of opening of
tenders. If not deposited within stipulated period , deposited amounts will be forfeited and the
Director said bidder shall not have any rights on said properties / machinery, Bank is not bound to pay said bidder shall not have any rights on said properties / machinery. Bank is not bound to pay
interest on amounts deposited by tender applicants. 6 After opening of tenders , the highest interest on amounts deposited by tender applicants. 6 ) After opening of tenders , the highest
Basic Education , U.P. bidder is responsible for financial and legal activities , 7 Tender applicant has a right to submit bidder is responsible for financial and legal activities , (7) Tender applicant has a right to submit
Lucknow -226 007 one or more tenders- He has to deposit earnest money f or each tender application separately. one or more tenders. He has to deposit earnest money for each tender application separately.
(8) Bank has a right to take decision in case of equal amount tenders . (9) The Tender property (8) Bank has a right to take decision in case of equal amount tenders . (9) The Tender property
will remain open for seeing after prior permission of Bank in office hours 11.00 am to 3.00 pm will remain open for seeing after prior Permission of Bank in office hours 11.00 am to 3.00 pm
(except Holidays) from 12/06/2020 to 30/06/2020( 10) The bid document can be obtained from (ex cept Holidays) from 12/06/202 0 to 30/06/2020( 10) The bid document can be obtained from
the undersigned during 15/06/2020 to 30/06/20 0 on any working days (exce pPt Holidays ) the undersigned during 15/06/2020 to 30/06/20 0 on any working days (exce pp t Holidays )
Munici pal Corporation between 10 00 am to 4.00 pm on pa y ment of non-refundable fee of F1s.5000/-(Rs. Five between 10 00 am to 4.00 pm on payment of non-refundable fee of s.5000 /-( Rs. Five
Thousand Only)+ GST by cash at Head office Sangli the bid documents are available at our Thousand Only)+ GST by cash at Head off ice Sangli the bid documents are available at our
G A R DE N I> I: PI head office Sangli (11) The Bank reserves the right to retain the Tender sale (12 The maximum head office Sangli (11) The Bank reserves the right to retain the Tender sale (12) The maximum
TENDER NOTICE NO. NM M C /GARDEN/B-1/68 1!2.5 2020 bidding amount is not satisfactory and not with expectation of Bank , ban k has right to bidding amount is not satisfactory and not with expectation of Bank , bank has right to
cancel/post pone the said Sale. And he reserves the right to accept/ rej ect any/ or all the bids cancel/post pone the said Sale. And he reserves the right to accept/ reject any/ or all the bids
Sr. G.M.D. without assigning any reason , (13) The said Tender Notice is published on our bank' s website without assigning any reason , (13) The said Tender Notice is published on our bank' s website
Name of W o r k
No. Rs. evv ,nv .s 3 n g l . ccba k .c:om (14) Right to alter and relaxation in terms and conditions is reserved w;ytv .s i n g l ( ccoa nk . co ' I (14) Right to alter and relaxation in terms and conditions is reserved
by Bank , by Bank_
Removal of Dead and dangerous trees /
branches from public as well as private 1 ,02 ,000- Termsand Conditions for Lease /Let Out (Rent) :- Terms and Conditions for Lease /Let Out (Rent): -
1 Thebank in tends Let-out (Leasing the assets ( The bank intends to L et-out (Leasi ng the ( R
premises in "A" Ward BELAPUR Ward
AS IS WHAT IS WHATEVE T HERE IS WHICH IS WITHOUT ANY AS IS IS ER E IS BASIS W HICH IS WIT HOUT ANY
THERE
(Tender Notice no.68 (1) ) WARRANTY,GUARANTEE,ASSURANCE,UNDERTAKING OR REPRESENTATION OF WARRANTY,GUARANTEE,ASSURANCE,UNDERTAKING OR REPRESENTATION OF
Removal of Dead and dangerous trees / ANY KIND WHATSOEVER" The Bank does not take or assume any responsibility for any ANY KIND WHATSOEVER" The Bank does not take or assume any responsibility for any
branches from public as well as private 1 , 17,000- shortfall of the movable/immovable assets for procuring any permissions etc . or for any dues , shortfall of the movable/immovable assets forprocuring any permissions etc. or for any dues ,
2 statutory or otherwise of any authority established by law. Such dues if any will have to be statutory or otherwise of any authority established by law. Such dues if any will have to be
premises in "B" Ward NERUL Ward
borne/paid by the purchaser (2) The MD amount as mentioned above should be paid by DD borne/paid by the purchaser (2) The EMD amount as mentioned above should be paid by DD
(Tender Notice no.68 (2) in favour of "The Sangli District Central Co Op Bank Ltd. , " payable on Sangli on any in favour of "The Sangli District Central Co Op Bank Ltd. , " payable on Sangli on any
Removal of Dead and dangerous trees / Nationalised/Schedule Bank. The EMD shall be refunded to unsuccessful bidder on the same Nationalised/Schedule Bank. The EMD shall be refunded to unsuccessful bidder on the same
branches from public as well as private day- The EMD will not carry any interest. 3)1 year rent will be taken as deposit without interest day. The EMD will not carry any interest. 3)1 year rent will be taken as deposit without interest
3 premises in "D" Ward TURBHE (SANPADA) 59,000- from successful bidder but yearly rent should be paid to bank as per agreement (4) Tender from successful bidder but yearly rent should be paid to bank as per agreement (4) Tender
Ward applicant has a right to submit one or more tenders. He has to deposit earnest money for each applicant has a right to submit one or more tenders- He has to deposit earnest money for each
tender application se p arately. (5) Bank has a right to take decision in case of equal amount tender application separately. (5) Bank has a right to take decision in case of equal amount
(Tender Notice no.68 (3) ) tenders. (6) The Tender property will remain open for seeing after prior permission of Bank in tenders . (6) The Tender property will remain open for seeing after prior permission of Bank in
Removal of Dead and dangerous trees / office hours 11.00 am to 3.00 pm (except Holidays) from 12/06/2020 to 30/06/2020 (7) The bid office hours 11.00 am to 3.00 pm (except Holidays) from 12/06/2020 to 30/06/2020 (7) The bid
branches from public as well as private 55 ,000;- document can be obtained from the undersigned during 15/06/2020 to 30/06/2020 on any document can be obtained from the undersigned during 15/06/2020 to 30/06/2020 on any
4 working days (except Holidays ) between 10.00 am to 4.00 pm on payment of non-refundable working days (except Holidays ) between 10.00 am to 4.00 pm on payment of non-refundable
premises in "E" Ward KOPERKHAIRNE Ward
fee of Rs.5000/-(Rs, Five Thousand Only)+ GST by cash at Head office Sangli the bid fee of Rs.5000/-(Rs, Five Thousand Only)+ GST by cash at Head office Sangli the bid
(Tender Notice no . 68 (4) )
documents are available at our head office Sangli (8) The Bank reserves the right to retain the documents are available at our head office Sangli (8) The Bank reserves the right to retain the
Removal of Dead and dangerous trees / Tender let out (9) The maximum bidding amount is not satisfactory and not with expectation of Tender let out (9) The maximum bidding amount is not satisfactory and not with expectation of
branches from public as well as private 34 ,100/- Bank , bank has right to cancel/post pone the said let out tender And reserves the right to Bank , bank has right to cancel/post pone the said let out tender And reserves the right to
5
premises in "F" Ward GHANSOLI Ward accept/ reject any/ or all the bids without assigning any reason. (10)The said lease tender accept/reject any/ or all the bids without assigning any reason. (10)The said lease tender
agreement will be for 3 years , but as per performance of tenderer it can be extended for agreement will be for 3 years , but as per performance of tenderer it can be extended for
(Tender Notice no. 68 (5) ) maximum 2 years (11)The said Tender Notice is published on our bank' s website maximum 2 years (11)The said Tender Notice is published on our bank' s website
All Tender details are a v a i l a b l e at www . n m me .eov.com wv.v .s a n g ld c c b a n k .ccr (12) Right to alter and relaxation in terms and conditions is reserved ww .v .sang ldccbank .con (12) Right to alter and relaxation in terms and conditions is reserved
and w ww . nmmc . maharashtra .etenders.in by Bank. by Bank.
For Sangli Dist. Central Co-Op , Bank Ltd.,Sangli For Sangli Dist. Central Co-Op. Bank Ltd.,Sangli
Sign/-
Place : SANGLI. Sd/- Place : SANGLI. Sd/-
Dv.Municipal Commissioner (Garden ) (B. M. Ramdurg) (B. M. Ramdurg)
NMMC:PR Adv no 1793,2020 Navi Mumbai Munici pal C o r por a t i on Date : 01/06 /2020 General Manager (Admin-Agro. Ind, Loans) Date : 01/06 /2020 General Manager (Admin-Agro. Ind, Loans)
 TELEGRAM t.me/indiaepapers
10 THE ECONOMIC TIMES The Edit Page THE ECONOMIC TIMES | MUMBAI | MONDAY | 1 JUNE 2020 | WWW.ECONOMICTIMES.COM

Sharp fall in the latest growth estimates is a wake-up call to GoI to ramp up its stimulus package
Get Back to Work,
Taking Precautions
States must focus on strengthening healthcare
It is welcome that the government has finally changed the
Smell the GDP Numbers sombre warning of how the rest of tor banks. But that will not change
the current fiscal is likely to unfold. the growth trajectory.
nomenclature of the next phase of the ongoing, calibrated Of whether we will see any growth.
Unprecedented-Painted
emergence from lockdown to Unlock 1, instead of Lock-
down 5. The name matters, as an economy is not quite a Ro-
Or whether, in line with predictions,
the economy will contract some- High-frequency economic indica- To Change
where between 25% and 40%. tors already point to a deep contrac-
meo, whose name Juliet thought to be of no consequence.
Economies export and consumers in other lands would be
The harsh reality is that two
months into FY2020-21, not only are
tion in economic activity. Industrial
output contracted an unpreceden-
Gears
wary of buying the produce of a part of the world that is Mythili Bhusnurmath we nowhere near returning to pre-
Covid-19 levels of economic activity,
ted 16.7% in March, and is bound to
see an even sharper reduction in
MRIDULA SINGH
locked down, ravaged by a dread disease. Allowing re- but we also have no idea when ‘nor- April, when the entire country was French sociologist Emile
sumption of economic activity and inter-state movement or all its shortcomings, malcy’ will return. The 13 urban Durkheim says collective

F
under lockdown for the entire
of goods and people are apposite. The philosophy guiding both at a conceptual and centres that remain hotspots for the month. Core sector output fell 38% consciousness means a set of
statistical level, gross do- virus are also the main centres of in April, steel and cement output fal- beliefs, ideas and moral attitu-
the unlocking of the economy was outlined by the prime mestic product (GDP) — or economic activity. Given the reality ling by more than 80% YoY. des common as per social

FILE PHOTO
minister in his radio message: India will get back to work the money value of goods of inter-linked supply chains, re- The truth is there is no alternati- norms of the times. The fate of
and resume life, except in some select areas, taking every and services produced in an econo- sumption of activity elsewhere will ve to government spending. The FM the earth depends upon our
my in a year — remains the least not translate into much. Add to that is right when she says it is difficult collective consciousness. All
care, whether maintaining social distancing, wearing a bad measure of economic well-be- the shortage of labour, consequent to make a realistic assessment of life forms have interactive
mask or working from home as far as possible. It is up to in- ing. So, what do the latest GDP num- on the flight of migrant labour to Give us this day our daily bread... growth at this point, as there is no roles to play. What an individu-
dividual states to decide how much of the permitted ope- bers released by the Central Statis- their villages, and the shortage of clarity of when the pandemic would al creature thinks or acts has a
tical Organisation (CSO) last Fri- capital from risk-averse banks and ry and practice when it comes to the retreat. But precise numbers are ir- bearing on itself and others.
ning up is to be allowed within their territories. day tell us? we have the recipe for a perfect, if right fiscal-monetary policy mix in relevant. What is relevant is that Actions bring equal and oppo-
It is to be hoped that the states would spend more ener- A sad story. That GDP growth prolonged, ‘storm’. a downturn. The truth is no amount our growth rate would be grossly in- site reactions. Nature restores
gy on strengthening their healthcare plunged to a 11-year low in FY2019-20 of over-compensation by monetary adequate for a country of our size its balance through these laws.
at 4.2%. That estimates made in the Demand Demanded policy can make up for the drag of a and need. Nature can choose any means
systems than on clamping down on February 1 budget are now way off, There is nothing inevitable about mindlessly conservative fiscal poli- At a time when the International to bring forth that change. The
economic activity. India has one of the with attendant implications for the this. Sure, it will be a while before we cy. A `20 lakh crore stimulus packa- Monetary Fund (IMF) expects the present Covid-19 pandemic
lowest casualty rates per million peo- fiscal deficit, for government borro- get back anywhere near the 7-8% ge that is no more than a tenth of the global economy to contract 3%, the situation is no exception.
wing and interest rates. Worse, that growth of the go-go years. But there headline number once the fluff is re- US economy to shrink 5.9%, the eu- Fear and anxiety are so
ple in the entire world, with a popula- growth in the January-March 2020 is no reason why growth should fall moved, is grossly unequal to the rozone to shrink by between 8% and widely prevalent today. We
tion 82% of whom is below 50. While quarter plunged to 3.1%, the lowest off the cliff. Provided — and this is task on hand. 12%, it is naïve to expect the Indian need to change gears at our
obesity, diabetes and pulmonary dise- since the GDP base year was revised the big if — GoI reads the message In such a scenario, RBI’s actions economy to be immune from the conscious levels first and then
to 2011-12; even as estimates for three contained in the GDP numbers, ta- are like water off a duck’s back. Re- knock-out effects of the virus. It is the rest will fall in place. Then
ases aggravate the impact of Covid-19, previous quarters were revised kes courage in its hand, and goes all peated reductions in repo and re- instructive to remember that in Oc- our insights will guide us to
the real vulnerability is reserved for the elderly. While down, suggesting the economy had out to stimulate demand. That is verse rates and other financial and tober 2008, soon after Lehman Brot- follow the right path in the
shielding them from exposure to the virus, including, as slowed significantly, well before Co- what virtually every other govern- regulatory measures will not result hers collapsed, IMF predicted the right direction. We need to
vid-19 hit us. ment in the world is doing. in increased credit offtake. Banks US economy would grow 0.1% in educate and feed our conscio-
far as possible, within multi-generational homes as well, The national lockdown started on Sadly, GoI seems to be a prisoner have been depositing most of the 2009, countries in the eurozone 0.2% usness and the next genera-
working-age Indians must get back to work. Govern- March 25. On paper, therefore, it sho- of its own fears. Rather than let fi- excess liquidity with RBI rather and the global economy 2.6%. What tion needs to be trained in
ments must ensure that the 2.5% or so of those infected uld have affected only about one we- scal policy take the lead, it seems than lend, thanks to elevated risk happened was a far cry from those these methods as soon as
ek’s activity in Q1. If, despite that, content to shoot over RBI’s shoulder, levels. Finance minister Nirmala predictions. Output declined 3.5%, possible to stop the negative
who would require intensive care in a hospital have ac- growth should fall so sharply, it is a seemingly impervious to both theo- Sitharaman’s announcement of a 4.2% and 2.6%, respectively. cycle.We are spending enor-
cess to such care. The rest must have the assurance that 100% sovereign guarantee for fresh So, when IMF’s head Kristalina mous energy to make our lives
credit (20% of outstanding) to the Georgieva says ‘Covid-19 is a crisis comfortable, disease-free and
they would be provided care, should they require it. That
extent of `3 lakh crore to MSMEs is like no other’ and US Fed chief Jero- long. We need to also spend our
must be manifested, not in assurances by leaders but by a Repeated reductions in repo and reverse rates and unlikely to change this risk percep- me Powell says ‘The downturn is energy on self-observation
robust administrative mechanism visibly active. tion. Of course, we might see some without modern precedent’, heed and take corrective action.
other financial and regulatory measures will not lending happen, courtesy not-so- their words. Our response to the cri- The need to understand the
The Centre must now turn its attention to forging a sti-
result in increased credit offtake gentle arm-twisting of public sec- sis, too, must be ‘like no other’. cosmos, nature and evolution
mulus package that will generate demand for industry as of life is of paramount neces-
it resumes work and on mitigating the ills of financial in- sity today. The pandemic may
help us wake up to the fact that
termediation that had crippled the economy even before we are not isolated species of
Covid struck.
Home is Where the Engine is this universe. We are not super
brains too, but a pure consci-
ence that needs to be kept pure
by the eternal efforts and
most vulnerable — electrification, would lead to import substitution- inputs from our side, asking

Welcome Action on affordable and accessible energy,

sanitation, housing, etc. However,
tapping the rich intellectual resour-
ces of the country remains a chal-
led foreign exchange saving of
about Rs80,000 crore along with
substantial scope for potential
employment.
the all-pervading and ultimate
Creator to help. We should give
in to the rhythm of nature and
fine tune our individual cons-

Hydropower Front Dharmendra Pradhan

lenge for policymakers. The idea is
not only to reverse brain-drain, but
to also establish an ecosystem that
Defence production is another
sector where rules of ownership
have been liberalised. The FDI limit
cience to synergise our collec-
tive conscience.

While the Covid-19 lockdown has significantly reduced ove- unleashes the vast potential of the in defence manufacturing has been
FILE PHOTO

rall power demand, it is notable that the share of hydropower

Since Independence, India has seen
has actually risen. Hydroelectric generation has the ability to
many faces of economic reforms,
ramp up almost instantly to meet unexpected load changes,
and so maintain system stability. Note that during the nation-
each contoured by the demograp-
hics, social realities and structural
wide 9pm, 9-minute lamp lighting event on April 5, it was hyd- impediments of the time. From
when food production was the
ropower that was able to provide grid stability. hinge on which economic policies
The way forward is to shore up hydropower in our power were framed, to exporting services
mix. Last year, the Centre tagged large hydro projects (beyond to the world to entrench ourselves
25 MW) as renewable energy, which is sensible, given the large in global supply chains, the Indian
economy has lived many realities.
variability seen in the power output from wind and solar ener- India continues to inhabit many
gy projects. So hydro can well complement solar and wind in socio-economic modes of life.
renewables and meet peak load. The po- Therefore, India needs to formulate
wer ministry expects 65 GW of hydropo- its own economic model of develop-
ment disentangled from the tight
wer capacity to be functional by 2030, clutches of ‘isms’.
which means 15 GW addition in this deca- For decades, economic develop-
de. However, hydro projects tend to take ment went through phases of
long to build and proper sustainability as- socialistic policy paradigms, initi-
ally with the heavy involvement of
sessment is key. Multiple projects on the the State. From there, we moved to a
same river must take into account water restricted-entry regime through
availability and siltation attending on each project because of industrial controls, to a post-1990s
phase of structural reforms and
the others. Failure to do that could lead to lower peak capacity
decontrol. Each phase served a
than had been planned, and misleading cost-benefit calculus. function propelling the economy
A number of hydro projects on common river systems betwe- for achieving greater well-being for
en adjoining states are simply on hold pending interstate ag- its citizens. For the current phase,
the dual objectives of welfarism
reement on water usage.
And pending national consensus for hydro plants on common
and wealth creation should be
emphasised.
rivers, the way ahead surely is to boost run-of-the river (RoR) Since 2014, the Narendra Modi
projects like the 500 MW Teesta Hydro Project (Teesta-VI), government has made policy deci-
sions around issues that positively
which has, of late, been acquired by NHPC from Lanco, via the impact the life outcomes of the
insolvency route. Following the takeover, NHPC has reported-
ly commenced construction activity after a gap of 15 years. In-
entrepreneur.
In his book, ‘Creation of Wealth:
The Tatas from the 19th to the 21st
Century’, RM Lala describes how
the journey of a private enterprise
helped in nation-building. The
Tatas established many lucrative
ventures, from a hydro-electric
plant in the 1920s to Air India Inter-
national in 1948, all this, despite a
hostile colonial power. We need to
leverage such intellectual capital.
The Covid-19 pandemic has bro-
ught in its wake a crisis, challenges,
a message and an opportunity to
build an ‘Atmanirbhar Bharat’
(AB). The five pillars of the AB
strategy, as envisioned by the PM,
are economy (for a quantum jump,
not incremental change); infrast-
ructure development; systems
based on 21st century technology-
driven arrangements; a vibrant
demography, which is the building
block for a self-reliant India; and
capitalising the strength of our
demand and supply chains.
The recently announced `20 lakh
crore economic package is a mix of
supply- and demand-side measures,
including putting money directly
into people’s hands by increasing
allocation towards MNREGA.
Strictly speaking, supply-side
measures also have a demand-side
component. If MSMEs get greater
liquidity, a significant part of it will
Resuscitate
go in paying wages.
In May, finance minister Nirmala
Sitharaman announced a new
public sector policy that allows
involvement of private players even
in strategic sectors, provided at
least one enterprise is from the
public sector. Additionally, in many
non-strategic sectors, GoI has
decided to disinvest its stake in
public sector enterprises.
A slew of pathbreaking reforms
has been undertaken to transform
India into a more self-reliant econo-
my. For instance, India imported
almost 170 metric tonnes (MT) of
thermal coal during FY2019-20. Of
this, about 55 MT of the un-sub-
stitutable thermal coal necessarily
needs to be imported by coastal
power plants because they are
designed to operate only on impor-
ted coal. So, an import substitution
possibility of around 115 MT is
feasible through a mix of enhanced
production by public sector opera-
tors — Coal India Limited (CIL),
Singareni Collieries Company
Limited (SCCL) and state mineral
development corporations (MDCs)
— and commercial mining by
private players. This measure
hiked to 74% from 49%. Also, some
weapons and platforms will be
banned for imports. This will give
an impetus to the Indian steel
industry.
Other measures include the decri-
minalisation of Companies Act
violations involving minor tech-
nical and procedural defaults,
amendments to the Essential Com-
modities Act (ECA) to deregulate
agriculture food stuff, more world-
class airports through the PPP
mode, reforms to establish India as
a global hub for aircraft maintenan-
ce, repair and overhaul (MRO),
formalisation of micro-food enter-
prises, setting up of an agriculture
infrastructure fund, and giving
marketing choices to farmers.
These measures are aimed at
building an ecosystem for wider
participation of players aimed at
wealth creation and entrepreneurs-
hip, mobilising global technology
and skill development to unleash
the power of competitive markets,
like in the case of the telecom,
electronic media and aviation
sectors. All this should not mean an
advocation for a laissez-faire econo-
my. GoI will be a facilitator for
private capital while emphasising
its core function of welfarism.
The writer is Union minister of petroleum
& natural gas, and of steel, GoI
Chat Room
India has Got
It Right
Apropos the edit ‘Taming the
Dragon without Outside Help’
(May 30). US President Donald
Trump’s unsolicited offer is
about fishing in troubled
waters. Trump is looking for
any opportunity to needle
China. The Indian govern-
ment’s polite turning down of
the offer is the right move.
India is correct is its approach
to China. Internationalising
the issue will only complicate
the matter given that we are
dealing with a country that
defies international rules and
rulings of the International
Court of Justice.
DEEPAK SINGHAL
Chennai
Resolute
Wins the Day
Apropos the edit ‘Taming the
Dragon without Outside Help’
(May 30). The offer by US
President Donald Trump is
unwarran-
ted and
unnecessa-

A Breath of Fresh Turf, Airtel?

tegrated hydropower planning nationally is clearly essential.
believed it is a telecom company,
The Australian PM’s ScoMosas highlight much like the French telecom MNC
the rise of a new diplomatic idiom Orange, or its Singaporean partner
Singtel, and there is nothing wrong
in that. That said, Airtel’s manage-
inevitable. But Mittal’s model has
always been open source — stitch up
smart service partnership rather
than buy them out outright. Airtel
already has a motley marque — from
ry. India
needs to
engage with
China on its
users for its fast-growing enterpri- own terms.
se, payments, cloud and speakers It must do so
offerings. More will follow. Its firmly and resolutely as it did
widely known that it was compe- on Doklam. India could be the
ting for the Jio deal, but lost to country that forces China to

Samosa Diplomacy Arijit Barman

ment also realises the importance
of digital services to enhance
customer value, bump up average
revenue per user (ARPU) and even
Netflix to Zee for content, Axa to
HDFC for financial products, to Cisco
and Google for enterprise, cybersecu-
rity, cloud, Internet of Things.
Facebook, and now there is specula-
tion that it may be exploring an
investment in struggling Vodafone
Idea. But Airtel — with a 284 mil-
alter its current course of
action.

