Business Standard 18th Aug

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me/TheHindu_Zone_official
THE MARKETS ON FRIDAY Chg#

SATURDAY, 18 AUGUST 2018 MUMBAI (CITY) ~10.00
VOLUME VI NUMBER 3 22 pages in 2 sections
Sensex 37,947.9 284.3
Nifty 11,470.8 85.7 WORLD P10 WEEKEND SEPARATE SECTION
Nifty Futures* 11,488.5 17.7
Dollar
Euro
Market closed
Market closed
~70.2**
~79.8** SPACEX COULD HELP MUSK INDIA’S CHINESE COMMUNITY
TAKE TESLA PRIVATE INCHES CLOSER TO A NEW HOME
Brent crude ($/bbl)## 70.9# 70.3**
Gold (10 gm)### ~ 29,315.0 ~55.0
*(Aug.) Premium on Nifty Spot; **Previous close;
# Over previous close; ## At 9 pm IST;
### Market rate exclusive of VAT; Source: IBJA PUBLISHED SIMULTANEOUSLY FROM AHMEDABAD, BENGALURU, BHUBANESWAR, CHANDIGARH, CHENNAI, HYDERABAD, KOCHI, KOLKATA, LUCKNOW, MUMBAI (ALSO PRINTED IN BHOPAL), NEW DELHI AND PUNE www.business-standard.com
SENSEX SURGES
284 POINTS, NIFTY
HITS NEW HIGH
Nation follows PM in Vajpayee’s final journey PHOTO:PTI
The Sensex rebounded by 284 points to ARCHIS MOHAN
close at 37,947 on Friday, while the NSE New Delhi, 17 August
Nifty finished at a record high on the back
A
of robust gains in the FMCG, metal and tal Bihari Vajpayee was a devout
banking stocks amid positive global cues. Hindu. But as in life, so in death, he
Brokers said sentiment received a lift on continued to challenge orthodox
uninterrupted buying by domestic Hinduism. On Friday evening, at his
institutional investors, while global final resting place near the banks of
markets were mixed after the US and China the Yamuna, his foster daughter Namita Kaul
agreed to resume trade talks. The 30-share Bhattacharya, and not a male relative as orthodox
Sensex stayed in the green throughout the Hinduism mandates, performed the last rites of
session and hit the day's high of 38,022 on the lifelong bachelor.
a flurry of buying. It finally ended at 37,947, Bhattacharya lit the funeral pyre amid a light
up 284.32 points, or 0.75 per cent. The NSE drizzle and the sounds of military bugles, a gun
Nifty spurted 85.70 points. 6> salute by soldiers, and the cries
PAGE 9 of ‘Atal Bihari amar rahein’
WEEKEND (long live Atal Bihari). It was
I-T dept defers changes RUMINATIONS preceded by an equally evoca-
in tax audit form Modi,
Vajpayee
tive sight of the tricolour drap-
ing the coffin being handed
The income tax department has and Macron over to his foster granddaugh-
postponed introducing changes in the tax ter Niharika by army men. The
audit form, which would seek details of
NATIONAL day is also likely to be remem-
INTEREST
the goods and services tax (GST) and the A peace bered for another set of power-
general anti-avoidance rules (GAAR) till parable for ful images. Prime Minister
March 31, 2019. These changes were Imran Khan Narendra Modi did away with
supposed to come into effect from security considerations to walk
August 20. alongside the gun carriage car-
rying Vajpayee’s body the entire length of 5 km —
from his party’s national headquarters, where the
ECONOMY P5 poet-politician’sbodyhadbeenkeptsincemorning,
States oppose group to the cremation site at Rashtriya Smriti Sthal.
Thecapitalhadn’tseensuchoutpouringofemo-
captive power scheme tions for a former PM, at least since the cremation
The amendments to the group captive of Rajiv Gandhi in May 1991. Turn to Page 6 >
scheme in power generation have
received a cold shoulder from several BACK PAGE 14 >
states, including Rajasthan, Andhra > Vajpayee’s approach to economic issues had
Pradesh and Tamil Nadu. These states the common touch
have opposed the amendments made to
group captive power plants regulations,
citing that they would lose revenue.
SHREYA JAI writes
COMPANIES P2
Most firms can withstand
Business partners help keep GST OFFICERS TO ENSURE COMPANIES
PASS ON BENEFITS TO CONSUMERS
rupee fall: S&P report
Most domestic corporates can withstand
the ongoing rupee plunge as the share of
Jet Airways on flightpath The anti-profiteering watchdog
has asked goods and services tax
Customs (CBIC), the nodal
department for the GST, to instruct
their dollar-linked earnings largely (GST) officers to keep a close tab commissioners to carry out checks
balances the share of their greenback- ARINDAM MAJUMDER & ANEESH PHADNIS on businesses to ensure that on companies and businesses
denominated debt, says an S&P report.
The rupee fell beyond ~70 to the dollar,
New Delhi/Mumbai, 17 August
TROUBLESHOOTING Jet Airways board the benefit is passed on to
the consumer. However,
for profiteering.
“The GST law authorises
closing at an all-time low of 70.15 on Several long-term business partners of Jet | Boeing has returned a portion of the payment done to meet on Aug 27 tax experts cautioned it commissioners to file
Thursday. Airways have stepped in to ease the pain for
the cash-starved company, it is learnt. Help
by Jet Airways for aircraft order to approve results could lead to harassment for
taxpayers if not done in a
profiteering complaints if
they find that rate cuts or
| Jet has approached the lessors to renegotiate lease JetAirways’boardwill
is coming from aircraft manufacturers, judicious manner. availability of input tax has not
payments on aircraft meetonAugust27to
lessors and even state-owned Airports The National Anti-profiteering resulted in commensurate
> SENSEX approveitsfinancialresults
THIS WEEK Authority of India (AAI), a source said. | The AAI is favourably considering a proposal by the fortheJunequarter.The
Authority has asked the Central reduction in prices,” said an NAA
For instance, Seattle-based Boeing has airline to increase the credit period from airlinedelayeditsresult
Board of Indirect Taxes and official. DILASHA SETH writes 4>
returned a portion of the pre-delivery pay- 15 to 30 days earlierthismonth,
ment that the airline had made for the first
| Jet is facing a severe liquidity crisis due to high fuel resultingininquiriesfrom
tranche to procure 75 Boeing 737 Max.
cost and exchange rate fluctuation stockexchangesandthe
Currently, the airline has two Boeing 737
marketregulator.The
Max in its fleet and plans to induct anoth-
Kerala toll rises to 324

resultwasdelayedasthe
er three by the end of September.
managementsought
Pre-delivery payment is the amount that
additionaltimefromthe
an airline pays as commitment for fulfill-
auditboard. BS REPORTER
as rain piles misery

Net change 78.6 % change 0.2 ing an order. In the case of a sale-and-lease-
back transaction, an airline orders the air-
TOP 5 SENSEX GAINERS & LOSERS craft and typically pays 20-30 per cent of
Price in ~ Aug 10,’18 Aug 17,’18 %chg the aircraft cost. At the time of delivery, the million to ~100 million daily in operations craft, taking the total order for Boeing 737
GAINERS lessor makes the final payment on behalf of leading to fears that the airline could default Max to 225.
Sun Pharma 553.6 623.3 12.6 the airline and leases the plane. in its payment obligations. The airline had Boeing had offered similar financial
ICICI Bank 328.2 340.1 3.6 “Boeing has returned some cash to reported a loss of ~10.4 billion in the fourth assistance to low-cost airline SpiceJet when
Infosys 1,385.2 1,431.4 3.3 the airline which will help it improve the quarterofFY18,capturingthefinancialprob- the airline faced a near shutdown in 2014.
ITC 304.7 313.8 3.0 current liquidity crisis. The money will lems in the company. Since then SpiceJet showed a significant
Tata Motors 250.3 257.4 2.8 be paid back later,” a source said. The airline management came under improvement in operations and increased
LOSERS Business Standard could not confirm the criticism after pilots, who were asked to take business with Boeing, placing an order for
amount that has been paid to Jet a pay cut, questioned how the company was 205 planes.
HDFC 1,975.4 1,883.6 -4.6
Airways. Boeing did not reply to the acquiring planes despite a financial stress. Jet Airways in renegotiating leasing
Vedanta 223.7 215.0 -3.9
queries sent by the newspaper. A Jet For Boeing, Jet Airways has been a loyal terms with aircraft lessors, it is learnt. “As
ONCG 169.3 163.1 -3.6
Airways spokesperson refused to com- customer for years. In 2015, Jet Airways partofitscost-savingexercise,theairlinehas
Tata Motors — DVR 140.1 136.0 -2.9
ment, saying these were business mat- placed an order for 75 Boeing 737 Max air- approached lessors, seeking discounts,” one
Hero MotoCorp 3,321.4 3,248.6 -2.2 ters internal to the company. craft, and followed it up with two more of the sources quoted above said.
Compiled by BS Research Bureau Source: Bloomberg
Mumbai-based Jet Airways is losing ~50 tranches of order for the same type of air- Turn to Page 6 >
GDPgrewindoubledigitstwiceunderUPA:Panel Rescue personnel assist villagers out of a flooded area following heavy
monsoon rainfall, near Kochi on Wednesday PHOTO: PTI
ARUP ROYCHOUDHURY & INDIVJAL DHASMANA the report states.
New Delhi, 17 August CHANGING TRACK N R Bhanumurthy of the National Institute of Public AGENCIES
GDP growth (All figures in %) Finance and Policy, who is a member of the committee, 17 August
The Indian economy grew in double digits twice during the said: “We have taken the available base data and then back-
tenure of the Manmohan Singh government (2004-14), calculated. We have taken the difference between old series The worstfloods in a centuryinKerala have killed more than300people and forced
shows the back-dated data on the new series of gross domes- and new series and then sliced it backwards.” 200,000 into relief camps, with more misery expected as heavy rain pushed water
tic product (GDP) given by a panel on real sector statistics. Former chief statistician Pronab Sen said the differences levels higher.
The data showed that GDP grew by 10.23 per cent in between earlier estimates of GDP growth and the new back “Kerala is facing its worst flood in 100 years. 80 dams opened, 324 lives lost and
2007-08 and 10.78 per cent in 2010-11 against the earlier series were on expected lines. The new numbers show high- 223,139 people are in about 1,500 relief camps. Your help can rebuild the lives of the
numbers of 9.32 per cent and 8.91 per cent, respectively. er growth for 2004-05 to 2007-08 than the older series, affected,” the chief minister’s office posted on Twitter on Friday.
The new series has 2011-12 as the base year and the ear- which was expected, he said. The deluge has dealt a body blow to the scenic state, wrecking its tourism
lier series 2004-05 and 1993-94. The bigger slowdown during the global financial crisis industry, destroying standing crops in thousands of hectares and inflicting huge
However, there are some years for which the new figures was also expected, he said. He attributed the differences pri- damage to infrastructure. Prime Minister Narendra Modi is likely to undertake an
show deceleration in growth. For example, growth stood at marily to the way services sector numbers are calculated. aerial survey of the flood-affected areas on Saturday.
4.15 per cent, according to the new numbers, against the ear- Now, these are based on MCA-21, a portal where companies “We discussed the flood situation across the state and reviewed rescue opera-
lier 6.72 per cent in 2008-09, when the global financial melt- file statutory returns online. tions. Later this evening, I will be heading to Kerala to take stock of the unfortunate
down had ripple effects on India. Some of the differences between GDP growth estimated situation due to flooding,” Modi tweeted after talking to Chief Minister Pinarayi
Officials of the Ministry of Statistics and Programme earlier and now are because expansion is calculated at mar- Vijayan by phone.
Implementation (MoSPI), which released the report, said the ket prices under the new series, which largely includes indi- Vijayan, who also spoke to Defence Minister Nirmala Sitharaman, said the sit-
dataprovidedbythepanelwas“indicative”andtheNational rect taxes. Earlier, growth was calculated at factor cost, uation continued to be “grave” with over 70,000 families sheltered in relief camps.
Accounts would work out the final numbers based on these which excludes indirect taxes. He said he was hoping the military could step up help for the rescue effort, which
Source: Report of Committee on real sector statistics
figures in three-four weeks. To avoid this confusion, the back-series data also gave is already using dozens of helicopters and hundreds of boats. “In some areas, air-
The back series data is now tentatively available for GDP numbersatfactorcost,usingthenewmethodologyandback lifting is the only option ... thousands are still marooned,” he said.
going back to 1994-95, to be in line with the new series from The panel used two methods to generate GDP back- series data at market prices. Over80,000people,strandedinvariousplaces,wererescuedonFriday,ofwhom
2011-12 onwards. series. Economists say ideally market prices should be 71,000 were from one of the worst affected Aluva region of Ernakulam district.
The committee on real sector statistics is headed by “One approach is broadly based on the new GDP compared with market prices and factor cost with fac- Turn to Page 6 >
Sudipto Mundle, who is former acting chairman of the methodology by using the base data wherever available tor cost.
National Statistical Commission and member of the (such as MCA-21 data, which is available from 2007-08). Mundle said that was why back-dated and new series PAGE 14 DECADES OF EXTREME RAIN IRDAI ASKS FIRMS TO QUICKLY
Fourteenth Finance Commission. Another method is based on production shift approach,” numbers were given at both market prices and factor cost. EVENTS ADD TO WOES SETTLE CLAIMS IN KERALA
https://www.visionias.net/ https://t.me/TheHindu_Zone_official
2 COMPANIES
>
MUMBAI | 18 AUGUST 2018 1
IN BRIEF
GAILplans to investin start-ups,
Diagnostics makers want govt to go slow on prices
ANKUR PALIWAL by the service providers or labs. Menghaney believe that the govern-
foray into solar power segment New Delhi, 17 August “The price of a diagnostics consti- ment should encourage innovation
tutes only 10 to 20 per cent of the total and competition to further bring down
State-owned GAIL India has sought its As the Centre prepares its Essential cost of the test to the patient. Bringing prices. The interest in the diagnostics
shareholder's nod to amend the charter of Diagnostics List (EDL), taking a cue this negligible component under price field can be gauged from the fact that
the company to invest in start-ups, build from the list launched by the World control will not make diagnostics test as much as 60 per cent of the total
solar power plants and set up battery Health Organization (WHO) in May, affordable to patients,” said Kohli. resources of the Biotechnology
charging stations for electric vehicles as it domestic manufacturers are urging If the government controls prices, Industry Research Assistance Council
looks to diversify its portfolio beyond gas and the government not to control the cost the fear, said manufacturer Jatin that funds start-ups goes into health-
petrochemicals. The company wants to insert six new sections of diagnostics the way it controls the Mahajan Mitra, Managing Director of care and 60 per cent of that amount is
in the main objects clause of the memorandum of association prices of essential medicines. J Mitra & Company, is that “the indus- claimed by diagnostics start-ups, said
of the company, according to shareholder notice. It wants to But on the other side are public try might not make those products.” P K S Sarma, head of BIRAC’s technical
invest in "start-ups in core business areas (of natural gas, health scholars who caution that not Yet the domestic industry wants unit. The interest in the diagnostics
petrochemicals, and energy) and non-core areas (like health, having price control could lead man- the government to primarily procure sector is likely to grow now that there
social and environment, safety, and security) either directly or ufacturers to form cartels. They want The price of diagnostic tests, especially in the private sector, has been pinching diagnostics from it. “That will help is going to be an essentials list, he said.
indirectly." "The investment can be made through special the government to control prices, the pockets of consumers the nascent domestic industry, cur- T Sundararaman, Professor in the
purpose vehicle, alternative investment fund, fund of funds but through a transparent mecha- rently worth around ~5 billion, grow,” School of Health Systems Studies in
and trust,” it said. PTI< nism, and promote competition in could cost up to ~2,000 in private labs. Conversation, a non-profit online plat- said Mitra. Mumbai, feels that while price regula-
diagnostics. Ideally, treatment should follow form for academicians. “It is time to Supporters of price control believe tion is important, the government first
The WHO broadly defines Essential diagnostic tests but in India many doc- reject that mindset.” it is essential to discourage monopoly needs to fix India’s broken diagnostics
FSSAI gets experts Sudan wants OVL Diagnostics as tests that satisfy the pri- tors prescribe drugs such as antibiotics Pai heads Global Health situations. But before advocating for system: the public lab infrastructure is
to review food to withdraw mary healthcare needs of a popula- based on the symptoms, without or Programmes at Canada’s McGill or against, Leena Menghaney, a pub- insufficient, labs are inaccessible to
tion. Its list includes 113 tests of which with delayed diagnostic tests — a prac- University. He participated in the first lic health lawyer working with people who live in rural areas, sam-
labelling standards arbitration on dues 58 are basic tests for hemoglobin, tice that has made antibiotic resist- consultation organised by the Indian Medecins Sans Frontieres, said a body ples collected from them spoil on the
The government has put on Sudan wants India's ONGC urine, and blood glucose to diagnose a ance a big health crisis. Council of Medical Research (ICMR) in of technical experts should judge the way, lab technicians are few, and the
hold the draft that proposes Videsh (OVL) to withdraw wide range of common diseases. Then there are patients who are March to prepare India’s Essential pros and cons. quality control mechanism is in a
red-labelling of packaged arbitration proceedings The remaining 55 tests are for dis- incorrectly diagnosed or remain undi- Diagnostics List. One issue, she said, is price con- shambles. “The EDL is an opportuni-
food products containing high against the African nation as it eases that the WHO considers high pri- agnosed. For example, data suggests With the ICMR planning to regulate trol will lose its purpose unless there is ty to push for the upgradation of labs
levels of fat, sugar and salt, is making efforts to mitigate ority, such as tuberculosis, malaria, about 47 per cent of diabetes patients the cost of the EDL, domestic manu- transparency in costs at each level. and get human resources,” said
food safety regulator FSSAI default on payment of dues, and hepatitis B and C. Some of these remain undiagnosed. facturers are pushing back. “Products For example, how has a machine been Kamini Walia, a scientist with ICMR.
chief executive officer Pawan OVL said on Friday. OVL, the tests are required in primary health “For too long, the global health included in the EDL should not be priced at a particular threshold? What Another issue is whether India
Kumar Agarwal said on Friday. foreign acquisition unit of Oil care centres and some in health facil- community promoted empirical brought under price control,” said is the cost of things like reagents? should have regional diagnostics lists
“Our pre-draft was ready and and Natural Gas Corp's (ONGC), ities that have clinical laboratories. treatment for many conditions in low- Veena Kohli, Secretary of the Transparency, she said, will show that given the different diseases across the
sent to the Health Ministry. had filed an arbitration claim The price of diagnostic tests, espe- income settings because building a Association of Diagnostics an irrational price has not been set by country. This matter, along with price
Since there were concerns this year against the Sudan cially in the private sector, has been reasonable laboratory infrastructure Manufacturers of India. Kohli argues the government, as has happened regulation and other issues, are likely to
expressed by some stake- government in a London court prohibitive for consumers. For exam- was considered too difficult and that, unlike medicines, diagnostics are with hepatitis C medicines. be discussed shortly, and the list is
holders, we have kept it on seeking to recover dues ple, the GeneXpert test for tuberculosis expensive,” wrote Madhukar Pai in The not directly purchased by patients but Public health experts such as expected to be ready by the year end.
hold for time being and a pending for years from a
group of experts from health project hit by the breakaway of
and nutrition background has South Sudan in 2011. Earlier this
Complan sale unlikely to Air India pilots

been set up to look into the week, a Sudanese delegation
issue of labelling once again," met ONGC officials seeking
Agarwal said. PTI< withdrawal of the arbitration
proceedings. OVL, however,
Indiabulls Real
said it would continue with
threaten to stop
fetch Kraft Heinz ~70 bn
the arbitration process and
Estate buys back work simultaneously with
Sudan to find out a suitable
26 million shares
Indiabulls Real Estate on Friday
closed its buyback offer after
mechanism of resolving the
issues. PTI<
SOHINI DAS & DEV CHATTERJEE International. The category size is
flying over dues
purchasing 26 million shares Mumbai, 17 August HIGH EXPECTATIONS around ~16.95 billion. The growth rate,
for ~4.43 billion. In May, the Ashok Leyland bags however, has come down in the recent
company announced buyback order for 300 buses S-based food and beverage years - from 21.3 per cent in 2013-14 to
of up to 26 million fully paid-
up equity shares of ~2 each of
the company at prevailing
from Bangladesh
Hinduja flagship firm Ashok
U major Kraft Heinz is unlikely to
get $1 billion (around ~70 billion)
from the sale of its nutrition drink brand
11.5 per cent in 2016-17.
The value growth forecast, too, is
muted. According to Euromonitor, val-
market price on stock Leyland on Friday said it Complan, sources claim. ue growth rate would taper down to
exchanges at a price not bagged an order from Binding bids in the range of 5.3 per cent for the segment in 2021-22
exceeding ~240 apiece, up to Bangladesh Road Transport ~30-35 billion (around $500 million) are from 6.3 per cent in 2017-18.
an aggregate amount not Corporation for supply of 300 expected to come in, claim people in the Kraft Heinz was created two years
Bids expected in range of ~30-35 bn
exceeding ~6.24 billion. The double-decker buses, which know. An investment banker noted, ago after the merger of Kraft Foods and
buyback was from all share- have been procured against a "They will be lucky if they get 5-6 times Category growth rate slowed; growth Heinz. Heinz had acquired Complan
holders of the firm from open tender under Indian Line of of Ebitda, versus an expectation of 20X. forecast muted brand from Glaxo in 1994.
market through stock Credit. The delivery will take In that valuation, a new, much better Investment bankers feel 5-6X Ebitda Interestingly, another leading health ICPA represents over 700 pilots of the airline’s Airbus 320
exchanges. In a regulatory place in eight months from brand can be created." of Complan is realistic value drink brand GSK Consumer's Horlicks, family fleet
filing, the Mumbai-based now, it said. "Bangladesh is A potential bidder seeking anonymi- too, is on the block. India Infoline says
developer said that the board one of our key export markets ty tells Business Standard they are keen At ~70 bn, Complan is valued at the total estimated value for GSK's con- PRESS TRUST OF INDIA
constituted committee and this order further streng- to pursue the deal and submit bids. "We 9-10X of revenue vs Horlicks seeking sumer health nutrition business is esti- Mumbai, 17 August Company holds
reviewed the present status of
the funds utilised and number
thens our position," Ashok
Leyland Managing Director
are there in the bidding process. We are
interested in the asset. We will do due
5-6X of revenue at ~280 bn mated to fetch more than $4 billion
(or ~280 billion). A section of Air India pilots
board meeting
of shares bought back by the Vinod K Dasari said. PTI< diligence. But, ~70-billion valuation is a An e-mail sent to Kraft Heinz has GSK's nutrition revenue in 2017 was have threatened to stop opera- Cash-strapped Air India's
company under its ongoing bit too high for the brand." remained unanswered. around 550 million pounds (or around tions if their allowance dues are board met on Friday amid
buyback offer. PTI< The price sought by Kraft translates Another person close to the devel- ~49 billion), bulk of which comes from not paid immediately. the government considering
PVR acquires into more than 20 times the Ebitda of opment claims binding bids from bid- Horlicks sales in India. It is thus seeking While the salaries and perks a financial package to help
IDC: India PC market 71.6% stake Complan, market sources claim. India ders in the range of ~30-35 billion are around 5 to 6 times the 2017 revenue of other employees are paid in the carrier, sources said.
Infoline says Kraft Heinz's consumer expected to come in. “The deal is compared to 9-10 times revenue sought full albeit with a delay, the same After the proposed strategic
grows 28% in Q1 on in SPI Cinemas business had annual sales of ~18 billion unlikely to fetch binding bids worth by Kraft for Complan. for the pilots and cabin crew are disinvestment of the airline
Leading multiplex operator in FY17, of which Complan contributed ~70 billion as the market for nutrition According to Euromonitor, Horlicks “ignored”, despite the fact that failed to take off, the
notebook demand PVR on Friday said it completed nearly 40 per cent. This works out to be drinks in India has seen a slower operates in the malt-based hot drinks flying allowances of these two government is considering a
India's PC shipments notched the acquisition of 71.69 per cent roughly ~7.2 billion revenue from growth trajectory in the past few years. category, which is estimated to be licenced categories of employ- proposal for equity infusion
a healthy 28.1 per cent growth share of South India-based the brand in FY17 or that Kraft Heinz is Bids of around ~30-35 billion are likely around ~78.72 billion. The category has ees form a major chunk of their and possible loan waiver to
in April-June 2018 with chain SPI Cinemas. SPI Cinemas seeking around 9-10 times of the to come in,” he adds. other brands like Cadbury Bournvita salaries, they allege. improve its finances.
2.25 million units, buoyed by operates 76 screens across 17 brand’s revenues. Complan is the leading brand in the (Mondelez), Boost (GSK) among others. “We would like to inform The meeting is also the first
strong notebook demand, properties in 10 cities under Complan sale has attracted interest supplement nutrition drinks segment Growth rate in this category too has you if the flying allowance is not after induction of leading
research firm IDC India said on brands such as Sathyam, from Cadila Healthcare arm, ITC and in India, where players like Abbott (with slowed down — from 13.2 per cent in paid immediately, we may not industrialists — ITC Chairman
Friday. On the pecking order Escape, Palazzo, The Cinema Wipro, sources claim. Binding bids are Ensure) are present, according to mar- 2013-14 to 8.6 per cent in 2016-17, accord- be available for flying duties,” Y C Deveshwar and Aditya
of vendors, IDC said, HP Inc and S2 Cinema. It reported expected to be filed by mid-September. ket research agency Euromonitor ing to Euromonitor. the Indian Commercial Pilots Birla Group Chairman Kumar
maintained its leadership revenue of ~3.096 billion in FY Association (ICPA) said in a Mangalam Birla — as
with a market share of 31.6 2017-18. “PVR has completed communication to Air India’s independent directors on the
per cent during the quarter the acquisition of 71.69 per cent director of finance on Friday. airline's board. Sources said
followed by Dell at the second of the paid share capital of SPI ICPA represents over 700 Deveshwar attended the
slot (23.7 per cent) and Lenovo involving the acquisition of AHEAD OF MERGER WITH VODA pilots of the airline’s Airbus meeting but Birla did not
at the third position (18 per 1,91,534 equity shares 320 family fleet. “Since the turn up. Details about
cent). The market's "high
growth can be partially
attributed to the fact that
constituting 61.65 per cent of
the paid-up share capital of SPI
from SS Theatres LLP and 31,177
Malaysia’s Axiata gives up rights in Idea company has paid the salary,
the pilots will report to the
office for any office duty of
discussions at the meeting
could not be immediately
ascertained. The Civil
June quarter of 2017 was equity shares consisting 10.04 PRESS TRUST OF INDIA approval for merger with able to it under the said agree- per cent stake in the company their expertise other than fly- Aviation Ministry is in
heavily impacted by the per cent of the paid-up share New Delhi, 17 August Vodafone. The combination is ment such as the right to nom- along with certain rights. ing duties,” it added. discussions with the Finance
then-upcoming GST implem- capital of SPI from SV Swaroop set to create the country’s inate a director on the board of In March this year, Idea According to a source, fly- Ministry for a ~110-billion
entation,” it said. PTI< Reddy....," PVR said. PTI< Idea Cellular on Friday said largest mobile phone opera- the company (including the had informed that Axiata ing allowances are paid after bailout package for the
Axiata, whose current holding tor worth more than $23 bil- audit committee) and the anti- Group's nominee on its board, two months. “As a rule, flying ailing Air India. PTI
in the Indian telco stands at lion with a 35 per cent market dilution rights,” Idea said in a Hansa Wijayasuriya, had ten- allowances for the month of
over 16 per cent, has relin- share. Post the mega merger, BSE filing. dered his resignation with June should have been paid on tion on the matter, “failing
Most companies can quished “all major rights”,

including that of nominating
a director on the board.
Axiata's holding is likely to
reduce to about 8 per cent.
“We wish to inform you that
Pointing to a share sub-
scription agreement of 2008
signed with Axiata Group, Idea
immediate effect. With that,
Wijayasuriya had also ceased
to be a member of audit com-
August 1, but they remain
unpaid even till today,” the
source said.
which we will be forced to
direct our members not to
report for flying duties and
withstand ~ fall: S&P Idea’s statement comes at a
time when the telecom firm
Axiata vide its communication
dated August 15 has relin-
said the Malaysia-based firm,
through its two wholly-owned
mittee of the board of direc-
tors of Idea, the company had
ICPA warned the Air
India management that it
only management should be
held responsible in case of
received the government’s quished all major rights avail- subsidiaries, held about 16.33 said in an earlier BSE filing. expects a positive confirma- any disruption of flights”.
PRESS TRUST OF INDIA
Mumbai, 17 August
Most domestic corporates,

barring a few, can withstand
the ongoing rupee plunge as
the share of their dollar-
Co-working space to see 3-fold rise in demand by 2020
linked earnings largely VINAY UMARJI cent month-over-month environments and millennial- Similarly, from managing
balance the share of their Report says a weaker Ahmedabad, 17 August growth in occupancy rates. OFFICE TRANSACTIONS GROWTH (%) friendly workspaces. Going merely two seats two years ago
greenback-denominated rupee would likely result GoWork is only of the nearly BFSI IT/ITeS Manufacturing Other services* forward, co-working as a sub- to 3,000 today, the 100 per
debt, says a report. in increased hedging costs From operating out of one of 200 co-working players sector will attract a major cent bootstrapped AltF
The rupee fell beyond ~70 for companies, which may the founders' home, running an estimated 400 chunk of upcoming supply CoWorking is looking to ramp
to the dollar, closing at an all- benefit exporters Gurugram-based NGO shared workspaces within the 20 18 over traditional office up to 10,000 seats through its
time low on Thursday at 70.15, consulting start-up Impactify office space transactions. Real 29 40 formats," Knight Frank's leased and sub-leased model
while on Friday the market was The report said it expected has settled down at one of the estate consulting firms such as recent H1 report stated. of co-working services.
closed. So far, the rupee has lost the credit profile of rated infra- co-working properties run by Knight Frank estimate that the From an annual average According to Sarthak
close to 9 per cent, making it structure companies to be GoWork. Impactify's Founding demand for co-working sector H12017 H12018 of three million sq ft Chhabra, co-founder and
one of the worst performers largely protected from the cur- Partner Sudeep Gupta feels the is set to triple by 2020. available currently, co- director at AltF CoWorking,
among the large currencies. rent bout of rupee deprecia- decision has not only brought As per a recent first half (H1) 18 28 working space is set to scale the expansion plans are
33
“A weaker and more volatile tion. While regulated utilities the start-up's overheads down of calendar 2018 report, Knight 14 up to 11 million sq ft by 2021, backed by not only funds that
rupee would likely result in (like NTPC, Power Grid, and but also helped it scale its team Frank found the co-working says Sudeep Singh, chief the co-working player is
increased hedging costs for NHPC) enjoy cost pass- up or down as the need arose. sector took up a significant 32 *Includes Co-working space; Source: Knight Frank evangelist and CEO at planning to raise but also
companies, while the same through for currency depreci- “We have seen ourselves per cent of the space transacted GoWork. Offering one of the gross profit margins in the
may benefit exporters,” an S&P ation or hedging costs, unreg- scaling down to a team of seven by the other services sector or working space and include period on the back of increased cheapest rates at ~9,500 per range of 25-30 per cent.
report said on Friday. ulated power companies are to scaling up to 12 and are now 13 per cent of the total space WeWork, InstaOffice, One take up by e-commerce and co- seat, GoWork is banking on Meanwhile, the space is
“Most corporates can with- protected due to hedged forex steady as a 10-member team. transacted during H1 2018. CoWork, The Hive and Skootr working companies. the growing demand to ramp also attracting private equity
stand the rupee plunge as the bonds. But Delhi airport and This is the flexibility that “The segment is expected Global, he says. “Recent market up its operations to cities like attention, from Sequoia
share of their dollar-linked earn- Hyderabad airport will bene- GoWork offers, along with to grow at an annual rate of According to Knight Frank, interactions indicate that few Mumbai, Hyderabad and Capital investing $20 million
ings largely balance the share fit from forex earnings as well providing a corporate-like almost 30-40 per cent," says the share of the 'Other Services' leading commercial Bengaluru, even as it looks to in mid-2017 in co-working
of their greenback-denominat- as hedging. space that helps us attract Anuj Puri, chairman of sector has been consistently developers are reinventing end the calendar year 2018 space start-up, Awfis, as per
ed debt. A few of them will be “We thus believe the better talent," says Gupta, one ANAROCK Property growing and has eclipsed that themselves and apportioning with an occupancy rate of 55 Knight Frank, to GoWork
negatively affected, but not impact on infrastructure sec- of the 28 clients that GoWork, a Consultants. Many players of the IT/ITeS sector during H1 nearly 60-70 per cent of their per cent from the current 33 looking to raise $200 million
severe enough to impact their tor will be limited,” the co-working space provider, have aggressive plans to 2018 by taking up 40 per cent of future development potential per cent from its existing two from Indian, Chinese or
credit ratings,” S&P said. agency said. serves even as it clocks a 37 per expand in the Indian co- the in the recently concluded on creating co-working properties in Gurugram. Japanese PEs.
.
MUMBAI | 18 AUGUST 2018 FINANCE 3 <
Safecorp Holdings to
Bad loans of listed banks acquire Star Health
shrink by ~220 bn in Q1
ABHIJIT LELE CARE Ratings, in its review of
T E NARASIMHAN
Chennai, 17 August
Safecrop Holdings, a consor-

