MARKETS, P6 ECONOMY, P2 TUSSLE CONTINUES RBI cancels benchmark bond sale in clash with investors INTERNATIONAL, P8 REITs, InvITs PM-KISAN OPPOSITION FAILS Sebi extends the due date for regulatory compliances by one month Modi releases over `20,000 cr into bank a/cs of over 9.5 cr farmers KP Oli sworn in as Nepal PM again, retains previous Cabinet NEW DELHI, SATURDAY, MAY 15, 2021 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL. XLVII NO. 64, 14 PAGES, `10.00 (PATNA `10.00, RAIPUR `9.00) 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: 48,732.55 ▲ 41.75 NIFTY: 14,677.80 ▼ 18.70 NIKKEI 225: 28,084.47 ▲ 636.46 HANG SENG: 28,027.57 ▲ 308.90 `/$: 73.29 ▲ 0.13 `/€: 88.74 ▲ 0.01 BRENT: $68.12 ▲ $1.07 GOLD FUTURE: `47,699 ▲ `261 IN THE NEWS Gold bond issue price fixed at `4,777 per gram COVID-19 THE ISSUE PRICE for Sovereign Gold Bond Scheme 2021-22, which will open for subscription for five days from May 17, has been fixed at `4,777 per gram, the RBI said on Friday, reports PTI. The government has decided to issue the bonds in six tranches from May 2021 to September 2021. FE BUREAU Pune, May 14 ■ Serum's Covishield priced at `600/dose for private markets, `300/dose for states ■ Bharat Biotech's Covaxin priced at `1,200/dose for private markets, at `400/dose for states ■ Both Covishield and Covaxin priced at `150/dose for the Centre ATALE OF TWO CITIES A medic administers Covid vaccine dose to a beneficiary (left) in the presence of Jharkhand’s chief minister Hemant Soren at a vaccination centre in Ranchi; a vaccination centre remains closed due to shortage of vaccines at ESIS Hospital in Vashi, Navi Mumbai, on Friday Supply of 192 lakh doses to states/UTs from May 16-31 tive tool in the battle against Covid-19. Contributing to the vaccination drive in India was the company's biggest priority right now to help Indians be healthyand safe,Prasad said. DRLgottheEmergencyUse Authorisation for Sputnik V in India onApril 13,and received permission from the Drug Controller General of India (DCGI) to import the Sputnik vaccine into India. The supply of the Sputnik V vaccine will commence from DRL’s Indian manufacturing partners soon. Continued on Page 2 PRESS TRUST OF INDIA New Delhi, May 14 ATOTALOF 191.99 lakh doses of Covid vaccines — Covishield and Covaxin —will be supplied to states/UTs free of cost from May 16 to May 31, the Union health ministrysaid on Friday. The delivery schedule for the allocation will be shared in advance.States/UTs have been requestedtodirecttheofficials concerned to ensure rational and judicious utilisation of allocated doses and minimise vaccine wastage,it said. The 191.99 lakh doses include 162.5 lakh Covishield doses and 29.49 lakh Covaxin doses. “The basic objective behind informing the states and UTs in advance of the quantum of free vaccine doses to be made available from the government of India for 15 days is to ensure that they prepare effective plans for judicious and optimum utilisation of these free vaccine doses which are meant for the age group of 45 and above,and for healthcareandfrontlineworkers,”the ministrysaid. Continued on Page 2 Finmin asks states to vaccinate staff of banks, insurance cos on priority basis ANATIONALTRACKINGplatform will be established soon to determine the impact of thejabsandthebreakthrough infections that are likely to occuramongthosewithcomplete and partial immunisa- THE FINANCE MINISTRY on Friday asked states to accord priority to employees of banks and insurance companies for vaccination, saying theyareexposedtohighrisks, reportsPTI.Inalettertochief TAKING FLIGHT Go Airlines files papers for `3,600-crore IPO ■ Proceeds to be mainly used to repay dues of `2,015.81 cr ■ These dues are towards prepayment or scheduled repayment of all or a portion of certain