FRIDAY, 17 APRIL 2020

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

MUMBAI (CITY)
~9.00
VOLUME XXIV NUMBER 166

www.job9.in
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MFs may get Sebi lifeline

to tide over liquidity woes
Market regulator likely to relax 20% cap on MF borrowing
SAMIE MODAK & JASH KRIPLANI
Mumbai, 16 April LIQUIDITY SEEKING RELIEF
MISMATCH
T
| Some MF schemes on | Further redemptions
he Securities and Exchange the verge of exhausting could force MFs to sell
Board of India (Sebi) is likely to Some schemes have 20% borrowing limit bonds at high impact
throw a lifeline to the ~25-trillion exceeded the borrowing cost
mutual fund (MF) industry to cap, while more are | MFs unable to
tide over the current liquidity crisis, trig- liquidate bonds due to | Blanket easing of caps
gered by inactivity in the bond market
approaching it illiquid market may not be prudent, as
and a surge in redemption requests. Borrowing*/No. of schemes conditions it could lead to leverage
The capital market regulator is con- | Sebi could give
sidering easing the 20 per cent borrowing Less than Between 10% temporary relief after
cap for debt mutual funds if liquidity chal- 10% and 20% assessing individual

95 20
lenges persist, said people with direct cases
knowledge of the development.
According to Sebi regulations, an MF
scheme is allowed to borrow up to 20 per
cent of its net assets for six months. This
provision comes in handy in times of liq-
uidity stress, as seen last month. In Above
March, the debt segment saw gross 20%
7
*As % of AUM
Source:
Industry
estimates
ILLUSTRATION:
BINAY SINHA
redemptions of ~14 trillion, and net out-
flows were the highest-ever at ~1.94 tril-
lion. Many schemes had to resort to heavy ers to formally approach the regulator to holdings as the market is under virtual
borrowing to honour these requests, raise the borrowing limit to tide over the freeze,” said a source, adding that
aggravated by record selling by overseas unprecedented crisis. schemes that had crossed the limit were
investors and redemption pressure from “The regulator is closely watching the being examined by Sebi.
corporate treasuries. situation. It is cognisant of the fact that Dhirendra Kumar, chief executive offi-
At the end of March, nearly a dozen MFs are in a Catch-22 situation, as on cer of MF tracker Value Research, said
schemes were approaching the 20 per the one hand they have to meet redemp- such borrowing to manage liquidity came
cent threshold and some had even tions, and on the other hand, they are with a cost and MFs should use it wisely.
crossed it. This prompted industry play- unable to easily liquidate their bond Turn to Page 11 >

VIRUS
TRACKER
Stimulus 2.0 ready as
Total 12,759
INDIA PM,FMholdmeeting
Active cases Recovered Deaths
ARUP ROYCHOUDHURY
New Delhi, 16 April BOOSTER DOSE other G20 nations.
The United States’
10,824 1,514 420 Size of Covid-19 packages stimulus package was
Prime Minister announced bysome pegged at 11 per cent of
Narendra Modi, Finance G-20 nations so far
Note: Total cases
WORLD Total include 1 GDP, Australia’s at 9.7
migration; figures Minister Nirmala United States per cent, and Brazil’s at
2,101,164 as of 11 pm IST;
Sources: Ministry Sitharaman, and senior 11.0 3.5 per cent, according
of Health and
policymakers in the to data portal Statista.
Deaths Family Welfare;
Australia
Johns Hopkins Prime Minister’s Office Industry bodies like
140,773 Coronavirus
Resource Centre and finance ministry
9.7 Assocham and the
met on Thursday to Canada Federation of Indian
Mumbai tally crosses 2,000; finalise a second stimu- 8.4 Chambers of Commerce
3,200 cases in the state 12 > lus package for those Germany and Industry have been
worst affected by the 4.9 asking for big-bang
India testing 24 people for Covid-19-related nation- Brazil packages, ranging from
one positive case: ICMR 12 > wide lockdown. 3.5 As % ~9 trillion to ~23 trillion.
An announcement is Senior government
of GDP
India’s ration story: Mounting imminent. The Centre is Saudi Arabia officials are saying the
stocks but hungry mouths 4 > unlikely to announce 2.7 Centre has decided to
one “big-bang” stimulus China have smaller, targeted
package and instead will 1.2 announcements rather
come up with smaller, India than one big package.
TCS NET PROFIT FLAT targeted
ments,
announce- 0.8
Business Japan
“Our approach is not
one grand plan but
AT ~8,049 CR IN Q4; Standard has learnt.
This means that over
0.1
Source:
statista.com repeated responses.
Unlike other countries,
FREEZES SALARY HIKE the coming months, there will be no single
there will be a series of stimulus pack- package worth 5 or 10 per cent of GDP,
Tata Consultancy Services (TCS) on Thursday ages to revive the economy. but rather a step-by-step approach. In
posted financial numbers mostly in line Additionally, the fiscal situation of times of uncertainty, we cannot expend
with estimates. The company reported a the Centre and the states has been dis- all our resources in one go,” said an
0.8 per cent fall in its consolidated net profit cussed at the highest levels of govern- official aware of the deliberations with-
on a sequential basis to ~8,049 crore, while ment, and there are deliberations going in the government.
it declined 0.94 per cent YoY. The operating on regarding relaxations to the Fiscal The upcoming package will again
margin expanded 10 basis points to 25.1 per Responsibility and Budget be aimed at the urban and rural poor,
cent — highest in at least four quarters. The Management (FRBM) Act. including migrant labourers stuck in
directors of the board also recommended a The upcoming package could be places away from their homes; other
final dividend of ~6 per equity share, which roughly similar in size to the ~1.7-tril- disadvantaged sections of society;
would be paid on the fourth day of the lion package, announced by micro, small and medium enterprises
conclusion of the annual general meeting. Sitharaman in late March. That (MSMEs); and likely some of the worst-
However, the company has decided not package was around 0.8 per cent of affected sectors as well.
to give any salary hikes this year. 3> GDP, much smaller than that of most Turn to Page 11 >

Mumbai airport invokes force

majeure over revenue sharing
Delhi airport settles for talks; AAI refuses waiver but agrees to deferred payment
ARINDAM MAJUMDER PHOTO: DALIP KUMAR
AAI revenue from lease rentals (in ~ cr)
New Delhi, 16 April REVENUE CHURNER
The country’s two largest
3,836
private airports, in Delhi and 3,102 3,050
Mumbai, are taking different
routes to seek a waiver from
revenue payment to the
Airports Authority of India FY17 FY18 FY19
(AAI) as the nationwide
lockdown continues. 30.59 23.91 21.58
WhileGVKgroup-owned Leaserentals paid byDelhi and Mumbai airports make % share in total revenue
MumbaiInternational up a significantpartofAAI earnings
AirportLtd(MIAL)has Source: Airports Authority of India

invokedtheforcemajeure
clausetosuspendpayment toaqueryonthematter. Solicitor General of India and DIAL and MIAL under
fortheApril-Juneperiod, The AAI has not yet have decided to defer their concession agreements with
GMR’sDelhiInternational agreed to give a waiver and payment for April-June. But the AAI, signed during the
AirportLtd(DIAL)has has instead asked the two as of now, we have not agreed privatisation process in
openedadialoguewiththe entities to defer the payment to a force majeure event and 2006, have to pay part of
AAIforthesame.AMIAL by three months. “We took haven’t given any waiver,” their revenue to the
spokespersondidn’trespond legal opinion from the said a senior AAI official. authority. Turn to Page 11 >
2 COMPANIES www.job9.in MUMBAI | FRIDAY, 17 APRIL 2020

STOCKS > Biocon

Receives EIR report from
> IndusInd Bank
Goldman Sachs buys
> Nestlé India
Surpasses Asian Paints,
> Coromandel International
Agri-related stocks
> HCL Technologies
Top loser among the
IN THE NEWS USFDA for manufacturing 4.1 million shares worth SBI in market extend gains on hopes Nifty 50, S&P BSE
facilities in Bengaluru ~176 cr via open market capitalisation ranking of normal monsoon Sensex stocks

~349.85 CLOSE ~435.00 CLOSE ~17,884.85 CLOSE ~565.85 CLOSE ~ 459.65 CLOSE
* OVER PREVIOUS CLOSE 3.84% UP 2.57% UP 3.24% UP 6.99% UP 3.97% DOWN
> .

IN BRIEF
Exide cuts salary by 15-30% E-tailers can sell non-essentials on state nod
in management grades PEERZADA ABRAR
Bengaluru, 16 April
are also expected to give per-
missions soon.
essential products without
unlocking the labour puzzle is
Facedwithfinancialstressowingtothe “We might get the permis- not actually going to help”.

E
ongoinglockdown,ExideIndustrieshas -commerce firms such as sions by late Thursday, that is Analysts said though curfew
decidedtooptfora15-30percentsalarycut Amazon, Flipkart, and the indication we are getting passes can be procured online
intheupper-middlemanagementbracket. Snapdeal on Thursday from the governments in from states, they have to wait
Accordingtoacompanycommunication clinched permission from the Karnataka, Telangana, and for long and, sometimes, their
reviewedbyBusinessStandard,Managing Central government to sell non- Uttar Pradesh,” a senior official systems break down.
DirectorandCEOGautamChatterjeehasoptedfora30percentcut. essential items apart from the working with an e-commerce The other challenge is that
Personnelinthedirector,presidentandvice-presidentgradeswill essentials they were alreadysell- company said. “Odisha and Goa there is a cap on the number of
betakinga25percentcutintheirsalary.Generalmanagersand ing, bringing respite had given permission passes that can be issued and
thedeputiesinthisgradewillhavea20percentreductioninsalary to consumers, too. for sale non-essen- they are individual-specific,
anditwillbetrimmedby15percentforseniormanagersand The rider is that tials before the fresh which means many would get
personnelinthisgrade.Fortherestofthegrades,therewillbeno state governments guidelines by the wasted if some workers decide
reductioninsalary.Thesituationwillbereviewedaftertheendof will decide what Ministry of Home not to come to work.
thefirstquarter.Exiderefusedtocomment. BS REPORTER< items will be allowed Affairs, so they may “We won’t take more than
to be sold. If the need to come up with Electronics items and garments will be allowed to be sold on online platforms PHOTO: BLOOMBERG what social distancing norms
states permit, elec- a new notification.” allow but there should not be
Google to slow Bajaj Auto proposes tronics such as E-tailers had social distancing. While inter- permissions from local authori- the government immediately any restriction on number of
hiring for rest of salary cut for staff as phones, laptops, and reached out to the state transportation of non- ties and with the Confederation advise Maharashtra and Odisha passes,” the person said.
2020: CEO to staff MD forgos 100% pay televisions as well as EASING THE government on Wed- essentials was allowed, it was of All India Traders (CAIT) rais- to withdraw notification allow- According to an internal

Googleparent Bajaj Auto has

garments would be
allowed to be sold on
LOCKDOWN nesday, seeking clari-
ty on whether they
not clear whether e-commerce
companies would be allowed to
ingitsvoiceagainstthe“leeway”
given to the online platforms.
ing the online firms to sell non-
essentials. It has sent similar
communication, Flipkart will
open up fully from April 20. The
Alphabetis proposed salary the online platforms, would be allowed to sell such products. CAIT, in a communication notes to Home Minister Amit communication says the supply
slowinghiringfor cut for all staff starting April 20. sell non-essential items under Evenwithpermissions,how- sent to Commerce Minister ShahandCivilAviationMinister chain will start working at 50
theremainderof with MD Rajiv Rajasthan and Maharashtra the fresh guidelines. The new ever, the e-tailers face an unhill Piyush Goyal on Thursday, Hardeep Singh Puri. per cent outbound capacity ini-
theyear.Chief Bajaj himself have already allowed e-com- norms allowed them to operate task in making non-essential objected and said such a move Meanwhile, a person work- tially, which will be ramped up
ExecutiveSundar taking 100 per merce firms to sell non-essen- without any restriction on their items available to its customers, will create an uneven field and ing with an online platform said to 100 per cent in 15 days.
Pichaitoldstaff cent pay cut. tials products. Karnataka, working hours from April 20, with absenteeism of its delivery willgiverisetounnecessarycon- “giving e-commerce companies
aboutthedecisioninanemail. According to union sources, Telangana, and Uttar Pradesh provided they ensured strict staff, delays in getting various flicts. CAIT has demanded that the permission to deliver non- WithinputsfromYuvrajMalik
Healsohighlightedotherareas if the company resumes
ofcostcutting,sayingthe production from April 20 under

6 Indian drugmakers in race Auto firms say won’t

companywillbe“recalibrating the new guidelines by the
thefocusandpaceofour Ministry of Home Affairs, the
investmentsinareaslikedata proposed 10 per cent salary
centersandmachines,andnon reduction by the management
make cars till there is
to make first Covid vaccine
businessessentialmarketing will not be implemented.
andtravel.”Aspokesperson The firm said,"the MD has
saidthefirmwillmaintain
hiringmomentum“instrategic
decided to take the initiative
if such a decision is clarity on retail sales
areas,”whileon-boarding
thosewho’vebeenhiredbut
implemented, he will
not receive any salary during ThefirmsareBiologicalE, Hyundai,Renaultextendsuspensionof
haven’tstarted. BLOOMBERG< this period." BS REPORTER< Cadila,SerumInstitute, production;Maruti,Tatayettotakeacall
BharatBiotech,Mynvax, SURAJEET DAS GUPTA, SHALLY SETH conforms to the criterion based
Indiabulls Ventures’ IL&FS sells entire MOHILE & T E NARASIMHAN on location. But a final decision
senior management stake in IWPSL to IndianImmunologicals New Delhi/Mumbai/Chennai, 16 April will be based on supply chain
dynamics… A seamless supply
to take salary cut ORIX for over ~6 cr SOHINI DAS Indian carmakers, including chain can be established only if
Indiabulls Ventures said the Cash-strapped Infrastructure Mumbai, 16 April HyundaiMotorsIndia,Renault, all regions are producing.”
firm’s senior management Leasing & Financial Services Mahindra & Mahindra, have A source in the know of Kia
will take pay cuts to control (IL&FS) on Thursday said it had Even as a Chinese research company decided or are likely to extend Motors’ operations said though
expenses. "The senior sold its 100 per cent stake in made news by becoming the first organi- suspension of production in its unit in Anantapur, Andhra
management has IL&FS Wind Power Services sation globally to enter phase-II of clinical their factories till May 3. Pradesh, could resume pro-
voluntarily decided to take (IWPSL) to ORIX Corporation, trials to find a vaccine for the coronavirus Others like Maruti Suzuki, duction, it was yet to take a call
pay cuts up to an average of Japan, for ~6.05 crore. disease (Covid-19), Indian drugmakers the Volkswagen group, Tata because of supply chain issues.
50 per cent for the current IWPSL is engaged in providing weren’t far behind. Motors, and Kia Motors are Maruti Suzuki Chairman R
financial year," the supervisory and management Six Indian drugmakers are in race to undecided and will take a deci- CBhargavasaiditwasthefirm’s
company said. DivyeshB support services to seven make a Covid-19 vaccine and, on basis of sion in a few days. understanding that the state
Shah,CEO,Indiabulls operating wind power what these developers say, India may have Experts say it would take at least a year to see if a patient who The move comes despite government would identify
Ventures,hasoptedtotakea generating special a vaccine by next year as most candidates has been administered a vaccine does not catch the infection the Union government coming industrial estates or areas like
salarycutof90percent. PTI< purpose vehicles. PTI< are already in animal-trial phase. out with fresh guidelines allow- Manesar (where they have their
Gagandeep Kang, the vice-chair of the ened) recombinant measles vaccine that there is expected to be a steady demand for ingstaggeredproductionatfac- factory), within the Gurugram
Coalition for Epidemic Preparedness will induce long-term neutralising anti- vaccines,” said a drug firm official. tories, albeit with stiff riders. district and give permission.
Innovations, said Cadila Healthcare (Zydus bodies, which will protect against the virus. Such is the scramble for the vaccine, Hyundai said the suspen- But, he said, that was not
MODI’S LOCKDOWN EXTENSION Cadila), Serum Institute of India, Bharat
Biotech, Indian Immunologicals, Mynvax,
Pankaj Patel, chairman of Zydus Cadila,
said that they have taken multiple
Serum Institute, the world’s largest vaccine
manufacturer in terms of number of doses,
sion will have a “cascading
impact on new projects and
the primary issue. “For us, the
key issue is whether we can
CLIP TOPS VIEWERSHIP CHARTS andBiological Eare workingonvaccinesfor
Covid-19. “There is hope of a vaccine next
approaches. “If the animal trials go well,
we can expect a vaccine by the end of 2021.
has decided to test if a tuberculosis vaccine
works to boost immunity against the coro-
shut down plans” as there was
no clarity on “when retail sales
produce the car. If many of our
direct vendors and their tier-2
year, but it is always a question of speed, sci- However, it depends on the results the ani- navirus, too. The Pune-based institute has would begin and how cus- and 3 suppliers (1,300 odd) are
ence, safety, efficacy, and luck,” Kang, who mal trials show. The government, on its tied up with Germany’s Max Planck tomers would respond”. in red zones, what is the point
is also the executive director of the part, is moving very fast in this case and Institute for Infection Biology and Vaccine Renault Nissan Automotive of asking for permission to
Translational Health Science and approvals, etc, are not a challenge,” he said. Projekt Management that has a TB vaccine India, in a mail on April 14 to its open at all? This process for us
Technology Institute, Faridabad, said. Zydus was also the first Indian company VPM10002 for trials. If the study yields pos- suppliers, said: “We are study- will take 2-3 daysbefore we take
Of the players in fray, Serum Institute to create a vaccine for swine flu in 2010. itive results, the vaccine could be available ing the hotspots to confirm the a final call,” said Bhargava.
has indicated it may be possible to have a Experts feel while there is a race to make in the market by early 2021. ramp up feasibility for all our Volkswagen is also in two
viable vaccine only by the second quarter of the vaccine right now, once a drug to treat Hyderabad-based Bharat Biotech’s vac- suppliers. Still our plan is to minds. Gurpratap Boparai,
2022. It had earlier given a timeline of end the disease becomes available, the demand cine candidate is expected to be in human start the plant in June.” managingdirectorofthegroup,
of 2022, but revised it later. It is working on for the vaccine may fall. trials by the fall of 2020. Krishna Ella, M&M is likely to extend the said with 5,000-6,000 workers
two vaccine candidates, which are now in E Sreekumar, chief scientific officer at chairman and managing director, Bharat suspension of production till in the firm’s factories and those
Prime Minister Narendra Modi’s address to the nation on the animal trial phase. So are Zydus Cadila’s the Rajiv Gandhi Centre for Biotechnology, Biotech International, said: “We have the May 3. A source aware of of its vendors it would be
Tuesday, the fourth in under a month,witnessed the vaccine candidates — one of the early said it would take at least a year to see if a started and aim to complete the ‘CoroFlu’ the company’s plan said: “We impossible to provide accom-
highestviewership among all his Covid-19 broadcasts, movers in this area in India. It has two can- patient who has been administered the vac- animal trials in 4-6 months.” cannot start production in modation as the infrastructure
data from the BroadcastAudience Research Council shows. didates under development — a DNA vac- cine does not catch the infection. “To check In the global scene, firms have indicat- Haridwar. Though it qualifies didnotexistinChakaninPune.
While news and moviescontinued to driveTV viewership, cine and another a live weakened recombi- whether antibodies are getting produced ed that they can come up with a vaccine by underthenewguidelines,most Auto components manu-
Hindi general entertainmentgrew26 percentbetween nant measles vaccine against Covid-19. in a patient in sufficient numbers will take 2021. For example, Johnson & Johnson, suppliers are in the western facturers are also looking for
April 4 and April 10, led byclassics and old shows that most Its DNA vaccine will work against the around six months,” he said. which recently unveiled a lead Covid-19 region, so it does not help.” The clarity. Said Nirmal K Minda,
channels are nowreviving. Non-prime timeviewership viral membrane of the protein responsible Still, Indian players are working round- vaccine candidate, said the company plans source said the priority would chairman of Minda group:
also remains high in Hindi-speaking markets, growing 97 for the cell entry of Covid-19 virus. In the the-clock to ensure they have a candidate to have clinical trials by September and win be to liquidate inventory. “There is no point in building
second approach, which is being developed fast. “We do not have vaccines against sev- anemergencyusebyearlynextyear.Inovio, A source in Tata Motors stock if firms cannot sell. We
per centin theweekunder review. VIVEATSUSANPINTO
by its European research arm Etna Biotech, eral diseases, even coronaviruses. But with Sanofi, Moderna, too, are advancing their said: “In principle, Tata Motors arewaitingforclarityfromlocal
LOCKDOWN EXTENSION TOTAL TV CONSUMPTION it is working with a live attenuated (weak- coronaviruses re-emerging every few years, Covid-19 candidates. can resume operations as it authorities and customers.”
GRABS EYEBALLS CONTINUES TO GROW

Electronics firms gear up to resume manufacturing

(figures in mn) (For Apr 4-10) Growth in %*
196.5 203.0 47
38

119.0 From satisfying local authorities to meeting requisite workforce and safety parameters, hurdles galore
24 ARNAB DUTTA Carrier, for example, has have a clue. The two Chinese majors
82.5
New Delhi, 16 April finalised its plan for Monday. It has are yet to hear from the authorities
decided to begin with one working on whether their plants are in the
Krishan Sachdev, appliances indus- shift, instead of two, and one assem- safe zone to be considered for
try veteran and managing director bly line. It plans utilise less than resuming operations.
of Carrier Midea India, is restive. 20 per cent of its normal workforce Since his factory in Jhajhar
19 24 3 14 India Hindi-speaking South Since late March, he has been on the factory floor. The company, (Haryana) is in the green zone,
Mar 2020 Apr2020 spending hours monitoring the like many others, has also come up Manish Sharma, president and
external business environment with a set of safety norms and is chief executive officer (CEO) of
HINDI GENERALENTERTAINMENT VIEWERSHIP GROWING from his Gurugram residence. arranging for protective items like Panasonic India, is hoping to get
(For April 4-10) Growth in %* The new guidelines from the masks, gloves, and sanitizers. permission to restart manufactur-
Ministry of Home Affairs on A team of senior officials is in ing soon. While Godrej Appliances
219 Wednesday, allowing manufactur- constant touch with the authorities, has both its plants — in Satara
ing to resume, albeit with caveats, but is yet to secure the final go- (Maharashtra) and Mohali (Punjab)
have added to his restlessness. ahead. Other leading manufacturers inside the green zones — it is co-
73 He can’t wait to witness the sight of electronics, appliances and ordinating with the local authori-
72 43 of an active manufacturing unit mobile handset items — like ties to secure permit.
26 filled with the sweet hum of rolling Foxconn, Samsung, LG, Panasonic, At its Bawal plant in Haryana, airconditioner maker Carrier Midea says it “Officials are now easily reach-
assembly lines. Wistron, Vivo, and Oppo — plans to begin with one working shift and one assembly line PHOTO: BLOOMBERG able and cooperative. But chal-
News Movies Youth Kids Hindi GEC
But there is much to be done face a similar situation. lenges prevail. From ensuring safe-
before he gets to see what he has Foxconn, for example, is facing department, local industrial author- companies jittery. ty at premises to readying the
NON-PRIME TIME IS BIG VIEWERSHIP DRIVER been familiar with for the most part challenges in securing the required ities, and the district magistrate con- Samsung and LG, both with their workforce with training and health
(Growth for April 4-10 versus pre-Covid period) of his career of more than two workforce to resume operations at cerned is what is consuming most of largest facilities in the Noida hub, check-ups, a lot is to be done before
All day Non-prime time Prime time in % decades. As the focus now shifts to its plants in Sri City (Andhra Pradesh). the manufacturers’ time and energy were ready with a set of plans. April 20. These are unprecedented
97 resuming operations at his plant in With public transportation blocked since Wednesday. Among these, the Others in the area, like Vivo and circumstances and every manufac-
77 Bawal (Haryana), Sachdev is busier and workers scattered across states labour department is in charge of Oppo and television maker turer will have to travel its own
48 51 than ever, figuring out ways to over- and in different districts, bringing ensuring the safety and hygiene of Superplastronics (SSPL), have also path,” said George Paul, CEO of
38 come the hurdles ahead. the required set of skilled labourers workers and most manufacturers submitted their plans on revised industry body MAIT.
24 From satisfying the local and together for all key divisions has are finding it difficult to chalk out a standard operating procedures. Sachdev said: “A lot of interac-
5 10 state-level authorities to finalising become an uphill task, say sources. middle path between demands and The applications of Samsung, tions are taking place. And we are
-4
the new set of standard operating Moreover, apart from gathering their own blueprints for operation. LG, and SPPL are yet to be approved. hopeful of resuming work on
India Hindi-speaking South procedures, all manufacturers, like them at the right locations, securing Further, restricting the spread of Vivo and Oppo, the second- and Monday. But with offline stores
*Growth arrived at after comparing with pre-Covid period Source: BARC Sachdev, are facing a bumpy road the confidence of the various coronavirus on their premises, once fourth-largest smartphone players shut, ramping up production to the
before they can resume operations. authorities like the state labour operations resume, has made most in sales by volumes in India, do not 50 per cent level is some time away.”
 MUMBAI | FRIDAY, 17 APRIL 2020 www.job9.in COMPANIES 3
. <

TCS profit falls 0.8% to ~8,049 cr A year after, Jet’s lenders,

staff still await payments
Declaresfinaldividend Rajesh Gopinathan, CEO and MD of
TCS. He added that the long-term
of ~6/share; company profitability model and margin tar-
get band of 26-28 per cent stands
Though NCLT JET’S JOURNEY ue from liquidation would be
difficult as globally airlines
says won’t retrench secured despite short-term volatility. has extended are grounding planes,” said a
any employee, will According to TCS’ top manage-
ment, while the full impact of Covid- window to find a
bank executive.
Jet Airways has twelve
honour all job offers 19 is difficult to predict, the firm is
likely to end FY21 with a similar buyer, bankers aircraft, including three ful-
ly-owned Boeing 737s, six

SAI ISHWAR & DEBASIS MOHAPATRA

growth rate.
While growth was led by the life
don’t see much Boeing 777s, and three Airbus
A330s, one of which is leased
Mumbai/Bengaluru, 16 April sciences and health care vertical that hope of a deal to Air Serbia. In January, it
grew 16.2 per cent YOY, the commu- decided to sell one of its

