OPINION, P6 ECONOMY, P2 RAMEESH KAILASAM Bad regulations could play spoilsport for online gaming INTERNATIONAL, P8 EDITORIAL NATIONWIDE ROLLOUT MENTAL HEALTH CONCERNS Maligning Infy, Amazon uncalled for, goes against govt’s vision of encouraging industry Digital health ID for all citizens: PM launches programme Facebook puts Instagram for kids on hold after pushback CHENNAI/KOCHI, TUESDAY, SEPTEMBER 28, 2021 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL XLIII NO. 122, 12 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: 60,077.88 ▲ 29.41 NIFTY: 17,855.10 ▲ 1.90 NIKKEI 225: 30,240.06 ▼ 8.75 HANG SENG: 24,208.78 ▲ 16.62 `/$: 73.84 ▼ 0.15 `/€: 86.38 ▲ 0.10 BRENT: $79.59 ▲ $1.50 GOLD: `45,989 ▼ `69 RBI slaps `2-cr penalty on RBL Bank 100 80 THE RESERVE Bank of India (RBI) on Monday imposed a penalty of `2 crore on RBL Bank for deficiencies in regulatory compliances and non-compliance of the provisions of the Banking Regulation Act, reports PTI. 89.32 Delhi 96.94 Mumbai Sri Ganganagar* 103.07 107.26 Diesel prices *In Rajasthan; highest rate in the country led to tight global supplies. Continued on Page 2 Brent ($/bbl) 80.05 Jobs growth weak over past decade: Survey Just 3.3% annual rise in employment in 8 years to FY22, show govt data (`/litre) Petrol prices 101.19 OIL PRICES ROSE for a fifth straight day on Monday with Brent at its highest since October 2018 and heading for $80 amid supply concerns as demand picks up in parts of the world with the easing of pandemic restrictions. Brent crude was up $1.63 or 2.1% to hit $79.72 a barrel during the day, having posted three straight weeks of gains. US Oil added $1.56, or 2.1%, to $75.54, near its highest since July, after rising for a fifth straight week last week. Goldman Sachs raised by $10 its forecast for Brent crude at the end of this year to $90 per barrel, as faster fuel demand recovery from the outbreak of the Delta variant of the coronavirus and Hurricane Ida’s hit to US production Delhi THE KERALA HC on Monday quashed a notification issued by the state government banning online rummy, reports fe Bureau in Kochi. Kerala had issued a notification in February, saying online rummy when played for stakes doesn’t enjoy exemption granted under Sec 14 A of Kerala Gaming Act, 1960, and the notification issued there under in 1976. NOAH BROWNING London, September 27 LITTLE CHEER THE COUNTRY'S EMPLOYMENT growth in the organised non-farmsectortrailedtherate ofeconomicexpansionbyaconsiderable margin in the eight years to FY22, with just 3.3% annual increase in jobs in the sector,accordingtoafreshseries ofgovernmentdatareleasedon Monday.ThereportofQuarterly Employment Survey (QES) unveiled by the Union labour ministry also showed a decline inparticipationoffemaleworkers in the organised sector. 79.25 April 21, 2020 SONIPAT Prior to lockdown 2.3 Total employment in nine selected organised sectors 28.48 3.08 cr After the lockdown was lifted 152% *From March 25 to June 30, 2020, starting with nationwide lockdown over more than a month; in establishments with 10 or more workers Employment in establishmentswith10ormoreemployees in nine selected sectors, including construction,manufacturing and IT/BPO, was at 3.08croreinApril-Junequarter 29% Female Highest participation growth in rates in employment workforce down to 29% in IT/BPO AMID CLAMOUR for a greater scrutiny of the conduct of lenders, the Insolvency and Bankruptcy Board of India (IBBI) is set to oversee complaints against members of the committee of creditors (CoC) if they fail to comply with a proposed code of conductwhile resolving toxic assets,sources told FE, reports Banikinkar Pattanayak 19.33 Oct 17, 2018 Loss of employment Employment scenario (as on April 1, 2021 compared with 2013-14) 77% from in Healthcare 31% Source: Labour Bureau of 2021-22, up 29% against 2.37 crore reported in the 6th Economic Census (EC-6) of 2013-14,the surveyshowed. Continued on Page 2 Insolvency resolution: IBBI to oversee complaints against CoC 40 0 30.78 FE BUREAU, New Delhi, September 27 60 20 Impact of 2020 nationwide lockdown* on organisedsector employment (million) « HC quashes Kerala govt order banning online rummy Goldman Sachs sees Brent at $90 by Dec Mumbai THE CENTRE will borrow `5.03 lakh crore from the market in H2 of FY22, or just about 42% of the budgeted full-year target, which has been kept unchanged at `12.05 lakh crore despite the announcement of a relief package in June, reports fe Bureau in New Delhi. OIL’S NOT WELL Sri Ganganagar* 113.07 IN THE NEWS Centre sets H2 borrowing target of `5.03 lakh crore Sept 27, 2021 in New Delhi. Upon receiving complaints of non-compliance of its code, to be notified soon, the insolvencyregulatorwillprobeallegationsof wrong-doing against financial creditorswho are part of the