TELEGRAM t.

me/indiaepapers
THE ECONOMIC TIMES
WWW.ECONOMICTIMES.COM

BENNETT, COLEMAN & CO. LTD. MUMBAI | 12 PAGES | .` 3.00 OR .` 7.00 ALONG WITH THE TIMES OF INDIA MONDAY, 1 JUNE 2020

States With Most Cases 10 Worst-Hit Cities Samples Tested TOTAL CASES

GLOBAL COUNT
Active Total Death Share
89,995 (+3,573) Active Recovered Deaths [% Recovery Rates] Cases Rate Total* 6.21 Million
Unrest and Curfew

18,549
CORONA In Total

38,442

14,799
12,180

Source: covid19india
Deaths M’rashtra [43.1] 65,168 3.4% 58.43% In Past 3.73

9,123
METER

7,537
24 Hours* Million DEATHS

3,486
5,164 (+193) Tamil Nadu [56.6] 21,184 0.8% 125,428 372,067 in Several US Cities

2.1k
1.9k
1.6k
Delhi [43.5] Share 18,549 2.2%
Cured In Total Positive Cases^ 4.82%
TOTAL CASES 182,143 86,984 (+4,614) Gujarat [56.5] 16,343 6.2% Recovered AROUND THE WORLD11
IN INDIA 71.3% Mum Chennai Thane Indore Jaipur Source: ICMR *As of 9am,
(+8,380) Source: MoHFW, 8am Rajasthan [66.6] 8,617 2.2% Del Ahm Pune Kol Surat May 31 ^3-day average 2.77 Million
To order your favourite newspaper, call 1800 1200 004 toll free or visit subscribe.timesgroup.com. To advertise with us, call 1800 120 5474

DEBT MF SCHEMES HELD ` 41,500 CR OF UNLISTED NCDs ON MAR 31 TATA-MISTRY TUSSLE IN SC

FEARS UNFOUNDED,
YOUR PAPER IS SAFE
Sebi Mulls One-time Listing Personal Letters to
Public health specialists
have said fears about Pallonji Mistry Give
newspapers being unsafe to
touch are ‘unscientific and
irrational’. Our presses
Window for Unlisted NCDs no Legal Right: Tata
follow stringent hygiene
Gives list of 128 such Window of Opportunity Higher Margins for
protocols, and our
distributors use gloves, NCDs; move to help Derivatives Trade Cyrus Mistry’s move A Tale of
Risk-takers will have to
sanitisers and masks. Our MFs offload illiquid, pay a steeper price to
seeking proportionate 3 Letters
newsroom is working hard Cyrus Mistry has filed a
to bring you accurate facts, lower-rated securities participate in equity representation on Tata plea in SC to place on
derivatives market. Traders record three letters, written
so rest assured that it is Nishanth.Vasudevan One-time listing window If Sebi allows listing Sebi has given a betting on the direction of the
Sons board based on by Ratan Tata to Pallonji
safe to read your favourite @timesgroup.com for unlisted NCDs could rules relaxation, list of 128
index or a stock without insurance these an afterthought, Mistry during the many
be for two months issuing cos could list unlisted NCDs years of their business
paper. If you are not will have to pay higher upfront association, in support of
receiving your copy of
Mumbai: The Securities and Ex- Unlisted NCDs The move gives MFs Most of these are says Tata confidant his claims. Ratan Tata has
change Board of India (Sebi) is another route to sell held by Franklin money from Monday, reports
held by MFs are worth opposed this.
THE ECONOMIC TIMES, call considering an unprecedented
`41,500 crore their illiquid securities and top MFs Nishanth Vasudevan. 7
one-time listing window for exis- Kala Vijayraghavan &
your delivery boy/vendor ting unlisted non-convertible de- Maulik Vyas
or let us know on bentures to ease stress at various last week in a letter to ask issuing Email queries to Sebi and Asso- know cited above.
www.wantmypaper.com mutual funds. companies whether they are in- ciation of Mutual Funds in India This will be the first time the re- Mumbai: Ratan Tata rejected
Two people familiar with the terested in listing these NCDs. went unanswered till the time of gulator is permitting existing claims that his “personal let-
matter said that mutual funds There are about 128 such issu- going to print. NCDs to be listed. Rules allow on- ters of appreciation” to Pallon-
ji Mistry, father of Cyrus Mist-
FIRST LETTER OF MAR 1991
holding illiquid, lower-rated se- ing companies, the Sebi letter sa- If majority of ly fresh NCD issuances to be lis-
curities would be able to use this ys, and they include marquee na- the companies ted on stock exchanges. Many ry, can be regarded as evidence Our common agreement
Cyclone Likely to Hit opportunity to offload them to mes like Tata Sons, ONGC Petro Growing risk agree to list, Sebi companies do not list their NCDs of a quasi partnership or any and mutual faith will
buyers. The rise in risk aversion Additions, Adani Rail Infra, aversion has could permit a to avoid disclosures linked to lis- vested legal right in Tata Sons. foster a true and lasting
Gujarat, Maharashtra after the Covid-19 lockdown had KKR India Financial Services made it hard two-month win- ting requirements. They may ag- The move by Cyrus Mistry, ous- relationship… in the best
interest of Tata Sons...
Coasts on June 3: IMD made it very difficult for funds to
sell these securities without in-
and Hero Solar Energy. Accor-
ding to industry estimates, debt
for funds to
sell these
dow for trades in
these securities
ree to list if the regulator allows
a one-time relaxation in rules,
ted as Tata Sons chairman in
2016, to seek “proportionate re- SECOND LETTER OF MAY 2004
A cyclone is likely to hit curring huge losses. mutual fund schemes held unlis- NCDs without on the stock ex- said industry officials. presentation” on the Tata Sons ...your continued
coasts of Maharashtra The capital market regulator ted NCDs worth ` 41,500 crore on incurring changes, said the board in the Supreme Court, presence on the board of
told the mutual fund industry March 31. big losses people in the Meeting NCD Exposure Cap8 based on these letters, is an af- Tata Sons, during the period
and Gujarat on June 3, terthought since he had not do- of IPO of TCS would be of
according to a forecast ne so in the original appeal filed great value to me personally
by the India Meteorolog- MOST DIRECTIVES IN LINE WITH MHA NORMS in the National Company Law
Tribunal (NCLT) in 2016, a Tata
and to the public perception…
ical Department, causing THIRD LETTER OF JAN 2005

States Issue Guidelines on Opening up

confidant told ET.
further trouble to the two states that The Supreme Court decided Even though you are
are already struggling to rein in the Friday to hear the cross-appeal stepping down at this
filed by Cyrus Mistry over the time, I will continue to keep
rising number of Covid-19 cases, re-
dubbing its initiative Mission MAHARASHTRA WEST BENGAL ruling of the National Company you informed of the events
ports Shashwat Mohanty. 9
Maha allows relaxations Begin Again.
Restrictions will remain in force
Curbs in containment Curbs in containment Law Appellate Tribunal
(NCLAT) along with the plea fi-
in Tata Sons, and I hope you
zones and municipal zones until June 15 will permit me, from time to
in 3 phases; UP restricts in containment zones and the mu-
nicipal corporation areas of areas of Mumbai, Pune, Places of worship
led by Tata Sons challenging the
December 2019 order of the tri-
time, to seek your counsel…
PURE entry for those from Mumbai Metropolitan Region, Pu- Nagpur & Aurangabad to open from June 1 bunal in the apex court. In its ap-
From June 3, people
POLITICS Delhi containment zones
ne, Nagpur and Aurangabad. In
phase 1of the easing starting June can exercise in open
UP Shopping malls,
restaurants and hotels
peal, the Mistry camp has so-
ught proportional representa-
“These letters cannot be called
‘commitment’ or ‘agreement’
3, individuals in these areas will be public spaces between 100% workforce, tion on the board of Tata Sons after 15 years,” said the person
can reopen on June 8
Modi Says Economy into Noida, Ghaziabad allowed to exercise in open public
spaces including beaches, playg-
5 am and 7 pm staggered timings
in govt offices
on the basis of the 18.4% stake
held by the family-owned Sha-
close to Tata. Cyrus Mistry had
filed an application to place
From June 5, shops, KARNATAKA
Opening up, Industry Our Political Bureau
rounds, gardens and promenades
between 5 am and 7 pm. From June except in malls and Markets open, Lockdown in poorji Pallonji Group. The Su-
preme Court has directed both
three letters written by Ratan
9 am to 9 pm Tata to Pallonji Mistry, who had
containment
Returning to Normalcy 5, all markets, market areas and market complexes, can
open on odd-even basis Salons get green light zones till June 30
parties to complete pleadings served on the board of Tata Sons
New Delhi | Mumbai | Guwa- shops, except malls and market within four weeks. between 1980 and 2004, on the re-
With ‘Unlock 1.0’ begin- hati | Hyderabad: State govern- complexes, will be allowed to func- Places of worship, hotels, There was no response to que- cord in support of his claims.
Haryana and Delhi More opening up of
ning from Monday, ments issued fresh guidelines al- tion on an odd-even basis from 9 expected to issue activities within Gurgaon restaurants and shopping ries sent to the offices of Ratan
Prime Minister Na- lowing the resumption of a num- am to 5 pm. The movement of indi- malls to open from June 8 Tata and Cyrus Mistry. Allegations & Counter Allegations8
revised guidelines and Faridabad likely
ber of activities including malls viduals will be prohibited between
rendra Modi in his Mann
and market areas, a day after the 9 pm and 5 am except for essential
Ki Baat address said a Centre issued a blueprint for res- activities, according to the Maha- SPIKE IN DEMAND FOR TESTS FOLLOWING NEW MHA GUIDELINES SHARP DECLINE IN FY20 CONTRIBUTION
major segment of the tarting economic activities out- rashtra guidelines.
economy was opening up and indus- side containment zones. Most of Uttar Pradesh will restrict entry 50% Jump in Covid Test Requests TCS Revenue from Tata Cos up 3.5%
the directives were in line with of people from Delhi containment Private diagnostic centres and hospital labs have seen a 50% jump The revenue that TCS generated from Tata group firms
try was returning to normalcy.2 the Ministry of Home Affairs zones.
(MHA) guidelines on reopening in the number of requests for RT-PCR tests within a day of new rose by 3.5% in FY20 compared to a double-digit rise in
the economy, with Maharashtra Reopening Schools and Colleges8 guidelines for opening up lockdown, reports Nidhi Sharma. 5 the previous fiscal, reports Anandi Chandrasekhar. 6
Amid Standoff, China
Built Road to Mineral PFC, REC to Offer
Rich Area Along LAC Non-starters for Restaurants: Bar Loans @9.5% to
POST-COVID SCENARIO
As the standoff with
Indian troops was
underway in Eastern
on Pubs, Dine-in Timing Curbs
State Discoms
Power Finance Corp
Swoosh, Pipe,
Z, L & W… Shape
Ladakh since early May, and REC Ltd have
China constructed a new Shortage of migrant labour —
which forms a significant chunk decided to offer
permanent road along Cafes, eateries may not of the restaurant industry work- Loss of Appetite 10-year loans to state distribu-
the LAC that gives it access to a moun-

of Our Future
force — and the fact that timings
tain area believed to be rich in natural
reopen soon as industry for dine-in have been curtailed to
Key markets Delhi-
NCR & Mumbai
tion utilities at 9.5% under the
.̀ 90,000-crore liquidity infusion
deposits. Manu Pubby reports.3 awaits clarity from 9 pm will also make the going to-
ugh, they argue.
with several
containment package as the government may
states, faces labour woes Plus, Delhi and Mumbai — the zones may see consider relaxing working capital
Rejection Slips to be two big markets in terms of busi-
ness volumes and footfalls — conti-
limited business borrowing limits of discoms, What’s in a Shape
Ratna Bhushan, Varuni Khosla Liquor sales at standalone reports Sarita Singh. 4
Delayed as Assam’s & Anumeha Chaturvedi
nue to be red zones and hence will
see limited business, with many stores & home delivery allowed
From Nike’s swoosh to smoking pipes, experts use
interesting shapes to describe India’s economic recovery
NRC Yet to be Notified areas under containment or opera- But bars not permitted to
National Register of
New Delhi: Thinking of grab-
bing a chilled beer at your favouri-
ting with severe restrictions.
In fact, Maharashtra on Sunday
open under MHA guidelines BDR Enters into Nike swoosh
1 Sharp plunge
Smoking pipe
1 Broad-
Citizens (NRC) author- te bar come June 8?
Well, it’s not going to happen so
prohibited the reopening of ho- Dine-in timings
curtailed to 9 pm
Deal with Cipla to 2 Short stay based decline
ities in Assam may start tels and restaurants from June 1 at the bottom 2 Recovery
issuing rejection slips to
soon. to June 30. Over half of dine-in Make Remdesivir 3 Gradual spanning 2-3
Restaurants and cafes say reope- business in high-end climb quarters
Grim Picture3
BDR Pharmaceuticals
those left out of the ning will not be easy despite the restaurants happens after 9 pm
home ministry’s revised guideli- has signed a con-
final register published
nes under its Unlock 1.0 road map.  Malls Focus on Safety SHORTAGE OF MIGRANT tract-manufacturing V-shaped W-shaped
last year only after the NRC is notified For one, restobars — which dri- 1 Steep decline 1 Sharp fall
LABOUR, CURBS ON PUBLIC deal with Cipla Ltd. for rem-
by the Registrar General of India, ve business especially late in the Malls across the country are in 1 quarter followed by
TRANSPORT FOR STAFF
evenings — have been excluded gearing up to open with strin- desivir, a patented product of
reports Bikash Singh. 2 TRAVEL AMONG CONCERNS 2 Strong recovery
from the list. gent safety measures. 6 US firm Gilead Sciences ap- recovery in the 2 Recovery falters
proved to treat Covid-19 pa- next quarter 3 Strong recovery again
tients, reports Teena Thacker.

India Unlocked But No One to Stand Guard BDR, however, doesn’t have a
licensing pact with Gilead. 5
Predicting recovery
Illustration: ANIRBAN BORA
shapes, including in India.
The Swoosh shape signifies that
Exodus during lockdown, need for Covid-trained people to put strain on private security industry there will be sharp plunge, a long-

dustry (CAPSI) said. The industry ty guards pan-India,” said Kunwar at entry-exit points and other
INDIA BATS FOR graphs, economists ish stay below the trend line of
growth and a gradual climb up.
Rica.Bhattacharyya FLEXIBILITY IN IPR
@timesgroup.com
employed 9 million people before
Covid-19 struck but as retail out-
Vikram Singh, chairman of CAP-
SI, which has 23,000 security agen-
spaces has doubled due to manda-
tory Covid-related checks. PACTS FOR ACCESS add cool shapes to HDFC’s Abheek Barua thinks In-
dia is headed for Swoosh shape.
lets, malls, restaurants and movie cies as members. The security industry has always TO ESSENTIAL plain vanilla V or But chief economic advisor KV
Mumbai: As the lockdown eases theatres downed shutters, many The first wave of demand is been understaffed due to unequal MEDICINES Subramanian bets on a nice V —
across the country, India could be
faced with a shortage of private
returned to their villages.
“We are preparing for post-Coro-
coming from corporates, factories,
hospitals, construction sites and
and low wages. Currently, security
guards get paid `. 5,000-16,000 a PAGE 9 U trajectories contraction, then sharp recovery.
Barua bats for
security guards, the Central Asso- na security challenges. There is a vacant properties. In factories and month depending on minimum Swoosh by argu-
ciation of Private Security In- 35-40% shortage of private securi- offices, demand for trained guards wage rules in various states. Gaurav.Noronha Economists ing that “lack of
“The need for Covid-trained Unorganised @timesgroup.com warn against coordination
people will put a strain on the an L-shaped among states, la-
EMPTY CABINS FIRST WAVE OF MORE DEMAND industry already reeling under Workers may New Delhi: Economists just lo- recovery bour shortage
DEMAND FROM EXPECTED FROM manpower shortage,” said Anil ve graphs — and those graphs and income de-
9 million people 1 Corporate offices
OPENING OF Puri, CMD, AP Securitas. Get ID Numbers have never been as cool. As prac-
where initial
fall in growth clines” will hit
employed in pre- CAPSI’s Singh said, “Even in the The government has titioners of the dismal science rate doesn’t both demand
2 Factories 1 Retail outlets
Covid times pre-Covid times there was person- plot possible recovery paths of return to and supply .
2 Malls
pulled out a 2014
3 Construction sites nel shortage. Now, with many pe- Covid-hit economies, they have trendline Subramanian
35-40% personnel 3 Restaurants ople returning to their villages, the proposal to provide added new shapes to plain vanil- sees a V by fin-
shortage expected 4 Vacant properties demand-supply gap will widen.” la V or U trajectories. ding a parallel in economic his-
identification numbers to the
as lockdown eases 5 Local police 4 Movie theatres To be sure, many guards, natives There’s the Swoosh, a recovery tory. As he had told ET in an in-
unorganised sector workers after
departments of Uttar Pradesh, Bihar, Jhark- pattern that looks like Nike’s fa- terview: “The Spanish flu is a
23,000 private hand, Madhya Pradesh and North facing criticism for not doing mous logo. There’s the smoking reasonable proxy... and because
security agencies East, visit their villages at this time much for migrant labour hit hard pipe graph. There’s a W, Z and an there was a V-shaped recovery, I
operating in India of the year to participate in har- L. Entirely predictably, because think it is reasonable to say that
by lockdown, reports Yogima
under industry vest-related work. they can never agree on anything we can expect the same.”
body CAPSI Sharma. This number will be that’s important, different econo-
Cash Crunch8 seeded with Aadhaar. 9 mists are championing different All Eyes on Virus Containment8
Illustration: ANIRBAN BORA
 2  Pure Politics TELEGRAM t.me/indiaepapers THE ECONOMIC TIMES | MUMBAI | MONDAY | 1 JUNE 2020 | WWW.ECONOMICTIMES.COM

Rejection Process on Pause as Assam’s NRC Yet to be Notified

PANDEMIC IMPACT Process of issuance of rejection slips was slated to start from March this year but it has been pushed back due to Covid-19
raph 7 of The Citizenship (Registra- ment, had said in a written reply to a of requisite papers,” said the official
[email protected] tion of Citizens and Issue of Natio- question in the Assam assembly in cited earlier. “There is problem, for

Guwahati: National Register of

nal Identity Cards) Rules, 2003, the
local registrar shall, after disposal
The Rules March that the rejection slip would
mention the reason for excluding a
we are yet to figure out as to how to
proceed. Although the inclusion of
Citizens (NRC) authorities in As- of claims and objections under sub- person’s name from the final NRC. several people was cleared by the offi-
sam may start issuing rejection paragraph (3) of paragraph 6, pre- As per paragraph 7 of The Citizenship (Registration of However, following outbreak of cers concerned, their names were de-
slips to those left out of the final re- pare and publish a supplementary Covid-19, the issue of rejection slips leted later. In several cases, the na-
gister published last year only af- list for inclusion or deletion of na-
Citizens and Issue of National Identity Cards) Rules, got pushed to the back-burner. In mes of persons cleared by the officer
ter the NRC is notified by the Re- mes as the case may be. Thereafter, 2003, the local registrar shall, after disposal of claims and the first phase, about 400,000 people were later rejected.”
gistrar General of India. he said, the Registrar General of Ci- objections under sub-paragraph (3) of paragraph 6, pre- who did not apply for inclusion in Those who get the slip can move
“NRC is yet to be notified, without tizen Registration shall publish the pare and publish a supplementary list for inclusion or de- the register were expected to get re- the foreigners’ tribunal within 120
which it is difficult to issue rejec- final National Register of Indian Ci- jection slips. About 33 million peo- days for further claims. If one lo-
tion slips,” a senior NRC official tizens in the state of Assam. letion of names as the case may be: AN OFFICIAL Without this it is ple had applied for inclusion in NRC ses the case in the tribunal, the
told ET on condition of anonymity. The official said that without this difficult to opera- and nearly four million people were person can move the high court
The process of issuance of rejec- it is difficult to operationalise pa- Thereafter, he said, the Registrar General of Citizen tionalise paragraph 8, excluded in the draft NRC publis- and, then, the Supreme Court. The
tion slips was slated to start from ragraph 8, which deals with appe- Registration shall publish the final National Register of which deals with appeals hed on July 30, 2018. Nearly 3.6 mil- NRC has been prepared under ru-
March this year. The final NRC als. “Any person not satisfied with lion people have submitted their les which provide for a separate ci-
published in August 2019 had fo- the outcome of the decision of the Indian Citizens in the state of Assam OFFICIAL claims for inclusion. tizenship law for Assam than the
und 31,121,004 persons eligible for claims and objections under the pa- “We have to give speaking order to rest of the country. To deal with
inclusion in the registry, leaving ragraph 7 may prefer appeal before order 1964,” says paragraph 8. legal immigrants. replying on behalf of chief mini- the person concerned with rejection the increased number of cases,
out 1,906,657 persons. designated tribunal constituted The Supreme Court monitored Assam’s parliamentary affairs mi- ster Sarbananda Sonowal, who is al- slip. To the four lakh people the rea- Assam has doubled the number of
The official said that as per parag- under the Foreigners (Tribunal) NRC is an exercise to weed out il- nister Chandra Mohan Patowary, so in charge of the home depart- son for rejection is non-submission foreigners’ tribunals to 200.

CENTRAL PANEL DEALING WITH COVID-19 TESTING AND SURVEILLANCE TO HEALTH MINISTRY

‘Enhance Testing Capacity and get States to

Their (migrant
labourers)
agony, their
pain, their ordeal
cannot be expressed
in words. Who
amongst us cannot
understand and feel
Ease Process of Registering Phlebotomists’
what they and their
families are going
Indian Council of Medical Research should expedite the process of granting approvals to labs: Official
through. All of us are
[email protected]
trying to share their
distress, torment
Activate Tuberculosis-detection Labs WHO TRACKER
New Delhi: A governmental panel
NARENDRA MODI dealing with Covid-19 testing and sur- Panel recom- Directs Central Private labs India Now 7th
in Mann ki Baat veillance has asked the health mini- mends that TB division to have the ca-
stry to enhance testing capacity and health ministry install Truenat pacity to carry Worst-hit Nation
get state governments to ease the pro- activates all 135 tuberculo- diagnostic machines in out 65,000 tests per NEW DELHI: India has
cess of registering phlebotomists. sis-detection labs and use West Bengal, Bihar, Uttar day but only 14,000 now become the world’s
WITH ‘UNLOCK 1.0’ BEGINNING FROM TODAY There is a need to ramp up testing fa-
cilities and the Indian Council of Me-
them for Covid-19 testing Pradesh and Odisha are being conducted
seventh worst-hit count-
dical Research should expedite the
ry in terms of Covid-19 cases with
Modi says Economy process of granting approvals to labs,
a senior official aware of the matter
told ET. The panel recommended
its tally of 1,82,143, according to the
World Health Organization's track-

Illustration: ZAHID
on May 22 that the health ministry

Opening up, Industry activate all 135 tuberculosis-detec-

tion labs and 30 antibody testing
labs by Abbott and use them for Co-
er. According to the WHO tracker, a
total of 59,34,936 cases have been
recorded globally with 3,67,166
vid-19 testing. It also directed the

Returning to Normalcy Central TB division of the health

ministry to install Truenat diag-
nostic machines in West Bengal,
quests for approval of testing labs.
Private labs have the capacity to car-
an adequate number of samples and
ease the process of registering phle-
nistry is considering the procure-
ment of half a million CBNAAT
deaths as of 10:30 PM Sunday. India
registered its highest single-day
spike of COVID-19 cases on Sunday
jasthan, UP and MP are reporting Bihar, Uttar Pradesh and Odisha. ry out 65,000 tests per day but only botomists, the technicians who draw cartridges, in addition to an order
over 50% recovery rate, while Ma- The empowered group has sugges- 14,000 are being conducted. The states blood samples from patients, the offi- placed for the purchase of 100,000 with 8,380 new infections reported
High recovery rate, high harashtra records 43%. ted that the ministry expedite 58 re- have been asked to facilitate access to cial said. Meanwhile, the health mi- cartridges, the official said. in the last 24 hours. — PTI
testing rate and fall in The PM in his Mann Ki Baat add-
ress on Sunday reiterated India’s go-
mortality rate reason
Make Data on Stranded Migrant U’khand Minister, Family
od record in fighting the pandemic.
“Our population itself is many times
for unlock 1.0: Official that of the most countries. The chal-
lenges facing the country too are of a

[email protected]
different kind, yet Corona did not
spread as fast as it did in other count-
ries. The mortality rate of corona too Workers Public: CIC to Govt Members, Staff +Ve; had
New Delhi: With ‘Unlock 1.0’ begin- is a lot less in our country,” he said.
ning from Monday, Prime Minister
Narendra Modi said a major segment
of the economy was opening up and
Modi said a lot changed over the
last one month. “The last time I spo-
ke to you through Mann Ki Baat, pas-
CIC gives govt one week to upload data and submit compliance report Attended Cabinet Meet
industry was returning to normalcy. senger train servi-
The PM, however, cautioned people ces, buses and [email protected]
to remain extra careful as Covid-19 PM in his flights had come to
‘CM, ministers and
continued to be a threat and advised
no laxity in wearing masks, maintai-
Mann Ki Baat
address
a standstill. This ti-
me around, much
New Delhi: The Central Informa-
tion Commission (CIC) has direc-
bureaucrats may opt
ning two-yard social distancing and
staying at home to the extent possible.
reiterates have resumed —
Shramik special
ted the government to make pub-
lic data on migrant workers stran-
for self-quarantine’
India’s good
Senior government officials told ET record in trains are operatio- ded in different parts of the count-
that the decision on ‘Unlock 1.0’ was fighting the nal; other special ry, relief camps or at workplaces. Our Political Bureau
driven by three factors — a high reco- pandemic trains too have be- The directive comes in response to
very rate, which touched almost 50% gun. With utmost a complaint filed by RTI activist Ven- New Delhi: Uttarakhand’s tou-
at the end of Lockdown 4.0, a high tes- precautions, flights have resumed; katesh Nayak, who had sought infor- CHANDIGARH rism minister Satpal Maharaj, in-
PTI

ting rate of 1.25 lakh samples daily industry too is returning to normal- mation from the chief labour com- cluding his family members and
and the mortality rate dipping below cy; thus, opening up a major seg- missioner on the number of mig- Assessing the gravity of the situa- is no reason why this public authori- staff, tested positive for Covid-19 on
3%. “These were the targets aimed at ment of the economy,” the PM said. rant workers stranded, the district- tion, information commissioner ty ought not to have such informa- Sunday in Dehradun. His wife Am-
the end of Lockdown 4.0. We will hit 2 Modi referred to the migrant labour wise list of male and female workers, VN Sarna heard the complaint out tion in their custody when such in- rita, who tested positive on Saturday,
lakh tests daily in June as big states issue saying the “most gravely affec- the sector-wise breakup of migrant of turn and took a grim view of the formation has been specifically cal- is admitted to AIIMS, Rishikesh.
like Rajasthan and UP will increase ted by the crisis” are the underprivi- workers and the states to which they way the application was handled. led for through the letter,” Sarna ob- State government officials said
their testing to 25,000 samples daily leged labourers. “Their agony, their belonged. On April 8, chief labour “There is no reason why the regio- served in her 13-page judgement. Maharaj’s sample was collected on QUARANTINED RESIDECE
by mid-June. Cases will rise in June pain, their ordeal cannot be expres- commissioner asked all regional he- nal heads would not have complied Terming the handling of appli- Saturday. “Apart from Maharaj, at
but the focus is to keep deaths to the sed in words. Who amongst us cannot ads to enumerate every migrant wor- with the instructions of the respon- cation as “callous and casual”, least 17 persons, including his fami- Dehradun
minimum and increase recovery,” sa- understand and feel what they and ker. The reports from 20 regional dent public authority to complete Sarna directed the chief labour ly members and staff, have also tes-
id a senior government official. their families are going through. All centres had to be submitted in three the enumeration exercise and send commissioner to disclose maxi- ted positive,” an official in the sta- admin quar-
The recovery rate was at 47.75% at
the end of Lockdown 4.0 on Sunday
of us are trying to share their dis-
tress, torment,” the PM said. He said
days. However, the chief labour com-
missioner’s office replied under RTI
the data within the time period spe-
cified in the said letter. Therefore the
mum data. CIC has given the go-
vernment one week to upload this
te’s health department told ET.
Maharaj had attended the Cabi-
antined Mah-
morning; up from 38% at the end of
Lockdown 3.0. Big states such as Ra-
their distress is representative of
that of the country’s eastern region.
that it had no such information.
Nayak filed a complaint with CIC.
reply of the CPIO is difficult to belie-
ve and highly unacceptable. There
data and submit a compliance re-
port to the commission.
net meeting chaired by chief mi-
nister Trivendra Singh Rawat on
araj’s private residence
Friday. Many bureaucrats were
also present at the meeting.
after a few persons
FRESH ENROLMENT LOW “All ministers, including the visiting him tested
BJP Comfortably Placed as SP, BSP chief minister, and bureaucrats
positive recently
Aadhaar Authentications
may opt for self-quarantine,”
the official added. Apart from

Show Bare Minimum Presence in UP

Hit New High in April, May Congress has managed to provide some opposition with protests
the CM, Uttarakhand has seven
ministers in the state Cabinet.
According to one of the officials
mentioned above, samples of about
AIIMS, Rishikesh, where they
will be admitted,” PRO of the
hospital, Harish Thapliyal, told
ET over phone.
40 persons, who met the minister Dehradun administration had qu-
or offers of buses for transporting this period. recently, were sent for testing. arantined the minister’s private re-
Kumar.Anshuman migrant workers back home. The SP leadership has been rela- “The minister and his six fami- sidence after a few persons visiting
Authentications at
Multiple @timesgroup.com “Whatever we are doing is in our tively more visible. Recently the ly members are on their way to him had tested positive recently.
118 cr in April and own individual capacity and there party started offering `1 lakh to

120.1 cr till May 30 Benefits New Delhi: UP CM Yogi Adityanath

has hardly bothered to mention the
is no instruction from the leaders-
hip,” a BSP MP told ET. The party’s
every family who lost its mem-
bers facing difficulties during the
TWO PERSONS WHO WORKED WITH HIM QUARANTINED
Samajwadi Party or the Bahujan only activity that is visible is on the lockdown. “Till now our party has

[email protected]
Samaj Party in his public statements
in the past few months. This reflects
Twitter handle of its chief Mayawa-
ti. During the lockdown the BSP lea-
offered `56-57 lakh to help people
in distress,” national secretary
CRPF DIG at MHA Control Room +Ve
the dwindling relevance of the two dership has been active on social and party spokesman Rajeev Rai NEW DELHI: A CRPF deputy inspector general (DIG) at the
New Delhi: Aadhaar-based authen- regional opposition parties, which media and Mayawati has been pos- told ET. “I personally have adop- Ministry of Home Affairs control room has tested positive
tications touched a record high in have largely been absent from the ting two-three tweets every day. She ted two districts, Balia and Mau.
April and May, topping 120 crore this ground as well as political discourse has been either offering sugges- When our leaders and workers go for Covid-19, officials said on Sunday. They said the test
month, as the government rolled out at a time when the country has been tions to the state government or, on out to help, the government regis- report was received on Saturday. The DIG was attached
direct benefits to people using the Aadhaar authentications grappling with its worst pandemic. some occasions, taking on Cong- ters cases against them. But we with the ministry to monitor the work of its control room located in North
Aadhaar platform under the PM Ga- mean the number of times Congress, on the other hand, has ress. However, several BSP MPs ET are doing all that is possible.” SP
rib Kalyan Package (PMGKP). Howe- an Aadhaar number is used managed to provide some sem- spoke to said they had not received and BSP seem to be wary of being Block, they said. Two persons who worked with him have been quaranti-
ver, fresh enrolment were low in April to authenticate a ben- blance of opposition with protests any instruction from her during seen close to Congress. ned and all safety protocols are being followed, an MHA official said. — PTI
and May due to the lockdown. eficiary’s identity before
As per details with ET, Aadhaar-ba-
money is electronically
sed authentications stood at 118 cro-
re in April and 120.1crore this month
till May 30, which was the highest fi-
gure recorded so far in any month
transferred into his/her
bank account ‘We are Reaching Peak, So People Must Observe Self-discipline’
since the Modi government started 120.1 crore figure pact. He said that the state has ei- practice social distancing. He from next Sunday. In a comment
its second term last June. for May would include ther reached the peak of the coro- asked people with co-morbidities directed at railway minister Piy-
“This shows the big success of deli- multiple benefits received
State will allow na spread or on the verge of it, and not to venture out of their homes ush Goyal, Uddhav said that after
very of PMGKP on the ground during
the lockdown and a record number of
by one individual newspaper delivery asked the citizens to be more vigi-
lant and practice self- discipline.
unless necessary.
Slamming those who were de-
he complained about lack of
trains, Goyal made available more
people benefitting from monetary
help directly in their bank accounts ty before money is electronically
from next Sunday, Exhorting people to use new re-
laxations judiciously, he said that
manding Presidents’ rule in the
state, the CM said, “The situation
trains which solved the issue of
migrants wanting to go back to
using Aadhaar. Rolling out such a big
package directly to people without a
transferred into his/her bank acco-
unt. The 120.1 crore figure for May
says Uddhav the government will be forced to
roll back these measures if the
is fine here. Out of the total 66,000
infected people, 28,000 have reco-
their states. “I thank Piyush Goyal
today because what I said that day,
hitch would not have been possible would include multiple benefits re- people do not observe self-disci- vered and gone home. 1,200 per- you took it to your heart and gave
without the Aadhaar and DBT fram- ceived by one individual. Krishna.Kumar pline and begin crowding the sons’ condition is a bit worri- trains to the state, which helped us
ework which have been in place,” a PM Modi in his address to the nation @timesgroup.com shops. some and there are only 200 peo- send the migrants back home.”
top government official told ET. on May 12 had said: “Who could have “Please don’t begin crowding the ple on ventilators, and even these The CM said that the state would
Aadhaar authentications stood at thought that money sent by govern- Mumbai: Maharashtra Chief shops and if the norms are violat- people are recovering. This de- be going for more testing and in-
104 crore in January, 72 crore last De- ment will reach the pockets of poor Minister Uddhav Thackeray on ed, we will have to shut these reaching it,” he said. faming of Maharashtra needs to crease the number of labs during
cember, and 81crore last June. Aadha- farmers directly? But it has happened. Sunday said that the new relaxa- shops… We will check whether He further added that the cases stop. It’s a conspiracy to defame monsoon. “We will create 25,000
ar authentications imply the number That also happened when all the go- tions in lockdown conditions were cases are increasing or not and will fall and increase for a while the state and I am hurt by this.” beds with oxygen supply, 2.50 lakh
of times an Aadhaar number is used vernment offices were closed; the me- like a ‘trial’ and the state govern- then take a call. We have either re- and then come down after 8 to 10 He announced that the state will isolation beds and 8,500 ICU
to authenticate a beneficiary’s identi- ans of transport were shut down.” ment would be watching their im- ached the peak or on the verge of days, but for that the people must allow delivery of newspapers beds,” he said.
THE ECONOMIC TIMES | MUMBAI | MONDAY | 1 JUNE 2020 | WWW.ECONOMICTIMES.COM
TELEGRAM t.me/indiaepapers
Pure Politics  3
Two Pak HC
NEAR-CERTAIN ADOPTION While diplomatic moves are underway, Nepal is likely to adopt the Bill
In a glass of its own!
Staffers
Expelled for
India Weighing Response As o / v
!

Espionage
Rahul.Tripathi
@timesgroup.com
Nepal Tables Bill on New Map a memorandum of understanding
New Delhi: India on Sunday DipanjanRoy.Chaudhury Poliloquy R PRASAD was signed between China and India
declared two officials from Pa- @timesgroup.com on ‘Resumption of Border Trade’
kistan High Commission as which mentioned Lipulekh as a mu-
persona non grata after they New Delhi: India began weighing tually recognised border trading po-
were caught spying by the po- various options to send strong mes- int. India and China signed a ‘Proto-
lice. The two have been identi- sages to Nepal as its Minister for col of Entry and Exit Procedure’ for
O
fied as Tahir Khan and Abid Law, Justice and Parliamentary Af- border trade in July 1992 which again

Amul
Hussain. They were working fairs Shivamaya Tumbahangphe mentioned Lipulekh as a mutually
as visa assistant at the com- on Sunday presented the Constitu- recognised border trading point.
mission in New Delhi. tion Amendment Bill (second On April 11, 2005, the then Chinese
The two were held while me- amendment) in Parliament to upda- premier, Wen Jiabao, and his then
eting their contact in Delhi te the political map of the country Indian counterpart, Manmohan
during which they tried to ex- that includes Indian territories. Ne- Singh, signed an agreement aimed
tract information on Indian pal’s Parliament is likely to adopt at confidence-building along the Li- quor is allowed to be sold at
Army and Railways. The duo
were keen to know about the
the Bill even as hectic diplomatic
moves are underway.
ne of Actual Control. Article V of
this agreement stated: “Both sides
Grim Picture standalone outlets and thro-
ugh home delivery…,” he says.
FILE PHOTO

recent dalit movement in In- India believes that Nepal is ignoring agree in principle to expand the me- Amit Roy, partner at Shilton
dia, sources said. While Tahir the fact that the area of Lipulekh chanism of border meeting points to From Page 1 Hospitality, adds, “Why are
came to India in 2016, Abid joi- (which Nepal is claiming as its terri- include Kibithu-Damai in the Eas- The picture, in short, is not ro- restaurants serving alcohol
ned last year as part of the vi- tory) has been a border trading point tern Sector and Lipulekh Pass/Qi- sy, they told ET. “We will wait being categorically shunned
sa facilitation teams. The two between India and China based on INDIAN TRADING POINT pacting people-to-people ties, say Ne- ang La in the Middle Sector. The pre- for the guidelines by various …when we are getting notices
are suspected to be trained by pacts since 1991. pal watchers. The hand of China be- cise locations of these border mee- states. Many important cities to renew our liquor licences
ISI After questioning, they
were declared PNG and were
The first objection to Lipulekh as
part of India’s new map was raised by
India will telling hind the episode cannot be ruled out.
India will be raising with Nepal its
ting points will be decided through
mutual consultations.”
may not open and we will as-
sess our preparedness after
without any sight of when the
customer will come in next.”
told to leave the country wit- the Opposition Nepali Congress in Nepal that its decision to alter the map ignoring Delhi suffered a setback when the that. Besides, lack of migrant The restrictions under the fo-
hin 48 hours, officials added. November 2019. Subsequently, the ru- certain Sino-Indian pacts, ET has le- Opposition Nepali Congress, on Sa- labour could be a problem,” ur phases of the lockdown ha-
India is expecting a similar ling party hardened its position as decision to alter arnt. Interestingly, Kathmandu had turday, took a u-turn and decided to National Restaurant Associa- ve hit the industry hard. The
action against its officials in nationalism dominated the discour- never raised any objections to those vote in favour of the Constitution tion of India president Anu- sector employs 7.3 million peo-
Pakistan which may further se in Nepali polity. map ignores certain Sino- pacts since 1990s. amendment bill put forth by the go- rag Katriar says. ple — as per NRAI data of 2018-
deteriorate the relationship However, the Oli government’s mo- In December 1991, during the then vernment in Parliament to update The industry lobby group, 19 — more than half the num-
between the two countries. ve could vitiate the atmosphere im- Indian pacts premier Li Peng’s visit to New Delhi, the new political map of the country. which represents over 500,000 ber of people working for the
restaurants, cafes, bars and Indian railways.
pubs in the country, has asked
for restaurants to be allowed to ‘FRESH COMMERCIAL TERMS

Amid Standoff, China Builds Road to Mineral Rich Area stay open beyond 9 pm and for
reopening of public transport
fully to aid staff movement.
Another key industry requ-
NEEDED’
Since business volume is ex-
pected to be subdued, it is criti-
cal that landlords and opera-
ad skirts along the LAC, it can be used
to quickly move in vehicles and person-
ARMY SAYS CAN’T AUTHENTICATE VISUALS est is for restobars to be per-
mitted to reopen. “If vendors
tors arrive at fresh commerci-
al terms soon, according to the
Blacktop road gives nel to the resource rich mountain that are allowed to sell and home industry. “It will be most un-
China access to
mountain near Gogra
lies on the Indian side of the LAC.
While the Indian side has bolstered
defences at the Gogra post, there is no
Leaked Videos, Photo of deliveries of alcohol are also
allowed, then why not con-
sumption in bars and restau-
fortunate if businesses don’t
kickstart due to the commer-
cial stalemate,” Katriar of

that could have gold,

equivalent road infrastructure for ac-
cess to the deposit rich area. Satellite
Imagery expert Colonel Vinayak Bhat
Clashes Add to Tension rants?” says Pradeep Shetty,
honorary secretary of the Fe-
deration of Hotel and Restau-
NRAI says.
The organised food services
sector makes up for 35% of the
other rare resources (retd) believes that the mountain co-
uld contain gold deposits. His satellite Our Political Bureau
along Pangong Tso. In an official
statement, the Army said that
rant Associations of India,
which is planning to take up
total restaurant market,
which contributed Rs 18,000
imagery based analysis suggests that the visuals do not depict the cur- the matter with the home mi- crore in taxes in 2018-19.
[email protected] alarger area close to the what he terms New Delhi: A leaked video, rent situation on the ground. nistry. “Restaurants and bars Umang Tewari, founder of
as `gold mountain’ could also hold va- which purpotedly shows Indian Within a few hours of the video, should move together. One Big Fish Ventures, which runs
New Delhi: As the standoff with Indi- luable natural resources. troops pushing back a Chinese semi-official Chinese social me- without the other is a failed restaurants in the Delhi-NCR
an troops was underway in Eastern Besides the road near Gogra, the Chi- vehicle patrol, followed by a pho- dia accounts leaked a photo of fi- proposition.” region, says: “Only 20-30%
Ladakh since early May, China const- nese side has also built defences in the to depicting soldiers lying inju- ve soldiers lying injured on the customers may come back to
ructed a new permanent road along ANI form of bunkers in the Finger 4 area red along the Pangong Tso lake ground. Two of them were tied LOGIC UNCLEAR start with and that threatens
the Line of Actual Control (LAC) that and connects to a larger network that along the Pangong Tso lake. This area have added to the simmering with ropes. The photo depicts Industry executives also argue the viability of our establish-
gives it access to a mountain area beli- China has built along the LAC for the has always been claimed by China but tension. two unconscious soldiers but that the logic behind keeping ments.”
eved to be rich in natural deposits. past few years. Satellite images show till now was being patrolled by both si- The undated video - likely from both the Army and the Indo Ti- bars out of the purview of per- There is laxity in executing
The blacktopped road, designed to ta- that less than 10 km away on the same des. The new defences suggest that early May - shows an Indian pat- betan Border Police have not mitted activities is unclear. the standard operating proce-
ke on heavy transport vehicles, has co- road, the Chinese side has deployed China seeks to retain physical control. rol party pushing back a Chine- shared comments on it. Priyank Sukhija, chief execu- dures, says Karan Tanna, fo-
me up right next to the LAC close to In- heavy artillery and an armoured unit. Talks continue between both sides to se patrol as well as an injured Later in the day, a series of un- tive of First Fiddle Restau- under of Ghost Kitchens, an
dia’s Gogra post, in an area that satelli- Sources said that while a semi perma- resolve the standoff that has entered Chinese personnel lying on the dated videos showing Indian rants which runs Lord of the investment and incubation
te images suggest hold valuable natu- nent track was present in the area, the its 26th day but there has been no im- ground. While the army has said troops pushing back a Chinese Drinks and Warehouse Café, venture for food startups.
ral resources like gold. Chinese side constructed two bridges provement on the ground as thou- that its authenticity cannot be patrol, likely in the Galwan Val- shares the sentiment. “We re- “There is no clarity on things
Completed in barely three weeks, the and the blacktopped road at breakneck sands of troops remain deployed in verified, the video is believed to ley area, were also leaked on so- quest clarity on whether we and that makes customers
road is just under four kilometres long speed over the past weeks. While the ro- Galwan valley and Pangong Tso lake. have been shot in the finger area cial media. can serve liquor or not since li- even more jittery.”

