OPINION, P8 MARKETS, P12 TV RAMACHANDRAN Trai gets it right on OTT regulation with its unorthodox stand ECONOMY, P2 EDITORIAL BOARD MEET NEW ROLE Govt must make Covid-19 vaccine free; if vaccine cost checkmates coverage, difficult to stop pandemic Sebi tightens disclosure norms for forensic audit Shekhar Kapur named president of FTII, chief of governing council NEW DELHI, WEDNESDAY, SEPTEMBER 30, 2020 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL. XLVI NO. 182, 22 PAGES, `6.00 (PATNA `6.00, RAIPUR `7.00) P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E SENSEX: 37,973.22 ▼ 8.41 NIFTY: 11,222.40 ▼ 5.15 NIKKEI 225: 23,539.10 ▲ 27.48 HANG SENG: 23,275.53 ▼ 200.52 `/$: 73.86 ▼ 0.07 `/€: 86.26 ▼ 0.40 BRENT: $42.17 ▼ $0.26 GOLD: `50,297 ▲ `747 IN THE NEWS Vice-President Venkaiah Naidu tests Covid positive VICE-PRESIDENTMVenkaiah Naidu onTuesday tested positive for Covid-19 but is in good health, theVice President Secretariat said, reports PTI. Naidu, 71, who is asymptomatic, has been advised home quarantine. His wife Usha has tested negative and is in self-isolation. Govt plans to sell 25% stake in LIC in phases THE CENTRE is planning to seek Cabinet nod to sell a 25% stake in LIC, the nation’s largest life insurer, people said, as Prime Minister Narendra Modi seeks resources to plug a widening budget gap, reports Bloomberg. It plans to amend the Act under which LIC was set up to prepare for the sale. ‘Witch-hunt’: Amnesty halts India operations AMNESTY INTERNATIONAL on Tuesday said it is halting all its activities in India due to freezing of its accounts and said it is being subjected to an "incessant witch-hunt" over unfounded and motivated charges, reports PTI. The home ministry termed it ‘exaggerated and far from truth’. Special Feature Long-term vision Sensex 42000 ? 40000 38000 COVID-19 32000 30000 28000 Is it the right time to book profits ? Over 9 cr infected, shows sero survey This means India has more infections than US which has 3 crore based on its last sero survey INDIA’S START-UP ECOSYSTEM has attracted $63 billion between 2016 and H12020, making it the world’s third largest tech start-up hub.With close to 35 unicorns now, the countrynowboasts a bunch of businessesthatareexpectedto thrive and survive. PlayerssuchasPaytm,Byju’s, Swiggy, Zomato and OYO have each received more than $1 billion from investors,some more than $2 billion,and are among thesuccessstories.Someplayers have acquired the status of a unicorn without using even $1 billion of capital. While funds ISHAAN GERA New Delhi, September 29 THERE HAS BEEN a tenfold hike in the number of adult Indians infected with Covid19 over the past three-and-ahalf months (see graphic), from around 64 lakh in the first sero survey,to 6.3 crore in the second one; once you include those in the 10-18 age group, included in the second survey for the first time, the number of infected rises to 9.1 crore, or 6.6% of the above-10 population. The second all-India sero 10-fold jump in infections (% of adult population) 8 6 4 2 Is 6.6% for population over 10 years of age Many more infected in urban slums (% of population over the age of 10) 20 Sero 7.1 0 May 11 to June 4 Sero survey 1 15.6 15 Sero survey 8.2 1 10 4.4 5 0.73 survey 2 1.9 Aug 17 to 0 Sept 22 Sero survey 2 0.93 1.0 Urban Urban Rural slums non-slums areas Data for sero survey 1 relates to population over the age of 18 survey was done between August 17 and September 22 while the first was done between May11 and June 4. A sero survey is a scientificallychosen random sample — that represents the country’s entire population — whose blood is tested for Covid anti- bodies; since such antibodies last for a few months after the infection, the survey results give the number of those infectedinthelastfewmonths. Continued on Page 2 ■ Serum to make additional 100 m vaccines; Page 6 Low oxygen supply leaves hospitals gasping for air HOSPITALS IN several states arestrugglingformedicaloxygenasthecountry’spandemic surgesatthefastestrateinthe world and manufacturers scramble to plug the gaps in thesupplyandtransportation, reports Bloomberg. Most plants producing medical oxygen are concentrated in eastern and western parts,leavingthedenselypopulated north and centrewithout quick access to the essen- tialmedicalsupply.NewDelhi, Bihar and Madhya Pradesh, withsome200millionpeople, don’thaveasingleunitmanufacturing oxygen. RELIANCE JIO has demanded that a spectrum auction be conducted immediately as airwaves worth `3.92 lakh crore have been lying unused for four years, and any further delay can lead to “serious quality of service issues”, reports Kiran Rathee in New Delhi. The company has also targeted