T
ata Consultancy Services (TCS) nications and media vertical grew 9.3 ANEESH PHADNIS & SUBRATA PANDA April 17, 2019: Jet Airways Boeing 777 aircraft to KLM to
on Thursday posted a mix set per cent in Q4. Mumbai, 16 April shuts down settle pending aircraft loan
of numbers, with the IT servic- However, the banking, financial June 20: NCLT admits Jet and meet insolvency process
es firm missing estimates on the rev- services and insurance (BFSI) seg- In the year since Jet Airways costs in the Netherlands, but
under insolvency
enue front even as it improved its ment declined 1.3 per cent. Retail and operated its last flight, for- the deal is yet to fructify.
operating margin in Q4FY20. CPG grew 4.2 per cent. Geography- mer employees and creditors September: Synergy While several pilots, engi-
Though earnings were less affect- wise, growth was led by Europe, have continued to wait for shows interest in neers and cabin crew have
ed by the pandemic, the firm’s dou- which grew at 11.9 per cent, while the the payment of their dues, reviving Jet found jobs at other airlines in
ble-digit revenue growth streak, in UK saw 5.4 per cent growth. Growth in even as rivals have swooped India and abroad, about
January 2020: RP calls
constant currency (CC) terms, came North America, however, remained in and acquired the airline’s 4,000 employees are still on
to a halt. at 4.3 per cent YoY. aircraft and routes. for fresh EoI’s as Synergy the rolls of Jet Airways.
For Q4FY20, it reported consoli- ticals. In rupee terms, revenue stood As the crisis continues to play out The airline operated its fails to submit “It has been difficult for
dated net profit of ~8,049 crore — a at ~1.57 trillion, a YoY rise of 7.2 per BALANCE SHEET its impact globally, TCS said it will last flight between Amritsar resolution plan employees to sustain without
0.8 per cent sequential decline, and cent. TCS Q4FY20 not take cost-optimisation moves and Mumbai on April 17, February: 3 suitors show regular income. Many have
0.94 per cent year-on-year (YoY) fall. Net profit for the year rose 2.8 per Revenue (~ cr) 39,946 through retrenchment. “We will dou- 2019, as lenders turned down interest in Jet’s revival – sold their ornaments or bro-
Revenue for the quarter stood at cent to ~32,340 crore. Operating mar- YoYchange (%) 5.1 ble down on our talent base and not its demand for emergency Synergy Group, Far East ken their fixed deposits to
~39,946 crore, up 0.2 per cent sequen- gin stood at 24.6 per cent, a slight retrench anyone,” Gopinathan added. funding. The Naresh Goyal- run households. Some have
QoQ change (%) 0.23 Development Fund &
tially and 5.1 per cent YoY. miss from its intended range. For the whole year, it added 24,179 founded airline, among the even gone to the native
In dollar terms, revenue stood at Like Wipro, which did not provide Net profit (~ cr) 8,049 employees on a net basis, taking the first private carriers to take to Prudent ARC places,” said Nidhi Ch-
$5.44 billion, a growth of 3 per cent revenue guidance for the next quarter YoYchange (%) -0.94 total headcount to 448,464 as of skies in 1993, collapsed under March: RP seeks aphekar, Jet’s cabin manag-
YoY in CC terms. Operating margin owing to uncertainty, the Tata Group QoQ change (%) -0.8 March. During the quarter, the net a mountain of debt and a extension of CIRP beyond er-turned-motivational
expanded 10 basis points to 25.1 per firm also said maximum impact of addition was at 1,789. Attrition fell to cash crunch. 270 days as suitors did speaker.
Operating margin (%) 25.1
cent — the highest in at least four the crisis would be felt during the first 12.1 per cent in Q4. It has been under insol- not submit plan; gets Chaphekar and a few of
quarters. The company also recorded quarter of the current financial year
YoYchange (in basis points) 10 “We will honour all 40,000 offers vency since June last with her colleagues are still opti-
QoQ change (in basis points) Flat 90-day extension
the highest-ever large deal wins, dur- (Q1FY21). made to campus recruits,” said Milind admitted claims of ~16,000 mistic about Jet’s revival.
Source: Company
ing the quarter. TCS, which doesn’t share revenue Lakkad, executive vice-president and crore. Now, the coronavirus “The Jet brand is still alive.
TCS crossed the $22-billion rev- projection, said its long-term funda- it gets better. From a near-term finan- global head (HR). disease (Covid-19) crisis has olution process,” said Ashish The aircraft have been pre-
enue mark in the whole of FY20 — a mentals remain strong and it would cial perspective, the revenue impact “However, we have decided not to dashed any prospects of Pyasi, associate partner at served. All we are hoping is
growth of 7.1 per cent in CC terms. It come back to its previous growth rate is comparable to the global financial give salary increments.” The quan- revival. Dhir and Dhir Associates. that the government sup-
lost its double-digit revenue growth during Q3FY21, once the crisis sub- crisis of 2008, and the peak impact tum of promotions would depend on Before the nationwide “By giving extension, the ports revival and pays us at
streak owing to weakness in key ver- sides. “It is going to get worse before will come in the next quarter,” said business performance, he added. lockdown, the National Com- NCLT gave additional life to least one month’s salary,” she
pany Law Tribunal (NCLT) the process so that viable res- added.
granted an additional three olution plan can be explored. Another staffer,
months to the airline’s resolu- It is pertinent to note that the Geetanjalee Parelkar, said

India Inc grapples with slew of rating downgrades tion professional to find a
suitor on the grounds that
lenders would get better val-
nature of assets is such that
in liquidation these assets
may not fetch the same value
she had exhausted her sav-
ings and her sister was help-
ing her pay loan instalments.
ABHIJIT LELE next few years. The outlook is tion). The effect this time has CARE expects occupancy rates India Ratings has placed Phoe- ue for their assets if these and may become obsolete. “In the absence of regular
Mumbai, 16 April negative. TML’s domestic oper- beensevereasCovid-19isaglob- and revenues per room to sub- nix Mills’ Long-Term Issuer Rat- were sold via a formal resolu- Therefore, for maximisation income, I have been forced to
ations, as well as key auto mar- al catastrophe. Hence, the usu- stantially decline in FY21. Disr- ing of ‘IND A+’ on Rating Watch tion plan, instead of the liqui- of asset value it is important put up my house in Mumbai
India Inc is witnessing a rise in kets globally that are served al trajectory may not be fol- uption could also lead to Negative (RWN). It reflects busi- dation route. Till last month, that some viable resolution for sale and move to Odisha
rating downgrades and revision through its UK-based arm, lowed. The hospitality sector increase in working capital ness disruptions caused by the the Russian Development plan is explored,” Pyasi with my children,” said
in outlook, mostly to negative, Jaguar Land Rover Automotive, has been hit hard by a demand requirement,whichmayimpact temporary closure of malls. Fund and Prudent ARC were added. However, bankers Parelkar, a Boeing 777 pilot.
as the impact of the lockdown are bound to take a hit. slump. CARE Ratings revised liquidity position, CARE added. This has also elevated near- in the fray to revive the air- believe that given the situa- As of March, over 20,000
intensifies. As a response to company- the outlook for Tata-owned ICRA affirmed “A+” rating term downside risks for eco- line, but neither submitted a tion, a revival looks difficult. claims had been made total-
A major downgrade has and sector-specific events, rat- Indian Hotels Company from for TajGVK Hotels & Resorts’ nomicgrowthanddiscretionary concrete plan. “Overall, aviation indus- ing around ~37,000 crore.
been of Tata Motors (TML). ing agencies follow a trajectory “stable” to “negative”. The ‘neg- long-term loans and “A1+” for consumption. Second-order ef- “In view of the order try is in crisis and airlines Workmen and employees
Fitch has downgraded its long- for rating action. Starting with ative’ outlook is on account of short-term loans. However, it fect, such as currency deprecia- passed by the NCLT in a suo have cash flow problems. have claimed more than
term issuer default rating (IDR) keeping the rating on ‘watch’, disruption in operations. revised outlook on rating from tion, may also impact credit pro- moto appeal, the period dur- Expecting a company to sub- ~1,400 crore and financial
from “BB-” to ‘B’ on significant- they follow with changing out- Most of the company’s prop- “stable” to “negative”. TajGVK file of companies. Those with ing which there is a lock- mit a revival plan for Jet creditors have claimed over
ly lower expectations of prof- look, and finally the rating (up- erties have been either shut or has approached lenders for mo- international borrowings will be down will be excluded while Airways looks out of ques- ~11,000 crore from the
itability and cash flows over the grade/downgrade/reaffirma- are operating at minimal level. ratorium on loan repayments. adversely impacted. calculating the period of res- tion. Even realising good val- defunct airline.

Grasim Realty start-up NoBroker raises $30 mn Business Standard

MUMBAI EDITION

freezes capex SAMREEN AHMAD

Bengaluru, 16 April
year which was led by Tiger
Global.
Printed and Published by Sangita Kheora
on behalf of Business Standard Private

as demand The Bengaluru-based start- Limited and Printed at M/s. Dangat Media
Private Limited, 22 Digha M.I.D.C., TTC
Online real estate and rental up will use this funding to
Industrial Area, Vishnu Nagar, Digha, Navi

hits a wall
start-up NoBroker has raised expand to new cities while Mumbai, 400708 and M/s. Nai Dunia
$30 million in a round, led by going deeper in the existing 23/4, 23/5, Sector-D, Industrial Area, J.K.
General Atlantic. markets and service more cus- Road, Near Minal Residency, Bhopal
DEV CHATTERJEE This is an extension to tomers. It will also invest fur- (M.P.)-462023. & Published at
H/4 & I/3, Building H, Paragon Centre, Opp.
Mumbai, 16 April their Series-D funding round ther in technology and its sales Birla Centurion, P.B.Marg, Worli, Mumbai- 400013
of $50 million in October last vertical.
Aditya Birla group firm Gras- Editor : Shyamal Majumdar
im Industries has decided to
put its entire capital expen-
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ambitiousinvestmentplanfor How to get fresh organic
No Air Surcharge
FY21, with budgets decided produce delivered to
across verticals. “Due to the your door in these times
Corona pandemic, our entire
plan has turned upside down
and we have to re-look the
plans again,” executives said.
They added that they would ARCHIVING An artistic take
on lives confined
20:20 VISION
look at cutting costs across
departments. “We are closely
ISOLATION by a pandemic A gripping history of
monitoring our costs and the shorter form of
looking at different scenarios cricket explains why
regarding the lockdown to it has become the
monitor our costs. We will sport’s default format
evaluate ways to optimise
them, if required,” they said.
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4 CORONAVIRUS EFFECT
>
MUMBAI | FRIDAY, 17 APRIL 2020 1

India’s ration story: Mounting stocks but hungry mouths

SANJEEB MUKHERJEE substantially more than three times are hence not eligible for free ration,” state head of FCI, they are not reach-
New Delhi, 16 April whatneedstobethereasbufferstock,
assuming that the annual offtake
TAKING STOCK Dipa Sinha, a teacher at Ambedkar
University and a prominent member
ing the people they are meant for.
According to the food ministry
Ramneek Lal, a wage-earner in under the scheme is 55-60 million 77.72 mt* under PM Garib
of the Right to Food Campaign, said. website, the government has allocat-
Bamrauli Katara, a village near Agra, tonnes, feeding the three extra mem- Foodgrain Kalyan Yojana She said for the time being, the ed almost 3.5 million tonnes of extra
has a six-member family to feed. bers of Ramneek Lal’s family should- stock in central 810 million government could start distributing wheat and rice for free distribution
After the coronavirus lockdown, n’t be a problem. pool as of (approx) extra ration based on the projected over the next three months under the
the nearest ration shop is his only However, the pandemic and the March 10 Number of population of 2021. Garib Kalyan Yojana (PMGKY). Of
source of sustenance because he lost Centre’s announcement on allocat- 54-55 mt** beneficiaries A recently released study by emi- that, according to a recent tweet by
employment at a construction site in ing 5 kg of extra wheat or rice to all under Food Act nent economists Jean Drèze, Reetika Food Minister Ram Vilas Paswan,
Annual food-
Agra city last month. the 810 million beneficiaries under Khera, and Meghana Mungikar almost 2.5 million tonnes (around
With a clutch of papers in his the NFSA has exposed two big holes grain required 100 mn*** shows that over 100 million people 71.5 per cent) has been issued to the
hands, Ramneek Lal says free ration in the decades-old public distribu- under PDS Number of are excluded from the PDS because states in the first 15 days and a signif-
is only for those whose names are tion system (PDS) in India — some- 3.5 mt people outside the central government insists on icant quantity has also been lifted by
there on the ration card, provided thing that has kept millions of bene- Extra the ambit of using the 2011 figures to calculate them.
under the National Food Security Act ficiaries out of the safety net and allocation of NFSA due to state-wise PDS coverage. So, if still the grains aren’t reach-
(NFSA). “I have six members in my ignited calls for universalising the foodgrain old Census At the all-India level, applying the ing the poor and they are getting less
family, including children and eld- PDS, if not permanently, maybe for 67 per cent ratio to a projected popu- than their eligible quota, the prob-
* Includes 19.24 mt of unmilled paddy
ers, but the names of only three are three months, till the pandemic is ** Based on last three years’ average offtake lation of 1.37 billion for 2020, PDS lem lies elsewhere.
there on the card.” over. The NFSA is administered With the FCI sitting on wheat and rice stocks of over 77 million tonnes, coverage today would be 922 million, “Ration-shop owners giving less
*** According to a study by Jean Drèze, Reetika
“I have got the identification through a network of more than India has more than a year’s quota of the country’s ration needs Khera, and Meghana Mungikar instead of around 800 million. This than the entitlement is a very com-
details, including the Aadhaar card 500,000 ration shops in the country. means over 100 million eligible peo- mon problem in most Jharkhand dis-
and the bank passbooks of the mem- Through those, cheap subsidised of around 77.72 million tonnes as of ment announced three months’ free Theproblem ple are outside its ambit, the study tricts. We have received numerous
bers whose names are not there on food is provided to almost 810 mil- March 10 (the 77.72 million tonnes ration, along with 1 kg of free pulses “The NFSA Act, 2013, is based on the showed. If a state adds more people complaints that against 70 kg of
the card, but the shop-owner isn’t lion people. include 19.24 million tonnes of per family, for all the NFSA benefici- 2011 census, which means those fam- than what the Central scheme allows, wheat or rice an extremely poor fam-
willing to give even 1 kg extra grain,” The annual requirement of food- unmilled paddy), India has more aries. To date all NFSA beneficiaries ily members who were added after it will have to bear the additional ily is eligible to get, they have got 50-
Ramneek Lal said. “How can I feed grain to run this job, involving people than a year’s quota of ration even get 5 kg of wheat or rice per month at this census, conducted almost nine expenditure. Therefore, states refrain 60 kg,” said Siraj Dutta, one of the
six people with the ration meant for from the farmer who grows the grain before the country starts its annual a highly subsidised rate of ~3 per kg of years ago, won’t have their names on from doing so. most authoritative persons on the
three,” he asked, showing the docu- to the people who get them, is 54-56 wheat procurement for the 2020-21 rice, ~2 per kg of wheat, and ~1 per kg the ration card. Secondly, as no new Thesecondandanequallyimpor- state.AsSinhaputsit,statesthathave
ments as proof. million tonnes, based on the last season in full swing. That will add to of coarse cereals. After the outbreak, census had not been conducted after tant problem, according to some a functional PDS with a larger num-
With there being more than 77 three years’ average offtake under the the inventory. under the Pradhan Mantri Garib 2011 while the population has experts, is the inefficiencies at the ber of people within its ambit, a crisis
million tonnes of foodgrain in ware- PDS. So as soon as millions of workers Kalyan Package (PMGKP), all will get increased manifold during this peri- state level and the handling of the like the present one can be managed
houses, which is more than a year’s With Food Corporation of India across India lost their jobs owing to 10 kg of wheat or rice for the next od, a large chunk of the poor and PDS, which means that even though better than in those where the system
quota of ration under the NFSA and (FCI) sitting on wheat and rice stocks the lockdown, the central govern- three months. needy don’t have ration cards and loads of grain might be reaching the is rickety and non-functional.

Why cities may not remain Centre seeks industry

views to get workforce
the same after lockdown
BLOOMBERG India’s economic fundamentals are back at factories
16 April far stronger today than two decades
ago, the nation’s poorest citizens SOMESH JHA

M
igrant workers fled India’s have been directly hit for the second New Delhi, 16 April
cities en masse last month time since 2016, when Modi abrupt-
after Prime Minister ly invalidated almost all bank notes The Union government has sought views of the indus-
Narendra Modi’s lockdown left them in a similar late night edict aimed at try in formulating a plan to get the workforce back to fac-
unemployed. Now the employers combating corruption. tories, as the economic activities will begin to re-start in
that let them go may need to offer big Yet, unlike during demonetisa- a phased manner from April 20.
incentives to lure them back. tion when workers felt the rich man According to sources, Labour and Employment
Sontosh Das, 24, lost his job driv- suffered more, the virus lockdown Secretary Heeralal Samariya reached out to industry
ing for a family of doctors in New hurts mostly the poor, said Chinmay executives, a day after the home ministry’s revised lock-
Delhi and fled to his village in West Tumbe, economist with the Indian down guidelines for the period between April 15 and
Bengal some 1,400 kilometres away, Institute of Management. May 3 were made public.
just before the lockdown took effect The industry executives have sought the help of the
on March 24. Now home in eastern ‘Prolonged recession’ government in mobilising the migrant workers from
India, he said he’d rather try his luck Any meaningful stimulus would camps. “One of the prime problems that the industry is
with the government’s rural job- need a minimum ~6 trillion ($79 bil- going to face is the shortage of labour,” a top
guarantee programme than risk lion) compared with the ~600 bil- Confederation of Indian Industry (CII) executive said.
being left with nothing once again. lion cash Modi’s government “We are in the process of mapping the requirement of
“After Modi ji’s lockdown, we’re pledges to transfer to the poor, esti- workers in the industrial belts and submitting it to the
scared of returning,” Das said over a mates Palaniappan Chidambaram, a government.”
crackling phone line. “During tough leader of the opposition Congress One of the plans the CII is going to suggest to the
times, only family comes to help.” party and India’s former finance Union labour and employment ministry is that those
Tens of thousands of workers minister who presided over the workers staying in shelter homes or camps may be
who returned to villages are now country’s response to the global mobilised by opening communication channels
similarly weighing whether to return financial crisis of 2008/09. A “deep through the local administration since inter-state Industry executives have sought the help of the
at the end of the lockdown, which India will allow makers of information technology hardware, farmers and prolonged recession” awaits sec- movement is not allowed. “In the clusters, the workers government in mobilising the migrant workers
Modi this week extended to May 3. and industries in rural areas to resume operations after April 20 tors such as agriculture that are can be made aware of the vacancy in the nearby from camps
Companies are already reporting dependent on migration, industrial unit or belts and the workers can be chan-
labor shortages at ports and facto- About 20 per cent of India’s work- statement on Wednesday. It will also Chidambaram said by email. nelised there after they are tested for Covid-19 virus,” insurance to its workers, at a time when they are
ries, potentially exacerbating an force comprises migrants journey- lift restrictions to allow e-commerce Migrant workers on Tuesday the executive said. already facing a cash crunch due to the lockdown.
economic slowdown. ing from another state, while a larg- companies, goods movement by swarmed out of a camp created for The national lockdown, first imposed on March 25, And without MSMEs, rebooting the economy will be
Automobile makers, which er share is made up of people who roads, as well as restart port and air them in Mumbai, demanding to go hastriggeredreversemigrationofworkersbutthosewho an uphill task,” the executive said.
include the local units of Nissan travel from different parts of the state cargo operations. home after a rumor went around couldn’t go back to their villages are staying in shelter The CII will further ask the ministry to give an exten-
Motor,FordMotorandSuzukiMotor, where their workplace is located, he that India is resuming railway serv- camps set in various states. There are around 1.4 million sion of 60 days for depositing the employees’ provident
are discussing potential labour short- added. Seasonallabour ices. More than 600,000 are cur- workers residing in 26,476 relief camps in various states. fund (EPF) contribution of workers for March, April, and
ages after India lifts its lockdown, Modi has apologised for the India’s internal migration flow rently housed in the city, according Around 1 million migrant workers have already gone May each.
according to people familiar with dis- hardship caused by the sudden changes with the seasons, with mil- to local leaders, who blame Modi’s back to their villages, either by some mode of trans- The Employees’ Provident Fund Organisation
cussions. Jewelers, India’s second- lockdown — announced lions of workers heading to federal government for not allowing portation or on foot. (EPFO) had on Wednesday giving companies a grace of
largest export sector, see production on March 24 — which cities for most months of them a passage back to their states. Companies have also highlighted that bringing 30 days for submitting the PF contribution for March.
suffering for at least two months, said denied as many as 100 mil- the year to build cars, load Before Das was allowed into his migrant workers to the workplace will be a challenge for Companies were supposed to deposit it by April 15,
N. Anantha Padmanaban, chairman lion workers the chance to ships, or clean houses, village in Uttar Dinajpur, West companies since many of them are staying in the des- which has been extended till May 15. They are required
of the All India Gem and Jewellery collect their pay. Yet, for before going home in time Bengal, the headman and a doctor ignated ‘red zones’ where movement of vehicles is pro- to make a contribution of 12 per cent each as employers’
Domestic Council. the hundreds of thousands for the village harvest. checked on him. Then neighbours hibited, according to an industry executive. and employees’ share towards the EPF scheme.
Real estate developers, an indus- of labourers who began Bihar, a state due to hold cloistered his family within their On the government’s guidelines to restart work, the The CII will request the government to allow more
try that includes investors trudging back to their CORONAVIRUS elections this year and house until convinced they were CII will ask the government to share the burden of pass- companies to take the benefit of the EPF subsidy,
Blackstone Group and Brookfield
Asset Management, predicted more
villages after being ren-
dered unemployed and
PANDEMIC home to India’s second-
highest migrant labor pop-
healthy. The ancestral rice farm is
too small to sustain Das, his parents
ing on compulsory medical insurance to all workers.
Experts have said the government’s guidelines have
under the Pradha Mantri Garib Kalyan Yojana
announced by the government last month. Under the
incomplete apartments and office homeless, anger against ulation, will be worst hit and two brothers, so Das’s father the potential of increasing the cost of operations for scheme, only companies (with a manpower of up to
buildings that could ripple through Modi will depend on how long due to the reverse migration, econo- runs a stall selling paan — a chewy companies. Workers will have to go through a manda- 100 employees) which employ 90 per cent of workers
the financial sector in the coming the pain lingers. mist and workers’ rights activist Jean combination of betel leaf, areca nut tory thermal screening while entering or exiting the below the monthly wage of ~15,000 a month will
year as a surge in defaults. The government is aware the DrezewroteintheOutlookmagazine. and tobacco — to supplement workplace and firms will have to make transportation receive provident fund contribution from the govern-
Companies such as Jindal Steel. are country will need to address labour Goldman forecasts India’s gross income. In New Delhi, Das would arrangements for workers, along with other measures to ment for 3 months. "The cap of 90 per cent workers
facing a shortage of crane operators shortages to restart the economy, domestic product will grow 1.6 per earn $240 a month, a decent wage in ensureasafeworkplace.Importantly,medicalinsurance earning less than ~15,000 a month makes a lot of
at ports. Nitin Gadkari, minister of roads and cent in the year that started April 1, a nation where more than 80 per for all workers will be mandatory. MSMEs ineligible for the scheme," another industry
small and medium scale enterprises, the slowest pace since 1992, around cent of workers earn less than half. The industry will seek the government’s help in executive said.
‘Unprecedentedhardship’ said in an interview. the time when a balance of pay- “My mother insists we should extending the medical insurance cover for workers According to the home ministry's guidelines, indus-
The labor shortages could persist for India will allow makers of infor- ments crisis brought down the sit- stay back home, she says we don’t either through the Employees’ State Insurance scheme tries operating in semi-urban or rural areas, manufac-
six months before broader unem- mation technology hardware, farm- ting government and led to the cre- need so much money to live on,” Das or the Pradhan Mantri Jan Arogya Yojana (which pro- turing units in special economic zones and expert-ori-
ployment becomes a bigger concern, ers and industries in rural areas to ation of a new administration said. “No one knows how long this vides a cover of up to ~500,000 a family every year). ented units will be allowed to resume operations from
said Sujan Hajra, chief economist, resume operations after April 20, the focused on economic reform rather madness will last but we know that “The micro, small and medium enterprises April 20, provided they follow hygiene and adequate
Anand Rathi Financial Services. Ministry of Home Affairs said in a than political in-fighting. While nothing will remain the same.” (MSMEs) will face a challenge in providing medical social distancing practices at the workplace.

