T E T HE CONWWW.EOCONOMICTMIMES.COM IC IMES BENNETT, COLEMAN & CO. LTD. MUMBAI | 34 + 4 PAGES OF ET PANACHE | *.`3.00 OR .`7.00 ALONG WITH THE TIMES OF INDIA TUESDAY, 26 JULY 2016 Women Safety Apps Ahead of Clinton Convention, Dope Charge: Narsingh’s to be Part of Handsets Democrats a Divided House Olympic Dream Over? BRANDS: CREATING DESIRE(cid:2)(cid:2)5 AROUND THE WORLD(cid:2)(cid:2)19 SPORTS(cid:2)(cid:2)21 FOREIGN INVESTORS SOLD ON INDIA Verizon Buys PURE POLITICS From Tata Steel’s pension woes in UK to hurt egos that rocked KPMG-BMR Bulls Take a Yahoo for deal, HR issues and cultural integration the No 2 factor behind M&A failure SP Deserts Cong $4.8 Billion M&A Means Managing Leap of Faith on Campa Bill Sensing that Cong disrupted Rajya Sabha on Monday to hold Angst for HR Managers on Dalal Street up the Compensatory Affor- estation Fund Management & Planning Verizon is buying Yahoo Authority (Campa) Bill, SP has come out in for $4.83 b, marking the support of the legislation.(cid:2)(cid:2)2 GST hopes propel Rising Tide Rica Bhattacharyya & Yeh Deal Maange More end of an era for a firm that Sachin Dave once defined the Internet. BJP, BSP Nifty to 15-month Clolesvinegl % Chvgs 55%of buyers Cultural Pain points include Yahoo will be rolled into MAY closing high, Sensex July 25 (`) Friday Mfacutmurbinagi: jAoi nhti gvhen-ptruorfeil eb emtwaeneun- talent challseanyges tinhtee nguramtiboenr i2s ecumltpulroayle ien treegtreanttiioonn,, Verizon’s AOL operations, END UP SENSEX GAINERS one of India’s top conglomerates to be a major HR driver of leadership assessment, which the latter bought ALIENATING ends above 28,000 Maruti Suzuki 4550.60 3.11 and its European partner col- issue in future M&A deal failure, compensation and last year. (cid:2)(cid:2)PAGE 19 OTHER SBI 229.85 2.86 lapsed even before it could bid for deals, according to says a survey benefit levels, talent SECTIONS the first big contract. The reason: Mercer survey by Aon management IN UP Our Bureau Asian Paints 1068.85 2.25 a suggestion that a conference India should ICICI Bank 269.15 2.12 call be held during the Christmas Quality of talent is a key aspect of M&A diligence. Bench (cid:2)(cid:2)PAGE 3 Mumbai: Investors shrugged SENSEX LOSERS holidays. strength drives future possibilities for a synergised organisation. A Follow the US off worries about bank bad lo- The differences between both major talent erosion risk can erode a lot of the value overnight ans and drove indices to new Dr Reddy’s 3474.85 -3.62 sides — over technology transfer; PRABIR JHAGlobal Chief People Officer, Cipla Model: Agarwal BNP Leader Says 2016 highs on hopes that Parlia- GAIL (India) 390.95 -1.04 equity contribution and route to ment will soon pass the long- market — were simmering for Bajaj Auto 2700.00 -0.76 stalled goods & services tax Bill. months. That small issue, essen- Indians Happy, But on Lookout for Jobs Terrorists Local The Nifty ended at a 15-month Tata Steel 363.80 -0.41 tially a people issue, whether work Asenior leader of Bangla- high, above 8600, while the Sen- BSE BANKEX can interrupt holidays, snapped Asurvey by Dale Carnegie has found that even though job sex closed at an 11-month high the already frosty relationship. desh Nationalist Party, of above 28,000. Foreign inves- 21729.31 1.65 satisfaction level in India is around 88%, about 31% of employ- Moudud Ahmed, concurred tors bought for the twelfth suc- GAINERS People Risks Top Board Agendas(cid:2)(cid:2)21 ees are looking for a job change, reports Varuni Khosla.(cid:2)(cid:2)16 Vedanta’s Anil Agarwal says with his PM that terrorists who recent- cessive day on Monday, taking PNB 130.15 8.23 India should follow “the US their purchases in July to near- ly targeted foreigners in his country ly `.8,000 crore — the most since Federal Bank 66.00 3.37 Puri Named COO at ITC, Gets model” to encourage entrepre- were homegrown.(cid:2)(cid:2)4 April this year. BoB 155.75 3.21 neurship and wealth creation “The market is moving in con- SBI 229.85 2.86 even as issues of tribal rights & junction with global liquidity af- ter Brexit and more is expected. ICICI Bank 269.15 2.12 a Step Closer to Becoming CEO ‘forest rights Act’ are raised Stimulus from global central Compiled by: again by Rahul Gandhi.(cid:2)(cid:2)8 Market Tracker banks is almost a done deal, that ETIG Database is why markets are moving up,” Sanjiv Puri becomes the second most important exec after Deveshwar RBI Fines BoB, said Piyush Garg, chief invest- LAST % CHANGE ment officer at ICICI Securities. Friday, ITC told the exchanges on HDFC Bank in Nifty 8,635.65 1.11 The Nifty gained 94.45 points Our Bureau Monday. EThad reported earlier Sensex 28,095.34 1.05 to end at 8635.65 after scaling a this month that Puri, 53, was be- ``6kcr FX Scam high of8641.15. The Sensex gai- Kolkata: ITC Ltd named Sanjiv ing mentored by Deveshwar for ned 292.10 points to close at Puri to the newly created post of the CEO’s post and groomed into BSE Midcap 12,400.2 1 28095.34 after hitting an intra- chiefoperating officer, signalling becoming the face ofthe company. BSE Smallcap 12,234.49 1.05 day high of28110.37. that he’s most likely to take over “It’s a clear indication that Puri from YC Deveshwar as CEO when is the chosen suc- `/$ 67.35 -0.4 Bankex at Record High(cid:2)(cid:2)21 he steps down in February after cessor of Devesh- two decades at the helm. BSumant war and he will Gold Std* 31,404# 0 As COO, Puri becomes the sec- and Hemant take over the CE- TRADE UNIONSLIKELY TO OBJECT ond most important executive in Malik are O’s role on Febru- Silver (`/kg) 46,600# -0.43 the tobacco-FMCG-hospitality tipped to get ary 5 next year. The Reserve Bank of India Brent ($) 43.97 -1.01 EPFO may Hike ETF Exposure cwohnog wloimll ebrea sttea yianftge orn aDse nvoens-hewxeacr,- btoigog aetr I TroCles Twiolrl kt hmeonr,e h celo sweillyl NDAM has penalised HDFC Bank *(`/10gm); #Prices in Bengaluru Compiled by ETIG Database Retirement fund body Employees’ Provident Fund utive chairman, according to the with Deveshwar ARI and state-run lender Bank of Organisation may double the proportion of its in- schedule announced last month. on all big decisions which the Baroda in the alleged vestment in exchange traded funds (ETFs) this fiscal Puri will now oversee day-to-day company will take,” a person ``6,000-crore forex-related affairs across ITC’s businesses. aware ofthe development said. to 10%, potentially escalating friction with trade unions.(cid:2)(cid:2)17 Executive director Puri was re- irregularities that came to designated at a board meeting on Rapid Rise of Puri in Last 2 Years(cid:2)(cid:2)16 light in October.(cid:2)(cid:2)10 WEIGHTED AVERAGE METHODOLOGY RETAINED Caskful of Cash Myntra to TC Sets SUC Floor at 3%; Jio, Delist 200 for a Handful of Brands Aircel may have to Pay More Special Feature Myntra.com, the country’s USL Executives largest online Deep Water Telecom Commission’s proposals will be considered by Cabinet next week fashion retailer, is delist- ing about 200 brands of Law to prevent atrocities against Reliance Jio, which according to SUC Liabilities Fat Wallets scheduled communities is new Our Bureau the earlier formula proposed by its fashion offerings, on 52 managers took activist weapon to fight companies the Telecom Commission, was to its platform amid low New Delhi: The Telecom Com- have an SUC outgo of 2.88% of re- Original Old TC New TC home over `.1crore in 52Eight-digit earners in polluting water sources, write Dinesh SUC paid formula formula sales from those labels, mission on Monday fixed the we- venue, will now have to pay 3.05%, %* %* %* United Spirits in FY16 Narayanan& Shailesh Menon. ighted average spectrum usage according to the DoT sources. This and is instead focussing salary last year — up versus 34 in FY15 Airtel 4.9% 3.80% 3.80% Fat Chance charge (SUC) at a minimum of3% fee will be the weighted average weighted on larger brands, reports Far greater number of people ogef froerv eRneuliea,n rcaei sJiinog I tnhfeo cuosmerm c haanrd- fnoure J tioo wpahyi l1e% th Se UteCl coon w tihlle csopnetci-- f1aov%re fBrlaaWgtAe Rasul Bailay.(cid:2)(cid:2)5 50% from previous year Hemigphleory teheasn b Wuti par toa’ds 5lo1w er than visit unregulated eateries than a Maxis-controlled Aircel, while trum it won in 2010 auction. Vodafone 4.80% 4.80 % 4.80% Infosys, which has 54 employees McDonald’s or KFC in Kerala, writes shooting down the formula propo- Aircel, which RJIo 5% 2.88% 3.05% Rule Change Sagar Malviya & Sreeradha D Basu earning over a crore SSanandakumar.(cid:2)(cid:2)20 seerd th biys tmheo ntetlhe.com regulator earli- Spectrum w2.8o3u%ld, hawviell t on poawy awveeigrahgteed for Export Mumbai:Top managers at the co- At HUL, about USL sales Smhaodueld c oinmfop ualbsoouryt gine nperrivica mtee hdoicsipnietas lbs?e phwftoh“rahreeTs i Sv hdciiUnheeotC p curiaso osa rm dmtrt u3mema%ccieeions,ndm”tst a oia mooin nsnfeeei hntmnneadgiloosa earr tcse itoofo ulemfonlfceoi k cm(br Dit uaroeotal ni Tattitestt), atdC0a.uaa5kbcy%etisin p o aealnfatst ccne aeirotn 4t dih5se shah3fJpro%iaairoynvm , e gaaw usnst ilopp ala ele. s dcrRhh tdtreheaiultlveiilma eo nn on eocutawofetl AIirdceeal ff11a3w oo4v%%.err2e. i5ffBBgr4llaaaWW%h%gttt AAeeSdU C 2 4.8.53%% 34..05%% Units oTmphoenesni gn tA ogisv a npe crrvoonm--i-l utcmSthhapnaeanitn rnrn’tiyy e t`.c ’sw1soa cmsls(ar fUrp5oogS2rlra ee Laeis l)inxtl n etlat ihcsobquaeoou ltwkuaoiv rtrr eyo thcsh nool eagmmais trrte pe Up yaaaenmnsyaoyi.ot, rnA e,ir sndaes, 1tmcp1o62raooo99yrrk .eiee nDh mti oonFhpwm Yaaln1none5 nyafur e oaemls u``EsupB99r I0gT5,e.3D57dA%7 t oac9t r cr; told ET after the TC’s decision. Reliance Communications. nearly 50% jump from a year ago, plete overhaul of regu- 97% 1% 2% The Telecom Commission’s pro- Incumbent GSM operators such according to company filings. Several new hirings at top level, a YES NO CAN’T SAY posals will be considered by the as Airtel, Vodafone and Idea, lations for export units USL had a few more crorepatis few inducted from parent Diageo TODAY’S QUESTION Cabinet next week. The next ro- which pay a higher SUC, wanted a and software exporters, than Wipro but less than half of Do you think Modi govt’s plan to create a und of airwaves auctions, which flat revenue share rate across all reports Deepshikha Hindustan Unilever, which had giant oilco works in present crude scenario? have been held up over the SUC is- airwave bands and operators. BWA continues to attract 1% SUC 129 such earners, according to the- www.economictimes.com sue, can take place 45 days after * % of adjusted gross revenue (AGR) Sikarwar.(cid:2)(cid:2)17 ir exchange filings. USL’s parent the Cabinet gives its approval. GSM Operators Disappointed(cid:2)(cid:2)21 Source: DoT estimates Diageo is looking to attract and re- tain talent in India as it pushes Pokémon Purists Piqued at Latest Avatar hard to build up sales and fend off competition in what’s emerging as akey market, analysts said. Sales at USL last year were slug- gish, up 0.5% at `.9,379 crore, while Long-time aficionados give a big thumbs-down to Pokémon Go for dumbing down the original game EBITDA (earnings before inter- est, taxes, depreciation and amor- Labelling the latest game a ‘disappoint- consoles — from the Gameboy to Nintendo moves based on tisation) rose to `.957 crore in FY16 Nilesh.Christopher ment’, Zeeshan said, traditionally, Poké- DS — and is now available in smartphones. its battle ex- from `.33 crore in the year before. Liquor is now run as @timesgroup.com mon games have an element ofcombat. One ofthe striking features ofNiantic- perience. Also, Both Diageo and USL have alleged an FMCG business of a In a classic Pokémon game, users have developed Pokémon Go is the ‘gym battle’. gamers could strategically choose moves that funds were diverted in past ye- product-push model with Bengaluru:It’s caused road accidents to battle wild Pokémon and lower its Pokémon gyms are during battle depending on the type of ars to entities associated with for- in Japan, shootouts in America and health before capturing it. “In Pokémon NINTENDO real-world places where Pokémon — water type, wind type, fire mer chairman Vijay Mallya, spar- similar visibility and sales has made a mob ofadults run helter- Go, you just have to hurl pokeballs to SHARES SLUMP trainers can deploy their type — they are fighting against. king inquiries. Mallya, battling pressure. USL will need skelter in a park in Chennai. Three collect Pokémons. It is pointless to throw THE MOST Pokémon to battle with “One had to pick moves which are banks over loan repayments, has to hire or retain talent at weeks after its release, Pokémon Go is pokeballs and catch them, ifthe creature SINCE 1990 other trainers to become effective against the opposite type. A lot denied any wrongdoing. high cost if they have to spawning fans and fanatics with every goes down without a fight,” said Zeeshan. (cid:2)(cid:2)PAGE 19 gym leader. However, more thinking and reasoning comes into Diageo, the maker of Johnnie compete with strong rivals passing day, but not everybody is Old-time gamers ofPokémon also con- Pokémon purists argue play in the older version,” said Aneesh, Walker scotch and Smirnoff vod- thrilled with the game. tend that the dumbing down has made the that the battles in Pokémon Go are ‘ineffec- adding that fighting and defending the ka, bought a controlling stake in such as Pernod Ricard. The augmented reality game, with game trivial. “It doesn’t matter ifit’s a rare tual’ compared with the earlier install- gym feels automated in Pokémon Go. USL from Mallya in July 2013 and ABNEESH ROY over 30 million downloads Pokémon or not, (in Pokémon Go) ments ofthe game. “The game is made for the masses rather later raised its holding to 55%. worldwide, has got a one has to just flick pokeballs “In earlier versions, as the Pokémons than true to its fans,” Aneesh added. Senior vice-president, thumbs-down from over and over again until you level up and gain experience, they Gaming industry watchers tho- India Key Market for Diageo(cid:2)(cid:2)21 Edelweiss Securities unusual quarters: tradi- catch it,” said Aneesh learn new moves which ugh dismiss such quibbles. “Pe- tional Pokémon fanboys. Thunga, a 22-year-old soft- make the battle more ople want to go to all the places “The USP ofPokémon ware tester who has been challenging. In they never wanted to, because FORMER RBI GOVERNOR OPENS UP game was the fight playing Pokémon games since Pokémon Go, you they want to catch a Pokémon,” Govt, RBI Strain Inherent: Subba with the Pokémon its release in the Game Boy Ad- are stuck with what said Alok Kejriwal, chiefex- before catching vanced console in 2001. you get,” said Zeeshan, ecutive officer, Games2win. “So, it,” said 22-year- Pokémon has a long history in adding that the lack of who cares about some theoreti- The conflict between the government and RBI “is old Mohammed the annals ofgaming. The first moves restricts the cal tick marks which are not inherent” because the central bank is focussed Zeeshan, a student of Pokémon game was released in narrative ofthe game. there? The world has to be on price stability while politicians are driven by New York University, who 1996, and has spanned over In the older versions of wholesomely entertai- has been playing Pokémon eight generations of the game, each Pokémon ned, that is the most electoral cycles and democratic compulsions, games for a decade now. handheld gaming had an assortment of important thing,” he former RBI governor D Subbarao tells MC added. Govardhana Rangan& Gayatri Nayak.(cid:2)(cid:2)9 Illustration: ANIRBAN BORA 2 Pure Politics (cid:2) THE ECONOMIC TIMES | MUMBAI | TUESDAY | 26 JULY 2016 * Factoids & ‘I Resigned from Navjot Singh Sidhu NEW DELHI: “I resigned from Rajya Sabha as I was Trivia told to keep away from Punjab,” Navjot Singh Sidhu Former BJP MP in Rajya Sabha said on Monday. Sidhu said he always wanted to Rajya Sabha as I serve the people of Punjab and Amritsar and wher- Even a bird comes back to his 62.42% ever Punjab’s interests were concerned, he would nest after venturing out. How can be found there. He recalled how former PM Atal was Told to Keep Bihari Vajpayee asked him to contest elections for Sidhu stay away from Punjab for the fi rst time. He said: “Modi saahab’s wave drowned Of the total wages paid someone else’s personal interest? opponents as well as me.” He described how he was Away from Punjab’ under MNREGA was de- Sidhu always wanted to serve asked not to contest elections from Amritsar in 2014. layed due to implementa- Meanwhile, AAP leaders claimed Sidhu may offi cially tion issues and lack of Punjab and Amritsar. That’s all join the party in August along with his wife. — OPB banking infrastructure among others, Rajya Sab- ha informed on Monday RAJYA SABHA BATTLES IN VIEW OF PREVAILING CIRCUMSTANCES Although suspense over GST continues, Samajwadi support for Compensatory Afforestation Fund gives NDA an upper hand in House of Elders Pakistan ‘No-Go’ Mulayam Joins Cong Heat Over School Zone for Modi Camp(a) Andhra Bill in RS Attacks on Indian Envoys Dalits: Didi’s Men Walk SP echoing govt arguments mean Blocks legislative business & tells Stale information Another Out of RS setback to Cong’s attempt to govt that it would continue to leaked by Pakistan Pak Ploy modify bill prompted by govt’s do so till ruling side agrees to govt to ‘create’ Decision was taken in numerical disadvantage in RS facilitate passage of bill diplomatic crisis? June 2015 but the Paki- stan government leaked the information to the Pak M media after over an year A [email protected] Our Political Bureau DipanjanRoy.Chaudhury ND @timesgroup.com Questioning the timing ARI New Delhi: Sensing that the Congress disrupt- New Delhi: The Congress has retaliated to the of the news leak, an MEA ed the Rajya Sabha on Monday to hold up the government’s prevention of a vote in the Rajya New Delhi: India has decided to source claimed this was NEW DELHI: Trinamool Compensatory Afforestation Fund Management Sabha on Friday on a private member’s bill seek- withdraw children of its diplomats a tactic to paint to the Congress on Monday and Planning Authority (Campa) bill, the Samajwadi ing special category status for Andhra Pradesh. The posted in Pakistan from schools in international com- staged a walk out of Ra- Party has come out in support of the legislation. main Opposition blocked the government/legislative that country. The decision was taken munity that India and jya Sabha demanding a “The legislation on Campa is in the interests of state business in the Upper House on Monday and conveyed to in June 2015 but the Pakistan govern- Pakistan could be statement from PM governments. It will provide about `42,000 crore for government managers that it would continue to do so till ment leaked the information to the on the verge of a Modi over growing