THURSDAY, 27 MAY 2021

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

NEW DELHI
~10.00
VOLUME XXVII NUMBER 183

THE MARKETS ON WEDNESDAY chg#

Sensex 51,017.5 p 380.0

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MARKET CLOSE
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AMAZON SNAPS UP MGM KEEPING POLITICS OUT WILL BE KEY
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FILM STUDIO FOR $8.45 BN CHALLENGE FOR NEW CBI DIRECTOR
### Market rate exclusive of VAT; Source: IBJA 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

VIRUS
TRACKER
VACCINATION
CROSSES
200 MILLION Govt to WhatsApp: Sebi plans to shield small
investors from ‘risky’ IPOs
Total 27,157,795
Active cases Recovered
INDIA
é208,921
Deaths
Right to privacy Certain initial public offers may only be for institutional investors
2,495,591 24,350,816 311,388

is not absolute
SAMIE MODAK more than ~2 lakh). In 2012, Sebi
ê91,191 é295,955 é4,157
Mumbai, 26 May had lowered the retail quota from
35 per cent to just 10 per cent of the
UNDERSTANDING
200,662,456 The Securities and Exchange Board overall IPO size in the case of com- IPO QUOTAS
Vaccination é2,039,087
of India (Sebi) is considering the con- panies that didn’t have a profitabil-
Statement after social media firm moves HC on new rules cept of institutional investor-only ini- ity track record. For
profitable Retail
WORLD Total Note: Total cases
include 1 migration;
tial public offerings (IPOs) to shield An institutional investor-only
companies investors
NEHA ALAWADHI small investors from presumably IPO would mean small investors
167,886,357 arrow shows 1-day
change; figures as
of 9 pm IST New Delhi, 26 May ENCRYPTION risky issues by new-age technology would either have to opt for indirect 35% 50%
BATTLE
Sources: Ministry of
and e-commerce firms. Regulatory exposure through the mutual
Deaths Health and Family

T
he government, in and investment banking sources said fund (MF) route or invest in HNI
3,487,458
Welfare; Johns
Hopkins Coronavirus
Resource Center response to WhatsApp the regulator is deliberating whether the HNI quota where the 15%
moving the Delhi High The issue: Under the more steps are required to safeguard minimum ticket size
Court against new rules new rule, govt can ask investors before it allows loss-making would go up. Institutional investors
that would require it to break end- significant social media companies, such as food Investment
NIFTY JUST 13 POINTS to-end encryption, said that it
respects the Right to Privacy and
intermediaries, having
over 5 million users, to
delivery company Zomato, to tap the
public market.
bankers’ lobby group
Association of
For loss-making
companies
SHY OF HITTING has no intention to violate it. At the enable identification of Banning direct retail participation Investment Bankers of Retail investors
NEW HIGH same time, it said compliance
requirement is necessary for public
the first originator of a
problematic content
and mandatory “safety net” are some
of the concepts being discussed, said
India (AIBI) in the past
had made a representation 10%
interest and identifying the first orig- people in the know. to Sebi to allow institutional
inator of messages leading to crimes. Domestic IPOs, typically, have two investor-only IPOs — a concept
HNI
Ravi Shankar Prasad, Union minister for broad equal quotas for institutional prevalent in developed mar- 15% Institutional
Electronics, IT and law, in a statement WhatsApp’s contention: and non-institutional investors. The kets, such as the US. The regu- investors
Note: HNI:
stressed that according to all established judi- > This impacts end-to-end encryption of non-institutional portion is further lator in the past had been averse High-net-
75%
cial dictum, no fundamental right, including messages and is an invasion of privacy split 70:30 between retail (those to the idea, fearing a backlash worth
the right to privacy, is absolute and it is subject investing up to ~2 lakh) and high net- from the public. individuals
> As per existing law, a privacy intrusion is
15,314.7 15,301.5 to reasonable restrictions.
justified if it meets the criteria of legality,
worth individuals (those investing Turn to Page 15 >
Feb 15,'21 May 26 '21 “It is very important to note that such an
order to trace the first originator, under Rule need, defined in terms of a legitimate State
The Nifty50 index closed above 15,300 for the 4(2) of the said guidelines, shall be passed only aim; and proportionality
first time since February 16. The index rose for the purposes of prevention, investigation, > To enable identifying the first originator, YAAS BATTERS ODISHA, BENGAL; 4 DEAD, 2 MN EVACUATED
for a fourth day on optimism that economic punishment, etc of inter alia an offence relat- SSMIs will have to build a mechanism to

activity will accelerate as pandemic-led
restrictions ease and vaccinations rise. The
Nifty added 93 points, or 0.61 per cent, to
close at 15,301.45 — mere 13 points short of a
new lifetime high. The index had logged its
lifetime high on a closing basis of 15,314.7 on
February 15. 12 >
Satellite communication
gets govt’s signal booster
The government has removed the artificial
caps on the data rates global satellite
communication firms can offer, which were
pegged at speeds of 2 Mbps to 4 Mbps. This
move will enable firms like OneWeb (a
consortium led by Airtel CEO Sunil Mittal) and
Elon Musk’s Starlink to offer high-speed
broadband services more efficiently to
Indian customers. 2>
ing to sovereignty, integrity and security of
India and public order incitement to an
offence relating to rape, sexually explicit
material, or child sexual abuse material pun-
ishable with imprisonment for not less than
five years,” the Ministry of Electronics and
Information Technology (MeitY) said in a
statement on Wednesday.
While defending the new rules, the gov-
ernment asked social media companies to
report their status on compliance with the
new rules, which kicked in from Wednesday.
Report status
at the earliest:
Govt to social
media firms
PHOTO: PTI
permit tracing of every communication sent
in India
Government’s stand:
> No fundamental right, including the right
to privacy, is absolute
>The rule meets the test of proportionality, as
this will be used as a last resort measure
>It is WhatsApp’s responsibility to find a
technical solution, whether through
encryption or otherwise
Turn to Page 15 >
The Indian government is in no mood to give more
time to social media firms to comply with the new EDIT:
social media rules. The Ministry of Electronics and
Information Technology, in a notification, has asked
Storm
over
all significant social media intermediaries to furnish
social
media FULL REPORT
details of the complaint redress mechanism with an
officer being based in the country, at the earliest. 15 >
P11 Cyclone Yaas, packing winds of up to 145 km/h, slams the coast in West Bengal’s East
Midnapore district, on Wednesday. Over 2 million people were evacuated in Bengal and Odisha
ON PAGE 18

‘Time for fiscal stimulus

to support the economy’
The time has come for the government
to offer fiscal stimulus to support Footwear, garments may attract higher GST Economic
the economy and reduce
the Covid 2.0 shock,
UDAY KOTAK, outgoing
DILASHA SETH
New Delhi, 26 May
DEALING WITH DISTORTIONS Proposed
GST rate 12%
IMAGING: AJAY MOHANTY The government also
suffers because it
impact of
Covid-19 is
president of the Existing GST rate results in a huge
Confederation of Indian Footwear and readymade garments refund outgo,”
Industry, told Shrimi may have higher rates of goods and 18% 18% said a govern-
5% 5% 5% 5%
huge: PM
Choudhary in an services tax (GST) with the GST Council ment official.
interview. 4 > expected to take up correcting the An
inverted duty structure in its meeting inverted rate
on Friday. structure
Footwear of Readymade Manmade Dyeing Manmade Fabrics
The fitment committee, which rec- makes import NIKUNJ OHRI
> RESULTS RECKONER up to ~1,000 garments fibres services fibres,
ommends rate changes to the Council, filaments more competitive, put- New Delhi, 26 May
has proposed Source: Government and yarns ting domestic units at a dis-
Quarter ended Mar 31, 2021; common sample increasing the rate advantage, he added. The economic impact of the Covid-19 pan-
of 693 companies (results available of 753) GOVT MAY HAVE on footwear (less While footwear of up to demic is “huge” and the world will not be
TO BORROW than ~1,000), rea- The fitment panel comprises refunds of ITC on account of higher ~1,000 falls in the 5 per cent GST the same after the virus recedes, Prime
SALES ~1.6 TRN OVER dymade garments, officers from the Centre and some tax on input and lower tax on output. bracket, inputs like the shoe sole, adhe- Minister Narendra Modi said Wednesday.
Mar 31, 2020 -6.4% ~13.39 trn î GST SHORTFALL and fabrics to 12 states. “The inverted tax structure under sives, and colours are taxed at 18 per The once-in-a-lifetime pandemic has
Mar 31, 2021 20.3% ~16.12 trn ì PAGE 4 per cent from 5 per An inverted duty structure arises GST needs to be corrected as it is caus- cent, resulting in an inverted duty struc- brought tragedy and suffering at the doorstep
cent now. when the GST rate on raw material is ing cash flow issues for manufacturers. ture. Other inputs like non-woven fabric of many, the prime minister said. “The pan-
NET PROFIT
For inputs like manmade fibre and higher than that on finished products, Moreover, in some cases the accumu- and leather are taxed at 12 per cent. demic has impacted every nation. The eco-
Mar 31, 2020 -60.8% ~44,079 cr î yarn, the panel has proposed reducing resulting in a higher input tax credit lated ITC is not even refundable, like This creates a case of unutilised ITC nomic impact is
Mar 31, 2021 258.5% ~1.58 trn ì the rate to 12 per cent from 18 per cent (ITC) outflow. for capital goods and input services, and hence causes refunds. huge, as well,” he
to correct the distortion. A registered taxpayer can claim even if the rate structure is inverted. Turn to Page 15 > said while deliv-
ering the key-
note address at
the Vesak Global

India starts prep to make Covid care safe for children celebrations.
The prime
minister’s
remarks came
Children with pre-existing But, he cautioned, children have against the back-
Treatment protocols, wards with space for parents, CHILDREN comorbidities experienced what is called the Multi- drop of several
and specially trained staff are some measures AND COVID (heart, liver, kidney, diabetes, System Inflammatory Syndrome or
MIS-C. This is a rare but serious
rating agencies
revising their
obesity etc) at higher risk of
SOHINI DAS & RUCHIKA CHITRAVANSHI the biggest challenge will be creating complication associated with covid in growth forecasts
getting severe illness
Mumbai/New Delhi, 26 May this extra space,” said Pandit. which different body parts can become for India down-
Suresh Kumar, infectious diseases Children are not super- inflamed, including the heart, lungs, wards, with the Besides the pandemic,
India has begun the dismal task of specialist at Apollo Hospitals, spreaders of the virus kidneys, brain, skin, or eyes. second wave of climate change is a
preparing its medical facilities to treat Chennai, said that if the parents are According to the Indian Academy the Covid-19 major challenge that
children in case the expected third covid negative, they may have to The capacity of children to of Paediatrics, the majority of children pandemic humanity faces, said
spread infection is much less Prime Minister
wave hits them worse than earlier be kept in partitioned rooms with with MIS-C are likely to recover, if severely impact- Narendra Modi PHOTO: PTI
waves of coronavirus. their child. compared to adults treated in time. “But we need to be ing economic
A treatment protocol is being “For children above 10-12 years, the No scientific evidence prepared with more in-patient beds recovery, besides increasing the risk of long-
worked on for children who test parent can stay in the hospital but in a exists to use drugs like and intensive care beds for children,” term scars. Recently, the International
positive. Beds and wards are being different room and meet the child
Over 60-70% of Of symptomatic said the Academy in a statement. Monetary Fund (IMF) said it would revisit
children who get Covid- children, 1-2% azithromycin, ivermectin,
modified to create space for parents. from time to time with precautions. So doxycycline, HCQ, ayurvedic, Dr Nitin Verma, associate director the growth forecast for India, and the global
Medical staff are being retrained. far, hospitals have not allowed 19 are asymptomatic need ICU treatment general, paediatrics, at Delhi-based economy in July.
homeopathic, etc for treating
Equipment is being assessed to see attendants to stay with covid patients. A small proportion of children may develop Rainbow hospital for children, has The economic fallout of the second wave
Covid-19 in children
if it needs re-calibration for For children, this has to change,” severe disease, though this is less common than experienced the rise in affected of the pandemic is expected to be severe as
younger bodies. said Kumar. There is no role of children. “I have done 40 video suggested by high-frequency indicators, such
in adults and the elderly
Rahul Pandit, director, Critical As limited drugs are available to these drugs under consults in a day compared to hardly as mobility trends, auto sales, and rising
Care, Fortis Hospital, Mumbai and a treat children, getting the treatment Source: UNICEF India in-home treatment any for kids last year. The older the unemployment rates.
member of Maharashtra’s Covid Task protocol right is now the top priority of child, the more the symptoms,” said Modi also said that in times to come,
Force, said the state was creating leading paediatricians. This entails Although paediatricians say it is will not experience the cytokine storm Dr Verma. events would be remembered as either pre-
separate units for children within the what kind of oxygen therapy should be highly unlikely that the third wave will that adults have experienced. “The For Dr Srinivas Midivelly, or post-Covid. However, the past year has
jumbo covid centres. given to children, what are the other predominantly or exclusively affect immune system of children is not consultant paediatrician, Yashoda brought many changes, such as the devel-
“We are working out set-ups that supportive therapies, which children, they want to be ready just in mature enough to create such a strong Hospitals in Hyderabad, a lot of work opment of vaccines and a better understand-
will accommodate mother and child as medicines are permissible etc. case. They are hopeful that children response,” said Kumar. needs to be done. Turn to Page 15 > ing of the virus, he said.
2 COMPANIES NEW DELHI | THURSDAY, 27 MAY 2021

STOCKS > Godawari Power and Ispat

Q4FY21 consolidated
> LUX Industries
Q4FY21 consolidated
> Thermax
Consolidated net profit
> Arvind
Reported profit of
> Bodal Chemicals
Incorporated a
IN THE NEWS profit jumps 10x profit jumps 118 per cent jumped nearly 3x to ~53 crore in Q4FY21, against wholly-owned
YoY to ~340 crore YoY to ~91 crore ~107 crore for Q4FY21 loss of ~12 crore in Q4FY20 subsidiary in Indonesia
~995.6 CLOSE ~2,714.5 CLOSE ~1,460.7 CLOSE ~78.5 CLOSE ~111.6 CLOSE
p3.9% UP* p17.3% UP* p3.7% UP* p1.7% UP* p9.6% UP*
*OVER PREVIOUS CLOSE

>

IN BRIEF
Infosys CEO pay package rises
to ~49.68 crore in 2020-21
Infosys CEO Salil Parekh (pictured) saw his
annual pay package jump to ~49.68
crore in 2020-21, with more than half of
the total amount coming from exercise
of stock options. Parekh’s
compensation was at ~34.27 crore in
2019-20. The company’s annual report
for 2020-21 showed that his
compensation included ~6.07 crore in salary,
~12.62 crore in bonus, incentives or variable pay, and ~30.99
crore in perquisites on account of stock options exercised.
Rajesh Gopinathan, chief executive officer and managing
director of India's largest IT services firm Tata Consultancy
Services, drew a pay package of ~20.36 crore in 2020-21. Infosys
Chairman Nandan Nilekani voluntarily chose not to receive any
remuneration for his services rendered to the company during
2020-21, the report said. Its Chief Operating Officer U B Pravin
Rao's compensation rose about 63 per cent to ~17.33 crore in
FY21 from ~10.6 crore in the previous fiscal.
BPCL declares record ~12,581 cr in dividend for FY21
PRESS TRUST OF INDIA
New Delhi, 26 May
Bharat Petroleum Corporation (BPCL)
on Wednesday declared a record
~12,581 crore in dividend, more than
half of which will go to the govern-
ment, ahead of privatisation of the
company.
In a regulatory filing, BPCL said its
“Board of Directors has recommended
a final dividend of ~58 per equity share
(including one-time special dividend
of ~35 per equity share of ~10 each) for
the financial year ended March 31,
2021, subject to approval of the share-
holders.”
The dividend works out to
~12,581.66 crore, including a special
PTI
dividend of ~7,592.38 crore.
The government, which is selling
its entire 52.98 per cent stake in BPCL,
will get ~6,665.76 crore plus dividend
distribution tax.
The dividend is in addition to the
interim dividend of ~21 per share paid
earlier in the fiscal year.
While the firm did not give any rea-
son for declaring the record dividend,
it had received ~9,876 crore from the
sale of its 61.5 per cent stake in
Numaligarh refinery in Assam to a
consortium of Oil India, Engineers
India, and Government of Assam, in
March.
Almost simultaneously, the firm
had bought 36.62 per cent of the equity
held by OQ S.A.O.C (formerly known
as Oman Oil Company S.A.O.C) in the
Bina refinery, for ~2,399.26 crore.
The net gain made by BPCL after
the two deals was ~7,477 crore —
almost the same as the special div-
idend declared on Wednesday.
For FY21, BPCL reported a record
stand-alone net profit of ~19,041.67
crore on back of the stake sale, as well
as higher refining margin resulting
from inventory gains accruing from
rebounding oil prices.
The profit compared with ~2,683.19
crore net profit in FY20, the filing
showed. In the January-March
quarter, net profit rose to ~11,940.13
crore from ~2,777.62 crore a year back.
The firm earned $4.06 on turning
every barrel of crude oil into fuel in
FY21, compared to gross refining mar-
gin of $2.5 per barrel a year back.
It also made a gain of ~199.75 crore
on foreign exchange as compared to a
loss of ~1,662.34 crore in FY20.
“Market sales of the corporation for
FY21 was 38.74 million tonnes as com-
pared to 43.10 mt in FY20.
Commenting on the Q4 earnings,
Director (Finance) N Vijayagopal said,
“We witnessed a V-shaped recovery in
the second half, resulting in robust
growth in fuel sales. In an unprece-
dented year, that began with a lock-
down across the country and subdued
business and economic activities, the
fourth quarter was a stand-out quarter
that helped the company to report its
highest ever growth in bottom line.”

Zee bets on hybrid

Lithium Urban buys
Pune-based firm
SmartCommute
Electric mobility start-up
Lithium Urban Technologies
has bought employment
transportation software
platform SmartCommute. The
International Finance Corp
and LGT Capital-backed
company, which claims to be
the biggest owner of EVs in
the world outside China with
1,200 units, is diversifying its
FB, Instagram will
now let you hide
‘like’ counts
Fund-raising has no link movie model as
to any M&A deal, says SIA
If you post a photo to social
media and you don't know
how many people liked it, did
you really post it? Instagram
theatres stay shut
and Facebook users can now
find out. Beginning
Wednesday, those on both Announcement further indication that it has nothing to do with AI divestment
services will be able to hide
the numbers that show how ARINDAM MAJUMDER
many people liked their posts New Delhi, 26 May
and photos. Instagram began

portfolio from employee
transportation to public
transportation. BS REPORTER
Royal Enfield to
shut down plants
hiding likes in 2019 as part of
an effort to make people's
time on the app less stressful
and depressing. PTI
Koo raises $30 mn
I
n a further indication that Singapore
Airlines (SIA) will not join Tata Sons
for the bidding of Air India, the com-
pany has said it is not undertaking any
merger and acquisition (M&A) with the
fund it has raised and will instead use it to

from May 27-29 in funding led by shore up its liquidity.

This comes close on the heels of the
Royal Enfield has decided to Tiger Global financial bidding of Air India having VIVEAT SUSAN PINTO views across platforms. The
shut its three plants in Tamil Twitter-rival Koo has raised begun. Tata Sons, with who SIA owns and Mumbai, 26 May film has also received encour-
Nadu for three days, between $30 million (about ~218 crore) operates Vistara, is one of the front runners aging box office collections in
May 27-29. According to an in a funding round led by Tiger to acquire the state-owned carrier. Zee Entertainment may test overseas markets,” the
internal note circulated Global. Existing investors Accel The company, however, will continue the hybrid movie release spokesperson said.
among employees, the Partners, Kalaari Capital, to invest in Vistara. It said the airline’s fleet strategy with more films it is However, analysts have a
company has taken the stand 3one4 Capital, Blume Ventures will grow to 70 by mid-2023. Vistara cur- looking to acquire in the different perspective to share
owing to situation in Chennai and Dream Incubator also took rently has 47 aircraft, with a mix of Airbus national traffic, is impacted further since future. Buzz is that the media on Radhe’s performance so
and subsequent lockdown part in the latest funding A320s and Boeing 787.s AIR INDIA FINANCIALS the Singapore government has been cau- company is eyeing the rights far. Karan Taurani, vice-pres-
announced by the state to round, Koo said in a “The reason we are proceeding with nLoss (~crore) tious about opening up its borders. of Antim, produced by ident, research, Elara Capital,
curb the spread of disease. PTI statement. PTI the mandatory convertible bond (MCB) Last month, EY, the transaction advisor Salman Khan, who also stars said that the 4.2 million digi-
programme now is to do with the fact that for the privatisation process of Air India, in it along with brother-in- tal views do not suggest that
the recovery forecast is still uncertain. It issued a request for proposal to the short- law Aayush Sharma. an equal number of people
Mallya loses UK appeal for more will be prudent for us to bolster our equity
base. The other perspective we took in
listed bidders, asking them to submit
financial bids.
The film’s release date has
been pegged at July 1.
purchased the film online.
“Our math suggests that a
funds to cover Indian legal fees thinking around issuing MCBs now was a
multi-year view - how to build ourselves,
8,556 7,770 9,779
The process, said government officials,
is expected to be completed by the end of
However, the ongoing crisis
may prevent state govern-
family of four or five people
could have watched the film
Vijay Mallya on Wednesday lost an appeal what we need to do, what we need to invest September. However, the second wave of ments from opening up on one purchase. So, those
to gain further access to court-held our core capabilities into to emerge FY19 FY20 FY21* the pandemic is likely to delay the process cinema halls in the country, who tuned in to watch the
funds to cover his costs for legal stronger from Covid-19. There is no men- *FY21 is provisional figure Source: Government further as fresh closure of international film industry sources said. film on its first day of release
proceedings in India, as a High tion of the use of proceeds for M&A,” said borders has affected the due diligence pro- This may force the pro- on digital, especially Zee5,
Court judge in London concluded Tan Kai Ping, executive vice-president, originally approved by shareholders on cess by bidders. ducers of Antim to take the were around 0.9 million. The
that the 65-year-old businessman finance and strategy, SIA. April 30, 2020, said SIA. In the absence of a domestic market digital-plus route that was first weekend would have gar-
had failed to provide sufficient He was replying to a question on The fund-raising follows $13.3 billion and international travel almost completely used in the case of Radhe. nered around 2.5 million
evidence in support of the over whether the airline intended to use the of liquidity raised in 2020-21. It was during suspended, SIA has been forced to ground For the uninitiated, views and will touch the 3-4-
750,000 pounds being sought. During proceeds from the fund-raise to participate this period the group suffered a record net most of its fleet. Radhe, also starring Khan, million-mark by the second
a remote hearing of the Chancery in the bidding for Air India. loss of S$4.3 billion amid the Covid-19 pan- The airline recently said its passenger was released on May 13 on weekend. However, much of
Division, Justice Robert Miles handed down his judgment in SIA recently announced a S$6.2-billion demic, which has clipped the wings of the volume fell 97.9 per cent in the financial pay-per-view platform this traffic is from existing
favour of a consortium of Indian banks led by the State Bank of convertible bond issue to further shore up aviation industry the world over, in par- year ended March 31, from a year ago. It ZeePlex, over-the-top service subscribers, implying realisa-
India (SBI). He also directed Mallya to cover 95 per cent of the its cash position. The offering constitutes ticular the Asia Pacific. will be able to deploy only 32 per cent of Zee5, direct-to-home chan- tions are low,” Taurani said.
costs of the appeal as the banks had been "very substantially the second tranche of its MCB programme, SIA, which primarily depends on inter- its pre-Covid capacity by July. nels such as Tata Sky, Airtel Zee is estimated to have
successful" and the "overall winners" in fighting the case to DTH and Dish TV as well as paid around ~225 crore for the
prevent further sanctions from the court-held funds. PTI in theatres in international complete rights of Radhe.
markets. This was the first This includes music, overseas

CRISIL pegs dairy growth at 6% in FY22 such case of a simultaneous

release for an Indian film
theatrical and satellite TV
rights, which constituted 30-

Revised offer for ARNAB DUTTA dented it badly. liquid milk segment contrib- working capital and prudent
across platforms.
Zee had a special combo
pack tailored around the film
40 per cent of the acquisition
cost. The balance 60-70 per
cent were digital and cinema

Jaypee is legally
New Delhi, 26 May In 2020-21, the sector grew utes 65-70 per cent towards capital spend will keep credit for new subscribers, includ- rights.
by a meagre one per cent – the the sectoral revenue, while profiles of dairies stable”, CRI- ing an annual subscription of With theatres currently
After hitting a nadir in 2020- lowest in a decade. However, value-added products’ share SIL noted. Its analysis is based Zee5 for ~499. Radhe was shut in India due to Covid-19,

compliant: NBCC
21, the country’s organised
dairy sector is set to bounce
back in the current financial
year. In 2021-22, organised
businesses are set to grow by
5-6 per cent to over ~1.5 trillion
in sectoral revenue for the first
time, ratings firm CRISIL esti-
mated.
While in the past decade,
growth of organised dairy in
India has been steady, the
pandemic-induced lock-
downs last financial year
with supply chain and deliv-
ery mechanisms better
streamlined this year, it is set
to grow.
According to CRISIL,
healthy demand revival for
value-added products, since
last year’s lockdowns were
lifted, has the potential to
drive growth this financial
year.
“Steady demand for liquid
milk will help support overall
growth,” it said. Currently, the
is 30-35 per cent.
“With increasing demand,
milk procurement prices are
expected to increase; albeit
higher sales of value-added
products will buttress materi-
al impact on profitability.
Besides skimmed milk pow-
der, inventory will also decline
by the end of this financial
year from the peak seen last
financial year, easing working
capital borrowings. Almost
stable profitability, controlled
on 65 CRISIL-related dairies
that contribute over 67 per
cent of total revenue for the
organised sector.
While last financial year,
the size of the value-added
products market had shrunk
by three per cent, this year, it
is expected to grow by seven
per cent. This is because
demand for most value-added
products, such as ghee, butter,
cheese and milk powder may
remain healthy.
bundled with this offer.
ZeePlex subscribers as well as
existing Zee5 subscribers
could watch the film by shel-
ling out ~249 each.
A company spokesperson
said that the hybrid release
model had introduced a new
window for content creators
to connect with audiences.
“Radhe saw a positive
response from viewers from
the first day of release,
wherein it clocked 4.2 million
analysts say it is not possible
for Zee to recoup 60-70 per
cent of its investment from
digital streaming alone. But,
Radhe's satellite TV premiere,
likely to happen in a few
months, may help the media
company garner around ~50-
60 crore in terms of revenue.
This is because curiosity
levels could be high among
the larger television-viewing
population, attracting adver-
tisers, said experts.