Vodafone Idea and Bharti Airtel for their apparent opposition to auctions. PAGE 6 FE BUREAU New Delhi, September 29 ($ bn) Paytm Oyo Ola Cabs Byju’s Snapdeal Swiggy Zomato Paytm Mall BigBasket Grofers 3.5 3.2 3.2 2.1 1.8 1.64 1* 0.81* 0.78 0.5* Source: Tracxn/analyst estimates *approx have flowedinto thefooddeliveryanded-techspacesthisyear, 2019 saw a staggering $20 billioninvested,across1,854deals. Continued on Page 2 Hurun rich list FE BUREAU Mukesh Ambani’s wealth up 73% 1 Rank Mukesh Ambani `6,58,400 cr 73% Change 2 3 4 5 Hinduja brothers `1,43,700 cr Shiv Nadar & family `1,41,700 cr 23% 34% GautamAdani & family `1,40,200 cr Azim Premji `1,14,400 cr 48% 2% Source: Hurun Research Institute; IIFLWealth Hurun India Rich List 2020 Continued on Page 2 Spending curbs to stay to make room for stimulus 2.0 IN ORDER TO make room for another tranche of ‘stimulus’ without letting the fiscal deficit for FY21 widen beyond 7-8% of GDP, the Centre has extended the curbs on certain regular, not-so-unavoidable budgetary expenditure to the third quarter. “With a view to managing the cash flows, it has been decided to retain and continue with the same expenditure management measures, stipulated for Q1 and Q2, for Q3,” the finance ministry Likely savings due to spending curbs in April-Dec, FY21 ~3 lakh crore Extra budgetary cost of stimulus announced; more steps likely `4.2 lakh crore Additional borrowing by the Centre to cover revenue shortfall in FY21, further tinkering likely saidinanofficememorandum to other ministries and departments. Continued on Page 2 ● MAKE IN INDIA Restrictions on steel imports expanded; registration must FE BUREAU New Delhi, September 29 THE GOVERNMENT HAS directed traders to register themselves with its Steel Import Monitoring System(SIMS)forpurchases of all iron and steel products,asalsocertain railways-related items, fromoverseasfromOctober 16, according to a public notice by the directorate general of foreign trade (DGFT). The move seems aimed at discouraging iron & steel imports and comes at a time when the Centre has stepped up focus on domestic manufacturing under the Aatmanirbhar Bharat initiative. Already, the steel ministry has proposed incentives worth `3,346 crore under a production-linkedincentive scheme and a phased manufacturing programmetoboostdomestic production of various grades of steel that are largely imported.Theseproposalscould soon be placed before the Cabinet aftervetting byNITIAayog. Continued on Page 2 Jet Airways bidder seeks more time ANKUR MISHRA Mumbai, September 29 ACONSORTIUMCOMPRISING Haryana-based Flight SimulationTechniqueCentre,Mumbaibased Big Charter and Abu Dhabi’sImperialCapitalInvestments has requested lenders to 1,636 SBI 1,084 Yes Bank 754 PNB IDBI Bank 594 Canara Bank 543 Admitted ICICI Bank 519 claims (` crore) Bank of India 266 IoB 158 7,460 Total Source: Jet Airways JetAirwaysformoretimetosubmit a better bid.FE learned that lenders have given both bidders aweektosubmitrevisedbids. Thesecondsuitorisaconsortium of Kalrock Capital and entrepreneurMurariLalJalan. Continued on Page 14 (A Govt. of India Undertaking, Ministry of Defence) 43/46, Garden Reach Road, Kolkata-700024 Visit us at: www.grse.in CIN No.: L 35111 WB 1934 GOI 007891 ˆ Effective solutions against COVID-19* Coronavirus for Offices & Institutions Just Call on - 1800 22 72 82 5L `850 # Brookfield REIT plans IPO worth `4,440 crore GLOBAL ASSET management major Brookfield will file for a $600 million (around `4,440 crore) initial public offering (IPO) for its real estate investment trust (REIT), merchant banking sources said on Tuesday, reports PTI. The Canadian asset manager is filing the draft red herring prospectus (DRHP), making it the third REIT to be listed in the country after Embassy Office Parks and Mindspace, the sources added. ~`4 lakh crore PRASANTA SAHU New Delhi, September 29 ● SWEETENING OFFER There is no ideal time to enter and exit the stock market. So, instead of being swayed by market volatility, focus on what you can control and keep a long-term horizon for your equity holdings ■ Personal Finance, P11 QuickPicks Reliance Jio demands urgent spectrum auction ● Q3 PLANS Start-ups get $63 bn in investments so far Funds raised 36000 34000 2016-H12020 *As per lab test Washing hands with soap and water or use of an alcohol-based hand sanitizer is one of the recommended measures to help reduce risk of Coronavirus spread. Please follow additional guidelines recommended by health authorities. # Prices excluding taxes ˆUnilever calculation based on Nielsen volume sales information for the total markets (Latest 12 months) New Delhi
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