OPINION, P6 T NANDA KUMAR ECONOMY, P2 Finance panel right on farm reforms,but grant may not be enough INTERNATIONAL, P8 EDITORIAL INSOLVENCY RESOLUTION FULLY CHARGED UP Uttarakhand tragedy shows a climate-change, ecological-risk focus for development a must Bad bank to deepen IBC use, says IBBI chief Sahoo Tesla invests $1.5 bn in bitcoin, to soon accept car payments NEW DELHI, TUESDAY, FEBRUARY 9, 2021 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL. XLVI NO. 295, 28 PAGES, `6.00 (PATNA `6.00, RAIPUR `7.00) P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E SENSEX: 51,348.77 ▲ 617.14 NIFTY: 15,115.80 ▲ 191.55 NIKKEI 225: 29,388.50 ▲ 609.31 HANG SENG: 29,319.47 ▲ 30.79 `/$: 72.97 ▼ 0.04 `/€: 87.77 ▼ 0.42 BRENT: $60.00 ▲ $0.66 GOLD: `47,457 ▲ `409 IN THE NEWS Govt closely monitoring fiscal deficit: FM FINANCE MINISTER Nirmala Sitharaman on Monday said the government is closely monitoring its fiscal deficit, which is estimated to spike to as high as 9.5% of gross domestic product in FY21, thanks to the Covid-19 outbreak, reports fe Bureau in New Delhi. It needs to be “carefully tackled”, she said. Moody's upgrades power sector outlook to ‘stable’ MOODY'S INVESTORS Service has upgraded the outlook for the power sector from 'negative' to 'stable' as the country recorded the fifth consecutive month of power generation growth (on a y-o-y basis) in January, after six months of decline, reports fe Bureau in New Delhi. CGPL merger with Tata Power by Feb end COASTAL GUJARAT Power (CGPL), a Tata Power arm, turned cash positive in the December quarter. Going ahead, its merger with Tata Power, expected by February end, will provide a `10,000-cr tax break to the parent over several years, reports Vikas Srivastava in Mumbai. MODI-SPEAK Can’t delay farm reforms anymore PM speaks of how there are no MSPs for dairy or fruits & vegetables that are growing much faster than cereals FE BUREAU New Delhi, February 8 SLAMMING THE OPPOSITION for its ‘sudden U-turn’ on agriculture-sector reforms they had once advocated,Prime Minister Narendra Modi on Monday made an impassioned plea to the agitatingfarmerstogivethenewlaws‘achance’. Healsostoutlydeniedthatthelawswould endtheminimumsupportprice(MSP)or the mandi system of crop procurement. “MSPwas there (in the past).MSPis there (now).MSPwill remain in the future,” he said,replying to a discussion in the Rajya SabhaonamotionthankingthePresident for his address to the joint sitting of ParliamentatthestartoftheBudgetsession. In numbers Crop insurance claims settled since 2016: Share of dairy segment in GVA in agriculture and allied sectors: 28% or ~`8 lakh cr (FY20) Kisan credit cards distributed in the last six years: ■ No support prices `90,000 cr 1.75 cr Income support to over 10 farmers under PM-Kisan scheme so far: for milk & milk products, while its GVA is more than the combined GVA of cereals and pulses and grows at a much faster rate BLOW TO AMAZON HC allows Future to go ahead with RIL deal INDU BHAN New Delhi, February 8 THE DELHI HIGH COURT’S division bench on Monday stayed the single judge’s order passed on February 2, which had directed Future Group to maintainstatusquotillfurtherorders with regard to its `24,713-crore deal with Reliance Retail wherein it has sold certain retail assets to the latter. The division bench also rejected therequestofthecounseloftheparty opposingthedeal,Amazon,tokeepthe orderin abeyance foraweek so that it couldexplore alternative remedies. The order comes as a big relief for ■ So far, CCI and Sebi have given their nod to Future’s `24,713-crore deal with Reliance Retail ■ The deal now requires approval of the NCLT Futureasitcannowgoaheadwiththe formalities related to completing the transaction as the concerned regulatoryauthoritiescangoaheadandgive theirnod to the deal. Continued on Page 2 QuickPicks HCLTech declares one-time bonus worth over `700 crore for staff HCLTECHNOLOGIES on Monday announced a special one-time bonus worth over `700 crore for its employees, as the IT giant marked the $10-billion (about `72,800 crore) revenue milestone, reports PTI. The special bonus will be paid to employees in February 2021, amounting to nearly $90 million plus payroll taxes in some countries. PAGE 4 Franklin: SBI Funds seeks SC nod for distribution of `9,122 cr to investors SBI FUNDS Management, an asset management company of the SBI MF, on Monday moved the Supreme Court seeking permission to submit the mechanism for distribution of the amount of `9,122 crore to the unitholders of the six mutual fund schemes of Franklin Templeton Trusts Services, reports Indu Bhan in New Delhi. PAGE 10 `1.15 lakh cr Urging the farmer unions to end their two-and-a-half-month-long agitation, the PM said “we will find a solution together...all the doors are open for dialogue.” Continued on Page 2 Auction soon for coal blocks with 9% of India’s reserves WHILE THE first round of auction under the new commercial coal mining policy in November 2020 elicited onlyamodestresponse,theCentre has repackaged the blocks on offer under the second round by minimising the risks to potential investors,reports fe Bureau in New Delhi.The coal ministryisplanningtooffer64newmines, withreservesof30,505milliontonnes (MT)ofthefuel,inthesecondtranche. The mines to be tentatively offered comprise about 9% of the country’s totalcoal reserves. ■ Report on P2 Now we don't visit branches for our export & import banking. Right from remittance to regulatory compliance, we do everything online. Kedar Vidwans Director, Flagship Biotech Int. Pvt. Ltd. P
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