TUESDAY, 6 OCTOBER 2020

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

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VOLUME XXVII NUMBER 17

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GLOBAL COVID
VIRUS
TRACKER CASES CROSS
35-MN MARK No breakthrough in GST TCS plans share
buyback, m-cap
Total 6,623,815
Active cases
934,427 5,586,703 102,685
Recovered
INDIA
é74,442
Deaths
compensation deadlock FM says ~20,000 crore to be released to states; tops ~10 trillion
ê3,198 é76,737 é903
GST Council to meet again next Monday First company after RIL to cross milestone;
Total cases include 1
WORLD Total migration; figures as
of 9 pm IST; Sources: DILASHA SETH & INDIVJAL DHASMANA WHAT THE COUNCIL valuation highest in nearly 15 years
35,241,027 Ministry of Health New Delhi, 5 October

Deaths
and Family Welfare,
Johns Hopkins DECIDED KRISHNA KANT

T
Coronavirus
he Goods and Services Tax
1,038,151
Resource Centre
Note: Arrow shows
one-day change
(GST) Council meeting on
compensation for the states
remained inconclusive on
Monday, with 20-21 states opting for
THE CMIE TRACKER the Reserve Bank of India (RBI) win-
dow of ~1.10 trillion (earlier it was
Consumer Sentiments Index ~97,000 crore) and around 10 states
insisting the Centre borrow and dis-
(Base: September - December 2015 = 100)
burse the money.
The next meeting is now sched-
uled for October 12.
“The question was 20-21 states
deciding to opt for the first option (the
RBI window) and others wanting
the Centre to borrow. Lots of discus-
sion happened on that... Bihar
Deputy Chief Minister Sushil Modi
suggested that 3-4-5 days be given to
Unemployment rate (%) the states to discuss the issue. I gave
eight days and the next meeting will
happen on October 12,” Union
Finance Minister Nirmala
Sitharaman said after the meeting.
She said no state, irrespective of
“I WAS GENTLY REMINDED (AT THE MEETING) its choice, would be denied
THAT I CAN'T TAKE ANYBODY FOR GRANTED. THE compensation. In her answer to a
question, she said she was not
Source: CMIE FACT IS I DON'T TAKE ANYBODY FOR GRANTED “ violating any provision of the com-
pensation law.
ON THE JOB NIRMALA SITHARAMAN, Finance Minister
EMPLOYMENT RATE AS
A POLICY TARGET
Mumbai, 5 October
| To distribute ~20,000 crore
collected through compensation
SCALING NEW HEIGHTS
Software major Tata TCS (P/E multiple)
cess so far this financial year to Consultancy Services (TCS) on
states by Monday night Monday became the first com-
| Give ~25,000 crore from pany after Reliance Industries
(RIL) in India to cross the mar-
unallocated IGST funds to states
ket capitalisation (m-cap) of
that received less than their share ~10 trillion.
in previous allocation
The Tata group cash cow
| Companies with annual turnover and crown jewel closed Monday
of less than ~5 crore required to with record m-cap of ~10.16 tril- Note: Quarterly data not available for
lion, up 7.3 per cent for the day. FY2006 and 2007
file quarterly returns from Jan 2021
In comparison, the benchmark
against monthly at present BSE Sensex closed the day with CLOSING IN ON ACCENTURE AS
| These companies will have to gains of 0.7 per cent. WORLD’S BIGGEST IT FIRM
pay 35% of tax liability in the Most importantly, TCS’ val- Market cap in $ bn
previous quarter in the first two uation is now at its highest level
in 15 years. At Monday’s close,
months through challan
the information technology (IT)
| Isro, Antrix Corporation, and NSIL major was at a price-to-earnings
exempted from GST for their (P/E) multiple of 32.6x — the
satellite launch services to highest since March 2005,
encourage domestic launch of when it was valued at around
35x its earnings.
satellites by start-ups
The rally has been fuelled by
INSIDE expectation of a better-than-
EDIT: FALTERING FEDERALISM P9 expected earnings by TCS and
other IT companies in the
OPPN-RULED STATES OBJECT AS September quarter and the
Turn to Page 13 > CENTRE PUSHES FOR OPTION 1 P6 company’s share-buyback plan. Sources: Capitaline, Bloomberg, BSE
In comparison, the coun-
try’s top software exporter was
trading at a P/E multiple of

A mere increase in employment is not an

adequate target. It needs to rise in proportion Ola found ‘not fit SC to govt: 21.2x at the end of March this
year and 25x at the end of
December 2019.
to the rise in population. The best way to deal
with this is to make employment rate as a
policy target. MAHESH VYAS writes 7> and proper’ to hold Put Kamath TCS came out with its initial
public offer in 2004 and listed
on the bourses in August that

licence in London panel report year, with a m-cap of ~52,000

crore and a P/E multiple of 34x.
TCS has become the world’s

on record
second-largest IT services firm,
in terms of m-cap — a notch
Ride-hailing firm to appeal against decision below Accenture and ahead of IBM. The IT services and consulting com-
pany is currently valued at $139 billion on the bourses, against Accenture’s
PEERZADA ABRAR SOMESH JHA current m-cap of $142 billion and IBM’s $108 billion.
Bengaluru, 5 October New Delhi, 5 October Three years ago, TCS’ m-cap was nearly half of IBM’s and 20 per cent
lower than Accenture’s. Turn to Page 13 >
Dr Harvey J Michael Charles Indian ride-hailing firm Ola has been The Supreme Court on Monday asked the
Alter Houghton M Rice refused a new licence to continue operat- Centre and the Reserve Bank of India (RBI)
ing in London over “passenger safety” to place on record the KV Kamath commit-
HEPATITIS C DISCOVERY concerns. The Bengaluru-headquartered tee's recommendations on Covid-19-

WINS NOBEL PRIZE IN company said it would appeal against the

decision of Transport for London (TfL),
related debt restructuring, opening a new
dimension in the ongoing case related to
OFFICE SPACE
MEDICINE FOR 2020 the UK capital’s transport regulator.
TfL found that the car-booking service
the interest waiver on loans during the
moratorium period.
ABSORPTION
The Nobel Prize in
Physiology or Medicine
was not “fit and proper” to hold the pri-
vate hire vehicle operator’s licence after
A Bench comprising Justices Ashok
Bhushan, R Subhash Reddy, and M R Shah
JUMPS 64%
was awarded jointly to discovering a number of “failures” that adjourned the hearing until October 13, by Office space leasing, which was
Dr Harvey J Alter, Michael could have risked public safety. The devel- SLIPPING ON SAFETY when the government and the RBI will sub- severely affected during the
Houghton and Charles M opment comes days after Uber, Ola’s US | Ola was granted a 15-month licence mit additional affidavits suggesting steps to initial months of the Covid-19
Rice on Monday for the
discovery of hepatitis C
rival, won a legal bid to restore its London
operating licence, which had also been
on July 4, 2019, to operate in London; bring into shape the recommendations
made on waiver of compound interest for
PM: MUST PROTECT pandemic, has picked up in the
third quarter (Q3) of this calendar
this expired on October 3, 2020
virus, a breakthrough the Nobel Assembly
said had “made possible blood tests and
taken away over safety concerns.
“We can continue to operate until the | The firm has been operating in the
small borrowers.
The RBI had appointed an expert com-
AGAINST AI’s year (CY20). The absorption of
commercial office space rose 64
new medicines that have saved millions decision of the appeal in court. So nothing British capital since February 2020 mittee, led by veteran banker K V Kamath, WEAPONISATION per cent in Q3 of CY20 versus the
of lives”. 16 > changes for customers and drivers,” said | Ola recently made London’s transport to frame a resolution framework on stressed Prime Minister Narendra Modi second quarter (Q2),
a source in Ola. “It is important to note for
regulator aware of a number of loans. The committee in its report, accepted said on Monday that India would property consultant
riders, drivers, and TfL that all the issues by the RBI last month, outlined parameters aim to become a “global hub” for JLL India said on
COMPANIES P2 have been corrected and we are confident
failures that had potential public for banks to deal with 26 sectors buffeted artificial intelligence (AI) through Monday. The Q3
safety consequences
SpiceJet to fly to London we can demonstrate this in appeal.”
According to sources, in the course of | Flaws in Ola's operating model had
by Covid-19.
On Monday, the apex court asked the RBI
technology-based learning and
skilling for workforce and
office rebound
growth was led by Bengaluru
from Delhi, Mumbai this process, TfL has asked for further led to the use of unlicensed drivers and the Centre to respond to concerns raised students and help solve long- and Hyderabad, which together
SpiceJet on Monday said it would operate reassurances, primarily around the tech- and vehicles in more than 1,000 by real estate associations and power pro- term issues such as climate accounted for nearly 80 per cent
non-stop flights connecting Delhi and nical operation of its databases. passenger trips, a probe found ducers, which are also petitioners in the case. change and pollution. “We must of the net absorption in Q3. The
Mumbai with London from December 4. The “Our duty as a regulator is to ensure The court also asked the Indian Banks’ protect the world against activity in Bengaluru indicates a
airline will become the first Indian low-cost passenger safety,” said Helen Chapman, | There was a failure to draw these Association to give its views on the central weaponisation of AI by non-state gradual resurgence in spaces.
carrier to operate flights to the UK. At present, TfL’s director of licensing, regulation breaches to TfL’s attention when they government’s latest stance on the waiver of actors,” he said. 5> RAGHAVENDRA KAMATH writes 2 >
Air India and Vistara fly to Heathrow airport. and charging. Turn to Page 13 > were first identified compound interest. Turn to Page 13 >

Inside Netflix India: A testing ground for the world

India’s an integral part of the company’s experiments that include taking the blockbuster mobile-only plan to other markets
VANITA KOHLI-KHANDEKAR billion firm that birthed the streaming video market in volumes — 662 million broadband
New Delhi, 5 October industry continues to dominate it. “We aren’t users of which 395 million are streaming video,
about one size fits all,” says Monika Shergill, according to Comscore data. Last year, the
Masaba Masaba is a strange show.The banter vice president, content, Netflix India.“The Indian OTT market had revenues of ~8,000
between Neena Gupta and her daughter Masaba creators’ vision is the core of Netflix. We partner crore. However, at about 3 million subscribers,
seems real. What genre is this mix of documen- with creators and give them the freedom to tell over 35 million unique visitors and an estimated
tary, drama and sassy writing that’s been trend- their stories and get out of the way,” she adds. ~750 crore in revenues, Netflix India isn’t quite
ing on Netflix? “It is scripted reality – reality That is true on the business side as well. When the powerhouse it is elsewhere. Google’s
morphed into fiction,” says director Sonam Nair. Raat Akeli Hai or Cargo are released on Netflix, YouTube with 388 million unique users and an
When producer Ashwini Yardi took the idea to they reach all its 193 million subscribers across estimated ~3,000 crore in Indian revenues may
Netflix, it promptly said yes. 190 countries, many sub-titled and dubbed in not be a fair comparison. But Amazon Prime
Nair says, “They didn’t try to up to 32 languages. If Masaba Masaba appeals Video, which entered India the same year (2016)
mainstream the show. They to 5 million subscribers across, say, Japan, New as Netflix is. It has done better with over 14
told me, just say what Zealand and Peru, it would have done its job. million subscribers and an estimated ~1,500
you want and it will find Netflix’s wide availability and on-demand crore in revenue.
its audience.” nature mean that the world is truly its market. Those numbers, however, don’t capture the On Netflix, movies such as Raat Akeli Hai (left) reach its 193 mn subscribers across 190 nations. So
That anecdote tells Where exactly does India fit in? weird, kaleidoscopic relationship Netflix has if Masaba Masaba appeals to 5 mn from, say, Japan, New Zealand & Peru, it would have done its job
you why the $20.2- There is no straight answer. India is a huge with India. Think of it as a relationship that
operates on three dimensions.
Abhishek Nag, director, business development. video watching happens on mobiles, usually
“WE AREN’T ABOUT ONE SIZE FITS ALL...DIFFERENT TASTES & MOODS Indian matchmaking For instance, the mobile only plan was made for low-end ones. That led to a mobile plan at ~199
OF THE AUDIENCE DEFINE WHAT YOU WANT TO WATCH TODAY OR First, India presents an unprecedented oppor- India, as Todd Yellin, the global vice president a month in addition to the usual ~499-~799
OVER THE WEEKEND” MONIKA SHERGILL, vicepresident,content,NetflixIndia tunity across product and content, says for product, says. In India, a bulk of streaming in 2019. Turn to Page 13 >
2 COMPANIES NEW DELHI | TUESDAY, 6 OCTOBER 2020

STOCKS >NMDC
Iron ore production
> ITI
Signed contract with
> VST Tillers Tractors
Power tillers sales up
> Dr Reddy's Laboratories
Launched Sapropterin
> Hatsun Agro Product
Board to consider
IN THE NEWS up 11.6 per cent to MoD for ~7,796 crore 74 per cent YoY to Dihydrochloride tablets issue of bonus
1.83 MT in September ASCON phase-IV project 2,246 in September in the US market shares
~83.5 CLOSE ~130.3 CLOSE ~1,704.8 CLOSE ~5,157.5 CLOSE ~839.6 CLOSE
p1.1% UP* p4.1% UP* p2.7% UP* p0.9% UP* p7.7% UP*
*OVER PREVIOUS CLOSE

>

IN BRIEF
Vodafone gets nod for Indus
Towers, Bharti Infratel merger
Tata group negotiates TCS to make ~1,218 cr
provision for claims
British telecom major Vodafone Group on Monday said it has
received an approval from its lenders, who contributed in funding
for Vodafone Idea, to proceed with the merger of Indus Towers with
Bharti Infratel. Vodafone Idea holds 11.15 per cent stake in Indus
Towers, which is estimated to be valued at around ~4,000 crore.
AirAsia India exit price in Epic Systems case
SAI ISHWAR
Vodafone Group had announced on September 1, 2020 that it had
agreed to proceed with the merger of Indus Towers Limited and Malaysian airline gets $54-million offer from a foreign fund Mumbai, 5 October

Bharti Infratel Limited (Bharti Infratel, together the 'combined Tata Consultancy Services
company'). "The agreement to proceed was conditional on (TCS) will be making a precau-
consent for a security package for the benefit of the combined AirAsia ceases flight tionary provision of ~1,218 crore
company from Vodafone's existing lenders, for the 1.3 billion euros
(about ~11,100 crore) loan utilised to fund Vodafone's contribution operations in Japan in a trade secret theft
lawsuit involving US-based
to the Vodafone Idea Ltd rights issue in 2019. This consent has now AirAsia Group will cease operations in medical software company
been received," Vodafone said in a statement. PTI Japan immediately as it tries to reduce Epic Systems.
cash burn amid the coronavirus out- India’s largest software com-
break that’s wiped out travel demand pany will make the provision as
ICRA: Recovery in Sterlite Tech names globally. AirAsia Japan has stopped an exceptional item in the
domestic air traffic Mihir Modi chief operations as of Monday, Southeast upcoming results to be THE CASE
continues in Sept financial officer
Asia’s second-biggest budget carrier
said in a statement. That will help the
announced on Wednesday.
In August, an appeals court
SO FAR
Recovery in domestic air Digital networks integrator parent conserve cash. Further steps on in the US upheld that the puni- n TCS would make ~ 1,218 crore
passenger traffic continued Sterlite Technologies on the decision will be made in accor- tive damages of $280 million provision in its upcoming
in September with a seque- Monday named Mihir Modi dance with applicable laws and regu- against TCS in the lawsuit were financial statements to
ntial growth of 37-39 per as its chief financial officer. lations including the Japan Civil ‘excessive’. The court halved the be considered by the
cent in passenger volume in He will lead all financial Aeronautics Act, it said. damages to $140 million. company’s board on Oct 7
the previous month over matters of the company and BLOOMBERG “TCS is legally advised that n The company, however,
August, ratings agency ICRA work closely with the it has the correct and the stron- said "it has the correct and
said on Monday. Passenger executive committee and gest possible arguments in its the strongest possible
volumes, however, the board of directors, DEV CHATTERJEE favour. The order and reduced arguments in its favour" and
plunged around 60 per cent the company said . PTI Mumbai, 5 October damages are not supported by
in September over the
TradeIndia hires
SpiceJet to fly to London from Del, Mum facts presented during the trial,”
has filed a petition seeking
rehearing last month

same month year-ago, it
said in a release. PTI
Marico: Volumes
rose in Q2, aided by
revival in demand
Marico on Monday said it has
witnessed a partial revival
in the consumer sentiment
in Q2 of FY21 after being
impacted by the pandemic.
Marico said although there
were intermittent supply
chain disruptions due to
localised lockdowns, the
distribution network has
rebounded back to near
pre-Covid levels. PTI
Accenture appoints
Bhaskar Ghosh
chief strategy officer
Accenture on Monday said
it had made a few changes
to its global management
committee as a part of
which India-born
Bhaskar Ghosh has been
appointed the NYSE-listed
company's chief
strategy officer. PTI
700 as revenue
jumps over 35%
Price and product discovery
platform TradeIndia has hired
700 digital marketing
consultants during the lockd-
own as it witnessed massive
spike in demand that led to a
35 per cent jump in revenue
during the period. TradeIndia
had revenue of only ~127 crore
in the last financial year —
up 23 per cent over FY19. PTI
Snapdeal opens new
logistics centres in
Jalandhar, Ludhiana
E-commerce major Snapdeal
on Monday said it expanded
its logistics network in Punjab
by opening two new centres
in Jalandhar and Ludhiana.
The expansion is part of a
decentralised network
designed by Snapdeal where
its centres are located within
manufacturing or commercial
hubs to ensure faster pick up
of packets from the sellers, a
statement said. PTI
T
he Tata group and AirAsia
Berhad (AAB), led by
Tony Fernandes, are discus-
sing the latter’s exit from
AirAsia India even as the Malaysian
airline is getting a $54-million firm
offer from a foreign fund.
If the Tata group, which has the right
of first refusal (RoFR), declines to buy
AAB’s 49 per cent stake, AirAsia Berhad
will sell the stake to the fund.
“Apart from buying the 49 per cent
stake from AAB, the fund is ready to
pre-pay high-cost, short-term loans
taken by AirAsia India from Deutsche
Bank, HSBC, and Tata Capital. This will
help AirAsia India lower its finance
costs as it is paying a steep interest rate
of 11.25 per cent on these short-term
loans,” said a source close to the devel-
opment. The foreign fund has made it
clear it will invest only if it gets a no-
objection clearance from Tata Sons.
Tatas have invested in AirAsia
India’s optionally convertible deben-
tures worth ~550 crore, which, when
converted, will increase Tatas’ stake to
60 per cent from 51 per cent. An email
sent to AirAsia Berhad and the Tata
group did not elicit any response.
For both the Tatas and AirAsia
Berhad, the exit of the latter is necessary
because the former want to consolidate
their stake in the low-frills carrier, while
AAB requires money back home in
Malaysia, where it is facing a tough
ARINDAM MAJUMDER
New Delhi, 5 October
SpiceJet on Monday said it would
operate non-stop flights connecting
Delhi and Mumbai with London from
December 4. The airline will become
the first Indian low-cost carrier to
operate flights to the UK. At present,
Air India and Tata group-owned
Vistara, both full-service car-
riers, fly to Heathrow airport.
While the return fare for
economy class has been fixed
at ~53,555, for business class it
would be ~1,47,627 for Delhi,
and ~1,53,383 for Mumbai.
The flights will operate under the
air bubble agreement with the UK.
The Delhi-London return flights
would operate twice a week, while the
Mumbai-London flight would operate
once a week. SpiceJet would use an
Airbus A330-900neo aircraft for these
flights. The 371-seater twin-aisle A330
has a configuration of 353 economy
and 18 business seats.
mits. The foreign investors are planning
to seek immunity from any investiga-
tion if they invest in AirAsia India.
“The ball is now in the Tatas’ court.
AAB can give 30-day notice to the Tatas
and then it can sell the stake to a third
Speaking at a virtual conference,
SpiceJet Chairman and Managing
Director Ajay Singh said while
London is the first long-haul destina-
tion for SpiceJet, the airline would
announce more such long-haul desti-
nations in the future. “People trust
SpiceJet and its network in India. We
believe people will like to fly with us
to London rather than some
other network carrier,” he said.
SpiceJet is starting its
long-haul flights at a time
when the aviation industry
has been hit hard by the coro-
navirus crisis. Scheduled inter-
national passenger services con-
tinue to remain suspended in India
since March 23. Singh said that while
a complete recovery would take almost
a year, limited travel would ensure the
aviation industry goes on.
“It’s also an opportunity to do new
things. It's the only airline from India
that can fly into the UK under the
bubble and it’s an opportunity to do
such things,” he said.
interested in bidding for Air India.
Both Vistara and Air India are mak-
ing huge losses. In FY21, like AirAsia
India, Tata SIA Airlines, the operator of
Air Vistara, received equity infusion of
~500 crore from both partners in April.
said its exchange filing.
In September, TCS filed a
petition seeking re-hearing on
both compensatory and puni-
tive damages.
Epic also filed a petition
seeking re-hearing on the deci-
sion of the appeals court, invali-
dating award of punitive dam-
ages exceeding the quantum of
compensatory damages.
“The provision in the books
for the legal claim is being
made as a matter of prudence,”
TCS said in a statement.
The matter relates to a
US grand jury order that
slapped two Tata Group
companies — TCS and
Tata America International
Corp — with a $940 million
fine in a trade secret lawsuit. It
was filed against them by the
Wisconsin-based health care
software firm in 2016.
The tussle dates back to a
2014 lawsuit when Epic alleged
that the software firm (TCS) had
relocated its employees as con-
sultants at Kaiser Permanente
Sunnyside Medical Center in
Portland.
The employees were tasked
to implement Epic’s health care
software.
Epic alleged that these
n The tussle dates back to a 2014
lawsuit when Epic alleged
that the Tata group firm's
employees indulged in a
trade secret theft
n TCS also said it will be
considering a share
buyback proposal at
Wednesday's meet
IDs. This may have been used
to benefit the IT firm’s own
health care software, Med
Mantra, it added.
However, the punitive dam-
ages were reduced to $420 mil-
lion from $940 million by a US
court in October 2017. In
January 2018, TCS said it had
made a $440 million letter of
credit available to Epic Systems.
In a separate filing, TCS will
also consider a share buyback
proposal during its board meet
to accept the second quarter
results on Wednesday.
The quantum of shares to be
repurchased was not disclosed.
The board will also consider an
interim dividend during the
meeting. The company has cash
reserves of around ~73,993 crore
as of March 2020.
This will be TCS’s third buy-

Adani closes deal to buy financial situation owing to the pan-

demic. Another big hurdle faced by
AirAsia in India is the investigation by
party. With a $54 million offer, there is
a benchmark price for further negotia-
tions,” said a banker close to the devel-
The pandemic has hit both airlines,
with AirAsia India reporting a loss of
~330 crore in the March quarter on reve-
employees downloaded around
6,000 documents and 1,600
unique files containing
back in four years. In 2018,
it bought back ~16,000-crore
worth or 7.61 crore equity shares.
Krishnapatnam Port the Enforcement Directorate and the
Central Bureau of Investigation into
opment. The Tata group is running two
airlines in India — Vistara and AirAsia
nues of ~928 crore. This is against a loss
of ~147 crore on revenues of ~631 crore
“detailed information
features and functionalities of
on This constituted 1.99 per cent
of its total paid-up equity
ADITI DIVEKAR approximately ~1,200 crore, alleged bribes paid to get airline per- India — and there are reports that it is in the March quarter of 2019. its software” by creating fake capital then.
Mumbai, 5 October resulting in an acquisition
EV/Ebitda multiple of 10x.
Adani Ports and Special KPCL is a multi-cargo facil-
Economic Zone (APSEZ) on ity port situated in the
Monday announced the southern part of Andhra Swiggy to take businesses of street vendors online Shapoorji
completion of
acquisition of
Pradesh.
“We will target to
To run a pilot by on-boarding webinar in the presence of Pallonji realty
Krishnapatnam
Port Company
In FY21, the port
is expected to
enhance through-
put at KPCL to 100 250 vendors across five cities
Union Housing and Urban
Affairs (HUA) Secretary Durga arm to invest
(KPCL) for an
enterprise
generate an
Ebitda of
MMT by FY25 and
double its Ebitda by PRESS TRUST OF INDIA been launched in these five
Shanker Mishra.
Municipal commissioners ~1,200 cr in
value of ~12,000 approximately FY23. With a vast cities on a pilot basis by on- of Ahmedabad, Chennai, Delhi,
crore. This will
result in APSEZ
~1,200 crore waterfront and land
availability of over
New Delhi, 5 October

People in Delhi, Ahmedabad,

boarding 250 street food ven-
dors and later, it will be rolled
Indore, and Varanasi also par-
ticipated through videoconfer-
new project
having a con- 6,700 acres, KPCL is Chennai, Indore, and Varanasi out in other parts of the coun- encing, the ministry said. PRES TRUST OF INDIA
trolling stake of capable of replicat- will soon be able to have food try. Under the Prime Minister During the pandemic, when New Delhi, 5 October
75 per cent in KPCL from ing Mundra and would be from street vendors delivered Street Vendor's AtmaNibhar physical distancing is key to
the CVR Group and future ready to handle 500 at their doorsteps as the Centre Nidhi (PM SVANidhi) Scheme, check its spread, this novel ini- Business conglomerate
other investors. MMT,” Karan Adani, chief has joined hands with food the move will give street ven- nated with the key stake- prerequisites are completed for tiative aims to radically trans- Shapoorji Pallonji’s mid-
In FY21, the port is executive officer at APSEZ, aggregator Swiggy to take these dors online access to thousands holders, including municipal this initiative, the official said. form the business of street ven- income housing platform
expected to generate an said. Shares of APSEZ ended small businesses online. of consumers and help them corporations, Food Safety and An MoU was exchanged by dors across cities by facilitating Joyville will invest around
earnings before interest, at ~350 per share, down According to the Housing grow their businesses, a mini- Standards Authority of India Joint Secretary Sanjay Kumar them to receive orders and ~1,200 crore to develop a new
taxes, depreciation and 1 per cent from previous and Urban Affairs Ministry stry official said. (FSSAI), Swiggy and GST offi- and Swiggy chief financial serve customers using online residential project in Pune, a
ammortisation (Ebitda) of close on BSE. (MoHUA), this initiative has The MoHUA has coordi- cials, to ensure that necessary officer Rahul Bothra through a mode of business, it stated. top company official said.
Joyville is a $200 million
platform by Shapoorji
Pallonji Group, ADB, IFC and

Led by Bengaluru, office space leasing picks up 64%

So far, 17.5-mn sq. ft
office leasing has
happened this year
RAGHAVENDRA KAMATH
Mumbai, 5 October
Office space leasing, which was
severely affected during the initial
months of the Covid-19 pandemic,
has picked up in the third quarter
(Q3) of this calendar year (CY20).
The absorption of commercial
office space rose 64 per cent in Q3
of CY20 versus the second quarter
(Q2), property consultant JLL
India said on Monday.
The Q3 office rebound growth
was led by Bengaluru and
Hyderabad, which together
accounted for nearly 80 per cent of
the net absorption in Q3.
The activity in Bengaluru
indicates a gradual resurgence in
spaces, coupled with the
translation of pent-up demand
from Q2 this year, added JLL.
On a yearly basis, the
absorption of spaces has fallen
50 per cent, from 10 million square
(sq.) feet (ft) in Q3 last year to 5.4
million sq. ft in Q3 this year.
However, this year will be
lacklustre for office leasing due to
the pandemic-triggered
lockdowns. Around 17.5-million
sq. ft office leasing has happened
so far and is expected to touch
25 million sq. ft by the end of the
year. On average, 35-million sq. ft
gets absorbed every year.
Technology giants, such as
Apple, Siemens, Google and
others, too, have leased large
spaces in Bengaluru and
Hyderabad. Apple has leased
400,000 sq. ft space in the Central
Business district of Bengaluru,
while Siemens has leased 730,000
sq. ft in the Karnataka capital.
Google took 1 million sq. ft in
Bagmane RIO in Bengaluru
early this year. Accenture took
650,000 sq. ft in Prestige
Startech in Bengaluru.
Investment banking major
Goldman Sachs is opening a centre
in Hyderabad. This will be its
second India office.
“While we continue to see the
impact of the pandemic on
businesses, there is significant
surge in activity across most office
markets under consideration. This
is in gross leasing, which more than
doubled from the previous quarter
at 13.8 million sq. ft,” said Ramesh
Nair, chief executive officer and
Actis to develop aspirational
housing projects in India.
This is the fifth project of
Joyville and second in Pune
Increased office space property market.
INCHING UP consolidation and optimisation Shapoorji Pallonji on
City Q2 2020 Q3 2020 strategies of corporate occupiers
resulted in subdued net absorption
Monday launched a 21 acre
housing project in east Pune.
(mn sq. ft) (mn sq. ft)
Bengaluru 0.45 2.72
levels, which could not keep pace The project Joyville
with new completions. This Hadapsar Annexe would be
Chennai 0.1 0.21 resulted in the overall vacancy developed in phases, with
Delhi-NCR 0.5 0.2 increasing from 13.1 per cent in Q2 the first one comprising
of CY20 to 13.5 per cent in Q3. 600 units to be sold at
Hyderabad 1.18 1.54
“Despite the rise in vacancy ~37.5 lakh onwards. The total
Kolkata Negligible 0.02 levels in the southern markets, units in this project would be
Mumbai 0.45 0.28 Bengaluru, Chennai, and Pune more than 2,700. This is the
Pune 0.64 0.46 continued to hover in the single second residential project in
digits. This augurs well for a strong Pune under Joyville brand.
Total 3.32 5.43 rebound in these markets when Joyville Hinjawadi (West
Source: JLL economic and business conditions Pune) was launched in 2018
improve in the coming quarters,” and is completely sold out.
country head-India, JLL. technology and information said the company. “Pune is a very important
At the same time, it is technology-enabled services Office rents have mostly market for us with a demand
important to note that large- occupiers in gross leasing dipped remained stable in Q3 in for quality aspirational
and mid-sized occupiers across to 43 per cent in Q3 of CY20, from comparison with Q2 of the year. homes by trusted brands.
major markets continue to 61 per cent in Q2, e-commerce and “It is important to note that After success of our project in
review their real estate portfolios manufacturing sectors gained landlords across markets have Hinjawadi (west Pune), now
in a bid to optimise cost. The significant shares in Q3, forming 16 become more flexible in providing we have launched our new
emphasis is on sustainability and per cent (negligible in Q2) and 17 increased rent-free periods, project in east Pune wherein
employee well-being as well as the per cent (5 per cent in Q2), reduced rental escalation, and we realise that there exists a
adoption of flexible working respectively, owing to the surge in fully furnished deals to prominent demand for the same,” Sriram
practices, said Nair. demand of e-commerce during the occupiers, which reduce their net Mahadevan, MD of Joyville
While the share of information pandemic, said JLL. outgo,” added JLL. Shapoorji Housing, said.
.
NEW DELHI | TUESDAY, 6 OCTOBER 2020 COMPANIES 3 <

Hyundai’s Chennai factory made Steel companies raise

prices by ~2,000/tonne
more cars than China unit in 2019 ISHITA AYAN DUTT
Kolkata, 5 October
ation tight in India,” it said.
Production and consump-
tion have been increasing since
India’s production CHANGING GEAR tic and export volumes were at Steel firms have raised prices India entered the unlock
691,460 units (510,260 domestic and by around ~2,000 a tonne from phase. According to the data,
unit is still behind Figures in ~crore 181,200 export) in sales in 2019. this month, taking them higher production of crude steel and
FY Net sales PBIDT PBT PAT
the automaker’s When it comes to market share,
after South Korea, Hyundai enjoys a
than the pre-Covid levels. Most
companies have increased
finished steel registered an
increase of 5.1 per cent and 6.7
2014 25,229 2,529 1,618 1,108
South Korea factory significant share of 17.3 per cent in
2019, while in China, Hyundai got
prices of flat steel by ~1,500-
2,000 a tonne from October 1.
per cent, respectively, during
August over July. However, on
2015 27,194 2,654 1,496 1,035
T E NARASIMHAN only 2.4 per cent. India accounted for The average price of hot a year-on-year basis, produc-
Chennai, 5 October 2016 31,986 3,402 1,896 1,303 11.5 per cent of HMC’s total sales. rolled coil (HRC), a benchmark tion of crude and finished steel
With refreshed line-ups, HMIL is for flat steel prices, is now in August was lower by 4.2 per
2017 35,710 4,511 2,969 1,973

H
yundai Motor India’s (HMIL’s) planning to restore the sales momen- ~43,500 a tonne. This was sales have improved 10-15 per cent and 5.5 per cent, respec-
factory near Chennai has 2018 39,333 4,902 3,241 2,124 tum with volume models. During the ~39,000 a tonne back in March cent,” he said. tively. Consumption of fin-
emerged the second-largest fourth quarter of 2019, the i10 Nios just before the lockdown. The According to a Motilal ished steel in August registered
production base for the auto major, 2019 43,258 5,505 3,968 2,582 and Aura followed the Creta during increase was on the back of a Oswal report, on a cumulative an increase of 7.7 per cent
after South Korea, overtaking the the first quarter of 2020. Before pick-up in domestic demand. basis, steel mills have hiked month-on-month.
company’s China unit in 2019.
2020 NA NA NA NA December, the company plans to Ranjan Dhar, chief market- prices by ~7,000-~7,500 a tonne Though prices are higher
Hyundai Motor Company (HMC) Source: BS Research Bureau launch the new Elite i20, followed by ing officer, AMNS India, said, since July. “We believe robust than pre-Covid levels, com-
has eight factories across the globe, the new Elantra in 2021. month-on-month, there is an demand in flat rolled steel is panies said international prices
GLOBAL
1,742
1,742

of which one is under construction HMIL’s net sales rose to ~43,258 improvement in domestic also driven by replenishing of have increased much more
in Indonesia.
PRODUCTION crore in 2018-19 (FY19), from ~39,333 demand. “After the lockdown, inventories by end-users amid since July. What may be a
1,350

In a recent presentation to
IN 2019
(in 1,000 vehicles) crore a year ago. The company’s the first segment to recover tight supply of HRC, even as cause for concern is that prices
696
682
658

investors, HMC shows that in 2019, profit rose to ~2,582 crore, from ~2,124 was rural and then non-infras- inventories remain low in the have started softening in the
370
336
330
310

the Indian factory produced 682,000 Capacity crore. The profit before tax increased tructure demand started system. Moreover, export com- international market. In

245
200

200

units, with an installed capacity of
696,000 units.
China (Beijing Hyundai Motor
Company) produced 658,000 units
last year, with an installed capacity
of 1.35 million units. While capacity
utilisation in India was around 97 per
cent, in China it was only half.
HMIL’s factory at Irungattukottai
produced the Creta, Venue, Nios,
Aura, i20, among others, while the
Chinese factory produced the
Elantra, Mistra, Lafesta, iX25, iX35,
Production
Source: Hyundai Motor S Korea China India US
Global Investors
Presentation (HMC) (BHMC) (HMI) (HMMA) (HMMC) (HAOS) (HMMR) (HMB)
and others.
HMC forecasts this year’s global
auto industry demand to decline 20
per cent. However, it will not officially
revise the this year’s business plan,
given the uncertainties during the
second half, noted the presentation.
206
180
178
Czech Turkey Russia Brazil
For India, HMIL projected whole-
sales of 525,000 units in 2020,
compared to 510,000 units in 2019 —
an increase of 2.9 per cent. However,
for China it projected 12.3 per cent
growth to 730,000 units, from
650,000 units in 2019. HMIL’s domes-
to ~3,968 crore, from ~3,241 crore, picking up. Then, we saw an mitments of domestic steel September, prices in China
according to the Business Standard uptick in passenger vehicles mills for October deliveries are dropped by 4 per cent. Exports,
Research data. The total vehicle sales and now commercial vehicle likely to keep the supply situ- too, have tapered.
during the period moved from
677,000 units in 2016-17 to 707,000 in
FY19. Hyundai has been the front
runner, offering Indian customers
the best-in-class features and tech-
nology. It has always led the Indian
market from the front. Undoubtedly
it offers tremendous value to its cus-
tomers and in a way its profit per car
is low, compared to peers.