at- state governments. The Samajwadi Party supports the ruling side agreed to facilitate the passage of the Pak media after over an year. The diplomatic this legislation,” SP Andhra bill — either by agreeing to take up for voting by external affairs ministry had asked war tacks on Dalits. Raising Rajya Sabha leader GOOD FOR STATES advancing the private member’s bill ahead of Friday or high commission staff to send their the issue, Derek O’Brien Ram Gopal Yadav by adopting it as a government bill. The development children back from this academic (TMC) said he has given told ET. SP is the The legislation on has heightened the suspense over the GST bill. year, citing security concerns. Certain a notice under rule 267 third largest party in Many feel the delay in resolving the Government- Following reports in the Pakistan Campa is in the Pakistani seeking adjournment of the Rajya Sabha. Opposition stand-off over the Andhra Pradesh bill could media, the MEA Yadav echoing the trouble the GST roadmap this session. Since the monsoon said on Monday: departments business to take up a government’s argu- interests of state session is to last till August 12, there is time to negotiate a MEA had “It is a normal are clearly trying to discussion on the trend ments meant a set- truce, provided there is desire on both sides to end the hostil- asked high practice for all create the spectre of of disregarding the Con- back to the princi- governments ity. Congress spokesperson Jairam Ramesh has already ac- commission countries to re- tension & India-Pak staff to send stitution and rising pro- pal Opposition’s RAM GOPAL YADAV cused the Centre of “not being serious” about the GST bill their children view staffing and conflict in the face of tests across the country attempt to modify SP’s Rajya Sabha Leader “due to serious internal differences within the government” back from this related policies for Pakistan rhetoric on over attacks of Dalits the legislation and “due to the BJP’s worry that implementation of GST academic year, their diplomatic Kashmir not getting prompted by the government’s numerical could result in a rise in inflation at the time of UP elections.” missions, includ- and minorities. — PTI disadvantage in the Upper House. The leg- The Congress has hardened citing security ing in view of pre- international traction concerns islation was listed for consideration and GOVT NOT SERIOUS its position on the bill by vailing circum- MEA SOURCE passing in the Rajya Sabha on Monday. Though maintaining that the govern- stances at those stations. With effect Centre not serious 198 backchannel negotiations between the govern- ment stage-managed a pro- from this academic session, officials ment and the Congress last week had seen the latter test by SAD in the Rajya posted in the High Commission of The campuses about GST bill due to relent from its demand to refer the bill to the select com- Sabha on Friday afternoon, India in Islamabad were advised to are closed mittee, the Congress planned to leverage its numerical internal differences over Mann’s video, to skirt a make arrangements for education owing to Ragging complaints heft in the Rajya Sabha to amend the legislation. vote on the private bill which of their wards outside Pakistan...” summer vacation, and Former environment minister Jairam Ramesh made this was sure to secure a majority, Questioning the timing of the to UGC in 2016, within the government the sources confirmed clear on Monday when he said that he planned to move an with even the TDP likely to news leak, an MEA source claimed the young Indian maximum 33 came amendment to the legislation. Addressing a press confer- JAIRAM RAMESH vote in favour. Congress depu- that this was a tactic to paint to the nationals would not from UP followed ence, Ramesh said his party had the support of CPI, CPM, ty leader Anand Sharma said: international community that by 31 from JD(U) and DMK for the amendment. However, Congress Congress Spokesperson “On Friday, the ruling MPs India and Pakistan could be on the attend the school when Kerala, Lok Sabha sources indicated that it needed one of the three major re- were shouting vociferously. Today, they have lost their voice. verge of a diplomatic war. “Certain they open next month. gional parties — SP, Trinamool or AIADMK — to support We cannot allow government business to be taken up. Pakistani departments are clearly The decision has sent informed them to see the amendment passed. SP’s declaration, conse- Also, though the ED case against ex-Haryana CM BS Hooda trying to create the spectre of ten- shock waves to on quently, was a blow to Congress’ efforts to force the govern- has added bitterness to government-Congress ties, the latter sion & India-Pak conflict in the face Pakistani diplomatic Monday ment to concede ground on the bill. neither mentioned it in Parliament nor at the AICC briefing. of Pakistan rhetoric on Kashmir circles, which fear it not getting international traction. would further strain the Mann told to Keep off LS till Panel Report Pakistan’s objective is to tell the in- relations between the ‘Liberty to ternational community that after two South Asian withdrawing school children, India neighbours Terminate might downgrade diplomatic ties and may even mobilise the mili- Abnormal AAP LEADER HITS BACK ‘Modi should also be suspended from Parliament for letting Pak agency in Pathankot’ tary,” a person familiar with the de- THE DAILY TIMES velopments said. Foetus’ room where Parliament questions Mahajan on Monday said: “I have de- Our Political Bureau were being sorted out. cided to constitute a nine-member in- The committee, in its first meeting on quiry committee to probe this issue. Don’t Derail Ties With India: Pak Daily New Delhi: AAP MP Bhagwant Mann Monday evening, held a preliminary The committee has been assigned to was on Monday “advised” by Speaker preview of the video, authorised the look into the conduct of Mann.” ISLAMABAD: Pakistan was on Monday urged Sumitra Mahajan not to attend the Lok security wing of Parliament to con- Mann later said: “Wasn’t the nation’s by a leading newspaper not to sour its “pre- Sabha till a House committee submits duct its technical check, including fo- security put at stake when Pakistan’s carious relationship” with India. “...Politick- its probe report on August 3. Last week, rensic examination of the authenticity security agency came and PM Modi al- O ing of the current circumstances by its main- Mann had put out a video of his vehicle of the footage, voice and timing of the lowed them inside the Pathankot base. T passing security barricades and enter- shoot. Mann has time till July 28 to re- PM should also be asked to appear be- HO stream politicians will only undermine its own stance,” ing Parliament complex on the social spond to the charge that his action has fore a committee, he should also be E P the Daily Times said in an editorial. — IANS media. He had also videographed a compromised security of Parliament. suspended from Parliament.” FIL NEW DELHI: The Supreme Court has granted liberty Buniyaad Dealt With Partition, Director Still Suffering to an alleged rape survi- vor to terminate her 24-weeks-old abnormal DOORDARSHAN’S ICONIC SERIAL RUNS INTO CONTROVERSY foetus. A bench of justic- Ramesh Sippy ‘has not been paid a single penny’ in the last 30 years; Prasar es JS Khehar and Arun Bharati orders probe; it’s sad that veteran directors have had to run from pillar to post at Doordarshan for their rightful money: Sircar Mishra perused the re- port of the medical board Sippy who directed the show had not a way, it has shunned its old policy of of a Mumbai hospital [email protected] been paid a single penny for the ven- AIRED FIRST IN 1986: acquiring content through the com- stating that the continu- ture. DD officials said there were missioning mode. “Doordarshan’s Buniyaad’s content and ance of pregnancy would New Delhi: Family drama confusions over details of the trans- major hit series like Ramayana, characters still strike a endanger the physical Buniyaad that dealt with the after- action and so fresh arbitration with Mahabharata, Hum Log, Buniyaad math of Partition, with fine actors Sippy had started a few years ago, chord with the audience and Chandrakanta were produced and mental health of the such as Alok Nath, redefined the but a solution was not reached. through the slot-sale method. But mother. It passed the or- way TV shows were made in the Prasar Bharati CEO Jawhar private producers have to trust the der after taking assis- eighties and still has lessons to of- Sircar told ET that he had ordered national broadcaster with their tance of A-G Mukul Ro- fer to showmakers. But, it seems a probe into the matter. “There is money for that. Payment delays for hatgi who said there was that director Ramesh Sippy, one more to this than meets the eye. We years and decades, especially to of India’s most esteemed filmmak- want to know what really hap- good shows, put the producers off,” a provision in the Medical ers, has still not been paid by pened. It was unfortunate that this a senior official said. Termination of Pregnan- Doordarshan for it. happened.” Prasar Bharati is the Sources said only 30 popular pro- cy Act, 1971, which allows Aired first in 1986, Buniyaad over SEEKING ANSWERS autonomous body that comprises ducers had signed up for the auction the termination of preg- the years has been rerun six times There is more Doordarshan and All India Radio. that was held recently and that more nancy after 24 weeks if on Indian television, proving that It was sad that veteran directors could have participated had the gov- there is a threat to the its content and characters still to this than have had to run from pillar to post at ernment organised interactive ses- strike a chord with the audience. Doordarshan for their rightful sions between them and officials life of the mother. “We The show had registered over 93% meets the eye. money, Sircar said. “As of now, at Directed by Ramesh Sippy and Sachdev, Dalip Tahil, Kanwaljit about how the process had been made grant liberty to the peti- viewership in North India for all least the first `46 lakh that we owe Jyoti Sarup, the Buniyaad series Singh and Neena Gupta, who went transparent now. “The problem is tioner and if she desires the years. It was first aired on DD We want to know what him has been approved. We are find- was written by Manohar Joshi on to become big names in the in- some people in DD still run licence to terminate the preg- National that is owned by ing out how much more is owed to who was also the script writer of dustry in the subsequent years. raj, forcing good producers to run nancy, she is permitted,” Doordarshan, after which it was really happened him. Also, the probe will find out Hum Log, yet another iconic show Recently, Doordarshan went for a around for their money. That is why also run on private channels. why these delays happen, who is on DD. The show had some bril- new revenue-sharing model in auc- most refrain from giving their shows the bench said. — PTI Recently, the serial was rerun on JAWHAR SIRCAR responsible for them and what liant actors, including Anita tion of its slots for shows to attract to us. And this reflects on the quality DD yet again. But top officials said Prasar Bharati CEO should be done to fix them.” Kanwar, Kiran Juneja, Asha major producers and advertisers. In of the channel,” the official said. THIRD House-Hunting After Maya, Guru Pranam Bureaucrats EYE Trouble for Beni it’s Mamata at IGNCA on the Radar SP’s Beni Prasad Verma is a hassled While Mayawati declared herself as While well-known artist Kapila The Centre’s focus on “rightsiz- man after his election to the Rajya “devi”(goddess) for her party’s tradi- Vatsyayan was finally sent out ing” bureaucracy is not new, Sabha. Lack of a suitable accom- tional supporters, there seems to be a of the Indira Gandhi National but the efforts have now modation in Lutyens’ Delhi is the fear of missing out in other parties. centre for the Arts (IGNCA) in a reached the ministry offices at main reason. He travels in his Wag- This was evident in Lok Sabha on board rejig in April this year, Shastri Bhawan. The new em- onR from Dwarka to Parliament Monday when TMC member Idris Ali the reconstituted IGNCA is set panelment process is long and House to attend the session. Verma equated his party chief Mamata Ba- to commemorate one of her consists of detailed enquiry is trying to reach out to Om Mathur nerjee as “devi Saraswati” and “Moth- gurus. Vasudev Sharan Agar- where not only performance of BJP who is all set to head the er Teresa”. Ali had visited Ajmer Sharif wal, scholar of Indian Art, ac- of the bureaucrat is analysed housing panel that will allot resi- to pray for the party at the peak of cepted her as a PhD student but also his/her behaviour dences to new members. Last Saradha controversy. Also, Mamata is upon her return to India. IGN- with junior-most officials, at- D heard, Verma has not managed to set to attend Teresa’s canonisation at CA will dedicate a Sanskriti tendance and attitude towards HI A meet him in the Upper House. the Vatican in September. shrinkhala to him this year. work and meetings. Z Pure Politics (cid:2) 3 WWW.ECONOMICTIMES.COM * AAP Plans Sensing Diminishing Returns, Mayawati Pipes Down Rhetoric Separate Dalit Manifestos POLL GAMEBSP decides not to overreact with the episode after BJP gets into damage-control mode expelling Singh as ruling SP plays it safe tra and Karnataka. IDENTITY POLITICS romp home in Lucknow,” confided [email protected] “A consolidation of Dalits will be a senior BJP leader. Akshay.Deshmane more than enough for us,” was how Fear of caste polarisation BJP insiders are expressing conf- @timesgroup.com New Delhi: The fear of caste pola- a senior BSP leader summed up pa- idence that fewer proportion of risation against it outstripping Da- rty’s happiness over BSP cadres’ against BSP’s identity upper castes, being wooed by the New Delhi: The Aam Aadmi lit consolidation in favour of BSP protests last Thursday despite BJP BJP, will be drifting to the BSP af- Party is planning to release se- appears to have cast the shadow on leadership’s quick action against politics seemed to have ter this episode. parate ‘Dalit Manifestos’ for the Mayawati’s combative posturing Dayashankar Singh on Wednesday. Realising this, ruling SP has deci- three states where it plans to over expelled BJP leader Da- Thursday spectacle, party leaders dampened the enthusi- ded to play safe and avoided play- contest assembly elections. The yashankar Singh’s derogatory re- thought, was a brilliant optics to ing into the hands ofeither ofit. move comes at a time when poli- marks against her. boost the sagging morale of the A file photo of SC/ST Welfare Association’s protest against Dalit atrocities asm within the party “Ifwe arrest Dayashankar Singh, tics surrounding the Dalit iden- BSP not only did not join the party after couple of high-profile we will have to also arrest Nasee- tity is yet again gaining mo- TMC in Rajya Sabha on Monday in rebellion from the party recently. polarisation antagonising non-Da- nary summing up the mood within by expelling him from the party. muddin Siddiqui (BSP’s Muslim le- mentum in the aftermath ofthe staging a boycott over alleged ri- However, the fear ofcaste polarisa- lits because ofthe offensive nature the party to not escalate the matter But, since then it has gathered ho- ader who orchestrated BSP’s prote- thrashing of Dalit youth by sing atrocities against Dalits, Ma- tion against BSP’s identity politics of our protests. It will affect BSPs fearing it may hurt more than ben- pe once BSP’s protests turned vulg- sts in Lucknow) for a balancing act ‘cow protection’ vigilantes in yawati skirted media queries on seemed to have dampened the en- acceptability among non-Dalit flo- fitting the party altogether. ar to the distaste of most non-BSP given both sides have filed FIRs,” Gujarat’s Una. Monday regarding the Dayashan- thusiasm within the party. ating votes. We should not forget BJP, on the other hand, too, was ta- supporters. “BSP’s escalation to reasoned a SP election manager, Party leaders told ETthat in Pu- kar episode and instead chose to “A reaction to Dayashankar Sin- that less than 3.5% ofvote gap with ken aback by the crass derogatory this vulgar level has meant a caste suggesting that the state admini- njab, which has India’s largest highlight recent atrocities aga- gh’s remarks was justified. But, SP meant a humiliating defeat for nature of its party leaders’ remar- polarisation. It harms BSP more as stration will let the situation diffu- inst Dalits in Gujarat, Maharash- our overreaction has led to caste us in 2012,” confided a BSP functio- ks and swung into damage control Mayawati need more than Dalits to se on its own. BJP, BSP May End Up Alienating Others While BSP has managed to win Dalit solidarity, BJP hopes to appeal to upper castes, mainly Thakurs in the state in the forthcoming Assembly polls [email protected] WIN OVER DALITS Kumar, Chowdhry population of people born into the Scheduled Castes, the AAP Lucknow: The BSP-BJP slugfest BJP, RSS were working to to Hold Rally Today will release its manifesto for Dal- that both are using to consolidate th- its in the ‘second or third week of eir core constituencies may end up win over Dalits, which LUCKNOWBihar September’ and this will likely be alienating the additional votes the they had managed to we- CM and BSP reb- followed by similar launches in two need to attract to win the 2017 as- el RK Chowdhry Gujarat and Goa in due course. sembly polls. While the BSP has ma- an away from Mayawati will address a ra- The AAP has been conducting naged to win Dalit solidarity, a secti- during the 2014 LS polls lly in Lucknow on Tuesday. a state-wide door-to-door on of which was swaying towards The event would also test campaign during the past the BJP, the saffron party which has month in Punjab, said Durgesh now aggressively gone out to attack Morcha in-charge Deep Chand the might of BSP rebels as Pathak, who is in charge of the BSP, hopes to appeal to the upper Ram resigned from the party pro- after Swami Prasada Mau- AAP’s national organisation castes, especially Thakurs. testing against the BJP’s anti Da- rya's big show of his suppo- building. “Of the approx- The buzz in the BJP is that Daysh- lit stance too. rters last month, this would ihmavaete sloy f1a5r l raekahc hheodu sneihnoel-dans,d w-ae- aBnJkPa’sr c’sa nwdiifed aStwe iant iB Sailnligah. T mhea yB JbPe ORAnWsidheilree tdh aen B ‘JuPp pise rtr caadsittei opnaarltlyy,’ citos- be another event in which B anti-Mayawati Dalit leade- halflakh within a month.” The and the RSS were working to win N planned Dalit outreach seems to recent events in Gujarat are over Dalits, which they had manag- BAhave