powerful CoC that decides on key issues like haircut. ■ Report on Page 2 REVIVAL PLANS Promoters may invest `10,000 cr in Voda Idea: Govt KIRAN RATHEE New Delhi, September 27 THE PROMOTERS OF Vodafone Idea — Vodafone Plc and the Aditya Birla Group — have assured the government that they would put equity capital into the company, officials in theDepartmentofTelecommunications (DoT) told FE. The officials said the company executives have conveyed they intend to invest around `10,000crore in the company. Queries sent to Vodafone Idea and Vodafone Plc on Monday remained unanswered till the time of going to the press. TheDoTofficialstoldFEthey are hopeful that Vodafone Idea would be in a much betterpositionwiththeinvestmentsbythe promotersandthecompetitivenessofthetelecomsectorwould remain intact. They also said guidelines will soon be announced for companies to pay the interest component of their AGRand spectrum dues byway of equityto the government. The telecom relief package approved by the government has deferred payment of the AGR and spectrum dues of the operatorsbyfouryearsbutwith the net present value (interest) protected.With regard to pay- RECOVERY HOPES In 2020, Vodafone Idea said it would raise `25,000 cr from investors It later said AGR dues & tariff structure issues a concern among investors Last week, VIL CEO said govt's telecom package has brought back investor interest VIL to go for fundraise & promoters have the option to participate, the CEO said Telco to take the lead in raising tariffs at the right time mentoftheinterestthusaccruing, the government has given theoperatorstheoptionofpaying bywayof equity. Continued on Page 2 AMRITSAR GHAZIPUR FIGHTING ON Farmers block a road at Ghazipur border during Bharat Bandh to protest against the new farm laws on Monday; protesters block railway tracks in Sonipat; protesting farmers shout slogans in Amritsar FUTURE-READY Special Feature Keep your emotions in check in the stock market BSE SENSEX 27950 Apr 2020 ` 27590 60,000 sep 2021 In the world of investing, emotions often cause investors to make suboptimal decisions. So go by facts and figures, rather than your feelings and intuitions ■ Personal Finance, P7 QuickPicks Steel, manufacturing & mining firms boost advance tax receipts AIDED BY robust performance of sectors such as steel, manufacturing and mining, Q2FY22 advance tax collections rose by 52% on year to `1.72 lakh crore and 21% over the corresponding quarter in FY20, reports Prasanta Sahu in New Delhi. “The sectors that have done well in advance taxes (up to Q2FY22) include steel, manufacturing, mining. Steel is doing even better than FY20, so is pharmaceuticals, wholesale trade and financial services,” revenue secretary Tarun Bajaj told FE. PAGE 2 MD ouster demand: Will take action as per law,says Zee Ent ZEE ENTERTAINMENT Enterprises on Monday said it will take "necessary action as per applicable law" amid demand for the ouster of MD Punit Goenka by two institutional investors, reports PTI. Two investment firms — Invesco Developing Markets Fund and OFI Global China Fund LLC, which together hold 17.88% stake in ZEEL — had earlier this month sought an extraordinary general meeting to remove Goenka and two independent directors. PAGE 4 BPCL plans `1-lakh-cr investment in 5 years FE BUREAU Mumbai, September 27 PRIVATISATION-BOUNDBharat Petroleum (BPCL) has drawn up plans to invest over `1 lakh croreinthenextfiveyears,asthe country’s second-largest fuel retailer shifts focus towards petrochemicals, renewables, electricmobilityandotheralternative fuels. Chairman Arun Kumar Singh told reporters on Monday after the annual general meeting that the company was looking to create a 1,000 MW portfolio of renewable power generation capacity, mostly through acquisitions whileitwouldalsoinvestinbiofuels andhydrogen. The break-up of the investment plan includes: petrochemicalcapacityandimproving refining efficiencies (`30,000 crore) and gas prolif- Spending plans `30,000 cr Enhancing petchem capacity, improving refining efficiencies `20,000 crore on gas proliferation `18,000 cr Upstream oil & gas exploration, production; equal amount for augmenting marketing infra `5,000 cr on renewable energy and `7,000 crore on biofuels eration (`20,000 crore). Continued on Page 2 Govt to reauction 11 coal blocks THEUNIONcoalministryhas decided to reauction 11 coal mines,which received tepid response in the last round held in August,with one bidder for each, reports fe Bureau in NewDelhi.The blocks being reauctioned includesixassetsthatarefully explored and five partially explored ones.The coal ministrywillholdapre-bidmeeting for these 11 mines on October 11, and companies will have to submit bids by November29. ■ Page 3 CHENNAI/KOCHI
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