BHOLEY BHARDWAJ

Has a Nice Crunch to it Over the years, Bharti Enterprises

founder-chairman Sunil Mittal has
open up new revenue streams (read:
ad revenues). Hence, of late, it has
been talking it up.
And that’s exactly where it should
double down: decide its own sweet
spot and ramp them up. Even bet on
lion-and-growing mobile sub-
scriber base, a pan-India fibre and
DTH (direct to home) footprint —
Mumbai

Diplomatic parleys are invariably predicated on what each par- chosen his partners well. Singapore
ty ‘brings to the table’. Australian Prime Minister Scott Morri- Telecommunications Limited, or
Singtel, has been a consistent ally.
son has added a new meaning to that phrase by putting out pho- Vodafone, too. Walmart was equally
tos on social media of the vegetarian ‘ScoMosas’ he made over charmed after meeting the Mittal
the weekend, ahead of a video charcha with his Indian counter- brothers at Bentonville in Arkan-
sas, US, and decided to team up.
part Narendra Modi. Our PM’s response that the two nations
Even Softbank’s Masayoshi Son
are “connected by the Indian Ocean, united by the Indian sam- broke bread with Bharti. Mittal can
osa” and that he looked forward to eating them with Morrison also claim credit for the private
after “a decisive victory against Covid-19” certainly portends a equity gold rush to India, having
ensured a massive payday for its
larger international diplomatic role for samosas. Perhaps Mo-
first big investor, the New York-
di will reciprocate by expressing fondness for (or at least, inter- based Warburg Pincus.
est in) that very Aussie vegetarian spread, Vegemite. The focus is once again on Mittal
Earlier this year, industrialist Anand Mahindra had high- to leverage his global network and
create a digital moat around Bhar-
lighted the unifying potential of our desi deep-fried dough ti’s flagship Airtel, and offer an
when he observed that with Indians now heading four US ecosystem of products and offe-
technology giants, the White House would “have to ensure rings, along with strategic allies, to
the snacks are samosas and not hamburgers”. And while take advantage of changing con-
sumption habits of the world’s
Morrison stuck to the conventional potato filling for ScoMo- largest data consumers who view,
sas, it may be recalled that when US President Donald listen, shop and play on their mobi-
Bharti has been bulking up its
digital assets incrementally. Its
digital platform now has around
160 million active users across
Airtel Thanks, Wynk and XStre-
am. Further, over 60% of Bharti’s
own business is digital channels,
and it has 1.1 million retailers on
its Mitra app.
Now comparisons with Jio are
FILE PHOTO
emerging trends like gaming,
education and healthcare. Build,
back, or even buy.
Payments alone is a $60 billion
market opportunity. Bharti already
has a payments bank. Along with
its own applications, it has the
ability to collect cash and digital
payments online. With a far healthi-
er balance sheet — net debt to
earnings before interest, taxes,
depreciation and amortisation
(Ebitda) at 2.88 times vs 4.15 times a
year back — smart acquisitions of
young payments companies of
scale with beaten down valuations
will be equally opportunistic.
Surely, investors like SoftBank’s
Son wouldn’t mind consolidation
efforts involving portfolio compani-
es that are a win-win for all.
Likewise, it is keen to offer more
bundled B2B (business to business)
services. Like the Tatas, the bigger
has far more bang for the buck.
That’s why Mittal should put in a
call to Google CEO Sundar Pichai,
and talk deal. Like Microsoft and
Jio, Google has already partnered
with Airtel to offer it G Suite, a
bouquet of cloud solutions to
SMEs. It’s time to take the relations-
hip to the next level.
Alphabet, Google’s parent, is
sitting on a cash pile of $121billion,
says analyst firm FactSet. Even a
$4.4 billion buy-in for a 9.9% in
Bharti Airtel by paying a 10%
premium to current prices will not
be that hard to sell.
Having vacated that space, it will
be futile to be a me-too online retai-
ler now, and take on a troika of
Reliance, Walmart and Amazon in a
blood fest. Reliance’s ecommerce
play is built on its existing infrast-
ructure of warehouses and physi-
cal stores. So, for Bharti, even a
Kickstart the
Economy Now
Apropos the edit ‘Structural
Reform, Not Just Spending’
(May 30). The March quarter
GDP growth is the lowest in 11
years. The economic impact of
the lockdown is severe, accor-
ding to a survey, as Covid-19
has hit the income of 60% of
households. Companies are
resorting to layoffs and pay
cuts as the economy has come
to a standstill. The real estate
sector is on the brink of a
complete breakdown. Fear of
income and job loss is rising
and may cause social unrest.
The government should focus
on revival of the economy,
especially manufacturing and
rural economy.

Trump visited India this February, the specially concocted le phones. This trend will only get marque corporate clients are alrea- merger with Walmart or Amazon to BL TEKRIWAL
bigger and consumers, too, would dy with Bharti. And they tend to be create an alternative flank will lead Via email
broccoli and corn samosas on the table in Ahmedabad rema-
want a strong choice to the Reliance stickier. it down a rabbit hole.
ined untouched. Thus, Samosa Diplomacy will have to be Jio juggernaut. Google, too, has been on the prowl
Letters to the editor may be addressed to

mindful of content, not merely the contours. Fundamentally, Airtel has always Search and ye shall find in India in search of its next billion arijit.barman@timesgroup.com editet@timesgroup.com

CONTRAPUNTO Weakness of attitude becomes weakness of character. ALBERT EINSTEIN
THE ECONOMIC TIMES | MUMBAI | MONDAY | 1 JUNE 2020 | WWW.ECONOMICTIMES.COM
QUICK HITS
Thailand Passes Record
Stimulus Package to
Combat Virus Impact
Bangkok: Thailand’s parliament
approved on Sunday a near-$60
billion stimulus package, the
kingdom’s biggest-ever cash
injection, to revive an economy
that has been hammered by the
coronavirus. The 1.9 trillion baht
($59.7 billion) package would be a
much-needed boost for Southeast
Asia’s second biggest economy,
expected to contract by 6-7
percent in 2020. About $17.3
billion of the package will be given
as aid to farmers and informal
workers such as street vendors
and those employed in massage
parlours and bars who have seen
their work dry up. AFP
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Malta to Reopen Airport to
Passenger Flights on July 1
Valletta: Malta will reopen its
airport to passenger flights on July
1, Prime Minister Robert Abela said
on Sunday, as the Mediterranean
island rolls back restrictions
introduced in March to halt Co-
vid-19 infections. Tourism acco-
unts for almost a quarter of Malta’s
economy and hoteliers have been
pressing the government to
reopen the airport or risk mass
unemployment. The southern
Mediterranean island has recor-
ded some 600 coronavirus cases
and nine deaths, having carried
out an intensive testing and
contact tracing programme. Reuters
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Italy’s Tower of Pisa
Reopens After 3 Months
Rome: Italy’s celebrated leaning
Tower of Pisa has reopened to
tourists three months after closing
due to the coronavirus pandemic.
First to climb the more than 280
steps on Saturday were 10-year-
old Matilde and her father Rober-
to, BBC quoted the Italian Ansa
Protests Heat Up as Curfews
Imposed in Several US Cities
American cities hit by unrest as protests over the death of George Floyd turn violent
Minneapolis: Civil unrest flared
and curfews were imposed in seve-
ral major US cities on Saturday as
demonstrators took to the streets
to vent outrage at the death of a
black man shown on video gasping
for breath as a white Minneapolis
policeman knelt on his neck.
From Los Angeles to Miami to
Chicago, protests marked by
chants of “I can’t breathe” — a ral-
lying cry — echoing the dying
words of George Floyd — began pe-
acefully before turning unruly as
demonstrators blocked traffic, set
fires and clashed with riot police,
some firing tear gas and plastic bul-
lets in an effort to restore order.
The sight of protesters flooding
streets fuelled a sense of crisis in
the United States after weeks of
lockdowns due to the coronavirus
pandemic, which has seen millions
thrown out of work and has dispro-
portionately affected minority
communities.
In the nation’s capital, hundreds
of demonstrators assembled near
the Justice Department headquar-
ters shouting, “black lives matter”.
Many later moved to the White Ho-
use, where they faced off with shi-
eld-carrying police, some mounted
on horseback.
President Donald Trump said on
Saturday that if protesters who gat-
hered the night before in Lafayette
Square, across from the White Hou-
se, had breached the fence, “they
would have been greeted with the
most vicious dogs, and most omin-
ous weapons, I have ever seen.”
The full Minnesota National Gu-
ard was activated for the first time
since World War Two after four
nights of arson, looting and vanda-
lism in parts of Minneapolis, the
state’s largest city, and its adjacent
capital, St. Paul.
Minnesota Governor Tim Walz sa-
id the deployment was necessary be-
cause outside agitators were using
1. Demonstrators jump on a damaged police vehicle in Los Angeles on Saturday
during a protest against the death of George Floyd 2. A woman wears a mask
that reads ‘I can’t breathe’ during a demonstration in Colorado Springs 3. A
journalist seen bleeding after police started firing tear gas and rubber bullets
near the 5th police precinct in Minneapolis, Minnesota 4. Demonstrators
confront police officers outside of the White House in Washington DC
protests over Floyd's death to sow
chaos. “We are under assault,” Walz,
a first-term governor elected from
Minnesota’s Democratic-Farmer-
Labor Party, told a briefing on Satur-
day. “Order needs to be restored.”
Separately, US Attorney General
William Barr also pointed the fing-
er at extremist instigators, though
he and Walz — neither offering evi-
dence to support their assertions
TELEGRAM t.me/indiaepapers
1 Newsom for 500 to 700 members
2 safety on the streets of our city.”
4 3
— suggested opposite ends of the
political fringe were to blame.
Civil rights activists said video of
Floyd’s arrest on Monday — captu-
red by an onlooker’s cellphone as
he repeatedly groaned, “please, I
can’t breathe” before he died —
triggered an outpouring of rage
long simmering over persistent ra-
cial bias in the US criminal justice
system. Reuters
Around the World  11
National Guard
Called in to Quell
Violence in LA
Los Angeles: A fourth day of
violence in Los Angeles prompted
the mayor to impose a rare citywi-
de curfew and call in the National
Guard after demonstrators clashed
with officers, torched police
vehicles and pillaged businesses in
a popular shopping district.
Mayor Eric Garcetti said on
Saturday he asked Gov. Gavin
of the Guard to assist the 10,000
Los Angeles Police Department
officers. The Guard members were
expected to arrive early Sunday.
Garcetti said the soldiers would
be deployed “to support our local
response to maintain peace and
Firefighters responded to dozens
of fires, and scores of businesses
were damaged.
One of the hardest-hit areas was
the area around the Grove, a
popular high-end outdoor mall
west of downtown where hund-
reds of protesters swarmed the
area, showering police with rocks
and other objects and vandalising
shops. One officer suffered a
fractured skull, Los Angeles Police
Chief Michel Moore said.
When the curfew took effect at 8
pm, police moved aggressively to
get people off the streets and there
was no repeat of the late-night
rampage that occurred downtown
Friday night and led to more than
500 arrests. Community leaders
denounced the violence that has
accompanied protests over the
death of George Floyd, a handcuffed
black man who was died after a
white Minneapolis police officer
pressed his knee to Floyd’s neck. AP
Trump Postpones G7
Summit, Wants India,
Other Nations to Join
DipanjanRoy.Chaudhury
@timesgroup.com
New Delhi: US President Donald
Trump has suggested expansion
of the Group of Seven, saying G7
is a “very outdated group” and
that India, Australia, South Ko-
rea and Russia be included and
the grouping called G10 or G11.
Trump also said he is postpo-
ning the next meeting of the G7,
which the US is hosting, to Sep-
tember or November. He said he
had “roughly” discussed the idea
with the leaders of the four count-
ries he would like to add to G7.
India did not react to Trump’s
comments till press time on Sun-
day. G7 is a grouping of some of
the world’s largest economies –
the US, UK, France, Germany, Ita-
ly, Canada and Japan.
In 2019, France had invited India
to the G7 meet it hosted at the re-
sort town of Biarritz. Prime Mi-
nister Narendra Modi also under-
took a bilateral trip to Paris on
the occasion, elevating strategic
partnership to the next level.
“I’m postponing it because I
don’t feel that as a G7 it properly
represents what’s going on in the
world,” Trump told media per-
sons on Air Force One on the way
back from the launch of the first
manned mission into space by a
private company, SpaceX. “It’s a
very outdated group of countri-
es,” he said.
The US President suggested the
meeting could take place in the
weekend before or after the annu-
al UN General Assembly, which is
scheduled to start on September
15 and end on September 22.
Trump hinted, though, that he
Barnier Tells UK to Be ‘More
Realistic’ on Trade Talks
Brussels: The UK needs to be
Donald Trump
was considering other options.
“Maybe I’ll do it after the elec-
tion,” he said. “Think a good time
would be before the election… We
want Australia, we want India,
we want South Korea. And what
do we have? That’s a nice group of
countries right there.”
The US media also reported that
he mentioned Russia, which was
part of G8 until it became G7. Sec-
tions of the strategic community
in the US want the administra-
tion to develop tactical ties with
Russia to balance China.
Trump has suggested earlier
that Russia be readmitted to the
group, arguing, as he did before
the 2019 summit in Biarritz, “be-
cause a lot of the things we talk
about have to do with Russia”.
The US president had pressed
the G7 heads of state and govern-
ment at a dinner during the Biar-
ritz summit to readmit Russia.
Only Italy had backed him, as it
has been doing for the past few
years. Japan was neutral on the
occasion.
In 2005, the then Prime Minister
Manmohan Singh had attended a
meeting of the G8 in Gleneagles,
Scotland at the invitation of then
British PM Tony Blair.

Global Virus Cases Surpass 6 M, Death Toll Tops 368,000

news agency as saying in a report.
Visitor numbers were being
restricted to 15 at a time at the
monument, which, along with
surrounding attractions, normally
draws five million annually. IANS
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Iran Suggests up to 225
Killed in Nov Protests
Tehran: Iran’s interior minister has
suggested that up to 225 people
were killed in November protests
sparked by a petrol price hike,
ISNA news agency reported on
Sunday. Officials in Iran have yet
to issue an overall death toll for
the unrest, while London-based
human rights group Amnesty
International has put the number
at more than 300. AFP
Brasília: The number of coronavi-
rus cases worldwide topped six mil-
lion on Sunday, with Brazil registe-
ring another record surge in daily
infections as divisions deepened
on how to deal with the pandemic.
Latin American countries are
bracing for difficult weeks ahead
as the disease spreads rapidly
across the region, even as much of
the world exits lockdowns that ha-
ve wrecked economies and strip-
ped millions of their jobs.
In Brazil — the epicenter of South
America’s outbreak with nearly
500,000 confirmed cases, lagging
only behind the United States —
disagreement among leaders over
lockdown measures has hampered
efforts to slow the virus as the num-
ber of fatalities in the country ne-
ars 30,000.
President Jair Bolsonaro, who fe-
ars the economic fallout from stay-
at-home measures will be worse
than the virus, has berated gover-
nors and mayors for imposing what
he calls “the tyranny of total qua-
rantine”.
IN BRAZIL DISAGREEMENT
among leaders over
lockdown measures has
hampered efforts to slow
the virus as the number
of fatalities in the
country nears 30,000
As the global death toll from the
pandemic surpassed 368,000, US
President Donald Trump’s deci-
sion to permanently cut funding to
the World Health Organization has
been broadly criticised.
The number of confirmed cases
worldwide is more than six mil-
lion, according to an AFP tally.
“Now is the time for enhanced co-
operation and common solutions,”
the European Union said in a state-
ment, adding: “Actions that wea-
ken international results must be
avoided.”
German Health Minister Jens
Spahn said the “disappointing" de-
cision was a setback for global he-
alth, while Chancellor Angela Mer-
kel declined to attend an in-person
G7 summit that Trump had sugges-
ted he would host.
Richard Horton, editor of The
Lancet medical journal, said it was
“madness and terrifying both at
the same time”.
As the virus progresses at diffe-
rent speeds around the globe, there
has been pressure in many countri-
es to lift crippling lockdowns, de-
spite experts' warnings of a possib-
le second wave of infections. AFP
“more realistic” in its demands
as trade talks with the European
Union continue this week, accor-
ding to the bloc’s chief negotiator
Michel Barnier.
“Clearly we want an agreement,
but that cannot be an agreement
at any cost,” Barnier said in an in-
terview with the Sunday Times
newspaper. “We will not accept —
never accept — anything that ma- Michel Barnier
kes the single market more fragi-
le,” he added. into together,” he said.
Britain is set to leave the EU’s
single market and customs
He added that throughout the
Brexit process, the UK has at-
union without a trade deal in pla- tempted to “cherry pick” aspects
ce if no agreement is reached by of EU membership without ac-
the end of the year. Barnier said cepting the corresponding obli-
it's simply a matter of turning gations.
pledges made by UK Prime Mini- While Barnier told the Sunday
ster Boris Johnson and EU lea- Times that the two sides “haven't
ders last year into legal text — made an awful lot of progress,” he
“no more, no less.” added that “even if it is difficult, I
“We need to remember together do believe an agreement is pos-
the commitments that we entered sible.” Bloomberg

FLU BLUES: TIPS, TRIVIA & TRENDS YOUR DAILY DIET OF FUN AND FACTS Crossword 7735

Murder Accused
Ex-First Lady SpaceX Crew Dragon 1 2 3 4 5 6 7 8 2 Start to reconnoitre every
pass (5)
3 Trendy TV company gets shot
Leaves Lesotho Docks with International 9 10
of first jet (4)
4 Organise coaching, doing

Police in Lesotho
on Saturday said
former first lady
Maesaiah
Thabane had left
the country, a
day after her bail
was revoked on
murder charges over the 2017
killing of her husband’s estranged
wife. Maesaiah Thabane is
suspected of orchestrating the
shooting of Lipolelo Thabane who
was gunned down outside her home
in the capital Maseru. Police have
also charged her with the attempted
murder of Lipolelo Thabane’s friend
Thato Sibolla. Lesotho police
commissioner Holomo Molibeli said
authorities were informed on Friday
through her lawyer that she had
accompanied her husband Thomas
Thabane to South Africa for medical
treatment. Previously freed by
Lesotho’s high court on a 1,000
maloti ($57) bail, on Friday
Lesotho’s court of appeal revoked
her bail and ordered her re-arrest.
AFP
Nike says ‘Don’t Do
It’ on Racism
Nike has taken a stand against
racism with a “Don’t do it”
campaign, a twist on its famous
catch phrase, as protests against
police brutality spread across the
US. “For once, Don’t Do It... Don’t
pretend there’s not a problem in
America,” the US sports apparel
giant said in a video posted to
Twitter late Friday. In a rare sign of
solidarity, competitor Adidas
retweeted the video, with a
message stating: “Together is how
we move forward. Together is how
we make change.”
“Don’t turn your back on racism.
Don’t accept innocent lives being
taken from us. Don’t make any
more excuses. Don’t think this
doesn’t affect you,” Nike said in the
video, in which white words appear
across a black background. AFP
Space Station
without a pasta dish (7)
6 A girl’s not quite right (5)
11 7 Overseer said count should be
amended (9)
A SpaceX Crew Dragon capsule carrying two Nasa astronauts
12 13 8 Unfinished business – bath-
docked on Sunday with the International Space Station, the
room needs to be renovat-
first time a crewed US spacecraft has performed the feat in ed (5,3)
14
nearly a decade. It was also a first for the private sector, a 11 A legionnaire displays one like
triumphant moment for the company founded 15 16 17 Pierre essentially? (4)
14 Obscure brief quotation on
by Elon Musk in 2002. “Soft capture,” the
jacket? (4)
moment when the spacecraft makes first 18
15 Perfectly fair entitlement (4,5)
contact and starts latching with the target 16 Back American leaving
21
vehicle, occurred at 10:16 am Eastern Time 19 20 Portuguese resort (3)
(1416 GMT), a little ahead of schedule. At the time, 17 A ruler not entirely compara-
22 ble (4)
the ISS was orbiting 422 kilometres over the
18 Glorify ladies dancing in im-
border between Mongolia and northern China.
23 24 25 26 maculate frills (8)
A few minutes later, “hard capture” was 20 Secretary starts to try her
achieved when the two spacecraft were 27 way (4)
joined with an airtight seal. On board 21 Parson’s home, removing iron
from dining room (7)
are astronauts Bob Behnkhen and 28 29
22 Kindness is what’s unusual
Doug Hurley, both veterans of the
about Royal Marines (6)
Space Shuttle program that was 24 Unsophisticated graduate’s in
shuttered in 2011. AFP charge (5)
30 31 26 Bond grabs one extended
rest (3-2)
Amazon Removes Racist Messages ACROSS
27 Record find? Not half! (4)
LEADER BOARD
from Some Product Listings 1 Victoria, for example, represents air
and grace (8)
lack of balance (13)
23 Costa Rica prepared to host British SOLUTION TO No. 7734 HIDATO 7 LITTLE WORDS
Amazon.com said it was removing certain images after messages 5 Pack up and quietly clear off (6) gymnastics (10) ACROSS: 6 Relative clause. 9 En- Ritik J. P. Agochiya
9 Board to start to name tiny items of 25 Plant found in sea area of Trafalgar (4) trap. 10 Lodestar. 11 Gendarme. Chennai New Delhi
using extremely strong racist abuse appeared on some listings on its
seafood (8) 28 Swallow nested in housing estate (6) 13 Allege. 15 Encode. 17 Insert. S P Agrawal Sumita Sarkar
UK website when users searched for Apple’s AirPods and other similar 10 Car racing on short racetrack leads 29 Short piece in paper about one 19 Septum. 20 Mulberry.22 Bengaluru New Delhi
products. The message sparked outrage on Twitter, with the topic to disaster (6) Home Counties theatre (8) Pince-nez.24 Tiptoe.26 Psycho-
“AirPods” trending in the UK. “We are removing the images in question
and have taken action on the bad actor,” an Amazon spokeswoman
12 What reverberates from teenage
choirs? (4)
30 English books and diamonds are
seductive (6)
analysis.
DOWN: 1 Fringe benefits. 2 Slur.
told Reuters on Sunday. Screenshots and video grabs of the messages 13 One way to get in expert to sup-
press tax on fish (6,4)
31 Bulb in yacht exploded next to har-
bour(8)
3 Stupor. 4 Acid rain. 5 Lass.
7 Valuer.8 Slaughterhouse.
were trending on Twitter, with users sharing the images. The listings 15 One fellow and I dropped into new 12 Ducat. 14 Liege. 16 Domin-
with the abusive messages were no longer visible on the Amazon UK local joint for fun (13) DOWN ion. 18 Amazon.21 Lately.
website and it was not clear how long they were there for. Reuters 19 Girl’s professional piece displays 1 Company mole’s office machine (6) 23 Cock. 25 Past.
©The Daily Mail
A Virtual
Grandstand in
Danish Superliga
As many as 10,000 people Dilbert by S Adams
crammed into the seating at a
Danish soccer match to cheer
their team except... none of
the fans were actually there! Giant screens showed each fan in a
glorified and massive Zoom conference call for the match between the
AGF Aarhus and Randers teams. A home crowd like no other for AGF
Aarhus as the league resumed on Thursday. According to the club, Yesterday’s Answers:
spectators picked up a free ticket and as the match began, gathered
with those who had a ticket to the same virtual grandstand section. ET will carry the names of winners for
Just like in a regular soccer stadium with 22 different sections to Hidato and 7 Little Words every day.
choose from, there was room for both home fans, neutral spectators Please whatsapp your solutions for both
and even away fans. Reuters to 79 01010174 with your name and city.
 TELEGRAM t.me/indiaepapers
Exit strategy
Hedge fund
THE ECONOMIC TIMES
manager Bill MUMBAI
Ackman sold MONDAY
1 JUNE 2020
his $1-bn worth
stake in Warren www.etpanache.com
Buffett’s Berkshire
Hathaway ADVERTORIAL &
PROMOTIONAL FEATURE

