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Consumer Sentiments Index
(Base: September - December 2015 = 100)
Private bank CEOs likely Star & Disney says
no to ad discount
to get tenure of 15 years for IPL season
It could be applicable to both promoters and professionals, if allowed by the RBI SURAJEET DAS GUPTA
New Delhi, 3 August
Unemployment rate (%) Mumbai, 3 August CHANGE IS IN THE AIR Star & Disney India has decided
not to reduce the premium that
| Longer tenure for promoter- meetings with the respective

he tenure of chief execu- it charges on its advertising
tive officers (CEOs) of pri- CEOs key when issuing new board committees, but CEOs inventory for both TV and OTT
vate banks — be they private bank licenses may be kept in the loop platforms for the upcoming
promoters or profes- | CEOs will get to be on the | Chairmen of banks may make Indian Premier League (IPL), set
sionals — may be capped at 15 risk management it to board committees based to be held in the UAE from
years. This could be part of the September 19, despite a slow-
committee; and an invitee to on their area of specialisation
Source: CMIE
revisit of the central bank’s draft
code on governance, to which audit committee meetings | Tweaks to code will assuage
down in ad spends because of the
Covid-19 pandemic.
A PARTIAL AND SLOWING RECOVERY P7 banks have given their responses. | Key officials just a level below worried large institutional The reason: It has assured ARE A FAN OF IPL*
The other change on the cards the CEO can have one-on-one investors advertisers that the IPL won’t 326 bn 36 minutes,
is to make CEOs part of the risk face any trouble in garnering Viewing 35 seconds
management committee (RMC) record viewership for the 60-odd minutes Time spent by
MANUFACTURING PMI and an invitee to audit committee
(AC) meetings. The chairman’s
the expertise of the incumbent.
Having separate maximum
years, respectively, in the draft
code was being viewed as unfair to
tenure, this argument may
not pass muster with the RBI, and
matches as the sporting event is
being played during the festive 60 No. of each viewer
1.58 bn No.
SLOWS TO 46 IN JULY presence on key committees may
be decided by the board, based on
tenures for promoter and profes-
sional CEOs at 10 years and 15
the former. While no advanced
economy has a cap on bank CEOs’
a cap of 15 years is the most
likely outcome. Turn to Page 13 >
season, starting with Dussehra,
which often accounts for maxi-
of impressions
India’s manufacturing activity hit a speed mum sales.
424 mn
bump in July after being in the slow lane to Besides, the BCCI (Board of
Unique 24 No. of
improvement in the previous two months. Control for Cricket in India) has viewers channels
Regional lockdowns severely held back
demand, leading to a contraction in output,
showed the monthly IHS Markit India
Hopeful of vaccine by year end: ICMR chief not given the broadcasting firm
any concession on the ~3,270-
crore annual charge for the
*IPL 2019 figures only for TV


Source: BARC

Manufacturing Purchasing Managers’ Index RUCHIKA CHITRAVANSHI moral duty to fast-track the vaccine without “INDIA IS THE PHARMACY broadcasting and digital rights of ON TV, AS WELL AS OTT
(PMI) survey, released on Monday. 5> New Delhi, 3 August compromising on science and ethics. IPL. The broadcaster, advertisers PLATFORM, HAS GROWN
Optimistic on plasma therapy research and
OF THE WORLD... EVEN said, charges on average ~8-10 YEAR-ON-YEAR,
After the August 15 deadline set by Balram indigenous candidate vaccines, he calls India IF ANY OTHER COUNTRY lakh for a 10-second slot, which AND THAT WILL
Bhargava, director general of Indian Council the pharmacy of the world. ‘’Whoever develops SUCCEEDS IN DEVELOPING is among the costliest for a pro- CONTINUE EVEN
Franklin MF may face Sebi of Medical Research (ICMR), for a Covid-19
vaccine turned controversial, the
the vaccine first, India or China will have to
scale it up,’’ Bhargava points out.
A VACCINE BEFORE US, gramme in the country.
According to analysts, Star &
heat as audit finds lapses EITHER INDIA OR
man at the centre of it all is looking
INTERVIEW “As we are keen to get a break- Disney was able to garner adver- chairman, Star &
Franklin Templeton Mutual Fund, which at more realistic targets. Bhargava, through as soon as possible, this CHINA WILL ULTIMATELY tising revenues of around ~3,000 Disney India
in April had spooked the markets by during an interview, says he is ON PAGE 13 doesn't mean that best of India’s HAVE TO SCALE IT UP” crore last year. Whether the firm
shutting down six debt schemes, could face hopeful of a vaccine by the end of medical professionals and research hits last year’s figure will depend
Securities and Exchange Board of India (Sebi) this year or early next year. scientists should be second-guessed for their on how the economy picks
heat after a forensic auditor submitted Hitting out at his critics for the ambitious professionalism or adherence to the highest Director general, up during the festival season, CHINESE BRANDS TO MAKE
adverse findings against the fund house. deadline, he’s emphatic that it is the country’s scientific rigour,’’ the ICMR chief says. ICMR said sources. Turn to Page 13 > EFFORTS TO CASH IN ON IPL
> Tata Motors > Baja Auto > Coal India > Godrej Agrovet > Kansai Nerolac Paints
STOCKS Stocks gain as company Auto sales decline 8% July shipments fall 6.9%, Reports PBT of ~134.4 cr Q1FY21 results beats
IN THE NEWS posts better Q1FY21 over the previous output declines 3%; YoY in Q1FY21 compared to estimates, reports
results than expected month in July 2020 ~113.2 cr last year Ebitda of ~88 cr
~113.05 CLOSE ~2917.00 CLOSE ~128.45 CLOSE ~470.80 CLOSE ~445.30 CLOSE
p7.98% UP* q2.91% DOWN* q0.70% DOWN* p2.64% DOWN* p2.89% UP*


Zoom halts direct sales in India Inc goes for Wockhardt to supply
China, will rely on locals
Covid vaccines to UK
Zoom Video Communications,
the popular conferencing app
facing scrutiny over whether it
transmits data to Beijing, will
halt all sales of products in
antibody testing Shares jump 10%
China except through locally-
based partners. The company
RIL, JSW, and Tata Projects, among others, testing all SACHIN RAVIKUMAR &
informed Chinese customers employees and also building databases 3 August
that sales will be conducted
only through authorised partners from August 23. “Our go-to- Pharma major Wockhardt will
market model in Mainland China has included direct sales,
online subscription, and sales through partners. We are now
WHAT THEY PLAN TO DO supply millions of doses of
multiple Covid-19 vaccines,
shifting to a partner-only model with Zoom technology RIL including that being developed
embedded in partner offerings, which will provide better local n RIL tracker collects data of 800,000 by AstraZeneca and Oxford
support to users,” the company said. BLOOMBERG people — employees and their University, under a deal with expected to start the Wexham
family members — everyday the UK announced on Monday. ON A HIGH line in September.
Shares of the firm jumped BSE price in ~ AstraZeneca has indicated
Tata Motors seeks Munich Re sells Tata Projects 10 per cent after the news. The it would need 30 million fill-
shareholders’ nod to shares worth firm has reserved fill-and-fin- and-finish doses of their vac-
n To test each one of its 20,000 ish capacity — the final man- cine candidate, which the
ratify MD’s package ~383 cr in Apollo labourers at work for antibodies ufacturing step of putting vac- 10.0% company intends to supply in
Tata Motors has sought Munich Re has sold shares cines into vials or syringes and the next few months,
shareholders’ approval to ratify worth ~380 crore in Apollo
JSW packaging them — as part of
~27.6 Wockhardt Chairman Habil
the payment of minimum Hospitals. According to BSE n Conducted tests for employees working the agreement, it said. Khorakiwala said during a vir-
remuneration to Guenter bulk deal data, Munchener from Mumbai office. Testing was done to This is the latest step by the tual press briefing.
Butschek, MD and CEO, due to Ruckversicherungsgesellschaf comply with BMC regulatory orders UK to secure supplies and pro- The company has a fill-and-
the losses incurred by the firm t Aktiengesellschaft in duction of Covid-19 vaccines finish manufacturing capacity
in 2019-20. It is seeking the Munchen (Munich Re) sold Hindustan Construction Company after striking four deals of 400 million doses in the UK
shareholders nod for 2,397,380 shares or 1.72 per n 250 labourers at a coastal with drugmakers to buy their and 600 million in India, for a
consequent waiver of recovery cent stake in Apollo Hospitals road project site tested potential shots. “Fill finish is a combined capacity of 1 billion,
of a part of the minimum at an average price of n To undertake similar tests for critical step in the process to Khorakiwala said.
remuneration that is in excess ~1,600.43. Buyers details were any new labourer joining its site get the vaccine in a form to be The UK government has More than 150 vaccines are
of the prescribed limit, not disclosed. BS REPORTER given to patients. The agree- also reserved one fill-and-fin- being developed and tested
according to company’s latest ment with Wockhardt will ish production line at a around the world to stop the
annual report. The move is in AMRITHA PILLAY will, the firm hopes, help isolate cases and boost our capability to ensure Wockhardt subsidiary in pandemic, with 26 in human
line with the provisions of the Mumbai, 3 August improve precautionary measures. that,” Kate Bingham, chair of Wrexham, Wales for its exclu- clinical trials, according to the
Companies Act. BS REPORTER
GMR Infra to However, executive are not sure of the verac- UK Vaccines Task Force, said sive use for the next 18 World Health Organization.
divest part of
ndia Inc’s bigwigs as well as small players ity of such antibody tests. “It is temporary infor- in a statement. months to secure supply. It is REUTERS
non-core assets are warming up to the idea of testing all its
employees for antibodies. This could,
mation,” said M S Unnikrishnan, MD and CEO
of Thermax, a power equipment manufacturer.
Amazon India
launches Ludhiana
GMR Infrastructure is working
on disinvestment of non-
core assets including land
in turn, contribute to the country’s Covid-19
immunity database.
Reliance Industries (RIL), India’s largest pri-
He said the firm has conducted these tests on
random samples at different factory locations.
Thermax has limited testing to facilities Serum gets DCGI nod for
phase II, III trials of vaccine
and hopes to yield vate sector company, is using a mix of all the based in locations with reported infections.
With just days to go before its “significant value” even Covid-19 related tests available, including anti- Unnikrishnan looks to use the results to
‘Prime Day’ sale, Amazon India from 50 per cent of land body tests. RIL executives said the nature of strengthen existing precautionary measures.
has announced the expansion monetisation, according to a the tests and who should undergo it is deter- For those operating in cities such as
of its warehouse network with document. The airport-to- mined using the company’s AI-based symp- Mumbai, antibody testing was mandatory.
the launch of a new specialised port conglomerate in an toms tracker, which every employee has to Sajjan Jindal-promoted JSW Group conduct- RUCHIKA CHITRAVANSHI of trial sites across Mumbai and Pune, since
fulfillment center (FC) for large investor presentation said update for himself and her family member. ed these tests for employees working in their New Delhi, 3 August these cities have several hotspots. This will
appliances and furniture in the land at strategic The RIL symptoms tracker has a series of Mumbai corporate office. Testing was conducted help in understanding the efficacy of the
Ludhiana, Punjab. The new industrial locations will questions based on ICMR guidelines, which to comply with the Brihanmumbai Municipal The Drugs Controller General of India (DCGI) vaccine.
warehouse has a storage benefit from the possible help doctors to track if any employee or family Corporation’s (BMC) regulatory orders. In reply has given the green light to While the price of the vaccine
capacity of nearly 300,000 cubic manufacturing dislocation member has contracted Covid-19. to a query on antibody testing, R A Rajeev, com- Serum Institute of India, Pune, has not yet been decided,
feet and is located in Doraha, from China. PTI The inputs, RIL executives said, are followed missioner for Mumbai Metropolitan Region to conduct second and third Poonawalla said he would like
Ludhiana, the company said. up with medical advice on whether tests are Development Authority, said: “I understand all phase clinical trials of Oxford to keep it under ~1,000. Covid
With this, Amazon India will needed. The tracker collects data of around concerned contractors are testing.” University-Astra Zeneca’s vaccine, experts believe, may
have two warehouses with 800,000 people — employees and their family Hindustan Construction Company (HCC) is Covid-19 vaccine Covishield, a have to be administered in at
more than 450,000 cubic feet BIAL extends members — everyday. RIL looks to use this data among the contractors building Mumbai’s coas- health ministry statement said. least two doses.
of storage space in Ludhiana,
Punjab, it added. PTI
biometric-based and test results to ensure safe return of employ-
ees to its office at a later stage.
tal road and a Mumbai Metro network package.
All of HCC’s 250 labourers at the coastal road
“This will hasten development
of the Covid-19 vaccine,” it
Vaccine trials start with pre-
clinical toxicity studies on labo-
self-boarding Even JSW, Tata Projects, and Thermax have project site have been tested. HCC also plans to added. ratory animals after which the
Bangalore International opted for antibody testing for their staff. Even a undertake similar tests for new labourers joining Serum’s Chief Executive phase I human trials begin.
Airport has extended its small investment advisory firm in Mumbai is its Mumbai metro project work site. Adar Poonawalla had earlier This phase checks for any
Starbucks forays biometric-based self- planning to conduct antibody tests for its team Based on preliminary data from these firms, told Business Standard: “We In phase II, the direct toxicity or abnormal
into Lucknow with boarding process facility to
AirAsia India, a year after the
members. For the advisory firm, the test added
human resource benefit offered to employees.
the anti-body build-up in numbers is relatively
small. Out of a 100 being tested for antibodies,
have dedicated two of our facil-
ities to produce millions of
vaccine is given to
people and studied
immune response to the vac-
cine. Once the phase I results
two new branches private aerodrome operator Some of India’s biggest employers, however, positive results are in single digits, said two com- doses of Covid-19 vaccine, for antibodies and come in, it is seen by the super-
Starbucks marked its entry rolled it out for airlines. are testing for antibodies to either comply with pany executives. For HCC, none of the 250 while withholding vast produc- side-effects visory body, which then gives
into Lucknow with two new Under the digital boarding regulatory norms or gauge the effectiveness of employees at the project site tested positive. tion of other products.” nod for the next phase. In
outlets. With Lucknow, process, which is optional, precautionary measures. Firms have not disclosed the costs incurred Serum Institute had stud- phase II, the vaccine is given
Starbucks has expanded its the passengers can simply Tata Projects, for instance, plans to test each during the process. Most of these do not have a ied almost 1,000 patients in phase I trial. to people and studied for antibodies and
store network to 189 across 12 enrol their ID and biometric of its 20,000 workers for antibodies. Of the lot, all-India tie-up, but are approaching the desig- The next two phases will include 5,000- side effects. In the third phase, a large
cities in India, which is one of data, combined with their it has tested 5,000-6,000 employees at various nated location-based facilities. A regular Covid 10,000 individuals. Of these, over 4,000 are number of people are given the vaccine and
Starbucks fastest growing flight details, before entering facilities so far. The company has been conduct- antibody test, according to diagnostics centre expected to be from India, Poonawalla had monitored over a period of time for efficacy
markets globally BS REPORTER the terminal. PTI ing a mix of antibody as well as RT-PCR tests. It websites, starts at ~600. said. He had said that there are a number and safety.

Oyo merging
Indian airlines await govt bailout as other countries open their purse strings Japan units;
USA Canada UK Germany
Governments across the world are giving out billions of dollars
in bailouts to the aviation sector. But India has not come out
n $61 billion in bailouts for n Govt covers 75% of an n British Airways got £35 n Govt has taken a stake in
n The airline said it would
use the funding from the
rights issues to beef up its
to appoint
new CEO
with any package, saying the promoters of Indian airlines
the airline industry employee's wages — million from the Deutsche Lufthansa as part of expenditure needs
including the Tatas, Rakesh Gangwal, and Wadias are rich and
n Of this, $25 billion set up to $847 per week government’s furlough a $9.77 billion rescue package
don’t want to use their own money to save their airlines. The aside for employees n Canada Emergency Wage scheme as of May 14 UAE
Reserve Bank of India has, however, given loan moratorium to n $25 billion allocated for Service to allow airlines to n £300 million more was Singapore TAKAHIKO HYUGA
the sector till September. We take a look at what countries are loans to the airlines, as well re-hire and avoid layoffs handed to British Airways n Govt said it’s committed to 3 August
doing to help the sagging airlines sector. DEV CHATTERJEE as payroll support for till Aug 29 under Covid Corporate providing full support by
cargo airlines n Large Employer Emergency Financing Facility (CCFF) injecting fresh capital into Oyo, the Indian hotel-booking star-
n $10 billion kept aside Financing Facility to provide n The CCFF allows firms to Emirates tup backed by Masayoshi Son’s
for airports bridge financing sell commercial paper to SoftBank Group, is merging its oper-
n Debating over a $3 trillion n Waived ground lease rents the Bank of England Hong Kong ations in Japan and appointing a
stimulus plan to renew from March to December for 21 n £75 million pledged to new chief executive officer to oversee
federal aid programmes airports that pay rent to govt charter special flights to n Govt to buy 500,000 flight the combined entity.
n Federal Reserve to leave n More time to pay income bring home UK nationals n Singapore Airlines raising tickets from airlines as part The reorganisation involves Oyo’s
interest rates near zero for taxes n Till June 5, British Airways, $6.3 billion through share of a stimulus worth billions hotel-booking and apartment-rental
the foreseeable future n Canadian airlines are, EasyJet, Wizz Air, Ryanair and convertible bond sales of HK dollars units coming together into a single
n Prohibited from laying however, waiting for an had taken £1.8bn from CCFF n Temasek and others to n Cathay Pacific initiates company called Oyo Japan, to be led
off staff through industry-specific aid n Govt to phase out the job inject $13.27 billion into $5 billion recapitalisation by Ryoma Yamamoto as CEO with
September 30 package promised retention scheme by October Singapore Airlines financing Ryota Tanozaki as his deputy, both
promoted from senior roles in the
existing Oyo operations.
Japan has been a focal point for

Chinese brands to go all-out to cash in on IPL Oyo’s international expansion due to

Son’s endorsement and association
with the SoftBank brand name,
which is ubiquitous in the country.
VIVEAT SUSAN PINTO & ARNAB DUTTA the first three months of the year, ~440 crore towards its five-year title The company operated Oyo Hotels
Mumbai/New Delhi, 3 August
TEAM SPIRIT Counterpoint Research said last week, as sponsorship. The contract ends in 2022. and Oyo Life — a simplified rental
■ Title sponsorship: most brands faced a supply crunch due to Dream11 and Paytm, backed by Chinese service for furnished apartments that
The decision of Indian Premier League’s Vivo: ~2,200 cr (5 years) the lockdown as well as rising sentiment investors, are official partners of the removed the hassle of guarantors or
Governing Council to retain all its ■ Annual payout by Vivo: against Chinese goods. Imports by tournament. Brands such as Xiaomi, security deposits — as separate busi-
sponsors, including Vivo, has attracted ~400 cr Chinese firms were also blocked at ports OnePlus, Swiggy, Realme, Byju's, and nesses in the country, but its aggres-
widespread criticism. But the backlash is following the stand-off between Indian Oppo advertise heavily on the property. sive growth plans were thwarted by
unlikely to dampen the mood among ■ Official partners: and Chinese soldiers in Ladakh in June, Some are associated with franchisees the coronavirus outbreak along with
Chinese companies, media industry Dream11 & Paytm hitting production and sales. such as Kolkata Knight Riders as well. operational challenges and upset
sources have told Business Standard. ■ Brands advertising on IPL: Brands experts say it is important for Though speculation has been hoteliers along the way.
On Monday, the Confederation of All Xiaomi, OnePlus, Realme, Chinese firms to make their presence felt mounting that celebrity endorsers for At the end of June, the start-up
India Traders (CAIT) came out strongly during IPL, if they wish to gain back share. brands such as Vivo will not feature in slashed its regional presence by clos-
Oppo, Byju’s, Oppo, Byju’s
against the decision to retain title sponsor “The Board of Control for Cricket (BCCI) their advertising around the IPL, Bijoor ing offices in Sapporo, Sendai,
Vivo among other Chinese partners for the and the IPL Governing Council have says this is a means to prevent the high- Nagano, Hiroshima and Omiya. The
tournament, which begins on September unanswered till the time of going to press. since the IPL is the only high-impact maintained status-quo by opting to retain profile names from facing flak on social moves are part of efforts to downsize
19 in the United Arab Emirates (UAE). Executives at Oppo, Realme, OnePlus, and sports property from an Indian the sponsors for the tournament this year. media. Actors Aamir Khan and Sara Ali internationally as the firm adapts to
Media planners say Vivo and other Xiaomi said they had no comments to perspective that is happening this year. It I see this as a plus point for the Chinese Khan endorse Vivo. “Vivo has not a much smaller tourism industry.
Chinese brands such as Oppo, Realme, share on the matter. also falls in the festive season, which is a brands, who will seize the opportunity to withdrawn from India. So, why should it Yamamoto, who oversaw Oyo
OnePlus, and Xiaomi are preparing their But media planners say these firms will crucial period for most handset brands. get maximum mileage,” says not advertise? It will use every window Life, will assume responsibility for
media plans for the tournament, since it is use platforms such as digital and The share of Chinese brands in India’s Harish Bijoor, chief executive possible to market its products, despite the merged business after Oyo
only a month-and-a-half away in terms of television to reach out to their target smartphone market fell to 72 per cent in officer, Harish Bijoor Consults. the protests,” says Ambi Parameswaran, Hotels Japan leader Prasun
launch. A mail sent to Vivo remained audiences during the T20 tournament, the April-June period versus 81 per cent in Vivo forks out an annual amount of founder, brand-building.com. Choudhary resigned. BLOOMBERG

DGCA blocks SpiceJet’s promotional campaign offer

Airline was offering one-way fares starting MARGINAL RISE IN NUMBER OF
airlines are facing a crisis. There was
slow demand in July despite recom-
at ~899 and a complimentary voucher of up DOMESTIC FLIGHTS, SAYS ICRA mencement of operations over two
months ago. Airlines operated at a
to ~2,000, which could be used for booking Domestic airlines have been operating less than one-third much lower capacity at around 27
of normal flights. However, there is a marginal rise in per cent in July, compared to July
ARINDAM MAJUMDER and floor were till August 24, last capacity compared to June 2020. Rating agency ICRA said 2019 levels, but there was marginal
New Delhi, 3 August week they were extended by three airlines operated at a much lower capacity at 27 per cent in increase over the 25 per cent capac-
months till November 24. July 2020 compared to July 2019 level but there was a ity deployed in June.

ndian aviation regulator — “The DGCA had sought expla- marginal increase over the 25 per cent capacity deployed in Aviation consultancy firm
Directorate General of Civil nation from SpiceJet on why the June. Domestic flights resumed after two months susp- CAPA said such a system is not in
Aviation (DGCA) — has asked promotional offer is in violation of ension on May 25. “The number of flights departing has favour of either passengers or air-
low-cost carrier SpiceJet to stop the the cap and floor. Following that, also gradually increased from 416 on Day 1 to 890 on Day 69 lines as it impacts the airline’s abil-
promotional sale offer launched on the regulator has asked SpiceJet to (July 31). In July, the average daily departures were 780, ity to stimulate the market in a
Monday, citing price-cap violation withdraw the offer,” said a govern- significantly lower than the average daily departures of slowdown situation.
and floor imposed by the govern- ment official in the know. 2,845 in July 2019. However, better than 723 in June. The At its recent earnings call,
ment in May. A SpiceJet spokesperson con- average number of flyers per flight during July was 86, as IndiGo Chief Executive Officer
As part of the package, SpiceJet firmed the communication from against an average of 134 passengers per flight in July 2019,” Ronojoy Dutta strongly lobbied for
was offering one-way fares starting DGCA. “SpiceJet has complied with said Kinjal Shah, vice-president, ICRA. ANEESH PHADNIS removal of the cap and floor, saying
at ~899 (excluding taxes) and a DGCA guidelines,” he said. that it will give more room to com-
complimentary voucher of up to Under the cap and floor, flights panies to price according to
~2,000, which could be used for between cities were segmented into in fares due to pent-up demand, the ale behind the decision. voucher of up to ~2,000. Also, the Experts said the incident reflects demand and supply.
future booking. eight parts, depending on the dura- lower limit will help ensure the A SpiceJet executive said the offer passenger can only use the voucher the hurdles created when the gov- “Price of a morning ticket to a
The government had set the tion an upper and lower band was financial viability of airlines does was not in violation of the DGCA for flights where the fare is at least ernment tries to interfere with com- place cannot be similar to the price
upper and lower limits on fares for fixed against them. not suffer amid high costs, Civil rules. “The airline had clearly men- ~6,500. It was not a violation. mercial decisions in a free market. of an afternoon ticket. We should
three months when flights resumed While the upper price limit is Aviation Minister Hardeep Singh tioned that under the 1+1 offer, pas- However, we will comply and take The offer by SpiceJet was to be able to leverage that and attract
on May 25. While initially the cap aimed at preventing any sharp rise Puri had said, clarifying the ration- sengers buying a ticket will get a out the offer,” the executive said. shore up liquidity at a time when demand,” said Dutta.

Auto companies likely to IIFL: JioMart

likely to clock
face10-12% price increase ~4,000-crore
in yearly sales
for half-yearly contracts VIVEAT SUSAN PINTO
Mumbai, 3 August

ISHITA AYAN DUTT & Brokerage IIFL Securities on

ARINDAM MAJUMDER Monday said Reliance Jio-
Kolkata/New Delhi, 3 August Mart, the new commerce ven-
ture that went live in May,
Automakers — coming out of could clock revenue of ~4,000
lockdown lows — are likely to crore in its first year of opera-
face a 10-12 per cent price tion. The assessment has been
increase for half-yearly con- made on the basis of orders
tracts with steel companies. per day, which have been
After months of negotiations, growing, it said.
some firms have sealed con- While RIL Chairman Muk-
tracts, but most have decided esh Ambani had said during
to defer the increase to October. the company’s annual gener-
Ranjan Dhar, chief market- al meeting last month that
ing officer, AMNS India orders per day were 250,000,
(ArcelorMittal Nippon Steel
India), said the firm had settled PRICE WORRY according to IIFL, the figure
is now 400,000. The average
half-yearly contracts with a few | Any increase in | Some auto | Steel price hike will transaction value is ~500, it
automobile companies. raw material cost firms have aggravate problems said, on the platform and that
“We are seeing a demand Reliance was looking to scale
will be passed on sealed for firms who have
recovery in auto which is better up the operation, taking it
than expected. Demand for
to customers by contracts; been facing a beyond 200 cities.
small car is pulling up, as people auto companies others resisting demand slump Last week, brokerage Mor-
are opting for personal mobili- gan Stanley had said that
ty,” Dhar said. However, it is place to protect them from for October to March contract. JioMart was poised to sell half
understood that though AMNS cheap imports. Spokesperson We are trying to increase prices of all online grocery in the next
India had sealed contracts for of Maruti Suzuki and Hyundai because raw material prices few years, led by significant
April to September, the imple- refused to comment. have increased and steel prices investment by the company.
mentation was likely to be dur- A hike in steel price will have also increased.” Ambani has already indicated
ing October to March. exacerbate problems for auto- In the past two weeks, iron that Reliance Retail and
Auto executives confirmed makers who have been facing a and pellet prices have moved JioMart had received strong
that negotitations between steel slowdown in demand for more up; spot steel prices, too, have interest from global strategic
companies and major automak- than a year. The pandemic has moved up to close to pre-Covid and financial investors and that
ers — Maruti Suzuki, Hyundai worsened the situation and levels of March. they would be inducted in the
and Mahindra & Mahindra — only recently, there have been Seshagiri Rao, JSW Steel’s quarters ahead.
are in final stages. “We would soft signs of recovery. joint managing director and
like raw material costs to be sta- The contracts between steel group chief financial officer,
ble, which will allow us to main- and automobile firms are half- said prices for April to Sept-
tain stable vehicle pricing to the yearly. The contracts for H2 ember had been rolled over, so
end consumers when the (second half of 2019-2020) got actual increase will happen
industry is trying to come out of over in March. Negotiations from October. “Generally, auto
the crisis. We are still objecting were to start from April but the contracts are for six months. So,
to it,” said a procurement and nationwide lockdown post- April, it was supposed to be
sourcing head of an auto firm. poned it a bit, with discussions negotiated up to September, but
He said the steelmakers restarting around June. For H2, considering the market envi-
hadn’t passed the complete steel companies had dropped ronment, we rolled over prices.
benefit to auto companies when prices by 11-14 per cent to sup- The actual increases will hap-
prices had dropped in October. port automobile companies, pen from October,” he had said.
“We are still resisting citing reeling from the slowdown. Tata Steel, however, is
that,” he added. Sources said a 10-12 per cent understood to be still negotiat-
On an average, a car uses hike would translate to an ing the April to September con-
about 700 kg of steel, which is increase of ~4,800-5,500 a tract and the price revision will
around 10 per cent of the total tonne. The roughly 10-million be implemented as soon as dis-
cost of an entry-level car. “If tonne automotive steel demand cussions conclude.
prices are increased, there will is largely met by Tata Steel, Tata For half-yearly contracts,
be no other alternative but to Steel BSL, JSW Steel, Essar Steel, prices of the previous period are
pass on the cost to customers. Posco, and some long product generally taken as a reference
This will further impact con- producers. Steel accounts for point. Between November 2019
sumer demand,” a sales head 50 per cent of a car’s weight; for and March, steel prices had
of a four-wheeler maker said, two-wheelers, it is lower. increased more than ~5,000 a
adding that steel companies are Sung Lea Chun, Posco tonne, while steelmakers had
taking undue advantage of the India managing director, said: dropped prices by ~6,000 a
minimum import duties put in “We have started discussions tonne for H2 FY20.

Tractor sales continue to grow

Chennai, 3 August

Tractor makers continued to clock higher sales

in July, aided by the Centre’s cash sops for farm-
ers, higher kharif sowing and timely and normal
monsoon in June and July.
Companies expect to reach full capacity in
August after fixing the supply chain, which
collapsed during the lockdown to contain
coronavirus (Covid-19). Mahindra & Mahi-
ndra’s farm equipment sector (FES) posted 27
per cent growth in tractors sales at 25,402 units
in July 2020, compared to 19,992 units in the
same month a year ago. Domestic sales rose 28% to 24,463 units in
Domestic sales rose 28 per cent to 24,463 July from 19,174 units a year-ago period
units in July from 19,174 units, a year ago.
Escorts reported a 9.5 per cent growth in soon in June and July and continued higher
July sales at 5,322 units, compared to 4,860 rural spending by the government.”
units in the same month last year. Domestic Escorts said the company had supply
sales rose by 9.9 per cent to 4,953 units from chain challenges in July, and as a result, it
4,505 units while exports grew by 3.9 per cent to could operate only at about 50 per cent capac-
369 units from 355 units, a year ago. ity The situation eased by July end, and the
Sonalika Tractors reported a 71.7 per cent company expects to go back to full capacity
growth in domestic sales at 8,219 units in July, any time up to mid-August.
compared to a year ago. The company sold a Raman Mittal, executive director at
total 10,223 units, including exports. Compa- Sonalika Group, said, tractor demand and
rative figures were not available. farmer sentiment have picked up on account
Hemant Sikka, president of FES, at of various conducive factors.
Mahindra & Mahindra, said, “These are our They include increase in minimum sup-
highest-ever July sales. The strong demand port price, favourable monsoon and bumper
momentum continued, aided by positive sen- sowing of summer crops. “Positive sentiment
timent due to good cash flow to farmers, high- is expected to continue and we are well posi-
er kharif sowing, a timely and normal mon- tioned to gain from it,” added Mittal.

