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Petrol rate cut for 2nd time in six months, diesel price dips below Rs 73

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Petrol price in the national capital fell to Rs 81.86 a litre from Rs 81.99 per litre. This is the second reduction in rates in three days.

NEW DELHI: Diesel price on Saturday fell below Rs 73 a litre mark while petrol saw a second reduction in rates in six months, according to state-owned fuel retailers.

While petrol price was cut by 13 paise per litre on Saturday, diesel rates dropped by 12 paise, price notification of state-owned fuel retailers said.

Petrol price in the national capital fell to Rs 81.86 a litre from Rs 81.99 per litre. This is the second reduction in rates in three days.

Petrol price was for the first time cut in six months on September 10 when rates were reduced by 9 paise a litre.

Diesel price fell to Rs 72.93 per litre in the national capital from Rs 73.05. Diesel rates had seen their first reduction since mid-March on September 3. Since then, rates have fallen by 63 paise.

The September 3 was the first reduction in diesel price since mid-March when Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) froze rates for 82 days to adjust a record hike in excise duty on auto fuels against falling benchmark cost.

Diesel rates had gone up by Rs 12.55 a litre between June 7, when oil firms resumed revising prices in line with cost, and July 25.

Diesel price has remained unchanged in the country since July 25, except in Delhi where a reduction in VAT lowered the rate by Rs 8.38 per litre.

Petrol price went up by Rs 9.17 per litre between June 7 and June 29 before hitting a pause. The revision cycle again started on August 16 and rates have gone up by Rs 1.51 since then.

In all, the petrol price has risen by Rs 10.68 since June 7. State-owned fuel retailers revise rates of petrol and diesel daily based on the average price of benchmark fuel in the preceding 15 days.

Xi Jinping’s aggressive moves against India ‘unexpectedly flopped’: Report

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Xi, already roiling the Communist Party with a “rectification” campaign and mass persecution of foes, will launch “another brutal purge” following the Chinese army’s failures on the Indian border.

WASHINGTON: Describing Xi Jinping as the “architect” of the PLA’s recent aggressive moves against India, a leading US magazine has reported that the Chinese President has risked his future with the high-profile incursions into Indian territory that “unexpectedly flopped” in the face of ferocious fightback by the Indian Army.

Xi, 67, already roiling the Communist Party with a “rectification” campaign and mass persecution of foes, will launch “another brutal purge” following the Chinese army’s failures on the Indian border, the Newsweek said in an opinion piece

“Unfortunately for Xi, he is the “architect” of these aggressive moves into India and his People’s Liberation Army (PLA) has unexpectedly flopped.

The Chinese army’s failures on the Indian border will have consequences,” it said, adding that the recent developments give Xi an excuse to pick up the pace of replacing adversaries in the armed forces with loyal elements.

“More important, the failures motivate China’s aggressive ruler- who as chairman of the Party’s Central Military Commission, is the leader of the People’s Liberation Army (PLA) and the ruling Communist Party of China – to launch another offensive against Indian positions,” the magazine warned.

Tensions escalated manifold along the LAC in eastern Ladakh after the Galwan Valley clashes on June 15 in which 20 Indian Army personnel were killed.

The Chinese side also suffered casualties but it is yet to give out the details.

“China is thought to have suffered at least 43 deaths in the Galwan clash,” the magazine said.

Citing Cleo Paskal of the Foundation for Defense of Democracies, it said the number of Chinese killed could exceed 60.

“Indian troops fought back ferociously. Beijing won’t admit the extent of the debacle,” it said.

It said that late last month, for the first time in a half-century, India carried out an offensive against China, taking back high ground the Chinese recently grabbed.

“China’s forces were surprised when Indian troops mounted their attempt to retake strategic high points. Stunned Chinese soldiers retreated,” it said.

“China’s subsequent efforts to counter the Indian moves proved ineffective. At least for the moment, India’s troops, in the southernmost of the three areas of conflict, are in control of territory once in Chinese hands,” it added.

It said the PLA Ground Force can move against undefended targets.

However, it is not clear how effective it is in battle.

“The Ground Force does not have a track record of success in contested situations. Its last major engagement was in 1979 when, in the effort to ‘teach Vietnam a lesson,’ the Chinese troops were repelled and humiliated by their much smaller neighbour,” the magazine noted.

