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SATURDAY,6 JUNE 2020 z NEW DELHI (CITY) ~10.00

VOLUME VII NUMBER 45 z 18 pages in 2 sections
Sensex 34,287.2S 306.5
Nifty 10,142.2S 113.1 WEEKEND SEPARATE SECTION COMPANIES P2
Nifty futures* 10,145.5S 3.3
Dollar
Euro
Brent crude ($/bbl)##
~75.6
~85.8
41.4##
~75.6**
~84.6**
39.0**
HOW THE FILM INDUSTRY CHANGING BIZ CLIMATE PROMPTED
Gold (10 gm)### ~46,509.0T
*(June) Premium on Nifty Spot; **Previous close;
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INDIA CASES
VIRUS
TRACKER RISE BY 9,851
IN SINGLE DAY
CEA sees FY21 fiscal RIL raises over
~1 trn in 6 weeks
deficit at over 5%
INDIA

Total 226,770
Sells ~13,640-crore BETTERING THE BEST
Active cases Recovered Deaths
110,960 109,461 6,348 No doubt that economy will contract substantially in Q1, says Subramanian stake in Jio through RIL’s latest fundraising round betters
India Inc’s as well as the government’s
Note: Total cases
two deals in a day cumulative effortfor anyyear
WORLD Total include 1 migration; ARUP ROYCHOUDHURY
6,699,358
figures as of 12 pm
IST; Sources:
Ministry of Health
New Delhi, 5 June
Covid blow to SAMIE MODAK & ANEESH PHADNIS
Mumbai, 5 June
2020-21
Proceeds
and Family Welfare;
economy may 1,05,483
T
Deaths Johns Hopkins he Centre’s fiscal deficit in 2020- (~ cr)
393,205 Coronavirus 21, as things stand now, could With the stake sale of 1.85 per cent to
Resource Centre
be 1.7-1.8 percentage points
higher than the 3.5 per cent of
take years to Mubadala Investment Company and
an additional 0.93 per cent to Silver
Bydivesting 19%
in Jio Platforms
First tranche of
rights issue
gross domestic product, which was tar- heal, feels MPC Lake in its digital services subsidiary 92,202 13,281
INDIA, CHINA AGREE geted in the Budget, Chief Economic
Advisor Krishnamurthy Subramanian The six-member Monetary Policy
on Friday, Reliance Industries’ (RIL’s)
fundraising in the past six weeks from
TO RESOLVE BORDER has told Business Standard.
He also said there would a contrac-
Committee (MPC) was deeply
concerned about the economic wreck
foreign investors in the telecom busi-
ness and the first tranche of the rights
THE MUKESH
AMBANI-LED
STAND-OFF VIA TALKS tion in GDP in the April-June quarter.
Such an increase would take the
that the Covid-19 pandemic has
caused, and said it “would take years”
issue has surpassed the ~1-trillion mark.
In terms of equity fundraising, it is a COMPANY PLANS
for the economy to repair, show the TO REDUCE DEBT
A day ahead of their high-level military talks fiscal deficit for the year to 5.2-5.3 per record for a single company, and the
minutes of the meeting released by the
to resolve the border standoff in eastern cent of GDP if the underlying assump- Reserve Bank of India (RBI) on Friday. number is also higher than what initial WITH THE
Ladakh, India and China on Friday vowed not tion of 10 per cent nominal GDP growth RBI Governor Shaktikanta Das warned public offerings (IPOs) or disinvest- PROCEEDS FROM
to allow their “differences” to become stays constant. of a severe impact on the economy due ments have ever raised in a single year. THE STAKE SALE
disputes and agreed to handle them through “Given the 50 per cent or thereabouts to the two months of lockdown, a The Abu Dhabi government’s
peaceful dialogue while respecting each increase in borrowing that has been collapse in demand, as gauged by the Mubadala brought in ~9,094 crore,
other’s sensitivities and concerns. The positive announced, it is a reasonable estimate while Silver Lake, which has already
Best fiscals for IPOs Proceeds (~ cr)
high frequency indicators, and a fall in
approach by the two countries in addressing to say that at this time, an increase in the private consumption and investment, taken a 1.15 per cent stake, has invested 81,553
the strain in ties came at a diplomatic dialogue budgeted fiscal deficit target is being “IN THE EARLY WEEKS OF THE as seen through tepid bank credit a further ~4,546 crore in Jio Platforms.
through videoconferencing between Naveen anticipated,” Subramanian said in an LOCKDOWN, WE ESTIMATED GDP growth. Demand concerns will RIL, India’s most valuable firm, has 41,323
Srivastava, joint secretary (East Asia) in the interaction with this paper. GROWTH FOR THE YEAR TO BE continue to weigh heavily on sold 19.9 per cent in Jio to six marquee 33,098 28,225
external affairs ministry, and Wu Jianghao, He added that like most other pro- economic activity for some time to foreign investors — Facebook, Silver
24,948
director general in China's foreign ministry. PTI jections, this too could be revised, given 1.5-2 PER CENT. NOW THERE ARE come, said Das. But he was optimistic Lake, Vista Equity Partners, General
the uncertainty surrounding the Covid- DOWNSIDE RISKS TO THAT” about a revival in rural economy due to Atlantic, KKR, and Mubadala — rais-
17-18 07-08 10-11 16-17 09-10
19 pandemic, the nationwide lockdown, Krishnamurthy Subramanian a good harvest. Other members were ing ~92,202 crore, and ~13,281 crore
and their impact on the economy and also concerned about the hit to coming as the first tranche of the rights
Chief economic advisor Best fiscals for government
ON the Centre’s finances.
The Centre has decided to borrow ~4.2
consumer sentiment, demand, and
private investment. 6>
issue, totalling ~1.05 trillion.
The Mukesh Ambani-led company
disinvestment programme
SPECIALS SATURDAY trillion more than what was budgeted for FULL INTERVIEW ON PAGE 4 plans to reduce debt with the proceeds
62,883 57,273
Proceeds (~ cr)
FY21, taking its gross borrowing to ~12 from the stake sale. The amount raised
WEEKEND RUMINATIONS trillion. The states have also been given of revenue and their expenditure com- Responsibility and Budget Management betters the funds raised through IPOs in
Why the fiscal mess? 9> room for an additional borrowing of mitments increasing due to the pan- framework mandates. its best year and is much more than 34,939 32,964
To be sure this is a crisis year, and there ~4.3 trillion by allowing them to borrow demic, experts including former CEA For FY20, the fiscal deficit came in at 4.6 what the government manages in a fis- 24,277
will be departures from the usual rules up to 5 per cent of their GSDP from the Arvind Subramanian expect the gener- per cent of GDP, compared with the revised cal year as part of its disinvestment pro-
of fiscal prudence. Still, when emerging earlier 3 per cent. al government’s (Centre plus states) estimate of 3.8 per cent and the Budget gramme. The fiscal year 2017-18 was the
Borrowing is used to fund the gap fiscal deficit to go into double digits estimate of 3.3 per cent. It had breached the best year for IPOs, with a cumulative
from this crisis, the focus will
between expenditure and revenue. With as a percentage of GDP, compared to 0.5 per cent escape clause, which the fundraising of ~81,553 crore. 18-19 17-18 16-17 19-20 14-15
inescapably have to be on what built up
the Centre and states desperately short the 6 per cent which the Fiscal FRBM Act allows. Turn to Page 10 > Turn to Page 10 > Sources: Exchanges, Prime Database, Dipam
to today’s situation. T N NINAN writes
NATIONAL INTEREST
Blame the bureaucrat 9>
Despite big ideas, Modi comes off poorly
as a reformer. Because his bureaucrats
lack the motivation to push reforms and
SBI Q4 pre-tax profit jumps NO NEW SCHEME
FOR A YEAR AS
tenfold on one-time gains
are beginning to enjoy unbridled power.
SHEKHAR GUPTA writes GOVT TIGHTENS
ABHIJIT LELE PURSE STRINGS
ECONOMY & PUBLIC AFFAIRS P6 Mumbai, 5 June SBI REPORT CARD STOCK JUMPS 8% INDIVJAL DHASMANA
President gives the green State Bank of India (SBI), the country’s
Figures in ~crore Price in ~ New Delhi, 5 June
Q4 Q4 %
light to amending IBC largest lender, posted an over tenfold FY19 FY20 change The Union finance ministry has put
President Ram Nath Kovind on Friday rise in profit before tax (PBT) to ~4,970 NII 22,954 22,767 -0.8 the brakes on the implementation of
approved an Ordinance to amend the crore for the quarter ended March new schemesother than those
Insolvency and Bankruptcy Code. The 2020 (Q4FY20). The jump was mainly
Other income 12,685 16,077 26.7 announced in the ~20-trillion
Ordinance gives permanent protection to due to a decline in provisions and con- Operating profit 16,933 18,465 9.0 package to revive the economy and N Chandrasekaran, chairman, Tata Sons
companies for default during the six tingencies, and a one-time gain of PBT 431 4,970 1,052.6 help vulnerable sections amid the

Enough cash
months, starting March 25, 2020, that can ~2,731 crore arising from the sale of Net profit 838 3,581 327.3 Covid-19 crisis. New schemes, up to
be extended up to a year through a some stake in sub- Gross NPA (%) 7.5 6.2 -138 bps ~500 crore, which have already been
government notification. PAGE 3 sidiary SBI Cards & Compiled by BS Research Bureau appraised by the departments and
Payment Services. ministries, would also be suspended

flow to tide
Source: Investors’ presentation/Bloomberg
GOVT PROMULGATES AGRI ORDINANCES P6 L&T PBT The lender had post- in the current financial year. These
DROPS 14% SBI CHAIRMAN RAJNISH KUMAR SAID THE
ed a PBT of ~431.20 schemes would also include those
crore in Q4FY19. BANK HAS BEEN FOCUSING ON RECOVERIES which have been given in-principle
Honour for BS journalist
BS journalist Somesh Jha has been
nominated as one of six official honourable
While the performance was lower
than expectations, the positive com-
mentary by the management helped
It may be early to cheer SBI’s Q4 P10 > approval. The financial advisors of the
departments have been asked to
send a list of these schemes to the
over Covid:
mentions in the 2020 WJP Anthony Lewis
Prize competition for Exceptional Rule of
Law Journalism. The recognition by the
Washington DC-headquartered World
the SBI stock close 7.9 per cent high-
er at ~187.8 per share on the BSE. The
lender stating that about 20 per cent
of its term-loan customer base had
mating a PBT of ~7,496 crore and net
profit of ~6,170 crore.
For the whole of FY20, SBI’s net
profit rose to ~14,888 crore, up from
crore profit earned from selling some
stake in another subsidiary, SBI Life
Insurance Company, in the September
2019 quarter. On an annual basis, both
department of expenditure under the
finance ministry by June 30. No funds
would be released for these schemes.
These are small schemes in value. For
Chandra
Justice Project, an international civil society opted for moratorium also improved ~862 crore in FY19, while PBT rose to PBT and net profit are the highest ever instance, none of the 20 schemes BS REPORTER
organization, is for Jha’s expose of the sentiment. SBI’s net profit in the ~25,063 crore, up from ~1,608 crore in the lender has reported. The previous listed in the annexure of the Budget Mumbai, 5 June
hidden official unemployment data. The quarter was ~3,581 crore, as against the previous year. Apart from the net profit record figure was ~14,105 speech for 2020-21 comes under this.
selection was done through a public ~838 crore a year ago. According to a stake sale in SBI Cards, the earnings crore in 2012-13. Turn to Page 10 > Tata Sons is in a strong financial position with
nomination process. Bloomberg poll, analysts were esti- for FY20 were also aided by ~3,484- Turn to Page 10 > adequate cash flow to support the group compa-
nies and the growth initiatives, Chairman N
Chandrasekaran said in a statement after a board
meeting of the holding firm on Friday. He added

India Inc takes cautious approach to Covid disclosures that Tata Sons was not looking to monetise its
investment to raise capital.
The re-assurance from the top executive has
come at a time when businesses, including the
Most firms not indicating IMPACT CHECK Bajaj Finance has opted to give a
detailed insight of the financial
restricting its capital expenditure to
~1,000 crore due to Covid-19.
Tata group companies, are battling the severe
impact of the pandemic.
financial impact Dabur: ~400-450-crore impact of the pandemic on its M&M said in an exchange filing on COMPANIES P2 Tata Sons board discussed
hit on revenue and business in its recently released Wednesday that it estimated a post-Covid-19 scenario for
March-quarter investor presentation quantum loss of around 23,400 TAMO SWITCHING group companies, said a per-
VIVEAT PINTO, SHALLY SETH MOHILE, ~60-80 crore on net profit TO QUARTERLY
AMRITHA PILLAY & SHREEPAD S AUTE in June quarter rather than making a separate vehicles and 14,700 tractors in March, SALES DATA IRKS son who had attended the
Mumbai, 5 June disclosure to the stock exchanges. The and a volume loss of 87,000 vehicles INVESTORS meeting. “It was a routine
Ultratech Cement: Capital above-mentioned four companies, and around 30,000 tractors in the meeting, where among other
Corporate India is going slow on expenditure capped to the however, have come up with separate April-June period. things we discussed how to help Tata companies
Covid-related disclosures mandated extent of ~1,000 crore due disclosures on the same. Some experts Proxy advisory firms say there come back strongly in the post-Covid scenario
by the Securities and Exchange Board to Covid-19 argue that the Sebi circular has come should be a detailed framework by even as CEOs of each company are handling the sit-
of India (Sebi) last month. At least M&M: Volume loss of after many firms declared their which companies should abide uation,” he said. The Tatas see the current crisis as
twenty-five companies across sectors 87,000 vehicles and around March-quarter results. when making Covid-related an opportunity, he said. “We don’t want to be
have come out with disclosures in 30,000 tractors seen in Q4 Dabur, for example, said it disclosures rather than dispersing opportunistic but we will actively tap into it (oppor-
separate filings to the stock expected its revenue from operations it across financial results, investor tunity) when there is one. The only companies
exchanges, but they have given a
BPCL: April demand and net profit to take a hit to the tune calls and presentations, and even that will survive through this crisis are the ones that
general business update, without down by 55%; up of ~400-450 crore and ~60-80 crore, fundraising documents. have cash and the ones that are trusted. As people
specifying the financial impact of the 67% in May respectively, in the quarter ending “A couple of things need to be kept are coming out of fear, they will migrate to brands
coronavirus crisis on their operations. June 2020 as coronavirus cases in mind here,” says Amit Tandon, that are trustworthy and Tata companies can tap
In a circular dated May 20, Sebi had from-home and safety measures point out the May 20 circular is continued to rise in the country, founder and managing director, into those opportunities,’’ he added.
directed the listed companies to undertaken for employees; and the worded as an “advisory”. “Across the impacting demand. Institutional Investor Advisory The $110-billion salt-to-software group’s flag-
evaluate the impact of Covid-19 on labour shortage they are facing. They circular, the listed entities are BPCL said April 2020 demand was Services (IiAS). “First, whatever is ship firm Tata Motors is grappling with multiple
their capital and financial resources, say it is difficult for them to assess the encouraged to assess the impact of down by around 55 per cent versus the material needs to be shared with headwinds in the domestic market while Jaguar
profitability, liquidity position, assets, impact of the pandemic on their Covid-19 to the extent possible and previous year, while demand for investors. Second, where companies Land Rover Automotive, the company’s UK sub-
and ability to service debt. business. The few which have bucked consider disclosing the material petroleum products increased by feel that the failure to disclose a sidiary, is struggling to emerge from a collapse
Instead, companies have spoken the trend include names such as information,” Anchal Dir, Anshu around 67 per cent in May 2020 versus particular risk will make the financial in car sales. Even as the company’s factories
about the number of plants, Mahindra & Mahindra (M&M), Dabur Choudhary, and Aakriti Thakur of the previous month. Ultratech statements misleading, then it must have resumed operations, the demand outlook
warehouses and distribution centres India, BPCL, and Ultratech Cement. law firm Cyril Amarchand Cement, on the other hand, said in a be disclosed to investors,” he said. for luxury vehicles amid a global recession
that have resumed operations; work- Corporate lawyers, however, Mangaldas said in a note. disclosure on Friday that it was Turn to Page 10 > remains uncertain. Turn to Page 10 >
2 COMPANIES
>
NEW DELHI | 6 JUNE 2020 1

IN BRIEF
WeWork Global to invest India Inc puts M&As in back TaMo switching
to quarterly sales
$100 million in India biz
WeWork India, which provides
collaborative workplace
solutions, said it would receive
seat, turns focus to projects data irks investors
$100 million from WeWork
Global to help boost sustainable
DEV CHATTERJEE
Mumbai, 5 June
BUILDING ASSETS SHALLY SETH MOHILE
Mumbai, 5 June
growth. This financing by VIA M&As*
Figures in ~crore

A
WeWork Global reiterates the fter a series of mergers and acqui- Tata Motors’ decision to switch to quarterly reporting of sales
company’s focus on India as a sitions (M&As) in the past six years, data from the industry practice of doing it on a monthly basis has
strategic market. WeWork said top Indian business houses, led by not gone down well with the company’s investors and proxy
the pandemic had accelerated Tata, Aditya Birla, Adani and JSW groups, advisory firms. They argued this dilutes the disclosure norms
the shift to flexible workspaces, with businesses of all sizes are now taking a pause. They would rather and hides critical information about the company from share-
looking to manage cash-flows effectively by moving costs to a focus on finishing billions of dollars worth holders and analysts which can have a major impact on the com-
variable model. It said space as a service is a huge opportunity for of projects in hand. pany’s stock movement.
them to free up cash, and WeWork has the right foundations and Bankers said in six years, the Tatas Listed automobile manufacturers in India follow the practice
experience to provide safe and flexible workspaces. BS REPORTER< acquired companies worth ~67,601 crore, of monthly disclosure of volumes.“If the rest of the companies can
JSW Group purchased assets worth ~36,628 do it, why can’t Tata Motors? This makes it seem like they have
crore (excluding Bhushan Power & Steel), something to hide,” said Amit Tandon, managing director,
Bentley plans to Bombardier to cut

36,628#
while Adani Group bought 20 assets for Institutional Investors Advisory Services, adding, the move could

238,246

68,000

67,601
~68,000 crore. The M&As by Aditya Birla lead to insider trading as some stakeholders in the company
shed workforce 2,500 aviation jobs Group, including the Vodafone-Idea amal- would have data, while others
by 1,000 due to Covid-19 gamation and Aleris' acquisition in the US, don’t. “How will you ensure it
Bentley Motors said it planned Bombardier said it would cut were worth ~2,38,246 crore.
Birla Adani Tata JSW
doesn’t lead to insider trading?” JLR raises $705 mn
to shed up to 1,000 jobs, nearly 2,500 jobs at its aviation unit “Conserving cash is the biggest motto for In an email, a Tata Motors
a quarter of its workforce, after and take a related charge of the group this year,” according to an exec- *M&As since 2014
# Excludes Bhushan Power acquisition
spokesperson stated it is in con- loan from banks
the sector was hit hard by the $40 million this year, as the utive of the Birla group, the owner of India’s tinuation with the firm’s “drive Jaguar Land Rover (JLR),
Covid-19 pandemic. The Covid-19 pandemic hurts sales. biggest cement firm, UltraTech Cement, to focus on retails and drive owned by Tata Motors, has
redundancies at Bentley follow The firm is in the process of which has made a series of acquisitions,
WHAT THEY ARE DOING ecosystem viability.” The com- entered into agreements
cuts, totalling up to 2,000 jobs, selling its rail business to high- including that of Binani Cement and | Adani group focusing on developing its | Tata Sons infusing funds into group pany stopped reporting the with lenders in China for a
announced at Aston Martin speed train maker Alstom for Century Textiles’ cement business. data centre and airport businesses in India companies to make sure that their monthly wholesale number secured term loan facility of
and Lookers. REUTERS< up to $7.02 billion. REUTERS< The acquisition of Aleris by Novelis, a | Tata Steel expanding its capacity in expansion plans remain on track from April; for most auto firms, $704.5 million, marking its
subsidiary of Hindalco (belonging to Aditya Odisha to eight mtpa with an investment | Birla group focusing on this figure was zero, owing to first debt financing in China,
Birla Group), was cleared by the regulators of ~23,500 crore conserving cash the lockdown. Tata Motors will it said. JLR said the Chinese
ITC Hotels launches Saregama’s PBT earlier this year. "The focus now is to take instead report quarterly whole- banks that would provide it
contact-light declines by 15% stock of the situation and complete the sale and retail numbers. with the three-year
ongoing projects," said the executive said. grow even when the economy slowed Group’s power projects, and Monnet Ispat The spokesperson stated: revolving loan include Bank
laundry service in March quarter As economists predict the Indian down. “The strategy has enabled to whip up steel mill. The group flagship, JSW Steel, “In the current volatile scenario, of China, ICBC, China
ITC Hotels has unveiled a Saregama, India’s oldest music economy to slow down considerably, a combined market cap of more than $20 had also won the race to buy Bhushan we believe this helps us make Construction Bank, Bank of
contact-light laundry service label, posted a 15 per cent companies are going back to the drawing billion and leverage integrated platforms Power and Steel for ~19,700 crore before the the right long-term decisions Communications and
that follows strict monitoring of decline in its pre-tax profit at board. For example, Adani Group, which — the largest transportation and energy pandemic hit. for the business, helps our deal- Shanghai Pudong Devel-
safety and hygiene norms at ~22 crore for the quarter ended has inducted several strategic investors verticals in India and a shift from business The expansion of its steel production ers to focus on serving cus- opment Bank. REUTERS<
every step. The service – March 31. Its revenue from in its city gas distribution, electricity dis- to customers — with the customer base facility in Vijaynagar, Karnataka, from 12 tomers, and helps our investors
Lavanderia – will offer services operations declined by 14 per tribution, LNG, fuel retail, renewable across gas, electricity, airports, and con- mtpa (million tonnes per annum) to 18 to focus on long-term drivers of
to customers at its property at cent at ~109 crore. BS REPORTER< energy, and data-centre platforms, will sumer products set to touch over 100 mil- mtpa is on track, though the expansion at a the business and avoid needless short-term volatility.” But, proxy
Delhi, Kolkata, Bengaluru, be focusing on developing its data centre lion customers,” the official said. much smaller plant in Dolvi, Maharashtra, advisories are not convinced. “Let investors decide how they
Hyderabad, Vizag and and airport businesses in India. The group This change also ensured cash conser- has been delayed by six months. After want to interpret the data. As an investor, I would want the infor-
Chennai. BS REPORTER< Mahindra to raise bagged six airports in India — carrying vation and stable cash flow, while delever- adding Bhushan Power and Steel’s (BSPL's) mation to be disclosed as it was being done earlier,” said J N

Ola commits ~500 cr ~500 crore almost 10 per cent of India’s total air traf- aging to support the next phase of growth. and its own capacities, the company’s total Gupta, co-founder at Stakeholder Empowerment Services. Unless
fic — after global bidding last year. The group managed to successfully place capacity would touch 30 mtpa, as it spent the firm has a cogent reason, it shouldn’t steer clear of the indus-
for citizens and through NCDs “All our projects are on track. Besides seven bonds to raise $4.26 billion from the almost half its ~49,000-crore expansion try practice, Gupta added.
Mahindra & Mahindra earmarking massive capex in these sectors, international market just before the Covid- capex in the last two years. “We are fully According to Mahantesh Sabarad, head, retail research, SBI-
driver-partners (M&M) on Friday said it would the key differentiator in our technology 19 pandemic hit global markets. committed to our acquisition of BSPL,” said CAPS, the move will lead to speculation.
Ola said it has committed ~500 raise ~500 crore through parks and airports will be deep leveraging of “The strategy now is to build on the Seshagiri Rao, MD and CEO, JSW Group. “The markets will appreciate if Tata Motors follows the standard
crore over the next year issuance of securities on a technology, knowledge, and resources from strong foundation set before the Covid-19 The acquisition of BPSL is not part of the of disclosures similar to other automobile firms. Else, information
towards various initiatives private placement basis. existing infrastructure,” said a group exec- pandemic and spend on creating new ~49,000-crore expansion capex. asymmetry often leads to speculation.”
globally, to enhance safety in The auto major did not utive. The tie-ups with global investors assets, as we think the economy will Tata Steel, which acquired Bhushan Steel Another analyst at a domestic brokerage dubbed it “bad cor-
mobility in its fight against elaborate on the reasons for should help access funds and the latest bounce back sooner than expected,” the for ~35,200 crore, would focus on expanding porate governance”. “One didn’t expect this from Tata Motors.”
Covid-19. BS REPORTER< raising the capital. PTI technology. The executive said Adani executive said. its capacity in Odisha to 8 mtpa with an The move by Tata group’s flagship would also impact the colla-
Group's acquisitions in the port, power and A similar strategy has been adopted by investment of ~23,500 crore. Similarly, Tata tion of the monthly sales data by industry body Society of Indian
electricity distribution, coupled with capi- JSW Group, which acquired several dis- Sons, is infusing funds in group firms to Automobile Manufacturers (Siam). Siam has been in talks with
tal management, helped it accelerate and tressed assets in India, including Jaypee ensure that their plans remain on track. Tata Motors on monthly data submission, according to sources.