PRESS TRUST OF INDIA

Mumbai, 26 May

State-owned NBCC, whose

bid was rejected by creditors
of Jaypee Infratech, on
Wednesday asserted that its
offer was “legally compliant”,
though the company will try
to address objections raised
by the interim resolution pro-
fessional if allowed to submit
a fresh bid.
During its meeting held
on May 24, the Committee of
Creditors (CoC) deferred the
voting on Suraksha Group’s
offer.
It also decided to conduct
a voting process on May 27-28
to decide whether the two
contenders — NBCC and
Suraksha — should be given
additional time to submit
their revised and final bids.
In a letter to Anuj Jain, the
Interim Resolution
Professional (IRP) for Jaypee
Infratech (JIL), NBCC said it
had responded to his letters
on non-compliance issues
related to its offer to dissent-
ing financial creditors.
NBCC had submitted its
resolution plan on May 18 and
later an addendum on May
22, but both the documents
were declared as non-compli-
ant by the IRP.
“We hereby submit that
NBCC had submitted a plan
after considering all the fac-
tors and taking the best pos-
sible legal advice,” NBCC said.
The Supreme Court
Judgement, dated March 24,
which directed for calling of
bids from NBCC and
Suraksha only mentioned
about making a provision for
full liquidation value for dis-
senting financial creditors
and did not provide for any
undertaking for any kind, the
public sector firm said.
Accordingly, NBCC said it
made provisions in the plan
for the complete liquidation
value for dissenting financial
creditors in various forms.
Satellite communication firms get govt’s signal booster
SURAJEET DAS GUPTA
New Delhi, 26 May
In a move that will enable global
satellite communication companies
like OneWeb (a consortium led by
Airtel CEO Sunil Mittal) and Elon
Musk’s Starlink to offer high-speed
broadband services more efficiently
to customers in India, the
government has removed the
artificial caps on the data rates they
can offer, which were pegged at
speeds of 2Mbps to 4Mbps.
The new technology, based on
low earth orbit satellites (LEO),
which is being used by the two
companies, can offer broadband
speeds of over 5GBPS. What’s more,
they are already working on R&D to
come close to 5G mobile speeds.
Starlink has started offering beta
services to a limited number of
consumers in the US with speeds of
around 150 Mbps and is reportedly
planning to double that speed soon.
The recent amendments to the
Standards for Interface
Requirements for Communications
and Broadcast Networks issued by
the Telecom Engineering Centre
(TEC) under the Department of
Telecommunications has done away
with the legacy regulation of a low
data speed limit. This is applicable to
all satellite communication services
companies in the country.
OneWeb, which has applied for a
licence to operate satellite services in
India, is building a satellite
configuration of 648 satellites across
the world. Starlink, which plans to
have over 1000 satellites across the
globe, has also stated its intent to
come to India.
The TEC’s amendment allows
satellite communications services to
use the high-capacity Ka band
between 27 Ghz and 40 Ghz
(currently, they are allowed to use
only C and Ku bands) for both
broadband and broadcasting
services by direct-to-home (DTH)
operations. This will allow
companies to provide high-speed
broadband and help DTH operators
offer many more channels and very
high-resolution display.
Says T V Ramachandran,
president of the Broadband India
Forum, which represents satellite
companies, amongst others: “The
government’s move will help deliver
significant benefits to the end
consumer by way of high broadband
speeds, better quality of service, and
also high capacity.”
Ramachandran says the earlier
artificial caps on data rates, which
have now been removed, had not
kept pace with the dramatic changes
in satellite technology. The caps on
data rates which were linked to fixed
satellite antenna sizes that limited
throughput, have also been
removed.
Lauding the changes, a senior
executive of a top satellite company
says, “The removal of these legacy
rules will be important enablers for
high-speed broadband. We are
expecting even bigger changes in the
satellite communications policy”
Adds a senior executive of a
broadcasting company, “TRAI had
recommended that Ka band be used
for broadcasting services, and this
has now been implemented by the
government. The move will increase
overall capacity, enabling more
television channels to be
accommodated.”
OneWeb is expected to roll out
services in India in the first half of
2022. The company is making nearly
one satellite a day and has been
launching 30-40 satellites every
month.
.
NEW DELHI | THURSDAY, 27 MAY 2021 COMPANIES 3 <

Ikea steps up online

presence, to roll
out shopping app
STATE OF OFFLINE RETAIL IN INDIA
(figures are % sales growth/decline)
March '21 v/s March '19 April '21 v/s April '19
All India East West North South
-2

-8

-11
-12

-28
-38

-40
-45
-49

-72

CATEGORY-WISE RETAIL PERFORMANCE IN INDIA

(figures are % sales growth/decline) March '21 v/s March '19 April '21 v/s April '19
Sports Footwear Beauty Jewellery Grocery Apparel QSR Durables
goods
10
-12

-12
-13

-15
-18
-21

-22

-45
-47
-49

-31
-59

-59
-61
-66

Source: RAI

VIVEAT SUSAN PINTO 2019. April 2020 is not comparable since a

Mumbai, 26 May national lockdown was in place at that time.
Segments such as footwear, beauty and

S
wedish retailer Ikea will launch a shop-
ping app in India on Thursday in a bid to
expand operations quickly in a market it
considers as key.
Delivery services will commence from cities
such as Mumbai, Pune, Hyderabad, Vadodara,
Ahmedabad and Surat, Ikea's country commer-
cial manager Kavitha Rao told Business
Standard. Cities such as Delhi and Bengaluru
will be added later. The move to launch a shop-
ping app in India comes as digital adoption,
triggered by the pandemic, pushes big-box
retailers, such as Ikea, to expand their online
presence fast.
While Ikea has a website in Maharashtra,
Telangana, and Gujarat, where consumers can
shop and have products home-delivered, a
shopping app is expected to boost e-commerce
sales significantly. “The share of online sales to
total sales for us has seen a twofold growth, since
the pandemic began last year in the country.
The rationale for an app is linked to consumer
behaviour in India. People here in general prefer
an app over a website for their shopping needs.
This is why we felt an app would be an even
better way to engage with consumers,” said Rao.
The app will be available on both Android
and iOS platforms and will offer 7,000 products
at competitive price points. It will also offer
home decor ideas and concepts at a time when
people are looking to improve their living
spaces, as many remain confined to their
homes, owing to the lockdown restrictions.
A survey by the Retailers Association of India
(RAI) on Wednesday showed that categories
such as durables, home appliances and elec-
tronic products remained the least affected by
the second wave, reporting a sales decline of 31
per cent in April 2021 over the same period in
apparels saw a sales decline of 66 per cent, 59
per cent and 47 per cent each in April 2021 ver-
sus the same period in 2019.
Consumer durables, RAI said, was the only
category which had reported growth of 10 per
cent in sales in March 2021 versus the same pe-
riod in 2019. This came even as overall retail sa-
les across out-of-home categories such as food
services, beauty, wellness, apparel, and sports
goods in March and April showed a decline of
12 per cent and 49 per cent, respectively, said
RAI. Rao said lockdown restrictions have been
a challenge for most retailers including Ikea,
though lower caseloads in key cities would aid
the unlock programme, going forward. Cities
such as Mumbai and Delhi are expected to
unlock in June in a bid to get business on track.
Ikea will be counting on the unlock pro-
gramme, since work on two city-centric stores
in Mumbai is expected to be completed this cal-
endar year. Ikea is also looking to unveil the two
stores in 2021, though Rao did not specify time-
lines for the opening.
The Swedish retailer has two large-format
stores in India, one in Hyderabad and the other
in Navi Mumbai, which was opened to cus-
tomers in December last year.
In February, Ingka Centres, part of the Ingka
group, which also owns most Ikea stores world-
wide, had said that it was setting up its first
shopping centre in India at an investment of
~5,500 crore. The proposed mall, to be launched
in Noida, Uttar Pradesh, would add to Ingka
Centres’ growing list of properties across the
world and also house an Ikea store. The group
said it was bringing its ‘meeting places’ concept,
providing a sustainable mixed-use destination
that would bring ‘many people’ together for
multiple reasons.

Hitachi ABB Power Grids to

go carbon neutral by 2030 Bharat Petroleum Corporation Limited
Hitachi ABB Power Grids in 2022. The programme is desi-
India on Wednesday annou- gned to reduce the carbon fo- (A Govt. of India Enterprise)
nced it would achieve carbon- otprint of its own operations Regd. Ofce: Bharat Bhavan, 4 & 6, Currimbhoy Road, Ballard Estate, P. B. No. 688, Mumbai - 400 001.
neutrality targets by 2030 in and in the products that it CIN: L23220MH1952GOI008931
its own operations. It has sig- delivers. The approach inclu- Phone: 022 2271 3000 / 4000 Fax: 2271 3874 email id : info@bharatpetroleum.in Website: www.bharatpetroleum.in
ned power purchase agree- des a carbon-neutral target of
ments with some of the green 100 per cent fossil-free elec- EXTRACT FROM THE STANDALONE AND CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31st MARCH 2021
power generators in Gujarat, tricity by the close of FY22. N (` in Crores)
including Amplus Solar Solu- Venu, MD and CEO of Hitachi Standalone Consolidated
tions and will be signing more ABB Power Grids in India said Sl. Quarter Ended Year Ended Quarter Ended Year Ended
Particulars
such deals to move to 100 per 30 per cent of this power is No.
31.03.2021 31.12.2020 31.03.2020 31.03.2021 31.03.2020 31.03.2021 31.12.2020 31.03.2020 31.03.2021 31.03.2020
cent green energy by March currently green. JYOTI MUKUL
Audited Unaudited Audited Audited Audited Audited Unaudited Audited Audited Audited
1 Total Income from Operations 98,755.62 86,579.95 81,296.23 3,01,864.98 3,27,580.78 99,733.20 87,292.62 81,829.60 3,04,266.28 3,29,797.16
2 Net Profit for the period (before tax, share of profit / (loss) of 5,244.49 4,575.71 (988.04) 16,168.67 3,751.87 5,274.62 4,770.62 (1,440.96) 17,491.79 4,143.35
Equity Accounted Investees, Exceptional and / or Extraordinary items)
3 Share of profit / (loss) of Equity Accounted Investees 435.55 (726.82) 263.04 (325.53) 1,400.67
4 Net Profit for the period before tax including share of profit / (loss) of 12,237.44 4,156.22 (2,068.87) 22,617.58 2,671.04 11,786.08 3,558.51 (2,958.91) 22,432.02 3,651.57
Equity Accounted Investees (After Exceptional and / or Extraordinary items)
5 Net Profit for the period after tax (after Exceptional and / or Extraordinary items) 11,940.13 2,777.62 (1,361.01) 19,041.67 2,683.19 10,641.94 1,900.63 (1,819.56) 17,319.83 3,665.78
6 Net Profit for the period after tax (After Exceptional and / or Extraordinary items) 10,301.31 1,565.23 (1,847.37) 16,164.98 3,055.36
attributable to Owners of the Company
7 Total Comprehensive Income for the period [Comprising Profit for the period 11,948.32 2,808.64 (1,629.41) 19,110.06 2,185.20 10,860.59 1,303.44 (1,633.92) 16,045.23 4,253.62
(after tax) and Other Comprehensive Income (after tax)]
8 Total Comprehensive Income for the period [Comprising Profit for the period 10,511.48 969.11 (1,653.69) 14,885.62 3,655.20
(after tax) and Other Comprehensive Income (after tax)] attributable to
Owners of the Company
9 Paid up Equity Share Capital (Face Value ₹ 10/- each) 2,092.91 1,966.88 1,966.88 2,092.91 1,966.88 2,092.91 1,966.88 1,966.88 2,092.91 1,966.88
10 Other Equity (excluding revaluation reserves) 52,451.64 31,247.50
11 Net worth [Paid up Capital + Other Equity (excluding revaluation reserves)] 54,544.55 33,214.38
12 Outstanding Redeemable Preference Shares - -
13 Paid up Debt Capital / Outstanding Debt 26,314.97 41,875.40
14 Debt Equity Ratio 0.48:1 1.26:1
15 Earnings Per Share (of ₹10/- each) (Basic Earnings per share) (Not Annualised) 59.77 14.12 (6.92) 96.44 13.64 51.57 7.96 (9.39) 81.87 15.53
16 Earnings Per Share (of ₹10/- each) (Diluted Earnings per share) (Not Annualised) 59.32 14.06 (6.92) 96.12 13.64 51.18 7.93 (9.39) 81.60 15.53
17 Debenture Redemption Reserve 1,264.84 1,076.36
18 Debt Service Coverage Ratio (no. of times) 5.46 1.04
19 Interest Service Coverage Ratio (no. of times) 21.02 3.96
Notes:
st th
a) The above Audited Results of Bharat Petroleum Corporation Limited for the Quarter and Year ended 31 March 2021 are approved by the Board at its meeting held on 26 May 2021.
b) Previous period's figures have been regrouped, wherever necessary.
c) The Board in its meeting held on 26th May 2021 has recommended a Final Dividend of ₹ 58/- per Equity Share (including one-time special dividend of ₹ 35/- per Equity Share) (Face Value: ₹ 10/- per
Equity Share) subject to approval of shareholders. This is in addition to the Interim Dividend of ₹ 21/ - per Equity Share (Face Value: ₹ 10/- per Equity Share) paid for the year by the Corporation.
d) The above is an extract of the detailed format of Quarterly and Year ended Audited Financial Results filed with the Stock Exchanges under Regulation 33 and 52 of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015. The full format of the Quarterly and Year ended Audited Financial Results are available on the Company's Website (https://www.bharatpetroleum.in) and
Stock Exchange Websites (www.bseindia.com) and (www.nseindia.com).
e) For the items referred in sub clauses (a), (b), (d) and (e) of the Regulation 52(4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the pertinent disclosures have been
made to the Stock Exchange(s) (BSE and NSE) and can be accessed on the Stock Exchange Websites (www.bseindia.com) and (www.nseindia.com).
For and on behalf of the Board of Directors

sd/-
N. Vijayagopal
Place : Mumbai Director (Finance)
th
Date : 26 May 2021 DIN: 03621835
4 ECONOMY & PUBLIC AFFAIRS
>
IN BRIEF
Govt must boost spending
on Covid: Abhijit Banerjee
India’s government could be spending
more to help its population of almost 1.4
billion weather the economic devastation
from the country’s explosive second wave of
Covid-19 infections, according to Nobel
Laureate Abhijit Banerjee (pictured). It’s
“not clear at all” that bond markets would
react negatively to such moves made to
avert “an ongoing series of crises,” said
Banerjee, 60, who was co-recipient of the 2019 Nobel prize for
economic science for his work on poverty alleviation. “I’m not
sure the government is calling it right,” the Massachusetts
Institute of Technology professor, who also chairs a Covid
advisory council to the state of West Bengal, said in an
interview from Paris. BLOOMBERG
RBI’s new auditor norms to
enhance audit quality: ICAI
Chartered accountants’ apex body ICAI said Reserve Bank's new
norms for appointment of auditors will help bring in a large
number of capable audit firms into the banking and financial
sector auditing works as well as enhance audit quality. Noting
that the norms are in the "right direction", ICAI President Nihar
N Jambusaria said apart from audit quality, the norms will
enhance "auditor independence and strengthen corporate
governance". The Institute of Chartered Accountants of India
said harmonising norms for appointment of auditors of
various entities in the financial sector is the right step towards
ensuring independence and transparency.
Amartya Sen gets Spain’s
top award in social sciences
Nobel Laureate Amartya Kumar Sen (pictured)
has been conferred with Spain's top Princess
of Asturias Award in the social sciences
category, the Spanish prize foundation
announced on Wednesday. Sen, 87, was
selected out of the 41 candidatures put
forward for the Social Sciences Award, the
Princess of Asturias Foundation said. "His research on famines
and his theory of human development, welfare economics and
the mechanisms of poverty have contributed to the fight against
injustice, inequality, disease and ignorance," it said.
Banks sanction over ~15 trn
under Mudra Yojana
The finance ministry on Wednesday said banks and financial
institutions have sanctioned about ~15 trillion to over 28 crore
beneficiaries under the Mudra scheme in the last six years.
Pradhan Mantri MUDRA Yojana was launched to promote
entrepreneurship. As of March 26, 2021, loans sanctioned by
member lending institutions amounting to ~15.10 trillion to
28.81 crore beneficiary, the Department of Financial Services
under the Finance Ministry said in a tweet. Under the scheme,
collateral-free loans up to ~10 lakh in three categories -
namely Shishu, Kishore and Tarun for income-generating
activities in manufacturing, trading and services sectors. PTI
IMA serves ~1,000-crore
defamation on Ramdev
The Indian Medical Association (IMA) has served a
defamation notice on Ramdev for alleged disparaging
remarks against allopathy and allopathic doctors,
demanding an apology from him within 15 days, failing
which it said it will demand a compensation of ~1,000 crore
from the yoga guru. The six-page notice served on behalf of
IMA (Uttarakhand) secretary Ajay Khanna by his lawyer
Neeraj Pandey describes the remarks by Ramdev as
damaging to the reputation and the image of allopathy and
around 2,000 practitioners of it who are part of the
association. PTI
Sri Lanka to lift travel ban,
curbs on India arrivals remain
Sri Lanka on Wednesday announced the lifting of its temporary
travel ban on inbound travellers from June 1, except for
passengers who spent time in India during the last 14 days.
All incoming flights, however, will be limited to a maximum of
75 passengers and they will be subjected to a 14-day
quarantine period. "Any passenger with a travel history to
India including transit in the past 14 days will not be permitted
to arrive," the civil aviation office said in a statement. Foreign
nationals, seafarers, businessmen, investors and others are
required to obtain approval from the Ministry of Foreign Affairs
to enter the island along with the entry visa.
Inflation back to haunt on
higher input prices: CRISIL
Higher input prices and disruptions to the rural economy have
resulted in price pressures and inflation is back to haunt us, a
rating agency said in its research report on Wednesday. The
report by CRISIL said it sees upside risks to its 5 per cent estimate
on consumer price inflation in FY21 because of this. It can be
noted that the Reserve Bank is required to maintain the crucial
number at 4 per cent in the medium term, with a 2 percentage
point leeway on either side as part of its inflation target. A surge
in inflation worries had led it to desist from introducing rate
cuts during much of FY21, despite the over 7.6 per cent
contraction in the economy.
AUM of PFRDA cross
~6-trillion mark
Assets under management (AUM) of
Pension Fund Regulatory and
Development Authority (PFRDA) crossed
the ~6 trillion-mark with AUMs increasing
by ~ 1 trillion in the last seven months. The
pension fund regulator, that manages
National Pension System (NPS) and Atal
Pension Yojana (APY) has seen its subscriber base increase to
4.28 crore, the Ministry of Finance said in a statement. “A
growing realisation during this pandemic is the priority
accorded by individuals to retirement planning, for preserving
their financial well being,” PFRDA Chairman Supratim
Bandyopadhyay said. About 74.10 lakh government employees
have subscribed to NPS while 28.37 lakh individuals from the
non-government sector have joined the scheme. BS REPORTER
GST shortfall: Govt sees
borrowing of ~1.6 trn
Shortfall estimated at ~2.7 trn; ~1.1 trn may be met via cess collection
DILASHA SETH
New Delhi, 26 May
T
he Union government has
proposed market borrowing
of ~1.58 trillion in the current
fiscal year (FY22) to compensate
states for the goods and services tax
(GST) revenue shortfall in view of
inadequate cess collection this year.
This will be the second straight year
of additional borrowing as the
Covid-19 pandemic extends into
2021. The Centre has pegged the
GST compensation requirement at
~2.7 trillion for FY22, of which ~1.1
trillion is expected to be met
through cess collection. Like last
year, a revenue growth of 7 per cent
has been assumed to forecast the
shortfall and borrowing require-
ment.
These estimates will be put
before the GST Council on Friday
for a decision on whether the bor-
rowing arrangement of last year
PTI involving back-to-back loans to
states can be extended to the cur-
rent year as well.
“While the GST revenues may
see a recovery in FY22, there will still
be a gap between the compensation
requirement and the compensation
cess available… if the Council
decides to extend the same borrow-
ing arrangement on the same prin-
ciples as last year, a borrowing of
close to ~1.6 trillion can be opted
for,” said a government official. “But
it all boils down to what the states
feel about this,” he added.
The Centre is expecting GST col-
lection to fall below the ~1-trillion
PTI mark in June, as indicated by the
slowdown in e-way bill generation
in May. After GST implementation
in July 2017, states were promised
compensation for five years for any
revenue shortfall, assuming a 14 per
cent annual growth rate, since states
lost autonomy over indirect taxes.
Sputnik V makers will supply
vaccines to Delhi: Kejriwal
PRESS TRUST OF INDIA
New Delhi, 26 May
As Delhi grapples with a shortage
of coronavirus vaccines, Chief
Minister Arvind Kejriwal on
Wednesday said the makers of
Sputnik V will supply anti-Covid
jabs to the city but the quantity is
yet to be decided.
He also said there were around
620 cases of black fungus or
mucormycosis in Delhi, but
Amphotericin-B injections used in
its treatment are in short supply.
"Talks with the makers of
Sputnik V are on. They will give us
vaccines, but the quantity is yet to
be decided. Our officials and the
representatives of the manufactur-
ers met on Tuesday, too," the CM
told reporters at the launch of
Delhi's first drive-through vaccina-
tion centre at Vegas Mall in Dwarka.
The Centre has asked states to
procure vaccines from the interna-
tional market, but no state govern-
ment has been able to purchase
even "one additional vaccine" so far,
he said.
"All state governments have
tried everything, they have (floated)
global tenders and talked to all vac-
PTI cine-manufacturers. All firms have
declined to talk to us," he said.
The Centre needs to demon-
Talks between states, farmers must: Experts on farm stir
SANJEEB MUKHERJEE
New Delhi, 26 May
As farmers agitated at the three
Delhi border points on Wednesday,
raising black flags, shouting anti-
government slogans, burning
PTI effigies, and taking out protest
marches to mark the completion of
six months of their stir against the
three central agriculture laws,
experts and policy watchers said the
backlash seen over the three Acts is a
lesson for all.
They said any big reform in
agriculture needs to be validated by
states and stakeholders.
The fury of the agitation and the
strength it gathered also cast a
shadow of uncertainty on the future
of the three farm Acts and the fate of
reforms in the agriculture sector.
While farmers fear the
authorities could use Covid as a
pretext to curb the protests, farm
resistance - seeing no end in sight -
might have reached an early
burnout with Covid occupying
greater mindspace.
But experts said unless the
REVENUE
BREAK-UP
*Compensation cess gap the Centre estimated,
assuming a 7% growth rate; ** Estimated by the
Centre to propose to the GST Council Source: Govt
Compensation cess is levied on
a few items in the 28 per cent slab,
such as automobiles, cigarettes, and
aerated drinks.
While the Budget for 2021-22 has
estimated GST revenues to grow 17
per cent over last year, the target
appears challenging, given how the
localised lockdowns across the
country have impacted supplies.
A government official pointed
out that a 17 per cent growth trans-
lates into an average monthly gross
GST revenue of ~1.1 trillion. “We
have overestimated the compensa-
tion requirement for FY22. We
expect the actual requirement to be
much lower. But in that case, one
can use the excess borrowed
amount to partially make up for the
previous year’s gap,” he said.
Last year, the Centre had esti-
mated a cess shortfall of ~2.35 tril-
strate a sense of urgency and run
the vaccination drive on a war-foot-
ing, he added.
He said it is the Central govern-
ment's responsibility to procure
vaccines.
“Today, we are at war against
Covid-19, wherein the Centre and
states have their share of respon-
sibilities. The Centre cannot shirk
its responsibility and ask states to
fend for themselves. It is wrong,”
he said.
“It is something like Pakistan
declaring a war on India and then
they ask if Delhi has manufactured
a nuclear bomb and Uttar Pradesh
bought a tank...It is the Central gov-
ernment's responsibility to procure
and supply vaccines. Delhi can be
held accountable if they (the
FARMERS OBSERVE ‘BLACK DAY’
government and farmers come to
the negotiating table and restart the
stalled dialogue process, an
acceptable solution looks difficult.
The agitation, which started as
stray protests in some villages of
Punjab against the three farm
marketing Acts passed by
Parliament in June, gathered pace
over time and spread to newer areas
of the country, including
neighbouring Haryana, western
Uttar Pradesh (UP), and Rajasthan.
The chief demand of the
agitating farmers has been the
2020-21* 2021-22**
269,876
158,277
111,608
110,000
178,080
70,000
Compensation Cess Market
payable available borrowing
TOP COMPENSATION RECEIVERS
Amount released under special
borrowing scheme in FY21 ~cr
Karnataka 12,407
Maharashtra 11,977
Gujarat 9,222
Punjab 8,359
Tamil Nadu 6,241
Uttar Pradesh 6,007
Delhi 5,865
Kerala 5,766
lion for 2020-21, of which ~1.1 trillion
attributed to GST implementation
was met by borrowing. Another
~70,000 crore came by way of cess
collection, leaving a gap of around
~50,000 crore (attributed to Covid-
19), which will be paid to the states
in due course. Some ~1.1 trillion was
borrowed by the Centre and passed
on to the states as back-to-back
loans. The Centre had proposed two
options to the states to address the
compensation cess shortfall.
Either borrow ~1.1 trillion where
the interest cost will be paid off
through the extended cess period
or borrow the entire ~2.35 trillion
where cess will be used for paying
only the principal, not the interest.
Under the first option, the states
were additionally allowed to borrow
by 0.5 per cent of their respective
economic size from the markets.
Lowest in 2 months:
Delhi positivity rate
declines to 1.93%
Delhi recorded 130 Covid-19-
related fatalities on Wednesday,
the lowest since April 15, while
1,491 new cases were reported as
the positivity rate dipped to
nearly two-month low of 1.93
per cent, according to the daily
health. PTI
Centre) give us vaccines and we do
not open up centres,” a visibly
angry Kejriwal said.
Asked if the Delhi government
is going to lift the lockdown, he
said, "A lockdown cannot be
extended indefinitely. It has hit eco-
nomic activity and businesses…we
will decide how to go about reopen-
ing." While extending the ongoing
lockdown till May 31, Kejriwal had
on Saturday said his government
will start the unlock process from
next week if Covid cases keep
declining.
The CM also said that anti-Covid
shots manufactured by Moderna
and Pfizer are both suitable for chil-
dren and the Central government
should procure these vaccines in a
large number to vaccinate them.
repeal of the three Acts, along with a
legal guarantee on the minimum
support price. The protests reached
a crescendo when thousands of
farmers from Punjab and elsewhere
marched towards the national
Capital and decided to block the
main entry points. The Centre, on its
part, held 11 rounds of negotiations
with the irate farmers and even
offered to amend some provisions of
the Acts but without much success
as the protesters stuck to their main
demand.
The violent events of January 26
NEW DELHI | THURSDAY, 27 MAY 2021
‘Time has come
for fiscal stimulus
to support the
economy’
~cr
The time has come for the government to
offer fiscal stimulus to support the
economy and reduce the Covid 2.0 shock,
UDAY KOTAK, outgoing president of the
Confederation of Indian Industry (CII),
told Shrimi Choudhary in an interview.
Edited excerpts:
Is there any specific industry
demand being taken up by CII on
vaccination?
CII has been working closely with its
members for vaccinating their
employees and is making steady
progress.
We are working with the
government and vaccine
manufacturers to increase the
vaccine available for Indian
business and industries.
Do you think the new vaccination
policy is working efficiently?
The vaccination process is going to
be crucial for our future. The
current three-way negotiation and
states competing with each other
would be very messy.
I am not sure how effective it is to
have states compete with the
private sector. The current process
of vaccination has three categories.
One, 50 per cent with the central
government and other two are open
ended with states and the private
sector.
My recommendation would be
that we should move it to two parts
— 75 per cent and 25 per cent and
keep the pricing part as a separate
discussion. In the first part, the
Centre can procure 75 per cent and
allocate to states
equitably. The
remaining 25 per cent
can go directly to the
private sector allowing
them to work with
hospitals and other
sites. UDAY KOTAK
President, Confederation of
What is the impact of
the second wave on the
economy?
Indian Industry
I think there’s going to be a Covid 2.0
shock which the economy is getting
as we speak.
My estimate of the economy is
that by the end of the financial year
2022, the size of the economy will be
the same as it was in FY20.
So, if FY20 was 100, we may
come to 92 in FY21 with 8 per cent
contraction in real gross domestic
product (GDP).
By the end of FY22, we should be
back at around 100 with a GDP
growth of around 8-9 per cent as
things stand today.
Is fiscal stimulus needed now?
In order to reduce the shock to the
economy, the time has come for the
fiscal to step up. I would
recommend two parts to fiscal
support. One, support the lower end
of the society by direct intervention
through ways such as direct benefit
cash transfer. Second, give fiscal
support to the stressed sectors in
line with the ~ 3-lakh crore (~3
trillion) emergency credit line
guarantee norms. The government
must consider a broader
programme including most
stressed sectors and increase the
support to ~5 lakh crore (~5 trillion).
I believe time has come for fiscal
stimulus to support the economy.
What is your thought on easing the
pandemic-induced lockdown in
states.
We need to open up in a calibrated
this year, when scores of rabble-
rousing farmers deviated from a
fixed tractor rally route and forced
their entry into the main
thoroughfares leading to pitched
battle with the police, were seen as a
huge setback to the cause. But the
forced eviction of Bharatiya Kisan
Union leader Rakesh Tikait and his
emotional outburst revived the
sagging morale of the agitators.
Within days, western UP became
the new epicentre of the protests,
shifting focus from Punjab and
Haryana. “I feel the protests will
intensify once the Covid crisis
wanes because tempers are running
high. The Centre, it seems, is not
willing to restart the dialogue
process in a hurry. But, a big
difference could be that the action
might now also shift towards states
that were hitherto seen sympathetic
to the protests because of their
changed positions, like Punjab,” said
Professor Sukhpal Singh,
chairperson for Centre for
Management in Agriculture at IIM
Ahmedabad.
Singh, who has been following
1
manner while taking care of
vaccination supply and capacity
building.
Also, the unlock should be based
on science and expertise and not ad
hocism.
Projections by experts say that by
the end of June, we should be at
around 50,000 cases. Two factors
are there — progress in the
vaccination drive and peak capacity
building in terms
of vaccines, oxygen
supply, hospital
beds, availability
of life-saving drugs
etc.
So, the effort
should be such
that the third wave
does not come or at
least has a milder
effect.
But, if it arrives, we should
have enough capacity to ensure
that challenges that we faced in
the second wave don’t surface
again.
How are you seeing the future of the
workplace?
Geography is history. I think the
demand for commercial space is
certainly lower than before for the
same number of employees. So
some commercial space will be
available and home is going to be
the centerpiece of the world. You
will find flexibility at the workplace
where they can work from anywhere
in the world.
What are your thoughts on the
government's ambitious
Aatmanirbhar Bharat (Self-reliant
India) push?
In many ways Covid 2.0 has
highlighted that there are parts
where we will have some
interdependencies. So we can't be
completely secluded. Having said
that, we will be better in
withstanding shocks if we are
stronger as a country. We have to be
engaged and globally competitive
but then at the same time we must
get stronger.
We can't shut ourselves from the
rest of the world. If self-reliance
means getting stronger as people
and as a country, it is a good sign.
More on business-standard.com
the stir since its early days, said the
protests and their intensity have
raised a big question - whose job is it
to undertake reforms in agriculture?
“Once you start taking over state
subjects, there is no end. There is no
harm in opening up a sector as has
been envisaged by the three Acts.
But not at the cost of primary
stakeholders - the farmers,” said
Singh. He said the contents of the
Bills are also problematic. They
should have been discussed
threadbare and thrown open for
debate on public fora before being
passed in Parliament.
“Deregulating any sector by itself
might not lead to big private
investment unless supported by
supplementary conditions, which
are conspicuous by their absence
here,” said Singh.
S Mahendra Dev, director and
Vice Chancellor of Mumbai-based
Indira Gandhi Institute of
Development Research, said the
events unfolded to date are a clear
lesson for everyone - in agriculture,
marketing reforms are best left to
states to undertake.
.
NEW DELHI | THURSDAY, 27 MAY 2021 5 <