been permanently damaged. rs would make their prese- R likely to be highlighted during ed to wean away from Mayawati du- NIIt has in a change ofcourse now so- nce felt. -OPB A this outreach campaign. ring the 2014 Lok Sabha polls. ught to consolidate upper castes Mayawati had warned the Dalit in recent months have increased ty across the country. News re- Mayawati too is not letting the Una behind it using the Dayashankar larger ‘upper caste’ vote bank, esti- Modi ‘Last Hope’ community not to be swayed by, the trust deficit between the Dalit ports of Dalits asking BJP leaders issue wither away. On Monday she Singh episode. mated at about 21-24%. With Brah- “the drama being played out by PM community and the saffron outfit. to get offstage at a function organi- said, “I thought Prime Minister Mo- BJP hopes that the Thakurs who mins being wooed by the BSP too, to Defeat Terror, Narendra Modi to woo Dalits and Smriti Irani’s defence after Rohith sed by Buddhist monks in Agra, ci- di being from Gujarat would break historically have had a negative BJP hopes its all-out defence of its leaders by sharing meals with Vemula’s suicide and BJP’s inabi- ting BJP’s role in Rohith Vemula his silence on Dalit atrocities in image among Dalits would rally be- Singh on the issue of woman’s ho- Says Uddhav the community.” lity to contain the damage hit case and Gujarat’s Una incident, Una. But he has remained mum.” hind it after the Dayashankar epi- nour would appeal to Brahmins But the controversies that hit BJP BJP’s efforts to woo the communi- indicate as much. The UP BJP’s Scheduled Caste sode. It also hopes to appeal to the and other upper castes as well. Mumbai:Shiv Sena chief Udd- hav Thackeray on Monday kept up his attack on the Centre alleg- Walk the ing it has failed to live up to the promise of tackling the menace of“terror” with an iron hand, but said he was optimistic that the Pilgrimage, Pray Narendra Modi government will “rectify everything” as it was the “last hope” ofthe country. for Nation: RSS “Whatever is unfolding nowa- days in terms of terror attacks or extremism (in the country), I think it could have been coun- them with the message, Ek tered very well by this govern- Sangh Parivar kawad rashtra ke naam(one ment, especially when it has pilgrimage for the nation)”. completed two years in power. distributes RSS UP prant pracharak But I am optimistic that Modi Ajay Mittal said though the will rectify everything,” Udd- T-shirts to spread RSS has always encouraged hav said in the second part of an pilgrims to take part in the interview to party mouthpiece patriotic message Kawad Yatra in large num- ‘Saamana’ on Monday. bers, it was the first time the Asked why he keeps attacking organisation is also urging the government while sharing Vasudha.Venugopal@ti- them to ‘walk and pray for the power, he said, “Our stand mesgroup.com wellbeing ofthe nation’. “Lo- about this government is very ve for the country, commit- honest. We wish this govern- New Delhi: To spread pat- ment to protecting it should ment runs smoothly so that it riotism among Indians is a be in our blood. We should li- can fulfil the promises it made top priority for the RSS and ve and die for the country. We to the people of the country. the organisation’s next tar- want to tell the pilgrims and However, whenever we feel that gets to do so are not college everyone who knows a ka- the government is deviating students or artists, but those nwariya (ka- from its course, we have all the participating in one of the wad pilgrim) right to ring the bell.”—PTI most popular annual pilgri- that loving the mages ofShiva devotees. country is as City Taxi Strike Every year, thousands take important as part in the Kawad Yatra, Shiv bhakti,” Called Off on where in pilgrims walk up to RSS urges Mittal said. river basins in Haridwar, pilgrims to He denied CM's Assurance Gaumukh and Gangotri to wear the love this was be- fetch Ganga water which is of their ing done by Mumbai:The proposed indefi- later offered at their local country on the RSS kee- nate strike, called by a relative- Shiva temples. This time, their sleeves ping the upco- ly small taxi union Jai Bhagvan the RSS has taken charge of ming UP elec- Taxi and Rickshaw Sanghatana the religious event, urging tions in mind. “The yatra is which was to begin on Tuesday, the pilgrims to wear the love an integral part of lives of has been called off. for their country on their Hindus. We want them to be The taxi union had called an sleeve as they embark on the united and think of the co- idefinate strike against app- long walk. untry as they undertake the based aggregators like Ola and The sangh parivar is distri- pilgrimage. We had printed Uber. The strike was called off af- buting more than 15,000 T- only 10,000 T-shirts earlier ter union leader Bala Sanap met shirts in 250 districts of Ut- but the response was so Maharashtra Chief Minister tar Pradesh where there is a much that we had to increa- Devendra Fadnavis on Monday. high number of pilgrims. se. We are only spreading Sanap claimed that Fadnavis Filled with messages, Mera awareness.” had given them an assurance Bharat, mera kartavya(My Sources said Dharm Jag- that the state would bring in country, my duty) and Vande ran Samiti, a unit ofthe RSS new rules and regulations for Mataram, these saffron T- associated with “ghar wap- app-based aggregators. — Our shirts have popular symbols si” is actively involved in mo- Political Bureau of Bharatmata displayed on bilising people for the yatra. Ex-Army Man Admits to Seeking Sanyal’s Help for a Friend’s I-T Job cently fixed the appointment Ahlawat, a fifth generation Rahul.Tripathi ofa senior level official.” army officer, did not deny this @timesgroup.com Sanyal, who was raided by I-T association but denied any im- department on July 2, was fo- propriety in the relationship. New Delhi:A former army of- und in possession of letter he- “I know the girl since last ye- ficer who finds himself in the ads of two Member of Parlia- ar after she came to my polo middle of a scandal that has ment, Naresh Agarwal (SP) and club at Sariska for horse ri- set Delhi power circles abuzz Jagdambika Pal (BJP). A senior ding. She found my contacts has admitted approaching Delhi police of- from the Facebook. She met Sa- technology consultant PN Sa- ficer, who did nyal at a social gathering whe- nyal — currently in custody Retired not wish to be re I was also present but they over charges of running a sex Colonel Ajay identified, told exchanged their contacts as racket — seeking his help on Ahlawat ET that they two adults and I had no role.” behalfofa friend employed in admitted to have found evi- ET was the first to report the Income-Tax department. meeting tech dence to esta- I-T raid at Sanyal’s Safdarjung Ajay Ahlawat, a retired Army consultant blish that Sa- Enclave house in its July 15 edi- colonel, who is better known Sanyal nyal was ‘fix- tion. Sanyal, said to be an in- as ‘Ally’ in Delhi’s social circu- ing appointm- former for the tax department, it told ET, “ I met Sanyal for the ents’ in the Income-Tax allegedly had contacts with top first time 45 days back to seek department. officers, including CBDT chief favours for a posting in Gurga- A23-year-old Russian woman Atulesh Jindal. An IRS officer on in Income- Tax.” was also in Sanyal’s residence of1978 batch, Jindal had deni- Elaborating further, Ahlawat during the raid on July 2 and it ed knowing Sanyal. “May be he told ET that he was keen on ar- was her presence that trigger- is an impostor, I don’t know. I ranging a transfer ofa friend. red the police investigation of can't comment on this,” Jindal “It was only for the posting at the alleged sex racket. She alle- had told ET. I-T that I was in touch with Sa- gedly told the police that Ahla- According to Ahlawat, Sany- nyal after we met at a party. Sa- wat had introduced her to Sa- al not only dropped names in nyal boasted that he had very nyal. In its initial probe, the po- CBDT, but also claimed to be good contacts in Income-Tax lice has claimed that she had close to senior officials, MPs and even told me that he has re- been confined against her will. and RSS think tanks. 4 Pure Politics (cid:2) THE ECONOMIC TIMES | MUMBAI | TUESDAY | 26 JULY 2016 * ALL IN Cong, BJP Demand Action Against CPM’s Raj Thackeray Calls for ‘Sharia’ Like A DAY Balakrishnan for ‘Inciting ‘Workers Laws to Check Crimes Against Women B R Mani Is KOCHI: The Congress and the BJP have demanded that AHMEDNAGAR: Slamming the BJP-led state government a case should be registered against CPM state secre- over the gangrape and murder of a minor girl here, National tary Kodiyeri Balakrishnan for making inflammato- MNS chief Raj Thackeray on Monday said there was a Museum ry speech. Speaking at Payyannur, Balakrishnan need for a law like Sharia (Islamic) to check serious had told his party men to be prepared against the attack crimes against women and children. He said the hands and legs of Chief from the BJP. “They should know that any attempt to at- those who rape and kill minors and women should be cut off. A tack us will not be left unanswered”, he said. “The ac- 15-year-old girl was brutally raped and killed by three men on July NEW DELHI: Noted ar- KARGIL VIJAY DIVAS Gen Dalbir Singh paying homage to martyrs at Drass—PTI counts will be settled then and there”, he said.—OPB 13 at Kopardi village in the district.—OPB chaeologist BR Mani, who had supervised the excavation work in the GOOD RESULTS disputed Ramjanmab- Malaysian programmes to prevent Q&A MOUDUD AHMED hoomi-Babri Masjid site EX- VICE-PRESIDENT, BANGALDESH radicalisation have been hailed by US and other nations in Ayodhya in 2003, Govt Reads KL Model India Shouldn’t Put Eggs was on Monday ap- pointed as Director General of National Mu- seum. The Appoint- Only in Awami Basket ments Committee of for Islamic Education Cabinet has approved Mani’s appointment to the post for three years or till attaining the age of 70 years, an order is- “Pakistan has no relevance; Khaleda Zia to fight terror too” sued by the Depart- ment of Personnel and Senior leader of the Training said. The muse- DipanjanRoy.Chaudhury Picking up Best Practices Bangladesh Nationalist um at present holds ap- @timesgroup.com Party, Moudud Ahmed, proximately two lakh Modernisation of Malaysia and India concurred with his PM objects of a diverse na- New Delhi: India has approached Islamic education sys- planning exchange that terrorists who have PM MODI IS SAID ture, from across the Malaysia to help modernise Islamic tem a key components program for recently targeted foreigners in his TO HAVE TOLD country as well as education system and prevent radi- of programmes run by MALAYSIAN Islamic clerics and country were homegrown. In an ex- abroad, and its holdings calisation of youths. Malaysia to prevent DEPUTY PM TO other religious clusive interview with Dipanjan Roy cover a time span of Delhi expresed its keenness to radicalization CONSIDER HOST- teachers Chaudhury, he urged India not be learn from Kuala Lumpur’s best more than five thou- practices when Malaysian Deputy Officials from Indian ING AN INTERNA- India also keen on ‘short-sighted’ in ‘supporting’ only the TIONAL CONFER- Awami League government as BNP’s sand years of Indian Prime Minister and Home Minister security agencies, HRD learning about cultural heritage. Budha Ahmad Zahid Hamidi visited Delhi ministry, and Ministry ENINCGE ORENL IIMGIPORUOSV - programmes to top leader Khaleda Zia had assured Rashmi Mani had re- last week, informed sources said. of Minority Affairs may EDUCATION de-radicalise jailed to counter terrorism and not to allow PM Narendra Modi is said to have go to Kuala Lumpur terrorists Bangladesh to be used for anti-India tired as Additional Di- himself expressed interest in learn- activities. Excerpts: rector General of the O ing from Malaysia’s de-radicalisa- T Archaeological Survey tion initiatives. What do you think is giving rise PHO of India (ASI). —PTI Delhi is likely to depute officials to to this recent trend of terrorism in LE Kuala Lumpur in the coming months your country? FI to learn about the modernisation of Missing AN 32: Hopes The situation is quite critical. The between the two nations when the of survivors recede tEhaes tr Aelsiigainou nsa tsitound, iseosu irnc etsh saat iSdo.uth- way Bangladesh Nationalist Party or PAK A FAILED STATE BNP government was in power? CHENNAI/NEW DELHI: The teams will include officials not BNP looks at it is that lack of democ- Pak is a failed India’s policy is short-sighted and it Hopes of finding alive ocnielys, f rboumt tahles oIn fdrioamn s Mecuinriitsyt rayg eonf- HOTO rtearcryo irnis tmhe. T choeurnet risy a is p goilvitiincga lr visaec tuou m state. BNP is a sOhuoru lelda dnoert panudt aflol remggesr ipnr iomnee mbainskisette. r the 29 personnel on Human Resource Development and E P in Bangladesh and this is giving birth to centrist liberal Khaleda Zia has assured India during board the missing AN Ministry of Minority Affairs. The FIL terrorism. There is a lack of participa- democratic party and her last visit to New Delhi that BNP is 32 aircraft in the Bay of representatives and experts of mi- tory democracy in our country and I am trying to restore opposed to all forms of terrorism and Bengal receded today nority organisations will also join the ONGOING EFFORT agencies of India to help New there is a need for free and fair elections if BNP returns to power it will not al- as no survivor or debris delegations for interaction with their Delhi frame its own programmes for an accountable regime. Surprisingly, ideology of BNP low the territory of Bangladesh to be have been located de- counterparts in Malaysia, sources During the to modernise religious education the current government has been unsuc- used against any anti-India activities. further hinted. and resist radicalisation of youths, spite a massive search India’s counter-terror partnership past one year, according to Malaysian govern- cessful in taking action against plotters BNP would also uphold and continue operation launched with Malaysia is expanding and this ment sources. of terrorism so far. The BNP is willing to Pakistan is a failed state. BNP is a cen- with all agreements that the Awami four days ago.—PTI brought the Deputy PM here. During India has It is understood Modi had suggest- join a united front or platform to combat trist liberal democratic party and I as League government has entered into the past one year, India has launched ed to visiting Malaysian Deputy PM the menace of terror. the writer of original BNP manifesto in with India. These are international ob- launched de-radicalisa- de-radicalisation initiatives with that Kuala Lumpur might consider the 1970s is trying to restore the origi- ligations. India is Bangladesh’s biggest UAE, Saudi Arabia, Qatar and tion initiatives with hosting an international confer- Is Pakistan is responsible for the nal ideology of BNP. I am a moderate neighbour. One can chose his bride or Morocco amid rise and spread of the ence on improving religious educa- spread of terror in Bangladesh? and my view is shared by most BNP groom but cannot change neighbours. Islamic State. The Modi government UAE, Saudi Arabia, Qa- tion so that Malaysia’s experience As far as BNP is concerned, Pakistan members. Alliance with Jamaat was an is worried over some youth, particu- could benefit other nations, includ- larly from South India, joining IS. tar and Morocco ing India. has no relevance in Bangladesh. electoral pact in 2001 and our politics Would you hold Islamic State respon- is independent of Jamaat’s ideology. sible for spate of terror strike The Malaysian government has Malaysia may plan exchange pro- been running programmes to pre- education system is one of the key gram for Islamic clerics and other WILL HONOUR PACTS It was a strategic alliance and it will in Bangladesh? vent radicalisation of youths, and components of the programmes religious teachers with India. BNP would depend on the circumstances during I have no personal knowledge if the counter attempts by international run by Malaysian government to India is also understood in learn- the next polls if we would enter into Islamic State is behind terror strikes also uphold all terror organisations to turn the prevent radicalisation. ing about programmes by any alliance. and killings of bloggers in Bangladesh. country into a recruiting ground. The Ministry of Education and Malaysian government to de-radi- agreements I suspect that JMB, HuJI and The programmes has been hailed National Committee on Islamic calize jailed terrorists and rehabili- that Awami League What do you have to say to the Indian Ansarullah Bangla Team. The Islamic bnya tUionnitse. dM Sotdaetersn aisnadt iootnh eorf w Iselsatmerinc Eredaudcya ttoio cno Aopffeariartse o wf iMtha rlaeylesviaa nist ttahteei rth permis oinn t theer msosc.iety at the end of govt has entered into government belief that the Awami State is not visible in Bangladesh and League government has addressed the terrorists carrying out the strikes with India most of India’s security concerns un- could be homegrown though some of SMOOTH VISIT China was keen on Oli as PM till Xi’s visit in Oct like the trust deficit that prevailed them may have international links. SEARCH ON: R Bargotra, Chinese Efforts at Red Unity IG, Coast Guard, NO SHOWSeparatists dub home minister’s remarks as meaningless addressing a press meet PDP Leader Calls Singh’s in Chennai. — L R Shankar in Nepal Fail With Oli Exit Visit ‘Exercise in Futility’ China is keen to promote its One Extortion DipanjanRoy.Chaudhury Belt One Road project that will facili- @timesgroup.com tate the entry of Chinese goods into Case Against Nepal in a big way and the setting up JD-U MLA New Delhi: K P Sharma Oli’s exit of Chinese enterprises in Nepal. Malik, also extended their strike call on Sunday night from Baluwatar China was keen on Oli remaining as [email protected] to July 29. PATNA: A (the official residence of Nepal’s PM) Prime Minister, at least till Xi’s visit, Senior PDP leader and MP Tariq after desperate attempt to cling on to sources claimed. China had hoped that Srinagar:Separatist leaders in Hameed Karra said the Centre has case of ex- power is a setback for northern Oli who has indulged in anti-India rhet- Kashmir termed the remarks of been “reactive than responsive” to tortion was neighbor China who left no stone un- oric, may accept deals during Xi’s trip in Home Minister Rajnath Singh on the Kashmir unrest and no concrete lodged turned to keep the Communist unity order to strengthen China’s place as the the unrest in the valley as “mean- steps on ground were taken to nor- against JD-(U) legislator intact ahead of President Xi key partner of Nepal, noted people fa- ingless”, while a senior leader of malise the