OPINION, P6 ECONOMY, P2 D GUPTA & K KRISHAN Coal targets need to be reset in keeping with green goals INTERNATIONAL, P8 EDITORIAL TO BE NOTED NOMINATION HEARING Need to open up boosters for all senior citizens, persons with co-morbidities and immune afflictions ‘Start-ups can play vital role to democratise and socialise healthcare availability’ Powell faces vetting on Fed’s tightening plans, climate change NEW DELHI, TUESDAY, JANUARY 11, 2022 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL. XLVII NO. 269, 16 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: 60,395.63 ▲ 650.98 NIFTY: 18,003.30 ▲ 190.60 NIKKEI 225: 28,478.56 ▼ 9.31 HANG SENG: 23,746.54 ▲ 253.16 `/$: 74.04 ▲ 0.27 `/€: 83.85 ▲ 0.23 BRENT: $81.64 ▼ $0.11 GOLD: `47,415 ▲ `20 IN THE NEWS Over 1 m 60-plus, healthcare workers get third Covid jab WITHTHE GOVERNMENT launching booster shots for Covid-19, nearly 11 lakh doses were given on Monday, reports fe Bureau in Pune.This included 7.32 lakh doses to healthcare and frontline workers and 3.41 lakh shots to those over 60 years. India, South Korea to discuss greater trade balance today INDIAAND SOUTH Korea will hold talks on Tuesday, which will focus on addressing New Delhi’s concerns on trade imbalance with Seoul, market access issues and non-tariff barriers, reports fe Bureau in New Delhi. Amazon moves SC against HC order staying arbitration AMAZON HAS MOVED the Supreme Court against the Delhi High Court’s order that stayed the arbitration proceedings initiated by the e-commerce giant before a Singapore tribunal against Future Retail, reports fe Bureau in New Delhi. ‘Demand for AI and ML roles to surge in 2022’ INCREASED ADOPTION OF technology will boost the demand for talent in artificial intelligence and machine learning roles, with investments in these fields in India may continue to grow at a CAGR of 33.49% till 2023, reports fe Bureau in Mumbai. Equity MF inflows more than doubles to `25,000 cr in Dec INFLOWS IN EQUITY-LINKED mutual fund schemes more than doubled to `25,076.71 crore from `11,614.73 crore in November 2021, defining heightened interest from retail investors, reports fe Bureau in Mumbai. REVVING UP THE HEAVY INDUSTRIES ministry on Monday said as many as 115 companies, both domestic and global,have filed applications to take advantage of the `25,938-crore production-linked incentive (PLI) schemefortheautomobileand auto component industries. While the ministry didn’t reveal the names of investors, sources told FE that Maruti Suzuki,Tata Motors,Mahindra Group, MG Motor, Bajaj Auto, Hero MoroCorp andTVS Motor areamongtheapplicants.Similarly,companieslikeToyotaAuto Optimism Nervousness Fear Investors reduce exposure as they expect new benchmark bond for Friday auction Maruti Suzuki, Tata Motors, Mahindra Group, MG Motor, Bajaj Auto, Hero MotoCorp and TVS Motor No. of Category applications Champion OEM (Excluding 2W & 3W) 13 7 9 83 Non-automotive investor (OEM) Component champion 3 Non-automotive investor (Component) APPLEONMONDAYsaidthe workers at its contract manufacturing firm Foxconn’s plantatSriperumbudur,near Chennai,will return to work gradually, reports Sajan C Kumar in Chennai. The ■ 10-year bond yield (%) 6.80 Parts,Minda Group and Lumax have applied for incentives for componentmanufacturing. Continued on Page 2 operationswillberesumedin a step-by-step manner at the factory as hostels and dormitories get ready and certified as per local requirements by the government andApple’s audits. ■ Page 4 6.59 6.601 6.60 6.40 6.00 5.80 YIELDS ON BENCHMARK bondsrosebymorethan4basis points on Monday, following a surgeinyieldsonUSTreasuries and uptick in oil prices in the internationalmarket.Addingto this, investors have reduced theirexposurebecausetheyare expecting the Reserve Bank of India to announce new benchmark securities that to be auctioned in the weekly bond auction on Friday. The 10-year benchmark 6.10%-2031 bond yield ended at 6.5896% against 6.5423% on Friday. Since last week, the yield on the benchmark bond is up more than 13 bps.The selloffislargelybecauseofdevolvement by the RBI in the weekly bond auction. “This is on the backofauctiondevolvementon Friday on primary dealers,” said SandeepYadav,seniorvicepresident, head-Fixed Income, DSP Investment Managers. YieldsonUSTreasuries rose 5.40 Covid curbs Fintech firm eyes valuation of up to $7 billion 5.60 January 31, 2020 ■ `/$ January 10, 2022 Intra-day, Jan 10 Inverted scale 73.98 74.04 82.2 74.03 74.08 82.0 74.15 81.76 81.8 81.6 74.13 81.4 74.18 74.23 ■ Brent ($/bbl) Intra-day, Jan 10 82.4 Open Previous close: 74.31 Close on Friday by 3 basis points and ended at 1.77% after December's non-farm payroll grew by 1,99,000 and unemployment rate dropped to 3.9%. Since start of this year, the yield on 10-year USTreasury notes rose by 13 basis points.In India,the bond market has not got much 81.66 81.2 81.0 Previous close: 81.75 Open @IST 4.40 PM support from the RBI and, hence,it is reflecting onyields. Additionally, the surge in crudeoilpriceshasalsoweighed on bond yields, as it is creating inflationarypressurethatcould lead to rate hike bythe RBI. Continued on Page 2 PINE LABS, AN Asian digital payments provider backed by Sequoia India and Mastercard, is moving aheadwith preparations for a US listing and seeks to raise about $500 million, according to people familiar with the matter. The companyhas filed confidentially