JTEKT INDIA LIMITED

(Formerly known as Sona Koyo Steering Systems Limited)
(CIN – L29113DL1984PLC018415)
Regd. Office: UGF-6, Indraprakash, 21, Barakhamba Road, New Delhi 110001.
Tel. No. : 011-23311924, 23327205; E-mail: investorgrievance@jtekt.co.in; Website: www.jtekt.co.in

STATEMENT OF AUDITED STANDALONE AND CONSOLIDATED FINANCIAL RESULTS

FOR THE QUARTER AND YEAR ENDED 31 MARCH 2021
S. Particulars Standalone Consolidated
No. (` in lakhs, except per equity share data) (` in lakhs, except per equity share data)
Quarter ended Year ended Quarter ended Year ended
31.03.2021 31.12.2020 31.03.2020 31.03.2021 31.03.2020 31.03.2021 31.12.2020 31.03.2020 31.03.2021 31.03.2020
Audited Unaudited Audited Audited Audited Audited Unaudited Audited Audited Audited
1. Total income 47,769.31 44,082.68 37,241.16 1,35,798.25 1,54,189.26 47,148.59 43,317.23 36,700.51 1,33,842.25 1,51,935.24
2. Net profit for the period before tax 3,229.51 2,294.11 757.64 1,768.01 3,264.08 3,609.00 2,342.97 1,167.75 2,050.62 4,296.16
(before exceptional items)
3. Net profit for the period before tax 3,229.51 2,294.11 757.64 1,768.01 3,264.08 3,609.00 2,342.97 1,167.75 2,050.62 4,296.16
(after exceptional items)
4. Net profit for the period after tax 2,383.72 1,714.08 695.29 1,231.73 2,750.62 2,667.09 1,686.19 1,062.12 1,368.87 3,512.16
(after exceptional items)
5. Total comprehensive income for the period 2,416.74 1,692.17 669.73 1,199.51 2,528.83 2,719.99 1,661.29 1,022.31 1,347.58 3,278.45
[comprising profit for the period (after tax) and other
comprehensive income (after tax)]
6. Paid up equity share capital 2,444.80 2,444.80 2,444.80 2,444.80 2,444.80 2,444.80 2,444.80 2,444.80 2,444.80 2,444.80
(Face value of ` 1/- per share)
7. Other equity as shown in the Audited Balance Sheet - - - 55,278.90 54,935.07 - - - 57,408.62 57,118.33
(excluding revaluation reserve)
8. Earnings Per Share (EPS)
(Face value of ` 1/- per share) (not-annualised for
the quarter)
(a) Basic 0.98 0.70 0.28 0.50 1.13 1.04 0.64 0.37 0.48 1.24
(b) Diluted 0.98 0.70 0.28 0.50 1.13 1.04 0.64 0.37 0.48 1.24
Notes :
1. The above Statement of Audited Standalone and Consolidated Financial Results for the quarter and year ended 31 March 2021, were reviewed by the Audit Committee at their meeting held on 25 May
2021 and approved by the Board of Directors at their meeting held on 26 May 2021. The said results along with the audit report of the Statutory auditors are available on the BSE Limited
('BSE') website (URL:www.bseindia.com), the National Stock Exchange of India Limited ('NSE') website (URL:www.nseindia.com) and on the Company's website (URL:www.jtekt.co.in).
2. The Board at its meeting held on 26 May 2021 considered and recommended a final dividend @ 15% i.e. ₹ 0.15 per equity share of ₹ 1.00 each for the financial year 2020- 21. The dates of the Book
Closure for the entitlement of such dividend and Annual General Meeting shall be decided and informed in due course of time.
For and on behalf of the Board of Directors of
JTEKT India Limited
(formerly known as Sona Koyo Steering Systems Limited)

Place : Gurugram Hitoshi Mogi

Date : 26 May, 2021 Chairman and Managing Director

raYT/ I ya [spat inagama ilaimaTo D

RASHTRIYA ISPAT NIGAM LIMITED
(A Government of India Enterprise)
VISAKHAPATNAM STEEL PLANT
WORKS CONTRACTS DEPARTMENT
REGISTRATION OF CONTRACTORS
Ref.No.VSP/WC/REGN-N/2021-22 Date:27.05.2021
1. Fresh applications are invited online for Registration of
Contractors for various works in Visakhapatnam Steel Plant.
2. Registered Agencies having validity up to 31/08/2021 also
need to apply for renewal of Registration, online.
3. Last date for submission of “ONLINE’ application: On or before 17th June
2021. The applications will be processed on first-cum-first serve basis.
4. Print out of the filled in online application, duly signed, with all
supporting documents alongwith DD/BC for Rs.1,100/- in favour of
RINL-payable at Visakhapatnam towards Registration application cost &
processing fee, shall be submitted in a file to “The office of GM (Works
Contracts)I/c, 1st floor, Works Contracts Department, Visakhapatnam
Steel Plant, Visakhapatnam-530 031 on or before 24th June, 2021.
Contact: Sri T Jagadeswar Rao, DGM & Convener - CRC, Works
Contracts, Ph:0891-2518763(PP) Cell:9177161699
For online Application Forsm, other details& corrigendums please visit
regularly www.vizagsteel.com/Contracts/Common Contractors
Registration HAR EK KAAM DESH KE NAAM

PFIZER LIMITEDCIN: L24231MH1950PLC008311

The Capital, 1802/1901, Plot No.C-70, G-Block, Bandra Kurla Complex, Bandra (E),
Mumbai 400 051 Tel: +91 22 6693 2000 Fax: +91 22 2654 0274
Email ID: contactus.india@pfizer.com Website: www.pfizerindia.com
Extract of Statement of Audited Financial Results for the
Quarter and Year ended 31 March, 2021
(` in crore except earnings per share)
Quarter Year to date Corresponding
ended figures for 3 months
Particulars current year ended
ended
31 March 2021 31 March 2021 31 March 2020
Audited Audited Audited
1 Total Income 571.96 2,319.67 547.23
2 Net Profit for the quarter/year (before Tax,
Exceptional and/or Extraordinary items) 132.09 668.72 121.90
3 Net Profit for the quarter/year before tax
(after Exceptional and/or Extraordinary items) 132.09 668.72 121.90
4 Net Profit for the quarter/year after tax (after
Exceptional and/or Extraordinary items) 100.55 497.61 103.01
5 Total Comprehensive Income for the
quarter/year [Comprising Profit for the
period(after tax) and Other Comprehensive
Income (after tax)] 106.18 496.65 97.82
6 Equity Share Capital 45.75 45.75 45.75
7 Reserves (excluding Revaluation Reserve)
as shown in the Audited Balance Sheet of
the previous year - 2,347.29 -
8 Earnings per share (of `10/- each)
(not annualised)*
Basic: 21.98* 108.77 22.52*
Diluted: 21.98* 108.77 22.52*
Note:
1. The above is an extract of the detailed format of Quarterly Financial Results filed with the
Stock Exchanges under Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015. The full format of the Quarterly Financial Results are
available on the Stock Exchanges websites viz. www.bseindia.com and www.nseindia.com.
The same is also available on the Company's website at www.pfizerindia.com
For Pfizer Limited
S. Sridhar
May 26, 2021 Managing Director
6 ECONOMY & PUBLIC AFFAIRS
>
NEW DELHI | THURSDAY, 27 MAY 2021 1

Premiums for staff insurance may rise

Insurers say the second wave impact is more than first as normal claims and Covid ones are running parallel this time
RBI restricting
10-yr liquidity
SUBRATA PANDA
Mumbai, 26 May PAYING A PREMIUM
Premium collected under group health (~cr)
the claims experience. Also, we have
seen good demand for group health
policies lately and many have also
to better manage
I
nsurance policies that come up opted for a higher sum assured.”
for renewal after the second
wave of the pandemic may car-
ry a higher premium, according to
General insurers Standalone health insurers

insurers.
The premium for group health
insurance policies has gone up mar-
ginally for companies on a case-to-
case basis, based on the claims
experience of the preceding year.
Companies that renewed their
group health insurance policies in
April did not see a substantial hike
in premium because in the first
wave of Covid, hospitalisation rates
were low compared to what they are
now and hence the impact of Covid
claims was not very drastic.
In the second wave, insurers say
both normal claims and Covid-relat-
ed ones are running in parallel,
which was not the case in the first
one. Hence, the impact of this wave
will be felt more.
“Group health pricing is a func-
tion of claims. If the claims go up,
premia will go up and vice-versa.
For policies renewed on April 1,
there has not been a substantial
change in premiums because the
impact of the second wave was not
factored in. If some company is
renewing its policy on September 1,
the policy will be priced taking
into account the impact of the sec-
ond wave,” said the chief executive
officer of a private sector general
insurer.
A group health insurance plan
covers people who work in the same
organisation, the premium for
which is borne by the employer.
Coverage under such policies can
be extended to the family members
of the employees in some
cases. Group policies are tailor-
made and priced in the way the
insurers want, unlike individual
policies, where the rate has to be
filed with the regulator.
25,567.08
27,708.20 (8.37)
2,955.67 (-3.04)
3,048.38
22,518.70 24,752.53 (9.92)
FY20 FY21
Growth %in brickets Source: General Insurance Council
In the case of group policies, there has not been a substantial
insurers do not request medical change in the pricing of such prod-
tests and, as a result, pre-existing ucts. However, the impact of the
diseases are covered. They look at second wave will be determined
the previous two years’ loss ratio, fairly soon to arrive at this year’s
demographics, the group size, pricing,” said T A Ramalingam,
and the basis on which they arrive chief technical officer, Bajaj Allianz
at the pricing. General Insurance.
“Normally most group policies Sanjay Datta, chief (underwrit-
have high claim ratios, usually over ing and claims), ICICI Lombard
90 per cent. As far as Covid is con- General Insurance, said: “Pricing
cerned, in the first wave, while the has reacted to the losses incurred
claims went up, other claims came due to Covid on an account-to-
down. As the impact of the Covid account basis. Premiums have gone
claims was not that drastic last year, up on some group policies based on
General and health insurance
companies are seeing a rise in
health claims due to Covid. As of
May 14, non-life insurers have
received 1.48 million claims,
worth ~22,931 crore. They settled
1.23 million claims, amounting to
~11,784 crore.
“Our premium rates have moved
up but simultaneously our claims
have gone down because we are
choosy about such policies,” said
the chairman and managing direc-
tor of a public sector general insurer.
Experts also say, given the talk
of a third wave, the concern now is
that in a one-policy period, the
insurers may have to factor in
claims coming from two waves.
“The policies that got renewed
between March — April had vari-
able impact by the second wave of
Covid. Policies which will be
renewed from July onwards may see
greater impact of second wave as
these policies were in force through
most of the duration of the second
wave. And, all corporates were not
impacted by Covid in a similar man-
ner. Some saw a higher impact due
to covid while some did not.” said
Bhabatosh Mishra, director (under-
writing and claims), Max Bupa
Health Insurance.
yields: Experts
ANUP ROY
Mumbai, 26 May
The bond market seems to
have reconciled with the fact
that no matter what the infla-
tion print, the Reserve Bank
of India (RBI) will keep the 10-
year bond yields below 6 per
cent, say experts.
To that effect, the central
bank seems to have trained its
focus on the 10-year bond,
mopping up most of it to
create a liquidity shortage in
the market of that particular
paper. Such constricted
liquidity helps drive yields
even with relatively lower
value of transactions.
In declared secondary
market operations, through
government securities
acquisition programme (G-
SAP) or open market
operations (OMOs), the RBI
has purchased ~41,451 crore
of the 10-year paper, out of the
outstanding stock of ~91,270
crore. The central bank also
does anonymous purchases
from the market. Bond
dealers say the RBI, through a
clutch of nationalised
because the maximum
volume and liquidity is in this
paper. The rest of the curve is
expected to align with the 10-
year movement. However,
going ahead, once around 40-
50 per cent of the adult
population gets vaccinated
and green shoots are visible
on the growth front, the RBI is
expected to focus on inflation
and accordingly policy
response will be visible,” said
Marzban Irani, chief
investment officer, fixed
income at LIC Mutual Fund.
The central bank does
pick up other bonds too, but
the focus on 10-year has
brought in certain
complacency in the minds of
the market participants. The
Wholesale Price Index rose to
10.49 per cent in April 2021,
which is more than a decade
high, but largely owing to a
base effect, while the
Consumer Price Index (CPI)-
based retail inflation was at
4.29 per cent in the same
month. “Even if the RBI has
been targeting the 10-year,
the market as a whole is
factoring that in their

NHAI to offer 32 projects banks, could be

regularly picking up the 10-
year bond.
The RBI has made no
expectations and pricing the
rest of the curve accordingly,”
said Badrish Kulhalli, fund
manager at HDFC Standard
secret of its preference for Life. “Papers with a slightly
targeting the 10-year bond. It lower maturity are trading at
is the benchmark for many significantly higher yields
MEGHA MANCHANDA products, is the most traded than the 10-year bond. So, the
New Delhi, 26 May paper in the market, and even 10-year bond may be at very
the corporate sector raises rich levels, but that does not
The National Highways bonds making the 10-year cause any significant impact
Authority of India (NHAI) government securities as the on the rest of the curve. The
would offer 1,500 km — 32 benchmark. objective of holding it low is to
projects — under the Toll- The RBI, in the past, has signal a continued low yield
Operate-Transfer (TOT) made clear its preference for regime. As long as the RBI is
model this financial year as keeping yields soft. It also willing to use its balance
it chalks out a fresh moneti- sees the 10-year bond as an sheet for holding yields low,
sation plan. important benchmark, and they will stay low,” Kulhalli
Keeping in mind the imp- that can explain the penchant said.
act of the second wave of for controlling the yields by The feeling in the market,
Covid-19, the projects on controlling the supply of the though, is that no matter
offer would be decided on a paper, say bond dealers. what the inflation numbers,
case-by-case basis. “It is not The first TOT bundle received bids 1.5 times more than the “The RBI has probably the RBI will chip in to bring
advisable to receive bids base price. The contract was bagged by Macquarie at ~9,681 cr focused on the 10-year down the yields.
when the traffic is fluctuat-
ing due to Covid-related invite bids, on a case-by-case impact on toll collections has
restricted movement. We will
wait for the traffic to stabilise
before the next bundle of
basis,” the official said.
Experts feel there has been
continued interest in the
been minimal and a good
rebound in traffic has been
observed in the last three
Manappuram profit
TOT bids,” a senior NHAI
official
Standard.
told Business
roads sector even during the
pandemic. The government’s
push in implementation of
quarters. Given all this, there
is still an appetite for TOT
projects in the market — the
up 17%, may list arm
The authority has so far FASTag has given the addi- structure and ABHIJIT LELE Consolidated net profit
generated over ~17,000 crore tional comfort to toll road packaging/location of these Mumbai, 26 May for the full year ended March
PRECISION CAMSHAFTS LIMITED through the TOT model. For
the most recent fifth bundle
companies as it improves effi-
ciency in toll operations and
assets would be the key met-
ric to look out for.” Gold loan company Mana-
2021 rose by 16.53 per cent to
~1,724.95 crore from ~1,480.30
Regd. Office : E-102/103 MIDC, Akkalkot Road, Solapur 413006 of TOT auctions, the NHAI ease of doing business. Although many states ppuram Finance may consid- crore in the same period last
CIN: L24231PN1992PLC067126 got bids of over ~600 crore “Considering the past have been in and out of lock- er listing its subsidiary Asir- year.
more than the reserve price. transactions, there is a lead downs, toll collections vad Microfinance for the It declared an interim div-
Extract of Consolidated Financial Results for the Quarter and “We have identified 32 time of about four to six haven’t suffered much as the benefit of its stakeholders. Ho- idend of 75 paise per equity
Year ended 31st March 2021 projects of the length of 1,574 months between the time a main toll-generating traffic is wever, it has not taken a final share of face value ~2. Its
[(Regulation 47(1)(b) of the SEBI km for monetisation. The request for proposal is float- the freight segment, which decision in this regard as yet. share closed flat at ~160.30 on
(Listing Obligations and Disclosure Requirements) Regulations, 2015] work of carrying out the tech- ed and final closure is hasn’t been affected. Besides The company’s consoli- the BSE.
(Rs. in Lakhs, excepts Earnings per share)
nical due diligence and traf- received,” said Jagannarayan the TOT model, the NHAI is dated net profit rose by 17.6 Net interest income in Q4
Consolidated fic survey is in process. Based Padmanabhan, director and also exploring the InvIT per cent to ~468.35 crore in rose by 7.2 per cent to ~10,984
PARTICULARS on technical and traffic sur- practice leader for transport route to monetise assets. The the fourth quarter ended crore from ~10,245 crore in
Quarter ended Year ended Quarter ended
March 31, 2021 March 31, 2021 March 31, 2020 vey reports and considering and logistics at CRISIL authority has firmed up a March 2021. It had posted a the same period last year.
(Audited) (Audited) (Audited) the market conditions, the Infrastructure Advisory pipeline of 19 projects worth consolidated net profit of The cost of funds declined to
priority and mode of moneti- “Also the bidders will take ~35,000 crore under the ~398.2 crore in the same 9.1 per cent from 19.9 per cent
1. Total Income from Operations (net) 21,883.24 70,897.84 17,947.12 sation will be decided to comfort in the fact that the InvIT model. quarter last year. a year ago.
2. Net Profit before Tax and Exceptional items (1,033.95) 38.10 649.28
3. Net Profit before tax after Exceptional items (1,033.95) 1,547.88 (676.92)
4. Net Profit after tax after Exceptional items (1,546.59) (77.85) (699.91)
5. Net profit for the period
6. Total Comprehensive Income for the period
[Comprising Profit for the period (after tax)
(1,546.59)
(1,543.17)
(77.85)
217.73
(699.91)
(830.99) DSF-III may see more oil fields, fewer new players
and Other Comprehensive Income (after tax)] TWESH MISHRA the present situation, the DSF players
7. Equity Share Capital 9,498.58 9,498.58 9,498.58 New Delhi, 26 May STORY SO FAR should be allowed to access the
funds,” Singh added.
8. Reserves (excluding Revaluation Reserve)
No. of contract areas No. of fields
as shown in the Audited Balance Sheet of 54,779.42 The next round of Discovered Small
Field (DSF) auctions will have the 46 Pending promises
the previous year ended 31st March 2021
highest number of oil and gas discov- Singh said the Covid-19 pandemic has
9. Earnings per share (of Rs.10/- each)
eries on offer but participation from 32 hurt the prospects of existing discov-
(for continuing and discontinued operations) - new players may be thin. 25 ered small-field players. “They had
Basic : (1.63) 0.24 (0.42) This is because most existing DSF sought a bank guarantee relaxation to
Diluted : (1.63) 0.24 (0.42) players have been at loggerheads with free up working capital. This request
Notes: the Centre, citing delay in approvals has been pending with the ministry
1. The above Financial Results for the quarter and year ended 31st March 2021 have been subjected to and unfavourable regulatory regimes. of petroleum and natural gas for a
statutory audit by the auditors of the Company and reviewed by the Audit Committee and approved by the
Board of Directors of the Company at the meeting held on 25th May 2021.
There are also concerns about secur- long time now,” Singh said.
ing finance for these projects. DSF players had asked for a 75 per
2. The above is an extract of the detailed format of Quarterly & Yearly Financial Results filed with the Stock
It is expected that the third round First Second Third cent cut in bank guarantee commit-
Exchanges under Regulation 33 of the Securities and Exchange Board of India ('SEBI') (Listing Obligations
and Disclosure Requirements (‘LODR’)) Regulations, 2015. The full format of the audited Standalone & of DSF auctions will have 32 contract ments to free up working capital. This
Consolidated Financial Results of the Company are available on the Stock Exchange's website areas on offer for bids spread across request was granted till February 2021.
(www.bseindia.com and www.nseindia.com) and also on the Company's website -
www.pclindia.in. 75 fields. 67 59 75 According to Singh, the issue of spe-
3. These Financial Results have been prepared in accordance with Indian Accounting Standards ("Ind AS") There will be 11 onshore and 19 off- cific relaxations, like bank guarantees,
prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued there under and shore contract areas in this round. In were brought to the notice of Union
DSF: Discovered Small Field; Source: Ministry
in terms of Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 the first DSF round, the Centre offered of Petroleum and Natural Gas petroleum minister Dharmendra
th
read with SEBI circular no. CIR/CFD/FAC/62/2016 dated 5 July, 2016.
st
46 contract areas spread across 67 Pradhan in December 2020 but an
4. During the year ended 31 March 2021, the Company has settled to receive compensation for cancellation
of order from a customer amounting to Rs. 1,553.82 lakhs and loss on sale of investment in Joint Venture
fields. There were 25 contract areas oil “There is a lack of understanding extension was not granted yet.
amounting to Rs. 44.04 lakhs. The Company has recognized the stated income as an exceptional item for covering 59 fields in the second is mainly sold to refineries of public about the nature of this business with-
st
the year ended 31 March 2021. round. sector undertakings at a price they in the banking sector and that com- Tauktae delays launch
5. The Board of Directors have recommended the final dividend of Re. 1 per share of the face value of Rs. 10 According to existing DSF partici- practically dictate. For natural gas, the plicates matters,” said D N Singh, sec- The ministry of petroleum and natu-
per share for the year ended 31st March 2021. The payment of dividend is subject to approval of the pants, the large number of offshore government has put a cap on the sale retary general of the Association of ral gas had planned to conduct the
shareholders at the ensuing Annual General Meeting of the Company.
contract areas on offer will dissuade price, despite promises of market free- Discovered Small Field Operators virtual launch ceremony for the dis-
6. Key Standalone Financial information
new or smaller players. “These DSF dom and auctioning of produce from (ADSFO). covered small field bid round-III on
Standalone projects have been stuck for around domestic discoveries,” an analyst at a According to Singh, public sector May 18.
Quarter ended Year ended Quarter ended
20-25 years with national oil compa- domestic ratings agency said. banks find these oil and gas projects But the date of the ceremony coin-
PARTICULARS nies. So, their viability is questionable. “The general sense in the industry as being risky and this makes it diffi- cided with Cyclone Tauktae hitting
March 31, 2021 March 31, 2021 March 31, 2020
(Audited) (Audited) (Audited) Further, there may be even lesser par- is that only larger players such as cult to fund them. the Arabian Sea off the coast of
ticipation because of the large num- ONGC and Oil India (OIL) would be To bridge the financing gap, the Mumbai on May 17. ONGC’s major
1. Total Income from Operation 13,120.73 38,176.44 10,903.67 ber of offshore contract areas on offer making gains or sustaining in the reg- ADSFO has suggested that they be production installations and drilling
2. Net Profit before Tax 2,304.70 8,088.20 2,320.24 since they require even more invest- ulated pricing regime that the Centre allowed to tap funds available with rigs are located here and this led to
3. Net Profit after Tax 1,734.84 6,169.46 2,146.01
ment than onshore areas,” an official has maintained,” said the analyst the Oil Industry Development Board. five vessels carrying 714 personnel
from a medium-sized oil and gas quoted above. “The Oil Industry Development cess being caught in the cyclone, resulting
Place : Pune For and on behalf of the Board of Directors exploration company said. is paid by both public and private sec- in loss of lives.
Date : May 25, 2021 Oil and gas sector analysts, too, are Existing DSF players frustrated tor players. But the funds accrued are This incident is said to have made
Sd/-
Ravindra R. Joshi cautious about this round of bids, An issue plaguing DSF operators is at the disposal of public sector com- the ministry reassess the timing of
Whole-time Director & CFO
especially for smaller players. “Crude getting financing for their projects. panies. This needs to change and with launching the third DSF round.
.
NEW DELHI | THURSDAY, 27 MAY 2021 TAKE TWO 7 <

Airtel, Jio call on

play. JPL’s entertainment appli-
cation platforms — such as
JioTV and JioCinema — have
over 300 million active cus-
tomers. Add in MyJio, which is
the digital game
like a super app, and the num-
ber goes up to 400 million.
Bharti has seen the number of
monthly active customers in
Airtel Thanks now hit 72.5 mil-
lion while Airtel Xstream which
The big two telecom players have reorganised their is a newer offering has climbed
digital businesses in readiness to monetise them. up to 37.5 million subscribers.
But the problem is these
But it’s a long haul yet are mostly free channels. And
only their respective music
apps, Jio’s Saavn and Airtel’s
Wynk, have a hybrid model —
a free offering and a subscrip-
tion offering.
Telcos concede that getting
subscribers to pay is challeng-
ing. Only 25 million of India’s
workforce (which translates to
100 million dependents) form
the top bracket and are not that
price sensitive. But the
next 25 mil-
lion work-
THE DIGITAL force (100
ASSETS IN FOCUS million dependents) is
less digitally savvy and is likely
JIO PLATFORMS to spend over time. For the
SURAJEET DAS GUPTA MyJio, Jio Live, JioTV, JioMeet, still dominate their remaining population the only
New Delhi, 26 May JioCinema, JioNews, JioCloud, earnings. The digital route to making money through
Embibe, JioSaavn, Haptik, Radisys, business had rev- a digital platform is by getting
NEWSMAKER/ SUBODH KUMAR JAISWAL / DIRECTOR, CBI
Going with the flow
Keeping politics out of the investigative agency will be his major challenge
ADITI PHADNIS
New Delhi, 26 May
With the appointment of Subodh Kumar
Jaiswal (58) as director of the Central Bureau
of Investigation (CBI), the investigative
agency is headed for a phase of tranquility
and much-needed quietude, senior police
officers say. Jaiswal has been appointed for
two years, the term fixed for CBI directors.
“No rabbits out of the hat. He (Jaiswal) is
not a person to challenge the government
or adopt a posture of ‘aa bail mujhe maar’
(invite confrontation). He is a man who is
known to go with the flow,” says a senior IPS
officer who retired as police commissioner.
Officers concede that CBI has been
through an ordeal. If it had had its way, the
government would have appointed Rakesh
Asthana as CBI chief as far back as 2016
when then director Anil Sinha retired. As a
Gujarat cadre IPS officer, Asthana had han-
dled sensitive investigations relating to
Prime Minister Narendra Modi and his
home minister, Amit Shah. A promotional
video film about him — and there is no rea-
son to believe he did not authorise it —
very much on the list. But Chief Justice N V
Ramana drew the government’s attention
to a clause in the terms of the appointment
that says anyone who has less than six
months to retire should not be considered
for the job. That ruled out several hopefuls
the Intelligence Bureau (IB), came in close
touch with Ajit K Doval, the man who would
later become National Security Advisor. He
stayed in Delhi in the Research and Analysis
Wing (R&AW) for close to a decade. In 2018,
he returned to Mumbai as the police comm-
issioner under the Devendra Fadnavis-led
Maharashtra government. A year later in
February 2019, he was appointed Maharas-
htra’s director general of police (DGP). The
Elgaar Parishad and Bhima Koregaon viole-
nce cases were investigated during his ten-
ure as DGP. The Elgaar Parishad case was
transferred to the National Investigation
Agency in 2020.
More recently, Jaiswal, who took charge
on Wednesday, was one of the most visible
and vocal senior police officers handling the
lockdowns in Maharashtra. However, he
sought — and got — a transfer to Delhi as
the chief of the Central Industrial Security
Force following differences between the sta-
te government and the police force. Comm-
enting on this, in January this year, leader
of opposition, Devendra Fadnavis, said: “It
is a very sad and unfortunate development
that a good officer like him (Jaiswal) had to