PTC India gets CERC Big shake-up at Cipla as 3 top guys leave
nod to set up third Those who have left include India business head Nikhil Chopra
Mumbai, 3 August
Torrent has taken over Lalwani’s post.
“Cipla is a professionally-run organisa-

power exchange
tion with robust talent management and
Drugmaker Cipla has seen three senior-level succession development processes. Our
exits as it navigates Covid-19 challenges in business momentum continues to be on
the country and ramps up focus on chronic strong footing and we are backed by a solid
therapies. Those leaving the company workforce of 23,000 employees who are driv-
include Nikhil Chopra, head of India busi- ing Cipla in its next growth phase,” the com-
Launch likely by next FY after PTC complies with market regulations ness, Nikhil Lalwani, who served as head of pany said in a statement on Monday.
US business, and Kunal Khanna, head of Analysts, however, said the exits were a sur-
New Delhi, 3 August POWER DISTRIBUTION 3.1%
PTC India
chronic and emerging therapies.
Chopra is a Cipla veteran and has been
prise as the company was doing good.
Chopra had been given charge of the India
with the company for nearly two and a half business last year. According to a few reports,

he Central Electricity decades. Lalwani was to move to India as a Chopra would be continuing with the drug-
Regulatory Commission head of prescriptions but could not join maker till September. A source said till the
(CERC) has approved setting PRANURJA because of travel restrictions, it is learnt. He time a successor is found for Chopra, those
up of a third power exchange plat- SOLUTIONS has now joined another drugmaker in the US who used to report to him would report to Chopra is a Cipla veteran and has been with
form in the country, floated by PTC SHAREHOLDING* as its chief executive. Arunesh Verma from global CEO Umang Vohra. the company for nearly two and a half decades
India along with BSE Investments
and ICICI Bank. CERC, however,
has asked PTC India to comply with

‘Rent of premium projects to stay robust’

power market regulations before 2.0%
the regulator grants registration.
9.9% 25.0%
India has two power exchanges
— Indian Energy Exchange (IEX)
Power Bank Investments
and Power Exchange India (PXIL). Others: Greenko Energies, Kirti Hines, a US-based property investor and developer with $133.3-billion real estate assets under management and safety net of an owned home.
Power exchange facilitates over-the- Telnet, Subrashi Vinimay, Tollman operating in 24 countries, has signed development management deals in the country. AMIT DIWAN, country head
counter sale and purchase of power International, Varanium Capital, and managing director of Hines India, tells Raghavendra Kamath that for office properties, demand will reduce How will land and asset
via different types of contracts — Lord Dholakia, Meenakshi Power due to remote working, but increase because of ‘de-densification’. Edited excerpts: valuations and rents behave in
day-ahead, term-ahead, renewable TWO ALREADY EXISTING EXCHANGES the coming days?
energy certificates, and recently int- | Indian Energy Exchange Are you looking at investing in In the next several months, vol-
roduced real-time electricity market. | Power Exchange India any new developments this year? umes may remain low, so we won’t
IEX has a lion’s share of 95 per cent *Launched in 2019 by PTC India, BSE We’re exploring several projects have critical mass of transactions
in the day-ahead contracts market. Investments & ICICI Bank for investment, but don’t have to ascertain change in valuations
PTC India Executive Director fixed targets. or rents. Over time, the land value
and Group Chief Risk Officer Rajiv pattern that we have assured the to be traded like other commodities as a percentage of project cost will
Malhotra said the company was con- Commission we will meet. It pertains with forward contracts and deriva- Will Hines tweak its strategy in reduce. Rents for premium devel-
fident of meeting all the required to Regulation 19 of the Power Market tives. This would pave the way for terms of preference for asset opments like ours will remain
regulations in the stipulated eight Regulations, 2010, which have to be the power exchanges to have longer class, regions, and robust. Occupiers will demand
weeks. “Thereafter, following the di- met before or during the actual oper- duration power sale-purchase con- price points? quality and will be willing to pay
rectives of CERC, we can look at op- ations of the exchange. So, we move tracts, which is limited to 11 days. Globally, Hines is focused on four appropriately for it.
erationalising the exchange in an- forward after a compliant sharehold- “Our decision to come into the key product types: office, living,
other eight-nine months, effectively ing pattern,” Malhotra said. exchange space is not strictly a industrial, and retail. In India, Do you see increased
next financial year,” said Malhotra. Pranurja will be granted regis- financial investment but a strategic we’ll look opportunities for Hines to invest
PTC India, along with BSE Inve- tration after meeting the stipulated one. We want the exchange credit at opportu- in distressed opportunities and
stments and ICICI, floated Pranurja shareholding. According to the space to grow so that the over-the- nities in all greenfield projects?
Solutions in 2019 as a power exch- Power Market Regulations, in eight counter space also grows and goes sectors Yes, the deal flow for us has con-
ange platform and applied for grant weeks, if PTC and BSE become beyond just one type of contract (except tinued to increase over the past
of registration to CERC. During the members of the exchange, then which is day-ahead,” said Malhotra. standalone with realty firms in the real estate in a post-Covid era in several years.
public hearing of the matter, stake- they have to reduce their sharehold- Experts said with new types of AMIT DIWAN retail). Our commercial space. terms of demand for residential
holders, including the existing two ing to 5 per cent. The new power power contracts coming in, the new Country head & MD, geographi- We have signed two agreements and commercial properties? Do you expect buyers to wait
exchanges, raised concerns on the exchange comes at a time when the exchange could take advantage of it. Hines India cal prefer- so far, and have some more at the In India, Hines sees several factors before they buy residential
shareholding pattern of Pranurja. over-the-counter power market is in “There has been a marked shift in ence will continue to be Delhi- term-sheet stage. at work. For office properties, properties or see value in
PTC India and BSE Investment the middle of new developments. the power purchase trend with states National Capital Region, Mumbai, demand will reduce due to remote properties and buy them?
hold 25 per cent each in Pranurja, While PXIL faced financial chal- preferring short-term and medium Bengaluru, and Pune. We prefer Will you explore the real estate working, but increase because of Affordable housing projects from
followed by 9.9 per cent held by ICICI lenges and is trying to reinvent itself, contracts over long term power pur- premium locations and projects, investment trust route in India? ‘de-densification’ and ‘flight to good developers are doing well
bank. Other shareholders are the launch of the real-time electric- chase agreements. With real-time where we can provide quality to When we attain critical mass of quality’. For residential properties, even over the last quarter.
Greenko Energies (5 per cent), Jindal ity market and increasing interest of electricity contracts coming in, more customers. income-yielding properties, then demand will stay affected until the Premium housing will see mixed
Power (2 per cent), Meenakshi Power states is creating new opportunities. states are getting interested in the yes. We’re not there just yet. economy recovers, but will performance — strong sponsors,
(5 per cent), and six others. At the same time, the power exchange driven purchase,” said a Elaborate on the development increase due to remote working locations, and products will do
“We have a certain shareholding ministry recently allowed electricity senior sector executive. management contracts signed How do you look at the Indian (need for more room) and the well; others will struggle.

INDIA Franklin MF may Manufacturing PMI
Total 1,803,695
at 46 vs 47.2 in June
face Sebi heat as
Active cases Recovered Deaths
579,357 1,186,203 38,135 Overall activity shrinks for 4th month; job losses continue
é 11,627 é40,574 é771
audit sees lapses
Note: Total cases include 1 New Delhi, 3 August
migration; figures as of 9 pm IST;
Sources: Ministry of Health and
Total Deaths Family Welfare, Johns Hopkins India’s manufacturing activity hit a speed
18,104,056 689,922 Coronavirus Resource Centre
Note: Arrow shows one-day change
bump in July after being on the slow road to
improvement in the previous two months as
regional lockdowns severely held back
Regulator-appointed firm probing closure of six schemes demand, leading to contraction in output.
IN BRIEF According to the monthly IHS Markit India
SHRIMI CHOUDHARY Manufacturing Purchasing Managers’ Index
Now, no odd-even rule for shops New Delhi, 3 August (PMI) survey released on Monday,
manufacturing PMI stood at 46 in July, down SLIPPING BACK
in Mumbai; liquor sale resumes
ranklin Templeton from 47.2 in June.
Mutual Fund (MF), In PMI parlance, a print above 50 means
which in April spooked expansion, while a score below that denotes
The Municipal Corporation of Greater Mumbai has issued relaxed
guidelines removing the odd-even rule and allowing all the markets by shutting six contraction. PMI had fallen to a historic
shops on both sides of the road to remain open. In a circular debt schemes, could face low of 27.4 in April, but had been steadily
issued on Monday under the Mission Begin Again, the municipal Securities and Exchange Board climbing since.
corporation also allowed the counter sale of liquor in Mumbai of India (Sebi) heat as a forensic “The survey results showed a re-acceler-
with proper social distancing norms. According to the fresh auditor has submitted adverse ation of declines in the key indices of
guidelines, all non-essential markets, market areas, and shops findings against the fund output and new orders, undermining the
will remain open from 9 am to 7 pm. “Liquor shops will continue house. According to sources, trend towards stabilisation seen over the past
to operate across the counter for sale and home delivery with strict the audit report, submitted to two months,” said Eliot Kerr, economist at
the markets regulator on IHS Markit. Note: A reading above 50 denotes expansion, while
observance of Covid-19 national directives of mask and social below 50 denotes contraction Source : IHS Markit
Friday, has shown certain laps- “Anecdotal evidence indicated that firms
distancing,” according to the circular. AGENCIES
es in the dealings of the were struggling to obtain work, with some of
wound-up schemes. their clients remaining in lockdown, suggest- ments such as the US, Gulf nations, and the
Moody’s upgrades Jan Dhan Yojana In May, Sebi had appointed AUDIT INSPECTION ing that we won’t see a pick-up in activity until European Union have been hit hard by the
YES Bank’s ratings accounts cross Chokshi & Chokshi, an
accounting and audit firm, to | Monetary dealings prejudicial to the
infection rates are quelled and restrictions can
be further removed.”
ongoing pandemic.
Survey participants said international
from ‘Caa1’ to ‘B3’ 400-mn mark examine any regulatory viola- with respect to six interests of investors Kerr warned that any more spikes in cases clients were hesitant to place orders while the
Moody's has upgraded YES More than 400-million bank tion, for ensuring that the wounded schemes | Instances of conflict of may bring further lockdowns which would duration of the pandemic remained uncertain.
Bank’s foreign currency issuer accounts have been opened winding up process was done | FT’s code of conduct interest and collusion derail a recovery in the sector. That said, the latest reduction in exports was
rating from “Caa1” to “B3” on under the government's in a fair and transparent followed in spirit and with bond issuers A nationwide lockdown in April, coupled the softest in four months.
equity capital raise of ~15,000 flagship financial inclusion manner. “We would not like to with a crash in export orders, had led to con- The PMI survey, however, showed that
crore that has bolstered its drive Pradhan Mantri Jan comment on unsubstantiated ditions across sectors falling by the biggest manufacturers remained optimistic towards
solvency. The outlook on Dhan Yojana, launched about rumours and insinuations However, the exact amount cited continued redemption margin ever and new businesses collapsing at the one-year business outlook, with sentiment
ratings is changed to stable six years ago by the Narendra around the audit completion under regulatory review could pressure and lack of liquidity a record pace. Since then, jobs have been hit strengthening for the second month to a five-
from positive. BS REPORTER Modi government. PTI and findings. We continue to not be ascertained. Sources in the debt markets for the clo- the most and employment numbers saw a month high. As a result of reduced output,
fully cooperate with and pro- said the audit firm was given a sure, amid the lockdown and further slide in July. firms continued to cut their purchasing activ-
vide all assistance to the audi- mandate to examine any col- the pandemic. The PMI survey showed manufacturers cut ity, with the result extending the current run
tors,” said a Franklin lusion between the fund house These schemes include jobs yet again in July, while new orders fell for of contraction to fifth months. The latest
CRISIL SME TRACKER Templeton spokesperson. and investee firms or large Franklin India Ultra-Short the fourth straight month. Industry bodies decline in input buying was faster than in
Sources said the regulator investors. The auditor had to Bond Fund, Franklin India said with a dearth of labour and raw material, June, said IHS Markit.
Local demand to prop up was reviewing the observations
made by the audit firm, and
examine if the fund house had
compromised any investors’
Short-Term Income Fund,
Franklin India Credit-Risk
supply chains could not be established.
Similar to the trend for output, the pace of
On the cost front, input prices faced by
Indian manufacturers continued to fall.
crop-protection SMEs accordingly, may take further
action in the case. “The audit
interest. Also, the role and
transactions of trustees of the
Fund, Franklin India Low-
Duration Fund, Franklin India
decline in new orders accelerated from June,
but remained slower than at the height of the
However, the rate of decrease moderated from
June, but remained far softer than April’s sur-
FIRM DOMESTIC mentioned some monetary fig- fund house were looked into. Dynamic Accrual Fund, and current crisis. When explaining falling sales, vey record. Panellists said subdued demand
demand will prop up ures, which raised suspicion On April 23, Franklin Franklin India Income companies often cited prolonged closures at for most goods more than offset the inflation-
the Indian pesticide 1-2% GROWTH that it could lead to adjudica- Templeton MF decided to Opportunities Fund. their clients’ businesses, the survey said. ary effects of shortages in some raw materials.
industry despite a LIKELY THIS FISCAL tion proceedings,” said a regu- wind up six of its debt schemes Since then, investors are The situation was made worse by plunging Experts say the aftershocks of the
contraction in exports latory source. The findings also oriented towards high-yield not allowed to make fresh pur- demand from international markets, which lockdown continued to weigh on domestic
this fiscal, according
Exports likely to indicated discrepancies in the investments with a combined chases or sales with regard to further deteriorated sales trends. India’s big- industry, even as an uneven recovery started
to CRISIL Research. contract, domestic mutual fund’s code of conduct. asset base of ~25,856 crore. It these funds. gest overseas markets for merchandise ship- taking shape.
Exports, which market to show
account for 55 per moderate growth
cent of the pie, are

MoD draft aims to double defence output in 5 yrs

likely to decline by Exports
3 per cent due to
55% of
lower demand from
key importing nations Indian crop- 55%
such as the US, Brazil, protection AJAI SHUKLA Elsewhere in the draft policy, the with design, development, produc-
and France. industry FY 20(E) New Delhi, 3 August size of India’s defence industry is esti- tion, testing, and certification capa-
However, the nDomestic nExport mated to be ~80,000 crore. “While the bility and ability to develop and sus-
domestic-focused Combining multiple announce- contribution of the public sector is tain the ecosystem required for the
industry is expected Pestisides industry (~bn) ments (that) were made under estimated to be ~63,000 crore, the next 25-30 years.”
to grow about 6 per CAGR 2% Atmanirbhar Bharat package into a share of private sector has steadily The second category is of systems
cent, keeping .5% 1- single policy document, the Ministry grown to ~17,000 crore over the years,” integrators who lack design and devel-
overall growth at 9 of Defence (MoD) on Monday states the draft DPEPP 2020. opment capability, but are capable of
1-2 per cent. 304 476 481 released a draft Defence Production The new policy backtracks signifi- partnering the Defence R&D
Domestic offtake of FY15 FY20(E) FY21(P) and Export Promotion Policy 2020 cantly from the draft DPrP 2018, which Organisation in developing and man-
herbicides is expected E: Estimated P: Projected (DPEPP 2020) for public consultation aimed at catapulting India into the ufacturing equipment.
to increase amid Source: CRISIL Research and comments. world’s top five defence producers. Mapping out the landscape for the
labour shortage in a “DPEPP 2020 is positioned as The draft DPrP 2018 had stipulated private sector, the draft policy states:
few states. In the MoD’s overarching guiding document 13 technology realms where India “In the private sector, many engineer-
insecticides and fungicides segment, an expected to provide a focused, structured, and would achieve self-reliance by 2025, ing majors have diversified and joined
increase in kharif crop acreage by 2-3 per cent significant thrust to defence including in building fighter aircraft, the defence sector. More than 460
should support growth. production capabilities of the country helicopters, warships, tanks, missile licences have so far been issued to pri-
Large players are expected to reap the benefit of for self-reliance and exports,” states systems, gun systems, small arms, and vate companies for production of
lower crude oil prices, SMEs, which account for the draft policy. ammunition. The draft policy proposes creating a technology assessment cell, with defence equipment. The defence
15-20 per cent of the overall industry and have an Mirroring the draft Defence Instead of this ambitious goal, the representation from the three Services industry is ably supported by a strong
over 50 per cent dependence on imports, face Production Policy 2018 (DPrP 2018), draft DPEPP 2020 echoes the recently base of over 8,000 micro, small and
disruption in raw material supplies and increases which was never finalised, the DPEPP issued draft Defence Acquisition tional requirements of the services.” from the three Services, to “assess the medium enterprises (MSMEs) that
in prices of imported raw material. 2020 sets out the target: “To achieve a Policy 2020 (DAP 2020) in stating: The new policy states the “aim is industrial capability for design, devel- provide strength and vibrancy to the
While margins of large pesticides players are turnover of ~1.75 trillion ($25 billion,) “A negative list of weapons/platforms to move away from licensed produc- opment, and production, including defence supply chain.”
expected to expand 50-60 basis points, supported including export of ~35,000 crore would be notified with year-wise tion to design, develop, and produce re-engineering, for production of var- To support MSMEs and start-ups,
by higher demand and lower crude oil prices, SMEs ($5 billion) in aerospace and defence timelines for placing an embargo on defence equipment, so that the nation ious major systems like armoured the MoD will create an indigenisation
are likely to see a slightly lower expansion. goods and services by 2025.” import of such items from owns the design rights and intellectual vehicles, submarines, fighter aircraft, ecosystem that will transfer the
SME clusters such as Ahmedabad — more focused This requires India’s aerospace those dates.” property of the systems.” helicopters, radars, with the major production of imported components
on domestic manufacturing — are expected to fare and defence industry to more than Providing further flexibility for To identify systems and platforms industries in the country”. and sub-assemblies into India.
better compared with those in Delhi and Hyderabad, double in size over the coming five import, the draft policy states: “This that are ripe for indigenisation, the The draft DPEPP 2020 proposes “Five-thousand such items are pro-
which have a larger share in exports. years, “from the current ~70,000 crore list would be updated periodically, policy proposes creating a technology categorising major defence industries posed to be indigenised by 2025,”
to ~1.4 trillion by 2025”. without compromising on the opera- assessment cell, with representation into two types: “Systems integrators states the draft policy.

Unlock 3.0 holds key as economy reveals positive signals

Change vs last year (%) THAN THE PREVIOUS WEEK LESS THAN 10% FROM 2019
Freight loading (% difference in weekly congestion levels from 2019) 2019 2020
6.25 80
(quantity) Mumbai traffic New Delhi traffic 50.29
40 60
-5 30.79
Freight earnings -1.95 0 40
(value) -34 20
Note: For week ended Sunday Source: Indian Railways -40 42.50
-12 21.27 0
-65 Note: Based on average NO2 levels across stations where data
Retail and recreation Grocery and pharmacy Parks -120 is available. Entries that say none are marked as zero. Levels
Jan5,’20 Aug 2,’20 are measured in micrograms per cubic metre of air. Chart
Transit stations Workplaces Residential 40 Note: Shows change based on weighted averages derived from hourly data. title refers to decline in seven-day rolling average terms.
Each week starts on Monday and ends on Sunday. Source: Central Pollution Control Board
16.43 Source: TomTom International

-13.14 0
SACHIN P MAMPATTA, KRISHNA KANT & SHINE JACOB tion and Google location data, in addition -32.29 33.89
Mumbai/New Delhi, 3 August to power and rail freight data. Many of 2019 2020 (Million Units/Day)
-40 4,500 120
these have shown signs of recovery, after
More goods were transported by the earlier losing steam. The latest numbers 3,598.4 3,887.6 0
4,000 80
Railways last week, during which power indicate a change in the trend. -60.29 -80 39.76
demand also showed a rising trend — indi- The Railways transported a higher -51.29 3,500 14.86 40
cating revival in economic activity. quantity of goods for the week ended -42.29 3,639.7
Business Standard tracks these indi- Sunday than the same week in 2019. -120 3,000 0
cators, along with others, to gauge how the Foodgrain formed a large portion of the Feb 21,’20 Jul 27,’20 Mar 1 Aug 2
economy is performing. Macroeconomic transported goods during the lockdown Note:Chart shows visits to places by category, based on Google location data. Latest data is as of 3,515.4 2,500 Note: Based on average NO2 levels across stations where data
indicators like trade data and gross domes- started in March. Freight earnings have July 27. The percentage change is compared to a baseline value for the same day of the week, Mar 7 Aug 2 is available. Entries that say none are marked as zero. Levels
calculated on a median basis during the five-week period Jan 3–Feb 6, 2020. The chart shows a are measured in micrograms per cubic metre of air. Chart
tic product (GDP) are released trailed the recovery vis-à-vis quantity of seven-day rolling average. Note: Power generation based on reporting day data (million units, title refers to decline in seven-day rolling average levels.
monthly/quarterly. The data is released goods transported. The previous week saw Source: Google LLC Google Covid-19 Community Mobility Reports, Business Standard seven-day rolling average) Source: National Load Despatch Centre Source: Central Pollution Control Board
with a lag. Analysts across the world have, earnings recover close to 2019 levels. The
therefore, been tracking higher frequency seven-day rolling average power genera- period last year. The traffic data from numbers than 2019 for the week ended of the corresponding 2019 levels, based on to various places. Grocery and pharmacy
indicators to better understand the fast- tion numbers for August 2 showed higher TomTom International showed Mumbai Sunday, despite signs of an upward trend. a seven-day rolling average (as of Sunday). visits showed an upward trend, as did visits
changing situation on the ground. generation (relative to 2019) than at any traffic at a higher level to the previous Nitrogen dioxide emission rises due to Emission in Mumbai — based on Bandra to retail and recreation spots. Parks, transit
Business Standard, similarly, tracks time since the lockdown. The numbers are week. For Delhi, it was the same as last industrial activity and vehicle usage. readings — were little changed. stations, and workplaces all registered an
other indicators, including traffic, pollu- now 6.8 per cent higher than the same week. Both cities have shown lower Emission in Delhi are at above 90 per cent Google uses location data to track visits improvement in the number of visits.

HSBC profit Centre launches new set of BoI’s pre-tax

halves in H1 profit jumps
to $5.6 billion
10-year benchmark bonds fourfold
3 August Govt may raise redemption limit later to avoid issuance of such number of securities
HSBC Holdings is speeding up the shakeup
of its global business and warning loan
Mumbai, 3 August THE MOVEMENT That will push up yield.
The high-borrowing pro-
Mumbai, 3 August
Q1FY21 Q1FY20
losses may reach $13 billion this year as it 10-Year G-sec yield (%) gramme has upset normal rules of Bank of India (BoI) on PBT (~cr) 1,332.4 359.3

battles the economic fallout from the he Centre has introduced a investing for many in the market. Monday reported a fourfold Net profit (~cr) 843.6 242.6
coronavirus pandemic. new set of 10-year bench- The original plan was to raise ~7.8 jump in profit before tax (PBT)
NII (~cr) 3,481.1 3,485.4
The Asia-focused lender reported mark bonds, within 10 trillion for FY21, but the target was to ~1,332.45 crore in the
first-half profit that missed estimates after months of raising the earlier one. subsequently raised by 53.85 per quarter ended June (Q1Fy21) Provisions (~cr) 1,512.0 1,911.9
they more than halved to $5.6 billion because This comes amid record borrow- cent, to ~12 trillion. In the first half, owing to rise in other income and contingencies
of higher loan losses. The bank said it was ings, which have limited the gov- ~5.16 trillion was raised, with the and lower provisions and con- Net NPA 3.58% 5.79%
looking at further measures to boost ernment’s ability to ensure that green shoe option used to raise a tingencies. The public sector CAR 12.765 14.35%
performance, including investing more in redemptions do not bunch up. further ~60,000 crore. bank had posted PBT of ~359.3
Asia and cutting back in the US. In Friday’s auction, the govern- The RBI has also engaged in crore in the June quarter last
“We do need to take costs down, as a ment raised ~18,000 crore by yield management by switching financial year.
result of the revenue pressures” from the introducing new 10-year bonds at short-term bonds with longer dated The lender's net profit for
coronavirus, said Chief Financial Officer a yield of 5.77 per cent. The secur- bonds. The 10-year bond launched the reporting quarter rose to
Ewen Stevenson in an interview with ity issued in May had a cut-off in May still has ~16,000 crore of ~843.6 crore from net profit of
Bloomberg Television after HSBC lifted its coupon rate of 5.79 per cent, and room left on that, which could be ~242.6 crore in the year-ago
estimated bad debt charge to the range of $8 is the most traded in the market used to switch auctions during the period.
billion to $13 billion for the year. The shares because of its liquidity. rest of the year, said Prasanna. The bank’s stock closed
were down 4.2 per cent at 9 am in London. This has been the shortest rul- tions. Given the increased weekly Typically, such benchmark set- Additionally, the 10-year secur- 2.02 per cent higher at ~48.05
HSBC has been seeking to pivot away ing benchmark ever, and the gov- auction size, the 10-year bond ting used to happen once a year. ity is the ninth security to be made apiece on the BSE. The bank’s
from Europe and the US to expand its busi- ernment may have to increase its issued in May had already reached Bond dealers say such this may available to foreign portfolio capital adequacy ratio stood
ness in the fast-growing Chinese market. redemption limit later to avoid ~1.04 trillion in total outstanding, create confusion in the markets investors under the fully access- at 12.76 per cent as of June 30.
The lender, which has been singled out issuance of such number of secur- due to which the government pro- on rate setting. ible route. Therefore, this will also The net interest income
by Washington for its backing of Beijing, ities. “The government typically bably decided to issue a new 10- Further, when the outstanding increase the availability of secur- (NII) remained almost flat
said it will continue to shift its capital caps total issuances in any par- year bond so early into the fiscal touches ~1.2 trillion, people may ities for foreign investors to take year on year at ~3,481.1 crore
towards Asia, which provided nearly all of ticular security at ~1.2 trillion, to year,” said B Prasanna, head not take positions on existing positions in, and boost foreign in Q1FY21, from ~3,485.4 crore
its earnings. BLOOMBERG avoid the bunching up of redemp- (treasury), ICICI Bank. bonds fearing a stop in issuances. currency flow. in the same quarter a year ago.
Net interest margin (NIM) Bank to raise
for domestic operations fell to
2.73 per cent in June 2020
~8,000 crore
The imprint of financial stability in RBI policy
against 3.03 per cent in the Bank of India plans to raise
year-ago month. Bank’s ~7,000-8,000 crore to meet
Managing Director and Chief regulatory norms and support
Executive A K Das said the business growth. It may tap
nature, it will be a surprise if strict rule- based approach. The focus of central bank is likely to tion target”. Nowhere in the which can be done either decline in NIM was due to fac- equity market with qualified
the central bank cuts again RBI over the past several maintain adequate liquidity, MPC’s mandate is there any ref- through a process of gradual- tors like somewhat muted institutional placement, raise
even if it’s token. months has exactly been doing continuing to address financial erence to its role in liquidity ism as against a cold turkey growth in loan book and money through additional tier
The issue of financial sta- that with great success. One stability and addressing the management, which remains approach, regulatory changes efforts towards effective rate I bonds. The government
bility in monetary policy has such defining example is the vexed issue of moratorium internal to the functioning of should not be ushered in at a transmission. However, the participation in infusing
always been an unsettled issue, current liquidity through a balanced the Bank consistent with its frantic pace disruptive of econ- other income comprising fees capital is also one option if
ever since the global financial framework, which communication with policy stance. As Goodhart omic activity. With the pan- and commissions rose to Centre decides on recapit-
crisis. For example, the Federal has achieved the the market. (2010) observes, the width of demic now occurring, it is natu- ~1,707.2 crore in Q1FY21 from alisation plans, said Managing
Open Market Committee, even unthinkable task of Interestingly, even the policy corridor acts as an ral that such measures are ~1,194.7 crore in Q1FY20. Director & Chief Executive
12 years after global financial fastest rate trans- as the RBI has taken independent instrument for partially relaxed to loosen the The bank has estimated A K Das. BS REPORTER
crisis, has reached no agree- mission in the short- the Covid crisis with a the central bank in a crisis and stranglehold of deflationary the impact of such wage revi-
COMMENT ment to date to change the pol- est possible time. RUN -UP TO strong response, some an asymmetric corridor is a momentum on economic sion arrears amounting the June quarter for Special
icy framework to handle finan- The second example MONETARY POLICY of the measures by the logical outcome under such. activity and rekindle animal ~1,461.63 crore till June 30, Mention Accounts where
SOUMYA KANTI GHOSH cial instability or the is restoring financial RBI has been surpris- The ECB maintains an asym- spirits. One must be mindful of 2020. It made additional moratorium was extended, it
probability of effective lower stability through ingly labelled as not in metric corridor and the RBI has the banking system of again not provision of ~161.63 crore in said in a BSE filing.
The forthcoming Reserve Bank bound (ELB) episodes. unconventional monetary pol- sync with the MPC; for followed suit amidst the pan- being caught in a pincer move- Q1FY21. The provisions, The bank held the total
of India (RBI) policy is likely to In this context, I am icy surprises with NBFC sector example, the reverse repo rate demic-induced dislocation. ment of intense regulatory including for non-performing provision of ~1,034.78 crore for
address the issue of financial tempted to quote former Fed garnering ~1 trillion in FY21. cut outside policy. Section 45Z In a similar vein, there has monitoring and mounting non- assets, and contingencies the Covid-19 pandemic. The
stability. With inflation set to Chairman Ben Bernanke (2003) Several small MFs with much (3) of the amended RBI Act of been criticisms regarding the performing assets! dipped to ~1,512.07 crore in the provisions are higher than
stay higher than the upper of how constrained discretion lower rating (A3+ with an 2016 clearly states that “The slowing down of regulatory first quarter of FY21, from what is required by the RBI’s
band of RBI inflation target and achieves the desired objective equivalent long term rating at Monetary Policy Committee changes being ushered by the (The author is group chief economic ~1,911.18 crore in Q1FY20. guidelines to cushion the bal-
given that inflation expecta- of monetary policy making BBB) are also now participating shall determine the policy rate RBI. We must remember that advisor, State Bank of India. The lender made Covid-19 ance sheet from the impact of
tions in India are adaptive in rather than adherence to a in CP market. Given all this, the required to achieve the infla- similar to fighting inflation, Views are personal) provisions of ~620.30 crore in pandemic.

Bandhan Bank promoters sell 21%

STOCK MOVEMENT is compliant with norms (stake
holding). Referring to use of
Mumbai, 3 August Bandhan Bank proceeds from sale of stake,
BSE Sensex Ghosh said, now, the holding
Bandhan Bank’s promoters company can start insurance
on Monday offloaded nearly 99.79 and mutual fund businesses,
21 per cent stake in the bank 100 subject to RBI approval.
to comply with the Reserve The board of the holding
Bank of India’s (RBI’s) 100 company will either decide to
ownership rule. 60 start business or give dividend
Bandhan Financial or do both. In insurance, the
Holdings (BFHL), the holding 64.31 option is open to pick up stake
company of the bank, sold 20 in the company.
nearly 337.4 million shares at Aug 1,’19 Aug 3,’20 Though Bandhan Bank is
a minimum of ~311 apiece to now on a par with RBI’s norms
raise ~10,500 crore. The stake for the bank are now complied moter stake to 40 per cent. on promoter holding, there are
sale was done through with,” Bandhan Bank said. Prior to the stake sale, some near-term fundamental
multiple block deals on the According to RBI’s licen- BFHL’s stake stood at 60.96 per worries, mainly on the asset
stock exchange platform. sing norms, any bank offering cent, after mortgage lender — quality front. This is owing to
While the domestic market ‘universal’ services need to Gruh Finance — was merged over 65 per cent of its loan book
had seen bigger share sales bring down the promoter’s with Bandhan Bank in coming from microfinance.
through block deals, this was stake to 40 per cent in three October 2019. Deepak Jasani, head of
one of the largest in terms of years from the date of com- Chandra Shekhar Ghosh, research-retail at HDFC
percentage shareholding, said mencement of operations. managing director and chief Securities, said, “The microfi-
experts. Credit Suisse, JP In 2018, when Bandhan executive, said in February the nance segment has been
Morgan, Goldman Sachs, and Bank got listed, the promoter RBI removed restriction on impacted by the pandemic-led
JM Financial were the invest- stake stood at 82.3 per cent. branch expansion. After that, disruptions. This, along with
ment bankers that handled Since then, the bank had been the Covid-19 pandemic hap- the floods in Assam, which is
the share sale. exploring various options to pened, due to which Bandhan a key state for Bandhan Bank,
With the stake sale, shares dilute the promoter stake to could not open branches. could put some pressure on
of Bandhan Bank tanked 10.6 meet the RBI requirement. In Now, the bank has a plan to the bank’s asset quality.” Some
per cent to ~309 apiece on fact, last year, the central bank expand network. As for freeze comfort, however, is that the
Monday, where shares worth had imposed restrictions on on salary to top executive, it is bank’s collection efficiency
~11,800 crore changed hands. branch expansion on the bank subject to RBI decision. The has improved to 76 per cent in
“All the licensing conditions after it had failed to lower pro- bank has given a report that it June from 29 per cent in April.