Demand for medical I-Tofficersinafixover‘informal’orderstoreturntowork

oxygen shows 20% DILASHA SETH ThismeansthatthetargetforFY21 emergency response protocols,

dip to 700 tonne/day

NewDelhi,16April standsat28.2percent,againstthe and setting up of helpdesks to
12percentassumedintheBudget. support and assist those carrying
Anincome-tax(IT)officerposted However, the CBDT issued an out such essential functions.
SHINE JACOB inRanchiisinafixafterbeing official order on Tuesday asking “Manystateshaveoperational
New Delhi, 16 April askedtoreporttoworkamidthe field formations to EpidemicAct
Covid-inducedlockdown,which report to work from provisions,curfews
A number of countries are facing a hasnowbeenextendedtillMay3. April 20, in line with The Direct tax andotherrestrictions
ILLUSTRATION: AJAY MOHANTY

shortage of medical oxygen. HeiscurrentlyinChandigarh, the revised mop-up missed inforce,andour

Similarly, in India, the consumption hishometown,andhasnomeans guidelines. The Joint the revised target employeeswould
of medical oxygen has shown an toreturnasflightsandtrainshave Council of Action, an for 2019-20 by eitherhavetobe
average drop of over 20 per cent to beensuspended.Besides,with association of I-T ~1.42 trillion at exemptedbylocal
700 tonnes a day in April, from over separatestatelawsand employees and ~10.27 trillion, an authorities,orrunthe
900 tonne day last year. Despite this, restrictionsalsoinforce, gazetted officers, in a 8% fall over the riskofprosecution,”
the government of India has decid- permissionsmightbeneededto letter to CBDT previous year saidanofficial.
ed to allow industrial oxygen man- operateinCovid-19hotspots. chairman Mody said The association
ufacturers to make oxygen for med- activity is less and hence, industrial Heisoneamongmanywhoare thatIcanreporttoworkin fieldformations,without no-objection also sought
ical use, according to specifications oxygen can be diverted for medical flummoxedbyunofficialorders AhmedabadwhereIamposted. specifyingtheessentialactivities certificates had to be obtained arrangement of transport to and
in order to avoid any possible short- purposes in case of an emergency,” theyhavereceivedfrom Informally,wehavebeentoldto theywouldperformandwithout from states, Union Territories or from office as there is no public
age. said Saket Tiku, president, All India supervisoryofficers,askingthem reportthisweek,andofficially comprehensivearrangementsin district administration that all transport.
Only 15 per cent of the total oxy- Industrial Gases Manufacture's tojoinworkbeforeApril20,when fromApril19.Thisisimpossible place.Itsaidthiswould preparatory arrangements had to “Though certain ranks below
gen manufactured in the country is Association (AIIGMA). theMinistryofHomeAffairs’ formostofus,”saidanofficer. “compromisethehealthand be put in place. the cadre of CIT may be in a
used for medical purposes. The rest Though concerns were centred relaxationinguidelineskicksin. ThishaspromptedtheAll safetyofemployees,asalso It sought a plan to support position to requisition the
is used for industrial purposes, like in India on shortage of ventilators, Thisisbeingdonetoachievestiff IndiaIRSAssociationtowriteto government’seffortat reopening, from logistics and operational vehicles, most other
steelplants,rollingmills,automobile availability of purified medical oxy- targetsrelatedtodirecttax CentralBoardofDirectTaxes containmentandeliminationof travel facilities for support staff, to officers/staff members do not
sector, shipbuilding, glass industry, gen for these devices are equally collectionsandVivadseVishwas (CBDT)ChairmanPCMody Covid-19”. statutory permissions, protection have such facility for commuting
and fabrication works. “Presently, important. To use industrial oxygen disputeresolutionscheme. requestinghimtoissue Directtaxcollectionsmissed and insurance (as provided for to office. These officers and
we have an ample daily stock of over for medical purposes, certain impu- “Ivisitedmyhomein immediatedirectionstothecadre therevisedtargetfor2019-20by essential services) and equipment officials are mainly dependent
80,000 tonne on a pan-Indian basis. rities have to be kept under the per- Gurugramwhenthelockdown controllingauthoritiestodesist ~1.42trillionat~10.27trillion,an8 for screening of those attending upon public transport,” said
On the back of lockdown, industrial missible limits. wasannounced.Thereisnoway fromissuingsuchdirectionsto percentfalloverthepreviousyear. offices. Besides, it sought the letter.
.
MUMBAI | FRIDAY, 17 APRIL 2020 CORONAVIRUS EFFECT 5 <

Monetising part of deficit inevitable: Experts

INDIVJAL DHASMANA (financial year 2020-21) in the first On inflation, he said this was no
New Delhi, 16 April quarter or first half. And as time to worry about it. “Yes, it will be
expenditure increases, it will have to “THE INEVITABILITY OF “THESE ARE NOT USUAL TIMES. THESE “YOU CAN’T WORRY ABOUT DAY inflationary if too much money is

F FINANCING PART OF ARE EXTRAORDINARY TIMES. AFTER TOMORROW WHEN

ormer governors of the Reserve borrow more. Some part of the put into the system right away, so it
BankofIndiaandotherexperts support will have to come from the has to be gradual. At the moment, if
believe that the central bank RBI. Some monetisation of the debt is GOVERNMENT'S BORROWING THE GOVERNMENT AND THE RBI TOMORROW ITSELF IS UNCERTAIN. the government does not do
will have to partly monetise the inevitable,” he said. IS VERY MUCH SHOULD AND WILL TAKE THESE THINGS SHOULD anything, the economy continues to
government’s fiscal deficit, which is
likely to balloon as it battles the
The government decided to
borrow ~4.88 trillion in the first half of
THERE. THESE MEASURES WHICH ARE BE SELF-LIMITING. go into tail spin. But the nature of
intervention has to be sequential, it
impact of the coronavirus disease FY21 or 62.56 per cent of total ARE NOT REQUIRED. IT IS NOT THERE MUST BE A should not be all at once,” he
(Covid-19). They feel this wouldn’t borrowing of ~7.8 trillion for the entire NORMAL IMPORTANT TO SAY I TIME FRAME THAT suggested.
have much of an inflationary impact
in the current situation.
year. The government had borrowed
62.56 per cent of total budgeted
TIMES” WON’T DO THIS SHOULD BE Devendra Pant, chief economist
at India Ratings, said the option of
In simple terms, mon- borrowing in the first half C RANGARAJAN, OR THAT” SPECIFIED” monetising deficit was available to
etising deficit refers to the of FY20, too. Former BIMAL JALAN, PRONAB SEN, the government.
exercise of RBI purchasing It was in 1997, when RBI governor Former RBI Former chief “Whether RBI monetises deficit
government bonds direct- Rangarajan was the RBI governor statistician or not depends on the government’s
ly in the primary market governor, that the policy of plan of actions. But monetising
and financing this debt by automatically monetising deficit is an available option,” he said.
printing more money. the government’s fiscal Centre to itself at a fixed rate. RBI to participate in the primary important to look at the current situ- said,“Wherewouldinflationincrease Madan Sabnavis, chief economist
Former RBI governor C CORONAVIRUS deficit was done away with. However, now the government bond markets to monetise ation this way, rather than saying from when there is no demand and of CARE Ratings, offered a different
Rangarajan said with PANDEMIC When asked about that, and RBI can come to an understand- fiscal deficit of the Centre under I won’t do this or that”. employment?” advice. He said the RBI didn’t have to
expenditures increasing he said the particular ing on the extent of monetisation of certain conditions. He said this should be the way “Even if inflation increases by 0.5 go in for monetisation.
and revenues falling, there method that was followed the deficit, Rangarajan said. Bimal Jalan, who succeeded ahead even if it means resorting to percentage points, it does not matter It had the indirect route, which it
was a need for greater borrowing by at that time led to monetisation of “The borrowing for which there Rangarajan as RBI governor in monetising the deficit. “This is a because our inflation rate is low,” he had exercised. “It will continue to do
the government. “Some part of it will the deficit without limit. are no takers in the market could find November 1997, said, “At the moment short-term thing, not permanent in said. Former chief statistician Pronab that. It has OMOs (open market
have to be monetised,” he said. At the time, the Centre’s fiscal support from RBI directly through we should do whatever we can to pro- nature,” he said. He added that it Sen said the fact was that the gov- operations), LTRO (long-term repo
Rangarajan suggested that the deficit was automatically monetised the primary market or indirectly videresourcestokeepthegrowthrate was up to the RBI to take a call on ernment’s tax revenues were severe- operations), repo to lend money to
government could front-load the through the issue of special securi- through secondary market,” he said. at the minimum declining level, this decision. ly affected, so increasing expenditure banks to subscribe to government
borrowing. ties called ad-hoc Treasury Bills, The government had through the increase jobs, raise demand and To a query on whether the meas- necessitated printing more money. bonds. It may not come to primary
“It can borrow the bulk for FY21 issued by the RBI on behalf of the Finance Act 2017 again enabled the availability of goods and services. It is ure wouldn’t be inflationary, Jalan “There is no other option,” he said. markets directly,” he said.

Default-wary banks Renewal of health, motor policies extended SUBRATA PANDA The insurance companies will not applicable for those vehicles mium may also change. And, beyond

won’t use RBI funds Mumbai, 16 April

The Centre on Thursday allowed

health and motor third-party policy-
have to consider that the policy has
been renewed and assume the risk
or take the risk into consideration in
the period under considera-
whose policies have expired prior to
the lockdown period and also on vehi-
cles that have comprehensive poli-
cies - motor third-party and
a certain point of time, the no-claim
bonus also goes away.
In the motor insurance segment,
the motor third-party is mandated

for low-rated firms

holders to defer their renewals if it tion and if any claims arise motor own damage. Most of by law. The third-party premiums are
falls in the lockdown period between during the period, it will the commercial vehicles revised annually, however, this year's
March 25 and May 3. be admissible and has to run on third-party policies hike has been put on hold given the
Earlier, the government had be paid by the insurer. and don't take the com- ongoing situation. Experts feel this
ABHIJIT LELE & ANUP ROY
Mumbai, 16 April
BONDS DUE THIS YEAR* deferred the payment till April 21.
Now that the lockdown has been
A similar notification
has been issued for health
prehensive policies and it
will be beneficial for them.
will hurt the non-life insurers.
The premiums for own damage
Month ~ crore extended, payments can be made till policies as well. The regular private car segment is not regulated. Due to
The Reserve Bank of India’s April 52,414 May 15. The relaxation is only The insurance regulator users have comprehensive competition, insurers generally
(RBI’s)impositionofa10percent for third-party motor insurance, directed non-life insurance policies and this relaxation is not resort to heavy discounting to gain
limitfortheuseoftargetedlong- May 46,145.8 apart from health, the government companies, including standalone applicable to them. If they don't customers. Due to regulated third-
term repo operations (TLTROs) June 72,632.14 said, in a relief for those unable to health insurers, that any claim renew on time, when they come up party premiums and discounting in
for a single company has come renew their policies because of triggered during the grace period has for renewal post expiry, they have to own damage segment, the loss ratio
after it became apparent that July 41,639.45 the lockdown. to be paid. However, this relaxation is get the inspection done and the pre- remains high in the segment.
banks are not really helping the August 40,591.72
needy but are buying papers of

Banks raise concern over GDP growth may

thosewhoarealreadycash-rich. September 69,939.12
But bankers are arguing that October 27,005.84
they don’t have a choice.

fresh NPAs of ~50K crore plunge to 1.1% in

On Wednesday, while November 30,753.28
announcing the fourth TLTRO December 69,537.06
of ~25,000 crore, the RBI said: * Includes dollar bonds, converted into rupee Source: Bloomberg

FY21: SBI report

“The maximum amount that a
particularbankcaninvestinthe
securities issued by a particu-
BOND AND CURRENCY MARKETS SOMESH JHA
New Delhi, 16 April
lar entity or group of entities out TO CLOSE AT 2 PM TILL APRIL 30 PRESS TRUST OF INDIA
of the allotment received by it The bond and currency between 10 am and 2 pm, Public sector banks (PSBs) on Thursday flagged Mumbai, 16 April
under the TLTRO shall be markets will continue with were in force till April 17. concerns to the Union government over loans
capped at 10 per cent.” The first a curtailed trading hours worth over ~50,000 crore turning into India’s GDP growth may slide to 1.1 per cent in the current
The rupee closed at an
TLTRO facility took place on till April 30, the RBI said in non-performing assets (NPAs) for March, as the fiscal year on account of the impact of Covid-19 outbreak on
March 27, and so far ~1 trillion
all-time low of 76.87 a Reserve Bank of India (RBI) rejected a request for the economy, a research report by SBI said on Thursday.
a statement on Thursday. dollar on Thursday in a
has already been deployed. standstill in the asset classification. The economic growth rate during 2019-20 is estimated
Earlier, such curtailed thinly traded market
There will be more TLTROs, but The bankers also asked the government to seek to come down to 4.1 per cent from 5 per cent projected by
banksareonlyinvestingingood
hours, in which bond and where the RBI did not official clarity from the RBI on whether the mora- several agencies before the outbreak
names such as HDFC, currency markets operated intervene. BS REPORTER torium on loans, announced by the RBI as part of of deadly virus. To check the spread The economic
Sundaram Finance, and even a relief package to deal with the Covid-19 impact, of Covid-19, the government has growth rate
government entities such as the senior banker. With rating Bloomberg, ~52,414 crore of will be extended to non-banking financial com- decided to extend the lockdown to during FY20 is
REC, PFC, and ONGC etc. agencies rapidly downgrading corporate debt is falling due in panies (NBFCs). PSBs HAVE ASKED THE GOVERNMENT TO May 3, with some relaxations for estimated to
The RBI had clarified that ratings, or revising outlook April, of which ~1,992 crore has Importantly, the banks are expected to start SEEK OFFICIAL CLARITY FROM THE RBI ON specified sectors. According to the come down to
banks have 30 days to deploy downwards, provision burden been paid. In May, the due is of credit operations from April 20, to help a staggered WHETHER THE MORATORIUM ON LOANS SBI Ecowrap report, the extension 4.1% from 5%
the funds taken under TLTRO is already increasing for banks. ~46,145 crore, while it is ~72,632 restart of the economic activities. The credit oper- WILL BE EXTENDED TO NBFCs of the lockdown would result in eco- projected earlier
facility. However, if a bank fails The TLTRO facility comes crore in June. These include ations were halted as banks were working with nomic loss of ~21.1 trillion or 6 per
todeployfundswithinthat,“the with a condition that 50 per payment due in dollar bonds. reduced staff or had channelised its employees to stress due to the national lockdown and impact of cent of the nominal Gross Value Added (GVA).
interest rate on un-deployed cent of money taken should be In the absence of a healthy the government's direct benefit transfer schemes. the Covid-19 on the economy. The RBI had rejected “With the lockdown being extended till May 3 and
fundswillincreasetoprevailing invested in primary issue and corporate bond market amid a “The borrowers, which were classified as special the banks’ demands, as it felt such accounts weren't simultaneously government providing some relaxations
policy repo rate, plus 200 bps, 50 per cent in secondary issue lockdown, companies are mentionaccounts-2(SMA-2)turnedintoNPAworth affected due to Covid-19. from April 20, we estimate the overall loss for FY21 around
for the number of days such for bonds. The investment resorting in raising CPs to take over ~50,000 crore by the end of March for the “The NBFCs should also be allowed to take the ~12.1 trillion/6 per cent of nominal GVA taking the nomi-
funds remain un-deployed.” would be over and above the care of working capital loans, entire banking system. These were accounts main- benefit of the three-month moratorium. But the nal GVA growth for entire year to be around 4.2 per cent.
This incremental interest will exposure of the bank in the but the new issuances are also ly belonging to the micro, small and medium enter- regulatoriskeepingmumovertheissue.TheNBFCs “Nominal GDP for FY21 could be lower/closer to 4.2 per
have to be paid along with regu- firm, and it won't be counted in only a few, bond dealers say. prises (MSMEs). We have asked the government to somehow could manage in March but they are feel- cent, as there is a strong possibility of subsidies outstripping
lar interest at the time of matu- the large exposure framework. The Securities Exchange take it up with the RBI,” a chief executive officer of ing the pressure in this month and May would tax collections. However, taking nominal GDP growth at 4.2
rity, the RBI had said. “The question that comes Board of India has also extend- a PSB said, requesting anonymity. become even more difficult,” the banker said. per cent, the real GDP growth for FY21 would be around 1.1
Banks have started deploy- up then is this particular win- ed three-month moratorium SMA-1 are those in which loan repayments have On March 27, the RBI had introduced a three- per cent,” said the report.
ing the funds, but they have dow was opened up to improve on interest payment. It has been overdue for a period between 31 and 60 days, month moratorium on payments for working cap-
been used to buy AAA papers. liquidity that should go to the advised rating agencies not to while SMA 2 accounts are the ones with a delay of ital. While interest will be due on those payments,
A top public sector execu-
tive said through this TLTRO,
corporate. Now the liquidity
goes into market in the case of
term non-payment of interest
as default. However, the prin-
61-90 days. If interest or principal amount of the
loan is overdue 90 days it is classified as an NPA.
and can be recovered later, the delay won’t be con-
sidered a default, the RBI had said. However, banks
G20 meeting of health and
the RBI wants to push the liq-
uidity. “And then you are asking
secondary issue and does not
reach issuer of paper. The rules
ciple has to be paid. That is
causing some unease among
The RBI had allowed a three-month moratori-
um on all term loans, including agriculture, retail
have argued that the regulatory forbearance was
extended for working capital, and for retail cus- finance ministers soon
banks to invest in NCDs, CPs needarelooksinceaimistogive the investors of these bonds. and crop loans, along with credit cards and work- tomers. Since finance companies don't have a con- The health and finance ministers of G20 nations are likely
and corporate bonds of well rat- support to those facing liquidi- However, given that over 80 ing capital payments. But the benefit of the mora- ceptofworkingcapital,theforbearancedidn'tapply to attend a ‘virtual’ meeting soon to discuss ways to tackle
ed corporates that includes ty pressure,” he said. per cent of the bonds are issued torium was available for payment falling due dur- to them, according to bankers. the Covid-19 pandemic. The logistics of this meeting are
NBFCs also. It is not clear what In the absence of a dedicat- by AAA- and AA-rated firms, ing March 1 to May 31. The bank executive said that the government still being finalised, but it could be held within weeks,
is well rated. If I am risk averse, ed liquidity line, the bond mar- the investors are certain that The lenders had approached the RBI to allow was depending upon the financial system to help BusinessStandard has learnt. The action plan has been
IwilltaketheguidelineofRBIto ket is getting apprehensive, there would be no default. This borrowers whose payments were due on or before push the economic activities from April 20. co-released by finance ministers of G20 nations,
interpret it as only ‘AAA’.” especially as a huge amount of is one of the reasons why banks February 29 to take the benefit of the dispensation “Banks have been told to arrange sufficient cash, including Nirmala Sitharaman. However, a senior
“Question is how many money is coming for due. are deploying their funds only given by the regulator since most of these accounts especially in the rural areas which is the focus now,” government official said the meeting could be held in
triple AAAs are around,” said According to the data from with better rated firms. were related to the MSMEs which are already facing the executive added. some weeks, rather than months. ARUP ROYCHOUDHURY

‘Improve infra to become part of global supply chains’

The Reserve Bank of India’s (RBI’s) foreign exchange reserves are enough to serve as a buffer amid clearlydefinedmedium-termmeasures, borrowerswhosecashflowhascome backstop if there is a financial exchangerateisintheoffing?
the Covid-induced slowdown, but the country has a long way before it can take advantage of alongwithincreasingfiscaltransparency understressduetothepandemic,but slowdown? Intensificationoftheexternalrisks,
attracting some of the global supply chains that are expected to move out of China after the couldhelpthegovernmentfinancesome couldalsoconstrainliquidityinthe India's foreign exchange reserve levels includingasharper-than-expectedanda
pandemic, says RANIL SALGADO, India Mission Chief at the International Monetary Fund, in ofitsshort-termneedsbyincreasing financialsystem.Itistooearlytoassess are assessed to be adequate for moreprolongedglobalslowdown,and
an interview with Anup Roy and Indivjal Dhasmana. Edited excerpts: investorconfidenceandlowering thepotentiallonger-termimpact,butthe precautionary purposes, according to heightenedriskaversioncouldleadto
borrowingcosts. debtrepaymentcapacityofborrowers various criteria. The official FX reserves furthercapitaloutflowsandFXmarket
WithCovid-19causingaglobalrecession, carespending.Itcouldalsoinclude Monetarypolicyshouldmaintaina mayweakenandriskstobanks'asset are at around $475 billion (16 per cent of pressuresinemergingmarkets,including
willIndiastillbethebrightspotinthe extendingthelockdownasneeded.In strongeasingbiastomitigateany qualitycouldariseiftheeconomic GDP). Short-term debt, plus the India.However,Indiahasstrongforeign
worldthatIMFgenerallydescribesthe addition,webelievefurthermeasures sharpCovid-19-related falloutofthepandemicgets projected current account deficit for exchangereservesbuffers,andexchange
countryas? couldbetakenonfiscal,monetary,and slowdownandsupportthe protracted.Inthisregard,wetake 2020/21, is about 25 per cent of the rateflexibilityshouldcontinuetoplaythe
TheeconomicimpactofCovid-19is financialsectorpoliciesinthenearterm. recovery. noteoftheprogresspriortothe official FX reserves. India’s exchange roleofashockabsorberwhileavoiding
expectedtobesubstantial,butrecovery Intheneartermonfiscalpolicy, outbreakinaddressingbanks' rate flexibility and sizeable FX reserves excessivevolatilities.
shouldtakeholdoncethevirus additionalsupportisneeded, Whatwouldbethelikely balancesheetweaknessesand should serve as buffers.
hasbeencontained.Agradual includingonhealthcare,for impactofthepandemiconthe improvingtheircapitalpositions. Doyouexpecttheoutbreaktomove
recoveryisexpectedin smallandmedium-sized bankingsystem? India’srealeffectiveexchangeratehas someproductionsawayfromChina?
FY2021/22(7.4percentgrowth), firms,andvulnerable Thelockdowniscriticalin Is RBI’sforeign exchange remainedrelativelystablevis-a-visother HowshouldIndiaapproachthisto
supportedbymonetary households,beyondthefiscal containingthespreadof reserve enough to emergingmarketscurrencies.Doesthat furtherits"MakeinIndia"initiative?
easingandsometargeted stimuluspackagealready thevirus,butitis provide an adequate indicatethatvolatilityinUSD-INR Theoutbreakisnowglobal.Tobenefit
fiscalmeasures,aswellas RANIL SALGADO announced.Thiscould alsohavinga fromtheseculartrendsinglobalsupply
favourabletermsoftrade India Mission Chief, requirerationalisationof significantimpact chains(GVCs),lookingbeyondthe
fromloweroilprices. IMF somenon-priority
expenditures.AftertheCovid-
onhouseholds
(especiallylow-
THE IMMEDIATE PRIORITY IS TO TAKE outbreak,creatinganecosystemforGVCs
participationalongwithdeeper
AnyadviceforIndiaontheextentto 19shockrecedes,though,substantial income)and ALL STEPS NEEDED TO ADDRESS THE backwardlinkagesiscritical.Reducing
whichitshouldwidenfiscaldeficit?
Shoulditgofordeficitmonetisation
newmeasureswillbeneededoverthe
mediumtermtobringthedeficitand
corporatesthrough
thelossofincome
HEALTH NEEDS OF THE COUNTRY, tariffsandnon-tariffbarriers,while
minimisingtradepolicyuncertainty,
withtheRBI? debtbacktowardsthecentral andslowdownin INCLUDING BOOSTING HEALTH CARE wouldhelp.Furthermore,energy,
Theimmediatepriorityistotakeallsteps government'smedium-termtargets(3.0 economicactivity. SPENDING. IT COULD INCLUDE logistics,portfacilities,andcustomswill
neededtoaddressthehealthneedsofthe
country,includingbyboostinghealth
percentand40percentasashareof
GDP).Committingnowtocredibleand
Theloanmoratorium
willprovidereliefto
EXTENDING THE LOCKDOWN” needtobealignedtoattractforeign
companiestolocateinIndia.
 The Smart
QUICK TAKE: DOWNSIDE LIMITED FOR WIPRO
1 “One market correction – different effects.

Investor
My son — investing via SIPs, more units than
Wipro continues to lag larger peers, but high net ever before. Me — all savings invested,
cash as a percentage of market cap and cheaper understand volatility and easy to adapt. My
stock valuations may cushion the downside. A dad — asset allocated, but sharp fall hurts
MUMBAI | weak rupee, likely buyback of shares over the next when you lead a no-salary life. Personal
FRIDAY, 17 APRIL 2020 3-4 months, and appointment of a new CEO could finance is truly personal”
be major triggers for the stock KALPEN PAREKH, president, DSP MF
WWW.SMARTINVESTOR.IN.FOR INFORMED DECISION MAKING <

I-bankers stare 80% IPOs of financial firms below offer price

at low bonuses
DEEPAK KORGAONKAR & could materially impact both nesses in the government’s sup-
PUNEET WADHWA asset quality and liquidity posi- port for distressed private banks,”
Mumbai/New Delhi, 16 April tion for NBFCs. the rating agency said in a report.
“Investor focus will now shift A key challenge that emerged
The decline in share prices of towards identifying stress pools towards the end of the March
financial sector firms, since March (loans under moratorium), quarter, according to analysts at
Though pegged at 30-60 per cent of annual salaries, actual 2020, has been quite sharp. This
is despite the sector being key to
growth impact/normalisation
expectations, liquidity position-
Axis Capital, was the withdrawal
of government deposits from few
payouts may be less with banks looking to conserve cash the Sensex closing 223 points ing for NBFCs/housing finance banks — mainly RBL Bank and
higher on Thursday at 30,603. companies (HFCs), and manage- IndusInd Bank.
ASHLEY COUTINHO The BSE Finance index has ments’ preparedness to absorb “Even NBFCs have started fac-
ILLUSTRATION: AJAY MOHANTY
Mumbai, 16 April declined 36 per cent in the past the Covid-19 impact,” wrote Amit ing liquidity challenges. The
two months, as compared to the Nanavati and Tanuj Kyal of Reserve Bank of India (RBI) has

