OPINION, P6 NATION, P3 ECONOMY, P2 EDITORIAL SUPPORTING GROWTH CHARGED UP Will try to keep interest rates benign for as long as possible: SBI chief Ola to take e-scooter to international markets this fiscal Centre must contract enough vaccine supply, top up allocation for this Sedition law — SC is examining its constitutionality — must go; limiting its scope hasn't really worked NEW DELHI, MONDAY, MAY 3, 2021 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL. XLVII NO. 53, 16 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 ASSEMBLY ELECTIONS 2021 TMC triumphs,LDF creates history,DMK in power ● A resounding victory for Mamata Banerjee, BJP makes gains in WB ● BJP retains power in Assam, Congress routed in state ● Stalin set to be CM as DMK defeats arch-rival AIADMK in Tamil Nadu DMK workers rejoice outside the party headquarters in Chennai; party chief MK Stalin PRESS TRUST OF INDIA New Delhi, May 2 RULING PARTIES WERE poised to return to power in three states with Mamata Banerjee’sTrinamoolCongress (TMC) striding way ahead of the BJP in West Bengal, while the BJPcomfortably leading in Assam, and the LDF in Kerala, Election Commission trends indicated on Sunday. However, Tamil Nadu and Puducherry voted against the incumbents — AIADMK prepared to cede space to the opposition DMK-led alliance in the former, and the AINRC-led NDA headed toward power in the latter. VOX POPULI ■ WEST BENGAL Total seats: 292 Political parties/ alliances TMC BJP+ Left+ Others LDF activists celebrate on counting day in Thiruvananthapuram; Kerala CM Pinarayi Vijayan EXPRESS PHOTO: PARTHA PAUL (Top) West Bengal chief minister Mamata Banerjee with nephew Abhishek’s daughter, in Kalighat on Sunday; Assam CM Sarbananda Sonowal greets mediapersons ■ eFE, P8 Cloud-first for healthcare Healthcare industry has leveraged data analytics, cloud & AI throughout the pandemic, says Oracle’s Garrett Ilg ■ PERSONAL FINANCE, P9 Cashless Covid claims within 1 hr Irdai has ordered health insurance companies to settle cashless claims of Covid-19 patients within an hour of receipt ■ INFRASTRUCTURE, P11 Bucking sectoral trend in FY21 Infra NBFCs continued to see balance-sheet improvement in fiscal, with credit clocking 11% sequential growth in 9MFY21 QuickPicks Govt appoints T Rabi Sankar as fourth RBI deputy governor THE GOVERNMENT has appointed RBI executive director T Rabi Sankar as the fourth deputy governor of the central bank, reports PTI. He fills the vacancy created by the retirement of BP Kanungo on April 2. The Appointments Committee of the Cabinet has cleared his appointment for a 3-year tenure or till he superannuates. PAGE 2 Exports jump threefold in April; trade deficit widens INDIA'S EXPORTS in April jumped nearly threefold to $30.21 billion on account of healthy growth in key sectors, including engineering, gems and jewellery, and petroleum products, even as trade deficit widened to $15.24 billion, according to the commerce ministry's preliminary data released on Sunday. PAGE 13 whether it was organisational issues,lack of face,insider-outsider debate,” he said, adding that he was shocked to see BJP MPs Babul Supriyo and Locket Chatterjee trailing. Assam The BJP seemed to have a reason to smile in Assam where the ruling NDA was ahead of the Congress-led Grand Alliance with leads in 75 of the 126 seats. BJP candidates were leading in 56 seats, while its ally AGP had the edge in 11 and the UPPL in eight. The Grand Alliance was ahead in 46 seats and its spearhead Congress in 29 of that. Elated over the initial trends, Assam chief minister Sarbananda Sonowal said the people had blessed them. “We can say for sure that the BJPwill form government in Assam.We are coming back to power with our partners AGP and UPPL,” Sonowal told reporters. Kerala In Kerala,Left-led alliance LDF was poised to retain power — the first time in four decades that the same grouping could form government for the second consecutive time.The two main constituents of the LDF, the CPI(M) and the CPI, were together leading in over 90 seats,much over the magic number for power in the 140-memberAssembly. “I thank the people of Kerala for reposing faith in an unprecedented mannerin the way that the previous LDF government tackled all the challenges that the people have faced and also the pandemic scourge. The government gave a Kerala model to the world on how to handle the pandemic,”CPI(M) general secretary Sitaram Yechury said. Tamil Nadu WITH THE IT SERVICES pack turning in a good set of numbers and a rebound by consumer-oriented companies after the lockdowns of 2020, India Inc has put up a good show in the March quarter. While there’s no doubt topline growth has come back strongly, corporate India’s bottom line continues to be driven as much by cost cuts as it has been in the past three quarters. While the management commentary from IT software