OPINION, P6 ECONOMY, P2 COMPANIES, P4 EDITORIAL FARMERS’ PROTEST RISE OF THE UNICORNS Tomar says govt offer best for farmers, hopeful that unions will reconsider it India on cusp of start-up explosion boom, dozens of unicorns in offing: Adani Localisation plans could derail the PLI ambitions Bombay HC's interpretation of what constitutes sexual assault under Pocso Act is quite regressive NEW DELHI, TUESDAY, JANUARY 26, 2021 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL. XLVI NO. 283, 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: 48,347.59 ▼ 530.95 NIFTY: 14,238.90 ▼ 133 NIKKEI 225: 28,822.29 ▲ 190.84 HANG SENG: 30,159.01 ▲ 711.16 `/$: 72.95 ▲ 0.02 `/€: 88.63 ▲ 0.21 BRENT: $55.35 ▼ $0.06 GOLD: `49,239 ▲ `319 TCS is world’s most-valued IT firm, beats Accenture PRESS TRUST OF INDIA New Delhi, January 25 INDIA’S LARGEST SOFTWARE exporter Tata Consultancy Services (TCS) on Monday surpassed RIL to become the country’s most-valued firm by market capitalisation. In another milestone, TCS also emerged as the most-valued ITcompanyin theworld as its marketvaluationwent past that of Accenture. Duringthecloseoftrade,the market valuation of TCS was at `12,34,609.62crorewhilethat of RIL stood at `12,29,661.32 crore on the BSE.Multinational techfirmAccenture’sm-capwas at $168.44 billion as of Friday closeontheNYSE.AsofMonday, TCS valuation in dollar terms was at $169.26billion. Continued on Page 2 EYE ON FY22 Tax revenue likely to witness a big jump GDP recovery to bolster receipts; fuel taxes, anti-evasion steps to help too Nominal GDP 10 0 FE BUREAU New Delhi, January 25 AFTERTWOYEARSofunusual negative growth, the Centre’s gross tax receipts will likely jump and register a smart growth of 15% or higher in FY22,giving the much-needed cushion to the government to continue to stimulate the recoveringeconomywithfiscal expenditure.Thatinyearswhen the GDP growth was sharper than the previous ones,the tax buoyancy usually improved — meaning tax revenue grew -10 -20 FE BUREAU Mumbai, January 25 Continued on Page 2 Detailed report on Page 4 20 15 8.2 -0.8 -4.2* -12.6# GDP growth rates up to 2004-05 based on 2004-05 series, the rest on 2011-12 series methodology fasterthantherateatwhichthe economyexpanded—givescredence to the assumption. Most analysts expect the nominalGDPtogrowat15%or thereabouts in FY22; going by historical pattern, it is possible thatthetaxrevenuewillgrowat L&T order book at record `3.31 lakh cr the same rate (buoyancy 1) or even up to five percentage points higher. That probably means the sharpest annual growth in tax revenue since FY11,whenitwasarobust27%. (% change, y-o-y) 30 20 ● BIG WINS LARSEN AND TOUBRO (L&T) onMondaysaiditsconsolidated order book stood at a record `3.31 lakh crore at the end of December 2020, up 9% yearon-year,following the highestever orders won in a quarter. “The several large contracts bagged in Q3FY21 include the High Speed Rail; order inflows jumped 76 % y-o-y to `73,233 crore,”L&Tsaidinafiling.International orders account for about a fifth of the total order book. The order inflow in Q3 stoodat`1,24,846crore,itsaid. L&T’sconsolidatednetprofits forQ3FY21 rose 4.87%y-oy to `2,466.71 crore, beating Street estimates. While revenues dipped 1.78% y-o-y to `35,594.4 crore,the operating margin came in at a strong 12%,up 60 basis pointsy-o-y. Gross tax revenue 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22E ● MARKET VALUATION *Advance estimate; # Apr-Nov ● SIKKIM CLASH India, China had ‘minor face-off’ PRESS TRUST OF INDIA New Delhi, January 25 INDIAN AND CHINESE troops were engaged in a“minor faceoff” at Naku La area in North SikkimonJanuary20anditwas resolved by local commanders asperestablishedprotocols,the IndianArmysaidonMonday.“It is clarified that there was a minor face-off at Naku La area of ■ 'Face-off' at Naku La area, North Sikkim, happened on January 20 ■ It was resolved by local commanders as per established protocols, the Indian Army said NorthSikkimonJanuary20and the same was resolved by local commandersasperestablished protocols.Mediaisrequestedto refrain from overplaying or Big sell-off IT, energy stocks drag Sensex down The benchmark Sensex dived 531 points on Monday, extending its losses to the third straight session due to massive selling in energy and IT stocks. Over the last three sessions, it has lost 1,444.53 points or 2.90% 49,500 49,253.68 49,000 48,500 48,000 Sensex Intra-day, Jan 25 48,347.59 Previous close : 48,878.54 Open Close 19,100 19,014.43 18,900 18,700 18,500 New Delhi BSE500 Intra-day, Jan 25 18,667.99 Previous close : 18,846.30 Open Close ■ Naku La is the same site where the troops had engaged in a fierce clash on May 9, 2020 exaggerating reports which are factually incorrect,” the Army said in a briefstatement. Continued on Page 2 QuickPicks Amazon moves HC against Future,seeks Biyani’s detention AMAZON ON Monday moved the Delhi High Court, alleging "deliberate and wilful breach and violation” of the SIAC Emergency arbitrator’s award by the Kishore Biyani-led Future group, reports Indu Bhan in New Delhi. The US e-commerce giant has also sought detention of Biyani. PAGE 4