For this boss, working remotely

Workout regimens of comes with a time lag
For Volkswagen India head Steffen Knapp,
a small spring break to his native Austria
Steffen
Knapp

these Olympic first-timers

has lasted well over two months
maleeva.rebello happen earlier. I also get
@timesgroup.com the opportunity to interact
more with my kids, spend
When Steffen Knapp went time with their lessons,” he
“The past few weeks were not easy. to his native Austria for a told ETPanache, adding that
Tokyo Games-bound athletes share their exercise I am used to a particular training
routi ne pla n ned a rou nd f ield
small spring break earlier
this year, little did he know
family time also includes
card and board games. and you also listen better,”
and fitness routines during the lockdown training and the gym. It was tough
not to have that,” Chopra said.
it wou ld l a st over t wo
months. Knapp, director
However, the f lip side to
this is longer working hours,
he said. “The only drawback
is the inability to interact
maleeva.rebello@timesgroup.com home,” she said. The boxers will join them there Conditioning and fitness using the of Volkswagen Passenger exacerbated by the time in person, which should

T
Borgohain says she is also using soon, and it’s set to be an Olympic hostel area and stairs was how the Cars in India, is awaiting difference. “I spend nearly 11 hopefully be possible in the
he sporting world has this extra time to learn and correct base for some of those chasing 2018 Asian Games gold medallist international travel to hours working, to ensure coming months. I can’t wait
been badly hit by the her weaknesses. medals in Japan next year. kept fit. Now with the permission commence, so he can smooth functioning of to go back to the office, meet
C o v i d -1 9 o u t b r e a k , of sports authorities, Chopra does return to his Mumbai the business when I am my team in person, walk
wit h a l l events over Brotherly help his warm-ups outside, although he office. thousands of miles around the office, and get
the past few months Boxer Ashish Kumar has been is continuing his indoor exercise But while working apart,” he said. in-person chats and
cancelled. Many upcoming ones staying with his brother Sandeep regimen as well. remotely can be taxing, Knapp’s day starts updates.”
are either rescheduled or scrapped C hou d h a r y i n S u n d e r n a g a r, “I stay positive following my Knapp is grateful for the at 5.15 am, and meetings Until that happens, he has
completely. Now, the quest for Himachal Pradesh, during the training routine twice a day. I do additional time he gets begin at 6 am. Austria is 3.5 set aside a dedicated space at
Olympic glory will be in 2021 for lockdown. a lot of shuttle runs, slackline and with family. “These are hours behind India, and to home for work. “I don’t dress
these first timers. However , the 75-kg middleweight core exercises. Breaks affect an times when we get closer to ease operations, he matches in formals while working
boxer h a s t a ken t he Oly mpic athlete’s mental frame but I have our families, and each one timings with his colleagues. from home, but I do wear my
Upper cut postponement in his stride. “I tried to keep negative thoughts becomes a pillar of strength. “Working from home is best casuals. It’s comfortable
L ovli na Borgohai n i s I nd i a’s
welter wei g ht b ox i n g me d a l
hopeful. During this lockdown, she
am saving my best for Japan by
working on building strength with
focus on my form,” the 25-year-old
away by listening to music,” he
says.
We’re eating our meals
together, which couldn’t
more productive, as time
isn’t wasted on commuting, he said.
and suitable for the weather,”

is training for her maiden Olympic says. Right aim

Games at her home in Golaghat, Kumar makes sure he does his Saurabh Chaudhary has PIC: NYT
Assam.
“My coaches send exercise videos
on WhatsApp. I watch them, and
warm-ups in an open space before
he starts training. From June 10,
he too will be at the boxing camp in
qualified in the 10-metre air pistol
competition. The 18-year-old was
ready for the Olympics this year but
The secret agent whose car is
work out once a day. I’m looking
forward to being back at the boxing
Patiala.
“My brother, who is also
doesn’t mind the extra time.
“I can practice and get better. I
being brought back to life
camp [in Patiala] from June 10,” the a boxer, helps me train. follow my daily workout routine. In an example of how auto manufacturers
22-year-old says. I pick hi m up a nd jog I run and use TheraBands for have started reaching into their pasts to
Borgohain has been provided around, do variations of exercises at home,” the Punjab- update some of their classic models and
w i t h a b a r b e l l b a r, w e i g h t body weight exercises and based shooter says. equipment, 107-year-old British luxury
plates, dumbells, medicine ball, tiger walk. I also practise Ch aud h a r y s ays he wi l l carmaker Aston Martin is creating a special
agility ladder, cone, yoga mat, my pu nches a nd continue the exercise regimen run of the Bond DB5 from the 1964 movie
weightlifting board and a gym boxing stance,” he he has been following at home Goldfinger.
The carmaker is re-creating the
ball by the SAI to help in her medal says about his daily since the lockdown started. The cars are finished in the same Silver Bond DB5, as seen in Goldfinger,
quest. exercise regimen. “I practise for 4 - 6 hours Birch paint scheme, the interior leather with some of the spy gear
“The weights and other equipment daily at my home shooting is identical in colour and texture, and the
help i n wei g ht , st ren g t h a nd Go the distance range. I do meditation and dashboard and gauges are as true to the and smoke sprayers will emit simulated
conditioning training. During Javelin thrower yoga every day to original as possible. Aston Martin even substances. And the machine guns won’t
the lockdown, it has been tough Neeraj Chopra keep my mind alert, called upon the special-effects wizard from fire ammunition. The Continuation cars are
t o m a i nt a i n my d iet . Wei g ht is already at the which is vital in the the Bond films, Chris Corbould, to supervise priced at $3.5 million; a bargain compared
categories mean we have to stay the
same weight. But I have a tendency
to put on as I eat rice for all meals at
N IS in Patia la
with other track
and field athletes.
sport,” the 2018 Asian
Games gold medal
winner adds .
their re-creation.
Unlike in the Bond car, there will be no
ejection seat or a nail dumper. The oil
$6,385,000 at an auction .
with the actual Bond DB5, which sold for

— The New York Times

PIC: INSTAGRAM/JEFF BEZOS

BIG SHOT Thinking about This famous detective

Luna, flying? Here’s what will soon be looking for
PIC: GETTY IMAGES

it was
time...
you need to know clues on Mars
For people who are thinking An instrument named
of flying, air travel will be a
SHERLOC will look
Tips to support a vastly different experience
t ha n it was before t he
coronavirus. Here’s what we
for minerals and
loved one through potential biosignatures
PIC: GETTY IMAGES

know about navigating air

depression
While therapy and medication
can help, providing emotional
support is equally important
Amazon CEO Jeff Bezos wrote for his
pet while giving her a bath recently If someone close to you is suffering from
mental health issues, it’s critical that
you show your support and be there for
them in this time of need. Learning about
depression and its available treatment will
travel safely now: An engineering model of SHERLOC
on the Red Planet
What’s the best way to
get to the airport?
Mars is a long way from 221B Baker
Street, but one of fiction’s best-known
working with six other instruments
aboard Perseverance to give us a
If someone you have been detectives will be represented on the clearer understanding of Mars.
isolating with can drop you How can I be safe during Red Planet after NASA’s Perseverance It’s even helping the effort to create
in their own car, that raises check in and security? rover touches down on February 2021. spacesuits that will hold up in the
the least possible risk. Bring hand sanitiser in SHERLOC, an instrument on the Martian environment when humans
M a ny a i r p or t s h ave case you need to hand over end of the rover’s robotic arm, will set foot on the planet.
changed their drop-off, pick- documents or your phone, or hunt for sand-grain-sized clues in About the size of a smartphone,
up and parking procedures if you need to key anything Martian rocks while working in SH ER L OC’s c a libration t a rget
to encourage people to keep in at a kiosk. Pay attention to tandem with WATSON, a camera includes 10 objects, including a sample
moving. Make sure you the floor markers indicating that will take close-up pictures of of a Martian meteorite that travelled
know what your airport’s the proper social distancing. rock textures. Together, they will to Earth and was found in the Oman

$100 million
The value of Pablo Picasso’s 1943 painting ‘Le Marin’
make this easier.
Encourage them to see a therapist, for
depression is hard to talk about but is
treatable. Rather than letting them fix it
current policies on drop-off
and parking are.

How should I prepare?

Do I need to keep
my mask on?
Yes, most airlines are asking
study rock surfaces, mapping out
the presence of certain minerals and
organic molecules, which are the
carbon-based building blocks of life
desert in 1999. Studying how this
meteorite fragment changes over
the course of the mission will help
scientists understand the chemical
owned by casino magnate Steve Wynn, which was
damaged by a contractor at Christie’s gallery two years
ago. The contractor has been sued for “negligent and/or
themselves, or worse, ignoring the problem,
encourage them to seek help from an expert.
It’s also important to show support through
Wrapping yourself head
to toe in plastic wrap is not
really necessary, but you
people to keep them on for
the duration of their flight.
on Earth.
Built at NASA’s Jet Propulsion
L aborator y, SH ER L OC wi l l be
surface and its atmosphere .
interactions between the planet’s

careless acts” that were performed without
“reasonable care” to the performance of their duties . teamwork. If they are going for therapy,
they may wish for some company, at least
for the first few sessions. Make time and
accompany them. They may even want you
to participate in these sessions.
However, it’s important to maintain your
own health and well-being throughout this.
Remember, depression isn’t anyone’s fault. If
— ANI
should carry — and use — a
mask, wip es a nd h a nd
sanitisers. Some experts
Will someone be in
the seat next to me?
Possibly. When choosing
SHERLOC’s full name is a mouthful,
Scanning Habitable Environments
suggest wearing gloves. you r seat, i f you t hi nk with Raman & Luminescence for
I nd i a n a i r p or t s h ave you won’t need to get up, a Organics & Chemicals. ‘Raman’
restricted the number of window seat is a good idea refers to Raman spectroscopy, a
bags each traveller can because people sitting in scientific technique named after
carry and stopped manual window seats have less the Indian physicist CV Raman,

a sense of security and support .

your loved one is feeling low, try to give them

— Daily Mirror
check-ins. So think about
the luggage you are going to
carry.
sick people .
contact with potentially

— The New York Times

who discovered the light-
scattering effect in the 1920s.
A concept image of NASA’s
Perseverance rover
PICS: NASA

HOW TO SHARE FOOD SAFELY DURING THE PANDEMIC

Follow these tips to trip to the emergency room, for it prevents you from touching your and pick-up. The biggest risk comes
this is where you might be at face or brings you peace of mind, from the people handling it. When
reduce the risk of not only greater risk,” she adds. go for it. delivering food, wear masks and
transmitting Covid-19 but place the food in a neutral location.
Cleanliness is paramount Allergies Then ask your friends or family to
also food-borne illnesses Be it for cooking or storing food, Now is not a good time to get an pick it up themselves.
The world over, people have taken ensure your hands, containers and allergic reaction. So, if you’re going
to cooking during these weeks surfaces are all clean. Be mindful of to be sharing food, ensure you’re How to pack and unpack
spent indoors. But that home- cross-contamination. Cook foods at clear on this front. When in doubt, Wrap food in plastic or aluminium
PICS: GETTY IMAGES

cooked meal you prepared would appropriate temperatures and clarify. foil, or in a washable and reusable
taste even better if you could only refrigerate them promptly. If these container. While unpacking, place
share it with your friends and precautions are followed, you can How to clean the container on a counter which
family. The only question: Is it safe share food with friends, For cleaning vegetables and fruits, has some extra available space.
PUBLISHED FOR THE PROPRIETORS, Bennett, Coleman & Co. Ltd. by R. Krishnamurthy at to share food? neighbours, your aged relatives, or never use soap or bleach. These can Open the bowls and transfer the
The Times of India Building, Dr. D. N. Road, Mumbai 400001Tel. No (022) 6635 3535, 2273
3535, Fax (022) 2273-1144 and printed by him at (1) The Times of India Suburban Press, Akurli “The general answer is ‘yes’,” says even those with compromised make people very sick. Rinse food to your own storage
Road, Western Express Highway, Kandivli (E), Mumbai - 400 101. Tel. No. (022) 28872324,
28872930, Fax (022) 28874230, (2) Elegant Offset Printers, Shed No. D2-31, Thivim Industrial Elizabeth A Bihn, professor at the low, provided you take adequate immunities. thoroughly with plenty of cool, containers. Throw away the bag
Estate, Karaswada, Mapusa Goa - 403526. Tel No. (0832)-3045100, Fax - (0832)-3045102. department of food science at precautions. The concerns lie running water. and wash the containers in hot,
EDITOR Mr. R. Sriram. (Responsible for the selection of news under PRB Act). © All rights
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500 (annual), US $ 250 (half yearly) US $ 125 (Quarterly).
Cornell University. The risk of
transmitting coronavirus through
food or food packaging is very
beyond coronavirus. “The last
thing anyone wants now is a
food-borne illness that calls for a
Masks and gloves
You don’t need to wear masks or
gloves while preparing food. But if
How to send
Arrange for contactless delivery
after this is done .
soapy water. Clean the counters

— The New York Times

THE ECONOMIC TIMES TELEGRAM t.me/indiaep
Covid impact:
Are you facing
a financial
emergency?
P12
www.etwealth.co | Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, New Delhi, Pune | June 1-7, 2020 | 24 pages | `8

HOW TO
SURVIVE
THE COMING
RECESSION
All the signals suggest the economy is contracting in a big way.
Find out how you should navigate the imminent turbulence. P2

Should Meeting
you invest financial
in new goals
Bharat despite
Bond ETF Be the help in irregular Use Excel to
series? these trying income manage your
P6 times P10 P11 investments P14
 cover story TELEGRAM t.me/indiaep
02 The Economic Times Wealth June 1-7, 2020

By Narendra Nathan

How to I
ndia is staring at its first recession in 40 years.
Despite the stock market appearing upbeat, econo-
mists are revising growth estimates downwards
regularly. “Our current estimate for 2020-21 is -2.1%,
assuming the lockdown will not be extended beyond
31 May. If it is extended, we will revise estimates,” says

survive
Sunil Sinha, Principal Economist, India Ratings. He is not
alone. Crisil has also downgraded its growth forecast for
2020-21. “Due to the Covid pandemic, the first quarter of
2020-21 will suffer a staggering 25% contraction and despite
some recovery in the second half, the Indian economy is
expected to end the financial year with a 5% contraction,”
says Dharmakirti Joshi, Chief Economist, Crisil.

the coming
Unlike previous recessions—India has seen four since
Independence—agriculture is expected to report normal
growth this time. The overall numbers will be dragged
down by the services sector and industries like manufac-
turing, mining, etc. One of the major factors contributing
to the sorry state of affairs has been the prolonged lock-
down. “Industry and services would have restarted if the

recession
lockdown was withdrawn after the first phase. However,
the massive reverse migration of labourers is changing the
picture now. Due to this, economic activity will not be back
at normal levels anytime soon,” says Sinha. The global
nature of the pandemic has added to the woes. “The global
disruption has upended whatever opportunities India had
on the exports front,” says Joshi.

Blow at a bad time

All the signals suggest the economy is contracting in a big way.
Find out how you should navigate the imminent turbulence.
GETTY IMAGES
While much of the problems in the economy can be traced
to Covid, the picture was not rosy to start with. India’s
economic growth hit a decade low in October-December
2019—much before Covid and the lockdown happened.
 TELEGRAMcover
t.me/indiaep
story
The Economic Times Wealth June 1-7, 2020 03

Already weak economy becoming weaker Compared to the same period last year, in-
dustrial production contracted by 16.7% in
Instead of slower growth, economy is expected to contract in next two quarters. March. As the lockdown came into effect
10 only in the second half of March, negative
Real GDP by expenditure (y-o-y %) performances of this magnitude can’t be
attributed to the pandemic. GDP fell to a
9 decade low of 3.1% in the fourth quarter.
India’s core sector output contracted 38.1%
8 in April, the worst performance since
2005. This does not bode well for first quar-
9.1 7.0 ter numbers.
Mar 2016 Mar 2017
7 India Inc was struggling even during
8.1 the January-March period and its aggre-
6 7.1 Mar 2018 gate revenues and net profit fell 6.36% and
Mar 2015 9.95% respectively y-o-y (see chart). Most
sectors reported falling net profits in the
5 fourth quarter (see table). Agrochemicals
and cement were among the handful that
4 5.8 bucked the trend. While last year’s good
Mar 2019 monsoon and increased planting helped
agrochemical companies, fall in input
3 costs helped cement companies. Several
3.1 sectors like construction, real estate and
Mar 2020 telecom, slid from profit to losses.
2
Earnings shock
Corporate profitability remains an area of
Contraction in industrial production worse concern with the numbers expected to be
bad in 2020-21 as well. This is because the
than what it was during 2009 crisis first quarter will be a washout due to the
lockdown and there is no clarity on how
The numbers will become worse as the lockdown halted all activity April onwards.
things will shape up in the second quarter.
10 “Earnings growth in 2020-21 will be really
IIP growth (y-o-y %) bad. Even if the lockdown goes, it will take
some time before things come back to nor-
mal,” says Raamdeo Agrawal, Joint MD
and Co-Founder, Motilal Oswal Financial
Services.
So how much would the aggregate net
profits fall by? “Nifty earnings are ex-
pected to contract by around 20% in the
first quarter and 5%-7% in the second
quarter,” says Shailendra Kumar, CIO,
Narnolia Financial Advisors. “Aggregate
earnings in 2020-21 may fall by high single
to low double digits. This is on the assump-
tion that Covid-19 cases will peak in June-
July. If there are second or third waves
as feared, the earnings contraction will
get extended to 2021-22 as well,” predicts
Pankaj Pandey, Head of Research, ICICI
Direct. The high base effect, triggered by
corporate tax cut in 2019-20, will also im-
pact earnings. “Though the lockdown im-
pact was only for eight days in March, the
fourth quarter results are not great. Lack
of corporate tax cut benefit will be another
reason why 2020-21 earnings growth will
be negative,” says Rajat Sharma, CEO,
Sana Securities.
However, it may not be all doom and
gloom. “Recent increase in power demand
shows that some economic activities are
back, may be in green zones, and that is
positive news,” says Agrawal. “Most stores
are empty now because they are not get-
ting enough products due to the lockdown
and logistic issues and restocking by deal-

5
Q4 net profits slump in most sectors
0
Only agrochemicals and cement managed to buck the trend.
5.33
Mar 2018 2.71 SECTOR SALES GROWTH (%) NET PROFIT GROWTH (%
-5 Mar 2019
Agrochemicals (5) 28.63 219.46

-10
Cement & cement products (14) -5.96 104.55
Retail (2) 24.10 51.70
-15 Banks (11) 9.44 19.62
-16.66 Telecom equipment (4) 0.79 7.16
Mar 2020
-20 Infotech (41) 7.21 1.16
Compiled by ETIG Database
Tyres (2) -16.44 -2.35
Automobiles (4) -12.16 -13.24
Q4 numbers look grim, more bad news likely FMCG (16) 1.19 -26.40
Despite the tax cut benefit, net profits show fall of 9.95% so far. Consumer durables (4) -16.07 -26.76

Q4 2019-20 (y-oy %) 35.77 Capital goods (12) -17.23 -30.03

Chemicals (11) 2.03 -30.49
Metals (2) -19.38 -33.47
NBFCs (26) -17.87 -35.79
5.67 Medical services (5) -0.85 -42.09
1.18 PAT
Revenues Tax
Textiles (3) -26.96 -49.64
PBDIT Depreciation Interest
Oil & gas (4) -1.90 -53.26
-6.36 -23.71 -57.77
-9.95 Auto ancillaries (9)

Pharmaceuticals (24) 6.41 -68.23

Real estate (4) -53.20 -157.63
Construction (3) -0.95 -283.70
Telecom services (2) 14.34 -3848.36
-44.42
* Based on the results declared by Note: Values in bracket are number of companies that have declared results. Compiled by ETIG Database
290 companies so far. Compiled by ETIG Database
 cover story TELEGRAM t.me/indiaep
04 The Economic Times Wealth June 1-7, 2020
Analysts have cut EPS estimates for 2020-21 ers before Diwali will push sales at com-
pany levels,” says Kumar.
This fall is expected to gain momentum once all companies declare results. One can’t decide on market investments
2,400 based on fundamentals alone. While funda-
mentals are expected to be weak in 2020-21,
2,346.46 Sensex EPS estimate for 2020-21
the stock market may remain strong in the
2,300 short term due to increased liquidity. Here
is what you should do as an investor.
2,200
Ignore the left out feeling
Along with global indices, the Sensex has
also rallied 25% from the March closing
bottom of 25,981, mostly on hopes of fur-
2,100
ther actions by governments and central
bankers across the globe. Feeling left out,
several investors are ready to jump in now.
2,000
However, experts say this is not the correct
strategy. “When things turn around, the
market will give enough opportunities to
1,900
get in. Investors should avoid the fear of
missing out and wait for opportunities,”
1,800
1,831.24 says Jimeet Modi, CEO, Samco Securities.
While the broader economy is heading
26 May 2019 28 May 2020
towards a recession, stock market valu-
Source: Bloomberg; Compiled by ETIG Database
ations are still high, another reason why
experts are asking you to be cautious and
wait for further corrections. “The Nifty
Sensex PE still above 20-year average has fallen from its peak, but it still remains
overvalued. Though liquidity can keep the
Need to be cautious because PE may go up in future due to fall in earnings. market strong in the short-term, reality
Sensex EPS Estimate For 2020-21
will catch up eventually. The Nifty may go
30
back to 7,500 levels in the next 6-8 months,”
says Sharma. Amit Jain, CEO & Co-
Founder, Ashika Wealth Advisors concurs.
“Due to expected fall in EPS, the measured
25
28.91
28.9
91 PE ratio will go up in the coming quarters.
Market sentiment will also take a hit later
because the health crisis is turning into
a financial crisis now and soon, this will
20.33 turn into a geopolitical crisis. Wait till
20 October for better opportunity,” he says.
19.36
Sell on rallies
While weak fundamentals drag the market
15 down, the same is supported by liquidity
injections by global governments and
central bankers. That means the market
may go up further in the short term. So,
1,841.30 the best strategy right now is to utilise the
10 prevailing bullishness. “We are in a sell on
24 May 2019 29 May 2020 rally phase and investors can lighten their
equity load if the market continues to move
up,” says Modi.
Muthoot Moderate fin sector numbers
Finance Since RBI’s recent measures will help
Strong banks to supress their non-performing
NBFCs are loans (NPLs), the reported profits from the
sector are likely to be higher than the real
increasing profits. For example, extension of mora-
cash in their Cholamandalam 15% Bajaj
torium by another 3 months means fewer
Investment Finance ‘recognised’ defaults by banks and NBFCs
balance during the first and second quarter of
2020-21. RBI also allowed banks to convert
sheets interest on working capital loans into term
loans repayable by March 2021. In addition
While looking for
stability, investors
11% 11% to helping report higher loan growth—just
should consider book entry, not actual new loans—this will
valuation as well. also help banks push this default to the
next financial year.
9% 9% 9% Look beyond P&L account
Figures denote Avoiding small companies with weak bal-
cash as % of ance sheets and sticking to big companies
liabilities
with strong balance sheets can be the next
M& M L&T HDFC
Financial Financial strategy. “In crisis situations like this,
Services Holdings there will be mortality in the corporate
Source: Motilal Oswal report world as several weak companies will die.
Since big and strong companies will be-
come bigger and stronger, investors should
bet on them,” says Agrawal. The expected
earnings volatility is another reason why
experts are asking you to concentrate on
balance sheet strength. “With this kind of
earnings volatility, earnings-based valu-
ation won’t work. It is better to look at the
balance sheet. The companies with strong
balance sheets can survive the turmoil,”
says Pandey. Modi agrees. “Concentrate
on companies that have the balance sheet
strength to survive 2-3 years of pain,” he
says. In addition to cash on books, inves-
tors should also look at cash flows.
Shun cash-strapped firms
We all know debt is a bad word now and
it is prudent to avoid companies with
high debts or those expected to raise debt
in future. However, investors should
also avoid companies that need to raise
capital in the form of equities in the near
future. “In the current depressed market,
dilution will be high because companies
won’t be able to get the right multiple.
For example, banks raising equity below
book value is bad for existing investors,”
says Pandey.
Stick with promising sectors
A strategy that will work in the short-term
is to go with sectors that are expected to do
well in 2020-21. For example, IT and telecom
may do well because the entire world is be-
coming more digitised thanks to the age of
working from home. As the pandemic is a
health crisis, pharmaceutical is an obvious
sector that is expected to do well. “Pharma
sector is also getting a lot of funding now,”
says Sharma. Since people can’t avoid basic
consumption, FMCG is another sector that
will not be impacted badly in this turmoil.
The impact of lockdown is much smaller in
rural areas and therefore, agriculture and
related sectors are also expected to do well
in 2020-21.
Look at market share
You may be tempted to look at sectors that
are expected to do badly because of falling
share prices. Anyone using this strategy
should scan the quarterly numbers for
market share gain and not headline earn-
ings. Profitability will fall because the
entire market will shrink. “The companies
that can gain market share in situations
like this will be the ones that will be able to
report good numbers in future years,” says
Kumar. However, one should not ignore
valuations. Let us take the example of the
NBFC sector, which has been in turmoil for
the last few years. Strong NBFCs have in-
creased their cash holdings to survive this
phase (see chart). There is no doubt that a
company like Bajaj Finance will survive
the turmoil in the consumer finance space
using its balance sheet strength. However,
is its high valuation justified? “Bajaj
Finance’s high valuation is not justified be-
cause people are losing jobs and they may
not be able to pay back their loans taken for
consumer durables,” says Sharma.
Please send your feedback to
etwealth@timesgroup.com
 TELEGRAM t.me/indiaep
guest column
The Economic Times Wealth June 1-7, 2020 05

Getting fresh answers

to cliched questions
There are questions that a lot of investors ask without thinking, but the
answers are still worth a lot of careful thought, says Dhirendra Kumar.

