OPINION, P2 MIND & GAMES FE LINES ‘If Mumbai has 6-7% positivity rate, why should we suffer a national lockdown? Decision should be left to states’ Page 10 Loss of smell is a symptom of Covid, but smell training can help one regain their olfactory sense Page 6 Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM SPOTLIGHT Not the age of reason IQBAL SINGH CHAHAL ACROSS THE AISLE , P CHIDAMBARAM VOL. XX NO. 28 Smell therapy A POETIC MOMENT FINANCIAL EXPRESS ON SUNDAY 1963 - 2021 With deep sadness we inform you of the passing away of our managing editor, Sunil Jain, on May 15. He had been battling Covid-19 for the past few weeks. He was 58. He had been hospitalised at AIIMS, and suffered two cardiac arrests on Saturday. He had been with Financial Express since August 2010. Our prayers are with his family. WHAT'S INSIDE ■ LEISURE, P7 Playing a different tune The ukelele, a guitar-like Hawaiian instrument, is flying off the shelves since the pandemic hit. Fans say it’s an easy-to-learn hobby and an instant pick-me-up ■ WORDS WORTH, P4 Ladder of progress Establishing ‘how’ to solve problems is as important as ‘what’ requires to be achieved QuickPicks Serum doing best to ramp up vaccine output: Poonawalla SERUM INSTITUTE of India (SII) is doing its best to ramp up the production of Covid-19 vaccine Covishield to cater todemand in the country, Adar Poonawalla said on Saturday, reports PTI. Responding to a tweet by JSW Group chairman Sajjan Jindal, Poonawalla said the vaccine major is doing itsbest to introduce vaccines on priority for the Indian market. "Yes@sajjanjindal, we at @SerumInstIndia are doing our best toramp up production & launch new vaccines on priority for India. We aregrateful for @TheJSWGroup efforts in trying to fulfill India'smedical oxygen needs as we stand together in this fight against this pandemic,"Poonawalla said in a tweet. Jet Airways’ annual general meeting to be held on June 8 THE ANNUAL general meeting of Jet Airways, which suspended operations more than two years ago, will be held on June 8, according to a regulatory filing, reports PTI. The affairs of the full service carrier, which is currently undergoing an insolvency resolution process, is being managed by resolution professional Ashish Chhawchharia. The meeting will consider and adopt the company's audited standalone financial statements for the financial year ended March 31, 2020 together with the reports of auditors. Besides, the appointment of statutory auditors will be discussed. IT BUSINESS Zensar to acquire M3bi of US in $30.6-m deal ZENSAR ON SATURDAY said it will acquire US-based M3bi in a $30.6 million deal, a move that will help the Indian IT firmaugmentitsthrustindata engineering, analytics, artificial intelligence/machine learning and advanced engineering services. Zensar Technologies will acquire the entire sharecapital of M3bi (M3bi India),and Zensar Technologies will acquire the entire share capital of M3bi LLC, a statement said. This acquisition will be com- ■ The transaction entails an aggregate upfront payment of $21.60 m and performance-based deferred payments over 36 months not exceeding $9 m pletely funded by internal accruals,it added. Zensar, in a regulatory filing,saidthetransactionentails an “aggregate upfront payment of $21.60 million and performance-based deferred payments over 36 months not exceeding $9 million”. —PTI 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 , $1.2-BN TAX RECOVERY EUAN ROCHA & JONATHAN STEMPEL Mumbai/New York, May 15 CAIRN ENERGY HAS sued India’sflagshipcarrierAirIndia to enforce a $1.2 billion arbitration award that it won in a tax dispute against India, accordingtoaUSDistrictCourt filing reviewed byReuters. The move ratchets up pressure on India’s government to paythesumof$1.2billionplus interest and costs that the BritishfirmCairnwasawarded by an arbitration tribunal in December. The body ruled India breached an