T
he pandemic has put 26 per cent fall in the benchmark. Nomura in a report. stepped in and infused additional
a cloud on bonuses The sharp fall since then has PNB Housing Finance, Equitas liquidity into the system, but an
that domestic invest- driven stocks of 13 out of 16 banks, Holdings, Housing & Urban uncertain liquidity environment
ment bankers expect to non-banking financial companies Development Co (HUDCO), and will reflect in slower growth for
receive this year. (NBFCs), and other financial serv- IndoStar Capital Finance have smaller banks/NBFCs, and faster BEARING THE BRUNT
Based on deal activity, ices firms — which have raised seen their market value more market share gain for larger Some have even seen their m-cap more than halve (Price in ~)
experts peg the bonuses funds via IPOs in the past four than halve from their issue prices. banks,” they said in a sector Company Issue Latest %change
at 30-60 per cent of years — below their respective Bandhan Bank, CSB Bank, update note. PNBHousingFinance 775.0 176.6 -77.2
annual salaries for issue price. RBL Bank, and Spandana Sandeep Joshi, an analyst with
FY20. Actual payouts These 13 entities had raised Sphoorty Financial have seen ICICI Securities, expects asset EquitasHoldings 110.0 41.9 -62.0
— to be doled out by the ~32,167 crore through the IPOs, their stock prices decline 36-49 quality of banks to take a hit in HUDCO 58.0 22.9 -60.6
end of this month or the
next — however, may be
DEAL STREET INTERRUPTED and are currently valued at ~18,577
crore — 42 per cent lower than
per cent.
Further, Moody’s Investors
the March quarter results, as col-
lection mechanisms were not ful-
IndoStarCapitalFinance 572.0 262.5 -54.1
much lower as banks look to the total issue size. Service recently said that the YES ly operational. BandhanBank 375.0 198.3 -47.1
conserve cash. IPOs QIPs in~cr The fall, say analysts, has been Bank rescue package has dented “Credit costs are likely to RBLBank 225.0 124.1 -44.8
Increments, on the other 175,680 on concerns that the financial depositors’ confidence in private remain elevated, given that recov-
CSBBank 195.0 113.1 -42.0
hand, are likely be shelved industry has been worst hit by sector lenders, and will lead to ery prospects remain weak and
altogether, considering the the disruption. Analysts at smaller entities losing deposits to the risk of further slippage SpandanaSphoortyFinancial 856.0 530.5 -38.0
bleak outlook for fundraising 62,520 Nomura, for instance, suggest state-owned banks. “The han- remains an overhang. Banks may ICICISecurities 520.0 328.5 -36.8
in FY21. Bonuses for foreign that though the liquidity position dling of YES Bank’s rescue, which also opt to create a contingency
remains strong for now, an exten- occurred as the virus outbreak provision for possible slippage SBICards&PaymentServices 755.0 532.2 -29.5
bankers, however, have not
been impacted by the pan- 91,670 sion of the moratorium on loans was intensifying, highlights weak- due to the lockdown,” he said. Latest price as on April 16, 2020 on the BSE Complied by BS Research

demic. This is because these

banks typically follow a cal- 51,120
51,216
48,991

Cashholdingofmutualfundsat6-monthhigh
endar year cycle, and were 13,671 56,485
handed out their variable 14,358 10,489
pays in January/February, 29,050 83,767 14,811 16,340 20,786
much before the impact of
2015-16 2016-17 2017-18 2018-19 2019-20
Covid-19 actually started
showing. “The overall bonus Note: Total includes other modes such as OFS, IPP, FPOs, etc Source: PRIME Database
Cash levels rose 160 basis points in March, from 4.1 per cent in February
pool for domestic banks may JASH KRIPLANI break has also led to a mas-
shrink this year as I-banks Mumbai, 16 April DRY POWDER SEEKING RELIEF sive fall in the benchmark
would want to conserve cap- Expecting further correction in valuations, equity MFs raise cash indices.
ital in the backdrop of the there may be some rationali- largest during the year. The Heightened market volatility in schemes | Certain MF schemes on the In March, the Nifty had
pandemic,” said Pranav sation in payouts,” said a average deal size was ~1,565 has put several fund man- verge of exhausting 20% limit declined as much as 30 per
Haldea, managing director of senior I-banker. crore. Thirteen firms agers in a dilemma, with | MFs unable to liquidate bonds cent, falling to as low as 7,801
PRIME Database. “Most of the domestic mobilised ~51,216 crore industry estimates showing due to illiquid market points. However, the Nifty
Last year, bankers took banks have done well in through QIPs, 388 per cent cash levels in several equity conditions has also seen some recovery
home 30-50 per cent of their terms of revenue. However, higher than the previous year. funds rising 10-30 per cent | Further redemptions could from these levels, gaining 15
annual pay as bonuses, far given the bleak outlook, it will The largest QIP was by Bharti in March. force MFs to sell bonds at per cent.
lower than the 100-200 per be up to individual Airtel, which raised According to industry par- high-impact cost “Fund managers take tac-
cent they pocketed in the year managements to ~14,400 crore. ticipants, certain fund man- | Blanket easing of caps may tical cash calls to optimise
before. The sky-high bonuses take a call on bonus- QIPs were domi- agers are betting on markets not be prudent, as it could returns. Sometimes they
for FY18 correlated with the es,” added another nated by banks, to correct further, and deploy- lead to leverage work, other times, they don’t.
record fundraising by way of banker. NBFCs, and telcos — ing funds at lower price One school of thought says it
| Sebi could give temporary
IPOs and QIPs that year. FY20 witnessed accounting for 79 points. At an aggregate level, may not be prudent for fund
relief after assessing
Bonuses are typically equity fundraising per cent of the of the ~1.15-trillion asset base managers to take cash calls,
*Includes debt, cash, repo, fixed deposits and other current assets individual cases
commensurate with deal of ~91,670 crore
through public mar-
CORONAVIRUS overall amount.
According to
of large-cap funds as on
Source: PhillipCapital, % of scheme assets
as investors give funds with
activity and fees earned. The
kind of deals these bankers kets — 62 per cent PANDEMIC market players, the
March 31, 2020, about 5.7 per
cent was held in cash and underperformance, if markets the ~5.79-trillion equity assets levels between 15 per cent and
the mandate to be invested,”
said Dhirendra Kumar, chief
were part of, and the role higher than the pre- pandemic may upset cash equivalents. Cash levels bounce back instead of seeing in the industry, ~28,882 crore 30 per cent. executive officer of mutual
they played, are also vious year but 48 per equity fundraising rose 160 basis points (bps), further deep correction. was held in cash and cash “While certain individual fund tracker Value Research.
deciding factors. Banks pock- cent lower than FY18, accord- plans in the coming months, from 4.1 per cent in February. “If markets see further equivalents. This translates cash positions are much high- “Fund managers can be
et 2-3 per cent as fees, on an ing to PRIME Database. with likelihood high of no In large- and mid-cap deep correction, these funds into 5 per cent cash levels, ris- er in small-cap funds, not caught off-guard with such a
average, for managing IPOs, Fresh capital accounted activity in Q1 and Q2. “While funds, cash levels have inched will be able to gain from ing from 4.7 per cent in many funds have taken cash strategy, as past experiences
and 1.5-2.0 per cent for han- for 61 per cent of the total the IPO pipeline continues to higher by 130 bps. At the end deploying funds at lower price February. calls, as fresh investor flows have shown it is very difficult
dling QIPs. equity fundraising. Thirteen remain strong with more than of March, of the ~42,984-crore points. But the strategy can Incidentally, the cash per- had already been weak in to spot market bottoms and
Buybacks fetch ~1-2 crore main-board IPOs came to the 30 firms wanting to raise over asset base, 3.7 per cent was backfire if markets bounce centage is the highest in six such funds or subscriptions deploy cash, and market
per deal. Fees depend on the market collectively, raising ~30,000 crore, it is highly parked in cash and cash back and end up hurting months. had been suspended in pop- reversals can also be swift in
issue size and number of ~20,350 crore in FY20 — a 38 unlikely that any of these equivalents. returns, instead of optimising According to industry esti- ular schemes,” said a fund a volatile environment and
bankers managing. “Bonuses per cent rise from the previ- issues will hit the market, till Taking large cash calls, say them,” said senior executive mates, several schemes in manager. cause massive underperfor-
will be linked to ous year. SBI Cards’ offering such time the uncertainty industry players, can also put of a fund house. large-caps, mid-caps, and The sharp volatility in the mance,” said chief executive
deal activity in FY20, and but of ~10,341 crore was the ends,” said Haldea. equity schemes at risk of At an aggregate level, of multi-caps are sitting on cash markets amid the virus out- officer of a fund house.

THE COMPASS
Goldman Sachs Stocks gain
Hindalco’s Aleris acquisition shows Covid distress cuts stance on in a volatile
Outlook for UJJVAL JAUHARI Hindalco/Novelis also sell the The implied enterprise val- aluminium-price environ- trading
high-end Hindalco’s acquisition of US-
US auto plant (Lewisport).
And, this takes the sheen off
ue/earnings before interest,
tax, depreciation, and amorti-
ment. But, demand reduction
can impact profitability, as all India equities session
aerospace based Aleris remains a posi-
tive for the domestic inte-
the deal.
“The benefit of the acquisi-
sation (Ebitda) of 7.2x its 2019
financials is attractive, accord-
players are likely to push for
higher volumes.
business is soft grated aluminium producer. tionappearssignificantlydilut- ing to analysts, but it also The demand for beverage
But it comes at a time when ed without auto assets and increases debt. cans remains intact, but the
the world economy is in bleak outlook for aerospace in After acquisition, net debt- automobile sheet business is
severe stress and hence, the themediumterm,”sayanalysts to-adjusted Ebitda is about likely to feel the heat.
benefits of the buyout at Kotak Institutional Equities, 3.3x, according to the compa- However, analysts also
may take more time than ear- who value Aleris at negative ~15 ny, but some analysts see it believe that most of the con-
lier anticipated. per share in their sum of the spiking to 4.4x in 2020-21 as cerns due to the coronavirus
The Street had started fac- part valuations for Hindalco. divestment of auto plant may disease (Covid-19) impact on
toring in the completion of Novelis’ completion of take some time in the current demand,debt,realisations,and
Aleris acquisition after Aleris acquisition at a final environment. soft India business are factored
approval from authorities, with priceof$2.8billionisalsoabout Thedebtismanageable,but in Hindalco's stock price.
one caveat — Aleris’ Duffel $200 million higher than the discomforting, given the eco- The stock has recently SAMIE MODAK The brokerage is positive
plant must be divested. earlier announced price of nomic downturn, says a fund rebounded from closing lows Mumbai, 16 April on infotech and defensive sec-
While it still allows Novelis $2.58 billion. The increase, manager at a domestic broker- of ~88.9 on April 3 to ~120.65, tors of staples, telcos and BLOOMBERG
(Hindalco’s US subsidiary) to however, is largely on account age, who sees stress on the led by positive newsflow for Goldman Sachs has down- health care as they have Mumbai, 16 April
enter the high-end aerospace of additional working capital company’s profitability in the metals, especially from China. graded its stance on the “higher earnings resilience”.
segment, besides making it debt, and an additional pay- near term. While one-year target price Indian markets to ‘mar- The brokerage has lowered its Stocks rose in a volatile trad-
the leader in building and con- ment of $50 million due to bet- Novelis being a converter of analysts goes up to ~225, for ketweight’ from ‘overweight’, stance to underweight on ing session, as investors
struction segment in the US, ter-than-expected 12-month had not seen much stress on further gains, the positive citing “delayed recovery and financials and domestic cycli- mulled the outlook for com-
it now requires that (trailing)performanceofAleris. the operating front in a low- newsflow has to sustain. extended valuations”. cals. Goldman Sachs says key pany earnings after software
The US-based investment investment themes are “over- services provider Wipro

Info Edge’s prized assets Naukri, 99acres lose colour

bank has also lowered the sold quality and growth declined to provide guidance
Nifty target to 9,600 for June stocks, and stocks with for the first time since 2009.
2021, expecting substantial stronger balance sheets, and The Sensex advanced 0.7
downward revisions to corpo- high free cash flow yields.” per cent to 30,602.61 at the
Valuations still HAMSINI KARTHIK correction in the Info Edge stantial drop was observed in in naukri and 99acres. rate earnings. It says unless India 3:30 pm close in Mumbai,
not fair, given The Info Edge stock has
stock — since its 52-week
high in February — be con-
recruitment activity in the
last 10 days of March. This
JM Financial has reduced
its stand-alone revenue esti-
“Valuations look opti-
mistic even accounting for a
unleashes a big stimulus
package, domestic equities
after swinging between a loss
of as much as 1.2 per cent
uncertainty always appealed to investors,
as it has given them access to
strued as a buying opportu-
nity, or whether the 7.6 per
resulted in an overall drop of
18 per cent in hiring, year-on-
mates for FY20, FY21, and
FY22 by 3 per cent, 12 per cent
recovery. With uncertainty
about near-term earnings, P/E
could underperform.
“For India, with rising new
and a gain of as much as 1.4
per cent. The Nifty climbed
over revenues an array of online businesses. cent market-beating gains year,” the analysts noted. and 14 per cent, respectively, multiples using perfect EPS confirmed cases, an exten- 0.8 per cent, with about two
These include recruitment, over the past month be inter- In contrast, JM Financial on assumptions that Covid- foresight and on CY21, EPS sion of the nationwide shut- stocks rising for each one
real estate, education, and preted as fundamentals being recently upgraded its recom- 19 related pressures are con- remain well above previous down for three weeks (until that fell.
food delivery. However, it has intact, are questions investors mendation on the stock to tained by June 2020. crisis levels,” Goldman Sachs May 3) and limited fiscal eas- “People are asking if com-
also fallen prey to Covid-19 are facing. ‘buy’ from ‘hold’, on expec- These numbers don’t fac- said in a note. ing so far (compared to other panies are going to survive for
and the resultant lockdown. Analysts are, however, tations that the firm will tor in the possible decline in India’s trailing price-to- major economies), we think the next five years,” said
Commentary from Wipro divided. Those at Motilal tackle the crisis better than revenues of its food delivery book (P/B) ratio at 2.2 times is the economy could recover Ashish Chaturmohta, a tech-
suggests hiring will be muted Oswal Financial Services its peers. The optimism is business. Zomato, in which 15 per cent above the trough more gradually than some of nicals and derivatives analyst
in the near-to-medium term. have retained their neutral based on the firm’s track Info Edge owns a stake, adds of the 2008-09 global finan- its North Asian peers. While at Sanctum Wealth
What’s more, firms across rating on the stock, citing a record of dealing with crises, up to 21.2 per cent of the lat- cial crisis (GFC), it says. markets may not retest fresh Management. “If they think
sectors have slashed salaries, halt in near-term earnings. its strong fundamentals, ter’s valuation. The brokerage says “for- lows given reduced global so, they are buying them
which spells trouble for the “Hiring activity had superior positioning across Under these conditions, eign ownership remains ele- risks, we believe Indian equi- now.” Wipro, which gets most
realty sector. Naukri.com shown early signs of slowing businesses, and a cash cush- even though valuations have vated” as the selling by foreign ties are likely to relatively lag of its sales abroad, refrained
(jobs portal) and 99acres down from January, but the ion of ~1,500 crore as of the moderated to 60x its FY21 portfolio investors (FPIs) only the region on expectations of from giving an outlook until
(property portal) together plunge came only in March. December quarter. estimated earnings (from 85x accounts for 0.4 per cent of a slower recovery. However, it has greater certainty, it said
account for 58 per cent of Info The first 20 days of March The brokerage is mindful earlier), the reigning uncer- India’s market capitalisation, more forceful policy stimulus when reporting quarterly
Edge’s valuations. saw a 5 per cent fall. However, of the near-term earnings tainties doesn’t justify the compared to 2.3 per cent dur- could pose a risk to that view,” results after the market close
Whether the 25 per cent due to the lockdown, a sub- pressure, owing to the pain asking rate yet. ing the GFC. Goldman Sachs says. on Wednesday.
>
MUMBAI | FRIDAY, 17 APRIL 2020 THE SMART INVESTOR 9

Bleak outlook for retailers Bet on top-tier names

Analysts slash earnings
estimates by up to 45%
Illustration:
Binay Sinha
er 16-24 per cent for others.
Recent data from the US shows that
retail sales in the country plunged 8.7
in banking sector
expecting change in per cent in March — the worst since at
least 1992.
Avoid banks and NBFCs with a high proportion
consumer behaviour Categories such as clothing, of unsecured and small, medium enterprises loans
accessories, and home furnishing
SHREEPAD S AUTE have seen up to 50.5 per cent fall in sales, SANJAY KUMAR SINGH stringent. While there could be slippages
Mumbai, 16 April while grocery sales have risen 26.7 per in asset quality and moderation in credit
cent. “This indicates that the degree of The banking and financial sector is among growth, these concerns are adequately

T
he Centre has permitted some impact that the pandemic has had, on the worst hit in the current downturn. reflected in current prices,” says Aggarwal.
industrial activity to begin from customers’ buying preference. In fact, While the Nifty50 has declined 27.7 per The sector’s longer-term prospects
April 20, but the pain for retailers recovery of revenue loss in the near term cent, the Nifty Bank index has nosedived remain bright. The penetration of finan-
will last beyond the extended lockdown, would be challenging for discretionary 40.1 per cent over the past three months. cial products is low in India, which pro-
with malls/stores closed till May 3. players,” say analysts. In a report issued on April 15, vides ample runway for growth.
An expected change in consumer Pressure on top lines, coupled with Macquarie Research cut its earnings per In the past few years, new opportuni-
behaviour is also likely to weigh on the higher component of fixed costs, share estimates for private banks by 35-40 ties have arisen, such as life insurance,
prospects for a few more quarters. will hurt operating profitability and per cent and reduced its target prices for general insurance, and asset management
Given these concerns, analysts have overall earnings of retailers. private banks by 45 per cent and for pub- companies. Fintech companies could get
cut their FY21 estimates for retailers According to Emkay Research, lic-sector banks by 47 per cent. listed soon.
by 15-45 per cent. “Retailers have been most impacted With economic growth poised to slow However, do not enter expecting a
Such concerns have started reflect- by the loss in sales and a high fixed-cost down — the International Monetary Fund quick turnaround. “Asset quality issues
ing in share prices of retailers like Titan, structure.” The domestic brokerage has has cut India’s GDP growth estimate to 1.9 could emerge on loans given in the past.
Trent, Aditya Birla Fashion & Retail lowered its FY21 earnings estimates per cent for 2020-21 — the banking and These could affect earnings for at least
(ABFRL), V-Mart, Bata, and Page
Industries, which have been underper-
DIFFICULT TIMES by 15-40 per cent for retailers under
its coverage.
financial sector, whose prospects are tied
closely to the economy’s, is bound to bear
three-four quarters,” says Parmar.
Investors should focus on top-tier
forming onthe Nifty India Consumption % change in FY21 estimates Revenue Earnings While some analysts believe large the brunt. banks. “Deposit outflows have been
index, of late. Aditya Birla Fashion & Retail -14.2 -45.4 firms may negotiate lease rentals, the There could be a spike in bad loans. reported from mid-cap banks. This money
While stocks of retailers have slumped extent of negotiation, given the present “The slowdown could lead to potential job will flow to larger banks, reducing their
up to 32 per cent since last month, the Avenue Supermarts -7.4 -17.7 scenario, needs to be watched. Muted losses, which could cause stress cost of funds,” says Aggarwal.
consumption index has gained around 7 Bata -11.2 -23.0 operating performance will hit entities in banks’ retail loan books. Insurers may also be consid-
per cent during the same period. For like ABFRL and Future Retail most, Similarly, loss in production ered, as the fear generated by the
Future Retail and Future Lifestyle
Jubilant FoodWorks -13.7 -30.6 because of their high leverage. As a result, could lead to stress in corporate, pandemic could lead to people
Fashions, stocks have fallen more — by Page Industries -12.0 -19.0 analysts at Edelweiss Securities advise small and medium enterprises purchasing more policies.
50-60 per cent — because of concerns Titan Company -16.9 -16.5 investors to avoid these stocks. (SMEs), and some the other sec- Asset management compa-
over pledged shares by promoters. There will also be some negative tors impacted by this slowdown,” nies may be bought, provided
Given the pressure on the job mar- Trent -23.4 -37.7 impact of new accounting norms (Ind says Vinay Sharma, fund manag- they have not faced issues in their
ket and household incomes, a change AS) on inventory value, on account of er, Nippon India Mutual Fund. debt funds recently. Be cautious
YOUR
% change figures reflect the recent cut in revenue and earnings estimates by
in consumer behaviour in favour of analysts due to Covid-19 Source: Brokerage reports the likely lower realisable value and lease Adds Nitin Aggarwal, vice- about investing in non-banking
cash conservation, avoiding crowded
places, cut in discretionary spending, the lockdown ends. This will keep a lid Edelweiss Securities has lowered its
rental, says Motilal Oswal Securities.
Therefore, how each firm strategises
president, research-banking sec-
tor, Motilal Oswal Institutional MONEY financial companies (NBFCs).
“Due to the moratorium allowed
and giving more preference to online on retailers in the near term, say ana- FY21 revenue estimates by 4-7 per cent in terms of distribution (as online con- Equities, “With discretionary by the Reserve Bank of India, cus-
channels, is expected. lysts. However, the impact on top line for food and grocery retailers like stitutes just 10-11 per cent of sales) and consumption likely to get affected, loan tomers have a choice not to make pay-
In addition, this trend is expected to will depend on the nature of items a Avenue Supermarts, given their pres- pricing to recover from the lockdown growth could slow down across segments.” ments. But these NBFCs still have to pay
prevail for at least three quarters after company deals in. For instance, ence in essential items, and by a sharp- impact, holds key for investors. Many private banks were trading at interest on their own market borrowings.
rich valuations prior to the downturn. This could create a cash-flow mismatch for
“Since credit growth is likely to slow them,” says Ankur Kapur, managing part-
down and gross non-performing assets ner, Plutus Capital.

Benign valuations favour Cummins India could spike, investors are unwilling to
accord rich valuations to them,” says
Jaikishan Parmar, senior equity analyst-
BFSI, Angel Broking. This sector, which
Those with higher risk appetite may
opt for NBFCs reliant on gold loans since
the price of their main collateral is on the
upswing. “Avoid both banks and NBFCs
RAM PRASAD SAHU RECOVERY POINTS change in sales mix over the previous tends to be heavily owned by foreign with a higher proportion of unsecured
Mumbai, 16 April decade is a positive with the share of dis- institutional investors, has also been hit loans and SME loans,” says Parmar.
Cummins India Sensex tribution increasing from 16 per cent to 24 by their pull-out. Investors with at least a seven-year
78.73 120
Afterdropping48percentsincethebegin- 100 per cent and share of industrial segment The downturn, however, offers longer- horizon may invest in a banking and
ning of the year, the Cummins India stock
100 from 11 per cent to 17 per cent to offset dip term investors an opportunity to pick financial sector fund having a consis-
has recovered. Over the past five trading 80 in power business. The ratio of genset to quality stocks, which, in calmer times, tent track record. Avoid those with
sessions, the stock has gained about 35 60 aftermarket sales has also reduced in trade at exorbitant valuations. exposure to the more vulnerable seg-
per cent. While the fall was on account of 40 favour of aftermarket, offering steadier “Indian banks have cleaned up their ments mentioned above. Allocation to a
weak capex cycle, brokerages believe the 51.94 revenue profile. asset quality over the past few years. sector fund should not exceed 5 per cent
correctionisoverdoneandignoresexpect-
20 The reduction in capex intensity and Lending standards have become more of the equity portfolio.
Apr 1,’19 Apr 16,’20
ed gains from new emission norms and rental income would keep cash genera-
lower costs. tion high. The fall in metal prices should INVESTORS NEED TO BE PATIENT
The implementation of the Central also support margins. All this could result Banking and financial funds’ category-wisereturns (%)
Pollution Control Board’s CPCB4+ emis- Given the higher cost of creating new from oil-dependent economies in West in increasing dividends.
sion norms (requires electronic engine products, Indian peers will have to spend Asia and Russia has been weak. While the fall in share price has made 2015 2016 2017 2018 2019 2020YTD
platforms compared to mechanical ones) more to make products compliant. Further, competitive pressures in valuations attractive and it has long-term
from July 2021 will help Cummins India A positive sign for the company is its Africa, too, have led to lower exports. This triggers, there are short-term worries on Maximum -0.5 21.1 47.8 9.5 26.4 -31.7
gain market share. The firm not only has focus on controlling costs in the back- led to a sharp fall in margins, necessitating the demand side, both in the domestic Average -8 13.1 40.8 -1.6 19.1 -36.5
access to its parent’s product pipeline, but drop of weak exports. The segment reduction in costs, including through vol- and export segments.
is also developing products for the local accounts for 30 per cent of revenues. untary retirement schemes. Investors, thus, should await momen- Minimum -16.3 5.1 32.8 -17.9 10.7 -44.1
market at its technical centre in Pune. Given falling crude oil prices, demand Analysts at JM Financial believe the tum trends once the lockdown ends. Source: mutualfundindia.com

COMMODITIES1
>

Cooking oil prices Working capital woes hit sugar mills...

up on weak supply
VIRENDRA SINGH RAWAT
Lucknow, 16 April
BITTER TASTE Association (UPSMA) Secretary Deepak
Guptara told Business Standard on
Lockdown created Wednesday.
The extension of the coronavirus lock- working capital UP is the country’s top sugar pro-
down till May 3 has compounded the squeeze for mills ducer and is expected to produce near-
working-capital woes of domestic sugar ly 12 mt of the commodity in the current
Slow sugar offtake
VINAY UMARJI mills owing to the steep fall in consump- 2019-20 crushing season, of the domes-
Ahmedabad, 16 April tion, export hurdles, and a sudden dip in
impacted cash flow tic output of about 26.5 mt.
realisation in power co-generation. Fall in global Recently, the UPSMA had written

E
ven as production of “Our working capital is getting sugar prices the Union food and public distribution
packaged cooking oil exhausted because of the slow offtake of obstructed exports secretary about the industry facing
continues uninterrupt- sugar to the tune of more than 30 per “most adverse and challenging” cir-
ed, edible oil players are find- cent, while the mills are mandated to Increased inventory cumstances. It asked the central gov-
ing it hard to reach consumers make full payment to sugarcane farm- adding to costs ernment to urgently clear buffer subsi-
at the retail level. ers,” Vasudev Bannerjee, Simbhaoli, of mills dies, apart from creating a special fund
From not enough workers to Sugars told Business Standard. He also Realisation from to pay export subsidies.
pick up stock from distributors rued that there was no central or state power co-generation The association talked of the steep
and transport grinding to a halt government support to the sugar mills at decline in ethanol sales owing to lower
has also dipped
to dearth of packaging material, this critical juncture. demand from oil companies and urged
several factors have contributed All these metrices are expected to the Centre to consider increasing the

