OPINION, P2 MIND & GAMES One-man band cannot make music IDEA EXCHANGE CAN COFFEE REV UP YOUR WORKOUT? Ram Vilas Paswan ‘Any law can be misused. But if you put riders to the SC/ST Act, the poor won’t even file an FIR’ Page 4 How coffee affects the performance of a person, while working out, could depend on your genes, reveals a new study Page 10 ACROSS THE AISLE, P CHIDAMBARAM Vol XVII No 23 LEISURE Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM FLAVOUR FIRST PUBLISHED FROM:AHMEDABAD, BENGALURU, CHANDIGARH, CHENNAI, HYDERABAD, KOCHI, KOLKATA, LUCKNOW, MUMBAI, NEW DELHI, PUNE WORDSWORTH BEHIND THE GAME Selected excerpts from Boria Majumdar’s Eleven Gods and a Billion Indians: The On and Off the Field Story of Cricket in India and Beyond take readers behind the scenes of the 2013 IPL spot-fixing scandal, raising questions over the testimony and credibility of players, team owners and officials Page 5 THE CBI HASquestionedafew ICICI Bank officials as part of a preliminary enquiry to find if any quid pro quo was involved in the bank issuing a `3,250crore loan to the Videocon groupin2012.Agencyofficials saidtheyarealsostudyingrelevantdocumentsofthetransaction, and if they come across any evidence that indicates wrongdoing, ICICI Bank MD and CEO Chanda Kochhar, her husband Deepak Kochhar and others could be summoned for detailed questioning. Theysaid the statements of nodal officers of the ICICI,who were part of processing the loan of about `3,250 crore, have been recorded as part of the PE registered six weeks back.The PE has namedVideocongrouppromoterVenugopal Dhoot, Deepak Kochhar and unknownothers,theysaid.APE isaprecursorbeforetheagency lodgesanFIRtoprobecriminal ICICI Bank MD and CEO Chanda Kochhar and her husband Deepak Kochhar QuickPicks E-way bill validity from the date transporter fills up details THE FINANCE ministry on Saturday said the validity of an electronic-way bill will be counted from the day the transporter fills in the details in the GST form for the first time, reports PTI. In a clarification by the ministry, the validity period of e-way bill will start only after the details in Part-B of Form GST EWB-01 are updated for the first time. PAGE 3 ODD & EVEN Continued on Page 3 ROHNIT PHORE ● No extra cost being imposed on customers for the fuel as of now PRESS TRUST OF INDIA New Delhi, March 31 ULTRA-CLEAN EURO-VIgrade petrol and diesel, at no additional price,will be supplied in the national capital from Sunday in a bid to combat alarming levels of air pollution. Delhiwill be the first cityin the country to leapfrog from Euro-IV grade petrol and diesel to Euro-VI. Cities in the national capital region, including Noida, Ghaziabad, Gurugram and Faridabad, as well as 13 major cities,including Mumbai, Chennai, Bengaluru, Hyderabad and Pune, will switch over to cleaner Euro-VI grade fuel from January 1 next year.The rest of the country will follow suit from April 2020. State-owned oil firms will begin supplying the BS-VI petrol and diesel (equivalent to fuel meeting Euro-VI emission norm) at all their 391 petrol pumps in the national capital territory (NCT) from Sunday, said Indian Oil Corp (IOC) director (refineries) BV Rama Gopal.Whiletheoilcompanies have invested heavily to produce cleaner fuel, the consumersarenotbeingpassedon any of the cost for the time being, he said.“Rest assured, Margins of urea dealers to double PRABHUDATTA MISHRA & PRASANTA SAHU New Delhi, March 31 HAVING ROLLED OUT direct benefit transfer (DBT) for fertilisersubsidyacross the country on March 1, the government has now chalked out a schemetodoubledealers’margin to `400 pertonne forurea. Although the scheme will cost the exchequer an additional `600 crore annually,the move is expected to encourage dealers to be in the business.A section of traders have reportedly been reluctant to renew their licences following the introduction of Aadhaar-linked urea sales, which disallowed black-marketing (selling at huge premiums over the subsidised maximum retail price). Anofficialsaiddoublingthe FE BUREAU Kolkata, March 31 dealers’ margins could ensure that subsidised fertiliser is indeed sold to the intended beneficiaries. With savings of `20,000 crore expected from Aadhaar-linked DBT, on a net basis, the measure won’t burden the exchequer. The subsidy on urea is calculated on the basis of each plant’s cost of production and the government pays the fertiliser companies the difference between delivered cost at retail point and the maximum retail price. On average, the Centre pays about `500 per 50-kg bag to make urea cheaper to the farmer. The