T
he strategy for
the two telco
giants Bharti and
Reliance has in many
ways been similar: restruc-
ture their telecom companies
to focus attention on their
fledgling digital business to
open up new revenue opportu-
nities, and provide opportuni-
ties in the future to monetise
these services.
Just a few weeks ago the
Bharti group decided to consol-
idate the digital businesses
under Bharti Airtel, its telecom
holding company, and move its
mainstay telecom business into
a newly created fully-owned
subsidiary known as Airtel Ltd.
The digital assets in the B2C
space, now under Bharti Airtel,
include music platform Wynk
Music, aggregated OTT plat-
form Airtel Xstream and bill
payment and recharge app
Airtel Thanks which collectively
had over 200 million customers
in Q4 2021 (against 160 million
in Q2). That is about half of
Bharti’s mobile customer base.
But that is not all. The digital
business will also have a range
of B2B applications — Airtel IQ,
an omni-channel cloud-based
communications platform for
business, Airtel Ads, an ad tech
platform that has already
touched an annualised revenue
run rate of ~1 billion, and Mitra
app, which helps manage all
Airtel retailer accounts and
services. There were an estimat-
ed 1.2 million retailers transact-
ing on the app in Q3 FY21. Then
there is Airtel Cloud meant for
business enterprises. “The dig-
ital focus is closely linked with
the mobile business because it
leverages our growing base of
NetraDyne, JioKrishi enues of only around advertising revenue. begins with shots of Sardar Patel, Swami — including Asthana. request for a Central deputation. He is a good
~550 crore in the That is why both Jio and Vivekananda and R K Asthana, in that order. “This much is true: Asthana knows officer but he was frustrated due to the con-
BHARTI AIRTEL financial year FY21 — Airtel are also looking at asset- He was appointed interim director, a signal CBI like the back of his hand. Jaiswal is an tinuous interference from the government,
Wynk, Airtel Xstream,
a minuscule percent- light collaborative models — tie of a bigger prize in the offing. Instead, outsider. But no harm done,” says a senior particularly the state home ministry.”
Airtel Thanks, Mitra Payments,
age of Bharti Airtel’s up with third-party content because there was a stand-off in the com- IPS officer. CBI has many challenges ahead of it. The
Airtel Ads, Airtel IQ,
overall revenues of over players such as Netflix or mittee that appoints the CBI director (com- What goes in Jaiswal’s favour is his affa- most recent is the Narada scam, which re-
Airtel Secure,
~100,000 crore. For Jio Amazon and make bundled prising the PM, the leader of the opposition bility, friendliness and capacity to pull along lates to a sting operation by the Narada News
Airtel Cloud
Platforms, digital accounts for offerings on a revenue-share and the Chief Justice of India), Alok Verma with the government. “He’s quite a political website in 2016 that had allegedly shown
just 4.36 per cent of its last quar- basis to their customers who was given the job as the senior-most. being,” says one of his contemporaries. Trinamool Congress leaders, MPs and cab-
ter’s revenues. pay a small premium. Asthana was furious, not the least He comes from Dhanbad, then in undi- inet ministers accepting bribes. The CBI had
customers who are potential Investors looking at a slight- But as a senior executive because Verma had the reputation of being vided Bihar, now in Jharkhand, from a busi- registered a case in 2017. Earlier this week,
users of these services,” said a ly longer term opportunity see Bharti Airtel agrees: “We are punctilious and unbending. He complained ness family. In his generation, he is the first the investigating body had to withdraw its
top Bharti Airtel executive. marginal upside in the busi- taking the first steps in this to the Cabinet Secretary that Verma was cor- bureaucrat. He started his career as an addi- Supreme Court appeal against some high
What Bharti has done now, ness. JPL is unlisted still but direction and have already rupt and had accepted bribes to direct/bury tional superintendent of police, Amravati, court orders granting bail to individuals
Reliance Industries Ltd (RIL) equity analysts at Bank of started getting advertisers in.” some cases. The government had to order a Maharashtra, in 1986, serving in the Gad- involved in the case with the apex court
implemented last year. India’s America (BofA) have ascribed The company has already Special Investigation Team (SIT) to investi- chiroli district, a hub of left-wing extremism. making stinging verbal observations on the
largest company by market cap an equity value of ~106 to JPL’s roped in over 100 advertisers gate the investigators. Nothing has been When the high court ordered a SIT to exam- arguments of the CBI lawyer, Solicitor
created a new holding compa- digital assets against an ascr- on its platform — such as heard of that report. Internally, the CBI was ine the operations of Abdul Rehman Telgi’s General Tushar Mehta. In some ways, this
ny in Jio Platforms Ltd (JPL) to ibed valuation of ~2,500 for JPL. PepsiCo, Zomato and CRED. roiled by fratricide. When Verma finished fake stamp paper scam, Jaiswal headed the highlighted the legal infirmities in its argu-
house its digital platforms — This despite the fact that JPL Through the ad tech platform his (short) tenure, Rishi Kumar Shukla was investigation that was later taken over by ments against the background of politics.
which included B2C, B2B and has been a mover and shaker in Airtel will use data and analyt- made CBI chief as Asthana was shunted out. the CBI. He investigated the Malegaon bomb Keeping the CBI out of politics will be
technology- the business. It ics to help advertisers reach the This time around, Asthana’s name was blasts (2006) and when he was posted in Jaiswal’s biggest task.
enabled solutions Both are looking has invested target customer. JPL is also
KERALA WATER AUTHORITY
for enterprise. But at asset-light around ~3,970 experimenting with advertising e-Tender Notice
as with Bharti collaborative billion into models in MyJio. Tender No : 69/2020-21/KWA/PHC/D4/TVM(RT4)
Airtel, Jio Plat- models — tie up building or buy- It’s a large market — digital AMRUT Project - Laying Transmission main and Sewer Networks in Block L Edathara - Collection and
forms also con- ing around 25 advertising is expected to conveyance system - Sewer network in Edathara L Block-Supplying and Laying Sewer line from Pettah
with third-party Venpalavattom road,Greenpark residential area and side of Amayizhanchan thode and to the MH7 of
trols 100 per cent content players digital assets and account for over 40 per cent of Edathara zone
of the mobile busi- and make bundled raised over all advertising spends at $7.6 bil- EMD : Rs. 100000 Tender fee : Rs. 7500 Last Date for submitting Tender : 16-06-2021 03:00:pm
ness — in this case offerings on a ~152,000 crore lion by 2024 and BofA estimates Phone : 0471-2322303, Website : www.kwa.kerala.gov.in, www.etenders.kerala.gov.in
Superintending Engineer
Reliance Jio. revenue-share from investors that Jio will grab 6.5-7 per cent KWA-JB-GL-6-127-2021-22 PH Circle, Thiruvananthapuram
The digital basis to their last year, which of this market.
market is estimat- customers who pay include marquee The third source of revenue
ed to grow four to a small premium players such as is from the digital B2B business.
five times by 2025, Facebook, Airtel has just launched various
becoming a $1 tril- Google, offerings for enterprises. JPL
lion opportunity. Also, the Qualcomm as well as PE big- already has a range of solutions
mobile market is maturing — wigs such as KKR and — Haptik, a chatbot technology
subscriber expansion is slowing Mubadala. But much of this provider which it bought, has
and the opportunity to raise tar- fund-raising has come on the tied up numerous clients which Notice is hereby given that a meeting of the Board of Directors of the Company will
iffs in a competitive market is back of the core mobile services be held on Wednesday, June 30, 2021 through audio visual means of
include leading financial serv-
communication to, inter alia, to consider and approve the Audited Financial Results
also limited (though, of course, business, Reliance Jio, which ices companies and banks;
for the 4th Quarter and Financial Year ended March 31, 2021 (Standalone and
5G will raise revenues) So, the was valued at ~4.8 trillion based Radisys, another acquisition,
Consolidated) and to consider and recommend Dividend for the Financial Year
next big thing for telcos is to on 9.9 per cent equity invest- that offers face recognition ended March 31, 2021, if any.
leverage their captive sub- ment by Facebook last year. technology and JioMeet (a com- Further, as per the Company's Code of Conduct for Regulating, Monitoring &
scriber base and focus on mon- The two telcos have three petitor to Zoom) is seeing trac- Reporting Trading by Insiders, the trading window of the Company for the purpose of
etising their digital offerings. distinct sources to raise rev- tion in universities. trading in the securities of the Company by its Designated persons and their
But that’s still in the future. enues — subscription from cus- Which giant will call the immediate relatives shall remain closed from the end of every quarter till 48 (forty-
Revenues from telecom servic- tomers, advertising for the B2C shots in this market, though, is eight) hours after the conclusion of the Meeting of the Board of Directors for the
es, especially mobile services, business and the B2B digital anybody’s guess still. purpose of consideration and approval of financial results. Accordingly, the period of
closure of trading window for dealing in Shares of the Company had already been in
operation with effect from April 01, 2021.
This Notice may also be accessed on the Company's website: www.vipulgroup.in

Why Tokyo Olympics politan Government and and on www.nseindia.com ,www.bseindia.com.

organising committee splitting For and on behalf of the Board
Vipul Limited
the costs. The host city con-
Sd/-
tract between Tokyo and the

will be like no other

Sunil Kumar
IOC doesn’t address postpone- Date: May 26, 2021 Company Secretary
ment. The loss of overseas Place: Gurugram A-38859
spectators was expected to deal
REUTERS
a fresh blow to a tourism
JON HERSKOVITZ industry counting on revenue
26 May from Olympic visitors to
recoup losses from the pan-
When the coronavirus pandemic demic. About 7.8 million tick-
forced Tokyo last year to delay ets were made available for the
the Summer Olympics and Para- Olympics before the delay, and
lympics to July 2021, organisers organisers still haven’t decided
kept the Tokyo 2020 name, say- how many will be made avail-
ing they wanted the event to be able for the games.
seen as a “light at the end of the
tunnel.” By keeping the name, Where does this leave
the IOC also ensured that logos, sponsors?
packaging, t-shirts, merchandise Having to recalibrate their mar-
and broadcast chyrons remain keting plans. All sponsors retain
the same — a cost-saving move their rights despite the post-
for sponsors and partners. ponement, including those with
Covid-19 is still spreading but the agreements expiring in 2020.
games appear to be going ahead, The IOC’s top-tier global spon-
in what would be the biggest demic being contained to such Who decides? sors — an exclusive list of 14
world event of the pandemic era. an extent that the games can The International Olympic companies including Coca-Cola
But they are almost certain to go forward. Prime Minister Committee has the final say. Co and Visa Inc — pay well over
look like no other Olympics, with Yoshihide Suga has said he’s Clause 66 of the host city con- $1 billion every four years to be
a bar on spectators from abroad determined to hold the games. tract cites various grounds for associated with the games.
and uncertainty as to Organisers have termination, including “if the Those agreements tend to span
whether even fans in said the 2020 IOC has reasonable grounds to multiple Olympics, whereas
Japan will be allowed in Olympics will believe, in its sole discretion, that local sponsors are in it just for
— an unprecedented be cancelled — the safety of participants in the this event. Tokyo organisers
move in the modern not delayed games would be seriously threat- leaned on national pride to score
Olympics movement again — if they ened or jeopardised for any rea- an unprecedented level of sup-
that dates back to the can’t go ahead son whatsoever”. port from 68 domestic sponsors
late 19th century. (Some as scheduled. such as Asahi beer and Asics
600,000 foreign visitors
were expected to attend
DECODED When will we
Could the Tokyo Olympics
still be cancelled?
sneakers — raising more than
$3.3 billion, triple the previous
last year before the know for sure? Yes, but the likelihood seems record for an Olympics.
postponement.) This About 7.8 million Last year the to be dropping. Some factors
means a financial hit tickets were made plug was pulled that could lead to a cancellation Has an Olympics ever been
for Japan, which has available for the in late March, would be new, virulent strains called off?
spent billions of dollars Olympics before when many emerging even as countries Five Olympic Games were
to host the games, but the delay, and countries were implement vaccination pro- scrapped, all because of world
the cost could be far organisers still grappling with grammes. Japan has had some wars: The summer games were
higher if the virus caus- haven’t decided their first infec- of the lowest infection num- cancelled in 1916, 1940 and 1944
es the first Olympics how many will be tion wave. This bers among developed coun- as were the winter games in 1940
cancellation since made available year, all indica- tries, but it also has the lowest and 1944. The 1940 games,
World War II. for the games tions have been vaccination rate among the 37 which were to have been hosted
for the games to members of the Organisation by Tokyo, were initially post-
When are the games supposed go on as planned, even after for Economic Cooperation and poned, but then cancelled. The
to take place? Tokyo and other cities entered Development, according to only time an Olympics got
From July 23 to August 8. The a third state of emergency in Bloomberg’s vaccine tracker. switched was when the 1976 win-
Paralympics would begin Aug- late April after a surge in Covid ter games were moved to
ust 24. It would be the first cases. Given the immense logis- What has postponement cost? Innsbruck, Austria, from Denver
staging of a modern Olympics tics of bringing athletes and offi- The bill is at least 300 billion after people in Colorado protest-
in an odd-numbered year. This cials to Japan, the sooner there’s yen ($2.8 billion), with the cen- ed spiralling costs.
of course depends on the pan- certainty, the better. tral government, Tokyo Metro- BLOOMBERG
8
>
NEW DELHI | THURSDAY, 27 MAY 2021

SHRIRAM TRANSPORT
FINANCE COMPANY LIMITED
PUBLIC NOTICE
This is to inform our customers and
public at large that our Jammu
Branch located at 13-B, 2nd Floor,
Near Nerankari Bhawan, Shastri
Nagar, Jammu, Jammu & Kashmir -
180006, will shift to Ravi Complex,
1st Floor, Above Union Bank of India,
Kunjawani Bye Pass, Gangyal,
Jammu - 180010, From 26th August
2021.
The Customers are requested to
contact the new office premises for
their needs.
REGIONAL BUSINESS HEAD
SHRIRAM TRANSPORT
FINANCE COMPANY LIMITED
PUBLIC NOTICE
This is to inform our customers and
public at large that our Thalassery
Branch located at 1st Floor, AR
Complex, TC Mukku, Near Railway
Station Road, Thalassery, Kannur,
Kerala - 670101, will shift to 1st Floor,
Promise Building, M. M. Road,
Thalassery, Kannur, Kerala -
670101, from 26th August, 2021.
The Customers are requested to
contact the new office premises for
their needs.
REGIONAL BUSINESS HEAD
CIN - L65110MH1985PLC038137
Registered Office: 27BKC, C 27, G Block, Bandra Kurla Complex,
Bandra (East), Mumbai - 400 051.
Tel: +91-22-61660001 Website: www.kotak.com
NOTICE
NOTICE is hereby given that Kotak Mahindra Bank Limited (“Bank”) has acquired
1,30,80,000 Equity Shares (~46.7% of the issued and paid-up Equity Share
Capital) of Kotak Mahindra Pension Fund Limited (“KMPFL”) from Kotak Mahindra
Asset Management Company Limited (“KMAMC“) on May 17, 2021. KMPFL has
been appointed as a Pension Fund Manager by Pension Fund Regulatory and
Development Authority (“PFRDA”), on April 30, 2009, for managing funds under the
National Pension System.
Pursuant to the acquisition:
a. Bank’s stake in KMPFL has increased to 51%, and accordingly, KMPFL has
become a direct subsidiary of the Bank with effect from May 17, 2021.
b. Bank has become a co-Sponsor of KMPFL.
The shareholding of KMPFL, post the transaction is, as follows:
Name of the Shareholder % Shareholding
Kotak Mahindra Asset Management Company Limited 49.0%
Kotak Mahindra Bank Limited 51.0%
Total 100.0%
For KOTAK MAHINDRA BANK LIMITED
Sd/-
Avan Doomasia
Place: Mumbai, Senior Executive Vice President &
Date : May 26, 2021 Company Secretary

NOTICE

NOTICE is hereby given that DSP Trustee Private Limited, the Trustee to DSP Mutual Fund (‘Fund’) in accordance with the proviso
to Regulation 33(4) of SEBI (Mutual Funds) Regulations, 1996, has decided to rollover DSP FMP - Series 232 - 36M, a Close Ended
Income Scheme (‘Scheme’) which is due for maturity on Tuesday, June 08, 2021*(‘Existing Maturity Date’).
The details of the proposed rollover are as follows:
Scheme Name DSP FMP - Series 232 - 36M
Allotment Date June 11, 2018
Existing Maturity Date* June 08, 2021
Extended Maturity Date* June 14, 2021
Date of rollover June 09, 2021
Number of days proposed to rollover 6 days

*If the maturity date falls on a non-business day, the maturity date shall be the next business day.
There is no change proposed to any other features/provisions of the Scheme.
Purpose of Rollover: As per the current provisions of Income Tax Act, 1961 read with CBDT circular no. 6. of 2015 dated April 9,
2015, capital gains on units of debt oriented mutual fund schemes held for more than 36 months from the date of allotment are eligible
to be treated as Long Term Capital Gains (LTCG). Considering this and to allow investors to LTCG, DSP Investment Managers
Private Limited (‘AMC’) believes that investors may want to consider remaining invested in the Scheme for a further period for their
investment.
Manner of providing consent: The consent form for rollover of the Scheme along with the terms and features of rollover are
being sent via email / physical letter to each unitholders. The consent form is also made available on our website www.dspim.com.
Unitholders may submit their consent latest by 3.00 p.m. on Tuesday, June 08, 2021 through any of the following modes:
a.) Filing up consent form and submitting the same at any of our designated Official Points of Acceptance of transactions (list available
at www.dspim.com) or to depository participant (in case of units held in demat mode).
b) Email the consent form from your email id registered in the folio to dsp_maturity@camsonline.com
Unitholder(s) who do not give their consent within aforesaid timelines will receive the redemption proceeds in terms of the provision of
Scheme Information Document (‘SID’) of the Scheme, based on applicable NAV as on Existing maturity date of June 08, 2021 of the
Scheme. Unit holders are requested to read the letter intimating the rollover and the SID of the Scheme along with Addenda issued
from time to time which are available on website (i.e. www.dspim.com).
Unitholders are requested to note that rollover of the Scheme will be subject to compliance of SEBI guidelines with respect to:
I. Maintaining the assets under management (AUM) of the Scheme at least Rs. 20 crore
II. Requirement of minimum investors i.e. minimum of 20 investors and no single investors shall account for more than 25% of the
corpus.
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For any queries or clarifications in this regard, please call us on 1800 208 4499 / 1800 200 4499 or email us service@dspim.com.
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financial advisors with respect to the specific amount of tax and other implications arising out of his or her participation in the rollover
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.
NEW DELHI | THURSDAY, 27 MAY 2021 9
<
10 WORLD
>
NEW DELHI | THURSDAY, 27 MAY 2021

Global deal on corporate

IN BRIEF Beijing curbs retail sales of tax nears 1st stage as G-7
Dutch court orders Shell to
set tougher climate targets
Royal Dutch Shell was ordered by a Dutch court to slash its
commodity-linked products seeks common ground
Accord would pave TAXING TIMETABLE
emissions harder and faster than planned, dealing a blow
to the oil giant that could have far reaching consequences
REUTERS
Beijing, 26 May China’s strong way for wider Possible moments on
for the rest of the global fossil fuel industry. Shell has
recovery consensus at path to a global accord

C
pledged to reduce its emissions of greenhouse gases by 20 hina's banking regulator has asked
per cent by 2030, and to net-zero by 2050. That’s not lenders to stop selling investment
enough, a court in The Hague ruled Wednesday afternoon, products linked to commodities
ordering the oil producer to slash emissions by 45 per cent futures to mom-and-pop buyers, three
by 2030 compared to 2019 levels. BLOOMBERG people with knowledge of the matter told
Reuters, to curb investment losses amid vol-
atile commodity prices.
Bitcoin pushes past $40,000; It has also asked lenders to completely
unwind their existing books for these pro-
Iran bans crypto mining ducts, which they manufacture and sell to
individual investors, said the sources, who
Bitcoin rallied back to around the $40,000 level as are involved in and have been briefed on
cryptocurrencies recover some of the ground lost in this the decision.
month’s volatile rout. The largest digital token climbed as The China Banking and Insurance
high as $40,866 before trimming some of the gain to Regulatory Commission's (CBIRC's) order
$39,782. Meanwhile, Iran banned the mining of to exit these products has not been reported
cryptocurrencies after a series of blackouts across major before. It issued the order this year, two of
cities, in the latest sign of growing unease over the digital the sources said.
asset’s energy usage. AGENCIES "The risk contained in banks' commod-
ity-linked investments cannot be easily
spotted by ordinary investors, neither can
Lukashenko defends flight they bear it," one of the sources said. "Banks
also don't have enough expertise to run such
diversion, denounces critics products properly." The sources spoke on
condition of anonymity as the directive is
Belarusian President Alexander Lukashenko said not yet public. The CBIRC, China's top bank-
Wednesday he had acted "lawfully to protect people" by ing watchdog, did not immediately reply to
diverting a Ryanair flight over Belarusian airspace, an act a Reuters email seeking comments.
that sparked a global outcry. "I acted lawfully to protect The move comes as runaway commod-
our people," Lukashenko said, the Belta state-run news ity prices in both onshore and offshore
agency reported. "As we predicted, our ill-wishers at markets have raised regulatory concerns
home and abroad have changed their methods of about the risks of speculative bets, prompt-
attacking the state," he said. AGENCIES ing China's state planner and exchanges in
recent weeks to take price-control meas-
ures. The CBIRC wants to prevent losses
EU eyes formal antitrust like that incurred a year ago by Bank of
China (BoC) on crude-oil linked investment
KEY TAKEAWAYS
> The China Banking and Insurance
Regulatory Commission's (CBIRC's)
asks lenders to unwind books
for these products
> CBIRC asks lenders to report 'clean-up
progress' on monthly basis
> CBIRC wants to prevent losses like
that incurred by BoC in 2020
The CBIRC has, however, not given a specific
deadline to the banks for completely exiting
their positions, they added. The ICBC did
not immediately reply to a request for com-
ment. While the total size of such products
in the Chinese banking system is unknown,
BoC's $1.8 billion losses tied to just US crude Economic activity remained
futures highlights the attractiveness of sim-
resilient but lost some steam
ilar products for retail investors looking for
higher returns.
Regulators are worried mom-and-pop
investors may get burnt again by the recent
shows signs
of softening
China’s strong economic momen-
tum eased slightly in May, as surg-
ing raw material prices squeezed
profits, businesses turned more
cautious and property and car sales
underperformed. That’s the
outlook of an aggregate index
combining eight early indicators
tracked by Bloomberg, which
slipped from April but remained in
expansionary territory, under-
pinned by solid export demand.
Confidence among SMEs eased in
May from the highest level since
the Covid-19 outbreak in the
previous month, according to a
survey of more than 500 compa-
nies by Standard Chartered. The
index measuring current perfor-
mance weakened in the month,
while a drop in the ‘expectations’
sub-index points to concerns on
future demand and profit margins.
MOMENTUM EASES
4 5
3
6
G20, then OECD
BLOOMBERG
26 May
European governments are
increasingly confident a deal will
soon be struck with the US on a
minimum global corporate tax
and related measures to make
multinationals pay more to the
countries they operate in,
according to people familiar with
the matter.
US President Joe Biden’s
administration last week floated
a global minimum tax of at least
15 per cent, less than the 21 per
cent rate it has proposed for the
overseas earnings of US busi-
nesses — a level that countries
including the UK regarded as too
high. While European nations
warmly received that offer,
they’ve also been pushing the US
to focus on measures to ensure
multinationals — especially big
technology firms such as
Amazon.com and Facebook —
pay more of their tax in the coun-
tries where they operate. US offi-
cials have opposed any efforts to
target specific industries for tax-
ation, such as tech.
In addition to the 15 per cent
on multinationals’
revenues
n May 28: G-7 finance
ministers due to talk
by phone
n June 4-5: G-7 finance
ministers meet in
London
n June 11-13: G-7 leaders
meet in Cornwall
n July 9-10: G-20
finance ministers meet
in Venice
n October: possible
global deal, according
to OECD official
who spoke on condition of ano-
nymity because the talks are
ongoing. An accord among G-7
nations in coming weeks would
signal support building toward a
broader deal at the July meeting
of the Group of 20, which has
been managing the talks on
international taxation more
closely. The plans will still need
to find agreement among nearly
140 countries involved in the
Organization for Economic
Cooperation and Development-
led negotiations.
G7 finance ministers are

investigation into Facebook products, the people added.
It has asked lenders, including Industrial
The European Union is close to opening its first formal and Commercial Bank of China (ICBC), to
2
big swings in commodity prices, driven by
post-pandemic demand recovery, liquidity
US offer, European governments
see a deal nearing as there is pro-
holding a virtual meeting on
Friday, followed by an in-person
easing and speculative trading. gress in talks toward meeting gathering June 4-5 in London.

7
1
antitrust investigation into Facebook Inc., according to a report "clean-up progress" on commodities- Government watchdogs have urged their demand of ensuring that all The main leaders’ summit takes
person familiar with the matter, ramping up its competition linked investment products on a monthly Chinese industrial metal firms to maintain Note: Higher number means economy is digital firms be covered by new place in Cornwall, southwestern
enforcement of big tech companies, the WSJ reported. The basis to regulators, two of the sources said. market order. getting hotter Source: Bloomberg Economics rules, according to the people, England, from June 11-13.
EU’s top competition watchdog, the European Commission,
is likely in coming weeks to open formal antitrust proce-
edings against Facebook, a key procedural step in one of its
long-running investigations into the company, the person
said, adding that the timing could still change. AGENCIES US renews call for ‘transparent’ second
Tesla ditches radar investigation into origins of coronavirus
PRESS TRUST OF INDIA
WHO seeks more
sensors Musk upheld Washington, 26 May

US Health Secretary Xavier Becerra has data on second

after a fatal crash urged the WHO to ensure that the next
phase of investigation into Covid-19's origins
Chinese vaccine
Amazon to buy
are more “transparent” and "science-based", The World Health Organization is
DANA HULL amidst media reports here suggesting grow- seeking more data on Sinovac
26 May ing evidence that the virus could have Biotech Ltd’s CoronaVac as it
emerged from a laboratory in China. weighs whether to authorise a
Tesla is beginning to follow
through with Elon Musk’s
pivot away from using radar
MGM Studios In March, the WHO issued a report
written jointly with Chinese scientists on
the origins of Covid-19, saying the chances second phase of the investigation to be
second Chinese Covid-19 vaccine
under international pressure to
help distribute more shots to

for $8.45 billion

for its driver-assistance sys-
tem Autopilot, five years after
espousing greater use of such
sensors following a fatal crash.
The electric-car maker
announced on its website
Tuesday that Model 3 sedans
and Model Y SUVs built for
North America will no longer
be equipped with radar start-
ing this month. Autopilot will
now operate largely using
camera vision, and some fea-
tures will be temporarily dis-
abled due to the transition.
Musk referred to radar
sensors as “crutches” Tesla
wanted to eliminate during
the company’s latest earnings
CEO recently said radar
sensors were ‘crutches’ to
eliminate. Move is a major
break from rivals
emphasising redundancy
pany said later in 2016 that all
its cars from then on would
be equipped with the hard-
ware needed to eventually
offer full self-driving capabil-
ity, Tesla continues to tell its
of it having started in a lab were "extremely launched “with terms of reference that are poor countries, the WSJ
unlikely”. But the US and some other coun- transparent, science-based and give inter- reported. In recent weeks, the
tries have raised concerns about the way national experts the independence to fully WHO has asked for more details
the mission of the WHO experts was carried assess the source of the virus and the early regarding the safety of the shot
BLOOMBERG very exciting and provides so out in China, including in Wuhan, the epi- days of the outbreak.” “We need to improve and requested data about
26 May many opportunities for high- centre of the outbreak, and the lack of transparency, immediately share critical Sinovac’s manufacturing
quality storytelling.” adequate cooperation from Beijing. information about outbreaks with pandemic process to assess whether it is
Amazon.com agreed to buy the The proliferation of stream- In a video message on Tuesday at the potential, and strengthen health systems to compliant with WHO standards,
Metro-Goldwyn-Mayer movie ing services, including newer annual ministerial meeting of the WHO's withstand shocks,” Becerra said, while cal- according to people familiar
company for $8.45 billion, a bet arrivals such as HBO Max and World Health Assembly, Becerra called for a ling for a “strong and agile” WHO. with the matter.
that a nearly cen- Disney+, has put
tury-old
Hollywood icon
EMPHASIS ON pressure
Amazon
on
to
ENTERTAINMENT
can feed an insa-
tiable demand
for streaming
Biggest acquisition
since Whole Foods for
acquire more pro-
gramming. Chief
Executive Officer
Pak blueprint for bilateral ties with US
content.
The takeover
is Amazon’s big-
$13.7 billion

call. In September 2016, the
chief executive
announced Tesla would
officer
upgrade Autopilot by enhanc-
ing use of radar. Musk told
reporters at the time that he
believed the improvement
would have prevented a crash
that occurred months earlier
involving a Model S operating
on Autopilot with sensors that
failed to detect a tractor trailer
before a fatal collision involv-
ing a former Navy SEAL.
Tesla’s new approach is
likely to add to controversy
that has surrounded Auto-
pilot for years. While the com-
customers to keep their hands
on the wheel and eyes on the
road. The carmaker has been
criticised for still branding a
suite of features as “Full Self-
Driving Capability” and
charging thousands of dollars
for the package.
Musk’s description of radar
as a crutch also greatly differs
from other companies trying
to develop autonomous
vehicles, including Alphabet
Inc’s Waymo and General
Motors Co.-backed Cruise,
which have emphasise using
redundant sensors in case
some fail. BLOOMBERG
Proliferation of
Jeff Bezos has
made no secret of
his desire for
based on economy, not security: Report
gest acquisition streaming services has movie moguldom,
PRESS TRUST OF INDIA
since it agreed to put pressure on
buy Whole Foods Amazon
and MGM’s vast
backlog provides 26 May Qureshi rules out providing Pakistani and the US NSAs
held wide-ranging talks on the
in 2017 for $13.7
billion but follows
an abundance of
streaming materi- Seeking a “paradigm shift” in
military bases to US in future bilateral, regional and global
issues of mutual interest.
investments of about $11 billion al, not to mention an opportu- its ties with the US, Pakistan's Foreign minister Shah Mehmood Qureshi said in the Breaking from the past
on content for its streaming nity to mine the iconic James National Security Adviser Senate that Pakistan would not provide its military bases practice, Yusuf presented the
video and music services last Bond and Rocky franchises for Moeed Yusuf has presented to the United States for future counter-terrorism Pakistani plan, seeking bilat-
year alone. new films and television shows. to his American counterpart operations in Afghanistan and also not allow drone eral cooperation with the US
“The real financial value Moreover, with retail rivals Jake Sullivan a blueprint to attacks inside Pakistan, ANI reported. The foreign not based on security and
behind this deal is the treasure like Walmart Inc. rolling out enhance bilateral relations minister also rejected as unfounded the reports of defence but economy, trade
trove of IP in the deep catalogue more sophisticated online not based on security and providing the US, bases in Pakistan, making it clear that and business. Sources famil-
that we plan to reimagine and stores, Amazon must work even defence but focusing on PM Imran Khan would never provide its bases to the US, iar with the development
develop together with MGM’s harder to keep its 200 million economy and trade, accord- nor would allow drone attacks inside Pakistan, reported told The Express Tribune
talented team,” said Mike Prime subscribers loyal. ing to a media report on The News International. that Pakistan is seeking a
Hopkins, senior vice president MGM has been seen as a Wednesday. “paradigm shift” in its
of Prime Video and Amazon takeover target for years, but was Yusuf, who was appointed Adviser (NSA) this month, Geneva. In a first in-person approach as far as ties with
Studios, in a statement. “It’s never able to close a sale before. as the National Security met Sullivan on Sunday in high-level meeting, the the US are concerned.