tium of investors including
Banking, Evercore and
Mizuho Securities (Singapore)
acted as the financial advisors
to Star Health and its share-
holders. Nishith Desai
Mumbai, 17 August PROGRESS IN PERFORMANCE performance in Q1 FY19, said WestBridge AIF, Rakesh Associates and Trilegal acted
Figures Provisions & QoQ another quarter of moderation Jhunjhunwala and Madison for the purchasers and
ross non-performing in growth of NPAs could indi- Capital, has signed a defini- Platinum Partners acted for
G Assets (GNPAs) of listed

domestic banks dipped
by ~220 billion in the first quar-
(~ bn) Contingencies
Jun ‘17
Sep ‘17
456
656
(Chg)
-176
201
cate that the recognition cycle
was over.
Concurring with rating agen-
tive agreement with the
shareholders of Chennai-
based Star Health & Allied
the company.
Company's net profit for
the financial year 2017-18
ter ended June (Q1FY19), Dec ‘17 773 116 cies' assessments, a senior pub- Insurance Company to was ~1.7 billion against ~1.18
sequentially, compared to the lic sector executive said while acquire its shares. While the billion a year ago. Gross
Mar ‘18 1,484 712
previous quarter (ended March), monitoring and recognisition of company and investors did direct premium was ~41.61
indicating that the asset quality Jun-18 774 -711 bad loans would remain on the not disclose the value, billion against ~29.6 billion.
recognition cycle is almost over. radar, creating provisions, reso- sources said the deal value “We are really excited
An analysis of the results Figures GNPA QoQ Provision# QoQ NNPA QoQ lutions and recoveries to could be around $1 billion. about Star Health, a domi-
analysis of 40 listed banks (~ bn) (Chg) (Chg) (Chg) improve asset quality profile of V Jagannathan, chairman nant market leader in the
revealed that GNPAs declined Jun ’17 8,297 527 3,624 157 4,673 370 banks was now top priority. and managing director, Star retail health insurance
to ~10.03 trillion at the end of Sep ‘17 8,405 108 3,878 254 4,527 -146 Credit bureau TransUnion Health, declined to com- industry. We believe the
June 2018 from ~10.25 trillion in
the previous quarter. The pre-
vious four quarters had showed
Dec ‘17
Mar ‘18
8,865
10,252
459
1,388
4,168
5,071
290 4,696
903 5,181
169
485
CIBIL, in its report early this
week, said the latest analysis
suggested India's bad debt prob-
ment on the valuation or any
numbers, but said the new
investors, with their experi-
retail health insurance
industry will continue to
grow at a healthy pace in the
SBI Life targets 25 %
Jun ‘18 10,034 -218 5,178 107 4,856 -325
growth in 2018-19
a consistent rise. lem had apparently peaked in ence and golden touch,will coming decade, driven by
The country's largest lender #GNPA: Gross NPA-NNPA:Net NPA; Common sample of 40 listed banks
September 2017. If a spike in enable the company to scale increasing penetration. This
SBI, for instance, saw a sharp Compiled by BS Research Bureau Source: Capitaline Gross NPA takes place, it will heights. aligns well with WestBridge’s
dip of ~105.87 billion to ~2.12 tril- not be because of incremental Star Health Investments, investing philosophy and
lion in June from ~2.23 trillion at from a variety of loans — large- and medium enterprise (SME) economic deterioration of the ICICI Venture, Apis Partners, long-time horizon,” said T E NARASIMHAN tion, and a couple of other com-
end of FY18. Bankers said the size, medium-size and small loans. It will be absolutely asset but due to formal recogni- Tata Capital, Alpha, Oman Sumir Chadha, co-founder Chennai, 17 August bination of products would be
resolution of some big-ticket enterprises, retail and farm sec- wrong to say "asset quality woes tion of the same. Future NPAs Insurance and Jagannathan and managing director, among those. He said the com-
stressed loans such as Bhushan tor - are beginning to bear fruits. are over" as banks have to pro- are driven by the stocks of held 89.42 per cent in Star WestBridge Capital. SBI Life Insurance, a joint ven- pany was planning to bring in a
Steel and Electrosteel Steels, The pace of incremental addi- vide for aging NPAs, and chase “Irregular Accounts”, which Health as of March 31. After the regulator allowed ture (JV) between State Bank slew of combo products to con-
and writing off bad loans, which tions to the NPAs' kitty may defaulters to recover dues. from technical perspective, are Star Health, founded in general insurers to apply for of India (SBI) and BNP Paribas tribute to its growth.
are fully provided for, helped moderate in the coming quar- Net NPAs, the pool of bad equivalent to ‘Defaults’ accord- 1996, is the first stand-alone stand-alone health insurance Cardif S.A., is targeting to grow "We've seen a good growth
reduce GNPAs at the end of ters. This should not prompt loans for which banks are yet to ing to credit rating agencies. insurance company and companies, it received sever- its new business premium in new business premium
June 2018. The upgrade of any sense of comfort or satis- make provisions, declined by They continue to treat the claims it has a market share of al applications, including (NBP) by 25 per income, which
accounts also played a small role faction as the power sector is ~325 billion to ~4.85 trillion in 'one rupee, one-day delay as 10.6 per cent in the health from Reliance Capital, ICICI cent in 2018-19, was at 15 per cent
To support
in reducing the bad loan kitty. still struggling with stressed June from ~5.18 trillion at end of default', going by the best glob- insurance sector as of March Lombard, Premji Investment with more focus by the end of the
growth, SBI Life
Persistent efforts of recovery thermal power units and small March. Credit rating agency al practices. 31. Kotak Investment and others. on pure protection first quarter.
plans to tie
products, besides Going by the busi-
up with
unit-linked insur- ness trends, we are
commercial
ance plan (ULIP). confident that it
banks for
Speaking to will be 25 per cent
Life insurers see growth in protection policies

bancassurance
Business Standard at the end of the
services
after inaugurating fiscal," said
SBI Life Insu- Nautiyal. To sup-
rance's regional port growth, besi-
office in Chennai, Sanjeev des adding around 1,500-2,000
SHREEPAD S AUTE
Mumbai, 17 August
PROTECTION PRODUCTS annualised premium equivalent
or APE (see graph). APE is the
an analyst with a domestic bro-
kerage. Protection products
ing earnings potential of the sec-
tor,” says Avinash Singh, analyst Nautiyal, managing director people, which will take the total
The June quarter (Q1) results of

BOOST PROFITABILITY measure of ascertaining busi-
ness sales in the life insurance
should grow 30-33 per cent
annually, the analyst said. Such
at SBICAP Securities.
Further, profitability would
and chief executive officer staff strength to around 15,000,
(CEO), said individual new SBI Life plans to tie up with
HDFC Life, ICICI Prudential Life Share of protection products (%) VNB margin (in %) industry. SBI Life’s protection a trend would help improve get support if persistency ratio business premium grew 30 per commercial banks for bancas-
Insurance Company, Max Jun ‘17 Jun ‘18 (LHS) Jun ‘17 Jun ‘18 (RHS) share, in terms of APE, is not margins, despite expectations in the 61st-month bucket cent in FY18 to touch ~ 84.1 bil- surance services. The number
Financial Services and SBI Life truly comparable due to change of slower increase in APE. improves. This ratio is the per- lion, as compared to ~64.7 bil- of branches will be increased
indicate these four major listed in product structure. But, in Though migration of house- centage of policies renewed after lion in FY17. The target for FY19 to around 900 in 2018-19 from
life insurance players are focus- terms of new business premi- hold savings to financial assets a specific period (bucket), such is to achieve ~105 billion. ULIP the current 825. Nautiyal said
ing on protection products, um (NBP), its share of protec- augur well for insurance firms, as after one year or three years, products accounted for 77 per the claim ratio was around
which provides impetus to their tion products moved up 454 bps APE growth of many private etc, thus reflecting customer cent in 2016-17, and currently 96.97 per cent, currently, and
profitability. From a stock per- over a year to 10.1 per cent. ones, as observed in Q1, might stickiness. The persistency ratio it contributes around 73 per by the end of the year, it would
spective, too, analysts see gains The firms are likely to sus- grow at a slower pace, thanks to for most of these companies cent as the company has adopt- reach 98.41 per cent.
for most of these companies. tain focus on growing the pro- high base of last year. Yet, this is improved in Q1, barring this ed a cautious approach to While ruling out any capital
Life insurers’ profitability is portion of protection products perceived as healthy as after cohort. Thus, how the 61-month increase the contribution of infusion in the current fiscal,
measured in terms of value of in overall sales. “We’ll continue demonetisation, people had persistency plays out would be pure protection products. Nautiyal said the company got
new business (VNB) margin, to strive for pushing the protec- invested in insurance products interesting to watch, as it is quite The company is of the view enough capital and the solven-
which is VNB as a percentage of tion business in each of our in the past financial year. challenging, say an analysts. that pure protection products cy ratio stood at 2.14 per cent at
the present value of future pre- *Protection product share in terms of new business premium channels in an aggressive way,” “The sector will continue to In this backdrop, analysts ensure profitability, though the the end of first quarter of the
mium. Protection products are VNB: value of new business for June 2018 quarter HDFC Life’s management said grow, albeit at a slower pace, expect 31-43 per cent upside in ticket size is small. The ULIP, a current fiscal, as against 2.11 per
seen as more profitable. The val- ** FY18 (Jun-17 figure is not available) Source: Brokerages after the June quarter results. mainly due to the high base. these stocks, except for HDFC traditional policy with protec- cent in the year-ago period.
ue of new business margin at The management believes Though growth of Ulips (unit- Life, due to an already high val-
HDFC Life and ICICI Life expan- due to sales seasonality and compared to FY18. growth opportunity in the pro- lined insurance products), uation (4.3 times the FY20
ded 370 bps and 680 bps, investment in the proprietary Except SBI Life, the other tection space is very large. which depend upon the mar- expected embedded value ver-
respectively, over a year. While channel. Though the June 2017 three, on a year-on-year basis, “Lower penetration of pro- kets’ movement and that of sav- sus 1.7-2.5 times for peers), over
the metric for Max inched up 10 quarter margin figure is not reported 300-710 bps expansion tection products and highest ings products could get tepid, the next year, and believe it
bps, the gains were restricted on available for SBI Life, its margin in the share of high-margin pro- margin would create upward share of protection products offers good opportunity for
account of high cost overrun in Q1 of FY19 rose 80 bps, as tection products, in terms of thrust for such products,” says would continue to rise, improv- long-term investors.
Syndicate
Banks to get data Bank’s
rich with UPI 2.0 Basel-III bonds
downgraded
MAYANK JAIN & NIKHAT HETAVKAR Bank, HDFC Bank and YES
New Delhi/Mumbai, 17 August Most banks allow Bank, are among the top pay- SHREEPAD S AUTE
overdraft facility to ment-service providers for UPI. Mumbai, 17 August
With the launch of the upgrad- their regular savings Transactions going through
ed Unified Payments Interface account customers these banks provide lenders ICRA has downgraded the
(UPI), financial institutions upon request but the with a lot of customer data. long-term rating for public
such as banks and lenders are UPI upgrade allows These details are fed in sector lender Syndicate
set to get access to a lot more people to make the algorithms where banks are Bank’s Basel-III compliant
consumer data, which is likely process easier since it able to build customer profiles Tier II bonds from “AA+” to
to boost consumer profiling and can be requested for those who already trans- “AA”. The outlook on the rat-
credit scoring in the future. through the app once act with the said bank. “We ing is negative.
Experts said the new upgrade the account is linked know a lot about the transac- The rating downgrade
allows for features such as an by the bank tion even if it doesn’t origi- factors in the bank’s weak
overdraft credit line through the nate here. All this data is quite financial performance as
app, which will be useful in valuable to understand what a reflected in the elevated lev-
flow-based lending. behaviour. “UPI is trying to customer’s profile is like. el of fresh slippages,
The UPI 2.0 was launched bring the alternative credit scor- Tomorrow, we could make increasing non-performing
on Thursday in Mumbai by RBI ing methods based on transac- decisions for providing micro- advances (NPA) level, high
Governor Urjit Patel. The updat- tion data to the banking system credit to MSMEs simply by losses and consequently
ed payments system comes and not just digital lending looking at a merchant’s trans- weakened capital ratios,
with new features such as the NBFCs,” said the banker. This action flow,” said the private ICRA said in a statement.
ability for people to link their also ties in with the public cred- bank executive quoted above. The bank posted a net
overdraft accounts to the UPI it registry that the RBI is soon An industry document loss of ~12.82 billion in quar-
app. After linking, users can going to set up with the help of accessed by Business Standard ter ended June 2018
request instant credit from their financial institutions to build a also puts emphasis on credit as (Q1FY19) as against ~2.63 bil-
banks, which will allow them to customer’s 360-degree finan- a “hook” for merchants to lion in April-June 2018
pay for their purchases directly cial profile. A source said data boost digital transactions. It (Q1FY18).
through UPI. from UPI transactions — par- stated that if merchants know Given the expectation
For financial institutions, ticularly credit — is likely to be that they will be able to access that the high level of slip-
it’ll be an opportunity to pro- ported to the PCR profile of the credit if they push people to pages will continue in FY19,
vide better lending options. For user. pay through UPI, digital trans- the credit provisions are
instance, customers who pay Most banks allow overdraft actions will get a boost. A pay- expected to remain signifi-
their overdrafts on time will get facility to their regular savings ments industry professional cantly elevated.
access to more credit and prob- account customers upon said private UPI app providers This is expected to result
ably at a cheaper rate, said an request but the UPI upgrade such as WhatsApp and Phon- in high-equity capital
executive at a top bank. allows people to make the ePe will be able to mine con- requirements during the
“A regular cash transaction process easier since it can be sumer data through the one- year.
has no record. However, if you requested through the app once time mandate feature which Ability to raise equity
initiate a transaction between the account is linked by the comes with UPI 2.0. capital and restore core
two parties, buyer and mer- bank. Even Jan-Dhan bank The mandate feature equity (CET-I) levels above
chant, with a technology layer accounts come with an over- allows for blocking of funds in the regulatory requirements
in between (such as the UPI), it draft facility of up to ~5,000 for the UPI account to be trans- will remain a key rating sen-
records data on both sides of all customers. A private bank ferred at a later date or time sitivity, ICRA said.
the coin. Over a period of time, executive said UPI may not when the transaction is com- The bank’s fresh slip-
enough data can be aggregated make banks a lot of money just pleted. Two biggest use cases pages stood at ~143.11 billion
to offer other services such as yet due to limited merchant dis- of this feature are blocking during FY2018 and ~39.45
loans,” said Akhil Handa, head, count rate and lack of commer- funds while taking a cab ride billion during Q1 FY2019.
fintech and new business ini- cial uptake but it is making or ordering something online With slippages far
tiatives, Bank of Baroda. He banks data rich. “We continue and the funds are only exceeding the recoveries
said the customer’s ability to to be the leaders in UPI revolu- released when the ride is com- and upgrades, the gross NPA
pay can be determined on the tion because even if we are facil- pleted or the goods are deliv- increased to ~263.62 billion
basis of regular payments made itating transactions through ered. The payments industry (12.60% of gross advances)
through UPI and their value. other banks on our app, it gives executive said that this is a as on June 30, 2018, com-
Another banker said the us access to data,” he said. source of new data points for pared to ~176.09 billion
credit culture will build credit Private banks, such as ICICI digital lenders. (8.51%) as on March 31, 2017.
4 ECONOMY & PUBLIC AFFAIRS
>
IN BRIEF
IPPB launch deferred on
mourning for Vajpayee
GST body tells CRISIL’S DRIP
FOUR STATES REEL FROM WEAK RAIN
The launch of India Post Payments Bank is being rescheduled in
the wake of seven-day national mourning to pay homage to
former Prime Minister Atal Bihari Vajpayee, an official source
officers to check State-wise DRIP scores
| 2017 | 2018 Average of last 5 years
GUJARAT
Groundnut and soybean
continue to see stress,
bajra now under pressure
for profiteering
said. Prime Minister Narendra Modi was to launch IPPB on
0.0
August 21. ”The launch of IPPB is being rescheduled due to All-India rainfall has improved slightly in
national mourning to pay homage to Atal ji. New date will be
15.3 the week ended August 15 with
announced soon," the source told PTI. Vajpayee, the first non- 0 5 10 15 20 cumulative precipitation at 9
congress prime minister who completed a full five-year term, 5.4 per cent below the long-
died at AIIMS here yesterday at the age of 93, following a period average (LPA),
prolonged illness. The Centre plans to launch 650 branches DILASHA SETH
MADHYA PRADESH compared to 10 per cent in
across the country. All 155,000 branches will be linked to IPPB New Delhi, 17 August 18.9 the preceding week. But the
by end of this year. PTI 11.3 situation at the state level has
eeks after goods and deteriorated. Rain has swamped Kerala, with
NGT hearing already India prohibits W services tax (GST) rate

reduction on over 100
items including consumer
0
RAJASTHAN
5
5.1
10 15 20
11 of its 14 districts recording excess. Yet,
Gujarat, Haryana, Bihar and Bengal continue
to see deficiency at 18-26 per cent of the LPA.
scheduled for next import of petcoke durables, the anti-profiteering 0.0 Madhya Pradesh (MP) and Rajasthan joined
week, says Vedanta for use as fuel watchdog has asked GST offi-
10.7
them last week. These six are major kharif-
cers to keep a close tab on busi- growing states. But rainfall volume data alone
Vedanta welcomed the India on Friday banned the nesses to ensure benefits are 0 5 10 15 20 is not sufficient. For a comprehensive view, it’s
Supreme Court’s refusal to import of petcoke for use as passed on to end consumers. 0.0 important to weigh it against irrigation levels.
entertain the TN govt’s plea fuel, but said shipments for However, tax experts cau- CRISIL’s Deficient Rainfall Impact
against the NGT’s order that use as feedstock in some tioned that it could lead to WEST BENGAL Parameter, or DRIP, does just that. The higher
allowed the company industries was allowed. harassment of taxpayers at the Of over 100 complaints being examined at different levels, 0.0 the CRISIL DRIP score, the more adverse the
access to the administrative Usage of petcoke, a dirtier ground level if not done in a only 7-10 have been filed by commissioners of various states 7.7 impact of deficient rain. This is especially
unit inside its closed Sterlite alternative to coal, has come judicious manner. evident from the case of Haryana, which has,
copper plant at Tuticorin. under scrutiny due to rising The national anti-profiteering machines, small-screen tel- ensure that the same is done 0 5 10 15 20 through most of this season, seen deficiency
The firm said that its appeal pollution levels in major cities. ing authority has asked the cen- evision sets, perfumes, cosmet- judiciously and without caus- 2.8 of above 12 per cent, but the DRIP score has
is already scheduled for “Import of Petcoke is allowed tral board of indirect taxes and ics, vacuum cleaners, and ing harassment to the taxpayers stayed low because it is well-irrigated. This
hearing before the tribunal for only cement, lime kiln, customs (CBIC), the nodal shavers. at the ground level”, said Crop-wise DRIP scores week’s DRIP results highlight high stress in
on Monday. “We welcome calcium carbide and department for GST, to instruct According to rule 128 of the Abhishek Jain, partner at EY Gujarat, MP, Rajasthan and Bengal. In these,
BAJRA
the Supreme Court’s gasification industries, when commissioners to proactively Central GST Act, the standing India. DRIP scores are higher than those of last year
decision directing that both used as the feedstock or in the carry out checks on companies committee under the anti-prof- Pratik Jain, partner at PwC 10.9 as well as above the past five years’ average.
the maintainability and manufacturing process on and businesses for profiteering. iteering mechanism will exam- India, said it was important to 10.7 Among the previous week’s list of stressed
merit of our case should be actual user condition,” the “The GST law authorises ine complaints and evidence ensure that this process does 0 5 10 15 20 states, AP is out because the rain situation
heard and decided by the directorate general of foreign commissioners to file profiteer- provided by an interested party not become discretionary, with- 8.8 there has improved. While Rajasthan has
NGT. Our appeal is already trade said. As the world's ing complaints if they find that or a commissioner. out any specific guidelines on joined the list, MP, Gujarat and West Bengal
scheduled for hearing largest consumer of petcoke, rate cuts or availability of input “Even commissioners are anti-profiteering. “It should be SOYABEAN have not moved. The DRIP scores for three
before the NGT on August India imports over half its tax have not resulted in com- authorised by law to file com- clear what kind of information 16.6 crops are high compared to 2017 and the past
20,” Sterlite Copper said in a annual consumption of about mensurate reduction in prices. plaints. But only a handful of is needed and what outcome is 10.7 five years’ average. These are groundnut
statement. PTI< 27 million tonnes. REUTERS They must be proactive, espe- complaints have been filed by expected to be achieved. Also, if (cultivated in rain-deficient states of
10 15 20
cially after the July rate cuts, con- them,” pointed out an official. an enquiry is with respect to a 6.7 Rajasthan and Gujarat), soybean (Rajasthan
sidering that consumer aware- The NAA is looking at nine particular product, details and MP) and bajra (Rajasthan and Gujarat).
ness in the country remains low,” cases and will issue orders on about other products should GROUNDNUT Here, soybean and groundnut have
Panel set up to said an NAA official.

Of the over 100 profiteering
complaints being examined at
different levels, only 7-10 have
those in the coming weeks.
About 30 cases are with the DG
anti-profiteering, 31 with the
standing committee and 57
ideally not be sought,” he said.
He added that for the indus-
try, it means that necessary
documentation and explana- 0
3.1
5
9.6
10 15 20
continued to see stress for 2-3 weeks. Jowar
and rice also show some stress, with scores
lower than or at par with past averages, but
higher than in 2017. The situation is yet to
work on council been filed by commissioners of

various states. Rates were cut
on more than 100 items in July,
with screening committees.
“The CBIC while tasking the
commissioners to take up anti-
tions should be kept ready,
which demonstrates that GST
benefits have been passed on
5.5 evolve. Rain in August is as critical to kharif as
that in July, so a lot depends on what
happens in the next two weeks.
for gem industry including refrigerators, wash- profiteering matters, should to the consumers.
RAJESH BHAYANI
Mumbai, 17 August
In a move to set the ball rolling

I-T dept eyes over ~100 bn from ‘struck off’ firms
for the implementation of a SHRIMI CHOUDHARY pending tax demands that cannot be Section 179 of the I-T Act, which makes
comprehensive gold policy, Mumbai, 17 August recovered if the company is not the company’s directors/promoters
the Centre has set up a work- active. Also, even in cases where gen- liable to pay dues on behalf of the firm,
ing group to work on estab- The income-tax (I-T) department uine companies have been struck off, without adjudication by the court.
lishing a domestic council for is estimating tax recovery of over with the best intentions, the compa- Further, tax recovery officers have
the Gem and Jewellery sector. ~100 billion from companies that nies would not be able to pay the tax been asked to conduct survey opera-
The group is helmed by the have been struck off from records dues as all their assets including bank tions on select firms where the tax
joint secretary of ministry of of the Registrar of Companies accounts would be non-operational,” demand is high. In cases where
commerce, Manoj Kumar Jewellery Federation (GJF), (RoC) last year. said Amit Maheshwari, partner at assets or bank accounts are lying
Dwivedi. which recently changed its The tax department is in the Ashok Maheshwary & Associates LLP. abroad, the department will seek the
“The group has participa- name to the All India Gem process of filing a petition before the The I-T department is of the view foreign tax authority’s assistance to
tion from all stakeholders in and Jewellery Domestic National Company Law Tribunal that these companies abused their recover tax claims with the provi-
the industry from mines to Council. The members of the (NCLT) for restoration of registration in TAXING AFFAIR corporate structure by creating mul- sions in the relevant treaty, said
market, and will work out the group include chairman of as many as 50,000 such companies. | I-T pursuing restoration of 50,000 | Restoration will allow companies ti-layering during demonetisation for another senior official.
composition and details of the the GJEPC (a body for export The RoCs had struck off 300,000 struck-off companies to operate bank account, assets cash deposits. I-T probe also reveals Sources said that in a meeting of a
council,” said Mohit Kamboj, promotion). The Niti Aayog companies after it was found they had that many individuals have used task force on shell companies set up
president of the Indian panel had in February pro- not filed their statutory returns. | RoCs had struck off 300,000 | After restoration, I-T to issue these firms for siphoning money or by the Prime Minister’s Office, on
Bullion and Jewellers posed the setting up of a ded- Directors of these companies have companies, prohibited their notices under Section 179 of I-T Act converting undisclosed cash to legit- November 30 last year, the director
Association. icated domestic council, in its been prohibited from holding direc- directors from holding directorship | Directors/promoters would be imate money post the note ban. general of corporate affairs (DGCoA)
According to the commerce report on a comprehensive torships in any other company. in other firms liable to pay tax dues Official data say that 35,000 com- had suggested that the tax depart-
ministry order issued on gold policy. The move follows Central Board of | Tax industry experts believe that panies deposited and withdrew cash ment approach RoCs for taking up
Thursday, the working group Other members include the Direct Taxes’ (CBDT) directive to iden- | These firms abused corporate worth over ~170 billion after the note the matter of reviving these compa-
restoration is essential for recovery structure to facilitate significant
has the mandate to prepare a president of Indian Bullion and tify, process and file petition to restore of taxes from these firms ban, through about 60,000 bank nies. It was also suggested that rev-
database of all associations of Jewellers Association, presi- these companies by August 31. The cash transactions post note ban accounts. It was noticed that the enue considerations should weigh in
Gem and Jewellery sector, dent of Association of gold board also asked the Ministry of accounts that had negligible balance favour of restoring them. Apart from
based on products and regions. refineries and Mints, the Corporate Affairs (MCA) not to oppose accounts and movable and immov- tax recovery,” said an I-T official. on November 8, 2016, have seen sig- these companies, another set of above
They will decide the eligibility Immitation jewellery manu- the restoration application in the tri- able properties until they are Tax industry experts, too, believe nificant cash deposits and withdraw- 200,000 firms have been sent notices
criteria for the association, and facturers association, the bunal, as such a move would refrain restored. The restoration will com- that restoration is essential to recov- al during this period. and action will soon be taken against
work out other details. Bharat Diamond them from launching tax recovery pel these firms to make relevant dis- er taxes due from these firms. According to people with knowl- them. However, the tax department
Interestingly, the group Bourse, and presidents of proceedings against these firms. closures of credentials under “The tax department is contest- edge of the matter, along with restora- wants MCA to keep them posted
doesn’t have the representa- several leading jeweller associ- “Several of these companies are Companies Act, and then according- ing the strike off of so-called compa- tion, the I-T department will also start before striking off any company, since
tion of the erstwhile Gem and ations from major centers. restricted to operate their bank ly tax proceeding will be initiated for nies as in several cases there would be issuing notices to these firms under there could be tax dues.
Pentagon report anticipates China’s ‘nuclear triad’

Report confirms rumour that Sri Lanka TAKING GUARD dissolved group armies were
retained as brigades, without the
turned away a Chinese submarine | The Pentagon said the overarching headquarters of divi-
sions, corps and group armies.
Chinese air force is
AJAI SHUKLA and Mirage-2000 that are jury- These brigades, which are largely
New Delhi, 17 August rigged to deliver nuclear
developing self-sufficient in combat power,
weapons. long-range strategic can be switched between theatres
The Pentagon revealed on India neither has, nor is devel- bombers to deliver quickly, depending on the
Thursday that the Chinese air oping or buying, long-range nuclear weapons requirement.
force “has been reassigned a strategic bombers of the kind that | China already fields This brigade structure is being
nuclear mission”, and is develop- China is developing. The Indian the nuclear capable extended to the PLAAF and
ing long-range strategic bombers nuclear deterrent is primarily Xian H-6K bomber, PLAN. “The PLAAF is also con-
to deliver nuclear weapons. based on Agni-series ballistic mis- enough to strike India verting its fighter and ground
“The deployment and integra- siles, with a usable submarine- attack [aircraft] divisions into
tion of nuclear capable bombers launched missile capability still | India is not brigades subordinate to air bases,
would, for the first time, provide some distance away. developing strategic and the PLAN is creating brigade-
China with a nuclear ‘triad’ of The report takes note of last bombers of the level frigate flotillas. The PLA
delivery systems dispersed across year’s 73-day standoff at Doklam Chinese kind probably expects that a more con-
land, sea, and air,” it said. when “India halted China’s | The US report takes sistent brigade structure across
The US Congress-mandated efforts to extend a road in territo- note of last year’s the force will improve joint com-
“Annual Report on Military and ry disputed with Bhutan near the 73-day standoff at bat capabilities,” says the report.
Security Developments Involving India border.” While that was Doklam between All of this is resulting in man-
the People’s Republic of China” is resolved with a mutual troop power cuts, with the PLAA hav-
India and China
a Pentagon summary of Chinese withdrawal in August, “both ing reduced its numbers by
military developments over the countries maintain a heightened 300,000 in 2017. In contrast,
preceding year. military presence in the sur- tory in Arunachal Pradesh in Pakistan, but they were denied a military bases in countries with India is making heavy weather
The People’s Liberation Army rounding region.” December 2017.” port call in Colombo by Sri Lanka. which it has a longstanding with much smaller cuts. “The
Air Force (PLAAF) already fields Interestingly, the Pentagon Acknowledging the PLA These submarine patrols demon- friendly relationship and similar first phase of the (manpower)
the nuclear capable Xian H-6K believes that China’s response at Navy’s growing presence in the strate the PLAN’s emerging capa- strategic interests, such as reforms involves redeployment
bomber, with a range of 3,500 Doklam was commanded from Indian Ocean, the Pentagon not- bility both to interdict key sea Pakistan, and in which there is a and restructuring of approxi-
kilometres — enough to strike tar- one of the five new theatre com- ed the deployment of four lines of communication (SLOC) precedent for hosting foreign mil- mately 57,000 posts,” said
gets in India with the cruise mis- mands that the PLA switched to counter-piracy task forces to the and to increase China’s power itaries.” Defence Minister Nirmala
siles it carries. But now, says the in 2016. “Theater commands Gulf of Aden. This means the projection into the Indian Ocean,” After changing from seven Sitharaman in her Independence
Petagon, China is developing a appear to have assumed more PLAN has rotated 28 task forces the report stated. geographical commands to five Day broadcase on Wednesday.
“stealthy, long-range strategic operational control from the serv- since 2008, when it began these As part of this, China’s first theatre commands, the PLA The Pentagon report also
bomber with a nuclear delivery ices, and probably commanded missions. overseas base in Djibouti, which Army (PLAA) is focusing on “flat- highlights the manpower shift
capability that could be opera- the PLA’s responses to North The Pentagon underlined the was operationalised last July, and tening” the command hierar- between China’s army, navy and
tional within the next 10 years.” Korea, India, and activities in the continued deployment of PLAN its controversial acquisition of Sri chies, while still retaining most airforce. This involves “increasing
India claims to have a “nuclear South China Sea,” says the report. submarines to the Indian Ocean Lanka’s Hambantota port, would combat units. First the PLAA the relative size of the PLAN and
triad”, but its air-delivered capa- The report noted: “India halt- region. “Chinese attack sub- be followed by more Chinese reorganised its 18 group armies PLAAF and reducing PLAA per-
bility is makeshift, based on tacti- ed another Chinese road con- marines conducted port calls in bases. The Pentagon says Beijing into 13 (renamed) group armies. sonnel to less than half of the
cal fighter aircraft like the Jaguar struction effort in disputed terri- Seppangar, Malaysia and Karachi, “will seek to establish additional The combat echelons in the five PLA,” it says.
.
MUMBAI | 18 AUGUST 2018 ECONOMY & PUBLIC AFFAIRS 5 <
New group captive power amendments irk states

