OPINION, P6 MAHESH UPPAL ECONOMY, P2 Govt must delicense 6 GHz and V bands for superior Wi-Fi INTERNATIONAL, P8 EDITORIAL FINANCIAL HEALTH COPYING PRODUCTS Inequality needs urgent attention; need to meaningfully drive down fruits of economic growth Finmin asks PSU general insurers to rationalise branches, cut expenses US senator urges Amazon breakup, India retailers want probe AHMEDABAD, FRIDAY, OCTOBER 15, 2021 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOLUME XVI 116, 16 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: 61,305.95 ▲ 568.90 NIFTY: 18,338.55 ▲ 176.80 NIKKEI 225: 28,550.93 ▲ 410.65 HANG SENG: 24,962.59 ▼ 362.50 `/$: 75.26 ▲ 0.11 `/€: 87.38 ▼ 0.26 BRENT: $84.19 ▲ $1.01 GOLD: `47,899 ▲ `651 IN THE NEWS Import surge drives Sept trade deficit to record $22.6 bn MERCHANDISE EXPORTS ROSE 22.6% in September from a year ago, as orders from critical western markets and China continued to flow in, reports fe Bureau in New Delhi. However, imports surged at a much faster pace of 84.8%, driving up the trade deficit to a record $22.6 billion in September Power plants get coal priority, other industries face crisis WITH THE CENTRE taking several steps to address the issue of coal shortage at numerous power plants across the country, other industries and several other factories that run on captive power have started complaining about a fuel crisis, reports Anupam Chatterjee in New Delhi. Govt notifies rules to settle Vodafone retro tax case THE GOVERNMENT HAS notified a fresh set of rules to facilitate settlement of the retrospective tax dispute with British telecom giant Vodafone, reports PTI. The CBDT prescribed the forms and conditions for the declaration to be filed by the company for settling its case. BITTER BATTLE Why didn’t Invesco make RIL plans public earlier? Asks Goenka RECORD RUN Markets continue to climb new peaks TRADE WINDS Questions why rules of good corporate governance didn’t apply to institutional investors Sensex soars past 61,000-mark for the first time Goyal says talks to be over and above current negotiations with Australia, UK, UAE and EU FE BUREAU Mumbai, October 14 ZEE ENTERTAINMENTENTERPRISES(Zee)managingdirector and chief executive officer Punit Goenka on Thursday issued a statement that questioned Invesco Developing Markets Fund’s earlier silence on the proposed merger with RelianceIndustries(RIL)inFebruary this year. In what he hoped would be his “first and last communication” on the matter, Goenka, on a personal note,questionedInvescofornot making its plans public earlier. Hewentastepfurtherandwon- Will continue to take steps to safeguard Zee, says Goenka PRESS TRUST OF INDIA Mumbai, October 14 Reiterates that merger with RILwas not in favour of shareholders ■ ‘Current situation is disappointing’ ■ ‘Breaking silence at the right time’ Lawyers to do needful in court deredwhytherulesofgoodcorporategovernancedidn’tapply to institutional investors. Continued on Page 2 HCLTech net profit rises 3.7% in Q2 HCL TECHNOLOGIES ON Thursdayposteda3.7%Rise in consolidated net profit after tax to `3,263 crore in Q2endedSeptember,reports PTI. It had posted a profit of `3,146 crore a year ago. HCL’s consolidated revenue from operations jumped 11% to `20,655 crore during the reported quarter from `18,594 crore inthecorrespondingquarter of 2020-21. ■ Page 5 BENCHMARK INDICES SENSEX and Nifty raced to fresh record highs by notching their sixth straight session of gains on Thursday as participants cheered improving macroeconomic data and positive global cues. Going past the 61,000mark forthe first time ever,the Sensexsoared568.90pointsor 0.94%tofinishatanewclosing peak of 61,305.95.It also marked its fresh intraday record of 61,353.25in the day’s trade. Similarly, the NSE Nifty surged 176.80 points or0.97% toanewlifetimeclosinghighof 18,338.55.Intraday,it touched a new record of 18,350.25 before easing some gains towards the fag-end of the session.In the past six trading sessions,theSensexhasaddedover 2,116 points,and the Nifty has gatheredmorethan692points. Meanwhile,internationaloil benchmark Brent crude rose 1.02% to $84.03 perbarrel.On the forex market front,the rupeerecovered11paisetoendthe sessionat 75.26 to the dollar. Sensex 61,305.95 61,500 61,000 60,048.47 60,500 FE BUREAU New Delhi, October 14 60,000 59,500 59,000 58,500 58,765.58 Sept 24, 2021 Oct 1, 2021 ■ Nifty50 18,338.55 18,250 17,200 6.320 17,380 16,850 Sept 14, 2021 Oct 14 ■ `/$ 6.315 6.316 Previous close: 6.315 Open Close COMMERCE AND INDUSTRY minister Piyush Goyal on Thursday said two more countries and a bloc of nations have evincedinterestinforgingtrade pacts with India,which reflects growing interests among key economies in bolstering their trade engagement with New Delhi in a post-Covidworld. While Goyal didn’t name these economies, he said talks with them will be over and above India’s current negotiationswithAustralia,theUK,the UAE and the EU for free trade agreements(FTAs).Theinterest was shown in bilateral meet- There will be concerted efforts to bolster infrastructure through the PM GatiShakti. "Two more countries and one bloc have evinced interest in forging trade agreement... There is a lot of enthusiasm among nations to boost trade with India." —PIYUSH GOYAL, COMMERCE AND INDUSTRY MINISTER ings at the recently-concluded G20 ministerial in Sorrento, Italy.Goyalheldabout15meetingswiththetradeministersof various countries, including South Korea, South Africa, the US,Brazil,China and the EU. Continued on Page 2 ■ Brent ($/bbl) Intra-day, Oct 14 Inverted scale 75.15 Intra-day, Oct 14 84.4 84.6 75.29 75.26 84.2 83.8 83.45 75.30 75.35 75.40 6.329 6.325 17,550 75.25 Intra-day, Oct 14 6.335 6.330 17,900 75.20 Oct 14, 2021 ■ 10-yr bond yields (%) 18,600 India to start talks for three more FTAs Previous close: 75.37 Open Close 83.4 83.0 Previous close: 83.18 Open @IST4:34 PM WPI inflation falls to 6-month low in Sept WHOLESALE PRICE INFLATION eased to a six-month lowof 10.66% in September, in sync with a drop in retail inflation,as price pressure in foodsloweddownfurtherand the damaging impact of an inconducivebasewanedatad reports fe Bureau in New Delhi. However, it’s still too high for comfort,as inflation inpowerandfuel,andmanufactured products continued toremainelevated. ■ Page 2 Ahmedabad
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.