LG Polymers Didn’t Have All Approvals: MoEF RASHTRIYA CHEMICALS

on ‘violations’ raised questions sion on the issue in view of awa- 655 tonnes per day. However, AND FERTILIZERS LTD. ' " "MF I
Anubhuti.Vishnoi on the chemical unit operating ited court and NGT orders. Ho- the panel has now decided to (A Government of India Undertaking)
@timesgroup.com at existing capacity, ramping up wever, the panel said it would appraise the Vizag plant on 3M t Ems'
production and changing pro- now appraise the project in the basis of its existing capaci-
New Delhi: Days after the gas duct mix without the necessary light of the recent gas leak. ty of 415 tonnes per day.
leak at its Vizag plant that killed green nod from the Centre. L G Polymers had sought the The EAC has also frowned Regd. Office : "Priyadarshini" , Eastern Express Highway, Sion , Mumbai 400 022
12 and injured over 500 people, In the meeting held on May 19, Centre’s green clearance only upon the company changing its
LG Polymers has run into troub- the Expert Appraisal Commit- for expansion of its produc- product mix without prior gre- CIN No. L2411OMH1978GO1020185 Website: www.rcfltd.com
le with the environment mini- tee (EAC), on projects involving tion of polystyrene and ex- en clearance. It earlier had the
stry. violation of the EIA Notifica- pandable polystyrene from 415 permission to manufacture EXTRACT CO NS O LIDATED AUDITED R ESULTS FOR
The ministry’s expert panel tion, 2006, deferred its final deci- tonnes of chemicals per day to engineering plastics.
THE QUARTER AND YEAR ENDED 31ST MARCH 2020 lin Il

FORM G Quarter ended

INVITATION FOR EXPRESSION OF INTEREST
(Under Regulation 36A (1) of the Insolvency and Bankruptcy
(Insolvency Resolution Process for Corporate Persons ) Regulations . 2016
Particulars 1 1 1 I 1 1 IK 1 '

RELEVANT PARTICULARS
1. Name a ' tae corporate debtor Indira Priyadarshini Hydro Power Private Limited
Requires Internal Auditors for Mumbai Branch for 3 years -2020-21 to 2. Date of incorporation of co rpo rate 25" Aonl 2011 1 Total income from operations 260600 226698 969795 888547
2023 CA firms having practice for more than 5 years and in CAG for debtor

appointment as Statutory Auditors may send resume with quotation

Net Profit / (Loss) for the period (before Tax,
3. Authority under which corporate
debtor s incorporated / regstered
RoC , Hyderabad
2 Exceptional and /or Extraordinary items) 30040 5794 30208 20556
through email.
4. Corporate identity numbed limited U40300TG2011PTC074035
Asst. General Manager liability idertfication number of Net Profit / (Loss) for the period before Tax (after
Karnataka Soaps & Detergents Ltd corporate debtor 3 exceptional and /or Extraordinary items) 20023 8138 20191 22900
Vasant Vic ar , 1" Floor Sant Gadge Ivlarg, Off Dadasaheb Phalke Road. Dada,IE I, Mumbai 4000' 4 5. Address of the registered office Sanpras Corporate Capital .
and principal office (if any) of #11511 & 115129 , 6" Floor, Sheraton Towers , Financial
Email 10 - [email protected] corporate debtor Dist , Nanakramguda , Gachiboli , Hyderabad , Net Profit / (Loss) for the period after Tax (after
Rangareddi, Telangana - 500032 4 exceptional and /or Extraordinary items) 14238 4716 20713 13292
6. Insolvency commencement date 12" December 2019
of the corporate debtor
7. Date of invitation of expression of 01' June 2020
Total Comprehensive Income for the period
interest
5 (Comprising Profit / (Loss) for the period (after tax) and 13711 5778 20176 13867
8. Eligibility for resolution applicants Details can be sought by emai ing on other Comprehensive Income (after Tax)
under section 25(2Xh ) of the Code [email protected]
is available at
6 Paid Up Equity Share Capital 55169 55169 55169 55169
GOVERNMENT OF INDIA
MINISTRY OF ENVIRONMENT, FOREST & CLIMATE CHANGE
9. Norms of ineligibility applicable As per Section 29A and other applicable provisions of
CALL FOR APPLICATIONS FOR DIRECT ACCESS ENTITIES (DAEs) OF
under section 29A are available at: the I & B Code 2016 , available on the website of IBBI
Reserves (excluding Revaluation Reserve as shown
- -
GREEN CLIMATE FUND SETUP UNDER UNFCCC
Ministry of Environment . Forest & Climate Change, invites applications from
https : htlps:/IIbbl .gov.inllegal -framework
7 in the Balance Sheet of the previous year) 262735 247680
eligible institutions and bodies for selection as DirectAccess Entities (DAE) for the 10. Last date for receipt of expression 18" June 2020
Green Climate Fund (GCF) set up under the United Nations Framework of interest
Convention on Climate Change (UNFCCC). 11. Date of issue of provisional list of 23" June 2020 Earnings Per Share (of T 10/- each)
The applicant entities must meet the Environmental and Social safe guards of the prospective resolution applicants 8 Basic & Diluted T Z 2.58 T 0.85 Z 3.75 Z 2.41
Fund & Fiduciary and Management Standards which may be accessed at
12. Last date for submission of 28" June 2020
https ://www.greenc l i mate .fu nd /document/ environ menta I-and-soc i al-
e o licy and https :// www .greenclimate .fund / document/ initial-fiduciary -
objections to provisional list * Not annualised
principles-and-standards_fund respectively as a part of the GCF Accreditation 13. Date of issue of final list of 3' July 2020
Policies and Standards issued by the GCF Board for accessing resources from prospective resoluton applicants
the Green Climate Fund. 14. Date of issue of information 29" June 2020
Interested agencies/bodies may submit their app lication to the Ministry of memorandum, evaluation matrix
Environment, Forest & Climate Change for consideration and selection as Direct and request for resolution plans to
Access Entity and eventual accreditation by GCF Board . The application format prospective resolution applicants IK I I ± I IK 1 '
and the general guidelines are available on the website of Ministry of 15. Manner of obtaining request for Information memorandum , Request for Resolution Plan
Environment , Forest and Climate Change at http ://moef .gov.Inl.The app licat ion
should be submitted within 30 days of publication of this call for proposal to Mr.
resolution plan, evaluation matrix ,
information memorandum and
and evaluator matrix will be shared by the Resolution
Professional with the s hordisted Prospective Resolution
1 Totallncome 266191 229794 982660 896746
Ravi S. Praised , Additional Secretary, Ministry of Environment, Forest &
Climate Change, Indira Paryavaran Bhawan , 5th Floor , Prithvi Wing, Jor
further information Applicant( s) meeting the eligib lily criteria as set out by
the committee of creditors and compliance with Section 2 Profit/ (Loss) before tax 20013 8269 20293 23525
Bag h Road , New Delhi -110003. 29Aof I& B Code . 2016 after receiving confidential ty
Ministry reserves the right to decide and select the DAEs in its own discretion undertaking as per Section 29(2) of I & 8 Code, 2016 3 Profit/(Loss)aftertax 14228 4847 20815 13917
based on relevant factors as enumerated above . No correspondence will be 16. Last date for submission of 29' July 202C
e n t e r t a n e d in t h s regard M n s t ry will not ta k e
accreditation of seected e n t t e s with Green Climate Fund Board.
any responsibility for non- resolut ion plans 4 Total Comprehensive Income for the period 13701 5909 20278 14492 ,
17. Manner of submitting resolution Through soft copy to IP@beleyur .com & Speed post /
plans to resolution professional Registered post or by hand in a sealed cover addressed Notes : 1. The above financial results are drawn in accordance with the accounting policies consistently followed by the
GREATER HYDERABAD to #4813 , 2nd Floor, lst Main , 2nd Cross, Royan Circle,
Chamarajpet , Bengaluru 560018. Company. The results have been reviewed by the Audit Committee and approved by the Board of Directors at their
MUNICIPAL CORPORATION 18. Estimated date for submission of 13" August 2020 meeting held on May 29, 2020. These results have been subjected to audit by the Statutory Auditors of the Company. 2.
resolution plan to the Adjudicating The results for the quarter and year ended 31st March , 2020 are in compliance with IN D AS as prescribed under section
PT-TTRI Authority for approval
133 of the Companies Act 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and
It is hereby informed that the Revised building application filed by 19. Name and registration number of
the resolution professional
Ravindra Beleyur
IBBI/IPA-0OlIIPP0 018912017-201810368
Companies (Indian Accounting Standards) Amendment Rules , 2016. 3. Board of Directors have recommended a
M/s. Name Homes Pvt., Ltd., & others POA M/s.Jain Housing and 20. Name , Address and e-email of the Sri Ravindra Beleyur
dividend of Z 2.84 per equity share of Z 10/- each, i.e. 28.40 % which is subject to approval by Shareholder's of the
Constructions Ltd., Authorised signatory Rithika Jain vide DPMS File resolution professional , as #4813 , 2' Floor, 1' Main, 2' Cross , Royan Circle, Company. 4. The above is an extract of the detailed format of the Financial Results for quarter and year ended on 31st
No. 1/C20/23911/2018 for revision of permitted Blocks - B, C, D, E, F registered wth the Board Chamarajpet . Bengaluru. Email: [email protected] March, 2020 filed with the BSE Limited and National Stock Exchange of India Limited under Regulation 33 of the SEBI
& Gin Survey No.: 74, 76/P 117 to 119, 120/p, 122/p, 124 to 127, 21. Address and email to be used for Sn . Ravindra Beleyur (Listing Obligations and Disclosure Requirements) Regulations , 2015. The full format of the standalone and consolidated
129, 132, 133, 134/p, 139/p, 140 to 144, 145/p to 147/p, 150/p to correspondence with the
resolution professional
Resolution Professional of IPHPPL
#4813 . 2" Floor, 1' Man, 2" Cross, Royan Circle,
Financial Results are available on the website of the Company at www .rcfltd.com and also available on the website of
152/p situated at Khajaguda (V), Serilingampally, R.R.Dist is under Chamarajpet, Bengaluru. Email: [email protected] Stock Exchanges at www .bseindia.com and www .nseindia .com.
process in GHMC. 22. Further Details are available at or Ravindra Beleyur
Any interested person / organization may file objections to Chief City with Tel. No . -91 94481 46963 , Email: ip@be 'eyur.com For and on behalf of the Board of Directors
Planner, GHMC , Tank Band road , Hyderabad within (7) days from the 23. Date of publication of Form G 01 ' June 2020 RASHTRIYA CHEMICALS AND FERTILIZERS LTD.
date of publication. Sd/- (Ravindra Beleyur) (S. C. Mudgerikar)
Sd/-, Commissioner, Date: 30" May 2020
Resolution Professional
Dated : 29th May, 2020 Chairman & Managing Director
Indira Priyadarshini Hydro Power
R. O. No . : 1948- PP/CL/ADVT /1/2020 -21 GHMC. Hyderabad. Place Bengaluru Private Limited under CIRP Place : Mumbai DIN : 03498837
 4  Covid-19 Impact: Companies TELEGRAM t.me/indiaepapers THE ECONOMIC TIMES | MUMBAI | MONDAY | 1 JUNE 2020 | WWW.ECONOMICTIMES.COM *

PANDEMIC HITS CARRIERS, GROUND SERVICE PROVIDERS

PFC and REC to Offer 10-Year Loans to State Discoms at 9.5%
[email protected]
the `90,000 crore liquidity infu-
sion package as the Union cabi-
net is likely to consider relax-
fixed interest rates under the liq-
uidity package at 8.75% for
three-year loans, 9% for five
panies of 8-9 states including
Maharashtra for, Telengana,
Andhra Pradesh, Uttar Pra-
likely to complete documenta-
tion in 7-10 days.
Uttar Pradesh is likely to ap-
Airlines Put AI-SATS
Expansion of Faces Covid
New Delhi: Power Finance ing working capital borrowing year loans, 9.25% for seven years desh, Meghalaya, Jammu & proach the two lenders for
Corp (PFC) and REC have de- limits of power distribution and 9.5% for 10-year term loans. Kashmir and Tamil Nadu have `20,000 crore, Tamil Nadu for
cided to offer 10-year loans to companies this week. The interest rates will be valid expressed interest in borrowing `18,000 crore, Telengana for
state distribution utilities at A senior government official for the next 60 days. the loans from PFC and REC for `12,000 crore, Andhra Pradesh

Fleet on Hold Headwinds

9.5% for the next 60 days under said that PFC and REC have Electricity distribution com- about `60,000 crore loans and are for `6,500 crore and Maharash-
tra for `5,000 crore. Some of
these states have written to the

0
I-
MAHANADI COALFIELDS LIMITED Union power ministry for relax-
ation of the loan disbursement
Corporation of Uttarakhand Ltd. (A Subsidiary of Coal India Limited)

M"L
rules including easing borrow- [email protected] [email protected]
29, IIE (IT Park), Sahastradhara Road, Dehradun Jagruti Vihar , Burla - 768020, Dist. - Sambal pur , Odisha

Phone No. 0135 - 2708100

Tel. EPAB : 0663-2542461 to 469 Wcbsnc : www.ma ha nadicoal.in ing limits, he said.
Fax No. i i s i Web site : www.sildculloom NOTICE The Union Cabinet is likely Mumbai: India’s airlines are sharply cur- Mumbai: Airport ground services com-
to take up the National Tariff tailing their fleet expansion plans as the Co- pany Air India-SATS is grappling with
NIT No : 30 /SIIDCUL/2020. All the tenders issued by CIL and its Subsidiaries for Policy- a sectoral reform in vid-19 pandemic saps demand for travel and more work, less revenue and higher costs
Golden Opportunity for Resort/Hotel/Wellness Resort
near Tehri Lake
procurement of Goods, Works and Services are available on works for two years now — pushes prospects of a recovery to next year. due to reduced airline operations combi-
Carriers are likely to take delivery of not
SIIDCUL invites online bids from interested domestic as well website of Coal India Ltd www.coalindia .in, respective this week along with the bor-
rowing limit relaxation pro- more than 25 planes for the year ending De-
ned with new rules for passengers, bagga-
ge and aircraft cleaning.
as international bidders for allotment of land for developing subsidiary Company, (MCL ,www .mahanadicoal .in), CIL e- posal, sources said. The relax- cember, less than a third of what they were The company, a joint venture between
Resort/Hotel/Wellness Resort near Tehri Lake at Madan Negi , Procurement portal https ://coalindiatenders .nic.in and ation is required as most dis- collectively scheduled to get, said several the national carrier and SATS, a Singa-
Tehri Garhwal , Uttarakhand , India. The bidders must furnish tribution companies are near- people aware of the matter. This includes porean ground-handler and inflight ca-
complete information as per the procedure laid down in the bid Central Public Procurement Portal https://eprocure .gov.in. ing their borrowing limits 10-15 planes already in- terer, plans to pass on the extra costs of
document, Detailed bid document can be downloaded from In addition, procurement is also done through GeM portal while some have already ex- ducted, they said. additional cleaning and
website of SIIDCUL www.siidcul.com or www. uktenders.
gov.in. Interested bidders can only submit the complete bid doc-
https://gem.gov.in R-4994
hausted them. IndiGo will take the ma- sanitisation and bagga-
ument on e-tendering website www.uktenders.aov. in on/before
jority of the planes, alt-
hough at a slower pace Rough Weather ge handling to its airli-
ne customers, chief
mentioned due date 15 .07.2020 till 02:OOPM .
Mana g in g Director
P;- UiT 'Ct r-, 114
I TUT, than its rate of one plane IATA PREDICTS FOR THIS YEAR commercial officer Raj
CORRIGENDUM No-1
every week last year. A Andrade told ET in an
handful of aircraft, in- $11 billion interview.
(Advertised E-Procurement t 1,4-i i .title 01 /2020 71 revenue loss
wm R 'O N 3 3 Wi4fi0r of /2020 21 , aa-r ' T ,4
cluding one Boeing 787 It also plans to invest in
11 (12) Tender No: e-Tender - ESTATE-KUR- Tender Notice No. fpm 4 oz/ 2020 2 1 . TfA yra14 , iv3i f11Ore:rae , f#Y f3-tfdzrr Dreamliner, will likely go hi-tech UV-C emitting
1 54-2020 DL: 20.05.2020 WCRTP2020454 Dated Tai ), fiafvr itim N 1 f3a13 r atin ea 3 Te11 e f ea to Vistara. AirAsia India, 47% machines to clean air-
23.04.2020) r 0IFl r: 2641 1 , 76 04. 4142, 77 78, 30045 ea 372 1 8 Rra it Jii-T f g e decrease in air traffic
ENGINEERING WORKS
W R A GoAir and SpiceJet may craft interiors and is in
. h n In t MUM *}
t el VuT13 271 "ci 3 t
AND ALTERATIONS TO THE EXISTIING Date: 27.05.2020 R t 4 fT o ri flair z 4 z www .agricutt ure.rajasthan .gov.injre amb C not take any fresh air- talks with airport opera-
File No : DRMIEngg/KUR /20.21/
ETender /05 Dt.: 26 .05.2020
STRUCTURES , ALL ORDINARY REPAIR
A N D M A I N T E N A N C E W O R K S OF It is notified that- 1 The da:e n-
www..ppp .raiasth an .gov.in 9

u ar / 4/ 20 / 438
0'170 1T iI (UBNNO AGM202 ' WSOB00036t o 043) r'
3T+ 16rvr 3Tfk1
1 1T , jxl rlq
craft deliveries in 2020.
India’s passenger airli-
Over 3m tors at New Delhi, Benga-
luru and Hyderabad for
(1)Tender No: e-Tender-NORTHKUR - M I S C E L L A N E O U S N A T U R E AND opening of tender is extended Iror r job losses
43-2020 Dt.: 20 .05.2020 SUPPLIES EACH COSTING RS. 5 , 00,0001- 29 0 5 2 0 2 0 t o 1 6 0 6 2020 T h s
nes operate a combined automation of aprons.
r NEW WORKS , ADDITIONS
AND ALTERATIONS TO THE EXISTING
OR LESS IN THE SECTION CARRIAGE
REPAIR WORKSHOPIMANCHESWAR has been up loaded in I R E P S NATIONAL RESEARCH DEVELOPMENT CORPORATION fleet of 650 planes. Last ye- “To borrow a new exten-
(An Enterprise of DSIR, Ministry of Science & Technology,
ar, Airbus and Boeing de- ded adage from one of
STRUCTURES , ALL ORDINARY REPAIR ( W O R K SHOP ) U N D E R S E C T I O N w e b s i t e https :/ / ireps .go v. in .
livered about 70 planes to
A N D M A I N T E N A N C E W O R K S OF ENGINEER (WORKS )IMANCHESWAR FOR Other t e rns and c o n d i t i o n s - i e Govt of India) airlines and several more
our customers, cash is
king, but cooperation is
MISCELLANEOUS NATURE AND
SUPPLIES EACH COSTING RS. 5, 00, 0001
THE PERIOD UPT030.06 . 2021 .
unchang ed 20-22, Zamroodpur Comm. Centre, Wash Colony Extn., N.Delhi-48 were leased by carriers. queen,” said Andrade, explaining his
OR LESS IN THE SECTION FROM RANITAL
14643 Lakhs
Dy. Chief Engineer /TP (HU) TeL: 011-29240401-07, Fax: 011-29240409-10 AirAsia India CEO Sunil Bhaskaran sa- plans to increase charges for ground servi-
(EX) KM 287.471 TO JAJPUR KEONJHAR
EIvID Z 2,23, 2001 , Cost of Tender fo b
Z 5 , 9001-, Comp let ionperod 30.06.2021. W.C.Railway , 2nd Floor , Annex- I Website: wwwnrdcindia.com ; email: [email protected] id the airline has frozen its expansion ces. AI-SATS has 40 airline customers, in-
ROAD ( EX) UNDER SENIOR SECTION plans for this year. Vistara chief strategy
Bldg. G.M. Office . Indira cluding its parent Air India, Vistara as
ENGINEER (WORKS )BHADRAK FOR THE (13) Tender No: e-Tender - ESTATEKUR- Pmposals invited f or Seed Funding fbr Start-ups officer Vinod Kannan told ET the airline well as SpiceJet and GoAir at some air-
PERIOD UPTO30 .06.2021. 55-2020 Dt.: 20.05.2020 M a r k e t . J a b al p u r - 4 8 2 0 0 1
Z 89.17 Lakhs , r NEW WORKS , ADDITIONS Proposals are invited under NRDC-Seed funding programme 2020-21 from is in talks with Airbus and Boeing to defer ports. Before the Covid-19 outbreak, its
EMD: Z 1,78,4001, Cost of Tender form
75 ,900I- , Com peto Period : 30.06.2021.
AND ALTERATIONS TO THE EXISTING
STRUCTURES , ALL ORDINARY REPAIR
Start-ups and early stage growth focused innovative companies (mainly deliveries.
Vistara has inducted a Boeing Dreamliner
11,000 employees handled 12,000 flights eve-
engaged in development and commercialization of new products or new ry day across airports in New Delhi, Hyde-

4' 1171
(2)Tender No: c-Tender -NORTHKUR - AND M A I N T E N A N C E W O R K S OF 787 plane and two leased Airbus A320 air- rabad, Bengaluru, Mangalore and Tri-
44-2020 Dt. : 20.05 .2020 M I S C E L L A N E O U S N A T U R E AND applications of existing products or new technologies or processes) beng craft into its fleet between January and vandrum.
NEW WORKS , ADDITIONS SUPPLIES EACH COSTING RS. 5, 00, 0001-
incubated in incubators in any State/Central Government supported institutions.
1
March 2020. It couldn’t take delivery of its se- On March 24, the government suspended
AND ALTERATIONS TO THE EXISTING OR LESS IN THE SECTION CARRIAGE
STRUCTURES , ALL ORDINARY REPAIR REPAIR WORKSHOPIMANCHESWAR 1. e-T ender Notice No. SNTPBBSDDKUU
KITOT032020 , DL27 .05.2020
For more details and guidelines please visit NRDC webste: cond Dreamliner in March as the country all flights as part of a nationwide lockdown.
wwvunrdcindia.com. Last date for submission of proposal is 191 June 2020.
AND M A I N T E N A N C E W O R K S OF COLONY ( EXCLUDING WORK SHOP) went into a lockdown. SpiceJet is awaiting Since then, AI-SATS, like its customers, has
MISCELLANEOUS NATURE AND INCLUDING CENTRAL HOSPITAL UNDER ALLWORKS FOR PROVISION deliveries of Boeing 737 Max planes. been in a no-revenue situation, using only
SUPPLIES EACH COSTING RS. 5, 00,0001-
OR LESS IN THE SECTION FROM JAJPUR
SENIOR SECTION ENGINEER (WORKS)! OF DOUBLE DISTANT SIGNALS IN KUH U RI - davp 3620611110001/2021 IndiGo, SpiceJet and GoAir didn’t re- 5% of its workforce and providing services
MANCHESWAR FOR THE PERIOD UPTO KHALLIKOT SECTION OF B-ROUTE N spond to ET’s queries. Discussions are ong- mostly to repatriation flights operated to
KEONJHAR ROAD (IN) TO JENAPUR ( IN) & 3006.2021, KHURDA ROAD DIVISION INCLUDING ONE oing and will change entirely if demand in-
JAKHAPURA TO DAITARI UNDER SENIOR ferry people to their homelands. It has pro-
149.62 Lakhs, IBS & 05 NOS. OF MIDSECTION LEVEL
SECTION ENGINEER (WORKS)1BHADRAK
FORTHE PERIOD UPTO 30 .06.2021 . EMD Z 2,24, 8001 Cost of Tender form CROSSING GATES WITH ALTERATION IN
r creases later this year, a senior IndiGo ex- vided services to 400 flights operated by 44
ecutive said. “There are a lot of moving planes that have ferried 22,000 passengers
Z 94.23 Lakhs , Z 5 , 9001-, Completion period: 30.06.2021. HITACHI RAIL STS INDIA M A K E (Under Corporate Insolvency Resolution Process) parts,” the executive said. to 125 destinations.
EMD: Z 1,88,5001-. Cost of Tender form (14) Tender No: e-Tender - ESTATE-KUR- ELECTRONIC INTERLOCKING AT 04
Z 5,9001 , Compet ion penod . 30.06 .2021. 56-2020 Dt . : 20.05.2020 STATIONS , ALTERATION IN PANEL
(3) Tender No: e-Tender NORTHKUR - NEW WORKS , ADDITIONS INTERLOCKING AT 02 STATIONS OF EAST Notice for inviting "Expression of Interest " (EO1) from prospective Resolution
45-2020 Dt.: 20.05 .2020 AND ALTERATIONS TO THE EXISTING COAST RAILWAY. Applicants for submitting Resolution Plans in the matter of KSK Mahanadi
BANK INVOKED SHARES TO GET 24.19% STAKE IN DTH CO
NEW WORKS , ADDITIONS STRUCTURES , ALL ORDINARY REPAIR
Power Company Limited ("KSKMPCL") was published in The Economic
AND ALTERATIONS TO THE EXISTING
STRUCTURES , ALL ORDINARY REPAIR
A N D M A I N T E N A N C E W O R K S OF
MISCELLANEOUS NATURE AND
SUPPLIES EACH COSTING RS. 5, 00,0001-
AND M A I N T E N A N C E W O R K S OF
M I S C E L L A N E O U S N A T U R E AND
SUPPLIES EACH COSTING RS. 5 LAKHS
OR BELOW IN THE SECTION OF SENIOR
SECTION ENGINEER (WORKS)IHEAD
Z 1,47,62, 593+ - . EMD : Z 2.23.800:- . Cost
of Tender Document :? 5,900!- . Per iod of
Completion :Six Months.
2. e-Tender Notice No. SNTPBBSDDKIT
Times" and other regional newspapers, on 8th January 2020, in terms of
provisions of Section 25(2)(h) of Insolvency and Bankruptcy Code , 2016 and
Notice for extension of the date of submission of EO1 till 31st May 2020 was
Yes Bank may Find it Tough to
OR LESS IN THE SECTION TOMKA ( EX)-
S LINE UNDER
ASSISTA NT DIVISIONAL ENGI NEERI
KENDUJHARGARH FOR THE PERIOD
UPTO30 .06.2021 .
UNDE
Q UARTER , RAIL
CHANDRASEKHARPUR . BHUBANESWAR
FOR THE YEAR ENDING 30TH JUNE 2021.
VIHAR ,

178.89 Lakhs,
CAPOT042020 , D1.27 .05.2020

ALLWORKS FOR PROVISIO N

OF DOUBLE DISTANT SIGNALS IN E X
KHALLIKOT - CHATRAPUR SECTION OF B
published on 30th April 2020 .
Last date of receipt of EOls from the prospective resolution applicants is
further extended fill 6:00 PM IST on 21st June 2020.
Recover Dish Promoter Dues
2101. 11 Lakhs , EMI) Z 2, 39,501 Cost of Terder form ROUTE IN KHURDA ROAD DIVISION The updated Form G and E01 process document" has been uploaded on the in the open market, the stock will further cor-
ENID: Z 2, 00.601 Cost of Tender form Z 5 ,9001-, Completion period: 30. 06.2021. INCLUDING TWO IBS & 06 NOS. OF Company website [http://ksk.co.inikmpcl]. Updated Form G shall also be Dish TV’s market cap has rect and there isn’t much interest in this busi-
Z 5,9001-, Completion period : 30.06 .2021. (15) Tender No: e-Tender -ESTATEKUR MIDSECTION LEVEL CROSSING GATES published on the IBBI website [https://ibbi.gov.in/resolution-plans]. ness in the investor community,” said an ana-
WITH ALTERATION IN HITACHI RAIL STS
(4) Tender No: e-Tender SOUTH KUR-
46-2020 Dt.:15.05 .2020 r
57-2020 Dt.: 20.05.2020
INDIA MAKE ELECTRONIC INTERLOCKING For any clarification or further information , kindly write to
Sd/-
seen 67% value erosion since lyst. “I don’t think Yes Bank would want to
manage the operations of the company, so I
iruirTiFINNEW WORKS , ADDITIONS
AT 04 STATIONS, ALTERATION IN PANEL ip.mk.ksk@in .pwc.com
CLOS U RE OF LEVEL AND ALTERATIONS TO THE EXISTING Mahender Kumar Khandelwal the beginning of the year fail to understand the logic.”
CROSSING NO. 248 BY CONSTRUCTION STRUCTURES , ALL ORDINARY REPAIR INTERLOCKING AT ONE STATION OF
OF DIVERSION ROAD FROM LEVEL Interim Resolution Professional of Last year, Subhash Chandra had to sell over
A N D M A I N T E N A N C E W O R K S OF EAST COAST RAILWAY.
CROSSING NO . 248 TO LEVEL CROSSING KSK Mahanadi Power Company Limited 27.5% of promoters’ stake in ZEE to repay
M I S C E L L A N E O U S NATURE AND Gaurav Laghate & Saloni Shukla
NO. 247 BETWEEN GANDADHARPUR -
SUPPLIES EACH COSTING RS. 5 LAKHS 1 54 44. 117 50 . EMD t 2 ,27,2001-. Cost
Reg. No.: IBBII1PA-00111P-P0003312016.2017/10086 over ` 11,000 crore they owed to domestic len-
SOLARI STATION OF KHURDA ROAD Date: 01/06/2020 B-2A , Sunny Valley C.G.H.S., Dwarka , ders, including mutual funds, and Russia’s
DIVISION . OR BELOW IN RAIL KUNJ , RAIL KUTIR , of Tender Document :? 5,900!- . Pe riod of
RAIL AWAS, MANCHESWAR COLONY, Completion :Six Months. Place: Hyderabad Sector 12, New Delhi-110078 Mumbai: Private lender Yes Bank may face state-backed lender VTB.
IFINUT= Z 122.21 Lakhs, hurdles to recover its dues to the promoters of While promoters’ shareholding in ZEE ca-
STADIUM & RAIL SADAN UNDER THE 3. e-Tender Notice No. SNTPBBSDDIP hl-
EMD: Z 2, 11,1001-, Cost of Tender form
SECTION OF SENIOR SECTION ENGINEER PSAOT052020 , Dt.27.05.2020 India’s largest direct-to-home (DTH) player me down to just under 5%, the promoters of
Z 5,9001-, Completionperiod : l2Months.
(WORKS ) / HEAD QUARTER , ALLWORKS FOR PROVISION
RAIL COACH FACTORY, Dish TV even after the bank acquired a Dish TV are also cornered as they are not able
(5) Tender No: e-Tender-NORTH -KUR-
47-2020 Dill 16.05.2020
CHA NDRASEKHARPUR. BHUBANESWAR
FOR THE YEAR ENDING 30TH JUNE2021.
OF DOUBLE DISTANT SIGNALS IN EX KAPURTHALA 24.19% stake by invoking pledged shares fol- to repay the lenders.
FORMATION TREATMENT ICHCHAPURAM - PALASA SECTION OF B- On-line bids are invited by PCMM , RCF on behalf of President of India for following it ems:- lowing a debt default, sources close to the de- They owe a large undisclosed sum to the
FOR 2 .40 TRACK K I L O M E T R E S IN Z 159.15 Lakhs , ROUTE IN KHURDA ROAD DIVISION Sr. Tender No. Qty. EMD velopment said. lenders, including Yes Bank and a clutch of
PATCHES ON DOWN LINE BETWEEN EI,lD . 2 2 9 ,6001- . Cost ::f Terder form No & Due Date Description
(N os./S.ts (Z)
INCLUDING THREE IBS & 10 NOS. OF On Friday, Yes Bank has announced it had mutual funds.
BAUDPUR - KENDUAPADA STATIONS OF ? 5, 9001- , Oorp e:ian pe r oc 30.06.2021. 1. 14191003B Adhesion Promoting Primer (etch Primer) 150394 15
MIDSECTION LEVEL CROSSING GATES ,58, 140.00 invoked the 44.53 crore pledged shares of Ja- After Yes Bank’s invoca-
KHURDA ROAD DIVISION . ( 16) Tender No: e-Tender - EAST-KUR- 26/06/2020 for interior and exterior of LHB Coaches Litre
WITH ALTERATION IN HITACHI RAIL STS wahar Goel-promoted Dish TV, which were The Dish TV tion, Goel is now left with
Z 200.72 Lakhs, 58-2020 Dt.: 20.05.2020 2. 02201054A Set of Electrical Items for LHB EOG Non 30
INDIA MAKE ELECTRONIC INTERLOCKING 12 ,60,000.00
part of a collateral pledged by his brother and shares were just over 30% stake, out of
EMD : Z 2,50, 400 '- Cos t of Tender form P.RPROVISION OF 1ST FOOT 25/06/2020 AC LSLRD Coaches. Sets
AT 06 STATIONS OF EAST COAST
Z11 ,8001,Com pe:cnpe rio d l2Months . OVER B R I D G E AT BAGADIA (PH), 3. 05201162 Supply, Installation & Commissioning of 251 Essel Group promoter, Subhash Chandra. kept as which over 80% still rema-
RAILWAY. 50,00,000.00
(6)Tender No : e-Tender -HQKUR - BANBIHARI GWALIPUR (PH), 29/ 06/2020 Axle mounted disc brake system for Sets At the close of business hours on Friday, collateral ins pledged.
48-2020 Dt.: 18.05 ,2020 BADAKHANDITA , JHANKAD SARALA ALSTOM-LHBdesi g n arcel Van coaches Dish TV’s market cap was `788.06 crore, when the Both Dish TV and Yes Bank
PAINTING OF RAILS , ROAD ( PH), MATTAGAJPUR ( PH) AND
2 2 5 5 9 962 50 EMD : Z 2 6 2 ,800, Cost 4. 05201163 Set of protection frame and bracket for 330 3,37,700.00 stock was
of Tender Document :Z 11,8001-, Period 24/06/2020 LHB VP coaches Sets
which values Yes Bank’s stake in the compa- did not respond to ET’s que-
SEALING OF LINER CONTACT AREA & BADABANDHA ( BDBA) (EXTENSION) at `73 per
OTHER ENABLING WORKS UNDER THE of Completion : Six Months. 5. 01191021A 140 KN Air spring 763
ny at `190.6 crore. Since the beginning of the ries until press time.
UNDER ASSISTANT D I V I S I O N A L 20 ,00,000.00 share, but the
JURISDICTION OF A S S I S T A N T 4. e-Tender Notice No. SNTPBBSDDCAP- 29/06/2020 Set year, Dish TV’s market cap has seen 67% va- Sources at Dish TV said
ENGINEERII l CUTTACK OF KHURDA
DIVISIONAL ENGINEER , TRACK OF IPMOT062020 , DL27 .05.2020 6. 01201052 Rubber Spring 1036 68, 110.00 lue erosion. shares are that with 24% stake, Yes
ROADDIVISION.
KHURDA ROAD DIVISION. 29/06/2020 Nos. The loans were given by the lender to the Es- trading at Bank will be entitled to a se-
Z 534.43 Lakhs, ALLWORKS FOR PROVISION
2 92.09 Lakhs , 7. 01201053 Pad for secondary suspension 2484
,
I
L .
EMD : Z 4, 17, 2001 Cost of Tender form OF DOUBLE DISTANT SIGNALS IN EX 6,05,940.00 sel Group promoters, who borrowed funds `4-5 per at on the Dish TV board. Ho-
EMD Z 1,84 ,2001- Ccst of Tender form : 29/06/2020 Nos.
Z 11, 8001-, Complet on period 11 Months. CHATRAPUR - ICHCHAPURAM SECTION OF against their shareholdings in listed compa- share now wever, there hadn’t been
5,9001- , Cornpe :ion per od 12 Months. 8. 01201054 Air spring ASSLY 120 KN 282 20 ,00,000.
(17) Tender No: e-Tender-EAST-KUR &ROUTE IN KHURDA ROAD DIVISION 29/06/2020 Set 01 nies, including Dish TV. any request from the bank
(7) Tender No : e-Tender-CENT KUR-
49.2020 Dt.: 18.05.2020 59-2020 Dt.: 20.05.2020 INCLUDING THREE IBS & 06 NOS. OF 9. 01201055 3119 20,00,000.0 “Yes Bank’s total exposure with the Es- for a board seat yet.
FIBAfo rLHB Coaches
RAISING OF PLATFORMS LQMQ Z-N NEW WORKS , ADDITIONS MIDSECTION LEVEL CROSSING GATES 29/06/2020 Nos sel Group promoters was to the tune of “The management is trying to run the opera-
FROM LOW LEVEL TO HIGH LEVEL AT AND ALTERATIONS TO THE EXISTING WITH ALTERATION IN HITACHI RAIL STS 10. 01201058A Secondary Springs (Two Items) 1168 Nos. 10 ,17,400.00 ` 3,000 crore,” said an official on condition tions as smoothly as possible during this lock-
RETANG (PF NO .-1), PATIA (PF NO .1), STRUCTURES , ALL ORDINARY REPAIR INDIA MAKE ELECTRONIC INTERLOCKING 29/06/2020 1079 Nos.
of anonymity. down. Our five-member board of directors
BARANG (PF NO .01 AND PF-2&3) AND A N D M A I N T E N A N C E W O R K S OF AT 05 STATIONS OF EAST COAST 11. 01201065 Centering Disc (Two Items) 1200 Nos. 3 ,05, 100.00 The sources said the the Dish TV shares we- has not received any request from Yes Bank to
NARAJ MARTHAPUR (PF-2&3 ) STATIONS M I S C E L L A N E O U S N A T U R E AND RAILWAY. 29/06/2020 1200 Nos.
U N D E R T H E J U R I S D I C T I O N OF SUPPLIES EACH COSTING RS. 5, 00, 0001- 1. For details and making On-line bids , visit Website http:llireps .gov.ln . Drawings/
re kept as collateral when the stock was at `73 join them yet,” said a source in Dish TV.
DIVISIONAL ENGINEER ( CENTRAL) / OR LESS IN THE SECTION JENAPUR (EX) specifications, wherever required can be downloaded from RCF Website per share, while currently the shares were India’s largest and oldest DTH player with
KHURDA ROAD . 7 1,74 ,41,9131-. EMD ? 2,37,2001- Cos t
TO CUTTACK ( EX), KAPILAS ROAD TO http :l/www.rct .indianrallways .gov.1n. Class Illb digital signature certificate required trading at ` 4-5 per share. 23.95 million
of Tender Document :? 5,900!- . Period of for on-line bidding, can be obtained from licensed certifying agencies listed at
287.81 Lakhs, GURUDIJHATIA ( EX) AND NERGUNDI. “The bank had repeatedly asked them to in- subscribers,
Eh1D Z 2,93,9001- . Cost of Tender form : Completion :Six Months. http:/ /www .cce.gov.in. 2 . Tenders will close at 14 .25 Hrs, on due date and tender will
11, 8001- , Cornpelonperiod . 08 Months . S A L E G A O N UNDER A S S I S T A N T
-
DIVISIONAL ENGINEER IICUTTACK FOR 5. e-Tender Notice No. SNTPVSKPDDPSA-
be opened at 14.30 Hrs Tenders Sr. No. 1 will be opened at RCF Kapurthala and Sr.
No. 2 to 11 will be opened at Tllak Bridge , New Delhi . 3. For queries , contact REPS
crease the collateral, but when they failed to,
it had no other option but to invoke the pled-
Dish TV owns
40% share of
( 8) Tender No : e-Tender -CENT-KUR- THE PERIOD UPTO 30 .06 . 2021 . TIUOT012020 , Dt.27.05.2020
Helpdeskat0ll -24102855. 011-24105180 orRCF helpdeskat0ll -23378658. ge,” he said. India’s pay
50-2020 Dt.: 18.05 .2020 . .. , ALLWORKS FOR PROVISIO N Note : GST Number of RCF is 03AAAGM0289C1ZT. All the suppliers are advised to
Z 65.83 Lakhs , This is not the first time when Yes Bank has DTH market.
MTRIIII U N DERW AT F R R E PA I R S O F OF DOUBLE DISTANT SIGNALS IN EX quote this in dispatch documents for the supplies made by them.All above mentioned
END Z 1,31,7001- . Cost of Tender form
PIERS/WELL FOUNDATIONS OF BRIDGE Z 5 ,9001-, Corrp le:icnpe rod 30.06.2021. PALASA- TILARU SECTION OF B- ROUTE IN tenders are e-tenders and all tenderers are quested to submit their bids on-line through invoked pledged shares in a company. The compa-
NO. 22UP ON GHANTIKHAL NIDHIPUR- the REPS website at hops :// www .lreps .gov.l n. For more details regarding the above In January, the bank had acquired 30% stake ny had posted
NARAJ MARTHAPUR SECTION UNDER ( 18) Tender No: e-Tender-FAST-KUR- WALTAIR DMSION INCLUDING IBS' s & mentioned tenders and other supply tenders please visit IREPS website.
THE JURISDICTION OF ASSISTANT 60-2020 Dt.: 20.05.2020 MIDSECTION LEVEL CROSSING GATES in Reliance Power’s subsidiary Rosa Power operating re-
T. No.. G-122- 011PCMM 118 12020-21 Dated : 30.05 .2020 PCMM
ENGINEER , BHUBANESWAR OF KHURDA NEW WORKS , ADDITIONS WITH ALTERATION IN HITACHI RAIL STS Supply Company and venue of
ROAD DIVISION . AND ALTERATIONS TO THE EXISTING INDIA MAKE ELECTRONIC INTERLOCKING 10.25% in Sical Logistics `867.8 crore BSE Listed Company for
Z 64.17 Lakhs ,
ENID Z 1,28,4001, Cost of Tender form :
STRUCTURES , ALL ORDINARY REPAIR
AND M A I N T E N A N C E W O R K S OF
AT 04 STATIONS OF EAST COAST
RAILWAY.
MIRA-BHAINDAR MUNICIPAL CORPORATI( via the same route.
However, industry
and operating
profit of `505.6
Sale/Joint Venture
7010311971
Call:

Z 5 ,9001-, Competoc period : 02 Months . M I S C E L L A N E O U S NATURE AND Indira Gandhi Bhavan , Chattrapati Shivaji Maharaj Marg,
pundits are puzzled over crore for the
(9) Tender No: e-Tender -CENT-KUR- SUPPLIES EACH COSTING RS. 5, 00, 0001- Z 1,79 ,07, 1711- . EMD : ? 2 ,39,500;- C os t Bhaindar (W), Tal. Dist -Thane the timing of Yes Bank’s quarter ended
51-2020 Dt.: 19.05.2020 OR LESS IN THE SECTION CUTTACK (IN)
MANUAL DEEP SCREENING TO BARANG ( EX) UNDER ASSISTANT
of Tender Document :? 5,9001- . Period of
Completion :Six Months.
Public Health Department move.
“It will be very difficult
December 31,
2019.
OF TRACK, POINTS & CROSSINGS AND DIVISIONAL ENGINEER-11CUTTACK FOR
6. e-Tender Notice No. SNTPVSKPO DT U No. MBMC/Health/62/2020-21 , Dated 3015 for Yes Bank to realise However,
OTHER P.WAY RELATED WORKS AT THE PERIOD UPT030 .06.2021.
CPPOT022020 , Dt.27.05.2020
D I F F E R E N T Y A R D S U N D E R THE any value from the Dish Dish TV’s loss
Z 7 6 .75 Lakhs, TENDER NOTICE

"
J U R I S D I C T I O N OF A S S I S T A N T ALLWORKS FOR PROVISION
DIVISIONAL ENGINEER , BHUBANESWAR EMD Z 1,53,5001, Cost of Tender form
Z 5 ,9001-, Completionpenoc 30.06.2021.
OF DOUBLE DISTANT SIGNALS IN EX Mira Bhaindar Municipal Corporation invites online tender from experienced contractor for
TV stake because the
market cap has fallen
in the third
quarter was
vw,im
OF KHURDA ROAD DIVISION .
Z 122.17 Lakhs, ( 19) Tender No: e-Tender -EAST KUR-
TILARU - CHIPRUPALLI SECTION OF B.
Part - A" sharply. If they try to sell at ` 66.8 crore. EXIM BANK
ROUTE IN WALTAIR DIVISION INCLUDING
EMD: Z 2,11 , 1001-, Cost of Tender form : 61.2020 Dt. :20 .05.2020 Supply of contractual labour for daily sweeping & cleaning of roads, footpaths , public places , sw(
IBS & MIDSECTION LEVEL CROSSING E X P O R T -IMPORT BAN K OF INDIA
2 55 ,9 Com peton per iod : 12Months , r NEW WORKS , ADDITIONS
GATES WITH ALTERATION IN HITACHI RAL in commercial areas at night , cleaning of gutters twice in a month for contract period of 04 yr
(10) Tender No: e-Tender -EAST KUR- AND ALTERATIONS TO THE EXISTING
52-2020 Dt.: 19.05 .2020 STRUCTURES , ALL ORDINARY REPAIR
STS I N D I A M A K E E L E C T R O N I C "Part- B.
AND M A I N T E N A N C E W O R K S OF INTERLOCKING AT 05, ALTERATION OF i. Door to door collection and transportation of wet and dry waste separatel y from waste gene VARIOUS WORK Export-Import Bank of India
MISCELLANEOUS P.WAY
PANEL INTERLOCKING AT 01 STATION OF invites applications for Pre-
WORKS SUCH AS PRE & POSTTAMPING , M I S C E L L A N E O U S N A T U R E AND
EAST COAST RAILWAY.
within the limits of the Corporation area to the processing plants with the help of 7 ton F E-Tender Notice No. RR / P R / W C /
SHALLOW SCREENING , LIFTING & SUPPLIES EACH COSTING RS. 5, 00, 001 1518 / 2020-21 / 04 & RR / P R/ W C / qualification of Engineering,
PACKING, DEEP SCREENING OF POINTS OR LESS IN THE SECTION CUTTACK (EX) Compactor and 3 ton Tipper vehicles of the Bidder for period of 01 year (for the first year
1519/2020 -21105 . Tender Procurement and Construction
& C R O S S I N G S , RENEWAL OF PSC TO PARADEEP UNDER SENIOR SECTION ? 2 1 8 2 2 , ' 31+- . EMD 2 .59 . 100:- . Cost contract period) with labour. ( E P C ) C o n t r a c t o r for
No. : RR/ PR/WC / 1518 12020-21104.
SLEEPERS ETC. AND OTHER ENABLING ENGINEER ( WORKS ) IPARADEEP FOR of Tender Document 11 .8001- , Period ii. Door to door collection and transportation of wet and dry waste separately from waste gene Name of Work : Construction of RCC Construction of Nineteen Multi-
W O R K S IN C U T T A C K - P A R A D E E P THEPERIOD UPTO30 .06.2021 .
SECTION UNDER THE JURISDICTION OF
of Completion : Six Months within the limits of the Corporation area to the processing plants with the help of 7 ton F compound wall between stores and Village Drinking Water Supply
2 80.20 Lakhs , Systems (MVWSS) in Benin.
SENIOR SECTION ENGINEER ,
EI,.D,Z 1, 60,4001, Cost of Tender form compactor and 3 ton Tipper vehicles to be owned by Corporation (vehicles such as Ashok Le workshop at Matunga Workshop
K A N D A R P U R OF K H U R D A R O A D 1200hrs of 18 .06.2020 (Forall tender sl Mahindra and Mahindra/Eicher Motors/Tata Motors etc. may be procure by the Corporatic (Approx . Length- 200 m). Approx. Details on:
DMSION . Z 5, 9001-, Completion period : 30.06.2021.
Cost of work : Rs 23 , 14 , 259 .76. Date http:l/www.exlmba nklndla.lnl
Z 58. 34 Lakhs, at 1500 hrs. of
No manual offers sent by Pos UCou- 07 years (from 2^° year to 811year of the contract period). The total contract period of this and time of closing of tender - -
Ilnes of credit tenders.aspx
Fax or in person shall be accept
EMD Z 1,16,7001-, Cost of Tender form : 10.06.2020 ( 'or al terde rs).
against such e-Tenders even if these B' is 8 years. submission : 24.06.2020 upto 12.00 All subsequent Addenda/
2 5,9001 , Completion penod : 06 Months . No manual offers sent by Posl/Courier/Fax or submitted on firm' s letter head iii. Supply of labour on vehicles for the contract period of 8 years hrs. T e n d e r No. : Corrigenda shall be notified on
(11) Tender No: e-Tender - ESTATE-KUR - in person shall be accepted against such received in time. All such manual c " i R R / P R/W C / 151912020 - 21/05. Name Bank' swebsite.
53-2020 Dt .: 20.05 .2020 e-tenders even if these are submitted on firm 's
The tender form and other relevant document will be available from Dt.01/06/2020 to DL24/0E
shall be considered invalid and sha ofWork R e p a r s to Line No . 5of Paint
ZONAL CONTRACT FOR letter head and received in time . All such rejected summarily without
till 01.00 pm on website https://mahatenders.aov.in.The tender will be submitted online on w
Shop wrh embedded t rack flooring
MAINTENANCE , ADDITION & ALTERATION manual offers shall be rejected summarily consideration. https://mahatenders.gov.in till Dt24/06/2020 at 1.00 pm. Tender technical bids will be open along with provision of drainage.
OF EXISTING HORTICULTURAL WORKS without any consideration.
ETC. AT C H A N D R A S E K H A R P U R &
NOTE : The prospective tenderers are DL26/06/2020 at 3.00 pm, A p p r o x . C o s t of w o r k : Rs
Complete information including e-tender advised to revisit the webstte 7 days
MANCHESWAR SETTLEMENT EACH documents of the above e-tender is available before the date of closing of tender
Prebid meeting will be Dt.09/06/2020 at 12.00 pm. at the office of the Dy.Commissioner (H 35 , 79 ,534 .93 . Date and time of Raapafz a r a a t mike
approorat..ic o . o ara e.ek appop lale
COSTING UPTO RS.5.00 LAKHS OR LESS Mira Bhaindar Municipal Corporation , Head Office , Bhaindar (W.), Tal-Dist-Thane, Pin-4011 closing of tender submission : advice uetce xe ieim 'roner r any
inwebsit e: http:llwww.ireps.gov.in to note any changes I corrigenda axpp nxec ng o nod, e a i
UNDER THE JURISDICTION OF SENIOR 24.06 ,2020 upto 12 .00 hrs . Tenders a g Int
mtoo a
Note : The prospective tenderers are advised Issued for this tender. rapmemar n t a l e to r t o an Y ebe 0
DIVISIONAL ENGINEER ( ESTATE )/ shall be accepted only in E-tendering
BHUBANESWAR FOR THE YEAR ENDING to revisit the website 10 (Ten) days before the Complete information including Sd/- IMia
ea n
nd,a Group ao
pinl
axx nt
tiun. TY< Tmn
t,OOS 01
oixn b anY damx
e-tender documents is available n f o r m a t t h r o u g h the w e b s i t e prctricd a
(Dr. Sambhaji Panpatte)
maM. [ry Otn
30TH JUNE 2021 . date of closing of tender to note any changes/ e' mea r,e rrma r eiarec ep¢ot ena
website http :Ilwww .ireps .gov.in. www .ireps .gov.in . Tender coeu-,t 0-- O a
PI n l o ' P, IS
tree 0 Uie Gmup
nd

Z 140 .93 Lakhs, corrigenda issued for this tender Dy. Commissioner (Health) pt N i ca :o r0 xt,all rot n. b' anY
SR ,NO. MBMC/PRO/43/2020-21 .. . . . , st e x o flt o ms
th ca
ENID Z 2,20,5001, Cost of Tender form Divisional Railway Manager ( Engg), Deputy Chief Signal & Telecom Engineer P 100 rat iccnpu.w
o n 0 000p v :ne,Ado
AavMxers
Z 5 ,9001-, Competion penod : 30.06 2021.. PRggNyO 21 - Khurda Road
-
FPR 1 1 / CD / 20 21
Bhubaneswa r DATE:- 30/05/2020 Mira-Bhaindar Municipal Corporat
THE ECONOMIC TIMES | MUMBAI | MONDAY | 1 JUNE 2020 | WWW.ECONOMICTIMES.COM
TELEGRAM
Covid-19 t.me/indiaepapers
Impact: Pharma & Companies  5
‘Govt Didn’t Take Expert Advice Before Imposing Lockdown’ ITR Forms for
FY20 Notified
In a joint statement to Prime Mini- “This draconian lockdown is pro- ences, Benaras Hindu University, limiting the spread of virus. New Delhi: The government has
Experts in statement ster Narendra Modi, representati-
ves of Indian Public Health Associ-
bably in response to a modeling ex-
ercise from an influential institu-
Questions Raised Jawaharlal Nehru University, Post-
graduate Institute of Medical Edu-
The signatories make a range of
recommendations, including the
notified income tax return forms
for 2019-20 and made it mandatory
ation (IPHA), Indian Association of tion which was a ‘worst-case The draconian cation and Research, among others. setting up of a panel of inter-disci- for entities to file ITR if deposits in
to PM say the country Preventive and Social Medicine simulation’. The model had lockdown is prob- When asked why these concerns plinary preventive health and a current account exceed `1 crore
(IAPSM) & Indian Association of come up with an estimated 2.2 ably in response were not raised earlier, Dr Shashi public health experts and social or electricity bill in the fiscal is
is now in community Epidemiologists said that the go- million deaths globally. Subse- to a modeling Kant, professor, Centre for Com- scientists at central, state and dis- over `1 lakh or spent above `2 lakh
vernment should have consulted quent events have proved that exercise from munity Medicine AIIMS, who is trict levels to tackle both public on foreign travels.
transmission phase epidemiologists while formulating the predictions of this model an influential one of the signatories told ET, “the health and humanitarian crises. The Central Board of Direct Tax-
policies to tackle Covid-19. were way off the mark,” it said. institution which deliberation of the task force is Speaking to ET, DCS Reddy, anot- es (CBDT) on Saturday notified Sa-
Teena Thacker “Had the government of India con- A study published by Imperial was a ‘worst-case confidential in nature. Nonethe- her member, said, “We need to now haj (ITR-1), Form ITR-2, Form
& Divya Rajagopal sulted epidemiologists who had bet- College London in March 2020 simulation’ less as a member of the public he- have a pragmatic approach to the ITR-3, Form Sugam (ITR-4), Form
ter grasp of disease transmission estimated 2.2 million deaths in alth community in the country I epidemic, the situation needs to be ITR-5, Form ITR-6, Form ITR-7 and
New Delhi | Mumbai: India is dynamics compared to modelers, it the US alone, but it also assumed no was approached to look at the con- tailored to local situations and not Form ITR-V (Verification) for the
Allowing migrant workers to re-
now in a community transmis- would have perhaps been better ser- containment measures or changes sensus communication and there- be a blanket one. The government assessment year 2020-21 (income
turn home added to challenges
sion phase, top public health ex- ved,” the statement said. It pointed in behaviour by the public at large. fore I lent my name,” he said. from the beginning should have ad- earned between April 1, 2019, and
in limiting the spread of virus
perts have said, as the country out that the government was prima- The signatories include former The statement further says vised states to take a local approach. March 31, 2020).
starts a phased exit from a two- rily advised by “clinicians” and advisors to the health ministry, cur- that the delay in allowing mig- We did not do badly, but we could ha- The new ITR forms require enti-
month lockdown they describe as “academic epidemiologists” with li- rent and former professors at the rant workers to return ho- ve used our resources for better ties to furnish details of specified
“draconian.” mited field training and skills. All India Institute for Medical Sci- me added to challenges in things and hence done more”. high spend transactions. — PTI