outstanding borrowings ■ To also raise up to `1,500 cr through a pre-IPO placement IPO placement. Once the shares get listed, Go Airlines (India) will be the third operational scheduled carrierafterSpiceJetandIndiGo to trade on Indian bourses. Continued on Page 2 tion, reports PTI.The recommendation of the NTAGI to establish such a platform has beenacceptedbytheNational Expert Group on Vaccine Administration and the health ministry. ■ Page 2 Akshaya Tritiya FE BUREAU No glitter in gold sales Gold sales dropped considerably on the auspicious Akshaya Tritiya on Friday, thanks to Covid-induced lockdown and other curbs, and elevated prices. While major jewellers saw an up to 50% drop in physical sales, especially in Delhi and Mumbai, the smaller ones were hit harder. However, online purchases have gone up, albeit on a low base. Prices off peak but remain elevated 60,000 Gold price (MCX futures, `/10gm) (In tonnes) 55,000 50,000 46,527 45,000 Lockdown hits demand* 213.2 47,614 63.7 2019 2020 April-June *Akshaya Tritiya falls in the June quarter; this quarter, demand will rise 35,000 from a year ago but April 24, 2020 May 14, 2021 may not exceed 125-150 tonnes, say Note: Akshaya Tritiya fell on April 26 (Sunday) industry executives last year; Source: Bloomberg 40,000 QuickPicks Maiden day of trading: Modest run for PowerGrid InvIT stock ON ITS maiden day of trading, shares of PGlnvlT sponsored by state-run Power Grid, closed at only 2.98% above the issue price of `100 on the BSE, reports fe Bureau in New Delhi. It reached the highest point of 4.97% premium in the day, while the lowest was 2.84%. The closing price of `102.98 was in fact 0.98% lower than the opening price of `104 per share. PAGE 9 Suspension of IPL may impact Disney’s subscriber growth DISNEY EXPECTS the pace of addition to the total subscriber base of its direct-to-consumer business to decelerate in the second half of FY21, partly due to the abrupt suspension of the Indian Premier League (IPL) in India, reports fe Bureau in New Delhi. Disney+ contributes significantly to the firm’s direct-to-consumer segment. PAGE 4 secretaries of states and UTs, it said states should consider aspecialdispensationforvaccination of staff of banks, insurance companies, businesscorrespondentsandothers on priority. IN SYNC UK anxious as variant first found in India spreading rapidly UK,WHO for long gaps between Covishield doses SARTHAK RAY New Delhi, May 14 THE CASE NUMBERS related to the B1.617.2 variantofCovid,firstidentified in India, have more than doubled within a weekintheUK,resultingin further surge testing and enhanced vaccine measures to be deployed in parts of the countrywhere the strain is beginning to spread “increasingly rapidly”,reports PTI. Public Health England said on Thursday that its latest analysis shows the number of cases of the highly transmissible variantfirstdetectedinMaharashtrahasrisenfrom520 last week to 1,313 cases thisweek.Mostcasesarein the northwest of England, with some in London,and additional measures are being put in place to “rapidly break chains of transmission”. INDIA'S DECISIONTOincrease the gap between the first and the second dose of the Covishield vaccine to 12-16 weeks from the existing 6-8 weeks maynot be out of syncwith the recommendations of the UK andWHO.TheUKandtheWHO recommendgapsof4-12weeks and 8-12 weeks, respectively, between the two doses. Indeed, on April 30,Spain revised its national directive on the vaccine, saying those under 60 years of age who had received the first dose should get their second one only 1216 weeks after. Experts of the Oxford Vaccine Group, analysing the results from four trials in the UK, Brazil and South Africa involving17,178participiants, had noted in an article published in The Lancet that Oxford-AstraZeneca