FRIDAY, 25 SEPTEMBER 2020
16 pages in 1 section
NEW DELHI
~9.00
VOLUME XXVII NUMBER 10
THE MARKETS ON THURSDAY
Sensex 36,553.6
Nifty 10,805.6
Nifty Futures* 10,836.2
Dollar
Euro
Brent crude ($/bbl)
~73.9
~86.2
41.0##
Gold (10 gm)### ~49,623.0
*(Oct.) Premium on Nifty Spot; **Previous close;
# Over previous close; ## At 9 pm IST;
### Market rate exclusive of VAT; Source: IBJA
INDIA COVID
VIRUS
TRACKER CASES CROSS
5.7-MN MARK
Total 5,732,518
Active cases
966,382 4,674,987 91,149
Recovered
ê1,995 é87,374
WORLD Total
31,937,244
Deaths
977,624
CORONAVIRUS IS MUTATING,
POTENTIALLY EVOLVING: STUDY P8
JIO ADDS 4.4 MILLION
USERS, Vi DOWN BY
4.8 MN IN JUNE: TRAI
Reliance Jio continued to race ahead in
subscriber addition while Vodafone Idea
(Vi) lost a significant user base in June, the
latest data from the Telecom Regulatory
Authority of India (Trai) shows. While Jio
added 4.4 million, Vodafone Idea lost 4.8
million subscribers. Bharti Airtel’s drop
stood at 1.1 million users. In June, 5.83
million subscribers submitted a request for
mobile number portability. The country’s
wireless subscriber base shrunk by 0.28 per
cent to 1.14 billion at the end of June. 2>
POLITICS P13
Centre allows 5 states to
borrow extra ~10,000 cr
The government on Thursday allowed five
states to raise an additional ~9,913 crore
through open market borrowings. The nod
comes as Andhra Pradesh, Telangana, Goa,
Karnataka and Tripura implemented the
‘one nation, one ration card’ reform, a
condition set by the Centre to enable states
to borrow extra. Karnataka can now borrow
additional ~4,509 crore, while Andhra
Pradesh can raise ~2,525 crore, followed by
Telangana at ~2,508 crore.
ECONOMY & PUBLIC AFFAIRS P6
Auditors seek tweaks
to reporting norms
Audit firms are seeking a rethink of new
guidelines that require them to vet each
whistle-blower complaint and issue
assessments on a company’s financials.
According to people in the know, auditors
have approached the Securities and
Exchange Board of India and the National
Financial Reporting Authority, seeking
relaxation. SHRIMI CHOUDHARY writes
Train, freight ops hit as
farmers’ stir intensifies
SHINE JACOB
New Delhi, 24 September
Farmers in several parts of Punjab on
Thursday started a three-day “rail roko” agi-
tation against the Union government’s three
agriculture sector Bills.
The Railways has cancelled at least 14
pairs of special trains running from the
Ferozepur division from September 24 to 26,
following the strike call. The decision was
taken keeping in mind the safety of
passengers and the protection of railway
property, it indicated.
The agitation, being held under the
banner of the Kisan Mazdoor Sangarsh
Samiti and other farmer outfits, is also
expected to affect freight traffic, which has
seen some recovery in recent months.
“The Punjab rail agitation will severely
impact the loading of food grains and other
essential goods. It will hurt ordinary citizens
and fast-recovering rail freight and
economy,” said a railways official.
www.business-standard.com
chg#
q 1,114.8
q 326.3
p 30.7 COMPANIES P2 TAKE TWO P7
~73.6 **
~86.0 **
40.9 **
NETFLIX, AMAZON LATEST ‘LONE WOLF’ PIPS JACK MA TO
q
~502.0
WEAPONS IN TELECOM WAR BECOME CHINA'S RICHEST
P U B L I S HE D S I MU L T A N E OUSL Y F R O M AH M E D AB AD , B E NG AL UR U, B H UB ANE SW AR , CH AND I G AR H , CH E NNAI , H Y D E R AB AD , K OCHI, K OL K ATA, L UCK N OW , MUMBA I (AL SO P R IN TE D IN BHOP AL ), N E W DE L HI AN D P UN E
End of the road
Markets in ‘deep hole’ as
for Harley India
INDIA
é86,508
Deaths
growth fears escalate Third US automaker to shut India
operations; may tie up with Hero
Sensex cracks 3% — most in 4 months;
é1,129
FIIs pull out ~8,000 crore in 4 sessions
BEARS TAKE CHARGE
Total cases include 1
migration; figures as
NSE NIFTY50 TOP LOSERS 1-day chg (%) ARINDAM MAJUMDER
SUNDAR SETHURAMAN IndusInd Bajaj Tata New Delhi, 24 September
of 9 pm IST; Sources:
Ministry of Health
and Family Welfare,
Thiruvananthapuram, 24 September 11,131.9 Bank Finance Motors M&M TCS
Johns Hopkins Sep 23 Iconic US motorcycle manufacturer
T
Coronavirus
he BSE Sensex posted its biggest single-day fall in four Harley-Davidson, Inc. (Harley) will
Resource Centre
Note: Arrow shows months after investor sentiment turned sour on the discontinue its sales and manufac-
one-day change
Federal Reserve’s dire assessment of the US economy turing operations in India. The
and rising Covid-19 infections forcing many countries
to re-enforce restrictions.
-2.9% -6.1
-5.5 move is seen as part of its global
restructuring initiative, under
The Sensex plunged 1,115 points, or 3 per cent, to end at 36,554, -7.2 -6.6 -6.5 which it plans to exit international HARLEY'S INDIA
its lowest close since July 10 and the biggest drop since May 18.
The Nifty fell 326 points, or 3 per cent, to end the session at 10,805. EXTENDED FALL
markets, where volumes and prof-
itability have been elusive.
JOURNEY
2007: India clears Harley’s
US Federal Reserve Vice-Chair Richard Clarida said on
Wednesday the US economy remained in a “deep hole” of job-
The Nifty50 has plunged nearly 7% in the
latest correction
Industry sources said that
Harley was also exploring a strate- investment after US lifts an 18-
lessness and weak demand and called for more stimulus meas-
ures from policymakers.
gic tie-up with India’s largest two-
wheeler maker Hero MotoCorp.
year ban on mango imports
from the country
10,805.6
Experts said the comments dashed hopes of a swift economic
recovery. Also, many feared with the US election around the Sep 24
UK-based Triumph Motorcycles,
Harley’s rival in the 500-cc and
2009: Motorcycle company starts
corner, the administration would not be able to provide a above segment, has a non-equity
India operations
strong stimulus package. partnership with Bajaj Auto, under 2011: Sets up assembly unit in
“The Fed virtually pleading with Congress for a sti- which it produces its products at Bawal (Haryana)
mulus has worsened sentiment. The dollar strength- Bajaj’s Chakan factory. Bajaj
2014: Begins manufacturing of
ening has taken away expectations of money flows in
the short term. The US election will bring its own
~11 TRN WIPED OUT IN 6 SESSIONS also handles the distribution
for Triumph. Street 750cc and 500cc
Last week, (in trn)
volatility. Fears of a contested outcome will continue “We are open to all kinds of part- 2019-20: Trump criticises India's
to keep investors in tenterhooks,” said Andrew
India’s market nerships. Whenever there is a good
cap had neared high import tariff on Harley-
Holland, chief executive officer, Avendus Capital match available, we will certainly
its peak, Davidson motorcycles as
Alternate Strategies. evaluate,” Pawan Munjal, chairman
topping ~160 "unacceptable"
The benchmark indices have declined 7 per at Hero MotoCorp, had earlier told
cent each in the past six trading sessions. trillion. On Business Standard. 2020: Firm announces plans in
Turn to Page 13 > Thursday, it Harley is the third US auto- April to focus on core markets
stood at maker to shut operations in India
NIFTY RUN SLOWS HALF OF BSE500 ~149 trn during US President Donald SLIPPING SALES
AS EARNINGS
DECLINE P10
STOCKS MISS OUT ON
MARKET REBOUND P10
Source: Bloomberg
Trump’s tenure. Units sold by Harley-Davidson in India
In 2017, General Motors — an
4,708
4,641
American multinational corpora-
tion headquartered in Detroit —
3,690
wound up its operations in the
3,413
IBC suspension extended for 3 months country and sold its plant
in Gujarat.
2,676
2,470
Last year, another US automaker
Ford Motor Company pared back
RUCHIKA CHITRAVANSHI senior government official said. its interests and ceased independ-
New Delhi, 24 September The Insolvency and Bankruptcy Code STATUS CHECK OF IBC CASES* ent operations in India. It trans-
(IBC) has also been amended to include ferred most of its India assets to a
The central government has extended the exemption provision, which allows 3,911 joint venture with Mahindra & FY15 FY16 FY17 FY18 FY19 FY20
the suspension on initiating insolvency the government to extend the suspen- Mahindra. Turn to Page 13 > Source: SIAM
and bankruptcy proceedings against sion for a period not exceeding one year.
firms for three more months till This suspension will not be applica- 955
December 24, a notification from the ble to any default committed before
corporate affairs ministry said. March 25. The three Sections that stand
The government brought in an suspended are Sections 7, 9, 10 of the IBC. MASSIVE FIRE AT ONGC PLANT HITS OUTPUT
Ordinance in June, exempting com- A new Section 10A has been added to Three consecutive blasts led to a massive fire at Oil
panies from facing insolvency proceed- bring this to effect. and Natural Gas Corporation’s (ONGC’s) Hazira gas
ings against any default arising for at “The first time suspension was 380 plant in Gujarat on Thursday . Unless operations
least a six-month period starting from brought in was at the peak of the pan- 250 resume soon, this may impact natural gas production
March 25. demic and supply chains had been dis- 218 in the country as Hazira contributes 45 per cent of
“We have the power to increase the rupted...Things are improving but busi- ONGC’s gas production. According to industry sources,
suspension up to one year. We would like nesses will still take time to get back the fire disrupted supply to key sectors such as power
to see how the situation progresses...We to normal. Hence, we have extended it Admitted Appealed/ Withdrawn Approved Liquidated and fertiliser. The company said it was investigating
have taken a calibrated approach. You for three months for now,” the settled the cause of the fire. 5>
cannot curtail it once it’s extended,” a official added. Turn to Page 13 > *Total cases since introduction of the Code in 2016 Source: IBBI
Farmers block
Reliance eyes Electronics Mart acquisition
a railway Deal size may touch ON BUYING SPREE
track at
village Devi
~3,000 crore | Reliance recently bought
TATA COFFEE IN TALKS
Dass Pura,
about 20 km
DEV CHATTERJEE key businesses of Future TO BUY SIDDHARTHA’S
Mumbai, 24 September Group for over ~24,000 cr
from
| Acquired British toy store
12K HA PLANTATION
Amritsar, Reliance Retail is in talks with Tata Coffee is learnt to be in the
Punjab, as Electronics Mart India, a consumer chain Hamleys last year initial stages of negotiation to
part of a ‘rail durables retail chain, on a possible | In talks to buy British acquire 12,000 hectares of coffee
roko andolan’ acquisition. Electronics Mart operates multinational retailer plantations that belonged to
against the 60 stores in South India with 1,200 Debenhams VG Siddhartha, the founder of Café
recently employees on its roll. Coffee Day Enterprises, for a
cleared farm According to a source close to the | Considering acquiring valuation of ~1,200-1,500 crore.
Bills development, talks are underway on smaller chains in India His wife, Malavika Hegde, has been
PHOTO: PTI the valuation of the chain, and the ask in charge of the group’s operations
price is ~3,000 crore. presence in South Indian markets. up its electronics business faster in since Siddhartha ended his life in
Businessman Pavan Kumar Bajaj The Mukesh Ambani-led company the South. August 2019, and is handling his
started the electronics chain in 1980 recently acquired Future Retail, which EMI competes with other chains personal assets, including the
as “Bajaj Electronics”, and later also sells electronics at its stores. But like Tata-owned Chroma, Vijay Sales, coffee plantations, believed to be
changed its name to EMI Ltd. the acquisition of an additional chain and Kohinoor, and has a significant the second largest in Asia.
The acquisition, if successful, will
give a boost to Reliance Retail’s offline
that has both online and offline pres-
ence will help Reliance Retail to scale
presence in Telangana and Andhra
Pradesh. Turn to Page 13 >
HAMSINI KARTHIK reports 3>
Punjab loaded 990 rakes in August and
816 rakes in September so far. Besides, on
average, 35 rakes of food grains are loaded by
the state daily, according to the Food
Corporation of India (FCI). It also loads daily
nine to 10 rakes consisting of fertiliser,
cement, auto and mixed goods in containers.
In what may hurt the state economy, it
receives 20 rakes daily of coal, food grain,
farm products, machinery, petroleum
products, and imported fertiliser.
Passenger trains that got cancelled
include the Golden Temple Mail (Amritsar-
Mumbai Central), Jan Shatabdi Express
(Haridwar-Amritsar), New Delhi-Jammu
Tawi (Rajdhani), and Karambhoomi express
(Amritsar-New Jalpaiguri).
Another farmer organisation, the Indian
Coordination Committee of Farmers
Movements (ICCFM), representing 12
farmers' organisations based in UP, MP,
Rajasthan, Karnataka, Tamil Nadu, Punjab,
and Haryana, has called a complete
nationwide bandh on Friday. Turn to Page 13 >
2 COMPANIES NEW DELHI | FRIDAY, 25 SEPTEMBER 2020

STOCKS > Zydus Wellness

Launches fundraising
> Panacea Biotec
Completes Phase 1 and 2
> Sun Pharma
Voluntarily recalls
> Tech Mahindra
Divests its holding
> ONGC
Fire breaks out at
IN THE NEWS via QIP, with a floor price study of its dengue Riomet ER due to in Altiostar Networks gas processing
of ~1,775.85 per share candidate vaccine high NDMA levels for $45 million plant in Hazira
~1824.5 CLOSE ~196.8 CLOSE ~485.4 CLOSE ~751.4 CLOSE ~66.4 CLOSE
p6.2% UP* p5.0% UP* q3.5% DOWN* q5.2% DOWN* q1.8% DOWN*
*OVER PREVIOUS CLOSE

>

IN BRIEF
Adani’s bid to acquire GVK Jio adds 4.4 mn users, Vi No need for
airport gets CCI go-ahead
The Competition Commission of
India (CCI) has approved Adani
down by 4.8 mn in June 5G trials in
India: Nokia
Group’s proposed acquisition of
controlling stake in Mumbai airport
from GVK Airport Developers under
the green channel route. The Vodafone Idea has lost LOSING GROUND
green channel route provides for SURAJEET DAS GUPTA
automatic approval of certain deals more than 30% of user Vodafone Idea subscriber base New Delhi, 24 September CONNECTING WORLD
since merger (million)
subject to various conditions, including the absence of
horizontal overlaps and existing or potential vertical
base since 2018 merger Telecom gear maker Nokia,
| Nokia is manufacturing
5G radios in Chennai
relationships. “CCI received green channel combination MEGHA MANCHANDA which provides equipment for and exporting it to
pertaining to acquisition of GVK Airport Developers by New Delhi, 24 September leading Indian telcos, says global markets
Adani Airport Holdings,” the regulator said in a tweet.REUTERS< there is no need for 5G trials in
| Its network operating

Maruti launches car
subscription plan;
EMI starts at ~14K
Maruti Suzuki India said it had
launched its car subscription
programme, Maruti Suzuki
Subscribe, for individuals in
Delhi, NCR region, and
Bengaluru. Customers can
select subscription duration
ranging from 12 months to 48
months, and pay a monthly
Panacea Biotec
completes phase II
trial of DengiAll
Panacea Biotec has
completed Phase I and II
study of its dengue vaccine
(DengiAll), the company
announced on Thursday.
“DengiAll’s Phase I/II study
results are even more
important in the context of
Covid-19 pandemic,”
R
eliance Jio continued to race
ahead in subscriber addition,
while Vodafone Idea (Vi) lost a
significant user base in June, the latest
data from the Telecom Regulatory
Authority of India (Trai) shows.
While Jio added 4.4 million, Vi
slipped by 4.8 million subscribers.
Bharti Airtel’s drop was lower at
1.1 million users.
In June, 5.83 million subscribers
submitted their request for mobile
number portability.
The country’s overall wireless sub-
scriber base shrunk by 0.28 per cent to
India to test the technology, as
it is now well established and
in operation in many parts of
the world. According to the
Global Mobile Suppliers
Association, over 96 operators
have launched commercial
retail 5G services and
397 operators are investing in
Source: Trai Compiled by BS Research Bureau 5G networks.
Amit Marwah, head of
JIO MARCHES AHEAD Net user addition in nMar nApr nMay nJun (million) marketing and corporate
affairs at Nokia India, said:
“There is no need for 5G trials
to test the technology. It would
1.6
centres in India
manage 5G networks
in global markets
| Open to support system
integrators such as
Tech Mahindra, Sterlite,
and HFCL for ORAN network
deployment. Plays key
role in such networks
| Has achieved substantial
levels of localisation
in manufacturing
telecom gear

charge starting ~14,463 for Managing Director Rajesh 1.14 billion at the end of June, recording have made sense earlier when

-0.02
4.68

0.20
0.09
4.49
3.65

Swift Lxi in Delhi for a tenure Jain said. BS REPORTER< a decline in both urban and rural areas. 5G was being introduced
of 48 months. PTI< The share of urban and rural mobile globally. But now it is an estab- trials has been delayed for over

-4.82
-6.35
-4.50
-4.72

-4.74
-5.26
subscribers was pegged at 54.3 per cent lished technology. Fortu- a year. With growing border

-1.12
Facebook ties up with

-1.26
and 45.7 per cent, respectively. nately, India is using the same tensions between India and

Raymond to raise
~100 crore
through NCDs
Raymond on Thursday said
it would raise ~100 crore
through NCDs on a private
placement basis. “The
Committee of Directors okayed
the issue of non-convertible
debentures (NCDs) of ~100
crore on private placement
basis,” the company said in a
regulatory filing. PTI<
Havells enters
fridge segment
through Lloyd
Consumer electrical goods
maker Havells on Thursday
announced foray into the
refrigerator segment through
its subsidiary Lloyd. It will help
Lloyd become a full-fledged
consumer durables brand. It
has a presence in air-condit-
ioning, LED TV, and washing
machine segments. PTI<
ShareChat raises $40 mn from
Matrix Partners India
for early-stage SMBs
Facebook said it had tied up
with early-stage venture
capital fund Matrix Partners
to scale small businesses in
India by providing them with
digital skills. The tie-up is a
part of Facebook’s VC Brand
Incubator Program that
collaborates with venture
capital funds to help early-
stage small and medium
businesses (SMBs) to maximise
their digital potential.
Samsung partners
Flipkart to launch
Galaxy F series
Samsung on Thursday said it
had partnered Flipkart to
launch Galaxy F series
smartphones in India. With
this, the Korean tech giant
looks to strengthen its
position in the online
retail segment. PTI<
With this, the tally of Jio, which had
started off four years ago, rose to 397.24
million. In a sharp contrast, Vi, which
announced its rebranding recently, has
declined 30.8 per cent from the time of
the merger between Vodafone and
Aditya Birla Group’s Idea Cellular in
2018, primarily due to the high-pitched
competition in the telecom sector.
The combined subscriber base of the
two telcos at the time of amalgamation
was 441 million. The latest Trai data
puts the Vi subscriber base at 305 mil-
lion. Airtel’s subscriber base is slightly
higher at 317 million as of June.
PTI< On September 8, Vodafone Idea
became ‘Vi’ in a rebranding exercise,
which marked the final lap of the
merger between the two companies.
On August 31, 2018, Vodafone India
merged with Idea Cellular, to form
Vodafone Idea Limited.
Vodafone currently holds 45.1 per
cent in the combined entity,
while Aditya Birla Group has a 26-per
cent stake.
“Uncertainty on the AGR (adjusted
gross revenue) matter, absolute liabil-
ities on this, continuing losses, and cash
flow pressures prevented network
upgradation which impacts quality of
service (call drops, etc). These factors
lead to subscribers moving out due to
Reliance Jio
Net user addition for 2020
Jio to offer mobile
services on 22
foreign flights
Reliance Jio has partnered
AeroMobile to launch mobile
services on 22 flights on
international routes, with plans
starting at ~499 per day. With this,
Jio has become the second Indian
telecom firm to offer in-flight
service. They announced three
international roaming packs for
international travellers from India
priced at ~499, ~699, and ~999
with one-day validity.
both push and pull factors,”
Hemant Joshi, an independent telecom
analyst, said.
In a recent judgment, the Supreme
Court has allowed telcos to pay their
Vodafone Idea Bharti Airtel
AGR-related dues over a period of 10
years, providing some relief to the
financially stressed Vi. The telco owes
over ~50,400 crore as dues to the gov-
ernment.
“The cash crunch clearly hurt invest-
ment in the expansion and upgrade of
the network. This, along with fears of
its exit from the market, led to loss of
subscribers and difficulty in adding
new ones,” another analyst Mahesh
Uppal said.
Some experts, however, believe that
Vi’s subscriber base plummeted after
the merger because a lot of customers
using two SIM cards, switched to one.
There is a silver lining though,
PTI< “I expect the Vi situation to improve in
the short-term. The limited reprieve
from the Supreme Court to allow it to
repay its AGR dues in 10 years,
will help, even if it does not yet guaran-
tee Vi’s survival,’’ Uppal said.
Also, the company would
want to focus on revenues more, he
pointed out.
-1.74
spectrum band of 3.5 GHz as
are countries like the US, those
in Europe and others.”
Marwah asserts that
BSNL instead, the trials should
Source: Trai focus on testing used
cases of 5G technol-
ogy that are spe-
cific to India,
such as in agri-
culture and
health care. “The
current trials
should be used to
establish India-spe-
cific use cases which
should be ready before 5G net-
works roll out,” he says. These
would be the new areas of
revenue for operators.
Nokia’s stance is markedly
different from the leading tele-
com company, Reliance Jio.
It has written to the depart-
ment of telecommunications,
requesting for 5G spectrum in
3500 MHz as well as millime-
tre bands, so that it can test its
home-grown 5G technology in
cities like Mumbai and Delhi
and be ready to offer it in the
global market.
The permission for 5G
China, telecom players like
Bharti Airtel and Jio put in
additional applications in
August this year in cities
where they had earlier tied
up with Chinese com-
panies. This was pri-
marily because
they feared that
the government
might not allow
Chinese players
in the space.
But the govern-
ment has now made it
clear it had no proposal to
disallow Chinese gear makers
like Huawei. Marwah says
Nokia already manufactures
5G radios in its factory in
Chennai. 5G radios also run on
the Open Radio Access
Network Oran (O-RAN) — the
next generation of network
technology in which Nokia
will be a significant player.
The 5G radios manufac-
tured at Nokia’s Chennai fac-
tory are being exported to the
US, Asian, and European mar-
kets. More than half of the fac-
tory’s revenues of over ~3,000
crore comes from abroad.

Twitter, Pawan Munjal, others

Content-sharing platform ShareChat has
raised $40 million in its pre-Series E
funding from Hero MotoCorp Chairman
Netflix, Amazon latest weapons in telecom war
Pawan Munjal, DCM Shriram ASHUTOSH JOSHI AND include access to Disney+ ing to Morgan Stanley
Promoters Family Office, and Twitter. DEVIDUTTA TRIPATHY WHAT’S ON OFFER Hotstar and Netflix, while analysts.
The other investors include SAIF 24 September Reliance Infocomm: ~399-plan for 75 GB Vodafone Idea’s plan offers “This time extremely
Partners, Lightspeed Venture Partners, 40GB data and doesn’t aggressive content offerings
Bharti: ~499-plan for 75 GB
and India Quotient. With this, ShareChat’s India’s telecom price war is include any of the three could be the key attraction
total funding now stands at $264 million. The back, and this time the bat-
(doesn’t include access to online platforms, according for consumers,” Emkay
fundraising comes as Indian apps like ShareChat seek to tap tle is being fought with
Disney+ Hotstar and Netflix) to analysts. Global Financial Services
more users after the government banned dozens of Chinese freebies. Vodafone Idea: 40 GB (doesn’t include Over the past four years, analysts Naval Seth and
origin apps, including ByteDance’s TikTok. The funding would After announcing the first access to Disney+ Hotstar and Netflix) the number of users opting Sonali Shah said in a note.
help ShareChat drive growth for Moj, its newly-launched tariff increase in three years for monthly billing of They expect Bharti and
short video platform. ShareChat and Moj together have now in 2019, telecom carriers are
| Losses since Jio’s entry (user base) mobile services has come Vodafone Idea to follow Jio
over 240-million monthly active users. PEERZADA ABRAR offering incentives such as Bharti Airtel: 9% down sharply and such with similar tie-ups with
subscriptions to services users now form about OTT platforms to retain the
from Netflix to Amazon
Vodafone Idea: 12.7% 5 per cent of the total monthly bill paying cus-
Prime to win customers in a 1.14 billion subscribers and tomers whose average
PE/VC INVESTMENTS FROM US content-hungry market.
With theaters in India,
have been released on
streaming platforms this year.
packs. Besides 75 gigabytes
of data, customers would get
paid plans offer more
content and come at 20 per
generate 15 per cent of the
sector’s revenue, according
monthly spending is higher
than the prepaid users.
CONTINUE TO TOP THE TABLE among the biggest film mar-
kets globally by number of
On Tuesday, Reliance Jio
Infocomm, the country’s
access to Netflix on a mobile
device and one-year
cent discount” to Bharti
Airtel, analysts at Jefferies
to Jefferies analysts.
Although Jio introduced
Bharti Airtel has lost
nearly 9 per cent, while
Private equity and venture capital (PE & VC) investments tickets sold, closed due to biggest telecom company by subscription to two India said in a report to its postpaid plans in 2018, Vodafone Idea has fallen 12.7
from the US continue to be the biggest source for Indian pandemic restrictions, the subscribers, launched a new over-the-top applications clients. Bharti’s comparable the company’s offerings did- per cent in two sessions
companies, especially start-ups. The investments from demand for entertainment ~399-plan ($5.4) for users and access to Jio’s movie entry-level plan is priced at n’t see much traction, show- since Jio announced the
the nation almost doubled to $12.26 billion during January content has shifted online. who opt for monthly billing and songs library. ~499 and offers the same casing ‘stickiness’ of this enhanced postpaid plans.
to September, from $5.56 billion last year, half of which Several big-budget local films instead of pay-as-you-go “Reliance Jio’s new post- amount of data but doesn’t base of customers, accord- BLOOMBERG
made by various US-based investors in Jio. Experts say the
dominance of the US investors will likely grow in the
coming decade, including filling the gap created by the
withdrawal of Chinese investors. The Chinese players have
lost their second position to the UAE investors, followed by
Saudi Arabia, again thanks to Reliance Jio deals.
IT firms may step up offshoring as US plans visa tweaking
Investments from the UAE rose to $1.995 billion during ILLUSTRATION: AJAY MOHANTY
January to September 2020, from $581 million last year. SAI ISHWAR TOP USERS OF H1B VISA in fall 2017, but it still continues to be
T E NARASIMHAN Mumbai, 24 September under the same stage of the federal
nNo. of H1B visas (LHS) (in FY19) rule-making process. “Considering
Indian IT services companies are Median salary ($) RHS the elections just around the corner
China loses to UAE, Saudi Arabia likely to step up offshoring and local (November 2020), there is a strong
hiring in the US as wages paid to visa likelihood that we may see a hike in
n2018 n2019 n2020 year-to-date ($ million) holders are expected to go up owing wage levels for H1B category of visa
to a fresh proposal by the Donald holders,” said Singh of Avitr Legal.
US 5,853
5,552 Trump administration. The proposed regulation targets
12,266 A proposal in this regard was prevailing wage rates for H1B visas,
submitted by the Department of H1B1 visas for guest workers in
UAE 896 Labour (DoL) to the Office of speciality occupations from Chile
581 Information and Regulatory Affairs and Singapore, and E-3 speciality
1,995 (under Office of Management and Source: HDFC Securities report occupation workers from Australia.
Saudi Arabia — Budget) last week. Though the fine Industry body Nasscom has
— print is not publicly available, legal increasing the wage level for H1B Consultancy Services, Infosys, per cent in the June quarter, from criticised the proposal, saying it
1,500 experts are of the opinion that this category of visa holders, to bring it on Wipro, and HCL Technologies, have 48.2 per cent in the March quarter, alters the level-playing field for
UK 1,197 would change the wage conditions of a par with Americans,” said Raunak signalled increased offshoring and 47.7 per cent for the same period Indian IT firms. “The changes
662 H1B, L1, and other non-immigrant Singh, founding partner, Avitr Legal. efforts and opting for local hires in last year. The figure stood flat at 72 should not come as an interim
963 visa holders. “The rationale behind this the US, primarily to address the per cent for Infosys. TCS and HCL final rule (IFR) as no one has the
“In absence of details about the change seems to be that the US immigration-related challenges. Technologies do not disclose the right to comment on it,” said
China* 1,087 proposed wage changes, it’s difficult Government intends to promote Earlier this month, Infosys had offshore revenue mix in their Shivendra Singh, vice-president
2,650 to quantify impact on Indian IT employment of Americans. By said it would hire 12,000 American quarterly statements. and head of Global Trade
909 companies, but it will certainly bringing the wage levels of H1B visa workers over the next two years, According to a recent HDFC Development at Nasscom.
Japan 827 inflate cost of H1B visa talent pool holders on a par with Americans, the creating a 25,000-strong workforce Securities report, every 1 per cent “H1Bs, L1s, and work visas
1,219 and may further increase offshoring employers may not get benefit of in the US over five years. Around increase in US onsite cost, the impact are a temporary way to bring in
717 and localisation efforts of Indian IT hiring foreign workers at lower 60 per cent of the US workforce on operating margins is 27/40 basis high-skilled visas. It is a trade
*Includes Hong Kong-based investors players,” said Ruchi Burde, assistant wage rates.” are local hires. points for tier-I/tier-II IT firms. issue and not an immigration issue
Note: May include approximation of values in co-investments vice-president, BOB Capital Markets. Most of the large Indian IT Wipro reported that offshore This is the sixth time such a rule is as it does not alter the net
“It appears that the DoL is services players, such as Tata revenue from services rose to 48.5 proposed since its first introduction immigration number.”
.
NEW DELHI | FRIDAY, 25 SEPTEMBER 2020 COMPANIES 3 <

Govt may acquire Tatas plan to buy V G Siddhartha’s

commercial biz coffee plantations for ~1,500 crore
Located in Karnataka, plantations employ 3,000 people & export 20,000 tonnes of coffee annually

unit of Embraer
SUBHOMOY BHATTACHARJEE
HAMSINI KARTHIK
Mumbai, 24 September

Tata Coffee is learnt to be in the initial

stages of negotiations to acquire 12,000
SNAPSHOT
PLANTATION SIZE (hectares)
8,000 12,000
Tata Consumer plans
to bid for Coffee
New Delhi, 24 September hectares of coffee plantations that
Tata Coffee V G Siddhartha Day’s vending biz
belonged to V G Siddhartha, the Tata Consumer Products is weighing
LOCATIONS (hectares) a non-binding bid for the vending

T
he Indian government
is keen to buy
Embraer’s commercial
aircraft division, said a top-
ranking government official.
“We are very interested. We are
exploring alternatives,” the
official said, confirming a
development reported earlier
by Reuters on Brazil’s plans to
reach out to India and China as
possible new partners.
One of the arrangements
the government is considering
is a tie-up with a sovereign
fund to finance the deal.
This is the first time the
Indian government has expre-
ssed clear willingness to enter
the deal. The official said
India’s interest has been con-
veyed to the Brazilian govern-
ment. While Embraer is a list-
ed company with diversified
shareholding, the Brazilian
government holds veto rights
over the company through a
golden share.
The company, which ranks
after Airbus and Boeing in the
commercial aircraft market
globally, has lost value rapidly,
especially in the wake of the
Covid-19 pandemic, and has
reported a loss of $315 million
for the April-June quarter.
“The Brazilian government
would be naturally supportive
of any contribution of Embraer
to India’s growth story and the
strengthening of bilateral rela-
tions,” said a Brazil embassy
spokesperson, without
divulging details.
For India, getting the plant
will sit well with the govern-
ment’s ambition to develop the
economy’s credentials as a
manufacturing entity. It has
been keen to get marquee
names into the domestic man-
ufacturing circuit.
“There are risks in consid-
ering the deal. But where else
Embraer has lost value rapidly and has reported a loss
of $315 million for the April-June quarter
will we get a similar compa-
ny?” asked the official quoted
earlier. The subject has been
debated within the top deci-
sion-making levels in the gov-
ernment and a decision is
expected soon.
That Brazil has also floated
the Embraer bid to China has
added a further note of ur-
gency to the discussions. The
key aspect to a possible deal is,
therefore, setting up opera-
tions in India by the Brazilian
company. This is not clear as
yet, but it is of vital importance
for the government to secure,
the official said.
While Embraer did not
respond to queries from
Business Standard, the emba-
ssy spokesperson said the two
countries have been happy to
renew their strategic partner-
ship. “India is set to be the
largest market for aviation in
the coming years — despite the
impact of the pandemic. From
what we hear, Indian clients
always stress on high quality
and advantages of Embraer’s
aircraft.”
The government has mean-
while begun to explore the
financial costs of the deal and
has held preliminary talks with
entities within India and
abroad to finance the buyout.
One of the options is to jointly
finance the deal through a sov-
ereign wealth fund. The valua-
tion of the company that has
straddled the mid-sized air-
craft market has dipped from
even the $4.2-billion at which
Boeing was slated to pick 80
per cent stake in it when the
talks were called off in April
this year. It also included a 49
per cent stake in the C-390
Millennium military transport
jet programme of Embraer.
The government does not
have a template to undertake a
deal of such scale. All acquisi-
tions abroad of oil and gas
assets have been made by gov-
ernment-owned companies.
These firms have had access to
the government purse, largely
as guarantees to raise loans
abroad to buy the assets. Of the
two civil aviation entities, Air
India is sick and in no position
to raise any money from with-
in the country or abroad; the
other aircraft manufacturer,
Hindustan Aeronautics (HAL)
has too feeble a balance sheet
(~1,989 crore revenue in 2018-
19) to make a bid.
The Reuters report had qu-
oted R K Tyagi, ex-chairman of
HAL, that he has written to the
Modi government, urging it to
move fast. It is consequently a
new territory for the Indian
government to traverse.
founder of Café Coffee Day Enterprises,
for a valuation of ~1,200-1,500 crore. Tata Coffee: Toopran machine business of Coffee Day
His wife Malavika Hegde has been (Telangana), Theni Enterprises Ltd., according to people
in charge of the group’s operations (Tamil Nadu), Kodagu, and familiar with the matter. The board
since Siddhartha ended his life in Chikkamagaluru (Karnataka) of Tata Consumer Products has
August 2019, and is handling his CCD: Chikkamagaluru approved a proposal to explore an
personal assets, including the coffee (Karnataka) acquisition of the operation from
plantations, believed to be the second Coffee Day, said one of the people,
largest in Asia. DEAL SIZE (~ cr) who asked not to be identified as the
Siddhartha is believed to have information is private. BLOOMBERG
availed loans worth ~2,000 crore from
~1,200 – 1,500 crore
banks, including HSBC, Rabo Bank,
Lakshmi Vilas Bank (LVB), RBL Bank, said: “We have not discussed sale of and timber plantations valued at about plantations are largely with the view
and IndusInd Bank. LVB and a few plantations to Tata Coffee. Speculation ~2,000 crore. His personal assets also of scaling up Tata Coffee’s land base.
other lenders initiated recovery in this regard should be treated as base- include the luxury hospitality chain TCP holds 57.48 per cent stake in
proceeding against the plantation less rumours. None of the lenders have The Serai Resorts. Tata Coffee.
assets last November. invoked recovery proceedings on plan- Bloomberg had reported that the Tata Coffee currently has about
“Discussions between Tata Coffee tation assets, and we deny your infer- board of Tata Consumer Products 8,000 hectares of coffee plantation,
and Hegde started in February, but ences on the subject matter.” (TCP) had approved a proposal to most of it located in Toopran
were put on hold because of Covid,” Located in Karnataka’s Chikkam- explore the acquisition of Café Coffee (Telangana) and Theni (Tamil Nadu).
said a person with direct knowledge of agaluru district, the plantations Day Enterprises’ vending machines While it does have presence in
the matter. “Talks have resumed, employ 3,000 people and export business. The report could not be Kodagu and Chikkamagaluru districts
though the deal may be in preliminary 20,000 tonnes of coffee annually. They independently verified. of Karnataka, these plantations cater
stages,” he added. are said to be valued at ~2,000 crore. Sources say that with Tata group to the green bean segment, which is
When contacted, a Tata Coffee Reports suggest that Siddhartha had having completed the restructuring of largely exported. Tata Coffee is the
spokesperson said the firm does not given about ~5,000 crore worth of per- the consumer business and TCP’s joint leading player in the industrial instant
comment on speculation. sonal guarantees. Apart from the cof- venture with Starbucks progressing coffee segment and the acquisition
However, a family representative fee plantations, he also had silver oak well, deliberations to acquire the would boost its exports.
Flipkart Wholesale expands ops to 12 cities
PEERZADA ABRAR helping them leverage insights Flipkart Wholesale cus-
Bengaluru, 24 September from the Flipkart ecosystem to tomers will have access to easy
better understand customer credit facilities in partnership
Flipkart Wholesale, the digital demands specific to their area. with leading banks and NBFCs
B2B marketplace of e-comm- “From trendy Jaipuri Kurtis (non-banking financial compa-
erce giant Flipkart Group, has to evergreen Mysore silk saris, nies) to manage cash flow. The
expanded its operations to 12 we aim to help small businesses firm said the customers would
cities ahead of the festive sea- embrace the digital transforma- also have access to a wide range
son. It is looking to digitally tion and emerge as more robust of Flipkart assured quality prod-
transform kirana stores and businesses,” said Menon. “We’re ucts, simple and convenient
MSMEs (micro, small and medi- excited to see our initiative con- order returns and speedy prod-
um enterprises) to help them By the year’s end, Flipkart Wholesale also plans to expand into tributing to the prosperity of uct delivery directly to their
grow faster and improve their categories such as home and grocery MSMEs, kiranas and creating shops with an easy order track-
profitability. lakhs of new and exciting liveli- ing facility.
Flipkart Wholesale will now Agra, Jaipur and a few cities in partnered with several leading hood opportunities in India.” In July, Flipkart strength-
be operational in Ghaziabad, Maharashtra. Adarsh Menon, brands, and enabled ease of By the year’s end, Flipkart ened its wholesale presence
Faridabad, and Mysuru. senior vice-president and head doing business digitally for Wholesale also plans to expand with the acquisition of Walmart
The other places include of Flipkart Wholesale, said since small businesses and kirana into categories such as home India, which operates the Best
Chandigarh Tricity, Meerut, the launch, the platform has stores. This is being done by and grocery. Price cash-and-carry business.