India Inc foreign borrowings fall 47% to $1.7 bn

PRESS TRUST OF INDIA
New Delhi, 5 October
India Inc’s foreign borrowings
fell by over 47 per cent in
August this year to $1.75 bil-
lion, data from the Reserve
Bank showed on Monday.
The domestic companies
had borrowed a total of
$3.32 billion from overseas
markets in August 2019, by
way of external commercial
borrowings (ECBs).
Of the total borrowings
from overseas sources during
the month under review,
$1.61 billion was raised
through ECBs, while the rest
$145.74 million was raised by
issuing rupee denominated
bonds (RDBs) or masala
bonds, showed the Reserve
Bank’s ‘Data on ECB/FCCB for
the month of August 2020’.
Splitting the data in the
ECB category, it said a total of
$1.57 billion was raised by var-
ious companies through the
automatic route, while the
rest $35.93 million came in
through the approval route.
The major borrowers in the
automatic route of ECB
included Reliance Sibur
Elastomers, a manufacturer of
chemicals and chemical pro-
ducts, which raised $339.42
million for refinancing of an
earlier ECB. Vijayapura
Tollway raised $160 million for
infrastructure development
and China Steel Corporation
India $104.5 million for refi-
nancing of an earlier ECB.
Suzlon Energy was the lone
borrower through the approval
route ($35.93 million).
4 COMPANIES NEW DELHI | T U E S D A Y , 6 OCTOBER 2020 1

Indigenous players slow & Biocon's skin drug sales surge

steady in Covid vaccine race
despite limited Covid-19 study
Firm hopes the sales of recovered fully, the firm said. Three
of the 10 patients under standard
itolizumab will pick up Bharat Biotech care died.
to use adjuvant After many experts pointed out
Vaccine candidates from SOME OF THE VACCINE as it enters Ph-4 trials that the study was conducted on
Hester Biosciences, CANDIDATES IN INDIA SOHINI DAS & S A M R E E N A H M A D
for Covaxin limited number of patients, Biocon
has started a Phase-4 post market-
Premas Biotech, Neuberg Company Vaccine technology Status M u m b a i / B e n g a l u r u , 5 October Bharat Biotech will use adjuvant ing surveillance of the drug on a
from Kansas-based ViroVax for pool of 300 patients that will take a
Supratech making progress Biological E Protein subunit Pre-clinical
Biocon's repurposed psoriasis drug ito- its Covaxin. Adjuvants are couple of months to complete.
Indian Immunologicals Live attenuated Pre-clinical lizumab has seen sevenfold jump in pharmacological or A Phase-4 study is a follow-up
Mynvax Subunit based Pre-clinical, h u m a n sales after it got an emergency use immunological agents that on real world evidence on the effi-
S O H I N I DAS & V I N A Y U M A R J I trials by April 2021 authorisation for Covid-19 treatment. improve the immune response cacy and safety of a drug.
M u m b a i A h m e d a b a d , 5 October The drug, however, is yet to be a part of a vaccine. It may be added to "When we did a proof of concept
Auro Vaccines Vesicular stomatitis Pre-clinical
of the clinical management protocol a vaccine to produce more study, we got the emergency use
hile leading vaccine candidates are virus platform
of the health ministry for treatment of antibodies and longer lasting authorisation because it is already an
W in advanced stages of clinical trials,
a handful of indigenous players, too,
is progressing slowly, albeit steadily.
Gennova Biopharma
Premas Biotech
Neuberg Supratech
Next-generation mRNA
Triple antigen
Pre-clinical
Pre-clinical
Pre-clinical
Covid-19, which implies that the gov-
ernment has not yet recommended it
as an effective treatment.
immunity, thus minimising the
dose of antigen needed. Bharat
Biotech is conducting Phase-2
approved drug and has a lot of safety
data," said Kiran Mazumdar-Shaw,
executive chairperson, Biocon.
Not only do these players feel there will be With Phase-4 clinical trials on, sales clinical trials in healthy Satyanarayana Mysore, head of
room for multiple Covid-19 vaccines in the Hester Biosciences + IITG Recombinantvirusvector Pre-clinical may see a further uptick if the data v o l u n t e e r s f o r C o v a x i n . SOHINI DAS department of interventional pulmo-
market, but they may also play a crucial CMC, Vellore Liquid encapsulated mRNA Pre-clinical supports it helps Covid-19 patients, nology, Manipal Hospitals, who used
role in scaling up national production of the said experts. The data from market the drug on Covid-19 patients said the
successful candidate. INDIA HAS 4 0 % OF GLOBAL VACCINE CAPACITY CAPACITIES (FY20) research firm AIOCD AWACS showed ~32,000. In a few cases, a patient might use of the drug would rise if more sup-
The country's largest veterinary vaccine that volumes shot up seven times in need two more vials. porting data emerges. Mysore used the
maker Hester Biosciences, for example, is for- Country/region Capacity (doses in billion) (Doses in billion)
August (350 units) from just 50 units To repurpose the drug for Covid- drug on two patients when Roche's
aying into the animal vaccine space with its India 2.3 Serum Institute in July when it received the approval. 19, the previous trial was done on a tocilizumab was not available. "Both
Covid-19 vaccine candidate. It is developing the of India In June, the drug did not show sales. cohort of 30 patients suffering from responded well. But two is a small
vaccine in collaboration with the Indian US/EU/developed
2.2 In India, itolizumab, known by the moderate to severe acute respiratory number," Mysore said.
Institute of Technology (IIT)-Guwahati. markets Biological E 0.3 brand name Alzumab, has been priced disorder syndrome due to Covid-19. Shaw had earlier said Biocon sees
The vaccine will be based on an avian virus- China 1.0 Bharat Biotech 0.3 ^ B at ~8,000 per vial. Most patients Of them, 20 received itolizumab and itolizumab as a blockbuster opportu-
based vector platform (avian paramyxovirus). require four vials for Covid-19 treat- 10 received standard care. The 20 nity for the firm and has been working
Rajiv D Gandhi, managing director (MD) Others 0.2-0.3 Others 0.2 ment, taking the cost of the therapy to who were administered itolizumab towards ramping up its capacity.
and chief executive officer (CEO), Hester Source: Gavi, The Vaccine Alliance, WHO, press reports, Bernstein analysis Source: Company reports, press reports, Bernstein analysis

Biosciences, said the firm had taken up space

for a laboratory at IIT-Guwahati.
The animal or pre-clinical trials are yet to no adverse events reported. It was safe even at pathlab chain segment. RIDING COVID-19 WAVE, PE/VC PE/VC I N F L O W S IN D R U G FIRMS (2017-2020 Y T D )

begin, but Gandhi said it was important to get higher doses and generated a robust immune According to the agreement, they would Year Deals* A m o u n t ($ m n )
things right. "There will be room for multiple response against all three SARS-Cov2 antigens. develop Covid-19 recombinant vaccine and dia- INVESTMENTS CROSS $1 BILLION Jan-Sep2020 19 1,697
vaccines in the market. It's important to do the The company, which has its specialisation gnostics. As part of the agreement, Neuberg Private equity (PE) and venture capital (VC) investments in
2019 18 825
job correctly," he said. in protein therapeutics, is willing to go slow Supratech has been looking for immune pharmaceutical companies have increased by over 3.5 times
Similarly, a team of researchers, led by with the trials since it wants to ensure efficacy markers for Covid-19 positive patients by using in 2020 and crossed $1 billion for the first time to touch
Jan-Sep 2019 10 368
IIT-Bombay alumnus Prabuddha Kundu, is of the vaccine candidate. several of its in-house high throughput sequen- $1.69 billion during January to September period, compared 2018 20 875
developing a triple antigen vaccine at Premas "We are in talks with regulatory authorities cing machines. The firm declined to respond. to $368 million a year ago. Fund managers said investors Jan - Sep 15 708
Biotech. It has successfully identified three to discuss Phase-1 trials. We have put up the These smaller players are likely to play a key remain positive on pharma manufacturing activity in India,
major antigens as a recombinant novel coro- case to them on how our vaccine can be scaled role when it comes to scaling up manufacturing which has strengthened during the pandemic on
2017 18 395
navirus vaccine candidate. up quickly since large-scale manufacturing of of the successful candidate. Gandhi said his accou nt of restrictions from Chi nese Jan - Sep 14 270
According to Kundu, unlike single-protein yeast is easily possible. In the next couple of Nepal plant is operating at 25 per cent capacity, \ Note: Pharmaceutical companies include drug/API manufacturing & research

vaccines currently under trial across the world, months, we should be conducting Phase-1. We and the company can easily use it to contract pharma imports. Last year, the companies, CROs and CRAMS; * in number

Premas Biotech has adopted a three-pronged wanted to make sure we do it well first time manufacture any candidate that emerges suc- sector attracted $825 million
T O P PE/VC I N V E S T M E N T S (2017-2020 Y T D )
approach to develop multi subunit vaccine. The rather than hurry," said Kundu. cessful first. "We can also enhance the capacity across 18 deals, according to
Company Investor A m o u n t ($mn) Date
triple-antigen Covid-19 vaccine candidate, Premas claimed its production cycle of one easily without much investment. We will defi- Venture Intelligence. Some
PRAK-03202, has produced neutralising week is the fastest among the world for antici- nitely chip in to scale up India's manufacturing of the deals reported in Piramal Pharma Carlyle 490 Jun '20
immune response in animal studies. Premas pated vaccine. The company said it can make of the Covid-19 vaccine," said Gandhi. 2020 include Carlyle's $490
JB Chemicals KKR 414 Jul '20
Biotech is now in talks with regulatory 20-30 million doses in a week since the system The large players have already indicated million investment in
210 1May '20
authorities for the next phase. based of yeast is highly scalable. that they are repurposing their existing capac- Piramal Pharma, KKR's SeQuent Scientific Carlyle

Its animal study of the SARS-CoV-2 vaccine On the other hand, Gujarat government arm ities to make way for the Covid-19 vaccine. $414 million investment in Intas Pharmaceuticals ChrysCapital 132 Feb '20
candidate comprised 50 mice, divided into 10 Gujarat Biotechnology Research Centre (GBRC) Some like Serum Institute are using capac- JB Chemicals, and Carlyle's RA Chem Pharma Advent
cohorts dosed with 5, 10, and 20 micrograms of has signed an agreement with Neuberg ities for Covid-19 vaccines, while others like $210 million investment in International
128 Jul '20
PRAK-03202. The vaccine candidate was gen- Supratech Reference Laboratory, Ahmedabad, Indian Immunologicals plan to use multi-pro- SeQuent Scientific. T E NARASIMHAN
erally well tolerated and safe at all doses, with a unit of Neuberg Diagnostics, a start-up in the duct facilities to make additional volumes.
Source: V e n t u r e I n t e l l i g e n c e

TATA s k y Broadband UCO BANK ADITYA BIRLA

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Bala i Ventures Limited
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www.nseindia.com), the Stock Exchanges where the Company's 11.00 a. m. through Video Conferencing / Other Audio Visual Means (VC/OAVM) in NOTICE
shares are listed. F o r S a n d h a r Technologies Limited accordance with applicable provisions of the Companies Act, 2013 and in compliance E d i t o r : Shyamal M a j u m d a r
Notice is hereby given that a meeting
with the procedure prescribed in circular No. 20/2020 dated 5th May, 2020 read with
Lloyds Metals and Energy Limited Sd /- RNI NO. 5 7 3 7 6 / 1 9 9 4 of the Board of Directors of Tata Steel
circular number 14/2020 dated 8th April 2020 and circular number 17/2020 dated
Regd. Office : Plot No. A 1-2, MIDC Area, Ghugus, Dist. Chandrapur, 442 505, Maharashtra. Subhi Gupta Long Products Limited (Formerly Tata
13th April 2020 issued by the Ministry of Corporate Affairs and circular number
Tel. 07172 285099 /103/398 Fax 07172 285003. Place: Gurugram Company Secretary & Compliance Officer Readers should w r i t e their f e e d b a c k at Sponge Iron Limited) ['the Company1]
Corporate Office : Trade World, "C1 Wing, 16th Floor, Kamala City, Senapati Bapal Marg, SEB/HO/CFD/CMD/CIR/P/2020/79 dated 12th May 2020 issued by the Securities and feedback@bsmail.in is scheduled to be held on Tuesday,
Lower Parol, Mumbai-400 013. Tel.No. 022-6291 8111. Fax No. 022- 6291 8260
Date: 5" October, 2020 Membership No. 44467 Exchange Board of India. Ph. 011-23720202, F a x : + 9 1 - 1 1 - 2 3 7 2 0 2 0 1 October 13,2020, to consider and take
CIN: L40300MH1977PLC019594 Website: www.lloyds.in Email: investor@lloyds.in
The Annual Report of the Company for the financial year 2019-20 including the Notice on record the audited financial results
NOTICE IS HEREBY GIVEN THATthe Extra Ordinary Meeting (EGM) of the Company will of 36th AGM of the Company, are being sent to the Members whose email ids are For Subscription a n d Circulation (both Standalone and Consolidated)
be held on Friday, 30" October, 2020 at 12.30 p.m. through Video Conferencing (VC)/ Other registered with the Company / Depository Participants. The Annual Report along enquiries please contact: of the Company for the quarter and
Audio Visual Means (OAVM) in compliance with the applicable provisions of the Companies Ms. Mansi Singh half year ended September 30, 2020.
M/s O S A K A P H A R M A C E U T I C A L S PRIVATE LIMITED (IN LIQUIDATION with Notice of 36th AGM of the Company is available on the website of the Company
Act, 2013 read with MCA General Circular No. 14/2020 dated 08" April, 2020, MCA General Head-Customer Relations The intimation to stock exchanges
Circular No. dated 13" April, 2020 and MCA General Circular No. 33/2020 dated 28th at www.rishitechtex.com and shall also be available on the website of B S E Limited
Liquidator Address: 330/348, Atlantis K-10, Sarabhai Main Road, Baroda- 390023, Business Standard Private Limited. issued under Regulation 29 of S E B I
September, 2020 to transact the business set out in the Notice of the EGM. The Company Gujarat, India E-mail: irp.osakapharma@gmail.com; jlnusb@gmail.com at www.bsendia.com and Central Depository Services (India) Limited (CDSL) at
H/4 & I/3, Building H,Paragon Centre, O p p . (Listing Obligations and Disclosure
has sent the Notice of EGM on Monday, 05" October, 2020, through electronic mode to www.evotingindia.com. Statutory Registers and Documents referred to in the Notice
E-AUCTION SALE NOTICE Requirements) Regulations, 2015 is
Members whose email addresses are registered with the Company's Registrar and Share of 36th AGM and Explanatory statement are open for inspection by the Members at Birla Centurion, PB.Marg, Worli,
Transfer Agent/Depositories in accordance with the circular issued by Ministry of Corporate Notice is hereby given to the public in general under the Insolvency and Bankruptcy Code, 2016 and available on the website of the
the Registered Office of the Company on all days (excluding Saturday and Sunday) M u m b a i - 400013
Affairs dated 08" April, 2020 and 13" April, 2020 and SEBI circular dated 12" May, 2020. The Regulations there under that the assets of M/s Osaka Pharmaceuticals Private Limited-in liquidation company (www.tatasteellp.com), B S E
between 11.00 a. m. to 1.00 p. m. upto the date of 36th AGM. E-mail: subs_bs@bsmail.in
Notice of the EGM is also available on the Company's website www.lloyds.in and on website (Corporate Debtor) situated at Village Sankarda, Old National Highway No. 8, Dist. Vadodara, Limited (www.bseindia.com), and
of the CDSLwww.evotirqindia.com. Gujarat-391350 will be sold by E-auction through the service provider M/s E-procurement The members of the Company who are holding shares in physical form or who have not " o r sms, SUB BS t o 5 7 0 0 7 " National Stock Exchange of India
Technologies Limited (Auction Tiger) via website https://ncltauction.auctiontiger.net registered their email ID with the Company, can cast their vote through remote e-voting Limited (www.nseindia.com).
Intermsof and in compliance with provisions of section 108 of the Act read with Rule 20 of
during Sunday, November 01, 2020 at 9.00 a. m. and upto Wednesday, November DISCLAIMER N e w s reports a n d feature
Companies (Management and Administration) Rules, 2014 as amended fromtimeto time Date a n d Time o f A u c t i o n Thursday, 29.10.2020, Between 11:00 A M t o 2:00 PM
articles in Business Standard seek t o present For Tate Steel Long Products Limited
and Regulation 44 of SEBI (Usting Obligations and Disclosure Requirements) Regulations, Last Date f o r S u b m i s s i o n o f EMD 27.10.2020 b e f o r e 07:00 PM 04, 2020 at 5.00 p. m. or through e-voting during the Annual General Meeting. Detailed
2015, the Company is providing the "remote e-voting" and "e -voting during the EGM", an unbiased picture o f d e v e l o p m e n t s in t h e (Formerly Tata Sponge Iron Limited)
I n s p e c t i o n Date & Time O n o r b e f o r e 26.10.2020 F r o m 11:00 A M t o 5:00 PM procedure for remote e-voting and e-voting at the AGM is provided in the Notice of
facility to memberste cast their vote electronically on all the resolutions set forth in the Notice markets, t h e corporate world a n d t h e Sd/-
Contact p e r s o n (Mr. Hardik Surani: +91- 81600 94709, 36th AGM.
of the EGM through electronic voting system of Central Depository Services Limited Mr. R u s h e s Deopura: +91- 95740 85948) g o v e r n m e n t . Actual d e v e l o p m e n t s can turn Sanjay Kasture
("CDSL"). The cut-off date lor determining the eligibilitytevote by electronic means through The procedure for registration of email id to receive future documents through email : Company Secretary
out t o be different o w i n g t o circumstances
"remote e-voting or "e-voting at the EGM" is 23rd October, 2020. Option Details of assets Block
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a) Members holding shares in Dematerialised mode are requested to register their
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The remote e-voting period commences on Tuesday, 27" October, 2020 (09:00 a.m . 1ST) and Sale of Corporate Debtor as going concern along Block 1 13,68,00,000 1,36,80,000
email id and PAN, Bank Mandate details either with the Company or with their Date: October 5,2020
k n o w l e d g e . Business Standard does n o t
ends on Thursday, 29" October, 2020 (05:00 pm. 1ST). The remote e-voting module shall be wiUr all its assets including land and building, plant Depository Participants or the Registrar and Transfer Agent of the Company.
disabled by CDSL thereafter and remote evoting shall not be allowed beyond the above take a n y responsibility f o r investment o r
and machinery and financial assets b) Members holding shares in physical form are requested to register their email
mentioned date and time. Those members, who shall be present in the EGM through business decisions taken by readers o n t h e
VC/OAVM facility and had not cast theirvotes on the resolutions through remote e-voting and
OR id and PAN, Bank Mandate details by sending an email to Company's email id:
basis o f reports a n d articles published in t h e
are otherwise not barred from doing so, shall be eligible to vote through E-voting system Sale of set of assets collectively [including all Block 2 13,68,00,000 1,36,80,000 info@rishitechtex.com or to the Company's Registrar & Transfer Agent, M/s. Adroit
newspaper. Readers are expected t o f o r m
during the EGM. The members wbo have cast their votes by remote c-voting priortothe EGM land & building, plant &machinery a n d Corporate Services Private Limited, email id: sandeeps@adroitcorporate.com with
their o w n j u d g e m e n t .
may also attend/participate in the EGM through VC/OAVM but shall not be entitled to cast securities & financial assets (including
a Signed Request letter mentioning their Folio Number and the Email ID / PAN
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(Self attested copy) that is to be registered along with the cancelled Cheque.
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undertaking and non- refundable process participation fee of INR Rs. 20,000/- (including GST) advertisements accepted in g o o d faith a n d
cut-off date only shall be entitled to avail the facility of remote e-voting as well as e-voting at the relevant Rules framed thereunder and Regulations 42 of the Listing Regulations,
through NEFT/RTGS/Demand Draft on or before 26.10.2020 in the account mentioned below. published b y i t . A n y claim related t o t h e
EGM. Any person who becomes a member of the Company after the notice has been sent the Register of members and Share Transfer Books of the Company shall remain
The EMD (Refundable) shall be payable by interested bidder through NEFT/RTGS/Demand Draft advertisements should be directed t o t h e
electronically by the Company, and holds shares as on the cut-off date i.e 23rd October, 2020,
on or before 27.10.2020 in account mentioned below. closed from Friday, October 30, 2020 to Thursday, November 05, 2020 (both days
may obtain the User ID and Password by sending an email request to advertisers concerned.
helpdesk.evoting@cdslindia.com. For the process and manner of E-voting, Members may Details of bank account are as follows: inclusive) for the purpose of 36" AGM for the financial year 2019-20.
Unless explicitly stated o t h e r w i s e , all rights
go through the instructions mentioned in Note No. 21 of the Notice of EGM. In case of any Account Number 10901012000093 In case you have any Queries or issues regarding e-voting you may refer
reserved by M / s Business Standard Pvt. L t d .
queries/grievance connected with e-voting, please contact: Mr. Rakesh Dalvi, Manager, Beneficiary Name 'Osaka Pharmaceuticals Private Limited - In Liquidation" the Frequently Asked Questions ("FAQs") and e-voting manual available at
Any printing, publication, reproduction,
CDSL, A wing, 25" Floor, Marathon Futurox, Mafatlal Mill Compounds, N M Joshi Marg, www.evotingindia.com under help section or write an email to
Bank Name Oriental Bank of Commerce transmission o r redissemination o f t h e
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Branch R.C. Putt road , Vadodara - 390007, Gujarat helpdesk.evoting@cdslindia.com or call 1800225533.
call 1800225533. contents, in a n y f o r m o r b y any means, is
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The other details as required to be published as per MCA General Circular No. 17/2020
dated 13" April 2020 are already published in this newspaper dated 01" October, 2020. For detailed terms and condition of E-action sale, refer Sale Notice available on the AGM, you can write an email to helpdesk.evoting@cdslindia.com or call of M/s Business Standard Pvt. Ltd. A n y such
Hence this Notice should be read in conjunction to our eartier Notice of EGM published in https://ncltauction.aucliontiger.net. For any queiy regarding E-auction, contact Mr. Ramprasad 022-23058542 / 43. prohibited a n d unauthorised a c t b y a n y
this newspaper dated 01 • October, 2020. Sharmaat+91-6351896834,079-61200531/559/594/554, E-mail ID Ramprasad@auctiontiger.net.
For Rishi Techtex Limited person/legal entity shall invite civil a n d
For Lloyds Metals and Energy Limited Sd/- Sd/- criminal liabilities.
Sd/- Abhishek Nagori
Date : October 06, 2020 Gauri Gangal
Place: Mumbai SnehaYezarkar Date: 05.10.2020 Liquidator of Osaka Pharmaceuticals Private Limited
Place: Vadodara IBBI Reg. No: IBBI/IPA-001/IP-P00020/2016-2017/1004 Place : Mumbai Company Secretary No Air Surcharge
Date: 05/10/2020 Company Secretary
l
NEW DELHI | TUESDAY, 6 OCTOBER 2020 ECONOMY & PUBLIC AFFAIRS 5 <

IN BRIEF RAISE 2020 CONFERENCE

‘Secret’ extradition proceedings
going on to bring Mallya, SC told
The Centre on Monday told the Supreme
Must protect against weaponisation of AI: PM
Court that “secret” extradition process was SAI ISHWAR guage processing (NLP)-based tech- said Arvind Krishna, CEO of IBM.
going on to bring fugitive businessman Mumbai, 5 October nology in order to reskill the youth,” “WE WANT INDIA TO “We are creating an AI Centre of
Vijay Mallya to the country but it was not Modi said. BECOME A GLOBAL HUB Excellence in partnership with the
aware about its status. The Centre also told Prime Minister Narendra Modi said “The technology will have a major Government e-Marketplace. Together
the top court that it was not a party to the on Monday that India will aim to role in empowering agriculture,
FOR AI. MANY INDIANS we will apply the power of AI and
proceedings. A bench of Justices U U Lalit become a “global hub” for artificial healthcare and education and ARE ALREADY WORKING advanced analytics to improve usabil-
and Ashok Bhushan asked Mallya’s lawyer
to inform the court what kind of “secret” proceedings are
intelligence (AI) through technology-
based learning and skilling for work-
addressing urban issues like reducing
traffic jams, improving sewage infras-
ON THIS. I HOPE MANY ity and transparency and drive effi-
ciency and cost-savings in public pro-
going on to extradite him. Advocate Ankur Saigal, appearing force and students and help solve tructure and make our disaster man- MORE DO SO IN THE curement,” Krishna added.
for Mallya, told the apex court that he was not aware what long-term issues such as climate agement systems stronger.” TIMES TO COME” Mukesh Ambani, chairman of
kind of proceedings are going on. He said, “I have knowledge change and pollution. The government is also planning Reliance Industries, said data is the
that my request against extradition has been rejected”. The Speaking after inaugurating the to set up a National Educational
NARENDRA MODI, raw material for AI, and intelligent
Prime Minister
bench also directed Mallya’s lawyers to apprise it by November Responsible AI for Social Technology Forum (NETF) to data digital capital, calling it “a vital
2 when can the fugitive businessman appear before the court Empowerment (RAISE) 2020 create an e-education unit to boost national resource”.
and when the “secret” proceedings are going to end.. PTI Summit, Modi emphasised that AI digital infrastructure, content and “WE ARE CONFIDENT THAT THE GOVT “WE ARE CREATING AN AI CENTRE WITH “Nations will increasingly com-
should be used responsibly and the capacity. “Virtual labs are also being WILL INTRODUCE A SOUND DATA GeM. TOGETHER WE WILL APPLY THE pete on digital capital in the future
world must be protected against its created to give hands-on experience REGULATION FRAMEWORK POWER OF AI AND ADVANCED ANALYTICS and not physical capital or financial
Anti-dumping duty CBI recovers ~50 lakh weaponisation by non-state actors. to learners,” he said. TO PROTECT THIS TO BOOST TRANSPARENCY capital. India has the unique advan-
on steel products: from Cong leader “It remains our collective respon- The government also said it RESOURCE AND ENSURE AND COST-SAVINGS IN tage to harness its enormous digital
Ministry starts probe Shivakumar’s place sibility to ensure trust in how AI is
used. Algorithm transparency is key
launched the ‘Responsible AI for
Youth’ programme in April. Under
DATA PRIVACY” PUBLIC PROCUREMENT capital for AI-driven development,
which is bottom-up and inclusive,”
The Commerce Ministry's The Central Bureau of to establishing this trust. Equally this programme, over 11,000 students MUKESH AMBANI, ARVIND KRISHNA, Ambani said.
investigation arm has started Investigation (CBI) has so far important is accountability. We must from schools completed the basic Chairman, RIL CEO, IBM India is estimated to clock $400-
a probe to review the need to recovered ~50 lakh from protect the world against weaponisa- course and are now building their 500 billion worth of AI capabilities by
continue imposition of anti- multiple premises it has tion of AI by non-state actors,” he said. AI projects. 2024 or 4 per cent of gross domestic
dumping duty on certain searched in a corruption case “E-courses will be developed in So far, over 45,000 stakeholders have registered for the four-day event. power software and hardware systems product (GDP) will be contributed
types of steel products impo- related to Congress leader various regional languages and dia- from academia, the research industry India is “uniquely positioned to in the same way that electricity pow- through the AI-enabled internet of
rted from China, Korea, D K Shivakumar, officials said lects. We will also tap into natural lan- and government from 133 countries lead” in the field of AI, which will ered factories in the previous century, things (IoT), chip design and software.
European Union, South Africa, on Monday. The CBI is
Taiwan, Thailand, and the US carrying out searches at 14
following complaints from locations in Karnataka, Delhi
domestic industry.

Moody’s: National oil

firms less prepared to
PTI
deal with credit risk
State-owned oil firms are less
prepared than their private
counterparts to deal with the
credit risk arising out of energy
transition even though sove-
reign linkage provides some
competitive advantages,
Moody’s Investors Service has
said. A report says energy
transition poses varying
degrees of credit risk to the
world’s largest such firms but
state firms in oil importing
countries are less exposed to
carbon transition risk than
and Maharashtra in the case
that pertains to amassing of
disproportionate assets,
they said. The search DoT looks for more Raise taxes on very
operation may be expanded
rich to stimulate
spectrum to meet
during the day, the
officials said. PTI
BRICS virtual meet
on Nov 17: Modi, Xi economy: Stiglitz
telcos’ 5G demand
to come face to face
For the first time since the ISHITA AYAN DUTT
standoff between Indian and Kolkata, 5 October
Chinese troops along the Line
of Actual Control (LAC) in Contain the Covid-19 pandemic and use
eastern Ladakh, Prime Jio, Airtel, Vodafone Idea seek at least 80 MHz for launching 5G your money well, that’s economist and
Minister Narendra Modi and Nobel Laureate Joseph Stiglitz’s advice to
Chinese President Xi Jinping MEGHA MANCHANDA ministry or Isro for this. the government.
are expected to come face- New Delhi, 5 October The amount of spectrum for The first priorities are helping the vul-
to-face virtually at the BRICS launching 5G services has been an nerable and containing the disease, he

T
those in oil exporting annual summit to be held on he Department of
countries. BS REPORTER November 17. PTI Telecommunications (DoT)
has started searching for
additional spectrum to meet the
demand of telecom companies for
SMART MISSILE FLIGHT-TESTED a larger chunk of airwaves to roll
out 5G services.
“We have allocated the 3300
MHz to 3600 MHz band for 5G
services. Worldwide, the allocation
of bands for 5G services is from
3300 MHz to 4200 MHz. India
doesn’t have that much band-
width, so we are looking for an
additional 150 MHz,” a senior offi-
cial told Business Standard.
Currently, the spectrum avail-
able for 5G services is 175 MHz,
with a cap of 50 MHz per company.
This means one of the four players
may not get even 50 MHz.
The companies – Reliance Jio,
Bharti Airtel, and VI – recently
wrote to the Centre, seeking at
least 80 MHz for launching 5G
services. They are of the view that
anything less 80 MHz would not
be able earn the benefit of 5G.
Experts say ideally the band-
width for seamless 5G services
should be 100 MHz, telcos can pro-
vide superior-quality services even
with 80 MHz, but something less
than that would not serve the pur-
pose of 5G. “To ensure that each
player gets at least 80 MHz, we
need the Indian Space Research
Organisation (Isro) to spare 100
Defence Research and Development Organisation (DRDO) MHz from its share of the airwaves
successfully flight-tested the Supersonic Missile Assisted and also the Ministry of Defence
Release of Torpedo (SMART) from Wheeler Island, off the should agree to take 50 MHz spec-
coast of Odisha on Monday PHOTO: PTI trum instead of the 100 MHz
THE STORY SO FAR
n In August 2018, Trai upheld
its previous suggestion of
auctioning radiowaves used
for telecom services on 5G
and other bands at a
starting price of over ~5.7 trn
n Trai says the 3,300-3,600
MHz band, expected to be
the primary band for 5G
services, should be
auctioned as a single band
and in blocks of 20 MHz
each at ~492 crore per MHz
n Trai suggested a floor price
of ~6,568 crore per MHz,
43% lower than ~11,485
crore set in the 2016 auction
n The premium 700 MHz
spectrum is considered
efficient for 4G LTE networks
and has greater structural
penetration
sought by it. That will make avail-
able 325 MHz for 5G services,” the
official quoted above said.
The DoT is yet to begin nego-
tiations either with the defence
issue with the telecom companies
since the beginning of talks about
5G. The matter remains unre-
solved because the government is
yet to make up its mind on three
things: One, the price of the 5G
spectrum to be offered; second,
the amount of spectrum to be
offered to the telcos for bidding;
and third, whether to conduct 5G
auctions this financial year or not.
On several occasions the tele-
com industry has said the price of
5G spectrum in India is four times
the international prices.
In its recommendations in
August 2018, the Telecom
Regulatory Authority of India had
upheld its previous suggestion of
auctioning radiowaves used for
telecom services on 5G and other
bands at a start price of more than
~5.7 trillion. The regulator said the
3,300-3,600 MHz band, expected
to be the primary band for 5G serv-
ices, should be auctioned as a sin-
gle band and in blocks of 20 MHz
each at ~492 crore per MHz.
For the high-value 700 MHz
spectrum, which is considered
efficient for deploying 4G LTE net-
works and has greater structural
penetration, Trai recommended a
lower base price of ~6,568 crore per
MHz, 43 per cent lower than
~11,485 crore set in the 2016 auc-
tion. It is learnt that the Centre
may have another round of spec-
trum auction in this fiscal year, but
it is unlikely that 5G spectrum
would be on offer, considering the
financial situation of the sector.
said. Stiglitz emphasised the importance
of targeting and how it can be maximised
even with budgetary constraints. However,
he also said it might be necessary to raise
taxes on the very rich.
“If you can’t get resources, one way of
dealing with it is, raise taxes on the very
rich – you have a lot of billionaires in India
— and if you spend that money well, it
actually stimulates the economy,” he said
while addressing an interaction organised
by Federation of Indian Chambers of
Commerce & Industry’s (Ficci’s) West
Bengal state council.
Stiglitz’s advice came as a response to
a question from Sanjiv Mehta, Hindustan
Unilever’s chairman and managing direc-
tor. Mehta said, the Indian economy is
about $2.9 trillion and it had a good run in
the past three decades. But in the June
quarter it contracted by about 24 per cent.
“The government has done a good job
of ensuring that no one goes hungry in the
rural areas, which is also visible as the con-
sumption is becoming a bit buoyant in
rural areas because of the direct transfer
of money, as well as a good harvest. Now,
the government has been circumspect in
spending money because they are worried
that the fiscal deficit may go out of control.
We don’t have deep pockets like the US,
inflation might get out of control, but we
need to kick-start the economy, what
would be your advice,” Mehta asked.
Stiglitz said the United States and India
can basically print money. “We are not
inflicting any inflationary pressures and a
case for spending money is compelling. If
we don’t, there will be long-term damage.
Companies that go bankrupt don’t go un-
bankrupt in two years’ time.”
He told Mehta, the government (in
“(THE US AND INDIA CAN BASICALLY
PRINT MONEY) WE ARE NOT
INFLICTING ANY INFLATIONARY
PRESSURES AND A CASE FOR
SPENDING MONEY IS COMPELLING.
IF WE DON’T, THERE WILL BE
LONG-TERM DAMAGE. FIRMS THAT
GO BANKRUPT DON’T GO UN-
BANKRUPT IN TWO YEARS’ TIME”
JOSEPH STIGLITZ
Economist and Nobel Laureate
India) has succeeded in giving money to
the most vulnerable. Spending the money
in a way to prevent contagion of the dis-
ease and helping people provides a double
dividend.
Sanjiv Puri, ITC chairman and manag-
ing director, during the interaction, asked
Stiglitz about social inequity and climate
change risks. He also asked about ESG
(Environmental, Social and Governance)
investing and whether the trends were cre-
ating purposive actions in the right direc-
tion or making more noise.
Stiglitz said, there was a lot of discus-
sion in the US right now, should corpora-
tions just maximise shareholder value or
should they take a broader agenda — ESG,
stakeholder capitalism, about the environ-
ment, natural capital, the community,
workers, customers — a whole array of
constituents. “At this point there is a broad
consensus in Europe and the US that there
should be broad stakeholder capitalism,
ESG is very important,” he said.