Buy now, pay later players tackle credit conundrum in West Asia’s Gulf
ALEXANDER CORNWELL
26 May
Financial technology start-ups
in Saudi Arabia and the United
Arab Emirates offering online
short-term credit say they are
enjoying exponential growth as
the coronavirus pandemic
drives a shift in consumer
spending online.
Digital buy now, pay later
(BNPL) purchasing is relatively
new to the region where
consumers have traditionally
been sceptical of paying for goods
before getting them.
But Saudi Arabian-based
Tamara and UAE's Spotii, Tabby
and Postpay all say the take-up
has far exceeded initial
expectations. And investors are
paying attention. Tamara last
month raised $110 million in debt
and equity, a large amount for an
early stage Middle East start-up.
This week, Australia's second
biggest BNPL player Zip said it
was buying the rest of the shares
in Spotii it did not already own for
$16 million. Tabby has raised over
$30 million including funding
from Abu Dhabi state fund
Mubadala. “We’re constantly
having to re-forecast our
numbers just because we
constantly get surprised by the
consumer adoption," Tabby Co-
Founder and Chief Executive
Hosam Arab told Reuters.
There is no independent data
available on the Middle East
BNPL market which also includes
Shahry in Egypt; all of the
companies in the sector are early
stage start-ups and many only
began operating last year.
In the United States, Australia
and Europe, BNPL is marketed as
an alternative to credit cards.
During the pandemic, with
consumers conserving cash and
seeking alternative methods of
borrowing money, the service
exploded in popularity.
In the Gulf, BNPL companies
present themselves as an
alternative to cash on delivery,
the most common payment
method for online purchases in
many Middle East countries,
according to a 2018 report by
British security firm G4S. But Anil
Malhotra, chief marketing officer
of digital payments business
Bango, said a cultural challenge
for BNPL in the Gulf was to make
sure it "doesn't look or smell like
credit." Islamic customs prohibit
charging interests on loans,
which has deterred some Middle
East consumers from
using credit cards.
Saudi Arabian independent
retailer Crate, which introduced companies typically allow interest payments, they sidestep
Tamara on its website last August, shoppers to pay for purchases in the legal definition of credit - and
has found that while those instalments over several weeks credit laws. But the sector has
checking out with BNPL had or months. Gulf providers do not come under scrutiny with
become repeat users, most charge interest and instead earn authorities in Britain and
customers preferred to most revenue by elsewhere reviewing or
pay by card or cash on charging merchants tightening rules around the
delivery. Digital buy now, fees. While shoppers industry, with some regulators
Half of all pay later (BNPL) can be charged hefty saying that technology
purchases are paid purchasing is fees if they miss a companies offering BNPL should
with card, while cash relatively new to payment, providers be regulated like ordinary
on delivery accounts the region where say they cause less lenders. It's not clear how Middle
for 40 per cent of all consumers have financial burden East regulators plan to react. The
online transactions traditionally than credit cards. financial authorities in Saudi
with BNPL making up been sceptical of Users can be Arabia and the UAE did not
10 per cent, Chief paying for goods suspended if they respond to Reuters requests for
Executive Rayan Fadul before getting miss a payment. comment. "This is credit and if
told Reuters. BNPL is them They also say they credit is mismanaged, either by
still new to the region's help merchants the lender or borrower, bad things
consumers who are increase sales as happen," Citi Global Head of
wary of using a product they don't shoppers are able to spread out Banking Research Ronit Ghose
yet fully understand, he believes. payments over an extended told Reuters. Tamara, which is in
"They would like to see other period and allow shoppers to Saudi and the UAE, says it has
people talk about it first and buy products they need. signed up over 1,000 merchants
maybe explain to them As BNPL firms generally make and that transaction volume has
how easy it is." money off merchant been increasing 170 per cent
The model varies but BNPL commissions and late fees, not month-on-month. REUTERS
 >
OPINION 11
STAY INFORMED THROUGH THE DAY @ WWW.BUSINESS-STANDARD.COM

ILLUSTRATION: BINAY SINHA

Volume XXVII Number 183
On Covid vaccination, there is no real difficulty
NEW DELHI | THURSDAY, 27 MAY 2021 on the first checkpoint — the presence of market
failure — but what about the second? Do we have
the state capacity for doing a lot of vaccination

Storm over social media through the government machinery? The best that
India has done and in peaceful and non-pandemic
type conditions is reach about 50 million persons
There can’t be arbitrary rules just because privacy right is not absolute (mothers and infants) and vaccinate them each
year. For Covid, the estimate is that about 950 mil-

W
hatsApp, the instant messaging service, has challenged the new
lion Indians above the age of 18 will need two shots.
social media intermediary rules in the Delhi High Court. The vaccinations that need to be done then are 1.90
WhatsApp claims a provision that forces service providers to billion doses. Public sector delivery can meet only
identify “the first originator of Information” in posts is uncon- about 3 per cent of this. In addition, adult vaccina-
stitutional and violates privacy. While the government was quick to clarify tion of this nature is very different from vaccina-
that it had no intention to violate the ‘right to privacy’, that’s unlikely to tions that governments have done till now. This is
inspire much confidence. The problem is the way the new rules, which apply the state capacity problem that the vaccination
to any online platform with over five million users in India, have been intro- drive needs to factor in when deciding on
duced without meaningful public consultation. Compliance with rules with private/public sector modes of delivery.
far-reaching effects takes time. Only three months was given in this instance,

Vaccination: The
What is the way forward?
where, for example, the EU’s General Data Protection Regulation allowed for
two years. Nor did the government issue a set of FAQs to explain how social Currently what is available in the world market is
media guidelines were to be implemented, as it said it would. There has also about $10/dose. On some reasonable assumptions,
the vaccination cost per person will be $25.
been criticism about bringing in a plethora of rules that ought to be normally

$5 trillion question
Ayushman Bharat has identified about 500 million
triggered only via legislative action. For example, the Supreme Court recom-
people as eligible for government-funded health
mended specific privacy legislation, especially in the digital domain. A com- care. Of these about 200 million are estimated to
mittee chaired by retired Supreme Court judge B N Srikrishna released draft be under 18, leaving a balance of 300 million who
privacy and data protection legislation in 2018. However, while that draft should be provided free vaccination. At current
reportedly has undergone extensive revisions, and been presented for Cabinet
scrutiny, it has not been sent to Parliament for legislative passage. Hence,
The answer to the question of how to vaccinate a billion rates of exchange, this will mean an expenditure of
~56,250 crore. If the government were to buy 600
India still does not have a specific privacy law. Indians is perhaps to be found in basic economics million vaccines (300 million X2) in a global tender
Apart from social media platforms, the new rules affect Slack, Zoom, with assurance of a certain minimum offtake, the

W
LinkedIn, YouTube, and mainstream news sites, which carry reader-comments. hat is the most important health impera-
Under the 2021 rules, any content flagged by the government must be taken tive as well as the most significant econ-
off within 36 hours of notice. All such platforms must appoint a resident griev- omic stimuli for India today? Unarguably
ance officer, a chief compliance officer, and nodal contact person, all based in it is Covid vaccination. We must
remember that the story does not
India. The government notification threatens that any entity that does not
end with the strains of Covid-19
agree to comply by May 25 will forfeit its protections as an intermediary, which
present now; perhaps we will all
gives legal protection. An intermediary is not liable if a user has posted “offen- need annual booster shots. We,
sive” content. WhatsApp and other instant messaging services use end-to-end therefore, need to think through
encryption. Only the sender and the recipient of a message can decipher it. policy pathways for the long run
Identifying the “first originator” at the government’s request would require with one immediate objective. Get
instant messaging services to break encryption to identify the creator of content the overall system to herd immunity
which may be forwarded many times. Several legal experts have opined this as soon as possible.
violates privacy. It has also been pointed out that the IT Rules 2021 go beyond
the scope of the IT Act, and subordinate legislation cannot do this.
In modern public economics, the
big but simple idea is that freedom
AARTHIKAM
Analogous provisions revealing user identities do not exist, except in works well, and that state interven- CHINTANAM
totalitarian countries. While this would supposedly stem the flow of “fake tion is only justified in the face of
news”, there is every chance it could be misused to harass political opponents “market failure”. There are four cat- K P KRISHNAN
and suppress content unfavourable to the government. This becomes very egories of market failure: Presence of
market power, externalities, information asymmetry,
likely, given recent attempts to ban or geo-block Twitter and Facebook
and provision of public goods. Government inter-
accounts criticising the government. It is important to protect online platforms
vention requires two checkpoints: The presence of
as enablers of free speech. This means walking a fine line between regulating market failure and a credible pathway to successfully
hate speech while protecting freedom of expression, transparently and even- implementing the proposed state intervention. This
handedly, while respecting fundamental rights. It is true that no fundamental provides us with the concepts and principles through
right, including the right to privacy, is absolute and is subject to reasonable which to think about vaccination.
restrictions, but the question is who decides on what is reasonable. The new With only two major sellers of vaccines in India,
rules make government officials the final arbiter in such matters. That is a there is concern about market power. However,
sure recipe for failure: the government would do well to set up an independent once we open up to the world market, there is sig-
institutional framework to bridge the trust deficit. nificant competition. This is a recurrent theme in
addressing market power: Instead of getting into
complicated state intervention in India into a mon-
a lower likelihood of spreading the disease, it creates
an important positive externality. This is normally
not factored in by her in determining how much she
is willing to pay for vaccination if it
was a priced good. Hence she will
typically be willing to pay less than
what is optimal, given the benefits
to her and society. This divergence
of social benefit and private benefit
is a good reason for state interven-
tion in the market for vaccines.
Information asymmetry is at one
level the core societal interaction
problem with Covid. Since X has no
credible way of knowing whether Y
is likely to be a Covid spreader, inter-
actions get restricted to only people
who know each other’s Covid status.
Credible third party signalling, i.e.
vaccination passports, re the infection status of X, is
a potential solution to the problem of information
asymmetry caused by Covid.
In economics, curative health and vaccinations
are not categorised as “public goods”. X’s use of a
dentist’s chair prevents Y from using it at the same
time. Likewise, the dentist can exclude anyone from
availing of his services. Hence, curative health ser-
vices are excludable and non-rival and, unlike
national security, are not “public goods”. Ignoring
this private good characteristic of curative health
is likely to lead to wrong types of state interventions,
which cause more harm than good. Similarly,
price will be less. Experts say it could be about 20
per cent less and future prices are expected to be
lower. The outgo then is likely to be around ~45,250
crore. This vaccination expenditure needs to be
compared with expenditure saved by the scheme
on prevented hospitalisation. Given the usual
pathologies of the Indian state in beneficiary identi-
fication, if required, a drive to include left out eli-
gible beneficiaries could be undertaken so that no
poor person ends up without vaccination.
Ayushman Bharat has empanelled 24,000 hospitals
for providing curative health care. To begin with,
these can be the delivery points for the vaccination
while efforts are launched to massively increase
this number in the next three months.
Like in other curative health care services the
non-poor can pay for their vaccination or be taken
care of by schemes like Employees’ State Insurance,
Central Government Health Services, and other for-
mal sector employee insurance schemes.
This approach to roll out vaccination rapidly
while addressing market failure and potential
state failure was suggested by many experts as far
back as August 2020. It is not too late even now.
Instead of multiple states individually tendering
(unsuccessfully?) for vaccines, a composite large
GoI tender will bring scale in procurement and
help in securing competitive prices at least
initially. Depending on the success of this, in
future more decentralised procurement processes
can be thought of. The state and markets can
thus potentially jointly solve independent India’s

Smoke signals opolistic sector, it is better to open up to trade, and

thus avoid the problems of state capacity in com-
petition policy in India.
vaccination against flu or polio drops are also not
“public goods” though the state may decide in view
of their importance for the well-being of the indi-
biggest challenge.

The writer retired as a secretary to GoI and is now a

Farm fires are likely to exacerbate this year Vaccination will protect the person getting vacci- vidual and society, to provide it either free or at a professor at the National Council of Applied Economic
nated. By enabling her mobility and interaction with subsidised price.

C
rop fires after rabi harvest in summers are normally not taken too Research. Views are personal
seriously because their environmental impact is usually localised. But
this year, these blazes have come into focus because of the abnormal
spike in their frequency. Going by the US National Aeronautics and
Space Administration (NASA) satellite imagery data, the number of field fires
between April 1 and May 16 spurted by around 50 per cent in Punjab and almost
doubled in Haryana over last year’s corresponding period. Though these flames
The coming long spell of demand drought
A
did not affect the quality of air in the National Capital Region (NCR) the way the s far as demand for consumer goods and the end of the ongoing fiscal would be almost 8 per return, and with fear mounting because of a raging
winter fires typically do, the sudden upturn in their count seems worrisome. services go, is the once-in-a-century pan- cent below the level forecasted pre-pandemic. second wave in many urban centres, big employers
This is because the surge is believed to be largely the consequence of the gov- demic, though currently serious in terms of The middle class has shrunk by 32 million people, have started reporting exodus of informal workers.
ernment’s acceptance of the farmers’ demand to decriminalise crop burning. its toll on lives and livelihoods, be merely a passing and there are 75 million more poor people now com- According to one report, construction major
The Centre is reported to have curtailed the powers of the newly constituted phenomenon? Once everyone, or at least enough pared to early 2020, according to a recent report by L&T alone witnessed around 75,000 workers leave
Air Quality Management Commission for the NCR and Adjoining Areas to people, have been vaccinated to create genuine Pew Research Centre based on World Bank data. Pew its project sites in the last month or so.
penalise the farmers on this charge by amending the Ordinance under which herd immunity, will it all be hunky dory on the defines poor with an income or consumption of Persistent reverse migration is denting remittances
demand side? under $2 per day and middle class between $10.01 to hinterland, with firms here reporting big hits from
this body has been set up. If that is so, the menace of agricultural fires seems
After all, after every big crisis in the last two dec- and $20. All dollar figures are expressed in 2011 source-markets like Maharashtra, Gujarat, Karnataka
set to exacerbate and hit a new peak in October-November this year. With busi- ades, whether it was the slowdown of early 2000s, prices, on purchasing power parity terms. and Delhi. Reports also point to hiring of blue-collar
ness as usual — and without result-oriented pre-emptive action to mitigate the global financial crisis of 2008- Though undoubtedly the blue- workers coming to a grinding halt at tens of smaller
these infernos — the air pollution in the NCR in the ensuing winter may tend 09 or the self-inflicted demoneti- collar and unorganised workers tier-2 and tier-3 towns like Aurangabad, Kanpur, Kota
to get out of control. If the Covid-19 virus also persists till then — which cannot sation debacle of 2016, demand for have borne the brunt of job losses, and Coimbatore in the last month or so.
be ruled out — the consequences might be catastrophic. A recent global study anything from cars to colas had as many as 4.3 million white-collar With surfeit of workers in rural areas, no wonder
has reckoned that around 30 per cent of the Covid-19 deaths have air pollution sprung back with a vengeance. ones too lost theirs in the last one unemployment has again crossed double digits in
as a related factor. Already, one is reading or listen- year according to Nikore villages and is growing faster there compared to
Actually, the root cause of the winter farm fires is the meagre time gap ing to sanguine voices from some Associates, an economics research urban areas. No wonder real, or inflation-adjusted,
between kharif harvesting and rabi sowing. The farmers, in their anxiety to big marketers who surmise that the group. Gross enrolments with the wage for March 2021 is lower compared to March
plant the next crop in time, tend to go in for quick and relatively cheap means to second Covid-19 wave-led slow- Employees’ State Insurance 2019 (pre-pandemic year) in rural areas for both agri-
down is a temporary phase where Corporation during 2020-21 dipped culture and non-agriculture workers.
remove the remnants of the previous crop to vacate the land for sowing. The
demand is suffering due to low nearly 24 per cent compared to pre- Official figures on household level debt come with
stubble torching, therefore, is basically an economic issue that requires an eco-
nomically feasible solution. Fortunately, a number of such solutions have
mobility, low pickup of discre-
tionary goods and services, or
ACROSS THE BOARD pandemic year in 2019-20. Hiring
by the central and state govern-
a huge lag in India, but the Reserve Bank of India’s
latest available number shows household debt to
emerged in the past few years. These include hastening the in situ decomposition because supply is impacted due to SHAILESH DOBHAL ments too was anaemic, down 27 GDP ratio steadily increasing from 35.4 per cent in
of crop leftovers to prepare manure by using bio-decomposers like the one lockdown reasons. True, everyone per cent and 21 per cent, respec- June 2020 to 37.1 per cent in September 2020.
developed by the New Delhi-based Indian Agricultural Research Institute (Pusa admits that jobs have been lost, and reverse migra- tively, in FY21 compared to FY 20 according to latest Important to note that this official indebtedness fig-
institute); or managing them through mechanical devices like happy seeder, tion has changed demand demographics some- payroll data of the National Pension System. ure does not include non-institutional sources of
rotavator, straw cutters, and bailers. what, but if the experience of past crises is that A recent study by management consultant KPMG debt like friends, relatives and moneylenders. One
Crop residues can also be made commercially remunerative by using them things quickly come back squarely where they were showed that an overwhelming majority of younger estimate pegs Covid-related out-of-pocket medical
as fuel for power production and running boilers in other industries. NTPC is, pre-crisis, and often for the better, so why should working millennials are insecure about their finan- expenses of ~75,000 crore to ~1 trillion so far in the
in fact, using agricultural biomass as fuel at its power plant in Dadri and paying it be any different this time around? cial future and this is shaping their long-term second wave, almost a third of it incurred by rural
for this farm waste. This apart, agricultural biomass can even be converted into There are reasons to be less sanguine because approach as consumers. They are unwilling to cut folks. Surely such indebtedness will become a mid
the pandemic and its aftermath has upended the savings in spite of suffering a 10 per cent income to long-term consumption dampener.
pulp to make fancy paper, cardboards, and material for handicraft and decorative
edifice of consumption like never before. In indus- loss. Not exactly music to any marketer’s ears. Classical marketing theory says a market
items. Such options can transform crop leftovers into economic goods for gen-
try after industry — from aviation, autos, hotels to The big growth hope of the last few years, the expands if it finds new consumers or new usage or
erating income to deter farmers from burning them. But the implementation of apparel — sales volume are back to levels seen two rural hinterland, too is facing fresh headwinds. if existing ones consume more. Today, it is clear that
these innovative ideas requires advance planning. Small- and medium-scale to five-six years ago. Surely, this huge gap won’t be Coronavirus is raging in the villages, and in almost a there are lesser number of consumers in most rungs
industries, farmers’ producer companies, and other start-ups can be involved bridged in a hurry, and that is if at all. Writing for dozen states the rural share of active cases is far of the consumption pyramid compared to pre-pan-
in this task. Now that the government has been duly alerted by the summer this newspaper earlier this week, Sajjid Chinoy, greater than in cities and towns. demic levels. And even those who managed to hold
fires about the needed advance planning to cope with farm fires in winter, there Chief India Economist at JP Morgan sounded a Many of the tens of millions of migrant workers their station, have less to spend. Looks like India’s
is little reason why this should not be forthcoming. note of realism when he said that everything con- who returned to their village homes in the wake of demand curve has shifted downwards for a couple
sidered, quarterly gross domestic product (GDP) at the first Covid-led lockdown last year are yet to of years at least.

Long days’ journey into flight
after the lockdown was announced.
The idea of cycling 1,232 km during
north India’s punishing summer
through a repressive lockdown seemed
suicidal. Yet, for these young men, this
was the only option; they were con-
BOOK REVIEW vinced that they would starve to death
if they stayed on. Mr Kapri decided to
GEETANJALI KRISHNA follow the cyclists in a car and provide
an eye-witness account of the journey.
abusive lathi-wielding policemen refuse
to let the cyclists pass through; days later
in Sitapur, the district police gave them
beautifully packed food, along with
water and biscuits for the road. At one
point, scared villagers did not even let
the thirsty migrants drink water from the
hand pump. Hours later, a cycle
mechanic disobeyed the lockdown rules
to repair their cycles — and refused to
administrative will. The reverse is,
unfortunately, equally true.
Meanwhile, because real life,
especially today, is no fairy tale, the
group’s return to their home state was
not one of those happily-ever-after
endings. Struggling with loss of income,
lack of employment and the floods in
river Kosi in July 2020, one by one all
seven were forced to make their way
back to the city
from which they
had fled.
Mr Kapri
threats they faced?” It’s a valid question
but leaves many others in its wake. Was
it ethical to film Mukesh (one of the
migrants) cycle in the heat when sick
from the comfort of their car? Or to
document the fact that the seven
subjects had to go without proper food
for 27 hours when Mr Kapri had the
means to feed them? Or to turn their
desperate journey and fight for survival
into a life lesson for
1232 KM: The Long himself and
Journey Home privileged readers?
There are no good
Editors: Vinod
The book is a compelling read for its
unsparing glimpse into an India most of
us do not know. It offers insights into the
psyches of people who were a part of the
2020 migrant exodus, people without
the cushions of savings, family support
and insurance. Why is it, the author
questions, that migrants who construct
our homes, iron our clothes and do all
the maintenance work that keeps our
communities running smoothly, get so
little by the way of social and economic
security in return? His diary-like
narrative style gives readers a sense of

A
t a time when the country is still
reeling under the impact of the
2020 national lockdown, 1232
km: The Long Journey Home by
national award winning director Vinod
Kapri evocatively chronicles its human
toll. Written like a journal and also out
on Disney Hotstar as a documentary,
this short book tells the story of seven
migrants — Ritesh, Ashish, Ram Babu,
Sonu, Krishna, Sandeep, and Mukesh
— who cycled 1,232 km from
Ghaziabad, Uttar Pradesh to their
hometown Saharsa in Bihar a month
Without literary frills, the book does
this, even as it describes the lack of a
social and economic security net for
such a feat of endurance. The back of
the book refers to it as the story of “the
extraordinary courage of seven men in
the face of tremendous odds.” However,
it seems to be more a testament to their
extraordinary will to survive at a time
when the government, both at the
Centre and in the states they travelled
through, failed them entirely.
Their journey, as expected, has its ups
and downs. In Garhmukteshwar,
take money for his efforts. They met a rightly grapples answers to this. The the awful uncertainty that these
samosa seller who actually fired up his with the ethics of Kapri book does, however, individuals, and indeed most of the
stove behind downed shutters to prepare voyeuristically Publisher: put a human face to country, faced as the lockdown took their
a hot snack for them. In another district, following a group HarperCollins these deprivations jobs, livelihoods and lives overnight.
the DM ensured that passing migrants of people facing Pages: 232 in a way that most One wonders where the seven men
were transported in trucks. In sharp the biggest other literature are during the ongoing second
contrast, the district administration in adversity of their Price: ~399 from this time has lockdown. Chances are high that after a
Bihar, which at the time was seeing a lives, with his failed to do. It also few months of decent work till March
huge influx of returning migrants, was camera. He raises important 2021, they are, today, exactly at the
ill prepared, overwhelmed and justifies his action somewhat by questions about the narrow definitions crossroads they found themselves in
inhuman in its lack of concern for the writing, “if the toughest journey of the of poverty that do not account for an May 2020. Indeed they, like most of the
well-being of the migrants. Their lives was not documented, how would individual/household’s capacity to country’s unseen, unheard citizens, are
experiences clearly demonstrate that a the country and the world find out bear unemployment, sickness and victims of an economic epidemic for
lot can be accomplished with about their struggle, their pain and the economic uncertainty. which we have neither vaccine, nor cure.
 The Smart
QUICK TAKE: SOME MORE STEAM LEFT IN TTK PRESTIGE STOCK “What we keep hearing from the Fed

Investor
is that they're going to take a
TTK Prestige stock is up over 11% at ~8,251 after the kitchen and very different approach to
home appliances maker’s posted better than estimated results inflation this time...The big
for March quarter led by broad-based growth. HDFC Securities fear about inflation is that
says, TTK gained 1-1.5% market share but the big surprise was the Fed would act"
NEW DELHI | the surge in gross margin, despite raw material inflation. It has KRISTINA HOOPER,
THURSDAY, 27 MAY 2021 upped its FY23 EPS estimate by 4% and has a target price of ~8,880 Chief Global Market
Strategist, Invesco
WWW.SMARTINVESTOR.IN FOR INFORMED DECISION MAKING <

Nifty ends above 15,300 for Rising markets boost

infra scheme returns
first time since February CHIRAG MADIA
Mumbai, 26 May

Index just 14 points TOP 5 NIFTY GAINERS & LOSERS Booming stock markets have boosted returns
shy of lifetime high GAINERS (As on May 26,’21) Price (~) Change 1D(%)
of infrastructure funds, which had fallen out
of favour. Data from Value Research shows that
SUNDAR SETHURAMAN & BLOOMBERG Bajaj Finserv 11,906.4 4.7 on an average infrastructure funds offered by
Mumbai, 26 May Bajaj Finance 5,771.2 2.7 mutual funds (MFs) have delivered returns of
85 per cent in the last one year.
Infosys 1,397.3 2.6

T
he benchmark Nifty50 index
closed above 15,300 for the first
time since February 16. The
index rose for a fourth day on optimism
that economic activity will accelerate
as pandemic-led restrictions ease and
vaccinations rise.
The Nifty added 93 points, or 0.61
per cent, to close at 15,301.45—mere 14
points short of a new lifetime high. The
index had logged its lifetime high on a
closing basis of 15,314.7 on February 15,
just before the onset of the lethal sec-
ond wave of Covid-19. The Sensex
closed at 51,017, with a gain of 380
points, or 0.75 per cent. The index is
currently 1,136 points, or 2.23 per cent
below its record of 52,154, also touched
on February 15.
A reduction in fresh daily virus cases
to less than half of the recent peak
boosted hopes of a gradual resumption
of business activities curtailed by local-
ised lockdowns. India remains among
the most preferred for brokerages such
as UBS and Morgan Stanley in the
emerging market space.
“Indian stocks have showed no reac-
tion to the local Covid-19 situation so
far,” UBS Global Wealth Management
strategists Adrian Zuercher and Crystal
Zhao wrote in a recent note. “This is
because the market is already looking
to its growth recovery, which has likely
been pushed out by a quarter.”
The Nifty has risen about 9 per cent
so far this year, compared to a 3 per cent
rise in the regional benchmark MSCI
Asia Pacific Index.
“The earnings momentum has been
quite resilient and the policy momen-
tum quite focused towards improving
the infrastructure and attractiveness in
the global supply chain,” said Daniel
Blake, Asia and Emerging Markets
Strategist, Morgan Stanley. The broker-
age expects India’s earnings growth to
see a huge jump in 2022, which will
bring down the price-to-earnings mul-
tiples. Several states have indicated a
slow rollback of restrictions as case-
loads fall, suggesting that the hit to eco-
nomic activity will be in May, and con-
ditions will improve in June, Nomura
analysts Sonal Varma and Aurodeep
Nandi wrote in a note Monday.
“We remain positive on India’s busi-
ness cycle and expect GDP growth of
9.8 per cent in 2021,” they wrote. “Our
analysis of international evidence sug-
Grasim Industries
UPL
LOSERS
Power Grid Corp of India
JSW Steel
Hindalco Industries
Tata Steel
NTPC
Source: Bloomberg, exchanges;
gests that the hit to economic activity
will be significantly less than what the
drop in mobility suggests.”
Mohit Ralhan, managing partner
and chief investment officer, TIW
Private Equity, said market sentiments
have turned positive with the decline
in the ferocity of the second wave.
“The risk of further acceleration of
Covid-19 has now reasonably sub-
sided, so the focus is back on economic
recovery and structural factors driving
the economic growth.”
The recent up move in the market
was also supported by foreign fund pur-
chases. In the past five sessions, foreign
portfolio investors have bought equities
worth ~5,352 crore. They purchased
shares worth ~242 crore on Wednesday.
Still, much will depend on the pace
of vaccinations, which has recently
slowed due to supply constraints and
logistical challenges, according to
1,409.4 2.5
812.6 2.0
225.6 -3.1
682.2 -2.7
381.0 -2.6
1,082.2 -2.1
111.1 -1.9
Compiled by BS Research Bureau
Barclays’ Rahul Bajoria and Shreya
Sodhani. The country has administered
around 200 million doses so far,
enough to fully vaccinate 3 per cent of
the population, data collected by
Bloomberg and Johns Hopkins
University showed. “The slow vaccina-
tion drive may pose medium-term risks
to growth, especially if the country
experiences the third wave of Covid-19
cases,” the pair wrote on Tuesday.
The market breadth was positive on
BSE, with 1,904 stocks advancing
against 1,231 stocks which declined.
Three hundred and seventy-four stocks
hit their 52 weeks high, and 474 were
locked in their upper circuit.
Two-thirds of Sensex stocks ended
with gains, and Bajaj Finserv was the
best performing stock, ending the ses-
sion with a gain of 4.7 per cent. Realty
and IT indices rose the most at 2.85 per
cent and 1.85 per cent, respectively.
Industry players expect his theme to do well
going forward as some segments of the econ-
omy have witnessed green shoots and thanks
to the government’s thrust on infrastructure
development.
Quant Infrastructure Fund and Aditya Birla
Sun Life Infrastructure Fund have provided
highest returns of 152 per cent and 100 per cent,
respectively, in the last one year.
Infrastructure funds have collective assets
under management (AUM) of around ~11,000
crore. In the last one year, 12 of the 21 schemes INFRA GAINS: 12 SCHEMES
have delivered returns in excess of 80 per cent. HAVE GIVEN RETURNS IN
Stocks such as Larsen and Toubro,
UltraTech Cement, Adani Ports and Special
EXCESS OF 80 PER CENT
1 year returns (%)
Economic Zone, and NTPC are some of the
holdings of key funds in this category. Quant Infrastructure
“The recent run-up in the equity markets Fund 152.33
has propelled the returns of infrastructure Aditya Birla Sun Life
funds, which were languishing for a long time. Infrastructure Fund 100.37
Despite the pandemic, we expect the govern-
ment to continue with infrastructure-led IDFC Infrastructure Fund -
development, which would help the sector in Regular Plan 98.48
the years to come,” said a senior official from HSBC Infrastructure
the industry. Equity Fund 97.05
Several infrastructure funds were launched
during the bull market of 2004-07, but funds
ICICI Prudential
failed to deliver returns due to the global finan- Infrastructure Fund 93.62
Source: Value Research
cial crisis. In the last decade, infrastructure
funds have provided average returns of just 9.5
per cent, compared with the 12 per cent returns
of large-cap funds. should opt for diversified equity funds rather
Despite the funds performing well in the than investing large portions of money in the-
last one year, experts advise that investors matic funds.