investment treaty with Britain and said New Delhi was liable to pay. CairnfiledthelawsuitonFriday in the US District Court for the Southern District of New York,seeking to make Air India liableforthejudgmentthatwas awarded to Cairn. The lawsuit arguedthatthecarrierasastateowned company, is “legally indistinct from the state itself”. “The nominal distinction between India and Air India is illusory and serves only to aid India in improperly shielding its assets from creditors like (Cairn),”the filing said. Air India did not immediatelyrespond to requests seeking comment. However, a senior government official,who asked not to benamed,saidthegovernment and Air India had not received anyformalnoticeofsuchasuit. K O L K A T A , 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 COMBATTING COVID Govt plans to ramp up Covaxin production to 10-cr doses a month Cairn sues Air India to seize assets ● Ratchets up pressure on India to pay $1.2 bn plus interest and costs to enforce international arbitration award K O C H I , AIR TURBULANCE ■ Cairn lawsuit argues Migrant workers return to their native places outside Secunderabad railway station in Hyderabad. (Right) People queue up to receive vaccine doses in Prayagraj, Uttar Pradesh, on Saturday PTI that Air India as a state-owned company, is “legally indistinct from the state itself” ● Vaccine tech is being shared with 3 PSUs with a provision of `150-cr funding ■ An Indian govt official said the government andAir India have not received any formal notice of such a suit ■ India says it has already filed an appeal against the international arbitration ■ Cairn has also been MORE JABS Biopharmaceuticals in Mumbai, Indian Immunologicals in Hyderabad and Bulandshahr-based Bharat Immunologicals and Biologicals — will also manufacture Covaxin jabs “As and when any such notice is received.The government or concerned organisation shall take all necessary stepstodefendagainstanysuch illegalenforcementaction,”the official said, adding that New Delhihasengagedateamready to defend against any enforcement action initiated by Cairn anywhere in theworld. Cairn’s move could potentiallyjeopardiseIndia’sattempts todivestthestate-ownedcarrier this year. New Delhi said in December that it had received multiple expressions of interest after it moved to privatise the loss-makingentity. The seniorgovernment officialnotedNewDelhihasfiledan appeal against the arbitration award,and added“the governmentisconfidentthattheaward willbesetaside”. —REUTERS of Covid-19vaccines,the Centre onSaturdaysaiditplanstoramp up the production of Bharat Biotech’s Covaxin vaccine from 1.5 crore doses to about 10 crore doseseverymonth. Further,the total production ofCovaxindoseswouldbescaled up to 13 crore doses a month when three public sector units startmanufacturingtohelpmeet the shortage,V K Paul,member (health),NitiAayog,said. “Going forward,the governmentwouldlookatmoreprivate sectorplayerstoscaleupthepro- ductionofCovaxin,”Paulsaid ata briefingbytheministryofhealth andfamilywelfare. Haffkine Biopharmaceuticals in Mumbai, Indian Immunologicals in Hyderabad and Bulandshahr-based Bharat ImmunologicalsandBiologicals are the three public sector units that will manufacture Covaxin vaccine.BharatBiotech’svaccine technology developed with the government was being shared withthethreePSUswithaprovi- statesthathaveimposeda complete lockdown to contain the Covid pandemic, while many of them have extended the restrictionsasthenational tally of active cases sees a marginal decline. “Additional restriction measures to cut down the mobilityofpeopleandlimiting human contact throughassemblyandcongregations is essential to cutthetransmissionchain of the virus and to contain the pandemic,”West Bengal chief secretaryAlapan Bandyopadhyay said on Saturday,announcing the lockdown from 6 AM on May16till6PMonMay30. The Chhattisgarh governmenthasaskedauthoritiesinallthe28districtsto