‘We now have 3 years to reduce stake to 20%’

Bandhan Financial Holdings, the holding company of Bandhan Bank, has diluted its does this mean for Bandhan’s expansion?
stake by 20.95 per cent to comply with the Reserve Bank of India’s (RBI’s) licensing A couple of months back, RBI withdrew the
guidelines. CHANDRA SHEKHAR GHOSH, managing director and chief executive officer of restriction on expansion and, accordingly, we
the firm, tells Ishita Ayan Dutt that entering the insurance and mutual fund businesses are planning for the next five years on the
is an option, but the board will take a call on this. Edited excerpts: bank’s expansion. However, there are
hindrances because of the Covid-19 situation.
Bandhan has diluted its excess Gradually, we are going to expand branches to
shareholding through secondary market attract retail deposits.
CHANDRA SHEKHAR sale. Who are the buyers?
GHOSH There were multiple buyers, but among them Are you seeing an improvement in collections?
MD & CEO,Bandhan Bank were GIC Pte, BlackRock, Temasek, and SBI Collection efficiency is very good. When the
Mutual Fund. lockdown was relaxed in June, borrowers
started repaying. But localised lockdowns are
Bandhan has raised about ~10,500 crore. a challenge. Apart from that, collection has
How will this be utilised? reached almost 85 per cent of normal.
This money will go to the holding company, Overall, collection efficiency has improved
Bandhan Financial Holdings. One of the opt- since June.
ions before the NOFHC (non-operative fina-
ncial holding company) is entering the insu- To what extent have floods in Bihar and
rance and mutual fund businesses. The board Assam impacted recovery?
will take a call. We have floods in Bihar and Assam, and West
Bengal had a cyclone. Every year, there is a
What is the timeframe for flood or cyclone. Last year, we faced Cyclone
bringing promoter holding Fani in Odisha. We stopped the collection
to 20 per cent? voluntarily this time, learning from our
The first dilution had to be done in previous experience. We were only in touch
three years. We now have three years with customers to ensure their safety, which
in hand to reduce stake to 20 per cent. helped us build a good relationship. Once
they get over the current situation, they will
Now that compliance is taken care of, what automatically come forward to repay.

Tata vs Mistry: The

financial investment and had a per- ed with a large base of public and GROUP THINK
sonal character to it. institutional shareholders. The Tata
To bolster this argument, the Trusts are public charitable trusts, > What SP Group seeks from the SC:
Mistry family said that since 1951, not a private trust controlled by any  Proportionate representation on

the family’s representation on the family members. Tata Sons Board

board evolved from group compa- On the argument that the Mistry  Deletion of Article 121 from the

final countdown
nies to Tata Sons. With time, more family has been denied “special AOA of Tata Sons (Article 121 gives
Mistry family members represent- rights,” the Tata argument is that the “affirmative vote” to the Trust-
ed their shareholding in more than only rights that are available to share- nominated directors)
20 group companies. holders are those that accrue in law  Convert Tata Sons’ status back to
The Mistrys argue that Tata Sons’ or under the terms of the Company’s public from private
The Supreme Court hearings that start this month will determine the legacy of shareholding pattern clearly shows
that the holding company is a two-
Articles of Association as share-
holders of Tata Sons. None of these
Ratan Tata and establish the rights of minority shareholders group-owned entity as the Tata rights was denied to Mistry or Mistry TATA RESPONSE TO CYRUS
Trusts, Tata companies and Tata family/entities, they said. MISTRY’S APPEAL:
DEV CHATTERJEE family members hold 81.5 per cent As for the affirmative voting
 The cross-appeal filed by Cyrus
Mumbai, 3 August and the rest is held by the SP Group, right, it does not mean that the
the only significant non-Tata equity Trust-nominated directors can pass Mistry is contradictory and a
scatter-shot approach to deviate

hen the Supreme Court shareholder, making the arrange- any resolution at will. Any Tata Sons
begins hearing petitions ment a quasi-partnership. board decision will require the supp- from the core issue and bring
filed by the Tata Sons and Tata’s legal team says the issue ort and majority vote of all the direc- narrative distractions that increase
the Mistry family from this month, it of quasi-partnership is an after- tors. Article 121, at the very highest, speculation around the bona fide
will decide not only the legacy of thought on the part of the Mistrys gives the majority of the Trust-nom- intentions and decisions of
Tata group patriarch, Ratan Tata, 82, that was never effectively pleaded inated directors a right to veto a deci- Tata Sons Board
and the rights of minority share- before the NCLT or the NCLAT. sion; they cannot impose their decis-  Cyrus Mistry’s plea on
holders but also the bruised egos of Tata Sons was incorporated in ion on the rest of the Board. “It is shareholder’s oppression and
two top business families. 1917, founded by the late Jamsetji also a matter of record that to date mismanagement is unverifiable
Also at stake is the veto power Tata and his family. Pallonji S Mistry this ‘veto’ has not been exercised  Cyrus Mistry’s conduct is
enjoyed by Tata charitable trusts in and Sterling Investments bought even once to negate a decision of the
personally motivated and
the affairs of Tata Sons and, of Tata Sons shares in 1965 — more Board,” the Tata group petition said.
course, ~6 trillion of assets held by than 50 years after its incorporation On Mistry’s charges that Tata intended to malign the
the Tata group, the country’s largest and after a large portion of the com- took poor business decisions, Ratan Tata Group’s reputation and its
corporate group. Ratan Tata Cyrus Mistry pany’s shares were endowed to char- Tata left it to the stakeholders to stakeholders’ interests
 Flawed representation of the case
The four-year-old battle between itable trusts. decide. “At this stage of my life and
the friends-turned-foes started when cited the poor financial performance its shares. “If a company goes priv- moved the Supreme Court, which Even this initial shareholding career, I would not like to either of quasi partnership. Reflective of
Cyrus Mistry, 52, the younger son of of Tata Steel Europe, Tata Motors' ate, it becomes difficult for the share- stayed the NCLAT order and sought was not a result of any grand alliance explain or defend my performance being self-serving and neither
billionaire Pallonji Mistry, was uncer- Nano project, Tata Teleservices, holders to sell shares or give it as a responses from all parties. The Mist- or partnership but acquired through as chairman of Tata Sons and of the factually nor legally correct in the
emoniously removed as chairman Indian Hotels, Jaguar Land Rover, collateral as it can lead to a change in ry family also appealed to the apex a secondary purchase of 124 equity other Tata companies whose board context of the case
of Tata Sons in October 2016 — a few Tata Power’s Mundra which, he said, ownership,” says R S Loona, mana- court seeking additional reliefs on shares by Pallonji S Mistry. No spe- I chaired during my tenure. It is for
months before his five-year term was drained Tata Sons coffers (he called ging partner of Alliance Law, adding, representation on Tata Sons board cial rights were attached to the the companies and their stakehold- 13% 2.5%
to end. The Mistry family, which them “legacy hotspots”). “Clarity by the Supreme Court on on the basis of its 18.5 per cent stake Mistry family’s acquisition, and ers to judge,” he said in an emotion-
Tata Others
owns 18.5 per cent in Tata Sons, was Mistry also said he was made the this issue will help both sides.” in Tata Sons and deletion of Article none were either demanded or al appeal to the Supreme Court. 66%
furious at the way Tata removed fall guy for several corporate gover- After the National Company Law 121 from Tata Sons’ articles of associ- promised to them. “However, one thing I would like Tata Trusts
Mistry — triggering a bitter and ex- nance issues including Tata Capital’s Tribunal (NCLT), Mumbai, ruled in ation which gives Tata Trust-nomi- This purchase of shares in 1965 to clarify and reiterate that through-
pensive legal battle between the two. loans to Tata’s close friend, C Siva- Tata Sons’ favour on April 17, 2017, nated directors an “affirmative vote”. was a transaction at a commercial out the past several decades that I
Cyrus Mistry’s main grouse was sankaran (which were never repaid), saying Mistry’s removal was kosher, The Mistry family’s argument for value between a willing buyer and have served the Tata group in vari-
he was blamed for the Tata group and bribery by AirAsia India for its the Mistry family moved the proportional board representation willing seller, the argument ran, and ous capacities, I have been solely
companies’ shoddy performance flying licence. Interestingly, Mistry’s National Company Law Appellate was based on its claim that its stake there was no contract, arrangement guided by the interest of this group
during his tenure since 2012 but it successor, N Chandrasekaran, 57, is Tribunal (NCLAT) in New Delhi. The in Tata Sons was a quasi-partner- or understanding of any kind in and its enduring legacy, which can- TATA SONS?
was his predecessor, Ratan Tata, who grappling with the same issues that appellate tribunal, on December 18 ship. Several instances were cited to which the Mistry family would have not be judged in numbers alone and
created the crisis during his 20-year Mistry raised in 2016. last year, said Mistry’’s removal was prove this — personal letters writ- a seat at the board or any other man- goes beyond return on investment
term at the helm of Tata Sons. In his In a related step, Tata Sons also “illegal,” restored him as Tata Sons ten by Ratan Tata to Pallonji Mistry agement role. and costs of capital.”
communications to the Tata Sons decided to turn into a private com- chairman and held Chandra- and transactions conducted with The Tata position is that the oper- Whether the Supreme Court
directors and Tata Trusts trustees pany in September 2017, making it sekaran’s appointment illegal. Tata family members prove that the ating group companies are distinct agrees with this self-assessment is
Mistry family
soon after he was removed, Mistry difficult for the Mistry family to sell In January this year, Tata Sons relationship was beyond a simple legal entities, many of which are list- an open question.


‘hold’ in [CIN: L85190MH1947PLC005913]

A partial and
Registered Office: Indoco House, 166 CST Road,
whipsawing Kalina, Santacruz (E), Mumbai 400 098 Tel: 62871000 /
33861250 email: compliance.officer@indoco.com /

markets web: www.indoco.com

slowing recovery
SAIKAT CHATTERJEE & Notice is hereby given pursuant to Section 91 of the Companies Act,
THYAGARAJU ADINARAYAN 2013 read with Rule 10 of Companies (Management and Administration)
3 August Rules, 2014 that the Register of Members and the Share Transfer Books
of the Company will remain closed from Tuesday, 22nd September 2020
An economic revival is underway from the sharp Warren Buffett’s favourite hold-
to Thursday, 24th September 2020, both days inclusive, for the purpose
of 73rd Annual General Meeting (AGM) and dividend for the year ended
fall of April. But, its momentum could be petering ing period — forever — has few 31st March, 2020.
fans these days, with the average
out well before the recovery is complete length of time shares spend in a
The 73rd AGM of the Company is scheduled to be held on Thursday,
24th September, 2020 at 10.30 a.m. by Video Conferencing or Other
portfolio hitting record lows this Audio Visual Means.
was during 2019-20. year as investors surf wild mar- This Notice shall also be available on the website of the Company at
Part of the difference between industri- ket swings for quick gains. www.indoco.com and on the websites of BSE Limited at www.bseindia.com
al data and employment data can be The length of time that and National Stock Exchange of India Limited at www.nseindia.com.
explained by the fact that the former does investors hold shares has been For Indoco Remedies Ltd.
not tell us anything about the agricultural shrinking for decades but the S/d
sector, which has been seeing a sharp trend accelerated this year in Place : Mumbai Jayshankar Menon
increase in employment on account of volatile markets that have made Date : 03-08-2020 Company Secretary
MGNREGS and also because of robust sow- people nervous about sitting on
ing of kharif crops. investments for too long.
Person-days of employment offered There are different ways of
under MGNREGS recorded a 53.8 per cent slicing it, but Reuters calculati-
MAHESH VYAS y-o-y growth in May and then a massive ons based on New York stock
99.2 per cent growth in June. July recorded exchange data show the average
a lower, 38.5 per cent expansion. holding period for US shares

n July 2020, the unemployment rate ret- By the end of June, kharif sowing was was 5-1/2 months in June, ver-
urned to its pre-lockdown level. Different twice its level a year ago. By the end of July, sus 8-1/2 months at end-2019.
comparisons can yield slightly varying the lead narrowed down to 14 per cent. The previous record low of
results but broadly, it would be fair to say Therefore, while industrial data shows a six months was hit just after the
that by July 2020 the unemployment rate spurt in activity in May and a slowing down 2008 crisis. In 1999, for exam-
had come down to the pre-lockdown levels. of growth in June, rural activities show a ple, 14 months was the average.
The unemployment rate in July 2020 was spurt in May and a much bigger rise in June Europe displays a similar tre-
7.4 per cent. This is lower than the average followed by a slower growth in July. nd, with holding periods shrink-
unemployment rate of 7.6 per cent during ing to less than five months,
2019-20. The unemployment rate in from seven months last
February and March 2020 was 7.8 and 8.8 per December.
cent, respectively. The July 2020 unem- Rob Almeida, a portfolio
ployment rate is lower than both. However, manager at asset manager MFS,
it is slightly higher than the 7.3 per cent said for years mom-and-pop
recorded a year ago, in July 2019. punters, commission-free inve-
Weekly trends of July had correctly sug- sting and more machine-trad-
gested a sharp fall in the unemployment ing have contributed to the
rate from its 11 per cent level of June 2020. trend. But 0 per cent interest
It had also correctly suggested an increase rates, trillions of dollars of cen-
in the labour participation rate. Apropos tral bank and government stim- NESCO LIMITED
of that, the labour participation rate has ulus and high levels of uncer- CIN: L17100MH1946PLC004886
risen from 40.3 per cent in June to 40.7 per tainty caused by the pandemic Regd. Office: Nesco Center, Western Express Highway, Goregaon (East),
cent in July. have added to the momentum. Mumbai 400063.
However, the labour participation rate is “Capital doesn’t have a price Tel: 022 66450123 Email: companysecretary@nesco.in Web: www.nesco.in
still significantly lower than the average of thanks to all this stimulus,” NOTICE
42.7 per cent recorded in 2019-20 or the Almeida said, “The Covid-19 cri- (FOR THE ATTENTION OF EQUITY SHAREHOLDERS OF NESCO LIMITED)
42.5 per cent recorded during January- sis has accelerated the trend of Sub: Transfer of Equity Shares of the Company to Investor Education
March 2020. Therefore, while the unem- short-termism in investing.” and Protection Fund (IEPF) Account
Notice is hereby given to the shareholders of the Company pursuant to Rule 6 of Investor Education
ployment rate has recovered to its pre-lock- Meanwhile, there’s little clar- and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Amendment Rules, 2017
down, the labour participation rate has not ity on companies’ future earn- (IEPF Rules) effective 28 February 2017.
recovered as yet. The labour participation Part of the difference between ings, the economic outlook and In terms of Section 124(6) of the Companies Act, 2013 read with the IEPF Rules, the shares in respect
rate fell to 40.5 per cent in the last week of industrial data and employment data the pandemic outcome. of which dividend has not been paid or claimed for seven (7) consecutive years or more are liable to be
transferred by the Company to the Investor Education and Protection Fund (IEPF).
July 2020. can be explained by the fact that the “So what’s happening is this
The Company has sent communication individually to the concerned shareholders whose shares are
An economic recovery is underway from former does not tell us anything ability to act or trade or churn, liable to be transferred to IEPF Account under the said Rules for taking appropriate action(s).
the precipitous fall of April. But, the recov- about the agricultural sector whatever you want to call it, The concerned shareholders, holding shares in physical form and whose shares are liable to
ery momentum could be petering out well based on information that may be transferred to IEPF Account, may note that the Company would be issuing duplicate shares
before the recovery is complete. Labour statistics from CPHS seem to not be material,” Almeida said. certificate(s) in lieu of the original share certificate(s) held by them for the purpose of transfer of
shares to IEPF Account as per Rules and upon such issue, the original share certificate(s) which stand
Production data suggest that after the reflect the recovery of May seen in both rural Turnover ratios, the percen- registered in their name will stand automatically cancelled and be deemed non-negotiable. Concerned
steep fall in April, there was a strong recovery and industrial data. They also reflect the tage of portfolio holdings that shareholders holding shares in Demat form may note that the Company shall inform the depository by
in May. Then, the rate of recovery slowed extraordinary spurt in rural employment are replaced in a 12-month peri- way of corporate action for transfer of shares in favour of IEPF.
down in June. The 8-core industries index and kharif sowing in June. They do not seem od, increased to 92 per cent at The shareholders may further note that the details uploaded by the Company on its website should be
regarded and shall be deemed adequate notice in respect of issue of the duplicate share certificate(s)
shows that after a 38.6 per cent month-on- to acknowledge the slowdown in recovery end-June, from 85 per cent a by the Company for the purpose of transfer of shares to IEPF Account pursuant to the Rules.
month fall in April, May recorded a robust of 8-core industries in June. But, 8-core year ago for a group of global In case Company does not receive any communication from the concerned shareholders by 15
30 per cent rebound in the index. In com- industries are not labour intensive. multi-asset funds tracked by September 2020, the Company shall, with a view to adhering with the requirements set out in the
parison, the improvement in June was very Whether we read the slowing down of Lipper. Rules, transfer the shares to the IEPF Account by the due date as per procedure stipulated in the
Rules. Please note that no claim shall lie against the Company in respect of unclaimed dividend and
small at a mere 5.6 per cent. growth in industrial activity in June or the The trend has ensured rich shares transferred to IEPF pursuant to the rules.
Labour statistics suggest a different slowing down of the recovery in the employ- returns for nimble traders but The Company has uploaded full details of such shareholders and shares due for transfer to IEPF
recovery path. The employment rate fell 11.9 ment rate in July, it is apparent that the ini- also poses questions about mar- Account on its website at www.nesco.in. Shareholders are requested to refer to the web-link https://
percentage points — from an average of 39.1 tial recovery in economic activity is slowing ket stability once stimulus fades. www.nesco.in/shareholder-services to verify the details of unclaimed dividends and the shares liable
to be transferred to IEPF Account.
per cent during January-March 2020 to 27.2 down. The labour force in July 2020 was Market short-termism was Shareholders may kindly note that both the unclaimed dividend and the shares transferred to IEPF
per cent in April. This recovered by 2 per- still nearly three per cent lower than the highlighted as far back as 2010 Authority including all benefits accruing on such shares, if any, can be claimed back by them from IEPF
centage points to 29.2 per cent in May and by average labour force in 2019-20. So was the by Bank of England chief econ- Authority after following the procedure prescribed by the Rules.
much bigger, 6.7 percentage points in June number of persons employed. There is omist Andrew Haldane who In case the shareholders have any queries on the subject matter and the Rules, they may contact
the Company’s Registrar and Share Transfer Agent at M/s. Sharex Dynamic (India) Private Limited,
to 35.9 per cent. In July, the recovery is mod- much to catch up. It’s not time yet to slow described it as “subconscious C – 101, 247 Park, L B S Marg, Vikhroli (West), Mumbai, Maharashtra, 400083. Tel No.
est at 1.7 percentage points to 37.6 per cent. down the recovery process. myopia”. 022-28515606/022-28515644 Email: support@sharexindia.com website: http://www.sharexindia.com/
Even after the robust recovery of June and But buy-and-hold investors For Nesco Limited
the continued recovery in July, the employ- The author is managing director & CEO, have had a rough year so far. Sd/-
Mumbai Jinal J. Shah
ment rate is still much lower than what it Centre for Monitoring Indian Economy P Ltd 01 August 2020 Company Secretary and Compliance Officer

IN BRIEF Trump gives Microsoft 45 days for TikTok deal

REUTERS nymity ahead of a White
Nasdaq climbs to record high, 3 August TikTok owners will House announcement. Microsoft
relocate to London cautioned in its statement that
led by Apple and Microsoft US President Donald Trump only
agreed to allow Microsoft to nego-
from Beijing: Report there is no certainty a deal will
be reached.
Wall Street started August with more gains following encouraging tiate the acquisition of popular ByteDance will move its headquarters to “Microsoft fully appreciates
reports from around the world on the economy. short-video app TikTok if it could London from Beijing under a deal appr- the importance of addressing the
The S&P 500 was 0.7 per cent higher in intra-day trade , tacking secure a deal in 45 days, three oved by British ministers, The Sun news- President’s concerns. It is com-
more gains onto its four-month winning streak, with Big Tech once people familiar with the matter paper reported. ByteDance’s founders mitted to acquiring TikTok subject
again leading the way. Treasury yields also ticked higher in a sign of said on Sunday. are to announce their intention to set up to a complete security review and
lessened pessimism. The Dow Jones Industrial Average was up 215 The move represents an about- shop in London soon, the newspaper providing proper economic bene-
points, or 0.8 per cent, at 26,643, as of 08:40 pm (IST), and the gains face for Trump and prompted the said, adding that the move was likely to fits to the US, including the US
for tech stocks helped the Nasdaq composite jump 1.3 per cent. US tech giant to declare its interest upset US President Trump who has consi- Treasury,” Microsoft said in a
The Nasdaq 100 touched a record as Apple reached an all-time in the blockbuster social media dered banning TikTok in the US. REUTERS statement. ByteDance and the
high and with Microsoft Corp. gaining as it tried to salvage a deal deal that could further inflame White House did not immediately
for the US operations of TikTok. Marathon Petroleum Corp. jumped US-China relations. Trump said Trump had dismissed the idea Investment in the United States Republican lawmakers put out respond to requests for comment
on plans to sell its gas-station business for $21 billion. on Friday he was planning to ban of a sale to Microsoft on Friday. (CFIUS), which scrutinises deals statements in the last two days on the Microsoft talks. In a state-
Europe’s benchmark gauge headed for its biggest advance in two TikTok amid concerns that its But following a discussion for potential national security urging Trump to back a sale of ment issued late on Sunday that
weeks as auto and tech shares surged after the euro area’s first Chinese ownership represents a between Trump and Microsoft risks, according to the sources. TikTok to Microsoft. did not mention TikTok,
manufacturing expansion in one-and-a-half years. national security risk because of CEO Satya Nadella, the Redwood, Trump changed his mind, fol- “A win-win in the making,” ByteDance said it faced “complex
The dollar bounced higher after its worst July in a decade and the personal data it handles. Washington-based company said lowing pressure from some of his Republican Senator Lindsey and unimaginable difficulties” in
Treasuries fell across the yield curve as data showed US The proposed acquisition of in a statement on Sunday that it advisors and many in his Graham tweeted in response to going global. As relations between
manufacturing expanded in July at the fastest pace since March TikTok, which boasts 100 million would continue negotiations to Republican party, one of the Trump’s new stance on Sunday. the US and China deteriorate over
2019. BLOOMBERG US users, would offer Microsoft a acquire TikTok from ByteDance, sources said. Banning TikTok The negotiations between trade, Hong Kong’s autonomy,
rare opportunity to become a and that it aimed to reach a deal would alienate many of its young ByteDance and Microsoft will be cyber security and the spread of
major competitor to social media by September 15. users ahead of the US Presidential overseen by CFIUS, a US govern- the novel coronavirus, TikTok has
Marathon to sell gas stations to giants such as Facebook and Snap.
Microsoft also owns professional
This is a deadline that was put
to ByteDance and Microsoft by
election in November, and would
likely trigger a wave of legal chal-
ment panel that has the right to
block any agreement, according
emerged as a flashpoint in the dis-
pute between the world’s two
7-Eleven owners for $21 bn social media network LinkedIn. the Committee on Foreign lenges. Several prominent to the sources, who requested ano- largest economies.

Seven & i Holdings Co, the world’s largest convenience store operator, is
betting $21 billion on the future of quick-stop shopping in the US,

Politics may compromise on safety of

reviving a once-abandoned deal to make sure the target didn’t fall into
the hands of a competitor. The global operator of the 7-Eleven franchise
agreed to buy Marathon Petroleum Corp’s gas-station business, adding
3,900 Speedway outlets to clinch a dominant position of almost 14,000

coronavirus vaccine, fear scientists

stores in the US and Canada. Seven & i pushed ahead despite the uncertainty
of the pandemic and investor pessimism. Its shares declined 4.8 per cent in
Tokyo on Monday. Marathon rose 13 per cent before regular US trading hours.
The Japanese retailer returned to strike a deal after stepping away from
negotiations earlier this year. Concerned that Canada’s Alimentation
Couche-Tard Inc., the second-largest convenience store operator in North Operation Warp Speed has moved along at a rapid clip. But some professionals involved in the making
America, would snap up Speedway for itself, Seven & i decided to aim for
scale. The transaction will give 7-Eleven a presence in 47 out of the top 50 of the drug caution on pressure to deliver an October surprise for US President Donald Trump
metropolitan markets in the US and a commanding lead in the country’s

convenience-store segment. lator has the power to approve or deny
“The disadvantage of not winning this bid would have been other NOAH WEILAND, PETER BAKER & ANNIE KARNI vaccines for emergency use, but that deci-
competitors expanding their business,” Joseph DePinto, president of the 3 August sion could be overridden by the agency’s
7-Eleven US operation, said on a conference call on Monday. BLOOMBERG top leaders, or by the secretary of health

n April, with hospitals overwhelmed and human services.
and much of the US in lockdown, the White House officials said that Trump
Chinese AI SoftBank-backed Department of Health and Human
Services produced a presentation for the
would not distort the vaccine review pro-
cess to help his campaign. “The rapid
company files Grab to raise White House arguing that rapid develop-
ment of a coronavirus vaccine was the best
research, development, trials and even-
tual distribution of a Covid-19 vaccine is
$1.4-bn lawsuit $200 mn from hope to control the pandemic.
“DEADLINE: Enable broad access to
emblematic of President Trump’s highest
priority: the health and safety of the
against Apple PE company the public by October 2020,” the first slide
read, with the date in bold.
American people,” said Judd Deere, a
White House spokesman. “It has nothing
Chinese artificial intelligence Southeast Asian ride-hailing Given that it typically takes years to to do with politics.”
company Shanghai Zhizhen leader Grab Holdings Inc is develop a vaccine, the timetable for the Anthony S Fauci, the director of the
Intelligent Network Technology, raising $200 million from South initiative, called Operation Warp Speed, National Institute of Allergy and
also known as Xiao-i, has filed a Korean private equity firm Stic was incredibly ambitious. With tens of Infectious Diseases, told lawmakers on
lawsuit against Apple Inc, alleging Investments Inc, according to thousands dying and tens of millions out Under constant pressure from a White House anxious for good news and Friday that he remained “cautiously
it has infringed on its patents. people familiar with the matter. of work, the crisis demanded an all-out a public desperate for a silver bullet to end the crisis, the government’s optimistic that we will have a vaccine by
The company is calling for Seoul-based Stic Investments public-private response, with the govern- researchers are fearful of political intervention in the coming months the end of this year and as we go into
10 billion yuan ($1.43 billion)in is looking to increase its exposure ment supplying billions of dollars to phar- and are struggling to ensure that the government maintains balance 2021.” Stephen Hahn, the commissioner
damages and demands that Apple to the region and will invest about maceutical and biotechnology companies, between speed and rigorous regulation of the FDA, has not ruled out emergency
cease “manufacturing, using, $100 million from one of its funds providing logistical support and cutting approval of a vaccine.
promising to sell, selling, and while raising the remainder from through red tape. “We would consider using an emer-
importing” products that infringe co-investors, according to the It escaped no one that the proposed October with a vaccine that had yet to On a campaign call with supporters in gency use authorisation if we felt that the
on the patent, it said in a social people, who asked not to be deadline also intersected nicely with US complete clinical trials, the latest evidence Pennsylvania on Sunday evening, Trump risks associated with the vaccine were
media post. named because the matter is President Donald Trump’s need to curb of the global potential for cutting corners. said the “FDA has been great, at my much lower than the risks of not having a
Xiao-i argued that Apple's private. Representatives of Grab the virus before the election in November. Despite concerted efforts by the Trump instruction,” and he again raised hopes of vaccine,” he told the Journal of the
voice-recognition technology Siri and Stic declined to comment. The ensuing race for a vaccine — in administration and a bevy of pharmaceu- rapid progress. “We expect to have a American Medical Association in an online
infringes on a patent that it applied Despite the devastating impact the middle of a campaign in which the tical companies it is working with, the vaccine available very, very early before the interview. He also said regulators would
for in 2004 and was granted in Covid-19 has had on consumer president’s handling of the pandemic is original October target has slipped, with end of the year, far ahead of schedule,” certify that any vaccine would meet the
2009. Apple did not respond to a businesses, Grab has been able to the key issue after he has spent his time the administration now pushing to have he said. “We’re very close to having agency’s rigorous standards, adding, “My
request for comment. Reuters was raise money to continue funding its in office undermining science and the hundreds of millions of doses available by that finalised.” job as commissioner is to make sure to the
not immediately available to find a ride-hailing, food delivery and expertise of the federal bureaucracy — is the end of the year or early 2021. The president’s son-in-law and senior fullest extent possible that any pressure
copy of the court filing. The lawsuit digital financial services. The now testing the system set up to ensure But experts inside and outside the gov- adviser, Jared Kushner, who is helping to that comes to the agency is not reflected
marks the continuation of a row Singapore-based firm is among the safe and effective drugs to a degree never ernment still say they fear the White steer the re-election campaign from the downward” on to regulators and scientists
that has been ongoing for nearly a most richly financed tech startups before seen. House will push the Food and Drug White House, is a regular participant in studying the vaccines.
decade. Shanghai Zhizhen first in Southeast Asia, having raised Under constant pressure from a White Administration (FDA) to overlook insuf- meetings of a board formed to oversee the At the same time, a senior administra-
sued Apple for patent infringement more than $10 billion to date House anxious for good news and a public ficient data and give at least limited emer- vaccine effort. tion official refused to promise that any
in 2012 regarding its voice including about $3 billion from desperate for a silver bullet to end the cri- gency approval to a vaccine, perhaps for While White House officials do not spe- emergency approval of a vaccine would
recognition technology. REUTERS SoftBank Group Corp. BLOOMBERG sis, the government’s researchers are fear- use by specific groups like front-line cifically mention the election during the be vetted through the FDA’s outside advi-
ful of political intervention in the coming health care workers, before the vote on board’s discussions, people familiar with sory panel of experts, scheduled to meet
months and are struggling to ensure that November 3. the conversations say they ask regularly on October 22. Operation Warp Speed got
Lord & Taylor, oldest department the government maintains the right bal-
ance between speed and rigorous regula-
“There are a lot of people on the inside
of this process who are very nervous about
about October, a date that hangs over the
effort. Trump campaign advisers privately
its start in April, the brainchild of Peter
Marks, a pencil-thin, bespectacled physi-
store in US, files for bankruptcy tion, according to interviews with admin-
istration officials, federal scientists and
whether the administration is going to
reach their hand into the Warp Speed
call a pre-election vaccine “the holy grail.”
The FDA’s approval of a new vaccine is
cian who leads the regulatory unit at the
FDA that approves vaccines and therapies.
Lord & Taylor, known for its upscale fashions and extravagant holiday outside experts. bucket, pull out one or two or three vac- typically an exhaustive process, where A Star Trek fan, Marks named the
window displays, sought bankruptcy protection from creditors after a Even in a less politically charged envi- cines, and say, ‘We’ve tested it on a few agency employees meticulously go initiative Warp Speed and pitched it in an
turnaround effort faltered amid the coronavirus pandemic.The oldest US ronment, there would be a fraught debate thousand people, it looks safe, and now through data from clinical trials to review April 10 phone call to Alex M Azar II, the
department store filed for Chapter 11 protection in Richmond, Virginia, on about how much to accelerate the process we are going to roll it out,’” said Paul A whether the vaccine is both safe and effec- secretary of health and human services,
Sunday and will submit a reorganisation plan with the court. The of trials and approval. The longer that vac- Offit of the University of Pennsylvania, tive. The threshold for approving vaccines who quickly embraced it. In a follow-up
company, founded in Manhattan by two English immigrants in 1826, cines are tested before being released, the who is a member of the FDA’s vaccine is typically higher than it is for therapeutic phone call a few days later, according to a
said it had about $137.9 million of debt obligations. Lord & Taylor’s likelier they are to be safe and effective. advisory committee. “They are really wor- drugs because they will be used in millions person familiar with the discussions,
owner, fashion start-up Le Tote Inc., filed for Chapter 11 along with the But with 1,000 people dying each day ried about that,” he added. “And they of otherwise healthy people, meaning that several health officials said the October
retail chain. Le Tote bought the rights to the company’s stores, brand in the US, schools finding it difficult to should be.” even rare side effects could affect many deadline was unrealistic; over the next few
and e-commerce site from Saks Fifth Avenue owner Hudson’s Bay Co. for reopen and the deep recession inflicting Trump relentlessly touts progress more people than a drug that treats a months, officials began publicly citing the
$71 million last year. The company, with 38 stores and 651 employees as economic pain across the country, the toward a vaccine, raising hopes of quick specific illness. end of the year or early 2021 as a target.
of the filing, joins a burgeoning list of department-store casualties tied desire to find a way to return to normal approval. Touring a North Carolina bio- An independent advisory panel of out- With his job on the line, Azar, the target of
to the virus, which turned malls into ghost towns. Former fashion life is powerful and transcends partisan technology lab last week, he vowed to side experts also weighs in, and while the Trump’s wrath over the virus, was espe-
stalwarts like J Crew Group and Neiman Marcus Inc already filed for politics and borders. On Sunday, Russia “deliver a vaccine in record time.” In a agency has the power to make its own cially eager to prove his worth.
bankruptcy protection this year. BLOOMBERG announced that it planned to start a tweet last month, he explicitly tied vac- decision, it typically follows the advice of
nationwide inoculation campaign in cines to his re-election hopes. its outside panels. The FDA’s senior regu- © New York Times News Service 2020