Ramdev’s brother emerges from shadows with Ruchi Soya

JYOTINDRA DUBEY
New Delhi, 24 September
Since its inception, Patanjali
Ayurved’s fame has largely been
driven by yoga guru Baba
Ramdev. With Acharya
Balkrishna as managing director,
Ramdev grew Patanjali beyond
yoga to a fast-moving consumer
goods (FMCG) empire of almost
~10,000 crore by revenue.
But there’s a third person who
runs the machine behind the
scenes, Ramdev’s younger
brother Ram Bharat.
Bharat, who is in his early for-
ties, handles the day-to-day oper-
ations of the group like a de facto
chief executive officer (CEO).
Though he has never held any
fancy designation, he is consid-
ered third in the power index of
the group.
The media-shy Bharat had
always managed to stay below the
radar. But that changed on
August 19, when in a board meet-
ing, Ruchi Soya announced that
Bharat would take over as its new
managing director as Balkrishna
stepped down.
Ruchi Soya was acquired by
the Patanjali group in December
2019, and Balkrishna was induct-
ed as executive director and CMD,
while Bharat became a whole-
time director and Ramdev a non-
executive director.
But because of this board
reshuffle at Ruchi Soya, Ramdev’s
right-hand man will now take the
centre stage and will break out of
his earlier behind-the-scenes role.
Covert induction
Bharat is the third among four
children born to Ram Niwas
Yadav and Gulabo Devi of
Mahendragarh, Haryana. While
the eldest brother Devdutt and his
family still live in the ancestral
village, the rest shifted to
Haridwar, where Ramdev set up
his empire.
Bharat was part of this journey
from the beginning and is consid-
ered among the four pillars of the
power centre at Patanjali, equiva-
lent in stature to Ramdev,
Balkrishna and Swami
Muktananda — the three
founders of the group.
When it comes to running the
establishment, Ramdev’s role is to
evolve broad strategies along with
Balkrishna, the designated man-
aging director of the group.
Force behind the throne company.
Like Ramdev and Balkrishna, Bharat is also a director and
Bharat has no formal training in owns over 17 per cent in Patanjali
business, but those who have Peya, the bottled-water unit that
closely worked with him say he sells Divya Jal.
learnt the ropes quickly. While Bharat owns 80 per cent stake
Ramdev and Balkrishna formu- in the logistics unit, Patanjali
late the game plan, he is the one Parivahan. He was also a director
who executes it on the ground. in the company since its incorpo-
Bharat started as a manager ration in 2009, but resigned in
and rose up the ranks. He was March 2020.
inducted on to the board of
Patanjali Ayurved only in October
In Divya Packmaf, the packag-
ing material manufacturing unit GOVERNMENT OF TAMIL NADU
2017, but has been handling the of the group, Bharat and his wife Re-issue of 4.54% Tamil Nadu State
company’s operations since hold 100 per cent stake and serve Development Loan 2023
inception. as the only two directors. 1. Government of Tamil Nadu has offered to sell by auction the
Company insiders say Bharat, Patanjali Group entered the Re-issue of 4.54% Tamil Nadu State Development Loan 2023
who usually operates from his res- securities services business three
for Rs.1000.00 crore. Securities will be issued for a minimum
idence or the Patanjali Food & years ago with Parakram Security
nominal amount of Rs.10,000/- and multiples of Rs.10,000/-
Herbal Park office, is the most India. It is 99.9 per cent owned by
thereafter. Auction which will be price-based under multiple
accessible person in the top man- Patanjali Parivahan, where Bharat
price format will be conducted by Reserve Bank of India at
MAJOR COMPANIES UNDER RAM BHARAT’S DIRECTORSHIP agement.
“Bharat Bhai [Ram Bharat]
is the majority shareholder.
Bharat is also a director in Mumbai Office (Fort) on September 29, 2020.
Revenue from Net profit / Ram Bharat’s starts his day early and is usually Universal TV Networks along with 2. The Government Stock up to 10% of the notified amount of
operations* (~ cr) loss (~ cr) shareholding (%) the last to leave the office; (he is) Shastri and Kishore S Mohatta, the sale will be allotted to eligible individuals and institutions
Patanjali Natural Biscuits 346.6 7.25 - available almost 24x7x365 for the erstwhile owner of Sanskar subject to a maximum limit of 1% of its notified amount for
Patanjali Biscuits 208.2 -2.4 38.0 work-related issues, always wel- TV, who launched Ramdev and a single bid as per the Revised Scheme for Non-competitive
Patanjali Peya 22.0 -2.0 17.4 coming you with a broad smile on later sold the TV channel to him. Bidding facility in the Auctions of State Government Securities
his face, irrespective of what time Bharat and his wife also own of the General Notification (Annexure II). Under the scheme,
Patanjali Parivahan 400.0 -12.0 80.0 of the day you meet him,” said the 100 per cent stake in a Delhi-
Parakram Security India 90.0 -17.0 Indirect an investor can submit a single bid only through a bank or a
employee. based company Krishna Dal Mill. Primary Dealer.
Divya Packmaf 11.0 -30 99.9 Bharat attends more meetings The company has zero revenues
*All numbers for 2018-19 Source: RoC in a day than Ramdev and from its operations and owns 60 3. Interested persons may submit bids in electronic format on
Balkrishna put together, confirms per cent stake in another compa- the Reserve Bank of India Core Banking Solution (E-Kuber)
Balkrishna also oversees product always stayed away. a former senior official of the ny — Sunrise Infotec, a real estate System as stated below on September 29, 2020.
development. Swami His only brush with publicity group. firm in Chandigarh. a) The competitive bids shall be submitted electronically on
Muktananda handles Patanjali came in May 2015, when the Krishna Dal Mill is not a the Reserve Bank of India Core Banking Solution (E-Kuber)
Yog Peeth and serves as the MD of police arrested him on charges of Bharat’s veins of power Patanjali group firm but has been System between 10.30 A.M. and 11.30 A.M.
Vedic Broadcasting, but is not instigating a clash between truck Though Balkrishna is the largest a beneficiary of a ~25-crore loan
actively involved on the business union members and the security shareholder in Patanjali Ayurved, from Patanjali Ayurved between b) The non-competitive bids shall be submitted electronically
side. personnel at Patanjali Bharat owns a minor stake indi- 2017 and 2018. on the Reserve Bank of India Core Banking Solution (E-Kuber)
Hence, the respon- Ruchi Soya was Food and Herbal Park rectly and is effectively the sec- System between 10.30 A.M. and 11.00 A.M.
sibility of day-to-day acquired by the in Haridwar. One per- ond-largest stakeholder. The road ahead 4. The price expected by the bidder should be expressed up to
operations falls on Patanjali group in son had died in the In Patanjali Ayurved, 98.54 per Ruchi Soya is Bharat’s first major two decimal points. An investor can submit more than one
Bharat’s shoulders, and December 2019, and clash. The case is cent stake is owned by leadership assignment, taking competitive bid at different rates in electronic format on
he overlooks every- Balkrishna was pending in the Balkrishna. The rest is divided over one of India’s largest makers the Reserve Bank of India Core Banking Solution (E-Kuber)
thing: From purchases inducted as Uttarakhand High among six promoter companies of edible oil, worth around System. However, the aggregate amount of bids submitted
to manufacturing to executive director Court. and 1,000 odd shares were held ~20,000 crore by market capitali- by a person should not exceed the notified amount.
supply chain to recruit- and CMD, while “It is because of by Swami Muktananda as on sation, as of August 21.
ment and even the dai- Bharat became a such instances that March 31, 2019, according to the However, Bharat’s new respon- 5. The result of auction will be displayed by Reserve Bank of
ly cash flows of the whole-time people started calling company’s filings with the sibility comes loaded with chal- India on its website on September 29, 2020. Successful
group. director and him the ‘bouncer of Registrar of Companies (RoC). lenges. bidders should deposit the price amount of Stock covered by
Some other family Ramdev a non- Patanjali’ and workers Among those six promoter “A company making a come- their bids by means of a Bankers’ Cheque or Demand Draft
members are also executive director at the manufacturing companies, Bharat owns a signifi- back from bankruptcy needs the payable at Reserve Bank of India, Mumbai (Fort) or Chennai
involved with the plants used to be terri- cant stake in three. He is a direc- full focus of its top boss. Being on September 30, 2020 before the close of banking hours.
group. fied of him,” a former employee tor in 16 companies and a former Ramdev’s kin and one of his most 6. The Government Stock will bear interest at the rate of 4.54%
Their father oversees farms told Business Standard. director in almost as many com- trusted lieutenants, Bharat was per annum paid half yearly on January 08 and July 08. The
owned by Patanjali occasionally, A current employee, who panies of Patanjali group. the obvious choice to be handed
Stock will be governed by the provisions of the Government
but doesn’t have any role in the closely works with Bharat, consid- His first directorial position over the reins at Ruchi Soya,” said
Securities Act, 2006 and Government Securities Regulations,
business officially. Yash Dev ers this a necessary evil. “He isn’t was with Maa Kamakhya Herbals, an employee of Patanjali.
Shastri, the husband of Ramdev’s a bouncer, but a hard taskmaster. whose board he joined in July “Although Bharat has a profes-
2007.
youngest sibling Ritambhara, is a He has to manage manufacturing 2006 and served until January sional CEO to do that job for him, 7. The stocks will qualify for ready forward facility.
director in two group companies. plants of such a large scale, so he 2010. it will be interesting to see how he 8. For other details please see the notifications of Government
Ramdev is a public figure and has to be strict,” he said. One of the biggest units under manages to run a listed company of Tamil Nadu Specific Notification No. 508(L)/W&M-II/2020
addresses the media very fre- Email queries sent to Patanjali him is biscuits. Bharat is a direc- while continuing to shy away dated September 24, 2020.
quently, attending everything group and Ruchi Soya remained tor in Patanjali Natural Biscuits from the media and maintain a S. KRISHNAN
from product launches to political unanswered till the time of pub- and owns 38 per cent stake in low-profile like earlier,” said an Additional Chief Secretary to Government,
functions. In contrast, Bharat has lishing this report. Patanjali Biscuits, another group industry insider. DIPR/ 826 /DISPLAY/2020 Finance Department, Chennai-9.
4 COMPANIES
>
NEW DELHI | FRIDAY, 25 SEPTEMBER 2020 1

Mid-sized SUVs, high-end bikes Record prices may help tea

firms recover from crop loss
buck trend, see accelerated sales ISHITA AYAN DUTT
Kolkata, 24 September

LCVs, mopeds also show HOW THE SEGMENT FARED The smaller tonnage vehicles have
started picking up, said Vinod Aggar-
Record tea prices are helping
companies post profits despite
 Overall Two-wheelers Motorcycles
positive sales trend (150-200cc)  Mopeds (% YoY change in brackets)
wal, managing director and chief exec-
utive at Volvo Eicher Commercial
crop loss caused by a nation-
wide lockdown to contain
SHALLY SETH MOHILE & T E NARASIMHAN 2019 4,675,388 Vehicles. “It is being driven by demand Covid-19 and floods.
Mumbai/Chennai, 24 September in rural markets and improving CNG Most companies were in the
207,074 159,257 infrastructure, which in turn has been profit zone in the June quarter,
3,854,450 (-17.5)

T
he Covid-19 pandemic may
have dented the overall auto
market, but there are certain
segments within each category that
have not only stayed the course but
seen an accelerated demand.
Unlike the perception, all of these
do not belong to the entry level of the
market but a segment that commands
premium pricing.
Buyers in India have taken a liking
to mid-size SUVs and deluxe com-
muter motorcycles (150cc to 200cc),
according to the past three months’
sales trend from the Society of Indian
2020
buyers are open to stretching their
wallet a bit more. This has been pro-
pelling the premiumisation trend in
the market, he said.
Albeit on a small base, volumes of
fuelling demand for CNG vehicles that
169,149 (6.2) are cheaper to run,” he said.
229,455 (10.8) The sub-segments — light com-
2019 2020 % YoYchg mercial and small commercial vehi-
cles — have declined lesser, com-
Overall PVs 200,634 199,427 -0.6 pared to higher tonnage ones during
Overall SUVs 399,637 504,312 26.1 the three-month period. Ashok
Mid-sized SUVs 59,140 86,359 46.02 Leyland, for instance, has been seeing
a sequential growth in the LCVs. It
Source: Siam
has increased to 3,736 in August from
advanced 10 per cent even as the 1,154 in May.
overall two-wheeler segment skidded Nitin Seth, chief operating officer
17.5 per cent. of Ashok Leyland, said the e-com-
At the lower end of the price band merce, small goods transporters have
in the two-wheeler segment, the pushed sales of LCVs and it now
and indications are that the cur-
rent quarter will be even better,
what is typically a good time for
the industry.
Goodricke Group recorded
a net profit of ~16.17 crore in the
June quarter even though rev-
enues were down by more than
16 per cent on a year-on-year to adopt a partnership model
basis. Dhunseri Tea & Industries AUCTION PRICE between farmers and industrial
posted a net profit of ~13.07 Month-wise in north blocks such as the one existing
crore while revenues fell by Indian market in Kenya where revenue is shar-
more than 23 per cent. While 2019 2020 (~/kg) ed. This will motivate a focus
Jayshree Tea & Industries made on good quality tea,” he said.
a net profit of ~1.42 crore, its rev- The industry is now looking

284.44
266.97
166.97

165.18
Automobile Manufacturers. SUVs less than ~20 lakh have seen a moped, made by TVS Motor has held accounts for a 70 per cent of total enues slipped by 32 per cent. forward to a better second quar-

238.4
“Under the current circumstances, year-on-year jump of 46.02 per cent in on to its turf in a tough market. Its commercial vehicle sales. Tea prices and a focus on ter. Typically, for tea, the first

the instinctive would be to go for the
cheapest. But we aren’t seeing that,”
said Ravi Bhatia, president and direc-
tor at JATO Dynamics.
It has got to do with the manufac-
turers making even the lower trim
variants feature-packed, says Bhatia.
Value-conscious and novelty-seeking
the three months to August. This is in
contrast to the overall passenger vehi-
cle market that saw a marginal dip of
0.6 per cent. It is primarily being led
by the Creta and Seltos.
Among the two-wheelers, motor-
cycles in 150cc to 200cc have been
the outliers. Led by TVS Apache, it
volumes during the three-month
period rose 6.2 per cent to 169,149
units over the corresponding period.
Meanwhile, the commercial vehi-
cle market that has its fortunes linked
to the economy has hardly shown any
signs of recovery and double-digit
decline continues.
“A decade ago, LCVs used to
account for 35-40 per cent of the
country’s overall CV sales. This
increased to 70 per cent, in line with
global trends,” said Seth. It has gone
up further to 86 per cent after the
pandemic and he expects it to settle
at 70-72 per cent.
quality are making up for the
crop loss. “We knew we had lost
crop and hence worked to cap-
italise on quality,” said Atul
Asthana, managing director
and chief executive officer,
Goodricke Group.
Prices have been flat over
the past five years and now
everyone has jumped on the
price bandwagon, he said.
131.77
two quarters are good. By end
–September, around 65 per cent
of the year’s output is produced.
D P Maheshwari, managing
director and chief executive offi-
cer of Jayshree Tea, said the sec-
June July August ond quarter would be better
Source: Tea Board
than the first. “Earlier, we
~251.40 a kg compared to ~132.41 thought that prices would start
a kg last year. tapering after June-July, but it’s
Prices were higher last still holding,” he said.

Dealers looking at rationalisation JLR to drive in SUV Defender The crop loss has resulted in
a supply deficit. According to
month, but on the whole, it has But the industry is also wary
been holding since June. C K about the outlook for next year,

of infra, manpower, says FADA next month, bookings open

Auto dealer body FADA on
Thursday said dealers were
looking for rationalisation of
their assets as well as manpow-
er, especially in bigger cities, to
tide over challenging business
environment.
The association said the
stress is more on dealerships in
the bigger cities right now due
to the prevailing situation as
compared with outlets in the
smaller towns and rural areas.
“Dealers are looking at mov-
ing to smaller places with rela-
tively low rent and also looking
at rationalisation of manpower
in order to carry forward in
these challenges times,” FADA
President Vinkesh Gulati said.
In order to keep business
sustainable, FADA is also talk-
ing to auto companies to keep
inventory in check during the
festive season this year in order
to avoid over stocking at dealer-
end as witnessed in the last two
years, he added.
“We are speaking to Siam
and auto companies to keep
inventory in check during this
festive season as we don't want
to get in same situation of over
stocking as in the past two
years,” Gulati said.
Kia Motors and Toyota
Kirloskar Motor met expecta-
tions of their dealers better than
other companies in the passen-
ger vehicle segment during the
Covid-19 lockdown, FADA said.
FADA in the month of July-
August had conducted a survey,
in association with Pre-
monAsia, on support given by
OEMs (original equipment
manufacturer) to their Dealer
Partners for Covid-19. PTI
industry, the loss in crop so far
this year is about 13 per cent
compared to last year. But for
Jaguar Land Rover (JLR) India on Thursday said it will launch its April, May, June, the drop was
iconic SUV Land Rover Defender in India on October 15. sharper; in Assam, it was about
The company has also opened the bookings for the model. 35 per cent.
“It will be a proud moment for Land Rover to bring the iconic Major packet tea players that
new Defender for the first time in India since we entered the normally have tea in the
country in 2009,” JLR India President and Managing Director pipeline don’t have currently,
Rohit Suri said in a statement. what has sent prices soaring at
It will also be a significant milestone for the overall auto the auctions.
industry in India to witness the launch of a vehicle which enjoys According to Tea Board of
legendary cult status across the globe, he added. India data, for the week ending
In line with its status, an immersive and highly engaging September 19, average tea prices
digital launch event has been planned to mark its arrival in the at Kolkata auctions were at
country, Suri said. Land Rover portfolio in India currently ~281.87 a kg compared to ~179.93
comprises the Range Rover Evoque, Discovery Sport, Range Rover a kg a year ago; average prices at
Velar, Range Rover Sport, Discovery and Range Rover. Guwahati auctions were at
JLR currently sells its vehicles through 27 dealerships across ~274.38 a kg compared to 150.14
24 cities in India. PTI a kg and at Siliguri auctions
Dhanuka, managing director of once more tea comes into the
Dhunseri Tea, said if the price system. “This may be short-
trend continued, losses of the lived and next year, prices may
past few years may be taken fall by ~50 a kg,” expects
care of. Maheshwari.
The industry has been fac- For realisations to be at sus-
ing excess supply, which has tainable levels, the industry
kept prices under pressure. Last might have to do things differ-
year, production was a record ently. According to Chatterjee,
1,390.08 million kg. building capabilities of export-
Rudra Chatterjee, managing ing packaged and branded teas
director of Luxmi Tea, owner of is an opportunity to move up
Makaibari estate, explained: the value chain and improve
“Ever since bought leaf tea realisations.
emerged a major force, chronic “India is a major tea pro-
excess supply became the bane ducer but we only export bulk
of the industry. Prices lan- teas,” he pointed out. In 2019,
guished below operating costs.” India exported 248 million kg,
“The industry got a reprieve, which is expected to be lower
but for lasting solution, we need this year.

Business Standard
— TENDER CARE — — Advertorial
DELHI EDITION
Printed and Published by Nandan Singh
Rawat on behalf of Business Standard
Private Limited and printed at The Indian
SBI JAIPUR & NABARD SIGNS MOU TO GAIL’S DIGITAL INITIATIVES REACH Express (P) Ltd. A-8, Sector-7, Noida,
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tate Bank of India, Jaipur and NABARD, Jaipur join hands ven as people remained indoors in recent months to

S to collaborate towards the holistic development of Ru-

ral Rajasthan by way of providing banking support dur-
ing the next 5 years. State bank of India and NABARD have
inked a Memorandum of Understanding (MoU) to enhance ru-
ral prosperity through convergence of institutional lending &
ongoing development initiatives of NABARD and SBI. The ob-
jective of the memorandum is to provide benefit to farmers/
FPOs/ JLGs/ SHGs/Artisan/Agri-preneurs/Agri Start-ups, etc.,
in the state of Rajasthan under the “Atma Nirbhar Bharat” ini-
tiative of GOI. Chief General Manager of SBI (Local Head Of-
fice, Jaipur) Sh. Amitava Chatterjee and Chief General Man-
ager of NABARD (Rajasthan Region) Sh. Jaideep Srivastava,
signed the MoU. GOI has accorded high priority to agriculture
and rural development and have announced several schemes
under the “Atma Nirbhar Bharat” initiative. SBI, Jaipur and
NABARD, Jaipur have forged an alliance to strengthen the agri-
culture and rural development in Rajasthan whereby SBI would
expand its business activities and NABARD would comple-
ment the drive by way of granting support to various promo-
tional and developmental activities.
CHANDIGARH CIRCLE TEAM OF SBI IS THE
BEST TEAM I HAVE WORKED WITH: RANA
ASHUTOSH KUMAR SINGH, DMD, SBI
t is recognition of good work of Chandigarh Cir-
E help stop the spread of the coronavirus, GAIL (India)
Limited undertook a number of digital initiatives to raise
awareness about increasing air pollution and measures to
Editor : Shyamal Majumdar
RNI NO. 57376/1994
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I cle Team of the Bank, wishes of all the well-wish-

ers and blessings of theAlmighty. Overall, it has
been extremely satisfying with lot of learnings. Be-
sides left-over integration issues post-merger of
erstwhile State Bank of Patiala, we initiated new ini-
tiatives like implementing digital banking in a big way, complete
adoption of villages making them fully digital, successful pilot of
Financial Institutions & Micro Market Vertical of the Bank in geo-
and also to acknowledge the efforts of the frontline warriors of
COVID-19.
published by it. Any claim related to the
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Unless explicitly stated otherwise, all rights
reserved by M/s Business Standard Pvt. Ltd.
Any printing, publication, reproduction,
PNB LUDHIANA OBSERVES HINDI DIVAS
transmission or redissemination of the
“IKK SHAAM HINDI KE NAAM” contents, in any form or by any means, is
prohibited without the prior written consent
of M/s Business Standard Pvt. Ltd. Any such
indi Divas on

H
prohibited and unauthorised act by any
graphically most diverse and largest Circle. After successful pi- 14.09.2020 celebrat- person/legal entity shall invite civil and
lot, the initiative has been launched PAN India from June,2020. ed as “Ikk Shaam Hin- criminal liabilities.
As far as my memory goes, this is the biggest organisational re- di Ke Naam” at Punjab Na- No Air Surcharge
structuring Bank has done in last 25 years with the aim to give de- tional Bank circle & zonal of-
sired focus and thrust to Financial Inclusion & development of fice Ludhiana . Mr. Virmani,
Rural India. I am quite confident that this will be a great help in re- DGM, zonal office Ludhiana
alising the dream of Atam - Nirbhar Bharat. Providing doorstep chaired the occasion along with Mr. R.K.Jain, Circle Head
banking to our customers to the last mile and keeping our branch- Ludhiana (East), Mr. Jayant Haldar. Circle Head (West),
es operational during the tough period of COVID 19 was very Mr. Daljit Singh, DGM and other senior executives. PNB
challenging but extremely satisfying. We needed to keep our Ludhiana is celebrating “Rajbhasha Maah” from 1st Sep-
Branches andATMs operational as well as comply with the guide- tember 2020 to 30th September 2020. During the month
lines issued by the Government and local administration from various Hindi activities like music evening, speech, GK
time to time. quiz etc organized.

PUNJAB NATIONAL BANK’S ED VISITS LUCKNOW ZONE

Mr. Agyey Kumar Azad – Executive Director (ED) of Punjab National Bank visited Lucknow for review of performance of
the zone
n his arrival he visited CM office to have a formal meet with Hon’ble Chief Minister of the state – Shree Yogi Aditya Nath

O ji. There he had a brief discussion over the role of Bank in overall development of the state. Mr. Azad apprised the Chief
Minister of the fact that Punjab National Bank has always played a vital role in implementation of the various schemes
of government and hence has been catalyzing the process of development of the state. Hon’ble Chief Minister commended
the work done by Punjab National Bank and its commitment towards the implementation of the schemes of the government
viz SWANidhi Yojna , State Expressways, Guaranteed Emergency Credit Line (GECL) , One District One Product(ODOP) ,
Vishwakarma Shram Samman Yojna etc.
l
NEW DELHI | FRIDAY, 25 SEPTEMBER 2020 ECONOMY & PUBLIC AFFAIRS 5 <

CAG red-flags
viability of NPS
States get more power to CSEP brings
be flexible on labour laws Adi Godrej, 6
for govt staff more on board
Currently, states have limited powers in exempting factories from such laws
INDIVJAL DHASMANA
New Delhi, 24 September SOMESH JHA JYOTI MUKUL
New Delhi, 24 September New Delhi, 24 September
The Comptroller and Auditor

General of India (CAG) flagged
the lack of evaluation of funds
and schemes under the Nati-
onal Pension System (NPS) for
government employees.
Without such evaluation,
there is no guarantee of viabil-
ity of these schemes, CAG said
in its report on NPS presented
to Parliament on Wednesday.
CAG said the high level ex-
pert group (HLEC) had rec-
ommended in 2002 that there
should be an actuarial eval-
uation of the funds once in
two years as the government
might like to rationalise the
benefit structure or increase
the contribution rate as the
case might be.
“From the documents,
responses made available to
audit, it was observed that
there was no indication whe-
ther the HLEG recommenda-
tions were accepted or not,”
it said. When asked about
this, the Department of
Financial Services (DFS)
replied that the HLEG was set
up by the Department of
Pension and Pensioners’
Welfare (DoPPW) and the
information about the recom-
mendation was not traceable
in DFS records.
However, DFS did not pro-
vide a specific reply with
regard to actuarial evaluation
once in two years and adop-
tion of any other mechanism
to assess the viability of the
fund or scheme.
“Thus, the audit could not
draw assurance on viability of
the fund/scheme. This assu-
mes importance in view of the
fact that the actuarial eval-
uation is at the core of any
pension scheme,” CAG said. It
said total assets under man-
agement (AUM) amounted to
~3.99 trillion as of January 31,
with ~3.41 trillion pertaining
to the government sector —
both the Centre and states.
DFS in its reply also stated that
a review of NPS’s performance
vis-à-vis the expected out-
comes and standards envis-
aged at inception, and the way
forward is under considera-
tion. DFS said it intended to
conduct actuarial evaluation
to assess the situation.
T
he labour codes approved by Parlia-
ment will change the way labour
laws are legislated, with the Centre
bestowing more powers to states to make
amendments through the executive route.
The move, after securing President Ram
Nath Kovind’s nod, will help industries
in pushing authorities for exemption
under various labour laws at a micro-
level, along with demanding changes to
bring greater flexibility in their opera-
tions related to retrenchment, safety
standards, and collective bargaining.
Under the Industrial Relations Code,
2020 — the new law that will govern
retrenchment, layoffs, trade unions, and
industrial disputes — states can exempt
new industrial units from “any or all pro-
visions” of the code “unconditionally”
for a specific period of time as it thinks
fit through a notification. States can take > States can allow easier
such a step in “public interest”, which is
not broadly defined.
The Industrial Disputes Act of 1947
did give states similar powers to exempt
existing industrial units, but it specifi-
cally mentions that such companies
should have a mechanism in place to
investigate and settle industrial disputes.
States will not have to seek the Centre’s
approval to ease retrenchment, layoffs or
closure norms, as is required under the
existing law. While allowing firms with up
to 300 workers (from 100 workers) to
retrench or layoff workers without seeking
the government’s nod, the code mentions ments, empowers states to exempt new which is one of the objectives of most busi-
that states can “increase the threshold to factories from any provisions of the new nesses. The working conditions and safety
The Centre for Social and
Economic Progress (CSEP), an
independent Indian public
policy think tank, on Thursday
appointed Rahul Bajaj, Vikram
Singh Mehta, Adi Godrej, Hari
Bhartia, Rakesh Mohan,
Gaurav Dalmia, and Vikram
Kirloskar as the initial
members of its governing
board.
The board will be
expanded further to include a
diverse mix of industrialists,
academics and public policy
practitioners, the centre said
in a press statement.
INDUSTRIAL RELATIONS OCCUPATIONAL SAFETY, HEALTH AND CSEP started in 2013 as
CODE 2020 WORKING CONDITIONS CODE, 2020 Brookings India, an overseas
centre of the Brookings
> Empowers the states to exempt new Institution, one of the world’s
retrenchment, layoff or factories from any provisions of the new oldest think tanks. After seven
closure norms for more firms law for more economic activities and years of partnership, the two
through a notification, employment opportunities institutions formally sep-
without the need to seek the > No timeline for giving exemptions to factories, arated on September 10. The
Centre’s approval as against 3 months at present centre was relaunched with a
new name and identity, and
> States can exempt new > Working conditions and welfare facilities to be seeks to carry forward and
establishments from any framed through rules, instead of the law build upon the legacy of
provisions of the law dealing > Exempting existing establishments from Brookings India. “We envision “We envision CSEP
with industrial disputes, any provisions of the new code in case of CSEP becoming a hub of cred- becoming a hub of
retrenchment and trade an emergency provided that certain ible public policy research, not credible public policy
unions unconditionally conditions are fulfilled just in India, but globally,” said research, not just in India,
Rahul Bajaj, a member of the but globally,” said Rahul
board. Bajaj (middle), who was
The board elected Vikram appointed on the board
Singh Mehta as chairman, to along with Vikram Singh

Veteran atomic scientist higher numbers by a notification”. law if it is satisfied “in the public interest norms, which are part of the Factories Act,
This had been one of the contentious that it is necessary to create more econo- will be stated through rules by the govern-
issues faced by the governments since mic activities and employment opportu- ment, thereby allowing more flexibility.
steer the new institution.
Mehta is a distinguished fel-
low at CSEP and former chair-
Mehta, Adi Godrej (top),
Hari Bhartia, Rakesh
Mohan, Gaurav Dalmia, &
Sekhar Basu dies of Covid trade unions raised strong objections to nities”. It has further allowed exempting “Under the Constitution, the legisla-
any relaxation in retrenchment norms. As existing establishments from any provi- ture has the power to make laws and the
man of the Shell Group of
Companies in India. He was
Vikram Kirloskar (bottom)

Veteran atomic scientist and
former chairman of
Atomic Energy Co-
mmission Dr Sekhar
Basu succumbed to
Covid-19 early on
Thursday at a
private hospital in
Kolkata, a health
department official
said. He breathed
his last just three days after
turning 68. “Dr Basu was
suffering from Covid-19 and
other kidney ailments. He died many as 16 states have already relaxed this sions of new code in case of an emergency, government is responsible for imple- also the founding chairman of and independent think tank.
at 4.50 am,” the threshold, Labour and Employment provided certain conditions are fulfilled. menting them. Often, the legislature Brookings India. “We are “Our donors and stakeholders
official said. A me- Minister Santosh Kumar Gangwar had told Under the present law, states have lim- enacts a law covering general principles proud of the impact of our value this about us and have
chanical engineer, Parliament, but these had to be introduced ited powers towards exempting factories and policies, and delegates detailed rule- work in the core areas of eco- fostered this,” he added.
Dr Basu is revered through changes in the state legislature, from labour laws. The Factories Act, 1948, making to the government to allow for nomic growth, energy and for- The board appointed
for his contrib- after seeking the President’s nod through allowed exemptions from its provisions in expediency and flexibility. However, cer- eign policy. We will continue Rakesh Mohan as president.
utions to the the central government. This is because cases of public emergency only for a period tain functions and powers should not be to work on these issues,” said In this role, he will be chief
country’s atomic labour falls under the concurrent list of of three months. To make changes or give delegated to the government. These Mehta. “We will also expand executive officer and will also
energy progr- the Constitution wherein both the central exemptions from the law to factories for a include framing the legislative policy to our research agenda to antici- oversee CSEP’s research activ-
amme. He was and state governments can legislate. longer duration of time, states had to determine the principles of the law,” pate future challenges and ities and mentor scholars.
awarded Padma Similarly, the Occupational Safety, approach the central government. Also, stated a note on labour law reforms pre- identify avenues that advance Mohan is a distinguished fel-
Shri in 2014. Chief Minister Health and Working Conditions Code, there was no provision in the law to give pared by PRS Legislative Research. global progress.” Mehta low at CSEP, and was the
Mamata Banerjee mourned 2020, which deals with safety, welfare and unbridled exemption to factories for boost- emphasised that CSEP is com- former Deputy Governor of
the demise of Dr Basu. PTI workplace-related norms in establish- ing economic activities or creating jobs — More on business-standard.com mitted to being a non-partisan the RBI.

Massive fire at ONGC plant hits output RBI scraps ~10,000-cr OMO,
SHINE JACOB
New Delhi, 24 September
Three consecutive blasts led to a
massive fire at Oil and Natural Gas
Corporation’s (ONGC’s) Hazira gas
plant in Gujarat on Thursday
morning. Unless operations are
restarted soon, this is likely to
impact the overall natural gas pro-
duction in the country as Hazira
contributes around 45 per cent to
ONGC’s gas production. According
to industry sources, the fire, which
was caused by a pipeline rupture,
disrupted supply to key sectors
such as power and fertiliser. The
company said it was investigating
the cause of the fire.
“Of the 45 million metric stan-
dard cubic meter per day (MMS-
CMD) of gas coming from the west-
ern offshore region, around 32
MMSCMD is processed at Hazira.
The plant is temporarily shut for
safety reasons,” said a company
official.
GAIL said about 30 MMSCMD
of natural gas supplies into GAIL’s
north-western pipeline network
was immediately shut by the
upstream major to contain any
further damage. The total natural
gas production by ONGC was
around 70 MMSCMD in FY19. The
major consumers of the western off-
shore production are from states
STOCK MOVEMENT
Oil & Natural Gas Corp price in ~
Source Bloomberg
Compiled by BS Research Bureau
like Gujarat, Rajasthan, Uttar support domestic kitchens and
Pradesh and Madhya Pradesh. public transportation (CNG), said
In the force majeure event trig- the company. The plant capacity at
gered by the accident, GAIL said Hazira is around 46.9 MMSCMD,
supply cuts up to 40 per cent aga- while processing depends on the
inst current allocations have been amount of gas received from the
imposed on downstream custo- fields. After news of the fire, the sha-
mers. However, uninterrupted sup- res of ONGC opened on the Bombay
plies are being maintained to the Stock Exchange at ~66, down from
city gas distribution customers to the previous day’s close of ~67.65.
to conduct Operation Twist
ANUP ROY
Mumbai, 24 September
The Reserve Bank of India (RBI) on
Thursday refused to go ahead with
its planned bond purchase from the
secondary market, even as it
received more than six times the bid
for its ~10,000-crore open market
operation (OMO).
Instead, the central bank
announced a special OMO of
~10,000 crore, to be conducted on
October 1, where it would simulta-
neously buy and sell bonds to keep
system liquidity intact. In such spe-
cial OMOs, the RBI buys long-term
papers and sells short-term secu-
rities, an exercise also
called ‘Operation Twist’ in market
parlance.
Thursday’s exercise was,
however, an outright purchase
OMO, where the central bank
received bids of ~66,473 crore. This
was the first outright OMO purchase
planned in this financial year. The
last outright OMO purchase was
done on March 26 when the central
bank bought ~15,000 crore.
Since then, the favoured mode
of yield management has been spe-
cial OMOs where more often
than not the central bank bought
more than it sold.
Bond market participants were
disappointed because the central
bank in the past has refused to sell
10-year bonds at rates the market
wanted the RBI to pay.
“There is a huge supply of bonds
and rates will have to go up com-
mensurate to that. But the central
bank wants the markets to buy
bonds and at a cheap rate. The both
don’t add up,” said a senior bond
dealer requesting anonymity.
However, the RBI could be trying
to not get cornered by the market, as
has already happened in other global
markets. Investors, in quest for mak-
ing quick profits, have induced vol-
atility in the bond market. Market
participants globally are asking for
higher yields, and when liquidity
measures announced by the central
banks are cooling down yields, inves-
tors are squaring off their positions.
Yields and prices of bonds move in
the opposite direction.