BSE SME to see 60 listings in 1 year

BEARISH SIGN EMERGES FOR INDIAN STOCKS APPROACHING RECORD PRESS TRUST OF INDIA
New Delhi, 26 May
A technical indicator is flashing a bearish sign just as Indian stocks approach More than 60 small and
record highs. The benchmark S&P BSE Sensex has entered a so-called death medium enterprises (SMEs)
cross, with its 50-day moving average crossing below the 100-day average are expected to tap the market
for the first time since March 2020, when global equities saw the worst in one year to raise equity
impact from the pandemic. “We don’t expect the negative crossover to result funds for supporting their busi-
in a sharp market decline like we ness requirements, a BSE top
saw in March last year,” said official said on Wednesday.
Ruchit Jain, a technical analyst These companies will get
at Angel Broking Ltd. “In that listed on the exchange's SME
instance, the Sensex was in a platform, Ajay Thakur, head of
downtrend due to the lockdown BSE SME and Startup told PTI.
and rising cases, while now the market Last year, only 16 SMEs had
tapped the IPO route and
has already undergone a time correction
raised ~100 crore.
by trading in a range after touching a
To encourage the equity
record high in February.” culture among SMEs, Thakur
BLOOMBERG said that the exchange is taking
proactive measures to organise
webinars, collaborate with
state governments and other
professional associations.
During the pandemic, the
exchange has organised
around 150 webinars to create
awareness among SMEs about
the advantage of equity fund-
ing and listing, he said.
According to Thakur, lack
of awareness about listing has
led to a lot of pre-conceived
notions that listing involves
increased compliance levels
and increased costs.
He opined that listing will
help SMEs to increase their vis-
ibility as well as brand build-
ing; improve their credit rating,
provide easy finances and
growth opportunities.
"BSE SME became the first
SME platform where 400 pro-
spectuses have been filed by
SMEs. Of these, 337 have
already listed and the remain-
ing 63 will be listed in one-year
time because of the ongoing
pandemic," Thakur said.
Last year, too, because of
the several steps taken by us,
we saw one firm got listed eve-
ry month on the platform, he
added. Funds raised through
the issue will be used for busi-
ness expansion plans, capital
expenditures or working cap-
ital requirements and other
general corporate purposes.

Gold returns to where it started 2021 on Fed’s review
Gold notched a fresh four-
month high as another
Federal Reserve official talked
down prospects for inflation,
piling pressure on Treasury
yields. Signs of inflation
would “prove to be largely
transitory,” Fed Vice Chair
Richard Clarida said in a
Yahoo! Finance interview.
That echoed a number of
recent dovish comments from
Metal stocks: Cloudy medium-term outlook
the US central bank, and sent
the yield on 10-year notes to
the lowest in two weeks. On
Wednesday gold edged higher
after breaching the psycho-
logical barrier at $1,900 an
ounce, which may have trig-
gered technical buying.
Earlier in the year it was
dogged by the improving out-
look for the US economy fol-
lowing fresh fiscal aid and the
THE COMPASS
success of the vaccine roll-
out, which investors feared
could see monetary stimulus
tapered earlier than expected.
Weak US job numbers
have helped assuage any con-
cerns of tightening.
Meanwhile, there have been
signs of inflationary pressures
building in commodity mar-
kets and snarled supply
chains as the global economy
Opinion divided on SPAC-tacular
returns to normality, burnish-
ing gold’s appeal as a hedge.
Gold rose 0.5 per cent to
$1,908.67 an ounce by 9:20 am
route for foreign listing of start-ups ILLUSTRATION: BINAY SINHA
in London. The precious
metal is up almost 8 per cent
SURAJEET DAS GUPTA
New Delhi, 26 May
THE SPAC MARKET
this month, on course for its Gross proceeds ($ billion) Total 182.3
biggest gain since July. Silver, With shares of special purpose acqui-
platinum and palladium also sition companies (SPACs) tumbling from
54.5
advanced, while a gauge of their February peak (various SPAC 93.6 21.8
12.5
the dollar was little changed. indices say they are down 20-30 per
BLOOMBERG cent), opinion is divided over whether
they are still an attractive route for
Indian start-ups making a beeline for this
SPACs SPACs announced SPACs SPACs
looking acquisition completed liquidated
route to list their companies in the US.
The companies reportedly consider- for acquisition targets acquisitions
ing the SPAC route include Grofers, 300 71 278 90
PolicyBazaar, Flipkart, among others. Number of SPACS
However, the companies have officially
maintained a stoic silence.
The country’s first big-ticket SPAC
Source: Company reports, SPAC analytics as of Feb 4 2021

Domestic demand, DEVANGSHU DATTA
rising global
For the past two quarters, steel
supplies, high and other industrial metals
valuations are key have been bright spots. The
metals cycle changed with
concerns renewed demand as the global
economy resumed activity. In
India, iron and steel com-
panies and non-ferrous pro-
ducers saw huge jumps in pro-
fitability. A recent report from
Credit Suisse (CS) suggests the
cycle may be peaking and the
Indian steel industry in par-
ticular may be vulnerable.
The fourth quarter (Q4)
results of 16 listed steel com-
panies saw aggregated year-
on-year (YoY) rise of 47 per
cent in revenues (~77,183
crore against ~52,823 crore a
year ago) and ~11,843 crore in
profit after tax (PAT) against
~1,140 in net losses a year ago.
Hindalco saw a 189 per cent
rise in PAT to ~1,928 crore and
38 per cent rise in sales.
Three smaller non-ferrous
firms’ saw aggregated rise of
56 per cent in sales and 86
per cent in PAT.
So, what clouds the hori-
zon? The Q1 financial year
2021-22 (FY22) sales would be
affected by lower domestic
demand and production due
to diversion of oxygen for
medical purposes. But in gen- disruptions appear to be eas- listing of ReNew Power is already under- investment officer, Bombay Capital: panies with a strategy and product in
eral, steel, copper, aluminium, ing, especially where ore pro- way, with investors being brought in, and “SPACs are an alternative liquidity mech- place, but no operations and no earnings
zinc, tend to have long up- duction and transport are con- is expected to be listed sometime in the anism for investors in unlisted com- before interest, tax, depreciation, and
cycles (and long down-cycles). cerned. early third quarter of this year. panies. However, the key issue is to get amortisation (Ebitda). They promise
Supply chain disruptions Inventory levels are low in SPAC – also known as a blank-cheque alignment between sponsors, initial sales maybe two years down the line.
have eased globally, demand the US and Europe. This could company – is essentially a shell corpora- investors, target company investors, and While their shares moved from $10 to $50
is weaker than hoped for, buoy prices. Credit Suisse also tion set up by investors with the sole pur- retail investors. As in all ‘flavour of the within months, it was not sustainable,”
China is threatening to says, if global ore prices are pose of raising money through an initial moment’ trends, there is usually some says a chief financial officer of an energy
impose price controls, and ex- high, Indian steel will outper- public offering (IPO) to eventually reality and a significant hype. Investors firm, keenly surveying the SPAC market.
China production is catching form global peers. However, acquire another company. But initial have to look through the hype and find The senior executive adds that specu-
up with demand. India’s steel stocks are at decadal high investors have the option to redeem their the few SPACs which actually create lation on the US Securities and Exchange
domestic prices are at 18 per in terms of valuations. shares without losing any money, and value for investors, as opposed to just Commission planning to closely scruti-
cent discount to Hence, the the company has to go for a fresh raise sponsors and initial investors.” nise such companies and frame new
imports, which is a Credit Suisse Credit Suisse advi- from a new set of investors. Even large Indian private equity (PE) rules, and fears of interest rates coming
buffer for domestic says, if global ore sory suggests book- The big problem, many say, is the funds with stakes in start-ups looking for up have also pushed prices down.
firms. prices are high, ing some profits. It dissonance between the different kinds an IPO are not too sure they are the best Others say the strategy on opting for
But it may not Indian steel will has switched to of investors. The sponsors who set up route for start-ups. SPAC depends on the industry.
be enough if global outperform “neutral” from “out- and manage the SPAC get a free pro- Says a chief executive officer of one of Renewable energy, for instance, has
prices fall. Global global peers. perform” for Tata moter stake of 20 per cent in the com- the leading Indian PE funds: “They are been a hot favourite and well under-
iron ore prices are However, steel Steel and JSPL. JSW pany and can make huge multiple just a quick way to list. They offer inves- stood in the US. For instance, SPAC
easing while dom- stocks are at Steel is now “under- returns within a few months. Their tors an exit by back-door listing mature companies have cleared over 35 mergers
estic prices remain decadal high in perform” from focus is to promote the target company companies. I don’t see any benefit in this worth over $95 billion in green energy,
high. Hence, input terms of “neutral”. performance and increase valuation, route for start-ups.” electric mobility, and sustainability
costs for domestic valuations Two quarters of which directly benefits them. There are others who have a more since March 2020, according to data
steel may rise while profitability have The initial investors also have the positive view, Says Bala Deshpande from SPAC Research.
global import prices fall. helped shore up balance choice of redeeming their shares before founder of Mega Delta Capital: “For For instance, ReNew Power was able
If demand does not rise sheets. Prices levelling off the SPAC is listed after being merged Indian companies, getting on to SPAC to get offers of over $1 billion from new
sharply, China does not cut could be a near-term risk, with with the target company. It is a safe bet. can be a good step towards an ultimate investors. While it needed to raise
steel production, and if there the cycle picking up again, a They are also issued free warrants to listing on the main bourse or a strategic around $700 million, it decided to
are no supply issues with iron few months later. But high val- sweeten their entry, which they can sell consolidation. But for this to work com- retain $850 million.
ore, the profitability of Indian uations should make inves- at a market price. There is no downside. panies should get the choice of the SPAC Analysts say, as a result of this deal, it
steel producers may be at risk. tors cautious. The NSE Metal But the new investors who come in absolutely right, else they would be stuck will have no impact if all the initial inves-
That’s a lot of “ifs”, but Index has a terrific 12-month – in case the initial players have opted in no man’s land.” tors decide to redeem the entire $335 mil-
demand is unlikely to rise return of 185 per cent and a for redemption, or a follow-up fund- But many say the fall of SPAC stocks is lion raised from them in the IPO. It has
sharply. China has targeted one-month return of 10.65 per raise is necessary – buy the shares at a primarily because of overhype of these also been able to tie up with sponsors for
cutting production by 20 per cent. But the selloff on premium and have no protection companies — many of which are in the a lock-in period for their exit.
cent due to weaker local Tuesday may trend into a against a downside. technology space.
demand. Global supply chain medium-term correction. Says Parth Gandhi, founder and chief “What we saw are PowerPoint com- More on business-standard.com
.
NEW DELHI | THURSDAY, 27 MAY 2021 THE SMART INVESTOR 13 <

Lease expiry to weigh Rally a pick-me-up for Nifty 50 Equal Weight Fund
Make a small allocation, enhance exposure as more live data becomes available
on REITs in near term
Strong base of tech sector tenants, valuations may provide support
SANJAY KUMAR SINGH

The new fund offer of Aditya

Birla Sun Life Asset
2002 to February 17, 2021;
source: DSP MF).

Inadequate live data

Management Company’s The DSP Equal Nifty 50 Fund
RAM PRASAD SAHU (AMC’s) Nifty 50 Equal Weight was launched in October 2017.
Mumbai, 26 May Index Fund is on at present. it The second fund is being
will close on June 2. launched now.

L
isted real estate investment DSP Mutual Fund has a “We need live data for a
trusts or REITs have been fund based on the same smart- longer period on this index
underperforming their beta index, which has given a fund to have greater confidence
peers in the real estate space over return of 81.7 per cent over the in it,” says Vishal Dhawan, chief
the past year on worries of falling past year, beating all actively- financial planner, PlanAhead
occupancies, increasing lease managed large-cap funds. The Wealth Advisers.
expiries, fewer new leases, and its best-performing active fund Investors should also bear
impact on revenues. gave a return of 77.2 per cent tends to perform better than a THE OUTPERFORMER in mind that there will be peri-
The stock of the largest listed over the past year, while the market-based index in a broad- ods when this index underper-
player in this space, Embassy Office average for the category stood based market rally – in a mar- But the market cap-based forms the Nifty50, as happened
Parks REIT (Embassy), is down 4 per at 62 per cent. ket where the momentum is index holds an edge over in 2013, 2018, and 2019.
cent, while the BSE Realty has more An equal weight index has a not behind just the top four- longer time horizons A smart beta index tends to
than doubled investor value (106 per different constitution than a five companies,” says A Nifty 50 Equal Weight TRI be more expensive. The DSP

83.5
cent) since last May. Even market-based index (like the Balasubramanian, managing Nifty 50 TRI Return in (%) Equal Weight Fund has an

69.4
Mindspace Business Parks REIT Nifty50). In the latter, the director and chief executive expense ratio of 80 basis points
(Mindspace), which was listed last ILLUSTRATION BY BINAY SINHA weight of individual officer, Aditya Birla (bps) for the regular fund and
August, has delivered a return of KEY NUMBERS stocks is determined Sun Life AMC. 39 bps for the direct fund.

13.4
14.1
14.0
15.4

12.3

12.4
10.7

11.2
negative 8.2 per cent since then. by their free-float He adds that when A Nifty50 fund has an aver-
In addition to the trends and As of March 2021 Embassy Mindspace Brookfield market capitalisation the relatively smaller age expense ratio of 70 bps for
management commentary post Q4, Operational Assets (msf) 32.3 23.9 10.3 (m-cap). The Nifty companies within the regular funds and 22 bps for
lease expiries in FY22 and demand Occupancy rate (%) 88.9 81.8 - Equal Weight Index index outperform 1 yr 3 yrs 5 yrs 7 yrs 10 yrs direct funds (many funds are
recovery once business activity holds the same stocks their larger peers, an Greater than one-year returns are compound available for 10-20 bps).
returns to normal will be key trig-
Mark-to-market rent difference (%) 29.0 13.8 31.0 as the Nifty50. But equal weight index annualised Source: MFI Explorer
gers. Embassy and Mindspace Average leasing period (years) 7.0 6.0 6.5 each stock has an tends to outperform a Should you invest?
reported March quarter numbers in Area expiring in FY22 (msf) 1.9 2.3 1.1 equal weight of YOUR traditional floating m- This, according to him, Financial planners say this
line with their FY21 guidance;
Brookfield India Real Estate REIT
msf: million square feet Source: IIFL Research 2 per cent. MONEY cap-driven index.
Investing in this
improves the risk profile of this
index and allows it to offer bet-
fund can supplement a
Nifty50-based index fund, not
(Brookfield), which was listed in though it expects to renew about rowing costs. Embassy raised ~5,200 Outperforms in index allows a retail investor ter downside protection during replace it.
February, also put up a resilient per- half of the area. crore of debt in FY21 at 6.9 per cent broad-based rally to buy quality companies that market declines, as witnessed “Suppose you have ~100
formance in FY21. Office rental col- For Embassy, 1.9 million square and refinanced ~3,280 crore, result- When market sentiment is are sector leaders. The during last year’s downturn. invested in equities and your
lections were 99 per cent for all three feet of space is coming up for ing in 336 bps of interest cost sav- poor, generally the rally tends investor also gets a more On a five-year rolling return allocation to the large-cap seg-
players in Q4 with rental escalations renewals (of which 0.5 million is ings. For Mindspace, on a total gross to be narrow and only a few top diversified index. basis (rolled daily), the Nifty 50 ment is ~50. Start by allocating
for a portion of their leased assets. committed) while the rest could see debt of ~3,800 crore, cost of loans stocks do well. But when the “The Nifty 50 Equal Weight Equal Weight Total Returns ~5 to this fund, which will be 10
Near-term worries are reflected churn. Though the com- has come down from 7.3 economy is emerging from a Index is better diversified Index (TRI) holds a slight edge per cent of your large-cap allo-
in the vacancies of the larger players. pany has not given any Office rental per cent in the December recession (or is expected to), across sectors and stocks than over the Nifty 50 TRI with a cation. As more live data
For Embassy, which has a lease port- guidance for FY22 collections were quarter to 7.1 per cent at there is a broad-basing of the the Nifty50,” says Anil Ghelani, median return of 13 per cent becomes available, increase
folio of 32.3 million square feet, the because of pandemic- 99% for all three the end of March quarter. market rally. head of passive investments at vis-à-vis 12.7 per cent, respec- allocation if this fund contin-
occupancy level at the end of March related uncertainty, it players in Q4, While the near-term “An equal weight index DSP Investment Managers. tively (the data is for April 29, ues to perform,” says Dhawan.
was 88.9 per cent, down 390 basis expects the medium-to- with rental outlook remains tough,
points (bps) over the year-ago peri- long-term growth story escalations for a IIFL Research, which has
od. For Mindspace, occupancies are to remain resilient, driv- portion of their a “buy” on all three listed
down 350 bps over Q3 to 81.8 per
cent on a completed asset base of
23.9 million square feet.
en by core tenants com- leased assets
prising technology com-
REITs, believes that long-
term outlook is attractive.
panies and captive centres. A strong tenant mix, with technolo-
Oil prices fall over Iranian supply prospects
In addition to this, other chal- Analysts at Morgan Stanley, how- gy sector accounting for 45 per cent, Oil prices slipped on Wednesday Texas Intermediate (WTI) crude watching developments in tor said serious issues remained.
lenges for Mindspace in FY22, ever, have maintained equal weight is a key positive as the sector main- as worries that a possible return of was down 52 cents, or 0.8 per cent, Iranian-US nuclear talks which Iran and global powers have
according to Manish Agrawal of on the stock citing a delay in new tains a robust outlook on revenue Iranian supply would cause a glut at $65.55 a barrel. could lead to lifting sanctions on held talks in Vienna since April to
JM Financial, are likely leasing leasing recovery due to Covid-19 growth and hiring. As the situation outweighed expectations of “The potential for a return of Iran's energy industry and more work out steps Tehran must take
delays in vacant areas and possible resurgence in India, forthcoming normalises, demand for leases could improving US fuel demand that Iranian oil supply into the market Iranian oil on the market. on nuclear activities and
expiries of 1 million square feet in interest rate up-cycle, and potential rise. Mohit Agrawal of IIFL high- were reinforced by a drop in week- has been keeping oil prices from Iran’s government spokesman Washington should take on sanc-
the first half of FY22. Including the unwinding of income support in lights declining borrowing costs, ly inventory estimates. Brent fell gaining further,” said ING analyst Ali Rabiei said he was optimistic tions to return to full compliance
FY21 rollover, Brookfield has 1.1 the medium term. improving distribution mix and 40 cents, or 0.6 per cent, to $68.25 Warren Patterson. Tehran would reach an agreement with the pact Iran reached with
million square of expiring area, A positive for REITs is falling bor- attractive valuations as positive. a barrel by 1315 GMT, and US West Market players are also closely soon, although Iran's top negotia- world powers in 2015. REUTERS

(Regd Office: PSEB Head Office, The Mall, Patiala)

Corporate identification Number (CIN) :U40109PB2010SGC033813.
website www.pspcl in; e-lendenng portal: https://eproc.punjab.gov.in
Contact No : 96461-19383, 96461-11036
Tender Enquiry No: QQ-230/PO-C Date 25/05/2021
Chief Purchase Officer/MM, Central Purchase Organisation, PSPCL, 2nd Floor Multistorey
Building, The Mall Road, Patiala, invites E-tender of 15.6 MT ISI Marked Polypropylene
yellow coloured rope of assorted sizes, 3 strand, Hawser Laid, confirming to IS:5175-
1992 (with last ammendments) and PSPCL specification QQ-230.
For detailed NIT & tender specification please refer to https://eproc.punjab.gov.in from
27.05.21 from 03:00 PM onwards.
Note:- Corrigendum and addendum, if any will be published online at
https://eproc.punjab.gov.in
Chief Purchase Office/MM,
76155/12/271/2021/4834 C201/21 Central Purchase Organization, PSPCL,

FDC LIMITED
(CIN: L24239MH1940PLC003176)
Registered Office: Registered Office: B-8, M.I.D.C. Industrial Estate, Waluj - 431136, Dist. Aurangabad, Maharashtra
Tel. No. +91 240 255 4407, Website: www.fdcindia.com, Email: investors@fdcindia.com

EXTRACT OF AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021
(Rs. In lakhs)
Sr. Particulars Standalone Consolidated
No.
Quarter Ended Quarter ended Quarter Ended Year Ended Year Ended Quarter Ended Quarter ended Quarter Ended Year Ended Year Ended
(Audited) (Unaudited) (Audited) (Audited) (Audited) (Audited) (Unaudited) (Audited) (Audited) (Audited)
31/03/2021 31/12/2020 31/03/2020 31/03/2021 31/03/2020 31/03/2021 31/12/2020 31/03/2020 31/03/2021 31/03/2020
1 Total Income from Operations 33,364.96 36,749.50 37,350.19 142,259.50 141,375.05 32,837.44 37,527.48 37,109.40 143,022.90 141,308.88
2 Net Profit / (Loss) for the period (before tax, 4,891.72 9,424.27 5,901.76 38,045.03 32,545.99 5,597.85 9,878.22 5,673.40 38,983.49 32,096.70
Exceptional and / or Extraordinary items)
3 Net Profit / (Loss) for the period before tax 4,891.72 9,424.27 5,901.76 38,045.03 32,545.99 5,385.05 9,878.22 5,673.40 38,770.69 32,096.70
(after Exceptional and / or Extraordinary
items)
4 Net Profit / (Loss) fo the period after tax 4,196.46 7,077.94 5,849.32 29,448.96 24,677.86 4,675.93 7,521.34 5,548.35 30,119.93 23,987.84
(after Exceptional and / or Extraordinary
items)
5 Total Comprehensive Income for the period 4,546.96 7,301.37 5,527.82 30,054.95 24,322.23 5,084.36 7,674.95 5,241.02 30,593.86 23,663.97
[Comprising Profit / (Loss) for the period
(after tax) and other Comprehensive
Income (after tax)]
6 Paid Up Equity Share Capital 1,688.10 1,688.10 1,709.73 1,688.10 1,709.73 1,688.10 1,688.10 1,709.73 1,688.10 1,709.73
7 Reserves excluding revaluation reserves as 170,528.43 152,472.12 171,725.39 153,033.23
per Balance Sheet of Previous Accounting
Year
8 Earning Per Share- (Rs. 1/- each)
(for continuing and discontinued operations)
- Basic : 2.49 4.18 3.40 17.32 14.34 2.77 4.45 3.22 17.72 13.94
- Diluted : 2.49 4.18 3.40 17.32 14.34 2.77 4.45 3.22 17.72 13.94
Notes:
1 The Financial Statements have been prepared in accordance with the Indian Accounting Standards (Ind AS) as prescribed under Section 133 of the Companies Act, 2013 and read together
with the Companies (Indian Accounting Standards (Ind AS) Rules issued thereafter and other accounting principles generally accepted in India. The above is an extract of the detailed format of
Quarterly/year ended Financial Results filed with the Stock Exchanges under Regulation 33 of SEBI (Lisiting and Other Disclosure Requiremetns) Regulations, 2015. The full format of Quarterly/
year ended Financial Results are available on the website of the Stock Exchange’s (www.bseindia.com and www.nseindia.com) and on Company’s website (www.fdcindia.com)
2 The above results were reviewed and recommended by the Audit Committee and approved by the Board of Directors at its meeting held on May 26, 2021.
For FDC LIMITED
Sd/-
Mohan A. Chandavarkar
Dated : 26.05.2021 Managing Director
Place : Mumbai DIN: 00043344
14 STOCKS
>
NEW DELHI | THURSDAY, 27 MAY 2021 1

> STOCK
IN THE > Indoco Remedies > Transport Corp of India > Bajaj Finserv

NEWS Top gainer

among BSE500
Hits upper circuit
at 20 per cent
Hit new life-time
high at ~11,974 OF THE DAY
companies on BSE on BSE KSB
~338.6 PREVIOUS CLOSE ~305.8 PREVIOUS CLOSE ~11,371.1 PREVIOUS CLOSE Hits new all-time high at
~397.7 CLOSE ~366.9 CLOSE ~11,907.75 CLOSE ~1,039, Up 59 per cent
p 17.5% UP p 20% UP p 4.7% UP YTD