“India is not giving the invaders the opportunity to improve,” it said, adding that India’s troops are displaying “newfound boldness”.

“The game has changed,” Paskal said.

“You can say the Indians are more aggressive or more aggressively defensive, but they are in fact bolder and better.”

“The setback in the Himalayas poses problems for Xi, which means it poses a problem for everyone else,” it added.

It said that in China’s highly politicised system, the setbacks in Ladakh cannot be perceived as Xi’s fault, so he will almost surely purge elements of the military.

“PLA leaders begin to see little choice but to undertake offensive military actions to avoid becoming a victim of Xi’s internal terror,” said Richard Fisher of the Virginia-based International Assessment and Strategy Center.

The Indian Army and the PLA have been locked in a tense standoff in multiple areas along the LAC in eastern Ladakh since early May.

Following fresh confrontation around the southern bank of the Pangong lake, India further bolstered its military presence in the region by sending additional troops, battle tanks and other weaponry.

Amidst the very tense situation in eastern Ladakh, India and China reached an agreement to resolve their border row at a meeting between External Affairs Minister S Jaishankar and his Chinese counterpart Wang Yi in Moscow on September 10 on the sidelines of a Shanghai Cooperation Organisation (SCO) meet.

The agreement included measures like quick disengagement of troops, avoiding action that could escalate tensions, adherence to all agreements and protocols on border management, and steps to restore peace along the LAC.

It also mentioned that the two sides should expedite work to conclude “new confidence-building measures” to enhance peace and tranquillity in the border areas.

However, the agreement has not mentioned any timeline for the disengagement of troops.

South Korea eases restrictions as coronavirus cases drop

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South Korea: Government >> globalEDGE: Your source for Global Business Knowledge

SEOUL: South Korea has reported its lowest daily virus tally in about a month as it began easing its tough social distancing rules in the greater Seoul area.

The Korea Disease Control and Prevention Agency said on Monday that the 109 new cases added in the past 24 hours took the country’s total to 22,285 with 363 deaths.

It’s the 12th consecutive day for South Korea’s daily jump to stay in the 100s. The 109 additional cases are also the lowest daily tally since mid-August.

The government on Sunday relaxed its physical distancing guidelines in the Seoul metropolitan area, citing a downward trend in new infections and worries about public livelihoods.

Under new distancing rules that are formally effective from Monday for two-weeks, franchise cafes and bakeries are allowed to have customers drink and eat inside their shops while indoor gyms and after-school academics can reopen. A ban on dining at restaurants after 9 p.m. was also lifted.

These facilities are still required to impose some distancing rules like having visitors sit at least one seat apart from each other or wear masks.

BJP bickers with NPP over funds, threatens to quit Meghalaya government

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GUWAHATI: A war of words has broken out between allies BJP and National People’s Party (NPP) in Meghalaya over alleged misappropriation of Central funds.

The fight has come to such a pass that the BJP threatened to pull out of the NPP-led ruling alliance. The BJP, a constituent of the ruling alliance, has two MLAs and one of them is a minister.

BJP alleged that funds, allocated to Garo Hills Autonomous District Council and Jaintia Hills Autonomous District Council by the Centre under Special Assistant Grant for the development of under-developed areas, had been misappropriated in the names of ghost bridges, footpaths and repair works of official buildings and guest houses. The NPP rules both the councils.

Demanding a CBI probe in the matter, BJP state president Ernest Mawrie said they would not tolerate any “corrupt practices”.

“We will raise the matter with the state government. If it fails to take cognisance of it, we will be left with no choice but to pull out our support,” Mawrie threatened.

The NPP dared the BJP to withdraw from the coalition. NPP state unit president WR Kharlukhi said the BJP appeared headed towards a “tin-pot dictatorship”.

“If he (Mawrie) is so convinced that we are corrupt, why don’t they pull out of the alliance? They could have discussed the matter within the alliance instead of going to the media,” he said. Meghalaya is the second state in the Northeast where the relationship between the two parties has soured.

In June, all four NPP MLAs in Manipur had pulled out of the BJP-led government. They had returned to the government when the party’s central leadership, including Amit Shah, assured them that their grievances would be addressed.