I
’m beginning to become a little al-
lergic to the word ‘sector’. Over the
past three weeks, I have participated
in four long online Q&As about in-
DHIRENDR A KUMAR
CEO, VALUE RESE ARCH vesting. In three of these, I was the
person answering the questions and in one,
I was in the audience. In the last one, which
money I wrote about a week ago, the questions were

mysteries being answered by the redoubtable Nassim

Nicholas Taleb.
In all four interactions, someone asked the
standard Indian equity investment question
about sectors, “Which sectors will do well
Companies that now?” The problem with this question is not
that it can’t be answered, but that it should
are doing well
not be asked. Imagine someone who could
in a sector that
see into the future perfectly and actually
is down in the provided you with the correct answer. How
dumps are likely to would that help you in actually making a
be great wealth- sensible investment over the coming months
generators while and years and then actually generate good
the opposite, badly returns from it?
It wouldn’t because you have to invest in
run companies in
companies and not in sectors. As long-time
good sectors, will
investors have all experienced, there are
be great wealth great companies in all but the worst of sec-
destroyers. tors and awful companies in sectors that are
doing great. In fact, these exceptions are of-
ten true outliers by their very nature. That is

Being right about

industries, sectors,
national economies and
even the global economy
GETTYIMAGES

is of only negligible
advantage, if any.
to say, companies that are doing well in a sec-
tor that is down in the dumps are likely to be
great wealth-generators while the opposite,
badly run companies in good sectors will be
great wealth destroyers. The deviation from
the norm of the sector will prove to enhance
the effect.
I’m not making any predictions here (that
would be absolutely contrary to the spirit of
this article) but do not be surprised if you see
this being played out in sectors like travel
and banking, where everyone thinks that
the future is much more clearly mapped out
than in many other sectors.
At the end of the day, equity investing is a
bottom-up activity and not a top-down one.
Mutual funds are the opposite but that’s a dis-
cussion for another day, perhaps next week.
You make money by being right about compa-
nies and their stocks. In sharp contrast, be-
ing right about industries, sectors, national
economies and even the global economy is of
only negligible advantage, if any. This makes
almost the entire conversation about econo-
mies that is currently going on of question-
able value from an investment perspective. I
do not mean, even for a moment, that the ques-
tion of economic revival is not important—it
is of the greatest importance to our lives and
jobs and businesses. However, asking that
question does not help you as an investor.
In my last week’s Q&A with investors on
the Value Research YouTube channel, there
was another question that looks facile but is
worth a little bit of a dig. One person asked
what would be the returns of large cap, mid
cap and small cap stocks over the next 25 to
30 years. At first sight, it’s easy to dismiss
such a question. I too started my answer by
pointing out that I was not an astrologer.
However, even though the returns are not
predictable, there is a framework within
which one can think of such a question.
The starting point would obviously be the
previous 30 years. During this time, the BSE
Sensex is 37 times of what it used to be, up
from 800 points on 1 June 1990. Is there any
basis of thinking that such a performance
could be repeated?
I don’t know and it doesn’t matter actually.
What does matter is how well equity does
when compared to the inflation rate and to
fixed income returns. During the quarter
century past, there was a period when fixed
income returns were enormously high. I
remember a time when Government of India
tax-free bonds were offering an interest rate
of 11%. We were a high-inflation, capital-
starved economy where the numbers just
kept ballooning anyway. This inflation rate
and the fixed income return was a cushion
under equity returns which made the num-
bers look large without that much real value
being added.
In the quarter century to come I would be
happy if we had an inflation rate of 2-3 % and
equity returns of 6-8%upwards. That may
look niggardly in comparison to the past but
would be quite a bonanza.
Please send your feedback to
etwealth@timesgroup.com
 mutual funds
06 The Economic Times Wealth June 1-7, 2020
Should you invest in new
Bharat Bond ETF series?
It invests only in bonds of AAA-rated government undertakings, thus eliminating any credit risk.
by Sanket Dhanorkar
A
fter the successful launch of the
initial set of Bharat Bond ETF
offerings, Edelweiss AMC is
set to launch its second tranche
in the series. Two new sets of
ETFs, maturing in April 2025 and April
2031 respectively, will be rolled out in July.
The Bharat Bond ETF is a passively man-
aged instrument with a fixed maturity
date. It will invest only in AAA rated bonds
issued by public sector companies matur-
ing on or before the maturity of the ETF.
The ETF will hold the bonds till maturity
and any coupons (interest income) received
from them will be reinvested in the scheme.
There are several reasons why the
Bharat Bond ETF can be a part of your
portfolio. First, planners feel the Bharat
Bond ETF will provide debt fund investors
a safe and liquid avenue. Since it invests
purely in bonds of AAA-rated government
undertakings, investors need not be wor-
ried about the underlying credit quality—a
major pain point in debt funds in recent
times. “The reason for sticking with AAA
names is that investors should have abso-
lute comfort that this is a debt instrument
they can trust,” asserts Radhika Gupta,
CEO of Edelweiss Mutual Fund. The ETFs
comprise high quality PSU names includ-
ing Exim Bank, HPCL, Hudco, IRFC,
Nabard, NHAI, NHPC, PFC, Power Grid,
among others. If any issuer gets down-
graded below AAA or ceases to be a public
sector undertaking, it is removed from
the portfolio on the next rebalancing date.
“With its 100% AAA PSU bonds, holding
Bharat Bond ETF is a safe, long term bet
and can find place in investors’ long term
debt portfolio,” says Amol Joshi, Founder,
PlanRupee Investment Services.
Since these have defined maturity time-
TELEGRAM t.me/indiaep
Previous offerings have seen
healthy trading volumes
Daily average trading volumes make it one of the more liquid ETFs.
Bharat Bond ETF
April 2023
AUM (` cr)
Return (%) since inception^
Average maturity (years)
Yield to maturity (%)
Avg daily trading volume (units)*
^Date of inception is 26 Dec 2019. *since 28 Feb. Source: NSE, Value Research.
frames, these ETFs can provide predict-
able returns if held till maturity. As indica-
tive yields are disclosed at the outset, in-
vestors can take more informed decision.
“Having a target maturity also nullifies
any interest rate risk for investors if hold-
ing till maturity,” points out Tarun Birani,
Founder and Director, TBNG Capital
Advisors. This is missing in actively man-
aged open-ended debt funds. At the same
time, investors should not mistake indica-
tive yield for guaranteed returns. Like
traditional bond funds, bond ETFs do not
guarantee return.
Besides, Bharat Bond ETF is by far the
lowest cost offering among existing debt
funds. The ETF charges up to 0.0005% on
its assets—or 50 paise per lakh. This is a
fraction of the cost levied by traditional
bond funds that typically charge around
1-2%. Even existing bond ETFs charge
slightly more than Bharat Bond ETF. In
bond funds, this cost differential can make
a material difference to returns over time.
Further, the entire portfolio held by the
bond ETF is disclosed on a daily basis.
Bharat Bond ETF
April 2030
5,749 7,233
5.17 6.43
2.79 9.67
5.71 6.84
54,340 44,882
This is unlike conventional bond funds
which disclose portfolios at the end of
every month.
Apart from this, planners reckon inves-
tors can use defined maturity ETFs to
invest with specific timeframes and goals
in mind. “The launch is in line with our vi-
sion to create a ladder of Bharat Bond ETFs
across various maturities on the yield
curve. This will provide more options for
investors to match their investment needs
with different time horizons,” says Gupta.
Suppose you want to invest targeting a
horizon of next 2.5, 5 and 10 years. You can
separately buy the Bharat Bond ETFs with
corresponding maturities. Edelweiss AMC
eventually intends to offer a series of ETFs
that will cover more maturity buckets and
fill any gaps in the ladder. Meanwhile, in-
vestors who missed out on the first tranche
can still buy them in the secondary mar-
kets. “Ladder of maturities can be created
if that is your specific need. Else, simply
invest when the fund maturity matches
your money requirement,” argues Joshi.
There were some question marks over
liquidity at the time of the launch of the
first offering. However, the ETF contin-
ues to enjoy healthy investor participa-
tion and good liquidity on exchanges. Its
daily average trading volumes make it
one of the more liquid ETFs. The bid-ask
spread has stayed in a narrow range of 5
to 10 bps, resulting in low cost impact. It
remains to be seen if the ETFs can sus-
tain this liquidity over time. For those
who do not have demat accounts, the fund
of fund (FoF) variants are also available,
with ETFs as the underlying. FoFs do
not have any liquidity constraints, un-
like ETFs. The minimum investment is
`1,000 for both.
While the 2023 and 2030 series offered
yields of around 5.7% and 6.84% respec-
tively, the upcoming offerings are likely
to offer lower yields. This is because
yields on corporate bonds have softened
quite sharply since. Investors should
take a call accordingly. Current ETFs are
trading at 6.35% and 7.22% respectively.
Analysts reckon these are quite lucrative
from a post-tax perspective. Investors
may consider buying from the secondary
markets, if residual maturity matches
their time horizon. Birani says, “These
are particularly good options for senior
citizens or others nearing retirement to
create laddered cash flow. Parents target-
ing expenditure towards children’s high-
er studies may also consider investing for
relevant time frame,” he adds. However,
he cautions against trading these instru-
ments actively in the secondary markets
as interim price movements can be very
volatile. The best way to benefit from this
avenue is to hold till maturity.
Please send your feedback to
etwealth@timesgroup.com

Why inter-scheme transfers in
debt funds should worry you
While such transfers are routine and legal, they could dilute the credit profile of the receiving fund.
by Sanket Dhanorkar
C
redit risk funds have encoun-
tered a wave of redemptions
in the wake of the Franklin
Templeton fiasco. Battling a
liquidity crunch, fund hous-
es are resorting to inter-scheme trans-
fers of bonds to repay investors. Here is
why you should be concerned.
Faced with redemptions, funds first
tap their own cash reserves. When that
tap runs dry, they look to sell off bonds
in the secondary market to generate
cash. However, in adverse market
conditions, the secondary market
doesn’t provide any succour—liquidity
practically disappears, particularly
for lower rated bonds. Most debt funds
avoid selling off the more liquid, higher
grade bonds in the portfolio. So as a last
resort, funds may approach banks to
borrow some money. Most fund houses
avoid this route as it could entail a hit
on the fund’s returns. The only way out
for stressed funds to generate liquidity
in such circumstances is to arrange
for transfer of securities within their
own schemes. Termed as inter-scheme
transfer, it involves one fund selling se-
curities to another fund from the same
fund house.
Over the month of April, credit
risk funds sold bonds worth roughly
`5,500 crore to sister schemes. ICICI
Prudential AMC, HDFC AMC, Kotak
AMC, Aditya Birla Sun Life AMC, SBI
AMC and Nippon India AMC are among
the fund houses that carried out the
transfers. This is not a new phenom-
enon. Inter-scheme transfers have been
going on for many years. There is noth-
ing wrong with such transactions—
Credit risk funds have sold mostly
AA rated bonds to sister schemes
Investors in funds receiving such bonds must remain vigilant.
Value of
Scheme
transfer (` cr)
ICICI Prudential Credit Risk 2,207
HDFC Credit Risk 1,781
Kotak Mahindra Credit Risk 612
Aditya Birla SL Credit Risk 490
SBI Credit Risk 255
Nippon India Credit Risk 158
Figures for the month of April. Data compiled by Pulse Labs
these are permitted by the regulator as
long as the transfer occurs at a fair value
as determined by a rating agency. A
transfer is frowned upon if it happens at
a price which hurts the interest of inves-
tors in either scheme. “As long as the in-
vestments are done according to scheme
objectives, it should not matter whether
that exposure is coming from a primary
or secondary market transaction or
through inter-scheme transfer,” argues
Amit Tripathi, Head-Fixed Income
Investments, Nippon India Mutual Fund.
However, even when such transfers fit
into the broader mandate of the receiv-
ing fund, it must be noted that many of
these are illiquid bonds. Data compiled
by Pulse Labs shows that the bulk of the
transfers have been of AA rated bonds.
Further, most of the transfers have
been into hybrid schemes—a preserve
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mutual funds
Transferred to
ICICI Pru Balanced Advantage, ICICI Pru Debt
& Equity, ICICI Pru Multi-Asset
HDFC Hybrid Equity, HDFC Hybrid Debt
(among others)
Kotak Savings (among others)
Aditya Birla SL Equity Hybrid ‘95, Aditya
Birla SL Balanced Advantage (among others)
SBI Equity Hybrid, SBI Magnum Medium
Duration
Nippon Equity Hybrid, Nippon Ultra Short
Duration, Nippon Low Duration
of conservative investors. For instance,
ICICI Prudential Mutual Fund trans-
ferred bonds worth `2,207 crore from its
credit risk offering to ICICI Prudential
Balanced Advantage, ICICI Prudential
Equity & Debt and ICICI Prudential
Multi Asset. HDFC AMC transferred
securities worth `1,782 crore to HDFC
Hybrid Equity and HDFC Hybrid Debt,
among other debt schemes. Kotak AMC
arranged some transfer into Kotak
Savings while ABSL shifted bonds to
ABSL Balanced Advantage and ABSL
Equity Hybrid, among others.
Experts point out that a spike in
lower rated bonds in the portfolio may
materially alter the risk profile of the
receiving fund—both in terms of credit
risk as well as liquidity risk. A few fund
houses may be dumping their bad assets
to low risk profile schemes, putting their
The Economic Times Wealth June 1-7, 2020 07
investors at risk. Prateek Pant, Head
– Products and Solutions, Sanctum
Wealth Management, says, “Even if
these transfers fall within the ambit
of the law, they may not be in the spirit
of the law. Fund houses have used the
back-door to shift lower rated bonds
into defensive schemes.” In April port-
folios, some hybrid funds have suddenly
seen appearance of lower rated NCDs
and perpetual bonds. AMCs may per-
ceive hybrid funds as ideal candidates
to house these bonds as the higher vola-
tility in equity segment can mask any
value erosion in the debt portion.
Several of the AA rated bonds sold be-
long to issuers with strong fundamen-
tals. Papers transferred include those
issued by the likes of Muthoot Finance,
Tata Motors, Godrej Properties, among
others. These companies are backed
by healthy operating metrics or strong
parentage. The likelihood of these de-
faulting on their obligations is remote.
Some fund managers insist that the AA
papers in fact spell a great opportunity
for buying schemes. “In the wake of
events in April, the AA-rated segment
of debt markets got priced at a steep
spread, providing the best risk-return
payoff,” points out Manish Banthia,
Senior Fund Manager – Fixed Income,
ICICI Prudential AMC. He insists ICICI
Prudential Balanced Advantage bought
these bonds from various market par-
ticipants considering the attractive val-
uations and as part of its shift towards
debt in its regular rebalancing exercise.
However, not all the AA names are
in good financial shape. Among the is-
suers whose bonds have been shifted,
Shriram Transport Finance has
been put under rating watch. Piramal
Enterprises reported net loss to the
tune of `1,703 crore in the March quar-
ter. Some A-rated securities have also
been shunted to other schemes. These
include Avanse Financial Services,
Security and Intelligence Services,
Syndicate Bank, to name a few.
Experts say investors in funds receiv-
ing such bonds must remain vigilant—
particularly if they belong to a category
perceived to carry lower risk. If the
proportion of such papers in the overall
portfolio rises beyond a certain level, it
should be a cause for alarm. “It should
not happen that one set of investors are
saved at the cost of others,” avers Pant.
Please send your feedback to
etwealth@timesgroup.com
 review preview
08 The Economic Times Wealth June 1-7, 2020
Term plan rates hiked 5-15%
As Covid deaths worsen experience of companies, premiums might see further rise.
AGE OF
BUYER
25
30
35
40
45
The high death toll of Covid-19 could push up
insurance premium rates in the coming
months. Life insurance companies hiked
term plan premiums by 5-15% following
an increase in reinsurance rates and their
mortality experience in recent years.
Reinsurance companies hiked premiums
by 30-50% in April. Also, companies have
witnessed adverse mortality experience in
recent years. “It is assumed that for every
10,000 lives covered, only 3 deaths would
occur in a given policy year. However, the
actual deaths are between 4 and 4.5,” says
Santosh Agarwal, CBO-Life Insurance,
Policybazaar.com.
Instant PAN facility
launched; issues PAN
within 10 minutes
The Income Tax Department has launched
the facility to get an instant Permanent
Account Number (PAN) using the
Aadhaar number for e-KYC. The fully
paperless facility is free of cost and issues
a PAN within 10 minutes of applying.
Anyone with a valid Aadhaar number and
mobile number registered with Aadhaar
can use this facility.
Applicants are required to visit the
e-filing website of the income tax depart-
ment, feed in his Aadhaar number and
then submit the OTP received on the reg-
istered mobile number. This will generate
a 15-digit acknowledgment number. In 10
minutes, he will be issued an e-PAN on his
mobile and email address.
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COST OF `1 CRORE COVER TILL AGE OF 65
MAX LIFE INSURANCE
TERM OLD NEW
IN PREMIUM PREMIUM CHANGE
YEARS (`) (`)
40 7,670 8,476
35 9,204 10,148
30 11,564 12,508
25 14,986 16,048
20 19,824 21,122
The aggressive marketing of term plans
also kept premiums low. “Pricing of term
plans has been very aggressive in India.
The premiums have not been in line with
the mortality experience,” says an indus-
try veteran. He says the surge in number
of Covid deaths is likely to worsen the mor-
tality experience and could possibly push
up premiums by 20-30%.
IRDAI rules have prevented insur-
ance companies from hiking premium
rates too much. “According to the guide-
lines, the modified premium cannot be
more than 15% higher,” says Srinivasan
Parthasarathy, chief and appointed actu-
Selling MF units on stock
exchanges is complicated
Sebi has allowed mutual funds to list units
of wound-up schemes on stock exchanges
but experts say most investors will find
this route very complicated. “It is good
that investors can exercise this option but
it is not very easy. Many investors don’t
have a demat account. Even if you open
a demat account, trading is not
simple,” says Chokkalingam
Palaniappan, Founder of the
Chennai-based Prakala
Wealth Management.
Let’s look at the pro-
cess. First, the investor
will have to demateri-
alise the units and get
them transfered to his
demat account. Investors
will have to obtain a conver-
sion request form (CRF) from
the depository participant (DP). A
statement of account, which includes the
names of mutual fund units to be convert-
ed to demat form, needs to be attached
with the CRF. The duly completed form
HDFC LIFE INSURANCE
OLD NEW
PREMIUM PREMIUM CHANGE
(%) (`) (`)
10.5 9,285 9,378
10.3 11,001 11,625
8.2 13,511 14,466
7.1 16,447 18,559
6.5 22,566 25,301
* Premium rates are for non-smoker males; rates inclusive of GST
ary of HDFC Life. “More than 15% hike
in premium will mean a new product and
requires approval of the IRDAI.” Tata-AIA
Life launched a new term plan that is 35%
costlier than its old plan.
For others, the premiums are up by
5-15%. The hike is not uniform and varies
across companies, age groups and risk pro-
files. In case of Max Life Insurance, young-
er buyers below 30 have to shell out 10%
higher premiums while older buyers above
40 will only pay 5-6% more. The situation
is reverse in case of HDFC Life—younger
buyers will pay only 1-5% more while older
buyers will pay 12% more (see table).
along with documents must be submitted
to the DP for conversion. After verifica-
tion, the depository will send the form to
the fund house or its registrar and trans-
fer agent, which will confirm the conver-
sion request after verification.
After the units are dematerialised,
investors need a broking account
to sell the units. But there
may not be too many tak-
ers for units of shuttered
schemes. “This entire
effort might be futile
for retail investors,”
says Vishal Dhawan,
Founder of Mumbai-
based PlanAhead
Wealth Advisors.
Chokkalingam says that
if an investor can wait it out,
he should not try to sell the units.
“The AMC will keep on paying you the
money that they receive in parts. If you
are not facing an emergency, wait for your
money to be returned.” —Shivani Bazaz
NEWS IN BRIEF
SBI cuts FD rates; RBI stops
issuing 7.75% bonds
Bad news for fixed income inves-
tors. SBI has cut interest rates on
bank deposits by 40 basis points
(bps) across all tenors, even as
RBI has stopped selling its huge-
ly popular 7.75% savings bonds.
After the steep rate cut, the 1-2
year FDs of SBI will fetch 5.1%,
(%) 3-5 years will earn 5.3% and 5-10
years will earn 5.4%. SBI rate cut
1.0 was followed by the RBI’s deci-
sion to stop issuing its savings
5.7 bonds. Also known as RBI 7.75%
bonds, these were popular with
7.1 investors because of the high
interest rate and sovereign guar-
12.8 antee they offered. The 10-year
G-sec is trading around 6% and
12.1 small savings rates have come
down to 7.1%, while banks are of-
fering 5-6% on their deposits.
Maruti offers flexible EMI
scheme to buyers
Maruti Suzuki has tied up with
HDFC Bank to offer flexible EMI
options to car buyers. Under the
scheme, a buyer can avail low
EMIs for three months every
year. The company is also offer-
ing up to 100% on-road funding
and monthly installments start-
ing from `899 per lakh for the
first six months. Maruti Suzuki
had sold no cars in April due to
the lockdown and its factories
were shut. Some factories reo-
pened in May after lockdown
restrictions were eased.
IDFC First Bank to use new
video-based KYC facility
IDFC First Bank has started us-
ing video-based KYC facility for
onboarding of new customers.
Customers can open savings
bank accounts without visiting
a branch office. The zero-contact
method completely does away
with paper work or biometric
verification, thereby removing
physical interaction between
the bank and customer from the
KYC process. This is especially
relevant in the current times, an
official said.
Madras HC issues notice to
Franklin Templeton, Sebi
Madras High Court has issued-
notices to Franklin Templeton
Mutual Fund and Sebi on a
petition filed by a Chennai-
based investors’ group. The
Chennai Financial Markets
and Accountability (CFMA) is
separately launching an online
petition to bring together all
investors affected by Franklin
Templeton’s decision to wind up
six debt schemes.
 TELEGRAM t.me/indiaep
review preview
The Economic Times Wealth June 1-7, 2020 09

