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TUESDAY, 22 JUNE 2021
18 pages in 1 section www.business-standard.com

MUMBAI
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VOLUME XXV NUMBER 220
THE MARKETS ON MONDAY chg#
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RELIANCE, TATA SUPERAPPS FLYERS GIVING ADVANCE
Gold (10 gm)### ~46,972.0 "
*(July) Premium on Nifty Spot; **Previous close;
# Over previous close; ## At 9 pm IST;
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GEAR UP FOR BATTLE ROYALE BOOKING OFFERS A MISS
### Market rate exclusive of VAT; Source: IBJA P U BL IS H ED SI M U L T AN EO USL Y F R OM AHM ED AB AD , BE NG AL U RU , B HUB ANESW AR , CHAN D IGA RH , CHEN NA I, HYD ER AB AD , KOCHI, K OLKA TA, LUCKN OW , MUMB A I (A LSO P R IN TE D IN B HOPA L), N E W DE LHI AN D PUN E
THE CMIE TRACKER

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

SAMIE MODAK & ABHIJIT LELE
Mumbai, 21 June
PNB Housing in ~
Unemployment rate (%) The Securities Appellate Tribunal
(SAT) has allowed PNB Housing
Monday number 2.5 times the daily average Finance to go ahead with its sched-
uled extraordinary general meeting
RUCHIKA CHITRAVANSHI & SOHINI DAS (EGM), scheduled for Tuesday.
PHOTO: PTI
New Delhi/Mumbai, 21 June The mortgage lender has been
I
even allowed to carry out voting on
ndia administered a record 8.1 million the controversial resolution pertain-
doses of Covid-19 vaccines on Monday ing to the infusion of ~4,000 crore by
— about 2.5 times the weekly average an investor group led by Carlyle on a
Source: CMIE
of 3.2 million shots a day — as the cen- preferential basis. Source: Exchanges
tral government-led “free for all” vaccination The tribunal, however, has direct-
ON SENTIMENTS drive kicked off. ed PNB Housing to not disclose the HOUSE OF CARDS
With increased supplies, more centres, voting result on the resolution until MAY 31: PNB Housing over allotment price complied with all
MOBILITY IS NOT ENOUGH and walk-in registrations allowed under the
revised guidelines, the vaccination
further directions.
SAT has also asked the company
board approves JUNE 18: Sebi asks regulatory
Only vaccinations can eliminate the threat ~4,000 cr share company to get shares requirements
of new waves, help raise sentiments and numbers have seen a surge in many states, to tell NSDL to not declare the voting allotment to Carlyle- valued from an JUNE 20: PNB Housing
allow sellers and buyers to participate including Madhya Pradesh, Karnataka, and pattern and it should be kept in a
led investor group independent valuer challenges Sebi’s
aggressively in the much awaited Uttar Pradesh. sealed cover till further orders.
BIG BOOST
economic recovery. MAHESH VYAS writes 7 > At this pace of daily vaccinations, the The matter will come up for hear- JUNE 6: Red flags raised JUNE 18: Firm says it has directive before SAT
entire adult population in the country can be ing next on July 5, when the tribunal
inoculated by December 2021-January 2022, will decide whether a valuation report Companies Act, a provision has been requirement has been dispensed
according to estimates. The government is 8,096,492 283,313,942 from a registered valuer is required to made for valuation through a regis- with in a case where a preferential
STIFF COMPLIANCE, also hopeful of an improved supply situation
from July onwards. Three-fourths of the total
DOSES GIVEN TOTAL DOSES GIVEN
be done.
PNB Housing has argued that
tered valuer but under Rule 13 of the
Companies (Share Capital and
allotment of shares is being issued
by a listed company.
FLASH SALE BAN IN supplies are now available for the Centre, and
ON MONDAY
STATES WITH HIGHEST VACCINATION
under Section 62(1)(c) of the Debentures) Rules, 2014, this Turn to Page 13 >
DRAFT E-COM RULES

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

To invest ~4,600 crore in Fogg deo maker; WestBridge to raise holding
RAGHAVENDRA KAMATH
Mumbai, 21 June ‘PERSONAL’ VINI COSMETICS SUPERMAX
CORPORATION
PURPLLE
Sub-sector:
TOUCH Cosmetics $168mn Sub-sector: $125mn
Sub-sector:
E-commerce
Global investment giant KKR has SEP 2017
bought a majority stake in personal care Other Investors: Shaving Mar 2011 Investors: JSW
company Vini Cosmetics, the maker of major PE-VC WestBridge, Sequoia blades Ventures, Blume
Fogg deodorants, from its founders and investments Capital India Investor: Actis Ventures,
venture capital firm Sequoia Capital for in personal Verlinvest, Sequoia
$625 million (about ~4,600 crore). This is the care space SESA CARE WOW SKIN Capital
largest private equity (PE) control deal in the Sub-sector: $156mn SCIENCE $50mn India
space in the country. Ayurvedic Oct 2018 Sub-sector: Mar 2021 $45mn
The founder group, led by Chairman and Source: Venture products E-commerce Mar 2021
Joint Managing Director Darshan Patel and Joint Intelligence Investor: TrueNorth Investor: ChrysCapital
MD Dipam Patel, will continue to hold a significant
stake in Vini and work with KKR in the next phase of
the company’s growth, KKR said in a statement on through its flagship brand Fogg and other widely and consolidation,” said Sanjay Bansal, managing
Monday. In addition, existing investor WestBridge recognised brands such as Ossum and GlamUp. partner, Aurum Equity Partners.
Capital will increase its holding in Vini from 21 per Market watchers said KKR would build a Darshan Patel will continue as the chairman of
cent to 23 per cent, said sources in the know. portfolio of beauty and personal care firms and then Vini’s board, while Dipam Patel will be appointed as
The previous largest deal in this space was when go for an initial public offering (IPO). However, KKR vice chairman.
Sequoia Capital India and WestBridge had led a $168 did not comment on the matter. KKR is making the investment from its Asian
million (about ~1,000 crore then) investment in Vini “KKR’s control deal in Vini Cosmetics, other Fund IV, which has a corpus of $15 billion. The firm
in September 2017. than being the largest deal in this space, also reflects has committed about $5.7 billion of equity through
Founded in 2010, Vini makes and markets its the potential of this space. Beauty and personal care its private equity strategy since 2006.
branded deodorants, cosmetics and toiletries is expected to see a lot of deal activity, growth capital Turn to Page 13 >
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X
2 COMPANIES MUMBAI | TUESDAY, 22 JUNE 2021
STOCKS > NTPC

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

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

IN BRIEF
NCLT will rule on Jet Airways
resolution today
The National Company Law Tribunal
‘trusted’ source portal prerequisite
for survival,
(NCLT) will pass its order on the
Kalrock-Jalan consortium’s plan for
revival of Jet Airways on Tuesday. The
airline suspended operations in April
This indicates Chinese telcos feel new rule doesn’t place curbs on them: Sources
2019 and is under insolvency for nearly SURAJEET DAS GUPTA dors, the products, the critical
says Ambani
two years. It has admitted creditor New Delhi, 21 June components and their sources
claims of over ~15,000 crore. The are then populated in the por-
C
Kalrock-Jalan consortium, which was hinese telecom gear tal by the telecom service pro-
selected by a Committee of Creditors last October has proposed to giant Huawei viders. Vendors will also be
repay financial creditors and employees around ~1,200 crore over five
years and hopes to re-establish Jet Airways as a full service airline
Technologies has
sought permission for access to
given access to the portal.
The government will assess
Calls connectivity, communication
with 30 aircraft. The consortium has demanded a historicity the government’s ‘Trusted the vendors and the sources of fundamental rights of each individual
regarding airport slots used by Jet Airways prior to its collapse and the Telecom Portal’ which went the components to determine
tribunal ruling on this aspect will be keenly watched. BS REPORTER live on June 15 so that it can trusted sources and trusted AGENCIES
share details about the telecom products and this decision will New Delhi, 21 June
Reliance Home Fin JLR commences products which telecom serv- be intimated to the vendor and
+ appoints panel for bookings for new ice providers have agreed to the telecom provider. Asia’s richest man Mukesh
buy from it. OEMs have to divulge a lot Ambani on Monday said
resolution process F-PACE SVR in India The move is significant as of detail not just about the there was no option for busi-
Reliance Home Finance Jaguar Land Rover (JLR) India sources close to the develop- equipment but about the orga- nesses but to go green and
(RHF), an Anil Ambani- said it has commenced ment say that, according to nisation as well, such as the every unit of Reliance
promoted Reliance Group
firm, on Monday said it has
bookings for the updated
version of F-PACE SVR SUV in
Chinese telecom companies’
interpretation, the new THE ISSUE names of the top 10 share-
holders up to three levels, their
Industries will have to pivot
as the conglomerate moves
appointed a panel for taking the country.Sitting at the top National Security Directive on | Government makes it | There are concerns among country of origin and whether towards net-zero.
forward the resolution of the Jaguar performance the telecom sector does not in mandatory for TSPs to get non-Chinese OEMs about what there has been any change in “We have no option as a
process of the debt-laden SUV range, the new F-PACE any way prohibit them from the “trusted badge” for any percentage of components in ownership in the last three society, as a business but to
mortgage company. A group SVR is faster than ever and participating in the process of new equipment they buy an equipment should be years. On equipment, details of really adopt a sustainable
of lenders under the ICA features motorsport-inspired selling telecom equipment of from vendors “trusted” to get clearance active components, their business model,” he said
issued a letter of intent in exterior design and a any kind to private telcos. maker and the location of their while speaking at the Qatar
| Industry experts say this | Mandatory replacement of
favour of Authum luxurious interior. PTI The firm is waiting for a global headquarters have to be Economic Forum.
move would keep Chinese existing equipment does not
Investment. PTI response from the govern- spelled out, along with the On if this green push will
Industry growth to ment. It declined to comment.
products away from scrutiny come under the directive
country in which the intellec- require dialling back on some
"I THINK THAT THIS
Cadila, Bayer extend be led by next-gen The directive makes it man- tual property rights are con- of Reliance’s businesses,
JV partnership datory for providers to get a Committee on Telecom, they were registered with a trolled. In the case of software, Ambani said “it means trans- STRING OF DIGITAL
tech: Wipro ‘trusted product’ and ‘trusted headed by the National ‘competent authority’. The the name of the software forming our businesses and AND PHYSICAL (HEALTH
for three years IT industry's growth will source’ stamp on all new tele- Security Advisor Ajit Doval, will clause effectively excluded owner, its global headquarters, integrating that with the
Cadila Healthcare and Bayer largely be led by next- com equipment they want to decide whether the equipment Chinese players from bidding the name and country of the future”, without sharing more CARE INFRA) WILL BE
(South East Asia) have decided generation technologies buy from OEMs. It is aimed, is trusted and from a trusted for BSNL’s 4G network con- subcontractors and the coun- details. THE NEW NORMAL...
to extend the operations of and services with areas like according to experts, primarily source. The new order is simi- tract. This was followed by try from where software will be The pivot towards a
their joint venture by three data, Cloud and to allow for closer scrutiny of lar to the restrictions that coun- keeping Chinese gear makers upgraded all have to be shared. greener, cleaner version of
IT’S AN ABSOLUTE
years with effect from June, cybersecurity expected to Chinese telecom products and tries like the US and UK have out of participating in the However, some non- itself won’t be an easy one for MUST FOR ALL
the companies said in a joint see huge growth, Wipro CEO ensure that companies like also imposed on the import of ongoing 5G trials, even though Chinese OEMs have some con- India’s most valuable com- ECONOMIES TO
statement on Monday. PTI Theirry Delaporte said. PTI Huawei and ZTE are discour- Chinese gear out of fear that it companies like Huawei had cerns about the rule. An execu- pany, which got about 60% of
aged from selling any new might pose a security risk to initially tied up with Indian tive with a leading telecom gear revenue from its hydrocar- INTEGRATE, AND
JSW Cement forays Nissan starts equipment, especially in 5G. their telecom infrastructure. telecom service providers. maker said some of its compo- bon-fuelled energy opera- ENHANCE THIS DIGITAL
into ready-mix exports of SUV As part of the new process, Given the border clashes
telcos which want to buy new between India and China last
The definition of ‘trusted nents were procured from
product’ is products and their China or from Chinese com-
tions for the year-ended
March.
INFRASTRUCTURE
concrete business Magnite to Nepal equipment will have to apply year and a deteriorating rela- critical components which panies in other countries. Ambani pressed for bridg- WHICH HAS BEEN SO
JSW Cement, a part of $12- Nissan India said it has for approval by giving details tionship, the call for banning need to be procured from a “What percentage of a ing the digital divide “both VERY USEFUL IN THE
billion JSW Group, on Monday commenced exports of its of the products they want to Chinese telecom gear in the trusted source. The telecom piece of equipment’s compo- among nations and within
announced its foray into recently launched sub- procure and asking the vendor country, especially in 5G, has service providers will be able to nents has to come from non- nations”, saying connectivity
CORONA CRISIS
ready-mix concrete (RMC) compact SUV Magnite to to provide details about the been loud. The government access the Trusted Telecom Chinese sources for it to be and communications have MUKESH AMBANI,
business under the brand Indonesia, South Africa and origin of the products as well has inserted a clause that coun- Portal and indicate the telecom considered trusted? For that, become the fundamental Chairman and MD, RIL
name 'JSW Concrete'. It has set Nepal, and produced 1,200 as the various components tries bordering India will be products they plan to buy, there is no clear answer. After rights of every person.
up its first commercial RMC units for the overseas going into it. Based on this allowed to participate in public along with the vendor. all, we live in an interlinked “The digital divide must
unit in Chembur, Mumbai. PTI markets till May. PTI data, the National Security procurement tenders only if The details of these ven- world,” he said. be bridged, both among not the virus, but the human
nations and within nations. spirit,” he said, adding that
This is because connectivity there has been unprece-
and communications have dented global solidarity in the
Few takers for airlines’ offers to book in advance

become the basic needs, and production of vaccines as well
also fundamental rights of as the inoculation drive.
every human being on the The global collaboration
planet (just) as basic as food, was not restricted to just vac-
ANEESH PHADNIS over a month, indicating signs of clothing, and shelter,” he said. cines. Countries came out to
Mumbai, 21 June recovery. Ambani, who heads help the ones that were facing
“Due to relaxation of India's youngest but the a crisis.
Domestic air traffic is growing restrictions by several states and largest telecom operator, said, “We in India will never for-
month-on-month in June but normalisation of activities, people “Our Prime Minister (had) get Qatar’s friendship during
passengers remain wary about are traveling back to metros like given a call for Digital India this crisis when it moved
booking tickets 30-60 days in Delhi, Mumbai and Bengaluru and I was privileged (that) our much beyond commerce and
advance, say industry executives. from their hometowns in tier II and digital services company even used all their passenger
Advance purchase discount III cities. Bookings from cities like called Jio rolled out a 4G net- aircraft to get medicine and
offers launched by airlines in the last Varanasi, Darbhanga, Patna and work across the length and supplies to India” during the
week had limited traction, they Gorakhpur to metros have seen a breadth of the country by second wave of Covid-19
added. AirAsia India launched its jump of 45-50 per cent in the last 2018.” infection, he said.
discount offer on June 12 for travel two weeks,” said Manan Bajoria, “We have always won- “What this has shown is
from August 1 with fares starting at associate vice-president (growth dered what would we have that Qatar will be a small
~1,177. The offer was timed to and marketing), ixigo. done without a 4G network nation in sight but it has a
celebrate the airline’s seventh Also, the number of people across India in facing the very big heart,” he said.
anniversary in India and promote booking closer to date has reduced corona crisis,” he added. “Because I think that trade
its new website. Other airlines, compared to May. “The share of “I think that this string of along with purpose, and com-
including IndiGo, followed suit bookings for travel within a week digital and physical (health- passion is the way forward.”
with similar offers and matching has reduced from 85-90 per cent in care infrastructure) will be the Ambani said the second chal-
low fares. Air India’s regional arm, Uncertainties on Covid restrictions in various states and hassles in securing refunds for cancelled flights possible May to 70 per cent in June. Also, a new normal,” he said. “To my lenge is to make sure that
Alliance Air, launched its three-day reasons for customers not booking advance tickets key indicator has been the share of mind, it is an absolute must economies that did not have
offer on Saturday with tickets round trips, which has increased for all economies to integrate, the benefit of stimulus sup-
priced at ~999 and above. the lows of May. We have started bookings are for travel within customers not booking advance from less than 10 per cent to more and enhance this digital port, are nursed back and
In May-end, the civil aviation receiving queries for group seven days,” said a senior executive tickets, another executive said. than 20 per cent. Routes around infrastructure which has been they grow.
ministry reduced the cap on bookings. Small travel agents, too, of a private airline. A total of 1,32,309 passengers Mumbai, Bengaluru and Delhi so very useful in the corona The three-day event
domestic airline capacity to 50 per have resumed operations upon Uncertainties on Covid curbs in flew in 1,245 flights on Sunday, the dominated the top sectors for flight crisis.” “The crisis tested the kicked off with Qatar’s ruler
cent from 80 per cent and extended easing of Covid-19 restrictions. But various states and hassles in highest in June, so far. The number bookings in the last two weeks,” resilience of mankind. The calling on countries to avoid
fare caps till July-end. average load factors are still around securing refunds for cancelled of daily departures also crossed the said Rajiv Subramanian, vice- world has suffered, but ulti- hoarding vaccines to the “det-
“Daily traffic has doubled from 55 per cent and most of the flights are also possible reasons for 1,000-mark on June 11 after a gap of president of Cleartrip.com. mately what will triumph... is riment of others”.
X
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MUMBAI | TUESDAY, 22 JUNE 2021 3
<
X
4 COMPANIES
>
Stiff compliance, flash sale ban Flipkart tells court

in draft norms for e-com firms it offers lower fee
Govt proposes appointing chief compliance officer, nodal contact person mandatory for companies if sellers cut prices
SHREYA NANDI AND NEHA ALAWADHI ADITYA KALRA & ABHIRUP ROY southern state of Karnataka
New Delhi, 21 June
DOS AND DON’TS New Delhi, 21 June that he sees nothing wrong in
telling the sellers of Flipkart
T
he Centre is planning fresh EVERY E-COM COMPANY WILL HAVE TO: Walmart’s Flipkart sees noth- marketplace that they will be
guidelines for e-commerce coming wrong in offering to cut charged a lower fee, if they
 Register itself with DPIIT if it plans to operate in India
panies, including appointment charges for sellers on its plat- reduce their prices.
of a chief compliance officer, giving  Suggest Indian alternatives for foreign-made goods at form if they lower product Referring in particular to
preference to the sale of locally pro- pre-purchase stage prices, its lawyer told a court the Hindu festival of Diwali
duced goods, mandatory registration of  Ensure that sponsored listings are clearly identifiable on Monday, drawing protest when websites organise
e-tailers with Department for from a retailer group challeng- sales, he added: "I tell my
Promotion of Industry and Internal  Ensure no logistics service provider offers differentiated ing the practice. sellers at a time like Diwali if
Trade (DPIIT), in an attempt to tighten treatment between sellers of the same category Flipkart and Amazon are you reduce your prices, I will
the regulatory regime and make these  Provide adequate disclosure if engaged in cross-selling in a court battle against the give you a reduction in rent.
companies more accountable. Competition Commission of What's wrong?"
A slew of amendments have been E-COM COMPANIES CAN’T DO: India's (CCI) bid to restart an The comments drew
proposed under the Consumer  Misleading consumers by manipulating search results investigation into their busi- immediate criticism from the
Protection (E-Commerce) Rules, 2020 ‘to ness practices, after a judge Confederation of All India law for e-commerce says
 Advertise a body of sellers for subsidising a sale on its
protect the interests of consumers and in early June dismissed the Traders, which is party to the "entities providing (a) market-
encourage free and fair competition in
platform companies' pleas. ongoing litigation opposing place will not directly or indi-
the market’, the consumer affairs min-  Cannot share consumer information without the Both Flipkart and the e-commerce giants, say- rectly influence the sale price
istry said on Monday. It has sought com- consent Amazon have for years bat- ing the practices were proof goods or services".
ments from relevant stakeholders by tled accusations from brick- hibited under India's foreign A Reuters investigation
July 6. According to the proposed rules, of locally produced goods on their plat- “By requiring e-commerce entities Taparia, founder & chairman, commu- and-mortar Indian retailers direct investment (FDI) rules. in February based on inter-
e-commerce companies will not be forms that could be done through to register with the DPIIT and appoint nity social media platform LocalCircles. that they bypass the foreign The comments “clearly nal Amazon documents
allowed to organise a flash sale that amendments to the Consumer a chief compliance officer, nodal officer “Looking at the proposed rules, how- investment law by favouring corroborate the view and showed the US firm has for
allows sale of goods or services at sig- Protection Rules. and grievance officer who are citizens ever, from the lens of a small business some sellers and influencing complaints made by CAIT years given preferential
nificantly reduced prices and high dis- E-tailers cannot mislead consumers of (and resident in) India, the proposed (MSME and start-ups in the e-com- prices of products, which are time and again. FDI policy treatment to a small group
counts. Separately, the consumer affairs by manipulating search results on their rules seek to hold e-commerce entities merce sector) many of whom are on prohibited. The companies specifically provides that of sellers, doling out dis-
ministry clarified that conventional e- platforms. They will have to ensure that in the country accountable. At first LocalCircles, a good bit of work still say they comply with all marketplace should not counted fees and lowering
commerce flash sales are not banned marketplaces do not use any informa- glance, it will be interesting to see how needs to be done to ensure these rules laws. influence prices”, said the platform fees for some
but specific flash sales or back to back tion collected through its platform for practically these changes are imple- work for them, and not take away their Arguing against the Praveen Khandelwal, secre- to enable them to offer more
sales which limit customer choice, unfair advantage of its associated enter- mented,” Archana Tewary, partner, J competitive differentiators or make resumption of the antitrust tary general of CAIT, which competitive prices.
increase prices and prevent a level play- prises. Besides, no marketplace e-com- Sagar Associates. doing business difficult,” he added. investigation, Flipkart's represents 80 million retail Amazon has said it “does
ing field are not allowed. merce entity shall sell goods or services In addition, a clause on logistics has “Every e-commerce entity shall, as counsel Harish Salve told a stores in the country. not give preferential treat-
The proposed rules have been to any person who is registered as a sell- been added: “No logistics service soon as possible, but not later than 72 two-judge Bench in the India’s foreign investment ment to any seller”. REUTERS
released at a time when DPIIT is also er on its platform. provider of a marketplace e-commerce hours of the receipt of an order, provide
trying to roll out a comprehensive e- Etailers engaged in cross-selling of entity shall provide differentiated treat- information under its control or provide
commerce policy aimed at addressing
the regulatory challenges sector. A sen-
ior government official told Business
goods or services will have to disclose
to its users, by providing the name of
the entity providing data for cross-sell-
ment between sellers of the same cate-
gory. Provided that each logistics service
provider of a marketplace e-commerce
assistance to the government agency
which is lawfully authorised for inves-
tigative or protective or cyber security
Facebook, WhatsApp urge HC to
Standard that the e-commerce policy
will be implemented by making
changes in the Foreign Direct
ing, as well as the data used for cross-
selling on the platform. Cross-selling is
a marketing practice of selling comple-
entity shall provide a disclaimer includ-
ing terms and conditions governing its
relationship with sellers on the market-
activities,” the rules said.
“Since the notification of rules in
2020, the government has received
stay CCI notice in privacy matter
Investment rules, consumer protec- mentary products to customers, thereby place e-commerce entity platform, a several representations from Facebook and WhatsApp on Monday urged “We will pass an order. The matter will be
tions rules as well as Information getting them to purchase more. Selling description of any differentiated treat- aggrieved consumers, traders and the Delhi High Court (HC) to stay the listed on July 9 (the date already fixed for the
Technology Act. products to a consumer by “deliberate ment which it gives or might give associations complaining against Competition Commission of India (CCI) main petitions),” the Bench said.
The guidelines also state that e-tail- misrepresentation” of information between sellers of the same category,” widespread cheating and unfair trade notice asking them to furnish certain infor- The case relates to the appeals of Facebook
ers will now have to send a notification about the goods is also not allowed. the new rules propose. practices being observed in the e- mation in relation to a probe ordered and WhatsApp against a single judge
and suggest “alternatives” before prod- Similar to the newly notified Amazon India, for example, has its commerce ecosystem….The rapid by it into the instant messaging app’s order dismissing their pleas against
ucts are purchased by consumers to give Information Technology (Intermediary own logistics arm, and the provision growth of e-commerce platforms has new privacy policy. the probe CCI ordered into the instant
a fair opportunity to goods manufac- Guidelines and Digital Media Ethics seems to be aimed at ensuring such also brought into the purview the A vacation bench of Justices Anup messaging app's new privacy policy.
tured in India. They will not only have Code) Rules, 2021, under the IT Act, the logistics providers are not given prefer- unfair trade practices of the market- Jairam Bhambhani and Jasmeet The high court had earlier issued
to rank goods, but also have to come up Consumer Protection Rules are propos- ence over others. “LocalCircles has done place e-commerce entities engaging Singh said it will pass an order on the notices on the appeals and asked the
with a framework such that the ranking ing a grievance officer, a chief compli- extensive work with the Department of in manipulating search result to pro- application. Centre to respond to it.
does not discriminate against domestic ance officer and a 24x7 nodal officer to Consumer Affairs since 2017 to bring mote certain sellers, preferential treat- During the hearing, the Bench said In their fresh applications filed in
goods and sellers. be appointed by e-commerce firms. out consumer-centric e-commerce ment to some sellers, indirectly oper- since it was sitting on a vacation the pending appeals, Facebook and
Business Standard was the first to Compliance of these requirements has rules and is happy to see many of those ating the sellers on their platform, Bench, it did not want to delve into the merits WhatsApp sought stay on the CCI's June 4
report that the Centre might tighten the already caused a storm between the recommendations around best before impinging the free choice of con- of the matter even as the main petitions are notice asking them to furnish certain infor-
“country of origin” norms for e-com- government and social media firms dates, seller information access to consumers, selling goods close to expira- pending before a bench headed by the Chief mation for the purpose of inquiry conducted
+ merce players in a bid to push the sale operating in the country. sumer, etc., being included,” said Sachin tion etc,” the ministry said. Justice. by it. PTI
Government of Kerala
No video call, UP Police

Published Tenders from 14-06-2021 to 20-06-2021
SHORT TENDER NOTICE Kerala Public Service Commission FUNDRAISING