with the US SecuritiesandExchangeCommission for an initial public offering in NewYork as soon as in the first halfofthisyear,thepeoplesaid. ThelistingcouldgivePineLabs a valuation of about $5.5 billionto$7billion,theysaid,askingnottobeidentifiedbecause SHARESOFONE97Communications, the parent companyofPaytm,hityetanother low of `1,151.00 on the BSE onMonday,afterforeignbrokerage Macquarie maintained its ‘underperform’rating, Business resumption stumbles on third wave The Nomura India Business Resumption Index fell sharply to 109.9 for the week ended January 9 from a downwardly revised 119.8 during the prior week (120.3 previously). The index now stands ~10pp above pre-Covid levels. The adverse growth impact of the third wave should be more muted than previous waves, but services will still take a larger hit 110 109.9 Resumption Index 94.3 100 120.2 95.8 82.1 90 80 68.8 70 60.4 60 50 45.2 40 Source: Nomura Global Economics March 8, 2020 January 9, 2022 RBI REPLY Behavioural biases arise due to your emotions and influence your investment decisions. If not recognised and harnessed, they can present a real risk to your finances ■ Personal Finance, P7 QuickPicks Survey shows marginal rise in jobs in non-farm sectors in Sept quarter TOTAL EMPLOYMENT generated by nine select sectors stood at 3.1 crore in the July-September 2021 quarter, just 2 lakh more than that of the April-June period, according to a quarterly employment survey (QES) released on Monday, reports Surya Sarathi Ray in New Delhi. The second QES also revealed that employment in these sectors during the JulySeptember period rose on quarter only in four sectors — healthcare, IT/BPO, education and transport — while it fell in manufacturing, trade, financial services, accommodation & restaurant and construction sectors. PAGE 2 Copyright suit against Fortis,others in US seeks $6.5 bn in damages FORTIS HEALTHCARE on Monday said a USbased entity has filed a suit against it and various others, including IHH Healthcare Berhad, for alleged "copyright infringement and tortious interference with contracts", seeking damages in excess of $6.5 billion, reports PTI. Emqore Envesecure, a trust settled under the laws of Wyoming, has filed a suit against 28 named defendants and 21 non-party defendants, including Fortis Healthcare and IHH Healthcare Berhad before the US District Court, District of New Jersey, USA, the healthcare major said in a regulatory filing. PAGE 4 ‘Disclosing names of NUE applicants to hurt competitive positions’ SHRITAMA BOSE Mumbai, January 10 THE RESERVE BANK of India (RBI) has said disclosing the names of applicants for the new umbrella entity (NUE) licences will hurt their competitive positions. In response to a Right to Information (RTI) query by FE, the central bank declined to share details of the licensingprocesswhichwasset in motion inAugust 2020.The deadline for sending in applications was March 31,2021. NUEs were envisaged as for-profit or not-for-profit institutions offering services intherealmofretailpayments. Six consortia formed by various banks, card networks and corporate groups are reported to have put in applications to set up NUEs. The regulator has in the past made public the names of ■ Six consortia formed by various banks, card networks and corporate groups reported to have put in applications to set up NUEs ■ New umbrella entity licensing process envisages establishment of NPCI rivals ■ RBI in the past made public names of applicants for licensing of universal banks, payments banks, SFBs in 2015 & 2021 applicants forlicensing of universal banks, payments banks and small finance banks in 2015 and 2021. Continued on Page 2 Govt mulls second revival package for BSNL THE GOVERNMENT IS considering providing a second, but smaller, revival package to BSNL and preliminary talks have already begun in this regard, reports Kiran Rathee in New Delhi. According to sources, the and Mastercard, the start-up filed confidentially with the US SEC ■ Eyes listing in New York as soon as in the first half of this year ■ Talks are ongoing, details such as the size and timing could still change ■ Pine Labs serves over 150,000 merchants in India, West Asia and Southeast Asia the matter is private.Goldman SachsGroupandMorganStanley are the lead banks on the deal,the people said. Continued on Page 2 Paytm shares down 46% from listing price as analysts flag several concerns FE BUREAU 120 Nomura India Business ■ Backed by Sequoia India MANUEL BAIGORRI, SARITHA RAI & BAIJU KALESH January 10 6.20 FE BUREAU Mumbai, January 10 Foxconn to gradually resume operations at TN plant; unit under Apple’s probation Five behavioural biases that trip up investors Elation Likely candidates Champion OEM (2W & 3W) FE BUREAU New Delhi, January 10 Special Feature Optimism Bond yields hit 2-yr high Pine Labs to seek as US Treasuries surge $500 m in US IPO Auto PLI draws 115 applicants List features veritable who’s who of the industry, both domestic and global FUNDRAISING PRESSURE POINT state-owned ailing firm, which was given a `70,000crore revival package in October2019,isnowseeking support for 4G rollout and settlement of AGR dues owed byit to clean up its balance sheet. ■ Page 2 New Delhi reports fe Bureau in Mumbai.Analystshaveflaggedseveral concerns surrounding the company ranging from lowerearningsestimates,rich valuationstoseniormanagement departures. ■ Page 9