OPINION, P6 COMPANIES, P4 CHAKSHU ROY Parliamentary panels are the most robust way to vet Bills NATION, P15 EDITORIAL MAKE IN INDIA STATE OF THE MATTER Orient Make-in-India towards 'make for the world', push Indian firms to get globally competitive Let's have confidence in ability to build locally, not just import: Ola CEO Basavaraj Bommai to be next Karnataka CM, announces Yediyurappa CHENNAI/KOCHI, WEDNESDAY, JULY 28, 2021 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL XLIII NO. 69, 20 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: 52,578.76 ▼ 273.51 NIFTY: 15,746.45 ▲▼ 78 NIKKEI 225: 27,970.22 ▲ 136.93 HANG SENG: 25,086.43 ▼ 1,105.89 `/$: 74.47 ▼ 0.05 `/€: 87.74 ▲ 0.05 BRENT: $74.55 ▲ $0.05 GOLD: `47,562 ▼ `201 IN THE NEWS Blinken to hold talks with Indian leaders today US SECRETARY OF State Antony Blinken arrived in India on Tuesday on a twoday visit, reports PTI. The visit is aimed at further boosting bilateral ties and deliberate on the rapidly evolving security situation in Afghanistan as well as to expand cooperation in the IndoPacific region under the framework of Quad. Over 68.7 crore transactions done under PM-Kisan AS MANYAS 68.76 crore transactions have been done under PM-Kisan scheme till the end of June this year and less than 1% of them failed due to dormant bank accounts and other factors, reports PTI. The Centre provides `6,000 per year to eligible farmers in three equal instalments of `2,000 each. Mediate, not litigate: SC to Kirloskar family OBSERVING THAT LITIGATION is not good for the group and the industry, the Supreme Court on Tuesday asked warring Kirloskar brothers — Sanjay, Atul and others — to explore the possibility of mediation, reports fe Bureau in New Delhi. Pegasus: Senior journalists move SC for enquiry VETERAN JOURNALISTS N RAM and Sashi Kumar have moved the Supreme Court seeking an independent probe by its sitting or retired judge into the Pegasus snooping case, reports PTI. ANTITRUST CASE Flipkart goes to SC against CCI probe Karnataka HC has allowed an antitrust probe into the Walmart firm and its rival Amazon ADITYA KALRA & ABHIRUP ROY New Delhi, July 27 WALMART'S FLIPKART HAS appealed to the Supreme Court against a Karnataka High Court’sdecisionthatallowedan antitrustprobeintothee-commerce firm and its rival Ama- Karnataka HC last week dismissed cases filed byAmazon and Flipkartwhich sought to quash the CCI's 2020 probe ■ The companies denied any wrongdoing, but the court said 'they should not feel shy in facing an inquiry' ■ CCI probe is the latest setback for the companies, which face tougher ecommerce regulations zon.com to continue, three sources told Reuters on Tuesday.The Karnataka High Court last week dismissed cases filed by Amazon and Flipkart which sought to quash the Competition Commission of India’s (CCI) 2020 investigation. The companies denied any wrongdoing,but the court said “theyshouldnotfeelshyinfacing an inquiry”. On Tuesday, Flipkart filed an appeal in the Supreme Court, challenging that decision,threepeoplefamiliarwith the proceedings said. Further detailsofthechallenge,orFlipkart’s pleas,were not immediatelyclear.The Supreme Court website showed Flipkart had filed a case against the CCI and other parties, without giving more details. Flipkart did not immediately respond to a request for comment. Amazon is also expected to file an appeal against the high court ruling, according to people familiar with the case. Continued on Page 2 IndiGo posts sixth straight quarterly loss INTERGLOBE AVIATION, WHICH runs India’s biggest airline IndiGo, on Tuesday reporteditssixthconsecutive quarterly loss,hammered by new restrictions to contain the second wave of Covid-19 infections,reports Reuters. The company’s net loss swelledto`3,179croreinthe three months ended June 30, from `2,849 crore ayearear- lier. IndiGo has reported losses ever since the pandemic brought global travel to a near-halt and battered airlinesworldwide.Justasthe airlineshowedrecoverysigns lastyear,thesectorwashitby the renewed travel restrictions. Still, revenue from operationsfortheJunequarter surged 292% to `3,007 crore. ■ Page 4 COVID BLUES ● TAX DISPUTE IMF cuts FY22 India growth outlook to 9.5% The 300 bps trim from its April projection is the sharpest for any country India forecasts (% growth, y-o-y, FY22) 9.5 IMF World Bank 8.3 THE INTERNATIONALMONETARY Fund (IMF) on Tuesday slashed its FY22 growth forecast for India by 300 basis points (bps),from itsApril projection, to 9.5%, the sharpest cut for any country, citing the damage caused by the second CovidwavethatpeakedinMay. Forthe next fiscal,however, the Fund hasraised the growth projection for the country to 8.5%from6.9%.ItsAprilforecasts hadn’t factored in the impact of the resurgence of Covid infections in India. While the multilateral body retaineditsglobalgrowthforecast at 6% for 2021, it trimmed its earlier projection by40 bps fordeveloping coun- 9.5 Moody's FE BUREAU New Delhi, July 27 S&P 9.6 Fitch 10 RBI Eco Survey 10.5 11 tries and raised it by50 bps for advanced economies. Risks aroundtheglobalbaselineprojections are, however, to the downside, it cautioned. Countries lagging in vaccination, such as India and Indonesia, would suffer the most among G20 economies,it added. Continued on Page 2 HC: Online lending platforms can't be allowed to charge exorbitant interest THE DELHI HC on Tuesday saidonlinelendingplatforms offering short-term personal loans via mobile apps cannot be allowed to charge exorbitant interest and processing feesandaskedtheCentreand RBI to look into the issue, reports PTI.An expert bodyis requiredtolookintotheissue, the court said, adding that it expects that the Centre and RBI will come out with some solution by the next date of hearing,August 27.