NIT No. APDCL/CGM(PP&D)/AIFA/DTR Metering/2021/1 dtd. 21.06.2021 Tender ID: 2021_PSC_426581_1 * Secretary * Supply of A4
Duplex Printer having network capability * Closing Date: 02- SPREE
summon Twitter MD
The Chief General Manager (PP&D), APDCL, Bijulee Bhawan, 6th Floor,
Paltan Bazar, Guwahati-781001 invites tenders for Supply, installation,
Jul-2021 * PAC: Rs700000
testing, configuration & commissioning of 3-Phase 4 Wire DLMS
Compliant LT Tri vector Meters (Category C) along with 4G AMR
Visit https ://e te nde rs .ke rala.g o v.infor more details.
~2,500-crore
plan: Adani
Ro .No :14-20/Jun/2021/PRD/(N)10
Modems for selected DTRs under APDCL. The bid document along with
all relevant information will be available for download at www.apdcl.org NEHA ALAWADHI illegal. “The legal requests
SIG/2021-22/07
and www.assamtenders.gov.in.
Sd/- Chief General Manager (PP&D), APDCL
(Regd Office PSEB Head Office, The Mall Patiala- 147001
Phone No. -0175-2207649 Email id:- [email protected]
New Delhi, 21 June that we receive are detailed
in the biannual Twitter Transmission
6th Floor, Bijulee Bhawan, Guwahati-1
Please pay your energy bill on time and help us to serve you better !
Corporate identity Number U40109PB2010SGC033813 Website: www.pspcl.in
Tender Enquiry No. 254/DIT-860/Vol-2 dated; 15.06.2021
Twitter India Managing
Director Manish Maheshwari
Transparency Report, and
requests to withhold content seeks nod
Deputy Chief Engineer/IT (A&PM), Ground Floor PSPCL Head Office, The Mall, patiala. has been summoned by Uttar are published on Lumen,” the
invites e-tender for provision of 50Mbps Leased Line Internet Bandwidth Services at Pradesh police for question- spokesperson added. Adani Transmission will
PSPCL Head office. ing on Thursday over tweets Requests received by seek shareholders’ nod to
For detailed NIT & Tender Specification please refer to https://eproc.punjab.gov.in from
on the assault of an elderly Twitter for withholding con- raise up to ~2,500 crore in
21.06.2021 from 05.00 PM onwards.
Note :- Corrigendum & addendum, if any will be published online at https://eproc.punjab.gov.in Muslim man in Ghaziabad. tent are published on Lumen one or more tranches
C- 235/21 Dy.Chief Engineer/IT (A&PM), This comes hours after database — an independent through the issuance of
76155/12/319/2021/5447 Ground Floor PSPCLHead Office, The Mall, patiala. Maheshwari had made him- research project studying equity shares, securities,
self available over a video call. cease and desist letters con- debentures etc in its AGM
“You couldn’t remove cer- cerning online content. on July 13. The firm propos-
tain tweets even after you saying the tweet has been The Ghaziabad Police es to have flexibility to
were asked to by authorities. “withheld in India in have booked Twitter and six infuse additional capital, to
You understand Indian laws response to a legal demand” persons for circulating a tap the capital markets and
and are bound to follow is displayed. According to video that claimed to have raise additional long-term
them,” the notice said, sources, these tweets con- the elderly Muslim man say- resources. PTI
according to the report. tained content related to the ing he was allegedly thrashed
As the issue spiralled into said video clip. and asked to chant “Jai Shri
a major controversy, Twitter
on Monday “withheld” 50
“As explained in our
Country Withheld Policy, it
Ram”. Police said this was
done to create communal Dish TV set to
tweets related to the video.
According to information on
may be necessary to withhold
access to certain content in
unrest. The Ghaziabad Police
said the assault was a person- raise ~1,000 cr
via rights issue
the Lumen database, Twitter response to a valid legal al dispute but was being
received a legal request from demand or when the content painted as a communal issue
the Centre on June 17, seeking has been found to violate on Twitter. Some media plat-
action on 50 tweets. local law(s),” a Twitter forms and journalists were Direct-to-home company
These tweets have been spokesperson said. also named in the complaint. Dish TV India Ltd on
withheld and the content The spokesperson noted Maheshwari had been Monday said its board has
could not be independently that the withholdings are lim- summoned last week for approved raising up to
verified. Upon clicking on the ited to the specific jurisdic- questioning by UP Police. ~1,000 crore through a rights
blocked URLs listed on tion/country where the con- issue in one or more tranch-
Lumen database, a message tent is determined to be With inputs from PTI es. The board of the firm in
a meeting held on Monday
"approved the fundraising of
Maruti to hike prices in

up to ~1,000 crores through
rights issue of equity
shares", the Essel Group
firm said. PTI
Q2, third increase this CY Progcap raises

PRESS TRUST OF INDIA
New Delhi, 21 June
ing the company to pass on
some of the impact to the cus-
$25 million in
The country's largest carmak-
tomers. "The prices of steel
and precious metals like
Series B round
er Maruti Suzuki India (MSI) Rhodium and Palladium Retailer-focused financing
on Monday said it will have gone up substantially. In start-up Progcap has raised
increase prices of its entire April we passed on a part of $25 million as part of its
product portfolio in the sec- the increased input costs to Series B investment round
ond quarter of the current fis- consumers thinking that the led by Tiger Global and exist-
cal due to rise in prices of var- prices of these essential coming investor, Sequoia Capital
ious essential commodities, modities will come down India. In 2019, it had raised
including steel. This will be eventually. But that has not He noted that the price of $5 million in a Series A
the third hike in 2021. happened and as a last resort steel has gone up from ~38 round. The firm will deploy
The auto major, which has we are doing it to safeguard per kg to ~68 per kg while that the funds to enhance its serv-
already taken a price increase the company's financial of Rhodium has gone up ices and expand the brand's
in April this financial year, not- health,” MSI Executive from ~19,000 per gram to presence across existing
ed that the price of steel and Director (Sales and about ~66,000 per gram thus geographies. The firm will
various precious metals has Marketing) Shashank impacting the production also use the capital to scale
gone up considerably prompt- Srivastava told PTI. cost. up the team. BS REPORTER
X
.
MUMBAI | TUESDAY, 22 JUNE 2021 5 <
BIRLA CAPITLA AND FINANCIAL SERVICES LIMITED

(Regd Office PSEB Head Office, The Mall Patiala- 147001 CIN:L51900MH1985PLC036156
Corporate identity Number U40109PB2010SGC033813 Regd Off.: Industry House, 159 Churchgate Reclamation, Mumbai-400020
Website: wwwpspcl.in Mobile No 96461-07205 Tel.:022 22026340, E-mail:[email protected]
E-Tender Enq.No.330/P-1/EMPW-11720 dated; 15.06.2021 NOTICE
Dy.Chief Engineer/Headquarter (Procurement Cell-1) GGSSTP, Roopnagar invites E- Notice is hereby given pursuant to Regulation 29 and 47 (1) (a) of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 that a meeting of the Board
Tender ID No. 2021_POWER_67128_1 for the work of Stopping of water leakage from of Directors of Birla Capital and Financial Services Limited, will be held on Wednesday,
underground reinforced concrete four barrel duct of unit III & IV having 6 Mtr x 6 Mtr cross 30th June, 2021, at 23, Birla Mansion No. 2, 1st Floor, D.D Sathe Marg, Prathana Samaj,
section and designed discharged of 24000 MT per hour at pressure of 1.75 kg/cm2, with Mumbai – 400 004 to approve & take on record, inter alia the Audited Financial Results of
pressure grouting with polyurethane or any other suitable chemical in face of perfuse the Company for the quarter and year ended 31st March, 2021.
leakage of water at multiple points at GGSSTP, Rupnagar. The said intimation will be available on the website of the Company at www.birlacaps.
For detailed NIT & Tender Specification please refer to com as well as on the website of BSE Ltd at www.bseindia.com.
https://eproc.punjab.gov/in from 17.06.2021 from 05.00 PM onwards.
Note :- Corrigendum & addendum, if any will be published online at https://eproc.punjab.gov.in For Birla Capital and Financial Services Limited
Dy.Chief Engineer/Headquarter Minal Pote
Date: 21.06.2021 Director
76155/12/318/2021/5446 RTP- 24/21 (Procurement Cell-1) GGSSTP, Roopnagar Place: Mumbai DIN:07163539
— Advertorial
FUJIFILM WILL NEVER STOP

INNOVATING, CHALLENGING, CHANGING &
ADDING VALUE TO CUSTOMERS’ LIVES
F
or a brand, which was known to be the pi-
oneers in creating memories by captur- PROPOSITION: With its ‘leading-edge’ innovative technologies, Fujifilm is creating global products
ing some of the most beautiful and per- and services that cater to the imaging requirements of individuals and enterprises, while positively
sonal moments, helping them be etched
inourmemoriesforever,Fujifilmhasmade contributing to the health of the environment and its ecosystem
some remarkable and transformative contributions
to some of the most critical and life-changing as- towards efficient and better outcomes.With its cut- ket across sectors.The idea behind this initiative
pects of everyday lives. Preserving experiences ting-edge innovation in products like digital radi- was to break the usual clutter of mundane daily
and emotions more than ever before, Fujifilm has ography, endoscopy, ultrasound, and healthcare lives and cherish and grasp the moments in be-
always worked with a single point focus on‘Never IT, Fujifilm has been relentlessly focused on revo- tween.Through this campaign, we want to inspire
Stop’in its endeavour to bring the best of modern- lutionizing the medical imaging ecosystem.Cater- people to grab their Fujifilm cameras and show-
day technology.The brand is relentlessly working ing to the earned trust of demanding medical and case not only their creative expression but also
to advance imaging technology with the intent to imaging professionals, Fujifilm has always strived preserve memories that lasts forever.” – says
bring more richness and color to everyday life. to maintain the highest standards of quality and Masaki Zenko, Japanese Advisor, Instax division
Intending to provide consumers and commu- continuously pursue technological innovation. and Senior Manager, Photo Imaging division,
nities with technologically advanced and Stylish Speaking about the campaign, KojiWada, Gener- Fujifilm India.
Lifestyle imaging products to address their needs al Manager, Medical Division, Fujifilm India says -
and lifestyle, Fujifilm’s legacy and future innova- “Fujifilm India has always FUJIFILM – THE ‘NEVER
tion in Imaging solutions are helping it realize‘Val- been at the forefront of
ue From Innovation’while creating a‘sustainable healthcare innovation. For
STOP’-ING MASTERs
society’. us, it has been about cele- India has emerged as a hotbed for Fujifilm from a
brating the‘Never Stop’spir- business-market as-well-as innovation standpoint
THE INNOVATORS OF HEALTHCARE- it of people and inspiring Fujifilm wants to delve deep into the everlasting delivering stupendous growth.The idea behind
NEVERSTOP –INNOVATING FOR
HEALTHIER WORLD
them to learn the possibili-
tiesthatgoodcarecanbring.
We are aiming at shaping
motif of how photography washes away the dust
of everyday life. In today’s ever-changing world,
people tend to overlook the daily mundane life
‘Never Stop’was to beam focus on Fujifilm’s lega-
cy and expertise in the global imaging industry
and highlight the relentless drive to make inno-
T o raise awareness of the diversification
of Fujifilm's business portfolio to a wide
audience and our determination to NEVER
The medical imaging aspect of the tech-driven thefutureofhealthcareinIn- and it passes by in jiffy.Through this campaign, vation, a bedrock to our growth and unwavering STOP taking on challenges to contribute to
healthcare industry is rapidly proliferating. From dia with our leading technologies, equipment’s and Fujifilm tends to spread the message of being lost commitment to the industry and the country.The the resolution of societal issues, we
earlydetectiontoimplementingtargetedadvanced solutions.This year, we are showcasing the ways in the moment yet capturing that memory to pre- campaign per-se is aimed at building resonance launched our NEVER STOP global branding
treatments, the usage of imaging has been ex- in which we help touch the lives of people through serve it for the stories that make us humans. and connection with our consumers at-large and campaign in 2018. In our current campaign,
ploding, crossing realms of diagnostics to effec- thesetechnologiestoleadhealthierandbetterlives.” “NEVER STOP” brand series, innovation and showcases our promise of introducing innovative we are promoting awareness that Fujifilm is
tively and impactfully contribute to prevention and creativity has always been products and services and our belief in innova- now actively engaged and creating new
therapy.Technology and related innovation have NEVER STOP part of Fujifilm’s thought tion. value in a wide array of Medical business
also significantly contributed to lowering costs in process and it reflects in Like every successful organization, human
healthcare.
CREATING MEMORIES our campaigns.As a brand, wealth forms the foundation of the‘Never Stop’vi-
fields along with our Photography business.
The NEVER STOP tagline also conveys our
Fujifilm has a rich legacy of innovation in health- The new film titled, ‘Never Stop creating memo- we deeply resonate with sion. Creating a dynamic and conducive envi- strong determination to communicate to a
care and continues to invest in preventive health- ries’ highlights the joy of making memories amidst the motto of ‘Never Stop’ ronment to help every individual maximize their
global audience that Fujifilm will 'NEVER
care technology through its diversified range of the hustle-bustle of everyday life.The campaign, because we have con- capabilities has been at the core of Fujifilm’sWay
STOP' working until all resolvable issues
products and solutions. Leveraging the latest ad- through its engaging emotions tries to spread the stantly been showcasing of functioning, i.e., Fujifilm Mind and Method way
have been eradicated.”
vancements led by AI and IoT, Fujifilm has been at message of being in the moment, capturing that our unwavering commit- of analysing the information, circumstances, and
– HARUTO IWATA,
the centre of creating an ecosystem driving pre- memory and creating shared experiences of cul- ment of introducing inno- situations and then setting out to achieve the goals
Managing Director, Fujifilm India
cise, intelligent, and accessible solutions oriented ture, tribe and belongingness. With this campaign vative products and services to the Indian mar- with a definitive method in mind.
X
6 ECONOMY & PUBLIC AFFAIRS
>
IN BRIEF
India receives $64 bn FDI in ’20, DoT may not ask Trai Diesel tops ~100/litre
5th largest recipient of inflows
India received $64 billion in Foreign Direct
Investment in 2020, the fifth largest for 5G price revision in Odisha, Rajasthan
recipient of inflows in the world, according TWESH MISHRA
to a UN report which said the second wave New Delhi, 21 June
in the country weighs heavily on the
country's overall economic activities but its
MEGHA MANCHANDA
New Delhi, 21 June
SPECTRUM AUCTION cent of the spectrum by
quantity and 19 per cent The price of diesel has crossed
strong fundamentals provide “optimism” by value were sold. the ~100/litre-mark in some
T
for the medium term. The World Investment Report 2021 by the UN he Department of | The DoT will seek views on Nearly 65 per cent of the parts of the country on the
Conference on Trade and Development (UNCTAD) said global FDI Telecommunications the price discovery of the 800-MHz spectrum on back of global cues and sus-
flows have been severely hit by the pandemic and they plunged by (DoT) will soon seek milimetre waves or the 2,600- offer and 89 per cent of tained high levels of state and
35 per cent in 2020 to $1 trillion from $1.5 trillion the previous year. suggestions from the 2,800-megahertz band the airwaves offered in central taxation.
Lockdowns caused by Covid-19 around the world slowed down Telecom Regulatory the 2,300-Mhz band Rajasthan’s Sri
existing investment projects, and prospects of a recession led Authority of India (Trai) on
| The 5G auction will include were sold. Ganganagar and
multinational enterprises to reassess new projects. The report said 5G spectrum auctions. 3,300 MHz to 3,600 MHz bands, Both 2,500 MHz and Hanumangarh, and Odisha’s
in India, FDI increased 27 per cent to $64 billion in 2020 from $51 The department will also along with milimetre waves 700 MHz — premium Koraput, Nabarangapur, and
billion in 2019, pushed up by acquisitions in the information and seek views on the price dis- | The base price for the 5G spectrum — went unsold. Malkangiri were some of the
communication technology industry, making the country the fifth covery of the milimetre spectrum is around ~3.63 trn The industry had districts in the country where STATES WITH MOST COSTLY DIESEL
largest FDI recipient in the world. The pandemic boosted demand waves or the 2,600-2,800- opposed the steep reserve diesel sold above ~100 a litre (MONDAY PRICES)
for digital infrastructure and services globally. This led to higher megahertz (MHz) band. | DoT officials say the price recommended by on Monday, while in Madhya State State levies on diesel Highest price in state
values of greenfield FDI project announcements targeting the ICT These airwaves are better government would not seek Trai in certain bands. Pradesh’s Anupur, the rate
industry, rising by more than 22 per cent to $81 billion. PTI suited to higher latency. any price cut and it would be up In August 2018, the was ~99 a litre. Rajasthan 26% VAT+ ~1750/KL road ~100.53/ litre
The 5G auction will to the regulator to decide regulator came out with Diesel is expensive in these development cess
include 3,300 MHz to 3,600 | The recent round of auction — its recommendations on states as they levy the highest Odisha 28% VAT ~100.78/ litre
Amarnath Yatra FinMin, Infy meet on MHz bands, along with also the shortest in a decade — spectrum pricing, where- rates of Value Added Tax
Madhya Pradesh 23% VAT+ ~3/litre VAT+1% Cess ~99.33/ litre
cancelled for the glitches in new I-T milimetre waves. The base
saw Reliance Jio snap up over in it reduced the base (VAT) alongside cesses on auto
price for the 5G spectrum is price of frequencies that fuels in the country. The price
2nd year in a row portal on Tuesday around ~3.63 trillion.
50 per cent of airwaves on offer. went unsold in the 2016 is even higher in these cities STATES/UTs WITH CHEAPEST DIESEL
The company paid ~57,122.65
In the wake of the Covid Two weeks since the much When asked whether the
crore — 60 per cent
auction. because of added freight costs, (MONDAY PRICES)
pandemic, the Jammu and talked about new income tax department would seek The reserve price for incurred in transporting
of this amount State State levies on diesel Highest price in state
Kashmir administration has return filing portal was lau- reduction in the base price of the premium 700-MHz diesel, that are also borne by
decided that the annual nched, glitches continue to mar airwaves that went unsold in was spent on spectrum, which went consumers. Andaman and 6% VAT
Amarnath Yatra will be kept the site, an issue finance the previous auctions, offi- buying the unsold in 2016, was States such as Andaman ~82.07/litre
Nicobar Islands
symbolic, Lieutenant ministry officials will take up in cials at DoT confirmed that 800-MHz band reduced by more than 40 and Nicobar Islands,
Governor Manoj Sinha said on a meeting with Infosys — the the government would not per cent to ~6,568 crore Arunachal Pradesh, and Arunachal Pradesh 12.5% VAT ~89.30/litre
Monday. He also directed vendor which provided the IT seek any price cut and it per MHz all-India, from Meghalaya, where diesel is the
Meghalaya 12% or ~9.00/Litre-
officials to make arrangem- solution — at a meeting on would be up to the regulator ~11,485 crore in 2016. cheapest have low VAT rates ~87.51/litre
ents so that devotees can Tuesday. Stakeholders have to decide. "We should be able The band, however, ranging less than 13 per cent. whichever is higher*
virtually attend the morning submitted written inputs hig- to send our proposal to Trai went unsold in the In addition to the state (~0.10/Litre pollution surcharge)
and evening ‘aartis' at the hlighting the issues as well as very soon. We are ready," recently concluded levies, the Centre imposed a
Himalayan cave shrine. PTI areas that need to be fixed. PTI confirmed an official.
The recent round of auction
auctions as well. Trai
recommended a
basic excise duty of ~1.80/litre,
special additional excise duty
PRICE OF DIESEL HAS RISEN BY OVER
— also the shortest in a decade — base price of of ~8/litre, agriculture infra- ~14 A LITRE IN 2021 SO FAR
Bank credit grows by 5.7%; saw Reliance Jio snap up more than
50 per cent of airwaves on offer. The
~4,651 crore for
paired spec-
structure and development
cess of ~4 per litre and addi-
Price of diesel in Delhi
January 1 March 1 May 1
deposits by 9.7%, says RBI company paid ~57,122.65 crore — 60 per
cent of this amount was spent on buying the
trum in the 800-
MHz band covering 19
tional excise duty (road and
infrastructure cess) of ~18 a
~73.87/litre ~81.47/ litre ~80.73/litre ~87.97/ litre
Bank credit grew by 5.74 per cent to ~108.43 trillion and deposits 800-MHz band. circles, ~1,622 crore per litre. The correspondingly February 1 April 1 June 1 June 21
rose by 9.73 per cent to ~153.13 trillion in the fortnight ended June 4, The entire spectrum offered by the gov- MHz for the 900-MHz band high state levies are largely on ~76.48/ litre ~80.87/ litre ~85.38/litre
the RBI data showed. Bank advances stood at ~102.55 trillion and ernment was sold at the base price. covering seven circles, ~3,399 crore per MHz account of the tweaking of Source: Petroleum Planning and Analysis Cell
deposits at ~139.55 trillion in the fortnight ended June 5, 2020, Bharti Airtel bought ~18,698.75 crore worth in the 2,100-MHz band covering 21 circles, central levies to increase the
according to RBI's Scheduled Banks' Statement of Position in India of spectrum; the bulk of its purchase was in and ~821 crore per MHz in the 2,500-MHz take of the central government does not share it with states. off and Brent (the most popu-
as of June 4, 2021, released on Monday. In the previous fortnight the 2,300-MHz band. Vodafone Idea spent band covering 12 circles. at the cost of the states. This puts the states, espe- lar marker for crude oil prices)
ended May 21, bank credit had grown at 5.98 per cent and deposits ~574 crore at the auction. It also suggested ~960 crore per MHz for For most of 2016-17, some cially those that are not on is well above $70 a barrel now.
at 9.66 per cent. In FY2020-21, bank credit had grown by 5.56 per Of the total available spectrum of 2,308 unpaired spectrum in the 2,300-MHz band 56 per cent of the excise duty favourable terms with the cen- This is due to a strong glob-
cent and deposits by 11.4 per cent. PTI MHz, 855.6 MHz was sold. A total of 37 per on a pan-Indian basis. on auto fuels was levied as tral government, in a position al drive towards vaccination
cess. This is revenue from where they need to maintain and expectations of a demand
excise collections which the higher levels of state levies. recovery as lockdowns ease
Centre retained. The rest of The Centre had hiked around the world. In Delhi, the
SBI to raise up to ~14,000 cr via AT1 bonds fuel revenues went to the kitty,
which was shared with states.
But in 2020-21, less than 10
per cent of excise taxes went
these duties when global
crude oil and benchmark
petrol and diesel prices were
at lows. The fall in internation-
price of diesel has risen from
~73.87 a litre on January 1, 2021
to ~87.97 a litre on Monday
(June 21). This rise of over ~14
ABHIJIT LELE to that kitty. In other words, al prices was due to a demand a litre has a cascading effect
Mumbai, 21 June
Banks likely to see lower gains on bond book in FY22 the Centre now keeps much
more of the tax collected on
slump in light of the Covid-19
pandemic. But that pessimism
on all other commodities since
it pushes up freight costs
+ State Bank of India (SBI) plans to raise Public-sector banks years of losses, supported Notably, the trading cuts and abundant liquidi- auto fuels solely for itself, and seems to have been shrugged through truck rentals.
up to ~14,000 crore in capital through (PSBs), which reaped by windfall treasury gains. gains of PSBs in FY21 ty, the daily average for the
additional tier I bonds (AT1 bonds) in windfall treasury gains in PSBs booked profits of exceeded the capital infu- benchmark 10-year govern-
the current financial year (FY22) to FY21, are likely to see ~31,600 crore from this sion of ~20,000 crore ment security declined
enhance its capital adequacy profile.
The Central Board accorded
approval for raising capital by way of
much lower benefits from
the bond portfolio in FY22
due to limited headroom
source (bond book) com-
pared to overall profit before
tax of ~45,900 crore in FY21.
received from the govern-
ment. The pandemic result-
ed in windfall gains for
from 6.42 per cent in Q4
FY2020 to 6 per cent in Q1
FY21 and further to 5.93 per
Transmission charges waiver for
issuance of Basel lll-compliant debt
instrument in rupee and/or US dollar
in FY22, the bank said in a filing with
for yields to decline fur-
ther, according to ICRA.
The rating agency said
They recorded high
gains on the back of high
statutory liquidity ratio
PSBs with trading profits on
their bond portfolios rising
sharply after the steep cut
cent in Q2 FY21 and 5.90 per
cent in Q3 FY21 before ris-
ing to 6.06 per cent in Q4
green projects extended till 2025
the BSE. Its stock closed 1.64 per cent PSBs reported net profit in (SLR) holdings compared to in policy rates by the RBI in FY21. SHREYA JAI with solar and wind. be allowed for pump hydro
higher at ~419.55 per share on the BSE. FY21 after five consecutive those of private banks. March 2020. With the rate ABHIJIT LELE New Delhi, 21 June The power ministry said: and battery storage projects
An SBI executive said this is “Extension of the waiver of as well if 70 per cent of the
enabling provision and the actual stood at 13.74 per cent as of March-end Being a systemically important sidiaries like general insurance and In a major relief to the renew- inter-state transmission sys- electricity produced from
issuance will depend on the market 2021, up from 13.06 per cent in March financial institution, the bank has to asset management units through their able energy project develop- tem (ISTS) charges on trans- these units is generated from
conditions and credit growth in the sys- 2020. Its common equity tier I (CETI) maintain a higher level of CAR than its listing to raise resources. ers, the Union ministry of mission of electricity from solar and wind sources. ISTS
tem. The fundraising is subject to con- was 10.02 per cent in March 2021, high- peers. With CETI level higher than reg- As and when external capital is power extended the exemp- solar and wind sources of charges would be levied grad-
currence with the government of India, er than the regulatory requirement of ulatory requirements, SBI is not look- required, it would approach the board tion on transmission charges projects to be commissioned ually on pump hydro and bat-
its promoter, which held 57.63 per cent 7.97 per cent. Its AT1 level was 1.42 per ing at raising equity capital for now. and shareholders for requisite till 2025. The waiver also now up to June 30, 2025.” tery storage projects. It would
stake as of March 31, 2021. cent in March 2021, up from 1.23 per Besides retained earnings, the bank has approvals to raise resources from the includes battery storage, The order further said the be aligned with the reduction
Its capital adequacy ratio (CAR) cent in March 2020. an option to monetise stake in sub- market. pump hydro projects along waiver of charges would also in tariff and payment of debt.
~6,322-cr steel PLI RECOVERY TRACKER
scheme may get Workplace visits rise to April-end levels

