TUESDAY, 22 JUNE 2021

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

MUMBAI
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VOLUME XXV NUMBER 220

THE MARKETS ON MONDAY chg#

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THE CMIE TRACKER

Consumer Sentiments Index
(Base: September - December 2015 = 100)
Vaccination score SAT allows vote on Carlyle
tops 8 mn as new deal with PNB Housing
Results not to be disclosed; tribunal allows Tuesday EGM to go ahead

rules take effect EBB AND FLOW

SAMIE MODAK & ABHIJIT LELE
Mumbai, 21 June
PNB Housing in ~
Unemployment rate (%) The Securities Appellate Tribunal
(SAT) has allowed PNB Housing
Monday number 2.5 times the daily average Finance to go ahead with its sched-
uled extraordinary general meeting
RUCHIKA CHITRAVANSHI & SOHINI DAS (EGM), scheduled for Tuesday.

PHOTO: PTI
New Delhi/Mumbai, 21 June The mortgage lender has been

I
even allowed to carry out voting on
ndia administered a record 8.1 million the controversial resolution pertain-
doses of Covid-19 vaccines on Monday ing to the infusion of ~4,000 crore by
— about 2.5 times the weekly average an investor group led by Carlyle on a
Source: CMIE
of 3.2 million shots a day — as the cen- preferential basis. Source: Exchanges
tral government-led “free for all” vaccination The tribunal, however, has direct-
ON SENTIMENTS drive kicked off. ed PNB Housing to not disclose the HOUSE OF CARDS
With increased supplies, more centres, voting result on the resolution until MAY 31: PNB Housing over allotment price complied with all
MOBILITY IS NOT ENOUGH and walk-in registrations allowed under the
revised guidelines, the vaccination
further directions.
SAT has also asked the company
board approves JUNE 18: Sebi asks regulatory
Only vaccinations can eliminate the threat ~4,000 cr share company to get shares requirements
of new waves, help raise sentiments and numbers have seen a surge in many states, to tell NSDL to not declare the voting allotment to Carlyle- valued from an JUNE 20: PNB Housing
allow sellers and buyers to participate including Madhya Pradesh, Karnataka, and pattern and it should be kept in a
led investor group independent valuer challenges Sebi’s
aggressively in the much awaited Uttar Pradesh. sealed cover till further orders.

BIG BOOST
economic recovery. MAHESH VYAS writes 7 > At this pace of daily vaccinations, the The matter will come up for hear- JUNE 6: Red flags raised JUNE 18: Firm says it has directive before SAT
entire adult population in the country can be ing next on July 5, when the tribunal
inoculated by December 2021-January 2022, will decide whether a valuation report Companies Act, a provision has been requirement has been dispensed
according to estimates. The government is 8,096,492 283,313,942 from a registered valuer is required to made for valuation through a regis- with in a case where a preferential
STIFF COMPLIANCE, also hopeful of an improved supply situation
from July onwards. Three-fourths of the total
DOSES GIVEN TOTAL DOSES GIVEN
be done.
PNB Housing has argued that
tered valuer but under Rule 13 of the
Companies (Share Capital and
allotment of shares is being issued
by a listed company.
FLASH SALE BAN IN supplies are now available for the Centre, and
ON MONDAY
STATES WITH HIGHEST VACCINATION
under Section 62(1)(c) of the Debentures) Rules, 2014, this Turn to Page 13 >

DRAFT E-COM RULES

The Centre is planning new guidelines for
e-commerce firms, including banning flash
sales that allow the sale of goods at
significantly reduced prices or high discounts,
appointment of a chief compliance officer,
giving preference to the sale of locally
produced goods, and mandatory registration
of e-tailers with the Department for
Promotion of Industry and Internal Trade, to
tighten the regulatory regime. 4>
THE SMART INVESTOR P10
+ Privatisation buzz lifts
IOB, Central Bank stocks
Shares of Central Bank of India and Indian
Overseas Bank were locked in the 20 per
cent upper circuit on Monday, amid reports
that the Centre might privatise the two by
selling its 51 per cent stake. The stock of the
Mumbai-based Central Bank was locked in
the upper circuit at ~24.30 on the back of an
over 2x jump in trading volumes. IOB shares
hit a 52-week high of ~23.60 on the NSE.
ECONOMY & PUBLIC AFFAIRS P6
Diesel crosses ~100/litre
in Odisha and Rajasthan
The price of diesel has crossed the ~100/litre
mark in some parts of the country on the
back of global cues and high levels of state
and central taxes. Rajasthan’s Sri
Ganganagar and Hanumangarh, and
Odisha’s Koraput, Nabarangapur, and
Malkangiri were some districts where diesel
sold above ~100 a litre on Monday.
> RESULTS RECKONER
Quarter ended Mar 31, 2021; common sample
of 1,484 companies (results available of 1,726)
SALES
Mar 31, 2020 -6.9% ~18.77 trn
Mar 31, 2021 18.7% ~22.27 trn
NET PROFIT
Mar 31, 2020 -66.0% ~45,634 cr
Mar 31, 2021 381.7% ~2.20 trn
the remaining are for the private sector.
Population, disease burden, progress of ON JUNE 21
vaccination, and vaccine wastage are among Doses given Total
the main criteria for the allocation of vac-
cines to states.
Earlier this month, Prime Minister
Narendra Modi said his government would
Madhya Pradesh
Karnataka
on Monday
1,542,658
1,067,739
doses given
16,559,216
19,586,405
Airtel, Tatas enter 5G tech JV
buy 75 per cent of all vaccines from manufac-
turers and distribute them for free to states.
Uttar Pradesh 674,557 26,304,025
SURAJEET DAS GUPTA
NEXT-GEN TECH
Around 50 million people have already Gujarat 502,173 22,608,981
New Delhi, 21 June
| Tata group has developed O-RAN (open HUAWEI
got two doses of the vaccine. Another 170 mil- Haryana 472,662 7,852,194 Leading telecom firm Bharti Airtel on Monday radio access network)-based radio and SEEKS
lion people have got one dose. The govern-
ment will need to administer another 1.63 bil- Source: CoWIN dashboard
announced a strategic partnership with the steel-to-
software conglomerate Tata group for 5G network solu-
non-standalone/standalone core ACCESS TO
lion vaccine doses to vaccinate the entire tions. Based on open-radio access network (O-RAN) | Airtel has roped in TCS for system ‘TRUSTED’
adult population, which is estimated to be “TODAY’S RECORD-BREAKING technology, the plan is to roll out the solution initially integration as well as offering technology SOURCE
around 865 million. VACCINATION NUMBERS for India and subsequently for exports. | Telco has changed its earlier strategy,
PORTAL
The data on Co-WIN portal showed that ARE GLADDENING. The move is being seen as far more ambitious than which was limited to building its P2
the highest number of vaccinations was THE VACCINE REMAINS Airtel’s original plan of collaborating with hardware own network; now it’s looking at
done in Madhya Pradesh on Monday. The and software players to build a 5G network at the lowest
OUR STRONGEST global exports
state more than trebled its vaccination rate
to over 1.5 million doses from its maximum WEAPON TO FIGHT
price. As a senior executive said, the original plan was
not “to become an R&D provider for the world”. | It has tied up with players like NEC, DoT TO
daily rate of 500,000 doses so far, according COVID-19” With the latest announcement, the Sunil Mittal- Altiostar, Rakuten, SEEK TRAI
to state officials. NARENDRA MODI,
PRIME MINISTER
led firm is expected to now take rival Reliance Jio Mavenir, Sercomm for VIEW
Madhya Pradesh had received 1.9 million head on. Mukesh Ambani’s telecom venture Jio is software and hardware
doses from the Centre for the first day of vac- already working on trials for its indigenously devel- ON 5G
| O-RAN will reduce
cination under the revised guidelines, as 10,000-12000, including drive-throughs, oped 5G network, based on O-RAN. Jio would
network costs by
SPECTRUM
against its demand for 2 million. “The
response has been unprecedented...We have
which would remain open till 10 pm,” said
Santosh Shukla, state immunisation officer.
also sell the technology and solutions to
global telcos, it had announced earlier. around 40% and is BID
also increased the number of centres to Turn to Page 13 > Turn to Page 13 > more efficient P6
RBI may go against convention
on raising funds via bonds
ANUP ROY Even as the outstanding against the exist-
Mumbai, 21 June ing 10-year paper has crossed ~1.19 trillion,
going by past practices, most of the 10-year
The Reserve Bank of India (RBI) will use the paper stock is now with the central bank.
existing 10-year bond to raise at least The central bank is targeting the 10-year seg-
~14,000 crore from the markets on Friday, ment to keep yields at around 6 per cent.
taking the outstanding of the paper to more Since there is no liquidity of this paper
than ~1.33 trillion, possibly the highest ever in the market, the trading volume has
amount raised against a security. RBI may not want crashed. On Monday, it was the sixth-most
This gives credence to the theory that the to issue a fresh set traded security in the market, trading only
central bank may not want to issue a fresh of 10-year paper in ~375 crore, something not heard of for the
! set of 10-year paper in a hurry and would a hurry and rather 10-year benchmark, which is always traded
" rather continue with the existing security. continue with the the most.
Generally, a fresh set of bonds is existing security Last fiscal year, the RBI had changed
announced after about ~1.2 trillion is the 10-year security papers thrice because
! raised against a security, but this is the outstanding stock on each crossed ~1
" possibly the only case where that limit has been trillion. There is also no indication that the RBI will
breached. stop at that.

KKR takes majority stake in Vini Cosmetics

To invest ~4,600 crore in Fogg deo maker; WestBridge to raise holding
RAGHAVENDRA KAMATH
Mumbai, 21 June ‘PERSONAL’ VINI COSMETICS SUPERMAX
CORPORATION
PURPLLE
Sub-sector:
TOUCH Cosmetics $168mn Sub-sector: $125mn
Sub-sector:
E-commerce
Global investment giant KKR has SEP 2017
bought a majority stake in personal care Other Investors: Shaving Mar 2011 Investors: JSW
company Vini Cosmetics, the maker of major PE-VC WestBridge, Sequoia blades Ventures, Blume
Fogg deodorants, from its founders and investments Capital India Investor: Actis Ventures,
venture capital firm Sequoia Capital for in personal Verlinvest, Sequoia
$625 million (about ~4,600 crore). This is the care space SESA CARE WOW SKIN Capital
largest private equity (PE) control deal in the Sub-sector: $156mn SCIENCE $50mn India
space in the country. Ayurvedic Oct 2018 Sub-sector: Mar 2021 $45mn
The founder group, led by Chairman and Source: Venture products E-commerce Mar 2021
Joint Managing Director Darshan Patel and Joint Intelligence Investor: TrueNorth Investor: ChrysCapital
MD Dipam Patel, will continue to hold a significant
stake in Vini and work with KKR in the next phase of
the company’s growth, KKR said in a statement on through its flagship brand Fogg and other widely and consolidation,” said Sanjay Bansal, managing
Monday. In addition, existing investor WestBridge recognised brands such as Ossum and GlamUp. partner, Aurum Equity Partners.
Capital will increase its holding in Vini from 21 per Market watchers said KKR would build a Darshan Patel will continue as the chairman of
cent to 23 per cent, said sources in the know. portfolio of beauty and personal care firms and then Vini’s board, while Dipam Patel will be appointed as
The previous largest deal in this space was when go for an initial public offering (IPO). However, KKR vice chairman.
Sequoia Capital India and WestBridge had led a $168 did not comment on the matter. KKR is making the investment from its Asian
million (about ~1,000 crore then) investment in Vini “KKR’s control deal in Vini Cosmetics, other Fund IV, which has a corpus of $15 billion. The firm
in September 2017. than being the largest deal in this space, also reflects has committed about $5.7 billion of equity through
Founded in 2010, Vini makes and markets its the potential of this space. Beauty and personal care its private equity strategy since 2006.
branded deodorants, cosmetics and toiletries is expected to see a lot of deal activity, growth capital Turn to Page 13 >

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 2 COMPANIES MUMBAI | TUESDAY, 22 JUNE 2021

STOCKS > NTPC

Q4FY21 consolidated net
> Bharat Dynamics
Reports lower profit at
> Hinduja Global Solutions
Q4FY21 consolidated net
> NBCC India
Bags work order worth
> Insecticides India
Reports profit at ~22 crore
IN THE NEWS profit jumps nearly 3x ~260 crore in Q4FY21; profit jumps more than ~860 cr for construction of in Q4FY21 against loss of
YoY at ~4,542 crore down 16 per cent YoY 3x YoY to ~131 crore residential towers in Delhi ~7 crore in Q4FY20
~117.95 CLOSE ~351.15 CLOSE ~2,476.15 CLOSE ~56.25 CLOSE ~757.75 CLOSE
!3.9% UP* "1.4% DOWN* !5.0% UP* !3.5% UP* !1.0% UP*
*OVER PREVIOUS CLOSE

>

RIL’s JioMart, Tata Digital gearing up for big fight

As Tata prepares its back-end, RIL’s e-commerce revenues expected to touch $15 billion by 2025
DEV CHATTERJEE
Mumbai, 21 June
JioMart, owned by Reliance Industries
Ltd (RIL), is set to launch products in
financial services and airline tickets to
take on competition from upcoming
rivals like the Tata Superapp and other
established players including Paytm,
Amazon, and Flipkart.
This comes at a time when RIL’s e-
commerce revenues are set to grow 35 per
cent to $15 billion within four years and
its core retail revenues are expected to
increase at the same pace to $44 billion,
according to a forecast by Goldman
Sachs.
“The Tata vs JioMart war will be the
next big corporate battle to watch. While
Tata has an upper hand like in-house pro-
ducts and brands, RIL has the backing of
global biggies like Google, Facebook, and
Microsoft,” said the head of a rating firm.
“We forecast 50 per cent market share
for RIL in online grocery by FY25, with
30 per cent market share in overall e-com-
merce. This translates into $35 billion e-
commerce GMV (gross market value) for
THE RISING GRAPH
RIL e-commerce GMV
Year
FY 21
FY 22
FY 23
FY 24
FY 25
Source: GS
RIL by FY25, with $19 billion in grocery
and rest by non-grocery. Overall, we
expect retail EBITDA (earnings before
interest, tax, depreciation and amortisa-
tion) to grow 10 times from current levels
by FY30,” Goldman Sachs analysts led by
Nikhil Bhandari said.
After growing five times between FY16
and FY20, analysts said RIL’s core retail
revenue growth had taken a pause in FY21
group holding company Tata Sons, has private equities (PEs) have also invested
said it would be launching financial and in Jio Platforms, which is providing the
travel-related products like airline tickets digital backbone for JioMart. These PEs
and hotel bookings. will bring in products from their own
Tata has strong brands like Tata investee companies to launch products.
GMV ($ bn) Market share in % in e-commerce Motors, Tata SIA Airlines, and Air Asia Hence, it is a win-win deal for both,” said
India, apart from Indian Hotels, the oper- the head of a private equity major.
1 2 ators of the Taj group of hotels, which can Besides, industry insiders said RIL
sell its products on its SuperApp. It also would be getting an added advantage of
4 7 acquired companies like pharma chain, private label products on JioMart. They
10 14 1MG, and grocery retailer Big Basket. are priced 36 per cent lower than rival
Analysts said while JioMart would do brands in personal care, 20 per cent lower
22 22 hotel bookings for companies like Oberoi in home care, and 20 per cent less than
Hotels, where it has invested, it is also in rivals in packaged foods and beverages.
35 30 talks with airlines to sell tickets on their Reliance Retail is the largest retailer
platform. “While Tata has several strong in India by market share and a market
group companies which can sell their pro- leader in three of the largest retail cate-
ducts on Tata Superapp, JioMart will gories -- food and groceries, electronics,
due to the pandemic-related nationwide pled with 15 per cent market share gain unleash competition, which is never seen and fashion & apparel -- which together
shutdown. for RIL,” say analysts with Goldman before,” said a top executive of a multi- represent 76 per cent of the retail market
“We believe retail business including Sachs. national consumer products company. in India.
e-commerce is set to be the next growth A large part of this explosive growth RIL’s firepower will come from its for- However, except electronics, orga-
engine for RIL, with potential for retail will come from Reliance’s online delivery eign partners like Google, Facebook, and nised retail still has a significant oppor-
EBITDA (earnings before interest, tax, service, JioMart, which is selling products Microsoft, which have invested in Jio tunity to gain share from the unorganised
depreciation and amortisation) to grow ranging from groceries, clothes, pharma- Platforms. Several products are expected and fragmented market, especially in
10 times over the next 10 years. We see a ceuticals, and personal/home care pro- to be launched in association with these grocery and fashion, where RIL continues
six-fold increase in grocery organised ducts. in the coming months. to focus on tier 2 and 3 cities where com-
retail penetration in India by FY30, cou- Its rival, Tata Digital, a subsidiary of “Apart from these companies, several petition remains low.

Huawei seeks access to Going green

IN BRIEF
NCLT will rule on Jet Airways
resolution today
The National Company Law Tribunal
‘trusted’ source portal prerequisite
for survival,
(NCLT) will pass its order on the
Kalrock-Jalan consortium’s plan for
revival of Jet Airways on Tuesday. The
airline suspended operations in April
This indicates Chinese telcos feel new rule doesn’t place curbs on them: Sources
2019 and is under insolvency for nearly SURAJEET DAS GUPTA dors, the products, the critical

says Ambani
two years. It has admitted creditor New Delhi, 21 June components and their sources
claims of over ~15,000 crore. The are then populated in the por-

Kalrock-Jalan consortium, which was
selected by a Committee of Creditors last October has proposed to
repay financial creditors and employees around ~1,200 crore over five
years and hopes to re-establish Jet Airways as a full service airline
with 30 aircraft. The consortium has demanded a historicity
regarding airport slots used by Jet Airways prior to its collapse and the
tribunal ruling on this aspect will be keenly watched. BS REPORTER
Reliance Home Fin
+ appoints panel for
resolution process
Reliance Home Finance
(RHF), an Anil Ambani-
promoted Reliance Group
firm, on Monday said it has
appointed a panel for taking
forward the resolution
process of the debt-laden
mortgage company. A group
of lenders under the ICA
issued a letter of intent in
favour of Authum
Investment. PTI
Cadila, Bayer extend
JV partnership
for three years
Cadila Healthcare and Bayer
(South East Asia) have decided
to extend the operations of
their joint venture by three
years with effect from June,
the companies said in a joint
statement on Monday. PTI
JSW Cement forays
into ready-mix
concrete business
JSW Cement, a part of $12-
billion JSW Group, on Monday
announced its foray into
ready-mix concrete (RMC)
business under the brand
name 'JSW Concrete'. It has set
up its first commercial RMC
unit in Chembur, Mumbai. PTI
JLR commences
bookings for new
F-PACE SVR in India
Jaguar Land Rover (JLR) India
said it has commenced
bookings for the updated
version of F-PACE SVR SUV in
the country.Sitting at the top
of the Jaguar performance
SUV range, the new F-PACE
SVR is faster than ever and
features motorsport-inspired
exterior design and a
luxurious interior. PTI
Industry growth to
be led by next-gen
tech: Wipro
IT industry's growth will
largely be led by next-
generation technologies
and services with areas like
data, Cloud and
cybersecurity expected to
see huge growth, Wipro CEO
Theirry Delaporte said. PTI
Nissan starts
exports of SUV
Magnite to Nepal
Nissan India said it has
commenced exports of its
recently launched sub-
compact SUV Magnite to
Indonesia, South Africa and
Nepal, and produced 1,200
units for the overseas
markets till May. PTI
C
hinese telecom gear tal by the telecom service pro-
giant Huawei viders. Vendors will also be
Technologies has
sought permission for access to
given access to the portal.
The government will assess
Calls connectivity, communication
the government’s ‘Trusted the vendors and the sources of fundamental rights of each individual
Telecom Portal’ which went the components to determine
live on June 15 so that it can trusted sources and trusted AGENCIES
share details about the telecom products and this decision will New Delhi, 21 June
products which telecom serv- be intimated to the vendor and
ice providers have agreed to the telecom provider. Asia’s richest man Mukesh
buy from it. OEMs have to divulge a lot Ambani on Monday said
The move is significant as of detail not just about the there was no option for busi-
sources close to the develop- equipment but about the orga- nesses but to go green and
ment say that, according to nisation as well, such as the every unit of Reliance
Chinese telecom companies’
interpretation, the new THE ISSUE names of the top 10 share-
holders up to three levels, their
Industries will have to pivot
as the conglomerate moves
National Security Directive on | Government makes it | There are concerns among country of origin and whether towards net-zero.
the telecom sector does not in mandatory for TSPs to get non-Chinese OEMs about what there has been any change in “We have no option as a
any way prohibit them from the “trusted badge” for any percentage of components in ownership in the last three society, as a business but to
participating in the process of new equipment they buy an equipment should be years. On equipment, details of really adopt a sustainable
selling telecom equipment of from vendors “trusted” to get clearance active components, their business model,” he said
any kind to private telcos. maker and the location of their while speaking at the Qatar
| Industry experts say this | Mandatory replacement of
The firm is waiting for a global headquarters have to be Economic Forum.
move would keep Chinese existing equipment does not
response from the govern- spelled out, along with the On if this green push will
ment. It declined to comment.
products away from scrutiny come under the directive
country in which the intellec- require dialling back on some
"I THINK THAT THIS
The directive makes it man- tual property rights are con- of Reliance’s businesses,
datory for providers to get a Committee on Telecom, they were registered with a trolled. In the case of software, Ambani said “it means trans- STRING OF DIGITAL
‘trusted product’ and ‘trusted headed by the National ‘competent authority’. The the name of the software forming our businesses and AND PHYSICAL (HEALTH
source’ stamp on all new tele- Security Advisor Ajit Doval, will clause effectively excluded owner, its global headquarters, integrating that with the
com equipment they want to decide whether the equipment Chinese players from bidding the name and country of the future”, without sharing more CARE INFRA) WILL BE
buy from OEMs. It is aimed, is trusted and from a trusted for BSNL’s 4G network con- subcontractors and the coun- details. THE NEW NORMAL...
according to experts, primarily source. The new order is simi- tract. This was followed by try from where software will be The pivot towards a
to allow for closer scrutiny of lar to the restrictions that coun- keeping Chinese gear makers upgraded all have to be shared. greener, cleaner version of
IT’S AN ABSOLUTE
Chinese telecom products and tries like the US and UK have out of participating in the However, some non- itself won’t be an easy one for MUST FOR ALL
ensure that companies like also imposed on the import of ongoing 5G trials, even though Chinese OEMs have some con- India’s most valuable com- ECONOMIES TO
Huawei and ZTE are discour- Chinese gear out of fear that it companies like Huawei had cerns about the rule. An execu- pany, which got about 60% of
aged from selling any new might pose a security risk to initially tied up with Indian tive with a leading telecom gear revenue from its hydrocar- INTEGRATE, AND
equipment, especially in 5G. their telecom infrastructure. telecom service providers. maker said some of its compo- bon-fuelled energy opera- ENHANCE THIS DIGITAL
As part of the new process, Given the border clashes
telcos which want to buy new between India and China last
The definition of ‘trusted nents were procured from
product’ is products and their China or from Chinese com-
tions for the year-ended
March.
INFRASTRUCTURE
equipment will have to apply year and a deteriorating rela- critical components which panies in other countries. Ambani pressed for bridg- WHICH HAS BEEN SO
for approval by giving details tionship, the call for banning need to be procured from a “What percentage of a ing the digital divide “both VERY USEFUL IN THE
of the products they want to Chinese telecom gear in the trusted source. The telecom piece of equipment’s compo- among nations and within
procure and asking the vendor country, especially in 5G, has service providers will be able to nents has to come from non- nations”, saying connectivity
CORONA CRISIS
to provide details about the been loud. The government access the Trusted Telecom Chinese sources for it to be and communications have MUKESH AMBANI,
origin of the products as well has inserted a clause that coun- Portal and indicate the telecom considered trusted? For that, become the fundamental Chairman and MD, RIL
as the various components tries bordering India will be products they plan to buy, there is no clear answer. After rights of every person.
going into it. Based on this allowed to participate in public along with the vendor. all, we live in an interlinked “The digital divide must
data, the National Security procurement tenders only if The details of these ven- world,” he said. be bridged, both among not the virus, but the human
nations and within nations. spirit,” he said, adding that
This is because connectivity there has been unprece-
and communications have dented global solidarity in the

Few takers for airlines’ offers to book in advance

ANEESH PHADNIS
Mumbai, 21 June
Domestic air traffic is growing
month-on-month in June but
passengers remain wary about
booking tickets 30-60 days in
advance, say industry executives.
Advance purchase discount
offers launched by airlines in the last
week had limited traction, they
added. AirAsia India launched its
discount offer on June 12 for travel
from August 1 with fares starting at
~1,177. The offer was timed to
celebrate the airline’s seventh
anniversary in India and promote
its new website. Other airlines,
including IndiGo, followed suit
with similar offers and matching
low fares. Air India’s regional arm,
Alliance Air, launched its three-day
offer on Saturday with tickets
priced at ~999 and above.
In May-end, the civil aviation
ministry reduced the cap on
domestic airline capacity to 50 per
cent from 80 per cent and extended
fare caps till July-end.
“Daily traffic has doubled from
over a month, indicating signs of
recovery.
“Due to relaxation of
restrictions by several states and
normalisation of activities, people
are traveling back to metros like
Delhi, Mumbai and Bengaluru
from their hometowns in tier II and
III cities. Bookings from cities like
Varanasi, Darbhanga, Patna and
Gorakhpur to metros have seen a
jump of 45-50 per cent in the last
two weeks,” said Manan Bajoria,
associate vice-president (growth
and marketing), ixigo.
Also, the number of people
booking closer to date has reduced
compared to May. “The share of
bookings for travel within a week
has reduced from 85-90 per cent in
Uncertainties on Covid restrictions in various states and hassles in securing refunds for cancelled flights possible May to 70 per cent in June. Also, a
reasons for customers not booking advance tickets key indicator has been the share of
round trips, which has increased
the lows of May. We have started bookings are for travel within customers not booking advance from less than 10 per cent to more
receiving queries for group seven days,” said a senior executive tickets, another executive said. than 20 per cent. Routes around
bookings. Small travel agents, too, of a private airline. A total of 1,32,309 passengers Mumbai, Bengaluru and Delhi
have resumed operations upon Uncertainties on Covid curbs in flew in 1,245 flights on Sunday, the dominated the top sectors for flight
easing of Covid-19 restrictions. But various states and hassles in highest in June, so far. The number bookings in the last two weeks,”
average load factors are still around securing refunds for cancelled of daily departures also crossed the said Rajiv Subramanian, vice-
55 per cent and most of the flights are also possible reasons for 1,000-mark on June 11 after a gap of president of Cleartrip.com.
become the basic needs, and
also fundamental rights of
every human being on the
planet (just) as basic as food,
clothing, and shelter,” he said.
Ambani, who heads
India's youngest but the
largest telecom operator, said,
“Our Prime Minister (had)
given a call for Digital India
and I was privileged (that) our
digital services company
called Jio rolled out a 4G net-
work across the length and
breadth of the country by
2018.”
“We have always won-
dered what would we have
done without a 4G network
across India in facing the
corona crisis,” he added.
“I think that this string of
digital and physical (health-
care infrastructure) will be the
new normal,” he said. “To my
mind, it is an absolute must
for all economies to integrate,
and enhance this digital
infrastructure which has been
so very useful in the corona
crisis.” “The crisis tested the
resilience of mankind. The
world has suffered, but ulti-
mately what will triumph... is
production of vaccines as well
as the inoculation drive.
The global collaboration
was not restricted to just vac-
cines. Countries came out to
help the ones that were facing
a crisis.
“We in India will never for-
get Qatar’s friendship during
this crisis when it moved
much beyond commerce and
even used all their passenger
aircraft to get medicine and
supplies to India” during the
second wave of Covid-19
infection, he said.
“What this has shown is
that Qatar will be a small
nation in sight but it has a
very big heart,” he said.
“Because I think that trade
along with purpose, and com-
passion is the way forward.”
Ambani said the second chal-
lenge is to make sure that
economies that did not have
the benefit of stimulus sup-
port, are nursed back and
they grow.
The three-day event
kicked off with Qatar’s ruler
calling on countries to avoid
hoarding vaccines to the “det-
riment of others”.