Will incomes improve? Agri Bills see mixed response from farmers
Thousands of farmers protest against
the Bills in Punjab and Haryana
SANJEEB MUKHERJEE & VIVEAT SUSAN PINTO
New Delhi/Mumbai, 24 September
Amid the turmoil over the three agri-
culture-related Bills, recently passed by
Parliament, Sushil Hanote, 27, a farmer
in Betul district of Madhya Pradesh, is
busy tending to his paddy and maize
crops grown in around 4 acres.
Not much aware of the nuances in
the three pieces of legislation, which
have promised to transform his life,
Sushil, categorised as a small and
marginal farmer in government
records, says he prefers selling to
someone who picks up the produce
at his farm and pays a good price.
Several times in the nearby Shahpur
mandi, the trader deducted mandi
taxes and that lessened his income.
“The nearest Betul mandi is almost
35 km from my village and if someone
picks up the maize and paddy at my
farm and pays a good price, why
wouldn’t I want it,” Hanote said, on the
phone, from Betul, accepting that his
knowledge about the legislation was
based on the limited interaction that
he had with friends and
acquaintances.
Amit Dwivedi, chief executive
officer of Maa Machna Crop Producer
Company, a farmer-producer
organisation (FPO), working in same
district, feels the legislation has
created lot of apprehension and fear
among farmers about the role of
mandis.
“In the mandi today there is at least
some documentation as to who has
bought, at what price, and when he will
make the payment, but if this mandi
withers away, any small-time trader
can fleece the farmers because there
won’t be any checks and balances,”
Dwivedi said.
Named after a local river that flows
through the region, Dwivedi said to
date mandis acted as the reference
point for price discovery even if the
produce was purchased directly from
farmers. If traders start buying from
outside to save on their costs, who will
regulate them, he asked.
Though the newly passed Bills do
protect the structure of mandis and
empower state governments to levy
taxes within them, open new ones, and
expand the operations of the existing
ones, some farmers feel that once out-
of-mandi transactions start
happening, things might go off the
hinge.
For Vinod Sinam of Sonee village in
Mandsaur district (Madhya Pradesh),
the experience with direct purchasing
has been mixed.
“A few months ago in April, when
mandis opened sporadically due to the
lockdown, traders came to our house
to buy freshly harvested garlic.
Sometimes the price paid was more
than what we got in mandis, while in
some transactions the rate wasn’t
commensurate,” Sinam said on the
phone a few days ago.
He said if he got a price equivalent
to the one decided by the mandi
committee, there was no harm in
selling directly to traders. Or else,
mandis are the best option.
Clearly, as millions of farmers in
Punjab, Haryana, and some other parts
of India hit the road against the
CRUCIAL GRAIN
Market fee/taxes in different states for wheat procurement
in 2020-21
Market Commission
fee and other RDF Total
(%) charges (%) (%) (%)
Punjab 3.0 2.5 3.0 8.5
Haryana 2.0 2.5 2.0 6.5
Rajasthan 1.6 2.0 - 3.6
UP 2.0 0.5 - 2.5
MP 2.0 0.2 - 2.2
Source: CACP Rabi report for 2021-22 marketing year
legislation, opinion among growers Angshu Mallick, deputy chief
and other stakeholders about their executive officer, Adani Wilmar, which
harm and benefit is as divided as it is makes Fortune edible oil and other
among economists, policymakers, and food products, says the argument that
other experts. commission agents will vanish and
The dominating question is companies will directly interact with
whether they will improve their farmers with the sole intention of
earnings or lower them. cheating them if the mandi system
Shriram Gadhave, president of the weakens is fallacious.
Vegetable Growers Association of “We have been procuring from
India (VGAI), said while it was good mandis for our agri-commodities.
that the Bills opened the door for more While there is pressure on farmers to
buyers, the government should ensure not sell outside agricultural produce
that all such transactions are recorded marketing committees in Punjab and
through the e-NaM platform. Haryana, we find no such resistance in
“In mandis, vegetable farmers Madhya Pradesh, where farmers are
know to whom he is selling and the open to supplying directly to factories
price he is getting, but if someone buys of corporate houses,” said Mallick.
directly, these checks and balances He said many farmers in India were
might not be there,” said Gadhave. small and did have much to supply, so
there were village-level aggregators
who took the produce from farmers.
“That is our observation in Madhya
Pradesh. These village-level
aggregators are the same people
supplying on behalf of farmers to
mandis. My point here is that these
aggregators (arthiyas) are not being
kept out as it is feared in Punjab and
Haryana. It is a mutually beneficial
relationship for the farmer, aggregator
and company,” Mallick said.
This is where G V Ramanjaneyulu,
executive director of the Centre for
Sustainable Agriculture, feels the role
of FPOs will come into play.
“My experience of running an FPO
for almost 10 years is that individual
farmers cannot negotiate with
companies. If they form a collective,
they get a better deal, whether from
private companies or government,”
Ramanjaneyulu said.
He said the Bills alone could not
solve the problems of small and
marginal farmers, who constitute the
biggest chunk of India’s farming
community, but it should be supported
by proper investment in FPOs, farmer-
collectives etc, to take advantage of the
free environment.
"So far there are 22 states that allow
direct purchase outside the mandis,
therefore the whole question of
mandis losing relevance is misplaced,"
Ramanjaneyulu added.
6 ECONOMY & PUBLIC AFFAIRS
>
Auditors seek tweaks to
whistle-blower norms
Approach Sebi, NFRA
and other authorities
SHRIMI CHOUDHARY
New Delhi, 24 September
A
udit firms are seeking a rethink of
new guidelines that require them
to vet each whistle-blower com-
plaint and issue assessments on a com-
pany’s financials.
According to people in the know, audi-
tors have approached the Securities and
Exchange Board of India and the National
Financial Reporting Authority, seeking
relaxation. They believe some aspects of
the disclosure norms require tweaking
and fine-tuning.
These new disclosure and assess-
ment norms are a part of the Companies
(Auditor’s Report) Order (CARO), effec-
tive from the current financial year,
where auditors are required to report
more extensively on many crucial
aspects, including frauds, loan defaults,
whistle-blower complaints, and benami
properties.
According to the auditors, most whis-
tle-blower complaints received by com-
panies are unsubstantiated, frivolous,
and anonymous, which even companies
are reluctant to share. Further, there has
to be segregation in the analysis of com-
plaints and they should be restricted to
financial frauds. According to the new
provision, the auditor is supposed to ver-
ify each complaint received by the com-
pany and confirm it.
“The recent reporting requirements
under the auditor report have greatly
expanded the scope of scrutiny of audi-
tors, particularly in respect of reporting
of whistle-blower complaints. There is an
overlap between the function of an audi-
tor and a company secretary, considering
an analysis of a whistle-blower complaint
would have substantial secretarial analy-
sis, which the auditor may not be fully
equipped to process,” said Atul Pandey,
partner, Khaitan & Co.
Under the new rules, auditors are
required to comment on 50 such matters
in their audit reports, against the earlier
21, which, according to them, puts pres-
sure on those under scrutiny due to var-
ious corporate governance lapses. Further,
the new rules put the entire onus on the
auditor, who largely relies on the infor-
‘Equity returns likely to be
muted over next 12 months’
The current correction in markets might not last long if economic recovery continues, optimism for
financial year 2021-22 (FY22) persists, and a vaccine is developed in the current financial year, says
PRASUN GAJRI, chief investment officer, HDFC Life. In an interview to Vishal Chhabria, Gajri says the next
six months will indicate what FY22 earnings will be like. Edited Excerpts:
Global and Indian markets saw a sell-off.
How far could this extend?
I would not like to comment on short-term
movements of the market. We believe the cur-
rent move is in line with expectations. While
correction can continue, we believe that as
long as the economic activity continues to
recover at the margin, optimism for FY22 per-
sists, and the possibility that a vaccine is
developed this financial year exists, the cor-
rection is unlikely to last long.
Many economists say India’s FY22 gross
domestic product (GDP) will be lower than
FY20. So, have markets run-up ahead of
fundamentals?
Markets are clearly building in a sharp recov-
ery in GDP growth and corporate earnings in
FY22. We have seen good recovery in eco-
nomic activity and, hence, the assumption
of good recovery in FY22 is not entirely unjus-
tified. If the FY22 numbers come as per expec-
tations, then market valuations can be justi-
fied. We will get a better sense of FY22
earnings traction over the next six months.
The direction of the market will, therefore,
depend on how expectations for FY22 change.
Many say that there is a lot of liquidity to
keep equities elevated. How long can this
keep the rally going?
Liquidity alone is never sufficient for long-
term returns. While it can provide sustenance
for some time, ultimately it is the earnings
that matter.
When do you expect discretionary
consumption sectors to return to pre-Covid
levels?
Some of the discretionary sectors like auto We believe the rise in inflation will not last
have shown a smart recovery. Sectors like long as it has been driven largely by supply
hotels have improved, but have
some way to go. Multiplexes are yet
to open. It is a different story for
each of these sectors. It will take
some time for hotels and multi-
plexes to get back to pre-Covid
levels and a medical solution is a PRASUN GAJRI
prerequisite. For auto, it is difficult Chief investment debt markets. The fear of large
to ascertain whether the demand officer, HDFC Life
pickup is because of pent up
demand or if there is a structural pickup. We despite excess liquidity and Reserve Bank of
will get clarity after November, once the fes- India rate cuts.
tive season ends.
What will your investment strategy be over
the next 6-12 months, and how much
returns can one expect from equities over
next 12 months?
We believe that over the next 12 months
returns are likely to be muted, unless we see
a sharper recovery in earnings and GDP
than expected. As far as our strategy is con-
NEW AUDIT REPORTING GUIDELINES
n Disclosures to be made on
unrecorded transactions
n Stringent reporting of loans and
other borrowings
n Reporting on benami
transactions
n Statements on the
sustainability of
company
financials
mation provided by the company.
For instance, auditors have to give their
opinion on whether the company would
be able to meet its liability in the next one
year. Again, an auditor can’t judge or pre-
dict whether the company would be able
to meet its liabilities in a year’s time, espe-
cially amid extreme uncertainties due to
Covid-19.
Madhu Sudan Kankani, partner,
Deloitte India, said, “Some of the require-
ments of the new CARO could be complex
and may require detailed implementation
guidelines. These may also require audi-
tors to undertake new and additional
audit processes to be able to report on
those. For example, under the new rules,
an auditor is required to opine on, based
on all the information and knowledge
they have and in their view, whether there
are any material uncertainties on the com-
pany’s ability in meeting its balance-sheet
date liabilities, as and when they fall due
within a period of one year from the bal-
ance sheet date. This requires exercise of
significant judgement.”
“WE BELIEVE THAT OVER THE NEXT
12 MONTHS RETURNS ARE LIKELY TO
BE MUTED, UNLESS WE SEE A
SHARPER RECOVERY IN EARNINGS
AND GDP THAN EXPECTED”
cerned, we are focussing on individual
stocks instead of taking a big call on any
particular sector. We are maintaining a bal-
anced portfolio with a focus on stocks that
we are more certain will see earnings growth
and we find relative valuations reasonable.
The Centre and states are short of revenues
and inflation is rising. How do you see this
playing out on the markets?
side issues. As the economy opens
up we expect these concerns to
ebb, and with relatively muted
demand and excess capacity, we
expect inflation to come down.
However, the fiscal concerns are
real and have been impacting the
supply has meant that G-Sec
yields are not coming down
So, what’s your strategy and risk/return
expectation from debt markets?
We expect a range bound debt market with
the returns coming more from interest
accruals rather than from interest rate move-
ments. While inflation is expected to come
down and RBI has room to cut rates further,
the supply fear on account of fiscal concerns
is likely to keep the rates within a range.
n Analysis of each whistle-blower
complaint and its impact on
the company's financials
ILLUSTRATION: BINAY SINHA
Similarly, an auditor is required to con-
sider, while forming his opinion on the
financial statements, all the whistle-
blower complaints. The companies will
now need to institutionalise a process of
collating such data and sharing with audi-
tors. The auditor may need to evaluate
each one of them to understand the
impact these might have on the financial
statements, and some of them may
involve significant judgement and will
require auditors to carry out our
additional audit procedures, to ascertain
their impact on financial statements and
audit reports, added Kankani.
While experts say it is a great step for-
ward in the wake of recent frauds such as
Dewan Housing Finance Corporation and
Infrastructure Leasing & Financial
Services, certain aspects need to be con-
sidered. “Though there could be cases of
frivolous complaints, we should recognise
that insiders have the best knowledge of
frauds. This source needs to be encour-
aged,” said Prithvi Haldea, founder,
PRIME Database.
Banks sanction
loans worth
~1.77 trn to
4.4 mn MSMEs
PRESS TRUST OF INDIA
New Delhi, 24 September
The Finance Ministry on
Thursday said banks have
sanctioned loans of about
~1.77 trillion to 4.4 million
business units under the
~3-trillion Emergency
Credit Line Guarantee
Scheme for the MSME sec-
tor reeling under the slow-
down caused by the coro-
navirus pandemic.
However, disbursement
against the sanctioned
amount stood at ~1,25,425
crore to 2.57 million MSME
units till September 21. The
scheme is the biggest fiscal
component of the ~20-tril-
lion Aatmanirbhar Bharat
Abhiyan package anno-
unced by Finance Minister
Nirmala Sitharaman to miti-
gate the distress caused by
the lockdown due to Covid-
19 by providing credit
to different sectors, espe-
cially MSMEs.
Mazagon Dock plans ~2K-cr capex near JNPT
ADITI DIVEKAR
Mumbai, 24 September
Mazagon Dock Shipbuilders will
develop the 37-acre land it has adjacent
to the Nhava Sheva port into a dockyard
as the firm plans to diversify its order
book, which is currently dependent on
the Indian Navy.
According to a preliminary study, it
would take five-seven years to build the
facility at ~2,000 crore.
“We are in the process of hiring a
consultant who can carry out the exami-
nation that is needed and commensu-
rate with the funds required for this
project,” Narayan Prasad, chairman and
managing director of Mazagon Dock,
told Business Standard. “The entire
fund requirement, however, will not
come at one time and so we will be pre-
pared for this greenfield project.”
He was speaking on the sidelines of
the initial public offering (IPO) press
meet held virtually on Thursday. The
company’s IPO that opens on
September 29 has a minimum bid lot
of 103 equity shares and in multiples of
103 equity shares thereafter.
Mazagon Dock annually spends
NEW DELHI | FRIDAY, 25 SEPTEMBER 2020
Indian banks to be among last
to recover from Covid-19: S&P
Shadow banking sector, too, will take a long time to recover, says India Ratings
ABHIJIT LELE & ANUP ROY recover to pre-Covid-19 levels until
Mumbai, 24 September MORE PAIN AHEAD 2023, or beyond.
Recovery will vary across banking
n Banks in Mexico and South Africa,
The banking systems in emerging mar- jurisdictions. “We anticipate a lag
kets such as India, Mexico, and South
apart from India, will recover only between when an economic recovery
Africa will be back to the pre-Covid-19 after 2023: S&P takes hold and when the credit
levels only after 2023, a recovery that strength of banks stabilises,” S&P
n Emerging market banks to see a rise
will be slower than their peers’ in many in credit cost, but profitability can added.
other geographies, according to rating Even for the least affected — the
absorb some of that expense
agency Standard and Poor’s (S&P). likely early-exiter banking jurisdic-
Considered a “late-exiter”, the n S&P has taken 335 negative rating tions — stabilisation and recovery may
Indian banking sector had significant actions since the pandemic take 18 months or more after a
asset-quality issues even before the rebound.
pandemic, while asset quality was n NBFC sector to recover In a separate release, India Ratings
showing an improvement in many late, asset quality to (Ind-Ra) said non-bank financial com-
other jurisdictions, it said in a report remain stressed: panies (NBFCs) will take a long
titled “Global Banking: Recovery Will Ind-Ra time to return to normalcy and asset
Stretch To 2023 And Beyond” released quality concerns will continue to ham-
on Thursday. n Collection string the sector.
Emerging-market banks will likely efficiency has “Although the liquidity and funding
see a sharp increase in credit losses in improved, but far environment have improved for better-
2020, but there is potential for a grad- lower than pre- rated entities after July, there would
ual improvement in the following years covid levels for be asset quality issues impacting over-
if economic activity rebounds. NBFCs all profitability (for the sector) in FY21
Given the banks’ relatively strong and beyond,” said Ind-Ra in its half-
profitability, S&P sees some cushion to yearly outlook for the sector.
absorb the anticipated weak perform- “Thus, NBFCs have increased their
ance in the loan portfolio. focus on collections and have tight-
Recovery to pre-crisis levels could The Covid-19 pandemic and the oil ened underwriting standards; portfolio
occur for the Chinese banking system price shock of 2020 are taking a heavy growth would take a back seat,” it said,
by end-2022, while other emerging toll on global banks. The agency has adding the book under moratorium
markets may recover in 2023 or later. taken 335 negative rating actions has progressively declined for all seg-
The full effect of the asset quality dete- globally since the outbreak. “We antic- ments, and collection efficiency has
rioration on banks’ balance sheets is ipate it will be difficult for the financial improved from April to August, but
expected in 2021. strength ratings on financial collection levels are far lower than pre-
Recovery to long-term averages for institutions to return to pre-crisis Covid levels.
key asset quality and profitability levels,” it said. The rating agency maintained
ratios will take years for banks in The rating agency does not expect a negative outlook for the NBFC and
emerging markets such as India, it the world’s largest banking systems, the housing finance company
added. including more than half of G20’s, to (HFC) sector.
Pipavav port’s RoRo RBI tells UCBs
to adopt more
biz takes a hit with robust cyber
fall in auto demand security infra
ANUP ROY
ADITI DIVEKAR It mostly handles container cargo, Mumbai, 24 September
Mumbai, 24 September which forms nearly 70 per cent of its total
business. The Reserve Bank of India on Thursday
With auto demand taking a hit because The RoRo business is comparatively proposed cybersecurity rules based on
of the Covid-19 pandemic, APM smaller. the size and complexity of urban
Terminals-promoted Gujarat Pipavav “Due to the pandemic, our container cooperative banks (UCB) to bring the
port has seen automobile volumes at its business has also declined nearly 15 per largest of them on a par with other
Roll-on Roll-off (RoRo) facility fall cent year-to-date. However, we are banks that run a full gamut of protec-
almost by half in the past few months. expecting a steady recovery into 2021 tion against online threats.
“Currently, the drop in
volumes in our RoRo
business is about 50 per
cent. Since the yard is
and are already begin-
ning to see volumes go
up,” informed Sorensen.
Exports have picked
“The approach will ensure that the
UCBs with high IT penetration/ and
offering all payment services are
brought at par with other banks having
now vacant, we could look
to use the space for stor-
age of containers,” Jakob
up in the past few
months compared to
imports, which is
mature cybersecurity infrastructure
and practices," the central bank said in
its technology vision document for
Friis Sørensen, managing helping volume gain, he 2020-23.
director at APM added. The UCBs
Terminals Pipavav, told “There was skeletal with higher dig-
Business Standard. staffing because of ital depth will The UCBs with
In the June quarter, Covid-19, which has led now have to higher digital
RoRo volume stood at In the June quarter, RoRo to some delay, but the appoint a Chief depth will now
2,000 units, down 8 per- volume stood at 2,000 proposal is under scru- Information have to appoint
cent from the previous units, down 8% from the tiny and within a month Security Officer a CISO and set up
quarter, primarily previous quarter, primarily we will be informing the (CISO) and set various panels
because of lower demand because of lower demand port of our decision on up various com- such as IT
in the export market and in the export market and concession extension,” mittees such as Strategy
the impact of lockdown. the impact of lockdown senior official with IT Strategy Committee, IT
The Netherlands- Gujarat Maritime Board Committee, IT Steering
based APM is one of the said. Steering Committee
biggest container and port terminal The port might gain from the imple- Committee, etc.
operators in the world. Its Pipavav port mentation of the western dedicated There has to be a board-approved IT
has chalked out a capital expenditure of freight corridor (DFC), through which governance framework, and consider-
~700 crore, subject to approval of con- the company plans to shift more of its ing the implementation to be a costly
cession extension for at least another 20 cargo to rail from road to lower costs process, "the responsibility for imple-
years beyond 2028. and improve its carbon footprint. mentation, monitoring, compliance
The Gujarat Maritime Board is “Currently, 60 per cent of our cargo is and response would have to be assigned
expected to announce its decision on the via trains, the rest through road. We look from the Board level and percolate
extension by October end. The RoRo to rely more on trains going ahead, which down till the end-user," the RBI said.
yard facility can handle 250,000 vehicles will lower our transit time and in turn The central bank’s vision for the
annually, and is run in partnership with raise volumes,” explained Sorensen. The UCBS till 2023 is based on five pillars
NYK Auto Logistics (India), which offers container yard’s capacity would be — GUARD — Governance Oversight,
logistics support to auto manufacturers expanded once cargo growth is visible Utile Technology Investment,
looking to export their vehicles or for after commissioning of DFC, he said.
coastal movement. Analysts feel the implementation of
Appropriate Regulation
Supervision, Robust Collaboration
and
The port is a gateway to auto hubs in DFC would augur well for the port as it and Developing necessary IT, cyber
Gujarat and NCR-Delhi. will improve connectivity to Delhi. security skills set.
Govt eyes ~440 cr from
Mazagon Dock IPO
The government is looking to raise ~440
crore by divesting 15.2 per cent stake in
Mazagaon Dock through its initial
public offering (IPO). The Centre
currently holds 100 per cent stake in the
shipbuilding firm. The price band has
been set at ~135-145 per share. At the
top end, the firm will be valued at
~2,924 crore. The IPO opens on
September 29 and closes on October 1.
about ~100 crore as maintenance capex the ongoing pandemic, which has hit nance. Though the dockyard has only
at its facility in Mumbai. “We will look Mumbai the most (within India), has Indian Navy orders at present, the com-
to maintain or repair merchant ships at impacted our productivity as only 60 pany is engaged in talks with parts of
this facility and with the Nhava Sheva per cent staff is available due to Africa such as Nigeria and Ghana along
port — also known as the Jawaharlal restricted public transport availability,” with Portugal, Bangladesh and parts of
Nehru Port, or JNPT — being at close Prasad said. The company, however, West Asia to build non-warships with
proximity, we will try to take advantage aims to make up for the Covid-19 impact the aim to build its export vertical for
of the same,” Prasad added. Currently, in the following year and has already the revenue stream. The company is
the company has an order book of built its systems in place, said Prasad. currently debt free with cash reserves
~15,470 crore, which is entirely from the Meanwhile, within the domestic of close to ~5,500 crore.
Indian Navy and which is executable market, the company is also in talks The Indian Navy assigns its orders
over a span of six-seven years. with the coast guard to sign a mainly to Mazagon Dock Shipbuilders,
“So far we are on schedule to deliver Memorandum of Understanding (MoU) Goa Shipyard, Hindustan Shipyard and
one of the ordered submarines to the to identify if Mazagon Dock has vessel Garden Reach Shipbuilders &
Indian Navy by the end of the year. But orders mainly for repair and mainte- Engineers.
.
NEW DELHI | FRIDAY, 25 SEPTEMBER 2020
Leyland looks to rise with Phoenix
Launches on a platform developed entirely in-house is the commercial vehicle maker’s weapon of choice
to expand domestic market share and develop new global markets
T E NARASIMHAN
Chennai, 24 September
C
ommercial vehicles (CVs) are
one of the industries to be hit
hard by the economic slow-
down but Chennai-headquartered
Ashok Leyland Ltd (ALL) is banking on
a platform named after the mytholog-
ical bird that rises from the ashes, the
Phoenix, to expand its presence in
India and the world markets and pull
it out of losses.
This new light commercial vehicle
(LCV) platform literally represents a
second lease of life after the low-profile
Hinduja-owned CV maker ended its
underperforming eight-year joint ven-
ture with Japan’s Nissan Motors in
2016. With Phoenix, the platform that
ALL started developing entirely in-
house in 2017, the plan, according to
Dheeraj Hinduja, ALL’s chairman, is to
make the manufacturer among the
world’s top 10 commercial vehicle
companies. It is currently 24th.
LCVs — that is CVs under six
tonnes — now account for 39 per cent
of ALL's sales, up from seven per cent
10 years ago (medium and heavy CVs,
buses, defence vehicles and others
account for the rest). But it has been a
bumpy ride for the company, which
saw an acrimonious exit with its joint
venture partner and has also been
grappling with a drastic slowdown in
sales in the first quarter of 2020-21
owing to the lockdown.
ALL’s LCV journey dates back to
2008, when it formed three joint ven-
tures with Nissan for CV and power-
train manufacture and technology
transfer. The JV’s first product, Dost,
launched in 2011-12 was a two- to 3.5-
tonne offering at a time when LCVs in
the two-tonne category accounted for
Are intellectuals killing
convergence?
There is every reason to worry that a historic process of deglobalisation is
underway, threatening to scuttle the growth models of poor countries
that previously used trade as a path to prosperity. Worst of all, this
disturbing shift has been met by silence or even encouragement by
those who should know better
ARVIND SUBRAMANIAN
AND JOSH FELMAN
H
ow will COVID-19 affect devel-
oping countries’ growth
prospects? The answer will
depend largely on how globalisation —
and intellectual support for it —
evolves in the pandemic’s aftermath.
The prospects are not encouraging.
Even before the pandemic struck,
the global merchandise export-to-GDP
ratio had been declining for the first
time since World War II, falling by
about five percentage points since
2008 to about 20 per cent this year.
This is not the first time that the
world has de-globalised. Between
World War I and the eve of World War
II, world trade collapsed, and the
export-to-GDP ratio fell from a peak of
16% in 1913 to just over 6 per cent. In
John Maynard Keynes’s memorable
words, this contraction was the result
of “the projects and politics of mili-
tarism and imperialism, of racial and
cultural rivalries, of monopolies,
restrictions, and exclusion.”
Today’s deglobalisation was
brought on by other factors. For
starters, new protectionist barriers
have been erected, though not at a
1930s scale. The trade restrictions
imposed by US President Donald
Trump’s administration since 2017
have been relatively limited overall,
and targeted mainly at China. At the
global level, they have been partly off-
set by ongoing new free-trade agree-
ments, such as the Economic Partner-
ship Agreement that the European
Union and Japan concluded in 2018.
Another, more important factor
behind today’s deglobalisation is the
fraying of global value chains, which
itself is the result of China’s transfor-
mation from a small export-driven
economy into a much larger economy
more reliant on domestic demand. As
such, the past decade can partly be
seen as a period of normalisation after
years of Chinese exceptionalism. But
it was also clearly more than that. If
normalisation were the only factor,
the global export-to-GDP ratio would
have merely flattened, with the share
of exports ceded by China being taken
over by other developing countries.
Instead, we have witnessed a dramatic
decline in the ratio, implying severe
ON A BRAKE
The slowdown impacts AshokLeyland’s performance
PBT Net profit (~ crore)
1,330.09
1223.08
1,169.2
2,230.72
721.78
1,562.59
‘15-16 ‘16-17 ‘17-18 ‘18-19
Revenue (~ crore)
18,821.58 21,331.67 26,524.51 29,054.95 17,467.47
70 per cent of the market.
By the end of 2020, Dost alone
would gain an 18.2 per cent market
share in its category, according to ALL.
Two other products on the same plat-
form are Partner (6.6 tonnes) and Mitr
(a school bus), which were launched in
2014 and helped the company garner
an overall market share of nine per
cent in the LCV segment, according to
research firm SPA Global. ALL's three
consequences for many developing
countries.
Since the early 1990s until recently,
the world had been witnessing an eco-
nomic “convergence,” whereby poor
countries finally (after 200 years) were
beginning to catch up with rich ones.
Although some countries, especially in whereby developing countries are
East Asia, had already been converg-
ing for a long time, only in the past
three decades did this become a truly
global phenomenon.
Expanded opportunities for trade
were an important factor driving con-
vergence. The 1990s and 2000s were an economies. Still, the fact remains:
era of what Martin Kessler and one of
us have called hyper-globalisation,
when technological advances, the con-
tainer revolution, the fall in informa-
tion and communication costs, and the
dismantling of trade barriers sustained
widespread economic exuberance.
Among other things, hyper-globali-
sation drove the global export-to-GDP
ratio from 15% to 25% over the two
decades leading up to the 2008 global
financial crisis, and this export boom
fuelled rapid growth in developing
countries. Hence, as the following fig-
ure shows, hyper-glob-
alisation and conver- In a best-case
gence were interlinked scenario, a few
phenomena. developing countries
Since the two phe- might seize on new
nomena were connect- export opportunities
ed, the recent return of as major firms look to tution, which famously
deglobalisation has sub- diversify production
stantially moderated away from China
the convergence: low-
and middle-income countries that
were growing at about 3-4 per cent per
capita annually before the global
financial crisis have been averaging 1-2
per cent growth thereafter.
The question now is how the pan-
demic will influence the process of
deglobalisation that was already
underway. It is too early to be sure,
but two possibilities stand out. One
plausible scenario is a generalised
retreat in which deglobalisation
accelerates as countries and firms
reassess the benefits of trade against
the risks of import dependence.
Alternatively, the next phase of
deglobalisation could be more limit-
ed and driven by China’s economic
transition. In that case, a few develop- ing countries enjoyed the fruits of
ing countries would benefit in the
short run but fail to secure a sus-
tained advantage, because the
heightened risk of future trade and
strategic conflicts would usher in a
new climate of deeper uncertainty.
The intellectual response to
deglobalisation and the reversal of the
historic process of convergence has
been a near-deafening silence. Very
few academics or policymakers in
advanced economies have spoken up
in defense of an open global order on
behalf of poorer countries. Cosmo-
2,496.83
1,983.2
361.92
239.52
’19-20
brands are positioned against 42 prod-
ucts from the Mahindra & Mahindra,
Tata, Isuzu, and Eicher, among oth-
ers. But subsequent products — the
Ashok Leyland Stile (a multipurpose
vehicle launched in 2013) and Nissan
Evalia (2012) did not do so well.
After a few rancorous years when
Nissan served ALL a notice to termi-
nate one of the JVs and ALL hit back
with a legal notice, the two parted rel-
politan elites who previously had been
loud and enthusiastic champions of
globalisation have sat on their hands.
Indeed, the pendulum may be
swinging in the opposite direction,
toward a resurgence of older devel-
opment ideas such as the “Big Push,”
advised to replace successful export-
led growth models with inward-ori-
ented strategies. There are reasons
for this, of course, including valid
concerns about globalisation’s effects
on inequality in advanced
the interests of developing countries
have been abandoned.
In fact, intellectuals in the develop-
ing world have also been silent, offer-
ing no real defense for the preserva-
tion of open trade. In key developing
countries — notably China and India
— the intellectual and policy land-
scape is tilting sharply toward self-
reliance and inwardness.
To some degree, policymakers are
making a virtue of necessity, given
developing countries’ relative lack of
influence on globalisation. But it is
also true that the intellec-
tual currents in the West
are drifting east, convinc-
ing policymakers to sum-
mon the ghost of past
ideas like import substi-
failed in the 1960s
and 1970s.
In the post-pandemic
climate, we should expect a continued
acceleration of deglobalisation and,
unfortunately, intellectual accommo-
dation of this trend. In a best-case sce-
nario, a few developing countries
might seize on new export opportuni-
ties as major firms look to diversify
production away from China. But for
most low- and middle-income
economies, the price will be steep in
terms of lost trading opportunities.
The growth ladder used by Singapore,
Taiwan, Hong Kong, South Korea,
China, and Vietnam will be kicked
away from still-lagging countries in
South and Central Asia, Latin
America, and Sub-Saharan Africa.
For two golden decades, develop-
hyper-globalisation and convergence.
But deglobalisation, meeting little
intellectual resistance, is gaining
ground, auguring a long-term loss of
economic dynamism for the world’s
poorer regions.
Subramanian, a former chief economic
adviser to the government of India, is
Professor of Economics at Ashoka University.
He is the author of Eclipse: Living in the
Shadow of China’s Economic Dominance,
and Felman is Director of JH Consulting.
©2020 Project Syndicate
TAKE TWO 7 <
Jack Ma dethroned as
China’s richest man
RICHARD MACAULEY
24 September
atively amicably in 2016. ALL acquired have been growing month-on-month A bottled-water and vaccine
Nissan's shares in all three JVs and — 1,154 units in May, 1,639 units in tycoon has become China’s
decided to go it alone in LCVs (though June, 3,070 units in July and 3,736 wealthiest person in a day also
it continued to make Dost and Partner units in August. September sales will marked by massive losses
under a licensing agreement with its be even better,” he said. among the world’s tech elite.
former partner). According to a note from Edelweiss Zhong Shanshan’s net
Despite a strong domestic market Securities Ltd, the Phoenix platform worth reached $58.7 billion on
presence, ALL has been unable to will bolster ALL’s ambition to widen Wednesday, $2 billion more
expand its international footprint the addressable LCV market and help than Jack Ma’s, according to
because its LCV portfolio had right- the company de-risk business from the Bloomberg Billionaires
hand drive vehicles, whereas 80 per the sharp cyclicality of medium and Index. Zhong is now Asia’s sec-
cent of overseas markets required left- heavy CVs. SPA Global estimates that ond-richest person, behind
hand drives. So three years ago, ALL the Phoenix platform is likely to help India’s Mukesh Ambani, and is Zhong Shanshan’s (above) net
decided to develop a new platform the company increase its market share the 17th wealthiest in the world. worth reached $58.7 billion
completely in-house. from 9 per cent in FY20 to 14-15 per Nicknamed “Lone Wolf” on Wednesday, $2 billion
This was the Phoenix project, led by cent in FY22. for his eschewing of politics more than Jack Ma’s
chief operating officer Nitin Seth. His Meanwhile, with defence produc- and clubby business groups,
team took 24 months and spent about tion being opened to the private sector Zhong’s fortune has jumped tech companies.
~350 crore to develop the platform. Ten in a bigger way, this business, which $51.9 billion in 2020, more than While Zhong has surpassed
days ago, ALL launched two products accounts for about 10 per cent of ALL's anyone else in the world except Ma as China’s wealthiest, the
under the BADA Dost rubric (2.99-3.5 top line, is likely to be the other thrust Amazon.com Inc.’s Jeff Bezos tech tycoon might soon regain
~ crore tonnes). The management also area. ALL’s defence business expand- and Tesla Inc.’s Elon Musk. the top spot, which he’s held
Apr-Jun Apr-Jun announced that a new product would ed its portfolio by foraying into tracked Both suffered heavy declines for most of the past six years
2019 2020 be launched every three months for vehicles and has been supplying aggre- on Wednesday as tech stocks after Alibaba went public in the
the next two and a half years. gates and components for the T-72 and stumbled and Tesla plunged US Ant Group’s IPO next
REVENUE
“The platform will help ALL T-90 battle tanks since last year. In after its “Battery Day” event month is poised to boost his
5,683.86 650.87 expand in the global market, consid- 2019-20, ALL supplied 359 completely fell short of expectations. fortune, with his stake estimat-
PBT ering that new vehicles will now be built up units for various defence logis- Musk’s fortune dropped by ed at $28 billion if the company
360.73 -549.8 available in both right-hand-drive and tics applications. Now it is working on almost $10 billion. achieves the $250 billion valu-
left-hand-drive options,” said Vipin enhancing exports volumes for its The initial public offering of ation people familiar with the
PAT Sondhi, ALL managing director and products. Sondhi also pointed out that bottled-water company matter have said it’s targeting.
230.21 -388.8 CEO. He added that electric variants now that the defence ministry has Nongfu Spring Co — which Wednesday was brutal for
Source: BSE were also in the offing. Countries in embargoed the import of 101 defence turned out to be Hong Kong’s US tech stocks, which tumbled
the Gulf, Commonwealth of items, there will be a number of indi- most popular among retail the most since earlier this
Indendepdent States, Africa and genised developments that will bol- investors — propelled Zhong month. The plunge in Musk’s
SAARC are ALL's new target markets. ster the defence logistics industry. to China’s top three richest ear- wealth was the biggest among
Seth said the company is targeting “We have many of the platforms in lier this month. That came after the people on the Bloomberg
a four-fold increase in ALL’s annual service with the defence ministry. We the April listing of vaccine mak- ranking of the world’s 500 rich-
LCV volumes over the next four years can capitalise on existing platforms as er Beijing Wantai Biological est, followed by Bezos, whose
— from about 50,000 units now to well as on our new developments for Pharmacy Enterprise Co. net worth dropped by
200,000 units. He pointed out that the bullet-proof vehicles and light strategic pushed his net worth to $20 bil- $7.1 billion. Musk is now worth
LCV market as a whole grew 6 per cent vehicles. In addition, we have ventured lion by early August. $93.2 billion and Bezos $178 bil-
(year-on-year) in August 2020, which into many tracked vehicle parts devel- Zhong now leads a wealth lion. Zhong added almost
indicates an uptick in demand. “This opment programmes,” Hinduja said. ranking in China that is typi- $4 billion Wednesday, more
means we are building up to good fes- The defence vertical is a high-growth cally dominated by people than anyone else in the index.
tival sales in October. ALL's LCV sales area for us,” he added. who made their fortunes from BLOOMBERG
Mutual Funds
Aditya Birla Sun Life Mutual Fund
Aditya Birla Sun Life AMC Limited (Investment Manager for Aditya Birla Sun Life Mutual Fund) Registered Office: One India Bulls Centre, Tower 1, 17th Floor, Jupiter Mill Compound, 841, S.B.
Marg, Elphinstone Road, Mumbai - 400 013. Tel.: 4356 8000. Fax: 4356 8110/8111. CIN: U65991MH1994PLC080811
Record Date for Dividend
NOTICE IS HEREBY GIVEN THAT the Trustees of Aditya Birla Sun Life Mutual Fund have approved
Wednesday, September 30, 2020*, as the Record Date for declaration of dividend subject to
availability of distributable surplus on the Record Date, in the following schemes:
Dividend Rate (` per NAV as on
Name of the Schemes Plans/Options unit # on face value September 23,
of `10/- per unit) 2020 (`)
Aditya Birla Sun Life Regular Plan - Quarterly
Dividend Option 0.1526 10.3589
Dynamic Bond Fund
(An open-ended dynamic debt Direct Plan - Quarterly
scheme investing across duration) Dividend Option 0.1524 10.3563
Aditya Birla Sun Life Regular Plan - Dividend
Dividend Yield Fund Option 0.20 12.96
(An open ended equity scheme
predominantly investing in Direct Plan - Dividend
Option 0.35 23.03
dividend yielding stocks)
Aditya Birla Sun Life Regular Plan - Dividend
Option 0.16 11.56
Equity Savings Fund
(An Open ended scheme investing Direct Plan - Dividend
in equity, arbitrage and debt) Option 0.18 13.06
Aditya Birla Sun Life Regular Plan - Dividend
Pharma & Healthcare Fund Option 1.28 14.93
(An Open Ended equity scheme
Direct Plan - Dividend
investing in Pharma and 1.31 15.29
Healthcare Services Sector) Option
Aditya Birla Sun Life
Equity Hybrid '95 Fund
Regular Plan - Dividend
(An open ended hybrid scheme 1.73 114.17
Option
investing predominantly in equity
and equity related instruments)
The NAV of the schemes, pursuant to payout of dividend would fall to the extent of payout
and statuto levy (if applicable).
# As reduced by the amount of applicable statuto levy. *or the immediately following Business Day if
that day is a non-business day.
All unitholders whose names appear in the Register of Unitholders / Beneficial owners under the
dividend options of the said schemes as at the close of business hours on the Record Date shall be
eligible to receive the dividend so declared.
For Aditya Birla Sun Life AMC Limited
(Investment Manager for Aditya Birla Sun Life Mutual Fund)
Date: September 24, 2020
Sd/-
Authorised Signato Place: Mumbai
Mutual Fund investments are subject to market risks, read all scheme
related documents carefully.
8 WORLD
>
NEW DELHI | FRIDAY, 25 SEPTEMBER 2020

ECB plots Amazon-style market to prevent Wall Street Covid debt swoop
JOHN O'DONNELL & MATT SCUFFHAM
Frankfurt/New York, 24 September
Europe is working on an Amazon-
style website to sell hundreds of bil-
lions of euros of bank loans which
have been soured by the coronavirus
crisis, in a bid to shore up the econ-
omy and challenge the dominance
of big Wall Street debt investors.
The blueprint, devised by top
European Central Bank (ECB) offi-
cials, is part of efforts by the 19-state
euro zone to tackle a growing pile of
unpaid loans and aims to prevent
“distressed debt” funds from buying
them at rock bottom prices.
“The idea is to open up the mar-
ket to buyers of smaller portfolios,
with an Amazon or eBay-style mar-
ketplace, where you can browse ...
That can get the market moving,"
Edward O'Brien, a senior ECB offi-
cial involved in the plan, told
Reuters.
Large funds bought billions of
euros of loans in the aftermath of
the last financial crisis, in the pro-
cess acquiring swathes of property
some of which has since risen in
value.
“The market for bad loans has
been dominated by a few very large
buyers. In a typical scenario, one of
these firms may buy a very large
portfolio at steep discounts,” O'Brien
said.
A study by Deloitte found that of
the more than ^450 billion ($529 bil-
lion) of loans sold in Europe between
2014 and 2019, roughly half were
bought by Cerberus, Blackstone,
Lone Star and Goldman Sachs.
Blackstone and Cerberus did not
respond to a request for comment.
Goldman Sachs and Lone Star both
declined to comment.
Banks offload bad debts, nor-
mally at a fraction of their face value,
to free up their balance sheets to
tract has to be put out to tender in to investors, with individual pack-
an open competition and bad loans ages sometimes topping 10 billion
CLEANING UP BAD DEBT can be sold off behind closed doors?” euros, but the ECB is concerned that
BAD LOANS TO REVIVE OPENING UP EU STATES' Bostjan Jazbec, an SRB director, this is skewed in favour of big buyers.
ECONOMY THE MARKET APPROVAL said. “Success in buying and selling “There are only about half a dozen
Website bad loans involves a lot of insider buyers who can write a cheque for
to sell ECB's website The idea is to open up If EU states agree, information. Covid means more bad hundreds of millions of euros," said
hundreds will look to the market to buyers of the new
loans ahead. Any sale must be trans- Gifford West of DebtX, which runs a
of billions prevent smaller portfolios, marketplace could
of euros of ‘distressed with an Amazon or come under a parent,” Jazbec added. Debt in the similar platform in the US, adding
bank loans debt' funds eBay-style Single Resolution euro zone considered unlikely to that packaging the loans into smaller
which have from buying marketplace, where Board, a EU agency ever be fully repaid stands at more bundles could widen the pool of
been soured them at rock- one can browse, a that winds up than half a trillion euros, including buyers up to 1,000.
by the virus bottom prices senior ECB official said failing banks credit cards, car loans and mort- Under the new platform contem-
gages, and is set to rise. John Fell, a plated by the ECB, which could be
second senior ECB official involved, up and running early next year, the
said these bad loans presented a packet size could be cut to 10 million
wider challenge. euros, attracting smaller buyers who
“The problem is bad loans is too may pay more. As well as an eco-
often understood to be one that is nomic angle to the ECB's blueprint,
limited to banks. But it is far wider, there is also a strong political
make new loans and keep both their Friday, is inspired by Italian website ketplace could come under the it affects the whole economy,” Fell dimension to challenging such big
own business and economies going. BlinkS, which links buyers and Single Resolution Board (SRB), a said. investors. Supporters say they
The ECB scheme, which has yet sellers of loans, as well as debt auc- European Union agency in Brussels played a critical role, for example,
to be signed off and will be discussed tions by a U.S. federal agency. that winds up failing banks. Balancing act in buoying the flagging Irish prop-
with European Union officials on If EU states agree, the new mar- “Why is it that every public con- It is usual for banks to sell old loans erty market, after its crash. REUTERS