Kiran Mazumdar-Shaw
named EY World Atlas chief says will reopen if he can raise ~50 cr
Entrepreneur of 2020 PRESS TRUST OF INDIA operational plant of the Atlas Cycles Workers threaten from June 3, till adequate arrangement
SAMREEN AHMAD and the provision of New Delhi, 5 June with a monthly production of over protests if plant of funds is made,” Atlas Cycles said.
Bengaluru, 5 June universal access to two lakh bicycles. Explaining the situation, Rana said,
life-saving medi- Atlas Cycles — a name that became Employees claimed the unit was
doesn’t reopen “All the employees are on the rolls of the
Biocon’s Executive cine; however, my a synonym for bicycles in India — shut without notice. Atlas Cycles employees company...Laying off does not mean
Chairperson Kiran responsibility as an has shut its last manufacturing unit On Wednesday, a notice was pasted have threatened protests that people have been terminated or
Mazumdar-Shaw entrepreneur is in Sahibabad, just outside the on the factory gates that read: “... the if the units do not their employment is discontinued.
(pictured) has been greater than simply national capital, citing lack of funds company was going through a finan- reopen soon. CEO Laying off is a provision in the law
named EY World delivering value to to run the factory. cial crisis for several years and had N P Singh Rana said till where people are required to come
Entrepreneur Of shareholders,” said Its Chief Executive Officer exhausted all its funds to keep the fac- reopening, the firm once in a day to sign their atten-
The Year 2020, Shaw on winning N P Singh Rana, however, insists the tory afloat. Now, there are no funds would pay “lay-off dance...So currently they are on the
becoming the third the award. shutdown is only temporary. The com- left. We are facing difficulty in arrang- wages” to the workers, rolls of the company and they will con-
Indian to win the title. Uday Commending Shaw on her pany will resume operations once it is ing funds for our day-to-day opera- who still remain on the tinue to get their employment. They
Kotak of Kotak Mahindra Bank award, Rajiv Memani, EY India able to raise around ~50 crore by selling tions. We are also unable to buy raw rolls. They are required to will get the lay-off wages for their peri-
and Narayana Murthy of chairman and regional manag- surplus land, he said. materials. In these conditions, the mark their attendance to od.” He said the worker’s strength at
Infosys are the other title win- ing partner, says: “Shaw’s The company shut the factory on management is not in a position to get this salary. PTI the plant was 800 in 2017 but the
ners from India. recognition is a moment of June 3, which ironically was also the operate the factory.” However, the laid- established in 1951 by Jankidas Kapoor. “We have not closed down the “finance situation was getting from bad
Shaw was picked from tremendous pride for Indian World Bicycle Day. It laid off 431 off employees have been asked to mark Starting from a modest tin shed at plant. In fact, there has been a lot of to worse in the last 18 months, present-
among 46 award winners from entrepreneurship. Not only has remaining employees, though Rana attendance except on holidays, failing Sonepat, Atlas Cycle Industries cata- misinformation...The plant is very well ly we have laid off 431 employees”.
41 countries and territories she shown tremendous vision insists they continue to be on the which they would not be entitled to pulted into a 25-acre factory complex open, we have not terminated any Commenting on the road ahead for
vying for the global title. and fortitude to grow Biocon roll of the company and will be paid any lay-off entitlements. in just 12 months. employee. We have only temporarily Atlas Cycles, he said, “We have already
“At its core, entrepreneur- into a market-leading, innova- “lay-off wages” upon marking atten- The company started making It soon became India’s largest bicy- suspended the operations,” Rana said. put up an application to the NCLT
ship is about solving problems. tion-driven organisation, dance daily. losses in 2014 and its first plant in cle manufacturer and was the official “The company had on June 2 seeking permission to sell our surplus
The greatest opportunities which has created a global While he did not elaborate on the Malanpur was shut down in supplier of bicycles to the 1982 Asian informed bourses the Sahibabad unit land. Once we get the permission, we
often arise at the toughest impact, but has also made her payment to employees, “lay-off wages” December 2014. The losses continued Games held in the national capital. of the company is not in a position to will sell off our surplus land and the
times, and that’s been my expe- mark as a torchbearer of typically equal to 50 per cent of basic to mar the growth and its second plant The financial crunch it faced since resume manufacturing operations due surplus land money will be much
rience throughout my entre- diversity, a voice of Indian salary and dearness allowance. in Sonipat, Haryana was also closed in 2014 turned from bad to worse in the to financial constraints. Hence, the higher to pay back all the dues of sup-
preneurial journey. My busi- industry and a frontrunner The plant, the biggest in the coun- February 2018. past 18 months, and the coronavirus workforce of the Sahibabad unit of the pliers and our people and we will
ness focus is global health care in philanthropy.” try, started in 1989. It was the last The Sonipat plant was the first unit lockdown only compounded it. company will be laid off with effect resume production.”

Changing biz environment prompted KP Singh to step down

ARNAB DUTTA we have been practising so far. Due to
New Delhi, 5 June this unpredictable situation, in future “THE ECONOMIC UPHEAVALS
only those companies will survive and DLF AT TOP BUT SLOW-MOVING GIANT TOUGH TO GROW
Disruptions that are expected to alter the thrive which have abundance of
WHICH ARE BOUND TO UNFOLD Net sales Net profit (~ cr)
business environment in a post-Covid
world played a key role in Kushal Pal
youthful energy, innovative ideas, and a
striving passion for quality and
AFTER THE RECOVERY FROM
THE COVID-19 EPISODE ARE
LOSING GROUND TO 14,432.9
16,000

Singh’s decision to pass the baton to his

son. Singh, who recently stepped down
excellence. This calls for highly
motivated team members with strong
UNIMAGINABLE AT THIS
STAGE. A NEW NORMAL
YOUNGER PEERS 12,000
as the chairman of realty major DLF, said work ethics, professional integrity, and a 6,082.8
WOULD BE ALTOGETHER
in a videoconference that he felt the new burning desire to be better than the best.
chief, Rajiv Singh, was well-equipped to Work culture will undoubtedly undergo
DIFFERENT FROM WHAT WE 8,000
steer the company out of troubled a sea-change after recovery from the HAVE BEEN PRACTISING
waters. According to him, emergence of present Covid-19 menace has been SO FAR” — KUSHAL PAL SINGH -583.2
4,000
a new and highly competitive business accomplished,” he said.
environment is the new reality. Singh, who has survived many crises
“India is entering into a new era in over his five decades long career in the
which the marketplace will not just be real estate business, stressed the fact 0
much more competitive but will also be that success in the rapidly emerging 7,812.0
-2,000
full of exciting growth prospects for environment would require vastly FY08 FY20
organisations as well as individuals. The different ways of working than in the Source: Capitaline, Compiled by BS Research Bureau
economic upheavals that are bound to past. “Constant change will be the name
unfold after the recovery from the of the game,” and his son Rajiv Singh had DLF, once the country’s largest real comparison, the benchmark BSE ~6,083 crore in FY20. It reported a net
Covid-19 episode are unimaginable at made DLF “battle ready. “After the estate developer, is losing its heft to Sensex doubled during the period loss of ~583 crore in FY20, against a
this stage. A new normal would be economic recovery from the ongoing while BSE Realty Index is down 48% net profit of ~540 crore in FY15. In the
younger developers. With a market
altogether different from what we have Covid-19 pandemic has been achieved, a
been practising so far,” Singh said this as glorious future awaits us,” said Singh. capitalisation of around ~38,000 crore, since June 2010. However, DLF same period, Godrej’s net sales is up
the reason behind him stepping down, Reflecting upon the changes that the DLF remains the leader but it has continues to dominate with its m-cap nearly 40% growing at CAGR of 6%
apart from his age. sector has gone through since he entered underperformed its peers for the equivalent to the combined m-cap of while its net profit grew at a CAGR of
While the fate of businesses is now the business in 1970s, Singh said, unlike better part of the last decade. next three developers — Godrej, seven per cent during the period.
dependent on the recovery from the now, urban land development laws DLF stock price has halved in the Oberoi, and Prestige. Prestige Estates and Oberoi Realty
current health crisis, both businesses in India were stacked against the
past 10 years from ~300 in June 2010 to DLF’s difficulty to grow in past are yet to declare their results for FY20.
and individuals would have to learn to private sector and even banking
live with the virus for the time being. institutions were not permitted ~156 now. In the same period, Godrej decade shows in its profit and loss Analysts say DLF may continue to
“It will require major changes in our to lend to urban land developers. Properties’ stock price has increased account. In the past 5 years, DLF’s net lead given its dominance in Gurugram,
mindset in the way we live and the way Despite all odds, DLF emerged 138%, Oberoi Realty is up 35%, and sales shrunk at an annualised rate of one of the biggest residential and
we do our business now. A new normal the most-compliant company Prestige Estates is down 15%. In 4.5% from ~7,648 crore in FY15 to office markets in India. KRISHNA KANT
would be altogether different from what in the country.
.
NEW DELHI | 6 JUNE 2020 COMPANIES 3 <

Salary of
Sun Pharma begins trial HUL CMD
L&T’s profit before
on dengue drug for Covid up 2.86% tax falls 14% in Q4
in FY20 AMRITHA PILLAY
Mumbai, 5 June “100,000 workers
HOW IT FARED IN
MARCH QUARTER (In ~cr)
are yet to return,
Trial of AQCH to be Engineering conglomerate which should

conducted across Serum Institute invests $100 mn in vaccine plant Larsen & Toubro (L&T) on
Friday reported a 14 per cent
take 15 to 30 days”
SN SUBRAHMANYAN, Profitbefore tax
Q4FY20 YoY % change
4,249.7 -14
SOHINI DAS & SAMREEN AHMAD Executive Officer Pascal Soriot has said the year-on-year (YoY) drop in con-
12 centres on 210 Mumbai/Bengaluru, 5 June company will make no profit from the drug solidated profit before tax (PBT)
CEO & MD, L&T Profitaftertax 3,197.0 -6
patients in India Serum Institute of India (SII), which has
during the time of pandemic.
Poonawalla clarified that until the trials are
at ~4,249.7 crore for the quarter
ended March 31 (Q4FY20). This
Orderinflow 57,785.0 5
Orderbook* 303,857.0 4
SOHINI DAS partnered British drug maker AstraZeneca to completed successfully for safety and efficacy, was also lower than the con-
Mumbai, 5 June supply a billion doses of University of Oxford's vaccines will not be distributed either in India sensus estimate of ~4,567.2 Ebitda 5,100.0 -3
potential Covid-19 vaccines to or anywhere else in the world. VIVEAT SUSAN PINTO crore, according to Bloomberg Revenue 44,245.0 2

I
ndia’s largest drugmaker low and middle-income "Having said that, we will start Mumbai, 5 June poll of analysts. *Order book is outstanding at the end of the quarter
Sun Pharmaceutical countries, is ready with the making a few millions of doses The company did not pro- Sources: Company presentation, results announcement
Industries said on Friday facility to start making a few and stockpiling it at Hindustan Unilever’s (HUL’s) vide order inflow and revenue
that it has commenced phase million doses even before the personal risk." Chairman and Managing guidance for the current finan- and will wait for more time 100,000 labourers are yet to
II clinical trial of AQCH, a clinical trials get over, a top Oxford University, which is Director (CMD) Sanjiv Mehta cial year because of Covid-19. before we come up with return, which should take 15-30
plant-derived drug that was company executive said developing the vaccine with took home a larger pay The company does not guidance,” he said. days. We experience this every
originally developed for on Friday. AstraZeneca, has announced cheque for the 2019-20 expect revival of capital expen- In its statement, the compa- year as labour returns home for
dengue, to see if it can “Oxford vaccines will be the start of a Phase II/III trial of financial year (FY20) even as diture in the private sector this ny said, while the initial quar- Holi and for harvest season.”
potentially treat Covid-19. made and packaged here in AZD1222 in about 10,000 adult the company was fighting year. SN Subrahmanyan, chief ters of FY21 are expected to be On whether L&T will look to
The trial will be conducted India. We are spending more volunteers. Other late-stage Covid-19 challenges during executive officer and managing adversely affected, it expects reduce costs, he said: “L&T has a
across 12 centres in India on 210 than $100 million for this CEO Adar Poonawalla trials are due to begin in a the period. director for L&T, said sales growth revival in the later part highly disciplined, hard work-
patients. This is also the first facility,” said Adar Poonawalla, says vaccines will not number of countries. The British HUL’s FY20 annual report, missed so far because of the of the financial year, assuming ing set of individuals. If they feel
phytopharmaceutical drug chief executive, SII. be distributed until the drug maker last month secured released on Friday, shows that Covid-19 disruption would be things get better from here. the company requires them to
(plant-based) that the Drug AstraZeneca has a licensing trials are completed over $1 billion in funding from Mehta’s gross salary or total around ~15,000-17,000 crore. On labour availability, he make some sacrifices they will
Controller General of India agreement with SII to supply a successfully the US to develop the vaccine. remuneration was ~19.42 “We know April-May was tough. said L&T has 40 per cent of its do that. At the moment, that is
(DCGI) has approved for clinical billion doses of the potential Meanwhile, India has been crore, up 2.86 per cent from a We are gathering our thoughts usual labourers on site. “Around the way we look at it.”
trials for Covid-19. The company Covid-19 vaccines, with a commitment to very supportive to bring the vaccine here, year earlier. In FY19, Mehta
said the results of the trial are provide 400 million before the end of 2020. If all Poonawalla claimed. “The government and its had taken home a remunera-
expected by October. goes according to the plan, India could have its various departments have been funding tion of ~18.88 crore, which was
“Human safety study of first set of Covid-19 vaccines by the end of the certain clinical trials for the recombinant BCG lower by 2.52 per cent over the
AQCH has already been com- year. AstraZeneca’s Executive Director and Chief vaccine and potentially the Covid-19 vaccine.” previous year.
pleted and the drug has been While his FY20 salary and
found safe at the recommended allowances, bonus, and prov-
dose for phase II study,” it said. research institutes. In 2016, the of a drug against Covid-19. I wish Hyderabad API maker ident fund contribution have
Sun Pharma stock was down firm started working on it with the collaborating team success develops Favipiravir grown by 41.59 per cent, 21.24
marginally at the end of day’s the Department of Biote- in the conduct of the clinical tri- Hyderabad-based active per cent and 4.65 per cent,
trade on the BSE. chnology — International al against Covid-19 and for the pharmaceutical ingredients respectively, from a year ago,
Dilip Shanghvi, managing Centre for Genetic Engineering development of phytopharma- (APIs) firm Raghava Life perquisites have nearly halved
director of Sun Pharma, said, and Biotechnology ( DBT- ceutical drugs against other Sciences on Friday said it to ~3.2 crore from ~6.92 crore
“This is the first phytopharma- ICGEB) and the Council of infectious diseases.” was in talks with at least the previous year. In FY19,
ceutical drug approved for clin- Scientific and Industrial Recently, Sun Pharma got eight buyers, including a Mehta's bonus had halved
ical trials by the DCGI as a poten- Research- Indian Institute of the nod from DCGI to initiate couple of overseas versus the year-ago period.
tial treatment for Covid-19. Integrative Medicine (CSIR- clinical trials for nafamostat companies, to supply the Human resources experts
AQCH has shown anti-SARS- IIIM). In April, the company mesilate on Covid patients. antiretrovaral Favipiravir, say performance-linked
CoV-2 effects in in-vitro studies submitted a proposal to DCGI to These will be phase II clinical which is being tested for bonus and perks for a compa-
conducted in collaboration with conduct clinical trials. trials on about 40 patients. This treatment of Covid-19 in ny’s top executives are decid-
ICGEB, Italy. These results com- Renu Swarup, secretary of drug is approved in Japan for several countries. ed by its board of directors
bined with information on Department of Biotechnology, improvement of acute symp- The company started and is based on achievement
mechanism of action through Ministry of Science and toms of pancreatitis as well as developing Favipiravir in of certain performance
in-vitro and small animal stud- Technology, said, “Our efforts to for treatment of DIC March after China indicated parameters.
ies give us the confidence to develop a safe, effective and (Disseminated Intravascular that the drug could be a HUL closed FY20 with
evaluate this potential treat- affordable drug against dengue Coagulation). It is an anti-coag- potential treatment for the sales of ~38,273 crore and a
ment option for Covid patients.” started about 13 years ago. The ulant drug that has potential infection based on initial profit of ~6,738 crore, growth of
Sun Pharma was developing collaborating team quickly initi- anti-inflammatory and anti- results, said Director P Lohit 1.62 per cent and 11.63 per cent
the drug with government ated studies for the development viral activities against Covid-19. Reddy. B DASARATH REDDY each from a year ago.

Tata Steel, SKF, Schaefflerunits

colluded on bearings prices: CCI
The Competition Commission 2014, to pass on higher raw
of India (CCI) has ruled that material costs to customers in
units of Sweden’s AB SKF, the auto sector.
Germany’s Schaeffler AG, and In a 36-page order issued on
Tata Steel, along with local firm Friday, the CCI said it “holds
National Engineering Indu- NEI, Schaeffler, SKF and Tata
stries, are guilty of colluding Bearing guilty” of contraven-
and fixing prices of vehicle ball ing the country’s antitrust laws.
bearings. The CCI added it had decid-
The CCI began a probe into ed not to impose a penalty, say-
the matter in 2017 after receiv- ing the “ends of justice would
ing information that the enti- be met if the parties cease such
ties had been colluding on cartel behaviour and desist
bearings prices from 2009- from indulging in it”. REUTERS

MAHINDRA MANULIFE INVESTMENT MANAGEMENT

PRIVATE LIMITED
(Formerly known as Mahindra Asset Management Company Pvt. Ltd.)
Corporate Identity Number: U65900MH2013PTC244758
Registered Office : “A”Wing, 4th Floor, Mahindra Towers,
Dr. G.M Bhosale Marg, P.K. Kurne Chowk, Worli, Mumbai 400 018
Corporate Office: 1st Floor, Sadhana House, 570, P.B Marg,
Worli, Mumbai – 400 018
Tel: 1800 4196244; website: www.mahindramutualfund.com;
email id: [email protected]

NOTICE - CUM –ADDENDUM NO. 26/2020

THIS NOTICE - CUM – ADDENDUM SETS OUT CHANGES TO BE MADE IN THE STATEMENT
OF ADDITIONAL INFORMATION (SAI), SCHEME INFORMATION DOCUMENT(SID) AND
KEY INFORMATION MEMORANDUM (KIM) OF THE SCHEMES OF MAHINDRA MANULIFE
MUTUAL FUND (FUND)
1. Change in website address:
The investors/unitholders vide our Notice-cum-Addendum no. 24/2020 dated June 3, 2020 were informed
regarding change in name of Mahindra Mutual Fund to ‘Mahindra Manulife Mutual Fund’. Pursuant to change
in name of the Fund, the investors/unitholders are hereby requested to note that, the website address of the
Fund shall be changed from www.mahindramutualfund.com to www.mahindramanulife.com with effect
from June 7, 2020 (“Effective Date”). Accordingly, the old website address wherever appearing in the SAI,
SIDs and KIMs, will be replaced with the new website address from the Effective Date.
2. Change in the address of Official Point of Acceptance of Transactions (‘OPATs’) for the schemes of
the Fund
Investors/Unit holders are advised to take note of the change in the address of the following Investor
Service Centre of Computer Age Management Services Limited (the Registrar and Transfer Agent to the
schemes of the Fund) which is the OPAT for the schemes of the Fund.
State Old Location Address New Location Address Effective Date
Uttar Pradesh First Floor, Canara Bank Building, Ground Floor, Canara Bank Building, July 1, 2020
Dhundhi Katra, Mirzapur -231001 Dhundhi Katra, Mirzapur - 231001
The SAI, SID and KIM of the schemes of the Fund shall be suitably amended to incorporate the above changes
and the necessary/ incidental changes arising out of the aforesaid changes, wherever applicable.
All other terms and conditions of the SAI, SID and KIM of the schemes the Fund will remain unchanged.
This notice-cum- addendum shall form an integral part of the SAI, SID and KIM of the schemes of the Fund as
amended from time to time.
Cno. 00742

For Mahindra Manulife Investment Management Private Limited

(Formerly known as Mahindra Asset Management Company Pvt. Ltd.)

Place: Mumbai Sd/-

Date: June 5, 2020 Authorised Signatory

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
4 ECONOMY & PUBLIC AFFAIRS
>
NEW DELHI | 6 JUNE 2020 1

IN BRIEF
RBI’s ~500-cr fund to promote Centre mops up GST ‘India’s probability
e-payments in small towns
The Reserve Bank of India (RBI) on Friday said it was setting up a
cess of ~990 cr in Apr of default is very low’
Payment Infrastructure Development Fund (PIDF) with a corpus of Chief Economic Advisor KRISHNAMURTHY SUBRAMANIAN on Friday said he saw a downside risk to his
~500 crore to give a push to digital payments nationwide. assessment of 1.5-2 per cent GDP growth for FY21 but declined to give numbers, citing uncertainty. In a
The RBI has made an initial contribution of ~250 crore covering
Govt had collected wide-ranging interaction with Arup Roychoudhury, Subramanian also said the Centre had gone beyond
half the fund. The remaining will come from the card-issuing
banks and card networks operating in the country. ~8,874 cr a yr ago TAKING A PLUNGE its means to support the states and was keeping its options open regarding deficit monetisation, and that
the new privatisation policy would be out soon. Excerpts:
This fund has been created to encourage acquirers to deploy GST compensation cess in April (~ cr)
Point of Sale (PoS) infrastructure, both physical and digital, in DILASHA SETH & INDIVJAL DHASMANA 8,874 We have just had the Q4FY20
tier-3 to tier-6 centres and north-eastern states. This is in line New Delhi, 5 June
8,503 GDP numbers. What are your
with the measures proposed by the vision document on payment projections for Q1 and FY21?

S
and settlement systems in India 2019-2021. The fund will receive tates’ woes on the goods It is useful to put Q4 numbers
recurring contributions to cover operational expenses from card- and services tax (GST)
990
in perspective. We have “IT MUST BE
issuing banks and card networks and the central bank will also compensation front seem looked at many high-fre-
contribute to yearly shortfalls, if necessary. to be aggravating. This is quency indicators. If you look
ACKNOWLEDGED
SUBRATA PANDA because the Centre managed 2018-19 2019-20 2020-21 at railway freight and passen- THAT THE CENTRE
to collect only ~990 crore as Source: Controller General of Accounts ger numbers, airline travel, HAS GONE
compensation cess in April data on mobility, electricity,
Forex reserves Centre warns banks 2020, almost a ninth of the … they started declining in
BEYOND ITS
rise to $493.48 bn on MSME loan ~8,874 crore mopped up a year February. That was because MEANS IN
as of May 29 disbursal delays ago. These figures were of the uncertainty that was HELPING THE
released by the Controller created once people knew
The Centre on Thursday General of Accounts. about the virus. So, while the
STATES TO MEET
$ Billion
493
520 warned banks of The subdued collection lockdown was only for seven THEIR EXPENSES”
consequences if they create would further increase states’ days in March, the impact of
480
any unwanted hurdles or problems unless the GST that on consumption and
393 delay in disbursal of the ~3 Council, which meets next of June. For such taxpayers, Assam collected just 20 per investment started manifest-
440
trillion loan for the MSME week, decides to borrow from no interest, late fee or penalty cent GST of the average month- ing in February. pandemic. In the early weeks default. This is a function of
400 segment. BS REPORTER< the market. was to be charged. ly trend in April, Sarma said. Covid-19 came at a very of lockdown, we had estimat- two things — the ability and
The Centre had pegged Those with an annual “In May, we collected around inopportune moment for ed GDP growth for the year to the willingness to repay.
360 compensation cess at turnover of at least ~5 crore 40 per cent. People pay as and India. Things were starting to be 1.5-2 per cent. I think now India’s willingness to repay
Dec 28,’18 May 29,’20 Discoms’ debt to ~110,500 crore in the Budget can pay taxes till May 5 for when they are required to pay look better, if you had looked there are downside risks to has always been gold stan-
Source:RBI; Compiled by BS Research Bureau
touch ~4.5 trn by for 2020-21. This comes to March activities, without and not necessarily in the next at the PMI for manufacturing that. How deep the risks are dard. In 1991, when we were
~9,208.3 crore a month on an bearing any interest cost. month,” said Sarma. and services and the index of depends upon whether or facing a severe crisis, we
India's foreign exchange FY21-end: CRISIL average. It is widely acknowl- However, if it is paid after He added that the state will industrial production in not we see a recovery in the decided to ship gold. When it
reserves rose to $493.48 billion Power distribution utilities' edged now that the Budget this date and by June 30, an collect 75 per cent of its receiv- February. There was a slow- latter half of the year. comes to the ability, 96 per
as of May 29, compared with debt will hit an all-time high numbers have gone awry after additional nine per cent inter- ables in June. “The first quarter down last year, yes, but some cent of our loans are in
$490.04 billion a week earlier, of ~4.5 trillion by the end of outbreak of coronavirus. On est a year will be levied. This will be bad but with the impe- of the measures The Centre will domestic currencies, even
the Reserve Bank of India said the ongoing financial year, the other hand, the monthly interest rate is half of the cur- tus we are getting from the taken since July borrow ~4.2 trillion the 4 per cent of loans that
on Friday. Changes in foreign CRISIL Ratings said on Friday. GST compensation require- rent rate of 18 per cent. Centre, things will go uphill had started show- more and it’s clear are in foreign currency are
currency assets, expressed in The liquidity package of ment is estimated at ~20,250 The compensation mech- from here,” Sarma said. ing results. There revenue collection with multilateral institutions.
dollar terms, include the ~90,000 crore announced by crore in 2020-21 against anism to states under GST has West Bengal finance minis- is significant will nowhere be So, our ability to repay also is
effect of appreciation or depr- the government last month ~13,750 crore last year. come under strain due to the ter Amit Mitra said the Centre uncertainty on KRISHNAMURTHY close to what was close to 100 per cent. So, I
eciation of other currencies offers a breather, but struct- The Centre has, so far, not inadequate collection amid should borrow to compensate whether or not SUBRAMANIAN, budgeted. Is there think India’s probability of
held in its reserves. Foreign ural reforms have become distributed compensation to the bleak consumer demand states as it will anyway have to there will be a vac- Chief Economic Advisor a need to wait for default is very low.
exchange reserves include critical to sustainability of states for the entire FY20. On even before the outbreak give a sovereign guarantee. cine. This affects the next Finance
India's Reserve Tranche discoms, it said. PTI< Thursday, it distributed com- began. That is why the GST “Alternatively, the Centre spending on discretionary Bill to amend the Fiscal One of FM’s announcements
position in the International pensation to the tune of Council, in its March meeting, should consider paying states items — what we economists Responsibility and Budget was regarding privatisation
Monetary Fund. REUTERS< ~36,400 crore to states for three took up a proposal on whether from the Consolidated Fund of called the cautionary motive Management (FRBM) Act? policy. Can you throw some
Irdai asks insurers months up to February 2019- it can borrow from the mar- India. States are in a very bad to save. And so, whether or not Can’t it be done now? light on that?