maximum retail price of urea fixed by the Centre at present is `268 per 50-kg bag (excluding taxes levied by states). Continued on Page 3 we don’t have plans of passing on the cost to consumers. There are no plans to recover (the cost) from customers immediately,” he told reporters. Cost wise, the cleaner fuel should cost around 50 paise a litre more. He said a mechanism of recovering the costwould beworked out when the whole country shifts to Euro-VI grade fuel. To meet Delhi’s annual consumptionof9.6lakhtonne of petrol and 12.65 lakh tonne of diesel, Mathura refinery in UttarPradesh,Panipatrefinery in Haryana, Bina in Madhya Pradesh and Bathinda in Punjab have started producing Euro-VI grade fuel. About `183 crore has been spent on Panipat refinery alone for producing cleaner fuel. Other refineries are in the process of being upgraded, he said. India had in 2015 decided toleapfrogtoEuro-VIemission norm compliant petrol and diesel from April 2020, from the Euro-IV grade at present. While the deadline for the rest of the country stands, the same for Delhi,which is choking on thick toxic smog, was brought forward. Euro-VI grade fuel contains 10 parts per million (ppm) of sulphur as against 50 ppm in Euro-IV fuels. Gopal said the cleaner Euro-VI fuel and lesser grade cars and two-wheelers, which are presently available in the country, would result in 1020% reduction in particulate emission. However, for full benefits,thevehicles also need to have Euro-VI engines. “BS-VI petrol and diesel supplies give comfort to automobile manufacturers that supplies of cleaner fuel would not be a problem,” the official said. ANIL AGARWAL GROUPowned Vedanta said on Saturday it has won the bid to acquire bankrupt Electrosteel Steelsinaninsolvencyauction. “Vedanta Limited hereby informs that it has been declaredasthesuccessfulresolution applicant by the committee of creditors (CoC) for Electrosteel Steels Ltd under the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code, 2016 and has received a Letter of Intent (LoI) today,”the company said in a BSE filing. Vedanta said it has accepted the terms of the LoI. The closure of the transaction will be subject to compliance with applicable regulatory requirements and as per the final terms approved by the National Company Law Tribunal,it added. FE had reported on Friday that the objections from Renaissance Steel, which had questioned Vedanta’s eligibility to bid,had been overruled. Theresolutionprofessional had received bids from Vedanta,EdelweissAlternative Asset Advisors, Tata Steel and Renaissance Steel in January this year. On July 21 last year, the NCLT had admitted State BankofIndia’s(SBI)insolvency petitionagainstKolkata-based Electrosteel Steels. The company, which owes lenders `11,309 crore, had been referred to the bankruptcy court under Section 7 of the IBCfollowinganudgefromthe Reserve Bank of India (RBI). ■ Vedanta says it has won the bid to acquire bankrupt Electrosteel Steels in an insolvency auction ■ It says it accepts terms of the LoI in a filing to BSE ■ Closure of transaction to be subject to compliance with applicable regulatory requirements and as per final terms approved by NCLT Continued on Page 3 App-based voice calls on the rise ● Customers increasingly using WhatsApp, Hike for domestic calls RISHI RANJAN KALA New Delhi, March 31 NOT VERY LONG AGO, WhatsApp,Facetime orViber, etc, were used to make ‘free’ international calls,but lately, these Web-based apps are being used regularly for domestic calls as well. While the consumers are happy to make video calls,understandably, telecom companies are seeing red, as customers prefer to use these apps despite telcos providing bundled voice and data packs that provide free voice calls. What's up WHATSAPP CALL (Million minutes) Domestic calls* International calls* 2015 2016 25,920 For the over 33 million children engaged in labour in India, there are some evangelists who are helping them lead more inclusive lives by offering them the opportunity to play sports Page 7 charges on the basis of evidence collected during the former exercise. The deal recently made news after reports questioned theloanandlinkedittoapossible quid pro quo that Dhoot allegedly had with NuPower Renewables, a company founded by Deepak Kochhar. Earlier this week, the ICICI Bank board came out in supportofChandaKochhar,saying it has full faith and confidence in her and described certain reports against her regarding credit disbursement to Videocon group as “malicious and unfounded rumours”. The board had also reviewed the bank’s internal processes