Remdesivir Use may BDR in Pact to Make NS

P.N. GADGIL & SONS LIMITED
(Formerly known as "P. N. Gadgil & Sons")

be Managed by Govt Gilead Drug for Cipla "S CIN : U36911PN2017PLC173262 Rating
ICRA Limited (ICRA)
1832 Regd . Office: Abhiruchi Mall , S. No. 59 /1-C, Wadgaon (BK),
MA+ (mt
Sinhgad Road , Pune 411041. Tel.: 020- 24612000, Fax 020-24612185
Mea the rating
Gold I S,[,,, I ITiamomis Email: [email protected] , Website : www.pngadgilandsons .com
obtained :stable
obtain le

Direct sale to pvt hospitals may not be allowed But it is unclear whether sub-licensing is allowed Public Notice for Change in Terms and Conditions of acceptance of Fixed Deposits by the
poor and middle-income nations in- P. N. Gadgil & Sons Ltd. with effect from June 01", 2020
[email protected]
The Right Dose GREY AREA cluding India, had flagged concerns
over the Mumbai company’s entry
In furtherance to the statutory advertisement published by P. N. Gadgil & Sons Limited ("Company") in "Sc sa
Pacer " and "Economic Times " on 11" October, 2019 and subsequentl y in Mint Newspaper on November 06 ,
Mumbai: The subject expert com- The MEURI* guideline was Gilead had sought into the fray. The US company had 2019 as per section 73 (2)(a) and section 76 of the and Rule 4 (1), 4(2) and 4(6)of the Companies (Acceptance
mittee of the Drug Controller of In- established for emergency govt support for written to the Indian government se- of Deposits) Rules , 2014, it is hereb y notified that the following interest rates on acceptance / renewal of fixed
dia has suggested that drugmaker use of investigational drugs applications of “patent eking its intervention and support de posit shall come into force with effect from June 01", 2020, with all other terms & conditions remainirg
Gilead’s experimental drug remde- holder” and not for for applications of the “patent hol- unchanged .
Guideline lays down
sivir should be administered under “non-licensees.” der” and not for “non-licensees.”
7 criteria before 1.INTEREST RATES ON FRESH DEPOSITS / RENEWALS ( w i t h effect from June 01" , 2020)
a ‘compassionate use’ programme investigational drugs It is not known if Gilead has permit- Rate of interest : (Non-Cumulative)
It is not clear
and not sold directly to private ho- are given outside the ted its licensees to enter into sub-li-
if Gilead had
spitals, considering that the drug is purview of clinical trial censing manufacturing contracts. Period Rate of Interest p.a * Minimum Deposit (Rs.)**
permitted licensees
still under trial. “In this case, BDR gets covered by
*Monitored Emergency Use of Unregistered to enter into sub- 36 months 7.00% 1,00,000/-
This essentially means that the the licensee holder Cipla to manufac-
and Investigational Interventions licensing deals
companies which have got the licen- ture and hence none of the compani-
ce to manufacture the drug will have es should have an objection. Howe- The above mentioned interest rates are subject to periodic change with public notice.
to sell it to government institutions, government, in collaboration with ver, since the terms and conditions of " Additional amount acceptable in multi ples of Rs . 50,000/-
ET has learnt from officials aware of the state as well as local government [email protected] Gilead’s voluntary licence are not in Any pre-maturity during 91 days to 365 affects interest rate and applicable rate in that case will be 1% less
the development. authorities. the public domain, nobody can com- than the offer rate . ( i.e. 6% p. a . instead of 7% p.a .)
The recommendations come as fo- “Since most patients who are cur- New Delhi: BDR Pharmaceuticals ment on how this will pan out,” a Any pre- maturity on or after 366" day, the interest rate will remain same (i.e. 7% p.a.)
ur Indian drug companies, Cipla, rently being treated for Covid-19 are has signed a contract-manufactu- pharma analyst said on condition of Applicable interest rate will be equal to offer interest rate for the period of deposit
Hetero, Mylan and Jubilant, gear up in public hospitals and since the ef- ring deal with Cipla for remdesivir, a anonymity. Cipla declined to com- The special interest rate of 7.50% p.a. will be given for the single deposit of Rs. 50 lakhs and above
to get an approval for the drug in the ficacy is still not known, this seems patented product of US company Gi- ment on the development. Interest will be paid annually with cut off of 31" March every year. (first interest and last interest will be for
treatment of Covid-19. to be the thinking,” said an official lead Sciences and the only drug app- “There is too much ambiguity. We fractional period)
Remdesivir received an emergen- who was aware of the development roved to treat Covid-19 patients. don’t know if BDR can benefit from Gi-
cy authorisation approval in count- and did not wish to be quoted due to In late May, BDR had sought the app- lead’s data on the drug and can manu- 2. The Company will accept app lication for fresh / renewal of Fixed Deposits at the revised
ries like US and Japan, and in US its the sensitivity of the issue. roval of India’s drug regulator to make facture it. We don’t know if Gilead’s rates of interest specified as per above mentioned para under point no.1 till further notice .
distribution is controlled. In case of remdesivir, Indian com- and sell remdesivir in India without contract allows sub-licensing,” anot- Thereb y, it is declared that the earlier Fixed Deposit Scheme stands closed with effect
The US Food and Drug Administra- panies have asked for a trial waiver. entering into an arrangement with Gi- her pharma analyst said. Dharmesh from May 31, 2020.
tion (FDA), while giving its emer- "In India, if the Indian health mini- lead. The Mumbai-based company has Shah, MD of BDR, said “nothing is 3. The Company reserves right to close the scheme at any point of time.
gency approval, has restricted supp- stry introduced the drug out of cli- now signed a contract to make the more important than accessibility
ly where it said that distribution of nical trials, it should ensure that the drug for Cipla, which is one of the li- and affordability for Covid-19 pati- By order of the Board of Directors
the drug will be controlled by the US guidelines are in place for informed censed companies, people aware of the ents and if remdesivir is working, it Of P. N. GADGIL & SONS LIMITED
government. consent and monitored emergency matter told ET. should be available soon.” Shah said
The US FDA directed that Gilead use of remdesvir, the results of Following BDR’s request for appro- his company has the active pharma- Sd/-
will supply the drug to authorised which are documented and shared val to sell the drug, Gilead, which has ceutical ingredients needed to make Govind Vishwanath Gadgil
distributors, or directly to a US go- in a timely manner with the wider signed voluntary licensing agree- remdesivir, without divulging deta- Chairman & Whole Time Director
vernment agency, who will then dis- medical and scientific community," ments with Cipla, Hetero Labs and ils about the BDR-Cipla tie-up. DIN : 00616617
Date : May 30, 2020
tribute to hospitals and other he- said Leena Menghaney, who is a la- Jubilant Life Sciences for the manu- Gilead did not respond to e-mailed 576, N C Kelkar Road , Shaniwar Peth , Opp Kesari Wada , Pure-
Place : Pone
althcare facilities as directed by the wyer with Doctors Without Borders. facture and sale of remdesivir in 127 queries on this issue. 411030 MH

JOB LOSSES, PAY CUTS TO HAUNT '1:1.11'U111,

‘Smartphone Sales Tel. Nos. :023K30MI to 2324US,Fax I

PUELu
Tel.Nos.: 023S2324641 to 2324646,Fax 0233-2=107, small [email protected]
LL- 1 . . L 1_ .. . 1 y .- . L..., 6--

to Fall 15% in 2020’ Offers are invited by the undersigned for selling or leasing out (rentin g out) Manufacturing of
soya oils & poultary feeds unit Devine Foods (India) Pvt. Ltd., Plot No. A-1, M.I.D.C. Palus
Tal.,Palus Dist. Sangli (Maharashtra) Owned by Bank
The Tenders are invited in sealed envelope to be submitted to Sangli D C C Bank Ltd
Offers are invited by the undersigned for selling or leasing out (renting out) sugar
factory of Manganga Sahakari Sakhar Karkhana Ltd., Sonarsidhanagar, Atpadi
Tal.Atpadi, Dist. Sangli ( Maharashtra ) Owned By Bank
The Tenders are invited in sealed envelope to be submitted to Sangli D C C Bank Ltd
along with prescribed earnest money amount by Demand Draft drawn on SANGLI and along along with prescribed earnest money amount by Demand Draft drawn on SANGLI and along
Downward Trajectory with KYC documents . The sealed envelope contained with remark' Tender application for Sale
or Let Out (Leasing Out) properties / Machinery situated at Palus'to be opened on 08/07/2020
with KYC documents. The sealed envelope contained with remark' Tender application for Sale
or Let Out (Leasing Out) properties / Machinery situated atAtpadi'to be opened on 08/07/2020
IDC Data Counterpoint at 2.00 P.M. The said Tenders will be opened on said date and time, described herein below at at 2 .00 P.M. The said Tenders will be opened on said date and time , described herein below at
158 M Sangli Dist. Central Co-Op. Bank Ltd., Sangli, Head Office, Padmabhushan Vasantdada Patil Sangli Dist, Central Co-op. Bank Ltd; Sangli , Head Office, Padmabhushan Vasantdada Patil
130 M 137 M smart-
phones
Marg Karmaveer Bhaurao Patil Chowk , Sangli, Dist. Sangli.(MAHARASHTRA) Marg Karmaveer Bhaurao Patil Chowk, Sangli , Dist. Sang li. (MAHARASHTRA)
Likely sales of Likely sales of Brief Description of the Properties Brief Description of the Properties
smartphone smartphone sold
this year this year last Part iculars Location Land Area Part iculars Location Land Area
year Propert y belonging to Devine Foods (India) Pvt . Ltd ., Plot Property belong ing to hlanganga Sah akar i Sakh ar Ka rk hana Ltd. Kouthuli and
Plot No A- 1
41905 g6.63
140 M 142 M No.A-1 ,M.I.D.C. Palus Property situated at M.I.D. C.Palus MIDC Palus
Sq.M
Sonarsdhanagar , Atpadi Property situated at Kouthu land Pujarwadi Hector
Earlier estimate Earlier estimate Tal.Palus Dist.Sangli Plot No A-1 having Land, Factory Tal.Palus Pujarwadi Tal.Atpadi Dist. Sangli Main Factory Building. Mll
Tal.Atpadi
Building, Office Building, Godowns ,Staff Quarters Total Civil House . Boiler House , Power House , Boiling House , Sugar
42% Dist.Sangli Dist. Sangli
Current pent-up Work 7668 Sq. Mtr. and Plant and Machinery. Manufacturing House . Godowns , Administrative Building, Guest House , Distillery
Likely fall in sale demand likely to (Maharashtra) Unit and Plant and Machinery of 1250 TCD Capacity Sugar Factory (Maharashtra)
of soya oils & poulta ry feeds etc.
of feature phones taper off by June

For Sale For Lease /Let Out ( Rent ) Last Date & Time of Day, Date& Time For Sale For Lease /Let Out (Rent ) Last Date & Time of Day, Date& Time
Submission of Bids. of opening of Bids Submission of Bids . of opening of Bids
Writankar.Mukherjee making models pricier.
@timesgroup.com Reserve Earnest Money Reserve Price Earnest Money 04/07/2020 till Wednesday Reserve Earnest Money Reserve Price Earnest Money 04/07/2020 till Wednesday
IDC has now projected the
smartphone market in India Price Deposit (ENID) for Rent Yearly Deposit (EMD) 3.00 Pm at Date 08/07/2020 Price Deposit (E% !D) for Rent Yearly Deposit (EMD) 3.00 Pm at Date 08/ 07/ 2020
Kolkata: Market research- could hit as low as 130 million Head office on 2.00 PM a: Head office on 2.00 PM at
3844 . 20 384 . 42 400.00 40.00 Head office 8059 .48 805 .95 810.00 81.00 Head office
ers International Data Cor- handsets as compared to ear- Sangli Sangli
Lakhs Lakhs Lakhs Lakhs San li Lakhs Lakhs Lakhs Lakhs San li
poration (IDC) and Counter- lier estimate of 140 million.
point Research have down- Counterpoint has just revised Terms and C o n d i t i oc f o r S:ile:- Terms and C o n d i t i o ns , E Sale:-
ward revised their outlook its outlook pegging the indus- (1) The bank intends to sell the assets detailed above " AS IS WHERE IS AS IS WHAT IS, (1) The bank intends to sell the assets detailed above " AS IS WHERE IS, AS IS WHAT IS ,
for the Indian smartphone try at 137 million from earlier AND WHATEVER THERE IS BASIS WHICH IS WITHOUT ANY WARRANTY , AND WHATEVER T H E R E IS BASIS WHICH IS WITHOUT A N Y WARRANTY,
market estimating sales will outlook of 142 million. GUARANTEE , ASSURANCE, UNDERTAKING OR REPRESENTATION OF ANY KIND GUARANTEE, ASSURANCE, UNDERTAKING OR REPRESENTATION OF ANY KIND
decline by 13-15% due to Co- Last year, India had sold WHATSOEVER" The Bank does not take or assume any responsibility for any shortfall of the WHATSOEVER" The Bank does not take or assume any responsibility for any shortfall of the
vid-19, making it the first around 154-158 million smart- movable/immovable assets for procurin g any permissions etc. or for any dues , statutory or movable/immovable assets for procuring any permissions etc. or for any dues , statutory or
otherwise of any authority established by law.such dues if any will have to be borne/paid by the otherwise of any authority establis hed by law. such dues if any will have to be borne/paid by the
year of decline ever. phones and before Covid purchaser (2) The Tenders are acceptable and valid if they are received to Bank on or before till purchaser (2) The Tenders are acceptable and valid if they are received to Bank on or before till
The trackers said this is go- trackers had expected high the opening of Tenders. (3) The EMD amount as mentioned above should be paid by DD in the openin gg of Tenders. (3) The EMD amount as mentioned above should be paid by DD in
ing to be due to recent spate of single digit growth this year. favour of The Sangli District Central Co-Op . Bank Ltd.," payable on Sangli on any favour of The Sang li District Central Co -Op. Bank Ltd.," payable on Sangli on any
job and salary cuts whereby In case of feature phones, Nationalised/Schedule Bank. The EMD shall be refunded to unsuccessful bidder on the same Nationalised/Schedule Bank. The EMD shall be refunded to unsuccessful bidder on the same
consumers will postpone pur- the decline in sales is estimat- day, The EMD will not carry any interest. (4) 25% amount shall be deposited by D.D or RTGS/ day. The EMD will not carry any interest , (4) 25% amount shall be deposited by D.D or RTGS/
NEFT on our Bank Account by highest bidder on the same day of opening of tenders. (5) 75% NEFT on our Bank Account by highest bidder on the same day of opening of tenders. (5) 75%
chases, companies unable to ed to be a steep 42% from 130 amount of remaining highest bidding and stamp duty, registration fee , Machinery GST and amount of remaining highest bidding and stamp duty, registration fee , Machinery GST and
ramp up production impact- million handsets sold last other expenses for sale deed shall be deposited within 15 days from the date of opening of other expenses for sale deed shall be deposited within 15 days from the date of opening of
ing supply of models, and the year to around 75 million with tenders. If not deposited within stipulated period , deposited amounts will be forfeited and the tenders . If not deposited within stipulated period, deposited amounts will be forfeited and the
recent increase in GST on income of this set of consum- said bidder shall not have any rights on said properties / machinery, Bank is not bound to pay said bidder shall not have any rights on said properties / machinery. Bank is not bound to pay
smartphones from 12-18% ers badly hit, as per IDC. interest on amounts deposited by tender applicants. 6) After opening of tenders , the highest interest on amounts deposited by tender applicants. 6 After opening of tenders , the highest
bidder is responsible for financial and legal activities. 7) Tender applicant has a right to submit bidder is responsible forfinancial and legal activities , 7 Tenderapplicant has a rightto submit
one or more tenders- He has to deposit earnest money for each tender app lication separately. one or more tenders- He has to deposit earnest money f or each tender application separately.
(8) Bank has a right to take decision in case of equal amount tenders. (9) The Tender property (8) Bank has a right to take decision in case of equal amount tenders . (9) The Tender property
will remain open for seein g after p
prior permission of Bank in office hours 11.00 am to 3.00 pm will remain open for seeing after prior permission of Bank in office hours 11.00 am to 3.00 pm
Demand for Covid Test (except Holidays) from 12106/202 0 to 30/06/2020 (10) The bid document can be obtained from
t he undersigned during 15/06/2020 to 30/06/2020 on any working days (exce ppt Holidays )
between 10 00 am to 4.00 pm on payment of non-refundable fee of s_5000/-(Rs. Five
(except Holidays) from 12106/2020 to 30/06/2020 (10) The bid document can be obtained from
the undersigned during 15/06/2020 to 30/06/2020 on any working days (exce pPt Holidays )
between 10 00 am to 4.00 pm on payment of non-refundable fee of F7s.5000/ -(Rs_ Five
at Diagnostic Units Up Thousand Only)+ GST by cash at Head office Sangli the bid documents are available at our
head office Sangli (11)The Bank reserves the right to retain the Tender sale (12)The maximum
bidding amount is not satisfactory and not with expectation of Bank , bank has right to
Thousand Only)+ GST by cash at Head office Sangli the bid documents are available at our
head office Sangli (11) The Bank reserves the right to retain the Tender sale (12) The maximum
bidding amount is not satisfactory and not with expectation of Bank , bank has right to
vate companies requesting cancel/post pone the said Sale. And he reserves the right to accept/ reject any/ or all the bids cancel/post pone the said Sale. And he reserves the right to accept/reject any/ or all the bids
Nidhi.Sharma us to test their employees so without assigning any reason . (13) The said Tender Notice is published on our bank' s website without assigning any reason , (13) The said Tender Notice is published on our bank' s website
@timesgroup.com ,,,sanc p k .ccii (14) Right to alter and relaxation in terms and conditions is reserved w+ r:.s a a n l l o u ,k .con (14) Right to alter and relaxation in terms and conditions is reserved
that they can resume work.
by Bank , WBank .
There are very strict guide-
New Delhi: As India gradu- lines for conducting RT-PCR Terms and Conditions for Lease / Let Out (Rent): - Terms and Conditions for Leas e /Let Out (Rent)
ally opens up malls, restau-
rants and offices, private
tests so we have not been able
to conduct these tests.” Dr
Thebank in tends
AS IS WHAT IS
Let-out
WHA E
t the S detailed
TTH RE IS BASIS WHICH IS WI HOUT ANY
WARRANTY,GUARANTEE,ASSURANCE,UNDERTAKING OR REPRESENTATION OF
R Thebank in tends
AS IS
e
IS AND WHATEVER TH RE IS E
t the assets

WARRANTY,GUARANTEE ,ASSURANCE,UNDERTAKING OR REPRESENTATION OF

IS W HICH IS WI THOUT Y
companies, hotel owners, air- Dang confirmed that with the ANY KIND WHATSOEVER " The Bank does not take or assume any responsibility for any ANY KIND WHATSOEVER" The Bank does not take or assume any responsibility for any
lines, air travellers and secu- decision to open up malls, ho- shortfall of the movable/immovable assets for procuring any permissions etc.or for any dues , shortfall of the movable/immovable assets for procuring any permissions etc . or for any dues,
rity agencies are rushing to tels and restraurants, there statutory or otherwise of any authority established by law, Such dues if any will have to be statutory or otherwise of any authority established by law. Such dues if any will have to be
private diagnostic centres to has been an increased de- borne/paid by the purchaser (2) The EMD amount as mentioned above should be paid by DD borne/paid by the purchaser (2) The MD amount as mentioned above should be paid by DD
get Covid-19 all-clear for em- mand from there as well. in favour of The San g li District Central Co Op Bank Ltd.," payable on Sangli on any in favour of "The Sang li District Central Co Op Bank Ltd.," payable on Sangli on any
ployees through a confirma- Max Healthcare also con- Nationalised/Schedule Bank, The EMD shall be refunded to unsuccessful bidder on the same Nationalised/Schedule Bank. The EMD shall be refunded to unsuccessful bidder on the same
tory test. firmed they had day. The EMD will not carry any interest. 3) 1 year rent will be taken as deposit without interest day- The EMD will not carry any interest. 3)1 year rent will be taken as deposit without interest
Private diagnostic centres been receiving from successful bidder but yearly rent s ould be paid to bank as per agreement (4) Tender from successful bidder but yearly rent s ould be paid to bank as per agreement (4) Tender
applicant has a right to submit one or more tenders. He has to deposit earnest money for each applicant has a right to submit one or more tenders. He has to deposit earnest money for each
and hospital laboratories requests from tender application separately. (5) Bank has a right to take decision in case of equal amount tender application se p arately. (5) Bank has a right to take decision in case of equal amount
have seen a 50% increase in corporate sec- tenders . (6) The Tender property will remain open for seeing after prior permission of Bank in tenders. (6) The Tender property will remain open for seeing after prior permission of Bank in
the number of requests for tor to conduct office hours 11.00 am to 3.00 pm (except Holidays) from 12/06/2020 to 30/06/2020 (7) The bid office hours 11.00 am to 3.00 pm (except Holidays) from 12/06/2020 to 30/06/2020 (7) The bid
RT-PCR tests within a day of tests. An order of Uttar Pra- document can be obtained from the undersigned during 15/06/2020 to 30/06/2020 on any document can be obtained from the undersigned during 15/06/2020 to 30/06/2020 on any
home ministry’s new guide- desh government dated May working days (except Holidays ) between 10,00 am to 4 ,00 pm on payment of non-refundable working days (except Holidays ) between 10.00 am to 4.00 pm on payment of non-refundable
lines for opening up lock- 4 has come handy for several fee of Rs .5000/-(Rs. Five Thousand Only)+ GST by cash at Head office Sangli the bid fee of 85.5000/-(Rs, Five Thousand Only)+ GST by cash at Head office Sangli the bid
down. ET contacted 10 pri- companies based out of Noi- documents are available at our head office Sangli (8) The Bank reserves the right to retain the documents are available at our head office Sang li (8) The Bank reserves the right to retain the
Tender let out (9) The maximum bidding amount is not satisfactory and not with expectation of Tender let out (9 ) The maximum bidding amount is not satisfactory and not with expectation of
vate laboratories and two pri- da and Greater Noida to get Bank, bank has right to cancel/post pone the said let out tender And reserves the right to Bank, bank has right to cancel/post pone the said let out tender And reserves the right to
vate hospital chains. All con- their employees tested. The accept/ reject any/ or all the bids without assigning any reason. (10)The said lease tender accept/ reject any/ or all the bids without assigning any reason. (10)The said lease tender
firmed that a majority of the order had allowed a compa- agreement will be for 3 years , but as per performance of tenderer it can be extended for agreement will be for 3 years , but as per performance of tenderer it can be extended for
queries have come from hotel ny to get 5% of their employ- maximum 2 years (11)The said Tender Notice is published on our bank 's website maximum 2 years (11)The said Tender Notice is published on our bank's website
owners, hospitality sector ees randomly tested for Co- svw,, :.sa ng l dccban k .com (12) Right to after and relaxation in terms and conditions is reserved www .sa r n g l d cc o a n k . cori (12)Right toafter andrelaxation in terms and conditions is reserved
and airlines. Dr Arjun Dang, vid-19. Though with the new by Bank by Bank.
For Sangli Dist, Central Co-Op. Bank Ltd.,Sangli For Sangli Dist. Central Co-Op. Bank Ltd.,Sangli
CEO of Dr Dangs laborato- set of guidelines in place Sd/- Sd/-
ries, said, “We have got a starting June 8, this order Place : SANGLI. Place : SANGLI.
(B. M. Ramdurg) (B. M. Ramdurg)
number of emails from pri- would not hold. Date : 01/06/2020 General Manager (Admin-Agro. Ind. Loans) Date : 01/06/2020 General Manager (Admin-Agro, Ind, Loans)
 TELEGRAM
6  Covid-19 Impact: Disruption & Companies t.me/indiaepapers
THE ECONOMIC TIMES | MUMBAI | MONDAY | 1 JUNE 2020 | WWW.ECONOMICTIMES.COM

For comprehensive and

insightful stories about all
Ecomm Sites Test Waters with Sober Discounts
things startups and technology,
log on to www.ettech.com
BACK IN BUSINESS Small-scale promotions appear on platforms to spur demand, a sign of normalcy returning to a sector driven by discounts
ting June 1, offering bank-led offers Flipkart and Amazon lost the op- tronics and some appliances, which portunistic buying rampant on the-
Alnoor Peermohamed along with straight up discounts portunity to host a big sale event require components to be imported ir platforms earlier, chiefly led by a
Tweet OF THE DAY & Aditi Shrivastava across a range of products. around the Indian Premier Lea- from countries where supply cha- multitude of sale events through
The ecommerce platforms may be gue this year and have yet to an- ins have not yet been fully restored. the year. “Brands are caught betwe-
Bengaluru: Ecommerce compani- running promotions just like they nounce their back-to-school sa- “Anything with a screen in it runs en a rock and a hard place,” said a
es have started showcasing small- did before the Covid-19 pandemic, les that typically take place in the risk of supply issues, so sales to venture capital investor with a lar-
scale promotional events to spur but industry executives told ET that early June owing to lack of visi- boost buying is out of the ques- ge brands portfolio. Even after the
consumer demand, two weeks after they were gauging consumer de- bility around when schools and tion,” another executive added. 50-day shutdown and the fear of
restrictions on shipping products mand as well as supply side issues colleges would reopen. Others said discounts on plat- stepping out to physical outlets,
were relaxed across the country, in before hosting the next mega sale They are also closely monito- forms could be muted for at least a ecommerce has only recovered 70-
what analysts say is a sign of nor- event. “This is a small activity to try ring supply of products such as quarter as sellers are witnessing 80% of its pre-Covid-19 sales, he ad-
malcy in a sector that typically dri- and improve consumer sentiment smartphones, laptops, TVs, elec- only need-based buying, from op- ded. “With that kind of consumer
ves sales through discounts. at this point of time with a few sel- traffic online, businesses will have
Over the weekend, Flipkart-ow- lers getting together and running to think harder about when to trig-
ned fashion portal Myntra held its promotions,” said a senior executi- ASENIOR EXECUTIVE SAID... ger discounting,” he said.
VANI KOLA @VANIKOLA Month End sale, while online beau- ve of a large marketplace that is cur- Amazon, which has not yet anno-
ty retailer Nykaa ran its Restock sa- rently running a sale. “There have This is a small activity to try and improve sentiment... unced a sale or promotional event,
The Explorer le and baby products retailer First- hardly been any discussions around There’ve hardly been any discussions around running a said it was seeing high demand, alt-
Mindset” is often cry started its summer sale. running a large sale event because hough that has been driven largely
Flipkart, too, announced its Flip- we are still unsure of demand.” large sale event, because we are unsure of demand by need-based buying, which could
brought to #leader- start Sale spanning three days star- Large ecommerce marketplaces taper off in the coming weeks.
ANIRBAN BORA
ship training & class-
rooms to draw les-
BACK TO THE FUTURE Covid-19-hit IT firms are going back to the drawing board to rework plans
sons from famous ex-
peditions. One thing for the new normal. With earnings shrinking, industry says old ways won’t work any more US Govt Gets Plan to Hike
common to all expedi-
H-1B Fees 22%, L-177%
tions is a #crisis. And
hence, the explorer
mindset to a crisis is
very relevant to us to
With Clients Rethinking Priyanka.Sangani
@timesgroup.com
STEEP CLIMB
draw #inspiration

Tech Buzz
Projects, Infy Flags Risks Pune: A final proposal on visa fee
increase, submitted by the US im-
migration agency last week with
the US President’s office, is expec-
ted to hike the cost of an H-1B visa
FB’s ‘Venue’ Firm says key clients
ling with the US Securities and
Exchange Commission. “Our profi-
by 22% and that of the L-1 visa —
used by technology companies to
to Jazz up cutting costs due to
tability may be negatively impac-
ted if we are unable to eliminate fix-
transfer employees between offi-
ces — by as much as 77%.
Live Events prolonged economic
ed or committed costs in line with
reduced demand,” Infosys added.
The US Citizenship and Immigra-
tion Services (USCIS) submitted the
In April, Infosys suspended its an- proposal to the White House Office
impact of the outbreak nual revenue guidance for the first
time due to the economic uncerta-
of Immigration and Regulatory Af-
fairs. Although the timelines of the
inty, as the United States and Euro- fee hike are unclear, the USCIS is
Our Bureau pe waded into a recession, af- currently facing a funding crisis on
FRANCISCO PISTOLESI, The Staircase
fecting businesses at cli- account of a sharp drop in visa fee
Bengaluru: Some clients of Info- ents. The company said income. ET reported last week that The proposal to hike fees was
sys have terminated projects or that some of the specific the USCIS may have to furlough at first put forth in November 2019,
reduced demand for its services “consequent risks related least half of its 18,700 employees if and it recommends different fees
San Francisco, Facebook amid the Covid-19 induced econo- to the occurrence of Co- its demand for $1.2 billion in govern- for Form I-129, depending on the
is rolling out a new app mic crisis, which could impact its vid-19 that have materiali- ment funding is not met by July. visa category. This will result in
profitability in the year ahead, sed” include delay and su- Immigration attorneys, who did the base fee for the H-1B visa in-
called ‘Venue’ which aims the Bengaluru-based company sa- spension of some existing not want to be named, said that an creasing by 22% to $560 and for
to provide an interactive
second-screen experi-
id in a filing.
The IT services provider high- Salil Parekh’s Remuneration services projects. “Addi-
tionally, any sudden
attempt would be made to “finalise
this ruling soon”.
the L-1 intra-company transfer
visa by 77% to $815.
ence for live events. Fa-
cebook will first test
lighted that the pandemic could
pose a major risk going forward as Up 27% to $6.15 m in FY20 change in demand
may impact utili-

Stringent Safety Checks

key clients across the United Sta- sation in (the) short
Venue with NASCAR’s BENGALURU Infosys CEO Salil Parekh’s total remuneration jumped 27%
tes, Europe and other prominent term thereby impacting margins.
Food City presenting the markets cut costs due to the pro- to $6.15 million in the financial year 2019-20, while COO Our profitability may be marginally
Supermarket Heroes 500 longed economic impact of the Pravin Rao’s compensation rose 29% to nearly $2.3 mil- impacted as some clients may dispu-
race on May 31. Future
NASCAR races will also
be hosted in Venue. —IANS
outbreak. “Many of our clients’
business operations have been ne-
gatively impacted due to the eco-
nomic downturn – resulting in
lion. Parekh was granted a significantly higher number of
performance-based restricted stock units compared with
the corresponding fiscal year. The granted RSUs rose more
te some of the existing work-in pro-
cess that has been recognised by us
as unbilled revenues. This in turn
can impact our cash flows negative-
in Place as Malls Gear up
Quick Byte ANIRBAN BORA
postponement, termination, su-
spension of some ongoing pro-
jects with us and/or reduced de-
than 50% in value. His fixed salary though has been
marginally reduced. Chairman Nandan Nilekani
did not take any compensation, committing to
ly,” it added.
The company also warned that cer-
tain employee benefits may be redu-
to Resume Operations
mand for our services and solu- his promise when he took over in August 2017. ced and onboarding of new employe-
tions,” the company said in a fi- es could be delayed. Install UV baggage
scanner, use expensive
Modest 3.5% Hike in TCS’ Staff with Digital Skills Can chemicals to sanitise
washrooms & deploy
Revenue from Tata Group Breathe Easy at Cognizant staff to ensure social
Sharp growth in revenue from govt contracts Firm sees a strong pipeline for digital deals distancing norms
vily in new tech transformations moves to shed employees as part
[email protected] [email protected] Shambhavi Anand
last year which were headed by of cost optimisation.
& Rasul Bailay
TCS, some of which are still un- In October last, it said 7,000 jobs
Mumbai: The revenue that Tata derway. “Large scale technology Mumbai: Cognizant will protect would be axed. Staffers with digi-
Consultancy Services (TCS) gene- transformations have been happe- employees with digital skills from tal skills are, however, likely to be New Delhi: Malls across the count-
rated from Tata group companies ning at group firms like Tata Steel layoffs even if they remain under- spared through ry are gearing up to resume opera-
increased by only 3.5% in fiscal ye- and Tata Motors, which utilised during the ongoing econo- the recession bro- tions with stringent safety measu-
ar 2020, compared to a double-digit signifies the increase in mic crisis, its chief financial offi- CFO’s ught on by the Co- res in place as the government issu- has also erected fumigation tun-

9,000 rise in the previous financial year, 2019. Some of these cer has said. comments vid-19 pandemic. ed guidelines for phased re-opening, nels for visitors to pass through
allowing malls outside contain- them but the mall is not sure if the
Over according to the company’s annu-
al report. Revenue from Tata Sons
technology initiatives
are still in progress at these large
The Teaneck, New Jersey-based
IT services provider earns aro-
come amid
moves to
“Even if, for some
reason, we have di- ment zones to open after June 8. Delhi state government will allow
Covid-19 cyber attacks in as well as subsidiaries and associ- companies,” the executive who is und 38% of its $16.8 billion reve- shed staff as gital talent that be- From installing UV baggage scan- such measures to be used or not.
ates grew to nearly `2,656 crore aware of the developments said. nue from digital businesses, part of cost comes unutilised ner and using expensive chemicals to The Shopping Centres Associa-
India between February sanitise washrooms and other com- tion of India has created a video ad
compared to a more than 13% TCS and Tata Sons did not re- which include helping clients optimisation during this time-
2 and May 2. —Microsoft mon areas, to ensuring contactless showing health workers in perso-
growth to `2,566 crore in financial spond to emails seeking comment. shift applications to the Cloud, frame, assuming that they have
year 2019, when the software servi- Analysts said revenue contribu- marketing online and on social the right skills and capabilities parking and deploying staff for adhe- nal protective equipment (PPEs)
ces exporter capitalised on the tion from government contracts media and building applications and so forth, we will protect that rence to social distancing norms, fumigating the centres, marked
malls are set to roll out several mea- areas for visitors to stand in eleva-
Indian Coder
group’s new tech initiatives. has seen sharper growth as firm for smartphones and maintai- talent for the recovery,” McLough-
According to a Tata Sons executi- increased revenue contribution ning them at scale. Karen McLo- lin said during a Bernstein confe- sures to make shoppers feel safe. tors and escalators and mandatory
ve, group firms had invested hea- from the public sector. ughlin’s comments come amid rence last week. DLF Mall of India will be encou- check of the Aarogya Setu app.
Gets `75 lakh raging customers to book their vi-
sit to the mall on DLF Malls ‘Luko-
Malls well be shelling out big
bucks to ensure safety measures. “If

Apple Bounty Manufacturers Raise Auto Majors Struggle Paytm Mall to

ut’ app. Pushpa Bector, executive
director, DLF Shopping Malls said,
you are a mall with a million square
feet area, you could be spending `30-
“We are also in conversation with 40 lakh on deploying safety measu-
Shift its Ops
Dealer Sops to Help to Convert Online to Bengaluru
our brand partners and are encou-
raging them to install plexiglass at
the check-out window of the out-
res per month,” said Rajendra Kal-
kar, president west and whole-time
director, Phoenix Mills that opera-

Bring in Business Bookings into Sales BENGALURU:

Paytm Mall said it
lets, as a best practice model for sa-
fety of our consumers.”
Brigade malls will also restrict the
tes shopping centres including High
Street Phoenix in Mumbai.
Despite all these measures, malls
creased the extent of consumer loyalty.” is moving its number of people going to the wash- expect traffic to be on the lower side
Bhavya Dilipkumar quantity discount – the Lijee.Philip Manufacturers said the rooms. Every alternate urinal in the in the first few weeks of the opening.
New Delhi A 27-year- & Nehal Chaliawala price benefit given per @timesgroup.com prevailing conditions are
operations from
men’s toilet will be tapped as part of Select Citywalk Mall in Delhi recei-
old Indian security re- unit for large orders. preventing consumers from Noida to Bengaluru as the the social distancing measures. ved 35,000 footfalls on a daily avera-
searcher Bhavuk Jain Mumbai: Indian manu- “If there is a contract for Mumbai: With no sales in purchasing cars. The lock- ecommerce platform looks to New Delhi’s Select Citywalk mall ge prior to the lockdown.
got $100,000 (over facturers are enhancing more quantity, then deal- April during the lock- down had stalled economic tap into the talent pool
`75.5 lakh) from Apple dealer and distributor in- ers can get more incentive down, automobile manu- activity across the country. available in the city’s consum-

Maha, Sikkim Prohibit

centives to push harder for on the contract and cus- facturers Hyundai, Maru- Vinay Raghunath, head, er internet and startup
for discovering a now- sales after the Covid-19 tomers will get discount ti Suzuki, BMW, Mahind- auto practice, EY, said,
patched Zero Day vul- ecosystem. The firm appoint-
pandemic deflated con- on the order,” said V R ra & Mahindra, Mercedes- “There is income uncerta-
ed Abhishek Rajan as its new
nerability in the Sign in sumer demand. Sharma, managing direc- Benz and Toyota recently inty that is pushing consu-
with Apple account au-
thentication. The vul-
The revised incentives fo-
cus on infusing more liq-
tor, JSPL. “We have start-
ed providing advance pay-
announced digital vehi-
cle-buying initiatives. Ho-
mers to postpone discretio-
nary purchases.”
COO. Ex-COO Srinivas Mothey
has been elevated to senior Hotels from Reopening
uidity into the system, re- ments to dealers for cover- wever, online enquiries Tarun Garg, director, sa- VP merchants solutions at 30. The Sikkim government has
nerability could have al- warding higher sales per- les & marketing, Hyundai, Anumeha.Chaturvedi prohibited hotels and restaurants
Paytm. — Our Bureau
lowed a hacker to break formance and taking care which launched its ‘Click @timesgroup.com from reopening from June 1 till
into an Apple user’s ac- of the dealer’s overhead to Buy’ platform last Janu- further notice.
count who log into expenses like buying sani- ary, said despite online en- Database of New Delhi: Maharashtra and Sik- Dilip Datwani, president of the
tisers and safety gear. quiries, it’s taking longer kim prohibited hotels and restau- Hotel and Restaurant Association
third-party apps. “For Companies like JSW Ce- for consumers to decide Dark Web rants from resuming operations on of Western India (HRAWI) said sta-
this vulnerability, I was ments, Indigo Paints, and and buy. A typical conver- Sunday, while Gujarat and Karna- tes and union territories such as
paid $100,000 by Apple JSW Paints are converting sion to sales takes more Host Hacked taka permitted hotels and restau- Goa and Daman
under Apple Security the incentives under their than a month nowadays SAN FRANCISCO rants to open as per the new stan- and Diu had ex-
loyalty programmes into compared with 15 days ear- dard operating procedures (SOPs) The Sikkim pressed their wil-
Bounty programme,” In a classic case
cash or credit notes. “In lier. Dealers are hopeful in a phased manner from June 8. govt has lingness to proceed
Jain said. —PTI these changing times, we ing their overheads which are yet to translate into that as the lockdown is lif- of hacker break- On Saturday, guidelines issued by prohibited with the opening
are trying to retire the old we usually did not do.” major sales. ted, customers will become ing into another hacking the Ministry of Home Affairs hotels and up of hotels and
Jargon Buster scheme,” said K Swami- Textile maker Welspun Dealers are far from con- more confident and start (MHA) permitted hotels and restau- restaurants restaurants in a
nathan, chief marketing said to help retailers get a vinced about the digital visiting dealerships. Ma- service, a cybercriminal has rants to resume operations outside from phased manner in
officer, JSW Cements. “We push to their business, the strategy. While online en- nufacturers have mapped leaked online the database containment zones from June 8. The reopening the western region.
Smoke had schemes like the for-
eign trips every year which
company was working on
digital geo-targeting cam-
quiries have increased in
the past few weeks, they’re
28 touch points in the car-
buying process, from start
of the largest free web-
guidelines also said states could, ba-
sed on their assessment, prohibit
from June 1 West Bengal has
given the go-ahead
Testing we are trying to convert in- paigns and omnichannel not getting converted into to final purchase, said. hosting provider for Dark certain activities outside contain-
till further
notice to hotels and res-
to cash to bring liquidity in promotions to reach con- sales, dealers said. “Web Dealer Nikunj Sanghi sa- Web services that contains ment zones or impose restrictions. taurants to reopen
A series of test cases their (dealers’) hands.” sumers in their respective enquiries have overtaken id, “While we have digita- As per the guidelines, hospitality from June 8, though further details
that are run before the Jindal Stainless even ar- catchment area by gener- walk-ins and are likely to lised almost 25 points, fi- email addresses and site providers can resume operations are awaited. “We are waiting for mo-
start of more rigorous ranged for extended credit ating leads for them. continue post-Covid,” said nancing, test drives/regi- admin passwords. The outside the containment zones re details. But if interstate restric-
tests to verify that an for dealers to six months “We are also helping our Shashank Srivastava, ED, stration and delivery need hacker stole the database, with SOPs prescribed by the Mini- tions and transport restrictions are
from three earlier after retailer partners with req- marketing & sales, Maruti physical interface. Consu- stry of Health and Family Welfare. not eased by states, I doubt if we will
application’s main fea- talks with finance part- uisite discounts and mar- Suzuki. “Conversion to sa- mers want to physically and then wiped all servers, The Maharashtra government's get any guests,” said Neeraj Jain, a
tures work properly ners like SBI. Meanwhile, gins,” company spokes- les continue to be highest see and inspect the vehicle reports ZDNet. — IANS order comes into effect from June 1 member of the Hotel and Restau-
Jindal Steel and Power in- person said. for referrals on back of before taking delivery.” and shall remain effective till June rant Association of Eastern India.
 ETMarkets
TELEGRAM t.me/indiaepapers SMART
INVESTING

TVS Motor may

Lose Premium
Edge in Face of
Multiple Bumps
Beating Volatility WWW.ETMARKETS.COM
MUMBAI, MONDAY, 1 JUNE 2020

TRADERS TO PAY 20-25% MORE as upfront margins for naked positions TO ENABLE RBI INTERVENTION IN OFFSHORE MARKET

Higher Margins for Unhedged Bets from Today Local Banks to Start
Nishanth.Vasudevan
@timesgroup.com New Rules for Trades The initial
margins
hedges are considered risky becau-
se, in theory, losses can be unlimited.
Knowledgeable traders using ‘na-
Rupee Trading in
Mumbai: Risk-takers will have to
pay a steeper price to participate in
EXPERTS SAY
Jump in margins As volatility reverts Hedged
for buying
Nifty futures
from Monday
ked futures’ trading model follow
stricter risk practices; but the less
experienced, who do not hedge, are
Overseas NDF Mkt
India’s equity derivatives market. mainly because to long-term aver- strategies will be roughly exposed to steep losses.
Traders betting on the direction of of the higher vol- ages, margins would to become `1.35 lakh per lot The new upfront margin rules and
the index or a stock without insu- atility in the past fall, but the decline cheaper as against `1.1 lakh the recent regulatory curbs on large
Move will curb wild Liquidity, Stability
three months would be gradual by 50-70% last week LOCAL BANKS will be able
rance will have to pay higher up-
front money from June 1 when the
F&O trades could dry up liquidity in
the equity derivatives segment.
swings in currency; to serve overseas clients
National Stock Exchange’s new
margin norms kick in. The rules, ho- What has changed? NSE has twea- gins. By increasing the PSR, the up- rithm is based on naked futures,” sa-
Sebi and exchanges have been tigh-
tening margin requirements for fu-
may help MNCs save with better efficiency

Axis, ICICI, HDFC

wever, encourage safer strategies
like hedged trades, in which the ini-
ked a parameter used to calculate
Standard Portfolio Analysis of Risk
front margins, too, have spiked.
For instance, the initial margins
id Chaudhry, founder of Mumbai-ba-
sed Wave Analytics. “We will now ha-
tures and options in the last couple
of years. Exchanges have been pus-
hedging cost: Experts Bank, IndusInd
tial margins are set to drop. (SPAN) — an upfront margin paid to for buying Nifty futures from Mon- ve to put a limit on the size of the posi- hing stock brokers to mandatorily will likely resume
From Monday, traders who buy or the broker before placing trades. day will be roughly `1.35 lakh per lot tions.” Chaudhry said he will not be collect the entire initial margin be- [email protected] trading today
sell a futures contract or only sell op- The margin is a percentage of the as against `1.1lakh last week. able to buy more than four or five fore a trade from clients even for
tions without any hedge, popularly trade value based on the software Professional traders like Piyush Nifty futures lots at one go compa- transactions that are not carried for- Mumbai: The rupee is set to enter PARTICIPATION OF local banks
known as naked positions, will end SPAN. The exchange has raised the Chaudhry will be most affected by red to seven earlier. ward to the next day. anew era on Monday as local banks in NDF will increase liquidity
up paying 20-25% more as upfront Price Scan Range (PSR), which is a this move. “Traders like me do not Plain vanilla strategies like buying including Axis Bank, ICICI Bank,
margins. variable to determine SPAN mar- hedge our positions and my algo- or selling options or futures without Continued on Smart Investing HDFC Bank and IndusInd Bank HEDGING COSTS likely
will likely start trade in the overse- to fall as bid offer
as derivative market, known as spread expected to
PUT CALL RATIO INDICATES ‘OVERBOUGHT ZONE’ non-deliverable forwards (NDF). shrink further
EARNINGS REVIEW Impact of Covid to reflect in April-June numbers The move will help curb wild ru-

F&O Data Hint Better Compliance in US, Improving

pee swings and paves way for
much-needed Reserve Bank of In-
dia intervention in the offshore
banks led by State Bank of India
are expected to join them soon with

at 9,037-10,160
market. Multinational companies, many readying infrastructure
too, are likely to save hedging cost platforms.

Finances Augur Well for Lupin Stock

amid limited speculative bets. Axis Bank and IndusInd Bank did
“Allowing banks to trade in the not reply to ET’s query.