product
launches
:: Insurance
Aegon Life in assocation with Flipkart
has launched a life insurance with
Covid-19 plan to cover hospitalisation
expenses up to `1 lakh. Customers can
get a comprehensive insurance cover
against Covid-19 that can be availed on
the Flipkart app along with the base life
insurance plan. It offers the cover on a
minimum of 24 consecutive hours of
hospitalisation on the first diagnosis.
HDFC Life has launched Protect
Plus, a rider that provides enhanced
life insurance cover, cover against
accidental death and disability and
cancer protection. Protect Plus can
be added to new policies as well as
21 existing linked and non-linked
products of HDFC Life. Buyers can
choose four options: Life cover,
personal accident, accidental death
and cancer.
:: Real estate
PropTiger.com has launched an end-
to-end online booking facility on its
portal. Buyers can find a property and
complete the entire booking process
online. The firm has partnered with
12 developers whose projects will be
open for purchase on the platform.
You can open an NPS
account using Aadhaar
Online exit option proposed as well by PFRDA.
The Pension Fund Regulatory and
Development Authority (PFRDA) has al-
lowed Aadhaar-based KYC for onboarding
new National Pension System (NPS) sub-
scribers. The process enables immediate
activation of the NPS account due to instant
KYC verification and also facilitates im-
mediate deposit of NPS contribution by the
subscriber.
An applicant can download the password-
protected Aadhaar XML file by accessing
the UIDAI portal through e-NPS and share
the same for his KYC. The facility can also
be availed through the Points of Presence
(POP).
In this process, the KYC details are in
machine-readable XML format, which is
digitally signed by UIDAI, allowing eNPS/
POPs to verify the demographic contents of
the file and certify the same to be authentic.
The identity and address of the applicant can
be verified this way.
Recently, the pension fund regulator
also introduced a new mode of payment for
NPS subscribers called Direct Remittance
(D-Remit). This allows the subscriber to
set up a systematic investment through
Netbanking by which regular contributions
can be made into the NPS.
In another development, the PFRDA has
proposed an online option to exit the NPS.
Currently, an e-NPS account can be opened
online, however, no online process was
available to exit the scheme.
In the proposed process, the KYC of e-NPS
subscribers shall be verified by the respec-
tive bank-POPs where these subscribers
have their existing banking relationship.
Banks shall also be eligible for payment of
processing fees.
—Navneet Dubey
New Form 26AS
to be effective
from today
The income tax department has noti-
fied the revised Form 26AS, which will
now include information pertaining to
property and share transactions.
With this, Form 26AS has now been
revamped to an ‘Annual Information
Statement’ which apart from the TDS/
TCS details, shall contain comprehen-
sive information relating to specified
financial transactions, payment of
taxes, demand/refund and pending/
completed proceedings undertaken
by a taxpayer in a particular financial
year that has to be mentioned in the
income tax returns.
The revamped Form 26AS will come
into effect from 1 June, the CBDT
said. Nangia Andersen Consulting
Chairman Rakesh Nangia said
Form 26AS in its new avatar seeks to
provide much more comprehensive
information regarding taxes paid by
a taxpayer, details of pending as well
as completed income tax proceed-
ings, status of income tax demand and
refund along with details of specified
financial transactions undertaken by
taxpayer during a particular finan-
cial year such as share purchase and
property purchase in a single form/
statement.

60% fall in merchant point transactions in April

Here are some other trends in card and digital transactions, as per the Worldline India report.

5.1 MILLION
POS terminals in the country as of March
2020. Private sector banks represent
60%
Dip in month-on-month
transactions volume and value at
about 69% POS terminal market, while merchant touch points in April 2020
public sector banks make up for 27%. due to the extended lockdown.

Top 5 states with highest Mobile apps for smaller

digital transactions in Q1 transactions, Net banking
for high-ticket sales
GETTYIMAGES

TRANSACTION TRANSACTION TRANSACTION

TYPE VOLUME VALUE

Maharashtra Karnataka Tamil Nadu Delhi Andhra Pradesh

Mobile apps
4,251.7 `15,674.1
million billion
Top 5 cities with highest Net banking/ 811.6 `94,580.4
Internet
digital transactions in Q1 browser million billion

UPI trumps mobile wallets

PAYMENT NO. OF VALUE OF
Source: Worldline India Digital Payments Report for Q1 2020 MODE TRANSACTIONS TRANSACTIONS
Bengaluru Chennai Mumbai Pune Hyderabad
Mobile 1.08 `429
57.7 MILLION Debit card transactions higher than credit card wallets billion billion

Number of credit cards as of Transactions at `952.3 billion UPI

3.87 `6.45
POS terminals Credit card billion trillion
March 2020, an increase of `840.7 billion
24% compared with Q1 2019. E-commerce
`1,024 billion Bharat 45.5 `58.5
The debit cards stood at transactions & digital Debit card BillPay million billion
828.5 million, a fall of 11%. bill payments via ATMs `1,276.2 billion
* Figures for Q1 2020
 financial planning
10 The Economic Times Wealth June 1-7, 2020
Be the help in these trying times
As people cope with job loss and other troubles, reach out to lend a helping hand, says Uma Shashikant.
M
y friend lost his job. At the
end of March, just as the
horrors of the new pandemic
were unfolding, his employ-
ers told him that they had to
let him go. He had not expected it. Panic and
anger took over first. How could they do it
to me, he seethed. How will I face the family
and friends, he worried. How will I find a
new job in these times, he feared. A week
UMA SHASHIK ANT
IS CHAIRPER SON, CENTRE
was spent speaking to friends and holding
FOR INVES TMENT the information from his wife and children.
EDUC ATION AND LE ARNING Then he told his wife. She did not work.
She quit her job years ago after the children
were born. They decided to not let the chil-
dren know, and manage with their savings.
In the last 60 days, the turmoil in that house-
hold has been a scary picture.
Our friend was angry initially and is now
Do not tell your depressed. He is not confident of finding a
friend you new job. Every application has returned
understand his or with the comment that there are no posi-
her situation. You tions to fill in these difficult times. He wor-
don’t if you yourself ries this temporary phase might become
haven’t been fired permanent. It is difficult to get him to see
from your job. Do that things might be better. As a 40 plus pro-
not offer empty fessional, he thinks he is unemployable.
empathy. Be aware The household’s routine money decisions
that these are tough have become tougher to make. They con-
times that call upon tinue to pay for the school that is no longer
the more fortunate open but for the online version; they pay fees
to be kind, generous for online courses and summer classes they
and helpful. don’t see value in; they buy things the chil-
dren want ordered online. But each decision
is painful. They do not know how to let the
kids know that they can’t spend like before.
The quarrels between the couple have
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GETTY IMAGES
increased. The man is quick to take offence
and the woman is too scared to take charge.
The relationship is on the brink of becoming
abusive despite best intentions. The worried
children find the parents tense.
Using accumulated savings and invest-
ment is problematic. In theory the house-
hold can run for another 12 months without
an income. However, every decision seems
tough. Liquidating the mutual funds at a
loss is difficult; selling stocks at a loss is un-
thinkable; drawing the PF down now looks
like a risk. The couple are unable to decide.
What could we as friends do? Here is what
the four of us who are close to the couple
have done in the last 60 days:
First, we are taking turns to talk to him
and engage him in things happening in our
lives. Two of us are entrepreneurs and have
given him some problems to solve and small
projects to work on. We are focused on get-
ting a set of scheduled activities done in his
day, so he doesn’t spend time listlessly.
Second, one of us has taken over his
finances from his wife who was doing fine
all along but is now struggling to make
decisions under the new situation. We have
made a liquidity plan with the assets, and
have initiated the process to draw down the
money the household needs, keeping ex-
penses controlled.
Third, one of us has spoken to the chil-
dren and told them that in the new circum-
stances where so much is changing, it would
be foolhardy to spend too much. Dealing
with the older child who had plans to go
abroad to study this Fall has been the tough-
est. She knows she will have to drop that plan,
but it breaks everyone’s heart to deal with that.
Fourth, we are constantly reminding the cou-
ple that they should see this as an interruption
and not the end. It looks severe as it happens,
but as the crisis dies down, things will be differ-
ent and there will be new opportunity to work
or create, and an economically viable alterna-
tive can be found.
Fifth, we have assured them that we are all
around to offer a hand loan should things get
tough. We have created a pool of funds and told
the family we will chip in as and when needed,
since we know the finances of the household.
There is a lot of work to do. The pessimism
around us is not helpful. As the normal we
knew before March 2020 seems increasingly
elusive, we may have more friends and relatives
needing help and support. How are you prepar-
ing to be the support your family and friends
may need?
First, stay in touch. Make sure you do not
allow the social isolation to cut you off. Look
out for friends who aren’t communicating as
before. Or not as active on social media as they
once were. Reach out to talk and listen.
Second, try and understand what their situ-
ation is and see if you can help them solve it on
their own. Most people do not need external
monetary help or may be hesitant to reach out
assuming you would shy away from getting
involved. What they may truly need is the reas-
surance that their thought process is right.
Be that person whom someone can trust and
confide in.
Third, not everyone is willing to discuss
difficult financial matters with their spouses.
They like to insulate the family from any
trouble with the finances. If the spouse is not
involved in these decisions, it is even tougher.
Try to help a friend unload their anxieties,
work out their options, and think through their
decisions without the fear of being judged or
reprimanded.
Fourth, do not tell your friend that you under-
stand their situation. You don’t if you yourself
haven’t been fired from your job. Do not offer
empty empathy. Be genuine about how you can
help, and be aware that these are tough times
that call upon the more fortunate to be kind,
generous and helpful. Remain honest about
how far you are willing to go for a friend.
Fifth, help your friend see the big picture.
Unless the situation is very dire with no sav-
ings, investments or assets, your friend will be
able to ride this phase with the assets they al-
ready have. Everything that is used now can be
rebuilt when the times get better. Enable your
friend to see a liquidity crunch for what it is and
stop them from equating it to bankruptcy.
Life has been indescribably tough for so
many around us. Make sure you reach out and
support those that you can. So many of them
are suffering in silence and need a shoulder to
lean on.
Please send your feedback to
etwealth@timesgroup.com
 TELEGRAM
financialt.me/indiaep
planning
The Economic Times Wealth June 1-7, 2020 11

Meeting financial goals PAPER WORK

:: Deletion of bank
account holder

despite irregular income There may be instances wherein

one may want to delete the
name of a joint bank account
holder. For this, a simple process
needs to be followed to make the
Review savings and expense targets frequently and make modifications accordingly. required change.

Sujay is a self-employed professional.

He drew up a financial plan for himself Form
a few years back. The first thing he did A form for deletion of bank
account holder can be taken
was to work out an income and expense
from the bank branch or
plan. However, he is not saving as much downloaded from the bank website. The
as he had planned to. With his earnings same needs to be filled and signed by
impacted by the lockdown, he does not the remaining account holders as well
as the holder whose name is sought to
have enough surplus to save and invest. be deleted.
How can he rectify the situation?

S
ujay needs to review his budget and see
how he has dealt with his income and Information
expenses so far. If he is consistently fall- Account number and type of
ing behind on his savings targets, it could account and name of the holder
mean that he either overestimated his in- whose name is to be deleted,
come or underestimated his expenses. Reviewing should be mentioned in the form. If the
will help him get a better idea of how much can he account holder whose name is to be
save every month. This may require him to re-work deleted is a minor, the guardian’s name
his goals in the light of the current situation. also should be mentioned.
As a self-employed professional, it is better for
Sujay to be conservative and underestimate his
income until there is stability in earnings. Working
with a lower income will help him keep a tighter Mode of operation
rein on his expenses and increase his chances of The account holders can
reaching the savings target. Also, he may not have change the mode of operation
considered all his expenses and the amount he of the account to either
actually spends on them with costs increasing over jointly, survivor or single. Else one can
time. Some expenses, such as food and fuel will continue with the original mode of
change frequently. Others like housing, education operation.
and medical may change less frequently, however,
the quantum of change will be higher. Sujay will
need to make these estimations correctly to get a
fair idea of what he can spend and save. Debit card/ATM cards
Sujay should observe his spending over a period The account holders should
of time to understand what he was spending on. He return debit/ATM cards
should consider every item of expense, whether issued to the account holder
recurring or not, and then decide on what is pos- whose name is being deleted, or should
sible given his income and savings target. He must sign a declaration that the same has
review his budget every time there is a change in been destroyed by them.
his personal situation, which will have a significant
GETTY IMAGES

impact on the nature and level of expenses. Next, he

must review the impact of the change on his goals
and take corrective action accordingly. This will New cheque book
ensure that his financial plan reflects his current A request to issue a fresh
situation. Content on this page is courtesy Centre for Investment Education and Learning (CIEL). cheque book with new names
Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta. can be placed in the same
application. Unused cheques may be
returned to the bank branch.

smart things to know Risks of investing in bank FDs

2
:: Points to note

1
 The first or primary account

4
Inflation risk: Reinvestment holder’s name cannot be deleted.
Liquidity risk: FD returns risk: In  If the number of the account holder
Bank FDs can be Default risk: Bank at times can a falling whose name is being deleted is
easily liqui- defaults are rare but pos- be around interest rate registered for PIN, OTP notifications,

3 5
dated. However, a sible. However, deposit the same as environment, the same will be delinked from the
penalty could be amount including interest inflation or Interest rate risk: FDs that are records of the bank.
levied. Tax saver of up to `5 lakh per even lower Bank FDs carry due to mature
FDs cannot be person per bank is guar- than inflation the risk of being will get offered
withdrawn before anteed by the DICGC and rates leading to locked in for a a lower rate
completion of the any amount over that is wealth erosion long tenure at low at the time of
5-year tenure. subject to default risk. for the investor. rate of return. maturity.
 learn & keep
12 The Economic Times Wealth June 1-7, 2020

Covid impact: Are you facing a

financial emergency?
Here's what to do if you find yourself in one of these dire situations, says Riju Mehta

You are unlikely to meet your
short-term goal
If your goal is just a year away and your investments have suffered heavy
losses, or the property you were hoping to help finance the goal is not
finding any buyer, or you dipped into this goal corpus for some other
emergency, you may not be able to meet your goal.
You are running out of your
emergency fund
If you have lost your job, faced a big salary cut, or have run into a financial
emergency, which has depleted your contingency corpus, what should you do?
Try to replenish it without dipping into the corpus for other goals because the
tough financial times are likely to continue for an unspecified time.

What to do... What to do...

First, decide whether your goal is crucial or can be put off for a few years.
If you can defer it, do so. If it is a critical goal, such as child’s education,
you have three options. Either dip into another goal corpus to make up for
the shortfall; reduce the goal value; or take a loan. If you opt for the first,
make sure you replenish the amount withdrawn from the other goal corpus
at the earliest. Go for the loan only if it’s for education, while a personal
loan should be taken only as a last resort. You can also go for loans against
assets. Use credit card if the amount is small and you have a secure job.
First, if you have any ongoing investments like SIPs, direct them to your
contingency fund till it is fully replenished. In case of job loss, identify
the things at home that you don’t need or use and auction these online or
through apps like OLX, Quikr, ListUp, Secondhandmall, Tradly, etc. Next,
find new sources of income by trying to freelance, tutor online, sell food, or
leverage other hobbies which can be shared online or via social distancing.
You could also make the most of the time at home and find another job that
requires you to work online provided you don’t breach employer guidelines.
Deploy these extra funds to rebuild your emergency corpus.

You have borrowed heavily

If you are servicing several loans, including home, vehicle or personal You have suffered a salary cut
loans, and have just had a salary cut or even lost your job, you are If Covid-related business losses have resulted in a salary cut for
definitely in a tight spot. Should you forfeit your vehicle or give up on you, you wouldn’t be alone. While a salary cut of 5-10% may not
the dream of owning a house? impact your budget much, anything higher will need you to rejig
your spending and saving.

What to do...
If your salary cut is such that you will be unable to repay the loans, ap-
What to do...
proach each loan with a different strategy. In case of a small, expensive You can either look for a better paying job, which may not be likely
loan, such as a personal or credit card loan, use your existing savings to in the current scenario, or try to live within the financial constraints.
foreclose it. If it’s a mid-sized car loan, calculate the value of your car The latter will require a two-step process, wherein you will first have
and the remaining loan. If the latter is less than the former, you could to reframe your budget factoring in the lower income and listing
sell your car and repay the loan. If the car value is less than the loan, out the existing expenses. Then identify the expenses that can be
you should talk to the lender if he is willing to offer an EMI holiday for avoided. In the next step, to make up for the shortfall, find out how
a few months till your finances get back on track. If it’s a big home loan, you can increase your income. You could supplement it by finding a
you could request the bank to increase the tenure and reduce your EMI second job or freelancing (if your employer permits), or cashing in
or again ask for a buffer period and take an EMI holiday. on your other skills and hobbies.

You are not able to meet your

You are likely to lose your job goals at work
The pandemic has led to loss of jobs and livelihoods across various It is possible that you haven’t quite taken to the work-from-home
sectors. If your company too is facing massive losses and looking at option as well as your teammates, or perhaps the household and office
downsizing, stay alert and take action before you are fired. work are overwhelming you to an extent that you are not able to meet
your targets. Is there a way out?

What to do...
First, research whether the entire industry has been affected or only
What to do...
your company. If your company seems to be facing bigger problems, Unfortunately, you have very few options in the current circum-
start sending your resume to other firms or get in touch with head stances. What you can do is streamline your work in such a way that
hunters. If possible, negotiate for a pay cut or even unpaid leave, it does not impact you or your targets. Firstly, you need discipline of
since it will be better than losing your job. If, on the other hand, work hours and clear demarcation of office area. If you fix the time
the entire industry is impacted, you may not easily find a job in the and place, there will be less chaos and overlap between work and
same stream in other companies. So it is better to use your time at home activities. Next, interact with your colleagues even if the work
home and upskill yourself or learn a new skill that will enable you to does not demand it; it will keep you active and your creative juices
make a transition to allied industries. Start freelancing as well so you flowing. Just because you are at home doesn’t mean you don’t need
know of job opportunities in the market. a leave. In fact, you need it more now. So talk to your boss about
your problem and take a break to rejuvenate yourself.
TELEGRAM t.me/indiaepapers

You are invested in high-risk

instruments You are having more financial
If all your investments are in equity and or risky debt funds, you may
have suffered losses in the past few months. You don’t want to take out arguments with your spouse
money hoping the market will recover, but also want to quit the volatile Being together 24x7 in the house cannot be good for your marital
market to secure your funds. What should you do? relationship. Compound it with money problems and the situation
can become explosive. Is there a way out?

What to do...
First check how far away your goals are. If they are a good 10 years
away, it might make sense to stay put, especially if you are investing
through SIPs. If your goal is just a year or two away, you should start
a systematic withdrawal plan to retrieve the money. It’s a good idea
to invest in government bonds and secure debt funds with AAA rated
securities for capital safety. Remember to always have a diversified
portfolio with investments in equity, bonds, gold and cash so that your
losses can be minimised during volatile times.
What to do...
If you are working from home, try to keep your work area off limits
for the family, including your spouse, for specified hours. Next,
avoid bringing up money randomly in every conversation, especial-
ly in front of kids; fix a time when you are relaxed to discuss the
issues. If the differences seem irreconciliable, you can even have a
video call with a financial adviser or a behavioural therapist.

ILLUSTRATION: ANIRBAN BORA

 financial planning
14 The Economic Times Wealth June 1-7, 2020
Use Excel’s LINEST function to
manage investments efficiently
This function helps to estimate the multiple factor sensitivities that influence the value of investments.
by Sameer Bhardwaj
T
he interaction or inter-relation
between business, economy and
financial market variables have
a considerable influence over
the performance of investments.
The impact of such interactions is visible
across asset classes like equities, debt, bul-
lion and commodities. Examples include
the effect of an interest rate hike on long-
term debt funds, the effect of weakening
currency on FPI flows and the effect of ris-
ing inflation rate on asset risk premiums.
Quantifying such interactions helps in
determining the relative significance of
such variables and assists in forecasting.
One of the widely used tools for quanti-
fying such relationships is the simple
regression analysis. It estimates the influ-
ence of a single independent variable on
the dependent variable.
However, there may be several inde-
pendent variables that could be influenc-
ing the dependent variable. Therefore,
an analysis based on simple regression
may not always produce effective results.
For example, a household’s expenditure
growth in any time period ‘t’ is not only
influenced by income growth but also by
the savings and inflation rates. Similarly,
an investment portfolio return is not only
influenced by the market index return,
(which is technically termed as a portfolio
beta) but by other factors like domestic
economic growth, the international value
of the currency, the performance of devel-
oped or emerging markets and changes in
international oil prices too.
To determine or quantify the impact of
these multiple factors, the sensitivities
of each of such individual factors need to
be worked out. They play a critical role in
forecasting the dependent variable. These
factor sensitivities are worked out using
multiple regression analysis, which as-
sumes a linear relationship between the
variables.
The application of multiple regression
is not only limited to the area of finance or
economics but is also practiced across do-
mains like marketing, HR and operations.
Mathematically, the multiple regression is
worked out using the concepts of matrix al-
gebra. However, the same can be easily done
using MS Excel’s ‘LINEST’ function too.
Let us say that Y (or dependent variable)
is the quarterly return of the investment
portfolio and it is assumed that such
portfolio return is influenced by three
independent variables: Real GDP growth
(X1), Industrial production growth (X2)
and WPI inflation rate (X3). The following
equation needs to be solved for estimating
the multiple factor sensitivities:
TELEGRAM t.me/indiaep
Calculating multiple regression with Excel
Include a reasonable number of observations for deriving meaningful conclusion.
Screenshot 1
Screenshot 2
Y= + 1 (GDP )+ 2 (IIP )+ 3 (WPI)
Y is the dependent variable (or
portfolio return)
1, 2, 3 are the factor sensitivities
associated with each of the
above three factors.
is the value of Y (or portfolio return)
when all other factor variables are zero
Screenshot 1 demonstrates the ‘LINEST’
function. For demonstration purposes,
data of only eight quarters have been used.
However, it is better to include a large
number of observations for deriving mean-
ingful conclusions. The function requires
four inputs. The first input ‘Known_y’s’ is
the series of the dependent variable, which
in our example is the portfolio return. The
second input ‘Known_x’s are the independ-
ent variables, which are GDP, IIP, and WPI.
The third input ‘Const’ and the fourth in-
put ‘Stats’ can be left blank.
An important point worth mentioning
about ‘LINEST’ is that it is an array func-
tion that helps to display output in multiple
cells. As LINEST estimates multiple factor
sensitivities, therefore, such sensitivities
need to be placed in different excel cells.
However, instead of using the working
methodology of the array functions, the
output of the LINEST function can also be
managed by combining it with the ‘INDEX
function’.
If the LINEST is applied on the single-
cell (as shown in Screenshot1), it will
output the sensitivity of the last factor in
the list, which is 4.64 for the WPI infla-
tion. However, there are four outputs from
the above equation (three coefficients
and intercept ). To obtain these, the
INDEX function will have to be used with
the LINEST function. For obtaining the
intercept, we have used the following
formula in B13 cell (Screenshot2): INDEX
(LINEST(B3:B10,C3:E10),1,4). Similarly
for obtaining factor sensitivity of the first
independent variable (GDP growth), the
index function will have to be modified
with INDEX(LINEST(B3:B10,C3:E10),1,3).
Likewise, for obtaining factor sensitivity
of second and third independent variables,
the last two inputs of the INDEX formula
will have to be modified with (1,2) and (1,1)
respectively.
Following the pattern, if there are ‘n’
independent variables, the total number
of outputs will be ‘n+1’ (n coefficients
and an intercept). The last two inputs in
the INDEX function combination will
start from (1, n+1) and will have to be
decremented till it reaches (1, 1). Also, the
LINEST function inputs will have to be
modified accordingly.
One can substitute the values in the
above equation to complete the multiple re-
gression exercise. 1, which is the GDP sen-
sitivity, states that if other factors are held
constant, a 1% jump in GDP growth will
improve the portfolio return by 5.65%. The
2
coefficient does not provide meaningful
conclusion. The 2 value of -4.67% implies
that as the IIP index increases by 1%, the
portfolio returns decline by -4.67%, which
is unexpected as improving industrial
growth is generally positive for invest-
ments. The reasons for such odd results
could be the usage of very few observations
for the demonstration.
As the objective of this article is to give
a basic idea of the concept and estimation
of multiple regression, most of the dem-
onstration data is generated randomly.
However, readers should apply the concept
using real market data by including a rea-
sonable number of observations to derive
meaningful results from the analysis.
Please send your feedback to
etwealth@timesgroup.com
 TELEGRAM t.me/indiaep
SMART STATS
The Economic Times Wealth
June 1-7, 2020

In This Section
MUTUAL FUNDS - P16
LOANS AND DEPOSITS - P18
ALTERNATE INVESTMENTS- P19

ET WEALTH TOP 50 STOCKS

Every week we put about 3,000 stocks through four key filters and rate them on a mix of factors. The end result
of this is the listing of the top 50 stocks based on the composite rating to help ease your fortune hunt.