SHREYA JAI Generating Plant in Electricity Rules, Business Standard. Captive power for all solar captive units are pending nature and is payable by every subsi-
New Delhi, 17 Aug 2005’. The ministry was of the view THE NEW NORMS plants are set up usually by industri- in Rajasthan and Gujarat. “Barring dising consumer when it decides not
that provisions are being misused A stakeholder should have 26% al users in order to avoid cross sub- some large captive units (coal based) to purchase power from the discom
he new amendments to the and suggested certain changes. sidy charges. Cross subsidy charges of some players such as JSW and KSK in the area but secures it from anoth-
T group captive scheme in pow-

er generation have been given
the cold shoulder by several states,
The new regulations stipulate that
a stakeholder should have 26 per cent
ownership rights and must use 51 per

ownership rights
Stakeholder itself should use
51% of the power generated
are levied by the state power distri-
bution companies to recover their
cost of supply. The subsidised popu-
Energy, which received approval in
Maharashtra and OPG in Gujarat, no
other captive unit got approval in
er entity.” He further said that gener-
ation from captive plants is specifi-
cally exempted from payment of the
including Rajasthan, Andhra Pradesh cent of the power generated. The The amendments allow anyone lation in states are mostly farmers, states including Karnataka, Andhra cross subsidy surcharge. However, a
and Tamil Nadu. amendments allow anyone with 74 with 74% of investment to set up the rural people, and lower Pradesh and Rajasthan,” said an exec- few states have started imposing par-
These states have opposed per cent of investment to set up a cap- a captive power plant income/consumption groups. utive with a power generation com- allel operation charges from these
amendments made to the Group tive power plant. Group captive can The industries are allowed to meet pany. Aditya K Singh, counsel, entities. “There are lot of uncertain-
Captive Power Plants (or self-use have several energy sources — coal, Group captive can have any their power requirements from out- Bharucha and Partners, said discoms ties in the market and discoms have
power generating units) regulations. wind, solar. The most prevalent group energy source — coal, wind, solar side the state and the spot market or are not only worried with the group started taking advantage this process
They feel that they would lose a huge captive is wind, which is mainly pop- through their captive units falling in captive generating plant but are also extensively. Cross subsidy surcharges
amount of revenue that they earn ular in South India. the category of ‘Open Access’ and feeling threatened from open access. are only compensatory in nature and
through cross-subsidy charges. Rajasthan has written to the users of energy, to set up power plants cation of cross subsidy surcharge paying cross subsidy charges for Commenting on the resistance by cannot be charged from the entities
The industry, however, is critical Centre saying that the new amend- through SPVs (special purpose vehi- whereas third party sales is not them. Several states including states, he said, “Third-party sales are which are never consumers of the
of the opposition, saying this is ments promote third party sales in a cles) by investing most of the money exempt from the cross subsidy sur- Gujarat, Tamil Nadu and Rajasthan not bad if the interest of all the affect- discoms,” Singh said.
restricting their business. Group cap- group captive structure instead of for other users who have a small share charge. This defeats the objective of have denied permission to any new ed parties is being taken care of.” Rajasthan, in its letter, said the
tive generation allows several con- captive power generation. in the SPV. This usage is like a third- the Act to impose cross subsidy sur- group captive power unit to come up Loss of cross subsidy is again a capital cost of setting up solar power
sumers to own and use a captive State officials said there would be party sales of power from the investor charge on open access users other in their state. Affected the most are flawed argument. Cross subsidy is plants has plummeted recently.
power generation unit. a revenue shortfall of close to ~15 bil- to the captive user. than captive users,” said the letter the renewable captive groups, which not an incentive for discoms; it is “There has also been an increase in
In May 2018, the ministry of pow- lion if group captives continue like This usage of power by captive written by Rajasthan's energy depart- wanted to utilise the falling cost of being imposed to take care of the sub- the proposals for setting up group
er published ‘draft amendments in this. “The new amendment has led users from the share of investors also ment to the ministry of power. renewable energy. sidy provided by it to the subsidised captive solar power plants through
the provisions relating to Captive many investors, who are not actual qualifies for benefits like non-appli- The letter was reviewed by Industry executives said approval consumer. It is compensatory in the SPV,” the letter said.
Solar pumps
Why BMTC is India’s best Railways set to do away key to green
and loses least money with level crossings energy target
JAYAJIT DASH
SRAVAN PALLAPOTHU SHINE JACOB Bhubaneswar, 17 August
(indiaspend.com) New Delhi, 17 August
Mumbai, 17 August A switch from conventional
To prevent accidents and diesel and electric powered
Bengaluru is India’s third most- increase the average speed of irrigation pumps to solar
populous city, but its bus sys- trains, the Indian Railways has powered ones can help the
tem is not only India’s largest decided to have no ‘manned or country achieve 38 per cent
with 6,448 buses (in 2015-16), it unmanned’ level crossings in of its envisaged 175 Gw
also lost the least money (~1010 all the upcoming new lines, and renewable energy target by
million) over six years to 2016 gauge conversion projects. 2022.
among eight metropolitan bus These projects will, instead, The shift to solar powered
systems, according to an replace road-over-bridges and irrigation pumps can also save
IndiaSpend analysis of transit under bridges. The move is a part of the Railways’ effort to increase the average enormous sums of money
data. Buses tend to be the mass The Railways is currently speed of freight and coaching trains through “Mission Raftaar” and generate additional
transit option of choice for a working on around 223 new income for farmers, says a
city’s poorest inhabitants. For lines, which are under various unmanned level crossings freight trains, at present, is report by the US-based
instance, the cheapest bus tick- stages of execution. “The move owing to the negligence of road around 24 kmph, while that of Institute for Energy
et in Delhi is ~5 for non AC bus- Managed better than counterparts, the Bangalore Metropolitan Transport Corporation lost money to have no level crossings in vehicle users has decreased passenger trains (excluding Economics & Financial
es and ~10 for AC buses, accord- in FY14 and FY15, the only metro bus-transit system to make profits over six years considered future is to increase the speed of from 135 in 2014-15, to 107 in suburban trains) is 44 kmph. Analysis (IEEFA).
ing to the Delhi Transport trains on those lines and also to 2015-16 and 104 in 2016-17. In Increasing the average speed of The IEEFA report titled
Corporation (DTC) website, marily on a 135-station, 465-km that employed 35,554 people nine years ago in 2009. Since address safety aspects,” said a 2017-18, it reduced to 73. trains is considered essential for India: Vast Potential in
compared to ~10 for the cheap- suburban commuter-rail sys- over the same year but with then, new roads and routes have government official. In a notification dated May reducing travel time for pas- Solar-Powered Irrigation
est metro ticket; in Bengaluru, tem, supplemented by a four- 2,354 more buses. been added, so the lack of The decision comes close on 18, the Railways stated that “no sengers, transit time for cargo, notes that the idea of
the minimum fare on the metro year-old 12-station, 11.4-km reassessing routes pushes up the heels of Railway Board new manned level crossings operational cost, improving rev- replacing some 30 million
is ~10, compared to ~5 for the metro rail line; four more metro DTC is the biggest borrower costs and requires fare hikes. chairman Ashwani Lohani will be permitted in new line enues and the Railways’ mar- grid attached or diesel
bus (general service). lines are under construction. The DTC may save on fuel and Many routes are not inherently announcing that the Railways and gauge conversion projects”. ket share. pumps with solar pumps
Managed better than its The city’s suburban lines carry staff–fuel saving, as we said, is profit-making, since they are will eliminate all unmanned Currently, road-over-bridges “The decision to have no is gaining traction but the
metropolitan counterparts, the close to 8 million passengers not an indicator of efficien- supposed to serve underserved level-crossings (UMLCs) by and under bridges are con- level crossings would mean pace of deployment is
Bangalore Metropolitan every day, compared to the cy–but it more than compen- communities but as BMTC’s March 31, 2020. This followed structed by the Railways on a there will be no cross traffic or slow.
Transport Corporation (BMTC) BEST, which carried 1.06 mil- sates through spending the example shows, laying out a the death of 13 children in Uttar cost-sharing basis with state intersection of roads and rails, The Centre’s Kisan Urja
lost money in 2013-14 and 2014- lion, according to 2015-16 gov- largest proportion of its budget route that covers both profitable Pradesh on April 26, after a train governments. The move is also thereby increasing the speed Suraksha Evam Utthan
15, the only Indian metropoli- ernment data. The only working on interest payments, an indi- and unprofitable areas can rammed into their school van. part of the Railways’ effort to naturally. It is the highest con- Mahaabhiyan (KUSUM)
tan bus-transit system to make metro line carried 335,000 pas- cation that it borrows money to make a difference. As of April, the Railways had increase the average speed of tributor of accidents for rail- scheme and the Gujarat gov-
profits over the six years we con- sengers every day in 2017-18. keep running. Over the six years “Some (BMTC) routes even around 5,792 unmanned level freight and coaching trains ways,” said S K Vij, former ernment’s Suryashakti Kisan
sidered. Mumbai’s rihanmum- Delhi’s 11 million peo- to 2016, the DTC’s interest pay- go as far as connecting peri crossings, covering various through “Mission Raftaar”. The Railways Board member (engi- Yojana (SKY) are steps in the
bai Electric Supply and ple–16.3 million in the National ments as a percentage of its urban areas and adjoining sub- broad gauge (3,479), meter project aims at doubling the neering). right direction for solar pow-
Transport (BEST) with 4,094 Capital Territory, which sprawls expenditure ranged from 46% urbs; something which BEST gauge (1,135) and narrow gauge average speed of freight trains Among the projects under ered irrigation initiatives.
buses and Delhi’s DTC with across 1,484 sq km–rely on a 16- to 74%, compared to single dig- could not do,” Madhav Pai, India (1,178) networks. This is around and increasing the average execution, Bihar is set to get the The KUSUM scheme man-
4,564 buses, in 2015-16, made year-old, 214-station, 296-km its for other bus-transit system. Director for the Ross Centre for 20 per cent of the total 29,487 speed of coaching trains by 25 maximum of 34 new lines, fol- dates deployment of 2.75 mil-
the largest net losses over six metro network with six fully The DTC has been subsidised Sustainable Cities, a think-tank level crossings in India. km per hour over a period of lowed by Andhra Pradesh and lion solar pumps in the first
years to 2016: ~40.37 billion and operational and two partially by the Delhi government for 20 told IndiaSpend, because Thane The number of accidents at five years. The average speed of West Bengal, with 18 lines each. phase of implementation.
~149.50 billion, respectively. operational lines. In 2015-16, the years with its last-known cumu- and Navi Mumbai have their
Cumulative losses of Delhi metro ferried around 2.6 lative debt at ~11,676 crore for own bus services.
Mumbai’s BEST and Delhi’s million passengers whereas the the financial year 2014-15,
DTC are enough to buy 34,521 DTC ferried around 3 million according to a 2016 Comptroller How BMTC does better than
low-floor buses of the kind the passengers per day Auditor General (CAG) report. the rest
DTC uses (each bus costs DTC’s revenue the same year “BMTC is a more modern
~5,500,000 ) or 30,138 Certia Where do bus-transit was ~1,113 crore, approximately organisation and has fewer lega-
buses, a model operated by the systems spend 10% of its debt. cy costs to deal with, as opposed
BEST, ~6,300,000 each (at 2007- their money? “Despite getting to BEST and DTC, which have
08 prices). On average, between We found that the bailout packages been around for decades,” said
2010 and 2016, the BMTC spent biggest contributors since 1996, DTC is Pai. BMTC has “superior mar-
AN
35 per cent of its budget on fuel, to bus-transit sys- indiaspend.org unable to repay its keting and supply chain strate-
compared to 19 per cent in tem’s costs were staff STORY debts,” Amit Bhatt, gies” than the other seven bus-
Mumbai and 11% in Delhi, indi- and fuel/lubricant- director of Integrated transit systems in our analysis,
cating that it was using its mon- related expendi- Urban Transport, at said the Ross Centre’s Pai. For
ey on its core function–keeping ture–ranging, on average, from the World Resources Institute, a instance, its depots offer adver-
buses running; of the eight met- 27-61% and 13-27%, respectively, think-tank, told the Hindustan tising and its top-end buses are
ropolitan bus-transit systems, between 2010-16. Despite being Times in October 2017. “An alter- brought in cheaper, bulk rates
BMTC used its fleet best with the least profitable system, the native source of finance needs from Swedish bus-maker Volvo,
91% of the buses in use across DTC, on average, had the lowest to be found (for the DTC).” which has a factory outside
the six years. Chennai’s public percentage of staff costs as well Bengaluru. “Furthermore
bus system, the Metro Chennai as the lowest percentage of fuel/ The need to increase fares BMTC has low staff costs
Transport Corporation Limited, lubricant costs, 27.78% and and rationalise routes because a lot of work is out-
was next in spending the largest 10.32%, respectively Buses are, as we said, the transit sourced, which means that
proportion of its budget (29%) BEST and the Calcutta State system of choice for the poorest there is less scope for redundant
on fuel, also indicating that it Transport Corporation (CSTC) commuters in Indian cities, but labour,” said Pai. “Another area
was better at keeping its buses had the highest proportion of the losses they incur stem from BMTC really stood out was
on the road than the other six staff costs–60% and 62% a failure to raise fares. In Delhi, depots; they are in accessible
metropolitan systems. respectively–whereas, on aver- for instance, the fare is sup- locations with more facilities,
Chennai’s average fleet utilisa- age, BMTC and MCTC had the posed to be revised twice a year such as rest houses for drivers.”
tion rate was 86%, behind highest proportion of fuel costs– in line with the consumer price The DTC also wants more
Bengaluru (91%) and 35% and 28%–respectively. In index, but that is often delayed depot space to acquire more
Chandigarh (89%). Chennai and 2015-16, BEST was the second- due to political pressures. DTC CNG buses but is unable to do so
Bengaluru also reported the largest employer with 35,705 had the lowest fares among all due to a lack of land adds Pai
best fuel efficiency (4.7 km/litre employees (after BMTC with metropolitan bus transit serv- Delhi needs 460 acres of
and 3.9 km/litre, respectively). 36,474); the CSTC stood at 7th ices, with tickets starting from land to accommodate its 5,583
This could perhaps explain why with 4,998 employed. However, ~5. The DTC last witnessed a fare buses but no more than 257
they are more profitable than in 2015-16, BEST and DTC had hike in 2009, the cost of the acres are available, according to
others despite the cost of fuel, higher staff costs–~1,689 crore cheapest ticket rising from ~3 a May 2016 environment pollu-
which tends to be higher in the and ~1,475 crore, for the first 4 km to ~5 for the tion control authority report.
south than the north. respectively–than BMTC first 3 km. This hike came at
(~1,096 crore), even though time when the cost of com- By arrangementwith IndiaSpend
Bengaluru depends on BMTC employed 769 more peo- pressed natural gas (CNG)
buses ple than BEST and 3,610 more was ~19 per kg and out-
With 8.4 million people living than DTC. standing debt was ~6,500
over 709 sq km, Bengaluru still This could indicate that the crore. The CNG price was
depends overwhelmingly on its DTC (established in 1948) and ~42 per kg in May 2018.
buses, although some pressure BEST (established in 1947) are In other words, DTC
has been relieved by a seven- facing legacy costs, as they are ticket prices rose 166% from
year-old 41-station, two line almost 70 years old; BMTC while fuel costs rose 221%
42.3-km metro-rail system. In (established in 1997) is 20 years in nine years. The Delhi
2015-16, the metro carried 16.8 old, in its current avataar (its metro, in comparison, wit-
million people–about 46,000 forerunner, the Bangalore nessed two fare hikes in
people a day–whereas the Transport Service, started oper- 2017 itself.
BMTC carried 144 ations in 1962 after the nation- In Mumbai, none of the
million–about 365,000 a alisation of the Bangalore BEST’s 18 new routes since
day–almost eight times more, Transport Corporation, which 2013 make profits and accu-
that year. Mumbai’s 12.4 million had been running buses since mulated ~52 crore in losses
people–more than 20 million in 1940). Mumbai’s overstaffed over five years to 2018, the
the larger urban agglomeration, BEST decided in December 2017 DNA reported on June 15,
some of which are independent to scrap 4,894 posts of conduc- 2018. Bus-transit systems
municipal corporations, such as tors, bus drivers, mechanics and also require periodic “route
Thane and Navi Mumbai–live cleaners to cut staff costs and rationalisation”, the process
across 4,355 sq km (Greater dispense with redundant posts. of reassessing routes and
Mumbai, including Thane and BEST employed 34,174 people stops. The DTC’s last route-
Navi Mumbai) and depend pri- in 2015-16, second only to BMTC rationalisation study was
6 MARKETS
>
THE COMPASS
Markets surge on buzz Sebi mulls use
ZEE5 launch, ad growth of covered
key triggers for Zee Ent
Attractive valuation makes the
of US-China trade talks calls for MFs
Sensex, Nifty see biggest jump in two weeks ASHLEY COUTINHO the premium received for
risk-reward favourable Mumbai, 17 August writing a call option will do
BS REPORTER & BLOOMBERG head of dynamic markets at AMP Capital little to offset the loss on the
SHREEPAD S AUTE Mumbai, 17 August Investors. The Securities and Exchange stock if the stock plummets.
India, Asia’s best-performing stock Board of India (Sebi) is looking The strategy allows mutu-
The Zee Entertainment enchmark indices on Friday gained market this year, has so far been able to at the prospect of allowing al funds to prop up their
Enterprises (ZEE) stock has
dropped about 12 per cent in
the past three months.
B the most in two weeks, tracking
gains in the world markets, on bets
that trade tensions between China and
avoid contagion risk from other emerging
markets, most of which have fallen amid
trade tensions, China’s economic slow-
mutual funds (MFs) to make
use of covered calls as part of
their equity strategy.
returns, albeit marginally,
according to experts.
At present, MFs are
Profitability and cash flow the US will ease after planned talks later down and dollar strength. The Sensex has Covered calls are an allowed to use derivatives
worries, amid higher invest- this month. gained 11 per cent so far this year. options strategy where an only to protect against losses
ments, and lack of clarity on The BSE Sensex added 0.75 per cent, or Goldman Sachs, in a note, said there investor holds a long position or hedge their cash positions.
Telecom Regulatory 284 points, to close at 37,948, completing were plenty of investment opportunities in an asset and writes (sells) The extent of exposure an MF
Authority of India’s (Trai’s) its fourth consecutive weekly gain. The in Indian stocks. Domestic stocks will also call options (having the right takes for hedging purposes
tariff orders weighed on the Nifty 50 added 0.75 per cent, or 85.7 benefit from Reserve Bank of India’s WORLD INDICES but no obligation to buy) on cannot exceed the equity
stock. However, this correc- points, to end at an all-time high of 11,471. (RBI’s) intervention in the forex market, Country Aug 17 1-day that same asset to generate an exposure that is being hedged.
tion offers favourable risk- The broader market mid-cap and small- decent monsoon, limited exposure to chg(%) income stream. For instance, equity sav-
reward, given the strong out- tained focus on regional cap outperformed, gaining nearly a per emerging market contagion and upcom- America ( Aug 16) This is often employed ings schemes allow part-hedg-
look. Growth, going ahead, markets (GEC launch likely cent each. All but one of the 19 sectoral ing festive season, said the brokerage. when an investor has a short- ing of equity positions and
will be led by a revival in in Kerala) are expected to sub-indexes compiled by the BSE rose, led Beneath the economy’s mixed – and Dow Jones US 25,559 1.6 term neutral view on the asset leave the rest unhedged, while
advertising spends by fast- improve the company’s by the gauge of materials stocks. YES Bank often volatile – macro data, indicators S&P 500 US 2,841 0.8 and for this reason holds the also investing a certain por-
moving consumer goods prospects, going ahead. The and State Bank of India were top perform- from the ground point to a healthy activ- asset long and simultaneous- tion in debt instruments.
Europe (18:32 IST)
(FMCG) companies and the management is confident of ers on the Sensex; each gained over ity picture, the note said. ly has a short position via the Until now, Sebi has adopt-
launch of ZEE5, its over-the- clocking more than indus- three per cent. Positive earnings momentum has sup- Euro Stoxx Eurozone 3,358 -0.6 option to generate income ed a cautious approach
top (OTT) application. try’s advertising revenue China on Thursday said it would send ported recent gains. Earnings of most of FTSE 100 Britain 7,522 -0.4 from the option premium. towards allowing MFs to invest
Backed by a 22.3 per cent growth, with continued Vice-Commerce Minister Wang Shouwen the companies on the Nifty 50 index have A covered call is also in derivatives since the asset
domestic advertising rev- increase in network market to the US for low-level trade talks in late either met or exceeded average analyst CAC 40 France 5,319 -0.6 known as a “buy-write”. class is considered highly risky
enue growth, ZEE’s consoli- share (19.2 per cent currently, August, which will be the first official estimates for the June quarter results. DAX Germany 12,149 -0.7 Covered calls are a neutral compared to equities or debt.
dated net profit rose 31 per against 18.5 per cent in the exchange since negotiations broke down “Dissecting the earnings for the quar- Asia strategy in which the investor The improved liquidity and
cent year-on-year in the fourth quarter of FY18) and two months ago. ter just gone by, there was clear evidence only expects a minor increase stable settlement systems,
June quarter and operating low-teens growth from sub- “New trade talks, although at a rela- in terms of pickup in activity. The man- S&P BSE Sensex India 37,948 0.8 or decrease in the underlying however, have prompted the
profit margin was at about scription revenue in FY19. tively low level of officials, will provide agement commentary from a number of Nifty 50 India 11,471 0.8 stock price for the life of the market regulator to think
32 per cent (50 basis point Further, any deal some stability to the market,” said Linus corporates was positive. Quality stocks written call option, according about providing more leeway
Hang Seng Hong Kong 27,213 0.4
up y-o-y). between ZEE and Bharti Yip, a Hong Kong-based strategist at First are seeing more buying interest on every to Investopedia. Bullish to MFs in the derivatives space.
ZEE5, which generates Airtel’s for distribution of Shanghai Securities. small fall, in turn making those more Nikkei 225 Japan 22,270 0.4 investors are better off not writ- MFs, non-banking finance
advertising revenue on free content on Airtel TV would Asian markets got a boost after expensive and taking the markets to new Kospi S Korea 2,247 0.3 ing the option and just holding companies and insurance
content and subscription also support top line growth, the Dow Jones index of the US climbed highs. One characteristic of the markets the stock. The option caps the firms are significant players
revenue from original con- with improving overall con- 1.6 per cent. from here on will be intermittent bouts of
Taiwan Taiex Taiwan 10,691 0.1 profit on the stock, which could in derivatives in developed
tent, debuted with a lakh tent consumption (from 190- ”We are seeing some rub-off on India volatility, which investors need to utilise Straits Times Singapore 3,209 -0.1 reduce the overall profit of the markets. However, the Indian
hours of content earlier this 195 minutes earlier to 200- as well from the relief rally caused by tactfully for creation and realigning of Jakarta Composite Indonesia 5,784 -0.6 trade if the stock price spikes. derivatives market boasts sig-
year. It will launch 80-90 215 minutes now). hopes of easing trade tensions. India has portfolios,” said Devang Mehta, head – On the other hand, bear- nificant participation from
new shows in addition to the Some analysts, however, become a safe haven within the bruised equity advisory, Centrum Wealth Shanghai SE Comp China 2,669 -1.3 ish investors may be better off high net worth and retail
20 original shows slated to are cautious about competi- emerging markets,” said Nader Naeimi, Management. Compiled by BS Research Bureau Source: Bloomberg simply selling the stock since investors.
be released during the cur- tion from other OTT apps like
rent quarter. Though not a Netflix and Amazon Prime,
major part of overall rev- which is key monitorable,
‘Our primary focus is small markets, mainly villages’

enues currently, this is besides the tariff order. But,
expected to boost ZEE’s given a large local content
advertising and subscription library, the management
revenue. An incremental does not see the OTT com-
revenue boost will come petition as a big worry, and is Mahindra Mutual Fund, the latest entrant in the 42-player MF industry, has set an in Hindi. Except in South, where distributors. I, for one, don’t
from the global launch of positive on the impact of the objective to take mutual funds to rural areas. In an interview with Jash Kriplani, people prefer English, we make all believe that the direct plan is the
ZEE5 by the end of the year. tariff order. On valuation (26 ASHUTOSH BISHNOI, Managing Director and Chief Executive Officer, Mahindra MF, investor presentations in Hindi. perfect solution. Nobody in the
In addition to digitisa- times its FY20 estimated shares various challenges and opportunities as his firm explores uncharted The lesson I learnt is that if you world invests money without
tion, analysts at Edelweiss earnings versus 41-56 times territory. Edited excerpts: want the MF business to grow, you having a piece of discussion. It is
Research say broad-based of big consumer players), the will have to speak their language. human nature. Direct plans are
advertising growth and sus- stock appears attractive. fast-growing. In 2011, we evaluated almost 25 years. When you have That is also the reason why we have meant for a very different set of
the banking licence opportunity, created such a unique network, named most of our schemes in people. These investors come from
but didn’t go for it as we there is no reason to move Hindi or in a mix of Hindi-English. metros like Mumbai and Delhi.
didn’t find it lucrative. So, we away from it. You have a They track markets on a daily basis
After textiles sector, said that we should look at

something with low capital
at risk and high fiduciary
ready customer base and
franchise network in
markets where even some of
Are you open to inorganic growth?
We are open to everything.
However, here is the challenge.
and have invested several times.
While we will be happy to have
them as well, but we are not
Kanpur’s leather comfort. That is when we

looked at the asset management
business. The MF business also
the large banks don’t
operate.
We are following a particular
strategy and it is not easy to find
assets that would be a good
necessarily looking at these
investors. We are going behind
those people who have a genuine
units turning sick

helps to extend relationship with How do you communicate with strategic fit. Our strategy, as issue in accessing mutual fund
customers beyond their financing people in the hinterland who may mentioned, is to go to smaller products.
requirements. not be well-versed with the idea towns. We looked at a couple of
of MFs? fund houses that were put on the How do you deal with the lack of
VIRENDRA SINGH RAWAT we are ready to pay the user What will be the growth plans for About two years back, we were at block, but found them too distributors in your target market?
Lucknow, 17 August charges, which we continue What made the Mahindra group the next three to five years? the launch event of our mutual institutional-focused, which is We are trying to encourage people
to pay. If the Jajmau treat- enter the mutual fund business? The primary focus will be to go to fund business in Varanasi. I was just the opposite of our mandate. at Mahindra Finance’s branches to
The industrial town of Kanpur ment plant failed to meet the We looked at the asset management small markets, mainly villages. making a presentation. I realised take the responsibility of selling
is still known as the tougher environmental business way back in 2008, but put There are over 300,000 villages that I was not getting through to the How are you placed in the direct- mutual funds, if they can. We are
‘Manchester of the East’ norms, why are we made to it off as we wanted to stay focused where Mahindra Finance and its audience and midway I switched to regular debate? also trying to scout for distributors
although most textiles mills suffer,” he noted. on the non-banking financial subsidiaries lend money. This Hindi. After that, we made a rule The biggest challenge we face in in the small markets and hope to
here have downed shutters. Levies on processing had company (NBFC) space, which was business is being carried on from that all presentations will be made the small markets is lack of work with them.
Now, Kanpur’s other well- also been increased from ~5.70
known industry – leather – is to ~20.35 per raw hide.
also staring at the possibility of A large number of tanner-
turning sick. Environmental ies closed down following the
issues coupled with raw hide NGT order to curb pollution. Palm oil imports > FROM PAGE 1
bottlenecks over the past The remaining tanneries have
decade have pushed the been asked to shift to set to hit 6-year
leather industry, which pro- Ramipur, where a modern
vides direct and indirect liveli- treatment plant is proposed at
hood to a million people, to an investment of ~5.54 billion.
low: SEA Nation follows PM in Vajpayee’s final journey
the brink. Currently, about 250 small and REUTERS
The tanneries, which used big tanneries operate in Mumbai, 17 August Thousands of men and women from 11 am onwards, before being Foreign Minister Pradeep Kumar enable them to pay their respects
to run at peak processing Jajmau, while more than 130 turned up at the Bharatiya Janata taken in a sizeable funeral proces- Gyawali, acting Foreign Minister to the departed leader.
capacity of almost 15,000 had already shut down. The India’s palm oil imports are likely to fall Party (BJP) headquarters to pay sion to the cremation site near of Sri Lanka Lakshman Kiriella, The Uttar Pradesh government
hides a day, operates at half existing tanneries discharge 15 per cent in 2017-18 from the year their tributes to the departed Rajghat. and former Afghan president said the ashes of the former prime
capacity in the traditional about 6.7 million litres per day before to their lowest in six years, hit by leader in the morning. Senior BJP leader and Hamid Karzai attended the cre- minister would be immersed in
Jajmau leather cluster due to (MLD) of effluents. a hike in import taxes, a weaker rupee Later, they lined up on either Vajpayee’s lifelong friend L K mation of a man fondly remem- rivers in all the districts of the
continuous sickness. Kanpur leather cluster, and tighter credit for would-be buyers, side of the streets to give an emo- Advani, former prime minister bered for his efforts to foster state. The UP government put out
Some leather which also a senior industry official told Reuters. tional send-off to him. People Manmohan Singh, Congress greater South Asian unity. a list of 75 districts and the small
goods manufac- includes the Reduced purchases by the world's showered petals on Vajpayee’s President Rahul Gandhi, Vajpayee was also the last Indian and big rivers picked for the
turers have even UP comprises three nearby Unnao top importer of the oil, where it is wide- cortege as the funeral procession Samajwadi Party leader Mulayam prime minister to travel to Pakistan immersion of Vajpayee’s ashes, an
started importing major leather district, has ly used to fry foods such as samosas or traversed through the streets of Singh Yadav and other Opposition to attend a SAARC Summit in exercise that is likely to galvanise
finished leather industry hubs viz. estimated bhajis, could pile more pressure on central and old Delhi. leaders attended the cremation. Islamabad in January 2004. BJP workers across the state. Chief
from other coun- Kanpur-Unnao, Agra annual sales of benchmark international futures that From the All India Institute of The stretch also has memorials to The only unsavoury moment Minister Yogi Adityanath said
tries, including and Noida. Of the ~120 billion, are already trading near their lowest in Medical Science (AIIMS), where Mahatma Gandhi, and former was when some people, seemingly Uttar Pradesh was Vajpayee’s
Brazil, Pakistan ~200-billion (annual) including ~60 three years. Vajpayee had breathed his last at prime ministers Jawaharlal Nehru, BJP workers, manhandled social ‘karmabhoomi’. Vajpayee repre-
and Bangladesh, leather industry of billion worth of “Local prices moved up due to high- 5.15 pm on Thursday, his body was Lal Bahadur Shastri, Indira Gandhi activist Swami Agnivesh when he sented UP several times in the
to maintain their UP, about 50 per cent exports to the er import tax and depreciation in the taken to his residence at 6A, and Rajiv Gandhi. reached the BJP headquarters to Lok Sabha.
supply chain and is accounted for by Gulf, Europe, rupee. The price rise moderated Krishna Menon Marg, where a Among foreign dignitaries, pay his tributes. Agnivesh had He was elected from Balrampur
hedge against the export market China and Iran, demand for imports,” said B V Mehta, stream of political leaders and Bhutanese King Jigme Khesar recently been attacked by BJP in 1957 and from the Lucknow con-
occasional shut- among others. executive director of the Solvent common people visited through Namgyel Wangchuck, Pakistan’s workers and those of other right- secutively from 1991 to 2004.
down of tanneries. UP comprises three major Extractors’ Association of India (SEA). the night. From there, Vajpayee’s Minister of Law Syed Ali Zafar, wing groups in Jharkhand. Women The BJP’s Lucknow unit will
Small Tanners’ leather industry hubs viz. India in March raised its import tax body was taken to the BJP nation- Bangladesh Foreign Minister Abul also complained that no separate organise a condolence meeting on
Association member Nayyar Kanpur-Unnao, Agra and on refined palm oil to 54 per cent to sup- al headquarters and kept there Hassan Mahmud Ali, Nepalese arrangements had been made to August 21.
Jamal told Business Standard Noida. Of the ~200 billion port local farmers. That made palm car-
the local tanneries were fac- (annual) leather industry of goes less appealing than shipments of
Kerala toll rises to 324 Business partners help to keep

ing a bleak future as there was UP, about 50 per cent is alternative edible oils such as soyoil,
still no concrete action plan accounted for by the export sunflower oil and canola oil - at least
of the government to keep the market. The state accounts for
industry afloat as it transitions almost a third of India’s annu-
until import duties on those commodi-
ties were raised to 45 per cent in June. Jet Airways on flightpath
to a more eco-friendly plat- al leather trade and exports.
form. These industries battle
like Kumbh Mela

UP Leather Industries
forced closures during events Association member Taj Alam
in lamented that Kanpur’s
For more than three months palm
lost its competitiveness in Indian mar-
kets relative to other oils due to the
higher duty, said Sandeep Bajoria, chief
as rain piles misery Jet Airways, which had earlier struck sale and leaseback
deals with Dublin-based SMBC Capital and GE Capital
Aviation Services (GECAS) for 737 Max planes, has
Allahabad and due to the leather industry was fast los- executive of the Sunvin Group, a The airport in Kochi has been flooded. It and 1,000 litres of petrol at all times for approached both for discounts. GECAS and SMBC Capital
National Green Tribunal ing its sheen as a reliable sup- Mumbai-based vegetable oil importer. has suspended operations until August 26 relief operations. refused to comment on specific queries on discounts,
(NGT) orders. plier owing to frequent sup- India buys palm oil from Indonesia with flights being diverted to two other air- Local fishermen have also joined in the but they said that they had not sent any default notice to
He said although tanner- ply crunch and government and Malaysia, with its soyoil mainly ports in the state. Rail and road traffic has rescue mission with their boats and could be the airline.
ies have been advised to shift policies that reek of imported from Argentina and Brazil. It also been disrupted in many places. seen evacuating those marooned in places As for Airport Authority of India, it is favourably con-
to the proposed new leather unfavourable policy stance. purchases sunflower oil from Ukraine. In “Water levels continue to overflow on like Aluva, Kalady, Perumbavoor, sidering Jet Airways request for extending the window of
cluster in Ramaipur, where a “The importers have the the first nine months of the 2017-18 mar- track and surpassing danger level of bridges Muvattupuzha and Chalakudy. credit facility from 15 to 30 days, a senior official at AAI con-
much bigger effluent treat- ready option to procure from keting year that started on November 1, at different places,” Southern Railway said Several roads in the hill district of Idukki, firmed.
ment plant would be set up, Pakistan, Bangladesh, Vietnam, India's palm oil imports fell 9.5 per cent in a statement, adding it had cancelled more including in picturesque Munnar, have According to reports, the airline has also sought help
the new facility remained a China and Brazil, where there to 6.1 million tonnes (mt), according to than a dozen trains passing through Kerala. been badly damaged from a string of from overseas lenders’ consortium, seeking a waiver of
non-starter. are no supply issues regarding data compiled by SEA. Quite a few petrol pumps, even in places landslides. a loan covenant on its existing debt facility of about
“The proposed leather cattle hide,” he said. He said once In the last three months of the year, like Thiruvananthapuram, which has Wayanad, among the worst-hit by the $185 million.
cluster in Ramaipur is not an importer decides to source imports could be around 1.8 mt, with escaped the monsoon fury to some extent, floods, is cut off from the rest of Kerala. Rising jet fuel prices and a weakening rupee have
ready and we are expected to elsewhere, the whole import bas- an average of 600,000 tonnes per have run dry. Long queues of motorists were Kerala has been hit with 37 per cent more added to the operating costs of Indian airlines as a
shift from Jajmau. It is for the ket would suffer as he would month, Mehta said. Last year, India seen at several fuel stations in the district. rainfall than normal since the beginning of majority of the payments are dollar-denominated,
government to set up the question the ‘Made in India’ imported 2.55 mt in the August to Authorities have directed each of these fuel this monsoon, the Meteorological resulting in carriers reporting losses or lower profits in
effluent treatment plant and theme of the government. October period. bunks to keep in reserve 3,000 litres of diesel Department said. the past couple of quarters.
8 ISSUES AND INSIGHTS
>
Parliament’s Fake news is nothing new theft tales might themselves be fake news.
They may never have happened. Legend isn’t
history. The tale of General Charles Napier
sending the shortest telegram ever — just
The ultimate was surely Yudhishthira’s immortal “Aswathama hatha...”, one word, “Peccavi”, meaning “I have sinned”
premier followed by a whispered “iti narova kunjarova...”