BoM announces to obtain legal 20. The GST compensation of ket to meet the states’ need shape. West Bengal collected we’ll have a V-shaped recov- FRBM aspects are being kept What we have to keep in
~1,15,096 crore for the period for compensation. The issue only 13 per cent GST revenue in ery in the second half of the in mind and will take due mind is the important
cut in repo-linked entity identifier April-November 2019 was was who will stand guarantee April compared to the same year or next year is what will course. At this point, given change in policy stance that
The Insurance Regulatory and released earlier. This stands for such borrowings. period last year,” he said. determine growth numbers. the 50 per cent or there- has been advocated. Despite
lending rate Development Authority of against ~95,551 crore collected Abhishek Jain, tax partner Kerala finance minister abouts increase in borrowing almost three decades of liber-
State-owned Bank of India has asked insurers and as cess in the compensation at EY, said, “Funds through the Thomas Isaac said the GST So are you ruling out any that has been announced, it alisation we’ve not clarified
Maharashtra (BoM) on Friday their existing corporate fund in 2019-20. compensation cess have not Council should be allowed to recovery towards the latter is a reasonable estimate to the role of the private sector
announced reduction in its borrowers to obtain a legal The Centre used the ~47,271 been enough to adequately borrow from the market to pay half of this year? say that an increase of 1.7-1.8 we expect in the economy.
repo-linked lending rate by identifier code before July 31. crore surplus cess from 2017-18 compensate states for the rev- states and simultaneously I am not ruling it out, neither per cent on the 3.5 per cent For the first time, it has been
40 basis points (bps) to 7.05 Their existing borrowers who and 2018-19 for distributing the enue loss. With limited avenues extend the compensation cess am I able to confidently say budgeted fiscal deficit target clearly articulated. Looking
per cent. The revision in RLLR have taken loans of ~50 crore excess amount last year. to augment GST collections, by another year in order to there will be a recovery is being anticipated. As with at the gains that privatisation
rates will be effective from or more have to obtain the As such, it had ~142,822 the central government has repay debt. because it depends on the other projections this year, generates, the Centre has
June 8, the bank said. PTI code by June 30. BS REPORTER< crore in its cess kitty but gave been mulling ways to pull “We have to manage the cri- pandemic. Unlike in the case this is also subject to fre- come and said that there will
~151,496 crore to states. This together amounts for compen- sis. So, at least, the Centre of other crises, which were quent revisions. be strategic and non-strategic
means, it paid an extra ~8,674 sating states on revenue loss.” should pay what is due to us, primarily economic, this is a sectors. In the non-strategic
RBI pushes back on Hindujas’ crore to states. March dues are
yet to be paid.
Assam finance minister
Himanta Biswa Sarma said
like the GST compensation
cess. The Centre can allow the
crisis that has come from the
health side. If a vaccine does
With the Moody’s rating
downgrade, is the Centre
sectors, they will basically be
no state-owned firms. Even
plan to raise IndusInd stake Analysts attributed the
muted compensation cess col-
while the idea to have the GST
Council borrow from the mar-
GST Council to borrow and pay
and extend the cess for one
come about, the uncertainty
will go away and you will
expecting cuts by others?
Since the pandemic, there
in the strategic sectors, the
private sector will compete
The RBI pushed back on the Hinduja brothers’ plan to raise lections in April to the defer- ket was mooted in the last more year,” he said. expect demand to come back. have been 33 sovereign with PSUs and the number of
stake in IndusInd Bank, which has lost more than 70 per cent ring of GST payment for council meeting, it may not be He expected a 15 per cent In Q1 there will be a per- downgrades by rating agen- entities will be limited to one
of its market value this year, said sources. The RBI has March, April and May to June- a feasible idea. decline in state’s GDP in FY21. ceptible contraction. My wor- cies. Of them, nine has been to four. This is a huge change
conveyed the decision to the IndusInd founders Srichand and end. The government had ear- “The GST Council is nei- GST revenue was about 7 ry is that often the nuance done by Moody’s. So, I think in policy stance and a very
Gopichand Hinduja. The brothers had applied to the central lier announced that registered ther a sovereign body nor a per cent of the monthly average with which I give the num- there is information in there. clear strategy of how we see
bank for approval to raise their stake in the lender to 26 per GST payers with aggregate sub-sovereign body. So, even in April at ~150 crore-~200 crore bers gets lost, and it is only We have been in constant the private sector as the most
cent from less than 15 per cent. IndusInd Bank was the worst- annual turnover of less than if you take loan, somebody against the ~3,000 crore aver- the baseline that is clung on engagement with the rating important. Details on which
hit member of the country’s benchmark index this year, after ~5 crore can pay taxes and file has to give a guarantee. If the age collection, he said. to. So, I am reluctant to give agencies. And, we have high- sectors will be non-strategic
the RBI effectively took control of the troubled Yes Bank in GSTR-3B (summary input- central government gives Meanwhile, Bihar saw a specific numbers and I would lighted to them that finally, are being done and as the
March. Representatives for Hinduja, IndusInd and the RBI output returns) due in March, guarantee to loans, it can shortfall of 86 per cent in GST rather emphasise the uncer- the debt rating is essentially a finance minister has said, it
didn’t respond to requests for comment. BLOOMBERG April and May by the last week itself borrow,” he said. collection in April. tainty that surrounds the mapping of the probability of will be announced very soon.

More regular income Ration woes, expenses lay bare the migrant crisis
RITWIK SHARMA workers who were part of the IVR survey, only 33 SWAN. Last month, SWAN — along with other sig-

earners had no safety New Delhi, 5 June

Four out of five migrant workers in India have not had

access to government ration since the lockdown began,
per cent had gone home. Two-thirds (1,166) were in natories — had written to the home ministry urging
their city of residence. the government to create a common portal for
However, the migration back home is unlikely to migrants to register their travel requests.
slow down. About 55 per cent of the stranded The report released on Friday pointed

net before Covid-19 hit according to a report released on Friday.

Although the Centre last month announced an
economic package catering to all sections, the situation
people wanted to return immediately, much A silver lining, the out that the home ministry had released
higher than the 33 per cent at end-April. survey noted, is
Unemployment remains a major factor, with that 75% of the
an order a few days earlier, giving details
of a National Migrant Information
SOMESH JHA of migrants hasn’t improved, said the Stranded 1,124 of the stranded respondents (75 per cent) workers were not System under the National Disaster
New Delhi, 5 June
ON THE RISE Workers Action Network (SWAN). having lost their jobs. being threatened Management Authority.
„ 2017-18 „ 2018-19 (%) 49.6 51.9 From May 15-June 1, it received 821 distress calls cor- A silver lining, the survey noted, is that by their landlords However, it alleged that portal was
The share of unorganised sector 52.2 52.1 responding to nearly 6,000 workers, which suggested 75 per cent of the workers were not being of eviction only meant for administrators, sug-
workers in the workforce rose that food distress was as high as during March-April. threatened by their landlords of eviction. gesting it was a mean to merely collect
in 2018-19, making the labour 28.9 30.5 Between May 15-June 1, about 76 per cent of Among those who returned home, 44 per cent took information.
market more vulnerable a year 22.8 23.8 24.9 24.1 the workers who made calls said they had less than buses, 39 per cent Shramik trains, and 11 per cent “While there are some merits of scheduling travel
before the Covid-19 pandemic ~300, while 72 per cent had less than ~200, and 63 via arranged trucks and lorries. The remaining 6 through a single portal, a solely technological solution
hit India, official data showed. per cent had less than ~100 left. per cent went on foot. to what is a massive logistical, institutional and human-
While the share of workers earn- About 57 per cent made SOS calls on behalf of In an interim order dated May 28, the Supreme itarian crisis, is highly insufficient,” it noted.
ing a regular salary went up in 820 people who had run out of money or ration, the Court had said that migrant workers cannot be made to Reiterating its demands raised in requests to the gov-
2018-19 compared to 2017-18, Regular Casual Self- A written No social report added. These findings are based on interactive pay for travel. However, the survey reported that above ernment earlier, the SWAN report stressed on the need for
the proportion of such work- wage labour employed contract* security voice response (IVR) calls. 85 per cent workers in transit had to incur expenses. a smooth travel registration process, greater transparen-
force without any social securi- benefits* SWAN called back the migrants, and of the 1,963 This is the third report on migrant workers by cy, and awareness about train and bus schedules.
ty benefits also increased, point- *Share of regular income workers with Source: National Statistical Office
ing towards a continued trend
of informalisation of labour, prises that are coming into the and maternity benefits during
experts pointed out.
More than half the workers in
India (51.9 per cent) earning a
regular income had no social
formal sector, for instance, by
being registered under the GST
regime, but with a supply dis-
ruption and lack of demand in
the past one year. “This is an
alarming trend and means that
the informalisation of the labour
market is here to stay and will
N-E states back to work faster than others
security net in 2018-19. The share the economy, there may be an only increase from here in the SACHIN P MAMPATTA per cent. The steepest drop during the
of such workers went up from option for flexible working post-Covid world,” said Kapoor. Mumbai, 5 June
OUTPACING THE REST lockdown for Maharashtra was 74 per
„ Workplace visits (7-dayrolling average drop from normal in % as ofMay29 )
49.6 per cent in the previous year, arrangements,” Kapoor added. When the government cent, and 81 per cent for Delhi.
showed the National Statistical The share of regular wage announced the nationwide The eight north-eastern states have been „ Largestdrop since March (based on7-dayrolling average drop from normal in %) The eight north-eastern states might
Office’s periodic labour force sur- employees who had a written lockdown, millions of migrant faster in their recovery than other states Arunachal have benefitted from a lower number of
vey, conducted between July contract increased from 28.9 per workers left cities to go back to in terms of people returning to work. Pradesh Assam Manipur Meghalaya Mizoram Nagaland Sikkim Tripura India Covid-19 cases. The eight states account
2018 and June 2019, released on cent in 2017-18 to 30.5 per cent in their villages as most of them Workplace visits were between 73-92 per for 2,930, or 1.3 per cent, of the nearly
Thursday. This is despite the 2018-19 — a figure that is still low. were a part of the unorganised cent the pre-lockdown level, compared 230,000 cases in the country, according
-9.0
-10.4

fact that the share of regular The survey considered regu- sector with no safety net. to just over 60 per cent for the country to figures available till Friday evening. A
-17.0
-17.7
-19.7

salaried workers inched up lar wage employees as those who Jayati Ghosh, professor of overall, show data from Google’s December 2019 World Bank report had
-21.7

-25.6
-25.7

-26.6

from 22.8 per cent in 2017-18 to had received income not on the economics at the Jawaharlal Community Mobility Reports. noted the importance of developing the
23.8 per cent in 2018-19, as the basis of daily or periodic renew- Nehru University, said their sur- The reports make use of anonymised north-east economically on the basis of
-34.7

-34.9

-38.7

proportion of casual workers al of work contract, and included vey of labour in Delhi showed location data to identify how people are its strengths in agriculture and services.
-40.9
-43.4

-45.1

declined from 24.9 per cent to both full-time and part-time that a lot of the workers receiv- moving during the Covid-19 pandemic. “Highlighting the north-east’s com-
-65.9
-50.3

-51.7

24.1 per cent. The share of self- workers and paid apprentices. ing social security benefits The visits to each category of location parative strengths in agriculture and
employed in the workforce The data contradicts the remained a concept on paper. are compared to the pre-lockdown nor- services, the report, Playing to Strengths:
remained flat at 52.1 per cent. claims of the government, “They had no idea about mal of January and February. The num- A Policy Framework for Mainstreaming
Radhicka Kapoor, senior fel- which has often cited the pay- whether they were registered bers are released with a lag. than a third of the usual workplace vis- Arunachal Pradesh shows only a 10.4 per Northeast India, emphasises that (the
low at Indian Council for roll data released by the for the EPF scheme or if it was The latest data is as of May 29. its were taking place. cent decline in the seven-day rolling region) ....can leverage those strengths
Research on International Employees’ Provident Fund portable while switching jobs. Business Standard looked at a seven- Mizoram, which witnessed the steep- average drop from normal workplace vis- for higher growth... (there are) four sec-
Economic Relations, said even Organisation to say that the After the pandemic, we have day rolling average for comparison. est fall among north-eastern states, saw its. Manipur is down 26.6 per cent, and tors, among many other promising ones,
though more firms switched to share of formal jobs had seen that there is no social secu- The north-eastern states also a 51.7 per cent drop in workplace visits. It Mizoram 25.6 per cent. Numbers for oth- where new value chains can help boost
the formal sector and gave reg- increased in India. rity net in our workforce at all.” recorded a less severe fall during the was lower for others. Arunachal Pradesh er north-eastern states are lower. the region’s export potential, while also
ular wages, this doesn’t neces- The NSO survey asked The increase in the share of height of the lockdown. The largest sev- saw a drop of 25.7 per cent. Assam, Many states with larger economies creating more and better jobs for the peo-
sarily mean they were passing households in India whether workers in the unorganised sec- en-day rolling average drop from the Manipur, Meghalaya, Nagaland, Sikkim, are still struggling to get to work. ple. These include fruits and vegetables,
on social security benefits. they received provident fund, tor was greater for females than normal for the country was about 65 and Tripura were down 34-52 per cent. Maharashtra’s workplace visits are down spices, bamboo and related products,
“There might be more enter- pension, gratuity, healthcare males in 2018-19. per cent. This indicated that little more The recovery has been faster, too. 56.57 per cent, and Delhi is down 54.29 and medical tourism,” it had said.
.
NEW DELHI | 6 JUNE 2020 5
<

Corporate Identity No. L36992MH1948PLC014083

Registered Office: 23rd Floor, Lodha Excelus, New Cuffe Parade, Off Eastern Freeway, Wadala, Mumbai-400 037
Tel: +91 22 6665 2700 Website: www.rallis.co.in E-mail ID: [email protected]
PUBLIC NOTICE - 72ND ANNUAL GENERAL MEETING
This is to inform that in view of the outbreak of the Covid-19 pandemic, the Annual General Meeting
(‘AGM’/’Meeting’) of Rallis India Limited (the ‘Company’) will be convened through Video Conference (‘VC’) / other
audio visual means (‘OAVM’) in compliance with the applicable provisions of the Companies Act, 2013 and the
rules made thereunder, read with General Circular dated April 8, 2020, General Circular dated April 13, 2020, General
Circular dated May 5, 2020 issued by the Ministry of Corporate Affairs (‘MCA Circulars’) and Circular dated May 12,
2020 issued by the Securities and Exchange Board of India (‘SEBI Circular’).
The 72nd AGM of the Members of the Company will be held at 3.00 p.m. (IST) on Friday, July 3, 2020 through VC/
OAVM facility provided by the National Securities Depositories Limited (‘NSDL’) to transact the businesses as set out
in the Notice convening the AGM.
The e-copy of 72nd Annual Report of the Company for the Financial Year 2019-20 along with the Notice of the
AGM, Financial Statements and other Statutory Reports will be available on the website of the Company at
www.rallis.co.in and on the website of NSDL at www.evoting.nsdl.com. Additionally, the Notice of AGM will also
be available on the websites of the stock exchanges on which the securities of the Company are listed i.e. at
www.nseindia.com and www.bseindia.com.
Members can attend and participate in the AGM through the VC/OAVM facility ONLY, the details of which will be
provided by the Company in the Notice of the Meeting. Accordingly, please note that no provision has been made
to attend and participate in the 72nd AGM of the Company in person to ensure compliance with the directives issued
by the government authorities with respect to Covid-19. Members attending the Meeting through VC/OAVM shall
be counted for the purpose of reckoning the quorum under Section 103 of the Companies Act, 2013.
The Notice of the AGM along with the Annual Report 2019-20 will be sent electronically to those Members
whose e-mail addresses are registered with the Company / Registrar & Transfer Agents (‘Registrar’) / Depository
Participants (‘DPs’). As per the SEBI Circular, no physical copies of the Notice of AGM and Annual Report will be sent
to any Member. Members who have not yet registered their email addresses are requested to follow the process
mentioned below, before 5:00 p.m. (IST) on Friday, June 26, 2020, for registering their email addresses to receive the
Notice of the AGM and Annual Report electronically and to receive login ID and password for e-Voting:

a) Visit the link https://green.tsrdarashaw.com/green/events/login/ra;

b) Select the company name viz. Rallis India Limited;
c) Enter the DP ID & Client ID / Physical Folio Number and PAN details. In the event the PAN details are not
available on record for Physical Folio, Member to enter one of the share certificate numbers;
d) Enter your e-mail address and mobile number;
e) The system will then confirm the e-mail address for receiving the AGM Notice.
The above system also provides a facility to the Members holding shares in physical form to upload a self-attested copy
of their PAN Card, if the PAN details are not updated in accordance with the requirements prescribed by SEBI.
The Company is pleased to provide remote e-voting facility (‘remote e-voting’) of NSDL to all its Members to cast
their votes on all resolutions set out in the Notice of the AGM. Additionally, the Company shall also provide the
facility of voting through remote e-voting system during the Meeting. Detailed procedure for remote e-voting
before the AGM / remote e-voting during the AGM will be provided in the Notice.
Members who have not updated their bank account details for receiving the dividends directly in their bank
accounts through Electronic Clearing Service or any other means may follow the below instructions:
Physical Send a scanned copy of the following documents to the Registrar of the Company, TSR Darashaw
Holding Consultants Private Limited, at [email protected] latest by Tuesday, June 16, 2020:
a) a signed request letter mentioning your name, folio number, complete address and following
details relating to bank account in which the dividend is to be received:
i) Name and Branch of Bank and Bank Account type;
ii) Bank Account Number & Type allotted by your bank after implementation of Core Banking
Solutions;
iii) 11 digit IFSC Code.
b) self-attested scanned copy of cancelled cheque bearing the name of the Member or first holder,
in case shares are held jointly;
c) self-attested scanned copy of the PAN Card; and
d) self-attested scanned copy of any document (such as Aadhaar Card, Driving License, Election
Identity Card, Passport) in support of the address of the Member as registered with the Company.
Demat Members holding shares in demat form are requested to update their bank account details with
Holding their respective DPs.
In view of the outbreak of Covid-19, in case of non-availability of the bank details of any Member, the Company
shall dispatch the dividend warrant / cheque by post to such Member, upon normalisation of postal services and
other activities.
Pursuant to the Finance Act, 2020, dividend income will be taxable in the hands of the Members w.e.f.
April 1, 2020 and the Company is required to deduct tax at source (‘TDS’) from dividend paid to the Members at
prescribed rates in the Income Tax Act, 1961 (the ‘IT Act’). In general, to enable compliance with TDS requirements,
Members are requested to complete and / or update their Residential Status, PAN, Category as per the IT Act with
their DPs or in case shares are held in physical form with the Company / Registrar by sending documents through
email by Tuesday, June 16, 2020. The detailed process of the same is available on the website of the Company at
https://www.rallis.co.in/DDTIntimation.htm
For Rallis India Limited
Sd/-
Place: Mumbai Yash Sheth
Date: June 5, 2020 Company Secretary
6 ECONOMY & PUBLIC AFFAIRS
>
NEW DELHI | 6 JUNE 2020 1