SBI’s next challenge: Keeping YONO ahead of the curve

Bank enters uncharted territory as it looks
to license app, which it values at $40 billion
ABHIJIT LELE
Mumbai, 5 October
When State Bank of India (SBI)
launched its digital banking applica-
tion, You Only Need One (YONO), most
thought the largest bank in the country
was playing catch-up.
Now, as the bank plans to monetise
the app and the chairman pegs its
enterprise value as high as $40 billion
others are trailing instead.
Since its launch in November 2017,
the app has seen a huge rise in sub-
scription and range of products
offered. Apart from fulfilling banking
services, one can access more than 100
e-commerce sites, book tickets, and
even pay for small value groceries
through the app.
The bank is now proposing to allow
other banks to use this to serve their
own customers.
The business sense
SBI plans to make YONO a standalone
product, and the bank too will pay a
fee for using it, according to Chairman
Rajnish Kumar. Other banks that wish
to use it can rebrand it as their own
product and pay a licence fee.
YONO earned a net profit of ~200
crore in the June quarter. Every day
385,675 transactions take place on the
app and it has a current user base of 28
million, which SBI plans to increase to
420 million by March. It is confident of
achieving this because between March
and August, when the Covid-19 pan-
demic spread, the bank added 7.1 mil-
lion customers, almost doubling
monthly transactions to 11 million in
August from 6.6 million in March,
Kumar said at a press interaction.
The real indicator of the app’s
popularity are daily logins, which
were about 10 million in the first
week of October, said CS Shetty,
managing director (retail and digital
banking) for SBI.
“As many things are opening up,
there were apprehensions that differ-
ent channels would be used, but
people seem to have taken to YONO for
doing transactions,” Shetty said.
In September 2019, SBI launched
YONO in the United Kingdom, and this
June the bank launched three ‘YONO
Branches’ in Navi Mumbai, Indore,
and Gurugram as part of a pilot.
Despite these gains, it is the chair-
man’s claim that YONO’s valuation
could be as high as $40 billion that has
stirred the market. At that level, it will
dwarf even the bank’s current market
capitalisation of about $24 billion.
In an interview with Business
Standard in August, Kumar had this to
say: “When we work, our focus is on
performance. So sooner or later, the
market participants or investors will
realise the value. Ultimately, investors
have to gain confidence that they have
to believe in what the management is
saying.”
Still, it is unlikely that YONO alone
could fetch so much value.
The genesis
Kumar assumed charge of SBI in
October 2017 and launched YONO
within a month. But the groundwork
and development began long back,
when Arundhati Bhattacharya was
chairman.
Before this public sector banks were
not known to be tech-savvy, and things
don’t change so easily those firms.
According to Bhattacharya, the idea
of YONO began taking shape from the
end of 2014. The initial idea was to
launch ‘in-touch branches’ — “to give
the feel of a future branch to customers
and get feedback in the process,”
Bhattacharya said. That also prompted
the bank to build a dedicated platform,
which became YONO.
It was conceptualised at the Smart
Innovation Centre in Singapore
based on work done at Spanish Bank
BBVA on digitisation of services and
processes. The Indian Software
Products Industry Round Table
(iSPIRT), a think tank, was roped in
for inputs and making the market
infrastructure possible. McKinsey
was the project manager, and IBM
the technical partner.
“While it was to take-off in March
2017, the bank wanted to make sure the
back-end and offering gelled with cus-
tomers. So, the launch date got pushed
A PLAN THAT
CLICKED
> First digital banking
asset from public
sector
> Currently 28 million
registration
> Bank to add B2B
features for MSMEs
> Daily logins
touched
9.7-million mark
> Usage in rural
economy
gaining traction
to July and then finally to November
2017,” Bhattacharya said.
B Sriram, then managing director
of the bank and head of retail, said
YONO began as a product for retail
customers, “but later strategy was
tweaked to expand it for agriculture
and small businesses”. Sriram also
suggested embedding a marketplace
in the app for greater customer con-
venience and acceptability.
Shetty, however, did not want to
share the cost involved in the product,
as it was difficult to do so considering
vendors and manpower in digital
banking come from a common pool.
Competitors and the future
Admittedly, SBI is not alone in having
a dedicated app. Private banks offer
similar products. If SBI manages to
crack the outsourcing market,
others will likely follow suit. Besides,
financial technology companies are
always ready to innovate, if the
regulator permits.
For example, lending to micro,
small and medium enterprises can
already be done using OCEN (Open
Credit Enablement Network), a credit
protocol infrastructure developed by
iSPIRT, without needing banks to
weigh in.
Infosys founder Nandan Nilekani
launched the product in July with the
aim of democratising lending.
Account aggregators can simply add
this protocol to their apps and lending
organisations can compete for loan
requests. This could be used later for
other financial services.
“…Apart from digitisation of the
lending process, we have data stores
through the Account Aggregator (AA)
network, and for credit to move seam-
lessly to small businesses, lenders will
need to have a common protocol. Just
like what UPI did with payments. We
are working on a common language
for lenders and borrowers, called the
OCEN protocol, which will have a dra-
matic impact to enable small busi-
nesses to get loans,” Nilekani said at
the launch. Interestingly, SBI is a key
partner.
SBI officials say YONO has created
a hygiene effect in the sense that
large banks can now work on similar
platforms. HDFC Bank, ICICI Bank,
Kotak Mahindra Bank, and Axis
Bank are seen as direct competitors.
The competitors are keeping SBI on
its toes, and the effort now is to inno-
vate and add more services on a reg-
ular basis to stay ahead, according to
SBI officials.
But monetising YONO is very
much on the cards, said Shetty.
“Before that happens, we have to
build scale by tapping into internal
potential (SBI customers). The bank
will continue to scale capacity and
features,” Shetty said.
6 ECONOMY & PUBLIC AFFAIRS
>
NEW DELHI | TUESDAY, 6 OCTOBER 2020 1

RBI resumes anonymous Industry should give fixed-term

jobs for seasonal work: Minister
bond buys from markets SOMESH JHA
New Delhi, 5 October
“YOU WOULD BELIEVE MORE
THAN ME ON THE FACT THAT
sonal work or get work order
for a short period of time often
May have given primary SECONDARY MARKETS
AN EMPLOYEE, IF ATTACHED
engage casual or informal

dealers a way to square BOND OPERATIONS OMO (outright) ~crore Labour and Employment workers to get their job
Minister Santosh Kumar AND INVOLVED WITH AN done. “This is a loss for
off positions, shows data Gangwar on Monday said
that the industry should use
INDUSTRY FOR A LONGER workers, apart from them
getting exploited,” the minis-
fixed-term contracts to pro- DURATION, IS MORE ter emphasised.
ANUP ROY Sep 18 vide jobs to workers, mostly PRODUCTIVE FOR THE The minister’s comments
Mumbai, 5 October for short-term projects or came a day after Business
seasonal work. GROWTH OF THAT INDUSTRY” Standard reported how the

E
ven as the Reserve Bank of India
(RBI) is cancelling its scheduled
open market operations (OMOs) for
secondary market bond purchases, it is
buying the bonds from the backdoor
anonymously, the latest data shows.
Till September 24, the RBI bought
about ~2 trillion of bonds from the second-
ary markets. Of these, about ~1.40 trillion
was done anonymously. In September
alone, when the auctions were devolving
and the RBI cancelled an OMO auction, it
bought ~43,537 crore of bonds, of which
~15,000 crore was bought anonymously.
The central bank had paused on such
anonymous bond purchases, but stepped
up pace in September as the bond yields
on a number of occasions seemed to be
crossing 6-per cent mark. The RBI
devolved four auctions of 10-year bonds
as the market wanted higher yields. The
primary dealers, who acted as the
underwriter of the bonds, had to buy the
unsold bonds. This may have created
huge pressure on the primary dealers,
who generally don’t have a deep capital
base. An increased underwriting fee also
was not adequate to compensate for such
back to back devolvement at around the
6 per cent yields.
Source: Reserve Bank of India
But the latest data shows that the cen-
tral bank may have given the primary
dealers a way out to square off their posi-
tions through such anonymous bond
buying. The active bond buying of the cen-
tral bank also contained the market yields
and is an indirect monetisation of deficits
done in an unannounced manner.
“The RBI’s intentions are clear, to give
full support to the government borrowing
programme without impacting the stabil-
ity of the G-Sec market. The multiple rate
cuts, liquidity infusion, OMO purchases,
twist OMOs, cancellation of auction bids
at higher yields are testimony,” said
Joydeep Sen, fixed income consultant of
PhilipCapital India.
“If and when there is any excess
government borrowing, we expect support
from the RBI, in terms of OMO purchases
or other methods,” said Sen. The bond
buying is significant because the market
“By giving an option of
fixed-term employment (in
the new labour codes), we
have given a flexibility to the
industry and I am confident
that such contract will
mostly be used by businesses
of short duration and of
wanted the RBI to support the market seasonal nature,” Gangwar
through OMOs. Market participants say said in his address at the
the RBI should bring out OMO calendar to All India Organisation of
assure the market of support. However, Employers’ 86th annual
the RBI may be wanting to keep some general meeting held
element of surprise, even as it continues through videoconferencing.
to extend its support for the market. “You would believe more
While the second half buying than me on the fact that an
programme has been kept unchanged at employee, if attached and
~4.34 trillion, most in the market expect involved with an industry for
excess borrowing later in the year. a longer duration, is more
The consensus is that the government
may borrow ~2 trillion more. Bank of
America expects excess borrowing of ~2.3
trillion to fund 12.7 per cent of overall fiscal
deficit. But the extra borrowing could be
down unannounced too, or through short-
Colour codes
for health
term treasury bills. In the first half of the
fiscal year, the Centre borrowed ~66,000
crore extra via the greenshoe option. This insurance
is because the average yield of the borrow-
ing for Centre was just 5.82 per cent. plans soon
SUBRATA PANDA
Mumbai, 5 October
SANTOSH KUMAR Industrial Relations Code,
GANGWAR 2020, empowers the indus-
Labour and Employment Minister tries to convert existing work-
force into fixed-term contract
employees as the government
productive for the growth of industries in hiring such removed a safeguard, which
that industry,” the minister workers for seasonal jobs or was there in its March 2018
said, while highlighting the for short-term projects. Right notification, that deterred
importance of allowing a now, industries hire contract companies from doing so.
fixed-term contract system in workers through contractors, Fixed-term employment,
the labour laws. He said the seen as a cumbersome and when it was a part of the cen-
attrition cost of a skilled time-consuming process. tral government's rules, was
worker also harms the indus- Fixed-term contract meant for new recruitments.
try in the longer run. workers will be entitled to all The government decided
The Industrial Relations the same benefits as regular to introduce fixed-term
Code, 2020, has a provision employees in the establish- employment in the law as it
allowing industries to employ ment, except retrenchment was only able to make it
workers on a fixed-term con- compensation. Gangwar said effective for a few industries
tract. This was meant to help companies that engage in sea- (part of the central sphere).
Oppn states object as Centre
favours Option 1 at GST meet
DILASHA SETH again after 5-6 days to create a
New Delhi, 5 October consensus,” he added.
The GST Council will meet
High drama unfolded at the again on October 12.

YES plans to cut credit-to-deposit ratio The Insurance Regulatory

ABHIJIT LELE
Mumbai, 5 October
Private sector lender YES Bank
expects to bring down credit-
to-deposit (C/D) ratio to below
100 per cent by March 2021,
from the current levels of 122
per cent in order to bring a bal-
ance in the asset-liability equat-
ion. The C/D ratio was 122.9 per
cent in September, down from
140.2 per cent in June. It was at
162.7 per cent in March.
Bank officials said while it
was possible to bring down the
ratio below 100 per cent much
earlier, YES Bank, too, has to
look at interest earning for
which credit expansion is
equally important. It posted 1.4
per cent rise in advances at
~1.66 trillion in the second
quarter ended September,
from ~1.64 trillion at the end of
the June quarter.
The lender, which is an
associate of State Bank of India,
disbursed ~3,795 crore to the
retail segment during July-
September. It had disbursed
~424 crore to the retail segment
in Q1FY21, according to a BSE
filing. Its stock was trading 1.43
per cent higher at ~13.35 per
share on the BSE on Monday.
Its loan book shrunk 2.7 per
cent in six months, when com-
pared to outstanding loans of
~1.71 trillion at the end of
March. Deposits rose 15.7 per
cent to ~1.35 trilllion at the end
of September, from ~1.17 trillion
at the end of June. In the April-
September period, deposits
rose 28.9 per cent, from ~1.05
trillion in March. Low-cost
deposits — current account and
savings account — rose to
~33,713 crore in September,
from ~30,326 crore in June and
~28,063 crore in March.
and Development Authority
of India (Irdai) is set to intro-
duce colour codes for all indi-
vidual health products that
will enable customers to
gauge the complexity of
plans. According to an expo-
sure draft released on
Monday, every health insur-
ance product offered by gen-
eral and health insurance
companies will disclose on
their websites colour codes.
The firms will use green,
orange, and red to depict the
complexity of the products
on offer.
While green will signify
that the product on offer is
simple to understand,
crucial Goods and Services Tax
(GST) Council meeting on
Monday. At least 10
Opposition-ruled states resis-
ted the Union finance secre-
tary’s attempts to “abruptly”
conclude the meeting in favour
of the first option on the issue
of compensation.
According to sources, after
over six hours of deliberations,
Finance Secretary Ajay
Bhushan Pandey announced
that the Department of
Economic Affairs will be asked
to prepare for borrowing by
states, an option strongly
rejected by Opposition-ruled
states.
In fact, Andhra Pradesh
and Puducherry, which the
Centre had earlier claimed
AFTER HIGH DRAMA AT
GST COUNCIL MEET,
SITHARAMAN AGREED
TO RECONVENE TO
REACH CONSENSUS
ing limit under the option to
~1.1 trillion from ~97,000 crore
proposed earlier.
“After six-and-a-half hours
of discussion, when the house
was almost equally divided,
finance secretary suddenly
said that the meeting is closed
About 10 Opposition ruled
states have proposed a third
option to the government,
which involves borrowing by
the Centre as it can do so at
competitive rates. To facilitate
that, the compensation cess
period has been extended
indefinitely beyond June 2022,
till the entire principal and
interest is repaid and states ful-
ly compensated for the GST
shortfall.
“The rate at which Centre
borrows is about 2 per cent
lesser than what we will get.
They have the capability to
borrow, the window to borrow
and a lower rate,” said West
Bengal Finance Minister Amit
Mitra. He added that with the
compensation cess period

— TENDER CARE —
orange will mean it is mod-
erately complex. Red will
— Advertorial give out the impression that
the product offered is com-
PNB ORGANISES NATIONWIDE OUTREACH SAIL SUPPLIES MORE THAN 9000 plex. The regulator has
PROGRAMME TONNES OF STEEL FOR THE 'ATAL sought comments by
TUNNEL'; SUPPLIED 2/3RD OF THE October 15. Every insurance
unjab National Bank
were among the 21 states that
had picked option 1, also
pressed for borrowing by the
Centre.
This technically takes down
the count to 19 states that have
picked the first option of bor-
that that we will ask the DEA
to get ready for borrowing by
states, which is option 1,” said
a source. “All opposing states
then rose and resisted the
move and argued that it was
against GST rules as there was
being extended indefinitely,
the Centre will not have to
spend even a single rupee from
its Budget.
Another state finance min-
ister pointed out that states
are not in a position to borrow

P TOTAL STEEL USED IN THE PROJECT advertisement shall also rowing ~1.1 trillion under a spe- no consensus on the issue. It with most defaulting on sal-
has organized a na- mention the colour code, cial window of the Reserve was only then that Union aries and pensions. “Centre
tionwide outreach teelAuthority of India Limited (SAIL), the largest steel pro- said Irdai. Bank of India. The Centre has Finance Minister Nirmala can monetise its fiscal deficit,”
programme on 02 October
it will continue upto 31st De-
S ducing Company in India, has supplied the majority por-
tion of steel in the construction of the Atal Rohtang Tunnel,
These guidelines are only
applicable to individual
decided to revise the borrow- Sitharaman agreed to meet he said.

cember, 2020. The name of which will be inaugurated by Hon’ble Prime Minister Shri health products, as the reg-
this programme is ‘Gram Narendra Modi. SAIL has supplied more than 9000 Tonnes ulator is of the opinion that
Sampark Abhiyaan’. In all,
villages in 500 districts of the
of its quality steel, out of the 15000 Tonnes of steel used in the
entire project. The tunnel is set to become the world’s longest
the group health insurance
products are chosen by
institutions considered as
BBB recommends Janakiraman,
Tewari for SBI MD positions
country will be covered under the programme. On 02 October, road tunnel at an altitude of above 3,000 metres.
better informed entities.
the programme was launched in Sultaanpur village by Sh. An all-weather tunnel, Atal Tunnel will connect Manali to La-
The Irdai has set a
M.Sundaram, General Manager, in Gyaspur village under Raoli haul and Spiti Valley in Himachal Pradesh throughout the year.
number of parameters,
Kalan branch Sh. M.C.Bhatt, Dy.General Manager and in Sara The 9000Tonnes of steel supplied by SAILconsisted of around based on which the pro- ABHIJIT LELE career as a probationary officer managing director (subsidiaries
village under Govindpuri branch, Sh. Rajeev Bansal, Circle Head 6500 tonnes of TMT, 1500 Tonnes of Structurals and 1000 ducts on offer will be given Mumbai, 5 October with SBI in 1988. and associates), for the post of
presided over the programme. He addressed the gathering of Tonnes of Plates for fabricating Beams and small quantity of a score between 0 and 6. A A K Tiwari is the managing chairman at SBI. Rajnish Kumar,
farmers and asked them to reap benefits of many upliftment SAIL GP/GC sheets for constructing stations and control product will be assigned The Banks Board Bureau (BBB) director and chief executive at current chairman, will complete
schemes of Govt. of India. He also said that Punjab National rooms. “green” if it attains a score has recommended names of SBI Card since August 1. his stint on Tuesday (October 6).
Bank has products to match every requirement of the people. Anil Kumar Chaudhary, Chairman, SAIL commented, “SAIL of 2 or less. Similarly, a pro- Swaminathan Janakiraman Two posts of MDs will Khara’s position will become
During this campaign Adhaar-seeding, mobile seeding will be has always committed itself and will continue to be in the serv- duct with an orange code and Ashwini Kumar Tewari for become vacant this month. Arijit vacant after government issues
done and various loan products will be distributed. Under Digi- ice of the Nation. It is a proud moment for the Company to have means it has a score more two posts of managing director Basu, managing director (com- orders on his elevation to top
tal initiative, BHIM, UPI, PNB One will be popularized and infor- partnered in such an important project for strengthening In- than 2 but less than or equal at State Bank of India. Swami- mercial client group), will hang post at bank.
mation regarding social security schemes viz. PM Jeevan Jyoti dia. The new facilities at SAIL are also adding to our capaci- to 4, while a product with a nathan Janakiraman is cur- his boots on completion of his BBB in a statement said it
Bima Yojna,Atal Pension Yojna will be provided. In Sultanpur vil- ties and expertise in fulfilling every domestic requirement.As score greater than 4 and less rently deputy managing direc- innings at end of this month. interfaced with 16 candidates
lage, LDM Sh. S.P.Yadav and District Agriculture Officer Sh. India moves forward in becomingAtmanirbhar, SAILwill par- than or equal to 6 will be tor (finance) at the country’s BBB has already recommended from various nationalised banks
Rakesh Kumar were also present and guided the people about ticipate in producing the strong steel needed to fuel every in- assigned red. largest bank. He started his name of Dinesh Khara, existing and State Bank of India.
objectives of this campaign. frastructural need of the Nation”.

NHDC SET THE RECORD OF POWER GENERATION IN

THE MONTH OF SEPTEMBER 2020
N HDC set the record of Power Gen-
eration in the month of September
2020. Total hydropower generation of
1050.5837 MU was generated by NHDC
in September 2020, which is the record
power generation in any month so far.
Earlier, a record month of maximum pow-
er generation of 1035.46 MU was record-
ed in August 2016. Thus, the corporation
PUNJAB STATE POWER CORPORATION LIMITED
unjab State Power Corpo- tinuous supply to non-agricul-
has generated 2507.9465 MU in the fi-
nancial year 2020-21 till 30.09.2020. This
achievement has been made possible
due to NHDC provide 100% 24 x 7 ma-
chines availability of power stations de-
spite the challenges of pandemic Covid-
19. The Managing Director of the Cor-
porationA.K. Mishra congratulated all the
personnel posted in the power house for
Er.Jiwan Kansal said that pri-
this achievement. NHDC Limited is the
state's leading hydropower generating
‘Interim assessment allowed when
company which is a joint venture of NH-
PC Limited & Government of Madhya
Pradesh. It was established in the year
Customs doubts origin of goods’
2000. Currently, two power stations of In case there is a doubt regard- tion 18 of the Customs Act, scheme for interest equalisa-
NHDC Limited are Indira Sagar Power ing origin of goods, the 1962 and the preferential duty tion that applies to pre-ship-
Station (1000 MW) and Omkareshwar Customs will first ask the claimed. All classes of ment credit does not exclude
Power Station (520 MW) is in operation importer to furnish the infor- importers, including Auth- supplies to SEZs.
in Khandwa district of the state. 100% mation in terms of rule 5 read orised Economic Operators,
power produced from this is supplied to with rule 4 of the Customs are required to furnish 100 per We are a small-scale unit. In
Madhya Pradesh. (Administration of Rules of cent of differential duty as a our export documents, we
Origin under Trade Agree- security if provisional assess- mistakenly mentioned the
ments) Rules, 2020, before ini- ment is requested by the amount in euros instead of
tiating verification with the importer when inquiry is ini- US dollars. We received GST
partner country in terms of tiated in terms of rule 5, or refund and drawback on the
son on priority basis and also
CHATROOM rule 6. Compulsory verifica- when verification is initiated basis of invoice and shipping

P ration limited has decided

to upgrade the electrical infra-
structure in all villages of the
state. It includes feeder sepa-
ration which refers to the pow-
er supply to agricultural and
non-agricultural consumers
separately through dedicated
feeders,which regulate power
supply to agricultural con-
sumers as and when needed
for effective demand side man-
agement . The core objective
of feeder separation is to pro-
vide regulated supply to agri-
cultural consumers and con-
tural consumers in rural areas.
The preference will be given to
those villages having no case
of power theft and PSPCL
would develop such those vil-
lages as role models in terms
of extraordinary power facilities
. This will be implemented as
per the instructions of PSPCL
CMD Shri. A. Venu Prasad
IASand Director Distribution Er.
DPS Grewal, this was dis-
closed by Er.Jiwan Kansal
Chief Engineer distribution
West zone here today in a press
note.
ority will given to such villages
where the power consumers do
not steal electricity, the power
supply would be restored on pri-
ority in those villages in case of
power outage due to inevitable
situation.
He said that in the coming pad-
dy season in such villages un-
interrupted power supply will
be given . Er. Kansal said that
the transformers supplying
electricity to the tubewells con-
sumers in the villages which are
overloaded would be de-loaded
before the coming paddy sea-
all overloading problems of do-
mestic and non domestic con-
sumers will be eliminated.He
also said that if a group in a vil-
lage area gets less power sup-
ply due to some technical rea-
son then the said area of the vil-
lage would be compensated
power in the very next group.
He said that since PSPCL is a
commercial organization and
it requires financial resources
on day to day basis for provid-
ing reliable and uninterrupted
power to 96 lakhs consumers
in the state.
T N C RAJAGOPALAN
We learnt that recently, the
Customs brought in new laws
asking importers to satisfy
themselves that they are
claiming zero duty under free
trade agreements correctly,
and where necessary, the
Customs can hold up goods,
call for records of importers
and verify that the certificate
of origin is correctly issued. Is
there any way to get goods
cleared while the Customs
investigates the matter?
Business Standard invites readers’ SME queries related to excise, VAT and exim policy. You can write to us at smechat@bsmail.in
tion of assessment will be dis-
continued once the importer
demonstrates that he has
established adequate system
of controls to exercise reason-
able care as required under
Section 28DA of the Customs
Act, 1962.
On the request of the
importer, the Customs may
provisionally assess and
release the goods, subject to
the importer furnishing a
security amount equal to 100
per cent of the difference
between the duty provi-
sionally assessed under sec-
in terms of rule 6(1)(a) or 6(1)(b)
of the said Rules.
Can export packing credit be
availed of by an exporter
sending goods to a SEZ, and
can interest equalisation
benefit be given to the
exporter? The order was
received in Indian rupees.
RBI Notification no. IECD
16/04.02.02/2002-03 dated
April 1, 2003 says that supply
of goods and services from
Domestic Tariff Area to SEZ
area would be eligible for
export credit facilities. The
bill prepared in euros. We will
probably be paid in $. How
can we rectify this?
The shipping bill cannot be
amended at this stage. So, you
can explain the matter to your
bank and seek a write-off for
the shortfall in realisation of
export proceeds. You have to
surrender the excess drawback
received with interest, as well
as the excess GST refund
received in cash along with
interest. If for any reason your
bankers hesitate to grant the
write-off, you can approach
the RBI through your bankers.
.
NEW DELHI | TUESDAY, 6 OCTOBER 2020 TAKE TWO 7 <

The slippery slope of Employment rate as a policy target

ON THE JOB

back-dated law the past three months should worry us ment rate stood at 38 per cent. It was 144
because there is much room to cover yet basis points lower than it was in 2019-20.
in the recovery process. Remaining 200 For reference, according to modelled
basis points lower than in the previous ILO estimates globally, 57.2 per cent of
year after six months of lockdown robs the working-age population is
The retrospective tax controversy was highlighted by Vodafone, but India once again of the potential it has in employed. By the same model, India’s
its young labour force. employment rate was 47 per cent and
Cairn Plc’s continuing problems point to the impact this law has had The labour participation rate has South Asia was 48 per cent. Pakistan
on FDI in India’s oil and gas sector been falling systematically since 2016- was at 50 per cent, Sri Lanka at 51 per
17 when it was 46.1 per cent. In 2017-18, cent and Bangladesh at 57 per cent.
MAHESH VYAS the year that showed the full impact of India has a long way to go to catch up
JYOTI MUKUL company then known as the November 2016 demonetisation with global standards and also with its
New Delhi, 5 October Hutchison Essar. This tax and the July 2018 introduction of GST, immediate neighbours. China is way

L
claim did not stand the test of abour market statistics improved the LPR fell by 256 basis points. Then it ahead at 65 per cent.
courts even in 2013 when the somewhat in September 2020. slid by 77 basis points in 2018-19 and For long, the debate in India has

E
dinburgh-based Cairn
Plc, which slapped a
restitution notice on
the Indian government under
Bilateral Investment Promo-
tion and Protection Agree-
ment (BIPA) in March 2015, is
crying foul because its frozen
assets here have been sold by
the Delhi income tax depart-
ment over a period of time.
This is the fallout of a long-
drawn case involving retro-
spective taxation of capital
gains on transactions between
foreign entities involving
assets based in India. The
company no longer has assets
or investments in India. Once
a feted poster boy for invest-
ing in India’s sedimentary
basins for oil and gas that
could save imports, its paltry
0.1 per cent holding in
Vedanta and the dividend that
accrues from it are in the cus-
tody of the department.
The ~20,000-crore Voda-
fone arbitration award that the
Union government lost recent-
ly was widely considered a test
case of India’s retrospective tax
legislation that was passed in
2012. That verdict will probably
be challenged in the Indian
courts. But an arbitration
award for Cairn Plc has been
awaited for almost two years.
The company wants $1.4 bil-
lion from the Indian govern-
ment in damages, and is
peeved at selling its almost
5 per cent holding in Vedanta,
which merged with Cairn India
in April 2017. Does this long
delay point to backroom nego-
tiations with the government
of India? All that Cairn Plc’s
official spokesperson said is
that the award is expected
“after summers”.
Though the dispute sits
like a black hole on the Cairn
Plc balance sheet since the
company has not accounted
for the tax demand, the com-
pany’s history and much of its
fame even now is linked to a
remote acreage in Rajasthan’s
Barmer district. The field pro-
duces around 20 per cent of
India’s total crude oil produc-
tion of 680,000 barrels a day.
This is the same asset in which
Shell India bought interest
after signing a production
sharing contract on May 15,
1995, with the original licens-
Global footprint
> UK: In the North Sea, a 20%
interest in the Catcher area,
29.5% interest in the
Kraken area
> MEXICO: Acreage in Atlantic
Margin, interests in four
blocks in the Gulf of Mexico
> SURINAME: 100% interest in
Block 61 in the Guyana-
Suriname basin
> SENEGAL: First deepwater
discoveries in the country in
the Atlantic Margin. Cairn in
July 2020 announced selling
interest to Woodside.
Transaction expected to
close in Q4 2020
> CÔTE D'IVOIRE: Force majeure
invoked in seven Tullow-
operated onshore licences
where Cairn has 30% interest
> MAURITANIA: Awaiting
renewal of licence with
90% interest in C7 block
after Total exited
> ISRAEL: Interest in eight
offshore licences
ee, Oil and Natural Gas
Corporation (ONGC) and the
Union government, but pulled
out soon because it had little
interest in India’s not-so-rich-
ly endowed basins.
Shell sold its entire stake
in the Barmer block to Cairn
Plc, then a small company
even globally. But Mike Watts,
then the exploration in-charge
at Cairn and a legendary fig-
ure in Rajasthan’s oil history,
and his team found reserves of
1.1 billion barrels of oil in
Barmer, a discovery that
quadrupled the company’s
share price and catapulted it
into the FTSE 100 index.
As former ONGC chairman
and managing director R S
Sharma pointed out, “Cairn
Plc’s success in Barmer
changed the perception of glob-
al oil and gas companies about
the Indian sedimentary basins.
It also explains the impressive
participation of global players
in the initial rounds of New
Exploration and Licensing
Policy (NELP) bidding.”
Sharma headed ONGC
when Cairn Plc sold its India
arm Cairn India to Anil
Agarwal’s Vedanta group in
2011 to cash in on the value it
created at Barmer. He also
presided over some hard bar-
gaining with the new buyers
on an arbitration case involv-
ing cess payment. The Union
government sided with
ONGC, which holds a 30 per
cent interest in the block, and
asked for the withdrawal of
arbitration by Cairn India as
one of the conditions to
approve the sale.
Cairn India was created by
its British owners and listed on
the Bombay Stock Exchange
in 2007. Just before that, Cairn
UK’s holdings in nine sub-
sidiaries were transferred to
the Indian entity. Information
of this transfer formed part of
the initial public offer docu-
ment when regulatory
approvals were taken. But, the
tax department in January
2014 sent Cairn a notice to file
its return on these transac-
tions. That was because the
law on capital gains involving
transactions by foreign enti-
ties on assets in India has been
amended in 2012.
Much before the amend-
ment, however, the tax depart-
ment had asked British tele-
com giant Vodafone to pay
~11,000 crore for the transac-
tion with Hong Kong-based
Hutchison Whampoa to buy
the Essar-promoted telecom
Supreme Court struck down The unemployment rate fell then again by 14 basis points in 2019-20. been around its handsome but jobless
the demand. sharply from 8.4 per cent in August to 6.7 The two shocks of demo- growth. India’s GDP kept
The capital gains tax per cent. This is the lowest unemploy- netisation and GST deli- The continued rising handsomely till
demand on Cairn Plc was ment rate in 18 months. More impor- vered within eight absence of recently but its employ-
made under this infamous ret- tantly, the employment rate scaled up to months of each other employment as an ment did not. Real GDP
rospective amendment almost 38 per cent from 37.5 per cent in had a lasting impact on important macro- grew at over 6 per cent per
around the time it was strug- August. This is its highest level since the the LPR. The lockdown, economic indicator annum between 2016-17
gling to sell its India business lockdown. It has more than recovered it looks like, could deliv- in policy making and 2019-20. But, employ-
to Vedanta. The tax assess- from its small fall last month. These are er a similar blow to it. even after decades ment fell from 407 million
ment asked for a principal tax big and welcome gains. The LPR tells us how of decline in in 2016-17 to 403 million in
of ~10,200 crore due on the But, there is the odd case of the labour many of the working age employment is 2019-20. By September
2006 transactions with appli- participation rate (LPR) that declined in population are willing to extraordinary 2020, it was down to 398
cable interest and penalties. September. This fell from 41 per cent in be employed. If this pro- million. India must arrest
This claim sounded the death August to 40.7 per cent in September. This portion keeps falling, as it evidently is, this fall. But, a mere increase in employ-
knell for foreign interest in
India’s oil and gas sector.
is odd because if the employment rate
goes up and the unemployment rate goes
it does not bode well for India’s growth ment is not an adequate target. It needs
story. It renders all stories of a revival in to rise at least in proportion to the rise
“Such tax amendments down, it creates room for an expansion of the economy as a myth. in population. The best way to deal with
and unreasonable arm-twist- the labour force and, therefore, also the From a growth perspective, it is this is to make an acceptable employ-
ing by the Indian tax regime labour participation rate. We can visualise important that a good proportion of the ment rate as a policy target.
turned away such major play- the increase in employment rate as an working-age population is willing to The continued absence of employ-
ers from the subsequent NELP absorption of the unemployed, which work and then a good proportion of it ment as an important macro-econom-
rounds,” said Sharma. But leads to a fall in the unemployment rate. actually gets employment. The propor- ic indicator in policy making even after
despite Sharma’s assertion, it is A logical outcome of this migration of the tion that gets employment is called the decades of decline in employment is
also a fact India is low on unemployed into jobs is that it should employment rate. The employment rate extraordinary. Employment has failed
investment priority when it attract more people to look for jobs. It tells us how many of the working-age to find a place in policy making in spite
comes to the upstream sector should increase the labour force. But, this population are actually employed. of continued political protests on lack
because the geological chal- is not what happened in September. The The employment rate has been of employment and demands for reser-
lenges in deep waters of some labour force shrunk and, therefore, the falling in line with the fall in the labour vations. Reservation of jobs now invari-
basins make the task difficult. labour participation rate fell. participation rate. It fell from 42.7 per ably face roadblocks from the judici-
Barmer, in fact, did have its The labour participation rate in cent in 2016-17 to 41.6 per cent in 2017-18 ary. And, reservation is a zero-sum
share of technical challenges September, at 40.7 per cent, was 199 and then even more sharply to 40.1 per game. It is better that India adopts
that were compounded by dif- basis points lower than the average cent in 2018-19 and then to 39.4 per cent employment rate targeting. Inflation
fering interpretations of con- labour participation rate of 42.7 per cent in 2019-20. Between 2016-17 and 2019- targeting is not enough.
tract terms. Shell gave up in 2019-20. Its tapering in September, 20, the employment rate fell by 329 basis
because it could not see viable albeit marginal, after significant gains in points. In September 2020, the employ- The writer is MD, CMIE P Ltd
reserves; when the block was
finally developed under Cairn,
the crude oil was of superior
sweet quality but also “waxy”,
making transportation a tech-
nical challenge. A specialised
pipeline was put in place to
transport it but a long battle
with the government ensued
on whether the investment in
the pipeline should be allowed
as a cost recovery under the
production sharing contract.
The oil exploration and pro-
duction business involves a
high degree of risk capital
because of the geological uncer-
tainties of blocks, so reserves
are only best-guess estimates.
Under NELP and pre-NELP
blocks, the government’s take
from these blocks — a term
known as profit petroleum —
is derived after costs are deduct-
ed. These costs, in the form of
number of wells to be drilled,
were defined at the bidding
stage, making returns uncer-
tain. This inherent uncertainty
in the oil business only
becomes more slippery if poli-
cy changes hound critical risk
capital retrospectively.