situation. Shyam Bahadur Singh Jinping’s proposed visit to miliar with the developments. the PDP called Singh’s visit as an Protests erupted across Kashmir on on Monday, police said. Kathmandu this October. While Beijing for decades aimed to “exercise in futility”. TO July 9 following the killing of Hizb ul Beijing was keen to engage unit- prevent Nepal as a springboard for During his two-day visit to O Mujahideen commander Burhan Two doctors - VS Chou- H han and NK Pandey - in ed Communist front (comprising anti-China Tibetan activists and sup- Kashmir, Singh didn’t talk about the E P Wani. Around 50 people are estimat- Oli’s Marxist-Leninist Party and ported stability in the Himalayan suggestions of political engagement L ed to have been killed and more than Siwan have alleged the Prachanda’s Maoist party) for Xi’s State with an aim not to allow med- with Pakistan and separatist leaders FI 3,500 injured during the violence and legislator demanded visit that is planned to push major dling by Western forces, this is first made at an all-party meeting con- MIRWAIZ UMER firing by security forces. Kashmir `20L from them. In their connectivity projects through land- time that Beijing became active in vened by CM Mehbooba Mufti. has been under curfew and commu- complaint, the doctors locked Nepal. the muddy waters of Nepal’s politics. Influential business and civil society Kashmir is nication blockade for 17 days now, re- China had leaned heavily on the This March, Nepal and China signed groups turned down the govern- sulting in the shortage of essential also said Singh threat- not a border Maoist leaders to continue support- transit agreements. China secured ment’s invite to meet the minister. commodities and life-saving drugs. ened them with dire ing Oli as the PM, said sources speak- the contract to build an international Separatist leaders Syed Ali Geelani dispute, but “The home minister’s comments consequences if the ing on the condition of anonymity. A airport in Pokhara, where it will also and Mirwaiz Umer, who weren’t al- that they want emotional relations money was not paid. — Chinese delegation was in build a consulate. President Xi’s visit lowed to march towards Anantnag on a political issue, with Kashmir is like adding salt to the IANS Kathmandu last week to garner sup- would have been a milestone amid Monday, stated that Kashmir was not wounds of Kashmiris and actually port for Oli. Oli’s anti-India rhetoric. a border dispute, but a political issue, which has to be ad- shows the callous attitude of Indian which has to be addressed politically. leaders towards Kashmiris,” JKLF The two leaders, along with Yasin dressed politically chairman Yasin Malik said. PPMM,, PPrreezz B Boonnddiningg o An tF Fuulll Dl Disipslpalay y NIA Charge Sheet CRPF TO LOOK FOR LESS LETHAL PELLETS Against Valley DG Apologises PREZ’S 4 YEARS IN OFFICE PM says he looks forward to President’s guidance over the next one year Youth for IS Links Centre’s schemes but not Mukherjee. PM MODI NEW DELHI: The [email protected] “The other party and person comes National for Pellet Injuries to power…despite that all the major Mukherjee New Delhi: Narendra Modi said programmes of that government are Investigation President Pranab Mukherjee implemented in a miniature way in- had acted Agency (NIA) on helped him learn the ropes of Delhi side the Rashtrapati Bhawan — this Monday filed a charge- after he became Prime Minsiter in height only be shown by respected like a men- sheet against three Our Political Bureau 2014, and Mukherjee responded Pranabda and for this I want to thank tor to me when persons, including Sheikh that he rose above media specula- him from my heart,” Modi said, say- New Delhi: CRPF director general Azhar ul Islam (24), a tion ahead of 2014 to perform his ing he looked forward to Mukherjee’s I was new to Delhi K Durga Prasad on Monday apolo- Jammu and Kashmir constitutional duty. guidance over the next one year. gised for injuries caused to people The PM-President bonhomie came Mukherjee pointed to media con- resident, making him the by use of pellet gun in Kashmir but PREZ MUKHERJEE was in full flow at a function on cerns in 2014 that the two may have a the first youth from the said they would continue to use it. Monday to celebrate Mukherjee’s frosty relationship. “There were lots In 2014, valley to be involved with His statements comes a day after TO four years in office. That the two get of writings, speculations before the the Islamic State. The home minister Rajnath Singh’s HO along well, despite being from ad- elections of 2014…and when we re- when Modi others named are--, Adnan two-day Kashmir visit. E P verse political camps, is known. But ceived the mandate, Modi came to see CRPF DG said they were studying L Modi left nothing to imagination as me, I simply asked him Mr PM – I am came to see Hassan (36 )of Bhatkal in the versions of pellet guns availa- FI he said Mukherjee had acted like a waiting for my appointment of you as Karnataka and Mohammad ble worldwide to identify the less life (of jawans) is imminent. We mentor when he was new to Delhi PM, please tell me when are you going me, I simply asked Farhan Shaikh (25), a native lethal options. “We feel sorry for use them only in extreme situa- and said he was fortunate to become to take the oath?” Mukherjee said. him, Mr PM I am of Mumbra in Maharashtra. the pellet injuries in Kashmir. tions,” said Prasad. PM at such a time. “Whole my life, I have been a CRPF personnel have been asked The officer informed that during The three were arrested in “The biggest point of my happiness Congressman”, he said. “My back- waiting to appoint to aim below the knee level. We are the ongoing Kashmir unrest, January for promoting the is that my political background is dif- ground was different from his politi- examining versions for pellet guns which spiralled after Hizbul ferent, his is different. But in a democ- cal background, but there is consti- you as PM, please tell ideology of ISIS, inciting available worldwide to identify Mujahideen terrorist Burhan racy, people brought up in different tutional responsibility of Indian others to become member less lethal options,” he said. Wani was gunned down in an en- political ideologies too can work President, not only me, all 13 me when are of ISIS and indulging in The officer said that pellet guns counter on July 8, CRPF personnel shoulder to shoulder, this I can feel Presidents. India is a country where you going to take terrorist and antinational were used after all options were fired 2223 times from the pellet every moment I work with him,” Modi transfer of power from individual to exhausted. “We use pellet guns guns. CRPF also fired 136 stun gre- LOT TO SEE: Inaugurating Phase-II activities through social shaeisdi. Htaet siaoind sionm iem stpatleesm meanyt hinavge hthade icnaduisveidd uanayl, ppraorbtyle tmo p,”a hrety a hddase dn.ever the oath?” of the Rashtrapati Bhavan Museum media.—OPB oonulty o wf hcoennt trhoel asnitdu awthioenr ei sl ogsosi nogf nwaedree sp etlot icnogn sttroonle tsh aet tpheeo fpolrec ewsh.o Brands: Creating Desire (cid:2) 5 WWW.ECONOMICTIMES.COM Myntra to Dump 200 Low-selling Brands Pitch Report (cid:2)Renault Launches New Online retailer plans to focus on larger brands with higher traction after pruning 10% of its fashion labels; more delisting expected in future Top-end Variant of Lodgy Myntra declined to comment on the ting sales of$1billion and will turn profi- [email protected] matter. Experts said that shedding non- table next year. Sell or Perish NEW DELHIFrench carmaker performing, or low-margin brands, is a Myntra also focuses on global brands. Renault on Monday launched a new New Delhi:Myntra.com, the country’s lar- trend that will soon pick up. While most Ananth Narayanan, its CEO, had led a te- top-of-the-line variant of its multi gest online fashion retailer, is delisting aro- ecommerce players are expected to em- Experts say shedding non-performing The retailer During the am ofcompany officials on a roadshow to und 200 brands, or about 10% ofits fashion brace this, quick churns will happen pre- brands is a trend that will soon pick up plans to evolution period, Europe and the US earlier this year to at- purpose vehicle Lodgy, called the offerings, from its platform due to low sales dominantly in the fashion category. particularly in the fashion industry increase online players tract and enrol international fashion la- 'Lodgy World Edition'. The model comes with and is focusing on larger brands with hig- For instance, in May, rival Jabong anno- revenue from aggressively on- bels on Myntra’s platform. enhancements to its exteriors and interiors and her traction. unced that it will delist several low-mar- Prior to Myntra, Flipkart-owned international boarded brands Some ofthe big global labels launched on will be available in two versions at a price of “Myntra has a long tail of small brands gin brands, including Jabong in may Myntra hosts over labels to 15% and sellers. Now the platform lately, including UK-based `.9.74 lakh and `.10.40 lakh, respectively that are not contributing much in terms of three-fourth of its priva- had announced a 2,000 global and from 5% of its as they are slowly Marks & Spencer and US-based Forever 21, (ex-showroom Delhi). As part of its fifth anni- sales. They will focus on bigger brands Myntra is te labels, to reposition it- similar delisting, domestic brands, total revenue in evolving, they have been a rousing success, Myntra offi- vanenrsoaurnyc ceedle nberwat piorincsin ing Iancdrioas,s R tehnea Luoltd hgays r aalnsgoe. tshoant wfaimll iblirainr gw mitohr et bhues iBneensgs,a”l suariud- baa pseerd- aolns og lfoobcaulsing smeilufmas l aif peslatytfloer pmro fdour cptrse.- wnehairclhy itnhcrleued-efdou rth asanlde sis o tfa $r1g ebtiilnligo n tmhoen ntehxst 12-18 becoamree tfrayr imngo rtoe cteiadl ms soaried t. hFaonr i``n8s0t laankche ,o Fno irtesv deerb 2u1tg deanye roan- (cid:2)Volkswagen Begins ckaoreem a nwpoaatny py ya’osy upinrla gbn afson.r d“ twThhiede st shtmo, caaknlslde, rye ovbuerna h niafdvsye to tauo- fbitarssa ChnEidoOsn laendd a pg“reDersiuosrdivi,n eolgny l itnheeo pnel-avbyooelaurrstd iaoegnd- otof ritesp porsiivtiaotne ilatsbeelfls thecoirn ctoexntsuuaml eforsr MhIanydn tator laDd l eEacsTet mythebaaert.r t hien cteormvpieawn,y N plaarnasy taon iann- Deliveries of Ameo in India have a team managing them.” roadshow in brands and sellers. Now premium lifestyle SREEDHAR crease revenue from international labels The person said Myntra will start trim- Europe to as they are slowly evol- products retailer PRASAD to 15% from 5% ofits total revenue in the NEW DELHIVolkswagen on Monday ming the last 150-200 lowest selling brands attract and ving, they are trying to Partner- next 12-18 months. said it has commenced deliveries of on its platform to begin with, and then enrol them become far more contex- Some of the Ecommerce, Currently, Myntra sells more than 25 in- its first sub 4-metre sedan Ameo, in may follow it up by pruning more such tual for their consu- big global KPMG ternational brands, including Nike, Adi- India. Bookings for the car, which brands in future. mers,” said Sreedhar Prasad, partner- labels, including das, Puma, Lee, Levis, Arrow, Mango, Die- would be manufactured at the company’s Pune “There are hundreds of brands that sell ecommerce at KPMG. “Further, this step UK-based Forever 21 sel, CAT, Harley Davidson, Ferrari, US Po- plant, began on May 12. “We are very happy to ttwo col tuot tfeoru yro puier cseiste a,” d saayi, ds oa yCoEuO d oofn’at lwaargnet wciinlgl a clossot hs abvye m anak inindgir beecttt iemr spaalcets o fno rr ecdonu-- Manadr kUsS &-b Sapseedn cer gtheanner`a8t0e dla mkhorine lo and Marks & Spencer. bring this Made in India and Made for India Indian brand that sells on Myntra and who sumers,” he said. Forever 21, sales on its debut Get a daily email with the most important sedan to our customers now, as we initiate the was told by Myntra’s top management of Myntra — owned by India’s largest have been day on Myntra news on the retail industry from all media ddeirleivcetorrie Ms,i”c Vhoaelkl sMwaaygeern s Paiads sine nag setar tCeamrse Inntd. ia tghicea pll satnesp t too s thaekde ,s”m hael sleari db,r raenqduse. s“tIitn’sg a n loot- erecnomtlym heorsctei ncgo mmporaen tyh Fanli p2,k0a0r0t g —lob iasl c aunrd- very successful last year ojouitnl@etest. rSeetnadil .aco bmlantok seimgna uilp t.o to be named. domestic brands. The company is targe- To Enhance Women’s Safety, Apps Air India’s Doing a Lot Better, but May Soon be Integrated with Mobiles PMO wants it to do Even Better al review of the airline, conve- PMO wanted Air India to impro- Airline told to target ned by the Prime Minister’s ve performance. “We are in advanced talks with while Micromax, Lava and Xiaomi principal secretary, Nripendra “There is no doubt that Air Indi- App makers in talks with The New USP few device makers to install the ‘I said they will be adhering to the go- on-time show to at Misra, on July 6. a’s performance has improved Feel Safe’ with a panic button op- vernment mandate to install panic Loss-making Air India is set to but that is on the back oflower oil handset cos after govt Device makers are eager tion with some of the device ven- buttons on new handsets. least 85%, increase report an operational profit for price. The PMO has said that the to grab the market by dors,” said Bhawna Kumari, busi- Karbonn said it is developing an FY16, helped by ``2,700 crore ofsa- airline needs to improve its reve- makes panic buttons in demonstrating a user-friendly ness head at MSAI, adding that the in-house app, which is expected to revenue by 10% vings on account of lower fuel nue, which has remained flat du- safety app with the panic company is running field trials. be pre-installed in some of the new prices and a one-time gain of ring the last fiscal (year). The in- mobiles must from Jan button option as a unique MSAI provides software solutions smartphones it rolls out to differen- ``1,200 crore from the sale and lea- dustry, during the same time, business proposition and IMEI (International Mobile tiate them from competitors. “We [email protected] se back of Boeing 787 Dreamli- saw revenue increase by about Equipment Identity) numbers to would be making safety apps avai- ners. But its revenue for the year 10%,” said the official, who didn’t [email protected] Some of the well-known apps mobile device makers. lable on Karbonn’s app store and New Delhi:Air India may have is estimated to have increased want to be named. such as VithU, Woman Kumari, however, refused to disclo- Android Play Store for easy downlo- improved its financial perfor- only marginally even after acco- The PMO also noted that the New Delhi:App makers are active- Safety Shield, I Feel Safe, se the names of vendors incorpora- ad by existing customers,” a spoke- mance on the back of low fuel unting for the proceeds from the “benefits of reduced ATF was ly discussing integrating their Nirbhaya: Be Fearless, I’m SOS ting such an app, but added that the sperson said. Additionally, Kar- prices, but the Prime Mini- aircraft sale, which points to outweighed by the reduction in products designed to ensure wo- Shakti and Secure Her, new bundled devices are likely to hit bonn will also be pushing safety fe- ster’s Office (PMO) do- the risks faced by the state- revenue”, the official added. men’s safety into handsets in the are compatible with retail store shelves starting August. ature updates over FOTA (firmwa- esn’t seem convinced owned carrier in an increa- During the meeting, Air India wake of the government notifica- Android smartphones The ‘I Feel Safe’ app will be availab- re over-the-air) to all its customers. about the flag carri- singly crowded market. chairman Ashwani Lohani said tion to install panic buttons in all le in some of the mobile phone mo- The devices and updates would be er’s revival story. The airline’s operational the airline needs more manpo- These apps come at a very mobile devices from January 2017. dels across 2G, 3G and 4G technologi- launched in the next few months. The PMO has asked parameters have fallen wer and the government should negligible or zero cost to Some of the well-known personal es being launched in the Indian mar- New entrant Zopo, a Chinese the airline to improve short of industry stan- allow it to hire. Lohani also wan- handset vendors, and can safety apps, including VithU, Wo- be leveraged with existing ket shortly. Device makers, accor- handset brand, is also working on to its performance on all dards: its on-time perfor- ted the retirement age at Air In- man Safety Shield, I Feel Safe, Nirb- hardware modules ding to the executive, are eager to incorporate the panic feature. “Wo- fronts. It wants on-time mance was the lowest in dia to be increased to 60 from the haya: Be Fearless, I’m Shakti and Se- grab the market by demonstrating a men safety is critical and we are open performance improved the industry at 74.3% current 58. cure Her, are compatible with An- user-friendly safety app with the pa- to include a third-party app, but loca- to at least 85%, revenu- for May 2016, when its The PMO didn’t approve these, ‘I Feel Safe’ app will be available in droid OS-based smartphones. nic button option as a unique busi- lisation is a problem on which we are es increased by 10% passenger load factor but asked the aviation ministry some of the mobile phone models These apps come at a very negli- ness proposition. working to give users a better experi- and industry stan- was 84.7%. SpiceJet to look into the demands. “They across 2G, 3G and 4G technologies gible or zero cost to handset ven- As they prepare inventory for the ence,” said Charles Bird, global dards met on load fac- reported the highest said that the aviation ministry that are being launched in the Indian dors, and can be leveraged with ex- upcoming festival season inclu- brand manager at Zopo. tor, or capacity utilisa- load factor for the should examine both the propo- market in the immediate term isting hardware modules. Some ding the Diwali line-up, they are LG has already unveiled a softwa- tion, and has also asked month, utilising 93.5% sals before taking a final deci- like handset vendor Karbonn are Some like Karbonn are developing strategically adopting women sa- re-driven panic button feature in the airline to carry out a ofits capacity. sion,” said the official. developing their own women’s sa- their own women’s safety app, fety apps, though most were tight- its newest X Screen smartphone proper survey before in- A government offici- Analysts said a solution to Air fety app, while Korean major LG while Korean major LG has already lipped about their plans. and will continue to adopt the fea- ducting new aircraft. al, who is aware of the India’s