Cabinet nod soon Retail & recreation
visits at nearly 60%
though, still lower than what was
seen in 2019 (see charts 3, 4).
1. SURGE IN MOBILITY AS LOCKDOWNS EASE 6: FREIGHT NUMBERS
HIGHER THAN IN 2020
SHREYA NANDI The demand for power, howev- Change vs last year (%)
New Delhi, 21 June Govt notifies PLI of normal times er, seems to be flagging after two
Freight
The Union Cabinet is likely to
for promoting SACHIN P MAMPATTA & KRISHNA KANT
weeks of revival. The electricity gen-
eration last was down around 5 per loading 14.1
approve soon a ~6,322-crore manufacturing Mumbai, 21 June cent compared to the same week (quantity)
Production-Linked Incentive of ACC batteries two years ago in 2019. The weekly
(PLI) scheme to boost domes- Workplace visits are at nearly 70 per generation was up 4 per cent on
tic manufacturing of special- PLI for manufacturing cent of what was seen during times average last week over 2020, down
Freight
earnings
ity steel and attract more advanced chemistry cell of normalcy. Other indicators like from 11 per cent year-on-year Note: Latest update is as of June 16, based on the location data as processed by the company. The percentage (value) 20.4
investments, government batteries will be offered traffic and emissions also show growth in the previous week. The change is compared to a baseline value for the same day of the week, calculated on a median basis during the 5-
week period Jan 3–Feb 6, 2020. The chart shows a seven-day rolling average of visits to each category. Residential
officials said. only to those firms that signs of increased activity. softening in power demand could, data refers to change in time spent at home. Note: For seven days ending Sunday, June 20
The scheme will offer an have been allocated the The number of daily confirmed however, be attributed to the timely Source: Google LLC "Google COVID-19 Community Mobility Reports", Our World In Data Source: Indian Railways
incentive of 4-15 per cent to eli- production capacity under Covid cases varied between 50,000 onset of monsoon and its fast
gible companies on incremen-
tal production, conditional on
the national programme
on ACC battery storage
and 70,000 for the week ending
Sunday, compared to a peak of over
spread in major parts of the country
rather than a general decline in eco-
2.TRAFFIC CONGESTION UP FOR 5TH WEEK 3. MUMBAI EMISSIONS HIGHER THAN 2020
(% difference in weekly congestion level from 2019)
minimum investment for spe- through a transparent 400,000 cases in May. nomic activity. We will have to wait
ciality steel manufactured in mechanism. According to People are stepping out of their a few weeks before ascertaining the
India and covered under the a notification issued by the homes more as restrictions and reason (see chart 5).
PLI scheme. The scheme will Department of Heavy lockdowns across the country ease. The Indian Railways, mean-
be implemented over 2023-24 Industry, the incentives Visits to parks, transit stations and while, is carrying more goods than
to 2029-30, an official said, will not be offered to essential shopping have all seen a in 2020. The national lockdown last
adding there would be a cap conventional battery pack rise, according to mobility data year created a low base for this
on maximum incentive paid segment of the industry as from search engine Google. The year’s numbers. This appears to be
to each beneficiary. The base such manufacturing numbers are based on anonymised wearing off gradually. The latest
year will be 2019-20. The activities are already hap- location data. It is released with a week’s year-on-year growth in
scheme will cover five broad pening in the country. PTI lag and the latest is as of June 16 goods carried is 14.1 per cent com- Note: Based on average NO2 levels across stations where data is available. Entries saying
Note: Shows change based on weighted averages derived from hourly data. Each none are marked as zero. Levels are measured in micrograms per cubic metre of air.
categories of steel products — (see chart 1). All other data is as of pared to 30.1 per cent last year. The week starts on Monday and ends on Sunday. Source: TomTom International Source: Central Pollution Control Board, associated agencies
coated steel products, high rently, specialty steel is used Sunday, June 20. earnings from the goods carried is
strength steel, speciality rails,
steel wires and electrical steel.
by most developed nations,
with India being primarily
The lifting of restrictions has
also seen a consequent increase in
up 20.4 per cent compared to 41.5
per cent in the previous year (see 4. DELHI EMISSIONS SHOW SIGNS OF ACTIVITIES 5. POWER DEMAND SLOWS DOWN
“As far as eligibility is con- import-dependent. Even as traffic on the roads. Traffic has been chart 6). The national lockdown last
cerned, applications of end-to- India is the world’s second climbing since mid-May. Traffic year began to ease in June.
end manufacturers and joint largest steel producer as well congestion is now more than 50 per Business Standard tracks these
ventures will be considered. as a net exporter of finished cent of normal times in both indicators as a means of getting a
There has to be 20 per cent val- steel, the average value of out- Mumbai and New Delhi, show current sense of how the economy
ue addition by third parties bound shipment is significant- numbers from global location tech- is doing. Official macroeconomic
and priority will be given to ly lower than imports, which nology firm TomTom International numbers are usually released with
front-loaded investments.” are mainly high grade and spe- (see chart 2). Business Standard also a lag.
A PLI scheme in specialty ciality steel products. tracks emissions of nitrogen diox- Analysts globally have been
steel is expected to boost man- While the final norms are ide, a pollutant that comes from tracking similar indicators to get an
ufacturing capabilities for val- being prepared by the steel industrial activity and vehicles. idea of how economies of various Note: Based on average NO2 levels across stations where data available. Entries
saying none are marked as zero. Levels are measured in micrograms per cubic
ue-added steel, increasing ministry, the official said a Both Mumbai and Delhi have seen countries are responding to lock- metre of air. Chart title refer to change in seven-day rolling average terms. Note: Power generation based on reporting day data (million units, seven-day
Source: Central Pollution Control Board, associated agencies rolling average) Source: National Load Despatch Centre
exports. Implementation of Cabinet note has already been a rise in emissions relative to levels downs imposed to control the
such a scheme is crucial as cur- sent to the PMO Office. seen earlier. These levels are, Covid-19 pandemic.
X
.
MUMBAI | TUESDAY, 22 JUNE 2021 TAKE TWO 7 <
PMC Bank gets some Mobility is not enough

ON SENTIMENTS
cooperative support other people were there selling not even show this kind of
their wares. Obviously, the sell- improvement. The Consumer
ers arrived before the buyers Sentiments Index had gained
trooped in. The busy bazaars are by a handsome 4.8 per cent in
probably a spontaneous the week ended June 6. This
progress of monsoon or anno-
uncement of minimum sup-
port prices for the kharif crop.
Perhaps, it may not be wise
to assume that consumers are
The takeover of this bankrupt urban cooperative bank ~100 crore to set up a board response to a relaxation on was entirely because of an 8.8 back to swipe their accounts.
by the Centrum-BharatPe combine marks the first for management with the
board of directors carrying
mobility to satiate the immedi- per cent increase in the rural
ate needs of households and consumer sentiment index. In
In the week ended June 20,
only 2 per cent of the house-
instance of NBFCs, high-net worth individuals and out the due diligence for their
appointment.
individuals. It is unlikely that the following two weeks, end-
these crowds reflect resurgence ing June 13 and June 20, the
holds said that this was a good
time to buy consumer
fintechs being allowed entry in this space What of the broad contours MAHESH VYAS of any aggressive consumer rural consumer sentiments durables. It hasn’t been so bad
of the interest for PMC Bank? buying. Reportedly, malls were index fell by 0.4 per cent and in the past year, since June
A
RAGHU MOHAN The suitors are to infuse ~1,800 s Covid cases declined less busy than bazaars. 4.2 per cent, respectively. The 2020. Besides, in June 2021,
Mumbai, 21 June crore capital. This is six times over the past couple of It is possible that the mobil- urban consumer sentiment there was a sharp increase in
the minimum capital required weeks and mobility ity indices have moved because index fell continuously for four the proportion of households
I
t’s unlikely you will come for new SFBs set at ~300 crore. restrictions were relaxed, con- of the relaxations. Labour par- weeks between May 23 and saying that this was a worse
across a banker like Jaspal It signals that investors will not sequently across the country ticipation rates (LPRs) have June 13. It stagnated in the time to buy consumer dura-
Singh Bindra. He has worn get an easy pass to take over reports streamed in of people improved. But, we do not see week of June 20. bles. This proportion shot up
many turbans: A standout cor- weak banks — whatever their thronging bazaars. Pictures and the needle move for And so, while from 53.5 per cent in the week
porate banker who went on to hues. It’s just incidental that in stories in the media suggested consumer senti- the bazaars seemed ended June 6 to 61.5 per cent
head Standard Chartered Bank’s the case of PMC Bank, the high- that people had thrown caution ments, yet. Relaxati- It seems unlikely abuzz in early to in the week ended June 20.
India franchise; later, he became er levels of capitalisation is not to the winds as there was no ons began early in that pent-up mid-June, con- It is possible, therefore, that
group executive director and to only clear the mess within, apparent physical distancing June but gained demand will pull sumer sentiments those crowds in the bazaars will
chief executive officer for Asia but pencils in the impact of and adequate masking. AIIMS traction essentially the economy out were falling at the thin out. If they do indeed thin
Pacific. As an entrepreneur, he Covid-19 on its financials. The Director Randeep Guleria in the second week. from the second same time. Senti- out, they may reduce the prob-
picked up a 20 per cent stake in distribution of moratorium warned of the possibility of a As a result, labour wave like it did ments had declined ability of a third wave. Even if
the Mumbai-based Centrum sought by micro, small and third wave in six to eight weeks participation began in the first in April and May as they don’t thin out, according
Group in 2016. His latest avatar medium enterprises indicates if we do not adopt “Covid- improving in the well. They fell 3.8 to the CPHS data, it is unlikely
is as turnaround artiste for PMC that UCBs bore the brunt of the appropriate behaviour”. first week of June and has con- per cent in April and a massive that they are going to spend
Bank (Punjab and Maharashtra Banking on pandemic-induced lockdown, Why do people throng tinued to do so in the second 10.8 per cent in May. They seem aggressively. This would be the
Co-operative Bank), which
went bankrupt after over-expo- reform though this was also true of
SFBs in the case of individual
bazaars and other public places
even when authorities warn of
and third weeks as well. to continue their slide into June
The LPR improved from 39 as well in spite of the relaxations
worst scenario where the
chances of a third wave rise but
sure to a single real estate com-  First instance of a new set of loans — a fact the RBI high- a possible third wave in a few per cent as of the week ended to restrictions on movement. the spending does not.
pany came to light in 2019. Ask players being allowed entry lighted in its Report on Trend weeks? If we believe that peo- May 30, 2021 to 39.2 per cent in That fall of June is not evident Mobility through relaxed
him what he did on hearing of into the urban cooperative and Progress of Banking in ple are generally rational in the week ended June 6. It in the numbers, yet. The 30- restrictions is not enough to
the central bank’s approval: bank space India (2019-20). their decision-making, then it inched up further to 39.8 per day moving average of the chart a recovery. It seems
“Nothing out of the ordinary. I  The RBI is working on a new
A deal for PMC Bank marks must be true that being starved cent in the week ended June 13 Index of Consumer Sentiments unlikely that pent-up demand
informed my senior colleagues a paradigm shift for the sector, of access to bazaars and other and ended at 40.5 per cent in as of June 20, 2021 was 48.76 will pull the economy out from
regime after its internal
of it,” he deadpanned. which has been hampered in public places and face-to-face the week ended June 20. While (compared to base of 100 in the second wave like it did in
working group’s report
Bindra’s partner in the foray Ashneer Grover its efforts to access capital and human interaction was proba- this one percentage point September-December 2015). the first wave.
made a case for corporate
is an outsider to the world of technology and continues to be bly worse than the increased improvement over three weeks This was 0.4 per cent higher Accelerated vaccination is
ownership of banks
high-finance: Ashneer Grover, plagued by poor corporate gov- probability of untimely death. is impressive, the LPR contin- than the 48.58 level of May the best bet. Only vaccinations
 Brings into relief the 2015
co-founder and boss of ernance. The RBI has been Or, the brazen individuals ues to remain extremely low. 2021. But, this is entirely can eliminate the threat of new
BharatPe, the New Delhi-based R Gandhi Committee’s view aligning UCB regulation with believe that they carry a special The average LPR in April and because of the 8.8 per cent waves, help raise sentiments
fintech with a valuation of that a threshold of ~20,000 that of mainstream banks, and charm that ensures their safety. May was 40 per cent. So, the increase in the rural index in and allow sellers and
$900-odd million. He is more crore can be considered for has done away with dual regu- It is lost to many that this is not last three weeks have merely the first week of June. buyers to participate aggres-
effusive. In the run-up to the voluntary conversion of lation with state governments about individual behaviour regained the average levels of Thereafter, it’s been a steady sively in the much awaited
official announcement, Grover multi-state urban cooperative making these banks relatively as much as it is about the second wave. This is no decline in sentiments in spite economic recovery.
— now holidaying in the banks into commercial banks more attractive for those with social behaviour. great recovery. of the relaxations of restrictions
United States — told this  PMC Bank will be rebranded; banking ambitions. People go to bazaars because Consumer sentiments do on movement, the rapid The writer is MD & CEO, CMIE P Ltd
writer: “The point is: Will both and a new CEO from Centrum The PMC Bank transaction
Sachin Bansal (of Flipkart will take charge is the first after the amendment
fame) and Ashneer Grover — Jaspal Singh Bindra to the Banking Regulation Act
both from IIT Delhi, though 17 (1949) came into force for UCBs
years apart — bag a bank?” space. This comes even as the licence holder. Of course, this with effect from June 29, 2020.
Bansal’s Chaitanya India Fin banking regulator is chiselling is not to suggest that PMC The provisions amended by the
Credit is an applicant for a uni- a new regime after its Internal Bank will slip out of the grasp Act include Section 3, Section
versal banking licence. Grover Working Group’s (IWG) report of Centrum-BharatPe. 45 and Section 56 of the princi-
is ahead of Bansal on banking made a case for corporate It has also brought into pal Act. The amendment of
ambitions. News of the deal ownership of banks. relief the 2015 R Gandhi Section 45 enables the central
must have been an antidote for There is a nuance here as Committee view that a busi- bank to reconstruct, or amalga-
Grover after he could not make well. It’s not that the Centrum- ness size of ~20,000 crore can mate a bank, with or without
it to the World Test champi- BharatPe combine is “taking be considered as threshold for implementing a moratorium,
+ onship now on at Southa- over PMC Bank” in the stan- the voluntary conversion of with central government
mpton’s Rose Bowl owing to dard sense of the term. The multi-state UCBs into com- approval. The word “recon-
pandemic-related travel restric- RBI has only granted an “in- mercial banks — to ensure struction” has been given wider
tions. BharatPe is a sponsor of principle” approval to uniform regulation. Whether connotation to include merg-
ICC’s events. Centrum Financial Services building upon the broad ers, acquisitions and takeovers
PMC Bank is new territory and BharatPe to set up a small theme set by the committee or demergers.
not only for Bindra and Grover finance bank (SFB) under its or owing to the blowout at So, what of PMC Bank going
but also for the Reserve Bank “on-tap” route. This has been PMC Bank, the RBI in 2019 ahead? There will be a rebrand-
of India (RBI). For the route to accorded following Centrum’s brought UCBs with assets of ing; and a new CEO from within
pick up the pieces after PMC offer of February 1, 2021, in ~500 crore and above under Centrum (BharatPe will bring
Bank fell apart is unique. response to PMC Bank’s the Central Repository of in capital as partner and the
This takeover marks the November notification invit- Information on Large Credits technology) will take charge. It
first instance of a new set of ing “Expressions of Interest”. reporting framework. These will be a brand new entity for
players — non-banking finan- Both the central bank and banks were also brought all practical purposes. And in
cial companies, high-net North Block still have to iron under the ambit of the prompt all the headlines, the one who
worth individuals and fintechs out the finer aspects of the corrective action (PCA) archi- escaped the limelight was RBI
— being allowed entry into the amalgamation of the belea- tecture. It was made manda- Governor Shaktikanta Das, who
urban-cooperative bank (UCB) guered bank with the new SFB tory for UCBs with deposits of was the Sherpa.
Business Standard
Covid impact on Ola, Uber
MUMBAI EDITION
Printed and Published by Sangita Kheora
on behalf of Business Standard Private
lower during second wave

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The mobility sector is among the worst hit due to Two things must be kept in mind while
Road, Near Minal Residency, Bhopal
(M.P.)-462023. & Published at
studying the data. One, Uber sold off its food
Covid-19; both Ola and Uber have lost revenue delivery division, Uber Eats, to Zomato in
H/4 & I/3, Building H, Paragon Centre, Opp.
Birla Centurion, P.B.Marg, Worli, Mumbai- 400013
January 2020. Since Uber lost some of the
traffic that came for food-ordering, its app Editor : Shyamal Majumdar
numbers are slightly lower.
“In one sense, Uber’s exit from food
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Secondly, both Ola and Uber have had H/4 & I/3, Building H,Paragon Centre, Opp.
to suspend shared rides. While that does Birla Centurion, P.B.Marg, Worli,
YUVRAJ MALIK
IN THE SLOW LANE not affect user activity — the same user
would have taken a lone ride instead of
Mumbai - 400013
Monthly active users E-mail: [email protected]
New Delhi, 21 June “share” — it is likely to impact earnings. “or sms, REACHBS TO 57575
Shared rides are known to be more profitable
The impact on app-based cab companies for Ola and Uber. Overseas subscription:
during the second wave of Covid-19-induced Both Ola and the India unit of Uber have (Mumbai Edition Only)
restrictions was lower as compared to the not filed FY21 financials with the MCA. Uber One year subscription rate by air mail
two-month lockdown period last year, with Inc said its March quarter revenue (global) INR 51765 : USD 725
Ola faring better than Uber, according to declined 9 per cent.
new data. The mobility sector is amongst Internally circulated, the figures have
DISCLAIMER News reports and feature articles in
Business Standard seek to present an unbiased pic-
the worst hit due to Covid-19, and both Ola promoted action from investors. In March, ture of developments in the markets, the corporate
and Uber have lost revenue, something that it was revealed that Vanguard Group, one world and the government. Actual developments
has not been quantified before. Source: App Annie of the investors in Ola, had marked down can turn out to be different owing to circumstances
Monthly active users (MAUs) — a key a dominant position in the past. That said, its valuation to $3 billion from $6 billion beyond Business Standard’s control and knowledge.
metric for app businesses and one that as of May, the gap had shrunk to 8.4 million earlier in June 2020. Uber stock, which fell Business Standard does not take any responsibility
companies guard closely — of Ola and active users. The figures include both iOS 48 per cent in February-March 2020, how- for investment or business decisions taken by read-
Uber fell 25.2 per cent over March to May and Android app numbers. ever, doubled over October 2020 to April ers on the basis of reports and articles published in
2021 (lockdown 2), compared to a 44 per Ola and the India unit of Uber did not 2021 as the situation improved in most
the newspaper. Readers are expected to form their
own judgement.
cent drop from March to April 2020 (lock- respond to queries sent. international markets. Business Standard does not associate itself with or
down 2), according to App Annie data, At the time of publishing of this report, Business loss has forced the companies stand by the contents of any of the advertisements
reviewed by Business Standard. Cab oper- 30 of the 36 states and Union Territories to retrench staff and look for other avenues accepted in good faith and published by it. Any
ations were suspended for 1.5 months in were under major to moderate restrictions, for sustenance. Uber let go 14 per cent of claim related to the advertisements should be
lockdown 1, but were allowed as essential according to Moneycontrol Unlock tracker. employees globally, including 600 in India, directed to the advertisers concerned.
services this time around. That said, book- With the case-load falling after the first in May 2020. The same month, Ola fired a Unless explicitly stated otherwise, all rights reserved
ings are down substantially. wave, the cab business picked up with the ri- third of its staff.
by M/s Business Standard Pvt. Ltd. Any printing,
A striking revelation is that Ola fared bet- se in overall economic activity. The MAUs Ola has shifted focus to its electric
publication, reproduction, transmission or redissem-
ination of the contents, in any form or by any
ter than Uber. In March-May 2021, it’s active graph shows uptick May 2020 onwards with mobility venture, Ola Electric. In December, means, is prohibited without the prior written con-
users fell 19.7 per cent as compared to Uber’s, peak activity recorded in March 2021, just be- Ola said it was investing $327 million to set sent of M/s Business Standard Pvt. Ltd. Any such
which were lower by 30.7 per cent. Also, Ola fore fresh restrictions were announced. The up the “world’s largest scooter manufac- prohibited and unauthorised act by any person/legal
has had 17 million higher active users on data show that March peak of user activity turing facility” in Tamil Nadu, with a pro- entity shall invite civil and criminal liabilities.
average consistently over the last 18 months. was 18 per cent lower than the activity in Feb- duction capacity of 2 million units of EV No Air Surcharge
Both the companies have publicly claimed ruary 2020, the final pre-lockdown month. two-wheelers per year.
X
8 WORLD
>
MUMBAI | TUESDAY, 22 JUNE 2021
IN BRIEF China orders Alipay, banks Imran: Won’t

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

success of the invite-only live audio app, which became nuclear arsenal anywhere in the world. Why?”
a hit as people stayed at home during the Covid-19 The top United Nations human rights official Khan went on to say that he was “completely
pandemic. Facebook CEO Mark Zuckerberg was one of said on Monday she hoped to agree terms for against nuclear arms”.
the Silicon Valley celebrities who have made a visit this year to China, including its “I always have been. We've had three wars
appearances on the app, which recently expanded to REUTERS In an internal memo to staff discourse with celebrity gossip Xinjiang region, to look into reports of serious against India and ever since we have had a
Android users. REUTERS Hong Kong, 21 June seen by Reuters, the Apple and investigations of those in violations against Muslim Uyghurs. nuclear deterrent, there has been no war
Daily said: “The Board will power. It has been a strong It was the first time that Michelle Bachelet between the two countries. We've had border
The pro-democracy Hong decide on Friday whether (the critic of the Hong Kong and had publicly suggested a timeline for the skirmishes but we've never faced war... The
Pictet appoints first female Kong newspaper Apple Daily
looked set to close for good by
company) will continue to
operate... If the board decides
Beijing governments.
Police raided the news-
visit, for which her office has been negotia-
ting the terms since September 2018.
moment there is a settlement on Kashmir, the
two neighbours would live as civilised people.
partner in its 216-yr history Saturday following police raids
and the arrest of executives - a
not to continue to operate on
Friday, online will stop upload-
paper last week in a national
security investigation in which
China’s UN mission in Geneva, contacted
by Reuters for comment, said Xinjiang and
We will not need to have nuclear deterrents,”
the cricketer-turned-politician said.
Banque Pictet & Cie promoted a woman to its top move that rights groups say ing at 23:59 pm on the day, senior executives were arrested Hong Kong were “inalienable parts of China's To another question, Khan said that the US
management body for the first time in its 216-year would undermine the city's newspaper will cease operation for alleged “collusion with a territory” and that it brooked “no interfer- had a big responsibility when it came to
history. Elif Aktug, a fund manager at the bank’s asset reputation as a free and open after publishing the June 26 foreign country” and assets of ence by external forces”, but made no com- Kashmir. "If the Americans have the resolve
management arm and part of a broader leadership society as Beijing tightens its edition.” Apple Daily and Next three firms linked to the news- ment on her visit. and the will, (the Kashmir issue) can be sorted
group, was named partner alongside founding-family- grip. An adviser to the jailed Digital management could not paper were frozen. Late on Bachelet is under growing pressure from out,” he said.
member Francois Pictet, bringing the number of current owner and staunch Beijing be reached for comment. Monday, Hong Kong media Western states to secure unfettered access to India has repeatedly ruled out any role for
partners to 9, according to a company statement on critic Jimmy Lai told Reuters Owned by Lau’s Next reported that Apple Daily and Xinjiang, where activists say more than 1 mil- a third party, asserting that any issue between
Monday. So far, the secretive Swiss private bank has only on Monday the newspaper Digital, Apple Daily is a pop- its online edition would cease lion Uyghurs and other Turkic Muslims have India and Pakistan should be resolved bilat-
had 43 individuals — all men, all white — serve at the would be forced to shut “in a ular tabloid founded 26 years operations by Wednesday as been held in camps, some of them mistreated erally under the provisions of Simla agreement
highest level. Based in Geneva, the partners oversee over matter of days”. ago that mixes pro-democracy most employees had resigned. or subject to forced labour. REUTERS and the Lahore declaration. PTI
+ 600 billion francs ($713 billion) in assets. BLOOMBERG
Sweden PM loses confidence AMERICANS PERFORM SURYA NAMASKAR ON SOLSTICE Iranian prez-elect Apple faces
vote amid housing crisis anti-trust
Stefan Lofven (pictured), Sweden's
Social Democratic prime minister since
won’t meet Biden investigation
2014, lost a confidence vote in
parliament on Monday, making him the
but backs N-talks in Germany
first Swedish government leader ever to
lose such a motion. The development KARIN MATUSSEK
creates new political uncertainty in the REUTERS & BLOOMBERG 21 June
Scandinavian nation after the last election in 2018 Dubai, 21 June
created a deadlocked parliament and months of Apple became the latest tar-
negotiations to produce a government. REUTERS President-elect Ebrahim Raisi get of a German antitrust
on Monday backed talks crackdown on tech giants’
between Iran and six world market power with a wide-
Australia rejects $36-billion powers to revive a 2015 nuclear
deal but flatly rejected meeting
ranging probe examining
the company’s “digital eco-
wind, solar, hydrogen project US President Joe Biden, even
if Washington removed all Iran’s President-elect Ebrahim
system.”
The nation’s Federal
The Australian government has rejected plans for a $36 sanctions. Raisi addresses media REUTERS Cartel Office said on
billion wind, solar and hydrogen project in a remote area In his first news conference Monday it will focus on the
of Western Australia, leaving what would have been one of since he was elected on Friday, the United States can both App Store and whether
the world's largest green energy projects in limbo for now. the hardline cleric said his for- return to compliance with the Apple has created a dom-
In a decision dated June 15, published on the environment eign policy priority would be nuclear pact, which inant business around its
department's website, Environment Minister Sussan Ley Over 3,000 people spread their mats at the iconic Times Square in New York and performed improving ties with Iran's Gulf Washington abandoned in iPhone and operating sys-
ruled that the project, the Asian Renewable Energy Hub, Yoga asanas keeping in mind social distancing guidelines to celebrate the International Yoga Arab neighbours, while calling 2018 under then-President tem iOS that extends across
“will have clearly unacceptable impacts” on Day. The day-long celebration was dubbed Solstice Event PHOTO: REUTERS on Iran's regional rival Saudi Donald Trump before reim- several markets. Since the
internationally recognised wetlands and migratory bird Arabia to immediately halt its posing sanctions on Iran. start of the year, the agency
species. REUTERS intervention in Yemen. Iran has subsequently has opened similar investi-
Raisi, 60, a strident critic of breached the deal's limits on gations against Facebook,
Taliban take crucial Afghan Axiata and Telenor seal $15-bn deal the West, will take over from enrichment of uranium,
pragmatist Hassan Rouhani designed to minimise the risk
on Aug. 3 as Iran seeks to sal- of it developing nuclear
Google and Amazon.com.
“A main focus of the
investigations will be on the
district in a string of wins LIZ LEE, ANSHUMAN DAGA &
TERJE SOLSVIK
April they were in advanced
talks to merge Celcom Axiata
shareholders,” Izzaddin Idris,
president & group CEO of
vage the tattered nuclear deal weapons potential. Tehran has
and be rid of punishing US long denied having any such
operation of the App Store
as it enables Apple in many
Taliban fighters took control of a key district in Kuala Lumpur/Oslo, 21 June Bhd and DiGi.Com Bhd, and Axiata, said in a statement. sanctions that have crippled ambition. ways to influence the busi-
Afghanistan's northern Kunduz province on Monday and each party would own 33.1 per The union of the country's Iran's economy. ness activities of third
encircled the provincial capital, police said, as the Malaysian telecoms firm cent of the combined firm. second and third largest "We support the negotia- Oil holds near $72 parties,” Andreas Mundt,
insurgent group added to its string of recent victories on Axiata Group and Norway's “Assuming a smooth tran- mobile services providers will tions that guarantee our Oil held near $72 a barrel as the regulator’s head said.
the battlefield. Fighting around Imam Sahib district began Telenor ASA will merge their sition, post integration period, create a company estimated to national interests ... America inconclusive nuclear talks “We will examine” Apple’s
late Sunday and by mid-day Monday the Taliban had mobile operations in Malaysia we are expecting to see have annual revenue of $3 bil- should immediately return to between world powers and “extensive integration
overrun the district headquarters and were in control of in a $15 billion deal, forming a improvement in Ebitda and lion, with core profitability of the deal and fulfil its obliga- Iran — which has elected a across several market levels,
police headquarters, said Inamuddin Rahmani, provincial new market leader in the com- cashflow margins in the com- $1.4 billion from a subscriber tions under the deal," he said. new hardline president — the magnitude of its techno-
police spokesman said. Meanwhile, China has warned its petitive Southeast Asian bined entity in step with our base of about 19 million, Axiata Negotiations have been allayed prospects for a swift logical and financial
nationals in Afghanistan to leave the war-torn country nation. ongoing commitment to maxi- and Telenor said in a joint under way in Vienna since revival of the Islamic resources and its access to
urgently in view of the raging violence. AP/PTI The companies had said in mise dividend payout for our statement. REUTERS April to work out how Iran and Republic’s crude exports. data,” he added. BLOOMBERG
Amazon, Apple most valuable brands but Chinese firms rising