Love him or hate him, Elon Musk is enjoying a spectacular run

SpaceX safely returns Nasa astronauts in historic splashdown raising $1 billion well as competitors like Blue
SPACEX SPLASHDOWN in funds, is among the most Origin and Boeing Co.
DANA HULL While the chief executive cases” by the end of April. In valuable venture-backed Now that the “Demo-1” test
3 August officers of the Big Four tech California, where Tesla’s massive companies in the US. flight is complete, SpaceX can
companies — Amazon.com Inc, auto plant employs roughly SpaceX successes begin operational trips for Nasa.
SpaceX, the company he founded Apple Inc, Facebook Inc, and 10,000 workers, Musk defied SpaceX — formally Space The Crew-1 mission is planned for
in 2002, blasted two American Google Inc — were derided as public health authorities in Exploration Technologies Corp. — late September.
astronauts to the International “Cyber Barons” during a grilling by Alameda County by closing down has been best known for SpaceX is also testing Starship,
Space Station in late May and Congress last week on antitrust the plant late and reopening it launching the Falcon 9 reusable the next-generation rocket that
brought them safely home in a his- issues, Musk basked in Style- early, daring anyone to arrest him. rocket for customers that include will fly humans to the Moon and
toric splashdown Sunday, herald- section treatment in the Sunday Yet in a year when much of the commercial satellite operators, then Mars. It’s also preparing to
ing a new age of private-sector New York Times. nation is hunkered down or the National Aeronautics and launch its own space-based
space travel. Tesla Inc, his electric It’s a remarkable turnaround retrenching in the face of surging Space Administration, and the US Internet service called Starlink.
car-maker, recently celebrated its from the dark days of 2018, when virus infections and widespread military. The successful flight of And later this month, Musk vows
fourth straight quarter of profit and Tesla struggled to ramp up economic anxiety, Musk is astronauts Bob Behnken and to give a “progress update” on
may soon join the S&P 500 Index. production of the Model 3 sedan, ebullient and expanding. Tesla, Doug Hurley marks the first time Neuralink, his brain-machine
This year’s share rally has made the scores of executives quit and Musk which has 55,000 employees that SpaceX has flown humans — interface start-up.
California company the world’s was sued by the US Securities and globally, is hiring and is building a a huge proof point for a company “If you want the person who is
most valuable automaker, with a Exchange Commission over his new auto plant in Austin, Texas, US astronauts Bob Behnken and Doug Hurley, who flew to the founded with the goal of going to change the world, you are
market value of roughly $267 bil- infamous “go private” tweet. for its forthcoming electric pickup International Space Station in SpaceX’s new Crew Dragon, splashed down colonising Mars. going to have some rough edges,”
lion as of Friday’s close. Coronavirus controversy truck. Musk suggested Friday that in the capsule in the Gulf of Mexico on Sunday after a two-month voyage “Welcome back to Planet Earth Gene Munster, managing partner
And then there’s Musk himself. Since then, he’s not endeared Tesla’s workforce could grow to that was Nasa’s first crewed mission from home soil in nine years. The and thanks for flying SpaceX,” said of Loup Ventures, said of Musk in
The 49-year-old South African himself to everyone. Musk has 65,000 by the end of the year. touchdown marks the first crewed US water landing since the final outing Mission Control, after the an interview Sunday. “Ultimately,
immigrant, who is a Los Angeles- come under fire for downplaying “We’re full of admiration” for of an Apollo command module 45 years ago PHOTO: REUTERS astronauts in the Dragon capsule his success speaks for itself. And
based celebrity as much as a the coronavirus pandemic, the whole team at Tesla, James splashed down into the Gulf of while it feels like everything has
Silicon Valley CEO, is now the 10th tweeting in early March that Anderson of Scottish money “What they are doing is a rare but comment on the success of Mexico. Congratulations poured come together for him this year,
richest person in the world, “coronavirus panic is dumb” and manager Baille Gifford, Tesla’s central shaft of light in a dark SpaceX, in which it’s also an in via Twitter from President he’s been laying the groundwork
according to the Bloomberg then predicting the US would second-largest shareholder after world.” investor. Musk’s privately held Donald Trump and his for the past decade.”
Billionaires Index. probably have “close to zero new Musk himself, said in an email. Baillie Gifford declined to company, which is in the midst of predecessor Barack Obama, as BLOOMBERG


Volume XXIV Number 243

Flagging recovery uine high-yield instruments below investment grade

rating(BBB) have almost no market or trading at all.
Another rate cut will not help at this point We have to find ways to revive the high-yield
markets (anything below AA rating), if we have to

lagging economic recovery would be a key concern for the Monetary reduce our dependence on the banks. The sad fact
Policy Committee (MPC) of the Reserve Bank of India (RBI), which is remains that at present 60-65 per cent of our finan-
meeting to review the policy this week. The Manufacturing Purchasing cial system, all public sector banks (PSBs)— exclud-
Managers’ Index, for instance, fell to 46 in July against 47.2 in June. ing the State Bank of India— most non-banking
financial companies and most smaller private banks
Although a reading below 50 indicates contraction, the latest print suggests
are in no position to lend. Either they lack capital,
firms are facing difficulties and economic activity would remain muted until

The importance of
funding, risk appetite or management. Coming out
the virus is contained. A number of states have imposed localised lockdown, of Covid, we will only have five to six large banks
which is affecting supply chains and consumer demand. Other indicators also which will have the willingness and ability to lend.
underscore this. Mobility indices, which track movements of people, have All of them are raising capital as we speak, soaking
declined. A recent note by Nomura highlighted that economic recovery, meas- up whatever capital the markets will give. For

high-yield markets
growth to ever revive in the economy, we need more
ured by an index, is stuck at about 30 percentage points below normal. sources of capital than these six banks. These banks
Goods and services tax collection in July was lower by 14.6 per cent, year- will all do phenomenally well, but they cannot sup-
on-year, as a large part of the service economy is still not allowed to operate. port the growth of the entire economy. It is a well
Car sales recovered sharply in July, but may not be reflecting the correct picture. documented fact that our growth slowdown is
Since producers report dispatches to dealers as sales, one-month data may not Their role in fuelling the success of the US shale industry offers closely related to the financial system stress of the
past few years.
reflect the actual demand situation. However, the employment situation seems
to have improved significantly. The unemployment rate, according to the Centre
lessons for India’s economy today There are numerous reports and suggestions on
how to revive the bond markets. From increasing
for Monitoring Indian Economy, fell to 7.43 per cent in July, which is lower

hen one studies the evolution and growth imately $100 billion per annum between 2015 and the pool of eligible players and eligible assets, to
than the level seen in February 2020. The employment situation is better in of the shale industry in the US, one realises 2019. So, a trillion dollar was raised over the last 10 bringing in more foreign portfolio investment and
rural India compared to the urban areas. To some extent, this also explains the that it is a truly amazing success story. A years. Taking into account the average tenure of encouraging retail flows. These steps and more must
lower level of overall economic activity. triumph of entrepreneurship, technology, regulatory issuance, there is about $640 billion of high-yield be taken quickly. A period of low rates may also help,
forbearance and private property rights. A bunch of debt still outstanding today (source: Dealogic). as the search for yield may change risk appetite
Weakening recovery suggests that the economy needs continued policy
wildcat drillers took the risk and were backed to the The controversy in the space today is over the among institutional players as they have no choice
support. However, the level of economic activity is not the only indicator that hilt by the capital markets. Largely due to the boom refinance risk on all this high-yield debt. More than but to move further out on the risk curve to meet
the committee would be considering. Inflation continues to remain above the in shale oil or tight oil, US oil production, which had one-third, about $222 billion, will come up for repay- target or promised yields.
target band of the central bank and, contrary to what many economists were peaked in 1970 at 10 million barrels per day(Mbpd), ment in the next two years. If the high-yield market A vibrant bond market, both investment grade
expecting, it has not collapsed. Thus, the real interest rates have slipped into has hit new highs in the last few years. After declin- does not support, we will see a wave of bankruptcies and lower credits, is critical to help the economy
negative territory after many years. The MPC will need to discuss to what ing to 6 Mbpd in 2008, US oil and well shut-ins. Already so far in come back on the rails. No bank today wants to take
production reversed course to 2020, high-yield issuance for the large chunky corporate exposures. No bank wants
extent it intends to keep real interest rates in the negative zone, because it can
reach 12 Mbpd in 2019. The surge energy sector has dropped signifi- to fund infrastructure or green-field projects. All the
affect inflation outcomes. Negative real interest rates could also force savers in production, which is entirely cantly, with only $30 billion issued to six relevant banks have promised their investors
into asset markets like equities and real estate, which can create asset price due to shale, has given the US date. The high-yield markets will, in that they will not increase the risks they take on the
bubbles. Further, there is plenty of liquidity sloshing in the system, which has energy independence and effect, decide the long-term future of corporate book. Investors are tracking the quality
effectively reduced the importance of the policy repo rate. The central bank changed the economics and geo- the industry. With no or limited fund- of the corporate book like hawks. Any rise in per-
would need to address this issue because liquidity may continue to rise and politics of the petroleum indus- ing, there will be no future growth in ceived riskiness and stocks tank.
try. Today, US shale oil is the drilling and production. With no new How will new projects and infrastructure get
affect inflation outcomes.
price-setter and produces the drilling, shale oil production will funded? Who will provide the debt needed to build
The RBI is rightly intervening in the currency market, which has increased marginal barrel of oil. drop, given the depletion rates of new assets? Eventually, the government cannot
rupee liquidity in the system. Since the fall in imports is expected to result in a The initial impact of shale older fields. build all the new infrastructure. Private capital is
significant balance of payments surplus in the coming quarters, and continued was on natural gas, where it
AKASH PRAKASH Shale would never have reached also required. The debt markets are needed to
intervention will lead to higher liquidity, it is perhaps time to limit access to drove prices to new lows and scale without the debt markets. Banks decentralise credit risk and spread it through the
international debt. Therefore, with the given financial conditions, uncertainty spurred the consumption of gas for power, reducing on their own did not have the risk appetite. system, so that no one institution is left holding dis-
the dependence on coal. Now why is all this relevant to India? Beyond the proportionate credit exposures. They are also
on the inflation front, and the fact that the RBI has provided significant accom-
Whichever way you cut it, shale has been a huge obvious sensitivity to oil prices, as shale oil produc- needed to break through the risk aversion, as banks
modation in recent months, it is advisable to keep the policy rates unchanged. positive for the US economy, boosting capital expen- tion declines, oil prices will rise, negatively impact- are coming through the worst corporate credit cycle
The MPC would do well to wait and watch how the financial and inflation con- diture, improving energy security and lowering the ing the Indian economy. in their history. They are naturally risk-averse. We
ditions evolve in the near term. Another rate cut will not have a significant cost of manufacturing. However, the longer-term lessons are in trying need to put in place new structures like alternative
impact on economic activity at this stage because it is largely being constrained What many do not know is the integral role the to understand the importance of high-yield debt investment funds that can house the credit and ten-
by the continuous spread of Covid-19. capital markets, especially debt and high-yield mar- markets, and the critical role they can play in build- ure risk inherent in green-field assets. The risk taken
kets, had in enabling the shale revolution. Oil and ing our infrastructure and new industries. must be transparent and the returns commensurate
gas high-yield issuance really took off in 2010 at the In India today post the IL&FS debacle, the failure with the risk.

A continuing fight outset of the US shale oil revolution. Shale had been
enabled by the decade-long rise in oil prices, which
peaked at $150/barrel in 2008. Between 2010 and
of Dewan Housing and the closing of the Franklin
corporate bond funds, there is no longer much of a
high-yield market. Trading volumes have collapsed,
Whatever regulatory and structural changes are
needed to revive the bond markets must be done.
They are critical to eventually rebooting our eco-
India is far from the pandemic peak 2014, we saw over $510 billion of high-yield debt and it is difficult to issue any new paper. This is even nomic growth.
issuance by the oil and gas sector, peaking at $160 though many in India characterise any instrument

ndia now has over 1.8 million confirmed cases of Covid-19. Of those more billion in 2014. Issuance then stabilised at approx- with a rating below AA as being high yield. The gen- The writer is with Amansa Capital
than 580,000 are active. The highest number of new cases daily in the
world is in India, even more than in the United States — in spite of its rel-

Whither nuclear energy?

atively low and inaccurate testing mechanisms. July saw the cases in India
treble — they were under 600,000 at the end of June. It is worth noting that
the dismal mathematics of a pandemic make even some good news sound bad.
For example, the fact is that the number of cases per million in India is fewer

t has been exactly 15 years since the announce- medicine and nuclear use in agriculture (irradiation Atomic Energy Regulatory Board, reports directly
than 1,400, a fraction of what it is in countries like Brazil or the US. Even if the ment of the historic US-India Civilian Nuclear for the preservation of food). India has also just signed to the DAE — thus compromising regulatory inde-
differential testing ratio is ignored — Brazil and India have both tested at sim- Agreement. This high-profile deal signed in 2005 a civil nuclear cooperation agreement with the pendence. A nuclear deal will not solve these prob-
ilarly low rates — a low number of cases per million also suggests the pandemic by then prime minister Manmohan Singh and US European Union. However, it is clear that the reality lems, which are entirely of our own making.
president George Bush dominated Indian politics has not lived up to the expectation. Quite apart from this has been the fact that the
has considerable room to expand. There is every reason to fear, for example,
through the second half of the previous decade and What went wrong? global mood has turned distinctly against nuclear
that August will see an expansion of the pandemic into states and Union involved bitter infighting within the then govern- Firstly, after much hype, following the nuclear energy since the beginning of this decade, following
Territories that have not so far succumbed in great measure. Even though ment between the left, adamantly opposed to the deal, India passed a nuclear liability law which the Fukushima disaster. In India, too, vociferous
things have improved in some areas, the spread would lead to a further doubling, deal, and Mr Singh, who personally made manufacturers of nuclear protests from local populations have dogged proj-
or even tripling, of the numbers. Preventing this spread must remain the priority fought for it and risked his personal, equipment, rather than operators ects such as the Kudankulam plant in Tamil Nadu.
for both the Union and state governments for the foreseeable future. as well as the Congress Party’s of a plant, liable in case of a But the real dampener has probably been simple
future. In retrospect, it all seems a nuclear accident. This caused economics. In fact, the real action, so to speak, has
There are some reasons why a certain degree of overconfidence has crept
fight over nothing. many manufacturers to cool off on been in the renewable energy sector, whose share
in. For one, the death rate per million remains very low in India — under 30 — Simple statistics bear this out. As the Indian market. of total installed capacity has risen dramatically in
as compared to three-digit figures in many European countries. While that is of March 2008, the same year that But as Manoj Joshi, a fellow at the last decade by a little over three times, at the
an achievement, it might be dangerous to extrapolate from that. Death rates the agreement was finally signed by the Observer Research same time as its tariff costs have collapsed. “In con-
might be understated because of misreporting — and death statistics in India both sides, the share of nuclear Foundation, points out, reality has trast to nuclear power, India has usually exceeded
had been problematic even when there was no pandemic. India also has a fairly power in total installed electricity never met the hype, even before its targets, at far lesser investment, in the area of
generation capacity was 2.9 per cent. the nuclear deal. It was expected renewable energy,” Joshi points out. In India today,
favourable age distribution of the population, which means it is more appro-
Twelve years later, that share has that total nuclear capacity in the renewable energy is highly competitive, even when
priate to compare the mortality rates for specific subgroups — the elderly, those actually fallen to 2.5 per cent. INFRATALK country would be 10,000 MW by compared with thermal energy.
with co-morbidities — than the aggregate rates. Finally, the experience in In terms of actual electricity gen- 2000. “We will be lucky if we meet In contrast, the capital costs of nuclear plants
Europe and in Wuhan has revealed the effort in the pandemic must be to keep erated, the scenario is only slightly the 2000 target in 2020,” he says. are high and remain so, as is the fuel. Nuclear
the number of severe cases as low as possible, because once that number passes better, with the share of nuclear in Similar grand expectations fol- power tariffs are set by the DAE, but have to com-
a threshold determined by the capacity of the healthcare system, the death total electricity generated, rising by about a percent- lowed the nuclear deal, only to be scaled down. The pete in the market with tariffs from other sources
age point in the last 10 years. Ironically, over this problems with nuclear capacity addition are long which are more market-driven and highly compet-
rate climbs steeply as hospitals turn into battlefields. This has not yet happened
same period, the share of thermal energy in total elec- lasting — it has been affected by a chronic under- itive. Put simply, nuclear power has simply not kept
in India, but it is worth noting that given India’s generally under-provisioned tricity generation has increased by 3 percentage performance, right since inception. pace with reforms in the rest of the power sector in
healthcare system, such a threshold will be lower in this country than in Europe, points. Nuclear energy was supposed to be an impor- As nuclear physicist and a long-term analyst on the country.
China, or even Brazil. tant component of India’s drive towards reducing its the Indian nuclear sector, M V Ramana, pointed Is it fair to say then, that nuclear energy is
Thus, neither government nor people can afford to relax. August will con- carbon footprint, as well as energy security. out in a book some years ago, the governance struc- doomed to irrelevance in India? What is clear is that
tinue to be a battle, and India is far from hitting the possible peak of the pan- It is not that the National Democratic Alliance ture of the sector has to bear a substantial part of unless reforms to the regulatory and institutional
government does not have ambitious plans for the blame. The perverse consequences of its strate- structure of nuclear power in India are not carried
demic, which has a great deal of space still to spread if it is permitted to. Later
nuclear energy. As of March this year, Parliament was gic importance have meant that the main institu- out, the promise of the nuclear deal will not be met.
in the year, complexities will arise with the return of the regular influenza sea- told that there were five nuclear power projects under tions — the Atomic Energy Commission and the Given that these institutional structures have perse-
son, which will lead to misdiagnoses and panics. Thus, effort must continue to construction, with a combined capacity of 7,200 MW. Department of Atomic Energy (DAE) — have tended vered for decades, any government looking to carry
be focused on the public health crisis. This was always going to be a long haul Another six projects, of a total 9,000 MW, had been to face relatively less oversight and have reported out such reforms will have its work cut out.
effort, with no real end till an effective vaccine is broadly available. In spite of approved and financially sanctioned. Last year, the directly to the prime minister, leaving them less The anti-nuclear lobby, which was so effectively
some encouraging news, that day still remains some distance away. US agreed to build six nuclear reactors in India in accountable than otherwise. And, in a scenario that sidelined 10 years ago, may be having the last laugh.
Andhra Pradesh. And in a small step, the government will be familiar to those with more than a passing
also allowed private sector participation in nuclear knowledge of infrastructure governance, the The writer is the chairman of Feedback Infra

Dealing with the Trilemma are paying the price for saving
themselves at one end even as the cost of
finance for the economy does not go
down. The cost of non-performing
completely autonomous for ostensibly
developmental objectives that may not
fetch market returns would result in
stress — and that is what we are seeing
setting things right. One could do this by
intermediate measures of reform —
create insularity between the state and
the bank by having an independent
written a book, because it would offer an about them he chose banking. assets and administrative overheads with the state-owned banks. This is a authority to appoint senior
insight into his thoughts on several Demonetisation would not be a ultimately has to be recovered from the problem even if we do not have management; empower boards; and
issues. However, at best, this book honeycomb that Mr Patel would like to profits — a reason he cronyism, but it is empower the regulator to take actions
reiterates what we knew about Mr poke. Writing about banking would be indicates that accentuated when that are no different from the leeway
Patel—a man of few words, a scholar timely, academic and relatively risk-free. interest rate cuts do that element is available for private banks.
with deep insights. And yes, he is He, after all, is one of the many (but not get transmitted. added to the mix. These intermediate measures have
BOOK REVIEW paranoid and, therefore, very careful. significant) voices on reform. The theme Mr Patel talked
One effective way been tried in bits and pieces at differing
The entire book (save for the is familiar. about the impossible Author: to deal with this is to times. However, while we would see
M S SRIRAM acknowledgements) has no names and The basic argument that Mr Patel has trilemma in a Urjit Patel strengthen “reform” for a brief period, the “Empire
identifies events, institutions and been making has its roots in the keynote address in a Publisher: regulation. That (almost always) Strikes Back,” as Mr Patel

rjit Patel has been one of the powers in vague terms. Public sector discourse on banking reform and presentation in Harper Business, cannot happen puts it. So, this argument is not about
most enigmatic governors of the banks are called Government Banks reducing dominant state ownership and Stanford, where he 2020 unless: (a) the privatisation or ownership but about
Reserve Bank of India (RBI) in (GBs) and Private Banks are PBs. There control over the banks. There is an argued that if the regulatory having an appropriate accountability
the recent past. He is known to be are broad dates but no specificities. Most assumption that state-owned banks banking sector is Pages: 195 framework is framework for the role and function of
simple, shuns protocol, and hardly of the book is a reproduction of his have a sovereign guarantee and, dominantly owned Price: ~599 common for all the entity that dictates the economy. If
speaks. Even during the (almost writings and speeches during his tenure. therefore, safe from the depositors’ by the state and there players and GBs do the ownership predicates the
mandatory) post monetary policy press We could call this the Complete Words of perspective. But sovereign ownership was a limited fiscal space, then not have a special cover from the accountability framework, that needs to
conferences, he would largely let his Patel as RBI Governor. also creates a sense of performance transgressions occur and what is sovereign; and (b) ownership (or the change. From past efforts at reform that
deputies do the talking. The most While his knowledge and expertise is complacence. The punishment by the essentially the domain of monetary framework of governance) moves seems to be the only way in which we do
blistering attack on the state during his on a wide range of economic issues — his stock market for non-performance is intervention permeates the fiscal space. towards “autonomy” where the banks not relapse.
tenure was made by Viral Acharya, his first stint at RBI as a consultant had blunt but it does not ostensibly harm the If the state itself announces “credit are accountable to the markets — not Is anybody listening? Well, they did
deputy, who acknowledged the resulted in a couple of papers including dominant shareholder. It is the minority budgets” (giving directions and targets only for their performance but also for not listen to the governor; would they
blessings of Mr Patel in the speech. He one on pensions but he has been shareholder who suffers at the first on where capital formation should take raising incremental capital. Without (b), listen to a former governor?
was quite a contrast to his predecessor consistent in his work on banking. It is instance and then (if the insulation of place but through commercial it would be difficult to achieve (a).
Raghuram Rajan who was accused of interesting that during his tenure there the sovereign is removed) the saver. institutions controlled by it) then Mr Patel has gone to the root of the mssriram@pm.me; the reviewer is a faculty
speaking beyond his brief. Therefore, it were multiple events that affected the However, if there is a large overlap independent regulation suffers. The use problem and discusses it in great detail. member and Chairperson of the Centre for
was exciting to hear that Mr Patel had economy but when it came to talking between savers and tax payers then they of a commercial organisation that is not The rest of the arguments are about Public Policy, IIM, Bangalore
The Smart

how the market cap of Microsoft or
With a 3% rise on Monday, the stock of Titan was the top Apple or Amazon is bigger than the
gainer on the Sensex . Though business is expected to GDP of a country. This is a wrong
remain under pressure in the near term, analysts see a comparison. Market cap is a stock
MUMBAI | and GDP is a flow”
bottom-fishing opportunity in the stock, given the 23%
TUESDAY, 4 AUGUST 2020 fall from its peak and strong long-term growth levers, such SAMIR ARORA
Founder, Helios Capital
as likely market share gains from unorganised players

Markets post biggest drop in 3 weeks Sebi tightens

norms for
Moratorium extension fears, rising dollar, and Covid-19
tally spook investors; indices down 4% in four days
MFs sell ~9.6K-cr proxy advisors
Thiruvananthapuram, 3 August

shares in rally SAMIE MODAK

Mumbai, 3 August

ears of an extension in the loan
moratorium, rising Covid cases,
and a surge in the US dollar
dented investor sentiment on Monday,
since March lows The Securities and Exchange
Board of India (Sebi) on
Monday tightened the proce-
triggering a big fall in the BSE Sensex. JASH KRIPLANI dural guidelines for proxy
Going down for a fourth straight Mumbai, 3 August advisory firms.
session, the benchmark Nifty ended The new norms are aimed
at 10,900, with a fall of 1.6 per cent, or Domestic fund managers are to bring in more transparency,
174 points. taking money off the table even avoid conflict of interest, and
The Sensex ended at 36,940, down as the markets have gained over give companies a chance to
667 points, or 1.8 per cent — the highest 45 per cent since the lows of the provide their viewpoint.
since July 14. last week of March. Proxy advisors are firms that addendum report or issue an
Union Finance Minister Nirmala Fund houses have been net give voting recommendations addendum to the report with
Sitharaman on Friday said her mini- sellers in the current financial on resolutions floated by its remarks, as considered
stry was working with the Reserve year, selling ~9,639 crore worth companies to their clients, appropriate,” Sebi has said.
Bank of India (RBI) for extending the of shares.
SELL ON RISE who are typically institutional The regulator has also
loan moratorium for the hospitality Except for May, when mar- Fund houses have used the rise investors, such as mutual directed proxy advisors to
sector, which is one of the segments kets consolidated and ended in in markets to sell equities funds and private equity. alert their clients, within
the pandemic has pounded. This trig- the red, fund houses have been Experts said the new 24 hours of receipt of infor-
gered a 3.2 per cent decline in the
Nifty private bank index.
SENSEX FALL HIGHEST SINCE JULY 14 net sellers in all the months, tak-
ing advantage of the rally to exit
MonthN Net investments
chg (%)
guidelines will put a greater
onus on proxy advisors,
mation, about any factual
errors or material revisions
The RBI has extended the morato- Intra-day Nifty: Leaders and equity positions. which over the years have to the report.
rium period by three months till “There has been some light- April -7,965 14.68 gained clout when it comes Sebi has also said proxy
August 31. The hospitality industry laggards ening up of positions because May 6,522 -2.8 to influencing how share- advisors should set up clear
wants it prolonged. However, bankers earnings are not expected to be holders vote on key resolu- procedures to disclose, man-
Price in ~ Aug 3 Chg 1D (%) June -501 7.5
do not want that and have said many strong. Mutual fund (MF) indus- tions floated by India Inc. age and mitigate any poten-
companies capable of repaying are tak- GAINERS try players might also be seeing July -7,695 7.49 Sebi has directed proxy tial conflicts of interest result-
ing advantage of this and hurting Tata Motors 113.1 8.0 weakness in flows or outflows, Source: Sebi, exchanges advisors to share their report ing from other business
banks. The RBI’s monetary policy com- Titan Co 1077.4 3.7 which could be making fund simultaneously with their activities including consult-
mittee (MPC) will announce its deci- managers sell,” said Sonam In June, equity schemes saw clients and the company. ing services.
Tata Steel 373.5 2.0
sion on the moratorium on August 6. Udasi, senior fund manager at net inflows of ~240 crore, which “If the company has a dif- Further, proxy advisors
Analysts said banking stocks were LOSERS Tata MF. “There has also been was the worst month for these ferent viewpoint on the rec- will have to formulate the vot-
battered because news on a possible UPL 452.2 -5.4 some sector-specific buying and schemes in four years. ommendations stated in the ing recommendation policies
moratorium extension came when selling,” he added. According to industry estimates, report of the proxy advisors, and disclose the updated vot-
investors were fretting about the Kotak Mahindra 1,308.6 -4.2 In April, when markets July could have seen further then proxy advisors, after tak- ing recommendation policies
impact of fundraising plans of banks. Bank bounced back with gains of weakness as net flows were ing into account the said to its clients. Sebi has asked
They are worried that a lot of liquidity IndusInd Bank 503.1 -4.0 14.68 per cent, mutual funds likely to have been negative. viewpoint, may either revise proxy firms to review their
will be taken out by the fundraising. Source: Bloomberg sold shares worth ~7,965 crore. Experts say the slowdown in the recommendation in the policies at least once annually.
Compiled by BS Research Bureau
Kotak Mahindra Bank fell 4.4 per The next month, when there equity investments is also
cent, the highest among the was consolidation, they bought because of re-balancing in
Sensex components, followed by not seen so much bank paper floating concern at the disjuncture between the shares worth ~6,522 crore. hybrid categories, which
IndusInd Bank and Axis Bank, which in the market in the recent past. Also,
declined 3.9 per cent and 3.3 per cent, we have not seen any improvement
economic fundamentals and exuber-
ance in the equity markets. In yet
In June and July, when the
Nifty clocked over 7 per cent
invest in both debt and equity
instruments. Motilal broking in the red as
respectively. in the loan data. The RBI decision on
Shankar Sharma, founder, First the markets will give us some indica-
Global, said the rally in banking stocks tion on where we are headed,” said
another signal of the impact of the
lockdown, manufacturing output in
July contracted. According to the data
gains in each month, fund
house sold ~8,196 crore worth
of shares.
“In March, there would have
been strong buying by dynamic
asset allocation funds as equity
crude prices turn negative
might be coming to an end. Andrew Holland, chief executive released by IHS Markit, the purchasing “Markets have almost rallied valuations had corrected sharply. JASH KRIPLANI If not for this price anomaly
“The simple message is that banks officer, Avendus Capital Alternate managers’ index (PMI) for manufac- back to pre-Covid levels even as However, as markets ran-up, the Mumbai, 3 August and related settlements, the
are in trouble. And they Strategies. turing declined slightly in July to economic uncertainty remains,” schemes would have had to trim business would have seen net
have been the most trou- A rising dollar is 46 from 47.2 in June. A figure below said another fund manager. their holdings, as the schemes’ Motilal Oswal Financial profits of ~61.3 crore in the
bling part of the market. Analysts said considered negative for 50 print signals contraction. Experts say investor behav- mandates require increasing Services (MOFSL) saw net quarter. MOFSL has also made
They had a rally in the banking stocks were emerging market cur- On Monday, global markets gave a iour in recent months has also debt levels when market val- losses in its broking business provision for ~88.96 crore
past three months, and battered because rencies and flows. mixed performance. India was been a major reason for how uations run up,” said Kaustubh in the June quarter worth of dues from
that appears to be over.” news on a possible Experts said the rise among the worst-performing major fund houses have traded in the Belapurkar, director-fund owing to negative commodity broking
The rise in new Covid- moratorium could prove to be global markets. equity markets. research, Morningstar India. price settlement of clients, following the
19 infections and expen- extension came another headwind for “India is going to be an underper- “Deployment of funds by “Aggressive hybrid schemes, crude oil derivative price move. “While
sive valuations, too, wor- when investors were the market. After drop- forming market, but at the same time, MFs are heavily driven by the which also need to maintain positions for cus- entering the contract
ried investors. In the past fretting about the ping 4 per cent in July, there are enough places to make inflows and redemptions in the 65-70 per cent holdings in tomers. The firm’s for taking exposure
four trading sessions, the impact of fundraising the dollar index, a money. It is not uniformly bad,” equity schemes. Recently, we equity schemes, may have had investor presenta- on the contract value,
benchmark indices have plans of banks gauge that measures said Sharma. have seen equity flows seeing a to re-balance their portfolios tion showed a loss of the customers were
given up more than 4 per the greenback against a More than two-thirds of the Sensex decline, which would have had when markets ran up,” he ~66 crore on account required to pay only
cent. Still they are up 40 basket of leading cur- components ended the session with an impact on fund deployment,” added. During the rally, the of this price movement. Brent the margin as required by the
per cent from their March lows. rencies, edged higher on Monday. The losses. Fourteen of the 19 sectoral said Vidya Bala, co-founder of equity component in such crude prices entered the neg- exchange, including mark-to-
“A combination of factors, includ- rupees slipped 20 paise against the indices of the BSE were in the red. PrimeInvestor. schemes could have gone up to ative territory (below $0 per market losses. In relation to
ing fears of a moratorium extension dollar to end at 75.01. Overseas investors were net buyers “There is also the element of 80 per cent, requiring unwind- barrel) in April. such contracts, the company
and rising Covid cases, led to today’s of ~7,818 crore. The buying tally was fund managers being not too ing of some positions to After adjusting this as an has net receivables from the
(Monday’s) fall. Many banks are rais- Disjuncture unusually high due to large share sale comfortable with the market cut equity exposure levels, say exceptional item, the business clients aggregating ~88.96
ing funds from the markets; we have Some market experts have expressed in Bandhan Bank. valuations,” she added. some experts. reported a net loss of ~5.3 crore. crore,” it said in its results.

