OPINION, P6 NATION, P3 INTERNATIONAL, P4 EDITORIAL E-VOTER CARD LOCKDOWN TO STAY R S Prasad will launch downloadable e-voter card today Still a long way from lockdown relaxation, says minister Hancock Formal sector doing well is what is behind the market rally Diktat to WhatsApp to scrap update signals policy arbitrariness, need to enact data privacy law fast KOLKATA, MONDAY, JANUARY 25, 2021 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM VOL. 30 NO. 73, 12 PAGES, `6.00 (NORTH EAST STATES & ANDAMAN `10.00) 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 The National Investment and Infrastructure Fund (NIIF) in its five years of existence has made an equity investment of less than `5,000 crore in infrastructure projects, sources said, reports PTI. The `40,000-crore NIIF was set up in December 2015 as an institution for enhancing infrastructure financing by investing in greenfield (new), brownfield (existing) and stalled projects. Sources say NIIF made an equity investment of `4,689 crore, while the co-investment by its partners stood at about `7,053 crore at the end of September 2020. at Asian Paints jumped an astonishing 33% y-o-y pushing up revenues by nearly 27%y-o-y on the back of both pent-up and festive demand. Again several larger organised sector companies were able to take away business from smaller players whose supply chains were disrupted. Even though they came off a low base, revenues at Havell’s ANUPAM MUKHERJEE Over 50% rise in Centre's fuel tax receipts in FY21 Petrol & diesel consumption (April-Sept, in million tonnes) 49.2 52.6 54.9 FY17 FY18 FY19 56.7 FY20 43 FY21 Centre’s income from taxes on auto fuels States’ income from VAT on petrol & diesel FY17 FY18 FY19 FY20 FY21 FY17 FY18 FY19 FY20 FY21 (April-Sept, ` crore) (April-Sept, ` crore) 1,06,069 1,03,770 97,499 93,719 1,31,545 75,828 87,921 99,584 94,982 78,164 E & V BANDS Telcos and tech majors spar over broadband spectrum FE BUREAU New Delhi, January 24 TELECOM OPERATORS LIKE Bharti Airtel,Reliance Jio,and Vodafone Idea, have once again clashed with technology players like Google, Microsoft, Apple, Facebook etc, over a spectrum band which has the potential to provide high-speed broadband services, especially in remote areas and forbetterinbuilding coverage. What are E & V Bands: ■ They are used as backhaul to connect mobile where fibre is not available ■ Have low ■ Used for propagation broadband characteristic services, not for direct mobile Why they should not be auctioned: ■ Because oflow propagation characteristic have lowvalue ■ They are provided for very short link ■ Managing assignment is a herculean task What's the best way forward: ■ De-licence them ■ Have light touch regulation by charging token amount ■ Trai has also suggested against auctioning Continued on Page 2 277.97 -58.06 -3.73 Continued on Page 2 -8.58 Continued on Page 2 Q3 FY21 Q3 FY21 Q4 Q1 FY20 Q2 -724.69 Q2 -452.32 Q4 Q1 FY20 Q2 (bps, chg y-o-y) 8.85 58.33 39.49 Q3 FY21 Q4 Q1 FY20 RM to sales (% chg y-o-y) Sample of 184 companies (excluding banks & financials ) Hike in excise rates Retail prices of petrol and diesel touched new all-time highs on Saturday (`85.7/litre and `75.88/litre respectively in Delhi), thanks mainly to very large component of taxes. The Centre’s revenue from taxes on petrol and diesel, before devolution to states, was up a whopping 40% in H1FY21, even as the sales fell 24% on year. With sales rising in H2, the Centre's coffers will be enriched further. rose a remarkable 39% y-o-y as the company gained market share from smaller players. The headline numbers, for a sample of 184 companies (excluding banks and financials) though, are skewed by the steep 22% y-oy fall in the revenues of Reliance Industries. Q3 FY21 -40.58 32.74 Q2 Q2 Tax (% chg y-o-y) Q4 Q1 FY20 -10.93 Q4 Q1 FY20 Covaxin shots in seven more states from today NEHAARORA New Delhi, January 24 (bps, chg y-o-y) -1,297.17 PBT 21.49 -2.47 -28.46 Q3 FY21 OPM ● VACCINE DRIVE THE GOVERNMENT HAS said it will administer homegrown coronavirusvaccine Covaxin in seven more states from Monday as it seeks to inoculate 30 million healthcare workers across the country. Thegovernmentthismonth gave emergency-use approval to the vaccine, developed by Bharat Biotech International andstate-runIndianCouncilof Medical Research,and another licensed from Oxford University and AstraZeneca that is being manufactured by the Serum Institute of India. The expansion from the 12 states now administering Covaxinincludesthesouthernstate of Kerala, which has a high Covid-19 caseload, and Prime Minister Narendra Modi’s home state of Gujarat,the government said late on Saturday. Some doctors have expresseddoubtaboutCovaxin, which was approved without efficacy data from late-stage clinical trials.The government says it is safe.The Lancet medical journal said on Thursday the drug produced an immune