The primary market is likely to wit-

ness a deluge of fresh paper worth

over . `2 lakh crore within the next
year as the government looks to trim
stakes in its companies and private
firms aim to raise fresh capital.11
Street Braces for . `2-L Cr
of Fresh Share Sales
MUMBAI | 32 PAGES | .`3.00 OR .`6.00 ALONG WITH THE TIMES OF INDIA TUESDAY, 16 SEPTEMBER 2014
Heinekens Rejection of SAB
may Benefit Suitor AB InBev
BUSINESS OF BRANDS5
I Know How to Bounce Back,
Declares Leander Paes
SPORTS20
Sun and Wind Alter
Germanys Landscape
WORLD VIEW15
BENNETT, COLEMAN & CO. LTD.
THE ECONOMIC TIMES
WWW.ECONOMICTIMES.COM
Our Bureau
Mumbai: Reserve Bank of India gov-
ernor Raghuram Rajan gave the clear-
est possible signal that hell keep inter-
est rates unchanged at the month-end
monetary policy announcement, just
as the government announced whole-
sale inflation slowed the most in al-
most five years in August.
Inflation is coming down, Rajan
told a banking conference on Mon-
day. This is consistent with our fore-
cast. Macro indicators are improv-
ing but still have some way to go
before we can declare that we are out
of the woods. He also said at the Fic-
ci conference that falling oil prices
gave India a good opportunity to
scrap diesel subsidies.
In the short run, lower oil prices
are helping consumer countries like
us. Typically a lower oil price means a
lower current account deficit, lower
oil subsidies and lower inflation, the
RBI governor said. We need to seize
this moment to eliminate diesel sub-
sidies completely We can of course
wait but the moment will leave us and
we may be back to subsidising.
Recovery Still Uneven19
Rajan Rules
Out Cutting
Rates for Now
WPI INFLATION FALLS TO 3.74%
India to be Test Bed for
Googles New Projects
have seen how much investment has hap-
pened. I expect the same to happen for In-
dia and I expect Google to do the same.
At present, India contributes only a tiny
fraction ($330 million) of Googles $55-
billion revenue, but the country is all the
more important because
of the companys strug-
gles in China. The US-
based company has a mi-
nuscule share of the
search engine market in
the Middle Kingdom,
and while its Android
mobile operating system
is popular, most apps are
downloaded through
third-party stores.
Soon we will be in that
phase where it (India) is
not just potential but a
big market, said Pichai,
pointing to the countrys
500 million Internet us-
ers. It is a big bet from our side. I think
the thing that will really tip over is when I
look at the numbers.
Offline YouTube Service for India19
Jayadevan PK & Pankaj Mishra
New Delhi: India will be the proving
ground for many new initiatives by Goo-
gle, the companys highest-profile Indi-
an-origin executive said,
highlighting the Internet
giants commitment to
one of the worlds biggest
markets for technology.
On Monday, the Chen-
nai-born Sundar Pichai
launched cut-rate smart-
phones based on Goo-
gles Android One soft-
ware tailored for India
and likened the opportu-
nities in this country to
China, the worlds sec-
ond-largest economy.
Like we are doing with
Android One, we would
want to do more such
things India-specific. Just because of the
scale and scope of the market, said Pi-
chai, 42, a senior V-P who oversees the
Chrome browser and apps. You have
seen what is happening in China, and you
Right time to scrap
diesel subsidies, says
Reserve Bank Governor
Prices of sugar, milk and
cooking oil are expected
to remain stable during
Navratras, Dussehra and Diwali
for the first time in five years, re-
ports Madhvi Sally.19
Festive Cheer
for Food Prices
A New Beginning Google Senior V-P Sundar Pichai says India is a key market
& Mondays Android One launch heralds start of many more initiatives here
Google, along
with Micromax,
Karbonn and
Spice, will launch more
Android One devices at
price points above and
below the . `6,399 mark,
reports Gulveen Aulakh.
More Devices
Soon on New
Platform
Android One: A Lowdown
Google has tied up with
Karbonn, Spice and
Micromax, with the
smartphones priced at
`6,399
The company
seeks to gain
control of
software and
hardware,
similar to Apple
Includes a host of
other features such
as ofine YouTube
and support for Indian
languages, including
voice commands
Googles initiative
toincrease sales in
emerging markets
where smartphone
adoptionis onthe
rise
Google has provided
hardware specica-
tions for the phones,
and will push
software updates
sooner on Android
One devices
Like we are
doing with
Android One,
we would want
to do more such
things (that are)
India-specific.
Samanwaya.Rautray
@timesgroup.com
New Delhi: Mondays SC di-
rective asking for the identity
of whistleblowers who pro-
vided CBI chief Ranjit Sinhas
visitors log to lawyer Prashant
Bhushan raises the possibility
of an inter-agency or an intra-
CBI fight and has implications
for whistleblowing, say legal
experts and security officials.