extend the Covid-19 lockdown till May31 even as it granted more relaxations in economic and other activities,an officialsaid. Bihartoohasextended the lockdown, which was to end on May 15, till May25. —PTI looking at more private sector players to scale up the production of Covaxin doses further scaled up up to 13 crore doses a month when these PSUs start manufacturing AMID COMPLAINTS OF shortage ■ The company says it is taking the necessary legal steps to protect shareholder interests in the absence of a resolution Lockdown in WB, curbs extended in several states ■ The government is ■ Three PSUs — Haffkine FE BUREAU Pune, May 15 pursuing a settlement with the Indian govt ■ The govt defends its decision to increase the gap between Covishield doses, saying the gap was 60-85% effective in preventing serious infection and also halt transmission ■ Output would be sion of `150-crore funding to scaleupproduction,Paulsaid. The government also defended its decision to increase thegapbetweenthefirstandsecond doses of the Covishieldvaccine to 12 to 16 weeks from its earlierrecommendationofagap ofsixtoeightweeks.Thegovernment refuted charges that the decision to increase the gap betweentwoCovishielddoseswas takenonaccountof ashortageof vaccinesorunderanypressure. Govt, administration, public — all dropped guard: RSS chief Home care patients should not take remdesivir:AIIMS doctors AFTERTHEFIRST waveofCovid,thegovernment, COVID-19 PATIENTS on home care should not administration and public dropped their guard which led to the current situation, RSS chief MohanBhagwatsaidonSaturdayandurgedpeopletostaypositiveandproactivetofightthepandemic,reportsPTI.Addressingalectureseries‘PositivityUnlimited’,Bhagwatsaidthecountryshould stay united and work as a team in these testing times,insteadofpointingfingersateachother. ON HIGH WHEELS take remdesivir medication and they should get admitted at a hospital if the oxygen level dropsbelow94,AIIMSdoctorsadvisedonSaturday,reports PTI. “Remdesivir should never betakenathome.Positiveattitudeandregular exercise are a must forpatients in home isolation,said DrNeeraj Nishchal ofAll India Institute of Medical Sciences (AIIMS) at awebinar. EYES `1,400 CRORE WESTBENGALJOINED the AFTER 7 MONTHS Midsize 7-seater SUVs the new frontier Pizza Hut, Costa Coffee and FM to meet KFC operator files for IPO GST Council Midsize 7-seat SUV sales VIKRAM CHAUDHARY New Delhi, May 15 ONTHE FACE of it the midsize seven-seater SUV space looks like shrinking. For instance, in CY2017, this sub-segment of SUVs had fourmodels (Mahindra XUV 500 and Scorpio, and Tata Hexa and Safari), with sales of 96,539 units. In CY2020,thissub-segmenthad shrunk to 43,678 units, despite the addition of MG Hector Plus. But, analysts are of the opinion that this sub-segment will pick up in a big way this year, with Tata Motors having launched the new Safari earlier this year, fol- Mahindra XUV500 Mahindra Scorpio (Units) Tata Hexa CY2017 CY2019 CY2018 CY2020 Tata Safari 5,187 SUNIL JAIN B E N G A L U R U , READ TO LEAD 4,308 6,138 2,432 F R O M : A H M E D A B A D , 13,502 9,764 2,917 198 P U B L I S H E D 52,103 49,063 46,725 31,240 SUNDAY, MAY 16, 2021, 14 Pages, `10 (Patna `10, Raipur `10) 26,626 25,341 17,175 7,053 NEW DELHI Hindi poetry is seeing a huge shift in reception today Page 5 MG Hector Plus In CY2021, Tata has launched the new Safari, Hyundai will launch the Alcazar and Mahindra will launch the XUV700; Source: Company data lowed by Hyundai Alcazar (likely later this month) and Mahindra XUV 700 (later this year). Som Kapoor,partner,automotive sector, EY India, said that midsize seven-seater SUVs are the newfrontier.This space, roughly in the `15-25 lakh segment, is currently dominated by an MPV, the Toyota Innova Crysta. Continued on Page 11 PRESS TRUST OF INDIA New Delhi, May 15 ■ The IPO consists of DEVYANI INTERNATIONAL,the largest franchisee of Pizza Hut, KFC