Range for Nifty [email protected]

offshore NDF market will mark a
new era in the currency market,”
said Bhaskar Panda, executive vi-
ce president at HDFC Bank. “It has
Multinational corporations with
business interest in India find it ea-
sier to hedge their India exposures
through offshore derivative cur-
Ram.Sahgal
Nifty 50
Lupin Q4: Global Scorecard three-pronged benefits. While the rency markets. This also helps
@timesgroup.com ET Intelligence Group: Lupin’s fourth RBI would be able control wild them avoid onshore norms, widely
10200 quarter results proved to be a mixed bag, Q4 FY20 QoQ % YoY % swings in the offshore market, perceived as complex.
9859.9 Regions
9580.3 with strong performance in the domes- (` in cr) chg chg MNCs too can reduce hedging costs Participation of local banks in
Mumbai: Options traders 9800 North America 1,579 14.7 -9.3
are baking in a range of tic market compensating for the under- due to participation of local NDF will increase liquidity. Hed-
9,037- 10,160 for the Nifty in performance in the US business. Sales India 1,192 -8.1 13.3 banks.” ging costs are likely to fall as the bid
9400
the current expiry (June were flat in Q4 over the year-ago level Europe, Middle East & Africa 365 25.3 7.4 “It will also cater to a level-playing offer spread is expected to shrink
25), with the bias on the up- 9000
and the proceeds from the sale of its Ja- Latin America 135 -24.7 -2.3
field for local banks, which can further.
side. That’s an over 11% panese business boosted net profit. Ho- now serve their overseas clients “The regulation to allow Indian
wever, higher raw material cost, employ- Asia Pacific 145 -16.0 -15.5 with better efficiency,” he said. banks to participate…is a progres-
range from Friday closing 8600
Apr 30, ’20 May 29, ’20 Rest of the World 46 -43.7 -36.8
of 9,580.3. ee and finance costs took a toll on the Earlier in March, the central sive step,” said B Prasanna, head of
Both the levels are key as Mumbai-based company’s profitability Global API 329 3.6 12.8 bank permitted Indian banks with global markets group of ICICI
the lower one has acted as a Traders should also bear for the quarter. At 19.4%, the Ebitda mar- Consolidated Sales 3,791 2.0 -0.4 licence to operate in International Bank. “It will improve the liquidity
strong support, while 10,160 in mind that the market is gins nosedived 300 basis points over the Source: Company Financial Services Centre in GIFT issue in offshore NDF market and
is the March 13 high from approaching an overbought Q4 in FY19. Going ahead, the Ebitda mar- City, Ahmedabad, to participate in thereby help in containing undue
where the market gapped zone, as indicated by the gin is likely to be 19-20%, without acco- essentially due to exclusivity sales from market, there has been an adverse im- NDF market from June 1this year. sharp volatility in local currency
down to 9,588 in the next tra- open interest put call ratio unting for the Covid or forex impact. a drug launched during the Q4 of the pact on acute drugs and sales to hospi- Private sector lenders have taken during market stress through ar-
ding session. It then went on of 1.41 of the June 25 expiry. The US business, while performing previous year. India business grew 13% tals in the domestic market. a lead here as at least four private bitrage route.”
to hit the multi-year low of A reading above 1.4-1.5 is strongly on a sequential basis, witnes- year-on-year. Though Covid-19 triggered sectors banks will likely resume
sed a year on year drop of 9% in revenue, stockpiling in the US as well as the local Continued on  Smart Investing trading Monday. Public sector Continued on Smart Investing
7,511on March 24. considered overbought whi-
Certain analysts, like Ro- le oversold is anything be-
hit Srivastava of India- low 1.
Charts, are betting on the Any bet on i 1' i
Nifty having a shy at 10,160 Analysts say the Nifty or
to fill the gap left on March any bet on Bank Nifty Tel. Ni R R Tel. Nos. :0233-2324641 to 2324645, Fax 02M322107 email - [email protected]
13. Others like Rajesh Palvi- Nifty or should be
ya of Axis Securities ex- Bank Nifty through
Offers are invited by the undersigned for selling or leasing out (renting out) sugar factory of Shri
pect the market to reverse should be spreads, Mahankali Sahakan Sakhar Karkhana Ltd Rajarambapunagar , Kavathemahankal Owned Offers are invited by the undersigned for selling or leasing out (renting out) Ginning
after testing 10,000 levels, gi- through which will by Bank and oil mill of Vijayalaxmi Cotton Mills Ltd., At Post Atpadi, Tal. Atpadi, Dist. Sangli
ven the lockdown-induced spreads minimise The Tenders are invited in sealed envelope to be submitted to Sangli D_ C_ C. Bank Ltd_ (Maharashtra ) Owned by Bank
“economic challenges” and losses in ca- The Tenders are invited in sealed envelope to be submitted to Sangli D C C Bank Ltd
along with prescribed earnest money amount by Demand Draft drawn on SANGLI and along with
head to 9,040 levels. se of a contrary move, ad- along with prescribed earnest money amount by Demand Draft drawn on SANGLI and along
KYC documents. The sealed envelope contained with remark' Tender application for Sale or Let with KYC documents. The sealed envelope contained with remark' Tender application for Sale
The range is derived from vises Rajesh Baheti, direc- Out (Leasing Out) properties / Machinery situated at Kavathemahankal' to be opened on
the value of the 9,600 stradd- tor, Crosseas Capital. Ana- or Let Out (Leasing Out) properties / Machinery situated atAtpadi'to be opened on 08/07/2020
08/07/2020 at 2.00 P.M. The said Tenders will be opened on said date and time , described herein at 2.00 P.M. The said Tenders will be opened on said date and time , described herein below at
le (call and put of 9,600 stri- lysts attribute the rally in
below at Sangli Dist, Central Co-Op, Bank Ltd., Sangli , Head Office, Padmabhushan Vasantdada Sangli Dist. Central Co-op_ Bank Ltd; Sangli , Head Office , Padmabhushan Vasantdada Patil
ke) of `563 a share. The op- global equities to diver-
Patil Marg KarmaveerBhaurao Patil Chowk, Sangli, Dist. Sangli. ( MAHARASHTRA) Marg Karmaveer Bhaurao Patil Chowk , Sangli , Dist. Sangli. (MAHARASHTRA)
tions expire on June 25. So sion of cheap funds injec-
long as the market trades ted by central banks the Brief Description of the Properties Brief Description of the Properties
within the range till expiry, world over to combat the Particulars Location Land Area Particulars Location Land Area
the straddle seller makes fallout from Covid-19.
Property belong ing to Shrt Mahankali Sahakari Sakhar Karkhana Kav athemahankal Property belong ing to Vijayalaxmi Cotton Mills Ltd . At padi .
money. The straddle buyer Having been net sellers to 76.44 Village- Atpadi 1.36 . 50
Ltd.,Rajarambapunagar , Kavathemahankal Property situated at Tal. Propert y situated at Atpadi Gat. No 3714 . Tal. Atpadi
will gain only if the market the tune of `61,973 crore in Hector
Kavathemahankal , Tal. Kavathemahankal, Dist Sangli Main Tal.Atpadi Hector
closes below 9,037 or above March and `6,884 crore in Kavathemahankal Dist. Sangli having Building , Plant and Machinery of
Factory Building. Mill House , Boiler House , Power House , Sugar Dist_Sang li
10,160 at or before expiry. April, FIIs have net invested Dist.Sangli
House , Godowns , Administrative Building, Guest House and Plant Ginning and oil mill , (DR Machines-30 no' s . Oil Expellers
Indeed, the current series `14,569 crore in May. They (Maharashtra) (Maharashtra)
and Machinery of 1250 TCD Capact y Sugar Factory 18 no ' s etc).
of options pegs 9,000 as key were also cumulatively net
support by way of highest long index futures by 21,702
open interest here and contracts on May 29. This For Sale For Lease /Let Out ( Rent ) Last Date & Time of Day, Date& Time For Sale For Lease /Let Out (Rent ) Last Date & Time of Day, Date& Time
10,000 as the major resistan- indicates their positive sen- Submission of Bids. of opening of Bids Submission of Bids . of opening of Bids
ce by the same parameter. timent on the market. Reserve Earnest Money Reserve Price Earnest Money 04/07/2020 till Wednesday Reserve Sanest Money Reserve Price Earnest Money 04/07/2020 till Wednesday
Price Deposit (EMD) for Rent Yearly Deposit (Eh1D) 3.00 Pm at Date 08/07/2020 Price Dep osit (E MD) for Rent Yearty Deposit (EMD) 3.00 Pm at Date 08/07/2020
Head office on 2.00 PM a: on 2.00 PM at
Stock may rally up to 40% from current 8788 .21 878 . 82 880.00 88.00
Sangli Head office 1482 .52 148 .25 150.00 15.00 Head office
Head office
Lakhs Lakhs Lakhs Lakhs San g li Lakhs Lakhs Lakhs Lakhs Sangli San li
level in a year: Consensus estimate Terms and Conditions For Sale:- Terms and C o n d i t i ons Fo r Sale:-
(1) The bank intends to sell the assets detailed above " AS IS WHERE IS, AS IS WHAT IS,

Plastic Pipes Sector 1 The bank intends to sell the assets detailed above " AS IS WHERE IS, AS IS WHAT IS,
4 D WHATEVER THERE IS BASIS WHICH IS WITHOUT ANY W A R R A N T Y,
GUARANTEE , ASSURANCE, UNDERTAKING OR REPRESENTATION OF ANY KIND
WHATSOEVER " The Bank does not take or assume any responsibility for any shortfall of the
movable/immovable assets for procurin g any permissions etc. or for any dues , statutory or
AND WHATEVER THERE IS BASIS WHICH IS WITHOUT A N Y WARRANTY,
GUARANTEE, ASSURANCE, UNDERTAKING OR REPRESENTATION OF ANY KIND
WHATSOEVER" The Bank does not take or assume any responsibility for any shortfall of the
movable/immovable assets for procuring any permissions etc. or for any dues , statutory or

Set to Boom, Finolex otherwise of any authority established by law- such dues if any will have to be borne/paid by the
purchaser (2) The Tenders are acceptable and valid if they are received to Bank on or before til l
the opening of Tenders. (3) The E MD amount as mentioned above should be paid by DD in
favour of "The Sangli District Central Co -Op. Bank Ltd.," payable on Sangli on any
otherwise of any authority established by law. such dues if any will have to be borne/paid by the
purchaser (2) The Tenders are acceptable and valid if they are received to Bank on or before till
the openin g of Tenders- (3) The E MD amount as mentioned above should be paid by DD in
favour of The Sang li District Central Co -Op. Bank Ltd., " payable on Sangli on any

Analysts’ Top Pick Nationalised/Schedule Bank. The EMD shall be refunded to unsuccessful bidder on the same
day. The EMD will not carry any interest. (4) 25% amount shall be deposited by D.D or RTGS/
NEFT on our Bank Account by highest bidder on the same day of opening of tenders. (5) 75%
amount of remaining highest bidding and stamp duty, reg istration fee , Machinery GST and
Nationalised/ScheduleBank_ The EMD shall be refunded to unsuccessful bidder on the same
day. The EMD will not carry any interest. (4) 25% amount shall be deposited by D.D or RTGS/
NEFT on our Bank Account by highest bidder on the same day of opening of tenders- (5 )) 75%
amount of remaining highest bidding and stamp duty, registration fee , Machinery GST and
other expenses for sale deed shall be deposited within 15 days from the date of openin g of other expenses for sale deed shall be deposited within 15 days from the date of opening of
Rajesh.Mascarenhas tenders- If not deposited within stipulated period , deposited amounts will be forfeited and the tenders. If not deposited within stipulated period , deposited amounts will be forfeited and the
@timesgroup.com said bidder shall not have any rights on said properties / machinery, Bank is not bound to pay said bidder shall not have any rights on said properties / machinery. Bank is not bound to pay
interest on amounts deposited by tender applicants. 6 ) After opening of tenders , the highest interest on amounts deposited by tender applicants. 6 After opening of tenders , the highest
bidder is responsible forfinancial and legal activities . (7) Tender applicant has a right to submit bidder is responsible forfinancial and legal activities. 7 Tender applicant has a rightto submit
Mumbai: With a strong ba- one or more tenders- He has to deposit earnest money ffor each tender application separately- one or more tenders- He has to deposit earnest money f or each tender application separately.
lance sheet, compelling valua- (8) Bank has a right to take decision in case of equal amount tenders . (9) The Tender property (8) Bank has a right to take decision in case of equal amount tenders . (9) The Tender property
tions, comfortable liquidity will remain open for seeing after prior permission of Bank in office hours 11.00 am to 3.00 pm will remain open for seeing after prior permission of Bank in office hours 11.00 am to 3.00 pm
position and leadership in ag- (except Holidays) from 12106/2020 to 30/06/2020 (10) The bid document can be obtained from (except Holidays) from 12/06/2020 to 30/06/2020 (10) The bid document can be obtained from
ri-pipe segment, Finolex In- the undersigned during 15/06/2020 to 30/06/2020 on any working days (exce pPt Holidays ) the undersigned during 15/06/2020 to 30/06/20 20 on any working days (exce ppt Holidays
dustries is analysts’ top pick between 10 00 am to 4.00 pm on payment of non-refundable fee of s_5000 /-(Rs. Five between 10 00 am to 4.00 pm on payment of non-refundable fee of Rs.5000/-(Rs_ Five
Thousand Only)+ GST by cash at Head office Sangli the bid documents are available at our Thousand Only)+ GST by cash at Head office Sangli the bid documents are available at our
among plastic pipe stocks. head office Sangli (11) The Bank reserves the right to retain the Tender sale (12) The maximum head office sanglr (11) The Bank reserves the right to retain the Tender sale (12) The maximum
The sector is likely to boom in bidding amount is not satisfactory and not with expectation of Bank , bank has right to bidding amount is not satisfactory and not with expectation of Bank , bank has right to
the coming months due to sur- cancel/post pone the said Sale. And he reserves the right to accept/rej ect any/ or all the bids cancel/post. pone the said Sale. And he reserves the right to accept/ re ect any/ or all the bids
ging rural demand, paced by a without assigning any reason. (13) The said Tender Notice is published on our bank's website without assgning any reason , (13) The said Tender Notice is published on our bank' s website
healthy output of winter- ngIidcchnnk .com (14) Right to alter and relaxation in terms and conditions is reserved wvv;vsanc l ccb a nk .co n (14) Right to alter and relaxation in terms and conditions is reserved
by Bank. by Bank .
sown crops and increased sta-
te assistance to farmers. Terms and Conditions for Lease / Let Out (Rent): - Terms and Conditions for Lease /Let Out (Rent):-
Finolex Industries’ shares,
which declined 41% between ANIRBAN
Thebank int ends e the Sets detailed above "
AS IS WHAT IS AND WHATEVER T HERE IS BASIS WHICH IS WITHOUT ANY
WARRANTY,GUARANTEE,ASSURANCE,UNDERTAKING OR REPRESENTATION OF
IS , Thebank in tends
A1 IS WHAT IS AND WHATEVE
Let-out
E
t the Sets r led abo v " AS
TTH RE IS BASIS W HI H IS WI HOUT ANY
WARRANTY,GUARANTEE ,ASSURANCE,UNDERTAKING OR REPRESENTATION OF
R

19 February and 27 March, ha- a PE of 14 times its FY22 esti- ANY KIND WHATSOEVER" The Bank does not take or assume any responsibility for any ANY KIND WHATSOEVER" The Bank does not take or assume any responsibility for any
ve recovered 29% to close at mated earnings, a 21% disco- shortfall of the movable/immovable assets for procurin g any permissions etc.or for any dues, shortfall of the movable/immovable assets for procuring any permissions etc , or for any dues,
`422 on Friday. The company unt to its five-year average pri- statutory or otherwise of any authority established by law, Such dues if any will have to be statutory or otherwise of any authority established by law. Such dues if any will have to be
has a debt-free balance sheet ce-to-earnings of 17.7. Its en- borne/paid by the purchaser (2) The EMD amount as mentioned above should be paid b y DD borne/paid by the purchaser (2) The MD amount as mentioned above should be paid by DD
and almost nil utilisation of terprise value-to-sales and in favour of "The Sangli District Central Co Op Bank Ltd. , " payable on Sangli on any in favour of "The Sang li District Central Co Op Bank Ltd., " payable on Sangli on any
fund-based working capital li- price-to-book are 1.5 times and Nationalised/Schedule Bank, The EMD shall be refunded to unsuccessful bidder on the same Nationalised/Schedule Bank. The EMD shall be refunded to unsuccessful bidder on the same
mit. The stock is likely to rally 1.6 times its FY22 estimated day. The EMD will not carry any interest. 3)1 year rent will be taken as deposit without interest day. The EMD will not carry any interest- 3)1 year rent will be taken as deposit without interest
from successful bidder but yearly rent s hould be paid to bank as per agreement (4) Tender from successful bidder but yearly rent s ould be paid to bank as per agreement (4) Tender
up to 40% from the current le- earnings, at nearly 33% disco-
applicant has a right to submit one or more tenders. He has to deposit earnest money for each applicant has a right to submit one or more tenders. He has to deposit earnest money for each
vel in a year, as per Bloomberg unt to five-year averages. The tender application separately. (5) Bank has a right to take decision in case of equal amount tender application separately. (5) Bank has a right to take decision in case of equal amount
consensus estimate. other two major players in the tenders. (6) The Tender property will remain open for seeing after prior permission of Bank in tenders. (6) The Tender prope y will remain open for seeing after prior permission of Bank in
“Given sharp recovery in industry — Astral Poly and off ice hours 11,00 am to 3 ,00 pm (except Holidays) from 12/06/2020 to 30/06/2020 (7) The bid office hours 11.00 am to 3.00 pm (except Holidays) from 12/06/2020 to 30/06/2020 (7) The bid
demand in rural areas, Fino- Supreme Industries — are document can be obtained from the undersigned during 15/06/2020 to 30/06/20 0 on any document can be obtained from the undersigned during 15/06/2020 to 30/06/2020 on any
lex is expected to see a better currently trading at a PE of 55 working days (except Holidays ) between 10,00 am to 4.00 pm on payment of non-refundable working days (except Holidays ) between 10.00 am to 4.00 pm on payment of non-refundable
pick-up in pipe demand due times and 27 times FY22 esti- fee of Rs,5000/-(Rs. Five Thousand Only)+ GST by cash at Head office Sang li the bid fee of Rs.5000/-(Rs. Five Thousand Only)+ GST by cash at Head off ice Sangli the bid
to its leadership position in mated earnings, respectively. documents are available at our head office Sang li (8) The Bank reserves the right to retain the documents are available at our head off ice Sangli (8) The Bank reserves the right to retain the
Tender let out (9) The maximum bidding amount is not satisfactory and not with expectation of Tender let out (9 ) The maximum bidding amount is not satisfactory and not with expectation of
agri-pipe segment and strong “Considering healthy re- Bank, bank has right to cancel/post pone the said let out tender And reserves the right to Bank , bank has right to cancel/post pone the said let out tender And reserves the right to
presence in rural areas,” said turn ratios, cash flow and accept/rej ect any/ or all the bids without assigning any reason. (10)The said lease tender accept/ reject any/ or all the bids without assigning any reason. (10)The said lease tender
Utkarsh Nopany, analyst, Ha- high dividend payout of 41% agreement will be for 3 years , but as per performance of tenderer it can be extended for agreement will be for 3 years , but as per performance of tenderer it can be extended for
itong Securities India. “Fino- between FY15-19, we expect maximum 2 years (11)The said Tender Notice is published on our bank's website maximum 2 years (11)The said Tender Notice is published on our bank's website
lex is a potential re-rating the valuation discount of Fi- www , sanglid ccb an k .com (12) Right to alter and relaxation in terms and conditions is reserved www .sanglidccnank . ,-o ^ (12) Right to alter and relaxation in terms and conditions is reserved
candidate as it is likely to nolex compared to its peers by Bank. by Bank
For Sangli Dist , Central Co-Op. Bank Ltd.,Sangli For Sangli Dist. Central Co-Op. Bank Ltd. ,Sangli
earn free cash flow yield of to narrow, going ahead,” said Sd/- Sd/-
6.2% in FY22. Arafat Saiyed, analyst, Reli- Place : SANGLI. Place : SANGLI.
(B. M. Ramdurg) (B. M. Ramdurg)
Finolex shares are trading at ance Securities. Date : 01/06/2020 General Manager (Admin-Agro. Ind. Loans) Date : 01/06 /2020 General Manager (Admin-Agro. Ind, Loans)
 8  Smart Investing TELEGRAM t.me/indiaepapers THE ECONOMIC TIMES | MUMBAI | MONDAY | 1 JUNE 2020 | WWW.ECONOMICTIMES.COM

Improving TRIPLE WHAMMY Demand for scooters, its mainstay, is set to take a hit while exports face Day Trading Guide Motilal Oswal Fin Services
Finances Bode pressure due to Covid and already weak operating margins may undergo further stress We are witnessing strong market breadth and con-
Well for Lupin
TVS Motor may Lose Premium
solidation breakout in many sectoral indices from last
few sessions, indicating broad-based buying interest.
From ET Markets Page 1 Momentum oscillator RSI is also placed positively on
daily chart and may continue the up move in coming
However, the real impact of Co- days, too. Going forward, the resistance for Nifty is
vid on operations could reflect placed at 9,730 and then 9,889 levels, while support
in the current quarter’s per-
formance.
Divestment of its Japanese
business and undertaking of a
second impairment of Gavis –
its ambitious American acqui-
Edge in Face of Multiple Bumps mand, rising exports and operating an operating profit of `3,870 per vehi-
Tech Picks
BAJAJ AUTO
is inching higher between 9,375 and 9300 zones.
CHANDAN TAPARIA,
Derivatives & Technical Analyst

sition made in 2015 – has streng- [email protected] margins — which buoyed the stock co- Volume Growth Trends cle in the March 2020 quarter, the wea- BUY
thened the balance sheet. The uld be on the wane in the near-term. In kest among peers. Another headwind Given a small triangle breakout and respecting
to its rising support trend line TARGET
debt-equity ratio at the end of ET Intelligence Group: TVS Motor addition, the company’s weaker ba- Q1 0.93 (Fig in lakh)
is the incremental cost due to BS-VI
FY20 stands at 0.12. The compa- Company is expected to face several lance sheet compared to its peers du- Q2 1.09 emission norms, which in a fragile `2,880

FY19
LAST CLOSE X `2,710 STOP LOSS X `2,625
ny has significantly improved headwinds in volume growth in both ring the current downcycle may furt- Q3 0.99 demand environment would be to-
its manufacturing compliance domestic and overseas markets in her weigh down the high valuations. ugh to absorb. Then there is the thre-
Q4 0.91 DR REDDY’S
record with the USFDA, securi-
ng a clearance of all the five fac-
FY21, which is likely to erode signifi-
cantly its premium valuations.
The scooter segment, TVS Motor’s
mainstay, makes up nearly one-third
Q1 0.92
at of price wars to gain market share.
TVS Motor’s market share has drop-
BUY
Given the recent highest daily close with con-
Q2 0.89 TARGET

FY20
tories that were inspected by The stock is currently trading at 22 of domestic volumes. This is expec- ped 100 bps to 13.8% in two-wheelers in solidation breakout in all the time frame
the drug regulator in this calen- times one-year forward earnings, a ted to see a higher demand contrac- Q3 0.82 FY20 due to rising competition and ` 4,250
dar year. It is readying its key fa- 21% premium to its long-term avera- tion in the overall two-wheeler space. Q4 0.63 weak moped demand. Operating mar- LAST CLOSE X ` 4,071 STOP LOSS X `3,980
cilities at Somerset (US), Goa ge, making it the second most expen- Domestic volumes fell 18% in FY20 gins stood at 7% in the March 2020 qu-
and Indore for the FDA’s re-in- sive two-wheeler stock after Eicher broadly in-line with the industry, but arter versus Bajaj Auto’s 18.4%. ICICI BANK
spection this year. The compa- Motors. The company is seen as a pro- it could maintain its share due to the rural demand is the driving factor. TVS had a hedge against domestic BUY
ny has invested in foreign talent xy play on growing demand for scoo- 21% growth in sales of its premium The Street estimates 10-15% volume cyclical troubles in its export busi- Negated lower top-lower bottom on weekly scale
with positive crossover on mechanical indicator TARGET
to head its key business func- ters and its premium price-earnings model Ntorq. The scooter segment decline in FY21for scooters. ness. While domestic volumes fell
tions, along with bringing its is on account of improving export bu- has been primarily driven by urban The company’s margins could come 23%, exports rose 10%. This, too, may
LAST CLOSE X `332 STOP LOSS X `322
` 353
former CFO back in charge. siness share and scope of a sizeable demand, which is likely to fall for the under pressure due to lower utilisa- falter due to the pandemic-induced
Cost control, improving oper- improvement in operating margins. third year in a row. Recovery could ta- tion and rising competition in the disruptions. The Street is pricing a
L&T
ational efficiencies, and reduc-
ing working capital level and
These three factors — scooter de- ke longer than motorcycles, where motorcycle segment. TVS Motor has 15% drop in export volumes for FY21. BUY
Consolidation breakout above 900 zones by
overall debt are the key focus on TARGET
surpassing its 50-DEMA
the finance side.
Even as the Lupin stock closed FINANCIAL RATIOS a lot healthier than other lenders that came out of PCA, Local Banks to ` 980
LAST CLOSE X ` 932 STOP LOSS X ` 909
nearly 2% low following its Q4
results, investors may well be- says deputy MD Khatanhar, making a case for removal of restrictions Trade Rupee in
come hopeful of a recovery in
LEGAL NOTICE Want Sebi to issue directions to
its fortunes from here on. Ka-
mal Sharma, the company’s
vice chairman, said in the earn-
IDBI Turns in a Profit, Hopes for Overseas NDF
From ET Markets Page 1 the fund house until regulations are framed
ings call, “FY20 has been a year
of settling a lot of overhang,
which had been in the system,
and we are in a much stronger
Quick Exit from Corrective Action
“It also opens up window for RBI to
directly intervene at the source of
volatility in offshore through local
banks,” he said.
Investors Demand
position to take the company
ahead now.” [email protected]
Looking Up
turday showed that with a capital
adequacy of 13.31% and net NPA of
4.19% the bank has met two of the
The differential between offshore
and onshore forwards rates was as
much as one rupee across one-two-
Reopening of Schemes
All Eyes on Virus
Mumbai: IDBI Bank is getting closer
to exiting the Reserve Bank of India’s
(RBI) restrictive prompt corrective
action (PCA) framework after posting
Q4 RESULTS
Net Profit
of `135 cr
three parameters to get out of PCA.
It made a profit of `135 crore in the
quarter ended March 2020 from a
loss of `4,918 crore a year ago, large-
three month contracts in March,
when India first imposed a lock-
down and the rupee plummeted to
new record lows against the dollar.
Franklin is Winding Up and to restrain Kotak Mahind-
Containment aprofit for the first time in 13 quarters. from loss ly due to a `1,511 crore of write-back The offshore one-month for- Rajesh.Mascarenhas
@timesgroup.com
ra Bank or any other agency ap-
pointed by the fund house from
Though the profit was due to write of `4,918 cr in NPA provisions. wards rate is trading at a 25-26
back of provisions, the bank mainta- on-year NIM: 3.80% It is only on the RoA that the LIC-ow- paise premium over the spot ex- acting in any manner for win-
From Page 1 ins that its financial ratios are a lot from 2.26% ned lender does not qualify. The change rate, about five paise Mumbai: Investors in Franklin ding up.
May be the smokin’ hot graph more healthy and it deserves to come Net NPA: 4.19% on-year bank’s RoA at the end of March 2020 higher than the onshore one- Templeton’s debt schemes that Investors have accused Sebi of
of post-Covid recovery is the out of PCA soon. was -4.26% versus -4.68% a year earli- month forwards, dealers said. are in the process of being wo- “deliberately turning a blind eye
one that looks like those old-fas- “Some other banks were brought RoA: -4.26% Capital er which means it still has two conse- On April 16, the rupee fall peaked und up have sent a legal notice to to patent and blatant violations”
hioned tobacco pipes. NR Bha- out of PCA despite not making pro- in FY20 from Adequacy: cutive years of negative RoA.IDBI at 76.87 a dollar, its all-time low. market regulator Securities and by Franklin Templeton AMC in
numurthy, professor at the Na- fits. We have now delivered on all pa- -4.68% in FY19 13.31% Bank officials argue that RoA is an “RBI intervenes in the domestic Exchange Board of India (Sebi) managing its debt funds which
tional Institute of Public Fi- rameters and are even profitable. It is annual calculation and should not market to check the rupee’s sharp demanding necessary direc- has resulted in unprecedented clo-
nance and Policy, says that’s only return on assets (RoA) where we PCA is triggered when a bank’s ca- stop the RBI from delaying a change losses,” said Anindya Banerjee, tions to be issued to Franklin sure of six of them.
our near future. A pipe graph is have to improve. But we will write to pital adequacy ratio falls below in its status. currency analyst at Kotak Securi- Templeton Trustee Services “My clients have been compel-
a V graph with a longer tail — RBI pleading our case to released 10.25%, net NPAs are above 6% and However, analysts said the bank's re- ties. “But it could do little in the (FTTS) to re-open the schemes led and constrained to issue the
the recovery isn’t one that hap- from the PCA restrictions,” said Su- RoA is negative for two consecutive covery is still a work in progress. “De- NDF market, where speculating until the regulatory framework present notice due to a complete
pens quickly over one quarter resh Khatanhar, deputy managing years. Banks under PCA have to con- fault risks have increased post the Co- bets surge amid volatility.” has been put in place. apathy of the Sebi to look after in-
but over two-three quarters. director at IDBI Bank. He was refer- serve capital and face restrictions on vid-19 crisis and this bank has had a Trading of NDFs has almost dou- Investors have also demanded vestors’ interest
Mind you, the pipe is different ring to the RBI removing Bank of In- dividend payments, branch expan- history of NPAs. Though most of it bled over the past three years, con- that Sebi should appoint an ad- and is in fact has
from the Swoosh, because in the dia, Bank of Maharashtra, Oriental sion, management compensation has been provided for with 27% gross tributing significantly to the sub- ministrator to take over Frank- been bending over
latter the economy bears the pa- Bank of Commerce, Allahabad Bank and credit growth. IDBI has been un- NPAs a turnaround is very difficult to stantial increase in the trading of lin Templeton Asset Manage- backwards to em-
in for longer. And of course U is and Corporation Bank last year after der PCA since May 2017. believe at this stage,” said an analyst forwards recorded in the 2019, show ment Company (FTAMC) and bank and insulate
different from both. U happens capital infusion by the government. The fourth quarter released on Sa- with a foreign brokerage. a Triennial Survey by Bank of In- FTTS and evolve a mechanism FT from actions
when the base of V gets exten- ternational Settlement (BIS). The for ensuring timely payment of by investors
Investors
ded, and growth stays bad long- key currencies behind the NDF the dues of the unitholders. have also when as a regula-
er, but unlike in Swoosh or pipe,
the recovery is sharp. Higher Margins for Unhedged Bets LOWER COSTS FOR HEDGED TRADES
The new upfront margins would,
surge include the Korean won, Bra-
zilian real, Indian rupee and New
Several Delhi-based investors
including Kaj Associates LLP,
demanded
that Sebi
tor, with omnibus
powers, it ought
As DK Joshi, chief economist however, benefit traders using Taiwan dollar. Daily average vol- Ultra Walls and Floors LLP, Sa- appoint an to have acted pre-
at CRISIL, explains: “If you as- From ET Market Page 1 ity Index, a measure of near-term combinations of equity futures ume was about $250 billion in nyam Jain and Sarika Mittal administrator emptively aga-
sume the virus is contained by risks in the market, surged from 14 and options to create strategies April last year compared to esti- among others through their ad- to take over inst it with pro-
June-July, then you will get a V- HIGHER VOLATILITY = MORE MARGINS to 83.6 on March 25. VIX has dipped that would limit losses. Such trad- mated $100 billion in 2013. “Given vocate Puneet Jain in a legal no- the AMC and mptitude,” said
shaped recovery, but if that does The higher upfront margins for the to 30 on Friday on account of the re- ing bets are usually done by sophis- that NDF volume and depth will in- tice said that Sebi should direct ensure timely the legal notice.
not happen and recovery again so-called naked positions under the newed stability in the market but ticated traders with deep knowl- crease, we need to wait and see how FTTS to seek approval of the payments “It is strange
falters then its shape will new framework are because of the the current average levels are still edge of the intricacies of the deriv- effectively the offshore activity in unitholders to wind up the that despite kno-
change — and we will get an U.” climb in volatility. “The jump in up- above the historical averages. atives markets. rupee derivative migrates to on- schemes as required under Se- wing that FT had actually de-
If you don’t get a V, though, front margins is mainly because of Brokers said once the volatility re- “We will see a new breed of options shore market,” said Prasanna. bi regulations and only after it faulted, but instead of acting
pray for an U or a Swoosh or a the higher volatility in the past verts to long-term averages, the traders because hedged trading Onshoring of offshore market is granted should a fresh mee- against FT and stopping it from
pipe — because a W is scarier. If three months,” said Nithin Kamath, margins would also fall but the de- strategies will become cheaper by proved fruitful for the Chines yuan. ting be called to deliberate and operating other schemes, Sebi
the infection returns in full for- founder of online brokerage Zerod- cline would be gradual. 50-70%,” said Kamath. At the beginning of the decade, approve further steps in the has extended a long rope which
ce, forcing more stringent lock- ha. “The calculation of the new mar- “One thing that will change is The benefit of lower margins will CNH, the Chinese currency traded process of winding up. has been misused by it to de-
downs, and economy shut- gin structure is based on volatility.” there won’t be sharp spikes or falls not be available for basic trades or in Hong Kong, was introduced to the They also demanded that the fraud more investors” the notice
downs, growth will plunge af- Since February 19 — when the in margin requirements in the new ones where an investor buys futures offshore NDF market. Consequent- fund house be debarred from said. An email query sent to Sebi
ter initial recovery, and only spread of coronavirus triggered the system because of the higher PSR,” or options as a hedge against his ly, it narrowed arbitrage opportuni- functioning for any of the six did not elicit any response until
then recover. stock market turmoil —- the Volatil- said Kamath. share portfolio. ties adding relative stability. schemes as they are in default, press time.
Aditi Nayar, principal econo-
mist, ICRA, bets on a V but says
a “second wave of infections-
…could result in a W-shaped
economic cycle.”
Bottom line? Pray for a Z and
Meeting NCD Exposure Cap Allegations & Counter Allegations
pray harder we never get an L. funds a breathing space. The Franklin after the Franklin episode came to the ugh Cyrus Mistry. without any misunderstanding-
A Z-shaped recovery is when a From Page 1 crisis broke out on April 24 after the fore. To contain its effect on the indust- From Page 1 “It was only after the procee- and in the best interest of Tata
post-lockdown spending surge A short-term listing window could global asset management firm deci- ry—mainly credit risk schemes—the The first letter was an informal dings commenced that Tata Sons Sons as a company. Our standing
is so fierce that growth is lifted help mutual funds meet the regula- ded to wind up six debt schemes due to RBI late in April allowed mutual one written in 1991, soon after Ra- illegally removed Mistry as a di- together will also be a matter of
above trendline and then after a tor’s October 2019 circular that man- rising redemptions and inability to funds to borrow from banks by kee- tan Tata took over as chairman rector. In 2017, after the NCLAT strength… In ending, let me re-
party settles down to trend. dated the industry to cap exposure to find a market for its lower-rated paper. ping securities that are of investment of Tata Sons. The second was had granted a waiver in favour of iterate that I will never do anyt-
An L-shaped trajectory is NCDs at 10% of the scheme’s corpus. Franklin also halted payments to in- grade as collateral. Though many in written in May 2004 when Tata the Mistry family, and when pro- hing consciously to hurt you or
when after the initial fall in This step had dried up demand for vestors from these funds. the industry have not utilised the cen- asked Mistry to continue as di- ceedings resumed before the your family’.”
growth rate doesn’t return to NCDs among mutual funds. Industry officials said majority of tral bank’s liquidity window in a big rector of Tata Sons to ensure NCLT, the prayer for ‘proportio- In June 2016, the nominations
trendline, the economy never Franklin Templeton’s global chief these unlisted NCDs are held by way, industry officials claim the move continuity in the midst of the nate representation’ was intro- and remuneration committee of
gets its mojo back. Jennifer Johnson had partly blamed Franklin and other top seven mutual has infused confidence. ongoing Tata Consultancy Servi- duced to remedy the illegality ef- Tata Sons had given Cyrus Mist-
the rule for the winding up of its six funds. “There is a better chance of mu- The mutual fund industry’s troubles, ces (TCS) share sale. The third fected by Tata Sons,” the person ry a glowing performance feed-
debt schemes, a comment which invi- tual funds being able to sell illiquid however, may be far from over. Fund was an informal one in January said. back, which was endorsed by the
ted Sebi’s wrath forcing Franklin to la- debt if foreign funds and HNIs see va- managers agree that the stressed com- 2005 that Tata wrote to thank the “The Articles of Association of full board of Tata Sons, said the
Cash Crunch ter apologise.
Sebi on April 28 extended the deadli-
lue in some of the long-term papers,”
said the chief executive of a mid-sized
panies, which have issued bonds to
debt schemes, may struggle to repay
elder Mistry after he stepped
down as director for his “support
Tata Sons also don’t state that the
minority shareholders should be
person close to him.
“To date, there has been no proof
ne for complying with these exposure mutual fund. money on time due to the recent losses and confidence.” oppressed. The Tata Trusts have or any evidence provided to show
From Page 1 caps to December 31 giving mutual Sebi and RBI have been on high alert on account of the lockdown. “If this relief (proportionate re- been held guilty of violating the the grounds on which the board
But there has been an exodus presentation) were to be granted Articles of Association when claims to have lost confidence.
on top of that due to the lock- to the Mistry family, the Supreme they illegally removed Mistry,” This is further reinforced by Ta-

Reopening Schools and Colleges

down. “As the economy opens Court will have to rewrite the com- the person said. The Companies ta’s own admission that it was the
up, there will be a demand for pany’s Articles of Association,” Act under Section 242 (2) empo- Tata Trusts that claimed to have
more security guards,” said the person close to Tata said. wers the grant of any relief as a lost confidence in Mistry… It is ti-
Shibu Issac, another CAPSI of- Chairman emeritus Ratan Tata means to bring to an end the opp- me to transparently disclose the
ficial. will open while following physical wards. The MHA asked states to con- has also refuted claims regar- ressive conduct and can extend to governance at the trusts.”
Any large mall will need abo- From Page 1 distancing guidelines and other pre- sult all stakeholders in the educa- ding a Tata bloc and non-Tata rewriting the Articles of the com-
ut 350-400 guards in the par- “There will be prohibition on entry cautions. Government offices will tion sector on the reopening of scho- bloc made by Cyrus Mistry in pany to ensure equitable relief, NCLAT RULING
king area and at entry-exit po- of people from containment zones/ function at full strength. Bihar said ols and colleges and send feedback to terms of shareholder represen- the person said. The NCLAT had ruled that the
ints. “With the lockdown, the- hotspot areas in Delhi to Gautam containment zones will remain shut the Centre to enable it to take a deci- tation. “There is nothing called a Executives close to Mistry said facts bear out acts of oppression
se places were functioning Buddh Nagar and Ghaziabad,” said until June 30 under the state disaster sion on the schedule for re-starting Tata bloc,” the person close to Ta- the Tata companies were not and prejudicial conduct against
with barely 20-30 people,” said additional chief secretary, home, management act. academic activities. ta said. The Tata Trusts are pub- part of Tata Sons until the rights minority shareholders and gran-
Vishwanath V Katti, MD of Awanish Awasthi. “All government Haryana and Delhi are also expected Maharashtra has allowed relaxa- lic charitable trusts, the Tata fa- issue of Tata Sons in 1995. ted them relief, the person said.
Bengaluru-based Guardwell offices will operate with 100% work- to issue revised guidelines. The Chan- tions in three phases. In the first pha- mily owns less than 3% and the “There were only two sharehol- Both the Tata Group and the
Prime Services. force. Staggered timings will be fol- digarh administration has imposed a se, outdoor activities such as cyc- Tata companies are independent der groups--the Tata Group re- Mistry side had challenged the
Corporate demand has incre- lowed — 9 am to 5 pm, 10 am to 6 pm night curfew from 9 pm to 5 am. ling, walking and jogging have been legal entities, the person said. presented by Tata Trusts and the December ruling of the National
ased from earlier levels. and 11 am to 7 pm.” In Karnataka, guidelines on lock- permitted from June 3 between 5 am This person also said that Cy- SP Group. The rights issue was Company Law Appellate Tribu-
“Companies with two guards He added that all markets will re- down measures will remain in force and 7pm. No group activities will be rus Mistry’s argument that his required to help increase the nal (NCLAT) in the apex court.
earlier would now need three main open from 9 am to 9 pm. Super- in until June 30 in containment zo- allowed. Electricians, plumbers, ga- appointment was “inextricably shareholding of Tata Sons in Ta- The Supreme Court had in Janu-
or four because of Covid markets will be allowed to open with nes. Religious places and places of rages and workshops have been allo- linked” to his status as a share- ta Group companies,” said one ary stayed the NCLAT order re-
checks,” Issac said. distancing and other precautionary worship, hotels, restaurants and wed to function in the first phase. Es- holder was flawed. of them. “It is important to note instating Cyrus Mistry as execu-
“A lot of unmanned factories measures. Weekly markets will be al- other hospitality services and shop- sential goods shops and ecommerce “Cyrus Mistry’s appointment that the Tata Trusts could not tive chairman of Tata Sons and
are facing security issues,” Pu- lowed in rural areas. Salons and be- ping malls will be permitted to open will be permitted to function. Go- as chairman was a professional subscribe to the shares of Tata restoring his directorships in
ri said. “When these reopen, auty parlours will be allowed to open from June 8. vernment offices will function with decision of the company’s board Sons as they are legally prohibi- the holding company as well as
there will be need for guards.” as long as distancing is maintained. Telangana extended the lockdown up to 15% staffing. which he accepted,” he said. ted from owning shares as men- three group companies.
State police departments are Staff should wear face shields and in containment zones until June 30 In the second phase, markets and “The decision of the board as- tioned above. It was only with the Suruchi Suri, partner at Suri &
also seeking support from pri- gloves. The Uttar Pradesh guideli- while announcing relaxations in all shops in Mumbai will be allowed to king him to step down from that consent of the SP Group that the Company, said the case will de-
vate security guards to help nes allow state transport buses to other areas. Telangana chief mini- open from June 5. Shops will be allowed position in 2016 should also be vi- Tata Companies were allowed to termine whether relief could ha-
with crisis management. “The operate on the condition that pas- ster K Chandrashekar Rao has in- to open on an odd-even basis — alterna- ewed as a professional decision become members of Tata Sons, ve been given to Cyrus Mistry by
Karnataka state government sengers don’t exceed the seating ca- structed officials to implement the ting between those on the left and right when the board members, collec- so that the effective sharehol- the NCLAT without striking
recently sought help of the pacity. lockdown strictly in containment zo- side of any road. The rule will not be tively, lost their confidence in ding of the Tata Group did not down the Articles of Association
Karnataka Security Services West Bengal and Madhya Pradesh nes. Shops can stay open until 8 pm applicable to markets complexes and him to lead the Tata Group.” get diluted.” of Tata Sons.
Association (KSSA), which ga- extended lockdown measures until and the night curfew will run from 9 malls, which remain shut. The Tata side’s contention re- “The ruling will set a precedent
ve 1,000 guards to the police de- June 15 in containment zones. In pm to 5 am daily. It has decided to re- Under the third phase from June 8, MISTRY STANCE flects “a deterioration in stan- in any event since the law has not
partment,” said Katti. West Bengal, places of worship will move restrictions on inter-state tra- private offices have been permitted to However, officials close to Cyrus dards and values that Tata cla- been tested in this kind of an im-
Industry experts are concer- open from June 1. Not more than 10 vel. Jammu and Kashmir has exten- start work with 10% attendance ex- Mistry said when the two invest- ims to uphold,” said the person pact on minority shareholders
ned about a possible rise in so- people will be allowed in gatherings ded lockdown measures until June 8. cept in containment zones, even in ment firms of the Mistry family- close to Mistry. as yet,” Suri said. “Several com-
cial unrest as job losses lead to while shopping malls, restaurants The Union home secretary had MMR, Pune and other Covid-19 affec- —CIPL and SIPL—filed a peti- “In fact, one of the letters that panies where minority share-
snatching, theft and street vio- and hotels can reopen on June 8. written to state chief secretaries on ted districts. Taxis and autoricks- tion citing mismanagement and Tata wrote to Pallonji Mistry sta- holders don't have any represen-
lence. “Social unrest is a big The Rajasthan Government has is- Saturday seeking their feedback on haws have been allowed to operate for oppression of minority share- tes, ‘Our common agreement tations on the board currently
challenge we have to take care sued guidelines for June 1-30. Shops, the reopening of schools and colle- essential services. However, they will holders in December 2016, they and mutual faith will foster a would be keenly watching this
of,” said Singh. beauty parlours, community parks ges in the third phase from July 1 on- not be allowed in containment zones. had board representation thro- true and lasting relationship case for future reference."
THE ECONOMIC TIMES | MUMBAI | MONDAY | 1 JUNE 2020 | WWW.ECONOMICTIMES.COM
TELEGRAM t.me/indiaepapers
Economy: Macro, Micro & More  9
Private IMD maintains that
The monsoon is close to Kerala A cyclone is Northern India India’s hottest
Monsoon coast & on verge of reaching
the mainland
forecaster
Skymet says the
monsoon has
the monsoon has not
begun in India yet forecast to strike
Maharashtra and
has also received
widespread
place on
Saturday was
Watch already reached
Kerala
CURRENT
WEATHER &
Gujarat on June 3
showers in the
past two days Khargone in
MP at 44.5°C
FORECAST Heavy rainfall along Heatwave conditions in
A low pressure area has formed Conditions are favourable for the western coast is
over Arabian Sea, which will further advance of the monsoon northern India have abated
expected in the next
develop into a cyclone into Arabian Sea and Bay of Bengal few days
after the showers

PULLING OUT A 2014 PROPOSAL Railways Bets WTO VIRTUAL GENERAL COUNCIL MEETING
REVISED SLOWDOWN
Unorganised Sector on Maruti, Kia
to Increase
Along with the Jan-Mar quarter & annual FY21 GDP
estimates, the statistics office has substantially re-
vised down estimates for previous quarters as well.
Kirtika Suneja takes a look
India for TRIPS Flexibility
to Ensure Drugs’ Access
Workers may Get IDs Freight Kitty
Our Bureau
MAJOR GDP REVISION
GDP Growth (%)
Provisional Previous
Kirtika.Suneja
@timesgroup.com Clear Priorities
U-WIN to be seeded with Aadhaar & have expanded coverage New Delhi: The Indian Railways Estimate Estimate Ensure access to afforda-
is betting on increased freight loa- Q1 5.2 5.6 New Delhi: India has pitched ble medicine using flexi-
ding by automakers including Ma- for flexibility in global intellec- bilities in TRIPS pact
Q2 4.4 5.1
Yogima.Seth
@timesgroup.com Addressing Data Gaps ruti Suzuki and South Korea’s Kia
Motors as the lockdown is eased. Q3 4. 4.7
tual property rights (IPR) agre-
ements, in order to ensure ac- Build e-education, tele-
Labour ministry During the lockdown, the railwa- Q4 3.1 4.7* cess to essential medicines and medicine capacities in LDCs,
New Delhi: The government to revive U-WIN ys had been in touch with both vaccines at affordable rates to developing countries
has pulled out a 2014 proposal companies for their transporta- FY 4.2 5 all as the world grapples with
U-WIN for Labour Resolve Appellate
to provide identification tion requirements, a senior rail- Provisional Estimate released May 29 the Covid-19 pandemic. Body impasse
Data to be made How it
numbers to workers from the way ministry official said. At the virtual General Council
the unorganised sector after more comprehensive Will Help One freight train loaded with 100 *Computed Meeting of the World Trade Or- Ensure food security,
facing all round criticism for Electronic data to be units of Kia Seltos left from Beng- ganization on Friday, New Delhi eliminate asymmetries in
not doing much for migrant Aadhaar seeded Data to be aluru on Sunday. The rate for one SHARPER GVA DECLINE also said there was an “urgent entitlements in farm pact
labour hit hard by the Co- used to such train, known as a rake, is Gross value added (GVA) Growth (%) need” to build the digital capaci- Special treatment to
Info on migration,
vid-19 lockdown. provide social about `19 lakh. ties of developing countries and protect developing
skills sets to be added Provisional Previous
The new look ‘Unorganised security least developed countries (LDC) countries’ small fishermen
Worker Identification Num- Coverage to be benefits Estimate Estimate so that they benefit from e-edu-
ber (U-WIN)’ will be seeded
with Aadhaar and have ex-
widened to include all
unorganised workers It will help
Back On Track Q1 4.8 5.4 cation and tele-medicine.
Highlighting its five priorities affordable prices, especially in
1 freight train loaded with 100 Q2 4.3 4.8
panded coverage. Besides, it Data will be fed into employers hire at the WTO, India called for ef- the context of the Covid-19.
units of Kia Seltos left from Q3 3.5 4.5
would include other informa- NCS portal them directly fective use of flexibilities inhe- It stressed on building capaciti-
Bengaluru on Sunday Q4 3 5
tion such as qualifications rent in the Trade-Related es of developing countries and
and skill set of the worker. SW Railway Aspects of Intellectual Proper- LDCs in areas like digital skills
A senior labour ministry of- “The current crisis has to ensure a more comprehensi- division also in WHAT THE REVISION SHOWS? ty Rights (TRIPs) to ensure ac- and broadband infrastructure so
ficial told ET that the govern- shown that a specific data re- ve profile of a worker is crea- touch with TCL cess to essential medicines, tre- that the benefits of e-commerce
ment will aggressively push gistry is needed for migrant ted. Of the total workforce of for dispatch of XPre-Covid slowdown was sharper than estimated atments and vaccines to all at applications are available to all.
the U-WIN project to create a workers,” another official 50 crore, only 10 crore are co- TAFE tractors X8 consecutive XChances Q3 &
comprehensive database of said. vered under government-run quarters of overall growth may
unorganised workers, inclu- On being asked as to why the social security scheme of ` `19 lakh: Rate for one
ding the migrant workers. government did not consider Employees’ Provident Fund train, known as a rake
slowdown be revised down
Cyclone Likely to Hit Maha, Guj
“We are evaluating the deta- cash transfer for migrant wor- Organisation and Employees’ ISSUES WITH THE REVISION
ils of the workers that can be kers in the ` 20 lakh crore reli- State Insurance Corporation, “We are expecting orders from ke the Kerala coast this week,
added into the electronic data- ef package, finance minister which makes them eligible for automakers to stabilise and go up XQ1, Q2 growth XExperts say downward revi- Shashwat.Mohanty disagreeing with Skymet which
base to make it all encompas- Nirmala Sitharaman had told health and disability benefits, to 10 rakes every month,” said RS was revised up when sion raises data quality issues @timesgroup.com said the monsoon has already
sing,” the official added. ET in an earlier interview " I amongst others. Saxena, divisional railway mana- Q3 estimates reached the mainland.
In 2014 the labour ministry wish we had enough data to A robust database will help ger at Bengaluru. were XQ4 absolute GDP not higher New Delhi: A cyclone is likely The storm is forecast to hit the
had launched a pilot for Unor- assess that and be able to as- reach out to the balance. While the cost of moving SUVs by released than Q3: Pronab Sen, former to hit coasts of Maharashtra coasts of Kerala, Karnataka,
ganised Worker Identification sign something to them. The "This would make it easier to rail is similar to that by road, rail chief statistician and Gujarat on June 3, accor- Goa, Maharashtra and sout-
Number (U-WIN) in Gujarat, motive is not to exclude." provide social security bene- transportation is faster — rakes ding to a weather office fore- hern Gujarat from Monday to
but the project was stalled on A finance ministry official fits to such workers," the offi- from Bengaluru reach New Delhi
XOn unchanged Q1, Q2 and Q3 numbers, Q4 cast, adding trouble for these Wednesday, the IMD said. It will
the grounds that it was a dupli- said the ministry is now wor- cial said. in three to four days compared with growth comes at 1.2%: SBI Research two states which are already intensify into a cyclone over the
cation of Aadhaar that was king with the labour ministry Data from U-WIN will also a week by road, Saxena told ET. struggling to rein in the rising sea and strike Maharashtra and
conceived as a single identifica- to address this data issue. feed into the government’s The South Western Railway divi- number of Covid-19 cases. Gujarat with wind speeds hig-
tion number for individuals. National Career Service Por- sion is also in touch with TCL for The India Meteorological De- her than 100 kmph.
The Covid-9 outbreak and na- EXPANDING DATA COVERAGE tal, making it easier for pro- the dispatch of its TAFE brand partment (IMD) said conditions Its trajectory is not yet accu-
tionwide lockdown prompted U-WIN will be expanded to co- spective employers to reach tractors.“We are confident to load were turning favourable for the rately forecast as it is still de-
an unprecedented reverse mig- ver 40 crore unorganised sector out to them directly without about 10 to 12 rakes during June if further advance of the south- veloping, but some models pro-
ration of labour from cities to workers, the first official said. any need of a contractor or they are provided timely,” the offi- west monsoon. The weather of- ject it to move close to the
their native villages. More data sets would be added middlemen. cial said. ILLUSTRATION ANIRBAN BORA fice expects the monsoon to stri- Mumbai coast.