MPC members see Covid President gives

green light to
dealing a multi-year hit amending IBC
ANUP ROY RUCHIKA CHITRAVANSHI Section 10, the promoter of a
Mumbai, 5 June New Delhi, 5 June company can trigger insolven-
“IN ASSESSING THE MAGNITUDE cy proceedings against his own
OF POLICY SPACE, IT’S IMPORTANT
T
he six-member Monetary Policy President Ram Nath Kovind on company.
Committee (MPC) was deeply con- TO TAKE INTO ACCOUNT THE WEAK Friday approved an Ordinance Industry experts are con-
cerned about the economic wreck to amend the Insolvency and cerned how the move will
that the Covid-19 pandemic has caused,
GROWTH MOMENTUM, THE NEED Bankruptcy Code (IBC). impact credit discipline, which
and said it “would take years” for the FOR PRIORITISING GROWTH, AND This exempts companies was one of the main objectives
economy to repair, show minutes of the THE NEED TO ASSURE BENIGN from facing insolvency pro- of the IBC. “It needs to be seen
meeting released by the Reserve Bank of ceedings against any default how this provision is interpret-
India (RBI) on Friday.
FINANCIAL CONDITIONS” arising for at least six months, ed, especially the word ‘ever’,
RBI Governor Shaktikanta Das warned SHAKTIKANTA DAS, starting March 25, 2020. and how the government
of a severe impact on the economy due to RBI governor The Ordinance gives per- ensures that this provision is
the two months of lockdown, a collapse in manent protection to compa- not misused,” said Anshul Jain,
demand, as gauged by the high frequency nies for default during these six partner, PwC India.
indicators, and a fall in private consumption
“I BELIEVE THAT THE REAL POLICY “COLLAPSE IN INDUSTRIALAND months that can be extended The Ordinance said the pan-
and investment, as seen through tepid bank RATE NEEDS TO BE KEPT POSITIVE MANUFACTURING NUMBERS, VEHICLE up to a year through a govern- demic had impacted the econ-
credit growth. Demand concerns will con- BUT NOT SO HIGH UNDER THE SALES AND FALL IN PMI... A GRIM ment notification. omy all over the world and cre-
tinue to weigh heavily on economic activi- The IBC amendment ated uncertainty and stress for
ty for some time to come, said Das. But he
PRESENT CONDITIONS” PROGNOSIS FOR THE ECONOMY” Ordinance stated, “No applica- businesses for reasons beyond
was optimistic about a revival in rural econ- RAVINDRA DHOLAKIA, PAMI DUA, tion shall ever be filed for initi- their control.
omy due to a good harvest. External member External member ation of corporate insolvency Experts, however, said that
“In assessing the magnitude of policy resolution process (CIRP) of a till an application for insolven-
space, it is important to take into account ing, both by the Centre and states, will be on the “grim prognosis for the economy.” She corporate debtor for the said cy is filed, there is no way for
the weak growth momentum, the need for revenue expenditure than on capital expen- cited collapse in industrial and manufac- default occurring during the any possible resolution appli-
prioritising growth in view of the less risky diture, he said. turing numbers, passenger vehicle sales, said period.” cants to come forward.
inflation outlook, and the need to assure Therefore, investment activity, which standstill in economic activities due to lock- This suspension of IBC will “While the Ordinance
benign financial conditions ahead of the contracted in the last two quarters, “is down, and fall in purchasing manager index. not be applicable to any default acknowledges Covid-related
recovery taking hold so that confidence is expected to be severely hit going forward”. Dua sounded caution over the findings committed before March 25. disruption, it does not grant any
sustained,” Das said. He expected economic activity to con- of the consumer confidence survey con- The three sections which stand relief to applicants whose reso-
Other members were also concerned tract in 2020-21. While supply lines are like- ducted by the RBI in May, which painted a suspended include Section 7, 9, lution plans recently got
about the hit to consumer sentiment, ly to be restored as lockdown is relaxed, “grim picture, showing that the overall 10. A new Section 10A has been approved. Their ability to imple-
demand, and private investment. “demand would take far longer to revive to Current Situation Index is at a historic low, added to suspend the IBC. ment the said plans will be
“My view is that the damage is so deep pre-Covid levels,” Raj said, adding, the fall in while the Future Expectations Index reflects Section 7 of the code directly impacted by such dis-
and extensive that India’s potential output investment demand “may be a huge drag on high pessimism for the year ahead. Thus, enables financial creditors to ruptions. A cut off date in this
has been pushed down, and it will take economic activity in the near future with consumer sentiment has plunged to start insolvency proceedings regard ought to have been con-
years to repair,” said Deputy Governor attendant implications for potential growth”. abysmally low levels.” against a company while sidered,” said Diwakar
Michael Debabrata Patra during MPC delib- External member Ravindra Dholakia said Another external member Chetan Ghate, Section 9 gives these powers to Maheshwari Dispute Resolution
erations that led to a 40 basis-point out of India’s real interest rates are still very high at who was also the only member who voted an operational creditor. Under Partner, Khaitan & Cop.
R SYSTEMS INTERNATIONAL LIMITED turn repo rate cut on May 22. around 1.2 to 1.6 per cent. “I believe the poli- for a 25 basis-point cut, as he was concerned
[Corporate Identity Number : L74899DL1993PLC053579] Executive director in charge of mone- cy rate needs to be kept positive but not so about inflation. “It is not entirely clear to
Registered Office: GF-1-A, 6, Devika Tower, Nehru Place,
New Delhi 110019
Corporate Office : C-40, Sector 59, NOIDA, Distt. Gautam Budh Nagar,
U.P., India - 201 307
tary policy Janak Raj flagged the collapse of
demand in private investment.
“Within aggregate demand, while pri-
high under the present conditions,” Dholakia
said, rooting for a 40 basis-point rate cut.
According to him, once the situation
me that Covid-19 constitutes a large disin-
flationary shock. Inflationary pressures fall
with economic slack (the output gap), but
Govt promulgates
agri Ordinances
Tel : +91 120 4303500; Fax : +91 120 4082699 vate consumption is likely to slow down returns to normal and the fiscal and mon- rise with expected future inflation and fac-
Website : www.rsystems.com; Email : [email protected] from the pre-Covid levels, what worries me etary boost measures start generating tors related to production costs,” Ghate said.
more is investment demand, which is like- impacts, the economy may require some In this context, Ghate cited the infla-
BEFORE THE NATIONAL COMPANY LAW TRIBUNAL, ly to be impacted severely for a variety of further boost, Dholakia said. tionary expectations survey, which has
NEW DELHI BENCH-IV, AT NEW DELHI reasons,” Raj said. The RBI governor had said in his media spiked by 190 and 120 basis points for three SANJEEB MUKHERJEE three days while the receipt for
FORM NO. CAA. 2 Excess capacity has been created in address that there would be room for more months and one-year ahead inflation, New Delhi, 5 June such transactions will have to
[Pursuant to Section 230 (3) & Rule 6 and 7] many sectors, which — combined with huge rate cuts in the future, contingent on infla- respectively. “This is worrisome. I continue be given immediately.
Company Application No. CA (CAA) 48 (ND)/2020 uncertainty about future demand, both tion coming under control. The central bank to be concerned about declining market The Centre on Friday promul- The Ordinance empowers
IN THE MATTER OF: domestic and external — is likely to hamper had hoped that inflation would start taper- arrivals of food commodities because of gated two Ordinances that seek anyone to trade in agricultural
RightMatch Holdings Limited new investments in the private sector. ing off from the end of the calendar year. But Covid-related supply side bottle-necks and to free inter-state trade in agri- commodities armed with just a
(Transferor Company) Financing of investment activity will also the RBI did not give any guidance on infla- their inflationary impact,” Ghate said, cultural commodities and facil- PAN card or any other docu-
With
be a challenge due to weak balance sheets. tion and growth due to deficient data. adding, when the economy turns to the itate contract farming between ment as specified by the
R Systems International Limited
(Transferee Company/Applicant Company) Also, the focus of government spend- External member Pami Dua talked about upside, the recovery in demand will be swift. growers and processors. Centre. The Ordinance also
And However, both the empowers anyone to open an
Their Respective Shareholders and Creditors Ordinances give power to the e-trading platform for which
Advertisement of notice of voting through Postal ballot and E-voting of Equity FDC LIMITED lower bureaucracy (sub-divi- the Centre can specify rules.
Shareholders, Secured Creditors and Unsecured Creditors of R Systems CIN: L24239MH1940PLC003176 sional magistrate or SDM) or In the event of any dispute
Regd. Office: B-8, M.I.D.C. Industrial Area,
International Limited
Waluj - 431136, Dist. Aurangabad, Maharashtra an authority constituted by in such types of transactions,
Notice is hereby given that by an order dated 22nd May, 2020 and ameded order dated Tel.: 0240-255 4407 him, in times of dispute the parties (a farmer and trader)
29th May, 2020 the New Delhi Bench -IV of the National Company Law Tribunal Website: www.fdcindia.com between farmers and buyers, may approach the SDM, who
("Tribunal") has directed voting by way of Postal ballot and/or e -voting of the Equity E-mail: [email protected] which can be companies in will then set up a reconciliation
Shareholders, Secured and Unsecured Creditors of the Transferee Company on or before NOTICE case of contract agreement. board comprising a chairman
7th July, 2020 for the purpose of considering, and if thought fit, approving, with or without NOTICE is hereby given that a meeting of the This may lead to difficulty and at least two members.
modification(s), the proposed Amalgamation between Transferor Company and Transferee Board of Directors of the Company will be held on
Company and their respective shareholders and creditors. Wednesday, June 17, 2020 to inter-alia consider in implementation. The contract farming
and take on record the Audited Financial Results The first Ordinance, called Ordinance, which also was
In pursuance of the said orders and as directed therein further notice is hereby given of the Company for the quarter and Financial Year
that voting of the Equity Shareholders, Secured and Unsecured Creditors of the ended March 31, 2020. The Farmers’ Produce Trade promulgated on Friday by the
Transferee Company will be conducted through postal ballot and e-voting from 08th June The trading window under the SEBI (Prohibition and Commerce (Promotion President, allows any company
2020 (OPENING DATE) to 07th July 2020 (CLOSING DATE), during which time the said of Insider Trading) Regulations, 2015 has been and Facilitation) Ordinance or processors or farmer pro-
closed from April 01, 2020 till 48 hours after
Equity Shareholders, Secured and Unsecured Creditors are requested to vote. declaration of Financial results. 2020, allows a trader to engage ducer organisation or cooper-
Copies of the Scheme of Amalgamation and of the Statement under Sections 230 can For FDC Limited in inter-state and intra-state ative society to enter into con-
be obtained free of charge at the registered registered office at GF - 1- A, 6, Devika Tower, Sd/- trade of agriculture produce tract farming.
Date : June 05, 2020 Varsharani Katre
Nehru Place, Delhi -110019 or Corporate office at C - 40, Sector - 59, Noida (U.P.) 201 with a farmer or another trad- This is for a minimum of
Place : Mumbai Company Secretary
307 of the Applicant Company or at the office of its lawyers 34, Babar Lane, Bengali er in a trade area. one crop cycle or one produc-
Market, New Delhi -110 001 between 10:00 A.M to 5:00 P.M on all working days (except
A trade area is defined as tion cycle in case of livestock.
Saturdays, Sundays and public holidays). Person entitled to vote may vote through postal
ballot or e-voting, as may be applicable.
any area, which is outside the The maximum period for
APMC Acts and existing pri- such an arrangement will be
The Tribunal has appointed me, the undersigned, SP Singh Chawla as the Chairperson,
Mr. Gursat Singh Vachher, as alternate chairperson and Mr. Abhishek Mittal as the vate mandis. five years.
Scrutinizer for voting through Postal Ballot and e- voting. The above mentioned No transactions done with- The price to be paid to the
Amalgamation, if approved through the voting by way of Postal ballot or e-voting, will in this zone will be subjected to farmer in such a contract farm-
be subject to the subsequent approval of Hon'ble Tribunal, New Delhi. any state market fee, cess or ing arrangement will be mutu-
Further, in terms of the provisions of Section 110, 108, 230-232 and other applicable levy as it may be called. ally decided or in case of
provisions, if any, of the Companies Act, 2013 read with rules made thereunder, Transactions done in this volatility, a minimum price has
Regulation 44 of the Securities and Exchange Board of India (Listing Obligations and area need to be paid within to be paid.
Disclosure Requirements) Regulations, 2015 and the order of Tribunal dated May 22,
2020 and ameded order dated 29th May, 2020.
1. the Transferee Company has completed the dispatch of the Notice dated May 30,
2020 along with the Postal Ballot form to its (a) equity shareholders whose name
appear on the Register of members/beneficial owners on May 22, 2020 (i) by way
of email to the equity shareholders whose email addresses are registered in the
records of depository participants and (ii) through registered post, along with a
postage prepaid self-addressed Business Reply Envelope to equity shareholders
whose email addresses are not registered and to (b) its Secured and Unsecured
Creditors as on December 31, 2019 through email on the email ids as registered
with the Transferee Company for seeking their consent on the proposed
amalgamation as mentioned above.
2. the Transferee Company has provided the facility to the equity shareholders,
secured and unsecured creditors to cast their votes by the way of Postal ballot
and E-voting in respect of the resolution as set out in the Notice through electronic
voting system provided by Link Intime India Private Limited ("LIIPL")
In this regard, please note that:
a. the equity shareholders, secured and unsecured creditors of the Transferee
Company have an option to exercise their votes either electronically or by way of
physical ballot. They can opt for only one mode of voting i.e., e-voting or Postal
Ballot Form. In case they cast their votes through all modes, voting done by
electronic means shall prevail and votes cast through Postal Ballot Form shall be
treated as invalid.
b. equity shareholders whose names were recorded in the register of members of the
Company or in the Register of beneficial owners maintained by the Depositories
as on May 22, 2020 and by secured and unsecured creditors as on December 31,
2019, will be entitled to cast their vote either by Postal Ballot Form or E-voting.
c. The voting process through Postal Ballot Form as well as E-voting will commence
at 10.00 A.M. on Monday, June 08, 2020 and will end at the close of working hours
i.e. by 5:00 P.M. on Tuesday, July 07, 2020. The e-voting module shall be disabled
by LIIPL thereafter and postal ballot received thereafter shall be treated as invalid.
The e-voting facility provided by LIIPL is available at the link
https://instavote.linkintime.co.in.
d. the equity shareholders, secured and unsecured creditors who have not received
Postal Ballot Forms may either send an email to [email protected] or apply
to the Company at Corporate Office: C-40, Sector- 59, Noida, Distt. Gautam Budh
Nagar, U.P., India - 201 307 and obtain duplicate thereof .
e. notice to the equity shareholders, secured and unsecured creditors along with
postal ballot forms are also available on the website of the Transferee Company
i.e. www.rsystems.com and also on LIIPL's website i.e.
https://instavote.linkintime.co.in.
f. The result of the Postal Ballot and e-voting will be submitted to the Stock
Exchanges where shares of the Company are listed and will also be posted on
the Company's website i.e. www.rsystems.com and on LIIPL's website i.e.
https://instavote.linkintime.co.in.
g. in case equity shareholders, secured and unsecured creditors have any queries
or issues regarding e-voting, please refer the Frequently Asked Questions ("FAQs")
and Instavote e-Voting manual available at https://instavote.linkintime.co.in, under
Help section or write an email to [email protected] or Call :-
Tel : 022 - 49186000.
Dated this 05th day of June, 2020
Sd/-
SP Singh Chawla
(Chairperson appointed for voting)
.
NEW DELHI | 6 JUNE 2020 7
<

Weekend
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NOTICE INVITING TENDER Printed and Published by Nandan Singh
The Tata Power Company Limited invites tender from eligible vendors for the Rawat on behalf of Business Standard
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DISCLAIMER News reports and feature arti-
cles in Business Standard seek to present an
unbiased picture of developments in the mar-
kets, the corporate world and the govern-
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Business Standard’s control and knowledge.
Business Standard does not take any respon-
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taken by readers on the basis of reports and
articles published in the newspaper. Readers
are expected to form their own judgement.
BHARAT FORGE LIMITED Business Standard does not associate itself
with or stand by the contents of any of the
CIN : L25209PN1961PLC012046
advertisements accepted in good faith and
Regd. Office : Mundhwa, Pune Cantonment, published by it. Any claim related to the
Pune - 411 036, Maharashtra, India advertisements should be directed to the
Ph. Nos. : 91-20-6704 2476 / 2777 Fax No.: 91-20-2682 2163 advertisers concerned.
Email : [email protected] Unless explicitly stated otherwise, all rights
Website : www.bharatforge.com reserved by M/s Business Standard Pvt. Ltd.
Any printing, publication, reproduction,
NOTICE transmission or redissemination of the con-
(For attention of the Equity Shareholders of the Company) tents, in any form or by any means, is prohib-
ited without the prior written consent of M/s
Sub : Transfer of Equity Shares of the Company to Investor Education
Business Standard Pvt. Ltd. Any such prohib-
and Protection Fund (IEPF)
ited and unauthorised act by any person/legal
This Notice is hereby given that Bharat Forge Limited would be transferring entity shall invite civil and criminal liabilities.
shares to Investor Education and Protection Fund (IEPF), pursuant to the
applicable provisions of Companies Act, 2013 read with the Investor No Air Surcharge
Education and Protection Fund Authority (Accounting, Audit, Transfer and
Refund) Rules, 2016 as amended (“Rules”). The Rules, inter alia, contain
provisions for transfer of share(s) in respect of which dividend(s) has not
been claimed by the shareholder(s) for Seven (7) consecutive years or more,
to Investor Education and Protection Fund (IEPF) established by the Central
Government.
Shareholders are requested to note that in case the dividend(s) are not
claimed by September 5, 2020, those equity share(s) in respect of which
the dividend remain unclaimed, including all the benefits accruing on
such shares, shall be transferred to IEPF as per timelines and
procedure prescribed in the Rules, without giving any further notice to
the shareholders and no liability shall lie against the Company in
respect of equity shares so transferred.
In view of outbreak of COVID - 19 pandemic in India, Postal and / or Courier
Services are not available. Individual notices will be sent to the concerned
shareholders at their registered address whose shares are liable to be
transferred to the IEPF, once the services get started.
The Company has made available the complete details of the concerned
shareholders whose shares are liable for transfer to IEPF on its website at:
www.bharatforge.com. Shareholders are requested to refer to link:
http://www.bharatforge.com/investors/unclaimed-dividend.html to verify the SHRIRAM TRANSPORT FINANCE COMPANY LIMITED
details of unclaimed dividend(s) and the share(s) liable to be transferred to CIN: L65191TN1979PLC007874
IEPF. Regd. Office: Mookambika Complex, 3rd Floor, No.4, Lady Desika Road,
Shareholders may note that both the unclaimed dividend(s) and equity Mylapore, Chennai - 600 004
share(s) transferred to the IEPF, can be claimed by making an application in Tel No: +91 44 2499 0356 Fax: +91 44 2499 3272.
Form IEPF-5 which is available at IEPF, website at : www.iepf.gov.in by Website: www.stfc.in Email id: [email protected]
following the procedure prescribed under the IEPF Rules. PUBLIC NOTICE
For further information / clarification / assistance, concerned shareholders Pursuant to Regulation 29 read with Regulation 47 of the Securities and Exchange
are requested to contact to the Company at below mentioned address: Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015, Notice is hereby given that a meeting of Board of Directors of the Company
The Secretarial Department, will be held on Wednesday, June 10, 2020, inter-alia to consider and take on
BHARAT FORGE LIMITED record Audited Annual Financial Results (Standalone and Consolidated) for the
Mundhwa, Pune Cantonment, Pune – 411 036, Maharashtra, India quarter and financial year ended March 31, 2020.
Tel. Ph. No. : 020-6704 2777 / 2476 This intimation is also available on the Company’s website at www.stfc.in and on
Fax No. : 020-2682 2163 the Stock Exchanges website at www.bseindia.com and www.nseindia.com.
Email : [email protected] For SHRIRAM TRANSPORT FINANCE COMPANY LIMITED
For Bharat Forge Limited Sd/-
Date : June 05, 2020 Umesh Revankar
Place : Pune Tejaswini Chaudhari Place : Mumbai
Date : June 5, 2020 Company Secretary Managing Director & CEO

GOVERNMENT OF TAMILNADU GOVERNMENT OF TAMIL NADU

FINANCE DEPARTMENT Auction of 10 and 30 year Tamil Nadu
CHENNAI - 9 Government Stock (Securities)
Dated: June 06, 2020
1. Government of Tamil Nadu has offered to sell by auction
PRESS COMMUNIQUE Rs.1000.00 crore of new issue for 10 year and Rs.1000.00
It is notified for general information that the outstanding balance SONATA SOFTWARE LIMITED crore of new issue for 30 year in the form of stock to the
of 8.16% Tamil Nadu Government Stock, 2020 issued in terms of (CIN No.L72200MH1994PLC082110) Public by auction for an aggregate amount of Rs.2000.00 crore.
Registered Office: 208, T V Industrial Estate, 2nd Floor, Securities will be issued for a minimum nominal amount of
the Government of Tamil Nadu, Finance Department, Notification S K Ahire Marg, Worli, Mumbai – 400 030
No.205(L)/W&M-II/2010, dated July 02, 2010 will be repaid at par Corporate Office: 1/4, APS Trust Building, Rs.10,000/- and multiples of Rs.10,000/- thereafter. Auction
on July 07, 2020 with interest due upto and including July 06, 2020. Bull Temple Road, N. R. Colony, Bengaluru – 560 004 which will be yield-based under multiple price format will be
Tel: 91-80-67781999, Fax: 91-80-26610972. conducted by Reserve Bank of India at Mumbai Office (Fort) on
In the event of a holiday being declared on the aforesaid date by any E-mail: [email protected],
State Government under the Negotiable Instruments Act, 1881, the website: www.sonata-software.com
June 09, 2020.
loan will be repaid by the paying offices in that State on the previous 2. The Government Stock upto 10% of the notified amount of
NOTICE
working day. No interest will accrue on the loan from and after the sale will be allotted to eligible individuals and institutions
Sub: Transfer of Equity shares of the Company to
Investor Education and Protection Fund (IEPF). subject to a maximum limit of 1% of its notified amount for
July 07, 2020.
Notice is hereby given pursuant to the provisions of Section 124(6) of a single bid as per the Revised Scheme for Non-competitive
2. As per sub-regulation 24(2) and 24(3) of Government Securities the Companies Act, 2013 (“the Act”) read with Investor Education and Bidding facility in the Auctions of State Government Securities
Regulations, 2007 payment of maturity proceeds to the registered Protection Fund Authority (Accounting, Audit, Transfer and Refund) of the General Notification (Annexure II). Under the scheme,
holder of Government Security held in the form of Subsidiary Rules, 2016 (Rules) and amendments made thereto, the Final dividend an investor can submit a single bid only through a Bank or a
General Ledger or Constituent Subsidiary General Ledger account declared during the Financial Year 2012-13 which remained unclaimed Primary Dealer.
for a period of seven consecutive years will be due to be transferred
or Stock Certificate shall be made by a pay order incorporating the 3. Interested persons may submit bids in electronic format on the
by Sonata Software Limited (“Company”) to Investor Education and
relevant particulars of his bank account or by credit to the account Protection Fund Authority (“IEPF Authority”) in September, 2020 and Reserve Bank of India Core Banking Solution (E-Kuber) System
of the holder in any bank having facility of receipt of funds through the Equity Shares pertaining to the aforesaid Dividend account will as stated below on June 09, 2020.
electronic means. For the purpose of making payment in respect consequently be transferred to IEPF Authority. a) The competitive bids shall be submitted electronically on
of the securities, the original subscriber or the subsequent holders Adhering to the various requirements set out in the Rules, the Company the Reserve Bank of India Core Banking Solution (E-Kuber)
has communicated individually to the concerned shareholders System between 10.30 A.M. and 11.30 A.M.
of such a Government Securities, as the case may be, shall submit whose shares are liable to be transferred to IEPF Authority under
to the Bank or Treasury and Sub-Treasury or Branch of State Bank the said Rules for taking appropriate action(s) and the details of b) The non-competitive bids shall be submitted electronically
of India, where they are enfaced/registered for payment of interest, such shareholders are uploaded on the website of the Company at on the Reserve Bank of India Core Banking Solution (E-Kuber)
as the case may be, the relevant particulars of their bank account. https://www.sonata-software.com/about-us/investor-relations. System between 10.30 A.M. and 11.00 A.M.
In this connection, please note the following: 4. The yield percent per annum expected by the bidder should
3. However, in the absence of relevant particulars of bank
a) In case you hold shares in physical form: Duplicate share be expressed up to two decimal points. An investor can submit
account/mandate for receipt of funds through electronic means, to certificate(s) will be issued and transferred to IEPF. The original more than one competitive bid at different rates in electronic
facilitate repayment on the due date, holders of 8.16% Tamil Nadu share certificate (s) which stand registered in your names and held format on the Reserve Bank of India Core Banking Solution
Government Stock, 2020, should tender their securities at the Public by you, will stand automatically cancelled.
(E-Kuber) System. However, the aggregate amount of bids
Debt Office, 20 days in advance. The securities should be tendered b) In case you hold shares in electronic form: Your demat account will
be debited for the shares liable for transfer to the IEPF. submitted by a person should not exceed the notified amount.
for repayment, duly discharged on the reverse thereof as under:-
In the event, valid claim is not received from you on or before 5. The result of auction will be displayed by Reserve Bank of
“Received the Principal due on the Certificate” 20th August, 2020, the Company will proceed to transfer the Equity India on its website on June 09, 2020. Successful bidders
4. It should be particularly noted that at places where the shares in favor or IEPF without any further notice. Please note that should deposit the price amount of Stock covered by their
the concerned shareholders can claim the shares from IEPF Authority bids by means of a Bankers’ Cheque or Demand Draft payable
treasury work is done by a Branch of the State Bank of India, the by making an application in the prescribed Form IEPF-5 online at Reserve Bank of India, Mumbai (Fort) or Chennai on
securities, if they are in the form of Stock Certificates, should and sending the physical copy of the same, duly signed (as per the
specimen signature recorded with the Company/RTA), along with the
June 10, 2020 before the close of banking hours.
be tendered at the branch of the bank concerned and not at the
Treasury or Sub-Treasury. requisite documents enumerated in Form IEPF-5, to the Nodal Officer 6. The Government Stock will bear interest at the rate determined
of the Company. Please also note that no claim shall lie against the by Reserve Bank of India at the auction. Interest will be paid half
5. Holders who wish to receive payment at places other than Company in respect of shares/ unclaimed dividend transferred to IEPF yearly on December 10 and June 10.The Stock will be governed
those where the securities have been enfaced for payment should pursuant to the said Rules. by the provisions of the Government Securities Act, 2006 and
send them duly discharged to the Public Debt Office concerned For claiming unclaimed/unpaid dividend the shareholders may Government Securities Regulations, 2007.
contact the Registrar and Transfer Agent, M/s KFin Technologies
by Registered and Insured Post. The Public Debt Office will make 7. The stocks will qualify for ready forward facility.
Private Limited (Formerly Karvy Fintech Private Limited) Unit: Sonata
payment by issuing a draft payable at any Treasury/Sub-Treasury or Software Limited, Karvy Selenium Tower B, Plot 31-32, Financial 8. For other details please see the notifications of Government of
branch of State Bank of India conducting Government Treasury work District, Nanakramguda, Serilingampally Mandal, Hyderabad - 500 032 Tamil Nadu Specific Notification No.484(L)/W&M-II/2020 and
in the State of Tamil Nadu. Phone: +91 040-67161591, email: [email protected]. 485(L)/W&M-II/2020 dated June 05, 2020.
For Sonata Software Limited
S. KRISHNAN S. KRISHNAN,
Additional Chief Secretary to Government, Date : June 05, 2020 Mangal Kulkarni Additional Chief Secretary to Government,
DIPR/532/DISPLAY/2020 Finance Department, Chennai-9. Place : Bengaluru Company Secretary DIPR/533/DISPLAY/2020 Finance Department, Chennai-9
8 ISSUES AND INSIGHTS
>
NEW DELHI | 6 JUNE 2020

Modi, Williamson Devika Balakrishnan & Brajabandhu Rana matter

Perhaps it was not quite so selfless when

and Alesina We suffer our own domestic Donald Trumps; we mourn our own George Floyds
response to it, can seem like small sordid details communal bitterness.
Ghanaian, Kenyan, Zimbabwean and South
African politicians co-opted Floyd as their
own. Axes were ground more noisily as

O
n May 21 and 23, in a distant tapestry. It resonates throughout Brutality is commonplace here and class- Russian, Chinese and Iranian leaders casti-
two great econo- the world because as an American journalist driven. People starved to death while Amit gated Trump or when Hong Kong’s Carrie
mists died. The wrote, if the President says something it is Shah swore government granaries were burst- Lam spoke.
first was Oliver Williamson news. So is anything that happens in the US. ing with food. The names of the 16 migrant Some of these outrages could be seen and
at the age of 88. The second The Lone Superpower’s doings affect all our labourers whom a roaring freight train crushed suffered. I felt entitled to comment on them,
was Alberto Alesina at a lives. The Western-dominated infotainment to death as wearied by days of trudging, they even to hope that my inadequate words of con-
mere 63. industry sees to it, aided by our own awareness slept on the permanent way — their final sleep demnation might touch some reader able to
Both offered insights of power and complexes of race and colour. — weren’t even mentioned: they are the face- influence the course of justice. But anything
that India must follow over Anti-Vietnam war rallies used to paralyse less multitude. Two teenage girls, Bhagya said here about the Minneapolis murder won’t
the next two decades. If it Kolkata. The interaction isn’t reciprocal. India Laxmi and Bijay Laxmi, will never see their even reach anyone remotely connected with
MARGINAL UTILITY doesn’t, it can resign itself MEN AND MATTERS shares the world’s pain but India’s pain is not father again because he was desperate to see the atrocity. Our worlds are as distant as
to its current low-grade the world’s. Little that occurs here is even them: having waited nine weeks for a Shramik Hecuba’s terror as she watched Pyrrhus slaugh-
TCA SRINIVASA-RAGHAVAN economic status. SUNANDA K DATTA-RAY reported abroad. Special and then suffered the isolation of quar- ter her husband, Priam, king of Troy.
The economy has strug- But faraway communities grieve with Mi- antine, ailing Brajabandhu Rana jumped over But to plead distance to avoid comment is
gled from the very start nneapolis because we suffer our own domestic a six-foot wall to his death. begging the question in a borderless word

W
because of two early blunders. The first was the Congress hen I began this column those famil- Donald Trumps; we mourn our own George The dead Floyd is everywhere. Thousands where the right to life, to civil rights and press
party’s decision in 1955 to make the government the lead- iar lines from Shakespeare’s play Floyds. If Trump’s Bible-in-hand pose outside of French demonstrators in Paris, Lille, freedom are all threatened. Hamlet saw
ing player in manufacturing. This was followed by its deci- within a play “What’s Hecuba to him, a Washington church was theatrics, so are lofty Marseilles and Lyon see him as Adama Traore, Priam’s death as the killing of his own father;
sion in 1970 to undertake massive welfare expenditure, or he to Hecuba/That he should weep for her?” invocations of “Digital India” while Devika a black Frenchman who died in police custody he also saw himself as Pyrrhus who avenges
thus shifting political focus from efficiency to equity. In were ringing in my ears, warning that race mur- Balakrishnan, only 14, poured petrol on herself four years ago. His agony prompted hundreds the death of his father, Achilles, by killing
fact, such control had been increased via the nationalisa- der in Minneapolis was no concern of mine. As and blazed to death because her family could- of Japanese to protest outside Tokyo’s Shibuya Priam. John Donne stated Shakespeare’s con-
tion of banks seven months earlier in July 1969 itself. I read and wrote, the lines changed to John n’t afford a television set or smartphone for police station when policemen used force to voluted connection more bluntly. “No man is
The second mistake flowed naturally from these two. Donne’s “No man is an island entire of itself; online lessons. If the white police officer who question a Kurdish man over a traffic violation. an island entire of itself.” Since truth and false-
To oversee the enormous government spending on indus- every man is a piece of the continent, a part of kept his knee on Floyd’s neck while he gasped Australia’s opposition spokeswoman on indige- hood, vice and virtue, life and death are the
try and welfare, the bureaucracy took over the economy, the main...” “I can’t breathe” was brutal, so are Indian nous people mourned more than 400 Floyds same for everyone the world over, we cannot
making rules as it went along, without reference to any- So much death and disaster surround us in policemen I see on television lashing with — the aboriginal Australians who had died in ignore Donne’s “any man’s death diminishes
thing other than the CYB (cover your backside) principle. India that a white policeman kneeling on the their lathis at queues of jobless migrant la- police custody in recent years. The bereaved me, because I am involved in mankind”.
This is why Williamson and Alesina are so important. neck of a 46-year-old North Carolina Black for bourers trudging to nowhere under a pitiless worldwide echoed John F Kennedy’s immortal George Floyd hadn’t led an impeccable life,
Mr Modi understands Williamson’s lesson instinctively nearly nine minutes and the tempestuous sun. America’s race bitterness erupts in India’s “Ich bin ein Berliner... I am a Berliner”. but his murder was a crime against humanity.
because he knows it will make him popular as it makes
things easier for businessmen. But he has so far shown no
signs of acting on Alesina’s insight because he knows it
will make him unpopular, namely, reduced government LUNCH WITH BS > K GANESH, VENKAT K NARAYANA, JUGGY MARWAHA | CO-FOUNDERS, KVN FOUNDATION
expenditure.