STATUS CHECK
to the essential commodity not accentuate the sugarcane outstanding. national prices and also on account of have suspended operations. In the cur- blending percentage to 15 per cent from
reaching retail store shelves, According to a report of CARE supply-chain disruptions at various rent scenario, CARE Ratings expects the current 10 per cent, in UP, where
forcing consumers to buy Ratings, the pandemic has curtailed ports,” it forecast. domestic sugar consumption falling to ethanol is abundant.
inferior variants.
2 1.5 mt mt April 15-20
% sugar consumption due to curbs on The increased inventories with mills almost 25 million tonnes (mt), as against The Indian Sugar Mills Association
“Only 20-25 per cent
retailers are being 23-25 mt availability 2020 availability rise in edible
social gatherings and outings, and also
a reduced offtake from companies
and delays in receipts from cogenerated
power sales from state discoms are
26 mt expected previously.
“The dip in domestic sugar demand,
(ISMA) had also asked oil-marketing
companies (OMCs) to reallocate ethanol
reached. To a large annual edible in April due to lockdown oil prices by making beverages and other fast-mov- expected to intensify their working-cap- along with no export, has created a to deficient depots.
extent, issues around oil availability every year constraints retailers ing consumer goods. ital requirements and result in mounting tough situation for the industry. Nearly The industry has suggested that the
supplychainfromfactory “This has even led to a fall in domes- cane arrears, which will put pressure on all the mills have exhausted their work- National Bank for Agriculture and Rural
to the distributor have been Oil mills hold packing inventory for15-20 days tic and international sugar prices liquidity in the near term, the report said. ing capital since the cash flow has been Development be advised to release inter-
addressed. Distributors aren’t recently. The export of sugar is also FMCG and beverage companies are severely hit over the past few weeks of est subvention due under the Soft Loan
able to find enough labourers on Dhara edible oil. mills usually holding packing likely to be affected due to a fall in inter- either working on reduced capacities or the lockdown,” UP Sugar Mills Scheme of the Centre.
to take the product to the retail On the other hand, edible oil inventory of roughly 15-20
stores. Moreover, several retail- is reaching retailers who are days, most of them are fast
ers are also not opening stores. able to arrange transport to pick running dry.
The ones that do quickly down up the shipment, said Priyam “Most oil mills are function-
shutters during the day,” said Patel, vice-president-sales and ing, but supply chain is still not
Anghsu Mallick, deputy chief marketing at NK Proteins, man- robust.With hotelandfoodpro-
... Virus threat dries up retail pipeline
executive officer at Adani ufacturer of the Tirupati brand cessing industries shut, and no VIRENDRA SINGH RAWAT according to the Indian Sugar year, and this is expected to dry, there could be a surge in
Wilmar, which manufactures of edible oil. The company has let-up in labour and logistical Lucknow, 16 April Mill Association (ISMA). Mills STOCK AVAILABILITY drop further by 1 mt next year. domestic demand when lock-
and markets the Fortune brand a distributor channel strength hurdles, edible oil availability are now pinning hopes on (in million tonnes) “A major portion of the down is lifted, especially from
of edible oil in several variants. of over 50,000. inAprilhasbeenaround1.5mil- The domestic sugar pipeline, prospective shipments to unmet import demand of the bulk consumers when their
2011-12 6.60
According to Mallick, while “We are running at full lion tonnes (mt), against the pegged at almost 1.5 million Indonesia to make up for the Indonesia will come to India, operations resume.
the issue is relatively less severe capacity of 1,000 tonnes per usual 2 mt,” added Mehta. tonnes (mt), has dried up even accumulating losses. 2012-13 9.30 which can see a spurt from
in metros and major towns, it’s day at our plant and serving Annually, India sees edible as the coronavirus disease Vasudev Bannerjee of June onwards,” ISMA noted, Production declines
2013-14 7.50
the the smaller ones who are 1.25 times more volume to dis- oil availability of 23 mt. (Covid-19)-induced lockdown Simbhaoli Sugars said, adding that exports had start- Meanwhile, ISMA has also
facing a supply crunch. tributors. But vehicles from Retailers are also taking continues to exert pressure on “Domestic demand is down by 2014-15 9.10 ed a past few weeks ago. It said released sugar production fig-
“Our production has distributors are not reaching advantage of the lockdown by both demand and supply. more than 30 per cent and 2015-16 7.75 the fall in exports to other ures, which stood at 24.78 mt
improved from 35 per cent to all retail stores. The retailers charging 15-20 per cent higher The closure of restaurants, there are hurdles in export countries during lockdown till April 15. It was 6.4 mt or 20
75percent.Wearealsoreaching who can are trying to pick up price on edible oil products. malls, and cinema halls has markets, too. The industry 2016-17 3.88 would be partially or largely per cent less than last year’s
more distributors. Hopefully in products directly from distrib- “If the maximum retail price hit the offtake of sweetened could expect to gain some relief 2017-18 10.70 compensated by Indonesia. 31.18 mt. In Uttar Pradesh,
the next 15 days, hiccups at the utors,” said Patel, adding that is ~90, it is being sold anywhere products like ice cream, bev- only after the lockdown is lifted With reallocations being mills produced 10.83 mt of
2018-19 14.58
retail level will get ironed out,” industry players are working between ~115 and ~120. erages, juices, confectionery, and the supply chain comes made by the Union food min- sugar till April 15, compared to
added Mallick. together to solve supply and Transport charges have also and sweets. back on track,” he added. 2019-20 11.68 istry to the maximum admis- 10.56 mt last year. Most of the
“Stocks had depleted due to logistical bottlenecks. increased. Hopefully, with the Besides, sugar exports have Indonesia is offering pref- Source: ISMA, CARE Ratings sible export quantity (MAEQ) 119 mills in the state are
non-availability of trucks and There is also the scarcity of latest guidelines by the govern- been affected because of the erential lower import duty for quota from mills that are not expected to close by the end of
constraints in reaching retail packaging material. According ment, which look to ease sever- slump in global prices, sugar to countries like India, Thailand, which has witnessed exporting to those that are will- this month. In Maharashtra,
outlets. But situation is show- to B V Mehta, executive direc- al services, retail availability of although the recent deprecia- Thailand, and Australia. a massive drop in production ing to export more, net exports sugar production till April 15
ing signs of improvement,” said tor, Solvent Extractor’s branded edible oil should tion of the rupee has provided Generally, Indonesia imports by 6.5 mt in the current season, from India are projected to rise. stood at over 6 mt, compared
a Mother Dairy spokesperson Association of India, with oil improve,” said Mehta. some relief to exporters, 80-85 per cent of sugar from compared with the previous Since, the sugar pipeline is to 10.67 mt last year.
10 STOCKS
>
MUMBAI | FRIDAY, 17 APRIL 2020 1
IN THE
> STOCK
> Ashoka Buildcon > Goodyear India > ICICI Bank

NEWS Stock up 64 per cent in

6 trading session
Trading volume
jumps more than 39
Top gainer among the
S&P BSE Bankex OF THE DAY
times Sanofi India: Stock hit new
~51.75 PREVIOUS CLOSE ~631.45 PREVIOUS CLOSE ~327.30 PREVIOUS CLOSE all-time high today at
~61.40 CLOSE ~738.05 CLOSE ~342.10 CLOSE ~8,290.00, up 42 per cent
p 18.65% UP p 16.88% UP p4.52% UP from one month low

NIFTY 50
Company Close (~) % Wt PE Company Close (~) % Wt PE
ADVANCES/DECLINE F&0 SNAPSHOT DAY’S TOP GAINERS DAY’S TOP LOSERS
16 Apr’20 Chg (%) Con Std 16 Apr’20 Chg (%) Con Std Futures Cash Premium Futures Cash Discount Company Day’s high Close % chg* 3mth high 52 wk high Company Day’s low Close % chg* 3mth low 52 wk low
Adani Ports 267.6 -0.5 0.5 11.5 25.8 ITC 186.4 -1.6 5.9 18.2 15.5 price price (%) price price (%)
Asian Paints 1743.1 1.4 2.0 61.6 62.4 JSW Steel 170.7 -0.4 0.6 7.8 6.1 Indiabulls Hous 110.1 106.5 16.1 360.9 846.0 Aditya Bir Fa 138.1 138.8 -4.6 138.1 138.1
MOST BULLISH MOST BEARISH
Axis Bank 422.6 1.3 2.6 23.7 26.4 Kotak Mah Bank 1130.9 -3.7 3.9 24.8 35.5 IRCON Intl 96.1 95.0 16.1 119.8 119.8 DLF 132.8 134.1 -4.4 114.5 114.5
Idea Cellular 4.3 4.3 1.2 PVR 1068.4 1165.8 -8.4 Mothersons S 83.9 81.8 14.8 147.7 162.9 Piramal Entp 886.5 895.0 -4.1 608.0 608.0
Bajaj Auto 2333.6 -0.1 0.8 12.8 13.3 L&T 911.7 3.6 3.3 13.1 18.0
Indiabulls Hous 107.5 106.3 1.1 MindTree 725.0 776.9 -6.7 L&T Finance Hol 62.4 61.3 13.3 134.0 150.8 HCL Techno 457.1 459.7 -4.0 375.5 375.5
Bajaj Fin 2220.0 1.7 1.5 33.4 26.2 Mah & Mah 356.7 1.0 0.9 8.3 9.5 Adani Enter 144.8 143.3 1.0 Jubilant Fd 1441.6 1499.3 -3.8 Jai Corp 64.6 62.9 12.0 121.9 132.7 Tech Mahindra 508.8 517.9 -3.7 470.3 470.3
Bajaj Finsrv 4699.6 2.2 0.8 18.6 213.4 Maruti Suzuki 5130.8 0.7 1.8 20.3 25.2 Bandhan Bank 200.1 198.2 1.0 Yes Bank 24.3 24.6 -1.2 NBCC 23.3 22.9 10.9 39.0 65.4 Kotak Mah Bank 1114.7 1130.4 -3.7 1000.4 1000.4
Bharti Airtel 500.5 -2.0 2.6 - - Nestle India 17895.3 3.3 1.7 - 87.6 ICICI Prud Life 337.8 334.9 0.9 Havells I 542.4 548.5 -1.1 Oberoi Relty 354.0 342.1 10.3 583.6 641.7 Ajanta Phar 1352.3 1361.0 -3.3 961.7 840.0
Bharti Infratel 171.5 -1.3 0.4 9.7 18.3 NTPC 95.1 5.8 1.1 7.4 7.1
BPCL 355.4 0.4 0.9 9.9 10.8 Bombay Dyng 55.7 55.7 10.0 101.8 138.4 United Spirt 540.2 543.9 -3.2 443.0 443.0
ONGC 75.5 1.5 0.9 3.1 4.7 Carerating 457.5 454.6 9.3 719.8 1019.0 Containr Crp 367.0 371.2 -3.1 263.2 263.2
PUT-CALL RATIO
Britannia 2836.8 0.0 0.9 51.5 49.0 BSE NSE
Power Grid 163.4 2.4 1.0 8.5 8.0 Index Stock Index Stock Aditya Birla 53.5 52.3 9.0 112.7 115.3 Tata Elxsi 701.5 712.4 -2.8 501.0 501.0
Cipla 600.5 1.4 0.8 29.2 20.6
Reliance Ind 1168.1 1.6 9.8 17.1 20.1 PVR 1188.6 1171.5 8.4 2121.0 2121.0 CGCEL 210.4 212.8 -2.7 177.9 177.9
Coal India 147.4 0.4 0.7 5.0 18.3
SBI 188.5 3.4 1.9 11.9 14.3 FUTURE (Open Interest in Mn) Put Call PC Ratio
Dr Reddys 3860.7 1.4 1.2 37.7 24.3 Contracts - - 656158 874340 Max Fin Sre 436.0 426.9 7.7 611.1 611.1 City Union B 124.8 126.2 -2.4 110.1 110.1
Shree Cement 18928.9 4.4 0.7 - 52.4 Market 371.0 582.6 0.6 Ujjivan Fin Ser 169.0 165.4 7.6 415.4 415.4 NMDC 79.8 80.4 -2.4 62.0 62.0
Eicher Motor 13371.4 0.4 0.5 17.7 17.9 Open Int.(000) - - 12757 2780409
Sun Pharma 463.7 3.2 1.3 27.8 35.6 Equitas Hold 42.5 41.9 7.4 120.5 143.6 Infosys 604.0 624.2 -2.3 511.1 511.1
GAIL 89.3 3.1 0.5 6.1 8.5 Shares(In Mn) - - 29.4 1440.1 Top 5 PC Ratio Bottom 5 PC Ratio
Tata Motors 74.7 2.4 0.3 - - Rel Ind Infra 254.8 250.4 7.3 448.7 478.7 SBI Life Ins 680.8 684.8 -2.3 520.0 520.0
Grasim Ind 543.8 1.6 0.6 8.8 26.2 Value(~ crore) - - 33749 42707
Tata Steel 288.9 1.3 0.6 6.1 3.4 Info Edge 3.0 Maha Gas 0.1
HCL Techno 459.8 -4.0 1.3 12.0 14.7 OPTIONS * Ranked on the basis of percentage gain/loss on previous close
TCS 1716.1 -1.1 4.7 19.9 19.6 Wipro 1.6 Tata Power 0.1
HDFC 1625.8 1.8 7.3 16.0 15.3 Contracts - - 38969922 518571
Tech Mahindra 517.7 -3.9 0.8 11.5 12.1 TCS 1.4 MRF 0.1
HDFC Bank
Hero MotoCorp
879.8
1782.7
1.9
-2.3
9.8
0.6
21.6 19.1
10.3 9.5 Titan Company 985.3 3.5 1.1 62.3 60.1
Open Int.(000)
Shares(In Mn)
-
-
-
-
108438
1437.2
845151
806.3
HCL Techno 1.4 MindTree 0.1 MOST TRADED TOP M-CAP TRENDS
UltraTech 3539.1 -1.7 1.1 28.9 29.2 Bata India 1.3 Nat Alum 0.2
Hindalco 120.6 4.7 0.5 4.9 51.2 Value(~ crore) - - 1852573 26611 Value Volume Rank Company Mcap (~ cr) Company % change Company % change
HUL 2436.1 -2.1 4.5 87.1 78.0 UPL 363.2 3.6 0.5 23.6 55.4 BSE+NSE BSE+NSE
Vedanta 82.7 5.2 0.4 3.6 8.6 1 Reliance Ind 740872.8 BS200 Others
ICICI Bank
IndusInd Bank
342.0
435.4
4.5
2.7
5.7
0.7
52.0 28.8
- 6.7 Wipro 187.9 0.7 0.7 11.0 12.4 ACTIVE CALLS ACTIVE PUTS HDFC Bank
(~ crore)

2415.0
(Mn shrs)

27.7
2
3
TCS
HUL
643761.7
527475.2
UP 7 DAYS UP 7 DAYS
Infosys 623.9 -2.4 6.0 16.3 17.4 Zee Enter 135.6 1.3 0.3 8.2 9.6 Kilpest (I) 101.5
Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg Glenmark 56.9
IOC 84.7 1.8 1.0 4.6 6.3 Nifty 50 8992.8 á0.8 100.0 16.5 18.3 MARKET OVERVIEW (In Million) Date Price Qty Interest (OI) (In Million) Date Price Qty Interest (OI)
Reliance Ind
ICICI Bank
2076.7
1967.6
17.7
58.6
4
5á
HDFC Bank
HDFC
483106.1
281899.8 Wockhardt 50.8
Jagsonpal P
Mysore Petro
76.2
72.9
Index Index 6â Bharti Airtel 273023.5 Avanti Feeds 46.5
INDEX PE Shrs Trds 1 Yr Axis Bank 1814.0 43.7 Zeal Aqua 68.2
S&P BSE SENSEX STOCKS AGGREGATES C/S Mn ‘000 Adv Dec return Nifty
Nifty
16/04/20
16/04/20
9000 115.4
9100 83.3
3.0 147.4
1.6 87.0
Nifty
Nifty
16/04/20
16/04/20
9000
8900
88.7
68.6
0.8
1.7
-9.8
97.8
Bajaj Fin 1645.8 7.5
7 Infosys 265846.8 NBCC
Graphite
41.0
40.6
Aban Offsh 61.0
Sensex 18.3/19.0 16.9 407 20 10 -22.1 8 ITC 229249.5 Take Solut 60.2
Asian Paints 1742.4 1.4 2.3 61.5 62.3 Mah & Mah 356.9 1.0 1.1 8.3 9.5 Nifty Bank 16/04/20 19500 55.4 0.8 230.5 Nifty 16/04/20 8800 50.4 1.4 94.0 HUL 1352.0 5.5 9á ICICI Bank 221453.3 Carerating 36.0
Nifty 50 16.5/18.3 720.1 9059 35 15 -23.7 Parag Milk 59.9
Axis Bank 423.2 1.5 3.0 23.7 26.4 Maruti Suzuki 5129.8 0.7 2.0 20.3 25.2 Nifty 16/04/20 9050 45.6 0.9 656.3 Nifty 16/04/20 8950 33.6 1.1 1378.6 HDFC 1322.2 8.1 10â Kotak Mah Bank 216240.5 Affle I 34.7
C = Consolidated; S = Standalone DOWN 7 DAYS
Bajaj Auto 2338.6 0.2 0.9 12.8 13.3 Nestle India 17884.9 3.2 1.9 - 87.6 Nifty 16/04/20 8900 38.1 0.2 -42.1 Nifty Bank 16/04/20 19000 33.0 0.6 169.0 Kotak Mah Bank 1308.0 11.5 11 Nestle India 172445.7 Apollo Finv -23.3
Bajaj Fin 2221.7 1.8 1.7 33.5 26.2 NTPC 95.2 5.8 1.3 7.4 7.1 Cash Derivatives Stock Stock SBI 1188.2 64.1 12á SBI 168318.0 DOWN Hind Urban -14.6
Bharti Airtel 500.5 -1.9 3.0 - - ONGC 75.7 1.7 1.1 3.1 4.7 TURNOVER BSE NSE BSE NSE Idea Cellular 30/04/20 6 13.2 20.7 7.7 SBI 30/04/20 180 11.3 4.9 19.7 13â Asian Paints 167126.2 UP 3 DAYS
Infosys 1128.4 18.2 AJIL -12.9
HCL Techno 459.7 -4.0 1.5 12.0 14.7 Power Grid 163.4 2.4 1.1 8.5 8.0 Value (In ~ crore) 2177 49879 - 1955640 SBI 30/04/20 200 13.1 6.0 -5.0 Idea Cellular 30/04/20 4 8.6 15.6 10.4 14 Maruti Suzuki 154959.5 NCC 33.3
TCS 1115.9 6.5 UP 3 DAYS
HDFC 1627.6 2.1 8.4 16.0 15.3 Shares(In Mn) 187.7 2359.8 - 3712.9 Idea Cellular 30/04/20 5 13.1 29.7 11.0 SBI 30/04/20 170 7.8 3.5 -5.1 15 Avenue Supermar 138694.0 HEG 21.3
Reliance Ind 1168.7 1.6 11.2 17.1 20.1 IndusInd Bank 1082.2 25.1 SMS LifeS 50.4
HDFC Bank 881.1 2.0 11.3 21.6 19.2 Trades(000) 1925 20466 - 18327 SBI 30/04/20 190 12.0 3.8 -1.6 Wipro 30/04/20 190 5.2 2.7 -8.2 16 Bajaj Fin 133679.7 Aurob Pharma 18.5
SBI 188.6 3.5 2.2 11.9 14.3 Maruti Suzuki 923.6 1.8 Zen Techno 40.1
Hero MotoCorp 1783.1 -2.3 0.7 10.3 9.5 Idea Cellular 30/04/20 4 7.7 19.6 -2.0 Wipro 30/04/20 180 5.1 1.6 55.1 17á L&T 128035.7 Venkys India 15.8
Sun Pharma 464.1 3.4 1.5 27.8 35.7 Ramky Infra 38.5
HUL 2436.6 -2.1 5.1 87.1 78.1 MARKET-CAP (~ CR) Traded Total Bharti Airtel 881.2 17.4 18â HCL Techno 124732.9 Future Retail 15.7
Tata Steel 288.6 1.2 0.6 6.1 3.4 NCL Ind 31.9
ICICI Bank 342.1 4.5 6.6 52.1 28.8 Sun Pharma 798.3 17.4 19 Axis Bank 119402.4 ACC 14.7
TCS 1715.6 -1.1 5.3 19.9 19.6 BSE 12,037,577 12,206,792 Ram Ratna W 31.7
IndusInd Bank
Infosys
435.0
624.2
2.6
-2.3
0.8
6.9
-
16.3
6.7
17.4 Tech Mahindra 517.9 -3.7 1.0 11.5 12.1 NSE 11,945,774 12,078,003 SPURT IN VOLUMES Cipla
L&T
791.0
653.0
13.2
7.2
20
21
Sun Pharma
Wipro
111351.5
107469.1
UPL
DOWN
13.9 Sunil Health
Ucal Fuel
31.0
30.6
Titan Company 986.7 3.9 1.2 62.4 60.2 Derivatives 9,017,274 9,017,274
ITC 186.5 -1.6 6.8 18.2 15.5 Company Days 2-week Avg Change Close *Price 22 UltraTech 102442.0 Kotak Mah Bank -11.5
Titan Company 621.2 6.5 DOWN 3 DAYS
Kotak Mah Bank 1130.4 -3.7 4.5 24.8 35.5 UltraTech 3549.3 -1.4 1.2 29.0 29.3 Volume Volume price %chg
L&T 912.0 3.6 3.8 13.1 18.0 BSE SENSEX 30602.6 á0.7 100.0 18.3 19.0 TRADING ACTIVITY Goodyear 113570.0 3360.6 3279.5 738.0 16.9
Indiabulls Hous
Dr Reddys
590.8
576.1
58.6
1.5
23
24
HDFC Std Life
ONGC
98941.4
95169.8
Avenue Supermar
Hero MotoCorp
-11.1
-10.6
Goldiam Intl
Kanpur Plast
-17.9
-15.9
C = Consolidated; S = Standalone (~ crore) FIIs MF 25á NTPC 94146.7 TVS Motor -9.5
Zensar Tech 1193115.0 37085.7 3117.2 95.5 2.0 Aurob Pharma 546.1 10.2 Balram Chini -14.2
Equity Debt Equity Debt 26â Coal India 90900.3
Net Net Net Net Compucom Sft 665549.0 36016.7 1747.9 7.4 10.0 SBI Life Ins -7.4 Podd Hou & Dev -14.2
ITC 529.5 28.2
WORLD INDICES On 15 Apr 909 337 - - Maha Seamles 717197.0 40986.4 1649.8 199.9 4.2 Tata Steel 511.9 17.9
27
28
Dabur India
Titan Company
89008.8
87594.8
Canara Bank
Fortis Health
-6.4
-5.9
Shukra Pharmace
Maural Udyog
-14.2
-14.1
On 13 Apr -1063 -479 -790 -1065 Prataap Snacks 148856.0 9181.4 1521.3 457.2 3.2 HCL Techno 497.8 10.7 29 Power Grid 85484.2
Indices Close % Chg* Indices Close % Chg*
On 09 Apr 1887 -1400 -1177 1290 SMS LifeS 170067.0 13094.1 1198.8 295.0 20.0 30 IOC 79785.0 (T+2) cycleStocks which rose/fell continuously
Vedanta 467.1 56.3
Americas (Apr 15,20) Asia/Pacific (Apr 16,20) On 08 Apr 2082 -1951 -2293 -1629 Krebs Bio 256962.0 20389.4 1160.3 84.8 1.1
Nasdaq Composite 8393.2 -1.4 Shanghai Se Comp 2819.9 0.3 On 07 Apr 1017 -1148 -70 -1223 Ucal Fuel 332810.0 26691.6 1146.9 104.5 9.1
Dow Jones
S&P/ TSX Composite
23504.4
13958.6
-1.9
-2.1
Straits Times
Kospi
2612.3
1857.1
0.3
-
Apr till date
2020 till date
-1218
-47276
-8684
-78068
-5438
36970
1739
38695
Advanced Enzyme
R M Drip & Spri
667793.0
128000.0
65577.6
12666.7
918.3
910.5
165.9
27.0
17.6
4.9
BOARD MEETINGS INTRA-DAY
Europe/Africa (Apr 15,20) Kuala Lumpur Comp 1386.5 -0.1 APRIL 17 fully paid up; held on Saturday, April 18,
DAX 10346.0 0.6 Taiwan Taiex 10375.5 -0.7 FIIS IN DERIVATIVES 52 WEEK NEW HIGHS/LOWS Apollo Tyres: to consider, Transwar Fin: to consider 2020 inter-alia to consider
inter-alia, the issue of Non- and approve Raising of the audited financial re-
CAC 40 4374.1 0.5 Stock Exchange of Thai 1200.2 -2.9 Company Price Company Price Company Price Company Price
(~crore) Index Stock Index Index Stock Convertible Debentures funds by issue of secured sults for the last quarter
IBEX 35 6859.4 0.3 Jakarta Composite 4480.6 -3.1 NET Net Fut OI Opt OI OI (NCDs) through Private and/or unsecured redeem- and year ending March 31,
HIGH *Kabra Drugs . . . . . . . . . . 3.6 Inflame Applian . . . . . . . 64.0 *Raj Pack . . . . . . . . . . . . 12.0
FTSE 100 5584.1 -0.2 Volatility (Apr 15,20) BS 200 Guj St Fin . . . . . . . . . . . . . . 1.9 *Mah.Ras.Apex . . . . . . . 59.5 Colorchips New . . . . . . . 12.0 Placement, within the able non-convertible de- 2020 along with the con-
On 13 Apr -169 435 0.1 0.5 1.5
Asia/Pacific (Apr 16,20) CBOE Dow Jones 43.8 6.1 *Nestle India . . . . . . 17999.0 Syncom Form . . . . . . . . . . 1.2 *Rudra Glo . . . . . . . . . 54.6 *Zee Learn . . . . . . . . . . . 11.5 limits approved by the bentures including solidated accounts for the
On 09 Apr 1518 489 0.1 0.4 1.4
Hang Seng 24006.5 -0.6 CBOE S&P 500 41.6 1.8 *Divis Lab . . . . . . . . . . 2448.8 Shalimar Prd . . . . . . . . . . 0.5 *Kg Petrochem . . . . . . . 54.5 *Sadbhav Infra . . . . . . . 10.9 Members in the Annual subordinated debt on pri- year ending March 31,
On 08 Apr -899 -1153 0.1 0.5 1.4
*Amrawor Agri . . . . . . . . . 0.3 *Sindhu Trade . . . . . . . . 52.3 *Russp1C . . . . . . . . . . . 10.8 General Meeting held on vate placement basis 2020 and recommendation
Nikkei 225 19290.2 -1.3 * Change over previous close On 07 Apr 1526 553 0.1 0.5 1.4 Others
Khoobsurat . . . . . . . . . . . . 0.2 *Globalspace Tec . . . . . 44.0 *BMW Indu . . . . . . . . 10.4
July 31, 2019. under 7th tranche/Series of dividend, if any.
On 03 Apr 731 -286 0.1 0.5 1.4 *Sanofi India . . . . . . . 8290.0
Hathway Bhaw: to consider G/2020-21 RR Metalmakers: to con-
MAJOR INDICES Apr till date
2020 till date
2790
56375
15
11526
-
-
-
-
-
-
*UTI Gold ETF . . . . . . 4595.0
*Quant Gold ETF . . . . 2147.0
Avance Techn . . . . . . . . . . 0.2
Raj Rayon . . . . . . . . . . . . . 0.2
*Spenta Intl . . . . . . . . . . 39.7
*Valencia . . . . . . . . . . . 38.3
Otco Internalt . . . . . . . . . 10.2
*Rajdarshan . . . . . . . . . 10.0 and approve the Audited VSL: To consider allotment sider and approve To dis-
Indian Infot . . . . . . . . . . . . 0.2 *SKP Sec . . . . . . . . . . . . 38.0 Ashari Agen . . . . . . . . . . . 8.8 Standalone and Consoli- of Bonus shares. cuss the status of the
Previous Close Open High Low Close Change % chng OI in number of contracts(million) *DSP Blackrock L . . . 1000.0
Empower I . . . . . . . . . . . . 0.2 *Maural Udyog . . . . . . . 36.1 *K K Fincorp . . . . . . . . . 8.5 dated Financial Results of proposed preferential allot-
*Ruchi Soya . . . . . . . . . 252.0
the Company for the APRIL 18 ment and its future course
S&P BSE Sensex 30,379.8 30,095.5 30,800.2 30,016.2 30,602.6 222.8 0.7 *Gaurav Mercanti . . . . 212.1 Uttam Value Ste . . . . . . . . 0.2 *Arex Inds . . . . . . . . . . . . 33.0 *NIDL . . . . . . . . . . . . . . . . . 8.5
quarter and financial year GTPL Hthwa: to consider of action depending on the
MPIL Corpn . . . . . . . . . 182.0 KSS . . . . . . . . . . . . . . . . . . 0.2 7NR Retail . . . . . . . . . . . . 32.8 *Olympia Inds . . . . . . . . . 8.2
S&P BSE Sensex 50 9,356.7 9,279.8 9,488.9 9,251.0 9,432.0 75.3 0.8
S&P BSE SECTORAL INDICES Kilpest (I) . . . . . . . . . . . 142.4 *Birla Cotsyn . . . . . . . . . . 0.1 *Nyogin Finte . . . . . . . . . 28.6 *Navkar Build . . . . . . . . . . 8.1
ended 31st March, 2020
Indagiv Comm: to consider
and approve the Audited
Standalone and Consoli-
consequential impact of
current situation of lock
S&P BSE-100 9,066.6 9,000.5 9,198.5 8,963.6 9,146.6 80.0 0.9 Shanti Edu Init . . . . . . . 134.0 *Sharda Ispat . . . . . . . . . 27.8 *Heof1126Rd . . . . . . . . . 7.8
Prev close Close % Chg LOW and approve Adjournment dated Financial Results of down imposed on the the Government of India. ment basis for purpose of APRIL 21
S&P BSE-200 3,784.0 3,759.7 3,839.2 3,743.5 3,819.5 35.6 0.9 *Maximus Intl . . . . . . . . 70.5 *M M Rubber . . . . . . . . . 26.4 *Ritesh Prpty . . . . . . . . . . 7.6
BS 200 of Board Meeting for the Company for the country on account of Infosys: to consider and ap- business of the Company ACC: to consider Financial
Auto 12,146.8 12,305.7 1.3 *Sanmit Infra . . . . . . . . . 67.0 *G G Dandekar . . . . . . . . 25.8 *Supreme Infr . . . . . . . . . 7.6
S&P BSE-500 11,652.2 11,586.5 11,823.8 11,537.2 11,767.7 115.5 1.0 Aditya Bir Fa . . . . . . . . 138.1 Change of Registered Of- quarter and financial year COVID 19 pandemic. prove The audited consoli- and (ii) approving notice of Results of ACC Limited
Bankex 21,856.6 22,169.5 1.4 Integra Cap . . . . . . . . . . 47.3 *Intrasoft T . . . . . . . . . . 22.1 *Suryo Foods . . . . . . . . . . 7.4
Others fice & other Matter with ended March 31, 2020 and dated financial statements the postal ballot of the Com- ('the Company') for the
S&P BSE IPO 4,303.9 4,307.2 4,462.3 4,277.3 4,438.6 134.6 3.1 Cons. Durables 19,848.9 20,221.9 1.9 Niraj Cem . . . . . . . . . . . . 38.4 Helpage Fi . . . . . . . . . . 17.8 *Indsil Hydro . . . . . . . . . . 7.0
*Hind Urban . . . . . . . . . 450.1 the approval of the Board to consider and recom- APRIL 20 of the Company and its sub- pany for seeking share- Quarter ended March 31,
Cap. Goods 11,776.3 12,043.5 2.3 *Vapi Paper . . . . . . . . . . 37.5 *Ritco Logistics . . . . . . . 16.7 *Axiscbgpg . . . . . . . . . . . 6.8
S&P Dollex-30 3,262.1 - - - 3,269.0 6.9 0.2 Arman Fin . . . . . . . . . . . 302.1 R T Exports: to consider mend dividend, if any, on Aditya B Mny: to consider sidiaries as per Indian Ac- holders' approval for the 2020
FMCG 11,169.4 11,114.1 -0.5 *Roni Households . . . . . 36.0 *NNTL . . . . . . . . . . . . . . . 16.3 *Padmanabh Inds . . . . . . 6.6 and approve Extension of the equity shares of the and approve, inter-alia,
*Godrej Ind . . . . . . . . . . 270.0 counting Standards (IndAS) same, by way of passing of CRISIL:to consider and ap-
Nifty 50 8,925.3 8,851.3 9,053.8 8,821.9 8,992.8 67.5 0.8 Healthcare 14,757.7 14,993.8 1.6 *Shri Krishna . . . . . . . . . 26.5 *SSPDL . . . . . . . . . . . . . . 15.2 *Terrascope Vent . . . . . . 6.5 due date and other terms Company for the financial the Audited Financial Re-
*Quess Corp . . . . . . . . . 200.8 for the quarter and year resolution through postal prove the unaudited con-
Infra 123.7 126.5 2.3 Starlit Power . . . . . . . . . 13.5 *ACE Software . . . . . . . . 14.6 *Maris Spin . . . . . . . . . . . 6.4 and conditions for redemp- year ended on March 31, sults of the Company for
Nifty next50 23,051.2 22,950.3 23,394.6 22,735.7 23,222.9 171.7 0.7 *Podd Hou & Dev . . . . 184.0 ending March 31, 2020 ballot. solidated and standalone
IT 12,711.3 12,486.9 -1.8 *Tulasee Bio- . . . . . . . . . 13.0 Hiliks Tech . . . . . . . . . . 14.0 *VMS Ind . . . . . . . . . . . . . 6.3 tion of existing 7,00,000, 2020. the quarter and financial
Sportking India . . . . . . 154.0 Shriram TrFn: to consider Tata Elxsi: to consider and financial results for the
Nifty 500 7,344.4 7,297.8 7,453.1 7,268.3 7,412.3 67.9 0.9 Metal 6,337.1 6,448.6 1.8 *Praveg Communic . . . . 10.4 *Sanghvi Forg . . . . . . . . 13.7 *Blue Coast . . . . . . . . . . . 6.1 9% Cumulative Preference HDFC Bank: to consider year ended March 31, and approve (i) raising of approve 1. Audited Financial first quarter ended March
Oil & Gas 10,865.6 11,080.4 2.0 Sudal Ind . . . . . . . . . . . . . . 8.8 *Perfectpac . . . . . . . . . 116.5 *Nouveau Global . . . . . . 13.2 *Shah Alloys . . . . . . . . . . . 5.8
India VIX 49.7 49.7 49.7 42.3 46.1 -3.6 -7.3 Shares and 7,95,415, 6% and approve We wish to in- 2020. funds by way of issue of re- results for the quarter and 31, 2020 and to consider
Power 1,440.9 1,481.9 2.8 *GCM Comm & Der . . . . . 7.4 *SPS Finquest . . . . . . . 101.0 *RR Metalmakers . . . . . 13.0 *Buleblood Vent . . . . . . . 5.7 Non-Cumulative Prefer- form you that a meeting of IFCI: to consider and ap- deemable non-convertible year ended 31st March, 2020 the payment of Interim Div-
Nifty CPSE 1,377.9 1,364.6 1,417.4 1,361.9 1,406.1 28.2 2.0 Dharani Fin . . . . . . . . . . . . 3.7 Everest Org . . . . . . . . . . . 90.0 *HP Cotton . . . . . . . . . . 12.7 *Corpor Cour . . . . . . . . . . 5.5
PSU 4,598.5 4,702.0 2.3 ence Shares having face the Board of Directors of prove the preferential debentures/ subordinated 2. Recommend dividend for idend for the financial year
MSE SX 40 17,721.0 17,721.0 17,843.7 17,721.0 17,843.7 122.7 0.7 Realty 1,381.3 1,394.2 0.9 * Indicates that the market price of these companies reached two-year highs/lows. value of Rs. 100/- each HDFC Bank Limited will be issue of equity shares to debentures on private place- the year 2019-20, if any. ending December 31, 2020.