I 1 1 1 i r ' i

(PORT PLANNING AND DEVELOPMENT DEPARTMENT) Head i

ISO 9001:2015, ISO 14001:2015, ISO 27001:2013, ISO 45001:2018 CERTIFIED Td Will.: 0233-2324641to 2324645, Fax 02334322107,mWi - uqI11dcc@9maLcom Tel. Nos. : R
Short e-TENDER NOTICE
Jawaharlal Nehru Port Trust invites percentage rate basis tenders "ON- Offers are invited by the undersigned for selling or leasing out (renting out) Textile
Offers are invited by the undersigned for selling or leasing out (renting out) Spinning
LINE", from the experienced contractors fulfilling the "Minimum Qualifying Processing Unit of Pratibimb Magasvargiya Co-O p . Industries Ltd., Islampur , Tal. Walva
Mill Unit of Shetkari Vinkari Sahakari Sootgirani Ltd., Islampur, Ta1.W Walva Dist . Sangli
Criteria" sti pulated in this tender for the following works. Dist. Sangli (Maharashtra ) Owned By Bank
(Maharashtra ) Owned by Bank
1) Tender No.: PPD/M-II/R&Y Maint./T-34/2020 . Dated: 20/05/2020. The Tenders are invited in sealed envelope to be submitted to Sangli D. C. C. Bank The Tenders are invited in sealed envelope to be submitted to Sangli D C C Bank Ltd
Name of Work : "Annual Maintenance of Roads & Yards Inside JN Port along with prescribed earnest money amount by Demand Draft drawn on SANGLI and along with
Custom Bound Area (2020-21)" . Estimated Cost : Z 1,47 ,82 ,300/- . EMD:
Ltd. along with prescribed earnest money amount by Demand Draft drawn on SANGLI and along
with KYC documents. The sealed envelope contained with remark' Tender application for Sale or KYC documents- The sealed envelope contained with remark' Tender application for Sale or Let
Z 3,49 ,000/- .
Let Out (Leasing Out) properties / Machinery situated at Islampur to be opened on 08/07/2020 at Out (Leasing Out) properties / Machinery situated at Islampur 'to be opened on 08/07/2020 at 2.00
2) Tender No.: PPD/M-ll/Building Maint/T-37/2020. Dated: 26/05/2020.
Name of Work : "Annual Civil Maintenance Work of Port Building Inside 2.00 P.M. The said Tenders will be opened on said date and time , described herein below at P.M, The said Tenders will be opened on said date and time , described herein below at Sangli Dist.
Custom BoundArea (2020-2021)' . Estimated Cost : Z 1,70,18,689/- . EMD: Sangli Dist. Central Co-op. Bank Ltd; Sangli , Head Office, Padmabhushan Vasantdada Patil Central Co-Op. Bank Ltd., Sangli, Head Office , Padmabhushan Vasantdada Patil Marg
Z 4,01 ,641 /-. Marg Karmaveer Bhaurao Patil Chowk , Sangli , Dist. Sangli. (MAHARASHTRA) Karmaveer Bhaurao Patil Chowk , Sangli, Dist, Sangli. (MAHARASHTRA)
Tender fee of each tender shall be Z 11.800/-, Completed tenders shall be Brief Description of the Properties Brief Description of the Properties
submitted on or before 20/06/2020 upto 1500 hrs. "On-line" process. The
detailed tender notice and tender document is available on the JNPTs Particulars Location Land Area Particulars Location Land Area
website www.Jnport .gov.in or https :// eprocure.gov.in.
Property belonging to Shetkari Vinkari Sahakari Sootgirani MIDC Islampur Propert y belonging to Pratibimb Magasvargi ya Co-Op. MIDC Islampur
Chief Mana ger PP&DD 94506 10290
Ltd.lslampur Property situated at MIDC Islampur Tal.Walva Tal.Walva Industries Ltd. Islampur Property situated at MIDC Tal.Walva
Sq.M Sq.M
Dist.Sangli Plot No A-20 having Main Factory Building, Dist. Sangli Islampur , Tal.Walva Dist.Sangli Plot No A-20/2/3 hav ng Dist.Sangli
Main Factory Building, Administrative Building, Guest
Directorate of Basic Education , Administrative Building , Guest House, Parking Shade etc Plot No A-20
House , Parking Shade etc and Plant and Machinery of
Plot No A-20/2
Vidhya Bhawan, Nishatganj , Lucknow, and Plant and Machinery of Sootgirani. (Maharashtra) Textile Processing Unit (Maharashtra)
Uttar Pradesh-226007
Ref. School Bag Tender Notice No. 2020 UPBED 457440 1 For Sale For Lease /Let Out (Rent ) Last Date & Time of Day, Date& Time For Sale For Lease /Let Out (Rent) Last Date & Time of Day, Date& Time
Submission of Bids . of opening of Bids Submission of Bids . of opening of Bids
Date : 30.05.2020
Reserve Earnest Money Reserve Price Earnest Money 04/07/2020 till Wednesday Reserve Earnest Money Reserve Price Earnest Money 04/07/2020 till Wednesday
CANCELLATION NOTICE Price Deposit (EMD) for Rent Yearly Deposit (EMD) 3.00 Pm at Date 08/07/2020 Price Dec osit (EMD) for Rent Yearly Deposit (EMD) 3.00 Pm at Date 08/07/2020
on 2.00 PM at on 2.00 PM at
5255.75 525 . 58 530.00 53.00 Head off ice 784 . 97 78 .50 80.00 8.00 Head office
In reference to the School Bag Tender Lakhs Lakhs Lakhs Lakhs Sangli
Head office
San li Lakhs Lakhs Lakhs Lakhs Sangli
Head office
San l

2020 Ref. Tender Notice No. 2020 Terms and Conditions For Sale:-
(1) The bank intends to sell the assets detailed above " A S IS WHERE IS, AS IS WHAT IS,
Terms and C o n d i t i o n s For Sale:-
(1) The bank intends to sell the assets detailed above " AS IS WHERE IS , AS IS WHAT IS,
AND WHATEVER THERE IS BASIS WHICH IS WITHOUT A N Y WARRANTY , AND WHATEVER THERE IS BASIS WHICH IS WITHOUT ANY WARRANTY,
UPBED _457440 _ 1 dated 07 April , GUARANTEE, ASSURANCE, UNDERTAKING OR REPRESENTATION OF ANY KIND
WHATSOEVER " The Bank does not take or assume any responsibility for any shortfall of the
GUARANTEE , ASSURANCE, UNDERTAKING OR REPRESENTATION OF ANY KIND
WHATSOEVER" The Bank does not take or assume any responsibility for any shortfall of the
movable/immovable assets for procuring any permissions etc. or for any dues , statutory or movable/immovable assets for procuring any permissions etc. or for any dues , statutory or
2020, it is hereby informed that the otherwise of any authority established by law. such dues if any will have to be borne/paid by the otherwise of any authority established by law. such dues if any will have to be borne/paid by the

D(
purchaser (2) The Tenders are acceptable and valid if they are received to Bank on or before till purchaser (2) The Tenders are acceptable and valid if they are received to Bank on or before till
the opening of Tenders. (3) The EMID amount as mentioned above should be paid by DD in
School Bag Tender 2020-21 has been favour of The Sang li District Central Co -Op. Bank Ltd.," payable on Sangli on any
the opening of Tenders- 3) The EMD amount as mentioned above should be paid by DD in
favour of The Sangli istrict Central Co-Op. Bank Ltd .," payable on Sangli on any
Nationalised/Schedule Bank. The EMD shall be refunded to unsuccessful bidder on the same Nationalised/Schedule Bank_ The EMD shall be refunded to unsuccessful bidder on the same
cancelled by the competent authority day. The EMD will not carry any interest. (4) 25% amount shall be deposited by D.D or RTGS/
NEFT on our BankAccount by highest bidder on the same day of opening of tenders. (5 )) 75%
day. The EMD will not carryany interest . (4) 25% amount shall be deposited by D.D or RTGS/
NEFT on our Bank Account by highest bidder on the same day of opening of tenders- (5) 75%
amount of remaining highest bidding and stamp duty, registration fee , Machinery GST and amount of remaining highest bidding and stamp duty, registration fee , Machinery GST and
due to unavoidable reasons. other expenses for sale deed shall be deposited within 15 days from the date of opening of
tenders. If not deposited within stipulated period, deposited amounts will be forfeited and the
other expenses for sale deed shall be deposited within 15 days from the date of opening of
tenders. If not deposited within stipulated period , deposited amounts will be forfeited and the
Director said bidder shall not have any rights on said properties / machinery, Bank is not bound to pay said bidder shall not have any rights on said properties / machinery. Bank is not bound to pay
interest on amounts deposited by tender applicants. 6 After opening of tenders , the highest interest on amounts deposited by tender applicants. 6 ) After opening of tenders , the highest
Basic Education , U.P. bidder is responsible for financial and legal activities , 7 Tender applicant has a right to submit bidder is responsible for financial and legal activities , (7) Tender applicant has a right to submit
Lucknow -226 007 one or more tenders- He has to deposit earnest money f or each tender application separately. one or more tenders. He has to deposit earnest money for each tender application separately.
(8) Bank has a right to take decision in case of equal amount tenders . (9) The Tender property (8) Bank has a right to take decision in case of equal amount tenders . (9) The Tender property
will remain open for seeing after prior permission of Bank in office hours 11.00 am to 3.00 pm will remain open for seeing after prior Permission of Bank in office hours 11.00 am to 3.00 pm
(except Holidays) from 12/06/2020 to 30/06/2020( 10) The bid document can be obtained from (ex cept Holidays) from 12/06/202 0 to 30/06/2020( 10) The bid document can be obtained from
the undersigned during 15/06/2020 to 30/06/20 0 on any working days (exce pPt Holidays ) the undersigned during 15/06/2020 to 30/06/20 0 on any working days (exce pp t Holidays )
Munici pal Corporation between 10 00 am to 4.00 pm on pa y ment of non-refundable fee of F1s.5000/-(Rs. Five between 10 00 am to 4.00 pm on payment of non-refundable fee of s.5000 /-( Rs. Five
Thousand Only)+ GST by cash at Head office Sangli the bid documents are available at our Thousand Only)+ GST by cash at Head off ice Sangli the bid documents are available at our
G A R DE N I> I: PI head office Sangli (11) The Bank reserves the right to retain the Tender sale (12 The maximum head office Sangli (11) The Bank reserves the right to retain the Tender sale (12) The maximum
TENDER NOTICE NO. NM M C /GARDEN/B-1/68 1!2.5 2020 bidding amount is not satisfactory and not with expectation of Bank , ban k has right to bidding amount is not satisfactory and not with expectation of Bank , bank has right to
cancel/post pone the said Sale. And he reserves the right to accept/ rej ect any/ or all the bids cancel/post pone the said Sale. And he reserves the right to accept/ reject any/ or all the bids
Sr. G.M.D. without assigning any reason , (13) The said Tender Notice is published on our bank' s website without assigning any reason , (13) The said Tender Notice is published on our bank' s website
Name of W o r k
No. Rs. evv ,nv .s 3 n g l . ccba k .c:om (14) Right to alter and relaxation in terms and conditions is reserved w;ytv .s i n g l ( ccoa nk . co ' I (14) Right to alter and relaxation in terms and conditions is reserved
by Bank , by Bank_
Removal of Dead and dangerous trees /
branches from public as well as private 1 ,02 ,000- Termsand Conditions for Lease /Let Out (Rent) :- Terms and Conditions for Lease /Let Out (Rent): -
1 Thebank in tends Let-out (Leasing the assets ( The bank intends to L et-out (Leasi ng the ( R
premises in "A" Ward BELAPUR Ward
AS IS WHAT IS WHATEVE T HERE IS WHICH IS WITHOUT ANY AS IS IS ER E IS BASIS W HICH IS WIT HOUT ANY
THERE
(Tender Notice no.68 (1) ) WARRANTY,GUARANTEE,ASSURANCE,UNDERTAKING OR REPRESENTATION OF WARRANTY,GUARANTEE,ASSURANCE,UNDERTAKING OR REPRESENTATION OF
Removal of Dead and dangerous trees / ANY KIND WHATSOEVER" The Bank does not take or assume any responsibility for any ANY KIND WHATSOEVER" The Bank does not take or assume any responsibility for any
branches from public as well as private 1 , 17,000- shortfall of the movable/immovable assets for procuring any permissions etc . or for any dues , shortfall of the movable/immovable assets forprocuring any permissions etc. or for any dues ,
2 statutory or otherwise of any authority established by law. Such dues if any will have to be statutory or otherwise of any authority established by law. Such dues if any will have to be
premises in "B" Ward NERUL Ward
borne/paid by the purchaser (2) The MD amount as mentioned above should be paid by DD borne/paid by the purchaser (2) The EMD amount as mentioned above should be paid by DD
(Tender Notice no.68 (2) in favour of "The Sangli District Central Co Op Bank Ltd. , " payable on Sangli on any in favour of "The Sangli District Central Co Op Bank Ltd. , " payable on Sangli on any
Removal of Dead and dangerous trees / Nationalised/Schedule Bank. The EMD shall be refunded to unsuccessful bidder on the same Nationalised/Schedule Bank. The EMD shall be refunded to unsuccessful bidder on the same
branches from public as well as private day- The EMD will not carry any interest. 3)1 year rent will be taken as deposit without interest day. The EMD will not carry any interest. 3)1 year rent will be taken as deposit without interest
3 premises in "D" Ward TURBHE (SANPADA) 59,000- from successful bidder but yearly rent should be paid to bank as per agreement (4) Tender from successful bidder but yearly rent should be paid to bank as per agreement (4) Tender
Ward applicant has a right to submit one or more tenders. He has to deposit earnest money for each applicant has a right to submit one or more tenders- He has to deposit earnest money for each
tender application se p arately. (5) Bank has a right to take decision in case of equal amount tender application separately. (5) Bank has a right to take decision in case of equal amount
(Tender Notice no.68 (3) ) tenders. (6) The Tender property will remain open for seeing after prior permission of Bank in tenders . (6) The Tender property will remain open for seeing after prior permission of Bank in
Removal of Dead and dangerous trees / office hours 11.00 am to 3.00 pm (except Holidays) from 12/06/2020 to 30/06/2020 (7) The bid office hours 11.00 am to 3.00 pm (except Holidays) from 12/06/2020 to 30/06/2020 (7) The bid
branches from public as well as private 55 ,000;- document can be obtained from the undersigned during 15/06/2020 to 30/06/2020 on any document can be obtained from the undersigned during 15/06/2020 to 30/06/2020 on any
4 working days (except Holidays ) between 10.00 am to 4.00 pm on payment of non-refundable working days (except Holidays ) between 10.00 am to 4.00 pm on payment of non-refundable
premises in "E" Ward KOPERKHAIRNE Ward
fee of Rs.5000/-(Rs, Five Thousand Only)+ GST by cash at Head office Sangli the bid fee of Rs.5000/-(Rs, Five Thousand Only)+ GST by cash at Head office Sangli the bid
(Tender Notice no . 68 (4) )
documents are available at our head office Sangli (8) The Bank reserves the right to retain the documents are available at our head office Sangli (8) The Bank reserves the right to retain the
Removal of Dead and dangerous trees / Tender let out (9) The maximum bidding amount is not satisfactory and not with expectation of Tender let out (9) The maximum bidding amount is not satisfactory and not with expectation of
branches from public as well as private 34 ,100/- Bank , bank has right to cancel/post pone the said let out tender And reserves the right to Bank , bank has right to cancel/post pone the said let out tender And reserves the right to
5
premises in "F" Ward GHANSOLI Ward accept/ reject any/ or all the bids without assigning any reason. (10)The said lease tender accept/reject any/ or all the bids without assigning any reason. (10)The said lease tender
agreement will be for 3 years , but as per performance of tenderer it can be extended for agreement will be for 3 years , but as per performance of tenderer it can be extended for
(Tender Notice no. 68 (5) ) maximum 2 years (11)The said Tender Notice is published on our bank' s website maximum 2 years (11)The said Tender Notice is published on our bank' s website
All Tender details are a v a i l a b l e at www . n m me .eov.com wv.v .s a n g ld c c b a n k .ccr (12) Right to alter and relaxation in terms and conditions is reserved ww .v .sang ldccbank .con (12) Right to alter and relaxation in terms and conditions is reserved
and w ww . nmmc . maharashtra .etenders.in by Bank. by Bank.
For Sangli Dist. Central Co-Op , Bank Ltd.,Sangli For Sangli Dist. Central Co-Op. Bank Ltd.,Sangli
Sign/-
Place : SANGLI. Sd/- Place : SANGLI. Sd/-
Dv.Municipal Commissioner (Garden ) (B. M. Ramdurg) (B. M. Ramdurg)
NMMC:PR Adv no 1793,2020 Navi Mumbai Munici pal C o r por a t i on Date : 01/06 /2020 General Manager (Admin-Agro. Ind, Loans) Date : 01/06 /2020 General Manager (Admin-Agro. Ind, Loans)
 TELEGRAM t.me/indiaepapers
10 THE ECONOMIC TIMES The Edit Page THE ECONOMIC TIMES | MUMBAI | MONDAY | 1 JUNE 2020 | WWW.ECONOMICTIMES.COM

Sharp fall in the latest growth estimates is a wake-up call to GoI to ramp up its stimulus package
Get Back to Work,
Taking Precautions
States must focus on strengthening healthcare
It is welcome that the government has finally changed the
Smell the GDP Numbers sombre warning of how the rest of tor banks. But that will not change
the current fiscal is likely to unfold. the growth trajectory.
nomenclature of the next phase of the ongoing, calibrated Of whether we will see any growth.
Unprecedented-Painted
emergence from lockdown to Unlock 1, instead of Lock-
down 5. The name matters, as an economy is not quite a Ro-
Or whether, in line with predictions,
the economy will contract some- High-frequency economic indica- To Change
where between 25% and 40%. tors already point to a deep contrac-
meo, whose name Juliet thought to be of no consequence.
Economies export and consumers in other lands would be
The harsh reality is that two
months into FY2020-21, not only are
tion in economic activity. Industrial
output contracted an unpreceden-
Gears
wary of buying the produce of a part of the world that is Mythili Bhusnurmath we nowhere near returning to pre-
Covid-19 levels of economic activity,
ted 16.7% in March, and is bound to
see an even sharper reduction in
MRIDULA SINGH
locked down, ravaged by a dread disease. Allowing re- but we also have no idea when ‘nor- April, when the entire country was French sociologist Emile
sumption of economic activity and inter-state movement or all its shortcomings, malcy’ will return. The 13 urban Durkheim says collective

F
under lockdown for the entire
of goods and people are apposite. The philosophy guiding both at a conceptual and centres that remain hotspots for the month. Core sector output fell 38% consciousness means a set of
statistical level, gross do- virus are also the main centres of in April, steel and cement output fal- beliefs, ideas and moral attitu-
the unlocking of the economy was outlined by the prime mestic product (GDP) — or economic activity. Given the reality ling by more than 80% YoY. des common as per social

FILE PHOTO
minister in his radio message: India will get back to work the money value of goods of inter-linked supply chains, re- The truth is there is no alternati- norms of the times. The fate of
and resume life, except in some select areas, taking every and services produced in an econo- sumption of activity elsewhere will ve to government spending. The FM the earth depends upon our
my in a year — remains the least not translate into much. Add to that is right when she says it is difficult collective consciousness. All
care, whether maintaining social distancing, wearing a bad measure of economic well-be- the shortage of labour, consequent to make a realistic assessment of life forms have interactive
mask or working from home as far as possible. It is up to in- ing. So, what do the latest GDP num- on the flight of migrant labour to Give us this day our daily bread... growth at this point, as there is no roles to play. What an individu-
dividual states to decide how much of the permitted ope- bers released by the Central Statis- their villages, and the shortage of clarity of when the pandemic would al creature thinks or acts has a
tical Organisation (CSO) last Fri- capital from risk-averse banks and ry and practice when it comes to the retreat. But precise numbers are ir- bearing on itself and others.
ning up is to be allowed within their territories. day tell us? we have the recipe for a perfect, if right fiscal-monetary policy mix in relevant. What is relevant is that Actions bring equal and oppo-
It is to be hoped that the states would spend more ener- A sad story. That GDP growth prolonged, ‘storm’. a downturn. The truth is no amount our growth rate would be grossly in- site reactions. Nature restores
gy on strengthening their healthcare plunged to a 11-year low in FY2019-20 of over-compensation by monetary adequate for a country of our size its balance through these laws.
at 4.2%. That estimates made in the Demand Demanded policy can make up for the drag of a and need. Nature can choose any means
systems than on clamping down on February 1 budget are now way off, There is nothing inevitable about mindlessly conservative fiscal poli- At a time when the International to bring forth that change. The
economic activity. India has one of the with attendant implications for the this. Sure, it will be a while before we cy. A `20 lakh crore stimulus packa- Monetary Fund (IMF) expects the present Covid-19 pandemic
lowest casualty rates per million peo- fiscal deficit, for government borro- get back anywhere near the 7-8% ge that is no more than a tenth of the global economy to contract 3%, the situation is no exception.
wing and interest rates. Worse, that growth of the go-go years. But there headline number once the fluff is re- US economy to shrink 5.9%, the eu- Fear and anxiety are so
ple in the entire world, with a popula- growth in the January-March 2020 is no reason why growth should fall moved, is grossly unequal to the rozone to shrink by between 8% and widely prevalent today. We
tion 82% of whom is below 50. While quarter plunged to 3.1%, the lowest off the cliff. Provided — and this is task on hand. 12%, it is naïve to expect the Indian need to change gears at our
obesity, diabetes and pulmonary dise- since the GDP base year was revised the big if — GoI reads the message In such a scenario, RBI’s actions economy to be immune from the conscious levels first and then
to 2011-12; even as estimates for three contained in the GDP numbers, ta- are like water off a duck’s back. Re- knock-out effects of the virus. It is the rest will fall in place. Then
ases aggravate the impact of Covid-19, previous quarters were revised kes courage in its hand, and goes all peated reductions in repo and re- instructive to remember that in Oc- our insights will guide us to
the real vulnerability is reserved for the elderly. While down, suggesting the economy had out to stimulate demand. That is verse rates and other financial and tober 2008, soon after Lehman Brot- follow the right path in the
shielding them from exposure to the virus, including, as slowed significantly, well before Co- what virtually every other govern- regulatory measures will not result hers collapsed, IMF predicted the right direction. We need to
vid-19 hit us. ment in the world is doing. in increased credit offtake. Banks US economy would grow 0.1% in educate and feed our conscio-
far as possible, within multi-generational homes as well, The national lockdown started on Sadly, GoI seems to be a prisoner have been depositing most of the 2009, countries in the eurozone 0.2% usness and the next genera-
working-age Indians must get back to work. Govern- March 25. On paper, therefore, it sho- of its own fears. Rather than let fi- excess liquidity with RBI rather and the global economy 2.6%. What tion needs to be trained in
ments must ensure that the 2.5% or so of those infected uld have affected only about one we- scal policy take the lead, it seems than lend, thanks to elevated risk happened was a far cry from those these methods as soon as
ek’s activity in Q1. If, despite that, content to shoot over RBI’s shoulder, levels. Finance minister Nirmala predictions. Output declined 3.5%, possible to stop the negative
who would require intensive care in a hospital have ac- growth should fall so sharply, it is a seemingly impervious to both theo- Sitharaman’s announcement of a 4.2% and 2.6%, respectively. cycle.We are spending enor-
cess to such care. The rest must have the assurance that 100% sovereign guarantee for fresh So, when IMF’s head Kristalina mous energy to make our lives
credit (20% of outstanding) to the Georgieva says ‘Covid-19 is a crisis comfortable, disease-free and
they would be provided care, should they require it. That
extent of `3 lakh crore to MSMEs is like no other’ and US Fed chief Jero- long. We need to also spend our
must be manifested, not in assurances by leaders but by a Repeated reductions in repo and reverse rates and unlikely to change this risk percep- me Powell says ‘The downturn is energy on self-observation
robust administrative mechanism visibly active. tion. Of course, we might see some without modern precedent’, heed and take corrective action.
other financial and regulatory measures will not lending happen, courtesy not-so- their words. Our response to the cri- The need to understand the
The Centre must now turn its attention to forging a sti-
result in increased credit offtake gentle arm-twisting of public sec- sis, too, must be ‘like no other’. cosmos, nature and evolution
mulus package that will generate demand for industry as of life is of paramount neces-
it resumes work and on mitigating the ills of financial in- sity today. The pandemic may
help us wake up to the fact that
termediation that had crippled the economy even before we are not isolated species of
Covid struck.
Home is Where the Engine is this universe. We are not super
brains too, but a pure consci-
ence that needs to be kept pure
by the eternal efforts and
most vulnerable — electrification, would lead to import substitution- inputs from our side, asking

Welcome Action on affordable and accessible energy,

sanitation, housing, etc. However,
tapping the rich intellectual resour-
ces of the country remains a chal-
led foreign exchange saving of
about Rs80,000 crore along with
substantial scope for potential
employment.
the all-pervading and ultimate
Creator to help. We should give
in to the rhythm of nature and
fine tune our individual cons-

Hydropower Front Dharmendra Pradhan

lenge for policymakers. The idea is
not only to reverse brain-drain, but
to also establish an ecosystem that
Defence production is another
sector where rules of ownership
have been liberalised. The FDI limit
cience to synergise our collec-
tive conscience.

While the Covid-19 lockdown has significantly reduced ove- unleashes the vast potential of the in defence manufacturing has been
FILE PHOTO

rall power demand, it is notable that the share of hydropower

Since Independence, India has seen
entrepreneur.
In his book, ‘Creation of Wealth:
hiked to 74% from 49%. Also, some
weapons and platforms will be
Chat Room
has actually risen. Hydroelectric generation has the ability to
many faces of economic reforms, The Tatas from the 19th to the 21st banned for imports. This will give
ramp up almost instantly to meet unexpected load changes,
and so maintain system stability. Note that during the nation-
each contoured by the demograp-
hics, social realities and structural
Century’, RM Lala describes how
the journey of a private enterprise
Resuscitate an impetus to the Indian steel
industry. India has Got
wide 9pm, 9-minute lamp lighting event on April 5, it was hyd- impediments of the time. From
when food production was the
helped in nation-building. The
Tatas established many lucrative
go in paying wages.
In May, finance minister Nirmala
Other measures include the decri-
minalisation of Companies Act
It Right
ropower that was able to provide grid stability. hinge on which economic policies ventures, from a hydro-electric Sitharaman announced a new violations involving minor tech- Apropos the edit ‘Taming the
The way forward is to shore up hydropower in our power were framed, to exporting services plant in the 1920s to Air India Inter- public sector policy that allows nical and procedural defaults, Dragon without Outside Help’
mix. Last year, the Centre tagged large hydro projects (beyond to the world to entrench ourselves national in 1948, all this, despite a involvement of private players even amendments to the Essential Com- (May 30). US President Donald
25 MW) as renewable energy, which is sensible, given the large in global supply chains, the Indian hostile colonial power. We need to in strategic sectors, provided at modities Act (ECA) to deregulate Trump’s unsolicited offer is
economy has lived many realities. leverage such intellectual capital. least one enterprise is from the agriculture food stuff, more world- about fishing in troubled
variability seen in the power output from wind and solar ener- India continues to inhabit many The Covid-19 pandemic has bro- public sector. Additionally, in many class airports through the PPP waters. Trump is looking for
gy projects. So hydro can well complement solar and wind in socio-economic modes of life. ught in its wake a crisis, challenges, non-strategic sectors, GoI has mode, reforms to establish India as any opportunity to needle
renewables and meet peak load. The po- Therefore, India needs to formulate a message and an opportunity to decided to disinvest its stake in a global hub for aircraft maintenan- China. The Indian govern-
wer ministry expects 65 GW of hydropo- its own economic model of develop- build an ‘Atmanirbhar Bharat’ public sector enterprises. ce, repair and overhaul (MRO), ment’s polite turning down of
ment disentangled from the tight (AB). The five pillars of the AB A slew of pathbreaking reforms formalisation of micro-food enter- the offer is the right move.
wer capacity to be functional by 2030, clutches of ‘isms’. strategy, as envisioned by the PM, has been undertaken to transform prises, setting up of an agriculture India is correct is its approach
which means 15 GW addition in this deca- For decades, economic develop- are economy (for a quantum jump, India into a more self-reliant econo- infrastructure fund, and giving to China. Internationalising
de. However, hydro projects tend to take ment went through phases of not incremental change); infrast- my. For instance, India imported marketing choices to farmers. the issue will only complicate
long to build and proper sustainability as- socialistic policy paradigms, initi- ructure development; systems almost 170 metric tonnes (MT) of These measures are aimed at the matter given that we are
ally with the heavy involvement of based on 21st century technology- thermal coal during FY2019-20. Of building an ecosystem for wider dealing with a country that
sessment is key. Multiple projects on the the State. From there, we moved to a driven arrangements; a vibrant this, about 55 MT of the un-sub- participation of players aimed at defies international rules and
same river must take into account water restricted-entry regime through demography, which is the building stitutable thermal coal necessarily wealth creation and entrepreneurs- rulings of the International
availability and siltation attending on each project because of industrial controls, to a post-1990s block for a self-reliant India; and needs to be imported by coastal hip, mobilising global technology Court of Justice.
phase of structural reforms and capitalising the strength of our power plants because they are and skill development to unleash
the others. Failure to do that could lead to lower peak capacity
decontrol. Each phase served a demand and supply chains. designed to operate only on impor- the power of competitive markets, DEEPAK SINGHAL
than had been planned, and misleading cost-benefit calculus. function propelling the economy The recently announced `20 lakh ted coal. So, an import substitution like in the case of the telecom, Chennai
A number of hydro projects on common river systems betwe- for achieving greater well-being for crore economic package is a mix of possibility of around 115 MT is electronic media and aviation
en adjoining states are simply on hold pending interstate ag- its citizens. For the current phase,
the dual objectives of welfarism
supply- and demand-side measures,
including putting money directly
feasible through a mix of enhanced
production by public sector opera-
sectors. All this should not mean an
advocation for a laissez-faire econo- Resolute
reement on water usage.
And pending national consensus for hydro plants on common
and wealth creation should be
emphasised.
into people’s hands by increasing
allocation towards MNREGA.
tors — Coal India Limited (CIL),
Singareni Collieries Company
my. GoI will be a facilitator for
private capital while emphasising
Wins the Day
rivers, the way ahead surely is to boost run-of-the river (RoR) Since 2014, the Narendra Modi Strictly speaking, supply-side Limited (SCCL) and state mineral its core function of welfarism. Apropos the edit ‘Taming the
projects like the 500 MW Teesta Hydro Project (Teesta-VI), government has made policy deci- measures also have a demand-side development corporations (MDCs) Dragon without Outside Help’
sions around issues that positively component. If MSMEs get greater — and commercial mining by The writer is Union minister of petroleum (May 30). The offer by US
which has, of late, been acquired by NHPC from Lanco, via the impact the life outcomes of the liquidity, a significant part of it will private players. This measure & natural gas, and of steel, GoI President Donald Trump is
insolvency route. Following the takeover, NHPC has reported- unwarran-
ly commenced construction activity after a gap of 15 years. In- ted and
unnecessa-

A Breath of Fresh Turf, Airtel?

tegrated hydropower planning nationally is clearly essential.
ry. India
needs to
engage with
China on its
believed it is a telecom company, inevitable. But Mittal’s model has users for its fast-growing enterpri- own terms.
The Australian PM’s ScoMosas highlight much like the French telecom MNC always been open source — stitch up se, payments, cloud and speakers It must do so
the rise of a new diplomatic idiom Orange, or its Singaporean partner smart service partnership rather offerings. More will follow. Its firmly and resolutely as it did
Singtel, and there is nothing wrong than buy them out outright. Airtel widely known that it was compe- on Doklam. India could be the
in that. That said, Airtel’s manage- already has a motley marque — from ting for the Jio deal, but lost to country that forces China to

Samosa Diplomacy Arijit Barman

ment also realises the importance
of digital services to enhance
customer value, bump up average
revenue per user (ARPU) and even
Netflix to Zee for content, Axa to
HDFC for financial products, to Cisco
and Google for enterprise, cybersecu-
rity, cloud, Internet of Things.
Facebook, and now there is specula-
tion that it may be exploring an
investment in struggling Vodafone
Idea. But Airtel — with a 284 mil-
alter its current course of
action.

BHOLEY BHARDWAJ

Has a Nice Crunch to it Over the years, Bharti Enterprises

founder-chairman Sunil Mittal has
open up new revenue streams (read:
ad revenues). Hence, of late, it has
been talking it up.
And that’s exactly where it should
double down: decide its own sweet
spot and ramp them up. Even bet on
lion-and-growing mobile sub-
scriber base, a pan-India fibre and
DTH (direct to home) footprint —
Mumbai

Kickstart the
Diplomatic parleys are invariably predicated on what each par- chosen his partners well. Singapore Bharti has been bulking up its emerging trends like gaming, has far more bang for the buck.
ty ‘brings to the table’. Australian Prime Minister Scott Morri- Telecommunications Limited, or
Singtel, has been a consistent ally.
digital assets incrementally. Its
digital platform now has around
education and healthcare. Build,
back, or even buy.
That’s why Mittal should put in a
call to Google CEO Sundar Pichai,
Economy Now
son has added a new meaning to that phrase by putting out pho- Vodafone, too. Walmart was equally 160 million active users across Payments alone is a $60 billion and talk deal. Like Microsoft and Apropos the edit ‘Structural
tos on social media of the vegetarian ‘ScoMosas’ he made over charmed after meeting the Mittal Airtel Thanks, Wynk and XStre- market opportunity. Bharti already Jio, Google has already partnered Reform, Not Just Spending’
the weekend, ahead of a video charcha with his Indian counter- brothers at Bentonville in Arkan- am. Further, over 60% of Bharti’s has a payments bank. Along with with Airtel to offer it G Suite, a (May 30). The March quarter
sas, US, and decided to team up. own business is digital channels, its own applications, it has the bouquet of cloud solutions to GDP growth is the lowest in 11
part Narendra Modi. Our PM’s response that the two nations years. The economic impact of
Even Softbank’s Masayoshi Son and it has 1.1 million retailers on ability to collect cash and digital SMEs. It’s time to take the relations-
are “connected by the Indian Ocean, united by the Indian sam- broke bread with Bharti. Mittal can its Mitra app. payments online. With a far healthi- hip to the next level. the lockdown is severe, accor-
osa” and that he looked forward to eating them with Morrison also claim credit for the private Now comparisons with Jio are er balance sheet — net debt to Alphabet, Google’s parent, is ding to a survey, as Covid-19
after “a decisive victory against Covid-19” certainly portends a equity gold rush to India, having earnings before interest, taxes, sitting on a cash pile of $121billion, has hit the income of 60% of
ensured a massive payday for its depreciation and amortisation says analyst firm FactSet. Even a households. Companies are
larger international diplomatic role for samosas. Perhaps Mo- resorting to layoffs and pay
first big investor, the New York- (Ebitda) at 2.88 times vs 4.15 times a $4.4 billion buy-in for a 9.9% in
di will reciprocate by expressing fondness for (or at least, inter- based Warburg Pincus. year back — smart acquisitions of Bharti Airtel by paying a 10% cuts as the economy has come
est in) that very Aussie vegetarian spread, Vegemite. The focus is once again on Mittal young payments companies of premium to current prices will not to a standstill. The real estate
Earlier this year, industrialist Anand Mahindra had high- to leverage his global network and scale with beaten down valuations be that hard to sell. sector is on the brink of a
create a digital moat around Bhar- will be equally opportunistic. Having vacated that space, it will complete breakdown. Fear of
lighted the unifying potential of our desi deep-fried dough ti’s flagship Airtel, and offer an Surely, investors like SoftBank’s be futile to be a me-too online retai- income and job loss is rising
when he observed that with Indians now heading four US ecosystem of products and offe- Son wouldn’t mind consolidation ler now, and take on a troika of and may cause social unrest.
technology giants, the White House would “have to ensure rings, along with strategic allies, to efforts involving portfolio compani- Reliance, Walmart and Amazon in a The government should focus
the snacks are samosas and not hamburgers”. And while take advantage of changing con- es that are a win-win for all. blood fest. Reliance’s ecommerce on revival of the economy,
sumption habits of the world’s Likewise, it is keen to offer more play is built on its existing infrast- especially manufacturing and
Morrison stuck to the conventional potato filling for ScoMo- largest data consumers who view, bundled B2B (business to business) ructure of warehouses and physi- rural economy.
sas, it may be recalled that when US President Donald listen, shop and play on their mobi- services. Like the Tatas, the bigger cal stores. So, for Bharti, even a
FILE PHOTO

Trump visited India this February, the specially concocted le phones. This trend will only get marque corporate clients are alrea- merger with Walmart or Amazon to BL TEKRIWAL
bigger and consumers, too, would dy with Bharti. And they tend to be create an alternative flank will lead Via email
broccoli and corn samosas on the table in Ahmedabad rema-
want a strong choice to the Reliance stickier. it down a rabbit hole.
ined untouched. Thus, Samosa Diplomacy will have to be Jio juggernaut. Google, too, has been on the prowl
Letters to the editor may be addressed to

mindful of content, not merely the contours. Fundamentally, Airtel has always Search and ye shall find in India in search of its next billion [email protected] [email protected]
 TELEGRAM t.me/indiaepapers
CONTRAPUNTO Weakness of attitude becomes weakness of character. ALBERT EINSTEIN
THE ECONOMIC TIMES | MUMBAI | MONDAY | 1 JUNE 2020 | WWW.ECONOMICTIMES.COM Around the World  11
QUICK HITS
Thailand Passes Record
Stimulus Package to
Protests Heat Up as Curfews Trump Postpones G7
Summit, Wants India,
Combat Virus Impact
Bangkok: Thailand’s parliament
approved on Sunday a near-$60
billion stimulus package, the
Imposed in Several US Cities Other Nations to Join
kingdom’s biggest-ever cash American cities hit by unrest as protests over the death of George Floyd turn violent DipanjanRoy.Chaudhury
@timesgroup.com
injection, to revive an economy
that has been hammered by the
coronavirus. The 1.9 trillion baht
Minneapolis: Civil unrest flared
and curfews were imposed in seve- National Guard New Delhi: US President Donald
Trump has suggested expansion
($59.7 billion) package would be a
much-needed boost for Southeast
ral major US cities on Saturday as
demonstrators took to the streets Called in to Quell of the Group of Seven, saying G7
is a “very outdated group” and
Asia’s second biggest economy,
expected to contract by 6-7
to vent outrage at the death of a
black man shown on video gasping Violence in LA that India, Australia, South Ko-
rea and Russia be included and
percent in 2020. About $17.3 for breath as a white Minneapolis Los Angeles: A fourth day of the grouping called G10 or G11.
policeman knelt on his neck. violence in Los Angeles prompted Trump also said he is postpo-
billion of the package will be given
From Los Angeles to Miami to the mayor to impose a rare citywi- ning the next meeting of the G7, Donald Trump
as aid to farmers and informal Chicago, protests marked by which the US is hosting, to Sep-
de curfew and call in the National
workers such as street vendors chants of “I can’t breathe” — a ral- tember or November. He said he was considering other options.
Guard after demonstrators clashed
and those employed in massage lying cry — echoing the dying with officers, torched police had “roughly” discussed the idea “Maybe I’ll do it after the elec-
parlours and bars who have seen words of George Floyd — began pe- vehicles and pillaged businesses in with the leaders of the four count- tion,” he said. “Think a good time
their work dry up. AFP acefully before turning unruly as a popular shopping district. ries he would like to add to G7. would be before the election… We
demonstrators blocked traffic, set Mayor Eric Garcetti said on India did not react to Trump’s want Australia, we want India,
llllllllllllllllllllllllllllllllllllllllllllll fires and clashed with riot police, Saturday he asked Gov. Gavin comments till press time on Sun- we want South Korea. And what
some firing tear gas and plastic bul- day. G7 is a grouping of some of do we have? That’s a nice group of
Malta to Reopen Airport to lets in an effort to restore order. 1 Newsom for 500 to 700 members
the world’s largest economies – countries right there.”
of the Guard to assist the 10,000
Passenger Flights on July 1 The sight of protesters flooding Los Angeles Police Department the US, UK, France, Germany, Ita- The US media also reported that
streets fuelled a sense of crisis in officers. The Guard members were ly, Canada and Japan. he mentioned Russia, which was
Valletta: Malta will reopen its the United States after weeks of In 2019, France had invited India part of G8 until it became G7. Sec-
expected to arrive early Sunday.
airport to passenger flights on July lockdowns due to the coronavirus Garcetti said the soldiers would to the G7 meet it hosted at the re- tions of the strategic community
1, Prime Minister Robert Abela said pandemic, which has seen millions be deployed “to support our local sort town of Biarritz. Prime Mi- in the US want the administra-
on Sunday, as the Mediterranean thrown out of work and has dispro- response to maintain peace and nister Narendra Modi also under- tion to develop tactical ties with
portionately affected minority took a bilateral trip to Paris on Russia to balance China.
island rolls back restrictions
communities.
2 safety on the streets of our city.”
the occasion, elevating strategic Trump has suggested earlier
introduced in March to halt Co- Firefighters responded to dozens
In the nation’s capital, hundreds of fires, and scores of businesses partnership to the next level. that Russia be readmitted to the
vid-19 infections. Tourism acco- of demonstrators assembled near “I’m postponing it because I group, arguing, as he did before
were damaged.
unts for almost a quarter of Malta’s the Justice Department headquar- One of the hardest-hit areas was don’t feel that as a G7 it properly the 2019 summit in Biarritz, “be-
economy and hoteliers have been ters shouting, “black lives matter”. the area around the Grove, a represents what’s going on in the cause a lot of the things we talk
pressing the government to Many later moved to the White Ho- popular high-end outdoor mall world,” Trump told media per- about have to do with Russia”.
reopen the airport or risk mass use, where they faced off with shi- west of downtown where hund- sons on Air Force One on the way The US president had pressed
unemployment. The southern
eld-carrying police, some mounted 4 3 reds of protesters swarmed the back from the launch of the first the G7 heads of state and govern-
on horseback. area, showering police with rocks manned mission into space by a ment at a dinner during the Biar-
Mediterranean island has recor- President Donald Trump said on private company, SpaceX. “It’s a ritz summit to readmit Russia.
1. Demonstrators jump on a damaged police vehicle in Los Angeles on Saturday and other objects and vandalising
ded some 600 coronavirus cases Saturday that if protesters who gat- very outdated group of countri- Only Italy had backed him, as it
during a protest against the death of George Floyd 2. A woman wears a mask shops. One officer suffered a
and nine deaths, having carried hered the night before in Lafayette that reads ‘I can’t breathe’ during a demonstration in Colorado Springs 3. A fractured skull, Los Angeles Police es,” he said. has been doing for the past few
out an intensive testing and Square, across from the White Hou- journalist seen bleeding after police started firing tear gas and rubber bullets Chief Michel Moore said. The US President suggested the years. Japan was neutral on the
contact tracing programme. Reuters se, had breached the fence, “they near the 5th police precinct in Minneapolis, Minnesota 4. Demonstrators When the curfew took effect at 8 meeting could take place in the occasion.
would have been greeted with the confront police officers outside of the White House in Washington DC pm, police moved aggressively to weekend before or after the annu- In 2005, the then Prime Minister
llllllllllllllllllllllllllllllllllllllllllllll most vicious dogs, and most omin- get people off the streets and there al UN General Assembly, which is Manmohan Singh had attended a
ous weapons, I have ever seen.” protests over Floyd's death to sow — suggested opposite ends of the was no repeat of the late-night scheduled to start on September meeting of the G8 in Gleneagles,
Italy’s Tower of Pisa The full Minnesota National Gu- chaos. “We are under assault,” Walz, political fringe were to blame. rampage that occurred downtown 15 and end on September 22. Scotland at the invitation of then
Reopens After 3 Months ard was activated for the first time a first-term governor elected from Civil rights activists said video of Friday night and led to more than Trump hinted, though, that he British PM Tony Blair.
since World War Two after four Minnesota’s Democratic-Farmer- Floyd’s arrest on Monday — captu- 500 arrests. Community leaders
Rome: Italy’s celebrated leaning nights of arson, looting and vanda- Labor Party, told a briefing on Satur- red by an onlooker’s cellphone as denounced the violence that has
Tower of Pisa has reopened to lism in parts of Minneapolis, the
Barnier Tells UK to Be ‘More
day. “Order needs to be restored.” he repeatedly groaned, “please, I accompanied protests over the
tourists three months after closing state’s largest city, and its adjacent Separately, US Attorney General can’t breathe” before he died — death of George Floyd, a handcuffed
due to the coronavirus pandemic. capital, St. Paul. William Barr also pointed the fing- triggered an outpouring of rage black man who was died after a
First to climb the more than 280
steps on Saturday were 10-year-
Minnesota Governor Tim Walz sa-
id the deployment was necessary be-
cause outside agitators were using
er at extremist instigators, though
he and Walz — neither offering evi-
dence to support their assertions
long simmering over persistent ra-
cial bias in the US criminal justice
system. Reuters
white Minneapolis police officer
pressed his knee to Floyd’s neck. AP Realistic’ on Trade Talks
old Matilde and her father Rober-
to, BBC quoted the Italian Ansa Brussels: The UK needs to be

Global Virus Cases Surpass 6 M, Death Toll Tops 368,000

news agency as saying in a report. “more realistic” in its demands
Visitor numbers were being as trade talks with the European
restricted to 15 at a time at the Union continue this week, accor-
operation and common solutions,” ding to the bloc’s chief negotiator
monument, which, along with
Brasília: The number of coronavi- IN BRAZIL DISAGREEMENT the European Union said in a state- Michel Barnier.
surrounding attractions, normally
draws five million annually. IANS
rus cases worldwide topped six mil-
lion on Sunday, with Brazil registe-
among leaders over ment, adding: “Actions that wea-
ken international results must be
“Clearly we want an agreement,
but that cannot be an agreement
llllllllllllllllllllllllllllllllllllllllllllll
ring another record surge in daily lockdown measures has avoided.” at any cost,” Barnier said in an in-
infections as divisions deepened German Health Minister Jens terview with the Sunday Times
on how to deal with the pandemic. hampered efforts to slow Spahn said the “disappointing" de- newspaper. “We will not accept —
Iran Suggests up to 225
Killed in Nov Protests
Latin American countries are the virus as the number cision was a setback for global he- never accept — anything that ma- Michel Barnier
bracing for difficult weeks ahead alth, while Chancellor Angela Mer- kes the single market more fragi-
Tehran: Iran’s interior minister has as the disease spreads rapidly of fatalities in the kel declined to attend an in-person le,” he added. into together,” he said.
suggested that up to 225 people
across the region, even as much of
the world exits lockdowns that ha-
country nears 30,000 G7 summit that Trump had sugges-
ted he would host.
Britain is set to leave the EU’s
single market and customs
He added that throughout the
Brexit process, the UK has at-
were killed in November protests ve wrecked economies and strip- As the global death toll from the Richard Horton, editor of The union without a trade deal in pla- tempted to “cherry pick” aspects
sparked by a petrol price hike, ped millions of their jobs. pandemic surpassed 368,000, US Lancet medical journal, said it was ce if no agreement is reached by of EU membership without ac-
ISNA news agency reported on In Brazil — the epicenter of South ars 30,000. President Donald Trump’s deci- “madness and terrifying both at the end of the year. Barnier said cepting the corresponding obli-
Sunday. Officials in Iran have yet America’s outbreak with nearly President Jair Bolsonaro, who fe- sion to permanently cut funding to the same time”. it's simply a matter of turning gations.
to issue an overall death toll for 500,000 confirmed cases, lagging ars the economic fallout from stay- the World Health Organization has As the virus progresses at diffe- pledges made by UK Prime Mini- While Barnier told the Sunday
only behind the United States — at-home measures will be worse been broadly criticised. rent speeds around the globe, there ster Boris Johnson and EU lea- Times that the two sides “haven't
the unrest, while London-based
disagreement among leaders over than the virus, has berated gover- The number of confirmed cases has been pressure in many countri- ders last year into legal text — made an awful lot of progress,” he
human rights group Amnesty lockdown measures has hampered nors and mayors for imposing what worldwide is more than six mil- “no more, no less.” added that “even if it is difficult, I
es to lift crippling lockdowns, de-
International has put the number efforts to slow the virus as the num- he calls “the tyranny of total qua- lion, according to an AFP tally. spite experts' warnings of a possib- “We need to remember together do believe an agreement is pos-
at more than 300. AFP ber of fatalities in the country ne- rantine”. “Now is the time for enhanced co- le second wave of infections. AFP the commitments that we entered sible.” Bloomberg