India’s tally crosses 48 lakh mark with spike of 92,071 cases, 1,136 deaths

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With a spike of 92,071 new cases in 24 hours, India’s COVID-19 count breached the 48-lakh mark on Monday, informed the Union Ministry of Health and Family Welfare.

With this latest spike, the coronavirus cases across the country stand at 48,46,428. As per the Health Ministry, there are 9,86,598 active cases while 37,80,108 patients have been cured/discharged/migrated.

The country in the last 24 hours reported 1,136 deaths due to the pathogen taking the overall toll to 79,722.

As per the Ministry, Maharashtra continues to be the worst affected State from the infection with 2,80,138 active cases while 29,115 patients have succumbed to the virus in the State. Andhra Pradesh comes second with 95,733 active cases and 4,846 deaths.

Shiv Sena targets former Maharashtra CM Devendra Fadnavis over CAG report on ‘Jalyukt Shivar’

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Referring to the findings, the Shiv Sena said any scheme is good on paper, but the real question is about its transparent and effective implementation.

MUMBAI: Latching onto the CAG’s adverse remarks about the ‘Jalyukt Shivar’ scheme rolled out by the previous Devendra Fadnavis government, the ruling Shiv Sena on Thursday asked whether he will introspect now.

The ‘Jalyukt Shivar’ scheme had little impact in achieving water neutrality and increasing groundwater level, and its execution was characterised by lack of transparency, the CAG said in its report tabled in the Legislative Assembly on Tuesday.

A sum of Rs 9,633.75 crore was spent on the scheme, a flagship programme of the Fadnavis government (2014-19) that sought to make Maharashtra a drought-free state, the Comptroller and Auditor General (CAG) said.

The now-scrapped project involved deepening and widening of streams, construction of cement and earthen stop dams, undertaking work on nullahs and digging of farm ponds.

Referring to the findings, the Shiv Sena said any scheme is good on paper, but the real question is about its transparent and effective implementation.

“When there is a problem (with such implementation of a scheme), then the rant about it (the scheme) turns out to be hollow and expenses superfluous,” the Sena said in an editorial in party mouthpiece ‘Saamana’.

“Precisely this is what happened in the case of Jalyukt Shivar scheme,” the Shiv Sena, which was part of the Fadnavis government, said.

Had the implementation of the scheme been effective, water sufficiency would have been achieved in parts of the state in the real sense. But it did not happen, the Uddhav Thackeray-led party said.

“The real question is whether those who released high the balloon of the ‘Jalyukt (Shivar)’ will introspect now as to why its burst,” the party said, without naming Fadnavis.

Experts had criticised the scheme during the previous regime. But Fadnavis and others dismissed the criticism terming it as political and wrong, it added.

India putting up well-planned fight against COVID-19: Union Home Minister Amit Shah

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Amit Shah said India is putting up a well-planned fight against the pandemic under PM Narendra Modi’s leadership.

Home Minister Amit Shah

GANDHINAGAR: Terming coronavirus as an unprecedented challenge, Union Home Minister Amit Shah on Thursday said India is putting up a well-planned fight against the pandemic under Prime Minister Narendra Modi’s leadership.

The BJP leader asked people to take necessary precautions until a vaccine is found.

“Coronavirus is an unprecedented challenge for us. But we are fighting against it in a well-planned manner under the leadership of Prime Minister Narendra Modi and the entire world has recognised our efforts,” he said.

Shah, a Lok Sabha member from Gandhinagar inaugurated or performed ground-breaking ceremony for various projects worth Rs 134 crore in the constituency via video-conferencing.

Though coronavirus has slowed down the pace of ongoing developmental works in Gandhinagar, the pandemic won’t be able to hold back Gujarat or India for long, said Shah, who recently recovered from coronavirus infection.

Record 95,735 infections, 1,172 fatalities take COVID caseload past 44 lakh, death toll to 75,062

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There are 9,19,018 active cases in the country which comprise 20.58 per cent of the total caseload, the data stated.

NEW DELHI: The country saw a record single-day spike of 95,735 infections and 1,172 fatalities taking India’s COVID-19 caseload past 44 lakh and death toll to 75,062, while recoveries surged to 34,71,783 on Thursday, according to the Union Health Ministry.