and Costa Coffee in India, has filed preliminary papers withcapitalmarketswatchdog Sebi to raise `1,400 crore through an initial share-sale. Theinitialpublicoffer(IPO) consistsoffreshissueofequity shares worth `400 crore and an offer of sale of up to 125,333,330 equity shares by promoter and existing shareholder, according to draft red herring prospectus. Under the offer for sale, fresh issue of equity shares worth `400 cr and an offer of sale of up to 125,333,330 equity shares by promoter and existing shareholder Dunearn Investments (Mauritius) Pte Ltd, a wholly-owned subsidiary of Temasek Holdings,willsell65,333,330shares andpromoterRJCorpwilloffer 6 crore shares,it added. Accordingtomerchantbankingsources,theIPOisexpectedto fetch`1,400crore.Proceedswill beusedtoretiredebtandgeneral corporatepurposes. Facebook helps Zara sell clothes via video games MACARENA MUNOZ & IVAN LEVINGSTON May 15 AFTER BUILDINGTHEworld’s biggest clothing empire without usingTVand billboard ads, the owner of fashion brand Zara is trying another way to market its dresses, jeans and jackets — video games. Spain’s Inditex is responding to the shift from physical stores to online sales by teaming up with Facebook and Instagram to develop “Pacific Game”to attractyounger buyers to its Pull & Bear brand. It’s not about clinching a direct sale but building a relationship with younger customers. E-commerce brought a third of Inditex’s revenue last year and a chunk of the $3 billion it’s earmarked for new investments will go to making sure the digital boom doesn’t run out of steam. There’sbeenaflurryofdeals where clothing brands get to tout their wares inside video games. Now they’re taking GAME CHANGER ■ Zara's parent firm Inditex is teaming up with Facebook and Instagram to develop “Pacific Game” to attract young buyers ■ E-commerce brought a third of Inditex’s revenue last year their involvement a step furtherwithgamesoftheirownto bring more traffic to websites, boost downloads of mobile apps and offer more fun ways to distribute discount codes. Pull & Bear’s retro-style caper sees a shopper travel from California to Tokyo collecting clothes and avoiding obstacles along the way. Players control the character by turning their face.The game is accessed from Pull & Bear’s Instagram and Facebook accounts and website. Luxury brand Burberry Group launched a surfing video game as part of its TB Summer Monogram campaign fronted by Kendall Jenner last year. “It’saboutaddingthatextra piece of magic to a brand so that you’re memorable in the minds of your audience,” said Tim Cooper, director of brand gamemakerPeek&Pokewhich has produced games for JD Sports Fashion Plc and online clothing retailer Boohoo Group. —BLOOMBERG New Delhi on May 28 AMID A GROWING CHORUS over the GST Council meeting not being convened for over seven months, the Union finance ministry on Saturday announced that the next meeting of the panel that decides on taxes on goods and serviceswillbeheldonMay28. After over a dozen central and state levies such as excise duty, service tax and VAT were subsumed in a nationwide GoodsandServicesTax(GST)in 2017, the Council, headed by Union finance minister and including representatives of all statesandunionterritories,was mandatedtomeeteveryquarter to deliberate on issuesat hand. TheGSTCouncillastmeton October5,2020tofinalisecontoursofborrowingsbystatesto meet shortfall in tax revenues. The meeting got extended and ended on October 12. Union finance minister Nirmala Sitharaman will chair the 43rd meeting of the GST Council on May 28, her office tweeted.“Smt @nsitharaman will chair the 43rd GST Council meeting via video conferencing at 11 AM in New Delhi on 28th May 2021.The meeting will be attended by MOS Shri @ianuragthakur besides Finance Ministers of States & UTs and Senior officers from Union Government & States,” it said. —PTI
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