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 .
MUMBAI | TUESDAY, 22 JUNE 2021 3
<

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 4 COMPANIES
>
MUMBAI | TUESDAY, 22 JUNE 2021 1

Stiff compliance, flash sale ban Flipkart tells court

in draft norms for e-com firms it offers lower fee
Govt proposes appointing chief compliance officer, nodal contact person mandatory for companies if sellers cut prices
SHREYA NANDI AND NEHA ALAWADHI ADITYA KALRA & ABHIRUP ROY southern state of Karnataka
New Delhi, 21 June
DOS AND DON’TS New Delhi, 21 June that he sees nothing wrong in
telling the sellers of Flipkart

T
he Centre is planning fresh
guidelines for e-commerce com-
panies, including appointment
of a chief compliance officer, giving
preference to the sale of locally pro-
duced goods, mandatory registration of
e-tailers with Department for
Promotion of Industry and Internal
Trade (DPIIT), in an attempt to tighten
the regulatory regime and make these
companies more accountable.
A slew of amendments have been
proposed under the Consumer
Protection (E-Commerce) Rules, 2020 ‘to
protect the interests of consumers and
encourage free and fair competition in
the market’, the consumer affairs min-
istry said on Monday. It has sought com-
ments from relevant stakeholders by
July 6. According to the proposed rules,
e-commerce companies will not be
allowed to organise a flash sale that
allows sale of goods or services at sig-
nificantly reduced prices and high dis-
counts. Separately, the consumer affairs
ministry clarified that conventional e-
commerce flash sales are not banned
but specific flash sales or back to back
sales which limit customer choice,
increase prices and prevent a level play-
ing field are not allowed.
The proposed rules have been
released at a time when DPIIT is also
trying to roll out a comprehensive e-
commerce policy aimed at addressing
the regulatory challenges sector. A sen-
ior government official told Business
Standard that the e-commerce policy
will be implemented by making
changes in the Foreign Direct
Investment rules, consumer protec-
tions rules as well as Information
Technology Act.
The guidelines also state that e-tail-
ers will now have to send a notification
and suggest “alternatives” before prod-
ucts are purchased by consumers to give
a fair opportunity to goods manufac-
tured in India. They will not only have
to rank goods, but also have to come up
with a framework such that the ranking
does not discriminate against domestic
goods and sellers.
Business Standard was the first to
report that the Centre might tighten the
“country of origin” norms for e-com-
+ merce players in a bid to push the sale
EVERY E-COM COMPANY WILL HAVE TO: Walmart’s Flipkart sees noth- marketplace that they will be
ing wrong in offering to cut charged a lower fee, if they
 Register itself with DPIIT if it plans to operate in India
charges for sellers on its plat- reduce their prices.
 Suggest Indian alternatives for foreign-made goods at form if they lower product Referring in particular to
pre-purchase stage prices, its lawyer told a court the Hindu festival of Diwali
 Ensure that sponsored listings are clearly identifiable on Monday, drawing protest when websites organise
from a retailer group challeng- sales, he added: "I tell my
 Ensure no logistics service provider offers differentiated ing the practice. sellers at a time like Diwali if
treatment between sellers of the same category Flipkart and Amazon are you reduce your prices, I will
 Provide adequate disclosure if engaged in cross-selling in a court battle against the give you a reduction in rent.
Competition Commission of What's wrong?"
E-COM COMPANIES CAN’T DO: India's (CCI) bid to restart an The comments drew
 Misleading consumers by manipulating search results investigation into their busi- immediate criticism from the
ness practices, after a judge Confederation of All India law for e-commerce says
 Advertise a body of sellers for subsidising a sale on its
in early June dismissed the Traders, which is party to the "entities providing (a) market-
platform companies' pleas. ongoing litigation opposing place will not directly or indi-
 Cannot share consumer information without the Both Flipkart and the e-commerce giants, say- rectly influence the sale price
consent Amazon have for years bat- ing the practices were pro- of goods or services".
tled accusations from brick- hibited under India's foreign A Reuters investigation
of locally produced goods on their plat- “By requiring e-commerce entities Taparia, founder & chairman, commu- and-mortar Indian retailers direct investment (FDI) rules. in February based on inter-
forms that could be done through to register with the DPIIT and appoint nity social media platform LocalCircles. that they bypass the foreign The comments “clearly nal Amazon documents
amendments to the Consumer a chief compliance officer, nodal officer “Looking at the proposed rules, how- investment law by favouring corroborate the view and showed the US firm has for
Protection Rules. and grievance officer who are citizens ever, from the lens of a small business some sellers and influencing complaints made by CAIT years given preferential
E-tailers cannot mislead consumers of (and resident in) India, the proposed (MSME and start-ups in the e-com- prices of products, which are time and again. FDI policy treatment to a small group
by manipulating search results on their rules seek to hold e-commerce entities merce sector) many of whom are on prohibited. The companies specifically provides that of sellers, doling out dis-
platforms. They will have to ensure that in the country accountable. At first LocalCircles, a good bit of work still say they comply with all marketplace should not counted fees and lowering
marketplaces do not use any informa- glance, it will be interesting to see how needs to be done to ensure these rules laws. influence prices”, said the platform fees for some
tion collected through its platform for practically these changes are imple- work for them, and not take away their Arguing against the Praveen Khandelwal, secre- to enable them to offer more
unfair advantage of its associated enter- mented,” Archana Tewary, partner, J competitive differentiators or make resumption of the antitrust tary general of CAIT, which competitive prices.
prises. Besides, no marketplace e-com- Sagar Associates. doing business difficult,” he added. investigation, Flipkart's represents 80 million retail Amazon has said it “does
merce entity shall sell goods or services In addition, a clause on logistics has “Every e-commerce entity shall, as counsel Harish Salve told a stores in the country. not give preferential treat-
to any person who is registered as a sell- been added: “No logistics service soon as possible, but not later than 72 two-judge Bench in the India’s foreign investment ment to any seller”. REUTERS
er on its platform. provider of a marketplace e-commerce hours of the receipt of an order, provide
Etailers engaged in cross-selling of entity shall provide differentiated treat- information under its control or provide
goods or services will have to disclose
to its users, by providing the name of
the entity providing data for cross-sell-
ment between sellers of the same cate-
gory. Provided that each logistics service
provider of a marketplace e-commerce
assistance to the government agency
which is lawfully authorised for inves-
tigative or protective or cyber security
Facebook, WhatsApp urge HC to
ing, as well as the data used for cross-
selling on the platform. Cross-selling is
a marketing practice of selling comple-
entity shall provide a disclaimer includ-
ing terms and conditions governing its
relationship with sellers on the market-
activities,” the rules said.
“Since the notification of rules in
2020, the government has received
stay CCI notice in privacy matter
mentary products to customers, thereby place e-commerce entity platform, a several representations from Facebook and WhatsApp on Monday urged “We will pass an order. The matter will be
getting them to purchase more. Selling description of any differentiated treat- aggrieved consumers, traders and the Delhi High Court (HC) to stay the listed on July 9 (the date already fixed for the
products to a consumer by “deliberate ment which it gives or might give associations complaining against Competition Commission of India (CCI) main petitions),” the Bench said.
misrepresentation” of information between sellers of the same category,” widespread cheating and unfair trade notice asking them to furnish certain infor- The case relates to the appeals of Facebook
about the goods is also not allowed. the new rules propose. practices being observed in the e- mation in relation to a probe ordered and WhatsApp against a single judge
Similar to the newly notified Amazon India, for example, has its commerce ecosystem….The rapid by it into the instant messaging app’s order dismissing their pleas against
Information Technology (Intermediary own logistics arm, and the provision growth of e-commerce platforms has new privacy policy. the probe CCI ordered into the instant
Guidelines and Digital Media Ethics seems to be aimed at ensuring such also brought into the purview the A vacation bench of Justices Anup messaging app's new privacy policy.
Code) Rules, 2021, under the IT Act, the logistics providers are not given prefer- unfair trade practices of the market- Jairam Bhambhani and Jasmeet The high court had earlier issued
Consumer Protection Rules are propos- ence over others. “LocalCircles has done place e-commerce entities engaging Singh said it will pass an order on the notices on the appeals and asked the
ing a grievance officer, a chief compli- extensive work with the Department of in manipulating search result to pro- application. Centre to respond to it.
ance officer and a 24x7 nodal officer to Consumer Affairs since 2017 to bring mote certain sellers, preferential treat- During the hearing, the Bench said In their fresh applications filed in
be appointed by e-commerce firms. out consumer-centric e-commerce ment to some sellers, indirectly oper- since it was sitting on a vacation the pending appeals, Facebook and
Compliance of these requirements has rules and is happy to see many of those ating the sellers on their platform, Bench, it did not want to delve into the merits WhatsApp sought stay on the CCI's June 4
already caused a storm between the recommendations around best before impinging the free choice of con- of the matter even as the main petitions are notice asking them to furnish certain infor-
government and social media firms dates, seller information access to con- sumers, selling goods close to expira- pending before a bench headed by the Chief mation for the purpose of inquiry conducted
operating in the country. sumer, etc., being included,” said Sachin tion etc,” the ministry said. Justice. by it. PTI

Government of Kerala

No video call, UP Police

Published Tenders from 14-06-2021 to 20-06-2021

SHORT TENDER NOTICE Kerala Public Service Commission FUNDRAISING

NIT No. APDCL/CGM(PP&D)/AIFA/DTR Metering/2021/1 dtd. 21.06.2021 Tender ID: 2021_PSC_426581_1 * Secretary * Supply of A4
Duplex Printer having network capability * Closing Date: 02- SPREE
summon Twitter MD
The Chief General Manager (PP&D), APDCL, Bijulee Bhawan, 6th Floor,
Paltan Bazar, Guwahati-781001 invites tenders for Supply, installation,
Jul-2021 * PAC: Rs700000
testing, configuration & commissioning of 3-Phase 4 Wire DLMS
Compliant LT Tri vector Meters (Category C) along with 4G AMR
Visit https ://e te nde rs .ke rala.g o v.infor more details.
~2,500-crore
plan: Adani
Ro .No :14-20/Jun/2021/PRD/(N)10
Modems for selected DTRs under APDCL. The bid document along with
all relevant information will be available for download at www.apdcl.org NEHA ALAWADHI illegal. “The legal requests
SIG/2021-22/07

and www.assamtenders.gov.in.
Sd/- Chief General Manager (PP&D), APDCL
(Regd Office PSEB Head Office, The Mall Patiala- 147001
Phone No. -0175-2207649 Email id:- se-it1@pspcl.in
New Delhi, 21 June
6th Floor, Bijulee Bhawan, Guwahati-1
Please pay your energy bill on time and help us to serve you better !
Corporate identity Number U40109PB2010SGC033813 Website: www.pspcl.in
Tender Enquiry No. 254/DIT-860/Vol-2 dated; 15.06.2021
Twitter India Managing
Director Manish Maheshwari
Deputy Chief Engineer/IT (A&PM), Ground Floor PSPCL Head Office, The Mall, patiala. has been summoned by Uttar
invites e-tender for provision of 50Mbps Leased Line Internet Bandwidth Services at Pradesh police for question-
PSPCL Head office. ing on Thursday over tweets
For detailed NIT & Tender Specification please refer to https://eproc.punjab.gov.in from
on the assault of an elderly
21.06.2021 from 05.00 PM onwards.
Note :- Corrigendum & addendum, if any will be published online at https://eproc.punjab.gov.in Muslim man in Ghaziabad.
C- 235/21 Dy.Chief Engineer/IT (A&PM), This comes hours after
76155/12/319/2021/5447 Ground Floor PSPCLHead Office, The Mall, patiala. Maheshwari had made him-
self available over a video call.
“You couldn’t remove cer-
tain tweets even after you
were asked to by authorities.
You understand Indian laws
and are bound to follow
them,” the notice said,
according to the report.
As the issue spiralled into
a major controversy, Twitter
on Monday “withheld” 50
tweets related to the video.
According to information on
the Lumen database, Twitter
received a legal request from
the Centre on June 17, seeking
action on 50 tweets.
These tweets have been
withheld and the content
could not be independently
verified. Upon clicking on the
blocked URLs listed on
Lumen database, a message
saying the tweet has been
“withheld in India in
response to a legal demand”
is displayed. According to
sources, these tweets con-
tained content related to the
said video clip.
“As explained in our
Country Withheld Policy, it
may be necessary to withhold
access to certain content in
response to a valid legal
demand or when the content
has been found to violate
local law(s),” a Twitter
spokesperson said.
The spokesperson noted
that the withholdings are lim-
ited to the specific jurisdic-
tion/country where the con-
tent is determined to be
that we receive are detailed
in the biannual Twitter
Transparency Report, and
requests to withhold content
are published on Lumen,” the
spokesperson added.
Requests received by
Twitter for withholding con-
tent are published on Lumen
database — an independent
research project studying
cease and desist letters con-
cerning online content.
The Ghaziabad Police
have booked Twitter and six
persons for circulating a
video that claimed to have
the elderly Muslim man say-
ing he was allegedly thrashed
and asked to chant “Jai Shri
Ram”. Police said this was
done to create communal
unrest. The Ghaziabad Police
said the assault was a person-
al dispute but was being
painted as a communal issue
on Twitter. Some media plat-
forms and journalists were
also named in the complaint.
Maheshwari had been
summoned last week for
questioning by UP Police.
With inputs from PTI
Transmission
seeks nod
Adani Transmission will
seek shareholders’ nod to
raise up to ~2,500 crore in
one or more tranches
through the issuance of
equity shares, securities,
debentures etc in its AGM
on July 13. The firm propos-
es to have flexibility to
infuse additional capital, to
tap the capital markets and
raise additional long-term
resources. PTI
Dish TV set to
raise ~1,000 cr
via rights issue
Direct-to-home company
Dish TV India Ltd on
Monday said its board has
approved raising up to
~1,000 crore through a rights
issue in one or more tranch-
es. The board of the firm in
a meeting held on Monday
"approved the fundraising of

Maruti to hike prices in

up to ~1,000 crores through
rights issue of equity
shares", the Essel Group
firm said. PTI

Q2, third increase this CY Progcap raises

PRESS TRUST OF INDIA
New Delhi, 21 June
The country's largest carmak-
er Maruti Suzuki India (MSI)
on Monday said it will
increase prices of its entire
product portfolio in the sec-
ond quarter of the current fis-
cal due to rise in prices of var-
ious essential commodities,
including steel. This will be
the third hike in 2021.
The auto major, which has
already taken a price increase
in April this financial year, not-
ed that the price of steel and
various precious metals has
gone up considerably prompt-
ing the company to pass on
some of the impact to the cus-
tomers. "The prices of steel
and precious metals like
Rhodium and Palladium
have gone up substantially. In
April we passed on a part of
the increased input costs to
consumers thinking that the
prices of these essential com-
modities will come down
eventually. But that has not
happened and as a last resort
we are doing it to safeguard
the company's financial
health,” MSI Executive
Director (Sales and
Marketing) Shashank
Srivastava told PTI.
He noted that the price of
steel has gone up from ~38
per kg to ~68 per kg while that
of Rhodium has gone up
from ~19,000 per gram to
about ~66,000 per gram thus
impacting the production
cost.
$25 million in
Series B round
Retailer-focused financing
start-up Progcap has raised
$25 million as part of its
Series B investment round
led by Tiger Global and exist-
ing investor, Sequoia Capital
India. In 2019, it had raised
$5 million in a Series A
round. The firm will deploy
the funds to enhance its serv-
ices and expand the brand's
presence across existing
geographies. The firm will
also use the capital to scale
up the team. BS REPORTER

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 .
MUMBAI | TUESDAY, 22 JUNE 2021
(Regd Office PSEB Head Office, The Mall Patiala- 147001
Corporate identity Number U40109PB2010SGC033813
Website: wwwpspcl.in Mobile No 96461-07205
E-Tender Enq.No.330/P-1/EMPW-11720 dated; 15.06.2021
Dy.Chief Engineer/Headquarter (Procurement Cell-1) GGSSTP, Roopnagar invites E-
Tender ID No. 2021_POWER_67128_1 for the work of Stopping of water leakage from
underground reinforced concrete four barrel duct of unit III & IV having 6 Mtr x 6 Mtr cross
section and designed discharged of 24000 MT per hour at pressure of 1.75 kg/cm2, with
pressure grouting with polyurethane or any other suitable chemical in face of perfuse
leakage of water at multiple points at GGSSTP, Rupnagar.
For detailed NIT & Tender Specification please refer to
https://eproc.punjab.gov/in from 17.06.2021 from 05.00 PM onwards.
Note :- Corrigendum & addendum, if any will be published online at https://eproc.punjab.gov.in
Dy.Chief Engineer/Headquarter
76155/12/318/2021/5446 RTP- 24/21 (Procurement Cell-1) GGSSTP, Roopnagar
INNOVATING, CHALLENGING, CHANGING &
ADDING VALUE TO CUSTOMERS’ LIVES
F
or a brand, which was known to be the pi-
oneers in creating memories by captur-
ing some of the most beautiful and per-
sonal moments, helping them be etched
inourmemoriesforever,Fujifilmhasmade
some remarkable and transformative contributions
to some of the most critical and life-changing as-
pects of everyday lives. Preserving experiences
and emotions more than ever before, Fujifilm has
always worked with a single point focus on‘Never
Stop’in its endeavour to bring the best of modern-
day technology.The brand is relentlessly working
to advance imaging technology with the intent to
bring more richness and color to everyday life.
Intending to provide consumers and commu-
nities with technologically advanced and Stylish
Lifestyle imaging products to address their needs
and lifestyle, Fujifilm’s legacy and future innova-
tion in Imaging solutions are helping it realize‘Val-
ue From Innovation’while creating a‘sustainable
society’.
THE INNOVATORS OF HEALTHCARE-
NEVERSTOP –INNOVATING FOR
HEALTHIER WORLD
The medical imaging aspect of the tech-driven
healthcare industry is rapidly proliferating. From
earlydetectiontoimplementingtargetedadvanced
treatments, the usage of imaging has been ex-
ploding, crossing realms of diagnostics to effec-
tively and impactfully contribute to prevention and
therapy.Technology and related innovation have
also significantly contributed to lowering costs in
healthcare.
Fujifilm has a rich legacy of innovation in health-
care and continues to invest in preventive health-
care technology through its diversified range of
products and solutions. Leveraging the latest ad-
vancements led by AI and IoT, Fujifilm has been at
the centre of creating an ecosystem driving pre-
cise, intelligent, and accessible solutions oriented
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FUJIFILM WILL NEVER STOP
PROPOSITION: With its ‘leading-edge’ innovative technologies, Fujifilm is creating global products
and services that cater to the imaging requirements of individuals and enterprises, while positively
contributing to the health of the environment and its ecosystem
towards efficient and better outcomes.With its cut-
ting-edge innovation in products like digital radi-
ography, endoscopy, ultrasound, and healthcare
IT, Fujifilm has been relentlessly focused on revo-
lutionizing the medical imaging ecosystem.Cater-
ing to the earned trust of demanding medical and
imaging professionals, Fujifilm has always strived
to maintain the highest standards of quality and
continuously pursue technological innovation.
Speaking about the campaign, KojiWada, Gener-
al Manager, Medical Division, Fujifilm India says -
“Fujifilm India has always
been at the forefront of
healthcare innovation. For
us, it has been about cele-
brating the‘Never Stop’spir-
it of people and inspiring
them to learn the possibili-
tiesthatgoodcarecanbring.
We are aiming at shaping
thefutureofhealthcareinIn-
dia with our leading technologies, equipment’s and
solutions.This year, we are showcasing the ways
in which we help touch the lives of people through
thesetechnologiestoleadhealthierandbetterlives.”
NEVER STOP
CREATING MEMORIES
The new film titled, ‘Never Stop creating memo-
ries’ highlights the joy of making memories amidst
the hustle-bustle of everyday life.The campaign,
through its engaging emotions tries to spread the
message of being in the moment, capturing that
memory and creating shared experiences of cul-
ture, tribe and belongingness. With this campaign
Fujifilm wants to delve deep into the everlasting
motif of how photography washes away the dust
of everyday life. In today’s ever-changing world,
people tend to overlook the daily mundane life
and it passes by in jiffy.Through this campaign,
Fujifilm tends to spread the message of being lost
in the moment yet capturing that memory to pre-
serve it for the stories that make us humans.
“NEVER STOP” brand series, innovation and
creativity has always been
part of Fujifilm’s thought
process and it reflects in
our campaigns.As a brand,
we deeply resonate with
the motto of ‘Never Stop’
because we have con-
stantly been showcasing
our unwavering commit-
ment of introducing inno-
vative products and services to the Indian mar-
5 <
BIRLA CAPITLA AND FINANCIAL SERVICES LIMITED
CIN:L51900MH1985PLC036156
Regd Off.: Industry House, 159 Churchgate Reclamation, Mumbai-400020
Tel.:022 22026340, E-mail:info@birlainternational.net
NOTICE
Notice is hereby given pursuant to Regulation 29 and 47 (1) (a) of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 that a meeting of the Board
of Directors of Birla Capital and Financial Services Limited, will be held on Wednesday,
30th June, 2021, at 23, Birla Mansion No. 2, 1st Floor, D.D Sathe Marg, Prathana Samaj,
Mumbai – 400 004 to approve & take on record, inter alia the Audited Financial Results of
the Company for the quarter and year ended 31st March, 2021.
The said intimation will be available on the website of the Company at www.birlacaps.
com as well as on the website of BSE Ltd at www.bseindia.com.
For Birla Capital and Financial Services Limited
Minal Pote
Date: 21.06.2021 Director
Place: Mumbai DIN:07163539
— Advertorial
ket across sectors.The idea behind this initiative
was to break the usual clutter of mundane daily
lives and cherish and grasp the moments in be-
tween.Through this campaign, we want to inspire
people to grab their Fujifilm cameras and show-
case not only their creative expression but also
preserve memories that lasts forever.” – says
Masaki Zenko, Japanese Advisor, Instax division
and Senior Manager, Photo Imaging division,
Fujifilm India.
FUJIFILM – THE ‘NEVER
STOP’-ING MASTERs
India has emerged as a hotbed for Fujifilm from a
business-market as-well-as innovation standpoint
delivering stupendous growth.The idea behind
‘Never Stop’was to beam focus on Fujifilm’s lega-
cy and expertise in the global imaging industry
and highlight the relentless drive to make inno-
T o raise awareness of the diversification
of Fujifilm's business portfolio to a wide
audience and our determination to NEVER
vation, a bedrock to our growth and unwavering STOP taking on challenges to contribute to
commitment to the industry and the country.The the resolution of societal issues, we
campaign per-se is aimed at building resonance launched our NEVER STOP global branding
and connection with our consumers at-large and campaign in 2018. In our current campaign,
showcases our promise of introducing innovative we are promoting awareness that Fujifilm is
products and services and our belief in innova- now actively engaged and creating new
tion. value in a wide array of Medical business
Like every successful organization, human
wealth forms the foundation of the‘Never Stop’vi-
fields along with our Photography business.
The NEVER STOP tagline also conveys our
sion. Creating a dynamic and conducive envi- strong determination to communicate to a
ronment to help every individual maximize their
global audience that Fujifilm will 'NEVER
capabilities has been at the core of Fujifilm’sWay
STOP' working until all resolvable issues
of functioning, i.e., Fujifilm Mind and Method way
have been eradicated.”
of analysing the information, circumstances, and
– HARUTO IWATA,
situations and then setting out to achieve the goals
Managing Director, Fujifilm India
with a definitive method in mind.
 6 ECONOMY & PUBLIC AFFAIRS
>
MUMBAI | TUESDAY, 22 JUNE 2021 1

IN BRIEF
India receives $64 bn FDI in ’20, DoT may not ask Trai Diesel tops ~100/litre
5th largest recipient of inflows
India received $64 billion in Foreign Direct
Investment in 2020, the fifth largest for 5G price revision in Odisha, Rajasthan
recipient of inflows in the world, according TWESH MISHRA
to a UN report which said the second wave New Delhi, 21 June
in the country weighs heavily on the
country's overall economic activities but its
MEGHA MANCHANDA
New Delhi, 21 June
SPECTRUM AUCTION cent of the spectrum by
quantity and 19 per cent The price of diesel has crossed
strong fundamentals provide “optimism” by value were sold. the ~100/litre-mark in some

T
for the medium term. The World Investment Report 2021 by the UN he Department of | The DoT will seek views on Nearly 65 per cent of the parts of the country on the
Conference on Trade and Development (UNCTAD) said global FDI Telecommunications the price discovery of the 800-MHz spectrum on back of global cues and sus-
flows have been severely hit by the pandemic and they plunged by (DoT) will soon seek milimetre waves or the 2,600- offer and 89 per cent of tained high levels of state and
35 per cent in 2020 to $1 trillion from $1.5 trillion the previous year. suggestions from the 2,800-megahertz band the airwaves offered in central taxation.
Lockdowns caused by Covid-19 around the world slowed down Telecom Regulatory the 2,300-Mhz band Rajasthan’s Sri
existing investment projects, and prospects of a recession led Authority of India (Trai) on
| The 5G auction will include were sold. Ganganagar and
multinational enterprises to reassess new projects. The report said 5G spectrum auctions. 3,300 MHz to 3,600 MHz bands, Both 2,500 MHz and Hanumangarh, and Odisha’s
in India, FDI increased 27 per cent to $64 billion in 2020 from $51 The department will also along with milimetre waves 700 MHz — premium Koraput, Nabarangapur, and
billion in 2019, pushed up by acquisitions in the information and seek views on the price dis- | The base price for the 5G spectrum — went unsold. Malkangiri were some of the
communication technology industry, making the country the fifth covery of the milimetre spectrum is around ~3.63 trn The industry had districts in the country where STATES WITH MOST COSTLY DIESEL
largest FDI recipient in the world. The pandemic boosted demand waves or the 2,600-2,800- opposed the steep reserve diesel sold above ~100 a litre (MONDAY PRICES)
for digital infrastructure and services globally. This led to higher megahertz (MHz) band. | DoT officials say the price recommended by on Monday, while in Madhya State State levies on diesel Highest price in state
values of greenfield FDI project announcements targeting the ICT These airwaves are better government would not seek Trai in certain bands. Pradesh’s Anupur, the rate
industry, rising by more than 22 per cent to $81 billion. PTI suited to higher latency. any price cut and it would be up In August 2018, the was ~99 a litre. Rajasthan 26% VAT+ ~1750/KL road ~100.53/ litre
The 5G auction will to the regulator to decide regulator came out with Diesel is expensive in these development cess
include 3,300 MHz to 3,600 | The recent round of auction — its recommendations on states as they levy the highest Odisha 28% VAT ~100.78/ litre
Amarnath Yatra FinMin, Infy meet on MHz bands, along with also the shortest in a decade — spectrum pricing, where- rates of Value Added Tax
Madhya Pradesh 23% VAT+ ~3/litre VAT+1% Cess ~99.33/ litre
cancelled for the glitches in new I-T milimetre waves. The base
saw Reliance Jio snap up over in it reduced the base (VAT) alongside cesses on auto
price for the 5G spectrum is price of frequencies that fuels in the country. The price
2nd year in a row portal on Tuesday around ~3.63 trillion.
50 per cent of airwaves on offer. went unsold in the 2016 is even higher in these cities STATES/UTs WITH CHEAPEST DIESEL
The company paid ~57,122.65
In the wake of the Covid Two weeks since the much When asked whether the
crore — 60 per cent
auction. because of added freight costs, (MONDAY PRICES)
pandemic, the Jammu and talked about new income tax department would seek The reserve price for incurred in transporting
of this amount State State levies on diesel Highest price in state
Kashmir administration has return filing portal was lau- reduction in the base price of the premium 700-MHz diesel, that are also borne by
decided that the annual nched, glitches continue to mar airwaves that went unsold in was spent on spectrum, which went consumers. Andaman and 6% VAT
Amarnath Yatra will be kept the site, an issue finance the previous auctions, offi- buying the unsold in 2016, was States such as Andaman ~82.07/litre
Nicobar Islands
symbolic, Lieutenant ministry officials will take up in cials at DoT confirmed that 800-MHz band reduced by more than 40 and Nicobar Islands,
Governor Manoj Sinha said on a meeting with Infosys — the the government would not per cent to ~6,568 crore Arunachal Pradesh, and Arunachal Pradesh 12.5% VAT ~89.30/litre
Monday. He also directed vendor which provided the IT seek any price cut and it per MHz all-India, from Meghalaya, where diesel is the
Meghalaya 12% or ~9.00/Litre-
officials to make arrangem- solution — at a meeting on would be up to the regulator ~11,485 crore in 2016. cheapest have low VAT rates ~87.51/litre
ents so that devotees can Tuesday. Stakeholders have to decide. "We should be able The band, however, ranging less than 13 per cent. whichever is higher*
virtually attend the morning submitted written inputs hig- to send our proposal to Trai went unsold in the In addition to the state (~0.10/Litre pollution surcharge)
and evening ‘aartis' at the hlighting the issues as well as very soon. We are ready," recently concluded levies, the Centre imposed a
Himalayan cave shrine. PTI areas that need to be fixed. PTI confirmed an official.
The recent round of auction
auctions as well. Trai
recommended a
basic excise duty of ~1.80/litre,
special additional excise duty
PRICE OF DIESEL HAS RISEN BY OVER
— also the shortest in a decade — base price of of ~8/litre, agriculture infra- ~14 A LITRE IN 2021 SO FAR
Bank credit grows by 5.7%; saw Reliance Jio snap up more than
50 per cent of airwaves on offer. The
~4,651 crore for
paired spec-
structure and development
cess of ~4 per litre and addi-
Price of diesel in Delhi
January 1 March 1 May 1
deposits by 9.7%, says RBI company paid ~57,122.65 crore — 60 per
cent of this amount was spent on buying the
trum in the 800-
MHz band covering 19
tional excise duty (road and
infrastructure cess) of ~18 a
~73.87/litre ~81.47/ litre ~80.73/litre ~87.97/ litre
Bank credit grew by 5.74 per cent to ~108.43 trillion and deposits 800-MHz band. circles, ~1,622 crore per litre. The correspondingly February 1 April 1 June 1 June 21
rose by 9.73 per cent to ~153.13 trillion in the fortnight ended June 4, The entire spectrum offered by the gov- MHz for the 900-MHz band high state levies are largely on ~76.48/ litre ~80.87/ litre ~85.38/litre
the RBI data showed. Bank advances stood at ~102.55 trillion and ernment was sold at the base price. covering seven circles, ~3,399 crore per MHz account of the tweaking of Source: Petroleum Planning and Analysis Cell
deposits at ~139.55 trillion in the fortnight ended June 5, 2020, Bharti Airtel bought ~18,698.75 crore worth in the 2,100-MHz band covering 21 circles, central levies to increase the
according to RBI's Scheduled Banks' Statement of Position in India of spectrum; the bulk of its purchase was in and ~821 crore per MHz in the 2,500-MHz take of the central government does not share it with states. off and Brent (the most popu-
as of June 4, 2021, released on Monday. In the previous fortnight the 2,300-MHz band. Vodafone Idea spent band covering 12 circles. at the cost of the states. This puts the states, espe- lar marker for crude oil prices)
ended May 21, bank credit had grown at 5.98 per cent and deposits ~574 crore at the auction. It also suggested ~960 crore per MHz for For most of 2016-17, some cially those that are not on is well above $70 a barrel now.
at 9.66 per cent. In FY2020-21, bank credit had grown by 5.56 per Of the total available spectrum of 2,308 unpaired spectrum in the 2,300-MHz band 56 per cent of the excise duty favourable terms with the cen- This is due to a strong glob-
cent and deposits by 11.4 per cent. PTI MHz, 855.6 MHz was sold. A total of 37 per on a pan-Indian basis. on auto fuels was levied as tral government, in a position al drive towards vaccination
cess. This is revenue from where they need to maintain and expectations of a demand
excise collections which the higher levels of state levies. recovery as lockdowns ease
Centre retained. The rest of The Centre had hiked around the world. In Delhi, the

SBI to raise up to ~14,000 cr via AT1 bonds
ABHIJIT LELE
Mumbai, 21 June
+ State Bank of India (SBI) plans to raise
up to ~14,000 crore in capital through
additional tier I bonds (AT1 bonds) in
the current financial year (FY22) to
enhance its capital adequacy profile.
The Central Board accorded
approval for raising capital by way of
issuance of Basel lll-compliant debt
instrument in rupee and/or US dollar
in FY22, the bank said in a filing with
the BSE. Its stock closed 1.64 per cent
higher at ~419.55 per share on the BSE.
An SBI executive said this is
enabling provision and the actual
issuance will depend on the market
conditions and credit growth in the sys-
tem. The fundraising is subject to con-
currence with the government of India,
its promoter, which held 57.63 per cent
stake as of March 31, 2021.
Its capital adequacy ratio (CAR)
fuel revenues went to the kitty,
which was shared with states.
But in 2020-21, less than 10
per cent of excise taxes went
these duties when global
crude oil and benchmark
petrol and diesel prices were
at lows. The fall in internation-
price of diesel has risen from
~73.87 a litre on January 1, 2021
to ~87.97 a litre on Monday
(June 21). This rise of over ~14
to that kitty. In other words, al prices was due to a demand a litre has a cascading effect
Banks likely to see lower gains on bond book in FY22 the Centre now keeps much
more of the tax collected on
slump in light of the Covid-19
pandemic. But that pessimism
on all other commodities since
it pushes up freight costs
Public-sector banks years of losses, supported Notably, the trading cuts and abundant liquidi- auto fuels solely for itself, and seems to have been shrugged through truck rentals.
(PSBs), which reaped by windfall treasury gains. gains of PSBs in FY21 ty, the daily average for the
windfall treasury gains in PSBs booked profits of exceeded the capital infu- benchmark 10-year govern-
FY21, are likely to see ~31,600 crore from this sion of ~20,000 crore ment security declined
much lower benefits from
the bond portfolio in FY22
due to limited headroom
source (bond book) com-
pared to overall profit before
tax of ~45,900 crore in FY21.
received from the govern-
ment. The pandemic result-
ed in windfall gains for
from 6.42 per cent in Q4
FY2020 to 6 per cent in Q1
FY21 and further to 5.93 per
Transmission charges waiver for
for yields to decline fur-
ther, according to ICRA.
The rating agency said
They recorded high
gains on the back of high
statutory liquidity ratio
PSBs with trading profits on
their bond portfolios rising
sharply after the steep cut
cent in Q2 FY21 and 5.90 per
cent in Q3 FY21 before ris-
ing to 6.06 per cent in Q4
green projects extended till 2025
PSBs reported net profit in (SLR) holdings compared to in policy rates by the RBI in FY21. SHREYA JAI with solar and wind. be allowed for pump hydro
FY21 after five consecutive those of private banks. March 2020. With the rate ABHIJIT LELE New Delhi, 21 June The power ministry said: and battery storage projects
“Extension of the waiver of as well if 70 per cent of the
stood at 13.74 per cent as of March-end Being a systemically important sidiaries like general insurance and In a major relief to the renew- inter-state transmission sys- electricity produced from
2021, up from 13.06 per cent in March financial institution, the bank has to asset management units through their able energy project develop- tem (ISTS) charges on trans- these units is generated from
2020. Its common equity tier I (CETI) maintain a higher level of CAR than its listing to raise resources. ers, the Union ministry of mission of electricity from solar and wind sources. ISTS
was 10.02 per cent in March 2021, high- peers. With CETI level higher than reg- As and when external capital is power extended the exemp- solar and wind sources of charges would be levied grad-
er than the regulatory requirement of ulatory requirements, SBI is not look- required, it would approach the board tion on transmission charges projects to be commissioned ually on pump hydro and bat-
7.97 per cent. Its AT1 level was 1.42 per ing at raising equity capital for now. and shareholders for requisite till 2025. The waiver also now up to June 30, 2025.” tery storage projects. It would
cent in March 2021, up from 1.23 per Besides retained earnings, the bank has approvals to raise resources from the includes battery storage, The order further said the be aligned with the reduction
cent in March 2020. an option to monetise stake in sub- market. pump hydro projects along waiver of charges would also in tariff and payment of debt.