problems could only be fo- has already unveiled a phone with Samsung, Lenovo, HTC and Intex ture, developed, in-house, in all up- The targets were given discussions at the revi- und after a detailed analysis by unveiled a phone with a panic button apanic button. did not respond to ET’s queries coming smartphones in India. at the PMO’s first offici- ew meeting, said the professionals. Disruption: Startups & Tech 6 (cid:2) THE ECONOMIC TIMES | MUMBAI | TUESDAY | 26 JULY 2016 Global Payment Cos See In the run-up to the jury meeting to choose the winners of The Economic Times Startup Awards 2016, your favourite paper will run a series of special For comprehensive and insightful stories about all Valley of Gold Next Door articles on the theme of entrepreneurship. Here is the final article of a five- things startups and technology, log on to www.ettech.com part series of tips and tricks to survive and thrive in an environment where Tweet money is not plentiful but ideas are OF THE DAY Global technology payment providers are setting up base here HOW TO WIND UP YOUR STARTUP FOLLOWING YONDER STAR Goodbye Madhav Chanchani &Shashwati Shankar Bengaluru: Slowly but surely, glo- bal technology payment providers are setting up base in India. Latest among them is Stripe, one ofthe hottest online payment com- panies from the Silicon Valley, ac- to All that @JEjeFfFf wWeEinIeNrE R cwoirtdhi tnhge dteov etwloop msoenutr.c es familiar ng Star Hard to fathom: Ve- eaTrhlye b$a5c-kbeilrlsio inn clcuodmep PaanyyP, awl choofsoe- Morni rizon bought AOL unders Elon Musk and Peter Thiel, CH, has hired a former Amazon India RI ($222B peak market executive to lead operations and ROE cap) and Yahoo build a localised product. AS Three Ways to L Stripe joins several other online O ($128B) for $4.4B H and $4.8B respec- payment servicest hceo mpaUnSie-bs alsikede NIC Shut Down tively Mozido and Payo- Govt is Salesforce, Kick- Given the regulatory issues in ABHILEKH VERMA, partner 2. TRIBUNAL ROUTE neer, who have al- pushing starter, Instacart and the online payments space, at Khaitan and Co, explains so set up offices in for less Lyft are some of players are likely to take it the pros and cons of the The National Company Law Tech Buzz Wlote o wf goonl'dt s reues ha Iynedair.a sinPcea yPlaaslt, use of cash Stripe’s clients slow unlike Uber and Amazon available options: Twriinbduinnagl uhpa so tfh ae c poomwpearn tyo oonr der the which got demer- MOZIDO PWC’S FINDINGS 1. STRIKE OFF FROM ROC certain prescribed grounds. Prisma Now in the (online ged from online Has estab- Has imple- 800 900 PROS: An option in situations Available on payments) meBaaryk elatpslta yceear, is leinshcee din p Irnedsi-a mwheinttee lda bae l who wmiillllio hna –v Pee aocpclees s Inter nmeiltli on Tcohme pparoncye isss sttoil cl lgoosvee ar ndeedfu bnyc tt he wthhee wrein tdhien cgr uepd ibtourts t hdeo not support Android ssphaocrte t ienr tmhe apinlas noIdn l otdhoiaek binbuygs itnow eeosxrs-- tpharrotnuegrhs hips mtioonb filoer s ao tleul-co ttoio onns liinn eIn pdaiay mbye n2t0 o19p- u20se1r9s by Ctuhonemd reperal tenhvieea snC toA pmctrp,o 1avn9isi5eio6sn (AsOc sltde, t2A o0cu1t)t3 a s sChOarNeSh:o Tlhdee rtsr idbou.nal route is king with more are not in force yet. But a defunct usually long drawn VIVEK merchants. Crunchbase has raised $290 million, India’s launch team and headed mo- company can apply to strike off its BELGAVI Young demog- also counts payment company Visa bile business development. name from the register of the Reg- 3. VOLUNTARY CLOSURE Fintech Leader, raphics, financial and American Express as investors. “We don’t comment on future istrar of Companies under a so- A company can wind up by itself PwC India inclusion driven The Stripe team is investing in un- plans, but India is a very exciting called ‘Fast Track Exit Mode’. under two categories: (i) members through mobile Internet penetra- derstanding the Indian market, in- market and we’re blown away with PROS: Relatively shorter time voluntary winding up; (ii) creditors tion and focus on financial techno- cluding local nuances and regulato- the calibre ofentrepreneurs we see and lower cost voluntary winding up. logy space makes the local market ry structure. here,” said a Stripe spokesperson interesting for these companies, be- “India is an important market, and when contacted by ET. CONS: The challenge is for a PROS: Simple process if the share- sides the growing ecommerce mar- Stripe is focused on developers who The company, which says its aim is company to fall within the holders are on the same page and ket. Stripe was founded in 2010 by it helps build business. They have to to “increase the GDP ofInternet” is definition of ‘defunct company’ the company has no debt — nil assets and liabilities and Irish brothers Patrick and John Col- take Indian market seriously,” said already present in 25 global CONS: It may get dragged on by in- zero business activity. lison. Its application programming one ofthe sources. markets. cidental involvement of an official Photo editing app Pris- Furthermore, the RoC is vested interface (API) can be integrated The company has not yet finalised According to experts tracking the liquidator and the tribunal. ma, which made waves quickly by an online merchant to a launch date. To lead its efforts, space, interest from global pay- with unfettered discretion. on iOS a couple of weeks start accepting card payments. The Stripe quietly hired Anand Balaji in ments is likely to continue towards ago, has finally arrived company, which according to March. Balaji was part of Amazon India because ofseveral reasons. on Android. The app Small Towns Get ET. “These are desirable objec- can do business as a proprietary takes regular pictures Recycling Cos Mugdha.Variyar tives but not necessarily focused or partnership firm. and converts them into @timesgroup.com on the quick three-month closure “I feel there is no need to incor- pieces of art. The filters we would like in cases where porate private limited unless you can’t Figure closely resemble fa- Bengaluru: “Shutting down a there is no debt.” have to raise capital from inves- Big-time Angels company is hundred times more Voluntary winding up, which tors or have many stakeholders in mous classical artist’s Out this Mess difficult than starting a compa- can be done by either members or the company. We incorporated a signature look. ny,” said an entrepreneur who creditors, is done without court private limited company that in- recently shuttered his startup, supervision. When the winding volved the cost of incorporation Industry has been requesting anonymity as liqui- up is complete, relevant docu- and (chartered accountant’s) ex- Quick Byte ANIRBAN BORA dations proceedings were still ments are filed before the court penses. It’s costly to incorporate, Angel investors are now cropping up in small stymied by ongoing. for obtaining an order of dissolu- maintain and wind up a private Several entrepreneurs echo tion. But while the process may limited firm,” he said. cities to fund their new entrepreneurs unorganised players this sentiment. Winding up a seem straightforward, the reality “We had not earned much reve- company is not only about lay- is often very different. nue but spent `30,000 on incorpo- Touchdown ing off employees and closing op- The entrepreneur quoted above ration, `15,000 for annual mainte- [email protected] erations. It involves several other said he was “forced” to adopt the nance to CA and another `10,000 procedures to take the company liquidation process. in closure. It was painful to see Angel networks in They are open to Hyderabad:Indian waste mana- off official records. One way to “It is forced because you don’t the balance sheet in loss and still smaller towns have deal-syndication gement and recycling sector star- shut a company is to show a year’s have enough money to pay what having to pay additional money no dearth of capital with other angel tups that attracted investors to record of no operations (revenue) you owe to your creditors as well for closure procedures,” Goyal networks across Their real chal- pump in funds have not been able and zero assets and liabilities, as employee salaries and statu- said, adding he had to wait six lenge is to find the country to scale up and spread their foot- after which it will be struck off tory payments. In this route, the months to get the closure status of cutting-edge en- 135 - Startups eval- print widely, because the industry the register of the Registrar of creditors file cases against di- the company. trepreneurs in uated by Swan Angel has been stymied by unorganised Companies (RoC), said corporate rectors (of the company) and you (With inputs from Aditi Scientists Mapping their regions Network so far plalcakye orfsu wnhifoo drmo n nootr pmays. taxes, and laatw Nyisehr iVthai Dbhesaavi P Aasrsiokchi,a at epsa.rtner npleee cdr teod piteorrsso, nwahlilcyh h caonudllde lmeaudl ttio- Shrivastava) uHpuomna 1n0 B0r Naienw S Rtuemgibolnes [email protected] banradn hda psa irstsnueerdsh tiepr smta srhtuepet Os ntosp soinx vTe qhue asltiatryt nuoprsm arse f osre erkecinycgl eefdf epcrtoi-- roTuhtee o, twhheri cihs tios t aa kleo nthgee rc oaunrdt uanndet hhaicraals issmsueenst ,s”u hceh saasi dth. r“eIta itss NEW CLOSURE TOOLS startups. ducts and homogenous applicabi- costlier process that involves also a very lonely and stressful INSOLVENCY AND New Delhi:As India’s startup fe- There is enough startup potential lity of tax laws to meetings with creditors and process if the investors resign BANKRUPTCY BILL, 2015 ver spills from the brinks of met- latent in some cities and Indore is plug leakages and several court dates. This could from the board and cofounders Startups with simple debt struc- 46 ros to smaller cities and towns one ofthem for multiple reasons. There are impede unorgani- take two to five years based on who are not on the board leave tures may be closed within 90 mins across the country, new angel in- Sanghvi pointed out that Indore around 90 sed players from the complications involved. abruptly, as it happened in our days of applying for winding up vestors too are cropping up in the- is home to 15,000-20,000 technology waste reaping unfair ga- The government recently case.” on a fast-track basis. An insolven- Average time spent se places to fund their new entre- professionals and is a large trading management ins through sub- brought in schemes to help with cy professional is appointed for preneurs. Chandigarh Angel Net- hub for nearby regions, being sur- startups in standard pro- the closing of a company — the a day in the top 100 work, Swan Angel Network located rounded by three industrial hubs India, but ducts and tax eva- Bankruptcy law and the notifi- liquidating a startup’s assets, as per the Startup India Action Plan. apps, according to an in Indore, and Native Angel Net- of Pithampur, Dewas and these sions. About half- cation of the National Company However, since many startups do Opera study work based in Madurai are among Ghatabillod. constitute a-dozen startups Law Tribunal, which is likely to not have a debt structure they regional angel groups that have co- “Also launching a startup and only 21% of in the waste ma- replace the traditional courts me up over the last one year. product testing can be done at a clean tech nagement and re- for company insolvency and may not be able to avail of this. “There are multiple informal gro- fraction ofthe cost ofbigger cities industry cycling sector we- disputes. National Company Law Tribunal ‘Curiosity ups in Chandigarh to mentor star- making it an ideal ground for boot- re funded in the These schemes are timely, The objective of the National r tups, but in order to raise money, strapping,” he said. past eight months, including Hy- given that an increasing num- Company Law Tribunal, Learns to a startups had to go to metros,” said Sanghvi estimates that there are derabad-based Banyan Nation, ber of startups beset primar- constituted with effect from Vineet Khurana, VP, operations, at around 60 startups in the city. Bengaluru-based Saahas Waste ily by an unexpected capital June 1, is to limit the Fire Laser’ Chandigarh Angel Network (CAN) Management and Delhi-based Ka- crunch are winding down this winding-up process that started off nearly nine ABHISHEK SANGHVI badi Express. The industry’s pro- year. According to startup- to a time months back. Founder, Swan Angel Network spects remain bright. focused research firm Xeler8, The bureaucracy and costs in- frame of 90- “Also, there are ample angel in- “All the dimensions that an in- nearly a thousand startups volved in closure is a main reason vestors in the city but they were Launching a startup (in vestor looks at are available in in India have wound up since why several companies remain 180 days. not essentially part ofa formal net- this space — the need for such a June 2014. According to Parikh, dormant without legally shutting small towns)... can be work, hence education about the startup exists, there is no large startups may not need to use the operations. Parikh said nearly ALTERNATIVE OPTIONS nitty-gritties of angel investing customer acquisition cost, and we Bankruptcy law option as many of 90% of the startups that fail con- done at a fraction of the was missing,” he said. have all ofIndia to scale up,” said them do not have debt. “However, tinue to exist on paper despite LIMITED LIABILITY There is a whole new bunch ofin- Sreedhar Prasad, part- they may be able to take benefit closing operations. Of the remain- PARTNERSHIP cost of bigger cities ma- vestors, including non-resident In- ner, E-commerce of voluntary winding up. The ob- ing, a majority choose to strike Rather than incorporate as a pri- dians and high net-worth individu- king it an ideal ground for and jective is to limit the process to a off the company’s name from the vate limited company, startups als, tapping into these regional an- Star- shorter time frame of up to 90-180 RoC’s records. can explore the option of con- gel groups for memberships. bootstrapping tups, days, but its effectiveness remains “If a company remains dormant, ducting business as a limited lia- Swan Angel Network, which star- KPMG. to be seen,” Parikh said. it still has to bear costs for main- bility partnership (LLP) as the For the first time, NA- ted offwith about 15 members, has CAN, which has on-boarded 26 an- Nasscom president R tenance and compliance with an- level of compliance is relatively. SA’s Mars Curiosity rov- seen its investor base swell to 38 in gel investors in various profiles as Chandrashekhar, too, said the nual filings, failing which it could er can fire its onboard the last six months, mostly profes- in first or second generation entre- Bankruptcy law may not be suit- be fined by the registrar,” he said, DORMANT COMPANY sionals and people running family preneurs from industrial and pro- able for most startups. “The new adding that in case startups don’t laser all by itself, mis- The New Act allows for a startup businesses. fessional backgrounds, on an av- Bankruptcy code, perhaps, is a want the hassle, they can register to be declared a ‘dormant com- sion scientists say. New Swan plans to invest between ``50 erage sees 400 pitches from star- little more oriented towards tradi- as a limited liability partnership pany’. This allows a business to software is enabling lakh and ``2 crore in startups and tups across India, out ofwhich five tional business that have huge as- (LLP). Pardeep Goyal, who shut- stay afloat with lower levels of ChemCam, the laser looks to make 7-8 investments by are shortlisted to pitch before sets and huge institutional lend- tered his startup SchoolGennie compliances. The RoC can strike the end of this calendar year, said investors. Targeting ticket size of ing and designed from the per- in 2014, advises that bootstrapped spectrometer on Curios- off a startup’s name from its reg- Abhishek Sanghvi, founder of the $100,000-300,000, it has so far inves- spective of lending institutions companies should avoid the cost- ity, to select rock tar- Swan Angel Network. ted in Jump Basket, Qlivery and and to curb crony capitalism,” he ly procedure of incorporating a ister if the company has been dormant for five years. gets autonomously — It recently invested in event and Eckovation. said in a recent interaction with private limited company if they the first time autonomous target se- lection is available for Content Creation is a Sellout at VR Startups an instrument of this kind on any robotic planetary mission. The Bengaluru: est in integrating VR tech picks up. being in the place captured. VR that are yet to be experimented is currently creating a camera that is ChemCam (chemistry Virtual re- “One year ago the VR content was The startup has managed to get up with in India,” said Parth Choksi, co- being referred to as VCam that will and camera) instrument ality tech minimal, cost of production was to 30 clients in the last one year on a founder of Meraki. The startup has record 360-degree style virtual-reali- aboard Curiosity “zaps” startups high, distribution models were un- project basis. created videos for live music festi- ty videos and will soon be available rocks on Mars and anal- are increa- clear, getting into this space was “Brands are now opening up to in- vals like Sunburn in Goa,short inde- for consumers. singly eyeing dangerous but now brands are incre- tegrating VR and are starting off pendent film Phobia, and live strea- “The important thing is we are also yses their chemical content produc- asingly looking at integrating VR, vi- with 360 degree VR videos, these ming cricket for Star Sports. looking at being able to record virtu- make-up. — PTI tion for a diverse ewing it as a novel concept,” said especially became popular after Similarly, hardware and software al reality audio as well as video, au- range of brands from Sushant Baliga, founder of Spec- Mark Zuckerburg posted such a vi- VR tech players like Tesseract Ima- dio is something that gets missed out Jargon Buster banks to films, especially traVR. deo on Facebook last year, but there’s ging and Astarc Ventures-backed on in the VR experience, the device is with 360-degree VR videos The startup which was recently an ocean of cool features and servi- Absentia also aim to dabble in the currently in the R&D space but will Blogosphere becoming increasingly popu- funded by US venture capital firm ces that can be integrated through content production space. Tesseract go into manufacturing by next lar among Indian brands over Rothenberg Ventures, concentrates month,” said Kshitij Marwah, foun- Blogosphere is a term the last year, reports Shashwati on filmmaking-oriented VR content WHAT’S ON THE TABLE der ofTesseract Imaging. Shankar. for brands ranging from Kingfisher Likely to be priced at