Tata taking on Ambani could

be India’s Alibaba-Tencent
ANDY MUKHERJEE hailing platform before branching into refining and petrochemicals, businesses
financial services. that will struggle with global oversupply in

J
ust as the Chinese duo of Jack Ma But if Ambani wants to spawn India’s the post-Covid demand funk. Tata has a
and Pony Ma have carved up major Tencent, Ratan Tata, 82, can aim to lau- net debt overhang of more than $20 billion
chunks of their country’s internet nch its Alibaba. The conglomerate, which in steel and automotive businesses. In
businesses, the battle for control of 1.3 owns Tetley tea and Jaguar Land Rover addition, Ratan Tata needs billions of dol-
billion Indians’ data could become a car brands, has its tentacles in more than lars to buy out the Shapoorji Pallonji
two-horse race. 100 businesses, all with their supply Group, an 18.4 per cent shareholder in the
The contest would get under way if, as chains. If Tata can provide a portal to its holding company. Ever since the group
reported by Bloomberg News, Tata Sons vendors to sell their wares, host data and patriarch ousted SP Group scion Cyrus
brings in financial or strategic discount bills, expansion Mistry as Tata Sons chairman four years
investors. The holding compa- into business-to-consumer ago, the two sides have been trapped in a
ny of the $113 billion coffee-to- or consumer-to-consumer messy legal feud. Now that SP’s liquidity
cars conglomerate may be tak- websites — like Alibaba’s crunch is forcing it to cash out, Tata must
ing a leaf from the playbook of Tmall or Taobao — should- exercise its right of first refusal or bring in
Mukesh Ambani, who has n’t be too hard. Besides, if other investors, perhaps by tapping the
raised $20 billion this year Walmart comes on board, group’s deep connections with Singa-
from the likes of Facebook, Tata may get access to both pore’s sovereign wealth fund and its state
Alphabet, Silver Lake Partners the US retailer’s India e- investment firm.
and others for his digital commerce website Flipkart, So far, the Tata Group has held itself
assets. Ambani, India’s richest which it bought for $16 bil- together by the glue of its software export
Mukesh Ambani
tycoon, is now parcelling out lion, as well as PhonePe, a business, which churns out cash without
stakes in his retail venture, payment service. requiring much investment. However,
and may have sought out Tata has a stronger pedi- with clients moving to cloud-hosted serv-
Amazon.com. gree than Ambani in run- ices, helping global companies maintain
The 152-year-old Tata ning consumer businesses, large applications on in-house servers is
Group is talking to Walmart though some of its ventures getting stale. Tighter US visa restrictions
for a $25 billion investment in — like the world’s cheapest will further shrink the scope for arbitrag-
a “super-app”, a multipur- car — have flopped. The ing the labour of cheap Indian code-writ-
pose online platform com- group also underestimated ers. The Tata Group badly needs a new
bining fashion, lifestyle and the challenge from growth engine, and could find one in data.
electronics retail, food and Ambani’s Jio 4G network But it needs to hurry up. Alphabet’s
grocery, insurance and finan- Ratan Tata and was forced to offload its Google aims to build a cheap Android
cial services, as well as digital mobile service business. It’s phone for Jio. Facebook’s WhatsApp
content and education, the Mint news- a 51 per cent partner in a low-cost domes- messaging could handle payments for
paper reported. tic airline, though India’s aviation minister JioMart, a network of neighbourhood
The advantage is with the 63-year-old has said publicly that the unit is close to shops virtually connected to Jio sub-
Ambani, with roughly 400 million regu- shutting shop. To prevent that, Ratan Tata scribers. If Amazon does end up backing
lar subscribers for his 4G telecommunica- may also have to buy out Malaysian entre- Ambani, and Walmart throws in with
tions network. He also has India’s largest preneur Tony Fernandes’s AirAsia Group Tata, then corporate America would have
retail chain. The kind of super-app that Bhd, the 49 per cent partner. Aviation will broadly finished placing its bets on what
has succeeded in China and Southeast require further investment if Tata acquires could be the next big emerging-market
Asia requires a reason for customers to taxpayer-supported Air India, which a online commerce story after China.
visit it regularly. Commerce is incidental. cash-strapped government is desperate to India certainly has scope for two super-
Jack Ma’s Alibaba Group Holding has its sell. The Tata Group was the carrier’s orig- apps. Since a majority of users will be
popular Alipay wallet. Pony Ma’s Tencent inal owner before it was nationalised. accessing data on $50 smartphones with
Holdings has WeChat, a messaging serv- Ambani brought in outside equity to limited storage, any more than that may
ice, and WeChat Pay. In Southeast Asia, cut his flagship Reliance Industries’s net not be viable. All the more reason for Tata
Grab built a steady user base as a ride- debt to zero and lower its dependence on to make its moves quickly. BLOOMBERG
8 WORLD
>
NEW DELHI | TUESDAY, 6 OCTOBER 2020 1

IN BRIEF Global economy worst in TRUMP SLAMMED FOR DRIVE-BY

10% OF WORLD’S POPULATION INFECTED BY VIRUS
VISIT TO THANK SUPPORTERS
The head of emergencies at the WHO
says its 'best estimates' indicate that
roughly 1 in 10 people worldwide may
100 yrs: G-20 biz leaders
have been infected by the virus. Dr CEOs from around the world call for urgent policy reforms
Michael Ryan, speaking Monday to AGENCIES
a meeting of the WHO’s 34-member executive New York, 5 October
board, said the figures vary from urban to rural,
and between different groups, but that

T
op business leaders said
ultimately it means the vast majority of on Monday the global
the world remains at risk economy was facing its
worst crisis in a hundred years
due to the ongoing coronavi-
rus, and “downside risks
VIRUS DISRUPTS MENTAL HEALTH remained elevated” unless
urgent reforms were enacted
SERVICES IN MOST NATIONS: WHO during the G-20 summit which
will be hosted by Saudi Arabia
The survey was conducted from June to August 2020
in November.
among 130 countries across WHO’s six regions “The global economy is
in its worst state in a cen-
tury,” warned Yousef Al-
Benyan, chairman of the
60% 67% 65% Business Twenty (B20), a
group made up of high-level
CEOs from around the
world, according to CNBC.
Reported disruptions Saw disruptions Saw disruptions
“The challenging opportu-
for vulnerable to counselling to continuous
nity is to build back better,
people, including and services with real urgency required
children and psychotherapy from policymakers and busi-
adolescents ness leaders,” he added.
The B20 is an engagement
group that seeks to represent
the voice of the global business
45% 30% community across all member
states and economic sectors in
the Group of 20.
The group is urging G-20
Saw disruptions to Reported disruptions to leaders to undertake “bold
opioid against access for medications for and broad based” policy
maintenance treatment mental, neurological and action to put the post-pan-
for opioid dependence substance use disorder demic economic recovery on
a stronger, more stable
growth path. It said trade ten-
sions, policy uncertainty,
1MDB trial adjourned with geopolitical strains and
building financial vulnerabil-
A woman walks past a shop that is closing down amid the spread
of coronavirus in New York. City Mayor Bill de Blasio has said he
was moving to shut non-essential businesses as well as schools
in nine neighbourhoods identified as coronavirus clusters,
starting on Wednesday
look, as societies and econ-
omies navigate the crippling
impact of the coronavirus.
The G-20 Leaders’ Summit
will be held virtually during
November 21-22 and chaired by
Saudi King Salman bin
Abdulaziz Al Saud. The sum-
mit will focus on protecting
lives and restoring growth by
tackling vulnerabilities uncov-
ered by the pandemic.
This will be the second vir-
tual G-20 Leaders’ Summit
since March, when Saudi
Arabia, the current chair of the
grouping, had convened a
meeting following a suggestion
PHOTO:REUTERS
Narendra Modi to discuss ways
to counter the pandemic and
its economic impact. India is
set to take over as the G-20
chair in 2022.
The upcoming summit will
also build on the outcomes of
more than 100 virtual working
group and ministerial meet-
ings, said a statement from the
G-20 secretariat. The G20 has
contributed more than $21 bil-
lion to support the production,
distribution and access to dia-
gnostics, therapeutics, and
vaccines, and injected $11 tril-
lion to safeguard the global
economy as part of the fight
US President Donald Trump gives two thumbs up to supporters as he rides in the
presidential SUV with two US Secret Service agents. White House Press Secretary Kayleigh
McEnany tested positive on Monday PHOTO: REUTERS
>LEARNED A LOT ABOUT THE CORONAVIRUS WHILE
UNDERGOING TREATMENT. THIS IS THE REAL SCHOOL, BRENT CRUDE
AND I GET IT— US PRESIDENT DONALD TRUMP FUTURES
>"Every single > Doctors not involved in treating $/BBL
41.0
person in the Trump said the fact that he has 40.8
vehicle during that been started on dexamethasone - 39.27
40.5
40.0
completely a generic steroid widely used in
unnecessary 'drive- other diseases to reduce 39.5
by' just now has to inflammation - is evidence his
39.0
be quarantined for case is severe Oct 2 2020 Oct 5
14 days. They might
>Oil rallied from a 3-week
get sick. They may > European Commission President
low after a member of Trump’s
die. For political Ursula von der Leyen is self-
medical team said the
theater. This is isolating after participating in a
president could leave hospital
insanity," Walter meeting that was attended by a
Reed attending
physician Dr James
person who subsequently tested
positive for Covid-19, she
Monday. Futures advanced as
much as 4.8% in New York

Najib Razak in quarantine ities were key risks to the out- from Indian Prime Minister against the pandemic. Phillips tweeted announced on Twitter

Najib Razak’s 1MDB trial was

delayed as the former Malaysian

Businesses back on track in top 3 Interpol issues red

premier is in quarantine after
travelling to the Borneo state of
Sabah, a new hotspot for the
country’s coronavirus outbreak.
The trial will resume October 19
as Najib remains under two-
week quarantine at his home.
Arab economies after stumble notice for fugitive
Alibaba to buy up to 10%
BLOOMBERG
ABEER ABU OMAR
Abu Dhabi, 5 October
GOING NORTH
Saudi Arabia headline PMI
GREEN SHOOTS VISIBLE
> The IHS Markit Egypt PMI rose to
than elsewhere because of
lower oil prices and a fiscal
adjustment by governments.
Thai Red Bull heir
stake in travel retailer Dufry The non-oil private sectors in
the Arab world’s three largest
U.A.E. headline PMI
Markit Egypt PMI SA 65
50.4 from 49.4 in August as
consumer demand, export
The recent spike of con-
tagion in the UAE “could
Alibaba Group Holding agreed to buy as much as a 9.99 per economies returned to 59.4 lead to lockdown restric-
51.0 55 sales rebounded
cent stake in Dufry, giving the Swiss duty-free giant a lifeline growth in September, with > Saudi Arabia’s PMI had its first
tions being reimposed in
as the pandemic hammers the business. Dufry said Monday Egypt seeing its first expan- 45 monthly expansion since February, the future,” Owen said.
it’s proposing a capital increase that will raise up to 700 million sion in 14 months. 48.2 50.4 “Given the weak nature of
Swiss francs ($763 million), and Alibaba will participate. Business conditions 57.3 50.7 35 advancing to 50.7 from 48.8 the current rebound, any
> The headline reading for the UAE
Advent International Corp., a private equity company, also improved despite continuing further measures could lead
plans to invest as much as 455 million francs. Dufry shares job losses as companies 25 climbed to 51 in September to a ‘double-dip’ in business
surged as much as 16 per cent. BLOOMBERG adjusted to the economic May 31,’19 Sep 30,’20 from 49.4 activity.”
challenges of the global pan- Meanwhile, on Monday
demic while governments to Purchasing Managers’ tating impact of the Covid- Saudi Arabia added new
NEC to buy bank software eased restrictions to stop the
coronavirus.
Index surveys compiled by
IHS Markit.
19 pandemic.” incentives to keep its mort-
The recovery has been gage boom going by scrap-
firm Avaloq for $2.2 billion A measure of non-oil pri-
vate sector activity in Saudi
“The latest Egypt PMI
data offered more optimism
fragile in much of the Middle ping a 15 per cent value-
East and faces a further test added tax on property sales
NEC has agreed to buy Swiss banking software outfit Avaloq Arabia, Egypt and the United for businesses,” said David in the UAE because of a sharp and offering other relief for
Group for $2.23 billion, as the Japanese company makes a Arab Emirates rose last Owen, economist at IHS pick-up in new coronavirus home buyers amid a push by In this photo dated September 3, 2012, policemen examine a
push into technology for the financial services industry. month above the threshold Markit. “The non-oil econ- cases. Goldman Sachs Group the Arab world’s largest econ- damaged Ferrari at the home of the late Red Bull founder
Avaloq provides cloud-based banking software to private of 50 that separates growth omy is seeing a modest Inc. expects economies in the omy to expand residential Chaleo Yoovidhaya. Vorayuth ‘Boss’ Yoovidhya, the grandson of
institutions looking to expand their digital and wealth from contraction, according turnaround after the devas- Gulf to see a slower rebound ownership. BLOOMBERG the owner of Red Bull, was arrested for the hit-and-run death of
management platforms, with about 150 clients managing a police officer soon after this accident PHOTO: REUTERS
roughly $4.9 trillion in assets. Private equity firm Warburg
Pincus owns a 45 per cent stake in the company, with the AGENCIES ious government agencies,
remainder held by Avaloq Chairman Francisco Fernandez and
employees. BLOOMBERG
Indonesia cuts corporate tax by 2% Bangkok, 5 October

Interpol has issued a “red

notice” to arrest the fugitive
including the Attorney
General’s Office which last
month announced fresh
charges against Vorayuth for
Toyota, Nissan will ask UK GRACE SIHOMBING & ARYS ADITYA
Jakarta, 5 October
Its passage means the corpo-
rate income tax will be grad-
Thai heir to the Red Bull bil-
lions for his role in a fatal hit-
reckless driving causing death
and for alleged cocaine use.

to reimburse custom fees Indonesia has rushed the

ually lowered to 20 per cent,
from 22 per cent currently,
and-run, police said.
The move by the interna-
National Police deputy
spokesman Colonel Kissana
Japan's two biggest automakers, Toyota and Nissan, will ask approval of a law aimed at while some dividend taxes tional police organisation is Pattanacharoen confirmed
Britain to reimburse them for additional custom charges creating jobs and attracting will be exempted. the latest in the years-long on Sunday that a red notice –
incurred if the UK government fails to reach a Brexit trade investments, a day before The bill’s passage may saga surrounding Vorayuth Interpol’s most urgent alert –
deal with the EU, the Nikkei financial daily reported on 2 million workers were set to help President Joko Widodo “Boss” Yoovidhya who had been issued earlier this
Monday. The companies — Toyota Motor and Nissan Motor — protest against it. shore up an economy that’s crashed his luxury car in week. “We have to do wha-
want payments to cover the additional 10 per cent tax on The parliament agreed to set to slip into another con- 2012, killing a police officer. tever it takes to… ultimately
automobile imports from Britain that the EU would impose pass the omnibus bill on jobs traction this quarter as the The charges against bring him back to the country
should Britain crash out of the EU without an agreement, the in a plenary meeting on continued spread of the coro- Vorayuth, who is the grand- because it is a serious crime.”
Nikkei said, without citing sources. BLOOMBERG Monday. That’s one day The Bill’s passage may help President Joko Widodo shore up an navirus damped household son of Red Bull’s co-founder, After charges against him
before labour unions were economy that’s set to slip into another contraction this quarter spending and investments. had initially been dropped in were dropped in July, a probe
planning to stage a national The government has sought July – sparking public out- conducted by the office of PM
FATF set to decide on Pak’s three-day strike across 300 Oct. 8.
cities to reject it. The parlia-
haul the country’s labour
The law that seeks to sim- rules, make it easier for com-
to speed up state spending,
while warning that growth
rage from Thais who saw it as
an example of the impunity
Prayuth Chan-ocha con-
cluded the entire investiga-
grey list status this month ment was previously set to plify and revise more than 70 panies to secure permits and
hold its plenary meeting on existing regulations will over- ease foreign ownership rules.
can’t come from the public
sector alone. BLOOMBERG
enjoyed by the country’s elite.
It spurred probes by var-
tion had been “compro-
mised”.
The Financial Action Task Force is all set to decide on
Pakistan's grey list status in a virtual meeting scheduled
later this month, according to a media report on Monday.
The Paris-based global money laundering and terrorist
financing watchdog had placed Pakistan on the grey list in
June 2018 and asked Islamabad to implement a plan of
action to curb money laundering and terror financing by
After Wirecard, DAX may be expanded to 40 companies
the end of 2019 but the deadline was extended later on due HANS SEIDENSTUECKER
to Covid-19 pandemic. PTI Frankfurt, 5 October PREVIOUS SCAMS next month filed for
bankruptcy—the biggest
Germany's blue-chip DAX index should 1990 > Polly Peck making it the largest in American history
Singapore to give one-off expand to 40 from 30 companies with
tougher membership criteria, exchange
In 1990, the once
fastest-growing share
corporate bankruptcy in
US history until the
until Lehman

payment to new parents operator Deutsche Boerse said on

Singapore is set to provide a
one-off payment to support
parents looking to have a baby
in an effort to ease people’s
financial burden amid job
layoffs and wage cuts during
the coronavirus pandemic.
“We have received feedback
that Covid-19 has caused some
aspiring parents to postpone
their parenthood plans,”
Deputy Prime Minister Heng
Swee Keat said in parliament on Monday. “To help with
expenses during this period, we will introduce a one-off
additional support for newborns.” Heng didn’t
immediately give any further details about the measure or
how it might be implemented. He said details will be
announced at a later date. BLOOMBERG
Monday while outlining proposed
on the London Stock
Exchange, collapsed
WorldCom scandal
the next year
2018 > Patisserie
Valerie
reforms in the wake of the Wirecard In October 2018,
following charges of
accounting scandal. 2002 > WORLDCOM trading in the firm's
In a set of proposals published on its
false accounting shares was suspended
WorldCom was one of
website, Deutsche Boerse also suggested and theft after the board of
the world's largest
index bans for companies that fail to 2001 > ENRON telecommunication directors discovered
submit quarterly figures on time. The US energy giant, companies, but in June that overdrafts
“It is no secret that I personally formed in 1985, filed for 2002 it confessed to totalling £10million
would welcome the expansion of the
accounting were in two secret
Chapter 11 in December,
DAX 30 to a DAX 40,” Deutsche Boerse accounts
its $63.4billion in assets wrongdoings and the
Chief Executive Theodor Weimer said
in an emailed statement. have since dropped out. global fraud. the number of constituents in the mid-cap
Since its founding in 1988, the DAX The most recent departure was Weimer has since changed rules to index to 50 from 60. Companies where
has been Germany's answer to the Dow payments company Wirecard, which in a allow for a quicker expulsion of sales of controversial weapons make up
Jones Industrial Average in New York blow to Germany's capital markets, filed companies in the wake of the scandal. more than 10% of revenue should also be
and the FTSE in London, with 30 for insolvency just two years after its The rules proposed on Monday would excluded from the DAX selection indices,
members forming the corporate elite in promotion to the index. The payments make proven profitability a requirement which include the DAX, MDAX, TecDAX
one of the world's largest economies. company owed creditors billions in what for joining the DAX. and SDAX, Deutsche Boerse said.
Most of the index's founding members auditor EY described as a sophisticated The proposal also suggested reducing BLOOMBERG

NEW DELHI | 8,400
TUESDAY, 6 OCTOBER 2020
WWW.SMARTINVESTOR.IN FOR INFORMED DECISION MAKING
Cash market volumes
steady in September
Sebi’s margin norms
had caused fear of
lower collections
SAMIE MODAK
Mumbai, 5 October
T HEAD-TO-HEAD: AUGUST SCORECARD
he cash market turnover
remained strong in September
despite the introduction of
norms on new margin collection and
share-pledging by the Securities and
Exchange Board of India (Sebi).
The average daily turnover value
(ADTV) in the month stood at ~58,697
crore, down 10 per cent month-on-
month (MoM) but up a sharp 47 per
cent year-on-year (YoY).
Many market participants had
feared the new upfront margin col-
lection norms, coupled with the dis-
ruption caused by new margin pledge
and re-pledge norms, would make a
dent in trading volumes. Market
players said after some teething
issues, the new system stabilised
within days, which helped sustain
volumes. Also, the continued buoy-
ancy in the market contributed to y-
o-y growth in trading turnover.
Activity on the derivatives side was
particularly strong with the ADTV
seeing a jump of 16 per cent MoM and
50 per cent YoY.
To curb misuse by brokers, Sebi
did away with the erstwhile practice
of obtaining power of attorney (POA)
from their clients to access their
account. Instead, it introduced a sys-
tem that allows clients directly to
pledge and re-pledge their holdings
with brokers for generating margins.
Now when clients have to gener-
ate margins to trade, they are directed
to the webpage of the depository.
After OTP authentication, clients will
be able to see their holdings, which
can be pledged or unpledged with the
broker to generate margins.
Besides the new margin norms,
Sebi also tightened the upfront mar-
gin norms. Under this, brokers had to
collect higher margins, which is
linked to an individual stock’s value
at risk (VAR) and extreme loss margin
(ELM). The two differ from stock to
stock and are not linked to volatility
or liquidity. Further, bourses were
directed to levy heavy penalties on
brokerages for not collecting margins.
This new system became effective
on September 1. Most brokerages had
reported huge drops in volumes dur-
TCS: Buyback will boost cash utilisation, return ratios
Near-term price
trajectory depends
on premium, Sept
quarter showing
Faster deposit growth may be false dawn for banks
Analysts at ICICI
Securities reduce
NIM estimates by
5-15 bps for lenders
The Smart
Investor
FINDING THEIR FEET
While cash volumes slid on a month-on-month basis, they registered
a sharp rise on a year-on-year basis
Cash (~ cr) LHS
75,000
60,000
45,000
1,522,083
30,000
40,016
40,402
44,057
34,457
15,000
0 0
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
2019
ADTV: average daily turnover; Compiled by BS Research Bureau
ing the initial days because the new
system was marred with glitches,
which resulted in margin shortfalls
and delays in pay-in and pay-outs.
However, clearing corporations
and depository worked overtime to
iron out the issues.
“The new margin system has
forced brokers and investors to shift
to a new paradigm. On one side, it has
the luxury of margin to the favoured
client, which ultimately affected vol-
umes. On the other hand, it has able
to give priority to investors who don’t
want the excessive margin to invest
in the market,” said Vishal Wagh,
research head, Bonanza Portfolio.
Industry players say the real
impact on volumes will be felt when
Sebi’s restrictions on brokers provid-
ing excess leverage for intra-day trad-
ing come into effect.
“Upfront cash margins from
September 1 were never going to hurt
RAM PRASAD SAHU
The buyback announcement by TCS led
to a 7.3 per cent jump in its share price to
an all-time high on Monday.
TCS’ announcement was looked at in
positive light by the Street, given that it
is expected to improve the firm’s return
ratios, reward shareholders, and enable
it to use cash more efficiently.  a share, the Street expects the offer price
While details are not known, analysts
expect the buyback offer to range from
~18,000-20,000 crore. An analyst at a
domestic brokerage says: “While the price
is not known, past experience indicates
that the offer should help boost return on
equity (RoE) by 150-200 bps.” Though
‘other income’ will reduce, analysts say
given the lower yields, a buyback is a
more efficient way to utilise cash.   ages, could surprise on the sequential
Reliance Securities’ Suyog Kulkarni
HAMSINI KARTHIK
Bank deposits have been growing in
single digits of late. But ever since the
economy opened up after the lock-
down, there has been a peculiar trend,
thanks to extreme risk aversion in the
banking system.
Deposit growth has started outpac-
ing bank credit. The recent data for
September indicates that bank credit
grew 5.3 per cent, while deposit growth
rate more than doubled to 12 per cent
year-on-year.
Should this trend persist, banks
may be looking at ceding some hard-
earned 25-50-basis points (bps)
improvement in profitability or net
interest margin (NIM) gained in the
past two years. Simply put, faster
deposit growth could well turn
counter-productive for banks.
Interest rate transmission gathering
momentum in the past year wouldn’t
help even if deposit rates fall to a deca-
dal low. If inflow of deposits increases
further, banks may not have the req-
uisite bandwidth to tweak rates.
Analysts at ICICI Securities say the
QUICK TAKE: METALS SHINE ON HIGHER PRICES “Friday was the best test case so
far on how markets might react to
BSE Metal Index Steel stocks gained following the rise in flat product a Biden victory in the election.
8,800 prices, compared to expectations of a decline as And the verdict is: equities down a
8,559 bit, but a lot of rotation beneath
8,600 Chinese steel prices were down 4% last month, the surface”
says Motilal Oswal. While higher demand and tight LARS KRECKEL,
8,200 supplies help, local prices are at a premium and Global equity strategist,
8,095 8,000 Legal & General Investment
Sep 25 Oct5 hence, at risk if Chinese steel prices do not improve
Management
<
RAINING RETURNS: LONG-ONLY AIFs BEAT
LONG-SHORT STRATEGIES IN AUGUST
Angel Broking slides
10% on market debut
SUNDAR SETHURAMAN
Long-only alternative investment funds (AIF) Thiruvananthapuram, 5 October
strategies outperformed long-short funds in
August. The former gave average category The Angel Broking stock settled nearly 10 per
returns of 4.3 per cent, in comparison to 0.2 cent lower than its issue price on its debut. It
per cent for the latter, shows data from PMS closed at ~276 on Monday, compared to the
Bazaar. Of the 16 long-only funds, 14 managed initial public offering (IPO) price of ~306.
to beat the Nifty50 returns of 2.8 per cent The last instance of an IPO listing at a dis-
during the month, while all seven of the long- count was that of SBI Cards, in March. It, too,
had ended 10 per cent lower amid the turbu-
short funds underperformed the benchmark. lence caused by the pandemic.
For a 1-year period, Girik Multicap Growth Since then, most IPOs have listed at a huge
Equity Fund has been the best performer, with premium to their issue price. Angel Broking’s
returns of 21.5 per cent. ASHLEY COUTINHO weak debut follows the relatively subdued
response to its IPO. The
discount broking firm’s SHAKY START
Returns (%) n 1 month n 1 year
~600-crore IPO had gar- BSE price in ~
7.2 nered 4x subscription. 320
7.7 6.4 6.3 6.1 7.8
It had raised ~300 crore 306.0 300
4.7 4.8 through the IPO, which it
4.3 280
plans to use for meeting
260
working capital require- 275.8 240
ments and for general cor- Issue Oct 5
NA porate purposes. Price ‘20
It managed ~1,325 crore
IIFL Asset Vishuddha TCG Advisory NIPPON NIPPON in client assets and over 21.5 million opera-
ILLUSTRATION BY BINAY SINHA
Management** Capital*** Services*** India** India** tional broking accounts as of June 30, 2020.
Multi India Value & SMF The Big Switch India Millenial According to the offer documents, the
number of operational accounts increased
Strategy Growth Fund 1 Disruption Fund Scheme - 1 Scheme - 3
Fund from 1.06 million in March 2018 to 1.82 million
***After expenses and tax; **After expenses but before tax Source: PMS Bazaar in March 2020 and 2.15 million in June 2020.
F&O (~ cr) RHS
2,500,000
2,276,080
2,000,000
1,500,000
Indices gain for 3rd straight session
1,000,000 on a firm footing.
Improvement in US INDEX WATCH: NIFTY50 “Indian indices had a very
President Trump’s WINNERS & LOSERS
42,550
66,294
62,056
65,379
51,692
52,723
56,028
58,697
37,395
500,000 positive start, taking cues from
TCS led the gains on Monday the global market and in antici-
health gave a boost Price in Chg 1D pation of the Supreme Court ver-
dict of compounding of loans
2020 to global sentiment (~) (%)
during the moratorium period.
Gainers
Source: NSE, BSE Gains came off when the
PRESS TRUST OF INDIA
TCS 2,705.8 7.2 decision was deferred to next
trading volumes once there was clar- Mumbai, 5 October Wipro 334.0 6.7 week, but this delay is unlikely
ity that a margin wasn’t required to Tata Steel 382.3 4.8 to change the framework for
sell holdings and also the delivery vol- The benchmark Sensex darted small borrowers and the banking
ume is less than 5 per cent of the turn- up for the third consecutive ses- Losers sector, given that the govern-
over. What’ll hurt volumes and sion on Monday, spurred by the Bajaj Finserv 5,881.2 -2.8 ment and Reserve Bank of India
brokers is the restriction on intra-day robust gains in information Shree Cement 20,131.8 -2.3 are expected to maintain buoy-
leverages,” said Zerodha Founder and technology (IT) and banking Bharti Airtel 424.5 -1.8 ancy of the matter.
CEO Nithin Kamath in a tweet. stocks, which received a leg up Compiled by BS Research Bureau
“In the near term, the market
Wagh concurred that “once the thanks to a broad surge in global Source: Bloomberg is expected to maintain its opti-
intra-day margins get introduced a markets. mism based on Trump’s recov-
further reduction in volume can be Tata Consultancy Services TCS was the top performer on Finance, Bharti Airtel, Bajaj ery, development of a stimulus
seen”. These norms will be imple- (TCS) soared over 7 per cent after the Sensex chart, rallying 7.30 Auto, PowerGrid, and ITC were in the US and India, the upcom-
mented in three phases from the IT services company per cent. It became the second among the major laggards, shed- ing Q2 results in India, and the
December, where brokers will be announced that it would con- Indian entity after Reliance ding as much as 2.7 per cent. Supreme Court’s final verdict,”
penalised if the margin to clients is sider a share buyback proposal Industries to cross the ~10-tril- With the global markets’ said Vinod Nair, head (research)
more than 25 per cent of the sum of later this week. lion market valuation mark. focus turning to US President at Geojit Financial Services.
VAR and the ELM. From March 2021 Starting off on a strong note, Other prominent gainers Donald Trump’s Covid treat- Sectorally, the BSE IT index
and June 2021, they will be penalised the Sensex zoomed to the day’s included Tata Steel, Sun ment, reports of an improve- jumped 4.06 per cent, followed
if the margin exceeds 50 per cent and peak of 39,263.85, before ceding Pharma, Infosys, Tech ment in his health boosted by teck, metal, healthcare, and
70 per cent of the sum of VAR and ground to settle at 38,973.70 — Mahindra, IndusInd Bank, HCL investor sentiment, according to bankex. In the broader market,
ELM, respectively. From August 2021 up 276.65 points or 0.71 per cent. Tech, ICICI Bank, HUL, Kotak analysts. the BSE MidCap shed 0.18 per
onwards, brokers will be penalised if Likewise, the broader Nifty Bank, and HDFC Bank, gaining Asian indices rose, following cent, while the BSE SmallCap
the margin exceeds the sum of VAR rose 86.40 points or 0.76 per cent up to 4.71 per cent. On the other Trump’s health update, while gauge rose 0.38 per cent, under-
and the ELM. to close at 11,503.35. hand, Bajaj Finserv, Bajaj European markets also opened performing the benchmark.
THE COMPASS Uniform time Franklin Templeton
period for
listing of case: Karnataka HC
believes the buyback balances the need recovery across verticals, easing supply securities sets aside judgment
to keep adequate cash for acquisitions, side issues, as well as execution of the
while ensuring consistent return of cash deals won in previous quarters.  PRESS TRUST OF INDIA ASHLEY COUTINHO
to shareholders. At the end of the June Finally, TCS has been a laggard com- New Delhi, 5 October Mumbai, 5 October
quarter, TCS had cash and cash equiv- pared to its tier-1 peers and had some
alents of $6.5 billion (~48,000 crore). catching up to do. While the company’s The Securities and Exchange The Karnataka High Court
In addition to a higher RoE, analysts stock was up just over 19 per cent, the Board of India (Sebi) on (HC) has deferred its judg-
believe the stock rally had other triggers. stock gains for peers were twice that for Monday came out with a ment in the Franklin
While it is currently trading at ~2,706 the market leader. While Infosys deliv- uniform time period for list- Templeton Asset
ered close to 38 per cent, Wipro’s gains ing securities, including Management (India) case on
to be in the ~2,800-3,200 range. were the highest at 50 per cent.  municipal bonds, issued on Monday, with the HC passing
In the last buyback (of ~16,000 crore), Though the TCS stock was up sharply, a private placement basis. an order to take on record
premium to the closing price was at 15 analysts believe the stock will stay at The timeline will be duly notarised copies of affi-
per cent. If today’s price is taken as the elevated levels in the near term with applicable for non-convert- davits filed by the asset man-
base, the offer price could be at close triggers being the buyback price, deal ible redeemable preference ager (e-filed originally),
to ~3,100. Second, there is optimism that wins in Q2 and margin trajectory. shares, debt securities, secu- according to the standard
tier-1 players will perform better in the Further, if the promoters participate ritised debt instruments, operating procedure of the
September quarter, compared to earlier in the offer, the buyback could be a tem- security receipts, and court, said a person familiar
AWAITING THE ORDER
expectations. TCS, according to broker- porary relief to the overhang related to municipal bonds, said Sebi with the matter. n Case against fund house
the buyout of the Pallonji Mistry family’s in a circular. The move The case against the asset was filed by unitholders of
revenue growth front, led by demand stake in Tata Sons. comes after Sebi received manager was filed by a few wound-up debt schemes
several requests from mar- unitholders of the six debt
ket participants for clarifica- schemes that were shut in n Verdict could determine
tion on the time period
within which such securities
need to be listed following
April. According to reports,
the court may have examined
whether Franklin followed
how swiftly money stuck in
the shut schemes will be
repaid to unitholders
completion of the allotment. the right processes to shut
flexibility to further reduce deposit hold trust in deposits may have After taking feedback down the scheme. The find- n Firm said its shut schemes
rates will be low at negative real inter- increased after the pandemic. from market participants, ings of the Securities and had received ~8,262 crore
from pre-payments, coupon
est rate and unattractive to other Since deposits are the cheapest Sebi decided that allotment Exchange Board of India’s
investment options, such as small sav- source of funds, this will be welcomed of securities would be com- forensic report on the six debt payments, and maturities
ings schemes and equities. by banks. However, in India, it is com- pleted by T+2 trading days schemes may also have been
“The repricing benefit will not be ing at a time when loans are still get- after receipt of the funds. taken into consideration. Economic Offences Wing of
enough, given the spread between out- ting repriced to benchmark rates. So ‘T day’ refers to closure The verdict could deter- Chennai Police had registered
standing and fresh deposit rates is just far, the repo rate has been slashed 225 of the issue. It added that the mine how swiftly the money a first information report
50 bps,” say analysts. bps, whereas interest-rate transmis- issuer needs to make a list- stuck in the six shut schemes against the asset manager
The recent guidelines — which sion of 140–155 bps has taken place, ing application to bourses would be repaid to the unit- and Franklin Templeton
limit the current account pool that indicating yield on loans may reduce and obtain approval from holders. Trustee Services for alleged
would likely be available to banks — further. To sum up, analysts at ICICI them by the T+4 trading day. The asset manager said criminal conspiracy to
could also lead to Securities say a In case of a delay in listing last week that its six shut defraud 300,000 investors by
excess liquidity for IMPACT ON PROFITABILITY
shrinkage in NIM is of securities issued on pri- schemes had received ~8,262 causing wrongful loss to them
public sector banks, FY21 estimated NIM (%) Chg imminent. “We vate placement basis after crore from maturities, pre- and unlawful gain to them-
while taking away one Earlier Revised (bps) revise our NIM esti- the timeline, the issuer will payments, and coupon pay- selves.
of the easiest low-cost Axis Bank 3.13 3.00 -13 mates down by 5–15 pay penal interest of ments since closing down in “Please do not believe the
options for private bps for the banking 1 per cent per annum over April. unsubstantiated rumours
Bandhan Bank 7.43 7.35 -8
banks. universe, leading to a the coupon rate for the In April, Franklin and baseless accusations.
HDFC Bank 4.12 4.05 -7
It is true that the 3–7-per cent reduc- period of delay to the inves- Templeton decided to wind Since the business has been
bulge in deposits in ICICI Bank 3.65 3.55 -10 tion in the operating tor (from date of allotment to up six of its debt schemes carried out in compliance
India is not very dif- IndusInd Bank 4.54 4.25 -29 profit and earnings,” the date of listing), Sebi said. oriented towards high-yield with the applicable laws and
ferent from global SBI 2.70 2.65 -5 they note. In addition, the issuer investments, with total assets all decisions taken in the best
trends. A report by bps: basis points Source: Brokerages The solution to will be permitted to utilise under management of over interests of our unitholders,
S&P Global dated this issue lies in the the issue proceeds of its two ~25,000 crore. It had cited we are confident about the
October 1 shows that deposit growth deployment of excess credit. How suc- subsequent privately placed continued redemption pres- outcome of any true and fair
in both low-income and upper-income cessful banks are with their festive loan issuances of securities, only sure and lack of liquidity in investigation conducted in
segments outpaced the industry aver- melas will determine the trajectory of after receiving the final list- the debt market, amid the this regard,” Templeton said
age in the US, indicating that house- their profitability. ing approval from stock lockdown, for the closure. in a note to investors last
exchanges, it added. A few days ago, the week.
.
NEW DELHI | TUESDAY, 6 OCTOBER 2020 THE SMART INVESTOR 11 <

