MUMBAI, TUESDAY, DECEMBER 1, 2020 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE VOL. LX NO. 281, 14 PAGES, `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 WWW.FINANCIALEXPRESS.COM READ TO LEAD SENSEX: 44,149.72* ▼ 110.02 NIFTY: 12,968.95* ▼ 18.05 NIKKEI 225: 26,433.62 ▼ 211.09 HANG SENG: 26,341.49 ▼ 553.19 `/$: 74.05* ▼ 0.16 `/€: 88.28* ▼ 0.34 BRENT: $47.64 ▼ $0.54 GOLD: `48,778* ▼ `187 *As of Nov 27 IN THE NEWS S&P Global to buy IHS Markit in $44-billion deal S&P GLOBAL HAS agreed to buy IHS Markit in a deal worth $44 billion that will be 2020’s biggest merger, creating a heavyweight in the financial information market, reports Reuters. The mega deal includes $4.8 billion of debt. PM holds virtual meet with Covid vaccine teams PRIME MINISTER NARENDRA Modi held a virtual meeting with three teams working on developing and manufacturing Covid vaccine, reports PTI. He urged them to take extra efforts to inform people in simple language about the vaccine and related matters. Steel makers mull another price hike in Dec THOUGH THE PRICE of hotrolled coil soared to a twoyear high of `47,000 a tonne in November, steel makers may revise prices upward again, citing costlier iron ore, reports Surya Sarathi Ray in New Delhi. NEW AGRI BILLS Pampered Punjab farmers protest easily MSP buys highest in state, power subsidy twice the national level; undue access to bank credit PRABHUDATTA MISHRA & BANIKINKAR PATTANAYAK New Delhi, November 30 FARMERS FROM PUNJAB have taken their protests against the Centre’s agriculture Bills to the national Capital,and not without a reason. For decades,a deadly combination of a distorted procurement system of the Centre, Punjab government’s extravagant electricity subsi- A class apart Rice & Wheat Procurement against output (lakh tonne, 2019-20 crop year, July-June) Wheat (%) All India Punjab Rajasthan Production 2,260 300 Procurement 910 by govt 236 Procurement as 40 % of production 79 Punjab's share in The state’s share country's wheat in procurement and rice production of these grains 13% 26% Electricity subsidy to farmers (% of nominal GDP, FY19) Punjab 1.1% All-India 0.5% dies and generous credit disbursed bymostlypublic sector banks has only served to mollycoddle the state’s farmers, 16 Uttar Pradesh 10 Punjab 70 Rice (%) 92 Punjab All-India 44 Paddy price fetched by farmers, `/quintal Kharif 2020 1,888 Punjab 1,679 UP Chhattisgarh 1,515 1,530 Tamil Nadu (MSP for Punjab, average mandi price, Oct-Nov for others) often at the cost of theircounterparts elsewhere. Continued on Page 11 Protest to continue, have come to Delhi for decisive battle: Farmer leaders FARMERSPROTESTINGAGAINSTthenewagri lawsatDelhiborderpointsonMondaysaidthey havecometothenationalcapitalfora“decisive battle” and urged Prime Minister Narendra Moditolistentotheirmannkibaat,reportsPTI. A representative of protesting farmers said thattheywillcontinuetheiragitationuntiltheir demandsaremet.“Ourdemandsarenon-negotiable,”JagmohanSingh,generalsecretaryBhartiya Kisan Union (Dakaunda),said and claimed the ruling party“will have to paya heavyprice” if it does not heed to theirconcerns. ■ Page 2 COVID VACCINE NARENDRAN-SPEAK Late-stage study results show 94.1% efficacy After being unsuccessful in forming a joint venture with Thyssenkrupp for its European steel assets,Tata Steel is making another attempt at pruning its European business,by divesting just the Netherlands business this time. The company has begundiscussionswithSwedish steelmaker SSAB for a possible transaction. The steel maker is also separating the Netherlands and the UK businesses to follow separatestrategicstepsforboth. While the Netherlands business will be divested,the fate ofthe one in the UK hinges on the support of the UK government. TV Narendran, CEO and MD, Tata Steel, tells Shubhra Tandon that the company has communicated to the UK government of reaching a solution sooner than later, however, no time lines can be fixed as yet. He also talksabout deleveraging, commodity prices and restructuring in India businesses.Excerpts: Moderna to seek US, ‘UK govt help required EU authorisation for self-sustaining biz’ JULIE STEENHUYSEN & MICHAEL ERMAN November 30 MODERNAWILLAPPLY forUS and European emergency authorisation for its Covid-19 vaccine after