GUY FAULCONBRIDGE & BEN MAKORI
London, 21 June
Tencent, China's biggest
social media and video games
THEIR WORTH
Brand value ($bn)
Top Chinese brands
consolidated their lead over top
Prime Day deals
Amazon and Apple are the
company, was the People's
Republic’s top brand, in fifth
(64)
(74) Figures in brackets: % change (2021 vs 2020)
European brands: China
accounted for 14per cemt of the
may disappoint
683.85
(42)
612.00
world’s most valuable brands place, while Alibaba was in top 100 brands, up from 11 per
(26) (29) (2) (20)
but Chinese brands are rising seventh place. (4) cemt a decade ago, while The deals during Amazon.com’s
458.00
196.91
191.28
(60)
410.27
up the leaders list and are “Chinese brands are (54) European brands accounted for annual Prime Day sale will be
154.92
112.88
more valuable than Europe's steadily and slowly 8 per cemt, down from 20 per stingier this year, according to
240.93
226.74
top brands, according to a progressing, and have made cent a decade ago, Kantar said. merchants, thanks to rising
global ranking by Kantar significant headway as more The top European brand shipping costs, higher ad rates
BrandZ. companies leverage their own Amazon Google Tencent Alibaba McDonald's was France's Louis Vuitton in and scarce inventory. The two-
Amazon, founded in 1994 technological developments Apple Microsoft Facebook Visa MasterCard 21st place, followed by day event begins Monday.
by Jeff Bezos, remained the and demonstrate their Germany’s SAP software Supply-chain disruptions —
world’s most valuable brand abilities to align with the major doubled their value, led by Tesla, founded in 2003, was group in 26th place. The only including the Suez Canal
with an estimated value of trends shaping China and the Chinese e-commerce giants the fastest growing brand and British brand on the list was shutdown earlier this year and a
$684 billion, followed by global market,” said Graham Pinduoduo and Meituan, became the most valuable car Vodafone in 60th place. spike in Covid cases that has
Amazon, founded in 1994 by Jeff Bezos, remained Apple, founded in 1976, at $612 Staplehurst, global strategy China’s top liquor maker brand, growing its value by 275 The world's top 100 brands hobbled two of China’s busiest
the world’s most valuable brand with an estimated billion and Google at $458 director at Kantar BrandZ. Moutai, China’s TikTok and per cent year-on-year to $42.6 were worth a combined $7.1 ports — have pushed up costs.
value of $684 billion billion, Kantar said. Five brands more than America’s Tesla. billion, Kantar said. trillion, Kantar said. REUTERS BLOOMBERG
X
>
OPINION 9
STAY INFORMED THROUGH THE DAY @ WWW.BUSINESS-STANDARD.COM
ILLUSTRATION: BINAY SINHA

Volume XXV Number 220
MUMBAI | TUESDAY, 22 JUNE 2021
Caution on inflation
RBI’s primary mandate should remain inflation targeting
T
he Reserve Bank of India (RBI) last week released the minutes of the meet-
ing of the Monetary Policy Committee (MPC), conducted earlier this
month. In that meeting, the six-member MPC had left the repo rate
unchanged at 4 per cent, while maintaining an accommodative stance.
This was a unanimous decision of the six members. The minutes now reveal that
the members of the MPC seem to believe that their duty is to support growth recov-
ery from the pandemic. In the minutes, Governor Shaktikanta Das specifically says the consensus reached by the Centre and the states
that “the second wave of the virus has necessitated the continuation of monetary in the various committees created.
measures to support the process of economic recovery to make it durable”. In fact, There is also a need to revisit the GST rates on
Deputy Governor Michael Patra argued that “policy choices have shifted towards tobacco and gold. Traditionally, taxation in the
increasing accommodation”, and Ashima Goyal said that the output gap had tobacco sector has been fixated on cigarettes. Even
though out of a total annual tobacco production
widened, and so policy had to “further stimulate demand”.
of 800 million kg, only 250 million kg approx-
The RBI’s subordinate mandate is indeed to support growth. But it should imately go into cigarette production. We need to
remember that it is now an inflation-targeting central bank. The RBI Act requires raise the GST rates on tobacco, which is levied on
the central bank to explain its actions if inflation is out of the tolerance band for reverse charge basis, from the present level of 5
GST: A turning point?

three consecutive quarters, and so the MPC is within its legal rights to ignore the per cent. This will increase the revenue to the
fact that consumer price inflation in India is now out of its tolerance band and is extent tobacco is used in the manufacturing of
running at 6.3 per cent. This is being driven by broad-based core inflation, which is exempted products. This will also signal the use
sticky. Wholesale price inflation is also higher than it has been for almost three of GST taxation as an instrument to curb tobacco
decades, hitting a record high of 12.94 per cent in May, driven by a continued rise in consumption. On gold, there is a need to revise
the GST rate of 3 per cent on equity consideration
fuel and commodity prices as well as due to a low base effect. Last year inflation The recent upsurge in revenues offers the prospect of the as more than 80 per cent of gold and gold orna-
was out of the tolerance zone for two quarters; it then went back below 6 per cent,
thanks to a sudden drop in food prices in particular. The fact is that while the RBI country breaking out of the long-stagnant tax-to-GDP ratio ments purchased and owned is by the top decile
of the population.
might have considerable legal wiggle room, there is no doubt that it appears to be There is also the need to deal with the problem
F
discounting the danger of inflation because of the context of the pandemic. This or the last 25 years, our tax-to-GDP ratio has is ~1.25 trillion instead of the earlier ~1 trillion. This of inverted duty structure in sectors such as tex-
comes at a time when the government is also running massive fiscal deficits —and been stuck at between 16 and 17 per cent, improvement needs a careful study which the tiles and footwear. Finally, the real estate sector
many central banks worldwide are beginning to consider how to pause or pare severely constraining our fiscal capacity to Directorate General Analytics can do in collabo- also needs to be brought under the ambit of GST.
their accommodative stances. devote more resources to our underinvested sec- ration with the Goods and Services Tax Network This will clean up the land market and increase
tors such as education and health. The State in a as they have all the data. the revenues more on the direct tax side as the
The central bank must remember the dangers of inflation to investment
large country like India cannot discharge its devel- The other gains in revenues have come from GST rate would be more in the nature of clearing
and growth as well as to poverty reduction are the reasons for its primary man- opmental function with such a low fiscal capacity. the personal income tax collection. Better coordi- rate to offset the embedded input taxes.
date. If the Indian economy’s fundamentals are sound, as RBI economists have Even at our levels of per capita income, we should nation between the two tax departments — Central Amidst the optimism about the gains in the
argued, then it will bounce back once the constraints of the pandemic are be nearer to a 20 per cent tax-to-GDP ratio given Board of Direct Taxes and Central Board of Indirect GST revenues, there is also some evidence that the
removed. Instead of keeping the tap flowing, the RBI should, therefore, be pre- the norms of other emerging market economies. Taxes and Customs — has helped boost collec- formal sector is gaining market share from the
pared to act in advance of a sudden jump in aggregate demand and perhaps Is there hope? I believe so. tions. What has been especially small and the medium sector. This is especially
anchor higher expectations of inflation among companies and consumers. The goods and services tax (GST) useful is the declaration of the true for sectors such as FMCG and e-commerce
Unfortunately, this does not appear to be the central bank’s priority at the reforms offer the prospect of raising GST turnover in the income tax and reinforced by the Covid situation. The small
moment, although its mandate and basic economic logic both suggest it should the tax-to-GDP ratio by at least 2 return, which has made revenue and medium industries are a vital component of
percentage points if we continue to coordination possible. This has the economy and provide jobs to millions. The eco-
be. The government is also comfortable with higher inflation in the current cir-
build on incremental improve- led to smaller units covering the nomic interest of this segment needs to be
cumstances because it allows for heftier dividends to support government spend- ments in the information technol- unincorporated and the family protected. In order to ensure that large units buy
ing at a time when other revenues are faltering. This is why independence and a ogy platform and also address the units to pay greater amount of from the small units, GST should be paid on
single focus for central banks are valuable. At a time when many other central issues of raising the incidence of taxes. As the revenues paid by supplies from the small to the large on a
banks have been cautiously adjusting their approach, India cannot afford sus- duties. There is no doubt that the these units reflect in the personal reverse charge basis so that the larger units get the
tained accommodative policy to mar the recovery from this pandemic by recent uptick in GST revenues is income tax revenues, this cate- benefit of input duty credit in the case of
entrenching inflation in the economy. largely due to better compliance gory is showing better revenues purchase from the smaller units. This provision
prodded by the matching of invoic- V S KRISHNAN and holding up even during this was available in the early days of the GST imple-
es and better monitoring of permis- difficult Covid period. While mentation but was later restricted to a few sectors.
sions granted for registrations better compliance has contrib- This provision needs to be generally
Counting the dead through physical verification of the premises and

evaluation of the past income tax payment record.
uted to buoyancy in GST revenues, there is still
work to be done.
applied again.
In conclusion, the recent upsurge in GST reve-
This has reduced the volume of fake input invoic- The Fifteenth Finance Commission in its report nue, nudged up by better compliance, can be sus-
Covid-19 has exposed India’s civil registration lacunae es. One indicator would be the cash-to-credit ratio based on an IMF study has said that the GST inci- tained by rate changes to increase the incidence
T
of the duty paying units. A rough back of the envel- dence of duty has fallen from 14 per cent — the of GST duty to a revenue neutral level of 14 per
he Covid-19 pandemic has exposed a massive gap in civil registration data,
ope calculation shows that every month the GST revenue neutral rate — to 11.8 per cent. This needs cent. This offers the prospect of the country break-
which has made it impossible to know the real death toll due to the disease. duty payable amount is about ~5 trillion, of which to be corrected. There are a number of steps that ing out of the “Fiscal chakravyuh” of 16-17 per cent
In fact, nobody knows exactly how many Indians have died since 2018, ~4 trillion is paid through credit and ~1 trillion in need to be taken. of GDP in the medium term. Meanwhile, the buoy-
and from what causes. For that matter, there is no way to know exactly cash. This makes for a cash-to-credit ratio of 20:80. First of all, the large number of exemptions ancy in the GST revenues can sustain higher
how many Indians have been born since 2018. A study from Virginia Commonwealth There is now reason to believe that the improved need to be phased away. When GST was imple- healthcare expenditures in the short run, which is
University, based on the data encompassing parts of 12 states with a population of compliance has pushed the cash component ratio mented there were 90+ State VAT exemptions and welcome indeed.
+ 825 million, estimates 2.2-2.6 million Indians have died of Covid-19 so far. But the from 20 per cent to about 25 per cent yielding an about 390+ Central excise exemptions. We need
aggregated all-India civil registration data is only available until 2018. The Census additional monthly revenue of ~25,000 crore. This to restrict GST exemptions only to those items that The writer is a retired member, Central Board of Indirect
is the reason why our new normal of GST revenues were VAT exempt in the pre-GST period. This was Taxes & Customs. Views expressed are personal
of India estimates say it is also incomplete. The Census estimates 92.7 per cent of
the births and 92 per cent of the deaths were registered in 2018-19. In several laggard
states, only about 50 per cent birth registration took place. Medical certificates
Tighten your seatbelts

exist only for 22 per cent of the registered deaths and in many certificates, the
actual cause of death is hard to ascertain because it lists something uninformative
like “heart failure”.
The lack of data means health care policy is based on guesswork. Policymakers
S
cannot prioritise, and allocate resources effectively. It is also difficult to review o, here we are after the second shock of the India and Vistara) to stay in the game in varying Further, who will subscribe to the Go First initial
policy decisions, and suggest course corrections. Insurers cannot reliably compute pandemic behind us and air traffic tentatively levels of disarray. public offering? Will investors willingly put their
picking up once again. For over a year now, A third certainty is that the sector — be it vendors, hard earned money into a sector that is on its
life premiums. Even road and rail safety could improve with good, timely data
uncertainty has ruled the world and India, too, suppliers, aircraft manufacturers, lessors, employees knees? Is the stock market truly as illogical and
inputs, given over 200,000 Indians die annually in accidents. Quite apart from all remains in choppy waters, choppier than most. All — will take years to recover, no matter which aspect driven by raw greed as many argue? Not many air-
this, hassles arise when it comes to claiming citizenship. The evidence stitched of us have emerged from this second wave a one takes into account. Jobs lost are unlikely to come lines in the world have chosen this unique route
together by analysts suggests massive undercounting of Covid-related deaths. But bit shakier. back soon, if at all. Willie Walsh, the recently- to survival.
the data is patchy. The reported figures from states like Tamil Nadu, Andhra Pradesh, But for the aviation industry as a whole, let me appointed International Air Transport Association And even further there is the question mark
Gujarat, Madhya Pradesh, Karnataka, and Uttar Pradesh indicate overall excess sum up what we do and don’t know chief, struck a pessimistic note over the ability of Murari Lal Jalan and the Kalrock
deaths in the past two to three months have been anywhere between five times (in as we head further into the year, when he declared that airlines combine to pull off the jaw-dropping feat of reviv-
Karnataka) and 43 times (in UP) of the official Covid tally. In Bihar, a court-mandated keeping our fingers crossed. One globally will never recover the ing Jet Airways. What is left to revive exactly and
audit indicated serious undercounting. thing we do know is that like the capacity they lost over the last 15 will they actually put their money where their
rest of the world, India too will face months and many would emerge mouth is? Surely, they must have noticed that the
Some of those excess deaths may not be due to Covid but the causes are
more waves. I’m not clear on what much smaller. Environmentalists industry situation is somewhat altered even from
unknown. The lack of easily available, timely historical data makes it hard to com- basis, but experts predict the next probably rejoiced at his words. the time when they first decided to fund the revival.
pute reliable baselines by computing long-term trends of births, deaths, causes, wave in October, which is usually Let me now move on to the stuff Then, there are the passengers who want to know
etc. As the population grows, there is a natural increase in deaths. Last year (2020) the peak season for airlines in India. we simply have no way of predict- when they can expect to look up and see the much
was unusual due to Covid. A given region may experience excess deaths in any In other words, the slight uptick in ing. My mind boggles at the sheer loved Jet logo staring down at them. They are won-
given year due to a natural disaster like an earthquake or cyclone. All these can domestic loads and traffic seen cur- number and magnitude of these. dering if there is some kind of timeline for this
only be smoothened out by accessing historical data. A comprehensive overhaul of rently (since early June) is likely to Like who in his right mind will buy miracle to happen.
the civil registration system is necessary. These data must also be openly searchable, take yet another hit and the mild OUT OF THE BLUE Air India in this environment? I have some more questions for specific airlines.
optimism we see among fliers may What value can a prospective How long can low-fare airline SpiceJet keep fight-
and released as close to real time as possible. Mandating laws for registration is ANJULI BHARGAVA
recede soon. So, the recovery — if buyer see? Who has the courage to ing the reality and pushing the envelope the way
obviously not enough since those laws already exist; citizens must be encouraged at all it can be termed one —may be take on Air India’s considerable it has been? The unpaid bills cannot pile up
to register births and deaths as a matter of course. Medical certificates must also be rather short-lived. headaches in the present situation? At what price? forever— at some point the chickens would come
more informative with respect to real, and underlying causes. Second, chances are high that all the existing And what happens if nobody comes forward? Will home to roost. And isn’t the airline’s chief biting
All this should be entirely possible because the recording processes are already players will survive the crisis. In a recent conver- the government force it down the throat of one of off more than he can chew? By all accounts he’s in
digitised. Given the privacy concerns, such data could also be anonymised before sation, IndiGo Chief Executive Officer Ronojoy the bidders? Is it a fait accompli for the Tata group as the fray to buy Air India even as he tries to keep
release (though it could be de-anonymised by using the available open-data of the Dutta said that if any of the Indian carriers were to many claim? Where is this tree of cash located from SpiceJet afloat.
voters’ lists). The pandemic has brought these gaps into sharp focus. The Covid go bust, it would have happened by now. He doesn’t which Messrs Chandra and Co seem to be endlessly I could go on and on but let me end here by say-
tragedy should provide some impetus for an overhaul of the civil registration really expect anyone to fold up. Some of the airlines plucking to keep Vistara and AirAsia India afloat? ing that in a world where uncertainty is the only
may emerge much smaller but perhaps stronger as Can this tree be cloned quickly so they can also fund certainty, we must all tighten our seatbelts and
system. At least it would allow for a better, long-term health care policy.
a consequence. We can expect all six scheduled air- Air India? Moreover, can they share this information await the next bout of turbulence while flying on a
lines (Air India, IndiGo, SpiceJet, Go First, AirAsia with the rest of us, equally in need of similar trees? wing and a prayer.
China’s realpolitik lesson to India emergence of the Kuomintang, provide

Mr Bhasin with an interesting backdrop
as he describes the events of the Simla
repeated its demand for the return of
territories by India. While Communist
China’s invasion of Tibet in 1950
impatient and determined lot, anxious
to get over the past and restore the glory
of old China. The Indian leaders had no
Convention and Britain’s failure to overtook this narrative, Beijing cites such pretensions. Their basic
India’s relations with Sri Lanka, decade and a half of India, wrap up the territorial bargain it had Lhasa’s demands in Sino-Indian differences created misunderstandings
Bangladesh and Nepal, and a ten-vol- post-independence.” imposed on Tibet and China. border talks even today, forcing an when approaching issues that
ume series on India-Pakistan relations. Like other analysts, Mr Bhasin One of the book’s most interesting embarrassed Dalai Lama to repudiate confronted them at the very beginning
Leading into this book, he also com- apportions a large share of the blame to revelations is Mr Bhasin’s account of the demands and declare that Tawang of their new careers in the government.”
piled in 2018 a five-volume study titled Prime Minister Jawaharlal Nehru, who the Tibetan government’s was a part of India. He concludes that the Chinese attack
India-China Relations: 1947-2000. was “infatuated with the Chinese” ever backtracking on the Simla Mr Bhasin also presents an in 1962 was unrelated to territorial or
BOOK REVIEW Between 2002 and 2013, he published since he came into contact with them at Convention. Far interesting boundary issues but rather, as Liu
for the Ministry of External Affairs an the “Conference against Imperialism” from accepting the NEHRU, TIBET account of the Shaoqi asserted, “to demolish India’s
AJAI SHUKLA annual series titled “India’s Foreign in Brussels, in 1927. Nehru, who was McMahon Line as AND CHINA negotiations that arrogance and illusion of grandeur”. He
Relations.” This cornucopia of primary foreign minister throughout his prime the India-Tibet Author: Avtar led to India quotes Zhao Enlai’s explanation in 1972
T
here are few authors and histo- source material has provided a strong ministership, warmly welcomed the border, Lhasa wrote Singh Bhasin becoming the to President Richard Nixon of why
rians better placed than Avtar base for Mr Bhasin’s well-judged asser- emergence of communist China and to New Delhi on first non- China waged war on India: “He (Nehru)
Singh Bhasin to recount a his- tions and conclusions. went out of his way to “forge the October 16, 1947,
Publisher: communist was so discourteous; he wouldn’t even
tory of India-China relations, starting The author seeks to answer a simple concept of Asian solidarity.” However, asking for the return
Penguin Random Asian country to do us the courtesy of replying, so we had
from the early 20th century. There are question: As both India and China the People’s Republic of China of extensive tracts of
House India recognise the no choice but to drive him out. So we
many good works on the subject, but emerged in their current avatars at the unsentimentally pursued the objective territory that “had Pages: 403 new government had gone to war, justifiably in 1962, to
Mr Bhasin has a unique perspective, end of the 1940s, what went wrong in of great power. been gradually Price: ~699 in Beijing. While teach India a lesson.”
having served 30 years as the head of relations between them and why. In his As would be the case in any account included in India in Nehru continued Mr Bhasin’s readable book provides
the Historical Division of the Ministry preface to this book, he explicitly of modern-day relations between India, the past” — “Sikkim, to woo the answers to most questions that a lay
of External Affairs. After he retired in outlines the question: “The India- China and Tibet, Mr Bhasin starts with Bhutan, Darjeeling, Ladakh and Communists, Beijing was hard-nosed reader would have about Sino-Indian
1993, he joined the Indian Council of China war in 1962 happened more than the Great Game, Francis others ‘on this side of the River in its dealings with New Delhi. The relations from independence to the
Historical Research, and then the half a century ago. However, people are Younghusband’s expedition to Lhasa in Ganges… up to the boundary of author puts that down to not just 1962 war and its aftermath. For the
Nehru Memorial Museum and Library. largely still ignorant of what brought us 1904 and the 1907 Anglo-Russian Yarkhim’.” Nehru told Zhou Enlai in conflicting interests between the two scholar, there is dual footnoting
In a treasure trove for South Asia so much of ignominy… To untangle the Convention that left China in full 1959 that if India were to concede to newly independent countries, but also throughout the book, with reference to
scholars, Mr Bhasin has translated his Gordian knot that India-China control of Tibet. The fast-moving Tibet’s demands (by now, Tibet had the different circumstances in which the Nehru Papers and the author’s
intimate knowledge of the Ministry of relations have become, the people of events of that time – the rampaging become a part of China) the India- they came to power. “The new Chinese earlier five-volume study. This book
External Affairs’ records and archives India need to know what actually went Sichuanese warlord Chao Er-feng, the Tibet border would literally be on the leaders were seasoned soldiers, should find a place on any bookshelf
to publish three five-volume series on wrong in that short span of a collapse of the Qing dynasty, and the River Ganga. In March 1948, Tibet Marshals and Generals. They were an dealing with Sino-Indian relations.
X
The Smart
QUICK TAKE: UNITED BREWERIES ON A HIGH “With Opec remaining cautious and little
1
Investor
Price in ~ chance of Iranian oil hitting the
United Breweries closed 4 per cent up, after scaling a market soon, the oil market looks
new high on Monday. While relaxations in restrictions likely to remain fairly tight in the
are improving growth visibility, the market is also next few months”
MUMBAI | positive on Heineken hiking its stake in the company DANIEL HYNES
TUESDAY, 22 JUNE 2021 from the current 46 per cent. Analysts foresee higher Senior commodities strategist,
volumes and cash flows, from the second quarter ANZ Banking Group
WWW.SMARTINVESTOR.IN.FOR INFORMED DECISION MAKING <
Govt working on tax breather Indices rebound as

N STREET SIGNALN
for overseas investors in AIFs ILLUSTRATION: BINAY SINHA

traders buy the dips
ASHLEY COUTINHO
Mumbai, 21 June
INVESTMENT POOL SUNDAR SETHURAMAN
Mumbai, 21 June
for investor interest.
“This year looks to be the strongest in GDP
Category I Category II Category III growth globally after a while. Even in India,
T 4.51
he government is evaluating Investors bought the dips for in the second unlock, it is
ways to bring down high taxes
TOTAL the second day in a row, clear that demand is reviv-
on foreign investors that pool
0.44 helping markets shrug off ing. Every central bank is
money in alternative investment funds the negative sentiment trig- saying that they will con-
(AIFs) domiciled in India. 2.30 2.00
gered by the US Federal tinue the easy money pol-
Such investors have had to bear 0.24 Reserve’s hawkish stance. icy. Even though there are
higher taxes on their investment 0.18 Stocks had come under fears of a third wave, the
because of the goods and services tax selling pressure after com- vaccination efforts globally
(GST) borne by such funds, which is ments by a Fed official, who have made good progress.
3.56 1.61 1.40
passed on to the investors. said he expects rate hikes as And that is giving comfort
In the past there have been requests 0.50 0.42 0.41 early as next year. to people that even if a third
for remission or reduction in rates for Commitments Funds Investments Mirroring losses in the wave comes, its effect will
such funds. raised raised made global markets, domestic be muted,” said Saurabh
Now, the Indian Private Equity and Note: Figures in ~ trillion, data as of March 31, 2021 Source: Sebi equities, too, fell sharply Mukherjea, founder,
Venture Capital Association (IVCA) has both on Friday as well as Marcellus Investment
written to the Central Board of Indirect Monday. However, they Managers.
Taxes and Customs, requesting an of input tax credit. GST,” said Smita Bhandari, tax partner Deemed exports mean such supplies recouped all the losses on Analysts said investors
extension of deemed export status for
fund management services rendered to
Thus, the incremental tax of 18 per
cent becomes an additional cost for the
at EY India. of goods as may be notified under
Section 147. The government may notify
both days.
Experts said strong
UPWARD TRAJECTORY would be keenly awaiting
more comments by Fed poli-
onshore AIFs, said people in the know. foreign investors in the AIF, who would Way out certain supplies of goods as deemed buying is emerging from cymakers, including its
otherwise have been entitled to Bhandari said it would be best to give exports subject to specified conditions. retail investors and domestic chairman Jerome Powell.
The crux of the matter export/zero-rated status and wouldn’t services rendered by fund managers to Current Sebi regulations mandate institutions whenever the Concerns about Fed’s
Investment management fees consti- have to pay taxes on the management India-based AIFs having foreign inves- AIFs to make a quarterly declaration market is seeing a selloff. rate hike led to benchmark
tute 2-3 per cent of the value of the fees paid, said experts. tors full zero-rated status. Another way regarding the constitution of foreign “Honestly, I am also sur- Sensex’s four-week winning
assets managed in an AIF per year. The The export of goods or services is out would be for the government to and domestic holdings in the fund. prised. I cannot think of any streak coming to an end last
fees, charged to a venture capital/pri- considered a zero-rated supply, and GST allow deemed export status and let the Experts say this ratio can be applied to other reason but the opti- week. In the preceding four
vate equity fund located in an offshore is not levied on such exports. fund manager get a refund on the GST determine the fund management fees mism of new investors,” said weeks, the index had risen
jurisdiction, are exempt from GST. “Eighteen per cent GST on a fund paid, depending on the amount of for- attributable to foreign investors and the G Chokkalingam, founder, about 8 per cent. The gains
However, India-domiciled AIFs, management fee of 3 per cent translates eign investment in the fund. fund manager can then seek a refund Equinomics. were underpinned by an
managed by Indian fund managers, are into 0.5 per cent of the assets under For fund managers providing servic- on the tax paid on this amount. The Sensex recovered extended period of low-
supposed to pay GST even if they pool management, which makes it that es to the AIF and to the extent it consti- The commitments raised by AIFs as 834 points from the day’s interest rates in the US,
the same overseas money. much less attractive for foreign inves- tutes a foreign investment, the IVCA of March 31, 2021, amounted to ~4.51 tril- low on Monday, and on diverting inflows into riskier
Since an AIF is only a pooling vehicle tors to create a pooling vehicle in India wants fund management services to be lion. Of this, ~3.56 trillion, or 79 per cent, Friday, after dropping more emerging markets like India.
for investments and does not provide and may prompt them to look to other treated as deemed exports under Section came from category II funds, which than 700 points, the index managed to end In addition, the declining Covid cases in India
any service, there is no output GST jurisdictions such as Singapore, which 147 of the Central Goods and Services include private equity funds, real estate the day with a 21-point gain. and the possibility of easing restrictions lead-
liability and it is not able to avail itself offers remission or exemption from Act, 2017, read with Section 2(39). funds, and funds for distressed assets. On Monday, the benchmark Sensex ended ing to economic revival also boosted investor
the session at 52,574, gaining 230 points or sentiment.
0.44 per cent. The Nifty, on the other hand, On Monday, 398 stocks hit their 52-week
ended the session at 15,746, a gain of 63 points high, and 573 were locked on the upper cir-
MSCI India crosses 55% SAT quashes Rana Kapoor’s or 0.4 per cent.
Many analysts were expecting the markets
to fall after the US markets fell sharply on
cuit. The market breadth was positive, with
2,049 stocks advancing and 1,258 declining
on the BSE.
premium over EM peers appeal against Sebi order Friday. Markets were jittery after Fed official
Jim Bullard said that the first interest rate hike
Adani group shares rose amid reports that
the promoters purchased shares from the
by the US central bank could come as early as open market.
PRESS TRUST OF INDIA per cent, respectively, Credit the end of next year. Two-thirds of Sensex stocks rose. NTPC
Mumbai, 21 June Suisse Wealth Management SAMIE MODAK lapse in disclosure norms. In addition, investors were also distressed was the best performing Sensex stock and
India report said on Monday. Mumbai, 21 June “Having heard the learned by the Fed’s indication of a rate hike. went up 3.8 per cent. Titan rose 1.8 per cent,
Continuing foreign inflows We expect the valuation counsels on both the sides, in Analysts said the global economic recov- State Bank 1.6 per cent and Hindustan
$8.1 billion YTD — has driv- premium to remain at The Securities Appellate our view, Regulation 4(2)(f) ery had created a healthy risk appetite for all Unilever 1.4 per cent. Barring three, all sectoral
+ en up the valuation pre- elevated levels, as it offers Tribunal (SAT) has dismissed clearly mandates that the risk asset classes. And, India crawling back indices gained. Power and realty stocks went
mium of MSCI India past 55 one of the fastest growth in an appeal filed by Rana Kapoor transactions of the nature from the onslaught of the second wave of up the most, and their indices increased 2.5
per cent against MSCI the region, Credit Suisse (pictured), the erstwhile pro- detailed therein are required to Covid-19 has made the condition appropriate and 2.3 per cent, respectively.
Emerging Markets and and Wealth Management India moter of YES Bank, against an be disclosed by the key mana-
12 per cent over the MSCI said. order passed by markets regu- gerial persons to the company,”
World indices, by mid-June,
according to a brokerage
It attributed the same to
the robust FPI inflows of $8.1
lator Sebi imposing a penalty
of ~1 crore for not following dis-
SAT has said in an order.
“As regards the quantum of Four Adani Group Privatisation
report.
The domestic market has
billion so far this year and $
2.3 billion since May, and
closure norms.
In 2018, Rana Kapoor-
penalty, learned adjudicating
officer found the default to be
entities locked in buzz lifts IOB,
been the best performer
globally YTD, with the
improving corporate funda-
mentals like balance sheet
owned Morgan Credit had
raised ~950 crore through zero
of a serious nature principally
because the appellant was the Central Bank
Sensex rallying 56.2 per cent
in the past 12 months, and
5.5 per cent in the past one
health and higher return on
equities.
It is extremely critical
coupon non-convertible
debentures (ZCNCD) to a
mutual fund house. Kapoor
disclose encumbrance on the
bank’s shares either to Yes
then MD and CEO of the com-
pany and therefore maximum
penalty of ~1 crore was
5% upper circuit stocks by 20%
month and 5.1 per cent in the that the country avoids a had provided personal guaran- Bank nor the stock exchange. imposed,” SAT said adding DEEPAK KORGAONKAR
last three months; while the harsh third wave by acceler- tee for the transaction. In May 2019, Sebi had issue that it did not find any mitiga- Mumbai, 21 June Indian Overseas Bank
same for Nifty has been 58.8 ating its vaccination drive in It was alleged that Morgan show cause notices to Kapoor ting factor to interfere in the Price in ~
per cent, 5.1 per cent and 6.6 the coming months. Credit company had failed to and its firm for the alleged quantum of the penalty. Shares of Adani Group companies were in focus during
Monday’s session, with four of the six listed stocks being
locked in the upper circuit of 5 per cent, bouncing back
up to 11 per cent from their respective intra-day lows
THE COMPASS
AMCs launch 60 on the BSE.
Adani Green Energy (~1,115.85), Adani Transmission
(~1,297.65), Adani Total Gas (~1,321) and Adani Power
Strong growth outlook, captive NFOs, mobilise