FLU BLUES: TIPS, TRIVIA & TRENDS YOUR DAILY DIET OF FUN AND FACTS Crossword 7735

Murder Accused
Ex-First Lady SpaceX Crew Dragon 1 2 3 4 5 6 7 8 2 Start to reconnoitre every
pass (5)
3 Trendy TV company gets shot
Leaves Lesotho Docks with International 9 10
of first jet (4)
4 Organise coaching, doing

Space Station
Police in Lesotho without a pasta dish (7)
6 A girl’s not quite right (5)
on Saturday said 11 7 Overseer said count should be
former first lady amended (9)
A SpaceX Crew Dragon capsule carrying two Nasa astronauts
Maesaiah 12 13 8 Unfinished business – bath-
docked on Sunday with the International Space Station, the
Thabane had left room needs to be renovat-
first time a crewed US spacecraft has performed the feat in ed (5,3)
the country, a 14
nearly a decade. It was also a first for the private sector, a 11 A legionnaire displays one like
day after her bail
triumphant moment for the company founded 15 16 17 Pierre essentially? (4)
was revoked on 14 Obscure brief quotation on
by Elon Musk in 2002. “Soft capture,” the
murder charges over the 2017 jacket? (4)
moment when the spacecraft makes first 18
killing of her husband’s estranged 15 Perfectly fair entitlement (4,5)
contact and starts latching with the target 16 Back American leaving
wife. Maesaiah Thabane is 21
vehicle, occurred at 10:16 am Eastern Time 19 20 Portuguese resort (3)
suspected of orchestrating the
(1416 GMT), a little ahead of schedule. At the time, 17 A ruler not entirely compara-
shooting of Lipolelo Thabane who 22 ble (4)
the ISS was orbiting 422 kilometres over the
was gunned down outside her home 18 Glorify ladies dancing in im-
border between Mongolia and northern China.
in the capital Maseru. Police have 23 24 25 26 maculate frills (8)
A few minutes later, “hard capture” was 20 Secretary starts to try her
also charged her with the attempted
achieved when the two spacecraft were 27 way (4)
murder of Lipolelo Thabane’s friend
joined with an airtight seal. On board 21 Parson’s home, removing iron
Thato Sibolla. Lesotho police from dining room (7)
are astronauts Bob Behnkhen and 28 29
commissioner Holomo Molibeli said 22 Kindness is what’s unusual
Doug Hurley, both veterans of the
authorities were informed on Friday about Royal Marines (6)
Space Shuttle program that was 24 Unsophisticated graduate’s in
through her lawyer that she had
shuttered in 2011. AFP charge (5)
accompanied her husband Thomas 30 31 26 Bond grabs one extended
Thabane to South Africa for medical rest (3-2)
treatment. Previously freed by
Lesotho’s high court on a 1,000 Amazon Removes Racist Messages ACROSS
27 Record find? Not half! (4)
LEADER BOARD
maloti ($57) bail, on Friday
Lesotho’s court of appeal revoked
from Some Product Listings 1 Victoria, for example, represents air
and grace (8)
lack of balance (13)
23 Costa Rica prepared to host British SOLUTION TO No. 7734 HIDATO 7 LITTLE WORDS
Amazon.com said it was removing certain images after messages 5 Pack up and quietly clear off (6) gymnastics (10) ACROSS: 6 Relative clause. 9 En- Ritik J. P. Agochiya
her bail and ordered her re-arrest. 9 Board to start to name tiny items of 25 Plant found in sea area of Trafalgar (4) trap. 10 Lodestar. 11 Gendarme. Chennai New Delhi
AFP
using extremely strong racist abuse appeared on some listings on its
seafood (8) 28 Swallow nested in housing estate (6) 13 Allege. 15 Encode. 17 Insert. S P Agrawal Sumita Sarkar
UK website when users searched for Apple’s AirPods and other similar 10 Car racing on short racetrack leads 29 Short piece in paper about one 19 Septum. 20 Mulberry.22 Bengaluru New Delhi
products. The message sparked outrage on Twitter, with the topic to disaster (6) Home Counties theatre (8) Pince-nez.24 Tiptoe.26 Psycho-
Nike says ‘Don’t Do “AirPods” trending in the UK. “We are removing the images in question
and have taken action on the bad actor,” an Amazon spokeswoman
12 What reverberates from teenage
choirs? (4)
30 English books and diamonds are
seductive (6)
analysis.
DOWN: 1 Fringe benefits. 2 Slur.
It’ on Racism told Reuters on Sunday. Screenshots and video grabs of the messages 13 One way to get in expert to sup-
press tax on fish (6,4)
31 Bulb in yacht exploded next to har-
bour(8)
3 Stupor. 4 Acid rain. 5 Lass.
7 Valuer.8 Slaughterhouse.
Nike has taken a stand against were trending on Twitter, with users sharing the images. The listings 15 One fellow and I dropped into new 12 Ducat. 14 Liege. 16 Domin-
racism with a “Don’t do it” with the abusive messages were no longer visible on the Amazon UK local joint for fun (13) DOWN ion. 18 Amazon.21 Lately.
campaign, a twist on its famous website and it was not clear how long they were there for. Reuters 19 Girl’s professional piece displays 1 Company mole’s office machine (6) 23 Cock. 25 Past.
©The Daily Mail
catch phrase, as protests against
police brutality spread across the
US. “For once, Don’t Do It... Don’t
A Virtual
pretend there’s not a problem in Grandstand in
America,” the US sports apparel
giant said in a video posted to Danish Superliga
Twitter late Friday. In a rare sign of As many as 10,000 people Dilbert by S Adams
solidarity, competitor Adidas crammed into the seating at a
retweeted the video, with a Danish soccer match to cheer
message stating: “Together is how their team except... none of
we move forward. Together is how the fans were actually there! Giant screens showed each fan in a
we make change.” glorified and massive Zoom conference call for the match between the
“Don’t turn your back on racism. AGF Aarhus and Randers teams. A home crowd like no other for AGF
Don’t accept innocent lives being Aarhus as the league resumed on Thursday. According to the club, Yesterday’s Answers:
taken from us. Don’t make any spectators picked up a free ticket and as the match began, gathered
more excuses. Don’t think this with those who had a ticket to the same virtual grandstand section. ET will carry the names of winners for
doesn’t affect you,” Nike said in the Just like in a regular soccer stadium with 22 different sections to Hidato and 7 Little Words every day.
video, in which white words appear choose from, there was room for both home fans, neutral spectators Please whatsapp your solutions for both
across a black background. AFP and even away fans. Reuters to 79 01010174 with your name and city.
 TELEGRAM t.me/indiaepapers
Exit strategy
Hedge fund
THE ECONOMIC TIMES
manager Bill MUMBAI
Ackman sold MONDAY
1 JUNE 2020
his $1-bn worth
stake in Warren www.etpanache.com
Buffett’s Berkshire
Hathaway ADVERTORIAL &
PROMOTIONAL FEATURE

For this boss, working remotely

Workout regimens of comes with a time lag
For Volkswagen India head Steffen Knapp,
a small spring break to his native Austria
Steffen
Knapp

these Olympic first-timers

has lasted well over two months
maleeva.rebello happen earlier. I also get
@timesgroup.com the opportunity to interact
more with my kids, spend
When Steffen Knapp went time with their lessons,” he
“The past few weeks were not easy. to his native Austria for a told ETPanache, adding that
Tokyo Games-bound athletes share their exercise I am used to a particular training
routi ne pla n ned a rou nd f ield
small spring break earlier
this year, little did he know
family time also includes
card and board games. and you also listen better,”
and fitness routines during the lockdown training and the gym. It was tough
not to have that,” Chopra said.
it wou ld l a st over t wo
months. Knapp, director
However, the f lip side to
this is longer working hours,
he said. “The only drawback
is the inability to interact
[email protected] home,” she said. The boxers will join them there Conditioning and fitness using the of Volkswagen Passenger exacerbated by the time in person, which should

T
Borgohain says she is also using soon, and it’s set to be an Olympic hostel area and stairs was how the Cars in India, is awaiting difference. “I spend nearly 11 hopefully be possible in the
he sporting world has this extra time to learn and correct base for some of those chasing 2018 Asian Games gold medallist international travel to hours working, to ensure coming months. I can’t wait
been badly hit by the her weaknesses. medals in Japan next year. kept fit. Now with the permission commence, so he can smooth functioning of to go back to the office, meet
C o v i d -1 9 o u t b r e a k , of sports authorities, Chopra does return to his Mumbai the business when I am my team in person, walk
wit h a l l events over Brotherly help his warm-ups outside, although he office. thousands of miles around the office, and get
the past few months Boxer Ashish Kumar has been is continuing his indoor exercise But while working apart,” he said. in-person chats and
cancelled. Many upcoming ones staying with his brother Sandeep regimen as well. remotely can be taxing, Knapp’s day starts updates.”
are either rescheduled or scrapped C hou d h a r y i n S u n d e r n a g a r, “I stay positive following my Knapp is grateful for the at 5.15 am, and meetings Until that happens, he has
completely. Now, the quest for Himachal Pradesh, during the training routine twice a day. I do additional time he gets begin at 6 am. Austria is 3.5 set aside a dedicated space at
Olympic glory will be in 2021 for lockdown. a lot of shuttle runs, slackline and with family. “These are hours behind India, and to home for work. “I don’t dress
these first timers. However , the 75-kg middleweight core exercises. Breaks affect an times when we get closer to ease operations, he matches in formals while working
boxer h a s t a ken t he Oly mpic athlete’s mental frame but I have our families, and each one timings with his colleagues. from home, but I do wear my
Upper cut postponement in his stride. “I tried to keep negative thoughts becomes a pillar of strength. “Working from home is best casuals. It’s comfortable
L ovli na Borgohai n i s I nd i a’s
welter wei g ht b ox i n g me d a l
hopeful. During this lockdown, she
am saving my best for Japan by
working on building strength with
focus on my form,” the 25-year-old
away by listening to music,” he
says.
We’re eating our meals
together, which couldn’t
more productive, as time
isn’t wasted on commuting, he said.
and suitable for the weather,”

is training for her maiden Olympic says. Right aim

Games at her home in Golaghat, Kumar makes sure he does his Saurabh Chaudhary has PIC: NYT
Assam.
“My coaches send exercise videos
on WhatsApp. I watch them, and
warm-ups in an open space before
he starts training. From June 10,
he too will be at the boxing camp in
qualified in the 10-metre air pistol
competition. The 18-year-old was
ready for the Olympics this year but
The secret agent whose car is
work out once a day. I’m looking
forward to being back at the boxing
Patiala.
“My brother, who is also
doesn’t mind the extra time.
“I can practice and get better. I
being brought back to life
camp [in Patiala] from June 10,” the a boxer, helps me train. follow my daily workout routine. In an example of how auto manufacturers
22-year-old says. I pick hi m up a nd jog I run and use TheraBands for have started reaching into their pasts to
Borgohain has been provided around, do variations of exercises at home,” the Punjab- update some of their classic models and
w i t h a b a r b e l l b a r, w e i g h t body weight exercises and based shooter says. equipment, 107-year-old British luxury
plates, dumbells, medicine ball, tiger walk. I also practise Ch aud h a r y s ays he wi l l carmaker Aston Martin is creating a special
agility ladder, cone, yoga mat, my pu nches a nd continue the exercise regimen run of the Bond DB5 from the 1964 movie
weightlifting board and a gym boxing stance,” he he has been following at home Goldfinger.
The carmaker is re-creating the
ball by the SAI to help in her medal says about his daily since the lockdown started. The cars are finished in the same Silver Bond DB5, as seen in Goldfinger,
quest. exercise regimen. “I practise for 4 - 6 hours Birch paint scheme, the interior leather with some of the spy gear
“The weights and other equipment daily at my home shooting is identical in colour and texture, and the
help i n wei g ht , st ren g t h a nd Go the distance range. I do meditation and dashboard and gauges are as true to the and smoke sprayers will emit simulated
conditioning training. During Javelin thrower yoga every day to original as possible. Aston Martin even substances. And the machine guns won’t
the lockdown, it has been tough Neeraj Chopra keep my mind alert, called upon the special-effects wizard from fire ammunition. The Continuation cars are
t o m a i nt a i n my d iet . Wei g ht is already at the which is vital in the the Bond films, Chris Corbould, to supervise priced at $3.5 million; a bargain compared
categories mean we have to stay the
same weight. But I have a tendency
to put on as I eat rice for all meals at
N IS in Patia la
with other track
and field athletes.
sport,” the 2018 Asian
Games gold medal
winner adds .
their re-creation.
Unlike in the Bond car, there will be no
ejection seat or a nail dumper. The oil
$6,385,000 at an auction .
with the actual Bond DB5, which sold for

— The New York Times

PIC: INSTAGRAM/JEFF BEZOS

BIG SHOT Thinking about This famous detective

Luna, flying? Here’s what will soon be looking for
PIC: GETTY IMAGES

it was
time...
you need to know clues on Mars
For people who are thinking An instrument named
of flying, air travel will be a
SHERLOC will look
Tips to support a vastly different experience
t ha n it was before t he
coronavirus. Here’s what we
for minerals and
loved one through potential biosignatures
PIC: GETTY IMAGES

know about navigating air

travel safely now: An engineering model of SHERLOC
on the Red Planet
depression What’s the best way to
get to the airport?
Mars is a long way from 221B Baker
Street, but one of fiction’s best-known
working with six other instruments
aboard Perseverance to give us a
If someone you have been detectives will be represented on the clearer understanding of Mars.
While therapy and medication isolating with can drop you How can I be safe during Red Planet after NASA’s Perseverance It’s even helping the effort to create
can help, providing emotional in their own car, that raises check in and security? rover touches down on February 2021. spacesuits that will hold up in the
the least possible risk. Bring hand sanitiser in SHERLOC, an instrument on the Martian environment when humans
support is equally important M a ny a i r p or t s h ave case you need to hand over end of the rover’s robotic arm, will set foot on the planet.
Amazon CEO Jeff Bezos wrote for his
pet while giving her a bath recently If someone close to you is suffering from changed their drop-off, pick- documents or your phone, or hunt for sand-grain-sized clues in About the size of a smartphone,
mental health issues, it’s critical that up and parking procedures if you need to key anything Martian rocks while working in SH ER L OC’s c a libration t a rget
you show your support and be there for to encourage people to keep in at a kiosk. Pay attention to tandem with WATSON, a camera includes 10 objects, including a sample
them in this time of need. Learning about moving. Make sure you the floor markers indicating that will take close-up pictures of of a Martian meteorite that travelled
depression and its available treatment will know what your airport’s the proper social distancing. rock textures. Together, they will to Earth and was found in the Oman

$100 million
The value of Pablo Picasso’s 1943 painting ‘Le Marin’
make this easier.
Encourage them to see a therapist, for
depression is hard to talk about but is
treatable. Rather than letting them fix it
current policies on drop-off
and parking are.

How should I prepare?

Do I need to keep
my mask on?
Yes, most airlines are asking
study rock surfaces, mapping out
the presence of certain minerals and
organic molecules, which are the
carbon-based building blocks of life
desert in 1999. Studying how this
meteorite fragment changes over
the course of the mission will help
scientists understand the chemical
owned by casino magnate Steve Wynn, which was
damaged by a contractor at Christie’s gallery two years
ago. The contractor has been sued for “negligent and/or
themselves, or worse, ignoring the problem,
encourage them to seek help from an expert.
It’s also important to show support through
Wrapping yourself head
to toe in plastic wrap is not
really necessary, but you
people to keep them on for
the duration of their flight.
on Earth.
Built at NASA’s Jet Propulsion
L aborator y, SH ER L OC wi l l be
surface and its atmosphere .
interactions between the planet’s

— ANI
careless acts” that were performed without
“reasonable care” to the performance of their duties . teamwork. If they are going for therapy,
they may wish for some company, at least
for the first few sessions. Make time and
should carry — and use — a
mask, wip es a nd h a nd
sanitisers. Some experts
Will someone be in
the seat next to me?
Possibly. When choosing
SHERLOC’s full name is a mouthful,
Scanning Habitable Environments
accompany them. They may even want you suggest wearing gloves. you r seat, i f you t hi nk with Raman & Luminescence for
to participate in these sessions. I nd i a n a i r p or t s h ave you won’t need to get up, a Organics & Chemicals. ‘Raman’
However, it’s important to maintain your restricted the number of window seat is a good idea refers to Raman spectroscopy, a
own health and well-being throughout this. bags each traveller can because people sitting in scientific technique named after
Remember, depression isn’t anyone’s fault. If carry and stopped manual window seats have less the Indian physicist CV Raman,

a sense of security and support .

your loved one is feeling low, try to give them

— Daily Mirror
check-ins. So think about
the luggage you are going to
carry.
sick people .
contact with potentially

— The New York Times

who discovered the light-
scattering effect in the 1920s.
A concept image of NASA’s
Perseverance rover
PICS: NASA

HOW TO SHARE FOOD SAFELY DURING THE PANDEMIC

Follow these tips to trip to the emergency room, for it prevents you from touching your and pick-up. The biggest risk comes
this is where you might be at face or brings you peace of mind, from the people handling it. When
reduce the risk of not only greater risk,” she adds. go for it. delivering food, wear masks and
transmitting Covid-19 but place the food in a neutral location.
Cleanliness is paramount Allergies Then ask your friends or family to
also food-borne illnesses Be it for cooking or storing food, Now is not a good time to get an pick it up themselves.
The world over, people have taken ensure your hands, containers and allergic reaction. So, if you’re going
to cooking during these weeks surfaces are all clean. Be mindful of to be sharing food, ensure you’re How to pack and unpack
spent indoors. But that home- cross-contamination. Cook foods at clear on this front. When in doubt, Wrap food in plastic or aluminium
PICS: GETTY IMAGES

cooked meal you prepared would appropriate temperatures and clarify. foil, or in a washable and reusable
taste even better if you could only refrigerate them promptly. If these container. While unpacking, place
share it with your friends and precautions are followed, you can How to clean the container on a counter which
family. The only question: Is it safe share food with friends, For cleaning vegetables and fruits, has some extra available space.
PUBLISHED FOR THE PROPRIETORS, Bennett, Coleman & Co. Ltd. by R. Krishnamurthy at to share food? neighbours, your aged relatives, or never use soap or bleach. These can Open the bowls and transfer the
The Times of India Building, Dr. D. N. Road, Mumbai 400001Tel. No (022) 6635 3535, 2273
3535, Fax (022) 2273-1144 and printed by him at (1) The Times of India Suburban Press, Akurli “The general answer is ‘yes’,” says even those with compromised make people very sick. Rinse food to your own storage
Road, Western Express Highway, Kandivli (E), Mumbai - 400 101. Tel. No. (022) 28872324,
28872930, Fax (022) 28874230, (2) Elegant Offset Printers, Shed No. D2-31, Thivim Industrial Elizabeth A Bihn, professor at the low, provided you take adequate immunities. thoroughly with plenty of cool, containers. Throw away the bag
Estate, Karaswada, Mapusa Goa - 403526. Tel No. (0832)-3045100, Fax - (0832)-3045102. department of food science at precautions. The concerns lie running water. and wash the containers in hot,
EDITOR Mr. R. Sriram. (Responsible for the selection of news under PRB Act). © All rights
reserved. Reproduction in whole or in part without the written permission of the publisher is
prohibited. TN/Chief PMG/400/2002. RNI NO. 6252/1961 VOLUME 60 NO. 88 AIR
CHARGE Chennai & via Rs. 3.00, Ahmedabad, Bengaluru, Hyderabad, Mangalore & via Rs. 4.00,
Delhi, Kolkata & via Rs. 5.00. NOT FOR SALE OUTSIDE INDIA. SUBSCRIPTION RATES US $
500 (annual), US $ 250 (half yearly) US $ 125 (Quarterly).
Cornell University. The risk of
transmitting coronavirus through
food or food packaging is very
beyond coronavirus. “The last
thing anyone wants now is a
food-borne illness that calls for a
Masks and gloves
You don’t need to wear masks or
gloves while preparing food. But if
How to send
Arrange for contactless delivery
after this is done .
soapy water. Clean the counters

— The New York Times

THE ECONOMIC TIMES TELEGRAM t.me/indiaep
Covid impact:
Are you facing
a financial
emergency?
P12
www.etwealth.co | Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, New Delhi, Pune | June 1-7, 2020 | 24 pages | `8

HOW TO
SURVIVE
THE COMING
RECESSION
All the signals suggest the economy is contracting in a big way.
Find out how you should navigate the imminent turbulence. P2

Should Meeting
you invest financial
in new goals
Bharat despite
Bond ETF Be the help in irregular Use Excel to
series? these trying income manage your
P6 times P10 P11 investments P14
 cover story TELEGRAM t.me/indiaep
02 The Economic Times Wealth June 1-7, 2020

By Narendra Nathan

How to I
ndia is staring at its first recession in 40 years.
Despite the stock market appearing upbeat, econo-
mists are revising growth estimates downwards
regularly. “Our current estimate for 2020-21 is -2.1%,
assuming the lockdown will not be extended beyond
31 May. If it is extended, we will revise estimates,” says

survive
Sunil Sinha, Principal Economist, India Ratings. He is not
alone. Crisil has also downgraded its growth forecast for
2020-21. “Due to the Covid pandemic, the first quarter of
2020-21 will suffer a staggering 25% contraction and despite
some recovery in the second half, the Indian economy is
expected to end the financial year with a 5% contraction,”
says Dharmakirti Joshi, Chief Economist, Crisil.

the coming
Unlike previous recessions—India has seen four since
Independence—agriculture is expected to report normal
growth this time. The overall numbers will be dragged
down by the services sector and industries like manufac-
turing, mining, etc. One of the major factors contributing
to the sorry state of affairs has been the prolonged lock-
down. “Industry and services would have restarted if the

recession
lockdown was withdrawn after the first phase. However,
the massive reverse migration of labourers is changing the
picture now. Due to this, economic activity will not be back
at normal levels anytime soon,” says Sinha. The global
nature of the pandemic has added to the woes. “The global
disruption has upended whatever opportunities India had
on the exports front,” says Joshi.

Blow at a bad time

While much of the problems in the economy can be traced
All the signals suggest the economy is contracting in a big way. to Covid, the picture was not rosy to start with. India’s
economic growth hit a decade low in October-December
Find out how you should navigate the imminent turbulence. 2019—much before Covid and the lockdown happened.
GETTY IMAGES
 TELEGRAMcover
t.me/indiaep
story
The Economic Times Wealth June 1-7, 2020 03

Already weak economy becoming weaker Compared to the same period last year, in-
dustrial production contracted by 16.7% in
some time before things come back to nor-
mal,” says Raamdeo Agrawal, Joint MD
Instead of slower growth, economy is expected to contract in next two quarters. March. As the lockdown came into effect and Co-Founder, Motilal Oswal Financial
10 only in the second half of March, negative Services.
Real GDP by expenditure (y-o-y %) performances of this magnitude can’t be So how much would the aggregate net
attributed to the pandemic. GDP fell to a profits fall by? “Nifty earnings are ex-
9 decade low of 3.1% in the fourth quarter. pected to contract by around 20% in the
India’s core sector output contracted 38.1% first quarter and 5%-7% in the second
8 in April, the worst performance since quarter,” says Shailendra Kumar, CIO,
2005. This does not bode well for first quar- Narnolia Financial Advisors. “Aggregate
9.1 7.0 ter numbers. earnings in 2020-21 may fall by high single
Mar 2016 Mar 2017
7 India Inc was struggling even during to low double digits. This is on the assump-
8.1 the January-March period and its aggre- tion that Covid-19 cases will peak in June-
6 7.1 Mar 2018 gate revenues and net profit fell 6.36% and July. If there are second or third waves
Mar 2015 9.95% respectively y-o-y (see chart). Most as feared, the earnings contraction will
sectors reported falling net profits in the get extended to 2021-22 as well,” predicts
5 fourth quarter (see table). Agrochemicals Pankaj Pandey, Head of Research, ICICI
and cement were among the handful that Direct. The high base effect, triggered by
4 5.8 bucked the trend. While last year’s good corporate tax cut in 2019-20, will also im-
Mar 2019 monsoon and increased planting helped pact earnings. “Though the lockdown im-
agrochemical companies, fall in input pact was only for eight days in March, the
3 costs helped cement companies. Several fourth quarter results are not great. Lack
3.1 sectors like construction, real estate and of corporate tax cut benefit will be another
Mar 2020 telecom, slid from profit to losses. reason why 2020-21 earnings growth will
2
be negative,” says Rajat Sharma, CEO,
Earnings shock Sana Securities.
Corporate profitability remains an area of However, it may not be all doom and
Contraction in industrial production worse concern with the numbers expected to be
bad in 2020-21 as well. This is because the
gloom. “Recent increase in power demand
shows that some economic activities are
than what it was during 2009 crisis first quarter will be a washout due to the back, may be in green zones, and that is
lockdown and there is no clarity on how positive news,” says Agrawal. “Most stores
The numbers will become worse as the lockdown halted all activity April onwards.
things will shape up in the second quarter. are empty now because they are not get-
10 “Earnings growth in 2020-21 will be really ting enough products due to the lockdown
IIP growth (y-o-y %) bad. Even if the lockdown goes, it will take and logistic issues and restocking by deal-

5
Q4 net profits slump in most sectors
0
Only agrochemicals and cement managed to buck the trend.
5.33
Mar 2018 2.71 SECTOR SALES GROWTH (%) NET PROFIT GROWTH (%
-5 Mar 2019
Agrochemicals (5) 28.63 219.46

-10
Cement & cement products (14) -5.96 104.55
Retail (2) 24.10 51.70
-15 Banks (11) 9.44 19.62
-16.66 Telecom equipment (4) 0.79 7.16
Mar 2020
-20 Infotech (41) 7.21 1.16
Compiled by ETIG Database
Tyres (2) -16.44 -2.35
Automobiles (4) -12.16 -13.24
Q4 numbers look grim, more bad news likely FMCG (16) 1.19 -26.40
Despite the tax cut benefit, net profits show fall of 9.95% so far. Consumer durables (4) -16.07 -26.76

Q4 2019-20 (y-oy %) 35.77 Capital goods (12) -17.23 -30.03

Chemicals (11) 2.03 -30.49
Metals (2) -19.38 -33.47
NBFCs (26) -17.87 -35.79
5.67 Medical services (5) -0.85 -42.09
1.18 PAT
Revenues Tax
Textiles (3) -26.96 -49.64
PBDIT Depreciation Interest
Oil & gas (4) -1.90 -53.26
-6.36 -23.71 -57.77
-9.95 Auto ancillaries (9)

Pharmaceuticals (24) 6.41 -68.23

Real estate (4) -53.20 -157.63
Construction (3) -0.95 -283.70
Telecom services (2) 14.34 -3848.36
-44.42
* Based on the results declared by Note: Values in bracket are number of companies that have declared results. Compiled by ETIG Database
290 companies so far. Compiled by ETIG Database
 cover story TELEGRAM t.me/indiaep
04 The Economic Times Wealth June 1-7, 2020

Analysts have cut EPS estimates for 2020-21 ers before Diwali will push sales at com-
pany levels,” says Kumar.
Since big and strong companies will be-
come bigger and stronger, investors should
This fall is expected to gain momentum once all companies declare results. One can’t decide on market investments bet on them,” says Agrawal. The expected
2,400 based on fundamentals alone. While funda- earnings volatility is another reason why
mentals are expected to be weak in 2020-21, experts are asking you to concentrate on
2,346.46 Sensex EPS estimate for 2020-21
the stock market may remain strong in the balance sheet strength. “With this kind of
2,300 short term due to increased liquidity. Here earnings volatility, earnings-based valu-
is what you should do as an investor. ation won’t work. It is better to look at the
balance sheet. The companies with strong
2,200
Ignore the left out feeling balance sheets can survive the turmoil,”
Along with global indices, the Sensex has says Pandey. Modi agrees. “Concentrate
also rallied 25% from the March closing on companies that have the balance sheet
bottom of 25,981, mostly on hopes of fur- strength to survive 2-3 years of pain,” he
2,100
ther actions by governments and central says. In addition to cash on books, inves-
bankers across the globe. Feeling left out, tors should also look at cash flows.
several investors are ready to jump in now.
2,000
However, experts say this is not the correct Shun cash-strapped firms
strategy. “When things turn around, the We all know debt is a bad word now and
market will give enough opportunities to it is prudent to avoid companies with
1,900
get in. Investors should avoid the fear of high debts or those expected to raise debt
missing out and wait for opportunities,” in future. However, investors should
1,800
1,831.24 says Jimeet Modi, CEO, Samco Securities. also avoid companies that need to raise
While the broader economy is heading capital in the form of equities in the near
26 May 2019 28 May 2020
towards a recession, stock market valu- future. “In the current depressed market,
Source: Bloomberg; Compiled by ETIG Database
ations are still high, another reason why dilution will be high because companies
experts are asking you to be cautious and won’t be able to get the right multiple.
wait for further corrections. “The Nifty For example, banks raising equity below
Sensex PE still above 20-year average has fallen from its peak, but it still remains
overvalued. Though liquidity can keep the
book value is bad for existing investors,”
says Pandey.
Need to be cautious because PE may go up in future due to fall in earnings. market strong in the short-term, reality
Sensex EPS Estimate For 2020-21
will catch up eventually. The Nifty may go Stick with promising sectors
30
back to 7,500 levels in the next 6-8 months,” A strategy that will work in the short-term
says Sharma. Amit Jain, CEO & Co- is to go with sectors that are expected to do
Founder, Ashika Wealth Advisors concurs. well in 2020-21. For example, IT and telecom
“Due to expected fall in EPS, the measured may do well because the entire world is be-
25
28.91
28.9
91 PE ratio will go up in the coming quarters. coming more digitised thanks to the age of
Market sentiment will also take a hit later working from home. As the pandemic is a
because the health crisis is turning into health crisis, pharmaceutical is an obvious
a financial crisis now and soon, this will sector that is expected to do well. “Pharma
20.33 turn into a geopolitical crisis. Wait till sector is also getting a lot of funding now,”
20 October for better opportunity,” he says. says Sharma. Since people can’t avoid basic
19.36 consumption, FMCG is another sector that
Sell on rallies will not be impacted badly in this turmoil.
While weak fundamentals drag the market The impact of lockdown is much smaller in
15 down, the same is supported by liquidity rural areas and therefore, agriculture and
injections by global governments and related sectors are also expected to do well
central bankers. That means the market in 2020-21.
may go up further in the short term. So,
1,841.30 the best strategy right now is to utilise the Look at market share
10 prevailing bullishness. “We are in a sell on You may be tempted to look at sectors that
24 May 2019 29 May 2020 rally phase and investors can lighten their are expected to do badly because of falling
equity load if the market continues to move share prices. Anyone using this strategy
up,” says Modi. should scan the quarterly numbers for
market share gain and not headline earn-
Muthoot Moderate fin sector numbers ings. Profitability will fall because the
Finance Since RBI’s recent measures will help entire market will shrink. “The companies
Strong banks to supress their non-performing that can gain market share in situations

NBFCs are loans (NPLs), the reported profits from the

sector are likely to be higher than the real
like this will be the ones that will be able to
report good numbers in future years,” says
increasing profits. For example, extension of mora- Kumar. However, one should not ignore

cash in their Cholamandalam 15% Bajaj

torium by another 3 months means fewer valuations. Let us take the example of the
Investment Finance ‘recognised’ defaults by banks and NBFCs NBFC sector, which has been in turmoil for
balance during the first and second quarter of
2020-21. RBI also allowed banks to convert
the last few years. Strong NBFCs have in-
creased their cash holdings to survive this
sheets interest on working capital loans into term phase (see chart). There is no doubt that a
loans repayable by March 2021. In addition company like Bajaj Finance will survive
While looking for
stability, investors
11% 11% to helping report higher loan growth—just the turmoil in the consumer finance space
should consider book entry, not actual new loans—this will using its balance sheet strength. However,
valuation as well. also help banks push this default to the is its high valuation justified? “Bajaj
next financial year. Finance’s high valuation is not justified be-
cause people are losing jobs and they may
9% 9% 9% Look beyond P&L account not be able to pay back their loans taken for
Figures denote Avoiding small companies with weak bal- consumer durables,” says Sharma.
cash as % of ance sheets and sticking to big companies
liabilities
with strong balance sheets can be the next
M& M L&T HDFC
Financial Financial strategy. “In crisis situations like this,
Please send your feedback to
Services Holdings there will be mortality in the corporate [email protected]
Source: Motilal Oswal report world as several weak companies will die.
 TELEGRAM t.me/indiaep
guest column
The Economic Times Wealth June 1-7, 2020 05

Getting fresh answers

to cliched questions
There are questions that a lot of investors ask without thinking, but the
answers are still worth a lot of careful thought, says Dhirendra Kumar.

I
’m beginning to become a little al-
lergic to the word ‘sector’. Over the
past three weeks, I have participated
in four long online Q&As about in-
DHIRENDR A KUMAR
CEO, VALUE RESE ARCH vesting. In three of these, I was the
person answering the questions and in one,
I was in the audience. In the last one, which
money I wrote about a week ago, the questions were

mysteries being answered by the redoubtable Nassim

Nicholas Taleb.
In all four interactions, someone asked the
standard Indian equity investment question
about sectors, “Which sectors will do well
Companies that now?” The problem with this question is not
that it can’t be answered, but that it should
are doing well
not be asked. Imagine someone who could
in a sector that
see into the future perfectly and actually
is down in the provided you with the correct answer. How
dumps are likely to would that help you in actually making a
be great wealth- sensible investment over the coming months
generators while and years and then actually generate good
the opposite, badly returns from it?
It wouldn’t because you have to invest in
run companies in
companies and not in sectors. As long-time
good sectors, will
investors have all experienced, there are
be great wealth great companies in all but the worst of sec-
destroyers. tors and awful companies in sectors that are
doing great. In fact, these exceptions are of-
ten true outliers by their very nature. That is

Being right about

industries, sectors,
national economies and
even the global economy
GETTYIMAGES

is of only negligible
advantage, if any.
to say, companies that are doing well in a sec-
tor that is down in the dumps are likely to be able value from an investment perspective. I I don’t know and it doesn’t matter actually.
great wealth-generators while the opposite, do not mean, even for a moment, that the ques- What does matter is how well equity does
badly run companies in good sectors will be tion of economic revival is not important—it when compared to the inflation rate and to
great wealth destroyers. The deviation from is of the greatest importance to our lives and fixed income returns. During the quarter
the norm of the sector will prove to enhance jobs and businesses. However, asking that century past, there was a period when fixed
the effect. question does not help you as an investor. income returns were enormously high. I
I’m not making any predictions here (that In my last week’s Q&A with investors on remember a time when Government of India
would be absolutely contrary to the spirit of the Value Research YouTube channel, there tax-free bonds were offering an interest rate
this article) but do not be surprised if you see was another question that looks facile but is of 11%. We were a high-inflation, capital-
this being played out in sectors like travel worth a little bit of a dig. One person asked starved economy where the numbers just
and banking, where everyone thinks that what would be the returns of large cap, mid kept ballooning anyway. This inflation rate
the future is much more clearly mapped out cap and small cap stocks over the next 25 to and the fixed income return was a cushion
than in many other sectors. 30 years. At first sight, it’s easy to dismiss under equity returns which made the num-
At the end of the day, equity investing is a such a question. I too started my answer by bers look large without that much real value
bottom-up activity and not a top-down one. pointing out that I was not an astrologer. being added.
Mutual funds are the opposite but that’s a dis- However, even though the returns are not In the quarter century to come I would be
cussion for another day, perhaps next week. predictable, there is a framework within happy if we had an inflation rate of 2-3 % and
You make money by being right about compa- which one can think of such a question. equity returns of 6-8%upwards. That may
nies and their stocks. In sharp contrast, be- The starting point would obviously be the look niggardly in comparison to the past but
ing right about industries, sectors, national previous 30 years. During this time, the BSE would be quite a bonanza.
economies and even the global economy is of Sensex is 37 times of what it used to be, up
only negligible advantage, if any. This makes from 800 points on 1 June 1990. Is there any
Please send your feedback to
almost the entire conversation about econo- basis of thinking that such a performance
[email protected]
mies that is currently going on of question- could be repeated?
 mutual funds TELEGRAM t.me/indiaep
06 The Economic Times Wealth June 1-7, 2020

Should you invest in new

Bharat Bond ETF series?
It invests only in bonds of AAA-rated government undertakings, thus eliminating any credit risk.

by Sanket Dhanorkar Previous offerings have seen liquidity at the time of the launch of the
first offering. However, the ETF contin-
healthy trading volumes

A
fter the successful launch of the ues to enjoy healthy investor participa-
initial set of Bharat Bond ETF tion and good liquidity on exchanges. Its
Daily average trading volumes make it one of the more liquid ETFs.
offerings, Edelweiss AMC is daily average trading volumes make it
set to launch its second tranche Bharat Bond ETF Bharat Bond ETF one of the more liquid ETFs. The bid-ask
in the series. Two new sets of April 2023 April 2030 spread has stayed in a narrow range of 5
ETFs, maturing in April 2025 and April to 10 bps, resulting in low cost impact. It
2031 respectively, will be rolled out in July. AUM (` cr) 5,749 7,233 remains to be seen if the ETFs can sus-
The Bharat Bond ETF is a passively man- Return (%) since inception^ 5.17 6.43 tain this liquidity over time. For those
aged instrument with a fixed maturity who do not have demat accounts, the fund
date. It will invest only in AAA rated bonds Average maturity (years) 2.79 9.67 of fund (FoF) variants are also available,
issued by public sector companies matur- with ETFs as the underlying. FoFs do
Yield to maturity (%) 5.71 6.84
ing on or before the maturity of the ETF. not have any liquidity constraints, un-
The ETF will hold the bonds till maturity Avg daily trading volume (units)* 54,340 44,882 like ETFs. The minimum investment is
and any coupons (interest income) received `1,000 for both.
from them will be reinvested in the scheme. While the 2023 and 2030 series offered
^Date of inception is 26 Dec 2019. *since 28 Feb. Source: NSE, Value Research.
There are several reasons why the yields of around 5.7% and 6.84% respec-
Bharat Bond ETF can be a part of your frames, these ETFs can provide predict- This is unlike conventional bond funds tively, the upcoming offerings are likely
portfolio. First, planners feel the Bharat able returns if held till maturity. As indica- which disclose portfolios at the end of to offer lower yields. This is because
Bond ETF will provide debt fund investors tive yields are disclosed at the outset, in- every month. yields on corporate bonds have softened
a safe and liquid avenue. Since it invests vestors can take more informed decision. Apart from this, planners reckon inves- quite sharply since. Investors should
purely in bonds of AAA-rated government “Having a target maturity also nullifies tors can use defined maturity ETFs to take a call accordingly. Current ETFs are
undertakings, investors need not be wor- any interest rate risk for investors if hold- invest with specific timeframes and goals trading at 6.35% and 7.22% respectively.
ried about the underlying credit quality—a ing till maturity,” points out Tarun Birani, in mind. “The launch is in line with our vi- Analysts reckon these are quite lucrative
major pain point in debt funds in recent Founder and Director, TBNG Capital sion to create a ladder of Bharat Bond ETFs from a post-tax perspective. Investors
times. “The reason for sticking with AAA Advisors. This is missing in actively man- across various maturities on the yield may consider buying from the secondary
names is that investors should have abso- aged open-ended debt funds. At the same curve. This will provide more options for markets, if residual maturity matches
lute comfort that this is a debt instrument time, investors should not mistake indica- investors to match their investment needs their time horizon. Birani says, “These
they can trust,” asserts Radhika Gupta, tive yield for guaranteed returns. Like with different time horizons,” says Gupta. are particularly good options for senior
CEO of Edelweiss Mutual Fund. The ETFs traditional bond funds, bond ETFs do not Suppose you want to invest targeting a citizens or others nearing retirement to
comprise high quality PSU names includ- guarantee return. horizon of next 2.5, 5 and 10 years. You can create laddered cash flow. Parents target-
ing Exim Bank, HPCL, Hudco, IRFC, Besides, Bharat Bond ETF is by far the separately buy the Bharat Bond ETFs with ing expenditure towards children’s high-
Nabard, NHAI, NHPC, PFC, Power Grid, lowest cost offering among existing debt corresponding maturities. Edelweiss AMC er studies may also consider investing for
among others. If any issuer gets down- funds. The ETF charges up to 0.0005% on eventually intends to offer a series of ETFs relevant time frame,” he adds. However,
graded below AAA or ceases to be a public its assets—or 50 paise per lakh. This is a that will cover more maturity buckets and he cautions against trading these instru-
sector undertaking, it is removed from fraction of the cost levied by traditional fill any gaps in the ladder. Meanwhile, in- ments actively in the secondary markets
the portfolio on the next rebalancing date. bond funds that typically charge around vestors who missed out on the first tranche as interim price movements can be very
“With its 100% AAA PSU bonds, holding 1-2%. Even existing bond ETFs charge can still buy them in the secondary mar- volatile. The best way to benefit from this
Bharat Bond ETF is a safe, long term bet slightly more than Bharat Bond ETF. In kets. “Ladder of maturities can be created avenue is to hold till maturity.
and can find place in investors’ long term bond funds, this cost differential can make if that is your specific need. Else, simply
debt portfolio,” says Amol Joshi, Founder, a material difference to returns over time. invest when the fund maturity matches
Please send your feedback to
PlanRupee Investment Services. Further, the entire portfolio held by the your money requirement,” argues Joshi. [email protected]
Since these have defined maturity time- bond ETF is disclosed on a daily basis. There were some question marks over
 TELEGRAM t.me/indiaep
mutual funds
The Economic Times Wealth June 1-7, 2020 07

Why inter-scheme transfers in

debt funds should worry you
While such transfers are routine and legal, they could dilute the credit profile of the receiving fund.

by Sanket Dhanorkar
Credit risk funds have sold mostly investors at risk. Prateek Pant, Head
– Products and Solutions, Sanctum
AA rated bonds to sister schemes

C
redit risk funds have encoun- Wealth Management, says, “Even if
tered a wave of redemptions these transfers fall within the ambit
in the wake of the Franklin Investors in funds receiving such bonds must remain vigilant. of the law, they may not be in the spirit
Templeton fiasco. Battling a Value of of the law. Fund houses have used the
liquidity crunch, fund hous- Scheme Transferred to back-door to shift lower rated bonds
transfer (` cr)
es are resorting to inter-scheme trans- into defensive schemes.” In April port-
fers of bonds to repay investors. Here is ICICI Pru Balanced Advantage, ICICI Pru Debt folios, some hybrid funds have suddenly
ICICI Prudential Credit Risk 2,207
why you should be concerned. & Equity, ICICI Pru Multi-Asset seen appearance of lower rated NCDs
Faced with redemptions, funds first HDFC Hybrid Equity, HDFC Hybrid Debt and perpetual bonds. AMCs may per-
HDFC Credit Risk 1,781
tap their own cash reserves. When that (among others) ceive hybrid funds as ideal candidates
tap runs dry, they look to sell off bonds to house these bonds as the higher vola-
in the secondary market to generate Kotak Mahindra Credit Risk 612 Kotak Savings (among others) tility in equity segment can mask any
cash. However, in adverse market Aditya Birla SL Equity Hybrid ‘95, Aditya value erosion in the debt portion.
conditions, the secondary market Aditya Birla SL Credit Risk 490 Several of the AA rated bonds sold be-
Birla SL Balanced Advantage (among others)
doesn’t provide any succour—liquidity long to issuers with strong fundamen-
practically disappears, particularly SBI Equity Hybrid, SBI Magnum Medium tals. Papers transferred include those
SBI Credit Risk 255
for lower rated bonds. Most debt funds Duration issued by the likes of Muthoot Finance,
avoid selling off the more liquid, higher Nippon Equity Hybrid, Nippon Ultra Short Tata Motors, Godrej Properties, among
Nippon India Credit Risk 158
grade bonds in the portfolio. So as a last Duration, Nippon Low Duration others. These companies are backed
resort, funds may approach banks to by healthy operating metrics or strong
borrow some money. Most fund houses Figures for the month of April. Data compiled by Pulse Labs parentage. The likelihood of these de-
avoid this route as it could entail a hit faulting on their obligations is remote.
on the fund’s returns. The only way out these are permitted by the regulator as of conservative investors. For instance, Some fund managers insist that the AA
for stressed funds to generate liquidity long as the transfer occurs at a fair value ICICI Prudential Mutual Fund trans- papers in fact spell a great opportunity
in such circumstances is to arrange as determined by a rating agency. A ferred bonds worth `2,207 crore from its for buying schemes. “In the wake of
for transfer of securities within their transfer is frowned upon if it happens at credit risk offering to ICICI Prudential events in April, the AA-rated segment
own schemes. Termed as inter-scheme a price which hurts the interest of inves- Balanced Advantage, ICICI Prudential of debt markets got priced at a steep
transfer, it involves one fund selling se- tors in either scheme. “As long as the in- Equity & Debt and ICICI Prudential spread, providing the best risk-return
curities to another fund from the same vestments are done according to scheme Multi Asset. HDFC AMC transferred payoff,” points out Manish Banthia,
fund house. objectives, it should not matter whether securities worth `1,782 crore to HDFC Senior Fund Manager – Fixed Income,
Over the month of April, credit that exposure is coming from a primary Hybrid Equity and HDFC Hybrid Debt, ICICI Prudential AMC. He insists ICICI
risk funds sold bonds worth roughly or secondary market transaction or among other debt schemes. Kotak AMC Prudential Balanced Advantage bought
`5,500 crore to sister schemes. ICICI through inter-scheme transfer,” argues arranged some transfer into Kotak these bonds from various market par-
Prudential AMC, HDFC AMC, Kotak Amit Tripathi, Head-Fixed Income Savings while ABSL shifted bonds to ticipants considering the attractive val-
AMC, Aditya Birla Sun Life AMC, SBI Investments, Nippon India Mutual Fund. ABSL Balanced Advantage and ABSL uations and as part of its shift towards
AMC and Nippon India AMC are among However, even when such transfers fit Equity Hybrid, among others. debt in its regular rebalancing exercise.
the fund houses that carried out the into the broader mandate of the receiv- Experts point out that a spike in However, not all the AA names are
transfers. This is not a new phenom- ing fund, it must be noted that many of lower rated bonds in the portfolio may in good financial shape. Among the is-
enon. Inter-scheme transfers have been these are illiquid bonds. Data compiled materially alter the risk profile of the suers whose bonds have been shifted,
going on for many years. There is noth- by Pulse Labs shows that the bulk of the receiving fund—both in terms of credit Shriram Transport Finance has
ing wrong with such transactions— transfers have been of AA rated bonds. risk as well as liquidity risk. A few fund been put under rating watch. Piramal
Further, most of the transfers have houses may be dumping their bad assets Enterprises reported net loss to the
been into hybrid schemes—a preserve to low risk profile schemes, putting their tune of `1,703 crore in the March quar-
ter. Some A-rated securities have also
been shunted to other schemes. These
include Avanse Financial Services,
Security and Intelligence Services,
Syndicate Bank, to name a few.
Experts say investors in funds receiv-
ing such bonds must remain vigilant—
particularly if they belong to a category
perceived to carry lower risk. If the
proportion of such papers in the overall
portfolio rises beyond a certain level, it
should be a cause for alarm. “It should
not happen that one set of investors are
saved at the cost of others,” avers Pant.

Please send your feedback to

[email protected]
 review preview TELEGRAM t.me/indiaep
08 The Economic Times Wealth June 1-7, 2020

Term plan rates hiked 5-15% NEWS IN BRIEF

As Covid deaths worsen experience of companies, premiums might see further rise. SBI cuts FD rates; RBI stops
issuing 7.75% bonds
Bad news for fixed income inves-
tors. SBI has cut interest rates on
bank deposits by 40 basis points
COST OF `1 CRORE COVER TILL AGE OF 65 (bps) across all tenors, even as
RBI has stopped selling its huge-
MAX LIFE INSURANCE HDFC LIFE INSURANCE ly popular 7.75% savings bonds.
After the steep rate cut, the 1-2
TERM OLD NEW OLD NEW year FDs of SBI will fetch 5.1%,
AGE OF IN PREMIUM PREMIUM CHANGE PREMIUM PREMIUM CHANGE
BUYER YEARS (`) (`) (%) (`) (`) (%) 3-5 years will earn 5.3% and 5-10
years will earn 5.4%. SBI rate cut
25 40 7,670 8,476 10.5 9,285 9,378 1.0 was followed by the RBI’s deci-
sion to stop issuing its savings
30 35 9,204 10,148 10.3 11,001 11,625 5.7 bonds. Also known as RBI 7.75%
bonds, these were popular with
35 30 11,564 12,508 8.2 13,511 14,466 7.1 investors because of the high
interest rate and sovereign guar-
40 25 14,986 16,048 7.1 16,447 18,559 12.8 antee they offered. The 10-year
G-sec is trading around 6% and
45 20 19,824 21,122 6.5 22,566 25,301 12.1 small savings rates have come
down to 7.1%, while banks are of-
* Premium rates are for non-smoker males; rates inclusive of GST
fering 5-6% on their deposits.