Aurobindo to get health boost ‘Interest on interest’

is the lesser burden
on rising OTC, injectables sales Simple interest accumulated during moratorium
remains the bigger concern for borrowers
UJJVAL JAUHARI
New Delhi, 5 October
TAKING STOCK ON REVIVAL PATH SANJAY KUMAR SINGH & BINDISHA SARANG
(~ crore) FY20 FY21E FY22E

S
hares of Aurobindo Pharma, which
had corrected by more than 20 per
cent after hitting a fresh 52-week
high in August, have rebounded over 12
per cent in the last 10 days. The com-
pany, which has seen a strong growth
trajectory, however, posted a sequential
decline in revenue and net profit in the
June quarter (Q1) principally because of
Covid-19 disruption, thereby affecting
Street sentiment. During Q1, injectables
and OTC (over the counter) sales in the
US had remained soft, affected by lower
hospital procedures amid the pandemic,
while those in Europe and the rest of the
world (after channel stocking in the pre-
vious quarter), too, had been lower.
The trend, though, is to go into
reverse and injectables and OTC sales
have been improving gradually since
July, say analysts. Those at Elara Capital
expect the generics injectables business
to normalise in the next one-two
quarters. Recovery in sales of injec-
tables in the US will be a key catalyst,
said analysts at HSBC. And, this is a key
reason for the recent improvement in
sentiment.
The growth drivers for the US busi-
ness otherwise remain intact. The oral
solids business is doing well and it was
this segment’s growth that in Q1 had
compensated for the sequential decline
in injectables sales. The growth momen-
tum in oral solids is expected to con-
tinue. New product approvals and the
TOP 10 MFS RECORD DOUBLE-DIGIT GROWTH
Most of the top 10 fund houses posted
double-digit growth in assets during
the September quarter. Axis MF posted
the highest growth in percentage
terms, with assets up 16.4 per cent at
Revenues 23,099 25,120 27,143
Ebitda 4,864 5,226 5,603
Ebitda margin (%) 21.1 20.8 20.6
Profit before tax 3,758 4,259 4,651
EPS (~/share) 48.5 53.4 60.0
E: estimates; Ebitda: earnings before interest, tax,
depreciation, and amortisation
Source: HSBC Research
launch scenario remain strong. While
Aurobindo had received approval for 10
product launches (six, including an
injectable, launched) in Q1, the run rate
is to pick up and about 50 product
launches are expected in the US during
FY21. Increased launches in the high-
margin injectables business should
improve the product mix.
Channel checks by analysts suggest
slight improvement in realisations in
the US due to shortages of drugs and
this should benefit Aurobindo. Analysts
at Motilal Oswal Securities (MOSL)
expect Aurobindo to deliver 10 per cent
annual growth in US earnings from
2019-20 to 2021-22.
The company, which has a diversified
mix (oral solids/injectable/dietary sup-
plements/OTC) and a strong pipeline of
products pending approval (about 166),
is working on differentiated complex
and specialty products. There is a range
Franklin was the only top MF to see
contraction in assets — slipping 0.8 per
cent to ~80,007 crore — pushing it out
of the top 10. Keeping aside assets of
the six schemes under the wind-up
of margin-accretive products in oncol-
ogy, injectables, respiratory inhalers,
biosimilars, vaccines, topical products,
and patches in the pipeline. While it has
filed for one Metered Dose Inhaler (MDI)
and one nasal spray, it is expected to file
its first transdermal with the US Food
and Drug Administration in FY21.
While the US contributes slightly
more than half its revenue, Europe
remains the next key geography, con-
tributing almost a fourth of it in Q1,
despite softness. The higher stocking in
the March quarter affected Q1 sales, but
the growth trajectory is expected to
remain strong in subsequent quarters.
Aurobindo has turned acquired
entities in Europe around, and grown
earnings by transferring product man-
ufacturing to India and this process
should continue. Analysts at Elara Capital
expect consolidated margins to improve
by 100 bps during the period from FY20
IN THE SCHEME OF THINGS
Top 15 players saw an average 15% growth in AUM during September quarter
FUND HOUSES THAT SAW HIGHEST
GROWTH IN ABSOLUTE AAUM ~ trn
September June Change (%)
4.22
to FY23, to 22 per cent for Europe.
The company’s debt profile is
improving with better cash flows and
working capital management. Net debt,
which had reduced from ~5,008 crore
in FY19 to ~2,718 crore by end of FY20,
has come down to ~1,448 crore at the
end the June quarter (net debt/equity
ratio of 0.08:1.0). Analysts expect
Aurobindo to achieve net debt-free
status in one-two years.
Overall, the correction has offered a
good opportunity to investors to accu-
mulate stocks. Analysts at HSBC, after
the Q1 performance, had said Aurobindo
can sustain US growth despite a high
base on a large product portfolio with
the cost advantage of highly integrated
manufacturing. The outlook remains
steady for other segments despite short-
term volatility. The target prices of
HSBC, MOSL, and Elara go up to ~1,030
for the stock, trading at ~843.40.
FUND HOUSES THAT SAW HIGHEST
GROWTH IN PERCENTAGE AAUM ~ trn
September June Change (%)
The government has announced it will
take upon itself the burden of ‘interest
on interest’ incurred by borrowers dur-
ing the moratorium period. Loans of
up to ~2 crore will be eligible.
Suppose you had a loan of ~1 lakh at
the start of the moratorium period. The
interest rate is 10 per cent and repay-
ment period is 5 years. Your EMI is
~2,027, of which ~1,361 is the principal
component and ~667 the interest.
“When you avail of a moratorium,
you don’t repay the
principal compo-
nent of the EMI, so
the loan outstand-
ing remains the
same. And you also
don’t pay the inter-
est component, so
YOUR that gets added to
the outstanding,”
MONEY says Aditya Mishra,
founder and CEO of
SwitchMe, a digital home loan broker.
In this example, the outstanding at
the end of the first month of the mora-
torium will be ~1,00,667. In the second
month, the EMI will be calculated not
on ~1 lakh but on ~1,00,667. Again, the
principal will not be repaid. The inter-
est component in the second month
will be higher than ~667. This process
will repeat for the rest of the period.
Another way to see this is that your
loan will have simple and compound
interest. The difference — what ‘inter-
est on interest’ amounts to — is what
the government will pay.
Since simple interest keeps accu-
mulating, your outstanding at the end
of the moratorium will be higher than
at the start. “Remember that the inter-
HOW MUCH YOU STAND TO GAIN
est itself is not being waived. Only the
interest on interest is being waived.
And the interest component is the
bigger burden,” says Mishra.
Do not do anything for the present.
Once the Supreme Court pronounces
its decision, the government will, in all
likelihood, provide further details of
the relief. You will then have to see how
your bank operationalises all of this.
Borrowers who wish to restructure
their loans should be careful.
“Read the fine print of the restruc-
tured loan agreement because each
bank will have its own policy. Watch
out for any hidden charges,” says Raj
Khosla, founder and managing direc-
tor of MyMoneyMantra.
The best way to neutralise the
higher interest burden to arise because
of the moratorium will be to pre-pay
the loan. “Use the bounce-back
method, that is, aim to pre-pay up to
120 per cent of EMIs you had deferred
within 12 months from September
2020. If you had deferred five EMIs,
pre-pay six EMIs over and above your
regular EMIs. This will erase the bur-
den of the additional interest you will
otherwise have to pay,” says Adhil
Shetty, CEO, BankBazaar.

~1.56 trillion, followed by UTI MF, move, Franklin’s AAUM would drop to Government will pay the difference between compound and simple interest
3.69
3.65

which rose 16.1 per cent to ~1.55 below ~55,000 crore. Edelweiss MF saw Principal at Compound Simple Difference between
3.34

2.39

1.56

1.55
2.15

trillion. SBI MF continued to the highest percentage growth the beginning of interest on interest on compound and
1.34
1.92

1.34
1.68

1.56

occupy top spot with among mid-sized AMCs, with Loan type moratorium (~) principal (~) principal (~) simple interest (~)
1.34

average assets under AAUM of ~37,432 crore, up 48

0.56
0.50

0.48

Home 49,00,488 1,99,316 1,96,019 3,297

0.41
0.37
0.25

management (AAUM) of per cent over the previous

~4.22 trillion and the quarter. PPFAS MF grew Car 8,71,925 44,514 43,596 917
highest gain in AAUM of fastest among smaller
~57,207 crore. HDFC MF AMCs, with AAUM SBI ICICI Pru Kotak Aditya Axis Edelweiss Mirae Tata Axis UTI Personal 3,98,106 26,587 25,877 710
(~3.76 trillion) and ICICI of close to MF MF MF Birla MF MF MF MF MF MF MF Assumptions: i) Home loan: Amount ~50 lakh, tenor 20 years, interest rate 8.5 per cent. After paying 12 EMIs,
interest rate comes down to 8 per cent; ii) Car loan: Amount ~10 lakh, tenor 6 years, interest rate 10 per cent;
Prudential MF (~3.68 ~5,064 crore. 15.7 10.5 14.6 11.2 16.4 48.0 22.7 17.1 16.4 16.1 iii) Personal loan: Amount ~5 lakh, tenor 4 years, and interest rate 13 per cent; iv) On all these loans, the first 12
trillion) followed. ASHLEY COUTINHO Source: Amfi; Note: Only top 15 fund houses considered EMIs have been paid on time, and EMIs 13-18 were deferred during the moratorium

APPENDIX IV
[See rule 8 (1)]
POSSESSION NOTICE
(for immovable property)
Whereas,
The Authorized Officer of INDIABULLS HOUSING FINANCE LIMITED (“IHFL”)
under the Securitisation and Reconstruction of Financial Assets and Enforcement
of Security Interest Act, 2002 and in exercise of powers conferred under Section
13 (12) read with Rule 3 of the Security Interest (Enforcement) Rules, 2002 issued
Demand Notice dated 23.10.2019 calling upon the Borrowers NADEEM MOHSIN and
SUMBUL IMAM to repay the amount mentioned in the Notice being Rs.20,75,550/-
(Rupees Twenty Lakh Seventy Five Thousand Five Hundred Fifty Only) against
Loan Account No. A001XII (earlier Loan Account no. HHLDCP00362770) as on
22.10.2019 and interest thereon within 60 days from the date of receipt of the said
Notice. Further the IHFL has assigned all its rights, title and interest of the above loan
account in favor of Indiabulls Asset Reconstruction Company Ltd. as Trustee of
Indiabulls ARC–XII, Trust by way of an Assignment Agreement dated 31.12.2019
The Borrower (s) having failed to repay the amount, Notice is hereby given
to the Borrower (s) and the public in general that the undersigned has taken
symbolic possession of the property described herein below in exercise of
powers conferred on him under Sub-Section (4) of Section 13 of the Act read
with Rule 8 of theSecurity Interest (Enforcement) Rules, 2002 on 01.10.2020
The Borrower (s) in particular and the public in general is hereby
cautioned not to deal with the property and any dealings with the property will be
subject to the charge of Indiabulls Asset Reconstruction Company
Ltd. for an amount of Rs.20,75,550/- (Rupees Twenty Lakh Seventy Five
Thousand Five Hundred Fifty Only) as on 22.10.2019 and interest thereon.
The Borrower’s attention is invited to provisions of Sub-Section (8) of
Section 13 of the Act in respect of time available, to redeem the secured
assets.
DESCRIPTION OF THE IMMOVABLE PROPERTY
FLAT NO. 905 (UNIT REFERENCE NO. KM62-905) HAVING SUPER AREA
OF 1280 SQUARE FEET EQUIVALENT TO 118.92 SQUARE METERS IN
THE PROJECT KNOWN AS “KOSMOS”, JAYPEE GREENS SITUATED IN
SECTOR – 128, NOIDA – 201304, UTTAR PRADESH TOGETHER WITH ONE CAR
PARKING SPACE. FLAT NO. 905 IS BOUNDED AS FOLLOW;

EAST : AS PER TITLE DEED WEST : AS PER TITLE DEED

NORTH : AS PER TITLE DEED SOUTH : AS PER TITLE DEED

Sd/
Date : 01.10.2020 Authorized Officer
Place : NOIDA Indiabulls Asset Reconstruction Company Ltd
Trustee on Behalf Indiabulls ARC–XII
12 STOCKS
>
NEW DELH TUESDAY, 6 OCTOBER 2020

> STOCK
IN THE > Himatsingka Seide > Wockhardt > Birlasoft

NEWS Top BSE500 gainer has

gained 68 per cent in
Hits upper circuit
at 5 per cent
Hits new
all-time high at OF THE DAY
the last 6 sessions on BSE ~211 on BSE Tech Mahindra
~108.8 PREVIOUS CLOSE ~302.5 PREVIOUS CLOSE ~194.5 PREVIOUS CLOSE Stock hits new alltime high
~129.5 CLOSE ~317.6 CLOSE ~204.5 CLOSE at ~850.15, Up 50 per cent
p 19% UP p 5% UP p 5.1% UP since 3-month low

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

M U H M H
W W
m
M
M
mm O m m
M M
M
M
m
m
O PUT-CALL RAT O m m
w
U U M
M
M O
M m
m M m
m
m W
N
M
m
O
M
MOST TRADED TOP M-CAP TRENDS
M M m m M m % m %
m
M
ACT VE CALLS ACT VE PUTS
W % %
á MARKET OVERV EW M M OW
mm
OW
ND
S&P BSE SENSEX GG G M M

M M W M
M mm
M
mm
á M
O U N â
w O m
W OW m
M
M
m
M m
M m
m
M SPURT N VOLUMES M
m
w
OW
m á m
m %
M m m % â O
á TRAD NG ACT V TY m M
m
M m m m M
m O
M
WORLD ND CES O O M
w mm
w
M
w
O m
% %
O O w
m O O O
m O
O m
w
m
m
m m m
BOARD MEET NGS NTRA-DAY
O m Q m
F S N DER VAT VES 52 WEEK NEW H GHS/LOWS M M
w m m m m O O W O O O O
m
H GH W M
O m
O O
O O O O O O O O M
O w O M O M W O O M
O m mm
O m
m m
MAJOR ND CES O
M M M m O O
% m m O O
M W w O O m
M
W O
S&P BSE SECTORAL ND CES w w
M m O O W M m m O M
%
O O O O O O
O M M O O M O M O M
O M
M w O O
O Q M
m w w W
M W W M M m O M O M
w M w M M M M O O
M m m O O m
m
m O O m m M O M
M
O w m O M
w m m M M m O O m
m M mm O O O O m m M
M m m w w

> BS 200
WHAT THIS STOCK PAGE CONTAINS AND WHY The third sub-set of The table also contains the (F&O) section a wide set of an option may be exercised. becomes valueless while compared with the previous XD after the traded quotes M
BSE NSE BSE NSE
information is the stock’s company’s price-earnings data has been provided. An option is “in-the-money” futures contracts are close, the close price is indicate that the scrip has
market capitalisation. The (P/E) multiple. The P/E Open Interest: OI is the if the market price exceeds compulsorily settled on underlined. A significant gone ex-dividend after that l ~100 q ~3 Aarti Drugs Aarti Inds<
BS 200 stocks account for over paid-up value . Four
market capitalisation is multiple is arrived at by number of contracts open at the SP (in case of a call option) expiry. On NSE, it is the last change means a 3 per cent date; XB denotes ex-bonus, PCLose (810.1) (809.8) (1014.0) (1015.0)
85 per cent of the volume of categories of information are m ~50 H ~2 Open 833.0 821.0 1025.0 1025.0
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
High 850.6 850.3 1025.0 1025.1
the Bombay Stock Exchange information on the day’s at by multiplying the closing price by its reported earning options segment. OI thus SP (in case of a put). Put/call ratio: The ratio of market values are over 10 for other corporate actions n ~20 « ~1
Low 815.0 815.2 997.0 996.8
and National Stock Exchange. trading. Information is also prices of shares with equity per share (EPS) for trailing 12 indicates traders’ Otherwise it is “out-of- open interest in put options & times paid-up value or 15 per like AGM/EGM/ preference u ~6 Face value Close 850.6 850.3 1010.7 1012.6
For BS 200 stocks, the given on the number of capital. It changes either months. EPS is calculated on expectations. High OI is money” call options. cent for the rest of the shares. shares/mergers and others . M of scrips is Shares 57206 675K 7269 309K
because more shares have the basis of consolidated typical when traders see a Expiry date: The date on ABBREVIATIONS: When a The letters H or L appended denotes volume of shares in < ~5 ~10 in all PE 42.4 42.3 37.7 37.7
company name is followed by shares traded, and also the 52 Wk H/L 931/106 930/105 1229/662 1229/668
been issued (or extinguished) earnings wherever available. continuing trend. which a derivative expires . significant change occurs in to prices indicate a new high million, L in lakhs & K in cases if not
its BSE group in brackets and price trend with 52-week Q ~4 specified. Mcap 7928 7925 17610 17643
the symbol indicating the highs and lows. or the price has moved. In the futures and options Strike Price: The price at which An unexercised option the day’s closing value or low in the scrip; the letters ‘000’.

BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE
ACC Adani Enter« Adani Gas« Adani Green En Adani PortsH Alembic PharmaH Alkem LabsH Alok Inds« Amara Raja« Amber Enter Ind Ambuja CemH Apollo Hosp< Apollo Tyres« Ashok Leyland« Asian Paints« Astrazen PhH Au Small Fin Aurob Pharma«
PCLose (1415.3) (1415.1) (308.3) (308.1) (193.4) (193.4) (747.0) (747.1) (353.3) (353.3) (926.2) (926.7) PCLose (2743.1) (2742.1) (20.5) (20.5) (756.3) (756.1) (2039.4) (2043.8) (221.2) (221.2) (2089.9) (2089.8) (132.9) (132.9) (76.2) (76.3) (2040.9) (2040.4) (4296.0) (4294.1) (664.1) (666.0) (818.8) (818.7)
Open 1416.0 1420.0 312.4 311.5 194.5 195.0 770.0 769.6 354.6 355.9 934.1 935.0 Open 2740.0 2769.0 21.5 21.5 753.5 758.0 2060.0 2065.0 223.0 221.2 2080.0 2095.0 O 132.9 133.0 76.3 76.3 2040.0 2040.5 4302.1 4325.2 668.0 670.0 822.0
High 1428.0 1429.5 334.6 334.5 200.9 201.0 772.3 770.0 358.0 358.0 979.5 979.0 High 2765.9 2769.0 21.5 21.5 759.9 760.0 2105.9 2105.0 224.1 224.2 2156.8 2157.0 135.3 135.2 77.1 77.1 2040.0 2042.7 4385.2 4390.0 684.4 685.0
Low 1402.5 1402.0 307.6 307.4 191.1 191.1 730.0 741.1 348.3 348.5 934.1 935.0 Low 2716.0 2714.1 21.5 21.5 735.9 736.4 2028.5 2026.0 219.6 219.5 2068.3 2068.1 w 132.2 132.2 74.4 74.4 2010.6 2011.0 4200.0 4272.9 666.4 666.0
Close 1419.8 1419.8 326.6 326.6 199.4 199.5 749.3 749.5 350.6 350.4 972.2 972.7 Close 2755.1 2755.1 21.5 21.5 752.0 751.6 2088.1 2088.9 221.4 221.4 2127.1 2126.8 134.9 134.9 75.2 75.3 2027.1 2028.0 4305.6 4301.5 671.2 670.5
Shares 19939 843K 1020K 20010K 191K 2205K 51954 581K 114K 11896K 11058 313K Shares 5461 48450 249K 1298K 22569 675K 4163 157K 103K 3259K 59704 1595K 339K 5510K 1578K 31686K 48222 1555K 3552 35904 9539 337K K K
PE 22.8 22.8 63.4 63.4 - - - - 20.4 20.3 19.0 19.0 PE 24.0 24.0 - - 22.0 22.0 139.0 139.1 22.1 22.1 122.4 122.3 38.5 38.5 - - 85.7 85.8 155.3 155.1 30.0 30.0
52 Wk H/L 1590/896 1591/895 335/116 335/116 215/77 215/77 772/63 770/63 429/203 429/203 1128/436 1129/435 52 Wk H/L 3090/18813090/1881 61/1 59/1 814/350 814/349 2120/812 2120/861 232/137 232/137 2177/10472168/1047 W 197/74 197/73 88/34 88/34 2088/14322070/1431 4970/18884970/1885 1218/366 1218/366
Mcap 26661 26661 35919 35919 21925 21936 117183 117215 71223 71182 19109 19118 Mcap 32937 32937 10675 10675 12843 12836 7035 7037 43962 43952 29592 29587 M 7716 7716 22060 22090 194439 194526 10764 10754 20575 20552

Avanti Feeds« Avenue Supermar Axis BankH Bajaj Auto Bajaj FinH Bajaj Finsrv< Balkrishna IH Bandhan Bank Bank of BarodaH Bata India< BEML Berge Paint« Bharat Dyn Bharat Elctn« Bharat ForgeH Bharti Airtel< Bharti Infratel BHELH
PCLose (499.2) (499.5) (2183.5) (2184.8) (443.4) (443.7) (2985.8) (2985.4) (3444.1) (3442.8) (6052.9) (6053.6) PCLose (1463.4) (1463.1) (285.9) (285.8) (41.9) (42.0) (1342.3) (1342.3) (612.5) (612.9) (590.3) (590.5) (324.1) (323.8) (96.2) (96.1) (448.1) (448.1) (432.4) (432.4) (178.6) (178.9) (29.5) (29.6)
Open 504.9 502.2 2205.0 2193.0 445.1 444.1 3008.0 3016.4 3460.0 3465.0 6100.0 6090.0 Open 1475.0 1465.0 286.3 290.0 42.0 42.1 1350.0 1352.4 617.5 615.0 590.0 591.0 O 323.6 325.0 96.7 96.4 460.0 458.1 432.9 432.4 181.5 180.0 29.9 29.7
High 508.1 508.7 2205.0 2197.2 456.2 456.5 3021.1 3020.0 3518.0 3519.0 6172.0 6169.5 High 1475.0 1474.3 298.0 298.0 42.8 42.8 1356.5 1357.0 619.7 620.0 593.4 593.8 332.9 333.0 96.7 96.7 469.0 469.0 437.5 437.5 182.8 182.9 30.0 30.0
Low 494.5 494.0 2105.0 2104.0 439.4 439.1 2930.0 2930.1 3370.0 3370.3 5861.3 5857.8 Low 1435.7 1435.0 286.3 288.6 41.5 41.4 1327.2 1326.8 606.7 606.5 584.6 584.3 w 315.2 317.5 94.7 94.6 454.4 454.4 423.0 423.0 176.8 176.6 29.4 29.4
Close 501.2 501.1 2110.7 2110.5 444.2 444.2 2952.9 2952.3 3379.9 3382.9 5879.4 5881.2 Close 1451.0 1450.7 292.3 292.4 41.6 41.6 1343.0 1343.5 611.1 611.1 590.7 590.9 330.1 330.4 96.2 96.2 465.6 465.6 424.4 424.5 178.6 178.6 29.5 29.6
Shares 7257 233K 36566 439K 648K 24252K 38248 905K 179K 4207K 18045 738K Shares 18923 721K 608K 9496K 2774K 21951K 19643 528K 7879 187K 21181 834K 57448 528K 297K 3928K 163K 5052K 711K 15001K 190K 6495K 697K 17901K
PE 23.4 23.4 128.5 128.5 99.3 99.3 18.6 18.6 44.0 44.1 25.0 25.0 PE 31.5 31.5 17.0 17.0 - - 138.0 138.1 78.3 78.3 98.2 98.2 15.5 15.5 14.3 14.3 89.2 89.2 - - 10.6 10.6 - -
52 Wk H/L 770/250 770/251 2559/17012560/1700 766/285 766/286 3315/17933315/1789 4923/17834923/1783 10297/3986 9950/3985 52 Wk H/L 1515/678 1515/679 650/152 650/152 108/36 108/36 1897/10171895/1000 1108/370 1109/370 600/390 600/389 W 481/147 482/145 122/56 122/56 533/208 534/208 612/326 612/326 296/121 297/120 61/19 61/18
Mcap 6826 6825 136722 136709 135932 135917 85447 85431 203670 203854 93565 93593 Mcap 28048 28042 47071 47079 19221 19198 17260 17267 2545 2544 57364 57388 M 6049 6056 23428 23440 21678 21678 231507 231561 33025 33025 10272 10289

Biocon< BirlasoftH Bosch BPCL Britannia« Cadila Healt« Canara Bank Caplin PointH CDSL Century Tex Chola InvH CiplaH City Union Bk« Coal India Coforge Colgate« Containr Crp< Coromndl Int«
PCLose (452.5) (452.6) (194.5) (194.6) (13516.5) (13551.5) (353.3) (353.3) (3809.6) (3808.6) (398.0) (398.3) PCLose (89.7) (89.7) (556.3) (556.5) (-) (485.0) (334.5) (334.7) (257.3) (257.5) (773.1) (773.0) (141.1) (141.4) (117.2) (117.3) (2336.6) (2335.8) (1438.8) (1440.0) (356.2) (356.3) (792.3) (792.8)
Open 454.9 453.6 195.5 196.9 13620.0 13660.0 355.8 353.3 3809.5 3815.0 401.8 401.0 Open 89.7 89.0 558.0 560.1 - 486.1 335.0 337.0 259.1 259.4 776.0 776.0 O 141.4 141.6 118.8 118.0 2368.0 2354.8 1438.5 1445.0 356.2 355.8 798.0 792.8
High 459.9 460.0 210.6 210.4 13801.8 13807.5 358.5 358.5 3857.0 3857.8 417.7 417.4 High 93.3 93.3 566.6 567.4 - 489.7 338.8 339.0 263.5 263.6 783.7 784.1 145.3 145.9 119.6 119.5 2439.0 2439.0 1456.3 1457.0 358.8 358.9 800.7 801.5
Low 448.4 448.0 195.5 196.0 13348.3 13363.1 351.0 351.0 3785.1 3785.1 396.1 395.8 Low 89.5 89.0 552.3 552.0 - 478.3 333.1 333.0 251.0 250.9 762.4 762.1 w 141.4 141.6 117.7 117.6 2331.1 2330.4 1436.0 1435.3 351.9 351.0 761.4 762.0
Close 458.6 458.4 204.5 204.6 13391.0 13400.2 354.0 354.2 3828.5 3830.5 414.2 414.1 Close 90.3 90.3 560.9 560.5 - 482.6 335.0 334.8 252.4 252.4 779.1 778.7 144.0 144.0 118.4 118.4 2345.2 2345.1 1451.3 1452.0 352.4 352.6 765.8 765.8
Shares 108K 2454K 239K 4309K 1541 30511 165K 6589K 24573 461K 249K 6567K Shares 311K 11649K 8619 113K - 659K 24605 586K 153K 5330K 176K 6798K 48623 1184K 265K 8141K 17263 558K 12250 529K 39558 2883K 8725 389K
PE 79.6 79.6 23.7 23.7 158.3 158.4 20.8 20.9 54.3 54.3 32.0 31.9 PE - - 23.6 23.6 - - 10.8 10.8 17.7 17.7 38.2 38.1 23.9 23.9 5.2 5.2 32.6 32.6 46.7 46.7 102.4 102.5 17.9 17.9
52 Wk H/L 464/224 464/224 211/48 210/47 17137/7874 17260/7850 550/252 549/252 4015/21014010/2100 423/213 423/202 52 Wk H/L 234/74 234/74 686/180 686/176 -/- 514/180 936/220 936/219 349/117 349/117 819/357 819/355 W 249/110 249/110 218/114 218/114 2439/739 2439/735 1641/10651643/1065 632/263 633/263 838/400 839/400
Mcap 55026 55002 5665 5668 39490 39517 76791 76824 92151 92199 42402 42386 Mcap 13118 13118 4243 4240 - 5043 3741 3740 20684 20688 62823 62786 M 10613 10617 72967 72967 14207 14207 39474 39494 21472 21481 22452 22453