around used for all the blogs. It Players from varied sectors to automobile clients like Mercedes We provide algorithms for stitching 360 degree vi- ``50,000, it will be available within the is considered as a con- from content-focused Meraki Benz and Maruti Suzuki. next three months. nected community and SpectraVr to pure hardware The most popular VR content deo... and will soon launch a real time streaming algo- The bootstrapped startup works and software players like Tesse- brands appear to be adopting the 360 with about 15 clients in India, the US, where individuals can ract and Absentia are focusing on degree VR videos that create an im- rithm to live stream content... in a VR format Denmark and Brazil with Makemyt- publish their opinions. building content production or ag- mersive experience, enabling the rip.com being an important client in gregation services as brand inter- end user to get a realistic feeling of SHUBHAM MISHRACEO, Absentia India. Companies: Pursuit of Profit (cid:2) 7 WWW.ECONOMICTIMES.COM SC Issues Contempt Notice to You May Soon Shop In A Nutshell Online for Medicines Mallya on Asset Disclosure (cid:2)Ricoh India Chairman Tetsuya Takano Resigns riptions, he said. NEW DELHIAweek after admitting its Sub-committee of health The sub-committee has defined terms accounts appear to have been ‘falsified’, Mallya has to respond in 6 weeks; Delhi HC also wants him be present in court on Sept 9 related to online medicine retail, inclu- Ricoh India on Monday said its chairman ministry may soon issue ding e-prescriptions, online pharmaci- es, over-the-counter (OTC) drugs, accor- Tetsuya Takano has resigned from the com- [email protected] Not Liable to Repay recommendations to ding to Reddy. It has suggested amend- pany. The company has appointed Ian Peter ments to the country’s drug rules and a `` Winham as its director and chairman with New Delhi:The Supreme Court on Mon- 6k-cr Debt: KFA regulate e-pharmacies “negative list” specifying the drugs that immediate effect. day asked Vijay Mallya why he shouldn’t online pharmacies are not allowed to be charged with contempt ofcourt for alle- BENGALURUKingfisher Airlines on sell to “ensure the safe running ofonli- (cid:2)Ericsson Sacks CEO gedly failing to make a full and fair disclo- Monday said it is not liable to repay [email protected] ne pharmacies”, he added. sure ofhis assets as directed by the court. over ``6,000 crore debt to the consorti- Stakeholders also discussed the pro- After Poor Results The show-cause notice came on a petition New Delhi:The government may back spect of integrating moved by a consortium oflenders to Mal- um of banks, as the lenders have brea- e-pharmacies amidst the long-drawn Aadhaar into the ove- STOCKHOLMEricsson has sacked its CEO Hans lya’s now-grounded Kingfisher Airlines. ched terms and conditions of Master battle between chemists and online me- rall e-pharmacy fram- Vestberg, a move led by major shareholders The banks claim that he owes them more Debt Restructuring Agreement (MDRA) dicine retailers in the country. A health ework to make the reta- after disappointing results. Vestberg, who had than ``9,000 crore. between both parties, which caused ministry sub-committee tasked with il process more trans- Abench comprising Justices Kurian Jo- deciding the online model’s viability parent. Nearly 80% of served longer than his three predecessors, had needless damages to the firm’s busi- seph & RF Nariman issued the contempt no- has spoken in its favour, according to the Indian population come under fire in recent months from Swed- ness. Resuming the hearing on the Regulation of ish media questioning his leadership and pay, ttihcee baaftnekr sh teharroiunggh s hAotrtto rsnuebym Gisesnioenras lf rMomu- MOUNTING TROUBLE Vijay Mallya original application filed by bankers, thTeh ceo usnutbr-yco’sm apmeixt tdereu, gw rheigcuhl adtoerl.ibera- e-pharmacies hbears, asnai dA ahdehaaltahr mnuinmi-- particularly after weak results in April knocked kul Rohatgi. Mallya has to respond within ON ASSETS DISCLOSURE seeking recovery of over ``6,000 crore ted over the issue for almost a year, is al- iism epxrpoevceted to stry additional secreta- 15% off the shares in one day. six weeks. The Delhi HC has also asked Mal- from Mallya and his companies, KFA so set to release a report ofrecommen- patients’ ry KB Aggarwal, who lya to be present in court on September 9. The gentleman has not been counsel pleaded that the Debt Recove- dations to regulate e-pharmacies here, access to was also at the event. (cid:2)Sintex Plans to Raise Under the law, a person facing contempt ry Tribunal (DRT) should reject the plea said Central Drugs Standard Control quality Regulation of e-phar- ofcourt, which carries a jail term ofup to candid with the court at all Organisation (CDSCO) joint drugs medicines macies is expected to im- ``1,000 cr Through NCDs six months, has to be personally present in as the lenders have breached MDRA controller S Eswara Reddy, who was prove patients’ access to the court during the hearing. The notice, MUKUL ROHATGI terms and conditions.— PTI speaking at an event organised by Ficci quality medicines, according to Aggar- NEW DELHISintex Industries plans to raise therefore, bodes ill for Mallya, who left In- Attorney General on Monday. wal. “(e-Pharmacy) has the potential to ``1,000 crore from the market by issuing NCDs dia in early March while the banks were He was also asked to disclose the amount “This report will mainly accept on- provide proper digital tracking ofmedi- or bonds on a private placement basis. The chasing him seeking repayment ofloans. urt, but none has succeeded. Mallya claims he was prepared to deposit before the court line pharmacies only with respect to cine sales, prescriptions, prescriber’s board of the company is meeting on July 28, Banks earlier made a bid to get Mallya that Kingfisher was a genuine business fai- to show his intension to negotiate a settle- e-prescriptions,” said Reddy. The information…thereby reducing the back to the country through the legal pro- lure and has offered to pay back only a por- ment with the banks. committee has also recommended a problems ofcounterfeit medicines and 2016 to consider issue of unsecured or secured cess, when they sought the top court’s in- tion ofwhat banks have sought. On Monday, when the plea came up for hea- standardised format for these presc- their abuse,” he said. redeemable NCDsor bonds “aggregating up to tervention to have him arrested, after a si- The top court had in an order passed on ring, the AG insisted that the court issue a ``1,000 crore on private placement basis, in one milar plea was turned down first by the April 24 asked Mallya to disclose the deta- contempt notice against Mallya. “The gent- or more tranches”, Sintex informed BSE. DRT and the Karnataka High Court. ils ofhis properties — movable, immovab- leman (Mallya) has not been candid with the There have also been pleas earlier to have le, tangible, intangible, shareholding, etc. court at all,” Rohatgi said, even as he refer- (cid:2)UltraTech Plans Private him declared as a proclaimed offender and —both in India and abroad in his name red to a $45-million payment that Mallya got also to secure his personal presence in co- and in the names ofhis wife and children. from Diageo but did not reveal to the court. Placement of ``300-cr NCDs NEW DELHIUltraTechCement on Monday said it My Home Plans ``500-cr plans to raise ``300 crore through secured redeemable NCDs on a private placement basis. “The company is proposing to issue 7.57%, 3,000 Fund to Invest in Startups secured redeemable NCDs on a private place- ment basis,” it said. The tenure is three years and ness opportunities and has al- 17 days with allotment date of July 27, 2016. It CR.Sukumar ready invested in a few. will mature on August 13, 2019. @timesgroup.com “The dedicated research and investment team will take up (cid:2)ED Summons 5 FTIL Board Hyderabad:My Home group, due diligence of startups as Telangana’s largest business well as scaled-up businesses. Members in NSEL Case house, is preparing to set up a Pharmaceuticals is one of the ``500-crore equity fund to invest areas that we think is worth ex- MUMBAI The ED has summoned five directors in startups. ploring,” Rao said. of Jignesh Shah-promoted FTIL for questioning “Our boys are keen on setting The group, which is cur- in connection with the NSEL money-laundering aside an equity fund and are lo- rently grooming the new ge- case. They will have to appear before ED oking at investing in emerging neration of promoters and within a week, said a person familiar with the businesses. We may begin the their business ideas, propo- fund with around ``100 crore ses to invest from this fund development. and expand it to around ``500 in various attractive star- crore over the next five years,” tups and also in buyouts of (cid:2)Persistent Systems Net founder Jupally Rameswar scaled-up businesses over Rises 9% in June Quarter Rao told ETin an interview. the next five years. The group has interests in Also, the group is weighing BENGALURU Persistent Systems reported a real estate, cement and power options to buy stressed infrast- ``73 crore consolidated net profit for the first businesses. ructure firms across the count- Rao said the group has for- ry that are on the block. The quarter (April-June) of this fiscal (2016-17), med a dedicated research wing group firm My Home Cement registering 9% annual growth from ``56 crore comprising CAs, finance pro- bought ailing Sree Jayajyothi over like period year ago. Consolidated reve- fessionals, legal professionals Cements from Shreeram gro- nue rose 40% to ``702 crore. and analysts to explore busi- up for ``1,400 crore in 2013. 8 (cid:2) Companies: Pursuit of Profit THE ECONOMIC TIMES | MUMBAI |TUESDAY | 26 JULY 2016 * SPIRIT OF ENTREPRENEURSHIP To eradicate poverty, the country should produce 50% of its oil needs besides monetising underground resources, says Vedanta founder ‘India Needs to Follow US Model of Wealth Creation’ Satish.John @timesgroup.com Mumbai:Billionaire Anil Agarwal has said India needs to follow the US model to encourage entrepreneurship and we- alth creation even as Congress vice-pre- sident Rahul Gandhi has brought the de- bate on tribal rights and ‘Forest Rights Act’ to the fore once again. “While India is doing enough above the ground, it is not monetising what is below the ground, which is the need of the ho- ur,” the founder chairman of resources company Vedanta said on Monday. “How can we think of eradicating po- verty ifwe import 85% ofoil? We have to produce 50% ofoil in this country. Same applies to anything below the ground, whether it is gold, potash or uranium,” he told ETin an interview. Agarwal has a simple formula to help the country grow. “India should encou- rage people to create wealth. That’s the only way… If companies make money, they’ll reinvest,” he said. “India has that potential… We have to give thrust to the entrepreneurial spirit. We cannot go by the China model,” Agar- TOI PHOTO wal said. ON INVESTMENTS fits but small and medium enterprises. The government should monitor 20 large He’s betting on his aluminium business game changing projects and that will give In London, we raised $30 b to spawn “hundreds” ofentrepreneurs. them 2% GDP, according to his formula. “If you look at aluminium sector, it is Agarwal declined to comment on Ra- and invested in India. In oil the real sector which can create a pheno- hul Gandhi’s plans to launch an outre- menal number ofjobs. 10% ofthe people ach programme next month to highlight and gas, copper, zinc, iron ore, in China are in some way related to the tribal rights through the forests ofCen- aluminium industry through the auto- tral India. “I have no idea what this aluminium… If people like us mobiles, construction, railways and ae- (Gandhi’s campaign) is about.” But he rospace,” he said. “Aluminium is repla- will not put the money then said: “Rahul is a sensible person”. cing steel,” Agarwal claimed, although “As far as we are concerned, we have gi- his peers in the steel industry would who will? We are entrepre- ven up the mines in Niyamgiri to the strongly rebuffsuch claims. Odisha state. But it is a national resour- “To save forests, the biggest saviour is neurs. We have to keep going ce,” Agarwal said. aluminium in the future. We will be the Although Vedanta has given back the base metal producer, it can facilitate ANIL AGARWAL mines, the firm is still keen on working hundred Industries to come up. It is the to develop mines in other parts ofthe sta- Founder Chairman, Vedanta need ofthe hour,” Agarwal said. te. “We are all working in the national in- since 2004,” Agarwal said. “In London, China, through the aluminium indust- terest. As far as Niyamgiri is concerned, we raised $30 billion and invested in In- ry, has created a huge small and medium we have given up our right...but I’m defi- dia. In oil and gas, copper, zinc, iron ore, enterprise base, he said, and sought le- nitely looking up to the (Odisha) govern- aluminium… Ifpeople like us will not put vel-playing field for aluminium indust- ment and the central government to de- the money then who will? We are entre- ry on par with steel, as the minimum im- velop our natural resources,” he said. preneurs. We have to keep going,” he said. port price helped Indian steel compani- Agarwal appears unfazed by the delay Agarwal, seemed upbeat two days after es to combat cheap Chinese imports. in obtaining a mine even as Vedanta’s his group sweetened a deal to Cairn In- On a recent report that state-owned oil Lanjigarh aluminium facility is run- dia shareholders in its bid to push a mer- companies are looking at a proposal to ning at mere 40% capacity. ger proposal through. The new proposal merge, Agarwal said the government in- There are other hurdles too. The resi- will just about make his London-listed stead should look at public-private part- dual stakes owned by the government in Vedanta Resources owning a little more nerships. “Look at Cairn and ONGC,” he Hindustan Zinc and Balco are yet to be than 50% ofthe enlarged group. said. “ONGC holds 30% stake in the oil fi- sold to Vedanta. This has left little elbow On the startup boom in the country, elds and look at how the partnership has room for the group to take strategic deci- where many conglomerates have set up evolved. It was a marginal field. Look at sions on these companies. venture capital funds or incubation cent- Hindustan Zinc and Balco, where the go- “See I am the son ofthe soil...we have in- res, Agarwal said startup enterprises vernment holds a stake and see how va- vested $30 billion since the largest listing don’t necessarily mean technology out- lue is created,” Agarwal said. US Asks India to Remove Customs Duties on ICT Our Bureau New Delhi: Ahead of the high level US-India Trade Po- licy Forum, the US on Mon- day asked India to eliminate customs duties on informa- tion and communications technology (ICT). “We are also asking India to eliminate customs duties on ICT products. This will help introduction of these pro- ducts into the supply chain operations,” said Deputy US Trade Representative (USTR) Robert Holleyman. “We are also working with India on the implementation of WTO’s trade facilitation agreement (TFA) to ensure free flow ofICT products.” Top officials from the two co- untries will hold the strategic and commercial dialogue he- re next month. Stating that India should ca- pitalise on export-led growth strategy, Holleyman said lo- cal content requirement in In- dia also act as trade barriers. ET Markets MONEY MATTERS India Should Make Labour Market More Flexible Q&A with University of Beating Volatility Chicago’s Lars Peter Hansen WWW.ETMARKETS.COM MUMBAI, TUESDAY, 26 JULY 2016 Market Trends WHAT’S DRIVING THE OPTIMISM? EXCLUSIVE Q&A Feeding on Hope & Reform, STOCK INDICES % CHANGE Nifty 50 8635.65 1.11 DUVVURI SUBBARAO Sensex 28095.34 1.05 Banking Bulls on the Charge Former Governor, Reserve Bank of India MSCIIndia 697.43 0.81 ‘Relationship with MSCI EM 1833.2 0.28 MSCI BRIC 440.96 0.35 Going by the bad loans and earnings reports, there is no reason to believe that Indian banks are out of the woods. But MSCIWorld 6648.29 0.13 equity investors are saying that they may well be the ugly ducklings of stock markets. The BSE Bankex rose 1.65% on Chidambaram SX 40 16882.41 1.09 Monday — the highest among sector indices — and state-run banks advanced 3.6%. Nikkei 16620.29 0.04 What’s driving the optimism? There may be many things that contribute to a stock rally. In this case, it may just be the HangSeng 21993.44 0.13 faith in the government itself. The government investing nearly a third of the promised `70,000-crore this year has Was Impaired’ Strait Times 2929.85 0.53 lifted the spirits. Bad loans may not come to an end anytime soon, but banks may SECTORAL CONTRIBUTION TO Values in US $, Gross At 7 pm IST get the legal structure to punish the defaulters soon. NIFTY’S RALLY SINCE MARCH 1 OIL ($) BOND What’s more, their valuations are affordable. Bank of India is trading at a price to book value of 0.29, Canara Bank at 0.41 times, Oriental Bank of Commerce at 0.27 Points % DUBAI CRUDE 10-YR YIELD Sectors Contributed Contribution 41.37 7.25 and the State Bank of India at 0.97, which many believe is the icing on the cake. 0.89 0.00 — Our Bureau Banks 441.50 31.24 Absolute Change Figures in % Automobiles 224.39 15.88 GOLD RATE Capital Goods 154.15 10.91 Prices per Troy Ounce ($) Finance 139.64 9.88 US India FMCG 100.07 7.08 OPEN 1330.90 1421.33 Nifty gain 1413 pts since March 1 LAST* 1324.90 1419.39 *At 10.30pm, After adjusting for import duty, GLOBAL VS LOCAL BANKS Indian spot gold lower by $ 38.00 to US Comex gold price on Monday. The premium on local gold % Chg from is due to tight supply following import curbs. Banks CMP(`) March 1 FOREX RATE (`-$ Exchange Rate) HDFC Bank 1246.95 26.70 OPEN LAST* ICICI Bank 268.65 31.08 67.18 67.35 Kotak Mahindra 764.40 19.73 Market on Twitter@ETMarkets o % Chg from ot h Banks CMP($) March 1 P e Earnings Watch Bank of America 14.38 9.02 Fil JP Morgan Chase 64.04 8.18 Former RBI Governor me by the finance minister. Results Scheduled Today... Wells Fargo & Co 48.32 -0.82 Duvvuri Subbarao cre- Sales In`Crore PAT ated quite a flutter by You were a finance secretary. Not BIGGEST PULL-BACKS FROM 52-WEEK LOWS BENCHMARK INDICES SINCE MARCH 1 writing about his frosty many trust numbers thrown by Bloomberg June-16 YoY% relationship with two the government. How could you? Consensus Est Estimate Change Company CMP(`) 52wk Low Low Date % Recovery 145 NIFTY 50 NIFTY BANK NIFTY IT finance ministers — P Chidambaram Not so much the numbers, it was a Maruti Suzuki 15133.78 15.72 Central Bank of India 99.80 48.20 2/17/2016 107.05 NIFTY AUTO NIFTY FMCG NIFTY PHARMA and Pranab Mukherjee. In an inter- question of believing the assurance India Ltd. 1197.77 0.41 Lakshmi Vilas Bank 131.15 63.50 8/25/2015 106.54 130 131.75 view with MC Govardhana Rangan of the finance minister because the 126.81 and Gayatri Nayak, Subbarao numbers were different. As I said, Bharti Infratel 3163.21 4.89 Indian Bank 153.00 76.00 2/29/2016 101.32 119.57 opens up on the relationship and the Budget numbers showed a cer- Ltd. 641.24 11.38 Yes Bank 1,182.50 590.00 8/24/2015 100.42 115 114.61 the events that shaped his tenure. tain level of fiscal deficit consolida- Dr.Reddy's 3837.25 2.12 Allahabad Bank 78.84 39.50 2/12/2016 99.59 Edited excerpts: tion what the finance minister was 105.09 Laboratories State Bank of Mysore 658.20 350.00 2/12/2016 88.06 telling me that he would perform 489.61 -21.74 Ltd. Punjab National Bank 130.15 69.40 2/17/2016 87.54 100 102.20 When most of your predecessors better than what was indicated Bajaj Finance 1282.71 -22.08 Karnataka Bank 151.94 84.85 2/29/2016 79.07 chose not to write a memoir, why in the Budget. So there were no did you go the other way? numbers there. It was an assurance Ltd. 374.65 35.92 City Union Bank 125.35 76.90 1/21/2016 63.00 85 It has nothing to do with past gov- from the finance minister and I Zee Entertain- 1539.01 23.87 Canara Bank 253.70 156.20 2/29/2016 62.42 MAR 1, 2016 JULY 25, 2016 ernors having or not having written believed him. ment Enter- 281.15 15.34 COMPILED BY:ETIG Database books. All of them have written prises Ltd. books in terms of their speeches A misplaced belief? Ambuja Ce- 2609.96 4.70 and several of them have written Well you could call it that, or the ments Ltd. 349.77 54.53 Rallis India Jumps CALCULUS books even beyond their speeches. finance minister had moved away I believe that this is probably the from the ministry so it is an inter- United Spirits 2265.09 13.92 first book that talks about experi- esting counterfactual that he would Ltd. 77.17 287.40 on Stellar Q1 Show ACC to Gain More ences as a governor. There were have delivered on that had he con- two motivations. The first was that tinued as the finance minister. 