in Latin — when he conquered Sind for the
British East India Company in 1842 comes
to mind. The Peccavi tale appeared in Punch
ly and knowledgeably. Sangma didn’t from the Ministry of External Affairs, and we two years later, thought to be the handiwork
ow should history respond. Much later in the evening, he mur- were expected to publish it as our own authen- of a witty teenaged girl, Catherine
H judge Atal Bihari

Vajpayee?
As is the case with Rajiv
mured, “So you have met my chief secretary”,
stressing the possessive pronoun. That was
the sum total of our conversation.
tic report. I responded diplomatically (as I
thought) that we didn’t have a correspondent
in Gangtok. Our nearest reporter was in
Winkworth, who grew up to become a trans-
lator and campaigner for women’s rights. The
magazine swallowed her joke hook, line and
Gandhi and P V Narasimha In Delhi, he was charm itself. He wanted Darjeeling. Back came an amended telex with sinker. It may have seemed a lark then but
Rao, Atal Bihari Vajpayee’s me to write his biography. “We have something a Darjeeling dateline starting “Reports reaching repeating today that “Peccavi” is the shortest
legacy is forever marred by in common”, he said, pulling out several sheets here from Gangtok show...” telegram in history makes it fake news.
his complicity in events of Google print-out. He read out that although We must turn to the epics for fake news on For Donald Trump, however, fake news
that twisted India’s trajec- a Hindu, I was married in Sydney to a Roman an epic scale. The ultimate in such propagation often seems to be anything he doesn’t want to
tory towards division and
divisiveness. There were
WHERE MONEY TALKS Catholic. I told him the first two points were
correct. But not the third. My wife is also
was surely Yudhishthira’s immortal
“Aswathama hatha... (Aswathama is dead)”,
hear. No wonder he flips and flops and contra-
dicts himself. One day he insists that reports of
TICKER three such events, so darkly
powerful that the years of
SUNANDA K DATTA-RAY Hindu. Thank heaven for that. Sangma’s imme-
diate disinterest in the project spared me from
followed by a whispered “iti narova kunjaro-
va... (whether man or elephant I don’t know)”
his son ever meeting any Russian officials is
fake news. The next day he admits that Junior
MIHIR S SHARMA their occurrence are seared having to make excuses. in the Mahabharata. It convinced the great had indeed sought the low-down on Hillary
into our national con- ake news, now so much in the news That wasn’t my first brush with fake news. Dronacharya, commander of the Kaurava Clinton from the Russians. This indicates a
sciousness: 1984, 1992, and
2002. Rajiv Gandhi cannot be forgiven for 1984, and for
overseeing an election campaign based on hateful anti-Sikh
F thanks to Donald Trump, once threat-
ened to place me in dire peril. Ironically,
it also saved me. This is how it happened.
The army PRO would regularly ask me during
the Bangladesh war whether my questions
were on behalf of The Statesman or one of the
forces, that his beloved son Aswathama had
indeed been killed.
Many believe such episodes both reflect
more serious inconsistency that might gravely
affect Trump’s credibility. If the Russians did
intervene in the 2016 US presidential election,
rhetoric; Rao not just for 1984 — for which he bore primary It was a surprise when P A Sangma, a for- newspapers abroad for which I also wrote. He and mould a people’s character. The personal- as he froths and foams, it can only be because
responsibility as home minister and the man who ran the mer Lok Sabha Speaker, invited me home to was quite candid about his reply depending ities are semi-divine, the stories enjoy religious Vladimir Putin can’t abide Mrs Clinton.
Delhi police — but also for the Babri demolition of 1992. tea in his sprawling New Delhi bungalow. We on my answer. Which was fake and which the sanction, and they are handed down from Therefore, they helped Trump.
Vajpayee tried for over a decade to dissociate himself from had met once before in General Jake Jacob’s true version? father to son through the ages as part of the It’s a piquant situation. The present
Babri, insisting that the Ayodhya campaign had been led by house in Calcutta but hardly hit it off. Since Fake news was even more blatantly manu- nation’s collective memory. Like the theft of the “Leader of the Free World”, as Western gov-
others; but recordings exist of a speech to kar sevaks in Sangma was then chief minister of factured during the Sikkim takeover a few years nectar of immortal life from the ocean’s churn- ernments style the US president, may owe his
Lucknow days before they attacked the mosque, and they are Meghalaya, I mentioned my old friend, Nari later. I was telexed a draft news report pur- ing, they may even set precedents for contem- elevation to someone who heads what a pred-
not the words of a man urging calm. Rustomji, who spent almost his entire ICS porting to be an eye-witness account of anti- porary diplomacy. ecessor called the “Evil Empire”. Or is that,
And as for the founding tragedy of our times, when the career in the north-east which he loved dear- Chogyal demonstrations in Gangtok. It came Of course, the Mahabharata and nectar too, fake news?
Gujarat Model was born amid blood and fire in the winter of
2002, Vajpayee cannot evade responsibility. He knew a dread-
ful line had been crossed. That knowledge suffuses his voice
in the famous video in which he reminds Narendra Modi, sit- LUNCH WITH BS > RAHIL ANSARI, HEAD, AUDI INDIA
ting smiling and unconcerned by his side, of “rajdharma”. The
Gujarat chief minister replied: “Just as I have been doing”, his mediator and spokesperson for the
Changing gears
voice ringing in turn with the eager willingness to forge his India operations with the headquar-
own facts that has been the hallmark of his subsequent career. ters. “Luxury is never what the major-
So Vajpayee dissociated himself from Babri, and benefit- ity wants. I am not happy with what
ed from it, given that it propelled the BJP to power even as it is happening here and this is what I
discredited all its other leaders. He dissociated himself also tell your friends here. But when I
from Gujarat; he turned away from doing the right thing and speak to the headquarters I have to
dismissing Modi, allowed Modi to run an election campaign convince them that we should not
steeped in Islamophobia; and was hurt by it. It is not true that Ansari tells Ajay Modi what makes India a unique market lose faith and things will get better,”
‘India Shining’ cost Vajpayee the 2004 election. Alliance pol- he adds tongue firmly in cheek.
itics did. And Vajpayee knew who to blame: From his retreat and how Audi is planning to grow younger And how has the market
in Manali after his loss, he insisted that inaction on Gujarat was changed overall? Ansari says the
what had cost the BJP power, and called for Modi to go. s I walk into Threesix- Trident Mumbai and my kids used to Ansari says his primary Indian luxury car market has
Whatever his culpability in these events, I think thus
Vajpayee deserves more credit than either Rajiv Gandhi or
Rao. Neither of the two Congressmen even bothered to apol-
A tydegree, a restaurant at The
Oberoi, Delhi, for lunch with
Rahil Ansari, India head for Audi, I am
play with them. It is nice to see some
familiar faces again.” What memory!
Ansari was just 38 when he took
aim is to regain the market
leader’s slot but the com-
pany will not push beyond
evolved quite a lot since its ear-
ly days. “The customer is much
more informed and there are
ogise for their acts; truthfully, it appeared neither was ever a bit surprised to see him engrossed in charge of Audi’s India business early a point. “We can easily buy more luxury car brands in the mar-
even that reflective about them. Vajpayee, most charitably, an animated discussion with one of last year. His predecessor Joe King market share but that will ket. A lot of financing and mainte-
lacked courage both in 1992 and 2002; but at least he acknowl- the hotel staff members. As I approach was 48 when he left India after a not last long. The loyalty rate nance packages are available. Until a
edged what he and his party had done wrong. them, I can hear him enquire about three-year stint. “The management in the luxury segment in this few years ago, the average Indian
And, unlike both those others, he had one great virtue: He the changes that the hotel has gone made it clear they needed someone market is low compared to many spent money on building assets and
had spent most of his time in Opposition, and thus thor- through over the two years it had been of Indian origin, who has been here other international markets. A lot in jewellery. Now people are more
oughly understood the importance of Parliament, of liber- closed for renovation. before, who knows the psyche of of the buyers look for novelty and open to owning a luxury car. Cars are
al democratic restraint, and of the politics of compromise. When he spots me, he starts Indian buyers and understands their they are not necessarily loyal.” also being gifted during weddings,”
There’s one clip of him speaking in the Lok Sabha that is telling me how he was once upset culture. They also wanted someone He has started taking some he adds thoughtfully.
doing the rounds at the moment, in which he points out that with a five-star hotel in Delhi for ask- young to reflect the personality of important steps to bring back That said, the luxury car segment
governments may come and go, power might change hands, ing the same questions about him Audi, which is a brand for young and growth. “Many things needed to is still small in India, thanks to high
but Indian democracy must be preserved. He understood every time he checked in. “It used to dynamic people,” says Ansari, who change. This is the eleventh year of taxes. A year before Ansari assumed
that the quality of a democracy is most visible when at these take about 20 minutes every time was also part of the team that set up our operations in the country... we office there was a ban on the regis-
moments of transition; that democracies are not about who and I was forced to express my Audi’s operations in India during have done things in a certain man- tration of luxury diesel cars in the
gains power, but about how those not in power are treated. unhappiness about it. The manager 2006-07. ner and have been successful in national capital region. It was sub-
Can you imagine Rajiv Gandhi, secure behind his record came and apologised. Now, I check Ansari was born in Germany. His establishing the brand. The asso- sequently lifted but the segment
majority, having the humility to say to the Opposition that in with just a signature. I am father had migrated from Ghazipur ciated risk is that you keep follow- faced many more setbacks. After
governments might come and go? Can you imagine Modi or impressed by the way they turned in Uttar Pradesh to Germany in the ing standard procedures year a short-lived euphoria of low tax-
Amit Shah, the gurus of “Congress-mukt Bharat”, admitting my complaint into an input to 1960s. Ansari’s wife has her roots in after year. We had to change that ation under the Goods and
that power might change hands? It was not Vajpayee’s poet- improve their offering. A complaint Afghanistan but was born and raised mindset. So the first step was Services Tax (GST) regime for a
ry, his easy-living manner, his conviviality that ensured he should not always make you uncom- in Germany. “My mother-in-law Indianisation of our activities. month in July last year, the GST
was popular on both sides of the aisle and the master of fortable. You can give it a positive keeps telling me how modern and For one, to become more Council decided to hike the cess
“coalition dharma”. It was his respect for Parliament, for spin — that is what we are expected advanced Afghanistan used to be. In Indianised we had to be more on luxury vehicles.
those who disagreed with him inside and outside his own to do for our customers.” the 60s and early 70s, women used to colourful,” says Ansari. Despite the uncertainties,
party and coalition — a respect born of decades as a parlia- In fact, he tells me, he chose wear mini-skirts there,” he says with Audi has recently unveiled a Ansari says, he loves working in
mentarian — that caused him to become the first leader of Oberoi as our meeting place because a smirk. new tagline, “My kind of Audi”. India. “Mumbai (where Audi
a coalition to complete a term in office. he wanted to find out how the hotel Having one’s roots in India can The idea is to tell current own- India is headquartered) is like
I do not want to mythologise those long-ago days of looks now, after the renovation work. help in more ways than one. “You ers and potential buyers that it home. Living there is easier than
Vajpayee’s government, as some are doing. Frankly, it failed He has been in the country during a can connect faster with the people does not matter how one pro- taking up another foreign post-
as often as it succeeded. Like Rao, Vajpayee got cold feet on previous stint when he spearheaded here; dealers trust you more — I nounces the word “Audi”. “At ing.” Indian food is another big
real reform, rolling back amendments to the Factories Act the carmaker’s network expansion sometimes chit-chat with them in the end of the day, you should draw for the Ansari family. “My
that would have allowed India, by now, to rival China as a plan between 2011 and 2013. Hindi. On the other hand, I know be able to relate to the brand. In wife cooks Afghani food at times
manufacturing power. His government began the giveaway As we settle down in a quiet cor- exactly how the processes work at that sense it is ‘your’ Audi. If but it is not as spicy... I have to
of natural resources and licencing irregularities, with its ner, we decide to get the rigmarole of the headquarters as I have worked we were doing things the way have them with pickles.”
controversial actions on the telecom sector. And his party ordering food out of the way. Ansari there for three years. It helps to we did earlier, we might have His first two stints in the
happily sought to saffronise textbooks and universities, orders a non-vegetarian sushi platter speed things up.” As a child, Ansari been inclined to project the cor- country lasted two years each but
under a human resources development minister who was, and a coke while I ask for a chicken would only converse in German. He rect way to pronounce the brand the third one, he is hopeful, will be
let us agree, not India’s most progressive. biryani. “This hotel is like a zone of developed a fondness for Hindi in in our communication,” says longer. “My family also likes India.
But, in the end, I think it is fair to say that he sought to peace, a place for relaxation... in his teenage. Ansari to underscore the fact that When we go to Germany during the
deepen India’s democracy. He was a politician, a parlia- sharp contrast to the traffic on the His India stint is important Audi is changing. holidays, my kids ask after a week
ILLUSTRATION: BINAY SINHA
mentarian, and a persuader — not someone who thought he road outside,” says Ansari, who is the because this is the first time he has He has put in place intra-depart- when are we heading home.” Ansari
was born to rule. That is why he, today, is being mourned youngest brand director globally for been given the role of heading a mar- ment task forces to ensure that peo- plans to take his wife to his ancestral
across the political spectrum. As for his successor, the man the German luxury car maker. ket. It has not been an easy ride for ple are not working in silos and there one. For instance, public relations village in Ghazipur and club it with a
who he blamed for his loss? Well, Narendra Modi hopes he He tells me he stayed at the Trident Ansari though. Audi lost its position is exchange of information. “Some and marketing is now one depart- visit to Varanasi, Prime Minister
will be remembered as India’s greatest and most beloved Hotel in Mumbai’s Bandra Kurla as the biggest luxury car player in organisations work as a collection of ment. Product and pricing were ear- Narendra Modi’s constituency.
Prime Minister since Nehru. But right now, it looks he won’t Complex with his family in the early India in 2015 to Mercedes. The departments... sometimes inten- lier part of marketing but now they As we approach the end of the
even rise to Vajpayee’s level. weeks of his appointment as India decline could not be stemmed and tionally and sometimes uninten- come under sales. “I am challenging meal, I ask Ansari if he wishes to have
head in February 2017. “Some of the the brand slipped further to the third tionally. It is critical to allow flow of my head of departments to take up something for dessert. “I have gained
Email: mihir.s.sharma@gmail.com; Twitter: @mihirssharma staff members from the Delhi hotel position, behind Mercedes and information.” That apart, some new functions,” he adds. weight after losing it and I want to
had been shifted temporarily to BMW, in 2017. departments have been clubbed into Ansari says he plays the role of a lose again,” he says with a grin.
Celebrating a braveheart My tryst with Vajpayee

time activist and whistle-blower. compelled him to dig deeper into yet
“His first case was when he exposed another case of corruption. The village Amidst the hate stories that is the new the prime minister was expected to launch
the embezzlement of rations in the local headman had appointed his brother-in- normal we must not forget what so many at Vigyan Bhawan. I was given two passes
anganwadi,” narrated his son-in-law law and other relatives/friends as teach- newspapers have reminded us of these for the ceremony. My parents were visiting
Rajesh Ranjan when I recently met him in ers in the government school. They had few days — of former prime minister Atal at the time so my wife suggested I take my
Delhi. Next he took up the matter of cor- furnished fake degrees to secure the Bihari Vajpayee’s ride for armistice across father along instead of her. What with my
ruption in MNREGA and in school teacher posts. Singh filed an RTI query seeking the unbridgeable border in a bus that went father fussing over his morning ablutions
appointments. “Things really heated up information on these appointments, after bearing messiahs of peace. In that and our delayed arrival, we were ushered to
when he discovered that contraband con- which all these teachers were forced to moment, it was possible to believe that it our seats in the nick of time, missing the
fiscated by Sangrampur police, which resign. “By this time, he felt he could be was thinkable to still unite — as people if protocol briefing in the excitement.
included timber and three quintals of mar- killed any day,” said Ranjan. Finally, in not as countries. For his troubles, Vajpayee As far as I knew, the book was to be
PEOPLE LIKE THEM ijuana, had been misappropriated,” said
Ranjan. Singh refused to back down and
2017, Singh wrote to the DIG of
Muzaffarpur, detailing all the threats and
PEOPLE LIKE US was betrayed, but that faint beacon of hope
he lit must count among his great accom-
presented to the prime minister after his
speech — which, that day at least, did not
GEETANJALI KRISHNA withdraw his complaint in spite of, first attempts on his life. No police protection KISHORE SINGH plishments. It takes a tall leader to remind live up to its promised oratory — and he
polite intercessions, and when these did- was given. In fact, the police did not even us that the strong need not be bullies, that was to unwrap it for a photo-op. Nothing
n’t work, violent threats. “Instead of acting act on his letter. the weak must not be made cowards. more had been anticipated. Except, here
can’t get the photograph of Rajendra on his information, the police filed the “My father-in-law started living each y father was studying to be an Even if you don’t much care for poli- was the emcee extolling the editors to
I Singh out of my mind. He is laugh-

ing, proud moustache curled upwards
and eyes looking fearlessly at the camera.
counter case against him for impeding
government functioning,” said he. The
cases against him continue to pile up and
day as if it were his last,” Ranjan narrated.
“He stopped giving any family members
lifts on his bike, fearing our proximity to
M officer at the Indian Military
Academy when Independence
happened. Overnight, fellow cadets of a
tics, it felt good to have a prime minister
who was not a hypocrite, liked his prawns
as much as his sundowner, and was nev-
stand up in the auditorium and be
acknowledged. From the corner of my eye,
I saw my co-editor to the far left stand up
He looks like a man who isn’t afraid of often when he had no money to pay a him might endanger us,” he says adding different faith were removed and flown er apologetic for either. Much is made of respectfully. My father, hard of hearing,
anything, even death. And from all lawyer, he argued them himself in court. Singh began repaying all his debts, big across freshly denoted, bewildering bor- abstinence in India; Vajpayee taught us to seemed to have heard well enough and
accounts, that’s exactly what he was. Undeterred, Singh filed over 100 Right to and small. Ranjan recalled how Singh ders to a country newly named Pakistan celebrate life a little. He had a childlike propped me up, but the prime minister’s
Here’s his story. Information (RTI) applications and con- began calling his two daughters more fre- without being offered a choice of citizen- glee you sensed when you shook his attention seemed drawn to the side of my
Sixty-two-year-old Rajendra Singh tinued to discover and expose corruption. quently during this time. Each call felt ship. That was not true for their families, hand. Unlike the many who have written colleague. When the emcee called my
used to live in East Champaran, Bihar. Until June 2018, Singh had survived like a farewell. several of whom opted to stay “home” in so eloquently about him, my only trysts name again, Vajpayee said, “Arre, khade ho
Till 2010, he ran a petrol pump and lived three more assaults after that first mur- No one was surprised when Singh was India. Not only did friends become adver- with Vajpayee were at Rashtrapati jao bhai.” I waved to catch Vajpayee’s atten-
comfortably with his family. Things in derous. He was attacked with a knife, found shot and killed in broad daylight, saries, even families now had “enemies” Bhawan “at homes” when you nodded tion, who then promptly waved back. I
his village were, however, far from ideal almost run over by a jeep and then, bru- not far from the local police station. The within their fold — sons, brothers, across the barrier separating the VIPs was pulled up for the gaffe later by officials
and Singh used to raise his voice against tally assaulted with an axe. How many braveheart paid, not only the price for nephews — for no cause of their own. Over from the guests, or, once, exchanged who said decorum necessitated a polite
any case of corruption he came across. more murderous attacks could he sur- being a whistle-blower and anti-corrup- time, those families became strangers. greetings across the same barricade. namaste, nothing more, but I’m glad of
After he was beaten up and left for dead, vive, his family wondered? Ranjan said tion crusader, but also the price of belong- Seventy-one years later, to acknowledge a It was at a book release foisted into a that irreverent moment. I hope it offered
possibly by people he had threatened to that these experiences convinced Singh ing to a country that is yet to implement relative in Pakistan is to invite opprobrium chambers of industry event that I had my some little salve to my father for his
expose, Singh decided to become a full- that he would soon be dead. This only a law to protect people like him. or have your patriotism questioned. Vajpayee moment. I was co-editor of a book snatched fellow-cadet friends.
>
OPINION 9
Volume VI Number 3 ILLUSTRATION BY BINAY SINHA
flung in air power. Two MiGs were lost to shoulder-
MUMBAI | 18 AUGUST 2018 fired missiles on the next day. A third, a lumbering
Canberra on photo-reconnaissance took a missile hit
on one if its engines but was fortunately nursed back
WEEKEND RUMINATIONS to base safely. Nobody was prepared for this.
The phone rang in my hotel room in Mumbai ear-
T N NINAN ly, 6:30 am, and the caller said the prime minister
wanted to speak to me. He sounded concerned. “Yeh
Modi, Vajpayee and Macron kya kar raha hai mitr aapka,” (what is this friend of
yours doing?) he asked. He said everybody was taken
by surprise, how can mere Mujahideen have missiles,
I
and all this while Pakistan’s army chief was in China.
n his long Independence Day speech, the prime minister listed his govern-
So what the hell is going on, can you ask your friend?
ment’s many achievements, said he was impatient for change and asserted that I left a message at the usual number in Islamabad.
he had taken tough decisions during the last four-plus years. All of that is true The call came later that night. Nawaz Sharif sound-
even if the toughest of them all (demonetisation) was counter-productive. ed as perplexed as Vajpayee. “You can tell him I won’t
There can be no doubt that Narendra Modi has led a purposeful, energetic govern- betray him. I was told yesterday there were some rou-
ment that is not afraid to lay out ambitious targets and then try and achieve them.
That said, the sum total of its achievements is often overstated. After all, they have
not produced growth acceleration, and the investment rate has dipped, while the
undeniable improvements on other key macroeconomic variables (the fiscal deficit,
A peace parable tine clashes on the LoC and today they reported ‘air vio-
lations’,” he said. “I am also surprised,” he said, adding
he would want to engage with Vajpayee.
Vajpayee and Brajesh Mishra called me on my
for Imran Khan

return. They said “our people” had intercepted some
inflation and current account deficit), while creditable, owe a lot to lower oil prices. phone conversations between Gen. Musharraf and his
What Mr Modi has managed to do when it comes to programmes is to often rename, deputy, confirming that Kargil was purely a military
scale up and then talk up. While this points to an underlying continuum, on balance operation. Would I, therefore, go to Islamabad again on
the pretext of an interview and tell Nawaz Sharif about
the Modi government’s performance must be reckoned to be better than its imme-
the tapes. By this time, I was chastened. I can’t, and I
diate predecessor’s. What is regrettable is the reversal of the thrust of policy since 1991, An untold story of how Nawaz Sharif tried to make peace with Vajpayee but shouldn’t, I politely told them. The earlier interview
towards greater protectionism, as though that is a solution to the loss of export was tripped by Pakistan’s army. Imran faces the same hurdle 20 years on was a genuine scoop and the bus ride a collateral ben-
momentum and growing trade gap. efit. But this was going too far from journalism. They
he day Imran Khan takes oath as prime min- ing. Nawaz Sharif muttered the usual complaints with understood. They asked another editor, a former one,
T
In the week when Atal Bihari Vajpayee has passed away, it is worth recalling his
government’s economic initiatives, not to make comparisons or score points for ister of Pakistan — even as the 30th anniver- hidebound diplomats. I said, still in that light-hearted to do this. R K Mishra, then with the Observer Research
sary of Gen Zia-ul-Haq’s death is being exchange in Punjabi: Why don’t you announce the Foundation, made several trips to Islamabad. He even
one or the other prime minister but to jog one’s memory and reckon how much got
observed — should be ideal for me to tell bus in the interview and invite our prime minister to delivered to Nawaz Sharif the tapes of those inter-
done, when the Bharatiya Janata Party had only a third of the seats in the house (its this still mostly untold story of a dramatic attempt at Pakistan on the first bus? cepted conversations as evidence. My story, or extra-
coalition had a small majority with the help of outside support). The reform of indi- peace-making ever by the elected leaders of our two Nawaz Sharif liked that idea. But he asked: What if journalistic adventure, had ended.
rect taxation was kicked off, and has resulted now in the goods and services tax. There countries. One of the two leaders it involves passed I invited him and he declined? It will look really bad. I
away Thursday. The other is incarcerated in a brutal said I will check. ajpayee led India to victory in Kargil. He turned
was privatisation rather than just disinvestment, introduction of the fiscal responsi-
bility law, slashing of interest rates to kick off the economic boom of the last decade, Rawalpindi prison. Another part player in this saga is Which I did. Vajpayee too liked the idea. But he said
this writer. This week’s National Interest, therefore, is I should see him on my return and not publish it until
V the betrayal to his advantage and emerged with
unhandled stature. Nawaz Sharif, who was forced to
telecom reform that launched the sector, an ambitious highway programme, the issu-
also in the nature of a confession. then. In the interview at his Lahore home, often inter- sue for peace through President Bill Clinton, wasn’t so
ing of new private bank licences, and, of course, a major schools programme. Mian Nawaz Sharif won his sec- rupted by cricket when Sachin fortunate. This led to a breakdown in his relations
In terms of crisis management, there was the handling of sanctions imposed in ond term in 1997. Shortly after, the Tendulkar battled back-pain to play with his army, a coup within months, imprisonment
the wake of the nuclear tests of 1998, and making sure that the Indian economy did Atal Bihari Vajpayee-led NDA took his brilliant innings that almost won and a long exile. With this ended the most determined
not get caught in the swirls of the Asian crisis. The growth rates were not flattering, charge in India. India-Pakistan rela- the Chennai Test against Pakistan, effort by an elected Pakistani leader to take foreign and
partly because the system was suffering from after-effects of the 1994-97 boom (the tions went into deep freeze with Nawaz Sharif kept his promise. Start strategic, especially India, policies from the army. It is
Pokhran-2 and Pakistan’s tit-for-tat, the bus, he said, and invited Vajpayee unlikely that such an opportunity would arise again.
banking crisis then was worse than today’s), because of the dotcom bust, and because
in Chagai, in an ironical nuclear to be on it. He will ensure a welcome, Very improbable to see Imran Khan gathering the
of poor agricultural performance caused by two drought years and three other years jugalbandi. he said, that history will remember. courage to challenge his army-ISI establishment for
of sub-normal rains. By the last quarter of 1998, howev- Vajpayee asked me to hold it for a day. real power.
What is fair to say is that both prime ministers did less than what they could have. er, impatience was evident on both He wanted the interview to be pub- There are many lessons here for Pakistan’s new
Consider what the French president, Emmanuel Macron, has done in just 15 months: sides. Both leaders wanted a thaw but lished on the day he was landing ear- prime minister. First, trying to make peace with India
He has overhauled France’s tax system, slashed the fiscal deficit to its lowest point in there was too much mutual distrust NATIONAL INTEREST ly morning in Lucknow. He wanted to is risky, and definitely suicidal to do it over the gener-
within their “systems”. Even the sug- ensure a reporter ask him a question als’ head. Second, that no elected prime minister in
a decade, reduced the size of public debt in relation to gross domestic product (GDP), gestion of a Delhi-Lahore bus service SHEKHAR GUPTA on Nawaz Sharif’s invitation. Which, Pakistan has been allowed by the same Establishment
made the labour market more flexible, rendered life easier for small and medium was entangled in bureaucratic quib- he said, he would publicly accept to complete a full term yet. And third, that every elect-
enterprises, and launched a privatisation programme whose proceeds will go into an bling. It was then, in early winter, that a letter from before the MEA came up with its usual doubts. ed prime minister has ended up being exiled, jailed,
innovation fund. Next he intends to take on pension reform (some railway workers Pakistan arrived in my mail. The rest is well-recorded history. The visit hap- killed, or, as in the case of Benazir Bhutto, all three.
can retire at 52 and get a generous pension), introduce merit-based pay and more fixed- Postmarks showed that the envelope, marked pened soon after too much drama. There were some Imran has taken risks in life: In cricket, relation-
term work contracts in the government, reduce the size of the bureaucracy, and invest “from the Prime Minister of Pakistan”, had been in discordant notes, particularly with Pakistan Army ships, marriage and politics. But the basic power
transit for several weeks. It also hadn’t travelled well, Chief Gen Pervez Musharraf refusing to salute him in equation in his country hasn’t changed. If anything,
more in both education and skill development. which was understandable. It had possibly been welcome. Vajpayee walked up the steps of Minar-e- it has reversed whatever democratic easing may have
Some of these steps have evoked sharp criticism from the left, others from the steamed open and re-sealed by many competing Pakistan to say a stable and prosperous Pakistan was taken place in the past decade. If at all he tries to
right, and the results may not measure up soon — growth is still slow, and unem- “agencies” which are unlikely to have seen a letter in India’s best interests. History, it seemed, was being make peace, it will be because his army told him to do
ployment high. Inevitably, Mr Macron’s popularity has suffered. He has been called from a prime minister of Pakistan in ordinary mail made. It was heady to have been part of it. Somebody so, not in its defiance.
the equivalent of a “suit-boot sarkar” but he is determined to reduce the massive size before. It was harmless: Just a warm, if belated, today might say that the interview was “fixed”. If so, it And even if new beginnings were to be made, I will
response to a note from me months earlier asking for was to good purpose. It was also a terrific newsbreak. never again be drawn in! It’s tempting, but tricky. Even
of the country’s public sector (public sector wages account for a stupendous 13 per
an interview. if it might be a fine story to tell later. There are four rea-
cent of GDP), make the economy more efficient, use tax changes to attract more I called back Nawaz Sharif and asked if I could vis- he story doesn’t end yet. While the two prime min- sons I decided to tell it now: Vajpayee’s departure,
investment from overseas, and lay the ground for faster growth. Like Mr Modi, he is
considered high-handed and arrogant, and he too gives few interviews, but it is
it Pakistan for the interview. There was some banter. I T isters were having their peace fest, unknown to
asked what was the point of interviews if our prime both of them, the Pakistan army was infiltrating miles
Nawaz Sharif’s imprisonment, Imran’s swearing-in
and, most important, that 20 years have passed since.
obvious that he is the country boss making more and bigger moves than others. ministers could not get anything moving. Forget big across a wide frontier in Kargil and digging in. By mid-
things, I said, you people can’t even get that bus mov- May, the first clashes took place. On May 26, India By Special Arrangement with ThePrint
Vajpayee’s biggest error as PM R-E-S-P-E-C-T

A year or so later, I developed a genuine
fondness and feeling of brotherhood for
Operation Brasstacks nearly took us to the
brink of war with our western neighbour.
not dare raise the tempo of the conflict
because of Pakistan’s nuclear umbrella.
EYE CULTURE on the Voice of America. It was only
thanks to Harmony House, a treasure
him. While he was External Affairs The Defence Research and Pakistan's strategists also assumed, cor- KANIKA DATTA trove of all western music on
Minister for the Janata government, he Development Organisation (or DRDO) rectly as it happens, that the prospect of Chowringhee Road in what was then
declared, in a context that I don’t recall, wanted to carry out tests to prove thermo- nuclear conflict would lead to intense very time I heard Britney Spears Calcutta, that I first heard Aretha on a
that he was a bachelor but not a brah-
machari. Once again, that gelled perfect-
ly with my personal philosophy.
nuclear capability — that is, the ability to
build what is commonly called a “hydro-
gen bomb”. A hydrogen bomb is a tricky
diplomatic pressure that would prevent
India from hitting back offensively.
Would Pakistan have dared Kargil if it
E sing I used to think of Sister Celine,
the singing teacher at school. Not
that there is the slightest resemblance
vinyl album called This is Soul, and was
transfixed by the range and virtuosity of
her voice (Otis Redding was the other
My feelings about him became more two-in-one device. It requires precise had not gone explicitly nuclear earlier? between the two. But I often thought that great discovery).
nuanced in 1992 when the Masjid was design and timing to set off a fission explo- Would diplomatic pressure to end the if she had ever watched one of the svelte By the eighties, Calcutta was in termi-
brought down. No, he wasn’t the chief sion (an atom bomb) to trigger a fusion conflict have tied India's hands if both Ms Spears’ performances, Sister Celine, nal decline as a cosmopolitan cultural
VIEWPOINT instigator. But he gave that marvellous
speech the day before. Taken out of con-
reaction (a hydrogen bomb). Every nation
with demonstrable thermo-nuclear capa-
nations had remained in a "don't ask,
don't tell " mode? If India had an extra
dumpy and with an incipient moustache,
would have fainted away with shock.
centre, and the chance of hearing more of
Aretha were slim. Machine pop and rock
DEVANGSHU DATTA text, it was a feat of oratory. Even Bengali bility has got it wrong multiple times week to escalate, or the luxury of threat- Suggestive lyrics and outrédancing would and rap dominated the western music
chauvinists like yours truly had to admit before actually succeeding. It was odds ening to open a second front, it may just have been but part of her pain: The poor scene, some of it good, and for jazz you
y personal acquaintance with that it was possible to say things elegantly on that India would also not succeed in have prevented Kargil happening at all. quality of the music superstar’s voice went to screenings organised by the Am-
M Atal Bihari Vajpayee was nil. The

closest we ever came to a one-
on-one contact was approximately 40
in North Indian dialects. In context, well,
a lot of people killed each other.
I have never been able to get my head
the first shot and it was hard to see what
such a demonstration would prove in
geopolitical terms.
And without Kargil, Agra, Kandahar and
the attack on Parliament may not have
happened either.
would have been no less distressing.
‘Sing from the roof of your mouth,
dears,’ she would exhort us, and, by way of
erican Centre (bless their generous hearts).
Then came economic liberalisation,
and with it the access to foreign music
years ago, when he was the chief guest at around Pokhran II and the events that By all accounts, P V Narasimha Rao These are imponderables. What is cer- example, effortlessly produce the pure, CDs. Among my earliest buys was Aretha’s
a semi-formal dinner at the Administrative occurred organically after that. The Lahore had come within an ace of giving the go- tain is that India paid a large opportunity high notes that were audible right at the Greatest Hits, with her stunning opening
Staff College, Hyderabad. I was refilling meeting — Kargil — Agra — Kandahar ahead for the tests. Vajpayee did give the cost. Sanctions retarded economic growth back of the big school hall. It is clear that rendition of Think. The album turned out
the ice-buckets. and the attack on Parliament followed go-ahead as we know. The consensus of then and have since forced all sorts of tor- Ms Spears did not follow this or any oth- to be a great buy because it covered the full
That was in the late 1970s when I was seamlessly. I believe India should have opinion is that India did not manage to tuous diplomatic manoeuvring to source er meaningful voice technique, a weak- range of Aretha’s career. The gospel tones
a callow teenager. I was happy to see him stayed away from any public demonstra- trigger fusion — the seismic signatures nuclear fuel. India has spent years strug- ness that pitch correction software masks on which she honed her style in her
tucking into the excellent biryani with tion of its nuclear capability and that this clearly indicate that didn't happen. gling to develop cryogenic engines and as much as the extravagant visual pro- father’s church had evolved — she yoked
gusto after he had swallowed a couple of was Vajpayee’s biggest error. What Pokhran II did trigger was tit-for- other dual-use technologies. And, all for a ductions that accompanies her songs. her distinctive sound to disco, straight
stiff ones. I knew little of politics but I By 1998, both India and Pakistan were tat tests by Pakistan, and international failed test, which offered no obvious pay- It is unlikely that Sister Celine would pop and even rock, and somehow made it
dimly felt that anybody who enjoyed his assumed to be nuclear powers by every- sanctions. A year down the line, Pakistan off even if it had succeeded. have heard of Aretha Franklin, who died work. Listen to I Knew You Were Waiting
meat and drink as much as Vajpayee did, body. Indeed, this was tacitly assumed as opted for the Kargil infiltration. Part of on August 16 at age 76. The closest this (For Me), her 1986 duet with Wham’s
couldn’t be all bad. early as 1986-87, when the war-gaming of Pakistan's calculation was that India would Twitter: @devangshudatta puritan, curmudgeonly nun with the George Michael, to understand the versa-
voice of an angel came to following “pop- tility of her talent.
ular music” was Doris Day’s Que Sera Sera I now learn that Aretha was a careful
from The Man Who Knew Too Much and and exacting music arranger as well.
A genuinely good man Debbie Reynolds in The Singing Nun.