vaccine’s Q4 EARNINGS GoI GoUK (on May 11) European Medicines Agency (onApr 28) Spain (onApr 30) The Lancet (Hung & Poland, Mar 6) WHO 12-16 4-12* 4-12 12-16# 12 8-12 *UK's JVIC recommends a minimum of 8 weeks; 28-day gap for cases if rapid protection required (cases scheduled for immunosuppressive treatment) # Recommended for under-60 years who have received the first dose efficacy was 55.1% when the twodosesareadministeredless thansixweeksapartand81.3% when given 12weeks apart. Continued on Page 2 Exports surge to record 196% y-o-y in April FE BUREAU Mumbai, May 14 FE BUREAU New Delhi, May 14 ENGINEERING AND INFRASTRUCTUREmajor,Larsenand Toubro’s (L&T) on Friday beat analyst estimates to report a year-on-year increase of 3% in the net profit to `3,293 crore duringtheJanuary-Marchquarter, even as fresh orders remained under pressure. Bloombergconsensusestimates were at nearly`3,043 crore. Thecompany’sconsolidated revenue was up 9% y-o-y at `48,088 crore, in line with the estimates, while the Ebitda (earnings before interest, tax, depreciation and amortisation) surged a good 25% y-o-y to `6,390 crore, much ahead of Report card (` crore) Revenue from operations Q4FY20 Q4FY21 Ebitda 9 % change Ebitda margin (%) Order inflow Order book terwerereceivedinvarioussegments like factories, hydel and tunnel,metros,special bridges, nuclear power,rural water,renewableenergy,hydrocarbonoffshore,and minerals and metal. MERCHANDISE EXPORTS SURGED a record 196% yearon-year in April, driven mainly by a favourable base, as the countryhadwitnessed a Covidinduced lockdown throughout April last year. However, what comes as a pleasant surprise is that even in absolute term, exports in April stood at $30.6 billion,upalmost18%fromthe samemonthin2019(beforethe pandemic struck). Commerce secretaryAnupWadhawan said the current wave is unlikely to altertheexporttrajectoryinthe coming months. Continued on Page 2 Detailed report on Page 2 Net profit (` crore) 50,651 (` lakh cr) 3.03 3.27 13.3 25 11.6 170 bps analyst expectations of `5,516 crore. Consequently, operating margins were up 170 basis pointsy-o-yto 13.3%. Theorderinflowat`50,651 crore was lower by 12% y-o-y duetodefermentofawards.Significantordersduringthequar- 3 57,785 12.3 8 ● BEIJING DIARY Musk’s greener bitcoin, a plan or pipedream? ELON MUSK SAYS Tesla won’t use or accept bitcoin until he can be sure it’s produced sustainably. He may be waiting some time. Musk announced his new position in a major UturnonWednesday,prompting speculation among some expertsaboutwhetherhehada plan to wean the crypto industryoffthefossilfuelsthatpower “mining”,the energy-intensive Weeks L&T net rises 3% to `3,293 cr; fresh orders stay under pressure CRYPTO DREAM TOM WILSON & ANNA IRRERA May 14 Interval recommended between first and second dose of OxfordAstraZeneca / Covishield ● TURNAROUND TIME « GO AIRLINES, WHICH has rebrandeditselfas‘GoFirst’,has filed preliminary papers for an initial share sale worth `3,600 crore and the proceeds will be mainlyusedtorepayduesamid the aviation industry facing strong headwinds due to the coronavirus pandemic. After taking to the skies 15 years ago, the Wadia grouppromoted budget carrier – which has ambitious expansion plans – is looking to mop up the amount through issuanceoffreshequityshares. It also has plans to raise up to `1,500 crore by way of a pre- doses in the Aug-Dec period National tracking platform to determine impact ofvaccines to be established soon World’s carmakers are expected to lose 3.9 million vehicles of production to the chip shortage this year ■ Motobahn, P7 PRESS TRUST OF INDIA New Delhi, May 14 15.6 crore 3,293 Chip-shortage cost estimate is $110 billion ■ Expected to make 3,197 Special Feature start local production of thevaccine in July 2021 6,390 