~6,322-cr steel PLI RECOVERY TRACKER

scheme may get Workplace visits rise to April-end levels

Cabinet nod soon
SHREYA NANDI
New Delhi, 21 June
The Union Cabinet is likely to
approve soon a ~6,322-crore
Production-Linked Incentive
(PLI) scheme to boost domes-
tic manufacturing of special-
ity steel and attract more
investments, government
officials said.
The scheme will offer an
incentive of 4-15 per cent to eli-
gible companies on incremen-
tal production, conditional on
minimum investment for spe-
ciality steel manufactured in
India and covered under the
PLI scheme. The scheme will
be implemented over 2023-24
to 2029-30, an official said,
adding there would be a cap
on maximum incentive paid
to each beneficiary. The base
year will be 2019-20. The
scheme will cover five broad
categories of steel products —
coated steel products, high
strength steel, speciality rails,
steel wires and electrical steel.
“As far as eligibility is con-
cerned, applications of end-to-
end manufacturers and joint
ventures will be considered.
There has to be 20 per cent val-
ue addition by third parties
and priority will be given to
front-loaded investments.”
A PLI scheme in specialty
steel is expected to boost man-
ufacturing capabilities for val-
ue-added steel, increasing
exports. Implementation of
such a scheme is crucial as cur-
Govt notifies PLI
for promoting
manufacturing
of ACC batteries
PLI for manufacturing
advanced chemistry cell
batteries will be offered
only to those firms that
have been allocated the
production capacity under
the national programme
on ACC battery storage
through a transparent
mechanism. According to
a notification issued by the
Department of Heavy
Industry, the incentives
will not be offered to
conventional battery pack
segment of the industry as
such manufacturing
activities are already hap-
pening in the country. PTI
rently, specialty steel is used
by most developed nations,
with India being primarily
import-dependent. Even as
India is the world’s second
largest steel producer as well
as a net exporter of finished
steel, the average value of out-
bound shipment is significant-
ly lower than imports, which
are mainly high grade and spe-
ciality steel products.
While the final norms are
being prepared by the steel
ministry, the official said a
Cabinet note has already been
sent to the PMO Office.
Retail & recreation
visits at nearly 60%
of normal times
SACHIN P MAMPATTA & KRISHNA KANT
Mumbai, 21 June
Workplace visits are at nearly 70 per
cent of what was seen during times
of normalcy. Other indicators like
traffic and emissions also show
signs of increased activity.
The number of daily confirmed
Covid cases varied between 50,000
and 70,000 for the week ending
Sunday, compared to a peak of over
400,000 cases in May.
People are stepping out of their
homes more as restrictions and
lockdowns across the country ease.
Visits to parks, transit stations and
essential shopping have all seen a
rise, according to mobility data
from search engine Google. The
numbers are based on anonymised
location data. It is released with a
lag and the latest is as of June 16
(see chart 1). All other data is as of
Sunday, June 20.
The lifting of restrictions has
also seen a consequent increase in
traffic on the roads. Traffic has been
climbing since mid-May. Traffic
congestion is now more than 50 per
cent of normal times in both
Mumbai and New Delhi, show
numbers from global location tech-
nology firm TomTom International
(see chart 2). Business Standard also
tracks emissions of nitrogen diox-
ide, a pollutant that comes from
industrial activity and vehicles.
Both Mumbai and Delhi have seen
a rise in emissions relative to levels
seen earlier. These levels are,
though, still lower than what was
seen in 2019 (see charts 3, 4).
1. SURGE IN MOBILITY AS LOCKDOWNS EASE 6: FREIGHT NUMBERS
HIGHER THAN IN 2020
The demand for power, howev- Change vs last year (%)
er, seems to be flagging after two
Freight
weeks of revival. The electricity gen-
eration last was down around 5 per loading 14.1
cent compared to the same week (quantity)
two years ago in 2019. The weekly
generation was up 4 per cent on
average last week over 2020, down
Freight
earnings
from 11 per cent year-on-year Note: Latest update is as of June 16, based on the location data as processed by the company. The percentage (value) 20.4
growth in the previous week. The change is compared to a baseline value for the same day of the week, calculated on a median basis during the 5-
week period Jan 3–Feb 6, 2020. The chart shows a seven-day rolling average of visits to each category. Residential
softening in power demand could, data refers to change in time spent at home. Note: For seven days ending Sunday, June 20
however, be attributed to the timely Source: Google LLC "Google COVID-19 Community Mobility Reports", Our World In Data Source: Indian Railways
onset of monsoon and its fast
spread in major parts of the country
rather than a general decline in eco-
2.TRAFFIC CONGESTION UP FOR 5TH WEEK 3. MUMBAI EMISSIONS HIGHER THAN 2020
(% difference in weekly congestion level from 2019)
nomic activity. We will have to wait
a few weeks before ascertaining the
reason (see chart 5).
The Indian Railways, mean-
while, is carrying more goods than
in 2020. The national lockdown last
year created a low base for this
year’s numbers. This appears to be
wearing off gradually. The latest
week’s year-on-year growth in
goods carried is 14.1 per cent com- Note: Based on average NO2 levels across stations where data is available. Entries saying
Note: Shows change based on weighted averages derived from hourly data. Each none are marked as zero. Levels are measured in micrograms per cubic metre of air.
pared to 30.1 per cent last year. The week starts on Monday and ends on Sunday. Source: TomTom International Source: Central Pollution Control Board, associated agencies
earnings from the goods carried is
up 20.4 per cent compared to 41.5
per cent in the previous year (see 4. DELHI EMISSIONS SHOW SIGNS OF ACTIVITIES 5. POWER DEMAND SLOWS DOWN
chart 6). The national lockdown last
year began to ease in June.
Business Standard tracks these
indicators as a means of getting a
current sense of how the economy
is doing. Official macroeconomic
numbers are usually released with
a lag.
Analysts globally have been
tracking similar indicators to get an
idea of how economies of various Note: Based on average NO2 levels across stations where data available. Entries
saying none are marked as zero. Levels are measured in micrograms per cubic
countries are responding to lock- metre of air. Chart title refer to change in seven-day rolling average terms. Note: Power generation based on reporting day data (million units, seven-day
Source: Central Pollution Control Board, associated agencies rolling average) Source: National Load Despatch Centre
downs imposed to control the
Covid-19 pandemic.

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 .
MUMBAI | TUESDAY, 22 JUNE 2021 TAKE TWO 7 <

PMC Bank gets some Mobility is not enough

ON SENTIMENTS

cooperative support
The takeover of this bankrupt urban cooperative bank ~100 crore to set up a board
by the Centrum-BharatPe combine marks the first for management with the
board of directors carrying
instance of NBFCs, high-net worth individuals and out the due diligence for their
appointment.
fintechs being allowed entry in this space What of the broad contours
of the interest for PMC Bank?
other people were there selling not even show this kind of
their wares. Obviously, the sell- improvement. The Consumer
ers arrived before the buyers Sentiments Index had gained
trooped in. The busy bazaars are by a handsome 4.8 per cent in
probably a spontaneous the week ended June 6. This
progress of monsoon or anno-
uncement of minimum sup-
port prices for the kharif crop.
Perhaps, it may not be wise
to assume that consumers are
response to a relaxation on was entirely because of an 8.8 back to swipe their accounts.
mobility to satiate the immedi- per cent increase in the rural
ate needs of households and consumer sentiment index. In
In the week ended June 20,
only 2 per cent of the house-
individuals. It is unlikely that the following two weeks, end-
these crowds reflect resurgence ing June 13 and June 20, the
holds said that this was a good
time to buy consumer
MAHESH VYAS of any aggressive consumer rural consumer sentiments durables. It hasn’t been so bad
buying. Reportedly, malls were index fell by 0.4 per cent and in the past year, since June

A
RAGHU MOHAN The suitors are to infuse ~1,800 s Covid cases declined less busy than bazaars. 4.2 per cent, respectively. The 2020. Besides, in June 2021,
Mumbai, 21 June crore capital. This is six times over the past couple of It is possible that the mobil- urban consumer sentiment there was a sharp increase in
the minimum capital required weeks and mobility ity indices have moved because index fell continuously for four the proportion of households

I
t’s unlikely you will come
across a banker like Jaspal
Singh Bindra. He has worn
many turbans: A standout cor-
porate banker who went on to
head Standard Chartered Bank’s
India franchise; later, he became
group executive director and
chief executive officer for Asia
Pacific. As an entrepreneur, he
picked up a 20 per cent stake in
the Mumbai-based Centrum
Group in 2016. His latest avatar
is as turnaround artiste for PMC
Bank (Punjab and Maharashtra
Co-operative Bank), which
went bankrupt after over-expo-
sure to a single real estate com-
pany came to light in 2019. Ask
him what he did on hearing of
the central bank’s approval:
“Nothing out of the ordinary. I
informed my senior colleagues
of it,” he deadpanned.
Bindra’s partner in the foray
is an outsider to the world of
high-finance: Ashneer Grover,
co-founder and boss of
BharatPe, the New Delhi-based
fintech with a valuation of
$900-odd million. He is more
effusive. In the run-up to the
official announcement, Grover
— now holidaying in the
United States — told this
writer: “The point is: Will both
Sachin Bansal (of Flipkart
fame) and Ashneer Grover —
both from IIT Delhi, though 17
years apart — bag a bank?”
Bansal’s Chaitanya India Fin
Credit is an applicant for a uni-
versal banking licence. Grover
is ahead of Bansal on banking
ambitions. News of the deal
must have been an antidote for
Grover after he could not make
it to the World Test champi-
+ onship now on at Southa-
mpton’s Rose Bowl owing to
pandemic-related travel restric-
tions. BharatPe is a sponsor of
ICC’s events.
PMC Bank is new territory
not only for Bindra and Grover
but also for the Reserve Bank
of India (RBI). For the route to
pick up the pieces after PMC
Bank fell apart is unique.
This takeover marks the
first instance of a new set of
players — non-banking finan-
cial companies, high-net
worth individuals and fintechs
— being allowed entry into the
urban-cooperative bank (UCB)
Ashneer Grover
Jaspal Singh Bindra
space. This comes even as the
banking regulator is chiselling
a new regime after its Internal
Working Group’s (IWG) report
made a case for corporate
ownership of banks.
There is a nuance here as
well. It’s not that the Centrum-
BharatPe combine is “taking
over PMC Bank” in the stan-
dard sense of the term. The
RBI has only granted an “in-
principle” approval to
Centrum Financial Services
and BharatPe to set up a small
finance bank (SFB) under its
“on-tap” route. This has been
accorded following Centrum’s
offer of February 1, 2021, in
response to PMC Bank’s
November notification invit-
ing “Expressions of Interest”.
Both the central bank and
North Block still have to iron
out the finer aspects of the
amalgamation of the belea-
guered bank with the new SFB
Banking on
reform
 First instance of a new set of
players being allowed entry
into the urban cooperative
bank space
 The RBI is working on a new
regime after its internal
working group’s report
made a case for corporate
ownership of banks
 Brings into relief the 2015
R Gandhi Committee’s view
that a threshold of ~20,000
crore can be considered for
voluntary conversion of
multi-state urban cooperative
banks into commercial banks
 PMC Bank will be rebranded;
and a new CEO from Centrum
will take charge
licence holder. Of course, this
is not to suggest that PMC
Bank will slip out of the grasp
of Centrum-BharatPe.
It has also brought into
relief the 2015 R Gandhi
Committee view that a busi-
ness size of ~20,000 crore can
be considered as threshold for
the voluntary conversion of
multi-state UCBs into com-
mercial banks — to ensure
uniform regulation. Whether
building upon the broad
theme set by the committee
or owing to the blowout at
PMC Bank, the RBI in 2019
brought UCBs with assets of
~500 crore and above under
the Central Repository of
Information on Large Credits
reporting framework. These
banks were also brought
under the ambit of the prompt
corrective action (PCA) archi-
tecture. It was made manda-
tory for UCBs with deposits of
for new SFBs set at ~300 crore. restrictions were relaxed, con- of the relaxations. Labour par- weeks between May 23 and saying that this was a worse
It signals that investors will not sequently across the country ticipation rates (LPRs) have June 13. It stagnated in the time to buy consumer dura-
get an easy pass to take over reports streamed in of people improved. But, we do not see week of June 20. bles. This proportion shot up
weak banks — whatever their thronging bazaars. Pictures and the needle move for And so, while from 53.5 per cent in the week
hues. It’s just incidental that in stories in the media suggested consumer senti- the bazaars seemed ended June 6 to 61.5 per cent
the case of PMC Bank, the high- that people had thrown caution ments, yet. Relaxati- It seems unlikely abuzz in early to in the week ended June 20.
er levels of capitalisation is not to the winds as there was no ons began early in that pent-up mid-June, con- It is possible, therefore, that
to only clear the mess within, apparent physical distancing June but gained demand will pull sumer sentiments those crowds in the bazaars will
but pencils in the impact of and adequate masking. AIIMS traction essentially the economy out were falling at the thin out. If they do indeed thin
Covid-19 on its financials. The Director Randeep Guleria in the second week. from the second same time. Senti- out, they may reduce the prob-
distribution of moratorium warned of the possibility of a As a result, labour wave like it did ments had declined ability of a third wave. Even if
sought by micro, small and third wave in six to eight weeks participation began in the first in April and May as they don’t thin out, according
medium enterprises indicates if we do not adopt “Covid- improving in the well. They fell 3.8 to the CPHS data, it is unlikely
that UCBs bore the brunt of the appropriate behaviour”. first week of June and has con- per cent in April and a massive that they are going to spend
pandemic-induced lockdown, Why do people throng tinued to do so in the second 10.8 per cent in May. They seem aggressively. This would be the
though this was also true of
SFBs in the case of individual
bazaars and other public places
even when authorities warn of
and third weeks as well. to continue their slide into June
The LPR improved from 39 as well in spite of the relaxations
worst scenario where the
chances of a third wave rise but
loans — a fact the RBI high- a possible third wave in a few per cent as of the week ended to restrictions on movement. the spending does not.
lighted in its Report on Trend weeks? If we believe that peo- May 30, 2021 to 39.2 per cent in That fall of June is not evident Mobility through relaxed
and Progress of Banking in ple are generally rational in the week ended June 6. It in the numbers, yet. The 30- restrictions is not enough to
India (2019-20). their decision-making, then it inched up further to 39.8 per day moving average of the chart a recovery. It seems
A deal for PMC Bank marks must be true that being starved cent in the week ended June 13 Index of Consumer Sentiments unlikely that pent-up demand
a paradigm shift for the sector, of access to bazaars and other and ended at 40.5 per cent in as of June 20, 2021 was 48.76 will pull the economy out from
which has been hampered in public places and face-to-face the week ended June 20. While (compared to base of 100 in the second wave like it did in
its efforts to access capital and human interaction was proba- this one percentage point September-December 2015). the first wave.
technology and continues to be bly worse than the increased improvement over three weeks This was 0.4 per cent higher Accelerated vaccination is
plagued by poor corporate gov- probability of untimely death. is impressive, the LPR contin- than the 48.58 level of May the best bet. Only vaccinations
ernance. The RBI has been Or, the brazen individuals ues to remain extremely low. 2021. But, this is entirely can eliminate the threat of new
aligning UCB regulation with believe that they carry a special The average LPR in April and because of the 8.8 per cent waves, help raise sentiments
that of mainstream banks, and charm that ensures their safety. May was 40 per cent. So, the increase in the rural index in and allow sellers and
has done away with dual regu- It is lost to many that this is not last three weeks have merely the first week of June. buyers to participate aggres-
lation with state governments about individual behaviour regained the average levels of Thereafter, it’s been a steady sively in the much awaited
making these banks relatively as much as it is about the second wave. This is no decline in sentiments in spite economic recovery.
more attractive for those with social behaviour. great recovery. of the relaxations of restrictions
banking ambitions. People go to bazaars because Consumer sentiments do on movement, the rapid The writer is MD & CEO, CMIE P Ltd
The PMC Bank transaction
is the first after the amendment
to the Banking Regulation Act
(1949) came into force for UCBs
with effect from June 29, 2020.
The provisions amended by the
Act include Section 3, Section
45 and Section 56 of the princi-
pal Act. The amendment of
Section 45 enables the central
bank to reconstruct, or amalga-
mate a bank, with or without
implementing a moratorium,
with central government
approval. The word “recon-
struction” has been given wider
connotation to include merg-
ers, acquisitions and takeovers
or demergers.
So, what of PMC Bank going
ahead? There will be a rebrand-
ing; and a new CEO from within
Centrum (BharatPe will bring
in capital as partner and the
technology) will take charge. It
will be a brand new entity for
all practical purposes. And in
all the headlines, the one who
escaped the limelight was RBI
Governor Shaktikanta Das, who
was the Sherpa.

Business Standard
Covid impact on Ola, Uber
MUMBAI EDITION
Printed and Published by Sangita Kheora
on behalf of Business Standard Private

lower during second wave

Limited and Printed at M/s. Dangat Media
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23/4, 23/5, Sector-D, Industrial Area, J.K.

The mobility sector is among the worst hit due to Two things must be kept in mind while
studying the data. One, Uber sold off its food
Covid-19; both Ola and Uber have lost revenue delivery division, Uber Eats, to Zomato in
H/4 & I/3, Building H, Paragon Centre, Opp.
Birla Centurion, P.B.Marg, Worli, Mumbai- 400013
January 2020. Since Uber lost some of the
traffic that came for food-ordering, its app
numbers are slightly lower.
“In one sense, Uber’s exit from food
delivery in India came at a bad time. Food
delivery has grown by leaps and bounds
during the pandemic,” said Arvind Singhal,
founder and managing director at
Technopak Advisors, a business consultan-
cy. In fact, Uber made the expensive acqui-
sition of US-food delivery firm Postmates
in November last year, he added.
Secondly, both Ola and Uber have had
to suspend shared rides. While that does
Road, Near Minal Residency, Bhopal
(M.P.)-462023. & Published at
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YUVRAJ MALIK
New Delhi, 21 June
The impact on app-based cab companies
during the second wave of Covid-19-induced
restrictions was lower as compared to the
two-month lockdown period last year, with
Ola faring better than Uber, according to
new data. The mobility sector is amongst
the worst hit due to Covid-19, and both Ola
and Uber have lost revenue, something that
has not been quantified before.
Monthly active users (MAUs) — a key
metric for app businesses and one that
companies guard closely — of Ola and
Uber fell 25.2 per cent over March to May
2021 (lockdown 2), compared to a 44 per
cent drop from March to April 2020 (lock-
down 2), according to App Annie data,
reviewed by Business Standard. Cab oper-
ations were suspended for 1.5 months in
lockdown 1, but were allowed as essential
services this time around. That said, book-
ings are down substantially.
A striking revelation is that Ola fared bet-
ter than Uber. In March-May 2021, it’s active
users fell 19.7 per cent as compared to Uber’s,
which were lower by 30.7 per cent. Also, Ola
has had 17 million higher active users on
average consistently over the last 18 months.
Both the companies have publicly claimed
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IN THE SLOW LANE
Monthly active users
Source: App Annie
a dominant position in the past. That said,
as of May, the gap had shrunk to 8.4 million
active users. The figures include both iOS
and Android app numbers.
Ola and the India unit of Uber did not
respond to queries sent.
At the time of publishing of this report,
30 of the 36 states and Union Territories
were under major to moderate restrictions,
according to Moneycontrol Unlock tracker.
With the case-load falling after the first
wave, the cab business picked up with the ri-
se in overall economic activity. The MAUs
graph shows uptick May 2020 onwards with
peak activity recorded in March 2021, just be-
fore fresh restrictions were announced. The
data show that March peak of user activity
was 18 per cent lower than the activity in Feb-
ruary 2020, the final pre-lockdown month.
not affect user activity — the same user
would have taken a lone ride instead of
“share” — it is likely to impact earnings.
Shared rides are known to be more profitable
for Ola and Uber.
Both Ola and the India unit of Uber have
not filed FY21 financials with the MCA. Uber
Inc said its March quarter revenue (global)
declined 9 per cent.
Internally circulated, the figures have
promoted action from investors. In March,
it was revealed that Vanguard Group, one
of the investors in Ola, had marked down
its valuation to $3 billion from $6 billion
earlier in June 2020. Uber stock, which fell
48 per cent in February-March 2020, how-
ever, doubled over October 2020 to April
2021 as the situation improved in most
international markets.
Business loss has forced the companies
to retrench staff and look for other avenues
for sustenance. Uber let go 14 per cent of
employees globally, including 600 in India,
in May 2020. The same month, Ola fired a
third of its staff.
Ola has shifted focus to its electric
mobility venture, Ola Electric. In December,
Ola said it was investing $327 million to set
up the “world’s largest scooter manufac-
turing facility” in Tamil Nadu, with a pro-
duction capacity of 2 million units of EV
two-wheelers per year.
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MUMBAI | TUESDAY, 22 JUNE 2021

IN BRIEF China orders Alipay, banks Imran: Won’t

need nukes if
Tokyo Olympics to
allow 10,000 fans
not to assist crypto trading Kashmir issue
Bitcoin declines to two-week low and ether falls 13% as crackdown widens is resolved
despite warnings BLOOMBERG
21 June
SLUMP IN BITCOIN
Figures in $
SAJJAD HUSSAIN
Islamabad, 21 June

C
CHRIS GALLAGHER, ANTONI The decision was widely hina summoned officials
SLODKOWSKI & DANIEL LEUSSINK expected after some recent from its biggest banks to a
58,960 Pakistan’s nuclear arsenal is "simply a deter-
Tokyo, 21 June comments by organisers meeting to reiterate a ban on rent" to protect the country and there will no
and as the government's cryptocurrency services. longer be any need for it once the Kashmir
Up to 10,000 domestic spec- own medical experts last Representatives from Industrial 32,401 issue is resolved, Prime Minister Imran Khan
tators will be allowed in week appeared resigned to and Commercial Bank of China, has said as he asserted that if the Americans
Tokyo 2020 venues, the event going ahead with Agricultural Bank of China and pay- have the resolve and the will, the issue can be
Olympics organisers said on fans. ment service provider Alipay were sorted out.
Monday, a decision that cuts Japan has largely reminded of rules that prohibit Pakistan has 165 nuclear warheads as of
against the recommenda- avoided the kind of explo- Chinese banks from engaging in January this year and it appears to be expand-
tion of medical experts who sive coronavirus outbreaks crypto-related transactions, accord- ing its nuclear arsenals, a study by Stockholm
said holding the event with- that have devastated other ing to a statement from the central International Peace Research Institute (SIPRI)
out fans was the least risky countries, but the vaccine bank on Monday. Source Bloomberg said last week. Pakistan had 160 nuclear war-
Compiled by BS Research Bureau
option. roll-out was initially slow The latest development is a sign A store that accepts bitcoin payments, in El Salvador PHOTO: REUTERS heads as of January last year, it said.
The announcement and the medical system that China will do whatever it takes “I don't know where they've come up with
ends months of speculation pushed to the brink in some to close any loopholes left in crypto cial order and also breed risks of meeting, according to the PBOC The largest virtual currency fell this. Pakistan's nuclear arsenal is simply a
and highlights Japan's places. trading. In May, China’s State criminal activities like illegal cross- statement. 10 per cent to $32,350 as of 8.50 am deterrent, to protect ourselves,” Khan said dur-
determination to push on The limit for the Games, Council — the country’s cabinet — border asset transfers and money The country’s tough regulatory in New York. Ether declined 13 per ing an interview with the news programme
with the Games and salvage scheduled to begin on July called for a renewed crackdown on laundering,” according to the state- stance is a contrast to the US, where cent to $1,950. Axios on HBO, which was reported by Dawn
the multi-billion-dollar 23, “will be set at 50 per cemt Bitcoin mining and trading activ- ment from China’s central bank. crypto trading is big business. “The PBOC crackdown is going online.
extravaganza amid public of venue capacity, up to a ities. The financial companies have Banks such as JPMorgan Chase, further than initially expected,” Khan said that he
opposition and deep con- maximum of 10,000 China has longstanding rules pledged to step up inspections into Goldman Sachs Group and Morgan said Jonathan Cheesman, head of was “not sure”
cern about a resurgence in people”, organisers said in a that bar banks from offering crypto- crypto activity and close related Stanley are beginning to wade into over-the-counter and institutional whether it was grow-
infections. statement. REUTERS related services. However, in the accounts. They won’t offer account the industry and offer products for sales at crypto derivatives exchange ing. “As far as I know,
past few years, individuals have opening, clearing or settlement to wealthy clients that want access to FTX. “Mining was phase one and it’s not an offensive
moved to trade the digital coins on assist crypto trading, they said. the volatile asset class. speculation is phase two.” thing. Any country
FB challenges Clubhouse over-the-counter platforms and
even offshore exchanges.
China Construction Bank, Bitcoin fell to a two-week low
Postal Savings Bank of China and amid an intensifying cryptocur-
Separately, a Chinese city, Ya’an,
with abundant hydropower has
which has a neighbour
seven times its size
with live audio rooms Crypto activities “disrupt finan- Industrial Bank were also at the rency crackdown in China. stepped up action to rein in mining. would be worried.” He
was responding to a
Facebook on Monday launched its own Clubhouse-style question by the inter- Pakistan PM Imran
live audio rooms and a way to find and play podcasts on viewer who asked, Khan. Pakistan has
its platform, marking a push into social audio by the
world’s largest social network. Facebook’s rollout of a HK’s pro-democracy tabloid UN human rights chief “Intelligence analysts 165 nuclear warheads
say Pakistan has the as of January
potential Clubhouse rival follows the explosive early
plans Xinjiang visit fastest growing

to shut down days after raid

success of the invite-only live audio app, which became nuclear arsenal anywhere in the world. Why?”
a hit as people stayed at home during the Covid-19 The top United Nations human rights official Khan went on to say that he was “completely
pandemic. Facebook CEO Mark Zuckerberg was one of said on Monday she hoped to agree terms for against nuclear arms”.
the Silicon Valley celebrities who have made a visit this year to China, including its “I always have been. We've had three wars
appearances on the app, which recently expanded to REUTERS In an internal memo to staff discourse with celebrity gossip Xinjiang region, to look into reports of serious against India and ever since we have had a
Android users. REUTERS Hong Kong, 21 June seen by Reuters, the Apple and investigations of those in violations against Muslim Uyghurs. nuclear deterrent, there has been no war
Daily said: “The Board will power. It has been a strong It was the first time that Michelle Bachelet between the two countries. We've had border
The pro-democracy Hong decide on Friday whether (the critic of the Hong Kong and had publicly suggested a timeline for the skirmishes but we've never faced war... The
Pictet appoints first female Kong newspaper Apple Daily
looked set to close for good by
company) will continue to
operate... If the board decides
Beijing governments.
Police raided the news-
visit, for which her office has been negotia-
ting the terms since September 2018.
moment there is a settlement on Kashmir, the
two neighbours would live as civilised people.
partner in its 216-yr history Saturday following police raids
and the arrest of executives - a
not to continue to operate on
Friday, online will stop upload-
paper last week in a national
security investigation in which
China’s UN mission in Geneva, contacted
by Reuters for comment, said Xinjiang and
We will not need to have nuclear deterrents,”
the cricketer-turned-politician said.
Banque Pictet & Cie promoted a woman to its top move that rights groups say ing at 23:59 pm on the day, senior executives were arrested Hong Kong were “inalienable parts of China's To another question, Khan said that the US
management body for the first time in its 216-year would undermine the city's newspaper will cease operation for alleged “collusion with a territory” and that it brooked “no interfer- had a big responsibility when it came to
history. Elif Aktug, a fund manager at the bank’s asset reputation as a free and open after publishing the June 26 foreign country” and assets of ence by external forces”, but made no com- Kashmir. "If the Americans have the resolve
management arm and part of a broader leadership society as Beijing tightens its edition.” Apple Daily and Next three firms linked to the news- ment on her visit. and the will, (the Kashmir issue) can be sorted
group, was named partner alongside founding-family- grip. An adviser to the jailed Digital management could not paper were frozen. Late on Bachelet is under growing pressure from out,” he said.
member Francois Pictet, bringing the number of current owner and staunch Beijing be reached for comment. Monday, Hong Kong media Western states to secure unfettered access to India has repeatedly ruled out any role for
partners to 9, according to a company statement on critic Jimmy Lai told Reuters Owned by Lau’s Next reported that Apple Daily and Xinjiang, where activists say more than 1 mil- a third party, asserting that any issue between
Monday. So far, the secretive Swiss private bank has only on Monday the newspaper Digital, Apple Daily is a pop- its online edition would cease lion Uyghurs and other Turkic Muslims have India and Pakistan should be resolved bilat-
had 43 individuals — all men, all white — serve at the would be forced to shut “in a ular tabloid founded 26 years operations by Wednesday as been held in camps, some of them mistreated erally under the provisions of Simla agreement
highest level. Based in Geneva, the partners oversee over matter of days”. ago that mixes pro-democracy most employees had resigned. or subject to forced labour. REUTERS and the Lahore declaration. PTI
+ 600 billion francs ($713 billion) in assets. BLOOMBERG