(~120.60) were locked in 5 per cent upper circuit on the
BSE. Adani Ports and Special Economic Zone (APSEZ)
and Adani Enterprises rallied over 7 per cent and 6 per Central Bank of India
production lend steam to NTPC ~27K cr in 6 mths

cent, respectively, in intra-day trade. In comparison, Price in ~
the Sensex rose 0.44 per cent to 52,574.46 on Monday.
Last week, all Adani group stocks had come under
pressure after a media report suggested that the
Prospects for power generators improving, with capacity
expansions providing some medium-term visibility
CHIRAG MADIA
Mumbai, 21 June
CASHING IN National Securities Depository (NSDL) had frozen
accounts of three foreign funds that own stake in four
NFO launches are going of Adani Group companies.
DEVANGSHU DATTA non-thermal. This breaks up Domestic asset management strong (in ~ crore) Adani Power, Adani Total Gas and Adani
NTPC, India’s premier

as 32,000 Mw renewables,
5,000 Mw hydro, and
companies (AMCs) have
launched close to 60 new fund
TOTAL FUNDS
MOBILISED 27,315 Transmission had tanked 23 per cent and APSEZ 17 per
cent. They were followed by Adani Green Energy and
power generator, had a another 2,000 Mw nuclear. offers (NFOs) over the last six Adani Enterprises which shed 13 per cent and 7 per
strong Q4 in FY21. Revenues The action plan involves months, mobilising over cent, respectively. In comparison, the Sensex declined DEEPAK KORGAONKAR
5,910
from operations fell 0.9 per capital expenditure of over ~27,000 crore in the process, as 0.24 per cent during the week. Mumbai, 21 June
cent to ~30,102 crore from ~1 trillion for 2019-2024. fund houses looked to cash in Adani group companies as well as the NSDL had clar-
4,539
4,185
~30,390 crore a year ago. But The renewables target on buoyancy in the markets. ified that the demat accounts of three foreign funds- Shares of Central Bank of India
profit after tax (PAT) surged has been almost doubled to New offerings are usually Albula Investment Fund, Cresta Fund and APMS and Indian Overseas Bank were
3,102
to ~4,649 crore from ~1,630 60 Gw by 2032 (earlier 32 lined up during a bull market Investment Fund holding shares in group companies locked in the 20 per cent upper
crore. This was due to a tax Gw). This implies adding 5– when investor sentiment is at “are not frozen”. circuit on Monday, on the back
refund of ~968 crore versus 5.5 Gw per annum. its peak, but industry experts Among individual stocks, shares of APSEZ were up of heavy volumes amid reports
9,039
540
tax paid on ~4,958 crore YoY. NTPC has ramped up the believe that launching of NFOs 7 per cent at ~745 on the BSE in intra-day on Monday, that the Centre might privatise
Consolidated FY21 reve- production of captive coal. is largely to complete their rising 15 per cent in the past two trading days, after the the two financial institutions by
nues from operations were The estimated financing cost bouquet of products. Dec Jan Feb Mar Apr May promoters bought over 3.5 million shares of the company selling 51 per cent stake in the
up to more than ~1.11 trillion of loans for the solar arm is “The markets regulator has 2020 2021 via the open market. On June 18, 2021, Worldwide lenders.
from about ~1.1 trillion. sition of NEEPCO and 6.5 per cent. But while lower come out with the categoriza- Emerging The stock of the Mumbai-
Source: Amfi
PAT for FY21 was up 25.8 THDCIL. financing costs are a plus, tion of schemes and fund hous- Market Holding, based Central Bank was locked
per cent to ~14,969 crore ver- Unit power sales rose 4.8 competition is also pushing es are coming up with schemes REGAINING GROUND the promoter in the upper circuit at ~24.30 on
sus ~11,902 crore. Tax paid per cent to 251.7 billion units solar tariff bids lower. not there in their product bas- NFOs were launched, which ( As on Jun 21) CMP ( ~) Chg 1D(%) group of the the back of an over 2x jump in
was down 74 per cent to (290 billion units, taking the Analysts believe there ket. Even the markets are posi- mopped up ~5,910 crore. Adani Ports & SEZ 730.7 5.2 company, pur- trading volumes. A combined
~2,420 crore from ~9,347 subsidiaries into considera- could be 12 per cent growth tive, and people see the success However, in April only ~540 Adani Power 120.6 5.0 chased 1.64 mil- 88.5 million shares changed
crore in the previous finan- tion). This is excellent, given in regulated returns on of NFOs, which also helps them crore was collected through Adani Total Gas 1,321.0 5.0 lion shares, rep- hands.
cial year. Depreciation and that Q1FY21 was almost a equity tariffs over the next to come and invest in MFs,” new offerings, as there was less Adani Transmission 1,297.7 5.0 resenting a 0.08 IOB shares hit a 52-week high
amortisation rose to ~12,450 washout owing to the lock- two fiscal years. Coal prices said DP Singh, chief business appetite from investors due to per cent stake, of ~23.60 on the NSE. Volumes
Adani Green Energy 1,115.9 5.0
crore from ~10,356 crore YoY. down and GDP contracted have risen globally in the officer at SBI Mutual Fund. the second wave of Covid-19. worth ~111 crore more than doubled with a com-
Among other ratios, FY21 through the fiscal year. past five months, and In 2017, Securities and Market participants said in the
Adani Enterprises 1,540.7 3.6 of the company bined 76.7 million shares chang-
Source: Bloomberg, exchange
EPS (earnings per share) Utilisation levels of coal- further rise is likely. NTPC Exchange Board of India (Sebi) rising market period, several via the open ing hands on the NSE and BSE.
almost doubled to ~12.93 based plants dropped, with has some protection due to had come out with a circular distributors ask investors to market, accord- The privatisation plan was
from ~6.8 a year ago — a buy- the plant load factor (PLF) its captive production. on categorization and ration- shift from one product cate- ing to disclosure made by APSEZ on Monday. announced in the Budget, as
back slightly reduced the down to 66 per cent from Growth should acceler- alization of mutual fund gory to another. While upfront The promoter bought these shares at an average price part of the government’s broader
equity base. 68.2 per cent YoY. The aver- ate this fiscal year since GDP schemes. Now, only a single commissions are banned by of ~676.57 per share, data shows. Post-acquisition, divestment goals for FY22.
The debt-equity ratio was age tariff was ~3.77 a unit, a is expected to grow after the scheme is allowed to be the regulators, new funds offer Worldwide Emerging Market Holding’s holding in APSEZ Meanwhile, the Nifty PSU
stable at 1.55, while debt serv- YoY drop of 3.3 per cent. 2020-21 contraction. Discom launched in one category. higher trail commission to dis- increased to 3.89 per cent from 3.81 per cent earlier. Total Bank index surged over 4 per
ice cover rose slightly to Payment was eased by the insolvency has not really Earlier, fund houses used to tributors. promoters' holding in APSEZ was 63.74 per cent as on cent to 2,477.25, as compared to
2x from 1.97x. bailout of discoms, which been solved, however. So, have multiple schemes in a “We have seen a large March 2021. a 0.4 per cent rise in the Nifty50.
The cash flow statement enabled faster payments of there could be payment single category which used to number of churning from Earlier, on June 17, Infinite Trade and Investment, Jammu & Kashmir (J&K)
indicates NTPC invested dues. Receivables dropped issues unless central support confuse investors. existing schemes to new the promoter group, had purchased 1.93 million shares, Bank and Punjab & Sind Bank
~23,312 crore in new plants by ~1,400 crore as a result. continues. In the last six months, the schemes by distributors. representing a 0.09 per cent stak in the company (worth from the index rallied 20 per
and other assets in FY21 The installed capacity is The stock is up around 4 highest collection through Having said that, there are a ~126.81 crore) via the open market, according to disclo- cent and 12.6 per cent, respec-
whereas in the previous now 65,825 Mw and it per cent since the results NFOs was done in December few thematic products such as sures made by APSEZ on June 19. The promoters bought tively.
financial year it sunk ~18,230 intends to expand this to were declared, closing at when 14 schemes were ESG funds and funds of funds these shares at an average of ~656.88, data shows. Bank of Maharashtra, Union
crore in such assets and also 130,000 Mw by 2032 with 30 ~118. Motilal Oswal Securities launched in multiple cate- (FoF), which have attracted Infinite Trade and Investment had zero holding in the Bank of India, Bank of India and
~11,500 crore in the acqui- per cent of the total being has a one-year target of ~145. gories and over ~9,000 crore investors,” said a CEO of the company prior to the acquisition of these shares. The UCO Bank were up in the range
was collected. Last month, 12 mid-sized fund house. name of the sellers were not ascertained immediately. of 4 per cent to 5 per cent.
X
.
MUMBAI | TUESDAY, 22 JUNE 2021 THE SMART INVESTOR 11 <
5G traction likely to add Rectifying mismatch between 26AS,

Form 16 crucial before filing returns
to TechM’s order book Taking excess credit during ITR filing could lead to notice from tax dept
Trading at a 30% discount to peers, valuation is also at attractive levels BINDISHA SARANG HOW TO ACCESS FORM 26AS
>Form 26AS can be downloaded
RAM PRASAD SAHU
Mumbai, 21 June
TAPPING NEW AVENUES STRONG SIGNAL While filing income-tax returns
(ITR), begin by checking Form 26AS
from the TRACES website
Market CAGR and comparing it with Form 16. If >It is linked to your PAN
T
ech Mahindra (TechM) is best opportunity 2020-25 there are discrepancies in the fig-
placed among Indian information ($billion) (%) ures quoted in the two documents, >You can also view Form 26AS
technology (IT) companies to gain Open 5G network 40-50 65-70 get them corrected to avoid adverse from FY2008-09 onwards, via
from the rising adoption of 5G standard consequences. the netbanking portal of
by consumers and companies globally.
Network on the Cloud 8-10 20-25 Form 26AS a crucial document. your bank account
Ericsson in its 20th edition of the Intelligent and cognitive Says Kapil Rana, founder and
managed operations 10-15 15-20 >You can do so only if your
mobility report projected global 5G mobile chairman, HostBooks: “It is the con-
subscriptions to exceed 580 million by the Digital operation solidated annual tax credit state- PAN is linked to that particular
end of 2021. Led by increased roll-outs in support system 5-8 10-12 ment linked to your permanent bank account
China, the US, and South Korea, sub- Enterprise network account number (PAN), which Source: ClearTax
scribers are expected to rise eightfold, from >50 12-14 includes details of tax deducted at
modernisation
70 million at the end of the first quarter of source (TDS), tax collected at source,
this year. CAGR: Compound annual growth rate advance and self-assessment tax multidisciplinary consulting firm, ing in Form 26AS.
Source: Company, Sharekhan Research
Analysts at Prabhudas Lilladher believe paid, and refund received.” “Interest on loans given by you, on If one takes excess credit while
that TechM is well-positioned to capture
a fair share of the 5G network services
DEAL TRACKER It also includes details of the sale
or purchase of immoveable property
bank deposits, and on tax refund
should also be matched with Form
filing ITR, they could even get a
notice from the income-tax (I-T)
spends. Telecom sales Telecom deals Total deals($mn) and mutual funds, cash deposits, 26AS.” department.
While Infosys and Tata Consultancy and withdrawals from savings Says Gopal Bohra, partner, N.A.
1,043
Services are aggressive in operating expen- accounts, etc. You could get a notice Shah Associates: “If a tax return is
diture-related deals and have won several If the taxpayer notices any transaction filed without considering the trans-
deals last year, TechM is more penetrated Compare the two forms not related to him, he should actions reported in Form 26AS, the
528
and present in capital expenditure-related An employer who has deducted tax approach the person who reported the I-T department may issue a notice or
520
527
513
518
497
483
455
deals witnessing a pick-up, they add. under Section 192 from the transaction, quote his PAN, and get it grant short credit for TDS if the
421
This should reflect positively on the employee’s salary must issue rectified. entire TDS claimed in the return is
290
208
company which gets 40 per cent of its a TDS certificate to her in If the TDS deductor has not reflected in Form 26AS.”
174
105
104
revenue (rest is enterprise) from the tele- Form 16. failed to deposit this amount Adds Archit Gupta, chief execu-
communications (telecom) vertical. Says Naveen Wadhwa, into the government’s tive officer, ClearTax: “The depart-
After a 6 per cent decline in the telecom Q4FY20 Q1FY21 Q2FY21 Q3FY21 Q4FY21 deputy general manager, account or failed to file TDS ment allows the assessee to state the
vertical in 2020-21 (FY21), analysts expect Taxmann: “The TDS certifi- return, then credit for it will reason for the mismatch in response
Source: Company, Sharekhan
it to grow in high single digits in the cur- cate can be downloaded not be reflected in Form to its notice via the portal.”
rent financial year. The management indi- from TDS Reconciliation 26AS. The taxpayer should Investors will get pre-filled ITR
cated that the contribution of 5G-related
sales to telecom revenue, as well as 5G
Led by growth in segments such as IT
and financials services and a recovery in
first six months prior to January, the
stock has been flat since. At the current
Analysis and Correction
Enabling System (TRACES). YOUR ask the deductor to do so at
the earliest.
forms now.
Form 26AS data will be filled in
orders to the overall order book, has been
improving in recent months.
the manufacturing vertical, the enterprise
segment is expected to post double-digit
price, the stock is trading at just under
16x its 2022-23 (FY23) earnings; this is at
Form 16 contains informa-
tion on tax deducted. It is
MONEY Form 26AS contains a lot
of information on the asses-
these forms. In the event of a mis-
match, the pre-filled value will not
In addition, the overall order book at growth in FY22. Given the healthy deal a discount of 30 per cent to peer val- prepared on the basis of the see’s financial transactions, match the taxpayer’s computations.
just over a billion dollars in the fourth pipeline, brokerages expect the company uations. TDS statement furnished by the so she must reconcile it, and dis- Gupta adds: “A mismatch will
quarter (Q4) has been the highest in the to report an overall revenue growth of 11 Suyog Kulkarni of Reliance Securities employer.” close income in her tax returns that delay the processing of ITR and the
past five quarters and was split between per cent this year. believes that the stock deserves multiple Form 26AS also contains infor- is in sync with the income reflected refund of excess tax deducted.”
telecom (Telefonica) and the enterprise Despite multiple headwinds on the cost rerating, considering the double-digit net mation based on the TDS statement in Form 26AS.
segment. front, such as salary hikes, deal ramp-ups, profit growth over FY21-23 driven by furnished by the employer. It con- If there is a mismatch in the PAN What you should do
The deal momentum is expected to be and increase in travel spends going ahead, rebound in operating margin and strong tains information on the amount on or Tax deduction Account Number Start ITR filing by cross-checking the
strong in the June quarter as well. the company is confident of delivering top-line growth on the back of an uptick which tax has been deducted and (TAN) mentioned in Form 26AS and information contained in Form 16
Say analysts at Sharekhan, “We expect margins of 15 per cent in FY22. in global 5G roll-out and higher demand the tax deducted. Form 16, the assessee will not be eli- with your salary slips and Form 26AS.
the company’s total deal values in the first After a 260-basis point margin expan- for enterprise technology. Says Wadhwa: “Check both these gible for credit on the tax deducted. If there is any discrepancy, report it
quarter of 2021-22 (FY22) to be around 1.5- sion in FY21 to 14.2 per cent, gains this year Given the strong cash flows expected, figures while comparing Form 26AS If there is a mismatch in the tax to the employer immediately so that
2x higher than the average quarterly deal will be driven by offshoring, automation, any increase in dividend or buyback pro- with Form 16.” deducted and tax deposited, the the latter could correct it by filing a
wins of $400-500 million, but it will be and higher operating leverage. gramme would be an additional trigger. According to Vivek Jalan of Tax assessee will be allowed to take revised return and issuing a fresh TDS
lower compared to Q4FY21 ($1.04 billion).” After nearly doubling in value in the Investors can consider the stock on dips. Connect Advisory Services LLP, a credit only for the amount appear- certificate to you.
HB LEASING AND FINANCE COMPANY LIMITED

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

Particulars ended 3 months ended
No.
ended in the
previous year
31/03/2021 31/03/2020 31/03/2021
Audited Audited Audited
1. Total Income from Operations 7.50 10.31 30.00
2. Net Profit / (Loss) for the period (5.86) 8.96 (4.42)
(before Tax, Exceptional items)
3. Net Profit / (Loss) for the period before tax (5.86) 8.96 (4.42)
(after Exceptional items)
4. Net Profit / (Loss) for the period after tax (5.64) 8.96 (4.20)
5. Total Comprehensive Income for the period (5.43) 7.98 (3.99)
[Comprising Profit/ (Loss) for the period (after tax)
and other Comprehensive Income (after tax)]
6. Equity Share Capital 1100.41 1100.41 1100.41
7. Reserves (excluding Revaluation Reserve as shown
in the Balance Sheet of previous year) NA NA (892.31)
8. Earnings Per Share (of Rs. 10/- each)
(for continuing and discontinued operations)-
Basic: (0.05) 0.08 (0.04)
Diluted: (0.05) 0.08 (0.04)
Notes:
(i) The above is an extract of the detailed format of Audited Financial Results filed with the Stock Exchange
under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The full format of this Audited Financial Results is available on the website of Stock Exchange, BSE Limited,
www.bseindia.com and Company’s website, www.hbleasing.com
(ii) The aforesaid results were placed before and reviewed by the Audit Committee at its meeting held on 21st
June, 2021 and approved by the Board of Directors at its meeting held on the same date.
For HB Leasing and Finance Company Limited
Sd/-
ANIL GOYAL
Place : Gurugram (Managing Director)
Date : 21/06/2021 DIN: 00001938
Extract of Statement of Audited Financial Results for the Year/ Quarter ended March 31, 2021
3 Months ended Year ended
PARTICULARS 31.03.2021 31.03.2020 31.03.2021 31.03.2020
(Audited) (Audited) (Audited) (Audited)
1. Total Income from Operations (Net) 51318.65 52317.61 122207.35 131311.49
2. Net Profit/ (Loss) for the period (before Tax and Exceptional 7240.79 2400.16 8617.08 3526.75
Items)
3. Net Profit/ (Loss) for the period before Tax (after Exceptional 7308.52 24734.20 15756.69 25860.79
Items)
4. Net Profit/ (Loss) for the period after tax (after Exceptional Items) 7321.07 25444.34 15769.24 26570.93
5. Total Comprehensive Income for the period [Comprising Profit/ 7358.39 25455.83 15806.56 26582.41
(Loss) for the period (after tax) and Other Comprehensive
Income (after tax)]
6. Equity Share Capital 15353.95 15353.95 15353.95 15353.95
7. Reserves (excluding Revaluation Reserve as shown in the 0.00 0.00 18142.73 2336.17
Balance Sheet of the previous year)
(Not Annualized) - Before Exceptional Items
- Basic 4.72 2.03 5.62 2.76
- Diluted 4.72 2.03 5.62 2.76
(Not Annualized) - After Exceptional Items
- Basic 4.77 16.57 10.27 17.31
- Diluted 4.77 16.57 10.27 17.31
Note: The above is an extract of the detailed format of Quarterly/ Annual Financial Results filed with the Stock
Exchanges under Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The full format of the Quarterly/ Annual Financial Results are available on the Stock Exchanges' websites
www.bseindia.com and www.nseindia.com as well as at Company's website www.ranasugars.com.
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NEWS Top BSE500 gainer,