Cummins (I)H Dabur India« Deepak NitrtH Divis LabH Dixon Tech DLFH Dr Reddys< Eicher Motor« Equitas Hold Escorts Essel PrpackH Exide Ind« Federal BankH Future RetailH GAIL Glenmark« GMM PfaudlerH GMR Infra«
PCLose (448.0) (447.9) (513.7) (513.8) (819.2) (819.4) (3063.9) (3064.9) (8863.3) (8850.2) (155.8) (155.9) PCLose (5112.6) (5112.0) (2196.6) (2197.6) (53.5) (53.5) (1283.8) (1283.5) (250.6) (250.9) (163.1) (163.0) (50.5) (50.5) (90.1) (90.2) (88.5) (88.4) (490.8) (491.0) (3836.3) (3838.9) (23.8) (23.7)
Open 449.0 450.0 515.0 515.4 829.0 826.0 3088.0 3080.0 8850.0 8821.4 156.9 157.0 Open 5155.0 5170.0 2223.0 2210.7 55.0 54.5 1293.0 1290.0 258.8 253.0 163.0 164.7 O 51.1 51.3 89.5 89.0 88.1 88.5 490.8 491.0 3840.0 3800.1 23.1 23.8
High 460.3 460.5 521.0 521.7 829.0 826.0 3146.1 3145.0 9020.0 9026.0 161.8 161.9 High 5187.0 5190.0 2225.6 2225.0 55.0 55.0 1296.6 1296.4 258.8 253.3 168.7 168.9 52.3 52.4 91.8 91.9 89.0 89.8 499.4 499.0 3947.0 3949.9 23.8 23.9
Low 444.0 444.1 510.7 510.7 802.1 802.0 3052.9 3049.1 8720.0 8726.0 156.6 156.8 Low 5102.3 5103.0 2183.7 2182.2 53.2 53.2 1224.5 1225.0 240.1 240.0 162.8 162.8 w 50.3 50.2 88.4 88.1 86.5 86.4 484.0 483.4 3720.0 3701.0 23.1 23.3
Close 458.7 458.9 520.1 520.0 808.1 808.3 3128.3 3126.2 8850.6 8840.4 159.3 159.3 Close 5157.5 5159.5 2209.7 2210.2 54.5 54.4 1236.0 1235.6 245.6 245.5 166.1 166.1 50.8 50.8 89.3 89.2 86.9 87.0 496.8 497.2 3821.3 3822.0 23.3 23.4
Shares 21466 1031K 60961 2821K 28094 625K 31188 1059K 3094 17564 435K 8519K Shares 50724 1838K 33413 931K 286K 4197K 344K 2268K 8770 238K 234K 4223K 2592K 37525K 147K 2824K 903K 13796K 85213 2249K 8896 134K 490K 14203K
PE 23.5 23.5 64.6 64.6 22.0 22.0 52.0 51.9 103.9 103.8 - - PE 44.1 44.1 45.7 45.7 264.4 263.9 34.0 34.0 36.5 36.5 21.9 21.9 6.5 6.5 6.8 6.8 7.0 7.0 15.2 15.2 87.4 87.4 - -
52 Wk H/L 653/282 653/280 528/385 528/386 888/285 888/286 3388/16183389/1617 10281/2671 10290/2663 267/115 267/115 52 Wk H/L 5515/24985513/2495 2389/12462387/1245 121/33 121/33 1343/527 1343/526 319/105 319/105 208/122 208/125 W 97/36 97/36 404/61 404/61 140/66 140/65 573/168 573/162 6914/13586900/1316 28/14 28/14
Mcap 12714 12719 91914 91905 11022 11025 83039 82985 10240 10228 39432 39419 Mcap 85748 85782 60369 60381 1861 1858 16664 16659 7750 7745 14114 14114 M 10129 10129 4840 4837 39193 39238 14020 14031 5579 5580 14064 14094

Godrej Cons« Godrej Prpty< Granules« Grasim IndH HAL Happiest MindsH Havells I« HCL TechnoH HDFCH HDFC AMC< HDFC Bank« HDFC Std Life HEG Hero MotoCorpH Hexaware TchH Hind ZincH Hindalco« HPCL
PCLose (733.8) (734.0) (866.3) (866.7) (386.5) (386.4) (754.3) (754.5) (799.0) (799.3) (342.6) (342.8) PCLose (666.1) (666.0) (812.8) (813.0) (1789.9) (1790.7) (2273.6) (2275.1) (1106.6) (1106.9) (569.4) (569.2) (742.7) (743.1) (3151.7) (3151.4) (465.3) (465.5) (208.4) (208.3) (174.1) (174.1) (175.8) (175.5)
Open 740.7 741.0 875.0 867.5 386.0 386.9 754.3 752.2 800.0 805.0 344.0 345.0 Open 667.0 669.3 827.0 828.8 1789.9 1784.0 2299.0 2300.0 1111.0 1112.0 575.0 572.0 O 749.0 748.5 3215.0 3225.0 465.3 464.3 208.4 208.5 175.2 175.0 176.0 176.9
High 758.2 758.0 892.1 893.0 388.3 388.9 763.5 763.6 824.7 824.5 350.8 350.7 High 674.1 675.0 839.3 839.2 1816.0 1816.5 2319.2 2323.0 1131.5 1132.0 577.4 577.0 752.9 753.0 3230.0 3230.0 466.8 467.0 214.4 214.5 179.8 179.9 177.3 177.1
Low 739.2 738.6 856.0 862.1 375.0 375.0 742.5 742.0 792.0 791.2 339.1 339.0 Low 665.0 665.0 817.7 815.1 1775.6 1775.7 2271.6 2270.0 1110.7 1111.0 565.4 565.4 w 730.6 730.4 3095.0 3094.2 464.5 464.3 208.4 208.5 172.8 172.8 173.1 173.0
Close 752.7 752.6 864.2 865.4 379.9 379.8 751.0 750.2 820.4 820.7 345.1 345.5 Close 669.2 669.6 822.9 824.2 1785.4 1785.1 2299.9 2300.6 1114.2 1114.4 575.1 574.8 734.4 735.0 3128.7 3129.2 465.5 465.9 213.7 213.8 179.1 179.1 175.7 175.6
Shares 69551 2380K 50000 928K 159K 2766K 35192 1900K 18422 665K 108K 1632K Shares 41110 750K 2066K 11890K 84452 4057K 10007 232K 258K 8470K 99919 2490K 7861 200K 36161 1375K 23997 377K 55406 644K 558K 13648K 877K 8561K
PE 51.9 51.9 138.7 138.9 25.9 25.9 14.4 14.4 11.2 11.2 - - PE 67.3 67.4 19.0 19.0 18.2 18.2 - - 22.4 22.4 87.9 87.8 - - 25.6 25.6 20.6 20.6 14.1 14.1 72.2 72.2 5.8 5.8
52 Wk H/L 772/425 772/425 1188/506 1189/505 407/93 407/95 837/380 837/385 1424/448 1423/470 395/330 395/330 52 Wk H/L 717/447 717/447 850/376 850/375 2500/14732500/1473 3844/19643844/1962 1304/739 1306/739 648/339 648/340 W 1300/413 1300/410 3230/14753230/1475 469/202 469/202 259/122 259/116 221/85 221/85 328/155 328/150
Mcap 76958 76948 21785 21815 9406 9404 49412 49356 27433 27443 5067 5074 Mcap 41892 41917 223306 223659 320613 320568 48964 48979 613195 613305 116139 116068 M 2835 2837 62496 62506 13972 13982 90274 90316 40233 40222 26774 26758

HUL« ICICI BankH ICICI Lombard ICICI Prud Life ICICI Securitie< IDFC First Bank Indiabulls HousH Indiabulls VentH IndiaMART Int Indraprst GsH IndusInd Bank Info Edge Infosys< InterGlobe Avia IOC IOL Chem Ipca LabsH IRB Infra
PCLose (2095.1) (2095.0) (369.1) (369.2) (1300.3) (1301.3) (423.1) (423.4) (465.8) (464.1) (30.3) (30.4) PCLose (156.4) (156.5) (264.0) (264.9) (4993.9) (4994.1) (401.0) (401.1) (592.1) (592.2) (3603.8) (3609.1) (1017.7) (1017.7) (1269.2) (1269.4) (74.2) (74.1) (727.0) (727.1) (2248.1) (2253.7) (112.1) (112.1)
Open 2103.7 2100.0 371.0 370.8 1300.0 1295.0 430.0 425.0 465.8 465.4 30.8 30.7 Open 156.5 156.5 271.0 271.0 4993.8 4950.0 403.9 400.9 594.0 593.2 3749.0 3611.0 O 1019.5 1018.1 1270.0 1271.3 74.1 74.5 730.0 732.0 2248.1 2248.4 112.0 112.9
High 2122.7 2123.3 382.5 382.7 1300.0 1295.0 430.0 427.0 472.6 473.0 31.2 31.2 High 159.0 159.0 274.7 274.8 5040.0 5050.0 403.9 401.0 630.7 630.7 3749.0 3649.0 1054.6 1054.9 1329.0 1329.0 76.1 76.2 779.9 780.0 2249.0 2250.0 113.0 113.2
Low 2082.5 2082.2 371.0 370.8 1251.1 1251.2 416.5 416.4 463.0 462.3 30.0 30.0 Low 151.9 151.8 264.0 263.6 4900.0 4880.0 388.6 388.5 592.1 592.0 3473.8 3471.4 w 1019.0 1018.1 1265.6 1265.3 73.8 73.8 724.7 725.0 2137.1 2133.0 110.5 111.1
Close 2111.1 2111.1 373.2 373.1 1254.3 1254.4 420.2 420.1 469.1 469.4 30.3 30.2 Close 152.7 152.7 267.9 267.7 4973.9 4989.8 389.6 389.6 601.8 601.6 3487.1 3487.9 1048.2 1048.7 1297.4 1297.4 75.5 75.6 766.7 767.2 2148.2 2151.2 111.9 111.8
Shares 85557 1646K 738K 26530K 14977 579K 32639 2389K 9456 111K 1492K 52169K Shares 504K 11009K 132K 2452K 3852 147K 66720 2677K 1390K 43964K 5939 398K 784K 14213K 99046 2423K 1160K 16171K 60223 720K 9190 270K 44717 415K
PE 72.3 72.3 29.8 29.8 44.5 44.5 56.3 56.3 24.3 24.3 - - PE 4.2 4.2 84.2 84.2 - - 28.7 28.7 13.2 13.2 201.8 201.9 26.2 26.2 - - - - 11.2 11.2 27.9 27.9 8.1 8.1
52 Wk H/L 2614/17562614/1757 552/269 552/268 1440/806 1440/805 538/222 537/226 569/204 569/204 48/18 48/18 52 Wk H/L 377/81 377/81 275/64 275/64 5485/16415488/1641 534/285 534/284 1596/236 1597/236 3749/15803703/1581 W 1055/511 1055/509 1821/765 1821/771 151/71 151/71 898/147 899/146 2268/844 2268/845 139/46 139/46
Mcap 496012 496012 257332 257297 57008 57012 60336 60322 15113 15123 17159 17130 Mcap 7060 7058 13221 13209 14479 14525 27269 27269 45519 45504 44837 44847 M 446472 446685 49924 49924 71030 71124 4501 4504 27142 27180 3931 3929

IRCTC ITC« JB ChemicalsH Jindal Steel« JSW Steel« Jubilant Fd Jubilant Lif« Just Dial Kotak Mah Bank< L & TH L & T Infotech« L&T Finance Hol Laurus LabsH LIC Hsg FinH LupinH M & M FinH Mah & Mah< Maha Gas
PCLose (1379.9) (1379.3) (170.9) (170.9) (991.5) (991.0) (190.1) (190.3) (282.0) (282.0) (2365.9) (2366.2) PCLose (733.5) (734.3) (394.2) (394.3) (1305.3) (1305.1) (903.0) (902.8) (2527.7) (2527.3) (64.4) (64.4) (280.4) (280.4) (280.4) (280.5) (1028.2) (1027.8) (129.6) (129.6) (609.7) (610.2) (864.3) (864.0)
Open 1387.0 1390.0 171.7 171.1 982.0 999.8 191.3 192.7 283.2 284.3 2382.0 2365.0 Open 732.0 733.0 396.0 397.0 1307.5 1310.0 908.0 908.0 2536.5 2553.5 64.4 64.7 O 277.7 277.0 283.6 280.2 1030.0 1028.4 131.6 130.5 612.0 615.0 855.3 864.0
High 1390.1 1391.1 172.9 172.8 1008.0 1006.0 198.0 198.2 291.8 292.0 2396.0 2398.6 High 775.9 776.9 401.0 401.9 1333.0 1333.7 908.5 908.6 2603.1 2590.7 65.5 65.5 299.0 298.7 288.2 288.5 1047.9 1048.0 132.5 132.4 618.0 616.3 872.1 873.0
Low 1356.4 1356.3 168.8 168.8 973.0 973.0 191.3 191.7 282.6 282.5 2347.8 2347.0 Low 732.0 731.5 372.3 372.0 1307.5 1308.6 895.1 895.1 2522.7 2520.0 62.9 63.0 w 265.0 268.4 274.3 274.2 1013.0 1012.7 128.1 127.9 597.4 597.1 852.0 852.0
Close 1375.6 1376.1 169.3 169.3 977.2 979.1 196.7 196.7 289.6 290.1 2376.1 2377.1 Close 753.8 753.7 378.8 378.9 1314.8 1314.6 896.9 897.0 2585.9 2581.1 63.4 63.4 295.4 295.5 274.9 274.9 1038.8 1038.2 128.8 128.9 607.0 607.0 854.6 854.4
Shares 39759 407K 1304K 24301K 13059 139K 885K 11065K 675K 9270K 17297 373K Shares 16834 550K 85847 1809K 200K 3860K 106K 2788K 12639 138K 672K 8918K 858K 6090K 104K 3152K 98074 2928K 362K 5459K 173K 5977K 28049 548K
PE - - 14.6 14.6 22.8 22.9 310.8 310.9 29.0 29.0 244.9 245.0 PE 15.0 15.0 7.8 7.8 30.6 30.6 15.0 15.0 28.5 28.5 9.8 9.8 38.4 38.4 5.3 5.3 - - 16.0 16.0 - - 12.6 12.6
52 Wk H/L 1995/625 1994/625 266/135 266/135 1150/322 1150/315 238/62 239/62 297/133 297/133 2458/11422458/1138 52 Wk H/L 910/230 909/234 661/251 661/250 1740/10001740/1001 1491/661 1492/661 2792/12082794/1210 134/46 134/46 W 310/61 310/59 486/186 487/185 1122/505 1122/505 246/76 246/76 666/246 667/245 1247/666 1246/664
Mcap 22009 22017 208324 208262 7554 7568 20058 20063 69990 70123 31357 31370 Mcap 12007 12006 2340 2340 260225 260186 125922 125936 45124 45040 12711 12711 M 15833 15839 13873 13873 47081 47056 15914 15920 75462 75462 8442 8439

Manapp FinanceH Marico« Maruti Suzuki< Max Fin SreH MCX Mindtree Mothersons S« Mphasis MRF Muthoot Finance Nat Alum< Natco PharmaH NCCH Nestle India NMDC« NTPC ONGC< Page Inds
PCLose (166.5) (166.4) (361.9) (361.9) (6794.0) (6796.3) (618.1) (618.3) (1740.8) (1742.4) (1337.1) (1336.3) PCLose (116.1) (116.2) (1357.3) (1356.9) (60570.1) (60578.3) (1153.8) (1153.8) (32.2) (32.2) (939.2) (937.8) (35.5) (35.5) (15998.5) (16000.5) (82.6) (82.6) (84.8) (84.9) (69.2) (69.2) (21424.3) (21422.4)
Open 166.5 166.4 366.0 362.1 6890.0 6865.0 614.0 618.0 1716.1 1734.0 1340.0 1342.9 Open 117.6 117.2 1357.3 1350.5 60699.0 60800.0 1164.5 1161.9 32.3 32.5 940.0 945.0 O 35.5 35.5 16100.0 15998.0 83.0 83.5 85.0 85.0 69.0 69.0 21400.0 21505.0
High 169.5 169.4 378.6 379.3 6890.0 6877.6 624.2 625.0 1790.0 1788.8 1373.7 1373.8 High 118.2 119.0 1384.0 1385.0 61219.8 61234.0 1186.7 1187.4 32.9 32.9 962.1 963.0 35.8 35.8 16141.5 16140.0 84.0 84.1 85.5 85.5 69.7 69.7 21460.5 21540.0
Low 164.4 164.5 362.9 362.1 6746.4 6745.0 600.3 600.0 1716.1 1728.6 1336.3 1335.8 Low 114.2 114.2 1330.1 1330.0 60297.4 60300.0 1148.9 1148.9 32.2 32.2 918.8 918.2 w 34.3 34.3 15825.0 15732.4 82.6 82.7 83.8 83.8 68.4 68.4 20513.5 20500.8
Close 166.7 166.9 376.9 376.9 6816.9 6818.9 611.8 612.3 1754.0 1753.4 1348.8 1349.5 Close 116.5 116.7 1341.2 1342.4 60498.7 60525.6 1160.4 1161.5 32.3 32.3 950.1 950.8 34.7 34.8 16039.6 16033.2 83.5 83.5 84.4 84.5 69.2 69.2 20607.2 20614.1
Shares 586K 10266K 84557 4332K 24032 833K 27208 1458K 10635 315K 73090 1321K Shares 259K 9020K 11720 391K 531 16527 126K 2543K 411K 6470K 32944 575K 441K 5153K 1414 71081 261K 4791K 480K 15685K 918K 12608K 1214 80323
PE 9.0 9.0 44.5 44.5 51.9 51.9 208.5 208.7 41.0 40.9 29.6 29.6 PE 1311.5 1313.7 20.9 21.0 22.4 22.4 14.0 14.0 105.6 105.4 39.4 39.5 6.7 6.7 74.3 74.3 8.6 8.6 8.4 8.4 11.1 11.1 119.1 119.1
52 Wk H/L 195/76 195/74 401/234 401/234 7755/40027759/4001 642/280 642/276 1859/805 1859/815 1374/676 1374/675 52 Wk H/L 151/49 151/49 1418/612 1420/630 73500/50000 73566/49915 1405/478 1406/477 49/24 49/24 995/450 996/403 W 70/16 69/16 18301/12589 18370/12200 140/62 140/62 125/74 125/73 150/52 150/50 26891/16187 26883/16254
Mcap 14105 14118 48659 48665 205923 205984 16490 16505 8945 8942 22215 22225 Mcap 36774 36837 25029 25051 25651 25663 46539 46583 6026 6017 17311 17323 M 2116 2119 154654 154592 25566 25566 83461 83560 86993 87056 22977 22985

Petronet LNG Phoenix MillH PI Inds« Pidilite Ind« Piramal EntpH PNBH Power Fin Power Grid PVR Ramco Cements« RBL Bank REC Reliance Ind Rossari BiotechH Route Mobile SAIL SBI« SBI Card & Pay
PCLose (220.6) (220.7) (600.2) (600.0) (1948.9) (1945.3) (1462.4) (1463.0) (1297.3) (1297.2) (28.0) (28.0) PCLose (88.7) (88.7) (164.6) (164.6) (1301.6) (1300.5) (745.7) (746.0) (177.9) (177.9) (102.4) (102.4) (2225.1) (2225.3) (795.6) (795.6) (783.8) (783.5) (34.2) (34.2) (190.4) (190.3) (838.7) (838.9)
Open 221.0 221.7 595.1 603.7 1983.0 1966.3 1476.0 1479.0 1309.0 1304.8 28.5 28.4 Open 89.9 89.0 164.5 164.0 1320.0 1318.0 750.3 746.1 179.5 179.8 104.2 103.1 O 2246.0 2244.0 808.0 797.2 790.0 790.7 34.5 34.3 191.8 192.0 836.8 839.0
High 227.4 227.5 612.0 612.0 2055.4 2055.0 1476.1 1479.0 1332.9 1333.0 28.9 28.9 High 90.5 90.5 166.4 166.4 1345.7 1346.8 755.0 755.0 184.9 185.0 104.2 103.8 2249.0 2249.2 808.0 805.0 849.0 849.4 35.8 35.9 193.7 193.8 848.3 848.5
Low 221.0 221.0 595.0 595.4 1966.9 1966.3 1444.0 1444.0 1297.0 1296.1 28.1 28.1 Low 86.8 86.8 162.2 162.2 1265.6 1266.0 743.0 742.1 173.7 173.8 98.6 98.5 w 2205.5 2206.0 782.0 780.8 770.6 771.2 34.4 34.3 187.1 187.1 836.8 838.0
Close 226.0 226.1 604.7 602.8 2017.1 2019.6 1446.8 1446.8 1319.2 1320.5 28.3 28.3 Close 87.3 87.3 162.8 162.9 1273.3 1274.1 746.8 748.3 175.4 175.3 98.9 98.9 2211.2 2212.2 787.3 787.3 826.4 827.4 35.1 35.2 188.8 188.8 845.8 845.9
Shares 56738 4181K 3321 148K 19754 224K 11534 508K 60379 1092K 1949K 35376K Shares 226K 4279K 128K 5828K 348K 4546K 23989 492K 1045K 20125K 253K 8740K 393K 8733K 8640 326K 239K 3142K 2249K 32322K 2819K 41695K 41679 865K
PE 12.8 12.8 60.8 60.6 64.6 64.7 86.5 86.5 406.1 406.5 - - PE 3.9 3.9 8.2 8.2 - - 33.9 34.0 23.5 23.5 3.7 3.7 33.0 33.0 - - - - 21.2 21.3 7.8 7.8 - -
52 Wk H/L 297/171 298/170 980/466 979/465 2154/974 2160/970 1710/11861710/1186 1829/608 1829/607 70/26 70/26 52 Wk H/L 133/74 133/74 211/130 211/122 2083/707 2087/705 883/457 884/455 391/102 391/102 157/79 157/79 W 2369/867 2369/867 858/664 859/664 988/625 988/625 52/20 52/20 351/150 351/149 868/495 868/495
Mcap 33900 33915 10383 10349 30599 30637 73509 73509 29755 29784 26632 26632 Mcap 23035 23048 85144 85196 7025 7029 17593 17630 8931 8926 19532 19532 M 1401739 1402404 4090 4090 4699 4705 14499 14519 168452 168452 79468 79473

SBI Life Ins Shilpa Medi« Shree Cement Shriram TrFn SiemensH SRF Sterlite TchH Strides Pharma Sun Pharma« Sun TV Net< Syngene Intl Tata Chem Tata Consumer P« Tata Elxsi Tata Mot-DVRH Tata MotorsH Tata Power« Tata Steel
PCLose (820.2) (818.9) (558.2) (558.3) (20614.0) (20611.0) (658.4) (658.7) (1263.3) (1261.3) (4115.3) (4113.5) PCLose (153.1) (153.2) (725.2) (725.2) (506.8) (506.9) (466.5) (466.3) (559.6) (559.8) (301.4) (301.6) (508.9) (509.1) (1274.9) (1276.3) (62.0) (62.0) (133.5) (133.5) (54.5) (54.5) (365.0) (365.0)
Open 820.2 822.0 562.0 561.0 20500.1 20600.0 660.0 662.0 1269.0 1268.8 4090.1 4124.7 Open 153.0 153.0 725.5 728.8 506.8 507.0 462.0 464.9 565.0 562.0 300.2 301.6 O 512.0 513.4 1280.0 1290.0 63.4 63.9 137.0 137.0 54.5 54.5 369.0 370.1
High 834.3 835.0 562.0 562.6 20700.1 20719.1 675.6 676.0 1287.9 1288.0 4172.9 4174.9 High 157.0 157.0 736.5 736.8 524.8 525.1 468.7 468.6 579.1 579.5 310.5 310.6 512.7 513.4 1375.0 1375.0 64.2 64.3 137.5 137.5 55.2 55.2 385.3 385.5
Low 815.4 815.0 547.2 546.5 19973.6 20000.0 647.8 648.2 1261.1 1261.1 4090.1 4093.0 Low 152.2 152.0 716.5 716.1 504.0 503.8 456.7 456.5 559.9 559.5 299.4 299.2 w 502.2 502.1 1280.0 1287.3 61.6 61.5 132.1 132.1 53.6 53.6 369.0 369.5
Close 824.8 825.0 548.5 548.7 20135.3 20131.8 655.3 655.1 1277.8 1278.4 4128.9 4127.4 Close 154.8 155.0 725.2 725.5 523.2 523.1 460.6 460.5 575.9 574.5 307.9 308.1 503.4 503.6 1348.3 1346.8 62.2 62.2 133.9 133.9 53.9 53.9 382.2 382.3
Shares 31018 804K 12569 398K 5268 63076 76517 2885K 20157 565K 7905 172K Shares 69954 1269K 48287 709K 208K 8832K 63900 2512K 27698 695K 136K 2589K 69805 2023K 71962 1339K 163K 3446K 2800K 55268K 893K 13583K 903K 19591K
PE 57.2 57.2 17.6 17.6 46.0 46.0 7.6 7.6 59.8 59.8 25.4 25.4 PE 19.1 19.2 47.7 47.7 173.9 173.9 14.3 14.3 58.0 57.8 1.1 1.1 88.5 88.5 30.4 30.4 - - - - 16.3 16.3 - -
52 Wk H/L 1030/520 1030/519 692/240 695/233 25341/15500 25355/15410 1332/429 1332/429 1717/947 1717/948 4475/24924475/2468 52 Wk H/L 175/60 175/59 755/271 755/268 565/315 565/312 551/260 551/260 597/202 597/213 779/197 780/197 W 592/214 592/214 1375/501 1375/500 84/28 84/28 202/64 202/64 63/27 63/27 506/251 506/251
Mcap 82479 82499 4470 4472 72648 72636 16582 16578 45501 45524 23733 23724 Mcap 6114 6124 6500 6502 125519 125507 18151 18145 23036 22978 7843 7848 M 46389 46407 8397 8388 3160 3163 41361 41361 17207 17207 43049 43066

TCS« Tech Mahindra< Titan Company« Torrent Phar< Torrent Pwer Trent« TVS Motor« Ujjivan Fin Ser UltraTech United Brew« United SpirtH UPLH Vedanta« Vodafone Idea Voltas« WiproH YES BankH Zee Enter«
PCLose (2522.8) (2523.4) (822.7) (822.5) (1198.8) (1198.7) (2817.1) (2817.2) (309.6) (309.5) (673.2) (673.3) PCLose (480.1) (479.9) (218.1) (218.1) (4100.7) (4097.8) (961.2) (962.2) (522.4) (522.8) (505.8) (505.6) (137.4) (137.4) (9.2) (9.3) (678.3) (678.2) (313.0) (313.0) (13.3) (13.3) (214.1) (214.0)
Open 2610.0 2620.0 822.0 822.6 1200.0 1201.0 2752.1 2817.2 305.0 311.0 680.0 670.0 Open 490.0 485.0 218.2 220.5 4135.0 4114.1 975.0 965.0 522.4 523.0 506.5 509.5 O 139.6 139.9 9.3 9.3 678.6 680.3 315.8 315.2 13.5 13.5 214.2 214.5
High 2727.0 2728.1 850.2 851.0 1216.2 1216.0 2841.9 2840.0 313.0 313.4 680.0 676.0 High 490.0 485.2 222.7 221.9 4135.0 4114.1 982.0 983.0 527.6 527.5 510.0 510.2 140.4 140.2 9.5 9.5 685.5 685.9 335.9 336.0 13.6 13.7 214.8 215.0
Low 2604.0 2603.1 822.0 821.9 1189.4 1188.7 2752.1 2761.2 305.0 308.3 655.6 640.0 Low 465.3 465.0 216.4 216.4 4029.9 4031.1 953.0 952.1 519.8 519.5 502.1 502.1 w 135.2 135.3 8.9 9.0 663.8 663.6 315.5 315.2 13.3 13.3 207.5 207.5
Close 2706.9 2705.8 841.3 841.3 1194.5 1194.4 2825.7 2822.6 309.5 309.6 669.4 669.4 Close 473.3 473.6 218.8 219.1 4047.0 4047.2 958.8 958.5 524.4 524.3 506.5 507.1 137.8 137.8 9.0 9.0 669.0 668.9 334.1 334.0 13.4 13.4 208.3 208.2
Shares 473K 17412K 203K 8551K 75911 2151K 11140 830K 23659 789K 8094 278K Shares 93105 4369K 51046 692K 20877 313K 13189 680K 16505 1182K 87044 2533K 2393K 27448K 46839K 304628K 43095 1174K 1621K 38906K 10148K 52857K 611K 22137K
PE 32.5 32.5 20.1 20.1 120.9 120.9 42.3 42.3 11.7 11.7 - - PE 72.3 72.4 301.7 302.0 21.9 21.9 170.8 170.8 130.5 130.5 19.8 19.8 - - - - 51.1 51.1 19.6 19.6 - - 759.1 758.9
52 Wk H/L 2727/15042728/1506 850/470 851/471 1390/720 1390/721 3040/15553031/1555 369/240 369/232 804/368 805/365 52 Wk H/L 503/240 504/240 415/125 416/125 4753/29134754/2910 1400/759 1365/750 743/443 743/443 618/240 618/240 W 166/60 166/60 13/3 14/2 741/428 741/427 336/160 336/159 88/6 87/6 363/114 364/114
Mcap 1015718 1015324 81315 81315 106048 106034 47816 47763 14875 14880 23797 23797 Mcap 22486 22498 2661 2664 116809 116813 25351 25343 38102 38095 38699 38745 M 51223 51223 25919 25862 22137 22134 190908 190851 33448 33448 20002 19998
Business Standard
After leaving alliance, LJP
NEW DELHI | TUESDAY, 6 OCTOBER 2 0 2 0 POLITICS & PUBLIC AFFAIRS 13
granules Granules India Limited
Regd. Off: 2" Floor, 3" Block, My Home Hub, Madhapur, Hyderabad - 500 081 (TS)
Phone: +91-40-30660000 Fee +9140-23115145 URL: www.granulesindla.com
E-mail: investoiralallofis@granulesindia.com CIN: L24110TG1991PLC012471
O
T i n
TATA CAPITAL HOUSING FINANCE LTD.
Regd. Office: 1 1 t h Floor, fliwar A , Peninsula Business Park, Ganpatrao Kadam
Marg, Lower Parel, M u m b a i - 4 0 0 0 1 3 . CIN No. U 6 7 1 9 0 M H 2 0 0 8 P L C 1 8 7 5 5 2
DEMAND NOTICE
Under Section 13 (2) of the Securitieation and Reconstruction of Financial Assets and

looks to strengthen itself

NOTICE
Pursuant to Regulation 47 of the Listing Regulations, notice is hereby
given that the meeting of Board of Directors of the Company is
scheduled to be held on Tuesday, the 20th October 2020 at 10.00 A.M
at the Registered Office of the Company situated at 2nd Floor, 3rd Block,
Enforcement of Security Interest Act, 2002 ("Act") read with Rule 3 of the Security Interest
(Enforcement) Rules, 2002 ("Rules").
Whereas the undersigned being the Authorised Officer of Tata Capital Housing Finance Limited
(TCHFL) underthe Act and in exercise of powers conferred under Section 13(12) read with Rule 3 of
the Rules already issued detailed Demand Notices dated below under Section 13(2) of the Act,
calling upon the Borrower(s)/Co-Bonower(s)/Guarantor(s) (all singularly or together referred to
"Obligore")/Legal Heir(s)/Legal Representative^) listed hereunder, to pay the amounts mentioned in

Political observers feel Paswan's exit m i g h t have been crafted by BJP My Home Hub, Madhapur, Hyderabad (TS) inter-alia, to consider and
approve the Un-audited Financial Results of the Companyforthe second
the respective Demand Notice/s, within 60 days from the date of the respective Notice/s, as per
details given below. Copies of the said Notices are served by Registered PostA.D. and are available
with the undersigned, and the said Obligor(s)/Legal Heir(s)/Legal Representabve(s), may, if they so
ADITI PHADNIS Kumar's hegemony. quarter ended on September 30,2020 and the payment of second interim desire, collect the respective copy from the undersigned on any working day during normal office

N e w Delhi, 5 October The LJP has a committed voter base of dividend for the FY 2020-21, if any. hours.

the Paswan community, which is only 4-6 For Granules India Limited
In connection with the above, Notice is hereby given, once again, to the said Obligorfs) /Legal
Heir(s)/Legal Representative^) to pay to TCHFL, within 60 days from the date of the respective
ould the Lok Janshakti Party (LJP) per cent of the total population. In the 2010
C Sd /- Notice/s, the amounts indicated herein below against their respective names, together with further
become the Bharatiya Janata Bihar Assembly election, the LJP fought Place: Hyderabad (Chaitanya Tummala) interest as detailed below from the respective dates mentioned below in column (d) till the date of

Party's secret weapon in Bihar? in an alliance with the BJP and got 6.75 Date : 05.10.2020 Company Secretary
payment and / or realisation, read with the loan agreement and other documents/writings, if any,
executed by the said Obligors). As security for due repayment of the loan, the following Secured
In the state-level leadership of the BJP, per cent of votes and won only three seats. Asset(s) have been mortgaged to TCHFL by the said Obligorfs) respectively.

this formulation is being discussed quite In 2015, its vote share dipped to 4.8 per Loan Account Name of Obligor(s)/Legal Heirfs)/ Total Outstanding Date of

openly even though well before the elec- cent and it won only two seats. No. Legal Representative(s} Dues (Rs.) as on Demand Notice

tion was even announced. With other small caste-based parties below date* Date of NPA