NIFTY 50
W
ADVANCES/DECLINE F&0 SNAPSHOT DAY’S TOP GAINERS DAY’S TOP LOSERS
M Futures Cash Premium Futures Cash Discount Company Day’s high Close % chg* 3mth high 52 wk high Company Day’s low Close % chg* 3mth low 52 wk low
price price (%) price price (%)
Indiab Real 104.5 103.2 8.7 125.5 125.5 Jindal Steel 386.5 389.9 -4.4 296.6 106.6
M M MOST BULLISH MOST BEARISH
Wockhardt 804.5 786.0 8.7 804.5 804.5 SAIL 118.1 118.8 -4.2 67.3 28.5
M IDFC First Bank 58.0 57.8 0.4 GMR Infra 27.1 27.2 -0.4 Just Dial 871.0 853.8 8.5 1063.0 1063.0 Laxmi Organic 221.6 223.9 -4.2 143.0 143.0
Adani Ports 760.8 758.3 0.3 Berge Paint 830.4 832.4 -0.2 Himadri Sp Chem 54.5 53.4 8.0 54.9 64.0 Adani Trans 1378.2 1392.3 -4.0 715.6 167.2
InterGlobe Avia 1729.1 1724.2 0.3 Maha Gas 1187.9 1190.4 -0.2 Nazara techno 1801.0 1764.5 7.0 2026.9 2026.9 Adani Green En 1248.9 1265.3 -3.8 998.6 235.0
Britannia 3425.6 3416.0 0.3 Maruti Suzuki 7020.0 7034.3 -0.2 MTAR techno 1017.6 992.1 5.1 1154.0 1154.0 Graphite 753.9 758.1 -3.7 417.3 161.7
O Godrej Prpty 1352.3 1348.6 0.3 Asian Paints 2935.9 2941.6 -0.2 IOL Chem 655.8 647.6 4.9 714.0 898.4 Power Grid 225.0 225.7 -3.1 198.5 154.7
w Bajaj Finsrv 11974.2 11907.8 4.7 11974.2 11974.2 BHEL 72.2 72.5 -2.7 43.0 24.8
BSE NSE Maha Gas 1199.0 1190.7 4.7 1257.0 1257.0 JSW Steel 674.1 682.2 -2.7 393.5 174.2
Index Stock Index Stock PUT-CALL RATIO Indiabulls Hous 227.0 224.7 4.5 251.0 263.6 Hindalco 380.5 381.0 -2.7 305.4 130.0
M FUTURE DLF 293.1 291.3 4.4 332.6 332.6 JSW Energy 114.3 115.1 -2.6 71.9 38.9
(Open Interest in Mn) Put Call PC Ratio
Contracts - - 380655 1706801 Coforge 3508.7 3488.3 4.4 3544.6 3544.6 Union Bank 34.0 34.1 -2.6 32.2 22.7
m Market 1240.9 2047.9 0.6 Happiest Minds 809.0 802.1 4.3 868.1 868.1 Mothersons S 233.1 234.0 -2.5 187.1 83.4
m Open Int.(000) - - 15871 5017408
m Shares(In Mn) - - 17.8 3456.9 Top 5 PC Ratio Bottom 5 PC Ratio Sun TV Net 541.0 539.3 4.1 559.8 570.7 NMDC 176.4 177.2 -2.5 122.1 73.6
Value(~ crore) - - 37604 134010 Info Edge 4538.2 4523.9 4.1 5100.0 5876.1 Torrent Pwer 423.2 424.7 -2.3 375.0 293.1
M Mphasis 3.2 Shree Cement 0.1
OPTIONS * Ranked on the basis of percentage gain/loss on previous close
Asian Paints 1.1 Trent 0.1
Contracts - - 40894297 2032888
Pidilite Ind 1.1 Cummins (I) 0.2
M
M
Open Int.(000)
Shares(In Mn)
-
-
-
-
217516
1713.0
3071241
3145.2
UPL 1.0 Ramco Cements 0.2 MOST TRADED TOP M-CAP TRENDS
Bajaj Auto 1.0 Nippon Life Ind 0.2
m Value(~ crore) - - 3944808 163829 Value Volume Rank Company Mcap (~ cr) Company % change Company % change
BSE+NSE BSE+NSE
1 Reliance Ind 1248647.8 BS200 Finkurve 46.8
(~ crore) (Mn shrs)
ACTIVE CALLS ACTIVE PUTS SBI 2297.4 55.3
2
3
TCS
HDFC Bank
1168249.8
814319.3
UP 7 DAYS Lyka Labs 40.4
O W DLF 12.3 DOWN 7 DAYS
Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg Tata Steel 1753.0 16.2 4 Infosys 595430.4
á MARKET OVERVIEW (In Million) Date Price Qty Interest (OI) (In Million) Date Price Qty Interest (OI)
Bajaj Fin 1746.5 3.1 5 HUL 552849.1 Cipla 7.3 Ambica Agar
Starcom
-29.9
-13.1
Index Index 6 HDFC 463305.7 UP 3 DAYS
INDEX PE SHRS TRDS 1 YR JSW Steel 1336.3 19.6 Shukra Pharmace -13.0
S&P BSE SENSEX AGGREGATES C/S MN ‘000 ADV DEC RETURN Nifty
Nifty
27/05/21
27/05/21
15300 105.0
15400 76.5
3.8
4.4
-19.6
22.6
Nifty
Nifty
27/05/21
27/05/21
15200
15300
77.9
63.6
5.1 55.5
3.0 205.0
Bajaj Finsrv 1218.6 1.0
7
8
ICICI Bank
SBI
451584.2
369076.8
Wockhardt
Page Inds
15.3
8.7 Chemfab Alkl -12.8
Asian Paints 2941.6 0.9 2.3 89.9 92.4 L&T 1472.9 1.5 3.6 17.9 18.2 SENSEX 30.2/34.1 9.4 214 21 9 66.7 HDFC Bank 1026.6 6.9 IDFC 8.0
Nifty Bank 27/05/21 35000 56.3 2.0 11.1 Nifty 27/05/21 15100 50.4 3.5 16.3 9á Bajaj Fin 348376.8 Std.Battery -12.7
Axis Bank 735.0 0.5 3.4 31.3 34.2 NIFTY 50 27.9/30.4 384.0 4697 33 17 69.5 Infosys 1020.1 7.4
Mah & Mah 822.5 1.4 1.4 804.9 - C = CONSOLIDATED; S = STANDALONE Nifty 27/05/21 15500 56.1 5.5 4.3 Nifty Bank 27/05/21 34500 43.1 1.4 21.1 10â Kotak Mah Bank 345053.1 Zee Enter 8.0 Pharmaids -12.6
Bajaj Auto 4166.2 0.3 1.0 24.8 26.5 Maruti Suzuki 7028.5 1.7 1.6 48.4 50.2 Nifty 27/05/21 15350 50.0 1.9 14.8 Nifty 27/05/21 15250 39.9 2.1 283.4 Tata Motors 980.6 30.9 11á Wipro 288863.4 IOC 7.4 MIL -12.2
Bajaj Fin 5771.7 2.7 2.6 78.8 88.1 Nestle India 17526.8 0.0 1.1 - 78.3 CASH DERIVATIVES Stock Stock ICICI Bank 975.3 15.0 12â Bharti Airtel 288770.4 Laurus Labs 7.2 UP 3 DAYS
Bajaj Finsrv 11907.8 4.7 1.3 42.4 1060.0 NTPC 111.2 -1.9 0.9 9.3 10.2 TURNOVER BSE NSE BSE NSE IDFC First Bank 27/05/21 60 23.8 7.4 -38.1 SBI 27/05/21 410 14.2 1.5 -24.3 13 Asian Paints 282158.3 MTAR techno 7.2
Just Dial 892.1 10.7 Shemaroo Entert 72.7
Bharti Airtel 525.8 -0.1 2.2 - - ONGC 113.3 -1.2 1.0 13.1 86.1 VALUE(IN ~ CRORE) 4991 69017 - 4280252 ITC 27/05/21 215 22.6 6.6 -27.8 SBI 27/05/21 400 10.8 3.0 -19.1 14 ITC 259161.8 DOWN
SAIL 855.0 71.2 K&R Rail Eng 52.8
Dr Reddys 5284.9 -0.5 1.1 45.0 40.2 SHARES(IN MN) 546.6 3544.9 - 8333.0 SBI 27/05/21 420 21.5 4.3 -31.7 Bank of Baroda 27/05/21 80 8.2 2.8 -41.6 15 HCL Techno 256589.2 Chola Inv -6.6
Power Grid 225.7 -3.1 1.0 10.7 10.2 Adani Enter 779.0 6.0 Eros Intl M 52.1
HCL Techno 945.6 0.5 1.8 23.0 29.3 TRADES(000) 3110 22444 - 22204 Bank of Baroda 27/05/21 85 18.3 6.5 -19.1 BHEL 27/05/21 70 7.3 3.0 -24.5 16 Axis Bank 225240.8 Torrent Pwer -5.7
Reliance Ind 1969.7 0.3 11.0 25.4 38.4 BSE 753.9 8.6 Fervent Pharma 51.1
HDFC 2568.0 1.5 8.0 24.7 38.5 SBI 27/05/21 430 18.1 2.3 -27.9 SBI 27/05/21 415 6.8 0.6 -16.7 17 Maruti Suzuki 212315.4 Mothersons S -4.7
SBI 413.6 0.3 2.7 16.5 18.1 Jindal Steel 742.6 18.9 MK Exim 49.3
HDFC Bank 1476.5 -0.2 11.1 25.6 26.2 MARKET-CAP (~ CR) TRADED TOTAL 18á L&T 206883.5 IEX -4.2
HUL 2353.0 0.4 3.6 69.1 69.5 Sun Pharma 703.6 1.1 1.3 70.1 56.9 Golkunda Dmd 45.0
Wockhardt 738.0 9.5 19á Avenue Supermar 200543.1 ICICI Lombard -3.3
TCS 3158.2 1.4 5.6 36.0 37.7 BSE 22,016,167 22,181,990 Barbeque Nation 44.1
ICICI Bank 652.6 0.4 7.8 24.6 27.9
IndusInd Bank 998.2 0.5 1.1 - 27.2 Tech Mahindra 1007.5 1.4 1.1 22.0 23.0 NSE 21,831,179 21,933,204 SPURT IN VOLUMES Reliance Ind
Axis Bank
717.2
699.1
3.6
9.5
20â
21
Adani Green En
UltraTech
197886.4
189924.5
Shriram TrFn
Bosch
-3.1
-2.6 DOWN 3 DAYS
Titan Company 1582.7 0.9 1.1 144.4 160.2 DERIVATIVES 16,140,167 16,140,167
Infosys 1397.4 2.6 9.0 30.8 33.0 Company Days 2-week Avg Change Close *Price 22 Bajaj Finsrv 189499.9 Others Tamboli Cap -16.3
BPCL 663.2 13.9
ITC 210.6 -0.1 4.5 16.9 19.9 UltraTech 6579.8 0.4 1.3 35.2 35.6 Volume Volume % price %chg 23á Nestle India 168993.4 UP 7 DAYS Virat Ind -14.7
Kotak Mah Bank 1740.6 -0.6 4.4 34.5 49.5 BSE SENSEX 51017.5 á0.8 100.0 30.2 34.1 TRADING ACTIVITY Niraj Cem 493465.0 9718.5 4977.6 47.3 18.1
UPL
Indiabulls Hous
660.6
652.8
8.2
29.1
24á Sun Pharma 168814.7 Texmo Pipes 107.4 Josts Engg -14.3
C = Consolidated; S = Standalone (~ crore) FIIs MF 25â JSW Steel 164889.3 SagarSoft India 104.4 Binayak Tex -14.2
Aarti Surfactan 1594734.0 50984.4 3027.9 1512.6 10.0 Titan Company 651.2 4.1
Equity Debt Equity Debt 26á Adani Ports 154876.9 Punjab Alkal -14.2
Net Net Net Net Mah Holidays 8333488.0 324612.0 2467.2 268.0 14.9 Manaksia Alum 54.2
PNB 644.6 162.7 27â Adani Trans 153126.5 Nova Pub I -14.0
WORLD INDICES On 24 May 1123 -122 - - Indoco Rem 5747842.0 275903.2 1983.3 397.6 17.5 Grasim Ind 640.7 4.5 28á Adani total Gas 145943.5
Jindal Hotel
Kanpur Plast
51.4
49.9 Gss Infotech -12.7
On 21 May 332 -292 - - Aarvi Encon 1173829.0 61167.9 1819.0 71.1 20.0 BHEL 637.1 86.4 29á Adani Enter 145498.0
Indices Close % Chg* Indices Close % Chg*
On 20 May 224 105 - - Indostar Cap 763779.0 40227.4 1798.7 307.2 1.3 30â ONGC 142471.7 (T+2) cycleStocks which rose/fell continuously
TCS 624.6 2.0
Americas (May 25,21) Asia/Pacific (May 26,21) On 19 May 2533 379 - - Transport Co 2792127.0 167881.2 1563.2 366.9 20.0
S&P/ TSX Composite 19564.1 0.2 Stock Exchange of Thai (May 25) 1568.6 1.1 On 18 May 1140 -296 237 1507 Thermax 701209.0 47757.8 1368.3 1460.7 3.7
May till date -1764 1806 -43 3132 NECC 2190872.0 167104.4 1211.1 11.9 17.9
Nasdaq Composite
Dow Jones
13657.2
34312.5
0.0
-0.2
Jakarta Composite (May 25)
Straits Times (May 25)
5815.8
3146.1
0.9
0.7 2021 till date 39719 -15671 -19082 60376 Sonata Soft 1966110.0 150020.0 1210.6 646.4 10.0
BOARD MEETINGS INTRA-DAY
Europe/Africa (May 25,21) Kuala Lumpur Comp (May 25) 1577.8 0.4 Quarterly Metropolis Heal Themis Medi Skyline Mill Force Motors
CAC 40 6399.2 0.1 Shanghai Se Comp 3593.4 0.3 FIIS IN DERIVATIVES 52 WEEK NEW HIGHS/LOWS Results Navnetedul TTK Health Sri Lak Srsw GMM Pfaudler
NOCIL Group IF Stylam Inds Gulf Oil Lub
IBEX 35 9204.4 -0.1 Taiwan Taiex 16643.7 0.3 Company Price Company Price Company Price Company Price
(~crore) Index Stock Index Index Stock MAY 27 PC Jeweller Infra trust Uni Abex Heidelberg
DAX 15450.0 -0.1 Kospi 3168.4 -0.1 NET Net Fut OI Opt OI OI BS 200 Phoenix Mill Group M Group XT Hinduja Glb
HIGH *Neelamlai Ag . . . . . . 1659.0 *Fortis Malar . . . . . . . . . 72.0 LOW
FTSE 100 7020.9 -0.1 Volatility (May 25,21) BS 200 *Bharat Bijle . . . . . . . 1485.5 *Allied Digit . . . . . . . . . . 71.2 BS 200 Alkyl Amines Rane Hold Medico Remedies Amalgamated Ele ITD Cemnt
On 25 May 3662 -2312 0.1 1.2 1.7
Asia/Pacific (May 26,21) CBOE Dow Jones 16.6 -1.6 On 24 May -1044 -1569 0.1 1.1 1.7 *Bajaj Finsrv . . . . . . 11974.2 Benares Htl . . . . . . . . 1383.2 *Lyka Labs . . . . . . . . . . . 69.7 NONE Balram Chini Redington Group M Colinz Lab Jagran Prak
Hang Seng 29166.0 0.9 CBOE S&P 500 18.4 -2.6 On 21 May 515 -506 0.1 1.1 1.7 *Asian Paints . . . . . . . 2947.0 *Ebbetf0430 . . . . . . . 1160.0 *AYM Syntex . . . . . . . . . 69.3 Others Cadila Healt S H Kelkar Synergy Green Inter Data Mgm Jindal Poly
On 20 May 4919 -1912 0.1 0.9 1.7 *Balkrishna I . . . . . . . 2227.0 Orientl Crbn . . . . . . . . 1100.5 *Godavari Drg . . . . . . . . 69.0 R.J.Shah . . . . . . . . . . . 813.0 Dixon Tech Solar Ind Group T Kovalin Invest Kama Hold
Nikkei 225 28642.2 0.3 * Change over previous close
On 19 May -157 -1510 0.1 1.3 1.7 *Pidilite Ind . . . . . . . . 2107.4 *Vadilal Ind . . . . . . . . 1050.0 Menon Bear . . . . . . . . . . 68.9 *Mindspace REIT . . . . 279.1 Eicher Motor Thomas Cook 63 Moons Likhami Cons NESCO
*Mphasis . . . . . . . . . . 1928.0 *KSB . . . . . . . . . . . . . 1039.1 *Natraj Prot . . . . . . . . . . 68.7 *VJTF Eduser . . . . . . . . . 42.4 Page Inds UCO Bank TN Telecom National Oxy Prataap Snacks
MAJOR INDICES May till date
2021 till date
24576
166918
-13086
-7265
-
-
-
-
-
- *Colgate . . . . . . . . . . . 1723.0 *Ingersoll . . . . . . . . . . 1036.0 *KLRFM . . . . . . . . . . . 67.0 *Enbee Tradg . . . . . . . . . 35.8 RCF Waterbase Group X Purohit Cons Reliance Infra
*Berge Paint . . . . . . . . 842.6 Cockerill . . . . . . . . . . . . 990.0 *Nutricircle . . . . . . . . . . 66.0 Kapashi Comm . . . . . . . . 35.1 Strides Group B Ador Fontech Ramsons Pro Sumitomo Che
Previous Close Open High Low Close Change % chng OI in number of contracts(million)
*UPL . . . . . . . . . . . . . . . 815.7 *Thangamyil J . . . . . . . 950.4 *R&B Denims . . . . . . . . . 65.9 *Shantai Inds . . . . . . . . 29.6 Pharma Amrutanjan Axtel Ind MAY 28 Time Technp
S&P BSE Sensex 50,637.5 50,899.6 51,072.6 50,620.5 51,017.5 380.0 0.8 *Wockhardt . . . . . . . . . 804.5 *Asian Star . . . . . . . . . . 928.7 Warren Tea . . . . . . . . . . . 64.9 Bhakti Gems . . . . . . . . . . 20.0 Sun Pharma Banaras Bead Black Rose BS 200 TV Today
*Containr Crp . . . . . . . 681.1 *Garware HT Film . . . . 891.0 Thomas Cook . . . . . . . . . 64.5 *Ozone World . . . . . . . . 19.8 Wockhardt Borosil Blue Chip T Aditya Bir Fa Ujjivan Fin Ser
S&P BSE Sensex 50 15,925.1 15,996.3 16,043.2 15,912.0 16,024.1 99.0 0.6
S&P BSE SECTORAL INDICES *Wipro . . . . . . . . . . . . . 530.4 Gujarat Fluoroc . . . . . . 889.0 Reliance Infra . . . . . . . . . 62.9 *New Light App . . . . . . . 18.5 Group A BSEL Infra Cockerill City Union Bk V-Mart Ret
S&P BSE-100 15,476.2 15,545.6 15,575.7 15,463.9 15,555.2 79.0 0.5 *Laurus Labs . . . . . . . . 526.6 *Indo-National . . . . . . . 858.9 *Texmo Pipes . . . . . . . . . 62.8 *Gautam Gems . . . . . . . 14.8 Aegis Log Elecon Engin Garware HT Film Glenmark Group B Max Health Zuari Agro Bridge Sec Sonal Adhes New Light App
Prev cls Close % Chng Bharat Bijle Everest Inds Goldencrest Indian Bank Ador Welding
S&P BSE-200 6,588.6 6,617.8 6,628.9 6,582.1 6,618.3 29.7 0.5 HPCL . . . . . . . . . . . . . . . 291.7 *Sandesh . . . . . . . . . . . 858.5 *MMTC . . . . . . . . . . . . . . 62.2 Vapi Paper . . . . . . . . . . . 14.7 Mindteck (I) Group M Confidence Futu SRG Housing Fin Servotech Inds
Auto 23,310.1 23,421.8 0.5 IOC . . . . . . . . . . . . . . . . 112.8 *National Std . . . . . . . . 836.9 *Genus Power . . . . . . . . 61.4 *Valencia . . . . . . . . . . . 14.0 Capri Global Greenlam Inds Jackson Invest Ipca Labs Aries Agro NACL Inds GCM Comm & Der Fiberweb I Stanpacks I Supra Pacific
S&P BSE-500 20,641.5 20,734.4 20,771.2 20,630.6 20,736.3 94.8 0.5 Bankex 39,348.8 39,387.3 0.1 Others *Supreme Petroch . . . 820.0 *A Sarabhai . . . . . . . . . . 60.8 *Ari.Tourneso . . . . . . . . . 13.7 Fine Organic In GTL Khoobsurat Mah & Mah Arvind SmartSpa Navkar Corp Gcm Secu Indokem Steelcast Tashi(I)
S&P BSE IPO 10,108.4 10,131.0 10,244.5 10,128.4 10,211.6 103.2 1.0 Cons. Durables 33,093.5 33,071.5 -0.1 *TTK Prestige . . . . . . 8774.0 *Amrutanjan . . . . . . . . 804.5 *Galactico Corpo . . . . . . 60.5 *Visco Trade . . . . . . . . . 12.9 Garware Fibres Kalyan Jeweller Kunststoffe Nazara techno Asso Alcohols OnMobile Glob Group M KLRFM Sudal Ind Vinyoflex
Cap. Goods 22,327.2 22,430.9 0.5 *Tide Water . . . . . . . . 6116.7 *Dhanvar Fin . . . . . . . . 760.0 *Bhagya Inter . . . . . . . . 60.4 *Sofcom Sys . . . . . . . . . . 10.6 Goodyear Kopran LE Lavoir NCC Aurionpro Sl Orient Green Polymac Lakshmi Ele T Spirit W Group Z
S&P Dollex-30 5,712.2 - - - 5,760.8 48.6 0.9 FMCG 12,971.5 12,980.0 0.1 *Taal Enter . . . . . . . . . . 685.0 GP Petroleums . . . . . . . . 60.1 GSFC Krebs Bio Magalam Org REC Bengal Assm Pudmjee Paper Thermo Lakshmi Mill WEP Solutions Global Cap
*HLE Glascoat . . . . . . 3500.0 *ANS Inds . . . . . . . . . . . . 10.0
Nifty 50 15,208.5 15,257.1 15,319.9 15,195.0 15,301.5 93.0 0.6 Healthcare 24,618.4 24,706.7 0.4 *Lux Inds . . . . . . . . . . 2777.5 *Sonata Soft . . . . . . . . 659.7 *Gee . . . . . . . . . . . . . . . . 60.0 *Rahul Merch. . . . . . . . . . 9.3 Guj Ind Power Mitsu Chem Plas Mercury Labs Group A Confind Ptro RGL Group P MCLTD WPIL Ltd RGF Capital Mar
Infra 239.2 237.7 -0.6 *GRM Overseas . . . . . 2550.0 *Salasar Engg . . . . . . 650.7 Specia Rest . . . . . . . . . . . 59.3 *Sharad Fibre . . . . . . . . . . 8.8 Guj Pipavav PDS Multination Morgantie Cr 3M India Cyber Media RSWM S.I.Capital Munoth Fin Group XT MAY 29
Nifty next50 37,239.8 37,359.5 37,374.8 37,105.3 37,192.9 -46.9 -0.1 Hawkins Cook Punjab Chem Parshrti Inv Action Const Delta Manufactu
IT 26,978.3 27,476.2 1.8 *Persistent S . . . . . . . 2545.0 Power Mech Pro . . . . . 641.5 *Websol Energy S . . . . . 58.1 *Shri Niwas Leas . . . . . . . 7.5 Shree Rama News Group T Permanent Mg Calcom Vis BS 200
Nifty 500 12,963.0 13,010.0 13,043.9 12,954.2 13,022.2 59.2 0.5 Metal 18,692.3 18,239.8 -2.4 Victoria Mls . . . . . . . . 2370.0 *Themis Medi . . . . . . . 591.0 *NACL Inds . . . . . . . . . . . 57.0 *Provestser . . . . . . . . . . . 5.2 Honda Power Ravinder Height Pradeep Met Camlin Fine Sci Genus Power SMS Pharma Shish Inds Rajapal Mill Chemo Pharma Affle I
Oil & Gas 16,149.0 16,089.9 -0.4 *ABB Power India . . . 1937.6 *Nikhil Adhsv . . . . . . . . 584.0 SV Global . . . . . . . . . . . . 52.6 *Diksha Greens . . . . . . . 5.1 Indostar Cap Sanghvi Mov Prima Plast Central Bank India Nip E Steel Exchng Group X Rama Phosp Classic Filam Bank of
India VIX 18.8 18.8 21.3 17.2 20.9 2.0 10.8
Power 2,853.5 2,787.6 -2.3 *PTC Inds . . . . . . . . 1871.3 *Coral Lab . . . . . . . . . . 582.3 *Bengal Tea . . . . . . . . . . 51.9 JPT Sec . . . . . . . . . . . . . . . 5.1 Infibeam Aven Siyaram Silk RTS Power Co Deepak Fert Kanoria Chem Sundaram Fin Ad-Manum Sharp Investmen Gorani Indus Baroda
Nifty CPSE 1,985.4 1,992.6 1,994.8 1,952.8 1,955.1 -30.3 -1.5 PSU 7,573.9 7,512.2 -0.8 *NGL Fine . . . . . . . . . . 1841.9 *Bslsenetfg . . . . . . . . . 575.0 *Texel Indus. . . . . . . . . . 51.9 *Hitech Winding . . . . . . . 4.7 IRB Infra Suryoday SFB Simplex Mill Dilip Build Karur Vysya TCPL Pack Adore Multi Shree Stl Wr Incon Engg Divis Lab
MSE SX 40 29,843.9 29,843.9 30,028.2 29,843.9 30,028.2 184.3 0.6 Realty 2,598.4 2,672.4 2.8 Jindal Saw Suyog Telematic Simplex Pprs Excel Ind Keynote Fin Ser Ugar Sugar Batliboi Sikozy Real JMD Ventures Fortis Health
m m w w

> BS 200
WHAT THIS STOCK PAGE CONTAINS AND WHY The third sub-set of The table also contains the (F&O) section a wide set of an option may be exercised. becomes valueless while compared with the previous XD after the traded quotes M
BSE NSE BSE NSE
information is the stock’s company’s price-earnings data has been provided. An option is “in-the-money” futures contracts are close, the close price is indicate that the scrip has
market capitalisation. The (P/E) multiple. The P/E Open Interest: OI is the if the market price exceeds compulsorily settled on underlined. A significant gone ex-dividend after that l ~100 q ~3 Aarti Inds< ACC
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 (1655.3) (1653.8) (1962.4) (1961.2)
85 per cent of the volume of categories of information are m ~50 H ~2 Open 1662.9 1670.0 1975.0 1962.5
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 1677.5 1679.5 1981.3 1981.9
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 1658.4 1655.0 1957.8 1957.2
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 1663.9 1664.3 1977.6 1977.5
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 33241 447K 16198 445K
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 56.5 56.5 22.2 22.2
company name is followed by shares traded, and also the 52 Wk H/L 1815/851 1815/850 2023/1190 2023/1180
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 28991 28998 37137 37135
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
Adani Enter« Adani Green En Adani PortsH Adani Power Adani total Gas« Adani Trans m m H m H m « m mH H < « « « « m m «
(1283.0) (1282.8) (1314.6) (1314.3) (764.0) (764.0) (100.4) (100.4) (1293.8) (1294.4) (1450.7) (1450.2)
O 1293.7 1289.0 1322.1 1325.0 766.0 767.9 101.0 101.3 1310.0 1309.0 1420.0 1415.0 O O
1326.8 1326.9 1335.2 1333.9 769.8 769.9 101.4 101.4 1335.0 1335.0 1420.0 1421.2
w 1254.2 1254.3 1248.9 1248.6 756.9 757.0 99.1 99.1 1265.1 1265.0 1378.2 1377.7 w w
1323.0 1322.8 1265.3 1264.6 758.6 758.3 99.4 99.3 1327.0 1327.6 1392.3 1392.6
350K 5631K 127K 1023K 245K 7375K 596K 6354K 67966 1093K 181K 2040K K K K K K K K K K K K K K K K K K
157.6 157.6 - - 31.0 31.0 30.2 30.1 - - 125.1 125.1
W 1351/139 1352/139 1394/235 1390/237 885/298 885/298 109/34 109/34 1400/113 1400/113 1589/167 1590/167 W W
M 145498 145482 197886 197785 154877 154826 38319 38280 145943 146009 153127 153154 M M

Avenue Supermar Axis BankH Bajaj Auto Bajaj FinH Bajaj Finsrv< Balkrishna IH Balram Chini« Bandhan Bank Bank of BarodaH Bank of India Bata India< BEML Berge Paint« Bharat Elctn« Bharat ForgeH Bharti Airtel< BHELH Biocon<
(3103.3) (3103.9) (731.6) (731.5) (4152.9) (4150.1) (5618.8) (5618.6) (11371.1) (11375.8) (2208.8) (2208.6) (297.5) (297.3) (294.1) (294.1) (80.8) (80.8) (76.9) (77.0) (1530.6) (1531.0) (1312.8) (1313.2) (819.6) (820.0) (149.2) (149.2) (657.8) (658.2) (526.1) (526.1) (74.5) (74.5) (381.5) (381.5)
O 3129.6 3125.0 737.0 738.0 4167.0 4150.1 5615.0 5640.0 11425.0 11400.0 2227.0 2215.0 O 298.0 297.6 294.7 295.0 81.0 81.4 77.5 77.1 1540.0 1530.9 1316.0 1318.0 O 830.0 827.2 149.2 150.0 663.0 659.0 530.0 529.0 75.1 75.4 383.7 382.7
3135.0 3135.0 741.3 741.4 4180.0 4180.0 5793.0 5794.8 11974.2 11980.0 2227.0 2223.1 306.7 306.5 296.1 296.0 82.3 82.3 77.8 77.8 1545.8 1546.1 1334.0 1334.5 842.6 842.8 154.2 154.2 679.2 679.3 530.8 530.8 75.5 75.5 386.5 386.5
w 3070.0 3070.5 729.6 729.5 4142.4 4142.0 5586.1 5586.1 11412.0 11385.2 2155.5 2157.3 w 295.0 294.7 290.4 290.2 80.1 80.0 76.3 76.1 1514.1 1518.0 1304.0 1303.0 w 815.3 815.2 149.1 149.0 657.3 656.7 524.9 525.0 72.2 72.2 380.8 380.6
3095.9 3096.2 735.0 735.1 4166.2 4166.3 5771.7 5771.2 11907.8 11906.4 2162.9 2164.6 296.4 296.4 292.0 292.1 80.6 80.6 77.0 76.9 1535.6 1535.4 1311.2 1311.3 832.1 832.4 149.9 149.8 668.3 667.9 525.8 525.8 72.5 72.5 382.9 383.1
17227 284K 405K 9081K 11724 262K 136K 2917K 28067 1015K 25054 411K 134K 1441K 183K 4136K 2507K 54712K 384K 4090K 45854 512K 31724 236K 108K 3976K 643K 15024K 100K 2465K 174K 6782K 4618K 81757K 76374 2350K
172.1 172.1 34.2 34.2 24.8 24.8 88.1 88.1 42.4 42.4 36.2 36.2 13.3 13.3 21.3 21.3 17.5 17.5 - - - - 54.0 54.0 117.0 117.0 20.9 20.9 932.9 932.5 - - - - 62.1 62.1
W 3328/1900 3330/1955 800/342 799/342 4361/2458 4361/2450 5922/1783 5822/1783 11974/3986 11980/3985 2227/1040 2223/1038 W 349/96 349/96 430/202 431/202 100/37 100/37 101/31 101/31 1705/1215 1682/1214 1544/568 1542/553 W 843/441 843/441 160/64 160/64 693/287 689/287 623/394 623/394 78/25 78/25 488/343 488/343
M 200543 200563 225241 225271 120557 120560 348377 348347 189500 189478 41808 41842 M 6224 6223 47030 47046 41681 41681 25216 25200 19736 19733 5460 5460 M 80817 80846 36512 36488 31114 31097 288770 288743 25245 25245 45971 45989