IN BRIEF Pak central bank in

Mail-in voting a disaster, won’t
New mutations of the virus wait-and-see mode
make it more deadly: Study leave office peacefully: Trump to spur growth: Guv
President claims without evidence that such voting is more susceptible to fraud AGENCIES ‘steady as she goes.’ We want
JOSH WINGROVE & JORDAN FABIAN Singapore, 24 September to give industry and investors
New York, 24 September
‘White House the confidence that with
Pakistan’s central bank is in aggregate demand very tepid,

U
S President Donald
Trump on Wednesday
wouldn’t commit to a
peaceful transfer of power if
a tally of ballots shows
Democrat Joe Biden wins the
November election.
“We’re going to have to see
what happens,” Trump said in
response to a reporter’s ques-
tion at a White House news
Scientists in Houston have found new mutations of the conference. “You know that
novel coronavirus, according to a new study. The study of I’ve been complaining very
more than 5,000 genetic sequences of the coronavirus strongly about the ballots, and
also revealed that one of the mutations could make it the ballots are a gency use of a coronavirus
more contagious. However, the study posted Wednesday disaster.”
on the preprint server MedRxiv reported that the new Trump has been criticis-
mutations do not seem to make the virus deadlier or ing the legitimacy of mail-in
impact the clinical outcomes of the disease. “We have voting, which is being
given this virus a lot of chances,” James Musser, one of the offered in a number of states
authors of the study, was quoted as saying by The as officials seek to limit the
Washington Post. “There is a huge population size out spread of the coronavirus at
there right now.” AGENCIES packed polling places.
The president has
repeatedly claimed without
evidence that mail-in voting is
WeWork China gets $200 mn more susceptible to fraud than
in-person voting on Election
funding, appoints acting CEO Day. Lawyers representing
Trump’s campaign are chal-
Office-sharing start-up WeWork's China unit has lenging mail-in voting rules in
received an additional $200 million in funding from
existing investors and has appointed shareholder
Trustbridge Partners' executive Michael Jiang as its
acting chief executive officer. Private equity firm
Trustbridge and Singapore state investor Temasek
Holdings had held talks with the Chinese unit of the
PUBG developer to Sunak’s winter economy plan: Job
go public next year scheme, extended loans for firms
troubled co-working startup over increasing their stake
in the company to take majority ownership. REUTERS
can veto FDA’s “wait-and-see” mode to give a yawning output gap
businesses the confidence because of the sharp fall in
they need to start external and
vaccine rules’ investing again
and keep people
domestic
demand from
RILEY GRIFFIN & JORDAN FABIAN employed, ON THE ONE HAND, Covid, we don’t
New York, 24 September Governor Reza WE HAVE GOOD see any
Baqir said on demand-driven
US President Donald Wednesday. INDICATORS OF pressures on
Trump on Wednesday said After reducing MOMENTUM ON inflation in the
that the White House could by 625 basis RECOVERY, ON THE near horizon,”
veto final Food and Drug points since Baqir told CNBC.
Administration (FDA) rules March, the State
OTHER HAND ... With real
for authorizing the emer- Bank of Pakistan WE DO LIVE IN A interest rates
this week kept its VERY UNCERTAIN, slightly negative
vaccine. “That has to be policy rate VOLATILE WORLD" at the moment,
TWO COPS SHOT AT DURING PROTESTS OVER BREONNA approved by the White unchanged at 7 he said it was
TAYLOR VERDICT: A man is forced into a police van after being House...We may or may not per cent. In its “appropriate to
detained during demonstrations. Protests took place across the approve it,” he said. policy statement, REZA give (businesses)
US following a grand jury’s decision to not bring direct charges The FDA may issue final the central bank
BAQIR the confidence
against policemen in the fatal shooting of Breonna Taylor, a rules in coming days for said that business Governor, to get back to the
black medical worker, in her home in Louisville. The Louisville issuing an emergency-use confidence and State business of
Metro Police Department confirmed that two officers were shot authorisation for a corona- the growth out- Bank of thinking about
shortly before a 9 pm curfew took effect PHOTO: REUTERS virus vaccine. Companies look have Pakistan investment and
including Pfizer, Moderna improved as lock- to continue
several states. continuation. The ballots are and AstraZeneca have vac- downs eased due mending jobs.
“Get rid of the ballots and out of control, you know it. You cine candidates in late- to a decline in the That’s a key pri-
you’ll have a transfer -- a very know who knows that better stage trials. Some of the number of Covid cases in ority right now, given the fact
peaceful, there won’t be a
transfer, frankly,” Trump said
than anybody else? The
Democrats know that better
studies could produce data
on their efficacy as soon as
Pakistan. that we don’t see inflationary
“Our policy stance right risks from demand on the
on Wednesday. “There’ll be a than anybody else.” BLOOMBERG October. BLOOMBERG now, to catch an idiom, is horizon.”

ByteDance files for China AGENCIES

Seoul, 24 September
The company is best known
for online multiplayer battle
ALEX MORALES & DAVID GOODMAN
London, 24 September HOW WILL THE JOBS
picture of the impact of
Covid-19, saying the disease
SUPPORT SCHEME WORK
nod to export TikTok tech royale game PUBG that
Krafton, the South Korean delivered $100 million reve- Chancellor of the Exchequer
The govt will subsidise the pay of
and restrictions are likely to
last for at least the next six
ByteDance, the Chinese parent of video app TikTok, label behind globally-popular nue in just 13 weeks of its Rishi Sunak set out his plan months. While the
submitted an application in Beijing for permission to export survival shooting game global release in 2017. The to rescue millions of jobs and employees who are working Treasury’s primary goal
technology, as it tries to work out an agreement with “PlayerUnknown’s mega-hit game was devel- businesses from a winter cri- fewer than normal hours due to remains to protect jobs, he
the Trump administration that will avoid a US ban on the Battlegrounds,” (PUBG) has oped by PUBG Corp., sis as the coronavirus pan-
lower demand said, the methods of doing
service. The company said it filed the request with the embarked on the formerly Ginno demic again threatens to It will apply to staff who can work so “must evolve.” “Our econ-
city’s commerce bureau after China tightened restrictions process of IPO Games, which derail the UK economy. at least a third of their usual hours omy is now likely to undergo
on the export of certain technologies, including those used that could bring a Krafton could Krafton took over In an emergency state- a more permanent adjust-
Employers will pay staff for
in TikTok. A spokesman for the commerce ministry mega game stock be the biggest in 2015. Krafton ment to Parliament, Britain’s the hours they do work ment,” Sunak told the House
acknowledged the filing Thursday, saying it’ll be assessed with value of over in Korean IPO could be the big- finance minister announced of Commons. “I cannot save
“in accordance with the relevant rules and 30 trillion won pipeline next gest in Korean that a six-month “Job Support For the hours employees can't every business, I cannot
procedures.” BLOOMBERG ($25.7 billion) to year, with IPO pipeline next Scheme” to subsidise the work, the government and the save every job. No chancel-
the main Korean analysts year, with ana- wages of people in part-time employer will each cover one lor could.”
bourse. projecting its lysts projecting its work. He also extended loans third of the lost pay Sunak scrapped his plan
Krafton has value to go value to go up at for companies hit by Covid for a full-scale Budget in a
Indian students appeal to UK invited securities up at least
companies at $25.7 billion
least 30 trillion
won when it goes
restrictions, with extra flex-
ibility for repayments. He
The grant will be capped at
£697.92 per month sign of the disruption and
uncertainty the resurgent
PM in English test visa row
Several Indian students are among over 200 overseas student
home and abroad
to submit their
public.
The IPO has
also extended reduction of
value added tax to 5 per cent
the current more generous
program ends. The measures
will stop rising anymore,”
Philip Shaw, chief econ-
virus threatens to bring to
the country. Prime Minister
signatories of a letter delivered to UK Prime Minister Boris IPO outline proposal by been much anticipated for for the hospitality and tour- also continued to exclude a omist at Investec Bank, said Boris Johnson imposed
Johnson at Downing Street in London on Thursday, seeking October 12, according to a while as the company ism industries. swathe of the self-employed by phone. “The measures fresh curbs on the public
justice in the wake of being accused of cheating in a investment bank industry needs not only to raise Economists — and the who fell through the cracks of are a sensible middle earlier this week and warned
compulsory English language test six years ago. The scandal, sources on Thursday. The funds for new game devel- chancellor himself — warned support programs rolled out ground for the government further measures may be
believed to have impacted around 34,000 international game developer hopes to opment but also to provide Thursday’s package, while at the start of the pandemic. to prevent the economy fall- needed in what is likely to
students, relates to the Test of English for International join the Kospi next year. It its investors chance to cash saving some jobs, won’t stop “You can’t wave a magic ing off a cliff.” be six difficult months
Communication (TOEIC), a compulsory requirement in some took off as Bluehole in 2007. on the company. a wave of redundancies when wand and unemployment Sunak painted a bleak ahead. BLOOMBERG
student visa cases. PTI

N Korea killed our official,

burned body, says Seoul
Unilever, P&G push suppliers to rescue over 300,000 seafarers
A South Korean government employee who went missing K OANH HA about by the Covid-19 pandemic as conduct seafarer changes in a bid to
near a heavily patrolled nautical border was fatally shot by New York, 24 September cautious governments restrict access to prevent the spread of the novel
North Korean military personnel, marring the latest bid for borders and air travel remains curbed. coronavirus that’s killed almost 1
peace from President Moon Jae-in. In what appears to be Unilever and Procter & Gamble (P&G) An earlier Bloomberg investigation million across the globe. “This has led to
the first killing of a South Korean civilian by its neighbor’s are among consumer companies found numerous violations of a major disruption of global supply
military in about a decade, North Korean personnel shot urging world leaders to resolve the international maritime law designed to chains,” the CEOs said in the letter.
the 47-year-old man who worked for South Korea’s plight of more than 300,000 seafarers protect seafarers, including wage and To ensure the supply of critical
fisheries ministry and burned his body, the South Korean stuck on commercial vessels, where labor problems highlighted by goods and protect seafarers’ human
Defense Ministry said Thursday. BLOOMBERG forced labor and deteriorating interviews with more than 40 crew rights, the CEOs are calling for
working conditions threaten to members globally. measures that include: Introducing a
disrupt the global supply chain. “We are coming to a tipping point if robust test and trace regime to ensure
Chief executives of household we don’t resolve the issue of crew the safety of seafarers and crew
Ex-VW boss Winterkorn faces consumer brands, from retailer
Carrefour SA to food manufacturer
changes,” Marc Engel, chief supply
chain officer at Unilever, which
changes Limiting any unavoidable
crew contract extensions to the next
trial on second set of charges Mondelez International and beverage
maker Heineken NV, have signed an
spearheaded the letter, said in an
interview. “There’s a huge risk that the
scheduled port where crew change is
possible and/or diverting course to a
A German court has ruled that former Volkswagen CEO open letter calling for measures to allow global supply chain will start failing. It’s port where crew changes can be
Martin Winterkorn must face trial on a second set of charges more crew changes at ports, ensure the an inadvertent situation of forced labor arranged within the International
in the company's diesel emissions scandal, these ones safety of overworked seafarers and because these seafarers are stuck on Labour Organization’s guidelines
related to alleged market manipulation. Thursday's make sure supply chains don’t use these ships. It’s a human rights issue.” Signatories communicating the
announcement by the Braunschweig state court followed a forced labour. Guterres addressed the crisis request for the measures to their
decision earlier this month that he must stand trial on The letter, which was sent Thursday, asking governments to shippers, logistics providers and
fraud charges. No date has been set for either set of Global household consumer brands, from Carrefour to food Wednesday to United Nations designate seafarers as “key workers” to suppliers, and the Consumer Goods
proceedings. Winterkorn resigned from Volkswagen days manufacturer Mondelez International have signed an open Secretary-General Antonio Guterres is ease their travels at borders and ports. Forum will encourage all stakeholders
after the US Environmental Protection Agency announced a letter to the UN Secretary-General calling for measures the latest call to address a growing Over 120 countries or territories have to abide by labour principle.
notice of violation on September 18, 2015. AP to allow more crew changes at ports PHOTO: REUTERS humanitarian crisis at sea brought stopped or limited access for ships to BLOOMBERG
 The Smart
QUICK TAKE: APOLLO HOSPITALS COULD SEE A RERATING “The market was interpreting a
bounce from the bottom as a

Investor
Apollo Hospitals Price in ~ The Apollo Hospitals stock has risen 7 per cent cyclical recovery, but I don’t think
on expectations that its pharmacy, clinics, we’re there yet. I still think there’s
a lot of blood on the street,
and digital initiatives could drive a rerating especially on Main Street”
NEW DELHI | in the stock. Partial release of promoter
FRIDAY, 25 SEPTEMBER 2020 STEPHEN INNES,
pledge, lower debt, and margin expansion in Chief global markets
the hospital business are other positives strategist, AXI
WWW.SMARTINVESTOR.IN FOR INFORMED DECISION MAKING <

Earnings decline slows Nifty run IPO street: Busiest

month in 9 yrs with
Index has rallied close to NIFTY AHEAD OF
50% from its March lows
even as underlying EPS
ITS EARNINGS
eight deals in bag
has fallen about 20% SUNDAR SETHURAMAN & SAMIE MODAK
Thiruvananthapuram/Mumbai, 24 September SEPTEMBER RAIN
KRISHNA KANT IPOs launched this month
Mumbai, 24 September This September is proving to be one of Issue size (~ cr)
the busiest months for initial public Likhitha Infra 61

T
he equity markets have hit a hard
ceiling after bouncing nearly 50 per
cent from the March 20 lows.
And the reason could be a steady decline
in corporate earnings after they hit a high
in the December quarter following the cut
in corporate income tax.
From its lows in March this year to its
high early this month, the benchmark
Nifty50 index rallied nearly 52 per cent.
That, however, coincided with a steady
decline in the index’s underlying earnings
per share (EPS) as corporate revenue con-
tracted during the March and June quarters.
The index EPS, on a trailing 12-month
basis, was down nearly 22 per cent in the
past nine months from around ~450 in the
last week of January to around ~350 now.
Analysts say this made it tough for the
bulls to justify the ever expanding price to
earnings (P/E) multiple for the index com-
panies. The Nifty50 trailing P/E multiple
nearly doubled from 17.2x at its lowest point
in March to a record high of 33.3x on
September 16.
Historically the movement in the Nifty
has closely followed the trajectory of its
underlying EPS.
“The market has run up too fast and too
soon, which has created a fatigue among
investors in the absence of earnings
growth. At its recent peak, the indices were
more expensive than even at the height of
the dotcom boom in 2000 or the pre-
Lehman (collapse) rally in 2007,” said
Dhananjay Sinha, head, research,
Systematix Institutional Equity.
In the past 10 years, the Nifty50 trailing
P/E multiple has been, on average, 22x.
Analysts say that the correction will
restore some balance between stock prices
and the underlying economic and corpo-
rate fundamentals.
“The rally was always on a slippery
wicket as it assumed a V-shaped recovery
in corporate earnings in the second half
of the current financial year. The events
in past few weeks, including the growing
count of Covid-19 cases, has forced inves-
ILLUSTRATION: BINAY SINHA
tors to temper their expectations, leading
to profit booking at higher levels,” said G
Chokkalingam, founder and managing
director, Equinomics Research &
Advisory Services.
Optimism was clearly visible in market
capitalisation. The combined market cap-
italisation of all listed companies reached
nearly ~1.62 trillion, nearly ~3 trillion higher
than that on the day the central government
announced economic lockdown on March
22. Market capitalisation has declined to
around ~1.49 trillion.
“The markets believed that corporate
earnings will be higher in the post-Covid-
19 environment than prior to it. This is tough
to justify in the current environment,” said
Chokkalingam.
Analysts expect an expansion in corpo-
rate earnings and those of Nifty50 com-
panies in the next three quarters on a
Source: National Stock Exchange; BS calculations
sequential basis but it may not be enough
to fill the hole created by the pandemic. For
example, Sinha expects a 15 per cent sequen-
tial rise in the Nifty50 EPS by the end of the
March 21 earnings season from the current
levels. “We expect the Nifty EPS to expand
to ~396 by the end of the March quarter from
around ~350 now and around ~440 before
the beginning of the pandemic,” said Sinha.
This will translate into an index one-year
forward P/E multiple of 27x, which will still
be nearly 22 per cent higher than the index
average valuation in the past 10 years.
Anyway on a long-term basis, stock
prices have been running ahead of corporate
earnings, leading to a steady expansion in
the P/E multiple.
At its current level, the index EPS is
similar to the level last seen in December
2013 but the index is up nearly 80 per cent
during the period.
offerings (IPOs) in close to a decade, Chemcon Speciality 318
with nearly eight deals being launched.
Previously, September 2011 was Mazagon Dock 440
when more than eight IPOs were Angel Broking 600
launched in a month.
Route Mobile 600
UTI Asset Management Company
and state-owned shipbuilder Mazagon Happiest Minds 700
Dock will launch their offerings just UTI MF 2,160
before the month ends.
The stellar listings for the last three CAMS 2,244
IPOs have buoyed the prospects for the
primary markets, according to experts. BIG IPO MONTHS
Also, the two issues that closed this n Amt raised (~ cr) n No. of issues
week — of CAMS and Chemcon
Speciality — witnessed huge subscrip-
16,246 16,668
tions despite volatility in the second- 15,032
ary market.
Besides favourable market con-
7,123
ditions, another factor that has resulted
in bunching up IPOs is a rule on dis-
closing financial results.
“The disclosure of financials in 623
offer documents cannot be older than 9 8 8 6 7
six months, and hence it is usual for
Sep ‘11 Sep ‘20 Mar ‘18 Oct ‘17 Sep ‘17
parties to rush for filings at this time
Source: PRIME Database, NSE, BSE
(quarter-end). That said, the impact
of the pandemic and related lock-
down is more prominent in the period So will the busy IPO season con-
from April to June. To avoid a neg- tinue? It looks unlikely, despite the sen-
ative impact on price discovery, com- timent turning favourable. The reason
panies would like to avoid disclosure is that there aren’t enough issues in the

Half the BSE500 universe lagging benchmark
DEEPAK KORGAONKAR &
PUNEET WADHWA
Mumbai/New Delhi, 24 September
Half the stocks that comprise the
BSE500 index have underper-
formed the market in the past six
months, since the announcement
of the lockdown on March 24.
The announcement triggered a
sharp fall in the market, which hit
a four-year low. Six months on, the
Sensex and Nifty have rebounded
42 per cent and 44 per cent,
respectively, from their 46-month
low touched on March 24 in intra-
day trade. The BSE500 index,
which accounts for 94 per cent
market capitalisation of BSE-listed
firms, has gained 46 per cent from
its March 24 lows. However, half
or 250 of the index’s stocks have
underperformed in this period.
“Indian equity markets have
witnessed a remarkable rally from
their March lows, against all expec-
tations on the back of a global rally.
The year has been a tale of two
halves, with the first half in
February and March witnessing a
sharp unprecedented fall, and the
second half since then witnessing
sharp recovery,” says Sachin Jain,
analyst at ICICI Securities.
That said, the impact of Covid
has been extremely positive for
companies in the digital marketing
and communication sector, phar-
maceuticals, chemicals, and agri-
related industries. BSE Healthcare,
the top gainer among sectoral
indices, has surged 68 per cent
over the period, followed by the IT
index (up 59 per cent), and auto-
mobiles (57 per cent).
Of the 250 stocks that outper-
formed the BSE500 index, the
share price of 73 companies more-
than-doubled. And, 154 stocks
have gained between 50 per cent
LEAGUE TABLES: SETTING A TREND
GAINERS (As of Sep 24)
Alok Industries
Adani Green Energy
Laurus Labs
Suven Pharmaceuticals
Tata Communications
LOSERS
Omaxe
Chalet Hotels
Bank of Baroda
Punjab National Bank
Aditya Birla Fashion
Source: Exchange
and 99 per cent. Among the lot,
Laurus Labs, Aurobindo Pharma,
Hexaware, Coforge, Persistent
Systems, Deepak Nitrite, Alkyl
for the additional quarter ended June
2020,” said Moin Ladha, partner,
Khaitan & Co.
pipeline. Currently, only two com-
panies — Gland Pharma and Kalyan
Jewellers — are awaiting Sebi’s nod to
and Punjab National Bank, for Some companies that launched launch their IPOs.
instance, have lost 28 per cent and their IPOs this month have updated There are nearly 30 companies that
Price in ~ 6-month change (%) 23 per cent, respectively, from their their June quarter numbers. have obtained Sebi’s approval to
March 24 levels. Manan Lahoty, partner, IndusLaw, launch their IPOs, worth a cumulative
23.4 364.2
said there were two parallel rules at ~50,000 crore. Most of these com-
617.0 336.8 Caution play here. panies have let their approval lapse.
1,291.4 290.1 Analysts expect the markets to “While Sebi rules say your accounts Burger King, Puranik Builders, Home
undergo a consolidation and then can’t be older than six months, there is First Finance, and Easy Trip Planners
739.2 257.1 post a sharp recovery. While head- another rule pertaining to the comfort are some companies that have failed
782.4 240.7 line indices might have recovered letter from the auditor which says to launch their offerings despite get-
the majority of their losses, the accounts cannot be older than 135 days. ting requisite approval.
broader markets are still far from The staleness rule for comfort letters “The companies who filed their
65.6 -58.1 their peaks. Many individual is usually relevant for larger deals, and offer documents last year or this year
138.6 -30.3 stocks still offer a good accumula- those which are marketed to US-domi- have to update their financials. And
tion opportunity if the investment ciled investors,” he said. the financials for the majority of the
39.8 -28.1 horizon is more than two to three Cumulatively, the eight IPOs companies have taken a hit because
28.1 -22.7 years, they say. launched this month will mobilise of the pandemic. If they hit the mar-
“The correction in the range of ~7,123 crore. While in terms of volume kets with poor financials, they may not
130.0 -22.4
10-15 per cent, particularly in mid- this has been a busy month, the get a good response and the valuation
Compiled by BS Research Bureau
and small-caps, should not be con- cumulative amount being raised is they wanted. Institutional investors
strued as negative. Our overall out- relatively low. might demand a lower price. And
Amines Chemicals, Gujarat look on the market remains con- In March, the IPO of SBI Cards alone since many IPOs are exit vehicles for
Fluorochemicals have logged structive with a buy on dips had rung up more than ~10,340 crore. private equity firms, they will not settle
smart gains. PSBs, however, have investment strategy,” Jain of ICICI Similarly, the eight IPOs launched in for a lower valuation,” said Prithvi
remained laggards. Bank of Baroda Securities said. March 2018 had raised ~15,032 crore. Haldea, founder, PRIME Database.

‘Have strengthened investment, THE COMPASS

risk management processes’ IndusInd Bank a value bet, but tread with caution
DECODING THE STRESS Trading below its HAMSINI KARTHIK Nomura have factored in credit cost
Thirteen years after it was first mooted, UTI Asset Management Company (AMC) is set to hit the market with an initial at 4.8 per cent for FY21, while those
public offering (IPO) of ~2,160 crore. It will enable its five shareholders to offload 30.75 per cent, valuing the AMC at over book value, stock The prolonged correction in bank- Slippages n Total n Corporate (~ cr) at CLSA peg it at 6 per cent, due to
~7,000 crore. Chief Executive Officer IMTAIYAZUR RAHMAN, Head of Fixed Income AMANDEEP CHOPRA, and Head of Equity may provide ing stocks has tempted investors
2,058
the likely stress in corporate, vehicle
VETRI SUBRAMANIAM tell Ashley Coutinho that listing will help the company write a new chapter and communicate to to look at underperformers. 1,945 and MFI portfolios.
the market that it is a professionally run organisation. Edited excerpts:
reasonable upside IndusInd Bank, despite its massive “We think exposure to vulnerable
1,537
in medium term recovery from its all-time low of 1,237 1,249 1,225 segments remains high, and credit
UTI AMC was the top asset ~235 a share, is one such candidate cost in this cycle will remain
manager till 2005-06. It has thanks to its 65 per cent year-to- elevated,” says Nomura.
slipped in rankings and market date underperformance. Asset quality challenges have
share in the past decade. How Trading below its book value compounded the bank’s woes. While
does the AMC plan to improve on (0.9x its FY22 estimated earnings), Q3FY20 Q4FY20 Q1FY20 it managed to sustain its net interest
these parameters? analysts at Nomura, UBS, and CLSA Source: Nomura margin (NIM) at 4.3 per cent in Q1
Rahman: We have arrested the are positive, primarily for its beaten- owing to the high yielding MFI book,
downfall and are poised to grow. down valuation. loans. Commercial vehicles net interest income recorded a mere
We are the second-largest asset However, immediate upside may account for over half of the vehicle 3 per cent YoY growth. Weak loan
manager in the country. Specific be capped considering the lender’s loan portfolio. Hence, a recovery in growth of 2.4 per cent YoY impacted
to mutual funds (MFs), our rank operational and balance sheet chal- demand and disbursements may fee income too. What brought relief,
may be different, but we con- lenges. Two of IndusInd Bank’s crit- be more protracted as the segment was the 5 per cent YoY rise in
tinue to remain among the most IMTAIYAZUR AMANDEEP VETRI ical segments — vehicle and micro- was facing a slowdown even before deposits following a troubled March
profitable AMCs. We have faced RAHMAN CHOPRA SUBRAMANIAM finance (MFI) loans — are still in the the pandemic. quarter. With focus shifting to retail
crises in the past, but we have the Chief executive officer Head of fixed income Head of equity nascent stages of recovery. The impact of these segments on term deposits — where rates are 150-
ability to bounce back. Our These two segment account for asset quality hinges on the willing- 200 bps higher than peers — a likely
equity and debt schemes are per- Bank will have the right to research capabilities on the debt 25 per cent and 12 per cent of the ness to restructure these loans. NIM moderation cannot be ruled
forming well. UTI has the sup- appoint one director. T Rowe side. We have also put in place a overall portfolio, respectively. Of its total book, 19 per cent was out, according to CLSA.
port of a wide network of inde- Price, which has been a strategic strong resolution recovery struc- Reports suggest collection effi- under moratorium. Corporate loans Since valuations appear to have
pendent financial advisors to partner, will have the right to ture. We have other cases at dif- ciency for both portfolios may have have been under stress since factored in these concerns, any miss
distribute our products. Our rela- appoint two directors. All our ferent stages of resolution at the climbed to 75-85 per cent. However, Q3FY20, and slippage ratio at 3.1 per in estimates could lead to correction.
tionship with distributors from policies and processes are mar- National Company Law Tribunal, fresh loan disbursements are far cent (as of Q1FY21) despite the mor- Hence, it is best suited to long-term
the banking channel has ket-linked. It is my responsibility and are pursuing them actively to from normal for MFI and vehicle atorium is worrying. Analysts at investors with some appetite for risk.
improved as well. as chief executive of UTI AMC to ensure we recover a fair amount
get the best out of these marquee of provisions or markdowns we
What is the AMC doing to
resolve the conflicts
arising out of its
shareholders.

Can you shed some light

ownership structure?
How will the IPO help?
Rahman: There is serious mis-
conception in the market that
four Indian shareholders tried to
control UTI. None of them has
ever tried to take control of UTI’s
assets. We will continue to be a
professionally managed organi-
sation. The listing will help us in
communicating this to the mar-
ket and write a new chapter. On
listing day, the new articles of
association (AoA) — approved
last year by shareholders — will
come into force. This AoA indi-
cates that any shareholder hold-
ing more than 10 per cent and up
to 20 per cent stake will have the
right to appoint one director.
Any shareholder who holds
below 30 per cent will have the
right to appoint two directors. In
the process, Punjab National
on the IPO pricing? The
issue size was expected
to be ~3,000 crore; it is ~2,160
crore now...
Rahman: The issue size has not
been reduced. The shareholders
are offloading 30.75 per cent
stake, which is what was origi-
nally intended. As far as val-
uations and pricing are con-
cerned, these are driven by
market forces. The price has been
decided by investment bankers,
based on feedback from investors.
Your debt schemes enjoyed a
good run until the credit crisis
erupted two years ago. What are
the learnings from the recent
failings?
Chopra: We have further
strengthened our investment and
risk management processes, par-
ticularly by increasing our
have taken in our funds. We are
engaging with distributors to
ensure we continue to get money
in funds impacted last year.
The industry is seeing equity
outflows, even as margins shrink
and equity funds struggle to beat
benchmarks.
Subramaniam: Despite the
cyclicality of flows, fact remains
that financial savings in India are
growing, even as money is mov-
ing out of physical assets. Given
that MF assets are much smaller
than bank deposits, there is room
for growth. Yes, it has become
more challenging managing
active money. But if you look at
the long-term track record of our
large-cap funds, the strategy has
delivered strong returns relative
to benchmarks over long time
periods. Our alpha outcomes
across other equity categories
over a 10-year period have been
robust as well.
Syngene: New facility injects revenue visibility
Expanding client RAM PRASAD SAHU
base, capabilities Syngene International, which has
will help firm gained 20 per cent over the past
two weeks, hit its all-time high of
outpace peers ~596.85 a share on Thursday.
Approval by the Indian Council
of Medical Research for its anti-
body testing kit was the key
trigger. The company has tied up
with biosciences company
HiMedia Laboratories for man-
ufacture of the test kit.
Syngene’s voluntary licensing
agreement with Gilead to man-
ufacture and supply the broad
spectrum anti-viral remdesivir
spells another opportunity.
Shrikant Akolkar of Ashika
Institutional Research says that
given rising infections and the
absence of a vaccine, remdesivir
could gain major market share.
Further, given Gilead’s forecast of
2 million treatment courses by
December and shortage of the
same, any concrete outcome of the
ongoing due diligence could lead
to an earnings upgrade.
With global pharma majors fac-
ing higher costs and intense com-
petition, the trend of outsourcing
is expected to pick up pace. This
will, in turn, benefit contract
research firms like Syngene.
Analysts expect the share of out-
sourcing to increase to 40 per cent
by 2022, from 27 per cent in 2017.
Even as the global contract
research organisation (CRO) and
manufacturing services market is
expected to grow 7-8 per cent
annually, Syngene is expected to
grow at 3x the rate given its rela-
tionships, expanding client base,
and capabilities.
The major factor, however, is
the completion of its Mangaluru
facility by the end of FY21. The
facility will help the firm become
vertically integrated and tap the
growing market for contract man-
ufacturing services.
The plant, built at an estimated
cost of $100 million (~740 crore),
could generate sales of ~900 crore,
say analysts. Gains, both from this
plant and other services, could
increase depending on better pric-
ing and rupee depreciation.
Further, the end of the ongoing
capital expenditure cycle will help
improve operating leverage and
asset turnover.
The stock, trading at 44x its
FY22 earnings, has factored in
some of the gains. Investors with
a long-term view can look at the
stock on dips.
 Business Standard N E W DELHI | FRIDAY, 2 5SEPTEMBER 2020 THE SMART INVESTOR 11
City gas distributors unlikely to Loan restructuring will
come at a hefty price
feel heat of competition till FY23 Accumulated interest will increase the principal
Legacy firms expanding, and rate ofinterest once the moratorium ends
KEEPING THE LEGACY INTACT
winning new bids that SANJAY KUMAR SINGH recalculated. "The principal will be
Volumes (mmscmd) Ebitda (scm) higher. Also, the interest rate for the rest
will help offset impact • FY20 • FY21E • FY22E • FY20 • FY21E • FY22E Two banks — State Bank of India (SBI) of tenure will be higher," says Mishra.
and HDFC Bank — have so far published Your age and the product must
caused by potential rivals 12.5
9.8 9.5 9.5 their frameworks for restructuring loans. permit this extension of tenure. SBI has,
One key difference that borrowers need for instance, relaxed the age criteria
UJJVAL JAUHARI to bear in mind is that while in the (your loan tenure should end by this age)
first phase of the moratorium (March- from 75 to 77 years. If an extension of
August) the interest rate remained the two will take a person's loan beyond
N e w D e l h i , 24 September

raft regulations by the same, this moratorium could come with 77 years, he is unlikely to get it.
D Petroleum and Natural Gas
Regulatory Board (PNGRB), for
third parties, has once again put the
spotlight on competition.
a cost attached.
Borrowers will have to dem-
onstrate that their income has
been impacted by the pan-
Banks will also factor in the
loan to value (LTV). "Lenders
may relax the LTV, but they are
still not likely to go beyond 90
These norms, drafted by the oil and Gujarat Indraprastha Mahanagar Gujarat Indraprastha Mahanagar
demic. Also, only accounts that per cent of the property value in
gas regulator, pertain to transportation Gas Gas Gas Gas Gas Gas
existed in banks' books on case of home loans. If the out-
tariffs for third parties that use the city E: E s t i m a t e s ; E b i t d a : E a r n i n g s b e f o r e i n t e r e s t , t a x , d e p r e c i a t i o n , a n d amortisation;
March 1 will be eligible for standing amount and the
gas and compressed natural gas (CNG) restructuring. "This benefit is accrued interest on it during the
m m s c m d : Metric s t a n d a r d cubic metre per day; scm: S t a n d a r d cubic metre Source: Elara Capital

distribution network of existing players. between compressed gas — which steep impact will not be felt, citing the entering CNG distribution, even though available for pre-Covid YOUR moratorium exceeds the per-
Legacy city gas distribution (CGD) involves higher compression charges international arena in which the impact they are already getting a share of the accounts only," says Aditya mitted LTV, you may have to opt
players Indraprastha Gas (IGL), compared to piped natural gas (PNG) — on volumes has been 10 per cent after profit by partnering CGDs. Mishra, founder and chief MONEY for a shorter moratorium," says
Mahanagar Gas (MGL), and Gujarat Gas and industrial gas. 5-7 years of the entry of new players. OMCs also hold stakes in many of executive officer (CEO), Adhil Shetty, CEO, BankBazaar.
have exclusivity in their area of opera- Analysts at Nomura say an assured Further, in India, the timeline for the legacy CGDs. Further, the CNG SwitchMe, a digital home-loan broker. Banks also like to cap the fixed
tions. After expiry of the exclusivity 12 per cent post-tax RoCE would be setting up a CNG station or other business is much smaller for OMCs, The loan also needs to be standard obligation to income ratio at 50 per cent.
period, pipeline infrastructure of these attractive for legacy CGDs. The fact that infrastructure after securing all approvals who earn significant profits from oil and should not have been in default for For those who lost their jobs,
firms can be shared by new entrants. tariffs will be based on the cost of services is much longer than overseas. refining and marketing, says Probal Sen more than 30 days on March 1. Shrikant Shrivastava, chief risk officer,
These norms apply only to legacy calculated by CGDs themselves is What's important is that the domestic of Centrum Broking. The borrower's tenure will be extend- India Mortgage Guarantee Corporation,
distribution areas, and not to distribution another key positive. market remains under-penetrated, and Therefore, Sen does not expect CGDs ed by the same duration as the morato- suggests: "If you expect the job search
areas awarded under auction rounds. However, some impact of competition, there are many opportunities prevailing to feel extreme heat as anticipated by rium. Beyond that, his equated monthly to take 12 months, ask for a moratorium
Share prices of incumbent players took a and the resulting hit on volumes and earn- outside the key regions of Delhi, some, and says that factoring in the instalment (EMI) will be revised upward. of 18 months."
hit on Thursday. Analysts, however, don't ings of CGD players is expected. This is Mumbai, and Gujarat, where legacy firms competition CGDs are already trading at When a borrower avails of the mora- Once you avail of the moratorium,
see an impact till 2022-23 (FY23) and say despite any impact being a few years away. operate. As a result, competition has 17-20x their forward earnings. He expects torium, all the interest that accumulates your account will get classified as
the hit may not be as hard as feared even Yogesh Patil, analyst at Reliance multiple geographies to choose from, IGL and Gujarat Gas to gradually rerate to during this period (at a higher rate — 35 'restructured'. "All loans availed of by
after that point. Securities, says there could be a 16-17 per rather than compete with established a one-year forward P/E of 20-25x. basis points in the case of SBI) will get the borrower will be reflected as
PNGRB's draft regulations require cent impact on earnings of IGL, MGL, and players in their bastions. Motilal Oswal Securities affirms capitalised. It will get added to the prin- 'restructured' in their credit report,"
CGD players to provide third-party Gujarat Gas, but only after FY23. Gujarat In addition, the legacy firms are Gujarat Gas as its top pick, which could cipal once the moratorium ends. At the says Naveen Kukreja, CEO and
access at regulated tariffs, which will be Gas remains Patil's top pick, given its high expanding to other regions and winning receive a huge volume boost from end of the moratorium, his EMI will be co-founder, PaisaBazaar.
computed separately for CGD and CNG exposure to industrial gas. new bids, which will drive volumes and pollution-curbing initiatives.
to yield a post-tax return on capital Notably, not all analysts anticipate offset the impact of potential competition. IGL, MGL, and Gujarat Gas, which COST OF AVAILING OF THE MORATORIUM
employed (RoCE) of 12 per cent (on net such a deep impact, referring to the Public sector oil-marketing companies have been subdued in recent weeks,
fixed assets). projection of 20 per cent fall in volumes (OMCs) like Bharat Petroleum, Hindustan corrected 0.8-3.7 per cent on Thursday, O r i g i n a l p r i n c i p a l o n p e r s o n a l l o a n : ~ 1 0 , 0 0 , 0 0 0 ; E M I : ~ 1 8 , 5 2 6 ; T e n u r e : 72 m o n t h s