Home Minister Amit Shah, who is a opting out of the JD(U)-BJP coalition, like 9515727 Mrs. ANVITI PRASAD
as Borrower
Rs. 1,25,46,447/-
ason
25-sept-2020
And
member of the party's parliamentary Upendra Kushwaha's outfit or the party led 25-Sept-2020 07-09-2019
board (its highest decision-making body), by Mukesh Sahani, they can only dent the Description of the Secured Assets/Immovable Properties/ Mortgaged Properties : Property
had declared Chief Minister Nitish Kumar JD(U)'s chances—not the BJP's. So, it does IDFC FIRST Bank Limited V IDFC FIRST
No.1-All That Residential Property- UNIT NO. VS-9/BUNGLOW No. 2, SECOND FLOOR,TOWER-

the leader of the Janata Dal (United)-BJP not hurt the BJP at all to see Paswan and (erstwhile Capital First Limited I
Bank
VS-9.RISE SKYBUNGLOWS-GH-02-,SEC41, FARIDABAD, 121010 HARYANA, MEASURING
AREA: 1940 SQ. Ft.
coalition, should it come to power. others walk out of the coalition in the state. and amalgamated with IDFC Bank Limited)
CIN: L65110TN2014PLC097792
•
9417050 Mr. Neeraj Chaudhary (Borrower) and Rs. 1,56,86,995/- 25-Sept-2020
In other words, state BJP leaders had What is more, for Chirag Paswan, who Registered Office: KRM Towers, 8" Floor, Hanington Road,
Mrs,MoniaChaudhary& Ason and

no say in deciding the next chief minister Chirag Pas-wan is handling things in the is now handling things in the LJP in the Chetpet, Chennai-600031. TEL: +91 44 4564 40001 FAX: +91 44 4564 4022.
Saphire Digital Printers & (Co Borrower) 25-Sept-2020 07-FEB-2019

if their coalition manages to win a major- LJP in the absence of Ramvilas Paswan, absence of his father Ramvilas Paswan, A P P E N D I X IV [Rule 8(1)]
Description of the Secured Assets/Immovable Properties/ Mortgaged Properties : All That

ity: They would be foisted with Kumar, who is ill and in hospital who is ill and in hospital, this foray gives
Residential Property- Apartment No. VS-7/ Bunglow No. 2, Tower no. Vs-7, 2nd floor, RISE SKY
POSSESSION NOTICE (For immovable property) BUNGLOWS, GH-02, SECTOR41, FARIDABAD, HARYANA-121010
whether they liked it or not. him the chance to portray himself as a pos- Whereas the undersigned being the authorised officer of the IDFC First Bank Limited 9417527 Mr. Neeraj Chaudhary (Borrower) and Mrs, Rs, 1,57,76,2047- 25-Sept-2020
"BJP can form a government on its during the pandemic, but deleted his sible Dalit counterpoise against Kumar in (erstwhile Capital First Limited and amalgamated with IDFC Bank Limited) under the Monia Chaudhary & Saphire Digital Ason and

own in Bihar. But one thing should be Facebook post later. the 2025 Assembly election. Securitization and Reconstruction of Financial Assets and Enforcement of Security
Printers & (Co Borrower) 25-Sept-2020 07-FEB-2019

understood that we formed an alliance Nitish Kumar, who is no stranger to But senior leaders in Bihar say the BJP Interest Act, 2002 and in exercise of powers conferred under section 13(12) read with rule Description of the Secured Assets/Immovable Properties/ Mortgaged Properties : All That
Residential Property- UNIT NO. VS-7/ BUNGLOW NO. 1, FIRST FLOOR, TOWER- VS-7, RISE
with JD(U) in 1996 and we have an old such attacks, has kept his cool, know- has finessed Chirag: He wanted to contest 3 of the Security Interest (Enforcement) Rules, 2002 issued a demand notice dated
11.11.2019 calling upon the borrower, co-borrowers and guarantors 1. Sandeep
SKUBUMGLOWS GH-02, SEC41, FARIDABAD-121010, HARYANA MEASURING AREA- 2300
partnership. So why should we leave ing the BJP is faced with the TINA fac- 40 seats, which the BJP flatly refused, pro- Choudhaiy, 2.Sarita Devi, Id repay the amount mentioned in the notice being Rs.8,70,260.59/-
Sq.Ft

our partnership? We are not going to tor: A caste coalition cobbled together pelling him to the point where he had no (Rupees Eight Lakhs Seventy Thousand Two Hundred Sixty and Fifty Nine Paise 9417027 Mr. Neeraj Chaudhary (Borrower) and Rs, 1,23,74,7767- 25-Sept-2020

break our alliance. Having said that, we by him of the most socially backward option but to challenge the other partner Only) as on 30.10.2919 within 60 days from the date of receipt of the said notice.
Mrs, Monia Chaudhary & Saphire Digital Ason and

surely are in a position to fight alone castes will bring the much-needed in the alliance, JD(U).
Printers & (Co Borrower) 25-Sept-2020 07-FEB-2019
The borrowers having failed to repay the amount, notice is hereby given to the borrower
and form a government by fighting edge to the BJP, propelling it to power,
Description of the Secured Assets/Immovable Properties/ Mortgaged Properties : All That
Ambedkarite leaders in the BJP like and the public in general that the undersigned has taken Physical Possession of the
Residential Property- UNIT NO. VS-8/ BUNGLOW NO. 2, SECOND FLOOR, TOWER- VS-8, RISE
alone. There should be no doubt about which eluded it when Kumar severed Sanjay Paswan, who have been given a property described herein below in exercise of powers conferred on him under sub - SKUBUMGLOWS GH-02, SEC41, FARIDABAD-121010, HARYANA MEASURING AREA- 2060
section (4) of section 13 of Act read with rule 8 of the Security Interest (Enforcement) Rules, Sq.Ft
that," Union Minister RK Singh, who is ties and threw his weight behind the short shrift by the party, are watching these 2002 on this 03" day of October 2020.
the MP from Arrah, told local reporters Opposition Congress and Lalu Prasad's developments carefully. If the Chirag The borrowers in particular and the public in general is hereby cautioned not to deal with
9923791 Mr. Vipin Saini (Borrower) And Rs, 71,34,6237- 25-Sept-2020

a few weeks ago. Rashtriya Janata Dal (RJD). Paswan-led LJP posts a good result, the the property and any dealings with the property will be subject to the charge of the IDFC
Mrs. Monika Saini (Co-Borrower) Ason
25-Sept-2Q20
And
08-07-2019
There is a sizeable section in the BJP Despite its best efforts, BJP is still seen young leader could become a formidable First Bank Limited (erstwhile Capital First Limited and amalgamated with IDFC Bank Description of the Secured Assets/Immovable Properties/ Mortgaged Properties : All That
that believes the association with JD(U) in Bihar as an upper caste, largely urban- caste challenger in the years to come and a Limited) for an amount of Rs.8,70,260.59/- (Rupees Eight Lakhs Seventy Thousand Residential Property- FLAT NO. 19 C, 18TH FLOOR, TOWER- PANORAMA (B1), ILD GRAND,

has affected its credibility and cramped centric party. It has been trying to change permanent fixture as a BJP ally. This means Two Hundred Sixty and Fifty Nine Paise Only) and interest thereon.
The borrower's attention is invited to provisions of sub -section (8) of section 13 of the Act,
SECTOR-37C, GURGAON-122006 MEASURING AREA: 1790 SQ. Ft.

its style. Criticism of the Nitish Kumar this image by fielding leaders like an independent Dalit base within the BJP
regime's treatment of migrant labourers Nityanand Rai (a Yadav) but to little avail. would never get a chance to develop.
in respect of time available, to redeem the secured assets.
*with further interest, additional Interest at the rate as more particularly stated in respective Demand
Notice dated mentioned above, incidental expenses, costs, charges etc incurred till the date of
DESCRIPTION O F T H E I M M O V A B L E P R O P E R T I E S .
payment and/or realization. If the said Obligor(s) shall fail to make payment to TCHFL as aforesaid,

from Bihar has been especially loud from But with LJP, which represents Dalit For the moment, however, all political All the piece and parcel of the property consisting of Plot No. C-63, measuring 100 Sq
then TCHFL shall proceed against the above Secured Asset(s)/lmmovable Propertyfies) under

BJP quarters, to the extent that the Bihar communities like Passi and Paswans, observers are united that LJP's exit is a
BJP president Sanjay Jaiswal lashed out at deciding to fight against the JD(U) in all ploy that was likely crafted by the BJP to
Yards Scheme Shivam Vihar-ll, At Machwa Kalwar Road, Jaipur, Rajasthan - 302012
Section 13(4) of the said /Let and the applicable Rules entirely at the risk of the said Obligor(s)/Legal
Heir(s)/Legal Representative^) as to the costs and consequences.
Sd/-
The said Obligor(s)/Legal Heir(s)7Legal Representative(s) are prohibited underthe said/Let to transfer

the functioning of the state government seats, the BJP might be able to undermine diminish Nitish Kumar. Authorised Officer
the aforesaid Secured Asset(s)/lmmovable Property, whether by way of sale, lease or otherwise
without the prior written consent ofTCHFL. Any person who contravenes or abets contravention of the
Date: 03-10-2020 IDFC First Bank Limited provisions of the Act or Rules made thereunder shall be liable for imprisonment and/or penalty as
Place: Jaipur. (erstwhile Capital First Limited and provided undarthaAct.
Loan Account No:20549929. amalgamated with IDFC Bank Limited) Date: 05.10.2020 Place: - Delhi Sd/-Authorised Officer, For Tata Capital Housing Finance Limited

FROM PAGE 1

Inside Netflix...
Its success has meant that Netflix is now
rolling it out in markets like Malaysia,
Indonesia, Thailand, Philippines to ramp
up access to Netflix. Yellin points to several
experiments — whether it's a 30-second
trailer you see or personalising the ending
of a show. India is an integral part of many
such experiments.
Second, there's the appetite for content.
Indians love watching not just local shows
such as Delhi Crime or Ghoul but much
beyond. After English and local language
content, Spanish, Korean and Japanese
titles drive the highest viewing. The big-
gest reset Netflix has had to do on content
is on films. India continues to have the
highest viewing of films (80 per cent) as a
percentage of the viewing of all content in
the country. Srishti Arya, director, inter-
national original film, reels off all the films
commissioned/bought from India - Ghost
stories, Bulbul, Rajma Chawal - each an
of loan repayment moratorium or not,
will be eligible for the waiver of com-
pounding of interest, it said. This will be
for repayment dues pending between
March and August, 2020.
Senior advocate Kapil Sibal, who
appeared on behalf of the Confederation
of Real Estate Developers' Association,
sought additional time from the court to
respond to the Centre's affidavit on the
waiver of compound interest, while adding
that the figures mentioned in it were
"without any basis". The central govern-
ment had said in its affidavit that a waiver
of interest on all loans during the morato-
rium period would cost 56 trillion, render-
ing most banks unviable.
Senior advocate Aryama Sundaram
argued that the concerns of power pro-
ducers and the real estate sector had not
been taken into account in the Centre's
affidavit on loan waiver.
He even said that the sectors will not
benefit from the loan restructuring
scheme formulated by the RBI.
Ola can continue to operate pending the
outcome of any appeal process.
GST Council... I (^junfon Bmnh
|BRANC^mAHSYMBOLIC POSSESSION NOTICE I
As to why she mentioned the number of Whereas, The undersigned being the authorised officer of the UNION BANKOF INDIA under the Securitisation and Reconstruction
^^Mawi^riVyj'^^^M (For Immovahle Pronertv) (under Rule 8 (1)) 1
states opting for one of the offers given by of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002) and in exercise of Powers conferred under section
the Centre, she said, "20-21 states opted 13 (12) read with rule 3 of the Security Interest (Enforcement) Rules, 2002 issued a demand notice calling upon the
Borrowers/Guarantors/Mortgagor and also owner of the property/surety to repay the amount mentioned in the notice within 60 days
for it (RBI window) and we have put it on from the date of the said notice. The borrower having failed to repay the amount, notice is hereby given to the Borrowers/
record. I can't be told you should not men- Guarantors and the public in general that the undersigned has taken Symbolic possession of the property described herein below
tion it because it gives the feeling that the in exercise of powers conferred on him/her under sub-section (4) of Section 13 of the Act read with rule 8 of the Security Interest
(Enforcement) Rules, 2002 on this mentioned the date. The borrowers/Guarantors in particular and the public in general is hereby
majority is deciding the issue. Even that cautioned not to deal with the property and any dealings with the property will be subject to the charge of the UNION BANK OF
will be unfair to the states which have INDIA, RAJNAGAR, GHAZIABAD BRANCH for notice amount and interest thereon. The borrower's attention is invited to the
opted." provisions of Sub-section (8) of Section 13 of the Act, in respect of time available to redeem the secured assets.
It is not that the Centre is sitting on the Name of the
Description of Immovable Property
Date of Date of Outstanding
money and not giving it to the states, but Borrower/Guarantor Demand Notice Possession
Borrower: Mr. Harender Sinah S/o Equitable Mortgage Property- Area Measu- 03.02.2020 29.09.2020
Amount
Rs.
the money has to be borrowed, she said. Sh. Kailash Singh, LS-2, 2nd Floor ring- (41.80 Sq. mtr.) Add: Flat No. LS2, SF 7,52,461.80/-
Meanwhile, Kerala Finance Minister (Back Side), Plot No. 215, Shyam (Back Side), Plot No. 215, Shyam Park as on
Thomas Isaac tweeted: "10 states Park Main, Sahibabad, Ghaziabad Main, Sahibabad, Ghaziabad (U.P.), Pin- 31.01.2020
demand(ed) that full compensation (U.P.), Pin-201005 201005 in the name of Mr. Harender Singh
S/o Sh. Kailash Singh, Boundries: East:
+ further interest
should be paid to the states during the cur- Guarantor: Mr. Gajraj Singh S/o
Sh. Malkhan Singh, D-55, East of Service Lane 10 ft wide, West: Road 30 ft
& other
rent year as per clauses in the law and cen- Kailash, New Delhi, Pin-110065. wide, North: Plot No. 214, South: Plot No.
expenses w.e.f.
01.02.2020
tre should borrow. Decision was post- 215A.
poned to the next meeting on 12th of | Date: 05.10.2020 Place - Ghaziabad Authorized Officer, Union Bank of India |

intriguingly different story.
"The variety of material coming to us
is huge. By the end of2020, we would have
introduced 10 new directors," says Arya.
"People in India love movies and it is a
great source of some of the best story-
tellers. Two-third of the viewing for Sacred
Games was outside of India," says Yellin.
During the brief hearing, the Bench
said it was considering everything as the
"balance" had to be struck between the
needs of the banks and the borrowers, and
sought the IBA's response on the Centre's
decision. "Ok, we will grant time to file a
reply to the affidavit. We are considering
everything. A balance has to be struck. You
October."
Meanwhile, the Centre will distribute
520,000 crore collected through compen-
sation cess so far this year to the states
tonight, Sitharaman said.
Sitharaman said borrowing for GST
compensation would have no bearing on
the money that states raise, keeping them-
Punjab & Sind Bank BRANCH OFFICE:
CIVIL LINES SAHARANPUR S-0368

Sacred Games (2018), the first Indian also reply to the stand of the individual selves with the bounds of 5 per cent of state UNDELIVERED DEMAND NOTICE
original from Netflix, has been mentioned bank," it said. gross domestic product. Also it will not be (NOTICE UNDER 13 (2) OF S A R F A E S I ACT 2002 READ WITH R U L E 3 OF SECURITY INTEREST ENFORCEMENT R U L E S 2002

dozens of times in earning calls and con- On being asked as to how and when reckoned as debt from the point of view of I being an Authorised Offoer of the Secured Creditor Bank has a reason to believe that all of you the under mentioned notices

ferences by everyone from CEO Reed banks would implement the plan, senior the Finance Commission's recommenda- cannot be served ordinarily as attempted earlier except through this substituted service. As such, all of you the under

Hastings downwards. Also, Mighty Little advocate Harish Salve, appearing for the tions. The council decided to extend pay- mentioned notices are hereby informed and called upon through this public DEMAND NOTICE under section 13(2) of the

Bheem was viewed by over 27 million IBA, said once the RBI issued a circular on ing the states compensation cess beyond SARFAESI Act with rule 3 of the Security Interest (Enforcement) Rule 2002 make payment of the amounts due against each

households across the world, including in the issue, banks would do the needful June 2022 but the period of the extension of you, as mentioned below, within 60 days, the bank will proceed U/s 13 (4) of the said Act for taking possession of the

Australia and Latin America.
That is the third and the most critical
dimension of Netflix's India connect.
SC to g o v t . . .
within 24 hours.
Ola...
"Through our investigations we discov-
ered that flaws in Ola's operating model
is yet to be decided. secured property/ies/Assets mentioned against account and thereafter to sell the same to realize its dues with further interest
till realization along with costs as contemplated under the said Act. Needless to mentioned here that this notice is
Sitharaman said the cess to be collected addressed to you without prejudice to any other remedy available to bankfor recovery of its dues, against you.
after June 2022 would be first used for pay-
ing interest on borrowing. The remaining Name of the Details of Mortgaged Property
Date of Due Amount
/ date of
part will be divided into two, with half of Borrower/Guarantor Demand Notice Notice
it for paying back the principal of 51.10 tril- 1. M/s My Baba Chicken (through prop: Details of the property mortgaged: S A R F A E S I Notice issued u/s as on
lion, which is the compensation gap aris- Ravinder Pal Singh S/o Harbans Singh) 595.17 sq yd situated at A-487, Transport
near pul sabzi mandi Bomanji road Nagar, Saharanpur. Details oif the title
13(2) on 21.09.2020 for 31.08.2020

The SC was hearing the case days after have led to the use of unlicensed drivers ing out of the GST system, and the other Saharanpur deed(s): Sale deed registered in sub
Rs. 15,98,008.20 Rs.
15,98,008.20
the finance ministry submitted an affi- and vehicles in more than 1,000 passenger half for paying the shortfall owing to 2. Ravinder Pal Singh S/o Harbans registrar office, Saharanpur dt 05.03.2008 + intt. + other charges.
with further
davit to say that it is ready to bear the trips, which may have put passenger safety Covid-related issues. singh, 26B Chander Nagar Saharanpur. in bahi no 1 Zild no. 804 pages 881-992
3. Kulwlnder Kaur W/o Ravlnderpal
The Notice was sent to you by
document no. 1317. As per Site: North: Registered post with AD returned interest
burden of waiving compound interest for at risk. If they do appeal, Ola can continue She said no state would pay from its Singh, 26B Chander Nagar Saharanpur. Plot No. 500, 499,497, 498, South: 15 mts undelivered. w.e.f.
small borrowers. Any individual or entity to operate and drivers can continue to own pocket. 4. Prabhjeet Singh Bagga S/o Jasbeer wide road, East: Plot No. A-486 of sethi Date of NPA
01.09.2020
whose loan amount is less than 52 crore, undertake bookings on behalf of Ola. We Singh Bagga, H.No. D-1 Basant Vihar transport, West: Plot No. 488 nav bharat
31.03.2018
irrespective of whether they have availed will closely scrutinise the company to Delhi Road Saharanpur. transport.
i ensure passenger safety is not TCS plans share... | Date: 05.10.2020 Place : Saharanpur Authorised Officer |

compromised," Chapman added.

> BS SUDOKU # 3174 Ola has been operating in TCS, along with its other tech peers such
London since February 2020. It as Infosys and Wipro, has been one of the
9 3 4 6 recently made TfL aware of a
number of failures that had
top performers on the bourses since the
beginning of September. TCS is up 20 per FOR SALE OF IMMOVABLE PROPERTIES
7 potential public safety con-
sequences. These included histo-
cent since the beginning of
September. Wipro is up 23 per cent,
Indian Overseas Bank [Under Proviso to Rule 8(6) of Security Interest
(Enforcement) Rules]

1 ric breaches of the licensing while Infosys is up 13 per cent during the Punjabi Bagh Branch (0687), 1/52, North Avenue Road, Punjabi Bagh, New Delhi-110026,
6 2 8 regime that led to unlicensed same period. Together, the top five IT serv- Ph: 011-25223019, 25223958, Email: iob0687@iob.in

2 9 drivers and vehicles undertaking ices exporters have seen 18 per cent rise in E-Auction Sale Notice for Sale of immovable Assets under the Securitisation and Reconstruction of Financial Assets and
more than 1,000 passenger trips their m-cap during the period. Enforcement of Security Interest Act, 2002 read with proviso to Rule 8(6) Of Security Interest (Enforcement) Rules, 2002

9 1 8 5 on behalf of Ola. There was also a With this rally, IT companies are now Notice is hereby given to the public in general and in particular to the Borrower(s) and Guarantor(s) that the below described immovable properties mortgaged/ charged to
Indian Overseas Bank, the possession of which has been taken by the Authorised Officer of Indian Overseas Bank, will be sold on "As is where is", "As is what is" and
failure to draw these breaches to the biggest contributor on the bourses after "Whatever there is" basis as per details mentioned hereunder:
3 7 TfL's attention immediately when RIL. TCS has added nearly 53.3 trillion to Amount Due To Reserve Price Date of Auction
they were first identified. its m-cap since the end of March this year Sr. Names of Borrowers
No. Names of Guarantors
Indian Overseas
Description of the Immovable Property Type of
Earnest Money Last Date for
8 4 "At Ola, our core principle is to and is up nearly 49 per cent during the Bank Known Encumbrances II Any Possession
Deposit submission of BID
work closely, collaboratively, and period. The company has accounted for 1. Upasana Rs 33,50,037/- All that part and parcel of the properly consisting of Residential Property, Physical Rs 35,06,060/ 21.10.2020
4 7 3 transparently with regulators such 13.2 per cent of the rise in the combined NA ( R s Thirty Three the Entire third floor with roof/terrace right out of built up property no D- Rs 3,50,000/- 20.10.2020
as TfL. We have been working with m-cap of all Nifty50 companies since the Lakhs Fifty 1A/106C, Land Area measuring 66.888 Sq Mtr i.e. 80 Sq Yds out of

8 2 5 6
SOLUTION TO #3173
4 8 3 6 5 7 2 1 9
7 2 5 1 9 3 8 4 6
6 9 1 2 4 8 7 5 3
5 1 7 9 6 2 3 8 4
TfL during the review period and
have sought to provide assurances
Easy: and address the issues raised in an
* * open and transparent manner,"
said Marc Rozendal, MD, Ola UK.
Solution
"Ola will take the opportunity to
tomorrow appeal this decision and in doing
HOW TO PLAY
so, our riders and drivers can rest
end of March this year. The index com- Thousand Thirty Khasra No 693/92, situated in the revenue estate of village Nasirpur, Delhi
State Delhi and colony known as Mahavir Enclave, New Delhi-110045.
panies' combined m-cap is up 37 per cent, Seven Only)
None
or 525 trillion during the period. 2. Aditya Shankar Rs 42,94,785/- All that part and parcel of the property consisting of Residential Physical Rs 49,00,000/- 21.10.2020
RIL has been the top contributor, and Shalini (Rs Forty Two Property no 168, llnd Floor, Block B, Sector-8, Dwarka, New Delhi- Rs 4,90,000/- 20.10.2020
accounting for a third of the rise on the NA Lakhs Ninety Four 110075 having plinth area 60 Sq Mtrs
index during the period. Its m-cap is up Thousand Seven None
112 per cent since the end of March this Hundred Eighty
year, or 57.9 trillion. The five IT firms Five Only)

2 3 6 5 8 4 1 9 7
9 4 8 3 7 1 6 2 5
3 7 9 8 1 5 4 6 2
8 6 4 7 2 9 5 3 1
assured that we will continue to together have added 57.14 trillion to their • Wherever applicable, the Reserve Price is inclusive of 0.75% Tax under Sec. 194(IA) of IT Act
Fill in the grid so
operate as normal, providing safe m-cap since the end of March, accounting • For detailed terms and conditions of the sale, please referto the linkprovided on Indian Overseas Bank's website i.e.
that every row,
and reliable mobility for London." for 29 per cent of the rise on the index dur- www.iob.in[https://www.iob.in/TenderDetails.aspx7TendertypesE_Auclion] or https://ibapi.in
every column
TfL said applicants had a right ing the period. • This may also be treated as a Notice under rule-8(6) / Rule 9(1) of Security Interest (Enforcement) Rules,2002 to the borrower/s and guarantor/s/mortgagors of the
and every 3x3
to appeal against the decision to a said loan about holding of e-auction on the above mentioned date

1 5 2 4 3 6 9 7 8
box contains
the digits 1 to 9
magistrates' court within 21 days. More on business-standard.com • Submission of EMDstartsfrom 07.10.2020
| Place: New Delhi Date: 05.10.2020 Authorised Officer, Indian Overseas Bank |
14
>
NEW DELHI | TUESDAY, 6 OCTOBER 2020
Business Standard N E W DELHI | T U E S D A Y , 6 OCTOBER 2 0 2 0 15
BEFORE THE NATIONAL COMPANY LAW
TRIBUNAL, PRINCIPAL BENCH NEW DELHI
COMPANY APPLICATION NO. (CAA) 19
(PB) OF 2020
/ \ OFFICE OF THE EXECUTIVE ENGINEER
MMi1 JAL SHAKTI DEPARTMENT, PHE. DIVISION PULWAMA
email: xenphepulwama@gmail.com
;KUAST
f K A S H M I R
BE
ISSf
COSMO
Engineered to
FILMS
Enhance

COSMO FILMS LIMITED

In the matter of the Companies Act, 2013;
And
In the matter of Sections 230 - 232 of the
Companies Act, 2013 and other
applicable provisions of the Companies
Act, 2013
And
In the matter of Scheme of Amalgamation
of ANU Nivasam Private Limited and AJ
Habitat Private Limited and their
respective shareholders and creditors
.-JIJL u j j j i i ( t f l - J p l i i a J J ^ J ySArfi J a i j i i j y ' n JJSJ j l
Faculty of Horticulture Regd. Off: 1008, DLF Tower-A, Jasola District Centre, New Delhi- 110025
CIN: L92114DL1976PLC008355 Tel: 011-49494949 Fax: 011-49494950
Notice Inviting e-Tender Division of Food Science and Technology SKUAST-K, E-mail: i n v e e t o r . r e l a t i o n s @ c o s m o r i l m e . c o m , Website: w w w . c o s m o r i l m s . c o m
E-NIT S. No. 43/PHEP of 2020-21
For and on behalf of the Lt. Governor UT of J&K e-tenders (Two cover System) on Item Rate
Shalimar Srinagar Kashmir-190025 NOTICE OF LOSS OF SHARE CERTIFICATES
Notice is hereby given that the following original Share Certificates of Cosmo Films Ltd
Basis including the maintenance cost for a period of Three Yearswhichincludes 12 months
of DLP are invited from Reputed and resourceful contractors/ Firms/Companies/Joint Venture
Notice for Re-tendering of GC-MS/MS issued by the company are stated to have been lost or misplaced or stolen and the registered
holder thereof/ claimant has applied to company for issue of Duplicate Share Certificate.
of repute in PWD or Equivalent in CPWD/ Railways and other state Governments for the and Rotational Viscometer Name & Name of Certificate Distinctive Nos. No. of Eq
following works, which should be uploaded on the Procurement web portal http://jktenders.gov.in
for the subjected work(s) referred below to be received by the Executive Engineer Jal Shakti
Fresh sealed tenders affixed with a revenue stamp for Rs. 5/- are No. Folio No. Claimant No. Shares

invited from the reputed manufacturers and suppliers for the supply Vasantha Vasantha 13615-13616 798801-798850 100
ANU Nivasam Private Limited, (A Company (PHE) Department, Division Pulwama and as per the details mentioned in this e-tender notification Balakrishna Balakrishna 205681 10978329-10978378
incorporated under the provisions of the and to whom all the terms and conditions of detailed e-NIT /Tender Documents/ PWD Form No:- of GC-MS/MS and Rotational Viscometer to the Division of Food P R Neenakshy
Companies Act 1956 and having its registered
office at 110-B, 2nd Floor, Humayunpur, Opp.
25 double are accepted. The detailed tender document and Specifications etc. can be downloaded Science & Technology SKUAST Kashmir. Detailed tender documents P820
on the e-procurement portal http://jktenders.gov.in.
Deer Park, Behind N.C.C. Office, Safdarjung with specifications, terms and conditions are available on university Any person(s) who has/ have any claim(s) in respect of such share certificates should lodge
Enclave, New Delhi-110029, The cost of tender documents (Non-refundable/Non-Transferable) should bein the shape of e- such claimjs) in writing with the registrars and transfer agent M/s. Alankit Assignments Ltd.,
Challan or Treasury Challan/Receipt in favour Executive Engineer Jal Shakti (PHE) Department, website www.skuastkashmir.ac.in or can be had from the office of 4E/2, Alankit House, Jhandewalan Extn. New Delhi 110055, Tel: 011-42541234, 23541234,
Transferor I Applicant Company 1
AJ Habitat Private Limited, (A Company
Division Pulwama. Division of Food Science & Technology SKUAST Kashmir. The within 15 days of Publication of this notice after which no claims will be entertained and the
incorporated under the provisions of the S. Name of Work Estimated EMD Cost of Time of Class of documents are to be accompanied by a non-refundable demand registrars will proceed for issuing duplicate certificates.
For and on Behalf of
Companies Act 1956 and having its registered No Cost (in*-) TD com- Contract draft for Rs. 2000.00 (Two thousand only) and refundable cash COSMO FILMS LTD.
office at 110-B, 3rd Floor, Humayunpur, Opp. (*. in lacs) (in*-) pletion deposit receipt (CDR)/Fixed Deposit Receipt (FDR) as mentioned Sdf-
Deer Park, Behind N.C.C. Office, Safdarjung
Dated: 5th October, 2020 Jyoti Dixit
Enclave, New Delhi-110029, 1 Retrofitting of Water Supply Scheme
85.17 170340 1600 60 AAY against each item in the detailed tender document pledged to Dy. Place: New Delhi Company Secretary
Transferee I Applicant Company 2 Khanchak by way of providing, laying and
fitting of Gl pipes, including construction
days Comptroller (Divisions), Faculty of Horticulture, SKUAST Kashmir.
NOTICE AND ADVERTISEMENT OF NOTICE
OF MEETING OF THE EQUITY of intake chamber, RCC jacketing to The tender document complete in all respects should reach the office
SHAREHOLDERS OF THE ANU NIVASAM existing SSF Plant including laying of of Head, Division of Food Science and Technology, SKUAST-Kashmir
PRIVATE LIMITED AND AJ HABITAT new filter media including installation of
PRIVATE LIMITED 70 No. FHTCs for Kharchak (JJM).
Shalimar, J&K by of before 28-10-2020 up to 2:00 p.m. either by
Notice is hereby given that by an order dated registered/speed post/courier or can be delivered personally against
Retrofitting of Water Supply Scheme
the September 23,2020, the Principal Bench of
National Company Law Tribunal, New Delhi has
2
Nikas Arbal by way of providing, laying
28.48 56960 1100 30 A&B a proper receipt. APPENDIX IV
days
directed a meeting to be held of the Equity and fitting of Gl pipes, including Sd /- [See rule 8 (1)]
Shareholders of the Transferor Company and construction of spring protection work, No. AU/FST/FTL/20/875 Professor & Head POSSESSION NOTICE
Transferee Company for the purpose of providing structural steel mesh over
considering and if thought fit approving with or spring, and face lifting of structures
Dated : 28-09-2020 Division of FST (for immovable property)
without modification(s), the proposed merger Whereas,
including installation of 91 No. FHTCs
embodied in the Scheme of Amalgamation of The undersigned being the Authorized Officer of INDIABULLS HOUSING
for Nikas Arbal (JJM).
ANU Nivasam Private Limited and AJ Habitat F I N A N C E LIMITED(CIN:L65922DL2005PLC136029)under the Securitisation and
Private Limited and their respective shareholders Position of Funds: Available; Major Head of Account: JalJeevan Mission (JJM) Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002
and creditors. The Bidding documents consisting of eligibility criteria, specification, drawings, bill of quantities and in exercise of powers conferred under Section 13 (12) read with Rule 3 of
In pursuance of the said Order and as directed (B.O.Q) set of terms & conditions of contract and other details can be seen/ downloaded from the Security Interest (Enforcement) Rules, 2002 issued Demand Notice 20.09.2019
therein, further notice is hereby given that a the e-procurement Portal "http://jktenders.gov.in" as per schedule of dates given below: calling upon the orrower(s) A J A Y B A N S A L P R O P R I E T O R S H Y A M SAHARA
meeting of the Equity Shareholders of
S. Description Date Time Government of J a m m u & Kashmir P L A S T I C A N D A N J U B A N S A L to repay the amount mentioned in the Notice
Transferor Company and Transferee Company
No. DD MM YYYY being Rs.66,74,679/- (Rupees Sixty Six Lakhs Seventy Four Thousand Six
will be held through VC/OAVM on November 7, A n i m a l / S h e e p H u s b a n d r y D e p a r t m e n t Civil Secretarial S r i n a g a r K a s h m i r :
2020 at 11:00 AM and 12:00 Noon respectively Hundred Seventy Nine Only) against Loan Account No.HLAPNOI00433265 as
1 Publishing date of NIT 05 10 2020 900 Hrs (Auction of G r a d e d Wool)
at which time and place, the respective Equity on 19.09.2019 and interest thereon within 60 days from the date of receipt of the
2 Download start date 05 10 2020 900 Hrs
Shareholders of the Applicant Companies are It is for the information of all concerned that J&K Sheep & Sheep Products Dev. Board is goving said Notice
requested to attend. 3 Bid submission start date 05 10 2020 900 Hrs
to conduct the auction of the following qualities of Wool available in its Stores at Srinagar/Jammu The Borrower (s) having failed to repay the amount, Notice is hereby given
Copies of the said Scheme and of the statement 4 Bid submission end date 27 10 2020 1600 Hrs to the Borrower (s) and the public in general that the undersigned has taken
under Section 230 of the Companies Act, 2013 in t h e o f f i c e o f J & K S h e e p and S h e e p products d e v e l o p m e n t B o a r d N o w s h a r a Srinagar
For and on behalf of the Lt. Governor UT of Jammu & Kashmir possession of the property described herein below in exercise of
can be obtained free of charge at the registered K a s h m i r on 13th O c t o b e r ( M o n d a y ) 2020 at 1 1 A M .
office of the Applicant Companies. Person(s) Sd /- powers conferred on him under Sub-Section (4) of Section 13 of the Act read
Executive Engineer, with Rule 8 of theSecurity Interest (Enforcement) Rules, 2002 on 03.10.2020
entitled to attend and vote at the meeting, may S. Item/Quality o f W o o l Micron MFL Quantity Quantity Total
vote in person or by proxy or through electronic DIPK-6796/20 (JSD) PHE Div, Pulwama, The Borrower (s) in particular and the public in general is hereby cautioned not
means or by postal ballot provided that all proxies
NO available available Quantity to deal with the property and any dealings with the property will be subject to
in the prescribed form are deposited at the at J a m m u at Srinagar in (kgs), the charge of the I N D I A B U L L S H O U S I N G F I N A N C E LIMITED for an amount
registered office of the Applicant Companies not
stores (kgs) stores (Kgs) of Rs.66,74,679/- (Rupees Sixty Six Lakhs Seventy Four Thousand Six
later than 48 hours before the meeting.
Forms of proxy can be obtained at the registered Hundred Seventy Nine Only) as on 19.09.2019 and interest thereon.
office of the Applicant Companies.
1 XBBCC White Combing Wool 23-25 >40-45MM 62009-000 50000-000 112000-00 The Borrower's attention is invited to provisions of Sub-Section (8) of
The Tribunal has appointed Mr. Rajeev Kumar, 2 Xbboc White Carding Wool 23-25 <35 MM 5000-000 110094)00 16900-090 Section 13 of the Act in respect of time available, to redeem the secured
Advocate or in his absence Mr. Naresh Kumar
Mansharamani, Advocate will chair the respective
meeting of the said shareholder meeting(s) The
Business Standard 3 Lighl Pigmented Combing Wool 24-26 >40-45MM 2500-000 1000-000 3500-000
assets.
DESCRIPTION OF THE IMMOVABLE PROPERTY
above-mentioned Scheme, if approved by the 4 CDX White Combing Wool 23-30 >40-45MM 3000-000 7000-000 10900-090 1ST FLOOR UPTO CEILING LEVEL ONLY (WITHOUT ROOF AND TERRACE
Equity Shareholders in their meeting, will be
subject to the subsequent approval of the
newspaper delivering safely 5 CDX Yellow Combing Wool 30-32 >40-50MM 5000-000 Nil 5900-090 RIGHTS), HAVING ITS AREA MEASURING 133 SQ. YDS. i.e. 111.20 SQ. MTRS.
BUILT- UP TOGETHER WITH CONSTRUCTION BUILT THEREON, WITH THE
6 Merino Combing Wool 21-22 >40-50MM 4000-000 2000-000 6900-090
Tribunal.

