OPINION, P6 ECONOMY, P3 EDITORIAL GVA better indicator of growth in Oct-Dec 2020 than GDP SHOT IN THE ARM CORRUPTION CASE Govt must free up vaccination process; price caps on pvt sector leave little incentive for firms P BHANDARI & A CHAUDHARY INTERNATIONAL, P8 PM takes first dose of Covid-19 vaccine at AIIMS French ex-president Sarkozy convicted, sentenced to jail AHMEDABAD, TUESDAY, MARCH 2, 2021 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOLUME XV-229, 14 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: 49,849.84 ▲ 749.85 NIFTY: 14,761.55 ▲ 232.40 NIKKEI 225: 29,663.50 ▲ 697.49 HANG SENG: 29,452.57 ▲ 472.36 `/$: 73.55 ▼ 0.08 `/€: 88.56 ▲ 0.54 BRENT: $65.10 ▲ $0.68 GOLD: `45,826 ▼ `599 in 7 bands on offer TELECOM OPERATORS PUT in bids worth `77,146 crore at the spectrum auctions that started on Monday, communications and IT minister Ravi ShankarPrasadsaid.Prasadsaid the auctions are expected to be completed by Tuesday afternoon and given the pandemic and the financial health of the telecomsector,theresponsehas beengood.Agovernmentstatement said the pre-bid estimate was `45,000 crore which has ■ Around 75% spectrum expected to remain unsold been exceeded on Day1. As expected, none of the operators bid forthe premium 4G band, 700 Mhz, where the reserve price is very high or for the 2500 Mhz band. FINANCE MINISTER Nirmala Sitharaman on Mondayaskedcivilaccountsofficerstohavea clearroadmap forseamless digital payments, saying there are lessons to be learnt from the “technology-driven glitch” that happened at NationalStockExchange,reportsPTI.Addressing the 45th Civil Accounts Day, she said to keep government accounts transparent, the CGA will have to adapt and keep pace with FE BUREAU New Delhi, March 1 38,002 58,473 Toyota 10,352 Kirloskar 14,075 12 Ashok 10,612 Leyland 12,776 54 Bajaj Auto 36 Hero MotoCorp 15 days compared with the normal 30-35 days,indicating retail sales are fairly brisk. The longwaiting period for some vehicles is due to the 1,68,747 1,64,811 GST collection trend Aug Sept Oct ago levels and for the last five months, the revenues have been above the `1-lakh-crore mark. The collections had Nov Dec Jan 1,13,143 1,05,361 1,19,875 1,10,818 1,15,174 FY20-21 1,03,184 1,04,963 1,03,491 95,379 FY19-20 1,05,155 95,480 91,916 98,202 86,449 (` crore) Feb touched the peak of `1,19,875 crore in January (December transactions). Continued on Page 2 BoB document shows stress may be higher than foreseen 25 BoB's SMA 20 numbers 21.57 (in %) 15 10 5 0 5.52 8.01 1.41 SMA 2 Total SMA As of March 31, 2020 Source: Bank As of Dec 31, 2020 restructuring scheme may have been unable to address stress in the retail and micro, small and medium enterprises (MSME) segments, and there may be pain ahead. Bank of Baroda MD and CEO SanjivChadha said in January,“In terms of the known unknowns, things which have not fully played out yet that is where the MSME and retail are...Particularly, retail is the kind of book which was not being stress-tested.” shortage of some key components like semi-conductors which has hit production. Continued on Page 2 Continued on Page 2 Continued on Page 2 SBI home loans now at 6.7% FE BUREAU Mumbai, March 1 STATE BANK OF India (SBI) on Monday lowered home loan rates by 10 basis points to 6.7%, a concession that would be available till March 31. The interest concession would be based on the loan amount and CIBIL score of the borrower,the lender said, adding the idea is to reward customerswith a good repayment history.The lender will also waive processing fees. SBI has a share of 34% in the home loan market and a portfolio of over `5 lakh crore which it hopes to double in the next five years. Continued on Page 2 SBI 6.7 6.65 ICICI Bank 6.8 HDFC 6.8 Axis Bank LIC Housing Finance 6.9 6.9 Minimum home loan rate (%) Source: Banks/NBFC websites QuickPicks Cheque bounce: No Independent criminal proceedings directors: Sebi mulls stricter rules against corp debtor IDBI Bank to set off `45,586-crore accumulated losses SEBI PROPOSED on Monday tighter eligibility and appointment rules for independent directors of listed companies, a move seen aimed at protecting minority investors, reports Reuters. The Securities and Exchange Board of India (Sebi) proposed that if listed companies in India wish to appoint or remove independent directors they should require the "dual approval" of shareholders and a majority of the company's minority investors. PAGE 10 LIC-CONTROLLED IDBI Bank will set off its accumulated losses worth `45,586 crore against the balance in the securities premium account, according to the bank's draft scheme, reports PTI. Its accumulated losses (or debit balance of profit or loss account) at the end of March 31, 2020, stood at `45,586 