As a member of one of the most con-
servative Catholic orders of Europe, it is
unlikely, too, that Sister Celine would have
Those abilities on the album are on full
display in Bridge over Troubled Waters,
the harmony with her background singers
transforming the Simon & Garfunkel hit
current lot does. He never spoke nal opposition — and there was prism of elections. Winning was had moved out of the ruling approved of Aretha’s religious affiliation to ballad into a goosebump-inducing hymn.
of the Hindus as if they were a plenty of it — unlike Rajiv he important, of course, as it alliance, can forget the stunned the Baptist church or her free-wheeling At Barack Obama's inauguration, the first
persecuted minority whose was able to keep the flock should be. But not at any cost, as silence that followed when the lifestyle (she had her first child at age 13, time I had heard her “live”, her powerful
cause had to be promoted by together. Certainly, no one it has now become. result of the vote was declared. and many followed, mostly out of wed- performance of Mr Country, Tis of Thee,
persecuting the real minorities. deserted him the way V P Singh When he was in office many It was Vajpayee’s tragedy that lock), even though she started out as a sung in sub-zero temperatures, more than
Raj dharma to him meant some- deserted Rajiv to launch a full in his party despised him for his he was voted out a third time, gospel singer. made up for the bizarre headgear she had
thing else altogether. frontal assault on him. avuncular approach. One min- this time not by politicians in But what if Sister Celine had heard chosen for the ceremony.
Nor was he Machiavellian or Like Manmohan Singh, he ister always referred to him as Parliament but the people in the Aretha sing? Most of all, Aretha, who performed
cynical in the way his friend P V also believed in speaking very “voh Buddha”. In this respect he general election of 2004. It was I’d like to think she would have strong- her last concert in November last year,
LINE AND LENGTH Narasimha Rao was, or lacking
in courage like him. There was
little, even to his colleagues and
officers. But there the similarity
was like Rao, who, too, was spo-
ken of with derision by some of
an absurd result, as absurd as the
defeat by one vote in 1999. It still
ly approved.
To say Aretha ticked all the boxes
didn’t really bother about the things that
worry performers nowadays. She followed
T C A SRINIVASA-RAGHAVAN no bribing of MPs when he was stops because he had a better his ministers. baffles the mind. when it came to voice technique — the use her political convictions with unswerv-
prime minister. And, when he sense of right and wrong. Unlike Rao, however, he did- Vajpayee withdrew from of the ab muscles, the delivery through ing certainty. She also battled a weight
felt it was necessary, he went Certainly, self-interest did not n’t feel the need to become pres- active politics voluntarily. Then “the roof of the mouth,” the flexibility that problem all her life, but her expanding
rime ministers always ahead with Pokhran II, unlike occlude everything else. ident of his party. He left that job he fell ill. His rival took over and comes with regularly singing scales — is waistline did not detract from her fan fol-
P seem wonderful when the

term “former” is added
before their title. Even Indira
Rao, who allowed himself to be
bullied by the US.
We don’t know what he
Nor did he feel beholden to
anyone in the way Dr Singh did.
That caused some friction
to others. Such inner confidence
is rare in politics. (Mr Modi, too,
has left the party to Amit Shah
could not win the general elec-
tion of 2009. Nor could he out-
wit the challenger who
like calling Cristiano Ronaldo an efficient
footballer.
Regretfully, I discovered Aretha only in
lowing or her talent. Towards her later
years, she came on stage, massive and
magnificent, and showed everyone what
Gandhi, who caused so much would have done had the dem- between him and the RSS but he but Mr Shah is not a rival in any appeared in 2013. the late seventies, long after she had made real singing was all about. No dancing,
harm to India, some of it perma- olition of Babri Masjid hap- was able to manage it without sense of the word). Vajpayee was responsible for Respect the anthem of both the civil rights calisthenics, special effects or pitch cor-
nent, has been held up as an pened when he was in office. lowering the dignity of the office. Few prime ministers have creating the challenger when he and feminist movements in America and rectors for her.
exemplar by persons who were But given his resolve when Unlike Narendra Modi, he faced the kind of political vicis- made him chief minister of had taken the world by storm with her ren- In April, a clip doing the rounds on
harmed by her. faced with crises, it seems fair to was not a particularly hard work- situdes as Vajpayee faced. The Gujarat in 2001. Under that chal- dition of A Natural Woman. She was already YouTube had Britney Spears singing
Atal Bihari Vajpayee, who suggest that he would have er. The idea of working 15-17 first time that he became prime lenger, who has gone on to the acknowledged Queen of Soul, the genre Think. True, it’s a rough cut and without
passed away on Thursday isn’t done his utmost to prevent it. hours a day appeared ridiculous minister in 1996, he was voted become prime minister, the par- of African-African music that links the backing music or vocals, but it gives you a
an exception to this general rule. He may have failed to prevent to him. This left him with more out in Parliament in just 13 days. ty that Vajpayee created and nur- sounds of Motown with gospel overtones. good idea of her “natural” voice. Let’s just
But unlike many others he the demolition but at least he time to reflect on what really He lasted a bit longer the sec- tured so lovingly has been trans- Since soul is neither pop, rock or jazz, say it’s good neither Sister Celine nor
was a genuinely good man. You would have tried. mattered rather than relentless- ond time but was voted out again formed completely. Aretha didn’t figure on All India Radio’s Aretha got to hear it.
felt safe with him. Compared to Unlike Rajiv Gandhi, he was ly pursue targets. His was not a — this time by a single vote. No Vajpayee would not have “Musical Bandbox” or “Lunch Time
the present leadership of the BJP not a newcomer to politics when municipal mind. one who watched that no-confi- approved either of the way it now Variety”, the two principal sources of my Every week, Eye Culture features writers with
he was a softie, a man who had a he became prime minister. So Certainly, he didn’t see dence motion, which was functions or of the thoughts that knowledge of western contemporary an entertaining critical take on art, music,
better sense of India than the when he was faced with inter- everything from the single brought because the AIADMK it entertains in its mind. music, or in Willis Conover’s “Jazz Hour” dance, film and sport
10 WORLD
>
IN BRIEF
ROW OVER GOOGLE'S CENSORED SEARCH ENGINE SpaceX could help
Lira slides 5% as Turkey court
rejects pastor’s plea for release
Battered lira weakened 5 per cent on Friday after a
China plans ‘exploratory’, fund take-private
deal for Tesla
Turkey court rejected an American pastor's appeal for
release, drawing a rebuke from President Donald
Trump who said the US would not take the detention
“sitting down”. The case of Andrew Brunson
(pictured), an evangelical Christian missionary from
Pichai to staff after protest REUTERS
Bengaluru/Milwaukee, 17 August
North Carolina who has lived in Turkey for two decades, has become a BLOOMBERG primarily drove. Google’s cloud division is Elon Musk’s rocket company,
flashpoint of tension between Washington and Ankara and has San Francisco, 17 August “I GENUINELY DO also in talks with multiple Chinese compa- SpaceX, could help fund a bid
accelerated a currency crisis that has richocheted through global BELIEVE WE HAVE A nies about partnerships in the country as to take electric car company
financial markets. The lira has lost nearly 40 per cent of its value oogle Chief Executive Officer POSITIVE IMPACT the internet search giant seeks ways to get Tesla private, The New York
against the dollar this year, sparking a sell-off in emerging market
currencies. The crisis has been precipitated by investor alarm about
President Tayyip Erdogan's influence over monetary policy. REUTERS<
G Sundar Pichai told employees at a
meeting that plans to re-enter China
with a search engine are “exploratory” and
WHEN WE ENGAGE
AROUND THE
WORLD AND I DON'T
back into the world’s second-biggest econ-
omy, Bloomberg News has reported.
The first two questions from staff mem-
Times reported on Thursday,
quoting people familiar with
the matter.
in “early stages,” addressing a topic that has bers at Google’s Thursday meeting were Musk startled Wall Street
SEE ANY REASON
exploded with controversy. Google co-
WHY THAT WOULD about Dragonfly. After those discussions, a last week when he said in a Tesla sinks as
founder Sergey Brin also spoke to the staff company official suggested changing the tweet he was considering tak-
Imran Khan wins Trump wants SEC to Thursday at the company’s all-hands meet- BE DIFFERENT IN topic because the executives’ comments ing the auto company private Musk says none
lawmaker vote to study half-year ing, saying that Google isn’t compromis- CHINA” were already being leaked online, one of for $420 per share and that reviewed tweet
become PM company earnings ing its principles.
SUNDAR PICHAI the people said. “Our stated mission is to funding was “secured.” He has
The accounts came from two people
CEO, GOOGLE
organize the world’s information,” Pichai since said he is searching for Tesla’s shares slumped 8
Imran Khan won a lawmaker President Donald Trump said familiar with the discussion at the meet- said, according to the transcript. “China is funds for the effort. per cent on Friday after
vote on Friday to secure he’s asked the Securities and ing of the Alphabet unit. They asked not to one-fifth of the world’s population. I think Musk said on Monday that Chief Executive Elon Musk
Pakistan’s premiership, Exchange Commission to study be identified talking about private matters. if we were to do our mission well, I think the manager of Saudi Arabia’s (pictured) told The New
promising to probe the nation’s ending quarterly reporting for US Google didn’t respond to requests for com- we have to think seriously about how we sovereign wealth fund had YorkTimes his tweet about
soaring debt and start a businesses in order to ease ment. The discussion at the all-hands meet- do more in China.” voiced support for the compa- taking the firm private
“ruthless accountability” regulations and spur growth."In ing was the first time Google executives More than 1,000 Google employees ny going private several times, was not reviewed by
program. Khan was elected as speaking with some of the addressed the company’s plans for a possi- signed an internal petition that said the including as recently as two anybody, and a brokerage
prime minister by 176 votes world’s top business leaders I ble return to China. Dragonfly project raised “urgent moral and weeks ago, but also said that raised doubts about the
compared to the 96 of his asked what it is that would make “We are not close to launching a search oping a project, called Dragonfly, to launch ethical issues,” according to a copy viewed talks continue with the fund profitability of the electric
opposition rival Shehbaz Sharif business (jobs) even better in the product in China,” Pichai said, according to a mobile search app that would censor by Bloomberg News. “I genuinely do believe and other investors. carmaker's Model 3 sedan.
of the Pakistan Muslim League- US ‘Stop quarterly reporting & go a transcript of the meeting provided to results in compliance with the Chinese gov- we have a positive impact when we engage The New York Times report Musk shocked markets last
Nawaz. The 65 year old became to a six month system,’ said one. Bloomberg. “And whether we would do so ernment. Google pulled its servers from around the world and I don’t see any reason said another possibility under week with a tweet that he
certain after the PPP abstained That would allow greater or could so is all very unclear. ” Reports sur- mainland China in 2010 over concerns with why that would be different in China,” consideration is that SpaceX was considering taking
from the vote and declined to flexibility & save money. I have faced two weeks ago that Google was devel- government censorship, a decision Brin Pichai said. would help bankroll the Tesla Tesla private for $420 and
back Sharif’s candidacy. asked the SEC to study!" Trump privatization and would take that he had secured
BLOOMBERG< tweeted. BLOOMBERG< an ownership stake in the car- funding.The paper also
maker, according to people reported that efforts were
Greece to exit bailout, still faces hurdles familiar with the matter.
Musk is the CEO and con-
underway to find a No. 2
executive to help take
Maersk to spin off REUTERS

Athens, 17 August
it that funded a splurge in pri- to normality and reclaiming its
vate consumption and public economic sovereignty, the scars
is slowly coming down — to
19.5 per cent from a peak of
trolling shareholder of the
rocket company.
Tesla and SpaceX did not
some of the pressure off
Musk, after his tweet drew
attention from US
offshore drilling Greece exits the last of its three
spending that sent Greece’s remain - banks are saddled with
budget and current deficits bal- huge bad loan portfolios and
almost 28 per cent.
“If there is a lesson that we
respond when
requested comment on the
Reuters regulators and angered the
company's board. REUTERS
bailouts on August 20 and looning. Greece’s public debt learned from the crisis it is that, matter.
REUTERS in Total. It sold stock worth hopes to be able to borrow again Since the debt cri- Greece, which load is still the high- under any circumstances, you In a wide-ranging and emo-
Copenhagen, 17 August $1.2 billion in July, leaving it in international markets after a sis exploded in early exits last of the est in the euro zone, must try to protect macroeco- tional interview with The New excruciating.” The loss-mak-
with 78.3 million Total shares, nearly nine-year debt crisis that 2010, four successive three bailouts on at 180 per cent of nomic stability,” said Panos York Times published late on ing company has been trying
Danish shipping company Maersk said. Total has a mar- shrank the economy by a quar- governments have August 20, has national output. Tsakloglou, chief economist of Thursday, Musk, Tesla’s chief to hit production targets, but
A.P. Moller-Maersk said on ket capitalisation of ^137 bil- ter and forced it to implement fought to keep bank- received ^260 bn But sunshine is the previous coalition govern- executive, described the diffi- the tweet by Musk opened up a
Friday it would spin off its off- lion ($156 billion), Thomson painful austerity measures. ruptcy at bay, relying from eurozone breaking through ment. “Populist policies that culties over the last year for slew of new problems includ-
shore drilling operation and Reuters data shows. The crisis has proven deeply on the biggest bailout partners and the the clouds. The may win some votes today and him as the company has tried ing government scrutiny and
list it in Copenhagen next Following the demerger of traumatic for Greeks who had in economic history, IMF since 2010 economy, which have disastrous effects some to overcome manufacturing lawsuits. The New York Times
year as it focuses entirely on Maersk Drilling, a “material enthusiastically swapped more than ^260 bil- shrank by 26 per years down the road must be issues with the Model 3 sedan. report said efforts are under-
transport and logistics. The part” of its remaining shares drachmas for euros in 2001. lion lent by Greece’s euro zone cent in the crisis years, has avoided at all costs. Otherwise, “This past year has been the way to find a No. 2 executive to
Danish company, which cut in Total will be distributed to Adoption of the single currency partners and the IMF. started to grow, tourism is sooner or later we will end up in most difficult and painful year help take some of the pressure
its full-year profit outlook this shareholders, Maersk said. ushered in an era of cheap cred- As Athens now eyes a return booming and unemployment the situation we are in now.” of my career,” he said. “It was off Musk.
month, last year sold Maersk Maersk shares were up by
Oil to French oil major Total three per cent at 12.57 PM IST
in a $7.5 billion deal as part of after opening up more than
its restructuring.
Soren Skou, who became
chief executive of Maersk in
4.5 per cent, while Total was
little changed. Maersk said
that having evaluated differ-
‘Hacky hack hack’: Australia teen breaches Apple’s secure web
2016, has embarked on a ent options for the drilling PTI/AFP ful data processing system — from contained it, and reported the inci- Federal Police, The Age reported.
major restructuring to con- unit it had “concluded that Sydney, 17 August his home in the suburbs of dent to law enforcement”. The federal police said it could
centrate on its transport and Maersk Drilling as a stand- Melbourne and downloaded 90GB The firm, which earlier this not comment on the case as it is still
logistics businesses and sep- alone company presents the A schoolboy who “dreamed” of of secure files, The Age reported late month became the first private-sec- before the court. The Age said police
arate its energy operations. most optimal and long-term working for Apple hacked the firm’s yesterday. The boy, then aged 16, tor company to surpass USD 1 tril- raided the boy’s home last year and
The CEO used to head prospects for its sharehold- computer systems, Australian accessed the system multiple times lion in market value, said it wanted found hacking files and instructions
Maersk’s container business ers”. The Danish firm also said media has reported, although the over a year as he was a fan of Apple “to assure our customers that at no saved in a folder called “hacky hack
and is a long-time veteran of it had secured debt financing tech giant said on Friday no cus- and had “dreamed of” working for point during this incident was their hack”. “Two Apple laptops were
the Danish firm. As part of of $1.5 billion from a consor- tomer data was compromised. the US firm, the newspaper said, cit- personal data compromised”. seized and the serial numbers
the sale of the oil unit, Maersk tium of international banks A schoolboy broke into Apple’s The Children’s Court of Victoria ing his lawyer. Apple said in a state- An international investigation matched the serial numbers of the
in March took a 3.7 per cent “to ensure a strong capital mainframe and downloaded 90GB was told the teenager broke into ment on Friday that its teams “dis- was launched after the discovery devices which accessed the internal
stake, or 97.5 million shares, structure after a listing”. of secured files PHOTO: ISTOCK Apple’s mainframe — a large, power- covered the unauthorised access, involving the FBI and the Australian systems,” a prosecutor said.
STOCKS
> STOCK
IN THE > Novartis India > Hindustan Unilever > RITES
NEWS Trading volume jumps