Sweden PM loses confidence AMERICANS PERFORM SURYA NAMASKAR ON SOLSTICE Iranian prez-elect Apple faces
vote amid housing crisis anti-trust
Stefan Lofven (pictured), Sweden's
Social Democratic prime minister since
won’t meet Biden investigation
2014, lost a confidence vote in
parliament on Monday, making him the
but backs N-talks in Germany
first Swedish government leader ever to
lose such a motion. The development KARIN MATUSSEK
creates new political uncertainty in the REUTERS & BLOOMBERG 21 June
Scandinavian nation after the last election in 2018 Dubai, 21 June
created a deadlocked parliament and months of Apple became the latest tar-
negotiations to produce a government. REUTERS President-elect Ebrahim Raisi get of a German antitrust
on Monday backed talks crackdown on tech giants’
between Iran and six world market power with a wide-
Australia rejects $36-billion powers to revive a 2015 nuclear
deal but flatly rejected meeting
ranging probe examining
the company’s “digital eco-
wind, solar, hydrogen project US President Joe Biden, even
if Washington removed all Iran’s President-elect Ebrahim
system.”
The nation’s Federal
The Australian government has rejected plans for a $36 sanctions. Raisi addresses media REUTERS Cartel Office said on
billion wind, solar and hydrogen project in a remote area In his first news conference Monday it will focus on the
of Western Australia, leaving what would have been one of since he was elected on Friday, the United States can both App Store and whether
the world's largest green energy projects in limbo for now. the hardline cleric said his for- return to compliance with the Apple has created a dom-
In a decision dated June 15, published on the environment eign policy priority would be nuclear pact, which inant business around its
department's website, Environment Minister Sussan Ley Over 3,000 people spread their mats at the iconic Times Square in New York and performed improving ties with Iran's Gulf Washington abandoned in iPhone and operating sys-
ruled that the project, the Asian Renewable Energy Hub, Yoga asanas keeping in mind social distancing guidelines to celebrate the International Yoga Arab neighbours, while calling 2018 under then-President tem iOS that extends across
“will have clearly unacceptable impacts” on Day. The day-long celebration was dubbed Solstice Event PHOTO: REUTERS on Iran's regional rival Saudi Donald Trump before reim- several markets. Since the
internationally recognised wetlands and migratory bird Arabia to immediately halt its posing sanctions on Iran. start of the year, the agency
species. REUTERS intervention in Yemen. Iran has subsequently has opened similar investi-
Raisi, 60, a strident critic of breached the deal's limits on gations against Facebook,

Taliban take crucial Afghan Axiata and Telenor seal $15-bn deal
district in a string of wins LIZ LEE, ANSHUMAN DAGA &
TERJE SOLSVIK
Taliban fighters took control of a key district in Kuala Lumpur/Oslo, 21 June
Afghanistan's northern Kunduz province on Monday and
encircled the provincial capital, police said, as the Malaysian telecoms firm
insurgent group added to its string of recent victories on Axiata Group and Norway's
the battlefield. Fighting around Imam Sahib district began Telenor ASA will merge their
late Sunday and by mid-day Monday the Taliban had mobile operations in Malaysia
overrun the district headquarters and were in control of in a $15 billion deal, forming a
police headquarters, said Inamuddin Rahmani, provincial new market leader in the com-
police spokesman said. Meanwhile, China has warned its petitive Southeast Asian
nationals in Afghanistan to leave the war-torn country nation.
urgently in view of the raging violence. AP/PTI The companies had said in
April they were in advanced
talks to merge Celcom Axiata
Bhd and DiGi.Com Bhd, and
each party would own 33.1 per
cent of the combined firm.
“Assuming a smooth tran-
sition, post integration period,
we are expecting to see
improvement in Ebitda and
cashflow margins in the com-
bined entity in step with our
ongoing commitment to maxi-
mise dividend payout for our
shareholders,” Izzaddin Idris,
president & group CEO of
Axiata, said in a statement.
The union of the country's
second and third largest
mobile services providers will
create a company estimated to
have annual revenue of $3 bil-
lion, with core profitability of
$1.4 billion from a subscriber
base of about 19 million, Axiata
and Telenor said in a joint
statement. REUTERS
the West, will take over from enrichment of uranium,
pragmatist Hassan Rouhani designed to minimise the risk
on Aug. 3 as Iran seeks to sal- of it developing nuclear
Google and Amazon.com.
“A main focus of the
investigations will be on the
vage the tattered nuclear deal weapons potential. Tehran has
and be rid of punishing US long denied having any such
operation of the App Store
as it enables Apple in many
sanctions that have crippled ambition. ways to influence the busi-
Iran's economy. ness activities of third
"We support the negotia- Oil holds near $72 parties,” Andreas Mundt,
tions that guarantee our Oil held near $72 a barrel as the regulator’s head said.
national interests ... America inconclusive nuclear talks “We will examine” Apple’s
should immediately return to between world powers and “extensive integration
the deal and fulfil its obliga- Iran — which has elected a across several market levels,
tions under the deal," he said. new hardline president — the magnitude of its techno-
Negotiations have been allayed prospects for a swift logical and financial
under way in Vienna since revival of the Islamic resources and its access to
April to work out how Iran and Republic’s crude exports. data,” he added. BLOOMBERG

Amazon, Apple most valuable brands but Chinese firms rising

GUY FAULCONBRIDGE & BEN MAKORI
London, 21 June
Tencent, China's biggest
social media and video games
THEIR WORTH
Brand value ($bn)
Top Chinese brands
consolidated their lead over top
Prime Day deals
Amazon and Apple are the
company, was the People's
Republic’s top brand, in fifth
(64)
(74) Figures in brackets: % change (2021 vs 2020)
European brands: China
accounted for 14per cemt of the
may disappoint
683.85

(42)
612.00

world’s most valuable brands place, while Alibaba was in top 100 brands, up from 11 per
(26) (29) (2) (20)
but Chinese brands are rising seventh place. (4) cemt a decade ago, while The deals during Amazon.com’s
458.00

196.91

191.28

(60)
410.27

up the leaders list and are “Chinese brands are (54) European brands accounted for annual Prime Day sale will be
154.92

112.88

more valuable than Europe's steadily and slowly 8 per cemt, down from 20 per stingier this year, according to
240.93

226.74

top brands, according to a
global ranking by Kantar
BrandZ.
Amazon, founded in 1994
by Jeff Bezos, remained the
world’s most valuable brand
with an estimated value of
$684 billion, followed by
Amazon, founded in 1994 by Jeff Bezos, remained Apple, founded in 1976, at $612
the world’s most valuable brand with an estimated billion and Google at $458
value of $684 billion billion, Kantar said.
progressing, and have made
significant headway as more
companies leverage their own
technological developments
and demonstrate their
abilities to align with the major
trends shaping China and the
global market,” said Graham
Staplehurst, global strategy
director at Kantar BrandZ.
Five brands more than
Amazon Google Tencent
Apple Microsoft
doubled their value, led by
Chinese e-commerce giants
Pinduoduo and Meituan,
China’s top liquor maker
Moutai, China’s TikTok and
America’s Tesla.
cent a decade ago, Kantar said.
The top European brand
Alibaba McDonald's was France's Louis Vuitton in
Facebook Visa MasterCard 21st place, followed by
Germany’s SAP software
Tesla, founded in 2003, was group in 26th place. The only
the fastest growing brand and British brand on the list was
became the most valuable car Vodafone in 60th place.
brand, growing its value by 275 The world's top 100 brands
per cent year-on-year to $42.6 were worth a combined $7.1
billion, Kantar said. trillion, Kantar said. REUTERS
merchants, thanks to rising
shipping costs, higher ad rates
and scarce inventory. The two-
day event begins Monday.
Supply-chain disruptions —
including the Suez Canal
shutdown earlier this year and a
spike in Covid cases that has
hobbled two of China’s busiest
ports — have pushed up costs.
BLOOMBERG

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OPINION 9
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ILLUSTRATION: BINAY SINHA

Volume XXV Number 220
MUMBAI | TUESDAY, 22 JUNE 2021

Caution on inflation
RBI’s primary mandate should remain inflation targeting

T
he Reserve Bank of India (RBI) last week released the minutes of the meet-
ing of the Monetary Policy Committee (MPC), conducted earlier this
month. In that meeting, the six-member MPC had left the repo rate
unchanged at 4 per cent, while maintaining an accommodative stance.
This was a unanimous decision of the six members. The minutes now reveal that
the members of the MPC seem to believe that their duty is to support growth recov-
ery from the pandemic. In the minutes, Governor Shaktikanta Das specifically says the consensus reached by the Centre and the states
that “the second wave of the virus has necessitated the continuation of monetary in the various committees created.
measures to support the process of economic recovery to make it durable”. In fact, There is also a need to revisit the GST rates on
Deputy Governor Michael Patra argued that “policy choices have shifted towards tobacco and gold. Traditionally, taxation in the
increasing accommodation”, and Ashima Goyal said that the output gap had tobacco sector has been fixated on cigarettes. Even
though out of a total annual tobacco production
widened, and so policy had to “further stimulate demand”.
of 800 million kg, only 250 million kg approx-
The RBI’s subordinate mandate is indeed to support growth. But it should imately go into cigarette production. We need to
remember that it is now an inflation-targeting central bank. The RBI Act requires raise the GST rates on tobacco, which is levied on
the central bank to explain its actions if inflation is out of the tolerance band for reverse charge basis, from the present level of 5

GST: A turning point?

three consecutive quarters, and so the MPC is within its legal rights to ignore the per cent. This will increase the revenue to the
fact that consumer price inflation in India is now out of its tolerance band and is extent tobacco is used in the manufacturing of
running at 6.3 per cent. This is being driven by broad-based core inflation, which is exempted products. This will also signal the use
sticky. Wholesale price inflation is also higher than it has been for almost three of GST taxation as an instrument to curb tobacco
decades, hitting a record high of 12.94 per cent in May, driven by a continued rise in consumption. On gold, there is a need to revise
the GST rate of 3 per cent on equity consideration
fuel and commodity prices as well as due to a low base effect. Last year inflation The recent upsurge in revenues offers the prospect of the as more than 80 per cent of gold and gold orna-
was out of the tolerance zone for two quarters; it then went back below 6 per cent,
thanks to a sudden drop in food prices in particular. The fact is that while the RBI country breaking out of the long-stagnant tax-to-GDP ratio ments purchased and owned is by the top decile
of the population.
might have considerable legal wiggle room, there is no doubt that it appears to be There is also the need to deal with the problem

F
discounting the danger of inflation because of the context of the pandemic. This or the last 25 years, our tax-to-GDP ratio has
comes at a time when the government is also running massive fiscal deficits —and been stuck at between 16 and 17 per cent,
many central banks worldwide are beginning to consider how to pause or pare severely constraining our fiscal capacity to
their accommodative stances. devote more resources to our underinvested sec-
tors such as education and health. The State in a
The central bank must remember the dangers of inflation to investment
large country like India cannot discharge its devel-
and growth as well as to poverty reduction are the reasons for its primary man- opmental function with such a low fiscal capacity.
date. If the Indian economy’s fundamentals are sound, as RBI economists have Even at our levels of per capita income, we should
argued, then it will bounce back once the constraints of the pandemic are be nearer to a 20 per cent tax-to-GDP ratio given
removed. Instead of keeping the tap flowing, the RBI should, therefore, be pre- the norms of other emerging market economies.
pared to act in advance of a sudden jump in aggregate demand and perhaps Is there hope? I believe so.
anchor higher expectations of inflation among companies and consumers. The goods and services tax (GST)
Unfortunately, this does not appear to be the central bank’s priority at the reforms offer the prospect of raising
moment, although its mandate and basic economic logic both suggest it should the tax-to-GDP ratio by at least 2
percentage points if we continue to
be. The government is also comfortable with higher inflation in the current cir-
build on incremental improve-
cumstances because it allows for heftier dividends to support government spend- ments in the information technol-
ing at a time when other revenues are faltering. This is why independence and a ogy platform and also address the
single focus for central banks are valuable. At a time when many other central issues of raising the incidence of
banks have been cautiously adjusting their approach, India cannot afford sus- duties. There is no doubt that the
tained accommodative policy to mar the recovery from this pandemic by recent uptick in GST revenues is
entrenching inflation in the economy. largely due to better compliance
prodded by the matching of invoic- V S KRISHNAN
es and better monitoring of permis-
sions granted for registrations
is ~1.25 trillion instead of the earlier ~1 trillion. This
improvement needs a careful study which the
Directorate General Analytics can do in collabo-
ration with the Goods and Services Tax Network
as they have all the data.
The other gains in revenues have come from
the personal income tax collection. Better coordi-
nation between the two tax departments — Central
Board of Direct Taxes and Central Board of Indirect
Taxes and Customs — has helped boost collec-
tions. What has been especially
useful is the declaration of the
GST turnover in the income tax
return, which has made revenue
coordination possible. This has
led to smaller units covering the
unincorporated and the family
units to pay greater amount of
taxes. As the revenues paid by
these units reflect in the personal
income tax revenues, this cate-
gory is showing better revenues
and holding up even during this
difficult Covid period. While
better compliance has contrib-
of inverted duty structure in sectors such as tex-
tiles and footwear. Finally, the real estate sector
also needs to be brought under the ambit of GST.
This will clean up the land market and increase
the revenues more on the direct tax side as the
GST rate would be more in the nature of clearing
rate to offset the embedded input taxes.
Amidst the optimism about the gains in the
GST revenues, there is also some evidence that the
formal sector is gaining market share from the
small and the medium sector. This is especially
true for sectors such as FMCG and e-commerce
and reinforced by the Covid situation. The small
and medium industries are a vital component of
the economy and provide jobs to millions. The eco-
nomic interest of this segment needs to be
protected. In order to ensure that large units buy
from the small units, GST should be paid on
supplies from the small to the large on a
reverse charge basis so that the larger units get the
benefit of input duty credit in the case of
purchase from the smaller units. This provision
was available in the early days of the GST imple-
mentation but was later restricted to a few sectors.
This provision needs to be generally

Counting the dead through physical verification of the premises and

Covid-19 has exposed India’s civil registration lacunae
evaluation of the past income tax payment record.
This has reduced the volume of fake input invoic-
es. One indicator would be the cash-to-credit ratio
uted to buoyancy in GST revenues, there is still
work to be done.
The Fifteenth Finance Commission in its report
based on an IMF study has said that the GST inci-
applied again.
In conclusion, the recent upsurge in GST reve-
nue, nudged up by better compliance, can be sus-
tained by rate changes to increase the incidence

T
of the duty paying units. A rough back of the envel- dence of duty has fallen from 14 per cent — the of GST duty to a revenue neutral level of 14 per
he Covid-19 pandemic has exposed a massive gap in civil registration data,
ope calculation shows that every month the GST revenue neutral rate — to 11.8 per cent. This needs cent. This offers the prospect of the country break-
which has made it impossible to know the real death toll due to the disease. duty payable amount is about ~5 trillion, of which to be corrected. There are a number of steps that ing out of the “Fiscal chakravyuh” of 16-17 per cent
In fact, nobody knows exactly how many Indians have died since 2018, ~4 trillion is paid through credit and ~1 trillion in need to be taken. of GDP in the medium term. Meanwhile, the buoy-
and from what causes. For that matter, there is no way to know exactly cash. This makes for a cash-to-credit ratio of 20:80. First of all, the large number of exemptions ancy in the GST revenues can sustain higher
how many Indians have been born since 2018. A study from Virginia Commonwealth There is now reason to believe that the improved need to be phased away. When GST was imple- healthcare expenditures in the short run, which is
University, based on the data encompassing parts of 12 states with a population of compliance has pushed the cash component ratio mented there were 90+ State VAT exemptions and welcome indeed.
+ 825 million, estimates 2.2-2.6 million Indians have died of Covid-19 so far. But the from 20 per cent to about 25 per cent yielding an about 390+ Central excise exemptions. We need
aggregated all-India civil registration data is only available until 2018. The Census additional monthly revenue of ~25,000 crore. This to restrict GST exemptions only to those items that The writer is a retired member, Central Board of Indirect
is the reason why our new normal of GST revenues were VAT exempt in the pre-GST period. This was Taxes & Customs. Views expressed are personal
of India estimates say it is also incomplete. The Census estimates 92.7 per cent of
the births and 92 per cent of the deaths were registered in 2018-19. In several laggard
states, only about 50 per cent birth registration took place. Medical certificates

Tighten your seatbelts

exist only for 22 per cent of the registered deaths and in many certificates, the
actual cause of death is hard to ascertain because it lists something uninformative
like “heart failure”.
The lack of data means health care policy is based on guesswork. Policymakers

S
cannot prioritise, and allocate resources effectively. It is also difficult to review o, here we are after the second shock of the India and Vistara) to stay in the game in varying Further, who will subscribe to the Go First initial
policy decisions, and suggest course corrections. Insurers cannot reliably compute pandemic behind us and air traffic tentatively levels of disarray. public offering? Will investors willingly put their
picking up once again. For over a year now, A third certainty is that the sector — be it vendors, hard earned money into a sector that is on its
life premiums. Even road and rail safety could improve with good, timely data
uncertainty has ruled the world and India, too, suppliers, aircraft manufacturers, lessors, employees knees? Is the stock market truly as illogical and
inputs, given over 200,000 Indians die annually in accidents. Quite apart from all remains in choppy waters, choppier than most. All — will take years to recover, no matter which aspect driven by raw greed as many argue? Not many air-
this, hassles arise when it comes to claiming citizenship. The evidence stitched of us have emerged from this second wave a one takes into account. Jobs lost are unlikely to come lines in the world have chosen this unique route
together by analysts suggests massive undercounting of Covid-related deaths. But bit shakier. back soon, if at all. Willie Walsh, the recently- to survival.
the data is patchy. The reported figures from states like Tamil Nadu, Andhra Pradesh, But for the aviation industry as a whole, let me appointed International Air Transport Association And even further there is the question mark
Gujarat, Madhya Pradesh, Karnataka, and Uttar Pradesh indicate overall excess sum up what we do and don’t know chief, struck a pessimistic note over the ability of Murari Lal Jalan and the Kalrock
deaths in the past two to three months have been anywhere between five times (in as we head further into the year, when he declared that airlines combine to pull off the jaw-dropping feat of reviv-
Karnataka) and 43 times (in UP) of the official Covid tally. In Bihar, a court-mandated keeping our fingers crossed. One globally will never recover the ing Jet Airways. What is left to revive exactly and
audit indicated serious undercounting. thing we do know is that like the capacity they lost over the last 15 will they actually put their money where their
rest of the world, India too will face months and many would emerge mouth is? Surely, they must have noticed that the
Some of those excess deaths may not be due to Covid but the causes are
more waves. I’m not clear on what much smaller. Environmentalists industry situation is somewhat altered even from
unknown. The lack of easily available, timely historical data makes it hard to com- basis, but experts predict the next probably rejoiced at his words. the time when they first decided to fund the revival.
pute reliable baselines by computing long-term trends of births, deaths, causes, wave in October, which is usually Let me now move on to the stuff Then, there are the passengers who want to know
etc. As the population grows, there is a natural increase in deaths. Last year (2020) the peak season for airlines in India. we simply have no way of predict- when they can expect to look up and see the much
was unusual due to Covid. A given region may experience excess deaths in any In other words, the slight uptick in ing. My mind boggles at the sheer loved Jet logo staring down at them. They are won-
given year due to a natural disaster like an earthquake or cyclone. All these can domestic loads and traffic seen cur- number and magnitude of these. dering if there is some kind of timeline for this
only be smoothened out by accessing historical data. A comprehensive overhaul of rently (since early June) is likely to Like who in his right mind will buy miracle to happen.
the civil registration system is necessary. These data must also be openly searchable, take yet another hit and the mild OUT OF THE BLUE Air India in this environment? I have some more questions for specific airlines.
optimism we see among fliers may What value can a prospective How long can low-fare airline SpiceJet keep fight-
and released as close to real time as possible. Mandating laws for registration is ANJULI BHARGAVA
recede soon. So, the recovery — if buyer see? Who has the courage to ing the reality and pushing the envelope the way
obviously not enough since those laws already exist; citizens must be encouraged at all it can be termed one —may be take on Air India’s considerable it has been? The unpaid bills cannot pile up
to register births and deaths as a matter of course. Medical certificates must also be rather short-lived. headaches in the present situation? At what price? forever— at some point the chickens would come
more informative with respect to real, and underlying causes. Second, chances are high that all the existing And what happens if nobody comes forward? Will home to roost. And isn’t the airline’s chief biting
All this should be entirely possible because the recording processes are already players will survive the crisis. In a recent conver- the government force it down the throat of one of off more than he can chew? By all accounts he’s in
digitised. Given the privacy concerns, such data could also be anonymised before sation, IndiGo Chief Executive Officer Ronojoy the bidders? Is it a fait accompli for the Tata group as the fray to buy Air India even as he tries to keep
release (though it could be de-anonymised by using the available open-data of the Dutta said that if any of the Indian carriers were to many claim? Where is this tree of cash located from SpiceJet afloat.
voters’ lists). The pandemic has brought these gaps into sharp focus. The Covid go bust, it would have happened by now. He doesn’t which Messrs Chandra and Co seem to be endlessly I could go on and on but let me end here by say-
tragedy should provide some impetus for an overhaul of the civil registration really expect anyone to fold up. Some of the airlines plucking to keep Vistara and AirAsia India afloat? ing that in a world where uncertainty is the only
may emerge much smaller but perhaps stronger as Can this tree be cloned quickly so they can also fund certainty, we must all tighten our seatbelts and
system. At least it would allow for a better, long-term health care policy.
a consequence. We can expect all six scheduled air- Air India? Moreover, can they share this information await the next bout of turbulence while flying on a
lines (Air India, IndiGo, SpiceJet, Go First, AirAsia with the rest of us, equally in need of similar trees? wing and a prayer.

China’s realpolitik lesson to India emergence of the Kuomintang, provide

India’s relations with Sri Lanka,
Bangladesh and Nepal, and a ten-vol-
ume series on India-Pakistan relations.
Leading into this book, he also com-
piled in 2018 a five-volume study titled
India-China Relations: 1947-2000.
BOOK REVIEW Between 2002 and 2013, he published
for the Ministry of External Affairs an
AJAI SHUKLA annual series titled “India’s Foreign
Relations.” This cornucopia of primary
decade and a half of India,
post-independence.”
Like other analysts, Mr Bhasin
apportions a large share of the blame to
Prime Minister Jawaharlal Nehru, who
was “infatuated with the Chinese” ever
since he came into contact with them at
the “Conference against Imperialism”
in Brussels, in 1927. Nehru, who was
foreign minister throughout his prime
Mr Bhasin with an interesting backdrop
as he describes the events of the Simla
Convention and Britain’s failure to
wrap up the territorial bargain it had
imposed on Tibet and China.
One of the book’s most interesting
revelations is Mr Bhasin’s account of
the Tibetan government’s
backtracking on the Simla
Convention. Far
from accepting the
McMahon Line as
the India-Tibet
repeated its demand for the return of
territories by India. While Communist
China’s invasion of Tibet in 1950
overtook this narrative, Beijing cites
Lhasa’s demands in Sino-Indian
border talks even today, forcing an
embarrassed Dalai Lama to repudiate
the demands and declare that Tawang
was a part of India.
Mr Bhasin also presents an
interesting
NEHRU, TIBET account of the
AND CHINA negotiations that
Author: Avtar led to India
impatient and determined lot, anxious
to get over the past and restore the glory
of old China. The Indian leaders had no
such pretensions. Their basic
differences created misunderstandings
when approaching issues that
confronted them at the very beginning
of their new careers in the government.”
He concludes that the Chinese attack
in 1962 was unrelated to territorial or
boundary issues but rather, as Liu
Shaoqi asserted, “to demolish India’s
arrogance and illusion of grandeur”. He
quotes Zhao Enlai’s explanation in 1972

T
here are few authors and histo-
rians better placed than Avtar
Singh Bhasin to recount a his-
tory of India-China relations, starting
from the early 20th century. There are
many good works on the subject, but
Mr Bhasin has a unique perspective,
having served 30 years as the head of
the Historical Division of the Ministry
of External Affairs. After he retired in
1993, he joined the Indian Council of
Historical Research, and then the
Nehru Memorial Museum and Library.
In a treasure trove for South Asia
scholars, Mr Bhasin has translated his
intimate knowledge of the Ministry of
External Affairs’ records and archives
to publish three five-volume series on
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X
source material has provided a strong
base for Mr Bhasin’s well-judged asser-
tions and conclusions.
The author seeks to answer a simple
question: As both India and China
emerged in their current avatars at the
end of the 1940s, what went wrong in
relations between them and why. In his
preface to this book, he explicitly
outlines the question: “The India-
China war in 1962 happened more than
half a century ago. However, people are
largely still ignorant of what brought us
so much of ignominy… To untangle the
Gordian knot that India-China
relations have become, the people of
India need to know what actually went
wrong in that short span of a
ministership, warmly welcomed the
emergence of communist China and
went out of his way to “forge the
concept of Asian solidarity.” However,
the People’s Republic of China
unsentimentally pursued the objective
of great power.
As would be the case in any account
of modern-day relations between India,
China and Tibet, Mr Bhasin starts with
the Great Game, Francis
Younghusband’s expedition to Lhasa in
1904 and the 1907 Anglo-Russian
Convention that left China in full
control of Tibet. The fast-moving
events of that time – the rampaging
Sichuanese warlord Chao Er-feng, the
collapse of the Qing dynasty, and the
border, Lhasa wrote
to New Delhi on
October 16, 1947,
asking for the return
of extensive tracts of
territory that “had
been gradually
included in India in
the past” — “Sikkim,
Bhutan, Darjeeling, Ladakh and
others ‘on this side of the River
Ganges… up to the boundary of
Yarkhim’.” Nehru told Zhou Enlai in
1959 that if India were to concede to
Tibet’s demands (by now, Tibet had
become a part of China) the India-
Tibet border would literally be on the
River Ganga. In March 1948, Tibet
Singh Bhasin becoming the to President Richard Nixon of why
first non- China waged war on India: “He (Nehru)
Publisher: communist was so discourteous; he wouldn’t even
Penguin Random Asian country to do us the courtesy of replying, so we had
House India recognise the no choice but to drive him out. So we
Pages: 403 new government had gone to war, justifiably in 1962, to
Price: ~699 in Beijing. While teach India a lesson.”
Nehru continued Mr Bhasin’s readable book provides
to woo the answers to most questions that a lay
Communists, Beijing was hard-nosed reader would have about Sino-Indian
in its dealings with New Delhi. The relations from independence to the
author puts that down to not just 1962 war and its aftermath. For the
conflicting interests between the two scholar, there is dual footnoting
newly independent countries, but also throughout the book, with reference to
the different circumstances in which the Nehru Papers and the author’s
they came to power. “The new Chinese earlier five-volume study. This book
leaders were seasoned soldiers, should find a place on any bookshelf
Marshals and Generals. They were an dealing with Sino-Indian relations.