Modi and Williamson

Ever since 2014, Mr Modi has been trying to improve the
“ease of doing business” in India. And in the last six years
things have indeed improved. But not enough.
This is because the government, at the bureaucracy
The power of the cause from different parts of the country. Najam
level, hasn’t really understood that it is the reason why
The trio behind a charity start-up to feed migrants tells Rahul Jacob they received Abbas, the co-owner of the affiliate that sup-
it’s so hard to do business in India. And that’s because the
babus have no idea of the insights offered by Oliver
help from corporates, volunteers, and the government at every turn plied meals in Bengaluru, says in some parts
of the cosmopolitan city this meant tailoring

T
Williamson. he conventional narrative in India is the food to appeal to Bengali migrants, in
Williamson focused, amongst other things, on trans- of businessmen in combat — or in col- others it meant delivering south Indian offer-
actions costs in an economy. These are unconscionably lusion — with the state. Spend a cou- ings such as bisi bele baath. Abbas and his
high in India largely because of the bureaucracy which ple of hours with Juggy Marwaha, Venkat partner Sri Ram Samanthu convinced their
increases their number. Narayana and K Ganesh, the co-founders managers and supervisors to drive food
His starting point was the question that Ronald Coase, of KVN Foundation, a start-up that was trucks because they were short-staffed
another Nobel winner, had asked in the 1950s: What’s the conceived when the lockdown began on and even did so themselves, occasionally
optimal number of transactions for a firm? March 25 and has produced 4.5 million carrying the food into cul-de-sacs in
Williamson’s key insight was the cost of asymmetrical free meals for migrants and day labourers slums that were inaccessible to vehicles.
availability of information. “…when true underlying cir- since then, and instances of collaboration The urgency of the cause helped the
cumstances relevant to the transaction, or related set of with government officials come up repeat- effort time and again. Overnight, the
transactions, are known to one or more parties but cannot edly. There was a time in April when Noida effort needed thousands of rotis.
be costlessly discerned by or displayed for others". Marwaha, the executive managing director Marwaha, who is Sikh, made a call to the
This is where the Indian bureaucracy comes in. It igno- of Jones Lang LaSalle Property Bangla Sahib Gurdwara in New Delhi. For
rantly imposes these costs not just on firms but on its Consultants, received a call from the weeks afterward, 25,000 rotis arrived at the
employer, the government, also. chief secretary in Odisha. The chari- Hunger Box location in Noida from the
The Prime Minister therefore needs to ask the question ty’s cooked meals were being hijacked gurdwara at 10.30 am every morning.
Gabbar Singh asked: “Arrey o Babu, kitnay transactions by local thugs in a neighbourhood in “We wanted to keep it ‘a-religious’,”
hain re (How many transactions are there)?” If he can Bengaluru with a few thousand says Marwaha.
reduce these, efficiency will go up. Oriyas. Orissa had trucks with Yet in these dystopian times
rations en route to Karnataka, but where India often seems obsessed
Modi, Alesina and Thomas Kuhn the trucks were still days away, the with religion on social media and in
If by following Williamson India can improve efficiency, bureaucrat said. Marwaha turned political campaigns, the cosmopoli-
by following Alesina it can improve equity. But there’s a to the police; photos show a de fac- tanism in the room is admirable. The
cognition problem: Alesina’s conclusions run counter to to flag march by police and an corporate canteen that fed hundreds
received wisdom and like all good insights, they are also orderly queue a couple of kilome- of thousands of meals to migrants in
counter-intuitive. tres long by migrants in the area. Bengaluru is owned by a Muslim and
In spite of his earlier work on inequality and growth “Nobody knows the cities better a Hindu. KVN’s founders include a
Alesina showed, with all the data that was needed, that than the cops. They really helped us,” Hindu CEO of a property giant whose
reduced government expenditure — except as relief dur- says Marwaha. owner, Irfan Razack, is Muslim,
ing crises — actually led to better economic outcomes. Within a few days of starting KVN Ganesh, an entrepreneur who made
But globally there are virtually no takers for this. Foundation after a phone conversation his first multi-millions selling a com-
Alesina also showed how it is better to cut taxes to on March 25, the trio realised that they pany he founded to the British edu-
reflate the economy than to increase them to fund higher would need 80G status for tax deductible cation giant Pearson, and a Sikh, who
ILLUSTRATION: BINAY SINHA
government expenditure. Mr Modi who is in a tight spot donations. Narayana, who is the CEO of real manages a property consultancy head-
fiscally, should pay heed if he wants to revive demand. estate developers Prestige Group, contacted after two bites, people waited for the foun- as R Ramaraj, co-founder of Sify, and Gopal quartered in Britain.
Meanwhile many economists with an eye on the main the commissioner of income tax in dation’s FeedMyChennai truck. Srinivasan of TVS Capital Funds in Chennai. Over delicious lemon rice and vegetable
chance have chosen to encourage the politicians Bengaluru on March 29. The requisite forms Over lunch in a small room adjacent to Perhaps because none of the founders has a pilau, both staples of the meals provided to
who are major beneficiaries of higher government were signed and approved that day. Says the giant kitchen of the Hunger Box affiliate background in restaurant management and migrants, politics is discussed only in passing.
expenditure. These economists have ignored what they Narayana, “This is the first time places of that routinely cooked 24,000 meals a day in the start-up was founded at such a challeng- When I ask why they chose not to provide
know: That all practitioners of bad policies look for intel- worship were closed. Indirectly, even god Bengaluru during the lockdown after starting ing time, KVN’s cost per meal was ~30, con- train fares to migrants, Narayana explains that
lectual validation. was saying, ‘Don’t come to me. Sort it out with 500 on March 27, the success of the siderably higher than the ~18 per meal they had raised money from donors to feed
India provides dozens of examples of this since 1971. yourself'.” In Mumbai, former police world’s speediest start-up is easily under- reported by some restaurant owners who people and that the issue had become highly
The now defunct Planning Commission was, in fact, the commissioner Rakesh Maria helped stood. The passion in the room prompts a were part of an even larger effort by the politicised. They received a call from police
maternity ward for these terrible ideas. with introductions. flash flood of anecdotes, more a high-spirited National Restaurant Association of India anyway to provide meals for a few thousand
Thomas Kuhn was a philosopher who popularised the In Chennai, meanwhile, the municipal college reunion than a business lunch. De- (NRAI). The KVN founders said they wanted migrants at a large ground in Bengaluru,
term “paradigm shift”. He wrote that “novelty emerges corporation controlled distribution with an spite hours on calls together for two months, to adhere to corporate standards, but pre- assembled there as they waited for trains.
only with difficulty, manifested by resistance, against a “iron fist”, recalls Ganesh, the venture capi- Narayana and Ganesh were meeting for the sumably so did restaurateurs. Marwaha recounts seeing some migrants opt
background provided by expectation”. talist behind Big Basket and Portea, because first time that day. The platform of Hunger The energy of civil society — the NRAI to leave clothes behind to make room in their
He said there is always tension between the old and it was concerned about the risk of food poi- Box vendors — Ganesh is a backer of the start- delivered more than six million meals to bag for the food package, a bottle of water and
the new. This tension led to intellectual crises which were soning. The foundation was using the ki- up — in different cities allowed them to start migrants despite being the industry among a Frooti juice. As a property consultant might
resolved in one of three following ways. tchens of Hunger Box in Noida, Chennai, with 5,000 meals in Noida and 10,000 in the hardest hit by Covid — has starkly con- do, he tried the tap in a migrant train he briefly
First, it was acknowledged that the existing body of Mumbai, Hyderabad and Bengaluru, the cor- Chennai on the first day in those locations. trasted with the pillars of the Indian state. boarded. It had no water.
knowledge was incapable of dealing with the crisis. porate canteen food aggregator that supplies Corporate know-how and ‘know who’ Parliament has not convened, not even by For two hours, the stories flowed from
Second, the crisis proved unsolvable and was stored for TCS, IBM and Cognizant, but the municipal- networks took care of the other challenges. video-conference as in other countries. The these subcontinental Scheherazades, masks
the future. Third, a new paradigm emerged, which, after ity rigorously inspected the kitchens anyway. Funding fell into place with crowdfunding army, with its thousands of kitchens and moved well below the chin early on. There
the usual wrangle, replaced the older paradigm wholly. Ganesh broke into Tamil to replay the com- via Paytm’s platform and a more than ~1 large trucks, has been missing in action. was probably enough good karma in the
The time has come for the last. pliment paid to the organisation by one of crore donation targeted at Noida where KVN, meanwhile, kept daily progress room to keep the virus at bay. As Narayana
the municipality’s officials. They reported Paytm is headquartered. Corporate leaders reports and sought customer feedback, tai- said of their 12-14 hour workdays, “We were
that while some free food was pushed aside spearheaded the effort in other cities such loring menus to the demands of migrants feeding our souls.”

The Covid-19 deniers Shutting up ain’t good for health

anyone who needs a medical attendant her as much, she asked if there were any equally indecisive. Neither will request chicken. Fortunately for me, unfortu-
right now.” Her entire family had fallen openings I knew of cooks or housekeep- it as the room turns increasingly chilly nately for her, we don’t exchange our
on hard times, she said to me. “My son- ers. “I will do any sort of work,” she said. at night, nor will we — dreadful thought plates or our helpings. That peculiar
in-law is out of work as well at the “I really need the money.” I could hear — share the duvet, so by the morning, sound you hear is my wife choking on
moment,” she said, “so if you know of the desperation in her voice and offered we wake up not having slept at all for the her drumsticks.
someone who needs a male nursing to tide her over her present circum- light and the cold. She has her revenge by purloining
attendant, he’s your man.” The house- stances. “And how is your daughter?” I Being in a bad mood, therefore, my my car and driver — but has nowhere
hold had been surviving on the free asked. “Has she completely recovered wife employs underhand means to ben- to go. Not that I mind — I have nowhere
rations provided by the government. from Covid-19?” efit from the situation. She takes out to go either. She goes to the market any-
“Sometimes I think I would be better off My query was met with a long clothes from my cupboard to give away way, with money she’s pinched from

PEOPLE LIKE THEM

if I returned to my village in West
Bengal,” she said. “But train tickets are
silence, followed by a rant. “Who told
you my daughter had Covid-19?” Seema
PEOPLE LIKE US for charity knowing I cannot voice my
disapproval. I reclaim them when she
my newest secret hiding place. She
comes back with ingredients for a
hard to get and from all that I have heard, demanded to know. “She’s absolutely KISHORE SINGH leaves the room, only to find them in a “healthy” cake — an oxymoron — but
GEETANJALI KRISHNA the journey itself is even harder.” Even hale and hearty.” She insisted that her pile on the floor a while later. Except a I don’t even have to decline it. Who
if she braved the journey home, Seema daughter had simply had viral fever few that I manage to secrete away into wants zucchini kneaded into flour and

A I
s we enter the third month of the said that the idea of two weeks of quar- with a bit of cough. “I didn’t think t has now been a week since my wife her winter cupboard where she won’t concealed under chocolate icing? I
Covid-19 pandemic, I find that antine outside the village boundaries someone like you would believe such and I last spoke to each other. On the know to look, they now have new own- ignore it, just as she ignores the con-
the disease is inching frighten- was a deterrent. vicious rumours,” she said before hang- ground, this means that she ers. She helps herself to money from my fection I make with lots of cream and
ingly close. For the time has come when I was sorry to hear her tale of woe, ing up hastily. addresses me through other people bedside drawer without bothering to oodles of alcohol. My unhealthy is way
people one knows, or at least knows if, especially because a couple of weeks ago, It seemed an unlikely coincidence while I ignore her. What I describe as inform me of such withdrawals, leave tastier than her healthy.
are contracting the infection. Conver- I’d learnt from the local grapevine that that the news that her daughter had fall- good old-fashioned stiff upper lip, she alone ask my permission, and since she She makes a point to occupy my place
sations with the families of people who her daughter, a nurse in a private hospi- en prey to Covid-19 had spread during calls a petulant sulk. No matter. knows all my hiding places, I find myself at the dining table; I help myself to her
have tested positive have made me tal who lives in Khizrabad, had contract- the same time as her son-in-law and she Normally, cutting off conversation has helpless — and penniless — in the bar- pot of tea. She grabs the newspapers in
realise that the virus may infect one per- ed Covid-19. Being adjacent to our neigh- lost their jobs. It was also no coincidence its benefits, but on this occasion, I’m less gain. She has the cook make the most the morning; I cut out the edits. She
son but its impact is borne by every sin- bourhood, the rising cases of that they hadn’t been able to find new sure of its impact. Neither of us remem- awful vegetables for lunch — yesterday, allows my washed laundry to remain un-
gle member of his/her household. This coronavirus there have been a source of jobs either. But there is so much social bers what led to the stalemate, but we’ve it was brinjal, bitter gourd and moringa. ironed; I put her washed laundry back
was brought home to me early this week, alarm. As most of my neighbours are stigma associated with Covid-19 now resisted moves to a reconciliation. The good thing is, she can’t tick me in the washing machine. She scrolls
when Seema called me. She used to be a hesitant to even call their regular part- that more and more people are denying Some things are, admittedly, childish. off for not eating them, and I’m no through my phone messages, mocking
cook until she found a more lucrative job time staff back to work, the chances of they, or their family members, have had Who is to turn off the bedroom light at longer anxious about raiding the fridge my colleagues; I scroll through her
as a medical attendant. “I lost my job as their hiring someone new, that too to it in the first place — and this will make night, for instance? I won’t do it unless for things I prefer, instead of fearing a phone messages, mocking her friends.
soon as the lockdown began,” she said. attend to an immunity-compromised the task of containing the pandemic that I’m asked, and my wife won’t do it till talking-to. She makes a show of liking At our current impasse, we might as well
“So I thought I’d ask you if you knew of family member, were dim. When I told much harder. she’s told. The fight for the AC remote is the vegetables, but I see her eyeing my be talking.
 >
OPINION 9
STAY INFORMED THROUGH THE DAY @ WWW.BUSINESS-STANDARD.COM

Volume VII Number 45

Blame the bureaucrat

There were in three categories: bureaucrat-
NEW DELHI | 6 JUNE 2020 economists (N K Singh, Y V Reddy, D Subbarao, K
P Geethakrishnan, all IAS), economist-bureau-
crats (Montek Singh Ahluwalia, Bimal Jalan, Vijay
WEEKEND RUMINATIONS Kelkar, Rakesh Mohan), and some pucca

T N NINAN
Despite big ideas, Modi comes off poorly as a reformer. bureaucrat-bureaucrats who knew how to get
things done. Think about A N Verma (principal
Because his bureaucrats lack the motivation to push secretary in Rao’s PMO), Naresh Chandra, who

Why the fiscal mess? reforms and are beginning to enjoy unbridled power held every job or headed every reform committee
that mattered (including defence) for those two
decades, and Abid Hussain. And tough truth to

T
here are several well-known reasons for the fiscal mess that sits on

T
hree questions: First, is Narendra Modi an high on something illegal to make a disclosure tell, a memo written under their watch would nev-
the Central government’s plate, but let’s start with one that is not economic reformer? Second, where would under these. er need one amendment for clarity or contradic-
often discussed: The greater share of revenue that has gone to states. he rank on the list of India’s reformists: P There is a pattern to the Modi government’s tion, forget multiple ones as is now the norm in
Back in 2013-14, the states got 28 per cent of the Centre’s gross tax V Narasimha Rao, Manmohan Singh, Atal Bihari economic decisions. The follow-up, the design of the lockdown period.
revenue. By 2017-18, this share had gone up to 35 per cent. Since then, the Centre Vajpayee? And third, how successful is he in the plan, implementation takes too long. And by There are three ways in which they were dif-
implementing his reformist ideas? the time it is done, it is such a jumble of bureau- ferent. One, the career bureaucrats among them
has found various ways of clawing back some of the lost ground; last year, the
If the answer to the first question is yes, cratese that looks more an overcooked spaghetti had their moment under the ‘Mai-baap’ sarkar
states’ share was 31 per cent. what does he have to show for as he begins his bowl. What is the status of the PSU bank reform, sun. When the state had enormous power. Having
Central transfers as a share of the states’ own revenue have climbed from seventh year? for example? Where is the promised bank holding enjoyed it, they were happy to give it up now.
45 per cent 2013-14 to 62 per cent (Budget estimates for 2019-20). The Centre’s A lot has been announced and welcomed by company? Longer tenure for PSU bank chiefs, Which is essentially what reform, or the spirit of
net tax revenue has grown 102 per cent, while its tax transfers to the states have those like us waiting for reforms to resume after a accountability of their boards? All good ideas ‘less government, more governance’ is.
gone up by as much as 168 per cent. The states’ total revenue (tax and non-tax) 10-year drought since UPA-2 began its slow suicide idling in George Fernandes’s deadly orbit. Two, having lived most of their lives through
in 2010. Railways, agriculture, banking, manufac- Power sector reform is a disaster twice over. pre-reform years, they had experienced the short-
has grown 132 per cent over the six years, compared to 93 per cent for the Centre. turing, labour laws, power sector, civil aviation, A third attempt has been announced now. ages and miseries that licence-quota raj brought.
And the states-to-Centre ratio of total government receipts has pivoted from FDI in new sectors, PSUs, coal, mining, taxation, Let’s watch. Listen to Montek and N K Singh recount their
56:44 to 65:35. For every rupee that the Centre now spends, the states spend the list is impressive. But, as The same for coal. So many stories of the humiliation when a hotel in New
almost two. This is a massive swing in fiscal resources and power. Why be sur- a class-1 child would do in her times has the coal and mining York wouldn’t check them in, full secretaries,
prised that the Centre finds itself fiscally constrained, while states budgeted for arithmetic, draw a line under reform and private sale, been because Indian credit cards were not valid
a revenue surplus in 2019-20? all these, and the answer will announced in six years, that overseas. Or realising at a big multilateral
be pretty much zero. even Google is confused and negotiation in a Geneva hotel that you could tell
The Centre has not helped itself with some crazy (there is no other way to Which brings us, sort of searching for clarity. It has whether an Indian had been in a lift by sniffing
describe it) budgeting. It ignored the revenue slowdown already in evidence in naturally, to the third ques- been announced yet again, in petrol. Because India still did not allow the
2018-19 and budgeted expansively for revenues in 2019-20 of ~17.05 trillion, reduced tion. Is Mr Modi capable of the latest, pandemic-package. import of modern dry-cleaning equipment. A
post-elections to ~16.50 trillion. The end result was a shortfall of over 20 per cent implementing his ideas, The inability of the Modi memory bank of such experiences brought the
on the original target, an outcome that may have few or no precedents. The fiscal especially the big, reformist government to sell even one impetus for reform.
ideas? You will have to be PSU in six years, except to And third, combining this IAS group with life-
deficit, 48 per cent of total revenue in 2013-14, had been brought down to 37 per
cent by 2016-17 (the pre-GST year), but soared to 53 per cent for 2019-20. If you
nuts, or a Naxal, urban or
rural, if you said no. Think
NATIONAL INTEREST itself in the manner of a Milo long economist-bureaucrats brought in intellec-
Minderbinder in Catch-22, tual weight. Finally, each one of these was allowed
look at the actual numbers rather than the ratios, the deficit shot up by a stunning demonetisation and nation- SHEKHAR GUPTA does zero justice to a a long tenure in economic ministries. The career
45 per cent in just one year — without counting off-balance sheet borrowing. wide lockdown at four hours’ prime minister with such of N K Singh from joint secretary (commerce)
There is a pattern to these fiscal numbers. All ratios, like tax to GDP, notice from 8 pm. That’s decisive. enormous power. Not even Air onwards (even now he heads the 15th
improved after 2013-14, when the economy began to emerge from a trough. The Why has he then been struggling so badly in India. This year, there is an The virus came three Finance Commission) is an
converting his economic reform ideas into reality? obvious challenge. But in his first months back. India’s example. Today, RBI Governor
uptick continued till 2016-17. Average GDP growth in the 2014-17 period flattered
It isn’t just coronavirus. The virus came three tenure, his teams came up with a sale economy was in a Shaktikanta Das is the only durable
at close to 8 per cent. After that, it has been bad news all the way. The growth months back. India’s economy was in a steep fall document so complicated, it might steep fall for almost economic bureaucrat.
slowdown has steadily accelerated, dropping to less than half the level that it for almost two years. There is indeed a factor of have needed the intellect of a Lord two years. There is The current civil service leadership
had reached. The ratio of indirect tax to GDP, for instance, has dropped from 5.6 ‘the day after’ corona worsening our economic Shiva to unravel it. And then, the indeed a factor of consists mostly of secretaries of the
per cent to 4.9 per cent, or even lower, accounting for the entire drop in the ratio crisis. But there was a severe enough crisis even courage and strength of a Lord ‘the day after’ 1985-87 batches. They are children of
of total tax to GDP. It is ironic that the promise held out for GST was that it ‘the day before’. We can begin with his first big Hanuman to buy the company, and corona worsening reform, or let us say, officers of the
one, the Land Acquisition Bill. risk spending your life with CBI, our economic crisis. ‘colour TV era’ (beginning 1982). They
would improve the tax-GDP ratio. The actual experience has been the opposite
CBDT, CVC and the courts and jail. But there was a don’t know what we were denied pre-
of that, though the growth slowdown could well have influenced the outcome.
It is this darkening backdrop of the last three years that has left the Centre
with no fiscal cushion to deal with the Covid pandemic. This year’s budgeted net
G ranted, you can blame that on politics or
Rahul Gandhi. But here is a quick listing from
the top of my mind and with the help of ThePrint’s
These four dreaded ‘Cs’ have only severe enough crisis reform, but also never knew the pow-
become stronger than be reformed in even ‘the day before’ ers their predecessors gave away. They
these six years. don’t have to be on a three-year
tax revenue for the Centre, implying an increase of more than 20 per cent on the Senior Associate Editor for economy, Remya Nair. waitlist for a Premier Padmini even on IAS quota.
base, is impossible to achieve when the economy is shrinking. Expenditure increas-
es to boost the economy are inevitable. The fiscal deficit could climb from the
You can add more as we go along. There was a
committee to overhaul direct taxes under then
CBDT member Akhilesh Ranjan which submitted
T he answer to our first two questions, therefore, They lack that motivation for reform, and they
lies in the third. Mr Modi comes off poorly on are only now learning to enjoy old powers, with
both scores, doesn’t feature anywhere in the rank- the lockdown.
already bloated 53 per cent of total Central revenue last year to as much as 65 per its report in 2019. It’s still not in public, and the ings of our reformist leaders yet, because his Think of the power of a civil servant ordering,
cent this year. That means two out of every five rupees that the government file has been sent into, what the late George implementation of his own ideas has been poor. hey, you 138 crore demented children, you will be
spends will be borrowed money. Fernandes had said about India’s defence pur- So, A+ for ideas, C- for implementation, on curfew between 9 pm and 5 am because didn’t
To be sure this is a crisis year, and there will be departures from the usual chases, “bureaucratic orbit”, circling idly with no and maybe B- on the rankings, essentially because mummy say it’s dangerous in the dark. And listen
rules of fiscal prudence. Still, when emerging from this crisis, the focus will destination. of the bankruptcy code, some PSU bank mergers again, if you live in the green zone, you can eat
After demonetisation, the prime minister and GST. tutti frooti ice cream. In orange, maybe strawber-
inescapably have to be on what built up to today’s situation. That means a fresh
announced his Garib Kalyan Yojana, which was Take your mind back to 1991. The political ry. In the red zone, only vanilla, and that too if I
approach to reviving growth, re-visiting the Centre-state fiscal balance, devising a kind of tax amnesty scheme, hoping to direction for reforms came from Rao’s minority can have it delivered to you. Then say thank you,
a re-imagined GST 2.0, accepting the limits of what is feasible as a social safety collect big bucks like P Chidambaram’s government, but it had a stellar team of civil ser- jaan hai, toh jahaan hai. And reform, you want
net when the tax-GDP ratio is what it is, and looking to better outcomes from VDIS (Voluntary Disclosure of Income Scheme) vants. And this continued until about 2009, after me to give up these powers? I haven’t even learnt
existing levels of spending. of 1997. Zilch came. The tax rate was so which Congress’s internal politics killed even the to write a clean memo yet.
confiscatory and punitive, it was no amnesty. thought of reform. List the sherpas who hauled
Rules drafted were so complex, that it you’d be the reform up. By Special Arrangement with ThePrint

Below the poverty line will take for those millions to come back
into the workforce and start climbing
back into the “lower-income” group from
the “zero-income” group.
The America I knew
was below the poverty line, which it several years of poverty reduction has This is not the only socio-economic attacks. That escalated tension to crisis
defined as around ~37, or about $1.2 on the been reversed. Anywhere between 50 to trend that lasted for decades, to be EYE CULTURE proportions. The mayor, an arch-con-
purchasing power parity scale. The 120 million people have been rendered reversed within the past few weeks. servative named Hunnah Jones
Millennium Development Goals project unemployed by a harsh lockdown Poverty reduction was driven by urbani- SHREEKANT SAMBRANI (ridiculed by students as Hunka Junk),

A
guessed it was around 22 per cent as well. launched with less than four hours notice. sation. During that same period of 2005- wave of protests and violence assembled his police and county sher-
The Tendulkar Committee defined it as Each of these individuals have families to 2015, India witnessed the largest urban has erupted in the United States iff’s deputies downtown and requested
about 22 per cent of the population in support and those families are now edging migration in history. Hundreds of mil- following the death of an reinforcements from nearby cities of
2009-10 and the Rangarajan Committee closer to starvation. lions of rural dwellers came into the cities African-American, George Floyd, in Syracuse and Rochester. He also sent a
estimated it as about 30 per cent of the We can argue about numbers all over in search of work. Multiple settlements Minneapolis when a beefy white police- message to governor Nelson Rockefeller
population in 2010. again. But daily wage earners, temporary — over 5,000 according to the Census man planted his knee on the victim’s for state troopers and National Guard.
Whatever poverty was, it was generally workers, domestic staff, mall employees, 2011 — changed status from being vil- neck for nine minutes. This is bloody A wise liberal, Rockefeller refrained.
VIEWPOINT agreed to have reduced in the 21st century, etc., have all been rendered jobless, along lages (where over 50 per cent of the pop- murder; it can in no way be described Cornell was headline news on every
DEVANGSHU DATTA as the per capita income grew. The United with skilled tradesmen and mechanics. ulation relies on agriculture) to “non- by any other, softer, term. It brings to channel that evening.
Nations Development Programme guessed These are people at the bottom of the eco- municipal” towns, where over 50 per cent mind how a similar, potentially explo- That night, which was bitterly cold
that 271 million Indians had been lifted nomic ladder and as the saying goes, often of the population works in non-agricul- sive, crisis was defused relatively peace- with freezing rain, some of us feared the

P
overty reduction is one of those sub- above the poverty line between 2005-06 just a couple of meals away from starvation tural sectors. Urban centres offer employ- ably 51 years ago. worst and decided to surround the
jects on which violent arguments and 2015-16. One can argue endlessly about at the best of times. ment opportunities orders of magnitude The 1968 spring was marked by the Straight to try and prevent entry of
arise despite one basic area of agree- the data but given excellent growth through They are back below the poverty line better than any village. assassinations of Rev Martin Luther armed police which would certainly
ment. Everyone across the economic spec- that decade, despite two major global finan- now. It doesn’t matter if you define that as Again, you can argue about the exact King and senator Robert F Kennedy. cause bloodshed. This was wrongly
trum agrees poverty reduction is an excel- cial crises, poverty surely did reduce. ~37 per day or ~123 per day or some other dimensions. There is persistent under- City after city witnessed violent race described as an action of the radical
lent thing. People disagree on the methods, Arguably, poverty started increasing number; somebody earning zero with no counting of urban dwellers because people riots in the summer, with black ghettos Students for Democratic Society (SDS).
the details and the definition of poverty. again after November 8, 2016, when savings is below that line. It is a truly who live and work in a city 11 months of going up in flames. The Chicago There were a few SDS members, but
How much do you need to earn on a daily demonetisation took a sledgehammer to remarkable feat to have reversed years of the year tend to maintain their voter IDs Democratic Party convention in August most of the rest were simply concerned
basis to be above the poverty limit? That the informal economy which offered poverty reduction within a few weeks with- in their home village. But everyone admits that nominated vice president Hubert and compassionate individuals who
question has various answers, which is employment to vast numbers. The gross out war, famine, tsunami or other major Indian urbanisation was a big phenome- Humphrey as its candidate for the pres- wanted to avoid violence and protect
partly where disagreement arises. domestic product growth also slowed from catastrophe. non in the early 21st century. This too has idential election in November was everyone. Ed allowed some of us to
When it comes to India where the data- that point onwards. The poorly designed This was largely self-inflicted been reversed and many of those who have marred by angry confrontations enter and talk to his group.
gathering system is poor, tending to dys- goods and services tax and its messy although, of course, it will be blamed on returned to their villages will be wary about between mounted police and youthful The outcome was that the siege end-
functional, the disagreements are larger. implementation also hurt the informal the coronavirus. No other country inflict- coming back to the cities. Economic protestors. ed when the occupiers peacefully left
In 2012, the Indian government reckoned economy, already on its knees. ed such a thoughtless lockdown upon growth and poverty reduction will wait Cooler weather brought in a sem- the Straight 36 hours after they had
that about 22 per cent of the population In the last three months, it’s likely that itself. It is hard to estimate how long it upon their return. blance of normalcy, but the tensions marched in. The picture of Ed walking
continued to simmer. Richard Nixon’s out with bandoleers across his chest
victory over Humphrey aggravated the and a gun in his hand made every
situation, especially among students newspaper and won the Pulitzer Prize.