Bosch BPCL Britannia« Cadila Healt« Canara Bank CDSL CGCELH Chola InvH CiplaH City Union Bk« Coal India Coforge Colgate« Containr Crp< Cummins (I)H Dabur India« Deepak NitrtH Delta Corp«
(15044.0) (15030.3) (474.5) (474.4) (3439.3) (3439.5) (622.5) (622.5) (150.4) (150.4) (-) (886.8) (403.3) (403.0) (551.3) (551.5) (935.8) (935.6) (173.4) (173.1) (147.5) (147.4) (3340.9) (3341.8) (1710.7) (1709.6) (666.8) (668.1) (809.0) (808.5) (530.5) (530.5) (1804.3) (1805.3) (174.9) (175.0)
O 15179.0 15170.0 479.7 478.7 3450.0 3441.1 625.0 624.8 151.4 151.0 - 890.8 O 408.9 407.0 557.9 555.0 942.0 941.0 173.0 174.0 147.4 147.8 3360.0 3345.0 O 1723.0 1717.1 674.8 674.8 818.0 814.7 531.2 533.0 1817.0 1805.4 177.0 175.9
15283.0 15247.7 480.5 480.7 3453.7 3453.9 633.2 633.0 152.2 152.3 - 899.6 408.9 407.0 557.9 556.6 951.6 952.0 174.8 174.8 148.0 148.0 3508.7 3505.0 1723.0 1720.8 681.1 681.0 831.5 832.0 534.0 533.0 1817.0 1817.9 181.9 182.0
w 14853.1 14855.1 467.1 468.5 3413.3 3413.1 620.0 619.8 149.3 149.2 - 884.0 w 392.6 392.5 542.4 542.2 938.9 939.1 169.9 169.9 145.4 145.2 3341.7 3345.0 w 1672.8 1675.8 656.2 663.1 797.2 796.8 528.8 528.8 1780.1 1779.2 174.3 174.2
14885.6 14882.4 471.3 472.2 3418.1 3416.0 627.9 628.1 149.6 149.6 - 887.6 395.8 396.0 544.2 544.1 945.1 945.2 174.2 174.4 145.7 145.7 3488.3 3484.7 1679.1 1679.2 666.3 666.6 803.2 802.7 532.2 532.2 1784.5 1784.9 176.1 176.1
3380 41168 972K 12972K 15639 373K 349K 7090K 734K 15494K - 504K 72877 1315K 107K 3560K 349K 5445K 197K 1856K 530K 9949K 32397 1358K 42033 741K 326K 6102K 84963 1801K 62550 1534K 31425 498K 416K 5095K
91.0 91.0 17.8 17.8 44.2 44.2 34.8 34.8 9.6 9.6 - - 41.1 41.1 29.5 29.5 31.7 31.7 33.3 33.3 7.0 7.0 46.4 46.3 44.1 44.1 80.7 80.7 40.4 40.4 55.5 55.5 68.6 68.6 - -
W 16900/9260 16830/9251 482/313 482/313 4015/3144 4010/3141 674/333 674/333 174/79 175/79 -/- 905/240 W 456/211 456/211 601/120 601/120 966/619 966/616 200/116 200/116 163/110 163/110 3545/1306 3545/1302 W 1723/1257 1721/1257 681/340 681/339 933/339 934/338 581/421 582/421 1989/458 1988/458 202/82 202/82
M 43897 43888 102237 102432 82342 82291 64278 64299 24627 24627 - 9275 M 24846 24859 44623 44619 76222 76226 12870 12881 89791 89791 21136 21113 M 45670 45673 40598 40616 22265 22249 94061 94061 24341 24345 4697 4697

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 POLITICS & PUBLIC AFFAIRS 15
NEW DELHI | THURSDAY, 27 MAY 2021
>

Report status on IT rules ASAP,

Centre tells social media firms
NEHA ALAWADHI Name of app./ website/ service
New Delhi, 26 May falling within the scope of sig-
nificant social media interme-

T
he Indian government
is in no mood to give
more time to social
media firms to comply with
the new social media rules.
The Ministry of Electronics
and Information Technology,
in a notification, has asked all
significant social media inter-
mediaries (SSMIs) to furnish
details of the complaint
redress mechanism with an
officer being based in the
country, at the earliest.
This will include a chief
compliance officer, a nodal
contact person for 24x7 coor-
dination with law enforce-
ment agencies, resident griev-
ance officer and the physical
contact address in India,
preferably by Wednesday, said
the notification.
It said: “The additional due
diligence required from SSMIs
has come into effect on
diary. The details of the chief
compliance officer and contact
details, nodal contact person
and contact details, resident
grievance officer and contact
details, the physical contact
address in India and the com-
pliance status of these rules."
“If you are not considered
an SSMI, please provide the
reasons for the same, includ-
ing the registered users on
each of the services provided
The Ministry of Electronics and Information Technology has by you. The government
asked all significant social media intermediaries to furnish reserves the right to seek any
details of the complaint redress mechanism with an officer additional information, as
being based in the country may be permitted within these
rules and the IT Act,” added
Wednesday, at the conclusion text of the Information the notification.
of three additional months giv- Technology (IT) Act and the An SSMI has been defined
en to SSMIs. As you, including aforesaid rules.” as one with over 5 million reg-
your parent company or any The notification further istered users. News reports
other subsidiary, provide a stated: "As part of ascertaining suggest social media firms
variety of services in India, the compliance to these rules, could lose their intermediary
some of which falls within the you are requested to provide status, following the May 25
definition of SSMIs in the con- the following information: deadline.

> FROM PAGE 1

Institutional to investors -- a clause that

made the company compen-
decided that the GST rate
would apply to the supply val-
whether encryption would be
maintained or not is mis-

investor...
However, as companies that
are unlikely to turn profitable
in the near future look to go
public, Sebi is seeing the idea
in a new light, said investment
bankers.
An e-mail sent to Sebi
didn’t elicit any response
immediately.
Earlier this year, South
Korean regulator Financial
Supervisory Service warned
retail investors to be cautious
of IPOs of promising but still
loss-making companies.
Experts are divided on the
idea of keeping retail investors
entirely off such IPOs.
In today’s day and age, the
average retail investor has
proven to be informed and
progressive and has portrayed
a high-risk appetite. In light of
the same, the proposal may
not prove to be in sync with
investment demands in the
current economy,” said Gaurav
Mistry, associate partner, DSK
Legal.
Amrita Tonk, partner, L&L
Partners, said: “Sebi has to
protect small investors from
companies that have not done
very well and don’t generate
good returns for investors.
However, the regulator will
have to do a fine balancing act
to ensure that the clause is
rational and not arbitrary.”
The US is considered to be
the go-to-market for technol-
ogy and start-up IPOs. India is
yet to witness too many list-
ings on this front. However,
given certain advantages of
domestic listings, companies
like Zomato have opted to list
domestically. The IPO is being
looked at as a litmus test for
start-up IPOs in India.
Investing in IPOs of loss-
making e-commerce compa-
nies could entail that returns
could have a longer gestation
period. Also, such companies
might not have the ability to
pay dividends. Typically, such
companies value their shares
based on their growth poten-
tial and not existing financials.
So, for a retail investor to take
exposure in such companies
at the time of an IPO may be a
risky proposition,” said
Prashaant Rajput, partner,
White & Brief Advocates.
India follows a disclosure-
based regime for IPOs where
the regulator doesn’t dictate
the pricing of an issue.
However, the market regulator
is known to take a cautious
approach.
In 2013, Sebi had nudged
Just Dial to offer a safety net
BS SUDOKU #3368
HOW TO PLAY
Fill in the grid so that every
row, every column and
every 3x3 box contains the
digits 1 to 9
sate small investors if the stock
fared badly upon listing. As
the shares of the local search
engine did well post listing,
the safety net provision was
not invoked.
India starts...
“It is important to start clinical
trials in children for covid vac-
cines, to give flu vaccinations
to prevent severe pneumonia,
and make sure there are
enough beds for children to
handle the caseload,” said Dr
Midivelly.
At Hinduja Hospital in
Mumbai, some beds are being
allocated to children. “We
plan to allocate four beds in
the 28-bed Covid ICU for chil-
dren,” said Joy Chakraborty,
COO of Hinduja Hospitals.
At Fortis Memorial Rese-
arch Institute in Gurugram, Dr
Krishan Chugh, director, pae-
diatrics, is ramping up capac-
ity for children, including
repurposing existing staff.
“Our nurses in adult ICUs
and those working in bone
marrow transplant units and
the cardiac ICU will be given
special training in paediatric
covid as they will be able to
deal nicely with children,” said
Dr Chugh.
Other hospitals around the
country also said they were
beginning to train their staff
to handle the needs of chil-
dren.
Apart from staff, ventila-
tors and high flow nasal can-
nulas also need to be re-cali-
brated to suit children. Pandit
said that most of the new gen-
eration ventilators can be
upgraded to include a paedi-
atric mode following a soft-
ware upgrade.
The National Commission
for the Protection of Child
Rights has recently asked all
states to provide data on criti-
cal health care facilities for
newborns and paediatric care,
such as the number of paedia-
tricians, nurses, support staff,
and paramedical staff.
GST Council...
In the case of footwear, the
government refunds about
~2,000 crore a year. About 70
per cent of the footwear is esti-
mated to be charged a conces-
sional rate of 5 per cent.
The GST Council had in
2018 extended the 5 per cent
rate to footwear priced up to
~1,000 from those priced at
~500. Besides, in 2019, it was
Medium
«««
Solution tomorrow
SOLUTION TO # 3367
ue instead of the retail sale
price.
The decision on correcting
the inverted duty structure
was deferred in June last year
due to the pandemic. The
Council had in March last year
corrected the inverted duty
structure on mobile phones
and specified parts by hiking
the tax rate to 18 per cent from
12 per cent.
In the case of readymade
garments, the pre-GST inci-
dence was about 13.2 per cent
compared with the current
levy of 5 per cent. Fabric has a
GST rate of 5 per cent, whereas
different types of manmade
fibres and yarns are taxed at 18
per cent. Initially the govern-
ment had not allowed fabric
manufacturers to claim ITC
refunds, but later relented and
allowed it in the July 2018
meeting.
“ITC refunds should not
have been allowed on fabric in
the first place. It was a political
call taken at that time. It
should be addressed now,”
said another official.
The fitment panel has list-
ed some other items like
renewable energy devices, rail-
way parts, pharmaceuticals,
tractors, LEDs, agarbatti, ink,
pen, utensils, water, and
pumps that need a correction
in inverted duties. These may
be taken up in following meet-
ings.
Right to...
On Tuesday evening,
WhatsApp moved the Delhi
High Court, and said the new
IT rules that would require
messaging services providers
to “trace” the origin of particu-
lar messages would undermine
the privacy of individuals.
Under the recently notified
Information Technology
(Intermediary Guidelines and
Digital Media Ethics Code)
Rules, 2021, Section 4(2)
requires that social media
intermediaries with more than
five million users and provid-
ing messaging services enable
identification of the first orig-
inator of problematic content
that may harm the country's
interests and several other
provisions described in the
Rules.
The social media interme-
diary will have to do this in
response to a judicial order
passed by a court or by a com-
petent authority under
Section 69 of the IT Act.
The minister however said
“none of the measures pro-
posed by India will impact the
normal functioning of Whats-
App in any manner whatsoev-
er, and for the common users,
there will be no impact.”
The rule to trace the first
originator of information,
according to the ministry, is
mandatory for every signifi-
cant social media intermedi-
ary, irrespective of the method
of operation.
“The entire debate on
placed. Whether Right to
Privacy is ensured through
using encryption technology
or some other technology is
entirely the purview of the
social media intermediary. It
is WhatsApp’s responsibility to
find a technical solution,
whether through encryption
or otherwise, that both hap-
pen,” Prasad said.
In its petition, WhatsApp
argued that the new rules
would require WhatsApp to
build the ability to identify the
first originator of every com-
munication sent in India on its
platform, as there is no way to
predict which message will be
the subject of such an order
seeking first originator infor-
mation.
WhatsApp further said in
its petition that according to
the existing law, to justify an
intrusion into the fundamen-
tal right of privacy, the three
requirements of legality, need
— defined in terms of a legiti-
mate State aim — and propor-
tionality must be met.
The ministry, on the other
hand, said the government is
not enacting these rules in iso-
lation and they have bglobal
precedence. The governments
of the UK, the US, Australia,
New Zealand, and Canada,
too, have stated that technol-
ogy companies must give
access to the data in a readable
and usable format. “What
India is asking for is signifi-
cantly much less than what
some of the other countries
have demanded,” the state-
ment read.
WhatsApp has filed a simi-
lar case in the Brazilian apex
court.
A test of the right of
privacy laws
Many legal experts believe this
will test India’s right to privacy
laws and have argued that the
traceability provision is
unconstitutional in part
because of a 2017 Supreme
Court decision that held peo-
ple have a fundamental right
to privacy.
“In a Parliamentary system
like in India, it is Parliament
that makes law. This law is
called primary legislation, like
the Information Technology
Act, 2000. This contains broad
outlines and principles that
make the law on the subject.
Then, Parliament delegates
secondary or subordinate leg-
islation to the Executive. The
Executive came up with the
Information Technology
(Guidelines for Intermediaries
and Digital Media Ethics
Code) Rules, 2021. This sec-
ondary legislation needs to be
within the aegis of the primary
law — the IT Act. There is
much debate that it isn’t, and
thus the potential for chal-
lenge,” said Sajai Singh, part-
ner, J Sagar Associates.
Many argued who would
decide the need to find the
original sender of a message.
“The only point of contention,
therefore, is when and how,
and at what point of time, is
the first originator to be iden-
tified? The point at which the
government asks WhatsApp
through a legal notice (as said
in the rule), or is it at the point
when the person sends the
message? That becomes the
crux of the issue. There is no
clarity on this aspect in the
impugned Rules,” said N S
Nappinai, advocate, Supreme
Court & founder-Cyber Saathi.
SHRIRAM TRANSPORT
FINANCE COMPANY LIMITED
PUBLIC NOTICE
This is to inform our customers and
public at large that our Palasa
Branch located at D. No. 14-1-223/
3, 1st Floor, Old N H 5 Road,
Kasibugga, Palasa, Srikakulam,
Andhra Pradesh -532221, will shift
to 1st Floor, R. S. no. 357/7, Opposite
Chaitanya School, Narayanpuram,
A/S Padmanabhapuram Village, Old
NH-5, Kasibugga, Srikakulam Dis-
trict, Andhra Pradesh - 532222, from
26th August, 2021.
The Customers are requested to
contact the new office premises for
their needs.
REGIONAL BUSINESS HEAD
SHRIRAM TRANSPORT
FINANCE COMPANY LIMITED
PUBLIC NOTICE
This is to inform our customers and
public at large that our Gooty
Branch located at Door No. 9-1001,
1st Floor, Kurnool Road, Gooty,
Ananthapur, Andhra Pradesh -
515401, will shift to 1st Floor,
Vallamkonda Gopalajah Plaza, Be-
side SRP Petrol Bunk, Kurnoool
Road, Gooty, Ananthapur, Andhra
Pradesh -515401, from 26th August,
2021.
The Customers are requested to
contact the new office premises for
their needs.
REGIONAL BUSINESS HEAD
Business Standard
DELHI EDITION
Printed and Published by Nandan Singh
Rawat on behalf of Business Standard
Private Limited and printed at The Indian
Express (P) Ltd. A-8, Sector-7, Noida,
Gautam Budh Nagar-201301 and
published at Nehru House, 4 Bahadur
Shah Zafar Marg, New Delhi 110002
Editor : Shyamal Majumdar
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E-mail: subs_bs@bsmail.in
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DISCLAIMER News reports and feature
articles in Business Standard seek to present
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No Air Surcharge
16
>
NEW DELHI | THURSDAY, 27 MAY 2021 1

BEFORE THE NATIONAL COMPANY LAW TRIBUNAL

BENCH - V, NEW DELHI
(ORIGINAL JURISDICTION)
COMPANY PETITION NO. CAA – 92 (ND) / 2020
CONNECTED WITH
COMPANY APPLICATION NO. CA (CAA) – 60 (ND) / 2020
IN THE MATTER OF THE COMPANIES ACT, 2013 (18 OF 2013)
SECTIONS 230 & 232
AND
IN THE MATTER OF SCHEME OF AMALGAMATION
AND
IN THE MATTER OF

ALANKIT ASSOCIATES PRIVATE LIMITED

PETITIONER/TRANSFEROR COMPANY NO. 1
(A Company incorporated under the provisions of the Companies Act,
1956 and having its registered office at 205-208, Anarkali Complex,
Jhandewalan Extension, New Delhi – 110055)
KUBER RECYCLE PROJECTS PRIVATE LIMITED
PETITIONER/TRANSFEROR COMPANY NO. 2
(A Company incorporated under the provisions of the Companies Act,
1956 and having its registered office at 205-208, Anarkali Complex,
Jhandewalan Extension, New Delhi – 110055)
AND
ALANKIT FINSEC LIMITED
PETITIONER/TRANSFEREE COMPANY
(A Company incorporated under the provisions of the Companies Act,
1956 and having its registered office at 205-208, Anarkali Complex,
Jhandewalan Extension, New Delhi – 110055)
Notice of Hearing of Petition
A joint petition under Sections 230 and 232 of the Companies Act,
2013, and other applicable provisions, if any, for, obtaining
sanction/approval to the Scheme of Amalgamation of Alankit
Associates Private Limited (Transferor Company No. 1) and Kuber
Recycle Projects Private Limited (Transferor Company No. 2) with
Alankit Finsec Limited (Transferee Company) was presented by the
Petitioners above named on 25th May, 2020 (First Motion) and on 30th
October, 2020 (Second Motion) and the said petition is fixed for
hearing on 13th July, 2021 before the Hon'ble National Company Law
Tribunal, Bench - V, New Delhi at Block No. 3, Ground, 6th, 7th & 8th
Floors, C.G.O. Complex, Lodhi Road, New Delhi-110 003.
Any person desirous of supporting or opposing the aforesaid petition
should send to the Bench and to the Petitioners' Authorised
Representative, at the address given below, notice of his/her intention
signed by him or by his/her advocate, with his/her name and address,
so as to reach the Bench and the Petitioners' Authorised
Representative not later than five days before the date fixed for
hearing of the petition. Where such person seeks to oppose the
petition, the grounds of opposition or a copy of his/her affidavit shall be
furnished with such notice. A copy of the petition will be furnished by
the undersigned to any person requiring the same on payment of the
prescribed charges for the same.
Sd/-
Rekha Mittal
Practising Company Secretary
Authorised Representative for the Petitioners
8/19, Upper Ground Floor, West Patel Nagar, New Delhi – 110 008
Place: New Delhi Mobile: 9899009373
Date: 25th May, 2021 E-mail: csrekhamittal@gmail.com
.
NEW DELHI | THURSDAY, 27 MAY 2021 17
<
18
>
NEW DELHI | THURSDAY, 27 MAY 2021 1

Yaas weakens after pounding Odisha, WB Classic cars

fetch record
prices at 2021’s
Two million evacuated as cyclone hits east coast, damages hundreds of thousands of homes first auction
BLOOMBERG & PTI P K Jena said. Heavy rainfall panies in the region were tem- reports of one person having
Balasore/Digha/Ranchi, 26 May in the Similipal National Park porarily suspended, according died in Odisha after a tree fell HANNAH ELLIOT
in Odisha’s Mayurbhanj dis- to Indian Oil. All ships carry- on him. Jena cautioned that 26 May

W
est Bengal and
Odisha evacuated
more than two mil-
lion people as a powerful
cyclonic storm, Yaas, hit the
east coast on Wednesday,
causing extensive damage at
a time when India is battling
the world’s worst outbreak of
Covid-19.
Earlier classified as a “very
severe cyclonic” storm, Yaas
weakened into a “severe
cyclonic storm” by afternoon
after pounding the beach
towns in north Odisha and
neighbouring West Bengal
with wind speeds of 130-145
kmph. Yaas hit the coast north
of Dhamra in Odisha's
Bhadrak district, 50 km south
of Balasore district, around 9
am. The landfall process was
over around 1.30 pm.
Cyclone Yaas destroyed
more than 300,000 houses in
West Bengal and affected 10
million people, the state’s
Chief Minister Mamata
Banerjee said. River embank-
ments were breached, damag-
ing crops and fisheries and
livestock farms, she added.
The state evacuated about 1.5
million people to safer areas.
trict sparked fears of a flash
flood in the Budhabalang riv-
er. In the afternoon, the water
level in the river was at 21
metre against the danger level
of 27 metre, Jena said.
In neighbouring Bangla-
desh, river transport was sus-
pended. As a precautionary
measure, the country readied
15,000 storm shelters that
could accommodate as many
as 2.5 million people.
Flights affected
The storm impacted several
flights in the affected states
as airports in Kolkata,
Bhubaneswar, Rourkela and
Durgapur remained shut on
Wednesday.
Ports, refineries and plants
were on alert. Indian Oil Corp,
A flooded room after water entered the Kakdwip Hospital following landfall of Cyclone Yaas the biggest refiner, had
at Kakdwip in South 24 Paragnas, West Bengal, on Wednesday PTI stopped unloading crude oil
at Paradip in Odisha, accord-
Neighbouring Odisha moved and scores of trees uprooted. state governments to ensure ing to a spokesman. The
more than 500,000 people to The second severe storm adequate power backup for Kolkata Port was on tenter-
relief centres where authori- to batter India in 10 days is hospitals, laboratories, cold hooks for a while as Hooghly
ties asked people to maintain posing several challenges to stores for vaccines and other swelled to eight metres, cross-
social distance to check the the already stressed authori- medical facilities. ing the height of the external
spread of the coronavirus. ties in the country, which is Seawater entered several lock gate of the Haldia Dock
News agencies reported that battling a second wave of the villages in Balasore and System, an official said.
several boats, shops and hous- coronavirus pandemic. Home Bhadrak districts, Odisha's Ongoing construction
es were damaged in the state Minister Amit Shah asked the Special Relief Commissioner activities by oil and gas com-
ing crude oil and other related the sea would remain rough
products were asked to keep till Thursday. After a year of online sales and
a safe distance from the In West Bengal, the resort virtual showings, car auctions
cyclone’s path, it said in a town of Digha in East are back for real — in a big way.
statement, adding that efforts Midnapore district, which During the Amelia Island
were underway to ensure shares a border with Balasore Concours d’Elegance May 20–
smooth supply of liquid med- district of Odisha, was com- 23, collectors paid a premium
ical oxygen from pletely inundated for the world’s rare automo-
the eastern parts and the army was tive classics in the largest live
to the rest of the The storm called in for res- auction weekend event since
country. impacted several cue operations, a the pandemic began.
More than 20 flights in the defence official Together the two auction
relief columns of affected states as said. houses that sold during the
the Indian Army airports in Kolkata, The weather annual car show off the coast
were deployed Bhubaneswar, office has forecast of Florida amassed sales of
and another Rourkela and extremely heavy $61.3 million, up from $57.2
nine were on Durgapur remained rainfall in East million in March of 2020.
standby. Heavy shut. Ports and and West The top seller was a 1929
and medium refineries were Midnapore dis- Duesenberg Model J Murphy
transport air- also on alert tricts and heavy Torpedo Convertible Coupe
craft of the Air to very heavy that RM Sotheby’s sold for
Force flew in rainfall in $5,725,000, more than $1 mil-
over 200 personnel and Jhargram, Bankura, South 24 lion over its $4 million high
equipment for the National Parganas districts over the estimate. It was the third-
Disaster Response Force. next 24 hours. In Odisha, a red highest auction price ever
Tata Power Co mobilised warning of heavy to very paid for a Duesenberg and the
nearly 10,000 people, includ- heavy rainfall was issued for first of five pre-war cars to fill
ing engineers and contract nine districts. the list of top 10 sellers. Other
workers, to take up restoration Jharkhand, which was successful sales included a
work in the affected region, already on high alert, contin- 1965 Porsche 356 Cabriolet
said Praveer Sinha, chief exec- ued evacuating low-lying that sold for $250,000 (beat-
utive officer of the company, areas amid the forecast that ing a $175,000 high estimate)
which manages power distri- the cyclone would be hitting and a 1934 Bugatti Type 57 for
bution operations in Odisha. the state by midnight, officials $1.2 million (high estimate
There were unconfirmed in Ranchi said. $1 million). BLOOMBERG

How Delhi’s foodgrain

scheme is working
on the ground
Registration and distribution bottlenecks
put question marks on implementation
free-grain-for-all programme
will be implemented. But an
activist working to alleviate
hunger pointed out that last
year too, the Delhi government
had handed out food kits to
migrant workers who were not
covered under PDS. That kit
contained chhole (chickpea),
cooking oil, dal and sugar
besides grain. “But this year, no
kits have been distributed yet.
The government has made the
announcement of free ration
for all, we are yet to see its
SINDHU BHATTACHARYA implementation on the
New Delhi, 26 May
Mouths to feed ground,” this activist said.
The Delhi Rozi Roti Adhikar

S
abira Khatoon, a 61-year-
old from Munger in
Bihar, has been working
in Delhi for many years as a
house help. She is happy that
the Delhi government has
decided to provide the ration
her family is entitled to, free.
Khatoon and over 7.2 million
families like her's, who already
have a ration card, are entitled
to 5 kg of subsidised grain
under the National Food
Security Act (NFSA). Now, they
are also getting another 5 kg of
grain under the Pradhan Mant-
ri Garib Kalyan Yojana (PMG-
KY), which has been activated
by the Centre for nearly 800
million beneficiaries for May
and June this year.
The only trouble for
Khatoon is that the ration shop,
which doles out foodgrain,
remains shut on most days.
Khatoon says she has to make
several trips in a month to get
her quota of rice and wheat and
many times, it takes hours
since there is a long queue. In
her Soami Nagar J J Colony,
peopled by domestic workers
and house helps, every family
has a ration card.
A ration card is the key
document for the poor to get
their quota of subsidised
rations from the government.
But since the pandemic arrived
on Indian shores last year,
bringing hunger and massive
loss of livelihoods with it, there
has been a growing demand for
free rations for all, not just
those holding a ration card.
Activists have pointed out
that only about a third of the
population that needs rations
is covered under the public
distribution system (PDS)
through ration cards, leaving a
majority vulnerable to hunger.
In 2013, the PDS was made part
of the NFSA and it offers two
levels of entitlements. For
below poverty line households,
5 kg grain per person per
month (rice or wheat) is given
at subsidised prices. For the
poorest of the poor
(Antyodaya) households, the
entitlement is 35 kg of free
grain per month. Nearly 240
million ration cards and over
800 million beneficiaries are
registered under the PDS
> Nearly 800 mn ration
card-holders in India
> They are entitled to 5 kg
of subsidised grain under
NFSA
> Activists say failure to
update population data
has meant exclusion of
vulnerable households
under NFSA
> Azim Premji University
researchers say nearly
100 mn eligible
beneficiaries excluded
from NFSA provisions
system. But nearly 90 million
households are estimated to
still be outside PDS and they
need assistance to stave off
hunger during the pandemic.
A study by the Azim Premji
University titled “State of
Working India 2021” has advoc-
ated at least a temporary univ-
ersalisation of PDS so that free
foodgrain is available to any-
one who needs it. It also says
that over the years, many states
may already have moved beyo-
nd a BPL (below poverty line)
approach, towards a near-uni-
versal PDS coverage using their
own resources. A case in point
is Tamil Nadu, where coverage
of subsidised grain is universal.
Last week, Delhi also joined
the few states that are offering
free rations, regardless of
whether the person is a ration
card holder or not. Chief
Minister Arvind Kejriwal
expressed his inability to offer
ration cards to more
beneficiaries since the central
government had fixed a quota
for every state. “Last year too,
when we witnessed the first
wave, we provided ration to
non-PDS people. Similarly, we
will provide ration to all those
who do not possess a ration
card. This will be implemented
within three-four days. One
does not need to provide any
income certificate to avail of
this,” Kejriwal was quoted as
saying last week.
Delhi’s food and civil
supplies minister Imran
Hussain remained unavailable
to answer queries on the
universal ration scheme. There
is still no clarity on how the
Abhiyan (DRRAA) — a network
of groups and individuals
working on the right to food in
Delhi — has welcomed the state
government’s initiative to
provide dry rations to all while
pointing out several issues
during implementation of the
scheme. The biggest seems to
be the registration process
itself. Last year, it was necessary
for anyone wanting free ration
to register on a website and
DRRAA said this caused
“intense hardship and
exclusion” till the Delhi High
Court directed the state govern-
ment to set up helpdesks. It has
asked the government to allow
walk-ins, instead of seeking
identity proof or making
registration mandatory.
Other issues raised by the
Abhiyan include
establishment of sufficient
distribution points — either
through the network of 2,000
ration shops or at least three
distribution points in each
municipal ward — to enhance
accessibility. And inclusion of
dal, oil, sugar, masala, masks
and soap in the free ration kitty.
Also, the Abhiyan has said
that at least 60-70 per cent of
the population requiring assis-
tance to remain food-secure
continues to be vulnerable.
Last year, when the free foodgr-
ain-for-all scheme was launch-
ed by the Delhi government,
over 6 million people without
ration cards had registered
under the e-coupon scheme.
This year, there is also a dema-
nd for public monitoring of the
scheme and the government is
being urged to provide details
of the quantity of ration
distributed and the beneficiar-
ies in the public domain.
Not just Delhi, some other
states are also providing
meals to the hungry. Karnataka
also decided to offer three
cooked meals a day but only
for the duration of the
lockdown. The Kerala
government has decided to
again distribute food kits to
the needy with foodgrain,
chana and vegetables.
Activists say the West
Bengal government has also
started a free foodgrain
scheme for the poor.