3050.93 3.03 ACC Ltd. my five years at the Reserve 247.38 88.25 Bank were characterised by one TVS Motor 2265.09 13.92 from Holcim Rejig crisis after another, and there were in the first quarter and achieve Company Ltd. 77.17 287.40 Our Bureau 8-10% growth for the fiscal year. The a lot of challenges along the way. I believe that this is I wanted to communicate those Ajanta Pharma 427.60 10.88 Mumbai: Shares of Rallis India ccroompp parnoyte hctaiso nal psroo ldauucntc thheadt wa onrekws dilemmas, those challenges in probably the first book Ltd. 96.40 14.98 surged as much as 8% on Monday, against insects attacking cotton, managing the crisis. that talks about experi- after the company posted a more chilly and soya. This, too, could boost ences as a Governor... PLtId I.ndustries 610336..0546 1158..4003 tphraonfi tfo. Wurh-fiolled t jhuem ppr oinfi qt ugraorwtetrhly w naest eaArnnainlygss tisn hthaev ceo am ‘ninegu qturaalr’t errast.ing GCormopawnyth in MCuarrreknt et JCana 2p01 0 CAGR Growth (%) Aac ktiionnds o..f. a defence of your My five years at RBI boosted by other or non-core in- on the stock as it currently trading were characterised by Symphony Ltd. 17428..0105 11369.0.181 ccooumrea,g iendv ebsyt oar psi cskeeump eind tthoe b me oenn-- a1t2 2 m5 toimntehs sit.s “eWaren imngasi fnotra tihne poausrt SUhltrreaeT eCcehm Ceenmtent 5969,,682852..4454 162,,804027..0658 4422 Ttoh de ebfoeonkd ims nyo rte scoo rmdu ocrh t oa nr ea-ttempt one crisis after another, soon, which bodes well for the ‘Hold’ recommendation as the val- The Ramco Cements 13,439.55 2,747.71 30 establish my legacy or to reshape and there were a lot of Coromandel 2263.52 4.67 company that sells pesticides, ferti- uation remains rich and also due to the narrative, but to explain the challenges along the ILntdte.rnational 29.97 107.12 liRsearlsli asn Ind dseiae dpso.sted a profit on `174 pmoeonrt v, ilsoisbsi loitfy m ina irnkteert nshatairoen ianl s tehge- AACmCbuja Cements 3411,,612079..5893 1176,,115692..4211 1 1 17 cdiirdc.u Tmhest saenccoensd in m wohtiivchat Ii oanct oefd t ahse I way. I wanted to com- Karur Vysya 581.33 -61.23 crreocroer fdore dth eo qthuearr tienr tchoomugeh o Jfu n`1e.5 I8t danomd selsotwice ar gthroacnh eexmpeiccatelsd b ruamsinpe usps M-cap in `cr Compiled by: ETIG Database book was to demystify the Reserve mmausn,i tchaotes eth cohsaell ednilegems- Bank Ltd. 141.83 5.39 crore, mainly from the assignment in seeds,” said analyst Rohan Cements did not undertake major Bank because RBI makes policies of leasehold rights to a plot in Navi Gupta of Emkay Global. ACC will become a capacity addition as debt funding that have an impact on people’s in managing the crisis Mahindra CIE 1149.40 201.78 Mumbai. Sales rose to `445 crore Rallis India shares closed 4.4% for expansion would have impact- everyday lives but a lot of people Automotive Ltd. 46.47 186.50 from `415 crore a year earlier. higher at `218.35 on the BSE pure play cement co; ed the consolidated debt-equity don’t understand the connection. Tata Elxsi Ltd. 306.55 25.88 peAn gsoaoted fmoro tnhseo loonw c oreuvlden hueelp g irt ocwomth- M`22o4n.9d0a dy,u arfitnegr trhies idnagy ’tso t raasd he.igh as stock likely to get rwaotiuol odf h thaveier ipmarpeanctt Hedo lHciomlc. Timhi’ss You have written quite a bit Iesr tnhme econnt aflnicdt tbheet wceenetnra tlh bea gnokv a- 45.25 26.68 credit rating. More so, if ACC and a higher valuation Ambuja would have used internal about communication. And you given? Ahluwalia Contracts accruals for expansion, it would were candid at times like talking I think to some extent it is inherent. have impacted dividend payout to about feeling like Abhimanyu in Because a necessary condition for Ashutosh R Shyam & Rajesh N Naidu their parent Holcim. the Chakravyuh? Did you speak sustainable growth is price stability Gains on New Orders As result, the volume growth of more than needed? and that is the mandate of the cen- ET Intelligence Group: The gov- ACC and Ambuja were less than 3% I don’t think so. I think there is a lot tral bank – low and steady inflation. ernment’s approval of Holcim’s annually in the past five years com- stands at `965.46 crore. plan to restructure its India busi- pared with 13.9% growth for peers. of merit in being candid and trans- But when the central bank calibrates Our Bureau The stock is a good long-term bet ness has paved way for ACC to be- The restructuring plan will reduce parent. Because one of the things monetary policy in order to deliver according to analysts. “Surging or- come a subsidiary of Ambuja concerns over the future growth of about communication is also that low and steady inflation, there might Mumbai: Shares of Ahluwalia der book, improving margin trajec- Cements. The exercise is likely to these companies. In addition, the central banks must level with the be some sacrifice in growth at any Contracts rose 4.8% to `291 after tory and falling leverage will enable benefit ACC more considering merger of Lafarge and Holcim is markets so that markets know what rate in the short term. Politicians the company announced that it the company to deliver 23% revenue factors such as capacity addition expected to save nearly $1.1 billion is coming and have time to adjust. driven by electoral cycles, demo- Aggregate Results So Far has secured new orders worth CAGR and 27% plan over the next year, cost effi- for Holcim. Indian operations con- `472.81 crore for construction of EPS CAGR over cient operations, and a healthier tribute nearly 16% of the total ca- There is a lot to be said for central cratic compulsions have little toler- Based on 176 June-16 QoQ YoY institutional, hospitals & residen- FY 2016-18E along balance sheet. pacity of Lafarge-Holcim. banks being transparent but also ance for that sacrifice in growth. Cos' Earnings (`Cr) %Chg %Chg tial buildings. with 23% RoEs,” In the past few years, ACC and With the restructuring, ACC be- you have to be careful about ad- Therefore there is an inherent These new orders include, order said Parvez Ambuja Cements were less aggres- comes a pure play cement compa- vancing the message in such a way conflict between the central banks Net Sales 243931 1.05 1.35 worth `401.59 crore for the construc- Akhtar Qazi, ana- sive in expanding capacities. In ny while Ambuja becomes its hold- as to not scare the markets. and the governments. To what ex- Op Profi t 57430 -2.4 10.56 tion of South Asian University cam- lyst at Edelweiss. the cement industry, when de- ing company which also has its tent the Governor accommodates pus at New Delhi and an order “It is an attractive bet for investors mand is low, large companies tend own operations. Typically, a pure Interest 36789 3.97 9.52 worth `91.06 crore for structure and looking for steady business perfor- to expand capacity at low cost to play company receives higher val- The title of your book, Who the finance minister is a function of finishing work of Brookfield Assets mance. We maintain a ‘buy’ with a take advantage of any future im- uation in the stock market. Moved My Interest Rate. Does the chemistry between them and of Net Profi t 35494 31.3 6.94 Management. With this order, the target price of `371 based on 18x provement in the economic activi- it signify constant interference their maturity in driving the macro- SOURCE: ETIG DATABASE total order inflow for FY 2016- 2017 FY18E EPS.” ties. However, ACC and Ambuja Continued On (cid:88)(cid:88)SMART INVESTING from the government? economic agenda together. I don’t think so. I admit that there INDIA’S MARKET CAP-TO-GDP RATIO was pressure from the government, You had a very good chemistry , or the ‘Buffett Indicator’, at 79% indicates a valuation bubble, say some analysts but I don’t think that the Reserve with Mr Chidambaram when you Buffett Indicator at 6-Year High, Should You Worry? Bank on my watch deviated from were the finance secretary and our best professional judgment he made you the Governor. Why because of government pres- did it explode later? sure. The only instance when we It was impaired to some extent, I deferred to the government was must admit. But Mr Chidambaram BSE’s market cap as on Friday the stocks rally has some analysts “Market valuations are certainly [email protected] stood at `106.84 lakh crore whereas worried on Dalal Street. “There is very toppish and forward PEs are when I reduced the rate by 50 basis and I continue to be friends. I India’s nominal GDP at the end of clearly a valuation bubble in the extremely high. Especially if you points instead of 25 bps in April believe he has been my well- ETMarkets.com: India’s market FY16 stood at `135.65 lakh crore, re- market and it can continue for a exclude the post-election rally, 2012 after the promise made by wisher and I certainly have been his capitalisation-to-GDP ratio, more sulting in an mcap-to-GDP ratio of while,” Parag Thakkar of HDFC Indian multiples are at peaks and finance minister Pranab Mukherjee well-wisher, I do talk about some popularly known as the ‘Buffett 78.79%. A post-Brexit rally in the Securities warned during an inter- earnings growth is not improving,” that he would show a better fiscal positive sides of Mr Chidambaram Indicator’, is at a six-year high of market and entry of newly listed view to ET Now. Sanjay Mookim, BofA-Merrill performance than he indicated which are quite contrarian against 79%, data compiled by ETMarkets. companies via the primary market Bubbles refer to a period in which Lynch, told ET Now. in the Budget. It was a finely bal- public expectations. Yes it is true com showed. Warren Buffett, the caused the BSE m-cap to surge, asset prices multiply rapidly, some- The Buffet indicator, though, sug- Oracle of Omaha, calls this indica- thereby lifting the indicator. times way more than their actually gests India’s valuation is fair in com- anced decision at that time and the that during the period that I was tor “probably the best single meas- From its staggering 1,000-point value as investors buy assets hoping parison with its 10-year average of finance minister gave an assurance Governor to some extent our rela- ure of where valuations stand at drop on the morning of June 24 (the to sell them at still higher prices. 79.89, data available with World Bank and I acted on that assurance, but tionship was impaired because of any given moment.” The ratio is cal- day Brexit happened), the Sensex Similar situations emerged during show. Thakkar said “the market is that will be wrong to construe that these differences. culated by dividing the market capi- has roared back 1,825 points. the Japanese bubble of 1980s, the slowly and steadily getting into a eu- I was acting under pressure. I was talisation of the stock market by the But, there’s a twist to this happy tech bubble of 2000 and the housing phoric zone” and that “panic buying” acting under an assurance given to Continued On (cid:88)(cid:88) GDP at nominal prices. tale. For all that joy and euphoria, bubble in the US in 2003-08. is spreading to midcap stocks too. COMMODITIES PLUS Smart 10(cid:2) Investing THE ECONOMIC TIMES | MUMBAI | TUESDAY | 26 JULY 2016 What Day Trading Guide FUND REVIEW ICICI Direct ICICI Pru Value Discovery Fund The resolute breakout above the Flag pattern Striking Gold with ‘Discounted’ Stocks supported by strong performance of the broader to Buy, Sell markets signals resumption of bullish momentum and instils confidence for upward revision of the and Hold It is that time in markets when earnings growth is about to kick in target to 8850 in the short term. The immediate and investing in a multi-cap scheme is a lucrative option. The very PORTFOLIO support base is raised to 8450 region being the Havells India nature of a multi-cap scheme is beneficial as it invests in companies bullish gap area. New Entrants Complete Exits Increase in Allocation 400 381.3 across market capitalisation. Among multi-cap schemes, ICICI Value Tech Picks DHARMESH SHAH Share Price on BSE (`) Discovery Scheme has been an outperfomer — both in the long term HCL Technologies ONGC Container Corp. Of India Head - Technical and short term. Max Infra India Tata Motors Bajaj FinServ 340 283.2 In the past three-year and five-year periods, the scheme has HERO MOTOCORP BUY delivered 33% and 19% returns, respectively. This outperformance Max Ventures and Ind. Max India ICICI Bank 280 is purely due to stock-picking strategy of the scheme’s fund RETURNS (in %) Bullish consolidation above recent breakout TARGET 220 JULY 27, 2015 JULY 25, 2016 mtsruaacdnhea a gaset p ra,r Midciresi-cntoaoul- nbStion togokh t v.h Taehliure ei sn, cpthrrieincmsei-ect ovin-avelueaesrnt. sFin iinnga sc nomcmiuapllt aippnalierea sam nwdeh triecerhlsa tive PERIOD FUND RETURN CAGR SIP RETURN CAGR ANMNUULATLII-SCEADP R - EATVUGR N Database aLrAeSaT p CrLoOvSidEe(cid:88)s `fr3e,s2h8 e0ntryS oTpOpPo rLtOuSnSit(cid:88)y`3,160 `3,510 (cid:132) cwEcpRHroBreaeeimIlvcraiTeegepsD aelaoalArdnshf e yme`I7 na’2h2sadda7 rQbi s0goa1 pia. f nwFsI est sYYi es st1iotlhnal7iY i m raQd rat a1etottathis ine1runegsg3l -t.e . os7t n % mim6wscnpo0h iamrtn%irheldk)peae eo awd titfnhn ha ctiedceiahl urrsepeose. i itsts snracstdy hl omie seafnai mrtdttehii-e foeaa’ysn n sfi pndecohowg-fs eraa mtfm fagcaoceoilvlt’lmiso-eo sprnp iiszso ac e trniohndtymfav .o tepA ltisatoht np eeiyrsd fe iuinsnne cdlnao tmrm,g aape nl-aasarrigizgseeeord np k cateooretm ip t(opss vaipnnee riee rss B135 NYYYPeeeaaa Prrraribas Eq31u349it...876y895 Fund 222437...764377 1--1Y.E5A4R 32-0Y21E.3287A6...R05139851-5YE.3A5R ech, Compiled by ETIG BtLaALrneUScaTePk CoaILNnuOdt S amEboo(cid:88)mv`e1e kn,7et1uym7 o voesrchSileTlaaOtdoP rt LrseO innSd Sbl(cid:88)uin`ye1 m r,6eos4di0se- `1BTA,U8RG8EYT0 due to the discontinuation of In terms of portfolio, the scheme’s Fint CASTROL INDIA BUY rwmcooafhe yuginatlreitlooat twyulhs stp er hoa ec nyamo nmtmahdeipe nfna i sstnnu.td yrIstso’t s sanv afiganui ldainut bd taihisa-la i-tty fcwcsuuooencmmrhdepp a maaasnnta tIiinCreeaaIssCcg wiIten iBvhrc aleehun.ra deTkse h, v b Cenaoisalpuuemlga aeht isto ns FHSBrSaIB nMCk aIlnigndn Iiunamd Oia pM pFuloelrtxitpiu Clniaeitpri e FFsuu Fnnuddn d 411...347569 222544...076615 111445...834147 Source: Accord PpLAoostSeiTtni vCtiLeaO ld dSivEoeu(cid:88)rbg`lee4n 1bc2oet otonm R SoSIn T wOPe eLkOlySS s(cid:88)ca`l3e9 a5nd `T4AR4GE5T tions expensive. Havells rose and Sun Pharmaceuticals. Expert Take VISHAL DHAWAN TATA CHEMICALS BUY 1.28% to `381.25 on Monday. These companies are Founder, Plan Ahead Wealth Advisors fundamentally sound and Stock attracted strong demand at lower band of (cid:132) Prabhudas Lilladher has ac- have high earnings growth ICICI Pru Value Discovery scheme is clearly benchmarked and has TARGET cumulate rating on Federal potential given their brand performed well due to its sharp stock-picking strategy. It looks for rising channel and MACD in rising trajectory. `515 Bank with a target price of presence and market share companies which are trading below their intrinsic value. In this, it also LAST CLOSE(cid:88) `467 STOP LOSS(cid:88)`443 `65 citing that the bank re- in their respective sectors. looks at out of favour stocks. It began as largely as a mid-cap scheme ported a decent quarter led —Rajesh N Naidu/ET Intelligence Group and then gradually moved to a flexi-cap scheme. F&O Strategy AMIT GUPTA by a pick-up in NII growth Head- Derivatives on better loan growth and MOOD BOOSTER reduced cost of funds. The Morgan Stanley upgraded rating on Indian Oil M&M brokerage pegged P/E at 14.3x FY17 and 10.6x FY18 to overweight and raised the target price of BPCL and HPCL BUY 1,460-1,465 Oil & Gas Stocks Rally on ` estimated earnings. The stock rose 3.37% to `66 on Monday. TARGET `1,545 STOP LOSS `1,420 O (cid:132) Anand Rathi has a buy rat- OT RATIONALE: H ing on Natco Pharma with P a target price of `602 citing Mega PSU Merger Buzz LE a) M&M has seen addition of fresh long positions of 21% since it has FI come above 1,400 levels the company’s good product pipeline in the US, and higher Axis MF’s b) After 3 weeks of consolidation, the stock is likely to gain momentum in the expiry week traction in HepC and the Voltas oncology portfolio. The stock Equities Head trades at 29.4x FY17 and BUY 330-335 25.4x FY18E EPS. Currency Our Bureau Murarka Quits ` fluctuations, slower execu- On a High tion in domestic formulations Mumbai: Oil & gas sector stocks TARGET `375 STOP LOSS `314 and delays in approvals are rallied on Monday, buoyed by the CMP % YTD Target Price RATIONALE: key risks. The stock rose news that the government is plan- Stocks (`) Change* Return (%) P/E (`) [email protected] 0.88% to `601.25 on Monday. ning to merge 13 state oil firms to a) Voltas has seen closure of short positions since it has come above create a giant corporation. The MRPL 89.05 10.07 19.23 21.99 85.55 Mumbai:Pankaj Murarka, head of 310 levels. It signals towards base formation in the stock near (cid:132) Kotak Securities has a re- mood was further boosted by equities of Axis Mutual Fund has re- these levels. wduitche ar attairngge ot np rZiecen soaf r` T1e,0c0h7 global brokerage firm Morgan Chennai Petro 267.25 5.01 26.93 5.04 266.21 signed from the company. Murarka, b) The open interest in the stock has reduced 40% since May series Stanley, which upgraded its rat- who has been working with the fund citing that the operating ing on Indian Oil to overweight HPCL 1,217.70 4.05 43.62 8.38 1,118.52 house since 2009, managed three eq- Fx Technical AMIT GUPTA results for Q1 were lower and raised the target price of uity funds with assets of about `3,750 Head- Derivatives than estimates again. It will BPCL and HPCL. IOC 537.00 2.81 23.72 11.62 539.77 crore. As on June 30, Axis Mutual become positive on the stock Shares of ONGC were up 1% Fund has an average AUM of `40,868 Buy USD/INR August Futures in the range of 67.05-67.15 only when there is consis- while Indian Oil, HPCL and BPCL ONGC 226.80 1.96 -7.65 13.74 240.76 crore and is ranked number 11 in the TARGET `68.20 STOP LOSS `66.50 tent growth in revenues. It gained between 2% and 4%. 