MUMBAI |
TUESDAY, 22 JUNE 2021
WWW.SMARTINVESTOR.IN.FOR INFORMED DECISION MAKING
Govt working on tax breather
for overseas investors in AIFs
ASHLEY COUTINHO
Mumbai, 21 June
T 4.51
he government is evaluating
ways to bring down high taxes
on foreign investors that pool
money in alternative investment funds
(AIFs) domiciled in India.
Such investors have had to bear
higher taxes on their investment
because of the goods and services tax
(GST) borne by such funds, which is
passed on to the investors.
In the past there have been requests
for remission or reduction in rates for
such funds.
Now, the Indian Private Equity and
Venture Capital Association (IVCA) has
written to the Central Board of Indirect
Taxes and Customs, requesting an
extension of deemed export status for
fund management services rendered to
onshore AIFs, said people in the know.
The crux of the matter
Investment management fees consti-
tute 2-3 per cent of the value of the
assets managed in an AIF per year. The
fees, charged to a venture capital/pri-
vate equity fund located in an offshore
jurisdiction, are exempt from GST.
However, India-domiciled AIFs,
managed by Indian fund managers, are
supposed to pay GST even if they pool
the same overseas money.
Since an AIF is only a pooling vehicle
for investments and does not provide
any service, there is no output GST
liability and it is not able to avail itself
MSCI India crosses 55% SAT quashes Rana Kapoor’s
premium over EM peers appeal against Sebi order
PRESS TRUST OF INDIA
Mumbai, 21 June
Continuing foreign inflows
$8.1 billion YTD — has driv-
+ en up the valuation pre-
mium of MSCI India past 55
per cent against MSCI
Emerging Markets and and
12 per cent over the MSCI
World indices, by mid-June,
according to a brokerage
report.
The domestic market has
been the best performer
globally YTD, with the
Sensex rallying 56.2 per cent
in the past 12 months, and
5.5 per cent in the past one
month and 5.1 per cent in the
last three months; while the
same for Nifty has been 58.8
per cent, 5.1 per cent and 6.6
Strong growth outlook, captive NFOs, mobilise
production lend steam to NTPC ~27K cr in 6 mths
Prospects for power generators improving, with capacity
expansions providing some medium-term visibility
DEVANGSHU DATTA
NTPC, India’s premier
power generator, had a
strong Q4 in FY21. Revenues
from operations fell 0.9 per
cent to ~30,102 crore from
~30,390 crore a year ago. But
profit after tax (PAT) surged
to ~4,649 crore from ~1,630
crore. This was due to a tax
refund of ~968 crore versus
tax paid on ~4,958 crore YoY.
Consolidated FY21 reve-
nues from operations were
up to more than ~1.11 trillion
from about ~1.1 trillion.
PAT for FY21 was up 25.8
per cent to ~14,969 crore ver-
sus ~11,902 crore. Tax paid
was down 74 per cent to
~2,420 crore from ~9,347
crore in the previous finan-
cial year. Depreciation and
amortisation rose to ~12,450
crore from ~10,356 crore YoY.
Among other ratios, FY21
EPS (earnings per share)
almost doubled to ~12.93
from ~6.8 a year ago — a buy-
back slightly reduced the
equity base.
The debt-equity ratio was
stable at 1.55, while debt serv-
ice cover rose slightly to
2x from 1.97x.
The cash flow statement
indicates NTPC invested
~23,312 crore in new plants
and other assets in FY21
whereas in the previous
financial year it sunk ~18,230
crore in such assets and also
~11,500 crore in the acqui-
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X
The Smart
Investor
of input tax credit.
Thus, the incremental tax of 18 per
cent becomes an additional cost for the
foreign investors in the AIF, who would
otherwise have been entitled to
export/zero-rated status and wouldn’t
have to pay taxes on the management
fees paid, said experts.
The export of goods or services is
considered a zero-rated supply, and GST
is not levied on such exports.
“Eighteen per cent GST on a fund
management fee of 3 per cent translates
into 0.5 per cent of the assets under
management, which makes it that
much less attractive for foreign inves-
tors to create a pooling vehicle in India
and may prompt them to look to other
jurisdictions such as Singapore, which
offers remission or exemption from
per cent, respectively, Credit
Suisse Wealth Management
India report said on Monday.
We expect the valuation
premium to remain at
elevated levels, as it offers
one of the fastest growth in
the region, Credit Suisse
Wealth Management India
said.
It attributed the same to
the robust FPI inflows of $8.1
billion so far this year and $
2.3 billion since May, and
improving corporate funda-
mentals like balance sheet
health and higher return on
equities.
It is extremely critical
that the country avoids a
harsh third wave by acceler-
ating its vaccination drive in
the coming months.
THE COMPASS
AMCs launch 60
sition of NEEPCO and
THDCIL.
Unit power sales rose 4.8
per cent to 251.7 billion units
(290 billion units, taking the
subsidiaries into considera-
tion). This is excellent, given
that Q1FY21 was almost a
washout owing to the lock-
down and GDP contracted
through the fiscal year.
Utilisation levels of coal-
based plants dropped, with
the plant load factor (PLF)
down to 66 per cent from
68.2 per cent YoY. The aver-
age tariff was ~3.77 a unit, a
YoY drop of 3.3 per cent.
Payment was eased by the
bailout of discoms, which
enabled faster payments of
dues. Receivables dropped
by ~1,400 crore as a result.
The installed capacity is
now 65,825 Mw and it
intends to expand this to
130,000 Mw by 2032 with 30
per cent of the total being
ILLUSTRATION: BINAY SINHA
GST,” said Smita Bhandari, tax partner
at EY India.
Way out
Bhandari said it would be best to give
services rendered by fund managers to
India-based AIFs having foreign inves-
tors full zero-rated status. Another way
out would be for the government to
allow deemed export status and let the
fund manager get a refund on the GST
paid, depending on the amount of for-
eign investment in the fund.
For fund managers providing servic-
es to the AIF and to the extent it consti-
tutes a foreign investment, the IVCA
wants fund management services to be
treated as deemed exports under Section
147 of the Central Goods and Services
Act, 2017, read with Section 2(39).
SAMIE MODAK
Mumbai, 21 June
The Securities Appellate
Tribunal (SAT) has dismissed
an appeal filed by Rana Kapoor
(pictured), the erstwhile pro-
moter of YES Bank, against an
order passed by markets regu-
lator Sebi imposing a penalty
of ~1 crore for not following dis-
closure norms.
In 2018, Rana Kapoor-
owned Morgan Credit had
raised ~950 crore through zero
coupon non-convertible
debentures (ZCNCD) to a
mutual fund house. Kapoor
had provided personal guaran-
tee for the transaction.
It was alleged that Morgan
Credit company had failed to
non-thermal. This breaks up
as 32,000 Mw renewables,
5,000 Mw hydro, and
another 2,000 Mw nuclear.
The action plan involves
capital expenditure of over
~1 trillion for 2019-2024.
The renewables target
has been almost doubled to
60 Gw by 2032 (earlier 32
Gw). This implies adding 5–
5.5 Gw per annum.
NTPC has ramped up the
production of captive coal.
The estimated financing cost
of loans for the solar arm is
6.5 per cent. But while lower
financing costs are a plus,
competition is also pushing
solar tariff bids lower.
Analysts believe there
could be 12 per cent growth
in regulated returns on
equity tariffs over the next
two fiscal years. Coal prices
have risen globally in the
past five months, and
further rise is likely. NTPC
has some protection due to
its captive production.
Growth should acceler-
ate this fiscal year since GDP
is expected to grow after the
2020-21 contraction. Discom
insolvency has not really
been solved, however. So,
there could be payment
issues unless central support
continues.
The stock is up around 4
per cent since the results
were declared, closing at
~118. Motilal Oswal Securities
has a one-year target of ~145.
QUICK TAKE: UNITED BREWERIES ON A HIGH
1
Price in ~
United Breweries closed 4 per cent up, after scaling a
new high on Monday. While relaxations in restrictions
are improving growth visibility, the market is also
positive on Heineken hiking its stake in the company
from the current 46 per cent. Analysts foresee higher
volumes and cash flows, from the second quarter
INVESTMENT POOL
Category I Category II Category III
TOTAL
0.44
2.30 2.00
0.24
0.18
3.56 1.61 1.40
0.50 0.42 0.41
Commitments Funds Investments
raised raised made
Note: Figures in ~ trillion, data as of March 31, 2021
Deemed exports mean such supplies
of goods as may be notified under
Section 147. The government may notify
certain supplies of goods as deemed
exports subject to specified conditions.
Current Sebi regulations mandate
AIFs to make a quarterly declaration
regarding the constitution of foreign
and domestic holdings in the fund.
Experts say this ratio can be applied to
determine the fund management fees
attributable to foreign investors and the
fund manager can then seek a refund
on the tax paid on this amount.
The commitments raised by AIFs as
of March 31, 2021, amounted to ~4.51 tril-
lion. Of this, ~3.56 trillion, or 79 per cent,
came from category II funds, which
include private equity funds, real estate
funds, and funds for distressed assets.
lapse in disclosure norms.
“Having heard the learned
counsels on both the sides, in
our view, Regulation 4(2)(f)
clearly mandates that the
transactions of the nature
detailed therein are required to
be disclosed by the key mana-
gerial persons to the company,”
SAT has said in an order.
“As regards the quantum of
penalty, learned adjudicating
officer found the default to be
of a serious nature principally
because the appellant was the
disclose encumbrance on the
bank’s shares either to Yes
then MD and CEO of the com-
pany and therefore maximum
penalty of ~1 crore was
Bank nor the stock exchange. imposed,” SAT said adding
In May 2019, Sebi had issue that it did not find any mitiga-
show cause notices to Kapoor ting factor to interfere in the
and its firm for the alleged quantum of the penalty.
CHIRAG MADIA
Mumbai, 21 June
CASHING IN
NFO launches are going
Domestic asset management strong (in ~ crore)
companies (AMCs) have
launched close to 60 new fund
TOTAL FUNDS
MOBILISED 27,315
offers (NFOs) over the last six
months, mobilising over
~27,000 crore in the process, as
fund houses looked to cash in
4,539
4,185
on buoyancy in the markets.
New offerings are usually
3,102
lined up during a bull market
when investor sentiment is at
its peak, but industry experts
9,039
believe that launching of NFOs
is largely to complete their
bouquet of products. Dec Jan Feb Mar Apr May
“The markets regulator has 2020 2021
come out with the categoriza-
Source: Amfi
tion of schemes and fund hous-
es are coming up with schemes
not there in their product bas- NFOs were launched, which
ket. Even the markets are posi- mopped up ~5,910 crore.
tive, and people see the success However, in April only ~540
of NFOs, which also helps them crore was collected through
to come and invest in MFs,” new offerings, as there was less
said DP Singh, chief business appetite from investors due to
officer at SBI Mutual Fund. the second wave of Covid-19.
In 2017, Securities and Market participants said in the
Exchange Board of India (Sebi) rising market period, several
had come out with a circular distributors ask investors to
on categorization and ration- shift from one product cate-
alization of mutual fund gory to another. While upfront
schemes. Now, only a single commissions are banned by
scheme is allowed to be the regulators, new funds offer
launched in one category. higher trail commission to dis-
Earlier, fund houses used to tributors.
have multiple schemes in a “We have seen a large
single category which used to number of churning from
confuse investors. existing schemes to new
In the last six months, the schemes by distributors.
highest collection through Having said that, there are a
NFOs was done in December few thematic products such as
when 14 schemes were ESG funds and funds of funds
launched in multiple cate- (FoF), which have attracted
gories and over ~9,000 crore investors,” said a CEO of the
was collected. Last month, 12 mid-sized fund house.
“With Opec remaining cautious and little
chance of Iranian oil hitting the
market soon, the oil market looks
likely to remain fairly tight in the
next few months”
DANIEL HYNES
Senior commodities strategist,
ANZ Banking Group
<
Indices rebound as
N STREET SIGNALN
traders buy the dips
SUNDAR SETHURAMAN
Mumbai, 21 June
for investor interest.
“This year looks to be the strongest in GDP
growth globally after a while. Even in India,
Investors bought the dips for in the second unlock, it is
the second day in a row, clear that demand is reviv-
helping markets shrug off ing. Every central bank is
the negative sentiment trig- saying that they will con-
gered by the US Federal tinue the easy money pol-
Reserve’s hawkish stance. icy. Even though there are
Stocks had come under fears of a third wave, the
selling pressure after com- vaccination efforts globally
ments by a Fed official, who have made good progress.
said he expects rate hikes as And that is giving comfort
early as next year. to people that even if a third
Mirroring losses in the wave comes, its effect will
global markets, domestic be muted,” said Saurabh
Source: Sebi equities, too, fell sharply Mukherjea, founder,
both on Friday as well as Marcellus Investment
Monday. However, they Managers.
recouped all the losses on Analysts said investors
both days.
Experts said strong
UPWARD TRAJECTORY would be keenly awaiting
more comments by Fed poli-
buying is emerging from cymakers, including its
retail investors and domestic chairman Jerome Powell.
institutions whenever the Concerns about Fed’s
market is seeing a selloff. rate hike led to benchmark
“Honestly, I am also sur- Sensex’s four-week winning
prised. I cannot think of any streak coming to an end last
other reason but the opti- week. In the preceding four
mism of new investors,” said weeks, the index had risen
G Chokkalingam, founder, about 8 per cent. The gains
Equinomics. were underpinned by an
The Sensex recovered extended period of low-
834 points from the day’s interest rates in the US,
low on Monday, and on diverting inflows into riskier
Friday, after dropping more emerging markets like India.
than 700 points, the index managed to end In addition, the declining Covid cases in India
the day with a 21-point gain. and the possibility of easing restrictions lead-
On Monday, the benchmark Sensex ended ing to economic revival also boosted investor
the session at 52,574, gaining 230 points or sentiment.
0.44 per cent. The Nifty, on the other hand, On Monday, 398 stocks hit their 52-week
ended the session at 15,746, a gain of 63 points high, and 573 were locked on the upper cir-
or 0.4 per cent.
Many analysts were expecting the markets
to fall after the US markets fell sharply on
cuit. The market breadth was positive, with
2,049 stocks advancing and 1,258 declining
on the BSE.
Friday. Markets were jittery after Fed official
Jim Bullard said that the first interest rate hike
Adani group shares rose amid reports that
the promoters purchased shares from the
by the US central bank could come as early as open market.
the end of next year. Two-thirds of Sensex stocks rose. NTPC
In addition, investors were also distressed was the best performing Sensex stock and
by the Fed’s indication of a rate hike. went up 3.8 per cent. Titan rose 1.8 per cent,
Analysts said the global economic recov- State Bank 1.6 per cent and Hindustan
ery had created a healthy risk appetite for all Unilever 1.4 per cent. Barring three, all sectoral
risk asset classes. And, India crawling back indices gained. Power and realty stocks went
from the onslaught of the second wave of up the most, and their indices increased 2.5
Covid-19 has made the condition appropriate and 2.3 per cent, respectively.
Four Adani Group Privatisation
entities locked in buzz lifts IOB,
Central Bank
5% upper circuit stocks by 20%
DEEPAK KORGAONKAR
Mumbai, 21 June Indian Overseas Bank
Price in ~
Shares of Adani Group companies were in focus during
Monday’s session, with four of the six listed stocks being
locked in the upper circuit of 5 per cent, bouncing back
up to 11 per cent from their respective intra-day lows
on the BSE.
Adani Green Energy (~1,115.85), Adani Transmission
(~1,297.65), Adani Total Gas (~1,321) and Adani Power
(~120.60) were locked in 5 per cent upper circuit on the
BSE. Adani Ports and Special Economic Zone (APSEZ)
and Adani Enterprises rallied over 7 per cent and 6 per Central Bank of India
cent, respectively, in intra-day trade. In comparison, Price in ~
the Sensex rose 0.44 per cent to 52,574.46 on Monday.
Last week, all Adani group stocks had come under
pressure after a media report suggested that the
National Securities Depository (NSDL) had frozen
accounts of three foreign funds that own stake in four
of Adani Group companies.
Adani Power, Adani Total Gas and Adani
Transmission had tanked 23 per cent and APSEZ 17 per
cent. They were followed by Adani Green Energy and
Adani Enterprises which shed 13 per cent and 7 per
cent, respectively. In comparison, the Sensex declined DEEPAK KORGAONKAR
5,910
0.24 per cent during the week. Mumbai, 21 June
Adani group companies as well as the NSDL had clar-
ified that the demat accounts of three foreign funds- Shares of Central Bank of India
Albula Investment Fund, Cresta Fund and APMS and Indian Overseas Bank were
Investment Fund holding shares in group companies locked in the 20 per cent upper
“are not frozen”. circuit on Monday, on the back
Among individual stocks, shares of APSEZ were up of heavy volumes amid reports
540
7 per cent at ~745 on the BSE in intra-day on Monday, that the Centre might privatise
rising 15 per cent in the past two trading days, after the the two financial institutions by
promoters bought over 3.5 million shares of the company selling 51 per cent stake in the
via the open market. On June 18, 2021, Worldwide lenders.
Emerging The stock of the Mumbai-
Market Holding, based Central Bank was locked
REGAINING GROUND the promoter in the upper circuit at ~24.30 on
( As on Jun 21) CMP ( ~) Chg 1D(%) group of the the back of an over 2x jump in
Adani Ports & SEZ 730.7 5.2 company, pur- trading volumes. A combined
Adani Power 120.6 5.0 chased 1.64 mil- 88.5 million shares changed
Adani Total Gas 1,321.0 5.0 lion shares, rep- hands.
Adani Transmission 1,297.7 5.0 resenting a 0.08 IOB shares hit a 52-week high
per cent stake, of ~23.60 on the NSE. Volumes
Adani Green Energy 1,115.9 5.0
worth ~111 crore more than doubled with a com-
Adani Enterprises 1,540.7 3.6 of the company bined 76.7 million shares chang-
Source: Bloomberg, exchange
via the open ing hands on the NSE and BSE.
market, accord- The privatisation plan was
ing to disclosure made by APSEZ on Monday. announced in the Budget, as
The promoter bought these shares at an average price part of the government’s broader
of ~676.57 per share, data shows. Post-acquisition, divestment goals for FY22.
Worldwide Emerging Market Holding’s holding in APSEZ Meanwhile, the Nifty PSU
increased to 3.89 per cent from 3.81 per cent earlier. Total Bank index surged over 4 per
promoters' holding in APSEZ was 63.74 per cent as on cent to 2,477.25, as compared to
March 2021. a 0.4 per cent rise in the Nifty50.
Earlier, on June 17, Infinite Trade and Investment, Jammu & Kashmir (J&K)
the promoter group, had purchased 1.93 million shares, Bank and Punjab & Sind Bank
representing a 0.09 per cent stak in the company (worth from the index rallied 20 per
~126.81 crore) via the open market, according to disclo- cent and 12.6 per cent, respec-
sures made by APSEZ on June 19. The promoters bought tively.
these shares at an average of ~656.88, data shows. Bank of Maharashtra, Union
Infinite Trade and Investment had zero holding in the Bank of India, Bank of India and
company prior to the acquisition of these shares. The UCO Bank were up in the range
name of the sellers were not ascertained immediately. of 4 per cent to 5 per cent.
 .
MUMBAI | TUESDAY, 22 JUNE 2021 THE SMART INVESTOR 11 <

5G traction likely to add Rectifying mismatch between 26AS,

Form 16 crucial before filing returns
to TechM’s order book Taking excess credit during ITR filing could lead to notice from tax dept
Trading at a 30% discount to peers, valuation is also at attractive levels BINDISHA SARANG HOW TO ACCESS FORM 26AS
>Form 26AS can be downloaded
RAM PRASAD SAHU
Mumbai, 21 June
TAPPING NEW AVENUES STRONG SIGNAL While filing income-tax returns
(ITR), begin by checking Form 26AS
from the TRACES website
Market CAGR and comparing it with Form 16. If >It is linked to your PAN

T
ech Mahindra (TechM) is best opportunity 2020-25 there are discrepancies in the fig-
placed among Indian information ($billion) (%) ures quoted in the two documents, >You can also view Form 26AS
technology (IT) companies to gain Open 5G network 40-50 65-70 get them corrected to avoid adverse from FY2008-09 onwards, via
from the rising adoption of 5G standard consequences. the netbanking portal of
by consumers and companies globally.
Network on the Cloud 8-10 20-25 Form 26AS a crucial document. your bank account
Ericsson in its 20th edition of the Intelligent and cognitive Says Kapil Rana, founder and
managed operations 10-15 15-20 >You can do so only if your
mobility report projected global 5G mobile chairman, HostBooks: “It is the con-
subscriptions to exceed 580 million by the Digital operation solidated annual tax credit state- PAN is linked to that particular
end of 2021. Led by increased roll-outs in support system 5-8 10-12 ment linked to your permanent bank account
China, the US, and South Korea, sub- Enterprise network account number (PAN), which Source: ClearTax
scribers are expected to rise eightfold, from >50 12-14 includes details of tax deducted at
modernisation
70 million at the end of the first quarter of source (TDS), tax collected at source,
this year. CAGR: Compound annual growth rate advance and self-assessment tax multidisciplinary consulting firm, ing in Form 26AS.
Source: Company, Sharekhan Research
Analysts at Prabhudas Lilladher believe paid, and refund received.” “Interest on loans given by you, on If one takes excess credit while
that TechM is well-positioned to capture
a fair share of the 5G network services
DEAL TRACKER It also includes details of the sale
or purchase of immoveable property
bank deposits, and on tax refund
should also be matched with Form
filing ITR, they could even get a
notice from the income-tax (I-T)
spends. Telecom sales Telecom deals Total deals($mn) and mutual funds, cash deposits, 26AS.” department.
While Infosys and Tata Consultancy and withdrawals from savings Says Gopal Bohra, partner, N.A.

1,043
Services are aggressive in operating expen- accounts, etc. You could get a notice Shah Associates: “If a tax return is
diture-related deals and have won several If the taxpayer notices any transaction filed without considering the trans-
deals last year, TechM is more penetrated Compare the two forms not related to him, he should actions reported in Form 26AS, the
528

and present in capital expenditure-related An employer who has deducted tax approach the person who reported the I-T department may issue a notice or
520

527
513

518
497
483

455
deals witnessing a pick-up, they add. under Section 192 from the transaction, quote his PAN, and get it grant short credit for TDS if the
421

This should reflect positively on the employee’s salary must issue rectified. entire TDS claimed in the return is
290

208

company which gets 40 per cent of its a TDS certificate to her in If the TDS deductor has not reflected in Form 26AS.”
174

105

104

revenue (rest is enterprise) from the tele-
communications (telecom) vertical.
After a 6 per cent decline in the telecom
vertical in 2020-21 (FY21), analysts expect
it to grow in high single digits in the cur-
rent financial year. The management indi-
cated that the contribution of 5G-related
sales to telecom revenue, as well as 5G
orders to the overall order book, has been
improving in recent months.
In addition, the overall order book at
just over a billion dollars in the fourth
quarter (Q4) has been the highest in the
past five quarters and was split between
telecom (Telefonica) and the enterprise
segment.
The deal momentum is expected to be
strong in the June quarter as well.
Say analysts at Sharekhan, “We expect
the company’s total deal values in the first
quarter of 2021-22 (FY22) to be around 1.5-
2x higher than the average quarterly deal
wins of $400-500 million, but it will be
lower compared to Q4FY21 ($1.04 billion).”
Q4FY20 Q1FY21 Q2FY21 Q3FY21 Q4FY21
Source: Company, Sharekhan
Led by growth in segments such as IT
and financials services and a recovery in
first six months prior to January, the
stock has been flat since. At the current
the manufacturing vertical, the enterprise
segment is expected to post double-digit
price, the stock is trading at just under
16x its 2022-23 (FY23) earnings; this is at
growth in FY22. Given the healthy deal a discount of 30 per cent to peer val-
pipeline, brokerages expect the company uations.
to report an overall revenue growth of 11 Suyog Kulkarni of Reliance Securities
per cent this year. believes that the stock deserves multiple
Despite multiple headwinds on the cost rerating, considering the double-digit net
front, such as salary hikes, deal ramp-ups, profit growth over FY21-23 driven by
and increase in travel spends going ahead, rebound in operating margin and strong
the company is confident of delivering top-line growth on the back of an uptick
margins of 15 per cent in FY22. in global 5G roll-out and higher demand
After a 260-basis point margin expan- for enterprise technology.
sion in FY21 to 14.2 per cent, gains this year Given the strong cash flows expected,
will be driven by offshoring, automation, any increase in dividend or buyback pro-
and higher operating leverage. gramme would be an additional trigger.
After nearly doubling in value in the Investors can consider the stock on dips.
Form 16.
Says Naveen Wadhwa,
deputy general manager,
Taxmann: “The TDS certifi-
cate can be downloaded
from TDS Reconciliation
Analysis and Correction
Enabling System (TRACES). YOUR
Form 16 contains informa-
tion on tax deducted. It is
MONEY
prepared on the basis of the
TDS statement furnished by the
employer.”
Form 26AS also contains infor-
mation based on the TDS statement
furnished by the employer. It con-
tains information on the amount on
which tax has been deducted and
the tax deducted.
Says Wadhwa: “Check both these
figures while comparing Form 26AS
with Form 16.”
According to Vivek Jalan of Tax
Connect Advisory Services LLP, a
failed to deposit this amount
into the government’s
account or failed to file TDS
return, then credit for it will
not be reflected in Form
26AS. The taxpayer should
ask the deductor to do so at
the earliest.
Form 26AS contains a lot
of information on the asses-
see’s financial transactions,
so she must reconcile it, and dis-
close income in her tax returns that
is in sync with the income reflected
in Form 26AS.
If there is a mismatch in the PAN
or Tax deduction Account Number
(TAN) mentioned in Form 26AS and
Form 16, the assessee will not be eli-
gible for credit on the tax deducted.
If there is a mismatch in the tax
deducted and tax deposited, the
assessee will be allowed to take
credit only for the amount appear-
Adds Archit Gupta, chief execu-
tive officer, ClearTax: “The depart-
ment allows the assessee to state the
reason for the mismatch in response
to its notice via the portal.”
Investors will get pre-filled ITR
forms now.
Form 26AS data will be filled in
these forms. In the event of a mis-
match, the pre-filled value will not
match the taxpayer’s computations.
Gupta adds: “A mismatch will
delay the processing of ITR and the
refund of excess tax deducted.”
What you should do
Start ITR filing by cross-checking the
information contained in Form 16
with your salary slips and Form 26AS.
If there is any discrepancy, report it
to the employer immediately so that
the latter could correct it by filing a
revised return and issuing a fresh TDS
certificate to you.

HB LEASING AND FINANCE COMPANY LIMITED

CIN : L65910HR1982PLC034071
Registered Office : Plot No. 31, Echelon Institutional Area, Sector 32, Gurugram-122001, Haryana
+ Phone : + 91-124-4675500, Fax : + 91-124-4370985
E-mail : corporate@hbleasing.com, Website : www.hbleasing.com
STATEMENT OF AUDITED FINANCIAL RESULTS
FOR THE QUARTER/YEAR ENDED 31/03/2021
(Rs. In Lakhs)

S. Quarter Corresponding Year

Particulars ended 3 months ended
No.
ended in the
previous year
31/03/2021 31/03/2020 31/03/2021
Audited Audited Audited
1. Total Income from Operations 7.50 10.31 30.00
2. Net Profit / (Loss) for the period (5.86) 8.96 (4.42)
(before Tax, Exceptional items)
3. Net Profit / (Loss) for the period before tax (5.86) 8.96 (4.42)
(after Exceptional items)
4. Net Profit / (Loss) for the period after tax (5.64) 8.96 (4.20)
(after Exceptional items)
5. Total Comprehensive Income for the period (5.43) 7.98 (3.99)
[Comprising Profit/ (Loss) for the period (after tax)
and other Comprehensive Income (after tax)]
6. Equity Share Capital 1100.41 1100.41 1100.41
7. Reserves (excluding Revaluation Reserve as shown
in the Balance Sheet of previous year) NA NA (892.31)
8. Earnings Per Share (of Rs. 10/- each)
(for continuing and discontinued operations)-
Basic: (0.05) 0.08 (0.04)
Diluted: (0.05) 0.08 (0.04)
Notes:
(i) The above is an extract of the detailed format of Audited Financial Results filed with the Stock Exchange
under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The full format of this Audited Financial Results is available on the website of Stock Exchange, BSE Limited,
www.bseindia.com and Company’s website, www.hbleasing.com
(ii) The aforesaid results were placed before and reviewed by the Audit Committee at its meeting held on 21st
June, 2021 and approved by the Board of Directors at its meeting held on the same date.
For HB Leasing and Finance Company Limited
Sd/-
ANIL GOYAL
Place : Gurugram (Managing Director)
Date : 21/06/2021 DIN: 00001938

Extract of Statement of Audited Financial Results for the Year/ Quarter ended March 31, 2021
3 Months ended Year ended
PARTICULARS 31.03.2021 31.03.2020 31.03.2021 31.03.2020
(Audited) (Audited) (Audited) (Audited)
1. Total Income from Operations (Net) 51318.65 52317.61 122207.35 131311.49
2. Net Profit/ (Loss) for the period (before Tax and Exceptional 7240.79 2400.16 8617.08 3526.75
Items)
3. Net Profit/ (Loss) for the period before Tax (after Exceptional 7308.52 24734.20 15756.69 25860.79
Items)
4. Net Profit/ (Loss) for the period after tax (after Exceptional Items) 7321.07 25444.34 15769.24 26570.93
5. Total Comprehensive Income for the period [Comprising Profit/ 7358.39 25455.83 15806.56 26582.41
(Loss) for the period (after tax) and Other Comprehensive
Income (after tax)]
6. Equity Share Capital 15353.95 15353.95 15353.95 15353.95
7. Reserves (excluding Revaluation Reserve as shown in the 0.00 0.00 18142.73 2336.17
Balance Sheet of the previous year)
8. Earnings Per Share (of Rs. 10/- each)
(Not Annualized) - Before Exceptional Items
- Basic 4.72 2.03 5.62 2.76
- Diluted 4.72 2.03 5.62 2.76
9. Earnings Per Share (of Rs. 10/- each)
(Not Annualized) - After Exceptional Items
- Basic 4.77 16.57 10.27 17.31
- Diluted 4.77 16.57 10.27 17.31
Note: The above is an extract of the detailed format of Quarterly/ Annual Financial Results filed with the Stock
Exchanges under Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The full format of the Quarterly/ Annual Financial Results are available on the Stock Exchanges' websites
www.bseindia.com and www.nseindia.com as well as at Company's website www.ranasugars.com.