> 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 SYMBOLS FOR FACE VALUE OF
SCRIPS BSE NSE BSE NSE
information is the stock’s company’s price-earnings data has been provided. An option is “in-the-money” futures contracts are close, the close price is indicate that the scrip has
market capitalisation. The (P/E) multiple. The P/E Open Interest: OI is the if the market price exceeds compulsorily settled on underlined. A significant gone ex-dividend after that l ~100 q ~3 Aarti Inds (A) < AAVAS Finan (A)
BS 200 stocks account for over paid-up value . Four
85 per cent of the volume of categories of information are market capitalisation is multiple is arrived at by number of contracts open at the SP (in case of a call option) expiry. On NSE, it is the last change means a 3 per cent date; XB denotes ex-bonus, PCLose (908.4) (912.3) (1229.3) (1230.8)
m ~50 H ~2 Open 918.0 925.0 1285.0 1230.7
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 945.0 944.0 1285.0 1283.5
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 916.1 916.1 1186.5 1185.0
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 925.0 924.4 1260.8 1265.6
For BS 200 stocks, the given on the number of capital. It changes either months. EPS is calculated on expectations. High OI is money” call options. cent for the rest of the shares. shares/mergers and others . M of scrips is Shares 8293 216K 1965 44026
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 29.8 29.8 - -
company name is followed by shares traded, and also the 52 Wk H/L 1071/662 1071/668 2078/846 2101/849
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 16116 16107 9874 9912
the symbol indicating the highs and lows. or the price has moved. In the futures and options Strike Price: The price at which An unexercised option the day’s closing value or low in the scrip; the letters ‘000’.

BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE
ACC (A) Adani Enter (A) « Adani Gas (A) « Adani Green En (A) Adani Ports (A) H Adani Power (A) Affle I (T) Ajanta Phar (A) H Alkem Labs (A) H Amara Raja (A) « Ambuja Cem (A) H Apollo Hosp (A) < Apollo Tyres (A) « Ashok Leyland (A) « Asian Paints (A) « Au Small Fin (A) Aurob Pharma (A) « Avanti Feeds (A) «
PCLose (1138.3) (1137.9) (145.1) (145.3) (96.8) (96.7) (187.9) (187.8) (269.0) (268.9) (29.4) (29.3) PCLose (1246.5) (1219.4) (1407.1) (1409.4) (2683.9) (2686.9) (510.8) (511.2) (168.6) (168.6) (1360.9) (1360.6) PCLose (88.0) (88.2) (46.7) (46.7) (1718.4) (1718.2) (500.5) (502.3) (514.8) (514.7) (404.0) (404.1)
Open 1140.0 1146.5 145.0 142.0 95.2 96.1 186.5 182.3 271.0 267.0 29.6 29.3 Open 1308.8 1280.4 1420.2 1433.0 2683.0 2686.0 510.8 505.0 169.2 167.1 1355.0 1370.8 Open 89.0 88.8 46.7 46.2 1640.0 1691.0 516.0 500.0 522.0 518.5 407.7 407.5
High 1165.1 1165.0 145.0 144.9 100.4 100.0 194.8 195.0 271.3 271.3 30.2 30.2 High 1308.8 1280.4 1420.2 1433.0 2817.5 2809.0 527.0 534.0 174.6 174.7 1440.0 1440.0 High 95.9 96.0 47.8 47.9 1752.0 1752.3 524.0 524.0 549.7 549.0 424.7 422.7
Low 1117.7 1116.9 140.6 140.6 95.0 95.3 183.0 182.3 260.3 260.3 29.2 29.1 Low 1308.8 1280.4 1352.3 1352.0 2683.0 2685.0 500.0 499.4 163.0 163.9 1336.4 1334.1 Low 89.0 88.7 45.6 45.6 1640.0 1684.8 495.6 495.1 510.5 511.0 403.3 402.0
Close 1147.7 1148.5 143.4 143.3 98.9 98.9 193.7 193.9 267.6 267.6 30.0 29.9 Close 1308.8 1280.4 1361.0 1361.8 2755.8 2757.9 520.1 521.9 169.6 169.7 1425.4 1423.5 Close 94.0 94.0 47.0 47.0 1742.4 1743.1 515.3 514.1 545.4 544.7 415.1 415.0
Shares 36679 1549K 199K 2686K 104K 1411K 45574 432K 99239 3267K 323K 5450K Shares 9251 10990 6496 179K 5067 314K 13300 827K 233K 6792K 59513 1282K Shares 847K 15987K 1310K 29832K 57616 1821K 61325 477K 324K 9906K 19033 306K
PE 15.6 15.7 11.6 11.6 - - - - 11.5 11.5 - - PE - - 30.1 30.2 29.5 29.6 13.8 13.9 16.1 16.1 58.1 58.0 PE 11.1 11.1 14.5 14.5 61.5 61.6 23.4 23.3 12.4 12.4 20.7 20.7
52 Wk H/L 1768/896 1769/895 261/113 261/113 195/77 195/77 243/36 244/36 430/203 431/203 74/24 74/23 52 Wk H/L 2296/751 2297/750 1550/840 1545/825 2882/1660 2879/1660 814/350 814/349 240/137 240/137 1814/1047 1814/1047 52 Wk H/L 221/74 221/73 97/34 97/34 1916/1291 1917/1291 1218/444 1218/444 838/281 838/289 770/250 770/251
Mcap 21552 21567 15766 15760 10872 10877 30287 30318 54370 54370 11552 11513 Mcap 3337 3265 11875 11881 32945 32970 8883 8913 33677 33696 19830 19803 Mcap 5374 5377 13797 13782 167126 167198 15670 15635 31952 31911 5653 5652

Avenue Supermar (T) Axis Bank (A) H Bajaj Auto (A) Bajaj Fin (A) H Bajaj Finsrv (A) < Balkrishna I (A) H Bandhan Bank (A) Bank of Baroda (A) H Bata India (A) < BEML (A) Berge Paint (A) « Bharat Elctn (A) « Bharat Forge (A) H Bharti Airtel (A) < Bharti Infratel (A) BHEL (A) H Biocon (A) < Bosch (A)
PCLose (2181.9) (2180.9) (417.1) (417.3) (2333.6) (2335.1) (2182.6) (2182.4) (4600.7) (4599.1) (871.3) (872.1) PCLose (186.9) (186.8) (49.0) (49.0) (1204.2) (1203.8) (602.3) (603.1) (512.2) (512.7) (69.7) (69.6) PCLose (236.9) (237.3) (510.0) (510.5) (173.8) (173.8) (21.5) (21.5) (336.9) (336.9) (10529.9) (10524.5)
Open 2099.0 2151.0 408.0 408.6 2315.0 2330.0 2145.0 2145.0 4580.0 4570.0 871.3 870.1 Open 185.9 184.6 49.5 49.2 1172.5 1191.3 600.4 598.0 516.0 516.0 71.4 70.5 Open 238.0 237.3 505.0 500.0 177.9 171.0 21.6 21.5 340.0 340.0 10525.0 10500.0
High 2222.0 2210.0 427.2 427.0 2364.2 2365.0 2249.8 2250.0 4766.5 4760.0 924.0 924.0 High 204.7 204.8 50.2 50.2 1244.3 1244.0 644.3 645.0 521.3 521.6 72.2 72.2 High 243.4 243.8 512.9 513.0 177.9 175.7 21.9 21.9 353.3 353.5 10655.0 10674.0
Low 2099.0 2104.9 400.9 400.7 2275.0 2264.5 2120.0 2122.0 4495.1 4508.8 859.0 858.3 Low 180.5 180.0 48.4 48.3 1152.8 1152.7 572.5 575.0 507.8 507.0 70.2 70.2 Low 229.3 229.0 497.0 497.4 166.1 165.5 21.2 21.2 339.2 339.1 10130.5 10117.4
Close 2141.1 2137.9 423.2 422.6 2338.6 2333.6 2221.7 2220.0 4709.3 4699.6 904.0 903.7 Close 198.3 198.2 49.6 49.6 1227.1 1229.6 624.5 623.5 514.4 515.4 71.0 71.0 Close 238.2 238.5 500.5 500.5 171.3 171.5 21.8 21.7 349.9 349.9 10377.8 10380.3
Shares 15024 393K 1327K 42345K 18905 945K 237K 7247K 22311 747K 46503 1266K Shares 734K 22002K 1132K 19193K 44480 1352K 176K 1997K 44200 1477K 433K 23532K Shares 89449 2238K 340K 17082K 97215 6472K 1693K 27541K 364K 9196K 1118 34921
PE 109.6 109.4 26.4 26.4 12.8 12.8 26.2 26.2 18.7 18.6 20.0 20.0 PE 10.5 10.4 - - 41.8 41.9 58.7 58.6 84.4 84.6 12.1 12.1 PE 13.1 13.1 - - 9.7 9.7 10.2 10.2 50.1 50.1 31.2 31.2
52 Wk H/L 2559/1226 2560/1226 827/285 828/286 3315/1793 3315/1789 4923/2083 4923/2082 10297/4161 9950/4160 1298/678 1298/679 52 Wk H/L 650/152 650/152 144/47 144/47 1897/1017 1895/1000 1108/370 1109/370 597/292 597/292 122/56 122/56 52 Wk H/L 533/208 534/208 569/307 569/306 314/121 314/120 78/19 78/18 355/211 356/211 18350/787418445/7850
Mcap 138694 138484 119402 119233 67671 67526 133680 133577 74944 74789 17473 17469 Mcap 31923 31915 22895 22918 15771 15802 2600 2596 49954 50056 17300 17300 Mcap 11088 11102 273024 273024 31675 31721 7573 7556 41982 41988 30604 30611

BPCL (A) Britannia (A) « Cadila Healt (A) « Can Fin Home (A) H Canara Bank (A) Carerating (A) Castrol (A) < CDSL (B) Century Tex (A) CESC (A) CGCEL (A) H Chola Inv (A) H Cipla (A) H Coal India (A) Colgate (A) « Containr Crp (A) < Cummins (I) (A) H Dabur India (A) «
PCLose (353.7) (353.9) (2839.4) (2837.4) (339.0) (339.1) (270.3) (270.1) (86.3) (86.4) (416.0) (414.0) PCLose (113.3) (113.2) (-) (217.8) (321.1) (320.9) (504.5) (504.0) (218.8) (219.1) (153.4) (153.6) PCLose (592.5) (592.3) (146.9) (146.9) (1389.5) (1388.3) (383.1) (383.5) (375.5) (375.4) (502.9) (502.9)
Open 355.0 354.5 2849.0 2837.5 339.0 336.0 267.0 268.0 89.0 87.0 417.0 423.3 Open 114.0 113.5 - 218.7 328.9 320.0 504.5 504.0 212.9 219.0 152.8 152.9 Open 593.8 590.0 146.0 144.6 1381.0 1376.0 387.8 385.0 375.6 370.0 508.0 497.8
High 365.0 365.0 2892.3 2894.0 346.0 346.2 288.0 288.4 89.0 87.6 457.5 455.3 High 117.2 117.2 - 229.3 337.6 337.9 525.0 524.5 216.4 219.0 163.6 162.9 High 612.6 612.8 150.4 150.5 1416.6 1417.0 387.8 386.0 396.2 396.0 509.3 509.0
Low 350.0 349.6 2820.8 2815.0 329.8 329.2 266.3 265.5 84.9 84.8 417.0 415.0 Low 111.8 111.8 - 217.1 314.1 313.1 504.5 503.0 210.4 210.2 149.0 149.0 Low 581.3 582.0 144.5 144.4 1363.6 1361.5 367.0 366.7 363.4 362.5 492.7 492.2
Close 355.6 355.4 2838.1 2836.8 343.6 343.6 283.4 284.5 85.9 85.9 454.6 453.3 Close 116.2 116.2 - 226.5 332.9 332.6 521.9 521.4 212.8 212.3 159.4 159.4 Close 600.6 600.5 147.5 147.4 1408.6 1408.9 371.2 371.1 389.5 389.8 503.7 503.5
Shares 190K 5916K 21529 676K 328K 7474K 71625 427K 1294K 11293K 22407 225K Shares 668K 842K - 426K 66611 1140K 13437 568K 15499 744K 281K 8238K Shares 485K 12716K 253K 9737K 20593 790K 37145 1819K 65263 2037K 110K 3439K
PE 10.8 10.8 51.5 51.5 28.3 28.3 10.7 10.8 26.4 26.4 13.2 13.2 PE 13.9 13.9 - - 5.5 5.5 7.1 7.1 24.9 24.8 10.0 10.0 PE 29.2 29.2 5.0 5.0 47.3 47.3 52.2 52.1 16.6 16.6 58.0 58.0
52 Wk H/L 550/252 549/252 3444/2101 3584/2100 378/206 374/202 519/254 519/253 297/74 297/74 1019/236 1010/235 52 Wk H/L 168/90 168/90 -/- 302/180 1067/220 1063/219 855/366 852/365 301/178 301/177 349/117 349/117 52 Wk H/L 614/357 614/355 271/119 271/119 1641/1065 1643/1065 665/263 666/263 800/282 801/280 525/357 525/358
Mcap 77128 77095 68255 68225 35169 35169 3773 3788 12486 12478 1339 1335 Mcap 11489 11489 - 2367 3718 3715 6918 6912 13346 13318 13058 13062 Mcap 48419 48411 90900 90839 38313 38322 22614 22608 10796 10805 89009 88973

Deepak Nitrt (A) H Divis Lab (A) H Dixon Tech (B) DLF (A) H Dr Lal PathLabs (A) Dr Reddys (A) < Eicher Motor (A) Equitas Hold (A) Escorts (A) Exide Ind (A) « Federal Bank (A) H Fortis Health (A) Future Retail (A) H GAIL (A) Glenmark (A) « GMR Infra (A) « Godrej Cons (A) « Godrej Prpty (A) <
PCLose (447.7) (446.9) (2393.1) (2395.4) (3704.9) (3699.3) (140.3) (140.3) (1498.8) (1497.2) (3803.9) (3807.6) PCLose (13318.9) (13314.9) (39.0) (38.9) (714.2) (714.7) (140.5) (140.4) (41.4) (41.4) (120.9) (121.0) PCLose (73.5) (73.0) (86.6) (86.6) (319.8) (319.8) (17.1) (17.0) (571.7) (571.7) (655.2) (655.3)
Open 466.1 470.0 2400.0 2395.4 3747.2 3665.0 136.4 138.0 1512.0 1508.0 3803.0 3806.4 Open 13500.0 13315.0 39.0 39.0 726.0 710.0 141.0 140.0 41.2 41.3 121.0 120.0 Open 77.2 76.7 87.7 86.0 325.0 324.0 17.0 16.9 570.1 570.9 669.0 655.0
High 480.0 474.9 2448.8 2448.5 3971.0 3970.0 143.4 143.4 1541.6 1544.8 3889.0 3890.0 High 13510.1 13533.9 42.5 42.6 728.4 728.6 143.7 143.9 42.7 42.6 121.0 120.8 High 77.2 76.7 90.0 90.0 326.3 326.8 17.4 17.4 583.1 583.3 692.8 693.0
Low 457.4 457.3 2354.9 2353.8 3736.9 3665.0 132.8 132.7 1489.5 1488.0 3788.4 3780.0 Low 13050.0 13042.0 38.7 38.6 696.7 696.1 137.2 136.3 40.7 40.6 117.8 117.7 Low 77.2 76.7 84.5 84.5 311.7 311.0 16.8 16.7 563.0 562.5 649.7 648.0
Close 466.3 466.3 2393.9 2393.2 3913.7 3910.5 134.1 134.0 1498.0 1496.4 3862.1 3860.7 Close 13375.3 13371.4 41.9 41.9 714.8 714.3 142.5 142.6 42.2 42.2 119.2 119.2 Close 77.2 76.7 89.4 89.3 320.0 320.1 17.1 17.1 564.4 564.4 686.3 683.6
Shares 49215 615K 35305 1350K 1545 53905 1101K 13415K 4392 173K 31642 1466K Shares 20474 250K 351K 9918K 133K 3882K 101K 4170K 840K 15770K 40257 917K Shares 314K 97479 1181K 13299K 338K 8576K 384K 11150K 46111 1768K 18871 628K
PE 13.1 13.1 50.0 50.0 41.4 41.3 19.4 19.4 51.9 51.9 37.7 37.7 PE 17.7 17.7 190.0 190.0 18.8 18.8 14.0 14.0 5.2 5.2 - - PE 5.8 5.7 8.5 8.5 12.6 12.6 - - 26.2 26.2 53.6 53.4
52 Wk H/L 543/255 543/255 2449/1467 2468/1466 4899/1831 4895/1560 267/115 267/115 1846/950 1846/955 3894/2352 3894/2351 52 Wk H/L 23428/12460 23450/12450 144/33 144/33 914/423 915/424 228/122 230/125 110/36 110/36 169/112 169/111 52 Wk H/L 489/61 489/61 183/66 183/65 654/168 655/162 27/14 27/14 772/425 772/425 1188/506 1189/505
Mcap 6360 6360 63545 63527 4528 4524 33181 33169 12484 12471 64180 64156 Mcap 36528 36517 1430 1430 8762 8756 12113 12121 8399 8409 8995 8995 Mcap 4069 4043 40298 40253 9030 9033 10291 10321 57699 57699 17295 17227

Granules (A) « Graphite (A) H Grasim Ind (A) H Gujarat Gas (A) H Havells I (A) « HCL Techno (A) H HDFC (A) H HDFC AMC (A) < HDFC Bank (A) « HDFC Std Life (A) HEG (A) Hero MotoCorp (A) H Hindalco (A) « HPCL (A) HUL (A) « ICICI Bank (A) H ICICI Lombard (A) ICICI Prud Life (A)
PCLose (167.9) (167.9) (178.8) (178.9) (535.2) (535.4) (248.3) (248.1) (559.3) (559.5) (478.6) (478.8) PCLose (1594.8) (1596.3) (2615.3) (2616.1) (863.5) (863.3) (470.7) (471.7) (710.2) (710.9) (1824.9) (1824.1) PCLose (115.1) (115.1) (209.1) (208.4) (2489.8) (2487.6) (327.3) (327.4) (1151.2) (1152.8) (329.1) (329.0)
Open 167.0 165.0 185.7 184.0 534.1 530.0 254.0 253.0 549.0 551.0 478.0 473.0 Open 1578.5 1590.0 2660.0 2630.0 863.0 865.0 468.1 470.0 737.7 734.0 1815.0 1800.0 Open 119.0 118.9 211.0 210.8 2462.0 2466.0 325.0 325.3 1158.3 1152.9 320.0 325.0
High 173.2 173.3 187.7 187.8 557.0 557.0 259.0 259.0 557.1 557.5 478.0 476.0 High 1663.0 1663.7 2679.4 2680.0 889.6 890.7 494.3 494.4 745.7 746.4 1815.0 1807.5 High 121.9 121.9 218.2 218.2 2525.0 2526.2 347.6 347.8 1223.0 1223.7 342.8 342.9
Low 164.0 164.5 180.0 179.0 523.6 523.1 250.3 250.1 539.4 539.4 457.1 456.7 Low 1577.4 1575.0 2563.8 2562.2 856.1 856.3 462.4 462.0 728.0 725.3 1753.2 1752.6 Low 114.5 114.5 208.5 208.3 2421.7 2421.1 319.4 319.4 1136.7 1136.8 317.3 317.0
Close 166.5 166.4 187.7 187.8 543.8 543.8 256.5 256.3 550.3 548.5 459.7 459.8 Close 1627.6 1625.8 2600.5 2600.5 881.1 879.8 490.1 489.7 745.7 746.4 1783.1 1782.7 Close 120.7 120.6 213.9 213.9 2436.6 2436.1 342.1 342.0 1157.1 1157.3 335.0 334.9
Shares 148K 1927K 12251 223K 70335 3595K 43801 684K 201K 1966K 221K 10485K Shares 250K 7893K 23565 389K 807K 26927K 124K 5065K 3673 45966 41985 1454K Shares 710K 18972K 277K 4874K 102K 5388K 2083K 56494K 21216 809K 217K 4090K
PE 13.8 13.8 8.5 8.5 8.8 8.8 16.6 16.6 45.2 45.0 12.0 12.0 PE 15.3 15.3 - - 19.2 19.1 73.4 73.4 3.0 3.1 9.5 9.5 PE 51.2 51.2 5.8 5.8 78.1 78.0 28.8 28.8 46.1 46.2 41.8 41.8
52 Wk H/L 189/84 189/84 473/103 473/103 959/380 960/385 313/154 314/154 807/458 807/458 624/376 624/375 52 Wk H/L 2500/1473 2500/1473 3844/1535 3844/1532 1304/739 1306/739 646/339 646/340 2087/413 2095/410 3021/1475 3023/1475 52 Wk H/L 221/85 221/85 333/155 334/150 2614/1657 2614/1656 552/269 552/268 1440/806 1440/805 538/222 537/226
Mcap 4231 4229 3667 3670 35771 35768 17657 17644 34435 34325 124733 124760 Mcap 281900 281588 55338 55339 483106 482393 98941 98861 2878 2881 35616 35608 Mcap 27102 27079 32587 32587 527475 527367 221453 221389 52584 52594 48094 48080