Quarantine is terrible, but it works

immunity. Exponential growth of a new who had long opposed the continuing News magazines covered the event
epidemic does normally slow when so ma- and steadily escalating war in Vietnam. extensively. Newsweek had it as its cov-
ny get infected that the virus has a harder Campuses were alive with meetings and er story. A large picture inside showed
time finding new uninfected targets. But fiery speeches. Rita walking arm-in-arm with me with
into lockdown. An article in a right-wing similar measures, those that acted earlier the evidence weighs heavily against this Cornell University, where I was a her long flowing hair on the back and a
British newspaper insists that there’s not were more successful in containing the idea. Estimates in Spain and France find doctoral student then, was no excep- cigarette stub in hand to keep warm. I
even a “shred of real proof” the lockdown epidemic. New Zealand, instituting lock- about 5 per cent of their populations may tion. Its hilltop campus, arguably the had to write to her brother to ensure
did any good. down when it had only 102 cases, has had have been infected by early May. The most beautiful in the entire country, that her parents did not get to see it!
None of this should be taken seriously. 22 deaths. On March 16, the UK had 3,000 number is similar for the UK, rising to overlooked the small town of Ithaca, in Many changes followed. The univer-
The position flies in the face of over- confirmed cases yet delayed lockdown for perhaps 15 per cent in London. This isn’t the Finger Lakes region of upstate New sity president James Perkins, liberal but
whelming evidence, and accepting it another week. This one-week delay, a close to herd immunity, with almost York. The vertical distance was symbolic perceived as ineffectual, resigned. A con-
requires the commission of a litany of recent study in pre-print estimates, caused everyone in the population remaining of the ideological gap between town and stituent assembly comprising members
basic errors in reasoning. roughly 11,000 further, avoidable deaths. susceptible. gown. Ithaca was amidst conservative from all stakeholders (I was a graduate
To begin with, Briggs relies on a ter- If lockdowns were effective, why did Aside from all this evidence, it's also Republican territory, while Cornell was student representative) drew up a fresh
MARK BUCHANAN rible statistical argument, citing the lack some nations without lockdowns have just very hard to imagine how a lockdown, among the most liberal institutions. charter of duties and rights of the various
of a strong correlation between the very few deaths? Obviously lockdown isn't which greatly reduces the frequency of The university had sensed the need groups. The Black Studies Programme
number of coronavirus deaths in a the only way to fight the spread of an epi- human contact, could possibly fail to have to change with the times. It had expand- was expanded. But social interaction

I
n March, many governments around nation and its imposition of a lockdown demic. Some nations didn’t lock down an impact on the spread of an infectious ed its admissions of African-Americans between black students and the rest was
the world imposed strict controls on policy. The UK imposed a lockdown yet because they didn’t need to. South Korea, agent. This is epidemiology in another through an affirmative action pro- limited and very edgy at best.
human meetings and movement — has the second-highest death rate per Hong Kong and Canada each had very- universe. Indeed, scientists have clearly gramme several years earlier, the first The United States has changed vastly
“lockdowns” — to slow the spread of capita of any nation. No-lockdown well-developed infrastructure for aggres- seen the effects of lockdown on this year’s major university to do so. since then. African-Americans have bro-
coronavirus. The pandemic’s curves were Taiwan had very few deaths. On a graph sive testing, tracing and quarantining. flu in Northern Hemisphere countries. In In the small hours of April 17, a burn- ken through many a glass ceiling, with
soon “flattened,” sparing health services of lockdown or no lockdown versus epi- They applied more precise anti-epidemic January, we had expected this year to be ing cross was found on the lawns of a one of its most erudite and globally
from being overrun. Now, in China, demic outcome, there’s no clear pattern, tools than others did. among the worst flu seasons in several black women’s co-operative residence. respected members, Barack Obama,
Europe, the US and elsewhere, authori- so Briggs thinks: “What can we con- If lockdown didn't make any differ- decades. But the number of flu infections The next morning, students belonging being elected president for two terms.
ties are cautiously relaxing the rules. clude? Only one thing: We cannot con- ence, then why, in all the nations impos- dropped sharply in April, not long after to the Afro-American Society, led by my And then Minneapolis happens, show-
Lockdowns have been costly, but they clude that lockdowns worked.” ing lockdowns, did the growth rate of Covid-19 lockdowns were imposed. good friend Edward Whitfield, occupied ing how racially polarised the country
helped us avoid a far worse catastrophe. Yes — if we only consider this kind of the epidemic soon show marked reduc- Another weird coincidence? Willard Straight Hall, as a protest against still is. President Donald Trump is an
Yet our very success — tenuous as it misguided statistical comparison. We tions? Take China, the US, the UK, It is hard to understand the motivation perceived racism and the university’s infinitely more powerful and appalling-
is — has suddenly stirred contrarian voic- shouldn’t expect any clear correlation, Spain, France, Italy — each shows the for “lockdowns had no effect” thinking. slow reaction to it. The Straight housed ly more bigoted version of mayor Hunka
es, with some pondering the possibility because we know that lots of other factors same pattern of sharp change in growth Of course lockdown is unpleasant. It has the students union and a large eating Junk with the military at his command
that the lockdowns may not have had matter besides lockdown or no lockdown, rate soon after lockdown. Is this just a been socially and economically costly. But facility, considered the epicentre of cam- and a large swathe of ageing Middle
much effect. Statistician William Briggs including the timing of the lockdown and weird coincidence? it never had any effect? That’s about as pus activity. Later that day, some white America in support. That is ominous.
insists that “there's no evidence the lock- the presence (or absence) of an effective There is one conceivable alternative plausible as Covid-19 being caused by 5G fraternity men forced entry into the That is not the America I knew inti-
down made a difference,” noting that the public-health service to carry out testing, explanation: That the epidemic slowed microwave signals. Straight. They were repelled after a fight. mately for six years and have admired
virus waned even in some nations — contact tracing and quarantining of the everywhere as enough people became The black students then brought in guns intensely for six decades, which I
Taiwan, for example — that did not go infected. Take timing. Of countries taking infected and populations reached herd Bloomberg to defend themselves in case of further earnestly hope will still prevail.
10 THE SMART INVESTOR
>
NEW DELHI | 6 JUNE 2020 1

Rising market tide lifts all boats ALL ENCOMPASSING

THE COMPASS

It may be early to cheer

Over 95% of while a dozen have soared

BSE 500 stocks The latest market surge has triggered across the board buying above 50 per cent.
So, is it a good time for
SBI for Q4 showing
BSE 500 BIGGEST GAINERS Last close Change those sitting on the sidelines
have gained (~) (%) to enter the markets? Experts Positive commentary on asset
since May 18 Total stocks: 501 Vodafone Idea 11 125 say one has to be cautious.
“While it is a good oppor- quality offers comfort, but
IDBI Bank 38 98 tunity, caution is advised. We
SUNDAR SETHURAMAN Inox Leisure 288 75 recommend maintaining
details on moratorium missing
Mumbai, 5 June
477 adequate liquidity of at least SHREEPAD S AUTE
IFCI 7 74
25 per cent at individual port-
95.2% Quess Corp 283 67

T
he latest bullish spell folio levels, and to invest in a State Bank of India's (SBI's)
in the market has LAGGARDS staggered and systematic way stock surged 7.9 per cent to
benefited the entire without leverage and with ~187.8 on Friday, even as
market — a deviation from 24 Sadbhav Engineering 43 -11 enough diversification across the country's largest
previous occasions when the Capri Global 133 -11 sectors,” says Palka Chopra, lender disappointed with
rally had been driven by Hindustan Zinc 173 -8 senior vice-president, Master its muted operating per-
select blue-chips. 4.8% Responsive Industries 76 -6
Capital Services. formance for the March
Over 95 per cent of the Price change since May 18 Those who are adequately 2020 quarter (Q4). Besides
BSE 500 components have Source: Bloomberg Shriram City Union 637 -6 invested should consider tak- asset quality improve-
recorded positive gains since ing some money off the table, ment, the management’s
May 18, when the latest move focused BSE 500 index, have have remained expansionary, ior president and institutional fishing, attractive valuations feel some experts. positive commentary on
upwards began. Stocks in the each climbed more than 14 per which is supportive for risk research head, YES Securities. and hopes that the Covid- “If investors are fully loan growth and lower-
BSE 500 universe account for cent since May 18. The surge assets. The US Fed is ramping Market experts say the pos- related impact will soon invested in equities as per their than-expected morato-
nearly 93 per cent of India’s in the market has been marked up asset purchases, and itive momentum in the mar- wither away and companies asset allocation plan, it may be rium book were the key rium in corporate book
market capitalisation. If one by aggressive buying by over- though the Fed has ruled out ket has encouraged investors will be back on an earnings time to reduce their equity reasons for the Street's offer comfort, asset quality
looks at the entire listed uni- seas funds, amid optimism negative interest rates, real US to look beyond large-caps, growth path,” says Deepak allocation on rises, to create excitement. trend is a key monitorable.
verse, an overwhelming 82 per regarding the reopening of the rates have nevertheless turned where the risk-reward is more Jasani, head (retail research), liquidity and take advantage While the enthusiasm Second, the manage-
cent of the 2,500 stocks traded economy and aggressive sti- negative. Similarly, UK sover- favourable due to the multi- HDFC Securities. of the expected dip. But if they was partly justified, con- ment was positive on loan
on the BSE would still have mulus measures announced eign yields indicate negative year low valuations. More than half the BSE 500 are under-invested in equities, sidering the stock had cor- book growth in FY21,
made positive strides in the by global authorities. Most interest rates coming soon. “Despite not-so-encourag- stocks have outperformed the it is a good time to start stag- rected sharply (still 50 per which it believed would
past three weeks. global markets, too, have The BoJ and ECB will also per- ing economic and micro news, benchmark indices since three gered buying in select stocks cent down from its 52- help negate the impact of
The Sensex and Nifty, as posted strong gains. sist with balance sheet expan- stocks have risen from the weeks. Nearly 70 stocks have or MF schemes over the next week high) amid worries lower fees and other
well as the broader-market “Monetary policies globally sion,” says Amar Ambani, sen- lows on account of bottom- posted over 30 per cent gains, 5-8 months,” says Jasani. over asset quality and loan income. Here too, a few
moratorium, some ana- analysts expect its key
lysts pointed out that with operating metrics to
a few details on morato- remain muted due to the

Hexaware Tech board set for Stocks score 2nd weekly rium missing, it could be
early to cheer.
Though SBI's manage-
economic slowdown.
In Q4, with about a
week's business lost, SBI’s

delisting talks next week gain on easing lockdown ment sounded confident
and expected no major
stress from its moratorium
advances rose by just 5 per
cent year-on-year. This,
along with lower interest
book, it mentioned that rates, led to flat growth in
SAI ISHWAR This is typically how PE firms BLOOMBERG ades. The economic the September quarter net interest income to
SHARES HIT UPPER CIRCUIT
Mumbai, 5 June
OF 20% (Price in ~)
make dramatic changes to the 5 June THE NUMBERS effect from the shut- would give better clarity. ~22,767 crore, which was 10
business, such as disposing of down has been so severe The bank said 83 per cent per cent lower than the
n Seventeen of 19
Mid-size IT services firm some assets or reducing work- Equities rose, with the that economists are of its term loan customers consensus estimate. Profit
Hexaware Technologies on Friday 320 force, because public listing benchmark index scor- sector sub-indices struggling to estimate (in numbers) have paid before tax jumped by 11
said that it was considering a pro- 311.3 brings in a lot of mandatory dis- ing a second week of compiled by the BSE how long it will take to two or more instalments times to ~4,970 crore,
posal to delist from the bourses, closures otherwise, he added. gains, as Asia’s third- advanced, led by a recover. (starting March, from largely supported by a one-
300 measure of metal
which would be discussed during Incidentally, Baring PE also biggest economy con- Profits at Nifty50 when the moratorium is time gain from stake sale
its board meeting next week. owns 70.1 per cent in NIIT tinued easing a nation- stocks companies fell about 15 applicable). So, 17 per cent in SBI Cards. Even then, it
The main objective of the pro- 280 Technologies. Analysts, however, wide lockdown. per cent last quarter have taken moratorium. was 34 per cent below esti-
n Tata Steel, State
posal is to provide full ownership said that the delisting idea res- The Sensex Index from the same period The bank did not provide mates of ~7,496 crore.
of the company to its promoter onated with a complete sale, advanced 0.9 per cent Bank of India, and last year, the worst drop further details, but said Thanks to the morato-
260 Sun Pharmaceutical
group, which — in turn — will 259.5 instead of the long-pending NIIT while and NSE Nifty 50 since at least 2014. Of that in value terms the fig- rium, slippages or loans
provide increased operational Tech-Hexaware merger. Index rose 1.1 per cent Industries were the index members that ure would be lower. turning bad drifted down
flexibility to support the business, 240 “The PE firm may want a com- at the close in Mumbai. among the top have announced results Yet, analysts were con- to 2.16 per cent of advances
the Mumbai-headquartered firm Jun 4,’20 Jun 5,’20 plete exit and the potential buyer Both gauges rose for a gainers on the so far this season, most fused and concerned over in Q4, from 2.42 per cent in
said in an exchange filing. could have asked for full control seventh day in eight to Sensex have missed estimates, asset quality going ahead. Q3FY20, but were up 56
“The delisting will also help in of the entity,” said Madhu Babu, close at their highest according to data com- “The bank has left (inves- basis point year-on-year.
cost savings and allow the man- 20 per cent to close at ~311.4 on IT analyst at Centrum Broking. levels in almost three piled by Bloomberg. tors) in confusion as far as This improved gross non-
agement to dedicate more time to the BSE, after the development. “Delisting doesn’t make months. For the week, both indexes Still, India’s services sector activity its moratorium book is con- performing assets by 79
focus on business,” it said. Analysts and industry experts sense if it was a merger (with advanced about 6 per cent each. picked up in May, according to data cerned, which is different basis points, sequentially
HT Global IT Solutions see this as a move towards making NIIT Technologies). In that “There will be an increase in con- published by IHS Markit, even as coro- from other banks,” said an to 6.15 per cent.
Holdings, the offshore investment the company leaner, before con- case, these firms would have gone sumption because of the pent up navirus infections continued to climb. analyst from a domestic Against this backdrop,
vehicle of Baring Private Equity sidering any merger or a complete with a share swap. More clarity will demand during the lockdown,” said Despite a rebound from a low in brokerage who, however, investors should wait for
Asia — which holds 62.4 per cent sale. “This was expected and is emerge if NIIT Tech is also delisted Deven Choksey, a strategist at March, the Sensex remains down 17 assumed the moratorium clarity on moratorium and
stake in Hexaware — has fixed the the first of many to come. It’s not for this particular merger to KRChoksey Investment Managers in per cent this year, more than double book in value terms to be asset quality. A key com-
indicative offer price at ~285 true for only Hexaware but most materialise,” said an IT analyst. Mumbai. “We are likely to see a steady the slide in the regional MSCI Asia lower. forting factor, however, is
apiece. It is at a 10 per cent pre- mid-cap IT firms, given they are Further, the Street may not be market.” India’s easing lockdown will Pacific Index. Lalitabh Srivastawa, that the market value of its
mium to Thursday’s close. The under tremendous pressure from happy with the indicative price see malls, restaurants, and places of The rupee was little changed vice-president at subsidiaries/investments,
remaining 112 million shares, or a cash flow perspective or win- given that it is nowhere near worship reopening from June 8 as the against the US dollar, giving up earlier Sharekhan, said while the put together, is nearly
37.6 per cent, are held by public ning new businesses,” said Baring’s floor price of ~447.5 in country attempts to revive an econ- gains and the yield on the most-traded good profile of retail cus- equal to SBI's market cap-
shareholders. Sanchit Vir Gogia, founder and August 2018, when it offloaded 8 omy that’s headed for its first full-year 5.79 per cent 2030 bond rose 2 basis tomers and lower morato- italisation.
Shares hit the upper circuit of CEO of Greyhound Research. per cent, he added. contraction in more than four dec- point to 5.82 per cent.

NOD FOR REGULATORY SANDBOX > FROM PAGE 1

Sebi set to live test Enough cash...

The group’s steel business in Europe too has
disclosures," he said.
But some analysts point to the contrary, say-
ing that detailed Covid disclosures will not only
RIL raises...
Meanwhile, the highest the government has
ruption. The retail portfolio was robust with
most loans given to those working with govern-
ment and government-owned entities. The slip-

fintech solutions been under pressure because of Covid-19.

On May 1, rating agency Fitch downgraded
JLR’s long-term issuer default rating (IDR) and
help investors in understanding its impact on
business better, but also raise corporate govern-
ance standards. In auto, for instance, Mitul Shah,
raised by divesting stakes in public sector com-
panies in a fiscal year is ~62,883 crore during
2018-19. Ambani may not be done yet, as RIL has
page ratio is unlikely to be more than 2 per cent,
he said. However, the bank will wait for another
three months to make a better assessment. The
SAMIE MODAK senior unsecured rating to 'B' from 'B+'. Both rat- vice president, research, Reliance Securities, says several other deals in the pipeline. These include slippage ratio was 2.16 per cent in FY20.
Mumbai, 5 June ings have been removed from rating watch neg- monthly sales dispatch numbers are simply not the $15-billion (~1.1 trillion) stake sale in oil-to- Speaking about the impact of the Covid-19
ative (RWN). The outlook on the IDR is negative. enough during unprecedented events such as chemicals business to Saudi Aramco; ~7,000- pandemic on operations, Kumar said it has
The Securities and Exchange The rating firm expects JLR's volumes and reve- coronavirus. "Precise details on the impact on crore stake sale in fuel retailing business to BP; resulted in a decline in economic activity and
Board of India (Sebi) on Friday nue to fall in the FY21, as the company's key revenue, bookings, and retail would have helped and also ~40,000-crore rights issue proceeds, increase in volatility in financial markets. The
approved the regulatory sand- markets have been substantially affected by in interpreting and analysing numbers in a which will come in two tranches next calendar. situation continues to be uncertain and major
box framework for the stock lockdowns. JLR’s annual retail volumes in FY20 better way," he said. In information technology, RIL's consolidated net debt stood at ~1.6 trillion challenges would arise from extended working
market ecosystem. fell 12 per cent to just under 510,000, with the companies such as Tata Consultancy, Infosys, at the end of March. The company is aiming to capital cycle and waning cash flows, he said.
The term is used for live fourth quarter volumes falling more than 30 per Wipro, HCL Technologies, and Tech Mahindra bring this down to zero by the end of 2020. The bank has made a 15 per cent provision of
testing new financial technol- cent year on year. According to Fitch estimates, have all said that projects are either getting can- ~938 crore for Covid-19 impact, against the out-
ogy (fintech) solutions on cus- global auto sales will fall 15 to 20 per cent in 2020 celled or being deferred by clients due to the standing portfolio of ~6,250 crore, which was
tomers, without having to be
fully licensed, but under strict
as a result of the pandemic.
The Tata group companies, like all other com-
pandemic. Most firms expect their operating
margins to be under pressure in the April-June
CEA sees... standard at end of February 2020. These loans
would have slipped into NPA category by March
regulatory supervision. panies, are facing both challenges and opportu- period, with some expecting a fall in revenue. When asked what his forecasts for growth in the without the Reserve Bank of India providing
Sebi’s new framework Under this, the applicant nities arising out of the pandemic and resulting With inputs from Ram Prasad Sahu and April-June quarter and 2020-21 were, debt servicing relief. SBI also made ~234 crore
allows live testing on a small will have to demonstrate economic situation, based on the industries and Debasis Mohapatra Subramanian said: “In the first quarter there will as additional provision for these loans as a sim-
set of customers for a limited to Sebi how the proposed markets they operate in, Chandrasekaran said, be a perceptible contraction.” ilar amount has been reckoned in the operating
period of time. “Entities regu- solution will add value to pointing out that all group companies are pro- “In the early weeks of the lockdown, we had profit. Enhanced focus on digital medium, cost
lated by Sebi shall be granted
certain facilities and flexibil-
existing offerings gressing well responding to these challenges and
opportunities. “We are confident that they will
No new scheme... estimated GDP growth for the year to be 1.5-2
per cent. I think now there are downside risks to
reduction, and employee productivity are
expected to help SBI improve business and prof-
ities to experiment with fin- ment strategy to mitigate and emerge stronger,” he said. The group is focused The smallest of these schemes — National Ganga that. How deep the risks are depends upon itability. As on March 31, 2020, SBI’s deposits
tech solutions in a live environ- control potential risks to any on “navigating the current situation and profit- Plan — was allocated ~800 crore for 2020-21 by whether or not we see a recovery in the latter rose by 11.34 per cent to ~32.41 trillion. Interest
ment and on limited set of real market participant. able growth,” he added. the Budget. The finance ministry has already half of the year,” Subramanian said. rates on deposits are expected to be stable at cur-
customers for a limited time Sebi will evaluate and given interim approval for continuation of the rent levels for some time. The future trend would
frame. These features shall be approve applications for regu- existing schemes for 2020-21. However, this depend on policy rate action, Kumar said.
fortified with necessary safe-
guards for investor protection
latory sandbox and appoint a
designated officer to oversee
India Inc... would be subject to the assessment of the
resource position of the exchequer after the
SBI Q4 PBT jumps... Advances rose by 5.64 per cent to ~24.22 tril-
lion in FY20, of this, retail loans rose by 15.4 per
and risk mitigation,” Sebi said. the project. Sebi has said appli- Reliance Industries (RIL), for instance, said in acceptance of the recommendations of the 15th Its net interest income (NII) shrank by 0.81 per cent to ~7.47 trillion. The lender expects loan
The framework is based on cants will inform their clients the prospectus of its recently closed rights issue Finance Commission later this year. cent in Q4 to ~22,767 crore from ~22,954 crore book to grow by 7-8 per cent in FY21. The Capital
a discussion paper floated by about the risks involved during that its refining, petrochemical, and oil and gas In April, the government had announced the previous year. NII was down partly because Adequacy Ratio (CAR) stood at 13.06 per cent as
the regulator a year ago. testing. Also, they will have to businesses had received a "demand-side shock" curbs on spending in the first quarter. First- of the clearing of stressed assets in the agricul- on March 31, 2020, with tier-I at 11 per cent. The
Sandeep Parekh, managing ensure that the “users partici- due to Covid-19, adding that the lockdown was quarter spending by most ministries and depart- ture loan book, which led to a reversal of some bank holds capital above the regulatory require-
partner, Finsec Law Advisors, pating in the sandbox have the expected to have an "adverse effect" in the short- ments was restricted to 15-20 per cent. The income, SBI Chairman Rajnish Kumar said. ments. It does not intend to approach the gov-
said the regulatory sandbox same protection rights as the to medium term on several businesses. Centre had also decided to freeze any hike in Other income, comprising of fees and com- ernment or market to raise capital for now.
framework will push the ones participating in the live Bajaj Finance said growth of assets under dearness allowance for government employees missions, stood at ~13,346 crore in Q4FY20, up
envelope on innovation and market.” Upon completion of management (AUM) was down by 400 basis in April. It froze DA for its 4.8 million employees from ~12,685 crore the previous year.
competitiveness in the secu-
rities markets. “It will allow
testing, Sebi will decide
whether to permit the fintech
points in the March quarter. Its new loan book
growth had been hit by 18 percentage points and
and 6.5 million pensioners at 17 per cent till July
1, 2021, to partly offset the increase in spending
Referring to provisions for bad loans, Kumar
said the bank had focused on recoveries, and this
50% SBI HQ staff to WFH
innovators, cramped by rigid innovation to be introduced in new customer acquisitions were also lower by on health in light of the coronavirus disease meant a lesser amount had to be set aside for SBI will redeploy 20 per cent of employees
rules, to go a little bit outside the market on a wider scale. 18 per cent in the period. One basis point is one- (Covid-19) crisis. This would save the Centre over slippage. Provisions (including for non-perform- from its administrative offices to sales and
them in a strictly controlled At the time of testing, Sebi hundredth of a percentage point. ~37,000 crore, and if states follow suit, the com- ing assets or NPAs) and contingencies declined outbound activities to protect operating
manner,” he said. will have the powers to revoke Bharti Airtel said in its March quarter investor bined savings would be ~1.2 trillion. to ~13,495.08 crore in Q4FY20 from ~16,501.89 strength, and reduce corporate centre staff
The Sebi has set strict eligi- its approval if among other call that coronavirus had impacted nearly all Last month, the government had announced crore in Q4FY19. Provision coverage ratio (PCR) strength by half by allowing work from
bility criteria for participants things the applicant “suffers a parts of its business in the short-term because ~20-trillion package, but, according to experts, improved to 83.62 per cent at end of March 2020, home, Chairman Rajnish Kumar said during
to eligible for live testing. These loss of reputation”, “carries on very few people were walking into its stores. the hit to the exchequer was just over ~2 trillion. up from 78.73 per cent in March 2019. The asset an analyst interaction. The bank has closed
include genuineness of inno- business in a manner detri- Chartered accountants that Business The government has pegged its expenditure quality of the bank also improved during the 35 regional business offices and 20
vation and testing. Under this, mental to users or the public Standard spoke to said there was a risk attached at ~30.4 trillion for 2020-21, around 13 per cent fourth quarter. The gross NPAs (GNPAs) declined administration offices, and reduced
the applicant will have to dem- at large; and “fails to effectively with making disclosures related to ongoing higher than ~26.9 trillion incurred in the pre- to 6.15 per cent in Q4FY20, from 7.53 per cent in employee headcount by 15,000 to 249,448
onstrate to Sebi how the pro- address any technical defects, issues such as coronavirus. "It is an evolving sit- vious financial year. Q4FY19. The GNPAs were 6.94 per cent in over FY18-20. The bank expects to save
posed solution will add value flaws.” Sebi has said upon rev- uation," said Jayant Thakur, a Mumbai-based However, these numbers would see vast Q3FY20. Net NPAs stood at 2.23 per cent in March ~1,000 crore through HR cost optimisation.
to existing offerings in the ocation, the applicant may chartered accountant. "Investors can hold a com- changes after the outbreak of Covid-19 in India. 2020, down from 3.01 per cent in March 2019. Employees to be redeployed would cover
Indian securities market. have to compensate any users pany accountable if a disclosure is made prema- The government has already planned ~4.2 tril- Asked about the risk of higher defaults and those up to deputy general manager level.
Further, the applicant will have who had suffered financial turely. This could impact its stock price. Which lion extra borrowings to ~12 trillion in the current stress, Kumar said the bank is in a good position SHREEPAD AUTE & ABHIJIT LELE
to incorporate risk manage- losses arising from the test. is why there is a level of caution with these Covid financial year. to deal with the adverse impact of economic dis-
ll
NEW DELH 6 JUNE 2020 STOCKS 11
> STOCK
IN THE > Hexaware Technologies > Tata Motors > Punjab National Bank