The total cases mounted to 44,65,863, the ministry data updated at 8 am showed.

The fatality rate has dropped to 1.68 per cent while the recovery rate was at 77.74 per cent.

There are 9,19,018 active cases in the country which comprise 20.58 per cent of the total caseload, the data stated.

India’s COVID-19 tally had crossed the 20 lakh mark on August 7, it went past 30 lakh on August 23 and 40 lakh on September 5.

According to ICMR, a total of 5,29,34,433 samples have been tested up to September 9 with 11,29,756 samples being tested on Wednesday.

The 1,172 new deaths included 380 from Maharashtra, 128 from Karnataka, 74 from Andhra Pradesh, 71 from Punjab, 70 from Chhattisgarh, 65 each from Tamil Nadu and Uttar Pradesh, 53 from West Bengal and 31 from Madhya Pradesh.

The total 75,062 deaths included 27,787 from Maharashtra, 8,090 from Tamil Nadu, 6,808 from Karnataka, 4,638 in Delhi, 4,634 in Andhra Pradesh, 4,112 in Uttar Pradesh, 3,730 in West Bengal, 3,149 in Gujarat and 2,061 in Punjab, 1,640 from Madhya Pradesh, 1,178 from Rajasthan and 927 from Telangana.

The Health Ministry stressed that more than 70 per cent of the deaths occurred due to comorbidities.

“Our figures are being reconciled with the Indian Council of Medical Research,” it said on its website, adding that state-wise distribution of figures is subject to verification and reconciliation.

Centre to sell 15-20 per cent stake in IRCTC via offer for sale

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IRCTC shares Archives - The Indya

IRCTC, the only entity authorised by Indian Railways to provide catering services to railways, online railway tickets and packaged drinking water, was listed on stock exchanges in October 2019.

NEW DELHI: The government plans to sell about 15-20 per cent stake in IRCTC via offer for sale (OFS) and would like to complete the transaction in minimum number of tranches.

Last month, the Department of Investment and Public Asset Management (DIPAM) had invited bids from merchant bankers by September 10 for managing the sale in Indian Railway Catering and Tourism Corp (IRCTC).

However, it did not disclose the quantum of stake on offer in the Request for Proposal (RFP).

Following this, a pre-bid meeting was held on September 4 with potential bidders.

DIPAM has now posted its response to the queries raised by potential bidders on its website.

To a query on intended stake dilution percentage, DIPAM said, “The indicative percentage is 15 per cent to 20 per cent. The exact details will be shared with the selected merchant bankers.”

The government currently holds 87.40 per cent stake in IRCTC.

To meet Sebi’s public holding norm, it has to lower its stake in the company to 75 per cent.

Shares of IRCTC on Tuesday closed 2.57 per cent lower at Rs 1,378.05 on the BSE.

Asked if payment would be made by the government to merchant banker after completion of every single tranche or cumulatively after the completion of entire transaction, DIPAM said, “GOI would not like to have an OFS overhang and hence would like to complete the transaction in minimum number of tranches as advised by merchant bankers based on market conditions.

“In case more than one tranche is used, pro-rata payment would be made to the merchant bankers”.

IRCTC, the only entity authorised by Indian Railways to provide catering services to railways, online railway tickets and packaged drinking water at railway stations and trains in India, was listed on stock exchanges in October 2019.

The company had raised Rs 645 crore through the IPO.

IRCTC OFS would help the government inch forward towards meeting the Rs 2.10 lakh crore disinvestment target for ongoing fiscal.

Of this, Rs 1.20 lakh crore is to come from disinvestment of public sector undertakings and Rs 90,000 crore from stake sale in financial institutions.

However, DIPAM has not been able to sell stake in any CPSE so far in the current fiscal as the coronavirus outbreak has impacted equity markets.

However, the government has garnered subscription worth Rs 11,000 crore for ‘AAA’ rated bonds of CPSEs through Bharat Bond ETF-II.

The government is also looking at launching initial public offering (IPO) of Indian Railway Finance Corp Ltd (IRFC), and had filed draft red herring prospectus (DRHP) with the Securities and Exchange Board of India in January for IPO of over 140 crore equity shares.

