OPINION, P6 COMPANIES, P4 K SRINATH REDDY Will ‘Merkel mix’ set a trend of Covid vaccine cocktails? INTERNATIONAL, P8 EDITORIAL ADAPTING TO CHANGE HITTING BACK Platforms must not starve restaurants of their fair share, foodtech space already a duopoly IT industry revenues to see double-digit growth in FY22: Premji Trump sues Facebook, Twitter & Google after social media ban NEW DELHI, THURSDAY, JULY 8, 2021 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL. XLVII NO. 110, 18 PAGES, `8.00 (PATNA `8.00, RAIPUR `8.00) 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: 53,054.76 ▲ 193.58 NIFTY: 15,879.65 ▲ 61.40 NIKKEI 225: 28,366.95 ▼ 276.26 HANG SENG: 27,960.62 ▼ 112.24 `/$: 74.62 ▼ 0.07 `/€: 88.26 < > 0.00 BRENT: $74.93 ▲ $0.40 GOLD: `47,835 ▲ `42 — IN THE NEWS RBI slaps penalties on SBI, BoB & 12 other banks RBI ON Wednesday said it has imposed penalties on SBI, Bank of Baroda, IndusInd Bank, Bandhan Bank and 10 other lenders for contravention of various regulatory norms, including on lending to NBFCs, reports PTI. The penalty imposed on the 14 banks totals `14.5 crore, with a maximum `2 crore fine on Bank of Baroda. Fitch cuts FY22 India growth forecast to 10% FITCH ON Wednesday slashed its India GDP growth forecast for the current fiscal to 10% from 12.8% expected earlier, stating that renewed restrictions in the wake of the second Covid wave have slowed recovery efforts, report fe Bureau in New Delhi. Petrol crosses `100-mark in Delhi & Kolkata RETAIL PRICE of petrol crossed the `100-mark for the first time in Delhi and Kolkata on Wednesday, reports fe Bureau in New Delhi; its price had been ruling above `100 in many parts of the country for several days previously. BIG CABINET REJIG Vaishnaw gets IT,telecom & rlys; Puri oil; Scindia aviation As many as 36 new faces inducted; 12 sitting ministers shown the door Jyotiraditya Scindia (Cabinet) RK Singh (Cabinet) ENTRIES & ELEVATIONS HC refuses to grant interim protection to digital media portals PRESS TRUST OF INDIA New Delhi, July 7 RAVISH TIWARI New Delhi, July 7 HIS GOVERNMENT’S IMAGE hit by a crisis of competence and credibility during the second Covid wave, Prime Minister Narendra Modi on Wednesday signalled a refresh and a reset by effecting the most sweeping change in his council of ministers since he took charge for the first time in 2014. As many as 36 new faces were inducted and 12 sitting ministers were shown the door, taking the tally in the council of ministers to 77,just a notch short of the statutory limit of 81. The changes mark, arguably, the largest-scale purge in recent memory with the Prime Minister divesting six of 23 sitting Cabinet ministers — over one fourth of the Cabinet — and one Minister of State (Independent Charge) of their ministerial responsibilities. ● IT RULES HS Puri (Cabinet) Anurag Thakur (Cabinet) Ashwini Vaishnaw (Cabinet) Rajeev Chandrasekhar (MoS) MAJOR EXITS PRAKASH JAVADEKAR, environment, forest and climate change Social Justice Minister Thaawarchand Gehlot can draw solace from the fact that he was sent to Raj Bhavan in Karnataka. Health Minister Harsh Vardhan’s exit has a ready and convenient cover: theGovernment’sthinlyveiled acknowledgment of mismanaging the Covid crisis and an attempt to course-correct through a fresh set of hands. Continued on Page 2 RAVI SHANKAR PRASAD, electronics & IT and law HARSH VARDHAN, health and family welfare Finmin gets bigger with DPE in its fold WITH REORGANISATION OF some ministries for synergy, the finance ministry will get biggerwith the addition of the department of public enterprises (DPE) to it, reports feBureauinNewDelhi.Aseparate ministry for cooperation has also been carved out from theministryof agricultureand farmers welfare. Thewholeexerciseisaimed at removing operational bottlenecks due to multiple command centres and thereby imparting more efficiency and speed to the decision-making process. The DPE of the ministry of heavy industry and public enterprises is the sixth department in the ministry of finance. ■ Detailed report on Page 2 THE DELHI HIGH Court on Wednesday refused to grant protection from coercive action to digital media portals as it adjourned their challenge to the new IT Rules after being informed that a plea has been moved by the Centre to transfer them to the Supreme Court. “Transferpetition has been preferred?” a Bench of Chief Justice DN Patel and Justice Jyoti Singh asked Additional Solicitor General Vikramjit Banerjee who replied,“Yes”. The court then proceeded to adjourn the pleas by The Wire, Quint Digital Media Ltd and Pravda Media Foundation till August 20. According to amended Information Technology (IT) Rules, social media and streaming companies will be required to take down contentious content quicker, appoint grievance redressal officers and assist in investigations. Continued on Page 2 STRESSBUSTER NARCL to begin ops in a month BANIKINKAR PATTANAYAK New Delhi, July 7 THE NATIONALASSETReconstruction Company(NARCL) is likelyto be operationalised in a month, paving the way for the transfer of stressed assets worth about `83,000 crore in the first phase to the so-called bad bank for resolution, sources told FE. “Formalities have been moreorlesscompleted.NARCL should take off in a month,” said one of the sources. Analystshavecalledforexpeditious operationalisation of the bad banksothatittakesrootbefore the next, Covid-induced surge in bad loans hits the banking system. NARCL is expected to see the transfer of