full results from a late-stage study showed it was 94.1% effective with no serious safety concerns, the company said. Moderna also reported that the vaccine’s efficacy rate was consistent across age,race,ethnicity and gender demographics as well as having a 100% success rate in preventing severecasesofadiseasethathas killednearly1.5millionpeople. BOOSTER SHOT 100% success rate in preventing severe cases; no serious safety concerns Vaccine would be second to get US authorisation after Pfizer and BioNTech shot ■ Vaccine’s efficacy rate was consistent across age, race, ethnicity and gender demographics ■ Moderna said itwas on track to have about 20 million doses ready to ship in the US by the end of2020 Continued on Page 2 RT-PCR test prices in Delhi reduced from `2,400 to `800, Page 2 Probe into AstraZeneca shot reaction THE ICMR IS assisting an inquiry into an alleged adverse reaction during AstraZeneca’s Covid vaccine trial, but has found no reason to recommend halting it,a sen- ior official said, reports Reuters.Avolunteerclaimed that he had suffered serious “neurologicalandpsychological” symptoms after receiving thevaccine. ■ Page 4 Special Feature We will still have the 3-million-tonne UKplant in PortTalbot.AswearesplittingTataSteel Europe into Tata Steel UK and Tata Steel Netherlands, it gives us a more strategic space in the UK.Weareinconversationwith the UKgovernment to seewhat itcandobecausewebelievethat to make that site sustainable in the long term,there needs to be some support from the government.Let’sseewhereittakesus. Continued on Page 2 AGR DUES ? ISPs may move SC to seek relief KIRAN RATHEE New Delhi, November 30 When should investors stop or redeem their SIP? If the performance of your MF is unsatisfactory for over 18 months, look for a better fund where you can invest via systematic investment plan ■ Personal Finance, P9 Given that the Ijmuiden plant is the crown jewel of TataSteelEurope,whatwill its sale mean for the rest of the European business? WHILETHEMATTERrelatingto adjusted gross revenue dues of telecomoperatorsandnon-telecompublicsectorundertakings havegotresolved,thesamecannot be said with regards to the stand-alone Internet service providers (ISPs).These players plan to approach the Supreme Court shortly to seek relief on the lines granted to the nontelecom PSUs as they feel that their case is also similar and clubbingthemwiththetelcosis ` Revenues other than core telecom services ofa licensed telecom operator needs to be taken into account for calculating AGR ■ Using this definition, DoT raised demands on some non-telecom PSUs and ISPs also ■ The PSUs had taken the licence in the name of the flagship firm and not the telecom subsidiary not fair. The department of telecommunicationshasraised a total demand of around `18,000-19,000 crore as dues on a clutch of stand-alone ISPs. Clarifying its October2019 order relating to the definition of AGR and dues emanating as a result of it,the SC had in June this year told the DoT that demand notices of around `4 lakh crore raised on the PSUs having telecom licences and spectrumwasagrossmisuseof its earlier ruling on the matter. Continued on Page 12 MILITARY TIES Trump to add China’s SMIC, CNOOC to blacklist ALEXANDRAALPER & HUMEYRA PAMUK Washington, November 30 THE TRUMP ADMINISTRATION is poised to add China’s top chipmaker SMIC and national offshore oil and gas producerCNOOC to a blacklist of alleged Chinese military companies,according to a document and sources, curbing theiraccesstoUSinvestorsand escalating tensions with Beijing weeks before Presidentelect Joe Biden takes office. TAMING THE DRAGON ■ Move to curb Chinese firms' access to US investors ■ This would bring the number of Chinese companies affected to 35 Reutersreportedearlierthis month that the department of defence (DOD)was planning to designate four more Chinese companies as owned or con- ■ To prevent investors from buying securities of listed firms starting late next year ■ Aim is to restrict them from buying a range of US goods and tech trolled by the Chinese military, bringingthenumberofChinese companies affected to 35. A recentexecutiveorderissuedby PresidentDonaldTrumpwould preventUSinvestorsfrombuyingsecuritiesofthelistedfirms starting late nextyear. Continued on Page 11