‘In the medium term, retail
Slow JLR recovery may weigh on Tata Motors’ profits volumes will trend upwards’
While operational RAM PRASAD SAHU However, revenues were hit by Covid- mix to the portfolio, realisations were up
gains will continue, related lockdowns at both JLR and Tata on account of higher spare sales. While After a sharp rally in equity markets since their March 2020 lows, KRISHNA KUMAR KARWA, managing
The Tata Motors stock gained about Motors’ domestic operations. A 45 per JLR’s retail sales in most markets are wit- director, Emkay Global Financial Services, tells Puneet Wadhwa that FY22 should see robust growth in
firm may not turn 8 per cent on Monday after it posted a cent fall in volumes for JLR and an 82 per nessing a recovery over the past three the domestic economy, and current stock prices broadly reflect this expectation. Edited excerpts:
profitable this year better-than-expected operational per- cent drop in Indian operations led to con- months, its domestic volumes could
formance in the June quarter (Q1FY21). solidated revenues falling by about 48 struggle to gain traction as it curtails What is the outlook for Retail investors have been some of these enhanced vol-
The gains were largely because of Jaguar per cent, compared to the year-ago level. inventory and there is excess capacity at markets for the rest of 2020? actively participating in the umes will subside; however,
Land Rover (JLR), which reported an JLR’s performance in the short term the fleet operator level. Markets will be looking for recent rally. Do you see this in the medium term, we are
operating profit margin of 3.6 per cent. could be impacted by efforts to reduce Though volume recovery will be the cues on the sustainability of trend sustaining? very optimistic that retail vol-
This was because of better realisations, dealer inventory to 55 days from 90 days biggest trigger, the other key variable gains made so far and for There has been massive umes will continue to trend
favourable foreign exchange, and in the June quarter, but its overall per- for the Street would be reduction in incremental recovery in the increase in retail participation upwards. Extremely compet-
government grants. formance is expected to be better than net debt, which is around ~68,000 domestic econ- in the last three itive brokerage structures and
While an improved product mix and Q1FY21, say analysts at Motilal Oswal crore. Net debt saw an increase in the omy in the July– months as can be tech-driven brokerage plat-
lower variable marketing expenses aided Financial Services. Tata Motors expects quarter by about ~20,000 crore. Most September seen in the forms will continue to attract
profitability, volume recovery in China, to turn free cash flow positive in both analysts have revised their earnings quarter. The key number of new tech-savvy traders.
led by Land Rover, contributed to the businesses from the September quarter. estimates upwards to factor in monitorable now demat accounts
improvement. China sales have grown Even as JLR continues to make improvement in JLR volumes and pro- would be the opened. The How much dent do you expect
steadily since a dip in February. In fact, money at the operating level, the India gress on cost cutting. Despite the speed with which KRISHNA KUMAR KARWA share of retail in the overall trading volumes
China accounted for 38 per cent of the business reported a loss at the operating favourable outlook on the volume urban India will Managing director, Emkay participation in once the new margin norms
wholesale mix, the highest in 13 quarters. level for the fourth consecutive quarter front for JLR, a weak domestic busi- come back to busi- Global Financial Services the cash market are implemented?
Its Chinese joint venture Chery JLR because of low volumes and a weak pro- ness and high debt levels might derail ness as usual. The next steps has also surged to almost 75 Improved risk management
achieved break-even in the quarter duct mix. Despite the deteriorating its efforts to report positive free cash the government and the per cent, from pre-Covid 55 measures introduced by reg-
because of low marketing expenses. medium and heavy commercial vehicle flows in the coming quarters. Reserve Bank of India will per cent. This retail surge is ulators are always good for
introduce once the morato- more from day traders. Once the overall ecosystem. In the

Street ignoring hurdles to Westlife Development’s recovery rium ends on August 31 are
also keenly awaited. At the
global level, the US
the economy fully reopens, initial few months, volumes
might take a beating — but to
what extent, only time will
Continued pressure SHREEPAD S AUTE Drive Thru are either above or store expansion, which is inte- opened. Around 74 per cent of Presidential elections are tell. Do remember that if
on dine-in sales near pre-Covid levels. While gral to the current fair value. Westlife’s stores are located in important. That said, Indian there is money to be made,
Despite the impact of Covid- this offers a breather, pressure The brokerage has main- metros such as Mumbai, markets have possibly over- participants will come in
may hurt growth 19 on the June quarter (Q1), on the firm’s dine-in business, tained a ‘hold’ rating. Pune, Ahmedabad, etc, which shot, and should consolidate. droves, and such irritants
the stock of Westlife which accounts for around The stock, which has are hit by the pandemic. This, Sector- and stock-specific will be forgotten sooner
Development, the India fran- half of revenue, along with surged 28 per cent from its along with social distancing rallies and corrections might rather than later. For wha-
chise of McDonald’s, has muted store expansion are key March lows, currently trades norms, will delay the recovery be the order of the day. tever reasons, if there is
gained 3 per cent after its recovery hurdles, which at 29 times its FY22 estimated in the dine-in business. sharp correction, these
results were announced last some analysts believe leave enterprise value-to-Ebitda, Top line pressure and weak Are they looking beyond the revised margin norms will
Thursday, outperforming the little comfort at the current about 24 per cent higher than operating leverage, in turn, possibility of another get their fair share of the
Sensex’s one per cent fall. valuation. the 23 times of Jubilant would take a toll on Westlife’s stringent lockdown? blame. Apart from individual
Good business recovery, along “Although the commen- FoodWorks. The latter earns operating profit margin and They are reasonably con- investors who are impacted,
with additional stores becom- tary on recovery in conven- around two-third of its reve- overall earnings. In Q1, 75.4 fident that there will not even portfolio management
ing operational after the lock- ience formats sounds promis- nue from delivery/takeaways, per cent year-on-year drop in be any more country- services and alternative
down (since end-March), ing, we expect pressure from indicating relatively faster revenue to ~94 crore, led by 54 wide lockdowns, and investment funds are at
helped improve sentiment. the weakness in its core dine- recovery for the pizza maker. per cent decline in same-store henceforth, lockdowns a distinct disadvan-
However, analysts are advis- in business and high operat- Vishal Punmiya, analyst, sales (excluding stores that will be localised and tage on efficient
ing caution. ing leverage structure,” ana- Nirmal Bang, downgraded the were shut) resulted in an restricted to severely execution and
The firm saw around four- lysts at ICICI Securities said in Westlife stock to ‘accumulate’ Ebitda loss of ~57.7 crore and impacted states or dis- deployment of
fold improvement in June their Q1 report. According to from ‘buy’ after the run-up. loss before tax of ~76.8 crore. tricts. FY22 should see surplus liquid
sales vis-à-vis April, as the them, long-term benefits from Analysts believe that con- This was despite cost effi- robust growth in the funds.
number of operational stores expansion of the food services sumers would be reluctant to ciency measures, including domestic economy, and
rose to 263 , versus 119. Its con- market remain intact. go to crowded public places rent re-negotiation. The firm the current stock prices Read full interview on
venience platforms such as However, medium-term for some time even after the had reported PBT of ~8.5 crore broadly reflect this expec- www.business-
McDelivery, take-out, and weakness limits the ability for economy is completely in the June 2019 quarter. tation. standard.com

Weak US outlook weighs on Investing in SGBs at high

prices could be risky
Sun Pharma’s revenue growth Entering this long-term instrument could
cause distress if the rally ends in some years
Margin gains in US PHARMA SALES AT expected 3 per cent increase in revenues
for the quarter. The active pharmaceutical BINDISHA SARANG GOLD HAS BEEN A
the June quarter MULTI-QUARTER LOWS ingredient segment posted a sharp 20 per
cent growth over the year-ago quarter. The Sovereign Gold Bond Scheme STELLAR PERFORMER
unlikely to sustain 600
US sales ($ mn) % change q-o-q
Despite the 9.4 per cent decline in con-
solidated revenues, the company man-
(SGB) 2020-21-Series V is open for
subscription from August 3-7. The
Return (%)

RAM PRASAD SAHU aged to post an improvement in operating price of this tranche has been fixed at

-72 380
400 0
Mumbai, 3 August profit margins by 770 basis points sequen- ~5,334 per 1 gram of gold. Investors
tially, to 24.3 per cent. This was led by need to carefully decide whether they
200 -40

un Pharmaceutical’s June quarter lower raw material, research, and other should lock in their money in SGBs




results were weighed down by weak -80 expenditure. However, Praful Bohra of for the long term at the current high 23.3
sales in the US market, especially Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Emkay Global believes these gains are prices or consider more liquid 16.8
in the high-margin specialty segment. Its FY19 FY20 FY21 unlikely to sustain as marketing costs pick alternatives, like gold exchange-
Source: Emkay Global
American sales slid 24.6 per cent on a up going ahead. He believes a slow spe- traded funds (ETFs).
sequential basis, as Sun’s specialty port- LEADING THE RACE cialty ramp up, higher competition in acne The primary factor responsible for
folio, as well as its subsidiary Taro drug Absorica, and an increase in field the ongoing bull run in the yellow
Pharma’s sales, dipped 33-38 per cent. Sun Pharma BSE Sensex 140 force will limit gains. These cost pressures metal is the global economic YTD 1 year 3 year 5 Year 10 Year
Returns are for standard gold
Taro Pharma, which accounted for 42 per 100 122.28 and a gradual uptick in revenues will keep downturn. Says Feroze Azeez, deputy
cent of Sun’s US sales, reported its worst
120 margins flat over the next two years. chief executive officer, Anand Rathi
Compiled by BS Research Bureau Source: IBJA

quarterly performance in nine years. 100 While net profit was hit by a one-time Private Wealth: “Gold prices have seen interest makes SGBs attractive, they
The derma (skin) product segment, settlement charge of ~3,633 crore related unprecedented highs due to the have a few disadvantages. One is
which accounts for around two-thirds of 99.79 to Taro, adjusted net profit of ~1,146 crore economic uncertainty triggered by the liquidity. SGBs mature after eight
Taro’s sales, was the worst-affected due 60 was better than expectations. Covid-19 pandemic. If not for it, gold years. Investors can exit prematurely
to pricing pressures. Sales for the spe- Aug 1,’19 Aug 3,’20 Key positives are an expected would not have seen these levels.” by selling them back to the issuer after
cialty portfolio fell on account of the lock- improvement in the India business in the Gold had touched ~53,000 per 10 five years. These bonds are also listed
down, while the performance of the a third, with the base quarter having a Taro’s continued weak performance, and coming quarters and the resolution of the grams in the past month. on the stock exchanges. However, if
generic business was similar to the one one-off in the form of a generic supply research-related spends on psoriasis treat- US Department of Justice overhang for Experts caution against the current you trying to exit via this route, you
reported in the March quarter. contract pegged at $40-$45 million. ment drug Ilumya for new indications. Taro in the June quarter. While its focus high prices. Says Pankaj Mathpal, will have to sell at a discount.
Stocking up in the March quarter had Analysts at Prabhudas Lilladher believe At 32 per cent, the India business con- on the specialty segment is positive for founder and managing director, Those wanting to invest now may
boosted Sun’s US sales performance in the company’s US business will continue tribution was the highest to the firm’s over- the longer term, a steady improvement Optima Money Managers: “Between avoid the primary issue and buy these
that quarter, and the company had indi- to face challenges due to lower revenues all sales. Led by its chronic portfolio, which in US sales over the next few quarters will the April tranche and the latest one, bonds at a discount from the seconda-
cated a softer June quarter. Compared to from specialty products, lack of approvals accounts for 56 per cent of domestic sales, be the single-biggest trigger for stock in the price of SGB has increased by ry market and sell when prices climb
the year-ago quarter, sales were down by because of the Halol regulatory issue, the company posted a better-than- the near term. approximately 15 per cent, making it higher or redeem them at maturity.
very expensive right now. It is unlikely Says Azeez: “Listed SGBs are quoting
that the current momentum ~51,800 today, i.e., 2 per cent
in gold prices will continue.” less than the current price.”

Oil near $40 with Opec+ unwinding output cuts If we are closer to the end
of the rally in gold, investors
could be disappointed if they
lock themselves in an
Globally, gold-backed
ETFs have seen net inflows of
about $39.5 billion this calen-
dar year, according to the
BLOOMBERG TIGHT TRADING (% change) rise in Opec+ production will instrument like SGB, which World Gold Council. Indian
3 August coincide with an uneven recov- has an eight-year tenure. investors, too, may consider
WTI futures Brent futures
40 ery in oil demand.” Experts believe the current YOUR them. While SGBs offer an
Oil was steady near $40 a barrel 0 There’s growing evidence rally may not last beyond two interest rate of 2.5 per cent
as Opec+ producers started sup- 0 that the recovery in oil demand years. They believe gold MONEY annually, gold ETFs charge an
plying more crude to a global -40 is running out of steam, prices could correct by 20-25 annual expense ratio.
market where many countries -34 JPMorgan Chase & Co analysts per cent in two years. Nonetheless, investors who have a
are still struggling to contain the -80 including Natasha Kaneva wrote Those accumulating gold for a shorter investment horizon and want
novel coronavirus. in a report. With travel indicators consumption-oriented goal may still liquidity may consider gold ETFs,
The Organization of appearing to have stalled, there’s buy. If you are buying it in small which are easy to exit by selling on the
Petroleum Exporting Countries -160 a chance global oil consumption amounts for your daughter’s stock exchanges.
and its allies will pump about 1.5 could find a new normal at about marriage, which is a decade or so Interest earned on SGBs is taxed
million barrels a day more this -200 90 million barrels a day, accord- away, you may still buy. But if you are by being added to income. It is then
Dec 31,’19 Jul 31,’20
month than in July as they start- ing to the report, down from buying for investment, your decision- taxed at the slab rate. Says Gopal
Source: Nymex, ICE
ed to unwind their historic about 100 million previously. making criteria should be different. Bohra, partner, NA Shah Associates
virus-driven output curbs, with ery in one of the world’s largest omy. It’s a precarious time for production, the economic out- Supply from Opec+ will be Ideally, investors should maintain an LLP: “No capital gains tax is payable
Russia already having lifted its consumers. producers to be adding more look is still uncertain and largely increasing as virus cases accel- allocation of around 10 per cent to the by an individual on the redemption
production slightly last month. Oil has been stuck in a narrow supply, with Royal Dutch Shell tied to the evolution of Covid-19,” erate in California, a lockdown yellow metal. Says Mathpal: “Only of SGBs on maturity. However, this
At the same time, diesel sales in band since June, with rising Plc and Exxon Mobil predicting said Harry Tchilinguirian, head is being reimposed in Manila, those who don’t have any exposure to tax is payable if one transfers SGBs
India were down 21 per cent on virus infections in many coun- there may not be a full demand of commodity markets strategy and Australia’s second-biggest gold should consider buying at such before maturity, just as you would
the previous year in July, a sign tries increasing concerns about recovery until next year. at BNP Paribas. “Concerns city of Melbourne institutes a high prices.” pay on the transfer of physical gold,
of the stuttering demand recov- a renewed hit to the global econ- “As Opec+ begins to raise its appear to be developing that a curfew to stem the spread. While the annual 2.5 per cent ETFs or gold mutual funds.”

ADC India Communications Ltd.

CIN: L32209KA1988PLC009313
Regd. Office: No.10C, 2nd Phase, 1st Main,
Regd.Office: 6-3-1109/1, ‘Nava Bharat Chambers’, Raj Bhavan Road, Hyderabad - 500082
Peenya Industrial Area, Bangalore-560058
Corporate Identity No.: L27101TG1972PLC001549; Tel.Nos.:040-23403501/40345999; e-Fax No.:080-6688 6121
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Email ID: investorservices@nbv.in ; Website: www.nbventures.com
E-mail: support@adckcl.com
Website: www.adckcl.com Extract of Standalone & Consolidated Unaudited Financial Results
for the Quarter ended June 30, 2020
NOTICE ( Amount in lakhs of unless otherwise stated)
Notice is hereby given pursuant to STANDALONE CONSOLIDATED
Regulation 29 read with Regulation Quarter Quarter Year Quarter Quarter Year
47 of SEBI (Listing Obligations and PARTICULARS ended ended ended ended ended ended
Disclosure Requirements) 30.06.2020 30.06.2019 31.03.2020 30.06.2020 30.06.2019 31.03.2020
Regulations, 2015 that a Meeting of (Unaudited) (Unaudited) (Audited) (Unaudited) (Unaudited) (Audited)
the Board of Directors of the Total Income from Operations (net) 15,276.85 29,100.99 1,07,999.18 59,932.10 76,802.10 2,75,872.09
Company will be held on Friday, Net Profit/(Loss) for the period 25,867.34 7,202.69 77,684.76 14,357.14
August 14, 2020, inter alia, to (before tax and exceptional items) 3,398.03 5,580.19 19,521.10 13,031.30 16,753.08 58,909.79
consider and approve the unaudited Net Profit/(Loss) for the period (before 25,867.34 7,202.69 77,684.76 14,357.14
financial results of the Company for tax after exceptional items) 3,398.03 5,580.19 19,521.10 13,031.30 16,753.08 58,909.79
the quarter ended June 30, 2020. Net Profit/(Loss) for the period after tax 16,618.89 4,568.56 46,479.02 11,535.22
Business Standard This information is also available on
the website of BSE Limited at
(after exceptional items) 2,238.01 3,594.08
Total comprehensive income for the period 2,238.01 3,594.08
12,855.83 9,542.07
12,906.46 10,031.22
MUMBAI EDITION Equity Share Capital 3,525.60 3,556.10 3,53,525.60 3,525.60 3,556.10 3,525.60
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IN THE > UPL > Vimta Labs > PI Ind

NEWS Volume jumps 5

times, Stock down
Stock hit upper circuit
today, up 29 per cent in
Stock hits all-time high at
Rs 1,870, todays gained is OF THE DAY
most in 11 weeks last 2 trading sessions most in last 17 weeks Sun Pharmaceutical Ind :
~478.25 PREVIOUS CLOSE ~97.50 PREVIOUS CLOSE ~1760.25 PREVIOUS CLOSE Stock hit year and 8 months
~452.20 CLOSE ~125.45 CLOSE ~1841.40 CLOSE high today at ~513.10, up 63
 -5.45% DOWN p 19.99% UP p 4.61% UP per cent from 52-week low

N FTY 50
m % W m % W
% % m m m % m m % m
O % %

mm M
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O m
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m M
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w O M m O
m M m
M m OW m
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M â m m %
á m O m
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% %
O m w
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mm m
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M O M M m m M m m
% w m
m m
m M mm m m
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m m w m m
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M m M M M
m m M m M M
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O m w O m M m
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> BS 200
WHAT THIS STOCK PAGE CONTAINS AND WHY The third sub-set of The table also contains the (F&O) section a wide set of an option may be exercised. becomes valueless while compared with the previous XD after the traded quotes M
information is the stock’s company’s price-earnings data has been provided. An option is “in-the-money” futures contracts are close, the close price is indicate that the scrip has
market capitalisation. The (P/E) multiple. The P/E Open Interest: OI is the if the market price exceeds compulsorily settled on underlined. A significant gone ex-dividend after that l ~100 q ~3 Aarti Inds (A) < Abbott India (A)
BS 200 stocks account for over paid-up value . Four
market capitalisation is multiple is arrived at by number of contracts open at the SP (in case of a call option) expiry. On NSE, it is the last change means a 3 per cent date; XB denotes ex-bonus, PCLose (968.0) (965.5) (14861.3) (14853.6)
85 per cent of the volume of categories of information are m ~50 H ~2 Open 968.0 968.0 14950.0 14965.0
shares, value and trades on provided: First, the basic shown in ~crore and is arrived dividing the day’s closing end of day in the futures and and the market price is below Thursday of every month. rise or fall in scrips whose XR ex-rights; XO ex-indicator
High 975.0 975.5 15000.0 15025.0
the Bombay Stock Exchange information on the day’s at by multiplying the closing price by its reported earning options segment. OI thus SP (in case of a put). Put/call ratio: The ratio of market values are over 10 for other corporate actions n ~20 « ~1
Low 956.7 956.6 14749.8 14811.0
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 u ~6 Face value Close 964.9 965.4 14897.5 14905.8
For BS 200 stocks, the given on the number of capital. It changes either months. EPS is calculated on expectations. High OI is money” call options. cent for the rest of the shares. shares/mergers and others . M of scrips is Shares 23881 230K 2866 17781
because more shares have the basis of consolidated typical when traders see a Expiry date: The date on ABBREVIATIONS: When a The letters H or L appended denotes volume of shares in < ~5 ~10 in all PE 32.1 32.1 53.4 53.4
company name is followed by shares traded, and also the 52 Wk H/L 1192/662 1192/668 18569/8300 18680/8278
been issued (or extinguished) earnings wherever available. continuing trend. which a derivative expires . significant change occurs in to prices indicate a new high million, L in lakhs & K in cases if not
its BSE group in brackets and price trend with 52-week Q ~4 specified. Mcap 16812 16820 31657 31675
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’.

Aarti Inds< ACC Adani Enter« Adani Gas« Adani Green En Adani PortsH Adani Power Aditya Bir Fa Ajanta PharH Alembic PharmaH Alkem LabsH Alok Inds« Amara Raja« Ambuja CemH Apollo Hosp< Apollo Tyres« Ashok Leyland« «
PCLose (990.2) (990.4) (1424.8) (1425.4) (175.2) (175.3) (153.6) (153.8) (340.6) (340.6) (315.0) (315.2) PCLose (35.4) (35.4) (124.7) (124.7) (1633.4) (1629.2) (985.3) (985.0) (2662.4) (2662.1) (35.0) (34.8) (708.3) (709.2) (220.0) (220.1) (1675.3) (1674.6) (108.3) (108.3) (48.7) (48.7)
Open 999.7 994.0 1424.0 1423.4 175.0 175.3 153.6 153.1 342.0 342.0 312.9 311.0 Open 35.2 35.1 124.9 124.2 1650.0 1670.0 986.0 985.0 2775.0 2700.0 36.3 36.4 O 712.0 713.0 219.7 218.5 1645.0 1670.0 108.3 108.9 48.8 49.0
High 1029.0 1030.0 1451.2 1453.0 178.7 178.7 159.9 160.0 347.0 347.0 319.5 319.6 High 35.4 35.4 125.0 124.5 1724.3 1725.0 997.5 997.8 2846.4 2848.0 36.8 36.5 732.9 733.5 225.9 225.8 1702.5 1703.2 110.7 110.8 50.5 50.5
Low 994.2 993.0 1411.1 1410.1 171.4 171.2 152.4 151.5 336.5 335.6 309.0 308.7 Low 35.1 35.1 121.1 120.6 1632.0 1630.0 971.4 975.1 2683.9 2680.4 34.8 35.6 w 708.0 707.0 219.0 218.5 1567.2 1567.1 107.6 107.6 48.7 48.7
Close 1013.0 1013.5 1414.9 1414.1 172.2 172.3 156.4 156.5 339.7 339.8 311.8 311.4 Close 35.2 35.2 121.2 121.2 1646.7 1647.4 989.4 985.1 2794.3 2790.7 36.8 36.5 711.3 711.6 221.1 221.2 1574.0 1574.4 108.2 108.1 49.3 49.3
Shares 26848 801K 29291 1204K 106K 2789K 121K 2130K 88266 425K 94582 2409K Shares 154K 1251K 42172 716K 60312 1229K 244K 577K 25502 680K 8718K 5611K 62768 2366K 145K 6020K 2740K 2067K 270K 3888K 3337K 38016K K
PE 33.7 33.7 22.7 22.7 16.6 16.6 - - - - 16.8 16.8 PE - - - - 33.2 33.2 18.5 18.4 29.4 29.3 - - 18.4 18.4 22.1 22.1 46.6 46.6 13.0 13.0 60.4 60.4
52 Wk H/L 1192/662 1192/668 1708/896 1709/895 261/116 261/116 195/77 195/77 487/43 487/43 429/203 429/203 52 Wk H/L 74/24 74/23 284/96 284/96 1724/907 1725/903 1044/436 1045/435 2882/16622879/1660 61/1 59/1 W 814/350 814/349 226/137 226/137 1814/10471814/1047 197/74 197/73 88/34 8
Mcap 17650 17658 26569 26555 18933 18944 17201 17212 53122 53145 63340 63259 Mcap 13557 13557 10477 10477 14367 14374 18649 18568 33405 33363 8135 8069 M 12149 12154 43893 43913 21897 21902 6186 6183

Au Small Fin Aurob Pharma« Avanti Feeds« Avenue Supermar Axis BankH Bajaj Auto Bajaj FinH Bajaj Finsrv< Balkrishna IH Bandhan Bank Bank of BarodaH Bata India< BEML Berge Paint« Bharat Dyn Bharat Elctn« Bharat ForgeH Bharti Airtel<
PCLose (742.5) (740.5) (874.5) (874.6) (446.5) (446.7) (2063.5) (2063.4) (431.6) (431.6) (3004.4) (3004.9) PCLose (3251.6) (3251.3) (6203.5) (6205.9) (1322.1) (1322.1) (345.3) (345.1) (46.8) (46.8) (1267.5) (1268.1) (640.4) (640.6) (526.5) (526.5) (384.1) (384.9) (95.8) (95.8) (382.0) (382.0) (554.8) (554.8)
Open 749.7 750.0 874.6 874.7 454.9 447.0 2055.5 2068.7 434.0 431.6 3006.0 2990.0 Open 3236.0 3244.0 6204.0 6223.0 1325.0 1330.0 321.0 320.9 46.7 46.5 1269.0 1258.5 O 640.0 638.0 526.0 530.0 384.5 384.8 95.4 96.0 382.5 380.2 551.6 554.5
High 750.0 750.0 886.9 887.1 467.2 466.8 2112.2 2112.7 434.5 431.9 3068.5 3069.9 High 3241.0 3244.0 6207.6 6223.0 1348.9 1346.0 321.1 320.9 47.5 47.5 1286.0 1286.0 650.0 650.0 533.0 533.0 397.2 397.0 99.1 99.2 391.5 391.8 556.1 556.5
Low 708.7 707.0 860.3 860.3 440.0 440.2 2054.0 2060.3 416.1 415.7 2911.0 2910.0 Low 3168.3 3169.0 5982.8 6060.0 1300.6 1301.0 304.2 295.1 46.1 46.2 1252.0 1251.4 w 630.1 630.1 522.0 521.6 380.0 380.6 95.0 95.1 376.7 376.0 546.5 546.4
Close 714.4 713.5 867.7 866.8 461.2 461.3 2095.3 2093.2 417.4 417.4 2917.0 2917.5 Close 3173.4 3174.5 6072.6 6103.2 1310.4 1310.4 308.7 308.8 46.9 46.9 1254.1 1254.1 638.0 638.1 525.1 525.1 394.1 394.1 96.8 96.8 386.5 386.3 547.3 547.4
Shares 25665 378K 130K 4011K 22935 776K 139K 555K 758K 23824K 32204 1246K Shares 249K 4464K 20959 510K 81792 1192K 375705K 124393K 1299K 20460K 38240 644K 36012 291K 93691 1133K 21796 481K 765K 10384K 254K 2521K 308K 9220K
PE 31.9 31.9 18.0 17.9 22.0 22.0 127.5 127.4 86.0 86.0 18.4 18.4 PE 41.3 41.4 25.8 26.0 26.8 26.8 17.9 18.0 39.6 39.6 49.3 49.3 38.8 38.9 72.9 73.0 13.5 13.5 14.4 14.4 38.0 38.0 - -
52 Wk H/L 1218/366 1218/366 887/281 887/289 770/250 770/251 2559/14002560/1405 766/285 766/286 3315/17933315/1789 52 Wk H/L 4923/17834923/1783 10297/39869950/3985 1349/678 1346/679 650/152 650/152 108/36 108/36 1897/10171895/1000 W 1108/370 1109/370 597/331 597/330 454/147 455/145 122/56 122/56 533/208 534/208 612/326 612/326
Mcap 21890 21861 50836 50786 6282 6283 135727 135588 117778 117778 84409 84422 Mcap 191226 191295 96639 97126 25329 25329 49702 49726 21647 21647 16117 16118 M 2656 2657 50993 50998 7223 7222 23586 23586 17993 17984 298556 298610