The high death toll of Covid-19 could push up The aggressive marketing of term plans ary of HDFC Life. “More than 15% hike Maruti offers flexible EMI
insurance premium rates in the coming also kept premiums low. “Pricing of term in premium will mean a new product and scheme to buyers
months. Life insurance companies hiked plans has been very aggressive in India. requires approval of the IRDAI.” Tata-AIA Maruti Suzuki has tied up with
term plan premiums by 5-15% following The premiums have not been in line with Life launched a new term plan that is 35% HDFC Bank to offer flexible EMI
an increase in reinsurance rates and their the mortality experience,” says an indus- costlier than its old plan. options to car buyers. Under the
mortality experience in recent years. try veteran. He says the surge in number For others, the premiums are up by scheme, a buyer can avail low
Reinsurance companies hiked premiums of Covid deaths is likely to worsen the mor- 5-15%. The hike is not uniform and varies EMIs for three months every
by 30-50% in April. Also, companies have tality experience and could possibly push across companies, age groups and risk pro- year. The company is also offer-
witnessed adverse mortality experience in up premiums by 20-30%. files. In case of Max Life Insurance, young- ing up to 100% on-road funding
recent years. “It is assumed that for every IRDAI rules have prevented insur- er buyers below 30 have to shell out 10% and monthly installments start-
10,000 lives covered, only 3 deaths would ance companies from hiking premium higher premiums while older buyers above ing from `899 per lakh for the
occur in a given policy year. However, the rates too much. “According to the guide- 40 will only pay 5-6% more. The situation first six months. Maruti Suzuki
had sold no cars in April due to
actual deaths are between 4 and 4.5,” says lines, the modified premium cannot be is reverse in case of HDFC Life—younger
the lockdown and its factories
Santosh Agarwal, CBO-Life Insurance, more than 15% higher,” says Srinivasan buyers will pay only 1-5% more while older
were shut. Some factories reo-
Policybazaar.com. Parthasarathy, chief and appointed actu- buyers will pay 12% more (see table).
pened in May after lockdown
restrictions were eased.

Selling MF units on stock IDFC First Bank to use new

video-based KYC facility

exchanges is complicated IDFC First Bank has started us-

ing video-based KYC facility for
onboarding of new customers.
Customers can open savings
Sebi has allowed mutual funds to list units along with documents must be submitted bank accounts without visiting
of wound-up schemes on stock exchanges to the DP for conversion. After verifica- a branch office. The zero-contact
but experts say most investors will find tion, the depository will send the form to method completely does away
with paper work or biometric
Instant PAN facility this route very complicated. “It is good
that investors can exercise this option but
the fund house or its registrar and trans-
fer agent, which will confirm the conver-
verification, thereby removing
physical interaction between
launched; issues PAN it is not very easy. Many investors don’t
have a demat account. Even if you open
sion request after verification.
After the units are dematerialised,
the bank and customer from the
KYC process. This is especially
within 10 minutes a demat account, trading is not
simple,” says Chokkalingam
investors need a broking account
to sell the units. But there
relevant in the current times, an
official said.
The Income Tax Department has launched Palaniappan, Founder of the may not be too many tak-
the facility to get an instant Permanent Chennai-based Prakala ers for units of shuttered Madras HC issues notice to
Account Number (PAN) using the Wealth Management. schemes. “This entire Franklin Templeton, Sebi
Aadhaar number for e-KYC. The fully Let’s look at the pro- effort might be futile
Madras High Court has issued-
paperless facility is free of cost and issues cess. First, the investor for retail investors,”
notices to Franklin Templeton
a PAN within 10 minutes of applying. will have to demateri- says Vishal Dhawan, Mutual Fund and Sebi on a
Anyone with a valid Aadhaar number and alise the units and get Founder of Mumbai- petition filed by a Chennai-
mobile number registered with Aadhaar them transfered to his based PlanAhead based investors’ group. The
can use this facility. demat account. Investors Wealth Advisors. Chennai Financial Markets
Applicants are required to visit the will have to obtain a conver- Chokkalingam says that and Accountability (CFMA) is
e-filing website of the income tax depart- sion request form (CRF) from if an investor can wait it out, separately launching an online
ment, feed in his Aadhaar number and the depository participant (DP). A he should not try to sell the units. petition to bring together all
then submit the OTP received on the reg- statement of account, which includes the “The AMC will keep on paying you the investors affected by Franklin
istered mobile number. This will generate names of mutual fund units to be convert- money that they receive in parts. If you Templeton’s decision to wind up
a 15-digit acknowledgment number. In 10 ed to demat form, needs to be attached are not facing an emergency, wait for your six debt schemes.
minutes, he will be issued an e-PAN on his with the CRF. The duly completed form money to be returned.” —Shivani Bazaz
mobile and email address.
 TELEGRAM t.me/indiaep
review preview
The Economic Times Wealth June 1-7, 2020 09

product
launches
You can open an NPS New Form 26AS
to be effective
:: Insurance
Aegon Life in assocation with Flipkart
account using Aadhaar from today
The income tax department has noti-
has launched a life insurance with
Covid-19 plan to cover hospitalisation
Online exit option proposed as well by PFRDA. fied the revised Form 26AS, which will
now include information pertaining to
expenses up to `1 lakh. Customers can
The Pension Fund Regulatory and property and share transactions.
get a comprehensive insurance cover
Development Authority (PFRDA) has al- With this, Form 26AS has now been
against Covid-19 that can be availed on
the Flipkart app along with the base life lowed Aadhaar-based KYC for onboarding revamped to an ‘Annual Information
insurance plan. It offers the cover on a new National Pension System (NPS) sub- Statement’ which apart from the TDS/
minimum of 24 consecutive hours of scribers. The process enables immediate TCS details, shall contain comprehen-
hospitalisation on the first diagnosis. activation of the NPS account due to instant sive information relating to specified
KYC verification and also facilitates im- financial transactions, payment of
HDFC Life has launched Protect mediate deposit of NPS contribution by the taxes, demand/refund and pending/
Plus, a rider that provides enhanced subscriber. completed proceedings undertaken
life insurance cover, cover against An applicant can download the password- by a taxpayer in a particular financial
accidental death and disability and protected Aadhaar XML file by accessing year that has to be mentioned in the
cancer protection. Protect Plus can the UIDAI portal through e-NPS and share income tax returns.
be added to new policies as well as the same for his KYC. The facility can also The revamped Form 26AS will come
21 existing linked and non-linked be availed through the Points of Presence into effect from 1 June, the CBDT
products of HDFC Life. Buyers can (POP). said. Nangia Andersen Consulting
choose four options: Life cover, In this process, the KYC details are in can be made into the NPS. Chairman Rakesh Nangia said
personal accident, accidental death machine-readable XML format, which is In another development, the PFRDA has Form 26AS in its new avatar seeks to
and cancer. digitally signed by UIDAI, allowing eNPS/ proposed an online option to exit the NPS. provide much more comprehensive
POPs to verify the demographic contents of Currently, an e-NPS account can be opened information regarding taxes paid by
:: Real estate the file and certify the same to be authentic. online, however, no online process was a taxpayer, details of pending as well
PropTiger.com has launched an end- The identity and address of the applicant can available to exit the scheme. as completed income tax proceed-
to-end online booking facility on its be verified this way. In the proposed process, the KYC of e-NPS ings, status of income tax demand and
portal. Buyers can find a property and Recently, the pension fund regulator subscribers shall be verified by the respec- refund along with details of specified
complete the entire booking process also introduced a new mode of payment for tive bank-POPs where these subscribers financial transactions undertaken by
online. The firm has partnered with NPS subscribers called Direct Remittance have their existing banking relationship. taxpayer during a particular finan-
12 developers whose projects will be (D-Remit). This allows the subscriber to Banks shall also be eligible for payment of cial year such as share purchase and
open for purchase on the platform. set up a systematic investment through processing fees. property purchase in a single form/
Netbanking by which regular contributions —Navneet Dubey statement.

60% fall in merchant point transactions in April

Here are some other trends in card and digital transactions, as per the Worldline India report.

5.1 MILLION
POS terminals in the country as of March
2020. Private sector banks represent
60%
Dip in month-on-month
transactions volume and value at
about 69% POS terminal market, while merchant touch points in April 2020
public sector banks make up for 27%. due to the extended lockdown.

Top 5 states with highest Mobile apps for smaller

digital transactions in Q1 transactions, Net banking
for high-ticket sales
GETTYIMAGES

TRANSACTION TRANSACTION TRANSACTION

TYPE VOLUME VALUE

Maharashtra Karnataka Tamil Nadu Delhi Andhra Pradesh

Mobile apps
4,251.7 `15,674.1
million billion
Top 5 cities with highest Net banking/ 811.6 `94,580.4
Internet
digital transactions in Q1 browser million billion

UPI trumps mobile wallets

PAYMENT NO. OF VALUE OF
Source: Worldline India Digital Payments Report for Q1 2020 MODE TRANSACTIONS TRANSACTIONS
Bengaluru Chennai Mumbai Pune Hyderabad
Mobile 1.08 `429
57.7 MILLION Debit card transactions higher than credit card wallets billion billion

Number of credit cards as of Transactions at `952.3 billion UPI

3.87 `6.45
POS terminals Credit card billion trillion
March 2020, an increase of `840.7 billion
24% compared with Q1 2019. E-commerce
`1,024 billion Bharat 45.5 `58.5
The debit cards stood at transactions & digital Debit card BillPay million billion
828.5 million, a fall of 11%. bill payments via ATMs `1,276.2 billion
* Figures for Q1 2020
 financial planning TELEGRAM t.me/indiaep
10 The Economic Times Wealth June 1-7, 2020

Be the help in these trying times

As people cope with job loss and other troubles, reach out to lend a helping hand, says Uma Shashikant.

est. She knows she will have to drop that plan,

but it breaks everyone’s heart to deal with that.
Fourth, we are constantly reminding the cou-
ple that they should see this as an interruption
and not the end. It looks severe as it happens,
but as the crisis dies down, things will be differ-
ent and there will be new opportunity to work
or create, and an economically viable alterna-
tive can be found.
Fifth, we have assured them that we are all
around to offer a hand loan should things get
tough. We have created a pool of funds and told
the family we will chip in as and when needed,
since we know the finances of the household.
There is a lot of work to do. The pessimism
around us is not helpful. As the normal we
knew before March 2020 seems increasingly
elusive, we may have more friends and relatives
needing help and support. How are you prepar-
ing to be the support your family and friends
may need?
First, stay in touch. Make sure you do not
allow the social isolation to cut you off. Look
out for friends who aren’t communicating as
before. Or not as active on social media as they
once were. Reach out to talk and listen.
Second, try and understand what their situ-

GETTY IMAGES
ation is and see if you can help them solve it on
their own. Most people do not need external
monetary help or may be hesitant to reach out
assuming you would shy away from getting
involved. What they may truly need is the reas-

M
y friend lost his job. At the increased. The man is quick to take offence surance that their thought process is right.
end of March, just as the and the woman is too scared to take charge. Be that person whom someone can trust and
horrors of the new pandemic The relationship is on the brink of becoming confide in.
were unfolding, his employ- abusive despite best intentions. The worried Third, not everyone is willing to discuss
ers told him that they had to children find the parents tense. difficult financial matters with their spouses.
let him go. He had not expected it. Panic and Using accumulated savings and invest- They like to insulate the family from any
anger took over first. How could they do it ment is problematic. In theory the house- trouble with the finances. If the spouse is not
to me, he seethed. How will I face the family hold can run for another 12 months without involved in these decisions, it is even tougher.
and friends, he worried. How will I find a an income. However, every decision seems Try to help a friend unload their anxieties,
new job in these times, he feared. A week tough. Liquidating the mutual funds at a work out their options, and think through their
UMA SHASHIK ANT
IS CHAIRPER SON, CENTRE
was spent speaking to friends and holding loss is difficult; selling stocks at a loss is un- decisions without the fear of being judged or
FOR INVES TMENT the information from his wife and children. thinkable; drawing the PF down now looks reprimanded.
EDUC ATION AND LE ARNING Then he told his wife. She did not work. like a risk. The couple are unable to decide. Fourth, do not tell your friend that you under-
She quit her job years ago after the children What could we as friends do? Here is what stand their situation. You don’t if you yourself
were born. They decided to not let the chil- the four of us who are close to the couple haven’t been fired from your job. Do not offer
dren know, and manage with their savings. have done in the last 60 days: empty empathy. Be genuine about how you can
In the last 60 days, the turmoil in that house- First, we are taking turns to talk to him help, and be aware that these are tough times
hold has been a scary picture. and engage him in things happening in our that call upon the more fortunate to be kind,
Our friend was angry initially and is now lives. Two of us are entrepreneurs and have generous and helpful. Remain honest about
Do not tell your depressed. He is not confident of finding a given him some problems to solve and small how far you are willing to go for a friend.
friend you new job. Every application has returned projects to work on. We are focused on get- Fifth, help your friend see the big picture.
understand his or with the comment that there are no posi- ting a set of scheduled activities done in his Unless the situation is very dire with no sav-
her situation. You tions to fill in these difficult times. He wor- day, so he doesn’t spend time listlessly. ings, investments or assets, your friend will be
don’t if you yourself ries this temporary phase might become Second, one of us has taken over his able to ride this phase with the assets they al-
haven’t been fired permanent. It is difficult to get him to see finances from his wife who was doing fine ready have. Everything that is used now can be
from your job. Do that things might be better. As a 40 plus pro- all along but is now struggling to make rebuilt when the times get better. Enable your
not offer empty fessional, he thinks he is unemployable. decisions under the new situation. We have friend to see a liquidity crunch for what it is and
empathy. Be aware The household’s routine money decisions made a liquidity plan with the assets, and stop them from equating it to bankruptcy.
that these are tough have become tougher to make. They con- have initiated the process to draw down the Life has been indescribably tough for so
times that call upon tinue to pay for the school that is no longer money the household needs, keeping ex- many around us. Make sure you reach out and
the more fortunate open but for the online version; they pay fees penses controlled. support those that you can. So many of them
to be kind, generous for online courses and summer classes they Third, one of us has spoken to the chil- are suffering in silence and need a shoulder to
and helpful. don’t see value in; they buy things the chil- dren and told them that in the new circum- lean on.
dren want ordered online. But each decision stances where so much is changing, it would
is painful. They do not know how to let the be foolhardy to spend too much. Dealing
Please send your feedback to
kids know that they can’t spend like before. with the older child who had plans to go
[email protected]
The quarrels between the couple have abroad to study this Fall has been the tough-
 TELEGRAM
financialt.me/indiaep
planning
The Economic Times Wealth June 1-7, 2020 11

Meeting financial goals PAPER WORK

:: Deletion of bank
account holder

despite irregular income There may be instances wherein

one may want to delete the
name of a joint bank account
holder. For this, a simple process
needs to be followed to make the
Review savings and expense targets frequently and make modifications accordingly. required change.

Sujay is a self-employed professional.

He drew up a financial plan for himself Form
a few years back. The first thing he did A form for deletion of bank
account holder can be taken
was to work out an income and expense
from the bank branch or
plan. However, he is not saving as much downloaded from the bank website. The
as he had planned to. With his earnings same needs to be filled and signed by
impacted by the lockdown, he does not the remaining account holders as well
as the holder whose name is sought to
have enough surplus to save and invest. be deleted.
How can he rectify the situation?

S
ujay needs to review his budget and see
how he has dealt with his income and Information
expenses so far. If he is consistently fall- Account number and type of
ing behind on his savings targets, it could account and name of the holder
mean that he either overestimated his in- whose name is to be deleted,
come or underestimated his expenses. Reviewing should be mentioned in the form. If the
will help him get a better idea of how much can he account holder whose name is to be
save every month. This may require him to re-work deleted is a minor, the guardian’s name
his goals in the light of the current situation. also should be mentioned.
As a self-employed professional, it is better for
Sujay to be conservative and underestimate his
income until there is stability in earnings. Working
with a lower income will help him keep a tighter Mode of operation
rein on his expenses and increase his chances of The account holders can
reaching the savings target. Also, he may not have change the mode of operation
considered all his expenses and the amount he of the account to either
actually spends on them with costs increasing over jointly, survivor or single. Else one can
time. Some expenses, such as food and fuel will continue with the original mode of
change frequently. Others like housing, education operation.
and medical may change less frequently, however,
the quantum of change will be higher. Sujay will
need to make these estimations correctly to get a
fair idea of what he can spend and save. Debit card/ATM cards
Sujay should observe his spending over a period The account holders should
of time to understand what he was spending on. He return debit/ATM cards
should consider every item of expense, whether issued to the account holder
recurring or not, and then decide on what is pos- whose name is being deleted, or should
sible given his income and savings target. He must sign a declaration that the same has
review his budget every time there is a change in been destroyed by them.
his personal situation, which will have a significant
GETTY IMAGES

impact on the nature and level of expenses. Next, he

must review the impact of the change on his goals
and take corrective action accordingly. This will New cheque book
ensure that his financial plan reflects his current A request to issue a fresh
situation. Content on this page is courtesy Centre for Investment Education and Learning (CIEL). cheque book with new names
Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta. can be placed in the same
application. Unused cheques may be
returned to the bank branch.

smart things to know Risks of investing in bank FDs

2
:: Points to note

1
 The first or primary account

4
Inflation risk: Reinvestment holder’s name cannot be deleted.
Liquidity risk: FD returns risk: In  If the number of the account holder
Bank FDs can be Default risk: Bank at times can a falling whose name is being deleted is
easily liqui- defaults are rare but pos- be around interest rate registered for PIN, OTP notifications,

3 5
dated. However, a sible. However, deposit the same as environment, the same will be delinked from the
penalty could be amount including interest inflation or Interest rate risk: FDs that are records of the bank.
levied. Tax saver of up to `5 lakh per even lower Bank FDs carry due to mature
FDs cannot be person per bank is guar- than inflation the risk of being will get offered
withdrawn before anteed by the DICGC and rates leading to locked in for a a lower rate
completion of the any amount over that is wealth erosion long tenure at low at the time of
5-year tenure. subject to default risk. for the investor. rate of return. maturity.
 learn & keep
12 The Economic Times Wealth June 1-7, 2020

Covid impact: Are you facing a

financial emergency?
Here's what to do if you find yourself in one of these dire situations, says Riju Mehta

You are unlikely to meet your You are running out of your
short-term goal emergency fund
If your goal is just a year away and your investments have suffered heavy
losses, or the property you were hoping to help finance the goal is not If you have lost your job, faced a big salary cut, or have run into a financial
finding any buyer, or you dipped into this goal corpus for some other emergency, which has depleted your contingency corpus, what should you do?
emergency, you may not be able to meet your goal. Try to replenish it without dipping into the corpus for other goals because the
tough financial times are likely to continue for an unspecified time.

What to do... What to do...

First, decide whether your goal is crucial or can be put off for a few years.
If you can defer it, do so. If it is a critical goal, such as child’s education, First, if you have any ongoing investments like SIPs, direct them to your
you have three options. Either dip into another goal corpus to make up for contingency fund till it is fully replenished. In case of job loss, identify
the shortfall; reduce the goal value; or take a loan. If you opt for the first, the things at home that you don’t need or use and auction these online or
make sure you replenish the amount withdrawn from the other goal corpus through apps like OLX, Quikr, ListUp, Secondhandmall, Tradly, etc. Next,
at the earliest. Go for the loan only if it’s for education, while a personal find new sources of income by trying to freelance, tutor online, sell food, or
loan should be taken only as a last resort. You can also go for loans against leverage other hobbies which can be shared online or via social distancing.
assets. Use credit card if the amount is small and you have a secure job. You could also make the most of the time at home and find another job that
requires you to work online provided you don’t breach employer guidelines.
Deploy these extra funds to rebuild your emergency corpus.

You have borrowed heavily

If you are servicing several loans, including home, vehicle or personal You have suffered a salary cut
loans, and have just had a salary cut or even lost your job, you are If Covid-related business losses have resulted in a salary cut for
definitely in a tight spot. Should you forfeit your vehicle or give up on you, you wouldn’t be alone. While a salary cut of 5-10% may not
the dream of owning a house? impact your budget much, anything higher will need you to rejig
your spending and saving.

What to do...
If your salary cut is such that you will be unable to repay the loans, ap-
What to do...
proach each loan with a different strategy. In case of a small, expensive You can either look for a better paying job, which may not be likely
loan, such as a personal or credit card loan, use your existing savings to in the current scenario, or try to live within the financial constraints.
foreclose it. If it’s a mid-sized car loan, calculate the value of your car The latter will require a two-step process, wherein you will first have
and the remaining loan. If the latter is less than the former, you could to reframe your budget factoring in the lower income and listing
sell your car and repay the loan. If the car value is less than the loan, out the existing expenses. Then identify the expenses that can be
you should talk to the lender if he is willing to offer an EMI holiday for avoided. In the next step, to make up for the shortfall, find out how
a few months till your finances get back on track. If it’s a big home loan, you can increase your income. You could supplement it by finding a
you could request the bank to increase the tenure and reduce your EMI second job or freelancing (if your employer permits), or cashing in
or again ask for a buffer period and take an EMI holiday. on your other skills and hobbies.

You are not able to meet your

You are likely to lose your job goals at work
The pandemic has led to loss of jobs and livelihoods across various It is possible that you haven’t quite taken to the work-from-home
sectors. If your company too is facing massive losses and looking at option as well as your teammates, or perhaps the household and office
downsizing, stay alert and take action before you are fired. work are overwhelming you to an extent that you are not able to meet
your targets. Is there a way out?

What to do...
First, research whether the entire industry has been affected or only
What to do...
your company. If your company seems to be facing bigger problems, Unfortunately, you have very few options in the current circum-
start sending your resume to other firms or get in touch with head stances. What you can do is streamline your work in such a way that
hunters. If possible, negotiate for a pay cut or even unpaid leave, it does not impact you or your targets. Firstly, you need discipline of
since it will be better than losing your job. If, on the other hand, work hours and clear demarcation of office area. If you fix the time
the entire industry is impacted, you may not easily find a job in the and place, there will be less chaos and overlap between work and
same stream in other companies. So it is better to use your time at home activities. Next, interact with your colleagues even if the work
home and upskill yourself or learn a new skill that will enable you to does not demand it; it will keep you active and your creative juices
make a transition to allied industries. Start freelancing as well so you flowing. Just because you are at home doesn’t mean you don’t need
know of job opportunities in the market. a leave. In fact, you need it more now. So talk to your boss about
your problem and take a break to rejuvenate yourself.
TELEGRAM t.me/indiaepapers

You are invested in high-risk

instruments You are having more financial
If all your investments are in equity and or risky debt funds, you may
have suffered losses in the past few months. You don’t want to take out arguments with your spouse
money hoping the market will recover, but also want to quit the volatile Being together 24x7 in the house cannot be good for your marital
market to secure your funds. What should you do? relationship. Compound it with money problems and the situation
can become explosive. Is there a way out?

What to do...
First check how far away your goals are. If they are a good 10 years What to do...
away, it might make sense to stay put, especially if you are investing If you are working from home, try to keep your work area off limits
through SIPs. If your goal is just a year or two away, you should start for the family, including your spouse, for specified hours. Next,
a systematic withdrawal plan to retrieve the money. It’s a good idea avoid bringing up money randomly in every conversation, especial-
to invest in government bonds and secure debt funds with AAA rated ly in front of kids; fix a time when you are relaxed to discuss the
securities for capital safety. Remember to always have a diversified issues. If the differences seem irreconciliable, you can even have a
portfolio with investments in equity, bonds, gold and cash so that your video call with a financial adviser or a behavioural therapist.
losses can be minimised during volatile times.

ILLUSTRATION: ANIRBAN BORA

 financial planning TELEGRAM t.me/indiaep
14 The Economic Times Wealth June 1-7, 2020

Use Excel’s LINEST function to

manage investments efficiently
This function helps to estimate the multiple factor sensitivities that influence the value of investments.
by Sameer Bhardwaj
Calculating multiple regression with Excel cells. As LINEST estimates multiple factor
sensitivities, therefore, such sensitivities
Include a reasonable number of observations for deriving meaningful conclusion.

T
he interaction or inter-relation need to be placed in different excel cells.
between business, economy and However, instead of using the working
financial market variables have methodology of the array functions, the
a considerable influence over output of the LINEST function can also be
the performance of investments. managed by combining it with the ‘INDEX
The impact of such interactions is visible function’.
across asset classes like equities, debt, bul- If the LINEST is applied on the single-
lion and commodities. Examples include cell (as shown in Screenshot1), it will
the effect of an interest rate hike on long- output the sensitivity of the last factor in
term debt funds, the effect of weakening the list, which is 4.64 for the WPI infla-
currency on FPI flows and the effect of ris- tion. However, there are four outputs from
Screenshot 1

ing inflation rate on asset risk premiums. the above equation (three coefficients
Quantifying such interactions helps in and intercept ). To obtain these, the
determining the relative significance of INDEX function will have to be used with
such variables and assists in forecasting. the LINEST function. For obtaining the
One of the widely used tools for quanti- intercept, we have used the following
fying such relationships is the simple formula in B13 cell (Screenshot2): INDEX
regression analysis. It estimates the influ- (LINEST(B3:B10,C3:E10),1,4). Similarly
ence of a single independent variable on for obtaining factor sensitivity of the first
the dependent variable. independent variable (GDP growth), the
However, there may be several inde- index function will have to be modified
pendent variables that could be influenc- with INDEX(LINEST(B3:B10,C3:E10),1,3).
ing the dependent variable. Therefore, Likewise, for obtaining factor sensitivity
an analysis based on simple regression of second and third independent variables,
may not always produce effective results. the last two inputs of the INDEX formula
For example, a household’s expenditure will have to be modified with (1,2) and (1,1)
growth in any time period ‘t’ is not only respectively.
influenced by income growth but also by Following the pattern, if there are ‘n’
the savings and inflation rates. Similarly, independent variables, the total number
an investment portfolio return is not only of outputs will be ‘n+1’ (n coefficients
influenced by the market index return, and an intercept). The last two inputs in
(which is technically termed as a portfolio the INDEX function combination will
beta) but by other factors like domestic start from (1, n+1) and will have to be
economic growth, the international value decremented till it reaches (1, 1). Also, the
of the currency, the performance of devel- LINEST function inputs will have to be
Screenshot 2

oped or emerging markets and changes in modified accordingly.

international oil prices too. One can substitute the values in the
To determine or quantify the impact of above equation to complete the multiple re-
these multiple factors, the sensitivities gression exercise. 1, which is the GDP sen-
of each of such individual factors need to sitivity, states that if other factors are held
be worked out. They play a critical role in constant, a 1% jump in GDP growth will
forecasting the dependent variable. These improve the portfolio return by 5.65%. The
factor sensitivities are worked out using 2
coefficient does not provide meaningful
multiple regression analysis, which as- conclusion. The 2 value of -4.67% implies
sumes a linear relationship between the that as the IIP index increases by 1%, the
variables. portfolio returns decline by -4.67%, which
The application of multiple regression is unexpected as improving industrial
is not only limited to the area of finance or growth is generally positive for invest-
economics but is also practiced across do- ments. The reasons for such odd results
mains like marketing, HR and operations. could be the usage of very few observations
Mathematically, the multiple regression is Y= + 1 (GDP )+ 2 (IIP )+ 3 (WPI) However, it is better to include a large for the demonstration.
worked out using the concepts of matrix al- number of observations for deriving mean- As the objective of this article is to give
gebra. However, the same can be easily done Y is the dependent variable (or ingful conclusions. The function requires a basic idea of the concept and estimation
using MS Excel’s ‘LINEST’ function too. portfolio return) four inputs. The first input ‘Known_y’s’ is of multiple regression, most of the dem-
Let us say that Y (or dependent variable) 1, 2, 3 are the factor sensitivities the series of the dependent variable, which onstration data is generated randomly.
is the quarterly return of the investment associated with each of the in our example is the portfolio return. The However, readers should apply the concept
portfolio and it is assumed that such above three factors. second input ‘Known_x’s are the independ- using real market data by including a rea-
portfolio return is influenced by three is the value of Y (or portfolio return) ent variables, which are GDP, IIP, and WPI. sonable number of observations to derive
independent variables: Real GDP growth when all other factor variables are zero The third input ‘Const’ and the fourth in- meaningful results from the analysis.
(X1), Industrial production growth (X2) put ‘Stats’ can be left blank.
and WPI inflation rate (X3). The following Screenshot 1 demonstrates the ‘LINEST’ An important point worth mentioning
Please send your feedback to
equation needs to be solved for estimating function. For demonstration purposes, about ‘LINEST’ is that it is an array func- [email protected]
the multiple factor sensitivities: data of only eight quarters have been used. tion that helps to display output in multiple
 TELEGRAM t.me/indiaep
SMART STATS
The Economic Times Wealth
June 1-7, 2020

In This Section
MUTUAL FUNDS - P16
LOANS AND DEPOSITS - P18
ALTERNATE INVESTMENTS- P19

ET WEALTH TOP 50 STOCKS

Every week we put about 3,000 stocks through four key filters and rate them on a mix of factors. The end result
of this is the listing of the top 50 stocks based on the composite rating to help ease your fortune hunt.

RANK PRICE ` GROWTH%* VA LUAT I O N R AT I O S RISK R AT I N G

Current Previous Stock Net Div Downside Bear No. of Consensus
Rank Rank Price Revenue Profit PE PB Yield PEG Risk Beta Analysts Rating

KEC International 1 1 192.85 23.83 33.00 10.19 2.04 3.14 0.32 2.17 1.15 34.00 4.74
1 Fast growing stocks
Power Grid Corp of Indi 2 3 157.25 13.42 22.33 6.55 1.39 5.38 0.29 1.44 0.61 27.00 4.70
Top 5 stocks with the highest
HG Infra Engineering 3 2 157.10 42.87 74.12 8.04 1.54 0.32 0.12 2.37 1.00 16.00 5.00 expected revenue % growth
JK Cement 4 4 1,130.65 16.18 73.25 30.77 3.24 1.56 0.47 1.65 0.72 28.00 4.79 over the previous year
Emami 5 7 191.75 9.35 81.59 28.71 4.19 4.09 0.34 1.86 0.66 33.00 4.03 HG Infra
43
Engineering
Engineers India 6 10 62.80 22.59 18.09 10.74 1.69 7.05 0.50 1.91 0.63 15.00 4.47
Tata Consumer 41
Alkem Laboratories 7 8 2,324.30 29.92 79.12 36.54 5.11 1.30 0.48 1.37 0.36 21.00 4.24 Products
UPL 8 -- 391.10 8.60 33.87 16.83 1.55 1.38 0.46 2.39 1.21 34.00 4.76 Ipca 40
Laboratories
Larsen & Toubro 9 11 905.50 15.38 17.07 14.26 2.04 3.29 0.96 1.84 1.08 43.00 4.77
V-Mart Retail 39
Tata Power Co 10 -- 36.90 8.43 10.67 6.99 0.51 3.64 0.32 2.01 0.61 18.00 4.39
Info Edge India 33
CCL Products India 11 12 197.45 21.56 24.91 16.96 3.13 3.70 0.68 1.74 0.81 10.00 4.80
ITC 12 13 190.65 11.63 23.40 18.51 3.95 2.99 0.79 1.77 0.81 38.00 4.53
Jubilant Life Sciences 13 20 434.15 10.43 28.07 11.78 1.44 2.20 0.44 2.37 1.01 12.00 4.50
2 Least expensive stocks
CESC 14 19 573.15 11.90 8.51 6.42 0.85 3.56 1.00 1.73 0.71 18.00 4.94 Top 5 stocks with the lowest
NTPC 15 18 95.70 18.96 9.82 6.24 0.86 0.53 0.72 1.55 0.74 27.00 4.93
price-earnings ratio

Transport Corp of India 16 26 152.50 12.41 28.94 8.04 1.31 1.35 0.48 1.95 0.93 10.00 4.90 NTPC
6.24
Aurobindo Pharma 17 24 713.95 28.64 24.99 17.69 3.01 0.42 0.71 2.86 0.89 35.00 4.60
CESC 6.42
Ipca Laboratories 18 17 1,550.40 39.74 85.90 44.03 6.27 0.32 0.52 1.53 0.15 24.00 4.13
Dilip Buildcon 6.46
Gujarat Gas 19 14 232.85 32.54 143.43 38.30 7.27 0.43 0.25 1.83 0.81 30.00 3.97
Redington
APL Apollo Tubes 20 16 1,412.45 19.27 58.35 22.61 3.49 1.01 0.46 2.21 1.23 10.00 4.60 India 6.46
Pfizer 21 23 4,183.10 18.13 40.96 44.61 6.36 8.10 1.09 1.41 0.36 10.00 4.60 Power Grid 6.55
Dilip Buildcon 22 27 256.95 21.92 20.81 6.46 1.25 0.39 0.31 2.69 1.25 15.00 4.53 Corp of India

Cipla/India 23 28 628.35 11.30 26.75 32.74 3.21 0.63 1.22 1.35 0.28 43.00 4.35
3 Best PEGs
Century Plyboards India 24 21 102.85 4.07 36.00 15.40 2.34 0.98 0.61 1.96 0.73 20.00 4.45
Top 5 stocks with the least
VRL Logistics 25 30 146.95 8.16 19.01 14.45 2.06 4.67 0.82 1.77 0.71 14.00 4.36 price-earnings to growth ratio
Thermax 26 29 720.35 1.09 35.79 24.93 2.85 1.92 0.82 1.35 0.39 32.00 2.88 Gujarat Gas Dilip Buildcon

Bajaj Finserv 27 -- 4,285.95 24.76 37.03 20.25 2.18 0.23 0.46 2.59 1.42 14.00 4.14
Ramco Cements 28 31 616.80 14.94 33.64 26.78 3.20 0.90 0.97 1.72 0.91 28.00 3.71
0.12 0.25 0.29 0.31 0.32
HeidelbergCement India 29 35 158.00 6.72 22.96 16.22 3.06 0.96 0.53 2.01 1.05 15.00 4.60
Apollo Hospitals 30 33 1,337.05 25.25 49.85 78.79 5.58 0.49 1.32 1.97 1.02 23.00 4.87
HG Infra Power Grid KEC
Dr Reddy's Laboratories 31 41 3,887.75 8.46 32.98 33.05 4.17 0.52 0.99 1.20 0.32 47.00 3.64 Engineering Corp of Indi International
SRF 32 34 3,409.40 14.89 46.48 30.53 4.75 0.41 0.63 2.01 1.11 20.00 4.35
Adani Ports & SEZ 33 45 331.80 9.90 13.55 17.92 2.63 1.04 1.14 2.00 1.16 26.00 4.85 4 Income generators
Carborundum Universal 34 40 222.15 13.21 23.65 16.96 2.44 1.85 1.00 1.80 0.91 11.00 4.18 Top 5 stocks with the highest
Info Edge India 35 32 2,570.90 33.09 56.02 51.91 12.34 0.33 0.38 2.15 0.74 27.00 3.30
dividend yield (%)
Redington India 9.25
Tata Consumer Products 36 39 371.15 40.59 92.79 74.38 2.48 0.68 2.08 1.91 1.00 12.00 4.42
Pfizer 8.10
Lupin 37 42 881.15 4.01 56.84 65.71 2.90 0.56 1.15 1.37 0.30 46.00 3.04
Engineers India 7.05
Ahluwalia Contracts 38 47 159.95 10.81 11.25 9.14 1.46 0.19 0.49 2.37 1.13 18.00 4.50 Power Grid
Corp of Indi 5.38
Prestige Estates Projec 39 43 145.15 27.45 5.92 13.10 1.29 2.14 3.10 3.01 1.03 18.00 4.56
VRL Logistics 4.67
Voltas 40 46 486.80 17.41 18.24 31.71 3.92 0.86 1.83 1.67 0.90 43.00 4.16
Redington India 41 44 82.70 19.49 1.53 6.46 0.82 9.25 7.03 2.63 0.92 10.00 4.80
5 Least risky
Oberoi Realty 42 49 307.15 3.24 14.03 13.47 1.39 0.66 0.93 2.00 0.60 26.00 4.08
Top 5 stocks with the lowest
Rallis India 43 -- 216.80 12.85 23.22 22.81 3.28 1.16 0.96 2.08 1.05 21.00 3.71 downside risk
Britannia Industries 44 -- 3,323.25 13.92 35.00 68.88 18.78 1.55 1.97 1.60 0.75 40.00 3.90 Cipla/India Alkem
Laboratories
Asian Paints 45 50 1,643.60 12.51 42.58 73.02 16.56 1.12 1.77 1.53 0.78 41.00 3.78
AIA Engineering 46 -- 1,625.30 10.07 25.14 29.97 4.36 1.69 1.30 1.66 0.68 18.00 3.72
1.20 1.35 1.35 1.37 1.37
Galaxy Surfactants 47 -- 1,313.75 4.89 23.71 24.39 5.31 1.29 0.95 1.58 0.64 11.00 4.27
Kajaria Ceramics 48 -- 326.20 0.63 18.55 22.89 3.29 1.90 1.23 1.88 0.93 28.00 4.14
Dr Reddy's Thermax Lupin
V-Mart Retail 49 -- 1,592.85 38.70 36.61 46.83 7.06 0.11 0.85 2.16 0.95 16.00 4.06 Laboratories
Zee Entertainment 50 -- 180.70 9.07 11.02 11.07 1.94 2.13 1.25 3.36 1.06 28.00 3.79 SEE DOWNSIDE RISK AND BEAR BETA COLUMNS
IN THE ADJACENT TABLE.
*REVENUE AND NET PROFIT GROWTH IS BASED ON CONSENSUS ANALYSTS' EXPECTATIONS. NR: NOT IN THE RANKING. DATA AS ON 28 MAY 2020. SOURCE: BLOOMBERG
 smart stats TELEGRAM t.me/indiaep
16 The Economic Times Wealth June 1-7, 2020

LAGGARDS & LEADERS

ETW FUNDS 100
BEST FUNDS TO BUILD YOUR PORTFOLIO
Taking a long-term view of fund returns, here is a list of 10
funds in each category—five leaders (worth investing) and
five laggards (that may be a drag on your portfolio).

LAGGARDS LEADERS

ET Wealth collaborates with Value Research to identify the top-performing Equity: Large-cap 5-year returns
funds across categories. Equity funds and equity-oriented hybrid funds are
-0.85 6.82
ranked on 3-year returns while debt-oriented hybrid and income funds are Taurus Largecap Equity Axis Bluechip
ranked on 1-year returns. -0.23 5.77
Principal Nifty 100 Equal Weight Canara Robeco Bluechip Equity
0.95 5.31
Franklin India Bluechip Mirae Asset Large Cap
Value Research Net Assets
RETURNS (%)
Expense 1.02 5.09
Fund Rating (` Cr) 3-Month 6-Month 1-Year 3-Year 5-Year Ratio (%) Nippon India Large Cap Nippon India ETF Shariah BeES
1.23 4.50
EQUITY: LARGE CAP
Axis Bluechip Fund  12,716.81 -18.46 -16.20 -10.02 6.44 6.82 1.98
6.44% Baroda Large Cap Sundaram Select Focus

Canara Robeco Bluechip Equity Fund  418.00 -16.76 -14.32 -9.86 3.51 5.77 2.56 THE 3-YEAR
RETURN
Sundaram Select Focus Fund  932.85 -19.23 -19.53 -16.85 1.44 4.50 2.42
Tata Index Sensex Fund  23.61 -20.13 -22.70 -19.54 1.33 3.35 1.00
OF AXIS
BLUECHIP IS
Equity: Multi-cap 5-year returns
HDFC Index Fund - Sensex Plan  1,177.38 -20.58 -23.17 -20.09 1.27 3.67 0.30 THE HIGHEST
Motilal Oswal Focused 25 Fund  1,153.47 -17.86 -16.83 -11.77 0.45 4.00 2.24 IN ITS -2.78 8.21
CATEGORY. Nippon India Multi Cap Parag Parikh Long Term Equity
Edelweiss Large Cap Fund  165.33 -20.78 -20.99 -18.72 0.06 2.48 2.44
UTI Nifty Index Fund  2,097.08 -19.99 -23.08 -21.32 -0.02 3.20 0.17 -1.59 6.77
Mirae Asset Large Cap Fund  15,347.16 -20.73 -23.09 -20.65 -0.45 5.31 1.67 Nippon India Retirement SBI Focused Equity
ICICI Prudential Bluechip Fund  21,820.93 -17.96 -20.86 -19.64 -0.84 3.75 1.92
Indiabulls Bluechip Fund  127.95 -22.98 -24.93 -23.05 -2.85 3.39 2.43
-1.42 6.61
Taurus Starshare (Multi Cap) Axis Focused 25
EQUITY: LARGE & MIDCAP -0.61 6.39
Invesco India Growth Opportunities Fund  2,282.43 -21.37 -20.76 -16.83 0.83 4.24 2.02
0.83% HDFC Focused 30 Tata Retirement Savings
Mirae Asset Emerging Bluechip Fund  8,838.98 -20.18 -19.28 -15.44 0.83 9.45 1.81 THE 3-YEAR
RETURN OF -0.07 6.20
Kotak Equity Opportunities Fund  2,980.18 -19.87 -17.59 -15.80 -1.01 4.96 2.10
INVESCO IN- LIC MF Multicap Quant Active
Canara Robeco Emerging Equities Fund  4,845.74 -21.49 -16.05 -16.73 -1.09 6.64 1.97 DIA GROWTH
LIC MF Large & Mid Cap Fund  594.43 -23.77 -20.96 -15.63 -1.54 4.80 2.47 OPPORTUNI-
Sundaram Large and Mid Cap Fund  1,012.99 -26.10 -25.86 -22.55 -1.76 4.09 2.36 TIES FUND IS
Principal Emerging Bluechip Fund  1,822.03 -21.32 -17.81 -16.69 -2.12 5.29 2.18
THE HIGHEST
IN ITS
Equity: Mid-cap 3-year returns
DSP Equity Opportunities Fund  4,439.07 -21.81 -21.43 -19.02 -2.79 4.71 1.96 CATEGORY.
-10.98 7.31
EQUITY: MULTI CAP Aditya Birla Sun Life Mid Cap Axis Midcap
Parag Parikh Long Term Equity Fund  2,925.43 -8.05 -6.70 -1.50 7.05 8.21 2.09
SBI Focused Equity Fund  7,967.80 -22.00 -18.54 -15.03 4.59 6.77 1.99
-9.32 0.81
IIFL Focused Equity Fund  785.87 -22.61 -17.10 -11.83 3.34 6.09 2.30 Motilal Oswal Midcap 100 ET Quant Mid Cap
Canara Robeco Equity Diversified Fund  1,896.90 -18.16 -14.26 -13.25 2.78 4.86 2.31 -9.25 -1.50
Axis Focused 25 Fund  9,493.38 -22.43 -20.50 -14.04 2.76 6.61 1.73 Sundaram Mid Cap DSP Midcap
Tata Retirement Savings Fund  689.21 -17.10 -17.66 -13.69 0.95 6.39 2.45
-8.86 -2.22
Kotak Standard Multicap Fund Regular Plan  26,049.43 -20.89 -21.57 -20.86 -1.18 5.22 1.70
Edelweiss Multi Cap Fund  488.67 -21.74 -21.43 -22.09 -1.61 3.66 2.46
SBI Magnum Midcap Tata Midcap Growth
JM Multicap Fund  118.78 -22.43 -21.95 -14.37 -2.07 4.40 — -7.77 -2.91
SBI Magnum Multicap Fund  7,912.14 -22.66 -22.58 -22.49 -2.30 4.07 2.01 IDBI Midcap Edelweiss Mid Cap
Motilal Oswal Multicap 35 Fund  10,236.93 -23.12 -23.28 -22.33 -4.33 3.82 1.82

EQUITY: MID CAP

7.31% Equity: Small-cap 3-year returns
Axis Midcap Fund  5,098.37 -16.10 -11.62 -4.40 7.31 6.37 1.94
THE 3-YEAR

DSP Midcap Fund 6,487.64 -18.71 -13.12 -10.72 -1.50 7.09 1.92
RETURN OF -16.45 1.66
Kotak Emerging Equity Fund  5,911.85 -24.40 -20.11 -18.33 -3.74 4.32 1.92 AXIS MID- Aditya Birla Sun Life Axis Small Cap
L&T Midcap Fund  5,366.51 -21.50 -17.85 -19.44 -4.78 4.88 1.98 CAP FUND IS
THE HIGH- -16.05 0.05
EQUITY: SMALL CAP EST IN ITS Sundaram Small Cap SBI Small Cap
CATEGORY.
Axis Small Cap Fund  2,169.10 -27.12 -18.43 -11.39 1.66 5.89 2.23 -13.59 -6.66
SBI Small Cap Fund  3,280.30 -24.06 -20.03 -17.79 0.05 7.59 2.24 Franklin India Smaller Companies Nippon India Small Cap
Nippon India Small Cap Fund  6,994.88 -26.64 -22.11 -27.83 -6.66 4.49 2.18
-12.62 -7.00
L&T Emerging Businesses Fund  4,267.86 -28.88 -29.05 -34.72 -11.37 2.53 2.08
HSBC Small Cap Equity Union Small Cap
EQUITY: VALUE ORIENTED
-11.49 -8.33
Invesco India Contra Fund  4,273.93 -19.16 -17.06 -17.14 0.89 5.81 2.12
DSP Small Cap Kotak Small Cap
Kotak India EQ Contra Fund  726.10 -21.88 -22.17 -20.72 0.39 3.74 2.49
Tata Equity PE Fund  4,018.95 -17.13 -20.92 -20.13 -3.62 4.31 1.98
L&T India Value Fund  5,709.96 -22.75 -22.84 -25.40 -6.48 3.11 1.93
Hybrid: Aggressive 5-year returns
EQUITY: ELSS
Axis Long Term Equity Fund  19,632.01 -20.71 -18.19 -12.17 3.42 5.43 1.72 3.42% -1.99 6.39
Canara Robeco Equity Tax Saver Fund  940.59 -18.70 -13.70 -14.15 2.66 4.79 2.27 THE 3-YEAR JM Equity Hybrid Canara Robeco Equity Hybrid
Mirae Asset Tax Saver Fund  3,184.25 -20.55 -21.83 -18.03 1.03 — 1.79 RETURN OF
Invesco India Tax Plan  930.37 -21.02 -18.11 -15.67 0.50 4.34 2.23
AXIS LONG -0.82 5.64
TERM EQUITY Nippon India Equity Hybrid DSP Equity & Bond
Aditya Birla Sun Life Tax Relief 96  9,371.50 -17.17 -17.38 -16.28 0.25 4.53 1.94
FUND IS THE
Quant Tax Plan  8.83 -10.74 -14.52 -15.33 0.15 7.00 2.48 HIGHEST IN 0.36 5.53
Kotak Tax Saver Regular Plan  1,040.28 -21.56 -20.12 -19.46 -1.81 3.71 2.29 ITS CATEGORY. PGIM India Hybrid Equity Tata Retirement Savings

Tata India Tax Savings Fund 1,769.58 -22.14 -23.36 -21.44 -1.87 4.60 2.12
0.82 5.37
DSP Tax Saver Fund  5,407.34 -20.49 -21.32 -18.64 -1.91 5.12 1.87
Franklin India Life Stage Principal Hybrid Equity
JM Tax Gain Fund  31.80 -25.48 -23.79 -20.68 -2.33 3.55 —
Motilal Oswal Long Term Equity Fund  1,411.09 -26.02 -24.33 -18.29 -3.46 5.60 2.11 1.12 5.33
Tata Hybrid Equity SBI Equity Hybrid
ANNUALISED RETURNS IN % AS ON 27 MAY 2020.
 TELEGRAMsmart
t.me/indiaep
stats
The Economic Times Wealth June 1-7, 2020 17

ETW FUNDS 100 Top 5 SIPs

Value Research
Fund Rating
Net Assets
(` Cr) 3-Month 6-Month
RETURNS (%)
1-Year 3-Year 5-Year
Expense
Ratio
1 Top 5 equity schemes based
HYBRID: EQUITY SAVINGS on 10-year SIP returns
Edelweiss Equity Savings Fund  83.73 -3.14 -2.24 0.43 4.96 5.86 1.74 SBI Small Cap Fund
Kotak Equity Savings Fund  1,491.74 -6.32 -5.88 -2.33 4.10 5.59 2.15
14.51
Axis Equity Saver Fund  700.38 -10.01 -9.21 -6.65 3.22 — 2.39
Canara Robeco Emerging Equities
ICICI Prudential Equity Savings Fund*  1,241.95 -9.94 -9.01 -5.30 2.57 5.25 1.33
13.60
HYBRID: AGGRESSIVE (EQUITY-ORIENTED)
Canara Robeco Equity Hybrid Fund  2,912.43 -12.75 -9.17 -6.79 3.56 6.39 2.03 3.56% Axis Long Term Equity
SBI Equity Hybrid Fund  29,105.88 -16.55 -15.23 -11.05 3.45 5.33 1.74 THE 3-YEAR 12.02
Mirae Asset Hybrid Equity Fund  3,314.23 -13.82 -15.39 -12.71 1.90 — 1.90 RETURN OF
CANARA Principal Emerging Bluechip
Tata Retirement Savings Fund  1,047.69 -13.96 -14.16 -12.02 1.22 5.53 2.23
ROBECO 11.48
DSP Equity & Bond Fund  5,538.45 -17.29 -13.43 -9.15 0.71 5.64 1.90
EQUITY IS
HDFC Retirement Savings Fund  367.19 -15.98 -15.27 -15.51 0.12 — 2.63 THE HIGHEST DSP Midcap
HDFC Children's Gift Fund  2,776.99 -16.36 -16.21 -15.20 0.01 4.56 2.13 IN ITS
CATEGORY. 11.18
Principal Hybrid Equity Fund  1,087.56 -15.13 -15.19 -16.80 -0.03 5.37 2.24
ICICI Prudential Equity & Debt Fund  17,696.29 -13.62 -16.39 -15.88 -0.58 4.83 1.77 SIP: SYSTEMATIC % ANNUALISED RETURNS
INVESTMENT PLAN AS ON 27 MAY 2020
HYBRID: CONSERVATIVE (DEBT-ORIENTED)
Baroda Conservative Hybrid Fund  22.10 1.43 3.66 9.05 7.37 7.30 2.05
Top 5 MIPs
Kotak Debt Hybrid Fund
ICICI Prudential Regular Savings Fund


236.39
1,581.24
-3.45
-3.45
-1.75
-1.88
3.42
2.56
4.29
5.87
6.85
7.72
2.23
1.95 2 Top 5 MIP schemes based on
Tata Retirement Savings Fund  133.22 -2.58 -1.34 2.48 4.61 6.70 2.20
Indiabulls Savings Income Fund  24.56 -3.06 -3.19 -1.04 6.45 — 2.00 3-year SWP returns
DEBT: MEDIUM- TO LONG-TERM Indiabulls Savings Income
IDFC Bond Fund Income Plan  670.57 4.35 7.45 13.98 8.16 8.68 1.92
Nippon India Income Fund  305.89 3.55 6.56 13.56 8.38 8.60 1.75 13.98% 7.10
SBI Magnum Income Fund  1,292.48 2.41 7.05 13.29 8.11 8.85 1.47 THE 1-YEAR Baroda Conservative Hybrid
ICICI Prudential Bond Fund*  3,153.22 2.84 5.67 12.12 7.96 8.45 1.08 RETURN OF 7.04
IDFC BOND
DEBT: MEDIUM-TERM FUND INCOME ICICI Prudential Regular Savings
SBI Magnum Medium Duration Fund  3,192.04 2.60 5.94 12.26 8.67 9.31 1.23 PLAN IS THE
HIGHEST IN ITS 5.44
IDFC Bond Fund Medium Term Plan  2,807.92 3.27 5.58 11.13 7.89 8.15 1.43
CATEGORY. Canara Robeco Conservative Hybrid
Indiabulls Income Fund  30.33 2.76 4.75 9.13 8.30 7.98 0.90
HDFC Medium Term Debt Fund  1,134.93 -0.24 2.80 7.61 6.73 7.65 1.29 5.34
DEBT: SHORT-TERM LIC MF Debt Hybrid
L&T Short Term Bond Fund  4,421.96 3.50 5.45 10.67 8.17 8.12 0.75 4.86
HDFC Short Term Debt Fund  11,000.38 2.34 4.90 10.57 8.31 8.41 0.39
SWP: SYSTEMATIC % ANNUALISED RETURNS
Axis Short Term Fund  5,560.05 2.65 4.86 10.42 8.00 8.20 0.95
WITHDRAWAL PLAN AS ON 27 MAY 2020
IDFC Bond Fund Short Term Plan  11,459.35 2.82 4.79 10.22 8.04 8.07 0.80

DEBT: DYNAMIC BOND

SBI Dynamic Bond Fund  1,352.43 4.30 7.74 15.36 8.75 9.41 1.66 15.36%
IDFC Dynamic Bond Fund  2,030.79 4.87 8.47 15.26 8.75 9.13 1.80 THE 1-YEAR
3 Large & MidCap
Axis Dynamic Bond Fund
ICICI Prudential All Seasons Bond Fund


488.53
3,014.13
2.90
3.47
6.96
7.14
13.51
12.68
8.48
8.42
8.82
9.53
0.65
1.34
RETURN OF
SBI DYNAMIC Cash holdings

BOND FUND IS
Quantum Dynamic Bond Fund 60.58 2.71 6.47 12.35 7.84 9.25 0.68
THE HIGH- 12.45
PGIM India Dynamic Bond Fund  43.61 2.44 5.70 11.90 8.26 8.76 1.75 EST IN ITS 11.02
Kotak Dynamic Bond Fund  1,076.06 2.50 5.30 11.67 8.92 9.45 1.08 CATEGORY.
8.55
Edelweiss Dynamic Bond Fund  54.18 2.32 4.49 10.97 8.03 7.83 0.99 7.95
7.06
DEBT: CORPORATE BOND
HDFC Corporate Bond Fund  14,518.19 3.08 5.61 11.22 8.64 8.85 0.50
Aditya Birla Sun Life Corporate Bond Fund  17,647.81 3.35 5.64 10.94 8.56 8.77 0.45
ICICI Prudential Corporate Bond Fund  11,860.11 2.84 5.10 10.44 8.15 8.46 0.56 Expense as on 30 April 2020
Kotak Corporate Bond Fund  4,031.53 2.24 4.18 9.37 8.27 8.40 0.60 *Expense as on before 30 LIC MF IDFC DSP Equi- Mahindra Franklin In-
April 2020 Large & Core ty Oppor- Top 250 diaa Equity
Franklin India Corporate Debt Fund  1,071.73 -0.51 2.64 8.44 7.71 8.10 0.92
Returns as on 27 May 2020 Mid Cap Equity tunities Nivesh Advantage
Assets as on 30 April 2020
All equity funds ranked on 3-year returns. Debt funds ranked on 1-year returns. Rating as on 30 April 2020
Did not find your fund here? % OF ASSETS AS ON 30 APRIL 2020
Log on to www.wealth.economictimes.com for an exhaustive list.