44-player mutual fund industry. Shares of smaller refiners such BPCL 593.50 1.77 35.24 10.75 564.63 In response to an ET query, an Axis RATIONALE: pegged P/E at 13.4x FY17 and 11.5x FY18E earnings. as MRPL and Chennai Petroleum *Change in trading session on Monday, SOURCE:Bloomberg MF spokesperson said: “He is no long- (cid:122) 66.50 put is the highest put base while INR has been T`1h,e0 s0t0o.c0k0 r oonse M 1o.1n8d%ay t.o sthuEerT go heilda m d1 2ri%nepi saotnrrtdye 6dh% aosn, rbMeesogpnuednca teyivv taehllauy.t- VALUATIONS GAME mated P/E and EV/EBITDA on essatrr twuiocintthu h rtahasel b rceeosempnop lnaonoseky itanon gtd ht otihs f eivn oaarclgaiasnenc iya- crpeorconebsnoatlb ihdiloaitutyisn ibgny ga ybaeosa vwre-e e6lnl7 da l sei njvo etbhlsse. dDUaoStlal ahra uvpes iindcer ecoansetidn uthees raast e hike ating the prospects of creating an both absolute and relative basis,” and is evaluating all internal and ex- MS raised its (cid:122) Strong FII fl ows have helped INR strengthen to 67 from 68 levels oil conglomerate by merging 13 Morgan Stanley said in a note. ternal options required to enhance Smallcap Mantra state oil companies, which will price target by Morgan Stanley expects contin- and build on our already strong fund RESISTANCE 67.55 67.90 68.30 have a bigger market value than ued earnings momentum to nar- management capabilities.” the Russian state oil giant Rosneft 37-53% for the row this valuation gap and drive It could not be ascertained where SUPPORT 67.00 66.60 66.30 Precision Wires and India’s Reliance Industries. further stock performance. Murarka is headed. Morgan Stanley raised its price oil marketing companies While Indian Oil’s high-com- Murarka managed the flagship Axis Buy JPY/INR August Futures in the range of 62.80 – 63.00 C1-MMP R (e`)turn (%) 12009..0335 tkaertginetg b cyo 3m7-p5a3n%i efos ra tsh teh oeiyl mfianrd- as it finds their valua- p14le%x ittoy e Paarrnaidnigps r beyfi FnYer1y8 Ew, iHllP aCdLd EMqiudcitayp FFuunndd ssiinnccee Jitusn ien c2e01p3ti, oAnx iins TARGET `64.80 STOP LOSS `61.80 52-week H/L 111/56.8 their valuations attractive with tions attractive offers the highest upside with February 2011 and Axis Small Cap RATIONALE: FY2017EPE/5-Yr Avg PE 11.5/8.53 the FY18 estimated EV/EBITDA earnings more skewed to both Fund, a 5-year close-end fund, launched at 5.5 times and P/E at 8 times, on gross refining margins and mar- in November 2013. Axis Equity has (cid:122) W ith ECB and BOE maintaining status quo, amidst strength in Precision Wires is the largest both absolute and relative basis. sharp growth is not yet fully keting margins than the other fallen 0.35% in the last one year as US Dollar against major currencies, any lower than expected manufacturer of copper wind- “Despite outperforming the priced in, as they still trade at two OMCs, according to the glob- against the category average of 2.38%. stimulus announcement by BOJ could lead to yen appreciation ing wires in India and uses a Sensex by over 50%, OMC stocks’ above 25% discount on FY18 esti- al brokerage. Compared to this, the Nifty lost 1.07%. (cid:122) E xpect yen to strengthen on safe haven demand from the recent combination of Indian skill and levels of 107.49 back to 105 levels as BOJ governor refused to foreign technology. Its higher RBI Imposes Penalties on HDFC Bank, BoB indulge in helicopter monetary policy utilisation efforts, operational RESISTANCE 65.50 66.20 67.00 efficiency, better product qual- SUPPORT 63.00 62.40 61.80 ity and efficient cost optimisa- tion efforts could ensure better The central bank has fined HDFC receipt of bills of entry relating to ad- operational and financial per- Fines are for alleged Bank `2 crore, and penalised Bank of vance import remittances and lapses ACC Buy to Impact formance going ahead. Lower Baroda to the extent of `5 crore. Both in anti-money laundering guidelines, raw material cost, volume forex irregularities; PNB banks have informed the exchanges the bank said in a statement. Ambuja’s Balance Sheet about the development. The regula- The RBI’s investigation into Bank growth and debt containing also fined for violating tor also fined Punjab National Bank of Baroda has noted deficiencies and efforts could also support bet- for `3 crore for violation of the failures in internal control mecha- costs. ACC has close to 50% expo- ter margins. We feel investors Banking Regulation Act Banking Regulation Act. nisms in respect of certain anti-mon- (cid:88)(cid:88) FROM ET MARKETS sure to petroleum coke (pet could buy the stock at the CMP Late last year, Central Bureau of ey laundering provisions. These defi- coke), which is a cheaper alter- and add on dips to `87-92 band Investigation (CBI) had conducted ciencies relate to monitoring of The other factor is that Ambuja native to coal, a major raw mate- (about 9x FY18 estimated EPS) search and seizure operations across transactions, timely reporting of will have to buy a stake in ACC rial. In comparison, Ambuja for sequential targets of `114 [email protected] multiple bank branches of HDFC suspicious dealings to the Financial which would be valued at over currently has just over 35% ex- and `124 (11.5x and 12.5x Mumbai: The Reserve Bank of Btoa inrkr eagnudl Baraintike osf i nB aardovdaan icne r iemlaptioornt Dmiirtetcatnocreaste t aor He pornogb iKnogn tgh ef rhoumge t rhee- IUnnteiqlluigee nCcues utonmit,e arn Idd eansstiigfinciantgi oonf `fo3,r00m0 cerro’rse . Tbhailsa wnilcl iem psahcet tehte. pAosnuarley tsots p beet lcioekvee. that the ACC- FY18E estimated EPS) over the India (RBI) has imposed a monetary remittances in various banks. bank. The amount was allegedly Code to its clients. Moreover, in the next one year, Ambuja combined entity will be next one-two quarters. At the penalty on HDFC Bank and a state- The central bank carried out an in- transferred in the garb of payments Both banks said that they have im- ACC will be adding another 3 MT able to grow operating profit be- CMP, the stock trades at 10.1x run lender, Bank of Baroda, in the spection after `6,100-crore import re- for imports that never took place, in- plemented a comprehensive correc- capacity while Ambuja would fore depreciation (EBITDA) by FY18 estimated EPS. alleged `6,000-crore forex related ir- mittances were effected by Bank of vestigators suspect. tive action plan to strengthen inter- not be adding new capacity in over 30% between FY15 and FY18 By HDFC Securities regularities that came to light in Baroda’s Ashok Vihar branch in New The penalty imposed on HDFC nal controls to ensure that such the near term. ACC will also considering volume growth of October last year. Delhi. Both CBI and the Enforcement Bank is on account of pendency in lapses do not occur again. benefit in terms of lower fuel 5% in the same period. Market ADVANCE & DECLINE (cid:3) HIGHS & LOWS (cid:3) TURNOVER ShareTsu &r nTorvadere sin i n` LCarkohres (cid:3) FII ACTIVITY (` Cr.) (cid:3) MF ACTIVITY (` Cr.) F&O Corner-NSE Intelligence BSE (Number of traded scrips) NSE BSE (Number of scrips) NSE BSE NSE EQUITY DEBT EQUITY DEBT Positive Trend Negative Trend ‘A’ ‘B’ Others Total Total ‘A’ ‘B’ Others Total Total 2D5a/te7 3T8u6rn7Sh3a1r2e9sT1ra7d.7e2s 21Tu4r1n4 S1h1a6r1e5sT8r4ad.3e5s 2D2at/e7 38B5u7y 3S3e3l9l 5N1e8t 2B9u5y 6Se2l8l -3N3e3t 2D1at/e7 8B7u6y 8Se8l9l -N1e4t 33B6uy4 1 5Se2l0l 18N4e4t Spot Future % OI Spot Future % OI Powered By: Advances 227 783 707 1717 1027 52WK High 32 90 4 164 129 22/7 3319 2755 17.99 20439 11130 81.27 21/7 4317 3876 441 254 557 -303 20/7 1522 1094 428 5818 4634 1184 UCnoimtecphany P7r.i6c5e P7ri.7ce0 D0.i6f5f Ch-4g.(9%2) CCaonmarpa aBnaynk 2P5r4ic.7e5 2P4r6i.c0e5 -D3.i4f2f Ch-6g.(8%5) ETIG Database www. Declines 72 398 535 1005 488 52WK Low 2 8 7 53 10 21/7 3388 2933 18.48 21468 12732 84.36 2109//77 44836874 43368743 478131 2094488 1544327 550161 1198//77 11213772 11220124 -4335 47774045 44627858 341678 JEIFinnCgdIianle Setrese (lI 2372009...105050 2373000...245505 000...554006 -1--323...353811 TCeucmhm Minash i(nI)dr 580983..4100 489775..5400 --21..1948 --83..6377 etintelligence.com Unchanged 1 31 171 203 63 All High 17 47 1 80 70 20/7 3196 2651 15.89 19180 10302 77.06 T1o8t/ J7ul 6431347995365275177517273 11942333012719009 7614241 1To5t/ J7ul 115366055115418077-142918746032369511702317225330052 SAR.edI.laB Cnaain pEkintatelrp 4282104...785050 4282116...823000 000...444632 ---241...027855 THBakPt CaoL fS Itnedeila 1132061937...867550 1213005287...380000 ---011...982636 --11-543...587389 Total 300 1212 1413 2925 1578 All Low — 1 2 15 6 19/7 2817 2548 14.10 17503 10511 70.74 Total 201659306156602827034 142607148719 -6111 Total 2016147048137931 9117908352688046221301 Union Bank 131.40 131.95 0.42 0.97 Andhra Bank 60.55 60.80 0.41 -9.70 McLeod Russ 208.00 206.65 -0.65 1.33 52 WEEK AT NSE * ALL TIME AT NSE Spurt in Volumes at BSE Spurt in Volumes at NSE Crompton Gr. 73.85 74.15 0.41 -6.32 Colgate 961.70 957.45 -0.44 -14.88 HIGH GHCL 228.00 Manpasand Bv 743.80 Sun TV Netwk 436.90 Days 2 Weeks % Days Days 2 Weeks % Days Active Calls Active Puts 3M India 14938.00 GOCL Corp 196.70 Marico 284.00 Supreme Petr 204.50 Company Volume Avg. Vol. Chg Close Company VolumeAvg. Vol. Chg Close Traded OpenChg in Traded OpenChg in Agri-Tech 19.70 Godrej Cons. 1678.50 Max Fin.Serv 601.00 Tata Motors 510.95 KNR Construc 802803 1923 41638.74 575.25 Shreyans Ind 115729 1086 10557.43 72.65 Company Contract QtyInterestOI (%) Company Contract QtyInterest OI (%) AAAmprmcboautneja xF CiInneldm.Ssen 342016089...054000 GGGrProeTeb In nTlfearama pC Ironjd 752425160...534000 MMNaiRdtPhcLa BpiioW-GINenET 1 592329...064050 TTTeahctaahn iMgnadomita-aD NyViilR 33 31 325...053000 MCCohanoxar dIrntia dE iFnaogogd. 121400120754903826 21265979565 1566570487668...827748 11423041...201500 JRSMhuabCny Pt iMr Goiljelesacrts 1142053107174369226 2287972822104 235622292339...081013 231792487...355550 VNNeIIFFdTTaYYnta 88167700000...000000---JJJuuulll 232659181168877013077055 256621073475008002005--21254...595036 NNNIIIFFFTTTYYY 888564000000...000000---JJJuuulll322440868658915968705500 525784601656906005000 17-597...988921 AAABBBBaaaausstijnnjtaaarocsanjj.ow Sl FH PtPaPiaoanrormlia.odlny d&gStts..yAns 119 511800 67723733454400.......49040905000000 GGHHHHHuTaDDeDNjvrFFF.iAe CCCtIalln NlkBgsdiae afs(lt nIi.Fy)ekoEsoTF 11 936322 55828461437799.......47107040505005 NNNOPPPaerCeaifirnvsLmtrtny iy(lnea eIsB) r FF (e SIolE)EuucnSgougarsiirn 27 87151 89792660130399.......60104975000050 TTTUUUeuhgfjjclbiaierhveruxna mSIonnuc avFgrleiaaansrift.t. 32345 045546459288......408982000055 JSTSSRISSaMwtuhuGatjabiCaarEsny n CsPPMt a iMarGH oGopTli.taljeEoe-lessDarwncsrgVtesgRr 422622045355820339589980881618672223815406826 15288211116044549290131100202891782 22223224365779805853100747154677........238654762964574052313117521190249961828........0996478650004005 MISSSVKTLtruuia&aaasjmljahrnyFe nensaSPs eau nca&Et o ipTC n IRSoehngterwgedec.mlset.r. 142197521236653919907511641975095810074189919682651 1654299152249504204962971421042946527852 11122222676001458683522400010134........0061139688848643 52236155172551954537........1483545250555500 FAIVSVGIFFBeeMsCCuhddIIIRoaat nnkIun ttLaafrerayeslta .On1112I0313783 0052500G.......0005000a0000000i-------JJJJJJJnuuuuuuuelllllllr2222112s53209625495165052923312025290000000000000000000001125372454349807564478865254663000000000000000000000-4211---6241835.......29254179978781 FVVSSUNNBBeenIIuFFddIIitTTaaetYYnncutthaare O88351122I056622 L0005507.......o00000050000000s-------eJJJJJJJuuuuuuurllllllls11114100987269898660649318458952000008800000270000055 3226532483402108844548054961000007700000270000055 1--65118-3845729.......19335768835665 Bedmutha Ind 28.70 Himat. Seide 297.00 Phillip Carb 195.90 UltraTech Ce 3680.00 Trans & Rect 95568 4318 2113.40 353.70 Nirvikara Pa 308186 17800 1631.37 44.15 Biocon 828.00 HPCL 1224.70 Pidilite Ind 744.80 UTI Nif. ETF 878.95 Vishnu Chem. 50106 2483 1917.72 274.25 West Coast P 1529959 90542 1589.79 94.25 Open Chg in Future Chg in Open Chg in Future Chg in Blue Star 475.00 Hinduja Vent 470.40 Pincon Spiri 89.40 Vedanta 175.50 Kalyani Stel 572697 28981 1876.09 226.90 Banswara Syn 202327 12984 1458.33 171.65 Company Interest OI (%) Price Price (%) Company Interest OI (%) PricePrice (%) BPCL 601.85 IFCI 30.50 Pneumatic Hl 859.90 V-Guard Inds 1504.95 Sumeet Inds. 1697368 88098 1826.68 15.34 Shoppers St 112050 7949 1309.63 380.35 Allahabad Bk 13460000 8.03 79.10 6.68 Tata Chem 2202000 40.35 467.90 1.52 Burnpur Ceme 15.95 IFGL Refract 147.30 Ponni Sug(E) 357.05 Vardhman Hol 1340.00 PTC India 9920000 7.27 83.35 0.91 Grasim Inds. 687150 25.75 4878.65 -0.55 Cairn 207.40 Indian Terrn 176.00 Precision Wr 111.00 Viji Finance 84.25 Positive Breakouts Negative Breakouts Best Returns on BSE Worst Returns on BSE CESC 1547700 5.00 618.00 1.76 KMaarrnicaotak Bnk 94483682000000 2254..1279 125823..1900 22..3122 Carborundum 262.00 IndusInd Bnk 1164.45 Pricol 117.40 Vardhman Tex 1094.70 Company Days 20 Days %50 Days Company Days 20 Days % 50 Days Company Days Prices % Average Company Days Prices % Average Dr.Reddy’s 1585000 1.52 3479.40 -3.63 Havells (I) 6292000 22.78 381.00 0.73 CCCCDDDEEEFiEhhisdnBaLntcSeeeeFym ooCCmnrl .lrUogoFnetfydrnixsaanpa i ibDCol .r.P Sae nAIeevbn lBtk.ld..s 162121234 0522276899188086646753...........4501455503955000050005 IJJJJJJNKKKnKMaaMieiDindrfyy sDC ltdLiaFso.yaE aaLhniPrn lnklJarte r saSe rmOocAhBtnetji( ge.rl ecHIC TcrnciCEeea)otdSmsals 25121234 2425635852249128999477...........0935813482800555050505 PPRRRSSSSSSeaahhheeTruittsarrCllcm..viehihnR nrLIayaeaitn* TrhCiaS. mdP a S.rnhGGIi aee saPsaeiPpcdpl .aatIiDueiansprtrrOttd.r 1 6173 1218791383830153398883...........9686020864350860000550 WYZLAKLLMMylOeeamoaiecesnlWynsyoi dtBtEddas TSanCs hnIrp ntonaieSe ikantIetnrneesat.rvte. En I.lPnd 11 4152 7814439 592791250.........395000110500000000 (MMCANJCTRBBihahaegTneasSoendrCtdhtimmeEam e-aaIT ln)xlmBfyaue ad CssrtcTabsh atoheSy katFcAcaee ohoIl x knSrtLt.td. 226C8361221122l4625107826o..........s8606304109e0553701705 M114v544141131g0209135228 A..........1783305698v7526967455g 6655555444C9592361332h..........0751728769g3806482577Mv114g44411101 A8297008007v..........6097115783g6978814494 SM(DSJSTRVPBRrhuoahiuaesrurISiynna neeytIEtegdn bhnaoH )ahdo uMcIMorashwnj e u nPke&d& rsaPomti c eagC IalaIy .onpIn.d.t 1C511232l1426467392o..........8539685289se0459555356 M1v8125433496175353g........ ..5434256855A1005099805vg 4322121111C2752927656h..........4966388796g0654128522Mv21g014523 3496356346A..........v8122916918g1633505192 FMNCA1CAMoha ggTMaasrerrChhttiimo e--naaITTnnximmfeegtad ccThhaabshheyyt cAaahl kSS.tt.. 222C362321262160l50o.......6006464s5505131e 111333114744962.......64332455555036 1110766246C7545132h.......g0857915 1V13o189271l4323967u0775922m9872734e5822675 FSMVJ1MSARhho iaMaasrrrIyann eetIougnnddnnnsaidhhuughtrsaajjhh PFnn&&&tooaa CCIo lIIyoodnndd C551l1147222o.......8890595s0090464e 17366720445.......89422129515531 -------3234652C3797718h.......g7664670 1V431411o405684l1144597u8031734m2320297e9338033 KCIMMUJTCnoueanocdrsaviLimratoteaee nDrbornpi iudB takSa l aPlleRnsenheu yRkadstrss-W1742i M(d43185L0217523Wae8899889k0402 ...P748Ph0000013L0000)os(i4Lt0010593ai....907k6939 o ...O1735h199n305)I L1 14125Mi0996305mW0253164(.......%7925965iP207t0555) COh-I3010817g ....(9161... %150i4877n375) CPTHHBVSTSruoaoheiDoanninlacFndtd sraptCPti.utnossZ ihlB gitrAaSnaarrcnnmetcklayc.to112r44432a27379291889l533I 85714nO645 06200tO876e00000I814pr00000 008eGe000sn000ta 22222i C1nO20001498h.....I36488e...g 741(27156% 228rin)s21631132838099340703966841 026..... 87213TQ04005550r000tdy000 CT682hQ10210228g..... 13007(... 830%i60066261n) Finolex Inds 464.95 KPR Mill 1149.00 Sr.Rayl.Hi-S 118.00 Omkar Spec. 142.80 Sahara Hsgfi 60.60 42.46 42.72 39.79 Sanjivani Pa 22.35 26.45 15.50 27.98 VKS Projects 0.14 0.07 100.0 539136 Trilogic Dig 9.06 16.40 -44.8 197687 Rel Capital 238.06 214.25 90.00 11.13 Con. Durables 16730000 6.2713995000126.71 FFGGuiaartbrsuwtrrsiaeeor luL e(ri IfcW)eesall 411 40353633....52120050 KLLMauaakmlhysaaahxmnm iIa inSvydtiaela lSst. 227132937792....02500000 SSSStuuuadnnrdfa lPraasarghap I.meCrroh Bnerma 33 52709903....82100550 PPUVoritsatkaataigmbranh rSaa tP eIonelldys 8 24 0762....52040505 KSBRMuDAiandGBigta hfFRraasia lhnSms.c aCAsiyhelalneonms 1234003076206.....4768650055 822512974529.....8182963209 4433300985.....7609556065 812172702416.....1333899971 RUGOPrSande liySar Asondsbfaaete wyIPxn oaTfwrreeac Th 38913210576.....2121750005 49514358731.....6483065384 1111154443.....0974861582 49214250567.....1682361200 3TUMSat pMaotpanroee aMn rkO teGshnitaasean lIRignkeeds 14495610813....49570000 115122743....70090559 232270346233....1474 12166520891036063469368 3PMVSu riMasanankrogdainsahsetrhah AP nsSoastil lagIynd 55112....58590086 310119600....65085027 ----78872342....0128 1262667730267688796011 WTJIIHnFaVDCdoi1nIIicLa8 kI rhCBraerigrmod.aetdn.t 1163454355753076803......467095587771 1151243485346340422......000453675262 888888876303......221535014228 ---775416......062034329407 FATCPBreelruaaermtsntowites lieAipncsr notePi ecrrrtissol ldauricetss 26742138116032854140083861505602000500000000 555555......121159747425126554119982855335359463455620000550000000042-62423-317169......611525166310 Disclaimer: The content hereof does not constitute any form of advice or recommendation by the newspaper. “BCCL” or its affiliates will not be liable for any direct or indirect losses caused because of readers’ reliance on the same in making any specific or other decisions. 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