large stressedassets(ofatleast`500 crore each) worth `2.25 lakh crore in phases. The IBA, which is spearheading the initiative to set up the bad bank,has already filed OnePlus Nord CE 5G: Rockstar in the mid-range segment Nord CE is an attractive phone with the latest specs, powerful features, impressive camera capabilities and good overall performance. It’s not extremely expensive either, with prices starting at `22,999 INDIA EXPECTS TO receive foreign-made Covid-19 vaccine doses through the COVAX global vaccine-sharing programme for the first time,with 3-4 million doses of Pfizer and Moderna shots ■ Gadgets, P7 QuickPicks Adani seeks `7,500 crore to refinance Mumbai airport debt GAUTAM ADANI is seeking a loan of about `7,500 crore to refinance existing debt of Mumbai’s international airport, according to people familiar with the matter, reports Bloomberg. Barclays Plc and JPMorgan Chase are among banks in discussions to provide the funds to Adani Airport Holdings, the people said. Deutsche Bank is also in talks to help with the financing, one of the people said. Mumbai International Airport has a debt of about `80 billion, the people said, who asked not to be identified as the information is private. PAGE 4 Sensex ends above 53,000-mark for first time; Nifty hits new high SENSEX JUMPED 194 points to close above the 53,000-mark for the first time on Wednesday, propelled by metal, finance and banking stocks, as investors were in buying mode ahead of a reshuffle of the Union Cabinet, reports PTI. However, a weakening rupee and lacklustre global cues capped the gains, traders said. Nifty, too, rose 61.40 points or 0.39% to its record peak of 15,879.65. Tata Steel topped the Sensex gainers' chart, rallying 4.38%, followed by Bajaj Finserv, IndusInd Bank, HDFC, Nestle India, Asian Paints, Sun Pharma and PowerGrid. PAGE 9 Lack of credit, access hits farm solar projects PRABHUDATTA MISHRA & ANUPAM CHATTERJEE New Delhi, July 7 FARMERS COULD EARN atidy sum — additional `15-20 lakh annuallyfromahectareofland —fromunconventionalusesof thelandlikesolarpowergeneration without interrupting farmingactivities,accordingto analysts. This is up to three timeswhat theycurrentlyearn from such land holding through agriculture alone. Though this means it is indeed feasible to double farmers’income in a fewyears, policy flaws and lack of low-cost credit facilities are hampering the ambitious project. A two-year-old exclusive government scheme to incentivise such ventures has been of little help. Installationofsolarpanelsis capital-intensive;itisestimated thatroughly`50lakhisneeded for erecting the panels in one Farmers' earning from agri-solar (`/unit) 7.50 7.0 Karnataka* Gujarat^ Rajasthan Delhi Maharashtra Haryana Uttarakhand 3.14 3.13 3.11 3.11 2.85-3.48 * Discom to buy maximum 1/3 of power generated, balance for self-consumption ^Tariff for the first 7 years to drop to `3.50/unit in subsequent 18 years Source: National Solar Energy Federation of India report Feasible solar capacity/hectare 375 kw Electricity to be generated/year @4 unit/kW/day from a hectare 5.5 lakh units Annual income/hectare `16.5 lakh (@`3/unit) acreofland.Foralargemajority of the farmers in the country, such a cost is barelyaffordable. Continued on Page 2 NCLAT allows withdrawal of insolvency case against OYO subsidiary OYO ON Wednesday said the National Company Law Appellate Tribunal (NCLAT) has allowed its plea for setting aside the insolvency case against subsidiary OHHPL and has disallowed interventionofexternalpar- ties,reports PTI.“The NCLAT today passed an order concluding the ongoing insolvency case against OYO’s subsidiary OYO Hotels and Homes Private Limited (OHHPL),”OYO said. ■ Page 4 IN MEMORIAM Dilip Kumar gave Hindi cinema a Naya Daur SHUBHRA GUPTA July 7 HINDI CINEMAIS synonymous with Dilip Kumar. The legend who embodied, embellished and shaped the biggest film industry in the world, passed awaythis morning.Hewas 98. Along with Raj Kapoor and DevAnand,theothertwoofthe famous troika, Dilip Kumar typified the modern Indian who was putting behind the shackles of colonial rule and striding towards a new, confi- DILIP KUMAR DECEMBER 11, 1922 - JULY 7, 2021 has been filed for NARCL incorporation andAoA finalised ■ Bad loans of `89,000 cr to be transferred to NARCLin the first phase All PSBs, except for Punjab & Sind Bank, to have stakes in the bad bank ■ Canara Bank to be the sponsor, with a 12% stake; PNB to hold under 10% and Union Bank 9% an application with the corporate affairs ministry for the incorporation of the NARCL. Continued on Page 2 4 m Pfizer, Moderna jabs expected by Aug ROADBLOCKS Special Feature NEW BEGINNING ■ Application dent nation busy creating its own fate and fortune. He made his debut in Jwar Bhata, a 1944 Bombay Talkies film.A much-storied meeting with the lovely Devika Rani, oneofthearchitectsoftheproduction house along with Ashok Kumar, persuaded him to change his name, and Mohammed Yusuf Khan of Peshawar origin became Bombay’s One And Only Dilip Kumar. Continued on Page 2 New Delhi potentially arriving by August, two sources told Reuters. COVAX could ship theUS-madedosestoIndiaas earlyasthismonth,oneofthe sources aware of the discussions said. ■ Page 3
The Financial Express (FE) is a business paper that’s closest to the people who are in the business of business. From business policies to market trends to new developments, The Financial Express comes packed with incisive news on every relevant issue.