OPINION, P6 ECONOMY, P2 SIDDHARTH PAI IBM, etc, hit pause on facial recognition, but others won’t sit still COMPANIES, P4 EDITORIAL SEPT 28 MEETING EV PUSH Curriculum panel must create space for Indian knowledge systems without pushing ideology Finance ministry may seek rating upgrade from Moody’s More scooters, bikes and cars in coming quarters: Ola CEO MUMBAI, FRIDAY, SEPTEMBER 24, 2021 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL. LXI NO. 225, 20 PAGES, `7.00 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: 59,885.36 ▲ 958.03 NIFTY: 17,822.95 ▲ 276.30 NIKKEI 225: 29,639.40 ▼ 200.31 HANG SENG: 24,510.98 ▲ 289.44 `/$: 73.64 ▲ 0.23 `/€: 86.32 ▲ 0.32 BRENT: $76.13 ▼ $0.06 GOLD: `46,473 ▼ `164 PRIME MINISTER NARENDRA Modi began his engagements in the US on Thursday by meeting with leading American CEOs from five different key sectors, reports PTI. He held one-on-one meetings with CEOs of Qualcomm, Adobe, First Solar, General Atomics and Blackstone. Four law firms in race to advise mega LIC IPO FOUR LAW FIRMS, including Crawford Bayley and Cyril Amarchand Mangaldas, are in the race to act as adviser for the mega LIC listing, reports fe Bureau in New Delhi. The other two firms are Link Legal and Shardul Amarchand Mangaldas. Vedanta to delist American depositary shares VEDANTA ON THURSDAY said it will delist its American depositary shares and concentrate all trading of its equity shares on the BSE and NSE, reports PTI. The company’s board has taken into account the recent low trading volume of its ADS on the NYSE and the associated costs of maintaining the listing and related obligations. POSITIVE GLOBAL CUES ● ANTITRUST PROBE Benchmarks scale new lifetime highs Global markets brush aside hawkish US Fed 60,000 PRESS TRUST OF INDIA Mumbai, September 23 59,400 THE BSE SENSEX vaulted 958 points to scale a fresh lifetime high onThursday,propelled by across-the-board buying amid a positive trend in global equities despite hawkish comments from the US Fed.Robust gains in the rupee further buoyedsentiment,traderssaid. Reversing the previous session’slethargy,the30-shareBSE Sensex zoomed 958.03 points or 1.63% to end at an all-time high of 59,885.36. It scaled a new peak of 59,957.25 during the day. Similarly, the broader NSENiftysoared276.30points or1.57%toitsnewclosinghigh of 17,822.95,aftertouching an intra-dayrecord of 17,843.90. BajajFinservtoppedtheSensex gainers’ chart, climbing 5.15%,followed by L&T,HDFC, Axis Bank, SBI,Reliance Industries (RIL) and IndusInd Bank. Index heavyweights RIL and HDFC twins accounted for nearly half of the benchmark's gains.Only five counters closed in the red — Dr Reddy’s, ITC, 59,000 59,885.36 Sensex 17,850 59,800 Intra-day, Sept 23 17,800 59,600 Nifty50 Google moves HC against CCI after confidential report ‘leak’ 17,822.95 Intra-day, Sept 23 17,750 17,700 59,358.18 59,200 17,650 17,670.85 Previous close: Previous close: 17,546.65 58,927.33 17,600 Close Open Close Open Detailed report on Page 2 `/$ Intra-day, Sept 23 73.55 73.62 73.69 Inverted scale 73.64 6.14 6.14 6.139 6.133 73.76 6.127 73.83 73.90 Intra-day, Sept 23 6.151 6.145 73.79 Previous close: 73.8662 Open Close NestleIndia,HULandBhartiAirtel,skidding up to 1.07%. “Amidst a strong start,bulls showed no signs ofweakness to soar higher, boosted by strong global cues and broad-based buying led by realty, metal and banking stocks.Global markets ‘Non-innerwear contributes to one-third of revenue’ VS Ganesh, CEO, Page Industries, the exclusive licensee for Jockey International, says the company is on a mission to expand brand Jockey beyond innerwear ■ BrandWagon, P7 6.121 6.115 Previous close: 6.139 Open Close tempered optimism despite a slightlyhawkishFedintimating thattheUScentralbankwillbegin reducing asset buys in November and conclude the tapering process around mid-2022. Continued on Page 2 QuickPicks Goods exports to hit record $190 bn in H1, says Goyal MERCHANDISE EXPORTS could hit a record $190 billion or even cross this level in H1 FY22, commerce and industry minister Piyush Goyal said on Thursday, reports fe Bureau in New Delhi. While the export would be 51% higher than the year ago, it would also exceed the pre-pandemic (same period in FY20) level by 19%. Goyal said exports already hit $185 billion by September 21 this fiscal and exuded confidence that the country would realise the ambitious target of $400 billion in FY22. PAGE 2 Some users still facing issues in accessing I-T portal: Infosys INFOSYS ON Thursday acknowledged that some users continue to experience difficulties in accessing the I-T portal and assured that it is working expeditiously, in collaboration with the Income Tax department, to further streamline end-user experience, reports PTI. The company, which has drawn flak for glitches continuing months after the launch of the portal in June, said it has seen steady increase in usage over the last few weeks, and over three crore taxpayers have logged into the portal and successfully completed various transactions. PAGE 2 ‘All states