OPINION, P6 COMPANIES, P4 AKHILESH TILOTIA National carbon markets key to thriving green economy NATION, P11 EDITORIAL EVs ON MIND SUPERANNUATION Policies like draft e-comm rules discourage private investment, govt must act on such hurdles Bajaj Auto to restart production from its oldest plant in Akurdi Man behind historic SC verdicts, Justice Nariman retires NEW DELHI, FRIDAY, AUGUST 13, 2021 WWW.FINANCIALEXPRESS.COM FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE READ TO LEAD VOL. XLVII NO. 141, 62 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: 54,843.98 ▲ 318.05 NIFTY: 16,364.40 ▲ 82.15 NIKKEI 225: 28,015.02 ▼ 55.49 HANG SENG: 26,517.82 ▼ 142.34 `/$: 74.26 ▲ 0.19 `/€: 87.19 ▼ 0.01 BRENT: $71.40 ▼ $0.04 GOLD: `46,426 ▲ `275 IN THE NEWS Future moves SC, challenges Delhi HC order FUTURE RETAIL ON Thursday moved the Supreme Court against the Delhi High Court’s single judge’s order which in February, on the plea of Amazon, had restrained it from going ahead with its `24,713-crore merger deal with Reliance Retail, reports Indu Bhan in New Delhi. Tata Steel's net soars to `9,768 cr in June quarter TATA STEEL REPORTED robust numbers for the June quarter as its net profit soared to `9,768 crore on the back of a global rally in steel prices and improved performance in the European business, reports fe Bureau in Mumbai. It reported a highest-ever consolidated net loss of `4,609 crore a year ago. Dasari steps down as Royal Enfield CEO VINOD K DASARI has stepped down as CEO of Royal Enfield and executive director of the Eicher Motors board, reports fe Bureau in Chennai. Dasari intends to pursue his personal passion and ambition in the affordable healthcare space. ECONOMY FIRST Current priority is growth for sure: FM FTA negotiations expedited, some give-and-take inevitable: Goyal ‘Privatisation plans to go on unhindered; not yet time to pull back liquidity’ FE BUREAU New Delhi, August 12 FINANCE MINISTER NIRMALA SitharamanmadeitunambiguousonThursdaythateconomic growth was the first priority of the government right now and thanked the RBI forthe allegianceitwasextendingtothecause bynot pulling back liquidity. Statingthegovernmentwouldn’t hesitate to do whatever was requiredtorevivetheeconomy, she said fiscal and monetary policies were being judiciously commingled to push growth. All indicators were suggesting that“the economy is buoyantandrecoveryistakingplace post lifting of Covid-19 restrictions by states”, she said at the annual meeting of the Confederation of Indian Industry.She, however, cautioned that the economicgrowthrevivalhadn’t reached a level where the central bank could begin to suck out liquidityfrom the system. Sitharaman said that the governmentwasan“activeparticipant”intheeconomicrecov- Growth will be pushed both by the Reserve Bank and us (government). It's not growth versus inflation. Of course, we shall attend to (high) inflation and keep it contained. FE BUREAU New Delhi, August 12 ery,alludingtosteppedupbudgetary and other public spending during the pandemic that not only was giving to fillip to theinfrastructureandcoresectors of the economyamidst the pandemic butwas also encouraging consumption. INDIA IS FAST-TRACKING the process of forging fair and balanced free trade agreements (FTAs) with key markets to betterintegratewiththeglobalsupplychainandspurexports,commerce and industry minister Piyush Goyal said onThursday. While the government will try its best to ensure that the pacts don’t injure domestic industry, some amount of give-and-take in trade negotiations is always inevitable, he said,exhorting local players to shun parochialism of “me, my product and my company”. While some firms seek protection from foreign competition fortheirfinished products, theywant unrestricted imports of the goods they consume.“If this becomes the attitude,then the domestic industry won’t haveabrightfuture,”theminister said at a CII event, casting Indiaasareliableglobalsupplier in the post-Covidworld. Continued on Page 2 Continued on Page 2 Our commitment to privatisation is firmly ingrained in policy. Govt is on track to complete privatisation of BPCL and Air India in the current fiscal year. —NIRMALA SITHARAMAN, FINANCE MINISTER ● MIXED BAG CPI inflation eases, IIP lags level before pandemic FE BUREAU New Delhi, August 12 RETAIL INFLATION EASED sharply in July to 5.59%, having topped the Reserve Bank of India’s (RBI’s) target band (2-6%) in the previous two months, as food inflation moderated considerably, showed the official data released on Thursday. The index of industrial production (IIP) grew 13.6% in June, primarily driven by the base effect (it had shrunk 16.6% in June 2020). The IIP stillremained5.2%lowerthan the pre-pandemic (June 2019) level, suggesting that a meaningful industrial recovery is still non afoot. Detailed report on Page 2 150 IIP (% change, y-o-y) 100 50 -16.6 0 13.6 -50 Jun 2020 Jun 2021 8.5 CPI (% change, y-o-y) 7.0 5.5 6.73 5.59 4.0 2.5 Jun 2020 Jun 2021 The govt had said comparisons with IIP/CPI readings for March-May 2020 weren't proper due to a nation-wide a lockdown (from Mar 25 last year) Source: MoSPI CAPITAL GAINS Eruditus turns unicorn,valuation jumps four-fold to $3.2 billion Raises $650 million in fresh funding led by Accel, SoftBank Edtech market: Post K-12 ($ m) Test prep govt Test prep non-govt FE BUREAU New Delhi, August 12 ONLINE UPSKILLING PLATFORM forprofessionals,Eruditus has raised $650 million in fresh funding led by Accel and SoftBank Vision Fund 2 at a post-money valuation of $3.2 billion, joining the ranks of unicorn. The series E investment,which includes a mix of primary and secondary transactions, has also been backed byexisting investorsThe Chan Zuckerberg Initiative, Leeds Illuminate and Prosus. The edtech firm that was last valuedataround$700-$800million has seen its valuation increase by nearly four times with the latest fund-raise. Investors have infused about $430 million in primary 1,765 Technical skilling ~3.75X 1,059 At $3 bn, VerSe valuation more than doubles FE BUREAU New Delhi, August 12 capital while the secondary component amounts to $220 millionaspartofwhichexisting investor Bertelsmann is selling part of its shares,sources said. VERSE INNOVATION, WHICH operates Dailyhunt and Josh, has raised over $450 million in freshfundingledbySigulerGuff,BaillieGiffordandCarlyleAsia Partners.The company’s valuation has more than doubled to nearly $3 billion post the fundraise,which is part of its series I financial round,sources said. Theinvestmentalsosawparticipation from existing investors Sofina Group,Qatar Investment Authority and BCap.The fundingcomesmerelysixmonths afterit closed an over$200million round backed by Qatar Investment Authority, Google and Microsoft,among others. Continued on Page 2 Continued on Page 2 Higher education 470 329 56 23 335 124 282 52 2019 2022F Source: RBSA Advisors report Bharti's OneWeb raises $330 m from South Korea’s Hanwha BHARTI ENTERPRISES-LED LOW earth orbit (Leo) satellite communications company, OneWeb has received a $300-million equity investment from South Korean firm Hanwha Systems,reports feBureau in NewDelhi. With this funding,OneWeb’s total equity investment since November 2020 comes to $2.7 billionwith no debt issuance.The South New Delhi Korean firm will get an 8.8% share in OneWeb in lieu of the investment. The London-headquartered company plans to launch a total of 648 Leo satellites by June 2022 to construct a global satellite constellation that will provide enhanced broadband and other services to countries around the world. ■ Page 4
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