snaps five-day
Hits fresh all-time
high at ~922
Hits upper circuit,
Up 35 per cent OF THE DAY
losing streak on BSE in a week Ratnamani Metals
~20.3 PREVIOUS CLOSE ~876.6 PREVIOUS CLOSE ~32.8 PREVIOUS CLOSE Hits new all-time high at
~24.3 CLOSE ~917.2 CLOSE ~39.4 CLOSE ~2,143, Up 30 per cent
! 20% UP ! 4.6% UP ! 20% UP this year
NIFTY 50
Company Close (~) % Wt PE Company Close (~) % Wt PE
ADVANCES/DECLINE F&O SNAPSHOT DAY’S TOP GAINERS DAY’S TOP LOSERS
21 Jun ’21 Chg (%) Con Std 21 Jun ’21 Chg (%) Con Std Futures Cash Premium Futures Cash Discount Company Day’s high Close % chg* 3mth high 52 wk high Company Day’s low Close % chg* 3mth low 52 wk low
Adani Ports 731.1 5.3 0.8 29.9 77.4 IOC 112.7 0.3 0.7 4.9 4.9 price price (%) price price (%)
Asian Paints 3068.6 0.7 2.0 93.8 96.4 ITC 204.5 0.0 3.6 19.1 19.4 GMR Infra 31.6 30.9 9.8 31.6 31.6 UPL 768.9 771.7 -4.5 580.9 399.0
MOST BULLISH MOST BEARISH
Axis Bank 739.6 0.4 2.8 31.5 34.4 JSW Steel 673.0 0.4 1.3 20.6 19.4 HFCL 58.0 57.6 9.4 58.0 58.0 PVR 1376.0 1379.6 -2.7 961.0 961.0
Bajaj Auto 4182.7 0.4 0.8 24.9 26.6 BHEL 68.1 67.8 0.5 Torrent Pwer 457.9 463.4 -1.2 Bandhan Bank 343.0 341.1 7.9 371.2 430.3 SRF 6908.1 6936.0 -2.0 5229.1 3559.4
Kotak Mah Bank 1772.1 0.7 3.7 35.2 50.4
Bajaj Fin 6116.0 0.5 2.3 83.5 93.3 Vodafone Idea 10.2 10.2 0.5 GMR Infra 30.8 30.9 -0.5 TV18 Broadcast 46.9 45.3 6.5 49.0 49.0 Balkrishna I 2240.2 2245.9 -1.9 1553.0 1216.0
L&T 1467.1 -0.6 2.9 17.8 18.2
Dabur India 573.6 571.8 0.3 Sun TV Net 549.6 551.1 -0.3 BHEL 68.2 67.8 5.4 79.5 79.5 Balaji Amine 2494.9 2527.4 -1.9 1652.4 432.5
Bajaj Finsrv 12156.4 1.3 1.1 43.3 1082.1 Mah & Mah 776.9 -0.6 1.1 53.3 359.5 UPL 774.7 772.2 0.3 Ambuja Cem 344.0 344.8 -0.2 Adani Ports 744.9 730.7 5.2 901.0 901.0 Jindal Steel 373.5 381.7 -1.7 297.3 143.0
Bharti Airtel 539.6 0.2 1.9 - - Maruti Suzuki 6899.9 -0.9 1.3 47.5 49.3 Aarti Inds 1777.5 1771.9 0.3 Max Fin Sre 1017.3 1019.4 -0.2 Adani total Gas 1321.0 1321.0 5.0 1680.0 1680.0 BEML 1338.3 1350.3 -1.5 1120.0 584.2
BPCL 475.1 0.6 0.7 6.4 5.4 Nestle India 17649.2 -0.1 0.9 - 78.8
Britannia 3648.9 0.8 0.6 47.2 49.9 Adani Green En 1115.9 1115.9 5.0 1394.0 1394.0 Wipro 535.2 542.2 -1.4 398.0 213.1
NTPC 118.0 3.9 0.8 7.8 8.3 BSE NSE Adani Trans 1297.7 1297.7 5.0 1647.7 1647.7 Havells I 958.4 983.0 -1.4 958.4 562.4
Cipla
Coal India
960.2
147.5
-0.1
0.8
0.7 32.2 31.4
0.4 7.2 11.9
ONGC 121.0 0.6 0.9 14.0 92.0 Index Stock Index Stock PUT-CALL RATIO Bank of India 81.9 79.0 5.0 87.0 101.5 Jubilant Fd 3231.6 3246.2 -1.4 2660.9 1596.3
Power Grid 234.9 0.8 0.9 10.2 10.3 Adani Power 120.6 120.6 5.0 167.1 167.1 PI Inds 2798.0 2809.6 -1.4 2201.8 1500.0
Divis Lab 4229.1 0.8 0.8 56.6 57.4 FUTURE (Open Interest in Mn) Put Call PC Ratio
Reliance Ind 2237.3 0.5 10.3 28.9 43.6 Indiab Real 114.6 112.9 4.4 117.9 125.5 Sterling & Wils 235.0 236.4 -1.4 219.0 161.0
Dr Reddys 5282.0 0.0 0.9 45.0 40.2 Contracts - - 345153 1467784
SBI 419.8 1.7 2.3 16.7 18.4 Market 1427.3 3056.4 0.5 Max Fin Sre 1028.7 1020.6 4.3 1050.3 1050.3 CGCEL 409.4 415.6 -1.4 350.4 224.7
Eicher Motor 2698.5 -0.3 0.5 54.8 55.5 Open Int.(000) - - 13073 5113070
SBI Life Ins 981.6 -0.1 0.6 - 67.4 Piramal Entp 2335.7 2322.9 4.0 2335.7 2335.7 Colgate 1658.7 1667.6 -1.3 1468.9 1322.8
GAIL 155.3 0.1 0.5 11.2 14.1 Shares(In Mn) - - 15.3 3744.5 Top 5 PC Ratio Bottom 5 PC Ratio
Shree Cement 28225.4 0.6 0.5 - 44.0 NTPC 118.4 118.0 3.9 121.0 121.0 Max Health 205.0 246.6 -1.3 197.7 101.7
Grasim Ind 1496.7 1.1 0.8 28.8 105.8 Value(~ crore) - - 32784 117539
Sun Pharma 671.4 0.4 1.0 55.5 75.3 Asian Paints 0.9 Ramco Cements 0.1
HCL Techno 982.0 0.7 1.5 23.9 30.5 OPTIONS * Ranked on the basis of percentage gain/loss on previous close
Tata Motors 334.3 -0.9 0.8 - - Bandhan Bank 0.9 PI Inds 0.2
HDFC 2516.4 1.1 6.5 24.2 37.8 Contracts - - 34413743 2731710
Tata Steel 1106.2 1.3 1.2 17.8 9.8 Piramal Entp 0.9 MRF 0.2
HDFC Bank
HDFC Std Life
1488.7
718.8
0.6
1.3
9.2 25.8 26.4
0.9 106.8 106.9 TCS 3273.1 -0.7 4.8 37.3 39.1
Open Int.(000)
Shares(In Mn)
-
-
-
-
192757
1503.5
4290963
5221.4
Titan Company 0.8 Page Inds 0.2 MOST TRADED TOP M-CAP TRENDS
Tech Mahindra 1062.9 -0.7 0.9 23.3 24.3 HUL 0.8 Mah & Mah 0.2
Hero MotoCorp 2894.9 0.1 0.5 19.8 19.5 Value(~ crore) - - 3362642 227256 Value Volume Rank Company Mcap (~ cr) Company % change Company % change
Hindalco 367.6 -1.0 0.8 23.7 83.2 Titan Company 1742.9 1.8 1.0 159.0 176.4 BSE+NSE BSE+NSE
UltraTech 6775.5 1.2 1.1 36.3 36.6 1 Reliance Ind 1418513.1 BS200 Pooja Enter 40.4
HUL
ICICI Bank
2514.4
631.3
1.3
0.1
3.2 73.9 74.3
6.2 23.8 27.0 UPL 772.2 -4.4 0.6 20.6 268.2 ACTIVE CALLS ACTIVE PUTS Adani Ports
(~ crore)
4031.8
(Mn shrs)
55.7
2
3
TCS
HDFC Bank
1210512.0
821354.3
DOWN DOWN 7 DAYS
IndusInd Bank 1007.6 1.2 0.9 - 27.5 Wipro 542.2 -1.4 1.1 27.5 29.5 Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg Apollo Tyres -6.1 Ritesh Int -29.9
4 Infosys 639341.1
Infosys 1500.3 -0.2 7.9 33.0 35.4 Nifty 50 15746.5 0.4 100.0 27.9 31.2 MARKET OVERVIEW (In Million) Date Price Qty Interest (OI) (In Million) Date Price Qty Interest (OI)
Adani Enter
Tata Steel
3541.1
1493.9
23.1
13.7 5 HUL 591182.9 UP 3 DAYS Evans Electric -26.1
Index Index 6 HDFC 454355.7 Dixon Tech 9.6 Brawn Bio -23.7
INDEX PE SHRS TRDS 1 YR SBI 1431.2 34.8
S&P BSE SENSEX AGGREGATES C/S MN ‘000 ADV DEC RETURN Nifty
Nifty
24/06/21
24/06/21
15700
15800
73.1
58.2
3.6
4.2
-2.4
5.9
Nifty
Nifty
24/06/21
24/06/21
15500
15600
63.2
61.6
4.8
4.3
25.5
49.5
Reliance Ind 1305.9 5.9
7
8
ICICI Bank
SBI
436945.3
374431.6
HUL
Sun TV Net
4.4
4.2
Mod.Insul.
Tiaan Consumer
-16.8
-15.7
Asian Paints 3069.6 0.7 2.3 93.8 96.5 L&T 1466.9 -0.6 3.4 17.8 18.2 SENSEX 30.6/33.8 12.5 239 21 9 51.4 Tata Motors 1041.1 31.4 HDFC Std Life 3.8
NIFTY 50 27.9/31.2 363.4 4944 34 16 53.7 Nifty 24/06/21 15600 54.5 2.1 24.4 Nifty 24/06/21 15700 36.5 2.9 19.9 9 Bajaj Fin 369152.7 Premier Capital -15.2
Axis Bank 739.7 0.4 3.3 31.5 34.4 Mah & Mah 777.0 -0.6 1.3 53.3 359.5 Nifty 24/06/21 15900 42.9 3.7 21.6 Nifty 24/06/21 15400 34.8 3.2 30.4 Bandhan Bank 898.8 26.8 10 Kotak Mah Bank 351406.6 Astral 1.4
C = CONSOLIDATED; S = STANDALONE Pacific Inds -15.2
Bajaj Auto 4182.7 0.4 0.9 24.9 26.6 Maruti Suzuki 6901.5 -0.8 1.5 47.5 49.3 Nifty 24/06/21 16000 34.0 5.6 24.4 Nifty Bank 24/06/21 34000 31.9 1.5 57.1 UPL 873.3 11.2 11 Wipro 297082.2 Berge Paint 1.3
Bajaj Fin 6115.9 0.5 2.7 83.5 93.3 UP 3 DAYS
Nestle India 17642.5 -0.2 1.1 - 78.8 CASH DERIVATIVES Stock Stock ICICI Bank 871.0 13.9 12 Bharti Airtel 296294.5 Reliance Ind 1.2
Bajaj Finsrv 12161.7 1.4 1.3 43.3 1082.6 TURNOVER BSE NSE BSE NSE DOWN Patel Engg 49.2
NTPC 118.0 3.9 0.9 7.8 8.3 Vodafone Idea 24/06/21 11 110.6 74.8 5.1 Vodafone Idea 24/06/21 10 28.4 27.4 -3.2 Infosys 860.2 5.7 13 Asian Paints 294431.2
Bharti Airtel 539.5 0.1 2.2 - - GMR Infra 24/06/21 30 98.5 9.9 -37.0 Vodafone Idea 24/06/21 9 27.9 29.8 8.1 Graphite -16.3 Kisan Mould 32.7
Power Grid 235.0 0.8 1.0 10.2 10.3 VALUE(IN ~ CRORE) 6213 60748 - 3740221 TCS 848.4 2.6 14 HCL Techno 266412.6
Dr Reddys 5279.6 -0.1 1.1 45.0 40.2 Vodafone Idea 24/06/21 10 93.5 54.7 -25.2 GMR Infra 24/06/21 30 15.6 3.5 60.8 15 ITC 251776.5 UPL -8.0 Somany Cera 28.2
Reliance Ind 2237.6 0.6 12.1 28.9 43.6 SHARES(IN MN) 949.2 3788.7 - 10484.7 Bajaj Fin 812.3 1.3
HCL Techno 981.8 0.7 1.8 23.9 30.5 TRADES(000) 3485 21696 - 21221 GMR Infra 24/06/21 32 91.4 12.1 13.3 SBI 24/06/21 400 15.5 3.9 3.4 16 Axis Bank 226710.1 Indiabulls Hous -7.2 Khadim India 25.7
SBI 419.6 1.6 2.7 16.7 18.3 SAIL 763.5 61.3
HDFC 2516.3 1.2 7.6 24.2 37.8 GMR Infra 24/06/21 31 69.8 7.9 32.7 GMR Infra 24/06/21 29 14.9 2.0 -5.3 17 Avenue Supermar 214502.6 SBI Card & Pay -7.0 Vistar Amar 25.7
Sun Pharma 671.3 0.4 1.2 55.5 75.3 Jindal Steel 747.1 19.6
HDFC Bank 1488.5 0.6 10.8 25.8 26.4 MARKET-CAP (~ CR) TRADED TOTAL 18 Maruti Suzuki 208480.5 Jindal Steel -6.3 Datamatics 23.8
HUL 2516.1 1.4 3.8 73.9 74.3 Tata Steel 1105.5 1.3 1.5 17.7 9.8
HUL 650.8 2.6 19 L&T 206040.8 Balaji Amine -4.7 Centrum Cap 22.4
TCS 3272.5 -0.7 5.6 37.3 39.1 BSE 23,003,519 23,119,637
ICICI Bank
IndusInd Bank
631.1
1007.8
0.1 7.3
1.3 1.1
23.8 27.0
- 27.5 Tech Mahindra 1063.2 -0.7 1.1 23.3 24.3 NSE 22,723,650 22,826,197 SPURT IN VOLUMES BHEL
Indiabulls Hous
626.7
625.7
95.7
22.5
20
21
UltraTech
Bajaj Finsrv
195740.8
193541.3
Morepen
Others
-4.7 DOWN 3 DAYS
Titan Company 1742.9 2.0 1.2 159.0 176.4 DERIVATIVES 16,766,933 16,766,933 Palm Jewels -22.5
Infosys 1500.4 -0.3 9.3 33.0 35.4 Company Days 2-week Avg Change Close *Price 22 Adani Green En 174520.1 UP 7 DAYS
Tata Power 592.6 48.8 Bang Oversea -19.3
ITC 204.6 0.0 4.2 19.1 19.4 UltraTech 6781.3 1.3 1.3 36.3 36.6 Volume Volume % price %chg 23 Nestle India 170109.0
Kotak Mah Bank 1772.7 0.7 4.3 35.2 50.5 BSE SENSEX 52574.5 0.4 100.0 30.6 33.8 TRADING ACTIVITY IMPAL 184934.0 5414.3 3315.7 840.2 20.0
JSW Steel
HDFC Bank
569.0
561.6
8.6
3.8
24 Adani Enter 169446.2
Nippo ETF
Globus Sprt
94.2
61.5 Revathi Equ -15.1
C = Consolidated; S = Standalone (~ crore) FIIs MF 25 JSW Steel 162629.2 P G Foils 53.7 TMRVL -14.3
Arman Fin 273751.0 10735.7 2449.9 742.8 20.0 United Brew 550.1 3.9
Equity Debt Equity Debt 26 Sun Pharma 161053.0 SBC Exports -14.2
Net Net Net Net Cantabil Ret 2676097.0 143127.2 1769.7 402.1 0.3 Mahaan Foods 47.1
Info Edge 521.1 1.1
WORLD INDICES On 18 Jun 2632 -762 - - SMS LifeS 580660.0 41315.0 1305.4 800.2 20.0 PNB 508.0 124.9
27
28
Titan Company
ONGC
154734.7
152158.5
Raja Bahadur
Simplex Mill
40.7
40.6
Jeevan Scient
IRIS Bus Serv
-14.2
-14.2
On 17 Jun -914 -126 - - Honda Power 374225.0 31570.1 1085.4 1281.2 7.6 Bank of Baroda 507.8 63.0 29 Adani Ports 149180.5
Indices Close % Chg* Indices Close % Chg*
On 16 Jun -886 121 - - Lypsa Gems 1709455.0 155903.3 996.5 6.7 4.8 30 Adani total Gas 145283.6 (T+2) cycleStocks which rose/fell continuously
Hindalco 504.1 13.8
Americas (Jun 18,21) Asia/Pacific (Jun 21,21) On 15 Jun 680 171 - - GG Eng 749011.0 77137.7 871.0 24.7 19.9
S&P/ TSX Composite 19999.6 -0.7 Shanghai Se Comp 3529.2 0.1 On 14 Jun 807 -237 - - Incredible Ind 876465.0 106453.5 723.3 33.0 7.7
Nasdaq Composite
Dow Jones
14030.4
33290.1
-0.9
-1.6
Jakarta Composite
Stock Exchange of Thai
5996.3
1601.1
-0.2
-0.7
Jun till date
2021 till date
12786
59629
-2698
-21510
-682
-19244
4339
65822
Transform
Pun Sind Bnk
6311434.0
10307694.0
823339.3
1347268.2
666.6
665.1
31.0
21.7
12.1
13.6
BOARD MEETINGS INTRA-DAY
Europe/Africa (Jun 18,21) Kospi 3240.8 -0.8 Group Machino Plst: nancial Results on 31st March nancial Year
DAX 15532.5 0.6 Straits Times 3117.9 -0.8 FIIS IN DERIVATIVES 52 WEEK NEW HIGHS/LOWS Company To consider Raunaq EPC 2021. ended on 31st
Purpose and approve Intl: To con- Weizmann Fin: March 2021.
CAC 40 6592.2 0.4 Kuala Lumpur Comp 1572.2 -1.1 Company Price Company Price Company Price Company Price
(~crore) Index Stock Index Index Stock Audited Finan- sider and ap- Consider and Kilpest (I): To
FTSE 100 7039.4 0.3 Taiwan Taiex 17063.0 -1.5 NET Net Fut OI Opt OI OI JUNE 22 cial Results for prove the approve the consider and
HIGH *APL Apolo Tb . . . . . . 1630.0 LOW *JMD Ventures . . . . . . . . 3.9
IBEX 35 9043.4 0.1 Volatility (Jun 18,21) BS 200 *Triton Valve . . . . . . . 1487.0 *Action Fin . . . . . . . . . . . . 3.7 B L Kashyap: the quarter Standalone and Audited Finan- approve the
On 18 Jun -527 165 0.1 0.8 1.8 BS 200
Asia/Pacific (Jun 21,21) CBOE Dow Jones 19.1 21.3 *Dixon Tech . . . . . . . . 4644.0 *Timken India . . . . . . 1468.0 Audited finan- and year ended Consolidated cial Results of Audited Finan-
On 17 Jun -379 -547 0.1 0.7 1.8 NONE Trans Asia . . . . . . . . . . . . . 3.7
Hang Seng 28489.0 -1.1 CBOE S&P 500 20.1 -3.1 *Asian Paints . . . . . . . 3078.6 *Honda Power . . . . . . 1388.1 cial results on 31st March, Audited Finan- the Company cial Results
On 16 Jun 1263 -557 0.1 1.1 1.8 Others *Rekvina Lab. . . . . . . . . . . 3.6
*Relaxo Footwear . . . 1272.0 ‘Standalone 2021, besides cial Results for for the quarter (Standalone
Nikkei 225 28010.9 -3.3 * Change over previous close On 15 Jun -606 702 0.1 1.0 1.8 HUL . . . . . . . . . . . . . . . 2528.7 *Evans Electric . . . . . . . 84.0 *Kiran Syntex . . . . . . . . . . 3.6
*Tips Industries . . . . . 1181.0 and Consoli- other items, if the quarter and year ended and Consoli-
On 14 Jun 1502 760 0.1 1.0 1.7 *Piramal Entp . . . . . . 2335.7 ETT . . . . . . . . . . . . . . . . . 28.5 *Incon Engg . . . . . . . . . . . 3.3 dated’ for the any. and year ended 31* March, dated) for the
MAJOR INDICES Jun till date
2021 till date
-8253
175233
-1792
-10930
-
-
-
-
-
-
*United Brew . . . . . . . 1455.0
*Gujarat Gas . . . . . . . . 687.0
East India Sec . . . . . . 1070.0
*Maithan Ally . . . . . . . . 963.2
*Eloora Trading . . . . . . . 28.2
*Trans Financ . . . . . . . . . 19.6
*Suncity Synt . . . . . . . . . . 3.2 quarter & fi- Max India: To March 31, 2021 quarter / year
*WPIL Ltd . . . . . . . . . . . 940.0 *PFL Infotech . . . . . . . . . . 3.1 nancial year consider and 2021. ended March
Previous Close Open High Low Close Change % chng OI in number of contracts(million) United Spirt . . . . . . . . . 680.0 *Billwin Inds . . . . . . . . . . 17.0
*Coromndl Int . . . . . . . 922.2 *Negotium Intl . . . . . . . . . 3.1 ended 31st approve the Sobha Ltd: To JUNE 23 31, 2021
*Sun TV Net . . . . . . . . . 570.9 *Shashank Trader . . . . . 16.2 Northward Tech . . . . . . . . 3.1 March 2021. audited finan- consider and Apollo Hosp: Laxmi Auto: To
S&P BSE Sensex 52,344.5 51,887.6 52,629.2 51,740.2 52,574.5 230.0 0.4 *Marico . . . . . . . . . . . . 527.4 *Cyient . . . . . . . . . . . . . 919.1
Salasar Inv . . . . . . . . . . . 12.0 Bharat Elctn: cial results of approve the Inter alia, con- consider the
*HFCL . . . . . . . . . . . . . . . 58.0 *Shri Jagdamb . . . . . . . 865.0 *Diksha Greens . . . . . . . 2.9
S&P BSE Sensex 50 16,437.6 16,285.9 16,516.9 16,247.1 16,501.1 63.5 0.4
S&P BSE SECTORAL INDICES *GMR Infra . . . . . . . . . . . 31.6 *IMPAL . . . . . . . . . . . . . 840.2
*Tvf2Dz . . . . . . . . . . . . 11.8
*Skyline Ventu . . . . . . . . 9.9
*Ashari Agen . . . . . . . . . . 2.8
To consider
and approve
the Company
(both stand-
Audited Stand-
alone Financial
sider the ap-
proval of the
Audited Finan-
cial Results for
S&P BSE-100 15,951.8 15,806.0 16,034.5 15,761.8 16,020.2 68.3 0.4 Others *Dhanvar Fin . . . . . . . . 833.0 Promact Impex . . . . . . . . 2.5 2021. spect of last audited finan- record the Au- on record the
Prev cls Close % Chng *Aviva Inds . . . . . . . . . . . . 9.8 Audited Stand- alone and con- Results of the audited finan- the Quarter /
S&P BSE-200 6,793.7 6,730.3 6,833.9 6,710.2 6,828.1 34.4 0.5 *Raja Bahadur . . . . . . 5071.1 *Rel Ind Infra . . . . . . . . 831.0 *Sagar Prod . . . . . . . . . . . 2.4 Ncl Research: to quarter along cial results of dited Financial audited Finan-
*Divinus Fabrics . . . . . . . 9.8 alone & Con- solidated) for Company for cial results for Year ended
Auto 23,386.0 23,267.4 -0.5 *Garware Fibres . . . . 3392.5 *SMS LifeS . . . . . . . . . . 800.2 *Pact Inds . . . . . . . . . . . . . 1.9 consider and with the results the Company Results cial Results
S&P BSE-500 21,319.1 21,117.0 21,446.4 21,055.9 21,429.8 110.7 0.5 *Blue Cloud . . . . . . . . . . . 8.9 solidated the quarter the quarter the quarter 31st March,
Bankex 39,177.9 39,499.9 0.8 *Sarasw.Comm. . . . . 3230.0 *Assam Entrade . . . . . . 697.9 approve Au- for the entire fi- Mishra Dhatu Naga Agri: Au- (standalone &
*Prism Medico . . . . . . . . . 8.4 *BMB Music . . . . . . . . . . . 1.8 Financial Re- and financial and financial and year ended 2021.
S&P BSE IPO 10,451.5 10,347.5 10,552.3 10,272.9 10,540.2 88.7 0.8 Cons. Durables 35,285.3 35,577.5 0.8 *Venkys India . . . . . . 2972.3 *Kiri Inds . . . . . . . . . . . 678.7 dited Financial nancial year Ni: Consider dited financial consolidated)
*Shukr Bullions . . . . . . . . 8.4 Maximaa Sys . . . . . . . . . . 1.1 sults for the year ended year ended March 31, 2021 Lime Chem:
Cap. Goods 22,182.9 22,251.8 0.3 *Saregama I . . . . . . . . 2786.0 *IFB Agro Ind . . . . . . . . 674.1 Results for the ending and approve the results Rushil Decor: To
S&P Dollex-30 5,815.5 - - - 5,823.9 8.4 0.1 *Ari.Tourneso . . . . . . . . . . 7.9 *ACE Edutrend . . . . . . . . . 1.0 quarter/year March 31, March 31, and recom- To consider
FMCG 13,503.5 13,553.6 0.4 *CRISIL . . . . . . . . . . . . 2775.0 *Somany Cera . . . . . . . 650.0 4th quarter as 31/03/2021. Audited Finan- Nirlon: To con- consider and
*Saboo Bros. . . . . . . . . . . 7.3 *Shalimar Prd . . . . . . . . . 0.5 ended March 2021. 2021. mendation of and approve
Nifty 50 15,683.4 15,525.9 15,765.2 15,505.7 15,746.5 63.2 0.4 Healthcare 24,765.0 24,888.8 0.5 *Neelamlai Ag . . . . . . 2730.0 *Globus Sprt . . . . . . . . 635.0 well as Finan- cial Results sider, approve approve
Risa Intl . . . . . . . . . . . . . . . 0.3 31, 2021 and Media M Wrld: V B Inds: To dividend, if any audited
Infra 240.9 244.8 1.6 *Ratnamani Met . . . . 2142.7 *AIIL . . . . . . . . . . . . . 585.9 *Rander Corp . . . . . . . . . . 6.9 cial Year ended JUNE 24 (Standalone and take on Quarterly As
Nifty next50 38,315.2 37,872.9 38,685.9 37,769.1 38,649.0 333.8 0.9 also to con- To consider consider and Jackson Invest: Financial
IT 29,146.5 29,065.0 -0.3 Ravalgaon S . . . . . . . . 2100.0 *Cigniti Tech . . . . . . . . 560.0 *Sword-Edge . . . . . . . . . . 6.0 *BLS Infotech . . . . . . . . . . 0.2 on 31st March Ashok Leyland: and Consoli- record the Au- Well As Annual
sider recom- and approve approve Au- To consider Results of the
Nifty 500 13,386.6 13,240.9 13,468.8 13,221.1 13,456.1 69.5 0.5 Metal 18,058.6 18,196.0 0.8 *Vinati Org . . . . . . . . . 1880.4 *Adity Vision . . . . . . . . 518.4 Sonal Adhes . . . . . . . . . . . 6.0 *Nicco Uco A . . . . . . . . . . 0.2 2021. To inter alia dated) dited Financial Financial Re-
mendation of inter-alia, the dited Financial and approve Company for
Oil & Gas 16,866.5 17,065.2 1.2 Bengal Assm . . . . . . . 1820.0 *BF Utilities . . . . . . . . . 513.6 Shahi Shipping . . . . . . . . . 5.0 *K-Lifestyle . . . . . . . . . . . 0.2 Shantai Inds: To consider and Mudra Finan- Results sults Along
India VIX 14.8 14.8 16.5 14.4 15.1 0.3 1.8 final Dividend Annual Audited Results for the Audited Finan- the Quarter
Power 2,762.2 2,832.6 2.5 *Swaraj Engin . . . . . . 1740.0 Kemp & Co . . . . . . . . . . 497.6 *Ashoka Refin . . . . . . . . . 4.9 *Monotype Ind . . . . . . . . . 0.2 consider au- approve the cial: To con- PTC India: To With Recom-
for the finan- Standalone as 4th quarter as cial Results for and Financial
Nifty CPSE 2,010.0 1,993.0 2,049.4 1,986.3 2,044.3 34.4 1.7 *Fairchem Organi . . . 1691.0 *Nile . . . . . . . . . . . . . . . 491.2 *Mesco Pharma . . . . . . . . 4.1 dited financial standalone and sider, approve consider, ap- mendation Of
PSU 7,653.9 7,776.9 1.6 *Interworld D . . . . . . . . . . 0.2 cial year 2020- well as Con- well as Finan- the 4th quarter Year ended on
results in re- consolidated and take on prove and take Dividend.
MSE SX 40 30,775.0 30,775.0 30,905.9 30,775.0 30,905.9 130.8 0.4 Realty 2,742.1 2,807.0 2.4 21, if any. solidated Fi- cial Year ended as well as Fi- 31st March
> BS 200
WHAT THIS STOCK PAGE CONTAINS AND WHY The third sub-set of The table also contains the (F&O) section a wide set of an option may be exercised. becomes valueless while compared with the previous XD after the traded quotes BSE NSE BSE NSE
information is the stock’s company’s price-earnings data has been provided. An option is “in-the-money” futures contracts are close, the close price is indicate that the scrip has
market capitalisation. The (P/E) multiple. The P/E Open Interest: OI is the if the market price exceeds compulsorily settled on underlined. A significant gone ex-dividend after that " ~100 ' ~3 Aarti Drugs Aarti Inds!
BS 200 stocks account for over paid-up value . Four
85 per cent of the volume of categories of information are market capitalisation is multiple is arrived at by number of contracts open at the SP (in case of a call option) expiry. On NSE, it is the last change means a 3 per cent date; XB denotes ex-bonus, PCLose (719.9) (720.1) (1775.2) (1770.3)
# ~50 ( ~2 Open 719.0 709.0 1768.0 1769.0
shares, value and trades on provided: First, the basic shown in ~crore and is arrived dividing the day’s closing end of day in the futures and and the market price is below Thursday of every month. rise or fall in scrips whose XR ex-rights; XO ex-indicator
$ ~20
High 719.0 717.9 1811.3 1812.7
the Bombay Stock Exchange information on the day’s at by multiplying the closing price by its reported earning options segment. OI thus SP (in case of a put). Put/call ratio: The ratio of market values are over 10 for other corporate actions ) ~1
Low 707.8 707.0 1747.5 1750.0
and National Stock Exchange. trading. Information is also prices of shares with equity per share (EPS) for trailing 12 indicates traders’ Otherwise it is “out-of- open interest in put options & times paid-up value or 15 per like AGM/EGM/ preference % ~6 Face value Close 713.5 713.3 1771.8 1771.9
+ For BS 200 stocks, the given on the number of capital. It changes either
because more shares have
months. EPS is calculated on
the basis of consolidated
expectations. High OI is
typical when traders see a
money”
Expiry date: The date on
call options.
ABBREVIATIONS: When a
cent for the rest of the shares.
The letters H or L appended
shares/mergers and others . M
denotes volume of shares in ! ~5
of scrips is
~10 in all
Shares
PE
18630
25.6
290K
25.6
90624
60.1
957K
60.1
company name is followed by shares traded, and also the 52 Wk H/L 1025/266 1027/266 1888/893 1864/891
been issued (or extinguished) earnings wherever available. continuing trend. which a derivative expires . significant change occurs in to prices indicate a new high million, L in lakhs & K in cases if not
its BSE group in brackets and price trend with 52-week & ~4 specified. Mcap 6607 6605 30872 30874
the symbol indicating the highs and lows. or the price has moved. In the futures and options Strike Price: The price at which An unexercised option the day’s closing value or low in the scrip; the letters ‘000’.
ACC Adani Enter) Adani Green En Adani Ports( Adani Power Adani total Gas)
(2029.3) (2027.9) (1487.8) (1487.5) (1062.8) (1067.6) (694.6) (694.3) (114.9) (114.9) (1258.1) (1258.4)
1995.2 2009.5 1492.0 1490.0 1055.0 1014.2 687.4 692.0 109.2 109.2 1195.2 1195.6
2041.7 2041.9 1582.7 1582.0 1115.9 1120.9 744.9 744.7 120.6 120.6 1321.0 1321.4
1988.4 1988.9 1444.5 1444.9 1009.7 1014.2 683.6 685.1 109.2 109.2 1195.2 1195.6
2029.6 2028.1 1540.7 1540.0 1115.9 1120.9 730.7 731.1 120.6 120.6 1321.0 1321.4
15397 479K 1984K 21101K 42635 2047K 3919K 51760K 3928K 12143K 152K 1402K
22.8 22.8 183.6 183.5 - - 29.9 29.9 36.6 36.6 - -
2066/1244 2066/1245 1718/145 1717/145 1394/306 1390/306 901/298 901/298 167/34 167/34 1680/143 1679/143
38113 38086 169446 169369 174520 175310 149180 149262 46515 46515 145284 145322
Avenue Supermar Axis Bank( Bajaj Auto Bajaj Fin( Bajaj Finsrv! Balkrishna I( Balram Chini) Bandhan Bank Bank of Baroda( Bata India! BEML Berge Paint) Bharat Elctn) Bharat Forge( Bharti Airtel! BHEL( Biocon! Bosch
(3317.5) (3317.7) (736.5) (736.3) (4165.0) (4167.1) (6087.3) (6087.0) (11998.0) (11999.3) (2290.4) (2292.0) (319.5) (319.6) (316.1) (316.6) (80.2) (80.2) (1644.3) (1644.1) (1370.7) (1372.3) (824.8) (825.6) (146.3) (146.2) (725.9) (726.8) (538.9) (538.8) (64.3) (64.3) (399.1) (399.0) (15207.5) (15211.3)
3320.0 3319.7 722.0 725.0 4161.0 4153.0 6005.8 6000.0 11721.0 11800.0 2309.0 2275.0 318.0 315.3 319.0 322.1 79.2 78.3 1635.0 1630.0 1339.9 1336.0 828.0 823.8 143.0 142.0 709.0 711.5 531.5 535.0 62.5 62.9 394.1 395.5 15220.0 15099.0
3320.1 3319.7 740.8 740.9 4196.4 4196.0 6134.0 6135.0 12203.0 12199.8 2309.0 2297.5 334.0 333.9 343.0 343.2 83.0 82.8 1668.8 1669.5 1367.3 1367.6 834.0 834.0 149.9 150.0 734.2 734.5 541.8 541.9 68.2 68.3 406.0 406.2 15220.0 15125.0
3275.4 3274.0 720.2 720.5 4108.9 4106.5 5995.2 5987.1 11721.0 11776.9 2240.2 2240.0 315.3 315.0 319.0 319.9 77.4 77.4 1621.4 1620.0 1338.3 1336.0 820.0 818.9 142.6 142.0 709.0 711.5 531.5 533.0 61.3 61.1 394.0 393.2 14937.5 14950.0
3311.4 3311.0 739.7 739.6 4182.7 4182.7 6115.9 6116.0 12161.7 12156.4 2245.9 2245.1 331.8 331.7 341.1 341.2 82.5 82.4 1662.7 1662.9 1350.3 1350.5 828.1 827.8 149.2 149.2 729.4 729.6 539.5 539.6 67.8 67.8 405.6 405.8 15099.2 15096.9
12527 165K 204K 6464K 15761 375K 60764 1272K 14422 295K 13174 352K 63401 954K 1021K 25772K 3069K 59885K 32592 288K 36603 231K 28249 608K 371K 7733K 348K 1696K 786K 5637K 7827K 87908K 156K 1549K 1650 48503
184.1 184.1 34.4 34.4 24.9 24.9 93.3 93.3 43.3 43.3 37.6 37.6 14.8 14.8 24.9 24.9 51.4 51.4 - - 75.2 75.2 118.1 118.1 20.8 20.8 108.8 108.8 - - - - 65.8 65.8 92.3 92.3
3394/1900 3397/1955 800/400 799/400 4361/2660 4361/2660 6250/2729 6249/2728 12210/5401 12208/5400 2319/1216 2323/1216 363/122 363/123 430/251 431/251 100/40 100/40 1705/1215 1682/1214 1544/584 1542/584 843/488 843/488 160/80 160/80 790/306 791/307 623/394 623/394 80/27 80/27 488/363 488/363 16900/10886 16830/10909
214503 214477 226710 226679 121033 121033 369153 369162 193541 193457 43413 43398 6968 6966 54940 54948 42638 42612 21369 21372 5622 5623 80433 80399 36354 36354 33961 33970 296294 296349 23608 23591 48690 48714 44528 44521
BPCL Cipla( City Union Bk) Coal India Coforge Colgate) Containr Crp! Cummins (I)( Dabur India) Deepak Nitrt( Delta Corp) Divis Lab( Dixon Tech(
(472.5) (472.4) (960.3) (960.9) (164.1) (164.3) (146.6) (146.4) (3973.0) (3971.1) (1689.0) (1689.8) (692.0) (688.3) (832.8) (833.0) (577.3) (577.1) (1754.7) (1754.8) (177.4) (177.4) (4192.8) (4197.3) (4425.4) (4427.1)
470.0 471.7 959.0 958.0 163.5 162.0 146.5 146.0 3932.3 3960.0 1693.9 1684.0 680.2 680.0 831.0 825.0 572.3 576.0 1735.0 1730.0 172.1 173.0 4190.0 4190.0 4425.0 4425.1
475.6 475.8 962.4 962.7 165.7 165.7 148.0 148.0 4025.0 4028.8 1695.0 1686.4 688.8 688.7 832.3 832.7 579.5 579.7 1767.0 1768.0 182.5 182.5 4238.0 4238.9 4644.0 4644.9
468.5 950.5 950.5 162.0 161.8 143.6 143.5 3891.2 3878.2 1658.7 1658.1 676.6 676.6 819.6 819.5 569.7 570.0 1712.5 1710.0 167.4 170.5 4164.3 4162.0 4300.0 4351.1
960.0 960.2 165.3 165.2 147.5 147.5 4010.2 4008.7 1667.6 1667.0 683.9 683.7 824.7 824.9 572.4 571.8 1746.7 1746.6 180.8 181.0 4229.3 4229.1 4591.7 4588.3
76993 1626K 64125 1434K 931K 15038K 13127 299K 17321 458K 80899 1128K 37282 583K 60867 2239K 33765 804K 339K 1570K 6324 294K 29890 586K
32.2 32.2 20.6 20.6 7.2 7.2 53.3 53.3 43.8 43.8 82.8 82.8 37.0 37.0 59.8 59.7 67.2 67.2 - - 57.4 57.4 168.2 168.1
982/622 982/621 200/116 200/116 165/110 165/110 4045/1325 4049/1327 1755/1323 1795/1322 748/352 748/351 933/374 934/373 583/441 583/441 1989/474 1988/474 202/85 202/85 4427/2095 4425/2090 4644/1081 4645/1080
77424 77436 12212 12205 90900 90900 24297 24288 45357 45341 41667 41655 22859 22866 101186 101080 23825 23823 4824 4828 112267 112261 26884 26864
T PDF w B S N w P m S w B @ w
>
MUMBAI | TUESDAY, 22 JUNE 2021 POLITICS & PUBLIC AFFAIRS 13
Pawar calls Oppn meeting