Methodology
The Top 100 includes only those funds that have a 5- or
4-star rating from Value Research. The rating is determined
EQUITIES (figures over the past one year)
Large-cap: Mostly invested in large-cap companies.
4 Debt: Liquid
by subtracting a fund’s risk score from its return score.
The result is assigned stars according to the following
Multi-cap: Mostly invested in large- and mid-cap
companies. FUND
RAISER
distribution: Mid-cap: Mostly invested in mid-cap companies.
0.18 0.18
0.16 0.17
  Top 10% Small-cap: Mostly invested in small-cap companies.
0.13
  Next 22.5% Tax planning: Offer tax rebate under Section 80C.
(Not covered
  Middle 35% International: More than 65% of assets invested abroad.


 Next 22.5%
 Bottom 10%
in ETW Funds
100 listing) Income: Average maturity varies according to objective.
Gilt: Medium- and long-term; invest in gilt securities.
`19,239 Cr
Fixed-income funds less than 18 months old and equity funds Equity-oriented: Average equity exposure more
was the net outflow
less than three years old have been excluded. This ensures than 60%. from credit risk funds in
that all the funds have existed long enough to be tracked for the month of April 2020. Canara IDFC IDBI Taurus Axis
Debt-oriented aggressive: Average equity exposure Robeco Cash Liquid Liquid Liquid
consistency of performance. Given the focus on long-term between 25-60%. The outflows jumped Liquid
investing, liquid funds, short-term funds and FMPs are not
part of the list. For the same reason, we have considered only Debt-oriented conservative: Average equity exposure 3.5 times compared to
the growth option of funds that reinvest returns instead of less than 25%. March 2020.
offering dividends that increase the NAV of funds. Arbitrage: Seek arbitrage opportunities between equity % AS ON 30 APR 2020
Despite these rigorous filters, the list includes 2/3 funds of and derivatives. % EXPENSE RATIO IS CHARGED ANNUALLY.
each category to maximise choice from the best funds. Asset allocation: Invest fully in equity or debt as per METHODOLOGY OF TOP 100 FUNDS ON
The fund categories are: market conditions. WWW.WEALTH.ECONOMICTIMES.COM
 loans and deposits TELEGRAM t.me/indiaep
18 The Economic Times Wealth June 1-7, 2020

LOANS & DEPOSITS

ET WEALTH collaborates with ETIG to provide a comprehensive ready reckoner of loans and fixed-income
instruments. Don’t miss the information on investments for senior citizens and a simplified EMI calculator.

Top five bank FDs

TENURE: 1 YEAR
Interest rate (%)
compounded qtrly
What `10,000
will grow to
HOME LOAN RATES
With effect from 1 October, all banks have made the transition to external
Ujjivan Small Finance Bank 7.50 10,771
benchmarks for pricing new home loans. Most banks have picked the RBI
IDFC First Bank 7.25 10,745
RBL Bank 7.20 10,740
repo rate as the external benchmark.
Indusind Bank
DCB Bank
7.00
6.75
10,719
10,692
REPO RATE: 4.40%
FOR SALARIED FOR SELF EMPLOYED (%)
BANK
TENURE: 2 YEARS RLLR (%) FROM (%) TO (%) FROM (%) TO (%) WEF
Ujjivan Small Finance Bank 7.50 11,602 Bank of Baroda 6.85 6.85 7.85 6.85 7.85 26 May 2020
IDFC First Bank 7.25 11,545
UCO Bank 6.90 6.90 7.00 6.90 7.00 27 May 2020
RBL Bank 7.25 11,545
Union Bank of India 7.20 7.10 7.55 7.10 7.55 1 April 2020
DCB Bank 7.20 11,534
AU Small Finance Bank 7.00 11,489 Punjab National Bank 7.05 7.20 7.80 7.20 7.80 1 April 2020

TENURE: 3 YEARS Bank of India 7.25 7.25 7.55 7.25 8.15 1 April 2020
RBL Bank 7.50 12,497 Central Bank of India 7.25 7.25 7.35 7.25 7.35 1 April 2020
DCB Bank 7.35 12,442 Canara Bank 7.30 7.30 9.30 7.30 9.30 7 April 2020
IDFC First Bank 7.25 12,405
Punjab & Sind Bank 7.30 7.30 7.65 7.30 7.65 16 April 2020
AU Small Finance Bank 7.25 12,405
SBI Term Loan 7.05 7.35 7.85 7.50 8.00 1 May 2020
Ujjivan Small Finance Bank 7.25 12,405
IDFC First Bank 7.40 7.40 8.40 7.40 8.40
TENURE: 5 YEARS
DCB Bank 7.35 14,393 Indian Overseas Bank 7.25 7.45 7.70 7.45 7.70 14 April 2020
IDFC First Bank 7.25 14,323 Indian Bank 7.20 7.55 7.85 7.60 7.90 1 April 2020
RBL Bank 7.15 14,252 SBI Max Gain 7.05 7.70 8.20 7.85 8.35 1 May 2020
AU Small Finance Bank 7.00 14,148
J & K Bank 7.60 7.70 8.00 7.70 8.00 28 Mar 2020
Ujjivan Small Finance Bank 6.75 13,975
ICICI Bank 7.70 7.70 8.70 7.95 8.80 22 May 2020
Axis Bank 7.75 7.75 8.40 7.95 8.55 26 May 2020
IDBI Bank 7.80 7.80 8.40 7.80 8.80 12 April 2020
Top five senior citizen bank FDs
Interest rate (%) What `10,000 South Indian Bank 8.10 8.10 9.35 8.10 9.35 16 April 2020
TENURE: 1 YEAR compounded qtrly will grow to
Karur Vysya Bank 7.60 8.20 10.05 8.20 10.05 1 April 2020
Ujjivan Small Finance Bank 8.00 10,824
IDFC First Bank 7.75 10,798 Bank of Maharashtra 7.45 8.20 9.50 8.45 9.60 7 April 2020
RBL Bank 7.70 10,793 Kotak Mahindra Bank 8.20 8.20 9.15 8.30 9.25 16 April 2020
Indusind Bank 7.50 10,771
Bandhan Bank 7.25 10,745

TENURE: 2 YEARS Your EMI for a loan of `1 lakh

Ujjivan Small Finance Bank 8.00 11,717 TENURE 5 YEARS 10 YEARS 15 YEARS 20 YEARS 25 YEARS
IDFC First Bank 7.75 11,659
RBL Bank 7.75 11,659 @ 7% 1,980 1,161 899 775 707
DCB Bank 7.70 11,648
@ 8% 2,028 1,213 956 836 772
AU Small Finance Bank 7.50 11,602

TENURE: 3 YEARS @ 9% 2,076 1,267 1,014 900 839

RBL Bank 8.00 12,682
DCB Bank 7.85 12,627
@ 10% 2,125 1,322 1,075 965 909
IDFC First Bank 7.75 12,589 FIGURES ARE IN `. USE THIS CALCULATOR TO CHECK YOUR LOAN AFFORDABILITY.
FOR EXAMPLE, A `5 LAKH LOAN AT 12% FOR 10 YEARS WILL TRANSLATE INTO AN EMI OF `1,435 X 5 = `7,175
AU Small Finance Bank 7.75 12,589
Ujjivan Small Finance Bank 7.75 12,589

TENURE: 5 YEARS
Post office deposits Interest (%)
Minimum
investment (`)
Maximum
investment (`)
Features
Tax
benefits

DCB Bank 7.85 14,751

Sukanya Samriddhi Yojana 7.60 250 1.50 lakh One account per girl child 80C
IDFC First Bank 7.75 14,678
RBL Bank 7.65 14,607 Senior Citizens' Savings Scheme 7.40 1,000 15 lakh 5-year tenure, minimum age 60 yrs 80C
AU Small Finance Bank 7.50 14,499
Public Provident Fund 7.10 500 1.50 lakh p.a. 15-year tenure, tax-free returns 80C
Indusind Bank 7.25 14,323

Kisan Vikas Patra 6.90 1,000 No limit Can be encashed after 2.5 years Nil

Top five tax-saving bank FDs 5-year NSC VIII Issue 6.80 100 No limit No TDS 80C
Interest What `10,000
TENURE: 5 YEARS AND ABOVE rate (%) will grow to Time deposit 5.50-6.70 200 No limit Available in 1, 2, 3, 5 year tenures 80C#
DCB Bank 7.35 14,393
Single 4.5 lakh 5-year tenure, monthly returns Nil
IDFC First Bank 7.25 14,323 Post Office Monthly Income
6.60 1,500
Scheme
RBL Bank 7.15 14,252 Joint 9 lakh 5-year tenure, monthly returns Nil
AU Small Finance Bank 7.00 14,148
Recurring deposits 5.80 10 No limit 5-year tenure Nil
Indusind Bank 6.75 13,975
Savings account 4.00 20 No limit `10,000 interest tax-free Nil
ALL DATA SOURCED FROM ECONOMIC TIMES INTELLIGENCE GROUP
([email protected]) Data as on 28 May 2020 # Benefit available only for 5-year deposit
 TELEGRAM t.me/indiaep
market watch
The Economic Times Wealth June 1-7, 2020 19

HOW YOUR INVESTMENTS

PERFORMED THIS WEEK
This weekly tracker keeps you updated on the benchmark stock index, bond yields, forex movements and WPI.
It also tracks the changes in the past one year to give investors an idea how their investments performed over a longer period.

Sensex 10-yr bond yield (%) USD-INR WPI (%)

39,750 32,201 7.15 5.99 69.61 75.81 3.52
28 MAY 2019 28 MAY 2020 28 MAY 2019 28 MAY 2020 28 MAY 2019 28 MAY 2020 3.24
2.79 2.76
` PER DOLL AR
2.26
2.02
1.17
1.17 0.33 1.00
0.58
0.00

Apr '19

May '19

Jun '19

Jul '19

Aug '19

Sep '19

Oct '19

Nov '19

Jan '20

Feb '20

Mar '20
Dec '19
CHANGE
X 1 WEEK 4.10% 1 WEEK -4.30 (bps) 1 WEEK 0.04% LATEST 1.00%
X 1 YEAR -18.99% 1 YEAR -115.80 (bps) 1 YEAR 8.90% 1-YEAR AVG 1.74%
Equity markets surged due to heavy Bond yields declined after The rupee weakened due to GDP Primary articles and fuel and power
buying in banking and financial stocks, RBI slashed repo rate in order downgrades, increased probability segments witnessed deflation of 0.79%
firm European markets and short-covering to contain the impact of of negative economic growth, and and 10.12% respectively in the truncated
ahead of the monthly derivatives expiry. coronavirus on the economy. falling Asian currencies. WPI release for the month of April 2020.

PENNY STOCKS UPDATE

Penny stocks as a recommended non-traditional investment? Not exactly. ET WEALTH
neither has the expertise nor does it recommend investing in such stocks. But since the
relatively ‘low’ cost of investment attracts some investors to penny stocks, we provide
a weekly snapshot of this most volatile and uncertain type of stock investing.

Top price gainers Top volume gainers

MARKET 1-WEEK (%) 1-MTH (%) 1-MONTH AVG 1-MONTH AVG MKT CAP MARKET 1-WEEK (%) 1-MTH (%) 1-MTH AVG 1-MONTH AVG MKT CAP
STOCK PRICE (`) CHANGE CHANGE VOL (LAKH) VOL CHG (%) (`CR) STOCK PRICE (`) CHANGE CHANGE VOL (LAKH) VOL CHG (%) (`CR)

Educomp Solutions 4.52 20.86 149.72 0.67 605.46 55.35 A & M Febcon 8.45 -3.87 -21.03 0.02 3,768.97 10.82
Siti Networks 2.49 9.21 126.36 2.62 22.95 217.15 Uttam Value Steels 0.21 -4.55 10.53 50.20 3,125.98 138.77
Jyoti 6.59 17.68 118.21 0 -76.46 15.22 KSS 0.19 0 0 12.96 2,843.08 39.51
Vikas Ecotech 3.69 9.82 98.39 4.01 101.57 112.77 Mandhana Retail 6.77 -0.44 -38.9 0.20 2,785.42 14.95
Urja Global 2.73 20.80 86.99 8.94 -7.16 138.47 ISMT 3.85 28.33 35.09 1.66 1,584.33 56.40
Ruchi Infrastructure 5.71 10.02 85.39 0.01 -95.13 117.17 Birla Cotsyn (I) 0.10 0 25.00 5.21 1,240.08 26.87
Digispice Technologies 7.41 21.28 85.25 0.03 66.03 168.85 Prismx Global Ventures 7.10 -7.55 -34.26 0.04 1,121.33 20.16
Opto Circuits (India) 6.39 9.79 84.15 4.40 97.57 192.10 Surana Telecom 2.88 -2.37 -13.51 0.08 955.73 41.82
Subex 7.17 21.32 81.98 5.43 921.91 402.95 Subex 7.17 21.32 81.98 5.43 921.91 402.95
Modern Dairies 5.06 8.35 80.71 0.09 18.52 11.80 SE Power 2.56 -14.67 31.28 0.36 814.00 10.40

Top price losers Top volume losers

Unitech 1.23 -3.15 -31.28 10.59 -28.37 321.80 Dish TV (I) 4.46 -3.46 -8.23 3.84 -70.90 821.22
CG Power 5.69 -0.35 -28.88 1.24 -52.85 356.62 Hindustan Construction 4.30 -4.87 -14.51 2.30 -62.06 650.59
Kwality 2.15 -6.52 -25.09 1.29 -47.19 51.90 Syncom Formulations 0.86 -6.52 -17.31 11.00 -53.78 67.14
Reliance Naval & Engin. 0.99 -12.39 -25.00 26.92 486.24 73.02 CG Power 5.69 -0.35 -28.88 1.24 -52.85 356.62
Cox & Kings 0.78 -17.02 -22.77 1.43 -2.86 13.77 Reliance Communications 0.83 0 -13.54 27.33 -50.18 229.54
Reliance Power 1.91 3.80 -20.08 59.00 26.70 535.78 Kwality 2.15 -6.52 -25.09 1.29 -47.19 51.90
GV Films 0.24 0 -20.00 1.68 128.36 21.95 Tata Teleservices 2.65 -1.49 -2.57 2.53 -46.70 518.06
Jaiprakash Associates 1.42 -4.05 -18.39 16.68 -14.27 345.41 SREI Infra. Finance 4.01 6.08 1.52 1.62 -42.07 201.74
Syncom Formulations 0.86 -6.52 -17.31 11.00 -53.78 67.14 Ballarpur Industries 0.46 4.55 -4.17 3.88 -41.62 59.50
Bajaj Hindusthan Sugar 4.37 7.37 -17.08 5.12 -38.74 495.38 Trident 4.57 -0.22 -7.49 4.69 -41.12 2,328.87

THE STOCKS HAVE BEEN SELECTED USING THE FOLLOWING FILTERS: PRICE LESS THAN `10, ONE-MONTH AVERAGE VOLUME GREATER THAN OR EQUAL TO 1 LAKH AND MARKET
CAPITALISATION GREATER THAN OR EQUAL TO `10 CRORE. DATA AS ON 28 MAY 2020. SOURCE: ETIG DATABASE AND BLOOMBERG.
 mutual funds TELEGRAM t.me/indiaep
20 The Economic Times Wealth June 1-7, 2020

KOTAK STANDARD MULTICAP FUND

Fund with an excellent past track record

ET Wealth collaborates with Value Research to analyse top mutual funds. We examine the key fundamentals
of the fund, its portfolio and performance to help you make an informed investment decision.

HOW HAS THE FUND PERFORMED? Top 5 sectors in portfolio (%)

Point to point return (%)

BASIC Financial 29.36

FUND BENCHMARK CATEGORY AVERAGE

4.77
FACTS Energy 15.78

2.86 2.41 Construction 12.17

1-YEAR 3-YEAR DATE OF LAUNCH
5-YEAR 11 SEP 2009 FMCG 7.62
-1.87 -2.41 -2.79 CATEGORY
Technology 7.52
EQUITY
TYPE
MULTI CAP The fund is currently overweight in
energy and construction names.
-19.31 AUM*
-21.41 -22.30 `26,049.43 CR
BENCHMARK Top 5 stocks in portfolio (%)
The fund has managed to beat both index AS ON 26 MAY 2020
NIFTY 200 TOTAL Reliance 7.60
and peers over the past 3 and 5 years. Industries
RETURN INDEX
ICICI Bank 6.35

Rolling return (%) FUND BENCHMARK WHAT IT HDFC Bank 5.63

COSTS
Ultratech
Cement 4.07
14.16
1-YEAR Larsen &
Toubro 3.93
11.12 NAV**
GROWTH OPTION
The fund has placed high relative bets on
`28.60
15.62 Ultratech Cement, SRF & Petronet LNG,
3-YEAR DIVIDEND OPTION among others.
11.54 `18.01
MINIMUM INVESTMENT
Recent portfolio changes
`5,000
16.86 New Entrants
MINIMUM SIP AMOUNT
5-YEAR
11.59 `500 Page Industries, SBI Cards &
EXPENSE RATIO*** (%) Payments Services (March)
The rolling return figures suggest a healthy AS ON 26 MAY 2020 1.70
track record of outperformance over the years. EXIT LOAD Complete Exits
For units in excess of 10% Indusind Bank (April)
FIGURES DENOTE DAILY ROLLING RETURNS OVER LAST 10 YEARS
BENCHMARK DATA USED S&P BSE 100 TRI
of the investment,1% will
be charged for redemption
within 365 days Additions
Bharat Electronics, Godrej Consumer Products,
WHERE DOES THE FUND INVEST? *AS ON 30 APR 2020
**AS ON 26 MAY 2020
***AS ON 30 APR 2020
HDFC Bank, HUL, Interglobe Aviation, Jubilant
FoodWorks, Page Inds, SBI Life Insurance, Shree
Cement, The Ramco Cements, Ultratech Cement,
Portfolio asset Fund United Breweries (April)
allocation style box
Growth Blend Value How risky is it?
Equity 92.73% Fund Category Index
Small Medium Large

CAPITALISATION

Large-cap 72.62%
Standard Deviation 20.29 20.74 21.06
Mid-cap 25.46%
Small-cap 1.92% Sharpe Ratio -0.14 -0.18 -0.12

Debt & Cash 7.27% Mean Return 2.57 1.75 2.91

INVESTMENT STYLE
FUND BASED ON 3-YEAR PERFORMANCE.

MANAGER The fund’s risk return profile ranks in the

second quartile in its category.
The fund maintains a large-cap bias in its portfolio. HARSHA UPADHYAYA
TENURE: 7 YEARS, 8 MONTHS SOURCE: VALUE RESEARCH

This fund, earlier known as its new mandate. The approach in energy and construction past 12-18 months, but remains an
Should Kotak Select Focus, continues
to maintain a large cap tilt in its
remains the same as earlier. It
takes focused exposure in select
sectors. The thrust is on containing
downside by avoiding names
outperformer over 3 and 5 years.
Past track record under current
You revised positioning as a multi-cap sectors but maintains reasonable with low quality and poor fund manager provides comfort

Buy offering. It has slightly hiked its

mid-cap presence to better fit
diversification in individual bets.
The fund is currently overweight
corporate governance. The fund’s
performance has slipped over the
about outperformance over
longer time frames.
 TELEGRAM
pick oft.me/indiaep
the week
The Economic Times Wealth June 1-7, 2020 21

Hindustan Zinc: A steady player

After halting operations in March, all mines and smelters of the company have become operational now.

H
industan Zinc’s numbers for the fourth quarter power price variations. Its blended realisation is also expect-
of 2019-20 remained on expected lines despite ed to improve in coming years due to increased contribution
Fundamentals
a fall in its revenues and net profit y-o-y. The from silver. CONSENSUS
ACTUAL
ESTIMATE
33% y-o-y net profit decline during the quarter The main advantage of Hindustan Zinc is its huge reserves
2019 2020 2021 2022
was because of the fall in volumes, triggered by of high grade ores and that provides clear earnings visibility
Revenue (` cr) 20,657 18,332 17,844.88 21,754.76
the Covid induced disturbances in the second half of March into the future. At current mining rate, these reserves are ex-
and fall in metal prices at London Metal Exchange (LME). pected to last at least 25 years. High dividend yield is another Ebitda (` cr) 10,670 8,847 8,086.18 10,513.05
However, fall in input costs and depreciation in rupee miti- factor attracting analysts to this counter. Hindustan Zinc is Net profit (` cr) 7,956 6,805 5,687.47 7,354.36
gated a part of the fall in interna- declaring lavish dividends and EPS (`) 18.83 16.11 14.40 18.25
tional metal prices. it paid out `16.5 per share in 2019- DIVIDEND
After halting operations in Analysts’ views 20. Sustaining high dividends in Valuations PBV PE YIELD (%)
March, all mines and smelters future also won’t be a big prob- Hindustan Zinc 2.12 10.47 11.86
of Hindustan Zinc have become 15 lem for Hindustan Zinc. After Hindalco Industries 0.54 7.27 0.87
operational now, though at lower Buy accounting this year’s dividend National Aluminium Company 0.54 21.15 18.88
capacity levels. For example, outgo, Hindustan Zinc still has Hindustan Copper 1.47 NA 2.01
smelter capacity has already a cash balance of `33 per share. Tinplate Company of India 1.21 9.00 2.43
reached 80% levels and this 1 More importantly, all its major
ramp up shows that Hindustan capacity expansion projects are
Zinc may get back to normal op-
Sell
already complete and therefore,
Latest brokerage calls TARGET
RECO DATE RESEARCH HOUSE ADVICE PRICE (`)
erations soon. However, opera- Hindustan Zinc’s free cash flow
tions at full capacity may not be 8 (FCF) is expected to double be- 22 May ’20 Axis Capital Buy 214

resumed in 2020-21 owing to the Hold tween 2019-20 and 2021-22. 22 May ’20 IIFL Buy 213
uncertainty on commodity de- 22 May ’20 ICICIdirect.com Buy 200
mand due to Covid related issues. The main advantage of Hindustan Zinc is its huge reserves of Selection Methodology: We 22 May ’20 Credit Suisse Outperform 195
high grade ores which are expected to last at least 25 years at
Since all its products (zinc, pick up the stock that has shown 21 May ’20 J.P. Morgan Overweight 210
the current mining rate. This provides clear earnings visibility
lead and silver) are international into future of the company. High dividend yield is another factor maximum increase in “consen-
commodities, Hindustan Zinc’s which has made the company a favourite of analysts. sus analyst rating” during the Relative performance 64.09
short term fortunes will be de- last 1 month. Consensus rating 100 MARKET PRICE: `168.65 67.09
pendent on international metal prices. After falling in the is arrived at by averaging all analyst recommendations after
SENSEX
last quarter of 2019-20, zinc prices have already recovered attributing weights to each of them (ie 5 for strong buy, 4 for 81.01
by more than 5% in the first quarter of 2020-21 due to revival buy, 3 for hold, 2 for sell and 1 for strong sell) and any improve-
in Chinese demand, disruption and production cuts from ment in consensus analyst rating indicates that the analysts
other global miners. Since lockdown is being lifted across are getting more bullish on the stock. To make sure that
the globe, commodity prices are not expected to fall further. we pick only companies with decent analyst coverage, this
To maintain its competitive advantage, Hindustan Zinc’s search will be restricted to stocks with at least 10 analysts
management is also taking capacity augmentation and cost covering it. You can see similar consensus analyst rating 28 MAY 2019 HINDUSTAN ZINC ET METAL 28 MAY 2020
reduction measures like commissioning of new shafts. With changes during the last one week in ETW 50 table. Hindustan Zinc compared with ET Metal and Sensex. Stock price and index values
100% captive power plants, Hindustan Zinc is also saved from —Narendra Nathan normalised to a base of 100. Source: ETIG and Bloomberg.

WHAT EXPERTS ADVISE

BUY *STOCK PRICES AS ON 28 MAY
RESEARCH STOCK 1-YEAR TARGET POTENTIAL
STOCK ADVICE COMMENT
HOUSE PRICE* (`) PRICE (`) UPSIDE (%)

All its manufacturing facilities have resumed operations and strong recovery is expected from the
S H Kelkar Motilal Oswal Buy 51 90 76 second half of 2020-21. It may come from body washes, soaps, sanitizers, floor cleaners, etc.

Closure of Indus-Infratel deal is imminent and it would not only result in Voda India's deleveraging but
Bharti Infratel IIFL Sec Buy 224 274 22 also pave way for reducing telcos’ ownership and higher perceived independence for Bharti Infratel.

IEX remains in a sweet spot as it gains market share in an expanding market pie. Its May volumes till
Indian Energy Exchange Jefferies Buy 165 195 18 date rose by 49% y-o-y, as low spot energy pricing in a lockdown period is aiding volumes.

Concerns on leverage to be gradually allayed due to asset sales. With Jio capex largely complete, RIL
Reliance Industries Edelweiss Buy 1,473 1,678 14 should generate free cash flow of `20,000 crore in 2020-21. despite weaker oil & gas earnings.

SELL RESEARCH STOCK 1-YEAR TARGET POTENTIAL

STOCK ADVICE COMMENT
HOUSE PRICE* (`) PRICE (`) DOWNSIDE (%)

Thyrocare earnings will be impacted due to losses during first half of 2020-21 triggered by lockdown.
Thyrocare Technologies Prabhudas Lilladher Sell 513 307 -40 High operating expenses to comply with Covid guidelines is another worry.
Apcotex is also exposed to auto along with carpet, construction sectors, which seem under pressure due
Apcotex Industries ICICI Direct Sell 116 80 -31 to ongoing turbulent time. Thus, this can expose Apcotex to earnings vulnerability.
Dmart's cost of retailing may go up because the contract labour will come at a premium now after the
Avenue Supermarts HDFC Sec Sell 2,308 1,750 -24 reverse migration and increased contribution from lower margin Dmart Ready during the pandemic.
 QA
your queries TELEGRAM t.me/indiaep
22 The Economic Times Wealth June 1-7, 2020

I own stocks of Tata Power,

Blue Dart Express, Jyothy
& I stopped working in
January 2018, at the age
Lab, KEC International and of 61. The PF remains in
Oberoi Realty. Should I stay the EPF account. The last
invested in these stocks or contribution by my
switch to some other stocks Amid the current erstwhile employer was
Any EPF account
for better returns? My time market volatility, in February 2018. Annual
horizon is 1-2 years. interest has been duly where no
it is not prudent contributions have
paid in 2018 and 2019.
to time the daily been made for a
oscillations. One Our panel of experts will Now it is time for the
2019-20 interest to be period of 36
should have a minimum horizon of three answer questions related to paid. How long will the months, will be
years. Selling stocks now will lead to money—around `50 lakh— regarded as
permanent loss booking. Stay invested and any aspect of personal earn interest? Should I ‘dormant’ and will
buy additional units (only if you have finance. If you have a query, withdraw the full amount cease to earn
uncommitted liquidity), thereby averaging out now, as soon as the
cost of stocks. This will help you exit more
mail it to us right away. interest is credited, if no
interest (especially
in the case of those
flexibly. Based on cash flow requirements, further interest is going to
be paid on it? How should above the age of
evaluate redemption from
other fixed income options
QUESTION OF THE WEEK I invest that amount? 58). In your case,
this will happen
after 1-2 years. after February
I am a 41-year-old NRI. Till date I have 2021. Also, the tax shelter available on EPF
only saved through FDs, some of which interest is withdrawn from the time an
Raj Khosla employee retires. Hence, the interest earned
Founder and Managing Director, will mature between June and March,
MyMoneyMantra.com fetching me `2.15 crore. Last month I by you, post retirement, has already become
relatively less attractive. However, given that
opened another FD for `55 lakh. I have
it is still higher than options of comparable
`30 lakh in an FD that will mature in safety, you can continue with the
I had taken a SBI Max Gain
2025. I want to use the above cash of EPF account till you receive
home loan of `65 lakh for 12 around `3 crore to generate a monthly your interest for 2020-21.
years in 2013. The current assured income of at least `2 lakh for
drawing power is `41 lakh. 10 years. Where can I invest this money
Since I have some funds Jayant R. Pai
available and deposited in A home saver loan now that FD rates are falling? CFP and Head - Products, PPFAS
lets you park any Mutual Fund
the OD account, the current
book balance is excess amount in
In the current environment, there are no
approximately `3.5 lakh. In the home loan
other words I have parked
instruments that can provide you an ‘assured
account for any
about `37.5 lakhs in the Max return’ of 8%. Bank FD rates will only fall
number of days
Gain account. Is it right to further. Many small finance banks offer higher
and pull it out any
continue parking funds in the interest rates, but you should avoid going with I lost my job six years ago
time for your
Max Gain account till it closes lesser known banks. If you want safety and and I invested my EPF and
needs. The money other savings worth `30 lakh
or should I close it by paying regular income, you will need to compromise
off the entire `41 lakh? thus kept reduces in mutual funds schemes with
on the payouts. Allocating some amount
the total interest monthly dividend payout
beyond traditional FDs will diversify your
outgo on your option. Now I am not getting
portfolio and can yield better returns over the
home loan and helps you close your loan faster. regular dividends and my Mutual fund div-
long run, but with an element of risk. You can investment value has fallen by
It’s always beneficial to foreclose any loan if idends are not
consider investing in mutual funds and 30%. How do I ensure regular
you have surplus money. However, calculate fixed in amount
corporate fixed deposits. Mutual funds offer an income in this situation?
the interest being charged, foreclosure charges or frequency. It
opportunity to invest in equity, debt and gold
if any, etc., before you actually go ahead. is at the discre-
to build long-term wealth based on your risk
Remember that so long as the loan account is tion of the fund manager. Also the dividends
appetite and investment objective. The deep
open, you can withdraw the surplus at any are just your own money being returned to
correction in the equity markets provides a
time. Once you close the loan, that amount will you. If you get a dividend of `10,000 then the
decent opportunity to take exposure to equity
no longer be available to you. Also, depositing value of your investments also goes down by
funds over the next few months. While mutual
the remaining amount in the OD `10,000. In that sense, they are similar to re-
funds offer debt products, you can additionally
account does not automatically demptions except in terms of taxation. So, the
look at corporate FDs. These products offer
close the loan. If you want to best way to get regular ‘income’ is to actually
slightly higher interest rates vis-à-vis bank
close your loan, inform the redeem that money every month. This can be
FDs but carry the risk of delay or default. You
bank in writing. done by either setting up a systematic with-
must choose credible names to invest with.
drawal plan (SWP) of the desired amount in
Avoid buying insurance policies which
the funds that you have invested in or by do-
Adhil Shetty are a mix of investment and
ing it manually every month as per your
CEO, BankBazaar insurance. Build a portfolio
needs. You may want to prefer the latter op-
based on the principle of
tion and redeem money only in the month in
asset allocation to cater to
which you don’t get a dividend
your goals in consultation
by a certain date.
I left my job in January 2019 with an adviser in India.
after working for four years and
am now working as an independent Prableen Bajpai
technical consultant. If I withdraw
Founder, Managing Partner, Ankur Choudhary
FinFix Research & Analytics Co-Founder and CIO, Goalwise
my PF, will it be taxable?

The law states that any amount withdrawn from a recognised provident fund is exempt in the hands of
the employee if the employee renders continuous service for 5 years or more. In your case, the amount
has been withdrawn before completing continuous service of 5 years. Therefore, the amount will be
taxable. The benefit of EPF advance to fight Covid-19 is only available to employed members of the
EPF Scheme. Since you left employment in 2019, no benefit of the scheme will be available in your case. Ask our experts
Have a question for the experts?
[email protected]
Amit Maheshwari
Partner, AKM Global
 TELEGRAM t.me/indiaep
mutual funds
The Economic Times Wealth June 1-7, 2020 23

Hike investments, downsize PORTFOLIO

DOCTOR
targets to realistic levels Not many

ARINDAM
investors
Rishi Raghavan is saving for his children’s goals and retirement. Here’s what the doctor has advised: know
1 2 3 4 5 6 whether
CREATE FIRST CHILD’S SECOND CHILD’S FIRST CHILD’S SECOND CHILD’S RETIREMENT they have
EMERGENCY FUND: EDUCATION: EDUCATION: MARRIAGE: MARRIAGE: INCOME: 30 yrs
invested in
GOALS

IMMEDIATE 10 years 15 years 15 years 20 years CURRENT NEED:

`1.25 crore
the right
PRESENT COST: PRESENT COST: PRESENT COST: PRESENT COST: PRESENT COST:
`3 lakh `40 lakh `40 lakh `25 lakh `25 lakh (`50,000 per month) funds and if their
FUTURE COST: FUTURE COST: FUTURE COST: FUTURE COST: FUTURE COST: CORPUS REQUIRED: fund portfolio is on
NA `1 crore `1.67 crore `69 lakh `97 lakh `4.83 crore track. The Portfolio
Doctor assesses the
PORTFOLIO AMOUNT EXISTING NEW SIP
CHECK-UP FUND NAME RECOMMENDED ACTION health of the fund
INVESTED (`) SIP (`) (`)
Investing small sums portfolio, examines the
in a mix of funds for 1 Fixed deposit 1,00,000 0 Start SIP of `8,000 in a liquid fund 8,000
schemes and their
the past 3-4 years. Switch to DSP Midcap. Increase SIP to `3,000 and
DSP Small Cap 43,084 1,000 hike by 10% every year. 3,000 suitability with regard to
Goals are ambitious.
Must increase SIPs by Continue SIPs in this large-cap fund. Increase SIP to
the goals and, if
2 ICICI Pru Bluechip 17,236 1,000 `4,000 and hike by 10% every year. 4,000
`20,000 and hike by required, recommends
10% every year. Investment exceeds annual limit. Reduce to `6,250 to
Sukanya Samridhi Yojana-I 6,13,286 10,000 avoid losing interest as penalty. 6,250 corrective measures. The
Will have to take `50
lakh loan for first Increase SIPs in this outperforming value fund to advice given is based on
ICICI Pru Value Discovery 46,830 1,000 `4,500 and hike by 10% every year. 4,500
child’s studies, `72 the performance of the
Increase SIPs in this stable hybrid fund to `3,000 and
lakh for second child. 3 SBI Equity Hybrid 52,935 1,000 hike by 10% every year. 3,000
funds, the risk profile of
Downsize some goals Investment exceeds annual limit. Reduce to `6,250 to
if not possible to
Sukanya Samridhi Yojana-II 1,30,425 10,000 avoid losing interest as penalty. 6,250 the investor as well as
increase SIPs.
SBI Healthcare Opportunities 21,991
Switch to diversified SBI Large & Midcap. Increase SIP
500 to `4,500 and hike by 10% every year. 4,500
his financial goals.
Note from 4
Switch to better performing SBI Focused Equity.
SBI Magnum Midcap 21,428 500 Increase SIP to `3,000 and hike by 10% every year. 3,000
the doctor Assumptions used
Take loans for kids’ Switch to diversified UTI Equity. Increase SIP to
education; don’t dip
5 UTI Transportation & Logistics 40,264 1,000 `3,500 and hike by 10% every year. 3,500 in the calculations
into retirement kitty. Atal Pension Yojana 49,749 752 Continue contributions to this pension scheme. 752 INFLATION
Avoid sector and Education For all
Reduce contribution and invest in NPS instead. Don't
thematic funds. 6 Provident Fund & VPF 19,50,000 44,600 withdraw before retirement. 34,600 expenses other goals
Use NPS to save for Open NPS account and start SIP of `10,000. Hike by
NPS 0 0 5% every year. Don't withdraw before retirement. 10,000
retirement, cut tax. 10% 7%
The goals can be reached using the mutual
Review and rebalance TOTAL `30,87,228 `71,352 funds marked in the same colour. `91,352
at least once in a year. RETURNS
Equity funds Debt options

High investment required due to late start 12% 8%

Gaurav Chopra is saving for his daughters’ marriage and retirement. Here’s the doctor’s advice:
1 2 3 PORTFOLIOS
PORTFOLIO ANALYSED BY
FIRST CHILD’S MARRIAGE: SECOND CHILD’S MARRIAGE: RETIREMENT INCOME: 20 years CHECK-UP
GOALS

RAJ KHOSLA,
8 years 12 years CURRENT NEED: `1.1 crore Managing Director
Investing in equity
PRESENT COST: `35 lakh PRESENT COST: `35 lakh (`1 lakh per month) funds and stocks for and Founder,
MyMoneyMantra
FUTURE COST: `60 lakh FUTURE COST: `78 lakh CORPUS REQUIRED: `4.25 crore past 3-4 years.
Goals are ambitious

FUND NAME AMOUNT EXISTING RECOMMENDED ACTION

and require big WRITE
INVESTED (`) SIP (`) increase in monthly
investments. TO US
DSP Equity Opportunities 1,25,182 6,000
Increase SIPs to `10,000 in this stable large and midcap fund.
Hike amount by 10% every year. Retirement needs FOR HELP
Switch to multi-cap ICICI Pru Focused Equity. Increase SIP to only to supplement If you want your portfolio examined,
1 ICICI Pru Bluechip 70,000 6,000 `10,000 and hike 10% every year. total income. write to [email protected]
with “Portfolio Doctor” as the subject.
Switch to a debt fund or liquid fund to avoid tax on interest
Fixed deposits 5,00,000 0 Review investments Mention the following information:
income.
and rebalance at  Names of the funds you hold.
Fund has underperformed. Switch to Axis Midcap. Increase
2 HDFC Midcap Opportunities 78,158 7,000 SIP amount to `15,000 and hike by 10% every year.
least once in a year.  Current value of the investment.
 If you have SIPs running in any
Increase SIPs to `20,000 in this outperforming large-cap Reduce risk when of them.
Mirae Asset Large Cap 21,660 10,000 fund and hike by 10% every year. goal is near so that  The financial goals for which you
3 Monitor your portfolio closely. Consider shifting to mutual you don’t miss the invested.
Direct stocks 3,00,000 0 funds if you don't have time and expertise.  How much you need for each
target.
financial goal.
TOTAL `10,95,000 `29,000  How far away is each goal.
 your feedback & more... TELEGRAM t.me/indiaep
24 The Economic Times Wealth June 1-7, 2020

Readers’ response, online and in print, to ET Wealth stories has been enlightening.
We pick some that add information and perspective to our articles from previous issues.

This is in reference to Dhirendra This refers to the interview of Amit

Kumar’s column, ‘The extent of loss Tripathi, CIO of fixed income
depends on what you see’. I feel it is
always better to constantly track your
Do way with undue investments at Nippon India Mutual
Fund. I am a disappointed investor in
equity mutual fund investments and
book profits as and when they arise.
delays in NPS Nippon India Hybrid Equity Fund,
which was sold to me by my bank in
Arvind Aggarwal May 2018. I received dividend for only
This refers to the cover story, ‘Why
two quarters and thereafter the
NPS is good for you’. The big problem
Unless corporates declare dividends returns dried up. The
with the scheme is the delay in
that can compare with returns from underperformance can be attributed
allotment of units. One can’t get the
debt funds, bank deposits and to market turbulence, but Nippon Life
benefit of a low NAV on a particular
government bonds, there is no point in infused large capital into the business
date of deposit in NPS. It will take a
investing in equity. Sebi failed to create and I felt reassured. The first rude
few days to get accounted and by then
meaningful liquidity in stock trading. shock came in September 2019 when
the NAV would have moved up.
Rather it queered the pitch for there was a segregation of portfolio
Mathew Jose
ordinary investors by focusing on due to delay in payment of certain
futures, derivatives and what not. It is NCDs. The second jolt was delivered
irresponsible to attract greedy in March 2020 when a major
investors by showcasing an inflated segregation was necessitated due to
index. not involved. After discussions, the adults Discussing a salary cut or a job loss with the writing down of Yes Bank bonds.
Srinivasan Vedantam should be able to arrive at a workable plan children needs to be done carefully. While Yes Bank had been under a cloud for
to tide over the crisis. If someone loses his we need to be truthful, we also need to more than a year. Yet, the fund
The question in the Wealth Whines or her job, then maybe the entire family appear hopeful. Instead of just conveying manager thought it prudent to
section, ‘Should you discuss salary should be involved in the talks, provided the bad news, it will be best to discuss with continue holding 7% in Yes Bank
cut with your children?’ was a tough the children are young adults. Since this our family, how we intend to deal with the bonds. The fund continues to
one to crack. I feel all discussions is a very delicate issue, it’s best to protect situation. Above everything else, we need to underperform its peers. Was my faith
about salary reduction should be with small children from it. lead by example. in Nippon completely misplaced?
the spouse only, and children are best Navneet Kapoor Nandakumar V. Samar Roy

REALTY A developing micro market

HOT SPOT This Mumbai suburb offers both ready and under-construction apartments.

LOCALITY SNAPSHOT SUPPLY BY BHK

BEYOND MIRA ROAD, MUMBAI 1 BHK 67%

Developing micro-market having a mix of completed as well as under construction residential projects
Important schools are Ryan International, Don Bosco, St Mary’s English and St Aloysius, among others 2 BHK 29%
Good hospitals include Riddhi Vinayak Multispeciality Hospital, Alliance Hospital, IASIS Hospital, etc.
Retail avenues are Dattani Square Mall, Dubey Estate Shopping Centre and Laxmi Shopping Centre
Well-connected with other areas of MMR through NH-48, Ghodbunder Road and Western Railway Line
3 BHK 4%
Consumer preference by
PRICE RANGE VALUES budget segment (`)
Virar West Virar `3,700-7,400 per sq ft
Price Rent 11% 7%
LOCALITY Below 20 lakh
(`/sqft) (`/month)
20-30 lakh
Nalasopara (W) 14% 30-40 lakh
Naigaon (E) 4,000-5,800 6,000-9,000 42%
40-50 lakh
26%
Above 50 lakh
Vasai-Virar Airport: 47 km
Nalasopara (W) 3,700-5,500 5,000-7,500
Railway station:
6 km Consumer preference by
Naigaon (E) covered area (sq ft)
NH-48: 8 km Vasai 4,500-7,400 8,000-12,500
5% 3
1 BHK 2 BHK 3 BHK 7% Below 500
600 sq ft 860 sq ft 1,200 sq ft 500-750
Virar 3,800-5,800 6,000-9,500
`28
lakh (avg)
`40
lakh (avg)
`62
lakh (avg)
24%
750-1,000
1,000-1,250
Virar West 3,900-5,900 6,500-10,000 61%
Above 1,250

Schools 10+ Hospitals 6+ Restaurants 20+ Banks 20+ Grocery Stores 20+ Petrol Pumps 10+ In dia’s No. 1 P ropert y Sit e

The Economic Times Wealth is available at an invitation price of `8/issue. To book your copy, contact your newspaper vendor or call 022-39898090; Email: [email protected]; SMS ETWS to 58888

The Economic Times Wealth, published by Bennett, Coleman & Co. Ltd. exercises due care and caution in collecting the data PUBLISHED FOR THE PROPRIETORS, Bennett, Coleman & Co Ltd by R.Krishnamurthy at The Times of India Building, Dr. D.N. Road, Mumbai 400001. Tel. No.: (022) 6635 3535,
before publication. In spite of this, if any omission, inaccuracy or printing errors occur with regard to the data contained in this 2273 3535. Fax: (022) 2273 2544 and printed by him at (1) The Times of India Suburban Press, Akurli Road, Western Express Highway, Kandivli (E), Mumbai-400101 . Tel. No.:
newspaper, The Economic Times Wealth will not be held responsible or liable. The content hereof does not constitute any (022) 28872324, 28872931, Fax: (022) 28874231. (2) The Times of India Print City, Plot No.4, T.T.C. Industrial Area, Thane Belapur Road, Airoli, Navi Mumbai-400708. Tel No.:
form of advice, recommendation or arrangement by the newspaper. The Economic Times Wealth will not be liable for any (022) 2760 9999, Fax: (022) 2760 5275.
direct or indirect losses caused because of readers’ reliance on the same in making any specific or other decisions. Readers are EDITOR: Babar Zaidi (Responsible for selection of news under PRB Act). © Reproduction in whole or in part without written permission of the publisher is prohibited. All rights
recommended to make appropriate enquiries and seek appropriate advice before making any specific or other decisions. reserved. RNI No.: MAHENG/2014/57046. VOLUME 07 NO. 22