OPINION, P6 MARKETS, P10 PRITHVI HALDEA Stand-alone overseas listing of India-based firms not a good idea ECONOMY, P2 EDITORIAL TRANSACTION EFFICIENCY DEMAND DRIVE If Delhi govt wants to counter ICMR on plasma therapy, it should do this with scientific rigour RBI bars payment system operators from launching new QR codes Stimulus resources have been rightfully saved for a timely push: Sanyal CHENNAI, FRIDAY, OCTOBER 23, 2020 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOLUME XLII NO. 145, 16 PAGES, `6.00 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: 40,558.49 ▼ 148.82 NIFTY: 11,896.45 ▼ 41.20 NIKKEI 225: 23,474.27 ▼ 165.19 HANG SENG: 24,786.13 ▲ 31.71 `/$: 73.54 ▲ 0.05 `/€: 87.17 ▲ 0.08 BRENT: $41.90 ▲ $0.17 GOLD: `51,149 ▼ `81 H-1B CURBS ● SPICEJET DUES Maran moves HC against non-payment of `243 crore by Singh FE BUREAU New Delhi, October 22 KALANITHI MARAN AND his company KAL Airways on Thursday moved the Delhi High Court seeking attachmentofSpiceJetpromoterAjay Singh’s shareholding and takingoverthemanagementafter the airline failed to deposit `243 croreinfavouroftheSun Group chairman. In September, the high court had asked SpiceJet to make the deposit within six weeksandthedeadlineexpired on October 14. The amount relatestointerestpayoutofthe sum Maran and his KAL Airways won as refund from an arbitration panel in 2018. The high court has agreed to hear Maran, and has issued notice to SpiceJet on the plea seeking status quo of the shareholding. The HC has posted the matter for further hearing on November 4. Meanwhile, SpiceJet has gone ahead and moved the Supreme Court against the high court order on the payment.Theapexcourtislikelyto hear the matter next week. Continued on Page 2 ● DATA SECURITY US proposes not to issue business visas for speciality occupations LALIT K JHA Washington, October 22 RJD leader Tejashwi Yadav at an election rally, in Kaimur district on Thursday BIHAR POLLS BJP manifesto vows free Covid vaccine ‘Cyber attack' on Dr Reddy's IT infrastructure PRESS TRUST OF INDIA Hyderabad, October 22 THE STATE DEPARTMENT has proposed not to issue temporary business visas for H-1B speciality occupations which allowed several companies to send their technology professionals for a short stay to complete jobs on site in the US, a move which could affect hundreds of Indians. The proposal, if finalised, will eliminate any misconception that the“B-1 in lieu of H policy”provides an alternative avenue for foreign professionals to enterthe US to perform skilled labour that allows, and Govt restores existing visas, barring tourist, electronic & medical potentially even encourages them and their employers to circumvent the restrictions and requirements relating to the H non-immigrant classification established by Congress to protect the US workers, the state department said. Continued on Page 2 THE CENTRE on Thursday decided to restore with immediateeffectallexistingvisas,except electronic, tourist and medical categories,almost eight months after their suspension, reports PTI.Permissionhasbeengranted to all Overseas Citizen of India and Person of Indian Origin card holders and all other foreign nationalstovisitforanypurpose, exceptonatouristvisa. ■ Page 2 DR REDDY'S LABORATORIES on Thursday in a filing said it detected a ‘cyber attack’ in its information technology infrastructure.As a result, they are isolatingalldatacentreservices to take required preventive action.CIO Mukesh Rathi said, “Weareanticipatingallservices tobeupwithin24hoursandwe donotforeseeanymajorimpact on our operations due to this incident.”Theintimationbythe drug maker did not mention the source of attack. Also promises 19 lakh jobs and assures farmers of bringing lentils under MSP PRESS TRUST OF INDIA Patna, October 22 UNION FINANCE MINISTER Nirmala Sitharaman on Thursday released the BJP’s manifesto for the Bihar assembly polls which promised free Covid-19 vaccineonceithasbeenclearedbytheICMR. It also sought to reach out to the youth with the promise of 19 lakh jobs in the next five years and farmers with the assurance of bringing lentils under the MSP regime.“The NDA government in Biharhassetanexamplebeforethecountry in the fight against corona. It’s our resolve that once the vaccine has been IN THE NEWS Covid: Govt sets aside `50,000 cr for vaccination THE SMARTPHONE SEGMENTinIndiareboundedafter the lockdown to touch an alltimehighof50millionunitsin the September quarter with Chinesecompaniescollectively clearedbytheICMR,wewillmakeitavailable to the people of Bihar free of cost,” said the manifesto.The promise figured atthetopoftheBJP’selectiondocument. Thepartydrewheavilyuponthetrust enjoyed by Prime Minister Narendra Modiamongthemassesbyvirtueofpropeople measures like the Jan Dhan scheme and the UjjwalaYojana. Continued on Page 2 ● SMARTPHONE MARKET THE GOVERNMENT HAS set aside about `50,000 crore to vaccinate the people of the country against the coronavirus, according to people with knowledge of the matter, reports Bloomberg. The Centre estimates an all-in cost of about $6-7 per person in the nation of 1.3 billion, the people said, asking not to be identified as the details are private. The money provisioned so far is for the current fiscal and there will be no shortage of further funds for this purpose, they said. Finance minister Nirmala Sitharaman at a press conference in Patna onThursday ‘India hits record 50 m units in Q3’ PRESS TRUST OF INDIA New Delhi, October 22 holding a 76% market share, according to research firm Canalys.All the top five smartphonevendors—Xiaomi,Samsung,Vivo,RealmeandOppo— sawtheirshipmentgrowinthe third quarter compared to the year-ago period. “Smartphone shipments in India recovered in Q3 2020, posting an 8% growth to 50 million units (from 46.2 million units a year ago).This is an all-timerecordforsmartphone shipmentsinasinglequarterin India,” Canalys said. Continued on Page 2 Joint Parliament panel summons Facebook, Twitter FACEBOOK AND TWITTER have been issued summons by a joint committee of Parliament over data safety issues, reports PTI. While Facebook India representatives have been asked to appear on Friday before the joint panel on the Personal Data Protection Bill, 2019, Twitter officials are to appear before the panel on October 28. Equitas SFB IPO subscribed nearly 2 times THE INITIAL PUBLIC offering of Equitas Small Finance Bank was subscribed 1.95 times on the last day of bidding on Thursday, reports PTI. The `517-crore IPO received bids for 22,57,94,250 shares against 11,58,50,001 shares on offer, according to data available with the NSE. Local businesses may be allowed to operate in SEZs THE CENTRE MAY allow manufacturers who make goods for domestic supplies to operate within special economic zones (SEZs), in a bid to integrate export ecosystem with the wider domestic economy as per the suggestions from the Baba Kalyani panel on SEZs, reports Sumit Jha in New Delhi. CHENNAI
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