today, excludes Congress
ADITI PHADNIS DMK) and Mamata Banerjee (West Bengal
Registered Office: 119, W House, Neelgagan Tower, Mandi Road, Sultanpur, Mehrauli, New Delhi-110030
Corporate Office: 119 & 127, W House, Neelgagan Tower, Mandi Road, Sultanpur, Mehrauli, New Delhi-110030
Tel.: 011-42193193; Email: [email protected]; Website: www.wforwoman.com
STATEMENT OF FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021
New Delhi, 21 June CM and leader of the TMC) are unable to
attend, they will send representatives sen- (All amounts in ` million except otherwise specified)
W
ith former finance minister ior enough to indicate their engagement. Quarter Ended Year Ended
Yashwant Sinha by his side and It is not yet clear if the Shiromani Akali
political strategist Prashant Dal (SAD), an ally of the BJP till recently, March 31, March 31,
Particulars December 31, March 31, March 31,
Kishor as his sherpa, veteran political has been invited. Sources advising the SAD 2021 2020
2020 2021 2020
leader with across-the-board acceptabil- said the upcoming assembly elections in (Unaudited) (Unaudited)
(Unaudited) (Audited) (Audited)
ity, Sharad Pawar, has launched a new Punjab will not yield the kind of decisive (See note 5) (See note 5)
political initiative to unite the non- victory the Congress is seeking and the 1. Total income from operations 2,210.85 2,378.95 2,192.05 6,355.36 11,486.67
Congress opposition with a view to SAD would like to keep its options open if 2. Net profit/(loss) for the period before tax 46.89 169.20 (364.80) (769.38) 660.63
defeating the Narendra Modi-led it has to approach the BJP for help in form-
3. Net profit/(loss) after tax for the period 38.73 126.60 (237.74) (563.83) 694.12
Bharatiya Janata Party (BJP). ing a government.
The NCP supremo has invited all non- The CPI (M)-led Left Front has an 4. Total comprehensive income for the period 43.76 130.31 (238.85) (547.65) 684.14
Congress political parties to his Delhi res- alliance with Sharad Pawar’s NCP in 5. Paid-up equity share capital (Face value ` 2 per share) 123.05 123.02 122.95 123.05 122.95
idence for a meeting on Tuesday that cussed the possibility of the Pawar-led Kerala. CPI(M) General Secretary Sitaram 6. Other equity including instruments entirely equity in nature 5,996.79 6,477.05
could set off a round of ‘conclave’ politics Nationalist Congress Party (NCP) and the Yechury and Pawar have been in close Earnings Per Share (Face value ` 2 per share) (not annualised)
that was a dominant feature of Indian pol- Shiv Sena joining up for the touch. But Mamata Banerjee’s TMC and
7. (a) Basic (`) 0.61 2.12 (3.71) (8.85) 10.85
itics in the decades of the 1980s and led to Brihannmumbai Municipal Corporation the Left parties are bitter rivals in Bengal.
a new alignment of forces that forced the (BMC) elections. When a senior Congress Can the two groups sink their differences (b) Diluted (`) 0.60 2.12 (3.71) (8.85) 10.84
Congress out of its dominant political posi- leader called on Pawar in Mumbai (who in the large cause of national unity against Notes to the unaudited financial results:
tion for many years to come. was convalescing after surgery of his the BJP? This will be evident on Tuesday, The above is an extract of the detailed format of quarter and year ended Financial Results filed with the Stock Exchanges under Regulation 33 of the SEBI
Pawar’s initiative pointedly excludes mouth), he said the NCP leader conceded but many Congress leaders think this is (Listing Obligations and Other Disclosure Requirements) Regulations, 2015, as modified by Circular No. CIR/CFD/FAC/62/2016 dated 5 July, 2016. The full format
the Congress. While the move is not with- to him that a large opposition grouping not a deal-breaker when opposition to of the quarter ended Financial Results are available on the Stock Exchange websites at www.bseindia.com and www.nseindia.com and also on Company’s website
out its internal political contradictions, that excluded the Congress would not be Modi is involved. The group that is most www.wforwoman.com
“much more than Narendra Modi, it is the strong enough to challenge the BJP). But on the back foot is the Congress. Leaders Notes to the financial results:
Congress that needs to worry”, said a for- apparently Kishor told him otherwise and were brave in public but conceded private-
mer Congress chief minister. Congress leaders are homing in on ly that the initiative had been taken and 1. STATEMENT OF ASSETS AND LIABILITIES AS AT MARCH 31, 2021
Meanwhile, Congress President Sonia Prashant Kishore’s influence on Pawar to the Congress was nowhere in the picture: (All amounts in ` million)
Gandhi has called for a meeting of party turn him away from the Congress. “In the given situation, there is not much
officebearers to discuss ways to address Within days of that meeting, Pawar is he (Pawar) can do)” said a Congress leader. As at As at As at As at
multiple challenges, including high making his moves, surefooted and agile. “But the meeting is going to be crucial. Particulars March 31, 2021 March 31, 2020 Particulars March 31, 2021 March 31, 2020
petrol prices. The expectation is that even if senior lead- And it will lay bare before the world, the (Audited) (Audited) (Audited) (Audited)
Prashant Kishor has had two rounds of ers like K Chandrashekhara Rao irrelevance of the Congress leadership.” ASSETS Liabilities
meeting with Pawar. In the first three-hour (Telangana CM and leader of the TRS), MK Non-current assets Non-current liabilities
round, among other things, the two dis- Stalin (Tamil Nadu CM and leader of the More on business-standard.com (a) Property, plant and equipment 307.42 397.29
(a) Financial liabilities
(b) Capital work-in-progress 5.12 21.17
(i) Lease liabilities 2,631.66 2,994.52
Duflo, Rajan join TN economic council

(c) Right of use assets 2,686.39 3,083.64
(d) Other intangible assets 20.95 36.33 (ii) Other financial liabilities 50.14 66.75
(e) Financial assets - Other financial (b) Provisions 124.18 122.41
444.49 479.58
AGENCIES chart a rapid growth path. assets (c) Other non-current liabilities 7.98 4.62
New Delhi, 21 June Based on the council's recom- (f) Deferred tax assets (net) 549.81 349.70
Total non-current liabilities 2,813.96 3,188.30
mendations, the government (g) Non-current tax assets (net) 102.98 455.20
The Tamil Nadu government would take steps to revitalise Current liabilities
(h) Other non-current assets 30.04 28.93
on Monday said it constituted economy and see that the (a) Financial liabilities
an Economic Advisory benefits of growth reached all Total non-current assets 4,147.20 4,851.84
Council to the chief minister, segments of society, the state Current assets (i) Borrowings 53.58 -
which includes Nobel laureate has said. (a) Inventories 2,780.53 3,301.90 (ii) Lease liabilities 619.23 625.02
Esther Duflo, former RBI gov- The fiscal health of the (b) Financial assets (iii) Trade payables
ernor Raghuram Rajan, for- state is a cause for concern
(i) Investments 1,723.67 1,180.75 (A) Total outstanding dues of
mer chief economic advisor to Nobel laureate Esther Duflo (left) and former RBI governor and the government would
the Union government Arvind Raghuram Rajan focus on improving it and (ii) Trade receivables 1,648.40 1,756.20 micro enterprises and small 208.75 289.78
Subramanian, development bringing down debt burden, (iii) Cash and cash equivalents 146.48 529.44 enterprises
economist Prof Jean Dreze, This was revealed by Assembly on Monday. and release a white paper on (iv) Bank balances other than (iii) (B) Total outstanding dues of other
2.82 2.80
and former Union finance Governor Banwarilal Purohit This is to reverse slowdown Tamil Nadu's finances in July, above than micro enterprises and small 703.00 933.16
Secretary S Narayan. during his address to the 16th in economic growth, and to the state said. (v) Other financial assets 3.62 37.12 enterprises
(c) Other current assets 288.71 315.77 (iv) Other financial liabilities 71.88 76.91
Total current assets 6,594.23 7,123.98 (b) Provisions 3.80 3.04
menced on June 18. SAT said a on an open source technology.
Total assets 10,741.43 11,975.82
> FROM PAGE 1 stay on voting on any of the res- The earlier technology, provid- More on business-standard.com (c) Current tax liabilities (net) 42.74 57.47
olutions won’t be fair as the ed by incumbent telecom gear EQUITY AND LIABILITIES
+ (d) Other current liabilities 104.65 202.14
Vaccination...
Equity
PNB Housing...
electronic voting is underway. makers like Ericsson and
“Sebi never said the EGM Nokia, was based on propri- Total current liabilities 1,807.63 2,187.52
(a) Equity share capital 123.05 122.95
SAT has directed Sebi to file a should not take place. It said etary technology with hard- (b) Other equity 5,996.79 6,477.05 Total liabilities 4,621.59 5,375.82
reply by June 26 and rejoinder, ‘don’t act on the resolution ware and software fused into The second-highest vaccina-
Total equity 6,119.84 6,600.00 Total equity and liabilities 10,741.43 11,975.82
if any, by July 4. until you meet certain condi- one offering. Under ORAN, tions were held in Karnataka,
Last week, PNB Housing tions’,” said J N Gupta, manag- telecom operators can buy which administered 1.06 mil-
said it had received a letter ing director of Stakeholders their hardware as well as soft- lion doses in a single day, fol- 2. STATEMENT OF CASH FLOWS FOR THE YEAR ENDED MARCH 31, 2021
from Sebi, asking the company Empowerment Services (SES), ware from multiple players, lowed by UttarPradesh, which
to not go ahead with the pref- which has raised the red flag thus increasing competition gave out 674,557 doses on (All amounts in ` million)
erential allotment until it did a on the Carlyle deal. and reducing overall costs of Monday. UP expects to vacci- As at March 31, 2021 As at March 31, 2020
valuation of its shares by an Shares of PNB Housing hit the network. But to enable this, nate 1 million people a day Particulars
(Audited) (Audited)
independent valuer. PNB a 5 per cent lower limit on telcos need a system integrator from July 1. However, West A. CASH FLOW FROM OPERATING ACTIVITIES
Housing Finance has appealed Monday and closed at ~702.4 for powering the network. The Bengal is among the states that
Profit/(Loss) before tax (769.38) 660.63
Sebi’s directive before SAT. The per share. “On the face of it, SES Tata group, quite like Reliance have complained of vaccine
company in a statement has finds this deal unfair to public Jio, has also built state of the shortage. The state is focusing Operating profit before working capital changes 589.29 2,051.39
said that it has complied with shareholders of the company art ORAN-based radio as well on vaccinating priority groups Net cash flow from operating activities (A) 1,133.35 1,309.64
“all relevant applicable laws, and shareholders of PNB. As as standalone and non-stand- only till availability improves. Net cash used in investing activities (B) (555.80) (25.27)
including the applicable pric- controlling shareholder, PNB alone core, which control the West Bengal has the capacity Net cash used in financing activities (C) (960.51) (970.56)
ing regulations prescribed by has blown away the value. PNB network. The ORAN network is to increase vaccinations to
Net (decrease)/increase in cash and cash equivalents (A+B+C) (382.96) 313.81
Sebi, and the Articles of Housing is bracketed as a PSU increasingly dependent on 500,000 a day, but is adminis-
Association of the Company”. as PNB, a government entity, is software, giving it more flexi- tering 200,000-300,000 doses Add : Cash and cash equivalent at the beginning of the period 529.44 215.63
It has further said “the prefer- the promoter. PSUs historically bility as well as efficiency. a day due to the shortage. Cash and cash equivalents at the year-end 146.48 529.44
ential allotment is in the best for millions of reasons get val- Reliance, which also bought “Once we complete the priority Notes to the financial results :
interests of the company, its uations which are quite low Radisys in the US, has used it groups, we will decide on the 3. These financial results of the Company for the quarter and year ended March 31, 2021, have been reviewed by the Audit Committee and approved by the
shareholders and all relevant compared to private sector as a base for software solutions 18-plus,” Ajay Chakraborty, Board of Directors at their respective meetings held on June 21, 2021. The financial results for the year ended March 31, 2021, have been audited by the
stakeholders”. Sources said peers,” SES had said in a note. required for 5G. Gopal Vittal, director of health services, statutory auditors and the financial results for the quarter ended March 31, 2021, have been subjected to review by the statutory auditors of the Company.
Sebi’s letter led to ambiguity on MD and CEO (India and South West Bengal, said. The state
whether PNB Housing could go
ahead with its EGM. Besides
5G tech JV... Asia) of Bharti Airtel, said: “We
are delighted to join forces with
administered over 188,000 dos-
es on Monday. Maharashtra
4. These financial results have been extracted from the audited financial statements, which are prepared in accordance with Indian Accounting Standards (“Ind
AS “), prescribed under Section 133 of the Companies Act, 2013, read with the relevant rules issued thereunder and other accounting principles generally
accepted in India.
the resolution pertaining to Bharti Airtel has roped in Tata the Tata group to make India a has been giving priority to the
preferential allotment, the Consultancy Services (TCS) for global hub for 5G and allied 30-44 age group and plans to 5. Figures for the quarter ended March 31, 2021 and March 31, 2020, represents the difference between the audited figures in respect of full financial year and
company has sought the share- its system integration capabil- technologies. This will also pro- start vaccinating the 18-plus lot the unaudited published figure of nine months ended December 31, 2020 and December 31, 2019, respectively, which have been subjected to limited review
by the statutory auditors.
holders’ approval on nine other ity. The ORAN technology vide a big boost to Indian inno- from Tuesday, after a hiatus of
resolutions passed by its board requires expertise in integra- vation and manufacturing des- several weeks. In Mumbai, the 6. “The Company’s operations and financial results for the quarter and financial year ended March 31, 2021, have been adversely impacted by the outbreak of
of directors. Electronic voting tion of disparate elements of tination.” N Ganapathy total number of vaccinations COVID-19 pandemic and the consequent lockdown announced by the Government authorities, due to which the operations were suspended for substantial
on all the resolutions com- hardware and software based Subramaniam, COO of TCS, for 18 years and above has part of the first half of the year. COVID-19 pandemic hit the country towards the end of the financial year again resulting into disruptions to our business.
said: “As a group we are excited crossed 1 million, of which 90 Subsequent to the year end, several cities and towns have announced restrictions/lockdown. With easing of lockdown and opening of economic activities, the
about the opportunity present- per cent has happened through Company has re-opened stores on a gradual basis in line with the guidelines issued by Government authorities. The results for the quarter and financial year
ended March 31, 2021 are, therefore, not comparable with those for the previous periods.
> BS SUDOKU # 3390 ed by 5G. We are pleased to private vaccination sites. The
The Company has assessed the impact of COVID-19 pandemic on its business operations and has considered relevant internal and external information
have Airtel as our customer.” Delhi government said the
The new alliance has an advan- Centre’s vaccination campaign available up to the date of approval of these financial results/statements, in determination of the recoverability and carrying values of its assets, including trade
tage over Jio in the global mar- was only for advertisements receivables and more particularly inventories and believes that the pandemic is not likely to materially impact the recoverability of the carrying value of these
ket as Bharti Airtel already and announcements. “The assets. The impact assessment of COVID-19 is a continuing process given the uncertainties associated with its nature and duration, and accordingly actual
either has its own networks or reality is that Delhi has not results may differ from these estimates as at the date of approval of these financial results/statements. The Company will continue to closely monitor any
holds stake in telecom ventures been supplied even a single material changes to future economic conditions and will recognise the impact, if any, prospectively in future periods
across many geographies dose today, when a universal 7. The Company has elected to apply the practical expedient of not assessing the rent concessions as a lease modification, as per Ministry of Corporate Affairs
including Africa, Bangladesh campaign was supposed to be (MCA) notification dated July 24, 2020 on IND- AS 116 for rent concessions, which are granted due to COVID-19 pandemic. Details of unconditional rent
and Sri Lanka. As for TCS, it launched,” Aam Aadmi Party’s concessions confirmed, adjustment against rent expense (to the extent available) and amount accounted as ‘Other income’ is as under:
services numerous telcos Atishi Marlena said. Delhi has (All amounts in ` million)
around the world. For Airtel, only five days of Covaxin stock
Quarter ended Year ended
the initiative to develop its own and 57 days of Covishield stock. Particulars
5G technology based on ORAN March 31, 2021 December 31, 2020 March 31, 2021
is not new. Earlier, it had dis- (Inputs from Virendra Singh Rawat A Unconditional rent concession confirmed 169.30 59.85 563.37
cussions with Tech Mahindra in Lucknow, Ishita Ayan Dutt in B Adjusted against rent expense (to the extent available) 20.54 59.85 238.28
to engage it as a system inte- Kolkata, and Vinay Umarji in C Other income (A-B) 148.76 - 325.08
grator and software partner. It Ahmedabad) “The above unconditional rent concessions for the quarter ended March 31, 2021 and December 31, 2020 includes ` Nil and ` 7.64 million, respectively,
has also tied up with global pertaining to periods after the reporting period.”
partners including Japanese More on business-standard.com
8. The Code on Social Security, 2020 (“Code”) relating to employee benefits during employment and post-employment benefits received Presidential assent in
hardware giant NEC,
September 2020. The code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified. The
KKR invests...
Taiwanese major Sercomm,
Company will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective.
cloud player Red Hat and start
ups like the US-based Mavenir, 9. (a) The Company has recognised deferred tax assets (net) (including in respect of losses for year ended on March 31, 2021) amounting to ` 205.55 million
apart from Rakuten of Japan. Over the past 12 months, it has in the financial results for the year ended March 31, 2021 consistent with applicable accounting standards.
SOLUTION TO #3389 It also tied up with US-based made many investments in (b) The Company had claimed credit in relation to deduction of fair value impact of share-based payments to employees in the Income Tax return filed for
Hard: firm Altiostar to build small India, including in JB the Assessment year 2017-18 (Financial year ended March 31, 2017). However, the tax credit was not recorded in the financial statements for the year
ended March 31, 2017, prepared under previous GAAP. During the year ended March 31, 2020, the Company had received Income Tax Assessment
!!!! cells for deployment in 4G and
later for 5G. There are other JVs
Chemicals and Pharma-
ceuticals; Lenskart, an omni- order for Assessment year 2017-18, where in the tax credit of ` 243.66 million along with interest of ` 35.98 million has been allowed. Based on the
Solution too. For instance, the group has channel eyewear retailer; Five assessment order, the Company had recognised the above tax refund and interest (included under Other Income) during the year ended March 31, 2020.
tomorrow signed up with Dixon Star, a lender to small business- The Company has received the refund amount during the current year.
Technologies for manufactur- es; Jio; and Reliance Retail. 10. The Company has allotted 12,125 equity shares during the quarter ended March 31, 2021 and 47,625 equity shares during year ended March 31, 2021, of
HOW TO PLAY ing a range of telecom products Gaurav Trehan, partner at KKR, face value of ` 2 per share arising from exercise of Employee Stock Options Plans (ESOPs), which were granted under “TCNS ESOP Scheme 2014-2017”.
Fill in the grid so that under the production-linked said, “Our investment in Vini 11. The Company is primarily engaged in the business of womens apparel and accessories in India. Accordingly, the Company views its business activities as one
every row, every col- incentive scheme. An internal underscores KKR’s long-term business segment, therefore there are no separate reportable segments as per Indian Accounting Standard (Ind AS) 108 - “Operating Segments”.
umn and every 3x3 R&D team will be at work for commitment to support India’s
For and on behalf of the Board of Directors
box contains system integration and tech- innovative and dynamic firms
the digits 1 to 9 nology collaboration. as they become leaders in Place: New Delhi Anant Kumar Daga
industries.” Date: June 21, 2021 Managing Director
X
14
>
— TENDER CARE — — Advertorial
FOUR HOCKEY PLAYERS OF WESTERN RAILWAYS CONDUCTS SPECIAL