The regulator has differentiated for incumbents. Many analysts say such Petroleum, and Indian Oil may consider while the Sensex was down 2.92 per cent. Moratorium
New
principal
Revised
tenure EMI
Total
payable
Additional
interest
period (months)

PHASE 0 EMIs paid: 12. No

(at 1 0 % moratorium availed of 871,925 60 18,526 1,333,860 0
IPO CORNER
GMM Pfaudler stock continues to fall interest)

PHASE 1 Moratorium availed of

UTI MF set to hit the Angel Broking sees BS REPORTER It closed at ~4,003.75 on announced on Tuesday that the (at 1 0 % for EMIs 13 to 18 916,440 64 18,526 1,408,478 74,618

market on Sept 29 subscription of 4x Thursday. The stock began to selling shareholders would interest)

fall after GMM Pfaudler make use of an oversubscrip-

M u m b a i , 24 September

PHASE 2 6-month moratorium

UTI Mutual Fund will launch The ~600-crore offering of GMM Pfaudler, which manufac- announced on tion option to sell 20.5 (at 1 0 . 3 5 % (25th EMI onwards) 963,226 69 18,582 1,504,446 170,586
its ~2,160-crore IPO on Angel Broking garnered tures glass-lined equipment for Monday that its pro- The stock has per cent stake. interest)
September 29. It consists of a subscription of nearly 4x. The the pharmaceutical and chem- moters planned to sell lost a r o u n d a The offer closed 12-month moratorium
secondary share sale by State demand was muted w h e n ical industries, continued its 17.6 per cent stake in t h i r d of its value on September 23. (31st EMI onwards)
1,012,403 66 20,182 1,554,303 220,443
Bank ofIndia, Life Insurance compared to the last five declining trend on Thursday. the company. since its Sept The company is
Corporation, Bank ofBaroda, IPOs. Market players said the The company's share price The floor price of high of ~ 5 , 9 7 4 scheduled to discuss 24-month moratorium
1,118,414 54 25,995 1,626,050 292,190
Punjab National Bank, and sharp sell-off in the markets, was down 5 per cent. The stock the sale was set at a the details of (43rd EMI onwards)

T Rowe Price. The price band witnessed on Thursday, has lost around a third of steeply discounted price of the stake sale in a conference N o t e : P h a s e 0 r e f e r s t o a c a s e w h e r e n e i t h e r o f t h e t w o m o r a t o r i is a v a i l e d o f . P h a s e 1 r e f e r s t o t h e M a r c h -

its value since its September ~3,500 per share. call on Friday following
A u g u s t m o r a t o r i u m a n d P h a s e 2 refers t o t h e m o r a t o r i u m t h a t b a n k s are o f f e r i n g n o w ( w h e r e t h e i n t e r e s t cost
has been set at ~552-554. impacted investor sentiment. can rise). R e s t r u c t u r i n g can h a p p e n for 2 4 m o n t h s o n l y ( t o t a l t e n u r e i n c l u d e s t h e m o r a t o r i u m p e r i o d ) . Once

SUNDAR SETHURAMAN SUNDAR SETHURAMAN high of ~5,974. The company then market hours. t h a t l i m i t is h i t , E M I r i s e s . T w o a s s u m p t i o n s : I n c r e a s e d p r i n c i p a l is w i t h i n t h e LTV l i m i t s a n d i n c r e a s e d E M I is
w i t h i n t h e f i x e d o b l i g a t i o n t o i n c o m e r a t i o l i m i t . T h i s is a n i l l u s t r a t i v e e x a m p l e . Source: BankBazaar

SALE NOTICE
S a l e of Assets a n d Properties o w n e d by Haridwar Iron a n d
UCO Bank BRANCH:
S A H A R A N P U R MAIN
Zonal Office : Krishna plaza', C-2/6,
D-Block, Ganga Nagar, Meerut

Ispat Rolling's Limited (in Liquidation) forming part of Liquidation

POSSESSION NOTICE (For Immovable Property) [Under Rules 8(1)]
W h e r e a s , t h e u n d e r s i g n e d b e i n g t h e A u t h o r i z e d Officer o f t h e U C O B a n k u n d e r t h e Securitisation a n d
Haridwar Iron and Ispat Rollings Limited (In Liquidation)
Baroda U.P. Bank Liquidator: Mr. Kashi Viswanathan Sivaraman
Reconstruction of Financial A s s e t s a n d E n f o r c e m e n t o f security Interest Act, 2 0 0 2 a n d in e x e r c i s e of p o w e r s
conferred u n d e r section 1 3 ( 1 2 ) r e a d with R u l e 9 of t h e Security Interest ( E n f o r c e m e n t ) R u l e s , 2 0 0 2 , issued a
i«iii v n f m : n A i r mvuiRiv vtaniT, u n r t m ' i l w y t Liquidator Address: E-10A, Kailash Colony, Greater Kailash - 1 , New Delhi -110048
d e m a n d notice calling u p o n t h e B o r r o w e r / G u a r a n t o r a s g i v e n b e l o w to r e p a y t h e a m o u n t m e n t i o n e d b e l o w within
Email: assetsale2@aaainsolvency.in | assetsale1@aaainsolvency.in | handwar.iron@aaainsolvency.com
Mob.: 8800865284 | (Mr. Puneet Sachdeva /Mr. Wasim) / 011-4666 4619 (Mr. Harsh Gupta) 6 0 d a y s f r o m t h e receipt of t h e said notice. T h e B o r r o w e r / G u a r a n t o r having failed to r e p a y t h e a m o u n t , notice is
flfki ^ f t . t t e 3n£<flu s i g i f l f t c i ftiwTRffl ftterf ^ t u u i d s i r c g u s r ffSt
E-Auction h e r e b y g i v e n to t h e b o r r o w e r a n d t h e public in g e n e r a l t h a t t h e u n d e r s i g n e d h a s t a k e n possession of t h e
fiiici'l 3 S U I j j c i I t l ^ t H SiWlRlci ffSlitiWflmlTid UI6>q M i gJHli Sale of Assets under Insolvency and Bankruptcy Code, 2016 properties d e s c r i b e d b e l o w in e x e r c i s e of p o w e r s c o n f e r r e d o n h i m / h e r u n d e r section 1 3 ( 4 ) of t h e said A c t r e a d
y c i M qsrerfera, 5 5 ftgk <i)ui«ri, d i i i A s c i , * r t r B n j 7 - 2 7 3 0 i 6 A Date and Time of E-Auction: 12th October, 2020 at 3.00 pm to 5.00 pm with R u l e 9 of t h e said R u l e s . T h e B o r r o w e r / G u a r a n t o r in particular a n d t h e public in g e n e r a l is h e r e b y c a u t i o n e d
(With unlimited extension of 5 minutes each) not to d e a l with t h e properties, a n d a n y d e a l i n g s with t h e property will b e subject to t h e c h a r g e of U C O B A N K , for
r r r 3f1c|3T fcrf^T 15 2020 CI<P H i m ^l-fT cqiicii I q t q c i
Estate formed by the Liquidator, appointed byteeHon'ble National Company Law Tribunal, Principal Bendh vide order dated t h e a m o u n t detailed b e l o w a n d interest t o g e t h e r w i t h e x p e n s e s t h e r e o n .
uiM<biTI Jg far g>t t ^ n f e www.barodagraminbank.com 17th, September, 2019. The sale will be done by the undersigned throughteee-auction platform https://aaa.aucBontiger.net
Name of the Borrower/ Description of the Immovable Property & Date of
Block Floor Initial EMD Incremental Demand Notice/Possession Date & Outstanding A m o u n t
ASSETS Guarantors & Branch
Price Amount Value
ft-Hicb : 2 4 . 0 9 . 2 0 2 0 •H^IU4t|<t> B o r r o w e r : I . M r s Neelam Chauhan All that part & parcel of Residential House measuring 5 5 . 7 3 sq. metre situ
Land and Building along with Shed: Land situated at Khasra No.595, 5.1 20 S
w/o Dharampal 2. Mr. Mohit Chauhan -ated on plot no 7 8 , 7 9 , 8 0 pertaining to Khasra no 3 9 9 M at w a k e D a r a
596, 597, 602, 603, 608, 609 & 610, Behind Shree Cement, Village: Crores Lakhs Lakhs
S/o Dharampal Singh R/o Prem Puri milkana bairoon, D a r A b a d i kashmiri garden, S a h a r a n p u r . Boundary: East:
Akbarpur Uud, Tehsil: Laksar, Distt.: Haridwar, Having 62035 Sq Mir.
And Building situated at above mentioned location and Constructed in colony, near mittal nursery, Behat road plot no 8 1 , North: Plot no 6 7 d h a r a m pal singh, West: rasta 2 0 feet wide,
the Area of 120464 Sq Ft." Saharanpur, Uttar Pradesh South: rasta 2 5 feet wide.
D e m a n d N o t i c e Date: 0 7 / 1 2 / 2 0 1 9 , D a t e o f P o s s e s s i o n : 19/09/2020,
Plant & Machinery: Plant & Machinery situated at HIIRL, 3.5 20 5
O u t s t a n d i n g s : R s 3 , 2 2 , 3 1 5 . 6 9 plus interest & o t h e r c h a r g e s t h e r e o n .
Village: Akbarpur Uud, Tehsil: Laksar, Distt.: Haridwar, 247667 Crores Lakhs Lakhs
Land & Building along with Plant and machinery (Consolidated): 40 10 Date : 24.09.2020 Place: Saharanpur Authorised Officer
For BS premium digital Situated at Khasra No.595,596,597,602,603,608,609 & 610, Behind
Shree Cement, Village: Akbarpur Uud, Tehsil: Laksar, Distt. Haridwar"
Crores Lakhs Lakhs

subscription, SMS reachbs to 57575 Terms and Condition ofteeE-auction are as under
1. E-Auction will bo conducted on "AS IS WHERE IS", "AS IS WHAT IS" and "WHATEVER THERE IS BASIS" through approved service
provider M/s E-procuremerrt Technologies Limited (Auction Tiger).
Q^Tt) «E • f*j CJJ ^ r f t 5tt 6 =3 fu
2. t h e Complete E-Auction process document containing details ofteeAssets, online e-auction Bid Form, Declaration and Undertaking Form, r V ^ I j P u n j a b & S i n d B a n k
or email order@bsmail.in General Terms and Conditions of online auction sale are available on website https://aaa.auciiontiger.net. Contact Mr. Tilak Maratha at+91-
6351896834/07961200580/84 Samp; tilak@aucliontiaer.net /suDoort@auctiontiaer.net (On going to the link httasd/aaa.auctrontiaer.net
' • < ' \-l f v f >-T
(A Govt, o fIndia Undertaking)

interested bidders will have to search for the mentioned company by using either one of the two options, (i) Company's name (Haridwar iron

BRANCH OFFICE : GURU KA TAL, AGRA, U.P

and IspatRollings Limited), or by, (ii) State andpropertytype).
3. The intending bidders, priorto submitting their bid, should make their independent inquiriesregardingteetitle of property, dues of local taxes,
electricity and water charges, maintenance charges, if any and inspectteeproperty at their own expenses and satisfy themselves. The

Business Standard
properties mentioned above can be inspected by the prospective bidders atteesite Wth prior appointment, contacting Mr. Puneet Sachdeva
/Mr. Wasim:-8800865284.
4. For the purpose of participating inteeauction, the intending bidders are required to deposit Earnest Money Deposit (EMD) amount either
through DD/NEFT/RTGS inteeAccount namely "HARIDWAR IRON t ISPAT ROLLINGS LIMITED-IN LIQ", Account No.: 7413364385,
Kotak Mahlndra Bank, IFSC Code: KKBK0000195,G-5-13, PLOT N 0 . 1 8 2 , B A S E M E N T B - 4 , LOCALSHOPPING CENTRE,PAMPOSH
ENCLAVE, GREATER KAILASH I, NEW DELH1110048, or through DD drawn on any Scheduled Bank in the name of "Haridwar Iron S
Ispat Rollings Limited-ln L i q " or give a Bank Guarantee forteeEMD Amount as per Format A o r Format B as given inteeComplete E-
P O S S E S S I O N N O T I C E Under Rule- 8(1) of Security Interest (Enforcement) Rule, 2002)
N o t i c e is h e r e b y g i v e n u n d e r t h e S e c u r i t i s a t i o n a n d R e c o n s t r u c t i o n of Financial A s s e t s & E n f o r c e m e n t of S e c u r i t y I n t e r e s t A c t , 2 0 0 2 ( A c t No. 5 4 o f 2 0 0 2 ) a n d in e x e r c i s e o f
p o w e r s c o n f e r r e d u n d e r S e c t i o n 1 3 ( 1 2 ) r e a d w i t h R u l e 8 a n d 9 of t h e S e c u r i t y Interest ( E n f o r c e m e n t ) R u l e s , 2 0 0 2 , T h e B a n k i s s u e d d e m a n d notices o n t h e d a t e m e n t i o n e d
a g a i n s t a c c o u n t a n d a m o u n t s t a t e d hereinafter calling u p o n t h e m to r e p a y t h e a m o u n t w i t h i n sixty d a y s from t h e d a t e of receipt o f s a i d notices. T h e b o r r o w e r h a v i n g failed t o
r e p a y t h e a m o u n t , notice is h e r e b y g i v e n to t h e b o r r o w e r s , g u a r a n t o r s a n d t h e public in g e n e r a I that t h e u n d e r s i g n e d h a s t a k e n t h e p o s s e s s i o n o f t h e p r o p e r t y d e s c r i b e d h e r e i n
b e l o w in e x e r c i s e of p o w e r s c o n f e r r e d o n h i m / h e r u n d e r s e c t i o n 13(4) of t h e said A c t r e a d w i t h Rule 8 of t h e s a i d R u l e s o n t h e d a t e s m e n t i o n e d a g a i n s t a c c o u n t a n d a m o u n t

Insight Out Auction process document.

5. The intending bidder should submit the evidence for EMD Deposit or Bank Guarantee and Request Letter for participation in the E-Auction
along Wth Self attested copy of (1) Proof of Identification (2) CurrentAddress-Proof (3) PAN card (4) Valid e m a i l ID (5) Landlineand Mobile
below. T h e b o r r o w e r ' s a t t e n t i o n is invited t o p r o v i s i o n s o f s u b s e c t i o n (8) o f s e c t i o n 1 3 o f t h e A c t , in r e s p e c t o f t i m e a v a i l a b l e , t o r e d e e m t h e s e c u r e d a s s e t s .
T h e b o r r o w e r a n d g u a r a n t o r in particular a n d t h e public in g e n e r a l a r e h e r e b y c a u t i o n e d not to d e a l w i t h t h e property. A n y d e a l i n g w i t h t h e p r o p e r t y will be s u b j e c t t o t h e c h a r g e
o f P u n j a b & S i n d B a n k ( B O : G u r u K a Tal, A g r a B r a n c h ) , f o r t h e a m o u n t a n d interest t h e r e o n . Detail o f P r o p e r t y w h e r e S y m b o l i c p o s s e s s i o n h a s b e e n t a k e n is as
Phone number (6) Affidavit and Undertaking, as perAnnexure 1 (7) Bid Application Form as perAnnexure II (8) Declaration by Bidder, as per
follow:-
Annexure III, tee formats of these Annexures can be taken from the Complete E-Auction process documenL These documents s h o u l d
reach the office of t h e liquidator or by E-mail, at the address given below before 5:00 PM o f 00.10.2020. Interested bidders will have Name of Account Borrower/ Mortgagor Description of Property Amt o/s (as mentioned Date Date of
of Posse-
6. The Name of the Eligible Bidders will be identified byteeLiquidator to participate in e-auction onteaportal fhtt|»://aaa.auctlontlqer.net). Guarantor (Movable/ Immovable) in the Notice u/s 13(2)) Notice ssion
The e-auction service provider (Auction tiger) Wll provide User id and password by email to eligible bidders.
7. ThebiddingWllstertfromaflaorprice(shouldnctbetreatedasresenreprice)incase,abidisptec^ Borrower(s) & G u a r a n t o r s ) 1 . M / s K a r a ha "ALL THAT PART AND PARCEL OF THE IMMOVEABLE TL- Rs.9,28,490.61 & O D P
Regional Office: Delhi 1-111211, White House, 2nd Fleer, the e-auction, the closing time Wll automatically get extendedfor5 minutes with unlimited extension. The bidderwho submits the highest bid Shoes Through Its P r o p r i e t o r Sri Vljay MORTGAGED PROPERTY: - Immovable property being 15,58,091.00 asO n
Reel Jhansl Road New Deltel-110055 amount on closure of e-Auction process shall be declared as the Successful Bidder after the approval from liquidator in consultation with SCC m e a s u r i n g 8 3 . 7 0 s q m H. N o . 4 6 / 8 2 1 E, J a g d i s h p u r a L o h a M a n d i 31.08.2019 along with
?SOUTH Kumar 46/821 E GALI N O 1 Ramnagar
A g r a a n d District A g r a , o w n e d by y o u a d d r e s s e e no. 1, Sri. V i j a y further cost interest a n d
i I N D I A N Bank Tel: 011-23610400 Email: ra1008@slb.co.ln CIN: L65191KL1929PLC001017 and a communication to that eftectWII be issued through electronic mode. The highest bid does not entitle the bidder to claim as a successful J a g d i s h P u r a A g r a Pin C o d e 2 8 2 0 0 2
K u m a r S / o S h r i S o h a n S i n g h . D e t a i l s o f registered will: e x p e n s e s etc.
bidder. The liquidator decision in this case would be final.
SALE NOTICE FOR SALE OF IMMOVABLE PROPERTIES 2. Shri Vijay K u m a r S/o S o h a n Singh R e g i s t e r e d will d a t e d 18.11.2011 e x e c u t e d In F a v o u r o f Sri. V l j a y
8. Uponteecommunication by the Liquidator toteesuccessful bidder via e-mail/any other electronic mode,teesuccessful bidder shall be
( b o r r o w e r / M o r t g a g e r ) R / o 2 / 2 9 N a g la M o h a n K u m a r S / o S h r i S o h a n S i n g h a t B a h l No. 3, Z l l d No. 2 6 5 P a g e s
[See proviso to rule 8 (6)1 required to further deposit 10% of the bid amount within 2 working days ofteee-auction. Failuretodeposit such amount shall result in the
forfeiture of amount deposited as initial EMD under Point 4 and the bidder with the 2nd or 3rd highest bid in value shall be considered Near A g r a Nursery Shahganj Agra Pin - 131 t o 144 S e r i a l No. 9 4 5 a t O f f i c e of S u b R e g i s t r a r II a t District
Auction Sale Notice for Sale of Immovable Assets under the Securltlsatlon and 2 8 2 0 1 0 II A d d r e s s 4 6 / 1 0 8 4 / 3 9 , J a g d i s h P u r a Agra. (Registered sale deed Dated 19.09.1996 Executed in
thereafter onteediscretion of Liquidator. The initial EMDs paid by the remaining bidders shall be refunded within a period of 15days from the
Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 date of E-auction. L o h a M a n d I A g r a Pin C o d e - 2 8 2 0 0 2 .
Favour of Smt. Leela Devi W / o Shri S o h a n Singh at Bahi No. 1,
p h o t o p r e t l k h a n d . 5 7 4 p a g e s 3 8 3 t o 4 1 6 serial n o . 3 5 8 0 a t O f f i c e
read with proviso to Rule 8(6) of the Security Interest (Enforcement) Rules, 2002 9. Subsequent to payment ofteefurther deposit, the Liquidator Wll issue a Letter of Intent (LOI) to the Successful Bidder and the Successful 3. S m t BIJendr K u m a r S / o S h r i s o h a n s i n g h o f S u b R e g i s t r a r III at District A g r a .
Bidder shall have to deposit the balance amount (Successful Bid A m o u n t - E M D Amount) within 30 days from the date of issuance of the LOI
Notice is hereby given to the public in general and in particular to the Borrower (s) and (guarantor) R/o 46/1084/39 Jagdish Pura Property Bounded A s :
by the Liquidator, wherein the amount deposited as initial EMD and furtherEMDshall be adjusted towards thefinalsate consideration and the
Guarantor (s) that the below described immovable property Mortgaged/Charged to successful bidder shall be required topay an adjusted amount of balance sate consideration. Default in deposit of the balance amount by the
L o h a M a n d i A g r a PIN C O D E - 2 8 2 0 0 2 . E a s t : 6 R a s t a feet w i d e . W e s t : Fl/O K h e m C h a n d .
4. S m t . S a n g e e t a D e v i S / o S h r i V i j a y K u m a r North: H/O Madho Rao. South: H / O A s h o k Kumar.
The South Indian Bank Ltd, Faridabad Branch (Secured Creditor), the PHYSICAL successful bidder within the time limit as mentioned in the LOI would entail forfeiture ofteeentire amount deposited (EMD + Any Cither
Amount) byteeSuccessful Bidder. (guarantor) R/o 46/872A, Kishor Pura Civil
POSSESSION of which has been taken on 06/08/2020 by the Authorised Officer of The
10. The Successful Bidder shall bear the applicable stamp duties/transfer charge, fees etc. and all the local taxes, duties, rates, assessment Lines, Agra-282002.
South Indian Bank Limited, Regional Office, Delhi (Secured Creditor), will be sold on "as charges, fees etc. in respect of the property put on auction.
B o r r o w e r ( s ) & G u a r a n t o r s ) 1. M/s. R a k e s h "ALL THAT PART AND PARCEL OF THE IMMOVEABLE R s . 4 , 9 5 , 7 1 8 . 5 0 a sO n
is where is", "as is what is", and" whatever there is" on 30/10/2020, tor recovery of an 11. TheLiquidatorhasteeabso1uterighttoarx»ptorrejectanyoralloffei(s)oradjourn/postpone/cancelteee-AuctionorWthdrawany property
MORTGAGED PROPERTY: -Immovable Property Bearing No.G- 2 9 . 0 2 . 2 0 2 0 a l o n g with
or portion thereof from the auction proceeding at any stage without assigning any reason thereof. T r a d e r s t h r o u g h its P r o p r i e t o r S h r i R a k e s h
amount of Rs. 1,86,52,662.24 (Rupees One Crore Eighty Six Lakhs Filly Two Thousand K u m a r S/o Shri Shreepal Singh (Borrower) 2 8 2 , T r a n s Y a m u n a C o l o n y , P h a s e II, A g r a . E x e c u t e d In F a v o u r f u r t h e r cost, interest a n d
12. The Liquidator reserves the righttogive prioritytobidsforauction of the Consolidated Blocks (BlockC)forLand and Building along with Plant
Six Hundred and Sixty Two and Paisa Twenty Four Only) as on 21/09/2020 due to The of S m t . R a m b e t l w i f e o f S h r i S h r e e p a l S i n g h D e t a i l s o f Title e x p e n s e s etc.
and Machinery over the bids receivedtorseparate blocks. R / o G - 2 8 2 , T r a n s Y a m u n a C o l o n y , P h a s e II,
D e e d : R e g i s t e r e d S a l e D e e d d a t e d 0 3 . 1 1 . 2 0 1 4 a t B a h l N o . 1 , Zlld
South Indian Bank Limited, Faridabad Branch from (1) Mr. Abdul Samad son of Late 13. After payment of the entire sale consideration, the sale certificate/agreement Wll be issued in the name of the successful bidder only and Wll Agra. 2 . ShrlHarlbhan S/o Shri B h a g w a n
N o . 8 8 3 2 p a g e s 2 8 3 t o 3 0 4 serial n o . 1 6 6 8 7 o n 0 3 . 1 1 . 2 0 1 4 a t o f f i c e
Tasiruddin, Proprietor of M/s. Sadat Enterprises with address at Plot No.109, DLF notbeissuedinanyoihemame. Singh (Guarantor) R/o Shyam Nagar, o f f S u b Registrar, E t m a d p u r , A g r a .
14. The sale shall be subject to provisions of Insolvencyand bankruptcy code, 2016and regulations made thereunder. Naralch, Agra. 3. Smt. Rambetl W / o Shri
Industrial Area,Sector -30, Faridabad, Haryana-121003, also at (a) D-193, Second Floor, Property Bounded A s :
f 5. The liquidator shall provide all assistance necessaryforthe conduct of due diligence by interested buyers.
Shreepal Singh (Mortgager) R/o G-282, E a s t : Property N o . G - 2 9 0 , W e s t : 3.60 Mtr, w i d e R o a d ,
Sector-11, Faridabad, Haryana- 121006, (b) House No. 903, Sector 15A, Faridabad, 16. The interested Bidders) shall be provided access to the data room ("Data Room") established and maintained byteeCompany acting
North: Property No.G-281, S o u t h : Property No.A-283.
T r a n s Y a m u n a C o l o n y , P h a s e II, A g r a .
Haryana-121007 and (2) Mrs. Azminar Wife of Mr. Abdul Samad, D-193, Second Floor, throughteeLiquidator in ordertoconduet a due diligence ofteebusiness and operations of the Company. The interested bidders) shall be
provided access toteeinformation in the Data Room until the E-Auction Date. The accessto,and usage of the information in the Data Room "ALL THAT PART AND PARCEL OF THE IMMOVEABLE R s . 1 4 , 7 8 , 5 6 8 . 9 8 a s O n
Sector-f 1, Faridabad, Haryana -121006, also at House No. 903, Sector f 5A, Faridabad, Borrowers) & Guarantors) 1. S h r i S h l v
byteeinterested bidderfs) shall be in accordance Wth the rules as may be setfbrth byteeLiquidator from time to time. MORTGAGED PROPERTY: - I m m o v a b l e p r o p e r t y b e i n g H o u s e 3 1 . 1 0 2 0 1 9 a l o n g w i t h further
K u m a r S / o Sri R o o p S i n g h ( B o r r o w e r ) R/o
Haryana - 121007. The reserve price will be Rs. 63,20,000.00 (Rupees Sixty Three 17. E - A u c t i o n d a t e S Time: 12.102020 from 3.00 p.m. t o 5.00 p.m. (with unlimited extension of 5 m i n ) w i t h i n K h a s r a N o . 8 6 9 m e a s u r i n g 9 3 . 7 0 s q u a r e m e t e r s , cost, interest a n d e x p e n s e s
38/NB/237/A/1, Sheet Ia Road Nagla Boodl,
Lekhs Twenty Thousend Only) and the Earnest Money Deposit will be Rs. 6,32,000.00 Mr. K a s h i V i s w a n a t h a n S i v a r a m a n N a g l a b h u d l M a u z a M a u M u s t a q l l , T e h s i l a n d District A g r a , etc.
A g r a 2 . Sri P r a k a s h S i n g h ( B o r r o w e r ) S / o Sri o w n e d by y o u a d d r e s s e e no. 1 a n d 2, Sri S h i v K u m a r S i n g h a n d
(Rupees Six Lakhs Thirty Two Thousand Only). Liquidator in the matter of Haridwar Iron and Ispat Rollings Limited
I B B I (Regn. N o : IBBI/IPA-001/IP-P00900/2017-2018/11497) Roop Singh R/o 38/NB/237/A/1, Sheetla Sri P r a k a s h S i n g h b o t h s o n s o f L a t e Sri R o o p S i n g h . D e t a i l s of
DESCRIPTION OF THE IMMOVABLE PROPERTY I A d d r e s s : E-10A, Kailash Colony, Greater Kailash - 1 , New Delhi -110048 Road N a g l a B o o d l , A g r a . 3 . Sri Manlsh Title D e e d : R e g i s t e r e d S a l e D e e d d a t e d 1 7 . 0 7 . 1 9 9 2 a t B a h i N o . I,
Z l l d No. 7 0 5 9 p a g e s 2 1 5 to 2 2 6 serial no. 5 8 0 4 a t o f f i c e o f f S u b
All that Part and Parcel of Freehold entire Second Floor Flat, with roof and terrace rights Date: 24/09/2020 E m a i l : assetsale2@aaainsolvency.in assetsalet @aaainsolvency.in, sjvarita68@yahoo.com Sagar (Guarantor) S / o Sri M a h e s h C h a n d
R e g i s t r a r ( S e c o n d ) at Tehsil a n d District A g r a .
Place: New Delhi C o n t a c t P e r s o n : 8800865284 (Mr. Puneet Sachdeva I Mr. Wasim) R / o 4 5 / 2 A , Nal A b a d l N a g l a A l e e t a , J a g d i s h
along with joint rights to use and enjoy the common stair cases and common passage of Property Bounded A s :
the building with the undivided proportionate share in the land beneath bearing plot Pura Agra. E a s t : Property A s h o k , W e s t : R e m a i n i n g Part o f Seller,
No.193, Block-D, admeasuring 242 Sq. Yards, along with all other Improvements, N o r t h : 15 feet w i d e road, S o u t h : P r o p e r t y Sri C h a n d ,

Usufructs and Easmentary Rights thereon, situated in DLF, Model Town, Sector-11,
BRANCH OFFICE : IBD, SANJAY PALCE, AGRA, (UP)
Faridabad, Haryana within the revenue estate of Village Sihi, Faridabad, Haryana in the
name of Mr. Abdul Samad and Mrs. Azminar more particularly described under sale B o r r o w e r / M o r t g a g o r : M/s. A d h e t T r a d i n g A Residential Property Bearing Corporation No : Nagar Nigam Rs.14,43,445.56 as O n
C o . , A t : 1 9 / 8 6 P e e r K a l y a n i A g r a ( U . P ) , & Sh. No. P a r t o f 1 9 / 8 6 ( 1 / 2 Part) P e e r K a l y a n i H a r i p a r v a t W a r d District 31.12.2019 with further
deed no. 4842 dated 14.08.2013 registered with SRO Ballabgarh bounded on North: by
Krishna Murari S h a r m a S/o R a g h u n a n d a n A g r a Uttar Pradesh, Having Area 33.025 Sq. Meter ( I n t h e N a m e interest a n d incidental
Plot No D/194, South: by Plot No D/192, East: by Road and West: by Plot No D/227-C. c h a r g e s w.e.f. 0 1 . 0 1 . 2 0 2 0
Prasad (Proprietor), A t : 19/86 Peer Kalyani of K r i s h n a M u r a r i S h a r m a ) , B a h l N o : 1, Jlld No: 1 0 3 5 7 , P a g e s :
The Authorised Officer has obtained search report regarding the property from Agra (U.P), & Sh. Sankalp S h a r m a S / o 2 1 5 to 2 6 2 at S e r i a l No : 2 4 1 5 , D a t e d 2 0 . 0 7 . 2 0 1 8 in t h e O f f i c e of
01/01/1988 to 25/08/2020 and it contains no encumbrances. Krisghna Murari S h a r m a (Guarantor), A t : S u b R e g i s t r a r A g r a - 1 (First). P r o p e r t y B o u n d e d A s : O n t h e
For detailed terms and conditions of the sale, please refer to the link provided in South 1 9 / 8 6 P e e r K a l y a n i A g r a (U.P), N o r t h by : P r o p e r t y of Sh. M o h a n Lai O N t h e S o u t h b y : M a n d i r
S u n d a r Lai O n t h e E a s t by : Property of C h a m a n Lai O n t h e W e s t
Indian Bank Ltd, (Secured Creditor) website i.e. www.southindianbank.com. b y : G a l i & Exit 10 m W i d e S m t . M i n t o S h a r m a
Date: 22.09.2020 Chief Maoager, Authorised Officer,
Place: Faridabad The South Indian Bank Ltd DATE:.23-09-2020 PLACE:AGRA Sd/- AUTHORISED OFFICER, PUNJAB & SIND BANK
12 STOCKS
>
NEW DELH FR DAY, 25 SEPTEMBER 2020 1

> STOCK
IN THE > Advanced Enzyme Technologies > Edelweiss Financial Services > Apollo Hospitals Enterprise

NEWS Top A group gainer

posted best
Hits lower circuit at
5 per cent for 5 days
Hits fresh
all-time high OF THE DAY
single-day gain ever in last 6 session at ~1,974 on BSE Jagran Prakashan
~227.4 PREVIOUS CLOSE ~59 PREVIOUS CLOSE ~1,819 PREVIOUS CLOSE Hits more than 14-year
~272.8 CLOSE ~56.1 CLOSE ~1,948.7 CLOSE low at ~35.5, down
p 20% UP q 4.9% DOWN p 7.1% UP 42 per cent YTD

N FTY 50
m % W m % W
ADVANCES/DECL NE F&0 SNAPSHOT DAY S TOP GA NERS DAY S TOP LOSERS
% % m m m % m m % m
O % %

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m m MOST TRADED TOP M-CAP TRENDS
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ND M
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BOARD MEET NGS NTRA-DAY
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MAJOR ND CES Q Q W m
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> BS 200
WHAT THIS STOCK PAGE CONTAINS AND WHY The third sub-set of The table also contains the (F&O) section a wide set of an option may be exercised. becomes valueless while compared with the previous XD after the traded quotes M
BSE NSE BSE NSE
information is the stock’s company’s price-earnings data has been provided. An option is “in-the-money” futures contracts are close, the close price is indicate that the scrip has
market capitalisation. The (P/E) multiple. The P/E Open Interest: OI is the if the market price exceeds compulsorily settled on underlined. A significant gone ex-dividend after that l ~100 q ~3 Aarti Drugs Aarti Inds<
BS 200 stocks account for over paid-up value . Four
market capitalisation is multiple is arrived at by number of contracts open at the SP (in case of a call option) expiry. On NSE, it is the last change means a 3 per cent date; XB denotes ex-bonus, PCLose (2864.4) (2862.3) (1029.3) (1028.5)
85 per cent of the volume of categories of information are m ~50 H ~2 Open 2851.0 2860.0 1012.0 1020.2
shares, value and trades on provided: First, the basic shown in ~crore and is arrived dividing the day’s closing end of day in the futures and and the market price is below Thursday of every month. rise or fall in scrips whose XR ex-rights; XO ex-indicator
High 2860.0 2860.0 1021.1 1025.0
the Bombay Stock Exchange information on the day’s at by multiplying the closing price by its reported earning options segment. OI thus SP (in case of a put). Put/call ratio: The ratio of market values are over 10 for other corporate actions n ~20 « ~1
Low 2755.0 2752.3 988.8 990.0
and National Stock Exchange. trading. Information is also prices of shares with equity per share (EPS) for trailing 12 indicates traders’ Otherwise it is “out-of- open interest in put options & times paid-up value or 15 per like AGM/EGM/ preference u ~6 Face value Close 2820.3 2819.5 992.0 992.8
For BS 200 stocks, the given on the number of capital. It changes either months. EPS is calculated on expectations. High OI is money” call options. cent for the rest of the shares. shares/mergers and others . M of scrips is Shares 26868 152K 24642 245K
because more shares have the basis of consolidated typical when traders see a Expiry date: The date on ABBREVIATIONS: When a The letters H or L appended denotes volume of shares in < ~5 ~10 in all PE 35.1 35.1 37.0 37.0
company name is followed by shares traded, and also the 52 Wk H/L 3725/422 3719/421 1229/662 1229/668
been issued (or extinguished) earnings wherever available. continuing trend. which a derivative expires . significant change occurs in to prices indicate a new high million, L in lakhs & K in cases if not
its BSE group in brackets and price trend with 52-week Q ~4 specified. Mcap 6571 6569 17284 17299
the symbol indicating the highs and lows. or the price has moved. In the futures and options Strike Price: The price at which An unexercised option the day’s closing value or low in the scrip; the letters ‘000’.

BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE
ACC Adani Enter« Adani Gas« Adani Green En Adani PortsH Adani Power Alembic PharmaH Alkem LabsH Alok Inds« Amara Raja« Ambuja CemH Apollo Hosp< Apollo Tyres« Ashok Leyland« Asian Paints« Au Small Fin Aurob Pharma« «
PCLose (1354.6) (1354.7) (283.3) (283.5) (186.3) (186.4) (588.3) (588.3) (324.4) (324.6) (36.7) (36.7) PCLose (915.7) (914.8) (2742.7) (2748.4) (24.5) (24.5) (726.1) (726.6) (209.3) (209.3) (1818.9) (1817.8) (121.3) (121.3) (73.6) (73.6) (1946.5) (1946.6) (654.3) (654.3) (780.9) (780.2)
Open 1335.0 1338.5 279.5 278.0 182.0 183.5 559.0 558.9 323.9 321.6 36.1 36.4 Open 899.0 908.0 2742.7 2738.9 23.4 23.3 725.5 718.9 205.6 206.2 1798.0 1824.0 O 120.0 119.0 72.1 72.0 1946.4 1941.6 641.0 648.0 772.0 775.0
High 1350.0 1350.0 281.3 281.3 183.6 183.8 617.8 617.7 323.9 323.0 36.7 36.7 High 948.2 948.0 2987.5 2987.9 23.4 23.3 727.1 727.0 208.1 208.2 1974.0 1974.0 120.0 119.7 72.2 72.3 1946.4 1945.0 647.0 648.0 777.5 777.5
Low 1295.3 1293.7 269.5 269.5 174.5 174.3 559.0 558.9 312.0 312.1 36.0 36.2 Low 883.0 881.0 2683.0 2682.0 23.4 23.3 707.0 707.2 197.5 197.5 1794.4 1795.2 w 114.5 114.5 66.9 66.9 1909.0 1907.8 616.3 616.7 737.9 738.1
Close 1302.9 1303.7 270.3 270.5 175.2 175.3 617.0 617.0 313.9 313.8 36.3 36.3 Close 934.4 930.3 2831.1 2788.5 23.4 23.3 710.2 710.8 198.4 198.3 1948.7 1947.7 115.8 116.0 67.3 67.4 1919.2 1918.4 634.4 634.4 743.4 743.8
Shares 14318 630K 137K 3690K 106K 1526K 305K 2703K 8013K 6857K 241K 1781K Shares 26496 597K 7866 486K 322K 1887K 23354 811K 87695 3309K 159K 5743K 186K 4529K 4958K 61810K 37134 1906K 18111 322K 234K 4339K K
PE 20.9 20.9 52.5 52.5 - - - - 18.2 18.2 - - PE 18.2 18.2 24.6 24.3 - - 20.8 20.8 19.8 19.8 112.1 112.0 33.1 33.1 - - 81.2 81.1 28.4 28.4 14.6 14.6
52 Wk H/L 1658/896 1659/895 323/116 322/116 215/77 215/77 699/51 698/51 429/203 429/203 74/24 74/23 52 Wk H/L 1128/436 1129/435 3090/18723090/1871 61/1 59/1 814/350 814/349 232/137 232/137 1974/10471974/1047 W 197/74 197/73 88/34 88/34 2088/14322070/1431 1218/366 1218/366 968/281 968/289
Mcap 24467 24481 29728 29744 19268 19274 96499 96492 63766 63746 14001 14001 Mcap 18365 18284 33846 33336 11594 11569 12129 12140 39395 39366 27110 27096 M 6624 6632 19756 19785 184090 184008 19443 19444 43553

Avenue Supermar Axis BankH Bajaj Auto Bajaj FinH Bajaj Finsrv< Balkrishna IH Bandhan Bank Bank of BarodaH Bata India< BEML Berge Paint« Bharat Dyn Bharat Elctn« Bharat ForgeH Bharti Airtel< Bharti Infratel BHELH Biocon<
PCLose (2053.4) (2055.3) (419.8) (419.8) (2983.9) (2986.2) (3242.9) (3243.9) (5654.5) (5646.6) (1348.6) (1348.8) PCLose (268.0) (268.0) (41.5) (41.5) (1340.6) (1343.3) (602.8) (603.3) (570.8) (570.8) (294.2) (294.4) (93.8) (93.8) (446.6) (446.6) (433.9) (433.8) (167.1) (166.9) (31.5) (31.5) (423.8) (423.9)
Open 2053.4 2047.9 410.1 414.0 2987.0 2964.9 3205.0 3191.0 5590.0 5580.0 1400.0 1346.3 Open 262.8 262.8 41.0 40.8 1330.0 1335.0 600.0 596.0 572.0 570.8 293.9 292.7 O 92.9 92.2 435.1 441.4 426.6 425.3 161.3 165.0 30.9 30.8 421.0 421.6
High 2084.0 2084.0 414.0 414.3 3001.4 3001.9 3205.0 3194.8 5590.1 5600.0 1400.0 1346.3 High 264.8 264.9 41.0 41.2 1338.7 1338.0 610.0 611.0 580.0 580.0 304.3 304.7 92.9 93.0 443.1 444.0 433.5 433.5 175.5 175.7 30.9 31.0 423.4 423.4
Low 2037.8 2037.6 400.0 401.2 2912.0 2912.8 3008.9 3006.9 5401.0 5400.0 1299.4 1299.1 Low 252.8 252.7 39.7 39.7 1282.1 1282.5 590.1 589.1 560.4 562.1 283.2 283.1 w 89.7 89.7 428.0 427.5 415.0 416.2 161.3 162.2 29.6 29.6 406.5 406.1
Close 2046.6 2047.4 402.4 402.5 2930.4 2931.9 3027.9 3028.9 5427.2 5425.7 1306.9 1305.8 Close 254.8 254.8 39.8 39.9 1297.9 1299.0 606.4 605.6 575.3 575.1 292.6 292.5 90.5 90.5 431.7 431.3 418.9 419.3 168.6 169.1 29.9 29.9 408.5 408.3
Shares 13141 453K 818K 21177K 9235 737K 161K 5964K 24254 499K 30421 514K Shares 916K 7918K 1618K 21990K 27135 819K 16486 242K 61997 2140K 34485 1013K 191K 10281K 66850 1424K 1418K 35787K 1277K 53514K 3434K 40198K 101K 2882K
PE 124.6 124.6 89.9 89.9 18.5 18.5 39.4 39.5 23.1 23.1 28.4 28.3 PE 14.8 14.8 - - 133.4 133.5 77.7 77.6 95.6 95.6 13.7 13.7 13.4 13.4 82.7 82.6 - - 10.0 10.0 - - 70.9 70.9
52 Wk H/L 2559/17012560/1700 766/285 766/286 3315/17933315/1789 4923/17834923/1783 10297/3986 9950/3985 1432/678 1432/679 52 Wk H/L 650/152 650/152 108/36 108/36 1897/10171895/1000 1108/370 1109/370 597/390 597/389 481/147 482/145 W 122/56 122/56 533/208 534/208 612/326 612/326 296/121 297/120 61/19 61/18 464/212 464/212
Mcap 132573 132621 123140 123156 84797 84839 182461 182522 86368 86345 25262 25240 Mcap 41023 41031 18390 18413 16681 16694 2525 2522 55873 55849 5362 5360 M 22051 22039 20100 20079 228506 228752 31184 31277 10394 10394 49014 48990

BirlasoftH Bosch BPCL Britannia« Cadila Healt« Canara Bank Caplin PointH CDSL Century Tex Chola InvH CiplaH City Union Bk« Coal India Coforge Colgate« Containr Crp< Coromndl Int« Cummins (I)H
PCLose (193.8) (193.9) (12750.9) (12749.5) (387.6) (387.6) (3624.4) (3624.9) (383.9) (383.9) (88.2) (88.2) PCLose (556.4) (554.5) (-) (479.6) (332.5) (332.8) (229.8) (229.9) (766.9) (767.4) (135.1) (135.1) (121.3) (121.1) (2224.1) (2223.4) (1354.4) (1354.0) (377.0) (377.1) (788.8) (787.5) (453.3) (453.8)
Open 189.9 187.6 12580.0 12511.1 379.7 378.2 3614.7 3590.0 380.0 381.8 86.3 86.0 Open 537.0 540.0 - 475.0 329.9 326.4 225.5 228.0 765.8 764.5 134.5 135.5 O 121.0 121.1 2208.0 2210.0 1351.1 1357.0 375.0 373.5 757.6 770.6 453.3 450.0
High 192.8 192.9 12680.0 12680.0 385.9 386.2 3652.3 3655.0 383.8 383.8 86.6 86.7 High 551.8 552.4 - 488.3 329.9 329.7 239.3 239.2 766.3 766.7 136.1 135.7 121.0 121.1 2208.0 2215.6 1394.1 1395.4 377.6 378.5 809.6 810.0 453.3 455.0
Low 182.2 182.0 12122.1 12111.2 375.6 375.4 3560.1 3560.2 374.0 374.2 82.6 82.5 Low 533.1 532.4 - 455.5 315.3 315.1 222.1 222.0 729.7 730.0 132.0 132.2 w 115.1 115.2 2101.0 2099.3 1339.3 1340.0 366.7 366.0 755.7 755.8 437.9 437.3
Close 183.3 183.6 12391.4 12390.6 377.3 377.3 3612.9 3612.8 376.1 376.3 83.3 83.3 Close 539.0 538.5 - 459.5 317.7 317.9 229.2 229.8 732.8 733.5 133.8 133.7 115.7 115.7 2113.2 2114.5 1372.8 1374.0 370.7 371.1 797.6 795.3 441.5 441.6
Shares 113K 1940K 5536 97035 96051 4628K 8025 517K 110K 3632K 705K 9740K Shares 22257 213K - 2538K 41529 656K 225K 9666K 244K 7124K 54843 706K 1107K 15979K 10208 297K 27432 1302K 32040 2226K 29414 310K 79557 2377K
PE 21.3 21.3 146.5 146.5 22.2 22.2 51.2 51.2 29.0 29.0 - - PE 22.7 22.7 - - 10.3 10.3 16.1 16.1 35.9 35.9 22.2 22.2 5.0 5.0 29.3 29.4 44.2 44.2 107.7 107.9 18.7 18.6 22.6 22.6
52 Wk H/L 206/48 207/47 17137/7874 17260/7850 550/252 549/252 4015/21014010/2100 423/213 423/202 234/74 234/74 52 Wk H/L 686/180 686/176 -/- 514/180 950/220 953/219 349/117 349/117 819/357 819/355 249/110 249/110 W 218/115 218/115 2271/739 2272/735 1641/10651643/1065 665/263 666/263 838/400 839/400 653/282 653/280
Mcap 5078 5086 36542 36540 81835 81835 86961 86959 38496 38522 12100 12108 Mcap 4078 4073 - 4802 3548 3550 18785 18834 59089 59142 9865 9858 M 71303 71303 12802 12809 37339 37371 22584 22611 23384 23318 12237 12240

Dabur India« Deepak NitrtH Divis LabH Dixon Tech DLFH Dr Reddys< Eicher Motor« Emami« Embassy Office Equitas Hold Escorts Exide Ind« Federal BankH Future RetailH GAIL Glenmark« GMR Infra« Godrej Cons«
PCLose (486.0) (485.8) (843.8) (844.1) (3139.1) (3147.6) (8779.8) (8785.5) (150.4) (150.4) (5100.4) (5107.8) PCLose (2076.2) (2076.8) (366.9) (367.1) (365.0) (-) (50.2) (50.2) (1213.8) (1213.8) (157.4) (157.4) (48.5) (48.5) (86.7) (86.7) (85.7) (85.7) (470.7) (470.8) (21.5) (21.4) (679.0) (678.9)
Open 484.8 484.0 836.0 828.0 3128.0 3090.0 8695.0 8600.0 147.0 148.0 5075.0 5060.0 Open 2040.2 2052.5 380.0 373.8 362.0 - 49.4 49.0 1161.0 1197.0 154.7 156.0 O 46.8 47.4 84.0 84.0 83.1 84.3 465.0 465.8 21.3 21.4 669.0 673.3
High 490.8 490.8 836.0 835.0 3150.4 3151.8 8695.0 8600.0 148.3 148.4 5206.2 5202.9 High 2078.1 2079.0 380.0 373.8 364.0 - 49.7 50.0 1205.0 1205.6 157.3 157.4 47.9 47.9 85.1 84.7 85.4 85.5 466.4 466.8 22.0 22.1 701.8 702.0
Low 479.2 478.8 786.0 785.3 2986.7 2985.0 8342.2 8345.1 144.4 144.4 5000.0 5002.5 Low 2024.0 2023.0 351.2 350.0 357.3 - 48.3 48.3 1150.0 1151.5 153.9 154.1 w 45.5 45.5 82.4 82.4 82.3 82.0 447.2 447.0 20.7 20.8 669.0 670.0
Close 486.7 486.3 799.4 800.0 3021.3 3020.5 8434.4 8430.1 146.3 146.3 5024.5 5027.4 Close 2039.8 2034.5 353.8 354.4 360.1 - 48.7 48.7 1156.8 1157.9 154.7 154.8 45.8 45.8 82.4 82.4 82.9 83.0 454.1 454.4 21.2 21.2 691.3 691.5
Shares 79806 2732K 70978 1386K 56040 6258K 3066 127K 439K 9215K 107K 5198K Shares 53851 1346K 10130 409K 14600 - 152K 1679K 99606 1887K 106K 4518K 2605K 41509K 270K 2033K 806K 14463K 121K 3168K 2258K 27157K 50480 1980K
PE 60.4 60.4 21.8 21.8 50.2 50.2 99.1 99.0 - - 43.0 43.0 PE 42.2 42.1 51.8 51.9 - - 236.2 236.4 31.8 31.8 20.4 20.4 5.8 5.8 6.3 6.3 6.7 6.7 13.9 13.9 - - 47.6 47.6
52 Wk H/L 528/385 528/386 888/285 888/286 3388/15953389/1595 10281/2671 10290/2663 267/115 267/115 5515/24985513/2495 52 Wk H/L 2389/12462387/1245 407/141 408/131 518/301 -/- 121/33 121/33 1280/527 1281/526 208/122 208/125 W 97/36 97/36 404/61 404/61 140/66 140/65 573/168 573/162 28/14 28/14 772/425 772/425
Mcap 86019 85949 10904 10911 80199 80178 9759 9754 36201 36201 83537 83586 Mcap 55727 55581 15726 15751 27791 - 1663 1665 15597 15612 13150 13154 M 9122 9122 4466 4469 37367 37434 12815 12822 12796 12766 70680 70706

Godrej Prpty< Granules« Grasim IndH HAL Havells I« HCL TechnoH HDFCH HDFC AMC< HDFC Bank« HDFC Std Life HEG Hero MotoCorpH Hexaware TchH Hind ZincH Hindalco« HPCL HUL« ICICI BankH
PCLose (863.2) (864.5) (363.5) (363.2) (719.2) (718.4) (770.0) (771.0) (674.2) (674.8) (814.3) (814.1) PCLose (1667.1) (1667.1) (2145.3) (2143.1) (1047.6) (1047.3) (580.0) (580.3) (715.4) (716.0) (2958.4) (2956.8) (468.1) (468.3) (212.6) (212.6) (165.4) (165.4) (177.6) (177.4) (2052.9) (2052.6) (351.7) (351.9)
Open 860.8 855.0 350.0 358.0 703.0 708.0 759.9 758.0 673.0 669.9 806.9 811.0 Open 1644.0 1646.8 2130.0 2138.0 1036.5 1038.0 574.1 574.8 705.0 708.8 2910.0 2911.4 O 467.0 465.5 210.2 211.0 157.9 158.0 173.0 175.3 2040.0 2044.0 345.6 345.0
High 860.8 856.8 368.0 368.4 714.1 715.0 812.0 813.7 678.2 678.6 811.0 811.5 High 1655.0 1654.2 2139.2 2138.5 1045.1 1047.0 580.7 580.8 762.9 765.0 2947.3 2949.0 468.5 468.7 210.7 211.5 162.3 162.3 177.0 176.9 2079.6 2081.0 347.2 347.0
Low 840.0 835.1 350.0 353.0 676.0 675.5 746.6 744.3 657.7 657.0 783.4 784.0 Low 1623.0 1623.0 2101.1 2100.1 1025.2 1025.0 573.0 572.7 697.8 696.3 2901.4 2900.0 w 465.6 465.5 204.5 204.1 155.0 154.4 171.0 170.9 2034.7 2035.1 334.0 333.8
Close 849.8 849.8 360.6 360.6 680.4 679.7 778.2 778.9 669.2 664.2 788.1 788.3 Close 1637.8 1636.9 2104.2 2103.3 1030.0 1030.4 577.7 577.7 740.9 742.0 2918.2 2918.3 466.9 467.2 205.4 205.3 159.1 159.1 172.4 172.3 2060.3 2060.9 335.8 335.7
Shares 6752 316K 290K 3831K 48988 2825K 53359 1353K 46587 1886K 361K 10554K Shares 202K 5674K 38305 491K 309K 9905K 32291 3044K 26178 630K 266K 1020K 26998 754K 57231 551K 496K 19293K 469K 6702K 107K 3798K 587K 25841K
PE 136.4 136.4 24.5 24.5 13.1 13.1 10.7 10.7 67.3 66.8 18.2 18.2 PE 16.7 16.7 - - 20.7 20.7 88.3 88.3 - - 23.9 23.9 20.6 20.7 13.6 13.6 64.1 64.2 5.7 5.7 70.5 70.5 26.9 26.9
52 Wk H/L 1188/506 1189/505 385/93 385/95 837/380 837/385 1424/448 1423/470 756/447 751/447 850/376 850/375 52 Wk H/L 2500/14732500/1473 3844/19643844/1962 1304/739 1306/739 648/339 648/340 1300/413 1300/410 3180/14753181/1475 W 469/202 469/202 259/122 259/116 221/85 221/85 329/155 329/150 2614/17562614/1757 552/269 552/268
Mcap 21420 21420 8925 8925 44767 44721 26021 26046 41892 41579 213849 213917 Mcap 293830 293659 44793 44774 566854 567101 116654 116654 2860 2864 58290 58293 M 14013 14023 86788 86724 35727 35739 26271 26255 484088 484229 231571 231502

ICICI Lombard ICICI Prud Life ICICI Securitie< IDFC First Bank India Cement Indiabulls HousH IndiaMART Int Indian Hotel« Indraprst GsH IndusInd Bank Info Edge Infosys< InterGlobe Avia IOC IOL Chem Ipca LabsH IRB Infra IRCTC
PCLose (1257.1) (1258.2) (408.5) (408.7) (462.9) (459.5) (28.5) (28.5) (117.9) (118.1) (151.5) (151.6) PCLose (4898.8) (4904.1) (91.9) (92.0) (407.5) (407.6) (527.7) (528.0) (3383.1) (3388.7) (1019.7) (1019.8) (1282.6) (1282.7) (76.0) (75.9) (749.8) (751.3) (2135.8) (2135.7) (109.5) (109.8) (1372.6) (1372.8)
Open 1242.0 1240.1 412.0 407.0 451.5 452.0 27.9 28.0 115.6 116.4 147.8 147.8 Open 4745.0 4790.0 91.4 91.0 403.5 405.0 518.7 517.2 3404.7 3376.0 1008.0 1003.0 O 1253.0 1260.0 75.0 75.0 734.0 741.9 2105.0 2125.0 109.0 108.0 1359.8 1352.9
High 1260.0 1258.0 415.2 415.4 474.2 474.1 28.2 28.1 117.3 117.8 150.7 150.8 High 4889.0 4892.0 91.9 92.0 403.6 405.0 520.0 519.0 3449.0 3450.0 1008.0 1009.0 1262.7 1264.2 75.5 75.2 750.4 750.7 2113.2 2125.0 109.0 108.0 1365.1 1366.0
Low 1225.0 1225.1 405.0 403.3 440.9 440.1 26.9 26.9 113.5 113.5 137.6 137.5 Low 4683.9 4675.0 88.6 88.7 388.4 388.3 485.0 485.0 3330.3 3330.0 970.2 970.0 w 1182.6 1180.9 71.4 71.7 710.0 710.6 2046.8 2047.7 101.5 101.1 1332.0 1332.0
Close 1252.4 1251.3 414.0 414.3 466.7 466.7 27.0 27.0 115.9 116.1 139.0 138.8 Close 4815.3 4817.7 91.0 90.9 392.4 393.3 490.2 490.3 3376.7 3375.8 975.4 975.4 1196.8 1197.3 72.0 72.0 722.2 722.7 2065.9 2070.2 102.3 102.2 1337.9 1338.9
Shares 12703 449K 54034 2362K 29348 595K 3383K 36434K 82365 1600K 1209K 24458K Shares 6147 142K 64345 1506K 56122 3682K 495K 20947K 8661 642K 284K 14427K 85900 2942K 1566K 24559K 62916 906K 9125 200K 32233 612K 18048 399K
PE 44.4 44.4 55.5 55.5 24.2 24.2 - - - - 3.8 3.8 PE - - 157.2 157.0 28.9 29.0 10.8 10.8 195.4 195.4 24.4 24.4 - - - - 10.5 10.5 26.8 26.9 7.4 7.4 - -
52 Wk H/L 1440/806 1440/805 538/222 537/226 569/204 569/204 48/18 48/18 140/69 140/70 436/81 437/81 52 Wk H/L 5225/16415227/1641 162/62 162/62 534/285 534/284 1596/236 1597/236 3615/15803618/1581 1037/511 1037/509 W 1898/765 1899/771 156/71 156/71 898/147 899/146 2236/844 2236/845 139/46 139/46 1995/625 1994/625
Mcap 56918 56870 59439 59482 15036 15035 15315 15315 3592 3596 6424 6417 Mcap 13935 13942 10823 10811 27468 27528 37074 37078 43417 43405 415441 415462 M 46051 46072 67735 67782 4240 4243 26103 26157 3595 3592 21406 21422

ITC« ITI Jindal Steel« JSW Steel« Jubilant Fd Jubilant Lif« Just Dial Kotak Mah Bank< L & TH L & T Infotech« L&T Finance Hol Laurus Labs LIC Hsg FinH LupinH M & M FinH Mah & Mah< Maha Gas Manapp FinanceH
PCLose (172.6) (172.5) (122.6) (122.6) (175.9) (175.8) (268.0) (268.2) (2316.4) (2315.6) (726.0) (726.3) PCLose (360.8) (361.9) (1274.8) (1275.4) (860.8) (860.6) (2449.4) (2448.4) (59.5) (59.5) (1366.3) (1365.4) (278.1) (278.0) (1016.0) (1016.5) (119.9) (120.0) (612.8) (612.6) (843.1) (842.9) (146.2) (146.4)
Open 171.6 171.7 119.9 118.3 172.0 172.3 264.0 263.1 2321.0 2314.0 722.8 716.9 Open 360.6 351.0 1265.0 1267.0 857.8 856.0 2464.8 2448.5 58.5 58.4 1332.0 1330.0 O 270.5 272.1 1010.8 1009.0 116.1 117.2 605.0 605.0 844.0 844.0 145.0 144.4
High 171.6 171.8 120.3 121.0 174.4 174.4 264.8 265.0 2321.0 2315.0 736.5 736.8 High 360.6 358.0 1284.8 1284.9 859.5 859.9 2516.4 2518.1 58.9 58.9 1347.3 1347.0 274.8 273.7 1018.9 1019.0 118.0 118.1 606.0 606.4 844.0 847.0 145.0 144.5
Low 166.2 166.2 117.1 117.2 162.3 162.3 257.7 257.6 2236.6 2238.0 694.2 694.2 Low 339.9 340.0 1236.1 1236.0 842.5 843.0 2310.2 2311.6 56.1 56.0 1246.5 1256.4 w 260.2 260.0 972.6 971.3 112.9 112.8 566.0 567.5 816.0 816.0 139.9 139.7
Close 166.6 166.6 117.6 117.6 164.2 164.2 258.7 258.6 2264.9 2261.6 698.9 699.0 Close 343.9 343.6 1245.9 1246.1 850.4 850.7 2437.9 2414.4 56.3 56.3 1291.4 1291.8 261.2 261.2 979.6 979.6 113.5 113.5 573.8 575.1 818.5 818.1 140.8 140.8
Shares 2658K 31487K 50306 820K 1074K 14822K 383K 7985K 16697 819K 16890 494K Shares 58053 1049K 117K 5616K 517K 11609K 23650 841K 1172K 13374K 262K 2134K 200K 4656K 57220 2900K 758K 10721K 267K 8992K 52463 837K 161K 5746K
PE 14.3 14.3 99.2 99.2 259.5 259.5 25.9 25.9 233.4 233.1 13.9 13.9 PE 7.1 7.1 29.0 29.0 14.2 14.3 26.9 26.7 8.7 8.7 33.6 33.6 5.1 5.1 - - 14.1 14.1 - - 12.1 12.1 7.6 7.6
52 Wk H/L 266/135 266/135 152/45 152/45 238/62 239/62 297/133 297/133 2422/11422424/1138 910/230 909/234 52 Wk H/L 718/251 718/250 1740/10001740/1001 1496/661 1496/661 2792/12082794/1210 134/46 134/46 1550/304 1550/295 W 486/186 487/185 1122/505 1122/505 246/76 246/76 666/246 667/245 1247/666 1246/664 195/76 195/74
Mcap 205001 204940 10875 10875 16743 16748 62533 62497 29889 29846 11133 11135 Mcap 2124 2122 246589 246628 119393 119443 42540 42131 11287 11287 13844 13848 M 13181 13179 44388 44391 14023 14017 71329 71496 8085 8081 11910 11914

Marico« Maruti Suzuki< Max Fin SreH MCX Mindtree Mothersons S« Mphasis MRF Muthoot Finance Nat Alum< Natco PharmaH NBCC« NCCH Nestle India Nippon Life Ind NMDC« NTPC ONGC<
PCLose (339.8) (340.3) (6503.5) (6501.3) (588.7) (588.3) (1593.9) (1595.9) (1297.8) (1297.8) (109.2) (109.3) PCLose (1383.6) (1384.1) (57218.4) (57211.5) (1046.4) (1045.3) (31.9) (31.8) (850.8) (851.5) (23.9) (23.9) (30.8) (30.8) (15363.0) (15366.0) (263.4) (263.3) (80.2) (80.2) (85.1) (85.1) (67.7) (67.7)
Open 339.0 337.8 6410.0 6435.0 580.0 588.0 1630.0 1599.0 1305.0 1288.9 108.7 108.0 Open 1376.6 1360.0 56814.6 56999.6 1018.3 1038.0 31.6 31.3 838.5 840.2 23.8 23.7 O 30.1 30.5 15363.0 15348.0 255.3 260.4 79.0 78.7 84.1 84.1 66.0 66.1
High 345.1 346.0 6482.5 6486.8 588.1 589.4 1642.9 1643.4 1305.0 1288.9 108.7 108.0 High 1376.6 1370.0 56900.0 57098.1 1040.0 1039.0 31.6 31.7 872.1 873.3 23.8 23.7 30.4 30.6 15454.7 15438.3 262.0 260.9 79.1 79.1 85.7 85.7 67.3 67.4
Low 333.3 333.0 6273.7 6270.2 568.0 567.3 1561.0 1559.6 1237.0 1236.1 102.4 102.3 Low 1246.7 1244.2 55360.4 55300.0 1010.0 1010.6 30.0 30.0 823.4 823.9 22.7 22.2 w 29.6 29.5 15180.9 15175.0 250.0 249.1 75.6 75.6 82.1 82.2 65.5 65.5
Close 342.8 342.6 6295.9 6297.7 580.3 579.8 1630.7 1631.6 1248.6 1248.2 104.1 104.0 Close 1266.0 1265.2 55562.5 55618.9 1017.9 1018.8 XO30.1 30.1 852.2 852.0 22.9 22.9 29.8 29.9 15257.9 15258.9 251.6 251.3 75.9 75.9 82.7 82.7 66.4 66.7
Shares 37567 3118K 36208 1238K 63839 1213K 19057 287K 35023 692K 471K 14219K Shares 13391 714K 522 10032 64841 1832K 755K 12663K 17713 525K 610K 4578K 549K 5452K 2215 111K 53501 800K 535K 9901K 811K 17725K 1292K 32951K
PE 40.5 40.4 48.0 48.0 197.8 197.6 38.1 38.1 27.4 27.4 1171.8 1170.7 PE 19.8 19.8 20.6 20.6 12.3 12.3 98.4 98.2 35.3 35.3 116.9 116.6 5.7 5.7 70.7 70.7 34.5 34.5 7.8 7.8 8.2 8.2 10.7 10.7
52 Wk H/L 404/234 404/234 7755/40027759/4001 642/280 642/276 1859/805 1859/815 1342/676 1342/675 151/49 151/49 52 Wk H/L 1418/612 1420/630 73500/50000 73566/49915 1405/478 1406/477 49/24 49/24 932/450 930/403 45/14 46/14 W 70/16 69/16 18301/12589 18370/12200 453/201 453/208 140/62 140/62 125/74 125/73 150/52 150/50
Mcap 44262 44237 190185 190241 15642 15629 8316 8321 20561 20553 32858 32826 Mcap 23621 23606 23559 23582 40826 40862 5616 5606 15514 15510 4122 4113 M 1817 1820 147116 147126 15406 15390 23224 23224 81779 81779 83533 83848

Page Inds Petronet LNG Phoenix MillH PI Inds« Pidilite Ind« Piramal EntpH PNBH Power Fin Power Grid PVR Rallis« Ramco Cements« Raymond RBL Bank REC Reliance Ind Rossari BiotechH SAIL
PCLose (19340.4) (19375.1) (215.4) (215.6) (568.5) (568.7) (1895.3) (1891.5) (1419.3) (1420.8) (1237.1) (1237.5) PCLose (29.4) (29.4) (86.2) (86.2) (163.9) (163.9) (1116.9) (1116.4) (285.5) (286.0) (722.7) (724.1) (264.6) (263.9) (166.6) (166.4) (100.0) (100.0) (2229.6) (2230.8) (770.9) (770.5) (34.8) (34.8)
Open 19398.7 19298.5 215.4 213.5 565.0 563.9 1850.1 1870.0 1419.9 1408.0 1203.6 1220.0 Open 28.7 29.0 85.6 85.0 160.0 162.3 1015.0 1091.0 280.0 278.6 707.0 721.0 O 259.0 257.3 161.6 163.0 98.4 99.0 2210.0 2207.9 764.8 760.0 34.4 34.0
High 19498.9 19499.0 215.4 215.2 565.0 563.9 1916.1 1918.2 1426.5 1427.0 1237.5 1238.6 High 29.1 29.1 85.8 86.0 165.0 165.1 1117.0 1101.8 285.0 285.0 712.5 721.0 260.6 260.7 164.8 164.9 99.2 99.3 2226.0 2226.0 764.8 763.3 34.4 34.4
Low 18643.4 18620.0 209.8 209.6 542.7 541.7 1850.1 1870.0 1397.0 1395.0 1178.9 1178.6 Low 28.0 28.0 82.2 82.1 158.6 158.5 1015.0 1055.0 265.0 275.7 690.2 690.0 w 252.3 252.0 156.0 156.1 95.1 95.0 2175.7 2176.1 741.0 741.0 32.7 32.7
Close 18897.0 18871.9 210.8 210.7 548.7 548.4 1889.4 1892.2 1399.9 1399.5 1192.5 1193.8 Close 28.1 28.1 82.6 82.6 159.6 159.4 1062.7 1061.7 280.2 279.0 693.4 694.8 253.1 253.2 157.7 157.8 95.4 95.3 2181.2 2181.2 746.4 747.5 32.8 32.9
Shares 1023 119K 41819 3296K 4323 388K 5179 387K 12806 643K 35686 1273K Shares 1708K 26290K 288K 5693K 200K 11683K 105K 1505K 14759 517K 6340 674K 53255 441K 612K 12676K 188K 5598K 439K 13765K 12589 140K 3577K 36130K
PE 109.2 109.0 11.9 11.9 55.1 55.1 60.5 60.6 83.7 83.6 367.1 367.5 PE - - 3.6 3.6 8.1 8.0 - - 25.8 25.7 31.5 31.6 - - 21.1 21.1 3.6 3.6 32.5 32.5 - - 19.9 19.9
52 Wk H/L 26891/16187 26883/16254 297/171 298/170 980/466 979/465 2154/974 2160/970 1710/11861710/1186 1845/608 1845/607 52 Wk H/L 70/26 70/26 133/74 133/74 211/130 211/122 2083/707 2087/705 340/127 340/125 883/457 884/455 W 838/210 829/210 404/102 404/102 157/79 157/79 2369/867 2369/867 858/664 859/664 52/20 52/20
Mcap 21070 21042 31613 31605 9421 9415 28662 28704 71129 71109 26897 26925 Mcap 26397 26397 21794 21794 83470 83365 5863 5857 5449 5427 16337 16368 M 1685 1686 8023 8028 18831 18821 1382720 1382752 3877 3883 13548 13569

SBI« SBI Card & Pay SBI Life Ins Sequent ScH Shree Cement Shriram TrFn SiemensH SRF Sterlite TchH Strides Pharma Sun Pharma« Sun TV Net< Tata Chem Tata Consumer P« Tata Elxsi Tata Mot-DVRH Tata MotorsH Tata Power«
PCLose (183.8) (183.8) (820.8) (821.0) (834.0) (833.0) (150.3) (150.4) (18968.1) (18951.8) (613.5) (613.1) PCLose (1231.8) (1230.6) (4115.9) (4117.0) (145.1) (145.1) (658.2) (658.0) (502.8) (502.9) (460.0) (460.7) (292.5) (293.5) (494.1) (493.5) (1204.8) (1204.4) (60.4) (60.5) (131.4) (131.4) (53.5) (53.5)
Open 181.2 181.1 815.0 811.3 810.1 830.6 149.9 148.8 18650.0 18800.0 590.0 600.0 Open 1230.0 1221.1 4121.5 4098.0 142.5 143.0 643.0 630.0 498.2 497.5 459.0 450.0 O 298.7 298.4 490.0 489.9 1200.0 1199.7 59.9 59.9 127.8 127.9 52.8 52.6
High 181.5 181.8 820.8 820.8 832.0 832.2 149.9 148.8 18813.3 18846.9 605.2 600.0 High 1230.0 1224.8 4121.5 4100.9 144.7 144.9 661.0 661.0 501.1 501.3 459.0 450.0 301.0 300.9 492.8 492.9 1200.0 1200.0 61.7 61.8 128.8 128.8 53.0 53.0
Low 175.6 175.5 805.0 805.0 782.8 782.4 141.8 141.6 18214.4 18183.6 555.9 555.6 Low 1193.5 1193.6 3996.2 3993.6 140.0 140.0 630.2 629.9 483.0 483.0 439.4 439.3 w 277.0 276.9 477.6 478.0 1160.8 1161.4 57.0 57.0 122.2 122.2 50.0 50.1
Close 176.5 176.4 816.1 816.1 797.5 804.4 142.6 142.7 18336.9 18342.0 565.8 563.9 Close 1211.1 1211.5 4007.1 4005.7 140.5 140.5 641.3 641.4 485.4 485.8 442.9 442.7 278.7 278.8 488.8 488.7 1184.9 1188.0 57.3 57.3 122.8 122.8 50.4 50.5
Shares 1697K 46115K 161K 1161K 69416 14779K 105K 1175K 1064 64618 323K 8879K Shares 53432 562K 4792 183K 63058 856K 135K 804K 199K 8770K 79194 2770K 259K 7543K 214K 9647K 62685 339K 445K 6109K 2622K 62424K 1852K 21626K
PE 7.3 7.3 - - 55.3 55.8 132.0 132.0 41.9 41.9 6.5 6.5 PE 56.7 56.7 24.7 24.7 17.4 17.4 42.2 42.2 161.3 161.5 13.7 13.7 1.0 1.0 85.9 85.9 26.7 26.8 - - - - 15.2 15.2
52 Wk H/L 351/150 351/149 868/495 868/495 1030/520 1030/519 158/52 158/52 25341/15500 25355/15410 1332/429 1332/429 52 Wk H/L 1717/947 1717/948 4475/24924475/2468 175/60 175/59 745/271 745/268 565/315 565/312 551/260 551/260 W 779/197 780/197 592/214 592/214 1330/501 1331/500 84/28 84/28 202/64 202/64 66/27 66/27
Mcap 157475 157385 76624 76629 79749 80444 3540 3543 66159 66178 14317 14269 Mcap 43127 43140 23033 23024 5551 5549 5748 5748 116462 116558 17452 17446 M 7099 7103 45043 45034 7380 7399 2911 2911 37932 37932 16088 16120