RANK PRICE ` GROWTH%* VA LUAT I O N R AT I O S RISK R AT I N G

Current Previous Stock Net Div Downside Bear No. of Consensus
Rank Rank Price Revenue Profit PE PB Yield PEG Risk Beta Analysts Rating

KEC International 1 1 192.85 23.83 33.00 10.19 2.04 3.14 0.32 2.17 1.15 34.00 4.74
1 Fast growing stocks
Power Grid Corp of Indi 2 3 157.25 13.42 22.33 6.55 1.39 5.38 0.29 1.44 0.61 27.00 4.70
Top 5 stocks with the highest
HG Infra Engineering 3 2 157.10 42.87 74.12 8.04 1.54 0.32 0.12 2.37 1.00 16.00 5.00 expected revenue % growth
JK Cement 4 4 1,130.65 16.18 73.25 30.77 3.24 1.56 0.47 1.65 0.72 28.00 4.79 over the previous year
Emami 5 7 191.75 9.35 81.59 28.71 4.19 4.09 0.34 1.86 0.66 33.00 4.03 HG Infra
43
Engineering
Engineers India 6 10 62.80 22.59 18.09 10.74 1.69 7.05 0.50 1.91 0.63 15.00 4.47
Tata Consumer 41
Alkem Laboratories 7 8 2,324.30 29.92 79.12 36.54 5.11 1.30 0.48 1.37 0.36 21.00 4.24 Products
UPL 8 -- 391.10 8.60 33.87 16.83 1.55 1.38 0.46 2.39 1.21 34.00 4.76 Ipca 40
Laboratories
Larsen & Toubro 9 11 905.50 15.38 17.07 14.26 2.04 3.29 0.96 1.84 1.08 43.00 4.77
V-Mart Retail 39
Tata Power Co 10 -- 36.90 8.43 10.67 6.99 0.51 3.64 0.32 2.01 0.61 18.00 4.39
Info Edge India 33
CCL Products India 11 12 197.45 21.56 24.91 16.96 3.13 3.70 0.68 1.74 0.81 10.00 4.80
ITC 12 13 190.65 11.63 23.40 18.51 3.95 2.99 0.79 1.77 0.81 38.00 4.53
Jubilant Life Sciences 13 20 434.15 10.43 28.07 11.78 1.44 2.20 0.44 2.37 1.01 12.00 4.50
2 Least expensive stocks
CESC 14 19 573.15 11.90 8.51 6.42 0.85 3.56 1.00 1.73 0.71 18.00 4.94 Top 5 stocks with the lowest
NTPC 15 18 95.70 18.96 9.82 6.24 0.86 0.53 0.72 1.55 0.74 27.00 4.93
price-earnings ratio

Transport Corp of India 16 26 152.50 12.41 28.94 8.04 1.31 1.35 0.48 1.95 0.93 10.00 4.90 NTPC
6.24
Aurobindo Pharma 17 24 713.95 28.64 24.99 17.69 3.01 0.42 0.71 2.86 0.89 35.00 4.60
CESC 6.42
Ipca Laboratories 18 17 1,550.40 39.74 85.90 44.03 6.27 0.32 0.52 1.53 0.15 24.00 4.13
Dilip Buildcon 6.46
Gujarat Gas 19 14 232.85 32.54 143.43 38.30 7.27 0.43 0.25 1.83 0.81 30.00 3.97
Redington
APL Apollo Tubes 20 16 1,412.45 19.27 58.35 22.61 3.49 1.01 0.46 2.21 1.23 10.00 4.60 India 6.46
Pfizer 21 23 4,183.10 18.13 40.96 44.61 6.36 8.10 1.09 1.41 0.36 10.00 4.60 Power Grid 6.55
Dilip Buildcon 22 27 256.95 21.92 20.81 6.46 1.25 0.39 0.31 2.69 1.25 15.00 4.53 Corp of India

Cipla/India 23 28 628.35 11.30 26.75 32.74 3.21 0.63 1.22 1.35 0.28 43.00 4.35
3 Best PEGs
Century Plyboards India 24 21 102.85 4.07 36.00 15.40 2.34 0.98 0.61 1.96 0.73 20.00 4.45
Top 5 stocks with the least
VRL Logistics 25 30 146.95 8.16 19.01 14.45 2.06 4.67 0.82 1.77 0.71 14.00 4.36 price-earnings to growth ratio
Thermax 26 29 720.35 1.09 35.79 24.93 2.85 1.92 0.82 1.35 0.39 32.00 2.88 Gujarat Gas Dilip Buildcon

Bajaj Finserv 27 -- 4,285.95 24.76 37.03 20.25 2.18 0.23 0.46 2.59 1.42 14.00 4.14
Ramco Cements 28 31 616.80 14.94 33.64 26.78 3.20 0.90 0.97 1.72 0.91 28.00 3.71
0.12 0.25 0.29 0.31 0.32
HeidelbergCement India 29 35 158.00 6.72 22.96 16.22 3.06 0.96 0.53 2.01 1.05 15.00 4.60
Apollo Hospitals 30 33 1,337.05 25.25 49.85 78.79 5.58 0.49 1.32 1.97 1.02 23.00 4.87
HG Infra Power Grid KEC
Dr Reddy's Laboratories 31 41 3,887.75 8.46 32.98 33.05 4.17 0.52 0.99 1.20 0.32 47.00 3.64 Engineering Corp of Indi International
SRF 32 34 3,409.40 14.89 46.48 30.53 4.75 0.41 0.63 2.01 1.11 20.00 4.35
Adani Ports & SEZ 33 45 331.80 9.90 13.55 17.92 2.63 1.04 1.14 2.00 1.16 26.00 4.85 4 Income generators
Carborundum Universal 34 40 222.15 13.21 23.65 16.96 2.44 1.85 1.00 1.80 0.91 11.00 4.18 Top 5 stocks with the highest
Info Edge India 35 32 2,570.90 33.09 56.02 51.91 12.34 0.33 0.38 2.15 0.74 27.00 3.30
dividend yield (%)
Redington India 9.25
Tata Consumer Products 36 39 371.15 40.59 92.79 74.38 2.48 0.68 2.08 1.91 1.00 12.00 4.42
Pfizer 8.10
Lupin 37 42 881.15 4.01 56.84 65.71 2.90 0.56 1.15 1.37 0.30 46.00 3.04
Engineers India 7.05
Ahluwalia Contracts 38 47 159.95 10.81 11.25 9.14 1.46 0.19 0.49 2.37 1.13 18.00 4.50 Power Grid
Corp of Indi 5.38
Prestige Estates Projec 39 43 145.15 27.45 5.92 13.10 1.29 2.14 3.10 3.01 1.03 18.00 4.56
VRL Logistics 4.67
Voltas 40 46 486.80 17.41 18.24 31.71 3.92 0.86 1.83 1.67 0.90 43.00 4.16
Redington India 41 44 82.70 19.49 1.53 6.46 0.82 9.25 7.03 2.63 0.92 10.00 4.80
5 Least risky
Oberoi Realty 42 49 307.15 3.24 14.03 13.47 1.39 0.66 0.93 2.00 0.60 26.00 4.08
Top 5 stocks with the lowest
Rallis India 43 -- 216.80 12.85 23.22 22.81 3.28 1.16 0.96 2.08 1.05 21.00 3.71 downside risk
Britannia Industries 44 -- 3,323.25 13.92 35.00 68.88 18.78 1.55 1.97 1.60 0.75 40.00 3.90 Cipla/India Alkem
Laboratories
Asian Paints 45 50 1,643.60 12.51 42.58 73.02 16.56 1.12 1.77 1.53 0.78 41.00 3.78
AIA Engineering 46 -- 1,625.30 10.07 25.14 29.97 4.36 1.69 1.30 1.66 0.68 18.00 3.72
1.20 1.35 1.35 1.37 1.37
Galaxy Surfactants 47 -- 1,313.75 4.89 23.71 24.39 5.31 1.29 0.95 1.58 0.64 11.00 4.27
Kajaria Ceramics 48 -- 326.20 0.63 18.55 22.89 3.29 1.90 1.23 1.88 0.93 28.00 4.14
Dr Reddy's Thermax Lupin
V-Mart Retail 49 -- 1,592.85 38.70 36.61 46.83 7.06 0.11 0.85 2.16 0.95 16.00 4.06 Laboratories
Zee Entertainment 50 -- 180.70 9.07 11.02 11.07 1.94 2.13 1.25 3.36 1.06 28.00 3.79 SEE DOWNSIDE RISK AND BEAR BETA COLUMNS
IN THE ADJACENT TABLE.
*REVENUE AND NET PROFIT GROWTH IS BASED ON CONSENSUS ANALYSTS' EXPECTATIONS. NR: NOT IN THE RANKING. DATA AS ON 28 MAY 2020. SOURCE: BLOOMBERG
 smart stats TELEGRAM t.me/indiaep
16 The Economic Times Wealth June 1-7, 2020

LAGGARDS & LEADERS

ETW FUNDS 100
BEST FUNDS TO BUILD YOUR PORTFOLIO
Taking a long-term view of fund returns, here is a list of 10
funds in each category—five leaders (worth investing) and
five laggards (that may be a drag on your portfolio).

LAGGARDS LEADERS

ET Wealth collaborates with Value Research to identify the top-performing Equity: Large-cap 5-year returns
funds across categories. Equity funds and equity-oriented hybrid funds are
-0.85 6.82
ranked on 3-year returns while debt-oriented hybrid and income funds are Taurus Largecap Equity Axis Bluechip
ranked on 1-year returns. -0.23 5.77
Principal Nifty 100 Equal Weight Canara Robeco Bluechip Equity
0.95 5.31
Franklin India Bluechip Mirae Asset Large Cap
Value Research Net Assets
RETURNS (%)
Expense 1.02 5.09
Fund Rating (` Cr) 3-Month 6-Month 1-Year 3-Year 5-Year Ratio (%) Nippon India Large Cap Nippon India ETF Shariah BeES
1.23 4.50
EQUITY: LARGE CAP
Axis Bluechip Fund  12,716.81 -18.46 -16.20 -10.02 6.44 6.82 1.98
6.44% Baroda Large Cap Sundaram Select Focus

Canara Robeco Bluechip Equity Fund  418.00 -16.76 -14.32 -9.86 3.51 5.77 2.56 THE 3-YEAR
RETURN
Sundaram Select Focus Fund  932.85 -19.23 -19.53 -16.85 1.44 4.50 2.42
Tata Index Sensex Fund  23.61 -20.13 -22.70 -19.54 1.33 3.35 1.00
OF AXIS
BLUECHIP IS
Equity: Multi-cap 5-year returns
HDFC Index Fund - Sensex Plan  1,177.38 -20.58 -23.17 -20.09 1.27 3.67 0.30 THE HIGHEST
Motilal Oswal Focused 25 Fund  1,153.47 -17.86 -16.83 -11.77 0.45 4.00 2.24 IN ITS -2.78 8.21
CATEGORY. Nippon India Multi Cap Parag Parikh Long Term Equity
Edelweiss Large Cap Fund  165.33 -20.78 -20.99 -18.72 0.06 2.48 2.44
UTI Nifty Index Fund  2,097.08 -19.99 -23.08 -21.32 -0.02 3.20 0.17 -1.59 6.77
Mirae Asset Large Cap Fund  15,347.16 -20.73 -23.09 -20.65 -0.45 5.31 1.67 Nippon India Retirement SBI Focused Equity
ICICI Prudential Bluechip Fund  21,820.93 -17.96 -20.86 -19.64 -0.84 3.75 1.92
Indiabulls Bluechip Fund  127.95 -22.98 -24.93 -23.05 -2.85 3.39 2.43
-1.42 6.61
Taurus Starshare (Multi Cap) Axis Focused 25
EQUITY: LARGE & MIDCAP -0.61 6.39
Invesco India Growth Opportunities Fund  2,282.43 -21.37 -20.76 -16.83 0.83 4.24 2.02
0.83% HDFC Focused 30 Tata Retirement Savings
Mirae Asset Emerging Bluechip Fund  8,838.98 -20.18 -19.28 -15.44 0.83 9.45 1.81 THE 3-YEAR
RETURN OF -0.07 6.20
Kotak Equity Opportunities Fund  2,980.18 -19.87 -17.59 -15.80 -1.01 4.96 2.10
INVESCO IN- LIC MF Multicap Quant Active
Canara Robeco Emerging Equities Fund  4,845.74 -21.49 -16.05 -16.73 -1.09 6.64 1.97 DIA GROWTH
LIC MF Large & Mid Cap Fund  594.43 -23.77 -20.96 -15.63 -1.54 4.80 2.47 OPPORTUNI-
Sundaram Large and Mid Cap Fund  1,012.99 -26.10 -25.86 -22.55 -1.76 4.09 2.36 TIES FUND IS
Principal Emerging Bluechip Fund  1,822.03 -21.32 -17.81 -16.69 -2.12 5.29 2.18
THE HIGHEST
IN ITS
Equity: Mid-cap 3-year returns
DSP Equity Opportunities Fund  4,439.07 -21.81 -21.43 -19.02 -2.79 4.71 1.96 CATEGORY.
-10.98 7.31
EQUITY: MULTI CAP Aditya Birla Sun Life Mid Cap Axis Midcap
Parag Parikh Long Term Equity Fund  2,925.43 -8.05 -6.70 -1.50 7.05 8.21 2.09
SBI Focused Equity Fund  7,967.80 -22.00 -18.54 -15.03 4.59 6.77 1.99
-9.32 0.81
IIFL Focused Equity Fund  785.87 -22.61 -17.10 -11.83 3.34 6.09 2.30 Motilal Oswal Midcap 100 ET Quant Mid Cap
Canara Robeco Equity Diversified Fund  1,896.90 -18.16 -14.26 -13.25 2.78 4.86 2.31 -9.25 -1.50
Axis Focused 25 Fund  9,493.38 -22.43 -20.50 -14.04 2.76 6.61 1.73 Sundaram Mid Cap DSP Midcap
Tata Retirement Savings Fund  689.21 -17.10 -17.66 -13.69 0.95 6.39 2.45
-8.86 -2.22
Kotak Standard Multicap Fund Regular Plan  26,049.43 -20.89 -21.57 -20.86 -1.18 5.22 1.70
Edelweiss Multi Cap Fund  488.67 -21.74 -21.43 -22.09 -1.61 3.66 2.46
SBI Magnum Midcap Tata Midcap Growth
JM Multicap Fund  118.78 -22.43 -21.95 -14.37 -2.07 4.40 — -7.77 -2.91
SBI Magnum Multicap Fund  7,912.14 -22.66 -22.58 -22.49 -2.30 4.07 2.01 IDBI Midcap Edelweiss Mid Cap
Motilal Oswal Multicap 35 Fund  10,236.93 -23.12 -23.28 -22.33 -4.33 3.82 1.82

EQUITY: MID CAP

7.31% Equity: Small-cap 3-year returns
Axis Midcap Fund  5,098.37 -16.10 -11.62 -4.40 7.31 6.37 1.94
THE 3-YEAR

DSP Midcap Fund 6,487.64 -18.71 -13.12 -10.72 -1.50 7.09 1.92
RETURN OF -16.45 1.66
Kotak Emerging Equity Fund  5,911.85 -24.40 -20.11 -18.33 -3.74 4.32 1.92 AXIS MID- Aditya Birla Sun Life Axis Small Cap
L&T Midcap Fund  5,366.51 -21.50 -17.85 -19.44 -4.78 4.88 1.98 CAP FUND IS
THE HIGH- -16.05 0.05
EQUITY: SMALL CAP EST IN ITS Sundaram Small Cap SBI Small Cap
CATEGORY.
Axis Small Cap Fund  2,169.10 -27.12 -18.43 -11.39 1.66 5.89 2.23 -13.59 -6.66
SBI Small Cap Fund  3,280.30 -24.06 -20.03 -17.79 0.05 7.59 2.24 Franklin India Smaller Companies Nippon India Small Cap
Nippon India Small Cap Fund  6,994.88 -26.64 -22.11 -27.83 -6.66 4.49 2.18
-12.62 -7.00
L&T Emerging Businesses Fund  4,267.86 -28.88 -29.05 -34.72 -11.37 2.53 2.08
HSBC Small Cap Equity Union Small Cap
EQUITY: VALUE ORIENTED
-11.49 -8.33
Invesco India Contra Fund  4,273.93 -19.16 -17.06 -17.14 0.89 5.81 2.12
DSP Small Cap Kotak Small Cap
Kotak India EQ Contra Fund  726.10 -21.88 -22.17 -20.72 0.39 3.74 2.49
Tata Equity PE Fund  4,018.95 -17.13 -20.92 -20.13 -3.62 4.31 1.98
L&T India Value Fund  5,709.96 -22.75 -22.84 -25.40 -6.48 3.11 1.93
Hybrid: Aggressive 5-year returns
EQUITY: ELSS
Axis Long Term Equity Fund  19,632.01 -20.71 -18.19 -12.17 3.42 5.43 1.72 3.42% -1.99 6.39
Canara Robeco Equity Tax Saver Fund  940.59 -18.70 -13.70 -14.15 2.66 4.79 2.27 THE 3-YEAR JM Equity Hybrid Canara Robeco Equity Hybrid
Mirae Asset Tax Saver Fund  3,184.25 -20.55 -21.83 -18.03 1.03 — 1.79 RETURN OF
Invesco India Tax Plan  930.37 -21.02 -18.11 -15.67 0.50 4.34 2.23
AXIS LONG -0.82 5.64
TERM EQUITY Nippon India Equity Hybrid DSP Equity & Bond
Aditya Birla Sun Life Tax Relief 96  9,371.50 -17.17 -17.38 -16.28 0.25 4.53 1.94
FUND IS THE
Quant Tax Plan  8.83 -10.74 -14.52 -15.33 0.15 7.00 2.48 HIGHEST IN 0.36 5.53
Kotak Tax Saver Regular Plan  1,040.28 -21.56 -20.12 -19.46 -1.81 3.71 2.29 ITS CATEGORY. PGIM India Hybrid Equity Tata Retirement Savings

Tata India Tax Savings Fund 1,769.58 -22.14 -23.36 -21.44 -1.87 4.60 2.12
0.82 5.37
DSP Tax Saver Fund  5,407.34 -20.49 -21.32 -18.64 -1.91 5.12 1.87
Franklin India Life Stage Principal Hybrid Equity
JM Tax Gain Fund  31.80 -25.48 -23.79 -20.68 -2.33 3.55 —
Motilal Oswal Long Term Equity Fund  1,411.09 -26.02 -24.33 -18.29 -3.46 5.60 2.11 1.12 5.33
Tata Hybrid Equity SBI Equity Hybrid
ANNUALISED RETURNS IN % AS ON 27 MAY 2020.
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The Economic Times Wealth June 1-7, 2020 17

ETW FUNDS 100 Top 5 SIPs

Value Research
Fund Rating
Net Assets
(` Cr) 3-Month 6-Month
RETURNS (%)
1-Year 3-Year 5-Year
Expense
Ratio
1 Top 5 equity schemes based
HYBRID: EQUITY SAVINGS on 10-year SIP returns
Edelweiss Equity Savings Fund  83.73 -3.14 -2.24 0.43 4.96 5.86 1.74 SBI Small Cap Fund
Kotak Equity Savings Fund  1,491.74 -6.32 -5.88 -2.33 4.10 5.59 2.15
14.51
Axis Equity Saver Fund  700.38 -10.01 -9.21 -6.65 3.22 — 2.39
Canara Robeco Emerging Equities
ICICI Prudential Equity Savings Fund*  1,241.95 -9.94 -9.01 -5.30 2.57 5.25 1.33
13.60
HYBRID: AGGRESSIVE (EQUITY-ORIENTED)
Canara Robeco Equity Hybrid Fund  2,912.43 -12.75 -9.17 -6.79 3.56 6.39 2.03 3.56% Axis Long Term Equity
SBI Equity Hybrid Fund  29,105.88 -16.55 -15.23 -11.05 3.45 5.33 1.74 THE 3-YEAR 12.02
Mirae Asset Hybrid Equity Fund  3,314.23 -13.82 -15.39 -12.71 1.90 — 1.90 RETURN OF
CANARA Principal Emerging Bluechip
Tata Retirement Savings Fund  1,047.69 -13.96 -14.16 -12.02 1.22 5.53 2.23
ROBECO 11.48
DSP Equity & Bond Fund  5,538.45 -17.29 -13.43 -9.15 0.71 5.64 1.90
EQUITY IS
HDFC Retirement Savings Fund  367.19 -15.98 -15.27 -15.51 0.12 — 2.63 THE HIGHEST DSP Midcap
HDFC Children's Gift Fund  2,776.99 -16.36 -16.21 -15.20 0.01 4.56 2.13 IN ITS
CATEGORY. 11.18
Principal Hybrid Equity Fund  1,087.56 -15.13 -15.19 -16.80 -0.03 5.37 2.24
ICICI Prudential Equity & Debt Fund  17,696.29 -13.62 -16.39 -15.88 -0.58 4.83 1.77 SIP: SYSTEMATIC % ANNUALISED RETURNS
INVESTMENT PLAN AS ON 27 MAY 2020
HYBRID: CONSERVATIVE (DEBT-ORIENTED)
Baroda Conservative Hybrid Fund  22.10 1.43 3.66 9.05 7.37 7.30 2.05
Top 5 MIPs
Kotak Debt Hybrid Fund
ICICI Prudential Regular Savings Fund