Bharti Infratel BHELH Biocon< Bosch BPCL Britannia« Cadila Healt« Canara Bank Century Tex CESC Chola InvH CiplaH City Union Bk« Coal India Colgate« Containr Crp< Coromndl Int« Cummins (I)H
PCLose (192.1) (192.1) (36.0) (36.0) (409.6) (409.6) (13077.8) (13078.7) (413.8) (413.8) (3824.1) (3823.6) PCLose (388.5) (388.4) (101.8) (101.8) (307.5) (308.0) (549.0) (549.5) (202.5) (202.5) (720.3) (720.2) (121.3) (121.2) (129.4) (129.3) (1423.5) (1423.3) (451.2) (451.1) (780.3) (780.1) (401.5) (401.6)
Open 192.1 192.1 36.0 36.2 410.5 411.8 13240.0 13078.7 413.8 414.0 3835.0 3827.0 Open 397.4 396.0 101.8 101.8 311.4 305.9 552.5 553.1 200.9 201.0 725.0 724.0 O 119.3 120.9 128.6 129.9 1420.1 1423.3 450.0 448.2 770.0 780.1 403.0 400.0
High 194.5 194.8 36.9 36.9 416.7 416.8 13246.9 13245.1 428.0 428.3 3846.0 3849.9 High 400.7 400.7 103.4 103.3 314.6 314.8 552.5 553.1 206.5 206.5 734.0 734.2 122.0 121.4 129.9 129.9 1441.0 1441.7 455.6 455.6 792.3 792.3 409.5 409.7
Low 188.0 188.0 35.7 35.7 407.5 407.7 12752.6 12748.9 408.5 408.2 3770.0 3768.1 Low 387.4 387.1 100.8 100.8 304.0 303.0 539.0 538.7 197.0 197.5 700.9 701.0 w 117.3 117.5 128.2 128.1 1407.0 1407.1 443.5 443.7 770.0 778.0 395.7 395.0
Close 189.4 189.2 36.2 36.2 411.6 411.9 XDO12796.712794.1 417.8 417.8 3776.3 3776.2 Close 395.2 394.7 101.8 101.8 305.2 305.1 548.7 549.3 201.3 201.0 710.6 710.4 117.7 117.8 128.5 128.4 1411.4 1411.3 452.0 451.9 779.9 780.0 404.0 404.0
Shares 1033K 4801K 2603K 34938K 256K 5227K 1037 31958 1033K 14234K 16271 369K Shares 487K 12197K 367K 10602K 61063 1862K 6723 389K 324K 9878K 638K 12501K 110K 1457K 278K 4102K 42372 847K 50148 936K 31109 422K 33511 1248K
PE 11.2 11.2 - - 71.4 71.5 58.1 58.1 33.8 33.8 53.5 53.5 PE 34.4 34.3 - - 9.8 9.8 7.9 7.9 14.1 14.1 37.0 37.0 18.2 18.2 4.7 4.7 45.4 45.4 73.3 73.3 18.2 18.2 17.8 17.8
52 Wk H/L 296/121 297/120 61/19 61/18 455/211 447/211 17137/787417260/7850 550/252 549/252 4015/21014010/2100 52 Wk H/L 401/206 401/202 239/74 239/74 987/220 988/219 855/366 852/365 349/117 349/117 734/357 734/355 W 249/110 249/110 218/119 218/119 1641/10651643/1065 665/263 666/263 830/337 830/337 686/282 687/280
Mcap 35022 34995 12605 12605 49392 49428 37737 37730 90620 90631 90857 90855 Mcap 40452 40400 14789 14797 3409 3407 7273 7281 16494 16474 57292 57280 M 8678 8685 79160 79129 38390 38387 27540 27534 22859 22860 11199 11199

Cyient< Dabur India« Deepak NitrtH Divis LabH Dixon Tech DLFH Dr Reddys< Eicher Motor Embassy Office Equitas Hold Escorts Exide Ind« Federal BankH Future RetailH GAIL Glenmark« GMR Infra« Godrej Cons«
PCLose (330.0) (330.0) (513.5) (513.5) (643.3) (643.2) (2617.4) (2616.6) (7629.4) (7633.7) (141.1) (141.1) PCLose (4521.9) (4521.0) (20639.1) (20638.7) (357.5) (-) (49.1) (49.1) (1133.8) (1134.0) (155.6) (155.6) (53.8) (53.9) (110.3) (110.2) (96.6) (96.7) (452.2) (452.4) (21.7) (21.8) (691.9) (691.8)
Open 330.0 326.1 513.6 514.9 643.5 647.4 2630.0 2621.6 7788.0 7795.0 142.5 140.2 Open 4522.0 4521.1 20630.2 20725.0 357.9 - 49.2 49.1 1144.0 1122.0 151.0 155.6 O 53.5 53.6 104.8 106.0 97.5 96.9 455.5 455.4 21.7 21.8 690.0 696.0
High 335.0 335.1 518.5 518.7 673.5 673.4 2730.0 2731.0 8357.2 8358.0 142.5 141.7 High 4666.7 4670.0 21290.0 21294.0 362.5 - 49.5 49.4 1144.0 1139.9 159.4 159.5 54.2 54.2 108.5 109.0 97.5 96.9 461.9 461.9 21.9 21.9 708.5 708.5
Low 324.3 324.1 507.4 507.3 633.0 641.1 2606.6 2605.7 7724.1 7720.2 138.1 138.0 Low 4498.8 4500.0 20630.2 20653.2 345.1 - 47.4 47.5 1084.0 1084.0 151.0 154.0 w 52.3 52.3 104.8 104.7 93.6 93.5 448.0 448.0 21.2 21.1 690.0 691.7
Close 325.5 325.5 509.9 510.5 646.5 646.9 2632.1 2641.8 7976.2 7968.4 138.5 138.5 Close 4524.1 4527.5 20805.4 20782.2 356.4 - 47.6 47.6 1102.8 1102.1 154.5 154.6 52.5 52.5 104.8 104.7 94.2 94.1 450.2 449.8 21.3 21.3 698.3 699.1
Shares 10872 407K 86580 4311K 183K 1624K 88097 2803K 13408 189K 235K 5813K Shares 68278 2437K 6547 202K 22400 - 573K 8330K 75511 2225K 216K 3435K 820K 29215K 445K 2548K 355K 10267K 285K 4669K 549K 24735K 186K 2106K
PE 10.7 10.7 63.3 63.4 16.2 16.2 50.9 51.1 76.6 76.5 - - PE 38.7 38.7 31.1 31.1 - - 211.6 211.6 30.3 30.3 15.9 15.9 6.7 6.7 8.0 8.0 6.4 6.4 16.4 16.4 - - 47.7 47.8
52 Wk H/L 514/184 514/184 525/385 525/386 673/257 673/257 2730/14672731/1466 8357/18318358/1560 267/115 267/115 52 Wk H/L 4667/23524670/2351 23428/1246023450/12450 518/301 -/- 121/33 121/33 1211/423 1210/424 209/122 209/125 W 99/36 99/36 475/61 444/61 148/66 149/65 573/168 573/162 27/14 27/14 772/425 772/425
Mcap 3580 3580 90111 90217 8818 8823 69869 70125 9228 9219 34271 34283 Mcap 75209 75264 56820 56756 27499 - 1627 1627 14868 14860 13133 13137 M 10457 10457 5682 5677 42486 42440 12703 12693 12856 12826 71401 71478

Godrej Prpty< Granules« Grasim IndH Gujarat GasH HAL Havells I« HCL TechnoH HDFCH HDFC AMC< HDFC Bank« HDFC Std Life HEG Hero MotoCorpH Hexaware TchH Hind ZincH Hindalco« HPCL HUL«
PCLose (926.4) (926.6) (273.0) (273.3) (633.3) (633.0) (289.1) (289.3) (872.1) (872.5) (583.2) (583.2) PCLose (705.5) (705.2) (1782.8) (1781.9) (2418.1) (2419.6) (1032.7) (1032.8) (627.2) (627.1) (732.7) (733.3) (2677.2) (2676.5) (381.3) (381.5) (210.4) (210.1) (163.1) (163.1) (215.0) (215.0) (2212.9) (2209.9)
Open 950.0 927.0 273.8 275.0 630.0 630.0 295.0 292.0 871.0 861.6 588.0 584.0 Open 712.0 709.1 1782.9 1781.0 2449.0 2420.0 1030.0 1026.0 621.1 624.0 737.9 731.7 O 2705.0 2700.0 383.0 382.0 211.0 211.0 164.9 163.1 217.0 215.0 2201.0 2209.8
High 956.6 956.7 304.2 304.3 642.0 642.8 307.3 307.6 904.6 905.0 588.5 588.8 High 718.0 718.0 1782.9 1782.0 2449.0 2437.0 1030.0 1027.0 626.1 624.0 767.7 767.7 2800.0 2769.8 389.5 389.7 211.0 211.3 167.5 167.5 221.9 221.9 2222.5 2223.1
Low 913.0 913.0 273.8 274.4 621.7 621.7 289.8 289.3 861.0 860.1 577.1 576.7 Low 701.0 700.6 1730.8 1730.1 2394.0 2395.1 994.0 993.0 600.6 600.5 722.8 721.8 w 2622.5 2620.8 377.5 377.6 204.4 204.5 160.8 160.8 212.8 212.3 2189.1 2188.6
Close 921.3 921.8 299.8 299.2 633.5 633.5 305.6 305.9 894.1 894.1 584.5 584.7 Close 706.1 706.0 1740.1 1739.8 2425.7 2426.1 1002.0 1002.0 602.8 603.0 753.2 753.2 2630.8 2631.3 384.9 384.0 205.2 205.4 161.4 161.4 218.1 217.7 2204.6 2204.5
Shares 47519 985K 610K 11572K 115K 2546K 78270 1581K 8690 215K 39894 1118K Shares 176K 5546K 383K 4649K 8596 284K 670K 15892K 180K 3635K 24923 538K 62750 2282K 28161 835K 57726 951K 535K 16525K 328K 7210K 75461 1684K
PE 86.9 87.0 20.4 20.3 9.4 9.4 17.6 17.6 10.5 10.5 58.8 58.8 PE 16.3 16.3 17.1 17.1 - - 20.1 20.1 92.1 92.1 54.5 54.5 14.5 14.5 16.9 16.9 13.5 13.6 58.5 58.5 12.6 12.6 75.5 75.5
52 Wk H/L 1188/506 1189/505 311/87 311/86 837/380 837/385 330/162 329/165 1028/448 1028/470 765/447 766/447 52 Wk H/L 718/376 718/375 2500/14732500/1473 3844/19643844/1962 1304/739 1306/739 648/339 648/340 1473/413 1474/410 W 3021/14753023/1475 399/202 399/202 225/122 225/116 221/85 221/85 329/155 329/150 2614/17082614/1708
Mcap 23224 23235 7413 7399 41672 41672 21034 21058 29896 29898 36590 36602 Mcap 191597 191570 301838 301786 51628 51637 550992 551020 121716 121756 2907 2907 M 52549 52560 11503 11476 86703 86767 36244 36244 33227 33166 517981 517969

ICICI BankH ICICI Lombard ICICI Prud Life ICICI Securitie< IDFC First Bank India Cement Indiabulls HousH IndiaMART Int Indraprst GsH IndusInd Bank Info Edge Infosys< InterGlobe Avia IOC IOL Chem Ipca LabsH IRB Infra IRCTC
PCLose (346.9) (346.8) (1300.7) (1303.6) (451.9) (452.3) (455.4) (455.0) (26.7) (26.6) (111.4) (111.4) PCLose (190.0) (190.0) (2829.6) (2828.3) (403.5) (403.7) (523.6) (523.8) (3195.4) (3194.4) (966.3) (966.0) (979.2) (979.8) (88.6) (88.4) (780.2) (780.5) (1883.8) (1874.6) (120.8) (120.8) (1336.4) (1335.8)
Open 347.0 346.8 1300.0 1306.9 446.0 450.0 455.4 460.0 26.1 26.6 112.0 111.4 Open 188.0 188.0 2801.1 2846.0 407.0 403.6 523.5 522.0 3160.0 3210.5 962.8 960.0 O 978.0 975.1 88.1 88.4 793.0 786.0 1882.0 1899.0 124.0 122.0 1336.4 1337.0
High 349.3 349.4 1333.0 1333.6 453.5 453.6 462.0 464.0 27.0 27.0 115.0 115.0 High 191.7 191.8 3061.4 3065.7 407.2 406.0 523.5 522.0 3244.2 3248.0 965.0 965.4 985.1 985.8 88.9 88.4 794.8 786.0 2032.9 2034.9 124.3 124.5 1361.0 1362.0
Low 340.6 340.5 1298.6 1296.2 436.9 436.9 446.0 448.2 26.0 26.0 111.4 111.4 Low 181.2 181.3 2801.1 2832.1 390.9 391.1 501.0 501.0 3141.7 3140.0 947.8 947.5 w 951.3 951.0 85.4 85.4 740.0 740.0 1875.7 1875.2 121.0 120.8 1330.0 1334.2
Close 343.4 343.3 1317.5 1319.0 439.7 438.9 XDO448.9 449.7 26.2 26.1 112.9 112.9 Close 182.6 182.6 2889.8 2892.0 392.9 393.4 503.2 503.1 3154.9 3158.7 957.4 956.9 953.8 953.8 86.2 86.2 753.1 753.4 1888.0 1888.4 121.8 121.8 1339.3 1339.7
Shares 2216K 32120K 115K 350K 107K 2154K 31513 504K 2503K 39699K 238K 1608K Shares 2141K 16133K 45854 700K 110K 2640K 578K 13509K 6702 164K 293K 8480K 74498 1805K 1197K 31446K 137K 1811K 40638 682K 121K 2194K 41733 293K
PE 25.8 25.8 46.7 46.8 58.9 58.8 23.3 23.3 - - - - PE 3.5 3.5 - - 24.2 24.2 10.1 10.1 188.0 188.2 23.9 23.9 - - 61.8 61.8 12.2 12.2 36.6 36.6 5.9 5.9 - -
52 Wk H/L 552/269 552/268 1440/806 1440/805 538/222 537/226 569/195 569/195 48/18 48/18 140/68 140/68 52 Wk H/L 625/81 619/81 3061/952 3066/1103 534/285 534/284 1596/236 1597/236 3310/15803318/1581 986/511 986/509 W 1911/765 1899/771 156/71 156/71 833/147 834/146 2033/844 2035/845 128/46 128/46 1995/625 1994/625
Mcap 222393 222296 59874 59942 63135 63020 14462 14488 14833 14805 3499 3499 Mcap 7807 7807 8363 8369 27503 27538 34900 34890 38654 38700 407764 407572 M 36702 36702 81150 81150 4421 4423 23854 23859 4279 4279 21428 21435

ITC« ITI Jindal Steel« JSW Steel« Jubilant Fd Jubilant Lif« Just Dial Kotak Mah Bank< L & TH L & T Infotech« L&T Finance Hol Laurus Labs LIC Hsg FinH Liquid Sach LupinH M & M FinH Mah & Mah< Maha Gas
PCLose (194.1) (194.1) (129.0) (128.9) (184.9) (184.9) (220.2) (220.3) (1719.6) (1720.4) (795.3) (795.0) PCLose (366.6) (366.8) (1367.4) (1365.8) (913.3) (913.5) (2412.1) (2416.8) (60.0) (60.0) (933.6) (933.3) (262.4) (262.5) (1000.0) (1000.0) (926.8) (926.5) (130.3) (130.3) (606.5) (606.5) (975.0) (974.5)
Open 195.0 194.0 126.7 127.0 185.0 185.5 225.0 221.0 1730.0 1720.1 795.3 796.0 Open 370.0 369.5 1365.0 1356.0 913.0 913.0 2433.9 2417.0 60.0 59.8 955.0 955.3 O 261.0 260.0 999.8 1000.0 930.0 915.0 130.3 130.5 613.8 610.0 975.0 970.0
High 195.0 194.0 134.6 134.4 191.6 191.3 225.4 225.5 1794.0 1795.0 894.4 895.0 High 371.8 372.0 1365.0 1356.0 919.7 919.8 2497.6 2497.9 60.6 60.6 1080.0 1075.2 262.0 262.2 1000.0 1000.0 946.3 946.5 131.0 131.3 620.4 620.5 985.0 983.8
Low 191.9 191.9 126.7 126.6 183.5 183.6 218.9 218.7 1720.5 1720.1 785.6 791.0 Low 364.7 365.0 1300.0 1300.1 903.4 903.6 2411.5 2413.7 59.5 59.4 954.9 955.0 w 257.0 257.0 998.7 999.3 906.0 913.1 126.0 126.7 595.4 594.2 970.2 969.0
Close 192.7 192.6 130.5 130.4 190.7 190.8 220.6 220.6 1738.5 1738.7 862.3 861.2 Close 366.4 366.2 1307.2 1308.6 915.8 915.9 2492.1 2490.7 59.6 59.6 1006.1 1006.7 257.8 257.7 1000.0 1000.0 XDO927.0 927.7 128.1 128.1 597.4 597.2 972.3 972.3
Shares 479K 13265K 163K 978K 889K 12705K 276K 9867K 37682 1090K 171K 2236K Shares 26906 631K 356K 5241K 107K 3583K 13345 401K 707K 7970K 835K 13444K 99632 2981K 61629 606K 147K 3944K 803K 9600K 183K 5003K 22763 319K
PE 16.6 16.6 80.0 80.0 301.4 301.6 22.1 22.1 83.3 83.3 15.3 15.3 PE 8.7 8.7 30.4 30.4 15.3 15.3 27.5 27.5 9.2 9.2 26.2 26.2 5.4 5.4 - - - - 15.9 15.9 55.8 55.8 12.1 12.1
52 Wk H/L 266/135 266/135 144/45 144/45 202/62 202/62 297/133 297/133 1973/10781974/1078 894/230 895/234 52 Wk H/L 756/251 758/250 1740/10001740/1001 1554/661 1551/661 2498/12082498/1210 134/46 134/46 1080/298 1075/295 W 510/186 510/185 1009/998 1010/996 956/505 956/505 246/76 246/76 625/246 626/245 1247/666 1246/664
Mcap 236940 236817 12068 12064 19446 19462 53323 53311 22943 22945 13736 13719 Mcap 2378 2377 258677 258944 128583 128597 43461 43438 11959 11949 10785 10791 M 13010 13005 - - 42007 42036 15821 15821 74269 74238 9604 9604

Manapp FinanceH Marico« Maruti Suzuki< Max Fin SreH MCX Mindtree Mishra Dhatu Ni Mothersons S« Mphasis MRF Muthoot Finance Nat Alum< Natco PharmaH NBCC« NCCH Nestle India NIIT Techno Nippon Life Ind
PCLose (158.5) (158.5) (363.4) (363.5) (6260.5) (6262.8) (557.8) (558.4) (1697.2) (1686.4) (1083.3) (1083.4) PCLose (199.5) (199.7) (94.8) (94.9) (1153.4) (1157.9) (61030.4) (61048.6) (1273.3) (1273.8) (32.8) (32.8) (782.5) (782.7) (23.1) (23.1) (29.0) (29.0) (16526.4) (16522.2) (1927.3) (1926.2) (266.2) (265.9)
Open 161.0 161.0 364.0 363.4 6351.0 6380.0 558.0 559.0 1691.0 1697.6 1100.0 1089.0 Open 200.4 199.9 95.7 95.5 1155.0 1158.0 61341.0 61000.0 1290.0 1278.4 32.8 32.8 O 799.0 794.0 22.8 23.1 28.5 29.0 16530.0 16528.0 1935.0 1922.0 263.1 264.0
High 163.0 163.0 369.5 369.8 6433.9 6437.5 560.0 560.6 1722.7 1724.8 1134.8 1135.0 High 200.5 200.7 98.8 98.8 1157.9 1160.0 61781.3 61800.0 1310.6 1312.0 33.2 33.3 824.8 824.8 23.1 23.1 29.6 29.6 16604.1 16600.0 1952.0 1953.8 272.4 272.2
Low 157.4 157.2 361.5 361.1 6130.0 6125.1 540.5 540.1 1636.1 1637.2 1086.7 1086.0 Low 197.0 197.1 95.3 95.3 1123.8 1123.1 60800.1 60802.3 1267.4 1266.7 32.5 32.5 w 794.7 792.1 22.6 22.5 28.5 28.8 16346.7 16350.0 1898.0 1897.0 261.0 261.1
Close 159.2 159.2 362.8 362.9 6165.7 6165.2 542.6 542.9 1656.9 1658.8 1126.8 1127.0 Close 198.0 198.0 97.7 97.7 1142.5 1144.6 60956.5 60974.7 1281.8 1282.4 32.7 32.7 805.9 805.9 22.7 22.7 29.5 29.5 16517.5 16524.8 1928.4 1928.7 263.7 263.6
Shares 801K 13422K 270K 2399K 54387 1837K 17740 444K 32908 445K 104K 1680K Shares 23080 452K 721K 18216K 5601 407K 278 9152 79155 2308K 378K 19295K 42431 1341K 657K 4768K 577K 5567K 4432 116K 22541 455K 70076 1273K
PE 8.6 8.6 42.8 42.8 47.0 47.0 184.9 185.0 38.7 38.7 24.7 24.7 PE 23.2 23.2 25.7 25.7 17.8 17.9 18.5 18.5 17.1 17.1 44.1 44.1 31.9 31.9 50.6 50.6 4.7 4.7 76.6 76.6 26.8 26.8 36.2 36.2
52 Wk H/L 195/76 195/74 404/234 404/234 7755/40027759/4001 611/280 612/276 1792/784 1792/786 1135/667 1135/667 52 Wk H/L 278/109 279/108 151/49 151/49 1206/612 1209/630 73500/5000073566/49915 1405/478 1406/477 49/24 49/24 W 825/450 825/403 45/14 46/14 77/16 77/16 18301/1154518370/11490 2057/739 2060/735 453/201 453/208
Mcap 13451 13456 46841 46854 186253 186238 14626 14634 8450 8460 18543 18546 Mcap 3709 3708 30837 30853 21312 21353 25846 25853 51410 51435 6101 6101 M 14670 14670 4086 4086 1796 1796 159262 159332 11682 11684 16142 16136

NMDC« NTPC ONGC< Page Inds Petronet LNG Pfizer PI Inds« Pidilite Ind« Piramal EntpH PNBH Power Fin Power Grid PVR Radico KhatnH Rallis« Ramco Cements« RBL Bank REC
PCLose (83.8) (83.8) (87.0) (87.0) (78.4) (78.3) (19807.8) (19818.3) (247.8) (247.9) (4271.6) (4277.8) PCLose (1760.3) (1760.6) (1357.1) (1357.0) (1475.1) (1473.4) (32.0) (32.0) (80.8) (80.8) (178.6) (178.3) (1084.6) (1084.6) (368.3) (368.5) (290.6) (290.7) (691.6) (692.0) (169.6) (169.6) (100.2) (100.2)
Open 83.8 83.7 86.8 87.2 78.4 78.4 19832.0 19922.7 247.8 249.5 4315.0 4295.0 Open 1790.0 1770.0 1355.1 1357.0 1485.1 1475.0 32.1 32.0 81.0 81.0 176.3 179.0 O 1084.6 1082.0 367.9 366.0 289.3 289.7 691.6 696.2 168.3 169.5 100.5 100.7
High 86.1 86.2 87.0 87.2 78.4 78.5 20200.0 20190.0 252.6 252.8 4428.2 4430.0 High 1870.2 1867.4 1368.0 1369.1 1517.0 1517.4 33.3 33.4 82.3 82.3 179.4 179.5 1101.0 1102.5 368.0 368.7 301.7 301.4 695.0 696.5 170.0 169.6 102.6 102.7
Low 83.8 83.6 85.1 85.0 75.6 75.6 19580.0 19560.3 247.5 247.2 4284.0 4277.0 Low 1780.0 1770.0 1342.0 1341.1 1448.9 1448.5 31.9 31.9 80.6 80.6 174.3 174.1 w 1071.0 1072.2 361.0 360.5 284.0 284.2 674.0 674.2 162.3 162.2 99.8 99.4
Close 84.5 84.5 85.6 85.6 76.0 75.9 19645.8 19662.3 250.0 249.9 4397.7 4398.3 Close 1841.4 1840.4 1345.2 1345.3 1460.2 1460.8 32.9 32.9 81.1 81.1 178.6 178.6 1088.3 1088.6 362.9 363.1 294.0 293.7 675.8 676.0 162.9 163.0 100.5 100.5
Shares 169K 5302K 476K 14159K 837K 11875K 877 24793 50029 3012K 5735 102K Shares 9644 289K 65659 604K 99584 2055K 2672K 36463K 290K 4568K 153K 7032K 44610 787K 15881 279K 69651 837K 10848 791K 1322K 17756K 240K 5229K
PE 7.2 7.2 8.4 8.4 7.2 7.2 63.8 63.9 13.9 13.9 38.6 38.6 PE 63.2 63.1 61.2 61.2 449.5 449.7 92.1 92.1 3.8 3.8 8.6 8.6 232.0 232.1 22.4 22.4 27.1 27.0 26.5 26.5 21.8 21.8 4.1 4.1
52 Wk H/L 140/62 140/62 130/74 130/73 150/52 150/50 26891/1618726883/16254 302/171 299/170 5173/27985170/2792 52 Wk H/L 1870/974 1867/970 1710/11861710/1186 2001/608 2001/607 70/26 70/26 133/74 133/74 213/130 214/122 W 2083/707 2087/705 439/220 439/220 325/127 324/125 883/457 884/455 414/102 415/102 157/79 157/79
Mcap 25857 25857 84648 84697 95547 95484 21905 21923 37493 37485 20119 20122 Mcap 27934 27919 68347 68355 32934 32947 30961 30961 21398 21398 93436 93410 M 6004 6006 4846 4849 5717 5712 15921 15927 8285 8290 19838 19838

Reliance Ind Rossari BiotechH SAIL SBI« SBI Card & Pay SBI Life Ins Shree Cement Shriram TrFn SiemensH SRF Sterlite TchH Strides Pharma Sun Pharma« Sun TV Net< Tata Chem Tata Consumer P« Tata Elxsi Tata MotorsH
PCLose (2066.9) (2067.1) (715.0) (715.0) (34.0) (34.0) (191.4) (191.4) (726.3) (726.8) (912.7) (912.8) PCLose (21719.8) (21711.2) (692.2) (691.3) (1161.3) (1162.1) (3791.6) (3793.1) (121.8) (121.8) (436.1) (436.2) (531.8) (531.7) (386.8) (386.9) (305.6) (305.7) (427.7) (428.0) (938.9) (940.0) (104.7) (104.7)
Open 2059.0 2051.3 718.0 714.8 33.5 33.8 194.0 192.0 729.0 726.9 918.0 911.0 Open 21685.7 21670.1 690.0 692.4 1175.0 1164.9 3775.0 3785.0 122.9 121.8 433.5 438.0 O 531.8 534.1 388.0 386.0 301.0 301.0 433.9 429.0 940.0 940.0 103.4 103.0
High 2059.0 2057.0 718.0 717.9 34.8 34.8 194.5 194.6 743.5 743.2 918.0 911.0 High 21885.1 21864.1 704.3 704.5 1175.0 1173.6 3877.5 3878.8 122.9 121.8 464.0 464.4 540.0 540.2 395.0 395.2 301.0 301.8 440.0 440.0 964.0 962.0 114.4 114.4
Low 2004.0 2003.1 697.2 697.0 33.5 33.6 190.2 190.1 724.1 720.9 873.0 872.6 Low 21476.3 21490.0 669.3 668.5 1146.7 1146.0 3775.0 3785.0 115.0 115.5 433.0 437.0 w 516.6 516.8 383.3 383.4 293.1 293.3 427.6 427.7 935.0 932.6 103.0 102.9
Close 2008.5 2009.0 711.8 711.9 34.4 34.4 192.1 192.3 730.8 730.9 875.0 875.1 Close 21761.2 21747.3 671.1 671.0 1149.2 1149.7 3829.9 3833.4 116.3 116.3 455.2 455.8 519.8 519.4 385.8 385.5 298.1 298.1 434.0 434.1 957.5 957.7 113.1 113.1
Shares 715K 21560K 39183 713K 1781K 29161K 3185K 72458K 53589 855K 61834 1291K Shares 1071 29527 177K 3200K 9972 626K 10341 229K 149K 1495K 167K 2151K 853K 25348K 43089 1232K 78402 1809K 114K 2917K 115K 580K 15667K 194766K
PE 30.0 30.0 - - 7.0 7.0 7.9 7.9 - - 60.7 60.7 PE 50.0 50.0 6.8 6.8 40.4 40.4 23.6 23.6 14.7 14.7 112.1 112.2 33.1 33.1 11.1 11.1 1.0 1.0 124.3 124.3 21.6 21.6 - -
52 Wk H/L 2199/867 2199/867 804/664 803/664 52/20 52/20 351/150 351/149 798/495 798/495 1030/520 1030/519 52 Wk H/L 25341/1550025355/15410 1332/429 1332/429 1717/947 1717/948 4259/24924260/2468 180/60 180/59 547/271 548/268 W 541/315 541/312 551/260 551/260 779/197 780/197 440/214 440/214 1099/501 1098/500 202/64 202/64
Mcap 1273237 1273585 3698 3698 14188 14188 171442 171575 68619 68624 87504 87513 Mcap 78514 78464 16982 16980 40923 40939 22014 22034 4698 4698 4077 4083 M 124716 124620 15202 15190 7594 7593 39997 40007 5963 5965 34921 34921

Tata Power« Tata Steel TCS« Tech Mahindra< Titan Company« Torrent Phar< Torrent Pwer TV18 BroadcastH TVS Motor« Ujjivan Fin Ser UltraTech United Brew« United SpirtH UPLH Vedanta« Vodafone Idea Voltas« WiproH
PCLose (48.7) (48.7) (366.4) (366.3) (2282.4) (2281.4) (682.0) (681.7) (1043.3) (1043.3) (2662.7) (2663.6) PCLose (325.5) (325.5) (33.3) (33.3) (388.0) (387.5) (235.8) (235.9) (4124.5) (4117.3) (952.3) (951.7) (581.5) (581.2) (478.3) (478.1) (113.8) (113.8) (8.4) (8.4) (597.3) (598.4) (280.6) (281.0)
Open 48.7 48.8 364.5 364.8 2299.0 2290.5 685.0 686.0 1052.0 1047.0 2673.7 2663.6 Open 332.0 329.0 33.0 33.1 390.0 392.0 236.4 235.0 4100.0 4139.0 960.0 960.0 O 575.0 582.7 482.5 484.0 113.9 113.1 8.4 8.4 595.0 596.0 283.0 283.0
High 49.5 49.5 376.7 376.9 2302.5 2303.9 686.9 687.0 1094.7 1094.7 2772.1 2774.0 High 337.3 337.9 33.3 33.3 399.1 399.2 237.0 235.7 4155.2 4155.0 966.3 966.9 584.8 584.9 484.3 484.9 117.3 117.3 8.8 8.9 600.4 600.8 284.6 284.8
Low 48.4 48.4 362.5 362.1 2232.0 2230.7 669.5 669.6 1043.1 1043.0 2651.2 2650.0 Low 326.5 326.3 32.7 32.8 388.2 388.1 225.5 225.2 4028.5 4027.6 943.0 943.0 w 572.0 572.1 445.6 445.2 112.5 112.7 8.1 8.0 592.0 591.5 279.7 279.5
Close 48.8 48.8 373.3 373.5 2251.3 2254.2 673.6 673.6 XDO1076.2 1077.4 2731.0 2728.0 Close 327.8 328.0 33.0 33.0 396.2 396.2 227.1 227.1 4043.9 4045.6 946.4 946.2 574.1 574.0 452.2 452.2 115.4 115.3 8.7 8.7 595.6 595.7 281.3 281.6
Shares 512K 10561K 475K 11138K 216K 4012K 129K 3093K 285K 7647K 97734 2139K Shares 60120 1965K 343K 2454K 104K 4124K 115K 4187K 12794 490K 13053 218K 50714 1156K 623K 14444K 3496K 18529K 103901K 422275K 17005 830K 718K 8909K
PE 13.1 13.1 27.1 27.1 27.1 27.1 16.1 16.1 63.0 63.0 40.9 40.9 PE 13.4 13.4 25.1 25.1 60.5 60.5 313.1 313.1 21.9 21.9 58.6 58.6 142.9 142.8 21.8 21.8 - - - - 38.1 38.1 16.5 16.5
52 Wk H/L 69/27 69/27 506/251 506/251 2357/15042358/1506 846/470 846/471 1390/720 1390/721 2772/15552774/1555 52 Wk H/L 349/240 350/232 42/12 42/12 503/240 504/240 415/125 416/125 4753/29134754/2910 1416/759 1418/750 W 743/443 743/443 618/240 618/240 167/60 167/60 13/3 13/2 741/428 741/427 291/160 291/159
Mcap 13186 13186 42046 42074 844778 845847 65084 65089 95541 95647 46214 46162 Mcap 15752 15762 5649 5649 18821 18823 2762 2761 116719 116767 25023 25018 M 41717 41710 34550 34547 42878 42859 25057 25000 19708 19712 160747 160890
MUMBAI | TUESDAY, 4 AUGUST 2020 CIN: L7499MH1983PLC029408
Devidas Mansion, 3 rd Floor, Mereweather Road, Colaba,