onboard discom revival plan’ FE BUREAU New Delhi, September 23 ALL THE STATE governments have agreed to adopt the `3lakh-crore revival scheme for power distribution entities, Union power minister RK Singh said on Thursday. Though the stateswere given a deadline of December 31 to apply for the Centre’s assistance underthe scheme,Singh said that most states would submit applications by October-end itself. As per the design of the scheme, loss-making discoms will have access to the Centre’s funds only after preparing a convincing programme for loss reduction,which has to be approved by the respective state governments. Under the scheme to be All states are on board to use the latest discom reform scheme. The power ministry is willing to handhold states to chart their loss reduction plans. FE BUREAU New Delhi, September 23 THE SUPREME COURT on Thursday said that it intends to set up a technical committee next week to probe the allegations of snooping on citizens, particularly opposition leaders, journalists, activists, etc, through Isreal’s Pegasus spyware. While the SC’s move is perceivedbysomecirclesasindicative of its displeasure with the government’s refusal to file a detailed affidavit in the controversialmatter,ifthemovecould Govt had proposed its own independent expert panel SC to set up technical committee nextweek to probe the snooping allegations, interim order nextweek Govt unwilling to file a detailed affidavit on use or non-use ofIsraeli spyware Pegasus, feels it might compromise national security Petitionerswant the SC to constitute a committee headed by its retired or a sitting judge turn out to a setbackto the governmentwillbeclearonlywhen the composition of the panel, most likely to be headed by a judge, is known. Legal experts feel that it is too early to “pre- judge” whether the interim order for setting up a panel will goagainstthegovernment’sstandtohaveitsownexpertpanel. Continued on Page 2 “ Gao Miyan Malhar Yaa Bhimpalasi, Cough Syrup Hai T Alvida Toh Khansi /TorexSyrup —RK SINGH, POWER MINISTER implemented in the five years through FY26, the Centre will fork out `97,631 crore. The scheme will help the states for strengtheningandmodernisation of distribution systems. Continued on Page 2 Dish TV India gets requisition from its largest shareholder Yes Bank to call EGM DISHTVINDIAsaidonThursday it received a requisition from its largest shareholder, Yes Bank, to call an EGM to seek the removal of certain directors,includingMDJawahar Lal Goel,reports fe Bureau in Mumbai.The“requisition letter”dated September 21 asked it to convene an EGM, it said in a filing. “We understandthatthecompany isrequiredtoseekanodfrom theministryofinformation& broadcasting in connection with the appointment of the newdirectors,”Yes Bank’s lettersaid. ■ Page 4 COUGH SYRUP HAI TO ALVIDA KHANSI For more information, please contact : +91 97792 14455, +91 73199 35154 (Whatsapp) / email@example.com HEATING UP China preparing for Evergrande’s downfall SOHINI PODDER Bengaluru, September 23 CHINESEAUTHORITIESARE asking local governments to prepare for the potential downfall of debt-ridden China Evergrande Group, the Wall Street Journal reported on Thursday, citing officials familiar with the discussions.The move has been characterised as “getting ready for the possible storm” by the officials, according to the report. The officials said local-level government agencies and state-owned enterprises have been instructed to step in only at the last minute should Evergrandefailtomanageitsaffairsin an orderlyfashion,the WSJ reported. Local governments have been SC says will form technical panel to probe Pegasus row 10-year bond yield (%) POWER PLAY Special Feature GOOGLE ON THURSDAY said it has moved the Delhi High Court against the leak of antitrustbodyCompetitionCommission of India’s (CCI’s) confidential report pertaining to theprobeagainstthetechgiant, reports PTI. Google, in a statement,saiditaimstopreventany further unlawful disclosures of confidential findings by the investigative arm of CCI. The tech giant noted that it has“not yet received or reviewed this confidential report”. SNOOPGATE “ IN THE NEWS PM meets leading American CEOs from key sectors Chinese authorities 'getting ready for the possible storm' Local govts told to step in only at the last minute ■ Tasked with preventing unrest and mitigating the ripple effect tasked with preventing unrest and mitigating the ripple effect on home buyers and the broadereconomy,the officials said,according to the report. Evergrande, China's secondbiggest property developer, has $83.5 million in dollar-bond interest payments due on Thursday on a $2 ■ Only when Evergrande fails to manage affairs in orderly fashion Home buyers and broader economy set to be hit billion offshore bond and a $47.5million dollar-bond interest payment due next week. Both bonds would default if Evergrande fails to settle the interest within 30 days of the scheduled payment dates. Continued on Page 2
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