236.39
1,581.24
-3.45
-3.45
-1.75
-1.88
3.42
2.56
4.29
5.87
6.85
7.72
2.23
1.95 2 Top 5 MIP schemes based on
Tata Retirement Savings Fund  133.22 -2.58 -1.34 2.48 4.61 6.70 2.20
Indiabulls Savings Income Fund  24.56 -3.06 -3.19 -1.04 6.45 — 2.00 3-year SWP returns
DEBT: MEDIUM- TO LONG-TERM Indiabulls Savings Income
IDFC Bond Fund Income Plan  670.57 4.35 7.45 13.98 8.16 8.68 1.92
Nippon India Income Fund  305.89 3.55 6.56 13.56 8.38 8.60 1.75 13.98% 7.10
SBI Magnum Income Fund  1,292.48 2.41 7.05 13.29 8.11 8.85 1.47 THE 1-YEAR Baroda Conservative Hybrid
ICICI Prudential Bond Fund*  3,153.22 2.84 5.67 12.12 7.96 8.45 1.08 RETURN OF 7.04
IDFC BOND
DEBT: MEDIUM-TERM FUND INCOME ICICI Prudential Regular Savings
SBI Magnum Medium Duration Fund  3,192.04 2.60 5.94 12.26 8.67 9.31 1.23 PLAN IS THE
HIGHEST IN ITS 5.44
IDFC Bond Fund Medium Term Plan  2,807.92 3.27 5.58 11.13 7.89 8.15 1.43
CATEGORY. Canara Robeco Conservative Hybrid
Indiabulls Income Fund  30.33 2.76 4.75 9.13 8.30 7.98 0.90
HDFC Medium Term Debt Fund  1,134.93 -0.24 2.80 7.61 6.73 7.65 1.29 5.34
DEBT: SHORT-TERM LIC MF Debt Hybrid
L&T Short Term Bond Fund  4,421.96 3.50 5.45 10.67 8.17 8.12 0.75 4.86
HDFC Short Term Debt Fund  11,000.38 2.34 4.90 10.57 8.31 8.41 0.39
SWP: SYSTEMATIC % ANNUALISED RETURNS
Axis Short Term Fund  5,560.05 2.65 4.86 10.42 8.00 8.20 0.95
WITHDRAWAL PLAN AS ON 27 MAY 2020
IDFC Bond Fund Short Term Plan  11,459.35 2.82 4.79 10.22 8.04 8.07 0.80

DEBT: DYNAMIC BOND

SBI Dynamic Bond Fund  1,352.43 4.30 7.74 15.36 8.75 9.41 1.66 15.36%
IDFC Dynamic Bond Fund  2,030.79 4.87 8.47 15.26 8.75 9.13 1.80 THE 1-YEAR
3 Large & MidCap
Axis Dynamic Bond Fund
ICICI Prudential All Seasons Bond Fund


488.53
3,014.13
2.90
3.47
6.96
7.14
13.51
12.68
8.48
8.42
8.82
9.53
0.65
1.34
RETURN OF
SBI DYNAMIC Cash holdings

BOND FUND IS
Quantum Dynamic Bond Fund 60.58 2.71 6.47 12.35 7.84 9.25 0.68
THE HIGH- 12.45
PGIM India Dynamic Bond Fund  43.61 2.44 5.70 11.90 8.26 8.76 1.75 EST IN ITS 11.02
Kotak Dynamic Bond Fund  1,076.06 2.50 5.30 11.67 8.92 9.45 1.08 CATEGORY.
8.55
Edelweiss Dynamic Bond Fund  54.18 2.32 4.49 10.97 8.03 7.83 0.99 7.95
7.06
DEBT: CORPORATE BOND
HDFC Corporate Bond Fund  14,518.19 3.08 5.61 11.22 8.64 8.85 0.50
Aditya Birla Sun Life Corporate Bond Fund  17,647.81 3.35 5.64 10.94 8.56 8.77 0.45
ICICI Prudential Corporate Bond Fund  11,860.11 2.84 5.10 10.44 8.15 8.46 0.56 Expense as on 30 April 2020
Kotak Corporate Bond Fund  4,031.53 2.24 4.18 9.37 8.27 8.40 0.60 *Expense as on before 30 LIC MF IDFC DSP Equi- Mahindra Franklin In-
April 2020 Large & Core ty Oppor- Top 250 diaa Equity
Franklin India Corporate Debt Fund  1,071.73 -0.51 2.64 8.44 7.71 8.10 0.92
Returns as on 27 May 2020 Mid Cap Equity tunities Nivesh Advantage
Assets as on 30 April 2020
All equity funds ranked on 3-year returns. Debt funds ranked on 1-year returns. Rating as on 30 April 2020
Did not find your fund here? % OF ASSETS AS ON 30 APRIL 2020
Log on to www.wealth.economictimes.com for an exhaustive list.

Methodology
The Top 100 includes only those funds that have a 5- or
4-star rating from Value Research. The rating is determined
EQUITIES (figures over the past one year)
Large-cap: Mostly invested in large-cap companies.
4 Debt: Liquid
by subtracting a fund’s risk score from its return score.
The result is assigned stars according to the following
Multi-cap: Mostly invested in large- and mid-cap
companies. FUND
RAISER
distribution: Mid-cap: Mostly invested in mid-cap companies.
0.18 0.18
0.16 0.17
  Top 10% Small-cap: Mostly invested in small-cap companies.
0.13
  Next 22.5% Tax planning: Offer tax rebate under Section 80C.
(Not covered
  Middle 35% International: More than 65% of assets invested abroad.


 Next 22.5%
 Bottom 10%
in ETW Funds
100 listing) Income: Average maturity varies according to objective.
Gilt: Medium- and long-term; invest in gilt securities.
`19,239 Cr
Fixed-income funds less than 18 months old and equity funds Equity-oriented: Average equity exposure more
was the net outflow
less than three years old have been excluded. This ensures than 60%. from credit risk funds in
that all the funds have existed long enough to be tracked for the month of April 2020. Canara IDFC IDBI Taurus Axis
Debt-oriented aggressive: Average equity exposure Robeco Cash Liquid Liquid Liquid
consistency of performance. Given the focus on long-term between 25-60%. The outflows jumped Liquid
investing, liquid funds, short-term funds and FMPs are not
part of the list. For the same reason, we have considered only Debt-oriented conservative: Average equity exposure 3.5 times compared to
the growth option of funds that reinvest returns instead of less than 25%. March 2020.
offering dividends that increase the NAV of funds. Arbitrage: Seek arbitrage opportunities between equity % AS ON 30 APR 2020
Despite these rigorous filters, the list includes 2/3 funds of and derivatives. % EXPENSE RATIO IS CHARGED ANNUALLY.
each category to maximise choice from the best funds. Asset allocation: Invest fully in equity or debt as per METHODOLOGY OF TOP 100 FUNDS ON
The fund categories are: market conditions. WWW.WEALTH.ECONOMICTIMES.COM
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18 The Economic Times Wealth June 1-7, 2020

LOANS & DEPOSITS

ET WEALTH collaborates with ETIG to provide a comprehensive ready reckoner of loans and fixed-income
instruments. Don’t miss the information on investments for senior citizens and a simplified EMI calculator.

Top five bank FDs

TENURE: 1 YEAR
Interest rate (%)
compounded qtrly
What `10,000
will grow to
HOME LOAN RATES
With effect from 1 October, all banks have made the transition to external
Ujjivan Small Finance Bank 7.50 10,771
benchmarks for pricing new home loans. Most banks have picked the RBI
IDFC First Bank 7.25 10,745
RBL Bank 7.20 10,740
repo rate as the external benchmark.
Indusind Bank
DCB Bank
7.00
6.75
10,719
10,692
REPO RATE: 4.40%
FOR SALARIED FOR SELF EMPLOYED (%)
BANK
TENURE: 2 YEARS RLLR (%) FROM (%) TO (%) FROM (%) TO (%) WEF
Ujjivan Small Finance Bank 7.50 11,602 Bank of Baroda 6.85 6.85 7.85 6.85 7.85 26 May 2020
IDFC First Bank 7.25 11,545
UCO Bank 6.90 6.90 7.00 6.90 7.00 27 May 2020
RBL Bank 7.25 11,545
Union Bank of India 7.20 7.10 7.55 7.10 7.55 1 April 2020
DCB Bank 7.20 11,534
AU Small Finance Bank 7.00 11,489 Punjab National Bank 7.05 7.20 7.80 7.20 7.80 1 April 2020

TENURE: 3 YEARS Bank of India 7.25 7.25 7.55 7.25 8.15 1 April 2020
RBL Bank 7.50 12,497 Central Bank of India 7.25 7.25 7.35 7.25 7.35 1 April 2020
DCB Bank 7.35 12,442 Canara Bank 7.30 7.30 9.30 7.30 9.30 7 April 2020
IDFC First Bank 7.25 12,405
Punjab & Sind Bank 7.30 7.30 7.65 7.30 7.65 16 April 2020
AU Small Finance Bank 7.25 12,405
SBI Term Loan 7.05 7.35 7.85 7.50 8.00 1 May 2020
Ujjivan Small Finance Bank 7.25 12,405
IDFC First Bank 7.40 7.40 8.40 7.40 8.40
TENURE: 5 YEARS
DCB Bank 7.35 14,393 Indian Overseas Bank 7.25 7.45 7.70 7.45 7.70 14 April 2020
IDFC First Bank 7.25 14,323 Indian Bank 7.20 7.55 7.85 7.60 7.90 1 April 2020
RBL Bank 7.15 14,252 SBI Max Gain 7.05 7.70 8.20 7.85 8.35 1 May 2020
AU Small Finance Bank 7.00 14,148
J & K Bank 7.60 7.70 8.00 7.70 8.00 28 Mar 2020
Ujjivan Small Finance Bank 6.75 13,975
ICICI Bank 7.70 7.70 8.70 7.95 8.80 22 May 2020
Axis Bank 7.75 7.75 8.40 7.95 8.55 26 May 2020
IDBI Bank 7.80 7.80 8.40 7.80 8.80 12 April 2020
Top five senior citizen bank FDs
Interest rate (%) What `10,000 South Indian Bank 8.10 8.10 9.35 8.10 9.35 16 April 2020
TENURE: 1 YEAR compounded qtrly will grow to
Karur Vysya Bank 7.60 8.20 10.05 8.20 10.05 1 April 2020
Ujjivan Small Finance Bank 8.00 10,824
IDFC First Bank 7.75 10,798 Bank of Maharashtra 7.45 8.20 9.50 8.45 9.60 7 April 2020
RBL Bank 7.70 10,793 Kotak Mahindra Bank 8.20 8.20 9.15 8.30 9.25 16 April 2020
Indusind Bank 7.50 10,771
Bandhan Bank 7.25 10,745

TENURE: 2 YEARS Your EMI for a loan of `1 lakh

Ujjivan Small Finance Bank 8.00 11,717 TENURE 5 YEARS 10 YEARS 15 YEARS 20 YEARS 25 YEARS
IDFC First Bank 7.75 11,659
RBL Bank 7.75 11,659 @ 7% 1,980 1,161 899 775 707
DCB Bank 7.70 11,648
@ 8% 2,028 1,213 956 836 772
AU Small Finance Bank 7.50 11,602

TENURE: 3 YEARS @ 9% 2,076 1,267 1,014 900 839

RBL Bank 8.00 12,682
DCB Bank 7.85 12,627
@ 10% 2,125 1,322 1,075 965 909
IDFC First Bank 7.75 12,589 FIGURES ARE IN `. USE THIS CALCULATOR TO CHECK YOUR LOAN AFFORDABILITY.
FOR EXAMPLE, A `5 LAKH LOAN AT 12% FOR 10 YEARS WILL TRANSLATE INTO AN EMI OF `1,435 X 5 = `7,175
AU Small Finance Bank 7.75 12,589
Ujjivan Small Finance Bank 7.75 12,589

TENURE: 5 YEARS
Post office deposits Interest (%)
Minimum
investment (`)
Maximum
investment (`)
Features
Tax
benefits

DCB Bank 7.85 14,751

Sukanya Samriddhi Yojana 7.60 250 1.50 lakh One account per girl child 80C
IDFC First Bank 7.75 14,678
RBL Bank 7.65 14,607 Senior Citizens' Savings Scheme 7.40 1,000 15 lakh 5-year tenure, minimum age 60 yrs 80C
AU Small Finance Bank 7.50 14,499
Public Provident Fund 7.10 500 1.50 lakh p.a. 15-year tenure, tax-free returns 80C
Indusind Bank 7.25 14,323

Kisan Vikas Patra 6.90 1,000 No limit Can be encashed after 2.5 years Nil

Top five tax-saving bank FDs 5-year NSC VIII Issue 6.80 100 No limit No TDS 80C
Interest What `10,000
TENURE: 5 YEARS AND ABOVE rate (%) will grow to Time deposit 5.50-6.70 200 No limit Available in 1, 2, 3, 5 year tenures 80C#
DCB Bank 7.35 14,393
Single 4.5 lakh 5-year tenure, monthly returns Nil
IDFC First Bank 7.25 14,323 Post Office Monthly Income
6.60 1,500
Scheme
RBL Bank 7.15 14,252 Joint 9 lakh 5-year tenure, monthly returns Nil
AU Small Finance Bank 7.00 14,148
Recurring deposits 5.80 10 No limit 5-year tenure Nil
Indusind Bank 6.75 13,975
Savings account 4.00 20 No limit `10,000 interest tax-free Nil
ALL DATA SOURCED FROM ECONOMIC TIMES INTELLIGENCE GROUP
(ETIGDB@TIMESGROUP.COM) Data as on 28 May 2020 # Benefit available only for 5-year deposit
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market watch
The Economic Times Wealth June 1-7, 2020 19

HOW YOUR INVESTMENTS

PERFORMED THIS WEEK
This weekly tracker keeps you updated on the benchmark stock index, bond yields, forex movements and WPI.
It also tracks the changes in the past one year to give investors an idea how their investments performed over a longer period.

Sensex 10-yr bond yield (%) USD-INR WPI (%)

39,750 32,201 7.15 5.99 69.61 75.81 3.52
28 MAY 2019 28 MAY 2020 28 MAY 2019 28 MAY 2020 28 MAY 2019 28 MAY 2020 3.24
2.79 2.76
` PER DOLL AR
2.26
2.02
1.17
1.17 0.33 1.00
0.58
0.00

Apr '19

May '19

Jun '19

Jul '19

Aug '19

Sep '19

Oct '19

Nov '19

Jan '20

Feb '20

Mar '20
Dec '19
CHANGE
X 1 WEEK 4.10% 1 WEEK -4.30 (bps) 1 WEEK 0.04% LATEST 1.00%
X 1 YEAR -18.99% 1 YEAR -115.80 (bps) 1 YEAR 8.90% 1-YEAR AVG 1.74%
Equity markets surged due to heavy Bond yields declined after The rupee weakened due to GDP Primary articles and fuel and power
buying in banking and financial stocks, RBI slashed repo rate in order downgrades, increased probability segments witnessed deflation of 0.79%
firm European markets and short-covering to contain the impact of of negative economic growth, and and 10.12% respectively in the truncated
ahead of the monthly derivatives expiry. coronavirus on the economy. falling Asian currencies. WPI release for the month of April 2020.

PENNY STOCKS UPDATE

Penny stocks as a recommended non-traditional investment? Not exactly. ET WEALTH
neither has the expertise nor does it recommend investing in such stocks. But since the
relatively ‘low’ cost of investment attracts some investors to penny stocks, we provide
a weekly snapshot of this most volatile and uncertain type of stock investing.

Top price gainers Top volume gainers

MARKET 1-WEEK (%) 1-MTH (%) 1-MONTH AVG 1-MONTH AVG MKT CAP MARKET 1-WEEK (%) 1-MTH (%) 1-MTH AVG 1-MONTH AVG MKT CAP
STOCK PRICE (`) CHANGE CHANGE VOL (LAKH) VOL CHG (%) (`CR) STOCK PRICE (`) CHANGE CHANGE VOL (LAKH) VOL CHG (%) (`CR)

Educomp Solutions 4.52 20.86 149.72 0.67 605.46 55.35 A & M Febcon 8.45 -3.87 -21.03 0.02 3,768.97 10.82
Siti Networks 2.49 9.21 126.36 2.62 22.95 217.15 Uttam Value Steels 0.21 -4.55 10.53 50.20 3,125.98 138.77
Jyoti 6.59 17.68 118.21 0 -76.46 15.22 KSS 0.19 0 0 12.96 2,843.08 39.51
Vikas Ecotech 3.69 9.82 98.39 4.01 101.57 112.77 Mandhana Retail 6.77 -0.44 -38.9 0.20 2,785.42 14.95
Urja Global 2.73 20.80 86.99 8.94 -7.16 138.47 ISMT 3.85 28.33 35.09 1.66 1,584.33 56.40
Ruchi Infrastructure 5.71 10.02 85.39 0.01 -95.13 117.17 Birla Cotsyn (I) 0.10 0 25.00 5.21 1,240.08 26.87
Digispice Technologies 7.41 21.28 85.25 0.03 66.03 168.85 Prismx Global Ventures 7.10 -7.55 -34.26 0.04 1,121.33 20.16
Opto Circuits (India) 6.39 9.79 84.15 4.40 97.57 192.10 Surana Telecom 2.88 -2.37 -13.51 0.08 955.73 41.82
Subex 7.17 21.32 81.98 5.43 921.91 402.95 Subex 7.17 21.32 81.98 5.43 921.91 402.95
Modern Dairies 5.06 8.35 80.71 0.09 18.52 11.80 SE Power 2.56 -14.67 31.28 0.36 814.00 10.40

Top price losers Top volume losers

Unitech 1.23 -3.15 -31.28 10.59 -28.37 321.80 Dish TV (I) 4.46 -3.46 -8.23 3.84 -70.90 821.22
CG Power 5.69 -0.35 -28.88 1.24 -52.85 356.62 Hindustan Construction 4.30 -4.87 -14.51 2.30 -62.06 650.59
Kwality 2.15 -6.52 -25.09 1.29 -47.19 51.90 Syncom Formulations 0.86 -6.52 -17.31 11.00 -53.78 67.14
Reliance Naval & Engin. 0.99 -12.39 -25.00 26.92 486.24 73.02 CG Power 5.69 -0.35 -28.88 1.24 -52.85 356.62
Cox & Kings 0.78 -17.02 -22.77 1.43 -2.86 13.77 Reliance Communications 0.83 0 -13.54 27.33 -50.18 229.54
Reliance Power 1.91 3.80 -20.08 59.00 26.70 535.78 Kwality 2.15 -6.52 -25.09 1.29 -47.19 51.90
GV Films 0.24 0 -20.00 1.68 128.36 21.95 Tata Teleservices 2.65 -1.49 -2.57 2.53 -46.70 518.06
Jaiprakash Associates 1.42 -4.05 -18.39 16.68 -14.27 345.41 SREI Infra. Finance 4.01 6.08 1.52 1.62 -42.07 201.74
Syncom Formulations 0.86 -6.52 -17.31 11.00 -53.78 67.14 Ballarpur Industries 0.46 4.55 -4.17 3.88 -41.62 59.50
Bajaj Hindusthan Sugar 4.37 7.37 -17.08 5.12 -38.74 495.38 Trident 4.57 -0.22 -7.49 4.69 -41.12 2,328.87

THE STOCKS HAVE BEEN SELECTED USING THE FOLLOWING FILTERS: PRICE LESS THAN `10, ONE-MONTH AVERAGE VOLUME GREATER THAN OR EQUAL TO 1 LAKH AND MARKET
CAPITALISATION GREATER THAN OR EQUAL TO `10 CRORE. DATA AS ON 28 MAY 2020. SOURCE: ETIG DATABASE AND BLOOMBERG.
 mutual funds TELEGRAM t.me/indiaep
20 The Economic Times Wealth June 1-7, 2020

KOTAK STANDARD MULTICAP FUND

Fund with an excellent past track record

ET Wealth collaborates with Value Research to analyse top mutual funds. We examine the key fundamentals
of the fund, its portfolio and performance to help you make an informed investment decision.

HOW HAS THE FUND PERFORMED? Top 5 sectors in portfolio (%)

Point to point return (%)

BASIC Financial 29.36

FUND BENCHMARK CATEGORY AVERAGE

4.77
FACTS Energy 15.78

2.86 2.41 Construction 12.17

1-YEAR 3-YEAR DATE OF LAUNCH
5-YEAR 11 SEP 2009 FMCG 7.62
-1.87 -2.41 -2.79 CATEGORY
Technology 7.52
EQUITY
TYPE
MULTI CAP The fund is currently overweight in
energy and construction names.
-19.31 AUM*
-21.41 -22.30 `26,049.43 CR
BENCHMARK Top 5 stocks in portfolio (%)
The fund has managed to beat both index AS ON 26 MAY 2020
NIFTY 200 TOTAL Reliance 7.60
and peers over the past 3 and 5 years. Industries
RETURN INDEX
ICICI Bank 6.35

Rolling return (%) FUND BENCHMARK WHAT IT HDFC Bank 5.63

COSTS
Ultratech
Cement 4.07
14.16
1-YEAR Larsen &
Toubro 3.93
11.12 NAV**
GROWTH OPTION
The fund has placed high relative bets on
`28.60
15.62 Ultratech Cement, SRF & Petronet LNG,
3-YEAR DIVIDEND OPTION among others.
11.54 `18.01
MINIMUM INVESTMENT
Recent portfolio changes
`5,000
16.86 New Entrants
MINIMUM SIP AMOUNT
5-YEAR
11.59 `500 Page Industries, SBI Cards &
EXPENSE RATIO*** (%) Payments Services (March)
The rolling return figures suggest a healthy AS ON 26 MAY 2020 1.70
track record of outperformance over the years. EXIT LOAD Complete Exits
For units in excess of 10% Indusind Bank (April)
FIGURES DENOTE DAILY ROLLING RETURNS OVER LAST 10 YEARS
BENCHMARK DATA USED S&P BSE 100 TRI
of the investment,1% will
be charged for redemption
within 365 days Additions
Bharat Electronics, Godrej Consumer Products,
WHERE DOES THE FUND INVEST? *AS ON 30 APR 2020
**AS ON 26 MAY 2020
***AS ON 30 APR 2020
HDFC Bank, HUL, Interglobe Aviation, Jubilant
FoodWorks, Page Inds, SBI Life Insurance, Shree
Cement, The Ramco Cements, Ultratech Cement,
Portfolio asset Fund United Breweries (April)
allocation style box
Growth Blend Value How risky is it?
Equity 92.73% Fund Category Index
Small Medium Large

CAPITALISATION

Large-cap 72.62%
Standard Deviation 20.29 20.74 21.06
Mid-cap 25.46%
Small-cap 1.92% Sharpe Ratio -0.14 -0.18 -0.12

Debt & Cash 7.27% Mean Return 2.57 1.75 2.91

INVESTMENT STYLE
FUND BASED ON 3-YEAR PERFORMANCE.

MANAGER The fund’s risk return profile ranks in the

second quartile in its category.
The fund maintains a large-cap bias in its portfolio. HARSHA UPADHYAYA
TENURE: 7 YEARS, 8 MONTHS SOURCE: VALUE RESEARCH

This fund, earlier known as its new mandate. The approach in energy and construction past 12-18 months, but remains an
Should Kotak Select Focus, continues
to maintain a large cap tilt in its
remains the same as earlier. It
takes focused exposure in select
sectors. The thrust is on containing
downside by avoiding names
outperformer over 3 and 5 years.
Past track record under current
You revised positioning as a multi-cap sectors but maintains reasonable with low quality and poor fund manager provides comfort

Buy offering. It has slightly hiked its

mid-cap presence to better fit
diversification in individual bets.
The fund is currently overweight
corporate governance. The fund’s
performance has slipped over the
about outperformance over
longer time frames.
 TELEGRAM
pick oft.me/indiaep
the week
The Economic Times Wealth June 1-7, 2020 21

Hindustan Zinc: A steady player

After halting operations in March, all mines and smelters of the company have become operational now.