Mumbai – 400 039 Phone: 022 – 22837489 / 90
Website: www.goldcrestgroup.com Email: office@goldcrestgroup.com
Notice is hereby given that pursuant to Regulation 47(1) of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015,

‘No matter who develops

the meeting of the Board of Directors of the Company is scheduled to
be held on Tuesday, August 11, 2020, inter alia, to consider and
approve the Standalone and Consolidated Un-Audited Financial Results
for the quarter ended June 30, 2020 along with Limited Review Report
Pursuant to Regulation 47(2), the said notice may be accessed on the

vaccine, India or China

Company's website at www.goldcrestgroup.com and may also be
accessed at the website of the Stock Exchange at www.bseindia.com
Date: August 3, 2020 Marisa Ferreira
Place: Mumbai Company Secretary & Compliance Officer

will have to scale it up’

The Indian Council of Medical Research (ICMR) has been leading India’s response to the Covid cases are expected to cross the
Covid-19 pandemic for the last six months from vaccine development and drug trials to 2-million mark soon. Will we see a decline
contact tracing and containment exercise. ICMR Director General BALRAM BHARGAVA told in cases after August and how prepared
Ruchika Chitravanshi that he’s hopeful of a vaccine soon and that many countries were in are we for any sharp increase in future?
touch with India for its distribution. Edited excerpts from an email interview: Currently, a majority of active cases are con-
fined to states like Maharashtra, Tamil
We understand that August 15 is not a Nadu, Andhra Pradesh, and Karnataka.
deadline any more as far as Bharat Cases in many other states are confined to
Biotech’s vaccine is concerned. When can certain districts. The rise in the number of
we expect to have a vaccine? cases is a result of increased testing across
Given the outbreak of the pandemic, it’s the country. Since we are now able to detect
India’s moral duty to fast-track the vac- cases at an early stage, the situation is bound
cine without compromising on the sci- to improve in the coming days, with the
ence, quality, and ethics part of it. We recovery rate going higher. Since this is a
are expediting the vaccine by cutting new infection and we are still trying to
down the red tape around it, not by skip- understand the epidemiology of the disease,
ping any vital process. it is very difficult to predict any increase or
India has two indigenous candidate decrease. However, India has done exceed-
vaccines in the clinical trial stage. These ingly well till now considering the vast and
two have successfully undergone toxic- diverse population of this country.
ity studies in animals and the data has
been submitted to There are reports of a resurgence of the
the drug controller. disease in recovered patients. What does it
We are hopeful of a tell us about immunity?
vaccine by the end of That is not true. So far, there have been spo-
this year or early next radic cases and it’s not resurgence. There is
year. Our trials are a possibility that the right level of antibod-
BALRAM being done following SINCE WE ARE KEEN TO GET A ies was not developed against the virus in
BHARGAVA the best practices BREAKTHROUGH AS SOON AS the infected person even after recovery.
Director general, and globally accept- POSSIBLE, THIS DOESN'T MEAN There are many other theories and it is a
ICMR ed norms and will be matter of research to turn these into con-
reviewed by a data crete evidence.
safety monitoring board, as required. PROFESSIONALS AND RESEARCH
Since we are keen to get a break- SCIENTISTS SHOULD BE SECOND-GUESSED There are huge disparities in the number
through as soon as possible, this doesn’t FOR THEIR PROFESSIONALISM OR of contacts traced between states. There is
mean that the best of India’s medical ADHERENCE TO THE HIGHEST also a study done in South Korea that
professionals and research scientists SCIENTIFIC RIGOUR shows household contacts were much
should be second-guessed for their pro- more affected than non-household
fessionalism or adherence to the highest contacts. Have we done any such analysis?
scientific rigour. Moderna vaccine and how can India ICMR has already been advising states/UTs
access it? on testing and has laid down detailed guide-
What is the status of the plasma therapy Moderna’s vaccine is still in the trial lines, especially in containment zones. This
trials and why haven’t the results been phase. India also has two indigenous vac- is aimed at early detection of cases by con-
announced yet? cine candidates. India is the pharmacy of tact tracing. ICMR’s strategy to test, track,
Studies on the plasma therapy are pro- the world and is perceived as an impor- and treat has helped authorities contain
gressing and results will be announced tant player in vaccine supply. Even if any the cases to specific clusters. States/UTs are
when these trials will be completed and the other country succeeds in developing a also actively working on contact tracing
data is analysed. vaccine before us, either India or China and they need active support from the pub-
will ultimately have to scale it up. Many lic as well, which many times they don’t
While we have the tie-up with countries are in communication with get. This plays spoilsport for all the hard
AstraZeneca, what is ICMR’s view on the India for vaccine distribution. work done by the authorities.

NEP: TN rejects ‘painful’ 3-language formula

Strongly backing Tamil Nadu’s should reconsider the three- from the DMK, that the govern-
decades-old two-language pol- language policy,” Tamil Nadu ment should reject the three-
icy, the ruling AIADMK in the Chief Minister (CM) Edappadi language formula proposed in
state on Monday rejected the Palaniswami (pictured) said. the NEP and stick to its two-lan-
Centre’s three-language formu- Taking strong exception to the guage policy. Ahead of
la proposed in the new National proposal, he said in a statement Monday’s meeting he convened
Education Policy (NEP) 2020 the state has been following the to discuss the matter with his
and said there will be no devia- two-language policy for several senior Cabinet colleagues, the
tion from the existing system. decades and that there will be Opposition bloc led by DMK
“The three-language formu- no change in it. wrote to the CM, asking him to
la in the NEP is painful and sad- His assertion came amid adopt a Cabinet resolution
dening. PM (Narendra Modi) Opposition demand, including against the new NEP. PTI


Private bank The central bank’s draft code, howev-

er, stated that from the date of issuance of
Disney Company APAC and chairman
Star & Disney India, said: “Our viewer-

CEOs set to get the guidelines and directions, banks with

promoter and professional CEOs “who
ship of IPL on TV, as well as OTT plat-
form, has grown year-on-year, and that

15-year tenure have completed 10 or 15 years shall have

two years, or up to the expiry of the cur-
will continue even this year. Also, for any
company, which is looking at advertis-
“This aspect was also raised by several rent tenure, whichever is later, to identi- ing, IPL provides the best and most-effec-
large institutional investors, who want fy and appoint a successor.” The last- tive platform.”
visibility over the CEO’s tenure at a time mentioned aspect can be expected to Shankar also pointed out that the
when several banks are at a critical stage hold good even with a common tenure BCCI’s decision to conduct IPL matches
to raise capital amid the Covid pandem- cap of 15 years for both categories of pri- without fans in stadia presents a new cre-
ic,” said a source. It was also pointed out vate bank CEOs. ative challenge — how to enhance the
that abrupt changes in corner-rooms can Private bank CEOs will now have to experience of viewers, even though their
have a bearing even in the immediate put in place clear succession plans by engagement with matches is high. That is
term, given that a one-time loan-recast identifying candidates having proven what the company’s creative teams are
policy is in the works. “You can’t ability to run a large business. now working on.
have questions of a baton-change playing While the draft code stated the chief One of the key challenges, which IPL
in the background now,” said risk officer, chief compliance officer, chief faces, is the safety of cricketers and oth-
another source. vigilance officer and human resource head ers involved in the game, so that there is
would report to the board, these no hiccup in conducting matches.
key personnel might now have In 2019, IPL had attracted over 424
> BS SUDOKU # 3120 one-on-one meetings with the million viewers, according to the data
respective board committees provided by BARC (Broadcast Audience
without the CEO being present. Research Council) which constitutes for
This is the practice in the case of as much as 51 per cent of the TV viewing
the AC and RMC. population. Additionally, 9 per cent
This change has been war- watched it in restaurants, pubs, hotels
ranted by the fact that having key and other places.
officials report to board commit- Besides, on its OTT platform, as many
tees was out of kilter with Sub- as 300 million subscribers tuned in to
section IA (Sub-clause ii) of 10B of watch live IPL matches.
the Banking Regulation Act. With 1 per cent of the consumers of
According to the Act, “The man- cricket who see matches in stadia now
agement of the whole of the shifting to TV or OTT, Star Disney can
affairs of such a banking compa- be a beneficiary.
ny shall be entrusted to a manag- However, advertisers said this year
ing director who shall exercise his IPL will face tough competition from
powers subject to the superinten- other marquee programmes set to air in
dence, control and direction of September, such as Kaun Banega
the board of directors.” The gov- Crorepati, Bigg Boss and Indian Idol,
ernance code was the subject of a which charge spot prices of ~2.5 lakh-3
major discussion at the Centre for lakh for a 10-second spot and appear
SOLUTION TO #3119 Very Easy: Advanced Financial Research set cost-effective.
 up by RBI last week. On the other hand, concerns over
Solution Chinese companies reducing their par-
ticipation due to heightened tensions

Star & Disney between Beijing and New Delhi has
eased, with the BCCI reportedly retain-
Fill in the grid so
that every row,
says no to ad ing Vivo has the main IPL sponsor. The
concerns about the impact of Chinese
every column
and every 3x3
discount for firms not participating appear exagger-
ated — Last year, based on the BARC,
box contains
the digits 1 to 9
IPL season data only two of the top 10 advertisers
during IPL were Chinese — Vivo
Uday Shankar, president of Walt and Oppo.
Business Standard MUMBAI | TUESDAY, 4 AUGUST 2 0 2 0 15
This is to bring in the notice of General
Public at large that Flat bearing No.
= C I N : L67120MH1985PLC035632
Regd Office: 511, Maker Chambers V, 221, Nariman Point, Mumbai - 400 021. AstraZenecaA
D/210, Vitthal Dham Co-operative
Ph.: 022 228324681 Fax: 022 22047288 AstraZeneca Pharma India Limited
Email: investois@morarkafinance.in | Web: www.morarkafinance.in
Housing Society Limited", Survey No. CIN No.: L17229UP1994PLC017199 (CIN: L24231KA1979PLC003563)
1 4 3 , Hissa N o . 3 ( P ) , v i l l a g e Registered & Corporate Office: Kamla Tower, Regd. Office: Block N1,12th Floor, Manyata Embassy Business Park,
Diwanman, Vasai (West), Tal. Vasai, Notice is hereby given that pursuant to Regulation 29 read with Regulation 47 of the SEBI Kanpur-208 001 (U.P.) Rachenahalli, Outer Ring Road, Bangalore-560045
D i s t . P a l g h a r is o w n e d a n d (Listing Obligation and Disclosure Requirements) Regulations, 2015, a meeting of the Ph.: +91 512 2371478 to 81 ; Fax: +91 512 2332665 Ph.: 080-67748000, Web: www.astrazeneca.com/india
possessed by Mr. Dinesh Vishnu Board of Directors of the Company is scheduled to be held on Thursday, August 13,2020,
website: www.jkcement.com ; e-mail: shambhu.singh@jkcement.com
Dakre and Mrs. Rekha Dinesh Dakre. inter alia, to consider, approve & take on record, the Unaudited Financial Results for the NOTICE
That the share certificate bearing No.
27 consisting of 5 shares of Rs. 50/-
quarter ended June 30,2020. This notice is also available on the website of the company NOTICE [Pursuant to Regulation 47(1)(a) of SEBI
www.morarkafinance.in and alsoonthewebsiteofstockexchangewww.bseindia.com. (Listing Obligations and Disclosure Requirements) Regulations, 2015]
each having distinctive nos. 131 to
For Morarka Finance Limited Notice is hereby given that pursuant to Regulation 29 read with Regulation
135, issued of Vitthal Dham Co- A meeting o f the Board o f Directors o f A s t r a Z e n e c a P h a r m a India
operative Housing Society Limited in sd/- 47 of SEBI (Listing Obligation and Disclosure Requirements) Regulations,
2015 a meeting of the Board of Directors of the Company is scheduled to be Limited will b e held o n Monday, A u g u s t 10, 2 0 2 0 , inter alia, t o
respect of the said flat is lost/ Place: Mumbai Himgauri S. Behera
misplaced by the current owners Mr. held on Tuesday, the 18" August, 2020, interalia to consider, approve and consider a n d a p p r o v e t h e Unaudited Financial Results o f t h e
Date: August 4,2020 Company Secretary & Compliance Officer
Dinesh Vishnu Dakre and Mrs. Rekha take on record Unaudited Financial Results (Standalone and Consolidated) C o m p a n y , for t h e quarter e n d e d J u n e 3 0 , 2 0 2 0 .
Dinesh Dakre. Mr. Dinesh Vishnu of the Company for the First Quarter ended on 30" June, 2020. This information is available o n the w e b s i t e o f t h e C o m p a n y i.e.,
Dakre and Mrs. Rekha Dinesh Dakre
In terms of the SEBI (Prohibition of Insider Trading) Regulations 2015 and w w w . a s t r a z e n e c a . c o m / i n d i a a n d a l s o on t h e w e b s i t e o f t h e Stock
have applied with the society for issue
of duplicate copy of share certificate. Code of Conduct on Insider Trading of the Company the Trading Window1 for E x c h a n g e s , w w w . n s e i n d i a . c o m (National S t o c k E x c h a n g e o f India
H e n c e If a n y p e r s o n / dealing in securities stands closed from 1* July, 2020 till 20" August, 2020. Limited) a n d w w w . b s e i n d i a . c o m ( B S E Limited), w h e r e t h e equity
institute/firm/company is having any The Intimation is also available on the website of the Company at shares of t h e C o m p a n y are listed.
objection in respect of the said flat DHANLAXMI BANK LIMITED www.jkcement.com and the website of Stock Exchanges where the shares
shall submit his/her/their objection or AUCTION NOTICE of the Company are listed viz. BSE Limited (www.bseindia.com) & National For A s t r a Z e n e c a P h a r m a India Limited
any person/institute/firm/company
Notice is hereby given to the borrowers of ourvarious Branches mentioned in the list below, Stock Exchange of India Ltd (www.nseindia.com). Place: Bangalore Pratap R u d r a
have found the said lost copy of share
certificate may submit the same at the that the gold ornaments pledged by them to the respective Branches, against account
Date: A u g u s t 3, 2 0 2 0 C o m p a n y S e c r e t a r y & Legal C o u n s e l
below mentioned address within 14 number/s indicated against their name/s, for availing the respective gold loan/s will be Place: Kanpur For J.K. Cement Limited
days from publication of this Public auctioned I sold by private sale by the Bank, due to non-closure/ non-renewal of the Date: 3" August, 2020 Sd /-
notice failing which no objection shall accounts, at3 PM on 14.08.2020 at the respective Branch premises. (Shambhu Singh)
be considered, please take note. Sr. No. I Branch I Acct NoT Name Asst. Vice President (Legal) & Company Secretary
Sd /-
Ground. Floor, Gokul Arcade, Agashi Road, Bolinj, Virar (W), Thane -401303 CITADEL REALTY AND DEVELOPERS LIMITED
Advocate Anish Kalvert.
VIRAR 25056200033947 MAMTAMSONI CIN: L21010MH1960PLC011764
A-G/2, Dewan Niketan CHSL
Diwanman, Vasai (W), Dist. Palghar 25056200033888 MAMTAMSONI R e g d . Off.: M a r a t h o n F u t u r e x , Mafatlal Mills C o m p o u n d , N. M. J o s h i M a r g ,
VASAI Dt. 04.08.2020 25056200035569 MAMTAMSONI
L o w e r Parel, M u m b a i - 4 0 0 0 1 3 . Tel.: 0 2 2 6 1 5 8 8 4 8 4 , F a x : 0 2 2 6 1 5 8 8 4 1 0 ,
25056200035529 MAMTAMSONI
E-mail: citadel@marathonrealty.com, Website: www.citadelrealty.in
Please note that if the concerned Branch does not receive appropriate bid/s during
the process for any of the above account/s, ornaments in such accounts will be PUBLIC NOTICE NOTICE
disposed off subsequently, in private sale, without any further reference to the 1) Original Indenture of Lease dated 0 9 / 1 2 / 1 9 9 3 Between MIDC AND M/s. N o t i c e is h e r e b y g i v e n , p u r s u a n t t o R e g u l a t i o n s 2 9 a n d 4 7 o f t h e S E B I
borrowers. Bank reserves its right to postpone/ cancel the Auction/ Sale without Shivdham Petrochemicals Limited which is registered on 1 3 / 1 2 / 1 9 9 3 (Listing O b l i g a t i o n s a n d D i s c l o s u r e R e q u i r e m e n t s ) R e g u l a t i o n s , 2 0 1 5 , that
assigining any reason thereof. underSerial No. BBM/3375/1993. m e e t i n g s o f B o a r d o f D i r e c t o r s o f t h e C o m p a n y is s c h e d u l e d t o b e held o n
Place: Virar Sd /- 2) Original Deed of Assignment dated 2 6 / 0 5 / 2 0 0 8 , Between M/s. Monday, August 10, 2020, t o inter-alia c o n s i d e r t h e U n - a u d i t e d F i n a n c i a l
Date: 03.08.2020 Branch Manager Shivdham Plasticizer and Chemicals Ltd. AND Shri Rakesh Khetan, Prop, R e s u l t s f o r t h e first q u a r t e r e n d e d o n J u n e 3 0 , 2 0 2 0 , a m o n g o t h e r things;
of M/s. Karina Synthetics, which is registered on 2 7 / 0 5 / 2 0 0 8 under Further, in t e r m s o f p r o v i s i o n s o f t h e S E B I (Prohibition o f Insider T r a d i n g )
Serial No. PLR-3090/2008. Regulations, 2 0 1 5 a n d the C o d e o f Conduct adopted by the C o m p a n y to
3) Original Deed of Assignment dated 0 3 / 1 2 / 2 0 0 8 , Between Shri Rakesh
regulate, m o n i t o r a n d report T r a d i n g b y t h e Insiders, t h e " T r a d i n g W i n d o w " in
Khetan, Prop, of M/s. Karina Synthetics AND M/s. First Winner Industries

r e s p e c t o f d e a l i n g s in t h e E q u i t y S h a r e s o f t h e C o m p a n y , is c l o s e d f o r all

KANSAI NEROLAC PAINTS LIMITED Ltd. which is registered on 0 5 / 1 2 / 2 0 0 8 underSerial No. PLR-6238/2008
in respect of A Plot No. N-66 in admeasuring 4 9 5 0 sq.mtrs. in Tarapur D e s i g n a t e d (specified) E m p l o y e e s o f t h e C o m p a n y a n d t h e " t h e C o n n e c t e d
Registered Office: Nerolac House, Ganpatrao Kadam Marg,
Lower Parel, Mumbai - 400 013 Industrial Area within the Village Limits of Pamtembhi Taluka and Dist. P e r s o n s " w i t h t h e C o m p a n y , f r o m W e d n e s d a y , July 0 1 , 2 0 2 0 till W e d n e s d a y ,
PAINT Tel: +91-22-24934001; Fax: +91-22-24973704; e-mail: investor@nenolac.com Palghar bounded as: Towards East- Plot No. N-65, Towards West- Plot No. N- A u g u s t 12, 2 0 2 0 (both d a y s inclusive).
Website: www.nerolac.com CIN: L24202MH1920PLC000825 67, Towards South- Estate Road and Towards North- Part of Plot No. N-69 , T h e i n f o r m a t i o n c o n t a i n e d in this N o t i c e is a l s o a v a i l a b l e o n t h e C o m p a n y ' s
Plot No. N-70, Part of Plot No. N-71, w e b s i t e : w w w . c i t a d e l r e a l t y . i n a n d a l s o o n t h e w e b s i t e o f t h e B S E Ltd., w h e r e
STATEMENT I F U N I I I I T E I FINANCIAL IESULTS F I N THE QIAITER ENDED 30 JDNE202I have been reported lost and/or untraceable despite due and diligent search
The public at large is informed that M/s. Supershine ABS Platers Pvt. Ltd. is
s h a r e s o f t h e C o m p a n y a r e listed i.e. w w w . b s e i n d i a . c o m .

(Rs. in Crores) the absolute owner of the said Property. It is hereby brought to the notice of For CITADEL REALTY AND DEVELOPERS LIMITED
the public at large, that the said property in the personal, lawful, actual Sd/-
Standalone Consolidated
physical possession of M/s. Supershine ABS Platers Pvt. Ltd. Place: M u m b a i ANUJA DUBE
Particulars For the For the
For the quarter ended For the quarter ended Any member of the public, dealing with the Lost Documents and/or the Date: August 03, 2020 COMPANY SECRETARY
year ended year ended properties and/or deriving any benefit by impersonation as any of the
30.06.2020 31.03.2020 30.06.2019 31.03.2020 30.06.2020 31.03.2020 30.06.2019 31.03.2020 persons executing the Lost Documents or claiming any interest in the
(Unaudited) (Audited) (Unaudited) (Audited) (Unaudited) (Audited) (Unaudited) (Audited) property on the basis of the Lost Documents or in any manner whatsoever
Total Income from Operations 598.05 988.04 1463.47 4943.17 638.92 1080.07 1542.41 5279.97 shall do so at his/her own cost, expense, liability and risk.
Any person having any claim against the said Property by way of inheritance,
Net Profit for the Period (before Tax and Exceptional items) 55.29 98.45 226.49 683.60 41.55 93.50 222.82 666.96 mortgage, sale, gift, lease, tenancy, lien, charge, trust, maintenance,
Net Profit for the Period before tax (after Exceptional items) 55.29 98.45 226.49 683.60 41.55 93.50 222.82 666.96 easement or otherwise, howsoever on the said Property by virtue of them
Net Profit for the Period after tax (after Exceptional items) 42.71 71.46 147.90 535.40 29.64 65.36 144.69 515.78 holding the said documents as above and / o r for any other reason
Total Comprehensive Income for the Period 42.26 71.74 147.52 534.38 28.32 60.95 140.05 510.55 whatsoever are hereby requested to make the same known in writing to the
undersigned at their office within 15 days from the date hereof.

Equity Share Capital 53.89 53.89 53.89 53.89 53.89 53.89 53.89 53.89
Post publication of this notice, the Duplicate/ Certified Copies of the original
Other Equity 3732.98 3706.41 documents issued/retrieved for the said Property in favour of M/s.
Earnings Per Equity Share (of Re. 1/- each) (not annualised) Supershine ABS Platers Pvt. Ltd. will be treated as original documents, and

Basic 0.79 1.33 2.74 9.94 0.62 1.25 2.71 9.67 thusthe lost documents would stand cancelled.
Diluted 0.79 1.33 2.74 9.94 0.62 1.25 2.71 9.67
Advocate - High Court
Note: The above is an extract of the detailed format of Statement of Unaudited Financial Results filed with the Stock Exchanges under Regulation 8, Blaze Business Centre, Birla Mansion, 1" Floor,
33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The full format of Statement of Unaudited Financial Results 134, Nagindas Master Road, Fort, Mumbai - 4 0 0 0 0 1
are available on the websites of Stock Exchanges at https://www.bseindia.com and https://www.nseindia.com and also on the Company's website
at https://www.nerolac.com. The auditors have expressed an unqualified review report on the financial results for the quarter ended 30 June, 2020.
Place: Mumbai H. M. BHARUKA


CIN No. : L 9 9 9 9 9 M H 1 9 8 6 P L C 0 4 0 5 5 9
Registered Office: P O O J A H O U S E , 1 S T F L O O R , C T S NO. 8 9 2 - 8 9 3 , O P P J .W. M A R R I O T T H O T E L ,
National Peroxide Limited
CIN: L24299MH1954PLC009254
JUHU T A R A R O A D , JUHU, MUMBAI - 4 0 0 0 4 9
Registered Office: Neville House, J. N. Heredia Marg, Ballard Estate, Mumbai-400001
Phone : 022-26121613/14, Fax : 022-26631275, Website : www.poojaentertainmentandfllms.in,

Head Office: C-1, Wadia International Centre, Pandurang Budhkar Marg,
E m a i l : investor@poojaentertainmentandfllms.in
Worli, Mumbai 400025.Tel: 022-66620000;
Website: www.naperol.com ; Email: secretarial@naperol.com
(Rs. In L a k h s )

Quarter Ended Year Quarter Ended Year
Ended Ended NOTICE is hereby given that the Sixty-Sixth (66th) Annual General Meeting ('AGM') of the
30.06.2020 31.03.2020 30.06.2019 31.03.2020 30.06.2020 31.03.2020 30.06.2019 31.03.2020 Company will be held on Tuesday, 25th August, 2020 at 03.30 P.M. (IST) through Video

1. Total I n c o m e f r o m Operation

2. Proflt/(Loss) f r o m ordinary activities b e f o r e t a x









Conference ('VC') / Other Audio Visual Means ('OAVM') to transact the business, as set
out in the Notice of the AGM.
In view of the continuing COVID-19 pandemic, the Ministry of Corporate Affairs ('MCA') has
vide its circular dated 5th May, 2020 read with circulars dated 8th April, 2020 and 13th April,
3. Proflt/(Loss) f r o m ordinary activities after Tax

4. Total C o m p r e h e n s i v e I n c o m e f o r t h e period

5. Paid u p Equity S h a r e Capital (face v a l u e of

















2020 (collectively referred to as 'MCA Circulars') and SEBI Circular dated 12th May, 2020
have permitted the holding of the AGM through VC / OAVM, without the physical presence of
the Members at a common venue.
Rs 10/- per share)
In compliance with the MCACirculars and the relevant provisions of the Companies Act, 2013
6. O t h e r Equity (Excluding Revaluation 3,043.03 3,105.37
and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('Listing
7. Earnings per s h a r e ( E P S ) of Rs.10/- e a c h
Regulations') the AGM of the Company is being held through VC / OAVM. Further, electronic
(not annualised) copies of Annual Report for FY 2019-20 have been sent on Monday, 3rd August, 2020 to all
- Basic Rs. 0.05 53.54 (0.50) 54.15 1.11 56.56 (0.99) 55.68
Members, whose email address are registered with the Company / Depository Participant.
- Diluted Rs. 0.05 53.54 (0.50) 54.15 1.11 56.56 (0.99) 55.68
The Annual Report for FY 2019-20 along with Notice of the 66th A G M of the Company is
available and can be downloaded from the Company's website www.naperol.com, website of
1. T h e a b o v e is an extract of t h e detailed f o r m a t of u n a u d i t e d Financial Results f o r t h e q u a r t e r e n d e d 30th J u n e , 2020 flled w i t h t h e Stock E x c h a n g e s
under Regulation 33 of t h e S E B I (Listing Obligation a n d Disclosure R e q u i r e m e n t s ) Regulations, 2 0 1 5 . T h e full f o r m a t of Quarterly Financial Results a r e
National Securities Depository Limited (NSDL) https://www.evoting.nsdl.com and will also be
available o n t h e Stock E x c h a n g e W e b s i t e w w w . b s e i n d i a . c o m and on C o m p a n y ' s w e b s i t e w w w . p o o j a e n t e r t a i n m e n t a n d f l l m s . i n available on website of BSE Limited at www.bseindia.com.
2. T h e a b o v e results w e r e r e v i e w e d b y t h e A u d i t C o m m i t t e e a n d a p p r o v e d by t h e B o a r d of Directors a t its m e e t i n g held o n 03rd A u g u s t , 2020 Pursuant to Section 108 of the Companies Act, 2013 read with Rule 20 of the Companies
For Pooja E n t e r t a i n m e n t a n d Films Limited (Management and Administration) Rules, 2014, Regulation 44 of the Listing Regulations and
Secretarial Standard on General Meetings, the Company is providing remote e-voting facility
D e e p s h i k h a Dhiraj D e s h m u k h
Place : M u m b a i for transacting the business contained in the Notice of the AGM. The Company has engaged
Date : 3 rd A u g u s t , 2020 DIN No.: 0 2 1 4 6 2 1 0 the services of National Securities Depository Limited ('NSDL') for providing its members the
facility for casting their vote through remote e-voting platform and for participating in the 66th
AGM through VC / OAVM facility along with e-voting during the AGM.
Members holding shares either in physical form or in dematerialised form, as on the cut-off


date i.e., Tuesday, 18th August, 2020 may cast their vote electronically on the business as set
out in the Notice of AGM through electronic voting system of National Securities Depository
Limited ('remote e-voting'). All the Members are hereby informed that:
Regd. Office : Azamabad Hyderabad - 500 020 i. the business, as set out in the Notice of AGM, may be transacted through remote e-
Phone: 91-40-27688000; Fax:91-40-27615336; voting or e-voting system during the AGM;
CIN: L29150TG1930PLC000576, ii. the remote e-voting shall commence on Saturday, 22nd August, 2020 (9:00 a.m. IST)
Email:investors@vstind.com, website: www.vsthyd.com and end on Monday, 24th August, 2020 (5:00 p.m. IST);

EXTRACT OF UNAUDITED FINANCIAL RESULTS iii. the cut-off date for determining the eligibility to vote by remote e-voting or e-voting
system at the AGM shall be Tuesday, 18th August, 2020;
FOR THE QUARTER ENDED 30TH JUNE, 2020 iv. any person, who acquires shares of the Company and becomes a Member of the
( f in Lakhs)
Company after dispatch of the Notice of AGM and holding shares as of cut-off date i.e.,
Tuesday, 18th August, 2020 may obtain the login ID and password by sending a request
Current Previous Corresponding
3 months Year 3 months at evoting@sharexindia.com or evoting@nsdl.co.in by mentioning their Folio No. / DP
Sl. Particulars ended ended ended ID & Client ID. However, if a person is already registered with NSDLfor e-voting, then the
No. 30-06-2020 31-03-2020 30-06-2019 existing user ID and password can be used for casting the vote;
(Unaudited) (Audited) (Unaudited) v. Members may note that: a) the remote e-voting module shall be disabled by NSDL after
5:00 P.M. IST on Monday, 24th August, 2020 and once the vote on a resolution is cast by
1a Total Revenue from Operations 31491 137042 32924
the Member, the Member shall not be allowed to change it subsequently;
1b Other Income 1160 4736 1175 b) the facility for voting electronically shall be made available during the AGM;
Total Income 32651 141778 34099 c) Members who have cast their vote by remote e-voting prior to the AGM may also
attend the A G M but shall not be entitled to cast their vote again; and
2 Net Profit for the period (before Tax, Exceptional and
d) a person whose name is recorded in the Register of Members or in the Register of
Extraordinary items) 10202 42025 11754
Beneficial Owners maintained by the depositories as on the cut-off date only shall be
3 Net Profit for the period before Tax (after Exceptional entitled to avail the facility of remote e-voting or e-voting at the AGM;
and Extraordinary items) 10202 42025 11754 vi. The detailed procedure and instructions for remote e-voting and e-voting during the
4 Net Profit for the period after Tax (after Exceptional AGM are given in the Notice of the AGM;
and Extraordinary items) 7571 30409 7568 vii. The Register of Members and Share Transfer Books of the Company will remain closed
5. Total comprehensive Income for the period [comprising from Wednesday, 19th August, 2020 to Tuesday, 25th August, 2020 (both days inclusive)
profit for the period (after tax) and Other for the purpose of AGM;
Comprehensive Income] 7621 29991 7571 viii. Mr. Nilesh Shah (Membership No.: F-4554) and failing him Mr. Mahesh Darji (Membership
No. F-7175) and failing him Ms. Hetal Shah (Membership No. F-8964) of M/s. Nilesh Shah
6 Equity Share Capital 1544 1544 1544
& Associates, Practicing Company Secretaries, has been appointed as the Scrutinizer
7 Reserves (excluding Revaluation Reserves) 77165 for conducting the voting process in a fair and transparent manner. The Results declared
8 Earnings per Share (EPS) (of f 10/- each) (not annualised) alongwith the Scrutinizer's Report shall be placed on the website of the Company at
a) Basic and diluted EPS before extraordinary items 49.03 196.93 49.01 www.naperol.com and also on the website of NSDL at https://www.evoting.nsdl.com
b) Basic and diluted EPS after extraordinary items 49.03 196.93 49.01 and same shall be communicated to BSE Limited, where the shares of the Company are
listed and can be accessed at www.bseindia.com.
ix. In case of queries relating to remote e-voting, Members may refer to Frequently Asked
1 T h e a b o v e m e n t i o n e d results is a n extract of t h e detailed f o r m a t of U n a u d i t e d Financial R e s u l t s f o r q u a r t e r
Questions (FAQs) and e-voting user manual for Shareholders available at the
e n d e d 3 0 t h J u n e , 2 0 2 0 f i l e d w i t h t h e S t o c k E x c h a n g e s u n d e r R e g u l a t i o n 3 3 of t h e S E B I ( L i s t i n g O b l i g a t i o n s a n d