five times
Hits new high, up 52
per cent from
Hits new high, up 68
per cent from issue OF THE DAY
52-week low price at ~185 Mahindra & Mahindra :
~725.65 PREVIOUS CLOSE ~1,735.20 PREVIOUS CLOSE ~284.85 PREVIOUS CLOSE Stock hits new life-time high
~781.30 CLOSE ~1,780.80 CLOSE ~310.00 CLOSE at ~968.35, up 58 per cent
7.67% UP 2.63% UP 8.83% UP from 52-week low
>
NIFTY 50 ADVANCES/DECLINE
Company Close (~) % Wt PE Company Close (~) % Wt PE
F&0 SNAPSHOT DAY’S TOP GAINERS DAY’S TOP LOSERS
17 Aug ’18 Chg (%) Con Std 17 Aug ’18 Chg (%) Con Std Futures Cash Premium Futures Cash Discount
price price (%) price price (%) Company Day’s high Close % chg* 3mth high 52 wk high Company Day’s low Close % chg* 3mth low 52 wk low
Adani Ports 374.1 1.0 0.6 21.4 34.2 IOC 159.6 0.7 1.4 6.8 6.6
Asian Paints 1400.7 0.4 1.3 60.3 66.0 MOST BULLISH MOST BEARISH Edelweiss Finan 299.8 297.7 8.2 342.0 342.0 Federal Bank 86.0 86.4 -3.7 73.6 73.6
ITC 313.8 2.0 8.0 33.4 33.4
Axis Bank 627.3 0.6 2.5 353.4 - Dalmia Bhar 2715.0 2701.1 6.7 2799.9 3349.0 Repco Home 582.3 587.3 -2.6 527.0 515.0
Kotak Mah Bank 1263.3 1.4 3.5 37.5 57.4 Adani Power 31.6 31.3 1.3 PTC India 80.1 83.5 -4.1
Bajaj Auto 2661.4 -0.2 0.8 17.4 18.1 PNB Hou Fin 1370.7 1330.4 5.4 1370.7 1715.3 Balkrishna I 1359.4 1368.0 -1.9 1014.7 720.0
L&T 1240.2 0.7 3.6 20.6 30.3 Godfrey Ph 846.8 840.4 0.8 MCX 842.9 855.0 -1.4
Bajaj Fin 2851.2 -0.2 1.5 61.6 57.2 India Cement 118.7 117.7 5.1 136.0 205.9 Manapp Finance 100.0 101.0 -1.7 96.0 83.5
Lupin 881.3 3.7 0.4 390.0 28.1 SREI Infra Fin 48.9 48.6 0.7 Hind Zinc 274.0 277.4 -1.2
Bajaj Finsrv 7097.4 0.3 1.0 33.1 786.9 Cadila Healt 358.9 356.8 5.0 422.0 519.9 Muthoot Finance 401.5 405.2 -1.7 370.0 360.0
Mah & Mah 961.5 1.1 2.0 15.0 24.8 Suzlon Energy 7.3 7.3 0.7 IOC 157.7 159.6 -1.2
Bharti Airtel 371.4 -0.2 1.0 72.6 - Rain Inds 229.5 229.5 5.0 255.4 475.5 GAIL 384.6 387.3 -1.6 298.7 279.4
Maruti Suzuki 9152.1 -0.5 2.5 35.1 34.0 IBN18 Broadcast 48.8 48.5 0.6 Nat Alum 68.2 68.8 -0.9
Bharti Infratel 282.6 0.7 0.5 21.2 20.6 Bank of India 94.0 93.3 4.9 108.7 216.7 NBCC 73.1 74.3 -1.3 60.8 60.8
NTPC 158.0 -0.3 1.0 12.4 12.6
BPCL 377.6 -0.2 0.8 8.4 8.7 Grasim Ind 1049.8 1044.2 4.5 1086.0 1299.9 Torrent Pwer 227.0 228.1 -1.2 212.2 206.2
ONGC 163.1 -0.9 1.4 8.0 9.4 BSE NSE
Cipla
Coal India
646.9
281.4
-0.2
-0.5
0.7
0.8
36.2 32.6
20.7 18.7
Power Grid 187.1 -0.3 0.9 11.9 11.6 Index Stock Index Stock PUT-CALL RATIO IDFC
Shree Cement
52.4
17870.1
52.1
17717.3
4.4
4.2
53.0
18222.0
68.0
19842.3
Maha Gas
Hero MotoCorp
914.0
3235.3
917.3
3248.6
-1.2
-1.1
774.0
3037.1
774.0
3037.1
Reliance Ind 1203.8 0.2 8.5 20.9 22.3 FUTURE Strides Pharma 453.2 449.4 4.1 507.1 1040.8 Graphite 1090.4 1095.9 -1.0 722.6 240.9
Dr Reddys 2364.2 0.5 0.6 28.9 43.5 (Open Interest in Mn) Put Call PC Ratio
SBI 302.1 3.2 2.4 - - Contracts - - 164921 774597 Granules 111.5 110.9 4.1 111.5 150.5 Biocon 589.3 592.1 -0.8 543.8 320.0
Eicher Motor 28476.2 -1.1 0.8 37.4 42.9 Market 654.0 1208.4 0.5
Sun Pharma 623.5 0.6 1.4 37.0 142.0 Open Int.(000) - - 35085 5280939 Torrent Phar 1774.3 1766.7 4.0 1774.3 1774.3 Tata Comm 550.0 553.2 -0.8 534.4 534.4
GAIL 387.7 -1.5 0.9 18.2 18.0
Tata Motors 258.3 2.8 1.0 18.5 129.4 Shares(In Mn) - - 10.0 1946.3 Top 5 PC Ratio Bottom 5 PC Ratio Apollo Hosp 1207.0 1184.7 3.9 1207.0 1262.0 MindTree 1013.5 1029.5 -0.7 907.5 439.2
Grasim Ind 1045.9 4.6 0.9 17.9 33.3
Tata Steel 580.2 2.2 0.9 3.5 10.9 Value(~Mn) - - 159940 549182
HCL Techno 1003.1 0.6 1.2 15.6 18.4 Godfrey Ph 2.0 Nestle India 0.0
HDFC 1885.7 -0.3 6.6 19.6 24.9 TCS 2012.8 0.2 4.5 28.2 30.0 OPTIONS
Dish TV 1.5 V Guard Inds 0.1 * Ranked on the basis of percentage gain/loss on previous close
HDFC Bank 2077.4 0.1 9.3 30.4 30.9 Tech Mahindra 687.7 2.8 0.9 17.3 16.4 Contracts - - 4150778 733418
Titan Company 941.6 2.4 0.8 75.9 67.1 Axis Bank 1.5 Bosch 0.1
Open Int.(000) - - 115971 1746378
Hero MotoCorp
Hindalco
3242.3
219.7
-1.2
1.7
0.9
0.7
17.4 17.5
8.1 31.6 UltraTech 4285.7 1.7 0.9 60.2 60.7 Shares(In Mn) - - 218.9 1597.2
InterGlobe Avia 1.3 Containr Crp 0.1 MOST TRADED TOP M-CAP TRENDS
Adani Enter 1.3 Siemens 0.1
HPCL 267.6 0.5 0.8 5.6 5.7 UPL 616.8 1.2 0.5 15.2 51.7 Value(~Mn) - - 4261446 558167 Value Volume Rank Company Mcap (~ billion) Company % change Company % change
HUL 1784.8 2.7 2.6 73.9 70.5 Vedanta 215.2 3.1 0.8 5.8 10.9 BSE+NSE BSE+NSE
(~ million) (Mn shrs)
1 TCS 7702.6 BS200 Mishtann Fo 40.3
ICICI Bank 340.0 1.7 4.5 28.4 47.5 Wipro 280.1 0.2 0.7 15.8 16.6
Indiabulls Hous 1266.9 0.6 0.9 13.1 14.2 Yes Bank 393.2 3.9 1.5 21.4 20.1 ACTIVE CALLS ACTIVE PUTS Sun Pharma 9460.3 15.1
2 Reliance Ind 7627.0
UP 7 DAYS Switchng Tch 40.3
3 HDFC Bank 5630.0 DOWN 7 DAYS
IndusInd Bank 1990.4 0.3 2.1 - 31.4 Zee Enter 503.5 0.6 0.6 32.9 28.4 Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg DOWN
Infosys 1430.4 0.1 5.6 19.3 19.2 Nifty 50 11470.8 0.8 100.0 21.1 23.8 MARKET OVERVIEW Date Price Qty Interest (OI) Date Price Qty Interest (OI)
Axis Bank
ICICI Bank
8830.6
8473.7
14.1
24.9
4
5
HUL
ITC
3854.7
3835.2 UP 3 DAYS HB Portfolio -35.1
INDEX PE Shrs Trds 1 Yr Index Index Rain Inds 15.7 Optiemus Infr -30.1
ITC 8338.1 26.6 6 HDFC 3184.6
AGGREGATES C/S Mn ‘000 Adv Dec return
S&P BSE SENSEX STOCKS Sensex 22.2/25.3 10.3 135 21 10 19.3
Nifty
Nifty Bank
30/08/18
23/08/18
11500
28200
14.5
9.2
3.7
0.3
-19.7
25.8
Nifty
Nifty
30/08/18
30/08/18
11400
11300
12.5
8.4
4.0
4.2
30.2
4.3
SBI 6963.3 23.3 7 Infosys 3126.2 Apollo Hosp 11.0 Shreyas Ship
Ausom Enter
-26.7
-24.1
8 Maruti Suzuki 2763.5 Sun Pharma 10.8
Adani Ports 374.0 1.1 0.7 21.4 34.1 Mah & Mah 961.0 1.2 2.4 15.0 24.7 Nifty 50 21.1/23.8 242.0 3836 36 14 15.8 Nifty 30/08/18 11600 8.9 3.6 13.8 Nifty 30/08/18 11500 7.8 2.0 48.3 Yes Bank 6577.6 16.9 Niraj Cem -22.5
9 SBI 2695.2 India Cement 8.9
Asian Paints 1399.8 0.5 1.6 60.3 65.9 Maruti Suzuki 9148.3 -0.6 3.0 35.1 33.9 Nifty Bank 23/08/18 28300 7.3 0.3 70.7 Nifty Bank 23/08/18 28000 7.4 0.6 213.5 Tata Steel 5495.9 9.5 10 Kotak Mah Bank 2407.6 SKIL Infras -22.0
Indiabulls Vent 8.8
Axis Bank 627.1 0.5 3.0 353.3 - NTPC 158.0 -0.2 1.2 12.4 12.6 Cash Derivatives Nifty 30/08/18 11400 6.9 2.8 -11.6 Nifty Bank 23/08/18 27800 6.3 0.5 152.1 Apollo Hosp 5242.2 4.4 11 ICICI Bank 2187.6
TURNOVER BSE NSE BSE NSE Strides Pharma 8.4 Indian Terr -16.5
Bajaj Auto 2660.9 -0.2 1.0 17.4 18.1 ONGC 163.1 -0.6 1.7 8.0 9.4 Stock Stock HDFC 4874.0 2.6 12 ONGC 2093.1 Lupin 8.4 UP 3 DAYS
Bharti Airtel 371.3 -0.2 1.2 72.6 - Power Grid 187.2 -0.1 1.1 11.9 11.6 Value(In Rs Min) 26263 302532 - 552874 GMR Infra 30/08/18 20 90.8 13.0 -0.3 GMR Infra 30/08/18 18 11.0 8.7 10.3 13 Coal India 1745.5
Reliance Ind 4862.0 4.0 DOWN Orient Bev 54.7
Coal India 281.2 -0.4 0.9 20.6 18.7 Reliance Ind 1203.5 0.3 10.2 20.9 22.3 Shares(In Mn) 190.2 1568.5 - 3772.4 GMR Infra 30/08/18 23 44.9 11.2 88.6 ICICI Bank 30/08/18 330 11.0 5.8 78.7 14 L&T 1738.7
Infosys 4701.6 3.3 Jain Irrig -9.1 HOC 50.8
HDFC 1883.6 -0.4 7.9 19.6 24.9 SBI 302.0 3.2 2.8 - - Trades(000) 1210 11120 - 3382 Reliance Com 30/08/18 20 24.3 11.5 6.5 SBI 30/08/18 290 8.7 8.3 14.9
Aurob Pharma 4653.9 7.1 15 Bajaj Fin 1648.8
HDFC Bank 2077.3 0.1 11.1 30.4 30.9 Sun Pharma 623.3 0.6 1.7 37.0 142.0 Reliance Com 30/08/18 25 22.3 12.0 3.4 Reliance Com 30/08/18 18 6.9 5.3 16.8 Indraprst Gs -5.0 HDIL 45.9
MARKET-CAP (~ billion) 16 Axis Bank 1610.5
Hero MotoCorp 3248.6 -1.1 1.1 17.4 17.6 Tata Mot-DVR 136.0 1.0 0.2 - - Traded Total Reliance Com 30/08/18 23 18.3 8.3 1.0 Reliance Com 30/08/18 15 6.8 6.1 17.7 Maruti Suzuki 4638.6 0.5 Manapp Finance -3.9 Weizmann Ind 44.4
17 IOC 1550.0
HUL 1780.8 2.6 3.1 73.7 70.3 Tata Motors 257.4 2.5 1.2 18.4 129.0 BSE 155,485 157,111 RITES 4456.7 14.3 Oil India -3.5 Natural Caps 43.1
18 Sun Pharma 1495.5
ICICI Bank 340.1 1.7 5.4 28.4 47.5 Tata Steel 580.6 2.2 1.1 3.5 10.9 NSE 153,927 155,179 Tata Motors 4319.2 16.8 Max Fin Sre -3.5 Filatex 40.7
19 Bharti Airtel 1484.0
IndusInd Bank 1989.7 0.3 2.5 - 31.4 TCS 2011.9 0.2 5.4 28.2 30.0
Infosys 1431.4 0.4 6.8 19.3 19.2 Vedanta 215.0 3.1 1.0 5.8 10.9
Derivatives 116,664 116,664 SPURT IN VOLUMES Kotak Mah Bank
Lupin
4240.7
3990.7
3.4
4.6
20 HCL Techno 1397.2 Maha Gas
HDFC
-3.5
-3.2
Premco Glob
DOWN 3 DAYS
37.1
21 Asian Paints 1342.7
ITC
Kotak Mah Bank
313.8
1263.0
2.3
1.4
9.5
4.2
33.4
37.5
33.4
57.4
Wipro
Yes Bank
279.6 -0.1
393.0 3.8
0.8
1.8
15.8 16.6
21.4 20.1
TRADING ACTIVITY Company Days
Volume
2-week Avg
Volume
Change Close
price
*Price
%chg
Reliance Com 3642.1 192.3 22 NTPC 1302.4 OTHERS Samrat Phar -32.7
(~ million) FIIs MF HDFC Bank 3246.3 1.6 23 Wipro 1264.9 UP 7 DAYS Intrasoft T -25.9
L&T 1240.3 0.6 4.3 20.6 30.3 BSE SENSEX 37947.9 0.8 100.0 22.2 25.3
Equity Debt Equity Debt S E Power 1064487.0 18197.0 5749.8 3.8 0.0 Dewan Hsg 3188.5 4.8 24 IndusInd Bank 1195.5 Mangalam Drg -20.6
Con = Consolidated; Std = Standalone Net Net Net Net Yamuna Syndicat 111.3
Heritage Foods 442710.0 16234.2 2627.0 598.2 1.8 25 Mah & Mah 1194.7 Shree Hari C -19.5
United Brew 3135.3 2.3 Tanfac Ind 55.5
On 14 Aug -3713 -1032 - - Dynacons Sys 446130.0 16868.9 2544.7 37.3 -5.2 26 UltraTech 1175.8
Vedanta 3053.8 14.2 Riddhi Corp 43.1 Cl Educate -16.7
WORLD INDICES On 13 Aug
On 10 Aug
-9258
13324
-13008
3641
-
-
-
-
MMP Inds 128400.0 5580.0 2201.1 255.1 8.5
Balkrishna I 2919.5 2.1
27
28
Hind Zinc
Bajaj Finsrv
1172.1
1130.1
Chokhani Sec 40.5 Chandni Text -16.5
KIOCL 520785.0 25105.9 1974.4 177.3 10.3 National Ply. 40.5 Intense Tech -15.3
Indices Close % Chg* Indices Close % Chg* On 09 Aug 4142 15855 - - Tech Mahindra 2908.1 4.3 29 Nestle India 1048.6
OMDC 108741.0 5505.6 1875.1 997.3 11.0
On 08 Aug 9169 5156 - - Grasim Ind 2884.1 2.8 30 Avenue Supermar 1009.6 (T+2) cycleStocks which rose/fell continuously
Americas (Aug 16,18) Asia/Pacific (Aug 17,18) Weizmann Ind 101272.0 5759.0 1658.5 48.8 19.9
Aug till date 15050 44609 1550 68904
Dow Jones 25558.7 1.6 Stock Exchange of Thai 1690.0 0.5 Gulf Oil Lub 168467.0 10048.9 1576.5 824.9 -1.8
2018 till date -19061 -361560 726629 1433644
S&P/ TSX Composite 16225.7 0.5 Kuala Lumpur Comp 1783.5 0.4 Intrasoft T 845668.0 56533.1 1395.9 239.9 -4.6
Nasdaq Composite 7806.5 0.4 Kospi 2247.1 0.3 FIIS IN DERIVATIVES Varroc Eng 381668.0 25859.5 1375.9 978.8 1.0 BOARD MEETINGS INTRA-DAY
Europe/Africa (Aug 16,18) Taiwan Taiex 10691.0 0.1 (~million) Index Stock Index Index Stock Note : A & B group stocks with the day’s trading volumes at over 100,000 shares, * % change over previous close QUARTERLY RESULTS AGM Supra Pacific: Approve
NET Net Fut OI Opt OI OI eDynamics Solut: Approve Annual General Meeting
FTSE 100 7547.5 -0.1 Straits Times 3209.4 -0.1
CAC 40 5341.2 -0.2 Jakarta Composite (Aug 16) 5783.8 -0.6 On 14 Aug
On 13 Aug
4231
-11263
1094
3995
0.3
0.3
0.7
0.7
1.3
1.3
52 WEEK NEW HIGHS/LOWS AUGUST 18
PECOS Hot & Pub: Final
the Notice of the Annual
General Meeting and
date and related proceed-
ings
DAX 12196.0 -0.3 Shanghai Se Comp 2669.0 -1.3 Company Price Company Price Company Price Company Price Dividend & A.G.M. Director’s Report
On 10 Aug -443 2984 0.3 0.7 1.3
IBEX 35 9388.6 -0.4 Volatility (Aug 16,18) On 09 Aug 3179 4482 0.3 0.7 1.3 PNB Gilts: Quarterly GTN Ind: Quarterly AUGUST 21
HIGH Others *Sunteck Rlty . . . . . . . 488.8 LOW
Asia/Pacific (Aug 17,18) CBOE S&P 500 13.6 1.0 On 08 Aug 265 -745 0.3 0.7 1.2 Results Results Alexander Stamp:
BS 200 *3M India . . . . . . . . . 25725.9 *Fredun Pharma . . . . 407.0 BS 200
Hang Seng 27213.4 0.4 CBOE Dow Jones 13.5 -9.8 Aug till date -20263 7666 - - - R&B Denims: Grant leave Indrayani Bio: Approve un - Audited
*Page Inds . . . . . . . . 34220.3 *Bom.Oxygen . . . . 17374.8 *KIC Metaliks . . . . . . . 389.0 NONE
2018 till date 928605 492264 - - - of absence, if any 2. To Appointment of M/s. financial results
Nikkei 225 22270.4 0.4 * Change over previous close *Britannia . . . . . . . . . 6630.6 *Sensex ETF . . . . . . . 3956.0 Transport Co . . . . . . . . 371.9 Others
OI in number of contracts(million) renew and enhance the Venkatesh & Co, Chennai Banas Fin: A.G.M.
*HUL . . . . . . . . . . . . . . 1785.0 *GSK Pharma . . . . . . 3380.0 *Thacker & Co . . . . . . 349.6 *Bannr Am Sug . . . . 1385.3
existing credit facility as Statutory Auditors of Brahm Infra: Approve 1.
MAJOR INDICES S&P BSE SECTORAL INDICES
*Torrent Phar . . . . . . 1774.3
*Balkrishna I . . . . . . . 1439.3
*Pfizer . . . . . . . . . . . . . 3089.8
*Astrazen Ph . . . . . . . 1894.0
*Kanchi Karpoora . . . 332.0
*AJIL . . . . . . . . . . . . . . . 310.2
Vardhmn Text . . . . . . 1132.0
*DSP Blackrock L . . 1000.0 form The Cosmos Co-Op the company in lieu of Chairman 2. Leave of
*Matrimony.com . . . . 560.0 Bank resigning Auditors M/s. Absence 3. Confirmation
Previous Close Open High Low Close Change % chng *Infosys . . . . . . . . . . . 1436.7 *L&T Tech Ser . . . . . . 1620.0 *Chokhani Sec . . . . . . 300.1
*Centum Elec . . . . . . . 360.0 Radhika Jewe: Approve SSSS & Co.,Pune of the Minutes
S&P BSE Sensex 37,663.6 37,898.6 38,022.3 37,840.2 37,947.9 284.3 0.8 Prev close Close % Chg *United Brew . . . . . . 1420.0 *NIFTY Bees . . . . . . . 1198.4 *Lincoln Pha . . . . . . . . 289.5
Shreyas Ship . . . . . . . . 352.1 The Meeting of the Board Magma Fincrp: Approve Front Buss S: Issue and
S&P BSE Sensex 50 11,914.0 11,982.4 12,025.3 11,971.4 12,007.5 93.6 0.8 Auto 24,271.9 24,376.2 0.4 *MindTree . . . . . . . . . 1102.0 *GMM Pfaudler . . . . 1150.0 Shree Ajit pu . . . . . . . 288.0
*S Chand & Co . . . . . . 321.0 of Directors Unaudited Financial allot 1,50,00,000 convert-
S&P BSE-100 11,648.7 11,710.5 11,762.4 11,703.1 11,747.7 98.9 0.8 Bankex 31,467.5 31,866.5 1.3 *Bata India . . . . . . . . 1025.5 Dr Lal PathLabs . . . . 1070.0 *Baid Leasing . . . . . . . 288.0
HSIL . . . . . . . . . . . . . . . . 305.0 Rollatainers: Quarterly Results ible warrants on preferen-
S&P BSE-200 4,885.0 4,910.7 4,933.3 4,907.9 4,928.3 43.3 0.9 Cons. Durables 21,854.1 22,048.3 0.9 *Mah & Mah . . . . . . . . 968.4 *DSP Blackrock L . . 1000.0 *Premier Syn . . . . . . . 284.0
*Dai-Ichi Kar . . . . . . . . 303.0 Results Quarterly Results Metalyst Forg: Approve tial basis to Mr. Rahul
S&P BSE-500 15,360.8 15,437.8 15,508.4 15,432.3 15,495.2 134.5 0.9 Cap. Goods 17,750.1 17,856.0 0.6 *Indiabulls Vent . . . . . 776.0 *Rajratan Glb . . . . . . . 975.4 *Intell Des Aren . . . . . 260.9 um of Rs. 25/- each Annual Accounts of the Raw Edge Ind: Audited
Mah Holidays . . . . . . . 258.0 (Revised) the Un-audited Financial Saraf
S&P BSE IPO 4,768.6 4,778.3 4,794.6 4,773.1 4,781.1 12.5 0.3 FMCG 12,256.5 12,475.6 1.8 Axis Bank . . . . . . . . . . . 634.8 *WPIL Ltd . . . . . . . . . . . 960.0 *Tanfac Ind . . . . . . . . . 238.5 *Intrasoft T . . . . . . . . . 213.5 Mid East Pro: Approve Company for the Financial Results & A.G.M.
Healthcare 14,827.8 15,013.6 1.3 Supreme Infr: Raising of Results Gala Global Pro: Approve
S&P Dollex-30 4,396.4 - - - 4,444.4 48.0 1.1 Sun Pharma . . . . . . . . . 633.3 *Novartis . . . . . . . . . . . 804.5 *Maural Udyog . . . . . 224.3 *Unichem Labs . . . . . . 213.1 Annual General Meeting Year RPEL: A.G.M.
Infra 205.4 205.7 0.1 funds through addition to Navnetedul: Buy Back of financial results
Nifty 50 11,385.1 11,437.2 11,486.5 11,431.8 11,470.8 85.7 0.8 *Dabur India . . . . . . . . 458.0 *Indoboraxc . . . . . . . 669.0 *Sportking India . . . . 212.3 *Premier Expl . . . . . . . 208.3 date and related proceed- Nilachal Ref: Approve We Sylph Tech: Approve
IT 15,015.5 15,091.8 0.5 the limits of issuance Shares HDFC AMC: Approve
Nifty next50 29,498.0 29,646.1 29,959.3 29,643.6 29,940.7 442.7 1.5 *Yes Bank . . . . . . . . . . . 395.0 *Apcotex Ind . . . . . . . . 639.9 *Pix Trans . . . . . . . . . . . 209.0 Orient Bell . . . . . . . . . . 200.1 ings wish to inform you that the Appointment of Additional
Metal 12,663.0 12,879.4 1.7 securities OCl Iron: Approve and unaudited financial
Nifty 500 9,685.7 9,730.9 9,776.3 9,728.2 9,770.2 84.5 0.9 *Berge Paint . . . . . . . . 337.0 *Most Shares ETF . . . 606.4 *JK Paper . . . . . . . . . . . 188.3 *TD Power . . . . . . . . . . 132.0 Motilal Oswl: Approve 3rd meeting of Board of Directors
Oil & Gas 14,788.4 14,765.8 -0.2 take on record the Un- results
India VIX 13.6 13.6 13.6 10.3 13.2 -0.5 -3.6 ITC . . . . . . . . . . . . . . . . . 315.2 *Satia Inds . . . . . . . . . . 533.9 *Dalal Street . . . . . . . . 185.9 Indian Terr . . . . . . . . . . 129.8 Pursuant to Regulation 29 Directors Vyapar Inds: Approve
Power 1,963.6 1,977.4 0.7 *The Byke Hosp . . . . . 104.0 AUGUST 20 audited Financial Results La Tim Metal &: Allot
Nifty CPSE 2,340.0 2,347.5 2,356.4 2,325.0 2,333.5 -6.6 -0.3 *Infibeam Aven . . . . . 201.9 *Intl Pap APPM . . . . . 502.7 *Diamines Chm . . . . . 184.7 of the SEBI Orchid Pharma: Approve Board Meeting called on
PSU 7,631.4 7,697.5 0.9 Austral Coke: Approve Sancia Globl: Finalisation 23,88,055 Equity Shares of
MCX SX 40 22,145.7 22,145.7 22,317.4 22,145.7 22,317.4 171.6 0.8 Multi-Purpos: Approve Audited Financial Results 21/08/2018 to interalia
Realty 2,117.8 2,132.8 0.7 * Indicates that the market price of these companies reached two-year highs/lows. Finalisation of Notice of of Notice of AGM Rs. 10/- each at a premi-
.
MUMBAI | 18 AUGUST 2018 STOCKS 11 <
> BS 200
WHAT THESE STOCK PAGES CONTAIN AND WHY Industry P/E, 3) Quarter on quarter EPS on the basis of consolidated earnings compares the prevailing price to BV. stock above the risk-adjusted market Open Interest: OI is the number of option becomes valueless while ABBREVIATIONS: When a significant SYMBOLS
FOR FACE
BSE NSE BSE NSE
growth (Q/Q), and, 4) Standalone EPS wherever available. RoNW is the ratio of net profit to return, given its level of risk measured contracts open at end of day in the futures contracts are compulsorily change occurs in the day’s closing VALUE OF
in the trailing twelve months (TTM). The industry P/E is the aggregate net worth, while RoCE is the ratio of by beta. It is the return given by a futures and options segment. OI thus settled on expiry. On NSE, it is the lastvalue compared with the previous SCRIPS ACC (A) Adani Enter (A) m
BS 200 stocks account for over 85 per also the price trend with highs/lows On Wednesdays: quarterly EPS for the market capitalisation of the industry PBDT to capital employed. Capital stock when the market index has zero indicates traders’ expectations. High Thursday of every month. close, the close price is underlined. PCLose (1560.00)(1559.05) (202.85) (202.90)
G ~100 Open 1574.70 1562.20 202.10 202.00
cent of the volume of shares, value (3-month and 52-week). last four quarters.On Thursdays; divided by the aggregate standalone employed is net worth plus total movement. A positive alpha indicates OI is typical when traders see a Put/call ratio: The ratio of open A significant change means a 3 per
H ~50 High 1602.10 1601.65 206.50 206.70
and trades on BSE and NSE. Routine The third sub-set of information is 1) Dividend yield %, 2) Payout ratio, net profit (trailing 12 months) of the long-term borrowings. High RoNW the stock performs better than continuing trend. interest in put options & call options. cent rise or fall in scrips whose market Low 1555.80 1553.50 200.25 200.70
information on other stocks are given on a particular stock’s one-year 3) Free float, and 4) FII stake. On industry, after excluding loss-making and high RoCE imply a business is expected, given its beta and vice- Market Lots: The designated value values are over 10 times paid-up I ~20 Close 1592.85 1593.95 202.80 203.05
separately under Other Traded Stocks. return calculated on a point-to-point Fridays: 1) Book-value per share, companies. capital-efficient. versa. A high alpha value indicates of a single F&O contract. This differs FORMULAS: value or 15 per cent for the rest of N ~6 %Chng 2.11 2.24 -0.02 0.07
Only NSE quotes are given in italics for basis for 1 month and 1 year followed 2) Price/book value, 3) Return on Net The market capitalisation is Standard deviation in the returns the stock has a strong trend from underlying to underlying. For Mean: Average of daily returns of a the shares. Shares 47568 665K 789K 5499K
all other stocks. For the remaining by market cap. Worth (RoNW) and, 4) Return on shown in ~crore and is arrived at by of a stock measures the volatility of independent of the market’s moves. example, it is 50 Nifty and 25 Nifty scrip in the last 30 trading days. The letters H or L appended to ~5 Trades 2108 21598 3169 27759
stocks, we carry BSE quotes. In order to assess a scrip’s future Capital Employed (RoCE). On multiplying the closing prices of the stock over its trend. Beta indicates R Squared is the square of the Junior Standard Deviation: formula= sqrt prices indicate a new high or low in , ~4 PE 30.95 30.98 41.83 41.88
For BS 200 stocks, the company potential, the table contains ratios Saturdays, the focus is on the shares with equity capital. It changes how much the scrip moves for a unit coefficient of correlation between Strike Price: The price at which an (((n* åy2)- (å y * å y))/(n*n) the scrip; the letters XD after the 3 M H/L 1602/12551602/1256 209/101 209/101
K ~3 52 Wk H/L 1869/12551870/1256 223/101 224/101
name is followed by its BSE group in on valuation, profitability, strength, volatility of returns using: 1) Alpha, either because more shares have change in the index. A negative beta market returns and stock returns. It is option may be exercised. An option is Beta: formula ((n * å xy) - (å x* å traded quotes indicate that the scrip
brackets and the symbol indicating growth and efficiency. The idea is to 2) Beta, 3) Standard deviation, and been issued (or extinguished) or the indicates the share moves in a the percentage by which the market “in-the-money” if the market price y))/(n* å x2 - (å x * å x)), has gone ex-dividend after that date; # ~2 1 M returns 23.17 23.40 42.92 42.80
1 Yr returns -11.00 -11.17 80.59 80.89
the paid-up value . Four categories get an understanding of why a share 4) Mean price has moved. Book value is net direction opposite to the market and influences an individual stock’s exceeds the SP (in case of a call Alpha: formula (å y/n) - (Beta * (å XB denotes ex-bonus, XR ex-rights; m ~1 Mcap 29912 29933 22304 22331
of information are provided : First, may be active and what is in store at DEFINITIONS: worth (equity capital plus reserves vice versa. The beta of the index is 1. movement. R Squared could range option) and the market price is below x/n)) where n is 30 trading days, y is å XO ex-indicator for other corporate Face value Alpha 0.22 0.11 2.12 2.13
the basic information on the day’s the counter. P/Es have been arrived at by and surplus minus accumulated Beta is used in conjunction with R from 0 to 1, where 1 would indicate SP (in case of a put). Otherwise it is (sum) of daily price returns of a scrip actions like AGM/EGM/ preference of scrips is Beta 1.29 1.76 0.56 0.52
trading. Information is also given on In this segment, a new byte of dividing the day’s closing price by its losses) divided by the number of Squared to draw inferences of perfect correlation between the “out-of-money” for 30 trading days, x is å (sum) of shares/mergers and others . ~10 in all Std deviation 2.85 2.81 3.40 3.37
M denotes volume of shares in cases if not Mean 0.50 0.50 2.24 2.25
the number of shares traded, and the information is given every day: reported earning per share (EPS) for shares outstanding as reported by a volatility. market index and the stock and 0 Expiry date: The date on which a daily index returns (BSE Sensex for specified.
number of trading transactions, as On Tuesdays: 1) Cash P/E, 2) trailing 12 months. EPS is calculated company. Price to book value ratio Alpha is the excess return of the indicates no correlation. derivative expires . An unexercised BSE stocks and Nifty for NSE stocks) million, L in lakhs & K in ‘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
Adani Ports (A) # Adani Power (A) Ajanta Phar (A) # Allahabad Bk (A) Amara Raja (A) m Ambuja Cem (A) # Andhra Bank (A) Apollo Hosp (A) Apollo Tyres (A) m Arvind (A) Ashok Leyland (A) m Asian Paints (A) m Aurob Pharma (A) m Axis Bank (A) # Bajaj Auto (A) Bajaj Fin (A) # Bajaj Finsrv (A) Balkrishna I (A) #
PCLose (369.95) (370.30) (31.35) (31.40) (1188.35) (1188.20) (39.45) (39.55) (854.70) (855.00) (224.65) (224.50) PCLose (31.60) (31.55) (1140.30) (1140.50) (263.75) (263.45) (398.15) (398.00) (126.10) (126.20) (1392.35) (1394.80) PCLose (634.40) (635.30) (623.85) (623.45) (2667.15) (2667.50) (2857.00) (2856.60) (7077.30) (7076.00) (1394.50) (1395.10)
Open 374.30 371.00 31.60 31.60 1188.20 1192.10 40.50 40.15 859.00 859.80 227.00 226.25 Open 32.40 32.00 1140.50 1140.00 264.00 266.25 399.00 399.00 126.10 126.60 1408.00 1403.00 Open 640.70 642.00 631.00 630.00 2684.00 2671.00 2864.95 2866.00 7149.95 7125.00 1407.95 1405.00
High 378.80 379.10 32.15 32.20 1219.35 1219.00 40.50 40.30 868.25 868.00 229.95 229.65 High 32.40 32.35 1207.00 1209.50 268.90 269.00 403.45 403.60 129.25 129.20 1408.00 1405.15 High 662.50 662.90 634.80 632.45 2684.00 2677.95 2886.00 2885.00 7168.25 7169.00 1439.30 1437.95
Low 372.75 371.00 30.70 30.90 1188.20 1188.95 39.70 39.65 852.20 853.15 225.25 225.10 Low 31.75 31.70 1133.05 1131.00 264.00 264.30 398.75 398.20 126.10 126.60 1387.55 1390.00 Low 640.70 640.80 620.95 620.30 2645.00 2641.00 2840.00 2841.50 7082.10 7075.00 1359.35 1358.60
Close 373.95 374.10 31.15 31.25 1196.80 1195.90 40.20 40.20 856.30 857.50 228.75 228.65 Close 32.25 32.25 1184.70 1189.20 266.40 266.70 402.35 402.45 128.05 128.35 1399.80 1400.65 Close 654.35 655.90 627.10 627.30 2660.90 2661.35 2852.85 2851.20 7101.20 7097.35 1368.00 1369.35
%Chng 1.08 1.03 -0.64 -0.48 0.71 0.65 1.90 1.64 0.19 0.29 1.83 1.85 %Chng 2.06 2.22 3.89 4.27 1.00 1.23 1.05 1.12 1.55 1.70 0.54 0.42 %Chng 3.14 3.24 0.52 0.62 -0.23 -0.23 -0.15 -0.19 0.34 0.30 -1.90 -1.85
Shares 116K 1983K 2130K 18379K 39653 465K 226K 4140K 9786 268K 102K 1722K Shares 167K 2651K 222K 4205K 77192 1804K 77992 1130K 1093K 13836K 59525 537K Shares 418K 6688K 682K 13412K 17092 331K 37214 688K 6146 121K 105K 1994K
Trades 1778 40106 2142 16749 1468 20173 731 8152 421 7388 1317 14353 Trades 407 4314 7555 125248 930 17218 949 15082 4803 61569 1518 25116 Trades 6513 130003 7852 229837 1115 17752 1780 34708 673 13338 4860 70357
PE 21.44 21.44 - - 21.00 20.98 - - 30.19 30.23 22.39 22.38 PE - - 63.85 64.09 17.17 17.19 32.18 32.19 20.64 20.69 60.26 60.30 PE 16.24 16.28 - - 17.40 17.41 57.28 57.25 33.09 33.08 32.39 32.42
3 M H/L 406/356 406/355 34/15 34/15 1219/898 1219/896 48/38 48/37 878/714 881/713 235/189 236/189 3 M H/L 38/29 38/29 1207/911 1210/910 300/247 300/246 439/371 439/371 155/105 155/105 1489/1243 1491/1240 3 M H/L 663/527 663/527 635/499 635/499 3214/2604 3195/2605 2909/2050 2908/2055 7200/5464 7200/5465 1439/1015 1438/1011
52 Wk H/L 452/350 452/350 48/15 48/15 1592/898 1595/896 89/37 89/37 902/665 903/665 291/189 292/189 52 Wk H/L 73/29 73/29 1262/911 1263/910 307/228 307/228 478/358 479/357 168/100 168/100 1489/1082 1491/1090 52 Wk H/L 809/527 809/527 635/448 635/448 3473/2604 3468/2605 2909/1514 2908/1511 7200/4444 7200/4500 1439/720 1438/719
1 M returns 2.71 2.76 51.95 51.70 21.24 21.29 -1.95 -2.07 10.21 10.42 16.86 16.87 1 M returns 5.22 5.39 22.13 22.64 -1.79 -1.95 -0.54 -0.54 15.78 16.10 0.60 0.55 1 M returns 13.50 13.81 19.63 19.14 -14.30 -14.37 14.66 14.56 11.58 11.49 19.42 19.26
1 Yr returns -3.28 -3.13 8.16 8.51 -0.78 -0.80 -39.23 -39.23 7.51 7.65 -16.74 -16.84 1 Yr returns -36.52 -36.64 10.56 11.32 -1.20 -1.27 8.58 8.77 23.48 23.83 22.80 22.86 1 Yr returns -7.12 -6.93 27.80 27.92 -5.50 -5.34 67.10 67.23 33.31 33.67 83.82 83.95
Mcap 77443 77474 12014 12053 10532 10524 4240 4240 14626 14646 45422 45402 Mcap 3866 3866 16482 16544 15238 15255 10406 10408 37589 37677 134269 134350 Mcap 38338 38429 161046 161097 76998 77011 164880 164785 113008 112947 26443 26470
Alpha -0.06 -0.06 1.77 1.86 0.14 0.08 -0.61 -0.58 0.01 -0.05 -0.03 -0.12 Alpha -0.50 -0.52 0.47 0.43 -0.10 -0.06 -0.30 -0.36 -0.36 -0.39 0.04 0.02 Alpha 0.05 0.01 0.23 0.26 -0.31 -0.28 0.51 0.48 0.27 0.22 0.51 0.43
Beta 0.88 0.86 3.25 2.94 2.19 2.49 2.57 2.31 1.61 1.89 1.80 2.15 Beta 2.86 2.95 -0.02 0.20 1.40 1.24 1.98 2.32 2.44 2.49 0.75 0.82 Beta 0.76 1.01 2.17 2.05 -0.15 -0.25 0.83 0.94 1.24 1.47 0.52 0.87
Std deviation 1.77 1.74 5.53 5.46 2.22 2.21 2.85 2.82 1.64 1.67 2.39 2.42 Std deviation 2.73 2.76 3.06 3.18 1.79 1.80 2.35 2.45 3.63 3.61 1.15 1.17 Std deviation 1.70 1.79 1.98 2.02 2.10 2.17 1.79 1.79 1.65 1.65 2.66 2.66
Mean 0.13 0.13 2.48 2.50 0.61 0.62 -0.06 -0.06 0.36 0.36 0.36 0.35 Mean 0.12 0.13 0.47 0.47 0.21 0.20 0.13 0.14 0.15 0.16 0.20 0.20 Mean 0.22 0.23 0.70 0.71 -0.34 -0.34 0.69 0.69 0.54 0.54 0.62 0.62
Balram Chini (A) m Bank of Baroda (A) # Bank of India (A) Bata India (A) BEML (A) Berge Paint (A) m Bharat Elctn (A) m Bharat Fin Incl (A) Bharat Forge (A) # Bharti Airtel (A) Bharti Infratel (A) BHEL (A) # Biocon (A) Bosch (A) BPCL (A) Britannia (A) # Cadila Healt (A) m Can Fin Home (A) #
Open 72.10 71.70 144.90 143.85 90.45 90.15 1009.00 1009.50 804.85 804.40 336.00 334.80 Open 115.70 115.70 1211.15 1209.10 622.50 623.60 373.50 372.05 284.05 281.00 72.50 73.00 Open 600.00 600.10 18870.70 18949.95 378.30 381.00 6498.95 6519.30 345.00 344.00 315.00 314.00
High 72.10 72.25 147.55 147.75 93.95 93.90 1025.45 1024.90 817.50 818.00 337.00 337.30 High 118.40 118.40 1224.45 1224.70 635.00 634.75 374.45 375.00 285.25 285.40 74.55 74.60 High 609.60 609.90 19006.00 18998.00 381.45 381.00 6630.60 6640.45 358.90 359.00 327.90 327.75
Low 70.30 70.15 143.00 142.95 90.25 90.15 1007.50 1006.90 799.30 797.80 330.55 330.30 Low 115.40 115.10 1209.55 1208.85 620.15 621.00 366.50 366.15 282.00 281.00 72.50 72.70 Low 589.30 588.30 18815.00 18775.10 375.40 375.10 6484.40 6479.20 344.90 344.00 313.55 314.00
%Chng -0.63 -0.63 2.17 2.45 4.89 5.01 0.57 0.67 1.32 1.43 1.26 1.38 %Chng 2.09 2.35 0.66 0.57 2.14 1.85 -0.22 -0.16 0.14 0.68 2.00 1.72 %Chng -0.80 -1.06 0.22 0.32 -0.13 -0.19 2.01 2.09 4.99 5.01 3.42 3.40
Shares 154K 2761K 628K 12400K 1118K 12971K 66439 1010K 75715 1134K 147K 2530K Shares 241K 3914K 6568 603K 143K 960K 102K 3031K 12465 2627K 402K 5002K Shares 125K 2225K 262 6450 104K 2717K 6863 202K 498K 6563K 78194 1286K
PE 9.31 9.30 - - - - 53.03 53.03 61.93 61.99 69.86 70.02 PE 19.65 19.70 26.82 26.80 38.31 38.30 72.55 72.58 21.21 21.18 30.76 30.76 PE 84.53 84.41 38.41 38.37 8.65 8.65 76.01 76.16 17.41 17.43 14.01 14.00
3 M H/L 78/60 78/60 157/110 158/110 109/76 109/77 1025/736 1025/735 1101/737 1099/737 337/267 337/267 3 M H/L 127/97 127/97 1249/1116 1235/1113 733/575 733/575 399/331 399/331 323/275 324/275 87/65 87/64 3 M H/L 695/544 697/543 19825/17170 19825/17152 429/360 429/360 6631/5464 6640/5479 422/333 423/333 407/306 407/308
52 Wk H/L 183/59 183/59 207/110 207/110 217/76 217/77 1025/657 1025/653 1947/737 1947/737 337/231 337/231 52 Wk H/L 193/97 193/97 1249/830 1235/829 800/557 798/557 565/331 565/331 482/275 483/275 108/65 108/64 52 Wk H/L 695/320 697/324 22600/16990 23212/16975 550/360 552/360 6631/4145 6640/4142 520/333 519/333 589/306 590/308
1 M returns 11.16 10.66 23.42 24.27 18.10 18.03 22.74 22.48 3.85 3.89 8.97 9.14 1 M returns 17.60 18.08 5.01 4.99 5.89 5.95 10.23 10.27 -5.48 -5.58 11.05 10.97 1 M returns 1.22 1.11 7.20 6.77 -6.07 -6.15 4.05 4.15 0.76 0.85 -1.58 -1.77
1 Yr returns -57.30 -57.41 -0.75 -0.67 -34.91 -34.91 49.15 49.16 -57.22 -57.16 38.70 38.95 1 Yr returns -29.25 -29.14 38.90 38.69 7.67 7.81 -11.94 -11.78 -28.27 -28.52 -14.62 -14.72 1 Yr returns 80.16 79.75 -14.29 -14.46 -24.91 -24.98 55.80 55.94 -24.65 -24.54 -44.13 -44.13
Mcap 1626 1624 38624 38677 16262 16262 13028 13029 3359 3362 32383 32456 Mcap 28569 28642 17022 17004 29370 29363 148403 148463 52335 52261 27113 27113 Mcap 35526 35478 57580 57524 81889 81911 79504 79658 36526 36572 4313 4311
Alpha -0.01 0.03 0.10 0.10 -0.42 -0.39 0.53 0.48 -0.32 -0.36 0.35 0.31 Alpha -0.10 -0.14 0.00 -0.01 -0.36 -0.36 -0.24 -0.23 -0.43 -0.46 -0.08 -0.11 Alpha -0.36 -0.41 0.02 -0.01 0.00 -0.03 0.12 0.16 -0.73 -0.77 -0.42 -0.48
Beta 2.17 1.95 3.68 3.69 3.64 3.48 0.60 0.86 1.51 1.72 0.63 0.83 Beta 2.86 3.17 0.45 0.46 2.14 2.12 1.51 1.47 1.01 1.06 1.78 1.95 Beta 0.83 1.04 0.63 0.74 0.35 0.47 0.16 0.06 2.29 2.46 1.57 1.80
Mean 0.46 0.45 0.90 0.91 0.37 0.37 0.66 0.66 0.01 0.01 0.48 0.49 Mean 0.52 0.55 0.10 0.09 0.10 0.10 0.09 0.09 -0.21 -0.23 0.30 0.31 Mean -0.18 -0.18 0.16 0.15 0.07 0.07 0.16 0.17 -0.24 -0.24 -0.08 -0.08
Canara Bank (A) Capital First (A) Castrol (A) CEAT (A) Century Tex (A) CESC (A) CG Power (A) # Chennai Petr (A) Chola Inv (A) Cipla (A) # Coal India (A) Colgate (A) m Containr Crp (A) Cummins (I) (A) # Dabur India (A) m Dalmia Bhar (A) # DCB Bank (A) Dewan Hsg (A)
Open 272.25 270.00 610.90 609.70 154.50 154.00 1444.70 1445.25 915.00 918.00 926.90 921.70 Open 59.35 59.05 302.80 301.65 1465.00 1475.00 651.80 650.05 283.05 285.00 1145.55 1145.00 Open 652.55 646.00 675.20 675.10 450.00 447.00 2562.15 2556.25 165.65 165.95 653.80 652.40