servicesplayershassoundedconfident and the guidanceforFY22 has been encouraging, players catering for the home market, especially the consumer-facing firms,have been circumspect. Total expenditure 16.4 (% chg y-o-y) (% chg y-o-y) -8.5 -3.2 -30.1 Q1 -30 PBT Q1 14 Q1 -12.1 10.9 -7.4 Q2 Q3 FY21 Tax 21 Q4 47.8 52.9 (% chg y-o-y) (% chg y-o-y) -33.5 Q4 Q2 Q3 FY21 -32.6 -3.1 -2.2 Q2 Q3 FY21 Q4 Q1 Q2 Q3 FY21 OPM (bps, chg y-o-y) Q1 Q4 RM to Sales % (bps, chg y-o-y) Q1 Sample of 139 companies (excluding banks & financials) Sanjiv Mehta, MD & CEO, Hindustan Unilever, for instance,said it would be hard to say how the business would fare in the current quarter Q2 Q3 FY21 Q4 78 -467 -562 Q2 Q3 FY21 Q4 Source: Capitaline given the several localised restrictions due to the ferocious second wave. Continued on Page 2 Sporting ng ry Industry in India IPL viewership trend Viewing minutes (bn) per week Cume Reach (mn) per week 2019 Matches: 17 6.07 2020 8.34 Matches: 14 2021 6.62 Matches: 17 101 116 105 Source: BARC India matches of IPL 2021 have registered 6.62 billion viewing minutespermatch.Incomparison, the first 14 matches last Political parties/ alliances Source: ECI Second wave hits IPL viewership IPL 2021, WHICH began on April 9, has seen four players withdrawfromthetournament and two umpires return home. Theannualmediaspectaclehas founditselfinthemiddleofthe second wave of the Covid-19 pandemic in India. The uncertain circumstances underwhich the league is being held is likely to be impacting its viewership, and advertisers are getting jittery overtheirinvestmentsbehindit, sayindustryinsiders.According to Barc India, the first 17 99 41 0 0 85 42 1 6 In 2020 media spending on sporting events declined by 30% year on year to `3,657 cr Cricket sponsorships declined from `1,290 cr in 2019 to `1,069 cr in 2020 Source: ESP Properties year garnered 8.34 billion viewing minutes per match. Continued on Page 2 New Delhi Majority: 64 2021 2016 75 50 1 74 51 1 ■ PUDUCHERRY Continued on Page 2 TOUGH MATCH VENKATA SUSMITA BISWAS Mumbai, May 2 2016 Total seats: 30 Congress+ BJP+ Others Revenues robust, margins strong, costs lower Net sales BJP+ Congress+ Others Tamil Nadu managed to break the trend of ruling parties returningtopower,accordingto the trends.The DMKwas ahead inover121seats,afeatherinits president MKStalin’s cap. EARNINGS SEASON FE BUREAU New Delhi, May 2 Majority: 71 2021 ■ ASSAM Political parties/ alliances 2016 77 135 157 98 0 1 Total seats: 126 397.3 Apurva Purohit, president, Jagran Prakashan, on how businesses can shield themselves during a crisis LDF UDF BJP+ Others 356 Pandemic playbook for brands Political parties/ alliances 326.1 ■ BRANDWAGON, P10 2021 ■ KERALA -12.8 FE SPECIALS Suvendu Adhikari in Nandigram by about 8,700 votes. Coming out briefly to address her followers in the evening, she was businesslike and firm,“Covid is our first priority”. In terms of vote share, the TMC had 48.3% of the votes against the BJP’s 38.7%. BJP national general secretary Kailash Vijayvargiya declared victory for his rival. “The TMC won because of MamataBanerjee.Itseemspeople have chosen Didi. We will introspect what went wrong, Majority: 118 Total seats: 140 -1,520 evenafactorintheeight-phase election, marked by images of Banerjee in awheelchairwith a brokenlegaftershewasinjured during campaigning. ThoughtheTMC seemed to have successfully ridden the BJP challenge, it could well be a bittersweet moment for Banerjee herself with her own elections in Nandigram down to the wire. While some channels declared her victory, the Election Commission website showed she was trailing behind her one-time loyalist and now BJP candidate AIADMK+ DMK+ Others 2016 215 211 75 3 1 73 1 1 ■ TAMIL NADU Political parties/ alliances Majority: 147 2021 Total seats: 234 West Bengal The cynosure of the elections, held over March and April as the second wave of the Covid-19 pandemic picked up pace to finally ravage large parts of the country, was the high-stakes, acrimonious Trinamool Congress-BJP contest in West Bengal that had dominated headlines,drawing room conversations and political discourse. In a victory that had Mamata Banerjee imprinted all over it, the TMC was ahead in 202 of the 292 seats, way over the victory mark of 147, leaving the BJPtrailing behind in 81 seats. It was a long way from the three seats in the last elections for the BJP, which fielded its top leaders, including Prime Minister Narendra Modi and Union home minister Amit Shah, but power was still elusive if the trends translated into results. TheLeftparties,whichonce called the state their bastion, and the Congress, were decimatedinthestateandwerenot ● Second term for Kerala CM Pinarayi Vijayan as LDF bucks the trend Majority: 16 2021 2016 9 15 5 17 8 1 *Seats won/leading at the time of going to press
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