crore; they were at `44,739 crore as on December 31, 2020. The bank's authorised share capital is `25,000 crore. The issued, subscribed and paid-up share capital is worth `10,752.40 crore. PAGE 10 THE SUPREME Court on Monday held that criminal proceedings cannot be initiated against a corporate debtor under the cheque bounce law if the NCLT has already passed an order of moratorium under the Insolvency and Bankruptcy Code, reports fe Bureau in New Delhi. However, it said such proceedings can continue against erstwhile directors/ persons in charge of and responsible for the conduct of the business of the corporate debtor. PAGE 5 2 4,80,196 4,84,433 0.88 Going bythe trend on Day1 thetotalbids,onconclusion,are likely to be in the range of `85,000-90,000 crore. KMB 20 « 30,637 26,950 29 ● SPECIAL OFFER HIGH ALERT A PLACEMENT DOCUMENT of Bank of Baroda (BoB),for an equity fundraise, shows the lender’s special mention accounts (SMA) ratio surged to 21.57% as on December 31, 2020, from 8% on March 31, 2020. This would suggest that lenders’ collection efficiencies do not adequately reflect the level of stress in the system. To be fair,the BoB management has signalled that the 700 MHz and 2500 MHz band Tata Motors 40,010 51,600 changing technology.“Seamlessness of payments is more important...I will bring it here as an example to say even where complete foolproof systems are laid,you find in NSE a couple of days ago when there was a glitch, a kind of technology-driven glitch, which nobodycouldhaveanticipated,butthatglitch has caused us immensely and lessons are being learnt. ■ Report on Page 12 GST mop-up at `1.13L cr in Feb SHRITAMA BOSE Mumbai, March 1 ■ No bidding for M&M (units) Feb ‘20 Feb ‘21 % chg y-o-y NSE glitch can be a lesson, strive for seamless payments: FM ROBUST COLLECTIONS GROSS GOODSAND services tax (GST) collections came in at `1,13,143 crore in February, 7% higher than in the year-ago month, official data showed on Monday,indicating that a recent surge in transactions in the economy was sustained through January. From a monthly low of just over `32,000 crore in April 2020, the collections had gradually picked up; since September 2020, the mop-up has been higherthan theyear- BhartiAirtel: Total - 57.60 MHz (51.40 MHz in 1800 MHz band and 6.20 MHz in 900 MHz band) Hyundai Motor 1,34,150 9.9 1,47,483 « FE BUREAU New Delhi, March 1 Vodafone Idea: Total - 57.25 MHz (51.05 MHz in 1800 MHz band and 6.20 MHz in 900 MHz band) WHOLESALE DESPATCHES OF passenger vehicles (PVs) were up 20-23% year-on-year in February, the seventh straight month of a rise as dealersstocked up to replenish depleted inventories. A low base effect also helped boost despatches. While despatches of commercialvehicles(CVs)werealsoreasonably good, the trend for two-wheelers was mixed. Dealer inventory for passenger vehicles is around 10- Maruti Suzuki « lakh cr FE BUREAU Mumbai, March 1 « RAILWAY FREIGHT operations have continued to maintain momentum, with 112.25 MT of loading in February, up 10% from the year-ago month, reports fe Bureau in New Delhi. Freight earnings in February this year were `11,096.89 crore. 3.92 RelianceJio: Total - 81.25 MHz in 800 Mhz band February car sales in top gear, CVs also in the fast lane « Railways freight loading up 10% y-o-y in Feb SPECTRUM EXPIRING IN 2021: AMID BORDER tensions between India and China, a Chinese government-linked group of hackers targeted India’s power grid system through malware, a US companyhassaidinitslateststudy, raising suspicion whether last year’s huge power outage in Mumbai was a result of that, reports PTI. Recorded Future, a Massachusetts-based firm which studies the use of the internet by state actors, in its report details the campaign conducted by China-linked threat activity group RedEcho targeting the Indian power sector. ■ Report on Page 2 WHOLESALES « LPG PRICE was on Monday hiked by `25 per cylinder across all categories, including subsidised fuel and those availed by Ujjwala scheme beneficiaries — the fourth rise in a month, reports PTI. Jet fuel prices were also hiked by a steep 6.5%. Around 75% of airwaves expected to remain unsold Spectrum worth China hackers targeted India's power grid « LPG price hiked again by `25; ATF price up 6.5% Govt gets bids worth `77,000 cr on Day 1 ● REPORT « AHEAD OF privatisation of Bharat Petroleum (BPCL), the board of the fuel-retailercum-refiner on Monday approved the sale of the company’s 61.65% stake in Numaligarh Refinery (NRL) which will help the Centre garner about `5,232 crore as special dividend, reports fe Bureau in New Delhi. SPECTRUM AUCTION « IN THE NEWS BPCL's NRL stake sale to fetch govt over `5,000 crore Ahmedabad
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