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LXII NO. 15, 12 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 WWW.FINANCIALEXPRESS.COM READ TO LEAD SENSEX: 61,308.91 ▲ 85.88 NIFTY: 18,308.10 ▲ 52.35 NIKKEI 225: 28,333.52 ▲ 209.24 HANG SENG: 24,218.03 ▼ 165.29 `/$: 74.24 ▼ 0.09 `/€: 84.81 ▲ 0.16 BRENT: $85.90 ▼ $0.16 GOLD: `47,983 ▲ `132 ON THE BOIL Bond yields hit two-year high; Brent near $86 IN THE NEWS WEF: PM asks global firms to invest in India PRIME MINISTER Narendra Modi on Monday pitched India as an attractive investment destination, calling on global firms to take advantage of a raft of reforms undertaken by his government in critical areas ranging from corporate taxation to reduction in corporate compliance burden, reports fe Bureau in New Delhi. He was delivering a special address at the World Economic Forum’s Davos Agenda through video conference. UltraTech Q3 profit up 7.9% at `1,710.14 cr ADITYA BIRLA group firm UltraTech Cement on Monday reported a 7.92% increase in its consolidated net profit to `1,710.14 crore in the third quarter ended December 2021 as trade sales were impacted and overall cement demand remained subdued during the period, reports PTI. 10-year bond yield (%) AGENCIES Mumbai, January 17 Intra-day, Jan 17 6.65 BOND YIELDS HIT a two-year high on Monday, tracking an uptick in US yields and a continued rise in global crude oil prices which has raised expectations of rate increases by the Reserve Bank of India (RBI). US Treasury yields rose on Fridayand stayed higherinAsia trade as a batch of soft consumer and manufacturing activitydatawereseenasnotenough to derail the Federal Reserve’s path of tightening policy. Brent crude climbed to $86.71, its highest since October 3, 2018, during the day’s session, while the rupee declined by 10 paise to close at 74.25 against the dollar.At the Brent ($/bbl) Intra-day, Jan 17 87.3 6.63 6.62 6.61 6.60 6.609 Open Previous close: 6.582 Close interbank foreign exchange market, the local currency opened at 74.18 against the dollar and witnessed an intraday high of 74.16 and a low of 74.36 during the session. Continued on Page 2 `/$ 74.16 85.83 86.3 Intra-day, Jan 17 Inverted scale 74.18 74.24 74.22 86.15 74.28 85.3 84.8 6.64 74.10 86.8 85.8 6.638 74.34 Previous close: 86.06 Open IST@6.25 PM 74.40 Previous close: 74.15 Open Close ● PLEA DISMISSED SC upholds winding up of Devas Multimedia FE BUREAU New Delhi, January 17 THE SUPREME COURT on Monday upheld the National Company Law Tribunal’s May 2021 order to wind up Bengaluru-based Devas Multimedia, whichhasoverthelastone-anda-halfdecadebeenembroiledin a controversyoverits 2005 pact with Isro’s commercial arm Antrix Corporation,which was laterfoundtobefraudulent. Even as the criminal aspects of the case are yet to be decided legally and Devas is equipped withinternationalarbitralawardsagainstAntrix,SCheld,“ifthe seedsofthecommercialrelationshipbetweenAntrixandDevas were a product of fraud perpetratedbyDevas,everypartofthe plant that grew out of those seeds, such as the agreement, thedisputes,arbitralawardsetc, are all infected with the poison of fraud.Aproduct of fraud is in conflictwiththepublicpolicyof anycountry,including India.” NCLT, Bengaluru, had ordered the winding up of Devas andalsoappointedaprovisional liquidator, saying the firm was incorporated with a fraudulent motive to collude and connive with the then officials ofAntrix to get bandwidth from it. Continued on Page 2 Covid impact FE BUREAU Third wave derails business resumption Axis Bank closing in on Citi India's consumer biz Hit by the third Covid wave, mobility declined and labour participation fell further, dragging down the Nomura India Business Resumption Index to 102.9 for the week ended January 16 from 107.9 the previous week. 120 Nomura India Business AXIS BANK has emerged as the frontrunner to buy Citi's consumer business in India, which is being valued at around $1.5 billion in a planned deal that's likely to happen this month, two sources told Reuters. Kotak Mahindra Bank is still in the race but has submitted a lower bid, they added. 