High 278.55 278.25 624.80 625.00 157.00 157.20 1454.05 1454.95 926.15 927.55 935.00 936.00 High 59.85 59.90 306.70 306.95 1502.05 1497.00 655.00 655.50 286.45 286.60 1150.35 1151.00 High 654.85 655.00 681.90 682.00 457.95 459.00 2715.00 2717.45 167.50 167.80 673.20 673.60
Low 271.10 270.00 609.50 609.00 153.40 153.85 1432.10 1432.70 910.85 911.00 911.05 911.00 Low 58.70 58.60 300.50 300.35 1459.45 1460.35 645.00 643.70 280.00 281.00 1137.00 1135.55 Low 634.80 633.35 669.80 669.15 444.30 444.00 2562.15 2554.40 164.60 164.60 650.50 649.50
%Chng 3.32 3.64 2.25 2.53 1.40 1.50 0.07 -0.01 0.98 0.95 1.73 1.96 %Chng 0.42 0.68 0.74 0.69 1.59 1.53 0.12 -0.22 -0.44 -0.46 0.04 0.19 %Chng -0.64 -1.12 0.91 1.28 2.37 2.54 6.68 6.55 0.03 0.24 3.39 3.39
Shares 354K 6700K 41578 761K 98145 1120K 32847 422K 46885 907K 17234 402K Shares 314K 4015K 37024 643K 42931 311K 113K 2915K 121K 2100K 13196 851K Shares 8957 636K 42425 293K 114K 3214K 8185 269K 23618 626K 408K 4385K
PE - - 17.02 17.05 21.40 21.41 19.17 19.18 24.83 24.82 14.08 14.10 PE - - 4.38 4.38 23.85 23.84 36.31 36.24 20.64 20.66 42.74 42.78 PE 29.48 29.42 28.02 28.07 56.57 56.67 45.46 45.47 20.47 20.48 15.62 15.62
3 M H/L 302/220 302/217 625/475 625/475 183/153 184/153 1455/1229 1455/1227 1086/843 1087/843 1058/870 1058/870 3 M H/L 81/47 80/47 345/262 345/262 1650/1404 1650/1412 662/508 663/507 303/256 303/257 1285/1068 1282/1068 3 M H/L 708/600 709/599 747/612 748/613 458/364 459/366 2800/2174 2805/2179 191/156 190/156 673/575 674/581
52 Wk H/L 463/220 464/217 902/475 902/475 214/153 214/153 2030/1229 2019/1227 1472/843 1471/843 1189/860 1190/861 52 Wk H/L 99/47 99/47 477/262 481/262 1761/1053 1760/1052 663/508 663/507 317/237 317/236 1285/1017 1282/1015 52 Wk H/L 750/582 750/584 993/612 984/613 458/297 459/297 3349/2174 3350/2179 207/155 207/155 680/438 681/438
1 M returns 21.81 21.75 27.61 27.91 -1.88 -1.89 15.21 14.95 6.86 6.61 4.99 5.26 1 M returns 2.85 3.03 12.32 12.10 -2.66 -2.81 3.35 3.11 6.52 7.35 3.08 3.18 1 M returns -1.32 -1.84 5.86 6.23 21.91 21.90 15.97 15.65 1.98 1.88 8.01 8.22
1 Yr returns -16.55 -16.64 -14.75 -14.62 -19.47 -19.49 -15.56 -15.61 -22.49 -22.66 -1.32 -1.08 1 Yr returns -27.10 -26.78 -23.72 -23.69 28.78 28.51 14.57 14.44 15.58 15.64 6.81 6.38 1 Yr returns 2.03 1.82 -24.61 -24.62 46.42 47.14 3.67 3.66 -9.64 -9.61 49.11 48.85
Mcap 20336 20336 6163 6171 15425 15435 5815 5817 10284 10279 12317 12338 Mcap 3726 3735 4534 4531 23266 23254 52189 52088 174552 174677 31053 31081 Mcap 31194 31123 18755 18786 80446 80579 24080 24088 5109 5112 21032 21036
Alpha -0.32 -0.27 0.40 0.36 -0.44 -0.53 0.22 0.18 -0.14 -0.16 -0.18 -0.21 Alpha -0.36 -0.43 0.08 0.10 -0.31 -0.35 -0.10 -0.15 0.03 -0.02 -0.13 -0.14 Alpha -0.18 -0.19 -0.14 -0.19 0.31 0.25 0.06 0.00 -0.59 -0.64 0.02 -0.01
Beta 3.53 3.43 1.48 1.69 1.67 2.07 0.98 1.18 1.58 1.69 1.21 1.35 Beta 2.22 2.50 0.07 -0.01 1.50 1.66 1.02 1.23 0.54 0.78 0.52 0.57 Beta 1.04 1.01 1.20 1.48 1.62 1.86 2.11 2.32 2.55 2.79 1.08 1.22
Mean 0.49 0.48 0.72 0.73 -0.08 -0.08 0.43 0.44 0.21 0.21 0.08 0.09 Mean 0.12 0.12 0.10 0.10 0.02 0.01 0.12 0.12 0.15 0.15 -0.01 -0.01 Mean 0.05 0.03 0.12 0.13 0.66 0.66 0.51 0.50 -0.04 -0.03 0.26 0.26
Dish TV (A) m Divis Lab (A) # DLF (A) # Dr Reddys (A) Eicher Motor (A) Enginers Ind (A) Equitas Hold (A) Escorts (A) Exide Ind (A) m Federal Bank (A) # GAIL (A) Glenmark (A) m GMR Infra (A) m Godrej Cons (A) m Godrej Ind (A) m Granules (A) m Grasim Ind (A) # GSFC (A) #
Open 68.60 68.55 1164.15 1166.00 209.00 208.95 2365.15 2373.90 28990.85 29000.00 120.50 120.70 Open 139.10 139.30 872.00 870.00 290.70 291.70 89.70 90.25 393.10 394.00 585.70 585.00 Open 17.85 17.75 1336.50 1340.00 617.75 615.40 106.65 106.25 1005.00 1005.00 111.80 111.05
High 69.85 70.35 1186.80 1185.95 211.70 211.85 2410.00 2411.30 29120.00 29175.00 123.75 123.75 High 142.85 143.10 881.20 881.80 293.05 293.30 90.15 90.25 396.40 396.60 605.00 604.85 High 19.35 19.35 1350.00 1352.25 618.00 615.95 111.45 111.50 1049.75 1048.65 114.70 114.75
Low 68.20 68.10 1151.10 1148.65 207.00 208.15 2352.00 2350.90 28411.00 28400.00 120.30 120.20 Low 139.05 138.95 865.15 862.60 288.45 288.20 86.00 86.00 384.60 384.20 585.70 585.00 Low 17.80 17.75 1322.00 1321.50 604.70 603.10 106.05 106.25 1002.10 1001.00 111.35 111.05
%Chng 1.24 1.75 0.85 0.89 1.57 1.67 0.66 0.45 -0.66 -1.14 1.62 1.12 %Chng 1.15 1.22 0.06 -0.02 0.17 0.16 -3.68 -3.85 -1.64 -1.55 2.91 2.90 %Chng 8.52 8.22 0.90 0.79 0.19 -0.05 4.08 4.27 4.52 4.64 3.12 2.89
Shares 122K 4038K 42537 960K 504K 7728K 102K 889K 2620 37163 128K 2068K Shares 614K 1168K 39967 689K 42691 746K 929K 22888K 127K 4503K 162K 1662K Shares 6251K 99609K 20678 786K 20738 327K 554K 5509K 123K 2666K 174K 1148K
PE 109.30 109.85 32.46 32.51 8.26 8.26 28.93 28.94 37.49 37.40 20.17 20.12 PE 153.34 153.72 26.47 26.46 35.91 35.84 18.36 18.34 18.00 18.02 24.07 24.07 PE - - 50.45 50.55 30.04 30.00 19.06 19.10 17.92 17.95 8.98 8.98
3 M H/L 76/65 76/65 1221/995 1222/995 212/168 212/168 2429/1888 2430/1887 31425/26670 31499/26601 149/118 149/118 3 M H/L 173/132 174/131 958/823 959/821 300/242 300/242 93/74 93/74 399/299 399/299 613/484 614/494 3 M H/L 19/15 20/15 1380/1068 1379/1066 657/525 658/524 111/72 112/72 1086/915 1094/914 124/100 124/100
52 Wk H/L 87/64 87/64 1221/618 1223/618 274/158 274/158 2612/1888 2615/1887 33484/26000 33480/26208 206/118 206/118 52 Wk H/L 184/130 184/129 1019/592 1018/591 300/193 300/192 128/74 128/74 399/279 399/279 656/484 655/494 52 Wk H/L 25/15 25/15 1380/884 1379/883 658/502 658/513 151/72 150/72 1300/915 1300/914 166/100 166/100
1 M returns 1.46 2.20 8.07 8.25 23.05 23.11 14.45 14.45 4.70 4.61 1.07 0.91 1 M returns 4.88 4.98 0.92 0.92 10.68 10.41 0.52 0.35 7.79 7.98 8.19 7.99 1 M returns 6.76 6.11 1.32 1.41 2.37 2.04 23.03 23.12 10.63 10.84 11.32 11.21
1 Yr returns -11.02 -10.68 84.99 84.94 14.53 14.55 19.19 19.28 -9.25 -9.63 -20.29 -20.31 1 Yr returns -11.07 -10.99 38.72 38.69 39.33 39.10 -20.45 -20.54 35.24 35.59 -1.78 -1.76 1 Yr returns 4.37 4.66 46.06 46.54 2.17 2.06 -12.54 -12.52 -4.76 -4.75 -17.39 -17.32
Mcap 13361 13428 31137 31184 37489 37498 39232 39245 77838 77654 7728 7709 Mcap 4807 4819 10660 10656 24752 24705 17098 17078 87328 87429 16936 16936 Mcap 11529 11529 91526 91706 20559 20530 2813 2818 68667 68775 4545 4545
Alpha -0.37 -0.47 0.28 0.24 -0.09 -0.14 -0.05 -0.10 -0.06 -0.08 -0.23 -0.28 Alpha 0.04 0.05 -0.40 -0.42 0.19 0.17 -0.26 -0.29 0.31 0.25 -0.09 -0.10 Alpha 0.17 0.16 0.33 0.36 -0.27 -0.33 0.64 0.66 0.17 0.12 -0.38 -0.39
Beta 1.20 1.72 0.13 0.32 2.86 3.11 0.75 1.03 0.64 0.75 1.23 1.34 Beta 0.46 0.46 1.98 2.08 0.89 0.91 2.33 2.81 0.40 0.66 0.94 0.97 Beta 2.36 2.20 -0.35 -0.44 1.45 1.69 1.69 1.61 0.48 0.73 3.18 3.19
Mean -0.11 -0.10 0.31 0.31 0.53 0.54 0.13 0.12 0.08 0.09 0.04 0.01 Mean 0.14 0.15 0.03 0.03 0.38 0.37 0.25 0.24 0.40 0.40 0.11 0.11 Mean 0.64 0.68 0.25 0.27 0.04 0.04 1.00 1.01 0.27 0.28 0.31 0.31
Havells I (A) m HCC (A) m HCL Techno (A) # HDFC (A) # HDFC Bank (A) # Hero MotoCorp (A) # Hexaware Tch (A) # Hind Zinc (A) # Hindalco (A) m HPCL (A) HUL (A) m ICICI Bank (A) # ICICI Prud Life (A) IDBI Bank (A) Idea Cellular (A) IDFC (A) IDFC Bank (A) India Cement (A)
Open 683.05 685.00 12.87 12.50 999.00 1000.00 1900.00 1897.00 2084.85 2082.90 3325.00 3315.00 Open 489.00 485.95 278.50 278.00 217.60 218.55 268.70 268.20 1740.00 1741.10 336.55 336.80 Open 390.55 388.80 61.85 61.90 51.00 50.80 49.85 50.50 45.50 45.50 112.00 112.80
High 686.40 686.30 13.15 13.15 1007.50 1007.80 1903.20 1903.00 2092.50 2093.05 3325.00 3319.70 High 489.00 489.00 279.95 279.90 221.25 221.20 270.55 270.75 1785.00 1788.60 342.30 342.20 High 395.00 394.75 62.55 62.60 51.55 51.50 52.40 52.45 46.85 46.80 118.65 118.55
Low 675.00 675.00 12.58 12.50 995.65 995.05 1881.50 1881.00 2071.70 2071.65 3235.25 3235.55 Low 475.90 475.35 276.25 275.35 217.60 217.60 265.80 265.65 1732.05 1731.75 336.00 335.85 Low 385.35 385.25 61.25 61.25 50.65 50.55 49.85 49.30 45.50 45.50 112.00 112.00
%Chng -0.34 -0.37 3.22 2.81 0.75 0.58 -0.39 -0.29 0.08 0.08 -1.14 -1.23 %Chng 0.96 0.97 0.45 0.47 1.57 1.67 0.47 0.53 2.63 2.73 1.67 1.71 %Chng 0.62 0.54 1.38 1.47 0.79 0.59 4.41 4.41 3.20 2.76 5.09 5.10
Shares 50890 890K 1628K 11961K 32660 1480K 189K 2387K 41736 1516K 11982 285K Shares 55733 1035K 32222 361K 277K 5233K 281K 2801K 64231 1420K 852K 24091K Shares 63210 957K 1244K 9784K 585K 7918K 606K 6004K 935K 13642K 754K 6677K
PE 52.98 52.98 30.10 30.03 15.62 15.62 19.61 19.63 30.94 30.95 17.57 17.54 PE 26.24 26.26 12.74 12.74 31.60 31.61 5.70 5.70 70.32 70.47 47.46 47.46 PE 37.43 37.41 - - - - 14.09 14.11 18.50 18.46 38.22 38.17
3 M H/L 698/515 698/515 18/9 18/9 1020/880 1020/880 2051/1780 2053/1780 2219/1957 2220/1956 3819/3037 3712/3034 3 M H/L 557/401 558/401 308/261 306/261 255/193 256/192 325/251 325/251 1785/1547 1789/1547 346/257 346/257 3 M H/L 432/347 432/347 68/47 68/47 66/48 66/48 53/43 53/43 47/36 47/36 136/97 135/97
52 Wk H/L 698/454 698/450 45/9 45/9 1107/825 1108/825 2051/1638 2053/1638 2219/1685 2220/1737 4200/3037 4092/3034 52 Wk H/L 557/259 558/259 340/261 340/261 284/193 284/192 493/251 493/251 1785/1169 1789/1169 366/256 366/255 52 Wk H/L 462/347 462/347 90/47 92/47 118/48 119/48 68/43 68/43 70/36 70/36 206/97 206/97
1 M returns 20.97 20.97 28.04 28.00 1.40 1.33 -6.21 -6.16 -4.54 -4.54 -7.22 -7.53 1 M returns -2.83 -3.04 2.91 2.97 3.63 3.44 -6.47 -6.48 8.33 8.58 29.49 29.43 1 M returns 9.71 9.40 9.79 9.97 1.90 1.80 17.23 17.47 26.56 26.46 18.12 18.03
1 Yr returns 42.17 41.97 -63.29 -63.38 14.52 14.47 8.56 8.68 18.45 18.56 -18.43 -18.67 1 Yr returns 78.15 78.08 -5.57 -5.82 -4.48 -4.50 -39.52 -39.52 48.44 48.46 16.04 15.99 1 Yr returns -8.72 -8.79 14.64 14.73 -43.55 -43.63 -6.47 -6.71 -16.38 -16.56 -35.68 -35.70
Mcap 42462 42468 1303 1300 139720 139665 318460 318807 562997 563024 64875 64749 Mcap 14461 14471 117210 117189 49318 49329 40770 40770 385472 386327 218759 218727 Mcap 55973 55944 26028 26049 22214 22192 8309 8317 15897 15863 3639 3634
Alpha 0.53 0.52 -0.22 -0.22 0.10 0.06 -0.32 -0.30 -0.19 -0.18 -0.15 -0.19 Alpha 0.20 0.18 -0.12 -0.15 -0.58 -0.58 -0.02 -0.07 0.08 0.08 0.22 0.24 Alpha -0.05 -0.08 0.59 0.58 -0.66 -0.64 0.03 0.00 0.39 0.43 -0.51 -0.62
Beta 1.03 1.04 3.69 3.91 0.63 0.90 1.11 1.04 0.56 0.51 -0.39 -0.27 Beta 0.63 0.79 0.78 0.92 2.74 2.74 0.87 1.10 0.54 0.51 2.55 2.44 Beta 1.20 1.39 1.39 1.46 2.21 2.19 2.47 2.51 1.39 1.44 3.78 4.27
Mean 0.75 0.75 0.58 0.62 0.24 0.26 -0.08 -0.07 -0.07 -0.07 -0.23 -0.24 Mean 0.34 0.35 0.05 0.05 0.02 0.02 0.17 0.17 0.20 0.20 0.77 0.77 Mean 0.23 0.22 0.89 0.90 -0.18 -0.20 0.57 0.61 0.70 0.72 0.31 0.31
Indiabulls Hous (A) # Indian Bank (A) Indraprst Gs (A) # IndusInd Bank (A) Infibeam Aven (A) m Infosys (A) InterGlobe Avia (A) IOC (A) IRB Infra (A) ITC (A) m Jain Irrig (A) # Jet Airways (A) Jindal Steel (A) m JP Associat (A) # JSW Steel (A) m Jubilant Fd (A) Just Dial (A) Kajaria Cer (A) m
Open 1266.60 1260.00 338.00 339.35 280.00 277.70 1989.80 1991.00 196.50 197.65 1432.85 1430.90 Open 1055.45 1057.40 159.00 159.00 190.90 191.40 308.00 307.80 76.65 76.50 303.25 303.25 Open 193.80 194.45 13.15 13.15 331.00 329.90 1515.00 1519.80 580.00 574.05 416.00 411.90
High 1291.95 1291.75 344.40 344.00 280.00 280.20 1994.80 1995.00 201.90 202.05 1436.65 1437.65 High 1057.65 1057.40 160.00 160.00 194.15 194.40 315.20 315.30 77.45 77.50 309.95 310.00 High 199.40 199.85 13.30 13.35 335.45 335.80 1525.95 1524.80 580.00 578.45 416.00 415.05
Low 1263.00 1260.00 337.30 336.75 273.60 273.50 1982.15 1982.10 196.50 196.05 1423.45 1423.00 Low 1046.00 1047.00 158.75 158.65 188.00 187.50 308.00 307.80 74.50 74.50 298.70 298.20 Low 193.80 194.15 13.01 13.00 330.00 329.90 1507.95 1505.45 569.50 568.65 407.55 406.00
%Chng 0.75 0.55 1.13 1.32 -0.40 -0.34 0.33 0.31 1.57 1.77 0.42 0.06 %Chng -0.30 -0.01 0.66 0.66 -0.63 -0.95 2.27 2.05 -0.07 -0.20 0.20 0.22 %Chng 3.44 3.62 -0.08 0.00 1.58 1.78 0.10 0.06 -0.25 -0.27 0.62 0.24
Shares 41296 1325K 55490 1492K 83384 1988K 10069 463K 755K 5147K 90661 3195K Shares 13330 512K 286K 3422K 182K 2053K 1210K 25414K 1944K 18270K 864K 7022K Shares 823K 7766K 3563K 26480K 204K 3729K 51286 638K 89301 1148K 33109 648K
PE 13.15 13.14 14.97 14.96 28.17 28.19 31.42 31.43 143.38 143.63 19.35 19.34 PE 27.61 27.66 6.56 6.56 7.12 7.11 33.40 33.40 14.50 14.45 - - PE - - - - 10.30 10.31 77.52 77.49 26.90 26.89 28.09 28.06
3 M H/L 1397/1080 1397/1081 380/299 380/299 320/240 321/241 2038/1837 2038/1836 202/146 202/147 1437/1170 1438/1170 3 M H/L 1277/891 1276/891 177/150 177/150 252/184 253/184 315/259 315/259 107/72 107/72 446/262 447/258 3 M H/L 258/177 258/177 19/13 18/12 351/294 351/294 1540/1223 1540/1222 638/402 638/401 578/405 580/406
52 Wk H/L 1439/1080 1440/1081 428/254 427/253 344/240 345/241 2038/1573 2038/1572 202/87 202/87 1437/862 1438/860 52 Wk H/L 1520/891 1520/891 231/150 231/150 286/184 286/184 315/250 315/250 150/72 150/72 884/262 883/258 52 Wk H/L 294/128 294/128 27/13 27/12 351/228 351/228 1540/653 1540/653 648/352 647/350 768/405 768/406
1 M returns 5.72 5.61 4.00 3.91 3.59 3.45 5.14 5.17 27.09 27.07 8.24 8.15 1 M returns -4.61 -4.48 -4.29 -4.58 -0.97 -1.39 16.94 16.83 -3.81 -4.31 -2.29 -2.19 1 M returns 6.60 6.77 -12.67 -12.37 12.40 12.76 6.42 6.49 0.34 0.10 -5.78 -6.06
1 Yr returns 5.59 5.36 12.56 12.23 7.77 8.02 22.87 22.78 41.77 41.80 55.06 54.93 1 Yr returns -17.51 -17.29 -25.21 -25.33 -11.38 -11.62 11.34 11.32 -22.73 -22.95 -48.09 -48.14 1 Yr returns 45.49 45.85 -42.54 -42.54 40.51 40.90 116.54 116.63 57.69 57.48 -36.03 -36.09
Mcap 54112 54046 16404 16392 19310 19320 119552 119597 13321 13344 312624 312406 Mcap 40280 40361 155000 154952 6635 6628 383522 383522 3762 3750 3420 3418 Mcap 19222 19242 3187 3187 80614 80734 19942 19934 3861 3860 6545 6539
Alpha 0.16 0.15 -0.48 -0.45 0.31 0.35 0.03 0.02 0.71 0.73 0.48 0.45 Alpha -0.27 -0.20 -0.06 -0.12 -0.66 -0.67 0.26 0.23 -0.69 -1.08 -0.23 -0.27 Alpha -0.99 -1.01 -0.96 -1.41 -0.09 -0.12 0.10 0.10 -0.09 -0.07 -0.56 -0.64
Beta 1.13 1.18 2.57 2.42 -0.07 -0.27 0.07 0.11 1.31 1.35 -0.45 -0.38 Beta 1.01 0.70 0.80 1.05 1.64 1.88 1.10 1.17 3.21 4.17 -0.27 -0.07 Beta 3.80 3.89 2.65 3.68 1.68 1.72 0.58 0.58 0.67 0.55 0.98 1.29
Mean 0.41 0.40 0.08 0.08 0.29 0.29 0.05 0.05 0.99 1.02 0.38 0.37 Mean -0.05 -0.05 0.11 0.11 -0.30 -0.32 0.50 0.48 0.05 0.04 -0.28 -0.29 Mean -0.17 -0.16 -0.55 -0.53 0.26 0.26 0.22 0.23 0.06 0.05 -0.35 -0.36
Karnataka Bk (A) Kaveri Seed (A) # Kotak Mah Bank (A) KPIT Technologi (A) # L & T (A) # L&T Finance Hol (A) LIC Hsg Fin (A) # Lupin (A) # M & M Fin (A) # Mah & Mah (A) Maha Gas (A) Manapp Finance (A) # Marico (A) m Maruti Suzuki (A) Max Fin Sre (A) # MCX (A) MindTree (A) Mothersons S (A) m
Open 119.50 119.40 613.95 617.95 1257.70 1252.00 297.15 297.50 1244.00 1239.00 177.90 177.50 Open 553.00 553.90 854.70 853.70 479.80 475.25 962.00 954.55 937.60 934.05 104.90 102.70 Open 365.10 363.35 9210.05 9243.00 468.80 465.95 863.00 860.80 1102.00 1040.65 302.20 304.55
High 120.65 120.75 621.10 621.50 1273.00 1273.95 298.70 299.05 1247.50 1247.80 182.70 182.80 High 559.30 559.40 882.00 884.75 484.50 484.75 968.35 968.80 937.65 934.05 104.90 103.85 High 371.45 372.00 9285.80 9286.50 469.75 471.10 869.90 867.70 1102.00 1049.25 312.90 313.40
Low 119.05 118.90 610.25 609.30 1246.35 1245.00 293.70 293.40 1231.50 1231.45 176.90 176.50 Low 552.10 551.50 851.00 850.50 475.90 475.25 951.00 950.15 914.00 915.00 100.00 99.90 Low 363.95 363.35 9130.00 9130.00 461.75 461.20 849.00 846.95 1013.45 1013.40 302.20 302.70
%Chng 1.01 0.80 -0.37 -0.25 1.45 1.43 0.07 -0.08 0.60 0.69 3.06 2.97 %Chng 1.12 1.22 3.53 3.71 1.45 1.57 1.24 1.08 -1.16 -0.92 -1.70 -1.71 %Chng 2.18 2.16 -0.58 -0.53 -0.26 -0.22 -0.19 -0.29 -0.73 -1.05 3.59 3.24
Shares 118K 1548K 10801 270K 99781 3254K 52914 953K 158K 1751K 609K 5225K Shares 61216 1268K 258K 4312K 51210 812K 71127 2246K 13350 148K 263K 3025K Shares 41369 990K 25861 478K 11442 209K 27896 263K 65940 1528K 177K 3192K
PE 9.53 9.53 18.54 18.53 37.45 37.46 21.16 21.12 20.58 20.58 21.46 21.48 PE 14.14 14.15 389.19 390.03 29.00 29.01 24.75 24.76 18.80 18.83 11.89 11.87 PE 56.20 56.26 33.95 33.96 94.41 94.37 50.65 50.55 27.87 27.85 25.89 25.94
3 M H/L 127/105 127/105 637/465 638/464 1424/1242 1417/1242 312/244 310/247 1424/1206 1425/1206 185/141 186/141 3 M H/L 567/457 568/455 946/726 946/725 527/447 527/447 968/813 969/812 984/774 987/772 118/96 118/96 3 M H/L 374/305 375/308 9923/8260 9929/8256 534/404 534/403 917/709 918/708 1102/908 1100/908 341/275 341/274
52 Wk H/L 172/105 172/105 637/433 638/431 1424/962 1417/962 312/109 310/109 1470/1115 1470/1113 214/141 214/141 52 Wk H/L 691/457 690/455 1090/724 1090/724 538/386 534/386 968/613 969/612 1345/774 1378/772 130/83 130/83 52 Wk H/L 374/284 375/284 10000/74889996/7475 653/404 653/403 1160/665 1160/665 1102/439 1101/439 395/275 396/274
1 M returns 9.62 9.46 12.54 12.39 -9.92 -9.67 -1.23 -1.49 -3.79 -4.02 20.02 19.93 1 M returns 8.22 7.94 8.59 8.66 1.21 1.00 6.51 6.54 11.32 11.53 0.70 0.70 1 M returns 6.48 6.26 -2.35 -2.29 7.04 6.89 5.36 5.17 -3.11 -3.10 9.61 9.88
1 Yr returns -18.29 -18.15 9.30 9.34 28.41 28.44 161.73 161.52 9.66 9.69 3.39 3.38 1 Yr returns -15.31 -15.24 -6.53 -6.09 15.79 15.73 40.18 40.36 -11.79 -11.72 18.96 18.93 1 Yr returns 16.11 16.02 20.06 20.44 -22.07 -22.19 -17.11 -16.99 121.07 120.70 -4.36 -4.18
Mcap 3383 3384 4052 4050 240759 240816 5870 5860 173871 173850 36276 36296 Mcap 28134 28149 39760 39846 29695 29708 119472 119534 9061 9073 8510 8497 Mcap 47860 47912 276352 276467 12452 12447 4369 4361 16903 16894 65527 65664
Alpha -0.34 -0.29 0.01 0.02 -0.47 -0.46 0.15 0.07 -0.27 -0.28 0.21 0.16 Alpha 0.28 0.24 -0.26 -0.38 -0.27 -0.30 0.02 0.05 0.43 0.39 -0.08 -0.09 Alpha -0.05 -0.05 -0.21 -0.23 -0.07 -0.09 0.39 0.39 0.10 0.06 -0.34 -0.33
Beta 3.24 3.02 1.65 1.59 1.04 0.96 0.90 1.26 1.09 1.16 2.53 2.78 Beta 1.23 1.42 0.58 1.14 2.03 2.15 0.76 0.61 -0.07 0.15 0.87 0.93 Beta 1.42 1.35 0.69 0.79 2.13 2.15 0.69 0.62 0.11 0.30 2.57 2.57
Mean 0.40 0.39 0.37 0.37 -0.25 -0.25 0.34 0.34 -0.03 -0.03 0.76 0.76 Mean 0.55 0.55 -0.14 -0.13 0.17 0.17 0.19 0.18 0.42 0.42 0.10 0.10 Mean 0.26 0.25 -0.06 -0.06 0.39 0.38 0.54 0.53 0.12 0.13 0.22 0.22
MRF (A) Muthoot Finance (A) Nat Alum (A) NBCC (A) m NCC (A) # Nestle India (A) NIIT Techno (A) NMDC (A) m NTPC (A) Oil India (A) ONGC (A) Oriental Bank (A) Page Inds (A) PC Jeweller (A) Petronet LNG (A) Pidilite Ind (A) m Piramal Entp (A) # PNB (A) #
Open 73637.95 73200.00 401.50 415.00 68.80 68.70 76.05 76.10 102.50 102.35 10887.00 10887.00 Open 1319.70 1316.00 103.50 101.90 160.00 159.00 205.50 205.00 165.30 164.50 77.50 77.15 Open 33333.00 33500.00 99.85 99.50 219.80 218.80 1125.00 1119.50 2767.95 2713.00 82.70 82.50
High 73800.00 73900.00 414.75 415.00 70.85 70.80 76.50 76.50 102.85 102.75 10930.60 10920.00 High 1338.05 1337.90 105.75 105.95 160.00 160.25 206.50 207.05 165.30 165.00 79.50 79.35 High 34220.30 34198.80 101.95 102.00 220.20 220.00 1129.50 1130.15 2768.00 2737.70 84.00 83.90
Low 73161.00 73141.00 401.50 404.50 67.00 68.55 73.05 73.00 100.55 100.75 10797.00 10785.00 Low 1303.00 1301.65 102.00 101.80 157.80 157.65 203.65 203.50 162.60 162.50 76.60 77.15 Low 33333.00 33451.50 98.55 99.20 216.00 216.00 1119.60 1119.15 2694.35 2684.50 82.30 82.30
%Chng 0.84 0.80 -1.67 -1.53 1.10 1.03 -1.33 -1.33 -0.15 -0.30 0.07 0.15 %Chng 1.35 1.45 2.81 3.00 -0.19 -0.35 -0.44 -0.54 -0.61 -0.85 2.61 2.87 %Chng 2.42 2.24 0.61 1.01 -0.34 -0.37 0.20 0.44 -0.17 -0.30 2.14 2.33
Shares 436 7752 14797 315K 1018K 17697K 1232K 9348K 653K 7680K 1935 58903 Shares 26769 660K 251K 4255K 60232 3893K 15479 410K 140K 4755K 511K 2916K Shares 721 39936 1501K 10981K 63414 2188K 13074 251K 13252 334K 1798K 25611K
PE 25.06 25.09 9.42 9.43 7.00 7.00 34.96 34.98 18.59 18.59 71.14 71.12 PE 23.84 23.82 8.66 8.69 12.63 12.63 7.93 7.92 9.43 9.42 - - PE 98.31 98.21 6.85 6.87 14.68 14.68 58.15 58.20 10.29 10.28 - -
3 M H/L 81098/72472 81191/72605 433/370 433/369 75/57 75/57 99/61 99/61 126/78 126/78 11000/9429 10970/9438 3 M H/L 1348/971 1348/972 124/94 123/94 170/149 170/150 247/200 248/199 192/152 192/152 88/66 88/66 3 M H/L 34220/22720 34250/22751 210/65 210/65 237/203 236/203 1194/1013 1195/1019 3015/2290 3019/2285 95/72 95/72
52 Wk H/L 81423/61110 81426/61000 526/360 526/364 98/57 98/57 146/61 146/61 142/78 141/78 11000/6585 10970/6578 52 Wk H/L 1348/479 1348/476 163/94 163/94 188/149 188/150 259/181 259/180 213/152 213/152 160/66 160/66 52 Wk H/L 34220/16609 34250/16565 601/65 601/65 275/202 276/202 1194/749 1195/751 3015/2279 3019/2275 232/72 231/72
1 M returns -0.44 -0.14 1.02 1.25 17.31 17.41 20.24 20.23 23.66 23.57 4.48 4.61 1 M returns 18.83 18.86 9.73 9.98 1.84 1.77 -2.37 -2.63 1.75 1.72 15.81 16.13 1 M returns 19.51 19.20 27.63 27.99 4.94 5.16 5.99 6.00 5.78 5.58 11.34 10.97
1 Yr returns 15.73 15.80 -12.72 -12.61 -1.57 -1.64 -28.64 -28.66 15.92 16.12 63.65 63.42 1 Yr returns 168.20 168.05 -13.51 -13.33 -8.86 -8.88 6.87 6.80 1.46 1.34 -35.95 -35.95 1 Yr returns 99.58 98.78 -73.26 -73.19 -4.95 -4.62 37.04 36.78 0.87 0.89 -41.36 -41.29
Mcap 31242 31269 16212 16224 13298 13298 13365 13374 6079 6079 104860 104837 Mcap 8192 8186 33015 33110 130237 130278 23169 23146 209310 209246 4983 4989 Mcap 37960 37923 3929 3943 32685 32700 57011 57061 48877 48820 23037 23037
Alpha -0.43 -0.46 -0.35 -0.39 0.20 0.24 -0.04 -0.08 -0.14 -0.23 0.35 0.36 Alpha 0.41 0.37 -0.09 -0.14 0.04 0.03 -0.07 -0.05 0.03 0.05 -0.47 -0.46 Alpha 0.52 0.51 -1.50 -1.59 -0.15 -0.19 -0.02 -0.02 0.37 0.30 -0.21 -0.32
Beta 1.66 1.79 1.61 1.75 1.38 1.23 1.55 1.74 2.05 2.37 -0.20 -0.25 Beta 1.27 1.44 0.72 1.04 0.42 0.46 0.23 0.12 0.57 0.44 3.45 3.43 Beta 0.71 0.73 4.56 5.02 0.71 0.87 0.98 0.97 -0.11 0.19 2.70 2.82
Mean -0.07 -0.07 0.00 -0.01 0.50 0.51 0.30 0.30 0.30 0.29 0.31 0.31 Mean 0.68 0.68 0.07 0.08 0.13 0.13 -0.02 -0.02 0.15 0.15 0.28 0.29 Mean 0.67 0.67 -0.51 -0.50 0.00 -0.01 0.19 0.19 0.35 0.35 0.39 0.39
Power Fin (A) Power Grid (A) PTC India (A) PVR (A) Ramco Cements (A) m Raymond (A) RBL Bank (A) Reliance Cap (A) Reliance Com (A) Reliance Ind (A) Reliance Infra (A) Reliance Power (A) Repco Home (A) Rural Elect (A) SAIL (A) SBI (A) m Shree Cement (A) Shriram TrFn (A)
Open 81.60 81.60 189.80 188.50 83.05 82.90 1294.05 1300.00 661.80 661.25 775.65 777.60 Open 574.00 574.70 434.00 430.00 18.60 18.55 1206.00 1209.00 407.40 405.80 32.50 32.55 Open 610.00 610.00 109.85 109.65 75.50 75.20 295.90 295.00 17187.30 17275.00 1320.00 1329.60
High 83.70 83.70 189.80 189.00 83.80 83.80 1312.90 1313.40 683.60 684.55 801.00 801.80 High 577.85 578.80 438.75 438.80 19.90 19.90 1215.00 1215.40 418.50 418.80 32.85 32.65 High 610.00 614.25 110.85 110.90 76.60 76.60 302.65 302.70 17870.10 17898.00 1346.00 1346.35
Low 81.40 81.30 186.00 185.75 82.60 82.40 1288.05 1287.70 652.60 651.00 760.00 758.35 Low 571.20 571.30 429.90 429.60 18.05 18.05 1200.25 1200.05 404.60 404.05 31.95 31.90 Low 582.30 586.00 107.75 107.50 74.75 74.80 294.20 294.05 17100.00 17068.60 1307.00 1306.35
%Chng 1.48 1.85 -0.05 -0.32 0.12 0.36 1.10 1.12 3.44 3.33 3.11 3.14 %Chng 0.05 0.39 2.07 2.05 3.45 3.50 0.27 0.25 3.32 3.29 1.09 1.24 %Chng -2.64 -2.80 1.06 1.20 1.88 1.88 3.18 3.21 4.19 4.37 0.44 0.54
Shares 375K 5990K 99726 2263K 99716 1129K 12920 312K 14967 412K 71563 1253K Shares 54269 1010K 352K 2621K 16328K 175944K 191K 3831K 229K 2527K 575K 5904K Shares 11688 241K 465K 4243K 618K 7359K 1395K 21931K 971 20959 193K 714K
PE 3.72 3.72 11.62 11.62 7.83 7.83 46.15 46.11 30.53 30.60 32.66 32.70 PE 35.37 35.43 8.27 8.27 - - 20.90 20.91 8.42 8.42 8.77 8.77 PE 16.56 16.65 4.68 4.68 36.38 36.43 - - 50.45 50.57 17.78 17.79
3 M H/L 89/68 89/68 217/174 215/174 88/68 88/68 1463/1065 1463/1063 849/615 852/620 1075/756 1068/757 3 M H/L 591/490 591/492 449/335 449/334 22/12 22/12 1232/907 1232/907 448/364 448/365 38/29 38/29 3 M H/L 648/527 648/527 122/89 122/89 91/68 91/68 326/238 326/238 18222/15015 18080/14980 1559/1047 1555/1048
52 Wk H/L 149/68 150/68 225/174 225/174 130/68 130/68 1568/1065 1568/1063 879/615 879/620 1152/726 1153/726 52 Wk H/L 591/443 591/443 878/335 880/334 42/10 40/10 1232/765 1232/765 590/364 590/365 65/29 65/29 52 Wk H/L 739/515 734/510 184/89 184/89 101/53 101/53 352/232 351/232 19842/15015 19849/14980 1671/952 1669/951
1 M returns 18.21 18.28 4.84 4.82 18.28 18.28 18.50 18.06 5.84 5.89 -2.87 -2.61 1 M returns 1.35 1.49 26.72 26.59 46.64 46.56 10.35 10.18 10.14 10.08 8.68 8.50 1 M returns 1.98 2.61 20.67 20.87 6.56 6.70 16.60 16.39 9.38 9.26 7.30 7.15
1 Yr returns -32.99 -32.98 -16.00 -16.08 -26.73 -26.77 -1.09 -1.18 -0.30 -0.37 2.58 2.74 1 Yr returns 9.21 8.76 -44.34 -44.35 -20.74 -20.50 52.78 52.82 -14.72 -14.71 -19.33 -19.33 1 Yr returns -11.39 -10.88 -34.06 -34.06 26.67 27.05 8.38 8.40 2.52 2.37 36.61 36.46
Mcap 21767 21781 97935 97883 2470 2470 6110 6105 16026 16062 4878 4883 Mcap 24198 24236 11019 11019 5304 5310 762704 762895 10940 10942 9131 9131 Mcap 3674 3694 21734 21734 31289 31330 269523 269612 61727 61870 30084 30104
Alpha -0.07 -0.08 0.06 0.06 -0.22 -0.08 -0.75 -0.75 -0.51 -0.59 -0.79 -0.77 Alpha -0.10 -0.16 -0.25 -0.29 0.35 0.47 0.29 0.32 -0.05 -0.06 -0.30 -0.32 Alpha -0.11 -0.09 -0.10 -0.13 -0.36 -0.40 0.05 0.07 0.06 0.00 -0.03 -0.09
Beta 2.55 2.60 0.24 0.23 2.37 2.14 2.93 2.92 2.12 2.46 2.12 2.05 Beta 0.75 1.01 4.00 4.17 4.02 3.68 2.10 1.99 1.62 1.69 2.45 2.49 Beta 0.88 0.89 2.38 2.33 1.23 1.43 2.38 2.29 0.99 1.25 2.51 2.78
Mean 0.48 0.49 0.11 0.10 0.39 0.38 -0.12 -0.11 -0.05 -0.05 -0.33 -0.32 Mean 0.06 0.06 0.62 0.62 1.30 1.27 0.75 0.75 0.32 0.31 0.22 0.22 Mean 0.08 0.10 0.39 0.38 -0.09 -0.09 0.57 0.57 0.27 0.28 0.52 0.52
Siemens (A) # South Ind Bk (A) m SRF Ltd (A) Strides Pharma (A) Sun Pharma (A) m Sun TV Net (A) Suzlon Energy (A) # Syndicate Bank (A) Tata Chem (A) Tata Comm (A) Tata Elxsi (A) Tata Global (A) m Tata Mot-DVR (A) # Tata Motors (A) # Tata Power (A) m Tata Steel (A) TCS (A) m Tech Mahindra (A)
Open 1013.05 1004.00 18.20 18.05 1965.00 1962.00 435.80 436.00 623.70 623.00 799.00 792.00 Open 7.34 7.25 38.25 38.30 702.45 702.00 560.05 560.80 1449.00 1442.80 240.05 240.80 Open 136.40 136.50 253.60 253.70 67.50 67.40 571.20 571.95 2014.00 2013.85 669.40 666.00
High 1022.00 1023.10 18.55 18.65 1998.20 2000.00 453.15 452.90 633.25 633.40 799.00 797.80 High 7.34 7.30 39.00 38.95 713.55 713.75 563.30 564.05 1449.00 1445.70 244.40 244.50 High 138.70 138.70 258.95 260.10 69.00 69.00 585.10 585.20 2021.15 2021.90 689.90 690.00
Low 1008.75 1004.00 18.10 18.05 1965.00 1955.00 432.30 432.05 619.30 619.00 781.00 781.00 Low 7.20 7.20 38.15 38.05 694.70 694.10 550.00 550.10 1424.85 1425.50 240.05 239.20 Low 135.60 135.55 253.40 253.00 67.05 67.05 571.00 571.80 2005.00 2004.00 660.00 659.40
%Chng 1.05 1.54 1.39 1.66 1.49 1.50 4.09 4.01 0.60 0.61 0.37 0.47 %Chng 0.70 0.69 2.38 2.25 1.91 1.85 -0.80 -0.75 -0.25 -0.14 1.28 1.52 %Chng 1.04 1.00 2.47 2.77 2.16 2.23 2.20 2.22 0.15 0.21 2.95 2.85
Shares 13484 184K 1647K 22799K 18249 437K 522K 5277K 938K 14161K 81090 1403K Shares 1611K 11198K 280K 4077K 39041 837K 538K 175K 24442 421K 122K 2838K Shares 157K 5045K 706K 16118K 208K 2815K 712K 8743K 175K 1214K 342K 3955K
PE 29.24 29.28 12.91 12.95 26.73 26.73 6.02 6.02 37.00 37.01 24.87 24.86 PE - - - - 6.63 6.62 24.19 24.22 34.20 34.20 28.15 28.25 PE - - 18.44 18.51 4.50 4.50 3.48 3.48 28.22 28.24 17.30 17.32
3 M H/L 1095/933 1098/931 27/18 27/18 2219/1531 2206/1530 507/334 507/333 633/435 633/435 983/725 976/724 3 M H/L 10/7 10/7 54/37 54/37 759/648 759/648 649/534 649/535 1492/1137 1491/1136 285/229 285/229 3 M H/L 190/134 189/134 317/243 317/243 84/67 84/67 617/494 617/493 2024/1713 2025/1711 722/613 722/612
52 Wk H/L 1450/933 1454/931 35/18 35/18 2443/1433 2447/1433 1041/334 1041/333 633/435 633/435 1097/693 1098/692 52 Wk H/L 18/7 18/7 96/37 96/37 787/568 788/568 758/534 754/535 1492/795 1491/792 329/188 329/188 52 Wk H/L 262/134 262/134 467/243 468/243 102/67 102/67 755/494 756/493 2024/1210 2025/1211 729/411 730/411
1 M returns 5.91 6.03 -15.86 -15.24 24.45 24.28 27.29 27.39 13.42 13.38 1.65 1.27 1 M returns 3.29 3.57 - -0.51 6.06 6.05 1.32 1.34 1.01 1.07 1.45 1.82 1 M returns -1.41 -1.81 2.14 2.54 -1.58 -1.93 15.04 15.05 0.73 0.62 6.28 6.41
1 Yr returns -22.15 -22.20 -34.41 -34.23 33.47 33.70 -50.45 -50.46 32.62 32.62 6.38 6.27 1 Yr returns -57.35 -57.23 -39.64 -39.84 19.59 19.42 -13.60 -13.72 70.14 70.40 24.50 25.00 1 Yr returns -40.09 -40.14 -32.40 -32.11 -14.51 -14.51 -2.56 -2.67 60.13 60.14 60.64 60.36
Mcap 36210 36260 3312 3321 11440 11442 4024 4022 149548 149596 31099 31091 Mcap 3846 3857 5492 5478 18045 18032 15766 15785 8918 8919 15282 15336 Mcap 6916 6908 74306 74566 18568 18568 65411 65360 770257 770601 67348 67436
Alpha -0.03 -0.12 -0.64 -0.60 0.15 0.10 0.09 0.06 0.13 0.05 -0.28 -0.37 Alpha -0.24 -0.32 -0.67 -0.66 -0.18 -0.19 -0.69 -0.73 0.16 0.17 -0.82 -0.85 Alpha -0.79 -0.81 -0.47 -0.48 -0.44 -0.46 -0.40 -0.45 0.28 0.26 0.12 0.14
Beta 0.89 1.32 1.02 0.81 2.52 2.73 1.36 1.46 0.97 1.31 1.78 2.18 Beta 1.25 1.92 2.92 2.80 1.22 1.24 2.20 2.33 0.23 0.23 2.13 2.32 Beta 1.90 1.95 2.01 2.09 1.56 1.66 2.68 2.91 -0.21 -0.13 0.41 0.38
Mean 0.16 0.17 -0.45 -0.43 0.69 0.70 0.38 0.38 0.34 0.34 0.10 0.11 Mean 0.01 0.02 -0.04 -0.05 0.09 0.08 -0.21 -0.22 0.21 0.21 -0.35 -0.34 Mean -0.38 -0.38 -0.04 -0.03 -0.11 -0.12 0.18 0.18 0.23 0.24 0.22 0.22
Titan Company (A) m Torrent Phar (A) Torrent Pwer (A) TV18 Broadcast (A) # TVS Motor (A) m Ujjivan Fin Ser (A) UltraTech (A) Union Bank (A) United Brew (A) m United Spirt (B) # UPL (A) # V Guard Inds (A) m Vedanta (A) m Voltas (A) m Wipro (A) # Wockhardt (A) Yes Bank (A) # Zee Enter (A) m
Open 935.00 924.90 1723.00 1709.95 230.20 230.80 48.00 47.50 521.10 520.00 343.25 346.95 Open 4213.50 4260.00 85.65 86.05 1386.05 1390.00 623.60 624.90 612.25 612.70 215.00 215.60 Open 212.50 212.20 609.00 608.10 282.30 279.40 623.00 621.60 383.60 382.40 502.00 502.95
High 945.00 945.00 1774.30 1774.70 234.00 234.35 48.95 49.00 521.35 522.00 353.55 353.60 High 4312.00 4308.55 87.00 87.00 1420.00 1420.00 641.70 641.00 619.00 618.80 218.10 218.00 High 216.75 216.70 625.00 625.50 282.30 281.00 633.90 634.50 395.00 395.65 506.50 506.50
Low 923.40 921.55 1694.85 1695.00 227.00 226.50 47.60 47.50 514.25 514.40 343.25 344.45 Low 4209.65 4204.45 85.65 85.50 1361.35 1360.15 623.50 623.10 608.10 607.65 213.35 213.25 Low 211.80 211.00 609.00 608.10 278.00 277.45 622.05 621.60 381.00 380.30 499.75 499.15
%Chng 2.38 2.40 3.98 3.87 -1.19 -1.68 2.54 2.54 -0.68 -0.65 2.51 2.41 %Chng 1.64 1.71 2.36 2.61 -0.68 -0.69 1.86 1.80 0.98 1.16 -0.05 -0.12 %Chng 3.09 3.07 1.43 1.39 -0.09 0.21 1.01 1.11 3.76 3.90 0.63 0.61
Shares 121K 2697K 32726 536K 49580 917K 371K 5233K 53303 654K 88104 1003K Shares 14271 262K 466K 7951K 140K 2117K 97158 1905K 48360 1212K 54581 744K Shares 927K 13308K 50326 1499K 97151 2729K 170K 1670K 791K 16094K 29430 1188K
PE 67.10 67.13 45.78 45.76 11.23 11.22 542.52 542.52 36.05 36.06 - - PE 60.10 60.16 - - 80.71 80.70 80.03 80.00 15.19 15.19 63.59 63.53 PE 5.76 5.77 35.29 35.34 15.78 15.81 - - 20.05 20.07 32.98 32.92
3 M H/L 946/800 946/800 1774/1282 1775/1304 270/212 276/212 59/44 59/44 609/507 610/507 415/341 408/341 3 M H/L 4338/3566 4340/3563 97/74 97/74 1420/1030 1420/1032 716/548 709/548 742/538 750/537 238/182 238/183 3 M H/L 278/201 279/201 631/493 632/493 290/254 291/254 749/549 749/549 395/326 396/326 580/494 578/493
52 Wk H/L 1006/564 1000/564 1774/1149 1775/1147 307/206 307/206 71/35 71/35 795/507 794/507 432/302 435/302 52 Wk H/L 4594/3566 4600/3563 196/74 196/74 1420/776 1420/775 801/468 801/468 858/538 859/537 255/177 255/177 52 Wk H/L 356/201 356/201 675/493 675/493 335/254 334/254 1012/532 1012/531 395/285 396/285 619/477 619/477
1 M returns 11.45 11.27 22.63 22.49 2.98 2.91 7.91 7.91 -9.31 -9.36 -5.72 -5.24 1 M returns 11.14 11.34 13.71 13.65 25.01 24.88 14.60 14.58 10.55 10.76 16.18 15.69 1 M returns 5.50 5.65 14.90 14.78 -1.58 -1.67 8.20 8.47 2.38 2.49 -3.27 -3.34
1 Yr returns 50.60 51.01 39.35 38.98 6.59 6.45 33.10 33.10 -11.65 -11.75 9.58 9.55 1 Yr returns 6.84 6.76 -34.38 -34.42 73.08 72.70 22.72 22.73 -27.15 -27.01 19.40 19.52 1 Yr returns -27.89 -27.88 14.59 14.62 -2.98 -2.79 13.07 13.02 14.22 14.25 -1.68 -1.58
Mcap 83551 83591 29896 29883 10963 10953 8306 8306 24503 24510 4257 4258 Mcap 117584 117694 10126 10120 36643 36639 46426 46408 31343 31356 9172 9163 Mcap 79920 79994 20364 20393 126492 126696 6912 6920 90628 90686 48443 48361
Alpha 0.32 0.28 0.37 0.39 -0.22 -0.22 -0.29 -0.32 -0.40 -0.46 -0.51 -0.46 Alpha 0.00 -0.04 -0.25 -0.20 0.57 0.57 -0.30 -0.34 -0.34 -0.38 -0.06 -0.03 Alpha -0.65 -0.63 0.40 0.37 0.17 0.18 -0.33 -0.34 0.09 0.09 -0.44 -0.52
Beta 0.37 0.56 1.70 1.63 1.67 1.65 1.73 1.94 0.38 0.65 1.43 1.23 Beta 1.41 1.54 3.06 3.23 0.50 0.48 1.71 1.87 1.61 1.84 2.33 2.24 Beta 2.72 2.59 0.98 1.06 0.08 0.11 1.43 1.50 1.49 1.49 0.75 1.01
Mean 0.40 0.40 0.74 0.74 0.14 0.14 0.08 0.09 -0.32 -0.32 -0.20 -0.20 Mean 0.30 0.30 0.35 0.36 0.68 0.68 0.07 0.07 0.01 0.02 0.45 0.46 Mean -0.07 -0.06 0.62 0.60 0.18 0.20 -0.02 -0.02 0.41 0.42 -0.28 -0.30
14
>
N KERALA SEES WORST FLOOD IN A CENTURY N
Irdai asks firms to quickly