The Union Cabinet had in April 2017 approved listing of five railway companies.

While four of them — IRCON International Ltd, RITES Ltd, Rail Vikas Nigam Ltd and IRCTC — have already been listed, IRFC is likely to be put on block this fiscal.

Silver Lake to invest Rs 7,500 crore in Reliance Retail

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Reliance Retail - Wikipedia

NEW DELHI: US private equity firm Silver Lake Partners has picked up 1.75 per cent stake in the retail arm of Reliance Industries for Rs 7,500 crore, the Indian firm said in a statement.

“Reliance Industries Limited and Reliance Retail Ventures Ltd (RRVL) announced today that Silver Lake will invest Rs 7,500 crore into RRVL, a subsidiary of Reliance Industries,” the statement said.

This investment values RRVL at a pre-money equity value of Rs 4.21 lakh crore. Silver Lake’s investment will translate into a 1.75 per cent equity stake in RRVL on a fully diluted basis.

This marks the second billion-dollar investment by Silver Lake in a Reliance Industries subsidiary after the USD 1.35 billion investment in Jio Platforms announced earlier this year.

“Reliance Retail Limited, a subsidiary of RRVL, operates India’s largest, fastest growing and most profitable retail business serving close to 640 million footfalls across its about 12,000 stores nationwide,” the statement said.

With more than USD 60 billion in combined assets under management and committed capital and a focus on the world’s great tech and tech-enabled opportunities, Silver Lake is the global leader in large-scale technology investing.

Its other investments have included Airbnb, Alibaba, Alphabet’s Verily and Waymo units, Dell Technologies, Twitter and numerous other global technology leaders.

After monetising Jio Platforms — which houses the firm’s telecom arm and digital ventures, richest Indian Mukesh Ambani is looking to rope in investors in the retail business.

Reliance may be looking to sell about 10 per cent of Reliance Retail. Late last month, Reliance acquired the retail and logistics businesses of Future Group for Rs 24,713 crore to boost its retail vertical.

Silver Lake was the first US private equity firm to invest in Jio after tech giant Facebook took a 9.99 per cent stake in the company for Rs 43,573.62 crore. Silver Lake bought 2.08 per cent in Jio in two tranches for a total of Rs 10,202.55 crore.

Rival private equity groups KKR, Vista and General Atlantic followed Silver Lake to take stakes in Jio. Other notable investors included Google and Abu Dhabi’s sovereign wealth fund Mubadala.

All investors in Jio Platforms including Silver Lake have been offered a chance to explore investing in Reliance Retail.

Ambani had at Reliance Industries’ recent annual general meeting stated that it had been approached by strategic/financial investors for a stake in Reliance Retail.

Commenting on the transaction with Silver Lake, Ambani, Chairman and Managing Director, Reliance Industries, said, “I am delighted to extend our relationship with Silver Lake to our transformational efforts of building an inclusive partnership with millions of small merchants while providing value to Indian consumers across the country in the Indian retail sector.”

“We believe technology will be key to bringing the much-needed transformation in this sector so that various constituents of the retail ecosystem can collaborate to build inclusive growth platforms. Silver Lake will be an invaluable partner in implementing our vision for Indian Retail,” he said.

Commenting on the investment, Egon Durban, Co-CEO and Managing Partner of Silver Lake, said, “we are pleased to deepen our relationship with Reliance with this investment.

Mukesh Ambani and his team at Reliance have created an outstanding world leader in retail and technology through their courageous vision, commitment to societal benefits, innovation excellence and relentless execution.”

“The success of JioMart in such a short time span, especially while India, along with the rest of the world, battles the COVID-19 pandemic, is truly unprecedented, and the most exciting growth phase has just begun. Reliance’s new commerce strategy could become the disruptor of this decade. We are thrilled to have been invited to partner with Reliance in their mission for Indian Retail,” Durban said.

The transaction is subject to regulatory and other customary approvals. Morgan Stanley acted as financial advisor to Reliance Retail and Cyril Amarchand Mangaldas and Davis Polk & Wardwell acted as legal counsel. Latham & Watkins and Shardul Amarchand Mangaldas & Co acted as legal counsel for Silver Lake.

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