This PDF was originally uploaded to Business Standard Newspaper - ePaper (https://t.me/bs_epaper). Subscribe now to get this edition before anyone else!! Backup channel: @news_backup
X
 12 STOCKS
>
MUMBAI | TUESDAY, 22 JUNE 2021 1
IN THE
> STOCK
> Central Bank of India > Coromandel International > Jammu & Kashmir Bank

NEWS Top BSE500 gainer,

snaps five-day
Hits fresh all-time
high at ~922
Hits upper circuit,
Up 35 per cent OF THE DAY
losing streak on BSE in a week Ratnamani Metals
~20.3 PREVIOUS CLOSE ~876.6 PREVIOUS CLOSE ~32.8 PREVIOUS CLOSE Hits new all-time high at
~24.3 CLOSE ~917.2 CLOSE ~39.4 CLOSE ~2,143, Up 30 per cent
! 20% UP ! 4.6% UP ! 20% UP this year

NIFTY 50
Company Close (~) % Wt PE Company Close (~) % Wt PE
ADVANCES/DECLINE F&O SNAPSHOT DAY’S TOP GAINERS DAY’S TOP LOSERS
21 Jun ’21 Chg (%) Con Std 21 Jun ’21 Chg (%) Con Std 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
Adani Ports 731.1 5.3 0.8 29.9 77.4 IOC 112.7 0.3 0.7 4.9 4.9 price price (%) price price (%)
Asian Paints 3068.6 0.7 2.0 93.8 96.4 ITC 204.5 0.0 3.6 19.1 19.4 GMR Infra 31.6 30.9 9.8 31.6 31.6 UPL 768.9 771.7 -4.5 580.9 399.0
MOST BULLISH MOST BEARISH
Axis Bank 739.6 0.4 2.8 31.5 34.4 JSW Steel 673.0 0.4 1.3 20.6 19.4 HFCL 58.0 57.6 9.4 58.0 58.0 PVR 1376.0 1379.6 -2.7 961.0 961.0
Bajaj Auto 4182.7 0.4 0.8 24.9 26.6 BHEL 68.1 67.8 0.5 Torrent Pwer 457.9 463.4 -1.2 Bandhan Bank 343.0 341.1 7.9 371.2 430.3 SRF 6908.1 6936.0 -2.0 5229.1 3559.4
Kotak Mah Bank 1772.1 0.7 3.7 35.2 50.4
Bajaj Fin 6116.0 0.5 2.3 83.5 93.3 Vodafone Idea 10.2 10.2 0.5 GMR Infra 30.8 30.9 -0.5 TV18 Broadcast 46.9 45.3 6.5 49.0 49.0 Balkrishna I 2240.2 2245.9 -1.9 1553.0 1216.0
L&T 1467.1 -0.6 2.9 17.8 18.2
Dabur India 573.6 571.8 0.3 Sun TV Net 549.6 551.1 -0.3 BHEL 68.2 67.8 5.4 79.5 79.5 Balaji Amine 2494.9 2527.4 -1.9 1652.4 432.5
Bajaj Finsrv 12156.4 1.3 1.1 43.3 1082.1 Mah & Mah 776.9 -0.6 1.1 53.3 359.5 UPL 774.7 772.2 0.3 Ambuja Cem 344.0 344.8 -0.2 Adani Ports 744.9 730.7 5.2 901.0 901.0 Jindal Steel 373.5 381.7 -1.7 297.3 143.0
Bharti Airtel 539.6 0.2 1.9 - - Maruti Suzuki 6899.9 -0.9 1.3 47.5 49.3 Aarti Inds 1777.5 1771.9 0.3 Max Fin Sre 1017.3 1019.4 -0.2 Adani total Gas 1321.0 1321.0 5.0 1680.0 1680.0 BEML 1338.3 1350.3 -1.5 1120.0 584.2
BPCL 475.1 0.6 0.7 6.4 5.4 Nestle India 17649.2 -0.1 0.9 - 78.8
Britannia 3648.9 0.8 0.6 47.2 49.9 Adani Green En 1115.9 1115.9 5.0 1394.0 1394.0 Wipro 535.2 542.2 -1.4 398.0 213.1
NTPC 118.0 3.9 0.8 7.8 8.3 BSE NSE Adani Trans 1297.7 1297.7 5.0 1647.7 1647.7 Havells I 958.4 983.0 -1.4 958.4 562.4
Cipla
Coal India
960.2
147.5
-0.1
0.8
0.7 32.2 31.4
0.4 7.2 11.9
ONGC 121.0 0.6 0.9 14.0 92.0 Index Stock Index Stock PUT-CALL RATIO Bank of India 81.9 79.0 5.0 87.0 101.5 Jubilant Fd 3231.6 3246.2 -1.4 2660.9 1596.3
Power Grid 234.9 0.8 0.9 10.2 10.3 Adani Power 120.6 120.6 5.0 167.1 167.1 PI Inds 2798.0 2809.6 -1.4 2201.8 1500.0
Divis Lab 4229.1 0.8 0.8 56.6 57.4 FUTURE (Open Interest in Mn) Put Call PC Ratio
Reliance Ind 2237.3 0.5 10.3 28.9 43.6 Indiab Real 114.6 112.9 4.4 117.9 125.5 Sterling & Wils 235.0 236.4 -1.4 219.0 161.0
Dr Reddys 5282.0 0.0 0.9 45.0 40.2 Contracts - - 345153 1467784
SBI 419.8 1.7 2.3 16.7 18.4 Market 1427.3 3056.4 0.5 Max Fin Sre 1028.7 1020.6 4.3 1050.3 1050.3 CGCEL 409.4 415.6 -1.4 350.4 224.7
Eicher Motor 2698.5 -0.3 0.5 54.8 55.5 Open Int.(000) - - 13073 5113070
SBI Life Ins 981.6 -0.1 0.6 - 67.4 Piramal Entp 2335.7 2322.9 4.0 2335.7 2335.7 Colgate 1658.7 1667.6 -1.3 1468.9 1322.8
GAIL 155.3 0.1 0.5 11.2 14.1 Shares(In Mn) - - 15.3 3744.5 Top 5 PC Ratio Bottom 5 PC Ratio
Shree Cement 28225.4 0.6 0.5 - 44.0 NTPC 118.4 118.0 3.9 121.0 121.0 Max Health 205.0 246.6 -1.3 197.7 101.7
Grasim Ind 1496.7 1.1 0.8 28.8 105.8 Value(~ crore) - - 32784 117539
Sun Pharma 671.4 0.4 1.0 55.5 75.3 Asian Paints 0.9 Ramco Cements 0.1
HCL Techno 982.0 0.7 1.5 23.9 30.5 OPTIONS * Ranked on the basis of percentage gain/loss on previous close
Tata Motors 334.3 -0.9 0.8 - - Bandhan Bank 0.9 PI Inds 0.2
HDFC 2516.4 1.1 6.5 24.2 37.8 Contracts - - 34413743 2731710
Tata Steel 1106.2 1.3 1.2 17.8 9.8 Piramal Entp 0.9 MRF 0.2
HDFC Bank
HDFC Std Life
1488.7
718.8
0.6
1.3
9.2 25.8 26.4
0.9 106.8 106.9 TCS 3273.1 -0.7 4.8 37.3 39.1
Open Int.(000)
Shares(In Mn)
-
-
-
-
192757
1503.5
4290963
5221.4
Titan Company 0.8 Page Inds 0.2 MOST TRADED TOP M-CAP TRENDS
Tech Mahindra 1062.9 -0.7 0.9 23.3 24.3 HUL 0.8 Mah & Mah 0.2
Hero MotoCorp 2894.9 0.1 0.5 19.8 19.5 Value(~ crore) - - 3362642 227256 Value Volume Rank Company Mcap (~ cr) Company % change Company % change
Hindalco 367.6 -1.0 0.8 23.7 83.2 Titan Company 1742.9 1.8 1.0 159.0 176.4 BSE+NSE BSE+NSE
UltraTech 6775.5 1.2 1.1 36.3 36.6 1 Reliance Ind 1418513.1 BS200 Pooja Enter 40.4
HUL
ICICI Bank
2514.4
631.3
1.3
0.1
3.2 73.9 74.3
6.2 23.8 27.0 UPL 772.2 -4.4 0.6 20.6 268.2 ACTIVE CALLS ACTIVE PUTS Adani Ports
(~ crore)

4031.8
(Mn shrs)

55.7
2
3
TCS
HDFC Bank
1210512.0
821354.3
DOWN DOWN 7 DAYS
IndusInd Bank 1007.6 1.2 0.9 - 27.5 Wipro 542.2 -1.4 1.1 27.5 29.5 Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg Apollo Tyres -6.1 Ritesh Int -29.9
4 Infosys 639341.1
Infosys 1500.3 -0.2 7.9 33.0 35.4 Nifty 50 15746.5 0.4 100.0 27.9 31.2 MARKET OVERVIEW (In Million) Date Price Qty Interest (OI) (In Million) Date Price Qty Interest (OI)
Adani Enter
Tata Steel
3541.1
1493.9
23.1
13.7 5 HUL 591182.9 UP 3 DAYS Evans Electric -26.1
Index Index 6 HDFC 454355.7 Dixon Tech 9.6 Brawn Bio -23.7
INDEX PE SHRS TRDS 1 YR SBI 1431.2 34.8
S&P BSE SENSEX AGGREGATES C/S MN ‘000 ADV DEC RETURN Nifty
Nifty
24/06/21
24/06/21
15700
15800
73.1
58.2
3.6
4.2
-2.4
5.9
Nifty
Nifty
24/06/21
24/06/21
15500
15600
63.2
61.6
4.8
4.3
25.5
49.5
Reliance Ind 1305.9 5.9
7
8
ICICI Bank
SBI
436945.3
374431.6
HUL
Sun TV Net
4.4
4.2
Mod.Insul.
Tiaan Consumer
-16.8
-15.7
Asian Paints 3069.6 0.7 2.3 93.8 96.5 L&T 1466.9 -0.6 3.4 17.8 18.2 SENSEX 30.6/33.8 12.5 239 21 9 51.4 Tata Motors 1041.1 31.4 HDFC Std Life 3.8
NIFTY 50 27.9/31.2 363.4 4944 34 16 53.7 Nifty 24/06/21 15600 54.5 2.1 24.4 Nifty 24/06/21 15700 36.5 2.9 19.9 9 Bajaj Fin 369152.7 Premier Capital -15.2
Axis Bank 739.7 0.4 3.3 31.5 34.4 Mah & Mah 777.0 -0.6 1.3 53.3 359.5 Nifty 24/06/21 15900 42.9 3.7 21.6 Nifty 24/06/21 15400 34.8 3.2 30.4 Bandhan Bank 898.8 26.8 10 Kotak Mah Bank 351406.6 Astral 1.4
C = CONSOLIDATED; S = STANDALONE Pacific Inds -15.2
Bajaj Auto 4182.7 0.4 0.9 24.9 26.6 Maruti Suzuki 6901.5 -0.8 1.5 47.5 49.3 Nifty 24/06/21 16000 34.0 5.6 24.4 Nifty Bank 24/06/21 34000 31.9 1.5 57.1 UPL 873.3 11.2 11 Wipro 297082.2 Berge Paint 1.3
Bajaj Fin 6115.9 0.5 2.7 83.5 93.3 UP 3 DAYS
Nestle India 17642.5 -0.2 1.1 - 78.8 CASH DERIVATIVES Stock Stock ICICI Bank 871.0 13.9 12 Bharti Airtel 296294.5 Reliance Ind 1.2
Bajaj Finsrv 12161.7 1.4 1.3 43.3 1082.6 TURNOVER BSE NSE BSE NSE DOWN Patel Engg 49.2
NTPC 118.0 3.9 0.9 7.8 8.3 Vodafone Idea 24/06/21 11 110.6 74.8 5.1 Vodafone Idea 24/06/21 10 28.4 27.4 -3.2 Infosys 860.2 5.7 13 Asian Paints 294431.2
Bharti Airtel 539.5 0.1 2.2 - - GMR Infra 24/06/21 30 98.5 9.9 -37.0 Vodafone Idea 24/06/21 9 27.9 29.8 8.1 Graphite -16.3 Kisan Mould 32.7
Power Grid 235.0 0.8 1.0 10.2 10.3 VALUE(IN ~ CRORE) 6213 60748 - 3740221 TCS 848.4 2.6 14 HCL Techno 266412.6
Dr Reddys 5279.6 -0.1 1.1 45.0 40.2 Vodafone Idea 24/06/21 10 93.5 54.7 -25.2 GMR Infra 24/06/21 30 15.6 3.5 60.8 15 ITC 251776.5 UPL -8.0 Somany Cera 28.2
Reliance Ind 2237.6 0.6 12.1 28.9 43.6 SHARES(IN MN) 949.2 3788.7 - 10484.7 Bajaj Fin 812.3 1.3
HCL Techno 981.8 0.7 1.8 23.9 30.5 TRADES(000) 3485 21696 - 21221 GMR Infra 24/06/21 32 91.4 12.1 13.3 SBI 24/06/21 400 15.5 3.9 3.4 16 Axis Bank 226710.1 Indiabulls Hous -7.2 Khadim India 25.7
SBI 419.6 1.6 2.7 16.7 18.3 SAIL 763.5 61.3
HDFC 2516.3 1.2 7.6 24.2 37.8 GMR Infra 24/06/21 31 69.8 7.9 32.7 GMR Infra 24/06/21 29 14.9 2.0 -5.3 17 Avenue Supermar 214502.6 SBI Card & Pay -7.0 Vistar Amar 25.7
Sun Pharma 671.3 0.4 1.2 55.5 75.3 Jindal Steel 747.1 19.6
HDFC Bank 1488.5 0.6 10.8 25.8 26.4 MARKET-CAP (~ CR) TRADED TOTAL 18 Maruti Suzuki 208480.5 Jindal Steel -6.3 Datamatics 23.8
HUL 2516.1 1.4 3.8 73.9 74.3 Tata Steel 1105.5 1.3 1.5 17.7 9.8
HUL 650.8 2.6 19 L&T 206040.8 Balaji Amine -4.7 Centrum Cap 22.4
TCS 3272.5 -0.7 5.6 37.3 39.1 BSE 23,003,519 23,119,637
ICICI Bank
IndusInd Bank
631.1
1007.8
0.1 7.3
1.3 1.1
23.8 27.0
- 27.5 Tech Mahindra 1063.2 -0.7 1.1 23.3 24.3 NSE 22,723,650 22,826,197 SPURT IN VOLUMES BHEL
Indiabulls Hous
626.7
625.7
95.7
22.5
20
21
UltraTech
Bajaj Finsrv
195740.8
193541.3
Morepen
Others
-4.7 DOWN 3 DAYS
Titan Company 1742.9 2.0 1.2 159.0 176.4 DERIVATIVES 16,766,933 16,766,933 Palm Jewels -22.5
Infosys 1500.4 -0.3 9.3 33.0 35.4 Company Days 2-week Avg Change Close *Price 22 Adani Green En 174520.1 UP 7 DAYS
Tata Power 592.6 48.8 Bang Oversea -19.3
ITC 204.6 0.0 4.2 19.1 19.4 UltraTech 6781.3 1.3 1.3 36.3 36.6 Volume Volume % price %chg 23 Nestle India 170109.0
Kotak Mah Bank 1772.7 0.7 4.3 35.2 50.5 BSE SENSEX 52574.5 0.4 100.0 30.6 33.8 TRADING ACTIVITY IMPAL 184934.0 5414.3 3315.7 840.2 20.0
JSW Steel
HDFC Bank
569.0
561.6
8.6
3.8
24 Adani Enter 169446.2
Nippo ETF
Globus Sprt
94.2
61.5 Revathi Equ -15.1
C = Consolidated; S = Standalone (~ crore) FIIs MF 25 JSW Steel 162629.2 P G Foils 53.7 TMRVL -14.3
Arman Fin 273751.0 10735.7 2449.9 742.8 20.0 United Brew 550.1 3.9
Equity Debt Equity Debt 26 Sun Pharma 161053.0 SBC Exports -14.2
Net Net Net Net Cantabil Ret 2676097.0 143127.2 1769.7 402.1 0.3 Mahaan Foods 47.1
Info Edge 521.1 1.1
WORLD INDICES On 18 Jun 2632 -762 - - SMS LifeS 580660.0 41315.0 1305.4 800.2 20.0 PNB 508.0 124.9
27
28
Titan Company
ONGC
154734.7
152158.5
Raja Bahadur
Simplex Mill
40.7
40.6
Jeevan Scient
IRIS Bus Serv
-14.2
-14.2
On 17 Jun -914 -126 - - Honda Power 374225.0 31570.1 1085.4 1281.2 7.6 Bank of Baroda 507.8 63.0 29 Adani Ports 149180.5
Indices Close % Chg* Indices Close % Chg*
On 16 Jun -886 121 - - Lypsa Gems 1709455.0 155903.3 996.5 6.7 4.8 30 Adani total Gas 145283.6 (T+2) cycleStocks which rose/fell continuously
Hindalco 504.1 13.8
Americas (Jun 18,21) Asia/Pacific (Jun 21,21) On 15 Jun 680 171 - - GG Eng 749011.0 77137.7 871.0 24.7 19.9
S&P/ TSX Composite 19999.6 -0.7 Shanghai Se Comp 3529.2 0.1 On 14 Jun 807 -237 - - Incredible Ind 876465.0 106453.5 723.3 33.0 7.7
Nasdaq Composite
Dow Jones
14030.4
33290.1
-0.9
-1.6
Jakarta Composite
Stock Exchange of Thai
5996.3
1601.1
-0.2
-0.7
Jun till date
2021 till date
12786
59629
-2698
-21510
-682
-19244
4339
65822
Transform
Pun Sind Bnk
6311434.0
10307694.0
823339.3
1347268.2
666.6
665.1
31.0
21.7
12.1
13.6
BOARD MEETINGS INTRA-DAY
Europe/Africa (Jun 18,21) Kospi 3240.8 -0.8 Group Machino Plst: nancial Results on 31st March nancial Year
DAX 15532.5 0.6 Straits Times 3117.9 -0.8 FIIS IN DERIVATIVES 52 WEEK NEW HIGHS/LOWS Company To consider Raunaq EPC 2021. ended on 31st
Purpose and approve Intl: To con- Weizmann Fin: March 2021.
CAC 40 6592.2 0.4 Kuala Lumpur Comp 1572.2 -1.1 Company Price Company Price Company Price Company Price
(~crore) Index Stock Index Index Stock Audited Finan- sider and ap- Consider and Kilpest (I): To
FTSE 100 7039.4 0.3 Taiwan Taiex 17063.0 -1.5 NET Net Fut OI Opt OI OI JUNE 22 cial Results for prove the approve the consider and
HIGH *APL Apolo Tb . . . . . . 1630.0 LOW *JMD Ventures . . . . . . . . 3.9
IBEX 35 9043.4 0.1 Volatility (Jun 18,21) BS 200 *Triton Valve . . . . . . . 1487.0 *Action Fin . . . . . . . . . . . . 3.7 B L Kashyap: the quarter Standalone and Audited Finan- approve the
On 18 Jun -527 165 0.1 0.8 1.8 BS 200
Asia/Pacific (Jun 21,21) CBOE Dow Jones 19.1 21.3 *Dixon Tech . . . . . . . . 4644.0 *Timken India . . . . . . 1468.0 Audited finan- and year ended Consolidated cial Results of Audited Finan-
On 17 Jun -379 -547 0.1 0.7 1.8 NONE Trans Asia . . . . . . . . . . . . . 3.7
Hang Seng 28489.0 -1.1 CBOE S&P 500 20.1 -3.1 *Asian Paints . . . . . . . 3078.6 *Honda Power . . . . . . 1388.1 cial results on 31st March, Audited Finan- the Company cial Results
On 16 Jun 1263 -557 0.1 1.1 1.8 Others *Rekvina Lab. . . . . . . . . . . 3.6
*Relaxo Footwear . . . 1272.0 ‘Standalone 2021, besides cial Results for for the quarter (Standalone
Nikkei 225 28010.9 -3.3 * Change over previous close On 15 Jun -606 702 0.1 1.0 1.8 HUL . . . . . . . . . . . . . . . 2528.7 *Evans Electric . . . . . . . 84.0 *Kiran Syntex . . . . . . . . . . 3.6
*Tips Industries . . . . . 1181.0 and Consoli- other items, if the quarter and year ended and Consoli-
On 14 Jun 1502 760 0.1 1.0 1.7 *Piramal Entp . . . . . . 2335.7 ETT . . . . . . . . . . . . . . . . . 28.5 *Incon Engg . . . . . . . . . . . 3.3 dated’ for the any. and year ended 31* March, dated) for the
MAJOR INDICES Jun till date
2021 till date
-8253
175233
-1792
-10930
-
-
-
-
-
-
*United Brew . . . . . . . 1455.0
*Gujarat Gas . . . . . . . . 687.0
East India Sec . . . . . . 1070.0
*Maithan Ally . . . . . . . . 963.2
*Eloora Trading . . . . . . . 28.2
*Trans Financ . . . . . . . . . 19.6
*Suncity Synt . . . . . . . . . . 3.2 quarter & fi- Max India: To March 31, 2021 quarter / year
*WPIL Ltd . . . . . . . . . . . 940.0 *PFL Infotech . . . . . . . . . . 3.1 nancial year consider and 2021. ended March
Previous Close Open High Low Close Change % chng OI in number of contracts(million) United Spirt . . . . . . . . . 680.0 *Billwin Inds . . . . . . . . . . 17.0
*Coromndl Int . . . . . . . 922.2 *Negotium Intl . . . . . . . . . 3.1 ended 31st approve the Sobha Ltd: To JUNE 23 31, 2021
*Sun TV Net . . . . . . . . . 570.9 *Shashank Trader . . . . . 16.2 Northward Tech . . . . . . . . 3.1 March 2021. audited finan- consider and Apollo Hosp: Laxmi Auto: To
S&P BSE Sensex 52,344.5 51,887.6 52,629.2 51,740.2 52,574.5 230.0 0.4 *Marico . . . . . . . . . . . . 527.4 *Cyient . . . . . . . . . . . . . 919.1
Salasar Inv . . . . . . . . . . . 12.0 Bharat Elctn: cial results of approve the Inter alia, con- consider the
*HFCL . . . . . . . . . . . . . . . 58.0 *Shri Jagdamb . . . . . . . 865.0 *Diksha Greens . . . . . . . 2.9
S&P BSE Sensex 50 16,437.6 16,285.9 16,516.9 16,247.1 16,501.1 63.5 0.4
S&P BSE SECTORAL INDICES *GMR Infra . . . . . . . . . . . 31.6 *IMPAL . . . . . . . . . . . . . 840.2
*Tvf2Dz . . . . . . . . . . . . 11.8
*Skyline Ventu . . . . . . . . 9.9
*Ashari Agen . . . . . . . . . . 2.8
To consider
and approve
the Company
(both stand-
Audited Stand-
alone Financial
sider the ap-
proval of the
Audited Finan-
cial Results for
S&P BSE-100 15,951.8 15,806.0 16,034.5 15,761.8 16,020.2 68.3 0.4 Others *Dhanvar Fin . . . . . . . . 833.0 Promact Impex . . . . . . . . 2.5 2021. spect of last audited finan- record the Au- on record the
Prev cls Close % Chng *Aviva Inds . . . . . . . . . . . . 9.8 Audited Stand- alone and con- Results of the audited finan- the Quarter /
S&P BSE-200 6,793.7 6,730.3 6,833.9 6,710.2 6,828.1 34.4 0.5 *Raja Bahadur . . . . . . 5071.1 *Rel Ind Infra . . . . . . . . 831.0 *Sagar Prod . . . . . . . . . . . 2.4 Ncl Research: to quarter along cial results of dited Financial audited Finan-
*Divinus Fabrics . . . . . . . 9.8 alone & Con- solidated) for Company for cial results for Year ended
Auto 23,386.0 23,267.4 -0.5 *Garware Fibres . . . . 3392.5 *SMS LifeS . . . . . . . . . . 800.2 *Pact Inds . . . . . . . . . . . . . 1.9 consider and with the results the Company Results cial Results
S&P BSE-500 21,319.1 21,117.0 21,446.4 21,055.9 21,429.8 110.7 0.5 *Blue Cloud . . . . . . . . . . . 8.9 solidated the quarter the quarter the quarter 31st March,
Bankex 39,177.9 39,499.9 0.8 *Sarasw.Comm. . . . . 3230.0 *Assam Entrade . . . . . . 697.9 approve Au- for the entire fi- Mishra Dhatu Naga Agri: Au- (standalone &
*Prism Medico . . . . . . . . . 8.4 *BMB Music . . . . . . . . . . . 1.8 Financial Re- and financial and financial and year ended 2021.
S&P BSE IPO 10,451.5 10,347.5 10,552.3 10,272.9 10,540.2 88.7 0.8 Cons. Durables 35,285.3 35,577.5 0.8 *Venkys India . . . . . . 2972.3 *Kiri Inds . . . . . . . . . . . 678.7 dited Financial nancial year Ni: Consider dited financial consolidated)
*Shukr Bullions . . . . . . . . 8.4 Maximaa Sys . . . . . . . . . . 1.1 sults for the year ended year ended March 31, 2021 Lime Chem:
Cap. Goods 22,182.9 22,251.8 0.3 *Saregama I . . . . . . . . 2786.0 *IFB Agro Ind . . . . . . . . 674.1 Results for the ending and approve the results Rushil Decor: To
S&P Dollex-30 5,815.5 - - - 5,823.9 8.4 0.1 *Ari.Tourneso . . . . . . . . . . 7.9 *ACE Edutrend . . . . . . . . . 1.0 quarter/year March 31, March 31, and recom- To consider
FMCG 13,503.5 13,553.6 0.4 *CRISIL . . . . . . . . . . . . 2775.0 *Somany Cera . . . . . . . 650.0 4th quarter as 31/03/2021. Audited Finan- Nirlon: To con- consider and
*Saboo Bros. . . . . . . . . . . 7.3 *Shalimar Prd . . . . . . . . . 0.5 ended March 2021. 2021. mendation of and approve
Nifty 50 15,683.4 15,525.9 15,765.2 15,505.7 15,746.5 63.2 0.4 Healthcare 24,765.0 24,888.8 0.5 *Neelamlai Ag . . . . . . 2730.0 *Globus Sprt . . . . . . . . 635.0 well as Finan- cial Results sider, approve approve
Risa Intl . . . . . . . . . . . . . . . 0.3 31, 2021 and Media M Wrld: V B Inds: To dividend, if any audited
Infra 240.9 244.8 1.6 *Ratnamani Met . . . . 2142.7 *AIIL . . . . . . . . . . . . . 585.9 *Rander Corp . . . . . . . . . . 6.9 cial Year ended JUNE 24 (Standalone and take on Quarterly As
Nifty next50 38,315.2 37,872.9 38,685.9 37,769.1 38,649.0 333.8 0.9 also to con- To consider consider and Jackson Invest: Financial
IT 29,146.5 29,065.0 -0.3 Ravalgaon S . . . . . . . . 2100.0 *Cigniti Tech . . . . . . . . 560.0 *Sword-Edge . . . . . . . . . . 6.0 *BLS Infotech . . . . . . . . . . 0.2 on 31st March Ashok Leyland: and Consoli- record the Au- Well As Annual
sider recom- and approve approve Au- To consider Results of the
Nifty 500 13,386.6 13,240.9 13,468.8 13,221.1 13,456.1 69.5 0.5 Metal 18,058.6 18,196.0 0.8 *Vinati Org . . . . . . . . . 1880.4 *Adity Vision . . . . . . . . 518.4 Sonal Adhes . . . . . . . . . . . 6.0 *Nicco Uco A . . . . . . . . . . 0.2 2021. To inter alia dated) dited Financial Financial Re-
mendation of inter-alia, the dited Financial and approve Company for
Oil & Gas 16,866.5 17,065.2 1.2 Bengal Assm . . . . . . . 1820.0 *BF Utilities . . . . . . . . . 513.6 Shahi Shipping . . . . . . . . . 5.0 *K-Lifestyle . . . . . . . . . . . 0.2 Shantai Inds: To consider and Mudra Finan- Results sults Along
India VIX 14.8 14.8 16.5 14.4 15.1 0.3 1.8 final Dividend Annual Audited Results for the Audited Finan- the Quarter
Power 2,762.2 2,832.6 2.5 *Swaraj Engin . . . . . . 1740.0 Kemp & Co . . . . . . . . . . 497.6 *Ashoka Refin . . . . . . . . . 4.9 *Monotype Ind . . . . . . . . . 0.2 consider au- approve the cial: To con- PTC India: To With Recom-
for the finan- Standalone as 4th quarter as cial Results for and Financial
Nifty CPSE 2,010.0 1,993.0 2,049.4 1,986.3 2,044.3 34.4 1.7 *Fairchem Organi . . . 1691.0 *Nile . . . . . . . . . . . . . . . 491.2 *Mesco Pharma . . . . . . . . 4.1 dited financial standalone and sider, approve consider, ap- mendation Of
PSU 7,653.9 7,776.9 1.6 *Interworld D . . . . . . . . . . 0.2 cial year 2020- well as Con- well as Finan- the 4th quarter Year ended on
results in re- consolidated and take on prove and take Dividend.
MSE SX 40 30,775.0 30,775.0 30,905.9 30,775.0 30,905.9 130.8 0.4 Realty 2,742.1 2,807.0 2.4 21, if any. solidated Fi- cial Year ended as well as Fi- 31st March

> 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 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 " ~100 ' ~3 Aarti Drugs Aarti Inds!
BS 200 stocks account for over paid-up value . Four
85 per cent of the volume of categories of information are 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 (719.9) (720.1) (1775.2) (1770.3)
# ~50 ( ~2 Open 719.0 709.0 1768.0 1769.0
shares, value and trades on provided: First, the basic shown in ~crore and is arrived dividing the day’s closing end of day in the futures and and the market price is below Thursday of every month. rise or fall in scrips whose XR ex-rights; XO ex-indicator
$ ~20
High 719.0 717.9 1811.3 1812.7
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 ) ~1
Low 707.8 707.0 1747.5 1750.0
and National Stock Exchange. trading. Information is also prices of shares with equity per share (EPS) for trailing 12 indicates traders’ Otherwise it is “out-of- open interest in put options & times paid-up value or 15 per like AGM/EGM/ preference % ~6 Face value Close 713.5 713.3 1771.8 1771.9
+ For BS 200 stocks, the given on the number of capital. It changes either
because more shares have
months. EPS is calculated on
the basis of consolidated
expectations. High OI is
typical when traders see a
money”
Expiry date: The date on
call options.
ABBREVIATIONS: When a
cent for the rest of the shares.
The letters H or L appended
shares/mergers and others . M
denotes volume of shares in ! ~5
of scrips is
~10 in all
Shares
PE
18630
25.6
290K
25.6
90624
60.1
957K
60.1
company name is followed by shares traded, and also the 52 Wk H/L 1025/266 1027/266 1888/893 1864/891
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 & ~4 specified. Mcap 6607 6605 30872 30874
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’.