Decades of extreme rain events add to woes settle claims in Kerala
Insurance Regulatory and timely settlement of life
ABHISHEK WAGHMARE Development Authority (Irdai) insurance claims, Irdai said in
New Delhi, 17 August asked insurers to ensure communication to insurers.
reported claims are registered They could consider using the
he Great Deluge of 99 — or and eligible claims are settled process followed in the case of
T 99le vellapokkam — is how

Kerala remembers, through
oral history, the horrors of the flood
expeditiously to give relief to
those hit by heavy rains and
floods in Kerala. There are
Chennai floods in 2015 for
claims involving loss of life,
where difficulty is experienced
of 1924 (1099 in Malayalam Era), reports of loss of human lives in obtaining a death
regarded as the worst in the recorded and belongings in the state. certificate due to non-
history of the region. Kerala was not Insurers should take every recovery of body.
a state then. possible step for quick and BS REPORTER
Unprecedented rain this week in
some districts of Kerala have left the
state in the worst flood situation of
the century. The flow of water in some
SC wants dam Half of Karnataka
stretches of the Periyar was 1,800 water lowered faces drought
cubic metres — or about one swim-
ming pool of water — per second, The Supreme Court asked two Even as parts of the state and
almost equal to that recorded in 1924 (Above) Rescue workers search for bodies of missing persons after a landslide, triggered by heavy crisis management panels to neighbouring Kerala are
as recorded by the colonialists, state rain and flood, at Nenmara in Palakkad in Kerala on Friday. (Left) People are airlifted by the Navy explore the possibility of red- reeling under floods, at least 16
officials said. during a rescue operation at a flooded area PTI/REUTERS ucing the water level at the districts in Karnataka have
The impossibility of predicting the Mullaperiyar Dam by 3 feet and recorded deficient rainfall with
intensity of a deluge beforehand, the has the permission to maintain full of Kerala told Business Standard. ability of the water, and averted the Idukki has received almost twice the asked Tamil Nadu to “scrupu- the Centre mulling declaring
rise in extreme rainfall events since reservoir level at 142 feet of the dam Mullaperiyar dam releases its crisis, at least to some extent. rainfall it received till date. lously obey” any decision. It them drought-hit. According
the second half of 20th century, and wall, as mandated by the Supreme water slowly into the Vaigai, and most The apex court, hearing a petition Scientists from Indian Institute of said it was leaving it to the exe- to the revenue department, 4
the dearth of inter-state cooperation Court. But Kerala, in its submission to of it, and at a faster rate, into the from a Kerala resident, ordered the Tropical Meteorology (IITM), Pune, cutive to tackle the situation. It districts in south interior and 12
when it comes to water disputes have SC had asked to make 139 feet the Idukki dam, where rainfall was the release of the water on Friday. But this have, since the 2005 deluge of asked the National Crisis Mana- in north interior Karnataka
manifested into yet another disaster, upper limit. heaviest. This flooded the already would have worked only as a preven- Mumbai, shown from their research gement Committee and a received less rainfall during the
reminiscent of the Uttarakhand cloud Had the TN government started full-to-brim Idukki dam, which tive and not a curative measure, offi- that there is an “alarming” rise in both committee to coordinate. PTI monsoon since June. PTI
burst and havoc of 2013 and Chennai releasing water from the dam into releases water into the Periyar basin, cials said. The northern district of the number and the intensity of
floods of 2016. Kerala when it had reached the criti- where most of the casualties have Idukki in Kerala recorded a massive 68 extreme rainfall events in India, as a
“Kerala is facing its worst flood in
100 years. 80 dams opened, 324 lives
cal level of 139 feet, the full blown cri-
sis could have been averted to some
occurred.
A flow of 36,000 cusecs was
cm rainfall in a week to August 15,
which is equivalent to two-thirds of
result of climate change.
“The inter-annual variation of
Air India Express to operate Kochi
lost and 223,139 people are in about extent, officials said. recorded in parts of the Periyar on the annual national average rainfall extreme rainfall in a single day shows flights from nearby airports
1500+ relief camps,” chief minister “The three feet make a lot of dif- August 15, almost the highest ever. in India. The state, as a whole, received highly significant rising trend during
Pinarayi Vijayan tweeted later in the ference. They contain 792 million “The flow on August 16 was definite- 30 per cent more rainfall than normal 1951-2007. The unprecedented rain- Air India and Air India Express Thiruvananthapuram, is for
day. However, given the intensity of the cubic feet of water, which when ly more than that, but we await offi- in that week, and the downpour did fall on 26-27 July 2005 over the on Friday said their flights the August 18-20 period, AI
rain, at least a third of this crisis could released translates into a flow of cial figures,” said an official. not stop until the night of August 16. Mumbai Metropolitan city appears to scheduled to depart from the Express said the new schedule
have been averted, had Tamil Nadu about 9,000 cubic feet per seconds Keeping the 3-feet buffer for the The normal mark of seasonal rain- be a realisation of this long-term Kochi airport will operate from will be effective till August 26,
(TN) heeded to the requests of Kerala. (cusecs), which got added to the flow purpose of flexibility in times of flood fall of June-September had already trend,” Ashwini Ranade and Thiruvananthapuram and and the flights will depart from
The Mullaperiyar dam, situated in caused by the rain,” a senior official in the Mullaperiyar could have been crossed as early as till August Nityanand Singh of the IITM noted in Kozhikode. While Air India said Thiruvananthapuram and
Kerala but in the possession of TN, from the water resources department improved the flood manoeuvring 16, in 11 of the 13 districts in the state. a 2010 study. the new schedule, from Kozhikode. PTI
Vajpayee’s approach to economic Tech employees’ work-life balance is off kilter

SARITHA RAI discussions on social networks and for Amazon.com, and the company has
issues had the common touch 17 August
Amazon’s country manager for India has

proposed a radical idea: Log off; get a life.
WhatsApp chat groups. Agarwal is a senior
vice president at the Seattle-based retail
behemoth, which has a reputation of fos-
tering a cutthroat work culture and driving
committed some $5.5 billion to building
up its network there. Recently Amazon
lost out to Walmart in a bid to buy
Flipkart Online Services, India’s leading
In an email to his team earlier this employees to burnout. Many in India won- e-commerce operator.
month, Amit Agarwal counseled col- dered if this represented a softer turn for While the demands of technology on
leagues to stop responding to emails or the company. Agarwal has previously workers has become a topic of debate
work calls between 6 pm and 8 am in the served as an executive assistant to Chief around the world, work-life balance is
interest of “work-life harmony.” He also Executive Officer Jeff Bezos, who is often severely off kilter in Bengaluru, India’s
talked about the importance of work dis- painted as ademanding boss. An Amazon third-largest city, where a significant
cipline and how to draw the line. representative in India declined to com- portion of the one million workers
The leaked note has broken through ment on the email. employed in the outsourcing business
the sleep-deprived haze in the technology India, with its more than 1.3 billion cater to global customers and often work
hub of Bengaluru and is a topic of heated people, has become a fierce battleground late into the night. BLOOMBERG
Former prime minister Atal Bihari Vajpayee’s grand-daughter Niharika during the funeral at Rashtriya Smriti Sthal in
New Delhi on Friday PHOTO: DALIP KUMAR
ARUP ROYCHOUDHURY, MEGHA MANCHANDA The bureaucracy and the political leader- its India Shining moment.
& SANJEEB MUKHERJEE ship were always on the same page. It was "He (Vajpayee) did a huge amount of
New Delhi, 17 August totally path-breaking that he started pri- work in the infrastructure sector because
vatisation, which is a difficult process not he believed that infrastructure develop-
Two of the biggest economic legacies of only in India but in any country,” Pradip ment gave a stimulus to the economy,”
Atal Bihari Vajpayee’s tenure were his Baijal, who was disinvestment secretary said Kushal Kumar Singh, Partner, Deloitte
push for privatisation and highway con- from December 1999 to February 2003, Touche Tohmatsu India LLP.
struction. told Business Standard. The NHAI, an autonomous and inde-
The golden quadrilateral project link- Baijal remembers Vajpayee as a prime pendent body that was formed primarily
ing Delhi, Kolkata, Chennai and Mumbai, minister who had the remarkable courage to connect the country via roads and cre-
followed by the North-South East-West, to approve, through his cabinet, almost ate job opportunities, has now trans-
became the high point of the first NDA all the privatisation proposals taken to formed itself into a robust state-owned
government. Vajpayee had stalwarts like him, much to the chagrin of the opposi- company that has taken upon itself the
Nitish Kumar and Rajnath Singh as Union tion, including left parties, and employees task of constructing over 16,000 km of
surface transport minister when the min- of public sector units (PSU), in a country highways during the current financial
istry had both highways and maritime which was broadly left-of-centre. year.
transportation under it. Road construc- “It showed remarkable courage that he Some of Vajpayee’s other economic ini-
tion got into mission mode when little- approved everything that we took to him. tiatives included the thrust on telecom
known BC Khanduri, a retired army man The left did not like it, PSU employees and agriculture. Mobile tariffs fell drasti-
from Uttrakhand who was close to who did not have to perform and got cally between 1998 and 2004, and he ush-
Vajpayee, became highways minister. bonuses did not like it. He laid down clear ered in the National Telecom Policy in
The length of national highways principles for us to follow, and we did our 1999.
increased to 58,125 km in 2002-03 from work,” Baijal, who retired as chairman of “Vajpayee wasn’t an economist by
34,849 km in 1996-97. The mega push the Telecom Regulatory Authority of India training, but whenever any big policy mat-
came from the ~1 cess on petrol and diesel. in 2006, said. ter or something which involved eco-
Later, rural roads too were funded from the Baijal recalled the work that went nomics came to him, he used his experi-
road cess kitty, giving the infrastructure behind two of the biggest privatisation ini- ence and intuition to take decisions and
sector its golden era. tiatives: Maruti Suzuki, in which it divest- more often than not they were spot on,”
"Earlier there was no such concept of ed its stake to Suzuki Motors, and VSNL, said Sompal Shashtri, a former member of
taking one huge infrastructure project. which was sold to Tata Communications. the Planning Commission.
The National Highways Authority of “Maruti’s was impossible privatisation. Shashtri, who was a key member of the
India (NHAI) was created as an instru- It was 50 per cent under Suzuki. Under government then, cites the example of the
ment to achieve that objective and the the agreement, we could not sell the rest of MSP for wheat in the 1998-99 crop season.
first edition of the NHAI was a fully the stake to anyone but Suzuki. But we He said the Commission for Agricultural
empowered body as the government created circumstances that those guys had Costs and Prices (CACP) wanted it to be
realised that autonomy and empower- to pay us a very good price. We were able raised by just ~50 per quintal over the pre-
ment were needed for its functioning," to do that because we had the full confi- vious year’s ~460 per quintal. But, the cost
former road secretary Vijay Chhibber dence of the PM. Similar was the case of of production had gone up owing to rise in
said. VSNL. We had two huge competitors, Tata diesel rates.
It was a time when the now and Reliance. There was not a complaint Shashtri said he tried convincing
Department of Investment and Public regarding the process,” he said. Vajpayee that unless the purchasing pow-
Asset Management was a full-fledged “The government had said that no pri- er of farmers was enhanced, India’s man-
Ministry of Disinvestment, first helmed vatisation would take place without a com- ufacturing sector won’t grow by much as
by Arun Jaitley and then by Arun Shourie. petitive bid. Only when people start devi- farmers constitute an important con-
It was during this time that the govern- ating from a set process is when problems sumption segment. Vajpayee called a
ment privatised a number of state-owned arise. I remember discussions with Atalji, meeting of the CACP and tried reasoning
enterprises, including marquee brands he never allowed anything unless there with them, but when the agriculture
like Maruti Suzuki (then known as Maruti was a level playing field and clear compe- department showed little willingness to
Udyog), Modern Foods, Hindustan Zinc, tition.” accede to his request, he brushed aside all
Balco, Jessop and Co, IBP Co Ltd, Videsh Controversies surrounding privatising opposition and worked out a compromise,
Sanchar Nigam Ltd, 18 hotel properties of PSUs, however, led to abandoning strate- as result of which the MSP was raised by
ITDC, and others. gic disinvestment as a policy by subse- ~80 per quintal. “He was highly receptive
“When I look at my 40 years of service, quent governments. Nonetheless, infra- to ideas and counter-points on economic
I don’t think I have spent a period like this. structure gave the Vajpayee government issues,” Shashtri said.

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