H
industan Zinc’s numbers for the fourth quarter power price variations. Its blended realisation is also expect-
of 2019-20 remained on expected lines despite ed to improve in coming years due to increased contribution
Fundamentals
a fall in its revenues and net profit y-o-y. The from silver. CONSENSUS
ACTUAL
ESTIMATE
33% y-o-y net profit decline during the quarter The main advantage of Hindustan Zinc is its huge reserves
2019 2020 2021 2022
was because of the fall in volumes, triggered by of high grade ores and that provides clear earnings visibility
Revenue (` cr) 20,657 18,332 17,844.88 21,754.76
the Covid induced disturbances in the second half of March into the future. At current mining rate, these reserves are ex-
and fall in metal prices at London Metal Exchange (LME). pected to last at least 25 years. High dividend yield is another Ebitda (` cr) 10,670 8,847 8,086.18 10,513.05
However, fall in input costs and depreciation in rupee miti- factor attracting analysts to this counter. Hindustan Zinc is Net profit (` cr) 7,956 6,805 5,687.47 7,354.36
gated a part of the fall in interna- declaring lavish dividends and EPS (`) 18.83 16.11 14.40 18.25
tional metal prices. it paid out `16.5 per share in 2019- DIVIDEND
After halting operations in Analysts’ views 20. Sustaining high dividends in Valuations PBV PE YIELD (%)
March, all mines and smelters future also won’t be a big prob- Hindustan Zinc 2.12 10.47 11.86
of Hindustan Zinc have become 15 lem for Hindustan Zinc. After Hindalco Industries 0.54 7.27 0.87
operational now, though at lower Buy accounting this year’s dividend National Aluminium Company 0.54 21.15 18.88
capacity levels. For example, outgo, Hindustan Zinc still has Hindustan Copper 1.47 NA 2.01
smelter capacity has already a cash balance of `33 per share. Tinplate Company of India 1.21 9.00 2.43
reached 80% levels and this 1 More importantly, all its major
ramp up shows that Hindustan capacity expansion projects are
Zinc may get back to normal op-
Sell
already complete and therefore,
Latest brokerage calls TARGET
RECO DATE RESEARCH HOUSE ADVICE PRICE (`)
erations soon. However, opera- Hindustan Zinc’s free cash flow
tions at full capacity may not be 8 (FCF) is expected to double be- 22 May ’20 Axis Capital Buy 214

resumed in 2020-21 owing to the Hold tween 2019-20 and 2021-22. 22 May ’20 IIFL Buy 213
uncertainty on commodity de- 22 May ’20 ICICIdirect.com Buy 200
mand due to Covid related issues. The main advantage of Hindustan Zinc is its huge reserves of Selection Methodology: We 22 May ’20 Credit Suisse Outperform 195
high grade ores which are expected to last at least 25 years at
Since all its products (zinc, pick up the stock that has shown 21 May ’20 J.P. Morgan Overweight 210
the current mining rate. This provides clear earnings visibility
lead and silver) are international into future of the company. High dividend yield is another factor maximum increase in “consen-
commodities, Hindustan Zinc’s which has made the company a favourite of analysts. sus analyst rating” during the Relative performance 64.09
short term fortunes will be de- last 1 month. Consensus rating 100 MARKET PRICE: `168.65 67.09
pendent on international metal prices. After falling in the is arrived at by averaging all analyst recommendations after
SENSEX
last quarter of 2019-20, zinc prices have already recovered attributing weights to each of them (ie 5 for strong buy, 4 for 81.01
by more than 5% in the first quarter of 2020-21 due to revival buy, 3 for hold, 2 for sell and 1 for strong sell) and any improve-
in Chinese demand, disruption and production cuts from ment in consensus analyst rating indicates that the analysts
other global miners. Since lockdown is being lifted across are getting more bullish on the stock. To make sure that
the globe, commodity prices are not expected to fall further. we pick only companies with decent analyst coverage, this
To maintain its competitive advantage, Hindustan Zinc’s search will be restricted to stocks with at least 10 analysts
management is also taking capacity augmentation and cost covering it. You can see similar consensus analyst rating 28 MAY 2019 HINDUSTAN ZINC ET METAL 28 MAY 2020
reduction measures like commissioning of new shafts. With changes during the last one week in ETW 50 table. Hindustan Zinc compared with ET Metal and Sensex. Stock price and index values
100% captive power plants, Hindustan Zinc is also saved from —Narendra Nathan normalised to a base of 100. Source: ETIG and Bloomberg.

WHAT EXPERTS ADVISE

BUY *STOCK PRICES AS ON 28 MAY
RESEARCH STOCK 1-YEAR TARGET POTENTIAL
STOCK ADVICE COMMENT
HOUSE PRICE* (`) PRICE (`) UPSIDE (%)

All its manufacturing facilities have resumed operations and strong recovery is expected from the
S H Kelkar Motilal Oswal Buy 51 90 76 second half of 2020-21. It may come from body washes, soaps, sanitizers, floor cleaners, etc.

Closure of Indus-Infratel deal is imminent and it would not only result in Voda India's deleveraging but
Bharti Infratel IIFL Sec Buy 224 274 22 also pave way for reducing telcos’ ownership and higher perceived independence for Bharti Infratel.

IEX remains in a sweet spot as it gains market share in an expanding market pie. Its May volumes till
Indian Energy Exchange Jefferies Buy 165 195 18 date rose by 49% y-o-y, as low spot energy pricing in a lockdown period is aiding volumes.

Concerns on leverage to be gradually allayed due to asset sales. With Jio capex largely complete, RIL
Reliance Industries Edelweiss Buy 1,473 1,678 14 should generate free cash flow of `20,000 crore in 2020-21. despite weaker oil & gas earnings.

SELL RESEARCH STOCK 1-YEAR TARGET POTENTIAL

STOCK ADVICE COMMENT
HOUSE PRICE* (`) PRICE (`) DOWNSIDE (%)

Thyrocare earnings will be impacted due to losses during first half of 2020-21 triggered by lockdown.
Thyrocare Technologies Prabhudas Lilladher Sell 513 307 -40 High operating expenses to comply with Covid guidelines is another worry.
Apcotex is also exposed to auto along with carpet, construction sectors, which seem under pressure due
Apcotex Industries ICICI Direct Sell 116 80 -31 to ongoing turbulent time. Thus, this can expose Apcotex to earnings vulnerability.
Dmart's cost of retailing may go up because the contract labour will come at a premium now after the
Avenue Supermarts HDFC Sec Sell 2,308 1,750 -24 reverse migration and increased contribution from lower margin Dmart Ready during the pandemic.
 QA
your queries TELEGRAM t.me/indiaep
22 The Economic Times Wealth June 1-7, 2020

I own stocks of Tata Power,

Blue Dart Express, Jyothy
& I stopped working in
January 2018, at the age
Lab, KEC International and of 61. The PF remains in
Oberoi Realty. Should I stay the EPF account. The last
invested in these stocks or contribution by my
switch to some other stocks Amid the current erstwhile employer was
Any EPF account
for better returns? My time market volatility, in February 2018. Annual
horizon is 1-2 years. interest has been duly where no
it is not prudent contributions have
paid in 2018 and 2019.
to time the daily been made for a
oscillations. One Our panel of experts will Now it is time for the
2019-20 interest to be period of 36
should have a minimum horizon of three answer questions related to paid. How long will the months, will be
years. Selling stocks now will lead to money—around `50 lakh— regarded as
permanent loss booking. Stay invested and any aspect of personal earn interest? Should I ‘dormant’ and will
buy additional units (only if you have finance. If you have a query, withdraw the full amount cease to earn
uncommitted liquidity), thereby averaging out now, as soon as the
cost of stocks. This will help you exit more
mail it to us right away. interest is credited, if no
interest (especially
in the case of those
flexibly. Based on cash flow requirements, further interest is going to
be paid on it? How should above the age of
evaluate redemption from
other fixed income options
QUESTION OF THE WEEK I invest that amount? 58). In your case,
this will happen
after 1-2 years. after February
I am a 41-year-old NRI. Till date I have 2021. Also, the tax shelter available on EPF
only saved through FDs, some of which interest is withdrawn from the time an
Raj Khosla employee retires. Hence, the interest earned
Founder and Managing Director, will mature between June and March,
MyMoneyMantra.com fetching me `2.15 crore. Last month I by you, post retirement, has already become
relatively less attractive. However, given that
opened another FD for `55 lakh. I have
it is still higher than options of comparable
`30 lakh in an FD that will mature in safety, you can continue with the
I had taken a SBI Max Gain
2025. I want to use the above cash of EPF account till you receive
home loan of `65 lakh for 12 around `3 crore to generate a monthly your interest for 2020-21.
years in 2013. The current assured income of at least `2 lakh for
drawing power is `41 lakh. 10 years. Where can I invest this money
Since I have some funds Jayant R. Pai
available and deposited in A home saver loan now that FD rates are falling? CFP and Head - Products, PPFAS
lets you park any Mutual Fund
the OD account, the current
book balance is excess amount in
In the current environment, there are no
approximately `3.5 lakh. In the home loan
other words I have parked
instruments that can provide you an ‘assured
account for any
about `37.5 lakhs in the Max return’ of 8%. Bank FD rates will only fall
number of days
Gain account. Is it right to further. Many small finance banks offer higher
and pull it out any
continue parking funds in the interest rates, but you should avoid going with I lost my job six years ago
time for your
Max Gain account till it closes lesser known banks. If you want safety and and I invested my EPF and
needs. The money other savings worth `30 lakh
or should I close it by paying regular income, you will need to compromise
off the entire `41 lakh? thus kept reduces in mutual funds schemes with
on the payouts. Allocating some amount
the total interest monthly dividend payout
beyond traditional FDs will diversify your
outgo on your option. Now I am not getting
portfolio and can yield better returns over the
home loan and helps you close your loan faster. regular dividends and my Mutual fund div-
long run, but with an element of risk. You can investment value has fallen by
It’s always beneficial to foreclose any loan if idends are not
consider investing in mutual funds and 30%. How do I ensure regular
you have surplus money. However, calculate fixed in amount
corporate fixed deposits. Mutual funds offer an income in this situation?
the interest being charged, foreclosure charges or frequency. It
opportunity to invest in equity, debt and gold
if any, etc., before you actually go ahead. is at the discre-
to build long-term wealth based on your risk
Remember that so long as the loan account is tion of the fund manager. Also the dividends
appetite and investment objective. The deep
open, you can withdraw the surplus at any are just your own money being returned to
correction in the equity markets provides a
time. Once you close the loan, that amount will you. If you get a dividend of `10,000 then the
decent opportunity to take exposure to equity
no longer be available to you. Also, depositing value of your investments also goes down by
funds over the next few months. While mutual
the remaining amount in the OD `10,000. In that sense, they are similar to re-
funds offer debt products, you can additionally
account does not automatically demptions except in terms of taxation. So, the
look at corporate FDs. These products offer
close the loan. If you want to best way to get regular ‘income’ is to actually
slightly higher interest rates vis-à-vis bank
close your loan, inform the redeem that money every month. This can be
FDs but carry the risk of delay or default. You
bank in writing. done by either setting up a systematic with-
must choose credible names to invest with.
drawal plan (SWP) of the desired amount in
Avoid buying insurance policies which
the funds that you have invested in or by do-
Adhil Shetty are a mix of investment and
ing it manually every month as per your
CEO, BankBazaar insurance. Build a portfolio
needs. You may want to prefer the latter op-
based on the principle of
tion and redeem money only in the month in
asset allocation to cater to
which you don’t get a dividend
your goals in consultation
by a certain date.
I left my job in January 2019 with an adviser in India.
after working for four years and
am now working as an independent Prableen Bajpai
technical consultant. If I withdraw
Founder, Managing Partner, Ankur Choudhary
FinFix Research & Analytics Co-Founder and CIO, Goalwise
my PF, will it be taxable?

The law states that any amount withdrawn from a recognised provident fund is exempt in the hands of
the employee if the employee renders continuous service for 5 years or more. In your case, the amount
has been withdrawn before completing continuous service of 5 years. Therefore, the amount will be
taxable. The benefit of EPF advance to fight Covid-19 is only available to employed members of the
EPF Scheme. Since you left employment in 2019, no benefit of the scheme will be available in your case. Ask our experts
Have a question for the experts?
etwealth@timesgroup.com
Amit Maheshwari
Partner, AKM Global
 TELEGRAM t.me/indiaep
mutual funds
The Economic Times Wealth June 1-7, 2020 23

Hike investments, downsize PORTFOLIO

DOCTOR
targets to realistic levels Not many

ARINDAM
investors
Rishi Raghavan is saving for his children’s goals and retirement. Here’s what the doctor has advised: know
1 2 3 4 5 6 whether
CREATE FIRST CHILD’S SECOND CHILD’S FIRST CHILD’S SECOND CHILD’S RETIREMENT they have
EMERGENCY FUND: EDUCATION: EDUCATION: MARRIAGE: MARRIAGE: INCOME: 30 yrs
invested in
GOALS

IMMEDIATE 10 years 15 years 15 years 20 years CURRENT NEED:

`1.25 crore
the right
PRESENT COST: PRESENT COST: PRESENT COST: PRESENT COST: PRESENT COST:
`3 lakh `40 lakh `40 lakh `25 lakh `25 lakh (`50,000 per month) funds and if their
FUTURE COST: FUTURE COST: FUTURE COST: FUTURE COST: FUTURE COST: CORPUS REQUIRED: fund portfolio is on
NA `1 crore `1.67 crore `69 lakh `97 lakh `4.83 crore track. The Portfolio
Doctor assesses the
PORTFOLIO AMOUNT EXISTING NEW SIP
CHECK-UP FUND NAME RECOMMENDED ACTION health of the fund
INVESTED (`) SIP (`) (`)
Investing small sums portfolio, examines the
in a mix of funds for 1 Fixed deposit 1,00,000 0 Start SIP of `8,000 in a liquid fund 8,000
schemes and their
the past 3-4 years. Switch to DSP Midcap. Increase SIP to `3,000 and
DSP Small Cap 43,084 1,000 hike by 10% every year. 3,000 suitability with regard to
Goals are ambitious.
Must increase SIPs by Continue SIPs in this large-cap fund. Increase SIP to
the goals and, if
2 ICICI Pru Bluechip 17,236 1,000 `4,000 and hike by 10% every year. 4,000
`20,000 and hike by required, recommends
10% every year. Investment exceeds annual limit. Reduce to `6,250 to
Sukanya Samridhi Yojana-I 6,13,286 10,000 avoid losing interest as penalty. 6,250 corrective measures. The
Will have to take `50
lakh loan for first Increase SIPs in this outperforming value fund to advice given is based on
ICICI Pru Value Discovery 46,830 1,000 `4,500 and hike by 10% every year. 4,500
child’s studies, `72 the performance of the
Increase SIPs in this stable hybrid fund to `3,000 and
lakh for second child. 3 SBI Equity Hybrid 52,935 1,000 hike by 10% every year. 3,000
funds, the risk profile of
Downsize some goals Investment exceeds annual limit. Reduce to `6,250 to
if not possible to
Sukanya Samridhi Yojana-II 1,30,425 10,000 avoid losing interest as penalty. 6,250 the investor as well as
increase SIPs.
SBI Healthcare Opportunities 21,991
Switch to diversified SBI Large & Midcap. Increase SIP
500 to `4,500 and hike by 10% every year. 4,500
his financial goals.
Note from 4
Switch to better performing SBI Focused Equity.
SBI Magnum Midcap 21,428 500 Increase SIP to `3,000 and hike by 10% every year. 3,000
the doctor Assumptions used
Take loans for kids’ Switch to diversified UTI Equity. Increase SIP to
education; don’t dip
5 UTI Transportation & Logistics 40,264 1,000 `3,500 and hike by 10% every year. 3,500 in the calculations
into retirement kitty. Atal Pension Yojana 49,749 752 Continue contributions to this pension scheme. 752 INFLATION
Avoid sector and Education For all
Reduce contribution and invest in NPS instead. Don't
thematic funds. 6 Provident Fund & VPF 19,50,000 44,600 withdraw before retirement. 34,600 expenses other goals
Use NPS to save for Open NPS account and start SIP of `10,000. Hike by
NPS 0 0 5% every year. Don't withdraw before retirement. 10,000
retirement, cut tax. 10% 7%
The goals can be reached using the mutual
Review and rebalance TOTAL `30,87,228 `71,352 funds marked in the same colour. `91,352
at least once in a year. RETURNS
Equity funds Debt options

High investment required due to late start 12% 8%

Gaurav Chopra is saving for his daughters’ marriage and retirement. Here’s the doctor’s advice:
1 2 3 PORTFOLIOS
PORTFOLIO ANALYSED BY
FIRST CHILD’S MARRIAGE: SECOND CHILD’S MARRIAGE: RETIREMENT INCOME: 20 years CHECK-UP
GOALS

RAJ KHOSLA,
8 years 12 years CURRENT NEED: `1.1 crore Managing Director
Investing in equity
PRESENT COST: `35 lakh PRESENT COST: `35 lakh (`1 lakh per month) funds and stocks for and Founder,
MyMoneyMantra
FUTURE COST: `60 lakh FUTURE COST: `78 lakh CORPUS REQUIRED: `4.25 crore past 3-4 years.
Goals are ambitious

FUND NAME AMOUNT EXISTING RECOMMENDED ACTION

and require big WRITE
INVESTED (`) SIP (`) increase in monthly
investments. TO US
DSP Equity Opportunities 1,25,182 6,000
Increase SIPs to `10,000 in this stable large and midcap fund.
Hike amount by 10% every year. Retirement needs FOR HELP
Switch to multi-cap ICICI Pru Focused Equity. Increase SIP to only to supplement If you want your portfolio examined,
1 ICICI Pru Bluechip 70,000 6,000 `10,000 and hike 10% every year. total income. write to etwealth@timesgroup.com
with “Portfolio Doctor” as the subject.
Switch to a debt fund or liquid fund to avoid tax on interest
Fixed deposits 5,00,000 0 Review investments Mention the following information:
income.
and rebalance at  Names of the funds you hold.
Fund has underperformed. Switch to Axis Midcap. Increase
2 HDFC Midcap Opportunities 78,158 7,000 SIP amount to `15,000 and hike by 10% every year.
least once in a year.  Current value of the investment.
 If you have SIPs running in any
Increase SIPs to `20,000 in this outperforming large-cap Reduce risk when of them.
Mirae Asset Large Cap 21,660 10,000 fund and hike by 10% every year. goal is near so that  The financial goals for which you
3 Monitor your portfolio closely. Consider shifting to mutual you don’t miss the invested.
Direct stocks 3,00,000 0 funds if you don't have time and expertise.  How much you need for each
target.
financial goal.
TOTAL `10,95,000 `29,000  How far away is each goal.
 your feedback & more... TELEGRAM t.me/indiaep
24 The Economic Times Wealth June 1-7, 2020

Readers’ response, online and in print, to ET Wealth stories has been enlightening.
We pick some that add information and perspective to our articles from previous issues.

This is in reference to Dhirendra This refers to the interview of Amit

Kumar’s column, ‘The extent of loss Tripathi, CIO of fixed income
depends on what you see’. I feel it is
always better to constantly track your
Do way with undue investments at Nippon India Mutual
Fund. I am a disappointed investor in
equity mutual fund investments and
book profits as and when they arise.
delays in NPS Nippon India Hybrid Equity Fund,
which was sold to me by my bank in
Arvind Aggarwal May 2018. I received dividend for only
This refers to the cover story, ‘Why
two quarters and thereafter the
NPS is good for you’. The big problem
Unless corporates declare dividends returns dried up. The
with the scheme is the delay in
that can compare with returns from underperformance can be attributed
allotment of units. One can’t get the
debt funds, bank deposits and to market turbulence, but Nippon Life
benefit of a low NAV on a particular
government bonds, there is no point in infused large capital into the business
date of deposit in NPS. It will take a
investing in equity. Sebi failed to create and I felt reassured. The first rude
few days to get accounted and by then
meaningful liquidity in stock trading. shock came in September 2019 when
the NAV would have moved up.
Rather it queered the pitch for there was a segregation of portfolio
Mathew Jose
ordinary investors by focusing on due to delay in payment of certain
futures, derivatives and what not. It is NCDs. The second jolt was delivered
irresponsible to attract greedy in March 2020 when a major
investors by showcasing an inflated segregation was necessitated due to
index. not involved. After discussions, the adults Discussing a salary cut or a job loss with the writing down of Yes Bank bonds.
Srinivasan Vedantam should be able to arrive at a workable plan children needs to be done carefully. While Yes Bank had been under a cloud for
to tide over the crisis. If someone loses his we need to be truthful, we also need to more than a year. Yet, the fund
The question in the Wealth Whines or her job, then maybe the entire family appear hopeful. Instead of just conveying manager thought it prudent to
section, ‘Should you discuss salary should be involved in the talks, provided the bad news, it will be best to discuss with continue holding 7% in Yes Bank
cut with your children?’ was a tough the children are young adults. Since this our family, how we intend to deal with the bonds. The fund continues to
one to crack. I feel all discussions is a very delicate issue, it’s best to protect situation. Above everything else, we need to underperform its peers. Was my faith
about salary reduction should be with small children from it. lead by example. in Nippon completely misplaced?
the spouse only, and children are best Navneet Kapoor Nandakumar V. Samar Roy

REALTY A developing micro market

HOT SPOT This Mumbai suburb offers both ready and under-construction apartments.

LOCALITY SNAPSHOT SUPPLY BY BHK

BEYOND MIRA ROAD, MUMBAI 1 BHK 67%

Developing micro-market having a mix of completed as well as under construction residential projects
Important schools are Ryan International, Don Bosco, St Mary’s English and St Aloysius, among others 2 BHK 29%
Good hospitals include Riddhi Vinayak Multispeciality Hospital, Alliance Hospital, IASIS Hospital, etc.
Retail avenues are Dattani Square Mall, Dubey Estate Shopping Centre and Laxmi Shopping Centre
Well-connected with other areas of MMR through NH-48, Ghodbunder Road and Western Railway Line
3 BHK 4%
Consumer preference by
PRICE RANGE VALUES budget segment (`)
Virar West Virar `3,700-7,400 per sq ft
Price Rent 11% 7%
LOCALITY Below 20 lakh
(`/sqft) (`/month)
20-30 lakh
Nalasopara (W) 14% 30-40 lakh
Naigaon (E) 4,000-5,800 6,000-9,000 42%
40-50 lakh
26%
Above 50 lakh
Vasai-Virar Airport: 47 km
Nalasopara (W) 3,700-5,500 5,000-7,500
Railway station:
6 km Consumer preference by
Naigaon (E) covered area (sq ft)
NH-48: 8 km Vasai 4,500-7,400 8,000-12,500
5% 3
1 BHK 2 BHK 3 BHK 7% Below 500
600 sq ft 860 sq ft 1,200 sq ft 500-750
Virar 3,800-5,800 6,000-9,500
`28
lakh (avg)
`40
lakh (avg)
`62
lakh (avg)
24%
750-1,000
1,000-1,250
Virar West 3,900-5,900 6,500-10,000 61%
Above 1,250

Schools 10+ Hospitals 6+ Restaurants 20+ Banks 20+ Grocery Stores 20+ Petrol Pumps 10+ In dia’s No. 1 P ropert y Sit e

The Economic Times Wealth is available at an invitation price of `8/issue. To book your copy, contact your newspaper vendor or call 022-39898090; Email: crm.mumbai@timesgroup.com; SMS ETWS to 58888

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reserved. RNI No.: MAHENG/2014/57046. VOLUME 07 NO. 22