110 120.2 112.4 Resumption Index 92.4 100 90 70 70 50 99.3 81.4 80 60 60.4 45.4 40 Source: Nomura Global Economics February 16, 2020 5G SPECTRUM 102.9 January 16, 2022 FIXING ALM Trai to review auction payment terms As credit growth picks up, banks hike deposit rates KIRAN RATHEE & RISHI RAJ New Delhi, January 17 SHRITAMA BOSE Mumbai, January 17 ber last year, the government announcedarevivalpackagefor telcos in which they provided a four-year moratorium on payment of spectrum dues. Continued on Page 2 4.9 5.1 Axis Bank 5.75 4.9 BoB ICICI Bank 5.25-5.45 HDFC Trai to assess if similar relief to be given for fresh spectrum buy Rate of interest on one-year retail FD (in %) Yes Bank ■ In 2019, govt gave an extra 2-year moratorium; in 2021, 4 more years given FD 4.9 they get a 2-year moratorium; balance to be paid over 16year period BANK HDFC Bank ■ Post this, SOME LARGE BANKS have raised theirretail deposit rates by 10-25 basis points (bps) over the last two weeks in an environment where the pace of credit growth has quickened. Bankers said the rate adjustments are also somewhat technical in nature, as lenders need to adjust their asset liability management (ALM) positions in keeping with regulatory norms. StateBankofIndia(SBI)has raised its interest rate on oneyeardeposits of under`2 crore by 10 basis points to 5.1% per annum, effective January 15. HDFC Bankwill pay5-10 basis points more than earlier on retail depositswith maturities of over two years.Yes Bank has raised rates by up to 75 bps in some buckets. One-year 5.1 to pay part of bid amount upfront depending upon spectrum bands SBI THETELECOM REGULATORY Authority of India (Trai) will decide whether operators would get a four-year moratorium or longer after upfront payment for fresh spectrum theyacquireinthe5Gauctions to be held later this year,or the two-yearmoratorium—which has been the past practice — would continue. Trai will also decide if operators need to pay any upfront amount — a portion of total bid amount — or the same would be waived this time. The government will go by its recommendations, sources said. Anotherissuetobereviewed byTrai this time is the duration of payment of spectrum dues bywayofdeferredinstalments. Sources said all these issues are up for review as in Septem- ■ Telcos need Source: Banks depositsofunder`2crorewith Yes Bank now yield 5.75%, up from 5.5% in December. Continued on Page 2 KATHAK MAESTRO A storyteller who blurred gender norms SUANSHU KHURANA BACK IN 2010, at a concert in Delhi’sKamaniauditorium,Girija Devi sang the lilting Hori — Rang daarungi nand ke laalan pe, rang daarungi — a Braj bhaasha piece about Radha’s explicitdesiretocolourKrishna. NexttohersatPtBirjuMaharaj, who embodied Radha in the moment–theadakaariinplace, the heart in tow. As he interpretedthisonelineinnumerous ways,hearticulatedthedesireof a woman,with all its sensuality in place. In the middle of the piece, Girija Devi draped her shawl over Maharaj’s head. Maharajacknowledged,turning PT BIRJU MAHARAJ 1938 – 2022 the shawl into his veil.Tumultuousapplausefollowed.“Idon’t know a single woman dancer whocanbeabetterRadha,”Devi would sayoften. Arare combination ofvirtuosity and expression,grace and control, Pt Birju Maharaj,who became synonymous with Kathak,passed away in Delhi at the age of 83.He suffered from kidney ailments and had been ondialysisforsomemonths.He contractedCovidafewdaysago and had a heart attack on Mondaymorning. Maharaj’s oeuvre was not just about dazzling performances, choreographies, and thatdelicateglanceoftheeye.It wasalsoabouthisintrepidbelief that dance could convey just about everything.Gender,in all of this, rarely mattered as he soughttomovebeyondanyconstraintsthathisartformoffered. Continued on Page 2
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