MOODY’S INVESTORS SERVICE on Friday changed the outlook on Tata Motors to stable from negative, reports fe Bureau in Mumbai. At the same time, it affirmed TML’s B1 corporate family rating and B1 senior unsecured ratings. a lower price point when local supply begins 5,121 Moody’s ups Tata Motors’ outlook to stable ■ Possibility of ■ DRLis slated 48,088 THE SOUTHWEST MONSOON is likely to arrive over Kerala on May 31, a day earlier than its normal onset date, the India Meteorological Department said on Friday, reports PTI. The normal onset date of the monsoon over Kerala is June 1. INDIAN PHARMA MAJOR Dr Reddy’s Laboratories (DRL), which has in-licensed Russia's Covid-19 vaccine, launched SputnikVinthedomesticmarketonFriday,byadministering the first dose to a person in Hyderabad. The imported doses of the vaccine are currentlypricedat`995.40(`948 + 5% GST) per dose, with the possibility of a lower price point when local supply begins, the company said. SputnikVis the third Covid-19 vaccine tobeavailable in India. DRLisslatedstartlocalproduction of the vaccine in July 2021 and is expected to make 15.6 crore doses in theAugustDecember period. Of the other vaccines available in India, Covishield from Serum Institute of India is priced at `600/dose forthe privatemarketsandat`300forthe state governments,and Bharat Biotech’s Covaxin is priced at `1,200/dose for the private markets and at `400/dose for the state governments. Both Serum (Covishield) and Bharat Biotech (Covaxin) have been supplying their vaccines to the Centre for`150/dose. The first consignment of imported doses of the Sputnik V vaccine landed in India on May 1 and received regulatory clearance from the Central Drugs Laboratory, Kasauli, on May 12.Further consignments of imported doses are expected over the coming months. GV Prasad,co-chairman and managing director,DrReddy's,said, with the rising cases in India, vaccinationwasthemosteffec- BOOSTER DOSE 44,245 IMD: Monsoon to make early arrival over Kerala Third vaccine Sputnik launched at `995 TWEETING UPA STORM ■ Bitcoin heading for worst week since Feb, dogecoin leapt by a quarter after Musk tweets ■ Cryptocurrency markets have gyrated to Musk tweets for months ■ Dogecoin has climbed about 25% after Musk's latest tweet ■ His comments on dogecoin fuelled a hundred-fold rally this year process that creates coins. Tesla could itself take an active role in helping make bitcoingreenerbyinvestinginnew projects aimed at boosting the useofrenewableenergyinmining, according to more than a dozen cryptocurrency special- ists interviewed by Reuters. “Musk and Tesla certainly have the resources to support existing efforts to fullymove bitcoin torenewableenergy,”saidDiana Biggs, CEO of crypto start-up Valour.But suchventures could takeyears to get off the ground. Anotherpotentialrouteisfor Tesla to shift from bitcoin to more eco-friendly digital currenciesthatdon’trelyonmegacomputers spawning new tokens,accordingtotheexperts. Continued on Page 2 Ant leapfrogs banks to top China’s fund sale rankings ANDREW GALBRAITH & SAMUEL SHEN Shanghai, May 14 ALIBABAAFFILIATEANTGroup became China’s largest seller of non-money-market mutual funds in Q1,industry data showed,disruptingamarketdominatedbybanksdespitearegulatorycrackdown.AntandAlibaba are being targeted by Beijing’s anti-monopolycampaign.RegulatorshaveurgedAnttoreduce the size of Yu’ebao, China’s biggest money market fund New Delhi Ant tops non-moneymarket mutual funds sales at 890.1 billion yuan in the first quarter ■ China Merchants Bank took the second spot at 707.9 billion yuan ■ Country's biggest lender Industrial and Commercial Bank ofChina at the third spot managed by Ant-controlled mutualfund houseTianhong. Continued on Page 2
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