Tata Steel TCS« Tech Mahindra< Titan Company« Torrent Phar< Torrent Pwer TVS Motor« Ujjivan Fin Ser UltraTech United Brew« United SpirtH UPLH Vedanta« Vodafone Idea Voltas« WiproH YES BankH Zee Enter«
PCLose (361.3) (361.3) (2467.1) (2467.4) (792.8) (793.0) (1117.3) (1117.2) (2659.7) (2660.9) (321.5) (321.4) PCLose (442.1) (442.4) (205.6) (205.5) (3867.1) (3869.1) (963.0) (963.4) (509.3) (509.1) (532.5) (532.4) (130.0) (130.0) (9.2) (9.2) (666.3) (666.4) (314.5) (314.9) (13.1) (13.1) (191.8) (191.8)
Open 359.0 356.8 2450.0 2450.0 786.3 788.0 1116.5 1113.0 2648.0 2646.0 315.1 317.5 Open 442.4 439.6 200.0 200.1 3871.2 3869.0 967.0 960.0 504.0 509.0 523.0 525.5 O 129.0 128.1 8.9 9.0 667.0 660.0 314.3 313.4 13.0 13.0 184.0 185.0
High 359.0 357.3 2450.0 2450.0 786.3 788.0 1116.5 1113.9 2676.7 2678.4 320.7 321.0 High 442.4 439.6 206.4 206.8 3871.2 3869.2 967.0 960.0 508.4 509.0 525.4 525.5 134.0 134.0 9.4 9.5 667.0 665.0 314.3 313.4 13.0 13.1 195.7 195.8
Low 343.0 342.8 2302.5 2302.6 747.4 747.6 1076.0 1076.0 2558.6 2455.0 305.4 305.1 Low 426.2 426.0 200.0 200.1 3755.0 3753.9 915.5 915.1 494.0 494.0 502.1 502.2 w 128.1 128.1 8.6 8.6 646.7 647.0 302.2 302.5 12.8 12.8 183.0 182.9
Close 343.9 343.9 2331.5 2332.3 751.4 751.9 1095.8 1096.2 2649.0 2650.3 307.9 307.0 Close 433.7 435.3 202.3 202.1 3776.0 3777.8 920.7 920.5 495.5 495.6 505.2 505.2 132.0 131.8 9.1 9.1 648.6 650.1 304.6 304.7 13.0 13.0 190.1 190.4
Shares 380K 12496K 189K 8425K 163K 5929K 75035 2356K 6635 501K 24989 740K Shares 28717 1873K 63045 599K 16379 456K 13488 461K 69143 2366K 101K 4119K 1015K 30204K 112587K 511445K 13107 1025K 709K 17921K 20917K 111614K 937K 76317K
PE - - 28.0 28.0 17.9 18.0 110.9 111.0 39.7 39.7 11.6 11.6 PE 66.3 66.5 278.9 278.7 20.4 20.5 164.0 164.0 123.3 123.3 19.7 19.7 - - - - 49.5 49.7 17.9 17.9 - - 692.8 693.9
52 Wk H/L 506/251 506/251 2554/15042555/1506 846/470 846/471 1390/720 1390/721 3040/15553031/1555 369/240 369/232 52 Wk H/L 503/240 504/240 415/125 416/125 4753/29134754/2910 1400/759 1372/750 743/443 743/443 618/240 618/240 W 167/60 167/60 13/3 14/2 741/428 741/427 325/160 325/159 88/6 87/6 363/114 364/114
Mcap 38734 38740 874872 875154 72610 72659 97281 97316 44826 44848 14798 14755 Mcap 20603 20679 2460 2458 108985 109039 24343 24338 36002 36009 38600 38596 M 49067 48974 26207 26149 21462 21510 174064 174121 32471 32446 18254 18283
Business Standard
Centre allows 5 states to
borrow extra ¥10,000 cr
Move comes as state govts implement 'one nation, one-ration card' reform
INDIVJAL DHASMANA
N e w D e l h i , 24 S e p t e m b e r
he central government
T on Thursday allowed
five states to raise
additional ~9,913 crore
through open market borrow-
ings (OMBs).
The nod comes as Andhra
Pradesh, Telangana, Goa,
Karnataka and Tripura imple-
mented the 'one nation, one
ration card' reform, a con-
dition set by the Centre to
enable states to borrow extra.
Karnataka can now borrow
additional ~4,509 crore, while
Andhra Pradesh can raise
~2,525 crore, followed by
Telangana at ~2,508 crore. Goa
has been allowed to mop up
~223 crore from markets and
Tripura ~148 crore.
In view of the unprece-
dented Covid-19 crisis, the
Union government had in
May allowed states to go for
additional borrowings of up to
2 per cent of their gross state
domestic product (GSDP) for
2020-21. This will make ~4.27
trillion available to the states.
Half of this could be raised
subject to implementation of
the four specific state level
reforms, where the weighting
of each reform is 0.25 per cent
of GSDP. These reforms are
implementation of 'one
nation, one ration card' sys-
tem; ease of doing business
reform; urban local body and
utility reforms, and power sec-
tor reforms.
The remaining additional
borrowing limit of 1 per cent
was to be released in two
installments of 0.50 per cent
What's Yo-Yo test, Modi asks Kohli
Skipper Virat Kohli
explained how the
Yo-Yo test helped Indian
cricketers aim for high-level
fitness when Prime
Minister Narendra Modi
asked him about the
mandatory running aerobic
fitness routine.
Prime Minister Modi
was interacting with fitness
experts and influencers
from across the country to
mark the one-year anniver-
sary of the 'Fit India
Movement.' Modi was keen
• FROM PAGE 1
Markets...
"The markets were running on
liquidity and the best-case sce-
nario of Covid-19 being con-
tained and a quick recovery
happening. Events over the
last few weeks have shaken
this assumption. The markets
will find the bottom only when
Covid cases stabilise," said U R
Bhat, director, Dalton Capital
India. The dollar held around
a two-month high against
major global currencies. A ris-
ing dollar is seen to be bad for
emerging market flows.
Overseas investors pulled
out ?1,885 crore from domestic
equities on Wednesday, taking
their four-day selling beyond
the ~8,000-crore mark.
Another factor weighing IBC...
on the market was the uptick
in Covid-19 infections. Many The Centre had said earlier
countries, including the UK, that it was difficult to find
• BS SUDOKU
6 1
2 3
3 6
8 4
9 7 6 1 consumer supply chain busi-
5 8 4 6
4 2
2 5
S O L U T I O N TO #3164
6 7 1 9 2 8
3 3 5 4 7 1
9 4 2 5 3 6
5 8 3 1 9 2
4 1 6 3 5 7
2 9 7 8 6 4
1 5 8 6 4 3
7 6 9 2 8 5
3 2 4 7 1 9
N E W DELHI | FRIDAY, 25 SEPTEMBER 2 0 2 0
each — first immediately to
all the states, and the second
on undertaking at least three
out of the above mentioned
reforms.
The Union government
has already granted permis-
sion to states to raise the first
0.50 per cent as OMB in June
to know what is Yo-Yo test
and asked if the captain
also has to pass it or he gets
spared? "I heard these days
there is a Yo-Yo test for the
team, what is this test,"
asked Modi during the
interaction. Kohli replied,
France, Spain, and the
Netherlands, are seeing a re-
emergence of Covid hot spots,
which might lead to fresh
curbs on movements and
businesses.
India reported 86,508 cases
in the past 24 hours, close to
100,000 cases every day.
At present India
has the second-highest
number of Covid cases
globally, after the US.
The growing uncertainty
regarding economic recovery
in India and ambiguity on the
extent of GDP decline are wor-
rying investors. Reports sug-
gest the finance ministry is
reassessing its earlier opti-
mism about a V-shaped recov-
ery as people are spending less.
# 3165
7 8
3 RIL operates its retail busi-
5 turnover of ~1.63 trillion and a
9 year ended March 31, 2020.
4 3 6 Hard:
* • * •
9 6 2 "We farmers have been
7 1 8 demanding fair and remuner-
Solution
6 7 4 tomorrow
8 2 9 decades. The BJP government
1 5 3
HOW TO PLAY
Fill in the grid so that every
2 9 7 row, every column and
3 4 1 every 3x3 box contains
5 8 6 the digits 1 to 9
POLITICS & PUBLIC AFFAIRS 13
2020. This made an additional
amount of ~1.06 trillion avail-
able to the states.
Normally, states can bor-
row to the point that their fis-
cal deficit does not cross 3 per
cent of their GSDP. However,
due to coronavirus-induced
lockdowns and the resultant
Saudi Arabia permits
passenger flights
to India: AI Express
Air India Express said Saudi Arabia
has permitted outbound passenger
flights to India under the Vande Bharat
mission. On Tuesday, Saudi Arabia
had banned flights to and from India
"This Test was very impor- amid a surge in coronavirus cases.
tant from fitness point of In a tweet on Wednesday night, Air
view. If we talk about global India Express clarified it would not
fitness level, our fitness carry passengers from India to Saudi
level is still low compared Arabia. "Air India Express Vande
to other teams and we want Bharat Mission flights would continue
to take it up, which is a basic to carry passengers on its flights from
requirement." Saudi Arabia to India," it said. PTI
PTI
adequate resolution applicants
to rescue a company that may
default on debt obligations and
that the Covid-19 pandemic
had impacted economies
across the world. "This further
extension has resulted in the
'permanent default free
period' under IBC to now con-
tinue for nine months. This
may have a long lasting impact
on the financial dealings due
to the uncertainties in the cur-
rent evolving economic sce-
nario created by the ongoing
Covid situation," said Diwakar
Maheshwari, dispute resolu-
tion partner, Khaitan & Co.
Reliance...
An email sent to EMI did not
elicit any response. A Reliance
Industries (RIL) official
declined to comment.
Sources said a significant
amount of money raised by
Reliance Retail from investors
like KKR and Silver Lake would
be used by the company to
acquire assets in India, adding
value to its present set-up.
"The company is expecting
more investors to come on
board in the coming months
and will be deploying funds in
acquiring new markets," a
source said.
ness via its subsidiary Reliance
Retail Ventures Ltd (RRVL).
The company is operating the
ness and consumer retail busi-
ness through its subsidiaries.
RRVL reported a consolidated
net profit of ~5,448 crore for the
Train, freight ...
ative prices for the past four
made election promises of
doubling farmers' incomes.
Instead of fulfilling that prom-
ise, we are being slapped with
these Bills designed to end the More on business-standard.com
effect on economic activities,
states finances have been in
the doldrums.
According to an analysis by
Motilal Oswal Institutional
Equities, receipts of 14 states
declined 18.2 per cent during
the first quarter of 2020-21 on
a yearly basis, while spending
grew just 2.7 per cent. Details
suggest the states' tax receipts
(including the Centre's devo-
lution) fell 32.1 per cent and
non-tax revenues declined 27
per cent in this period.
Besides, they have still not
got GST compensation even
as five months have already
passed in 2020-21 (FY21).
Of the above five states,
Karnataka has GST compen-
sation requirement of ~13,763
crore, Andhra ~4,627 crore,
Telangana ~5,424 crore, Goa
~987 crore and Tripura at ~259
crore for the first four months
of FY21.
The finance ministry has
estimated a ~2.35-trillion gap
in the compensation require-
ment and compensation cess
collection this year. For meet-
ing this gap, it gave two
options to the states —
~97,000-crore RBI window or
~2.35-trillion borrowings. As
many as 21 states have opted
for the first option, according
to finance ministry sources.
This would give enough
strength to the finance mini-
stry in the GST Council to pass
this decision.
However, experts peg com-
pensation requirements of
states at much higher than
finance ministry's projections.
For instance, ICRA has esti-
mated the gap at ~2.92 trillion.
governments' responsibility to
ensure a fair price to farmers.
When seen in totality, these
bills have nothing to do with
improving farmers' incomes,
over 80 per cent of whom are
small and marginal farmers,"
said Yudhvir Singh, national
convener of the ICCFM.
Another farmers' body, the
All India Kisan Sangharsh
Coordination Committee
(AIKSCC), said it would also
hold a nationwide protest if the
minimum support price was
not guaranteed, and crop price
and food security of the poor
were left to multi-nationals
and corporate houses.
Harley India...
This happened after it failed to
gain a foothold for more than
two decades in the world's
fourth-largest automobile
market.The departure is seen
as the latest setback for Prime
Minister Narendra Modi's
strategy to encourage domes-
tic manufacturing that would
keep more of the fruits of a
gigantic home consumer mar-
ket in India.
The move by Harley will
result in termination of 70
employees involved in its India
operations. It will retain only a
scaled-down sales office in
Gurugram.
Sanjeev Rajasekharan,
managing director of India,
has been transferred to
Singapore, where he will be
head of Asia and emerging
markets of the company.
Harley entered the Indian
market a decade ago, but has
so far managed to sell only
27,000 bikes, barely half of
what the country's segment
leader Royal Enfield sells in a
month.
In the first quarter of this
financial year, it sold only 100
motorcycles and for the whole
of last financial year, it was
2,470 units — dropping from
4,708 units in 2015-16.
GUJARAT STATE ELECTRICITY CORPORATION LTD.
VIDYUT BHAVAN, RACE COURSE, VADODARA, INDIA - 390007
PH. 91-265-6612341, FAX: 91-265-2355195
E-MAIL: cefuel.gsecl@gebmail.com WEBSITE: www.gsecl.in
CIN: U40100GJ1993SGC019988
Tender Notice No. GSECL/ Fuel/ Imp Coal/ (Type-1)/ IIA/2020:
Appointment of Independent Inspection Agency for sampling & analysis of
BOOK YOUR COPY Imported Coal (Type-1) at Sikka TPS of Gujarat State Electricity Corporation
Limited.
Call 0 2 2 - 4 0 2 7 5 4 3 2 I SMS r e a c h b s to 5 7 5 7 5 GSECL invites the above tenders from eligible bidders through e-tendering
process.
Email us at o r d e r @ b s m a i l . i n
The Tender Specification and Bidding Documents may be downloaded from
the websites https://gsecl.nprocure.com or https://wvinM.nprocure.com (For
VIEW, DOWNLOAD & ON-LINE SUBMISSION) and www.gsecl.in (For VIEW
& DOWNLOAD). Interested and eligible bidders may submit their
"On-line Tender" and "Physical Tender" as prescribed in the Tender Document
before the due date and time of submission. Please be in touch with the
Websites for corrigendum, etc. if any, till the last date of submission of bids.
Insight Out Chief Engineer (Fuel)
GSECL, Corporate Office, Vadodara, Gujarat (India)
(THIS IS ONLY AN ADVERTISEMENT FOR INFORMATION PURPOSES AND NOT A PROSPECTUS ANNOUNCEMENT NOT FOR DISTRIBUTION OUTSIDE INDIA.)
AAA AAA TECHNOLOGIES LIMITED
Our Company was incorporated as "AAA Technologies Private Limited" on 3rd October, 2000 under the Companies Act, 1956 in the state of Maharashtra vide Certificate of
Incorporation issued by the Registrar of Companies, Maharashtra, Mumbai. Our Company obtained a further Certificate of Incorporation on 3rd August, 2020 issued by
Registrar of Companies, Maharashtra, Mumbai consequent to conversion of the Company to a Public Limited Company. The Corporate Identity Number of our Company is
U72100MH2000PLC128949. For further details on change of the registered office of our Company, kindly refer the chapter titled "History and Corporate Structure"
beginning on page 110 of the Prospectus.
Registered Office & Corporate Office: 278-280, F Wing, Solaris 1, Saki Vihar Road, Opp. L&T Gate No. 6, Powai, Andheri East, Mumbai - 400072
Tel No.: +91-22-28573815/16; Fax No.:+91-22-40152501 Email: info@aaatechnologies.co.in; Website: www.aaatechnologies.co.in
Contact Person: Mr. Sagar Shah, Company Secretary and Compliance Officer Corporate Identity Number: U72100MH2000PLC128949
OUR PROMOTERS
MR. AN JAY RATANLAL AGARWAL, MR. VENUGOPAL MADANLAL DHOOT
AND MRS. RUCHI AN JAY AGARWAL
THE ISSUE
PUBLIC ISSUE OF 24,36,000 EQUITY SHARES OF ?10 EACH ("EQUITY SHARES") OF AAA TECHNOLOGIES LIMITED ("ATL" OR THE "COMPANY") FOR CASH AT A PRICE
OF ?42 PER SHARE (THE "ISSUE PRICE"), AGGREGATING TO ?1023.12 LAKHS ("THE ISSUE"), OF WHICH 1,23,000 EQUITY SHARES OF ?10 EACH WILL BE
RESERVED FOR SUBSCRIPTION BY MARKET MAKERS TO THE ISSUE (THE "MARKET MAKER RESERVATION PORTION"). THE ISSUE LESS MARKET MAKER
RESERVATION PORTION I.E. ISSUE OF 23,13,000 EQUITY SHARES OF ?10 EACH IS HEREINAFTER REFERRED TO AS THE "NET ISSUE". THE ISSUE AND THE NET ISSUE
WILL CONSTITUTE 28.49% AND 27.05%, RESPECTIVELY OF THE POST ISSUE PAID UP EQUITY SHARE CAPITAL OF OUR COMPANY
THE FACE VALUE OF THE EQUITY SHARE IS 0 AND THE ISSUE PRICE IS 4.20 TIMES OF THE FACE VALUE. THIS ISSUE IS BEING MADE IN TERMS OF CHAPTER IX OF
THE SECURITIES AND EXCHANGE BOARD OF INDIA (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2018 (SEBI (ICDR) REGULATIONS, 2018)
AS AMENDED FROM TIME TO TIME. THIS ISSUE IS FIXED PRICE ISSUE AND ALLOCATION IN THE NET ISSUE TO PUBLIC WILL BE MADE IN TERMS OF REGULATION 253
OFTHE SEBI (ICDR) REGULATIONS, 2018. FOR FURTHER DETAILS, PLEASE SEE "ISSUE PROCEDURE" BEGINNING ON PAGE NO. 195 OFTHE PROSPECTUS.
w
MINIMUM APPLICATION
rruu SIZE OF 3,000 EQUITY SHARES AND IN MULTIPLES OF 3,000 EQUITY SHARES THEREAFTER.
OPENS ON SEPTEMBER 30, 2020 (WEDNESDAY)
ISSUE
CLOSES ON OCTOBER 05, 2020 (MONDAY)
ASBA
Simple, Safe, Smart way of Application - Make use of it!!!
'Applications Supported by Blocked Amount (ASBA) is a better way of applying to issues by simply blocking the fund in the bank account,
investors can avail the same. For details, check section on ASBA below.
L/P/l
UPl-Now mandatory in ASBA for Retail Investors applying through Registered Brokers, DPs & RTA. Retail Investors also have
the options to submit the application directly to the ASBA Bank (SCSBs) or to use the facility of linked online trading, demat and
imkmhbm bank account.
Important Notice: Under the prevailing circumstances, Investors are requested to use the online facilities, including UPI mechanism, for making their applications.
Further all the Applicants are advised to submit their Applications one day prior to the issue Closing Date as far as possible
The Issue is being made through the Fixed Price process wherein minimum 50% of Net Issue of the Equity Share offered are reserved for allocation to Applicants below or
equal to ?2.00 lakhs and the balance for higher amount Applicants. The Issue comprises a Net Issue to Public of 23,13,000 Equity Shares of ?10 each ("the Net Issue") and
a reservation of 1,23,000 Equity Shares of 0 each for subscription by the designated Market Maker ("the Market Maker Reservation Portion"). The Issue and the Net
Issue will constitute 28.49% and 27.05%, respectively of the Post Issue Paid-up Equity Share Capital of the Company. Allocation to all categories shall be made on a
proportionate basis subject to valid Application received at or above the Issue Size. Under subscription, if any, in any of the categories, would be allowed to be met with spill-
over from any of the other categories or a combination of categories at the discretion of our Company in consultation with the Lead Manager and Designated Stock
Exchange. Such inter-se spill over, if any, would be affected in accordance with applicable laws, rules, regulations and guidelines. All Investors shall participate in this Issue
only through the ASBA process. For details in this regard, specific attention is invited to "Issue Procedure" on page 195 of the Prospectus. Applicants should ensure that DP
ID, PAN, UPI ID (if applicable, in case of Rlls) and the Client ID are correctly filled in the Application Form. The DP ID, PAN and Client ID provided in the Application Form
should match with the DP ID and Client ID available in the Depository database, otherwise, the Application Form is liable to be rejected. Applicant should ensure that the
beneficiary account provided in the Application Form is active. Applicants should note that on the basis of the PAN, DP ID and Client ID as provided in the Application Form,
the Applicant may be deemed to have authorized the Depositories to provide to the Registrar to the Issue, any requested Demographic Details of the Applicant as available
on the records of the depositories. These Demographic Details may be used, among other things, for any correspondence(s) related to the Issue. Applicants are advised to
update any changes to their Demographic Details as available in the records of the Depository Participant to ensure accuracy of records. Any delay resulting from failure to
update the Demographic Details would be atthe Applicants' sole risk.
MR. AN JAY RATANLAL AGARWAL, MR. VENUGOPAL
PROMOTERS OF THE COMPANY
MADANLAL DHOOT AND MRS. RUCHI ANJAY AGARWAL
PROPOSED LISTING: The Equity Shares offeredtfiroughthis Prospectus are proposed to be listed on SME platform of NSE (NSE EMERGE). Our Company has received an
in-principle approval letter dated September 22,2020 from NSE for using its name in the Offer Document and for listing of our shares on the SME Platform of National Stock
Exchange of India Limited (NSE Emerge). Forthe purpose of this Issue, the designated Stock Exchange will be the NSE of India Limited ("NSE").
DISCLAIMER CLAUSE OF SEBI: Since the Issue is being made in terms of Chapter IX of the SEBI (ICDR) Regulations 2018, the Draft Offer Document was not filed with
SEBI. In terms of the SEBI Regulations, the SEBI shall not issue any observations on the Draft Offer Document. Hence there is no such specific disclaimer clause of SEBI.
However, investors may referto the entire Disclaimer Clause of SEBI beginning on page 179 of the Prospectus.
DISCLAIMER CLAUSE OF NSE (DESIGNATED STOCK EXCHANGE): It is to be distinctly understood that the permission given by NSE of India Limited ("NSE") should not in
any way be deemed or construed that the Prospectus has been cleared or approved by NSE nor does it certify the correctness or completeness of any of the contents of the
Prospectus. The investors are advised to referto the Prospectus on Page 181 forthe full text of the Disclaimer Clause of NSE.
CREDIT RATING: This being an Issue of Equity Shares, credit rating is not required forthis issue.
DEBENTURE TRUSTEE: This is being an issue of Equity Shares; the appointment of trustee is not required.
IPO GRADING: Since the issue is being made in terms of Chapter IX of the SEBI (ICDR) Regulations, there is no requirement of appointing an IPO Grading agency.
GENERAL RISK: Investment in equity and equity-related securities involve a degree of risk and investors should not invest any funds in the Issue unless they can afford to
take the risk of losing their investment. Investors are advised to read the risk factors carefully before taking an investment decision in the Issue. For taking an investment
decision, investors must rely on their own examination of our Company and the Issue, including the risks involved. The Equity Shares in the Issue have not been
recommended or approved by the Securities and Exchange Board of India ("SEBI"), nor does SEBI guarantee the accuracy or adequacy of the contents of this Prospectus.
Specific attention of the investors is invited to "Risk Factors" beginning on page 21 of the Prospectus.
BASIS OF ISSUE PRICE: The Issue Price is determined by our Company in consultation with the Lead Manager and is justified under the Chapter titled "Basis of Issue
Price" beginning on page 72 of the Prospectus are based on Company's Restated Financial Statements. Investors should also refer to the Section titled "Risk Factors" and
"FinancialInformation" on Page 21 and Page 137 of the Prospectus to get more informed view before making the investment decision.
ADDITIONAL INFORMATION AS REQUIRED UNDER SECTION 30 OF THE COMPANIES ACT, 2013
Main Objects of the Company as per MoA: For information on the main objects and other objects of our Company, see "History and Corporate Structure" on page 110 of
the Prospectus and Clause III of the Memorandum of Association of our Company. The Memorandum of Association of our Company is a material document for inspection
in relation to the Issue. Forfurther details, see the section "Material Contracts and Documents for Inspection" on page 265 of the Prospectus.
Liability of Members as per MoA: The Liability of the members of the Company is Limited.
Capital Structure: Authorised Capital ?10,00,00,000 consisting of 1,00,00,000 equity shares of each. Pre Issue Capital: Issued, Subscribed and Paid-up Capital
1,52,000 consisting of 61,15,200 Equity Shares of 0 each. Post Issue Capital: Issued, Subscribed and Paid-up Capital 55,12,000 consisting of 85,51,200 Equity
Shares of ?10 each. For details of the Capital Structure, please referto the chaptertitled "Capital Structure" beginning on page 55 of the Prospectus.
Name of the Signatories to the Memorandum of Association of the Company and the number of Equity Shares subscribed by them: Given below are the names of the
signatories of the Memorandum of Association of the Company and the number of Equity Shares subscribed for by them at the time of signing of the Memorandum of
Association of our Company: (1) Mr. Anjay Agarwal 100 shares of 0 each (2) Mr. Sanjay Bhatia 100 shares of 0 each.
For details of the main objects of the Company as contained in the Memorandum of Association, see "History and Corporate Structure" on page 110 of the Prospectus. For
details of the share capital and the capital structure ofthe Company see "CapitalStructure" on Page 55 of the Prospectus.
LEAD MANAGER TO THE ISSUE REGISTRAR TO THE ISSUE
COMPANY SECRETARY AND
COMPLIANCE OFFICER
Mr. Sagar Shah
LINKIntime 278-280, FWing, Solaris 1, Saki Vihar Road,
Opp. L&T Gate No. 6, Powai, Andheri East;
Mumbai-400072
CHARTERED FINANCE MANAGEMENT LIMITED LINK INTIME INDIA PRIVATE LIMITED Tel No:+91-22-28573815/16
2nd Floor, Wakefield House, Sprott Road, C-101,1st Floor, 247 Park,
Fax No:+91-22-40152501
Lai Bahadur Shastri Marg, Vikhroli (West),
Ballard Estate, Mumbai -400038 Maharashtra, India
Mumbai - 400 083, Maharashtra, India
Email: cs@aaatechnologies.co.in
Tel. No.: +912222696944/22675708;
Tel: +91 22 49186200;
Website:www.aaatechnologies.co.in
Fax No.:+912222624943
Fax: +91 22 4918 6195 Applicants can contact the Compliance Officer or
Email: aaatech.ipo@cfml.in
Email: aaa.ipo@linkintime.co.in the Registrar to the Issue in case of any Pre-lssue
Website: www.charteredfinance.in Website: www.linkintime.co.in or Post-Issue related problems, such as non-
Investor Grievance Email: ipo@cfml.in Investor Grievance Email: aaa.ipo@linkintime.co.in receipt of Allotment Advice or credit of allotted
Contact Person: Mr. R. Ramnath Contact Person: Ms. Shanti Gopalkrishnan Equity Shares in the respective beneficiary
SEBI Registration No.: INM000012052 SEBI Registration No.: INR000004058 account or unblocking of funds, etc.
AVAILABILITY OF PROSPECTUS: Investors should note that investment in Equity Shares involves a high degree of risk and investors are advised to referto the Prospectus
and the Risk Factors contained therein, before applying in the Issue. Full copy ofthe Prospectus is available on the websites of SEBI, the Stock Exchange, the Lead Manager
and the Company, at www.sebi.gov.in, wwwl .nseindia.com/emerge, www.charteredfinance.in, and www.aaatechnologies.co.in, respectively.
AVAILABILITY OF APPLICATION FORMS: Application forms can be obtained from the Registered Office of the Company and Coiporate Office of the Lead Manager,
Chartered Finance Management Limited. Application Forms can also be obtained from the Stock Exchange and list of SCSBs available on the website of SEBI at
www.sebi.gov.in and website of Stock Exchange at wwwl .nseindia.com/emerge.
BANKERTO THE ISSUE & SPONSOR: Kotak Mahindra Bank Limited
All capitalized terms used herein and not specifically defined shall have the same meaning as ascribed to them in the Prospectus dated September 24,2020.
For AAA TECHNOLOGIES LIMITED
Oe Behalf of the Board of Directors
Place: Mumbai Sd/-
Date: September 25,2020 Chairman & Managing Director
AAA Technologies Limited is proposing, subject to applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions and other
considerations, to make a Public Issue of its Equity Shares and has filed the Prospectus with the Registrar of Companies, Mumbai. The Prospectus shall be available on the
websites ofthe Company, the NSE and the LM at www.aaatechnologies.co.in, wwwl .nseindia.com/emerge and www.charteredfinance.in respectively. Applicants should
note that investment in equity shares involves a high degree of risk and for details relating to the same, see the Prospectus, including, the section titled "RiskFactors"
beginning on page 21 ofthe Prospectus.
The Equity Shares have not been and will not be registered under the U.S. Securities Act 1933, as amended (the "Securities Act") or any state securities laws in the United
States and may not be offered or sold within the United States or to, or for the account or benefit of, "U.S. persons" (as defined in Regulation S of the Securities Act), except
pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. Accordingly, the Equity Shares will be offered and sold
(i) in the United States only to "qualified institutional buyers", as defined in Rule 144A of the Securities Act, and (ii) outside the United States in offshore transactions in
reliance on Regulation S underthe Securities Act and in compliance with the applicable laws ofthe jurisdiction where those offers and sales occur.
The Equity Shares have not been and will not be registered, listed or otherwise qualified in any other jurisdiction outside India and may not be offered or sold, and Applicants
may not be made by persons in any such jurisdiction, except in compliance with the applicable laws of such jurisdiction. Sunjeet Comm
14
>
NEW DELHI | FRIDAY, 25 SEPTEMBER 2020 1