response in a small group of adults. -39.16 Q2 -2.34 -7.80 -28.96 FESTIVE FERVOUR, A sharp rise in commodity prices, a base effect and stupendous performances from IT majors have combined to make for a good Q3FY21 report card. Earnings season thus far has been full of surprises with most companies beating Street estimates.Unlike in Q1 and Q2, this time around almost all companies have grown their revenues smartly, some by pushing through bigger volumes but many by taking price increases to pass on the higher cost of inputs. Thanks to rising steel prices globally and a pick-up in local demand, JSW Steel reported a 21% y-o-y increase in revenues. At Ultratech, volumes were up 14% y-o-y on the back of demand from rural and urban housing and government-led infrastructure. Bajaj Auto cashed in on an 8% y-o-y improvement in net average selling prices.Again,volumes Q4 Q1 FY20 -36.94 FE BUREAU New Delhi, January 24 (% chg y-o-y) 522.39 Total expenditure (% chg y-o-y) -291.34 Net sales Most early birds beat Street estimates -32.84 NIIF’s equity investment less than `5,000 cr India Inc brings home good report card -2.52 Export-Import (Exim) Bank of India is looking to raise up to $3 billion through bond issues in the 2021-22 and will be looking to raise more funds under the socially responsible notes category in the next fiscal, a top official has said, reports PTI. The pandemic is a "blip" which will slow down balance sheet expansion as the global trade slows down and developmental projects financed by the policy bank also take a backseat, its managing director David Rasquinha said. Q3FY21 -19.52 IN THE NEWS Exim Bank to raise $3 bn through bonds READ TO LEAD Q3 FY21 Source: Capitaline MARCHING AHEAD Farmers, who will take part in the tractor rally on Republic Day, line up at Singhu border on Sunday GAJENDRA YADAV FCI OVERHAUL Grain purchases may see rejig PRABHUDATTA MISHRA & BANIKINKAR PATTANAYAK New Delhi, January 24 THE GOVERNMENT IS planning to tweak the way staterun Food Corporation of India (FCI) procures and stores grains.It has lined up a raft of proposals to bolster its entire public distribution system (PDS). The proposals include conducting third-party audits, junking archaic standard specifications for purchased goods, implementing end-to-end digitisation and For operational efficiency Experts will review FCI's standards set for procured goods 20-30 years ago New standards for goods and warehousing to be set in sync with global best practices To ensure end-to-end traceability of stocks and complete digitisation Nation-wide data base of inventory to be set up Independent audits of various operations to be done seeking feedback from ration shop beneficiaries. Continued on Page 2 ● BUDGET FY22 PSU insurers may get more capital BANIKINKAR PATTANAYAK New Delhi, January 24 AFTER BANKS, THE government is weighing a proposal to infuse more capital into state-run general insurers—National, Oriental and United—in FY22 to shore up their precarious solvency levels and enable them to meet regulatory norms in the aftermath of the Covid-19 pandemic, sources told FE. Since the government has already approved an infusion of `9,950 crore in FY21, the requirement for FY22, however, will likely be lower than this fiscal, one of the sources said. “It’s (more infusion) not a matter of ‘if’ but ‘when’. The three insurance companies may require at least `5,000 crore more next fiscal to achieve the solvency ratio of 1.5 times and meet the regulatory norms. The pandemic has weighed on their alreadyhigh stress levels,” the source said. An announcement to this effect is expected in the upcoming Budget, said a senior official with one of these insurers. Continued on Page 2 RISING STOCK Young guns from Gabba win on brands’ radar VENKATA SUSMITA BISWAS January 24 CRICKETERS RISHABH PANT, Shubman Gill, Mohammed Siraj, Shardul Thakur and Washington Sundar are likely to draw advertisers’ interest after playing a crucial role in India’sgallant and unexpected win at the fourth India-Australia test match at the Gabba in Brisbane, helping India clinch the series. Pant has entered into a multi-year association with JSW Sports. The company will manage all commercial interests and marketing rights of the 23-year-old cricketer. Gill is being represented by Cornerstone Sports which also manages Virat Kohli. Pant, who signed a threeyear deal with JSW Steel in 2020, has endorsed Dream 11 and Himalaya Men Face Care Range in the past.Talent management agencies that representthesecricketersarealready scouting for deals with healthcare, fitness, and digital-first brands,industrywatchers say. According to industry estimates, athletes who are just starting out on their endorsement journey can charge `1020 lakh perbrand.In comparison, cricketers such as Jasprit Bumrah, KL Rahul or Hardik Pandyaearnabout`1croreper endorsement. Continued on Page 2 Kolkata