KeentoKnowAuthenticity19
SC Order: Leg up for CBI Chief,
Hard Knock for Whistleblowers
Ruling raises possibility of an inter-agency or intra-CBI tussle
Who Blew the Whistle?
SC asks for
names of those
who leaked info
on CBI chief
Bhushan says
he needs
to consult
whistleblowers
If names leak,
big fight between
agencies or within
CBI likely
Ruling can
put off future
whistleblowers,
say senior lawyers
Advantage Sinha as
authenticity of info questioned
Co to buy US-based healthcare software specialist TriZetto for $2.7 b
Our Bureau
Bangalore: Cognizant Tech-
nology Solutions, the cheetah-
turned-hare of Indias soft-
ware services pack, will buy
US-based healthcare software
specialist TriZetto for $2.7 bil-
lion (around . `16,400 crore) in
cash, marking the biggest ac-
quisition to date for the Indian
IT sector and once again show-
casing the
chutzpah the
company has
come to be
known for.
Nasdaq-listed
Cognizant, which is headquar-
tered in the US but has most of
its workforce in India, said on
Monday it was buying Colora-
do-based and privately held
TriZetto from private equity
firm Apax Partners, and that
the deal would boost its profits
and revenues.
Analysts Cheer Deal19
Cognizant is Now M&A
Bellwether for Indian IT
Sep10,12
Apr 15, 03
Oct 8, 08
Jul 15, 05
Aug 6, 07
Jul 6, 07
Apr 1, 11
Apr 22, 14
Announced
IT Cos on Deal Street
ACQUIRER TARGET DEAL VALUE ($ M) DATE
Infosys
Infosys
TCS
TCS
Wipro
Wipro
Wipro
Cognizant
Cognizant
Lodestone Holding AG
Progeon Ltd (23%)
Citigroup Global Services
Tata Infotech Ltd.
Infocrossing Inc
Unza Holdings Ltd
SAIC Inc
itaas
TriZetto
350
118
512
351
556
250
150
UA*
2700
*UA: Undisclosed Amount
Ramkrishna.Kashelkar
@timesgroup.com
Mumbai: Watershed thats
what 2014 feels like. A time of
uncertainty, fear, stasis and
overall gloom is giving way to
hope, renewal and good cheer
as various auguries point to
an economic resurgence after
a prolonged slump. The stock
markets, racing ahead of the
curve, shot up to an all-time
high earlier this month.
Theres no better time to un-
veil this years ET500 the
definitive ranking of Indias
biggest listed companies
than right at the cusp of this
transformation as Prime
Minister Narendra Modi gets
ready to deliver on his prom-
ise of economic deliverance
from years of policy paraly-
sis and excruciatingly slow
growth.
The ET500, in broadsheet
format for the first time, fea-
tures India Incs biggest com-
panies in terms of revenue,
which saw an
11% increase
at the aggre-
gate level to
. `67 lakh crore
since the last
list. Never-
theless, it re-
flects the slug-
gishness
through FY14
as the cut-off for this years
listing remained unchanged
from the previous level. Simi-
larly, the number of compa-
nies posting losses jumped to
a record high of 85 and their
combined losses, more than
. `36,700 crore, turned out to be
18 times what it was in 2007.
Hefty DividendPayouts19
ET500 Reflects
Revival Sweeping
Across India Inc
The ET500 Top 10
IOCL 69.1
RIL 18.9
BPCL 119.5
HPCL 136.1
Tata Motors 64.4
SBI 67.7
ONGC 54.4
Tata Steel 120.2
Essar Oil 123.3
Hindalco Inds 104.5
ET500 cos
distributed the
highest amount
as dividends in
the year
1-YR RETURNS (%)
SENSEX
37.1
Todays edition carries ET500, the definitive ranking of
corporate Indias biggest and the best. For a detailed analysis of
the list, please log on to www.et500.economictimes.com
Total revenue up
11% over 2013 list;
Profits too clock a
healthy increase
500
For private
sector firms,
FY14profit
was the
highest ever.
But PSUs
failedto
keeppace
Times have
changed since
Android One
was announced there is
nothing that sets these
devices apart anymore,
says Karan Bajaj.8
Is Android
One Still a Big
Deal for India?
PICHAI ELABORATES ON GOOGLES VISION FOR THE WORLD & INDIA8
Cognizants deal to
acquire TriZetto has
raised hopes of simi-
lar transactions in the sector at
home, reports Varun Sood.7
Hopes of Similar
Deals at Home
Microsoft has agreed
to buy Mojang AB,
the software compa-
ny behind the popular game
Minecraft, for $2.5 billion.5
Microsoft to Buy
Mojang for $2.5 b
The war in airfares has spread to the
business class. Jet Airways and Qa-
tar Airways are offering deep dis-
counts to take on Emirates and Sin-
gapore Airlines whose A380 flights
are scooping up passengers.5
Business Class New Arena
for Airline Fare Wars
SUNDAR PICHAI
Senior Vice-president, Google
THIS IS THE
BEST BET
FOR US
PAGE 7