ACC Adani Enter) Adani Green En Adani Ports( Adani Power Adani total Gas)
(2029.3) (2027.9) (1487.8) (1487.5) (1062.8) (1067.6) (694.6) (694.3) (114.9) (114.9) (1258.1) (1258.4)
1995.2 2009.5 1492.0 1490.0 1055.0 1014.2 687.4 692.0 109.2 109.2 1195.2 1195.6
2041.7 2041.9 1582.7 1582.0 1115.9 1120.9 744.9 744.7 120.6 120.6 1321.0 1321.4
1988.4 1988.9 1444.5 1444.9 1009.7 1014.2 683.6 685.1 109.2 109.2 1195.2 1195.6
2029.6 2028.1 1540.7 1540.0 1115.9 1120.9 730.7 731.1 120.6 120.6 1321.0 1321.4
15397 479K 1984K 21101K 42635 2047K 3919K 51760K 3928K 12143K 152K 1402K
22.8 22.8 183.6 183.5 - - 29.9 29.9 36.6 36.6 - -
2066/1244 2066/1245 1718/145 1717/145 1394/306 1390/306 901/298 901/298 167/34 167/34 1680/143 1679/143
38113 38086 169446 169369 174520 175310 149180 149262 46515 46515 145284 145322

Avenue Supermar Axis Bank( Bajaj Auto Bajaj Fin( Bajaj Finsrv! Balkrishna I( Balram Chini) Bandhan Bank Bank of Baroda( Bata India! BEML Berge Paint) Bharat Elctn) Bharat Forge( Bharti Airtel! BHEL( Biocon! Bosch
(3317.5) (3317.7) (736.5) (736.3) (4165.0) (4167.1) (6087.3) (6087.0) (11998.0) (11999.3) (2290.4) (2292.0) (319.5) (319.6) (316.1) (316.6) (80.2) (80.2) (1644.3) (1644.1) (1370.7) (1372.3) (824.8) (825.6) (146.3) (146.2) (725.9) (726.8) (538.9) (538.8) (64.3) (64.3) (399.1) (399.0) (15207.5) (15211.3)
3320.0 3319.7 722.0 725.0 4161.0 4153.0 6005.8 6000.0 11721.0 11800.0 2309.0 2275.0 318.0 315.3 319.0 322.1 79.2 78.3 1635.0 1630.0 1339.9 1336.0 828.0 823.8 143.0 142.0 709.0 711.5 531.5 535.0 62.5 62.9 394.1 395.5 15220.0 15099.0
3320.1 3319.7 740.8 740.9 4196.4 4196.0 6134.0 6135.0 12203.0 12199.8 2309.0 2297.5 334.0 333.9 343.0 343.2 83.0 82.8 1668.8 1669.5 1367.3 1367.6 834.0 834.0 149.9 150.0 734.2 734.5 541.8 541.9 68.2 68.3 406.0 406.2 15220.0 15125.0
3275.4 3274.0 720.2 720.5 4108.9 4106.5 5995.2 5987.1 11721.0 11776.9 2240.2 2240.0 315.3 315.0 319.0 319.9 77.4 77.4 1621.4 1620.0 1338.3 1336.0 820.0 818.9 142.6 142.0 709.0 711.5 531.5 533.0 61.3 61.1 394.0 393.2 14937.5 14950.0
3311.4 3311.0 739.7 739.6 4182.7 4182.7 6115.9 6116.0 12161.7 12156.4 2245.9 2245.1 331.8 331.7 341.1 341.2 82.5 82.4 1662.7 1662.9 1350.3 1350.5 828.1 827.8 149.2 149.2 729.4 729.6 539.5 539.6 67.8 67.8 405.6 405.8 15099.2 15096.9
12527 165K 204K 6464K 15761 375K 60764 1272K 14422 295K 13174 352K 63401 954K 1021K 25772K 3069K 59885K 32592 288K 36603 231K 28249 608K 371K 7733K 348K 1696K 786K 5637K 7827K 87908K 156K 1549K 1650 48503
184.1 184.1 34.4 34.4 24.9 24.9 93.3 93.3 43.3 43.3 37.6 37.6 14.8 14.8 24.9 24.9 51.4 51.4 - - 75.2 75.2 118.1 118.1 20.8 20.8 108.8 108.8 - - - - 65.8 65.8 92.3 92.3
3394/1900 3397/1955 800/400 799/400 4361/2660 4361/2660 6250/2729 6249/2728 12210/5401 12208/5400 2319/1216 2323/1216 363/122 363/123 430/251 431/251 100/40 100/40 1705/1215 1682/1214 1544/584 1542/584 843/488 843/488 160/80 160/80 790/306 791/307 623/394 623/394 80/27 80/27 488/363 488/363 16900/10886 16830/10909
214503 214477 226710 226679 121033 121033 369153 369162 193541 193457 43413 43398 6968 6966 54940 54948 42638 42612 21369 21372 5622 5623 80433 80399 36354 36354 33961 33970 296294 296349 23608 23591 48690 48714 44528 44521

BPCL Cipla( City Union Bk) Coal India Coforge Colgate) Containr Crp! Cummins (I)( Dabur India) Deepak Nitrt( Delta Corp) Divis Lab( Dixon Tech(
(472.5) (472.4) (960.3) (960.9) (164.1) (164.3) (146.6) (146.4) (3973.0) (3971.1) (1689.0) (1689.8) (692.0) (688.3) (832.8) (833.0) (577.3) (577.1) (1754.7) (1754.8) (177.4) (177.4) (4192.8) (4197.3) (4425.4) (4427.1)
470.0 471.7 959.0 958.0 163.5 162.0 146.5 146.0 3932.3 3960.0 1693.9 1684.0 680.2 680.0 831.0 825.0 572.3 576.0 1735.0 1730.0 172.1 173.0 4190.0 4190.0 4425.0 4425.1
475.6 475.8 962.4 962.7 165.7 165.7 148.0 148.0 4025.0 4028.8 1695.0 1686.4 688.8 688.7 832.3 832.7 579.5 579.7 1767.0 1768.0 182.5 182.5 4238.0 4238.9 4644.0 4644.9
468.5 950.5 950.5 162.0 161.8 143.6 143.5 3891.2 3878.2 1658.7 1658.1 676.6 676.6 819.6 819.5 569.7 570.0 1712.5 1710.0 167.4 170.5 4164.3 4162.0 4300.0 4351.1
960.0 960.2 165.3 165.2 147.5 147.5 4010.2 4008.7 1667.6 1667.0 683.9 683.7 824.7 824.9 572.4 571.8 1746.7 1746.6 180.8 181.0 4229.3 4229.1 4591.7 4588.3
76993 1626K 64125 1434K 931K 15038K 13127 299K 17321 458K 80899 1128K 37282 583K 60867 2239K 33765 804K 339K 1570K 6324 294K 29890 586K
32.2 32.2 20.6 20.6 7.2 7.2 53.3 53.3 43.8 43.8 82.8 82.8 37.0 37.0 59.8 59.7 67.2 67.2 - - 57.4 57.4 168.2 168.1
982/622 982/621 200/116 200/116 165/110 165/110 4045/1325 4049/1327 1755/1323 1795/1322 748/352 748/351 933/374 934/373 583/441 583/441 1989/474 1988/474 202/85 202/85 4427/2095 4425/2090 4644/1081 4645/1080
77424 77436 12212 12205 90900 90900 24297 24288 45357 45341 41667 41655 22859 22866 101186 101080 23825 23823 4824 4828 112267 112261 26884 26864

T PDF w B S N w P m S w B @ w
 >
MUMBAI | TUESDAY, 22 JUNE 2021 POLITICS & PUBLIC AFFAIRS 13

Pawar calls Oppn meeting

today, excludes Congress
ADITI PHADNIS DMK) and Mamata Banerjee (West Bengal
Registered Office: 119, W House, Neelgagan Tower, Mandi Road, Sultanpur, Mehrauli, New Delhi-110030
Corporate Office: 119 & 127, W House, Neelgagan Tower, Mandi Road, Sultanpur, Mehrauli, New Delhi-110030
Tel.: 011-42193193; Email: investors@tcnsclothing.com; Website: www.wforwoman.com

STATEMENT OF FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021
New Delhi, 21 June CM and leader of the TMC) are unable to
attend, they will send representatives sen- (All amounts in ` million except otherwise specified)

W
ith former finance minister ior enough to indicate their engagement. Quarter Ended Year Ended
Yashwant Sinha by his side and It is not yet clear if the Shiromani Akali
political strategist Prashant Dal (SAD), an ally of the BJP till recently, March 31, March 31,
Particulars December 31, March 31, March 31,
Kishor as his sherpa, veteran political has been invited. Sources advising the SAD 2021 2020
2020 2021 2020
leader with across-the-board acceptabil- said the upcoming assembly elections in (Unaudited) (Unaudited)
(Unaudited) (Audited) (Audited)
ity, Sharad Pawar, has launched a new Punjab will not yield the kind of decisive (See note 5) (See note 5)
political initiative to unite the non- victory the Congress is seeking and the 1. Total income from operations 2,210.85 2,378.95 2,192.05 6,355.36 11,486.67
Congress opposition with a view to SAD would like to keep its options open if 2. Net profit/(loss) for the period before tax 46.89 169.20 (364.80) (769.38) 660.63
defeating the Narendra Modi-led it has to approach the BJP for help in form-
3. Net profit/(loss) after tax for the period 38.73 126.60 (237.74) (563.83) 694.12
Bharatiya Janata Party (BJP). ing a government.
The NCP supremo has invited all non- The CPI (M)-led Left Front has an 4. Total comprehensive income for the period 43.76 130.31 (238.85) (547.65) 684.14
Congress political parties to his Delhi res- alliance with Sharad Pawar’s NCP in 5. Paid-up equity share capital (Face value ` 2 per share) 123.05 123.02 122.95 123.05 122.95
idence for a meeting on Tuesday that cussed the possibility of the Pawar-led Kerala. CPI(M) General Secretary Sitaram 6. Other equity including instruments entirely equity in nature 5,996.79 6,477.05
could set off a round of ‘conclave’ politics Nationalist Congress Party (NCP) and the Yechury and Pawar have been in close Earnings Per Share (Face value ` 2 per share) (not annualised)
that was a dominant feature of Indian pol- Shiv Sena joining up for the touch. But Mamata Banerjee’s TMC and
7. (a) Basic (`) 0.61 2.12 (3.71) (8.85) 10.85
itics in the decades of the 1980s and led to Brihannmumbai Municipal Corporation the Left parties are bitter rivals in Bengal.
a new alignment of forces that forced the (BMC) elections. When a senior Congress Can the two groups sink their differences (b) Diluted (`) 0.60 2.12 (3.71) (8.85) 10.84
Congress out of its dominant political posi- leader called on Pawar in Mumbai (who in the large cause of national unity against Notes to the unaudited financial results:
tion for many years to come. was convalescing after surgery of his the BJP? This will be evident on Tuesday, The above is an extract of the detailed format of quarter and year ended Financial Results filed with the Stock Exchanges under Regulation 33 of the SEBI
Pawar’s initiative pointedly excludes mouth), he said the NCP leader conceded but many Congress leaders think this is (Listing Obligations and Other Disclosure Requirements) Regulations, 2015, as modified by Circular No. CIR/CFD/FAC/62/2016 dated 5 July, 2016. The full format
the Congress. While the move is not with- to him that a large opposition grouping not a deal-breaker when opposition to of the quarter ended Financial Results are available on the Stock Exchange websites at www.bseindia.com and www.nseindia.com and also on Company’s website
out its internal political contradictions, that excluded the Congress would not be Modi is involved. The group that is most www.wforwoman.com
“much more than Narendra Modi, it is the strong enough to challenge the BJP). But on the back foot is the Congress. Leaders Notes to the financial results:
Congress that needs to worry”, said a for- apparently Kishor told him otherwise and were brave in public but conceded private-
mer Congress chief minister. Congress leaders are homing in on ly that the initiative had been taken and 1. STATEMENT OF ASSETS AND LIABILITIES AS AT MARCH 31, 2021
Meanwhile, Congress President Sonia Prashant Kishore’s influence on Pawar to the Congress was nowhere in the picture: (All amounts in ` million)
Gandhi has called for a meeting of party turn him away from the Congress. “In the given situation, there is not much
officebearers to discuss ways to address Within days of that meeting, Pawar is he (Pawar) can do)” said a Congress leader. As at As at As at As at
multiple challenges, including high making his moves, surefooted and agile. “But the meeting is going to be crucial. Particulars March 31, 2021 March 31, 2020 Particulars March 31, 2021 March 31, 2020
petrol prices. The expectation is that even if senior lead- And it will lay bare before the world, the (Audited) (Audited) (Audited) (Audited)
Prashant Kishor has had two rounds of ers like K Chandrashekhara Rao irrelevance of the Congress leadership.” ASSETS Liabilities
meeting with Pawar. In the first three-hour (Telangana CM and leader of the TRS), MK Non-current assets Non-current liabilities
round, among other things, the two dis- Stalin (Tamil Nadu CM and leader of the More on business-standard.com (a) Property, plant and equipment 307.42 397.29
(a) Financial liabilities
(b) Capital work-in-progress 5.12 21.17
(i) Lease liabilities 2,631.66 2,994.52

Duflo, Rajan join TN economic council

(c) Right of use assets 2,686.39 3,083.64
(d) Other intangible assets 20.95 36.33 (ii) Other financial liabilities 50.14 66.75
(e) Financial assets - Other financial (b) Provisions 124.18 122.41
444.49 479.58
AGENCIES chart a rapid growth path. assets (c) Other non-current liabilities 7.98 4.62
New Delhi, 21 June Based on the council's recom- (f) Deferred tax assets (net) 549.81 349.70
Total non-current liabilities 2,813.96 3,188.30
mendations, the government (g) Non-current tax assets (net) 102.98 455.20
The Tamil Nadu government would take steps to revitalise Current liabilities
(h) Other non-current assets 30.04 28.93
on Monday said it constituted economy and see that the (a) Financial liabilities
an Economic Advisory benefits of growth reached all Total non-current assets 4,147.20 4,851.84
Council to the chief minister, segments of society, the state Current assets (i) Borrowings 53.58 -
which includes Nobel laureate has said. (a) Inventories 2,780.53 3,301.90 (ii) Lease liabilities 619.23 625.02
Esther Duflo, former RBI gov- The fiscal health of the (b) Financial assets (iii) Trade payables
ernor Raghuram Rajan, for- state is a cause for concern
(i) Investments 1,723.67 1,180.75 (A) Total outstanding dues of
mer chief economic advisor to Nobel laureate Esther Duflo (left) and former RBI governor and the government would
the Union government Arvind Raghuram Rajan focus on improving it and (ii) Trade receivables 1,648.40 1,756.20 micro enterprises and small 208.75 289.78
Subramanian, development bringing down debt burden, (iii) Cash and cash equivalents 146.48 529.44 enterprises
economist Prof Jean Dreze, This was revealed by Assembly on Monday. and release a white paper on (iv) Bank balances other than (iii) (B) Total outstanding dues of other
2.82 2.80
and former Union finance Governor Banwarilal Purohit This is to reverse slowdown Tamil Nadu's finances in July, above than micro enterprises and small 703.00 933.16
Secretary S Narayan. during his address to the 16th in economic growth, and to the state said. (v) Other financial assets 3.62 37.12 enterprises
(c) Other current assets 288.71 315.77 (iv) Other financial liabilities 71.88 76.91
Total current assets 6,594.23 7,123.98 (b) Provisions 3.80 3.04
menced on June 18. SAT said a on an open source technology.
Total assets 10,741.43 11,975.82
> FROM PAGE 1 stay on voting on any of the res- The earlier technology, provid- More on business-standard.com (c) Current tax liabilities (net) 42.74 57.47
olutions won’t be fair as the ed by incumbent telecom gear EQUITY AND LIABILITIES
+ (d) Other current liabilities 104.65 202.14

PNB Housing...
SAT has directed Sebi to file a
reply by June 26 and rejoinder,
if any, by July 4.
Last week, PNB Housing
said it had received a letter
from Sebi, asking the company
to not go ahead with the pref-
erential allotment until it did a
valuation of its shares by an
independent valuer. PNB
Housing Finance has appealed
Sebi’s directive before SAT. The
company in a statement has
said that it has complied with
“all relevant applicable laws,
including the applicable pric-
ing regulations prescribed by
Sebi, and the Articles of
Association of the Company”.
It has further said “the prefer-
ential allotment is in the best
interests of the company, its
shareholders and all relevant
stakeholders”. Sources said
Sebi’s letter led to ambiguity on
whether PNB Housing could go
ahead with its EGM. Besides
the resolution pertaining to
preferential allotment, the
company has sought the share-
holders’ approval on nine other
resolutions passed by its board
of directors. Electronic voting
on all the resolutions com-
> BS SUDOKU
electronic voting is underway.
“Sebi never said the EGM
should not take place. It said
‘don’t act on the resolution
until you meet certain condi-
tions’,” said J N Gupta, manag-
ing director of Stakeholders
Empowerment Services (SES),
which has raised the red flag
on the Carlyle deal.
Shares of PNB Housing hit
a 5 per cent lower limit on
Monday and closed at ~702.4
per share. “On the face of it, SES
finds this deal unfair to public
shareholders of the company
and shareholders of PNB. As
controlling shareholder, PNB
has blown away the value. PNB
Housing is bracketed as a PSU
as PNB, a government entity, is
the promoter. PSUs historically
for millions of reasons get val-
uations which are quite low
compared to private sector
peers,” SES had said in a note.
5G tech JV...
Bharti Airtel has roped in Tata
Consultancy Services (TCS) for
its system integration capabil-
ity. The ORAN technology
requires expertise in integra-
tion of disparate elements of
hardware and software based
# 3390
makers like Ericsson and
Nokia, was based on propri-
etary technology with hard-
ware and software fused into
one offering. Under ORAN,
telecom operators can buy
their hardware as well as soft-
ware from multiple players,
thus increasing competition
and reducing overall costs of
the network. But to enable this,
telcos need a system integrator
for powering the network. The
Tata group, quite like Reliance
Jio, has also built state of the
art ORAN-based radio as well
as standalone and non-stand-
alone core, which control the
network. The ORAN network is
increasingly dependent on
software, giving it more flexi-
bility as well as efficiency.
Reliance, which also bought
Radisys in the US, has used it
as a base for software solutions
required for 5G. Gopal Vittal,
MD and CEO (India and South
Asia) of Bharti Airtel, said: “We
are delighted to join forces with
the Tata group to make India a
global hub for 5G and allied
technologies. This will also pro-
vide a big boost to Indian inno-
vation and manufacturing des-
tination.” N Ganapathy
Subramaniam, COO of TCS,
said: “As a group we are excited
about the opportunity present-
ed by 5G. We are pleased to
have Airtel as our customer.”
The new alliance has an advan-
tage over Jio in the global mar-
ket as Bharti Airtel already
either has its own networks or
holds stake in telecom ventures
across many geographies
including Africa, Bangladesh
and Sri Lanka. As for TCS, it
services numerous telcos
around the world. For Airtel,
the initiative to develop its own
5G technology based on ORAN
is not new. Earlier, it had dis-
cussions with Tech Mahindra
to engage it as a system inte-
grator and software partner. It
has also tied up with global
partners including Japanese
hardware giant NEC,
Vaccination...
Equity
Total current liabilities 1,807.63 2,187.52
(a) Equity share capital 123.05 122.95
(b) Other equity 5,996.79 6,477.05 Total liabilities 4,621.59 5,375.82
The second-highest vaccina-
Total equity 6,119.84 6,600.00 Total equity and liabilities 10,741.43 11,975.82
tions were held in Karnataka,
which administered 1.06 mil-
lion doses in a single day, fol- 2. STATEMENT OF CASH FLOWS FOR THE YEAR ENDED MARCH 31, 2021
lowed by UttarPradesh, which
gave out 674,557 doses on (All amounts in ` million)
Monday. UP expects to vacci- As at March 31, 2021 As at March 31, 2020
nate 1 million people a day Particulars
(Audited) (Audited)
from July 1. However, West A. CASH FLOW FROM OPERATING ACTIVITIES
Bengal is among the states that
Profit/(Loss) before tax (769.38) 660.63
have complained of vaccine
shortage. The state is focusing Operating profit before working capital changes 589.29 2,051.39
on vaccinating priority groups Net cash flow from operating activities (A) 1,133.35 1,309.64
only till availability improves. Net cash used in investing activities (B) (555.80) (25.27)
West Bengal has the capacity Net cash used in financing activities (C) (960.51) (970.56)
to increase vaccinations to
Net (decrease)/increase in cash and cash equivalents (A+B+C) (382.96) 313.81
500,000 a day, but is adminis-
tering 200,000-300,000 doses Add : Cash and cash equivalent at the beginning of the period 529.44 215.63
a day due to the shortage. Cash and cash equivalents at the year-end 146.48 529.44
“Once we complete the priority Notes to the financial results :
groups, we will decide on the 3. These financial results of the Company for the quarter and year ended March 31, 2021, have been reviewed by the Audit Committee and approved by the
18-plus,” Ajay Chakraborty, Board of Directors at their respective meetings held on June 21, 2021. The financial results for the year ended March 31, 2021, have been audited by the
director of health services, statutory auditors and the financial results for the quarter ended March 31, 2021, have been subjected to review by the statutory auditors of the Company.
West Bengal, said. The state
administered over 188,000 dos-
es on Monday. Maharashtra
4. These financial results have been extracted from the audited financial statements, which are prepared in accordance with Indian Accounting Standards (“Ind
AS “), prescribed under Section 133 of the Companies Act, 2013, read with the relevant rules issued thereunder and other accounting principles generally
accepted in India.
has been giving priority to the
30-44 age group and plans to 5. Figures for the quarter ended March 31, 2021 and March 31, 2020, represents the difference between the audited figures in respect of full financial year and
start vaccinating the 18-plus lot the unaudited published figure of nine months ended December 31, 2020 and December 31, 2019, respectively, which have been subjected to limited review
by the statutory auditors.
from Tuesday, after a hiatus of
several weeks. In Mumbai, the 6. “The Company’s operations and financial results for the quarter and financial year ended March 31, 2021, have been adversely impacted by the outbreak of
total number of vaccinations COVID-19 pandemic and the consequent lockdown announced by the Government authorities, due to which the operations were suspended for substantial
for 18 years and above has part of the first half of the year. COVID-19 pandemic hit the country towards the end of the financial year again resulting into disruptions to our business.
crossed 1 million, of which 90 Subsequent to the year end, several cities and towns have announced restrictions/lockdown. With easing of lockdown and opening of economic activities, the
per cent has happened through Company has re-opened stores on a gradual basis in line with the guidelines issued by Government authorities. The results for the quarter and financial year
ended March 31, 2021 are, therefore, not comparable with those for the previous periods.
private vaccination sites. The
The Company has assessed the impact of COVID-19 pandemic on its business operations and has considered relevant internal and external information
Delhi government said the
Centre’s vaccination campaign available up to the date of approval of these financial results/statements, in determination of the recoverability and carrying values of its assets, including trade
was only for advertisements receivables and more particularly inventories and believes that the pandemic is not likely to materially impact the recoverability of the carrying value of these
and announcements. “The assets. The impact assessment of COVID-19 is a continuing process given the uncertainties associated with its nature and duration, and accordingly actual
reality is that Delhi has not results may differ from these estimates as at the date of approval of these financial results/statements. The Company will continue to closely monitor any
been supplied even a single material changes to future economic conditions and will recognise the impact, if any, prospectively in future periods
dose today, when a universal 7. The Company has elected to apply the practical expedient of not assessing the rent concessions as a lease modification, as per Ministry of Corporate Affairs
campaign was supposed to be (MCA) notification dated July 24, 2020 on IND- AS 116 for rent concessions, which are granted due to COVID-19 pandemic. Details of unconditional rent
launched,” Aam Aadmi Party’s concessions confirmed, adjustment against rent expense (to the extent available) and amount accounted as ‘Other income’ is as under:
Atishi Marlena said. Delhi has (All amounts in ` million)
only five days of Covaxin stock
Quarter ended Year ended
and 57 days of Covishield stock. Particulars
March 31, 2021 December 31, 2020 March 31, 2021
(Inputs from Virendra Singh Rawat A Unconditional rent concession confirmed 169.30 59.85 563.37
in Lucknow, Ishita Ayan Dutt in B Adjusted against rent expense (to the extent available) 20.54 59.85 238.28
Kolkata, and Vinay Umarji in C Other income (A-B) 148.76 - 325.08
Ahmedabad) “The above unconditional rent concessions for the quarter ended March 31, 2021 and December 31, 2020 includes ` Nil and ` 7.64 million, respectively,
pertaining to periods after the reporting period.”
More on business-standard.com
8. The Code on Social Security, 2020 (“Code”) relating to employee benefits during employment and post-employment benefits received Presidential assent in
September 2020. The code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified. The

Taiwanese major Sercomm,
cloud player Red Hat and start
ups like the US-based Mavenir,
apart from Rakuten of Japan.
SOLUTION TO #3389 It also tied up with US-based
Hard: firm Altiostar to build small
!!!! cells for deployment in 4G and
later for 5G. There are other JVs
Solution too. For instance, the group has
tomorrow signed up with Dixon
Technologies for manufactur-
HOW TO PLAY ing a range of telecom products
Fill in the grid so that under the production-linked
every row, every col- incentive scheme. An internal
umn and every 3x3 R&D team will be at work for
box contains system integration and tech-
the digits 1 to 9 nology collaboration.
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X
KKR invests...
Over the past 12 months, it has
made many investments in
India, including in JB
Chemicals and Pharma-
ceuticals; Lenskart, an omni-
channel eyewear retailer; Five
Star, a lender to small business-
es; Jio; and Reliance Retail.
Gaurav Trehan, partner at KKR,
said, “Our investment in Vini
underscores KKR’s long-term
commitment to support India’s
innovative and dynamic firms
as they become leaders in
industries.”
Company will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective.
9. (a) The Company has recognised deferred tax assets (net) (including in respect of losses for year ended on March 31, 2021) amounting to ` 205.55 million
in the financial results for the year ended March 31, 2021 consistent with applicable accounting standards.
(b) The Company had claimed credit in relation to deduction of fair value impact of share-based payments to employees in the Income Tax return filed for
the Assessment year 2017-18 (Financial year ended March 31, 2017). However, the tax credit was not recorded in the financial statements for the year
ended March 31, 2017, prepared under previous GAAP. During the year ended March 31, 2020, the Company had received Income Tax Assessment
order for Assessment year 2017-18, where in the tax credit of ` 243.66 million along with interest of ` 35.98 million has been allowed. Based on the
assessment order, the Company had recognised the above tax refund and interest (included under Other Income) during the year ended March 31, 2020.
The Company has received the refund amount during the current year.
10. The Company has allotted 12,125 equity shares during the quarter ended March 31, 2021 and 47,625 equity shares during year ended March 31, 2021, of
face value of ` 2 per share arising from exercise of Employee Stock Options Plans (ESOPs), which were granted under “TCNS ESOP Scheme 2014-2017”.
11. The Company is primarily engaged in the business of womens apparel and accessories in India. Accordingly, the Company views its business activities as one
business segment, therefore there are no separate reportable segments as per Indian Accounting Standard (Ind AS) 108 - “Operating Segments”.
For and on behalf of the Board of Directors
Place: New Delhi Anant Kumar Daga
Date: June 21, 2021 Managing Director
 14
>
MUMBAI | TUESDAY, 22 JUNE 2021 1

— TENDER CARE — — Advertorial

FOUR HOCKEY PLAYERS OF WESTERN RAILWAYS CONDUCTS SPECIAL

RAILWAY SELECTED TO REPRESENT MAINTENANCE & UPKEEP OF EMU
INDIA AT THE TOKYO OLYMPICS RAKES, OHE & SIGNALLING SYSTEM

F
our players of TO BRACE THE MONSOONS

Western Rail-
way have been
selected to represent
India in the Tokyo
Olympics 2021. It is a
proud moment for
WR, where two women hockey players and two men hockey play-
ers of WR will be part of the contingent of both the Men and Women
Indian Hockey Teams to play at the Tokyo Olympics. Shri Alok
Kansal – General Manager of Western Railway congratulated the
players and encouraged them for their best performance.
According to a press release issued by Shri Sumit Thakur- Chief
Public Relations Officer of Western Rly, Ms Deep Grace Ekka and
Ms Navneet Kaur are part of the Indian Women’s Hockey Team,
while Shri Amit Rohidas and Shri Nilakanta Sharma are part of the
Men’s Hockey Team, who will be representing India at the Tokyo
Olympic 2021. Out of the four players, three belong to the Ticket
Checking cadre of WR’s Mumbai Division, while Ms Ekka works as
an Office Superintendent at Mumbai Central. Ms Deep Grace Ek-
ka and Ms Navneet Kaur had earlier represented India in 2016 Rio
Olympic Games. They were also members of the Indian Women
Hockey Team which won the Silver Medal in the 2018Asian Games
held at Jakarta. ShriAmit Rohidas was member of the Indian Hock-
ey Team which won the Bronze Medal in 2018 Asian Games. Amit
Rohidas and Nilakanta Sharma were also members of the Indian
Hockey Team which won Silver Medal in IHF Hockey World Cup
held at Bhubaneshwar in 2019.
R
ailways is committed to pro-
vide convenient & smooth
travel for its commuters dur-
ing the ongoing monsoon season.
In order to minimize the inconven-
ience caused due to heavy rains,
several monsoon preparation works
have been undertaken over Mum-
bai suburban network. These works
included cleaning and de-silting of
culverts, nullahs & drains, construction of additional waterways
alongwith proper upkeep & maintenance of the mechanical, sig-
nalling, electrical assets & equipment. Shri Alok Kansal – Gener-
al Manager of Western & Central Railway stated that our mission
is to run the train services with minimum disruptions during the
monsoon & our esteemed passengers reach their destination
safely & securely. He emphasized that it is the endeavour of Rail-
ways to ensure smooth & hassle-free service to the commuters.
According to a press release issued by Shri Sumit Thakur – Chief
Public Relations Officer of Western Railway, Railways has ex-
tensively carried out maintenance work of various railway instal-
lations such as Overhead Equipment, Signaling & Telecommu-
nication infrastructure, Electronic & Electrical Installations, etc.
The tracks & OHE in the low-lying areas were lifted in the range
of 100 mm to 250 mm at 15 identified locations. This will avert the
possibility of flooding of tracks during heavy intensity rainfall cou-
pled with high tide.

DIGITAL TECHNOLOGY AWARDS 2020
Speaking at the award presenta-
tion ceremony of the 2020 cycle
of Digital Technology Awards by
IMC Chamber of Commerce and
Industry, Wipro chairman Rishad
Premji was effusive about being
on the IMC forum as he remi-
nisced his family ties with more
than century old industry body.
Referring to his favourite photo-
graph from 1946 of his grandfa-
ther Muhammad Hussain Hashim
Premji standing and speaking at
an event as President of IMC, then
known as Indian Merchants’
Chamber, flanked by Pandit Jawa-
harlal Nehru, Sardar Patel,
Maulana Azad and other illustri-
ous figures from our history. Re-
calling the ties, he mentioned, “for
me personally, it is a big honour
as there is no other industry body,
that the Mahatma chose to be-
come a member of the Chamber
+ which saw its purpose and role
beyond that of being an industry
body and so itself as an integra-
tor and interface between indus-
try and the most important social
issues of the time.
Congratulating all the recipients
of theAwards and especially, the
lifetime achievement award win-
ners, Rishad Premji said that there
could not be a better recognition
more relevant and more contem-
porary in the world of today where
Digital Technology has been tru-
ly all pervasive.
Rishad devoted his talk on how
to fulfil the true promise of tech-
nology beyond merely economic
growth but as a true enabler of hu-
man well-being. He mentioned
four areas of maximizing eco-
nomic growth with human well-
being that requireddeeper thought
and debate. !Ensuring monop-
olies or near monopolies do not
develop, markets function effi-
ciently, to ensure that we keep the
spirit of entrepreneurship and in-
novation alive and what does reg-
ulation mean in the world of tech-
nology including cross border reg-
ulation and laws on competition.
! Technology, particularly digi-
tal and social media have inte-
grated the world as never before
and have fostered human con-
nections and solidarity as never
before through social media plat-
forms which should be used wise-
ly and in a more responsible man-
ner to avoid curbs and govern-
ment interference. ! We must
help people re-skill to participate
in the new opportunities tech dis-
ruption creates. In the long march
of human history the expansion
of new kinds of technologies in a
period of time only, only created
economic prosperity and we must
ensure that it continues to do so.
! The use of technology can be
a massive massive force multi-
plier for many elements in human
development, yet we must be
careful to not assume that it will
be the panacea for all issues of
human development.
Earlier, Mr Rajiv Podar, President,
IMC while welcoming Rishad Pre-
mji said that these digital awards
were very much in line with the Na-
tional Agenda set by our Prime
Minister towards creating a Digi-
tal India,Atmanirbhar Bharat and
this initiative by IMC would signif-
icantly contribute towards the larg-
er objective as stated by Shri
Narendra Modi, “In this digital age,
we have an opportunity to trans-
form lives of people in ways that
was hard to imagine a couple of
decades ago.”
TheAwardees included IT Com-
panies, End Users of ITalong with
Government departments for
technological solutions, applica-
tions and improvements that have
transformed business using lat-
est and emerging technologies.
The coveted Lifetime Achieve-
ment Awards 2020 were be-
stowed on:
1.MrAshank Desai, Founder, Vice
Chairman & Managing Director,
Mastek Ltd.
2.MrAtul Nishar, Chairman,Azent
Overseas Education Limited and
Founder, Hexaware Technolo-
gies.
3.Dr Lalit Surajmal Kanodia,
Chairman Datamatics Group of
Companies was bestowed with
the IMC Hinditron Late Hemant
Sonawala, Digital Technology
Awards 2020 – LifetimeAchieve-
ment Award. Late Shri Hemant
Sonawala in whose memory IMC
is constituting this Lifetime
Achievement Award, was de-
scribed by Business India maga-
zine as “The man who saw the
future”.