for credit approval and found them robust,the private sector lender had said in a statement. With regard to loans to the Videocon group, it said the bank’s current exposure is part of a syndicated consortium arrangement. Ultra-clean fuel in Delhi from today 60,480 PRESS TRUST OF INDIA New Delhi, March 31 Electrosteel buy: Vedanta says it accepts terms of letter of intent EURO-VI GRADE 21,560 CBI questions ICICI officials; Kochhar, husband could be next 24,640 RIGHT TO PLAY READ TO LEAD 18,360 SPOTLIGHT FINANCIALEXPRESS ON SUNDAY 12,240 NEW DELHI SUNDAY, APRIL 1, 2018 12 Pages, `8 (Patna `11, Raipur `10) Chef of the year at just 30, Wilfried Bergerhausen serves a reality check when performance on the plate can easily go overboard Page 9 2017 *All calls are outgoing Source: Warp Speed Reads IAMAI report The use of such apps to make domestic calls started increasing 2016 onwards as penetration of smartphones, WiFi and cheap data became common. Telecom and technology research firm Warp Speed Reads attributes the growth in domestic calls via apps to better quality, as mobile network congestion often leads to problems in either connecting calls or frequent call drops. Data compiled by the agency of outgoing calls made through these apps shows that the biggest surge has been recorded in domestic calls. In 2016, consumers made 24.64 billion minutes of outgoing domestic calls through chat apps,registering a growth rate of more than 101% y-o-y. Similarly, during 2017, such calls rose byawhopping 145% y-o-yto 60.50 billion minutes. On the other hand, international calls grew at just 17% y-o-y to 21.56 billion minutes in 2016, while in 2017, they grew by only 20% y-o-y to 25.92 billion minutes. The total app-based outgoing calls traffic grew a healthy 51% y-o-y to 46.20 billion minutes in 2016 and then an impressive87%y-o-yto86.40 billion minutes in 2017. Continued on Page 3 Fitness-conscious Indians drive wearables' growth Global smartwatch market will more than double by 2021. India is a serious contender in the game MEGHNA SHARMA Mumbai, March 31 EARLY MARCH, FITBIT launched its latest smartwatch, FitbitVersa,inIndia.Themarket alsosawthelaunchofananalog digital smartwatch,Vivomove HR,with in-built wellness features byGarmin India. Asperreportsbyanalystfirm InternationalDataCorporation (IDC),fitnessbandsarethemost popular devices holding the maximum market share in the category of wearables. Smartwatch is another very popular category among wearables; however,itholdsaconsiderably lowermarketshareascompared to fitness bands. Says Reebok India senior marketingdirectorSilviaTallen, “Withthe‘onthemove’lifestyle of young millennials,wearable technologyhasgainedpopularitydue to its instantaneous and personal monitoring quality.” India is the world’s youngest nation with nearly 60% of population below the average age of 35 years.As disposable incomes increase, the young, fitnessconsciousworkingclasspopulation is a hot target for wearablesandfitnessgadgetbrands. “The growth is primarily being powered by the ‘lose weight’categoryofpeoplefrom India’s English-speaking population who are either already overweight or worried about becoming overweight,” adds TusharVashist,co-founderand CEO, Healthifyme. The task for these brands at hand is to stand out from the clutter as most devicesofferthe same features. Brands are now taking cognisance of this situation and offering distinguished features in their products. For instance, the Mi Band 2 is equipped with the lighter and flexible OLED display that lets one view more in a glance.Apart from specifications, competitive pricing from Chinese vendors also has to be kept in mind. Though urban areas contribute most to the sales, companiesarewitnessingincreasing interest from smaller and fragmented markets, where there are early adopters of fitness. Whilemanybrandsareavailable in offline stores invarious cities — from retail chains for consumer electronics and durables to branded stores — digital still seems to be the main platform that contributes most to the sales. Being available across Amazon,Flipkart,aswellastheir own websites, helps brands to reachcustomerswhoarefitness enthusiasts but reside in tier II orIII cities. Globally, too, the wearables techmarkethasseenanupward trend.The growth is driven by two most popular categories — watches and wristbands. IDC sees the smartwatch market (which includes hybridwatches andfitness/GPSwatches)climbingfrom71.4milliondevicesin 2017 to 161 million in 2021. ON TUESDAY ‘STRAPPING IT ON FOR #FITNESSGOALS’
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