“Rate of interestshouldnotbeexorbitant...Anexpertbodyisrequired.Ifyoupeoplearesoslowin taking action, we will do it withourorderwiththehelpof an expert committee,” an SC benchsaid. ■ Page 2 Cairn case: Govt confirms French court order to freeze Indian assets FE BUREAU New Delhi, July 27 WEEKS AFTER UK-BASED Cairn Energy secured a French court order to seize about 20 Indian government properties worth `177 crore in Paris, the government on Tuesday confirmed the development and said it has roped in an international law firm to handle the enforcement proceedings. “An order has been passed bya French Court freezing certain Indian Government properties in the case pertaining to Cairn Energy,”ministerofstate for finance Pankaj Chaudhary told Rajya Sabha in a written reply.“For handling enforcement proceedings,an international law firm, with relevant experience,has been engaged. In consultation with its counsel team, the government is taking all appropriate legal steps to protect its interest.” Continued on Page 2 FUNDING BOOST Mohalla Tech valued at near $3 billion Investment is an extension of company’s series F financial round ■ Total fund tally now stands at over $911 million ■ Bulk of the capital to be used to build best in class AI feed, attracting a diverse creator base Moj & ShareChat jointly have a monthly user base of about 340 million Raises $145 million in fresh funding led by Temasek, Moore and others FE BUREAU New Delhi, July 27 MOHALLA TECH, THE parent firm of ShareChat and short video platform Moj,has raised a fresh $145 million in funding led byTemasek and Moore Strategic Ventures at a valuation of $2.88 billion. MiraeNaver Asia Growth Fund also participated in the financial round. The investment is an extension of the company’s series Ffinancial round as part of which it had raised $502 million in April this year at a valuation of some $2.1 billion, joining the unicorn club. Founded in 2015, Mohalla Tech has nowraised over$911 million across seven fundraising rounds. The bulk of the capital will beusedtobuildasophisticated AI (artificial intelligence) feed besides attracting and incentivising a diverse creator base. Continued on Page 2 ● COMBATTING COVID Made-in-India Sputnik Vvaccine to be available from Sept-Oct, says Dr Reddy’s PRESS TRUST OF INDIA Hyderabad, July 27 DR REDDY’S LABORATORIES expects the locally-manufacturedRussia’sCovid-19vaccine Sputnik V to be available from theSeptember-Octoberperiod, aseniorofficialofthecity-based drug makersaid onTuesday. MV Ramana, CEO of Branded Markets (India and EmergingMarkets),DrReddy’s, said due to the sudden spike of CovidcasesinRussia,thearrival of Sputnik V doses are getting delayed and the situation may ease by August end.“The local manufacturers are currently in the process of Technology absorptionandscaleup.Andwe expect and from the OctoberSeptember timeframe we are likely to have locally manufactured sputnik available,” Ramana told reporters. DrReddy’shasatie-upwith Russian Direct Investment Fund for Sputnik V in India. Continued on Page 2 Special Feature Women also need to plan for their retirement years Old age has specific implications for women as they often outlive men, devote less time in the workforce and participate in less-paid jobs, making financial planning essential for their golden years ■ Personal Finance, P7 QuickPicks NTPC offers to sell power directly to India Inc IN A deviation from the standard practice followed by it, state-run NTPC has invited expressions of interest (EoIs) from discoms and industries to purchase electricity from its “spare generation capacity”, reports Anupam Chatterjee in New Delhi. NTPC traditionally supplies power directly to discoms mostly under long-term power purchase agreements (PPAs), but this is the first time the company is offering to sell power to corporates and industrial consumers on an open-access basis. PAGE 2 Disney+Hotstar announces fresh slate of India originals DISNEY+HOTSTAR HAS lined up a fresh content slate of nearly 20 India originals across series and movies and is revising its pricing plans to launch more affordable subscription packages as it looks to broaden its reach in the country and add to its user base, reports fe Bureau in New Delhi. Similar to strategies adopted by Netflix and Amazon Prime Video, Disney+Hotstar will introduce a `499 yearly mobile-only plan starting September 1, the company said at a virtual event on Tuesday. PAGE 4 IndusInd Bank Q1 net profit doubles on lower provisions INDUSIND BANK on Tuesday reported a 112% y-oy jump in its net profit to `975 crore for the quarter ended June 2021, on the back of reduced provisioning and higher other income, reports fe Bureau in Mumbai. Provisions declined 18% y-o-y to `1,844 crore, but remained flat sequentially. Operating profit rose 9.4% y-o-y to `3,130 crore as net interest income grew 8% y-o-y to `3,564 crore. Other income rose 18% to `1,781 crore. Net interest margin declined 22 bps and 7 bps q-o-q to 4.06%. PAGE 9 CHENNAI/KOCHI
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.