!"#$ %& '&#%" (%)* +,%#$

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 .
MUMBAI | TUESDAY, 22 JUNE 2021 15 <

NMDC Limited
(A Government of India Enterprise)
'Khanij Bhavan', 10-3-311/A, Castle Hills, Masab Tank, Hyderabad - 500 028.
CIN: L13100TG1958GOI001674
CONTRACTS DEPARTMENT
Tender Enquiry No: HO(Contracts)/NISP/LDCP(Bal Work)/2021/118, Dated : 22-06-2021
NMDC Limited, A “NAVARATNA” Public Sector Company under Ministry of
Steel, Govt. of India, invites online bids from prospective domestic bidders for
“Completion of Balance work of Lime & Dolomite Calcination plant (2 Nos.
of 500 TPD Capacity Lime Kilns and 1 No. of 300 TPD Capacity Dolomite
Kiln with one Lime Sizing Unit of 25 t/hr capacity) for 3.0 MTPA Integrated
Steel Plant at Nagarnar near Jagdalpur, Chhattisgarh State” on divisible
turnkey basis from experienced, reputed and Competent Tenderers. MECON
Limited is the consultant for this package.
The detailed NIT and Bid Documents can be viewed and / or downloaded
from NMDC website http://www.nmdc.co.in, Central Public Procurement
Portal http://www.eprocure.gov.in/epublish/app & MSTC portal
http://www.mstcecommerce.co.in from 22-06-2021 to 20-07-2021.
For Accessing the Bid doucment from NMDC website, the bidder has to register
as 'New User' in Bid section at NMDC’s website link - http://www.nmdc.co.in/
nmdctender/default.aspx.
For accessing the bid document from MSTC, bidders to visit website link -
http://www.mstcecommerce.co.in/eprochome/nmdc/buyer_login.jsp
and search Tender Event No. NMDC/HO/24/21-22/ET/128. Bidders are
requested to register as ‘New Vendor’ for downloading the tender document.
For further help refer to 'vendor guide' given in MSTC website.
The bidders are requested to submit their bids through online mode and details
of submission of bid through online are given in NIT.
The bidders on regular basis are required to visit the NMDC's website / CPP
Portal / MSTC website for corrigendum, if any, at a future date.
For further clarification, the following can be contacted :
1. General Manager (Contracts), NMDC Limited, Hyderabad, Fax No. +91-
040-23534746, Tel No. +91-040-23532800, email : steelcontracts@nmdc.co.in
2. Sr. General Manager (NMDC Project), MECON Limited, Ranchi,
Fax No. +91-651-2482214, Tel No. +91-0651-2483508, email :
projnmdc@meconlimited.co.in General Manager (Contracts)

HB STOCKHOLDINGS LIMITED
CIN: L65929HR1985PLC033936
Registered Office: Plot No.31, Echelon Institutional Area, Sector 32, Gurugram-122 001, Haryana
Ph.: +91-124-4675500, Fax: +91-124-4370985
E-mail: corporate@hbstockholdings.com, Website: www.hbstockholdings.com
STATEMENT OF AUDITED FINANCIAL RESULTS (STANDALONE AND CONSOLIDATED)
FOR THE QUARTER AND YEAR ENDED 31/03/2021
(Rs. In Lakhs)
S. Particulars Standalone Consolidated
No. Quarter Corresponding Year Quarter Corresponding Year
ended 3 months ended ended 3 months ended
ended in the ended in the
previous year previous year
31/03/2021 31/03/2020 31/03/2021 31/03/2021 31/03/2020 31/03/2021
Audited Audited Audited Audited Audited Audited
1. Total Income from Operations (net) 38.36 31.70 1319.46 38.36 31.70 1319.46
2. Net Profit / (Loss) for the period 7.23 (485.36) 1177.35 5.47 (486.63) 1172.16
(before Tax, Exceptional items)
3. Net Profit / (Loss) for the period before tax 7.23 (485.36) 1177.35 5.47 (486.63) 1172.16
(after Exceptional items)
4. Net Profit / (Loss) for the period after tax 10.33 (485.36) 1180.45 8.57 (486.63) 1175.26
(after Exceptional items)
+ 5. Total Comprehensive Income for the period 1127.75 (489.12) 2295.62 1125.99 (490.39) 2290.43
[Comprising Profit/ (Loss) for the period (after tax)
and other Comprehensive Income (after tax)]
6. Equity Share Capital 713.77 713.77 713.77 713.77 713.77 713.77
7. Reserves (excluding Revaluation Reserve as NA NA 4648.74 NA NA 4547.16
shown in the Balance Sheet of previous year)
8. Earnings Per Share (of Rs. 10/- each)
(for continuing and discontinued operations)-
Basic: 0.14 (6.80) 16.54 0.12 (6.82) 16.47
Diluted: 0.14 (6.80) 16.54 0.12 (6.82) 16.47
Notes: RAJNANDINI METAL LIMITED
(i) The above is an extract of the detailed format of Audited Financial Results filed with the Stock Exchange (s) under Regulation 33 of the SEBI (Listing Regd. Office: 3E-17 B.P. N.I.T. Faridabad - 121001 Haryana (India)
Obligations and Disclosure Requirements) Regulations, 2015. The full format of this Audited Financial Results is available on the website of Stock Corporate Office: Plot No. 344, Sector 3 Phase II, IMT Bawal - 123501 Haryana (India)
Exchange(s), BSE Limited, www.bseindia.com, National Stock Exchange of India Limited, www.nseindia.com and Company’s website, Phone: 01284-264194; Email: cfo@rajnandinimetal.com
www.hbstockholdings.com
Website: www.rajnandinimetal.com
(ii) The aforesaid results were placed before and reviewed by the Audit Committee at its meeting held on 21st June, 2021 and approved by the Board of
CIN: L51109HR2010PLC040255
Directors at its meeting held on the same date.
For HB Stockholdings Limited
Sd/- STATEMENT OF AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND
ANIL GOYAL YEAR ENDED MARCH 31, 2021
Place : Gurugram
(Director)
Date : 21/06/2021 DIN: 00001938 (Amount in Rs. Lacs)

Quarter Ended Year ended

31.03.2021 31.12.2020 31.03.2020 31.03.2021 31.03.2020

Particulars
Audited Unaudited Audited Audited Audited
1 Total Income from Operations 19,353.15 21,043.31 2,931.54 63,091.74 14,841.74
2 Net Profit / (Loss) for the period (before Tax, 228.60 237.33 38.26 703.82 161.82
Exceptional and / or Extraordinary items)
3 Net Profit / (Loss) for the period before Tax 228.60 237.33 38.26 703.82 161.82
(after Exceptional and / or Extraordinary items)
4 Net Profit / (Loss) for the period after Tax (after 163.71 182.93 29.49 506.72 115.91
Exceptional and / or Extraordinary items)
5 Total Comprehensive Income for the period 163.71 182.93 29.49 506.72 115.91
(Comprising Profit / (Loss) for the period (after tax)
and other Comprehensive Income (after tax)
6 Paid up Equity Share Capital 1,228.80 1,228.80 614.40 1,228.80 614.40
7 Basic EPS (Face Value of Rs. 10/-) 1.33 1.49 0.48 4.12 1.88
Diluted EPS (Face Value of Rs. 10/-) 1.33 1.49 0.48 4.12 1.88

Ch Notes
1 The above financial results have been revived by the audit committee and than taken on record by Board of Directors at their meeting
held on June 21, 2021
2 The above results have been reviewed by the statutory auditors as required under the SEBI (Listing Obligation and Disclosure
Requirements) Regulations, 2015.
3 The Financial results of the Company has been prepared in accordance with the Indian Accounting Standards (Ind AS) notified by the
Ministry Of Corporate Affairs under the Companies (Indian Accounting Standard) Rule, 2015.
4 The company has issued bonus equity shares in proportion of one equity share of Rs. 10/- each fully paid up for one equity share of
Rs. 10/- each fully paid up of the company in an AGM held on 31st August, 2020. Further as per the in principal approval granted by the
National Stock Exchange of India Limited, vide letter dated 31st August, 2020, the board of directors have alloted 6144000 equity
shares of Rs. 10/- each in the board meeting held on 12th September, 2020. Trading in equity shares pursuant to bonus issue
commenced w.e.f. September 24, 2020.
5 Earning per share (EPS) - Basis and Diluted has been calculated considering the effect of bonus share issues.
6 Tax expenses include current tax, deferred tax and adjustment of taxes for previous years.
7 The company has migrated from NSE-EMERGE Platform to NSE-Main Platform w.e.f February 16, 2021. Earlier the company
published the unaudited half yearly financial results as it was listed on NSE=EMERGE Trading Platform. To comply with the NSE-Main
Trading Platform for quarterly reporting, the company has prepared the financial results for the quarter ended and nine months ended
31.12.2020 and 31.12.2019 respectively .
8 The results for the quarter ended 31 March, 2021 and 31 March, 2020 are balancing figures between the audited figures in respect of
full financial year and unaudited financial results for the 9 months ended 31.12.2020 and 31.12.2019.
9 The Company is not having any subsidiary, associate or joint venture; therefore its has prepared only standalone results as
consolidation requirement is not applicable to the company.
10 The above Financial results are available on the Companies Website www.rajnandinimetal.com
11 The national wide lock down/restrictions due to Covid-19 pandemic by the Govt., impacted the company operation activities. In
assessing the impact of pandemic on the companies operations and performance, the company has considered internal and external
information upto the date of the approval of the financial results and based on current indicators of future economic conditions, the
Management is of the view that it will not be severely impacted. The impact of the global health pandemic may be different from that
estimated as at the date of approval of these financial statements and the company will continue to closely monitor any material
changes to future economic conditions.
12 The figures of the previous periods have been regrouped / rearranged / and / or recast wherever found necessary to make them
comparable.

By order of the Board

For Rajnandini Metal Limited
Sd/-
Het Ram Sharma
Date: June 21, 2021 Managing Director
Place: Faridabad DIN: 02925990

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 16
>
MUMBAI | TUESDAY, 22 JUNE 2021 1

Annexure I
NOTICE
Notice is hereby given that the under mentioned
has requested IDBI Bank Limited for transfer of
1200 equity shares of Tamil Nadu Newsprint
and Papers Ltd. (TNPL), under Regd. Folio No.
TNP011903, Share Certificate Nos. 99415, 16,
18, 20, 21, 25, 26, 27, 28, 30, 99850, 99877.
Any person who has a claim in respect of these
shares should write to Shri. Milind Khandekar
Dy. General Manager, IDBI Bank Limited, TBO
(SAIC), 17th floor, IDBI Tower, Cuffe Parade,
Mumbal-400 005 within fifteen days from the
date of publication of the notice.
Date : 22.06.2021
sd/-
Mr. Sunil Ramdas Pai
Vile Parle (E), Mumbai, Maharashtra
+ website of Stock Exchange viz. BSE Ltd-
PUBLIC NOTICE
Notice is hereby given that I/We Sonal Pranav
Patel of am / are the holder(s) of Certificate
No.(s) 299496-299499 & 799496-799499 for
320/- equity share(s) of ` 10/- each bearing
Distinctive No.(s) 36148651-36148810 &
82671491-82671650 of Century Textiles and
Industries Ltd. These share certificate(s) has /
have been lost and / or misplaced and therefore
I / We have applied to the Company to issue
duplicate share certificate(s) for 320/- equity Sulabh Engineers and
share(s) of ` 10/- each. Any person who Services Limited
has claim in respect of the said 320/- equity
share(s) of ` 10/- each should lodge such claim
CIN : L28920MH1983PLC029879
with the Company at its Registered Office at 206, 2nd Floor, Apollo Complex
Century Bhavan, Dr. Annie Besant Road, Worli, Premises Cooperative Society Ltd.,
Mumbai-400030 within 21 days from the date, R.K.Singh Marg, Parsi Panchayat Road,
else the Company will proceed to issue duplicate Andheri (East), Mumbai-400069
Certificates for 320/- equity shares of ` 10/- Corporate Office :
each without further intimation. 17/11, The Mall, Kanpur - 208001.
Place : Mumbai Name(s) : E-Mail : sulabheng22@gmail.com,
Date : 22.06.2021 Sonal Pranav Patel sulabhinvestorcell@gmail.com
Rameshwar Media
Ph: Corp Office: 0512-2311226,
2319705 Reg Off: 022-67707822
WEB: www.sulabh.org.in
NOTICE OF BOARD MEETING
NOTICE is hereby given pursuant to
Regulation 29 read with Regulation 47 of
SEBI (Listing Obligation and Discloser
Requirements) Regulation, 2015 that the
Meeting of Board of Directors of the
Company will be held on Wednesday, the
30th day of June, 2021, at its Corporate
Office 17/11 The Mall, Kanpur, inter alia
to consider and take on record the
Annual Audited Financial results (Stand
alone and Consolidated) for the quarter
and year ended on 31st March 2021 and
to transact such other business as may
be required.
The information contained in this notice
is also available on the Company website
www.sulabh.org.in as also on the
www.bseindia.com
For Sulabh Engineers & Services
Limited
Sd/-
(Siddharth Dwivedi)
Company secretary
Date: 21st June, 2021, Place: Kanpur
PUBLIC NOTICE
Take Note That the Original
Document of Agreement for Sale
NOTICE Dated 17/01/2008 Registered in the
NOTICE is hereby given that certificate Office of Sub-Registrar at Palghar
for 2900 shares of CHOKSI IMAGING on 22/01/2008 Under Sr. No. PLR-
LTD. in the name of DHULEVA FINANCE
00411/2008 in respect of the Flat
PVT. LTD. under Folio No. D000783 as
details given below have been lost or No. 202 Built Up area of 639 Sq. Fts.
mislaid and application has been made i.e. 59.38 Sq. Mtrs. on SECOND
to the Company to issue duplicate in lieu Floor of Building No. 12 Known as
thereof. “UNIQUE PARK CHSL Lying on
Plot No. 1 to 25 of Survey No. 70/2
Distinctive No(s). No. of
Cert Nos. s i t u a t e d a t r e v e n u e Vi l l a g e :
From To Shares
30005-30009 2925401 2925900 500 TEMBHODE, Tal. Palghar, Dist:
30991-30993 3024001 3024300 300 P a l g h a r, e x e c u t e d b e t w e e n
31190 3043901 3044000 100 Unique Park CHSL & Mr. Amin
31193 3044201 3044300 100 Habibbhai Bhimani was lost by my
31476 3072501 3072600 100
client. My client had filed missing
31741 3099001 3099100 100
complaint in Palghar Police Station
31767-31774 3101601 3102400
(Missing Complaint No. 18/2021).
800
All persons are hereby cautioned
31801 3105001 3105100 100
not to deal or carry out any
31940-31945 3118901 3119500 600
transaction with anyone on the
32136 3138501 3138600 100
basis of the above said missing
39616 3886501 3886600 100
document. Anyone doing so shall do
Any person who has a claim in respect it at his own risk and consequences
of the said shares should lodge such
which please note.
claim with the Company’s Registrars
& Transfer Agents at “ADROIT Sd/-
CORPORATE SERVICES PVT. LTD.” Mrs. Amita K. Patil (Advocate)
19 Jaferbhoy Industrial Estate, 1st Flr., Office: Shop No. 6, Ground Floor,
Makhwana Rd., Marol Naka, Andheri (E), The Edge, Behind Prakash Talkies,
Mumbai-400 059, within 15 days from Mahim Road, Palghar,Tal & Dist.
the date of publication of this Notice, Palghar-401404 Cell: 9226933257
With the Original Share certificates &
Place: Mumbai, Date: 20/06/2021
Proof thereof else the Company will
proceed to issue Duplicate Certificates.
Place : Mumbai Date : 22.06.2021
Rameshwar Media

PEGASUS ASSETS RECONSTRUCTION PRIVATE LIMITED

55-56, 5th Floor, Free Press House, Nariman Point,
Mumbai - 400 021. Phone No : 022 - 6188 4700
Email : sys@pegasus-arc.com URL : www.pegasus-arc.com
PUBLIC NOTICE FOR E-AUCTION
E- Auction Notice for Sale of Immovable Property under the Securitisation
and Reconstruction of Financial Assets and Enforcement of Security Interest
Act, 2002 read with proviso to Rule 8 (6) of the Security Interest
(Enforcement) Rules, 2002.
Notice is hereby given to the public in general and in particular to the Borrower(s) and
Guarantor(s) that the below described immovable property mortgaged/charged to the Secured
Creditor, being Pegasus Assets Reconstruction Private Limited acting in its capacity as Trustee of
Pegasus Group Thirty Two Trust-I (Pegasus), having being assigned the dues of the below men-
tioned borrower along with underlying security interest by Abhyudaya Co Operative Bank Ltd. vide
Assignment Agreement dated 30/06/2017 under the provisions of SARFAESI Act.
In view of the aforesaid Assignment Agreement the physical possession of the below mentioned
mortgaged property has been taken by the Authorised officer of Pegasus being Secured Creditor,
will be sold on “As is where is”, “As is what is”, and “Whatever there is” on 13/07/2021 for
recovery of Rs.9,77,21,937.50/- (Rupees Nine Crores Seventy Seven Lakhs Twenty One
Thousand Nine Hundred Thirty Seven and Paise Fifty Only) as on 30/04/2014 plus interest at
contractual rate plus costs, charges, expenses thereon, till payment realization, any time before
the said sale due to Pegasus Assets Reconstruction Pvt. Ltd. from M/s. Daya Builders, Mr.
Dhansukh D. Shah, Mr. Vijay D. Shah, Mr. Kirit D. Shah, Mr. Haresh D. Shah and Mr. Kiran
D. Shah. The Reserve price will be Rs. Rs.16,12,84,000/- (Rupees Sixteen Crore Twelve Lakhs
Eighty Four Thousand Only) and the Earnest Money Deposit will be Rs. 1,61,28,400/- (Rupees
One Crore Sixty One Lakhs Twenty Eight Thousand Four Hundred Only).
Name of the Borrower/ M/s. Daya Builders
Guarantors: Mr. Dhansukh D. Shah
Mr. Vijay D. Shah, Mr. Kirit D. Shah
Mr. Haresh D. Shah, Mr. Kiran D. Shah
Outstanding Dues Rs.9,77,21,937.50/- (Rupees Nine Crores Seventy Seven
Lakhs Twenty One Thousand Nine Hundred Thirty Seven
and Paise Fifty Only) as on 30/04/2014 with further interest
w.e.f. 01/05/2014 plus costs, charges and expenses thereon.
Description of Immovable Entire building called DAYA SARITA “C” Wing consisting of
Property: Basement Ground Floor plus 2 stories Building constructed or to
be constructed on plot of land bearing Survey No.262, Hissa
Nos.1, 2 & 3 bearing CTS No.658/A of Village Malad (E),
Gokuldham, Goregaon (E), Mumbai – 400 063 admeasuring
aggregate built up area about 14852 sq. ft or thereabout bound-
ed as follows : On or towards the East – Daya Sarita “B” Wing,
On or towards the West – “Daya Sagar Building, On or towards
the North – Plot S. No. 261 (Part), On or towards the South –
Daya Sarita “A” Wing.
CERSAI Asset ID- 200007837738
Reserve Price Rs.16,12,84,000/-
Earnest Money Deposit
(10% of Reserve Price) Rs.1,61,28,400/-
Claims, if any, which have Not Known
been put forward against
the property and any other
dues known to Secured
creditor and value
Inspection of Property On 02/07/2021 between 1.00 pm to 5.00 pm.
Contact No. 9619422209/9699534999
Last date for submission of 12/07/2021 till 4:00 pm
Bid/Bid:
Time and Venue of Bid E-Auction/Bidding through website (https://sarfaesi.auction-
Opening tiger.net) on 13/07/2021 from 11.00 AM to 1:00 PM.
For detailed terms & conditions of the sale, please refer to the link provided in Secured Creditors
website i.e. http://www.pegasus-arc.com/assets-to-auction.html for detailed terms & conditions
of e-auction/sale of respective property and other details before submitting their bids for taking part
in the e-auction. Bidders may also visit the website https://sarfaesi.auctiontiger.net or contact
service provider M/s. E Procurement Technologies Ltd. Auction Tiger, Bidder Support : 079-
68136805/68136837 Mo.: +91 9265562821 & 9374519754, Email : vijay.shetty@auctiontiger.net,
chintan.bhatt@auctiontiger.net and support@auctiontiger.net.
AUTHORISED OFFICER
Place : Mumbai Pegasus Assets Reconstruction Private Limited
Date : 22/06/2021 (Trustee of Pegasus Group Thirty Two Trust-I)

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 .
MUMBAI | TUESDAY, 22 JUNE 2021 17 <

!"#$%&'()*%&+ PUBLIC NOTICE

This is to inform to the general public that Bank of Baroda Vile Parle This is to inform the general public that (e-Vijaya) Bank of Baroda, Borivali (East)
(West) Branch intends to accept the under mentioned property belonging Branch intends to accept the under mentioned property standing in the name of

WE’LL BE MOVING OUR

to MR. PREMAL BABULAL DOSHI AND MRS. HETAL PREMAL DOSHI HEMALI BHARAT NAVDIWALA & BHARAT DALPATRAM NAVDIWALA as a
as a security for a loan/credit facility requested. security for a loan / credit facility requested by one of its customers.

OFFICE TO THE NEW ADDRESS

In case anyone has got any right/title/interest/claims over the under In case anyone has got any right / title / interest / claims over the undermentioned
mentioned property, they are advised to approach the Bank within 10 property, they are advised to approach the Bank within 10 days along with
SHORTLY
days along with necessary proof to substantiate their claim.
If no response is received within 10 days, it is presumed that the necessary proof to substantiate their claim.
property is free of any charge/claim/encumbrance and Bank shall If no response is received within 7 days, it is presumed that the property is free
proceed with the mortgage of any charge / claim / encumbrance and Bank shall proceed with the mortgage.
SCHEDULE Details of Property :-
Flat No. 1202, being on the 12th floor, admeasuring 1385 Sq. ft.. i.e. Flat No. 202 admeasuring 392 Sq. Ft. Built up area, on the 2nd Floor, in the Building
128.66 Sq. Mtrs. carpet area, in the building known as “RUSHABH”, in known as “PRAHIR CO-OPERATIVE HOUSING SOCIETY LTD.”, situated at
the society known as “Hetali Rushabh CHSL”, situated at Irla Bridge at Jogeshwari Estate, Patel Estate Road, Jogeshwari (West), Mumbai-400 102,
From S. V. Road, bearing CTS No. 677, 677/1, & 677/2 of Village Vile-Parle being constructed on Plot of land bearing CTS No. 241 of Village Bandivali, Taluka
2nd Floor, Dastur Building, 266, Perin Nariman Street, (West), Taluka – Andheri, District – Mumbai Suburban, belonging to MR. Andheri.
Fort, Mumbai – 400 001. PREMAL BABULAL DOSHI AND MRS. HETAL PREMAL DOSHI
Flat No. 1102, being on the 11th floor, admeasuring 1385 Sq. ft.. i.e. Branch Details / Contact No.
Advocate
To 128.66 Sq. Mtrs. carpet area, in the building known as “RUSHABH”, in (e-Vijaya) Bank of Baroda, Borivali East Branch
the society known as “Hetali Rushabh CHSL” situated at Irla Bridge at (Name & Contact No.)
 Contact Person : Rupesh Kumar Jha
Cholamandalam MS General S. V. Road, bearing CTS No. 677, 677/1, & 677/2 of Village Vile-Parle  Mob. No. 7600170214
M/s. Das Associates
Insurance Company Limited, (West), Taluka – Andheri, District – Mumbai Suburban, belonging to Prasad Das - 9820090208
 Tel. No. 91-22-28546401 / 02
CIN: U66030TN2001PLC047977

HETAL PREMAL DOSHI AND PREMAL BABULAL DOSHI. Swarnalata Das - 9324611676
Office No.5, 3rd Floor,  Mail : vjbore@bankofbaroda.com
Bank of Baroda Advocate Renuka M Nair
Readymoney Terrace, Ground Floor, M L Space, Flat No.603, Bldg. No.2, 1-B,
167, Dr. Annie Besant Road, D J Road, Vile Parle (West), Sonam Basera, Phase IX, New
Worli, Mumbai – 400 018. Mumbai-400056 Golden Nest, Bhayander (E),
Ph. 022-26148077 Thane.

VIVID GLOBAL INDUSTRIES LIMITED

CIN NO. L24100MH1987PLC043911
Regd. Office : D-21/1, MIDC Tarapur Via Boisar, Dist. Palghar, Maharashtra
AUDITED STATEMENT OF FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021
(`In LAKH)
PARTICULARS QUARTER ENDED YEAR ENDED QUARTER ENDED YEAR ENDED
31.03.2021 31.03.2021 31.03.2020 31.03.2020
Audited Audited Audited Audited
Total Income From operations 1,534.37 4,852.20 1,440.74 5,879.44
Net Profit/(Loss) for the period before Tax (before exceptional 89.91 221.65 54.69 158.69
items)
Net Profit/(Loss) for the period before Tax (after exceptional items) 89.91 221.65 54.69 158.69
Net Profit/(Loss) for the period after Tax (after exceptional items) 53.03 148.31 41.46 86.57
Total comperehensive income for the period (Comprising profit/ 53.03 148.31 41.46 86.57
loss) for the period (after tax) and Other comperenhensive Income
(after tax))
Paid-up Equity Share capital (Face value per share- ` 5 each) 456.44 456.44 456.44 456.44
Reserves (excluding Revaluation Reserve) 892.45 892.45 762.40 762.40
+
Networth 1,348.89 1,348.89 1,218.84 1,218.84
Earnings per share in Rs.(Face value of ` 5 each)
Basic 0.67 1.62 0.45 0.95
Diluted 0.67 1.62 0.45 0.95
Basic and Diluted (After Dividend) 0.47 1.42 0.15 0.65
Note:
1. The audited resultes of the company for the year ended 31st March 2021 have been reviewed by the Audit committee and there
after taken on record by the board of directors at its meeting held on June 21, 2021.
2. These financial results have been prepared in accordence with the recognition and measurement principals of Indian Accounting
Standards (IND AS) prescribed under section 133 of the Companies Act, 2013 read with the relevant rules issued therunder and
the other accounting principals generally accepted in india. Financial results for all the period presented have been prepared in
accordence with the recognition and measurement principles of Ind AS.
3. The above is an extract of the detailed format quarterly year ended March 31, 2021 Financial Results filed with the Stock Exchange
under Regulation 33 of SEBI (Listing and other disclosure requirements) Regulation 2015. The full format of the Quarterly/ twelve
months financial results are available on the stock exchanges websites i.e. Bombay stock exchange & National stock exchange.
4. DTA/ DTL has been recognised as on 31.03.2021 and effect of the same has been given in year end figures.
For Vivid Global Industries Limited
Sd/-
Date : 21/06/2021 SUMISH S. MODY
Plae: MUMBAI MANAGING DIRECTOR

HINDUJA GLOBAL SOLUTIONS LIMITED

EXTRACT OF CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021
in Lakhs
3 months Preceding Corresponding Year to date Previous year
ended 3 months 3 months figures for ended
Particulars 31.03.2021 ended ended Current 31.03.2020
S.No. 31.12.2020 31.03.2020 year ended
(Refer Notes Below) 31.03.2021
Unaudited Unaudited Unaudited Audited Audited
(i) (ii) (iii) (iv) (v)

1 Total income from operations (both continuing and discontinued 159,122.43 146,499.85 135,575.31 567,049.49 532,230.62
operations)
2 Net Profit / (Loss) for the period before tax (after Exceptional items) 16,756.62 11,049.01 9,743.44 44,396.30 34,919.16
3 Net Profit / (Loss) for the period after tax (after Exceptional items) 13,032.03 7,518.47 4,484.36 33,605.13 20,561.32
4 Total Comprehensive Income for the period [Comprising Profit / (Loss) 9,065.30 10,204.19 1,168.12 38,996.73 20,024.68
for the period (after tax) and Other Comprehensive Income (after tax)]
5 Equity Share Capital 2,087.73 2,087.73 2,086.59 2,087.73 2,086.59
6 Reserves excluding Revaluation Reserve as per Balance Sheet - - - - 169,861.26
7 Earnings Per Share (of 10/- each) (both continuing and
discontinued operations)
Basic EPS (for the period - not annualised ) 62.88 36.11 20.74 161.00 96.85
Diluted EPS (for the period - not annualised ) 62.76 36.07 20.70 160.82 96.79
Notes:
The Board of Directors at their meeting held on June 18, 2021 has recommended a final dividend of Rs. 22 per share which includes special dividend of Rs. 15 per share
(on an equity share of par value of Rs. 10/- each) for the financial year 2020-21.
The above is an extract of the detailed format of the Consolidated Financial Results for the Quarter and Year ended March 31, 2021 filed with the Stock Exchanges
under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The full format of the Financial Results for the Quarter and
Year ended March 31, 2021 are available on the Stock Exchange websites; www.nseindia.com and www.bseindia.com and Company's website www.teamhgs.com.

Partha DeSarkar
Place : Kolar Executive Director
Date : June 18, 2021 DIN: 00761144

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MUMBAI | TUESDAY, 22 JUNE 2021 1

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