RAILWAY SELECTED TO REPRESENT MAINTENANCE & UPKEEP OF EMU
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According to a press release issued by Shri Sumit Thakur- Chief alongwith proper upkeep & maintenance of the mechanical, sig-
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DIGITAL TECHNOLOGY AWARDS 2020 forms which should be used wise- was hard to imagine a couple of
Speaking at the award presenta- of theAwards and especially, the ly and in a more responsible man- decades ago.”
tion ceremony of the 2020 cycle lifetime achievement award win- ner to avoid curbs and govern- TheAwardees included IT Com-
of Digital Technology Awards by ners, Rishad Premji said that there ment interference. ! We must panies, End Users of ITalong with
IMC Chamber of Commerce and could not be a better recognition help people re-skill to participate Government departments for
Industry, Wipro chairman Rishad more relevant and more contem- in the new opportunities tech dis- technological solutions, applica-
Premji was effusive about being porary in the world of today where ruption creates. In the long march tions and improvements that have
on the IMC forum as he remi- Digital Technology has been tru- of human history the expansion transformed business using lat-
nisced his family ties with more ly all pervasive. of new kinds of technologies in a est and emerging technologies.
than century old industry body. Rishad devoted his talk on how period of time only, only created The coveted Lifetime Achieve-
Referring to his favourite photo- to fulfil the true promise of tech- economic prosperity and we must ment Awards 2020 were be-
graph from 1946 of his grandfa- nology beyond merely economic ensure that it continues to do so. stowed on:
ther Muhammad Hussain Hashim growth but as a true enabler of hu- ! The use of technology can be 1.MrAshank Desai, Founder, Vice
Premji standing and speaking at man well-being. He mentioned a massive massive force multi- Chairman & Managing Director,
an event as President of IMC, then four areas of maximizing eco- plier for many elements in human Mastek Ltd.
known as Indian Merchants’ nomic growth with human well- development, yet we must be 2.MrAtul Nishar, Chairman,Azent
Chamber, flanked by Pandit Jawa- being that requireddeeper thought careful to not assume that it will Overseas Education Limited and
harlal Nehru, Sardar Patel, and debate. !Ensuring monop- be the panacea for all issues of Founder, Hexaware Technolo-
Maulana Azad and other illustri- olies or near monopolies do not human development. gies.
ous figures from our history. Re- develop, markets function effi- Earlier, Mr Rajiv Podar, President, 3.Dr Lalit Surajmal Kanodia,
calling the ties, he mentioned, “for ciently, to ensure that we keep the IMC while welcoming Rishad Pre- Chairman Datamatics Group of
me personally, it is a big honour spirit of entrepreneurship and in- mji said that these digital awards Companies was bestowed with
as there is no other industry body, novation alive and what does reg- were very much in line with the Na- the IMC Hinditron Late Hemant
that the Mahatma chose to be- ulation mean in the world of tech- tional Agenda set by our Prime Sonawala, Digital Technology
come a member of the Chamber nology including cross border reg- Minister towards creating a Digi- Awards 2020 – LifetimeAchieve-
+ which saw its purpose and role ulation and laws on competition. tal India,Atmanirbhar Bharat and ment Award. Late Shri Hemant
beyond that of being an industry ! Technology, particularly digi- this initiative by IMC would signif- Sonawala in whose memory IMC
body and so itself as an integra- tal and social media have inte- icantly contribute towards the larg- is constituting this Lifetime
tor and interface between indus- grated the world as never before er objective as stated by Shri Achievement Award, was de-
try and the most important social and have fostered human con- Narendra Modi, “In this digital age, scribed by Business India maga-
issues of the time. nections and solidarity as never we have an opportunity to trans- zine as “The man who saw the
Congratulating all the recipients before through social media platform lives of people in ways that future”.
!"#$ %& '&#%" (%)* +,%#$
X
.
NMDC Limited
(A Government of India Enterprise)
'Khanij Bhavan', 10-3-311/A, Castle Hills, Masab Tank, Hyderabad - 500 028.
CIN: L13100TG1958GOI001674
CONTRACTS DEPARTMENT
Tender Enquiry No: HO(Contracts)/NISP/LDCP(Bal Work)/2021/118, Dated : 22-06-2021
NMDC Limited, A “NAVARATNA” Public Sector Company under Ministry of
Steel, Govt. of India, invites online bids from prospective domestic bidders for
“Completion of Balance work of Lime & Dolomite Calcination plant (2 Nos.
of 500 TPD Capacity Lime Kilns and 1 No. of 300 TPD Capacity Dolomite
Kiln with one Lime Sizing Unit of 25 t/hr capacity) for 3.0 MTPA Integrated
Steel Plant at Nagarnar near Jagdalpur, Chhattisgarh State” on divisible
turnkey basis from experienced, reputed and Competent Tenderers. MECON
Limited is the consultant for this package.
The detailed NIT and Bid Documents can be viewed and / or downloaded
from NMDC website http://www.nmdc.co.in, Central Public Procurement
Portal http://www.eprocure.gov.in/epublish/app & MSTC portal
http://www.mstcecommerce.co.in from 22-06-2021 to 20-07-2021.
For Accessing the Bid doucment from NMDC website, the bidder has to register
as 'New User' in Bid section at NMDC’s website link - http://www.nmdc.co.in/
nmdctender/default.aspx.
For accessing the bid document from MSTC, bidders to visit website link -
http://www.mstcecommerce.co.in/eprochome/nmdc/buyer_login.jsp
and search Tender Event No. NMDC/HO/24/21-22/ET/128. Bidders are
requested to register as ‘New Vendor’ for downloading the tender document.
For further help refer to 'vendor guide' given in MSTC website.
The bidders are requested to submit their bids through online mode and details
of submission of bid through online are given in NIT.
The bidders on regular basis are required to visit the NMDC's website / CPP
Portal / MSTC website for corrigendum, if any, at a future date.
For further clarification, the following can be contacted :
1. General Manager (Contracts), NMDC Limited, Hyderabad, Fax No. +91-
040-23534746, Tel No. +91-040-23532800, email : [email protected]
2. Sr. General Manager (NMDC Project), MECON Limited, Ranchi,
Fax No. +91-651-2482214, Tel No. +91-0651-2483508, email :
[email protected] General Manager (Contracts)
HB STOCKHOLDINGS LIMITED
CIN: L65929HR1985PLC033936
Registered Office: Plot No.31, Echelon Institutional Area, Sector 32, Gurugram-122 001, Haryana
Ph.: +91-124-4675500, Fax: +91-124-4370985
E-mail: [email protected], Website: www.hbstockholdings.com
STATEMENT OF AUDITED FINANCIAL RESULTS (STANDALONE AND CONSOLIDATED)
FOR THE QUARTER AND YEAR ENDED 31/03/2021
(Rs. In Lakhs)
S. Particulars Standalone Consolidated
No. Quarter Corresponding Year Quarter Corresponding Year
ended 3 months ended ended 3 months ended
ended in the ended in the
previous year previous year
31/03/2021 31/03/2020 31/03/2021 31/03/2021 31/03/2020 31/03/2021
Audited Audited Audited Audited Audited Audited
1. Total Income from Operations (net) 38.36 31.70 1319.46 38.36 31.70 1319.46
2. Net Profit / (Loss) for the period 7.23 (485.36) 1177.35 5.47 (486.63) 1172.16
(before Tax, Exceptional items)
3. Net Profit / (Loss) for the period before tax 7.23 (485.36) 1177.35 5.47 (486.63) 1172.16
4. Net Profit / (Loss) for the period after tax 10.33 (485.36) 1180.45 8.57 (486.63) 1175.26
+ 5. Total Comprehensive Income for the period 1127.75 (489.12) 2295.62 1125.99 (490.39) 2290.43
[Comprising Profit/ (Loss) for the period (after tax)
and other Comprehensive Income (after tax)]
6. Equity Share Capital 713.77 713.77 713.77 713.77 713.77 713.77
7. Reserves (excluding Revaluation Reserve as NA NA 4648.74 NA NA 4547.16
shown in the Balance Sheet of previous year)
(for continuing and discontinued operations)-
Basic: 0.14 (6.80) 16.54 0.12 (6.82) 16.47
Diluted: 0.14 (6.80) 16.54 0.12 (6.82) 16.47
Notes: RAJNANDINI METAL LIMITED
(i) The above is an extract of the detailed format of Audited Financial Results filed with the Stock Exchange (s) under Regulation 33 of the SEBI (Listing Regd. Office: 3E-17 B.P. N.I.T. Faridabad - 121001 Haryana (India)
Obligations and Disclosure Requirements) Regulations, 2015. The full format of this Audited Financial Results is available on the website of Stock Corporate Office: Plot No. 344, Sector 3 Phase II, IMT Bawal - 123501 Haryana (India)
Exchange(s), BSE Limited, www.bseindia.com, National Stock Exchange of India Limited, www.nseindia.com and Company’s website, Phone: 01284-264194; Email: [email protected]
www.hbstockholdings.com
Website: www.rajnandinimetal.com
(ii) The aforesaid results were placed before and reviewed by the Audit Committee at its meeting held on 21st June, 2021 and approved by the Board of
CIN: L51109HR2010PLC040255
Directors at its meeting held on the same date.
For HB Stockholdings Limited
Sd/- STATEMENT OF AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND
ANIL GOYAL YEAR ENDED MARCH 31, 2021
Place : Gurugram
(Director)
Date : 21/06/2021 DIN: 00001938 (Amount in Rs. Lacs)
Quarter Ended Year ended
31.03.2021 31.12.2020 31.03.2020 31.03.2021 31.03.2020

Particulars
Audited Unaudited Audited Audited Audited
1 Total Income from Operations 19,353.15 21,043.31 2,931.54 63,091.74 14,841.74
2 Net Profit / (Loss) for the period (before Tax, 228.60 237.33 38.26 703.82 161.82
Exceptional and / or Extraordinary items)
3 Net Profit / (Loss) for the period before Tax 228.60 237.33 38.26 703.82 161.82
(after Exceptional and / or Extraordinary items)
4 Net Profit / (Loss) for the period after Tax (after 163.71 182.93 29.49 506.72 115.91
Exceptional and / or Extraordinary items)
5 Total Comprehensive Income for the period 163.71 182.93 29.49 506.72 115.91
(Comprising Profit / (Loss) for the period (after tax)
and other Comprehensive Income (after tax)
6 Paid up Equity Share Capital 1,228.80 1,228.80 614.40 1,228.80 614.40
7 Basic EPS (Face Value of Rs. 10/-) 1.33 1.49 0.48 4.12 1.88
Diluted EPS (Face Value of Rs. 10/-) 1.33 1.49 0.48 4.12 1.88
Ch Notes
1 The above financial results have been revived by the audit committee and than taken on record by Board of Directors at their meeting
held on June 21, 2021
2 The above results have been reviewed by the statutory auditors as required under the SEBI (Listing Obligation and Disclosure
Requirements) Regulations, 2015.
3 The Financial results of the Company has been prepared in accordance with the Indian Accounting Standards (Ind AS) notified by the
Ministry Of Corporate Affairs under the Companies (Indian Accounting Standard) Rule, 2015.
4 The company has issued bonus equity shares in proportion of one equity share of Rs. 10/- each fully paid up for one equity share of
Rs. 10/- each fully paid up of the company in an AGM held on 31st August, 2020. Further as per the in principal approval granted by the
National Stock Exchange of India Limited, vide letter dated 31st August, 2020, the board of directors have alloted 6144000 equity
shares of Rs. 10/- each in the board meeting held on 12th September, 2020. Trading in equity shares pursuant to bonus issue
commenced w.e.f. September 24, 2020.
5 Earning per share (EPS) - Basis and Diluted has been calculated considering the effect of bonus share issues.
6 Tax expenses include current tax, deferred tax and adjustment of taxes for previous years.
7 The company has migrated from NSE-EMERGE Platform to NSE-Main Platform w.e.f February 16, 2021. Earlier the company
published the unaudited half yearly financial results as it was listed on NSE=EMERGE Trading Platform. To comply with the NSE-Main
Trading Platform for quarterly reporting, the company has prepared the financial results for the quarter ended and nine months ended
31.12.2020 and 31.12.2019 respectively .
8 The results for the quarter ended 31 March, 2021 and 31 March, 2020 are balancing figures between the audited figures in respect of
full financial year and unaudited financial results for the 9 months ended 31.12.2020 and 31.12.2019.
9 The Company is not having any subsidiary, associate or joint venture; therefore its has prepared only standalone results as
consolidation requirement is not applicable to the company.
10 The above Financial results are available on the Companies Website www.rajnandinimetal.com
11 The national wide lock down/restrictions due to Covid-19 pandemic by the Govt., impacted the company operation activities. In
assessing the impact of pandemic on the companies operations and performance, the company has considered internal and external
information upto the date of the approval of the financial results and based on current indicators of future economic conditions, the
Management is of the view that it will not be severely impacted. The impact of the global health pandemic may be different from that
estimated as at the date of approval of these financial statements and the company will continue to closely monitor any material
changes to future economic conditions.
12 The figures of the previous periods have been regrouped / rearranged / and / or recast wherever found necessary to make them
comparable.
By order of the Board

For Rajnandini Metal Limited
Sd/-
Het Ram Sharma
Date: June 21, 2021 Managing Director
Place: Faridabad DIN: 02925990
X
16
>
Annexure I
NOTICE
Notice is hereby given that the under mentioned
has requested IDBI Bank Limited for transfer of
1200 equity shares of Tamil Nadu Newsprint
and Papers Ltd. (TNPL), under Regd. Folio No.
TNP011903, Share Certificate Nos. 99415, 16,
18, 20, 21, 25, 26, 27, 28, 30, 99850, 99877.
Any person who has a claim in respect of these PUBLIC NOTICE
shares should write to Shri. Milind Khandekar Notice is hereby given that I/We Sonal Pranav
Dy. General Manager, IDBI Bank Limited, TBO Patel of am / are the holder(s) of Certificate
(SAIC), 17th floor, IDBI Tower, Cuffe Parade, No.(s) 299496-299499 & 799496-799499 for
Mumbal-400 005 within fifteen days from the 320/- equity share(s) of ` 10/- each bearing
date of publication of the notice. Distinctive No.(s) 36148651-36148810 &
Date : 22.06.2021 82671491-82671650 of Century Textiles and
sd/- Industries Ltd. These share certificate(s) has /
Mr. Sunil Ramdas Pai have been lost and / or misplaced and therefore
I / We have applied to the Company to issue
Vile Parle (E), Mumbai, Maharashtra
duplicate share certificate(s) for 320/- equity Sulabh Engineers and
share(s) of ` 10/- each. Any person who Services Limited
has claim in respect of the said 320/- equity
share(s) of ` 10/- each should lodge such claim
CIN : L28920MH1983PLC029879 PUBLIC NOTICE
with the Company at its Registered Office at 206, 2nd Floor, Apollo Complex Take Note That the Original
Century Bhavan, Dr. Annie Besant Road, Worli, Premises Cooperative Society Ltd., Document of Agreement for Sale
Mumbai-400030 within 21 days from the date, R.K.Singh Marg, Parsi Panchayat Road, NOTICE Dated 17/01/2008 Registered in the
else the Company will proceed to issue duplicate Andheri (East), Mumbai-400069 NOTICE is hereby given that certificate Office of Sub-Registrar at Palghar
Certificates for 320/- equity shares of ` 10/- Corporate Office : for 2900 shares of CHOKSI IMAGING on 22/01/2008 Under Sr. No. PLR-
each without further intimation. 17/11, The Mall, Kanpur - 208001. LTD. in the name of DHULEVA FINANCE
00411/2008 in respect of the Flat
Place : Mumbai Name(s) : E-Mail : [email protected], PVT. LTD. under Folio No. D000783 as
details given below have been lost or No. 202 Built Up area of 639 Sq. Fts.
Date : 22.06.2021 Sonal Pranav Patel [email protected]
Rameshwar Media mislaid and application has been made i.e. 59.38 Sq. Mtrs. on SECOND
Ph: Corp Office: 0512-2311226, to the Company to issue duplicate in lieu Floor of Building No. 12 Known as
2319705 Reg Off: 022-67707822 thereof. “UNIQUE PARK CHSL Lying on
WEB: www.sulabh.org.in Plot No. 1 to 25 of Survey No. 70/2
Distinctive No(s). No. of
Cert Nos. s i t u a t e d a t r e v e n u e Vi l l a g e :
NOTICE OF BOARD MEETING From To Shares
30005-30009 2925401 2925900 500 TEMBHODE, Tal. Palghar, Dist:
NOTICE is hereby given pursuant to 30991-30993 3024001 3024300 300 P a l g h a r, e x e c u t e d b e t w e e n
Regulation 29 read with Regulation 47 of 31190 3043901 3044000 100 Unique Park CHSL & Mr. Amin
SEBI (Listing Obligation and Discloser 31193 3044201 3044300 100 Habibbhai Bhimani was lost by my
Requirements) Regulation, 2015 that the 31476 3072501 3072600 100
client. My client had filed missing
Meeting of Board of Directors of the 31741 3099001 3099100 100
complaint in Palghar Police Station
Company will be held on Wednesday, the 31767-31774 3101601 3102400
(Missing Complaint No. 18/2021).
800
All persons are hereby cautioned
30th day of June, 2021, at its Corporate 31801 3105001 3105100 100
not to deal or carry out any
Office 17/11 The Mall, Kanpur, inter alia 31940-31945 3118901 3119500 600
transaction with anyone on the
to consider and take on record the 32136 3138501 3138600 100
basis of the above said missing
Annual Audited Financial results (Stand 39616 3886501 3886600 100
document. Anyone doing so shall do
alone and Consolidated) for the quarter Any person who has a claim in respect it at his own risk and consequences
and year ended on 31st March 2021 and of the said shares should lodge such
which please note.
claim with the Company’s Registrars
to transact such other business as may & Transfer Agents at “ADROIT Sd/-
be required. CORPORATE SERVICES PVT. LTD.” Mrs. Amita K. Patil (Advocate)
The information contained in this notice 19 Jaferbhoy Industrial Estate, 1st Flr., Office: Shop No. 6, Ground Floor,
is also available on the Company website Makhwana Rd., Marol Naka, Andheri (E), The Edge, Behind Prakash Talkies,
www.sulabh.org.in as also on the Mumbai-400 059, within 15 days from Mahim Road, Palghar,Tal & Dist.
the date of publication of this Notice, Palghar-401404 Cell: 9226933257
+ website of Stock Exchange viz. BSE Ltd-
With the Original Share certificates &
www.bseindia.com Place: Mumbai, Date: 20/06/2021
Proof thereof else the Company will
For Sulabh Engineers & Services proceed to issue Duplicate Certificates.
Limited Place : Mumbai Date : 22.06.2021
Rameshwar Media
Sd/-
(Siddharth Dwivedi)
Company secretary
Date: 21st June, 2021, Place: Kanpur
PEGASUS ASSETS RECONSTRUCTION PRIVATE LIMITED

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

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

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

In case anyone has got any right/title/interest/claims over the under In case anyone has got any right / title / interest / claims over the undermentioned
mentioned property, they are advised to approach the Bank within 10 property, they are advised to approach the Bank within 10 days along with
SHORTLY
days along with necessary proof to substantiate their claim.
If no response is received within 10 days, it is presumed that the necessary proof to substantiate their claim.
property is free of any charge/claim/encumbrance and Bank shall If no response is received within 7 days, it is presumed that the property is free
proceed with the mortgage of any charge / claim / encumbrance and Bank shall proceed with the mortgage.
SCHEDULE Details of Property :-
Flat No. 1202, being on the 12th floor, admeasuring 1385 Sq. ft.. i.e. Flat No. 202 admeasuring 392 Sq. Ft. Built up area, on the 2nd Floor, in the Building
128.66 Sq. Mtrs. carpet area, in the building known as “RUSHABH”, in known as “PRAHIR CO-OPERATIVE HOUSING SOCIETY LTD.”, situated at
the society known as “Hetali Rushabh CHSL”, situated at Irla Bridge at Jogeshwari Estate, Patel Estate Road, Jogeshwari (West), Mumbai-400 102,
From S. V. Road, bearing CTS No. 677, 677/1, & 677/2 of Village Vile-Parle being constructed on Plot of land bearing CTS No. 241 of Village Bandivali, Taluka
2nd Floor, Dastur Building, 266, Perin Nariman Street, (West), Taluka – Andheri, District – Mumbai Suburban, belonging to MR. Andheri.
Fort, Mumbai – 400 001. PREMAL BABULAL DOSHI AND MRS. HETAL PREMAL DOSHI
Flat No. 1102, being on the 11th floor, admeasuring 1385 Sq. ft.. i.e. Branch Details / Contact No.
Advocate
To 128.66 Sq. Mtrs. carpet area, in the building known as “RUSHABH”, in (e-Vijaya) Bank of Baroda, Borivali East Branch
the society known as “Hetali Rushabh CHSL” situated at Irla Bridge at (Name & Contact No.)
 Contact Person : Rupesh Kumar Jha
Cholamandalam MS General S. V. Road, bearing CTS No. 677, 677/1, & 677/2 of Village Vile-Parle  Mob. No. 7600170214
M/s. Das Associates
Insurance Company Limited, (West), Taluka – Andheri, District – Mumbai Suburban, belonging to Prasad Das - 9820090208
 Tel. No. 91-22-28546401 / 02
CIN: U66030TN2001PLC047977
HETAL PREMAL DOSHI AND PREMAL BABULAL DOSHI. Swarnalata Das - 9324611676
Office No.5, 3rd Floor,  Mail : [email protected]
Bank of Baroda Advocate Renuka M Nair
Readymoney Terrace, Ground Floor, M L Space, Flat No.603, Bldg. No.2, 1-B,
167, Dr. Annie Besant Road, D J Road, Vile Parle (West), Sonam Basera, Phase IX, New
Worli, Mumbai – 400 018. Mumbai-400056 Golden Nest, Bhayander (E),
Ph. 022-26148077 Thane.
VIVID GLOBAL INDUSTRIES LIMITED

CIN NO. L24100MH1987PLC043911
Regd. Office : D-21/1, MIDC Tarapur Via Boisar, Dist. Palghar, Maharashtra
AUDITED STATEMENT OF FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021
(`In LAKH)
PARTICULARS QUARTER ENDED YEAR ENDED QUARTER ENDED YEAR ENDED
31.03.2021 31.03.2021 31.03.2020 31.03.2020
Audited Audited Audited Audited
Total Income From operations 1,534.37 4,852.20 1,440.74 5,879.44
Net Profit/(Loss) for the period before Tax (before exceptional 89.91 221.65 54.69 158.69
items)
Net Profit/(Loss) for the period before Tax (after exceptional items) 89.91 221.65 54.69 158.69
Net Profit/(Loss) for the period after Tax (after exceptional items) 53.03 148.31 41.46 86.57
Total comperehensive income for the period (Comprising profit/ 53.03 148.31 41.46 86.57
loss) for the period (after tax) and Other comperenhensive Income
(after tax))
Paid-up Equity Share capital (Face value per share- ` 5 each) 456.44 456.44 456.44 456.44
Reserves (excluding Revaluation Reserve) 892.45 892.45 762.40 762.40
+
Networth 1,348.89 1,348.89 1,218.84 1,218.84
Earnings per share in Rs.(Face value of ` 5 each)
Basic 0.67 1.62 0.45 0.95
Diluted 0.67 1.62 0.45 0.95
Basic and Diluted (After Dividend) 0.47 1.42 0.15 0.65
Note:
1. The audited resultes of the company for the year ended 31st March 2021 have been reviewed by the Audit committee and there
after taken on record by the board of directors at its meeting held on June 21, 2021.
2. These financial results have been prepared in accordence with the recognition and measurement principals of Indian Accounting
Standards (IND AS) prescribed under section 133 of the Companies Act, 2013 read with the relevant rules issued therunder and
the other accounting principals generally accepted in india. Financial results for all the period presented have been prepared in
accordence with the recognition and measurement principles of Ind AS.
3. The above is an extract of the detailed format quarterly year ended March 31, 2021 Financial Results filed with the Stock Exchange
under Regulation 33 of SEBI (Listing and other disclosure requirements) Regulation 2015. The full format of the Quarterly/ twelve
months financial results are available on the stock exchanges websites i.e. Bombay stock exchange & National stock exchange.
4. DTA/ DTL has been recognised as on 31.03.2021 and effect of the same has been given in year end figures.
For Vivid Global Industries Limited
Sd/-
Date : 21/06/2021 SUMISH S. MODY
Plae: MUMBAI MANAGING DIRECTOR
HINDUJA GLOBAL SOLUTIONS LIMITED
EXTRACT OF CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021
in Lakhs
3 months Preceding Corresponding Year to date Previous year
ended 3 months 3 months figures for ended
Particulars 31.03.2021 ended ended Current 31.03.2020
S.No. 31.12.2020 31.03.2020 year ended
(Refer Notes Below) 31.03.2021
Unaudited Unaudited Unaudited Audited Audited
(i) (ii) (iii) (iv) (v)
1 Total income from operations (both continuing and discontinued 159,122.43 146,499.85 135,575.31 567,049.49 532,230.62
operations)
2 Net Profit / (Loss) for the period before tax (after Exceptional items) 16,756.62 11,049.01 9,743.44 44,396.30 34,919.16
3 Net Profit / (Loss) for the period after tax (after Exceptional items) 13,032.03 7,518.47 4,484.36 33,605.13 20,561.32
4 Total Comprehensive Income for the period [Comprising Profit / (Loss) 9,065.30 10,204.19 1,168.12 38,996.73 20,024.68
for the period (after tax) and Other Comprehensive Income (after tax)]
5 Equity Share Capital 2,087.73 2,087.73 2,086.59 2,087.73 2,086.59
6 Reserves excluding Revaluation Reserve as per Balance Sheet - - - - 169,861.26
7 Earnings Per Share (of 10/- each) (both continuing and
discontinued operations)
Basic EPS (for the period - not annualised ) 62.88 36.11 20.74 161.00 96.85
Diluted EPS (for the period - not annualised ) 62.76 36.07 20.70 160.82 96.79
Notes:
The Board of Directors at their meeting held on June 18, 2021 has recommended a final dividend of Rs. 22 per share which includes special dividend of Rs. 15 per share
(on an equity share of par value of Rs. 10/- each) for the financial year 2020-21.
The above is an extract of the detailed format of the Consolidated Financial Results for the Quarter and Year ended March 31, 2021 filed with the Stock Exchanges
under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The full format of the Financial Results for the Quarter and
Year ended March 31, 2021 are available on the Stock Exchange websites; www.nseindia.com and www.bseindia.com and Company's website www.teamhgs.com.
Partha DeSarkar
Place : Kolar Executive Director
Date : June 18, 2021 DIN: 00761144
X
18
>
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TUESDAY, 22 JUNE 2021

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

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— TENDER CARE — — Advertorial

FOUR HOCKEY PLAYERS OF WESTERN RAILWAYS CONDUCTS SPECIAL

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

Quarter Ended Year ended

31.03.2021 31.12.2020 31.03.2020 31.03.2021 31.03.2020

By order of the Board

PEGASUS ASSETS RECONSTRUCTION PRIVATE LIMITED

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

WE’LL BE MOVING OUR

OFFICE TO THE NEW ADDRESS

VIVID GLOBAL INDUSTRIES LIMITED

HINDUJA GLOBAL SOLUTIONS LIMITED

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