Place: New Delhi Sdf-

to homes and offices 7 Merino Cardinq wool 21-22 <40 MM 3000-000 500-000 3500-090
COMMON RIGHTS OF ENTRANCE, STAIRS & PASSAGE FROM GROUND
FLOOR, ALONGWITH THE COMMON RIGHTS TO GO ON TOP FLOOR FOR
Dated: 05.10.2020 Rajeev Kumar MAINTENANCE OF WATER TANK ETC. WITH COMMON STILT FLOOR
Advocate 3 Stained Wool 500-000 2000-000 2500-000
PARKING & OTHER COMMON FACILTIES BEARING PROPERTY NO. 1/6579
Chairperson Appointed for the Meetings of
Equity Shareholders of the Transferor For details, SMS reachbs to 57575 9 Black Mixed 24-26 M0-45MM 10000-000 8000-009 16900-090 (OLD NO.1241/10) ON PLOT NO.-36 FORMING PART OF KHASRA NO.
Company and the Transferee Company 10 Raw Wool 24-26 M0-45MM 2 Lacs kg 79000-9 kg 2,79,090kg 1367/326 SITUATED AT VILLAGE-SIKDARPUR IN THE ABADI OF EAST
or email order@bsmail.in ROHTASH NAGAR, ILLAQA SHAHDARA, DELHI-110032 TOGETHER WITH
All the Interested, registered firms/bidders or their authorized representatives are requested to THE UNDIVIDED PROPORTIONATE FREE-HOLD RIGHTS OF THE LAND
attend the auction on the scheduled date and time with an earnest Money of Rs.10,000/- (Ten UNDERNEATH WHICH IS BOUNDED AS UNDER
thousand only) to be deposited on-spot in the form of Cash/Bank Draft/CDR/FDR pledged to
the J&K Sheep & Sheep Prods Dev. Board. The detailed terms and conditions can be downloaded EAST : PROPERTY OF OTHERS
from the Official website of Director Sheep Husbandry Department Kashmir at the following WEST : PROPERTY OF OTHERS (PLOT NO.-33)
address www)ksheephusbandrykashmir.nic.in NORTH : PROPERTY OF OTHERS (PLOT NO.-34)
S d / - Director F i n a n c e SOUTH : ROAD 20 FT. WIDE
NO: ASH/WB/Acctts /202Q-21/64 A n i m a l / S h e e p H u s b a n d r y Department
Insight Out Dated: 01-10-2020 (Chairman A u c t i o n C o m m i t t e e ) Date : 03.10.2020 Authorized Officer
Sd/

DIPK-NB-2778/20 Place : DELHI INDIABULLS HOUSING FINANCE LIMITED

Sumit Deb
CMD, N M D C Limited
Dear Shareholders,
I have great pleasure in welcoming you to the 62"" Annual General Meeting (AGM) of
NMDC Limited, which is being organise" via video conferencing. Organising AGM
through video conferencing have given us an opportunity amidst Covi" 19 pandemic
challenges to get closer to digitalization. Another advantage is, a larger number of
shareholders are able to participate in the AGM from safety of their respective
locations. I request all of you with your near and dear ones to stay safe and healthy.
This is my first address to our shareholders since accepting the role as Chairman
and Managing Director of NMDC Ltd. I am honoured and humbled to be leading our
great company with more than 60 years of rich legacy in responsible mining along
with a great team. The Directors Report and the audited Balance Sheet of your
Company for the period ended 31st March, 2020 have already been mailed to the
shareholders of the Company. With your permission, I take them as read.
To begin with let me delve upon our FY20 performance and the key factors
leading to the financial performance
As the largest iron ore producer in India we are steadily progressing as an
environment friendly miner with a positive thrust on economic and social
development of our country. We continue to advance in our mission to acquire and
operate various iron ore, coal and other mineral assets in India.
During the year all the five mining leases of Bailadila Iron Ore Mines in Chhattisgarh
have been extended.
Under Section-5 of the Coal Mines (Special Provision) Act, 2015 Ministry of Coal has
declared NMDC as successful allottee of Tokisud North Coal Mine (Non Coking Coal)
& Rohne Coal Mine (Coking Coal).
CY2019 has been a challenging year for the global as well as Indian economy.
Global growth in CY19 recorded its weakest pace since the global financial crisis a
decade ago. This global slowdown has common influences across countries along
with country-specific factors. Rising trade tensions and associated uncertainties
weighed on business sentiment and economic activities in emerging market
economies such as India, Brazil, Mexico and Russia.
From manufacturing steel components to infrastructure development, steel is the
key reinforcing element in the economic growth. In 2019, India had become the
second largest crude steel producing country in the world, with a crude steel
production of 111 MnT. However, the growth rate was much lower compared to the
previous year. In CY19 and Q1 of CY20 the growth in the construction and
infrastructure sector weakened due to falling investments in fixed asset formation.
Abrupt plunge in the private consumption led to weaker growth in automotive and
consumer durables. Adding to that the tighter liquidity conditions impacted credit
availability in the manufacturing sector. The unfavourable economic conditions
were further impacted due to the onslaught of Covid 19 pandemic and subsequent
national lockdown.
As India's largest Iron Ore mining company and as a key stakeholder in the mine to
metal value chain, our company was impacted which reflected on our FY20
performance. Turnover of the company for the year under review declined 3.74%
year on year as it stood at Rs.11,699 crores as against Rs.12,153 crores in the
previous financial. Our margins were also impacted. Profit before tax (PBT) from
continuing operations was Rs.6,123 crores compared to Rs.7,199 crores in the
previous financial year 2018-2019 - a decrease of 14.95%. Profit after tax (PAT) was
Rs.3,610 crores compared to Rs.4,642 crores in the previous financial year 2018-19
a decrease of 22.23%. However I am confident of our company improving the
performance in the coming quarters as we are taking advantage of all our operational
capabilities and pointing our strategies for an improved outcome in FY21.
I have a positive update on the latest developments related to Donimalai mine....
While stepping into Q3 of FY21, we are closer to resuming our mining operations at
Donimalai. As most of you are aware, our company has been in discussions with
both Government of Karnataka and Government of India on Donimalai Mine lease
extension to resolve certain unviable terms in the lease agreement. On 15th of this
month the Karnataka Cabinet has cleared our application to start mining operations
at Donimalai. This is indeed a positive culmination of the dialogue between our
company, Government of Karnataka and Government of India. However, the actual
resumption of mining operations in Donimalai mines is expected to be started in the
month of October, 2020 which will add production of 5-6 lakh tonnes/month.
Our external Scenario continues to be challenging yet opportunities are clearly
visible in the horizon
Our operating environment consists of Iron ore production and demand from the steel
industry. India is the 4th largest Iron ore producer in the world. India's iron ore
production is estimated to have risen by 17.8% in FY20, to reach 245.4 MT, owing to the
acceleration in mine production from 208.3 MT. However, production in FY21 is
expected to come down significantly owing to delays in operationalization of auctioned
mines in Odishaon account of the COVID-19. Steel industry and its associated mining
and metallurgy sectors have seen major investments and developments in the recent
past. According to the data released by Department for Promotion of Industry and
Internal Trade (DPIIT), the Indian metallurgical industries attracted Foreign Direct
Investment (FDI) to the tune of US$13.40 billion in the period April 2000 - March 2020.
The growth in the Indian steel sector has been driven by domestic availability of raw
material such as iron ore and skilled labour. Consequently, the steel sector has been a
majorcontributorto India's manufacturingoutput.
Steel has contributed immensely towards India's economic growth. This is evident
from the similar growth patterns of India's GDP and steel production in the country,
which also highlights the economy's dependence on steel. National consumption of
finished steel rose from 6.5 MT in 1968 to 101 MT in 2018, while GDP grew from
USD 0.25 trillion in 1968 to USD 2.94 trillion today. Steel-making capacity is
expected to reach 300 million tonnes per annum by 2030-31. Crude Steel production
is expected to touch 255 MTPA by 2030-31 from 142 MPTA in FY18-19. As a result,
per capita steel consumption is expected to rise 160 KG from the current 74.1 KG.
This growth will be predominantly fuelled by the increasing consumption in the
construction & infrastructure sector and capital goods.
To make these projected steel consumption growth a reality, India's iron ore
production needs to increase simultaneously.
In March 2019, the Indian government came up with a new National Mineral Policy
(NMP) that replaced the earlier 2008 Policy. NMP 2019 aims to hike mineral production
by200 percentin seven years and increase the share of mining in India'sGDP.
Going Forward
India's steel consumption in first 4 months of FY 2020-21 declined by 42% YoY.
India's apparent steel consumption in 2019 was estimated at 101 million tonnes.
However during the period steel exports increased. A drop in domestic demand,
disruption in supply chain and acute shortage of construction labour led several top
steelmakers to export more than 50-60% of their sales volume during May-June
period. Iron and steel recorded more than 100% growth in exports during June
2020 with shipments of $1.32 billion against $653.52 million in the same month last
year. Finished steel production declined by 0.8% in FY20 to reach 101.3 MT, over
FY19 when the production stood at 102.1 MT. While, the steel demand in the most
developing economies is expected to fall in FY21, India is likely to face a larger
decline in steel demand.
Though the domestic consumption is expected to be impacted in the subsequent
months, demand for steel has picked up since August as normalcy is returning in the
infrastructure sector, MSME and specialty steel sectors. Government's thrust on
rural development is also driving the demand for steel. The trend from August 2020
shows exports of steel decreasing and the domestic demand for steel increasing. As
the economy is showing signs of recovery, almost all steel plants have resumed
production at an average 75-80 pc of capacity.
Against the backdrop of the increasing demand we are able to increase the domestic
prices of Iron Ore for September to a 22-month high as the removal of Covid-19
lockdown restrictions boosts demand.
I am delighted to inform you that since July 2020, we have recorded a rise in overall
production and sales as compared to the corresponding period in July 2019, despite
the current uncertain situation due to COVID-19. Our company has been able to
achieve excellent physical performance through its continual push towards higher
volumes which saw production of 2.19 MT and sales of 2.57 MT that grew by 13%
and 7% respectively over the corresponding period last year. Total production stood
at 1.62 million tonnes (MT) in August 2020 compared to 1.41 MT in August 2019.
Total sales stood at 1.79 MT in August 2020 compared to 1.49 MT in August 2019.
Further, the Board of Directors of the company has accorded in-principle approval to the
proposal to demerge NMDC Iron & Steel Plant (NISP) Nagarnar located in
Chhattisgarh.
Technology Upgradation is key enabler for making the mining operations
economically competitive...
In line with the vision plan of augmenting its production & evacuation capacity,
technological upgradation, diversification & value-added products, our company
has taken up many ambitious projects. Some of the projects have been completed
and others are nearing completion. Details of our new projects and technology
upgradation initiatives are detailed in our Annual Report.
As I mentioned in the beginning of this address, we are a great team at N M D C . .
We continue to progress on our Human Resource Development and Industrial
relations. The human capital of NMDC has been its key asset. The company has
made concerted efforts in keeping the workforce highly engaged and motivated
through varioustraining programmes. I am delighted to say that ourteam consistingof
5635 people are completely aligned with our vision to make the company a globally
acclaimed iron ore company. We have inclusiveness based human resource
development plan driving our Human potential development initiatives.
Corporate Social Responsibility
Contributing to social development is engraved in our vision. Our social objectives
are aimed at improving the quality of life of people in general and socio economic
environment in and around our mining locations. During the year we spent close to
200 crores towards various social development activities. Education, Health &
Hygiene, skill development and Livelihood developments programmes were the key
areas of our social interventions. Particulars of our CSR initiatives are detailed in
this Annual Report.
Corporate Governance
Your Company has complied with Corporate Governance norms as stipulated by the
SEBI Regulations / DPE Guidelines falling within its ambit. For more details, may
refer to Report on Corporate Governance which forms part of Directors' Report.
I would also like to inform you that during this year also, Comptroller & Auditor
General of India (CAG) has made NIL observations on the Annual Accounts of the
Company for the year 2019-20.
Environment Sustainability
We continue to progress on various environment and energy conservation initiatives
in line with our motto being a responsible miner. During the year 1 MW capacity grid
connected Roof Top Solar (RTS) power plants were installed and commissioned at
various production units of our company. Under our sustainability development
programme, construction of Sewage Treatment Plant with SBR technology at
Bacheli at a cost of Rs.6.61 crores has been constructed. Similar treatment plant at
Kirandul at a cost of Rs.8.0 crores for treatment of domestic effluents is under
construction stage. BIOM, Bacheli complex was awarded Greentech Environment
Award (Winner) and 4 first prizes and 2 second prizes in various categories including
1st prize in Overall Performance category in Mines Environment and Mineral
Conservation Week. Every year Carbon Footprint studies are being conducted for
disclosure of Greenhouse Gas Emissions in Carbon Disclosure Project (CDP).
Acknowledgement
I would like to acknowledge that all these have been possible only due to the
relentless and dedicated effort and hard work by the employees of the Company.
The Covid-19 Pandemic has added more challenges to NMDC collective and we
strive to overcome the same.
On behalf of the shareholders and management of the Company, I thank the
Government of India, Ministry of Steel, State Governments of Chhattisgarh,
Karnataka, Jharkhand, Madhya Pradesh, Telangana, Andhra Pradesh, Jammu &
Kashmir, Himachal Pradesh, Odisha and other stakeholders for the confidence and
trust reposed in your Company.
I also place on record my sincere appreciation and thanks to the Board Members,
C&AG, other Organizations and regulatory bodies for their unstinted support,
guidance and co-operation extended to NMDC. It will certainly be our endeavour to
put in our best efforts for sustained growth, expansion and prosperity of the
company benefitting all stakeholders in times to come.
With this I conclude my address. Stay safe. Stay healthy.
Jai Hind
Sumit Deb
Chairman & Managing Director
29th September 2020, Hyderabad.
NMDC Limited
(A Government of India Enterprise)
Regd. Office: "Khanij Bhavan", 10-3-311/A,
Castle Hills, Masab Tank, Hyderabad - 500028.
NMDC CIN: L13100TG1958GQI001674

• • •• • • •• •• •• • • ••
Note : The above statement does not purport to be a record of the proceedings of the 6 2 " AGM of NMDC held on 29-09-2020. t l • fs) • nmdclimited www.nmdc.co.in
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NEW DELHI | TUESDAY, 6 OCTOBER 2020 1

China cannot Nobel in Medicine to trio who

discovered Hepatitis C virus
get the better Harvey J Alter, Michael G Kaelin Jr, Peter J Ratcliffe and

of us: Air chief

Gregg L Semenza for discoveries
Houghton and about how cells sense and adapt to
Charles M Rice jointly oxygen availability. These cellular
mechanisms control, for example,
honoured for their adaptation to high altitudes
and how cancer cells manage to

After Galwan Valley incident, IAF was ready for decisive contribution hijack oxygen.

strikes if ordered: Bhadauria to the fight against When will the other Nobel Prizes
blood-borne be announced?
The Nobel Prize in Physics will be
hepatitis, a major announced on Tuesday in Sweden.
The Nobel Prize in Chemistry will
global health problem be announced on Wednesday in
Sweden.
The Nobel Prize in Literature will
DANIEL VICTOR be announced on Thursday in
5 October Sweden. The prizes for both 2018
and 2019 were announced last year

AJAI SHUKLA capabilities with our helicopter inductions.
New Delhi, 5 October In fact, the IAF’s tactical airlifters enabled
the army to quickly block Chinese troops from
T
he Nobel Prize in Physiology or
Medicine was awarded jointly
to Dr Harvey J Alter, Michael
Houghton and Charles M Rice on
Monday for the discovery of hepatitis
C virus, a breakthrough the Nobel
Assembly said had “made possible
blood tests and new medicines that
have saved millions of lives”.
The Nobel Assembly announced
the prize at the Karolinska Institute in
Stockholm.
“For the first time in history, the
disease can now be cured, raising
hopes of eradicating hepatitis C virus
Alter, Houghton and Rice are seen on a screen as the three laureates as they are
declared winners in Stockholm on Friday
from the world population,” the com-
mittee said in a statement.
Who are the winners?
Dr Alter, an American (born in New
York in 1935), is a medical researcher
for the National Institutes of Health
in Maryland.
Dr Houghton, born in Britain, is
the Li Ka Shing professor of virolo-
gy at the University of Alberta,
Canada. He is also director of the Li
REUTERS
Ka Shing Applied Virology Institute
at the university.
Dr Rice, born in 1952 Sacramento,
is a professor at Rockefeller
University in New York. From 2001 to
2018, he was the scientific and execu-
tive director at the Center for the
Study of Hepatitis C at the university.
Who won the 2019 Nobel Prize
for medicine?
The prize was awarded to William
after a postponement of the 2018
prize. That occurred after the hus-
band of an academy member was
accused, and ultimately convicted,
of rape — a crisis that led to the
departure of several board members
and required the intervention of the
King of Sweden.
The Nobel Peace Prize will be
announced on Friday in Norway.
The Nobel Memorial Prize in
Economic Science will be
announced next Monday in Sweden.
© 2020 The New York Times News Service

I
n the backdrop of multiple Chinese intrusi- trespassing even deeper across the Line of Actual
ons in Eastern Ladakh, Air Chief Marshal Control (LAC).
Japan struggles to
RKS Bhadauria conveyed a reassuring mess- “Our airlift capability was also brought into
age of a force that has the situation in control and focus as we supported the Indian Army in rapid
is equipped and trained to match any adversary. mobilisation of troops and equipment to [the]
Patron cap puts Mumbai’s fill bullet trains
dine-out plans in a pickle
Addressing the media on Monday in the run- operational area at a pace which our adversary
up to the 88th Air Force Day on October 8, the didn’t expect,” said the IAF chief.
Indian Air Force (IAF) chief said: “We are firmly Suggesting the tactical airlift fleet would
running empty
in place to handle any contingency”. He said remain a priority, Bhadauria said, “The AN-32 SHIHO TAKEZAWA
there is no scenario, in any conflict situation, in [medium transport] fleet is halfway through its 5 October
which China can get the better of India. upgradation. Similar plans are in place for the VIVEAT SUSAN PINTO

T
“We conduct bilateral and multilateral exer- [heavy lift] IL-76 fleet as well.” Mumbai, 5 October hese days, the section of Tokyo
cises with leading air forces of the world and let Bhadauria did not mince words in outlining Station serving regional destina-
me share with you with confidence that opera- the challenges posed by China and Pakistan act-
tionally we are amongst the best,” said the air ing in collusion. “The matrix of threat is complex,
chief, referring to the IAF’s strong performance ranging from aspirational adversaries with huge
R esidents of Maximum City had
little option to eat out on Mon-
day, despite restaurants being per-
tions is a shadow of its former
self. Gone are the usual crowds and on a
mid-week afternoon in late September,
in demanding international exercises, such as investments in military arsenal to those collu- mitted to reopen. The reason: Most just a handful of commuters browsed
Red Flag, which the US conducts. sively fronted by non-state actors,” he said. eateries were shut in response to a bento-box stores.
Bhadauria denied the IAF had come close to Asked about reports of Chinese combat air- cap imposed by local authorities on “I see more cleaning staff getting off
air strikes on the People’s Liberation Army (PLA) craft operating from Skardu Air Base in Pakistan- the number of guests allowed. trains than passengers,” said Taro Aoki,
after the killing of 20 Indian soldiers in the Gal- occupied Gilgit-Baltistan, the air chief said if Chi- While the rest of Maharashtra who oversees 18 fast-food outlets in the
wan valley in June. However, the IAF had been na struck India from Skardu, this would be dealt has reopened with 50 per cent capital’s main inter-city rail terminal.
ready for strikes if ordered, he said. with as a collusive (two-front) threat. capacity, Mumbai restaurants have “People used to swiftly pick which ben-
On whether India’s border infrast- He admitted that He appeared to suggest that India been allowed 33 per cent capacity to to buy and wait in line, but now,
ructure development was worrying “even if we move would not hesitate to strike Pakistan- only. This is in view of the rising there’s hardly anyone around.”
the PLA, Bhadauria said the capabil- at the fastest controlled territory. Covid-19 cases in the city and the It isn’t only airlines the coronavirus
ity provided by the airfield at Daulat possible pace”, The IAF’s future combat aircraft need to be cautious, state officials pandemic has upended. At a time of
Beg Oldi was “a big threat” to the the IAF would acquisitions reflect the government’s said. But restaurant owners hopeful year when many people in Japan
Chinese. He admitted the Chinese air not reach its
force’s long-range strike capability authorised 42
new “Atmanirbhar Bharat” (self-
reliant India) push. “We have placed
of making a good start after seven
months of closure are not happy.
SLOW START take time to pick up. "We have to
give it some time. But a start had to
should be getting out of the city to enjoy
the changing fall colours and nip in the
was an “area of strength,” but their squadrons in the our trust in the Tejas LCA. In the next "We cannot restart with just a > Only 30 per cent restaurants be made. If I were to look at our out- air, there’s little holiday making going
vaunted fifth-generation J-20 fighter coming decade five years we will commence induc- third of patrons allowed in. It has to reopened in Mumbai lets in other cities, we have recov- on. And the nation’s treasured bullet
was still a work in progress, with tion of 83 LCA Mark 1A. We are sup- be 50 per cent for us to make a ered up to 43 per cent in terms of trains are ailing.
> Many restaurants uncomfortable
advanced weapons and sensors, but no indige- portive of DRDO and HAL’s effort at indigenous decent beginning," Riyaaz Amlani, sales versus last year. It is a good East Japan Railway and West Japan
nous engine. production and you will soon see the contract of CEO, Impresario Entertainment and with 33% cap on capacity; demand number. Once Mumbaikars are con- Railway, two of the largest by ticket
Glossing over the IAF’s dwindling fighter HTT 40 (basic trainer aircraft) and LCH (Light Hospitality, and a member of the 50% seating fident about dining out, the sce- sales, are forecasting their deepest loss-
squadrons, Bhadauria said, “Our offensive strike Combat Helicopter),” Bhadauria said. National Restaurant Association of > Eateries also require refurbishing; nario here will improve." es since the country’s rail network was
capability has been honed with upgradations The induction of futuristic fighter aircraft in India (NRAI), said. there are staff issues too Malls in the city are already privatised in 1987. East JR is expecting
and new inductions of weapons and platforms, the second half of the coming decade would also The Maharashtra government beginning to see decent footfalls as a loss of 418 billion yen ($4 billion) for
ably supported by combat enablers and a net- be characterised by self-reliance. “We are com- had permitted restaurants to reopen > Mumbai and Delhi account for the Dussehra-Diwali season nears. the current year that ends March 31,
worked decision-making environment.” mitted to the indigenous development of fifth in the first week of October, saying 25% of the food services market However, business hours remain versus a 198.4 billion yen profit the pre-
Yet, he candidly admitted that “even if we generation Advanced Medium Combat Aircraft that eateries would have to main- curtailed at shopping centres owing vious period. West JR sees a deficit of
move at the fastest possible pace”, the IAF would (AMCA), which will be the mainstay of the IAF tain at least a one-metre distance food services market, say industry to the Covid crisis. 240 billion yen.
not reach its authorised 42 squadrons in the fighter fleet after a decade or so,” he said. between tables, ensure strict hygiene experts. Metros such as Bengaluru, Rajendra Kalkar, president, west, Pictures posted on social media
coming decade — “36-38 squadrons would be an To bridge the shortfall of combat aircraft until and sanitisation standards in the Hyderabad, Kolkata and Phoenix Mills, said, "Restaurants show how empty the super-fast trains
achievement.” AMCA joins the fleet, Bhadauria revealed that dining and kitchen areas, and digi- Ahmedabad make up another 20 per are a perfect option for customers to have become.
Listing on-going inductions, Bhadauria said, IAF would continue with the long-delayed acqui- tally handle menu cards and billing. cent of the market. grab a bite or a drink after they fin- “This is what it looks like even after
“In the next three years, we will see the Rafale and sition of 114 Multi-Role Fighter Aircraft (MRFA), Most restaurant bodies were A recent NRAI report said that a ish shopping. While social distanc- halving ticket prices,” wrote one Twitter
LCA (light combat aircraft) Mark 1 squadrons “which should fructify in the coming decade.” excited that eateries in the city third of eateries and bars had shut ing is key, we have crowd density user, who took a bullet train operated by
operating with full strength, along with addi- Asked if the acquisition of two more Rafale would usher in guests after dine-in permanently between April and management and UV disinfectant East JR. “After departing Morioka sta-
tional Sukhoi-30MKI and MiG-29 aircraft that squadrons was a possibility, he termed it “too ea- services in other states was allowed. August in India due to the pandem- systems combined with contact-less tion, it’s deserted,” he said, with refer-
are being ordered, besides the current fleets. The rly to say” and suggested that expanding the Raf- "Maharashtra and Mumbai were ic and lockdown. dining initiatives to offer a safe ence to the jumping off point for Iwate,
mid-life operational upgrade of Mirage-2000, ale order would result in buying fewer MRFAs. the last to permit dine-in services. Sixty per cent of the total restau- experience." a prefecture on the northeastern coast of
MiG-29 and Jaguar fleet would add to our capa- On preparing for futuristic warfare, Bhadauria Though it is a good development, not rant market in India remains unor- Shetty said restaurants were fac- Honshu, Japan’s main island.
bility in this period.” said the IAF was “developing indigenous combat all restaurants were prepared to reopen ganised, while 40 per cent is organ- ing shortage of staff. Besides, the A national Go To campaign aimed at
The air chief was on surer ground when he systems with sixth generation technologies on Monday. Only 30 per cent of restau- ised. Though store closures have been mobility of personnel was hampered spurring domestic travel hasn’t provid-
lauded the IAF’s airlift capability. “We have the including Directed Energy Weapons, Smart rants reopened on the first day. The rampant in the unorganised market by limited train services in the city. ed the fillip hoped for Japan’s
largest strategic airlift capability in our region Wingman concept, optionally manned combat rest will reopen gradually through the since the March lockdown, organised As restaurants were totally shut shinkansen, or bullet trains. Rolled out
comprising IL-76, C-17 Globemaster and C-130 platforms, swarm drones, hypersonic weapons” month," Pradeep Shetty, senior vice- players have been shutting unprof- for over six months, interiors also in July, the campaign provides subsi-
Super Hercules platforms,” he said. and so on. president, Hotel and Restaurant itable outlets of late to curtail costs. would require refurbishing. During dies of up to 50 per cent on transport,
Referring to the induction of a large number Terming the creation of the post of a tri-serv- Association of Western India, said. Rahul Singh, founder and CEO, this period, faced with a financial cri- hotels and tourist attractions within
of Russian Mi-17V5 and American Chinook CH- ice chief “a landmark step”, Bhadauria revealed Mumbai is a key consumption The Beer Cafe, said his outlets had sis, restaurants had to dip into sav- Japan. Tokyo was originally excluded
47F transport helicopters, Bhadauria pointed that the formation of a tri-service Air Defence centre, along with Delhi, and they resumed operations in the city on ings for salary and utility payments, but was added this month.
out: “We have significantly enhanced our heli-lift Command was at “an advanced stage.” constitute nearly 25 per cent of the Monday, though footfalls would which would take time to recoup. BLOOMBERG

IIT internship placements defy Covid-19 impact with international offers

VINAY UMARJI registered for the internship entire OCS team was gearing up for
organisations have IIT Guwahati
Ahmedabad, 5 October
CALLS ON CAMPUS registered for the current > Has placed 181 students so
placement process, with 33
companies having already
the upcoming placement season.
"We look forward to welcoming
IIT Delhi internship hiring season

F
rom international offers to
stipends matching almost
last year’s, the ongoing
internship hiring process at the
Indian Institutes of Technology
(IITs) hint at better placements
ahead, despite the Covid-19
pandemic.
For instance, IIT Delhi, which
recently concluded the first phase
of the internship hiring process for
the academic year 2020-21 with
over 300 offers, saw international
training offers from Hong Kong,
South Korea and the US. So far, over
150 organisations have registered
for the current internship hiring
season, the final phase of which
will commence in January 2021.
The selection processes for the
exercise were conducted
seamlessly in an online mode using
multiple e-resources from
registrations, students’
orientations and training,
company presentations, company
pre-processes like tests, group
discussions and selection
interviews. The process was held
for second-year and third-year
undergraduate students of the
four-year BTech programmes and
for the fourth year of the five-year
dual degree programme, who are
eligible to apply for the internship.
The number of selections has
been quite impressive for the
undergraduate students of the
institute who have opted for
internship for Summer 2021, said
Anishya O Madan, ILO & head,
Office of Career Services (OCS), IIT
Delhi. “We hope that the robust
intern hiring numbers at the start
far, compared to a total of participated. Last year, 63 recruiters on the campus in a virtual
> Concluded first phase of > Final phase commences 264 students last year companies had participated. mode to facilitate them in hiring top
internship hiring process in January 2021 > Around 600 students According to Abhishek Kumar, IIT Delhi talents for their
for academic year 2020-21 IIT Madras have registered for head-Centre for Career companies," she added.
with over 300 offers > Has until now seen over internship hiring at the Development (CCD) at IIT At IIT Madras, too, the visiting
> Saw international train- campus Guwahati, the current internship companies are more or less
60 recruiters offering over
ing offers from Hong Kong, hiring trends hint at a good final satisfied with the process and the
90 internship profiles, > So far, around 50
South Korea and placement season to be held for the planning for it.
making overall 316 offers recruiters have registered
the US 2020-21 session later this year. "Everyone is new to a virtual
> So far, 942 students have for the internship
In terms of profile, students at process on this big a scale and there
> So far, over 150 registered for the process placement process
IIT Guwahati have bagged offers for were a few areas where things could
roles likes software development have been better. However, the
of the season are an indication of the majority of them are still internships, given that these are engineer, research intern, graduate team has been so far successful in
hiring numbers in final placement domestic offers. The roles are more supposed to happen next year, trainee engineer, lead IT associate, conducting the process without
as well," he added. on the software side or those that around May-July. analyst, quant research, data scie- any major lapses," the institute
Similarly, IIT Madras has seen are more suited for the work-from- IIT Guwahati, meanwhile, has nce, hardware engineer, server internship team heads at IIT
an increase in the number of inter- home environment," said student been able to place 181 students so technology, application engineer, Madras stated. “We expect a lot
national offers, although domestic heads -- Kunal Gupta, Sourabh far, as compared to a total of 264 systems engineer and quantitative more companies to turn up for the
offers dominated. The number of Thakur and Omkar Thombre -- of students last year. Around 600 strategist, product engineer, analog recruitment once the effects of the
internship offers extended were the institute internship team at IIT students have registered for as well as machine learning and art- pandemic ease up both on the
almost equal to the previous year, Madras. To date, IIT Madras has internship hiring on the campus. ificial intelligence, among others. economic and the social front.”
pointing to healthy placement seen over 60 recruiters offering The first phase of internship "All these are currently Indian So far, 942 students at IIT
trends. The average stipend has over 90 internship profiles, making hiring process at IIT Guwahati, offers. We are positive of achieving Madras have registered for the
also been more or less the same as 316 offers overall. which began in the first week of a good number like last year," process. Being conducted virtually,
what was offered last year. According to IIT Madras, while September, is likely to be over by Kumar added. the internship placement process
"If you look at locations, there a majority of the companies prefer October-end. The second phase is On the back of a successful first at IIT Madras, which started in
has been an increase in the number on-site internships, it is too soon to set to resume in January 2021. So phase of internship hiring process, August this year, is a rolling one and
of international offers, although decide firmly on the location of the far, around 50 recruiters have Madan of IIT Delhi also said that the will go on till April next year.