NEWS Close at upper circuit

filter of 20 per cent
Top gainer among the
S&P BSE Auto index
Trading volume jumps
more than three times OF THE DAY
Saregama India: Stock hits
~259.45 PREVIOUS CLOSE ~98.50 PREVIOUS CLOSE ~31.00 PREVIOUS CLOSE three months high at ~440.75,
~311.30 CLOSE ~110.70 CLOSE ~33.80 CLOSE up 64 per cent in five days
p20.00% UP p12.39% UP p9.03% UP trading session

N FTY 50
m % W m % W
ADVANCES/DECL NE F&0 SNAPSHOT DAY S TOP GA NERS DAY S TOP LOSERS
% % m m m % m m % m
% %
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M U H M H
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> BS 200
WHAT THIS STOCK PAGE CONTAINS AND WHY The third sub-set of The table also contains the (F&O) section a wide set of an option may be exercised. becomes valueless while compared with the previous XD after the traded quotes M
BSE NSE BSE NSE
information is the stock’s company’s price-earnings data has been provided. An option is “in-the-money” futures contracts are close, the close price is indicate that the scrip has
market capitalisation. The (P/E) multiple. The P/E Open Interest: OI is the if the market price exceeds compulsorily settled on underlined. A significant gone ex-dividend after that l ~100 q ~3 Aarti Inds (A) < Abbott India (A)
BS 200 stocks account for over paid-up value . Four
market capitalisation is multiple is arrived at by number of contracts open at the SP (in case of a call option) expiry. On NSE, it is the last change means a 3 per cent date; XB denotes ex-bonus, PCLose (899.2) (899.4) (16700.3) (16683.2)
85 per cent of the volume of categories of information are m ~50 H ~2 Open 940.0 908.0 16752.2 16753.0
shares, value and trades on provided: First, the basic shown in ~crore and is arrived dividing the day’s closing end of day in the futures and and the market price is below Thursday of every month. rise or fall in scrips whose XR ex-rights; XO ex-indicator
High 940.0 920.0 17400.0 17399.0
the Bombay Stock Exchange information on the day’s at by multiplying the closing price by its reported earning options segment. OI thus SP (in case of a put). Put/call ratio: The ratio of market values are over 10 for other corporate actions n ~20 « ~1
Low 895.0 893.2 16716.2 16650.7
and National Stock Exchange. trading. Information is also prices of shares with equity per share (EPS) for trailing 12 indicates traders’ Otherwise it is “out-of- open interest in put options & times paid-up value or 15 per like AGM/EGM/ preference u ~6 Face value Close 909.4 908.8 17082.8 17163.6
For BS 200 stocks, the given on the number of capital. It changes either months. EPS is calculated on expectations. High OI is money” call options. cent for the rest of the shares. shares/mergers and others . M of scrips is Shares 18690 650K 790 16190
because more shares have the basis of consolidated typical when traders see a Expiry date: The date on ABBREVIATIONS: When a The letters H or L appended denotes volume of shares in < ~5 ~10 in all PE 30.3 30.3 61.0 61.3
company name is followed by shares traded, and also the 52 Wk H/L 1192/662 1192/668 18569/775018680/7782
been issued (or extinguished) earnings wherever available. continuing trend. which a derivative expires . significant change occurs in to prices indicate a new high million, L in lakhs & K in cases if not
its BSE group in brackets and price trend with 52-week Q ~4 specified. Mcap 15845 15834 36301 36473
the symbol indicating the highs and lows. or the price has moved. In the futures and options Strike Price: The price at which An unexercised option the day’s closing value or low in the scrip; the letters ‘000’.

BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE
ACC (A) Adani Enter (A) « Adani Gas (A) « Adani Ports (A) H Adani Power (A) Aditya Bir Fa (A) H m m H m H m « m m H < « « « m m «
(1268.6) (1269.1) (148.0) (148.0) (134.1) (134.1) (339.5) (339.2) (38.7) (38.8) (125.0) (125.0)
O 1284.0 1273.0 149.9 148.9 135.2 135.4 343.8 340.1 39.2 39.0 130.0 130.0 O O
1304.8 1305.0 154.9 155.0 136.8 136.8 347.0 347.2 39.4 39.4 142.8 143.0
w 1275.6 1272.0 149.0 148.5 133.3 133.0 337.6 337.2 38.5 38.5 127.4 126.5 w w
1296.9 1297.4 152.6 152.5 135.1 135.1 341.1 341.2 38.9 38.9 138.8 138.9
29679 1214K 200K 4111K 160K 1956K 49425 2349K 664K 11141K 277K 6512K
18.0 18.0 14.7 14.7 - - 18.4 18.4 - - - -
W 1708/896 1709/895 261/116 261/116 195/77 195/77 430/203 430/203 74/24 74/23 285/97 286/97 W W
M 24354 24363 16777 16766 14853 14853 69293 69313 14984 15003 10739 10746 M M

Avanti Feeds (A) « Avenue Supermar (A) Axis Bank (A) H Bajaj Auto (A) Bajaj Fin (A) H Bajaj Finsrv (A) < Balkrishna I (A) H Bandhan Bank (A) Bank of Baroda (A) H Bata India (A) < BEML (A) Berge Paint (A) « Bharat Elctn (A) « Bharat Forge (A) H Bharti Airtel (A) < Bharti Infratel (A) BHEL (A) H Biocon (A) <
(438.2) (438.5) (2415.9) (2414.2) (394.4) (394.4) (2819.1) (2817.3) (2313.4) (2313.1) (5139.8) (5136.8) (1133.8) (1133.3) (233.6) (233.4) (42.8) (42.8) (1395.3) (1394.7) (595.3) (595.5) (503.5) (503.7) (72.8) (72.8) (341.5) (341.0) (573.2) (572.5) (219.5) (218.9) (26.8) (26.8) (393.6) (393.6)
O 438.2 442.4 2430.0 2438.0 399.7 399.0 2834.0 2842.0 2342.0 2344.0 5160.0 5162.0 O 1139.3 1131.1 236.0 234.0 43.4 43.3 1397.9 1394.7 599.0 598.0 507.7 506.0 O 73.6 73.4 345.0 345.6 590.0 584.0 227.8 226.9 27.0 27.0 398.0 397.0
467.2 467.0 2523.0 2524.0 409.8 409.9 2844.0 2842.9 2409.3 2409.0 5284.5 5285.0 1168.9 1169.0 251.5 251.6 47.0 47.0 1420.6 1420.5 629.0 628.8 511.9 512.5 74.4 74.4 350.6 350.0 590.0 590.0 239.5 239.7 28.0 28.0 400.4 400.5
w 438.2 442.4 2430.0 2434.2 390.6 390.5 2763.1 2762.0 2275.1 2275.0 5098.0 5096.3 w 1139.2 1131.1 233.6 233.6 43.2 43.2 1385.1 1385.0 596.5 595.6 503.1 502.9 w 73.0 72.9 342.0 341.8 567.7 567.5 223.6 223.0 27.0 26.9 388.7 388.6
456.2 456.2 2497.0 2499.0 405.5 405.3 2777.3 2776.3 2392.9 2390.4 5234.9 5236.4 1162.7 1163.2 247.5 247.7 46.5 46.5 1414.3 1414.3 621.7 621.8 510.7 510.9 73.9 74.0 349.2 349.1 584.9 584.4 236.2 236.3 27.8 27.8 389.6 389.6
28131 621K 47066 669K 1282K 39005K 20625 724K 568K 15850K 41245 1514K 18975 476K 592K 14951K 3673K 77983K 56148 725K 91543 2101K 16850 923K 563K 9540K 200K 2422K 1513K 47874K 532K 18570K 2714K 50342K 186K 5324K
22.8 22.8 119.8 119.9 70.3 70.3 15.4 15.4 29.5 29.5 24.7 24.7 25.8 25.8 13.6 13.7 - - 55.6 55.6 58.4 58.5 83.8 83.8 12.6 12.6 19.2 19.2 - - 13.2 13.2 13.0 13.0 62.5 62.5
W 770/250 770/251 2559/1285 2560/1280 827/285 826/286 3315/1793 3315/1789 4923/1783 4923/1783 10297/3986 9950/3985 W 1298/678 1298/679 650/152 650/152 133/36 133/36 1897/1017 1895/1000 1108/370 1109/370 597/300 597/300 W 122/56 122/56 533/208 534/208 612/322 612/321 296/121 297/120 76/19 76/18 400/211 401/211
M 6213 6213 161745 161878 114416 114374 80367 80338 143981 143827 83307 83332 M 22474 22484 39846 39886 21486 21486 18177 18176 2589 2589 49599 49614 M 17994 18019 16259 16252 319096 318796 43679 43697 9680 9663 46752 46752

Birla Corpn (A) Bosch (A) BPCL (A) Britannia (A) « Cadila Healt (A) « Canara Bank (A) Castrol (A) < Century Tex (A) CESC (A) CGCEL (A) H Chola Inv (A) H Cipla (A) H City Union B (A) « Coal India (A) Colgate (A) « Containr Crp (A) < Coromndl Int (A) « Cummins (I) (A) H
(514.3) (515.3) (10961.8) (10957.7) (357.3) (357.3) (3451.3) (3450.4) (362.8) (362.7) (97.2) (97.3) (122.7) (122.8) (306.0) (306.4) (608.2) (608.4) (229.7) (229.5) (142.6) (142.6) (660.9) (660.5) (137.9) (137.6) (140.3) (140.3) (1347.6) (1347.3) (391.4) (390.4) (638.0) (638.1) (378.8) (378.5)
O 521.3 521.0 11199.0 11100.0 355.0 356.7 3480.0 3475.0 365.5 364.9 98.8 98.6 O 122.8 123.9 305.5 309.5 613.3 614.4 230.0 232.9 145.5 145.0 663.0 665.0 O 143.0 138.1 141.2 141.0 1364.9 1354.9 395.2 393.5 643.8 644.0 379.0 379.0
558.0 548.0 11649.7 11644.0 372.2 372.5 3495.8 3498.0 367.7 367.6 106.1 106.2 124.5 124.8 325.3 325.0 619.9 620.9 232.6 232.9 147.3 147.3 669.7 669.8 143.0 140.0 145.7 145.8 1372.0 1372.6 410.0 409.9 672.0 672.0 395.8 395.6
w 515.5 515.0 10960.0 10949.8 352.2 352.2 3401.5 3402.2 357.9 357.7 98.0 98.0 w 122.8 122.8 305.5 309.0 604.0 603.0 227.0 227.5 140.4 140.3 649.1 649.0 w 134.5 134.2 140.8 140.5 1346.5 1345.4 394.7 392.7 641.4 640.1 377.0 376.0
537.1 537.7 11498.7 11487.9 369.9 369.6 3466.4 3466.7 359.0 359.7 104.4 104.3 123.1 123.1 317.8 317.9 616.8 618.6 228.1 228.2 145.4 145.4 651.1 650.9 135.6 135.8 144.9 144.9 1359.8 1360.1 402.3 402.6 662.9 664.7 383.5 384.4
30801 744K 1353 75829 382K 10985K 35202 1201K 169K 4171K 1435K 30017K 29953 513K 144K 2761K 2357 271K 15061 1697K 625K 17142K 167K 6481K 53626 1827K 411K 11873K 21628 578K 102K 3316K 42610 1275K 146K 2630K
13.1 13.1 52.2 52.1 29.9 29.9 59.4 59.4 29.5 29.6 32.1 32.1 14.7 14.7 5.2 5.2 8.4 8.4 28.9 28.9 11.3 11.3 33.9 33.9 13.4 13.4 4.9 4.9 45.3 45.3 56.5 56.6 18.2 18.3 16.3 16.3
W 808/373 807/372 17650/787417680/7850 550/252 549/252 3705/2101 3708/2100 378/206 374/202 297/74 297/74 W 162/90 162/90 1027/220 1028/219 855/366 852/365 301/178 301/177 349/117 349/117 670/357 670/355 W 249/110 249/110 271/119 271/119 1641/1065 1643/1065 665/263 666/263 700/337 699/337 788/282 789/280
M 4136 4141 33910 33878 80241 80175 83367 83374 36746 36822 15167 15160 M 12176 12171 3549 3551 8176 8199 14306 14315 11913 11917 52495 52479 M 9998 10013 89267 89267 36985 36993 24509 24530 19422 19476 10629 10654

Dabur India (A) « Deepak Nitrt (A) H Divis Lab (A) H Dixon Tech (A) DLF (A) H Dr Lal PathLabs (A) Dr Reddys (A) < Eicher Motor (A) Equitas Hold (A) Escorts (A) Exide Ind (A) « Federal Bank (A) H Future Retail (A) H GAIL (A) Glenmark (A) « GMR Infra (A) « Godrej Cons (A) « Godrej Prpty (A) <
(462.4) (462.5) (485.5) (485.6) (2420.8) (2421.1) (5178.0) (5180.5) (156.4) (156.4) (1534.4) (1535.3) (3999.5) (3998.9) (17282.2) (17272.9) (46.7) (46.7) (976.5) (976.5) (171.4) (171.4) (45.7) (45.7) (96.3) (96.1) (97.2) (97.3) (395.5) (395.6) (19.5) (19.5) (655.7) (655.2) (790.8) (790.3)
O 464.0 464.0 493.4 489.0 2444.0 2429.5 5151.0 5170.0 150.4 153.0 1540.1 1540.0 O 4006.0 4019.5 17540.0 17450.0 46.9 47.0 984.0 983.0 174.0 172.5 45.7 45.8 O 100.0 100.0 98.0 98.0 400.9 400.0 19.7 19.6 668.8 662.7 790.0 787.0
466.6 466.5 493.4 490.4 2475.7 2476.0 5215.4 5220.0 158.1 158.3 1667.7 1674.4 4050.0 4050.0 17623.0 17620.0 48.6 48.7 988.5 988.9 174.1 174.2 47.6 47.6 101.1 100.9 99.0 98.5 413.5 414.0 20.4 20.5 668.8 664.0 809.7 810.0
w 457.6 457.5 481.0 481.5 2418.2 2415.8 5000.0 4995.0 148.9 148.8 1537.3 1530.0 w 3995.3 3992.3 17312.9 17310.1 46.8 46.7 962.5 962.1 170.6 170.5 45.7 45.8 w 94.2 95.7 96.6 96.5 398.8 398.8 19.7 19.6 647.4 647.0 774.2 770.0
462.7 462.9 484.4 484.2 2460.5 2460.1 5014.5 5006.3 157.2 157.2 1640.9 1640.2 4025.9 4024.9 17506.5 17495.4 48.4 48.4 965.8 965.8 173.0 173.2 47.3 47.4 101.1 100.9 97.9 97.9 402.6 402.6 20.2 20.2 649.5 649.9 807.0 807.0
60173 2549K 31829 608K 43689 771K 1494 62438 1448K 24857K 8947 274K 19517 771K 5488 195K 896K 11795K 83509 2270K 118K 2487K 1151K 32128K 114K 1951K 352K 10661K 345K 5645K 539K 11020K 20213 976K 23721 942K
56.6 56.6 12.1 12.1 51.4 51.4 53.0 52.9 - - 60.5 60.5 33.0 33.0 23.1 23.1 215.1 215.1 24.4 24.4 16.9 17.0 6.1 6.1 7.5 7.5 9.3 9.3 15.8 15.8 - - 44.4 44.4 76.1 76.1
W 525/377 525/377 570/257 568/257 2538/1467 2538/1466 5573/1831 5575/1560 267/115 267/115 1846/1025 1846/1020 W 4100/2352 4132/2351 23428/12460 23450/12450 144/33 144/33 1003/423 1004/424 217/122 217/125 110/36 110/36 W 489/61 489/61 169/66 169/65 548/168 545/162 27/14 27/14 772/425 772/425 1188/506 1189/505
M 81755 81790 6607 6604 65313 65302 5802 5792 38912 38912 13675 13669 M 66902 66886 47810 47780 1654 1654 11839 11838 14705 14718 9429 9439 M 5332 5321 44132 44132 11361 11360 12193 12162 66398 66439 20337 20338

Granules (A) « Grasim Ind (A) H GS Gold ETF (E) « Gujarat Gas (A) H Havells I (A) « HCL Techno (A) H HDFC (A) H HDFC AMC (A) < HDFC Bank (A) « HDFC Std Life (A) Hero MotoCorp (A) H Hindalco (A) « HPCL (A) HUL (A) « ICICI Bank (A) H ICICI Lombard (A) ICICI Prud Life (A) ICICI Securitie (A) <
(184.8) (184.7) (605.5) (605.1) (40.8) (40.8) (277.5) (277.4) (568.3) (567.5) (578.9) (579.0) (1763.8) (1764.3) (2743.3) (2743.6) (1003.3) (1001.7) (517.5) (517.6) (2331.7) (2329.3) (142.6) (142.6) (195.2) (195.3) (2120.3) (2120.6) (347.9) (347.9) (1276.8) (1281.8) (382.4) (382.6) (387.5) (387.5)
O 187.0 186.0 609.0 611.6 41.0 41.2 283.5 282.0 571.7 571.1 583.0 585.0 O 1774.1 1775.0 2752.0 2760.1 1003.0 1003.1 519.4 517.6 2340.0 2343.9 144.0 143.8 O 195.6 196.8 2121.0 2124.0 349.9 350.0 1291.8 1290.0 387.5 386.4 392.3 391.0
187.9 187.8 630.5 630.7 41.3 41.2 291.0 291.0 574.8 574.9 586.5 587.2 1788.2 1789.0 2769.7 2779.5 1041.8 1042.4 520.2 521.3 2364.5 2364.0 151.0 151.0 205.4 205.5 2130.0 2128.0 360.0 360.0 1326.8 1328.0 392.0 392.0 398.3 398.7
w 183.2 183.0 609.0 609.5 40.8 40.7 271.0 271.0 559.2 558.9 572.8 572.5 w 1740.9 1740.6 2669.3 2668.7 1002.4 1002.8 512.0 511.7 2308.9 2308.0 143.7 143.4 w 195.6 195.3 2085.0 2085.0 347.1 347.0 1273.6 1273.7 382.1 382.0 391.5 390.8
184.3 184.2 626.9 627.2 41.2 41.2 285.6 285.5 567.7 567.9 575.9 576.0 1766.3 1766.6 2727.9 2729.8 1034.8 1033.4 516.3 516.3 2341.3 2340.7 149.3 149.3 204.6 204.6 2087.2 2087.6 357.3 357.2 1300.0 1302.8 387.5 387.6 394.3 394.6
84987 1368K 141K 3134K 153K 6176K 170K 2128K 64021 2293K 116K 3996K 205K 6692K 13462 203K 572K 17598K 114K 3558K 31628 1138K 1063K 21825K 416K 9279K 88135 2982K 1200K 37251K 14632 545K 72886 1765K 7752 327K
14.0 14.0 10.2 10.2 - - 18.5 18.5 48.5 48.5 14.1 14.1 17.2 17.2 - - 21.6 21.6 80.5 80.5 12.5 12.5 63.3 63.3 5.6 5.6 72.8 72.8 29.2 29.2 49.5 49.6 52.1 52.2 23.4 23.5
W 189/84 189/84 950/380 950/385 3498/33 3555/30 313/154 314/155 807/447 807/447 624/376 624/375 W 2500/1473 2500/1473 3844/1781 3844/1780 1304/739 1306/739 646/339 646/340 3021/1475 3023/1475 221/85 221/85 W 329/155 329/150 2614/1660 2614/1659 552/269 552/268 1440/806 1440/805 538/222 537/226 525/191 525/195
M 4684 4682 41234 41254 968 969 19661 19654 35535 35547 156279 156293 M 305932 305984 58055 58096 567695 566927 104250 104240 46767 46754 33537 33526 M 31170 31177 490409 490503 231330 231298 59079 59206 55633 55647 12700 12712

IDFC First Bank (A) India Cement (A) Indiabulls Hous (A) H Indian Hotel (A) « Indraprst Gs (A) H IndusInd Bank (A) Info Edge (A) Infosys (A) < INOX Leisure (A) InterGlobe Avia (A) IOC (A) IOL Chem (B) Ipca Labs (A) H IRCTC (B) ITC (A) « Jindal Steel (A) « JSW Steel (A) « Jubilant Fd (A)
(22.9) (22.9) (130.6) (130.8) (127.7) (127.8) (83.6) (83.7) (504.7) (504.8) (414.9) (415.0) (2521.6) (2514.0) (707.8) (707.8) (268.9) (269.4) (1117.8) (1116.1) (85.8) (85.9) (387.9) (388.4) (1515.4) (1516.2) (1432.1) (1431.4) (200.1) (200.1) (137.4) (137.1) (192.1) (192.0) (1685.2) (1683.4)
O 22.9 22.8 132.0 131.8 130.0 129.7 86.2 85.5 510.0 506.0 420.0 417.2 O 2530.3 2540.5 708.0 707.0 280.0 280.0 1120.0 1125.0 86.5 86.6 391.8 390.0 O 1522.0 1526.0 1459.0 1458.9 200.7 201.8 138.9 139.0 196.0 196.0 1688.0 1688.0
24.5 24.5 133.3 133.5 131.9 131.9 93.6 93.5 510.0 507.9 427.2 427.3 2538.1 2541.0 711.9 711.7 294.7 295.0 1204.5 1204.4 90.0 90.1 392.4 392.5 1522.0 1526.0 1489.2 1487.5 202.1 202.0 147.2 147.2 202.4 202.4 1709.0 1710.0
w 22.7 22.7 129.6 129.6 127.0 127.0 84.6 84.2 485.3 485.0 411.3 411.2 w 2474.6 2472.9 700.7 700.6 275.0 275.0 1120.0 1125.0 86.3 86.2 381.6 381.0 w 1495.0 1494.2 1435.8 1436.0 198.8 198.7 138.7 138.4 194.6 194.1 1636.4 1635.0
24.3 24.3 130.6 130.5 130.2 130.3 91.3 91.3 488.8 488.8 422.6 422.4 2500.8 2500.1 703.8 703.6 288.5 288.3 1190.2 1190.0 89.5 89.4 383.4 383.6 1500.8 1501.0 1456.1 1456.2 200.0 200.0 145.5 145.5 197.0 197.1 1685.9 1685.6
2396K 54651K 335K 2540K 921K 15448K 431K 6635K 122K 4600K 1722K 26350K 5056 480K 269K 7719K 229K 3617K 377K 7107K 1654K 24129K 66681 613K 9718 427K 153K 2727K 606K 14633K 1841K 34573K 1184K 26007K 32501 1175K
- - 33.9 33.9 1.8 1.8 27.5 27.5 30.9 30.9 6.6 6.6 133.0 133.0 18.1 18.1 20.4 20.4 - - 6.7 6.7 5.9 5.9 29.9 29.9 - - 16.6 16.6 - - 11.9 11.9 80.8 80.8
W 48/18 48/18 140/68 140/68 775/81 774/81 164/62 164/62 534/285 534/284 1636/236 1635/236 W 3125/1580 3130/1581 847/511 847/509 511/158 512/158 1911/765 1899/771 169/71 169/71 410/147 410/146 W 1821/844 1825/845 1995/625 1994/625 283/135 283/135 202/62 202/62 297/133 297/133 1973/1078 1974/1078
M 11664 11664 4046 4044 5567 5569 10852 10852 34213 34213 29306 29293 M 30640 30631 299734 299649 2967 2965 45797 45789 84210 84163 2181 2182 M 18962 18965 23298 23299 245783 245844 14836 14836 47619 47631 22248 22245