Insight Out
downloads section of www.evoting.nsdl.com or contact at toll free no. 1800-222-990 or
D i s c l o s u r e R e q u i r e m e n t s ) R e g u l a t i o n s , 2 0 1 5 . T h e full f o r m a t of U n a u d i t e d Financial R e s u l t s for q u a r t e r e n d e d
30th June, 2 0 2 0 are available o n t h e Stock E x c h a n g e websites (www.bseindia.com; www.nseindia.com) a n d send a request to evoting@nsdl.co.in. In case of any grievances connected with the
Company's website (www.vsthyd.com). facility for voting by electronic means, please contact Mr. Amit Vishal, Senior Manager,
NSDL, at amitv@nsdl.co.in / Tel.: +91-22-2499 4360 or Ms. Pallavi Mhatre, Manager,
2. L i m i t e d R e v i e w o f t h e a b o v e m e n t i o n e d r e s u l t s a s p e r R e g u l a t i o n s 3 3 o f t h e S E B I ( L i s t i n g O b l i g a t i o n s a n d
NSDL at pallavid@nsdl.co.in / Tel.: +91-22-2499 4545. To book your copy, call 0 2 2 - 4 0 2 7 5 4 3 2
For National Peroxide Limited
D i s c l o s u r e R e q u i r e m e n t s ) R e g u l a t i o n s , 2 0 1 5 h a s b e e n c a r r i e d o u t by t h e S t a t u t o r y A u d i t o r , w h o h a s i s s u e d a n
u n q u a l i f i e d r e v i e w rep
°rL For VST INDUSTRIES LIMITED or SMS r e a c h b s to 5 7 5 7 5 or email us at o r d e r @ b s m a i l . i n
Sd/- Sd/-
Place: H y d e r a b a d CHAIRMAN Place : Mumbai Chandukumar Parmar Qbsindia Q www.business-standard.com
Date: 03rd A u g u s t , 2 0 2 0 DIN : 0 8 2 9 6 4 8 6 Date : 3rd August, 2020 (Company Secretary)
1001 Fortune Terraces, 10 Floor, New Link Road,
PUBLIC NOTICE I PUBLIC NOTICE Notice is hereby given to t h e public at large EQUITAS HOLDINGS LIMITED For and on behalf of Food Corporation of India, General
Notice is hereby given that share Notice is hereby given that Share
Andheri (West), Mumbai - 400053, that M y / o u r Client M R . LINO SEQUEIRA Manager (Maharashtra), invites "Online Tenders" under TWO BID
certificate no 86426 tor 100 equity Certificate No 204580 and 304283 for CIN:L65100TN2007PLC064069
Tel: +91 22-26734822-24 URL: www.kolsite.com residing at House No. 953, Kelve Road East,
SYSTEM through e-Tendering for appointment of Handling &
Email: ket_sd@kolsitegroup.com shares of face value 10, folio no 72294 4000 Equity Shares of Rs.1/- (Rupees Taluka Zanjiroli, District Palghar, Thane Regd. Office: 41 OA, 4th Floor, Spencer Plaza, Phase II,
4 0 1 4 0 2 M a h a r a s h t r a has r e v o k e d all E q u i ^ E• 5 Transport Contractor atFCIFSD WARDHA. Tender form and
CIN: L28900MH1982PLC028535 each bearing distinctive number one only) each bearing Distinctive Nos. No.769, Mount Rnad, Anna Salai, Chennai-600002
authority, rights and power granted by m y descriptive NIT can be viewed on "www.fci.gov.in" &
NOTICE is hereby given pursuant to SEBI 18478887 -18478986 of Eicher Motor 608896- 610895 and 292440186- client absolutely and completely, general Tel: 044-4299 5000 | Fax:044-42995050
(Listing Obligations and Disclosure or special in nature of the following:
Limited having its registered office at 3rd 292442185 of Aunobindo Pharma www.equitas.in | Email: secretarial@equitas.in
Requirements) Regulations, 2015, that a (a) In respect of Power of Attorney dated Note: Last date for online sale and submission of tender form
floor select city walk A-3 District City Limited, having its registered office at
meeting of the Board of Directors of the 18th June 1 9 9 1 in favour of MRS. BIBIANA upto 16:00 hrs. on 24.08.2020. ,
Centre, Saket New Delhi 110017 Plot No.2, Maitrivihar, Ameerpet, FERNANDES and M R S . V E R O N I C A
NOTICE is hereby given pursuant to Regulation 29 read with Regulation 47 of
Company will be held on Monday, August
registered in name of Sunanda M. Uchil Hyderabad, Telangana, 500038 COELHO, SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Date: 04.08.2020 I
10,2020, inter-alia, to consider and approve
and Mohan G. Uchil have been lost. registered in the name of Satya M (b) In respect of Power of Attorney dated that a Meeting of the Board of Directors of the Company will be held on
the Unaudited Financial Results 31st M a y 2000 in favour of MRS. BIBIANA
(Standalone & Consolidated) for the quarter Anita Mohan Uchil and Meghna Prabhu and Kamal S Pai have been FERNANDES, MR. M E R W Y N FERNANDES Monday, August 10,2020, inter-alia to consider and approve the unaudited
ended June 30,2020. The said Notice may Mohan Uchil have applied to the losL Satya M Prabhu and Kamal S Pai and MRS. VERONICA COELHO, standalone & consolidated financial results of the Company for the quarter
also be accessed at www.kolsite.com; company for issue duplicate certificate. has applied to the company tor issue (c) In respect of Power of Attorney dated
5 t h D e c e m b e r 2 0 0 3 in favour o f M R . ended June 30,2020. Oracle Financial Services Software Limited
www.bseindia.com and www.nseindia.com Any person who has any claim in duplicate certificate. Any person who
For Kabra Extrusiontechnik Ltd. M E R W Y N FERNANDES, R e g d . Office: O r a c l e Park, Off W e s t e r n Express Highway,
respect of the said shares certificate has any claim in respect of the said (d) In respect of Power of Attorney dated This intimation is also available on the website of the Company i.e.
Mumbai Sd/- Arya Chachad G o r e g a o n (East), M u m b a i - 4 0 0 0 6 3
should lodge such claim with the shares certificate should lodge such 9th N o v e m b e r 2 0 0 5 in favour of M R . www.equitas.in and the w e b s i t e of Stock Exchanges, i.e.
August 03,2020 Company Secretary company within 15 days of the MERWYN FERNANDES and MRS. Tel: +91 2 2 6718 3 0 0 0 Fax: +91 2 2 6 7 1 8 3001
claim with the company within in 15 BIBIANA FERNANDES. www.bseindia.com and www.nseindia.com ft)f ^ Ho|djngs U m i t e d
publication of this notice. CIN: L72200MH1989PLC053666
days of the publication of this notice. with immediate effect due t o breach o f
Date: 04/02/2020 trust, negligence, misapplication, Place: Chennai Deepti R, Website: www.oracle.com/financialservices
Date: 03/08/2020
Race: Mumbai misconduct, wilful act of default, personal Date: August 03,2020 Company Secretary E-mail: investors-vp-ofss_in_grp@oracle.com
Place: Mumbai reasons and consideration by the aforesaid
party. NOTICE
N o t i c e i s h e r e b y g i v e n t h a t a m e e t i n g of t h e B o a r d
(E-mail:fortunalex@outlook.com) of D i r e c t o r s o f t h e C o m p a n y w i l l b e h e l d o n T u e s d a y ,
B & A PACKAGING PUBLIC NOTICE A D O R WELDING LIMITED A u g u s t 11, 2 0 2 0 t o c o n s i d e r a n d a p p r o v e , inter alia,
INDIA LIMITED Notice is hereby given that, '
Registered Office: Ador House, 6, K. Dubash Marg, Fort, unaudited standalone and consolidated financial results
Regd. Office: 22, Balgopalpur Industrial Mrs. Shalini D. Kotian joint owner of Flat adventz Mumbai - 400001-16, Maharashtra, India. for t h e q u a r t e r e n d e d J u n e 30, 2 0 2 0 .
Area, Balasore - 756020, Odisha No. 401/402, Mangal Milap CHS Ltd., Tel: +91 22 6623 9300 / 2284 2525 | Fax: +91 22 2287 3083 T h e notice g i v e n by t h e C o m p a n y t o t h e S t o c k E x c h a n g e s
Corp. Office: 113, Park Street, 12th Gulmohar Cross Road, Near Kaifi Zuari Global Limited E-mail: investorservices@adorians.com | Web: www.adorwelding.com
9th Floor, Kolkata-700016 Notice is hereby given to the General Public in t h i s r e g a r d m a y b e a c c e s s e d o n t h e C o m p a n y ' s
Azmi Park, JVPD Scheme, Juhu, Mumbai
CIN: L21021OR1986PLC001624 CIN: L65921GA1967PLC000157 that, my clients MR. NAVIN PADAMCHAND CIN: L70100MH1951PLC008647
w e b s i t e at w w w . o r a c l e . c o m / f i n a n c i a l s e r v i c e s a n d o n
400 049 along with Mr. Dev V. Kotian,
Website: www.bampl.com, Regd. Office: Jai Kisaan Bhawan, NAHAR & MRS. NAMRATA NAVIN NAHAR NOTICE t h e S t o c k E x c h a n g e w e b s i t e s at w w w . n s e i n d i a . c o m
died on 02/12/2013 and her husband
E-mail: contact@bampl.com
Mr. Dev V. Kotian is claiming the share of Zuarinagar, Goa 403 726 have purchased the Flat No. A/403, 4th Notice is hereby given that the Meeting of the Board of Directors ( N a t i o n a l S t o c k E x c h a n g e of I n d i a L i m i t e d ) and
Phone: (033)2226 9582, 2265 7389, Floor, Sneha Building, Apna Ghar Unit No.
Fax-(033) 2265-1388 the deceased in the said property. Telephone: (0832) 2592180, 2592181 of the C o m p a n y will be held on Tuesday, 11th August, 2020 to www.bseindia.com (BSE Limited).
11 Co-operative Housing Society Ltd.,
COMPANY NOTICE W e hereby invite claims or objections Website: www.adventz.com a p p r o v e the U n a u d i t e d Financial Results ( S t a n d a l o n e &
from the heir or heirs or other claimant
Lokhandwala Complex, Andheri (West), For O r a c l e F i n a n c i a l S e r v i c e s S o f t w a r e L i m i t e d
NOTICE is hereby given that a Meeting of
Mumbai - 400 053 along 5 Shares of Rs. Consolidated) for the quarter ended 30 th June 2020 along with
the Board of Directors of the Company will or claimants/objector or objectors to NOTICE S e g m e n t w i s e Revenue, Results & Capital Employed for the quarter
be held on Tuesday, 11th August, 2020, 50/- each paid up of Share Certificate No.
the transfer of the said shares and Notice is hereby given pursuant to 17, bearing Distinctive Nos. 331 to 335 from e n d e d 30 th June 2020 and as on 30 th June 2020 respectively. The Mumbai Onkarnath Banerjee
at the corporate office of the Company at interest of the deceased member in the
113, Park Street, 9th Floor, Kolkata-700016
Section 91 of the Companies Act, MR. AJAY MEHTA vide registered said notice is also available on the C o m p a n y ' s website at: A u g u s t 3, 2 0 2 0 Company Secretary & Compliance Officer
capital/property of the societies within
to consider and take on record, inter-alia 2013, that the Register of Members Agreement for Sale dated 28-01-2020, duly www.adorwelding.com a n d of the Stock Exchanges at
a period of 15 (fifteen) days from the
the Un-Audited Financial Results of the
publication of this notice with copies
and the Share Transfer Books of the registered under registration No. BDR-16- www.bseindia.com & www.nseindia.com.
Company for the quarter ended 30th June Company, will remain closed from 1017of2020.
of such documents and other proofs in for Ador Welding Limited
support of his/her/their claims/objections Tuesday, 8th September 2020 to As such, any person / person's I a Body M u m b a i
v. M. Bhide
Gujarat Narmada Valley Fertilizers and Chemicals Limited
Notice convening this meeting is available
for transfer of shares and interest of Monday, 14th September 2020 Corporate, Bank / Financial Institution have Regd. Office: P.O. Narmadanagar - 392015, Dist.: Bharuch (Gujarat), India
at the w e b s i t e of the C o m p a n y at 03 August, 2020 Company Secretary CIN: L24110GJ1976PLC002903 Website: www.gnfc.in
the deceased member in the capital/ (both days inclusive) for the purpose any claim, right, title, share & interest
www.bampl.com and also at the website of
Bombay Stock Exchange Ltd. property of the societies. If no claims/ against the any claim against the above said E-mail: investor@gnfc.in FAX: (02642) 247084
of ascertaining eligibility to dividend.
objections are received within the period
Dividend on Equity shares @ Re.1/- Flat/properly by way of Inheritance, Possession, NOTICE TO SHAREHOLDERS
Place: Kolkata . y prescribed above, the societies shall be Partition Deed, Maintenance, Easement,
perequityshare (i.e. 10%) offacevalue
Navi Mumbai Municipal Corporation
C o m p a n y Secretary Transfer of Equity S h a r e s of the C o m p a n y t o
Date: 03.08.2020 free to deal with the shares and interest Release Deed, Sale Deed, Agreement for
of the deceased member in the capital/ of Rs.10/- each, as recommended Sale, Gift, Lease, Trust, Mortgage, Charges, Investor E d u c a t i o n & Protection F u n d (IEPF) A u t h o r i t y A / c
property of the societies in such manner by the Directors for the year ended lien, attachment or otherwise howsoever The Shareholders of the C o m p a n y are hereby informed that pursuant
as is provided under the bye laws of the 31st March, 2020, will be paid when any contact the undersigned with documentary
Engineering Department to the provisions of Section 124(6) of the C o m p a n i e s Act, 2 0 1 3 read
B & A LIMITED declared by the members at the evidence supporting such claim's within 15
Legal Remedies Tender Notice No. N M M C / E E | B | / 16/2020-2021 with Investor Education and Protection Fund Authority (Accounting,
Regd. Office: Indu Bhawan, Mahatma forthcoming Annual General Meeting. days from the publication of this notice,
Audit, Transfer and Refund) Rules, 2 0 1 6 ("the Rules") as a m e n d e d
Gandhi Road, Jorhat - 785 001 Advocates, High Court
The said Notice may be accessed falling which the claim of such person / Details of Work: - P r o v i d i n g a n d laying C P V C pipe line and fiting in from time to time, the dividend declared during the financial year
Corp. Office: 113, Park Street, nd
person's I a Body Corporate I Bank I
9th Floor, Kolkata-700016
Office No.15, 2 Floor, Sujat Mansion,
o n t h e C o m p a n y ' s w e b s i t e at
Financial Institution if any will be deemed to
India bull Q u a r a n t i n e cell at Panvel b u i l d i n g n o 02,05,06.. 2012-13, w h i c h remain unclaimed for a consecutive period of seven
S.V. Rd., Andheri (W), Mumbai 58.
CIN: L01132AS1915PLC000200 www.adventz.com and may also be years or more will be credited to the IEPF Authority A/c. T h e d u e date
Ph: 26244850/26248632. have been waived and I or abandoned and Estimated Cost (Rs.).:- 23,77,500/-
Website: www.barooahs.com, accessed on the stock exchanges not binding upon my clients. for transfer of u n c l a i m e d d i v i d e n d t o I E P F A u t h o r i t y is
Place: Mumbai
E-mail: barooahs@vsnl.com websites at www.bseindia.com and All the Tenderer shall take note of this details tender of above 27.10.2020. T h e c o r r e s p o n d i n g s h a r e s on w h i c h dividend w a s
Phone: (033)2217-6815, 2227-2131, Date: 04/08/2020
www.nseindia.com. Sd /- u n c l a i m e d f o r s e v e n c o n s e c u t i v e y e a r s or m o r e w i l l also b e
Fax-033-2265-1388 work is available at Navi M u m b a i Muncipal Corporation Web Site
Mr. Suresh Mudalar, Advocate
COMPANY NOTICE For ZUARI GLOBAL LIMITED of www.nmme.gov.in and www.iimmc.maliarashtra.ctenders.iii transferred t o IEPF A u t h o r i t y as per t h e P r o v i s i o n s of the said
Shop No. 92, Ground Floor,
Sd/- Rules.
NOTICE is hereby given that a Meeting
Kamdhenu Shopping Centre, D a t e o f Publication 04/08/2020 sign/-
of the Board of Directors of the Company Laxman Aggarwal Lokhandwala Complex,
will be held on Wednesday, 12th August, Executive Engineer [Belapur] The C o m p a n y will not transfer such shares to the IEPF w h e r e there is
Company Secretary Andheri (West), Mumbai - 400 053.
2020, at the corporate office of the NMNMMC PRAdvno 1941/2020 Navi Mumbai Municipal Corporation a specific order of the Court / tribunal restraining any transfer of such
Company at 113, Park Street, 9th Floor,
Place : Gurugram Date: 04/08/2020
Date : August 01, 2020 Place: Mumbai shares or w h e r e the shares are hypothecated / pledged under the
Kolkata-700016 to consider and take on
record, inter-alia the Un-Audited Depositories Act, 1996.
Financial Results of the Company for the
SHRIRAM CITY UNION FINANCE LIMITED In c o m p l i a n c e to the a f o r e s a i d Rules, the C o m p a n y has
quarter ended 30th June 2020.
Notice convening this meeting is available
CIN:L65191TN1986PLC012840 ftsHRIRAM CftyN c o m m u n i c a t e d individually vide its letter dated on 21 st July, 2 0 2 0 by
Regd. Office: 123 Angappa Naicken Street Chennai - 600 001.
fattou/ Galaxy Surfactants Limited
MONEY WHEN YOU NEED IT MOST Registered Post to all the c o n c e r n e d shareholders w h o have not
at t h e w e b s i t e of t h e C o m p a n y at Telephone No.+01 44 25341431
www.barooahs.com and also at the website Secretarial Office :144, Santhome High Road, Mylapore, Chennai - 60 claimed their dividend for consecutive period of seven years from
of Bombay Stock Exchange Ltd. NOTICE is hereby given to the public at CIN: L39877MH1986PLC039877 Telephone No. +91 44 4392 5300 Fax No. +91 44 4392 5430
large that my client named Mr. Rajesh Website: www.shriramcity.in; e-mail: aect@ahriramcity.in
financial year 2012-13, requesting t h e m to claim their unclaimed
Sd/- Registered office: C-49/2, TTC Industrial Area, Pawne, Navi Mumbai-400703,
Narayan Bhat is owner of Flat no. B-22, 1st dividend on or before d u e date i.e 27-10-2020, failing w h i c h
Place: Kolkata D
. Chowdhury
Maharashtra, India. Tel:+91 22 27616666, Fax:+91 22 27615883/27615886
Flr, The New Nahur Gurukripa CHSL C o m p a n y shall transfer the respective shares to IEPF Authority.
Date: 03.08.2020 Com
pany Secretary Village Nahur, Taluka Kurla & District Email: investorservices@galaxysurfactants.com; Website: www.galaxysurfactants.com Pursuant to Regulation 29, 47 and other applicableregulationsof the Securities and
Mumbai Suburban, admeasuring about In terms of Regulation 29 read with Regulation 47 of SEBI (Listing Obligations and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, However, due to extended lockdown in s o m e states on account of
350 Sq. Feet carpet area lying, being and Disclosure Requirements) Regulations, 2015, notice is hereby given that the meeting of 2015 as amended from time to time notice is hereby given that the meeting of the Board of Covid-19 pandemic, the individual notice m a y not be delivered or
situated at Nahur Village Road, Nahur, the Board of Directors of the Company will be held on Tuesday, August 11,2020, inter-
Mulund West 400 080 constructed on the Directors of the Company (Serial No. - 28/2020) is scheduled to be held on Tuesday delivery of the notice may be delayed. In v i e w of such current
alia, to consider and approve the Unaudited Financial Results (Consolidated and Standalone)
land bearing CTS No 606 A/2. The said August 11,2020 to inter alia consider and approve unaudited consolidated financial results exceptional circumstances, this n e w s p a p e r notice shall be d e e m e d
property was in the name of Mr. Narayan of the Company for the quarter ended June 30,2020. This Information is available on the
for the first quarter and three months ended June 30,2020 of the Company among other as a d e q u a t e notice under the Rules.
Laxman Bhat, he was member of The New Company's website (www.galaxysurfactants.com) and also on website(s) of BSE Limited
PUBLIC NOTICE items mentioned in the agenda.
Nahur Gurukripa CHSL bearing Society (www.bseindia.com), National Stock Exchange of India Limited (www.nseindia.com). The C o m p a n y has also uploaded full details of such shareholders
Miss Vimal Wamanrao Pednekar, a Reg. No. BOM/HSG/4672 of 1975, he was Further details on the matters above said may be accessed at the link of the Company's
By the orderofthe Board and shares d u e for transfer to IEPF Authority on its w e b s i t e at
Member of the JAYSHREE CO-OP holding ten shares first five Shares from website www.shriramcity.in and Stock Exchanges' website www.nseindia.com and
HSG. SOCIETY LTD. Having address at 156-160 dated 15-01-1976 and other five For Galaxy Surfactants Limited www.gnfc.in. Shareholders c o n c e r n e d m a y refer at the said w e b s i t e
Sd/- www.bseindia.com
374 - B/2/2 & 399 - B, Padma Nagar, shares from 351-355 dated 12 -09-2013. to verify the details of their unclaimed dividend and the shares liable
For Shriram City Union Finance Limited
Chiku Wadi, Borivali (W), Mumbai 400 Mr. Narayan Laxman Bhat expired on 28- Navi Mumbai Niranjan Ketkar
Sd /- to be transferred.
092 and Jt. Holder of flat No. 101 of the 11-2015 leaving behind him Mr. Rajesh August 03,2020 CompanySecretary Place: Chennai C R Dash
society, died on 19/12/2019 without Narayan Bhat (Son) and Rupali Narayan
Date : August 1,2020 Company Secretary In c a s e the C o m p a n y does not receive any claim regarding
Bhat (after marriage name Rupali Prasad
making any nomination. Her Jt. Holder unclaimed dividend from the concerned shareholders by 27.10.2020,
Shanbag) (daughter) as his only legal
has applied for transfer of Shares/
heirs. Share Certificate of Flat No B-22 the C o m p a n y shall with a v i e w to complying with the requirements set
Interest in the name of deceased to her bearing its Member Registration No 11 and
name. The Society hereby invites, at out in the A c t and Rules, transfer the shares and dividend to the IEPF
20 are still in the name of Mr. Rajesh
above address, claim or objections from Narayan Bhat. Mrs. Rupali Narayan Bhat
Kaarya Facilities and Services Limited Authority by the d u e date as per procedure stipulated in the Rules.
the heir/s or other claimants/objector/s (after marriage name Rupali Prasad CIN: L93090MH2009PLC190063
to the transfer of the said shares & Shanbag ) (daughter) will be considered Regd Office: Office 217, Gemstar Commercial Complex, Ramchandra Lane Please note that after t r a n s f e r of such S h a r e s a n d u n c l a i m e d
interest of the deceased member in the as "The Confirming Party" when the Extn. Road, Malad (West), Mumbai -400064. Dividend to I E P F Authority, n o claim shall lie against t h e
capital/ property of the society within 15 property would be sold by Mr. Rajesh Website: www.kaarya.co.in, Email - in lb@kaarya.co.in C o m p a n y in respect of u n c l a i m e d dividend a m o u n t a n d s h a r e s
days from the publication of this notice, Narayan Bhat to someone through an
Extract Of Statement Of Audited Financial Results For transferred to IEPF. Shareholders m a y claim the dividend and
with copies of such documents and agreement.

other proofs in support of their claims/ Year Ended 31 March 2020 Amount in Rs. corresponding shares transferred to IEPF including all future
objection to said transfer. If no claims/ If anyone finds the document or any SI. Year Ending Year Ending benefits, if any, from the IEPF authorities as per the procedure
objections are received, supported by person(s) having any claim in respect of Particulars prescribed in the Rules.
proper documentary proofs, within the the above referred property or part thereof Mahanand
^ M a l
1. Total Income from Operations
March 2020 March 2019
2031,57,544 1782,19,329
prescribed period above, the Society by way of sale, exchange, mortgage,
charge, gift, maintenance, inheritance,
Wfe Market 2. Net Profit /(Loss)fbr the period (befereTax,
For any further clarifications / information in the a b o v e matter, the
shall befreeto deal with the Shares and S h a r e h o l d e r s are requested to contact the C o m p a n y ' s Investor
possession, lease, tenancy, sub tenancy,
Interest in the capital/property of society BULK A U C T I O N FOR S M P & BUTTER Exceptional and/or Extraordinary items) 41,92,287 165,93,641 Service Centre at the a b o v e address.
lien, license, hypothecation, transfer of title
in such manner as provided under the or beneficial interest under any trust, any 3. Net Profit / (Loss)forthe period before tax (alter
Mahanand Dairy is offering bulk quantities of SMP and Butter (BIS
Bye - Laws of the Society. The claims/ gift deed, will, mortgage, or any type of Exceptional and/or Extraordinary items) 41,92,287 165,93,641 For Gujarat Narmada Valley Fertilizers & Chemicals Limited
objections received after prescribed claim in respect of above said property for
Standard) for sale through auctions at the NCDFI eMarket. All interested
period, shall not be considered claiming the title of the property, please file buyers are invited to participate. From time to time, details will be
4. Net Profit/(Loss)fbr the period after tax (after
Place: Narmadanagar CS A C SHAH
For J a y s h r e e Co.Op H o u s i n g objection within 15 days from the date of circulated through NCDFI eMarket Mobile App (can be downloaded from
Exceptional and/or Extraordinary items) 29,39,694 120,06,737
Date : 30-07-2020 COMPANY SECRETARY & GM (LEGAL)
Society Ltd. publication of this notice. For filing of 5. Total Comprehensive Incomeforthe Period
Sd/- objection in writing, address is as below. Playstore for free) and on webpages of the NCDFI eMarket. Upcoming [Comprehensive Profit/ (Loss)forthe period (after tax)
Hon. Secretary (Adv. Aditya H. Gade)
auction scheduled on August 04, 2020 and regular auctions to be and other comprehensive income (after tax)] 29,39,694 120,06,737
Place: Mumbai Date: 2nd August 2020 High Court, Mumbai conducted every Tuesday at NCDFI eMarket. 6. Equity Share Capital Gujarat Narmada Valley Fertilizers and Chemicals Limited
A.G. Associates,
401, Gajanan Commercial Complex
Contact No: +917043531188 (NCDFI) (Face Value - Rs.10/- Per Share)
7. Reserves (exduding Revaluation Reserve)
4a; Regd. Office: P.O. Narmadanagar - 392015, DisL: Bharuch (Gujarat), India
CIN: L24110GJ1976PLC002903 Website: www.gnfc.ln
Above Global Business Centre, +918355847276 (Mahanand)
8. Earnings Per Shares"
FAX: (02642) 247084
E-mail: investor@gnfc.in
Near Cidco Bus Stop, Thane West - 400 601 Website: www.ncdhemarket.com; e-mail: info@ncdhemarket.com
1. Basic: 0.63 2.57 NOTICE TO SHAREHOLDERS
2. Diluted: 0.63 2.57 T o u p d a t e E - m a i l A d d r e s s , I. t a x P e r m a n e n t A c c o u n t
NOTES: N u m b e r (PAN), B a n k A c c o u n t Particulars of S h a r e h o l d e r s
The above is an extract of the detailed format of Year ended Financial Resultsfiledwith a n d to provide 1 5 G / 1 5 H / 1 0 F or relevant F o r m s for non-
the Stock Exchange under Regulation 33 of the SEBI (Listing Obligations and Other
d e d u c t i o n of Tax on p a y m e n t of Dividend.
Disclosure Requirements) Regulations, 2015. Thefullformatofthe Quarterly Financial
S. E. RAILWAY-TENDER Results are available on the Bombay Stock Exchange website www.bseindia.com and Notice is hereby given that, in view of massive outbreak of Covid-19
e-Tenders against Open Tender are invited at Company's website at www.kaarya.co.in Pandemic and Pursuant to the Circulars issued by Ministry of
by the DRM/ENGG/CKP, S.E.Railway for For Kaarya Faclities And Services Limited
Corporate Affairs (MCA) Nos. 14/2020 dated 08.04.2020, 17/2020
& on behalf of the President of India for the Place: Mumbai Sd/-
dated 13.04.2020, 20/2020 dated 05.05.2020 and SEBI Circular No.
following works. Manual offers are not Date: July 30,2020 Managing Director
SEBI/HO/CFD/CMD1 /CIR/P/2020/79 dated 12.05.2020, Companies
allowed against these tenders and any are allowed to hold Annual General Meeting (AGM) / General Meeting

TrapspeK Transpek Industry Limited

such manual offer received shall be ignored. through Video Conferencing (VC) or Other Audio Visual Means
SI. No. & Tender Notice No.; Name of BEFORE THE NATIONAL COMPANY LAW TRIBUNAL, (OAVM). Therefore, Annual Report of the Company for the Financial
Work; Tender Value; EMD : (1) CKP- SPECIAL BENCH, MUMBAI Year 2019-20 along with Notice of Annual General Meeting will be sent
• reaflve Chemistry I X ' COMPANY SCHEME PETITION NO. 962/MB-II/2020
EAST-20-21-05, dated 31.07.2020; to Shareholders through Email only at their registered Email address.
(i) Elimination of 02 nos. Manned Level
COMPANY SCHEME APPLICATION NO. 1435/MB/2019 Accordingly, the Company requests all its Shareholders to register /
Cross-ings (LC nos. TB-17 & TB-21) by Registered Office : Marble Arch, 6th Floor, Race Course, Vadodara - 390 007.
In the matter of the Companies Act, 2013: update their email address and Mobile Number as per the laid down
constru-ction of RUB between Haludpukur- Phone: (0265) 2335444 F a x : 0265-2335758 And procedure. This will facilitate the Company to send the Annual Report,
Bahalda Road section, (ii) Elimination of Email: secretarial@transpek.com Website: www.transpek.com In the matter of Sections 230 to 232 and other applicable provisions of the Notice of General Meeting and any other important communications
03 nos. Manned Level Crossings (LC nos. Companies Act, 2013; through electronic m o d e in compliance to the aforesaid Circulars. In
TB-11, TB-12 & TB-13) by construction of NOTICE And
addition to this, Shareholders are also requested to register/ update
In the matter of Scheme of Merger (By Absorption) of Khanna Corporate Services
RUB between Tatanagar-Haludpukur
s e c t i o n under A