IDFC First Bank (A) India Cement (A) Indiab Real (A) H Indiabulls Hous (A) H Indiabulls Vent (B) H Indraprst Gs (A) H IndusInd Bank (A) Info Edge (A) Infosys (A) < InterGlobe Avia (A) IOC (A) IOL Chem (B) Ipca Labs (A) H IRCON Intl (B) H IRCTC (B) ITC (A) « Jai Corp (A) « Jindal Steel (A) «
PCLose (22.5) (22.6) (106.7) (106.8) (47.3) (47.3) (91.8) (91.8) (93.8) (94.3) (453.5) (453.4) PCLose (424.1) (424.1) (2364.9) (2361.9) (639.2) (639.0) (1010.2) (1007.5) (83.2) (83.2) (258.0) (257.9) PCLose (1518.7) (1518.6) (81.8) (81.3) (1230.8) (1230.6) (189.4) (189.4) (56.2) (56.1) (88.1) (88.0)
Open 22.6 22.3 105.6 106.5 48.4 48.5 92.9 90.2 93.1 92.6 446.0 450.0 Open 424.1 424.1 2410.0 2370.3 622.9 620.0 1008.3 998.0 84.9 83.3 258.0 260.0 Open 1514.0 1503.3 84.0 81.2 1227.0 1224.0 189.8 189.7 55.7 56.0 85.5 87.0
High 24.6 24.5 108.4 108.3 49.7 49.7 110.1 110.1 98.4 99.0 474.0 474.4 High 441.8 442.0 2415.4 2420.0 634.3 634.9 1024.0 1024.3 85.8 85.8 269.9 270.0 High 1559.7 1559.9 96.1 96.0 1292.3 1292.1 191.2 191.2 64.6 65.0 91.3 91.4
Low 22.2 22.1 105.0 105.0 47.8 47.6 89.8 90.2 93.1 92.6 446.0 448.0 Low 413.3 413.3 2330.1 2326.0 604.0 603.5 985.0 983.0 82.8 82.6 258.0 260.0 Low 1506.3 1503.3 80.9 81.2 1190.1 1190.0 185.5 185.5 55.5 55.3 85.5 86.2
Close 24.1 24.2 105.5 105.5 49.7 49.7 106.5 106.3 98.4 99.0 464.6 464.6 Close 435.0 435.4 2349.0 2348.5 624.2 623.9 1011.1 1010.0 84.8 84.7 263.0 263.3 Close 1516.8 1515.8 95.0 95.2 1292.3 1292.1 186.5 186.4 62.9 63.1 88.3 88.3
Shares 1038K 29166K 169K 1315K 178K 1101K 3884K 54680K 15096 310K 89676 4011K Shares 1543K 23557K 5098 579K 403K 17783K 75467 1960K 377K 11993K 41298 391K Shares 36189 695K 269K 6898K 88110 1328K 1093K 27083K 285K 2750K 1245K 21890K
PE - - 27.4 27.4 6.7 6.6 1.5 1.5 29.9 30.0 29.3 29.3 PE 6.7 6.7 124.9 124.9 16.3 16.3 32.0 32.0 6.3 6.3 4.0 4.0 PE 30.2 30.2 - - - - 15.5 15.5 59.2 59.3 - -
52 Wk H/L 54/18 54/18 117/68 117/68 151/37 145/37 846/81 847/81 359/78 359/78 534/285 534/284 52 Wk H/L 1822/236 1824/236 3125/1580 3130/1581 847/511 847/509 1911/765 1899/771 170/75 171/74 317/147 317/146 52 Wk H/L 1821/844 1825/845 120/58 120/58 1995/625 1994/625 310/135 310/135 133/43 133/43 202/62 202/62
Mcap 11568 11616 3268 3268 2260 2257 4553 4545 4581 4607 32519 32519 Mcap 30169 30197 28780 28773 265847 265698 38907 38865 79785 79738 1496 1498 Mcap 19165 19152 4465 4474 20677 20673 229250 229065 1122 1125 9007 9007

JSW Steel (A) « Jubilant Fd (A) Just Dial (A) Kotak Mah Bank (A) < L & T (A) H L & T Infotech (A) « L&T Finance Hol (A) LIC Hsg Fin (A) H Liquid Sach (F) Lupin (A) H M & M Fin (A) H Mah & Mah (A) < Maha Gas (A) Manapp Finance (A) H Marico (A) « Maruti Suzuki (A) < Max Fin Sre (A) H MCX (A)
PCLose (171.1) (171.4) (1421.3) (1421.4) (316.0) (316.2) (1173.3) (1173.8) (879.9) (880.2) (1468.8) (1470.5) PCLose (54.0) (54.0) (248.4) (248.1) (1000.0) (1000.0) (810.5) (810.4) (155.6) (155.8) (353.1) (353.1) PCLose (941.5) (941.0) (102.1) (102.1) (303.0) (303.1) (5095.4) (5094.3) (396.4) (395.9) (1025.8) (1026.1)
Open 170.0 169.3 1421.5 1400.0 308.0 306.8 1168.0 1165.0 878.8 876.0 1445.8 1446.1 Open 55.0 53.8 245.0 245.5 1000.0 1000.0 810.6 805.0 155.0 154.4 345.0 343.1 Open 950.0 939.0 101.9 100.0 303.0 300.0 5011.0 5017.0 395.9 393.1 1023.3 1026.1
High 174.5 174.6 1525.5 1526.5 336.0 334.8 1168.0 1165.0 919.6 919.8 1525.0 1524.5 High 62.4 62.5 263.4 263.6 1000.0 1001.0 832.7 832.5 174.2 174.3 360.5 360.5 High 956.5 958.0 106.4 106.5 313.1 313.3 5228.3 5228.0 436.0 435.5 1066.6 1084.3
Low 167.3 167.4 1386.9 1386.5 306.0 306.8 1114.7 1114.5 871.7 870.2 1435.1 1431.7 Low 53.1 53.0 242.9 242.5 1000.0 999.9 787.6 787.1 152.5 152.4 344.0 343.0 Low 922.2 921.0 98.3 98.2 296.4 296.2 4970.0 4970.0 387.5 387.1 1020.0 1016.3
Close 171.3 170.7 1494.6 1499.3 331.4 329.8 1130.4 1130.9 912.0 911.7 1472.7 1467.9 Close 61.3 61.4 257.3 257.3 1000.0 1000.0 826.1 825.9 167.0 166.8 356.9 356.7 Close 939.6 939.5 105.0 105.0 306.9 306.9 5129.8 5130.8 426.9 426.7 1049.4 1051.5
Shares 977K 10429K 66652 2215K 629K 3946K 450K 11055K 205K 6981K 7198 165K Shares 2457K 26701K 263K 5567K 42577 850K 135K 3963K 498K 8090K 167K 6156K Shares 17286 780K 417K 10657K 148K 6059K 54293 1752K 372K 5300K 13741 180K
PE 7.9 7.8 60.1 60.3 8.3 8.3 24.8 24.8 13.1 13.1 17.4 17.4 PE 6.6 6.6 4.9 4.9 - - - - 8.1 8.1 9.5 9.5 PE 12.2 12.2 6.7 6.7 32.2 32.2 25.2 25.2 119.4 119.3 25.5 25.6
52 Wk H/L 313/133 314/133 1973/1078 1974/1078 825/251 825/250 1740/1000 1740/1001 1607/661 1607/661 2049/1208 2050/1210 52 Wk H/L 151/46 151/46 587/186 587/185 1009/999 1010/992 882/505 884/505 442/128 442/128 691/246 692/245 52 Wk H/L 1247/666 1246/664 195/76 195/74 404/234 404/234 7755/4002 7759/4001 611/280 612/276 1442/767 1443/768
Mcap 41407 41250 19724 19786 2151 2140 216240 216336 128036 127987 25639 25555 Mcap 12280 12300 12985 12985 - - 37422 37413 10313 10304 44364 44345 Mcap 9281 9280 8875 8875 39614 39614 154959 154991 11505 11500 5352 5363

Mindtree (A) Mishra Dhatu Ni (B) Mothersons S (A) « Mphasis (A) MRF (A) Muthoot Finance (A) Nat Alum (A) < Navin Fluo (A) H NBCC (A) « NCC (A) H Nestle India (A) NHPC (A) NIIT Techno (A) Nippon Life Ind (A) NMDC (A) « NTPC (A) Oil India (A) ONGC (A) <
PCLose (771.5) (771.9) (208.6) (208.3) (71.2) (71.2) (671.2) (670.8) (57433.4) (57417.8) (691.5) (691.3) PCLose (30.3) (30.3) (1400.0) (1398.3) (20.6) (20.5) (25.4) (25.4) (17323.2) (17325.9) (22.2) (22.2) PCLose (1092.9) (1092.3) (282.5) (282.5) (82.4) (82.4) (89.9) (89.9) (88.5) (88.7) (74.3) (74.3)
Open 765.0 752.3 213.6 211.5 71.5 71.5 676.8 671.0 57549.0 57390.0 663.0 672.0 Open 30.7 30.2 1430.0 1425.0 20.9 20.6 25.9 25.5 17320.3 17320.0 22.4 22.3 Open 1070.0 1080.0 281.0 280.0 84.4 83.0 88.8 87.3 88.0 87.8 73.8 74.0
High 790.0 791.0 223.9 224.0 83.9 83.9 702.4 702.1 61570.0 62000.0 705.0 705.0 High 31.3 31.4 1470.5 1473.0 23.3 23.3 27.2 27.2 17999.0 18001.7 22.7 22.6 High 1115.2 1115.0 290.0 290.0 84.4 83.1 96.1 96.3 91.0 90.9 76.5 76.5
Low 732.6 732.6 208.5 208.6 70.9 70.7 676.0 663.6 57021.0 57012.1 658.7 658.5 Low 29.7 29.6 1430.0 1424.0 20.4 20.4 25.1 25.1 17129.5 17052.2 22.2 22.1 Low 1055.8 1054.2 277.8 277.5 79.8 79.8 86.9 87.0 87.4 87.5 73.5 73.4
Close 777.4 776.9 219.1 219.3 81.8 81.5 686.0 686.7 60343.6 60441.9 693.2 693.6 Close 31.1 31.1 1438.2 1437.4 22.9 22.9 26.9 26.9 17884.9 17895.3 22.3 22.3 Close 1078.9 1079.1 285.9 286.1 80.4 80.5 95.2 95.1 90.3 90.2 75.7 75.5
Shares 24165 781K 158K 1861K 2533K 50161K 4222 210K 779 22062 365K 4330K Shares 282K 5999K 7958 115K 772K 9733K 2039K 43878K 4689 226K 119K 3314K Shares 12108 453K 65820 1273K 203K 4012K 584K 20876K 565K 3011K 1057K 24474K
PE 20.5 20.5 20.6 20.6 18.1 18.1 11.7 11.7 25.1 25.1 10.3 10.3 PE 21.6 21.5 42.6 42.6 28.5 28.5 3.7 3.7 87.6 87.6 7.2 7.2 PE 15.3 15.3 31.1 31.1 5.2 5.2 7.1 7.1 6.8 6.7 4.7 4.7
52 Wk H/L 1062/653 1063/652 278/109 279/108 163/49 163/49 1015/612 1018/630 73500/50000 73566/49915 954/478 955/477 52 Wk H/L 56/24 56/24 1629/570 1630/570 65/14 65/14 119/16 119/16 17999/10126 18002/10120 29/15 29/15 52 Wk H/L 2057/739 2060/735 453/183 453/183 140/62 140/62 146/74 146/73 189/66 190/64 179/52 179/50
Mcap 12794 12785 4104 4108 25816 25737 12794 12807 25586 25627 27798 27816 Mcap 5802 5793 7119 7115 4113 4113 1637 1640 172446 172546 22400 22400 Mcap 6742 6743 17497 17509 24617 24632 94147 94097 9792 9776 95170 94918

Page Inds (A) Petronet LNG (A) PI Inds (A) « Pidilite Ind (A) « Piramal Entp (A) H PNB (A) H PNB Hou Fin (A) Polycab India (B) Power Fin (A) Power Grid (A) PVR (A) Ramco Cements (A) « RBL Bank (A) REC (A) Rel Ind Infra (B) Reliance Ind (A) SAIL (A) SBI (A) «
PCLose (16818.0) (16840.9) (210.1) (210.1) (1416.6) (1401.0) (1473.7) (1475.0) (933.3) (932.5) (31.2) (31.1) PCLose (177.1) (176.5) (736.8) (737.5) (88.6) (88.4) (159.6) (159.6) (1080.6) (1077.9) (517.0) (516.8) PCLose (120.6) (120.5) (90.3) (90.3) (233.4) (233.8) (1150.1) (1149.8) (26.1) (26.1) (182.3) (182.4)
Open 17350.0 16830.1 211.0 209.0 1370.1 1410.0 1499.0 1480.0 930.0 932.5 31.4 31.1 Open 174.9 174.8 736.0 731.1 90.0 88.0 159.6 158.2 1034.0 1037.0 510.0 505.1 Open 120.0 118.9 89.5 89.3 233.4 234.0 1146.6 1149.9 25.5 25.9 182.3 182.0
High 17350.0 17150.0 220.8 221.0 1470.0 1472.9 1499.0 1494.9 939.0 939.4 31.5 31.5 High 183.3 183.5 736.8 738.1 91.1 91.2 166.7 166.7 1188.6 1185.7 529.0 529.5 High 125.8 125.9 92.1 92.1 254.8 255.0 1187.4 1187.5 27.1 27.1 189.8 189.9
Low 16692.3 16703.9 204.0 203.9 1346.1 1355.3 1468.0 1466.4 886.5 885.7 30.6 30.6 Low 174.9 174.8 720.9 720.2 87.1 87.0 158.0 157.5 1034.0 1030.0 508.4 505.1 Low 115.6 115.0 88.5 88.2 233.4 233.0 1146.6 1145.0 25.5 25.6 180.3 180.3
Close 16899.5 16869.1 218.5 218.5 1463.2 1454.1 1475.3 1475.8 895.0 895.5 31.1 31.1 Close 176.6 176.5 729.0 729.1 89.9 89.9 163.4 163.4 1171.5 1165.8 525.0 525.1 Close 124.1 124.1 91.1 91.0 250.4 250.7 1168.7 1168.1 26.9 26.9 188.6 188.5
Shares 580 55329 362K 5049K 2417 173K 25596 1028K 93712 2609K 762K 19994K Shares 54764 1192K 7854 91525 249K 4995K 298K 17522K 75436 2231K 43093 1411K Shares 1060K 22609K 230K 4770K 45842 441K 592K 17124K 622K 19015K 2923K 61166K
PE 48.7 48.6 11.8 11.8 43.2 42.9 62.8 62.8 9.2 9.2 - - PE 2.3 2.3 - - 3.7 3.7 8.0 8.0 41.0 40.8 19.9 19.9 PE 9.9 9.9 3.2 3.1 48.8 48.8 17.1 17.1 - - 11.9 11.9
52 Wk H/L 26891/16187 26883/16254 302/171 299/170 1626/974 1629/970 1710/1090 1710/1095 2629/608 2630/607 93/29 93/28 52 Wk H/L 885/146 886/146 1180/525 1182/525 139/79 139/79 216/130 216/122 2121/932 2125/932 883/457 884/455 52 Wk H/L 717/106 716/106 170/79 170/79 479/164 479/162 1618/876 1618/876 60/20 59/20 374/174 374/174
Mcap 18843 18809 32775 32775 20221 20096 74957 74985 20186 20197 29256 29209 Mcap 2969 2968 10856 10856 23734 23734 85484 85484 6015 5986 12368 12371 Mcap 6313 6310 17982 17972 378 379 740873 740461 11090 11090 168318 168229

SBI Card & Pay (B) SBI Life Ins (A) Shree Cement (A) Shriram TrFn (A) Siemens (A) H Spicejet (A) SRF (A) Strides Pharma (A) Sun Pharma (A) « Sun TV Net (A) < Tata Chem (A) Tata Consumer P (A) « Tata Elxsi (A) Tata Mot-DVR (A) H Tata Motors (A) H Tata Power (A) « Tata Steel (A) TCS (A) «
PCLose (504.6) (504.6) (701.1) (700.9) (18155.8) (18138.6) (663.6) (662.8) (1195.4) (1193.3) (46.3) (46.2) PCLose (3334.9) (3337.2) (337.3) (337.2) (449.0) (449.2) (349.5) (349.1) (240.2) (240.1) (315.6) (315.6) PCLose (733.2) (734.0) (36.3) (36.3) (72.8) (72.9) (35.2) (35.0) (285.1) (285.1) (1734.4) (1735.2)
Open 506.0 505.0 700.0 690.0 18400.0 18050.2 640.2 651.0 1194.0 1183.2 45.9 44.5 Open 3302.5 3324.0 338.3 337.9 454.0 450.0 347.7 345.5 245.0 241.4 316.0 317.9 Open 735.0 730.0 35.9 35.3 72.0 71.8 35.0 35.1 277.0 276.0 1701.0 1710.0
High 537.0 537.2 700.0 698.0 19282.4 19349.0 699.6 699.9 1227.1 1228.0 47.8 47.9 High 3452.0 3449.0 349.6 349.7 468.0 467.6 368.1 368.4 259.5 259.5 333.6 333.7 High 735.0 730.0 37.0 37.0 75.4 75.4 35.5 35.5 291.7 291.9 1762.9 1764.9
Low 501.1 501.0 680.8 681.1 17563.8 17551.3 640.2 642.9 1173.0 1171.5 44.1 44.1 Low 3257.4 3257.0 337.0 336.5 449.6 449.2 345.1 343.7 241.0 240.0 315.0 315.7 Low 701.5 701.0 34.9 34.9 71.1 71.0 34.6 34.5 276.2 276.0 1677.6 1675.1
Close 532.2 532.1 684.8 685.3 18975.0 18928.9 681.2 681.3 1206.6 1210.0 46.8 46.8 Close 3410.5 3414.1 346.0 346.2 464.1 463.7 360.7 362.0 254.3 254.4 323.1 324.1 Close 712.4 713.9 36.6 36.6 74.7 74.7 34.8 34.7 288.6 288.9 1715.6 1716.1
Shares 441K 8013K 30508 1364K 1024 113K 164K 4414K 15532 709K 464K 2671K Shares 10729 382K 107K 546K 436K 16933K 173K 4516K 199K 6164K 248K 8211K Shares 29709 436K 263K 2708K 2529K 47911K 423K 9453K 668K 17249K 240K 6246K
PE - - 50.8 50.8 52.5 52.4 5.1 5.1 38.3 38.4 - - PE 20.3 20.3 10.8 10.8 27.8 27.8 10.1 10.2 5.2 5.2 70.7 70.9 PE 18.1 18.1 - - - - 14.3 14.3 6.1 6.1 19.9 19.9
52 Wk H/L 769/501 769/501 1030/520 1030/519 25341/15500 25355/15410 1367/440 1367/440 1717/947 1717/948 157/31 153/31 52 Wk H/L 4259/2334 4260/2335 547/271 548/268 488/315 489/312 610/260 606/260 779/197 780/197 408/195 408/195 52 Wk H/L 1099/501 1098/500 116/28 116/28 239/64 239/64 74/30 74/30 560/251 562/251 2296/1504 2296/1506
Mcap 49971 49962 68477 68527 68462 68295 15454 15456 42967 43088 2808 2805 Mcap 19604 19624 3099 3100 111352 111256 14214 14266 6477 6481 29772 29864 Mcap 4437 4446 1859 1859 23059 23059 9399 9386 32514 32548 643762 643931

Tech Mahindra (A) < Titan Company (A) « Torrent Phar (A) < Torrent Pwer (A) Trent (A) « TVS Motor (A) « Ujjivan Fin Ser (A) UltraTech (A) United Brew (A) « United Spirt (B) H UPL (A) H Vedanta (A) « Vodafone Idea (A) Voltas (A) « Wipro (A) H Wockhardt (A) < YES Bank (A) H Zee Enter (A) «
PCLose (538.0) (538.7) (949.9) (952.0) (2299.4) (2296.4) (297.4) (297.6) (454.4) (454.4) (276.9) (276.3) PCLose (153.6) (153.6) (3598.1) (3600.1) (913.9) (914.0) (561.8) (562.3) (350.5) (350.5) (78.6) (78.6) PCLose (4.2) (4.3) (515.5) (515.9) (186.6) (186.6) (255.9) (255.8) (24.5) (24.5) (133.8) (133.8)
Open 528.0 527.0 930.0 929.0 2341.4 2313.7 295.1 293.3 456.2 454.4 270.0 267.1 Open 151.0 153.6 3580.0 3550.0 948.0 912.5 560.0 551.6 353.9 356.0 78.2 77.8 Open 4.5 4.5 515.5 519.0 175.3 180.0 264.0 255.0 24.5 24.3 130.6 133.5
High 529.6 530.0 997.0 999.0 2352.3 2354.3 300.2 300.5 462.0 462.5 279.7 280.0 High 169.0 168.9 3580.0 3565.7 948.0 925.5 569.1 569.7 368.9 369.0 84.7 84.7 High 4.7 4.7 532.5 533.0 189.6 189.8 268.7 268.6 25.0 25.0 138.8 139.0
Low 508.8 508.4 915.1 915.0 2244.5 2242.6 293.2 292.5 451.3 451.0 265.5 265.2 Low 151.0 152.4 3481.0 3475.2 889.2 888.6 540.2 540.0 353.9 356.0 77.0 77.2 Low 4.2 4.2 509.8 509.2 175.3 180.0 252.1 252.0 24.0 24.1 130.6 131.5
Close 517.9 517.7 986.7 985.3 2328.9 2334.9 298.3 298.5 460.1 460.4 276.5 276.2 Close 165.4 165.6 3549.3 3539.1 920.5 920.8 543.9 543.9 363.2 363.2 82.7 82.7 Close 4.3 4.3 521.4 521.3 188.1 187.9 268.4 268.1 24.6 24.6 135.8 135.6
Shares 173K 7001K 240K 6252K 121K 986K 21532 893K 9510 290K 198K 6729K Shares 216K 4405K 247K 617K 8216 403K 128K 4218K 932K 10133K 1819K 54490K Shares 35742K 403259K 78579 3313K 1438K 21690K 52599 573K 1334K 18766K 2543K 18112K
PE 11.5 11.5 60.2 60.1 70.5 70.7 9.7 9.7 97.4 97.5 20.1 20.1 PE 93.2 93.3 29.0 28.9 53.6 53.6 49.0 49.0 23.6 23.6 3.6 3.6 PE - - 34.5 34.5 11.1 11.0 - - - - 8.2 8.2
52 Wk H/L 846/470 847/471 1390/720 1390/721 2679/1453 2699/1452 333/235 333/231 804/347 805/350 525/240 524/240 52 Wk H/L 415/125 416/125 4904/2913 4905/2910 1484/759 1484/750 743/443 743/443 709/240 709/240 187/60 187/60 52 Wk H/L 18/3 18/2 741/449 741/449 302/160 302/159 456/147 456/147 268/6 268/6 440/114 440/114
Mcap 50022 49998 87595 87471 39409 39510 14337 14347 16355 16365 13137 13122 Mcap 2011 2014 102442 102149 24338 24346 39522 39522 27746 27750 30741 30741 Mcap 12213 12213 17253 17250 107469 107326 2972 2969 30811 30874 13044 13020
.
MUMBAI | FRIDAY, 17 APRIL 2020 BRAND WORLD 11 <

Insurance brands bat for

trust in an all-digital pitch
Withcustomerscaughtinaswirlofpanicandfear,lifeinsurancecompaniesare
lookingatconfidencebuildingmeasuresforapostCovid-19world
SUBRATA PANDA
Mumbai, 16 April KEEP THE FAITH
Edelweiss Tokio is building a large cache of

F
or years now life insur-
content for its customers, advertising more
ance brands have strug-
gled to bridge the online than just its products and
trust deficit that its buyers services
have. While many insurance Max Life Insurance has a
buyers have switched online Covid-19 section on its
for research, comparative website
analyses and such interac-
ICICI Prudential Life
tions, the final relationship
has continued to be an offline Insurance wants to assure
commitment. But now with customers of the claims settlement process
social distancing and remaining unaffected
chances of a return to nor- LIC has been relaying information about the
malcy, or the world as we virus while telling customers how to keep safe
knew it, fading by the day
brands are going all out to
create trusted, online avatars
to keep the flame burning.
“Inadvertently, Covid-19 online. Brands are providing using the engagement to quell “Our communication is
will do for insurance sector entertainment options, shar- myths surrounding Covid-19 focused on assuring customers
what demonetisation did to ing information, educating and insurance. “For instance, of the claims settlement
the payments industry,” said customers and busting fake there were concerns regarding process remaining unaffected,
Anup Seth, chief retail officer, news through their posts, force majeure being applica- uninterrupted 24X7 services
Edelweiss Tokio Life memes and videos. It helps ble on insurance policies, through our digital enablers,
Insurance. He believes that build a lasting relationship which is untrue. So, we existing products covering
more people will go for all- with customers while ensur- focused on reiterating to our COVID-19 and encouraging
online transactions. To ensure ing wider share-ability, the customers that their protec- them to remain invested for
that the opportunity that aris- insurers said. tion needs are safeguarded,” the policy tenure to achieve
es therein is leveraged to its Max Life Insurance has a he added. their financial goals.”
maximum, Edelweiss Tokio Covid-19 section on its web- Many brands say they Given the scale and impact
ads aim at building a broader site. Aalok Bhan, director and would rather their actions of the virus on regular busi-
relationship with customers, chief marketing officer, Max speak louder than words. “We nesses and customer psyche,
around their health and the Life Insurance said, “The are providing reassurance many brands are also tying up
present crisis, rather than just key responsibility of the by being available 24x7 for their promotional efforts with
pitch a product or service. industry must be to contin- all consumer needs, by con- relief measures. Some of these
“With Covid-19, this ue providing financial guid- tinuously communicating measures are in the form of
process of digitalisation will go ance to customers and con- through all possible means relaxing the premium payment
into overdrive and we will see sistently practice empathetic and by ensuring consumers norms, for instance the largest
the advisory moving digital, communication.” are continuing to stay pro- insurer in the country, Life
wherein advisers build cus- The aim is also to call out tected by extending payment Insurance Corporation (LIC),
tomer interest, undertake fake information and news dates as per guidelines,” said last week said it will give more
need analysis and on-board- around Covid-19. “We are Rishi Srivastava, MD & CEO, time to the policyholders to pay
ing completely online. This doing two things: One is those Tata AIA Life. premium falling due between
will consequently lead to a who have a medical cover, we Many, instead of bringing March and April and ensured
change in customers’ buying are reaching out and asking their persuasive powers to its policyholders that any death
behaviour as physical interac- them to renew online. People bear, are using the emailers claims arising out of Covid-19
tion will go down,” Seth added. who do not have covers, we are and messages to reassure cus- will be dealt with urgently.
Building trust in these advising them to buy online tomers about any misgivings While all of this will go a long
times is of paramount impor- and assisting them through they may have about the insur- way in assuring customers, the
tance. Hence the communica- the entire process,” said Sanjay ance products they hold. challenge will be to keep the
tion currently is not only about Datta, chief–Underwriting & Puneet Nanda, deputy man- process transparent even after
the product, or the ease of con- Claims, ICICI Lombard. aging director, ICICI the lock down is lifted and the
ducting their transactions Seth said his company is Prudential Life Insurance said, threat of the virus recedes.