Just Dial (A) Kotak Mah Bank (A) < L & T (A) H L & T Infotech (A) « L&T Finance Hol (A) Laurus Labs (A) LIC Hsg Fin (A) H Liquid Sach (F) Lupin (A) H M & M Fin (A) H Mah & Mah (A) < Maha Gas (A) Manapp Finance (A) H Marico (A) « Maruti Suzuki (A) < Max Fin Sre (A) H MCX (A) Metropolis Heal (A) H
(404.6) (404.8) (1333.8) (1334.4) (931.0) (930.7) (1859.8) (1861.3) (58.2) (58.1) (470.0) (470.0) (245.1) (245.1) (1000.0) (1000.0) (907.7) (907.6) (148.8) (148.8) (478.6) (478.5) (1024.6) (1024.7) (134.5) (134.5) (333.1) (333.1) (5693.3) (5690.2) (461.1) (460.8) (1220.4) (1220.3) (1447.4) (1441.7)
O 412.0 412.9 1341.0 1344.0 937.5 940.0 1868.0 1865.1 59.0 58.8 470.1 471.2 O 246.0 247.0 1000.0 1000.0 917.5 919.9 151.0 150.8 479.0 479.0 1026.2 1038.3 O 137.6 135.0 337.0 335.2 5725.1 5728.3 465.0 466.2 1237.3 1227.0 1458.7 1455.0
413.5 413.9 1358.0 1358.0 964.9 959.9 1868.0 1870.7 62.9 62.9 478.0 477.9 263.3 263.4 1000.0 1000.0 923.6 923.9 155.5 155.5 489.3 489.5 1035.8 1038.3 137.8 137.9 337.0 335.7 5783.1 5785.0 474.8 475.0 1244.0 1244.0 1490.0 1493.0
w 399.9 399.5 1321.8 1321.0 937.5 936.6 1850.0 1849.1 58.5 58.4 468.0 468.2 w 246.0 246.2 1000.0 1000.0 898.7 898.1 149.7 149.6 476.7 475.4 1002.3 1002.0 w 134.4 134.3 325.6 325.5 5671.6 5671.1 461.5 461.5 1202.2 1201.0 1445.5 1442.0
407.8 407.5 1339.6 1337.8 955.3 955.3 1856.4 1857.3 62.2 62.3 471.0 471.1 262.0 261.9 1000.0 1000.0 902.3 902.4 154.4 154.3 484.4 484.2 1012.5 1012.7 135.2 135.2 326.5 326.4 5747.2 5746.2 473.2 473.4 1210.1 1210.4 1451.9 1453.6
174K 2664K 216K 5688K 248K 6071K 2469 54930 1857K 24402K 9924 299K 447K 10001K 88009 821K 135K 3694K 577K 10285K 193K 6266K 53452 1165K 277K 5743K 74516 2898K 48529 1237K 39016 1005K 14725 204K 5069 80150
9.7 9.7 29.8 29.8 13.7 13.7 21.3 21.3 7.3 7.3 19.7 19.7 4.9 4.9 - - - - 10.5 10.5 12.9 12.9 13.2 13.2 7.8 7.8 41.3 41.3 30.7 30.7 46.8 46.8 29.6 29.6 - -
W 825/251 825/250 1740/1000 1740/1001 1592/661 1592/661 2049/1208 2050/1210 136/46 135/46 536/298 536/295 W 587/186 587/185 1009/998 1010/996 924/505 924/505 433/125 433/125 675/246 675/245 1247/666 1246/664 W 195/76 195/74 404/234 404/234 7755/4002 7759/4001 611/280 612/276 1442/779 1443/779 2110/927 2109/927
M 2647 2645 256373 256028 134115 134108 32338 32353 12470 12490 5035 5036 M 13222 13214 - - 40879 40881 9538 9532 60214 60196 10001 10003 M 11423 11423 42145 42138 173611 173581 12754 12759 6172 6173 7354 7362

Mindtree (A) Mishra Dhatu Ni (A) Mothersons S (A) « Mphasis (A) MRF (A) Muthoot Finance (A) Nat Alum (A) < Natco Pharma (A) H Navin Fluo (A) H NCC (A) H Nestle India (A) NIIT Techno (A) Nippon Life Ind (A) NMDC (A) « NOCIL (A) NTPC (A) Oberoi Relty (A) Oil India (A)
(934.8) (935.3) (199.9) (199.9) (101.6) (101.3) (879.5) (880.3) (61624.3) (61648.8) (910.4) (910.8) (30.5) (30.5) (591.5) (590.7) (1628.3) (1628.1) (27.0) (27.0) (17195.6) (17196.6) (1444.7) (1445.3) (264.5) (264.7) (85.3) (85.3) (86.3) (86.3) (95.2) (95.2) (374.1) (375.5) (89.4) (89.4)
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945.5 946.6 204.6 205.0 105.0 105.0 889.9 890.0 63887.1 63844.0 934.0 928.0 33.2 33.2 599.0 601.9 1655.0 1653.0 31.1 31.1 17461.3 17460.0 1517.6 1517.9 278.9 279.0 90.3 90.3 89.2 89.2 98.3 98.2 384.0 384.9 91.6 91.7
w 917.0 916.3 198.0 199.6 101.8 101.8 878.0 877.0 61698.8 61521.1 902.6 902.6 w 30.7 30.6 590.7 591.2 1603.7 1605.7 27.0 27.3 16970.1 16956.6 1415.0 1451.1 w 264.3 264.1 86.0 86.0 86.3 86.2 94.6 94.2 369.5 369.3 90.1 90.0
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W 1062/653 1063/652 278/109 279/108 151/49 151/49 1015/612 1018/630 73500/50000 73566/49915 954/478 955/477 W 52/24 52/24 738/450 738/403 1694/570 1694/570 103/16 103/16 18301/11271 18370/11265 2057/739 2060/735 W 453/201 453/208 140/62 140/62 134/45 134/45 146/74 146/73 642/290 642/290 183/66 184/64
M 15123 15126 3781 3782 32826 32842 16503 16429 26939 26935 36677 36707 M 6129 6119 10790 10795 8028 8011 1848 1851 164857 164848 9180 9174 M 16906 16919 27219 27204 1451 1452 96967 96917 13531 13530 9895 9895

ONGC (A) < Page Inds (A) Petronet LNG (A) Pfizer (A) PI Inds (A) « Pidilite Ind (A) « Piramal Entp (A) H PNB (A) H Power Fin (A) Power Grid (A) PVR (A) Radico Khatn (A) H Ramco Cements (A) « RBL Bank (A) REC (A) Reliance Ind (A) SAIL (A) Sanofi India (A)
(84.9) (84.9) (19579.8) (19574.1) (254.3) (254.3) (4122.9) (4122.8) (1557.4) (1552.7) (1498.3) (1496.8) (1081.6) (1081.6) (31.0) (31.0) (80.8) (80.8) (169.2) (169.3) (1070.4) (1069.2) (340.5) (340.5) (619.3) (620.0) (122.4) (122.4) (93.4) (93.5) (1579.9) (1579.8) (31.1) (31.1) (8127.3) (8129.4)
O 85.5 85.1 19717.9 19868.0 259.4 257.5 4112.0 4140.0 1570.0 1570.0 1500.2 1506.5 O 1084.0 1094.0 31.3 31.5 82.0 81.0 168.1 167.0 1087.0 1085.1 340.6 339.2 O 627.5 624.7 122.5 123.3 94.4 94.1 1601.9 1595.0 31.3 31.5 8207.1 8135.0
88.8 88.8 19890.0 19900.0 259.4 257.8 4151.7 4154.0 1640.8 1639.0 1517.5 1518.0 1143.7 1144.5 34.1 34.1 87.2 87.2 174.4 174.3 1284.5 1283.0 354.4 355.0 639.6 640.0 128.4 128.3 102.0 102.0 1617.7 1618.0 33.8 33.8 8224.0 8239.9
w 85.1 85.0 19328.6 19319.9 251.3 251.3 4085.0 4086.0 1555.0 1555.0 1487.1 1486.1 w 1084.0 1090.1 31.3 31.4 81.1 81.0 164.9 164.6 1087.0 1085.0 340.6 339.2 w 625.7 620.1 122.5 123.1 94.1 94.1 1574.3 1573.7 31.3 31.3 8104.7 8101.1
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765K 18204K 747 22591 92260 2226K 5629 71821 22762 550K 16786 688K 88646 1959K 4454K 96121K 689K 14129K 324K 12854K 413K 9756K 65894 1023K 12951 576K 1507K 34396K 757K 16205K 658K 15270K 3362K 59695K 348 17647
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W 174/52 173/50 26891/16187 26883/16254 302/171 299/170 5173/2798 5170/2792 1643/974 1650/970 1710/1169 1710/1168 W 2138/608 2138/607 83/26 83/26 139/74 139/74 216/130 216/122 2121/720 2125/718 439/220 439/220 W 883/457 884/455 700/102 697/102 170/79 170/79 1618/867 1618/867 53/20 53/20 8528/5300 8584/5280
M 109386 109386 21986 21989 38393 38415 18760 18768 22358 22359 76660 76637 M 25410 25422 31796 31749 22718 22718 89722 89696 6375 6379 4623 4618 M 14891 14893 6422 6422 19720 19710 1068806 1069550 13796 13796 18732 18710

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(46.8) (46.8) (3791.1) (3798.1) (419.5) (419.7) (495.0) (494.9) (405.5) (405.5) (315.5) (315.5) (381.6) (381.5) (823.0) (823.0) (42.2) (42.2) (98.5) (98.5) (42.5) (42.5) (320.1) (320.0)
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M M 3087 3090 20969 20982 3731 3731 118561 118585 15848 15848 M 35007 34998 5218 5218 2387 2387 34195 34210 11888 11874 38232 38187

« M < m « < w « M « w « H H « « W H H «

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12
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NEW DELHI | 6 JUNE 2020 1

SC asks private hospitals if they Centre publishes draft

rules for drones
can charge at Ayushman rates Industry lauds step, but calls
for faster implementation Who can
Capping rates can make business ARINDAM MAJUMDER operate a drone?
unviable, say hospitals DELHI’S TRYST WITH COVID-19 New Delhi, 5 June > Any Indian,
18 years and above
In 2014, Francesco’s Pizzeria in Mumbai tried to
SOHINI DAS & PTI PD Hinduja Hospital in deliver pizzas through drones. The first flight > Any company
Mumbai/New Delhi, 5 June Mumbai, said separate nega- lasted 20 minutes, but within hours police arrived registered in India
tive pressure ICUs are needed at the restaurant to question staff because they with chairman and
2/3rd of board in India

A
s the debate around for Covid-19 patients. He said had no permission to fly the drone.
the cost of treatment since the hospital has been Six years later, India took the first step towards
for Covid-19 patients divided into wards — Covid legalising drones by officially publishing draft Where can one operate a drone?
continues, the Supreme Court patient, suspect Covid patient, rules for drone operations in the Official Gazette Through a dedicated drone corridor—
on Friday asked private hospi- and non-Covid patient — the on Friday. The rules, termed The Unmanned airspace permitted by the DGCA
tals if they were ready to pro- infra as well as the manpower Aircraft System Rules, 2020, are open for public
vide treatment according
to charges prescribed under
are under a strain. “Staff is
quarantined… they have to be
IS DELHI consultation for 30 days.
According to the draft, unveiled by the
Will delivery of food/goods be allowed?
The government hasn’t yet given
the government’s Ayushman
Bharat scheme.
rested, etc. Operational beds,
thus, come down. We all want
THE NEXT Directorate General of Civil Aviation (DGCA),
which will be the regulating authority for such
permission for that
Source: Draft rules of Unmanned Aircraft Rules,2020
The Bench, headed by Chief
Justice S A Bobde, observed that
to do our bit, but at very low
rates it becomes unviable,”
MUMBAI?
Concerns are rising in the
vehicles, drones have been classified into five
groups: Nano — upto 250 grammes, micro (from within the country, 90 per cent of India’s drones
the SC was not asking all private Khanna said. Hospitals with national capital over a rapid 250 gm to 2 kg), small (2 kg to 25 kg), medium (25 have been manufactured by DJI Drones, which
hospitals to treat certain num- good reserves can last longer. increase in Covid-19 cases and kg to 150 kg), and large (greater than 150 kg). is based in Shenzhen, China. To comply with
ber of Covid-19 patients for free But those that have working deaths. Delhi with 25% The draft rules specify who will be allowed to NPNT, DJI has to tweak the hardware. However,
but was asking only those pri- capital issues will be the first manufacture, import, and operate drones and the it has refused to do so because the Indian market
positivityrate is much higher
vate hospitals, which have been ones to fall, said the head of a airspace where these can be operated. hasn’t shown numbers convincing enough for it
given land at concessional rates private hospital in Mumbai.
compared to the national “Drone imports and drone corridors may be to customise drones. Through a one-time regis-
by the government, to do so. Shuchin Bajaj, founder and positivityrate of 5%. The worry established in permitted areas. If warranted by tration window earlier this year, the government
“I just want to know director of New Delhi- nowis ifDelhi’s about to catch the nature and requirement of the drone opera- registered 19,553 drones.
if hospitals are based Ujala Cygnus up with Mumbai, the most tions,” the draft rules say. “I would say the industry is going through a
ready to charge at Healthcare, felt there affected citywith over 45,000 However, industry experts say it needs to be transition. Every transition brings in a set of chal-
Ayushman rates,” was a need to differ- cases. RUCHIKA CHITRAVANSHI
Source: Health Ministry and Delhi State Health Bulletin
implemented soon. lenges for a particular period. What has only
the CJI said. entiate between Government officials say the Prime Minister’s changed is that now there is a clear-cut idea how
Senior advo- profits and profi- Office and the NITI Aayog have called for you can operate, where you can operate and
cate Harish Salve, teering. increased focus on the industry, and the civil avi- where you cannot operate. It also provides a very
appearing for a
health care federation
that has filed intervention
“While profiteer-
ing should be strictly
clamped down, no one
15 days optimum time for states to ation ministry now has a special cell to look into
it. “What we now have is a draft legal framework
for the industry. But, it is in the interest of all
organised way of doing business,” Singh says.
A government official who is part of the Drone
Cell in the government said the registration win-
application in the matter, said
that Ayushman is a heavily dis-
should be allowed to take
advantage of any one’s misery. transport migrants: Apex court stakeholders to communicate with each other
to implement these in a fast and efficient man-
dow allowed it to formalise the process. He says
the committee overseeing India’s response to
counted scheme and revenue We should realise that profits ner,” says Smit Shah, director partnerships, Drone Covid-19 has been impressed by how drones
of private hospitals has already of a certain small amount are The Supreme Court on Friday said it registration and employment. Federation of India. helped combat the virus and locust swarms.
gone down by around 60 per necessary for any business to intends to give 15 days to the Centre and A Bench of Justices Ashok Bhushan, The federation was formed in 2017 and now “Multiple options are being explored to
cent as footfall has decreased. survive. Price capping is fine state governments for sending to native S K Kaul and MR Shah took note of the counts India Inc biggies like Adanis, Tatas among streamline the process and make commercial
But advocate Sachin Jain, who if done scientifically, but free places all the migrant workers wanting to submissions of the Centre and the state its members along with over 2,000 start-ups. usage of drones viable. On the hand, we are for-
has filed the petition, told the treatment may be taking return home and they should be registered governments on steps taken so far to Executives of these companies say the biggest malising the industry and trying to formulate
Bench that rates prescribed things a bit too far,” he said. by the authorities for extending benefits of mitigate the miseries of the migrant hurdle is the ‘No Permission No Take Off’ (NPNT) rules for commercial usage,” the official says,
under the scheme should be Bajaj said the government welfare measures including employment workers stranded across the country protocol. Vipul Sinha, chief executive officer at pointing out approval given to firms like Zomato
made applicable to the hospi- was abdicating its responsibili- opportunities. during the Covid-19 lockdown. Aarav Unmanned Systems, one of the few com- and Swiggy to test drones that are beyond visu-
tals. Jain told the Bench he can ty of providing free treatment The top court, which after taking suo The Centre on Friday told the Supreme panies that manufactures and operates drones al line of sight (BVLOS). BVLOS flights are flown
show how the scheme has been and imposing on the private motu note of the plight of such workers had Court that no deaths of migrant labourers for state governments and security agencies, says beyond the visual range. “Nowhere in the world
decided keeping in view the sector to fulfill its tasks. directed on May 28 that they not be charged have taken place due to non-supply 90 per cent of operators were deemed ineligible is delivery by drones allowed. India has taken
profitability of hospitals. Meanwhile, amidst allega- train or bus fare and be provided food free of of water, food and medicine and such because of the policy. The policy says every type the first step to enable that. We will collect data
The Bench said: “Please tions of hospitals charging exor- cost, reserved its order for June 9 on the incidents took place due to pre-existing of drone should be approved by DGCA. from these operations and frame policies based
ensure they do some service”. bitant amounts amid the pan- issues relating to their transportation, illness. PTI With negligible manufacturing capability on that,” the official said.
The next hearing will be held demic, states like Maharashtra
two weeks from now. have issued a notification tak-
The Ayushman Bharat
scheme is aimed at providing
ing over 80 per cent beds in pri-
vate hospitals and has also
COVID-19 UPDATES
health cover to the poor. Private capped the treatment charges  The UPSC Civil Services  Covid-19 cases in India,
hospitals feel rates under the for both Covid-19 and other ill- prelims exam will be South Asia growing but
scheme are too low and, hence, nesses in these beds. conducted on Oct 4 while not exploding : WHO
unviable. According to Alok In Maharashtra, the charge the main exam will be  UKcrosses 40,000 deaths
Roy, chair of Ficci Health of a Covid-19 patient in isola- conducted on Jan 8
Services Committee, and tion ward can’t be more than  DowJones jumped over
chairman of Medica Group of ~4,000 per day, while that for an  20 Delhi Metro staff 900 points in intra-day
Hospitals, rates under the intensive care unit (ICU) can’t have tested positive trade (till 10:50 pm IST)
scheme were below ~2,000 per be more than ~7,500 per day. for Covid-19 till date afterUS employment
patient per day (all-inclusive) Patients in ventilators will pay
 5 employees of health stunninglyrose by2.5 mn
and, thus, it would not be finan- not more than ~9,000 per day. in Mayand the jobless
cially viable to offer treatment These charges include doctors ministry have tested
positive in the past 7 rate declined to 13.3%
at those rates. Private hospitals and drugs, nursing and food
have said that, typically, one charges. It excludes cost for days; sanitisation  Authors retract The
patient needs three personal PPE, equipment or diagnostic drive on Lancet article that
protective equipment (PPE) kits costs and even expensive drugs.  16 Indian Navy sailors found risks in HCQ
every day and that adds to the But the state has said that for
cost of treatment even for a rel- those the hospital can’t charge
have tested positive at  German economy set to
atively mild patient. more than 10 per cent mark up the Porbandar Naval Base shrink7% even with
Gautam Khanna, CEO of over the procurement cost. in Gujarat in past 4 days recovery under way

America will allow R SYSTEMS INTERNATIONAL LIMITED

[Corporate Identity Number : L74899DL1993PLC053579]
Chinese passenger Registered Office: GF-1-A, 6, Devika Tower, Nehru Place, New Delhi-110019
carriers to fly two Corporate Office : C-40, Sector 59, NOIDA, Distt. Gautam Budh Nagar, U.P., India - 201 307
Tel : +91 120 4303500; Fax : +91 120 4082699
flights per week Website : www.rsystems.com; Email : [email protected]
The US Transportation NOTICE OF TWENTY SIXTH ANNUAL GENERAL MEETING AND REMOTE E-VOTING INFORMATION AND BOOK CLOSURE
Department said on Friday it NOTICE is hereby given that:
would allow Chinese passen- 1. In view of the continuing Covid-19 pandemic, the Ministry of Corporate Affairs (MCA) has vide its Circular Nos. 14/2020,
ger air carriers to operate two 17/2020 and 20/2020 dated 08th April, 13th April and 05th May, 2020, respectively (Collectively refereed as "MCA Circulars")
flights after Beijing said it permitted the holding of the Annual General Meeting through VC/ OAVM, without the physical presence of the Members at a
would ease coronavirus common venue. In compliance with the MCA Circulars, the Companies Act, 2013 read with rules made thereunder (the "Act")
restrictions to allow in more and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations") the Twenty Sixth Annual
foreign carriers. On General Meeting ('AGM') of R SYSTEMS INTERNATIONAL LIMITED is scheduled to be held on Tuesday, June 30, 2020 at
Wednesday, Washington said 09.00 A.M. through Video Conferencing ("VC") / Other Audio Visual Means ("OAVM") to transact the businesses as detailed in
the Notice of AGM alongwith explanatory statement pursuant to Section 102 of the Companies Act, 2013.
it planned to bar all Chinese
2. In compliance with the said MCA Circulars read with the SEBI Circular dated May 12, 2020, electronic copies of the Notice of
passenger airlines from flying
AGM and Annual Report for the financial year ended on December 31, 2019 have been sent on June 05, 2020 to all the members
to the United States by June 16 whose email IDs are registered with the Company/ Depository participant(s). The same is also available on the Company's
due to Beijing's curbs on US website www.rsystems.com.
carriers. The revised order 3. The members holding shares either in physical form or in dematerialized form, as on the cut-off date on Tuesday, June 23,
Friday cuts in half the four 2020, may cast their vote electronically on the Ordinary and Special Businesses as set out in the Notice of AGM through
weekly round trip flights electronic voting systems of Central Depository Services (India) Limited ("CDSL"). All the members are informed that:
Chinese passenger carriers i) The Ordinary and the Special Businesses as set out in the Notice of AGM will be transacted through voting by electronic
have been flying to the means;
US and take effect ii) the remote e-voting shall commence on Friday, June 26, 2020 at 10:00 A.M.;
immediately. REUTERS iii) The remote e-voting shall end on Monday, June 29, 2020 at 05:00 P.M.;
iv) the cut-off date for determining the eligibility to vote by electronic means or at the AGM is Tuesday, June 23, 2020;
v) Person, who acquires shares of the Company and become member of the Company after sending of the Notice of AGM
Twitter disables and holding shares as of cut-off date i.e. Tuesday, June 23, 2020, can follow the process for generating the login ID and
Trump campaign’s password as provided in the Notice of the AGM if their PAN is updated with their Depository Participants. However such
members who have not updated their PAN with their Depository Participants, their login ID and Sequence No. will be sent
George Floyd separately by electronic or physical means for generation of password. If such a person is already registered with CDSL
for e-voting, existing user ID and password can be used for casting vote;
video tribute vi) Members may note that: a) the remote e-voting module shall be disabled by the CDSL after the aforesaid date and time
for voting and once the vote on a resolution is casted by the member, the member shall not be allowed to change it
Twitter removed a Trump
subsequently; b) the members who have casted their vote by remote e-voting prior to the AGM may also attend the AGM
campaign video tribute to but shall not be entitled to cast their vote again; c) the facility for voting through electronic mode shall be made available
George Floyd due to a copy- at the AGM; and d) a person whose name is recorded in the register of members or in the register of beneficial owners
right claim, the latest escala- maintained by the depositories as on the cut-off date only shall be entitled to avail the facility of remote e-voting as well
tion in a confrontation betw- as voting at the AGM;
een the social media platform vii) The Notice of the AGM is available on the Company's website www.rsystems.com and also on CDSL's website
and its most influential user. https://www.evotingindia.com;
The @TeamTrump viii) In case you have any queries or issues regarding e-voting, you may refer the Frequently Asked Questions ("FAQs") and
account had tweeted a video e-voting manual available at www.evotingindia.com, under help section or write an email to
collage of images and clips helpdesk [email protected] or call 1800225533 or contact Mr. Bhasker Dubey, Company Secretary & Compliance
depicting peaceful protests, Officer, C- 40, Sector - 59, Noida, U.P. - 201 307, at the designated email ID [email protected] or at telephone
moments of mourning and No. + 91 120 4303566 who will address the grievance connected with the facility for voting by electronic means.
law enforcement officers hug- 4. Notice is also hereby given that pursuant to section 91 of the Companies Act, 2013 and Securities and Exchange Board of
India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Register of Members and Share Transfer Books
ging civilians in the wake of
of the Company shall remain closed from Friday, June 26, 2020 to Tuesday, June 30, 2020 (both days inclusive) for the purpose
the killing of George Floyd, an of AGM.
African-American man, while
in police custody. By Order of the Board
Accompanied by a gentle For R Systems International Limited
piano soundtrack and US Sd/-
President Donald Trump’s Bhasker Dubey
speech about “healing, not Date : June 05, 2020 (Company Secretary & Compliance Officer)
hatred,” it urged Americans Place : NOIDA
to unite. BLOOMBERG