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PUBLIC NOTICE
This is for notice of the general public that a
political party is proposed to be registered by
the name of A z a d S a m a j Party ( K a n s h i
Ram). T h e office of the party is located at
H.No -180, gali no 3/22, (khasra no 265),
Gokul Pur Village Ilaka Shahadra, Delhi -94.
This Party has submitted application to the
Election Commission of India, New Delhi. if
or its registration as Political Party under
Section 29A of the Representation of People
Act, 1951- Names / address of the office-
bearers of t h e Party a r e a s follows,
I. President: Chandra Shekhar S/O
Sh. Gordhan Das R/o H.No-1143, Chhutmalpur,
District Saharanpur (U.P.)
2. G e n e r a l Secretary: Himanshu S/o Shri
Rajesh R/O 230/17-A R a i l w a y Colony,
M a n d a w a l i , Delhi - 9 2
3. T r e a s u r e r : Virendra Kumar Shirish S/o
Shri Shiv Charan Lal, R/o H. NO. 44, Moh.
Sarai Kishan Chand,Dibai District
Bulandshahar, (U.P.) If any one has any
objection to the registration of A z a d S a m a j
Party ( K a n s h i R a m ) they m a y send their
Objection with reasons thereof, to t h e
Secretary (Political Party) Election
C o m m i s s i o n o f India, N i r v a c h a n S a d a n ,
A s h o k a R o a d , N e w D e l h i - 1 1 0 0 0 1 within
30 days of the publication of this notice.
Form No. INC-26
[Pursuant to rule 30 the
Companies (Incorporation)
Rules, 2014]
Before the Central Government
Northern Region
In the matter of sub-section (4) of
Section 13 of CompaniesAct, 2013
and clause (a) of sub-rule (5) of
rule 30 of the Companies
(Incorporation) Rules, 2014
And
In the Matter of DJ Energy Private
Limited having
CIN U40100DL2008PTC180887
Registered Office: A-2,
East of Kailash, New Delhi - 1 1 0 0 6 5
-Applicant
Notice is hereby given to the General
Public that the company proposes to
make application to t h e Central
Government under section 13 of the
Companies Act, 2013 seeking
confirmation o f alteration of the
Memorandum of Association of the
Company in terms of the
resolution passed at the Extra Ordinary
General Meeting held on September
special
24, 2020 to enable the company to
change its Registered Office
"National Capital Territory of Delhi" to
"State of Maharashtra".
Any person whose interest is likely to be
affected by the proposed change of the
registered office of the company may
deliver either on the MCA-21 portal
(www.mca.gov.in) by filing investor
complaint form or cause to be delivered
or send by registered post of his/her
objections supported by an affidavit
stating the nature of his/her interest and
grounds of opposition to the Regional
Director, Northern Region, at t h e
address B - 2Wing, 2 n d Floor
Paryavaran Bhawan, CGO Complex,
New Delhi - 110003, within fourteen
days of the date of publication of this
notice with a copy to the applicant
company at its registered office address
mentioned above:
For and on behalf of
DJ Energy Private Limited
Nandiwada Venkatesan
Venkataramanan
Director
DIN:01651045
A-402,4th Floor, Blue Heaven, Raheja
Vihar, Chandivali, Mumbai - 400072
Date: September 24,2020
Place: Mumbai
•• ••
N E W DELHI | FRIDAY, 2 5SEPTEMBER 2020
15
PUBLIC NOTICE S. E. RAILWAY-TENDER Form No. INC-26
This is for notice of the general public that a e-Tender Notice No.: CKP-CENTRAL- [Pursuant to rule 30 the Companies
political party is proposed to be registered by the 20-21 -CTR, dated 23.09.2020. e-Tender punjob national bank
nameof VANDE REPUBLIC PARTY. The office (Incorporation) Rules, 2014]
against Open Tender is invited by DRM/
of the party is located at 555, NITI KHAND-3,
NEAR PEPAL CHOWK, INDIRAPURAM,
GHAZIABADUTTAR PRADESH- 201014. This
ENGG/CKP, S.E.Railway for & on behalf
of the President of India for the following
Before the Central Government
Northern Region
Credit Review & Monitoring Division,
Head Office, Plot no4 Sector 10, Dwarka, New Delhi -110075
party has submitted application to the Election
Commission of India, New Delhi for its
registration as political party under section 29A
work. Manual offers are not allowed against
the tender & any such manual offer received
shall be ignored. Name of Work: CTR (S)
In the matter of sub-section (4) of
Section 13 of CompaniesAct, 2013
Applications are invited from eligible firms of Chartered
Accountants/ Cost Accountants and individuals possessing
and clause (a) of sub-rule (5) of rule
of the Representation of People Act 1951- work for 16.655 Km under jurisdiction of necessary expertise for empanelment as Stock Auditors and
30 of the Companies (Incorporation)
Name/ address of the office bearers of the party DEN/Central/CKP in Chakradharpur
areasfollows:- Division. Tender Value: T 3,42,81,941.79.
Rules,2014 Stocks I Receivables verification The empanelment will be
President- CHANDERBHAN NARNAULI. EMD : 7 3,21,400/-. Date of Opening : And based on merits and the bank reserves the right to reject any
General Secretary- SMTVIJAY NARNAULI 20.10.2020. The tender can be viewed at In the Matter of UTTARURJA
Treasurer- RAJESHSHARMA
application without assigning any reason.
website http://www.ireps.gov.in The PROJECTS PRIVATE LIMITED
If any one has any objection to the registration of
tenderers/bidders must have Class-ill
Interested firms I individuals may submit their application,
having
VANDE REPUBLIC PARTY, they may send
their Objection with reasons thereof, to the
Digital Signature Certificate & must be CIN: U40105DL2008PTC279869 latest within 30 days from the date of publication of this
Secretary(Political Party), Election Commission registered under on IREPS portal. Only Registered Office: A-2, East of Kailash advertisement. For further details, please visit our website
of India, Nirvachan Sadan, Ashok Road, New registered tenderer/bidder can participate New Delhi South, Delhi 110065
on e-tendering. All relevant paper must
www.pnbindia in under "Public Notice". General Manager
Delhi-110001 within 30 days of the publication of
-Applicant Credit Review and Monitoring Division, Head Office
this notice be uploaded at the time of participating in
e-tendering. Note : e-Tender Forms shall Notice is hereby given to the General
be issued free of cost to all tenders. Public that the company proposes to
(PR-267) make application t o t h e Central
Government under section 13 of the
Companies Act, 2013 seeking
confirmation o f alteration of t h e
Memorandum of Association of the HIMACHAL PRADESH PUBLIC WORKS DEPARTMENT
Company in terms o f the special e-procurement Notice
resolution passed at the Extra Ordinary
INVITATION FOR BIDS (IFB)
General Meeting held on September The Executive Engineer, HP.PWD. Drrisbn Sarkaghat H.P. on behall ol Governor of HP.invites ihe rlem rate bids, in
24, 2020 to enable the company to efectrwxs tendering system, forcoiBtmttibnofeattibftbisfdlkniiitqmtksfioinllieeligibleand apprwed con tiaclois
E-AUCTI0N SALE NOTICE FOR ASSETS OF HI TECH GRAIN PROCESSING PVT. LTD. EMMSONS INTERNATIONAL LIMITED change its Registered Office from
CIN No.: L74899DL1993PLC053060
(CIN: U15314DL2001PTC113420 (Company in Corporate Insolvency Resolution Process)"
Regd. Office: 101/12, Community Centre, "National Capital Territory of Delhi" to Sr. Name oiwok Estimated EMD Cost ol Time Eligible dass
(Sale under Insolvency and Bankruptcy Code, 2016)
Zamrudpur, New Delhi-110048 "State of Maharashtra". No. cosl fender limit olmnlractw
The Assets of the Company in CIRP are being sold on "AS IS WHERE IS, Tel: 011-29247725, Fax: 011-29247730 Scnstijctbn of Mahila Modal Bhawan Kass Upper Janfcn
Any person whose interest is likely to be Two
AS IS WHAT IS, WHATEVER THERE IS AND WITHOUT RECOURSE BASIS" Email: co.secy@emmsons.com 1 Dumaher road Km. MtoVO (SH:- Providing and laying 940251 19000 350 NJonlhs Class-0
Web.: www.emmsons.com affected by the proposed change of the
cement concrele pavement in 1:1 ^:3at Km. CUDto0/240,1/180
NOTICE registered office of the company may
Details of Assets located at Earnest Money It 21224 end 21556to2(636) UnderSCSF
Reserve Price This is to inform you that pursuant to the
Deposit deliver either on the MCA-21 portal Ccnslnrctdn of Mahila Mndel Bhawan Kass Upper Janihan
1 3 G-5, Lawrence Road Industrial Area, regulation 29 of the Securities and Two
(Rs. in Lakhs) (www.mca.gov.in) by filing investor
New Delhi-110035 (Rs. in Lakhs) Exchange Board of India (Listing Obli- 2. Dumaher road Km. 0.« to 3/0 (SH:- Inslallalion of W-Meti 509874 10200 350 Months Class-0
gations and Disclosures Requirements) complaint form or cause to be delivered Beam crash tamer al RD 0)0 to (V200)
Regulations, 2015 the next Meeting of
or send by registered post of his/her 1. Daleof release al invitefion for BkJslhricxigh e-pnocuremefiL 13.10.2020
CAR - COROLLA ALTIS 1.8 V, COLOUR SUPER the Board of Directors of the Company
WHITE, REGN. NO. DL3CCW5000, 6.06 0.61 has been scheduled to take place on
Wednesday 30" September, 2020 at
objections supported by a n affidavit 2. Cosl of Bid Form;- As Shown against work afcwe (ntxi-relundabte) out/ in fern of demand draff in fawxir o(
Executive Engineer, HPPWD. Sartaghal.
stating the nature of his/her interest and
REGN. DATE 20.07.2015 2.00 P.M. at 101/12, Community Centre,
Zamrudpur, New Delhi-110048 to interalia,
grounds of opposition to the Regional Avail J bi lity of Bi d Oocu menl and mode o f s« bnrissinn: -The bid documenl is ava iabte onfen and bid should be
E-Auction date: 05.10.2020 from 11AM to 2PM, Last date to apply 03.10.2020 till 5PM submitted online on wetsile Mtp.Miplenders.gov.in bidder would be requited to register in the web-site which is
consider and approve the Un-Audited Director, Northern Region, at the
For detailed terms: Visit www.arok.in;https://ncltauction.auctiontiger.net fne& of oosl. Fof submission ml bids. 1he bidder is requiredtohave Digital Signature Certificate (DSC)fricmrione o-t
Financial Results for the 1"Quarter ended address B-2 Wing, 2 n d Floor, Ibe authorizjed certified Authorities (CA) "Aspiring bidders who have not obtained Ihe user IE) and password lor
Contact: Mr. Chanchal Dua at 9958990842 / 9582147863,011-45101111 on June 30, 2020, appoint the Chief
Paryavaran Bhawan, CGO Complex, psrticipaling in e-tendering in HPPWD rratj obtain the same from Ibe website: hfipJitrptendets.gov.in Digital
Regd. E-Mail: chanchalduaco@gmail.com Financial Officer and to transact any other
matterwhich the Board may deem fit. New Delhi-110003, within fourteen days signature is mandatory In particulars in lbs e-tertlertxg Bidders already possessing Ibe digital signature issued
Correspondence E-mail: insolvency@arck.in Chanchal Dua (ram authorized OAs can use lbs same in Ibe tender.Noiwegistered bidders tray submit bids, however, the
The said notice may be access on of the date of publication of this notice
Resolution Professional - Hi Tech Grain Processing Pvt Ltd.
Company's website www.emmsons.com successful bidders must gel registered in apprcpriate class wilh appropriate authorities before signing Die contract.
with a copy to the applicant company
IBBI Reg. No: IBBI/IPA-003/IP-N00083/2017-18/10821 and on Stock Exchange's website 3. Submission of Original Documents-The bidders arerequiredb submit (a) original drafl towards Ihe cosl otbid
www.bseindia.com. at its Registered Office address c ncumenl and -;ti original t d security in approved term (C) Minimum one simi'a r w A dor e cf arc sunl nnl less
Regd. Address: 1-A/85-A, Ramesh Nagar, New Delhi-110015
mentioned above. lhan 40% (Forty percent) of the estimated cost (without liquidated Damage o- enmpensadnn) in last five yearsjand
Place: New Delhi Office Address: 409, Ansal Bhawan, 16 K G Marg, By the Order of the board
For Emmsons International Limited (0) form No.7/8 duly signed by contractu with bid document as per provisions df general ,-j'e N s-27 with Executive
Date: 25.09.2020 Connaught Place, New Delhi-110001
Sd/- For and on behalf of Ere beer HPPWD. Ea r-iaghat prior to tie time of opening of technical qual'lica lien 'ailing whicf the h'ds will se
Anil Kumar Monga declared nor responsive.
Uttar Urja Projects Private Limited
(Chairman & 4. Last Date/Time far receipt of bids through e-tendering: w.e.f. 13.10.20(20 al ILOOA.M. Id 23.112020 up lt>
business-standard.com Place : New Delhi Managing Director) Nandiwada Venkatesan
11 JMA.M. the siteforihework is available.
Date : 24.09.2020 DIN: 00249410 Venkataramanan
5. Only online sebmissien of bUs is permitted, therefore: beds must be submitted online on website
Director
tlttpdlhplenders.gev.ii.The bids shall be opened on 23.102920 at 11:30A.M. in the office Executive Engineer, HP.
DIN: 01651045
PVfD Division Sarksgbal, HP by the authorized officer. In the interest nf tenders are advised to be present afcng
A-402,4th Floor, Blue Heaven, Raheja wilborigiialdocuiiienlsatlhe timeof opening offenders. If the office happens to be dosed on Die date ofqpemmg of
State Bank of India O »ii<dVq ^ N r Vihar, Chandivali, Mumbai - 400072 the bidsas specified .thebidswibeopenedciitlre nextworking dayatthe same tine and venue.
6. The bids for Ihewoitste!remainvalid k i acceptance tore period not less than ninety dsys after the dead liie dale
SBIRACPC Ghaziabad Branch, 105, New Arya Nagar, Ghaziabad, UP 201003 Date: September 24,2020
forbid submission.
Publication of Notice regarding possession of property u/s 13(4) of SARFAESI Place: Mumbai
7. Other details can be seen h [he bid4ig documents. The officer inviting tender shall be not held liable faanyddarys
POSSESSION NOTICE dee to system faiure beyond its control. Even though the system wil attempt to notify the bidders of any t i l
Notice is hereby given under the Securitization andReconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 updates, the Employer shall not be fable f a any infamatfcai rot received try Ihe bidder. II is the bidders
responsibiity 1o verifytheweteite Ibrthelaleslinformationrelatedtothelender.
(54 of2002) and in exercise of powers conferred undersection 13(12) read with rule 9 ofthe Security Interest (Enforcement) Rules, 2002,
8. The bidder shall submit thedelails of HMP&others machinery requiredfortarring atongwith Bid.
a demand notice was issued on the dates mentioned against each account and stated hereinafter calling upon them to repay the amount
within 60 days from the date of receipt of said notice. Executive Engineer.
Sarkaghal Division, HPPWD.Sartaghat.
The Borrower having failed to repay the amount, notice is hereby giventothe Borrower and the public in general that the undersigned has
327W20282(K1 For behalf of Governor of Himachal Pradesh
taken possession of the property described herein below in exercise of power conferred on him/her under section 13(4) of the said Act
read with Rule 9 of the said Act on the dates mentioned against each account. HOME
The Borrower in particular and the public in general is hereby cautioned nottodeal with the property and any dealings with the property ReLiANce I FINANCE
RELIANCE HOME FINANCE LIMITED
will be subject to the charge of the STATE BANKOFINDIAfor an amount and interest thereon.
Name of Account/ Name of Owner Description of the Date of Date of Amount TATA CAPITAL HOUSING FINANCE LIMITED
Borrowers address of Property property mortgaged Demand Notices Possession Outstanding Branch Office: SC0163 2nd Floor Sector 37C Chandigarh 160036, Regd. Office: 11th Floor, Tower A, Peninsula Business Park,Ganpatrao Kadam
Registered Office: - Reliance Centre, 6th Floor, Marg, Lower Parol, Mumbai-400013. CIN No. U67190MH2008PLC187552
Home Loans: Ms Kiran Kumari Residential Flat: 21.07.2020 22.09.2020 Rs. 15,23,504/-
South Wing, Near Prabhat Colony, Santacruz (East), Mumbai - 400055
38222417410 Lama D/o Mr Nandu Flat NoA-183/33,3rd Floor,
POSSESSION NOTICE
POSSESSION NOTICE
+ Accured (FOR IMMOVABLE PROPERTY)
37173416485 Ram Block A, Asra Type-I, Asia
interest and (As per Appendix IV read with rule 8(1) of the Security Interest Enforcement Rules, 2002)
Suraksha: Enclave, Sector 4A, Mandola (As p e r Rule 8 ( 1 ) o f Security Interest (Enforcement) Rules, 2 0 0 2 )
other incidental Whereas, the undersigned being the Authorized Officer of the TATA Capital Housing Finance Limited.,
37238433952 Vihar, Loni, Ghaziabad, Uttar
expenses Whereas the undersigned being the Authorized officer of the Reliance Home under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act,
Ms Kiran Kumari Lama & Pradesh 201102 2002 and in exercise of powers conferred under section 13(12)readwith rule 3 of the Security Interest
Finance Limited under the Securitization and Reconstruction of Financial Assets and
Mr Kishor Kumar Mr Kishor Kumar S/o Residential Flat: (Enforcement) Rules, 2002, issued a demand noticesas mentioned below calling upon the Borrowers to
Enforcement of Security Interest Act, 2002 and in exercise of Powers conferred under repay the amount mentioned in the notice within 60 days from the date of the said notice.
Mr Nandu Flam Flat no 183/03, Ground
section 13(2) read with rule 8 of the Security Interest (Enforcement) Rules 2002, issued a The borrower, having failed torepaythe amount, notice is hereby giventothe borrower, in particular and
R/o RC-1635 Dharam Vihar, Floor,Block-A, Asra Type-I, Asra
Demand Notice dated 14th July, 2020 calling upon the borrower(s) /Co- the public, in general, that the undersigned has taken possession of the property described herein below
Khora Colony, Near SBI Enclave, Sector-4A, Mandola in exercise of powers conferred on him undersection13(4)of the said Actreadwith mle8of the said Rules.
Bank, Ghaziabad 201309 borrower(s): (1) PARDEEP KUMAR (2) RAJWANTI CHATTER (3) KULDEEP PALE,
Vihar, Loni Ghaziabad, Uttar The borrower, in particular, and the public in general, are hereby cautioned not to deal with the property
(4) TRUE FRIENDS THROUGH ITS PROPRIETOR PARDEEP KUMAR, All are at H.NO and any dealings with the property will be subjecttothe charge of the TATA Capital Housing Finance
Pradesh 201102
453, SECTOR-7 NEAR GOVT PRIMARY SCHOOL GOHANA D I S H SONIPAT131301 Limited,toran amountreferredtobelow along with interest thereon and penal interest, charges, costs etc.
DATE: 23.09.2020 (Authorised officer) from date mentioned below.
HARYANA and ALSO AT-TRUE FRIENDS, VISHNU NAGAR, BEHIND BUS STAND
PLACE: Ghaziabad SBI RACPC Ghaziabad The borrower's attention is invited to provisions of sub- section (8) of Section 13 of the Act, in respect of
GOHANA DISTT SONIPAT HARYANA, vide Loan Account NO.RHLPPAN000074044
time available,toredeemthe secured assets
and RHLPPAN000074681 to repay the amount mentioned in the notice being Rs.
Loan Name of Obligot(s)/Legal Hsirfs)/ A m o u n t as per Date of
44,04,856/- (Rupees Forty Four Lakh Four thousand Eight Hundred Fifty Six Only)
Account No. Legal Representatlve(s) D e m a n d Notice Possession
HIMACHAL PRADESH PUBLIC WORKS DEPARTMENT as on 13th July 2020 towards Loan account RHLPPAN000074044, Rs. 17,78,234/-
10189856 Mr. SHUBHAM GOYAL Rs. 34,60,176/- As on 02-07-2020 21-sept-2020
(Rupees Seventeen Lakh Seventy Eight Thousand Two Hundred Thirty Four Only)
PRADHAN MANTRI GRAM SADAK YOJNA (PMGSY-II) Description of Secured Assets/Immovable Properties: All That Residential Apartment/Flat
as on 13th July 2020 towards Loan account RHLPPAN000074681 within 60 days
Tel. No.01978-223466 e-mail:-hp-bil@nic.in Bearing Unit No. B-1607, Situated on 16th floor in the building Known as Oasis Venetia heights,
from the date of receipt of the said notices. The Borrower(s)/Co-borrower(s) having failed
Tower-B, Build on Plot No. HRA12-A, Group Housing Sector Surajpur, Site- C (Extension), Phase
I N V I T A T I O N FOR B I D ( I F B ) to repay the amount, notice is hereby given to the Borrower(s)/Co-Borrower and the
II, Greater Noida, U.P.-201308. Area Admeasuring 1290 Sq. Feet. With common amenities
e-PROCUREMENT NOTICE public in general that the undersigned has taken possession of the property described
written in Ihe Allotment/ Builder BuyerAgreement. (More fully described in Schedule Ahereto).
herein below in exercise of powers conferred on him/her under Section 13(4) of the said
The Superintending Engineer, 10th Circle HPPWD., Bilaspur on behalf of Governor of H.P. re-invite (5th call) the item rate bid, in Mr. Ajay Kumar Prem Waghare Rs. 38,23,739/- 21-sept-
electronic tendering system from the eligible class of contractors registered with HPPWD/CPWD/Railway/Central Govt.
Act read with Rule 8 of the said rules on this 21 September, 2020. The Borrowers)/ Co- 10178549
And Mrs. RupaliAjayWaghare As on 02-07-2020 2020
Borrower(s) in particular and the public in general is hereby cautioned not to deal with the
agencies/Other State for the works as detailed in the table below under PMGSY-II. Batch-I, 2019-20 under RRP-II AF and Description of Secured Assets/Immovable Properties: All That Residential Apartment/Flat
property and any dealings with the property will be subject to the charge of Reliance
RRP-II AF G&CR Roads-pilot projects to Himachal Pradesh approved by MORD, Govt. of India letter no. P-17024/9/2018- Bearing Unit No. B-1804, Situated on 18th floor in the building Known as Oasis Venetia heights,
Home Finance Limited for a total amount Rs. 45,33173/- ( Rupees Forty five Lakh
RC(EMS-363986) dated 13th December 2019. Tower-B, Build on Plot No. HRA 12-A, Surajpur Housing Complex, Site- C, Phase II, Greater
Thirty Three thousand One Hundred Seventy Three Only ) as on 18 September Noida, U.P.-201308. Area Admeasuring 1290 Sq. Feet. With common amenities written in the
Sr. District/ P a c k a g e N a m e of w o r k E s t i m a t e d C o s t ( R s . In L a c s ) Total C o s t Period of completion Bid Security
2020 towards Loan account RHLPPAN000074044 and Rs.18,32,328/-(Rupees Allotment/ Builder BuyerAgreement. (More fully described in Schedule Ahereto).
No. Division No. C o n s t r u c t i o n M a i n t e n a n c e ( R s . in L a c s ) (Const. Part) ( R s . in L a c s )
Eighteen Lakh Thirty Two Thousand Three hundred and Twenty Eight only) as on Mr. Nrtin Kashyap Rs. 33,66,414/- 21-sept-
1 2 3
Bilaspur/ HP-01- Up-gradation of road 1
18 Ssptember2020 towards Loan account RHLPPAN000074681. The Borrower/co- A n d Mrs. Kalpana as on 02-07-2020 2020
borrowers/Mortgagor(s) attention is invited to the provision of Section 13(8) of the Description of Secured Assets/Immovable Properties: All That Residential Apartment/Flat
1 Bilaspur-I 164 Harlog to Behal Nanawin 1005.85 82.60 088.45 365 days 21.77
SARFAESI Act, in respect of time available, to redeem the secured assets. Bearing Unit No. A-1503, Situated on 15th floor in the building Known as Oasis Venetia heights,
Km.0/0 to 14/225.
Tower-A, Build on Plot No. HRA 12-A, Group Housing Sector Surajpur, Site- C (Extension), Phase
Description of immovabls Property II, Greater Noida, U.P.-201306. Area Admeasuring 1150 Sq. Feet. With common amenities written
Note:- The rates to be quoted by the bidder shall be inclusive of all taxes, royalties, duties and other levies that the
Contractor will have to pay for the performance of this Contract but excluding GST. GST at prevalent rate will be " All the piece and parcel of property bearing PROPERTY "Residential House No. 453, in the Allotment/ Builder BuyerAgreement. (More fully described in Schedule Ahereto).
added/paid to the basic rate offered by the bidder separately. Measuring 209 Sq. Mts or 250Sq. Yards, situated in HUDA, Sector-7, Gohana, Tehsil 9528135 Mr. Shobhit Chandra As Borrower & Mrs. Rs.1,28,08,272/- 8t
& 21-sept-
Maintenance Period is five years after date of completion of construction work. Gohana district Sonipat-131301" Pumlma Chandra & Mr. Suresh Chand Shrivastava Rs. 1,26,51,125/-
2020
BOUNDARY DETAILS 9549778 & M/s Connect Consultants (i) Pvt Ltd. as on 10-07-2020
Cost of Bid f o r m per Packages Rs.5000/- only (non-refundable)
Date of issue of IFB 01.10.2020 East House No.452 Description of Secured Assets/Immovable Properties: All That Residential Property Flat No.
T6/306 on the 3rd Floor, Sunworid Arista, GH-01/C, Sector 168, Noida- U.P. 201301. Meeasuring
Period of availability of Bidding Documents From 01.10.2020 West House No.454
Area 2100 Sq. Ft. Approx. A n d All That Residential Property Flat No.T6/406 on the 4th Floor,
On website www.pmgsytenders.gov.in To 08.10.2020 North RAASTA Sunworid Arista, GH-01C, Sector 168, Noida Express Way Noida- U.P. 201301. Measuring Area
Deadline for receiving Bids online 08.10.2020 South House No.305 2100 Sq.ft. Approx
1100 Hours Place: SONIPAT Authorised Officer Date: 25.09.2020 Sd/-Authorized Officer
Opening of bids: The bids will be opened online by the Date: 21 September, 2020 Reliance Home Finance Limited Place: Delhi For Tata Capital Housing Finance Limited
Authorized officers at the appointed time 08.10.2020
Time and Date for opening of Part-I of the 1100 Hours
Bid (The Technical Qualification Part)
The bidders are advised to note other details of tenders from the department website: www.pmgsytenders.gov.in.
Superintending Engineer,
E-AUCTION NOTICE
10th Circle HP.PWD Bilaspur Pin No.174001
3287/2020-2021 (For & on behalf of the Governor of Himachal Pradesh) PALI II Branch
l l l l f l l l ^ M l l l D M j r M I I I ^ M H M l l i M j
BAJAJ FINANCE LIMITED
© BAJAJ
FINSERV
Registered Office: Mumbai-Pune Road, Akurdi, Pune, Maharashtra-411035.
Notice is hereby given to the effect that the immovable properties described herein, taken possession under the provisions of Securitisation and Reconstruction of Financial Assets and Enforcement
of Security Interest Act 2002 and Security Interest (Enforcement) Rules 2002, will be sold through e-auction on the following terms & conditions. E-auction arranged by the service provider M/s
Canbank Computer Services Limited (CCSL1 through thewebsitewww.lndlanbankseauctlon.com on 31.10.2020. Time 2.30 am to 3.30 em (With unlimited extension of 5 minutes duration each
till the conclusion of the sale)
Branch Office: 8th,10th, 11th & 13th Floor Aggarwal Metro Heights, Netaji Subhash Place, New Delhi 110034 Name and Address of the Name and Total Details Reserve Price & Amount of shall be deposited
from Secured Creditor & Address Address Liabilities of Last Date and Time of
through RTGS/NEFT/
POSSESSION NOTICE in which the tender of the Depositing EMD Amount
Fund Transfer to credit of
U/s 13(4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest document to be submitted Borrower Property/ies account of branch
as mention below
Act 2002. Rule 8-(1) of the Security Interest (Enforcement) Rules 2002. (Appendix-IV) Canara 1. Shankar Lal S/o Bhanwar Lal 787 31.08.2020 PLOT N0.787, KHASRA N0.1558, Rs. 10.90 Lacs A/cNo
Bank, Pali II , Santosh Nagar, Sunder Nagar, Pali- Rs. 1005099.37 SANTOSH NAGAR, Pali owned by (Rs. Ten Lakhs 84203170000018
Whereas, the undersigned being the Authorized Officer o f M/s BAJAJ FINANCE LIMITED (BFL) under the Branch, 83, 306401 2. Shankar Lal S/o Bhanwar (Rs Ten Lakhs Five Shankar Lal s/o Shri Bhanwar lal Ninety Thousand only) IFSC Code:
Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 and in exercise of Jai Plaza, Thousand Ninety Nine
Lal 400, Gujron Ka Bas, Nimaj Tehsil admeasuring 500 Sq Ft Bounded By: Rs. 1.10 Lacs (Rs. One SYNB0008420
Veer Durga Rupees and Thirty Seven
powers conferred under section 13(2) read with Rule 3 of the Security Interest (Enforcement) Rules 2002, issued Jaitaran, Dist- Pali 3 . Ramesh On The North: Plot No. 792, On The Lakh Ten Thousand only) on or before
Das Nagar, Paisa Only)+ f u r t h e r
Demand Notice(s) to B o r r o w e r s ) /Co Borrower(s)/ G u a r a n t o r s ) mentioned herein below to repay the amount Kumar S/o Panna Lal 70, Pancham South: Road, On The East: Other on or before 30.10.2020, 30.10.2020,5.00
Pali-306401 interest and other
mentioned in the notice within 60 days from the date of receipt of the said notice. The B o r r o w e r s ) /Co B o r r o w e r s ) / Nagar, Ramdeo Road Pali- 306401 Vacant Plot, On The West: Plot No. 786 5.00 PM (offline or online) pm.
expenses.
Guarantor(s) having failed to repay the amount, notice is hereby given to the Borrower(s) /Co Borrower(s)/ OTHER TERMS AND CONDITIONS:- The sale shall be subject to the conditions prescribed in the Security Interest (Enforcement) Rules, 2002 and to the following conditions, a. The property will be
Guarantorjs) and the public in general that the undersigned on behalf of M/s Bajaj Finance Limited, has taken over the sold in"asiswhereisandasiswhatis"basis including encumbrances, if any. There is ne encumbrance te the knowledge of the bank. b. Auction/bidding shall be only through 'Online Electronic
Bidding" throughthewebsitewww.lndlanbankseauctlon.com. Bidders are advised to go throughthe website for detailed terms before taking part in the e-auction sale proceedings, c. The property
possession of the property described herein below in exercise of the powers conferred on him under Section 13(4) of can be inspected, with PriorAppointmentwithAuthorisedOfficer, on 30.10.2020 between 3.00 pm l o 5 . 0 0 pm. d. The property will not be sold belowthe Reserve Price and the participating bidders
the said Act read with Rule 8-(1) of the said rules. The Borrower(s) /Co Borrower(s)/ Guarantor(s) in particular and the may improve their offer further during auction process, e. EMD amount of 10% of the Reserve Price is to be deposited byway of Demand draft infavour of Authorized Officer, Canara Bank, PALI "
branch OR shall be deposited through RTGS/NEFT/Fund Transfertecredit of account of Canara Bank, PALI II branch, A/c No 84203170000018 IFSC CodB: SYNB0008420 nn or before
public in general are hereby cautioned not to deal with the below said property and any dealings with the said property 3 0 . 1 0 . 2 0 2 0 , 5 . 0 0 pm. f. Intending bidders shall hold a valid digital signature certificate and e-mail address. For details with regard to digital signature please contact the service provider M/s
will be subject to the first charge of BFL for the amount(s) as mentioned herein underwith future interest thereon. Canbank computer services limited (CCSL). Canbank computer services ltd, No.218, J P Royale, 1st floor, sampige road, Malleswaram, Mr. Pakhare D D/ Mr. Ramesh T H
9480691777/8553643144. Email id: eauction@ccsl.co.in. Immediately on the same date of payment of the EMD amount the bidders shall approach the said service provider for obtaining digital
Name of the Borrowers) I Guarantors) Description of Secured Asset Demand Notice Date of signature (If not holdingavalid digital signatu re) g. After payment of the EMD amount, the intending bidders should submitacopy of the following documents/details on or before 30.10.2020(date)
( U N No, Name of Branch) (Immovable Property) Date and Amount Possession 5.00 PM,teCanara Bank, PALI II branch by hand or by email. (1) Demand Draft/Pay order towards EMD amount. If paid through RTGS/NEFT, acknowledgement receipt thereof with UTR No. (2)
Photocopies of PAN Card, ID Proof and Address proof. However, successful bidder would have to produce these documents in original to the Bankat the time of making payment of balance amount
Branch: Delhi All that part and parcel of the non- 06th July 2020 21st of 25% of bid amount. (3) Bidders Name. Contact No. Address, E Mail Id. (4) Bidder's A/c details for online refund of EMD. h. The intending bidders should register their names at portal
LAN: 401FHL38541995 and 4010HL38540642 agriculture properties situated at, September www.indianbankseauotion.com and get their User ID and password free of cost. Prospective bidder may avail online training on E- auction from the service provider M/s Canbank computer services
limited (CCSL). Canbank computer services ltd, No.218, J P Royale, 1st floor, sampige road, Malleswaram, Mr. Pakhare D D/ Mr. Ramesh T H 9480691777/8553643144. Email id:
1. RAKESH K U M A R (Borrower) comprised i n a n d b e a r i n g Rs. 2020 eauction@ccsl.co.in. i. EMD deposited by the unsuccessful bidder shall be refunded to them within 2 days of finalization of sale. The EMD shall not carry any interest, j . Auction would commence at
D-11 S F S W A R N J A Y A N T I P U R A M description: Reserve Price, as mentioned above. Bidders shall improve theiroffers in multiplies of Rs. 10,000. The bidder who submits the highest bid (not below the Reserve price) on closure of'Online'auction
57,41,139.00/-
shall be declared as successful bidder. Sale shall be confirmed in favour of the successful bidder, subject to confirmation of the same by the secured creditor, k. The successful bidder shall deposit
GHAZAIBAD KAVI N A G A R GHAZIABAD UP "D-11 S F SWARN J A Y A N T I (Rupees Fifty 25% of the sale price (inclusive of EMD already paid), immediately on declaring him/her as the successful bidder and the balance within 15 days from the date of confirmation of sale by the secured
201002 PURAM GHAZAIBAD K A V I Seven Lac Forty creditor. If the successful bidder fails to pay the sale price within the period stated above, the deposit made by him shall be forfeited by the Authorised Officer without any notice and property shall
forthwith be put up for sale again. I. All charges for conveyance, stamp duty and registration charges etc., as applicable shall be borne by the successful bidder only. m. Authorised Officer reserves
2. REKHA RANI (Co-Borrower) NAGAR GHAZIABAD UP201002" One Thousand the right to postpone/cancel or vary the terms and conditions of the e-auction without assigning any reason thereof, n. In case the re are bidders who do not have access to the internet but interested
D-11 S F SWARN JAYANTI PURAM N o r t h : - P L O T NO. 10 One Hundred in participating the e-auction, they can approach concerned Circle office or PALI II branch who as a facilitating centre shall make necessary arrangements, o. Forfurther details contact, Canara
Bank, PALI II branch (Ph. No 9 4 1 3 3 3 3 7 5 1 , 0 2 9 3 2 - 2 2 6 7 5 1 ) e-mail Id cb18420@canarabank.com OR the service provider M/s Canbank computer services limited (CCSL). Canbank computer
GHAZAIBAD KAVI N A G A R GHAZIABAD UP E a s t : - P L O T NO. 18 Thirty Nine services ltd, No.218, J P Royale, 1st floor, sampige road, Malleswaram, Mr. Pakhare D D/Mr. Ramesh T H 9480691777/8553643144. Email id: eauction@ccsl.co.in. Special Instruction/Caution-
201002 S o u t h : - P L O T NO. 12 Bidding in the last minutes/seconds should be avoided by the bidders in their own interest Neither Canara Bank nor the Service Provider will be responsible for any lapses/failure (Internet failure,
Only)
Powerfailure, etc.) on the part ofthe bidder orvendor in such cases. In order toward off such contingent situation, bidders are requestedto make allthe necessary arrangements/alternatives such as
W e s t : - 2 4 MTR WIDE R O A D
back-up, power supply and whatever elserequiredso thatthey are able to circumvent such situation and are able to participate inthe auction successfully.
For M/s Bajaj Finance Limited, (Vinay Sobti) Authorized Officer, Dale: 24.09.2020 Place: Pali AUTHORISED OFFICER, CANARA BANK
Place: Delhi Date: 25.09.2020
•• •• •• •• •• ••
16
>
India invites Israeli firms to
meet $130 bn weapons need
Defence ministry sets target of 70 per cent self-reliance in weaponry by 2027
AJAI SHUKLA
New Delhi, 24 September
I
ndia and Israel have been tradi-
tionally secretive about defence
and security cooperation between
their respective governments and
industry. On Thursday, however, sen-
ior Ministry of Defence (MoD) officials
revealed that of the $4.9 billion in
annual trade between the two coun-
tries (2019-20), defence purchases
from Israel account for over a billion
dollars each year.
Sanjay Jaju, the MoD’s interface
with the defence industry, also dis-
closed that India and Israel are col-
laborating on research and develop-
ment (R&D) in nine focus areas,
including big data analytics and
cyber security.
He was speaking at a webinar on
India-Israel defence cooperation, co-
organised by the MoD, SIBAT (the
International Cooperation Directorate
of Israel’s MoD) and by the Society of
Indian Defence Manufacturers
(SIDM).
Israeli companies have brought
$200 million worth of foreign direct
investment (FDI) into defence pro-
duction in India since April 2000,
revealed Jaju. The total FDI in defence
during this period has been
~3,454 crore, the MoD told Parliament
on Monday.
The MoD said there were rich
opportunities for Israel-India defence
cooperation, with the former offering
skill and experience in developing
high-technology weaponry and the
latter offering scale in demand.
Underlining the opportunities for
Israel, Jaju said New Delhi would
spend $130 billion on modernising the
military over the next 7-8 years. He
said India’s requirements were avail-
A coalition of small apps to
take on Apple and Google
ERIN GRIFFITH
San Francisco, 24 September
F
or months, complaints from
tech companies against Apple’s
and Google’s power have grown
louder. Spotify, the music streaming
app, criticised Apple for the rules it
imposed in the App Store. A founder
of the software company Basecamp
attacked Apple’s “highway robbery
rates” on apps. And last month, Epic
Games, maker of the popular game
Fortnite, sued Apple and Google,
claiming they violated antitrust rules.
Now these app makers are uniting
in an unusual show of opposition
against Apple and Google and the
power they have over their app stores.
On Thursday, the smaller companies
said they had formed the Coalition
for App Fairness, a nonprofit group
that plans to push for changes in the
app stores and “protect the app econ-
omy”. The 13 initial members include
Spotify, Basecamp, Epic and Match
Group, which has apps like Tinder
and Hinge.
“They’ve collectively decided,
‘We’re not alone in this, and maybe
what we should do is advocate on
behalf of everybody,’” said Sarah
Maxwell, a spokeswoman for the
group. She added that the new non-
profit would be “a voice for many.”
The small segment of city off-roaders has a new entrant
Mahindra’s move was overdue given that the city SUV segment has been aggressively targeted by competition
PAVAN LALL
Mumbai, 24 September
T
he growing popularity of SUVs
over the last decade has led
automotive purists to rethink
how to tap buyers in a world where
electric cars, self-drive and shared
transportation have been catch
phrases that influence vehicle
designers, millennials and auto CEOs.
Mahindra & Mahindra’s latest
rendition of its dune-busting, four-
wheel drive, the Thar, is a move to
crossing the chasm between off-roader
and city-slicker.
From a business point of view,
the move was overdue given that the
city SUV segment has been
aggressively targeted over the years
by competition that includes the
Jeep Compass, Kia Seltos, the
Toyota Fortuner and the Force
Gurkha.
Over the years, analysts point to
how sedans and larger saloons have
given way to customers wanting
utility vehicles that are functional
and also equipped with four-wheel
drive capability — something that
India-Israel
defence cooperation
> Annual India-Israel
trade $4.9 billion
> Annual Israeli
defence sales to India > $1 billion
> Israeli FDI in Indian
$200 million
defence since 2000
> Industry partnership 9 Indian
signed 23 so far companies contracts
with 4 Israeli vendors
 7 India-Israel
defence JVs formed
able in the 15-year Long Term
Integrated Perspective Plan (LTIPP)
for the period 2012-2027.
Jaju specifically mentioned India’s
requirement for 1,580 towed artillery
guns, 100 tracked guns, 180 wheeled
and self-propelled guns and 145 ultra-
light howitzers being procured under
the Field Artillery Rationalisation
Plan. He also mentioned India’s need
for 110 multi-role fighter aircraft and
111 helicopters.
In the field of defence production,
Scrutiny of the largest tech com-
panies has reached a new intensity.
The Department of Justice is expect-
ed to file an antitrust case against
Google as soon as next week, focused
on the company’s dominance in
internet search. In July, Congress
grilled the chief executives of Google,
Apple, Amazon and Facebook about
their practices in a high-profile
antitrust hearing. And in Europe, reg-
ulators have opened a formal
antitrust investigation into Apple’s
App Store tactics and are preparing to
bring antitrust charges against
Amazon for abusing its dominance
in internet commerce.
For years, smaller rivals were loath
to speak up against the mammoth
companies for fear of retaliation. But
would be even more relevant the
coronavirus time when people want
to make long-distance trips in their
own vehicles.
The Thar’s original avatar, launched
in 2010, appeared like a harder, bare-
bones metal version of what a Jeep is. It
was, in fact, a replacement for the
Mahindra Major, or the MM 550,
which was derived from
historical production
partnerships with Jeep.
As one of M&M’s
Jaju said nine Indian companies have
signed 23 contracts with four Israeli
defence vendors, including Israeli
Aerospace Industries, Rafael
Advanced Systems, Elbit Systems and
Elta Systems.
In addition, Israeli firms have set
up seven joint ventures with Indian
partners, including Kalyani Rafael
Advanced Systems, Astra Rafael
Communications, HBL Elta Avionics,
Adani Elbit Advanced Systems,
Kalyani Group Elbit Systems, HAL-
BIT Avionics and Punj Lloyd-Israeli
Weapons Industries.
The MoD also disclosed for the first
time an indigenisation target for
India’s military, stipulating a “70 per
cent self-reliance target by 2027”.
According to Jaju, India was pro-
ducing only 30 per cent of its arms
requirements in 1992-93. That had
risen to 40-45 per cent in 2014-15, at
the time the “Make in India” initia-
tive was launched. Now, with 101
defence items placed on an import-
ban list, which officials have
announced would be expanded short-
ly, the MoD is targeting the 70 per cent
figure within seven years.
Additionally, the government has
created a separate budget head, with
an outlay of $7 billion (~52,000 crore)
for domestic capital procurement in
the current financial year.
In detailing where India’s defence
production currently stands, Jaju
stated that the eight defence public
sector undertakings (DPSUs) and 41
ordnance factories (OFs) delivered $9
billion worth of defence equipment
in 2019-20 — a year-on-year rise of 6
per cent over the preceding two years.
To enhance this, the MoD propos-
es to position the DPSUs as system
integrators, said Jaju. Several DPSUs
are currently undergoing disinvest-
The 13 initial
members
include Spotify,
Basecamp,
Epic and Match
Group, which
has apps like
Tinder and
Hinge
the growing backlash has embold-
ened them to take action.
At the heart of the new alliance’s
effort is opposition to Apple’s and
Google’s tight grip on their app stores
and the fortunes of the apps in them.
The two companies control virtually
all of the world’s smartphones through
their software and the distribution of
apps via their stores. Both also charge
a 30 percent fee for payments made
inside apps in their systems.
App makers have increasingly
taken issue with the payment rules,
arguing that a 30 percent fee is a tax
that hobbles their ability to compete.
In some cases, they have said, they
are competing with Apple’s and
Google’s own apps and their unfair
advantages.
biggest launches this year, the new
Thar has been redesigned aggressively
with a wider stance, front-facing grille,
a chunky hard plastic roof and a new
body on chassis suspension that is
lighter and stiffer. This city off-roader
is built for comfort, which it mostly
ment. Last week, a Group of Ministers
was constituted to oversee the corpo-
ratisation of the OFs.
Meanwhile private defence firms,
to whom the MoD has issued 490 pro-
duction licences so far, delivered $2.2
billion worth of defence equipment
in 2019-20.
Jaju said private sector micro,
small and medium enterprises
(MSMEs) would be at the forefront of
increasing this figure. He said the
MoD would designate 5,000 defence
items to be indigenised by 2025. Most
of these would then be produced
by MSMEs.
Categorising aerospace and
defence MSMEs as “the rising stars”,
the MoD stated that their numbers
would double to 16,000 over the next
five years as they became integrated
into global supply chains.
As if on cue, Bengaluru-based aero-
space company, Dynamatic Techno-
logies announced on Thursday a con-
tract for building parts for the T-7A
Red Hawk trainer — one of the world’s
largest and most sophisticated aircraft
programmes, being developed by
Boeing and Saab.
Jaju said the rise of MSMEs
was being facilitated by reservations
mandated in the new Defence
Acquisition Policy of 2020; by enti-
tling them to 90 per cent reimburse-
ment of the cost of development of
equipment; advances from DPSUs
and OFs; and the permission to use
their testing infrastructure at govern-
ment rates.
Jaju also stated that the MoD’s
eco-system for innovations by start-
ups, termed the Innovations for
Defence Excellence (iDEX) scheme,
had already sanctioned $5.4 million
in funding and signed contracts with
33 innovators.
Apple has argued that its fee is
standard across online marketplaces.
On Thursday, the coalition pub-
lished a list of 10 principles, outlined
on its website, for what it said were
fairer app practices. They include a
more transparent process for getting
apps approved and the right to com-
municate directly with their users.
The top principle states that devel-
opers should not be forced to exclu-
sively use the payments systems of
the app store publishers.
Each of the alliance’s members has
agreed to contribute an undisclosed
membership fee to the effort.
The coalition came together in
recent months after discussions
among executives at Tile, Epic,
Spotify and Match Group, the four
companies that have been most vocal
in their opposition to the big tech
companies, Maxwell said.
Some of the conversations took
place after Apple and Google booted
Fortnite from their app stores last
month for violating their payment
rules. As Epic’s fight with Apple and
Google escalated, Spotify and Match
Group spoke out in support of the
video game company.
Apple has argued that Epic’s situa-
tion “is entirely of Epic’s own making.”
The new coalition could spur more
companies to publicly voice long-
standing complaints, its members
said. Peter Smith, chief executive of
Blockchain.com, said his cryptocur-
rency finance company had joined
the group partly because it offered
strength in numbers.
“Can they ban us all?” he said.
“I doubt it.”
© 2020 The New York Times News Service
manages to deliver on.
There’s a reason that off-roaders are
designed the way they are, with broad,
square lines and large windows and
windshields. For, when you are off-
roading, watching the surroundings
from every angle is key to navigating
undulating surfaces.
Inside, the car is more comfortable
than its earlier versions, and the
seating is upright and firmly
positioned to access console controls.
This test-drive version was a manual
diesel powered by the mHawk engine,
which proved to be a capable
workhorse that propelled the heavy
MAHINDRA THAR
Engine: 2.2 mHawk
Power:130 hp
Torque: 300 Nm
Transmission: 6-speed Manual
No of cylinders: 4
Displacement:2184 cc
Price: ~10 lakh-~15 lakh
(expected)
NEW DELHI | FRIDAY, 25 SEPTEMBER 2020 1
HAROLD EVANS 28 JUNE 1928-23 SEPTEMBER 2020
Trailblazing editor who set
journalism’s gold standard
BILL TROTT
24 September
REUTERS
S
ir Harold Evans, a British-American edi-
tor whose 70-year career as a hard-driv-
ing investigative journalist, magazine
founder, book publisher and author made
him one of the most influential media fig-
ures of his generation, died on Wednesday at
the age of 92.
Evans died of congestive heart failure in
New York, according to his wife Tina Brown.
A former editor of Britain’s Sunday
Times and, at his death, Reuters editor-at-
large, Evans put a unique stamp on inves-
tigative journalism. Championing causes
either overlooked or denied, he and his later revealed to be journalist Joe Klein,
team uncovered human rights abuses and and Colin Powell’s My American Journey.
political scandals, and advocated for clean Born to a family from what he called “the
air policies. respectable working class,” Evans received
One of his most famous investigations one of the highest honours of the British
exposed the plight of hundreds of British monarchy when he was knighted by Queen
thalidomide children who had never received Elizabeth in 2004 for his services to British
any compensation for their birth defects. journalism. Two years earlier, a poll by
Evans organised a campaign to take on the Britain’s Press Gazette and the British
drug companies responsible for manufac- Journalism Review named him the greatest
turing the drug, an effort that eventually won newspaper editor of all time.
compensation for the families “Harry Evans was an inspi-
Evans founded
after more than a decade. ration, not only as a great jour-
“All I tried to do — all I hoped Conde Nast nalist but as a great man. He
to do — was to shed a little light,” Traveler magazine had an insatiable intellect,
Evans said in an interview with and served as extraordinary tenacity, high
The Independent in 2014. “And if president and principle, and a generous
that light grew weeds, we’d have publisher of heart,” Stephen J Adler, Reuters
to try and pull them up.” Random House editor-in-chief, said.
After 14 years at the Sunday from 1990 to 1997 Evans also had a sense of
Times, Evans became editor of humour. “Editor-at-large means
The Times of London shortly after media you’re free to create as much havoc as they
mogul Rupert Murdoch purchased the paper will tolerate,” Evans was quoted as saying by
in 1981. Evans left a year later in a dispute the Financial Times.
with Murdoch over editorial independence. “He was the inventor of team journal-
A few years later, Evans moved to the ism. In the editorial chair, he was a human
United States with Brown, the journalist and dynamo and set in motion such a stream of
editor to whom he was married for nearly 40 powerful stories and campaigns that his
years. He continued his career as an author, rivals (I was one) could only struggle to
publisher and university lecturer. He keep up,” Donald Trelford, the former edi-
penned several books, including The tor of The Observer, wrote in a review
American Century (1998) and its sequel They of Evans’ memoir published in 2009
Made America (2004). called, My Paper Chase: True Stories of
He became the subject of books and doc- Vanished Times.
umentaries, including Attacking The Devil: In addition to helping win compensation
Harold Evans and the Last Nazi War Crime for Britons who suffered birth defects from
(2014), about the thalidomide campaign. thalidomide, a drug taken for pregnancy sick-
Evans founded Conde Nast Traveler mag- ness, the Sunday Times published in 1967 an
azine and served as president and publisher expose of high-ranking British intelligence
of Random House from 1990 to 1997. officer Kim Philby’s decades as a Soviet spy,
Under his leadership, Random House despite objections from the British govern-
scored various publishing successes, ment that the report would endanger
including the best-selling Primary Colors, national security.
a satire about Bill Clinton by Anonymous, REUTERS
DEAN JONES 24 MARCH 1961-24 SEPTEMBER 2020
A player and commentator
ahead of his time
F
ormer Australia batsman Dean Jones, a famous anecdote from that Test match
one of the finest exponents of ODI when Jones was suffering from cramps. “I
cricket, died of a sudden cardiac arrest want a tough Tasmanian and not a weak
in Mumbai on Thursday. Jones, 59, was in Victorian,” was what Border said, something
Mumbai with the Star Sports’ commentary that spurred Jones on. In ODIs and numerous
team for the Indian Premier League. He was World Series matches on Australia’s Chan-
in a bio-bubble in a city hotel. He is survived nel 9, Jones, clad in yellow jersey and the lips
by his wife and two daughters. Jones played lined with zinc cream is
52 Tests and 164 ODIs for Australia and was still etched in mem-
part of the 1987 World Cup winning team. “It ories of the late
is with great sadness that we share the news 1980s and early
of the passing away of Mr. Dean Mervyn ’90s generation.
Jones AM. He died of a sudden cardiac PTI
arrest,” Star Sports said a press release.
A player well ahead of his time, Jones
scored over 6,068 ODI runs at an average of
44.61 with seven hundred and 46 fifties. For
Indian fans, he will forever remain in their
memory for the historic tied Test in Chepauk,
where he laid the foundation of a big
Australian score with an unbeaten double
hundred in challenging conditions. There
was an iconic picture of Jones throwing up
while batting and so severely dehydrated he
was that he had to be admitted to a hospital
during the course of the Test match. There is
tool car onto the asphalt.
Inside, the low-ratio gearbox sits by
the regular manual gear, which doesn’t
let you forget that this is an off-roader.
(The low-ratio gearbox takes over the
drive from the regular gearbox, lowers
the gear ratios so that the wheels move
slower than they ordinarily would. This
allows for better traction, which is
important for steep climbs and
descents.) Big tires, efficient brakes
and big headlamps mean this is a car
that is naturally infused with a sense of
security for its occupants. The interiors
are a quantum leap ahead of M&M’s
earlier cars.
While the Thar is a pliant ride,
what needs correction in later models
in the ease of egress for passengers to
the rear seat.
Choices in the city off-roader
segment are limited. There’s the Jeep,
made by the Fiat Chrysler Alliance THE COMPETITION
under the Wrangler badge, which will Car Model Price (~)
set you back by some ~64 lakh. There Force Gurkha 10 lakh (estimated)
are other similarly priced choices, like Jeep Compass 16 lakh
the Gurkha made by Force Motors as
well as the higher spec SUVs such as the Jeep Wrangler 64 lakh
Ford Endeavor, but those cost more Toyota Fortuner 25 lakh
than the competitively priced Thar.