> FROM PAGE 1

the scheme performance.
“Borrowing costs need to be adjusted Mumbai airport... — TENDER CARE — — Advertorial
in the schemes’ net asset values. At the DIAL pays 45.99 per cent and MIAL 38.7
MFs may get Sebi same time, some amount of borrowing
can help existing investors as the sell-
per cent of its revenue as fees to the AAI.
This forms the bulk of the AAI’s rev- NSE GROUP CONTRIBUTES INR 26 MDL EMPLOYEES CONTRIBUTE ONE
lifeline to tide over ing of securities to pay exiting investors
can lead to mark-to-market impact in an
enue, making it one of the few profitable
public sector units in the country. A
CRORES TO COVID 19 PANDEMIC DAY SALARY TO PM CARES FUND
liquidity woes illiquid market,” said senior executive
of a fund house.
complete waiver, said AAI officials,
would force the authority to increase its
GOVERNMENT RELIEF FUNDS

T
“Whatever is the new cap, it is the Redemptions are on the higher side external borrowings. he Coronavirus (COVID 19) outbreak is an unprece-
trustees’ responsibility to decide at what as several corporates are finding it diffi- The difference in opinion represents dented global situation that all countries are dealing with
point to close the gate. Every offer doc- cult to generate cash flows from their the difficulty Indian corporations are in terms of its human and economic consequences.The
ument has a force-majeure kind of operations due to the lockdown, he set to face to invoke force majeure World Health Organization (WHO) has declared COVID 19 a
clause to stop redemptions. However, it added. against their liability, especially to gov- ‘pandemic’.The Government of India and various state gov-
is better to use the borrowing provision Besides availing of the borrowing ernment entities. “Force majeure is not ernments have been putting in place several measures in-
wisely,” he said. facility, MFs have the option to use the an Indian law concept and therefore cor- cluding instituting a complete“lockdown”to combat the spread
Typically, corporate and institution- repo market. “Corporate bond repo was porates are facing huge liabilities on and transmission of the virus. NSE is committed to support-
al investors redeem investments to shore another option before MFs. However, the account of disruption caused by Covid- ing the government in the nation’s battle against the pandemic
up balance sheets at the end of every repo market has not really taken off in 19. This may lead to a long-drawn litiga- and in providing assistance to alleviate the difficulties faced
quarter. These funds are deployed back India yet,” said Vidyadharan. tion,” Mohit Saraf, senior partner at law by the eco system due to COVID 19.
in debt schemes, which helps normalise firm Luthra & Luthra, said. As a part of its commitment, NSE group has contributed
Stimulus 2.0...
the situation. However, this time around, Sources aware of the development
INR 26 crores towards PM Cares Fund and certain State Gov-
industry players fear bulk of the flows said DIAL had decided against invok-
ernment funds for combatting the spread of COVID-19 virus
may take time to come back as corpo- ing the force majeure clause as it want-
in the country.In addition to this, employees of the NSE Group
rates continue to face cash shortages due On Wednesday, the government allowed ed to avoid a legal route, which could
are also separately contributing one day’s salary towards the
to the extension of the nationwide lock- economic and industrial activity to possibly land in arbitration.
down, imposed to contain the outbreak resume in rural areas, where the har- Instead DIAL, sources said, may PM Cares Fund for this purpose.
of Covid-19. vesting season for Rabi crops has begun. approach the Airport Economic
“In the event that flows don’t come This has been done primarily with the Regulatory Authority (AERA) for an
back, liquidity management will be crit-
ical. Overdraft levels are close to limits,
intention of “rural and agricultural
development and job creation”.
increase in airport charges to help adjust
the losses caused by the coronavirus
EXTENSION OF TIME IN FILING ESI
according to March-end portfolios, for Prohibition will not be entirely lifted in outbreak and the subsequent lockdown. CONTRIBUTION DURING THE
many schemes. This may lead to higher commercial and manufacturing but pro- The AERA has the mandate to fix airport
impact costs if further redemptions are duction units in rural areas, industrial tariff for a period of five years and is in COVID-19 PANDEMIC

M
seen,” said Jiju Vidyadharan, senior estates, and export zones can reopen if the process of fixing tariff for 2019-23. azagon Dock Shipbuilders Ltd (MDL) is extending

E
director, Crisil Funds & Fixed Income workers stay on their premises or nearby. “We have been making representa- mployees' State Insurance Corporation (ESIC) has un- all possible CSR help to tide over the covid crisis.
Research. The measures being finalised could tions to the government for various sup- dertaken relief measures for its stakeholders specially The employees of MDL, a PSU under Ministry of De-
If MFs have to resort to more borrow- include easier access to credit for MSMEs port measure to enable sustenance dur- Employers and Insured Persons, besides strengthen- fence, have contributed their one day’s salary amounting to
ing to meet redemptions, it will weigh on and further cash and food transfers. ing this crunch period. Overall traffic ing its medical resources to fight COVID-19. the period for fil- Rs.1.02 crore to Prime Minister’s CARES Fund.Rs 2 Cr was
There is a proposal for another got badly impacted in Q1 and will take ing ESI contribution for the month of February has been fur- transferred to PM CARES Fund and Rs 1 crore transferred
hike in payments under the time to recover. We expect serious ther extended to 15th May, 2020. No penalty or interest or to Maharashtra Chief Minister's Relief Fund.As major share-
> BS SUDOKU # 3027 Mahatma Gandhi National
Rural Employment Guarantee
impact in FY21,” a DIAL spokesperson
said.
damage will be levied on establishments during the extend-
ed period. The purchase of medicines by ESI beneficiaries
holder of Goa Shipyard, MDL remitted Rs 20 Lakhs to the
Goa CM's Relief Fund.
Scheme, and disbursements Among the relief measures sought can be from private chemists during the lockdown period and 200 Corona Virus Protective Kits have been supplied to
under the PM-KISAN scheme by DIAL are a waiver on revenue share, its subsequent reimbursement by ESIC has been permitted. the Quarantine Centre at Ghatkopar, set up by the Navy.
could be further expedited. income tax and a sanction of grant All beneficiaries have been allowed to avail medical benefit This project, costing Rs 5 Lakhs, will be useful to the 50 Kash-
Some decisions the Union which will cover fixed expense of the under Rule 60 and 61 of ESI (Central Rules) till 30.06.2020. miri pilgrims, evacuated from Iran, accommodated at this
Cabinet took on Wednesday but airport. The payment of Rs.41.00 crore (approx.) in respect of Per- quarantine centre.5000 face masks costing Rs 1 lakh have
have not made them public may The extension of the lockdown, manent Disablement Benefit and Dependants' Benefit have been supplied to the Kasturba Hospital, which is involved in
find their way into the package. stretching the no-flight period to 40 been sent to the bank accounts of beneficiaries in the month testing for corona.These were handed over by Chief Med-
Meanwhile, sources say giv- days, has grounded not just the air- of March, 2020. ical Officer of MDL to Superintendent of Kasturba hospital.
en the revenue crunch that the lines but also the airports. Major air-
Centre is facing, and in the light ports like Delhi and Mumbai are staring
of states seeking more funds to at a steep 40-60 per cent fall in passen- PSPCL ACHIEVES RECORD ANNUAL GENERATION OF 4939 MUs AT OWN HYDRO
battle the pandemic, the Centre ger volume this financial year. PLANTS, HIGHEST SINCE FORMATION OF PSPCL

W
and states’ existing fiscal com- Senior executives of airport opera-
ith good dam level at the beginning of the season, rains and optimum operation of own Hydro plants , PSPCL has generated
mitments have also been dis- tors said a bilateral negotiation, rather
4939 MUs in the year 2019-20 and have surpassed its previous highest Record Generation of 4936 MUs since formation of
cussed at top levels of govern- than invoking the force majeure clause,
PSPCL by own Hydro Plants achieved in the year 2011-12.
ment. The Centre is looking at was a much safer way to seek a waiver.
multiple options, including “Invoking force majeure will also mean PSPCL own hydro plants have generated 31% more energy i.e 1174 MUs more this year than the target of 3765 MUs fixed by the Cen-
relaxing the FRBM Act or that the other party has the right to ter- tral Electricity Authority of India by generating all time second highest ever Generation of 4939 Million Units (MUs) in FY 2019-20.Record
whether the Reserve bank of minate the contract as the airport oper- generation achieved in 2019-20 is 958 MU more than the Annual generation of 3981 MUs in 2018-19 and 300 MU more than Annual
SOLUTION TO #3026 Easy: India should monetise the fis- ator is basically saying it cannot hon- generation of 4643 MUs achieved in 2017-18. However all time highest annual Generation record is 5035 Million Units (MUs) gener-
cal deficit or not. our the contract signed during the said ated in FY 2005-06 .
According to the FRBM tar- period,” said an executive. Apart from this during 2019-20 Ranjit Sagar Dam, Shahpurkandi has surpassed the all time highest generation in the history and
Solution generated 2099 MUs.UBDC, Malikpur has achieved all time second highest generation record of 471 MUs.Also Shanan Power House,
get, the Centre’s fiscal deficit is “The revenue shortfall due to the
tomorrow slated to be 3.5 per cent of GDP. dip in air traffic could be trued up for Jogindernagar has set a new record of maximum generation in the last nine financial years i.e.from 2011-12 to 2019-20 by generating
record 565 Million Units (MUs.).This has been possible due to efficient operation and maintenance of all the generating units in Hydro
HOW TO PLAY Multiple experts, including for- all the airports on account of the regu-
mer chief economic advisor latory nature of the sector. With a tar- plants by Hydel Team. PSPCL Chairman cum Managing Director Er Baldev Singh Sran said that all the units at Hydro plants in Punjab
Fill in the grid so have provided much required flexibility and reliability to the Power Grid and helped the Corporation to save money by cutting down cost-
Arvind Subramanian, have said iff order yet to be released for all air-
that every row,
the Centre should provide ports, the impact of the same can be ly generation.CMD also congratulated all the employees of Hydel organization for their untiring efforts to surpass the previous second
every column
immediate clarity for itself, the factored in and adjusted in the tariff highest record and to maintain highest standards of operation and maintenance of all the generating units in Hydro plants
and every 3x3
states, and the markets, on for the subsequent control period,”
box contains
the digits 1 to 9 relaxing the budgetary, borrow- noted Vishal Kotecha, associate direc-
ing, and fiscal targets. tor at India Ratings.
12
>
MUMBAI | FRIDAY, 17 APRIL 2020 1

India tests 24 for one positive case: ICMR

Govt receives 500,000 antibody test kits from China, to use these for understanding trends
RUCHIKA CHITRAVANSHI
New Delhi, 16 April
SLOWING GROWTH IN EVIDENCE AS
2nd PHASE OF LOCKDOWN BEGINS
I
ndia received 500,000 rapid
antibody testing kits from China
on Thursday, the Indian Council
of Medical Research (ICMR) said.
These will be used for under-
Tlockdown,
he growth rate in new Covid-19 cases has
shown a decline during the period of the
which started in the last week of
A COMPARISON
standing the coronavirus disease March. This first phase of the lockdown ended on
(Covid-19) trend and not for diag- April 14. It has since been extended to May 3.
nosing the infection, it said, insisting The five-day moving average rate in the
India was conducting enough tests growth of confirmed cases was in excess of 20 per
as “24 people are tested for one pos- cent every day in the period leading up to the
itive case”. lockdown in March. It has since dropped to under
“The kits are 12 per cent shows data as of April 16.
not for early India has among the lowest testing rates in the
diagnosis world, which means fewer cases may be
because anti- identified. The case fatality rate, which is the
bodies will be number of deaths for every 100 cases, is lower than
visible only in most of the top 10 affected countries. India ranks
CORONAVIRUS 80 per cent of 20th in the number of confirmed cases and 65th in
PANDEMIC patients… But it
will help us in
terms of case fatality rate. Over 120 countries have
been affected by the pandemic, shows Johns
finding if the Hopkins University data. Note: May vary with sum of individual state data because of delays
infection is increasing or decreasing A few states account for the bulk of numbers in update

in hotspots,” said Raman R confirmed so far. Maharashtra and Delhi together

Gangakhedkar,headscientist,ICMR. A worker at a restaurant checks the temperature of a delivery man before handing him food packets ordered account for 35.2 per cent of the country’s total
The government has received by customers, in New Delhi on Thursday PHOTO: PTI cases. The top five account for over 60 per cent of FATALITY RATE LOWER THAN OTHERS
two types of kits from Guangzhou confirmed cases. SACHIN P MAMPATTA Case fatality(%)
Wondfo and Zhuhai Livzon to bodies will protect the patient from The rapid test, however, is not for overall trend will be the same.”
MAHARASHTRA, DELHI ACCOUNT

13.2
observe antibodies in Covid-19 contracting the disease again,” diagnosis but for epidemiological India has conducted 290,401

13.1

13.0

12.8
patients. Both kits have a sensitivity Gangakhedkar said. purposes,” Gangakhedkar added. tests, of which over 30,000 were FOR OVER A THIRD OF THE CASES

10.5
of more than 80 per cent and a speci- India will provide virologic test The ICMR said, “India tests 24 done in the last one day.
ficity of around 84 per cent. kits to those with a history of inter- people for one positive case, while Meanwhile, 27 districts in the Total confirmedcases
However,oneofthetests—called national travel and showing symp- Japan tests 11.7, Italy 6.7 and US 5.3. country across 17 states have not 2,919 (including 76 foreign nationals)

6.3
IgM — identifies early signs of an toms, when the lockdown is lifted. It One can’t say India is testing less.” reported a single positive Covid-19 1,578

4.5
1,242

4.0
infectionbyshowingantibodiesthat willalsobeofferedtocontactsoflab- Sample pooling for molecular case in the last 14 days while Mahe in 1,120 1,023

3.3

2.8
donotlastverylonginthebody.The oratory confirmed cases and health tests will also be done in districts Puducherry has not reported any

2.2
other test — called IgG — checks if workers showing symptoms. All where there are no cases. Five sam- positive case for the last 28 days,
the immune system is fighting an patients showing symptoms of ples can be tested in one pool to save according to health ministry data.
infection that is not recent. influenza-like illness and severe on cost and for speedier testing. Overall, while there has been a Maharashtra Delhi Tamil Madhya Rajasthan Belgium UK Spain US India Turkey
If a person tests positive, it may acuterespiratoryinfectioninhotspot On whether there is concern fatality rate of 3.3 per cent among Nadu Pradesh Italy France Iran China Germany
not mean that she is immune to the areas will also be given these tests. around the criticism of the quality of Covid-19patients,12.02percenthave
Sources: Ministry of Health and Family Welfare; Business Standard Note: Case fatality is the number of deaths per 100 confirmed cases. Based on
disease. “More research needs to be “Today we have enough stock for the Chinese test kits, Gangakhedkar also recovered, said Lav Agarwal, calculations. Based on data as of 5 pm on Thursday data as of 5 pm on Thursday Source: Johns Hopkins University
done to understand if Covid-19 anti- testing for the next eight weeks... said, “Error will be uniform and the joint secretary, health ministry.

Gandhi: Don’t use all your

ammunition right now PHOTO: PTI
IMF: Can use full $1-trn war chest for Covid
GOING VIRAL
PRESS TRUST OF INDIA
Washington, 16 April

3,336 INDIANS INFECTED BY US toll crosses 30,000 Describing the Covid-19 pandemic as a
crisis like no other, International
CORONAVIRUSIN53NATIONS; > UKlockdown >Japan makes virus
Monetary Fund head Kristalina
Georgieva on Wednesday said the inter-
25 DEAD extended for ‘at least’ emergency national body is proposing to use all its
three weeks as tally nationwide as PM $1 trillion lending capacity to support
reaches 103,093, with plans cash payouts for all countries battling the outbreak.
13,729 dead "It is a crisis like no other. In scope, we
>Swiss coronavirus are now in the worst recession since the
> NewYork extends death toll tops 1,000 Great Depression. We are experiencing a
Former Congress president Rahul Gandhi on Thursday lockdown till May 15 3 percent contraction of global GDP, and
> Coronavirus infects
asked the government to prepare for an imminent >Trump says peakis 668 on French 170 countries are going to see income per
“massive financial blowback”, including on account of capita falling versus what we expected
spiralling unemployment, once the lockdown is lifted. He
passed, to unveil aircraft carrier Charles three months ago for 160—for them to go
reopening plan as de Gaulle
said priority should to protect people, provide them a food up," Georgieva told reporters at the start FM Nirmala Sitharaman attends the
safety net, distribute foodgrain, but also put in place another 5.2 million file for of the annual spring meeting of IMF and plenary meeting of the IMF through
strategic plans to ensure the lockdown and slowdown do unemployment benefits the World Bank here. videoconferencing PHOTO: PTI
not damage the economy grievously. “Keep in mind to not A doctor conducts a swab test in Mumbai where in the week ended April 11 In view of coronavirus crisis, the
use all your ammunition right now, if you use it now, we cases have reached 2,043 PHOTO: KAMLESH D PEDNEKAR
>US total cases now spring meeting is being held virtually- for it. Already we disbursed for 15 in a
end up with a real financial backlash, we will have a serious - the first one in the history of IMF and record short time," she said.
> 26 new cases in 24 hours take Dharavi tallyto 86, more than 639,600
problem,” Gandhi said. The Congress leader argued for the World Bank.
increased testing and demanded a “protective package” to death toll at slum area stands at 9 while toll at 30,985 >China’s For the first time in the history of the IMF needs to maintain stability of
protect strategic corporate groups and industries, which export restrictions IMF, epidemiologists are providing global financial architecture: FM
> US explores possibility
> TN reports one more death; CM describes virus as strand medical goods US
have weakened and could be prone to hostile takeovers by that coronavirus inputs for its macroeconomic projec- India on Thursday said the
foreign companies. ARCHIS MOHAN ‘disease of the rich’ needs to fight virus, says tions, and they're telling the IMF it may International Monetary Fund (IMF)
started in Chinese State Department
> Punjab cops don’t buy excuses, 8,000 curfew lab, not a market get even worse if the virus continues should continue to play a critical role in
its round for longer, or if vaccines and maintaining the stability of the global
violators arrested; over 3,500 detained in Delhi > China may be hit
Fullrefundif Zoom not a > 23 cops have contracted coronavirus in Maharashtra
>Free children from
virus lockdown, says
by second wave in treatment are slow to come around, the
IMF Managing Director said.
financial architecture at a time when
the whole world is grappling with the
youbookedair safe platform, > Bombay HC extends all interim orders till June 15
Spanish mayor
November, says
Chinese expert
Georgieva said that the IMF is pro- coronovrius pandemic.
posing to deploy the full $1 trillion lend- Participating in the plenary meeting
ticketsfrom says MHA > 30 from Telangana, AP escape from shelter in Maha
> Spain sees 551 new
> Canada sheds ing capacity to support countries deal- through videoconferencing, Finance
virus deaths in 24
Mar25toApr14 advisory > 2 more die of Covid-19 in UP, total cases climb to 773 hours as toll tops 19,000
177,300 jobs in
March as coronavirus
ing with the tremendous challenge this
crisis presents. It is also proposing to
Minister Nirmala Sitharaman said as a
responsible member of the global com-
The Civil Aviation The Ministry of Home double emergency financial assistance. munity, India is providing critical med-
>Clinical trial of plasma enrichment > Iran’s toll at 4,869, rips through economy
Ministry on Thursday Affairs said in an advisory "We started aiming for $50 billion, icines to other nations.
said the passengers who that video conferencing technique to begin in 3-4 days, says Delhi CM reportsayscouldbehigher
> G7 seeks WHO we are now at $100 billion, and in one She also talked about Prime
had booked flight tickets software Zoom is not a safe Finland’s economy reform, commits to short month, the month of April, our Minister Narendra Modi's initiative of
during the first phase of platform, and is not for use by
> MP govt provides aid to stranded migrant workers >
Board will have approved half of what is creating a Covid-19 Emergency Fund
shrinking 2% per month coordinated response
lockdown for travel up to government offices or > It’s official: IPL2020 suspended till further notice now exceptionally high demand for for the SAARC region at a video-meet-
May 3 must get a full refund officials. Earlier, Zoom CEO these resources, 102 countries asking ing of the grouping's leaders.
from the airlines without Eric Yuan had apologised for
any cancellation charges if the company failing to fully

Investors look to the stars as markets seesaw

they ask for it. Many have implement its usual geo-
been complaining on social fencing best practices, while
media as airlines have assuring customers that
decided not to give refunds there was no impact on Zoom
in cash for cancelled flights for Government Cloud, a
and are instead issuing separate cloud service for SACHIN P MAMPATTA looking to buy property is asked to purchase
credit for future travel. PTI government customers. PTI Mumbai, 16 April it in the name of the family member who
is astrologically better suited to owning
Isaac Newton is famously believed to have the asset. Such advice is not for fund
Maha tally crosses 3K-mark, said that he could predict the motions
of heavenly bodies but not the madness
managers since they can have
hundreds of clients per scheme with
2,073 of these in Mumbai of crowds that had lost a fortune in the
stock market.
as many different dates of birth.
Those in the fund management
As many as 286 new cases of COVID-19 were detected in But now investors are increasingly turning industry are therefore offered more
Maharashtra, taking the tally beyond the 3,200-mark to astrologers in the motions of planets to generic advice such as which sector
on Thursday, while the fatality count inched towards the help them with their trading strategies amid a may do well, and the general market
200-level with seven more deaths, most of them senior see-sawing market. direction, he said.
citizens, said a state health official. With the detection of The spread of Covid-19 and the Deven Choksey is managing
fresh cases in the last 24 hours, Maharashtra has so far accompanying mayhem caused the S&P director of KRChoksey Investment
reported 3,202 coronavirus cases, the highest for a state in BSE Sensex to drop over 38.5 per cent from Managers and a market veteran. He says
the country, while the death toll is now 194, he added. “Of its all-time high of 42,273.9 to a low of people may be turning to such advice
the seven deaths, four were from Pune and three from 25,981.2 on March 23. SEARCHES FOR because of the prevailing atmosphere of
Mumbai. Six of the deceased persons had high risk co- Those in the astrology and even ASTROLOGY fear about what is happening. While
morbidities such as diabetes, hypertension, asthma and
heart disease. “Mumbai city has 2,073 cases and 117 deaths
numerology segments received more calls
than before during the time.
HAVE SURGED PEAK everything has its place, he believes that
investing success may depend more on
followed by Pune city, which has reported 419 cases and 44 Anant Acharya, independent trader and POPULARITY better understanding the tangible issues
ILLUSTRATION:
deaths,” he said. PTI advisor, says he is receiving hundreds of calls, AJAY MOHANTY surrounding the operations of a firm.
asking for advice on the market. So much so “I think what prevails is the
that he skips some calls. He offers views based fundamental aspect of the company and
ED books Tablighi Jamaat on a mix of astrology and astronomy, with
technical analysis thrown in, to predict where
the business,” he said.
Thesearchforanswersthroughastrology
leader for money laundering the markets will go. His clients include high
net-worth individuals and traders looking to
“The
numberswouldbe
doesnotseemrestrictedtothemarket.There
seemsanincreasingattempttoseekitoutin
The Enforcement Directorate (ED) on Thursday understand what’s happening. There is no Note: Numbers represent search interest relative to the highest evenhigher,”hesaid. India,showsthedatafromGoogleTrends,
point on the chart for the given region and time. A value of 100 is
registered a money laundering case against Tablighi dearth of such people now. the peak popularity for the term over the last 12 months in India Those who have approached him include whichtrackswhatpeoplearesearchingforon
Jamaat leader Maulana Saad Kandhalvi in connection “In the past one month, there has been a Source: Google Trends people from the fund management industry theinternet.Thesearchterm“astrology”has
with alleged dubious financial dealings. “He has received a large increase,” he said. too, he said. He typically asks people to buy seenasurgeinIndiasincethemiddleofMarch.
large sum from multiple sources in India and abroad. We Sanjay B Jumaani, who describes himself meetings now happen through video- different asset classes based on what might ThelastavailabledatafortheweekendedApril
are probing the money trail,” said an ED official. Kandhalvi as an astro-numerologist, says he has seen a conferencing. suit them astrologically (for example, 12showsavalueof100,suggestingthatIndia’s
had organised religious gathering at Nizamuddin Markaz 25-30 per cent increase in the number of calls Demand suggests he would have more someone who is associated with earth searchesforastrologyhavepeakedcompared
last month against the social-distancing guidelines in spite of the fact that he had to keep his clients coming in if the illness did not exclude astrologically may do better with property totheperiodunderconsideration.Itwasat59
imposed by the Centre. SHRIMI CHOUDHARY office shut because of Covid-19. A lot of his public movement. than others, according to him). So a family fortheweekendedMarch1.